ANNUAL REPORT
April 30, 2022
|
ANNUAL REPORT April 30, 2022 |
| 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® |
| International High Yield Bond ETF | IHY® |
| Investment Grade Floating Rate ETF | FLTR® |
| 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 report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2022.
VANECK ETF TRUST
April 30, 2022 (unaudited)
Dear Fellow Shareholders:
At the start of the year, we believed three themes1 would shape the investment world in 2022: sell growth, buy commodity equities and the Fed tightening will hurt—not crash—the markets. I discussed these themes in an October talk2. While these thoughts seemed obvious, I had forgotten how much damage could be done to investment grade bonds and how far growth stocks could fall. This sell-off, while painful, has been orderly. But the market adjustments are probably not over, so we like to focus on the longer term trends of resource transition and blockchain disruption as the markets adjust to higher interest rates and higher commodity prices.
The Economy
The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.
While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is Will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.
Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.
Multi-Year Investment Themes
We continue to focus on two multi-year investment themes.
Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.
The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.
As the economy and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.
The second theme is crypto, in particular, the use of blockchain in a large variety of industries and most especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course, as with all growth, there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
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VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 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
May 3, 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.
1VanEck: 2022 Outlook Q&A: Crypto, Inflation and Energy Transition, December 31, 2021, https://www.vaneck.com/us/en/blogs/investment-outlook/2022-outlook-qa-crypto-inflation-and-energy-transition/
2Capital Link Inc.: 2021 Capital Link’s 20th Annual CEF & Global ETFs Forum - Keynote Address - Jan van Eck, October 6, 2021, https://www.youtube. com/watch?v=HQxm6B7umNA
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VANECK ETF TRUST
April 30, 2022 (unaudited)
CORPORATE BOND
Fallen Angel Bonds
VanEck Fallen Angel High Yield Bond ETF, which lost 6.63% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds are bonds that have been downgraded from investment grade to “junk.” They offer a distinct value proposition that has, historically, provided long-term outperformance—contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by over 223 basis points annually.1
Telecommunications sector bonds were the biggest detractors, followed by those in the energy sector (which is the ETF’s largest sector exposure) during the period under review. Just two sectors, basic industry and insurance contributed positively to performance and, then, only minimally.
Investment Grade Floating Rate Notes
Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. Short-term interest rates began to increase in December 2021 in anticipation of U.S. Federal Reserve rate hikes, with 3-month USD Libor rising to 1.33% on April 29, 2022 compared to 0.18% one year earlier. VanEck Investment Grade Floating Rate ETF lost 0.45% over this 12 month period. With 3-month USD Libor set to discontinue on June 30, 2023, the fund’s portfolio continues to reflect the ongoing transition in the marketplace towards alternative reference rates, particularly the Secured Overnight Funding Rate (“SOFR”). As of April 30, 2022 the portfolio had a weight of 63% in SOFR linked bonds.
Seven out of 11 sectors provided positive, albeit very small, returns, with the utilities sector contributing the most. The financial sector (the ETF’s largest sector exposure) detracted the most from performance.
Investment Grade Corporate Bonds
The U.S. investment grade corporate bond market is both large and diverse. Investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. Both ETFs track indices that use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while avoiding bonds with the highest probability of being downgraded to high yield. VanEck Moody’s Analytics IG Corporate Bond ETF selects from the broad investment grade universe, while VanEck Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market.
The indices of both funds significantly outperformed the broad market in 2021, their first full year of performance since being launched. In the first four months of the 2022, they also continued to outperform the market, but the overall market declined significantly.
VanEck Moody’s Analytics IG Corporate Bond ETF was down 10.15%. While the leisure sector provided a small positive contribution to the fund’s return, all other sectors detracted from performance, with the banking sector (the ETF’s largest sector exposure) detracting the most. VanEck Moody’s Analytics BBB Corporate Bond ETF was down 10.96% with the banking sector (the ETF’s largest sector exposure) detracting the most from performance. The insurance sector made a small positive contribution to the fund’s return.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. VanEck BDC Income ETF returned 8.23% for the 12 month period, with the fund benefiting from a stable growth environment, elevated middle-market deal activity and muted defaults and non-accruals.
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VANECK ETF TRUST
MANAGEMENT DISCUSSION (unaudited) (continued)
While companies across the range of capitalizations contributed to fund returns, those in the very smallest and the very largest ranges contributed the most and those in the ranges in between contributed less.
Mortgage REITs
Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. The yield curve has been a major concern for mortgage REIT investors throughout the 12 month period ending April 30, 2022. The flattening, or even inverted, yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Rising rates have put pressure on mortgage backed securities, leading to book value declines for many mortgage REITs. VanEck Mortgage REIT Income ETF returned -14.74% for the 12 month period.
While companies across the range of capitalizations detracted from performance, those with the largest capitalizations detracted the most.
Preferred Securities ex Financials
Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index, which excludes financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.
Over the 12 month period ending April 30, 2020, VanEck Preferred Securities ex Financials ETF registered a loss of 3.61%. The technology and electronics, healthcare and energy sectors contributed most positively to the fund’s performance, while the utility, real estate and telecommunications sectors detracted the most.
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $20.6 trillion.2 While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.
VanEck China Bond ETF, recorded a gain of 1.02% over the 12 month period ending April 30, 2022. All sectors, except for the financial sector, contributed positively to performance, with the utilities, industrial and energy sectors contributing the most.
Emerging Markets Local Currency Bonds
Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East and Asia.
Following a significant decline toward the end of the last fiscal year, VanEck J.P. Morgan EM Local Currency Bond ETF, recorded a loss of 14.53% over the 12 month period.
While bonds denominated in Brazilian real, Indonesian rupiah and Chinese renminbi contributed the most positively to the fund’s total return, of other bonds denominated in Russian rubles were by far the greatest detractors from performance. Russian bonds lost nearly all value following the country’s invasion of Ukraine in February 2022. Russia was removed from the ETF’s index at the end of March.
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Emerging Markets High Yield Bonds
Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.
VanEck Emerging Markets High Yield Bond ETF lost 12.84% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Argentinian bonds were by far the greatest contributors. Issuers from Russia and China, followed by Ukraine, were the greatest detractors from performance. Real estate bonds, followed by those from the basic industry and telecommunications sectors, detracted by far the most from total return. The local authority sector was the sole sector to contribute positively to performance.
International High Yield Bonds
Non U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.
Over the period, VanEck International High Yield Bond ETF had a negative return of 15.07%. Bonds from real estate issuers, followed by those from the telecommunications and basic industry sectors, detracted the most from the fund’s total return. No sector contributed positively to performance. All currency groups detracted from performance, with bonds denominated in U.S. dollars and Euro detracting the most and those in Canadian dollars the least. Argentinian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese, French and Italian issuers detracted the most from performance.
Green Bonds
Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 and, in 2021, global issuance reached nearly $550 billion. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.
VanEck Green Bond ETF had a negative return of 9.30% for the 12 month period, having been impacted significantly by rising interest rates. From a country of risk perspective, only issuers from Argentina and Turkey contributed positively to total return. Bonds from the U.S. and China detracted the most from performance. Financial-, utilities- and real estate-related bonds were the greatest detractors from returns. No one sector contributed positively to performance.
Returns based on funds’ net asset values (NAVs).
All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.
1 Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofAML US High Yield Index from 12/31/2003 to 4/30/2022. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.
2 The Bank for International Settlements: Debt securities statistics, September 2021
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April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVBIZDTG1 | SPTR2 | |
| One Year | 8.14% | 8.23% | 8.83% | 0.21% |
| Five Year | 7.21% | 7.19% | 7.23% | 13.66% |
| Life* | 7.11% | 7.10% | 7.15% | 13.68% |
| * | Commencement of Fund: 2/11/13; First Day of Secondary Market Trading: 2/12/13. |
| 1 | MVIS® US Business Development Companies Index (MVBIZDTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of business development companies (BDCs). To be eligible for the MVBIZDTG and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | CHQU01TR1 | LBUSTRUU2 | |
| One Year | 0.30% | 1.02% | 2.08% | (8.51)% |
| Five Year | 4.96% | 4.70% | 5.62% | 1.20% |
| Life* | 2.34% | 2.40% | 3.31% | 1.57% |
| * | Commencement of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14. |
| 1 | ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index. |
| As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | EMLH1 | LBUSTRUU2 | |
| One Year | (14.13)% | (12.84)% | (14.14)% | (8.51)% |
| Five Year | 0.68% | 0.88% | 0.86% | 1.20% |
| Life* | 3.47% | 3.56% | 3.93% | 1.70% |
| * | Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12. |
| 1 | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets. |
| Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the EMLH. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | H0CF1 | LBUSTRUU2 | |
| One Year | (7.59)% | (6.63)% | (6.16)% | (8.51)% |
| Five Year | 4.36% | 4.60% | 5.14% | 1.20% |
| Ten Year | 6.87% | 7.12% | 8.04% | 1.73% |
| 1 | ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers. |
| Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 9 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | SPGRUSST1 | LBUSTRUU2 | |
| One Year | (10.01)% | (9.30)% | (9.13)% | (8.51)% |
| Five Year | 0.53% | 0.71% | 1.25% | 1.20% |
| Life* | 1.16% | 1.24% | 1.77% | 1.43% |
| * | Commencement of Fund: 3/3/17; First Day of Secondary Market Trading: 3/4/17. |
| 1 | S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to provide a broad measure of the performance of the investable, U.S. dollar-denominated “green” bond market. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index. |
| Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the SPGUSST. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | HXUS1 | LBUSTRUU2 | |
| One Year | (15.71)% | (15.07)% | (15.67)% | (8.51)% |
| Five Year | 1.10% | 1.20% | 1.51% | 1.20% |
| Ten Year | 3.27% | 3.41% | 3.95% | 1.73% |
| 1 | ICE BofA ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 11 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVFLTR1 | LBUSTRUU2 | |
| One Year | (0.61)% | (0.45)% | (0.29)% | (8.51)% |
| Five Year | 1.78% | 1.82% | 2.04% | 1.20% |
| Ten Year | 1.85% | 1.70% | 2.04% | 1.73% |
| 1 | MVIS® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes with outstanding issue sizes greater than or equal to $500 million, issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 12 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | GBIEMCOR1 | LBUSTRUU2 | |
| One Year | (14.55)% | (14.53)% | (14.70)% | (8.51)% |
| Five Year | (2.11)% | (2.03)% | (1.65)% | 1.20% |
| Ten Year | (1.97)% | (1.90)% | (1.36)% | 1.73% |
| 1 | J.P. Morgan GBI-EMG Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 13 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVBI1 | LBUSTRUU2 | |
| One Year | (11.23)% | (10.96)% | (11.34)% | (8.51)% |
| Life* | (8.25)% | (8.09)% | (8.42)% | (7.53)% |
| * | Commencement of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20. |
| 1 | MVIS® Moody’s Analytics® BBB Investment Grade Corporate Bond Index (MVBI) is designed to track the performance of U.S. dollar-denominated BBB rated corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 14 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVCI1 | LBUSTRUU2 | |
| One Year | (10.32)% | (10.15)% | (10.34)% | (8.51)% |
| Life* | (8.05)% | (7.94)% | (8.16)% | (7.53)% |
| * | Commencement of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20. |
| 1 | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index (MVCI) is designed to track the performance of U.S. dollar-denominated investment grade corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 15 |
VANECK MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVMORTTG1 | SPTR2 | |
| One Year | (14.70)% | (14.74)% | (14.52)% | 0.21% |
| Five Year | (1.01)% | (1.03)% | (0.78)% | 13.66% |
| Ten Year | 4.28% | 4.30% | 4.67% | 13.67% |
| 1 | MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 16 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | PFAN1 | SPTR2 | |
| One Year | (4.20)% | (3.61)% | (3.32)% | 0.21% |
| Five Year | 4.56% | 4.67% | 4.89% | 13.66% |
| Life* | 5.28% | 5.32% | 5.40% | 14.30% |
| * | Commencement of Fund: 7/16/12; First Day of Secondary Market Trading: 7/17/12. |
| 1 | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN) is a rules-based index designed to track the performance of exchange-listed U.S. dollar denominated hybrid debt, preferred stock and convertible preferred stock publicly issued by non-financial corporations in the U.S. domestic market. It includes both rated and unrated securities, and securities with either a fixed or floating rate coupon or dividend. |
| Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021, forward, the index data reflects that of PFAN. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 17 |
VANECK ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
MVBIZDTG, MVFLTR, MVMORTTG, MVBI and MVCI are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. CHQU01TR is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). GBIEMCOR is published by JPMorgan Securities Inc. (J.P. Morgan). EMLH, HOCF and HXUS are published by ICE Data Indices, LLC. SPGRUSST is published by S&P Dow Jones Indices (S&P). PFAN is published by Wells Fargo & Company, LLC (Wells Fargo).
