![]() |
SEMI-ANNUAL REPORT October 31, 2023 (unaudited) |
BDC Income ETF | BIZD |
China Bond ETF | CBON |
Dynamic High Income ETF | INC |
Emerging Markets High Yield Bond ETF | HYEM |
Fallen Angel High Yield Bond ETF | ANGL |
Green Bond ETF | GRNB |
IG Floating Rate ETF | FLTR |
International High Yield Bond ETF | IHY |
J.P. Morgan EM Local Currency Bond ETF | EMLC |
Moody’s Analytics® BBB Corporate Bond ETF | MBBB |
Moody’s Analytics® IG Corporate Bond ETF | MIG |
Mortgage REIT Income ETF | MORT |
Preferred Securities ex Financials ETF | PFXF |
800.826.2333 | vaneck.com |
Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2023.
VANECK ETF TRUST
October 31, 2023 (unaudited)
Dear Fellow Shareholders:
Our outlook for financial markets in 2023 was “sideways.” The three major forces on markets—monetary policy, government spending and economic growth—were negative or muted coming into the year. This remains my view.
Discussion
To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.
There are three things investors continue to face, none of which is particularly positive for financial assets.
1. | Monetary Policy: Tightening |
Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.
A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just under of $8 trillion toward the end of October 2023.1
As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.
While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.
2. | Fiscal Tightening |
A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected. A political expert just commented that the next U.S. President will have to face the country’s big budget deficits in 2025. If this does happen, and I’m more positive on this than most, then I could see the Fed cut rates to offset the contractionary effects of smaller budget deficits. Again, more in 2025 than 2024.
3. | Global Growth is at Low Levels |
Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.
1 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
Outlook
My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. Now after the 2022 and 2023 losses, bond investments are now offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.
This period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.
Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends,3 Episode 113, released on October 13, 2023.
My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin). Timing market moves is almost impossible, but the cycle will eventually turn in favor of these assets and they have rallied since we started discussing this several months ago.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van
Eck
CEO and President
VanEck ETF Trust
November 9, 2023
PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”4 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, October 26, 2023, https://www.federalreserve.gov/releases/h41/20231026/
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
3 https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860
4 https://www.vaneck.com/us/en/subscribe/
2 |
VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2023 to October 31, 2023.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2023 |
Ending Account Value October 31, 2023 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period May 1, 2023 - October 31, 2023(a) |
||||||
BDC Income ETF | |||||||||
Actual | $1,000.00 | $1,082.70 | 0.42% | $2.20 | |||||
Hypothetical (b) | $1,000.00 | $1,023.03 | 0.42% | $2.14 | |||||
China Bond ETF | |||||||||
Actual | $1,000.00 | $955.80 | 0.52% | $2.56 | |||||
Hypothetical (b) | $1,000.00 | $1,022.52 | 0.52% | $2.64 | |||||
Dynamic High Income ETF | |||||||||
Actual | $1,000.00 | $960.90 | 0.10% | $0.49 | |||||
Hypothetical (b) | $1,000.00 | $1,024.63 | 0.10% | $0.51 | |||||
Emerging Markets High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $1,000.10 | 0.40% | $2.01 | |||||
Hypothetical (b) | $1,000.00 | $1,023.13 | 0.40% | $2.03 | |||||
Fallen Angel High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $991.70 | 0.35% | $1.75 | |||||
Hypothetical (b) | $1,000.00 | $1,023.38 | 0.35% | $1.78 | |||||
Green Bond ETF | |||||||||
Actual | $1,000.00 | $964.60 | 0.21% | $1.04 | |||||
Hypothetical (b) | $1,000.00 | $1,024.08 | 0.21% | $1.07 | |||||
IG Floating Rate ETF | |||||||||
Actual | $1,000.00 | $1,037.30 | 0.14% | $0.72 | |||||
Hypothetical (b) | $1,000.00 | $1,024.43 | 0.14% | $0.71 |
3 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value May 1, 2023 |
Ending Account Value October 31, 2023 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period May 1, 2023 - October 31, 2023(a) |
||||||
International High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $989.00 | 0.40% | $2.00 | |||||
Hypothetical (b) | $1,000.00 | $1,023.13 | 0.40% | $2.03 | |||||
J.P. Morgan EM Local Currency Bond ETF | |||||||||
Actual | $1,000.00 | $974.40 | 0.30% | $1.49 | |||||
Hypothetical (b) | $1,000.00 | $1,023.63 | 0.30% | $1.53 | |||||
Moody’s Analytics BBB Corporate Bond ETF | |||||||||
Actual | $1,000.00 | $953.40 | 0.25% | $1.23 | |||||
Hypothetical (b) | $1,000.00 | $1,023.88 | 0.25% | $1.27 | |||||
Moody’s Analytics IG Corporate Bond ETF | |||||||||
Actual | $1,000.00 | $952.40 | 0.20% | $0.98 | |||||
Hypothetical (b) | $1,000.00 | $1,024.13 | 0.20% | $1.02 | |||||
Mortgage REIT Income ETF | |||||||||
Actual | $1,000.00 | $945.40 | 0.43% | $2.10 | |||||
Hypothetical (b) | $1,000.00 | $1,022.97 | 0.43% | $2.19 | |||||
Preferred Securities ex Financials ETF | |||||||||
Actual | $1,000.00 | $937.70 | 0.41% | $2.00 | |||||
Hypothetical (b) | $1,000.00 | $1,023.08 | 0.41% | $2.08 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
(b) | Assumes annual return of 5% before expenses |
4 |
October 31, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Financial Services: 100.0% | ||||||||
Ares Capital Corp. | 7,612,682 | $ | 144,336,451 | |||||
Bain Capital Specialty Finance, Inc. † | 753,843 | 11,413,183 | ||||||
Barings BDC, Inc. | 1,568,162 | 13,862,552 | ||||||
BlackRock TCP Capital Corp. † | 977,547 | 10,264,244 | ||||||
Blackstone Secured Lending Fund † | 1,212,195 | 33,177,777 | ||||||
Blue Owl Capital Corp. † | 6,340,762 | 83,951,689 | ||||||
Capital Southwest Corp. † | 676,055 | 14,629,830 | ||||||
Carlyle Secured Lending, Inc. † | 859,564 | 11,690,070 | ||||||
CION Investment Corp. † | 923,512 | 9,124,299 | ||||||
Fidus Investment Corp. † | 406,963 | 7,357,891 | ||||||
FS KKR Capital Corp. † | 4,815,429 | 91,252,380 | ||||||
Gladstone Investment Corp. † | 573,574 | 7,685,892 | ||||||
Goldman Sachs BDC, Inc. † | 1,742,800 | 23,858,932 | ||||||
Golub Capital BDC, Inc. † | 2,320,860 | 33,420,384 | ||||||
Hercules Capital, Inc. † | 2,077,486 | 31,993,284 | ||||||
Main Street Capital Corp. † | 820,718 | 31,293,977 | ||||||
MidCap Financial Investment Corp. † | 1,104,251 | 14,101,285 | ||||||
New Mountain Finance Corp. † | 1,434,802 | 17,762,849 | ||||||
Oaktree Specialty Lending Corp. † | 1,304,353 | 24,782,707 |
Number of Shares |
Value | |||||||
Financial Services (continued) | ||||||||
PennantPark Floating Rate Capital Ltd. † | 934,282 | $ | 9,389,534 | |||||
Prospect Capital Corp. † | 4,991,096 | 25,654,233 | ||||||
Sixth Street Specialty Lending, Inc. | 1,476,326 | 28,655,488 | ||||||
SLR Investment Corp. † | 784,695 | 11,142,669 | ||||||
Trinity Capital, Inc. † | 709,930 | 9,747,339 | ||||||
TriplePoint Venture Growth BDC Corp. | 599,842 | 5,674,505 | ||||||
Total
Common Stocks (Cost: $738,148,037) |
706,223,444 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 12.4% | ||||||||
Money
Market Fund: 12.4% (Cost: $87,578,849) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 87,578,849 | 87,578,849 | ||||||
Total
Investments: 112.4% (Cost: $825,726,886) |
793,802,293 | |||||||
Liabilities in excess of other assets: (12.4)% | (87,814,144 | ) | ||||||
NET ASSETS: 100.0% | $ | 705,988,149 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $107,950,095. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
%
of Investments |
Value | ||||
Financials | 100.0% | $ | 706,223,444 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 706,223,444 | $ | — | $ | — | $ | 706,223,444 | ||||||||
Money Market Fund | 87,578,849 | — | — | 87,578,849 | ||||||||||||
Total Investments | $ | 793,802,293 | $ | — | $ | — | $ | 793,802,293 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
5 |
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 69.5% | ||||||||
Basic Materials: 4.3% | ||||||||
China
Chengtong Holdings Group Ltd.
3.53%, 10/28/26 |
CNY | 10,000 | $ | 1,371,670 | ||||
Financials: 43.8% | ||||||||
Agricultural Development Bank of China | ||||||||
2.25%, 04/22/25 | CNY | 1,130 | 153,463 | |||||
2.96%, 04/17/30 | CNY | 1,160 | 159,406 | |||||
3.63%, 07/19/26 | CNY | 2,700 | 378,187 | |||||
3.74%, 07/12/29 | CNY | 2,740 | 392,440 | |||||
3.75%, 01/25/29 | CNY | 2,620 | 374,566 | |||||
3.79%, 10/26/30 | CNY | 1,110 | 160,362 | |||||
3.85%, 01/06/27 | CNY | 3,410 | 483,036 | |||||
4.39%, 09/08/27 | CNY | 3,270 | 474,299 | |||||
4.65%, 05/11/28 | CNY | 1,360 | 200,825 | |||||
4.98%, 01/12/25 | CNY | 2,640 | 370,285 | |||||
Central
Huijin Investment Ltd.
2.87%, 04/20/26 |
CNY | 10,000 | 1,364,929 | |||||
China
Cinda Asset Management Co. Ltd.
4.75%, 04/14/27 |
CNY | 10,000 | 1,422,743 | |||||
China Development Bank | ||||||||
2.77%, 10/24/32 | CNY | 3,810 | 515,290 | |||||
3.18%, 04/05/26 | CNY | 4,850 | 670,734 | |||||
3.34%, 07/14/25 | CNY | 3,830 | 529,363 | |||||
3.41%, 06/07/31 | CNY | 1,640 | 231,849 | |||||
3.45%, 09/20/29 | CNY | 4,800 | 678,837 | |||||
3.48%, 01/08/29 | CNY | 4,460 | 630,406 | |||||
3.65%, 05/21/29 | CNY | 1,950 | 278,203 | |||||
3.66%, 03/01/31 | CNY | 1,170 | 167,871 | |||||
3.70%, 10/20/30 | CNY | 4,150 | 596,620 | |||||
4.04%, 04/10/27 | CNY | 1,760 | 251,146 | |||||
4.04%, 07/06/28 | CNY | 2,720 | 392,845 | |||||
China
Reform Holdings Corp. Ltd.
2.65%, 09/06/27 |
CNY | 10,000 | 1,343,491 | |||||
Cinda
Investment Co. Ltd.
4.30%, 12/22/23 |
CNY | 1,000 | 136,431 | |||||
Export-Import Bank of China | ||||||||
3.23%, 03/23/30 | CNY | 2,900 | 404,627 | |||||
3.38%, 07/16/31 | CNY | 1,750 | 247,000 | |||||
3.74%, 11/16/30 | CNY | 2,380 | 342,828 | |||||
3.86%, 05/20/29 | CNY | 2,480 | 357,054 | |||||
3.88%, 01/12/36 | CNY | 1,170 | 174,379 | |||||
4.89%, 03/26/28 | CNY | 1,510 | 224,730 | |||||
14,108,245 |
Par (000’s |
) | Value | ||||||
Industrials: 12.8% | ||||||||
China State Railway Group Co. Ltd. | ||||||||
2.76%, 10/14/27 | CNY | 10,000 | $ | 1,361,982 | ||||
3.53%, 01/29/26 | CNY | 10,000 | 1,388,055 | |||||
Shandong
Hi-Speed Group Co. Ltd.
3.41%, 03/16/26 |
CNY | 10,000 | 1,372,682 | |||||
4,122,719 | ||||||||
Real Estate: 0.2% | ||||||||
China Fortune Land Development Co. Ltd. | ||||||||
5.50%, 10/22/22 (d) *∞ | CNY | 1,000 | 35,787 | |||||
7.00%, 03/03/21 (d) *∞ | CNY | 1,000 | 34,220 | |||||
70,007 | ||||||||
Utilities: 8.4% | ||||||||
State
Grid Corp. of China
2.88%, 08/30/27 |
CNY | 10,000 | 1,362,205 | |||||
State
Power Investment Corp. Ltd.
2.82%, 07/04/26 |
CNY | 10,000 | 1,359,566 | |||||
2,721,771 | ||||||||
Total
Corporate Bonds (Cost: $24,251,685) |
22,394,412 | |||||||
GOVERNMENT OBLIGATIONS: 20.2% | ||||||||
China Government Bond | ||||||||
2.68%, 05/21/30 | CNY | 3,450 | 469,808 | |||||
2.69%, 08/12/26 | CNY | 2,050 | 281,424 | |||||
2.77%, 06/24/30 | CNY | 3,710 | 508,435 | |||||
2.85%, 06/04/27 | CNY | 5,420 | 748,120 | |||||
2.86%, 07/16/30 | CNY | 3,350 | 462,284 | |||||
3.01%, 05/13/28 | CNY | 5,630 | 783,624 | |||||
3.02%, 10/22/25 | CNY | 2,150 | 297,234 | |||||
3.02%, 05/27/31 | CNY | 2,710 | 379,546 | |||||
3.03%, 03/11/26 | CNY | 5,400 | 748,328 | |||||
3.25%, 06/06/26 | CNY | 2,220 | 310,457 | |||||
3.27%, 11/19/30 | CNY | 2,980 | 424,723 | |||||
3.28%, 12/03/27 | CNY | 1,050 | 148,028 | |||||
3.29%, 05/23/29 | CNY | 2,680 | 379,987 | |||||
3.74%, 09/22/35 | CNY | 3,900 | 585,573 | |||||
Total
Government Obligations (Cost: $7,473,736) |
6,527,571 | |||||||
Total
Investments: 89.7% (Cost: $31,725,421) |
28,921,983 | |||||||
Other assets less liabilities: 10.3% | 3,310,241 | |||||||
NET ASSETS: 100.0% | $ | 32,232,224 |
Definitions:
CNY | Chinese Yuan |
Footnotes:
(d) | Security in default |
* | Non-income producing |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
See Notes to Financial Statements
6 |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Financials | 48.8 | % | $ | 14,108,245 | ||||
Government | 22.6 | 6,527,571 | ||||||
Industrials | 14.3 | 4,122,719 | ||||||
Utilities | 9.4 | 2,721,771 | ||||||
Basic Materials | 4.7 | 1,371,670 | ||||||
Real Estate | 0.2 | 70,007 | ||||||
100.0 | % | $ | 28,921,983 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value |
|||||||||||||
Corporate Bonds | ||||||||||||||||
Basic Materials | $ | — | $ | 1,371,670 | $ | — | $ | 1,371,670 | ||||||||
Financials | — | 14,108,245 | — | 14,108,245 | ||||||||||||
Industrials | — | 4,122,719 | — | 4,122,719 | ||||||||||||
Real Estate | — | — | 70,007 | 70,007 | ||||||||||||
Utilities | — | 2,721,771 | — | 2,721,771 | ||||||||||||
Government Obligations * | — | 6,527,571 | — | 6,527,571 | ||||||||||||
Total Investments | $ | — | $ | 28,851,976 | $ | 70,007 | $ | 28,921,983 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
7 |
VANECK DYNAMIC HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
GOVERNMENT OBLIGATIONS: 14.1% | ||||||||
United States Treasury Note | ||||||||
1.12%, 08/15/40 | 24 | $ | 12,968 | |||||
1.38%, 11/15/40 | 42 | 23,691 | ||||||
1.88%, 02/15/41 | 21 | 12,952 | ||||||
2.25%, 05/15/41 | 62 | 40,683 | ||||||
2.75%, 08/15/42 | 18 | 12,604 | ||||||
Total
Government Obligations (Cost: $118,426) |
102,898 | |||||||
Number of Shares |
||||||||
EXCHANGE TRADED FUNDS: 85.8% (a) | ||||||||
VanEck BDC Income ETF ‡ | 3,996 | 59,421 | ||||||
VanEck Durable High Dividend ETF ‡ | 4,155 | 120,526 |
Number of Shares |
Value | |||||||
VanEck Emerging Markets High Yield Bond ETF ‡ | 2,139 | $ | 37,368 | |||||
VanEck Energy Income ETF ‡ | 1,004 | 65,013 | ||||||
VanEck Fallen Angel High Yield Bond ETF ‡ | 5,418 | 144,822 | ||||||
VanEck International High Yield Bond ETF ‡ | 4,041 | 78,233 | ||||||
VanEck J.P. Morgan EM Local Currency Bond ETF ‡ | 1,578 | 37,399 | ||||||
VanEck Mortgage REIT Income ETF ‡ | 2,556 | 25,177 | ||||||
VanEck Preferred Securities ex Financials ETF ‡ | 3,795 | 60,113 | ||||||
Total
Exchange Traded Funds (Cost: $637,360) |
628,072 | |||||||
Total
Investments: 99.9% (Cost: $755,786) |
730,970 | |||||||
Other assets less liabilities: 0.1% | 1,024 | |||||||
NET ASSETS: 100.0% | $ | 731,994 |
Footnotes:
(a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov. |
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Exchange Traded Funds | 85.9 | % | $ | 628,072 | ||||
Government | 14.1 | 102,898 | ||||||
100.0 | % | $ | 730,970 |
See Notes to Financial Statements
8 |
Transactions in securities of affiliates for the period ended October 31, 2023 were as follows:
Value 4/30/2023 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Value 10/31/2023 |
Dividend Income |
||||||||||||||||||||||
VanEck BDC Income ETF | $ | 38,788 | $ | 20,233 | $– | $– | $ | 457* | $ | 59,420 | $ | 3,362 | ||||||||||||||||
VanEck Durable High Dividend ETF | 87,147 | 43,288 | – | – | (9,909) | 120,526 | 2,289 | |||||||||||||||||||||
VanEck Emerging Markets High Yield Bond ETF | 26,067 | 12,820 | – | – | (1,519) | 37,368 | 1,147 | |||||||||||||||||||||
VanEck Energy Income ETF | 41,775 | 21,167 | – | – | 2,735# | 65,013 | 810 | |||||||||||||||||||||
VanEck Fallen Angel High Yield Bond ETF | 100,233 | 49,647 | – | – | (5,057) | 144,823 | 3,715 | |||||||||||||||||||||
VanEck International High Yield Bond ETF | 54,177 | 26,778 | – | – | (2,722) | 78,233 | 1,811 | |||||||||||||||||||||
VanEck J.P. Morgan EM Local Currency Bond ETF | 26,447 | 13,318 | – | – | (1,398)^ | 37,399 | – | |||||||||||||||||||||
VanEck Mortgage REIT Income ETF | 18,744 | 9,764 | – | – | (2,987)† | 25,177 | 1,258 | |||||||||||||||||||||
VanEck Preferred Securities ex Financials ETF | 44,300 | 21,998 | – | – | (6,185) | 60,113 | 2,167 | |||||||||||||||||||||
$ | 437,678 | $ | 219,013 | $– | $– | $ | (26,585) | $ | 628,072 | $ | 16,559 |
* | Includes Return of Capital distribution reclassification of $58. |
# | Includes Return of Capital distribution reclassification of $664. |
^ | Includes Return of Capital distribution reclassification of $968. |
† | Includes Return of Capital distribution reclassification of $344. |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Government Obligations * | $ | — | $ | 102,898 | $ | — | $ | 102,898 | ||||||||
Exchange Traded Funds | 628,072 | — | — | 628,072 | ||||||||||||
Total Investments | $ | 628,072 | $ | 102,898 | $ | — | $ | 730,970 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 95.4% | ||||||||
Argentina: 3.5% | ||||||||
Agua y Saneamientos Argentinos SA Reg S 7.90%, 05/01/26 |
$ | 350 | $ | 259,000 | ||||
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27 |
339 | 288,976 | ||||||
MercadoLibre, Inc. | ||||||||
2.38%, 01/14/26 | 500 | 455,289 | ||||||
3.12%, 01/14/31 | 900 | 682,223 | ||||||
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 |
700 | 486,152 | ||||||
Pampa Energia SA 144A | ||||||||
7.50%, 01/24/27 | 800 | 744,807 | ||||||
9.12%, 04/15/29 | 375 | 343,528 | ||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 |
400 | 427,394 | ||||||
Telecom Argentina SA 144A 8.00%, 07/18/26 |
525 | 494,882 | ||||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 |
600 | 553,426 | ||||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 |
550 | 500,253 | ||||||
YPF SA 144A | ||||||||
6.95%, 07/21/27 | 1,025 | 775,665 | ||||||
7.00%, 09/30/33 (s) | 775 | 584,521 | ||||||
7.00%, 12/15/47 | 725 | 462,949 | ||||||
8.50%, 03/23/25 | 403 | 376,861 | ||||||
8.50%, 07/28/25 | 1,450 | 1,337,214 | ||||||
8.50%, 06/27/29 | 512 | 394,741 | ||||||
9.00%, 02/12/26 (s) | 923 | 900,928 | ||||||
9.00%, 06/30/29 (s) | 975 | 861,265 | ||||||
10,930,074 | ||||||||
Armenia: 0.1% | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 |
425 | 419,687 | ||||||
Austria: 0.1% | ||||||||
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 |
300 | 259,730 | ||||||
Azerbaijan: 1.1% | ||||||||
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 |
2,550 | 2,518,089 | ||||||
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 |
850 | 831,062 | ||||||
3,349,151 | ||||||||
Bahrain: 1.0% | ||||||||
GFH Sukuk Ltd. Reg S |
Par (000’s |
) | Value | ||||||
Bahrain (continued) | ||||||||
7.50%, 01/28/25 | $ | 650 | $ | 644,312 | ||||
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27 |
650 | 597,634 | ||||||
Oil and Gas Holding Co. BSCC 144A | ||||||||
7.50%, 10/25/27 | 1,300 | 1,310,508 | ||||||
8.38%, 11/07/28 | 650 | 676,030 | ||||||
3,228,484 | ||||||||
Bermuda: 0.4% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 (d) * |
494 | 103,702 | ||||||
Digicel International Holdings Ltd. 144A 13.00%, 12/31/25 |
618 | 429,422 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
900 | 793,372 | ||||||
1,326,496 | ||||||||
Brazil: 7.6% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 |
700 | 649,705 | ||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
450 | 411,539 | ||||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
550 | 519,494 | ||||||
Atento Luxco 1 SA 144A 8.00%, 02/10/26 (d) * |
400 | 1,020 | ||||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 |
400 | 326,377 | ||||||
Banco Bradesco SA 144A 3.20%, 01/27/25 |
425 | 407,678 | ||||||
Banco BTG Pactual SA 144A | ||||||||
2.75%, 01/11/26 | 300 | 276,752 | ||||||
4.50%, 01/10/25 † | 625 | 607,738 | ||||||
Banco Daycoval SA Reg S 4.25%, 12/13/24 |
300 | 289,251 | ||||||
Banco do Brasil SA 144A 4.62%, 01/15/25 |
650 | 634,719 | ||||||
Banco Votorantim SA 144A 4.38%, 07/29/25 |
350 | 334,453 | ||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 |
1,200 | 760,148 | ||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
375 | 366,446 | ||||||
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 |
378 | 367,053 | ||||||
BRF SA 144A | ||||||||
4.88%, 01/24/30 | 425 | 345,778 | ||||||
5.75%, 09/21/50 | 400 | 260,908 |
See Notes to Financial Statements
10 |
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
$ | 450 | $ | 449,215 | ||||
Centrais Eletricas Brasileiras SA 144A | ||||||||
3.62%, 02/04/25 | 300 | 286,807 | ||||||
4.62%, 02/04/30 | 475 | 401,071 | ||||||
Cosan Luxembourg SA 144A | ||||||||
5.50%, 09/20/29 | 525 | 468,461 | ||||||
7.00%, 01/20/27 | 300 | 300,214 | ||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 |
825 | 755,118 | ||||||
CSN Resources SA 144A 7.62%, 04/17/26 |
200 | 198,770 | ||||||
Embraer Netherlands Finance BV 5.40%, 02/01/27 † |
275 | 265,921 | ||||||
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 |
300 | 298,970 | ||||||
ERO Copper Corp. 144A 6.50%, 02/15/30 |
250 | 211,933 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
350 | 357,573 | ||||||
Globo Comunicacao e Participacoes SA 144A | ||||||||
4.88%, 01/22/30 | 325 | 258,128 | ||||||
5.50%, 01/14/32 | 250 | 195,966 | ||||||
Itau Unibanco Holding SA 144A 3.25%, 01/24/25 |
325 | 313,535 | ||||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | 300 | 277,757 | ||||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 450 | 436,294 | ||||||
Klabin Austria GmbH 144A | ||||||||
3.20%, 01/12/31 | 275 | 210,859 | ||||||
5.75%, 04/03/29 | 425 | 402,981 | ||||||
7.00%, 04/03/49 | 478 | 435,592 | ||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 |
750 | 551,135 | ||||||
MV24 Capital BV 144A 6.75%, 06/01/34 |
609 | 529,942 | ||||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 † |
300 | 258,550 | ||||||
NBM US Holdings, Inc. 144A | ||||||||
6.62%, 08/06/29 | 275 | 247,493 | ||||||
7.00%, 05/14/26 | 500 | 495,747 | ||||||
Nexa Resources SA 144A | ||||||||
5.38%, 05/04/27 | 425 | 388,319 | ||||||
6.50%, 01/18/28 † | 325 | 305,427 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30 | 300 | 275,445 | ||||||
5.30%, 01/27/25 | 275 | 270,863 | ||||||
5.60%, 01/03/31 | 475 | 445,344 | ||||||
5.62%, 05/20/43 | 175 | 147,075 |
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
5.75%, 02/01/29 | $ | 225 | $ | 218,371 | ||||
6.00%, 01/27/28 † | 475 | 468,961 | ||||||
6.75%, 01/27/41 | 325 | 297,994 | ||||||
6.75%, 06/03/50 | 225 | 200,417 | ||||||
6.85%, 06/05/15 | 700 | 591,277 | ||||||
6.88%, 01/20/40 | 350 | 327,883 | ||||||
6.90%, 03/19/49 | 350 | 316,579 | ||||||
7.25%, 03/17/44 † | 390 | 376,520 | ||||||
7.38%, 01/17/27 | 350 | 359,011 | ||||||
8.75%, 05/23/26 | 175 | 185,425 | ||||||
Rede D’or Finance Sarl 144A | ||||||||
4.50%, 01/22/30 | 449 | 366,497 | ||||||
4.95%, 01/17/28 | 350 | 313,065 | ||||||
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 |
249 | 258,464 | ||||||
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 |
263 | 265,075 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 |
300 | 274,377 | ||||||
Simpar Europe SA 144A 5.20%, 01/26/31 |
450 | 351,367 | ||||||
Tupy Overseas SA 144A 4.50%, 02/16/31 |
200 | 156,155 | ||||||
Ultrapar International SA 144A | ||||||||
5.25%, 10/06/26 | 300 | 286,992 | ||||||
5.25%, 06/06/29 | 150 | 136,725 | ||||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 |
200 | 71,500 | ||||||
Usiminas International Sarl 144A 5.88%, 07/18/26 |
450 | 423,952 | ||||||
XP, Inc. 144A 3.25%, 07/01/26 |
450 | 407,929 | ||||||
23,654,100 | ||||||||
British Virgin Islands: 0.3% | ||||||||
New Metro Global Ltd. Reg S | ||||||||
4.50%, 05/02/26 | 500 | 86,450 | ||||||
4.62%, 10/15/25 | 400 | 91,588 | ||||||
Studio City Co. Ltd. 144A 7.00%, 02/15/27 |
450 | 417,514 | ||||||
Wanda Properties Global Co. Ltd. Reg S | ||||||||
11.00%, 01/20/25 | 350 | 104,125 | ||||||
11.00%, 02/13/26 | 350 | 95,375 | ||||||
795,052 | ||||||||
Canada: 0.7% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
450 | 416,272 | ||||||
First Quantum Minerals Ltd. 144A 8.62%, 06/01/31 |
1,675 | 1,415,964 | ||||||
Frontera Energy Corp. 144A |
See Notes to Financial Statements
11 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
7.88%, 06/21/28 | $ | 550 | $ | 413,075 | ||||
2,245,311 | ||||||||
Cayman Islands: 3.2% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 |
1,150 | 1,035,242 | ||||||
Banco Bradesco SA 144A 4.38%, 03/18/27 |
350 | 330,832 | ||||||
Banco do Brasil SA 144A | ||||||||
3.25%, 09/30/26 | 450 | 411,141 | ||||||
4.88%, 01/11/29 | 275 | 253,909 | ||||||
Banco do Brasil SA/Cayman 144A 6.25%, 04/18/30 † |
500 | 479,905 | ||||||
CT Trust 144A 5.12%, 02/03/32 |
1,075 | 829,011 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
7.75%, 02/07/26 | 500 | 493,555 | ||||||
8.00%, 02/25/29 | 800 | 787,280 | ||||||
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 |
550 | 510,675 | ||||||
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31 |
500 | 485,471 | ||||||
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o) |
600 | 592,959 | ||||||
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 |
750 | 695,721 | ||||||
Nogaholding Sukuk Ltd. Reg S 6.62%, 05/25/33 |
950 | 930,769 | ||||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 |
700 | 648,703 | ||||||
PD Sukuk Ltd. Reg S 8.75%, 09/23/25 |
400 | 399,600 | ||||||
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 |
434 | 351,075 | ||||||
StoneCo Ltd. 144A 3.95%, 06/16/28 |
250 | 196,325 | ||||||
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24 |
600 | 575,820 | ||||||
10,007,993 | ||||||||
Chile: 1.1% | ||||||||
Agrosuper SA 144A 4.60%, 01/20/32 |
625 | 500,545 | ||||||
CAP SA 144A 3.90%, 04/27/31 |
450 | 319,939 | ||||||
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 |
436 | 222,647 | ||||||
Kenbourne Invest SA 144A |
Par (000’s |
) | Value | ||||||
Chile (continued) | ||||||||
6.88%, 11/26/24 | $ | 400 | $ | 302,594 | ||||
Latam Airlines Group SA 144A | ||||||||
13.38%, 10/15/27 | 575 | 615,590 | ||||||
13.38%, 10/15/29 | 900 | 970,907 | ||||||
VTR Comunicaciones SpA 144A | ||||||||
4.38%, 04/15/29 | 600 | 258,643 | ||||||
5.12%, 01/15/28 | 500 | 224,190 | ||||||
VTR Finance NV 144A 6.38%, 07/15/28 |
400 | 71,000 | ||||||
3,486,055 | ||||||||
China: 5.7% | ||||||||
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25 |
300 | 31,197 | ||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
3,750 | 3,567,489 | ||||||
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o) |
700 | 676,165 | ||||||
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o) |
650 | 484,575 | ||||||
ChengDu JingKai GuoTou Investment Group Co. Ltd. Reg S 5.30%, 12/07/24 |
400 | 391,009 | ||||||
eHi Car Services Ltd. Reg S | ||||||||
7.00%, 09/21/26 | 550 | 349,747 | ||||||
7.75%, 11/14/24 | 400 | 329,600 | ||||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 |
1,000 | 916,819 | ||||||
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25 |
1,000 | 747,830 | ||||||
Fuqing Investment Management Ltd. Reg S 3.25%, 06/23/25 |
500 | 308,750 | ||||||
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 (d) * |
200 | 14,000 | ||||||
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25 |
550 | 391,212 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S |
See Notes to Financial Statements
12 |
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | $ | 7,900 | $ | 7,267,501 | ||||
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25 |
400 | 400,121 | ||||||
New Metro Global Ltd. Reg S 4.80%, 12/15/24 |
600 | 189,000 | ||||||
Pingan Real Estate Capital Ltd. Reg S 3.45%, 07/29/26 |
300 | 160,492 | ||||||
Powerlong Real Estate Holdings Ltd. Reg S 5.95%, 04/30/25 |
900 | 76,500 | ||||||
RKPF Overseas 2019 A Ltd. Reg S 6.00%, 09/04/25 |
400 | 194,900 | ||||||
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o) |
400 | 84,656 | ||||||
West China Cement Ltd. Reg S 4.95%, 07/08/26 |
800 | 558,827 | ||||||
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25 |
600 | 588,750 | ||||||
17,729,140 | ||||||||
Colombia: 6.0% | ||||||||
Aris Mining Corp. 144A 6.88%, 08/09/26 |
450 | 370,915 | ||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 |
1,350 | 1,274,746 | ||||||
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31 |
400 | 309,400 | ||||||
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 |
700 | 613,208 | ||||||
Canacol Energy Ltd. 144A 5.75%, 11/24/28 |
600 | 433,389 | ||||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 | 1,075 | 1,038,960 | ||||||
4.62%, 11/02/31 | 1,136 | 853,088 | ||||||
5.38%, 06/26/26 | 1,300 | 1,245,756 | ||||||
5.88%, 05/28/45 | 1,675 | 1,093,331 | ||||||
5.88%, 11/02/51 | 950 | 596,308 | ||||||
6.88%, 04/29/30 | 1,850 | 1,667,217 | ||||||
7.38%, 09/18/43 | 808 | 643,616 | ||||||
8.62%, 01/19/29 | 1,000 | 998,550 | ||||||
8.88%, 01/13/33 | 1,025 | 985,052 |
Par (000’s |
) | Value | ||||||
Colombia (continued) | ||||||||
Empresas Publicas de Medellin ESP 144A | ||||||||
4.25%, 07/18/29 | $ | 1,400 | $ | 1,095,830 | ||||
4.38%, 02/15/31 † | 700 | 518,993 | ||||||
Geopark Ltd. 144A 5.50%, 01/17/27 |
575 | 483,663 | ||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
1,350 | 997,438 | ||||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
700 | 656,520 | ||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 |
550 | 484,627 | ||||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 |
450 | 408,503 | ||||||
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30 |
850 | 671,997 | ||||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 |
600 | 542,190 | ||||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 |
601 | 563,976 | ||||||
18,547,273 | ||||||||
Costa Rica: 0.3% | ||||||||
Instituto Costarricense de Electricidad 144A | ||||||||
6.38%, 05/15/43 † | 575 | 448,902 | ||||||
6.75%, 10/07/31 | 450 | 421,875 | ||||||
870,777 | ||||||||
Cyprus: 0.3% | ||||||||
MHP Lux SA 144A | ||||||||
6.25%, 09/19/29 | 450 | 285,372 | ||||||
6.95%, 04/03/26 | 650 | 486,500 | ||||||
771,872 | ||||||||
Czech Republic: 0.2% | ||||||||
Energo-Pro AS 144A 8.50%, 02/04/27 |
650 | 619,119 | ||||||
Dominican Republic: 0.1% | ||||||||
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 |
400 | 345,476 | ||||||
France: 0.2% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 |
500 | 484,988 | ||||||
Georgia: 0.3% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 |
575 | 494,557 | ||||||
Silknet JSC 144A 8.38%, 01/31/27 |
475 | 467,875 | ||||||
962,432 | ||||||||
Ghana: 0.4% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 |
775 | 712,764 | ||||||
Tullow Oil Plc 144A |
See Notes to Financial Statements
13 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Ghana (continued) | ||||||||
7.00%, 03/01/25 † | $ | 775 | $ | 612,482 | ||||
1,325,246 | ||||||||
Greece: 0.2% | ||||||||
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 |
675 | 655,395 | ||||||
Guatemala: 0.5% | ||||||||
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 |
450 | 408,211 | ||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 † |
1,400 | 1,234,044 | ||||||
1,642,255 | ||||||||
Honduras: 0.1% | ||||||||
Inversiones Atlantida SA 144A 7.50%, 05/19/26 |
275 | 246,224 | ||||||
Hong Kong: 5.5% | ||||||||
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25 |
650 | 60,125 | ||||||
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) |
750 | 592,500 | ||||||
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) |
1,050 | 832,146 | ||||||
Champion Path Holdings Ltd. Reg S | ||||||||
4.50%, 01/27/26 | 650 | 565,098 | ||||||
4.85%, 01/27/28 | 650 | 510,111 | ||||||
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) |
750 | 691,837 | ||||||
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o) | 900 | 854,846 | ||||||
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 |
500 | 400,336 | ||||||
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 |
500 | 430,098 | ||||||
Easy Tactic Ltd. 7.50%, 07/11/27 |
65 | 3,711 | ||||||
Fortune Star BVI Ltd. Reg S 5.00%, 05/18/26 |
550 | 365,892 |
Par (000’s |
) | Value | ||||||
Hong Kong (continued) | ||||||||
5.05%, 01/27/27 | $ | 600 | $ | 366,285 | ||||
Franshion Brilliant Ltd. Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o) |
