SEMI-ANNUAL REPORT |
BDC Income ETF | BIZD |
China Bond ETF | CBON |
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. The information contained herein regarding each index has been provided by the relevant index provider. 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, 2022.
VANECK ETF TRUST
October 31, 2022 (unaudited)
Dear Fellow Shareholders:
Back in July, I said that Market Volatility Has One Final Act.1 Stocks and bonds historically do not perform well when the U.S. Federal Reserve (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. If we’re in the last, third act of the play, the third act may last a very long time.
There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon. But bond prices have dropped significantly, and so you will see at the end of the letter that we are bullish bonds.
1. | Monetary Policy: Tightening |
The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0% or even negative.
Another component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet—one estimate indicates $279B net out through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big unknown.
Commodity prices and the Consumer Price Index (CPI) receive much focus, but I think what the Fed is really fighting is 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. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.
Services typically don’t reflect the price of commodities and, this year, we have seen services inflation increase from 3% to 6%. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.
Last year when my colleagues and I spoke about inflation2, I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds. And the latest data still shows a strong labor market with low unemployment.
2. | Fiscal Tightening |
Inflation has caused real take-home pay to shrink over the past year. This should result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.
3. | Global Growth Has Almost Stopped |
Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
1 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.
Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)3 Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.
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, 2022. 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 8, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.
2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.
3 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
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, 2022 to October 31, 2022.
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, 2022 |
Ending Account Value October 31, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period May 1, 2022 - October 31, 2022(a) |
||||||
BDC Income ETF | |||||||||
Actual | $1,000.00 | $929.10 | 0.42% | $2.04 | |||||
Hypothetical (b) | $1,000.00 | $1,023.09 | 0.42% | $2.14 | |||||
China Bond ETF | |||||||||
Actual | $1,000.00 | $923.90 | 0.67% | $3.25 | |||||
Hypothetical (b) | $1,000.00 | $1,021.83 | 0.67% | $3.41 | |||||
Emerging Markets High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $878.20 | 0.40% | $1.89 | |||||
Hypothetical (b) | $1,000.00 | $1,023.19 | 0.40% | $2.04 | |||||
Fallen Angel High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $942.40 | 0.35% | $1.71 | |||||
Hypothetical (b) | $1,000.00 | $1,023.44 | 0.35% | $1.79 | |||||
Green Bond ETF | |||||||||
Actual | $1,000.00 | $936.10 | 0.20% | $0.98 | |||||
Hypothetical (b) | $1,000.00 | $1,024.20 | 0.20% | $1.02 | |||||
IG Floating Rate ETF | |||||||||
Actual | $1,000.00 | $1,000.60 | 0.14% | $0.71 | |||||
Hypothetical (b) | $1,000.00 | $1,024.50 | 0.14% | $0.71 | |||||
International High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $889.60 | 0.40% | $1.91 | |||||
Hypothetical (b) | $1,000.00 | $1,023.19 | 0.40% | $2.04 |
3 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value May 1, 2022 |
Ending Account Value October 31, 2022 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period May 1, 2022 - October 31, 2022(a) |
||||||
J.P. Morgan EM Local Currency Bond ETF | |||||||||
Actual | $1,000.00 | $916.10 | 0.30% | $1.45 | |||||
Hypothetical (b) | $1,000.00 | $1,023.69 | 0.30% | $1.53 | |||||
Moody’s Analytics BBB Corporate Bond ETF | |||||||||
Actual | $1,000.00 | $925.70 | 0.25% | $1.21 | |||||
Hypothetical (b) | $1,000.00 | $1,023.95 | 0.25% | $1.28 | |||||
Moody’s Analytics IG Corporate Bond ETF | |||||||||
Actual | $1,000.00 | $925.80 | 0.20% | $0.97 | |||||
Hypothetical (b) | $1,000.00 | $1,024.20 | 0.20% | $1.02 | |||||
Mortgage REIT Income ETF | |||||||||
Actual | $1,000.00 | $842.70 | 0.42% | $1.95 | |||||
Hypothetical (b) | $1,000.00 | $1,023.09 | 0.42% | $2.14 | |||||
Preferred Securities ex Financials ETF | |||||||||
Actual | $1,000.00 | $903.10 | 0.40% | $1.92 | |||||
Hypothetical (b) | $1,000.00 | $1,023.19 | 0.40% | $2.04 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), 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, 2022 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.2% | ||||||||
Diversified Financials: 100.2% | ||||||||
Ares Capital Corp. | 5,557,471 | $ | 107,981,662 | |||||
Bain Capital Specialty Finance, Inc. † | 619,402 | 7,804,465 | ||||||
Barings BDC, Inc. | 1,298,824 | 11,572,522 | ||||||
BlackRock TCP Capital Corp. † | 780,583 | 9,234,297 | ||||||
Blackstone Secured Lending Fund | 1,009,930 | 23,521,270 | ||||||
Capital Southwest Corp. | 372,007 | 7,012,332 | ||||||
Carlyle Secured Lending, Inc. † | 637,617 | 8,002,093 | ||||||
Fidus Investment Corp. † | 310,391 | 5,850,870 | ||||||
FS KKR Capital Corp. † | 3,619,106 | 69,486,835 | ||||||
Gladstone Investment Corp. † | 448,683 | 5,788,011 | ||||||
Goldman Sachs BDC, Inc. † | 1,297,639 | 20,061,499 | ||||||
Golub Capital BDC, Inc. † | 1,785,015 | 23,151,645 | ||||||
Hercules Capital, Inc. † | 1,719,318 | 24,981,691 | ||||||
Main Street Capital Corp. † | 602,694 | 22,263,516 | ||||||
MidCap Financial Investment Corp. † | 858,303 | 9,407,001 | ||||||
New Mountain Finance Corp. † | 1,170,401 | 14,220,372 | ||||||
Newtek Business Services Corp. † | 329,118 | 5,295,509 | ||||||
Oaktree Specialty Lending Corp. † | 2,056,613 | 13,573,646 | ||||||
Owl Rock Capital Corp. † | 4,599,398 | 54,594,854 |
Number of Shares |
Value | |||||||
Diversified Financials (continued) | ||||||||
PennantPark Floating Rate Capital Ltd. † | 575,963 | $ | 6,381,670 | |||||
PennantPark Investment Corp. † | 813,192 | 4,838,492 | ||||||
Prospect Capital Corp. † | 3,260,538 | 23,671,506 | ||||||
Sixth Street Specialty Lending, Inc. † | 1,039,703 | 18,881,006 | ||||||
SLR Investment Corp. | 621,696 | 8,411,547 | ||||||
TriplePoint Venture Growth BDC Corp. † | 442,275 | 5,652,274 | ||||||
Total Common
Stocks (Cost: $551,515,253) |
511,640,585 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 19.7% | ||||||||
Money Market Fund: 19.7% (Cost: $100,626,266) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 100,626,266 | 100,626,266 | ||||||
Total Investments: 119.9% (Cost: $652,141,519) |
612,266,851 | |||||||
Liabilities in excess of other assets: (19.9)% | (101,702,028) | |||||||
NET ASSETS: 100.0% | $ | 510,564,823 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $119,855,718. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 100.0% | $ | 511,640,585 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 511,640,585 | $ | — | $ | — | $ | 511,640,585 | ||||||||
Money Market Fund | 100,626,266 | — | — | 100,626,266 | ||||||||||||
Total Investments | $ | 612,266,851 | $ | — | $ | — | $ | 612,266,851 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
5 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 42.7% | ||||||||
Basic Materials: 6.8% | ||||||||
Guangdong
Guangxin Holdings Group Ltd. 3.37%, 03/11/25 |
CNY | 20,000 | $ | 2,774,303 | ||||
Taiyuan
Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 |
CNY | 10,000 | 1,397,967 | |||||
Zijin
Mining Group Co. Ltd. 3.51%, 02/21/25 |
CNY | 10,000 | 1,392,654 | |||||
5,564,924 | ||||||||
Consumer Cyclicals: 1.8% | ||||||||
Beijing
Infrastructure Investment Co. Ltd. 3.09%, 09/01/24 |
CNY | 6,000 | 829,361 | |||||
Beijing
Tourism Group Co. Ltd. 3.95%, 08/02/26 |
CNY | 4,900 | 685,361 | |||||
1,514,722 | ||||||||
Energy: 4.0% | ||||||||
PetroChina
Co. Ltd. 3.50%, 01/19/26 |
CNY | 3,490 | 489,872 | |||||
Yankuang
Energy Group Co. Ltd. 3.43%, 03/12/25 |
CNY | 20,000 | 2,777,389 | |||||
3,267,261 | ||||||||
Financials: 15.1% | ||||||||
Agricultural
Development Bank of China 3.24%, 08/14/24 |
CNY | 4,790 | 665,743 | |||||
4.98%, 01/12/25 | CNY | 4,620 | 667,622 | |||||
Beijing
Haidian State-Owned Assets Operation Co. Ltd. 3.40%, 10/24/24 |
CNY | 15,000 | 2,073,496 | |||||
China
Cinda Asset Management Co. Ltd. 4.75%, 04/14/27 |
CNY | 20,000 | 2,905,447 | |||||
China
Development Bank 3.34%, 07/14/25 |
CNY | 3,830 | 536,731 | |||||
4.59%, 08/01/38 | CNY | 20,301 | 3,259,451 | |||||
Chongqing
Longhu Development Co. Ltd. 3.45%, 08/02/23 |
CNY | 5,000 | 617,229 | |||||
4.44%, 01/25/24 | CNY | 8,000 | 951,532 | |||||
Cinda
Investment Co. Ltd. 4.30%, 12/22/23 |
CNY | 1,500 | 205,410 | |||||
CITIC
Securities Co. Ltd. 3.78%, 09/10/24 |
CNY | 3,000 | 420,424 | |||||
Guotai
Junan Securities Co. Ltd. 3.31%, 05/21/24 |
CNY | 200 | 27,729 | |||||
12,330,814 | ||||||||
Industrials: 7.5% | ||||||||
Chengdu
Xingcheng Investment Group Co. Ltd. 4.74%, 12/30/23 (o) |
CNY | 5,000 | 699,725 | |||||
China
Railway Group Ltd. 3.99%, 07/16/24 |
CNY | 5,000 | 701,617 | |||||
China
State Railway Group Co. Ltd. 3.45%, 07/25/24 |
CNY | 15,000 | 2,090,746 |
Par (000’s |
) | Value | ||||||
Industrials (continued) | ||||||||
Jiangxi
Ganyue Expressway Co. Ltd. 6.09%, 08/11/24 |
CNY | 2,100 | $ | 305,298 | ||||
Shanghai Pudong
Development Group Co. Ltd. 3.52%, 04/21/26 |
CNY | 10,000 | 1,388,924 | |||||
Sichuan Development
Holding Co. Ltd. 4.55%, 08/06/25 |
CNY | 5,000 | 718,406 | |||||
Tianjin Infrastructure
Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 |
CNY | 15 | 2,060 | |||||
Wuhan
Metro Group Co. Ltd. 3.55%, 04/14/30 |
CNY | 2,000 | 281,110 | |||||
6,187,886 | ||||||||
Real Estate: 1.8% | ||||||||
China
Fortune Land Development Co. Ltd. 5.50%, 10/22/22 (d) * |
CNY | 1,000 | 34,276 | |||||
7.00%, 03/03/21 (d) * | CNY | 1,000 | 34,277 | |||||
COFCO
Commercial Property Investment Co. Ltd. 3.94%, 01/25/25 |
CNY | 10,000 | 1,374,524 | |||||
1,443,077 | ||||||||
Technology: 0.4% | ||||||||
Beijing
State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24 |
CNY | 2,052 | 296,283 | |||||
Utilities: 5.3% | ||||||||
China
Huaneng Group Co. Ltd.
3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s) |
CNY | 15,000 | 2,092,253 | |||||
China Yangtze Power Co. Ltd. 3.35%, 10/17/26 |
CNY | 1,500 | 209,305 | |||||
Guangdong Hengjian
Investment Holding Co. Ltd. 3.84%, 08/07/24 |
CNY | 5,000 | 699,861 | |||||
Shandong
Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 |
CNY | 10,000 | 1,387,640 | |||||
4,389,059 | ||||||||
Total Corporate Bonds (Cost: $39,070,358) |
34,994,026 | |||||||
GOVERNMENT OBLIGATIONS: 49.5% | ||||||||
Agricultural Development Bank of China | ||||||||
2.25%, 04/22/25 | CNY | 2,930 | 399,650 | |||||
2.96%, 04/17/30 | CNY | 4,000 | 549,102 | |||||
3.63%, 07/19/26 | CNY | 2,700 | 383,382 | |||||
3.74%, 07/12/29 | CNY | 6,240 | 900,786 | |||||
3.75%, 01/25/29 | CNY | 5,150 | 741,536 | |||||
3.79%, 10/26/30 | CNY | 1,110 | 161,122 | |||||
3.85%, 01/06/27 | CNY | 5,110 | 734,828 |
See Notes to Financial Statements
6 |
Par (000’s |
) | Value | ||||||
4.39%, 09/08/27 | CNY | 6,470 | $ | 953,223 | ||||
4.65%, 05/11/28 | CNY | 5,560 | 832,717 | |||||
Beijing Public Housing
Center Co. Ltd.
3.19%, 04/16/40 |
CNY | 15,000 | 2,078,186 | |||||
China Development Bank | ||||||||
3.18%, 04/05/26 | CNY | 4,850 | 679,136 | |||||
3.30%, 03/03/26 | CNY | 5,550 | 779,883 | |||||
3.39%, 02/03/27 | CNY | 10,042 | 1,420,972 | |||||
3.41%, 06/07/31 | CNY | 1,640 | 232,455 | |||||
3.45%, 09/20/29 | CNY | 4,800 | 681,457 | |||||
3.48%, 01/08/29 | CNY | 4,460 | 633,494 | |||||
3.65%, 05/21/29 | CNY | 7,150 | 1,025,941 | |||||
3.66%, 03/01/31 | CNY | 1,170 | 168,672 | |||||
3.70%, 10/20/30 | CNY | 4,150 | 599,169 | |||||
4.04%, 04/10/27 | CNY | 6,160 | 891,488 | |||||
4.04%, 07/06/28 | CNY | 2,720 | 397,154 | |||||
China Government Bond | ||||||||
1.99%, 04/09/25 | CNY | 5,660 | 768,491 | |||||
2.47%, 09/02/24 | CNY | 5,300 | 727,691 | |||||
2.68%, 05/21/30 | CNY | 6,320 | 863,037 | |||||
2.69%, 08/12/26 | CNY | 7,450 | 1,028,477 | |||||
2.77%, 06/24/30 | CNY | 5,690 | 777,649 | |||||
2.85%, 06/04/27 | CNY | 5,420 | 753,091 | |||||
2.86%, 07/16/30 | CNY | 3,350 | 461,178 | |||||
2.88%, 11/05/23 | CNY | 4,950 | 681,602 | |||||
2.90%, 05/05/26 | CNY | 846 | 117,813 | |||||
3.01%, 05/13/28 | CNY | 5,630 | 787,565 | |||||
3.02%, 10/22/25 | CNY | 9,250 | 1,291,498 | |||||
3.02%, 05/27/31 | CNY | 6,210 | 868,698 | |||||
3.03%, 03/11/26 | CNY | 5,400 | 754,848 |
Par (000’s |
) | Value | ||||||
3.25%, 06/06/26 | CNY | 6,030 | $ | 849,782 | ||||
3.27%, 11/19/30 | CNY | 6,330 | 899,621 | |||||
3.27%, 08/22/46 | CNY | 500 | 2,574,548 | |||||
3.28%, 12/03/27 | CNY | 6,150 | 872,525 | |||||
3.29%, 05/23/29 | CNY | 2,680 | 381,648 | |||||
3.74%, 09/22/35 | CNY | 3,900 | 582,657 | |||||
Export-Import Bank of China | ||||||||
3.22%, 05/14/26 | CNY | 5,470 | 766,416 | |||||
3.23%, 03/23/30 | CNY | 2,900 | 405,905 | |||||
3.28%, 02/11/24 | CNY | 4,670 | 646,608 | |||||
3.33%, 02/22/26 | CNY | 3,560 | 500,058 | |||||
3.38%, 07/16/31 | CNY | 4,250 | 601,222 | |||||
3.43%, 10/23/25 | CNY | 1,830 | 257,612 | |||||
3.74%, 11/16/30 | CNY | 2,380 | 344,054 | |||||
3.86%, 05/20/29 | CNY | 2,480 | 360,643 | |||||
3.88%, 01/12/36 | CNY | 1,170 | 174,869 | |||||
4.89%, 03/26/28 | CNY | 3,010 | 456,363 | |||||
Nanjing Yangzi
State-Owned Investment Group Co. Ltd.
2.70%, 10/21/24 |
CNY | 12,000 | 1,643,247 | |||||
Qingdao Conson
Development Group Co. Ltd.
3.55%, 01/09/25 |
CNY | 5,000 | 684,144 | |||||
Shandong
Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 |
CNY | 17,000 | 2,389,096 | |||||
Total
Government Obligations (Cost: $45,480,785) |
40,517,009 | |||||||
Total Investments:
92.2% (Cost: $84,551,143) |
75,511,035 | |||||||
Other assets less liabilities: 7.8% | 6,358,232 | |||||||
NET ASSETS: 100.0% | $ | 81,869,267 |
Definitions:
CNY | Chinese Yuan |
Footnotes:
(d) | Security in default |
(o) | Perpetual Maturity — the date shown is the next call date |
(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 |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Basic Materials | 7.4 | % | $ | 5,564,924 | ||||
Consumer Cyclicals | 2.0 | 1,514,722 | ||||||
Energy | 4.3 | 3,267,261 | ||||||
Financials | 40.7 | 30,694,874 | ||||||
Government Activity | 21.2 | 16,042,419 | ||||||
Industrials | 13.5 | 10,220,229 | ||||||
Real Estate | 4.7 | 3,521,263 | ||||||
Technology | 0.4 | 296,284 | ||||||
Utilities | 5.8 | 4,389,059 | ||||||
100.0 | % | $ | 75,511,035 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
See Notes to Financial Statements
7 |
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 34,994,026 | $ | — | $ | 34,994,026 | ||||||||
Government Obligations * | — | 40,517,009 | — | 40,517,009 | ||||||||||||
Total Investments | $ | — | $ | 75,511,035 | $ | — | $ | 75,511,035 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
8 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 94.0% | ||||||||
Argentina: 3.3% | ||||||||
Generacion
Mediterranea SA / Central Termica Roca SA 144A
9.88%, 12/01/27 |
$ | 439 | $ | 267,515 | ||||
Genneia
SA 144A
8.75%, 09/02/27 |
550 | 510,890 | ||||||
MercadoLibre, Inc. | ||||||||
2.38%, 01/14/26 | 650 | 564,277 | ||||||
3.12%, 01/14/31 † | 1,025 | 743,335 | ||||||
MSU
Energy SA / UGEN SA / UENSA SA 144A
6.88%, 02/01/25 |
800 | 509,756 | ||||||
MSU
Energy SA / UGEN SA / UENSA SA Reg S
6.88%, 02/01/25 |
75 | 47,790 | ||||||
Pampa Energia SA 144A | ||||||||
7.50%, 01/24/27 | 925 | 765,428 | ||||||
9.12%, 04/15/29 | 450 | 372,384 | ||||||
Pan
American Energy LLC 144A
9.12%, 04/30/27 |
425 | 459,669 | ||||||
Telecom Argentina SA 144A | ||||||||
8.00%, 07/18/26 | 575 | 497,225 | ||||||
8.50%, 08/06/25 | 575 | 538,352 | ||||||
Transportadora
de Gas del Sur SA 144A
6.75%, 05/02/25 |
550 | 479,985 | ||||||
Transportadora
de Gas del Sur SA Reg S
6.75%, 05/02/25 |
200 | 174,540 | ||||||
YPF
Energia Electrica SA 144A
10.00%, 07/25/26 |
540 | 430,213 | ||||||
YPF SA 144A | ||||||||
1.50%, 09/30/33 (s) | 850 | 461,295 | ||||||
2.50%, 06/30/29 (s) | 1,125 | 708,941 | ||||||
4.00%, 02/12/26 (s) | 1,150 | 1,012,000 | ||||||
6.95%, 07/21/27 | 1,225 | 746,221 | ||||||
7.00%, 12/15/47 | 775 | 405,794 | ||||||
8.50%, 03/23/25 | 516 | 411,025 | ||||||
8.50%, 07/28/25 | 1,675 | 1,209,735 | ||||||
8.50%, 06/27/29 | 587 | 358,070 | ||||||
8.75%, 04/04/24 | 858 | 743,898 | ||||||
12,418,338 | ||||||||
Armenia: 0.1% | ||||||||
Ardshinbank
CJSC Via Dilijan Finance BV 144A
6.50%, 01/28/25 |
425 | 402,471 | ||||||
Austria: 0.1% | ||||||||
Iochpe-Maxion
Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A
5.00%, 05/07/28 |
300 | 236,100 | ||||||
Azerbaijan: 1.0% | ||||||||
Southern Gas Corridor CJSC 144A |
Par (000’s |
) | Value | ||||||
Azerbaijan (continued) | ||||||||
6.88%, 03/24/26 † | $ | 2,925 | $ | 2,884,094 | ||||
State
Oil Co. of the Azerbaijan Republic Reg S
6.95%, 03/18/30 |
1,050 | 1,025,503 | ||||||
3,909,597 | ||||||||
Bahrain: 1.6% | ||||||||
BBK
BSC Reg S
5.50%, 07/09/24 |
700 | 682,111 | ||||||
GFH
Sukuk Ltd. Reg S
7.50%, 01/28/25 |
650 | 622,944 | ||||||
Mumtalakat Sukuk Holding Co. Reg S | ||||||||
4.10%, 01/21/27 | 650 | 617,789 | ||||||
5.62%, 02/27/24 | 950 | 946,977 | ||||||
Oil and Gas Holding Co. BSCC 144A | ||||||||
7.50%, 10/25/27 | 1,500 | 1,455,157 | ||||||
7.62%, 11/07/24 | 1,125 | 1,118,149 | ||||||
8.38%, 11/07/28 | 650 | 640,005 | ||||||
6,083,132 | ||||||||
Barbados: 0.2% | ||||||||
Sagicor
Financial Co. Ltd. 144A
5.30%, 05/13/28 † |
900 | 824,369 | ||||||
Bermuda: 0.8% | ||||||||
Digicel
Group Holdings Ltd. 144A
8.00%, 04/01/25 |
667 | 206,620 | ||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
8.75%, 05/25/24 | 1,750 | 1,497,378 | ||||||
13.00%, 12/31/25 | 597 | 406,901 | ||||||
Investment
Energy Resources Ltd. 144A
6.25%, 04/26/29 |
975 | 822,822 | ||||||
2,933,721 | ||||||||
Brazil: 8.6% | ||||||||
Adecoagro
SA 144A
6.00%, 09/21/27 |
750 | 679,841 | ||||||
Amaggi
Luxembourg International Sarl 144A
5.25%, 01/28/28 |
550 | 486,458 | ||||||
Arcos
Dorados Holdings, Inc. 144A
5.88%, 04/04/27 |
550 | 522,926 | ||||||
Atento
Luxco 1 SA 144A
8.00%, 02/10/26 |
400 | 158,740 | ||||||
Azul
Investments LLP 144A
5.88%, 10/26/24 |
200 | 151,512 | ||||||
B2W
Digital Lux Sarl 144A
4.38%, 12/20/30 |
400 | 275,515 | ||||||
B3
SA - Brasil Bolsa Balcao 144A
4.12%, 09/20/31 |
500 | 399,015 | ||||||
Banco
Bradesco SA 144A
3.20%, 01/27/25 |
525 | 495,553 | ||||||
Banco BTG Pactual SA 144A |
See Notes to Financial Statements
9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
2.75%, 01/11/26 | $ | 350 | $ | 306,731 | ||||
4.50%, 01/10/25 | 675 | 645,638 | ||||||
Banco
Daycoval SA Reg S
4.25%, 12/13/24 |
300 | 288,026 | ||||||
Banco do Brasil SA 144A | ||||||||
4.62%, 01/15/25 | 650 | 632,011 | ||||||
4.75%, 03/20/24 | 550 | 541,005 | ||||||
Banco
Nacional de Desenvolvimento Economico e Social 144A
4.75%, 05/09/24 |
375 | 371,257 | ||||||
Banco Votorantim SA 144A | ||||||||
4.38%, 07/29/25 | 450 | 426,269 | ||||||
4.50%, 09/24/24 | 250 | 242,598 | ||||||
Braskem
Idesa SAPI 144A
7.45%, 11/15/29 |
1,250 | 959,344 | ||||||
Braskem
Netherlands Finance BV 144A
8.50% (US Treasury Yield
Curve Rate T 5 |
425 | 404,912 | ||||||
Brazil
Minas SPE via State of Minas Gerais 144A
5.33%, 02/15/28 |
516 | 496,867 | ||||||
BRF
GmbH 144A
4.35%, 09/29/26 |
375 | 334,313 | ||||||
BRF SA 144A | ||||||||
4.88%, 01/24/30 | 375 | 294,157 | ||||||
5.75%, 09/21/50 | 500 | 337,515 | ||||||
Cemig
Geracao e Transmissao SA 144A
9.25%, 12/05/24 |
650 | 668,249 | ||||||
Centrais Eletricas Brasileiras SA 144A | ||||||||
3.62%, 02/04/25 | 350 | 329,964 | ||||||
4.62%, 02/04/30 | 475 | 407,804 | ||||||
Cosan
Luxembourg SA 144A
7.00%, 01/20/27 |
350 | 344,540 | ||||||
Cosan
SA 144A
5.50%, 09/20/29 |
575 | 510,496 | ||||||
CSN
Inova Ventures 144A
6.75%, 01/28/28 |
775 | 665,581 | ||||||
CSN
Resources SA 144A
7.62%, 04/17/26 |
250 | 239,698 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 625 | 592,812 | ||||||
5.40%, 02/01/27 | 550 | 504,022 | ||||||
Embraer
Netherlands Finance BV 144A
6.95%, 01/17/28 |
500 | 472,850 | ||||||
ERO
Copper Corp. 144A
6.50%, 02/15/30 |
250 | 188,480 | ||||||
FS
Luxembourg Sarl 144A
10.00%, 12/15/25 |
450 | 460,051 | ||||||
Globo
Comunicacao e Participacoes SA 144A
4.88%, 01/22/30 |
300 | 235,628 |
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
5.50%, 01/14/32 | $ | 350 | $ | 266,377 | ||||
Gol
Finance SA 144A
7.00%, 01/31/25 |
500 | 218,598 | ||||||
Guara
Norte Sarl 144A
5.20%, 06/15/34 |
562 | 441,626 | ||||||
InterCement
Financial Operations BV 144A
5.75%, 07/17/24 |
450 | 313,245 | ||||||
Itau Unibanco Holding SA 144A | ||||||||
3.25%, 01/24/25 | 325 | 312,985 | ||||||
3.88%
(US Treasury
Yield
Curve Rate T 5 |
350 | 301,518 | ||||||
4.50%
(US Treasury
Yield
Curve Rate T 5 |
550 | 510,634 | ||||||
4.62%
(US Treasury
Yield
Curve Rate T 5 |
500 | 384,850 | ||||||
JSM
Global Sarl 144A
4.75%, 10/20/30 |
275 | 190,861 | ||||||
Klabin Austria GmbH 144A | ||||||||
3.20%, 01/12/31 † | 200 | 151,173 | ||||||
5.75%, 04/03/29 | 575 | 539,402 | ||||||
7.00%, 04/03/49 | 528 | 470,023 | ||||||
Light
Servicos de Eletricidade SA / Light Energia SA 144A
4.38%, 06/18/26 |
375 | 305,079 | ||||||
MARB
BondCo Plc 144A
3.95%, 01/29/31 |
875 | 649,989 | ||||||
MV24
Capital BV 144A
6.75%, 06/01/34 |
622 | 515,589 | ||||||
Natura
Cosmeticos SA 144A
4.12%, 05/03/28 |
750 | 585,375 | ||||||
NBM US Holdings, Inc. 144A | ||||||||
6.62%, 08/06/29 | 400 | 371,197 | ||||||
7.00%, 05/14/26 | 550 | 531,793 | ||||||
Nexa Resources SA 144A | ||||||||
5.38%, 05/04/27 | 450 | 411,804 | ||||||
6.50%, 01/18/28 | 325 | 300,365 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30 † | 350 | 312,004 | ||||||
5.30%, 01/27/25 | 325 | 321,331 | ||||||
5.60%, 01/03/31 † | 625 | 568,634 | ||||||
5.62%, 05/20/43 | 200 | 155,993 | ||||||
5.75%, 02/01/29 | 275 | 256,791 | ||||||
6.00%, 01/27/28 † | 625 | 600,906 | ||||||
6.25%, 03/17/24 | 275 | 276,295 | ||||||
6.75%, 01/27/41 | 400 | 347,936 | ||||||
6.75%, 06/03/50 | 300 | 241,719 | ||||||
6.85%, 06/05/15 | 900 | 707,648 | ||||||
6.88%, 01/20/40 | 372 | 330,288 | ||||||
6.90%, 03/19/49 | 450 | 372,796 | ||||||
7.25%, 03/17/44 | 515 | 462,279 | ||||||
7.38%, 01/17/27 | 400 | 408,570 | ||||||
8.75%, 05/23/26 | 200 | 215,926 | ||||||
Rede D’or Finance Sarl 144A |
See Notes to Financial Statements
10 |
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
4.50%, 01/22/30 | $ | 524 | $ | 433,497 | ||||
4.95%, 01/17/28 | 350 | 310,784 | ||||||
Rio
Oil Finance Trust Series 2014-1 144A
9.25%, 07/06/24 |
412 | 416,949 | ||||||
Rio
Oil Finance Trust Series 2014-3 144A
9.75%, 01/06/27 |
266 | 274,462 | ||||||
Rio
Oil Finance Trust Series 2018-1 144A
8.20%, 04/06/28 |
298 | 299,806 | ||||||
Rumo
Luxembourg Sarl 144A
5.25%, 01/10/28 |
450 | 402,750 | ||||||
Simpar
Europe SA 144A
5.20%, 01/26/31 |
350 | 253,676 | ||||||
Tupy
Overseas SA 144A
4.50%, 02/16/31 |
300 | 227,622 | ||||||
Ultrapar International SA 144A | ||||||||
5.25%, 10/06/26 | 200 | 193,171 | ||||||
5.25%, 06/06/29 | 300 | 283,197 | ||||||
Unigel
Luxembourg SA 144A
8.75%, 10/01/26 |
350 | 338,764 | ||||||
Usiminas
International Sarl 144A
5.88%, 07/18/26 |
550 | 511,987 | ||||||
XP,
Inc. 144A
3.25%, 07/01/26 |
500 | 437,217 | ||||||
32,805,859 | ||||||||
British Virgin Islands: 0.3% | ||||||||
China SCE Group Holdings Ltd. Reg S | ||||||||
7.00%, 05/02/25 | 700 | 63,875 | ||||||
7.38%, 04/09/24 | 750 | 101,250 | ||||||
Health &
Happiness H&H International Holdings Ltd. Reg S
5.62%, 10/24/24 |
400 | 314,000 | ||||||
New Metro Global Ltd. Reg S | ||||||||
4.50%, 05/02/26 | 500 | 70,625 | ||||||
4.62%, 10/15/25 | 400 | 62,400 | ||||||
Sino-Ocean
Land Treasure Finance I Ltd. Reg S
6.00%, 07/30/24 |
1,000 | 177,850 | ||||||
Sino-Ocean
Land Treasure Finance II Ltd. Reg S
5.95%, 02/04/27 |
450 | 51,178 | ||||||
Studio
City Co. Ltd. 144A
7.00%, 02/15/27 † |
550 | 437,626 | ||||||
1,278,804 | ||||||||
Cambodia: 0.2% | ||||||||
NagaCorp
Ltd. Reg S
7.95%, 07/06/24 |
700 | 609,000 | ||||||
Canada: 0.2% | ||||||||
Azure
Power Solar Energy Private Ltd. 144A
5.65%, 12/24/24 |
565 | 458,921 |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
Frontera
Energy Corp. 144A
7.88%, 06/21/28 |
$ | 550 | $ | 412,088 | ||||
871,009 | ||||||||
Cayman Islands: 2.2% | ||||||||
Arabian
Centres Sukuk II Ltd. 144A
5.62%, 10/07/26 |
1,300 | 1,117,480 | ||||||
Banco
Bradesco SA 144A
4.38%, 03/18/27 |
350 | 328,440 | ||||||
Banco do Brasil SA 144A | ||||||||
3.25%, 09/30/26 | 550 | 489,525 | ||||||
4.88%, 01/11/29 | 350 | 314,844 | ||||||
CT
Trust 144A
5.12%, 02/03/32 |
1,300 | 1,041,525 | ||||||
Dar
Al-Arkan Sukuk Co. Ltd. Reg S
7.75%, 02/07/26 |
500 | 480,060 | ||||||
Kt21
T2 Co. Ltd. Reg S
6.12% (US Treasury Yield
Curve Rate T 5 |
550 | 514,965 | ||||||
MAF
Global Securities Ltd. Reg S
7.88% (US Treasury Yield
Curve Rate T 5 |
800 | 774,040 | ||||||
Nogaholding
Sukuk Ltd. 144A
5.25%, 04/08/29 |
900 | 854,910 | ||||||
Oryx
Funding Ltd. 144A
5.80%, 02/03/31 |
900 | 790,556 | ||||||
Poinsettia
Finance Ltd. Reg S
6.62%, 06/17/31 |
558 | 480,474 | ||||||
StoneCo
Ltd. 144A
3.95%, 06/16/28 |
375 | 279,905 | ||||||
Yankuang
Group Cayman Ltd. Reg S
2.90%, 11/30/24 |
800 | 763,360 | ||||||
8,230,084 | ||||||||
Chile: 1.2% | ||||||||
Agrosuper
SA 144A
4.60%, 01/20/32 |
650 | 530,821 | ||||||
CAP
SA 144A
3.90%, 04/27/31 |
450 | 308,605 | ||||||
Inversiones
Latin America Power Ltda 144A
5.12%, 06/15/33 |
735 | 358,347 | ||||||
Kenbourne
Invest SA 144A
6.88%, 11/26/24 |
618 | 551,080 | ||||||
Latam Airlines Group SA 144A | ||||||||
13.38%, 10/15/27 | 600 | 590,514 | ||||||
13.38%, 10/15/29 | 1,000 | 996,395 | ||||||
VTR Comunicaciones SpA 144A | ||||||||
4.38%, 04/15/29 | 600 | 336,957 | ||||||
5.12%, 01/15/28 | 617 | 393,328 | ||||||
VTR Finance NV 144A |
See Notes to Financial Statements
11 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Chile (continued) | ||||||||
6.38%, 07/15/28 | $ | 825 | $ | 438,790 | ||||
4,504,837 | ||||||||
China: 6.5% | ||||||||
Agile
Group Holdings Ltd. Reg S
5.50%, 04/21/25 |
300 | 63,637 | ||||||
Bank
of Communications Co. Ltd. Reg S
3.80% (US Treasury Yield
Curve Rate |
4,250 | 3,936,553 | ||||||
Bank
of Communications Hong Kong Ltd. Reg S
3.73% (US Treasury Yield
Curve Rate T 5 |
700 | 655,025 | ||||||
Central
Plaza Development Ltd. Reg S
5.75% (US Treasury Yield
Curve Rate |
650 | 390,000 | ||||||
Chengdu
Economic & Technological Investment Group Co. Ltd. Reg S
5.30%, 12/07/24 |
200 | 194,000 | ||||||
China
CITIC Bank International Ltd. Reg S
7.10% (US Treasury Yield
Curve Rate T 5 |
840 | 844,200 | ||||||
China
Hongqiao Group Ltd. Reg S
6.25%, 06/08/24 |
650 | 558,220 | ||||||
China
SCE Group Holdings Ltd. Reg S
6.00%, 02/04/26 |
400 | 33,000 | ||||||
Chong
Hing Bank Ltd. Reg S
5.70% (US Treasury Yield
Curve Rate T 5 |
600 | 546,600 | ||||||
CIFI
Holdings Group Co. Ltd. Reg S
4.38%, 04/12/27 † |
500 | 35,125 | ||||||
4.45%, 08/17/26 | 650 | 48,606 | ||||||
CMB
Wing Lung Bank Ltd. Reg S
6.50% (US Treasury Yield
Curve Rate T 5 |
550 | 548,281 | ||||||
Country Garden Holdings Co. Ltd. Reg S | ||||||||
2.70%, 07/12/26 | 1,500 | 138,560 | ||||||
3.12%, 10/22/25 | 2,000 | 198,335 | ||||||
3.30%, 01/12/31 | 1,300 | 102,216 | ||||||
3.88%, 10/22/30 | 800 | 63,026 | ||||||
4.20%, 02/06/26 | 800 | 78,411 | ||||||
4.80%, 08/06/30 | 500 | 39,760 |
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
5.12%, 01/17/25 | $ | 800 | $ | 80,672 | ||||
5.12%, 01/14/27 | 800 | 70,372 | ||||||
5.40%, 05/27/25 | 1,150 | 111,002 | ||||||
6.50%, 04/08/24 | 500 | 77,347 | ||||||
7.25%, 04/08/26 | 1,850 | 181,826 | ||||||
8.00%, 01/27/24 | 1,600 | 272,188 | ||||||
eHi Car Services Ltd. Reg S | ||||||||
7.00%, 09/21/26 | 350 | 169,750 | ||||||
7.75%, 11/14/24 | 600 | 301,713 | ||||||
ENN
Clean Energy International Investment Ltd. 144A
3.38%, 05/12/26 |
1,200 | 977,328 | ||||||
Fortune Star BVI Ltd. Reg S | ||||||||
5.95%, 10/19/25 | 1,000 | 370,000 | ||||||
6.85%, 07/02/24 | 850 | 403,750 | ||||||
Glory
Health Industry Ltd. Reg S
14.25%, 01/25/24 |
200 | 75,000 | ||||||
Greenland Global Investment Ltd. Reg S | ||||||||
5.88%, 07/03/24 | 700 | 157,500 | ||||||
6.75%, 03/03/24 | 500 | 112,500 | ||||||
Greentown China Holdings Ltd. Reg S | ||||||||
4.70%, 04/29/25 | 750 | 345,375 | ||||||
5.65%, 07/13/25 | 300 | 133,950 | ||||||
Industrial &
Commercial Bank of China Ltd. Reg S
3.20% (US Treasury Yield
Curve Rate T 5 |
9,350 | 8,368,123 | ||||||
Mianyang
Investment Holding Group Co. Ltd. Reg S
6.70%, 08/08/25 |
400 | 396,219 | ||||||
New
Metro Global Ltd. Reg S
4.80%, 12/15/24 |
600 | 158,280 | ||||||
Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
5.95%, 04/30/25 | 500 | 41,232 | ||||||
6.25%, 08/10/24 | 600 | 66,000 | ||||||
Radiance
Holdings Group Co. Ltd. Reg S
7.80%, 03/20/24 |
200 | 72,000 | ||||||
RKPF Overseas 2019 A Ltd. Reg S | ||||||||
6.00%, 09/04/25 | 600 | 243,975 | ||||||
6.70%, 09/30/24 | 750 | 454,312 | ||||||
RKPF
Overseas 2019 E Ltd. Reg S
7.75% (US Treasury Yield
Curve Rate |
400 | 114,000 | ||||||
Times China Holdings Ltd. Reg S | ||||||||
5.55%, 06/04/24 | 600 | 53,342 | ||||||
5.75%, 01/14/27 | 200 | 11,861 |
See Notes to Financial Statements
12 |
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
6.20%, 03/22/26 | $ | 600 | $ | 39,662 | ||||
6.75%, 07/08/25 | 600 | 46,193 | ||||||
Wanda
Properties International Co. Ltd. Reg S
7.25%, 01/29/24 |
675 | 286,875 | ||||||
West
China Cement Ltd. Reg S
4.95%, 07/08/26 |
800 | 456,520 | ||||||
Xinhu
BVI 2018 Holding Co. Ltd. Reg S
11.00%, 09/28/24 |
400 | 340,000 | ||||||
Yancoal
International Resources Development Co. Ltd. Reg S
3.50%, 11/04/23 |
650 | 628,875 | ||||||
Zhangzhou
Transportation Development Group Co. Ltd. Reg S
4.98%, 06/01/25 |
800 | 775,472 | ||||||
24,866,769 | ||||||||
Colombia: 5.6% | ||||||||
Aris
Mining Corp. 144A
6.88%, 08/09/26 |
325 | 226,250 | ||||||
Banco
de Bogota SA 144A
6.25%, 05/12/26 |
1,633 | 1,499,902 | ||||||
Banco
GNB Sudameris SA 144A
7.50% (US Treasury Yield
Curve Rate T 5 |
600 | 409,701 | ||||||
Bancolombia
SA
4.62% (US Treasury Yield
Curve Rate T 5 |
900 | 732,501 | ||||||
Cable
Onda SA 144A
4.50%, 01/30/30 |
850 | 697,263 | ||||||
Canacol
Energy Ltd. 144A
5.75%, 11/24/28 |
700 | 527,373 | ||||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 † | 1,800 | 1,661,593 | ||||||
4.62%, 11/02/31 | 1,875 | 1,296,099 | ||||||
5.38%, 06/26/26 | 2,225 | 2,025,940 | ||||||
5.88%, 05/28/45 | 2,950 | 1,801,772 | ||||||
5.88%, 11/02/51 | 1,100 | 656,100 | ||||||
6.88%, 04/29/30 | 2,900 | 2,391,630 | ||||||
7.38%, 09/18/43 | 1,283 | 942,646 | ||||||
Empresas Publicas de Medellin ESP 144A | ||||||||
4.25%, 07/18/29 | 1,475 | 1,055,575 | ||||||
4.38%, 02/15/31 | 925 | 629,153 | ||||||
Geopark
Ltd. 144A
5.50%, 01/17/27 |
750 | 612,505 | ||||||
Grupo
Aval Ltd. 144A
4.38%, 02/04/30 |
1,525 | 1,061,278 | ||||||
Grupo
de Inversiones Suramericana SA 144A
5.50%, 04/29/26 |
700 | 641,117 | ||||||
Oleoducto
Central SA 144A
4.00%, 07/14/27 |
750 | 612,053 |
Par (000’s |
) | Value | ||||||
Colombia (continued) | ||||||||
Orazul
Energy Peru SA 144A
5.62%, 04/28/27 |
$ | 550 | $ | 469,219 | ||||
Telefonica
Celular del Paraguay SA 144A
5.88%, 04/15/27 |
900 | 809,412 | ||||||
Termocandelaria
Power Ltd. 144A
7.88%, 01/30/29 |
808 | 687,462 | ||||||
21,446,544 | ||||||||
Costa Rica: 0.2% | ||||||||
Instituto Costarricense de Electricidad 144A | ||||||||
6.38%, 05/15/43 | 700 | 476,410 | ||||||
6.75%, 10/07/31 | 450 | 396,675 | ||||||
873,085 | ||||||||
Cyprus: 0.3% | ||||||||
MHP Lux SA 144A | ||||||||
6.25%, 09/19/29 | 500 | 225,000 | ||||||
6.95%, 04/03/26 | 850 | 390,796 | ||||||
MHP
SE 144A
7.75%, 05/10/24 |
750 | 361,275 | ||||||
977,071 | ||||||||
Czech Republic: 0.2% | ||||||||
Energo-Pro
AS 144A
8.50%, 02/04/27 |
650 | 599,840 | ||||||
Dominican Republic: 0.1% | ||||||||
Empresa
Generadora de Electricidad Haina SA 144A
5.62%, 11/08/28 |
400 | 314,608 | ||||||
El Salvador: 0.1% | ||||||||
Grupo
Unicomer Co. Ltd. 144A
7.88%, 04/01/24 |
425 | 419,197 | ||||||
France: 0.1% | ||||||||
Aeropuertos
Dominicanos Siglo XXI SA 144A
6.75%, 03/30/29 |
500 | 440,223 | ||||||
Georgia: 0.4% | ||||||||
Georgia
Capital JSC Reg S
6.12%, 03/09/24 |
600 | 563,017 | ||||||
Georgian
Railway JSC 144A
4.00%, 06/17/28 |
650 | 495,677 | ||||||
Silknet
JSC 144A
8.38%, 01/31/27 |
375 | 347,813 | ||||||
1,406,507 | ||||||||
Ghana: 0.4% | ||||||||
Kosmos
Energy Ltd. 144A
7.12%, 04/04/26 † |
925 | 774,687 | ||||||
Tullow
Oil Plc 144A
7.00%, 03/01/25 |
1,050 | 684,842 | ||||||
1,459,529 | ||||||||
Greece: 0.2% | ||||||||
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A |
See Notes to Financial Statements
13 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Greece (continued) | ||||||||
10.75%, 07/01/25 | $ | 775 | $ | 715,747 | ||||
Guatemala: 0.5% | ||||||||
Banco
Industrial SA 144A
4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 |
525 | 469,611 | ||||||
Central
American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A
5.25%, 04/27/29 |
1,650 | 1,455,328 | ||||||
1,924,939 | ||||||||
Honduras: 0.1% | ||||||||
Inversiones
Atlantida SA 144A
7.50%, 05/19/26 |
375 | 336,188 | ||||||
Hong Kong: 4.4% | ||||||||
Agile
Group Holdings Ltd. Reg S
6.05%, 10/13/25 † |
650 | 128,072 | ||||||
7.88%
(US Treasury
Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) |
500 | 76,374 | ||||||
8.38%
(US Treasury
Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) |
950 | 165,179 | ||||||
Bank
of East Asia Ltd. Reg S
5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) |
1,000 | 762,500 | ||||||
5.88%
(US Treasury
Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) |
850 | 688,500 | ||||||
CAS
Capital No 1 Ltd. Reg S
4.00% (US Treasury Yield
Curve Rate T 5 |
1,050 | 678,507 | ||||||
Champion Path Holdings Ltd. Reg S | ||||||||
4.50%, 01/27/26 | 850 | 559,921 | ||||||
4.85%, 01/27/28 | 650 | 398,937 | ||||||
China
CITIC Bank International Ltd. Reg S
3.25% (US Treasury Yield
Curve Rate T 5 |
750 | 656,219 | ||||||
4.80%
(US Treasury
Yield
Curve Rate T 5 |
900 | 812,250 | ||||||
China
Oil & Gas Group Ltd. Reg S
4.70%, 06/30/26 |
450 | 323,089 | ||||||
China
Water Affairs Group Ltd. Reg S
4.85%, 05/18/26 |
500 | 399,150 |
Par (000’s |
) | Value | ||||||
Hong Kong (continued) | ||||||||
Easy
Tactic Ltd.