The LBUSTRUU is a broad-based benchmark published by Bloomberg Index Services Limited (Bloomberg). SPTR is a broad-based benchmark published by S&P.
MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, Wells Fargo, and Bloomberg do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
| 18 |
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, November 1, 2021 to April 30, 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 November 1, 2021 |
Ending Account Value April 30, 2022 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period November 1, 2021 - April 30, 2022(a) | |||||
| BDC Income ETF | ||||||||
| Actual | $1,000.00 | $993.70 | 0.41% | $2.03 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.76 | 0.41% | $2.06 | ||||
| China Bond ETF | ||||||||
| Actual | $1,000.00 | $980.40 | 0.50% | $2.46 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.32 | 0.50% | $2.51 | ||||
| Emerging Markets High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $880.60 | 0.40% | $1.87 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| Fallen Angel High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $891.30 | 0.35% | $1.64 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
| Green Bond ETF | ||||||||
| Actual | $1,000.00 | $907.30 | 0.20% | $0.95 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
| International High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $874.50 | 0.40% | $1.86 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| Investment Grade Floating Rate ETF | ||||||||
| Actual | $1,000.00 | $992.10 | 0.14% | $0.69 | ||||
| Hypothetical (b) | $1,000.00 | $1,024.10 | 0.14% | $0.70 |
| 19 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value November 1, 2021 |
Ending Account Value April 30, 2022 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period November 1, 2021 - April 30, 2022(a) | |||||
| J.P. Morgan EM Local Currency Bond ETF | ||||||||
| Actual | $1,000.00 | $883.50 | 0.30% | $1.40 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.31 | 0.30% | $1.51 | ||||
| Moody’s Analytics BBB Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $870.90 | 0.25% | $1.16 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.55 | 0.25% | $1.25 | ||||
| Moody’s Analytics IG Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $878.40 | 0.20% | $0.93 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
| Mortgage REIT Income ETF | ||||||||
| Actual | $1,000.00 | $826.40 | 0.41% | $1.86 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.76 | 0.41% | $2.06 | ||||
| Preferred Securities ex Financials ETF | ||||||||
| Actual | $1,000.00 | $908.90 | 0.40% | $1.89 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 |
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 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 |
| 20 |
April 30, 2022
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Diversified Financials: 100.0% | ||||||||
| Apollo Investment Corp. † | 1,473,080 | $ | 18,693,385 | |||||
| Ares Capital Corp. | 4,267,287 | 86,497,908 | ||||||
| Bain Capital Specialty Finance, Inc. † | 1,208,119 | 18,580,870 | ||||||
| Barings BDC, Inc. | 2,000,551 | 20,365,609 | ||||||
| BlackRock TCP Capital Corp. † | 1,422,331 | 19,485,935 | ||||||
| Capital Southwest Corp. † | 589,097 | 13,672,941 | ||||||
| Carlyle Secured Lending, Inc. † | 1,183,972 | 16,587,448 | ||||||
| Fidus Investment Corp. † | 565,596 | 11,283,640 | ||||||
| FS KKR Capital Corp. | 2,533,150 | 53,069,493 | ||||||
| Gladstone Capital Corp. † | 844,642 | 9,840,079 | ||||||
| Gladstone Investment Corp. † | 817,573 | 12,705,084 | ||||||
| Goldman Sachs BDC, Inc. † | 1,476,686 | 27,717,396 | ||||||
| Golub Capital BDC, Inc. † | 2,092,306 | 31,217,206 | ||||||
| Hercules Capital, Inc. † | 1,857,087 | 31,199,062 | ||||||
| Main Street Capital Corp. † | 771,636 | 31,050,633 | ||||||
| New Mountain Finance Corp. † | 2,072,757 | 27,567,668 | ||||||
| Newtek Business Services Corp. † | 565,091 | 14,149,879 | ||||||
| Oaktree Specialty Lending Corp. † | 3,842,602 | 27,513,030 | ||||||
| Number of Shares |
Value | |||||||
| Diversified Financials (continued) | ||||||||
| Owl Rock Capital Corp. † | 2,918,336 | $ | 41,761,388 | |||||
| PennantPark Floating Rate Capital Ltd. † | 906,118 | 12,051,369 | ||||||
| PennantPark Investment Corp. † | 1,535,227 | 11,360,680 | ||||||
| Prospect Capital Corp. † | 3,900,116 | 30,030,893 | ||||||
| Sixth Street Specialty Lending, Inc. | 1,224,520 | 27,355,777 | ||||||
| SLR Investment Corp. | 1,200,254 | 19,744,178 | ||||||
| TriplePoint Venture Growth BDC Corp. † | 717,736 | 11,304,342 | ||||||
| Total Common Stocks
(Cost: $606,204,356) |
624,805,893 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 12.7% (Cost: $79,333,623) | ||||||||
| Money Market Fund: 12.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 79,333,623 | 79,333,623 | ||||||
| Total
Investments: 112.7% (Cost: $685,537,979) |
704,139,516 | |||||||
| Liabilities in excess of other assets: (12.7)% | (79,109,264) | |||||||
| NET ASSETS: 100.0% | $ | 625,030,252 | ||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $90,835,371. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||
| Financials | 100.0% | $ | 624,805,893 | ||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | 624,805,893 | $ | — | $ | — | $ | 624,805,893 | ||||||||
| Money Market Fund | 79,333,623 | — | — | 79,333,623 | ||||||||||||
| Total Investments | $ | 704,139,516 | $ | — | $ | — | $ | 704,139,516 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 21 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 74.6% | ||||||||
| Basic Materials: 10.3% | ||||||||
|
Anshan Iron And Steel Group Co. Ltd. 4.28%
(ChinaBond |
CNY | 15,000 | $ | 2,294,826 | ||||
|
ChemChina Petrochemical Co. Ltd. 4.00%, 11/06/24 |
CNY | 20,000 | 3,035,184 | |||||
|
China National Building Material Co. Ltd. 4.89%, 07/17/24 |
CNY | 3,000 | 454,245 | |||||
|
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25 |
CNY | 20,000 | 3,032,663 | |||||
|
Hesteel Co. Ltd. 4.08%, 11/26/24 |
CNY | 10,000 | 1,533,386 | |||||
|
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 |
CNY | 10,000 | 1,536,343 | |||||
|
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25 |
CNY | 10,000 | 1,522,309 | |||||
| 13,408,956 | ||||||||
| Consumer Cyclicals: 0.6% | ||||||||
|
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26 |
CNY | 4,900 | 747,499 | |||||
| Energy: 2.8% | ||||||||
|
PetroChina Co. Ltd. 3.50%, 01/19/26 |
CNY | 3,490 | 533,935 | |||||
|
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25 |
CNY | 20,000 | 3,034,699 | |||||
| 3,568,634 | ||||||||
| Financials: 41.4% | ||||||||
| Agricultural Development Bank of China | ||||||||
| 2.25%, 04/22/25 | CNY | 6,300 | 937,579 | |||||
| 2.96%, 04/17/30 | CNY | 10,340 | 1,537,244 | |||||
| 3.28%, 05/13/22 | CNY | 1,205 | 181,493 | |||||
| 3.52%, 05/24/31 | CNY | 10,000 | 1,549,219 | |||||
| 3.63%, 07/19/26 | CNY | 2,700 | 418,272 | |||||
| 3.74%, 07/12/29 | CNY | 7,600 | 1,190,629 | |||||
| 3.75%, 01/25/29 | CNY | 5,150 | 807,910 | |||||
| 3.79%, 10/26/30 | CNY | 1,110 | 174,860 | |||||
| 3.85%, 01/06/27 | CNY | 10,230 | 1,603,214 | |||||
| 4.39%, 09/08/27 | CNY | 9,500 | 1,531,547 | |||||
| 4.65%, 05/11/28 | CNY | 5,560 | 911,538 | |||||
|
Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23 |
CNY | 19,600 | 2,983,817 | |||||
|
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.70%, 10/24/24 |
CNY | 15,000 | 2,271,216 | |||||
|
Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24 |
CNY | 2,052 | 328,819 | |||||
| Par (000’s |
) | Value | ||||||
| Financials (continued) | ||||||||
|
Beijing State-Owned Capital Operation Management Co. Ltd. 3.85%, 01/14/24 |
CNY | 15,000 | $ | 2,302,123 | ||||
|
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27 |
CNY | 20,000 | 3,168,797 | |||||
| China Development Bank | ||||||||
| 3.18%, 04/05/26 | CNY | 4,850 | 739,834 | |||||
| 3.30%, 03/03/26 | CNY | 12,030 | 1,846,513 | |||||
| 3.39%, 02/03/27 | CNY | 20,904 | 3,231,611 | |||||
| 3.41%, 06/07/31 | CNY | 1,640 | 251,969 | |||||
| 3.45%, 09/20/29 | CNY | 4,800 | 739,081 | |||||
| 3.48%, 01/08/29 | CNY | 4,460 | 688,451 | |||||
| 3.65%, 05/21/29 | CNY | 7,150 | 1,113,776 | |||||
| 3.66%, 03/01/31 | CNY | 1,170 | 183,041 | |||||
| 3.70%, 10/20/30 | CNY | 4,150 | 649,117 | |||||
| 3.87%, 08/01/23 | CNY | 20,709 | 3,182,234 | |||||
| 4.04%, 04/10/27 | CNY | 11,610 | 1,837,730 | |||||
| 4.04%, 07/06/28 | CNY | 2,720 | 432,827 | |||||
| 4.59%, 08/01/38 | CNY | 20,301 | 3,483,576 | |||||
| Chongqing Longhu Development Co. Ltd. | ||||||||
| 3.45%, 08/02/23 | CNY | 5,000 | 748,501 | |||||
| 3.75%, 03/21/23 | CNY | 1,600 | 240,852 | |||||
| 4.44%, 01/25/24 | CNY | 8,000 | 1,212,276 | |||||
|
Cinda Investment Co. Ltd. 4.30%, 12/22/23 |
CNY | 3,000 | 453,858 | |||||
|
CITIC Securities Co. Ltd. 3.78%, 09/10/24 |
CNY | 3,000 | 461,781 | |||||
| Export-Import Bank of China | ||||||||
| 3.22%, 05/14/26 | CNY | 5,470 | 835,494 | |||||
| 3.23%, 03/23/30 | CNY | 8,240 | 1,248,452 | |||||
| 3.28%, 02/11/24 | CNY | 4,670 | 712,951 | |||||
| 3.33%, 02/22/26 | CNY | 9,610 | 1,473,038 | |||||
| 3.38%, 07/16/31 | CNY | 4,250 | 651,085 | |||||
| 3.43%, 10/23/25 | CNY | 1,830 | 281,538 | |||||
| 3.74%, 11/16/30 | CNY | 2,380 | 373,804 | |||||
| 3.86%, 05/20/29 | CNY | 5,780 | 911,633 | |||||
| 3.88%, 01/12/36 | CNY | 1,170 | 187,295 | |||||
| 4.89%, 03/26/28 | CNY | 3,010 | 498,524 | |||||
|
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 |