700 | 602,071 | ||||||
Li & Fung Ltd. Reg S 5.00%, 08/18/25 |
200 | 187,179 | ||||||
Melco Resorts Finance Ltd. 144A | ||||||||
4.88%, 06/06/25 | 1,250 | 1,182,225 | ||||||
5.25%, 04/26/26 | 700 | 640,985 | ||||||
5.38%, 12/04/29 | 1,450 | 1,154,281 | ||||||
5.62%, 07/17/27 | 750 | 652,933 | ||||||
5.75%, 07/21/28 | 1,150 | 977,071 | ||||||
Nanyang Commercial Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o) |
800 | 769,660 | ||||||
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o) | 400 | 391,311 | ||||||
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 |
300 | 173,484 | ||||||
RKPF Overseas 2020 A Ltd. Reg S | ||||||||
5.12%, 07/26/26 | 750 | 219,577 | ||||||
5.20%, 01/12/26 | 600 | 187,200 | ||||||
Seaspan Corp. 144A 5.50%, 08/01/29 |
1,000 | 768,180 | ||||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 † | 1,489 | 1,070,219 | ||||||
6.00%, 07/15/25 | 600 | 565,992 | ||||||
6.50%, 01/15/28 | 675 | 551,576 | ||||||
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24 |
500 | 481,200 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
550 | 281,220 | ||||||
Yuexiu REIT MTN Co. Ltd. Reg S 2.65%, 02/02/26 |
550 | 464,248 | ||||||
16,993,597 | ||||||||
Hungary: 0.2% | ||||||||
OTP Bank Nyrt Reg S 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33 |
750 | 743,231 | ||||||
India: 3.4% | ||||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 |
650 | 623,194 |
See Notes to Financial Statements
14 |
Par (000’s |
) | Value | ||||||
India (continued) | ||||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39 |
$ | 438 | $ | 305,084 | ||||
Delhi International Airport Ltd. 144A | ||||||||
6.12%, 10/31/26 | 800 | 760,960 | ||||||
6.45%, 06/04/29 | 600 | 546,225 | ||||||
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27 |
450 | 396,059 | ||||||
HPCL-Mittal Energy Ltd. Reg S | ||||||||
5.25%, 04/28/27 | 550 | 515,543 | ||||||
5.45%, 10/22/26 | 400 | 379,070 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
756 | 622,301 | ||||||
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29 |
600 | 514,356 | ||||||
JSW Steel Ltd. 144A | ||||||||
3.95%, 04/05/27 | 650 | 561,347 | ||||||
5.05%, 04/05/32 | 625 | 482,311 | ||||||
JSW Steel Ltd. Reg S 5.38%, 04/04/25 † |
500 | 485,627 | ||||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
1,375 | 1,337,430 | ||||||
Periama Holdings LLC Reg S 5.95%, 04/19/26 |
950 | 895,764 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † |
800 | 654,704 | ||||||
Shriram Finance Ltd. 144A 4.15%, 07/18/25 |
450 | 426,000 | ||||||
Tata Motors Ltd. Reg S 5.88%, 05/20/25 |
400 | 390,256 | ||||||
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o) |
550 | 387,200 | ||||||
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 † |
600 | 352,589 | ||||||
10,636,020 | ||||||||
Indonesia: 2.0% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 |
900 | 872,613 | ||||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞ |
111 | 902 | ||||||
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 |
400 | 379,755 | ||||||
Bukit Makmur Mandiri Utama PT 144A |
Par (000’s |
) | Value | ||||||
Indonesia (continued) | ||||||||
7.75%, 02/10/26 † | $ | 500 | $ | 435,950 | ||||
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 |
675 | 639,684 | ||||||
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 |
400 | 400,000 | ||||||
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 |
725 | 721,012 | ||||||
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 |
500 | 416,221 | ||||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 |
750 | 703,348 | ||||||
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 |
675 | 672,975 | ||||||
Nickel Industries Ltd. 144A 11.25%, 10/21/28 |
500 | 518,617 | ||||||
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 |
400 | 354,972 | ||||||
6,116,049 | ||||||||
Israel: 2.9% | ||||||||
Energian Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33 |
950 | 832,437 | ||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
6.12%, 06/30/25 | 750 | 698,176 | ||||||
6.50%, 06/30/27 | 750 | 661,564 | ||||||
6.75%, 06/30/30 | 725 | 616,654 | ||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 |
775 | 651,976 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | 3,300 | 2,908,488 | ||||||
4.10%, 10/01/46 | 1,973 | 1,182,515 | ||||||
6.75%, 03/01/28 † | 1,225 | 1,172,542 | ||||||
7.12%, 01/31/25 | 400 | 396,860 | ||||||
9,121,212 | ||||||||
Kuwait: 0.4% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
4.23%, 10/29/26 | 600 | 518,062 | ||||||
4.50%, 02/23/27 | 750 | 637,988 | ||||||
1,156,050 | ||||||||
Luxembourg: 2.4% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 |
344 | 310,279 | ||||||
Aegea Finance Sarl 144A | ||||||||
6.75%, 05/20/29 | 350 | 320,610 | ||||||
9.00%, 01/20/31 | 300 | 299,442 | ||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
700 | 575,907 |
See Notes to Financial Statements
15 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Luxembourg (continued) | ||||||||
Cosan Luxembourg SA 144A 7.50%, 06/27/30 |
$ | 200 | $ | 195,365 | ||||
CSN Resources SA 144A | ||||||||
4.62%, 06/10/31 | 525 | 391,759 | ||||||
5.88%, 04/08/32 | 275 | 217,734 | ||||||
Energian Israel Finance Ltd. 144A Reg S | ||||||||
4.88%, 03/30/26 | 825 | 729,094 | ||||||
5.38%, 03/30/28 | 825 | 677,902 | ||||||
5.88%, 03/30/31 | 775 | 621,705 | ||||||
FORESEA Holding SA 144A 7.50%, 06/15/30 |
200 | 187,000 | ||||||
Hidrovias International Finance SARL 144A 4.95%, 02/08/31 |
250 | 192,931 | ||||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
1,063 | 756,901 | ||||||
Minerva Luxembourg SA 144A | ||||||||
4.38%, 03/18/31 | 750 | 582,412 | ||||||
8.88%, 09/13/33 | 600 | 589,920 | ||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 |
375 | 356,969 | ||||||
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31 |
174 | 140,430 | ||||||
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 |
300 | 230,974 | ||||||
7,377,334 | ||||||||
Macao: 0.3% | ||||||||
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 |
1,000 | 880,160 | ||||||
Mauritius: 2.6% | ||||||||
Axian Telecom 144A 7.38%, 02/16/27 † |
525 | 468,825 | ||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
561 | 468,658 | ||||||
CA Magnum Holdings 144A 5.38%, 10/31/26 |
1,225 | 1,073,998 | ||||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 |
450 | 384,602 | ||||||
Diamond II Ltd. 144A 7.95%, 07/28/26 |
450 | 437,334 | ||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 |
1,183 | 995,485 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 |
975 | 930,660 | ||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 |
1,250 | 1,023,163 | ||||||
India Airport Infra 144A 6.25%, 10/25/25 |
475 | 460,339 |
Par (000’s |
) | Value | ||||||
Mauritius (continued) | ||||||||
India Clean Energy Holdings 144A 4.50%, 04/18/27 |
$ | 550 | $ | 446,531 | ||||
India Green Power Holdings 144A 4.00%, 02/22/27 |
550 | 473,693 | ||||||
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 |
800 | 495,042 | ||||||
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o) |
575 | 520,369 | ||||||
8,178,699 | ||||||||
Mexico: 6.8% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 |
650 | 645,832 | ||||||
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 |
650 | 522,903 | ||||||
Braskem Idesa SAPI 144A 6.99%, 02/20/32 |
1,500 | 886,669 | ||||||
Cemex SAB de CV 144A 3.88%, 07/11/31 |
1,425 | 1,157,744 | ||||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | 1,300 | 1,203,605 | ||||||
5.20%, 09/17/30 | 925 | 838,977 | ||||||
5.45%, 11/19/29 | 975 | 909,121 | ||||||
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028 (o) | 1,300 | 1,334,301 | ||||||
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 |
475 | 346,066 | ||||||
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 † |
450 | 392,063 | ||||||
Grupo Aeromexico SAB de CV 144A 8.50%, 03/17/27 |
950 | 881,888 | ||||||
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 |
475 | 415,245 | ||||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
575 | 484,496 | ||||||
Metalsa Sapi De Cv 144A 3.75%, 05/04/31 |
450 | 338,462 | ||||||
Nemak SAB de CV 144A 3.62%, 06/28/31 † |
675 | 499,940 | ||||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | 125 | 119,988 | ||||||
4.50%, 01/23/26 | 250 | 224,921 | ||||||
5.35%, 02/12/28 | 450 | 363,513 | ||||||
5.50%, 06/27/44 | 150 | 80,544 | ||||||
5.62%, 01/23/46 | 150 | 79,616 | ||||||
5.95%, 01/28/31 | 850 | 608,728 | ||||||
6.35%, 02/12/48 | 350 | 193,234 |
See Notes to Financial Statements
16 |
Par (000’s |
) | Value | ||||||
Mexico (continued) | ||||||||
6.38%, 01/23/45 | $ | 275 | $ | 155,694 | ||||
6.49%, 01/23/27 | 350 | 310,187 | ||||||
6.50%, 03/13/27 | 875 | 772,595 | ||||||
6.50%, 01/23/29 | 250 | 201,464 | ||||||
6.50%, 06/02/41 | 375 | 222,093 | ||||||
6.62%, 06/15/35 | 625 | 412,629 | ||||||
6.62%, 06/15/38 | 125 | 77,311 | ||||||
6.70%, 02/16/32 | 1,500 | 1,106,956 | ||||||
6.75%, 09/21/47 | 1,225 | 694,959 | ||||||
6.84%, 01/23/30 | 500 | 389,687 | ||||||
6.88%, 10/16/25 | 200 | 192,165 | ||||||
6.88%, 08/04/26 | 550 | 508,181 | ||||||
6.95%, 01/28/60 | 850 | 481,986 | ||||||
7.69%, 01/23/50 | 1,775 | 1,097,321 | ||||||
8.75%, 06/02/29 | 400 | 354,030 | ||||||
10.00%, 02/07/33 | 450 | 398,206 | ||||||
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 † |
375 | 337,438 | ||||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 | 700 | 335,754 | ||||||
7.50%, 11/12/25 † | 700 | 508,820 | ||||||
21,085,332 | ||||||||
Morocco: 0.9% | ||||||||
OCP SA 144A | ||||||||
3.75%, 06/23/31 | 925 | 730,868 | ||||||
4.50%, 10/22/25 | 750 | 719,085 | ||||||
5.12%, 06/23/51 | 925 | 596,038 | ||||||
6.88%, 04/25/44 | 725 | 596,505 | ||||||
2,642,496 | ||||||||
Netherlands: 1.5% | ||||||||
Coruripe Netherlands BV 144A 10.00%, 02/10/27 |
250 | 176,970 | ||||||
Embraer Netherlands Finance BV 144A 7.00%, 07/28/30 |
500 | 488,695 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 |
601 | 537,743 | ||||||
Greenko Dutch BV Reg S 3.85%, 03/29/26 |
450 | 402,469 | ||||||
Petrobras Global Finance BV 5.50%, 06/10/51 † |
375 | 280,681 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
4.75%, 05/09/27 | 975 | 886,459 | ||||||
5.12%, 05/09/29 † | 975 | 851,945 | ||||||
7.88%, 09/15/29 | 575 | 567,725 | ||||||
8.12%, 09/15/31 † | 475 | 470,878 | ||||||
4,663,565 | ||||||||
Nigeria: 0.9% | ||||||||
Access Bank Plc 144A 6.12%, 09/21/26 |
600 | 502,200 | ||||||
EBN Finance Co. BV 144A 7.12%, 02/16/26 |
450 | 389,473 | ||||||
Fidelity Bank Plc 144A |
Par (000’s |
) | Value | ||||||
Nigeria (continued) | ||||||||
7.62%, 10/28/26 | $ | 500 | $ | 439,025 | ||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 |
450 | 428,625 | ||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 |
900 | 762,120 | ||||||
United Bank for Africa Plc 144A 6.75%, 11/19/26 |
275 | 237,935 | ||||||
2,759,378 | ||||||||
Oman: 1.6% | ||||||||
Bank Muscat SAOG Reg S 4.75%, 03/17/26 |
700 | 669,395 | ||||||
Lamar Funding Ltd. 144A 3.96%, 05/07/25 |
1,375 | 1,310,986 | ||||||
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 |
575 | 555,986 | ||||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 |
700 | 657,605 | ||||||
OQ SAOC 144A 5.12%, 05/06/28 |
950 | 898,359 | ||||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 |
825 | 824,619 | ||||||
4,916,950 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
650 | 283,501 | ||||||
Panama: 0.5% | ||||||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) |
425 | 376,644 | ||||||
Banistmo SA 144A 4.25%, 07/31/27 |
500 | 438,010 | ||||||
Global Bank Corp. 144A 5.25%, 04/16/29 |
500 | 440,903 | ||||||
Multibank, Inc. 144A 7.75%, 02/03/28 |
400 | 392,500 | ||||||
1,648,057 | ||||||||
Paraguay: 0.2% | ||||||||
Banco Continental SAECA 144A 2.75%, 12/10/25 |
400 | 364,915 | ||||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 |
425 | 345,436 | ||||||
710,351 | ||||||||
Peru: 2.1% | ||||||||
Auna SAA 144A 6.50%, 11/20/25 |
450 | 412,115 | ||||||
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 |
400 | 370,388 |
See Notes to Financial Statements
17 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Peru (continued) | ||||||||
Camposol SA 144A 6.00%, 02/03/27 |
$ | 550 | $ | 324,291 | ||||
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 † |
725 | 631,966 | ||||||
InRetail Shopping Malls 144A 5.75%, 04/03/28 |
425 | 391,975 | ||||||
Minsur SA 144A 4.50%, 10/28/31 † |
675 | 548,806 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 |
1,150 | 882,090 | ||||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | 1,300 | 871,901 | ||||||
5.62%, 06/19/47 | 2,500 | 1,378,964 | ||||||
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 |
400 | 327,204 | ||||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
550 | 264,553 | ||||||
6,404,253 | ||||||||
Philippines: 0.1% | ||||||||
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o) |
400 | 363,000 | ||||||
Poland: 0.4% | ||||||||
Canpack SA / Canpack US LLC 144A | ||||||||
3.12%, 11/01/25 | 525 | 481,882 | ||||||
3.88%, 11/15/29 | 1,000 | 786,320 | ||||||
1,268,202 | ||||||||
Saudi Arabia: 0.6% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 |
650 | 622,315 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
6.75%, 02/15/25 | 700 | 692,614 | ||||||
6.88%, 02/26/27 | 600 | 574,021 | ||||||
1,888,950 | ||||||||
Singapore: 2.3% | ||||||||
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27 † |
600 | 594,231 | ||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
624 | 579,677 | ||||||
GLP Pte Ltd. Reg S 3.88%, 06/04/25 |
1,250 | 775,000 | ||||||
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
1,300 | 380,510 | ||||||
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) |
200 | 58,629 |
Par (000’s |
) | Value | ||||||
Singapore (continued) | ||||||||
Greenko Solar Mauritius Ltd. 144A | ||||||||
5.55%, 01/29/25 | $ | 750 | $ | 720,938 | ||||
5.95%, 07/29/26 | 700 | 646,625 | ||||||
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 |
500 | 462,262 | ||||||
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29 |
400 | 393,750 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 |
725 | 709,073 | ||||||
Puma International Financing SA 144A 5.00%, 01/24/26 |
1,000 | 898,077 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
568 | 539,949 | ||||||
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 |
500 | 453,731 | ||||||
7,212,452 | ||||||||
South Africa: 2.3% | ||||||||
Eskom Holdings SOC Ltd. 144A | ||||||||
6.35%, 08/10/28 | 1,325 | 1,202,471 | ||||||
7.12%, 02/11/25 | 1,600 | 1,572,477 | ||||||
8.45%, 08/10/28 | 650 | 617,417 | ||||||
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 |
550 | 483,312 | ||||||
MTN Mauritius Investments Ltd. 144A | ||||||||
4.75%, 11/11/24 | 525 | 513,292 | ||||||
6.50%, 10/13/26 | 800 | 784,240 | ||||||
Sasol Financing USA LLC 6.50%, 09/27/28 † |
950 | 841,724 | ||||||
Transnet SOC Ltd. 144A 8.25%, 02/06/28 |
1,250 | 1,185,252 | ||||||
7,200,185 | ||||||||
Spain: 0.8% | ||||||||
AES Espana BV 144A 5.70%, 05/04/28 |
400 | 352,474 | ||||||
AI Candelaria Spain SA 144A 5.75%, 06/15/33 |
825 | 564,123 | ||||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
550 | 522,640 | ||||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 |
675 | 445,703 | ||||||
International Airport Finance SA 144A 12.00%, 03/15/33 |
610 | 586,289 | ||||||
2,471,229 |
See Notes to Financial Statements
18 |
Par (000’s |
) | Value | ||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 |
$ | 475 | $ | 411,342 | ||||
Thailand: 0.7% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
1,625 | 1,323,233 | ||||||
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 |
1,000 | 883,248 | ||||||
2,206,481 | ||||||||
Trinidad and Tobago: 0.7% | ||||||||
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29 |
600 | 624,300 | ||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 |
525 | 481,701 | ||||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 |
325 | 273,416 | ||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
750 | 721,275 | ||||||
2,100,692 | ||||||||
Turkey: 6.5% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | 600 | 579,306 | ||||||
6.80%, 02/06/26 † | 625 | 608,016 | ||||||
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 |
650 | 608,892 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 |
775 | 629,711 | ||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
1,000 | 877,340 | ||||||
KOC Holding AS 144A 6.50%, 03/11/25 |
950 | 938,752 | ||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 |
498 | 437,304 | ||||||
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 |
550 | 553,673 | ||||||
TC Ziraat Bankasi AS 144A | ||||||||
5.38%, 03/02/26 | 800 | 746,544 | ||||||
9.50%, 08/01/26 | 600 | 612,015 | ||||||
Turk Telekomunikasyon AS 144A 6.88%, 02/28/25 |
755 | 737,250 | ||||||
Turkcell Iletisim Hizmetleri AS 144A |
Par (000’s |
) | Value | ||||||
Turkey (continued) | ||||||||
5.75%, 10/15/25 | $ | 675 | $ | 648,907 | ||||
5.80%, 04/11/28 | 575 | 524,440 | ||||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
5.75%, 07/06/26 | 950 | 888,957 | ||||||
9.00%, 01/28/27 | 500 | 500,629 | ||||||
9.38%, 01/31/26 | 750 | 763,063 | ||||||
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 |
1,050 | 1,025,346 | ||||||
Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
5.88%, 01/14/26 | 350 | 331,527 | ||||||
6.00%, 01/23/25 | 550 | 537,544 | ||||||
9.38%, 10/19/28 | 400 | 407,513 | ||||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
825 | 798,658 | ||||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 | 925 | 896,538 | ||||||
5.50%, 10/01/26 | 675 | 623,710 | ||||||
6.50%, 01/08/26 | 925 | 891,265 | ||||||
9.00%, 10/12/28 | 1,000 | 997,500 | ||||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
700 | 655,413 | ||||||
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28 |
1,000 | 999,850 | ||||||
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 |
575 | 553,466 | ||||||
9.25%, 10/16/28 | 700 | 705,138 | ||||||
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 |
300 | 277,355 | ||||||
20,355,622 | ||||||||
Ukraine: 0.7% | ||||||||
Kernel Holding SA 144A 6.75%, 10/27/27 |
400 | 254,416 | ||||||
Metinvest BV 144A | ||||||||
7.65%, 10/01/27 | 450 | 288,000 | ||||||
7.75%, 10/17/29 | 600 | 358,500 | ||||||
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/28 |
300 | 148,425 | ||||||
NPC Ukrenergo 144A 6.88%, 11/09/28 |
1,100 | 305,195 | ||||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/26 |
1,100 | 584,232 | ||||||
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 |
400 | 297,956 | ||||||
2,236,724 |
See Notes to Financial Statements
19 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United Arab Emirates: 2.6% | ||||||||
Alpha Star Holding VII Ltd. Reg S 7.75%, 04/27/26 |
$ | 900 | $ | 883,779 | ||||
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMT USD 6 Year+3.66%), 1/22/2025 (o) |
1,050 | 1,040,343 | ||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
1,950 | 1,907,917 | ||||||
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o) |
1,250 | 1,222,001 | ||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
1,250 | 1,204,525 | ||||||
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) |
550 | 526,360 | ||||||
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29 |
1,400 | 1,332,349 | ||||||
8,117,274 | ||||||||
United Kingdom: 2.6% | ||||||||
Allwyn Entertainment Financing UK Plc 144A 7.88%, 04/30/29 |
850 | 842,316 | ||||||
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 † |
2,100 | 1,728,038 | ||||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
975 | 869,259 | ||||||
Endeavour Mining Plc 144A 5.00%, 10/14/26 |
575 | 508,610 | ||||||
IHS Holding Ltd. 144A | ||||||||
5.62%, 11/29/26 | 675 | 546,105 | ||||||
6.25%, 11/29/28 | 625 | 462,369 | ||||||
Tullow Oil Plc 144A 10.25%, 05/15/26 |
2,100 | 1,805,433 | ||||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
1,600 | 1,165,065 | ||||||
7,927,195 | ||||||||
United States: 5.2% | ||||||||
ABRA Global Finance 144A 11.50%, 03/02/28 |
500 | 385,466 | ||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 |
400 | 370,924 | ||||||
Azul Secured Finance LLP 144A | ||||||||
10.88%, 05/28/30 | 350 | 267,962 | ||||||
11.93%, 08/28/28 | 500 | 486,437 | ||||||
Energuate Trust 144A |
Par (000’s) |
Value | |||||||
United States (continued) | ||||||||
5.88%, 05/03/27 | $ | 400 | $ | 359,444 | ||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
1,000 | 666,460 | ||||||
Kosmos Energy Ltd. 144A | ||||||||
7.50%, 03/01/28 | 550 | 482,207 | ||||||
7.75%, 05/01/27 | 600 | 540,030 | ||||||
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 |
500 | 449,802 | ||||||
MGM China Holdings Ltd. 144A | ||||||||
5.25%, 06/18/25 | 658 | 626,771 | ||||||
5.88%, 05/15/26 † | 1,000 | 933,700 | ||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
850 | 772,650 | ||||||
Playtika Holding Corp. 144A 4.25%, 03/15/29 |
800 | 646,048 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 † | 825 | 724,519 | ||||||
5.50%, 03/18/31 | 1,075 | 824,883 | ||||||
Sasol Financing USA LLC 144A 8.75%, 05/03/29 |
1,275 | 1,212,423 | ||||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 |
700 | 542,616 | ||||||
Stillwater Mining Co. 144A | ||||||||
4.00%, 11/16/26 | 825 | 712,429 | ||||||
4.50%, 11/16/29 | 750 | 571,472 | ||||||
Wynn Macau Ltd. 144A | ||||||||
5.12%, 12/15/29 | 1,375 | 1,080,823 | ||||||
5.50%, 01/15/26 | 1,325 | 1,231,939 | ||||||
5.50%, 10/01/27 † | 1,000 | 871,001 | ||||||
5.62%, 08/26/28 | 1,725 | 1,448,720 | ||||||
16,208,726 | ||||||||
Uruguay: 0.1% | ||||||||
Arcos Dorados BV 144A 6.12%, 05/27/29 |
450 | 419,850 | ||||||
Uzbekistan: 0.7% | ||||||||
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 |
400 | 360,246 | ||||||
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 |
400 | 366,600 | ||||||
Uzauto Motors AJ 144A 4.85%, 05/04/26 |
400 | 350,520 | ||||||
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 |
450 | 427,162 | ||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 |
850 | 670,441 | ||||||
2,174,969 |
See Notes to Financial Statements
20 |
Par (000’s |
) | Value | ||||||
Zambia: 1.3% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.88%, 03/01/26 † | $ | 1,275 | $ | 1,122,000 | ||||
6.88%, 10/15/27 | 1,925 | 1,642,479 | ||||||
7.50%, 04/01/25 | 1,350 | 1,268,378 | ||||||
4,032,857 | ||||||||
Total Corporate
Bonds (Cost: $351,952,024) |
296,814,315 | |||||||
GOVERNMENT OBLIGATIONS: 1.5% | ||||||||
Argentina: 1.1% | ||||||||
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 |
1,200 | 1,104,510 | ||||||
Provincia de Cordoba 144A | ||||||||
6.88%, 02/01/29 | 582 | 424,807 | ||||||
6.99%, 06/01/27 (s) | 632 | 477,312 | ||||||
Provincia de Mendoza 144A 5.75%, 03/19/29 (s) |
656 | 514,778 | ||||||
Provincia de Neuquen 144A 6.75%, 04/27/30 (s) |
500 | 375,000 | ||||||
Provincia del Chubut 144A 7.75%, 07/26/30 (s) |
598 | 476,870 | ||||||
3,373,277 | ||||||||
Turkey: 0.4% | ||||||||
Istanbul Metropolitan Municipality 144A |
Par (000’s |
) | Value | ||||||
Turkey (continued) | ||||||||
6.38%, 12/09/25 | $ | 750 | $ | 702,852 | ||||
10.75%, 04/12/27 | 475 | 485,925 | ||||||
1,188,777 | ||||||||
Ukraine: 0.0% | ||||||||
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30 |
1,000 | 238,205 | ||||||
Total Government
Obligations (Cost: $5,843,954) |
4,800,259 | |||||||
Total
Investments Before Collateral for Securities
Loaned: 96.9% (Cost: $357,795,978) |
301,614,574 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1% | ||||||||
Money Market Fund:
5.1% (Cost: $15,921,278) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 15,921,278 | 15,921,278 | ||||||
Total Investments:
102.0% (Cost: $373,717,256) |
317,535,852 | |||||||
Liabilities in excess of other assets: (2.0)% | (6,236,912) | |||||||
NET ASSETS: 100.0% | $ | 311,298,940 |
Definitions:
USD | United States Dollar |
Footnotes:
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
* | Non-income producing |
(d) | Security in default |
† | Security fully or partially on loan. Total market value of securities on loan is $15,325,318. |
(o) | Perpetual Maturity — the date shown is the next call date |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
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 $210,025,352, or 67.5% of net assets. |
See Notes to Financial Statements
21 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 30.9 | % | $ | 93,276,629 | ||||
Energy | 20.4 | 61,580,152 | ||||||
Industrials | 10.5 | 31,772,095 | ||||||
Basic Materials | 10.4 | 31,418,553 | ||||||
Utilities | 9.3 | 28,167,318 | ||||||
Consumer Cyclicals | 4.3 | 13,057,455 | ||||||
Technology | 4.1 | 12,257,678 | ||||||
Consumer Non-Cyclicals | 3.6 | 10,918,959 | ||||||
Healthcare | 3.4 | 10,181,065 | ||||||
Government | 1.6 | 4,800,259 | ||||||
Real Estate | 1.3 | 3,764,724 | ||||||
Institutions, Associations & Organizations | 0.2 | 419,687 | ||||||
100.0 | % | $ | 301,614,574 |
See Notes to Financial Statements
22 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds | ||||||||||||||||
Argentina | $ | — | $ | 10,930,074 | $ | — | $ | 10,930,074 | ||||||||
Armenia | — | 419,687 | — | 419,687 | ||||||||||||
Austria | — | 259,730 | — | 259,730 | ||||||||||||
Azerbaijan | — | 3,349,151 | — | 3,349,151 | ||||||||||||
Bahrain | — | 3,228,484 | — | 3,228,484 | ||||||||||||
Bermuda | — | 1,326,496 | — | 1,326,496 | ||||||||||||
Brazil | — | 23,654,100 | — | 23,654,100 | ||||||||||||
British Virgin Islands | — | 795,052 | — | 795,052 | ||||||||||||
Canada | — | 2,245,311 | — | 2,245,311 | ||||||||||||
Cayman Islands | — | 10,007,993 | — | 10,007,993 | ||||||||||||
Chile | — | 3,486,055 | — | 3,486,055 | ||||||||||||
China | — | 17,729,140 | — | 17,729,140 | ||||||||||||
Colombia | — | 18,547,273 | — | 18,547,273 | ||||||||||||
Costa Rica | — | 870,777 | — | 870,777 | ||||||||||||
Cyprus | — | 771,872 | — | 771,872 | ||||||||||||
Czech Republic | — | 619,119 | — | 619,119 | ||||||||||||
Dominican Republic | — | 345,476 | — | 345,476 | ||||||||||||
France | — | 484,988 | — | 484,988 | ||||||||||||
Georgia | — | 962,432 | — | 962,432 | ||||||||||||
Ghana | — | 1,325,246 | — | 1,325,246 | ||||||||||||
Greece | — | 655,395 | — | 655,395 | ||||||||||||
Guatemala | — | 1,642,255 | — | 1,642,255 | ||||||||||||
Honduras | — | 246,224 | — | 246,224 | ||||||||||||
Hong Kong | — | 16,993,597 | — | 16,993,597 | ||||||||||||
Hungary | — | 743,231 | — | 743,231 | ||||||||||||
India | — | 10,636,020 | — | 10,636,020 | ||||||||||||
Indonesia | — | 6,115,147 | 902 | 6,116,049 | ||||||||||||
Israel | — | 9,121,212 | — | 9,121,212 | ||||||||||||
Kuwait | — | 1,156,050 | — | 1,156,050 | ||||||||||||
Luxembourg | — | 7,377,334 | — | 7,377,334 | ||||||||||||
Macao | — | 880,160 | — | 880,160 | ||||||||||||
Mauritius | — | 8,178,699 | — | 8,178,699 | ||||||||||||
Mexico | — | 21,085,332 | — | 21,085,332 | ||||||||||||
Morocco | — | 2,642,496 | — | 2,642,496 | ||||||||||||
Netherlands | — | 4,663,565 | — | 4,663,565 | ||||||||||||
Nigeria | — | 2,759,378 | — | 2,759,378 | ||||||||||||
Oman | — | 4,916,950 | — | 4,916,950 | ||||||||||||
Pakistan | — | 283,501 | — | 283,501 | ||||||||||||
Panama | — | 1,648,057 | — | 1,648,057 | ||||||||||||
Paraguay | — | 710,351 | — | 710,351 | ||||||||||||
Peru | — | 6,404,253 | — | 6,404,253 | ||||||||||||
Philippines | — | 363,000 | — | 363,000 | ||||||||||||
Poland | — | 1,268,202 | — | 1,268,202 | ||||||||||||
Saudi Arabia | — | 1,888,950 | — | 1,888,950 | ||||||||||||
Singapore | — | 7,212,452 | — | 7,212,452 | ||||||||||||
South Africa | — | 7,200,185 | — | 7,200,185 | ||||||||||||
Spain | — | 2,471,229 | — | 2,471,229 | ||||||||||||
Tanzania | — | 411,342 | — | 411,342 | ||||||||||||
Thailand | — | 2,206,481 | — | 2,206,481 | ||||||||||||
Trinidad and Tobago | — | 2,100,692 | — | 2,100,692 | ||||||||||||
Turkey | — | 20,355,622 | — | 20,355,622 | ||||||||||||
Ukraine | — | 2,236,724 | — | 2,236,724 | ||||||||||||
United Arab Emirates | — | 8,117,274 | — | 8,117,274 | ||||||||||||
United Kingdom | — | 7,927,195 | — | 7,927,195 | ||||||||||||
United States | — | 16,208,726 | — | 16,208,726 |
See Notes to Financial Statements
23 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Uruguay | $ | — | $ | 419,850 | $ | — | $ | 419,850 | ||||||||
Uzbekistan | — | 2,174,969 | — | 2,174,969 | ||||||||||||
Zambia | — | 4,032,857 | — | 4,032,857 | ||||||||||||
Government Obligations * | — | 4,800,259 | — | 4,800,259 | ||||||||||||
Money Market Fund | 15,921,278 | — | — | 15,921,278 | ||||||||||||
Total Investments | $ | 15,921,278 | $ | 301,613,672 | $ | 902 | $ | 317,535,852 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
24 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 98.3% | ||||||||
Australia: 2.4% | ||||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 | $ | 20,973 | $ | 19,137,234 | ||||
4.12%, 12/01/27 | 14,017 | 12,193,388 | ||||||
5.60%, 10/15/44 | 10,537 | 7,083,498 | ||||||
5.85%, 11/15/43 | 13,988 | 9,898,958 | ||||||
Port of Newcastle Investments Financing Pty Ltd. 144A 5.90%, 11/24/31 † |
10,545 | 8,825,743 | ||||||
57,138,821 | ||||||||
Canada: 3.9% | ||||||||
Bombardier, Inc. 144A 7.45%, 05/01/34 |
17,851 | 20,037,748 | ||||||
Methanex Corp. | ||||||||
4.25%, 12/01/24 | 10,501 | 10,264,596 | ||||||
5.25%, 12/15/29 | 24,579 | 21,760,418 | ||||||
5.65%, 12/01/44 | 10,551 | 7,806,084 | ||||||
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 † |
26,259 | 23,140,996 | ||||||
TransAlta Corp. 6.50%, 03/15/40 |
10,643 | 9,405,336 | ||||||
92,415,178 | ||||||||
Germany: 1.6% | ||||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 |
35,060 | 36,747,262 | ||||||
Ireland: 3.3% | ||||||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 24,578 | 23,863,771 | ||||||
4.38%, 03/15/26 | 24,575 | 23,095,240 | ||||||
4.65%, 06/15/30 | 26,329 | 22,016,520 | ||||||
4.90%, 12/15/44 † | 10,693 | 7,315,762 | ||||||
76,291,293 | ||||||||
Italy: 5.1% | ||||||||
Telecom Italia Capital SA | ||||||||
6.00%, 09/30/34 | 35,060 | 28,891,680 | ||||||
6.38%, 11/15/33 | 35,012 | 29,888,897 | ||||||
7.20%, 07/18/36 | 35,059 | 30,348,024 | ||||||
7.72%, 06/04/38 | 35,049 | 30,979,110 | ||||||
120,107,711 | ||||||||
United Kingdom: 5.7% | ||||||||
Marks & Spencer Plc 144A 7.12%, 12/01/37 |
10,519 | 9,599,251 | ||||||
Rolls-Royce Plc 144A 3.62%, 10/14/25 |
34,954 | 32,797,631 | ||||||
Standard Chartered Plc 144A 7.01%, 07/30/37 (o) |
26,200 | 24,109,392 | ||||||
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 |
70,020 | 67,765,489 | ||||||
134,271,763 |
Par (000’s |
) | Value | ||||||
United States: 76.3% | ||||||||
Associated Banc-Corp. 4.25%, 01/15/25 |
$ | 8,775 | $ | 8,413,842 | ||||
Bath & Body Works, Inc. 6.95%, 03/01/33 † |
10,877 | 9,416,520 | ||||||
Brandywine Operating Partnership LP | ||||||||
3.95%, 11/15/27 | 15,800 | 13,105,423 | ||||||
4.55%, 10/01/29 | 12,300 | 9,425,701 | ||||||
7.80%, 03/15/28 † | 12,300 | 11,096,534 | ||||||
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 |
9,651 | 8,772,132 | ||||||
Constellation Insurance, Inc. 144A | ||||||||
6.62%, 05/01/31 † | 8,754 | 7,594,597 | ||||||
6.80%, 01/24/30 | 14,864 | 12,734,274 | ||||||
Crane NXT Co. 4.20%, 03/15/48 |
12,384 | 7,504,723 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 † |
12,363 | 12,563,281 | ||||||
Delta Air Lines, Inc. | ||||||||
3.75%, 10/28/29 | 16,629 | 14,155,436 | ||||||
4.38%, 04/19/28 † | 14,390 | 13,232,756 | ||||||
Diversified Healthcare Trust 4.75%, 02/15/28 |
17,665 | 12,831,022 | ||||||
DPL, Inc. 4.35%, 04/15/29 |
13,989 | 11,424,131 | ||||||
Embarq Corp. 8.00%, 06/01/36 |
42,634 | 23,280,296 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 | 14,721 | 14,173,379 | ||||||
5.05%, 04/01/45 | 15,724 | 11,289,605 | ||||||
5.45%, 06/01/47 | 17,465 | 13,147,652 | ||||||
5.60%, 04/01/44 | 12,223 | 9,623,473 | ||||||
Entegris Escrow Corp. 144A 4.75%, 04/15/29 |
56,189 | 50,374,511 | ||||||
EQM Midstream Partners LP | ||||||||
4.12%, 12/01/26 | 17,566 | 16,312,041 | ||||||
5.50%, 07/15/28 | 29,809 | 27,848,509 | ||||||