7.50%, 07/11/28 |
$ | 353 | $ | 28,251 | ||||
Fortune Star BVI Ltd. Reg S | ||||||||
5.00%, 05/18/26 | 650 | 214,637 | ||||||
5.05%, 01/27/27 | 600 | 201,000 | ||||||
Franshion
Brilliant Ltd. Reg S
4.88% (US Treasury Yield
Curve Rate T 5 |
200 | 124,252 | ||||||
6.00%
(US Treasury
Yield
Curve Rate T 5 |
700 | 502,480 | ||||||
Gemdale
Ever Prosperity Investment Ltd. Reg S
4.95%, 08/12/24 |
600 | 227,457 | ||||||
Hopson
Development Holdings Ltd. Reg S
7.00%, 05/18/24 |
400 | 184,000 | ||||||
Li & Fung Ltd. Reg S | ||||||||
4.38%, 10/04/24 | 850 | 799,287 | ||||||
4.50%, 08/18/25 | 900 | 778,499 | ||||||
Melco Resorts Finance Ltd. 144A | ||||||||
4.88%, 06/06/25 | 1,400 | 1,000,260 | ||||||
5.25%, 04/26/26 | 800 | 509,374 | ||||||
5.38%, 12/04/29 | 1,700 | 952,850 | ||||||
5.62%, 07/17/27 | 970 | 590,871 | ||||||
5.75%, 07/21/28 | 1,150 | 667,000 | ||||||
RKPF
Overseas 2019 A Ltd. Reg S
5.90%, 03/05/25 |
300 | 123,000 | ||||||
RKPF Overseas 2020 A Ltd. Reg S | ||||||||
5.12%, 07/26/26 | 600 | 175,650 | ||||||
5.20%, 01/12/26 | 700 | 217,439 | ||||||
Seaspan
Corp. 144A
5.50%, 08/01/29 |
1,250 | 965,924 | ||||||
Seaspan
Corp. 144A Reg S
6.50%, 04/29/26 |
400 | 385,200 | ||||||
Sino-Ocean Land Treasure IV Ltd. Reg S | ||||||||
3.25%, 05/05/26 | 500 | 62,511 | ||||||
4.75%, 08/05/29 | 800 | 80,970 | ||||||
4.75%, 01/14/30 | 850 | 83,432 | ||||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 | 1,600 | 691,392 | ||||||
6.00%, 07/15/25 | 650 | 312,592 | ||||||
6.50%, 01/15/28 | 875 | 367,923 | ||||||
Yancoal
International Resources Development Co. Ltd. Reg S
2.90%, 11/18/24 |
500 | 476,632 | ||||||
Yanlord
Land HK Co. Ltd. Reg S
5.12%, 05/20/26 |
750 | 378,750 | ||||||
16,750,331 | ||||||||
India: 5.3% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S |
See Notes to Financial Statements
14 |
Par (000’s |
) | Value | ||||||
India (continued) | ||||||||
5.95%, 07/31/24 | $ | 1,500 | $ | 1,473,278 | ||||
Adani
Green Energy Ltd. 144A
4.38%, 09/08/24 |
1,100 | 830,500 | ||||||
Adani
Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar
Energy 144A
6.25%, 12/10/24 |
850 | 773,202 | ||||||
Adani
Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar
Maharash 144A
4.62%, 10/15/39 |
452 | 290,104 | ||||||
Bank
of Baroda Reg S
3.88%, 04/04/24 |
450 | 438,756 | ||||||
Canara
Bank Reg S
3.88%, 03/28/24 |
600 | 584,643 | ||||||
Delhi International Airport Ltd. 144A | ||||||||
6.12%, 10/31/26 | 800 | 722,200 | ||||||
6.45%, 06/04/29 | 650 | 537,323 | ||||||
Future
Retail Ltd. 144A
5.60%, 01/22/25 |
650 | 20,345 | ||||||
GMR Hyderabad International Airport Ltd. 144A | ||||||||
4.25%, 10/27/27 | 450 | 355,500 | ||||||
4.75%, 02/02/26 | 550 | 483,312 | ||||||
5.38%, 04/10/24 | 375 | 360,956 | ||||||
HPCL-Mittal Energy Ltd. Reg S | ||||||||
5.25%, 04/28/27 | 550 | 474,375 | ||||||
5.45%, 10/22/26 | 400 | 358,160 | ||||||
India
Green Energy Holdings 144A
5.38%, 04/29/24 |
500 | 467,066 | ||||||
JSW
Hydro Energy Ltd. 144A
4.12%, 05/18/31 |
874 | 674,338 | ||||||
JSW
Infrastructure Ltd. 144A
4.95%, 01/21/29 |
500 | 372,408 | ||||||
JSW Steel Ltd. 144A | ||||||||
3.95%, 04/05/27 | 650 | 473,217 | ||||||
5.05%, 04/05/32 | 850 | 535,764 | ||||||
JSW Steel Ltd. Reg S | ||||||||
5.38%, 04/04/25 | 500 | 434,375 | ||||||
5.95%, 04/18/24 | 750 | 702,375 | ||||||
Network
i2i Ltd. 144A
5.65% (US Treasury Yield
Curve Rate T 5 |
1,475 | 1,301,466 | ||||||
Periama
Holdings LLC Reg S
5.95%, 04/19/26 |
1,150 | 938,205 | ||||||
ReNew
Power Pvt Ltd. 144A
5.88%, 03/05/27 |
750 | 674,629 | ||||||
ReNew
Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A
4.50%, 07/14/28 † |
850 | 629,476 |
Par (000’s |
) | Value | ||||||
India (continued) | ||||||||
Shriram Transport Finance Co. Ltd. 144A | ||||||||
4.15%, 07/18/25 | $ | 500 | $ | 432,755 | ||||
4.40%, 03/13/24 | 1,100 | 1,026,619 | ||||||
Tata
Motors Ltd. Reg S
5.88%, 05/20/25 |
400 | 382,000 | ||||||
TML
Holdings Pte Ltd. Reg S
5.50%, 06/03/24 |
450 | 426,398 | ||||||
UPL
Corp. Ltd. Reg S
5.25% (US Treasury Yield
Curve Rate T 5 |
550 | 342,375 | ||||||
Vedanta
Resources Finance II Plc 144A
9.25%, 04/23/26 |
875 | 523,941 | ||||||
13.88%, 01/21/24 | 1,525 | 1,278,133 | ||||||
Vedanta
Resources Ltd. 144A
6.12%, 08/09/24 |
1,475 | 876,795 | ||||||
20,194,989 | ||||||||
Indonesia: 2.4% | ||||||||
Adaro
Indonesia PT 144A
4.25%, 10/31/24 |
1,200 | 1,125,709 | ||||||
APL
Realty Holdings Pte Ltd. Reg S
5.95%, 06/02/24 |
400 | 168,000 | ||||||
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 | 344,000 | ||||||
Bukit
Makmur Mandiri Utama PT 144A
7.75%, 02/10/26 |
600 | 447,660 | ||||||
Cikarang
Listrindo Tbk PT 144A
4.95%, 09/14/26 |
800 | 693,225 | ||||||
Global
Prime Capital Pte Ltd. Reg S
5.95%, 01/23/25 |
400 | 369,500 | ||||||
Indika
Energy Capital III Pte Ltd. 144A
5.88%, 11/09/24 |
573 | 555,173 | ||||||
Indika
Energy Capital IV Pte Ltd. 144A
8.25%, 10/22/25 |
825 | 779,446 | ||||||
Japfa
Comfeed Indonesia Tbk PT Reg S
5.38%, 03/23/26 |
500 | 395,000 | ||||||
Medco
Bell Pte Ltd. 144A
6.38%, 01/30/27 |
950 | 762,269 | ||||||
Medco
Oak Tree Pte Ltd. 144A
7.38%, 05/14/26 |
850 | 756,265 | ||||||
Medco
Platinum Road Pte Ltd. 144A
6.75%, 01/30/25 |
775 | 743,729 | ||||||
Pakuwon
Jati Tbk PT Reg S
4.88%, 04/29/28 |
600 | 489,000 |
See Notes to Financial Statements
15 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Indonesia (continued) | ||||||||
Saka
Energi Indonesia PT 144A
4.45%, 05/05/24 |
$ | 650 | $ | 606,358 | ||||
Theta Capital Pte Ltd. Reg S | ||||||||
6.75%, 10/31/26 | 600 | 335,100 | ||||||
8.12%, 01/22/25 | 700 | 480,200 | ||||||
9,051,536 | ||||||||
Israel: 3.1% | ||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
6.12%, 06/30/25 | 875 | 835,071 | ||||||
6.50%, 06/30/27 | 875 | 820,312 | ||||||
6.75%, 06/30/30 | 800 | 716,812 | ||||||
Teva
Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 † |
900 | 739,692 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | 3,975 | 3,365,792 | ||||||
4.10%, 10/01/46 | 2,298 | 1,396,348 | ||||||
6.00%, 04/15/24 | 1,417 | 1,403,368 | ||||||
6.75%, 03/01/28 † | 1,425 | 1,346,518 | ||||||
7.12%, 01/31/25 | 1,150 | 1,141,157 | ||||||
11,765,070 | ||||||||
Kuwait: 0.3% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
4.23%, 10/29/26 | 800 | 659,820 | ||||||
4.50%, 02/23/27 | 750 | 597,802 | ||||||
1,257,622 | ||||||||
Luxembourg: 2.4% | ||||||||
Acu
Petroleo Luxembourg Sarl 144A
7.50%, 01/13/32 |
350 | 276,376 | ||||||
Aegea
Finance Sarl 144A
6.75%, 05/20/29 † |
300 | 276,600 | ||||||
AI
Candelaria Spain SA 144A
7.50%, 12/15/28 |
475 | 400,940 | ||||||
Consolidated
Energy Finance SA 144A
5.62%, 10/15/28 |
700 | 588,938 | ||||||
CSN Resources SA 144A | ||||||||
4.62%, 06/10/31 | 600 | 401,820 | ||||||
5.88%, 04/08/32 † | 375 | 271,762 | ||||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||
4.50%, 03/30/24 | 900 | 862,051 | ||||||
4.88%, 03/30/26 | 925 | 834,813 | ||||||
5.38%, 03/30/28 | 900 | 794,250 | ||||||
5.88%, 03/30/31 | 925 | 786,250 | ||||||
Gol
Finance SA 144A
8.00%, 06/30/26 |
425 | 249,556 | ||||||
Kenbourne
Invest SA 144A
4.70%, 01/22/28 |
725 | 531,639 | ||||||
MC
Brazil Downstream Trading Sarl 144A
7.25%, 06/30/31 |
1,200 | 918,888 |
Par (000’s |
) | Value | ||||||
Luxembourg (continued) | ||||||||
Minerva
Luxembourg SA 144A
4.38%, 03/18/31 |
$ | 850 | $ | 646,998 | ||||
Movida
Europe SA 144A
5.25%, 02/08/31 |
550 | 405,853 | ||||||
Natura &
Co. Luxembourg Holdings Sarl 144A
6.00%, 04/19/29 † |
350 | 292,250 | ||||||
Petrorio
Luxembourg Trading Sarl 144A
6.12%, 06/09/26 |
475 | 430,913 | ||||||
Poinsettia
Finance Ltd. 144A
6.62%, 06/17/31 |
186 | 157,368 | ||||||
Rumo
Luxembourg Sarl 144A
4.20%, 01/18/32 † |
200 | 151,788 | ||||||
9,279,053 | ||||||||
Macao: 0.2% | ||||||||
MGM
China Holdings Ltd. 144A
4.75%, 02/01/27 |
1,200 | 903,096 | ||||||
Mauritius: 2.4% | ||||||||
Axian
Telecom 144A
7.38%, 02/16/27 |
625 | 541,563 | ||||||
Azure
Power Energy Ltd. 144A
3.58%, 08/19/26 |
605 | 440,010 | ||||||
CA
Magnum Holdings 144A
5.38%, 10/31/26 |
1,525 | 1,281,119 | ||||||
Clean
Renewable Power Mauritius Pte Ltd. 144A
4.25%, 03/25/27 |
478 | 368,694 | ||||||
Greenko
Power II Ltd. 144A
4.30%, 12/13/28 |
1,491 | 1,153,419 | ||||||
Greenko
Wind Projects Mauritius Ltd. 144A
5.50%, 04/06/25 |
1,075 | 920,573 | ||||||
IHS
Netherlands Holdco BV 144A
8.00%, 09/18/27 |
1,300 | 1,016,197 | ||||||
India
Airport Infra 144A
6.25%, 10/25/25 |
625 | 554,225 | ||||||
India
Clean Energy Holdings 144A
4.50%, 04/18/27 |
550 | 383,276 | ||||||
India
Cleantech Energy 144A
4.70%, 08/10/26 |
521 | 398,450 | ||||||
India
Green Power Holdings 144A
4.00%, 02/22/27 |
700 | 528,533 | ||||||
India
Toll Roads 144A
5.50%, 08/19/24 |
600 | 558,571 | ||||||
Liquid
Telecommunications Financing Plc 144A
5.50%, 09/04/26 |
875 | 622,563 | ||||||
Network i2i Ltd. 144A |
See Notes to Financial Statements
16 |
Par (000’s |
) | Value | ||||||
Mauritius (continued) | ||||||||
3.98%
(US Treasury
Yield
Curve Rate T 5 |
$ | 625 | $ | 496,503 | ||||
9,263,696 | ||||||||
Mexico: 6.6% | ||||||||
Alsea
SAB de CV 144A
7.75%, 12/14/26 |
650 | 618,829 | ||||||
Axtel
SAB de CV 144A
6.38%, 11/14/24 |
693 | 464,920 | ||||||
Banco
Nacional de Comercio Exterior SNC 144A
2.72% (US Treasury Yield
Curve Rate T 5 |
750 | 634,313 | ||||||
Braskem
Idesa SAPI 144A
6.99%, 02/20/32 † |
1,775 | 1,191,549 | ||||||
Cemex SAB de CV 144A | ||||||||
3.88%, 07/11/31 | 1,775 | 1,355,656 | ||||||
5.12%
(US Treasury
Yield
Curve Rate T 5 |
1,425 | 1,179,822 | ||||||
5.20%, 09/17/30 | 1,200 | 1,023,404 | ||||||
5.45%, 11/19/29 | 1,125 | 983,998 | ||||||
7.38%, 06/05/27 | 1,450 | 1,438,907 | ||||||
CIBanco
SA Institution de Banca Multiple Trust 144A
4.38%, 07/22/31 |
900 | 566,964 | ||||||
Electricidad
Firme de Mexico Holdings SA de CV 144A
4.90%, 11/20/26 |
500 | 398,343 | ||||||
Grupo
Axo SAPI de CV 144A
5.75%, 06/08/26 |
450 | 357,716 | ||||||
Grupo
KUO SAB De CV 144A
5.75%, 07/07/27 |
600 | 516,921 | ||||||
Metalsa
SAPI de CV 144A
3.75%, 05/04/31 |
350 | 242,445 | ||||||
Mexarrend
SAPI de CV 144A
10.25%, 07/24/24 |
600 | 145,338 | ||||||
Nemak
SAB de CV 144A
3.62%, 06/28/31 |
825 | 601,396 | ||||||
Operadora
de Servicios Mega SA de CV Sofom ER 144A
8.25%, 02/11/25 |
600 | 252,124 | ||||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | 175 | 163,137 | ||||||
4.50%, 01/23/26 | 325 | 286,941 | ||||||
4.88%, 01/18/24 † | 225 | 219,286 | ||||||
5.35%, 02/12/28 † | 550 | 439,300 | ||||||
5.50%, 06/27/44 | 175 | 99,733 | ||||||
5.62%, 01/23/46 | 175 | 98,410 | ||||||
5.95%, 01/28/31 | 1,025 | 740,536 | ||||||
6.35%, 02/12/48 | 425 | 245,025 | ||||||
6.38%, 01/23/45 | 325 | 191,396 | ||||||
6.49%, 01/23/27 | 425 | 371,004 | ||||||
6.50%, 03/13/27 | 1,075 | 944,695 | ||||||
6.50%, 01/23/29 † | 325 | 261,644 |
Par (000’s |
) | Value | ||||||
Mexico (continued) | ||||||||
6.50%, 06/02/41 | $ | 425 | $ | 268,619 | ||||
6.62%, 06/15/35 | 750 | 522,097 | ||||||
6.62%, 06/15/38 | 125 | 82,001 | ||||||
6.70%, 02/16/32 | 1,840 | 1,394,554 | ||||||
6.75%, 09/21/47 | 1,525 | 921,238 | ||||||
6.84%, 01/23/30 | 650 | 519,899 | ||||||
6.88%, 10/16/25 † | 250 | 240,615 | ||||||
6.88%, 08/04/26 | 675 | 625,650 | ||||||
6.95%, 01/28/60 | 1,050 | 631,893 | ||||||
7.69%, 01/23/50 | 2,200 | 1,437,163 | ||||||
8.75%, 06/02/29 | 525 | 468,468 | ||||||
Sixsigma
Networks Mexico SA de CV 144A
7.50%, 05/02/25 |
525 | 435,832 | ||||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 | 900 | 619,131 | ||||||
7.50%, 11/12/25 | 850 | 720,253 | ||||||
Unifin Financiera SAB de CV 144A | ||||||||
7.00%, 01/15/25 | 600 | 56,250 | ||||||
7.25%, 09/27/23 | 285 | 29,212 | ||||||
8.38%, 01/27/28 | 825 | 82,500 | ||||||
9.88%, 01/28/29 | 875 | 87,500 | ||||||
25,176,627 | ||||||||
Mongolia: 0.1% | ||||||||
Mongolian
Mining Corp./ Energy Resources LLC 144A
9.25%, 04/15/24 |
650 | 364,787 | ||||||
Morocco: 1.1% | ||||||||
OCP SA 144A | ||||||||
3.75%, 06/23/31 | 1,100 | 825,621 | ||||||
4.50%, 10/22/25 | 875 | 835,757 | ||||||
5.12%, 06/23/51 | 1,100 | 677,156 | ||||||
5.62%, 04/25/24 | 1,100 | 1,092,326 | ||||||
6.88%, 04/25/44 | 750 | 593,812 | ||||||
4,024,672 | ||||||||
Netherlands: 0.9% | ||||||||
Coruripe
Netherlands BV 144A
10.00%, 02/10/27 |
250 | 208,126 | ||||||
Greenko
Dutch BV 144A
3.85%, 03/29/26 |
1,289 | 1,012,061 | ||||||
Petrobras
Global Finance BV
5.50%, 06/10/51 † |
400 | 283,816 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
4.75%, 05/09/27 | 1,150 | 1,016,313 | ||||||
5.12%, 05/09/29 † | 1,150 | 989,644 | ||||||
3,509,960 | ||||||||
Nigeria: 0.8% | ||||||||
Access
Bank Plc 144A
6.12%, 09/21/26 |
725 | 534,470 | ||||||
EBN
Finance Co. BV 144A
7.12%, 02/16/26 |
450 | 359,856 | ||||||
Fidelity Bank Plc 144A |
See Notes to Financial Statements
17 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Nigeria (continued) | ||||||||
7.62%, 10/28/26 | $ | 550 | $ | 431,750 | ||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 |
550 | 475,035 | ||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 |
875 | 689,106 | ||||||
United Bank for Africa Plc 144A 6.75%, 11/19/26 |
475 | 406,125 | ||||||
2,896,342 | ||||||||
Oman: 1.4% | ||||||||
Bank Muscat SAOG Reg S 4.75%, 03/17/26 |
700 | 663,413 | ||||||
Lamar Funding Ltd. 144A 3.96%, 05/07/25 |
1,575 | 1,455,752 | ||||||
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 |
675 | 663,674 | ||||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 |
700 | 630,702 | ||||||
OQ SAOC 144A 5.12%, 05/06/28 |
1,100 | 995,876 | ||||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 † |
1,025 | 1,009,062 | ||||||
5,418,479 | ||||||||
Panama: 0.4% | ||||||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) |
475 | 384,235 | ||||||
Banistmo SA 144A 4.25%, 07/31/27 |
600 | 529,414 | ||||||
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 |
600 | 532,320 | ||||||
1,445,969 | ||||||||
Paraguay: 0.2% | ||||||||
Banco Continental SAECA 144A 2.75%, 12/10/25 |
350 | 300,615 | ||||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 |
425 | 335,312 | ||||||
635,927 | ||||||||
Peru: 2.4% | ||||||||
Auna SAA 144A 6.50%, 11/20/25 |
375 | 293,012 | ||||||
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29 |
500 | 478,424 | ||||||
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 |
400 | 351,048 | ||||||
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 |
500 | 486,942 | ||||||
Camposol SA 144A |
Par (000’s |
) | Value | ||||||
Peru (continued) | ||||||||
6.00%, 02/03/27 | $ | 550 | $ | 390,801 | ||||
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 |
825 | 685,099 | ||||||
InRetail Consumer 144A 3.25%, 03/22/28 |
950 | 753,483 | ||||||
InRetail Shopping Malls 144A 5.75%, 04/03/28 |
525 | 466,043 | ||||||
Minsur SA 144A 4.50%, 10/28/31 |
750 | 605,415 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 |
1,350 | 1,064,678 | ||||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 |
1,450 | 1,071,554 | ||||||
5.62%, 06/19/47 | 2,900 | 1,865,323 | ||||||
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 |
500 | 400,989 | ||||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
500 | 420,443 | ||||||
9,333,254 | ||||||||
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 | 343,996 | ||||||
Poland: 0.4% | ||||||||
Canpack SA / Canpack US LLC 144A | ||||||||
3.12%, 11/01/25 |
650 | 567,054 | ||||||
3.88%, 11/15/29 | 1,200 | 955,356 | ||||||
1,522,410 | ||||||||
Qatar: 0.2% | ||||||||
QNB Finansbank AS 144A 6.88%, 09/07/24 |
925 | 927,859 | ||||||
Saudi Arabia: 0.5% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 |
650 | 604,191 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
6.75%, 02/15/25 |
900 | 862,371 | ||||||
6.88%, 02/26/27 | 600 | 554,400 | ||||||
2,020,962 | ||||||||
Singapore: 2.2% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
871 | 692,648 | ||||||
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
1,400 | 665,000 | ||||||
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) |
200 | 99,990 |
See Notes to Financial Statements
18 |
Par (000’s |
) | Value | ||||||
Singapore (continued) | ||||||||
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26 |
$ | 600 | $ | 583,500 | ||||
Greenko Solar Mauritius Ltd. 144A | ||||||||
5.55%, 01/29/25 † |
750 | 657,188 | ||||||
5.95%, 07/29/26 | 900 | 729,000 | ||||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 |
492 | 439,057 | ||||||
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 |
500 | 384,247 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 |
800 | 739,948 | ||||||
Puma International Financing SA 144A | ||||||||
5.00%, 01/24/26 |
1,200 | 1,068,252 | ||||||
5.12%, 10/06/24 | 850 | 798,524 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
649 | 576,363 | ||||||
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 |
700 | 567,035 | ||||||
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 |
600 | 357,000 | ||||||
8,357,752 | ||||||||
South Africa: 2.5% | ||||||||
Eskom Holdings SOC Ltd. 144A | ||||||||
6.35%, 08/10/28 |
1,525 | 1,373,964 | ||||||
7.12%, 02/11/25 | 1,875 | 1,759,312 | ||||||
8.45%, 08/10/28 | 575 | 506,292 | ||||||
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 |
800 | 673,872 | ||||||
MTN Mauritius Investments Ltd. 144A | ||||||||
4.75%, 11/11/24 |
675 | 649,571 | ||||||
6.50%, 10/13/26 | 750 | 717,675 | ||||||
Sasol Financing USA LLC | ||||||||
5.88%, 03/27/24 |
2,050 | 2,006,479 | ||||||
6.50%, 09/27/28 | 1,250 | 1,106,686 | ||||||
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate
11:00am NY 5 |
650 | 624,943 | ||||||
9,418,794 | ||||||||
South Korea: 0.2% | ||||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
850 | 742,688 | ||||||
Spain: 0.6% | ||||||||
AES Andres BV 144A 5.70%, 05/04/28 |
400 | 323,275 |
Par (000’s |
) | Value | ||||||
Spain (continued) | ||||||||
AI Candelaria Spain SA 144A 5.75%, 06/15/33 |
$ | 1,000 | $ | 652,130 | ||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
550 | 511,149 | ||||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 |
725 | 507,699 | ||||||
International Airport Finance SA 144A 12.00%, 03/15/33 |
522 | 452,453 | ||||||
2,446,706 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 |
500 | 421,663 | ||||||
Thailand: 0.6% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
1,775 | 1,321,668 | ||||||
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 |
1,200 | 1,008,318 | ||||||
2,329,986 | ||||||||
Togo: 0.2% | ||||||||
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 |
800 | 758,600 | ||||||
Trinidad and Tobago: 0.7% | ||||||||
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29 |
800 | 843,600 | ||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 |
600 | 552,366 | ||||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 |
525 | 447,468 | ||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
900 | 857,633 | ||||||
2,701,067 | ||||||||
Turkey: 5.8% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 |
700 | 630,941 | ||||||
6.80%, 02/06/26 † | 725 | 659,627 | ||||||
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 |
850 | 706,025 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 |
700 | 500,414 |
See Notes to Financial Statements
19 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Turkey (continued) | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
$ | 1,100 | $ | 825,330 | ||||
Coca-Cola Icecek AS 144A 4.50%, 01/20/29 |
700 | 564,305 | ||||||
KOC Holding AS 144A 6.50%, 03/11/25 |
1,100 | 1,045,891 | ||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 |
500 | 399,142 | ||||||
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 |
550 | 506,138 | ||||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 |
950 | 807,338 | ||||||
Turk Telekomunikasyon AS 144A | ||||||||
4.88%, 06/19/24 |
750 | 662,775 | ||||||
6.88%, 02/28/25 | 805 | 704,359 | ||||||
Turkcell Iletisim Hizmetleri AS 144A | ||||||||
5.75%, 10/15/25 |
675 | 601,165 | ||||||
5.80%, 04/11/28 | 750 | 602,047 | ||||||
Turkiye Is Bankasi AS 144A | ||||||||
6.12%, 04/25/24 |
1,825 | 1,775,360 | ||||||
7.85%, 12/10/23 | 555 | 557,970 | ||||||
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 |
1,250 | 1,106,841 | ||||||
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 |
1,125 | 1,043,471 | ||||||
Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
5.88%, 01/14/26 |
450 | 393,768 | ||||||
6.00%, 01/23/25 | 650 | 587,868 | ||||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
975 | 906,253 | ||||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 |
1,025 | 921,143 | ||||||
5.50%, 10/01/26 | 775 | 652,558 | ||||||
6.50%, 01/08/26 | 1,025 | 906,243 | ||||||
8.12%, 03/28/24 | 975 | 961,691 | ||||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
950 | 668,154 | ||||||
Yapi ve Kredi Bankasi AS 144A | ||||||||
5.85%, 06/21/24 |
650 | 621,652 | ||||||
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 |
775 | 688,442 | ||||||
8.25%, 10/15/24 | 825 | 813,161 | ||||||
Zorlu Yenilenebilir Enerji AS 144A |
Par (000’s |
) | Value | ||||||
Turkey (continued) | ||||||||
9.00%, 06/01/26 | $ | 400 | $ | 289,144 | ||||
22,109,216 | ||||||||
Ukraine: 0.4% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 |
350 | 117,561 | ||||||
6.75%, 10/27/27 | 400 | 131,800 | ||||||
Metinvest BV 144A | ||||||||
7.65%, 10/01/27 |
450 | 188,775 | ||||||
7.75%, 10/17/29 | 800 | 330,800 | ||||||
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 |
700 | 123,812 | ||||||
NPC Ukrenergo 144A 6.88%, 11/09/28 |
1,100 | 172,988 | ||||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24 |
1,300 | 247,000 | ||||||
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 |
600 | 322,050 | ||||||
1,634,786 | ||||||||
United Arab Emirates: 2.4% | ||||||||
Acwa Power Management and Investments One Ltd. 144A 5.95%, 12/15/39 |
1,248 | 1,093,434 | ||||||
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMTUSD6Y+3.66%), 1/22/2025 (o) |
1,050 | 1,043,162 | ||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
2,350 | 2,282,898 | ||||||
Emirates NBD Bank PJSC Reg S 6.12% (CMTUSD6Y+3.66%), 3/20/2025 (o) |
1,450 | 1,379,707 | ||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
1,350 | 1,279,084 | ||||||
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) |
550 | 506,990 | ||||||
Shelf Drilling Holdings Ltd. 144A | ||||||||
8.25%, 02/15/25 |
1,425 | 1,203,726 | ||||||
8.88%, 11/15/24 | 375 | 369,889 | ||||||
9,158,890 | ||||||||
United Kingdom: 1.6% | ||||||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
1,125 | 954,596 | ||||||
Endeavour Mining Plc 144A 5.00%, 10/14/26 |
775 | 606,437 | ||||||
IHS Holding Ltd. 144A 5.62%, 11/29/26 |
775 | 591,209 |
See Notes to Financial Statements
20 |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
6.25%, 11/29/28 | $ | 800 | $ | 583,040 | ||||
Tullow Oil Plc 144A 10.25%, 05/15/26 |
2,545 | 2,171,878 | ||||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
1,650 | 1,043,930 | ||||||
5,951,090 | ||||||||
United States: 4.3% | ||||||||
AES Andes SA 144A | ||||||||
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 |
700 | 569,687 | ||||||
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 |
800 | 657,777 | ||||||
AES Argentina Generacion SA 144A 7.75%, 02/02/24 |
450 | 350,424 | ||||||
Azul Investments LLP 144A 7.25%, 06/15/26 † |
550 | 349,093 | ||||||
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 |
421 | 365,462 | ||||||
Energuate Trust 144A 5.88%, 05/03/27 |
400 | 349,800 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
1,050 | 538,067 | ||||||
Guacolda Energia SA 144A 4.56%, 04/30/25 |
850 | 269,822 | ||||||
Kosmos Energy Ltd. 144A | ||||||||
7.50%, 03/01/28 |
650 | 510,432 | ||||||
7.75%, 05/01/27 | 725 | 586,568 | ||||||
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 |
500 | 413,275 | ||||||
MGM China Holdings Ltd. 144A | ||||||||
5.25%, 06/18/25 † |
750 | 597,622 | ||||||
5.38%, 05/15/24 † | 1,125 | 970,538 | ||||||
5.88%, 05/15/26 † | 1,075 | 827,196 | ||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
1,100 | 766,260 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 |
975 | 856,113 | ||||||
5.50%, 03/18/31 † | 1,300 | 976,860 | ||||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 |
900 | 604,683 | ||||||
Stillwater Mining Co. 144A | ||||||||
4.00%, 11/16/26 |
925 | 763,606 | ||||||
4.50%, 11/16/29 | 850 | 625,940 | ||||||
Wynn Macau Ltd. 144A | ||||||||
4.88%, 10/01/24 † |
850 | 663,604 | ||||||
5.12%, 12/15/29 | 1,450 | 880,715 | ||||||
5.50%, 01/15/26 † | 1,400 | 973,000 | ||||||
5.50%, 10/01/27 | 1,225 | 792,679 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
5.62%, 08/26/28 | $ | 1,925 | $ | 1,179,544 | ||||
16,438,767 | ||||||||
Uruguay: 0.1% | ||||||||
Arcos Dorados BV 144A 6.12%, 05/27/29 |
550 | 506,787 | ||||||
Uzbekistan: 0.5% | ||||||||
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 |
400 | 344,880 | ||||||
Uzauto Motors AJ 144A 4.85%, 05/04/26 |
350 | 259,000 | ||||||
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 |
450 | 400,282 | ||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 |
1,000 | 757,675 | ||||||
1,761,837 | ||||||||
Zambia: 1.7% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.50%, 03/01/24 |
1,225 | 1,203,952 | ||||||
6.88%, 03/01/26 | 1,425 | 1,340,811 | ||||||
6.88%, 10/15/27 | 2,200 | 2,049,712 | ||||||
7.50%, 04/01/25 | 2,000 | 1,942,420 | ||||||
6,536,895 | ||||||||
Total Corporate Bonds (Cost: $470,121,292) |
358,249,729 | |||||||
GOVERNMENT OBLIGATIONS: 2.0% |
||||||||
Argentina: 0.9% |
||||||||
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 |
1,275 | 1,104,686 | ||||||
Provincia de Cordoba 144A | ||||||||
6.88%, 02/01/29 |
682 | 390,812 | ||||||
6.99%, 06/01/27 (s) | 757 | 469,616 | ||||||
Provincia de Mendoza 144A 4.25%, 03/19/29 (s) |
850 | 586,500 | ||||||
Provincia de Neuquen 144A 6.62%, 04/27/30 (s) |
525 | 304,500 | ||||||
Provincia del Chubut 144A 7.75%, 07/26/30 (s) |
702 | 528,652 | ||||||
Provincia del Chubut Reg S 7.75%, 07/26/30 (s) |
175 | 132,163 | ||||||
3,516,929 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
650 | 203,398 | ||||||
Turkey: 0.9% | ||||||||
Istanbul Metropolitan Municipality 144A | ||||||||
6.38%, 12/09/25 |
900 | 742,849 | ||||||
10.75%, 04/12/27 | 350 | 313,845 | ||||||
Turkiye Ihracat Kredi Bankasi AS 144A |
See Notes to Financial Statements
21 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Turkey (continued) | ||||||||
5.75%, 07/06/26 | $ | 1,025 | $ | 862,794 | ||||
6.12%, 05/03/24 | 650 | 610,897 | ||||||
8.25%, 01/24/24 | 825 | 813,841 | ||||||
3,344,226 | ||||||||
Ukraine: 0.0% | ||||||||
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30 |
1,000 | 150,716 | ||||||
Uzbekistan: 0.1% | ||||||||
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 |
600 | 527,250 | ||||||
Total Government
Obligations (Cost: $10,174,907) |
7,742,519 | |||||||
Total Investments Before Collateral for Securities Loaned:
96.0% (Cost: $480,296,199) |
365,992,248 |
Number of Shares |
Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7% | ||||||||
Money Market Fund: 3.7% (Cost: $14,202,551) |
||||||||
State
Street Navigator Securities Lending Government Money Market Portfolio |
14,202,551 | $ | 14,202,551 | |||||
Total Investments: 99.7% (Cost: $494,498,750) |
380,194,799 | |||||||
Other assets less liabilities: 0.3% | 1,160,401 | |||||||
NET ASSETS: 100.0% | $ | 381,355,200 |
Definitions:
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $14,635,653. |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
(o) | Perpetual Maturity — the date shown is the next call date |
* | Non-income producing |
(d) | Security in default |
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 $249,075,819, or 65.3% of net assets. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Basic Materials | 10.2 | % | $ | 37,250,897 | ||||
Consumer Cyclicals | 3.9 | 14,185,941 | ||||||
Consumer Non-Cyclicals | 4.0 | 14,676,061 | ||||||
Energy | 19.3 | 70,588,944 | ||||||
Financials | 35.1 | 128,353,063 | ||||||
Government Activity | 1.3 | 4,724,339 | ||||||
Healthcare | 3.5 | 12,750,124 | ||||||
Industrials | 8.9 | 32,810,834 | ||||||
Institutions, Associations & Organizations | 0.1 | 402,471 | ||||||
Real Estate | 1.9 | 7,016,371 | ||||||
Technology | 3.5 | 12,825,756 | ||||||
Utilities | 8.3 | 30,407,447 | ||||||
100.0 | % | $ | 365,992,248 |
See Notes to Financial Statements
22 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Value | |||||||||
Corporate Bonds * | $ | — | $ | 358,249,729 | $ | — | $ | 358,249,729 | ||||
Government Obligations * | — | 7,742,519 | — | 7,742,519 | ||||||||
Money Market Fund | 14,202,551 | — | — | 14,202,551 | ||||||||
Total Investments | $ | 14,202,551 | $ | 365,992,248 | $ | — | $ | 380,194,799 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
23 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 98.0% | ||||||||
Australia: 1.6% | ||||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 | $ | 16,686 | $ | 14,680,593 | ||||
4.12%, 12/01/27 | 11,128 | 9,682,084 | ||||||
4.35%, 10/15/24 | 8,345 | 7,957,371 | ||||||
5.60%, 10/15/44 | 8,358 | 6,196,830 | ||||||
5.85%, 11/15/43 | 11,102 | 8,345,948 | ||||||
46,862,826 | ||||||||
Canada: 1.8% | ||||||||
Bombardier, Inc. 144A 7.45%, 05/01/34 |
14,241 | 13,383,692 | ||||||
Methanex Corp. | ||||||||
4.25%, 12/01/24 | 8,339 | 8,081,033 | ||||||
5.25%, 12/15/29 † | 19,489 | 16,715,640 | ||||||
5.65%, 12/01/44 | 8,359 | 5,788,607 | ||||||
TransAlta Corp. 6.50%, 03/15/40 |
8,954 | 7,716,977 | ||||||
51,685,949 | ||||||||
Finland: 0.4% | ||||||||
Nokia Oyj 6.62%, 05/15/39 |
14,080 | 12,863,488 | ||||||
France: 1.2% | ||||||||
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) |
41,712 | 36,742,849 | ||||||
Germany: 1.0% | ||||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 |
27,828 | 28,558,485 | ||||||
Ireland: 2.1% | ||||||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 19,490 | 18,609,734 | ||||||
4.38%, 03/15/26 | 19,489 | 18,307,869 | ||||||
4.40%, 06/15/30 | 20,848 | 17,469,999 | ||||||
4.90%, 12/15/44 | 8,454 | 5,565,848 | ||||||
59,953,450 | ||||||||
Italy: 4.8% | ||||||||
Intesa Sanpaolo SpA 144A 5.02%, 06/26/24 |
55,605 | 52,512,321 | ||||||
Telecom Italia Capital SA | ||||||||
6.00%, 09/30/34 | 27,805 | 20,358,265 | ||||||
6.38%, 11/15/33 | 27,760 | 21,370,342 | ||||||
7.20%, 07/18/36 | 27,823 | 21,736,301 | ||||||
7.72%, 06/04/38 | 27,778 | 22,151,150 | ||||||
138,128,379 | ||||||||
United Kingdom: 3.6% | ||||||||
Marks & Spencer Plc 144A 7.12%, 12/01/37 |
8,342 | 7,316,376 | ||||||
Rolls-Royce Plc 144A 3.62%, 10/14/25 |
27,803 | 24,597,311 | ||||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) |
20,895 | 19,877,943 | ||||||
Vodafone Group Plc |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 |
$ | 55,445 | $ | 52,796,393 | ||||
104,588,023 | ||||||||
United States: 81.5% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/30 † | 16,118 | 14,375,879 | ||||||
4.38%, 10/15/28 | 9,046 | 8,095,908 | ||||||
4.75%, 04/15/43 † | 11,888 | 8,931,217 | ||||||
5.10%, 09/01/40 | 37,040 | 30,076,110 | ||||||
5.25%, 02/01/42 | 11,137 | 8,978,705 | ||||||
5.35%, 07/01/49 | 10,777 | 8,331,532 | ||||||
6.00%, 01/15/37 | 12,354 | 11,134,413 | ||||||
Bath & Body Works, Inc. 6.95%, 03/01/33 † |
9,692 | 7,993,962 | ||||||
Bed Bath & Beyond, Inc. | ||||||||
3.75%, 08/01/24 | 7,633 | 1,590,565 | ||||||
5.17%, 08/01/44 | 18,050 | 1,900,575 | ||||||
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 |
8,316 | 7,469,348 | ||||||
Brinker International, Inc. 144A 5.00%, 10/01/24 |
10,369 | 10,072,538 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 |
9,823 | 9,942,841 | ||||||
Delta Air Lines, Inc. | ||||||||
2.90%, 10/28/24 | 25,028 | 23,693,257 | ||||||
3.75%, 10/28/29 † | 13,172 | 10,865,059 | ||||||
4.38%, 04/19/28 † | 11,407 | 10,191,527 | ||||||
Diversified Healthcare Trust | ||||||||
4.75%, 05/01/24 | 7,084 | 6,079,666 | ||||||
4.75%, 02/15/28 | 14,046 | 9,633,800 | ||||||
DPL, Inc. 4.35%, 04/15/29 |
11,809 | 10,113,405 | ||||||
Embarq Corp. 8.00%, 06/01/36 |
38,623 | 15,634,977 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 | 11,723 | 11,061,706 | ||||||
5.05%, 04/01/45 | 12,501 | 9,094,477 | ||||||
5.45%, 06/01/47 | 13,898 | 10,578,393 | ||||||
5.60%, 04/01/44 | 9,732 | 7,599,994 | ||||||
EQM Midstream Partners LP | ||||||||
4.00%, 08/01/24 | 8,366 | 7,934,398 | ||||||
4.12%, 12/01/26 | 13,925 | 12,325,138 | ||||||
5.50%, 07/15/28 | 23,658 | 21,185,266 | ||||||
6.50%, 07/15/48 | 15,300 | 11,803,491 | ||||||
FirstEnergy Corp. | ||||||||
1.60%, 01/15/26 | 8,362 | 7,292,717 | ||||||
2.05%, 03/01/25 | 8,358 | 7,723,055 | ||||||
2.25%, 09/01/30 | 12,533 | 9,664,259 | ||||||
2.65%, 03/01/30 | 16,690 | 13,529,832 | ||||||
3.40%, 03/01/50 | 23,672 | 14,759,374 | ||||||
4.40%, 07/15/27 | 41,719 | 39,247,984 | ||||||
5.35%, 07/15/47 | 16,874 | 13,959,354 | ||||||
7.38%, 11/15/31 | 21,087 | 23,506,733 | ||||||
Fluor Corp. |
See Notes to Financial Statements
24 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.50%, 12/15/24 † | $ | 10,629 | $ | 10,119,127 | ||||
4.25%, 09/15/28 † | 16,722 | 14,613,774 | ||||||
Ford Holdings LLC 9.30%, 03/01/30 |
4,956 | 5,567,050 | ||||||
Ford Motor Co. | ||||||||
4.35%, 12/08/26 † | 25,319 | 23,595,536 | ||||||
4.75%, 01/15/43 | 33,779 | 23,583,653 | ||||||
5.29%, 12/08/46 | 21,904 | 16,267,882 | ||||||
6.62%, 10/01/28 | 7,561 | 7,468,680 | ||||||
7.40%, 11/01/46 | 6,746 | 6,220,993 | ||||||
7.45%, 07/16/31 † | 18,043 | 18,128,253 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.66%, 09/08/24 | 12,671 | 12,029,594 | ||||||
3.81%, 01/09/24 | 12,666 | 12,247,933 | ||||||
3.81%, 11/02/27 | 12,653 | 10,897,796 | ||||||
4.06%, 11/01/24 † | 25,321 | 24,336,520 | ||||||
4.13%, 08/04/25 | 23,624 | 22,019,458 | ||||||
4.27%, 01/09/27 | 15,202 | 13,760,774 | ||||||
4.39%, 01/08/26 | 20,259 | 18,742,293 | ||||||
4.54%, 08/01/26 | 12,661 | 11,682,051 | ||||||
4.69%, 06/09/25 | 10,142 | 9,631,908 | ||||||
5.11%, 05/03/29 † | 25,092 | 22,476,034 | ||||||
5.58%, 03/18/24 | 25,319 | 24,972,070 | ||||||
Frontier Florida LLC 6.86%, 02/01/28 † |
8,693 | 8,103,506 | ||||||
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 |
14,680 | 12,880,149 | ||||||
Genworth Holdings, Inc. 6.50%, 06/15/34 |
8,333 | 6,928,598 | ||||||
Global Marine, Inc. 7.00%, 06/01/28 |
7,231 | 4,663,995 | ||||||
HB Fuller Co. 4.00%, 02/15/27 |
8,315 | 7,620,157 | ||||||
Hexcel Corp. | ||||||||
4.20%, 02/15/27 | 11,233 | 10,240,736 | ||||||
4.95%, 08/15/25 | 8,451 | 8,107,467 | ||||||
Hillenbrand, Inc. 5.00%, 09/15/26 |
10,662 | 10,085,046 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.90%, 02/01/27 | 17,402 | 17,128,615 | ||||||
5.95%, 02/01/37 | 17,384 | 15,963,180 | ||||||
6.75%, 01/15/28 | 8,376 | 8,373,822 | ||||||
Las Vegas Sands Corp. | ||||||||
2.90%, 06/25/25 | 13,903 | 12,599,713 | ||||||
3.20%, 08/08/24 | 48,657 | 46,351,278 | ||||||
3.50%, 08/18/26 | 27,814 | 24,315,928 | ||||||
3.90%, 08/08/29 | 20,860 | 16,881,030 | ||||||
Lumen Technologies, Inc. | ||||||||
6.88%, 01/15/28 | 9,324 | 7,892,952 | ||||||
7.60%, 09/15/39 † | 13,891 | 9,327,581 | ||||||
Macy’s Retail Holdings LLC | ||||||||
4.30%, 02/15/43 | 6,957 | 4,084,472 | ||||||
4.50%, 12/15/34 † | 10,201 | 6,997,202 | ||||||
5.12%, 01/15/42 | 6,956 | 4,427,543 | ||||||
Mattel, Inc. | ||||||||
5.45%, 11/01/41 | 8,411 | 6,553,281 | ||||||
6.20%, 10/01/40 | 7,020 | 5,991,149 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Murphy Oil Corp. | ||||||||
6.12%, 12/01/42 | $ | 9,452 | $ | 7,467,921 | ||||
7.05%, 05/01/29 | 6,944 | 6,873,537 | ||||||
Navient Corp. 5.62%, 08/01/33 † |
16,869 | 11,926,383 | ||||||
Newell Brands, Inc. | ||||||||
4.45%, 04/01/26 | 55,217 | 51,467,490 | ||||||
5.62%, 04/01/36 | 11,711 | 9,745,777 | ||||||
5.75%, 04/01/46 | 18,531 | 14,300,187 | ||||||
Nordstrom, Inc. | ||||||||
2.30%, 04/08/24 | 6,955 | 6,536,100 | ||||||
4.00%, 03/15/27 † | 9,726 | 8,258,568 | ||||||
4.25%, 08/01/31 † | 11,842 | 8,614,759 | ||||||
4.38%, 04/01/30 | 13,937 | 10,718,738 | ||||||
5.00%, 01/15/44 † | 26,829 | 17,036,683 | ||||||
6.95%, 03/15/28 † | 8,365 | 7,779,910 | ||||||
Occidental Petroleum Corp. | ||||||||
0.00%, 10/10/36 ^ | 24,148 | 12,541,867 | ||||||
2.90%, 08/15/24 | 17,629 | 17,001,936 | ||||||
3.40%, 04/15/26 | 7,833 | 7,414,013 | ||||||