CNY | 5,000 | 768,696 | |||||
|
Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24 |
CNY | 15,000 | 2,291,300 | |||||
|
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24 |
CNY | 200 | 30,466 | |||||
| 53,659,581 | ||||||||
| Industrials: 11.6% | ||||||||
|
China Railway Group Ltd. 3.99%, 07/16/24 |
CNY | 5,000 | 771,790 | |||||
|
China State Railway Group Co. Ltd. 3.45%, 07/25/24 |
CNY | 15,000 | 2,297,997 | |||||
| Guangzhou Metro Group Co. Ltd. | ||||||||
See Notes to Financial Statements
| 22 |
| Par (000’s |
) | Value | ||||||
| Industrials (continued) | ||||||||
| 4.84%, 08/09/27 | CNY | 1,500 | $ | 227,464 | ||||
| 6.05%, 06/03/24 # | CNY | 1,350 | 210,127 | |||||
|
Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24 |
CNY | 3,500 | 564,794 | |||||
|
Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24 |
CNY | 2,100 | 338,756 | |||||
|
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 3.63%, 10/21/24 |
CNY | 12,000 | 1,817,099 | |||||
|
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 |
CNY | 5,000 | 758,544 | |||||
|
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 |
CNY | 17,000 | 2,625,326 | |||||
|
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26 |
CNY | 10,000 | 1,539,049 | |||||
| Sichuan Development Holding Co. Ltd. | ||||||||
| 4.30%, 03/26/24 | CNY | 5,000 | 773,747 | |||||
| 4.55%, 08/06/25 | CNY | 5,000 | 770,947 | |||||
|
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 # |
CNY | 135 | 20,152 | |||||
|
Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30 |
CNY | 2,000 | 305,271 | |||||
|
Xiamen C&D Corp. Ltd. 4.14% (ChinaBond Government Security Yield Curve 3Y YTM+4.29%), 12/17/22 (o) (s) |
CNY | 13,000 | 1,974,261 | |||||
| 14,995,324 | ||||||||
| Real Estate: 4.1% | ||||||||
|
Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40 |
CNY | 15,000 | 2,267,797 | |||||
| China Fortune Land Development Co. Ltd. | ||||||||
| 5.50%, 10/22/22 (d) * | CNY | 1,000 | 37,460 | |||||
| 7.00%, 03/03/21 (d) * | CNY | 1,000 | 37,829 | |||||
|
China Vanke Co. Ltd. 3.55%, 09/26/24 |
CNY | 10,000 | 1,511,929 | |||||
| COFCO Commercial Property Investment Co. Ltd. | ||||||||
| Par (000’s |
) | Value | ||||||
| Real Estate (continued) | ||||||||
| 3.94%, 01/25/25 | CNY | 10,000 | $ | 1,511,439 | ||||
| 5,366,454 | ||||||||
| Utilities: 3.8% | ||||||||
|
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s) |
CNY | 15,000 | 2,288,240 | |||||
|
China Southern Power Grid Co. Ltd. 5.90%, 03/19/24 |
CNY | 900 | 143,537 | |||||
|
China Yangtze Power Co. Ltd. 3.35%, 10/17/26 |
CNY | 1,500 | 226,185 | |||||
|
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 |
CNY | 10,000 | 1,529,712 | |||||
|
State Power Investment Corp. Ltd. 4.20%, 11/20/23 |
CNY | 4,995 | 769,756 | |||||
| 4,957,430 | ||||||||
| Total Corporate Bonds (Cost: $98,953,467) |
96,703,878 | |||||||
| GOVERNMENT OBLIGATIONS: 18.7% | ||||||||
| China Government Bond | ||||||||
| 1.99%, 04/09/25 | CNY | 5,660 | 840,874 | |||||
| 2.68%, 05/21/30 | CNY | 6,320 | 936,714 | |||||
| 2.69%, 08/12/26 | CNY | 7,450 | 1,125,212 | |||||
| 2.77%, 06/24/30 | CNY | 5,690 | 846,639 | |||||
| 2.85%, 06/04/27 | CNY | 9,140 | 1,387,507 | |||||
| 2.86%, 07/16/30 | CNY | 9,520 | 1,425,972 | |||||
| 2.90%, 05/05/26 | CNY | 846 | 128,898 | |||||
| 3.01%, 05/13/28 | CNY | 12,180 | 1,855,968 | |||||
| 3.02%, 10/22/25 | CNY | 9,250 | 1,415,692 | |||||
| 3.02%, 05/27/31 | CNY | 6,210 | 943,968 | |||||
| 3.03%, 03/11/26 | CNY | 9,070 | 1,388,387 | |||||
| 3.25%, 06/06/26 | CNY | 6,030 | 931,998 | |||||
| 3.27%, 11/19/30 | CNY | 18,270 | 2,840,022 | |||||
| 3.27%, 08/22/46 | CNY | 32,966 | 4,952,608 | |||||
| 3.28%, 12/03/27 | CNY | 6,150 | 955,012 | |||||
| 3.29%, 05/23/29 | CNY | 6,080 | 944,814 | |||||
| 3.52%, 04/25/46 | CNY | 4,000 | 615,549 | |||||
| 3.74%, 09/22/35 | CNY | 3,900 | 632,415 | |||||
| Total Government Obligations (Cost: $24,833,463) |
24,168,249 | |||||||
| Total Investments: 93.3% (Cost: $123,786,930) |
120,872,127 | |||||||
| Other assets less liabilities: 6.7% | 8,715,014 | |||||||
| NET ASSETS: 100.0% | $ | 129,587,141 | ||||||
Definitions:
| CNY | Chinese Yuan |
See Notes to Financial Statements
| 23 |
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $230,279 which represents 0.2% of net assets. |
| (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 | 11.1 | % | $ | 13,408,956 | ||||
| Consumer Cyclicals | 0.6 | 747,499 | ||||||
| Energy | 3.0 | 3,568,634 | ||||||
| Financials | 44.4 | 53,659,581 | ||||||
| Government Activity | 20.0 | 24,168,249 | ||||||
| Industrials | 12.4 | 14,995,324 | ||||||
| Real Estate | 4.4 | 5,366,454 | ||||||
| Utilities | 4.1 | 4,957,430 | ||||||
| 100.0 | % | $ | 120,872,127 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 96,703,878 | $ | — | $ | 96,703,878 | ||||||||
| Government Obligations * | — | 24,168,249 | — | 24,168,249 | ||||||||||||
| Total Investments | $ | — | $ | 120,872,127 | $ | — | $ | 120,872,127 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 24 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 96.2% | ||||||||
| Argentina: 3.2% | ||||||||
|
Arcor SAIC 144A 6.00%, 07/06/23 |
$ | 1,825 | $ | 1,831,908 | ||||
|
Capex SA 144A 6.88%, 05/15/24 |
1,075 | 1,028,221 | ||||||
|
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.62%, 12/01/27 |
1,125 | 899,797 | ||||||
|
Genneia SA 144A 8.75%, 09/02/27 |
1,300 | 1,276,503 | ||||||
| MercadoLibre, Inc. | ||||||||
| 2.38%, 01/14/26 † | 1,425 | 1,288,001 | ||||||
| 3.12%, 01/14/31 | 2,550 | 2,066,367 | ||||||
|
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 |
1,825 | 1,457,253 | ||||||
|
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 |
300 | 239,549 | ||||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | 1,325 | 1,326,756 | ||||||
| 7.50%, 01/24/27 | 2,275 | 2,116,637 | ||||||
| 9.12%, 04/15/29 | 1,100 | 1,018,980 | ||||||
|
Pan American Energy LLC 144A 9.12%, 04/30/27 |
1,025 | 1,134,983 | ||||||
|
Pan American Energy LLC Reg S 9.12%, 04/30/27 |
50 | 55,365 | ||||||
| Telecom Argentina SA 144A | ||||||||
| 8.00%, 07/18/26 | 1,325 | 1,257,213 | ||||||
| 8.50%, 08/06/25 | 1,375 | 1,333,695 | ||||||
|
Telecom Argentina SA Reg S 8.00%, 07/18/26 |
100 | 94,884 | ||||||
|
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 |
1,460 | 1,374,882 | ||||||
|
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 |
250 | 235,425 | ||||||
|
YPF Energia Electrica SA 144A 10.00%, 07/25/26 |
1,450 | 1,358,432 | ||||||
| YPF SA 144A | ||||||||
| 1.50%, 09/30/33 (s) | 2,200 | 1,334,300 | ||||||
| 2.50%, 06/30/29 (s) | 2,750 | 2,000,886 | ||||||
| 4.00%, 02/12/26 (s) | 2,875 | 2,552,554 | ||||||
| 6.95%, 07/21/27 | 2,275 | 1,649,659 | ||||||
| 7.00%, 12/15/47 | 1,875 | 1,173,984 | ||||||
| 8.50%, 07/28/25 | 4,050 | 3,306,359 | ||||||
| 8.50%, 06/27/29 | 1,412 | 1,075,513 | ||||||
| 8.75%, 04/04/24 | 2,240 | 2,097,290 | ||||||
|
YPF SA Reg S 6.95%, 07/21/27 |
550 | 398,819 | ||||||
| 36,984,215 | ||||||||
| Armenia: 0.1% | ||||||||
|
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 |
1,000 | 930,000 | ||||||
| Par (000’s |
) | Value | ||||||
| Austria: 0.1% | ||||||||
|
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 |
$ | 800 | $ | 702,472 | ||||
| Klabin Austria GmbH Reg S | ||||||||
| 3.20%, 01/12/31 | 200 | 159,014 | ||||||
| 7.00%, 04/03/49 † | 200 | 194,171 | ||||||
| 1,055,657 | ||||||||
| Azerbaijan: 0.9% | ||||||||
|
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † |
6,575 | 7,020,312 | ||||||
|
Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26 |
750 | 800,796 | ||||||
|
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 |
2,650 | 2,875,382 | ||||||
| 10,696,490 | ||||||||
| Bahrain: 1.4% | ||||||||
|
BBK BSC Reg S 5.50%, 07/09/24 |
1,800 | 1,841,274 | ||||||
|
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 |
1,800 | 1,801,800 | ||||||
| Mumtalakat Sukuk Holding Co. Reg S | ||||||||
| 4.10%, 01/21/27 | 1,800 | 1,789,146 | ||||||
| 5.62%, 02/27/24 | 2,200 | 2,267,430 | ||||||
| Oil and Gas Holding Co. BSCC 144A | ||||||||
| 7.50%, 10/25/27 | 3,625 | 3,824,625 | ||||||
| 7.62%, 11/07/24 | 2,775 | 2,910,056 | ||||||
| 8.38%, 11/07/28 | 1,750 | 1,928,245 | ||||||
| 16,362,576 | ||||||||
| Barbados: 0.2% | ||||||||
|
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 |
2,000 | 1,952,990 | ||||||
| Bermuda: 1.0% | ||||||||
|
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 |
1,657 | 1,384,114 | ||||||
|
Digicel Group Two Ltd. 144A 8.25%, 09/30/22 |
437 | 10,925 | ||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
| 8.75%, 05/25/24 † | 4,400 | 4,349,444 | ||||||
| 13.00%, 12/31/25 | 1,210 | 1,190,308 | ||||||
|
Digicel Ltd. 144A 6.75%, 03/01/23 |
1,930 | 1,735,128 | ||||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
2,400 | 2,371,788 | ||||||
|
Investment Energy Resources Ltd. Reg S 6.25%, 04/26/29 |
200 | 197,649 | ||||||
| 11,239,356 | ||||||||
See Notes to Financial Statements
| 25 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Brazil: 8.5% | ||||||||
|
Adecoagro SA 144A 6.00%, 09/21/27 |
$ | 1,350 | $ | 1,327,691 | ||||
|
Adecoagro SA Reg S 6.00%, 09/21/27 |
450 | 442,564 | ||||||
|
Aegea Finance Sarl 144A 5.75%, 10/10/24 |
700 | 718,403 | ||||||
|
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
1,200 | 1,139,244 | ||||||
|
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
1,768 | 1,794,803 | ||||||
|
Atento Luxco 1 SA 144A 8.00%, 02/10/26 † |
975 | 963,484 | ||||||
|
Azul Investments LLP 144A 5.88%, 10/26/24 |
400 | 356,094 | ||||||
|