6.50%, 07/15/48 | 19,232 | 16,282,525 | ||||||
First Republic Bank | ||||||||
4.38%, 08/01/46 | 9,339 | 35,021 | ||||||
4.62%, 02/13/47 | 10,345 | 38,789 | ||||||
FirstEnergy Corp. | ||||||||
1.60%, 01/15/26 | 10,492 | 9,460,771 | ||||||
2.05%, 03/01/25 | 10,537 | 9,926,976 | ||||||
2.25%, 09/01/30 | 15,752 | 12,170,323 | ||||||
2.65%, 03/01/30 † | 21,068 | 17,014,165 | ||||||
3.40%, 03/01/50 | 29,836 | 18,077,121 | ||||||
4.15%, 07/15/27 | 52,436 | 48,578,095 | ||||||
5.10%, 07/15/47 | 21,201 | 17,603,339 | ||||||
7.38%, 11/15/31 | 16,212 | 17,501,648 | ||||||
Fluor Corp. | ||||||||
3.50%, 12/15/24 | 9,318 | 8,962,530 | ||||||
4.25%, 09/15/28 | 21,083 | 19,139,147 | ||||||
Ford Holdings LLC 9.30%, 03/01/30 † |
4,873 | 5,227,365 |
See Notes to Financial Statements
25 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Ford Motor Co. | ||||||||
4.35%, 12/08/26 † | $ | 24,576 | $ | 23,186,223 | ||||
4.75%, 01/15/43 | 32,684 | 22,744,688 | ||||||
5.29%, 12/08/46 | 21,341 | 15,526,406 | ||||||
6.62%, 10/01/28 † | 7,290 | 7,211,596 | ||||||
7.40%, 11/01/46 | 6,552 | 6,155,064 | ||||||
7.45%, 07/16/31 † | 17,554 | 17,727,902 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.81%, 11/02/27 | 12,344 | 11,018,186 | ||||||
4.06%, 11/01/24 | 23,650 | 23,045,516 | ||||||
4.13%, 08/04/25 | 22,947 | 21,894,794 | ||||||
4.27%, 01/09/27 | 14,784 | 13,694,252 | ||||||
4.39%, 01/08/26 | 19,686 | 18,681,169 | ||||||
4.54%, 08/01/26 | 12,334 | 11,612,550 | ||||||
4.69%, 06/09/25 | 9,867 | 9,541,056 | ||||||
5.11%, 05/03/29 | 24,348 | 22,183,383 | ||||||
Frontier Florida LLC 6.86%, 02/01/28 † |
10,619 | 9,712,272 | ||||||
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 |
18,474 | 16,489,528 | ||||||
Genworth Holdings, Inc. 6.50%, 06/15/34 |
9,651 | 8,389,596 | ||||||
Global Marine, Inc. 7.00%, 06/01/28 |
9,165 | 7,721,513 | ||||||
HB Fuller Co. 4.00%, 02/15/27 |
10,529 | 9,516,531 | ||||||
Hillenbrand, Inc. 5.00%, 09/15/26 |
13,132 | 12,610,003 | ||||||
Kohl’s Corp. | ||||||||
4.25%, 07/17/25 † | 12,351 | 11,547,253 | ||||||
4.62%, 05/01/31 † | 17,560 | 12,026,844 | ||||||
5.55%, 07/17/45 | 14,987 | 8,708,946 | ||||||
Las Vegas Sands Corp. | ||||||||
2.90%, 06/25/25 | 17,499 | 16,442,370 | ||||||
3.50%, 08/18/26 | 34,962 | 32,027,482 | ||||||
3.90%, 08/08/29 | 26,328 | 22,764,382 | ||||||
Lumen Technologies, Inc. 7.60%, 09/15/39 |
12,559 | 3,677,275 | ||||||
Macy’s Retail Holdings LLC | ||||||||
4.30%, 02/15/43 | 8,773 | 4,819,974 | ||||||
4.50%, 12/15/34 † | 12,873 | 8,638,942 | ||||||
5.12%, 01/15/42 | 8,782 | 5,418,494 | ||||||
Murphy Oil Corp. | ||||||||
5.88%, 12/01/42 | 11,884 | 9,143,815 | ||||||
7.05%, 05/01/29 | 8,730 | 8,568,369 | ||||||
Navient Corp. 5.62%, 08/01/33 |
20,940 | 14,197,775 | ||||||
Newell Brands, Inc. | ||||||||
5.20%, 04/01/26 | 69,513 | 65,694,519 | ||||||
6.38%, 04/01/36 | 14,770 | 11,612,298 | ||||||
6.50%, 04/01/46 | 23,399 | 16,458,098 | ||||||
Nordstrom, Inc. | ||||||||
4.00%, 03/15/27 | 12,261 | 10,837,314 | ||||||
4.25%, 08/01/31 † | 14,875 | 10,913,936 | ||||||
4.38%, 04/01/30 † | 17,494 | 13,599,836 | ||||||
5.00%, 01/15/44 | 33,732 | 20,311,724 | ||||||
6.95%, 03/15/28 † | 10,554 | 9,944,348 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Oceaneering International, Inc. | ||||||||
4.65%, 11/15/24 | $ | 8,300 | $ | 8,326,425 | ||||
6.00%, 02/01/28 † | 10,485 | 9,631,521 | ||||||
Office Properties Income Trust | ||||||||
2.40%, 02/01/27 | 12,309 | 6,880,608 | ||||||
2.65%, 06/15/26 | 10,539 | 6,939,565 | ||||||
3.45%, 10/15/31 | 14,064 | 6,906,830 | ||||||
4.50%, 02/01/25 | 22,741 | 19,468,229 | ||||||
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 † |
14,008 | 10,396,738 | ||||||
Qwest Corp. 7.25%, 09/15/25 † |
8,764 | 8,403,171 | ||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
4.62%, 04/16/29 | 35,019 | 26,931,362 | ||||||
4.62%, 04/06/31 | 12,326 | 8,703,327 | ||||||
Rockies Express Pipeline LLC 144A | ||||||||
3.60%, 05/15/25 | 14,042 | 13,302,617 | ||||||
4.80%, 05/15/30 | 12,293 | 10,347,847 | ||||||
4.95%, 07/15/29 | 19,298 | 17,028,426 | ||||||
6.88%, 04/15/40 | 17,499 | 14,581,718 | ||||||
7.50%, 07/15/38 | 8,758 | 8,105,222 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
3.70%, 03/15/28 | 17,550 | 14,972,875 | ||||||
7.50%, 10/15/27 | 10,547 | 10,398,341 | ||||||
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25 |
17,490 | 18,498,503 | ||||||
Safeway, Inc. 7.25%, 02/01/31 |
9,259 | 9,338,535 | ||||||
Seagate HDD Cayman | ||||||||
4.09%, 06/01/29 | 17,361 | 14,986,038 | ||||||
4.12%, 01/15/31 | 9,694 | 7,718,658 | ||||||
4.75%, 01/01/25 | 16,852 | 16,502,217 | ||||||
4.88%, 06/01/27 | 17,737 | 16,676,540 | ||||||
5.75%, 12/01/34 | 17,156 | 14,538,911 | ||||||
Sealed Air Corp. 144A 6.88%, 07/15/33 † |
15,759 | 14,796,598 | ||||||
Service Properties Trust | ||||||||
3.95%, 01/15/28 | 14,055 | 10,521,604 | ||||||
4.38%, 02/15/30 | 14,028 | 9,691,312 | ||||||
4.50%, 03/15/25 | 12,294 | 11,493,107 | ||||||
4.75%, 10/01/26 | 15,807 | 13,454,341 | ||||||
4.95%, 02/15/27 | 14,050 | 11,711,106 | ||||||
4.95%, 10/01/29 † | 14,935 | 10,782,154 | ||||||
5.25%, 02/15/26 | 12,254 | 10,971,006 | ||||||
Southwestern Energy Co. 5.70%, 01/23/25 |
13,756 | 13,603,154 | ||||||
Spirit AeroSystems, Inc. | ||||||||
3.85%, 06/15/26 | 10,572 | 9,778,628 | ||||||
4.60%, 06/15/28 † | 24,533 | 19,432,489 | ||||||
Steelcase, Inc. 5.12%, 01/18/29 † |
15,856 | 13,994,870 | ||||||
Tenet Healthcare Corp. |
See Notes to Financial Statements
26 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.88%, 11/15/31 | $ | 12,761 | $ | 11,779,697 | ||||
Toledo Hospital | ||||||||
4.98%, 11/15/45 | 9,596 | 5,603,430 | ||||||
5.33%, 11/15/28 | 11,211 | 8,618,456 | ||||||
6.01%, 11/15/48 | 14,017 | 9,391,390 | ||||||
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 |
18,969 | 17,253,335 | ||||||
Transocean, Inc. | ||||||||
6.80%, 03/15/38 | 21,387 | 15,285,931 | ||||||
7.50%, 04/15/31 † | 13,846 | 11,200,099 | ||||||
Travel + Leisure Co. | ||||||||
6.00%, 04/01/27 | 14,083 | 13,167,605 | ||||||
6.60%, 10/01/25 † | 12,339 | 12,080,208 | ||||||
Under Armour, Inc. 3.25%, 06/15/26 |
21,006 | 19,150,927 | ||||||
United States Cellular Corp. 6.70%, 12/15/33 † |
19,165 | 18,206,750 | ||||||
United States Steel Corp. 6.65%, 06/01/37 † |
9,657 | 9,212,496 | ||||||
Valley National Bancorp 3.00% (Term SOFR USD 3 Month+2.36%), 06/15/31 † |
10,620 | 8,498,823 | ||||||
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31 † |
20,985 | 16,085,003 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Xerox Corp. | ||||||||
4.80%, 03/01/35 | $ | 8,858 | $ | 5,398,617 | ||||
6.75%, 12/15/39 | 12,363 | 8,060,341 | ||||||
XPO CNW, Inc. 6.70%, 05/01/34 |
10,484 | 9,708,656 | ||||||
Yum! Brands, Inc. | ||||||||
5.35%, 11/01/43 | 9,634 | 8,214,045 | ||||||
6.88%, 11/15/37 | 11,466 | 11,331,543 | ||||||
1,792,415,820 | ||||||||
Total Corporate Bonds (Cost: $2,676,554,304) |
2,309,387,848 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.4% | ||||||||
Money Market Fund: 3.4% (Cost: $79,671,097) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 79,671,097 | 79,671,097 | ||||||
Total Investments: 101.7% (Cost: $2,756,225,401) |
2,389,058,945 | |||||||
Liabilities in excess of other assets: (1.7)% | (39,407,418) | |||||||
NET ASSETS: 100.0% | $ | 2,349,651,527 |
Definitions:
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $84,090,029. |
(o) | Perpetual Maturity — the date shown is the next call date |
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 $356,365,199, or 15.2% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Consumer Cyclicals | 23.8 | % | $ | 548,900,786 | ||||
Technology | 17.3 | 398,837,520 | ||||||
Energy | 13.1 | 303,836,918 | ||||||
Financials | 12.5 | 287,684,151 | ||||||
Industrials | 9.0 | 207,433,696 | ||||||
Utilities | 7.4 | 171,161,905 | ||||||
Real Estate | 7.2 | 165,278,545 | ||||||
Healthcare | 4.8 | 111,684,265 | ||||||
Basic Materials | 3.7 | 85,920,004 | ||||||
Consumer Non-Cyclicals | 0.8 | 18,937,786 | ||||||
Communications | 0.4 | 9,712,272 | ||||||
100.0 | % | $ | 2,309,387,848 |
See Notes to Financial Statements
27 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 2,309,387,848 | $ | — | $ | 2,309,387,848 | ||||||||
Money Market Fund | 79,671,097 | — | — | 79,671,097 | ||||||||||||
Total Investments | $ | 79,671,097 | $ | 2,309,387,848 | $ | — | $ | 2,389,058,945 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
28 |
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 87.5% | ||||||||
Argentina: 0.1% | ||||||||
Genneia SA 144A 8.75%, 09/02/27 |
$ | 80 | $ | 76,237 | ||||
Australia: 1.1% | ||||||||
Bank of China Ltd. Reg S 0.75%, 09/29/24 |
200 | 191,444 | ||||||
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32 |
300 | 265,290 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 |
450 | 428,120 | ||||||
884,854 | ||||||||
Bermuda: 0.5% | ||||||||
Bacardi Ltd. / Bacardi-Martini BV 144A 5.25%, 01/15/29 |
200 | 190,625 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
200 | 176,305 | ||||||
366,930 | ||||||||
Brazil: 1.7% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 |
150 | 138,376 | ||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 |
200 | 198,101 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
200 | 204,328 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 |
150 | 136,692 | ||||||
Klabin Finance SA 144A 4.88%, 09/19/27 |
140 | 132,461 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 |
200 | 182,918 | ||||||
Suzano Austria GmbH 144A 5.75%, 07/14/26 |
50 | 48,981 | ||||||
Suzano International Finance BV 5.50%, 01/17/27 |
375 | 363,999 | ||||||
1,405,856 | ||||||||
British Virgin Islands: 0.3% | ||||||||
Amipeace Ltd. Reg S 1.75%, 11/09/26 |
300 | 270,062 | ||||||
Canada: 1.7% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
100 | 92,505 | ||||||
Brookfield Finance, Inc. 2.72%, 04/15/31 † |
250 | 193,722 |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 |
$ | 250 | $ | 226,979 | ||||
CDP Financial, Inc. Reg S 1.00%, 05/26/26 |
350 | 314,129 | ||||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 |
300 | 226,205 | ||||||
TransAlta Corp. 7.75%, 11/15/29 |
200 | 199,205 | ||||||
Tucson Electric Power Co. 1.50%, 08/01/30 |
150 | 112,076 | ||||||
1,364,821 | ||||||||
Cayman Islands: 0.8% | ||||||||
DP World Crescent Ltd. Reg S 5.50%, 09/13/33 |
350 | 330,567 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31 |
200 | 151,799 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 |
200 | 185,187 | ||||||
667,553 | ||||||||
Chile: 0.8% | ||||||||
Colbun SA 144A 3.15%, 01/19/32 |
150 | 118,330 | ||||||
Interchile SA 144A 4.50%, 06/30/56 |
350 | 254,143 | ||||||
Inversiones CMPC SA 144A 4.38%, 04/04/27 |
100 | 93,793 | ||||||
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 |
300 | 174,666 | ||||||
640,932 | ||||||||
China: 3.2% | ||||||||
China Construction Bank Corp. Reg S 1.25%, 08/04/25 |
200 | 185,373 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 |
400 | 368,418 | ||||||
ICBCIL Finance Co. Ltd. Reg S 6.69% (Term SOFR USD 3 Month+1.31%), 11/20/24 |
200 | 200,313 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 6.39% (SOFR Compound Index+1.04%), 09/16/24 |
500 | 501,322 | ||||||
6.47%, 04/25/24 | 600 | 600,741 | ||||||
Lenovo Group Ltd. 144A 6.54%, 07/27/32 |
200 | 193,833 | ||||||
Midea Investment Development Co. Ltd. Reg S 2.88%, 02/24/27 |
200 | 182,775 |
See Notes to Financial Statements
29 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 |
$ | 200 | $ | 197,129 | ||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 |
200 | 194,439 | ||||||
2,624,343 | ||||||||
Colombia: 0.2% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 |
150 | 130,709 | ||||||
Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 |
88 | 66,252 | ||||||
France: 0.9% | ||||||||
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27 |
300 | 264,877 | ||||||
Electricite de France SA 144A 3.62%, 10/13/25 |
450 | 432,593 | ||||||
697,470 | ||||||||
Georgia: 0.1% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 |
100 | 86,010 | ||||||
Germany: 2.5% | ||||||||
Bank of China Ltd. Reg S 3.12%, 06/16/25 |
200 | 192,319 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
0.75%, 09/30/30 | 550 | 415,341 | ||||||
1.00%, 10/01/26 | 950 | 849,541 | ||||||
1.75%, 09/14/29 | 500 | 420,269 | ||||||
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25 |
188 | 179,168 | ||||||
2,056,638 | ||||||||
Hong Kong: 3.0% | ||||||||
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25 |
300 | 286,059 | ||||||
Airport Authority Reg S 1.75%, 01/12/27 |
300 | 268,328 | ||||||
China Development Bank Reg S 0.62%, 09/09/24 |
200 | 191,413 | ||||||
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 |
200 | 172,039 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 |
200 | 181,169 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 2.95%, 06/01/25 |
200 | 192,020 | ||||||
Industrial Bank Co. Ltd. Reg S | ||||||||
0.88%, 06/10/24 | 200 | 194,020 | ||||||
3.25%, 05/18/25 | 200 | 193,343 |
Par (000’s |
) | Value | ||||||
Hong Kong (continued) | ||||||||
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 |
$ | 200 | $ | 186,053 | ||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 |
200 | 184,123 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 |
400 | 312,326 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
200 | 102,262 | ||||||
2,463,155 | ||||||||
Hungary: 0.3% | ||||||||
MVM Energetika Zrt Reg S 7.50%, 06/09/28 |
200 | 200,363 | ||||||
India: 2.2% | ||||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
250 | 232,580 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 191,752 | ||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39 |
175 | 122,033 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 |
150 | 147,140 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 |
100 | 82,100 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 |
200 | 184,720 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
168 | 138,289 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 |
200 | 182,502 | ||||||
REC Ltd. 144A 5.62%, 04/11/28 |
200 | 194,615 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 |
200 | 183,923 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 |
200 | 163,676 | ||||||
1,823,330 | ||||||||
Indonesia: 0.7% | ||||||||
Pertamina Geothermal Energy PT 144A 5.15%, 04/27/28 |
200 | 193,108 | ||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A |
See Notes to Financial Statements
30 |
Par (000’s |
) | Value | ||||||
Indonesia (continued) | ||||||||
4.85%, 10/14/38 | $ | 400 | $ | 330,984 | ||||
524,092 | ||||||||
Ireland: 0.7% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27 |
200 | 189,251 | ||||||
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26 |
350 | 347,083 | ||||||
536,334 | ||||||||
Japan: 3.6% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 |
200 | 180,765 | ||||||
Honda Motor Co. Ltd. | ||||||||
2.27%, 03/10/25 | 200 | 191,235 | ||||||
2.97%, 03/10/32 † | 600 | 494,193 | ||||||
Japan Bank for International Cooperation 1.62%, 01/20/27 |
200 | 178,746 | ||||||
Marubeni Corp. Reg S 1.58%, 09/17/26 |
200 | 177,704 | ||||||
Norinchukin Bank 144A | ||||||||
1.28%, 09/22/26 | 400 | 351,474 | ||||||
2.08%, 09/22/31 | 150 | 113,519 | ||||||
NTT Finance Corp. 144A | ||||||||
4.24%, 07/25/25 | 200 | 195,029 | ||||||
4.37%, 07/27/27 | 250 | 238,981 | ||||||
Renesas Electronics Corp. 144A 1.54%, 11/26/24 |
150 | 142,180 | ||||||
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29 |
200 | 166,727 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 |
375 | 338,200 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 |
200 | 162,268 | ||||||
2,931,021 | ||||||||
Luxembourg: 1.9% | ||||||||
European Investment Bank | ||||||||
1.62%, 05/13/31 | 500 | 396,552 | ||||||
3.75%, 02/14/33 † | 1,300 | 1,179,256 | ||||||
1,575,808 | ||||||||
Macao: 1.0% | ||||||||
Bank of China Ltd. Reg S 6.12% (SOFR Compound Index+0.78%), 04/28/25 |
600 | 601,462 | ||||||
China Construction Bank Corp. Reg S 5.84% (SOFR Compound Index+0.50%), 12/21/24 |
200 | 199,727 | ||||||
801,189 |
Par (000’s |
) | Value | ||||||
Mauritius: 0.8% | ||||||||
Diamond II Ltd. 144A 7.95%, 07/28/26 |
$ | 100 | $ | 97,185 | ||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 |
93 | 78,077 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 |
200 | 190,905 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 |
133 | 115,932 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 |
200 | 172,252 | ||||||
654,351 | ||||||||
Mexico: 0.2% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 |
250 | 182,504 | ||||||
Netherlands: 4.2% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 |
350 | 284,571 | ||||||
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 |
350 | 318,073 | ||||||
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 | 250 | 221,615 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 |
463 | 413,649 | ||||||
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 |
450 | 413,338 | ||||||
4.62%, 01/06/26 | 300 | 290,556 | ||||||
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 |
200 | 198,253 | ||||||
Nederlandse Waterschapsbank NV 144A | ||||||||
1.00%, 05/28/30 | 100 | 77,086 | ||||||
2.38%, 03/24/26 | 350 | 327,940 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
2.50%, 05/11/31 | 550 | 420,244 | ||||||
3.40%, 05/01/30 | 300 | 251,773 | ||||||
5.00%, 01/15/33 | 200 | 178,403 | ||||||
3,395,501 | ||||||||
Norway: 0.6% | ||||||||
Kommunalbanken AS 144A | ||||||||
0.50%, 10/21/24 | 200 | 190,335 | ||||||
2.12%, 02/11/25 | 325 | 311,272 | ||||||
501,607 |
See Notes to Financial Statements
31 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
$ | 200 | $ | 87,231 | ||||
Portugal: 0.4% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 |
400 | 335,740 | ||||||
Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 |
200 | 183,571 | ||||||
Saudi Arabia: 0.5% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 |
500 | 413,382 | ||||||
Singapore: 1.4% | ||||||||
Bank of China Ltd. Reg S 0.80%, 04/28/24 |
200 | 195,109 | ||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
178 | 165,622 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 |
300 | 277,125 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24 |
450 | 430,150 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
81 | 77,136 | ||||||
1,145,142 | ||||||||
South Africa: 0.2% | ||||||||
Bank of China Ltd. Reg S 1.88%, 02/16/25 |
200 | 190,920 | ||||||
South Korea: 5.5% | ||||||||
Export-Import Bank of Korea | ||||||||
2.12%, 01/18/32 | 550 | 422,933 | ||||||
5.12%, 01/11/33 | 200 | 191,906 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 |
250 | 210,016 | ||||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 |
300 | 269,256 | ||||||
Kia Corp. 144A | ||||||||
1.75%, 10/16/26 | 200 | 177,598 | ||||||
2.38%, 02/14/25 † | 200 | 191,079 | ||||||
Korea Development Bank 0.40%, 06/19/24 |
350 | 338,362 | ||||||
Korea East-West Power Co. Ltd. 144A 3.60%, 05/06/25 |
200 | 193,709 | ||||||
Korea Electric Power Corp. 144A | ||||||||
2.50%, 06/24/24 | 350 | 342,445 | ||||||
3.62%, 06/14/25 | 200 | 193,498 |
Par (000’s |
) | Value | ||||||
South Korea (continued) | ||||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 5.00%, 07/18/28 |
$ | 200 | $ | 194,608 | ||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 |
200 | 191,029 | ||||||
Korea Water Resources Corp. Reg S 3.50%, 04/27/25 |
200 | 193,747 | ||||||
LG Chem Ltd. 144A | ||||||||
1.38%, 07/07/26 | 200 | 177,774 | ||||||
2.38%, 07/07/31 | 225 | 172,037 | ||||||
3.25%, 10/15/24 | 250 | 243,578 | ||||||
3.62%, 04/15/29 | 50 | 44,836 | ||||||
LG Energy Solution Ltd. 144A 5.62%, 09/25/26 |
200 | 198,362 | ||||||
SK Hynix, Inc. 144A | ||||||||
2.38%, 01/19/31 | 250 | 183,666 | ||||||
6.50%, 01/17/33 | 200 | 190,492 | ||||||
SK On Co. Ltd. Reg S 5.38%, 05/11/26 |
200 | 198,149 | ||||||
4,519,080 | ||||||||
Spain: 0.7% | ||||||||
Avangrid, Inc. | ||||||||
3.20%, 04/15/25 | 381 | 364,758 | ||||||
3.80%, 06/01/29 | 250 | 219,873 | ||||||
584,631 | ||||||||
Supranational: 4.4% | ||||||||
European Bank for Reconstruction & Development | ||||||||
1.50%, 02/13/25 | 100 | 95,132 | ||||||
1.62%, 09/27/24 | 500 | 482,595 | ||||||
European Investment Bank | ||||||||
0.75%, 09/23/30 | 600 | 453,658 | ||||||
1.62%, 10/09/29 † | 380 | 316,848 | ||||||
2.12%, 04/13/26 † | 300 | 280,123 | ||||||
2.38%, 05/24/27 | 650 | 596,906 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 |
750 | 722,305 | ||||||
International Bank for Reconstruction & Development | ||||||||
2.12%, 03/03/25 | 280 | 268,246 | ||||||
3.12%, 11/20/25 | 75 | 72,066 | ||||||
International Finance Corp. 2.12%, 04/07/26 |
344 | 320,935 | ||||||
3,608,814 | ||||||||
Sweden: 0.8% | ||||||||
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24 |
350 | 338,458 | ||||||
Swedbank AB 144A 1.54%, 11/16/26 |
350 | 307,886 | ||||||
646,344 |
See Notes to Financial Statements
32 |
Par (000’s |
) | Value | ||||||
Turkey: 0.2% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
$ | 200 | $ | 175,468 | ||||
United Arab Emirates: 1.3% | ||||||||
Industrial & Commercial Bank of China Ltd. Reg S 6.27% (SOFR Compound Index+0.93%), 01/19/26 |
400 | 402,360 | ||||||
MAF Sukuk Ltd. Reg S | ||||||||
3.93%, 02/28/30 | 200 | 176,053 | ||||||
4.64%, 05/14/29 | 200 | 185,400 | ||||||
Masdar Abu Dhabi Future Energy Co. Reg S 4.88%, 07/25/33 |
200 | 182,980 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 |
194 | 144,667 | ||||||
1,091,460 | ||||||||
United Kingdom: 2.1% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 |
200 | 172,966 | ||||||
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32 |
150 | 109,279 | ||||||
China Construction Bank Corp. Reg S 3.12%, 05/17/25 |
350 | 337,580 | ||||||
China Merchants Bank Co. Ltd. Reg S 5.99% (SOFR Compound Index+0.65%), 06/13/26 |
200 | 200,380 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 |
300 | 230,005 | ||||||
Shanghai Pudong Development Bank Co. Ltd./London Reg S 3.25%, 07/14/25 |
200 | 192,600 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 |
200 | 182,915 | ||||||
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31 |
400 | 322,327 | ||||||
1,748,052 | ||||||||
United States: 36.5% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 |
200 | 185,462 | ||||||
AES Corp. | ||||||||
1.38%, 01/15/26 | 350 | 311,174 | ||||||
2.45%, 01/15/31 | 505 | 379,748 | ||||||
Alexandria Real Estate Equities, Inc. | ||||||||
2.00%, 05/18/32 | 350 | 246,464 | ||||||
2.95%, 03/15/34 | 250 | 182,405 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.80%, 04/15/26 | $ | 100 | $ | 95,229 | ||||
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46 |
388 | 338,948 | ||||||
Amgen, Inc. 3.00%, 02/22/29 † |
250 | 219,622 | ||||||
Apple, Inc. 3.00%, 06/20/27 |
300 | 278,428 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
3.25%, 09/01/28 | 200 | 163,124 | ||||||
4.00%, 09/01/29 † | 200 | 150,275 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 |
200 | 102,421 | ||||||
AvalonBay Communities, Inc. | ||||||||
1.90%, 12/01/28 | 100 | 83,625 | ||||||
2.05%, 01/15/32 | 250 | 188,831 | ||||||
Bank of America Corp. 2.46% (Term SOFR USD 3 Month+1.13%), 10/22/25 |
650 | 624,891 | ||||||
Bank of China Ltd. Reg S 4.62%, 06/26/26 |
300 | 294,467 | ||||||
Boston Properties LP | ||||||||
2.45%, 10/01/33 | 400 | 260,178 | ||||||
3.40%, 06/21/29 † | 225 | 182,226 | ||||||
4.50%, 12/01/28 | 575 | 506,011 | ||||||
6.50%, 01/15/34 † | 400 | 365,489 | ||||||
Clearway Energy Operating LLC 144A | ||||||||
3.75%, 02/15/31 | 400 | 312,363 | ||||||
4.75%, 03/15/28 | 275 | 245,750 | ||||||
Comcast Corp. 4.65%, 02/15/33 |
300 | 271,619 | ||||||
Dana, Inc. 4.25%, 09/01/30 |
200 | 158,560 | ||||||
Deutsche Bank AG 1.69%, 03/19/26 |
300 | 270,512 | ||||||
Dominion Energy, Inc. 2.25%, 08/15/31 |
350 | 261,166 | ||||||
DTE Electric Co. | ||||||||
1.90%, 04/01/28 | 150 | 128,753 | ||||||
3.25%, 04/01/51 | 200 | 121,146 | ||||||
3.95%, 03/01/49 | 290 | 203,889 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 |
350 | 323,935 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 † |
300 | 268,637 | ||||||
Equinix, Inc. | ||||||||
1.00%, 09/15/25 | 300 | 273,271 | ||||||
2.50%, 05/15/31 | 350 | 267,378 | ||||||
3.90%, 04/15/32 | 350 | 291,459 | ||||||
ERP Operating LP 4.15%, 12/01/28 |
200 | 184,985 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 |
100 | 92,511 | ||||||
Fannie Mae-Aces |
See Notes to Financial Statements
33 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
1.44%, 10/25/29 | $ | 300 | $ | 238,644 | ||||
2.44%, 10/25/29 | 37 | 31,629 | ||||||
2.52%, 08/25/29 | 236 | 203,469 | ||||||
2.62%, 07/25/24 | 111 | 108,449 | ||||||
2.82%, 02/25/27 | 205 | 190,813 | ||||||
2.94%, 06/25/29 | 8 | 7,540 | ||||||
3.00%, 01/25/28 | 379 | 346,007 | ||||||
3.06%, 09/25/27 | 248 | 229,825 | ||||||
3.13%, 03/25/28 | 206 | 187,989 | ||||||
3.17%, 03/25/28 | 380 | 349,189 | ||||||
3.17%, 02/25/30 | 321 | 284,594 | ||||||
3.20%, 11/25/27 | 13 | 11,812 | ||||||
3.41%, 06/25/28 | 317 | 292,848 | ||||||
3.67%, 09/25/28 | 493 | 456,355 | ||||||
3.87%, 09/25/30 | 90 | 81,377 | ||||||
Federal Realty OP LP 1.25%, 02/15/26 † |
100 | 89,863 | ||||||
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27 |
200 | 170,522 | ||||||
Ford Motor Co. | ||||||||
3.25%, 02/12/32 | 1,150 | 868,864 | ||||||
6.10%, 08/19/32 † | 250 | 231,426 | ||||||
Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
1.30%, 06/25/30 | 30 | 23,049 | ||||||
1.49%, 11/25/30 | 200 | 153,127 | ||||||
2.88%, 04/25/26 | 285 | 269,282 | ||||||
General Motors Co. | ||||||||
5.40%, 10/15/29 † | 150 | 140,905 | ||||||
5.60%, 10/15/32 † | 550 | 502,429 | ||||||
Hanwha Q Cells Americas Holdings Corp. 144A 5.00%, 07/27/28 |
200 | 193,198 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 † |
150 | 145,915 | ||||||
Healthpeak OP LLC | ||||||||
1.35%, 02/01/27 | 200 | 172,378 | ||||||
2.12%, 12/01/28 | 100 | 82,490 | ||||||
Host Hotels & Resorts LP | ||||||||
2.90%, 12/15/31 | 250 | 186,983 | ||||||
3.38%, 12/15/29 | 100 | 82,449 | ||||||
Hyundai Capital America 144A 5.80%, 06/26/25 |
200 | 198,884 | ||||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 | 150 | 93,684 | ||||||
4.10%, 09/26/28 | 350 | 324,405 | ||||||
Jabil, Inc. 4.25%, 05/15/27 |
200 | 187,749 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 |
200 | 152,013 | ||||||
JPMorgan Chase & Co. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
0.77% (SOFR+0.49%), 08/09/25 | $ | 450 | $ | 429,934 | ||||
Kaiser Foundation Hospitals | ||||||||
2.81%, 06/01/41 | 500 | 321,743 | ||||||
3.15%, 05/01/27 | 80 | 74,178 | ||||||
Kilroy Realty LP | ||||||||
2.50%, 11/15/32 | 50 | 33,133 | ||||||
2.65%, 11/15/33 | 150 | 98,163 | ||||||
4.75%, 12/15/28 | 100 | 88,100 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 |
200 | 166,435 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 |
300 | 276,823 | ||||||
MidAmerican Energy Co. | ||||||||
2.70%, 08/01/52 | 200 | 107,401 | ||||||
3.10%, 05/01/27 | 425 | 390,222 | ||||||
3.15%, 04/15/50 | 200 | 119,970 | ||||||
3.65%, 04/15/29 | 150 | 135,325 | ||||||
3.65%, 08/01/48 | 400 | 270,874 | ||||||
3.95%, 08/01/47 | 125 | 89,058 | ||||||
4.25%, 07/15/49 | 275 | 203,408 | ||||||
5.35%, 01/15/34 | 200 | 192,429 | ||||||
New York State Electric & Gas Corp. 144A | ||||||||
2.15%, 10/01/31 | 200 | 147,152 | ||||||
5.85%, 08/15/33 | 200 | 192,289 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 |
425 | 354,885 | ||||||
Northern States Power Co. | ||||||||
2.25%, 04/01/31 | 150 | 117,986 | ||||||
2.60%, 06/01/51 | 250 | 133,107 | ||||||
2.90%, 03/01/50 | 250 | 144,095 | ||||||
3.20%, 04/01/52 | 200 | 119,790 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 |
225 | 199,292 | ||||||
Oncor Electric Delivery Co. LLC 4.15%, 06/01/32 |
100 | 88,317 | ||||||
Owens Corning 3.95%, 08/15/29 |
125 | 110,920 | ||||||
PacifiCorp | ||||||||
2.90%, 06/15/52 | 200 | 104,402 | ||||||
5.35%, 12/01/53 | 200 | 159,293 | ||||||
5.50%, 05/15/54 | 450 | 367,008 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 |
250 | 218,171 | ||||||
PepsiCo, Inc. | ||||||||
2.88%, 10/15/49 † | 250 | 152,144 | ||||||
3.90%, 07/18/32 | 500 | 443,409 | ||||||
PG&E Recovery Funding LLC 5.54%, 07/15/47 |
350 | 317,859 | ||||||
Piedmont Operating Partnership LP |
See Notes to Financial Statements
34 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.15%, 08/15/30 | $ | 150 | $ | 104,673 | ||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 |
160 | 153,863 | ||||||
4.76% (SOFR Compound Index+1.08%), 01/26/27 | 400 | 385,044 | ||||||
Prologis LP | ||||||||
1.25%, 10/15/30 | 275 | 201,261 | ||||||
1.75%, 02/01/31 | 200 | 149,653 | ||||||
Public Service Co. of Colorado | ||||||||
3.20%, 03/01/50 | 250 | 148,020 | ||||||
3.70%, 06/15/28 | 200 | 182,777 | ||||||
4.10%, 06/15/48 | 110 | 76,653 | ||||||
Public Service Co. of Oklahoma | ||||||||
2.20%, 08/15/31 | 300 | 226,037 | ||||||
3.15%, 08/15/51 | 150 | 85,172 | ||||||
Public Service Electric and Gas Co. | ||||||||
3.10%, 03/15/32 | 250 | 204,811 | ||||||
4.65%, 03/15/33 | 200 | 182,357 | ||||||
San Diego Gas & Electric Co. 4.95%, 08/15/28 |
100 | 96,463 | ||||||
SCE Recovery Funding LLC | ||||||||
4.70%, 06/15/40 | 150 | 136,335 | ||||||
5.11%, 12/15/47 | 200 | 170,596 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 |
150 | 83,663 | ||||||
SK Battery America, Inc. Reg S 1.62%, 01/26/24 |
250 | 247,034 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 |
600 | 456,433 | ||||||
Sonoco Products Co. 2.85%, 02/01/32 † |
400 | 310,972 | ||||||
Southern Power Co. 4.15%, 12/01/25 |
350 | 338,032 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 |
250 | 144,553 | ||||||
Sunnova Energy Corp. 144A 5.88%, 09/01/26 |
100 | 81,090 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 |
200 | 151,388 | ||||||
Toyota Auto Receivables Owner 0.26%, 11/17/25 |
101 | 98,512 | ||||||
UDR, Inc. 1.90%, 03/15/33 |
175 | 119,266 | ||||||
Union Electric Co. 2.62%, 03/15/51 |
275 | 146,339 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 |
200 | 190,420 | ||||||
Verizon Communications, Inc. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
1.50%, 09/18/30 | $ | 300 | $ | 224,418 | ||||
2.85%, 09/03/41 | 800 | 494,400 | ||||||
3.88%, 02/08/29 | 200 | 181,636 | ||||||
3.88%, 03/01/52 | 550 | 367,136 | ||||||
Vornado Realty LP 3.40%, 06/01/31 |
150 | 104,664 | ||||||
Welltower OP LLC | ||||||||
2.70%, 02/15/27 | 250 | 225,889 | ||||||
3.85%, 06/15/32 | 100 | 83,051 | ||||||
Wisconsin Electric Power Co. 4.75%, 09/30/32 † |
250 | 230,339 | ||||||
Wisconsin Power and Light Co. 1.95%, 09/16/31 |
200 | 148,722 | ||||||
ZF North America Capital, Inc. 144A | ||||||||
6.88%, 04/14/28 | 200 | 194,031 | ||||||
7.12%, 04/14/30 | 200 | 194,260 | ||||||
29,812,385 | ||||||||
Total Corporate
Bonds (Cost: $81,996,617) |
71,470,142 | |||||||
GOVERNMENT OBLIGATIONS: 10.6% | ||||||||
Cayman Islands: 2.8% | ||||||||
Gaci First Investment Co. Reg S | ||||||||
4.75%, 02/14/30 | 200 | 188,225 | ||||||
4.88%, 02/14/35 | 300 | 265,424 | ||||||
5.00%, 10/13/27 | 600 | 583,048 | ||||||
5.12%, 02/14/53 | 250 | 193,438 | ||||||
5.25%, 10/13/32 | 850 | 809,094 | ||||||
5.38%, 10/13/22 | 300 | 232,035 | ||||||
2,271,264 | ||||||||
Chile: 1.0% | ||||||||
Chile Government International Bond | ||||||||
2.55%, 01/27/32 | 350 | 276,232 | ||||||
3.50%, 01/25/50 | 850 | 539,760 | ||||||
815,992 | ||||||||
Egypt: 0.0% | ||||||||
Egypt Government International Bond 144A 5.25%, 10/06/25 |
50 | 38,042 | ||||||
Hong Kong: 3.3% | ||||||||
Hong Kong Government International Bond 144A | ||||||||
0.62%, 02/02/26 | 200 | 181,298 | ||||||
1.38%, 02/02/31 | 400 | 310,994 | ||||||
2.38%, 02/02/51 | 200 | 113,142 | ||||||
4.00%, 06/07/28 | 200 | 192,445 | ||||||
4.00%, 06/07/33 | 700 | 643,569 | ||||||
4.50%, 01/11/28 | 650 | 639,955 | ||||||
4.62%, 01/11/33 | 300 | 290,566 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 |
400 | 312,027 | ||||||
2,683,996 |
See Notes to Financial Statements