3.50%, 08/15/29 † | 7,948 | 7,224,454 | ||||||
4.10%, 02/15/47 | 3,995 | 3,171,504 | ||||||
4.20%, 03/15/48 | 8,142 | 6,475,145 | ||||||
4.30%, 08/15/39 | 5,407 | 4,457,396 | ||||||
4.40%, 04/15/46 | 11,413 | 9,309,960 | ||||||
4.40%, 08/15/49 | 7,700 | 6,232,046 | ||||||
4.62%, 06/15/45 | 8,237 | 6,768,639 | ||||||
5.55%, 03/15/26 | 23,581 | 23,968,082 | ||||||
6.20%, 03/15/40 | 20,103 | 19,384,921 | ||||||
6.45%, 09/15/36 | 46,546 | 46,247,640 | ||||||
6.60%, 03/15/46 | 29,477 | 29,079,060 | ||||||
6.95%, 07/01/24 | 13,133 | 13,474,524 | ||||||
7.50%, 05/01/31 | 23,591 | 25,415,410 | ||||||
7.88%, 09/15/31 † | 13,235 | 14,421,055 | ||||||
7.95%, 06/15/39 | 8,926 | 9,671,619 | ||||||
Oceaneering International, Inc. | ||||||||
4.65%, 11/15/24 | 11,123 | 10,660,672 | ||||||
6.00%, 02/01/28 | 8,326 | 7,441,321 | ||||||
Ohio National Financial Services, Inc. 144A | ||||||||
6.05%, 01/24/30 | 11,855 | 10,704,682 | ||||||
6.62%, 05/01/31 | 6,975 | 6,569,752 | ||||||
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 |
11,395 | 10,270,495 | ||||||
Pactiv LLC 7.95%, 12/15/25 |
7,850 | 7,320,367 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
3.95%, 02/01/28 † | 14,226 | 12,572,911 | ||||||
5.15%, 11/15/29 | 9,771 | 8,636,888 | ||||||
ProAssurance Corp. 5.30%, 11/15/23 |
7,611 | 7,533,695 | ||||||
Qwest Corp. 7.25%, 09/15/25 |
6,935 | 7,011,805 | ||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S 4.62%, 04/16/29 |
27,915 | 20,010,791 |
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) | ||||||||
4.62%, 04/06/31 | $ | 9,900 | $ | 6,717,290 | ||||
Rockies Express Pipeline LLC 144A | ||||||||
3.60%, 05/15/25 | 11,137 | 10,372,723 | ||||||
4.80%, 05/15/30 | 9,749 | 8,251,505 | ||||||
4.95%, 07/15/29 | 15,301 | 13,444,791 | ||||||
6.88%, 04/15/40 | 13,915 | 11,381,156 | ||||||
7.50%, 07/15/38 | 6,961 | 6,085,445 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
3.70%, 03/15/28 † | 13,913 | 10,107,168 | ||||||
7.50%, 10/15/27 † | 8,328 | 6,915,612 | ||||||
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25 † |
38,707 | 41,734,662 | ||||||
Safeway, Inc. 7.25%, 02/01/31 |
7,348 | 7,114,628 | ||||||
Seagate HDD Cayman | ||||||||
4.09%, 06/01/29 | 13,916 | 11,165,294 | ||||||
4.12%, 01/15/31 | 13,918 | 10,486,378 | ||||||
4.75%, 01/01/25 | 13,329 | 12,883,145 | ||||||
4.88%, 03/01/24 | 13,898 | 13,566,555 | ||||||
4.88%, 06/01/27 | 14,062 | 13,022,888 | ||||||
5.75%, 12/01/34 † | 13,631 | 11,104,256 | ||||||
Sealed Air Corp. 144A 6.88%, 07/15/33 |
13,043 | 12,509,280 | ||||||
Service Properties Trust | ||||||||
3.95%, 01/15/28 † | 11,163 | 8,221,103 | ||||||
4.35%, 10/01/24 | 22,950 | 21,104,820 | ||||||
4.38%, 02/15/30 † | 11,120 | 7,938,679 | ||||||
4.50%, 03/15/25 | 9,753 | 8,644,035 | ||||||
4.65%, 03/15/24 | 9,749 | 9,197,332 | ||||||
4.75%, 10/01/26 | 12,515 | 10,190,495 | ||||||
4.95%, 02/15/27 | 11,142 | 9,036,496 | ||||||
4.95%, 10/01/29 † | 11,829 | 8,597,407 | ||||||
5.25%, 02/15/26 | 9,761 | 8,457,565 | ||||||
Southeast Supply Header LLC 144A 4.25%, 06/15/24 |
11,273 | 10,199,472 | ||||||
Southwestern Energy Co. 5.70%, 01/23/25 |
11,371 | 11,187,155 | ||||||
Spirit AeroSystems, Inc. | ||||||||
3.85%, 06/15/26 | 8,437 | 7,605,829 | ||||||
4.60%, 06/15/28 † | 19,535 | 14,027,400 | ||||||
Sprint Capital Corp. | ||||||||
6.88%, 11/15/28 | 68,780 | 71,083,442 | ||||||
8.75%, 03/15/32 | 55,478 | 65,189,146 | ||||||
Steelcase, Inc. 5.12%, 01/18/29 |
12,656 | 11,095,768 | ||||||
Tenet Healthcare Corp. 6.88%, 11/15/31 |
10,715 | 9,109,357 | ||||||
Toledo Hospital/The | ||||||||
4.98%, 11/15/45 | 7,600 | 4,668,300 | ||||||
5.33%, 11/15/28 | 8,928 | 5,932,924 | ||||||
6.01%, 11/15/48 | 11,138 | 7,406,770 | ||||||
Topaz Solar Farms LLC 144A |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
5.75%, 09/30/39 | $ | 16,061 | $ | 15,296,404 | ||||
Transocean, Inc. | ||||||||
6.80%, 03/15/38 | 16,953 | 10,337,939 | ||||||
7.50%, 04/15/31 | 11,000 | 7,193,010 | ||||||
Travel + Leisure Co. | ||||||||
5.65%, 04/01/24 | 8,349 | 8,222,901 | ||||||
6.00%, 04/01/27 | 11,148 | 10,423,380 | ||||||
6.60%, 10/01/25 | 9,761 | 9,553,823 | ||||||
Trinity Industries, Inc. 4.55%, 10/01/24 |
11,825 | 11,228,310 | ||||||
Under Armour, Inc. 3.25%, 06/15/26 |
17,418 | 15,071,882 | ||||||
United States Cellular Corp. 6.70%, 12/15/33 |
15,236 | 14,530,802 | ||||||
United States Steel Corp. 6.65%, 06/01/37 † |
7,625 | 6,371,495 | ||||||
Western Midstream Operating LP | ||||||||
3.35%, 02/01/25 | 20,331 | 19,368,632 | ||||||
3.95%, 06/01/25 | 11,117 | 10,555,647 | ||||||
4.30%, 02/01/30 | 33,378 | 29,423,541 | ||||||
4.50%, 03/01/28 | 11,149 | 10,244,482 | ||||||
4.65%, 07/01/26 | 13,206 | 12,531,437 | ||||||
4.75%, 08/15/28 | 11,141 | 10,298,128 | ||||||
5.30%, 03/01/48 | 19,484 | 15,776,000 | ||||||
5.45%, 04/01/44 | 16,685 | 13,580,560 | ||||||
5.50%, 08/15/48 | 9,740 | 7,893,536 | ||||||
5.50%, 02/01/50 | 27,821 | 21,719,732 | ||||||
Xerox Corp. | ||||||||
3.80%, 05/15/24 | 8,351 | 7,969,067 | ||||||
4.80%, 03/01/35 | 6,989 | 4,328,121 | ||||||
6.75%, 12/15/39 | 9,752 | 7,201,576 | ||||||
XPO CNW, Inc. 6.70%, 05/01/34 |
9,052 | 8,114,168 | ||||||
Yum! Brands, Inc. | ||||||||
3.88%, 11/01/23 | 9,048 | 8,901,694 | ||||||
5.35%, 11/01/43 | 7,686 | 6,120,861 | ||||||
6.88%, 11/15/37 | 9,071 | 8,901,236 | ||||||
2,358,883,572 | ||||||||
Total Corporate
Bonds (Cost: $3,434,071,564) |
2,838,267,021 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0% | ||||||||
Money Market Fund: 4.0% (Cost: $114,938,185) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 114,938,185 | 114,938,185 | ||||||
Total Investments: 102.0% (Cost: $3,549,009,749) |
2,953,205,206 | |||||||
Liabilities in excess of other assets: (2.0)% | (58,227,857) | |||||||
NET ASSETS: 100.0% | $ | 2,894,977,349 |
See Notes to Financial Statements
26 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $117,144,100. |
(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 $352,491,536, or 12.2% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Basic Materials | 2.6 | % | $ | 74,349,420 | ||||
Communications | 0.3 | 8,103,506 | ||||||
Consumer Cyclicals | 19.4 | 550,610,943 | ||||||
Consumer Non-Cyclicals | 0.5 | 14,431,004 | ||||||
Energy | 27.8 | 788,790,862 | ||||||
Financials | 5.7 | 162,351,701 | ||||||
Healthcare | 3.1 | 87,070,801 | ||||||
Industrials | 15.0 | 427,526,923 | ||||||
Real Estate | 3.8 | 107,101,399 | ||||||
Technology | 15.3 | 433,673,924 | ||||||
Utilities | 6.5 | 184,256,538 | ||||||
100.0 | % | $ | 2,838,267,021 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 2,838,267,021 | $ | — | $ | 2,838,267,021 | ||||||||
Money Market Fund | 114,938,185 | — | — | 114,938,185 | ||||||||||||
Total Investments | $ | 114,938,185 | $ | 2,838,267,021 | $ | — | $ | 2,953,205,206 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
27 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 86.2% | ||||||||
Argentina: 0.1% | ||||||||
Genneia SA 144A 8.75%, 09/02/27 |
$ | 100 | $ | 92,889 | ||||
Australia: 1.3% | ||||||||
Bank of China Ltd. Reg S 0.75%, 09/29/24 |
200 | 185,305 | ||||||
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32 |
200 | 175,877 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 |
450 | 430,289 | ||||||
National Australia Bank Ltd. 3.62%, 06/20/23 |
225 | 223,541 | ||||||
1,015,012 | ||||||||
Bermuda: 0.2% | ||||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
200 | 168,784 | ||||||
Brazil: 1.7% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 |
150 | 131,456 | ||||||
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 |
375 | 361,554 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
200 | 204,467 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 |
150 | 133,529 | ||||||
Klabin Finance SA 144A 4.88%, 09/19/27 |
240 | 226,845 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 |
200 | 179,000 | ||||||
Suzano Austria GmbH 144A 5.75%, 07/14/26 |
50 | 49,169 | ||||||
1,286,020 | ||||||||
British Virgin Islands: 0.6% | ||||||||
Amipeace Ltd. Reg S 1.75%, 11/09/26 |
300 | 266,383 | ||||||
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 |
200 | 197,465 | ||||||
463,848 | ||||||||
Canada: 1.4% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
100 | 81,225 | ||||||
Bank of Nova Scotia 2.38%, 01/18/23 |
225 | 223,943 | ||||||
Brookfield Finance, Inc. 2.72%, 04/15/31 |
250 | 193,737 | ||||||
Canadian Imperial Bank of Commerce |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
0.95%, 10/23/25 | $ | 250 | $ | 219,318 | ||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 |
300 | 222,381 | ||||||
Tucson Electric Power Co. 1.50%, 08/01/30 |
150 | 111,714 | ||||||
1,052,318 | ||||||||
Cayman Islands: 0.4% | ||||||||
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31 |
200 | 154,261 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 |
200 | 180,375 | ||||||
334,636 | ||||||||
Chile: 1.4% | ||||||||
Colbun SA 144A 3.15%, 01/19/32 |
300 | 231,674 | ||||||
Interchile SA 144A 4.50%, 06/30/56 |
500 | 363,174 | ||||||
Inversiones CMPC SA 144A 4.38%, 04/04/27 † |
250 | 231,450 | ||||||
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33 |
196 | 95,559 | ||||||
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 † |
300 | 192,636 | ||||||
1,114,493 | ||||||||
China: 5.2% | ||||||||
Bank of China Ltd. Reg S 0.95%, 09/21/23 |
450 | 435,082 | ||||||
3.97% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 |
200 | 200,195 | ||||||
China Construction Bank Corp. Reg S | ||||||||
1.00%, 08/04/23 |
200 | 194,480 | ||||||
1.25%, 08/04/25 | 200 | 181,919 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 |
400 | 358,118 | ||||||
ICBCIL Finance Co. Ltd. Reg S 4.03% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 |
200 | 198,887 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 4.10% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 |
200 | 200,214 | ||||||
4.26% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 |
800 | 800,595 | ||||||
5.19% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 |
400 | 400,883 | ||||||
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23 |
200 | 192,596 |
See Notes to Financial Statements
28 |
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 |
$ | 200 | $ | 199,550 | ||||
Lenovo Group Ltd. 144A 6.54%, 07/27/32 |
400 | 333,649 | ||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 |
200 | 194,977 | ||||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 |
200 | 190,897 | ||||||
4,082,042 | ||||||||
Colombia: 0.3% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 |
300 | 262,858 | ||||||
Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 |
92 | 69,246 | ||||||
France: 0.9% | ||||||||
BNP Paribas SA 144A 1.68% (United States Secured Overnight Financing Rate+0.91%), 06/30/27 |
300 | 251,572 | ||||||
Electricite de France SA 144A 3.62%, 10/13/25 |
450 | 425,127 | ||||||
676,699 | ||||||||
Georgia: 0.1% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 |
100 | 76,258 | ||||||
Germany: 2.7% | ||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
0.75%, 09/30/30 | 950 | 728,104 | ||||||
1.00%, 10/01/26 | 600 | 525,096 | ||||||
1.75%, 09/14/29 | 800 | 681,144 | ||||||
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25 |
188 | 175,312 | ||||||
2,109,656 | ||||||||
Hong Kong: 2.5% | ||||||||
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25 |
300 | 281,205 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 |
200 | 176,993 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 1.62%, 10/28/26 |
300 | 266,568 | ||||||
Industrial Bank Co. Ltd. Reg S | ||||||||
0.88%, 06/10/24 | 200 | 187,650 | ||||||
3.25%, 05/18/25 | 200 | 192,076 | ||||||
Link Finance Cayman 2009 Ltd. Reg S |
Par (000’s |
) | Value | ||||||
Hong Kong (continued) | ||||||||
2.88%, 07/21/26 | $ | 200 | $ | 185,550 | ||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 |
400 | 366,708 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 |
200 | 155,949 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
200 | 101,000 | ||||||
1,913,699 | ||||||||
India: 2.6% | ||||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
250 | 188,750 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 181,930 | ||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharash 144A 4.62%, 10/15/39 |
181 | 116,042 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 |
150 | 140,120 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 |
200 | 156,529 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 |
200 | 178,749 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
322 | 248,440 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 |
200 | 175,523 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 |
200 | 178,025 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 |
150 | 134,926 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † |
200 | 148,112 | ||||||
State Bank of India/London Reg S 4.50%, 09/28/23 |
200 | 198,179 | ||||||
2,045,325 | ||||||||
Indonesia: 0.4% | ||||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 |
400 | 298,351 |
See Notes to Financial Statements
29 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Ireland: 0.6% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27 |
$ | 200 | $ | 192,222 | ||||
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26 |
250 | 241,317 | ||||||
433,539 | ||||||||
Japan: 4.0% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 |
200 | 174,610 | ||||||
Honda Motor Co. Ltd. | ||||||||
2.27%, 03/10/25 | 300 | 281,618 | ||||||
2.97%, 03/10/32 † | 600 | 497,203 | ||||||
Marubeni Corp. Reg S 1.58%, 09/17/26 |
200 | 170,835 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 |
250 | 243,702 | ||||||
Norinchukin Bank 144A | ||||||||
1.28%, 09/22/26 | 200 | 170,090 | ||||||
2.08%, 09/22/31 | 150 | 111,162 | ||||||
NTT Finance Corp. 144A | ||||||||
4.24%, 07/25/25 | 200 | 194,810 | ||||||
4.37%, 07/27/27 | 200 | 192,000 | ||||||
Renesas Electronics Corp. 144A 1.54%, 11/26/24 |
300 | 272,577 | ||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||
0.51%, 01/12/24 | 250 | 235,635 | ||||||
2.47%, 01/14/29 | 200 | 162,331 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 |
175 | 153,536 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 |
300 | 245,526 | ||||||
3,105,635 | ||||||||
Luxembourg: 0.8% | ||||||||
Bank of China Ltd. Reg S 1.40%, 04/28/26 |
200 | 178,973 | ||||||
European Investment Bank 1.62%, 05/13/31 |
500 | 411,004 | ||||||
589,977 | ||||||||
Macao: 0.3% | ||||||||
China Construction Bank Corp. Reg S 3.48% (United States Secured Overnight Financing Rate Compound Index+0.50%), 12/21/24 |
200 | 198,760 | ||||||
Mauritius: 0.7% | ||||||||
Azure Power Energy Ltd. 144A |
Par (000’s |
) | Value | ||||||
Mauritius (continued) | ||||||||
3.58%, 08/19/26 |
$ | 186 | $ | 135,388 | ||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 |
200 | 171,269 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 |
142 | 108,668 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 |
200 | 151,010 | ||||||
566,335 | ||||||||
Mexico: 0.2% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 |
250 | 181,815 | ||||||
Netherlands: 3.5% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 |
350 | 272,309 | ||||||
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 † |
350 | 302,341 | ||||||
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 |
400 | 338,773 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 |
478 | 374,837 | ||||||
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 † |
450 | 394,507 | ||||||
4.62%, 01/06/26 |
300 | 285,661 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
2.50%, 05/11/31 | 550 | 414,271 | ||||||
3.40%, 05/01/30 | 200 | 166,220 | ||||||
5.00%, 01/15/33 | 200 | 179,679 | ||||||
2,728,598 | ||||||||
Philippines: 0.2% | ||||||||
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 |
200 | 188,055 | ||||||
Portugal: 0.4% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 |
400 | 315,936 | ||||||
Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 |
200 | 179,050 | ||||||
Saudi Arabia: 0.6% | ||||||||
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 |
250 | 220,275 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 |
300 | 242,062 | ||||||
462,337 |
See Notes to Financial Statements
30 |
Par (000’s |
) | Value | ||||||
Singapore: 1.4% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
$ | 194 | $ | 153,922 | ||||
Greenko Investment Co. 144A 4.88%, 08/16/23 |
200 | 191,680 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 |
200 | 162,000 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24 |
450 | 418,129 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
203 | 180,113 | ||||||
1,105,844 | ||||||||
South Africa: 0.2% | ||||||||
Bank of China Ltd. Reg S 1.88%, 02/16/25 |
200 | 186,941 | ||||||
South Korea: 3.0% | ||||||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 |
300 | 258,404 | ||||||
Kia Corp. 144A | ||||||||
1.75%, 10/16/26 | 400 | 340,048 | ||||||
2.38%, 02/14/25 | 200 | 184,249 | ||||||
Korea Electric Power Corp. 144A | ||||||||
2.50%, 06/24/24 | 350 | 335,348 | ||||||
3.62%, 06/14/25 | 200 | 191,084 | ||||||
5.38%, 04/06/26 | 200 | 198,220 | ||||||
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 |
200 | 198,869 | ||||||
LG Chem Ltd. 144A | ||||||||
1.38%, 07/07/26 | 200 | 171,908 | ||||||
2.38%, 07/07/31 | 225 | 171,498 | ||||||
3.25%, 10/15/24 | 250 | 239,244 | ||||||
3.62%, 04/15/29 | 50 | 44,445 | ||||||
2,333,317 | ||||||||
Spain: 0.9% | ||||||||
Avangrid, Inc. | ||||||||
3.20%, 04/15/25 | 531 | 499,455 | ||||||
3.80%, 06/01/29 | 250 | 219,332 | ||||||
718,787 | ||||||||
Supranational: 6.6% | ||||||||
Asian Development Bank | ||||||||
1.75%, 08/14/26 | 275 | 248,729 | ||||||
2.12%, 03/19/25 | 150 | 141,886 | ||||||
2.38%, 08/10/27 | 150 | 137,104 | ||||||
3.12%, 09/26/28 | 250 | 233,445 | ||||||
Central American Bank for Economic Integration Reg S 3.76% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 |
200 | 199,539 |
Par (000’s |
) | Value | ||||||
Supranational (continued) | ||||||||
European Bank for Reconstruction & Development | ||||||||
1.50%, 02/13/25 | $ | 300 | $ | 280,342 | ||||
1.62%, 09/27/24 | 500 | 473,007 | ||||||
European Investment Bank | ||||||||
0.75%, 09/23/30 † | 600 | 460,936 | ||||||
1.62%, 10/09/29 † | 380 | 320,877 | ||||||
2.12%, 04/13/26 † | 300 | 277,702 | ||||||
2.38%, 05/24/27 † | 500 | 459,753 | ||||||
2.50%, 10/15/24 † | 450 | 433,038 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 |
750 | 720,524 | ||||||
International Bank for Reconstruction & Development | ||||||||
2.12%, 03/03/25 | 430 | 407,288 | ||||||
3.12%, 11/20/25 | 75 | 72,023 | ||||||
International Finance Corp. 2.12%, 04/07/26 |
344 | 318,150 | ||||||
5,184,343 | ||||||||
Sweden: 0.4% | ||||||||
Swedbank AB 144A 1.54%, 11/16/26 |
350 | 301,350 | ||||||
Turkey: 0.2% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
200 | 150,060 | ||||||
United Arab Emirates: 0.7% | ||||||||
MAF Sukuk Ltd. Reg S | ||||||||
3.93%, 02/28/30 | 200 | 176,272 | ||||||
4.64%, 05/14/29 | 200 | 182,950 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 |
199 | 152,060 | ||||||
511,282 | ||||||||
United Kingdom: 2.1% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 |
200 | 169,792 | ||||||
Brookfield Finance I UK Plc 2.34%, 01/30/32 |
300 | 219,232 | ||||||
China Construction Bank Corp. Reg S 3.12%, 05/17/25 |
350 | 335,518 | ||||||
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 |
200 | 194,606 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 |
300 | 227,760 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 |
200 | 183,900 | ||||||
Vmed O2 UK Financing I Plc 144A |
See Notes to Financial Statements
31 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
4.75%, 07/15/31 | $ | 400 | $ | 323,992 | ||||
1,654,800 | ||||||||
United States: 37.3% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 |
200 | 162,768 | ||||||
AES Corp. | ||||||||
1.38%, 01/15/26 | 350 | 302,509 | ||||||
2.45%, 01/15/31 | 305 | 230,335 | ||||||
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 |
200 | 179,399 | ||||||
Alexandria Real Estate Equities, Inc. | ||||||||
2.00%, 05/18/32 | 350 | 252,477 | ||||||
2.95%, 03/15/34 | 250 | 188,424 | ||||||
3.80%, 04/15/26 | 100 | 94,766 | ||||||
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46 |
388 | 326,304 | ||||||
Amgen, Inc. 3.00%, 02/22/29 |
200 | 174,780 | ||||||
Apple, Inc. | ||||||||
2.85%, 02/23/23 † | 125 | 124,369 | ||||||
3.00%, 06/20/27 | 800 | 745,426 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 3.25%, 09/01/28 |
250 | 205,622 | ||||||
4.00%, 09/01/29 |
275 | 209,322 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 |
200 | 109,111 | ||||||
AvalonBay Communities, Inc. | ||||||||
1.90%, 12/01/28 | 100 | 81,576 | ||||||
2.05%, 01/15/32 † | 250 | 190,207 | ||||||
Boston Properties LP | ||||||||
2.45%, 10/01/33 † | 400 | 276,306 | ||||||
3.40%, 06/21/29 | 225 | 186,246 | ||||||
4.50%, 12/01/28 | 400 | 360,225 | ||||||
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 |
550 | 538,076 | ||||||
Clearway Energy Operating LLC 144A | ||||||||
3.75%, 02/15/31 | 400 | 334,966 | ||||||
4.75%, 03/15/28 | 275 | 254,794 | ||||||
Dana, Inc. 4.25%, 09/01/30 |
200 | 160,480 | ||||||
Deutsche Bank AG 1.69%, 03/19/26 |
300 | 257,607 | ||||||
Dominion Energy, Inc. 2.25%, 08/15/31 † |
350 | 270,618 | ||||||
DTE Electric Co. 1.90%, 04/01/28 |
150 | 126,212 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.25%, 04/01/51 | $ | 200 | $ | 134,516 | ||||
3.95%, 03/01/49 | 290 | 223,150 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 |
350 | 326,347 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 † |
300 | 269,309 | ||||||
Equinix, Inc. | ||||||||
1.00%, 09/15/25 | 300 | 263,315 | ||||||
1.55%, 03/15/28 | 100 | 79,832 | ||||||
2.50%, 05/15/31 † | 550 | 419,513 | ||||||
3.90%, 04/15/32 | 350 | 294,986 | ||||||
ERP Operating LP 4.15%, 12/01/28 |
200 | 182,200 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 |
200 | 182,234 | ||||||
Fannie Mae-Aces | ||||||||
1.44%, 10/25/29 | 500 | 404,733 | ||||||
2.44%, 10/25/29 | 37 | 31,935 | ||||||
2.52%, 08/25/29 | 593 | 517,902 | ||||||
2.54%, 07/25/24 | 163 | 156,477 | ||||||
2.85%, 02/25/27 | 255 | 235,461 | ||||||
2.91%, 01/25/28 | 397 | 364,346 | ||||||
2.94%, 06/25/29 | 9 | 8,211 | ||||||
3.04%, 03/25/28 | 214 | 196,679 | ||||||
3.06%, 09/25/27 | 257 | 238,900 | ||||||
3.07%, 02/25/30 | 342 | 308,237 | ||||||
3.16%, 11/25/27 | 13 | 12,512 | ||||||
3.16%, 03/25/28 | 449 | 412,612 | ||||||
3.41%, 06/25/28 | 318 | 294,759 | ||||||
3.67%, 09/25/28 | 509 | 477,978 | ||||||
3.74%, 09/25/30 | 97 | 90,178 | ||||||
Federal Realty Investment Trust 1.25%, 02/15/26 |
200 | 173,828 | ||||||
Fifth Third Bancorp 1.71% (United States Secured Overnight Financing Rate+0.69%), 11/01/27 |
200 | 170,395 | ||||||
Ford Motor Co. | ||||||||
3.25%, 02/12/32 | 1,000 | 752,525 | ||||||
6.10%, 08/19/32 | 450 | 412,594 | ||||||
Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
1.30%, 06/25/30 | 30 | 23,291 | ||||||
2.88%, 04/25/26 | 285 | 266,915 | ||||||
General Motors Co. | ||||||||
5.40%, 10/15/29 | 200 | 185,595 | ||||||
5.60%, 10/15/32 | 650 | 590,679 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 † |
250 | 238,675 | ||||||
Healthpeak Properties, Inc. | ||||||||
1.35%, 02/01/27 † | 200 | 168,388 | ||||||
2.12%, 12/01/28 | 100 | 81,119 | ||||||
Host Hotels & Resorts LP 2.90%, 12/15/31 |
250 | 180,995 |
See Notes to Financial Statements
32 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.38%, 12/15/29 | $ | 100 | $ | 79,735 | ||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 | 150 | 102,599 | ||||||
4.10%, 09/26/28 † | 250 | 234,445 | ||||||
Jabil, Inc. 4.25%, 05/15/27 |
200 | 185,622 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 |
300 | 230,468 | ||||||
JPMorgan Chase & Co. 0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24 |
325 | 310,320 | ||||||
0.77% (United States Secured Overnight Financing Rate+0.49%), 08/09/25 |
500 | 456,491 | ||||||
Kaiser Foundation Hospitals | ||||||||
2.81%, 06/01/41 | 600 | 402,516 | ||||||
3.15%, 05/01/27 | 80 | 73,517 | ||||||
Kilroy Realty LP | ||||||||
2.50%, 11/15/32 | 50 | 34,764 | ||||||
2.65%, 11/15/33 | 150 | 101,811 | ||||||
4.75%, 12/15/28 | 250 | 224,795 | ||||||
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 |
200 | 162,293 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 |
200 | 175,549 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 |
350 | 313,063 | ||||||
MidAmerican Energy Co. | ||||||||
2.70%, 08/01/52 | 200 | 120,050 | ||||||
3.10%, 05/01/27 | 225 | 207,433 | ||||||
3.15%, 04/15/50 | 200 | 130,913 | ||||||
3.65%, 04/15/29 | 150 | 137,003 | ||||||
3.65%, 08/01/48 | 400 | 289,451 | ||||||
3.95%, 08/01/47 | 275 | 209,689 | ||||||
4.25%, 07/15/49 | 275 | 220,309 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 |
575 | 475,189 | ||||||
Northern States Power Co. | ||||||||
2.60%, 06/01/51 | 250 | 149,226 | ||||||
2.90%, 03/01/50 | 250 | 159,206 | ||||||
3.20%, 04/01/52 | 200 | 133,079 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 |
225 | 200,137 | ||||||
Owens Corning 3.95%, 08/15/29 |
225 | 197,675 | ||||||
PacifiCorp 2.90%, 06/15/52 |
200 | 122,374 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 |
250 | 225,421 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
PepsiCo, Inc. | ||||||||
2.88%, 10/15/49 | $ | 250 | $ | 169,833 | ||||
3.90%, 07/18/32 | 500 | 463,528 | ||||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 |
150 | 113,425 | ||||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 |
310 | 292,433 | ||||||
Prologis LP | ||||||||
1.25%, 10/15/30 | 375 | 274,832 | ||||||
1.75%, 02/01/31 | 200 | 151,141 | ||||||
2.88%, 11/15/29 | 75 | 62,847 | ||||||
Public Service Co. of Colorado | ||||||||
3.20%, 03/01/50 | 250 | 167,834 | ||||||
3.70%, 06/15/28 | 450 | 415,359 | ||||||
4.10%, 06/15/48 | 110 | 85,949 | ||||||
Public Service Co. of Oklahoma | ||||||||
2.20%, 08/15/31 | 300 | 231,782 | ||||||
3.15%, 08/15/51 | 150 | 92,684 | ||||||
Public Service Electric and Gas Co. 3.10%, 03/15/32 † |
150 | 126,100 | ||||||
Regency Centers LP 3.75%, 06/15/24 |
125 | 120,911 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 |
150 | 88,288 | ||||||
SK Battery America, Inc. Reg S | ||||||||
1.62%, 01/26/24 | 250 | 235,487 | ||||||
2.12%, 01/26/26 | 200 | 165,250 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 |
600 | 468,182 | ||||||
Sonoco Products Co. | ||||||||
1.80%, 02/01/25 | 100 | 92,376 | ||||||
2.85%, 02/01/32 | 400 | 312,133 | ||||||
Southern Power Co. 4.15%, 12/01/25 |
500 | 486,429 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 |
100 | 65,159 | ||||||
Sunnova Energy Corp. 144A 5.88%, 09/01/26 † |
100 | 88,155 | ||||||
Toyota Auto Receivables Owner 0.26%, 11/17/25 |
204 | 194,286 | ||||||
UDR, Inc. 1.90%, 03/15/33 |
175 | 118,086 | ||||||
Union Electric Co. 2.62%, 03/15/51 |
275 | 160,302 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 |
200 | 183,410 | ||||||
Verizon Communications, Inc. |
See Notes to Financial Statements
33 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
1.50%, 09/18/30 | $ | 300 | $ | 223,018 | ||||
2.85%, 09/03/41 | 400 | 262,045 | ||||||
3.88%, 02/08/29 | 450 | 409,402 | ||||||
3.88%, 03/01/52 | 300 | 212,506 | ||||||
Vornado Realty LP 3.40%, 06/01/31 |
150 | 111,534 | ||||||
Welltower, Inc. | ||||||||
2.70%, 02/15/27 | 250 | 221,344 | ||||||
3.85%, 06/15/32 | 100 | 83,115 | ||||||
Wisconsin Electric Power Co. 4.75%, 09/30/32 |
250 | 238,025 | ||||||
Wisconsin Power and Light Co. 1.95%, 09/16/31 |
200 | 152,622 | ||||||
29,119,201 | ||||||||
Total Corporate Bonds (Cost: $79,370,136) |
67,278,096 | |||||||
GOVERNMENT OBLIGATIONS: 12.6% | ||||||||
Brazil: 0.2% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 |
200 | 198,004 | ||||||
Canada: 0.4% | ||||||||
CDP Financial, Inc. Reg S 1.00%, 05/26/26 |
350 | 307,382 | ||||||
Chile: 1.3% | ||||||||
Chile Government International Bond | ||||||||
2.55%, 01/27/32 | 550 | 432,230 | ||||||
3.50%, 01/25/50 | 850 | 561,432 | ||||||
993,662 | ||||||||
Egypt: 0.3% | ||||||||
Egypt Government International Bond 144A 5.25%, 10/06/25 |
50 | 41,765 | ||||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 |
200 | 167,059 | ||||||
208,824 | ||||||||
Hong Kong: 2.3% | ||||||||
Airport Authority Reg S 1.75%, 01/12/27 |
300 | 266,325 | ||||||
China Development Bank Reg
S
0.62%, 09/09/24 |
200 | 185,413 | ||||||
Hong Kong Government International Bond 144A | ||||||||
0.62%, 02/02/26 | 400 | 354,833 | ||||||
1.38%, 02/02/31 | 400 | 315,705 | ||||||
2.38%, 02/02/51 | 200 | 118,674 | ||||||
2.50%, 05/28/24 | 250 | 241,881 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 |
400 | 319,306 | ||||||
1,802,137 |
Par (000’s |
) | Value | ||||||
Indonesia: 1.9% | ||||||||
Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
2.30%, 06/23/25 | $ | 150 | $ | 139,513 | ||||
3.55%, 06/09/51 | 275 | 187,372 | ||||||
3.75%, 03/01/23 | 650 | 649,085 | ||||||
3.90%, 08/20/24 | 250 | 246,496 | ||||||
4.70%, 06/06/32 | 300 | 280,862 | ||||||
1,503,328 | ||||||||
Japan: 0.5% | ||||||||
Japan Bank for International Cooperation 1.62%, 01/20/27 |
200 | 176,332 | ||||||
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 |
200 | 185,532 | ||||||
361,864 | ||||||||
Netherlands: 1.2% | ||||||||
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 |
200 | 194,978 | ||||||
Nederlandse Waterschapsbank NV 144A | ||||||||
1.00%, 05/28/30 | 100 | 78,247 | ||||||
2.38%, 03/24/26 | 750 | 697,414 | ||||||
970,639 | ||||||||
Norway: 0.6% | ||||||||
Kommunalbanken AS 144A | ||||||||
0.50%, 10/21/24 | 200 | 184,471 | ||||||
2.12%, 02/11/25 | 325 | 307,683 | ||||||
492,154 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
200 | 62,584 | ||||||
South Korea: 2.0% | ||||||||
Export-Import Bank of Korea 2.12%, 01/18/32 |
500 | 382,277 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 |
450 | 365,298 | ||||||
Korea Development Bank | ||||||||
0.40%, 06/19/24 | 200 | 185,876 | ||||||
0.75%, 01/25/25 | 200 | 181,645 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 |
300 | 297,320 | ||||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 |
200 | 186,559 | ||||||
1,598,975 | ||||||||
Sweden: 0.8% | ||||||||
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24 |
350 | 326,348 |
See Notes to Financial Statements
34 |
Par (000’s |
) | Value | ||||||
Sweden (continued) | ||||||||
1.62%, 04/24/23 | $ | 300 | $ | 295,652 | ||||
622,000 | ||||||||
United States: 1.0% | ||||||||
City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
2.83%, 11/01/41 | 100 | 70,498 | ||||||
3.30%, 11/01/39 | 100 | 77,636 | ||||||
3.47%, 11/01/43 | 100 | 72,561 | ||||||
Commonwealth of Massachusetts 3.28%, 06/01/46 |
150 | 108,006 | ||||||
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 |
170 | 137,580 | ||||||
Metropolitan Transportation Authority 5.17%, 11/15/49 |
150 | 126,056 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 |
200 | 153,412 | ||||||
745,749 | ||||||||
Total Government Obligations (Cost: $11,778,765) |
9,867,302 |
Number of Shares |
Value | |||||||
PREFERRED SECURITIES:
0.1% (Cost: $173,320) |
||||||||
Canada: 0.1% | ||||||||
Brookfield
Finance, Inc. (USD) 4.62%, 10/16/80 † |
7,000 | $ | 117,460 | |||||
Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $91,322,221) |
77,262,858 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% |
||||||||
Money
Market Fund: 2.5% (Cost: $1,947,090) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,947,090 | 1,947,090 | ||||||
Total Investments: 101.4% (Cost: $93,269,311) |
79,209,948 | |||||||
Liabilities in excess of other assets: (1.4)% | (1,125,127) | |||||||
NET ASSETS: 100.0% | 78,084,821 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $5,351,601. |
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 $23,734,930, or 30.4% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Academic & Educational Services | 0.2 | % | $ | 175,549 | ||||
Basic Materials | 3.9 | 3,009,832 | ||||||
Consumer Cyclicals | 5.0 | 3,861,069 | ||||||
Consumer Non-Cyclicals | 1.1 | 815,176 | ||||||
Energy | 1.3 | 1,011,669 | ||||||
Financials | 38.7 | 29,879,677 | ||||||
Government Activity | 7.5 | 5,815,521 | ||||||
Healthcare | 1.0 | 739,101 | ||||||
Industrials | 3.1 | 2,425,032 | ||||||
Mortgage Securities | 5.6 | 4,367,429 | ||||||
Real Estate | 7.8 | 6,055,541 | ||||||
Technology | 5.1 | 3,915,595 | ||||||
Utilities | 19.7 | 15,191,667 | ||||||
100.0 | % | $ | 77,262,858 |
See Notes to Financial Statements
35 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||
Corporate Bonds * | $ | — | $ | 67,278,096 | $ | — | $ | 67,278,096 | ||||
Government Obligations * | — | 9,867,302 | — | 9,867,302 | ||||||||
Preferred Securities * | 117,460 | — | — | 117,460 | ||||||||
Money Market Fund | 1,947,090 | — | — | 1,947,090 | ||||||||
Total Investments | $ | 2,064,550 | $ | 77,145,398 | $ | — | $ | 79,209,948 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
36 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||
FLOATING RATE NOTES: 98.2% | ||||||||
Australia: 8.8% | ||||||||
ASB Bank Ltd. 144A 4.24% (ICE LIBOR USD 3 Month+0.97%), 06/14/23 |
$ | 1,575 | $ | 1,577,033 | ||||
Commonwealth Bank of Australia 144A 3.46% (United States Secured Overnight Financing Rate+0.40%), 07/07/25 |
22,892 | 22,523,899 | ||||||
3.49% (United States Secured Overnight Financing Rate+0.52%), 06/15/26 |
9,595 | 9,391,945 | ||||||
3.70% (United States Secured Overnight Financing Rate+0.74%), 03/14/25 |
12,450 | 12,382,899 | ||||||
Macquarie Bank Ltd. 144A 4.33% (United States Secured Overnight Financing Rate+1.31%), 03/21/25 |
9,600 | 9,599,929 | ||||||
Macquarie Group Ltd. 144A 4.06% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 |
1,875 | 1,873,594 | ||||||
4.98% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 |
2,805 | 2,801,338 | ||||||
National Australia Bank Ltd. 144A 3.44% (United States Secured Overnight Financing Rate+0.38%), 01/12/25 |
2,575 | 2,540,507 | ||||||
3.71% (United States Secured Overnight Financing Rate+0.65%), 01/12/27 |
9,600 | 9,413,521 | ||||||
3.78% (United States Secured Overnight Financing Rate+0.86%), 06/09/25 |
9,600 | 9,570,032 | ||||||
Westpac Banking Corp. 3.04% (United States Secured Overnight Financing Rate+0.30%), 11/18/24 |
3,825 | 3,767,195 | ||||||
3.63% (ICE LIBOR USD 3 Month+0.72%), 05/15/23 |
2,175 | 2,176,020 | ||||||
3.78% (ICE LIBOR USD 3 Month+0.77%), 02/26/24 |
1,450 | 1,452,404 | ||||||
3.80% (United States Secured Overnight Financing Rate+1.00%), 08/26/25 |
10,550 | 10,554,102 | ||||||
99,624,418 | ||||||||
Canada: 6.2% | ||||||||
Bank of Montreal |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
3.24% (United States Secured Overnight Financing Rate Compound Index+0.27%), 09/15/23 |
$ | 1,894 | $ | 1,884,474 | ||||
3.26% (United States Secured Overnight Financing Rate Compound Index+0.35%), 12/08/23 |
1,750 | 1,738,297 | ||||||
3.38% (United States Secured Overnight Financing Rate Compound Index+0.32%), 07/09/24 |
2,810 | 2,763,252 | ||||||
3.62% (United States Secured Overnight Financing Rate Compound Index+0.71%), 03/08/24 |
2,550 | 2,533,858 | ||||||
Bank of Nova Scotia 3.23% (United States Secured Overnight Financing Rate+0.26%), 09/15/23 |
1,733 | 1,724,371 | ||||||
3.44% (United States Secured Overnight Financing Rate+0.38%), 07/31/24 |
3,300 | 3,258,031 | ||||||
3.50% (United States Secured Overnight Financing Rate Compound Index+0.45%), 04/15/24 |
3,311 | 3,278,723 | ||||||
3.52% (United States Secured Overnight Financing Rate Compound Index+0.55%), 09/15/23 |
4,615 | 4,599,885 | ||||||
Canadian Imperial Bank of Commerce 3.36% (United States Secured Overnight Financing Rate Compound Index+0.40%), 12/14/23 † |
1,750 | 1,739,157 | ||||||
3.37% (United States Secured Overnight Financing Rate+0.34%), 06/22/23 |
1,459 | 1,455,681 | ||||||
3.48% (United States Secured Overnight Financing Rate Compound Index+0.42%), 10/18/24 |
3,556 | 3,492,151 | ||||||
3.91% (ICE LIBOR USD 3 Month+0.66%), 09/13/23 |
1,465 | 1,466,518 | ||||||
4.00% (United States Secured Overnight Financing Rate+0.94%), 04/07/25 |
12,475 | 12,350,080 | ||||||