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 |
800 | 658,988 | ||||||
|
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 |
1,200 | 1,044,600 | ||||||
|
Banco Bradesco SA 144A 3.20%, 01/27/25 |
1,500 | 1,457,250 | ||||||
| Banco BTG Pactual SA 144A | ||||||||
| 2.75%, 01/11/26 | 800 | 729,972 | ||||||
| 4.50%, 01/10/25 | 1,600 | 1,578,032 | ||||||
|
Banco Daycoval SA Reg S 4.25%, 12/13/24 |
750 | 740,666 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 4.62%, 01/15/25 | 1,650 | 1,651,897 | ||||||
| 4.75%, 03/20/24 | 1,325 | 1,336,647 | ||||||
| Banco Nacional de Desenvolvimento Economico e Social 144A | ||||||||
| 4.75%, 05/09/24 | 800 | 818,708 | ||||||
| 5.75%, 09/26/23 | 1,600 | 1,658,096 | ||||||
|
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23 |
250 | 259,077 | ||||||
| Banco Votorantim SA 144A | ||||||||
| 4.38%, 07/29/25 | 1,050 | 1,029,079 | ||||||
| 4.50%, 09/24/24 | 750 | 754,759 | ||||||
|
Braskem Idesa SAPI 144A 7.45%, 11/15/29 |
2,900 | 2,720,360 | ||||||
|
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
800 | 830,520 | ||||||
|
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 |
1,290 | 1,302,642 | ||||||
|
BRF GmbH 144A 4.35%, 09/29/26 |
900 | 853,830 | ||||||
| BRF SA 144A | ||||||||
| 4.88%, 01/24/30 † | 1,000 | 888,700 | ||||||
| 5.75%, 09/21/50 | 1,200 | 943,164 | ||||||
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| BRF SA Reg S | ||||||||
| 4.88%, 01/24/30 | $ | 100 | $ | 88,870 | ||||
| 5.75%, 09/21/50 | 200 | 157,392 | ||||||
|
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
1,800 | 1,936,332 | ||||||
| Centrais Eletricas Brasileiras SA 144A | ||||||||
| 3.62%, 02/04/25 † | 800 | 773,088 | ||||||
| 4.62%, 02/04/30 | 1,200 | 1,092,192 | ||||||
|
Centrais Eletricas Brasileiras SA Reg S 4.62%, 02/04/30 |
200 | 182,032 | ||||||
|
Cosan Luxembourg SA 144A 7.00%, 01/20/27 |
1,075 | 1,105,895 | ||||||
|
Cosan SA 144A 5.50%, 09/20/29 |
1,325 | 1,285,489 | ||||||
|
CSN Inova Ventures 144A 6.75%, 01/28/28 † |
2,050 | 2,040,560 | ||||||
|
CSN Inova Ventures Reg S 6.75%, 01/28/28 |
400 | 398,158 | ||||||
|
CSN Resources SA 144A 7.62%, 04/17/26 |
500 | 517,872 | ||||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | 1,650 | 1,639,250 | ||||||
| 5.40%, 02/01/27 | 1,250 | 1,206,206 | ||||||
|
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 |
1,275 | 1,285,200 | ||||||
|
ERO Copper Corp. 144A 6.50%, 02/15/30 |
650 | 584,064 | ||||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
1,100 | 1,126,851 | ||||||
| Globo Comunicacao e Participacoes SA 144A | ||||||||
| 4.88%, 01/22/30 | 600 | 517,050 | ||||||
| 5.50%, 01/14/32 | 700 | 608,397 | ||||||
|
Globo Comunicacao e Participacoes SA Reg S 4.88%, 01/22/30 |
200 | 172,350 | ||||||
|
Gol Finance SA 144A 7.00%, 01/31/25 |
1,000 | 856,305 | ||||||
|
Guara Norte Sarl 144A 5.20%, 06/15/34 |
1,343 | 1,185,787 | ||||||
|
InterCement Financial Operations BV 144A 5.75%, 07/17/24 |
1,200 | 1,030,836 | ||||||
|
Itau Unibanco Holding SA 144A 3.25%, 01/24/25 |
925 | 900,950 | ||||||
| 3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | 850 | 764,745 | ||||||
| 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 1,350 | 1,287,758 | ||||||
| 4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | 1,175 | 1,016,751 | ||||||
See Notes to Financial Statements
| 26 |
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 5.12%, 05/13/23 | $ | 2,800 | $ | 2,851,800 | ||||
|
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23 |
300 | 305,550 | ||||||
|
JSM Global Sarl 144A 4.75%, 10/20/30 |
900 | 770,909 | ||||||
| Klabin Austria GmbH 144A | ||||||||
| 3.20%, 01/12/31 | 600 | 477,042 | ||||||
| 5.75%, 04/03/29 † | 1,275 | 1,255,996 | ||||||
| 7.00%, 04/03/49 | 1,003 | 973,768 | ||||||
|
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 |
1,000 | 931,970 | ||||||
|
MARB BondCo Plc 144A 3.95%, 01/29/31 |
2,500 | 2,081,225 | ||||||
|
MV24 Capital BV 144A 6.75%, 06/01/34 |
1,806 | 1,714,975 | ||||||
|
Natura Cosmeticos SA 144A 4.12%, 05/03/28 |
1,400 | 1,257,228 | ||||||
|
Natura Cosmeticos SA Reg S 4.12%, 05/03/28 |
300 | 269,406 | ||||||
| NBM US Holdings, Inc. 144A | ||||||||
| 6.62%, 08/06/29 | 850 | 868,925 | ||||||
| 7.00%, 05/14/26 | 1,700 | 1,754,833 | ||||||
| Nexa Resources SA 144A | ||||||||
| 5.38%, 05/04/27 | 1,200 | 1,153,512 | ||||||
| 6.50%, 01/18/28 | 850 | 851,628 | ||||||
|
Oi Movel SA Reg S 8.75%, 07/30/26 |
1,400 | 1,429,946 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 † | 1,575 | 1,529,924 | ||||||
| 5.30%, 01/27/25 | 950 | 984,271 | ||||||
| 5.50%, 06/10/51 | 1,350 | 1,109,612 | ||||||
| 5.60%, 01/03/31 | 1,825 | 1,793,519 | ||||||
| 5.75%, 02/01/29 | 815 | 826,271 | ||||||
| 6.00%, 01/27/28 | 1,625 | 1,669,923 | ||||||
| 6.25%, 03/17/24 | 750 | 781,740 | ||||||
| 6.75%, 01/27/41 | 985 | 967,181 | ||||||
| 6.75%, 06/03/50 | 825 | 765,881 | ||||||
| 6.85%, 06/05/15 | 2,375 | 2,095,937 | ||||||
| 6.88%, 01/20/40 | 897 | 888,595 | ||||||
| 6.90%, 03/19/49 | 1,150 | 1,085,675 | ||||||
| 7.25%, 03/17/44 | 1,165 | 1,164,435 | ||||||
| 7.38%, 01/17/27 | 1,325 | 1,451,902 | ||||||
| 8.75%, 05/23/26 † | 600 | 693,099 | ||||||
| Rede D’or Finance Sarl 144A | ||||||||
| 4.50%, 01/22/30 | 1,299 | 1,136,885 | ||||||
| 4.95%, 01/17/28 | 700 | 658,137 | ||||||
|
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 |
711 | 744,064 | ||||||
|
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 |
695 | 767,464 | ||||||
|
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 |
672 | 722,004 | ||||||
|
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 |
850 | 832,575 | ||||||
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
|
Simpar Europe SA 144A 5.20%, 01/26/31 |
$ | 1,000 | $ | 821,265 | ||||
|
Tupy Overseas SA 144A 4.50%, 02/16/31 |
400 | 334,874 | ||||||
|
Ultrapar International SA 144A 5.25%, 06/06/29 |
800 | 778,532 | ||||||
|
Unigel Luxembourg SA 144A 8.75%, 10/01/26 |
700 | 726,176 | ||||||
|
Usiminas International Sarl 144A 5.88%, 07/18/26 |
1,200 | 1,201,392 | ||||||
|
XP, Inc. 144A 3.25%, 07/01/26 † |
1,350 | 1,241,210 | ||||||
| 98,480,906 | ||||||||
| British Virgin Islands: 0.5% | ||||||||
|
Central China Real Estate Ltd. Reg S 7.65%, 08/27/23 |
1,200 | 504,600 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 7.00%, 05/02/25 | 1,300 | 819,000 | ||||||
| 7.38%, 04/09/24 | 1,450 | 1,000,500 | ||||||
|
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24 |
1,000 | 935,000 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.50%, 05/02/26 | 1,300 | 789,750 | ||||||
| 4.62%, 10/15/25 | 1,000 | 622,500 | ||||||
|
Studio City Co. Ltd. 144A 7.00%, 02/15/27 |
1,200 | 1,130,256 | ||||||
| 5,801,606 | ||||||||
| Cambodia: 0.2% | ||||||||
|
NagaCorp Ltd. Reg S 7.95%, 07/06/24 |
1,950 | 1,784,250 | ||||||
| Canada: 0.3% | ||||||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
1,265 | 1,273,071 | ||||||
|
First Quantum Minerals Ltd. Reg S 6.50%, 03/01/24 |
300 | 300,776 | ||||||
|
Frontera Energy Corp. 144A 7.88%, 06/21/28 |
1,500 | 1,361,377 | ||||||
| 2,935,224 | ||||||||
| Cayman Islands: 1.7% | ||||||||
|
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 |
3,150 | 2,982,656 | ||||||
|
Banco Bradesco SA 144A 4.38%, 03/18/27 † |
750 | 733,223 | ||||||
|
Banco BTG Pactual SA Reg S 4.50%, 01/10/25 |
200 | 197,254 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 3.25%, 09/30/26 | 1,325 | 1,230,534 | ||||||
| 4.88%, 01/11/29 † | 800 | 777,308 | ||||||
|
CT Trust 144A 5.12%, 02/03/32 |
3,200 | 2,986,032 | ||||||
See Notes to Financial Statements
| 27 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Cayman Islands (continued) | ||||||||
|
Emaar Sukuk Ltd. Reg S 3.70%, 07/06/31 |
$ | 900 | $ | 873,725 | ||||
|
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 |
1,200 | 1,203,000 | ||||||
|
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 |
2,250 | 2,300,681 | ||||||
|
Oryx Funding Ltd. 144A 5.80%, 02/03/31 |
2,300 | 2,273,182 | ||||||
|
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 |
1,534 | 1,393,409 | ||||||
|
StoneCo Ltd. 144A 3.95%, 06/16/28 |
800 | 658,984 | ||||||
|
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24 |
1,600 | 1,604,000 | ||||||
| 19,213,988 | ||||||||
| Chile: 0.9% | ||||||||
|
AES Andes SA Reg S 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 |
100 | 97,194 | ||||||
|
Agrosuper SA 144A 4.60%, 01/20/32 |
1,900 | 1,714,750 | ||||||
|
CAP SA 144A 3.90%, 04/27/31 |
1,100 | 935,264 | ||||||
|
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 |
1,388 | 1,086,153 | ||||||
|
Kenbourne Invest SA 144A 6.88%, 11/26/24 |
1,850 | 1,767,009 | ||||||
| VTR Comunicaciones SpA 144A | ||||||||
| 4.38%, 04/15/29 | 1,400 | 1,187,774 | ||||||
| 5.12%, 01/15/28 | 1,742 | 1,569,620 | ||||||
|
VTR Finance NV 144A 6.38%, 07/15/28 |
1,925 | 1,759,960 | ||||||
| 10,117,724 | ||||||||
| China: 8.0% | ||||||||
|
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25 |
700 | 234,675 | ||||||
|
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
8,500 | 8,453,193 | ||||||
|
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o) |
1,500 | 1,475,625 | ||||||
|
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o) |
1,400 | 1,204,140 | ||||||
| Chalieco Hong Kong Corp. Ltd. Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 5/21/2023 (o) | $ | 1,000 | $ | 1,007,500 | ||||
|
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) |
1,740 | 1,827,056 | ||||||
|
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 |