35 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Indonesia: 1.3% | ||||||||
Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
2.30%, 06/23/25 | $ | 150 | $ | 141,783 | ||||
3.55%, 06/09/51 | 275 | 179,173 | ||||||
3.90%, 08/20/24 | 250 | 246,887 | ||||||
4.70%, 06/06/32 | 500 | 464,025 | ||||||
1,031,868 | ||||||||
Israel: 0.7% | ||||||||
Israel Government International Bond 4.50%, 01/17/33 |
600 | 529,312 | ||||||
Japan: 0.2% | ||||||||
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 |
200 | 189,916 | ||||||
Saudi Arabia: 0.3% | ||||||||
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 |
300 | 266,649 | ||||||
Supranational: 1.0% | ||||||||
Asian Development Bank | ||||||||
1.75%, 08/14/26 | 275 | 252,111 | ||||||
2.12%, 03/19/25 | 150 | 143,567 | ||||||
2.38%, 08/10/27 | 150 | 137,079 | ||||||
3.12%, 09/26/28 | 100 | 92,110 | ||||||
Central American Bank for Economic Integration Reg S 6.48% (Term SOFR USD 3 Month+1.11%), 11/15/24 |
200 | 200,334 | ||||||
825,201 | ||||||||
Total Government
Obligations (Cost: $9,843,504) |
8,652,240 |
Par (000’s |
) | Value | ||||||
MUNICIPAL BONDS: 0.5% | ||||||||
United States: 0.5% | ||||||||
Commonwealth of Massachusetts (GO) 3.28%, 06/01/46 |
$ | 150 | $ | 105,476 | ||||
District of Columbia Water & Sewer Authority (RB) 4.81%, 10/01/14 |
170 | 137,747 | ||||||
Metropolitan Transportation Authority (RB) 5.17%, 11/15/49 |
200 | 164,770 | ||||||
Total Municipal
Bonds (Cost: $624,014) |
407,993 | |||||||
Number of Shares |
||||||||
PREFERRED SECURITIES: 0.1% (Cost: $173,320) |
||||||||
Canada: 0.1% | ||||||||
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 |
7,000 | 103,670 | ||||||
Total Investments Before
Collateral for Securities Loaned: 98.7% (Cost: $92,637,455) |
80,634,045 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0% | ||||||||
Money Market Fund: 2.0% (Cost: $1,607,387) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio |
1,607,387 | 1,607,387 | ||||||
Total Investments: 100.7% (Cost: $94,244,842) |
82,241,432 | |||||||
Liabilities in excess of other assets: (0.7)% | (539,231) | |||||||
NET ASSETS: 100.0% | $ | 81,702,201 |
Definitions:
GO | General Obligation |
RB | Revenue Bond |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $4,858,933. |
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 $24,982,548, or 30.6% of net assets. |
See Notes to Financial Statements
36 |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 34.5 | % | $ | 27,816,120 | ||||
Utilities | 22.1 | 17,849,759 | ||||||
Government | 11.2 | 9,060,233 | ||||||
Real Estate | 7.3 | 5,928,165 | ||||||
Consumer Cyclicals | 5.3 | 4,299,611 | ||||||
Technology | 5.0 | 3,999,987 | ||||||
Mortgage Securities | 4.7 | 3,804,948 | ||||||
Basic Materials | 3.6 | 2,866,091 | ||||||
Industrials | 2.8 | 2,237,257 | ||||||
Consumer Non-Cyclicals | 1.2 | 968,682 | ||||||
Energy | 1.2 | 937,552 | ||||||
Healthcare | 0.9 | 699,205 | ||||||
Academic & Educational Services | 0.2 | 166,435 | ||||||
100.0 | % | $ | 80,634,045 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 71,470,142 | $ | — | $ | 71,470,142 | ||||||||
Government Obligations * | — | 8,652,240 | — | 8,652,240 | ||||||||||||
Municipal Bonds * | — | 407,993 | — | 407,993 | ||||||||||||
Preferred Securities * | 103,670 | — | — | 103,670 | ||||||||||||
Money Market Fund | 1,607,387 | — | — | 1,607,387 | ||||||||||||
Total Investments | $ | 1,711,057 | $ | 80,530,375 | $ | — | $ | 82,241,432 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
37 |
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
FLOATING RATE NOTES: 98.5% | ||||||||
Australia: 9.7% | ||||||||
Australia & New Zealand Banking Group Ltd. 144A 5.98% (SOFR+0.64%), 10/03/25 |
$ | 7,000 | $ | 7,007,282 | ||||
6.09% (SOFR+0.75%), 07/03/25 | 5,400 | 5,415,486 | ||||||
Commonwealth Bank of Australia 144A 5.74% (SOFR+0.40%), 07/07/25 |
15,657 | 15,610,751 | ||||||
5.86% (SOFR+0.52%), 06/15/26 | 17,795 | 17,739,928 | ||||||
5.97% (SOFR+0.63%), 09/12/25 | 6,450 | 6,453,838 | ||||||
6.08% (SOFR+0.74%), 03/14/25 | 9,550 | 9,579,688 | ||||||
6.09% (SOFR+0.75%), 03/13/26 | 17,820 | 17,864,251 | ||||||
Macquarie Bank Ltd. 144A 6.65% (SOFR+1.31%), 03/21/25 |
5,525 | 5,570,273 | ||||||
National Australia Bank Ltd. 144A | ||||||||
5.72% (SOFR+0.38%), 01/12/25 | 2,300 | 2,293,425 | ||||||
5.99% (SOFR+0.65%), 01/12/27 | 17,650 | 17,538,798 | ||||||
6.10% (SOFR+0.76%), 05/13/25 | 6,400 | 6,420,288 | ||||||
6.20% (SOFR+0.86%), 06/09/25 | 7,025 | 7,050,510 | ||||||
Westpac Banking Corp. 5.64% (SOFR+0.30%), 11/18/24 |
3,665 | 3,658,400 | ||||||
6.34% (SOFR+1.00%), 08/26/25 | 5,999 | 6,042,200 | ||||||
128,245,118 | ||||||||
Canada: 2.2% | ||||||||
Bank of Montreal 5.66% (SOFR Compound Index+0.32%), 07/09/24 |
2,776 | 2,771,321 | ||||||
Bank of Nova Scotia 5.73% (SOFR+0.38%), 07/31/24 |
3,228 | 3,229,213 | ||||||
Canadian Imperial Bank of Commerce 5.76% (SOFR Compound Index+0.42%), 10/18/24 |
3,411 | 3,405,580 | ||||||
6.28% (SOFR+0.94%), 04/07/25 | 7,036 | 7,053,837 | ||||||
Federation des Caisses Desjardins du Quebec 144A 5.77% (SOFR+0.43%), 05/21/24 |
1,700 | 1,699,062 | ||||||
Royal Bank of Canada |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
5.68% (SOFR Compound Index+0.34%), 10/07/24 | $ | 2,467 | $ | 2,460,277 | ||||
5.70% (SOFR Compound Index+0.36%), 07/29/24 | 3,174 | 3,170,397 | ||||||
Toronto-Dominion Bank 5.69% (SOFR+0.35%), 09/10/24 |
4,441 | 4,431,345 | ||||||
28,221,032 | ||||||||
France: 2.3% | ||||||||
Banque Federative du Credit Mutuel SA 144A 5.75% (SOFR Compound Index+0.41%), 02/04/25 |
3,447 | 3,425,263 | ||||||
Credit Agricole SA 144A 6.63% (SOFR+1.29%), 07/05/26 |
18,800 | 18,953,283 | ||||||
Societe Generale SA 144A 6.39% (SOFR+1.05%), 01/21/26 |
8,175 | 8,130,901 | ||||||
30,509,447 | ||||||||
Japan: 6.0% | ||||||||
Mitsubishi UFJ Financial Group, Inc. 6.28% (SOFR+0.94%), 02/20/26 |
6,575 | 6,578,683 | ||||||
Mizuho Financial Group, Inc. 6.30% (SOFR+0.96%), 05/22/26 |
25,965 | 25,930,057 | ||||||
Sumitomo Mitsui Financial Group, Inc. 6.23% (SOFR+0.88%), 01/14/27 |
18,795 | 18,743,993 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A | ||||||||
5.78% (SOFR+0.44%), 09/16/24 | 3,575 | 3,569,664 | ||||||
6.46% (SOFR+1.12%), 03/09/26 | 6,050 | 6,081,347 | ||||||
6.49% (SOFR+1.15%), 09/14/26 | 18,175 | 18,326,421 | ||||||
79,230,165 | ||||||||
Netherlands: 4.3% | ||||||||
ABN AMRO Bank NV 144A 7.12% (SOFR Compound Index+1.78%), 09/18/27 |
18,950 | 18,967,083 | ||||||
ING Groep NV | ||||||||
6.90% (SOFR+1.56%), 09/11/27 | 18,850 | 18,881,674 | ||||||
6.98% (SOFR Compound Index+1.64%), 03/28/26 | 18,840 | 18,960,574 | ||||||
56,809,331 | ||||||||
Norway: 0.5% | ||||||||
DNB Bank ASA 144A 6.17% (SOFR Compound Index+0.83%), 03/28/25 |
6,550 | 6,550,973 | ||||||
Singapore: 0.6% | ||||||||
DBS Group Holdings Ltd. 144A |
See Notes to Financial Statements
38 |
Par (000’s |
) | Value | ||||||
Singapore (continued) | ||||||||
5.95% (SOFR+0.61%), 09/12/25 | $ | 8,150 | $ | 8,159,913 | ||||
Spain: 0.2% | ||||||||
Banco Santander SA 6.58% (SOFR+1.24%), 05/24/24 |
3,000 | 3,012,555 | ||||||
Sweden: 1.4% | ||||||||
Svenska Handelsbanken AB 144A 6.59% (SOFR Compound Index+1.25%), 06/15/26 |
18,800 | 18,955,160 | ||||||
Switzerland: 1.7% | ||||||||
UBS Group AG 144A 6.92% (SOFR+1.58%), 05/12/26 |
22,444 | 22,584,049 | ||||||
United Kingdom: 11.0% | ||||||||
ANZ New Zealand Int’l Ltd. 144A 5.94% (SOFR+0.60%), 02/18/25 |
2,525 | 2,523,556 | ||||||
HSBC Holdings Plc 5.92% (SOFR+0.58%), 11/22/24 |
2,400 | 2,399,971 | ||||||
6.77% (SOFR+1.43%), 03/10/26 | 7,650 | 7,670,929 | ||||||
6.90% (Term SOFR USD 3 Month+1.49%), 03/11/25 | 5,375 | 5,389,686 | ||||||
6.91% (SOFR+1.57%), 08/14/27 | 24,805 | 24,893,136 | ||||||
7.05% (Term SOFR USD 3 Month+1.64%), 09/12/26 | 24,542 | 24,643,691 | ||||||
Lloyds Banking Group Plc 6.90% (SOFR Compound Index+1.56%), 08/07/27 |
18,775 | 18,810,590 | ||||||
NatWest Markets Plc 144A 6.79% (SOFR+1.45%), 03/22/25 |
5,530 | 5,568,844 | ||||||
Standard Chartered Plc 144A 6.27% (SOFR+0.93%), 11/23/25 |
6,194 | 6,157,329 | ||||||
7.08% (SOFR+1.74%), 03/30/26 | 18,068 | 18,155,564 | ||||||
7.27% (SOFR+1.93%), 07/06/27 | 18,850 | 18,931,310 | ||||||
UBS AG 6.27% (SOFR+0.93%), 09/11/25 |
5,350 | 5,346,661 | ||||||
UBS AG 144A 5.79% (SOFR+0.45%), 08/09/24 |
4,725 | 4,716,606 | ||||||
145,207,873 | ||||||||
United States: 58.6% | ||||||||
American Express Co. 5.99% (SOFR Compound Index+0.65%), 11/04/26 |
18,308 | 18,048,407 | ||||||
6.06% (SOFR Compound Index+0.72%), 05/03/24 | 1,950 | 1,951,708 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.27% (SOFR+0.93%), 03/04/25 | $ | 3,445 | $ | 3,452,468 | ||||
American Honda Finance Corp. 5.94% (SOFR Compound Index+0.62%), 06/07/24 |
2,875 | 2,878,164 | ||||||
6.02% (SOFR Compound Index+0.67%), 01/10/25 † | 3,425 | 3,425,703 | ||||||
Analog Devices, Inc. 5.59% (SOFR Compound Index+0.25%), 10/01/24 |
2,574 | 2,573,266 | ||||||
AT&T, Inc. 6.85% (Term SOFR USD 3 Month+1.44%), 06/12/24 † |
7,780 | 7,819,361 | ||||||
Athene Global Funding 144A 6.04% (SOFR Compound Index+0.70%), 05/24/24 |
6,983 | 6,958,745 | ||||||
Bank of America Corp. | ||||||||
6.00% (SOFR+0.66%), 02/04/25 | 6,991 | 6,976,512 | ||||||
6.03% (SOFR+0.69%), 04/22/25 | 6,448 | 6,436,668 | ||||||
6.39% (SOFR+1.05%), 02/04/28 | 30,190 | 29,866,674 | ||||||
6.40% (Term SOFR USD 3 Month+1.03%), 02/05/26 | 21,071 | 21,069,633 | ||||||
6.45% (SOFR+1.10%), 04/25/25 † | 5,450 | 5,458,765 | ||||||
6.68% (SOFR+1.33%), 04/02/26 | 17,605 | 17,660,067 | ||||||
6.69% (SOFR+1.35%), 09/15/27 | 18,550 | 18,488,267 | ||||||
Bank
of America NA 6.36% (SOFR+1.02%), 08/18/26 |
15,400 | 15,469,825 | ||||||
BMW US Capital LLC 144A 5.72% (SOFR Compound Index+0.38%), 08/12/24 |
3,635 | 3,633,715 | ||||||
5.96% (SOFR Compound Index+0.62%), 08/11/25 | 6,500 | 6,514,256 | ||||||
Capital One Financial Corp. 6.03% (SOFR+0.69%), 12/06/24 |
4,432 | 4,381,041 | ||||||
Caterpillar Financial Services Corp. | ||||||||
5.59% (SOFR+0.24%), 05/17/24 | 1,950 | 1,949,990 | ||||||
5.61% (SOFR+0.27%), 09/13/24 | 3,730 | 3,729,580 | ||||||
CenterPoint Energy, Inc. 5.99% (SOFR Compound Index+0.65%), 05/13/24 |
3,200 | 3,199,142 | ||||||
Charles Schwab Corp. 5.86% (SOFR Compound Index+0.52%), 05/13/26 |
18,733 | 18,346,714 | ||||||
6.39% (SOFR Compound Index+1.05%), 03/03/27 | 18,762 | 18,518,550 | ||||||
Citibank NA |
See Notes to Financial Statements
39 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.15% (SOFR+0.81%), 09/29/25 | $ | 8,000 | $ | 8,004,966 | ||||
Citigroup, Inc. 6.01% (SOFR+0.67%), 05/01/25 |
5,344 | 5,327,252 | ||||||
6.04% (SOFR+0.69%), 01/25/26 | 5,977 | 5,926,019 | ||||||
6.20% (Term SOFR USD 3 Month+0.81%), 08/25/36 | 33,280 | 27,818,256 | ||||||
6.62% (SOFR+1.28%), 02/24/28 | 30,080 | 29,945,927 | ||||||
6.71% (SOFR+1.37%), 05/24/25 | 5,335 | 5,350,093 | ||||||
6.87% (SOFR+1.53%), 03/17/26 | 18,609 | 18,684,850 | ||||||
6.91% (Term SOFR USD 3 Month+1.51%), 07/01/26 | 24,371 | 24,488,844 | ||||||
Cooperatieve Rabobank UA 6.04% (SOFR Compound Index+0.70%), 07/18/25 |
7,125 | 7,137,511 | ||||||
GA Global Funding Trust 144A 5.84% (SOFR+0.50%), 09/13/24 |
2,425 | 2,397,362 | ||||||
General Electric Co. 6.01% (Term SOFR USD 3 Month+0.64%), 05/05/26 |
25,945 | 25,851,596 | ||||||
Goldman Sachs Group, Inc. 6.05% (SOFR+0.70%), 01/24/25 |
3,100 | 3,092,781 | ||||||
6.41% (SOFR+1.06%), 08/10/26 | 18,693 | 18,655,445 | ||||||
6.80% (Term SOFR USD 3 Month+1.43%), 05/15/26 | 25,631 | 25,834,484 | ||||||
7.40% (Term SOFR USD 3 Month+2.01%), 10/28/27 | 25,178 | 25,709,641 | ||||||
Hartford Financial Services Group, Inc. 144A 7.75% (Term SOFR USD 3 Month+2.39%), 02/12/47 |
18,783 | 16,104,537 | ||||||
Hyundai Capital America 144A 6.49% (SOFR+1.15%), 08/04/25 |
5,500 | 5,502,101 | ||||||
Jackson National Life Global Funding 144A 6.49% (SOFR+1.15%), 06/28/24 |
4,175 | 4,183,033 | ||||||
John Deere Capital Corp. 5.55% (SOFR+0.20%), 10/11/24 |
5,605 | 5,606,050 | ||||||
5.84% (SOFR+0.50%), 07/03/25 | 2,625 | 2,630,780 | ||||||
JPMorgan Chase & Co. 5.88% (SOFR+0.54%), 06/01/25 |
5,340 | 5,319,579 | ||||||
5.92% (SOFR+0.58%), 06/23/25 | 5,350 | 5,332,416 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.11% (SOFR+0.77%), 09/22/27 | $ | 18,660 | $ | 18,389,633 | ||||
6.23% (SOFR+0.89%), 04/22/27 | 18,764 | 18,643,563 | ||||||
6.26% (SOFR+0.92%), 02/24/26 | 8,011 | 8,011,843 | ||||||
6.31% (SOFR+0.97%), 06/14/25 | 5,348 | 5,356,648 | ||||||
6.52% (Term SOFR USD 3 Month+1.11%), 01/10/25 | 2,502 | 2,504,460 | ||||||
6.52% (SOFR+1.18%), 02/24/28 | 37,380 | 37,154,763 | ||||||
6.67% (SOFR+1.32%), 04/26/26 † | 19,100 | 19,217,015 | ||||||
Lincoln
National Corp. 8.00%, 05/17/66 |
21,507 | 13,979,550 | ||||||
MassMutual Global Funding II 144A 5.61% (SOFR+0.27%), 10/21/24 |
2,535 | 2,532,015 | ||||||
Metropolitan Life Global Funding I 144A 5.64% (SOFR+0.30%), 09/27/24 |
2,505 | 2,503,208 | ||||||
Morgan Stanley | ||||||||
5.97% (SOFR+0.62%), 01/24/25 | 6,122 | 6,107,849 | ||||||
6.29% (SOFR+0.95%), 02/18/26 | 8,140 | 8,127,937 | ||||||
6.51% (SOFR+1.17%), 04/17/25 | 5,360 | 5,369,363 | ||||||
Morgan Stanley Bank NA 6.12% (SOFR+0.78%), 07/16/25 |
8,550 | 8,552,724 | ||||||
Roche Holdings, Inc. 144A 5.90% (SOFR+0.56%), 03/10/25 |
3,700 | 3,707,124 | ||||||
Toyota Motor Credit Corp. | ||||||||
5.63% (SOFR+0.29%), 09/13/24 | 4,500 | 4,494,367 | ||||||
5.83% (SOFR+0.52%), 08/22/24 | 6,800 | 6,804,552 | ||||||
5.87% (SOFR+0.55%), 10/16/24 | 8,500 | 8,506,815 | ||||||
5.93% (SOFR+0.62%), 06/13/24 | 10,275 | 10,286,710 | ||||||
Truist Financial Corp. | ||||||||
5.74% (SOFR+0.40%), 06/09/25 | 10,879 | 10,649,601 | ||||||
Verizon Communications, Inc. | ||||||||
6.13% (SOFR Compound Index+0.79%), 03/20/26 | 19,792 | 19,900,547 | ||||||
6.73% (Term SOFR USD 3 Month+1.36%), 05/15/25 | 9,725 | 9,833,676 | ||||||
Volkswagen Group of America Finance LLC 144A 6.27% (SOFR+0.93%), 09/12/25 |
5,450 | 5,457,938 |
See Notes to Financial Statements
40 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.29% (SOFR+0.95%), 06/07/24 | $ | 2,460 | $ | 2,464,859 | ||||
Wells Fargo & Co. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.67% (SOFR+1.32%), 04/25/26 | $ | 26,242 | $ | 26,382,100 | ||||
772,649,604 | ||||||||
Total Floating Rate Notes (Cost: $1,302,967,027) |
1,300,135,220 | |||||||
Total Investments: 98.5% (Cost: $1,302,967,027) |
1,300,135,220 | |||||||
Other assets less liabilities: 1.5% | 19,319,289 | |||||||
NET ASSETS: 100.0% | $ | 1,319,454,509 |
Definitions:
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $6,457,726. |
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 $371,959,739, or 28.2% of net assets. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Financials | 91.9 | % | $ | 1,195,401,326 | ||||
Technology | 3.1 | 40,126,849 | ||||||
Consumer Non-Cyclicals | 2.0 | 25,851,596 | ||||||
Consumer Cyclicals | 1.5 | 19,728,765 | ||||||
Industrials | 1.2 | 15,827,541 | ||||||
Utilities | 0.3 | 3,199,143 | ||||||
100.0 | % | $ | 1,300,135,220 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Floating Rate Notes * | $ | — | $ | 1,300,135,220 | $ | — | $ | 1,300,135,220 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
41 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||||
CORPORATE BONDS: 97.6% | ||||||||||
Argentina: 1.0% | ||||||||||
MercadoLibre, Inc. 3.12%, 01/14/31 |
USD | 25 | $ | 18,951 | ||||||
Pampa Energia SA 144A 7.50%, 01/24/27 |
USD | 50 | 46,550 | |||||||
9.12%, 04/15/29 | USD | 25 | 22,902 | |||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 |
USD | 25 | 26,712 | |||||||
Telecom Argentina SA 144A 8.00%, 07/18/26 |
USD | 25 | 23,566 | |||||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 |
USD | 25 | 23,059 | |||||||
YPF SA 144A | ||||||||||
6.95%, 07/21/27 | USD | 50 | 37,837 | |||||||
7.00%, 09/30/33 (s) | USD | 25 | 18,856 | |||||||
7.00%, 12/15/47 | USD | 25 | 15,964 | |||||||
8.50%, 03/23/25 | USD | 19 | 17,528 | |||||||
8.50%, 07/28/25 | USD | 50 | 46,111 | |||||||
9.00%, 02/12/26 (s) | USD | 38 | 37,539 | |||||||
9.00%, 06/30/29 (s) | USD | 25 | 22,084 | |||||||
357,659 | ||||||||||
Australia: 0.7% | ||||||||||
FMG Resources August 2006 Pty Ltd. 144A | ||||||||||
4.38%, 04/01/31 | USD | 100 | 80,729 | |||||||
4.50%, 09/15/27 | USD | 25 | 22,540 | |||||||
Mineral Resources Ltd. 144A | ||||||||||
8.12%, 05/01/27 | USD | 100 | 97,384 | |||||||
9.25%, 10/01/28 | USD | 25 | 25,031 | |||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 |
USD | 30 | 26,059 | |||||||
251,743 | ||||||||||
Austria: 0.3% | ||||||||||
ams-OSRAM AG 144A 7.00%, 07/31/25 |
USD | 100 | 98,254 | |||||||
Bermuda: 0.1% | ||||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 (d) * |
USD | 47 | 9,795 | |||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
USD | 50 | 44,076 | |||||||
53,871 | ||||||||||
Brazil: 5.8% | ||||||||||
Adecoagro SA 144A 6.00%, 09/21/27 |
USD | 50 | 46,408 | |||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
USD | 50 | 45,727 | |||||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 |
USD | 50 | 40,797 | |||||||
Banco Bradesco SA 144A 3.20%, 01/27/25 |
USD | 100 | 95,924 |
Par (000’s |
) | Value | ||||||||
Brazil (continued) | ||||||||||
Banco BTG Pactual SA 144A 4.50%, 01/10/25 |
USD | 100 | $ | 97,238 | ||||||
Banco do Brasil SA 144A 4.62%, 01/15/25 |
USD | 50 | 48,825 | |||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 |
USD | 75 | 47,509 | |||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
USD | 50 | 48,859 | |||||||
BRF SA 144A 4.88%, 01/24/30 |
USD | 100 | 81,360 | |||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
USD | 50 | 49,913 | |||||||
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 |
USD | 100 | 84,436 | |||||||
Cosan Luxembourg SA 144A | ||||||||||
5.50%, 09/20/29 | USD | 50 | 44,615 | |||||||
7.00%, 01/20/27 | USD | 50 | 50,036 | |||||||
Embraer Netherlands Finance BV 5.40%, 02/01/27 † |
USD | 25 | 24,175 | |||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
USD | 50 | 51,082 | |||||||
Itau Unibanco Holding SA 144A 3.25%, 01/24/25 |
USD | 25 | 24,118 | |||||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 |
USD | 25 | 23,146 | |||||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 |
USD | 50 | 48,477 | |||||||
Klabin Austria GmbH 144A | ||||||||||
5.75%, 04/03/29 | USD | 50 | 47,410 | |||||||
7.00%, 04/03/49 | USD | 50 | 45,564 | |||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 |
USD | 100 | 73,485 | |||||||
MV24 Capital BV 144A 6.75%, 06/01/34 |
USD | 84 | 73,095 | |||||||
NBM US Holdings, Inc. 144A 7.00%, 05/14/26 |
USD | 50 | 49,575 | |||||||
Nexa Resources SA 144A 6.50%, 01/18/28 |
USD | 100 | 93,978 | |||||||
Petrobras Global Finance BV | ||||||||||
5.09%, 01/15/30 | USD | 25 | 22,954 | |||||||
5.30%, 01/27/25 | USD | 25 | 24,624 | |||||||
5.60%, 01/03/31 † | USD | 50 | 46,878 | |||||||
5.62%, 05/20/43 | USD | 25 | 21,011 | |||||||
5.75%, 02/01/29 | USD | 25 | 24,263 | |||||||
6.00%, 01/27/28 | USD | 50 | 49,364 | |||||||
6.75%, 01/27/41 | USD | 50 | 45,845 | |||||||
6.75%, 06/03/50 | USD | 25 | 22,269 | |||||||
6.85%, 06/05/15 | USD | 75 | 63,351 | |||||||
6.88%, 01/20/40 | USD | 25 | 23,420 |
See Notes to Financial Statements
42 |
Par (000’s |
) | Value | ||||||||
Brazil (continued) | ||||||||||
6.90%, 03/19/49 | USD | 50 | $ | 45,225 | ||||||
7.25%, 03/17/44 † | USD | 50 | 48,272 | |||||||
7.38%, 01/17/27 | USD | 25 | 25,644 | |||||||
8.75%, 05/23/26 | USD | 25 | 26,489 | |||||||
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 |
USD | 100 | 81,625 | |||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 |
USD | 50 | 45,729 | |||||||
Ultrapar International SA 144A 5.25%, 10/06/26 |
USD | 50 | 47,832 | |||||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 |
USD | 50 | 17,875 | |||||||
Usiminas International Sarl 144A 5.88%, 07/18/26 |
USD | 50 | 47,106 | |||||||
XP, Inc. 144A 3.25%, 07/01/26 |
USD | 50 | 45,325 | |||||||
2,110,853 | ||||||||||
British Virgin Islands: 0.1% | ||||||||||
New Metro Global Ltd. Reg S 4.50%, 05/02/26 |
USD | 200 | 34,580 | |||||||
Bulgaria: 0.3% | ||||||||||
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 |
EUR | 100 | 100,973 | |||||||
Burkina Faso: 0.1% | ||||||||||
IAMGOLD Corp. 144A 5.75%, 10/15/28 † |
USD | 25 | 19,719 | |||||||
Canada: 7.7% | ||||||||||
1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||||
3.50%, 02/15/29 † | USD | 25 | 21,403 | |||||||
3.88%, 01/15/28 | USD | 75 | 67,025 | |||||||
4.00%, 10/15/30 | USD | 125 | 102,497 | |||||||
4.38%, 01/15/28 | USD | 25 | 22,533 | |||||||
5.75%, 04/15/25 | USD | 25 | 24,819 | |||||||
Air Canada 144A | ||||||||||
3.88%, 08/15/26 | USD | 25 | 22,771 | |||||||
4.62%, 08/15/29 | CAD | 125 | 78,561 | |||||||
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 |
USD | 50 | 39,525 | |||||||
AltaGas Ltd. 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 |
CAD | 25 | 17,192 | |||||||
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 |
USD | 25 | 21,497 | |||||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 |
USD | 25 | 24,055 | |||||||
Baytex Energy Corp. 144A |
Par (000’s |
) | Value | ||||||||
Canada (continued) | ||||||||||
8.50%, 04/30/30 | USD | 50 | $ | 49,569 | ||||||
Bombardier, Inc. 144A | ||||||||||
7.12%, 06/15/26 | USD | 75 | 72,255 | |||||||
7.50%, 03/15/25 | USD | 37 | 36,998 | |||||||
7.50%, 02/01/29 † | USD | 25 | 23,183 | |||||||
7.88%, 04/15/27 | USD | 100 | 96,335 | |||||||
Brookfield Property Finance ULC | ||||||||||
3.93%, 08/24/25 | CAD | 50 | 33,257 | |||||||
3.93%, 01/15/27 | CAD | 50 | 31,217 | |||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 |
USD | 75 | 65,323 | |||||||
Capital Power Corp. 7.95% (Generic Canadian 5 Year+5.34%), 09/09/82 |
CAD | 25 | 17,178 | |||||||
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28 |
USD | 25 | 22,623 | |||||||
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 |
CAD | 25 | 11,143 | |||||||
Eldorado Gold Corp. 144A 6.25%, 09/01/29 |
USD | 25 | 21,468 | |||||||
Emera, Inc. 6.75%, 06/15/76 |
USD | 50 | 47,209 | |||||||
Empire Communities Corp. 144A 7.00%, 12/15/25 † |
USD | 25 | 23,260 | |||||||
Enerflex Ltd. 144A 9.00%, 10/15/27 |
USD | 40 | 36,441 | |||||||
First Quantum Minerals Ltd. 144A 8.62%, 06/01/31 |
USD | 50 | 42,268 | |||||||
Garda World Security Corp. 144A | ||||||||||
6.00%, 06/01/29 † | USD | 50 | 38,166 | |||||||
9.50%, 11/01/27 | USD | 25 | 22,741 | |||||||
GFL Environmental, Inc. 144A | ||||||||||
3.50%, 09/01/28 | USD | 25 | 21,435 | |||||||
3.75%, 08/01/25 | USD | 50 | 47,346 | |||||||
4.25%, 06/01/25 | USD | 50 | 48,118 | |||||||
4.38%, 08/15/29 † | USD | 25 | 21,348 | |||||||
4.75%, 06/15/29 † | USD | 25 | 21,910 | |||||||
5.12%, 12/15/26 | USD | 25 | 23,750 | |||||||
goeasy Ltd. 144A | ||||||||||
4.38%, 05/01/26 † | USD | 25 | 22,613 | |||||||
5.38%, 12/01/24 † | USD | 25 | 24,529 | |||||||
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 |
USD | 50 | 46,587 | |||||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 |
USD | 40 | 32,882 | |||||||
Inter Pipeline Ltd. |
See Notes to Financial Statements
43 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
Canada (continued) | ||||||||||
6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 |
CAD | 25 | $ | 16,569 | ||||||
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30 |
USD | 50 | 49,172 | |||||||
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 |
CAD | 50 | 33,275 | |||||||
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32 |
CAD | 25 | 16,550 | |||||||
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞ |
USD | 256 | 0 | |||||||
Mattamy Group Corp. 144A | ||||||||||
4.62%, 03/01/30 | USD | 25 | 20,441 | |||||||
5.25%, 12/15/27 | USD | 25 | 22,492 | |||||||
MEG Energy Corp. 144A | ||||||||||
5.88%, 02/01/29 | USD | 25 | 23,386 | |||||||
7.12%, 02/01/27 | USD | 25 | 25,203 | |||||||
Mercer International, Inc. 5.12%, 02/01/29 |
USD | 50 | 39,265 | |||||||
Methanex Corp. | ||||||||||
5.12%, 10/15/27 | USD | 50 | 45,804 | |||||||
5.25%, 12/15/29 | USD | 50 | 44,266 | |||||||
New Gold, Inc. 144A 7.50%, 07/15/27 |
USD | 25 | 23,483 | |||||||
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 |
USD | 25 | 23,664 | |||||||
NOVA Chemicals Corp. 144A | ||||||||||
4.25%, 05/15/29 † | USD | 50 | 37,028 | |||||||
5.00%, 05/01/25 | USD | 25 | 23,636 | |||||||
5.25%, 06/01/27 | USD | 25 | 21,157 | |||||||
Open Text Corp. 144A | ||||||||||
3.88%, 02/15/28 | USD | 50 | 43,513 | |||||||
3.88%, 12/01/29 | USD | 50 | 40,952 | |||||||
Parkland Corp. 144A | ||||||||||
4.50%, 10/01/29 | USD | 100 | 86,108 | |||||||
5.88%, 07/15/27 | USD | 50 | 47,921 | |||||||
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 |
CAD | 50 | 28,676 | |||||||
Precision Drilling Corp. 144A 7.12%, 01/15/26 |
USD | 50 | 49,313 | |||||||
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81 |
CAD | 75 | 48,597 | |||||||
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 |
USD | 50 | 44,063 | |||||||
Secure Energy Services, Inc. 144A 7.25%, 12/30/26 |
CAD | 20 | 14,182 |
Par (000’s |
) | Value | ||||||||
Canada (continued) | ||||||||||
SNC-Lavalin Group, Inc. 7.00%, 06/12/26 |
CAD | 25 | $ | 18,033 | ||||||
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 † |
USD | 25 | 23,087 | |||||||
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 |
USD | 50 | 42,698 | |||||||
Taseko Mines Ltd. 144A 7.00%, 02/15/26 |
USD | 25 | 22,701 | |||||||
Teine Energy Ltd. 144A 6.88%, 04/15/29 |
USD | 25 | 23,177 | |||||||
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 |
USD | 25 | 15,979 | |||||||
Terraform Global Operating LP 144A 6.12%, 03/01/26 |
USD | 25 | 24,056 | |||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 |
USD | 50 | 46,552 | |||||||
TransAlta Corp. 7.75%, 11/15/29 † |
USD | 50 | 49,801 | |||||||
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 |
EUR | 100 | 95,951 | |||||||
Vermilion Energy, Inc. 144A | ||||||||||
5.62%, 03/15/25 † | USD | 25 | 24,401 | |||||||
6.88%, 05/01/30 | USD | 25 | 23,351 | |||||||
Videotron Ltd. | ||||||||||
3.12%, 01/15/31 | CAD | 50 | 27,880 | |||||||
4.50%, 01/15/30 | CAD | 125 | 77,962 | |||||||
2,827,375 | ||||||||||
Cayman Islands: 0.8% | ||||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 |
USD | 100 | 90,021 | |||||||
Banco do Brasil SA/Cayman 144A 6.25%, 04/18/30 † |
USD | 50 | 47,991 | |||||||
CT Trust 144A 5.12%, 02/03/32 |
USD | 100 | 77,117 | |||||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 |
USD | 100 | 92,672 | |||||||
307,801 | ||||||||||
Chile: 0.3% | ||||||||||
Latam Airlines Group SA 144A 13.38%, 10/15/29 |
USD | 100 | 107,879 | |||||||
China: 1.3% | ||||||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
USD | 200 | 190,266 | |||||||
Industrial & Commercial Bank of China Ltd. Reg S |
See Notes to Financial Statements
44 |
Par (000’s |
) | Value | ||||||||
China (continued) | ||||||||||
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) |
USD | 300 | $ | 275,981 | ||||||
466,247 | ||||||||||
Colombia: 2.6% | ||||||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 |
USD | 100 | 94,426 | |||||||
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 |
USD | 50 | 43,801 | |||||||
Ecopetrol SA | ||||||||||
4.12%, 01/16/25 | USD | 50 | 48,324 | |||||||
4.62%, 11/02/31 | USD | 75 | 56,322 | |||||||
5.38%, 06/26/26 | USD | 50 | 47,914 | |||||||
5.88%, 05/28/45 | USD | 75 | 48,955 | |||||||
5.88%, 11/02/51 | USD | 50 | 31,385 | |||||||
6.88%, 04/29/30 | USD | 75 | 67,590 | |||||||
7.38%, 09/18/43 | USD | 50 | 39,828 | |||||||
8.62%, 01/19/29 | USD | 50 | 49,927 | |||||||
8.88%, 01/13/33 | USD | 100 | 96,103 | |||||||
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29 |
USD | 75 | 58,705 | |||||||
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 |
USD | 25 | 23,265 | |||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
USD | 100 | 73,884 | |||||||
Millicom International Cellular SA 144A | ||||||||||
5.12%, 01/15/28 † | USD | 5 | 4,670 | |||||||
6.25%, 03/25/29 | USD | 54 | 47,013 | |||||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 |
USD | 50 | 45,389 | |||||||
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30 |
USD | 100 | 79,058 | |||||||
956,559 | ||||||||||
Costa Rica: 0.2% | ||||||||||
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 |
USD | 100 | 78,070 | |||||||
Cyprus: 0.1% | ||||||||||
MHP Lux SA 144A 6.95%, 04/03/26 |
USD | 50 | 37,423 | |||||||
Czech Republic: 0.6% | ||||||||||
Allwyn International AS Reg S 3.88%, 02/15/27 |
EUR | 100 | 97,793 | |||||||
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) |
EUR | 100 | 35,650 | |||||||
EP Infrastructure AS Reg S 1.70%, 07/30/26 |
EUR | 100 | 92,782 | |||||||
226,225 |
Par (000’s |
) | Value | ||||||||
Finland: 0.2% | ||||||||||
SBB Treasury Oyj Reg S 1.12%, 11/26/29 |
EUR | 100 | $ | 58,321 | ||||||
France: 9.3% | ||||||||||
Altice France SA 144A | ||||||||||
5.12%, 01/15/29 | USD | 75 | 51,842 | |||||||
5.12%, 07/15/29 | USD | 100 | 68,535 | |||||||
5.50%, 10/15/29 | USD | 50 | 34,432 | |||||||
Atos SE Reg S 1.75%, 05/07/25 |
EUR | 100 | 70,176 | |||||||
CAB Selas Reg S 3.38%, 02/01/28 |
EUR | 100 | 88,418 | |||||||
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26 |
EUR | 100 | 1,732 | |||||||
Cerba Healthcare SACA Reg S 3.50%, 05/31/28 |
EUR | 100 | 86,189 | |||||||
CGG SA 144A 8.75%, 04/01/27 † |
USD | 100 | 88,352 | |||||||
Constellium SE 144A 3.75%, 04/15/29 |
USD | 100 | 82,438 | |||||||
eircom Finance DAC Reg S 3.50%, 05/15/26 |
EUR | 100 | 98,814 | |||||||
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) |
EUR | 200 | 163,147 | |||||||
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o) |
EUR | 100 | 101,325 | |||||||
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) |
EUR | 100 | 103,588 | |||||||
6.00% (GBP OIS SONIA 13Y+4.23%), 1/29/2026 (o) |
GBP | 100 | 112,512 | |||||||
Elis SA Reg S 1.62%, 04/03/28 |
EUR | 100 | 93,690 | |||||||
Emeria SASU Reg S 3.38%, 03/31/28 |
EUR | 100 | 84,609 | |||||||
Eutelsat SA Reg S 2.25%, 07/13/27 |
EUR | 100 | 85,953 | |||||||
Forvia SE Reg S | ||||||||||
2.38%, 06/15/27 | EUR | 100 | 94,562 | |||||||
2.62%, 06/15/25 | EUR | 100 | 102,245 | |||||||
2.75%, 02/15/27 | EUR | 100 | 96,309 | |||||||
Getlink SE Reg S 3.50%, 10/30/25 |
EUR | 100 | 103,383 | |||||||
Iliad Holding SASU 144A | ||||||||||
6.50%, 10/15/26 | USD | 100 | 93,535 | |||||||
7.00%, 10/15/28 | USD | 100 | 90,576 | |||||||
Iliad Holding SASU Reg S 5.12%, 10/15/26 |
EUR | 100 | 102,836 | |||||||
Loxam SAS Reg S 3.25%, 01/14/25 |
EUR | 100 | 103,537 | |||||||
Matterhorn Telecom SA Reg S 3.12%, 09/15/26 |
EUR | 100 | 98,993 | |||||||
Paprec Holding SA Reg S |
See Notes to Financial Statements
45 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
France (continued) | ||||||||||
4.00%, 03/31/25 | EUR | 100 | $ | 104,573 | ||||||
Picard Groupe SAS Reg S 3.88%, 07/01/26 |
EUR | 100 | 97,389 | |||||||
Renault SA Reg S | ||||||||||
1.00%, 11/28/25 | EUR | 50 | 49,568 | |||||||
1.25%, 06/24/25 | EUR | 100 | 99,545 | |||||||
2.38%, 05/25/26 | EUR | 100 | 98,748 | |||||||
Rexel SA Reg S 2.12%, 06/15/28 |
EUR | 100 | 93,828 | |||||||
SNF Group SACA Reg S 2.62%, 02/01/29 |
EUR | 100 | 92,649 | |||||||
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25 |
EUR | 100 | 107,288 | |||||||
Valeo SE Reg S 1.00%, 08/03/28 |
EUR | 100 | 86,117 | |||||||
Vallourec SACA Reg S 8.50%, 06/30/26 |
EUR | 100 | 105,832 | |||||||
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) |
EUR | 100 | 96,583 | |||||||
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) |
EUR | 100 | 86,732 | |||||||
3,420,580 | ||||||||||
Germany: 5.2% | ||||||||||
Agps Bondco Plc Reg S 6.00%, 08/05/25 |
EUR | 100 | 42,984 | |||||||
Bayer AG Reg S 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 |
EUR | 100 | 92,355 | |||||||
5.38% (EUR Swap Annual 5 Year+4.46%), 03/25/82 |
EUR | 100 | 96,891 | |||||||
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28 |
EUR | 100 | 96,507 | |||||||
Commerzbank AG Reg S | ||||||||||
4.00%, 03/23/26 | EUR | 150 | 154,427 | |||||||
4.00%, 03/30/27 | EUR | 50 | 51,473 | |||||||
Deutsche Lufthansa AG Reg S | ||||||||||