Enbridge, Inc. 3.34% (United States Secured Overnight Financing Rate Compound Index+0.63%), 02/16/24 |
1,800 | 1,780,438 |
See Notes to Financial Statements
37 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
Federation des Caisses Desjardins du Quebec 144A 3.21% (United States Secured Overnight Financing Rate+0.43%), 05/21/24 |
$ | 2,675 | $ | 2,635,998 | ||||
Royal Bank of Canada 3.36% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/19/24 |
2,031 | 2,011,742 | ||||||
3.40% (United States Secured Overnight Financing Rate Compound Index+0.34%), 10/07/24 |
2,541 | 2,494,619 | ||||||
3.42% (United States Secured Overnight Financing Rate Compound Index+0.36%), 07/29/24 |
3,319 | 3,275,286 | ||||||
3.51% (United States Secured Overnight Financing Rate Compound Index+0.45%), 10/26/23 |
2,903 | 2,890,419 | ||||||
Toronto-Dominion Bank 3.08% (United States Secured Overnight Financing Rate+0.22%), 06/02/23 |
2,317 | 2,309,334 | ||||||
3.23% (United States Secured Overnight Financing Rate+0.35%), 03/04/24 |
3,820 | 3,783,816 | ||||||
3.28% (United States Secured Overnight Financing Rate+0.35%), 09/10/24 |
4,587 | 4,521,015 | ||||||
3.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23 |
1,450 | 1,444,076 | ||||||
69,431,221 | ||||||||
Cayman Islands: 0.3% | ||||||||
MassMutual Global Funding II 144A 3.42% (United States Secured Overnight Financing Rate+0.36%), 04/12/24 |
3,125 | 3,095,450 | ||||||
China: 0.3% | ||||||||
Tencent Holdings Ltd. 144A 4.82% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 |
3,700 | 3,689,436 | ||||||
France: 2.5% | ||||||||
Banque Federative du Credit Mutuel SA 144A |
Par (000’s |
) | Value | ||||||
France (continued) | ||||||||
3.03% (United States Secured Overnight Financing Rate Compound Index+0.41%), 02/04/25 |
$ | 13,522 | $ | 13,207,819 | ||||
BPCE SA 144A 4.48% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 |
1,575 | 1,575,017 | ||||||
Societe Generale SA 144A 4.11% (United States Secured Overnight Financing Rate+1.05%), 01/21/26 |
14,500 | 13,867,815 | ||||||
28,650,651 | ||||||||
Germany: 0.3% | ||||||||
Bayer US Finance II LLC 144A 4.30% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 |
3,725 | 3,707,154 | ||||||
Ireland: 0.1% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.73% (United States Secured Overnight Financing Rate+0.68%), 09/29/23 |
1,600 | 1,566,044 | ||||||
Japan: 4.0% | ||||||||
Mitsubishi UFJ Financial Group, Inc. 5.19% (ICE LIBOR USD 3 Month+0.86%), 07/26/23 |
4,921 | 4,922,563 | ||||||
Mizuho Financial Group, Inc. 3.63% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 |
5,575 | 5,530,674 | ||||||
3.69% (United States Secured Overnight Financing Rate+0.96%), 05/22/26 |
14,375 | 13,997,024 | ||||||
4.24% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 |
3,302 | 3,286,351 | ||||||
Sumitomo Mitsui Financial Group, Inc. 3.94% (United States Secured Overnight Financing Rate+0.88%), 01/14/27 |
9,600 | 9,357,496 | ||||||
4.88% (ICE LIBOR USD 3 Month+0.80%), 10/16/23 |
2,458 | 2,456,921 | ||||||
5.09% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 |
1,450 | 1,451,142 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 3.40% (United States Secured Overnight Financing Rate+0.44%), 09/16/24 |
3,925 | 3,891,556 | ||||||
44,893,727 | ||||||||
Netherlands: 1.8% | ||||||||
Cooperatieve Rabobank UA |
See Notes to Financial Statements
38 |
Par (000’s |
) | Value | ||||||
Netherlands (continued) | ||||||||
3.36% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/12/24 |
$ | 2,300 | $ | 2,283,170 | ||||
ING Groep NV 4.69% (United States Secured Overnight Financing Rate Compound Index+1.64%), 03/28/26 |
9,625 | 9,483,761 | ||||||
4.74% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 |
1,490 | 1,489,367 | ||||||
Shell International Finance BV 3.31% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 |
1,575 | 1,574,144 | ||||||
Siemens Financieringsmaatschappij NV 144A 3.36% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 |
5,200 | 5,185,545 | ||||||
20,015,987 | ||||||||
Norway: 1.0% | ||||||||
DNB Bank ASA 144A 3.88% (United States Secured Overnight Financing Rate Compound Index+0.83%), 03/28/25 |
11,575 | 11,480,072 | ||||||
Spain: 0.3% | ||||||||
Banco Santander SA 3.99% (United States Secured Overnight Financing Rate+1.24%), 05/24/24 |
3,315 | 3,305,856 | ||||||
Switzerland: 1.7% | ||||||||
Credit Suisse Group AG 144A 4.47% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 |
1,450 | 1,377,999 | ||||||
4.48% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 |
3,831 | 3,611,520 | ||||||
UBS AG 144A 3.01% (United States Secured Overnight Financing Rate+0.36%), 02/09/24 |
2,900 | 2,878,466 | ||||||
UBS Group AG 144A 4.26% (United States Secured Overnight Financing Rate+1.58%), 05/12/26 |
11,520 | 11,397,244 | ||||||
19,265,229 | ||||||||
United Kingdom: 9.1% | ||||||||
ANZ New Zealand Int’l Ltd./London 144A 3.34% (United States Secured Overnight Financing Rate+0.60%), 02/18/25 |
9,700 | 9,594,785 |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
Barclays Plc 4.30% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 |
$ | 7,680 | $ | 7,587,470 | ||||
HSBC Holdings Plc 3.33% (United States Secured Overnight Financing Rate+0.58%), 11/22/24 |
2,600 | 2,510,522 | ||||||
3.96% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 |
10,120 | 9,974,093 | ||||||
4.31% (United States Secured Overnight Financing Rate+1.43%), 03/10/26 |
9,600 | 9,389,654 | ||||||
4.47% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 |
9,600 | 9,464,504 | ||||||
4.62% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 |
14,362 | 13,942,882 | ||||||
NatWest Group Plc 5.19% (ICE LIBOR USD 3 Month+1.55%), 06/25/24 |
3,900 | 3,886,086 | ||||||
NatWest Markets Plc 144A 4.48% (United States Secured Overnight Financing Rate+1.45%), 03/22/25 |
9,680 | 9,562,579 | ||||||
Standard Chartered Plc 144A 3.70% (United States Secured Overnight Financing Rate+0.93%), 11/23/25 |
9,650 | 9,291,774 | ||||||
4.79% (United States Secured Overnight Financing Rate+1.74%), 03/30/26 |
9,650 | 9,450,940 | ||||||
UBS AG 144A 3.10% (United States Secured Overnight Financing Rate+0.45%), 08/09/24 |
5,075 | 5,033,467 | ||||||
3.17% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 |
2,900 | 2,893,944 | ||||||
102,582,700 | ||||||||
United States: 61.8% | ||||||||
American Electric Power Co., Inc. 4.92% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 |
1,900 | 1,887,238 | ||||||
American Express Co. 2.84% (United States Secured Overnight Financing Rate Compound Index+0.23%), 11/03/23 |
1,741 | 1,728,753 | ||||||
3.27% (United States Secured Overnight Financing Rate Compound Index+0.65%), 11/04/26 |
9,588 | 9,309,401 |
See Notes to Financial Statements
39 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.33% (United States Secured Overnight Financing Rate Compound Index+0.72%), 05/03/24 |
$ | 2,550 | $ | 2,539,946 | ||||
3.55% (ICE LIBOR USD 3 Month+0.75%), 08/03/23 |
1,450 | 1,448,393 | ||||||
3.80% (United States Secured Overnight Financing Rate+0.93%), 03/04/25 |
9,625 | 9,599,709 | ||||||
Analog Devices, Inc. 3.30% (United States Secured Overnight Financing Rate+0.25%), 10/01/24 † |
2,704 | 2,661,816 | ||||||
AT&T, Inc. 3.69% (United States Secured Overnight Financing Rate Compound Index+0.64%), 03/25/24 |
3,900 | 3,877,836 | ||||||
4.42% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 |
8,299 | 8,328,113 | ||||||
Athene Global Funding 144A 3.49% (United States Secured Overnight Financing Rate Compound Index+0.70%), 05/24/24 |
7,708 | 7,555,547 | ||||||
Bank of America Corp. 3.30% (United States Secured Overnight Financing Rate+0.66%), 02/04/25 |
14,425 | 14,188,493 | ||||||
3.34% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 |
6,340 | 6,244,710 | ||||||
3.60% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 |
22,854 | 22,309,676 | ||||||
3.69% (United States Secured Overnight Financing Rate+1.05%), 02/04/28 |
9,608 | 9,195,160 | ||||||
3.75% (United States Secured Overnight Financing Rate+0.69%), 04/22/25 |
11,493 | 11,302,370 | ||||||
3.79% (United States Secured Overnight Financing Rate+0.73%), 10/24/24 |
2,563 | 2,532,516 | ||||||
3.95% (ICE LIBOR USD 3 Month+0.79%), 03/05/24 |
7,606 | 7,577,323 | ||||||
4.16% (United States Secured Overnight Financing Rate+1.10%), 04/25/25 |
9,650 | 9,620,471 | ||||||
4.39% (United States Secured Overnight Financing Rate+1.33%), 04/02/26 † |
9,575 | 9,478,606 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
5.28% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 |
$ | 2,545 | $ | 2,540,543 | ||||
BMW US Capital LLC 144A 3.06% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/12/24 |
3,875 | 3,834,262 | ||||||
3.58% (United States Secured Overnight Financing Rate Compound Index+0.53%), 04/01/24 |
3,879 | 3,863,148 | ||||||
Capital One Financial Corp. 3.60% (United States Secured Overnight Financing Rate+0.69%), 12/06/24 |
4,775 | 4,653,410 | ||||||
Caterpillar Financial Services Corp. 2.97% (United States Secured Overnight Financing Rate+0.24%), 05/17/24 |
2,537 | 2,520,878 | ||||||
3.14% (United States Secured Overnight Financing Rate+0.45%), 11/13/23 |
1,450 | 1,449,453 | ||||||
3.21% (United States Secured Overnight Financing Rate+0.27%), 09/13/24 |
3,812 | 3,769,886 | ||||||
CenterPoint Energy, Inc. 3.34% (United States Secured Overnight Financing Rate Compound Index+0.65%), 05/13/24 |
3,708 | 3,631,589 | ||||||
Charles Schwab Corp. 3.21% (United States Secured Overnight Financing Rate Compound Index+0.52%), 05/13/26 |
9,638 | 9,354,671 | ||||||
3.49% (United States Secured Overnight Financing Rate Compound Index+0.50%), 03/18/24 |
6,354 | 6,314,709 | ||||||
3.92% (United States Secured Overnight Financing Rate Compound Index+1.05%), 03/03/27 |
9,612 | 9,412,104 | ||||||
Chevron USA, Inc. 3.12% (ICE LIBOR USD 3 Month+0.20%), 08/11/23 |
1,575 | 1,571,469 | ||||||
Cigna Corp. 4.97% (ICE LIBOR USD 3 Month+0.89%), 07/15/23 |
2,150 | 2,150,496 | ||||||
Citigroup, Inc. 3.55% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 |
9,935 | 8,032,876 |
See Notes to Financial Statements
40 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.73% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 |
$ | 9,595 | $ | 9,392,077 | ||||
3.75% (United States Secured Overnight Financing Rate+0.69%), 01/25/26 † |
9,652 | 9,361,051 | ||||||
4.04% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 † |
7,605 | 7,605,575 | ||||||
4.09% (United States Secured Overnight Financing Rate+1.28%), 02/24/28 |
9,610 | 9,189,949 | ||||||
4.11% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 |
5,055 | 5,046,241 | ||||||
4.16% (United States Secured Overnight Financing Rate+1.37%), 05/24/25 |
9,600 | 9,592,032 | ||||||
4.55% (United States Secured Overnight Financing Rate+1.53%), 03/17/26 |
9,590 | 9,546,613 | ||||||
4.99% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 |
12,457 | 12,308,922 | ||||||
Comcast Corp. 4.71% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 |
2,674 | 2,670,735 | ||||||
Credit Suisse AG 3.03% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/09/23 |
1,735 | 1,688,238 | ||||||
3.45% (United States Secured Overnight Financing Rate Compound Index+0.39%), 02/02/24 |
2,900 | 2,784,512 | ||||||
Daimler Trucks Finance North America LLC 144A 3.42% (United States Secured Overnight Financing Rate+0.50%), 06/14/23 |
1,475 | 1,470,429 | ||||||
4.06% (United States Secured Overnight Financing Rate+1.00%), 04/05/24 |
2,555 | 2,548,537 | ||||||
Deutsche Bank NY 3.14% (United States Secured Overnight Financing Rate+0.50%), 11/08/23 |
2,125 | 2,098,690 | ||||||
Dominion Energy, Inc. 3.82% (ICE LIBOR USD 3 Month+0.53%), 09/15/23 |
2,961 | 2,952,395 | ||||||
Duke Energy Corp. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.18% (United States Secured Overnight Financing Rate+0.25%), 06/10/23 |
$ | 1,575 | $ | 1,565,067 | ||||
Florida Power & Light Co. 2.92% (United States Secured Overnight Financing Rate Compound Index+0.25%), 05/10/23 |
2,900 | 2,890,270 | ||||||
3.44% (United States Secured Overnight Financing Rate Compound Index+0.38%), 01/12/24 |
2,890 | 2,859,644 | ||||||
GA Global Funding Trust 144A 3.44% (United States Secured Overnight Financing Rate+0.50%), 09/13/24 |
2,675 | 2,593,426 | ||||||
General Electric Co. 3.21% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 |
17,332 | 16,394,946 | ||||||
General Motors Financial Co., Inc. 3.93% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 |
2,275 | 2,256,873 | ||||||
Goldman Sachs Group, Inc. 3.27% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 |
1,449 | 1,442,152 | ||||||
3.49% (United States Secured Overnight Financing Rate+0.62%), 12/06/23 |
1,450 | 1,439,123 | ||||||
3.49% (United States Secured Overnight Financing Rate+0.58%), 03/08/24 |
3,569 | 3,525,484 | ||||||
3.76% (United States Secured Overnight Financing Rate+0.70%), 01/24/25 |
12,470 | 12,261,096 | ||||||
4.08% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 |
22,576 | 22,300,082 | ||||||
4.64% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 |
5,191 | 5,207,430 | ||||||
6.12% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 |
19,145 | 18,968,653 | ||||||
Hartford Financial Services Group, Inc. 144A 5.03% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 |
9,447 | 7,832,791 | ||||||
John Deere Capital Corp. 3.18% (United States Secured Overnight Financing Rate+0.12%), 07/10/23 |
2,183 | 2,173,219 |
See Notes to Financial Statements
41 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.26% (United States Secured Overnight Financing Rate+0.20%), 10/11/24 |
$ | 3,058 | $ | 3,019,656 | ||||
JPMorgan Chase & Co. 3.39% (United States Secured Overnight Financing Rate+0.54%), 06/01/25 |
9,607 | 9,407,013 | ||||||
3.56% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 |
6,340 | 6,290,041 | ||||||
3.62% (United States Secured Overnight Financing Rate+0.58%), 06/23/25 |
9,585 | 9,373,653 | ||||||
3.71% (United States Secured Overnight Financing Rate+0.92%), 02/24/26 |
14,350 | 14,001,681 | ||||||
3.80% (United States Secured Overnight Financing Rate+0.77%), 09/22/27 |
9,576 | 9,025,790 | ||||||
3.93% (United States Secured Overnight Financing Rate+0.97%), 06/14/25 |
9,600 | 9,487,500 | ||||||
3.94% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 |
9,575 | 9,243,391 | ||||||
3.97% (United States Secured Overnight Financing Rate+1.18%), 02/24/28 |
14,300 | 13,856,759 | ||||||
4.38% (United States Secured Overnight Financing Rate+1.32%), 04/26/26 |
9,680 | 9,546,034 | ||||||
4.76% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 |
2,600 | 2,583,313 | ||||||
5.05% (ICE LIBOR USD 3 Month+0.73%), 04/23/24 |
2,531 | 2,523,421 | ||||||
5.21% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 |
5,078 | 5,070,105 | ||||||
Lincoln National Corp. 5.30% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 |
10,564 | 8,213,947 | ||||||
MassMutual Global Funding II 144A 3.33% (United States Secured Overnight Financing Rate+0.27%), 10/21/24 |
2,635 | 2,600,968 | ||||||
Metropolitan Life Global Funding I 144A |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.35% (United States Secured Overnight Financing Rate+0.30%), 09/27/24 |
$ | 2,625 | $ | 2,584,586 | ||||
3.38% (United States Secured Overnight Financing Rate+0.32%), 01/07/24 |
1,890 | 1,874,577 | ||||||
Morgan Stanley 3.69% (United States Secured Overnight Financing Rate+0.62%), 01/24/25 |
22,775 | 22,361,091 | ||||||
3.70% (United States Secured Overnight Financing Rate+0.95%), 02/18/26 |
14,415 | 14,099,289 | ||||||
4.08% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 |
8,870 | 8,881,436 | ||||||
4.22% (United States Secured Overnight Financing Rate+1.17%), 04/17/25 |
9,585 | 9,525,098 | ||||||
NextEra Energy Capital Holdings, Inc. 3.01% (United States Secured Overnight Financing Rate Compound Index+0.40%), 11/03/23 |
3,750 | 3,705,917 | ||||||
PPL Electric Utilities Corp. 3.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 |
3,431 | 3,383,644 | ||||||
Public Storage 3.53% (United States Secured Overnight Financing Rate+0.47%), 04/23/24 |
3,699 | 3,669,047 | ||||||
Roche Holdings, Inc. 144A 3.26% (United States Secured Overnight Financing Rate+0.33%), 09/11/23 |
2,250 | 2,246,039 | ||||||
3.48% (United States Secured Overnight Financing Rate+0.56%), 03/10/25 |
14,475 | 14,373,612 | ||||||
Simon Property Group LP 3.49% (United States Secured Overnight Financing Rate Compound Index+0.43%), 01/11/24 |
1,581 | 1,567,384 | ||||||
Southern Co. 3.04% (United States Secured Overnight Financing Rate Compound Index+0.37%), 05/10/23 |
1,875 | 1,867,028 | ||||||
Starbucks Corp. |
See Notes to Financial Statements
42 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.11% (United States Secured Overnight Financing Rate Compound Index+0.42%), 02/14/24 |
$ | 1,563 | $ | 1,556,778 | ||||
Thermo Fisher Scientific, Inc. 3.45% (United States Secured Overnight Financing Rate Compound Index+0.39%), 10/18/23 |
1,450 | 1,444,408 | ||||||
3.59% (United States Secured Overnight Financing Rate Compound Index+0.53%), 10/18/24 |
2,562 | 2,535,247 | ||||||
Toyota Motor Credit Corp. 3.23% (United States Secured Overnight Financing Rate+0.29%), 09/13/24 |
3,061 | 3,024,984 | ||||||
3.39% (United States Secured Overnight Financing Rate Compound Index+0.33%), 01/11/24 |
2,209 | 2,199,084 | ||||||
3.40% (United States Secured Overnight Financing Rate+0.35%), 06/13/23 |
2,172 | 2,170,289 | ||||||
3.70% (United States Secured Overnight Financing Rate Compound Index+0.65%), 12/29/23 |
1,900 | 1,901,139 | ||||||
3.80% (United States Secured Overnight Financing Rate+0.75%), 07/25/23 |
4,325 | 4,330,196 | ||||||
Truist Bank 3.26% (United States Secured Overnight Financing Rate+0.20%), 01/17/24 |
3,650 | 3,611,573 | ||||||
Truist Financial Corp. 3.32% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 † |
19,174 | 18,767,079 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Verizon Communications, Inc. 3.79% (United States Secured Overnight Financing Rate Compound Index+0.79%), 03/20/26 |
$ | 14,564 | $ | 14,217,936 | ||||
4.01% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 |
22,463 | 22,461,616 | ||||||
Volkswagen Group of America Finance LLC 144A 3.84% (United States Secured Overnight Financing Rate+0.95%), 06/07/24 |
2,675 | 2,666,960 | ||||||
Warnermedia Holdings, Inc. 144A 4.75% (United States Secured Overnight Financing Rate Compound Index+1.78%), 03/15/24 |
2,675 | 2,668,325 | ||||||
Wells Fargo & Co. 4.38% (United States Secured Overnight Financing Rate+1.32%), 04/25/26 |
14,400 | 14,266,838 | ||||||
698,656,295 | ||||||||
Total Floating Rate Notes (Cost: $1,127,301,990) |
1,109,964,240 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9% | ||||||||
Money Market Fund: 0.9% (Cost: $9,619,357) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 9,619,357 | 9,619,357 | ||||||
Total Investments: 99.1% (Cost: $1,136,921,347) |
1,119,583,597 | |||||||
Other assets less liabilities: 0.9% | 10,197,857 | |||||||
NET ASSETS: 100.0% | $ | 1,129,781,454 |
Definitions:
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $9,911,252. |
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 $267,816,484, or 23.7% of net assets. |
See Notes to Financial Statements
43 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Consumer Cyclicals | 0.8 | % | $ | 9,148,937 | ||||
Consumer Non-Cyclicals | 2.0 | 21,580,491 | ||||||
Energy | 0.4 | 4,926,051 | ||||||
Financials | 86.5 | 959,581,073 | ||||||
Healthcare | 0.9 | 9,837,306 | ||||||
Industrials | 1.5 | 17,003,671 | ||||||
Real Estate | 0.5 | 5,236,431 | ||||||
Technology | 5.2 | 57,907,488 | ||||||
Utilities | 2.2 | 24,742,792 | ||||||
100.0 | % | $ | 1,109,964,240 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||
Floating Rate Notes * | $ | — | $ | 1,109,964,240 | $ | — | $ | 1,109,964,240 | ||||
Money Market Fund | 9,619,357 | — | — | 9,619,357 | ||||||||
Total Investments | $ | 9,619,357 | $ | 1,109,964,240 | $ | — | $ | 1,119,583,597 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
44 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||||
CORPORATE BONDS: 97.5% | ||||||||||
Argentina: 0.9% | ||||||||||
MercadoLibre,
Inc. 3.12%, 01/14/31 † |
USD | 100 | $ | 72,521 | ||||||
Pampa Energia SA 144A | ||||||||||
7.50%, 01/24/27 | USD | 50 | 41,374 | |||||||
9.12%, 04/15/29 | USD | 25 | 20,688 | |||||||
Pan
American Energy LLC 144A 9.12%, 04/30/27 |
USD | 15 | 16,224 | |||||||
Telecom
Argentina SA 144A 8.00%, 07/18/26 |
USD | 50 | 43,237 | |||||||
YPF
Energia Electrica SA 144A 10.00%, 07/25/26 |
USD | 35 | 27,884 | |||||||
YPF SA 144A | ||||||||||
2.50%, 06/30/29 (s) | USD | 75 | 47,263 | |||||||
4.00%, 02/12/26 (s) | USD | 50 | 44,000 | |||||||
6.95%, 07/21/27 | USD | 50 | 30,458 | |||||||
7.00%, 12/15/47 | USD | 25 | 13,090 | |||||||
8.50%, 03/23/25 | USD | 31 | 24,911 | |||||||
8.50%, 07/28/25 | USD | 75 | 54,167 | |||||||
8.50%, 06/27/29 | USD | 35 | 21,350 | |||||||
8.75%, 04/04/24 | USD | 35 | 30,363 | |||||||
487,530 | ||||||||||
Australia: 0.8% | ||||||||||
FMG Resources August 2006 Pty Ltd. 144A | ||||||||||
4.38%, 04/01/31 | USD | 100 | 79,671 | |||||||
4.50%, 09/15/27 | USD | 25 | 22,433 | |||||||
5.12%, 05/15/24 † | USD | 75 | 73,316 | |||||||
6.12%, 04/15/32 | USD | 100 | 87,939 | |||||||
Infrabuild
Australia Pty Ltd. 144A 12.00%, 10/01/24 |
USD | 30 | 27,906 | |||||||
Mineral
Resources Ltd. 144A 8.12%, 05/01/27 |
USD | 100 | 99,717 | |||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 |
USD | 30 | 25,419 | |||||||
416,401 | ||||||||||
Austria: 0.2% | ||||||||||
ams-OSRAM
AG 144A 7.00%, 07/31/25 † |
USD | 100 | 89,482 | |||||||
Belgium: 0.6% | ||||||||||
La
Financiere Atalian SASU Reg S 4.00%, 05/15/24 |
EUR | 100 | 93,722 | |||||||
Ontex
Group NV Reg S 3.50%, 07/15/26 |
EUR | 100 | 77,221 | |||||||
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o) |
EUR | 150 | 147,142 | |||||||
318,085 | ||||||||||
Bermuda: 0.2% | ||||||||||
Digicel
Group Holdings Ltd. 144A 8.00%, 04/01/25 |
USD | 63 | 19,516 |
Par (000’s |
) | Value | ||||||||
Bermuda (continued) | ||||||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A 8.75%, 05/25/24 |
USD | 50 | $ | 42,782 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
USD | 50 | 42,196 | |||||||
104,494 | ||||||||||
Brazil: 7.0% | ||||||||||
Adecoagro
SA 144A 6.00%, 09/21/27 |
USD | 50 | 45,323 | |||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
USD | 100 | 88,447 | |||||||
Arcos
Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
USD | 105 | 99,831 | |||||||
Azul
Investments LLP 144A 5.88%, 10/26/24 |
USD | 50 | 37,878 | |||||||
B2W
Digital Lux Sarl 144A 4.38%, 12/20/30 |
USD | 100 | 68,879 | |||||||
Banco
Bradesco SA 144A 3.20%, 01/27/25 |
USD | 100 | 94,391 | |||||||
Banco
BTG Pactual SA 144A 4.50%, 01/10/25 |
USD | 100 | 95,650 | |||||||
Banco do Brasil SA 144A | ||||||||||
4.62%, 01/15/25 | USD | 50 | 48,616 | |||||||
4.75%, 03/20/24 | USD | 50 | 49,182 | |||||||
Banco
Votorantim SA 144A 4.38%, 07/29/25 |
USD | 100 | 94,726 | |||||||
Braskem
Idesa SAPI 144A 7.45%, 11/15/29 |
USD | 200 | 153,495 | |||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
USD | 50 | 47,637 | |||||||
BRF
SA 144A 4.75%, 05/22/24 |
USD | 100 | 97,013 | |||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
USD | 100 | 102,807 | |||||||
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 |
USD | 100 | 85,854 | |||||||
Cosan
Luxembourg SA 144A 7.00%, 01/20/27 |
USD | 50 | 49,220 | |||||||
Cosan
SA 144A 5.50%, 09/20/29 |
USD | 50 | 44,391 | |||||||
CSN
Inova Ventures 144A 6.75%, 01/28/28 |
USD | 100 | 85,881 | |||||||
Embraer Netherlands Finance BV | ||||||||||
5.05%, 06/15/25 | USD | 100 | 94,850 | |||||||
5.40%, 02/01/27 | USD | 75 | 68,730 | |||||||
FS
Luxembourg Sarl 144A 10.00%, 12/15/25 |
USD | 50 | 51,117 |
See Notes to Financial Statements
45 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
Brazil (continued) | ||||||||||
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 |
USD | 100 | $ | 78,543 | ||||||
Gol
Finance SA 144A 7.00%, 01/31/25 |
USD | 100 | 43,720 | |||||||
Guara
Norte Sarl 144A 5.20%, 06/15/34 |
USD | 94 | 73,604 | |||||||
Itau
Unibanco Holding SA 144A 3.25%, 01/24/25 |
USD | 25 | 24,076 | |||||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 25 | 21,537 | |||||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 50 | 46,421 | |||||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | USD | 50 | 38,485 | |||||||
Klabin
Austria GmbH 144A 5.75%, 04/03/29 |
USD | 100 | 93,809 | |||||||
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26 |
USD | 50 | 40,677 | |||||||
MARB
BondCo Plc 144A 3.95%, 01/29/31 |
USD | 100 | 74,284 | |||||||
MV24
Capital BV 144A 6.75%, 06/01/34 |
USD | 89 | 73,656 | |||||||
Natura
Cosmeticos SA 144A 4.12%, 05/03/28 |
USD | 100 | 78,050 | |||||||
NBM
US Holdings, Inc. 144A 7.00%, 05/14/26 |
USD | 100 | 96,690 | |||||||
Nexa
Resources SA 144A 6.50%, 01/18/28 |
USD | 100 | 92,420 | |||||||
Petrobras Global Finance BV | ||||||||||
5.09%, 01/15/30 † | USD | 50 | 44,572 | |||||||
5.30%, 01/27/25 | USD | 50 | 49,436 | |||||||
5.60%, 01/03/31 | USD | 75 | 68,236 | |||||||
5.75%, 02/01/29 | USD | 50 | 46,689 | |||||||
6.00%, 01/27/28 † | USD | 75 | 72,109 | |||||||
6.25%, 03/17/24 | USD | 50 | 50,235 | |||||||
6.75%, 01/27/41 | USD | 50 | 43,492 | |||||||
6.75%, 06/03/50 | USD | 50 | 40,286 | |||||||
6.85%, 06/05/15 | USD | 100 | 78,628 | |||||||
6.88%, 01/20/40 | USD | 75 | 66,590 | |||||||
6.90%, 03/19/49 | USD | 50 | 41,422 | |||||||
7.25%, 03/17/44 | USD | 50 | 44,882 | |||||||
7.38%, 01/17/27 | USD | 75 | 76,607 | |||||||
8.75%, 05/23/26 | USD | 50 | 53,982 | |||||||
Rede
D’or Finance Sarl 144A 4.50%, 01/22/30 |
USD | 100 | 82,728 | |||||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 |
USD | 77 | 78,178 | |||||||
Rumo
Luxembourg Sarl 144A 5.25%, 01/10/28 |
USD | 100 | 89,500 |
Par (000’s |
) | Value | ||||||||
Brazil (continued) | ||||||||||
Ultrapar
International SA 144A 5.25%, 06/06/29 |
USD | 100 | $ | 94,399 | ||||||
Usiminas
International Sarl 144A 5.88%, 07/18/26 |
USD | 100 | 93,089 | |||||||
3,694,950 | ||||||||||
British Virgin Islands: 0.0% | ||||||||||
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27 |
USD | 200 | 22,746 | |||||||
Bulgaria: 0.2% | ||||||||||
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 |
EUR | 100 | 88,035 | |||||||
Burkina Faso: 0.0% | ||||||||||
IAMGOLD
Corp. 144A 5.75%, 10/15/28 |
USD | 25 | 16,787 | |||||||
Canada: 7.4% | ||||||||||
1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||||
3.50%, 02/15/29 | USD | 65 | 54,604 | |||||||
3.88%, 01/15/28 | USD | 100 | 88,082 | |||||||
4.00%, 10/15/30 | USD | 175 | 143,124 | |||||||
4.38%, 01/15/28 | USD | 50 | 43,971 | |||||||
5.75%, 04/15/25 † | USD | 25 | 24,940 | |||||||
Air
Canada 4.62%, 08/15/29 |
CAD | 50 | 30,676 | |||||||
Air
Canada 144A 4.62%, 08/15/29 |
CAD | 125 | 76,518 | |||||||
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 |
USD | 50 | 40,375 | |||||||
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 |
USD | 25 | 21,409 | |||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
USD | 50 | 40,612 | |||||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 |
USD | 50 | 45,546 | |||||||
Baytex Energy Corp. 144A 8.75%, 04/01/27 † |
USD | 40 | 40,958 | |||||||
Bombardier, Inc. 144A | ||||||||||
7.12%, 06/15/26 | USD | 75 | 71,117 | |||||||
7.50%, 12/01/24 | USD | 30 | 29,890 | |||||||
7.50%, 03/15/25 | USD | 107 | 105,370 | |||||||
7.88%, 04/15/27 † | USD | 175 | 166,524 | |||||||
Brookfield Property Finance ULC | ||||||||||
3.93%, 08/24/25 | CAD | 50 | 34,046 | |||||||
3.93%, 01/15/27 | CAD | 50 | 32,740 | |||||||
4.30%, 03/01/24 | CAD | 25 | 17,776 |
See Notes to Financial Statements
46 |
Par (000’s |
) | Value | ||||||||
Canada (continued) | ||||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 |
USD | 125 | $ | 109,314 | ||||||
Cascades,
Inc./Cascades USA Inc 144A 5.38%, 01/15/28 |
USD | 50 | 42,839 | |||||||
Corus
Entertainment, Inc. Reg S 5.00%, 05/11/28 |
CAD | 75 | 42,875 | |||||||
Eldorado
Gold Corp. 144A 6.25%, 09/01/29 † |
USD | 50 | 40,526 | |||||||
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 |
USD | 100 | 93,587 | |||||||
Empire
Communities Corp. 144A 7.00%, 12/15/25 |
USD | 25 | 21,585 | |||||||
Ensign
Drilling, Inc. 144A 9.25%, 04/15/24 |
USD | 50 | 45,310 | |||||||
Garda
World Security Corp. 144A 9.50%, 11/01/27 |
USD | 50 | 45,241 | |||||||
GFL Environmental, Inc. 144A | ||||||||||
3.50%, 09/01/28 | USD | 50 | 42,522 | |||||||
3.75%, 08/01/25 | USD | 50 | 47,372 | |||||||
4.38%, 08/15/29 | USD | 50 | 42,424 | |||||||
4.75%, 06/15/29 | USD | 50 | 43,692 | |||||||
5.12%, 12/15/26 | USD | 75 | 71,508 | |||||||
Gibson Energy, Inc. | ||||||||||
2.85%, 07/14/27 | CAD | 25 | 16,368 | |||||||
3.60%, 09/17/29 | CAD | 75 | 48,925 | |||||||
goeasy Ltd. 144A | ||||||||||
4.38%, 05/01/26 | USD | 25 | 21,478 | |||||||
5.38%, 12/01/24 | USD | 50 | 46,732 | |||||||
Hudbay
Minerals, Inc. 144A 4.50%, 04/01/26 |
USD | 50 | 43,989 | |||||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 |
USD | 40 | 29,858 | |||||||
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 |
CAD | 65 | 44,727 | |||||||
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 |
CAD | 75 | 51,851 | |||||||
Lightstream
Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞ |
USD | 256 | 0 | |||||||
Mattamy Group Corp. 144A | ||||||||||
4.62%, 03/01/30 | USD | 50 | 39,107 | |||||||
5.25%, 12/15/27 | USD | 25 | 21,399 | |||||||
MEG Energy Corp. 144A |
Par (000’s |
) | Value | ||||||||
Canada (continued) | ||||||||||
5.88%, 02/01/29 | USD | 50 | $ | 47,866 | ||||||
7.12%, 02/01/27 | USD | 75 | 76,427 | |||||||
Mercer
International, Inc. 5.12%, 02/01/29 |
USD | 50 | 41,185 | |||||||
Methanex Corp. | ||||||||||
5.12%, 10/15/27 | USD | 50 | 45,723 | |||||||
5.25%, 12/15/29 | USD | 75 | 64,327 | |||||||
New
Gold, Inc. 144A 7.50%, 07/15/27 |
USD | 50 | 42,713 | |||||||
Northriver
Midstream Finance LP 144A 5.62%, 02/15/26 |
USD | 50 | 47,408 | |||||||
NOVA Chemicals Corp. 144A | ||||||||||
4.25%, 05/15/29 † | USD | 50 | 40,895 | |||||||
4.88%, 06/01/24 | USD | 75 | 73,107 | |||||||
5.25%, 06/01/27 | USD | 75 | 67,125 | |||||||
Open Text Corp. 144A | ||||||||||
3.88%, 02/15/28 | USD | 100 | 85,797 | |||||||
3.88%, 12/01/29 | USD | 50 | 39,740 | |||||||
Parkland
Corp. 6.00%, 06/23/28 |
CAD | 50 | 34,175 | |||||||
Parkland Corp. 144A | ||||||||||
4.50%, 10/01/29 | USD | 100 | 84,406 | |||||||
5.88%, 07/15/27 | USD | 75 | 70,567 | |||||||
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 |
CAD | 50 | 29,688 | |||||||
Precision
Drilling Corp. 144A 7.12%, 01/15/26 |
USD | 50 | 49,188 | |||||||
Ritchie
Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 |
USD | 50 | 49,321 | |||||||
SIG
Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 |
EUR | 100 | 92,052 | |||||||
Strathcona
Resources Ltd. 144A 6.88%, 08/01/26 |
USD | 50 | 42,416 | |||||||
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 |
USD | 50 | 42,504 | |||||||
Taseko
Mines Ltd. 144A 7.00%, 02/15/26 |
USD | 25 | 20,840 | |||||||
Teine
Energy Ltd. 144A 6.88%, 04/15/29 |
USD | 50 | 44,674 | |||||||
Telesat
Canada / Telesat LLC 144A 5.62%, 12/06/26 |
USD | 25 | 11,838 | |||||||
Terraform
Global Operating LP 144A 6.12%, 03/01/26 |
USD | 50 | 46,168 | |||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 |
USD | 50 | 40,993 | |||||||
TransAlta
Corp. 6.50%, 03/15/40 |
USD | 25 | 21,546 | |||||||
Trivium Packaging Finance BV Reg S |
See Notes to Financial Statements
47 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
Canada (continued) | ||||||||||
3.75%, 08/15/26 | EUR | 200 | $ | 178,283 | ||||||
Vermilion
Energy, Inc. 144A 5.62%, 03/15/25 |
USD | 25 | 24,223 | |||||||
Videotron Ltd. | ||||||||||
3.12%, 01/15/31 | CAD | 50 | 27,648 | |||||||
4.50%, 01/15/30 | CAD | 75 | 46,623 | |||||||
5.62%, 06/15/25 | CAD | 75 | 54,163 | |||||||
Videotron
Ltd. 144A 3.62%, 06/15/28 |
CAD | 100 | 62,243 | |||||||
3,907,379 | ||||||||||
Cayman Islands: 0.5% | ||||||||||
Arabian
Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 |
USD | 100 | 85,960 | |||||||
Banco do Brasil SA 144A | ||||||||||
3.25%, 09/30/26 | USD | 50 | 44,502 | |||||||
4.88%, 01/11/29 | USD | 50 | 44,978 | |||||||
CT
Trust 144A 5.12%, 02/03/32 |
USD | 100 | 80,117 | |||||||
255,557 | ||||||||||
Chile: 0.4% | ||||||||||
Kenbourne
Invest SA 144A 6.88%, 11/26/24 |
USD | 50 | 44,586 | |||||||
Latam
Airlines Group SA 144A 13.38%, 10/15/29 |
USD | 100 | 99,639 | |||||||
VTR
Comunicaciones SpA 144A 5.12%, 01/15/28 |
USD | 100 | 63,749 | |||||||
207,974 | ||||||||||
China: 2.3% | ||||||||||
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 | 185,250 | |||||||
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) |
USD | 200 | 201,000 | |||||||
CIFI
Holdings Group Co. Ltd. Reg S 6.00%, 07/16/25 |
USD | 200 | 14,784 | |||||||
Country Garden Holdings Co. Ltd. Reg S | ||||||||||
3.30%, 01/12/31 | USD | 400 | 31,451 | |||||||
7.25%, 04/08/26 | USD | 200 | 19,657 | |||||||
Fortune
Star BVI Ltd. Reg S 5.95%, 10/19/25 |
USD | 200 | 74,000 | |||||||
Global
Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 |
USD | 119 | 95,750 | |||||||
Greenland
Global Investment Ltd. Reg S 5.88%, 07/03/24 |
USD | 200 | 45,000 | |||||||
Industrial & Commercial Bank of China Ltd. Reg S |
Par (000’s |
) | Value | ||||||||
China (continued) | ||||||||||
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | USD | 500 | $ | 447,493 | ||||||
Volvo
Car AB Reg S 2.12%, 04/02/24 |
EUR | 100 | 96,206 | |||||||
1,210,591 | ||||||||||
Colombia: 2.4% | ||||||||||
Avianca
Midco 2 Plc 144A 9.00%, 12/01/28 |
USD | 75 | 56,292 | |||||||
Banco
de Bogota SA 144A 6.25%, 05/12/26 |
USD | 100 | 91,849 | |||||||
Cable
Onda SA 144A 4.50%, 01/30/30 |
USD | 100 | 82,031 | |||||||
Ecopetrol SA | ||||||||||
4.12%, 01/16/25 † | USD | 100 | 92,311 | |||||||
4.62%, 11/02/31 | USD | 75 | 51,844 | |||||||
5.38%, 06/26/26 | USD | 100 | 91,054 | |||||||
5.88%, 05/28/45 | USD | 125 | 76,346 | |||||||
5.88%, 11/02/51 | USD | 50 | 29,823 | |||||||
6.88%, 04/29/30 | USD | 125 | 103,088 | |||||||
7.38%, 09/18/43 | USD | 50 | 36,736 | |||||||
Empresas
Publicas de Medellin ESP 144A 4.25%, 07/18/29 |
USD | 75 | 53,673 | |||||||
Grupo
Aval Ltd. 144A 4.38%, 02/04/30 |
USD | 100 | 69,592 | |||||||
Grupo
de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
USD | 100 | 91,588 | |||||||
Millicom International Cellular SA 144A | ||||||||||
5.12%, 01/15/28 | USD | 5 | 4,614 | |||||||
6.25%, 03/25/29 | USD | 54 | 47,381 | |||||||
Oleoducto
Central SA 144A 4.00%, 07/14/27 |
USD | 100 | 81,607 | |||||||
Orazul
Energy Peru SA 144A 5.62%, 04/28/27 |
USD | 50 | 42,656 | |||||||
Telefonica
Celular del Paraguay SA 144A 5.88%, 04/15/27 |
USD | 100 | 89,935 | |||||||
Termocandelaria
Power Ltd. 144A 7.88%, 01/30/29 |
USD | 85 | 72,364 | |||||||
1,264,784 | ||||||||||
Costa Rica: 0.1% | ||||||||||
Instituto
Costarricense de Electricidad 144A 6.38%, 05/15/43 |
USD | 100 | 68,059 | |||||||
Cyprus: 0.2% | ||||||||||
MHP
Lux SA 144A 6.95%, 04/03/26 |
USD | 100 | 45,976 | |||||||
Vivion
Investments Sarl Reg S 3.00%, 08/08/24 |
EUR | 100 | 85,104 | |||||||
131,080 | ||||||||||
Czech Republic: 0.6% | ||||||||||
Allwyn International AS Reg S |
See Notes to Financial Statements
48 |
Par (000’s |
) | Value | ||||||||
Czech Republic (continued) | ||||||||||
3.88%, 02/15/27 | EUR | 100 | $ | 86,026 | ||||||
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) |
EUR | 100 | 52,202 | |||||||
Energo-Pro
AS Reg S 4.50%, 05/04/24 |
EUR | 100 | 92,293 | |||||||
EP
Infrastructure AS Reg S 1.66%, 04/26/24 |
EUR | 100 | 85,682 | |||||||
316,203 | ||||||||||
Finland: 0.8% | ||||||||||
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o) |
EUR | 100 | 62,365 | |||||||
Nokia Oyj | ||||||||||
4.38%, 06/12/27 | USD | 150 | 138,150 | |||||||
6.62%, 05/15/39 | USD | 100 | 91,360 | |||||||
Teollisuuden
Voima Oyj Reg S 2.12%, 02/04/25 |
EUR | 175 | 163,829 | |||||||
455,704 | ||||||||||
France: 8.2% | ||||||||||
Accor SA Reg S 2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o) |
EUR | 100 | 75,934 | |||||||