1,400 | 1,369,410 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 5.95%, 09/29/24 | 1,100 | 684,860 | ||||||
| 6.00%, 02/04/26 | 1,000 | 610,000 | ||||||
|
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o) |
1,400 | 1,403,500 | ||||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| 4.38%, 04/12/27 † | 1,100 | 822,250 | ||||||
| 4.45%, 08/17/26 | 1,300 | 997,750 | ||||||
| 5.25%, 05/13/26 | 1,000 | 770,000 | ||||||
| 5.95%, 10/20/25 | 1,550 | 1,226,050 | ||||||
| 6.00%, 07/16/25 † | 1,650 | 1,305,150 | ||||||
| 6.45%, 11/07/24 | 1,550 | 1,283,400 | ||||||
| 6.55%, 03/28/24 † | 1,650 | 1,403,325 | ||||||
|
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o) |
1,500 | 1,561,875 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 8.12%, 07/11/24 | 1,000 | 220,000 | ||||||
| 8.62%, 02/27/24 | 900 | 195,975 | ||||||
| 8.62%, 03/05/24 | 1,000 | 217,750 | ||||||
| eHi Car Services Ltd. Reg S | ||||||||
| 7.00%, 09/21/26 | 950 | 646,000 | ||||||
| 7.75%, 11/14/24 | 1,400 | 1,095,500 | ||||||
|
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 |
2,500 | 2,297,090 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | 2,000 | 1,826,000 | ||||||
| 6.75%, 07/02/23 | 2,050 | 1,998,750 | ||||||
| 6.85%, 07/02/24 | 1,900 | 1,803,100 | ||||||
|
Glory Land Co. Ltd. Reg S 14.25%, 01/25/24 |
200 | 101,000 | ||||||
|
Golden Eagle Retail Group Ltd. 144A 4.62%, 05/21/23 |
1,000 | 983,105 | ||||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 5.88%, 07/03/24 | 1,900 | 1,083,000 | ||||||
| 6.75%, 09/26/23 | 1,400 | 882,000 | ||||||
| 6.75%, 03/03/24 | 700 | 427,000 | ||||||
|
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25 |
1,400 | 1,316,000 | ||||||
See Notes to Financial Statements
| 28 |
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 5.65%, 07/13/25 | $ | 900 | $ | 850,500 | ||||
|
Guangzhou Fineland Real Estate Development Co. Ltd. Reg S 13.60%, 07/27/23 |
400 | 408,000 | ||||||
|
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) |
18,700 | 17,832,196 | ||||||
|
Jinke Properties Group Co. Ltd. Reg S 6.85%, 05/28/24 |
600 | 198,000 | ||||||
| KWG Group Holdings Ltd. Reg S | ||||||||
| 5.88%, 11/10/24 | 1,500 | 575,250 | ||||||
| 5.95%, 08/10/25 | 1,000 | 365,000 | ||||||
| 6.00%, 08/14/26 | 1,150 | 405,662 | ||||||
| 6.30%, 02/13/26 | 1,300 | 465,075 | ||||||
| 7.40%, 03/05/24 | 1,100 | 467,500 | ||||||
| 7.40%, 01/13/27 | 600 | 208,500 | ||||||
| 7.88%, 09/01/23 | 1,900 | 894,900 | ||||||
| Logan Group Co. Ltd. Reg S | ||||||||
| 4.25%, 07/12/25 † | 600 | 172,500 | ||||||
| 4.70%, 07/06/26 | 900 | 261,000 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.80%, 12/15/24 † | 1,200 | 801,000 | ||||||
| 6.80%, 08/05/23 | 900 | 648,000 | ||||||
| Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/30/25 † | 1,500 | 522,450 | ||||||
| 6.25%, 08/10/24 | 1,200 | 516,000 | ||||||
| 6.95%, 07/23/23 † | 1,000 | 475,000 | ||||||
|
Radiance Holdings Group Co. Ltd. Reg S 7.80%, 03/20/24 |
600 | 428,082 | ||||||
|
Redsun Properties Group Ltd. Reg S 7.30%, 01/13/25 |
600 | 117,000 | ||||||
| RKPF Overseas 2019 A Ltd. Reg S | ||||||||
| 6.00%, 09/04/25 | 1,200 | 919,031 | ||||||
| 6.70%, 09/30/24 | 1,550 | 1,268,675 | ||||||
|
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o) |
1,000 | 650,000 | ||||||
|
Seazen Group Ltd. Reg S 4.45%, 07/13/25 |
850 | 567,375 | ||||||
|
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23 |
800 | 809,000 | ||||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 † | 2,400 | 573,600 | ||||||
| 6.50%, 07/09/23 | 1,500 | 393,750 | ||||||
| 6.50%, 01/10/25 | 1,850 | 430,125 | ||||||
| 6.50%, 01/26/26 | 1,400 | 306,600 | ||||||
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 6.65%, 08/03/24 | $ | 1,400 | $ | 336,000 | ||||
| 7.00%, 07/09/25 | 1,700 | 382,500 | ||||||
| 7.50%, 02/01/24 | 1,500 | 363,750 | ||||||
| 7.95%, 10/11/23 | 2,000 | 525,000 | ||||||
| Times China Holdings Ltd. Reg S | ||||||||
| 5.55%, 06/04/24 | 1,300 | 689,000 | ||||||
| 5.75%, 01/14/27 | 800 | 322,200 | ||||||
| 6.20%, 03/22/26 | 1,300 | 565,500 | ||||||
| 6.75%, 07/16/23 | 1,450 | 806,200 | ||||||
| 6.75%, 07/08/25 | 1,400 | 651,000 | ||||||
|
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23 |
800 | 784,000 | ||||||
|
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 |
1,700 | 1,436,373 | ||||||
|
Wanda Properties Overseas Ltd. Reg S 6.88%, 07/23/23 |
1,200 | 1,038,000 | ||||||
|
Wealth Driven Ltd. Reg S 5.50%, 08/17/23 |
1,100 | 1,086,250 | ||||||
|
Wens Foodstuffs Group Co. Ltd. Reg S 2.35%, 10/29/25 |
1,050 | 855,750 | ||||||
| West
China Cement Ltd. Reg S 4.95%, 07/08/26 |
1,800 | 1,631,790 | ||||||
|
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24 |
1,000 | 835,000 | ||||||
|
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 |
1,400 | 1,411,900 | ||||||
|
Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23 |
1,200 | 1,214,460 | ||||||
|
Yinchuan Tonglian Capital Investment Operation Co. Ltd. Reg S 4.45%, 06/10/23 |
800 | 723,996 | ||||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.00%, 10/25/23 | 1,400 | 206,500 | ||||||
| 6.35%, 01/13/27 | 1,000 | 140,000 | ||||||
| 7.38%, 01/13/26 | 1,300 | 162,500 | ||||||
| 8.30%, 05/27/25 | 1,000 | 135,250 | ||||||
| 8.38%, 10/30/24 | 800 | 110,000 | ||||||
| Zhenro Properties Group Ltd. Reg S | ||||||||
| 6.63%, 01/07/26 | 800 | 76,000 | ||||||
| 9.15%, 05/06/23 | 600 | 60,000 | ||||||
| 91,810,719 | ||||||||
| Colombia: 5.6% | ||||||||
|
Banco de Bogota SA 144A 6.25%, 05/12/26 |
3,858 | 3,831,052 | ||||||
|
Banco de Bogota SA Reg S 6.25%, 05/12/26 |
200 | 198,603 | ||||||
See Notes to Financial Statements
| 29 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Colombia (continued) | ||||||||
|
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31 |
$ | 1,350 | $ | 1,235,230 | ||||
|
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 |
2,100 | 1,960,959 | ||||||
|
Cable Onda SA 144A 4.50%, 01/30/30 |
1,900 | 1,779,112 | ||||||
|
Canacol Energy Ltd. 144A 5.75%, 11/24/28 † |
1,800 | 1,634,562 | ||||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | 3,875 | 3,754,061 | ||||||
| 4.62%, 11/02/31 | 4,050 | 3,391,348 | ||||||
| 5.38%, 06/26/26 | 4,850 | 4,778,511 | ||||||
| 5.88%, 09/18/23 | 5,818 | 5,900,703 | ||||||
| 5.88%, 05/28/45 † | 6,550 | 5,162,088 | ||||||
| 5.88%, 11/02/51 | 2,450 | 1,869,693 | ||||||
| 6.88%, 04/29/30 | 6,200 | 6,133,071 | ||||||
| 7.38%, 09/18/43 | 2,733 | 2,493,421 | ||||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | 3,700 | 3,101,359 | ||||||
| 4.38%, 02/15/31 | 2,025 | 1,669,440 | ||||||
|
GCM Mining Corp. 144A 6.88%, 08/09/26 |
1,000 | 856,335 | ||||||
|
Geopark Ltd. 144A 5.50%, 01/17/27 † |
1,700 | 1,534,445 | ||||||
|
Gilex Holding Sarl 144A 8.50%, 05/02/23 |
1,200 | 1,188,846 | ||||||
|
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
3,600 | 3,054,510 | ||||||
|
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
2,100 | 2,081,604 | ||||||
|
Oleoducto Central SA 144A 4.00%, 07/14/27 |
1,550 | 1,404,579 | ||||||
|
Oleoducto Central SA Reg S 4.00%, 07/14/27 † |
200 | 181,236 | ||||||
|
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 |
1,300 | 1,169,246 | ||||||
|
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 † |
1,900 | 1,906,194 | ||||||
|
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 |
1,828 | 1,778,468 | ||||||
|
Termocandelaria Power Ltd. Reg S 7.88%, 01/30/29 |
170 | 165,439 | ||||||
| 64,214,115 | ||||||||
| Costa Rica: 0.3% | ||||||||
|
Banco Nacional de Costa Rica 144A 6.25%, 11/01/23 |
1,200 | 1,237,848 | ||||||
| Instituto Costarricense de Electricidad 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| Costa Rica (continued) | ||||||||
| 6.38%, 05/15/43 | $ | 1,800 | $ | 1,483,164 | ||||
| 6.75%, 10/07/31 | 1,100 | 1,100,775 | ||||||
|
Instituto Costarricense de Electricidad Reg S 6.38%, 05/15/43 |
100 | 82,398 | ||||||
| 3,904,185 | ||||||||
| Cyprus: 0.2% | ||||||||
| MHP Lux SA 144A | ||||||||
| 6.25%, 09/19/29 | 1,150 | 603,750 | ||||||
| 6.95%, 04/03/26 | 1,625 | 804,375 | ||||||
|
MHP SE 144A 7.75%, 05/10/24 |
1,825 | 990,062 | ||||||
| 2,398,187 | ||||||||
| Czech Republic: 0.1% | ||||||||
|
Energo-Pro AS 144A 8.50%, 02/04/27 |
1,500 | 1,440,000 | ||||||
| Dominican Republic: 0.1% | ||||||||
|
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 |
1,100 | 981,750 | ||||||
| El Salvador: 0.1% | ||||||||
|
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 |
1,050 | 1,050,346 | ||||||
|
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24 |
200 | 200,066 | ||||||
| 1,250,412 | ||||||||
| France: 0.1% | ||||||||
|
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 |
1,100 | 1,066,373 | ||||||
| Georgia: 0.3% | ||||||||
|
Georgia Capital JSC 144A 6.12%, 03/09/24 |
200 | 194,500 | ||||||
|
Georgia Capital JSC Reg S 6.12%, 03/09/24 |
1,100 | 1,069,750 | ||||||
|
Georgian Railway JSC 144A 4.00%, 06/17/28 |
1,800 | 1,545,840 | ||||||
|
Silknet JSC 144A 8.38%, 01/31/27 |
1,000 | 977,500 | ||||||
| 3,787,590 | ||||||||
| Ghana: 0.4% | ||||||||
|
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † |
2,100 | 2,055,060 | ||||||
|
Tullow Oil Plc 144A 7.00%, 03/01/25 |
2,900 | 2,369,373 | ||||||
| 4,424,433 | ||||||||
| Greece: 0.2% | ||||||||
|
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 |
1,875 | 1,916,447 | ||||||
| Guatemala: 0.4% | ||||||||
|
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 |
1,100 | 1,047,415 | ||||||
See Notes to Financial Statements
| 30 |
| Par (000’s |
) | Value | ||||||
| Guatemala (continued) | ||||||||
|