3.00%, 05/29/26 | EUR | 100 | 100,549 | |||||||
3.75%, 02/11/28 | EUR | 100 | 98,827 | |||||||
Douglas GmbH Reg S 6.00%, 04/08/26 |
EUR | 100 | 101,137 | |||||||
Gruenenthal GmbH Reg S 3.62%, 11/15/26 |
EUR | 100 | 100,512 | |||||||
IHO Verwaltungs GmbH 144A | ||||||||||
4.75%, 09/15/26 | USD | 100 | 93,050 | |||||||
6.00%, 05/15/27 | USD | 100 | 93,168 | |||||||
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) |
EUR | 100 | 96,818 | |||||||
Mahle GmbH Reg S 2.38%, 05/14/28 |
EUR | 100 | 80,883 |
Par (000’s |
) | Value | ||||||||
Germany (continued) | ||||||||||
Nidda Healthcare Holding GmbH Reg S 7.50%, 08/21/26 |
EUR | 100 | $ | 106,256 | ||||||
Schaeffler AG Reg S | ||||||||||
2.88%, 03/26/27 | EUR | 50 | 49,666 | |||||||
3.38%, 10/12/28 | EUR | 100 | 96,205 | |||||||
thyssenkrupp AG Reg S 2.50%, 02/25/25 |
EUR | 50 | 51,718 | |||||||
ZF Europe Finance BV Reg S | ||||||||||
2.00%, 02/23/26 | EUR | 100 | 97,254 | |||||||
3.00%, 10/23/29 | EUR | 100 | 88,986 | |||||||
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 |
USD | 125 | 120,738 | |||||||
1,910,404 | ||||||||||
Ghana: 0.3% | ||||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 |
USD | 100 | 91,969 | |||||||
Greece: 1.4% | ||||||||||
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 |
EUR | 100 | 98,878 | |||||||
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 |
EUR | 100 | 96,094 | |||||||
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 |
EUR | 100 | 100,866 | |||||||
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 |
EUR | 100 | 98,768 | |||||||
Public Power Corp. SA Reg S 4.38%, 03/30/26 |
EUR | 100 | 102,990 | |||||||
497,596 | ||||||||||
Guatemala: 0.2% | ||||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 † |
USD | 100 | 88,146 | |||||||
Hong Kong: 0.8% | ||||||||||
Melco Resorts Finance Ltd. 144A | ||||||||||
5.38%, 12/04/29 | USD | 100 | 79,606 | |||||||
5.62%, 07/17/27 | USD | 50 | 43,529 | |||||||
5.75%, 07/21/28 | USD | 50 | 42,481 | |||||||
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 |
USD | 200 | 62,400 | |||||||
Studio City Finance Ltd. 144A 5.00%, 01/15/29 † |
USD | 100 | 71,875 | |||||||
299,891 | ||||||||||
India: 0.7% | ||||||||||
Delhi International Airport Ltd. 144A |
See Notes to Financial Statements
46 |
Par (000’s |
) | Value | ||||||||
India (continued) | ||||||||||
6.45%, 06/04/29 | USD | 100 | $ | 91,038 | ||||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
USD | 100 | 97,268 | |||||||
ReNew Pvt Ltd. 144A 5.88%, 03/05/27 |
USD | 91 | 83,210 | |||||||
271,516 | ||||||||||
Indonesia: 0.8% | ||||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 |
USD | 100 | 96,957 | |||||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞ |
USD | 150 | 1,218 | |||||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 |
USD | 100 | 97,923 | |||||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 |
USD | 100 | 93,780 | |||||||
289,878 | ||||||||||
Ireland: 1.0% | ||||||||||
AerCap Global Aviation Trust 144A 6.50% (Term SOFR USD 3 Month+4.56%), 06/15/45 † |
USD | 50 | 49,103 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 4.75%, 07/15/27 |
GBP | 100 | 85,964 | |||||||
C&W Senior Financing DAC 144A 6.88%, 09/15/27 |
USD | 100 | 86,077 | |||||||
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 |
GBP | 150 | 153,078 | |||||||
374,222 | ||||||||||
Israel: 1.1% | ||||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||||
6.12%, 06/30/25 | USD | 25 | 23,273 | |||||||
6.50%, 06/30/27 | USD | 25 | 22,052 | |||||||
6.75%, 06/30/30 | USD | 50 | 42,528 | |||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 |
USD | 25 | 21,031 | |||||||
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 |
EUR | 100 | 105,516 | |||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||
3.15%, 10/01/26 | USD | 125 | 110,170 | |||||||
4.10%, 10/01/46 | USD | 75 | 44,951 | |||||||
6.75%, 03/01/28 † | USD | 50 | 47,859 | |||||||
417,380 | ||||||||||
Italy: 7.6% | ||||||||||
Abertis Infraestructuras Finance BV Reg S |
Par (000’s |
) | Value | ||||||||
Italy (continued) | ||||||||||
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) |
EUR | 100 | $ | 97,921 | ||||||
Banca Monte dei Paschi di Siena SpA Reg S 6.75% (Euribor 3 Month ACT/360+3.21%), 03/02/26 |
EUR | 100 | 105,304 | |||||||
Banca Popolare di Sondrio SPA Reg S 1.25% (EUR Swap Annual 1 Year+1.60%), 07/13/27 |
EUR | 100 | 95,433 | |||||||
Banco BPM SpA Reg S | ||||||||||
0.88%, 07/15/26 | EUR | 100 | 95,638 | |||||||
4.88%, 01/18/27 | EUR | 100 | 104,407 | |||||||
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 |
EUR | 100 | 102,407 | |||||||
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 |
EUR | 100 | 97,555 | |||||||
1.88%, 07/07/25 | EUR | 100 | 100,979 | |||||||
Iccrea Banca SpA Reg S 2.12% (Euribor 3 Month ACT/360+2.28%), 01/17/27 |
EUR | 100 | 98,019 | |||||||
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 |
EUR | 100 | 95,155 | |||||||
Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26 |
EUR | 100 | 98,832 | |||||||
Intesa Sanpaolo SpA 144A 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32 |
USD | 25 | 17,787 | |||||||
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 |
USD | 25 | 14,681 | |||||||
5.71%, 01/15/26 | USD | 75 | 71,172 | |||||||
Intesa Sanpaolo SpA Reg S | ||||||||||
2.92%, 10/14/30 | EUR | 100 | 86,764 | |||||||
3.93%, 09/15/26 | EUR | 100 | 102,862 | |||||||
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/2024 (o) |
EUR | 100 | 103,118 | |||||||
Lottomatica SpA/Roma Reg S 7.12%, 06/01/28 |
EUR | 100 | 107,587 | |||||||
Mundys SpA Reg S 1.88%, 02/12/28 |
EUR | 100 | 90,927 | |||||||
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) |
EUR | 100 | 80,439 | |||||||
Telecom Italia Capital SA | ||||||||||
6.38%, 11/15/33 | USD | 25 | 21,342 | |||||||
7.72%, 06/04/38 | USD | 100 | 88,388 | |||||||
Telecom Italia SpA Reg S | ||||||||||
1.62%, 01/18/29 | EUR | 100 | 82,383 | |||||||
2.38%, 10/12/27 | EUR | 100 | 90,845 | |||||||
3.00%, 09/30/25 | EUR | 100 | 99,953 |
See Notes to Financial Statements
47 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
Italy (continued) | ||||||||||
3.62%, 05/25/26 | EUR | 100 | $ | 99,244 | ||||||
Telecom Italia SpA/Milano Reg S 6.88%, 02/15/28 |
EUR | 100 | 105,304 | |||||||
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) EUR |
100 | 90,939 | ||||||||
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 |
USD | 75 | 61,561 | |||||||
UniCredit SpA Reg S 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 |
EUR | 200 | 185,834 | |||||||
Webuild SpA Reg S 5.88%, 12/15/25 |
EUR | 100 | 105,025 | |||||||
2,797,805 | ||||||||||
Japan: 1.7% | ||||||||||
Rakuten Group, Inc. 144A 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) † |
USD | 100 | 72,796 | |||||||
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) |
USD | 25 | 15,791 | |||||||
10.25%, 11/30/24 † | USD | 75 | 75,938 | |||||||
SoftBank Group Corp. Reg S | ||||||||||
5.00%, 04/15/28 | EUR | 100 | 96,610 | |||||||
5.12%, 09/19/27 | USD | 200 | 180,000 | |||||||
6.88% (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o) |
USD | 200 | 183,020 | |||||||
624,155 | ||||||||||
Jersey, Channel Islands: 0.3% | ||||||||||
eG Global Finance Plc 144A 6.75%, 02/07/25 |
USD | 100 | 99,082 | |||||||
Luxembourg: 7.0% | ||||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 |
USD | 49 | 44,326 | |||||||
Adler Financing Sarl 12.50%, 06/30/25 |
EUR | 75 | 83,951 | |||||||
Agps Bondco Plc Reg S 5.00%, 01/14/29 |
EUR | 100 | 27,493 | |||||||
AI Candelaria Spain SA 144A 7.50%, 12/15/28 |
USD | 66 | 59,578 | |||||||
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 |
USD | 100 | 92,615 | |||||||
Altice Financing SA 144A 5.00%, 01/15/28 |
USD | 250 | 203,520 | |||||||
Altice Financing SA Reg S 3.00%, 01/15/28 |
EUR | 100 | 86,404 | |||||||
Altice France Holding SA 144A |
Par (000’s |
) | Value | ||||||||
Luxembourg (continued) | ||||||||||
6.00%, 02/15/28 | USD | 75 | $ | 32,962 | ||||||
10.50%, 05/15/27 | USD | 150 | 81,731 | |||||||
Altice France Holding SA Reg S 8.00%, 05/15/27 |
EUR | 100 | 57,864 | |||||||
Altice France SA 144A | ||||||||||
5.50%, 01/15/28 | USD | 100 | 74,396 | |||||||
8.12%, 02/01/27 | USD | 100 | 84,410 | |||||||
ARD Finance SA Reg S 5.00%, 06/30/27 |
EUR | 100 | 62,664 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A |
||||||||||
4.12%, 08/15/26 | USD | 50 | 44,176 | |||||||
5.25%, 08/15/27 | USD | 125 | 91,074 | |||||||
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 |
EUR | 100 | 95,213 | |||||||
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27 |
EUR | 100 | 96,269 | |||||||
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26 |
EUR | 26 | 18,709 | |||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
USD | 100 | 82,273 | |||||||
CSN Resources SA 144A 4.62%, 06/10/31 |
USD | 100 | 74,621 | |||||||
Energian Israel Finance Ltd. 144A Reg S |
||||||||||
4.88%, 03/30/26 | USD | 35 | 30,931 | |||||||
5.38%, 03/30/28 | USD | 50 | 41,085 | |||||||
5.88%, 03/30/31 | USD | 35 | 28,077 | |||||||
Engineering - Ingegneria Informatica - SpA Reg S 5.88%, 09/30/26 |
EUR | 100 | 94,080 | |||||||
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) |
EUR | 100 | 97,833 | |||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 |
USD | 50 | 25,802 | |||||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
USD | 97 | 68,809 | |||||||
Millicom International Cellular SA 144A 4.50%, 04/27/31 |
USD | 100 | 75,500 | |||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 |
USD | 100 | 77,655 | |||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 |
USD | 50 | 47,596 | |||||||
Stena International SA 144A 6.12%, 02/01/25 |
USD | 100 | 98,105 | |||||||
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 |
EUR | 100 | 95,793 |
See Notes to Financial Statements
48 |
Par (000’s |
) | Value | ||||||||
Luxembourg (continued) | ||||||||||
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28 |
EUR | 100 | $ | 96,548 | ||||||
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 |
EUR | 100 | 96,029 | |||||||
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 |
USD | 100 | 91,146 | |||||||
2,559,238 | ||||||||||
Malta: 0.2% | ||||||||||
VistaJet Malta Finance Plc / Vista Management Holding, Inc. 144A |
||||||||||
6.38%, 02/01/30 | USD | 50 | 33,398 | |||||||
7.88%, 05/01/27 † | USD | 50 | 38,508 | |||||||
71,906 | ||||||||||
Mauritius: 1.1% | ||||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
USD | 43 | 36,051 | |||||||
CA Magnum Holdings 144A 5.38%, 10/31/26 |
USD | 100 | 87,673 | |||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 |
USD | 139 | 117,116 | |||||||
HTA Group Ltd. 144A 7.00%, 12/18/25 |
USD | 100 | 96,912 | |||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 |
USD | 100 | 81,853 | |||||||
419,605 | ||||||||||
Mexico: 4.2% | ||||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 |
USD | 100 | 99,359 | |||||||
Cemex SAB de CV 144A 3.88%, 07/11/31 |
USD | 50 | 40,623 | |||||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) |
USD | 50 | 46,293 | |||||||
5.20%, 09/17/30 | USD | 25 | 22,675 | |||||||
5.45%, 11/19/29 | USD | 25 | 23,311 | |||||||
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028 (o) |
USD | 50 | 51,319 | |||||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
USD | 50 | 42,130 | |||||||
Nemak SAB de CV 144A 3.62%, 06/28/31 † |
USD | 100 | 74,065 | |||||||
Petroleos Mexicanos | ||||||||||
4.50%, 01/23/26 | USD | 25 | 22,492 | |||||||
5.35%, 02/12/28 | USD | 50 | 40,390 | |||||||
5.50%, 06/27/44 | USD | 25 | 13,424 | |||||||
5.62%, 01/23/46 | USD | 25 | 13,269 | |||||||
5.95%, 01/28/31 | USD | 100 | 71,615 | |||||||
6.35%, 02/12/48 | USD | 25 | 13,803 | |||||||
6.38%, 01/23/45 | USD | 25 | 14,154 | |||||||
6.49%, 01/23/27 | USD | 25 | 22,156 | |||||||
6.50%, 03/13/27 | USD | 100 | 88,297 |
Par (000’s |
) | Value | ||||||||
Mexico (continued) | ||||||||||
6.50%, 01/23/29 | USD | 25 | $ | 20,146 | ||||||
6.50%, 06/02/41 | USD | 25 | 14,806 | |||||||
6.62%, 06/15/35 | USD | 50 | 33,010 | |||||||
6.70%, 02/16/32 | USD | 150 | 110,696 | |||||||
6.75%, 09/21/47 | USD | 100 | 56,731 | |||||||
6.84%, 01/23/30 | USD | 50 | 38,969 | |||||||
6.88%, 10/16/25 | USD | 25 | 24,021 | |||||||
6.88%, 08/04/26 | USD | 50 | 46,198 | |||||||
6.95%, 01/28/60 | USD | 75 | 42,528 | |||||||
7.69%, 01/23/50 | USD | 175 | 108,187 | |||||||
8.75%, 06/02/29 | USD | 50 | 44,254 | |||||||
10.00%, 02/07/33 † | USD | 50 | 44,245 | |||||||
Petroleos Mexicanos Reg S | ||||||||||
3.75%, 11/16/25 | GBP | 100 | 105,795 | |||||||
4.88%, 02/21/28 | EUR | 100 | 85,067 | |||||||
5.50%, 02/24/25 | EUR | 25 | 26,250 | |||||||
Total Play Telecomunicaciones SA de CV 144A 6.38%, 09/20/28 |
USD | 50 | 23,982 | |||||||
1,524,260 | ||||||||||
Morocco: 0.2% | ||||||||||
OCP SA 144A 6.88%, 04/25/44 |
USD | 100 | 82,277 | |||||||
Netherlands: 4.6% | ||||||||||
Citycon Treasury BV Reg S 1.25%, 09/08/26 |
EUR | 100 | 89,986 | |||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 |
USD | 93 | 82,730 | |||||||
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o) |
EUR | 100 | 101,155 | |||||||
Petrobras Global Finance BV | ||||||||||
5.50%, 06/10/51 † | USD | 50 | 37,424 | |||||||
6.50%, 07/03/33 † | USD | 75 | 69,950 | |||||||
PPF Telecom Group BV Reg S 3.25%, 09/29/27 |
EUR | 100 | 98,120 | |||||||
Saipem Finance International BV Reg S 2.62%, 01/07/25 |
EUR | 100 | 102,471 | |||||||
Selecta Group BV Reg S 8.00%, 04/01/26 |
EUR | 53 | 53,397 | |||||||
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) |
EUR | 100 | 82,945 | |||||||
6.13% (EUR Swap Annual 7 Year+3.35%), 2/3/2030 (o) |
EUR | 100 | 99,575 | |||||||
TenneT Holding BV Reg S 2.37% (EUR Swap Annual 5 Year+2.72%), 7/22/2025 (o) |
EUR | 100 | 100,519 | |||||||
Teva Pharmaceutical Finance Netherlands II BV | ||||||||||
3.75%, 05/09/27 | EUR | 100 | 96,567 | |||||||
4.38%, 05/09/30 | EUR | 100 | 90,393 | |||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||
4.75%, 05/09/27 | USD | 25 | 22,730 | |||||||
5.12%, 05/09/29 † | USD | 25 | 21,845 |
See Notes to Financial Statements
49 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Netherlands (continued) | ||||||||
7.88%, 09/15/29 | USD | 25 | $ | 24,684 | ||||
8.12%, 09/15/31 † | USD | 25 | 24,783 | |||||
TMNL Holding BV Reg S 3.75%, 01/15/29 |
EUR | 100 | 91,635 | |||||
UPC Broadband Finco BV 144A 4.88%, 07/15/31 |
USD | 100 | 79,927 | |||||
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 |
EUR | 100 | 81,106 | |||||
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) |
EUR | 100 | 85,511 | |||||
Ziggo Bond Co. BV 144A | ||||||||
5.12%, 02/28/30 | USD | 50 | 36,479 | |||||
6.00%, 01/15/27 | USD | 50 | 45,850 | |||||
Ziggo BV 144A 4.88%, 01/15/30 |
USD | 100 | 79,956 | |||||
1,699,738 | ||||||||
Nigeria: 0.2% | ||||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 |
USD | 100 | 84,680 | |||||
Norway: 0.5% | ||||||||
Adevinta ASA Reg S 2.62%, 11/15/25 |
EUR | 100 | 102,893 | |||||
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) |
EUR | 125 | 70,115 | |||||
173,008 | ||||||||
Oman: 0.3% | ||||||||
OQ SAOC 144A 5.12%, 05/06/28 |
USD | 100 | 94,564 | |||||
Peru: 0.7% | ||||||||
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 |
USD | 25 | 22,401 | |||||
Minsur SA 144A 4.50%, 10/28/31 |
USD | 50 | 40,652 | |||||
Peru LNG Srl 144A 5.38%, 03/22/30 |
USD | 100 | 76,704 | |||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | USD | 75 | 50,302 | |||||
5.62%, 06/19/47 | USD | 150 | 82,738 | |||||
272,797 | ||||||||
Poland: 0.4% | ||||||||
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 |
USD | 100 | 78,632 | |||||
Synthos SA Reg S 2.50%, 06/07/28 |
EUR | 100 | 82,147 | |||||
160,779 | ||||||||
Portugal: 0.5% | ||||||||
EDP
- Energias de Portugal 1.70% (EUR Swap Annual 5 Year+1.84%), 07/20/80 |
EUR | 100 | 98,284 |
Par (000’s |
) | Value | ||||||
Portugal (continued) | ||||||||
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 | EUR | 100 | $ | 94,170 | ||||
192,454 | ||||||||
Romania: 0.3% | ||||||||
RCS & RDS SA Reg S 2.50%, 02/05/25 |
EUR | 100 | 101,927 | |||||
Singapore: 0.2% | ||||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
USD | 81 | 77,135 | |||||
South Africa: 0.6% | ||||||||
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25 |
USD | 100 | 98,280 | |||||
Sasol Financing USA LLC 6.50%, 09/27/28 |
USD | 50 | 44,301 | |||||
Transnet SOC Ltd. 144A 8.25%, 02/06/28 |
USD | 100 | 94,820 | |||||
237,401 | ||||||||
Spain: 4.3% | ||||||||
Abanca Corp. Bancaria SA Reg S 4.62% (EUR Swap Annual 5 Year+5.01%), 04/07/30 |
EUR | 100 | 100,691 | |||||
Abengoa Abenewco 2 SA Reg S | ||||||||
1.50%, 10/26/24 (d) *∞ | USD | 64 | 797 | |||||
1.50%, 10/26/24 (d) *∞ | USD | 63 | 11 | |||||
Abengoa SA 0.00%, 03/31/27 (s) ^∞ |
EUR | 100 | 530 | |||||
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 |
EUR | 100 | 100,222 | |||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
USD | 30 | 28,508 | |||||
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 |
EUR | 100 | 88,733 | |||||
Banco de Sabadell SA Reg S 2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26 |
EUR | 100 | 102,196 | |||||
5.38% (EUR Swap Annual 1 Year+3.25%), 09/08/26 | EUR | 100 | 105,971 | |||||
Cellnex Finance Co. SA Reg S | ||||||||
1.25%, 01/15/29 | EUR | 100 | 87,866 | |||||
1.50%, 06/08/28 | EUR | 100 | 90,917 | |||||
2.00%, 09/15/32 | EUR | 100 | 81,704 | |||||
2.00%, 02/15/33 | EUR | 100 | 80,647 | |||||
Cellnex Telecom SA Reg S 1.75%, 10/23/30 |
EUR | 100 | 85,051 | |||||
Grifols SA 144A 4.75%, 10/15/28 † |
USD | 100 | 84,086 | |||||
Grifols SA Reg S 1.62%, 02/15/25 |
EUR | 150 | 152,624 |
See Notes to Financial Statements
50 |
Par (000’s |
) | Value | ||||||
Spain (continued) | ||||||||
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 |
EUR | 100 | $ | 98,405 | ||||
Telefonica Europe BV Reg S 3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) |
EUR | 100 | 98,297 | |||||
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) | EUR | 100 | 103,624 | |||||
Unicaja Banco SA Reg S 2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29 |
EUR | 100 | 97,621 | |||||
1,588,501 | ||||||||
Sweden: 1.6% | ||||||||
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) |
EUR | 100 | 75,330 | |||||
Heimstaden AB Reg S 4.38%, 03/06/27 |
EUR | 100 | 42,598 | |||||
Intrum AB Reg S | ||||||||
3.00%, 09/15/27 | EUR | 100 | 74,448 | |||||
4.88%, 08/15/25 | EUR | 100 | 95,091 | |||||
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) |
EUR | 100 | 17,863 | |||||
Verisure Holding AB Reg S 3.25%, 02/15/27 |
EUR | 100 | 95,791 | |||||
Verisure Midholding AB Reg S 5.25%, 02/15/29 |
EUR | 100 | 91,500 | |||||
Volvo Car AB Reg S 4.25%, 05/31/28 |
EUR | 100 | 100,974 | |||||
593,595 | ||||||||
Switzerland: 0.3% | ||||||||
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 |
EUR | 100 | 101,929 | |||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 |
USD | 40 | 34,639 | |||||
Turkey: 2.2% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | USD | 50 | 48,276 | |||||
6.80%, 02/06/26 † | USD | 50 | 48,641 | |||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
USD | 100 | 87,734 | |||||
KOC Holding AS 144A 6.50%, 03/11/25 |
USD | 50 | 49,408 | |||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 |
USD | 100 | 93,318 | |||||
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 |
USD | 100 | 91,207 |
Par (000’s |
) | Value | ||||||
Turkey (continued) | ||||||||
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26 |
USD | 100 | $ | 93,574 | ||||
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 |
USD | 50 | 48,868 | |||||
Turkiye Vakiflar Bankasi TAO 144A 6.50%, 01/08/26 |
USD | 100 | 96,353 | |||||
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28 |
USD | 50 | 49,992 | |||||
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 |
USD | 100 | 96,255 | |||||
803,626 | ||||||||
Ukraine: 0.4% | ||||||||
Kernel Holding SA 144A 6.75%, 10/27/27 |
USD | 50 | 31,802 | |||||
Metinvest BV 144A 7.75%, 10/17/29 |
USD | 100 | 59,750 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/26 |
EUR | 100 | 52,011 | |||||
143,563 | ||||||||
United Arab Emirates: 0.5% | ||||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
USD | 100 | 96,362 | |||||
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29 |
USD | 100 | 95,168 | |||||
191,530 | ||||||||
United Kingdom: 11.0% | ||||||||
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 † |
USD | 50 | 49,501 | |||||
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 † |
USD | 75 | 61,716 | |||||
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 |
EUR | 100 | 87,995 | |||||
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 |
GBP | 200 | 211,072 | |||||
British American Tobacco Plc Reg S 3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o) |
EUR | 100 | 83,199 | |||||
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 |
EUR | 100 | 97,366 | |||||
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26 |
USD | 100 | 93,329 |
See Notes to Financial Statements
51 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 |
GBP | 100 | $ | 94,660 | ||||
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 |
EUR | 100 | 79,985 | |||||
Heathrow Finance Plc Reg S 3.88%, 03/01/27 (s) |
GBP | 100 | 106,698 | |||||
IHS Holding Ltd. 144A 5.62%, 11/29/26 |
USD | 50 | 40,452 | |||||
INEOS Finance Plc Reg S 2.88%, 05/01/26 |
EUR | 100 | 99,118 | |||||
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26 |
EUR | 100 | 98,695 | |||||
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27 |
EUR | 100 | 92,819 | |||||
Jaguar Land Rover Automotive Plc 144A 5.88%, 01/15/28 |
USD | 100 | 90,103 | |||||
Jaguar Land Rover Automotive Plc Reg S 4.50%, 07/15/28 |
EUR | 100 | 96,585 | |||||
Jerrold Finco Plc Reg S 4.88%, 01/15/26 |
GBP | 100 | 113,152 | |||||
Market Bidco Finco Plc Reg S 5.50%, 11/04/27 |
GBP | 100 | 100,049 | |||||
Marks & Spencer Plc Reg S 4.50%, 07/10/27 |
GBP | 100 | 112,569 | |||||
Motion Bondco DAC 144A 6.62%, 11/15/27 † |
USD | 100 | 89,584 | |||||
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 |
USD | 100 | 99,092 | |||||
NGG Finance Plc Reg S 5.62% (GBP Swap 12 Year+3.48%), 06/18/73 |
GBP | 100 | 116,409 | |||||
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 |
EUR | 100 | 91,894 | |||||
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 † |
USD | 100 | 80,546 | |||||
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 |
GBP | 100 | 115,035 | |||||
Rolls-Royce Plc Reg S | ||||||||
1.62%, 05/09/28 | EUR | 100 | 90,065 | |||||
4.62%, 02/16/26 | EUR | 100 | 104,500 | |||||
Sherwood Financing Plc Reg S 4.50%, 11/15/26 |
EUR | 100 | 91,644 | |||||
Standard Chartered Plc 144A 7.01%, 07/30/37 (o) |
USD | 100 | 92,021 | |||||
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 |
GBP | 100 | 110,894 | |||||
Summer BidCo BV Reg S |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
9.00%, 11/15/25 | EUR | 121 | $ | 125,822 | ||||
Tullow Oil Plc 144A 10.25%, 05/15/26 |
USD | 94 | 80,815 | |||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
USD | 100 | 72,817 | |||||
Victoria Plc Reg S 3.62%, 08/24/26 † |
EUR | 100 | 80,697 | |||||
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 |
USD | 100 | 88,653 | |||||
Virgin Media Secured Finance Plc Reg S 4.25%, 01/15/30 |
GBP | 100 | 98,419 | |||||
Vmed O2 UK Financing I Plc Reg S | ||||||||
3.25%, 01/31/31 | EUR | 100 | 87,795 | |||||
4.00%, 01/31/29 | GBP | 100 | 100,872 | |||||
Vodafone Group Plc 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 |
USD | 50 | 37,890 | |||||
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81 | USD | 50 | 31,859 | |||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 125 | 120,975 | |||||
Vodafone Group Plc Reg S 4.88% (GBP Swap 5 Year+3.27%), 10/03/78 |
GBP | 100 | 115,134 | |||||
8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86 | GBP | 100 | 120,705 | |||||
4,053,200 | ||||||||
United States: 3.1% | ||||||||
Garda World Security Corp. 144A 4.62%, 02/15/27 |
USD | 25 | 22,324 | |||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 † |
USD | 50 | 42,559 | |||||
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 |
USD | 75 | 67,951 | |||||
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 † |
USD | 100 | 93,370 | |||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
USD | 100 | 90,900 | |||||
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 |
USD | 50 | 41,493 | |||||
Playtika Holding Corp. 144A 4.25%, 03/15/29 |
USD | 50 | 40,378 | |||||
Q-Park Holding I BV Reg S 2.00%, 03/01/27 |
EUR | 100 | 91,504 |
See Notes to Financial Statements
52 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Ritchie Bros Holdings, Inc. 144A 7.75%, 03/15/31 |
USD | 75 | $ | 75,281 | ||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 | USD | 50 | 43,910 | |||||
5.50%, 03/18/31 | USD | 50 | 38,367 | |||||
Sigma Holdco BV Reg S 5.75%, 05/15/26 |
EUR | 100 | 87,551 | |||||
Stillwater Mining Co. 144A 4.00%, 11/16/26 |
USD | 100 | 86,355 | |||||
Telesat Canada / Telesat LLC 144A 6.50%, 10/15/27 |
USD | 25 | 12,125 | |||||
Wynn Macau Ltd. 144A | ||||||||
5.12%, 12/15/29 | USD | 75 | 58,954 | |||||
5.50%, 01/15/26 | USD | 100 | 92,976 | |||||
5.50%, 10/01/27 † | USD | 50 | 43,550 | |||||
ZF North America Capital, Inc. 144A | ||||||||
6.88%, 04/14/28 | USD | 50 | 48,508 | |||||
7.12%, 04/14/30 | USD | 50 | 48,565 | |||||
1,126,621 | ||||||||
Uzbekistan: 0.1% | ||||||||
Uzbekneftegaz JSC 144A |
Par (000’s |
) | Value | ||||||
Uzbekistan (continued) | ||||||||
4.75%, 11/16/28 | USD | 50 | $ | 39,438 | ||||
Zambia: 0.4% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.88%, 03/01/26 † | USD | 50 | 44,000 | |||||
6.88%, 10/15/27 | USD | 100 | 85,324 | |||||
129,324 | ||||||||
Total Corporate
Bonds (Cost: $42,563,250) |
35,833,911 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1% | ||||||||
Money Market Fund: 5.1% (Cost: $1,872,582) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,872,582 | 1,872,582 | ||||||
Total Investments: 102.7% (Cost: $44,435,832) |
37,706,493 | |||||||
Liabilities in excess of other assets: (2.7)% | (1,006,421) | |||||||
NET ASSETS: 100.0% | $ | 36,700,072 |
Definitions:
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
* | Non-income producing |
(d) | Security in default |
† | Security fully or partially on loan. Total market value of securities on loan is $1,894,783. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
(o) | Perpetual Maturity — the date shown is the next call date |
^ | Zero Coupon Bond |
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 $14,792,181, or 40.3% of net assets. |
See Notes to Financial Statements
53 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 26.8 | % | $ | 9,612,930 | ||||
Technology | 15.6 | 5,586,171 | ||||||
Industrials | 13.8 | 4,929,173 | ||||||
Energy | 12.7 | 4,547,304 | ||||||
Consumer Cyclicals | 7.8 | 2,794,207 | ||||||
Utilities | 7.2 | 2,574,054 | ||||||
Basic Materials | 6.1 | 2,202,252 | ||||||
Healthcare | 4.5 | 1,607,636 | ||||||
Consumer Non-Cyclicals | 3.1 | 1,127,733 | ||||||
Real Estate | 1.7 | 606,511 | ||||||
Institutions, Associations & Organizations | 0.7 | 245,940 | ||||||
100.0 | % | $ | 35,833,911 |
See Notes to Financial Statements
54 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds | ||||||||||||||||
Argentina | $ | — | $ | 357,659 | $ | — | $ | 357,659 | ||||||||
Australia | — | 251,743 | — | 251,743 | ||||||||||||
Austria | — | 98,254 | — | 98,254 | ||||||||||||
Bermuda | — | 53,871 | — | 53,871 | ||||||||||||
Brazil | — | 2,110,853 | — | 2,110,853 | ||||||||||||
British Virgin Islands | — | 34,580 | — | 34,580 | ||||||||||||
Bulgaria | — | 100,973 | — | 100,973 | ||||||||||||
Burkina Faso | — | 19,719 | — | 19,719 | ||||||||||||
Canada | — | 2,827,375 | 0 | 2,827,375 | ||||||||||||
Cayman Islands | — | 307,801 | — | 307,801 | ||||||||||||
Chile | — | 107,879 | — | 107,879 | ||||||||||||
China | — | 466,247 | — | 466,247 | ||||||||||||
Colombia | — | 956,559 | — | 956,559 | ||||||||||||
Costa Rica | — | 78,070 | — | 78,070 | ||||||||||||
Cyprus | — | 37,423 | — | 37,423 | ||||||||||||
Czech Republic | — | 226,225 | — | 226,225 | ||||||||||||
Finland | — | 58,321 | — | 58,321 | ||||||||||||
France | — | 3,420,580 | — | 3,420,580 | ||||||||||||
Germany | — | 1,910,404 | — | 1,910,404 | ||||||||||||
Ghana | — | 91,969 | — | 91,969 | ||||||||||||
Greece | — | 497,596 | — | 497,596 | ||||||||||||
Guatemala | — | 88,146 | — | 88,146 | ||||||||||||
Hong Kong | — | 299,891 | — | 299,891 | ||||||||||||
India | — | 271,516 | — | 271,516 | ||||||||||||
Indonesia | — | 288,660 | 1,218 | 289,878 | ||||||||||||
Ireland | — | 374,222 | — | 374,222 | ||||||||||||
Israel | — | 417,380 | — | 417,380 | ||||||||||||
Italy | — | 2,797,805 | — | 2,797,805 | ||||||||||||
Japan | — | 624,155 | — | 624,155 | ||||||||||||
Jersey, Channel Islands | — | 99,082 | — | 99,082 | ||||||||||||
Luxembourg | — | 2,559,238 | — | 2,559,238 | ||||||||||||
Malta | — | 71,906 | — | 71,906 | ||||||||||||
Mauritius | — | 419,605 | — | 419,605 | ||||||||||||
Mexico | — | 1,524,260 | — | 1,524,260 | ||||||||||||
Morocco | — | 82,277 | — | 82,277 | ||||||||||||
Netherlands | — | 1,699,738 | — | 1,699,738 | ||||||||||||
Nigeria | — | 84,680 | — | 84,680 | ||||||||||||
Norway | — | 173,008 | — | 173,008 | ||||||||||||
Oman | — | 94,564 | — | 94,564 | ||||||||||||
Peru | — | 272,797 | — | 272,797 | ||||||||||||
Poland | — | 160,779 | — | 160,779 | ||||||||||||
Portugal | — | 192,454 | — | 192,454 | ||||||||||||
Romania | — | 101,927 | — | 101,927 | ||||||||||||
Singapore | — | 77,135 | — | 77,135 | ||||||||||||
South Africa | — | 237,401 | — | 237,401 | ||||||||||||
Spain | — | 1,587,163 | 1,338 | 1,588,501 | ||||||||||||
Sweden | — | 593,595 | — | 593,595 | ||||||||||||
Switzerland | — | 101,929 | — | 101,929 | ||||||||||||
Tanzania | — | 34,639 | — | 34,639 | ||||||||||||
Turkey | — | 803,626 | — | 803,626 | ||||||||||||
Ukraine | — | 143,563 | — | 143,563 | ||||||||||||
United Arab Emirates | — | 191,530 | — | 191,530 | ||||||||||||
United Kingdom | — | 4,053,200 | — | 4,053,200 | ||||||||||||
United States | — | 1,126,621 | — | 1,126,621 | ||||||||||||
Uzbekistan | — | 39,438 | — | 39,438 |
See Notes to Financial Statements
55 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Zambia | $ | — | $ | 129,324 | $ | — | $ | 129,324 | ||||||||
Money Market Fund | 1,872,582 | — | — | 1,872,582 | ||||||||||||
Total Investments | $ | 1,872,582 | $ | 35,831,355 | $ | 2,556 | $ | 37,706,493 |
See Notes to Financial Statements
56 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 6.0% | ||||||||
Canada: 0.0% | ||||||||
Export
Development Canada Reg S
30.00%, 12/05/25 |
TRY | 34,000 | $ | 1,031,558 | ||||
Cayman Islands: 0.1% | ||||||||
QNB
Finance Ltd.
13.50%, 10/06/25 |
TRY | 28,200 | 643,852 | |||||
QNB
Finance Ltd. Reg S
3.50%, 03/09/26 |
CNY | 14,100 | 1,912,279 | |||||
2,556,131 | ||||||||
Colombia: 0.1% | ||||||||
Empresas
Publicas de Medellin ESP Reg S
7.62%, 09/10/24 |
COP | 3,596,000 | 825,700 | |||||
Financiera
de Desarrollo Territorial SA Findeter Reg S
7.88%, 08/12/24 |
COP | 12,300,000 | 2,843,964 | |||||
3,669,664 | ||||||||
Germany: 0.1% | ||||||||
Kreditanstalt
fuer Wiederaufbau
0.62%, 07/25/25 |
PLN | 15,000 | 3,231,016 | |||||
Luxembourg: 0.4% | ||||||||
European
Investment Bank
4.25%, 06/19/24 |
MXN | 12,300 | 654,142 | |||||
European Investment Bank Reg S | ||||||||
1.00%, 02/25/28 | PLN | 19,610 | 3,834,872 | |||||
3.00%, 11/25/29 | PLN | 21,700 | 4,421,877 | |||||
8.00%, 03/04/24 | EGP | 23,400 | 691,392 | |||||
10.00%, 12/06/23 | EGP | 6,000 | 190,275 | |||||
10.00%, 01/18/24 | EGP | 72,000 | 2,222,212 | |||||
12,014,770 | ||||||||
Mexico: 0.1% | ||||||||
Petroleos
Mexicanos Reg S
7.19%, 09/12/24 |
MXN | 24,270 | 1,268,310 | |||||
South Africa: 0.2% | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
0.01%, 08/18/27 | ZAR | 82,555 | 2,321,170 | |||||
7.50%, 09/15/33 | ZAR | 11,000 | 410,334 | |||||
7.85%, 04/02/26 | ZAR | 24,350 | 1,240,040 | |||||
Transnet
SOC Ltd.