3.00%, 02/04/26 | EUR | 100 | 93,159 | |||||||
Altice France SA 144A | ||||||||||
5.12%, 07/15/29 | USD | 200 | 151,000 | |||||||
5.50%, 10/15/29 | USD | 175 | 133,774 | |||||||
Altice
France SA Reg S 5.88%, 02/01/27 |
EUR | 100 | 86,104 | |||||||
Atos
SE Reg S 1.75%, 05/07/25 |
EUR | 100 | 73,968 | |||||||
Banijay
Entertainment SASU 144A 5.38%, 03/01/25 |
USD | 100 | 92,811 | |||||||
CAB
SELAS Reg S 3.38%, 02/01/28 |
EUR | 100 | 77,647 | |||||||
Casino
Guichard Perrachon SA Reg S 4.05%, 08/05/26 |
EUR | 100 | 44,469 | |||||||
CGG
SA 144A 8.75%, 04/01/27 † |
USD | 100 | 88,583 | |||||||
Chrome
Bidco SASU Reg S 3.50%, 05/31/28 |
EUR | 100 | 80,374 | |||||||
Constellium
SE 144A 3.75%, 04/15/29 † |
USD | 100 | 78,327 | |||||||
eircom
Finance DAC Reg S 3.50%, 05/15/26 |
EUR | 100 | 88,210 | |||||||
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) |
USD | 300 | 264,261 | |||||||
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) |
EUR | 200 | 129,996 |
Par (000’s |
) | Value | ||||||||
France (continued) | ||||||||||
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 100 | $ | 87,343 | ||||||
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 100 | 91,221 | |||||||
Elis
SA Reg S 1.62%, 04/03/28 |
EUR | 100 | 82,524 | |||||||
Faurecia SE Reg S | ||||||||||
2.38%, 06/15/27 | EUR | 100 | 81,372 | |||||||
2.62%, 06/15/25 | EUR | 100 | 93,338 | |||||||
3.12%, 06/15/26 | EUR | 100 | 92,167 | |||||||
Getlink
SE Reg S 3.50%, 10/30/25 |
EUR | 100 | 94,534 | |||||||
Iliad Holding SASU 144A | ||||||||||
6.50%, 10/15/26 | USD | 200 | 185,538 | |||||||
7.00%, 10/15/28 | USD | 100 | 90,762 | |||||||
Iliad
Holding SASU Reg S 5.12%, 10/15/26 |
EUR | 100 | 92,238 | |||||||
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) |
EUR | 100 | 88,405 | |||||||
Loxam
SAS Reg S 3.25%, 01/14/25 |
EUR | 100 | 91,566 | |||||||
Matterhorn
Telecom SA Reg S 3.12%, 09/15/26 |
EUR | 100 | 87,044 | |||||||
Paprec
Holding SA Reg S 4.00%, 03/31/25 |
EUR | 100 | 91,670 | |||||||
Picard
Groupe SAS Reg S 3.88%, 07/01/26 |
EUR | 100 | 85,729 | |||||||
Quatrim
SASU Reg S 5.88%, 01/15/24 |
EUR | 100 | 96,426 | |||||||
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 |
EUR | 100 | 86,328 | |||||||
Renault SA Reg S | ||||||||||
1.00%, 11/28/25 | EUR | 50 | 45,525 | |||||||
1.25%, 06/24/25 | EUR | 100 | 90,006 | |||||||
2.00%, 09/28/26 | EUR | 100 | 84,096 | |||||||
2.38%, 05/25/26 | EUR | 100 | 87,999 | |||||||
Rexel
SA Reg S 2.12%, 06/15/28 |
EUR | 100 | 81,742 | |||||||
SPCM
SA Reg S 2.62%, 02/01/29 |
EUR | 100 | 76,585 | |||||||
SPIE
SA Reg S 2.62%, 06/18/26 |
EUR | 100 | 91,842 | |||||||
Tereos
Finance Groupe I SA Reg S 7.50%, 10/30/25 |
EUR | 100 | 98,074 | |||||||
Valeo Reg S | ||||||||||
1.00%, 08/03/28 | EUR | 100 | 75,283 | |||||||
3.25%, 01/22/24 | EUR | 100 | 97,873 | |||||||
Vallourec
SA Reg S 8.50%, 06/30/26 |
EUR | 100 | 94,746 | |||||||
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) |
EUR | 100 | 86,721 |
See Notes to Financial Statements
49 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
France (continued) | ||||||||||
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) | EUR | 100 | $ | 76,848 | ||||||
Verallia
SA Reg S 1.62%, 05/14/28 |
EUR | 100 | 82,622 | |||||||
4,346,784 | ||||||||||
Germany: 5.2% | ||||||||||
ADLER Group SA Reg S | ||||||||||
2.75%, 11/13/26 | EUR | 100 | 42,993 | |||||||
3.25%, 08/05/25 | EUR | 100 | 45,328 | |||||||
Bayer AG Reg S 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 |
EUR | 200 | 178,475 | |||||||
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 95,305 | |||||||
Cheplapharm
Arzneimittel GmbH Reg S 4.38%, 01/15/28 |
EUR | 100 | 83,770 | |||||||
Commerzbank AG Reg S | ||||||||||
4.00%, 03/23/26 | EUR | 50 | 46,961 | |||||||
4.00%, 03/30/27 | EUR | 40 | 36,964 | |||||||
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 90,746 | |||||||
CT
Investment GmbH Reg S 5.50%, 04/15/26 |
EUR | 100 | 82,059 | |||||||
Deutsche
Lufthansa AG 0.25%, 09/06/24 |
EUR | 150 | 140,482 | |||||||
Deutsche Lufthansa AG Reg S | ||||||||||
3.00%, 05/29/26 | EUR | 100 | 87,445 | |||||||
3.75%, 02/11/28 | EUR | 100 | 82,914 | |||||||
Douglas
GmbH Reg S 6.00%, 04/08/26 |
EUR | 100 | 76,272 | |||||||
Dresdner
Funding Trust I 144A 8.15%, 06/30/31 |
USD | 75 | 76,969 | |||||||
Gruenenthal
GmbH Reg S 3.62%, 11/15/26 |
EUR | 100 | 88,294 | |||||||
IHO
Verwaltungs GmbH 144A 4.75%, 09/15/26 |
USD | 200 | 169,171 | |||||||
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) |
EUR | 100 | 85,570 | |||||||
Mahle
GmbH Reg S 2.38%, 05/14/28 |
EUR | 100 | 70,841 | |||||||
Mercer
International, Inc. 5.50%, 01/15/26 |
USD | 41 | 38,485 | |||||||
Novelis
Sheet Ingot GmbH Reg S 3.38%, 04/15/29 |
EUR | 100 | 81,218 | |||||||
ProGroup
AG Reg S 3.00%, 03/31/26 |
EUR | 100 | 87,185 | |||||||
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 |
USD | 100 | 95,878 | |||||||
Schaeffler
AG Reg S 1.88%, 03/26/24 |
EUR | 50 | 48,033 |
Par (000’s |
) | Value | ||||||||
Germany (continued) | ||||||||||
2.88%, 03/26/27 | EUR | 50 | $ | 43,601 | ||||||
3.38%, 10/12/28 | EUR | 100 | 83,962 | |||||||
Tele
Columbus AG Reg S 3.88%, 05/02/25 |
EUR | 100 | 70,667 | |||||||
thyssenkrupp AG Reg S | ||||||||||
2.50%, 02/25/25 | EUR | 50 | 45,947 | |||||||
2.88%, 02/22/24 | EUR | 100 | 96,836 | |||||||
WEPA
Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 |
EUR | 100 | 73,249 | |||||||
ZF Europe Finance BV Reg S | ||||||||||
2.00%, 02/23/26 | EUR | 100 | 86,283 | |||||||
3.00%, 10/23/29 | EUR | 100 | 77,121 | |||||||
ZF
Finance GmbH Reg S 3.75%, 09/21/28 |
EUR | 100 | 81,591 | |||||||
ZF
North America Capital, Inc. 144A 4.75%, 04/29/25 |
USD | 175 | 163,990 | |||||||
2,754,605 | ||||||||||
Ghana: 0.3% | ||||||||||
Kosmos
Energy Ltd. 144A 7.12%, 04/04/26 † |
USD | 100 | 83,750 | |||||||
Tullow
Oil Plc 144A 7.00%, 03/01/25 |
USD | 100 | 65,223 | |||||||
148,973 | ||||||||||
Greece: 1.0% | ||||||||||
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 |
EUR | 100 | 79,809 | |||||||
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 |
EUR | 100 | 81,339 | |||||||
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 |
EUR | 100 | 94,919 | |||||||
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 |
EUR | 100 | 85,717 | |||||||
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 |
EUR | 100 | 80,835 | |||||||
Public Power Corp. SA Reg S 3.88%, 03/30/26 |
EUR | 100 | 89,950 | |||||||
512,569 | ||||||||||
Guatemala: 0.2% | ||||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 |
USD | 100 | 88,202 | |||||||
Hong Kong: 0.7% | ||||||||||
Agile Group Holdings Ltd. Reg S |
See Notes to Financial Statements
50 |
Par (000’s |
) | Value | ||||||||
Hong Kong (continued) | ||||||||||
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) | USD | 200 | $ | 34,775 | ||||||
Melco Resorts Finance Ltd. 144A | ||||||||||
4.88%, 06/06/25 | USD | 100 | 71,447 | |||||||
5.38%, 12/04/29 | USD | 100 | 56,050 | |||||||
5.62%, 07/17/27 | USD | 50 | 30,457 | |||||||
5.75%, 07/21/28 | USD | 50 | 29,000 | |||||||
RKPF
Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 |
USD | 200 | 62,126 | |||||||
Studio City Finance Ltd. 144A | ||||||||||
5.00%, 01/15/29 | USD | 100 | 43,212 | |||||||
6.50%, 01/15/28 | USD | 100 | 42,048 | |||||||
369,115 | ||||||||||
Hungary: 0.2% | ||||||||||
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 |
EUR | 100 | 89,314 | |||||||
India: 1.8% | ||||||||||
ABJA
Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 |
USD | 100 | 98,218 | |||||||
Canara
Bank Reg S 3.88%, 03/28/24 |
USD | 200 | 194,881 | |||||||
Delhi
International Airport Ltd. 144A 6.45%, 06/04/29 |
USD | 100 | 82,665 | |||||||
JSW
Steel Ltd. Reg S 5.95%, 04/18/24 |
USD | 200 | 187,300 | |||||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
USD | 100 | 88,235 | |||||||
Tata
Motors Ltd. Reg S 5.75%, 10/30/24 |
USD | 200 | 193,049 | |||||||
Vedanta Resources Finance II Plc 144A 13.88%, 01/21/24 |
USD | 100 | 83,812 | |||||||
Vedanta
Resources Ltd. 144A 6.12%, 08/09/24 |
USD | 50 | 29,722 | |||||||
957,882 | ||||||||||
Indonesia: 0.7% | ||||||||||
Adaro
Indonesia PT 144A 4.25%, 10/31/24 |
USD | 100 | 93,809 | |||||||
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 | 96,889 | |||||||
Medco
Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 |
USD | 100 | 95,965 | |||||||
Saka Energi Indonesia PT 144A |
Par (000’s |
) | Value | ||||||||
Indonesia (continued) | ||||||||||
4.45%, 05/05/24 | USD | 100 | $ | 93,286 | ||||||
381,167 | ||||||||||
Ireland: 1.2% | ||||||||||
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 |
USD | 50 | 45,697 | |||||||
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 |
EUR | 100 | 88,788 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 |
EUR | 100 | 81,334 | |||||||
Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 |
EUR | 100 | 80,598 | |||||||
C&W Senior Financing DAC 144A 6.88%, 09/15/27 |
USD | 100 | 86,965 | |||||||
Cimpress Plc 144A 7.00%, 06/15/26 |
USD | 100 | 59,969 | |||||||
Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 |
EUR | 100 | 78,282 | |||||||
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 |
GBP | 100 | 92,620 | |||||||
614,253 | ||||||||||
Israel: 1.8% | ||||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||||
6.12%, 06/30/25 | USD | 50 | 47,718 | |||||||
6.50%, 06/30/27 | USD | 50 | 46,875 | |||||||
6.75%, 06/30/30 | USD | 50 | 44,801 | |||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 |
USD | 95 | 78,079 | |||||||
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 |
EUR | 100 | 98,126 | |||||||
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24 |
EUR | 100 | 90,688 | |||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||
3.15%, 10/01/26 | USD | 225 | 190,516 | |||||||
4.10%, 10/01/46 | USD | 125 | 75,955 | |||||||
6.00%, 04/15/24 | USD | 100 | 99,038 | |||||||
6.75%, 03/01/28 † | USD | 100 | 94,492 | |||||||
7.12%, 01/31/25 | USD | 75 | 74,423 | |||||||
940,711 | ||||||||||
Italy: 7.7% | ||||||||||
Abertis Infraestructuras Finance BV Reg S |
See Notes to Financial Statements
51 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
Italy (continued) | ||||||||||
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) | EUR | 100 | $ | 82,346 | ||||||
Atlantia SpA Reg S | ||||||||||
1.88%, 07/13/27 | EUR | 100 | 81,801 | |||||||
1.88%, 02/12/28 | EUR | 100 | 78,562 | |||||||
Autostrade
per l’Italia SpA 5.88%, 06/09/24 |
EUR | 100 | 101,669 | |||||||
Autostrade per l’Italia SpA Reg S | ||||||||||
1.75%, 06/26/26 | EUR | 100 | 88,818 | |||||||
1.88%, 09/26/29 | EUR | 100 | 79,068 | |||||||
2.00%, 12/04/28 | EUR | 100 | 81,750 | |||||||
4.38%, 09/16/25 | EUR | 50 | 49,521 | |||||||
Azzurra
Aeroporti SpA Reg S 2.12%, 05/30/24 |
EUR | 100 | 92,967 | |||||||
Banca
Monte dei Paschi di Siena SpA Reg S
3.62%, 09/24/24 |
EUR | 150 | 139,257 | |||||||
Banca
Popolare di Sondrio SPA Reg S
2.38%, 04/03/24 |
EUR | 100 | 96,226 | |||||||
Banco BPM SpA Reg S | ||||||||||
1.75%, 01/28/25 | EUR | 100 | 92,372 | |||||||
2.50%, 06/21/24 | EUR | 100 | 95,339 | |||||||
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 91,345 | |||||||
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 |
EUR | 100 | 83,927 | |||||||
1.88%, 07/07/25 | EUR | 100 | 89,900 | |||||||
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 |
EUR | 100 | 81,518 | |||||||
Infrastrutture Wireless Italiane SpA Reg S | ||||||||||
1.62%, 10/21/28 | EUR | 100 | 80,321 | |||||||
1.88%, 07/08/26 | EUR | 100 | 88,025 | |||||||
Intesa Sanpaolo SpA 144A 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32 |
USD | 75 | 50,842 | |||||||
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | USD | 50 | 29,321 | |||||||
5.02%, 06/26/24 | USD | 125 | 118,048 | |||||||
5.71%, 01/15/26 | USD | 75 | 69,918 | |||||||
Intesa
Sanpaolo SpA Reg S 3.93%, 09/15/26 |
EUR | 100 | 95,469 | |||||||
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | EUR | 100 | 99,156 | |||||||
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) |
EUR | 100 | 95,129 | |||||||
Leonardo
SpA 4.88%, 03/24/25 |
EUR | 50 | 50,184 | |||||||
Leonardo SpA Reg S |
Par (000’s |
) | Value | ||||||||
Italy (continued) | ||||||||||
1.50%, 06/07/24 | EUR | 100 | $ | 95,457 | ||||||
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) |
EUR | 100 | 71,715 | |||||||
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) |
EUR | 100 | 84,973 | |||||||
Telecom
Italia Finance SA 7.75%, 01/24/33 |
EUR | 100 | 99,433 | |||||||
Telecom
Italia SpA 5.25%, 03/17/55 |
EUR | 100 | 70,237 | |||||||
Telecom
Italia SpA 144A 5.30%, 05/30/24 |
USD | 100 | 94,250 | |||||||
Telecom Italia SpA Reg S | ||||||||||
1.62%, 01/18/29 | EUR | 100 | 71,727 | |||||||
2.38%, 10/12/27 | EUR | 100 | 80,306 | |||||||
2.75%, 04/15/25 | EUR | 100 | 90,723 | |||||||
3.00%, 09/30/25 | EUR | 100 | 89,741 | |||||||
3.62%, 01/19/24 | EUR | 100 | 96,371 | |||||||
3.62%, 05/25/26 | EUR | 100 | 88,457 | |||||||
4.00%, 04/11/24 | EUR | 100 | 96,416 | |||||||
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) |
EUR | 100 | 78,978 | |||||||
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 |
USD | 75 | 55,948 | |||||||
UniCredit SpA Reg S 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 |
EUR | 200 | 176,659 | |||||||
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 161,708 | |||||||
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) |
EUR | 100 | 96,862 | |||||||
Webuild
SpA Reg S 1.75%, 10/26/24 |
EUR | 100 | 84,079 | |||||||
4,066,839 | ||||||||||
Japan: 1.5% | ||||||||||
Rakuten Group, Inc. 144A 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) † |
USD | 150 | 102,607 | |||||||
SoftBank Group Corp. Reg S | ||||||||||
3.12%, 09/19/25 | EUR | 100 | 87,595 | |||||||
4.75%, 09/19/24 | USD | 200 | 188,500 | |||||||
5.00%, 04/15/28 | EUR | 100 | 81,894 | |||||||
5.12%, 09/19/27 | USD | 200 | 168,750 | |||||||
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o) | USD | 200 | 157,750 | |||||||
787,096 |
See Notes to Financial Statements
52 |
Par (000’s |
) | Value | ||||||||
Jersey, Channel Islands: 0.6% | ||||||||||
eG
Global Finance Plc 144A 6.75%, 02/07/25 |
USD | 200 | $ | 180,454 | ||||||
G
City Europe Ltd. Reg S 3.00%, 09/11/25 |
EUR | 100 | 83,686 | |||||||
Petrofac
Ltd. 144A 9.75%, 11/15/26 |
USD | 100 | 74,359 | |||||||
338,499 | ||||||||||
Luxembourg: 5.2% | ||||||||||
ADLER
Group SA Reg S 2.25%, 01/14/29 |
EUR | 100 | 42,051 | |||||||
AI
Candelaria Spain SA 144A 7.50%, 12/15/28 |
USD | 75 | 63,306 | |||||||
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 |
USD | 100 | 85,634 | |||||||
Altice
Financing SA 144A 5.00%, 01/15/28 |
USD | 250 | 198,333 | |||||||
Altice
Financing SA Reg S 3.00%, 01/15/28 |
EUR | 100 | 75,851 | |||||||
Altice
Finco SA Reg S 4.75%, 01/15/28 |
EUR | 100 | 69,118 | |||||||
Altice France Holding SA 144A | ||||||||||
6.00%, 02/15/28 † | USD | 75 | 48,684 | |||||||
10.50%, 05/15/27 | USD | 50 | 39,072 | |||||||
Altice France Holding SA Reg S | ||||||||||
4.00%, 02/15/28 | EUR | 100 | 61,943 | |||||||
8.00%, 05/15/27 | EUR | 100 | 72,397 | |||||||
Altice France SA 144A | ||||||||||
5.50%, 01/15/28 | USD | 100 | 79,269 | |||||||
8.12%, 02/01/27 | USD | 100 | 91,700 | |||||||
Altice
France SA Reg S 3.38%, 01/15/28 |
EUR | 100 | 76,294 | |||||||
ARD
Finance SA Reg S 5.00%, 06/30/27 |
EUR | 100 | 67,921 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||||
4.12%, 08/15/26 | USD | 150 | 129,308 | |||||||
5.25%, 08/15/27 † | USD | 125 | 88,061 | |||||||
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 |
EUR | 100 | 75,979 | |||||||
Cidron
Aida Finco Sarl Reg S 5.00%, 04/01/28 |
EUR | 100 | 77,996 | |||||||
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26 |
EUR | 26 | 23,705 | |||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
USD | 100 | 84,134 | |||||||
CSN
Resources SA 144A 4.62%, 06/10/31 |
USD | 100 | 66,970 | |||||||
Energean Israel Finance Ltd. 144A Reg S 4.50%, 03/30/24 |
USD | 35 | 33,524 |
Par (000’s |
) | Value | ||||||||
Luxembourg (continued) | ||||||||||
4.88%, 03/30/26 | USD | 35 | $ | 31,588 | ||||||
5.38%, 03/30/28 | USD | 35 | 30,887 | |||||||
5.88%, 03/30/31 | USD | 35 | 29,750 | |||||||
Herens Midco Sarl Reg S 5.25%, 05/15/29 |
EUR | 100 | 64,391 | |||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 |
USD | 50 | 36,665 | |||||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
USD | 100 | 76,574 | |||||||
Millicom International Cellular SA 144A 4.50%, 04/27/31 † |
USD | 100 | 75,211 | |||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 |
USD | 125 | 95,147 | |||||||
Movida Europe SA 144A 5.25%, 02/08/31 |
USD | 100 | 73,792 | |||||||
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 |
EUR | 100 | 92,776 | |||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 |
USD | 50 | 45,359 | |||||||
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o) |
EUR | 100 | 97,343 | |||||||
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 |
EUR | 100 | 85,969 | |||||||
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28 |
EUR | 100 | 86,054 | |||||||
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 |
EUR | 100 | 84,037 | |||||||
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 |
USD | 100 | 89,902 | |||||||
2,746,695 | ||||||||||
Malta: 0.1% | ||||||||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30 |
USD | 50 | 41,631 | |||||||
Mauritius: 0.6% | ||||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
USD | 47 | 33,847 | |||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 |
USD | 147 | 113,451 | |||||||
HTA Group Ltd. 144A 7.00%, 12/18/25 |
USD | 100 | 88,250 | |||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 |
USD | 100 | 78,169 | |||||||
313,717 |
See Notes to Financial Statements
53 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Mexico: 4.1% | ||||||||
Axtel
SAB de CV 144A
6.38%, 11/14/24 |
USD | 82 | $ | 55,012 | ||||
Cemex SAB de CV 144A | ||||||||
3.88%, 07/11/31 | USD | 75 | 57,281 | |||||
5.20%, 09/17/30 | USD | 75 | 63,963 | |||||
5.45%, 11/19/29 | USD | 100 | 87,466 | |||||
7.38%, 06/05/27 | USD | 100 | 99,235 | |||||
Grupo
KUO SAB De CV 144A
5.75%, 07/07/27 |
USD | 50 | 43,077 | |||||
Nemak
SAB de CV 144A
3.62%, 06/28/31 |
USD | 100 | 72,896 | |||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | USD | 50 | 46,611 | |||||
4.50%, 01/23/26 | USD | 50 | 44,145 | |||||
4.88%, 01/18/24 | USD | 25 | 24,365 | |||||
5.35%, 02/12/28 † | USD | 75 | 59,905 | |||||
5.50%, 06/27/44 | USD | 50 | 28,495 | |||||
5.62%, 01/23/46 | USD | 50 | 28,117 | |||||
5.95%, 01/28/31 | USD | 150 | 108,371 | |||||
6.35%, 02/12/48 | USD | 50 | 28,827 | |||||
6.38%, 01/23/45 | USD | 50 | 29,445 | |||||
6.49%, 01/23/27 | USD | 50 | 43,648 | |||||
6.50%, 03/13/27 | USD | 150 | 131,818 | |||||
6.50%, 01/23/29 † | USD | 50 | 40,253 | |||||
6.50%, 06/02/41 | USD | 75 | 47,403 | |||||
6.62%, 06/15/35 | USD | 100 | 69,613 | |||||
6.62%, 06/15/38 | USD | 25 | 16,400 | |||||
6.70%, 02/16/32 | USD | 100 | 75,791 | |||||
6.75%, 09/21/47 | USD | 200 | 120,818 | |||||
6.84%, 01/23/30 | USD | 75 | 59,988 | |||||
6.88%, 10/16/25 † | USD | 25 | 24,062 | |||||
6.88%, 08/04/26 | USD | 100 | 92,689 | |||||
6.95%, 01/28/60 | USD | 150 | 90,270 | |||||
7.69%, 01/23/50 | USD | 275 | 179,645 | |||||
Petroleos Mexicanos Reg S | ||||||||
3.75%, 11/16/25 | GBP | 100 | 96,652 | |||||
4.88%, 02/21/28 | EUR | 100 | 76,629 | |||||
Petróleos
Mexicanos Reg S
5.50%, 02/24/25 |
EUR | 25 | 24,668 | |||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 | USD | 50 | 34,396 | |||||
7.50%, 11/12/25 | USD | 50 | 42,368 | |||||
Unifin Financiera SAB de CV 144A | ||||||||
7.00%, 01/15/25 | USD | 100 | 9,375 | |||||
7.25%, 09/27/23 | USD | 100 | 10,250 | |||||
2,163,947 | ||||||||
Morocco: 0.4% | ||||||||
OCP SA 144A | ||||||||
5.62%, 04/25/24 | USD | 150 | 148,954 | |||||
6.88%, 04/25/44 | USD | 100 | 79,175 | |||||
228,129 | ||||||||
Netherlands: 3.5% | ||||||||
ELM BV for Firmenich International SA Reg S |
Par (000’s |
) | Value | ||||||
Netherlands (continued) | ||||||||
3.75% (EUR Swap Annual 5 Year+4.39%), 6/3/2025 (o) |
EUR | 100 | $ | 90,954 | ||||
Greenko
Dutch BV 144A
3.85%, 03/29/26 |
USD | 96 | 74,968 | |||||
Koninklijke KPN NV Reg S
2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o) |
EUR | 100 | 90,436 | |||||
Lincoln
Financing Sarl Reg S
3.62%, 04/01/24 |
EUR | 100 | 96,260 | |||||
Naturgy Finance BV Reg S
3.38% (EUR Swap Annual 9 Year+3.08%), 12/29/49 (o) |
EUR | 100 | 95,978 | |||||
Nobel
Bidco BV Reg S
3.12%, 06/15/28 |
EUR | 100 | 59,302 | |||||
Petrobras
Global Finance BV
5.50%, 06/10/51 † |
USD | 50 | 35,477 | |||||
PPF
Telecom Group BV Reg S
3.12%, 03/27/26 |
EUR | 100 | 90,551 | |||||
Repsol International Finance BV Reg S
4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o) |
EUR | 100 | 85,154 | |||||
Saipem
Finance International BV Reg S
2.63%, 01/07/25 |
EUR | 100 | 93,023 | |||||
Selecta
Group BV Reg S
8.00%, 04/01/26 |
EUR | 52 | 42,821 | |||||
Telefonica Europe BV Reg S
2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) |
EUR | 100 | 73,675 | |||||
TenneT Holding BV Reg S
3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) |
EUR | 175 | 166,836 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
4.75%, 05/09/27 | USD | 100 | 88,375 | |||||
5.12%, 05/09/29 † | USD | 100 | 86,056 | |||||
TMNL
Holding BV Reg S
3.75%, 01/15/29 |
EUR | 100 | 83,828 | |||||
UPC
Broadband Finco BV 144A
4.88%, 07/15/31 |
USD | 100 | 84,221 | |||||
VZ
Vendor Financing II BV Reg S
2.88%, 01/15/29 |
EUR | 100 | 73,268 | |||||
Wintershall Dea Finance 2 BV Reg S
3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) |
|
EUR | 100 |
|
|
|
73,931 |
|
Ziggo Bond Co. BV 144A | ||||||||
5.12%, 02/28/30 | USD | 50 | 39,692 | |||||
6.00%, 01/15/27 | USD | 50 | 45,105 | |||||
Ziggo
Bond Co. BV Reg S
3.38%, 02/28/30 |
EUR | 125 | 91,510 | |||||
Ziggo
BV 144A
4.88%, 01/15/30 |
USD | 100 | 84,188 | |||||
1,845,609 | ||||||||
Nigeria: 0.1% | ||||||||
SEPLAT Energy Plc 144A |
See Notes to Financial Statements
54 |
Par (000’s |
) | Value | ||||||
Nigeria (continued) | ||||||||
7.75%, 04/01/26 | USD | 100 | $ | 78,755 | ||||
Norway: 0.3% | ||||||||
Adevinta
ASA Reg S
2.62%, 11/15/25 |
EUR | 100 | 92,164 | |||||
Heimstaden Bostad AB Reg
S
3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) |
EUR | 125 | 89,223 | |||||
181,387 | ||||||||
Oman: 0.6% | ||||||||
Lamar
Funding Ltd. Reg S
3.96%, 05/07/25 |
USD | 225 | 207,965 | |||||
Oztel
Holdings SPC Ltd. 144A
6.62%, 04/24/28 † |
USD | 100 | 98,445 | |||||
306,410 | ||||||||
Peru: 0.6% | ||||||||
Banco
Internacional del Peru SAA Interbank 144A
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 |
USD | 75 | 73,042 | |||||
Hudbay
Minerals, Inc. 144A
6.12%, 04/01/29 |
USD | 25 | 20,758 | |||||
Peru
LNG Srl 144A
5.38%, 03/22/30 |
USD | 100 | 78,865 | |||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | USD | 100 | 73,900 | |||||
5.62%, 06/19/47 | USD | 150 | 96,482 | |||||
343,047 | ||||||||
Poland: 0.3% | ||||||||
Canpack
SA / Canpack US LLC 144A
3.88%, 11/15/29 |
USD | 100 | 79,613 | |||||
Synthos
SA Reg S
2.50%, 06/07/28 |
EUR | 100 | 75,159 | |||||
154,772 | ||||||||
Portugal: 0.5% | ||||||||
Banco Comercial Portugues SA Reg S
1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 |
EUR | 100 | 76,194 | |||||
EDP - Energias de Portugal SA Reg S | ||||||||
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 | EUR | 100 | 82,026 | |||||
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 100 | 96,799 | |||||
255,019 | ||||||||
Romania: 0.2% | ||||||||
RCS &
RDS SA Reg S
2.50%, 02/05/25 |
EUR | 100 | 87,631 | |||||
Saudi Arabia: 0.4% | ||||||||
Dar
Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25 |
USD | 200 | 191,638 | |||||
Singapore: 0.2% | ||||||||
Inkia
Energy Ltd. 144A
5.88%, 11/09/27 |
USD | 56 | 49,974 |
Par (000’s |
) | Value | ||||||
Singapore (continued) | ||||||||
Star
Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33 |
USD | 81 | $ | 72,045 | ||||
122,019 | ||||||||
South Africa: 0.7% | ||||||||
Eskom
Holdings SOC Ltd. 144A
7.12%, 02/11/25 |
USD | 100 | 93,830 | |||||
K2016470219
South Africa Ltd. 144A
3.00%, 12/31/22 |
USD | 142 | 406 | |||||
MTN
Mauritius Investments Ltd. 144A
4.75%, 11/11/24 |
USD | 100 | 96,233 | |||||
Sasol
Financing USA LLC
5.88%, 03/27/24 |
USD | 200 | 195,754 | |||||
386,223 | ||||||||
South Korea: 0.2% | ||||||||
Woori Bank 144A
4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
USD | 100 | 87,375 | |||||
Spain: 4.1% | ||||||||
Abanca Corp. Bancaria SA Reg S
6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 |
EUR | 100 | 96,065 | |||||
Abengoa
Abenewco 2 SA Reg S
1.50%, 10/26/24 |
USD | 63 | 2,648 | |||||
Abengoa
SA
0.00%, 03/31/27 (s) ^ |
EUR | 100 | 495 | |||||
ACS
Actividades de Construccion y Servicios SA Reg S
1.38%, 06/17/25 |
EUR | 100 | 90,249 | |||||
Banco
de Credito Social Cooperativo SA Reg S
5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31, |
EUR | 100 | 74,281 | |||||
Banco
de Sabadell SA Reg S
1.75%, 05/10/24 |
EUR | 100 | 94,339 | |||||
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 |
EUR | 100 | 97,314 | |||||
5.62%, 05/06/26 | EUR | 100 | 95,651 | |||||
Cellnex Finance Co. SA Reg S | ||||||||
1.25%, 01/15/29 | EUR | 100 | 76,414 | |||||
1.50%, 06/08/28 | EUR | 100 | 79,976 | |||||
2.00%, 09/15/32 | EUR | 100 | 70,294 | |||||
2.00%, 02/15/33 | EUR | 100 | 68,764 | |||||
Cellnex
Telecom SA
1.88%, 06/26/29 |
EUR | 100 | 77,944 | |||||
Cellnex Telecom SA Reg S | ||||||||
1.75%, 10/23/30 | EUR | 100 | 73,623 | |||||
2.38%, 01/16/24 | EUR | 100 | 97,580 | |||||
Grifols SA Reg S | ||||||||
1.62%, 02/15/25 † | EUR | 150 | 135,655 | |||||
3.20%, 05/01/25 | EUR | 100 | 88,128 |
See Notes to Financial Statements
55 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Spain (continued) | ||||||||
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 |
EUR | 100 | $ | 81,045 | ||||
Iccrea Banca SpA Reg S
4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 |
EUR | 100 | 89,199 | |||||
Lorca Telecom Bondco SA Reg S
4.00%, 09/18/27 |
EUR | 200 | 174,346 | |||||
Repsol International Finance BV Reg S
4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 |
EUR | 125 | 118,602 | |||||
Telefonica Europe BV Reg S 3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o) |
EUR | 100 | 95,569 | |||||
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) | EUR | 100 | 88,986 | |||||
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) | EUR | 100 | 94,808 | |||||
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) | EUR | 100 | 98,674 | |||||
2,160,649 | ||||||||
Sweden: 1.1% | ||||||||
Castellum AB Reg S
3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) |
EUR | 100 | 55,038 | |||||
Dometic
Group AB Reg S
3.00%, 05/08/26 |
EUR | 100 | 85,993 | |||||
Heimstaden AB Reg S
4.38%, 03/06/27 |
EUR | 100 | 71,210 | |||||
Intrum AB Reg S | ||||||||
3.00%, 09/15/27 | EUR | 100 | 75,485 | |||||
3.12%, 07/15/24 | EUR | 100 | 93,350 | |||||
Samhallsbyggnadsbolaget
i Norden AB Reg S
2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) |
EUR | 100 | 34,778 | |||||
Stena
AB 144A
7.00%, 02/01/24 |
USD | 100 | 94,451 | |||||
Verisure
Holding AB Reg S
3.25%, 02/15/27 |
EUR | 100 | 84,308 | |||||
594,613 | ||||||||
Switzerland: 0.4% | ||||||||
Dufry
One BV Reg S
2.50%, 10/15/24 |
EUR | 125 | 118,456 | |||||
Techem
Verwaltungsgesellschaft 675 mbH Reg S
2.00%, 07/15/25 |
EUR | 100 | 91,585 | |||||
210,041 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold
Ashanti Holdings Plc
6.50%, 04/15/40 |
USD | 40 | 33,733 |
Par (000’s |
) | Value | ||||||
Thailand: 0.3% | ||||||||
Bangkok
Bank PCL 144A
3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
USD | 200 | $ | 148,920 | ||||
Trinidad and Tobago: 0.2% | ||||||||
Trinidad
Generation Unlimited 144A
5.25%, 11/04/27 |
USD | 100 | 95,293 | |||||
Turkey: 1.9% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | USD | 50 | 45,067 | |||||
6.80%, 02/06/26 † | USD | 50 | 45,491 | |||||
Aydem
Yenilenebilir Enerji AS 144A
7.75%, 02/02/27 |
USD | 100 | 75,030 | |||||
KOC
Holding AS 144A
6.50%, 03/11/25 |
USD | 50 | 47,541 | |||||
TC
Ziraat Bankasi AS 144A
5.38%, 03/02/26 |
USD | 100 | 84,983 | |||||
Turk
Telekomunikasyon AS 144A
4.88%, 06/19/24 |
USD | 100 | 88,370 | |||||
Turkcell
Iletisim Hizmetleri AS 144A
5.80%, 04/11/28 |
USD | 100 | 80,273 | |||||
Turkiye
Is Bankasi AS 144A
6.12%, 04/25/24 |
USD | 150 | 145,920 | |||||
Turkiye
Sinai Kalkinma Bankasi AS 144A
6.00%, 01/23/25 |
USD | 50 | 45,221 | |||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 | USD | 100 | 89,868 | |||||
6.50%, 01/08/26 | USD | 100 | 88,414 | |||||
Ulker
Biskuvi Sanayi AS 144A
6.95%, 10/30/25 |
USD | 100 | 70,332 | |||||
Yapi
ve Kredi Bankasi AS 144A
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 |
USD | 100 | 88,831 | |||||
995,341 | ||||||||
Ukraine: 0.2% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 | USD | 50 | 16,794 | |||||
6.75%, 10/27/27 | USD | 50 | 16,475 | |||||
Metinvest
BV 144A
7.75%, 10/17/29 |
USD | 100 | 41,350 | |||||
NAK
Naftogaz Ukraine via Kondor Finance Plc Reg S
7.12%, 07/19/24 |
EUR | 100 | 18,252 | |||||
92,871 | ||||||||
United Arab Emirates: 0.7% | ||||||||
DP World Salaam Reg S
6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
USD | 200 | 194,289 |
See Notes to Financial Statements
56 |
Par (000’s |
) | Value | ||||||
United Arab Emirates (continued) | ||||||||
GEMS
Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A
7.12%, 07/31/26 |
USD | 100 | $ | 94,747 | ||||
Shelf
Drilling Holdings Ltd. 144A
8.25%, 02/15/25 |
USD | 100 | 84,472 | |||||
373,508 | ||||||||
United Kingdom: 10.6% | ||||||||
Aston
Martin Capital Holdings Ltd. 144A
10.50%, 11/30/25 |
USD | 50 | 48,056 | |||||
B&M
European Value Retail SA Reg S
3.62%, 07/15/25 |
GBP | 100 | 99,160 | |||||
BCP V
Modular Services Finance II Plc Reg S
4.75%, 11/30/28 |
EUR | 100 | 81,902 | |||||
Bellis
Acquisition Co. Plc Reg S
3.25%, 02/16/26 |
GBP | 200 | 188,236 | |||||
Bidvest
Group UK Plc 144A
3.62%, 09/23/26 |
USD | 100 | 84,853 | |||||
British American Tobacco Plc Reg S | ||||||||
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o) |
EUR | 100 | 74,407 | |||||
3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o) |
EUR | 100 | 68,962 | |||||
British Telecommunications Plc Reg S | ||||||||
1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 |
EUR | 100 | 84,007 | |||||
Connect
Finco Sarl / Connect US Finco LLC 144A
6.75%, 10/01/26 |
USD | 100 | 94,165 | |||||
Constellation
Automotive Financing Plc Reg S
4.88%, 07/15/27 |
GBP | 100 | 74,262 | |||||
Co-operative
Group Ltd. Reg S
5.12%, 05/17/24 |
GBP | 100 | 107,456 | |||||
Deuce
Finco Plc Reg S
5.50%, 06/15/27 |
GBP | 100 | 88,594 | |||||
Drax
Finco Plc 144A
6.62%, 11/01/25 |
USD | 100 | 93,136 | |||||
Garfunkelux
Holdco 3 SA Reg S
6.75%, 11/01/25 |
EUR | 100 | 71,166 | |||||
Heathrow
Finance Plc Reg S
4.38%, 03/01/27 (s) |
GBP | 100 | 92,943 | |||||
Iceland
Bondco Plc Reg S
4.62%, 03/15/25 |
GBP | 100 | 91,593 | |||||
INEOS
Finance Plc Reg S
2.88%, 05/01/26 |
EUR | 100 | 88,255 | |||||
INEOS
Quattro Finance 2 Plc Reg S
2.50%, 01/15/26 |
EUR | 100 | 82,871 |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
INEOS
Styrolution Group GmbH Reg S
2.25%, 01/16/27 |
EUR | 100 | $ | 78,423 | ||||
International
Consolidated Airlines Group SA Reg S
1.50%, 07/04/27 |
EUR | 100 | 72,767 | |||||
Jaguar Land Rover Automotive Plc 144A | ||||||||
5.88%, 01/15/28 | USD | 100 | 74,210 | |||||
7.75%, 10/15/25 | USD | 100 | 92,480 | |||||
Jerrold
Finco Plc Reg S
4.88%, 01/15/26 |
GBP | 100 | 95,706 | |||||
Market
Bidco Finco Plc Reg S
5.50%, 11/04/27 |
GBP | 100 | 87,865 | |||||
Marks &
Spencer Plc Reg S
6.00%, 06/12/25 |
GBP | 100 | 107,278 | |||||
Motion
Bondco DAC 144A
6.62%, 11/15/27 |
USD | 100 | 83,798 | |||||
Neptune
Energy Bondco Plc 144A
6.62%, 05/15/25 |
USD | 100 | 97,341 | |||||
Nexi
SpA Reg S
1.75%, 10/31/24 |
EUR | 200 | 192,976 | |||||
NGG Finance Plc Reg S | ||||||||
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 |
EUR | 100 | 79,439 | |||||
5.62% (GBP Swap 12 Year+3.48%), 06/18/73 |
GBP | 100 | 105,175 | |||||
Nomad
Foods Bondco Plc Reg S
2.50%, 06/24/28 |
EUR | 100 | 79,676 | |||||
Paysafe
Finance Plc / Paysafe Holdings US Corp. 144A
4.00%, 06/15/29 † |
USD | 100 | 71,645 | |||||
Pinewood
Finance Co. Ltd. Reg S
3.25%, 09/30/25 |
GBP | 100 | 100,860 | |||||
Pinnacle
Bidco Plc Reg S
5.50%, 02/15/25 |
EUR | 100 | 89,808 | |||||
Punch
Finance Plc Reg S
6.12%, 06/30/26 |
GBP | 100 | 100,763 | |||||
Rolls-Royce Plc Reg S | ||||||||
0.88%, 05/09/24 | EUR | 100 | 92,844 | |||||
1.62%, 05/09/28 | EUR | 100 | 74,257 | |||||
5.75%, 10/15/27 | GBP | 100 | 99,516 | |||||
Sherwood
Financing Plc Reg S
4.50%, 11/15/26 |
EUR | 100 | 69,827 | |||||
Standard
Chartered Plc 144A
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) |
USD | 100 | 95,133 | |||||
Stonegate
Pub Co. Financing 2019 Plc Reg S
8.00%, 07/13/25 |
GBP | 100 | 104,197 | |||||
Summer
BidCo BV Reg S
9.00%, 11/15/25 |
EUR | 110 | 81,734 | |||||
TalkTalk Telecom Group Ltd. Reg S |
See Notes to Financial Statements
57 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
3.88%, 02/20/25 | GBP | 100 | $ | 91,676 | ||||
The
Weir Group Plc 144A
2.20%, 05/13/26 |
USD | 100 | 85,637 | |||||
Tullow
Oil Plc 144A
10.25%, 05/15/26 |
USD | 100 | 85,339 | |||||
United
Group BV Reg S
4.88%, 07/01/24 |
EUR | 100 | 94,633 | |||||
UPC
Holding BV 144A
5.50%, 01/15/28 |
USD | 100 | 87,899 | |||||
Vedanta
Resources Finance II Plc 144A
8.95%, 03/11/25 |
USD | 100 | 63,268 | |||||
Victoria
Plc Reg S
3.62%, 08/24/26 |
EUR | 100 | 77,201 | |||||
Virgin
Media Finance Plc 144A
5.00%, 07/15/30 |
USD | 50 | 40,163 | |||||
Virgin
Media Secured Finance Plc 144A
5.50%, 05/15/29 |
USD | 100 | 91,061 | |||||
Virgin Media Secured Finance Plc Reg S | ||||||||
4.25%, 01/15/30 | GBP | 100 | 92,108 | |||||
5.00%, 04/15/27 | GBP | 100 | 105,459 | |||||
Vmed
O2 UK Financing I Plc 144A
4.25%, 01/31/31 |
USD | 100 | 79,708 | |||||
Vmed O2 UK Financing I Plc Reg S | ||||||||
3.25%, 01/31/31 | EUR | 100 | 81,046 | |||||
4.00%, 01/31/29 | GBP | 100 | 94,275 | |||||
Vodafone Group Plc | ||||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 |
USD | 150 | 106,762 | |||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 |
USD | 200 | 190,446 | |||||
Vodafone Group Plc Reg S | ||||||||
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 |
EUR | 125 | 120,005 | |||||
6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 |
USD | 200 | 191,964 | |||||
5,620,392 | ||||||||
United States: 3.5% | ||||||||
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 |
USD | 100 | 82,222 | |||||
Burford
Capital Global Finance LLC 144A
6.25%, 04/15/28 |
USD | 100 | 87,208 | |||||
Cirsa
Finance International Sarl 144A
6.25%, 12/20/23 |
EUR | 127 | 126,041 | |||||
DEMIRE Deutsche Mittelstand Real Estate AG Reg S |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
1.88%, 10/15/24 | EUR | 100 | $ | 65,215 | ||||
Energia
Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S
4.00%, 09/15/25 |
EUR | 100 | 90,613 | |||||
EnfraGen
Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A
5.38%, 12/30/30 |
USD | 100 | 51,244 | |||||
Garda
World Security Corp. 144A
4.62%, 02/15/27 |
USD | 75 | 66,807 | |||||
Guacolda
Energia SA 144A
4.56%, 04/30/25 |
USD | 100 | 31,744 | |||||
Kronos
Acquisition Holdings, Inc. / KIK Custom Products Inc 144A
7.00%, 12/31/27 † |
USD | 75 | 63,111 | |||||
LCPR
Senior Secured Financing DAC 144A
6.75%, 10/15/27 |
USD | 180 | 168,070 | |||||
Lottomatica
SpA Reg S
6.25%, 07/15/25 |
EUR | 100 | 94,070 | |||||
MGM
China Holdings Ltd. 144A
5.88%, 05/15/26 † |
USD | 200 | 153,897 | |||||
Mong
Duong Finance Holdings BV 144A
5.12%, 05/07/29 |
USD | 100 | 69,660 | |||||
Open
Text Holdings, Inc. 144A
4.12%, 02/15/30 |
USD | 50 | 39,930 | |||||
Q-Park
Holding I BV Reg S
2.00%, 03/01/27 |
EUR | 100 | 78,574 | |||||
Resolute
Forest Products, Inc. 144A
4.88%, 03/01/26 † |
USD | 25 | 24,714 | |||||
SCIL
IV LLC / SCIL USA Holdings LLC Reg S
4.38%, 11/01/26 |
EUR | 100 | 78,944 | |||||
Sigma
Holdco BV Reg S
5.75%, 05/15/26 |
EUR | 100 | 60,587 | |||||
Stillwater
Mining Co. 144A
4.00%, 11/16/26 |