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 |
$ | 4,000 | $ | 3,805,140 | ||||
|
Energuate Trust Reg S 5.88%, 05/03/27 |
200 | 194,183 | ||||||
| 5,046,738 | ||||||||
| Honduras: 0.1% | ||||||||
|
Inversiones Atlantida SA 144A 7.50%, 05/19/26 |
1,000 | 981,345 | ||||||
| Hong Kong: 4.1% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
|
6.05%, 10/13/25 † |
1,250 | 422,187 | ||||||
| 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) | 1,100 | 250,800 | ||||||
| 8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) | 1,550 | 352,625 | ||||||
| Bank of East Asia Ltd. Reg S | ||||||||
| 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) | 2,300 | 2,308,625 | ||||||
| 5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) | 2,350 | 2,370,563 | ||||||
|
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) |
2,800 | 2,625,000 | ||||||
| Champion Path Holdings Ltd. Reg S | ||||||||
| 4.50%, 01/27/26 | 1,800 | 1,386,720 | ||||||
| 4.85%, 01/27/28 | 1,800 | 1,287,000 | ||||||
|
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) |
2,150 | 2,055,599 | ||||||
|
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 |
1,300 | 1,251,315 | ||||||
|
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 |
1,100 | 1,028,500 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 11.62%, 09/03/24 | 800 | 169,200 | ||||||
| 11.75%, 08/02/23 | 2,100 | 459,900 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.00%, 05/18/26 | 1,600 | 1,382,720 | ||||||
| 5.05%, 01/27/27 | 1,600 | 1,360,960 | ||||||
|
Franshion Brilliant Ltf. 4.88%, 06/21/24 |
400 | 321,924 | ||||||
|
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24 |
1,500 | 1,391,250 | ||||||
| Hopson Development Holdings Ltd. Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Hong Kong (continued) | ||||||||
| 7.00%, 05/18/24 | $ | 800 | $ | 632,000 | ||||
|
Jiayuan International Group Ltd. Reg S 12.50%, 07/21/23 |
600 | 202,020 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | 3,600 | 3,223,206 | ||||||
| 5.25%, 04/26/26 | 1,750 | 1,535,336 | ||||||
| 5.38%, 12/04/29 | 4,175 | 3,361,752 | ||||||
| 5.62%, 07/17/27 | 2,220 | 1,898,355 | ||||||
| 5.75%, 07/21/28 | 3,175 | 2,683,796 | ||||||
|
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 |
900 | 690,750 | ||||||
| RKPF Overseas 2020 A Ltd. Reg S | ||||||||
| 5.12%, 07/26/26 | 1,400 | 1,016,720 | ||||||
| 5.20%, 01/12/26 | 1,400 | 1,022,959 | ||||||
|
Seaspan Corp. 144A 5.50%, 08/01/29 |
2,500 | 2,210,625 | ||||||
|
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 |
1,200 | 1,227,000 | ||||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | 4,000 | 2,764,820 | ||||||
| 6.00%, 07/15/25 | 1,750 | 1,478,260 | ||||||
| 6.50%, 01/15/28 | 1,950 | 1,533,305 | ||||||
|
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
1,450 | 1,337,625 | ||||||
| 47,243,417 | ||||||||
| India: 5.7% | ||||||||
|
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 |
3,600 | 3,712,500 | ||||||
|
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
2,700 | 2,592,000 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 |
1,700 | 1,725,840 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 203,040 | ||||||
|
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 |
1,193 | 1,000,717 | ||||||
|
Bank of Baroda Reg S 3.88%, 04/04/24 |
1,050 | 1,049,568 | ||||||
|
Canara Bank Reg S 3.88%, 03/28/24 |
1,500 | 1,497,477 | ||||||
| Delhi International Airport Ltd. 144A | ||||||||
| 6.12%, 10/31/26 | 1,900 | 1,859,625 | ||||||
| 6.45%, 06/04/29 | 1,500 | 1,362,225 | ||||||
See Notes to Financial Statements
| 31 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| India (continued) | ||||||||
|
Delhi International Airport Ltd. Reg S 6.45%, 06/04/29 |
$ | 300 | $ | 272,445 | ||||
|
Future Retail Ltd. 144A 5.60%, 01/22/25 |
1,200 | 242,400 | ||||||
|
Future Retail Ltd. Reg S 5.60%, 01/22/25 |
200 | 40,400 | ||||||
| GMR Hyderabad International Airport Ltd. 144A | ||||||||
| 4.25%, 10/27/27 | 1,300 | 1,183,000 | ||||||
| 4.75%, 02/02/26 | 1,100 | 1,059,025 | ||||||
| 5.38%, 04/10/24 | 1,000 | 1,007,000 | ||||||
| HPCL-Mittal Energy Ltd. Reg S | ||||||||
| 5.25%, 04/28/27 | 1,400 | 1,334,200 | ||||||
| 5.45%, 10/22/26 | 1,000 | 971,645 | ||||||
|
India Green Energy Holdings 144A 5.38%, 04/29/24 |
1,150 | 1,134,311 | ||||||
|
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
2,509 | 2,187,522 | ||||||
|
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29 |
1,500 | 1,350,435 | ||||||
| JSW Steel Ltd. 144A | ||||||||
| 3.95%, 04/05/27 | 1,850 | 1,650,573 | ||||||
| 5.05%, 04/05/32 | 1,750 | 1,501,383 | ||||||
| JSW Steel Ltd. Reg S | ||||||||
| 5.38%, 04/04/25 | 1,400 | 1,389,500 | ||||||
| 5.95%, 04/18/24 | 1,900 | 1,928,500 | ||||||
|
Muthoot Finance Ltd. 144A 4.40%, 09/02/23 |
2,050 | 2,036,675 | ||||||
|
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
3,600 | 3,551,652 | ||||||
|
Periama Holdings LLC Reg S 5.95%, 04/19/26 |
2,750 | 2,709,850 | ||||||
|
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 |
1,350 | 1,282,838 | ||||||
|
ReNew Power Pvt Ltd. Reg S 5.88%, 03/05/27 |
200 | 190,050 | ||||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
1,950 | 1,979,250 | ||||||
|
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † |
2,150 | 1,877,379 | ||||||
| Shriram Transport Finance Co. Ltd. 144A | ||||||||
| 4.15%, 07/18/25 | 1,700 | 1,559,835 | ||||||
| 4.40%, 03/13/24 † | 2,800 | 2,672,502 | ||||||
| 5.10%, 07/16/23 | 1,700 | 1,675,869 | ||||||
|
Tata Motors Ltd. Reg S 5.88%, 05/20/25 |
1,100 | 1,107,557 | ||||||
|
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 |
1,300 | 1,297,075 | ||||||
| UPL Corp. Ltd. Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| India (continued) | ||||||||
| 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o) | $ | 1,400 | $ | 1,300,040 | ||||
|
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 |
2,200 | 1,829,278 | ||||||
| 13.88%, 01/21/24 | 3,550 | 3,690,065 | ||||||
| Vedanta Resources Ltd. 144A | ||||||||
| 6.12%, 08/09/24 | 3,650 | 3,064,120 | ||||||
| 7.12%, 05/31/23 | 1,825 | 1,728,915 | ||||||
| 65,808,281 | ||||||||
| Indonesia: 2.4% | ||||||||
|
Adaro Indonesia PT 144A 4.25%, 10/31/24 † |
2,700 | 2,667,479 | ||||||
|
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 |
1,000 | 465,000 | ||||||
|
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 |
1,000 | 975,000 | ||||||
|
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 |
1,200 | 1,122,000 | ||||||
|
Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/10/26 |
200 | 187,000 | ||||||
|
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 |
2,000 | 1,963,510 | ||||||
|
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 |
1,000 | 972,000 | ||||||
|
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 |
1,823 | 1,798,900 | ||||||
|
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 |
2,450 | 2,465,312 | ||||||
|
Jababeka International BV 144A 6.50%, 10/05/23 |
1,090 | 915,600 | ||||||
|
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 |
1,350 | 1,289,250 | ||||||
|
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 |
2,425 | 2,271,922 | ||||||
|
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 † |
2,100 | 2,082,979 | ||||||
|
Medco Oak Tree Pte Ltd. Reg S 7.38%, 05/14/26 |
300 | 297,568 | ||||||
|
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 |
1,800 | 1,783,089 | ||||||
|
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 |
1,550 | 1,469,943 | ||||||
|
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 |
1,700 | 1,625,166 | ||||||
| Star Energy Geothermal Wayang Windu Ltd. Reg S | ||||||||
See Notes to Financial Statements
| 32 |
| Par (000’s |
) | Value | ||||||
| Indonesia (continued) | ||||||||
| 6.75%, 04/24/33 | $ | 165 | $ | 171,334 | ||||
| Theta Capital Pte Ltd. Reg S | ||||||||
| 6.75%, 10/31/26 † | 1,600 | 1,510,400 | ||||||
| 8.12%, 01/22/25 † | 1,450 | 1,457,250 | ||||||
| 27,491,604 | ||||||||
| Ireland: 0.0% | ||||||||
|
PIK Securities DAC 144A 5.62%, 11/19/26 |
1,800 | 135,000 | ||||||
| Isle of Man: 0.0% | ||||||||
|
Gold Fields Orogen Holdings BVI Ltd. Reg S 5.12%, 05/15/24 |
300 | 302,288 | ||||||
| Israel: 3.2% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | 1,850 | 1,845,375 | ||||||
| 6.12%, 06/30/25 | 2,150 | 2,142,475 | ||||||
| 6.50%, 06/30/27 | 2,175 | 2,150,531 | ||||||
| 6.75%, 06/30/30 | 2,000 | 1,977,312 | ||||||
|
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † |
2,275 | 2,154,061 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | 4,175 | 4,054,155 | ||||||
| 3.15%, 10/01/26 | 9,750 | 8,375,884 | ||||||
| 4.10%, 10/01/46 | 5,525 | 3,955,016 | ||||||
| 6.00%, 04/15/24 | 3,617 | 3,621,557 | ||||||
| 6.75%, 03/01/28 † | 3,600 | 3,661,425 | ||||||
| 7.12%, 01/31/25 | 2,900 | 2,942,021 | ||||||
| 36,879,812 | ||||||||
| Kazakhstan: 0.3% | ||||||||
|
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 |
3,225 | 3,279,019 | ||||||
| Kuwait: 0.3% | ||||||||
| Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
| 4.23%, 10/29/26 | 1,700 | 1,530,000 | ||||||
| 4.50%, 02/23/27 | 1,900 | 1,693,375 | ||||||
| 3,223,375 | ||||||||
| Luxembourg: 2.3% | ||||||||
|
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 |
1,000 | 908,045 | ||||||
|
AI Candelaria Spain SA 144A 7.50%, 12/15/28 |
1,100 | 1,067,654 | ||||||
|
Amaggi Luxembourg International Sarl Reg S 5.25%, 01/28/28 |
200 | 189,874 | ||||||
|
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
1,900 | 1,760,017 | ||||||
| CSN Resources SA 144A | ||||||||