9.50%, 08/19/25 |
ZAR | 21,000 | 1,097,979 | |||||
Transnet
SOC Ltd. Reg S
13.50%, 04/18/28 |
ZAR | 5,150 | 281,223 | |||||
5,350,746 | ||||||||
Supranational: 2.9% | ||||||||
European Investment Bank | ||||||||
7.75%, 01/30/25 | MXN | 22,600 | 1,192,193 | |||||
8.12%, 12/21/26 | ZAR | 202,095 | 10,649,203 | |||||
European
Investment Bank 144A
5.75%, 01/24/25 |
IDR | 51,750,000 | 3,237,804 |
Par (000’s |
) | Value | ||||||
Supranational (continued) | ||||||||
European Investment Bank Reg S | ||||||||
2.75%, 08/25/26 | PLN | 43,172 | $ | 9,563,612 | ||||
8.00%, 05/05/27 | ZAR | 17,585 | 918,949 | |||||
Inter-American
Development Bank
7.50%, 12/05/24 |
MXN | 387,765 | 20,663,044 | |||||
Inter-American
Development Bank Reg S
7.70%, 02/12/24 |
MXN | 48,300 | 2,648,968 | |||||
International Bank for Reconstruction & Development | ||||||||
2.00%, 07/23/25 | PHP | 35,400 | 579,520 | |||||
7.25%, 03/15/24 | IDR | 39,600,000 | 2,498,278 | |||||
International Finance Corp. | ||||||||
7.00%, 02/14/24 | BRL | 1,800 | 356,581 | |||||
7.00%, 07/20/27 | MXN | 183,660 | 9,122,468 | |||||
7.25%, 02/02/24 | MXN | 24,780 | 1,360,271 | |||||
7.50%, 01/18/28 | MXN | 104,400 | 5,234,400 | |||||
7.75%, 01/18/30 | MXN | 149,130 | 7,355,307 | |||||
8.00%, 07/27/27 | ZAR | 3,050 | 153,871 | |||||
International
Finance Corp. Reg S
8.38%, 05/31/29 |
MXN | 146,440 | 7,514,274 | |||||
83,048,743 | ||||||||
United Kingdom: 1.0% | ||||||||
European Bank for Reconstruction & Development | ||||||||
0.87%, 03/04/26 | PLN | 7,000 | 1,485,939 | |||||
6.50%, 05/19/25 | PLN | 6,100 | 1,464,678 | |||||
8.00%, 06/24/24 | PLN | 4,000 | 958,234 | |||||
30.00%, 08/25/25 | TRY | 107,500 | 3,483,798 | |||||
European Bank for Reconstruction & Development Reg S | ||||||||
0.37%, 12/22/24 | PLN | 15,870 | 3,531,772 | |||||
3.01%, 03/13/28 | PLN | 10,700 | 2,246,584 | |||||
5.08%, 12/15/25 | MXN | 283,790 | 13,919,498 | |||||
27,090,503 | ||||||||
United States: 1.1% | ||||||||
International Bank for Reconstruction & Development | ||||||||
2.00%, 02/18/26 | CNY | 30,000 | 4,025,471 | |||||
2.75%, 01/19/27 | CNY | 21,000 | 2,883,144 | |||||
4.25%, 01/22/26 | MXN | 136,300 | 6,588,123 | |||||
4.75%, 04/22/27 | PHP | 102,400 | 1,731,451 | |||||
6.65%, 07/30/24 | MXN | 200,500 | 10,841,527 | |||||
7.25%, 01/21/27 | MXN | 99,750 | 5,030,211 | |||||
International Finance Corp. |
See Notes to Financial Statements
57 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
5.02%, 02/11/28 | MXN | 35,500 | $ | 1,607,893 | ||||
32,707,820 | ||||||||
Total
Corporate Bonds (Cost: $189,898,049) |
171,969,261 | |||||||
GOVERNMENT OBLIGATIONS: 90.7% | ||||||||
Brazil: 7.7% | ||||||||
Brazil Letras do Tesouro Nacional | ||||||||
0.00%, 07/01/24 ^ | BRL | 113,490 | 20,969,634 | |||||
0.00%, 07/01/25 ^ | BRL | 125,600 | 20,915,493 | |||||
0.00%, 01/01/26 ^ | BRL | 194,720 | 30,733,430 | |||||
0.00%, 07/01/26 ^ | BRL | 215,870 | 32,313,100 | |||||
0.00%, 07/01/27 ^ | BRL | 48,110 | 6,433,531 | |||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||
10.00%, 01/01/25 | BRL | 146,995 | 28,791,191 | |||||
10.00%, 01/01/27 | BRL | 151,150 | 28,978,781 | |||||
10.00%, 01/01/29 | BRL | 149,950 | 28,002,449 | |||||
10.00%, 01/01/31 | BRL | 51,380 | 9,374,324 | |||||
10.00%, 01/01/33 | BRL | 62,050 | 11,120,237 | |||||
Brazilian
Government International Bond
10.25%, 01/10/28 |
BRL | 8,060 | 1,560,904 | |||||
219,193,074 | ||||||||
Chile: 3.7% | ||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||
2.50%, 03/01/25 | CLP | 21,735,000 | 22,827,358 | |||||
4.50%, 03/01/26 | CLP | 13,855,000 | 14,671,773 | |||||
5.00%, 03/01/35 | CLP | 15,745,000 | 15,564,777 | |||||
6.00%, 01/01/43 | CLP | 12,970,000 | 13,811,548 | |||||
Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
2.30%, 10/01/28 | CLP | 3,940,000 | 3,618,583 | |||||
4.70%, 09/01/30 | CLP | 14,775,000 | 14,714,579 | |||||
5.00%, 10/01/28 | CLP | 5,735,000 | 5,952,242 | |||||
Bonos de la Tesoreria de la Republica en pesos 144A Reg S | ||||||||
6.00%, 04/01/33 | CLP | 10,120,000 | 10,830,960 | |||||
7.00%, 05/01/34 | CLP | 3,700,000 | 4,257,437 | |||||
106,249,257 | ||||||||
China: 9.7% | ||||||||
Asian Infrastructure Investment Bank Reg S | ||||||||
4.50%, 11/03/23 | MXN | 17,050 | 941,948 | |||||
5.00%, 03/05/26 | MXN | 49,650 | 2,389,212 | |||||
30.00%, 09/29/27 | TRY | 16,200 | 533,764 | |||||
China Government Bond | ||||||||
1.99%, 04/09/25 | CNY | 60,600 | 8,237,728 | |||||
2.18%, 08/25/25 | CNY | 32,760 | 4,462,757 | |||||
2.18%, 08/15/26 | CNY | 7,300 | 991,574 | |||||
2.24%, 05/25/25 | CNY | 15,880 | 2,167,511 | |||||
2.26%, 02/24/25 | CNY | 30,200 | 4,124,106 | |||||
2.28%, 11/25/25 | CNY | 38,250 | 5,216,240 | |||||
2.30%, 05/15/26 | CNY | 32,200 | 4,394,546 |
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
2.37%, 01/20/27 | CNY | 14,920 | $ | 2,032,735 | ||||
2.40%, 07/15/28 | CNY | 4,700 | 637,688 | |||||
2.44%, 10/15/27 | CNY | 40,500 | 5,520,322 | |||||
2.46%, 02/15/26 | CNY | 18,150 | 2,483,616 | |||||
2.47%, 09/02/24 | CNY | 45,510 | 6,228,687 | |||||
2.48%, 04/15/27 | CNY | 33,690 | 4,602,549 | |||||
2.48%, 09/25/28 | CNY | 7,680 | 1,045,907 | |||||
2.50%, 07/25/27 | CNY | 15,300 | 2,090,174 | |||||
2.52%, 08/25/33 | CNY | 21,660 | 2,918,832 | |||||
2.60%, 09/15/30 | CNY | 23,480 | 3,193,472 | |||||
2.60%, 09/01/32 | CNY | 32,670 | 4,429,586 | |||||
2.62%, 04/15/28 | CNY | 50,310 | 6,896,393 | |||||
2.62%, 09/25/29 | CNY | 30,420 | 4,153,117 | |||||
2.62%, 06/25/30 | CNY | 19,200 | 2,616,316 | |||||
2.64%, 01/15/28 | CNY | 32,920 | 4,517,311 | |||||
2.67%, 05/25/33 | CNY | 24,480 | 3,335,284 | |||||
2.68%, 05/21/30 | CNY | 66,970 | 9,149,562 | |||||
2.69%, 08/12/26 | CNY | 59,690 | 8,221,064 | |||||
2.69%, 08/15/32 | CNY | 38,440 | 5,249,405 | |||||
2.75%, 06/15/29 | CNY | 32,940 | 4,530,275 | |||||
2.75%, 02/17/32 | CNY | 33,470 | 4,598,418 | |||||
2.76%, 05/15/32 | CNY | 25,610 | 3,520,344 | |||||
2.79%, 12/15/29 | CNY | 34,960 | 4,816,656 | |||||
2.80%, 03/24/29 | CNY | 35,550 | 4,901,907 | |||||
2.80%, 03/25/30 | CNY | 46,730 | 6,442,272 | |||||
2.80%, 11/15/32 | CNY | 40,910 | 5,642,884 | |||||
2.85%, 06/04/27 | CNY | 65,520 | 9,073,295 | |||||
2.88%, 02/25/33 | CNY | 57,930 | 8,068,508 | |||||
2.89%, 11/18/31 | CNY | 30,260 | 4,205,599 | |||||
2.91%, 10/14/28 | CNY | 56,230 | 7,803,942 | |||||
2.94%, 10/17/24 | CNY | 38,320 | 5,274,443 | |||||
3.01%, 05/13/28 | CNY | 56,900 | 7,945,675 | |||||
3.02%, 10/22/25 | CNY | 52,960 | 7,345,585 | |||||
3.02%, 05/27/31 | CNY | 48,940 | 6,876,677 | |||||
3.03%, 03/11/26 | CNY | 40,150 | 5,582,167 | |||||
3.12%, 12/05/26 | CNY | 31,020 | 4,336,204 | |||||
3.12%, 10/25/52 | CNY | 26,840 | 3,718,691 | |||||
3.13%, 11/21/29 | CNY | 35,130 | 4,945,879 | |||||
3.19%, 04/15/53 | CNY | 11,960 | 1,699,637 | |||||
3.22%, 12/06/25 | CNY | 32,330 | 4,509,631 | |||||
3.25%, 06/06/26 | CNY | 53,220 | 7,466,930 | |||||
3.25%, 11/22/28 | CNY | 31,310 | 4,428,417 | |||||
3.27%, 11/19/30 | CNY | 56,720 | 8,110,454 | |||||
3.28%, 12/03/27 | CNY | 50,300 | 7,114,466 | |||||
3.29%, 05/23/29 | CNY | 41,970 | 5,970,234 | |||||
3.32%, 04/15/52 | CNY | 30,000 | 4,302,440 | |||||
3.53%, 10/18/51 | CNY | 19,840 | 2,946,529 | |||||
3.72%, 04/12/51 | CNY | 24,970 | 3,815,868 | |||||
3.81%, 09/14/50 | CNY | 38,680 | 5,983,050 | |||||
278,758,483 | ||||||||
Colombia: 4.5% | ||||||||
Colombia
Government International Bond
9.85%, 06/28/27 |
COP | 4,788,000 | 1,094,577 | |||||
Colombian TES | ||||||||
5.75%, 11/03/27 | COP | 42,230,000 | 8,549,431 | |||||
6.00%, 04/28/28 | COP | 69,679,100 | 13,958,011 | |||||
6.25%, 11/26/25 | COP | 41,952,000 | 9,358,509 |
See Notes to Financial Statements
58 |
Par (000’s |
) | Value | ||||||
Colombia (continued) | ||||||||
6.25%, 07/09/36 | COP | 25,445,000 | $ | 3,960,108 | ||||
7.00%, 03/26/31 | COP | 69,083,000 | 13,181,967 | |||||
7.00%, 06/30/32 | COP | 59,281,700 | 10,846,787 | |||||
7.25%, 10/18/34 | COP | 58,477,500 | 10,317,826 | |||||
7.25%, 10/26/50 | COP | 53,912,000 | 8,194,151 | |||||
7.50%, 08/26/26 | COP | 63,004,700 | 14,021,141 | |||||
7.75%, 09/18/30 | COP | 47,089,100 | 9,548,581 | |||||
9.25%, 05/28/42 | COP | 64,865,000 | 12,518,519 | |||||
10.00%, 07/24/24 | COP | 15,200,800 | 3,671,631 | |||||
13.25%, 02/09/33 | COP | 41,809,000 | 10,919,877 | |||||
130,141,116 | ||||||||
Czech Republic: 5.4% | ||||||||
Czech Republic Government Bond | ||||||||
0.01%, 12/12/24 | CZK | 70,770 | 2,883,921 | |||||
0.05%, 11/29/29 | CZK | 151,350 | 4,994,752 | |||||
0.25%, 02/10/27 | CZK | 234,430 | 8,811,983 | |||||
1.20%, 03/13/31 | CZK | 266,730 | 9,093,045 | |||||
1.25%, 02/14/25 | CZK | 186,380 | 7,638,262 | |||||
1.50%, 04/24/40 | CZK | 109,660 | 3,003,931 | |||||
1.75%, 06/23/32 | CZK | 263,110 | 9,069,148 | |||||
1.95%, 07/30/37 | CZK | 84,490 | 2,647,352 | |||||
2.00%, 10/13/33 | CZK | 258,630 | 8,821,347 | |||||
2.75%, 07/23/29 | CZK | 261,850 | 10,279,645 | |||||
3.50%, 05/30/35 | CZK | 116,850 | 4,514,458 | |||||
4.50%, 11/11/32 | CZK | 38,340 | 1,637,290 | |||||
4.90%, 04/14/34 | CZK | 69,490 | 3,045,637 | |||||
5.00%, 09/30/30 | CZK | 238,390 | 10,527,675 | |||||
5.50%, 12/12/28 | CZK | 167,880 | 7,585,427 | |||||
5.75%, 03/29/29 | CZK | 57,670 | 2,626,086 | |||||
6.00%, 02/26/26 | CZK | 170,980 | 7,630,352 | |||||
6.20%, 06/16/31 | CZK | 58,150 | 2,767,214 | |||||
Czech Republic Government Bond Reg S | ||||||||
0.95%, 05/15/30 | CZK | 259,100 | 8,922,460 | |||||
1.00%, 06/26/26 | CZK | 262,580 | 10,320,318 | |||||
2.40%, 09/17/25 | CZK | 255,260 | 10,532,466 | |||||
2.50%, 08/25/28 | CZK | 274,360 | 10,809,317 | |||||
4.20%, 12/04/36 | CZK | 132,430 | 5,427,563 | |||||
153,589,649 | ||||||||
Dominican Republic: 1.2% | ||||||||
Dominican Republic International Bond 144A | ||||||||
9.75%, 06/05/26 | DOP | 301,600 | 5,322,040 | |||||
11.25%, 09/15/35 | DOP | 228,000 | 3,995,130 | |||||
13.62%, 02/03/33 | DOP | 858,450 | 17,262,697 | |||||
Dominican Republic International Bond Reg S | ||||||||
9.75%, 06/05/26 | DOP | 366,790 | 6,472,384 | |||||
13.62%, 02/03/33 | DOP | 124,680 | 2,507,208 | |||||
35,559,459 | ||||||||
Egypt: 1.7% | ||||||||
Egypt Government Bond | ||||||||
13.54%, 01/14/25 | EGP | 68,196 | 1,940,052 | |||||
14.06%, 01/12/26 | EGP | 273,950 | 7,229,316 |
Par (000’s |
) | Value | ||||||
Egypt (continued) | ||||||||
14.29%, 01/05/28 | EGP | 119,540 | $ | 2,824,462 | ||||
14.35%, 09/10/24 | EGP | 177,305 | 5,246,901 | |||||
14.37%, 10/20/25 | EGP | 241,069 | 6,527,771 | |||||
14.40%, 09/10/29 | EGP | 77,710 | 1,702,628 | |||||
14.48%, 04/06/26 | EGP | 241,890 | 6,328,336 | |||||
14.53%, 09/14/24 | EGP | 224,260 | 6,661,156 | |||||
14.56%, 07/06/26 | EGP | 56,689 | 1,465,972 | |||||
14.56%, 10/13/27 | EGP | 164,620 | 3,920,951 | |||||
14.66%, 10/06/30 | EGP | 86,730 | 1,854,101 | |||||
16.10%, 05/07/29 | EGP | 82,280 | 1,958,777 | |||||
47,660,423 | ||||||||
Hungary: 4.2% | ||||||||
Hungary Government Bond | ||||||||
1.00%, 11/26/25 | HUF | 3,938,180 | 9,518,447 | |||||
1.50%, 04/22/26 | HUF | 3,444,080 | 8,222,019 | |||||
1.50%, 08/26/26 | HUF | 2,246,020 | 5,243,169 | |||||
2.00%, 05/23/29 | HUF | 2,583,150 | 5,480,745 | |||||
2.25%, 04/20/33 † | HUF | 3,584,780 | 6,642,079 | |||||
2.25%, 06/22/34 | HUF | 1,088,170 | 1,929,409 | |||||
2.50%, 10/24/24 | HUF | 3,097,930 | 8,085,932 | |||||
2.75%, 12/22/26 | HUF | 2,629,670 | 6,255,721 | |||||
3.00%, 06/26/24 | HUF | 2,199,070 | 5,853,232 | |||||
3.00%, 10/27/27 | HUF | 3,444,200 | 8,075,764 | |||||
3.00%, 08/21/30 | HUF | 3,342,660 | 7,187,472 | |||||
3.00%, 10/27/38 | HUF | 2,545,670 | 4,243,962 | |||||
3.00%, 04/25/41 | HUF | 1,551,880 | 2,438,657 | |||||
3.25%, 10/22/31 † | HUF | 4,059,180 | 8,574,195 | |||||
4.50%, 03/23/28 | HUF | 1,728,130 | 4,253,085 | |||||
4.75%, 11/24/32 | HUF | 3,164,730 | 7,208,335 | |||||
5.50%, 06/24/25 | HUF | 3,277,120 | 8,708,672 | |||||
6.75%, 10/22/28 | HUF | 3,684,030 | 9,870,958 | |||||
9.50%, 10/21/26 | HUF | 1,028,200 | 2,936,071 | |||||
120,727,924 | ||||||||
Indonesia: 8.7% | ||||||||
Indonesia Treasury Bond | ||||||||
5.12%, 04/15/27 | IDR | 141,275,000 | 8,389,521 | |||||
5.50%, 04/15/26 | IDR | 167,850,000 | 10,219,355 | |||||
6.12%, 05/15/28 | IDR | 169,531,000 | 10,284,240 | |||||
6.25%, 06/15/36 | IDR | 69,870,000 | 4,086,196 | |||||
6.38%, 08/15/28 | IDR | 91,570,000 | 5,613,353 | |||||
6.38%, 04/15/32 | IDR | 201,060,000 | 12,097,648 | |||||
6.38%, 07/15/37 | IDR | 26,400,000 | 1,604,101 | |||||
6.50%, 06/15/25 | IDR | 157,440,000 | 9,840,768 | |||||
6.50%, 02/15/31 | IDR | 216,870,000 | 13,137,667 | |||||
6.62%, 05/15/33 | IDR | 124,333,000 | 7,534,963 | |||||
6.62%, 02/15/34 | IDR | 12,580,000 | 761,434 | |||||
7.00%, 05/15/27 | IDR | 143,688,000 | 9,027,514 | |||||
7.00%, 09/15/30 | IDR | 217,305,000 | 13,568,669 | |||||
7.00%, 02/15/33 | IDR | 163,525,000 | 10,215,448 | |||||
7.12%, 06/15/38 | IDR | 65,680,000 | 4,117,683 | |||||
7.12%, 06/15/42 | IDR | 148,630,000 | 9,292,346 | |||||
7.12%, 06/15/43 | IDR | 50,030,000 | 3,141,119 | |||||
7.50%, 08/15/32 | IDR | 92,730,000 | 5,917,849 | |||||
7.50%, 06/15/35 | IDR | 194,710,000 | 12,513,534 | |||||
7.50%, 05/15/38 | IDR | 86,250,000 | 5,562,677 | |||||
7.50%, 04/15/40 | IDR | 182,070,000 | 11,728,815 | |||||
8.25%, 05/15/29 | IDR | 156,850,000 | 10,358,024 |
See Notes to Financial Statements
59 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Indonesia (continued) | ||||||||
8.25%, 06/15/32 | IDR | 53,204,000 | $ | 3,560,599 | ||||
8.25%, 05/15/36 | IDR | 116,525,000 | 7,903,967 | |||||
8.38%, 09/15/26 | IDR | 167,827,000 | 10,938,602 | |||||
8.38%, 03/15/34 | IDR | 178,764,000 | 12,175,871 | |||||
8.38%, 04/15/39 | IDR | 74,030,000 | 5,116,622 | |||||
8.75%, 05/15/31 | IDR | 86,387,000 | 5,905,967 | |||||
9.00%, 03/15/29 | IDR | 117,692,000 | 8,005,279 | |||||
9.50%, 07/15/31 | IDR | 30,011,000 | 2,141,472 | |||||
10.50%, 08/15/30 | IDR | 24,052,000 | 1,782,044 | |||||
11.00%, 09/15/25 | IDR | 32,382,000 | 2,184,139 | |||||
Perusahaan Penerbit SBSN | ||||||||
4.88%, 07/15/26 | IDR | 27,860,000 | 1,676,951 | |||||
6.38%, 03/15/34 | IDR | 40,420,000 | 2,443,585 | |||||
6.62%, 10/15/24 | IDR | 17,960,000 | 1,135,133 | |||||
6.88%, 03/15/36 | IDR | 27,780,000 | 1,748,888 | |||||
8.88%, 11/15/31 | IDR | 59,670,000 | 4,235,602 | |||||
249,967,645 | ||||||||
Malaysia: 7.8% | ||||||||
Malaysia Government Bond | ||||||||
2.63%, 04/15/31 | MYR | 26,519 | 5,038,672 | |||||
3.48%, 06/14/24 | MYR | 30,932 | 6,498,208 | |||||
3.50%, 05/31/27 | MYR | 23,389 | 4,859,190 | |||||
3.52%, 04/20/28 | MYR | 10,655 | 2,205,298 | |||||
3.58%, 07/15/32 | MYR | 31,175 | 6,272,037 | |||||
3.73%, 06/15/28 | MYR | 33,716 | 7,015,999 | |||||
3.76%, 05/22/40 | MYR | 35,055 | 6,759,420 | |||||
3.83%, 07/05/34 | MYR | 26,842 | 5,448,801 | |||||
3.88%, 03/14/25 | MYR | 24,109 | 5,088,207 | |||||
3.88%, 08/15/29 | MYR | 26,291 | 5,478,574 | |||||
3.90%, 11/30/26 | MYR | 32,856 | 6,925,761 | |||||
3.90%, 11/16/27 | MYR | 33,754 | 7,106,037 | |||||
3.91%, 07/15/26 | MYR | 22,800 | 4,814,611 | |||||
3.96%, 09/15/25 | MYR | 30,706 | 6,484,665 | |||||
4.06%, 09/30/24 | MYR | 14,855 | 3,131,010 | |||||
4.07%, 06/15/50 | MYR | 39,510 | 7,652,223 | |||||
4.18%, 07/15/24 | MYR | 14,460 | 3,046,616 | |||||
4.25%, 05/31/35 | MYR | 19,411 | 4,085,169 | |||||
4.46%, 03/31/53 | MYR | 12,830 | 2,658,792 | |||||
4.50%, 04/30/29 | MYR | 14,254 | 3,059,870 | |||||
4.64%, 11/07/33 | MYR | 13,576 | 2,979,987 | |||||
4.70%, 10/15/42 | MYR | 28,660 | 6,222,858 | |||||
4.76%, 04/07/37 | MYR | 34,443 | 7,606,583 | |||||
4.89%, 06/08/38 | MYR | 30,150 | 6,759,964 | |||||
4.92%, 07/06/48 | MYR | 20,835 | 4,584,257 | |||||
Malaysia Government Investment Issue | ||||||||
3.42%, 09/30/27 | MYR | 34,116 | 7,050,949 | |||||
3.45%, 07/15/36 | MYR | 28,171 | 5,404,716 | |||||
3.46%, 10/15/30 | MYR | 41,490 | 8,347,930 | |||||
3.60%, 07/31/28 | MYR | 13,220 | 2,744,630 | |||||
3.65%, 10/15/24 | MYR | 25,924 | 5,443,375 | |||||
3.73%, 03/31/26 | MYR | 36,816 | 7,714,770 | |||||
3.99%, 10/15/25 | MYR | 29,194 | 6,168,623 | |||||
4.07%, 09/30/26 | MYR | 21,890 | 4,630,758 | |||||
4.13%, 08/15/25 | MYR | 26,390 | 5,601,209 | |||||
4.13%, 07/09/29 | MYR | 28,666 | 6,036,099 |
Par (000’s |
) | Value | ||||||
Malaysia (continued) | ||||||||
4.19%, 10/07/32 | MYR | 26,740 | $ | 5,614,466 | ||||
4.25%, 09/30/30 | MYR | 19,185 | 4,052,095 | |||||
4.26%, 07/26/27 | MYR | 15,131 | 3,217,499 | |||||
4.29%, 08/14/43 | MYR | 19,090 | 3,938,791 | |||||
4.37%, 10/31/28 | MYR | 34,767 | 7,434,746 | |||||
4.42%, 09/30/41 | MYR | 31,115 | 6,458,627 | |||||
4.66%, 03/31/38 | MYR | 12,140 | 2,643,789 | |||||
224,285,881 | ||||||||
Mexico: 5.2% | ||||||||
Mexican Bonos | ||||||||
5.00%, 03/06/25 | MXN | 10,043 | 516,091 | |||||
5.50%, 03/04/27 | MXN | 363,252 | 17,418,313 | |||||
5.75%, 03/05/26 | MXN | 35,734 | 1,780,600 | |||||
7.00%, 09/03/26 | MXN | 48,668 | 2,462,785 | |||||
7.50%, 06/03/27 | MXN | 321,977 | 16,338,003 | |||||
7.50%, 05/26/33 | MXN | 265,772 | 12,314,461 | |||||
7.75%, 05/29/31 | MXN | 550,757 | 26,596,365 | |||||
7.75%, 11/23/34 | MXN | 124,446 | 5,803,808 | |||||
7.75%, 11/13/42 | MXN | 380,141 | 16,824,516 | |||||
8.00%, 09/05/24 | MXN | 5,323 | 286,911 | |||||
8.00%, 05/24/35 | MXN | 39,797 | 1,886,808 | |||||
8.00%, 11/07/47 | MXN | 332,122 | 14,937,842 | |||||
8.00%, 07/31/53 | MXN | 214,913 | 9,576,979 | |||||
8.50%, 05/31/29 | MXN | 75,177 | 3,873,143 | |||||
8.50%, 11/18/38 | MXN | 270,532 | 13,092,342 | |||||
10.00%, 12/05/24 | MXN | 5,407 | 295,555 | |||||
10.00%, 11/20/36 | MXN | 92,179 | 5,059,715 | |||||
149,064,237 | ||||||||
Peru: 3.8% | ||||||||
Peru Government Bond | ||||||||
5.35%, 08/12/40 | PEN | 29,504 | 5,990,306 | |||||
5.40%, 08/12/34 | PEN | 45,126 | 9,830,460 | |||||
5.70%, 08/12/24 | PEN | 14,438 | 3,747,651 | |||||
5.94%, 02/12/29 | PEN | 58,905 | 14,727,959 | |||||
6.15%, 08/12/32 | PEN | 64,450 | 15,373,643 | |||||
6.35%, 08/12/28 | PEN | 38,063 | 9,789,725 | |||||
6.90%, 08/12/37 | PEN | 60,209 | 14,598,132 | |||||
6.95%, 08/12/31 | PEN | 60,735 | 15,445,976 | |||||
8.20%, 08/12/26 | PEN | 23,385 | 6,368,652 | |||||
Peru
Government Bond 144A Reg S
7.30%, 08/12/33 |
PEN | 54,090 | 13,829,043 | |||||
109,701,547 | ||||||||
Philippines: 1.2% | ||||||||
Philippine
Government Bond
9.25%, 11/05/34 |
PHP | 46,410 | 958,255 | |||||
Philippine
Government International Bond
6.25%, 01/14/36 |
PHP | 1,961,500 | 32,825,145 | |||||
33,783,400 | ||||||||
Poland: 5.0% | ||||||||
Republic of Poland Government Bond | ||||||||
0.01%, 10/25/25 | PLN | 13,705 | 2,949,544 | |||||
0.25%, 10/25/26 | PLN | 44,763 | 9,228,486 | |||||
0.75%, 04/25/25 | PLN | 40,727 | 9,074,051 | |||||
1.25%, 10/25/30 | PLN | 64,574 | 11,729,482 |
See Notes to Financial Statements
60 |
Par (000’s |
) | Value | ||||||
Poland (continued) | ||||||||
1.75%, 04/25/32 | PLN | 63,150 | $ | 11,174,493 | ||||
2.25%, 10/25/24 | PLN | 42,506 | 9,814,569 | |||||
2.50%, 07/25/26 | PLN | 32,005 | 7,102,801 | |||||
2.50%, 07/25/27 | PLN | 53,537 | 11,589,655 | |||||
2.75%, 04/25/28 | PLN | 48,330 | 10,368,414 | |||||
2.75%, 10/25/29 | PLN | 54,051 | 11,175,359 | |||||
3.25%, 07/25/25 | PLN | 62,909 | 14,461,038 | |||||
3.75%, 05/25/27 | PLN | 51,665 | 11,705,985 | |||||
6.00%, 10/25/33 † | PLN | 34,310 | 8,353,313 | |||||
7.50%, 07/25/28 | PLN | 57,058 | 14,753,494 | |||||
143,480,684 | ||||||||
Romania: 4.5% | ||||||||
Romania Government Bond | ||||||||
2.50%, 10/25/27 | RON | 27,180 | 5,000,464 | |||||
3.25%, 06/24/26 | RON | 32,445 | 6,429,295 | |||||
3.50%, 11/25/25 | RON | 25,385 | 5,143,420 | |||||
3.65%, 07/28/25 | RON | 29,235 | 5,996,512 | |||||
3.65%, 09/24/31 | RON | 32,850 | 5,685,989 | |||||
3.70%, 11/25/24 | RON | 31,060 | 6,472,175 | |||||
4.15%, 01/26/28 | RON | 31,520 | 6,138,707 | |||||
4.15%, 10/24/30 | RON | 33,150 | 6,048,209 | |||||
4.25%, 04/28/36 | RON | 24,670 | 4,042,659 | |||||
4.50%, 06/17/24 | RON | 29,435 | 6,203,727 | |||||
4.75%, 02/24/25 | RON | 31,015 | 6,488,998 | |||||
4.75%, 10/11/34 | RON | 32,850 | 5,771,126 | |||||
4.85%, 04/22/26 | RON | 31,285 | 6,443,381 | |||||
4.85%, 07/25/29 | RON | 31,235 | 6,050,271 | |||||
5.00%, 02/12/29 | RON | 30,065 | 5,886,384 | |||||
5.80%, 07/26/27 | RON | 32,440 | 6,725,871 | |||||
6.70%, 02/25/32 | RON | 35,995 | 7,536,689 | |||||
7.20%, 05/31/27 | RON | 8,030 | 1,743,733 | |||||
7.35%, 04/28/31 | RON | 9,090 | 1,980,975 | |||||
7.90%, 02/24/38 | RON | 23,380 | 5,312,381 | |||||
8.00%, 04/29/30 | RON | 18,600 | 4,169,124 | |||||
8.25%, 09/29/32 | RON | 31,700 | 7,289,554 | |||||
8.75%, 10/30/28 | RON | 23,650 | 5,448,447 | |||||
128,008,091 | ||||||||
Serbia: 1.2% | ||||||||
Serbia Treasury Bonds | ||||||||
4.50%, 01/11/26 | RSD | 1,220,180 | 10,909,263 | |||||
4.50%, 08/20/32 | RSD | 1,577,110 | 12,527,213 | |||||
5.88%, 02/08/28 | RSD | 1,255,830 | 11,587,094 | |||||
35,023,570 | ||||||||
South Africa: 5.8% | ||||||||
Republic of South Africa Government Bond | ||||||||
6.25%, 03/31/36 | ZAR | 160,783 | 5,307,574 | |||||
6.50%, 02/28/41 | ZAR | 145,576 | 4,452,249 | |||||
7.00%, 02/28/31 | ZAR | 281,448 | 11,883,573 | |||||
8.00%, 01/31/30 | ZAR | 536,115 | 25,172,261 | |||||
8.25%, 03/31/32 | ZAR | 462,620 | 20,295,736 | |||||
8.50%, 01/31/37 | ZAR | 406,792 | 16,042,178 | |||||
8.75%, 01/31/44 | ZAR | 363,418 | 13,668,729 | |||||
8.75%, 02/28/48 | ZAR | 576,159 | 21,544,235 | |||||
8.88%, 02/28/35 | ZAR | 429,309 | 18,234,356 | |||||
9.00%, 01/31/40 | ZAR | 336,875 | 13,360,422 | |||||
10.50%, 12/21/26 | ZAR | 271,958 | 14,964,504 |
Par (000’s |
) | Value | ||||||
South Africa (continued) | ||||||||
11.62%, 03/31/53 | ZAR | 38,745 | $ | 1,873,304 | ||||
166,799,121 | ||||||||
Thailand: 7.2% | ||||||||
Thailand Government Bond | ||||||||
0.75%, 06/17/24 | THB | 297,325 | 8,189,405 | |||||
0.75%, 09/17/24 | THB | 377,768 | 10,363,195 | |||||
0.95%, 06/17/25 | THB | 309,557 | 8,400,662 | |||||
1.00%, 06/17/27 | THB | 456,151 | 11,925,726 | |||||
1.45%, 12/17/24 | THB | 352,106 | 9,688,455 | |||||
1.58%, 12/17/35 | THB | 314,267 | 7,194,523 | |||||
1.60%, 12/17/29 | THB | 305,004 | 7,838,630 | |||||
1.60%, 06/17/35 | THB | 158,104 | 3,639,315 | |||||
2.00%, 12/17/31 | THB | 355,757 | 9,079,518 | |||||
2.00%, 06/17/42 | THB | 219,327 | 4,751,848 | |||||
2.12%, 12/17/26 | THB | 344,182 | 9,420,359 | |||||
2.25%, 03/17/27 | THB | 116,560 | 3,196,184 | |||||
2.35%, 06/17/26 | THB | 319,500 | 8,828,887 | |||||
2.40%, 03/17/29 | THB | 78,320 | 2,127,554 | |||||
2.65%, 06/17/28 | THB | 404,251 | 11,148,572 | |||||
2.88%, 12/17/28 | THB | 288,140 | 8,023,820 | |||||
2.88%, 06/17/46 | THB | 245,491 | 5,840,235 | |||||
3.30%, 06/17/38 | THB | 372,078 | 9,994,796 | |||||
3.35%, 06/17/33 | THB | 279,023 | 7,862,675 | |||||
3.39%, 06/17/37 | THB | 222,665 | 6,122,069 | |||||
3.40%, 06/17/36 | THB | 280,348 | 7,720,321 | |||||
3.45%, 06/17/43 | THB | 184,505 | 4,972,329 | |||||
3.65%, 06/20/31 | THB | 268,655 | 7,736,039 | |||||
3.77%, 06/25/32 | THB | 460,868 | 13,384,762 | |||||
3.85%, 12/12/25 | THB | 297,916 | 8,508,658 | |||||
4.88%, 06/22/29 | THB | 320,753 | 9,814,177 | |||||
205,772,714 | ||||||||
Turkey: 1.0% | ||||||||
Turkiye Government Bond | ||||||||
9.00%, 07/24/24 | TRY | 20,443 | 630,066 | |||||
10.50%, 08/11/27 | TRY | 243,434 | 5,171,072 | |||||
10.60%, 02/11/26 | TRY | 113,288 | 2,770,862 | |||||
11.00%, 02/24/27 | TRY | 32,279 | 698,227 | |||||
11.70%, 11/13/30 | TRY | 142,594 | 2,882,850 | |||||
12.40%, 03/08/28 | TRY | 303,291 | 6,591,891 | |||||
12.60%, 10/01/25 | TRY | 27,225 | 704,375 | |||||
16.90%, 09/02/26 | TRY | 163,753 | 4,352,431 | |||||
17.80%, 07/13/33 | TRY | 158,280 | 3,942,629 | |||||
27,744,403 | ||||||||
Uruguay: 1.2% | ||||||||
Uruguay Government International Bond | ||||||||
8.25%, 05/21/31 | UYU | 929,667 | 21,249,563 | |||||
9.75%, 07/20/33 | UYU | 124,170 | 3,096,545 | |||||
Uruguay
Government International Bond 144A
8.50%, 03/15/28 |
UYU | 25,635 | 611,945 | |||||
Uruguay Government International Bond Reg S |
See Notes to Financial Statements
61 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Uruguay (continued) | ||||||||
8.50%, 03/15/28 | UYU | 418,471 | $ | 9,989,515 | ||||
34,947,568 | ||||||||
Total Government
Obligations (Cost: $2,983,673,184) |
2,600,458,246 | |||||||
Total Investments Before
Collateral for Securities Loaned: 96.7% (Cost: $3,173,571,233) |
2,772,427,507 |
Number of Shares |
Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% | ||||||||
Money Market Fund: 0.2% (Cost: $5,707,719) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,707,719 | $ | 5,707,719 | |||||
Total Investments: 96.9% (Cost: $3,179,278,952) |
2,778,135,226 | |||||||
Other assets less liabilities: 3.1% | 88,433,534 | |||||||
NET ASSETS: 100.0% | $ | 2,866,568,760 |
Definitions:
BRL | Brazilian Real |
CLP | Chilean Peso |
CNY | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
DOP | Dominican Peso |
EGP | Egyptian Pound |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian Leu |
RSD | Serbian Dinar |
THB | Thai Baht |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Footnotes:
^ | Zero Coupon Bond |
† | Security fully or partially on loan. Total market value of securities on loan is $5,563,243. |
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 $83,632,460, or 2.9% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Government | 93.8 | % | $ | 2,600,458,246 | ||||
Financials | 5.9 | 164,524,505 | ||||||
Utilities | 0.2 | 4,797,244 | ||||||
Industrials | 0.1 | 1,379,202 | ||||||
Energy | 0.0 | 1,268,310 | ||||||
100.0 | % | $ | 2,772,427,507 |
See Notes to Financial Statements
62 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 171,969,261 | $ | — | $ | 171,969,261 | ||||||||
Government Obligations * | — | 2,600,458,246 | — | 2,600,458,246 | ||||||||||||
Money Market Fund | 5,707,719 | — | — | 5,707,719 | ||||||||||||
Total Investments | $ | 5,707,719 | $ | 2,772,427,507 | $ | — | $ | 2,778,135,226 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
63 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 98.1% | ||||||||
Bermuda: 0.2% | ||||||||
Arch Capital Group Ltd. 3.63%, 06/30/50 |
$ | 25 | $ | 15,906 | ||||
Canada: 5.5% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 40 | 36,824 | ||||||
3.80%, 01/25/50 | 25 | 15,530 | ||||||
Canadian Pacific Railway Co. 1.75%, 12/02/26 |
75 | 66,719 | ||||||
CI Financial Corp. | ||||||||
3.20%, 12/17/30 | 25 | 18,304 | ||||||
4.10%, 06/15/51 | 25 | 13,312 | ||||||
Emera US Finance LP 4.75%, 06/15/46 |
50 | 34,990 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | 75 | 63,520 | ||||||
3.40%, 08/01/51 | 50 | 29,594 | ||||||
5.50%, 12/01/46 | 25 | 20,878 | ||||||
5.70%, 03/08/33 † | 25 | 23,387 | ||||||
Fortis, Inc. 3.06%, 10/04/26 |
25 | 22,942 | ||||||
Toronto-Dominion Bank 8.12% (US Treasury Yield Curve Rate T 5 Year+4.08%), 10/31/82 |
50 | 49,178 | ||||||
TransCanada PipeLines Ltd. 4.62%, 03/01/34 |
50 | 42,321 | ||||||
437,499 | ||||||||
France: 6.4% | ||||||||
BNP Paribas SA 144A 4.38%, 09/28/25 |
75 | 71,834 | ||||||
Credit Agricole SA 144A 4.38%, 03/17/25 |
50 | 48,341 | ||||||
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 |
50 | 43,958 | ||||||
2.23% (US Treasury Yield Curve Rate T 1 Year+1.05%), 01/21/26 |
25 | 23,558 | ||||||
2.62%, 01/22/25 | 50 | 47,629 | ||||||
3.00%, 01/22/30 | 100 | 79,458 | ||||||
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 |
50 | 37,590 | ||||||
3.62%, 03/01/41 | 100 | 57,646 | ||||||
4.25%, 04/14/25 | 50 | 47,908 | ||||||
4.75%, 09/14/28 | 50 | 46,522 | ||||||
504,444 | ||||||||
Germany: 0.6% | ||||||||
Deutsche Bank AG 4.50%, 04/01/25 |
50 | 47,812 | ||||||
India: 0.3% | ||||||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 |
25 | 24,429 |
Par (000’s |
) | Value | ||||||
Italy: 1.4% | ||||||||
Intesa Sanpaolo SpA 144A | ||||||||
6.62%, 06/20/33 | $ | 25 | $ | 22,949 | ||||
7.00%, 11/21/25 | 50 | 50,225 | ||||||
UniCredit SpA 144A 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 |
50 | 37,496 | ||||||
110,670 | ||||||||
Mexico: 0.7% | ||||||||
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51 |
50 | 34,037 | ||||||
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 |
25 | 21,063 | ||||||
55,100 | ||||||||
Netherlands: 3.6% | ||||||||
Deutsche Telekom International Finance BV 8.75%, 06/15/30 |
75 | 84,058 | ||||||
Enel Finance International NV 144A 2.25%, 07/12/31 |
75 | 54,983 | ||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 36,037 | ||||||
3.68%, 01/21/30 | 50 | 39,654 | ||||||
4.99%, 01/19/52 | 100 | 61,802 | ||||||
276,534 | ||||||||
Norway: 0.3% | ||||||||
Var Energi ASA 144A 8.00%, 11/15/32 |
25 | 25,814 | ||||||
United Kingdom: 1.4% | ||||||||
Barclays Plc 3.56% (US Treasury Yield Curve Rate T 5 Year+2.90%), 09/23/35 |
50 | 37,675 | ||||||
Ferguson Finance Plc 144A 4.50%, 10/24/28 |
25 | 23,265 | ||||||
Haleon UK Capital Plc 3.12%, 03/24/25 |
25 | 24,038 | ||||||
HSBC Holdings Plc 6.50%, 09/15/37 |
25 | 22,750 | ||||||
107,728 | ||||||||
United States: 77.7% | ||||||||
Alcon Finance Corp. 144A 3.00%, 09/23/29 |
50 | 42,473 | ||||||
Altria Group, Inc. | ||||||||
3.40%, 05/06/30 | 25 | 20,919 | ||||||
3.88%, 09/16/46 | 75 | 46,362 | ||||||
4.25%, 08/09/42 | 50 | 34,247 | ||||||
4.80%, 02/14/29 | 75 | 70,269 | ||||||
5.80%, 02/14/39 | 25 | 22,237 | ||||||
5.95%, 02/14/49 † | 60 | 50,936 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 21,965 | ||||||
3.25%, 07/15/25 | 25 | 23,451 | ||||||
3.88%, 01/15/26 | 50 | 46,772 |
See Notes to Financial Statements
64 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Ashtead Capital, Inc. 144A 5.95%, 10/15/33 |
$ | 25 | $ | 22,823 | ||||
AT&T, Inc. 3.85%, 06/01/60 |
75 | 45,217 | ||||||
BAT Capital Corp. 4.91%, 04/02/30 |
50 | 45,105 | ||||||
Becton Dickinson & Co. 3.70%, 06/06/27 |
50 | 46,540 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 |
50 | 45,186 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 |
25 | 23,883 | ||||||
Blue Owl Capital Corp. 3.40%, 07/15/26 |
50 | 44,628 | ||||||
Brighthouse Financial, Inc. 4.70%, 06/22/47 |
25 | 16,442 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27 |
50 | 46,749 | ||||||
Broadcom, Inc. | ||||||||
3.15%, 11/15/25 | 50 | 47,373 | ||||||
4.15%, 11/15/30 | 50 | 43,539 | ||||||
Broadcom, Inc. 144A | ||||||||
3.19%, 11/15/36 | 100 | 69,296 | ||||||
3.42%, 04/15/33 | 50 | 38,892 | ||||||
Campbell Soup Co. 3.95%, 03/15/25 |
25 | 24,311 | ||||||
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34 |
75 | 68,432 | ||||||
Carlisle Cos, Inc. 2.75%, 03/01/30 |
25 | 20,217 | ||||||
CBRE Services, Inc. 5.95%, 08/15/34 |
25 | 22,744 | ||||||
Centene Corp. | ||||||||
2.62%, 08/01/31 | 75 | 56,408 | ||||||
4.25%, 12/15/27 | 50 | 46,061 | ||||||
CF Industries, Inc. 144A 4.50%, 12/01/26 |
25 | 23,834 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
2.25%, 01/15/29 | 25 | 20,251 | ||||||
2.30%, 02/01/32 | 50 | 35,743 | ||||||
2.80%, 04/01/31 | 25 | 19,127 | ||||||
4.91%, 07/23/25 | 75 | 73,356 | ||||||
5.05%, 03/30/29 | 125 | 115,654 | ||||||
5.12%, 07/01/49 | 20 | 13,847 | ||||||
5.38%, 05/01/47 | 75 | 54,279 | ||||||
6.48%, 10/23/45 | 75 | 63,092 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 50 | 43,585 | ||||||
5.12%, 06/30/27 | 50 | 48,260 | ||||||
Cheniere Energy, Inc. 4.62%, 10/15/28 |
25 | 22,865 | ||||||
Cigna Group |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.40%, 03/15/50 | $ | 75 | $ | 46,422 | ||||
Citizens Bank NA 4.58% (SOFR+2.00%), 08/09/28 |
50 | 44,362 | ||||||
Conagra Brands, Inc. | ||||||||
4.85%, 11/01/28 | 50 | 47,002 | ||||||
5.30%, 11/01/38 | 25 | 20,943 | ||||||
Constellation Brands, Inc. 2.25%, 08/01/31 |
50 | 38,024 | ||||||
Corning, Inc. 5.45%, 11/15/79 |
25 | 19,735 | ||||||
Deutsche Bank AG 2.13% (SOFR+1.87%), 11/24/26 |
100 | 90,317 | ||||||
2.55% (SOFR+1.32%), 01/07/28 |
25 | 21,646 | ||||||
3.96% (SOFR+2.58%), 11/26/25 |
50 | 48,226 | ||||||
Duke Energy Corp. | ||||||||
2.45%, 06/01/30 | 25 | 19,939 | ||||||
2.55%, 06/15/31 | 25 | 19,287 | ||||||
2.65%, 09/01/26 | 50 | 45,839 | ||||||
Equinix, Inc. | ||||||||
2.15%, 07/15/30 | 25 | 19,208 | ||||||
3.20%, 11/18/29 | 50 | 42,271 | ||||||
3.90%, 04/15/32 † | 25 | 20,818 | ||||||
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52 |
50 | 28,135 | ||||||
Fiserv, Inc. | ||||||||
3.20%, 07/01/26 | 50 | 46,728 | ||||||
3.85%, 06/01/25 | 50 | 48,473 | ||||||
4.20%, 10/01/28 | 50 | 46,176 | ||||||
5.45%, 03/02/28 | 75 | 73,555 | ||||||
FS KKR Capital Corp. 3.40%, 01/15/26 |
25 | 22,876 | ||||||
General Mills, Inc. | ||||||||
2.88%, 04/15/30 | 50 | 41,356 | ||||||
4.00%, 04/17/25 | 25 | 24,338 | ||||||
4.95%, 03/29/33 | 25 | 22,720 | ||||||
HCA, Inc. | ||||||||
3.50%, 07/15/51 | 25 | 14,498 | ||||||
5.12%, 06/15/39 | 50 | 41,166 | ||||||
5.25%, 04/15/25 | 75 | 73,965 | ||||||
5.25%, 06/15/26 | 25 | 24,416 | ||||||
5.25%, 06/15/49 | 50 | 38,466 | ||||||
5.50%, 06/15/47 † | 50 | 40,310 | ||||||
J M Smucker Co. 3.50%, 03/15/25 |
25 | 24,206 | ||||||
Keurig Dr. Pepper, Inc. | ||||||||
3.95%, 04/15/29 | 25 | 22,767 | ||||||
4.05%, 04/15/32 | 50 | 43,045 | ||||||
KeyCorp 2.55%, 10/01/29 |
50 | 37,371 | ||||||
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 |
25 | 20,384 | ||||||
Kraft Heinz Foods Co. |
See Notes to Financial Statements
65 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.00%, 06/01/26 | $ | 50 | $ | 46,739 | ||||
5.00%, 06/04/42 | 25 | 20,619 | ||||||
5.20%, 07/15/45 | 50 | 41,349 | ||||||
6.88%, 01/26/39 | 25 | 25,282 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 |
25 | 25,551 | ||||||
Lowe’s Cos, Inc. 4.45%, 04/01/62 |
25 | 17,083 | ||||||
McDonald’s Corp. | ||||||||
2.12%, 03/01/30 | 150 | 120,639 | ||||||
3.62%, 09/01/49 | 100 | 66,337 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 23,420 | ||||||
2.75%, 04/13/30 | 25 | 20,600 | ||||||
3.00%, 03/17/32 | 25 | 20,088 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
2.44%, 01/15/32 | 100 | 75,019 | ||||||
2.75%, 11/01/29 | 50 | 41,504 | ||||||
4.62%, 07/15/27 | 75 | 71,503 | ||||||
6.05%, 03/01/25 | 25 | 24,993 | ||||||
Northrop Grumman Corp. 2.93%, 01/15/25 |
25 | 24,153 | ||||||
Oracle Corp. | ||||||||
3.60%, 04/01/40 | 75 | 51,531 | ||||||
3.80%, 11/15/37 | 50 | 36,819 | ||||||
3.85%, 04/01/60 | 75 | 45,057 | ||||||
3.95%, 03/25/51 | 50 | 32,485 | ||||||
4.00%, 07/15/46 | 50 | 33,622 | ||||||
4.10%, 03/25/61 | 50 | 31,389 | ||||||
4.38%, 05/15/55 | 50 | 33,859 | ||||||
6.12%, 07/08/39 | 25 | 23,377 | ||||||
6.50%, 04/15/38 | 75 | 73,229 | ||||||
Pacific Gas and Electric Co. | ||||||||
2.10%, 08/01/27 | 75 | 63,537 | ||||||
2.50%, 02/01/31 | 100 | 74,185 | ||||||
3.25%, 06/01/31 | 50 | 38,844 | ||||||
3.50%, 08/01/50 | 50 | 27,867 | ||||||
3.75%, 07/01/28 | 50 | 43,871 | ||||||
4.50%, 07/01/40 | 100 | 71,063 | ||||||
4.95%, 07/01/50 | 75 | 52,418 | ||||||
6.75%, 01/15/53 | 25 | 22,149 | ||||||
Republic Services, Inc. 3.95%, 05/15/28 |
50 | 46,660 | ||||||
Reynolds American, Inc. 5.85%, 08/15/45 |
75 | 58,675 | ||||||
Sempra 3.25%, 06/15/27 |
50 | 45,344 | ||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52 |
25 | 19,287 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 |
50 | 46,333 | ||||||
Southern Co. 3.70%, 04/30/30 |
50 | 43,386 | ||||||
Sprint Capital Corp. 6.88%, 11/15/28 |
50 | 51,351 | ||||||
Sprint LLC |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
7.62%, 02/15/25 | $ | 100 | $ | 101,502 | ||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 | 50 | 32,863 | ||||||
5.50%, 09/01/41 | 50 | 37,497 | ||||||
6.55%, 05/01/37 | 25 | 21,961 | ||||||
7.30%, 07/01/38 | 100 | 93,240 | ||||||
T-Mobile USA, Inc. | ||||||||
3.38%, 04/15/29 | 75 | 65,361 | ||||||
3.50%, 04/15/25 | 150 | 144,953 | ||||||
3.75%, 04/15/27 | 155 | 144,187 | ||||||
3.88%, 04/15/30 | 60 | 52,261 | ||||||
Tyson Foods, Inc. 4.55%, 06/02/47 |
25 | 17,861 | ||||||
United Rentals North America, Inc. 144A 6.00%, 12/15/29 |
25 | 24,073 | ||||||
Verisk Analytics, Inc. 4.00%, 06/15/25 |
25 | 24,227 | ||||||
Verizon Communications, Inc. | ||||||||
0.85%, 11/20/25 | 25 | 22,648 | ||||||
2.10%, 03/22/28 | 50 | 42,665 | ||||||
2.35%, 03/15/32 | 50 | 37,407 | ||||||
2.55%, 03/21/31 | 50 | 39,081 | ||||||
2.62%, 08/15/26 | 25 | 23,023 | ||||||
3.00%, 11/20/60 | 75 | 38,426 | ||||||
3.88%, 02/08/29 | 25 | 22,704 | ||||||
4.12%, 03/16/27 | 100 | 94,750 | ||||||
4.33%, 09/21/28 | 50 | 46,574 | ||||||
4.50%, 08/10/33 | 50 | 43,353 | ||||||
VICI Properties LP | ||||||||
5.12%, 05/15/32 | 50 | 43,255 | ||||||
5.62%, 05/15/52 | 25 | 19,597 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.75%, 02/15/27 | 50 | 45,038 | ||||||
4.25%, 12/01/26 | 50 | 46,194 | ||||||
4.62%, 12/01/29 | 50 | 43,296 | ||||||
Weyerhaeuser Co. 4.00%, 11/15/29 |
50 | 44,348 | ||||||
6,109,922 | ||||||||
Total Corporate
Bonds (Cost: $8,591,357) |