USD | 100 | 82,552 | |||||
Telesat Canada / Telesat LLC 144A | ||||||||
4.88%, 06/01/27 | USD | 50 | 22,059 | |||||
6.50%, 10/15/27 | USD | 50 | 17,507 | |||||
Verisure
Holding AB Reg S
3.88%, 07/15/26 |
EUR | 150 | 133,038 | |||||
Wynn Macau Ltd. 144A | ||||||||
5.12%, 12/15/29 | USD | 100 | 60,739 | |||||
5.50%, 01/15/26 † | USD | 100 | 69,500 | |||||
5.50%, 10/01/27 | USD | 50 | 32,354 | |||||
1,850,400 | ||||||||
Uzbekistan: 0.1% | ||||||||
Uzbekneftegaz
JSC 144A
4.75%, 11/16/28 |
USD | 50 | 37,884 |
See Notes to Financial Statements
58 |
Par (000’s |
) | Value | ||||||
Zambia: 0.6% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.50%, 03/01/24 | USD | 100 | $ | 98,282 | ||||
6.88%, 03/01/26 | USD | 100 | 94,092 | |||||
6.88%, 10/15/27 | USD | 50 | 46,584 | |||||
7.50%, 04/01/25 | USD | 100 | 97,121 | |||||
336,079 | ||||||||
Total Corporate
Bonds (Cost: $67,084,203) |
51,535,578 | |||||||
GOVERNMENT OBLIGATIONS: 0.2% | ||||||||
Turkey: 0.2% | ||||||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
6.12%, 05/03/24 | USD | 100 | 93,984 | |||||
8.25%, 01/24/24 | USD | 25 | 24,662 | |||||
Total Government
Obligations (Cost: $121,671) |
118,646 |
Number of Shares |
Value | ||||||||
COMMON STOCK:
0.0% (Cost: $5,620) |
|||||||||
Canada: 0.0% | |||||||||
Secure Energy Services, Inc. (CAD) | 1,259 | $ | 6,599 | ||||||
Total
Investments Before Collateral for Securities
Loaned: 97.7% (Cost: $67,211,494) |
51,660,823 | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0% | |||||||||
Money Market Fund: 4.0% (Cost: $2,087,310) |
|||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,087,310 | 2,087,310 | |||||||
Total Investments: 101.7% (Cost: $69,298,804) |
53,748,133 | ||||||||
Liabilities in excess of other assets: (1.7)% | (922,842) | ||||||||
NET ASSETS: 100.0% | $ | 52,825,291 |
Definitions:
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $2,200,550. |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
(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. |
* | Non-income producing |
(d) | Security in default |
^ | 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 $20,706,809, or 39.2% of net assets. |
See Notes to Financial Statements
59 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
0.1 | % | $ | 56,292 | |||||
Basic Materials | 7.5 | 3,885,164 | ||||||
Consumer Cyclicals | 7.5 | 3,879,687 | ||||||
Consumer Non-Cyclicals | 4.3 | 2,204,724 | ||||||
Energy | 11.6 | 5,978,379 | ||||||
Financials | 31.1 | 16,094,530 | ||||||
Healthcare | 3.5 | 1,805,751 | ||||||
Industrials | 12.9 | 6,652,826 | ||||||
Institutions, Associations & Organizations | 0.4 | 225,154 | ||||||
Real Estate | 1.5 | 794,442 | ||||||
Technology | 12.9 | 6,645,646 | ||||||
Utilities | 6.7 | 3,438,228 | ||||||
100.0 | % | $ | 51,660,823 |
See Notes to Financial Statements
60 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds | ||||||||||||||||
Argentina | $ | — | $ | 487,530 | $ | — | $ | 487,530 | ||||||||
Australia | — | 416,401 | — | 416,401 | ||||||||||||
Austria | — | 89,482 | — | 89,482 | ||||||||||||
Belgium | — | 318,085 | — | 318,085 | ||||||||||||
Bermuda | — | 104,494 | — | 104,494 | ||||||||||||
Brazil | — | 3,694,950 | — | 3,694,950 | ||||||||||||
British Virgin Islands | — | 22,746 | — | 22,746 | ||||||||||||
Bulgaria | — | 88,035 | — | 88,035 | ||||||||||||
Burkina Faso | — | 16,787 | — | 16,787 | ||||||||||||
Canada | — | 3,907,379 | 0 | 3,907,379 | ||||||||||||
Cayman Islands | — | 255,557 | — | 255,557 | ||||||||||||
Chile | — | 207,974 | — | 207,974 | ||||||||||||
China | — | 1,210,591 | — | 1,210,591 | ||||||||||||
Colombia | — | 1,264,784 | — | 1,264,784 | ||||||||||||
Costa Rica | — | 68,059 | — | 68,059 | ||||||||||||
Cyprus | — | 131,080 | — | 131,080 | ||||||||||||
Czech Republic | — | 316,203 | — | 316,203 | ||||||||||||
Finland | — | 455,704 | — | 455,704 | ||||||||||||
France | — | 4,346,784 | — | 4,346,784 | ||||||||||||
Germany | — | 2,754,605 | — | 2,754,605 | ||||||||||||
Ghana | — | 148,973 | — | 148,973 | ||||||||||||
Greece | — | 512,569 | — | 512,569 | ||||||||||||
Guatemala | — | 88,202 | — | 88,202 | ||||||||||||
Hong Kong | — | 369,115 | — | 369,115 | ||||||||||||
Hungary | — | 89,314 | — | 89,314 | ||||||||||||
India | — | 957,882 | — | 957,882 | ||||||||||||
Indonesia | — | 381,167 | — | 381,167 | ||||||||||||
Ireland | — | 614,253 | — | 614,253 | ||||||||||||
Israel | — | 940,711 | — | 940,711 | ||||||||||||
Italy | — | 4,066,839 | — | 4,066,839 | ||||||||||||
Japan | — | 787,096 | — | 787,096 | ||||||||||||
Jersey, Channel Islands | — | 338,499 | — | 338,499 | ||||||||||||
Luxembourg | — | 2,746,695 | — | 2,746,695 | ||||||||||||
Malta | — | 41,631 | — | 41,631 | ||||||||||||
Mauritius | — | 313,717 | — | 313,717 | ||||||||||||
Mexico | — | 2,163,947 | — | 2,163,947 | ||||||||||||
Morocco | — | 228,129 | — | 228,129 | ||||||||||||
Netherlands | — | 1,845,609 | — | 1,845,609 | ||||||||||||
Nigeria | — | 78,755 | — | 78,755 | ||||||||||||
Norway | — | 181,387 | — | 181,387 | ||||||||||||
Oman | — | 306,410 | — | 306,410 | ||||||||||||
Peru | — | 343,047 | — | 343,047 | ||||||||||||
Poland | — | 154,772 | — | 154,772 | ||||||||||||
Portugal | — | 255,019 | — | 255,019 | ||||||||||||
Romania | — | 87,631 | — | 87,631 | ||||||||||||
Saudi Arabia | — | 191,638 | — | 191,638 | ||||||||||||
Singapore | — | 122,019 | — | 122,019 | ||||||||||||
South Africa | — | 386,223 | — | 386,223 | ||||||||||||
South Korea | — | 87,375 | — | 87,375 | ||||||||||||
Spain | — | 2,160,649 | — | 2,160,649 | ||||||||||||
Sweden | — | 594,613 | — | 594,613 | ||||||||||||
Switzerland | — | 210,041 | — | 210,041 | ||||||||||||
Tanzania | — | 33,733 | — | 33,733 | ||||||||||||
Thailand | — | 148,920 | — | 148,920 | ||||||||||||
Trinidad and Tobago | — | 95,293 | — | 95,293 |
See Notes to Financial Statements
61 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Turkey | $ | — | $ | 995,341 | $ | — | $ | 995,341 | ||||||||
Ukraine | — | 92,871 | — | 92,871 | ||||||||||||
United Arab Emirates | — | 373,508 | — | 373,508 | ||||||||||||
United Kingdom | — | 5,620,392 | — | 5,620,392 | ||||||||||||
United States | — | 1,850,400 | — | 1,850,400 | ||||||||||||
Uzbekistan | — | 37,884 | — | 37,884 | ||||||||||||
Zambia | — | 336,079 | — | 336,079 | ||||||||||||
Government Obligations * | — | 118,646 | — | 118,646 | ||||||||||||
Common Stock * | 6,599 | — | — | 6,599 | ||||||||||||
Money Market Fund | 2,087,310 | — | — | 2,087,310 | ||||||||||||
Total Investments | $ | 2,093,909 | $ | 51,654,224 | $ | 0 | $ | 53,748,133 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
62 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||||
CORPORATE BONDS: 4.3% | ||||||||||
Colombia: 0.0% | ||||||||||
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24 |
COP | 3,596,000 | $ | 645,678 | ||||||
Mexico: 0.1% | ||||||||||
Petroleos Mexicanos Reg S 7.19%, 09/12/24 |
MXN | 26,405 | 1,212,253 | |||||||
South Africa: 0.2% | ||||||||||
Eskom Holdings SOC Ltd. | ||||||||||
0.01%, 08/18/27 | ZAR | 82,205 | 2,128,401 | |||||||
7.50%, 09/15/33 | ZAR | 11,000 | 422,608 | |||||||
7.85%, 04/02/26 | ZAR | 24,350 | 1,252,633 | |||||||
Transnet SOC Ltd. | ||||||||||
9.50%, 08/19/25 | ZAR | 21,000 | 1,134,133 | |||||||
13.50%, 04/18/28 | ZAR | 4,950 | 298,616 | |||||||
5,236,391 | ||||||||||
Supranational: 3.0% | ||||||||||
European Bank for Reconstruction & Development 0.25%, 11/20/23 |
PLN | 8,320 | 1,585,685 | |||||||
European Investment Bank | ||||||||||
7.75%, 01/30/25 | MXN | 25,200 | 1,201,929 | |||||||
8.12%, 12/21/26 | ZAR | 201,245 | 10,979,091 | |||||||
European Investment Bank 144A 5.75%, 01/24/25 |
IDR | 51,750,000 | 3,246,423 | |||||||
European Investment Bank Reg S | ||||||||||
2.75%, 08/25/26 | PLN | 36,215 | 6,191,696 | |||||||
3.00%, 05/24/24 | PLN | 50,577 | 9,636,476 | |||||||
8.00%, 05/05/27 | ZAR | 17,510 | 939,504 | |||||||
Inter-American Development Bank | ||||||||||
7.50%, 12/05/24 | MXN | 244,925 | 11,438,635 | |||||||
7.88%, 03/14/23 | IDR | 19,170,000 | 1,232,362 | |||||||
Inter-American Development Bank Reg S 7.70%, 02/12/24 |
MXN | 52,500 | 2,503,728 | |||||||
International Bank for Reconstruction & Development | ||||||||||
2.00%, 07/23/25 | PHP | 35,400 | 535,789 | |||||||
7.25%, 03/15/24 | IDR | 32,100,000 | 2,061,624 | |||||||
International Finance Corp. | ||||||||||
7.00%, 02/14/24 | BRL | 1,800 | 324,170 | |||||||
7.00%, 07/20/27 | MXN | 174,850 | 7,807,424 | |||||||
7.25%, 02/02/24 | MXN | 26,880 | 1,272,700 | |||||||
7.50%, 01/18/28 | MXN | 110,430 | 5,056,586 | |||||||
7.75%, 01/18/30 | MXN | 153,580 | 6,779,525 | |||||||
8.00%, 10/09/23 | IDR | 17,500,000 | 1,133,699 | |||||||
8.00%, 07/27/27 | ZAR | 2,970 | 158,152 |
Par (000’s |
) | Value | ||||||||
Supranational (continued) | ||||||||||
International Finance Corp. Reg S 8.38%, 05/31/29 |
MXN | 115,840 | $ | 5,378,515 | ||||||
79,463,713 | ||||||||||
United Kingdom: 0.3% | ||||||||||
European Bank for Reconstruction & Development 12.50%, 02/09/23 |
TRY | 8,100 | 413,029 | |||||||
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25 |
MXN | 178,920 | 7,735,837 | |||||||
8,148,866 | ||||||||||
United States: 0.7% | ||||||||||
International Bank for Reconstruction & Development | ||||||||||
6.65%, 07/30/24 | MXN | 195,000 | 9,308,026 | |||||||
13.25%, 02/22/23 | TRY | 31,540 | 1,587,266 | |||||||
International Finance Corp. 5.75%, 03/02/23 |
MXN | 115,610 | 5,729,267 | |||||||
16,624,559 | ||||||||||
Total Corporate Bonds (Cost: $136,290,713) |
111,331,460 | |||||||||
GOVERNMENT OBLIGATIONS: 93.1% | ||||||||||
Brazil: 9.7% | ||||||||||
Brazil Letras do Tesouro Nacional | ||||||||||
0.00%, 01/01/24 ^ | BRL | 367,460 | 60,840,129 | |||||||
0.00%, 07/01/24 ^ | BRL | 113,260 | 17,841,411 | |||||||
0.00%, 07/01/25 ^ | BRL | 165,070 | 23,497,225 | |||||||
0.00%, 01/01/26 ^ | BRL | 164,500 | 21,983,068 | |||||||
0.00%, 07/01/23 ^ | BRL | 261,500 | 45,822,628 | |||||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||||
10.00%, 01/01/25 | BRL | 146,125 | 26,923,849 | |||||||
10.00%, 01/01/27 | BRL | 154,190 | 27,852,240 | |||||||
10.00%, 01/01/29 | BRL | 98,240 | 17,335,422 | |||||||
10.00%, 01/01/31 | BRL | 52,660 | 9,095,373 | |||||||
10.00%, 01/01/33 | BRL | 17,190 | 2,978,273 | |||||||
Brazilian Government International Bond | ||||||||||
8.50%, 01/05/24 | BRL | 4,670 | 839,456 | |||||||
10.25%, 01/10/28 | BRL | 7,380 | 1,310,475 | |||||||
256,319,549 | ||||||||||
Chile: 3.4% | ||||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||||
2.50%, 03/01/25 | CLP | 22,475,000 | 21,419,610 | |||||||
4.50%, 03/01/26 | CLP | 14,565,000 | 14,352,513 | |||||||
5.00%, 03/01/35 | CLP | 16,500,000 | 15,460,593 | |||||||
6.00%, 01/01/43 | CLP | 13,585,000 | 13,809,730 | |||||||
Bonos de la Tesoreria de la Republica de Chile 144A Reg S |
See Notes to Financial Statements
63 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
Chile (continued) | ||||||||||
2.30%, 10/01/28 | CLP | 3,920,000 | $ | 3,279,834 | ||||||
4.70%, 09/01/30 | CLP | 15,470,000 | 14,578,864 | |||||||
5.00%, 10/01/28 | CLP | 6,285,000 | 6,125,539 | |||||||
89,026,683 | ||||||||||
China: 10.3% | ||||||||||
Asian Infrastructure Investment Bank Reg S 4.50%, 11/03/23 |
MXN | 277,750 | 13,009,430 | |||||||
China Government Bond | ||||||||||
1.99%, 04/09/25 | CNY | 86,650 | 11,815,747 | |||||||
2.18%, 08/25/25 | CNY | 29,500 | 4,041,174 | |||||||
2.24%, 05/25/25 | CNY | 3,700 | 507,734 | |||||||
2.26%, 02/24/25 | CNY | 28,960 | 3,977,741 | |||||||
2.36%, 07/02/23 | CNY | 47,860 | 6,584,438 | |||||||
2.37%, 01/20/27 | CNY | 18,410 | 2,520,079 | |||||||
2.47%, 09/02/24 | CNY | 53,000 | 7,308,314 | |||||||
2.48%, 04/15/27 | CNY | 18,120 | 2,488,205 | |||||||
2.50%, 07/25/27 | CNY | 8,720 | 1,198,638 | |||||||
2.60%, 09/01/32 | CNY | 19,440 | 2,653,544 | |||||||
2.62%, 09/25/29 | CNY | 14,400 | 1,968,867 | |||||||
2.68%, 05/21/30 | CNY | 63,520 | 8,711,507 | |||||||
2.69%, 08/12/26 | CNY | 45,650 | 6,329,207 | |||||||
2.69%, 08/15/32 | CNY | 42,800 | 5,878,183 | |||||||
2.75%, 06/15/29 | CNY | 8,730 | 1,204,641 | |||||||
2.75%, 02/17/32 | CNY | 47,160 | 6,476,916 | |||||||
2.76%, 05/15/32 | CNY | 28,320 | 3,901,666 | |||||||
2.80%, 03/24/29 | CNY | 40,870 | 5,660,265 | |||||||
2.84%, 04/08/24 | CNY | 56,420 | 7,819,034 | |||||||
2.85%, 06/04/27 | CNY | 107,800 | 15,043,104 | |||||||
2.88%, 11/05/23 | CNY | 62,040 | 8,579,611 | |||||||
2.89%, 11/18/31 | CNY | 34,580 | 4,807,074 | |||||||
2.91%, 10/14/28 | CNY | 52,370 | 7,306,299 | |||||||
2.94%, 10/17/24 | CNY | 43,320 | 6,043,784 | |||||||
3.01%, 05/13/28 | CNY | 53,360 | 7,496,602 | |||||||
3.02%, 10/22/25 | CNY | 72,820 | 10,211,109 | |||||||
3.02%, 05/27/31 | CNY | 56,270 | 7,905,408 | |||||||
3.03%, 03/11/26 | CNY | 53,490 | 7,509,458 | |||||||
3.12%, 12/05/26 | CNY | 62,420 | 8,805,346 | |||||||
3.13%, 11/21/29 | CNY | 46,240 | 6,545,355 | |||||||
3.19%, 04/11/24 | CNY | 46,780 | 6,540,201 | |||||||
3.22%, 12/06/25 | CNY | 42,740 | 6,030,680 | |||||||
3.25%, 06/06/26 | CNY | 59,590 | 8,434,011 | |||||||
3.25%, 11/22/28 | CNY | 41,240 | 5,882,393 | |||||||
3.27%, 11/19/30 | CNY | 65,890 | 9,404,723 | |||||||
3.28%, 12/03/27 | CNY | 58,120 | 8,281,300 | |||||||
3.29%, 10/18/23 | CNY | 27,470 | 3,824,032 | |||||||
3.29%, 05/23/29 | CNY | 60,330 | 8,628,431 | |||||||
3.32%, 04/15/52 | CNY | 6,280 | 896,431 | |||||||
3.53%, 10/18/51 | CNY | 15,280 | 2,255,269 | |||||||
3.72%, 04/12/51 | CNY | 37,290 | 5,658,738 | |||||||
3.81%, 09/14/50 | CNY | 71,340 | 10,999,173 | |||||||
271,143,862 | ||||||||||
Colombia: 3.9% | ||||||||||
Colombia Government International Bond 9.85%, 06/28/27 |
COP | 4,334,000 | 770,796 | |||||||
Colombian TES 5.75%, 11/03/27 |
COP | 51,250,000 | 7,619,469 |
Par (000’s |
) | Value | ||||||||
Colombia (continued) | ||||||||||
6.00%, 04/28/28 | COP | 78,658,100 | $ | 11,505,530 | ||||||
6.25%, 11/26/25 | COP | 49,110,000 | 8,378,517 | |||||||
6.25%, 07/09/36 | COP | 33,635,000 | 3,747,893 | |||||||
7.00%, 03/26/31 | COP | 74,931,000 | 10,299,758 | |||||||
7.00%, 06/30/32 | COP | 70,341,700 | 9,308,403 | |||||||
7.25%, 10/18/34 | COP | 69,218,500 | 8,877,439 | |||||||
7.25%, 10/26/50 | COP | 48,979,000 | 5,382,521 | |||||||
7.50%, 08/26/26 | COP | 75,288,700 | 12,779,581 | |||||||
7.75%, 09/18/30 | COP | 54,094,100 | 7,950,088 | |||||||
9.25%, 05/28/42 | COP | 41,510,000 | 5,889,857 | |||||||
10.00%, 07/24/24 | COP | 47,286,800 | 9,312,819 | |||||||
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 |
COP | 12,300,000 | 2,253,732 | |||||||
104,076,403 | ||||||||||
Czech Republic: 4.7% | ||||||||||
Czech Republic Government Bond | ||||||||||
0.01%, 12/12/24 | CZK | 78,710 | 2,815,316 | |||||||
0.05%, 11/29/29 | CZK | 131,180 | 3,548,235 | |||||||
0.25%, 02/10/27 | CZK | 248,240 | 7,887,968 | |||||||
0.45%, 10/25/23 | CZK | 211,650 | 8,039,429 | |||||||
1.20%, 03/13/31 | CZK | 229,340 | 6,462,472 | |||||||
1.25%, 02/14/25 | CZK | 230,470 | 8,341,193 | |||||||
1.50%, 04/24/40 | CZK | 89,810 | 1,977,005 | |||||||
1.75%, 06/23/32 | CZK | 219,320 | 6,259,810 | |||||||
2.00%, 10/13/33 | CZK | 284,040 | 8,015,880 | |||||||
2.75%, 07/23/29 | CZK | 254,720 | 8,511,576 | |||||||
3.50%, 05/30/35 | CZK | 60,030 | 1,948,444 | |||||||
5.00%, 09/30/30 | CZK | 82,330 | 3,140,895 | |||||||
5.50%, 12/12/28 | CZK | 72,930 | 2,877,971 | |||||||
6.00%, 02/26/26 | CZK | 158,580 | 6,382,738 | |||||||
Czech Republic Government Bond Reg S | ||||||||||
0.95%, 05/15/30 | CZK | 273,430 | 7,787,599 | |||||||
1.00%, 06/26/26 | CZK | 272,370 | 9,208,346 | |||||||
2.40%, 09/17/25 | CZK | 278,430 | 10,176,893 | |||||||
2.50%, 08/25/28 | CZK | 270,190 | 9,109,556 | |||||||
4.20%, 12/04/36 | CZK | 139,470 | 4,797,156 | |||||||
5.70%, 05/25/24 | CZK | 153,150 | 6,141,618 | |||||||
123,430,100 | ||||||||||
Dominican Republic: 1.2% | ||||||||||
Dominican Republic International Bond 144A 9.75%, 06/05/26 |
DOP | 1,083,600 | 19,186,035 | |||||||
Dominican Republic International Bond Reg S | ||||||||||
8.90%, 02/15/23 | DOP | 345,690 | 6,361,175 | |||||||
9.75%, 06/05/26 | DOP | 353,190 | 6,253,522 | |||||||
31,800,732 | ||||||||||
Egypt: 2.5% | ||||||||||
Egypt Government Bond | ||||||||||
13.54%, 01/14/25 | EGP | 68,196 | 2,508,873 | |||||||
14.06%, 01/12/26 | EGP | 271,850 | 9,673,983 |
See Notes to Financial Statements
64 |
Par (000’s |
) | Value | ||||||||
Egypt (continued) | ||||||||||
14.29%, 01/05/28 | EGP | 119,540 | $ | 4,052,232 | ||||||
14.35%, 09/10/24 | EGP | 177,305 | 6,739,605 | |||||||
14.37%, 10/20/25 | EGP | 268,459 | 9,722,554 | |||||||
14.40%, 09/10/29 | EGP | 77,310 | 2,582,449 | |||||||
14.48%, 04/06/26 | EGP | 202,700 | 7,249,750 | |||||||
14.53%, 09/14/24 | EGP | 209,260 | 7,987,149 | |||||||
14.56%, 07/06/26 | EGP | 88,089 | 3,147,824 | |||||||
14.56%, 10/13/27 | EGP | 157,120 | 5,412,194 | |||||||
14.66%, 10/06/30 | EGP | 91,730 | 3,057,029 | |||||||
16.10%, 05/07/29 | EGP | 82,280 | 3,162,244 | |||||||
65,295,886 | ||||||||||
Hungary: 3.7% | ||||||||||
Hungary Government Bond | ||||||||||
1.00%, 11/26/25 † | HUF | 4,063,960 | 7,134,554 | |||||||
1.50%, 08/23/23 † | HUF | 1,051,950 | 2,339,012 | |||||||
1.50%, 04/22/26 | 4,126,180 | 7,075,718 | ||||||||
1.50%, 08/26/26 † | HUF | 2,484,820 | 4,130,799 | |||||||
2.00%, 05/23/29 † | HUF | 2,928,980 | 4,289,959 | |||||||
2.25%, 04/20/33 † | HUF | 4,162,530 | 5,156,152 | |||||||
2.25%, 06/22/34 † | HUF | 1,265,950 | 1,521,000 | |||||||
2.50%, 10/24/24 | HUF | 3,377,830 | 6,674,921 | |||||||
2.75%, 12/22/26 | HUF | 2,993,270 | 5,103,891 | |||||||
3.00%, 06/26/24 | HUF | 2,485,570 | 5,110,708 | |||||||
3.00%, 10/27/27 | HUF | 3,967,400 | 6,582,074 | |||||||
3.00%, 08/21/30 | HUF | 3,757,160 | 5,647,847 | |||||||
3.00%, 10/27/38 | HUF | 2,874,220 | 3,327,209 | |||||||
3.00%, 04/25/41 | HUF | 1,575,330 | 1,720,905 | |||||||
3.25%, 10/22/31 † | HUF | 4,940,750 | 7,235,921 | |||||||
4.50%, 03/23/28 | HUF | 1,866,900 | 3,270,249 | |||||||
4.75%, 11/24/32 † | HUF | 1,767,210 | 2,851,371 | |||||||
5.50%, 06/24/25 | 3,792,710 | 7,646,049 | ||||||||
6.00%, 11/24/23 | HUF | 2,806,910 | 6,299,348 | |||||||
6.75%, 10/22/28 † | HUF | 2,072,060 | 4,084,424 | |||||||
97,202,111 | ||||||||||
Indonesia: 9.5% | ||||||||||
Indonesia Treasury Bond | ||||||||||
5.12%, 04/15/27 | IDR | 56,655,000 | 3,361,905 | |||||||
5.50%, 04/15/26 | IDR | 173,910,000 | 10,625,263 | |||||||
6.12%, 05/15/28 | IDR | 165,911,000 | 10,033,055 | |||||||
6.25%, 06/15/36 | IDR | 68,820,000 | 3,920,721 | |||||||
6.38%, 04/15/32 | IDR | 93,910,000 | 5,569,635 | |||||||
6.38%, 07/15/37 | IDR | 23,540,000 | 1,352,484 | |||||||
6.50%, 06/15/25 | IDR | 191,900,000 | 12,181,575 | |||||||
6.50%, 02/15/31 | IDR | 198,520,000 | 11,903,309 | |||||||
6.62%, 05/15/33 | IDR | 117,403,000 | 6,942,565 | |||||||
7.00%, 05/15/27 | IDR | 233,138,000 | 14,814,707 | |||||||
7.00%, 09/15/30 | IDR | 201,895,000 | 12,554,575 | |||||||
7.00%, 02/15/33 | IDR | 32,265,000 | 1,979,092 | |||||||
7.12%, 06/15/42 | IDR | 85,790,000 | 5,238,952 | |||||||
7.50%, 08/15/32 | IDR | 130,880,000 | 8,351,398 | |||||||
7.50%, 06/15/35 | IDR | 166,980,000 | 10,605,358 | |||||||
7.50%, 05/15/38 | IDR | 85,590,000 | 5,453,396 | |||||||
7.50%, 04/15/40 | IDR | 221,100,000 | 13,981,146 | |||||||
8.12%, 05/15/24 | IDR | 115,890,000 | 7,572,842 | |||||||
8.25%, 05/15/29 | IDR | 134,330,000 | 8,976,835 | |||||||
8.25%, 06/15/32 | IDR | 114,184,000 | 7,692,843 | |||||||
8.25%, 05/15/36 | IDR | 135,465,000 | 9,045,128 |
Par (000’s |
) | Value | ||||||||
Indonesia (continued) | ||||||||||
8.38%, 03/15/24 | IDR | 146,673,000 | $ | 9,599,312 | ||||||
8.38%, 09/15/26 | IDR | 192,517,000 | 12,816,775 | |||||||
8.38%, 03/15/34 | IDR | 195,514,000 | 13,254,088 | |||||||
8.38%, 04/15/39 | IDR | 76,360,000 | 5,181,807 | |||||||
8.75%, 05/15/31 | IDR | 89,877,000 | 6,203,083 | |||||||
9.00%, 03/15/29 | IDR | 126,882,000 | 8,777,574 | |||||||
9.50%, 07/15/31 | IDR | 47,101,000 | 3,399,667 | |||||||
10.50%, 08/15/30 | IDR | 29,352,000 | 2,191,643 | |||||||
11.00%, 09/15/25 | IDR | 27,392,000 | 1,936,222 | |||||||
Perusahaan Penerbit SBSN | ||||||||||
4.88%, 07/15/26 | IDR | 17,160,000 | 1,022,171 | |||||||
6.38%, 03/15/34 | IDR | 10,700,000 | 618,905 | |||||||
6.62%, 10/15/24 | IDR | 25,120,000 | 1,635,326 | |||||||
8.25%, 09/15/23 | IDR | 34,639,000 | 2,274,444 | |||||||
8.75%, 08/15/23 | IDR | 19,970,000 | 1,309,272 | |||||||
8.88%, 11/15/31 | IDR | 92,180,000 | 6,597,024 | |||||||
248,974,097 | ||||||||||
Malaysia: 7.3% | ||||||||||
Malaysia Government Bond | ||||||||||
2.63%, 04/15/31 | MYR | 31,069 | 5,690,904 | |||||||
3.48%, 06/14/24 | MYR | 39,703 | 8,403,479 | |||||||
3.50%, 05/31/27 | MYR | 25,789 | 5,315,342 | |||||||
3.58%, 07/15/32 | MYR | 12,385 | 2,459,516 | |||||||
3.73%, 06/15/28 | MYR | 35,957 | 7,369,515 | |||||||
3.76%, 05/22/40 | MYR | 39,205 | 7,166,886 | |||||||
3.80%, 08/17/23 | MYR | 15,428 | 3,288,566 | |||||||
3.83%, 07/05/34 | MYR | 27,990 | 5,475,068 | |||||||
3.88%, 03/14/25 | MYR | 17,034 | 3,609,293 | |||||||
3.88%, 08/15/29 | MYR | 31,789 | 6,518,145 | |||||||
3.90%, 11/30/26 | MYR | 37,076 | 7,815,286 | |||||||
3.90%, 11/16/27 | MYR | 24,859 | 5,186,510 | |||||||
3.91%, 07/15/26 | MYR | 17,375 | 3,667,022 | |||||||
3.96%, 09/15/25 | MYR | 29,801 | 6,314,746 | |||||||
4.06%, 09/30/24 | MYR | 16,842 | 3,607,221 | |||||||
4.07%, 06/15/50 | MYR | 41,204 | 7,548,311 | |||||||
4.18%, 07/15/24 | MYR | 11,220 | 2,408,877 | |||||||
4.25%, 05/31/35 | MYR | 23,711 | 4,813,493 | |||||||
4.50%, 04/30/29 | MYR | 9,080 | 1,944,644 | |||||||
4.70%, 10/15/42 | MYR | 11,020 | 2,296,906 | |||||||
4.76%, 04/07/37 | MYR | 37,019 | 7,920,950 | |||||||
Malaysia Government Investment Issue | ||||||||||
3.42%, 09/30/27 | MYR | 40,818 | 8,345,275 | |||||||
3.45%, 07/15/36 | MYR | 34,139 | 6,267,378 | |||||||
3.46%, 10/15/30 | MYR | 42,150 | 8,381,203 | |||||||
3.65%, 10/15/24 | MYR | 32,515 | 6,881,509 | |||||||
3.73%, 03/31/26 | MYR | 35,146 | 7,375,133 | |||||||
3.99%, 10/15/25 | MYR | 17,045 | 3,621,138 | |||||||
4.09%, 11/30/23 | MYR | 11,254 | 2,404,158 | |||||||
4.13%, 08/15/25 | MYR | 50,967 | 10,881,888 | |||||||
4.13%, 07/09/29 | MYR | 25,615 | 5,358,229 | |||||||
4.19%, 10/07/32 | MYR | 22,715 | 4,705,995 | |||||||
4.26%, 07/26/27 | MYR | 17,616 | 3,743,591 | |||||||
4.37%, 10/31/28 | MYR | 38,654 | 8,213,173 | |||||||
4.42%, 09/30/41 | MYR | 30,652 | 6,043,007 | |||||||
191,042,357 |
See Notes to Financial Statements
65 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||||
Mexico: 5.3% | ||||||||||
Mexican Bonos | ||||||||||
5.00%, 03/06/25 | MXN | 129,879 | $ | 5,838,248 | ||||||
5.50%, 03/04/27 | MXN | 120,787 | 5,156,626 | |||||||
5.75%, 03/05/26 | MXN | 420,145 | 18,673,497 | |||||||
7.50%, 06/03/27 | MXN | 263,938 | 12,175,455 | |||||||
7.75%, 05/29/31 | MXN | 482,484 | 21,420,643 | |||||||
7.75%, 11/23/34 | MXN | 121,007 | 5,193,020 | |||||||
7.75%, 11/13/42 | MXN | 341,630 | 13,894,881 | |||||||
8.00%, 12/07/23 | MXN | 16,816 | 824,317 | |||||||
8.00%, 09/05/24 | MXN | 45,846 | 2,221,889 | |||||||
8.00%, 11/07/47 | MXN | 369,596 | 15,264,483 | |||||||
8.00%, 07/31/53 | MXN | 64,893 | 2,661,556 | |||||||
8.50%, 05/31/29 | MXN | 226,873 | 10,707,727 | |||||||
8.50%, 11/18/38 | MXN | 311,534 | 13,842,298 | |||||||
10.00%, 12/05/24 | MXN | 108,583 | 5,447,449 | |||||||
10.00%, 11/20/36 | MXN | 104,373 | 5,289,073 | |||||||
138,611,162 | ||||||||||
Peru: 3.5% | ||||||||||
Peru Government Bond | ||||||||||
5.35%, 08/12/40 | PEN | 30,159 | 5,364,428 | |||||||
5.40%, 08/12/34 | PEN | 41,156 | 7,980,317 | |||||||
5.70%, 08/12/24 | PEN | 23,703 | 5,804,156 | |||||||
5.94%, 02/12/29 | PEN | 59,330 | 13,361,359 | |||||||
6.15%, 08/12/32 | PEN | 55,770 | 11,930,137 | |||||||
6.35%, 08/12/28 | PEN | 55,378 | 12,922,219 | |||||||
6.90%, 08/12/37 | PEN | 53,164 | 11,463,015 | |||||||
6.95%, 08/12/31 | PEN | 53,700 | 12,394,568 | |||||||
8.20%, 08/12/26 | PEN | 44,045 | 11,410,692 | |||||||
92,630,891 | ||||||||||
Philippines: 1.2% | ||||||||||
Philippine Government International Bond 6.25%, 01/14/36 |
PHP | 2,018,500 | 31,670,738 | |||||||
Poland: 4.7% | ||||||||||
Republic of Poland Government Bond | ||||||||||
0.25%, 10/25/26 | PLN | 65,188 | 10,010,426 | |||||||
0.75%, 04/25/25 | PLN | 56,672 | 9,856,000 | |||||||
1.25%, 10/25/30 | PLN | 65,694 | 8,308,559 | |||||||
1.75%, 04/25/32 | PLN | 53,343 | 6,477,049 | |||||||
2.25%, 10/25/24 | PLN | 68,434 | 12,786,223 | |||||||
2.50%, 04/25/24 | PLN | 10,048 | 1,943,580 | |||||||
2.50%, 07/25/26 | PLN | 53,635 | 9,117,337 | |||||||
2.50%, 07/25/27 | PLN | 61,136 | 9,891,748 | |||||||
2.75%, 04/25/28 | PLN | 67,686 | 10,885,851 | |||||||
2.75%, 10/25/29 | PLN | 90,576 | 13,573,159 | |||||||
3.25%, 07/25/25 † | PLN | 71,337 | 13,045,595 | |||||||
3.75%, 05/25/27 | PLN | 48,425 | 8,346,128 | |||||||
4.00%, 10/25/23 | PLN | 42,070 | 8,528,007 | |||||||
122,769,662 | ||||||||||
Romania: 3.9% | ||||||||||
Romania Government Bond | ||||||||||
2.50%, 10/25/27 | RON | 25,595 | 3,833,265 | |||||||
3.25%, 04/29/24 | RON | 33,000 | 6,152,616 | |||||||
3.25%, 06/24/26 | RON | 32,925 | 5,477,695 | |||||||
3.65%, 07/28/25 † | RON | 34,015 | 5,999,557 | |||||||
3.65%, 09/24/31 | RON | 36,835 | 5,053,956 |
Par (000’s |
) | Value | ||||||||
Romania (continued) | ||||||||||
3.70%, 11/25/24 | RON | 31,570 | $ | 5,755,845 | ||||||
4.00%, 10/25/23 † | RON | 31,235 | 6,043,807 | |||||||
4.15%, 01/26/28 | RON | 32,595 | 5,239,503 | |||||||
4.15%, 10/24/30 | RON | 34,670 | 5,085,950 | |||||||
4.25%, 06/28/23 | RON | 27,885 | 5,465,729 | |||||||
4.40%, 09/25/23 | RON | 31,740 | 6,185,539 | |||||||
4.50%, 06/17/24 † | RON | 34,660 | 6,538,327 | |||||||
4.75%, 02/24/25 | RON | 32,305 | 5,938,541 | |||||||
4.75%, 10/11/34 | RON | 27,665 | 3,804,080 | |||||||
4.85%, 04/22/26 | RON | 30,100 | 5,327,184 | |||||||
4.85%, 07/25/29 | RON | 20,865 | 3,303,837 | |||||||
5.00%, 02/12/29 | RON | 36,580 | 5,929,483 | |||||||
5.80%, 07/26/27 | RON | 37,930 | 6,688,376 | |||||||
6.70%, 02/25/32 | RON | 26,205 | 4,520,298 | |||||||
102,343,588 | ||||||||||
Serbia: 1.2% | ||||||||||
Serbia Treasury Bonds | ||||||||||
4.50%, 01/11/26 | RSD | 1,492,540 | 11,726,745 | |||||||
4.50%, 08/20/32 | RSD | 1,445,190 | 9,374,150 | |||||||
5.88%, 02/08/28 | RSD | 1,326,910 | 10,424,557 | |||||||
31,525,452 | ||||||||||
South Africa: 6.1% | ||||||||||
Republic of South Africa Government Bond | ||||||||||
6.25%, 03/31/36 | ZAR | 161,242 | 5,566,589 | |||||||
6.50%, 02/28/41 | ZAR | 146,388 | 4,830,737 | |||||||
7.00%, 02/28/31 | ZAR | 247,695 | 10,450,296 | |||||||
8.00%, 01/31/30 | ZAR | 520,680 | 24,330,512 | |||||||
8.25%, 03/31/32 | ZAR | 413,956 | 18,564,122 | |||||||
8.50%, 01/31/37 | ZAR | 392,412 | 16,442,750 | |||||||
8.75%, 01/31/44 | ZAR | 337,112 | 13,925,662 | |||||||
8.75%, 02/28/48 | ZAR | 552,579 | 22,724,078 | |||||||
8.88%, 02/28/35 | ZAR | 362,519 | 16,095,646 | |||||||
9.00%, 01/31/40 † | ZAR | 290,426 | 12,449,872 | |||||||
10.50%, 12/21/26 | ZAR | 279,837 | 15,980,504 | |||||||
161,360,768 | ||||||||||
Thailand: 6.9% | ||||||||||
Thailand Government Bond | ||||||||||
0.75%, 06/17/24 | THB | 390,056 | 10,090,925 | |||||||
0.75%, 09/17/24 | THB | 387,933 | 10,006,250 | |||||||
0.95%, 06/17/25 | THB | 367,953 | 9,404,531 | |||||||
1.00%, 06/17/27 | THB | 474,101 | 11,573,575 | |||||||
1.45%, 12/17/24 | THB | 373,201 | 9,713,938 | |||||||
1.58%, 12/17/35 | THB | 323,442 | 6,719,436 | |||||||
1.60%, 12/17/29 | THB | 321,369 | 7,720,033 | |||||||
1.60%, 06/17/35 | THB | 164,319 | 3,439,798 | |||||||
2.00%, 12/17/31 | THB | 299,099 | 7,162,365 | |||||||
2.00%, 06/17/42 | THB | 234,403 | 4,543,185 | |||||||
2.12%, 12/17/26 | THB | 373,414 | 9,648,562 | |||||||
2.40%, 12/17/23 | THB | 292,336 | 7,761,621 | |||||||
2.65%, 06/17/28 | THB | 50,215 | 1,309,158 | |||||||
2.88%, 12/17/28 | THB | 340,775 | 8,964,025 | |||||||
2.88%, 06/17/46 | THB | 272,996 | 5,778,393 | |||||||
3.30%, 06/17/38 | THB | 388,860 | 9,584,030 | |||||||
3.40%, 06/17/36 | THB | 292,283 | 7,470,906 | |||||||
3.62%, 06/16/23 | THB | 262,086 | 6,979,614 | |||||||
3.65%, 06/20/31 | THB | 305,008 | 8,332,482 |
See Notes to Financial Statements
66 |
Par (000’s |
) | Value | ||||||||
Thailand (continued) | ||||||||||
3.77%, 06/25/32 | THB | 555,631 | $ | 15,276,547 | ||||||
3.85%, 12/12/25 | THB | 314,396 | 8,700,578 | |||||||
4.88%, 06/22/29 | THB | 358,187 | 10,470,928 | |||||||
180,650,880 | ||||||||||
Turkey: 2.9% | ||||||||||
Turkey Government Bond | ||||||||||
8.00%, 03/12/25 | TRY | 96,073 | 4,632,476 | |||||||
9.00%, 07/24/24 | TRY | 130,708 | 6,594,104 | |||||||
10.40%, 03/20/24 | TRY | 50,286 | 2,578,783 | |||||||
10.50%, 08/11/27 | TRY | 130,582 | 7,201,949 | |||||||
10.60%, 02/11/26 | TRY | 167,230 | 8,400,649 | |||||||
11.00%, 02/24/27 | TRY | 108,229 | 5,931,305 | |||||||
11.70%, 11/13/30 | TRY | 247,307 | 14,988,988 | |||||||
12.40%, 03/08/28 | TRY | 65,867 | 3,937,241 | |||||||
12.60%, 10/01/25 | TRY | 283,376 | 15,324,291 | |||||||
16.20%, 06/14/23 | TRY | 118,722 | 6,485,614 | |||||||
76,075,400 | ||||||||||
Uruguay: 1.2% | ||||||||||
Uruguay Government International Bond 8.25%, 05/21/31 |
UYU | 939,258 | 19,256,418 | |||||||
Uruguay Government International Bond 144A |
Par (000’s |
) | Value | ||||||||
Uruguay (continued) | ||||||||||
8.50%, 03/15/28 | UYU | 12,615 | $ | 275,573 | ||||||
Uruguay Government International Bond Reg S 8.50%, 03/15/28 |
UYU | 565,706 | 12,357,775 | |||||||
31,889,766 | ||||||||||
Total Government
Obligations (Cost: $3,116,724,630) |
2,447,840,087 | |||||||||
Total Investments Before
Collateral for Securities Loaned: 97.4% (Cost: $3,253,015,343) |
2,559,171,547 | |||||||||
Number of Shares |
||||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3% | ||||||||||
Money Market Fund:
2.3% (Cost: $61,741,643) | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 61,741,643 | 61,741,643 | ||||||||
Total Investments:
99.7% (Cost: $3,314,756,986) |
2,620,913,190 | |||||||||
Other assets less liabilities: 0.3% | 8,408,873 | |||||||||
NET ASSETS: 100.0% | $ | 2,629,322,063 |
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 $56,277,142. |
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. |
See Notes to Financial Statements
67 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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 $46,692,268, or 1.8% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||
Energy | 0.0 | % | $ | 1,212,253 | |||
Financials | 4.2 | 106,490,871 | |||||
Government Activity | 95.6 | 2,445,586,355 | |||||
Industrials | 0.0 | 1,432,748 | |||||
Utilities | 0.2 | 4,449,320 | |||||
100.0 | % | $ | 2,559,171,547 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||
Corporate Bonds * | $ | — | $ | 111,331,460 | $ | — | $ | 111,331,460 | |||||||
Government Obligations * | — | 2,447,840,087 | — | 2,447,840,087 | |||||||||||
Money Market Fund | 61,741,643 | — | — | 61,741,643 | |||||||||||
Total Investments | $ | 61,741,643 | $ | 2,559,171,547 | $ | — | $ | 2,620,913,190 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
68 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 97.6% | ||||||||
Brazil: 1.2% | ||||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 | $ | 25 | $ | 20,602 | ||||
6.88%, 11/21/36 | 75 | 73,013 | ||||||
93,615 | ||||||||
Canada: 4.6% | ||||||||
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 |
40 | 35,841 | ||||||
Bank of Nova Scotia 4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 |
50 | 41,146 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
25 | 24,087 | ||||||
Canadian Pacific Railway Co. | ||||||||
1.75%, 12/02/26 | 75 | 65,254 | ||||||
6.12%, 09/15/15 | 25 | 22,703 | ||||||
CI Financial Corp. 3.20%, 12/17/30 |
25 | 18,112 | ||||||
Enbridge, Inc. 3.12%, 11/15/29 |
75 | 63,920 | ||||||
Fairfax Financial Holdings Ltd. 144A 5.62%, 08/16/32 |
25 | 22,671 | ||||||
Fortis, Inc. 3.06%, 10/04/26 |
50 | 45,107 | ||||||
Spectra Energy Partners LP 4.75%, 03/15/24 |
25 | 24,776 | ||||||
363,617 | ||||||||
China: 0.4% | ||||||||
Meituan 144A 3.05%, 10/28/30 |
50 | 29,245 | ||||||
Denmark: 1.2% | ||||||||
Danske Bank A/S 144A 3.77% (US Treasury Yield Curve Rate T 1 Year+1.45%), 03/28/25 |
50 | 47,681 | ||||||
4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28 | 50 | 44,085 | ||||||
91,766 | ||||||||
France: 8.1% | ||||||||
BNP Paribas SA 144A 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 |
85 | 59,130 | ||||||
4.38%, 09/28/25 | 50 | 46,535 | ||||||
Credit Agricole SA 144A 4.38%, 03/17/25 |
100 | 93,899 | ||||||
Danone SA 144A 2.59%, 11/02/23 |
50 | 48,599 | ||||||
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 |
50 | 40,982 | ||||||
2.62%, 01/22/25 | 50 | 45,882 |
Par (000’s |
) | Value | ||||||
France (continued) | ||||||||
3.00%, 01/22/30 | $ | 50 | $ | 38,124 | ||||
3.62%, 03/01/41 | 50 | 28,367 | ||||||
4.25%, 04/14/25 | 50 | 46,363 | ||||||
4.75%, 09/14/28 | 100 | 88,877 | ||||||
5.00%, 01/17/24 | 100 | 97,315 | ||||||
634,073 | ||||||||
Guernsey: 1.0% | ||||||||
Credit Suisse Group AG | ||||||||
4.55%, 04/17/26 | 50 | 43,897 | ||||||
4.88%, 05/15/45 | 50 | 33,399 | ||||||
77,296 | ||||||||
Italy: 1.9% | ||||||||
Enel Finance International NV 144A | ||||||||
3.62%, 05/25/27 | 125 | 108,792 | ||||||
6.00%, 10/07/39 | 50 | 40,812 | ||||||
149,604 | ||||||||
Mexico: 0.3% | ||||||||
America Movil SAB de CV 144A 5.38%, 04/04/32 |
25 | 21,218 | ||||||
Netherlands: 3.5% | ||||||||
ABN AMRO Bank NV 144A 3.32% (US Treasury Yield Curve Rate T 5 Year+1.90%), 03/13/37 |
50 | 34,390 | ||||||
Deutsche Telekom International Finance BV 8.75%, 06/15/30 |
75 | 85,918 | ||||||
Enel Finance International NV 144A 5.00%, 06/15/32 |
50 | 41,867 | ||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 33,632 | ||||||
3.68%, 01/21/30 | 50 | 36,842 | ||||||
4.99%, 01/19/52 | 75 | 46,679 | ||||||
279,328 | ||||||||
Norway: 0.3% | ||||||||
Yara International ASA 144A 4.75%, 06/01/28 |
25 | 22,533 | ||||||
Switzerland: 2.4% | ||||||||
Credit Suisse Group AG 144A 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 |
50 | 34,349 | ||||||
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 125 | 96,657 | ||||||
4.28%, 01/09/28 | 75 | 61,587 | ||||||
192,593 | ||||||||
United Kingdom: 5.8% | ||||||||
Barclays Plc 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 |
175 | 128,285 |
See Notes to Financial Statements
69 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | $ | 50 | $ | 30,330 | ||||
3.81% (US Treasury Yield Curve Rate T 1 Year+1.70%), 03/10/42 | 50 | 29,627 | ||||||
4.84%, 05/09/28 | 50 | 42,419 | ||||||
5.20%, 05/12/26 | 100 | 91,752 | ||||||
5.25%, 08/17/45 | 50 | 39,480 | ||||||
Ferguson Finance Plc 144A 4.50%, 10/24/28 |
25 | 22,866 | ||||||
Standard Chartered Plc 144A 3.27% (US Treasury Yield Curve Rate T 5 Year+2.30%), 02/18/36 |
50 | 34,905 | ||||||
5.30%, 01/09/43 | 50 | 37,766 | ||||||
457,430 | ||||||||
United States: 66.9% | ||||||||
7-Eleven, Inc. 144A 0.80%, 02/10/24 |
50 | 47,166 | ||||||
Altria Group, Inc. | ||||||||
2.45%, 02/04/32 | 50 | 35,588 | ||||||
3.88%, 09/16/46 | 35 | 21,550 | ||||||
4.00%, 02/04/61 | 50 | 30,020 | ||||||
4.25%, 08/09/42 | 100 | 68,216 | ||||||
4.80%, 02/14/29 | 125 | 115,197 | ||||||
5.80%, 02/14/39 | 25 | 21,406 | ||||||
5.95%, 02/14/49 | 35 | 28,654 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 20,716 | ||||||
3.25%, 07/15/25 | 25 | 22,569 | ||||||
3.88%, 01/15/26 | 50 | 44,862 | ||||||
AT&T, Inc. | ||||||||
0.90%, 03/25/24 | 50 | 47,227 | ||||||
3.85%, 06/01/60 | 75 | 49,640 | ||||||
BAT Capital Corp. 2.79%, 09/06/24 |
50 | 47,296 | ||||||
Bayer US Finance II LLC 144A 3.88%, 12/15/23 |
50 | 49,043 | ||||||
Bayer US Finance LLC 144A 3.38%, 10/08/24 |
50 | 48,091 | ||||||
Becton Dickinson and Co. 3.36%, 06/06/24 |
75 | 72,826 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 |
50 | 43,372 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 |
25 | 23,545 | ||||||
Brighthouse Financial, Inc. 4.70%, 06/22/47 |
25 | 17,398 | ||||||
Broadcom, Inc. 144A | ||||||||
3.19%, 11/15/36 | 50 | 34,176 | ||||||
4.93%, 05/15/37 | 75 | 61,963 | ||||||
Capital One Financial Corp. 5.25% (United States Secured Overnight Financing Rate+2.60%), 07/26/30 |
25 | 22,930 | ||||||