| 4.62%, 06/10/31 | 1,350 | 1,139,299 | ||||||
| 5.88%, 04/08/32 | 700 | 624,750 | ||||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 4.50%, 03/30/24 | $ | 2,300 | $ | 2,241,235 | ||||
| 4.88%, 03/30/26 | 2,300 | 2,143,945 | ||||||
| 5.38%, 03/30/28 | 2,275 | 2,100,109 | ||||||
| 5.88%, 03/30/31 | 2,175 | 1,963,481 | ||||||
|
Gol Finance SA 144A 8.00%, 06/30/26 |
1,100 | 961,290 | ||||||
|
Gol Finance SA Reg S 7.00%, 01/31/25 |
100 | 85,631 | ||||||
|
Hidrovias International Finance SARL 144A 4.95%, 02/08/31 |
800 | 645,712 | ||||||
|
Kenbourne Invest SA 144A 4.70%, 01/22/28 † |
1,650 | 1,418,662 | ||||||
|
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 |
3,050 | 2,658,685 | ||||||
|
MHP Lux SA Reg S 6.95%, 04/03/26 |
250 | 123,750 | ||||||
|
Minerva Luxembourg SA 144A 4.38%, 03/18/31 † |
2,200 | 1,828,706 | ||||||
|
Movida Europe SA 144A 5.25%, 02/08/31 † |
1,300 | 1,080,463 | ||||||
|
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 |
1,000 | 972,500 | ||||||
|
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 † |
1,000 | 962,525 | ||||||
|
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31 |
384 | 348,352 | ||||||
| Puma International Financing SA Reg S | ||||||||
| 5.00%, 01/24/26 | 200 | 187,023 | ||||||
| 5.12%, 10/06/24 | 200 | 191,880 | ||||||
|
Rede D’or Finance Sarl Reg S 4.95%, 01/17/28 |
200 | 188,039 | ||||||
|
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 † |
850 | 710,936 | ||||||
|
Tupy Overseas SA Reg S 4.50%, 02/16/31 |
200 | 167,437 | ||||||
|
Unigel Luxembourg SA Reg S 8.75%, 10/01/26 |
200 | 207,479 | ||||||
|
Usiminas International Sarl Reg S 5.88%, 07/18/26 |
200 | 200,232 | ||||||
| 27,077,711 | ||||||||
| Macao: 0.2% | ||||||||
|
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 |
2,700 | 2,271,658 | ||||||
|
MGM China Holdings Ltd. Reg S 5.38%, 05/15/24 |
200 | 187,566 | ||||||
| 2,459,224 | ||||||||
| Malta: 0.3% | ||||||||
|
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30 † |
3,500 | 3,058,440 | ||||||
See Notes to Financial Statements
| 33 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Mauritius: 2.3% | ||||||||
|
Axian Telecom 144A 7.38%, 02/16/27 |
$ | 1,500 | $ | 1,466,250 | ||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
1,542 | 1,395,823 | ||||||
|
CA Magnum Holdings 144A 5.38%, 10/31/26 |
3,700 | 3,542,750 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 |
1,078 | 992,391 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27 |
196 | 180,435 | ||||||
|
Greenko Power II Ltd. 144A 4.30%, 12/13/28 |
3,500 | 3,093,125 | ||||||
|
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 |
2,500 | 2,451,250 | ||||||
|
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 |
3,300 | 3,335,970 | ||||||
|
India Airport Infra 144A 6.25%, 10/25/25 † |
1,600 | 1,514,128 | ||||||
|
India Clean Energy Holdings 144A 4.50%, 04/18/27 |
1,350 | 1,157,625 | ||||||
|
India Cleantech Energy 144A 4.70%, 08/10/26 |
1,168 | 1,073,435 | ||||||
|
India Green Power Holdings 144A 4.00%, 02/22/27 |
1,550 | 1,349,740 | ||||||
|
India Green Power Holdings Reg S 4.00%, 02/22/27 |
200 | 174,160 | ||||||
|
India Toll Roads 144A 5.50%, 08/19/24 |
1,100 | 1,098,185 | ||||||
|
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 |
2,300 | 2,208,575 | ||||||
|
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) † |
1,700 | 1,572,797 | ||||||
|
Network i2i Ltd. Reg S 5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 1/15/2025 (o) |
100 | 98,657 | ||||||
| 26,705,296 | ||||||||
| Mexico: 7.2% | ||||||||
|
Alsea SAB de CV 144A 7.75%, 12/14/26 |
1,900 | 1,910,108 | ||||||
|
Axtel SAB de CV 144A 6.38%, 11/14/24 |
1,518 | 1,519,397 | ||||||
|
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 |
1,800 | 1,667,268 | ||||||
|
Braskem Idesa SAPI 144A 6.99%, 02/20/32 |
4,350 | 3,911,455 | ||||||
| Par (000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
|
Braskem Idesa SAPI Reg S 7.45%, 11/15/29 |
$ | 300 | $ | 281,416 | ||||
|
Cemex SAB de CV 144A 3.88%, 07/11/31 |
6,050 | 5,140,685 | ||||||
| 5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | 3,600 | 3,294,000 | ||||||
| 5.20%, 09/17/30 | 3,050 | 2,878,864 | ||||||
| 5.45%, 11/19/29 | 3,250 | 3,124,875 | ||||||
| 7.38%, 06/05/27 | 3,300 | 3,477,820 | ||||||
|
Cemex SAB de CV Reg S 7.38%, 06/05/27 |
400 | 421,554 | ||||||
|
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 |
2,200 | 1,777,974 | ||||||
| Credito Real SAB de CV SOFOM ER 144A | ||||||||
| 8.00%, 01/21/28 | 1,300 | 211,230 | ||||||
| 9.50%, 02/07/26 | 900 | 160,947 | ||||||
|
Cydsa SAB de CV 144A 6.25%, 10/04/27 |
1,600 | 1,514,280 | ||||||
|
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 |
1,200 | 1,063,620 | ||||||
|
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 |
1,150 | 1,054,389 | ||||||
|
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
1,800 | 1,811,043 | ||||||
|
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
1,585 | 1,529,256 | ||||||
|
Metalsa SAPI de CV 144A 3.75%, 05/04/31 |
1,050 | 878,603 | ||||||
|
Mexarrend SAPI de CV 144A 10.25%, 07/24/24 |
1,050 | 619,537 | ||||||
|
Nemak SAB de CV 144A 3.62%, 06/28/31 |
1,900 | 1,553,326 | ||||||
|
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 † |
1,700 | 1,074,324 | ||||||
| Petroleos Mexicanos | ||||||||
| 4.25%, 01/15/25 | 475 | 458,418 | ||||||
| 4.50%, 01/23/26 | 925 | 865,388 | ||||||
| 4.62%, 09/21/23 | 625 | 623,544 | ||||||
| 4.88%, 01/18/24 † | 500 | 497,998 | ||||||
| 5.35%, 02/12/28 | 1,375 | 1,222,911 | ||||||
| 5.50%, 06/27/44 † | 525 | 360,662 | ||||||
| 5.62%, 01/23/46 | 650 | 447,320 | ||||||
| 5.95%, 01/28/31 † | 2,600 | 2,191,891 | ||||||
| 6.35%, 02/12/48 † | 1,300 | 914,244 | ||||||
| 6.38%, 01/23/45 | 900 | 646,636 | ||||||
| 6.49%, 01/23/27 | 1,150 | 1,105,604 | ||||||
| 6.50%, 03/13/27 | 2,800 | 2,679,992 | ||||||
| 6.50%, 01/23/29 † | 875 | 806,549 | ||||||
| 6.50%, 06/02/41 | 1,050 | 784,219 | ||||||
| 6.62%, 06/15/35 | 1,900 | 1,544,244 | ||||||
| 6.62%, 06/15/38 | 350 | 270,851 | ||||||
See Notes to Financial Statements
| 34 |
| Par (000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
| 6.70%, 02/16/32 | $ | 4,915 | $ | 4,244,766 | ||||
| 6.75%, 09/21/47 | 3,950 | 2,862,447 | ||||||
| 6.84%, 01/23/30 | 1,900 | 1,735,023 | ||||||
| 6.88%, 10/16/25 | 825 | 834,681 | ||||||
| 6.88%, 08/04/26 | 1,750 | 1,741,574 | ||||||
| 6.95%, 01/28/60 | 2,750 | 1,999,181 | ||||||
| 7.69%, 01/23/50 | 5,725 | 4,485,165 | ||||||
|
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 |
900 | 863,753 | ||||||
|
Sixsigma Networks Mexico SA de CV Reg S 7.50%, 05/02/25 |
200 | 191,945 | ||||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 † | 1,900 | 1,585,227 | ||||||
| 7.50%, 11/12/25 | 1,900 | 1,765,917 | ||||||
| Total Play Telecomunicaciones SA de CV Reg S | ||||||||
| 6.38%, 09/20/28 | 200 | 166,866 | ||||||
| 7.50%, 11/12/25 | 200 | 185,886 | ||||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | 1,550 | 954,002 | ||||||
| 7.25%, 09/27/23 | 1,100 | 793,100 | ||||||
| 8.38%, 01/27/28 | 1,500 | 918,000 | ||||||
| 9.88%, 01/28/29 | 2,050 | 1,269,483 | ||||||
| 82,893,458 | ||||||||
| Mongolia: 0.2% | ||||||||
|
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23 |
1,900 | 1,888,176 | ||||||
|
Mongolian Mining Corp./Energy Resources LLC 144A 9.25%, 04/15/24 |
1,400 | 1,008,448 | ||||||
| 2,896,624 | ||||||||
| Morocco: 1.0% | ||||||||
| OCP SA 144A | ||||||||
| 3.75%, 06/23/31 | 2,750 | 2,334,467 | ||||||
| 4.50%, 10/22/25 | 1,925 | 1,934,686 | ||||||
| 5.12%, 06/23/51 | 2,600 | 2,019,186 | ||||||
| 5.62%, 04/25/24 | 2,750 | 2,830,091 | ||||||
| 6.88%, 04/25/44 | 2,150 | 2,080,125 | ||||||
| 11,198,555 | ||||||||
| Netherlands: 0.8% | ||||||||
|
Braskem Netherlands Finance BV Reg S 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
250 | 259,538 | ||||||
|
Coruripe Netherlands BV 144A 10.00%, 02/10/27 |
550 | 477,125 | ||||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
3,298 | 3,010,744 | ||||||
|
Metinvest BV Reg S 7.75%, 10/17/29 |
200 | 112,000 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| Par (000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
| 4.75%, 05/09/27 | $ | 2,650 | $ | 2,428,062 | ||||
| 5.12%, 05/09/29 † | 2,875 | 2,614,209 | ||||||
| 8,901,678 | ||||||||
| Nigeria: 0.7% | ||||||||
| Access Bank Plc 144A | ||||||||
|
6.12%, 09/21/26 |
1,700 | 1,607,401 | ||||||
| 9.12% (US Treasury Yield Curve Rate T 5 Year+8.07%), 10/7/2026 (o) | 200 | 183,000 | ||||||
|
EBN Finance Co. BV 144A 7.12%, 02/16/26 |
1,100 | 1,044,725 | ||||||
|
Fidelity Bank Plc 144A 7.62%, 10/28/26 |
1,400 | 1,329,160 | ||||||
|
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 |
1,200 | 1,204,848 | ||||||
|
Seplat Energy Plc 144A 7.75%, 04/01/26 |
2,300 | 2,193,211 | ||||||
|
United Bank for Africa Plc 144A 6.75%, 11/19/26 |
1,100 | 1,051,875 | ||||||
| 8,614,220 | ||||||||
| Oman: 1.6% | ||||||||
|
Bank Muscat SAOG Reg S 4.75%, 03/17/26 |
1,800 | 1,801,177 | ||||||
|
Lamar Funding Ltd. 144A 3.96%, 05/07/25 † |
3,250 | 3,168,211 | ||||||
|
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 |
350 | 341,192 | ||||||
|
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 |
1,750 | 1,788,031 | ||||||
|
National Bank of Oman SAOG Reg S 5.62%, 09/25/23 |
1,850 | 1,874,291 | ||||||
|
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 |
1,800 | 1,769,814 | ||||||
|
OQ SAOC 144A 5.12%, 05/06/28 |
2,700 | 2,631,604 | ||||||
| Oztel Holdings SPC Ltd. 144A | ||||||||
| 5.62%, 10/24/23 | 2,075 | 2,095,984 | ||||||
| 6.62%, 04/24/28 | 3,275 | 3,408,410 | ||||||