7,715,858 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% | ||||||||
Money Market Fund:
0.3% (Cost: $19,775) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 19,775 | 19,775 |
See Notes to Financial Statements
66 |
Number of Shares (continued) |
Value | |||||||
Total Investments:
98.4% (Cost: $8,611,132) |
$ | 7,735,633 | ||||||
Other assets less liabilities: 1.6% | 128,372 | |||||||
NET ASSETS: 100.0% | $ | 7,864,005 |
Definitions:
SOFR | Secured Overnight Financing Rate |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $126,950. |
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 $1,393,905, or 17.7% of net assets. |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Technology | 24.5 | % | $ | 1,888,196 | ||||
Financials | 18.9 | 1,459,780 | ||||||
Utilities | 11.6 | 892,004 | ||||||
Consumer Non-Cyclicals | 11.4 | 881,111 | ||||||
Consumer Cyclicals | 10.4 | 805,188 | ||||||
Industrials | 6.6 | 507,304 | ||||||
Healthcare | 6.1 | 470,724 | ||||||
Real Estate | 4.5 | 346,768 | ||||||
Energy | 4.2 | 325,547 | ||||||
Basic Materials | 1.8 | 139,236 | ||||||
100.0 | % | $ | 7,715,858 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 7,715,858 | $ | — | $ | 7,715,858 | ||||||||
Money Market Fund | 19,775 | — | — | 19,775 | ||||||||||||
Total Investments | $ | 19,775 | $ | 7,715,858 | $ | — | $ | 7,735,633 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
67 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 98.4% | ||||||||
Bermuda: 0.1% | ||||||||
Arch Capital Group Ltd. 3.63%, 06/30/50 |
$ | 25 | $ | 15,906 | ||||
Canada: 7.3% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 50 | 46,030 | ||||||
3.80%, 01/25/50 | 25 | 15,530 | ||||||
Bank of Nova Scotia | ||||||||
1.30%, 06/11/25 | 50 | 46,386 | ||||||
1.95%, 02/02/27 | 75 | 66,207 | ||||||
2.45%, 02/02/32 | 100 | 75,025 | ||||||
Brookfield Finance, Inc. 4.35%, 04/15/30 |
100 | 88,429 | ||||||
Canadian Imperial Bank of Commerce 3.45%, 04/07/27 |
50 | 45,759 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
25 | 23,380 | ||||||
Canadian Pacific Railway Co. 6.12%, 09/15/15 |
75 | 67,588 | ||||||
CI Financial Corp. 4.10%, 06/15/51 |
50 | 26,624 | ||||||
Emera US Finance LP 3.55%, 06/15/26 |
25 | 23,439 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | 125 | 105,867 | ||||||
4.25%, 12/01/26 | 25 | 23,763 | ||||||
Fortis, Inc. 3.06%, 10/04/26 |
25 | 22,942 | ||||||
Royal Bank of Canada 1.40%, 11/02/26 |
50 | 43,922 | ||||||
Toronto-Dominion Bank | ||||||||
1.15%, 06/12/25 | 25 | 23,174 | ||||||
1.20%, 06/03/26 | 50 | 44,343 | ||||||
1.25%, 09/10/26 | 75 | 65,994 | ||||||
854,402 | ||||||||
Denmark: 0.4% | ||||||||
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27 |
50 | 43,432 | ||||||
Finland: 0.4% | ||||||||
Nordea Bank Abp 144A 0.75%, 08/28/25 |
50 | 45,600 | ||||||
France: 6.3% | ||||||||
BNP Paribas SA 144A | ||||||||
4.38%, 05/12/26 | 100 | 95,038 | ||||||
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 † | 150 | 143,477 | ||||||
Credit Agricole SA 144A | ||||||||
2.02%, 01/11/27 | 50 | 44,117 | ||||||
4.38%, 03/17/25 | 50 | 48,341 | ||||||
5.51%, 07/05/33 | 75 | 70,277 | ||||||
Societe Generale SA 144A |
Par (000’s |
) | Value | ||||||
France (continued) | ||||||||
1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26 | $ | 100 | $ | 89,129 | ||||
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | 100 | 87,915 | ||||||
3.00%, 01/22/30 | 100 | 79,458 | ||||||
4.25%, 04/14/25 | 50 | 47,908 | ||||||
4.68%, 06/15/27 | 50 | 47,490 | ||||||
753,150 | ||||||||
Germany: 0.3% | ||||||||
Deutsche Bank AG 3.73% (SOFR+2.76%), 01/14/32 |
50 | 36,220 | ||||||
India: 0.7% | ||||||||
Adani Ports & Special Economic Zone Ltd. 144A 4.20%, 08/04/27 |
50 | 41,288 | ||||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 |
50 | 48,858 | ||||||
90,146 | ||||||||
Italy: 1.0% | ||||||||
Intesa Sanpaolo SpA 144A | ||||||||
6.62%, 06/20/33 | 50 | 45,897 | ||||||
7.78% (US Treasury Yield Curve Rate T 1 Year+3.90%), 06/20/54 | 25 | 21,702 | ||||||
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27 |
50 | 44,139 | ||||||
111,738 | ||||||||
Japan: 0.4% | ||||||||
Nomura Holdings, Inc. 2.65%, 01/16/25 |
50 | 47,762 | ||||||
Mexico: 0.4% | ||||||||
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 |
50 | 42,126 | ||||||
Netherlands: 1.3% | ||||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 36,037 | ||||||
3.68%, 01/21/30 | 50 | 39,654 | ||||||
4.03%, 08/03/50 | 50 | 26,977 | ||||||
4.99%, 01/19/52 | 100 | 61,802 | ||||||
164,470 | ||||||||
Norway: 0.4% | ||||||||
Var Energi ASA 144A 8.00%, 11/15/32 |
50 | 51,629 | ||||||
Saudi Arabia: 2.8% | ||||||||
Saudi Arabian Oil Co. 144A | ||||||||
3.25%, 11/24/50 | 75 | 44,470 | ||||||
3.50%, 04/16/29 | 75 | 66,738 | ||||||
3.50%, 11/24/70 | 50 | 28,273 | ||||||
4.25%, 04/16/39 | 150 | 117,905 |
See Notes to Financial Statements
68 |
Par (000’s |
) | Value | ||||||
Saudi Arabia (continued) | ||||||||
4.38%, 04/16/49 | $ | 100 | $ | 73,437 | ||||
330,823 | ||||||||
Sweden: 0.4% | ||||||||
Skandinaviska Enskilda Banken AB 144A 1.40%, 11/19/25 |
25 | 22,832 | ||||||
Svenska Handelsbanken AB 144A 3.95%, 06/10/27 |
25 | 23,344 | ||||||
46,176 | ||||||||
Switzerland: 2.9% | ||||||||
UBS Group AG 144A | ||||||||
1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27 | 50 | 44,353 | ||||||
2.75% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/33 | 50 | 36,633 | ||||||
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 | 50 | 30,982 | ||||||
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27 | 100 | 95,289 | ||||||
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33 | 150 | 129,720 | ||||||
336,977 | ||||||||
Taiwan: 0.8% | ||||||||
TSMC Global Ltd. 144A | ||||||||
0.75%, 09/28/25 | 50 | 45,549 | ||||||
1.25%, 04/23/26 | 50 | 45,002 | ||||||
90,551 | ||||||||
United Kingdom: 4.1% | ||||||||
Barclays Plc | ||||||||
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 100 | 75,936 | ||||||
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32 | 100 | 74,041 | ||||||
2.89% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/32 | 50 | 36,529 | ||||||
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | 100 | 61,396 | ||||||
4.38%, 01/12/26 | 50 | 47,738 | ||||||
5.25%, 08/17/45 | 50 | 40,369 | ||||||
Haleon UK Capital Plc 3.12%, 03/24/25 |
50 | 48,076 | ||||||
HSBC Holdings Plc 5.40% (SOFR+2.87%), 08/11/33 † |
50 | 44,979 | ||||||
Standard Chartered Plc 144A 2.68% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/29/32 |
100 | 74,393 | ||||||
503,457 |
Par (000’s |
) | Value | ||||||
United States: 68.4% | ||||||||
Altria Group, Inc. | ||||||||
2.45%, 02/04/32 | $ | 75 | $ | 54,768 | ||||
3.40%, 02/04/41 | 25 | 15,330 | ||||||
4.25%, 08/09/42 | 100 | 68,494 | ||||||
4.80%, 02/14/29 † | 75 | 70,269 | ||||||
5.38%, 01/31/44 † | 25 | 21,466 | ||||||
5.80%, 02/14/39 | 50 | 44,474 | ||||||
5.95%, 02/14/49 † | 60 | 50,936 | ||||||
Apple, Inc. | ||||||||
1.12%, 05/11/25 | 50 | 46,934 | ||||||
2.05%, 09/11/26 | 100 | 91,708 | ||||||
3.20%, 05/11/27 | 100 | 93,539 | ||||||
3.25%, 08/08/29 | 50 | 45,169 | ||||||
3.35%, 02/09/27 | 50 | 47,154 | ||||||
4.10%, 08/08/62 | 50 | 36,702 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 21,965 | ||||||
2.88%, 06/15/28 | 100 | 82,808 | ||||||
AT&T, Inc. | ||||||||
3.65%, 09/15/59 | 175 | 101,332 | ||||||
3.85%, 06/01/60 | 75 | 45,217 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 | 25 | 13,793 | ||||||
3.80%, 07/15/48 | 50 | 32,990 | ||||||
4.25%, 10/15/50 | 50 | 35,059 | ||||||
4.45%, 01/15/49 | 50 | 36,671 | ||||||
5.15%, 11/15/43 | 25 | 21,079 | ||||||
6.12%, 04/01/36 | 75 | 73,045 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
2.85%, 10/15/50 | 125 | 71,902 | ||||||
3.85%, 03/15/52 | 50 | 34,896 | ||||||
4.20%, 08/15/48 | 110 | 84,331 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 |
25 | 22,593 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 |
50 | 47,766 | ||||||
Blackstone Holdings Finance Co. LLC 144A 3.20%, 01/30/52 |
50 | 28,232 | ||||||
Blue Owl Capital Corp. 3.40%, 07/15/26 |
50 | 44,628 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27 |
75 | 70,124 | ||||||
Broadcom, Inc. 3.15%, 11/15/25 |
25 | 23,687 | ||||||
Broadcom, Inc. 144A | ||||||||
3.42%, 04/15/33 | 125 | 97,231 | ||||||
4.93%, 05/15/37 | 75 | 62,543 | ||||||
Cameron LNG LLC 144A 3.70%, 01/15/39 |
75 | 55,492 | ||||||
Campbell Soup Co. 3.95%, 03/15/25 |
25 | 24,311 | ||||||
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34 |
25 | 22,811 |
See Notes to Financial Statements
69 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
CF Industries, Inc. 144A 4.50%, 12/01/26 |
$ | 25 | $ | 23,834 | ||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
2.25%, 01/15/29 | 25 | 20,251 | ||||||
3.85%, 04/01/61 | 50 | 26,434 | ||||||
4.91%, 07/23/25 | 100 | 97,808 | ||||||
5.05%, 03/30/29 | 100 | 92,524 | ||||||
5.38%, 05/01/47 | 25 | 18,093 | ||||||
6.48%, 10/23/45 | 100 | 84,123 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 25 | 21,792 | ||||||
5.12%, 06/30/27 | 25 | 24,130 | ||||||
5.88%, 03/31/25 | 50 | 49,774 | ||||||
Cheniere Energy, Inc. 4.62%, 10/15/28 |
25 | 22,865 | ||||||
Citizens Bank NA 2.25%, 04/28/25 |
50 | 46,324 | ||||||
Conagra Brands, Inc. 4.85%, 11/01/28 |
25 | 23,501 | ||||||
Constellation Brands, Inc. | ||||||||
2.25%, 08/01/31 | 25 | 19,012 | ||||||
3.15%, 08/01/29 † | 50 | 43,194 | ||||||
Corning, Inc. 5.45%, 11/15/79 |
25 | 19,735 | ||||||
Costco Wholesale Corp. 3.00%, 05/18/27 |
50 | 46,346 | ||||||
Credit Suisse AG | ||||||||
1.25%, 08/07/26 | 100 | 87,262 | ||||||
2.95%, 04/09/25 | 75 | 71,230 | ||||||
5.00%, 07/09/27 | 100 | 95,453 | ||||||
Deutsche Bank AG | ||||||||
1.69%, 03/19/26 | 50 | 45,085 | ||||||
2.13% (SOFR+1.87%), 11/24/26 | 100 | 90,317 | ||||||
2.55% (SOFR+1.32%), 01/07/28 | 75 | 64,937 | ||||||
3.96% (SOFR+2.58%), 11/26/25 | 50 | 48,226 | ||||||
Duke Energy Carolinas LLC 4.95%, 01/15/33 |
25 | 23,103 | ||||||
Duke Energy Corp. 2.65%, 09/01/26 |
100 | 91,678 | ||||||
EMD Finance LLC 144A 3.25%, 03/19/25 |
50 | 48,162 | ||||||
Entergy Louisiana LLC 4.00%, 03/15/33 |
50 | 42,044 | ||||||
Equinix, Inc. 3.20%, 11/18/29 |
50 | 42,271 | ||||||
Fiserv, Inc. | ||||||||
2.25%, 06/01/27 | 100 | 88,403 | ||||||
3.85%, 06/01/25 | 25 | 24,236 | ||||||
4.20%, 10/01/28 | 75 | 69,264 | ||||||
Florida Power & Light Co. 2.88%, 12/04/51 |
25 | 14,200 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.15%, 10/01/49 | $ | 100 | $ | 61,008 | ||||
FS KKR Capital Corp. 3.40%, 01/15/26 |
25 | 22,876 | ||||||
General Mills, Inc. | ||||||||
2.88%, 04/15/30 | 75 | 62,035 | ||||||
4.00%, 04/17/25 | 25 | 24,338 | ||||||
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 |
25 | 24,408 | ||||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | 100 | 88,784 | ||||||
5.25%, 04/15/25 | 75 | 73,965 | ||||||
5.25%, 06/15/26 | 25 | 24,416 | ||||||
5.50%, 06/15/47 † | 125 | 100,774 | ||||||
Home Depot, Inc. 5.95%, 04/01/41 |
25 | 24,261 | ||||||
Huntington Bancshares, Inc. 2.55%, 02/04/30 |
50 | 38,502 | ||||||
ITC Holdings Corp. 144A 4.95%, 09/22/27 |
25 | 24,151 | ||||||
J M Smucker Co. 3.50%, 03/15/25 |
25 | 24,206 | ||||||
Jackson National Life Global Funding 144A 1.75%, 01/12/25 |
25 | 23,554 | ||||||
Keurig Dr. Pepper, Inc. | ||||||||
3.95%, 04/15/29 | 50 | 45,534 | ||||||
4.05%, 04/15/32 | 50 | 43,045 | ||||||
4.60%, 05/25/28 | 25 | 23,800 | ||||||
KeyCorp | ||||||||
2.25%, 04/06/27 | 75 | 62,270 | ||||||
2.55%, 10/01/29 | 50 | 37,371 | ||||||
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 |
25 | 20,384 | ||||||
Kraft Heinz Foods Co. 3.00%, 06/01/26 |
50 | 46,739 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 |
75 | 76,652 | ||||||
Lowe’s Cos, Inc. 5.80%, 09/15/62 |
50 | 42,399 | ||||||
McCormick & Co., Inc. 3.40%, 08/15/27 |
25 | 22,900 | ||||||
McDonald’s Corp. | ||||||||
3.50%, 07/01/27 | 25 | 23,237 | ||||||
3.60%, 07/01/30 | 25 | 21,907 | ||||||
3.62%, 09/01/49 | 75 | 49,753 | ||||||
3.80%, 04/01/28 | 75 | 69,618 | ||||||
4.45%, 03/01/47 | 25 | 19,197 | ||||||
4.70%, 12/09/35 | 75 | 65,848 | ||||||
4.88%, 12/09/45 | 50 | 41,187 | ||||||
6.30%, 10/15/37 | 50 | 50,564 | ||||||
Meta Platforms, Inc. 4.65%, 08/15/62 |
50 | 37,734 | ||||||
Metropolitan Life Global Funding I 144A 1.88%, 01/11/27 |
75 | 65,693 | ||||||
Mondelez International, Inc. |
See Notes to Financial Statements
70 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
2.62%, 03/17/27 | $ | 50 | $ | 45,264 | ||||
2.62%, 09/04/50 | 25 | 13,630 | ||||||
2.75%, 04/13/30 | 25 | 20,600 | ||||||
Nestle Holdings, Inc. 144A 3.50%, 09/24/25 |
25 | 24,195 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
1.88%, 01/15/27 | 100 | 87,867 | ||||||
6.05%, 03/01/25 | 50 | 49,986 | ||||||
Oracle Corp. | ||||||||
3.85%, 07/15/36 | 75 | 57,239 | ||||||
4.12%, 05/15/45 | 100 | 69,324 | ||||||
4.30%, 07/08/34 | 50 | 41,695 | ||||||
4.38%, 05/15/55 | 50 | 33,859 | ||||||
5.38%, 07/15/40 | 100 | 85,166 | ||||||
6.50%, 04/15/38 | 50 | 48,819 | ||||||
Pacific Gas and Electric Co. | ||||||||
3.25%, 06/01/31 | 50 | 38,844 | ||||||
3.50%, 08/01/50 | 50 | 27,867 | ||||||
3.75%, 07/01/28 | 75 | 65,807 | ||||||
4.50%, 07/01/40 | 50 | 35,531 | ||||||
4.55%, 07/01/30 | 75 | 64,950 | ||||||
4.95%, 07/01/50 | 100 | 69,891 | ||||||
6.15%, 01/15/33 | 50 | 46,055 | ||||||
PepsiCo, Inc. | ||||||||
2.75%, 04/30/25 | 100 | 96,195 | ||||||
2.75%, 03/19/30 | 25 | 21,303 | ||||||
Philip Morris International, Inc. | ||||||||
0.88%, 05/01/26 | 50 | 44,516 | ||||||
3.38%, 08/15/29 | 75 | 65,304 | ||||||
4.12%, 03/04/43 | 50 | 35,859 | ||||||
4.38%, 11/15/41 | 65 | 48,906 | ||||||
5.38%, 02/15/33 | 25 | 23,108 | ||||||
5.62%, 11/17/29 | 25 | 24,474 | ||||||
5.75%, 11/17/32 | 50 | 47,801 | ||||||
Procter & Gamble Co. 2.45%, 11/03/26 |
25 | 23,161 | ||||||
Public Service Co. of Colorado 1.88%, 06/15/31 |
50 | 37,546 | ||||||
Republic Services, Inc. 3.95%, 05/15/28 |
25 | 23,330 | ||||||
San Diego Gas & Electric Co. 1.70%, 10/01/30 |
75 | 56,749 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 |
50 | 46,333 | ||||||
Southern California Edison Co. | ||||||||
2.95%, 02/01/51 | 25 | 13,914 | ||||||
3.65%, 02/01/50 | 50 | 31,803 | ||||||
Southern Co. 3.25%, 07/01/26 |
50 | 46,752 | ||||||
Sprint Capital Corp. 6.88%, 11/15/28 |
25 | 25,675 | ||||||
Sprint LLC | ||||||||
7.62%, 02/15/25 | 150 | 152,253 | ||||||
7.62%, 03/01/26 | 25 | 25,694 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 | $ | 25 | $ | 16,431 | ||||
5.88%, 11/15/40 | 25 | 19,738 | ||||||
6.55%, 05/01/37 | 100 | 87,844 | ||||||
6.75%, 06/15/39 | 75 | 65,446 | ||||||
T-Mobile USA, Inc. | ||||||||
1.50%, 02/15/26 | 25 | 22,679 | ||||||
3.00%, 02/15/41 | 25 | 15,790 | ||||||
3.50%, 04/15/25 | 50 | 48,318 | ||||||
3.75%, 04/15/27 | 150 | 139,535 | ||||||
3.88%, 04/15/30 | 125 | 108,877 | ||||||
United Rentals North America, Inc. 144A 6.00%, 12/15/29 |
50 | 48,147 | ||||||
Verisk Analytics, Inc. 4.00%, 06/15/25 |
25 | 24,227 | ||||||
Verizon Communications, Inc. | ||||||||
3.70%, 03/22/61 | 75 | 45,778 | ||||||
4.02%, 12/03/29 | 150 | 134,001 | ||||||
4.12%, 03/16/27 | 125 | 118,438 | ||||||
4.33%, 09/21/28 | 50 | 46,574 | ||||||
VICI Properties LP | ||||||||
4.75%, 02/15/28 | 50 | 46,094 | ||||||
5.12%, 05/15/32 | 50 | 43,255 | ||||||
5.62%, 05/15/52 | 25 | 19,597 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.50%, 02/15/25 | 50 | 47,734 | ||||||
4.25%, 12/01/26 | 75 | 69,290 | ||||||
Vistra Operations Co. LLC 144A 4.30%, 07/15/29 |
25 | 21,767 | ||||||
Walt Disney Co. 6.20%, 12/15/34 † |
25 | 25,378 | ||||||
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 |
25 | 23,199 | ||||||
Weyerhaeuser Co. 4.00%, 04/15/30 |
50 | 43,746 | ||||||
8,049,318 | ||||||||
Total Corporate Bonds (Cost: $13,112,343) |
11,613,883 | |||||||
Total Investments: 98.4% (Cost: $13,112,343) |
11,613,883 | |||||||
Other assets less liabilities: 1.6% | 188,953 | |||||||
NET ASSETS: 100.0% | $ | 11,802,836 |
See Notes to Financial Statements
71 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
SOFR | Secured Overnight Financing Rate |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $471,845. |
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 $3,007,214, or 25.5% of net assets. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Financials | 30.0 | % | $ | 3,489,975 | ||||
Technology | 20.0 | 2,317,772 | ||||||
Consumer Non-Cyclicals | 15.0 | 1,743,086 | ||||||
Utilities | 8.9 | 1,029,236 | ||||||
Consumer Cyclicals | 8.7 | 1,008,384 | ||||||
Energy | 5.9 | 689,130 | ||||||
Industrials | 4.5 | 523,278 | ||||||
Real Estate | 2.9 | 336,395 | ||||||
Healthcare | 2.9 | 336,101 | ||||||
Basic Materials | 1.2 | 140,526 | ||||||
100.0 | % | $ | 11,613,883 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||
Corporate Bonds * | $ | — | $ | 11,613,883 | $ | — | $ | 11,613,883 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
72 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Financial Services: 99.9% | ||||||||
AGNC Investment Corp. † | 1,809,339 | $ | 13,352,922 | |||||
Annaly Capital Management, Inc. | 1,360,613 | 21,239,169 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 775,536 | 7,724,339 | ||||||
Arbor Realty Trust, Inc. † | 702,532 | 8,858,929 | ||||||
Ares Commercial Real Estate Corp. † | 397,550 | 3,645,533 | ||||||
ARMOUR Residential REIT, Inc. † | 300,520 | 4,378,576 | ||||||
Blackstone Mortgage Trust, Inc. † | 498,715 | 9,949,364 | ||||||
BrightSpire Capital, Inc. † | 827,900 | 4,685,914 | ||||||
Chimera Investment Corp. | 1,416,314 | 6,798,307 | ||||||
Claros Mortgage Trust, Inc. | 327,062 | 3,411,257 | ||||||
Dynex Capital, Inc. † | 390,666 | 3,922,287 | ||||||
Ellington Financial, Inc. † | 442,073 | 5,318,138 | ||||||
Franklin BSP Realty Trust, Inc. | 499,622 | 6,300,233 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 461,849 | 7,916,092 | ||||||
KKR Real Estate Finance Trust, Inc. | 237,449 | 2,478,968 | ||||||
Ladder Capital Corp. | 835,693 | 8,448,856 | ||||||
MFA Financial, Inc. | 696,804 | 6,194,588 |
Number of Shares |
Value | |||||||
Financial Services (continued) | ||||||||
New York Mortgage Trust, Inc. † | 577,671 | $ | 4,500,057 | |||||
Orchid Island Capital, Inc. † | 370,361 | 2,325,867 | ||||||
PennyMac Mortgage Investment Trust † | 468,691 | 5,928,941 | ||||||
Ready Capital Corp. † | 935,725 | 8,823,887 | ||||||
Redwood Trust, Inc. † | 684,605 | 4,299,319 | ||||||
Rithm Capital Corp. | 1,432,567 | 13,365,850 | ||||||
Starwood Property Trust, Inc. † | 883,450 | 15,681,237 | ||||||
Two Harbors Investment Corp. | 531,908 | 6,175,452 | ||||||
Total Common
Stocks (Cost: $264,095,862) |
185,724,082 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 13.5% | ||||||||
Money Market Fund: 13.5% (Cost: $25,006,690) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 25,006,690 | 25,006,690 | ||||||
Total Investments: 113.4% (Cost: $289,102,552) |
210,730,772 | |||||||
Liabilities in excess of other assets: (13.4)% | (24,839,721) | |||||||
NET ASSETS: 100.0% | $ | 185,891,051 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $51,027,240. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 100.0 | % | $ | 185,724,082 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 185,724,083 | $ | — | $ | — | $ | 185,724,082 | ||||||||
Money Market Fund | 25,006,690 | — | — | 25,006,690 | ||||||||||||
Total Investments | $ | 210,730,773 | $ | — | $ | — | $ | 210,730,772 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
73 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
Number of Shares |
Value | |||||||
PREFERRED SECURITIES: 99.3% | ||||||||
Consumer Cyclicals: 5.9% | ||||||||
Ford Motor Co. | ||||||||
6.00%, 12/01/59 † | 957,918 | $ | 20,116,278 | |||||
6.20%, 06/01/59 | 898,040 | 19,271,938 | ||||||
6.50%, 08/15/62 | 718,426 | 15,029,472 | ||||||
Paramount Global 5.75%, 04/01/24 |
299,351 | 4,654,908 | ||||||
Qurate Retail, Inc. 8.00%, 03/15/31 |
380,173 | 9,048,117 | ||||||
QVC, Inc. 6.25%, 11/26/68 |
598,935 | 4,977,150 | ||||||
73,097,863 | ||||||||
Consumer Non-Cyclicals: 6.0% | ||||||||
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 |
299,351 | 4,577,077 | ||||||
CHS, Inc. | ||||||||
6.75%, 09/30/24 | 589,718 | 13,946,831 | ||||||
7.10%, 03/31/24 | 502,905 | 12,436,841 | ||||||
7.50%, 01/21/25 | 619,654 | 15,615,281 | ||||||
7.88%, 09/26/23 | 639,135 | 16,349,073 | ||||||
8.00%, 07/18/23 | 365,480 | 10,646,432 | ||||||
73,571,535 | ||||||||
Energy: 6.8% | ||||||||
Energy Transfer LP | ||||||||
7.60%, 05/15/24 | 957,918 | 23,679,733 | ||||||
10.16%, 05/15/23 | 536,089 | 13,407,586 | ||||||
10.36%, 08/15/23 | 530,128 | 13,285,008 | ||||||
NGL Energy Partners LP 12.85% * |
374,771 | 9,639,110 | ||||||
NuStar Energy LP 11.31% (Term SOFR USD 3 Month+5.90%) |
458,660 | 11,512,366 | ||||||
NuStar Logistics LP 6.98% (Term SOFR USD 3 Month+7.00%), 01/15/43 |
479,492 | 12,457,202 | ||||||
83,981,005 | ||||||||
Financial Services: 10.2% | ||||||||
AGNC Investment Corp. | ||||||||
6.12%, 04/15/25 | 688,494 | 13,762,995 | ||||||
6.50%, 10/15/24 | 481,947 | 10,260,652 | ||||||
10.77% (Term SOFR USD 3 Month+5.37%) | 387,157 | 9,427,273 | ||||||
Annaly Capital Management, Inc. | ||||||||
6.75%, 06/30/24 | 529,846 | 12,244,741 | ||||||
9.83% | 506,316 | 11,726,278 | ||||||
10.63% | 857,749 | 20,791,836 | ||||||
Chimera Investment Corp. | ||||||||
7.75%, 09/30/25 | 311,320 | 5,360,930 | ||||||
8.00%, 03/30/24 | 389,146 | 8,207,089 | ||||||
MFA Financial, Inc. 6.50%, 03/31/25 |
329,280 | 6,048,874 | ||||||
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 |
299,351 | 4,912,350 | ||||||
Rithm Capital Corp. 6.38%, 02/15/25 |
476,076 | 9,226,353 |
Number of Shares |
Value | |||||||
Financial Services (continued) | ||||||||
7.12%, 08/15/24 | 337,063 | $ | 7,465,945 | |||||
Two Harbors Investment Corp. 7.62%, 07/27/27 |
314,312 | 5,940,497 | ||||||
125,375,813 | ||||||||
Industrials: 6.6% | ||||||||
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 |
359,216 | 5,496,005 | ||||||
Chart Industries, Inc. 6.75%, 12/15/25 |
240,969 | 11,846,036 | ||||||
Clarivate Plc 5.25%, 06/01/24 |
430,314 | 12,018,670 | ||||||
Crestwood Equity Partners LP 9.25% |
2,133,149 | 20,563,556 | ||||||
RBC Bearings, Inc. 5.00%, 10/15/24 |
137,708 | 14,485,505 | ||||||
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 |
644,676 | 17,187,062 | ||||||
81,596,834 | ||||||||
Real Estate: 0.8% | ||||||||
Brookfield Property Preferred LP 6.25%, 07/26/81 |
803,564 | 9,642,768 | ||||||
Real Estate Investment Trusts: 15.2% | ||||||||
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26 |
339,585 | 5,932,550 | ||||||
Digital Realty Trust, Inc. 5.20%, 10/10/24 |
413,097 | 8,047,130 | ||||||
DigitalBridge Group, Inc. | ||||||||
7.12% | 345,961 | 7,216,746 | ||||||
7.15% | 383,252 | 8,052,125 | ||||||
Diversified Healthcare Trust | ||||||||
5.62%, 08/01/42 | 416,965 | 5,729,099 | ||||||
6.25%, 02/01/46 | 297,819 | 4,413,678 | ||||||
Franklin BSP Realty Trust, Inc. 7.50% |
307,603 | 5,724,492 | ||||||
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 |
508,894 | 5,363,743 | ||||||
Kimco Realty Corp. 5.25% |
311,639 | 6,235,896 | ||||||
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 |
392,507 | 6,397,864 | ||||||
Public Storage Operating Co. | ||||||||
3.88%, 10/06/25 | 338,264 | 5,158,526 | ||||||
4.00%, 06/16/26 | 1,243,838 | 19,629,785 | ||||||
4.10%, 01/13/27 | 299,351 | 4,834,519 | ||||||
4.62%, 06/17/25 | 676,517 | 12,515,564 | ||||||
4.70%, 11/15/24 | 309,881 | 5,704,909 | ||||||
4.88%, 09/12/24 | 378,616 | 7,443,591 | ||||||
5.05% | 357,392 | 7,641,041 | ||||||
5.15% | 333,570 | 7,041,663 | ||||||
5.60%, 03/11/24 | 341,260 | 7,572,559 | ||||||
Rithm Capital Corp. |
See Notes to Financial Statements
74 |
Number of Shares |
Value | |||||||
Real Estate Investment Trusts (continued) | ||||||||
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 | 556,780 | $ | 11,124,464 | |||||
RLJ Lodging Trust 1.95% |
385,442 | 9,096,431 | ||||||
UMH Properties, Inc. 6.38% |
315,699 | 6,424,475 | ||||||
Vornado Realty Trust | ||||||||
4.45%, 09/22/26 | 359,216 | 4,285,447 | ||||||
5.25%, 11/24/25 | 739,833 | 10,429,505 | ||||||
5.40% † | 357,392 | 5,078,540 | ||||||
187,094,342 | ||||||||
Technology: 15.8% | ||||||||
AT&T, Inc. | ||||||||
4.75%, 02/18/25 | 2,095,437 | 36,251,060 | ||||||
5.00%, 12/12/24 | 1,436,868 | 26,740,113 | ||||||
5.35%, 11/01/66 | 1,575,503 | 33,006,788 | ||||||
5.62%, 08/01/67 | 982,826 | 21,622,172 | ||||||
Pitney Bowes, Inc. 6.70%, 03/07/43 |
506,316 | 7,655,498 | ||||||
Qwest Corp. | ||||||||
6.50%, 09/01/56 | 1,164,493 | 14,078,720 | ||||||
6.75%, 06/15/57 | 786,255 | 9,843,913 | ||||||
Telephone and Data Systems, Inc. | ||||||||
6.00%, 09/30/26 | 826,202 | 10,616,696 | ||||||
6.62%, 03/31/26 | 502,905 | 7,417,849 | ||||||
United States Cellular Corp. | ||||||||
5.50%, 03/01/70 | 598,689 | 8,896,519 | ||||||
5.50%, 06/01/70 † | 598,689 | 8,752,833 | ||||||
6.25%, 09/01/69 | 598,689 | 9,878,368 | ||||||
194,760,529 | ||||||||
Utilities: 32.0% | ||||||||
AES Corp. 6.88%, 02/15/24 |
312,217 | 18,820,441 | ||||||
Algonquin Power & Utilities Corp. | ||||||||
6.20%, 07/01/79 | 419,086 | 10,305,325 | ||||||
7.75%, 06/15/24 | 688,494 | 12,867,953 | ||||||
9.34%, 10/17/78 | 342,493 | 8,589,724 | ||||||
Brookfield BRP Holdings Canada, Inc. | ||||||||
4.62%, 04/30/26 | 419,086 | 5,728,906 | ||||||
4.88%, 12/09/26 | 311,320 | 4,445,650 | ||||||
CMS Energy Corp. | ||||||||
5.88%, 10/15/78 | 333,570 | 7,355,218 | ||||||
5.88%, 03/01/79 | 754,363 | 16,754,402 | ||||||
DTE Energy Co. | ||||||||
4.38%, 12/01/81 † | 335,269 | 6,004,668 | ||||||
5.25%, 12/01/77 | 476,508 | 10,235,392 | ||||||
Duke Energy Corp. | ||||||||
5.62%, 09/15/78 | 595,657 | 13,146,150 | ||||||
5.75%, 06/15/24 | 1,197,390 | 27,468,127 | ||||||
Entergy Arkansas LLC 4.88%, 09/01/66 |
488,435 | 9,881,040 |
Number of Shares |
Value | |||||||
Utilities (continued) | ||||||||
Entergy Louisiana LLC 4.88%, 09/01/66 |
321,658 | $ | 6,561,823 | |||||
Entergy Mississippi LLC 4.90%, 10/01/66 |
309,734 | 6,337,158 | ||||||
Georgia Power Co. 5.00%, 10/01/77 |
321,658 | 6,947,813 | ||||||
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 |
823,206 | 18,258,709 | ||||||
NextEra Energy, Inc. 6.93%, 09/01/25 |
1,197,390 | 44,950,021 | ||||||
NiSource, Inc. | ||||||||
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 | 598,689 | 14,967,225 | ||||||
7.75%, 03/01/24 | 258,186 | 26,203,297 | ||||||
SCE Trust III 5.75% (Term SOFR USD 3 Month+3.25%), 03/15/24 |
329,280 | 7,948,819 | ||||||
SCE Trust IV 5.38% (Term SOFR USD 3 Month+3.39%), 09/15/25 |
389,146 | 7,646,719 | ||||||
SCE Trust V 5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26 |
359,216 | 7,920,713 | ||||||
SCE Trust VI 5.00% |
565,858 | 9,913,832 | ||||||
Sempra 5.75%, 07/01/79 |
907,023 | 20,408,017 | ||||||
Southern Co. | ||||||||
4.20%, 10/15/60 | 898,040 | 16,164,720 | ||||||
4.95%, 01/30/80 † | 1,197,390 | 24,259,121 | ||||||
5.25%, 12/01/77 | 536,089 | 11,472,304 | ||||||
Spire, Inc. 5.90%, 08/15/24 |
299,351 | 6,612,663 | ||||||
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 |
305,561 | 6,645,952 | ||||||
394,821,902 | ||||||||
Total Preferred Securities (Cost: $1,467,508,178) |
1,223,942,591 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0% | ||||||||
Money Market Fund: 0.0% (Cost: $309,321) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 309,321 | 309,321 | ||||||
Total Investments: 99.3% (Cost: $1,467,817,499) |
1,224,251,912 | |||||||
Other assets less liabilities: 0.7% | 8,792,088 | |||||||
NET ASSETS: 100.0% | $ | 1,233,044,000 |
See Notes to Financial Statements
75 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $655,924. |
* | Non-income producing |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Residential & Commercial REITs | 23.7 | % | $ | 290,803,420 | ||||
Electric Utilities & IPPs | 22.1 | 270,758,078 | ||||||
Telecommunications Services | 15.3 | 187,105,031 | ||||||
Multiline Utilities | 9.6 | 117,451,161 | ||||||
Oil & Gas Related Equipment and Services | 6.1 | 74,341,895 | ||||||
Food & Tobacco | 5.6 | 68,994,458 | ||||||
Automobiles & Auto Parts | 4.5 | 54,417,688 | ||||||
Machinery; Equipment & Components | 3.6 | 43,518,603 | ||||||
Professional & Commercial Services | 3.1 | 38,078,231 | ||||||
Real Estate Operations | 2.1 | 24,911,639 | ||||||
Diversified Retail | 1.1 | 14,025,267 | ||||||
Oil & Gas | 0.8 | 9,639,110 | ||||||
Office Equipment | 0.6 | 7,655,498 | ||||||
Natural Gas Utilities | 0.5 | 6,612,663 | ||||||
Investment Banking & Investment Services | 0.5 | 6,397,864 | ||||||
Hotels & Entertainment Services | 0.4 | 4,654,908 | ||||||
Consumer Goods Conglomerates | 0.4 | 4,577,077 | ||||||
100.0 | % | $ | 1,223,942,591 |
The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Preferred Securities * | $ | 1,223,942,591 | $ | — | $ | — | $ | 1,223,942,591 | ||||||||
Money Market Fund | 309,321 | — | — | 309,321 | ||||||||||||
Total Investments | $ | 1,224,251,912 | $ | — | $ | — | $ | 1,224,251,912 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
76 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2023 (unaudited)
BDC Income ETF | China Bond ETF | Dynamic High Income ETF |
Emerging Markets High Yield Bond ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 706,223,444 | $ | 28,921,983 | $ | 102,898 | $ | 301,614,574 | ||||||||
Affiliated issuers (3) | — | — | 628,072 | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 87,578,849 | — | — | 15,921,278 | ||||||||||||
Cash | 5,619 | 44,215 | — | 4,292,361 | ||||||||||||
Cash denominated in foreign currency, at value (5) | — | 2,952,744 | (a) | — | 2,341 | |||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 4,403 | — | 6,255,966 | ||||||||||||
Dividends and interest | 646,038 | 360,803 | 1,157 | 5,775,481 | ||||||||||||
Prepaid expenses | — | 827 | — | — | ||||||||||||
Total assets | 794,453,950 | 32,284,975 | 732,127 | 333,862,001 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | 6,488,812 | ||||||||||||
Collateral for securities loaned | 87,578,849 | — | — | 15,921,278 | ||||||||||||
Line of credit | 620,967 | — | — | — | ||||||||||||
Due to Adviser | 239,971 | 5,476 | 63 | 112,775 | ||||||||||||
Due to custodian | — | — | 70 | — | ||||||||||||
Deferred Trustee fees | 9,396 | 138 | — | 40,196 | ||||||||||||
Accrued expenses | 16,618 | 47,137 | — | — | ||||||||||||
Total liabilities | 88,465,801 | 52,751 | 133 | 22,563,061 | ||||||||||||
NET ASSETS | $ | 705,988,149 | $ | 32,232,224 | $ | 731,994 | $ | 311,298,940 | ||||||||
Shares outstanding | 47,425,000 | 1,500,000 | 30,000 | 17,700,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 14.89 | $ | 21.49 | $ | 24.40 | $ | 17.59 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 839,220,752 | $ | 40,711,438 | $ | 758,912 | $ | 582,187,892 | ||||||||
Total distributable earnings (loss) | (133,232,603 | ) | (8,479,214 | ) | (26,918 | ) | (270,888,952 | ) | ||||||||
NET ASSETS | $ | 705,988,149 | $ | 32,232,224 | $ | 731,994 | $ | 311,298,940 | ||||||||
(1) Value of securities on loan | $ | 107,950,095 | $ | — | $ | — | $ | 15,325,318 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 738,148,037 | $ | 31,725,421 | $ | 118,426 | $ | 357,795,978 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 637,360 | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 87,578,849 | $ | — | $ | — | $ | 15,921,278 | ||||||||
(5) Cost of cash denominated in foreign currency | $ | — | $ | 2,968,190 | $ | — | $ | 2,369 |
(a) | Includes $35,911 on foreign investor minimum settlement reserve funds (see Note 2H). |
See Notes to Financial Statements
77 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2023 (unaudited)
Fallen Angel High Yield Bond ETF |
Green Bond ETF | IG Floating Rate ETF |
International High Yield Bond ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 2,309,387,848 | $ | 80,634,045 | $ | 1,300,135,220 | $ | 35,833,911 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 79,671,097 | 1,607,387 | — | 1,872,582 | ||||||||||||
Cash | 6,695,245 | 183,354 | 6,289,188 | 265,168 | ||||||||||||
Cash denominated in foreign currency, at value (4) | — | 42 | — | 452,625 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 93,255,795 | 662,937 | 61,672,723 | 960,045 | ||||||||||||
Shares of beneficial interest sold | 8,024,130 | — | 7,571,990 | — | ||||||||||||
Dividends and interest | 38,006,788 | 769,702 | 12,193,863 | 661,707 | ||||||||||||
Total assets | 2,535,040,903 | 83,857,467 | 1,387,862,984 | 40,046,038 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 99,620,818 | 533,184 | 68,236,063 | 1,427,456 | ||||||||||||
Shares of beneficial interest redeemed | 5,313,682 | — | — | — | ||||||||||||
Collateral for securities loaned | 79,671,097 | 1,607,387 | — | 1,872,582 | ||||||||||||
Due to Adviser | 715,816 | 13,622 | 150,794 | 12,440 | ||||||||||||
Deferred Trustee fees | 67,963 | 1,073 | 21,618 | 33,385 | ||||||||||||
Accrued expenses | — | — | — | 103 | ||||||||||||
Total liabilities | 185,389,376 | 2,155,266 | 68,408,475 | 3,345,966 | ||||||||||||
NET ASSETS | $ | 2,349,651,527 | $ | 81,702,201 | $ | 1,319,454,509 | $ | 36,700,072 | ||||||||
Shares outstanding | 87,850,000 | 3,650,000 | 52,300,000 | 1,900,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 26.75 | $ | 22.38 | $ | 25.23 | $ | 19.32 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 3,100,169,113 | $ | 97,927,933 | $ | 1,322,753,669 | $ | 64,508,078 | ||||||||
Total distributable earnings (loss) | (750,517,586 | ) | (16,225,732 | ) | (3,299,160 | ) | (27,808,006 | ) | ||||||||
NET ASSETS | $ | 2,349,651,527 | $ | 81,702,201 | $ | 1,319,454,509 | $ | 36,700,072 | ||||||||
(1) Value of securities on loan | $ | 84,090,029 | $ | 4,858,933 | $ | 6,457,726 | $ | 1,894,783 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 2,676,554,304 | $ | 92,637,455 | $ | 1,302,967,027 | $ | 42,563,250 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 79,671,097 | $ | 1,607,387 | $ | — | $ | 1,872,582 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | — | $ | 43 | $ | — | $ | 456,762 |
See Notes to Financial Statements
78 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2023 (unaudited)
J.P. Morgan EM Local Currency Bond ETF |
Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 2,772,427,507 | $ | 7,715,858 | $ | 11,613,883 | $ | 185,724,082 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 5,707,719 | 19,775 | — | 25,006,690 | ||||||||||||
Cash | 5,435,343 | 46,711 | 69,143 | 481 | ||||||||||||
Cash denominated in foreign currency, at value (4) | 23,549,778 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 38,953,858 | 541,171 | 553,110 | — | ||||||||||||
Shares of beneficial interest sold | 192,326 | — | — | 983,543 | ||||||||||||
Dividends and interest | 58,609,909 | 96,378 | 134,780 | 402,762 | ||||||||||||
Prepaid expenses | 13,596 | — | — | — | ||||||||||||
Total assets | 2,904,890,036 | 8,419,893 | 12,370,916 | 212,117,558 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 30,687,084 | 534,437 | 566,067 | 983,642 | ||||||||||||
Collateral for securities loaned | 5,707,719 | 19,775 | — | 25,006,690 | ||||||||||||
Line of credit | — | — | — | 137,786 | ||||||||||||
Due to Adviser | 628,117 | 1,676 | 2,013 | 64,704 | ||||||||||||
Deferred Trustee fees | 251,870 | — | — | 16,359 | ||||||||||||
Accrued expenses | 1,046,486 | — | — | 17,326 | ||||||||||||
Total liabilities | 38,321,276 | 555,888 | 568,080 | 26,226,507 | ||||||||||||
NET ASSETS | $ | 2,866,568,760 | $ | 7,864,005 | $ | 11,802,836 | $ | 185,891,051 | ||||||||
Shares outstanding | 120,222,682 | 400,000 | 600,000 | 18,900,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 23.84 | $ | 19.66 | $ | 19.67 | $ | 9.84 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 3,898,366,873 | $ | 9,999,885 | $ | 14,999,828 | $ | 377,703,528 | ||||||||
Total distributable earnings (loss) | (1,031,798,113 | ) | (2,135,880 | ) | (3,196,992 | ) | (191,812,477 | ) | ||||||||
NET ASSETS | $ | 2,866,568,760 | $ | 7,864,005 | $ | 11,802,836 | $ | 185,891,051 | ||||||||
(1) Value of securities on loan | $ | 5,563,243 | $ | 126,950 | $ | 471,845 | $ | 51,027,240 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 3,173,571,233 | $ | 8,591,357 | $ | 13,112,343 | $ | 264,095,862 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 5,707,719 | $ | 19,775 | $ | — | $ | 25,006,690 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | 23,580,732 | $ | — | $ | — | $ | — |
See Notes to Financial Statements
79 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2023 (unaudited)
Preferred Securities ex Financials ETF |
||||
Assets: | ||||
Investments, at value (1) | ||||
Unaffiliated issuers (2) | $ | 1,223,942,591 | ||
Short-term investments held as collateral for securities loaned (3) | 309,321 | |||