Carrier Global Corp. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
2.72%, 02/15/30 | $ | 50 | $ | 41,153 | ||||
3.58%, 04/05/50 | 100 | 67,240 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
4.50%, 02/01/24 | 25 | 24,630 | ||||||
4.91%, 07/23/25 | 125 | 121,431 | ||||||
5.05%, 03/30/29 | 125 | 115,019 | ||||||
5.12%, 07/01/49 | 20 | 14,786 | ||||||
5.38%, 05/01/47 | 75 | 57,835 | ||||||
6.48%, 10/23/45 | 75 | 66,562 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 25 | 21,795 | ||||||
7.00%, 06/30/24 | 50 | 50,619 | ||||||
Conagra Brands, Inc. 4.85%, 11/01/28 |
50 | 47,349 | ||||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 |
25 | 19,734 | ||||||
Daimler Trucks Finance North America LLC 144A 1.12%, 12/14/23 |
25 | 23,830 | ||||||
Deutsche Bank AG 2.13% (United States Secured Overnight Financing Rate+1.87%), 11/24/26 |
150 | 126,212 | ||||||
3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 |
50 | 37,260 | ||||||
3.96% (United States Secured Overnight Financing Rate+2.58%), 11/26/25 |
100 | 92,353 | ||||||
Duke Energy Corp. 2.55%, 06/15/31 |
25 | 19,615 | ||||||
Enterprise Products Operating LLC 3.90%, 02/15/24 |
25 | 24,526 | ||||||
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52 |
50 | 29,086 | ||||||
Fresenius Medical Care US Finance III, Inc. 144A 2.38%, 02/16/31 |
50 | 34,890 | ||||||
GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26 |
50 | 47,791 | ||||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | 25 | 22,087 | ||||||
5.12%, 06/15/39 | 50 | 41,503 | ||||||
5.25%, 06/15/26 | 50 | 48,499 | ||||||
5.25%, 06/15/49 | 50 | 40,604 | ||||||
5.50%, 06/15/47 | 50 | 41,874 | ||||||
Keurig Dr Pepper, Inc. | ||||||||
0.75%, 03/15/24 | 50 | 47,120 | ||||||
4.05%, 04/15/32 | 50 | 43,834 |
See Notes to Financial Statements
70 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 |
$ | 25 | $ | 21,169 | ||||
Kraft Heinz Foods Co. | ||||||||
3.00%, 06/01/26 | 50 | 46,184 | ||||||
5.00%, 06/04/42 | 25 | 21,671 | ||||||
5.20%, 07/15/45 | 50 | 43,795 | ||||||
6.88%, 01/26/39 | 25 | 25,786 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 |
40 | 41,901 | ||||||
L3Harris Technologies, Inc. 4.40%, 06/15/28 |
25 | 23,395 | ||||||
Lowe’s Cos, Inc. | ||||||||
3.38%, 09/15/25 | 25 | 23,761 | ||||||
4.45%, 04/01/62 | 25 | 18,217 | ||||||
McDonald’s Corp. | ||||||||
2.62%, 09/01/29 | 35 | 30,025 | ||||||
4.45%, 03/01/47 | 50 | 40,832 | ||||||
4.88%, 12/09/45 | 100 | 86,712 | ||||||
6.30%, 03/01/38 | 50 | 51,517 | ||||||
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 |
25 | 24,064 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 22,845 | ||||||
2.75%, 04/13/30 | 25 | 20,821 | ||||||
3.00%, 03/17/32 | 50 | 41,000 | ||||||
Netflix, Inc. | ||||||||
4.38%, 11/15/26 | 25 | 23,863 | ||||||
5.88%, 02/15/25 | 25 | 25,180 | ||||||
5.88%, 11/15/28 | 100 | 99,500 | ||||||
Northrop Grumman Corp. 2.93%, 01/15/25 |
25 | 23,846 | ||||||
Oracle Corp. | ||||||||
2.88%, 03/25/31 | 75 | 59,179 | ||||||
3.60%, 04/01/40 | 75 | 50,869 | ||||||
3.80%, 11/15/37 | 50 | 36,424 | ||||||
3.95%, 03/25/51 | 50 | 32,807 | ||||||
4.00%, 07/15/46 | 50 | 33,500 | ||||||
4.10%, 03/25/61 | 50 | 31,150 | ||||||
5.38%, 07/15/40 | 75 | 62,618 | ||||||
6.50%, 04/15/38 | 75 | 72,340 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 |
50 | 42,644 | ||||||
Pacific Gas and Electric Co. | ||||||||
2.50%, 02/01/31 | 100 | 74,832 | ||||||
3.25%, 02/16/24 | 25 | 24,170 | ||||||
Republic Services, Inc. 2.50%, 08/15/24 |
50 | 47,622 | ||||||
Reynolds American, Inc. 5.85%, 08/15/45 |
75 | 59,026 | ||||||
Roper Technologies, Inc. 1.75%, 02/15/31 |
25 | 18,393 | ||||||
Sempra Energy 4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52 |
25 | 18,859 | ||||||
Sherwin-Williams Co. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.45%, 06/01/27 | $ | 50 | $ | 45,970 | ||||
4.50%, 06/01/47 | 25 | 19,827 | ||||||
Southern Co. 3.75% (US Treasury Yield Curve Rate T 5 Year+2.92%), 09/15/51 |
50 | 39,755 | ||||||
Synchrony Financial 3.95%, 12/01/27 |
50 | 43,038 | ||||||
Sysco Corp. 6.60%, 04/01/50 |
50 | 51,315 | ||||||
Time Warner Cable Enterprises LLC 8.38%, 07/15/33 |
50 | 52,937 | ||||||
Time Warner Cable LLC | ||||||||
6.55%, 05/01/37 | 25 | 22,339 | ||||||
7.30%, 07/01/38 | 100 | 93,529 | ||||||
T-Mobile USA, Inc. | ||||||||
3.38%, 04/15/29 | 75 | 65,033 | ||||||
3.50%, 04/15/25 | 150 | 143,182 | ||||||
3.75%, 04/15/27 | 155 | 143,078 | ||||||
3.88%, 04/15/30 | 60 | 53,127 | ||||||
Tyson Foods, Inc. 4.00%, 03/01/26 |
50 | 47,861 | ||||||
Verizon Communications, Inc. | ||||||||
0.85%, 11/20/25 | 25 | 21,976 | ||||||
1.45%, 03/20/26 † | 75 | 66,092 | ||||||
2.62%, 08/15/26 | 25 | 22,757 | ||||||
3.38%, 02/15/25 | 50 | 48,290 | ||||||
3.50%, 11/01/24 | 50 | 48,529 | ||||||
4.02%, 12/03/29 | 50 | 45,109 | ||||||
4.12%, 03/16/27 | 100 | 95,177 | ||||||
4.33%, 09/21/28 | 50 | 46,922 | ||||||
VICI Properties LP | ||||||||
5.12%, 05/15/32 | 75 | 66,623 | ||||||
5.62%, 05/15/52 | 25 | 20,506 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.75%, 02/15/27 | 50 | 43,920 | ||||||
4.25%, 12/01/26 | 50 | 45,607 | ||||||
4.62%, 12/01/29 | 50 | 43,594 | ||||||
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 |
50 | 46,557 | ||||||
5,245,855 | ||||||||
Total
Corporate Bonds (Cost: $9,090,928) |
7,658,173 | |||||||
Total
Investments: 97.6% (Cost: $9,090,928) |
7,658,173 | |||||||
Other assets less liabilities: 2.4% | 190,857 | |||||||
NET ASSETS: 100.0% | $ | 7,849,030 |
See Notes to Financial Statements
71 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $62,567. |
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 $2,030,015, or 25.9% of net assets. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Basic Materials | 3.3 | % | $ | 248,861 | ||||
Consumer Cyclicals | 10.3 | 790,060 | ||||||
Consumer Non-Cyclicals | 12.8 | 976,340 | ||||||
Energy | 2.5 | 194,320 | ||||||
Financials | 28.9 | 2,212,380 | ||||||
Healthcare | 5.2 | 399,418 | ||||||
Industrials | 6.3 | 482,109 | ||||||
Real Estate | 3.5 | 268,040 | ||||||
Technology | 24.3 | 1,864,307 | ||||||
Utilities | 2.9 | 222,338 | ||||||
100.0 | % | $ | 7,658,173 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 7,658,173 | $ | — | $ | 7,658,173 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
72 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 97.9% | ||||||||
Brazil: 0.8% | ||||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 | $ | 25 | $ | 20,602 | ||||
6.88%, 11/21/36 | 75 | 73,013 | ||||||
93,615 | ||||||||
Canada: 7.1% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 25 | 22,401 | ||||||
3.80%, 01/25/50 | 25 | 16,337 | ||||||
Bank of Nova Scotia | ||||||||
0.70%, 04/15/24 | 50 | 46,685 | ||||||
1.30%, 06/11/25 | 50 | 44,910 | ||||||
3.40%, 02/11/24 | 50 | 48,932 | ||||||
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 |
25 | 20,573 | ||||||
Brookfield Finance, Inc. | ||||||||
4.35%, 04/15/30 | 100 | 88,289 | ||||||
4.70%, 09/20/47 | 25 | 18,651 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
3.10%, 04/02/24 | 100 | 96,941 | ||||||
3.45%, 04/07/27 | 25 | 22,840 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
25 | 24,087 | ||||||
Canadian Pacific Railway Co. 6.12%, 09/15/15 |
75 | 68,110 | ||||||
CI Financial Corp. 4.10%, 06/15/51 |
50 | 28,187 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | 100 | 85,226 | ||||||
5.50%, 12/01/46 | 25 | 22,486 | ||||||
Fortis, Inc. 3.06%, 10/04/26 |
50 | 45,107 | ||||||
Suncor Energy, Inc. 6.80%, 05/15/38 |
75 | 75,011 | ||||||
Toronto-Dominion Bank | ||||||||
1.15%, 06/12/25 | 25 | 22,408 | ||||||
3.25%, 03/11/24 | 50 | 48,628 | ||||||
845,809 | ||||||||
China: 0.2% | ||||||||
Meituan 144A 3.05%, 10/28/30 |
50 | 29,245 | ||||||
Denmark: 1.5% | ||||||||
Danske Bank A/S 144A 1.23%, 06/22/24 |
50 | 46,066 | ||||||
1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26 |
100 | 85,050 | ||||||
4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28 |
50 | 44,085 | ||||||
175,201 | ||||||||
France: 6.9% | ||||||||
BNP Paribas SA 144A |
Par (000’s |
) | Value | ||||||
France (continued) | ||||||||
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 |
$ | 50 | $ | 34,783 | ||||
2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32 |
50 | 37,043 | ||||||
3.80%, 01/10/24 | 50 | 48,710 | ||||||
4.38%, 05/12/26 | 75 | 68,811 | ||||||
4.38% (USD Swap Semi 30/360 5 Year+1.48%), 03/01/33 |
100 | 84,747 | ||||||
4.40%, 08/14/28 | 100 | 88,628 | ||||||
Credit Agricole SA 144A | ||||||||
2.81%, 01/11/41 | 50 | 28,458 | ||||||
3.25%, 01/14/30 | 75 | 57,476 | ||||||
4.38%, 03/17/25 | 50 | 46,950 | ||||||
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 |
100 | 81,965 | ||||||
3.00%, 01/22/30 | 100 | 76,248 | ||||||
4.25%, 04/14/25 | 150 | 139,087 | ||||||
5.00%, 01/17/24 | 50 | 48,657 | ||||||
841,563 | ||||||||
Germany: 0.8% | ||||||||
Deutsche Bank AG 3.70%, 05/30/24 |
50 | 48,313 | ||||||
E.ON International Finance BV 144A 6.65%, 04/30/38 |
50 | 46,975 | ||||||
95,288 | ||||||||
Guernsey: 1.2% | ||||||||
Credit Suisse Group AG | ||||||||
3.75%, 03/26/25 | 100 | 89,656 | ||||||
4.88%, 05/15/45 | 75 | 50,099 | ||||||
139,755 | ||||||||
India: 0.4% | ||||||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 |
50 | 48,101 | ||||||
Italy: 1.4% | ||||||||
Enel Finance International NV 144A | ||||||||
3.50%, 04/06/28 | 50 | 41,615 | ||||||
3.62%, 05/25/27 | 50 | 43,517 | ||||||
6.00%, 10/07/39 | 25 | 20,406 | ||||||
6.80%, 09/15/37 | 50 | 46,009 | ||||||
151,547 | ||||||||
Japan: 0.8% | ||||||||
Nomura Holdings, Inc. 2.65%, 01/16/25 |
50 | 46,827 | ||||||
NTT Finance Corp. 144A 0.58%, 03/01/24 |
50 | 47,041 | ||||||
93,868 | ||||||||
Mexico: 0.4% | ||||||||
America Movil SAB de CV 144A |
See Notes to Financial Statements
73 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
Mexico (continued) | ||||||||
5.38%, 04/04/32 | $ | 50 | $ | 42,435 | ||||
Netherlands: 1.3% | ||||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 33,632 | ||||||
3.68%, 01/21/30 | 50 | 36,842 | ||||||
4.03%, 08/03/50 | 50 | 26,864 | ||||||
4.99%, 01/19/52 | 100 | 62,239 | ||||||
159,577 | ||||||||
Panama: 0.3% | ||||||||
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30 |
50 | 39,473 | ||||||
Saudi Arabia: 3.0% | ||||||||
Saudi Arabian Oil Co. 144A | ||||||||
3.25%, 11/24/50 | 75 | 47,273 | ||||||
3.50%, 04/16/29 | 125 | 111,308 | ||||||
4.25%, 04/16/39 | 150 | 123,568 | ||||||
4.38%, 04/16/49 | 100 | 78,125 | ||||||
360,274 | ||||||||
Switzerland: 4.2% | ||||||||
Credit Suisse Group AG 144A 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 |
50 | 34,349 | ||||||
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 |
150 | 115,988 | ||||||
UBS Group AG 144A 1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27 |
50 | 41,845 | ||||||
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 |
50 | 30,718 | ||||||
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27 |
100 | 93,005 | ||||||
4.75% (US Treasury Yield Curve Rate T 1 Year+1.75%), 05/12/28 |
50 | 45,856 | ||||||
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33 |
150 | 130,136 | ||||||
491,897 | ||||||||
Taiwan: 0.8% | ||||||||
TSMC Global Ltd. 144A | ||||||||
0.75%, 09/28/25 | 50 | 43,643 | ||||||
1.25%, 04/23/26 | 50 | 43,399 | ||||||
87,042 | ||||||||
United Kingdom: 8.6% | ||||||||
Barclays Plc | ||||||||
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 |
150 | 109,959 | ||||||
5.20%, 05/12/26 | 200 | 183,502 | ||||||
5.25%, 08/17/45 | 75 | 59,220 |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
Credit Agricole SA 144A 1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26 |
$ | 50 | $ | 44,312 | ||||
4.12%, 01/10/27 † | 100 | 91,253 | ||||||
HSBC Holdings Plc 5.40% (United States Secured Overnight Financing Rate+2.87%), 08/11/33 |
50 | 43,420 | ||||||
Lloyds Banking Group Plc 4.55%, 08/16/28 |
75 | 66,989 | ||||||
Reckitt Benckiser Treasury Services Plc 144A 2.75%, 06/26/24 |
50 | 47,966 | ||||||
Sky Ltd. 144A 3.75%, 09/16/24 |
50 | 48,615 | ||||||
Standard Chartered Plc 144A 1.82% (US Treasury Yield Curve Rate T 1 Year+0.95%), 11/23/25 |
75 | 67,085 | ||||||
4.64% (US Treasury Yield Curve Rate T 1 |
||||||||
Year+3.85%), 04/01/31 | 75 | 63,529 | ||||||
5.20%, 01/26/24 | 100 | 98,105 | ||||||
5.30%, 01/09/43 | 125 | 94,415 | ||||||
1,018,370 | ||||||||
United States: 58.2% | ||||||||
7-Eleven, Inc. 144A 0.80%, 02/10/24 |
50 | 47,166 | ||||||
Altria Group, Inc. | ||||||||
2.45%, 02/04/32 | 75 | 53,383 | ||||||
3.40%, 02/04/41 | 25 | 15,331 | ||||||
4.25%, 08/09/42 | 100 | 68,216 | ||||||
4.80%, 02/14/29 | 100 | 92,158 | ||||||
5.38%, 01/31/44 | 25 | 20,042 | ||||||
5.80%, 02/14/39 | 50 | 42,813 | ||||||
5.95%, 02/14/49 | 60 | 49,122 | ||||||
Apple, Inc. | ||||||||
2.50%, 02/09/25 | 25 | 23,860 | ||||||
3.20%, 05/11/27 | 100 | 93,724 | ||||||
3.25%, 02/23/26 | 100 | 95,430 | ||||||
3.35%, 02/09/27 | 75 | 71,198 | ||||||
4.10%, 08/08/62 | 50 | 38,937 | ||||||
4.65%, 02/23/46 | 50 | 45,259 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 20,716 | ||||||
2.88%, 06/15/28 | 25 | 19,543 | ||||||
4.20%, 06/10/24 | 100 | 96,243 | ||||||
Astrazeneca Finance LLC 0.70%, 05/28/24 |
50 | 46,754 | ||||||
AT&T, Inc. | ||||||||
3.65%, 09/15/59 | 150 | 94,929 | ||||||
3.85%, 06/01/60 | 75 | 49,640 | ||||||
Bank of America Corp. |
See Notes to Financial Statements
74 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
2.55% (United States Secured Overnight Financing Rate+1.05%), 02/04/28 |
$ | 50 | $ | 43,296 | ||||
4.38% (United States Secured Overnight Financing Rate+1.58%), 04/27/28 |
75 | 69,801 | ||||||
4.95% (United States Secured Overnight Financing Rate+2.04%), 07/22/28 |
50 | 47,732 | ||||||
Bayer US Finance II LLC 144A 3.88%, 12/15/23 |
70 | 68,660 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 | 25 | 15,020 | ||||||
3.70%, 07/15/30 | 50 | 44,919 | ||||||
4.25%, 10/15/50 | 50 | 38,701 | ||||||
5.15%, 11/15/43 | 25 | 22,165 | ||||||
6.12%, 04/01/36 | 100 | 101,514 | ||||||
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 |
110 | 88,768 | ||||||
Berkshire Hathaway, Inc. | ||||||||
3.12%, 03/15/26 | 125 | 118,549 | ||||||
4.50%, 02/11/43 | 50 | 42,878 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 |
25 | 21,686 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 |
50 | 47,090 | ||||||
Broadcom, Inc. 144A 4.93%, 05/15/37 |
50 | 41,309 | ||||||
Capital One Financial Corp. 5.25% (United States Secured Overnight Financing Rate+2.60%), 07/26/30 |
50 | 45,860 | ||||||
Carrier Global Corp. 2.70%, 02/15/31 |
75 | 60,017 | ||||||
CDW LLC / CDW Finance Corp. 3.57%, 12/01/31 |
25 | 19,683 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
4.91%, 07/23/25 | 100 | 97,144 | ||||||
5.05%, 03/30/29 | 100 | 92,015 | ||||||
5.38%, 04/01/38 | 75 | 60,392 | ||||||
5.38%, 05/01/47 | 25 | 19,278 | ||||||
6.48%, 10/23/45 | 100 | 88,749 | ||||||
Chevron Corp. 1.55%, 05/11/25 |
75 | 69,231 | ||||||
Cisco Systems, Inc. 3.62%, 03/04/24 |
25 | 24,631 | ||||||
Comcast Corp. 3.70%, 04/15/24 |
50 | 49,091 | ||||||
Conagra Brands, Inc. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
4.30%, 05/01/24 | $ | 50 | $ | 49,231 | ||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 |
25 | 19,734 | ||||||
Credit Suisse Group AG 0.49%, 02/02/24 |
50 | 45,757 | ||||||
Deutsche Bank AG | ||||||||
0.90%, 05/28/24 | 50 | 45,907 | ||||||
0.96%, 11/08/23 | 50 | 47,566 | ||||||
1.69%, 03/19/26 | 50 | 42,934 | ||||||
2.13% (United States Secured Overnight Financing Rate+1.87%), 11/24/26 |
100 | 84,141 | ||||||
3.04% (United States Secured Overnight Financing Rate+1.72%), 05/28/32 |
50 | 35,221 | ||||||
3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 |
50 | 37,260 | ||||||
DH Europe Finance II Sarl 2.60%, 11/15/29 |
50 | 42,539 | ||||||
DuPont de Nemours, Inc. 5.32%, 11/15/38 |
50 | 45,410 | ||||||
EMD Finance LLC 144A 3.25%, 03/19/25 |
50 | 47,675 | ||||||
Exxon Mobil Corp. 2.99%, 03/19/25 |
75 | 71,798 | ||||||
Fresenius Medical Care US Finance III, Inc. 144A 1.88%, 12/01/26 |
25 | 20,542 | ||||||
FS KKR Capital Corp. 3.40%, 01/15/26 |
25 | 22,027 | ||||||
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 |
75 | 72,406 | ||||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | 25 | 22,087 | ||||||
5.00%, 03/15/24 | 75 | 74,375 | ||||||
5.25%, 04/15/25 | 75 | 73,754 | ||||||
5.25%, 06/15/26 | 25 | 24,249 | ||||||
5.50%, 06/15/47 | 125 | 104,686 | ||||||
Home Depot, Inc. 5.95%, 04/01/41 |
50 | 50,894 | ||||||
Keurig Dr Pepper, Inc. 3.95%, 04/15/29 |
50 | 45,401 | ||||||
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 |
75 | 74,671 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 |
50 | 52,376 | ||||||
Marsh & McLennan Cos., Inc. 3.88%, 03/15/24 |
25 | 24,561 | ||||||
McDonald’s Corp. | ||||||||
3.60%, 07/01/30 | 25 | 22,437 | ||||||
3.80%, 04/01/28 | 75 | 70,021 | ||||||
4.70%, 12/09/35 | 50 | 45,617 |
See Notes to Financial Statements
75 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
4.88%, 12/09/45 | $ | 50 | $ | 43,356 | ||||
6.30%, 10/15/37 | 50 | 51,504 | ||||||
Merck & Co., Inc. 2.90%, 03/07/24 |
25 | 24,373 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 22,845 | ||||||
2.63%, 03/17/27 | 50 | 44,536 | ||||||
2.75%, 04/13/30 | 25 | 20,821 | ||||||
Nestle Holdings, Inc. 144A 3.50%, 09/24/25 |
75 | 72,276 | ||||||
Netflix, Inc. | ||||||||
4.88%, 04/15/28 | 75 | 71,290 | ||||||
5.88%, 11/15/28 | 50 | 49,750 | ||||||
Novartis Capital Corp. 3.40%, 05/06/24 |
50 | 49,049 | ||||||
Oracle Corp. | ||||||||
2.95%, 04/01/30 | 50 | 40,770 | ||||||
3.85%, 07/15/36 | 75 | 56,240 | ||||||
4.12%, 05/15/45 | 100 | 68,819 | ||||||
4.30%, 07/08/34 | 50 | 41,206 | ||||||
5.38%, 07/15/40 | 125 | 104,364 | ||||||
6.50%, 04/15/38 | 50 | 48,226 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 |
50 | 42,644 | ||||||
PepsiCo, Inc. | ||||||||
2.75%, 04/30/25 | 100 | 95,168 | ||||||
2.75%, 03/19/30 | 25 | 21,620 | ||||||
2.85%, 02/24/26 | 25 | 23,537 | ||||||
Philip Morris International, Inc. | ||||||||
2.88%, 05/01/24 | 50 | 48,240 | ||||||
3.38%, 08/15/29 | 75 | 64,213 | ||||||
4.38%, 11/15/41 | 65 | 47,089 | ||||||
6.38%, 05/16/38 | 50 | 46,671 | ||||||
Republic Services, Inc. 2.50%, 08/15/24 |
50 | 47,622 | ||||||
Roche Holdings, Inc. 144A 2.62%, 05/15/26 |
50 | 46,213 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 |
50 | 45,970 | ||||||
Synchrony Financial 3.95%, 12/01/27 |
25 | 21,519 | ||||||
Sysco Corp. 6.60%, 04/01/50 |
25 | 25,658 | ||||||
Thermo Fisher Scientific, Inc. 1.22%, 10/18/24 |
50 | 46,510 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 | 25 | 17,112 | ||||||
5.88%, 11/15/40 | 25 | 20,322 | ||||||
6.55%, 05/01/37 | 100 | 89,356 | ||||||
6.75%, 06/15/39 | 75 | 66,499 | ||||||
T-Mobile USA, Inc. | ||||||||
1.50%, 02/15/26 | 25 | 21,940 | ||||||
3.50%, 04/15/25 | 50 | 47,728 | ||||||
3.75%, 04/15/27 | 150 | 138,462 | ||||||
3.88%, 04/15/30 | 150 | 132,816 | ||||||
Tyson
Foods, Inc. 4.00%, 03/01/26 |
25 | 23,931 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Unilever Capital Corp. 2.60%, 05/05/24 |
$ | 25 | $ | 24,159 | ||||
Verizon Communications, Inc. | ||||||||
3.38%, 02/15/25 | 50 | 48,290 | ||||||
4.02%, 12/03/29 | 150 | 135,326 | ||||||
4.12%, 03/16/27 | 125 | 118,971 | ||||||
4.33%, 09/21/28 | 50 | 46,922 | ||||||
VICI Properties LP | ||||||||
4.75%, 02/15/28 | 50 | 45,625 | ||||||
5.12%, 05/15/32 | 50 | 44,415 | ||||||
5.62%, 05/15/52 | 25 | 20,506 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.50%, 02/15/25 | 50 | 46,553 | ||||||
4.25%, 12/01/26 | 75 | 68,411 | ||||||
5.62%, 05/01/24 | 50 | 49,416 | ||||||
Walmart, Inc. | ||||||||
2.85%, 07/08/24 | 25 | 24,291 | ||||||
3.30%, 04/22/24 | 50 | 49,004 | ||||||
Walt Disney Co. | ||||||||
1.75%, 01/13/26 | 100 | 90,527 | ||||||
6.20%, 12/15/34 | 25 | 26,119 | ||||||
6.65%, 11/15/37 | 25 | 27,114 | ||||||
Westinghouse Air Brake Technologies Corp. | ||||||||
3.45%, 11/15/26 | 50 | 45,021 | ||||||
4.95%, 09/15/28 | 25 | 23,279 | ||||||
6,862,134 | ||||||||
Total
Corporate Bonds (Cost: $13,791,495) |
11,575,194 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0% | ||||||||
Money
Market Fund: 0.0% (Cost: $121) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 121 | 121 | ||||||
Total
Investments: 97.9% (Cost: $13,791,616) |
11,575,315 | |||||||
Other assets less liabilities: 2.1% | 249,289 | |||||||
NET ASSETS: 100.0% | $ | 11,824,604 |
See Notes to Financial Statements
76 |
Definitions:
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $86,691. |
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 $3,741,810, or 31.6% of net assets. |
Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Basic Materials | 2.2 | % | $ | 253,770 | ||||
Consumer Cyclicals | 8.9 | 1,027,071 | ||||||
Consumer Non-Cyclicals | 14.2 | 1,637,879 | ||||||
Energy | 7.5 | 869,625 | ||||||
Financials | 36.2 | 4,190,843 | ||||||
Healthcare | 5.2 | 602,714 | ||||||
Industrials | 2.7 | 310,518 | ||||||
Real Estate | 3.0 | 347,331 | ||||||
Technology | 19.0 | 2,203,888 | ||||||
Utilities | 1.1 | 131,555 | ||||||
100.0 | % | $ | 11,575,194 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 11,575,194 | $ | — | $ | 11,575,194 | ||||||||
Money Market Fund | 121 | — | — | 121 | ||||||||||||
Total Investments | $ | 121 | $ | 11,575,194 | $ | — | $ | 11,575,315 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
77 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Real Estate Investment Trusts: 99.8% | ||||||||
AGNC Investment Corp. | 1,296,382 | $ | 10,656,260 | |||||
Annaly Capital Management, Inc. † | 1,091,388 | 20,245,247 | ||||||
Apollo Commercial Real Estate Finance, Inc. † | 540,442 | 6,085,377 | ||||||
Arbor Realty Trust, Inc. † | 566,635 | 7,802,564 | ||||||
Ares Commercial Real Estate Corp. † | 299,195 | 3,692,066 | ||||||
ARMOUR Residential REIT, Inc. † | 483,939 | 2,574,556 | ||||||
Blackstone Mortgage Trust, Inc. † | 422,349 | 10,541,831 | ||||||
BrightSpire Capital, Inc. † | 205,920 | 1,581,466 | ||||||
Broadmark Realty Capital, Inc. † | 644,303 | 3,749,844 | ||||||
Chimera Investment Corp. | 1,038,331 | 7,008,734 | ||||||
Dynex Capital, Inc. † | 242,201 | 2,891,880 | ||||||
Ellington Financial, Inc. † | 258,836 | 3,463,226 | ||||||
Franklin BSP Realty Trust, Inc. | 386,435 | 5,444,869 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 236,140 | 6,418,285 | ||||||
Invesco Mortgage Capital, Inc. † | 138,661 | 1,623,720 | ||||||
KKR Real Estate Finance Trust, Inc. † | 219,253 | 3,819,387 | ||||||
Ladder Capital Corp. | 592,530 | 6,322,295 |
Number of Shares |
Value | |||||||
Real Estate Investment Trusts (continued) | ||||||||
MFA Financial, Inc. | 397,294 | $ | 3,957,048 | |||||
New York Mortgage Trust, Inc. † | 1,541,287 | 4,146,062 | ||||||
Orchid Island Capital, Inc. † | 181,357 | 1,826,265 | ||||||
PennyMac Mortgage Investment Trust † | 342,791 | 4,754,511 | ||||||
Ready Capital Corp. † | 519,408 | 6,295,225 | ||||||
Redwood Trust, Inc. † | 448,838 | 3,200,215 | ||||||
Rithm Capital Corp. | 1,088,083 | 9,172,540 | ||||||
Starwood Property Trust, Inc. † | 794,607 | 16,416,581 | ||||||
Two Harbors Investment Corp. † | 1,466,588 | 5,221,053 | ||||||
Total Common Stocks (Cost: $220,852,533) |
158,911,107 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.3% | ||||||||
Money Market Fund: 7.3%
(Cost: $11,667,086) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 11,667,086 | 11,667,086 | ||||||
Total Investments: 107.1% (Cost: $232,519,619) |
170,578,193 | |||||||
Liabilities in excess of other assets: (7.1)% | (11,265,716) | |||||||
NET ASSETS: 100.0% | $ | 159,312,477 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $43,721,875. |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 100.0 | % | $ | 158,911,107 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 158,911,107 | $ | — | $ | — | $ | 158,911,107 | ||||||||
Money Market Fund | 11,667,086 | — | — | 11,667,086 | ||||||||||||
Total Investments | $ | 170,578,193 | $ | — | $ | — | $ | 170,578,193 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
78 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Number of Shares |
Value | |||||||
PREFERRED SECURITIES: 99.4% | ||||||||
Basic Materials: 2.2% | ||||||||
ArcelorMittal SA 5.50%, 05/18/23 |
374,101 | $ | 19,962,029 | |||||
Consumer Cyclicals: 7.5% | ||||||||
Aptiv Plc 5.50%, 06/15/23 |
176,898 | 18,906,858 | ||||||
Ford Motor Co. | ||||||||
6.00%, 12/01/59 † | 492,238 | 10,878,460 | ||||||
6.20%, 06/01/59 † | 461,473 | 10,540,043 | ||||||
6.50%, 08/15/62 † | 369,178 | 8,417,259 | ||||||
Paramount Global 5.75%, 04/01/24 † |
153,824 | 4,468,587 | ||||||
Qurate Retail, Inc. 8.00%, 03/15/31 |
194,865 | 9,396,390 | ||||||
QVC, Inc. 6.25%, 11/26/68 † |
307,772 | 4,804,321 | ||||||
67,411,918 | ||||||||
Consumer Non-Cyclicals: 4.2% | ||||||||
Brookfield
Infrastructure Finance ULC
5.00%, 05/24/81 |
153,824 | 2,448,878 | ||||||
CHS, Inc. 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 |
303,034 | 7,403,120 | ||||||
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 258,425 | 6,473,546 | ||||||
7.50%, 01/21/25 | 318,416 | 8,176,923 | ||||||
7.88%, 09/26/23 † | 330,107 | 8,470,546 | ||||||
8.00%, 07/18/23 † | 188,773 | 5,117,636 | ||||||
38,090,649 | ||||||||
Energy: 5.0% | ||||||||
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 † |
369,178 | 8,767,977 | ||||||
Energy Transfer LP 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † |
276,884 | 6,202,202 | ||||||
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 † | 492,238 | 11,336,241 | ||||||
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 273,807 | 6,259,228 | ||||||
NGL Energy Partners LP 11.65% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 |
193,572 | 1,972,499 | ||||||
NuStar Energy LP 7.67% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 † |
236,889 | 5,031,522 | ||||||
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 |
247,657 | 6,169,136 | ||||||
45,738,805 | ||||||||
Healthcare: 4.8% | ||||||||
Becton Dickinson and Co. 6.00%, 06/01/23 |
461,473 | 22,492,194 | ||||||
Boston Scientific Corp. 5.50%, 06/01/23 |
154,778 | 17,031,771 | ||||||
Elanco Animal Health, Inc. |
Number of Shares |
Value | |||||||
Healthcare (continued) | ||||||||
5.00%, 02/01/23 | 169,207 | $ | 3,516,122 | |||||
43,040,087 | ||||||||
Industrials: 6.4% | ||||||||
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 † |
184,589 | 3,221,078 | ||||||
Clarivate Plc 5.25%, 06/01/24 |
221,122 | 10,107,487 | ||||||
Crestwood Equity Partners LP 9.25% |
1,096,152 | 10,117,483 | ||||||
GFL Environmental, Inc. 6.00%, 03/15/23 |
179,944 | 10,976,584 | ||||||
RBC Bearings, Inc. 5.00%, 10/15/24 † |
70,759 | 8,655,241 | ||||||
Stanley Black & Decker, Inc. 5.25%, 11/15/22 † |
115,368 | 5,816,854 | ||||||
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 |
332,445 | 8,976,015 | ||||||
57,870,742 | ||||||||
Real Estate: 1.1% | ||||||||
Brookfield Property Preferred LP 6.25%, 07/26/81 † |
412,926 | 6,449,904 | ||||||
DigitalBridge Group, Inc. 7.12%, 09/22/22 |
193,819 | 3,605,034 | ||||||
10,054,938 | ||||||||
Real Estate Investment Trusts: 17.6% | ||||||||
AGNC Investment Corp. 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 † |
353,796 | 6,580,606 | ||||||
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 247,657 | 4,854,077 | ||||||
9.19% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 199,972 | 4,719,339 | ||||||
Annaly Capital Management, Inc. 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 † |
261,501 | 5,345,080 | ||||||
6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 272,269 | 5,668,641 | ||||||
6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 443,014 | 10,672,207 | ||||||
Arbor Realty Trust, Inc. 6.25% (United States Secured Overnight Financing Rate+5.44%), 10/12/26 † |
171,545 | 3,207,892 | ||||||
Chimera Investment Corp. 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 |
159,977 | 2,719,609 | ||||||
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 † | 199,972 | 3,719,479 | ||||||
Digital Realty Trust, Inc. 5.20%, 10/10/24 |
212,277 | 4,101,192 | ||||||
DigitalBridge Group, Inc. 7.15%, 06/05/22 |
212,277 | 4,035,386 | ||||||
Diversified Healthcare Trust |
See Notes to Financial Statements
79 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares |
Value | |||||||
Real Estate Investment Trusts (continued) | ||||||||
5.62%, 08/01/42 † | 215,354 | $ | 2,628,396 | |||||
6.25%, 02/01/46 | 153,824 | 1,962,794 | ||||||
Franklin BSP Realty Trust, Inc. 7.50% † |
158,870 | 2,703,967 | ||||||
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 † |
261,501 | 3,323,678 | ||||||
Kimco Realty Corp. 5.25%, 12/20/22 † |
162,746 | 3,196,331 | ||||||
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 |
201,694 | 3,580,069 | ||||||
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 † |
169,207 | 3,008,500 | ||||||
Pebblebrook Hotel Trust 5.70%, 07/27/26 |
153,824 | 2,544,249 | ||||||
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 |
153,824 | 2,616,546 | ||||||
PS Business Parks, Inc. 4.88%, 11/04/24 |
199,972 | 2,519,647 | ||||||
Public Storage | ||||||||
3.88%, 10/06/25 † | 173,821 | 2,706,393 | ||||||
4.00%, 11/19/26 † | 639,170 | 10,354,833 | ||||||
4.10%, 01/13/27 † | 153,824 | 2,530,405 | ||||||
4.62%, 06/17/25 | 347,643 | 6,466,160 | ||||||
4.70%, 11/15/24 † | 159,239 | 3,004,840 | ||||||
4.88%, 09/12/24 † | 194,557 | 3,826,936 | ||||||
5.05%, 08/09/22 † | 184,589 | 3,817,301 | ||||||
5.15%, 06/02/22 † | 172,283 | 3,623,111 | ||||||
5.60%, 03/11/24 † | 175,360 | 4,003,469 | ||||||
Rithm Capital Corp. 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 |
247,657 | 3,992,231 | ||||||
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 † |
286,113 | 5,021,283 | ||||||
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 173,821 | 3,031,438 | ||||||
RLJ Lodging Trust 1.95% |
198,126 | 4,469,723 | ||||||
Two Harbors Investment Corp. 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 † |
181,513 | 3,307,167 | ||||||
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 | 176,898 | 3,159,398 | ||||||
Vornado Realty Trust | ||||||||
4.45%, 09/22/26 † | 184,589 | 2,532,561 | ||||||
5.25%, 12/13/22 † | 381,176 | 6,012,299 | ||||||
5.40% † | 184,589 | 3,042,027 | ||||||
158,609,260 | ||||||||
Technology: 12.9% | ||||||||
AT&T, Inc. | ||||||||
4.75%, 02/18/25 † | 1,076,770 | 18,649,656 | ||||||
5.00%, 12/12/24 † | 738,357 | 13,873,728 | ||||||
5.35%, 11/01/66 † | 813,730 | 17,478,920 | ||||||
5.62%, 08/01/67 † | 507,620 | 11,355,459 |
Number of Shares |
Value | |||||||
Technology (continued) | ||||||||
Pitney Bowes, Inc. 6.70%, 03/07/43 † |
261,501 | $ | 4,252,006 | |||||
Qwest Corp. | ||||||||
6.50%, 09/01/56 † | 601,453 | 10,314,919 | ||||||
6.75%, 06/15/57 † | 406,096 | 7,309,728 | ||||||
Sabre Corp. 6.50%, 09/01/23 † |
50,608 | 4,032,446 | ||||||
Telephone and Data Systems, Inc. | ||||||||
6.00%, 09/30/26 |
424,555 | 7,514,624 | ||||||
6.62%, 03/31/26 | 258,425 | 5,191,758 | ||||||
United States Cellular Corp. | ||||||||
5.50%, 03/01/70 † | 307,649 | 5,251,569 | ||||||
5.50%, 06/01/70 | 307,649 | 5,260,798 | ||||||
6.25%, 09/01/69 † | 307,649 | 5,986,850 | ||||||
116,472,461 | ||||||||
Utilities: 37.7% | ||||||||
AES Corp. 6.88%, 02/15/24 |
160,439 | 15,804,846 | ||||||
Algonquin Power & Utilities Corp. 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 |
215,354 | 4,882,075 | ||||||
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 | 176,898 | 3,971,360 | ||||||
7.75%, 06/15/24 | 353,796 | 13,323,957 | ||||||
American Electric Power Co., Inc. 6.12%, 08/15/23 † |
261,501 | 13,001,830 | ||||||
Brookfield BRP Holdings Canada, Inc. | ||||||||
4.62%, 04/30/26 | 215,354 | 3,137,708 | ||||||
4.88%, 12/09/26 | 159,977 | 2,380,458 | ||||||
CMS Energy Corp. | ||||||||
5.88%, 10/15/78 † | 172,283 | 3,750,601 | ||||||
5.88%, 03/01/79 | 387,637 | 8,446,610 | ||||||
DTE Energy Co. | ||||||||
4.38%, 12/01/81 | 172,283 | 2,959,822 | ||||||
5.25%, 12/01/77 † | 246,119 | 5,286,636 | ||||||
Duke Energy Corp. | ||||||||
5.62%, 09/15/78 † | 307,649 | 7,288,205 | ||||||
5.75%, 06/15/24 | 615,297 | 14,539,468 | ||||||
Entergy
Arkansas LLC 4.88%, 09/01/66 † |
252,272 | 5,267,439 | ||||||
Entergy Louisiana LLC 4.88%, 09/01/66 † |
166,130 | 3,588,408 | ||||||
Entergy Mississippi LLC 4.90%, 10/01/66 † |
159,977 | 3,357,917 | ||||||
Georgia Power Co. 5.00%, 10/01/77 † |
166,130 | 3,643,231 | ||||||
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 † |
423,017 | 10,190,480 | ||||||
NextEra Energy, Inc. | ||||||||
5.28%, 03/01/23 | 769,121 | 38,025,342 | ||||||
6.22%, 09/01/23 | 615,297 | 29,688,080 | ||||||
6.93%, 09/01/25 * | 615,297 | 28,611,310 |
See Notes to Financial Statements
80 |
Number of Shares |
Value | |||||||
Utilities (continued) | ||||||||
NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 |
307,649 | $ | 7,602,007 | |||||
7.75%, 03/01/24 † | 132,673 | 13,528,666 | ||||||
PG&E Corp. 5.50%, 08/16/23 |
246,119 | 33,009,480 | ||||||
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 |
169,207 | 3,272,463 | ||||||
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † |
199,972 | 3,587,498 | ||||||
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 |
184,589 | 3,540,417 | ||||||
SCE Trust VI 5.00%, 06/26/22 |
292,266 | 5,012,362 | ||||||
Sempra Energy 5.75%, 07/01/79 † |
466,088 | 10,123,431 | ||||||
South Jersey Industries, Inc. 8.75%, 04/01/24 |
103,062 | 7,111,278 | ||||||
Southern Co. 4.20%, 10/15/60 † |
461,473 | 8,237,293 |
Number of Shares |
Value | |||||||
Utilities (continued) | ||||||||
4.95%, 01/30/80 † | 615,297 | $ | 11,764,479 | |||||
5.25%, 12/01/77 † | 276,884 | 5,917,011 | ||||||
Spire, Inc. 5.90%, 08/15/24 † |
153,824 | 3,522,570 | ||||||
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 |
157,516 | 3,403,921 | ||||||
340,778,659 | ||||||||
Total Preferred Securities (Cost: $1,055,690,115) |
898,029,548 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8% | ||||||||
Money Market Fund:
3.8% (Cost: $34,003,512) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 34,003,512 | 34,003,512 | ||||||
Total Investments: 103.2% (Cost: $1,089,693,627) |
932,033,060 | |||||||
Liabilities in excess of other assets: (3.2)% | (29,266,504) | |||||||
NET ASSETS: 100.0% | $ | 902,766,556 |
Definitions:
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $46,857,399. |
* | Non-income producing |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Basic Materials | 2.2 | % | $ | 19,962,029 | ||||
Consumer Cyclicals | 7.5 | 67,411,918 | ||||||
Consumer Non-Cyclicals | 4.2 | 38,090,649 | ||||||
Energy | 5.1 | 45,738,805 | ||||||
Healthcare | 4.8 | 43,040,087 | ||||||
Industrials | 6.4 | 57,870,742 | ||||||
Real Estate | 18.8 | 168,664,198 | ||||||
Technology | 13.0 | 116,472,461 | ||||||
Utilities | 38.0 | 340,778,659 | ||||||
100.0 | % | $ | 898,029,548 |
See Notes to Financial Statements
81 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Preferred Securities * | $ | 898,029,548 | $ | — | $ | — | $ | 898,029,548 | ||||||||
Money Market Fund | 34,003,512 | — | — | 34,003,512 | ||||||||||||
Total Investments | $ | 932,033,060 | $ | — | $ | — | $ | 932,033,060 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
82 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF |
Fallen Angel High Yield Bond ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 511,640,585 | $ | 75,511,035 | $ | 365,992,248 | $ | 2,838,267,021 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 100,626,266 | — | 14,202,551 | 114,938,185 | ||||||||||||
Cash | 1,982 | 478,791 | 6,769,121 | 11,762,861 | ||||||||||||
Cash denominated in foreign currency, at value (4) | — | 3,282,269 | (a) | — | — | |||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 3,442,407 | 7,796,874 | 40,377,536 | ||||||||||||
Shares of beneficial interest sold | 4,418,088 | — | — | 12,001,372 | ||||||||||||
Dividends and interest | 2,700,416 | 1,415,393 | 7,522,636 | 46,035,762 | ||||||||||||
Prepaid expenses | — | 2,530 | — | — | ||||||||||||
Total assets | 619,387,337 | 84,132,425 | 402,283,430 | 3,063,382,737 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 4,418,522 | — | 6,554,047 | 52,537,838 | ||||||||||||
Shares of beneficial interest redeemed | — | 2,165,442 | — | — | ||||||||||||
