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  
 

 

 

President’s Letter 1
Explanation of Expenses 3
Schedule of Investments  
BDC Income ETF 5
China Bond ETF 6
Dynamic High Income ETF 8
Emerging Markets High Yield Bond ETF 10
Fallen Angel High Yield Bond ETF 25
Green Bond ETF 29
IG Floating Rate ETF 38
International High Yield Bond ETF 42
J.P. Morgan EM Local Currency Bond ETF 57
Moody’s Analytics BBB Corporate Bond ETF 64
Moody’s Analytics IG Corporate Bond ETF 68
Mortgage REIT Income ETF 73
Preferred Securities ex Financials ETF 74
Statements of Assets and Liabilities 77
Statements of Operations 81
Statements of Changes in Net Assets 85
Financial Highlights  
BDC Income ETF 92
China Bond ETF 93
Dynamic High Income ETF 94
Emerging Markets High Yield Bond ETF 95
Fallen Angel High Yield Bond ETF 96
Green Bond ETF 97
IG Floating Rate ETF 98
International High Yield ETF 99
J.P. Morgan EM Local Currency Bond ETF 100
Moody’s Analytics BBB Corporate Bond ETF 101
Moody’s Analytics IG Corporate Bond ETF 102
Mortgage REIT Income ETF 103
Preferred Securities ex Financials ETF 104
Notes to Financial Statements 105
Approval of Investment Management Agreements 116

 

 

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

PRESIDENT’S LETTER

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

EXPLANATION OF EXPENSES

(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

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

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

VANECK CHINA BOND ETF

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

VANECK GREEN BOND ETF

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