Cash | 5,348,320 | |||
Receivables: | ||||
Shares of beneficial interest sold | 2,368,773 | |||
Dividends and interest | 4,204,128 | |||
Total assets | 1,236,173,133 | |||
Liabilities: | ||||
Payables: | ||||
Investment securities purchased | 2,367,274 | |||
Collateral for securities loaned | 309,321 | |||
Due to Adviser | 416,256 | |||
Deferred Trustee fees | 36,282 | |||
Total liabilities | 3,129,133 | |||
NET ASSETS | $ | 1,233,044,000 | ||
Shares outstanding | 77,850,000 | |||
Net asset value, redemption and offering price per share | $ | 15.84 | ||
Net Assets consist of: | ||||
Aggregate paid in capital | $ | 1,532,243,167 | ||
Total distributable earnings (loss) | (299,199,167 | ) | ||
NET ASSETS | $ | 1,233,044,000 | ||
(1) Value of securities on loan | $ | 655,924 | ||
(2) Cost of investments - Unaffiliated issuers | $ | 1,467,508,178 | ||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 309,321 |
See Notes to Financial Statements
80 |
VANECK ETF TRUST
For the Period Ended October 31, 2023 (unaudited)
BDC Income ETF | China Bond ETF | Dynamic High Income ETF |
Emerging Markets High Yield Bond ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 37,051,506 | $ | — | $ | — | $ | — | ||||||||
Dividends - affiliated issuers | — | — | 16,559 | — | ||||||||||||
Interest | 15,531 | 536,507 | 1,467 | 13,045,846 | ||||||||||||
Securities lending income | 1,640,922 | — | — | 127,692 | ||||||||||||
Foreign taxes withheld | — | (365 | ) | — | 933 | |||||||||||
Total income | 38,707,959 | 536,142 | 18,026 | 13,174,471 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,314,491 | 75,116 | 360 | 784,942 | ||||||||||||
Professional fees | — | 24,671 | — | — | ||||||||||||
Custody and accounting fees | — | 12,296 | — | — | ||||||||||||
Reports to shareholders | — | 7,505 | — | — | ||||||||||||
Trustees’ fees and expenses | — | 812 | — | — | ||||||||||||
Registration fees | — | 2,990 | — | — | ||||||||||||
Insurance | — | 1,475 | — | — | ||||||||||||
Interest | 61,886 | 3,597 | — | — | ||||||||||||
Other | — | 329 | — | — | ||||||||||||
Total expenses | 1,376,377 | 128,791 | 360 | 784,942 | ||||||||||||
Waiver of management fees | — | (30,970 | ) | — | — | |||||||||||
Net expenses | 1,376,377 | 97,821 | 360 | 784,942 | ||||||||||||
Net investment income | 37,331,582 | 438,321 | 17,666 | 12,389,529 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (3,598,589 | ) | (2,466,707 | ) | — | (13,835,445 | ) | |||||||||
In-kind redemptions - unaffiliated issuers | 3,998,520 | — | — | (8,863,720 | ) | |||||||||||
Capital gain distributions from investment companies | 1,199,419 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (100,179 | ) | — | — | |||||||||||
Net realized gain (loss) | 1,599,350 | (2,566,886 | ) | — | (22,699,165 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | 7,784,403 | 309,333 | (20,984 | ) | 10,452,937 | |||||||||||
Investments - affiliated issuers | — | — | (26,585 | ) | — | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | (33,517 | ) | — | (97 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 7,784,403 | 275,816 | (47,569 | ) | 10,452,840 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 46,715,335 | $ | (1,852,749 | ) | $ | (29,903 | ) | $ | 143,204 |
See Notes to Financial Statements
81 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (unaudited)
Fallen Angel High Yield Bond ETF |
Green Bond ETF | IG Floating Rate ETF |
International High Yield Bond ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | 4,047 | $ | — | $ | — | ||||||||
Interest | 77,502,848 | 1,319,523 | 37,312,751 | 1,401,281 | ||||||||||||
Securities lending income | 978,768 | 8,328 | 7,620 | 12,082 | ||||||||||||
Foreign taxes withheld | — | 130 | — | (906 | ) | |||||||||||
Total income | 78,481,616 | 1,332,028 | 37,320,371 | 1,412,457 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 4,692,419 | 76,602 | 815,380 | 97,371 | ||||||||||||
Interest | 25,092 | 2,010 | 2,600 | 103 | ||||||||||||
Total expenses | 4,717,511 | 78,612 | 817,980 | 97,474 | ||||||||||||
Net investment income | 73,764,105 | 1,253,416 | 36,502,391 | 1,314,983 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (77,711,269 | ) | (537,905 | ) | (303,764 | ) | (827,750 | ) | ||||||||
In-kind redemptions | (5,953,656 | ) | — | 194,217 | (2,619,981 | ) | ||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | — | — | 2,302 | ||||||||||||
Net realized loss | (83,664,925 | ) | (537,905 | ) | (109,547 | ) | (3,445,429 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (16,720,597 | ) | (3,437,811 | ) | 5,584,501 | 1,706,569 | ||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | (1 | ) | — | (32,444 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (16,720,597 | ) | (3,437,812 | ) | 5,584,501 | 1,674,125 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (26,621,417 | ) | $ | (2,722,301 | ) | $ | 41,977,345 | $ | (456,321 | ) |
See Notes to Financial Statements
82 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (unaudited)
J.P. Morgan EM Local Currency Bond ETF |
Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | — | $ | — | $ | 9,232,272 | ||||||||
Interest | 107,917,813 | 203,535 | 295,729 | 4,978 | ||||||||||||
Securities lending income | 44,213 | 240 | 459 | 132,411 | ||||||||||||
Foreign taxes withheld | (1,986,425 | ) | — | — | — | |||||||||||
Total income | 105,975,601 | 203,775 | 296,188 | 9,369,661 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 4,409,863 | 10,293 | 12,357 | 409,304 | ||||||||||||
Professional fees | 27,291 | — | — | — | ||||||||||||
Custody and accounting fees | 414,384 | — | — | — | ||||||||||||
Reports to shareholders | 159,579 | — | — | — | ||||||||||||
Trustees’ fees and expenses | 23,797 | — | — | — | ||||||||||||
Registration fees | 8,021 | — | — | — | ||||||||||||
Insurance | 22,537 | — | — | — | ||||||||||||
Interest | 10,150 | — | — | 30,083 | ||||||||||||
Other | 12,668 | — | — | — | ||||||||||||
Total expenses | 5,088,290 | 10,293 | 12,357 | 439,387 | ||||||||||||
Waiver of management fees | (178,291 | ) | — | — | — | |||||||||||
Net expenses | 4,909,999 | 10,293 | 12,357 | 439,387 | ||||||||||||
Net investment income | 101,065,602 | 193,482 | 283,831 | 8,930,274 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments (1) | (101,545,002 | ) | (190,205 | ) | (182,694 | ) | (6,232,086 | ) | ||||||||
In-kind redemptions | 3,063,070 | — | — | 782,980 | ||||||||||||
Capital gain distributions from investment companies | — | — | — | 528,825 | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (609,394 | ) | — | — | — | |||||||||||
Net realized loss | (99,091,326 | ) | (190,205 | ) | (182,694 | ) | (4,920,281 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments (2) | (78,879,495 | ) | (390,902 | ) | (698,885 | ) | (14,966,897 | ) | ||||||||
Foreign currency translations and foreign denominated assets and liabilities | (2,482,198 | ) | — | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) | (81,361,693 | ) | (390,902 | ) | (698,885 | ) | (14,966,897 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (79,387,417 | ) | $ | (387,625 | ) | $ | (597,748 | ) | $ | (10,956,904 | ) | ||||
(1) Net of foreign taxes | $ | (202,799 | ) | $ | — | $ | — | $ | — | |||||||
(2) Net of foreign taxes | $ | 942,042 | $ | — | $ | — | $ | — |
See Notes to Financial Statements
83 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (unaudited)
Preferred Securities ex Financials ETF |
||||
Income: | ||||
Dividends | $ | 43,884,635 | ||
Interest | 278,613 | |||
Securities lending income | 665,070 | |||
Foreign taxes withheld | (108,729 | ) | ||
Total income | 44,719,589 | |||
Expenses: | ||||
Management fees | 2,375,830 | |||
Interest | 45,689 | |||
Total expenses | 2,421,519 | |||
Net investment income | 42,298,070 | |||
Net realized gain (loss) on: | ||||
Investments | 10,560,422 | |||
In-kind redemptions | 560,565 | |||
Capital gain distributions from investment companies | 1,570,625 | |||
Net realized gain | 12,691,612 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (135,837,002 | ) | ||
Net change in unrealized appreciation (depreciation) | (135,837,002 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (80,847,320 | ) |
See Notes to Financial Statements
84 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
BDC Income ETF | China Bond ETF | |||||||||||||||
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 37,331,582 | $ | 59,049,435 | $ | 438,321 | $ | 2,055,010 | ||||||||
Net realized gain (loss) | 1,599,350 | (23,904,976 | ) | (2,566,886 | ) | (5,715,883 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 7,784,403 | (58,310,532 | ) | 275,816 | (75,243 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 46,715,335 | (23,166,073 | ) | (1,852,749 | ) | (3,736,116 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (37,331,582 | ) | (59,501,743 | ) | (620,020 | ) | — | |||||||||
Return of capital | (645,776 | ) | (1,673,017 | ) | — | (1,816,350 | ) | |||||||||
Total distributions | (37,977,358 | ) | (61,174,760 | ) | (620,020 | ) | (1,816,350 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 161,530,226 | 184,695,569 | — | — | ||||||||||||
Cost of shares redeemed | (41,532,998 | ) | (148,132,044 | ) | (8,728,753 | ) | (80,600,929 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 119,997,228 | 36,563,525 | (8,728,753 | ) | (80,600,929 | ) | ||||||||||
Total increase (decrease) in net assets | 128,735,205 | (47,777,308 | ) | (11,201,522 | ) | (86,153,395 | ) | |||||||||
Net Assets, beginning of period | 577,252,944 | 625,030,252 | 43,433,746 | 129,587,141 | ||||||||||||
Net Assets, end of period | $ | 705,988,149 | $ | 577,252,944 | $ | 32,232,224 | $ | 43,433,746 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 10,450,000 | 12,250,000 | — | — | ||||||||||||
Shares redeemed | (2,725,000 | ) | (9,850,000 | ) | (400,000 | ) | (3,600,000 | ) | ||||||||
Net increase (decrease) | 7,725,000 | 2,400,000 | (400,000 | ) | (3,600,000 | ) |
See Notes to Financial Statements
85 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Dynamic High Income ETF | Emerging Markets High Yield Bond ETF | |||||||||||||||
Period Ended October 31, 2023 |
Period Ended April 30, 2023 (a) |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 17,666 | $ | 11,730 | $ | 12,389,529 | $ | 32,407,182 | ||||||||
Net realized loss | — | (2,103 | ) | (22,699,165 | ) | (153,601,452 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (47,569 | ) | 22,754 | 10,452,840 | 74,160,121 | |||||||||||
Net increase (decrease) in net assets resulting from operations | (29,903 | ) | 32,381 | 143,204 | (47,034,149 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (17,666 | ) | (11,730 | ) | (13,313,390 | ) | (37,523,220 | ) | ||||||||
Return of capital | (1,805 | ) | (1,494 | ) | — | — | ||||||||||
Total distributions | (19,471 | ) | (13,224 | ) | (13,313,390 | ) | (37,523,220 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 259,635 | 502,576 | — | 49,753,232 | ||||||||||||
Cost of shares redeemed | — | — | (106,543,686 | ) | (685,821,304 | ) | ||||||||||
Increase (decrease) in net assets resulting from share transactions | 259,635 | 502,576 | (106,543,686 | ) | (636,068,072 | ) | ||||||||||
Total increase (decrease) in net assets | 210,261 | 521,733 | (119,713,872 | ) | (720,625,441 | ) | ||||||||||
Net Assets, beginning of period | 521,733 | — | 431,012,812 | 1,151,638,253 | ||||||||||||
Net Assets, end of period | $ | 731,994 | $ | 521,733 | $ | 311,298,940 | $ | 431,012,812 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 10,000 | 20,000 | — | 2,700,000 | ||||||||||||
Shares redeemed | — | — | (6,000,000 | ) | (38,000,000 | ) | ||||||||||
Net increase (decrease) | 10,000 | 20,000 | (6,000,000 | ) | (35,300,000 | ) |
(a) | For the period November 2, 2022 (commencement of operations) through April 30, 2023. |
See Notes to Financial Statements
86 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Fallen Angel High Yield Bond ETF | Green Bond ETF | |||||||||||||||
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 73,764,105 | $ | 141,495,726 | $ | 1,253,416 | $ | 2,135,125 | ||||||||
Net realized loss | (83,664,925 | ) | (207,540,159 | ) | (537,905 | ) | (3,775,617 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (16,720,597 | ) | 45,359,290 | (3,437,812 | ) | 1,503,619 | ||||||||||
Net decrease in net assets resulting from operations | (26,621,417 | ) | (20,685,143 | ) | (2,722,301 | ) | (136,873 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (75,372,215 | ) | (148,186,700 | ) | (1,202,475 | ) | (2,159,765 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 690,647,014 | 1,920,657,258 | 10,167,111 | — | ||||||||||||
Cost of shares redeemed | (1,022,467,512 | ) | (2,794,164,212 | ) | — | (17,574,625 | ) | |||||||||
Increase (decrease) in net assets resulting from share transactions | (331,820,498 | ) | (873,506,954 | ) | 10,167,111 | (17,574,625 | ) | |||||||||
Total increase (decrease) in net assets | (433,814,130 | ) | (1,042,378,797 | ) | 6,242,335 | (19,871,263 | ) | |||||||||
Net Assets, beginning of period | 2,783,465,657 | 3,825,844,454 | 75,459,866 | 95,331,129 | ||||||||||||
Net Assets, end of period | $ | 2,349,651,527 | $ | 2,783,465,657 | $ | 81,702,201 | $ | 75,459,866 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 25,100,000 | 69,550,000 | 450,000 | — | ||||||||||||
Shares redeemed | (37,600,000 | ) | (101,400,000 | ) | — | (750,000 | ) | |||||||||
Net increase (decrease) | (12,500,000 | ) | (31,850,000 | ) | 450,000 | (750,000 | ) |
See Notes to Financial Statements
87 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
IG Floating Rate ETF | International High Yield Bond ETF | |||||||||||||||
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 36,502,391 | $ | 44,136,995 | $ | 1,314,983 | $ | 2,966,234 | ||||||||
Net realized loss | (109,547 | ) | (4,106,028 | ) | (3,445,429 | ) | (6,221,536 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 5,584,501 | (1,621,240 | ) | 1,674,125 | 3,305,546 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 41,977,345 | 38,409,727 | (456,321 | ) | 50,244 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (35,135,985 | ) | (39,541,190 | ) | (1,179,680 | ) | (2,745,823 | ) | ||||||||
Return of capital | — | — | — | (324,327 | ) | |||||||||||
Total distributions | (35,135,985 | ) | (39,541,190 | ) | (1,179,680 | ) | (3,070,150 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 294,787,109 | 331,514,195 | — | 11,761,829 | ||||||||||||
Cost of shares redeemed | (128,494,812 | ) | (318,579,661 | ) | (27,722,357 | ) | (22,099,405 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 166,292,297 | 12,934,534 | (27,722,357 | ) | (10,337,576 | ) | ||||||||||
Total increase (decrease) in net assets | 173,133,657 | 11,803,071 | (29,358,358 | ) | (13,357,482 | ) | ||||||||||
Net Assets, beginning of period | 1,146,320,852 | 1,134,517,781 | 66,058,430 | 79,415,912 | ||||||||||||
Net Assets, end of period | $ | 1,319,454,509 | $ | 1,146,320,852 | $ | 36,700,072 | $ | 66,058,430 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 11,700,000 | 13,250,000 | — | 600,000 | ||||||||||||
Shares redeemed | (5,100,000 | ) | (12,800,000 | ) | (1,400,000 | ) | (1,100,000 | ) | ||||||||
Net increase (decrease) | 6,600,000 | 450,000 | (1,400,000 | ) | (500,000 | ) |
See Notes to Financial Statements
88 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
J.P. Morgan EM Local Currency Bond ETF |
Moody’s Analytics BBB Corporate Bond ETF |
|||||||||||||||
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 101,065,602 | $ | 173,784,121 | $ | 193,482 | $ | 313,202 | ||||||||
Net realized loss | (99,091,326 | ) | (235,655,592 | ) | (190,205 | ) | (879,505 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (81,361,693 | ) | 201,337,025 | (390,902 | ) | 702,133 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (79,387,417 | ) | 139,465,554 | (387,625 | ) | 135,830 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (85,845,728 | ) | (23,143,273 | ) | (193,200 | ) | (299,760 | ) | ||||||||
Return of capital | — | (149,840,524 | ) | — | — | |||||||||||
Total distributions | (85,845,728 | ) | (172,983,797 | ) | (193,200 | ) | (299,760 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 203,858,865 | 459,045,576 | — | — | ||||||||||||
Cost of shares redeemed | (396,402,360 | ) | (274,639,215 | ) | — | — | ||||||||||
Increase (decrease) in net assets resulting from share transactions | (192,543,495 | ) | 184,406,361 | — | — | |||||||||||
Total increase (decrease) in net assets | (357,776,640 | ) | 150,888,118 | (580,825 | ) | (163,930 | ) | |||||||||
Net Assets, beginning of period | 3,224,345,400 | 3,073,457,282 | 8,444,830 | 8,608,760 | ||||||||||||
Net Assets, end of period | $ | 2,866,568,760 | $ | 3,224,345,400 | $ | 7,864,005 | $ | 8,444,830 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 8,000,000 | 18,400,000 | — | — | ||||||||||||
Shares redeemed | (16,100,000 | ) | (11,400,000 | ) | — | — | ||||||||||
Net increase (decrease) | (8,100,000 | ) | 7,000,000 | — | — |
See Notes to Financial Statements
89 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF | |||||||||||||||
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 283,831 | $ | 443,779 | $ | 8,930,274 | $ | 16,885,952 | ||||||||
Net realized loss | (182,695 | ) | (1,334,692 | ) | (4,920,281 | ) | (25,025,938 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (698,885 | ) | 1,037,261 | (14,966,897 | ) | (27,385,519 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (597,749 | ) | 146,348 | (10,956,904 | ) | (35,525,505 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (283,080 | ) | (430,440 | ) | (8,930,273 | ) | (16,885,952 | ) | ||||||||
Return of capital | — | — | (2,438,062 | ) | (5,467,268 | ) | ||||||||||
Total distributions | (283,080 | ) | (430,440 | ) | (11,368,335 | ) | (22,353,220 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | — | 22,766,819 | 61,069,628 | ||||||||||||
Cost of shares redeemed | — | — | (3,983,006 | ) | (24,680,759 | ) | ||||||||||
Increase in net assets resulting from share transactions | — | — | 18,783,813 | 36,388,869 | ||||||||||||
Total decrease in net assets | (880,829 | ) | (284,092 | ) | (3,541,426 | ) | (21,489,856 | ) | ||||||||
Net Assets, beginning of period | 12,683,665 | 12,967,757 | 189,432,477 | 210,922,333 | ||||||||||||
Net Assets, end of period | $ | 11,802,836 | $ | 12,683,665 | $ | 185,891,051 | $ | 189,432,477 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | — | 2,050,000 | 5,250,000 | ||||||||||||
Shares redeemed | — | — | (350,000 | ) | (1,900,000 | ) | ||||||||||
Net increase | — | — | 1,700,000 | 3,350,000 |
See Notes to Financial Statements
90 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Preferred Securities ex Financials ETF | ||||||||
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net investment income | $ | 42,298,070 | $ | 62,024,311 | ||||
Net realized gain (loss) | 12,691,612 | (10,656,813 | ) | |||||
Net change in unrealized appreciation (depreciation) | (135,837,002 | ) | (76,072,758 | ) | ||||
Net decrease in net assets resulting from operations | (80,847,320 | ) | (24,705,260 | ) | ||||
Distributions to shareholders from: | ||||||||
Distributable earnings | (42,818,290 | ) | (62,856,300 | ) | ||||
Share transactions*: | ||||||||
Proceeds from sale of shares | 302,207,170 | 232,255,280 | ||||||
Cost of shares redeemed | (5,141,956 | ) | (87,347,038 | ) | ||||
Increase in net assets resulting from share transactions | 297,065,214 | 144,908,242 | ||||||
Total increase in net assets | 173,399,604 | 57,346,682 | ||||||
Net Assets, beginning of period | 1,059,644,396 | 1,002,297,714 | ||||||
Net Assets, end of period | $ | 1,233,044,000 | $ | 1,059,644,396 | ||||
*Shares of Common Stock Issued (no par value) | ||||||||
Shares sold | 17,650,000 | 13,000,000 | ||||||
Shares redeemed | (300,000 | ) | (4,850,000 | ) | ||||
Net increase | 17,350,000 | 8,150,000 |
See Notes to Financial Statements
91 |
VANECK ETF TRUST
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Amount represents less than $0.005 per share. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(f) | Annualized |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
92 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
93 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period November 2, 2022 (commencement of operations) through April 30, 2023. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
94 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
95 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
96 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(f) | Annualized |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
97 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
98 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
99 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
100 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
101 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
102 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
103 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
104 |
VANECK ETF TRUST
October 31, 2023 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification | |
BDC Income ETF (“BDC Income”) | Diversified | |
China Bond ETF (“China Bond”) | Non-Diversified | |
Dynamic High Income ETF (Dynamic Income”) | Non-Diversified | |
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | Diversified | |
Fallen Angel High Yield Bond ETF (“Fallen Angel”) | Diversified | |
Green Bond ETF (“Green Bond”) | Diversified | |
IG Floating Rate ETF (“Floating Rate”) | Non-Diversified | |
International High Yield Bond ETF (“International High Yield”) | Diversified | |
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | Non-Diversified | |
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | Non-Diversified | |
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | Non-Diversified | |
Mortgage REIT Income ETF (“Mortgage REIT”) | Non-Diversified | |
Preferred Securities ex Financials ETF (“Preferred Securities”) | Non-Diversified |
Each Fund’s investment objective, except Dynamic High Income ETF, is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below. The investment objective of Dynamic High Income ETF is to provide high current income with consideration for capital appreciation.
Fund | Index | |
BDC Income | MVIS® US Business Development Companies Index | |
China Bond | ChinaBond China High Quality Bond Index | |
Emerging Markets High Yield | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index | |
Fallen Angel | ICE US Fallen Angel High Yield 10% Constrained Index | |
Green Bond | S&P Green Bond U.S. Dollar Select Index | |
Floating Rate | MVIS® US Investment Grade Floating Rate Index | |
International High Yield | ICE BofA Global ex-US Issuers High Yield Constrained Index | |
J.P. Morgan EM | J.P. Morgan GBI-EM Global Core Index | |
Moody’s Analytics BBB | MVIS® Moody’s Analytics® US BBB Corporate Bond Index | |
Moody’s Analytics IG | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index | |
Mortgage REIT | MVIS® US Mortgage REITs Index | |
Preferred Securities | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index |
The Funds (except BDC Income, Dynamic Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. Dynamic High Income ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing in exchange traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.
105 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. Security Valuation—The Funds value their investments in securities and other assets and liabilities 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. The Funds utilize various methods to measure the fair value of their 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 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 each Fund’s own assumptions in determining the fair value of investments). | |
Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ 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. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the 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 or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. 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, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
106 |
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 categorized 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. | |
A summary of the inputs and the levels used to value the Funds’ investments 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. | |
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. |
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of October 31, 2023. |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
107 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
G. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. |
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. | |
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. | |
China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at October 31, 2023. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2023, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The expense limitations and management fee rates for the period ended October 31, 2023 are as follows:
Fund | |
Management Fees |
|
Expense Limitations | ||||
China Bond | 0.40 | % | 0.50 | % | ||||
J.P. Morgan EM | 0.27 | 0.30 |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
108 |
Fund | Unitary Management Fee Rate | |||
BDC Income | 0.40 | % | ||
Dynamic Income | 0.10 | |||
Emerging Markets High Yield | 0.40 | |||
Fallen Angel | 0.35 | |||
Floating Rate | 0.14 | |||
Green Bond | 0.20 | |||
International High Yield | 0.40 | |||
Moody’s Analytics BBB | 0.25 | |||
Moody’s Analytics IG | 0.20 | |||
Mortgage REIT | 0.40 | |||
Preferred Securities | 0.40 |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At October 31, 2023, the Adviser owned approximately 82% and 37% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.
Note 4—Capital Share Transactions—As of October 31, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended October 31, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-Kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
BDC Income | $ | 32,063,649 | $ | 31,410,633 | $ | 161,407,425 | $ | 41,529,070 | ||||||||
China Bond | 11,580,412 | 21,675,473 | — | — | ||||||||||||
Dynamic Income | 40,336 | — | 219,013 | — | ||||||||||||
Emerging Markets High Yield | 37,848,800 | 43,580,116 | 336,103 | 98,266,013 | ||||||||||||
Fallen Angel | 957,257,596 | 960,970,148 | 649,052,978 | 972,804,456 | ||||||||||||
Floating Rate | 483,924,826 | 439,705,598 | 192,410,001 | 94,098,839 | ||||||||||||
Green Bond | 7,649,332 | 6,498,625 | 8,399,242 | — | ||||||||||||
International High Yield | 6,660,366 | 6,580,505 | — | 27,217,806 | ||||||||||||
J.P. Morgan EM | 627,606,091 | 630,525,417 | 24,263,845 | 231,849,116 |
109 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
In-Kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Moody’s Analytics BBB | 2,394,670 | 2,411,614 | — | — | ||||||||||||
Moody’s Analytics IG | 3,353,412 | 3,370,145 | — | — | ||||||||||||
Mortgage REIT | 12,751,815 | 11,241,089 | 22,749,312 | 4,315,352 | ||||||||||||
Preferred Securities | 222,236,527 | 144,314,500 | 262,974,964 | 4,503,882 |
Note 6—Income Taxes—As of October 31, 2023, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||
BDC Income | $ | 831,476,111 | $ | 5,678,568 | $ | (43,352,386 | ) | $ | (37,673,818 | ) | ||||||
China Bond | 31,725,424 | 2,012 | (2,805,453 | ) | (2,803,441 | ) | ||||||||||
Dynamic Income | 755,786 | 8,667 | (33,483 | ) | (24,816 | ) | ||||||||||
Emerging Markets High Yield | 376,473,812 | 1,157,531 | (60,095,491 | ) | (58,937,960 | ) | ||||||||||
Fallen Angel | 2,771,610,618 | 422,099 | (382,973,772 | ) | (382,551,673 | ) | ||||||||||
Floating Rate | 1,303,525,819 | 2,189,963 | (5,580,562 | ) | (3,390,599 | ) | ||||||||||
Green Bond | 94,294,700 | 20,935 | (12,074,203 | ) | (12,053,268 | ) | ||||||||||
International High Yield | 44,671,049 | 285,112 | (7,249,668 | ) | (6,964,556 | ) | ||||||||||
J.P. Morgan EM | 3,289,742,797 | 16,062,910 | (527,670,481 | ) | (511,607,571 | ) | ||||||||||
Moody’s Analytics BBB | 8,626,780 | 4,499 | (895,646 | ) | (891,147 | ) | ||||||||||
Moody’s Analytics IG | 13,115,522 | 4,319 | (1,505,958 | ) | (1,501,639 | ) | ||||||||||
Mortgage REIT | 290,089,215 | 76,141 | (79,434,584 | ) | (79,358,443 | ) | ||||||||||
Preferred Securities | 1,475,150,621 | 5,794,446 | (256,693,155 | ) | (250,898,709 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
BDC Income | $ | (40,506,943 | ) | $ | (56,641,799 | ) | $ | (97,148,742 | ) | |||
China Bond | (3,278 | ) | – | (3,278 | ) | |||||||
Dynamic Income | (2,103 | ) | – | (2,103 | ) | |||||||
Emerging Markets High Yield | (81,332,811 | ) | (109,361,657 | ) | (190,694,468 | ) | ||||||
Fallen Angel | (111,381,375 | ) | (182,964,882 | ) | (294,346,257 | ) | ||||||
Floating Rate | (5,467,384 | ) | (1,366,762 | ) | (6,834,146 | ) | ||||||
Green Bond | (1,557,581 | ) | (2,318,558 | ) | (3,876,139 | ) | ||||||
International High Yield | (2,340,022 | ) | (14,971,403 | ) | (17,311,425 | ) | ||||||
J.P. Morgan EM | (113,988,972 | ) | (276,174,879 | ) | (390,163,851 | ) | ||||||
Moody’s Analytics BBB | (315,325 | ) | (771,361 | ) | (1,086,686 | ) | ||||||
Moody’s Analytics IG | (250,007 | ) | (1,308,640 | ) | (1,558,647 | ) | ||||||
Mortgage REIT | (22,675,713 | ) | (84,841,682 | ) | (107,517,395 | ) | ||||||
Preferred Securities | (25,152,834 | ) | (40,051,674 | ) | (65,204,508 | ) |
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2023 to October 31, 2023, the net realized gains (losses) from foreign currency translations were as follows:
China Bond | $ | (2,643,375 | ) | |
International High Yield | (722,437 | ) | ||
J.P. Morgan EM | (67,829,656 | ) |
110 |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2023, the Funds did not incur any interest or penalties.
China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.
On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.
Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.
Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing
111 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Dynamic High Income ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have
112 |
received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Dynamic Income, Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if
113 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
any, at October 31, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2023:
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
BDC Income | $ | 107,950,095 | $ | 87,578,849 | $ | 23,353,174 | $ | 110,932,023 | ||||||||
Emerging Markets High Yield | 15,325,318 | 15,921,278 | – | 15,921,278 | ||||||||||||
Fallen Angel | 84,090,029 | 79,671,097 | 12,903,197 | 92,574,294 | ||||||||||||
Floating Rate | 6,457,726 | – | 6,589,621 | 6,589,621 | ||||||||||||
Green Bond | 4,858,933 | 1,607,387 | 3,393,710 | 5,001,097 | ||||||||||||
International High Yield | 1,853,193 | 1,872,582 | 100,797 | 1,973,379 | ||||||||||||
J.P. Morgan EM | 5,563,243 | 5,707,719 | – | 5,707,719 | ||||||||||||
Moody’s Analytics BBB | 126,950 | 19,775 | 112,860 | 132,635 | ||||||||||||
Moody’s Analytics IG | 471,845 | – | 490,355 | 490,355 | ||||||||||||
Mortgage REIT | 51,027,240 | 25,006,690 | 26,883,682 | 51,890,372 | ||||||||||||
Preferred Securities | 655,924 | 309,321 | 356,585 | 665,906 |
The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2023:
Gross Amount of Recognized Liabilities for Securities
Lending Transactions* in the Statements of Assets and Liabilities | ||||||||||||
Fund | Corporate Bonds | Equity Securities | Government Obligations | |||||||||
BDC Income ETF | $ | – | $ | 87,578,849 | $ | – | ||||||
Emerging Markets High Yield Bond ETF | 15,921,278 | – | – | |||||||||
Fallen Angel High Yield Bond ETF | 79,671,097 | – | – | |||||||||
Green Bond ETF | 1,607,387 | – | – | |||||||||
International High Yield Bond ETF | 1,872,582 | – | – | |||||||||
J.P. Morgan EM Local Currency Bond ETF | – | – | 5,707,719 | |||||||||
Moody’s Analytics BBB Corporate Bond ETF | 19,775 | – | – | |||||||||
Mortgage REIT Income ETF | – | 25,006,690 | – | |||||||||
Preferred Securities ex Financials ETF | – | 309,321 | – |
* | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2023, the following Funds borrowed under this Facility:
Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
BDC Income | 117 | $2,835,390 | 6.53 | % | ||||||||
China Bond | 4 | 2,154,561 | 6.42 | |||||||||
Fallen Angel | 4 | 143,960 | 6.43 | |||||||||
J.P. Morgan EM | 8 | 4,033,690 | 6.59 | |||||||||
Mortgage REIT | 64 | 2,557,332 | 6.60 | |||||||||
Preferred Securities | 46 | 5,045,514 | 6.47 |
Outstanding loan balances as of October 31, 2023, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—New Regulatory Requirements—On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual
114 |
shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.
In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.
The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery).
These rules are effective January 24, 2023, and the compliance date is July 24, 2024.
Note 12—Subsequent Event Review—Effective on or about January 12, 2024, China Asset Management (Hong Kong) Limited will no longer serve as a sub-adviser to the China Bond ETF.
115 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2023 (unaudited)
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, IG Floating Rate ETF (formerly, VanEck Investment Grade Floating Rate ETF), International High Yield Bond ETF, J.P. Morgan EM Local Currency Bond ETF, Moody’s Analytics BBB Corporate Bond ETF, Moody’s Analytics IG Corporate Bond ETF, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF, (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) of the Adviser and the Sub-Adviser (with respect to the China Fund) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to each Fund except the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
116 |
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had management fees above the average and below the median of its peer group of funds, the VanEck Green Bond ETF had management fees below the average and above the median of its peer group of funds, each of the China Fund and the VanEck Moody’s Analytics IG Corporate Bond ETF had management fees below the average and equal to the median of its respective peer group of funds, and each of the VanEck BDC Income ETF, International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had management fees above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, the VanEck Moody’s Analytics IG Corporate Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds, each of the VanEck BDC Income ETF and Green Bond ETF had a total expense ratio below the average and above the median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio above the average and below the median of its peer group of funds, each of the China Fund, VanEck International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefit.
The Trustees also considered information provided by the Adviser and Sub-Adviser (with respect to the China Fund) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China
117 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2023 (unaudited) (continued)
Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser and the profits earned by the Sub-Adviser with respect to the China Fund, if any, were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck 15(c) Disclosure: Dynamic High Income ETF
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Dynamic High Income ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.
The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds.
118 |
The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had slightly underperformed one of its benchmarks for the period since its inception on November 1, 2022 through December 31, 2022, a relatively short period. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that the Fund had management fees below the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
119 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. 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 vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | VanEck Associates Corporation | |
Distributor: | VanEck
Securities Corporation 666 Third Avenue, New York, NY 10017 vaneck.com |
|
Account Assistance: | 800.826.2333 | INCOMESAR |