Collateral for securities loaned | 100,626,266 | — | 14,202,551 | 114,938,185 | ||||||||||||
Line of credit | 3,592,971 | — | — | — | ||||||||||||
Due to Adviser | 161,053 | 30,560 | 131,433 | 861,235 | ||||||||||||
Deferred Trustee fees | 9,396 | 956 | 40,196 | 67,963 | ||||||||||||
Accrued expenses | 14,306 | 66,200 | 3 | 167 | ||||||||||||
Total liabilities | 108,822,514 | 2,263,158 | 20,928,230 | 168,405,388 | ||||||||||||
NET ASSETS | $ | 510,564,823 | $ | 81,869,267 | $ | 381,355,200 | $ | 2,894,977,349 | ||||||||
Shares outstanding | 34,675,000 | 3,800,000 | 23,000,000 | 108,650,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 14.72 | $ | 21.54 | $ | 16.58 | $ | 26.64 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 637,200,853 | $ | 94,298,351 | $ | 789,662,184 | $ | 3,739,021,459 | ||||||||
Total distributable earnings (loss) | (126,636,030 | ) | (12,429,084 | ) | (408,306,984 | ) | (844,044,110 | ) | ||||||||
NET ASSETS | $ | 510,564,823 | $ | 81,869,267 | $ | 381,355,200 | $ | 2,894,977,349 | ||||||||
(1) Value of securities on loan | $ | 119,855,718 | $ | — | $ | 14,635,653 | $ | 117,144,100 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 551,515,253 | $ | 84,551,143 | $ | 480,296,199 | $ | 3,434,071,564 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 100,626,266 | $ | — | $ | 14,202,551 | $ | 114,938,185 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | — | $ | 3,491,333 | $ | — | $ | — |
(a) | Includes $64,871 on foreign investor minimum settlement reserve funds (see Note 2G). |
See Notes to Financial Statements
83 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
Green Bond ETF | IG Floating Rate ETF |
International High Yield Bond ETF |
J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 77,262,858 | $ | 1,109,964,240 | $ | 51,660,823 | $ | 2,559,171,547 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 1,947,090 | 9,619,357 | 2,087,310 | 61,741,643 | ||||||||||||
Cash | 369,176 | 22,558,516 | 240,767 | 23,233 | ||||||||||||
Cash denominated in foreign currency, at value (4) | 12 | — | 77,795 | 1,412,356 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 2,212,447 | 54,974,790 | 1,219,229 | 61,846,681 | ||||||||||||
Dividends and interest | 632,872 | 6,221,511 | 892,598 | 56,140,604 | ||||||||||||
Prepaid expenses | — | — | — | 18,811 | ||||||||||||
Total assets | 82,424,455 | 1,203,338,414 | 56,178,522 | 2,740,354,875 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 2,378,159 | 63,780,712 | 1,214,750 | 44,005,886 | ||||||||||||
Collateral for securities loaned | 1,947,090 | 9,619,357 | 2,087,310 | 61,741,643 | ||||||||||||
Line of credit | — | — | — | 3,626,819 | ||||||||||||
Due to Adviser | 13,312 | 133,986 | 17,786 | 545,787 | ||||||||||||
Deferred Trustee fees | 1,073 | 21,618 | 33,385 | 221,203 | ||||||||||||
Accrued expenses | — | 1,287 | — | 891,474 | ||||||||||||
Total liabilities | 4,339,634 | 73,556,960 | 3,353,231 | 111,032,812 | ||||||||||||
NET ASSETS | $ | 78,084,821 | $ | 1,129,781,454 | $ | 52,825,291 | $ | 2,629,322,063 | ||||||||
Shares outstanding | 3,500,000 | 45,500,000 | 2,900,000 | 116,122,682 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 22.31 | $ | 24.83 | $ | 18.22 | $ | 22.64 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 96,396,775 | $ | 1,149,105,611 | $ | 87,318,345 | $ | 3,947,886,502 | ||||||||
Total distributable earnings (loss) | (18,311,954 | ) | (19,324,157 | ) | (34,493,054 | ) | (1,318,564,439 | ) | ||||||||
NET ASSETS | $ | 78,084,821 | $ | 1,129,781,454 | $ | 52,825,291 | $ | 2,629,322,063 | ||||||||
(1) Value of securities on loan | $ | 5,351,601 | $ | 9,911,252 | $ | 2,200,550 | $ | 56,277,142 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 91,322,221 | $ | 1,127,301,990 | $ | 67,211,494 | $ | 3,253,015,343 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 1,947,090 | $ | 9,619,357 | $ | 2,087,310 | $ | 61,741,643 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | 13 | $ | — | $ | 77,952 | $ | 1,319,315 |
See Notes to Financial Statements
84 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF |
Preferred Securities ex Financials ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 7,658,173 | $ | 11,575,194 | $ | 158,911,107 | $ | 898,029,548 | ||||||||
Short-term investments held as collateral for securities loaned (3) | — | 121 | 11,667,086 | 34,003,512 | ||||||||||||
Cash | 101,437 | 102,279 | 130,489 | 4,977,590 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 1,244,415 | 1,575,084 | — | 22,847,832 | ||||||||||||
Dividends and interest | 96,197 | 128,798 | 346,020 | 2,695,891 | ||||||||||||
Total assets | 9,100,222 | 13,381,476 | 171,054,702 | 962,554,373 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 1,249,524 | 1,554,739 | — | 25,436,683 | ||||||||||||
Collateral for securities loaned | — | 121 | 11,667,086 | 34,003,512 | ||||||||||||
Due to Adviser | 1,668 | 2,012 | 49,101 | 307,597 | ||||||||||||
Deferred Trustee fees | — | — | 16,360 | 36,282 | ||||||||||||
Accrued expenses | — | — | 9,678 | 3,743 | ||||||||||||
Total liabilities | 1,251,192 | 1,556,872 | 11,742,225 | 59,787,817 | ||||||||||||
NET ASSETS | $ | 7,849,030 | $ | 11,824,604 | $ | 159,312,477 | $ | 902,766,556 | ||||||||
Shares outstanding | 400,000 | 600,000 | 13,200,000 | 53,650,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 19.62 | $ | 19.71 | $ | 12.07 | $ | 16.83 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 9,999,885 | $ | 14,999,828 | $ | 320,418,405 | $ | 1,113,087,476 | ||||||||
Total distributable earnings (loss) | (2,150,855 | ) | (3,175,224 | ) | (161,105,928 | ) | (210,320,920 | ) | ||||||||
NET ASSETS | $ | 7,849,030 | $ | 11,824,604 | $ | 159,312,477 | $ | 902,766,556 | ||||||||
(1) Value of securities on loan | $ | 62,567 | $ | 86,691 | $ | 43,721,875 | $ | 46,857,399 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 9,090,928 | $ | 13,791,495 | $ | 220,852,533 | $ | 1,055,690,115 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | — | $ | 121 | $ | 11,667,086 | $ | 34,003,512 |
See Notes to Financial Statements
85 |
VANECK ETF TRUST
For the Period Ended October 31, 2022 (unaudited)
BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF |
Fallen Angel High Yield Bond ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 28,713,673 | $ | — | $ | — | $ | — | ||||||||
Interest | 11,322 | 1,676,018 | 20,679,758 | 76,768,889 | ||||||||||||
Securities lending income | 756,394 | — | 105,486 | 758,607 | ||||||||||||
Foreign taxes withheld | — | (379 | ) | — | — | |||||||||||
Total income | 29,481,389 | 1,675,639 | 20,785,244 | 77,527,496 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,099,712 | 220,985 | 1,295,488 | 5,637,600 | ||||||||||||
Professional fees | — | 18,685 | — | — | ||||||||||||
Custody and accounting fees | — | 13,961 | — | — | ||||||||||||
Reports to shareholders | — | 6,725 | — | — | ||||||||||||
Trustees’ fees and expenses | — | 1,178 | — | — | ||||||||||||
Registration fees | — | 3,586 | — | — | ||||||||||||
Insurance | — | 1,455 | — | — | ||||||||||||
Interest and taxes | 43,717 | 100,066 | — | 10,527 | ||||||||||||
Other | — | 4,243 | — | — | ||||||||||||
Total expenses | 1,143,429 | 370,884 | 1,295,488 | 5,648,127 | ||||||||||||
Net investment income | 28,337,960 | 1,304,755 | 19,489,756 | 71,879,369 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (27,246,084 | ) | (2,448,441 | ) | (28,754,764 | ) | (30,210,782 | ) | ||||||||
In-kind redemptions | 9,293,188 | — | (112,549,330 | ) | (50,489,221 | ) | ||||||||||
Capital gain distributions from investment companies | 217,166 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (390,610 | ) | (2 | ) | — | ||||||||||
Net realized loss | (17,735,730 | ) | (2,839,051 | ) | (141,304,096 | ) | (80,700,003 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (58,142,646 | ) | (6,133,605 | ) | 26,490,434 | (199,999,392 | ) | |||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | (243,717 | ) | 9 | — | |||||||||||
Net change in unrealized appreciation (depreciation) | (58,142,646 | ) | (6,377,322 | ) | 26,490,443 | (199,999,392 | ) | |||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (47,540,416 | ) | $ | (7,911,618 | ) | $ | (95,323,897 | ) | $ | (208,820,026 | ) |
See Notes to Financial Statements
86 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (unaudited)
Green Bond ETF | IG Floating Rate ETF |
International High Yield Bond ETF |
J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 4,047 | $ | — | $ | 14 | $ | — | ||||||||
Interest | 1,093,839 | 15,020,419 | 1,526,319 | 91,422,248 | ||||||||||||
Securities lending income | 16,387 | 10,974 | 11,774 | 70,963 | ||||||||||||
Foreign taxes withheld | — | — | (2 | ) | (2,362,091 | ) | ||||||||||
Total income | 1,114,273 | 15,031,393 | 1,538,105 | 89,131,120 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 83,533 | 780,978 | 121,971 | 3,953,742 | ||||||||||||
Professional fees | — | — | — | 22,449 | ||||||||||||
Custody and accounting fees | — | — | — | 368,813 | ||||||||||||
Reports to shareholders | — | — | — | 160,730 | ||||||||||||
Trustees’ fees and expenses | — | — | — | 77,831 | ||||||||||||
Registration fees | — | — | — | 14,219 | ||||||||||||
Insurance | — | — | — | 20,908 | ||||||||||||
Interest | 488 | 7,217 | 355 | 28,140 | ||||||||||||
Other | — | — | — | 16,912 | ||||||||||||
Total expenses | 84,021 | 788,195 | 122,326 | 4,663,744 | ||||||||||||
Waiver of management fees | — | — | — | (242,558 | ) | |||||||||||
Net expenses | 84,021 | 788,195 | 122,326 | 4,421,186 | ||||||||||||
Net investment income | 1,030,252 | 14,243,198 | 1,415,779 | 84,709,934 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (1,477,615 | ) | (3,315,744 | ) | (2,221,943 | ) | (152,632,306 | ) (a) | ||||||||
In-kind redemptions | (991,811 | ) | 86,532 | (2,459,542 | ) | (7,607,416 | ) | |||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | — | (71,009 | ) | (4,756,818 | ) | ||||||||||
Net realized loss | (2,469,426 | ) | (3,229,212 | ) | (4,752,494 | ) | (164,996,540 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (3,990,146 | ) | (10,542,681 | ) | (3,871,067 | ) | (173,210,232 | ) (b) | ||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | — | 25,674 | (1,399,413 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (3,990,146 | ) | (10,542,681 | ) | (3,845,393 | ) | (174,609,645 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (5,429,320 | ) | $ | 471,305 | $ | (7,182,108 | ) | $ | (254,896,251 | ) |
(a) | Net of foreign taxes of $130,199 |
(b) | Net of foreign taxes of $475,002 |
See Notes to Financial Statements
87 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (unaudited)
Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF |
Preferred Securities ex Financials ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | — | $ | 5,977,095 | $ | 29,714,986 | ||||||||
Interest | 143,300 | 202,121 | 1,391 | 23,737 | ||||||||||||
Securities lending income | 1,590 | 3,845 | 77,425 | 882,025 | ||||||||||||
Foreign taxes withheld | — | — | — | (75,419 | ) | |||||||||||
Total income | 144,890 | 205,966 | 6,055,911 | 30,545,329 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 10,501 | 12,670 | 380,730 | 2,008,400 | ||||||||||||
Interest | — | — | 15,509 | 17,465 | ||||||||||||
Total expenses | 10,501 | 12,670 | 396,239 | 2,025,865 | ||||||||||||
Net investment income | 134,389 | 193,296 | 5,659,672 | 28,519,464 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (520,815 | ) | (767,324 | ) | (15,710,363 | ) | (5,756,970 | ) | ||||||||
In-kind redemptions | — | — | 329,026 | 4,247,735 | ||||||||||||
Capital gain distributions from investment companies | — | — | 536,864 | 432,420 | ||||||||||||
Net realized loss | (520,815 | ) | (767,324 | ) | (14,844,473 | ) | (1,076,815 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (246,024 | ) | (379,465 | ) | (23,178,694 | ) | (125,112,639 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (246,024 | ) | (379,465 | ) | (23,178,694 | ) | (125,112,639 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (632,450 | ) | $ | (953,493 | ) | $ | (32,363,495 | ) | $ | (97,669,990 | ) |
See Notes to Financial Statements
88 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
BDC Income ETF | China Bond ETF | |||||||||||||||
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 28,337,960 | $ | 43,156,676 | $ | 1,304,755 | $ | 3,505,616 | ||||||||
Net realized gain (loss) | (17,735,730 | ) | 19,570,650 | (2,839,051 | ) | 183,640 | ||||||||||
Net change in unrealized appreciation (depreciation) | (58,142,646 | ) | (29,787,379 | ) | (6,377,322 | ) | (4,527,783 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (47,540,416 | ) | 32,939,947 | (7,911,618 | ) | (838,527 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (28,722,838 | ) | (42,704,368 | ) | (1,168,860 | ) | (4,150,280 | ) | ||||||||
Return of capital | — | — | — | (44,520 | ) | |||||||||||
Total distributions | (28,722,838 | ) | (42,704,368 | ) | (1,168,860 | ) | (4,194,800 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 81,859,788 | 334,820,169 | — | 91,337,821 | ||||||||||||
Cost of shares redeemed | (120,061,963 | ) | (111,985,789 | ) | (38,637,396 | ) | (60,220,705 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (38,202,175 | ) | 222,834,380 | (38,637,396 | ) | 31,117,116 | ||||||||||
Total increase (decrease) in net assets | (114,465,429 | ) | 213,069,959 | (47,717,874 | ) | 26,083,789 | ||||||||||
Net Assets, beginning of period | 625,030,252 | 411,960,293 | 129,587,141 | 103,503,352 | ||||||||||||
Net Assets, end of period | $ | 510,564,823 | $ | 625,030,252 | $ | 81,869,267 | $ | 129,587,141 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 5,350,000 | 19,225,000 | — | 3,700,000 | ||||||||||||
Shares redeemed | (7,975,000 | ) | (6,500,000 | ) | (1,700,000 | ) | (2,500,000 | ) | ||||||||
Net increase (decrease) | (2,625,000 | ) | 12,725,000 | (1,700,000 | ) | 1,200,000 |
See Notes to Financial Statements
89 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||||
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 19,489,756 | $ | 64,361,459 | $ | 71,879,369 | $ | 180,386,770 | ||||||||
Net realized gain (loss) | (141,304,096 | ) | (92,945,941 | ) | (80,700,003 | ) | 238,934,423 | |||||||||
Net change in unrealized appreciation (depreciation) | 26,490,443 | (150,062,233 | ) | (199,999,392 | ) | (708,202,399 | ) | |||||||||
Net decrease in net assets resulting from operations | (95,323,897 | ) | (178,646,715 | ) | (208,820,026 | ) | (288,881,206 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (24,177,950 | ) | (63,324,700 | ) | (77,001,855 | ) | (188,041,825 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 3,437,814 | 672,209,046 | 945,539,451 | 2,049,188,613 | ||||||||||||
Cost of shares redeemed | (654,219,020 | ) | (63,006,428 | ) | (1,590,584,675 | ) | (2,661,837,362 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (650,781,206 | ) | 609,202,618 | (645,045,224 | ) | (612,648,749 | ) | |||||||||
Total increase (decrease) in net assets | (770,283,053 | ) | 367,231,203 | (930,867,105 | ) | (1,089,571,780 | ) | |||||||||
Net Assets, beginning of period | 1,151,638,253 | 784,407,050 | 3,825,844,454 | 4,915,416,234 | ||||||||||||
Net Assets, end of period | $ | 381,355,200 | $ | 1,151,638,253 | $ | 2,894,977,349 | $ | 3,825,844,454 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 200,000 | 28,600,000 | 34,200,000 | 63,250,000 | ||||||||||||
Shares redeemed | (36,200,000 | ) | (2,800,000 | ) | (57,750,000 | ) | (83,700,000 | ) | ||||||||
Net increase (decrease) | (36,000,000 | ) | 25,800,000 | (23,550,000 | ) | (20,450,000 | ) |
See Notes to Financial Statements
90 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Green Bond ETF | International High Yield Bond ETF | |||||||||||||||
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,030,252 | $ | 2,007,447 | $ | 1,415,779 | $ | 4,287,712 | ||||||||
Net realized loss | (2,469,426 | ) | (1,668,817 | ) | (4,752,494 | ) | (3,710,828 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (3,990,146 | ) | (10,193,647 | ) | (3,845,393 | ) | (15,906,510 | ) | ||||||||
Net decrease in net assets resulting from operations | (5,429,320 | ) | (9,855,017 | ) | (7,182,108 | ) | (15,329,626 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (1,061,355 | ) | (2,002,035 | ) | (1,234,050 | ) | (4,424,650 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | 22,989,592 | — | 15,502,482 | ||||||||||||
Cost of shares redeemed | (10,755,633 | ) | — | (18,174,463 | ) | (16,605,485 | ) | |||||||||
Increase (decrease) in net assets resulting from share transactions | (10,755,633 | ) | 22,989,592 | (18,174,463 | ) | (1,103,003 | ) | |||||||||
Total increase (decrease) in net assets | (17,246,308 | ) | 11,132,540 | (26,590,621 | ) | (20,857,279 | ) | |||||||||
Net Assets, beginning of period | 95,331,129 | 84,198,589 | 79,415,912 | 100,273,191 | ||||||||||||
Net Assets, end of period | $ | 78,084,821 | $ | 95,331,129 | $ | 52,825,291 | $ | 79,415,912 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | 850,000 | — | 600,000 | ||||||||||||
Shares redeemed | (450,000 | ) | — | (900,000 | ) | (700,000 | ) | |||||||||
Net increase (decrease) | (450,000 | ) | 850,000 | (900,000 | ) | (100,000 | ) |
See Notes to Financial Statements
91 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
IG Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 14,243,198 | $ | 4,345,673 | $ | 84,709,934 | $ | 174,168,592 | ||||||||
Net realized loss | (3,229,212 | ) | (452,629 | ) | (164,996,540 | ) | (315,225,088 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (10,542,681 | ) | (9,541,387 | ) | (174,609,645 | ) | (402,051,015 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 471,305 | (5,648,343 | ) | (254,896,251 | ) | (543,107,511 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (11,468,210 | ) | (4,310,490 | ) | (71,026,867 | ) | (88,822,978 | ) | ||||||||
Return of capital | — | — | — | (81,656,280 | ) | |||||||||||
Total distributions | (11,468,210 | ) | (4,310,490 | ) | (71,026,867 | ) | (170,479,258 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 147,915,919 | 591,005,339 | 50,771,821 | 727,013,716 | ||||||||||||
Cost of shares redeemed | (141,655,341 | ) | (6,337,388 | ) | (168,983,922 | ) | (319,840,315 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 6,260,578 | 584,667,951 | (118,212,101 | ) | 407,173,401 | |||||||||||
Total increase (decrease) in net assets | (4,736,327 | ) | 574,709,118 | (444,135,219 | ) | (306,413,368 | ) | |||||||||
Net Assets, beginning of period | 1,134,517,781 | 559,808,663 | 3,073,457,282 | 3,379,870,650 | ||||||||||||
Net Assets, end of period | $ | 1,129,781,454 | $ | 1,134,517,781 | $ | 2,629,322,063 | $ | 3,073,457,282 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 5,950,000 | 23,400,000 | 2,000,000 | 24,600,000 | ||||||||||||
Shares redeemed | (5,700,000 | ) | (250,000 | ) | (7,200,000 | ) | (11,800,000 | ) | ||||||||
Net increase (decrease) | 250,000 | 23,150,000 | (5,200,000 | ) | 12,800,000 |
See Notes to Financial Statements
92 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 134,389 | $ | 221,068 | $ | 193,296 | $ | 311,484 | ||||||||
Net realized loss | (520,815 | ) | (195,230 | ) | (767,324 | ) | (186,082 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (246,024 | ) | (1,083,250 | ) | (379,465 | ) | (1,588,310 | ) | ||||||||
Net decrease in net assets resulting from operations | (632,450 | ) | (1,057,412 | ) | (953,493 | ) | (1,462,908 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (127,280 | ) | (226,760 | ) | (189,660 | ) | (317,460 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | — | — | — | ||||||||||||
Cost of shares redeemed | — | — | — | — | ||||||||||||
Increase in net assets resulting from share transactions | — | — | — | — | ||||||||||||
Total decrease in net assets | (759,730 | ) | (1,284,172 | ) | (1,143,153 | ) | (1,780,368 | ) | ||||||||
Net Assets, beginning of period | 8,608,760 | 9,892,932 | 12,967,757 | 14,748,125 | ||||||||||||
Net Assets, end of period | $ | 7,849,030 | $ | 8,608,760 | $ | 11,824,604 | $ | 12,967,757 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | — | — | — | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
Net increase | — | — | — | — |
See Notes to Financial Statements
93 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||||
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
Period Ended October 31, 2022 |
Year Ended April 30, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,659,672 | $ | 12,587,387 | $ | 28,519,464 | $ | 49,350,029 | ||||||||
Net realized gain (loss) | (14,844,473 | ) | 20,578,763 | (1,076,815 | ) | 7,379,453 | ||||||||||
Net change in unrealized appreciation (depreciation) | (23,178,694 | ) | (75,253,305 | ) | (125,112,639 | ) | (98,397,267 | ) | ||||||||
Net decrease in net assets resulting from operations | (32,363,495 | ) | (42,087,155 | ) | (97,669,990 | ) | (41,667,785 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (5,659,672 | ) | (12,587,387 | ) | (27,288,340 | ) | (55,455,503 | ) | ||||||||
Return of capital | (4,097,678 | ) | (12,142,443 | ) | — | (932,857 | ) | |||||||||
Total distributions | (9,757,350 | ) | (24,729,830 | ) | (27,288,340 | ) | (56,388,360 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 9,474,722 | 65,857,830 | 101,632,430 | 200,215,786 | ||||||||||||
Cost of shares redeemed | (18,963,733 | ) | (98,402,686 | ) | (76,205,258 | ) | (47,757,119 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (9,489,011 | ) | (32,544,856 | ) | 25,427,172 | 152,458,667 | ||||||||||
Total increase (decrease) in net assets | (51,609,856 | ) | (99,361,841 | ) | (99,531,158 | ) | 54,402,522 | |||||||||
Net Assets, beginning of period | 210,922,333 | 310,284,174 | 1,002,297,714 | 947,895,192 | ||||||||||||
Net Assets, end of period | $ | 159,312,477 | $ | 210,922,333 | $ | 902,766,556 | $ | 1,002,297,714 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 750,000 | 3,400,000 | 5,500,000 | 9,500,000 | ||||||||||||
Shares redeemed | (1,400,000 | ) | (5,500,000 | ) | (4,200,000 | ) | (2,350,000 | ) | ||||||||
Net increase (decrease) | (650,000 | ) | (2,100,000 | ) | 1,300,000 | 7,150,000 |
See Notes to Financial Statements
94 |
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
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) | Annualized |
(e) | 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) | 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
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) | 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) | Amount represents less than $0.005 per share. |
(d) | 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. |
(e) | Not Annualized |
(f) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(g) | Annualized |
(h) | 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) | 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
100 |
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
101 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(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) | 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
103 |
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
104 |
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
105 |
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
106 |
VANECK ETF TRUST
October 31, 2022 (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 |
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 |
* | Formerly known as Investment Grade Floating Rate ETF |
Each Fund’s investment objective 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.
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, 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 Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”). China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. 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.
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.
107 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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. 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. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. 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. The Board has designated the Adviser as valuation designee under Rule 2a-5 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 of Rule 2a-5. 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. |
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. | |
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). |
108 |
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. |
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, 2022 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). |
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 as earned. 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. |
109 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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, 2022. |
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, 2022 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 is responsible for all Fund expenses, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
Fund | Unitary Management Fee Rate | |||
BDC Income | 0.40 | % | ||
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, 2022, the Adviser owned approximately 82%, 47%, and 1% of Moody’s Analytics BBB, Moody’s Analytics IG, and Floating Rate, respectively.
Note 4—Capital Share Transactions—As of October 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually
110 |
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 a designated portfolio of securities (“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, 2021, 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 | $ | 114,523,119 | $ | 112,915,142 | $ | 81,748,509 | $ | 120,183,265 | ||||||||
China Bond | 6,505,311 | 43,134,932 | — | — | ||||||||||||
Emerging Markets High Yield | 63,703,733 | 66,783,292 | — | 635,864,576 | ||||||||||||
Fallen Angel | 362,072,304 | 368,742,633 | 907,125,609 | 1,528,265,832 | ||||||||||||
Floating Rate | 321,406,048 | 335,093,870 | 138,067,250 | 132,084,125 | ||||||||||||
Green Bond | 9,461,252 | 10,051,590 | — | 9,918,577 | ||||||||||||
International High Yield | 5,686,340 | 5,527,186 | — | 17,788,090 | ||||||||||||
J.P. Morgan EM | 404,908,594 | 447,054,990 | 16,421,897 | 94,732,442 | ||||||||||||
Moody’s Analytics BBB | 3,737,346 | 3,725,871 | — | — | ||||||||||||
Moody’s Analytics IG | 4,503,025 | 4,482,211 | — | — | ||||||||||||
Mortgage REIT | 21,793,683 | 21,110,826 | 9,471,762 | 18,960,764 | ||||||||||||
Preferred Securities | 187,598,804 | 209,078,259 | 70,539,679 | 71,818,740 |
Note 6—Income Taxes—As of October 31, 2022, 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 | $656,335,972 | $1,101,288 | $(45,170,409) | $(44,069,121) | ||||||||||||
China Bond | 84,554,111 | 26,145 | (9,069,221) | (9,043,076) | ||||||||||||
Emerging Markets High Yield | 497,595,539 | 620,130 | (118,020,870) | (117,400,740) | ||||||||||||
Fallen Angel | 3,556,012,477 | 303,626 | (603,110,897) | (602,807,271) | ||||||||||||
Floating Rate | 1,137,357,374 | 79,497 | (17,853,274) | (17,773,777) | ||||||||||||
Green Bond | 93,336,992 | 6,560 | (14,133,604) | (14,127,044) | ||||||||||||
International High Yield | 69,564,687 | 251,427 | (16,067,981) | (15,816,554) | ||||||||||||
J.P. Morgan EM | 3,415,389,862 | 1,294,168 | (795,770,840) | (794,476,672) | ||||||||||||
Moody’s Analytics BBB | 9,100,098 | 42 | (1,441,967) | (1,441,925) | ||||||||||||
Moody’s Analytics IG | 13,802,904 | 3,094 | (2,230,683) | (2,227,589) | ||||||||||||
Mortgage REIT | 234,215,846 | 537,764 | (64,175,417) | (63,637,653) | ||||||||||||
Preferred Securities | 1,099,931,777 | 19,811,425 | (187,710,142) | (167,898,717) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
111 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
BDC Income | $ | (18,155,626 | ) | $ | (47,067,148 | ) | $ | (65,222,774 | ) | |||
China Bond | (61,125 | ) | – | (61,125 | ) | |||||||
Emerging Markets High Yield | (72,038,699 | ) | (79,474,583 | ) | (151,513,282 | ) | ||||||
Fallen Angel | (90,029,009 | ) | (80,464,559 | ) | (170,493,568 | ) | ||||||
Floating Rate | (1,567,781 | ) | (344,507 | ) | (1,912,288 | ) | ||||||
Green Bond | (1,405,720 | ) | (465,030 | ) | (1,870,750 | ) | ||||||
International High Yield | (1,834,947 | ) | (12,285,660 | ) | (14,120,607 | ) | ||||||
J.P. Morgan EM | (96,709,968 | ) | (212,254,024 | ) | (308,963,992 | ) | ||||||
Moody’s Analytics BBB | (119,563 | ) | (92,643 | ) | (212,206 | ) | ||||||
Moody’s Analytics IG | (93,293 | ) | (121,221 | ) | (214,514 | ) | ||||||
Mortgage REIT | (20,523,318 | ) | (60,729,815 | ) | (81,253,133 | ) | ||||||
Preferred Securities | (12,780,240 | ) | (28,403,787 | ) | (41,184,027 | ) |
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, 2022 to October 31, 2022, the net realized gains (losses) from foreign currency translations were as follows:
China Bond | $ | (3,019,389 | ) | |
International High Yield | (1,223,146 | ) | ||
J.P. Morgan EM | (81,576,032 | ) |
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, 2022, the Funds did not incur any interest or penalties.
Prior to November 2018, there were uncertainties in the Chinese tax rules governing the taxation of interest income on corporate bonds due to the lack of formal guidance from the PRC’s tax authorities. 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
112 |
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 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.
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.
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. 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. Russia and Ukraine have experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe.
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.
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 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.
The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.
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.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
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,
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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 in which the Adviser is responsible for paying all the expenses of a Fund 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. 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 any, at October 31, 2022 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, 2022:
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
BDC Income | $ | 119,855,718 | $ | 100,626,266 | $ | 22,849,675 | $ | 123,475,941 | ||||||||
Emerging Markets High Yield | 14,635,653 | 14,202,551 | 1,158,956 | 15,361,507 | ||||||||||||
Fallen Angel | 117,144,100 | 114,938,185 | 7,087,762 | 122,025,947 | ||||||||||||
Floating Rate | 9,911,252 | 9,619,357 | 512,064 | 10,131,421 | ||||||||||||
Green Bond | 5,351,601 | 1,947,090 | 3,555,432 | 5,502,522 | ||||||||||||
International High Yield | 2,200,550 | 2,087,310 | 189,050 | 2,276,360 | ||||||||||||
J.P. Morgan EM | 56,277,142 | 61,741,643 | – | 61,741,643 | ||||||||||||
Moody’s Analytics BBB | 62,567 | – | 64,210 | 64,210 | ||||||||||||
Moody’s Analytics IG | 86,691 | 121 | 90,921 | 91,042 | ||||||||||||
Mortgage REIT | 43,721,875 | 11,667,086 | 33,960,982 | 45,628,068 | ||||||||||||
Preferred Securities | 46,857,399 | 34,003,512 | 14,711,530 | 48,715,042 |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2022:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||||||
Fund | Corporate Bonds | Equity Securities | ||||||
BDC Income | $ | – | $ | 100,626,266 | ||||
Emerging Markets High Yield | 14,202,551 | – | ||||||
Fallen Angel | 114,938,185 | – | ||||||
Floating Rate | 9,619,357 | – | ||||||
Green Bond | 1,947,090 | – | ||||||
International High Yield | 2,087,310 | – | ||||||
J.P. Morgan EM | 61,741,643 | – | ||||||
Moody’s Analytics IG | 121 | – | ||||||
Mortgage REIT | – | 11,667,086 | ||||||
Preferred Securities | – | 34,003,512 |
* | 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, 2022, the following Funds borrowed under this Facility:
Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
BDC Income | 152 | $2,816,659 | 3.36 | % | ||||||||
China Bond | 9 | 2,540,595 | 2.43 | |||||||||
Fallen Angel | 12 | 10,651,442 | 2.31 | |||||||||
Floating Rate | 7 | 12,654,045 | 2.86 | |||||||||
Green Bond | 3 | 102,987 | 3.68 | |||||||||
International High Yield | 17 | 154,648 | 3.24 | |||||||||
J.P. Morgan EM | 16 | 12,264,324 | 2.09 | |||||||||
Mortgage REIT | 91 | 1,481,939 | 3.62 | |||||||||
Preferred Securities | 45 | 2,434,451 | 3.03 |
Outstanding loan balances as of October 31, 2022, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— In 2018, the Board of Trustees approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2022 (unaudited)
At a meeting held on June 7, 2022 (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, International High Yield Bond ETF, IG Floating Rate ETF (formerly, Investment Grade Floating Rate ETF), J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond 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 6, 2022. 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 index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability 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 seeks to track a different index 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 6, 2022 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.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2022 (unaudited) (continued)
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 ETFs. 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, and each of the VanEck BDC Income ETF, Green Bond ETF, International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage Rate 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 Green Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds, the VanEck BDC Income ETF had a total expense ratio below the average and above the median of its peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio equal to the average and below the median of its peer group of funds, each of the China Fund and VanEck International High Yield Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, and each of VanEck Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had a total expense ratio above than 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 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 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 about the overall profitability of the Adviser and its 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 volatility of the asset classes in which certain of the Funds invest, 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 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
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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 were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 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 Dynamic High Income ETF
At a meeting held on June 7, 2022 (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 6, 2022. At that meeting, the Trustees received materials from the Adviser. 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 6, 2022 meeting regarding the proposed 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 proposed to be involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser would provide 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).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreement.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2022 (unaudited) (continued)
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.
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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 |
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Account Assistance: | 800.826.2333 | INCOMESAR |