| 18,878,714 | ||||||||
| Pakistan: 0.1% | ||||||||
|
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
1,800 | 1,160,100 | ||||||
| Panama: 0.4% | ||||||||
|
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) |
1,400 | 1,355,102 | ||||||
|
Banistmo SA 144A 4.25%, 07/31/27 |
1,400 | 1,331,953 | ||||||
|
Cable Onda SA Reg S 4.50%, 01/30/30 |
200 | 187,275 | ||||||
|
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 |
1,450 | 1,369,257 | ||||||
| 4,243,587 | ||||||||
See Notes to Financial Statements
| 35 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Paraguay: 0.2% | ||||||||
|
Banco Continental SAECA 144A 2.75%, 12/10/25 |
$ | 1,200 | $ | 1,094,250 | ||||
|
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 |
1,000 | 873,070 | ||||||
| 1,967,320 | ||||||||
| Peru: 2.3% | ||||||||
|
Auna SAA 144A 6.50%, 11/20/25 |
1,000 | 950,430 | ||||||
|
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29 |
1,200 | 1,207,356 | ||||||
|
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 |
975 | 915,418 | ||||||
| 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | 1,175 | 1,180,088 | ||||||
|
Camposol SA 144A 6.00%, 02/03/27 |
1,200 | 1,101,732 | ||||||
|
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 |
2,000 | 1,836,320 | ||||||
|
Corp. Financiera de Desarrollo SA 144A 5.25% (ICE LIBOR USD 3 Month+5.61%), 07/15/29 |
1,100 | 1,079,859 | ||||||
|
InRetail Consumer 144A 3.25%, 03/22/28 |
1,900 | 1,679,419 | ||||||
|
InRetail Consumer Reg S 3.25%, 03/22/28 |
200 | 176,781 | ||||||
|
InRetail Shopping Malls 144A 5.75%, 04/03/28 |
1,375 | 1,368,125 | ||||||
|
Minsur SA 144A 4.50%, 10/28/31 † |
1,800 | 1,618,191 | ||||||
|
Peru LNG Srl 144A 5.38%, 03/22/30 |
2,500 | 2,153,275 | ||||||
|
Peru LNG Srl Reg S 5.38%, 03/22/30 |
800 | 689,048 | ||||||
|
Petroleos del Peru SA 144A 4.75%, 06/19/32 |
3,475 | 2,825,349 | ||||||
| 5.62%, 06/19/47 | 7,450 | 5,426,170 | ||||||
|
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 |
1,300 | 1,129,609 | ||||||
|
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
1,700 | 1,523,667 | ||||||
| 26,860,837 | ||||||||
| 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) |
1,200 | 1,167,098 | ||||||
| Par (000’s |
) | Value | ||||||
| Poland: 0.3% | ||||||||
| Canpack SA / Canpack US LLC 144A | ||||||||
| 3.12%, 11/01/25 | $ | 1,425 | $ | 1,319,458 | ||||
| 3.88%, 11/15/29 | 2,975 | 2,558,812 | ||||||
| 3,878,270 | ||||||||
| Qatar: 0.2% | ||||||||
|
QNB Finansbank AS 144A 6.88%, 09/07/24 |
2,400 | 2,478,444 | ||||||
| Russia: 0.1% | ||||||||
| Evraz Plc 144A | ||||||||
| 5.25%, 04/02/24 | 500 | 240,000 | ||||||
| 5.38%, 03/20/23 | 675 | 337,500 | ||||||
| VEON Holdings BV 144A | ||||||||
| 3.38%, 11/25/27 | 500 | 320,000 | ||||||
| 4.00%, 04/09/25 | 400 | 271,200 | ||||||
| 1,168,700 | ||||||||
| Saudi Arabia: 0.5% | ||||||||
|
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 |
1,800 | 1,773,090 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
| 6.75%, 02/15/25 | 2,150 | 2,185,871 | ||||||
| 6.88%, 02/26/27 | 1,400 | 1,412,341 | ||||||
| 5,371,302 | ||||||||
| Singapore: 2.3% | ||||||||
|
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
1,973 | 1,823,399 | ||||||
|
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
3,400 | 3,041,300 | ||||||
| 4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) | 800 | 711,353 | ||||||
|
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26 |
1,400 | 1,372,000 | ||||||
|
Greenko Investment Co. 144A 4.88%, 08/16/23 |
1,800 | 1,782,450 | ||||||
| Greenko Solar Mauritius Ltd. 144A | ||||||||
| 5.55%, 01/29/25 † | 1,900 | 1,875,205 | ||||||
| 5.95%, 07/29/26 | 2,000 | 1,960,000 | ||||||
|
Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24 |
300 | 296,034 | ||||||
|
Inkia Energy Ltd. 144A 5.88%, 11/09/27 |
2,266 | 2,142,786 | ||||||
|
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 |
1,400 | 1,311,854 | ||||||
|
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 |
2,000 | 1,968,683 | ||||||
| Puma International Financing SA 144A | ||||||||
See Notes to Financial Statements
| 36 |
| Par (000’s |
) | Value | ||||||
| Singapore (continued) | ||||||||
| 5.00%, 01/24/26 | $ | 2,500 | $ | 2,337,788 | ||||
| 5.12%, 10/06/24 | 1,900 | 1,822,860 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
1,604 | 1,670,505 | ||||||
|
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 |
1,300 | 1,199,315 | ||||||
|
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 |
1,200 | 1,176,000 | ||||||
| 26,491,532 | ||||||||
| South Africa: 2.9% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| 6.35%, 08/10/28 | 3,550 | 3,513,840 | ||||||
| 6.75%, 08/06/23 | 3,700 | 3,612,909 | ||||||
| 7.12%, 02/11/25 | 4,425 | 4,239,814 | ||||||
| 8.45%, 08/10/28 | 2,000 | 1,929,790 | ||||||
|
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 |
1,700 | 1,547,000 | ||||||
| Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
| 5.12%, 05/15/24 | 1,450 | 1,461,056 | ||||||
| 6.12%, 05/15/29 | 1,800 | 1,902,303 | ||||||
|
Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23 |
1,600 | 1,615,600 | ||||||
| MTN Mauritius Investments Ltd. 144A | ||||||||
| 4.75%, 11/11/24 | 2,775 | 2,764,655 | ||||||
| 6.50%, 10/13/26 | 1,750 | 1,820,515 | ||||||
| Sasol Financing USA LLC | ||||||||
| 5.88%, 03/27/24 | 5,425 | 5,409,457 | ||||||
| 6.50%, 09/27/28 | 2,775 | 2,759,363 | ||||||
|
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29 |
1,400 | 1,415,631 | ||||||
| 33,991,933 | ||||||||
| South Korea: 0.3% | ||||||||
|
SK Innovation Co. Ltd. Reg S 4.12%, 07/13/23 |
1,800 | 1,808,127 | ||||||
|
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
2,050 | 2,016,687 | ||||||
| 3,824,814 | ||||||||
| Spain: 0.7% | ||||||||
|
AES Andres BV 144A 5.70%, 05/04/28 |
1,000 | 918,522 | ||||||
|
AI Candelaria Spain SA 144A 5.75%, 06/15/33 |
1,950 | 1,626,826 | ||||||
| AI Candelaria Spain SA Reg S | ||||||||
| 5.75%, 06/15/33 | 300 | 250,281 | ||||||
| 7.50%, 12/15/28 | 200 | 194,119 | ||||||
|
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
1,550 | 1,518,000 | ||||||
| Par (000’s |
) | Value | ||||||
| Spain (continued) | ||||||||
|
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 |
$ | 1,800 | $ | 1,621,800 | ||||
|
International Airport Finance SA 144A 12.00%, 03/15/33 |
1,219 | 1,276,509 | ||||||
|
International Airport Finance SA Reg S 12.00%, 03/15/33 |
198 | 206,890 | ||||||
| 7,612,947 | ||||||||
| Switzerland: 0.1% | ||||||||
|
Consolidated Energy Finance SA 144A 6.50%, 05/15/26 |
1,550 | 1,584,945 | ||||||
| Tanzania: 0.1% | ||||||||
|
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 |
1,100 | 1,171,451 | ||||||
| Thailand: 0.6% | ||||||||
|
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
4,100 | 3,741,353 | ||||||
|
Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
200 | 182,505 | ||||||
|
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 |
3,000 | 2,765,510 | ||||||
| 6,689,368 | ||||||||
| Togo: 0.2% | ||||||||
|
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 |
1,600 | 1,663,552 | ||||||
|
Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24 |
200 | 207,944 | ||||||
| 1,871,496 | ||||||||
| Trinidad and Tobago: 0.6% | ||||||||
|
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 |
1,200 | 1,182,510 | ||||||
|
National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36 |
300 | 295,627 | ||||||
|
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 |
1,050 | 1,050,352 | ||||||
|
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
2,200 | 2,153,470 | ||||||
|
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 |
2,150 | 2,234,624 | ||||||
| 6,916,583 | ||||||||
See Notes to Financial Statements
| 37 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Turkey: 5.9% | ||||||||
|
Akbank TAS 144A 5.12%, 03/31/25 |
$ | 1,750 | $ | 1,649,170 | ||||
| 6.80%, 02/06/26 | 1,450 | 1,396,955 | ||||||
| 6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 | 1,900 | 1,766,923 | ||||||
|
Akbank TAS Reg S 6.80%, 02/06/26 |
200 | 192,683 | ||||||
|
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 † |
1,900 | 1,576,342 | ||||||
|
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
2,500 | 2,066,000 | ||||||
|
Aydem Yenilenebilir Enerji AS Reg S 7.75%, 02/02/27 |
200 | 165,280 | ||||||
|
KOC Holding AS 144A 6.50%, 03/11/25 |
2,800 | 2,807,672 | ||||||
|
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 |
1,400 | 1,303,960 | ||||||
|
Mersin Uluslararasi Liman Isletmeciligi AS Reg S 5.38%, 11/15/24 |
200 | 196,868 | ||||||
|
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 |
1,300 | 1,285,362 | ||||||
| TC Ziraat Bankasi AS 144A | ||||||||
| 5.12%, 09/29/23 | 1,750 | 1,722,228 | ||||||
| 5.38%, 03/02/26 | 2,250 | 2,061,524 | ||||||
| Turk Telekomunikasyon AS 144A | ||||||||
| 4.88%, 06/19/24 | 1,750 | 1,674,592 | ||||||
| 6.88%, 02/28/25 | 1,780 | 1,745,806 | ||||||
| Turkcell Iletisim Hizmetleri AS 144A | ||||||||
| 5.75%, 10/15/25 | 1,700 | 1,619,051 | ||||||
| 5.80%, 04/11/28 | 1,800 | 1,623,078 | ||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 5.38%, 10/24/23 | 1,450 | 1,429,570 | ||||||
| 5.75%, 07/06/26 | 2,800 | 2,548,140 | ||||||
| 6.12%, 05/03/24 | 1,750 | 1,710,009 | ||||||
| 8.25%, 01/24/24 | 1,900 | 1,943,634 | ||||||
|
Turkiye Ihracat Kredi Bankasi AS Reg S 5.38%, 10/24/23 |
300 | 295,773 | ||||||
| Turkiye Is Bankasi AS 144A | ||||||||
|
6.12%, 04/25/24 |
4,700 | 4,650,913 | ||||||
| 7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28 | 1,800 | 1,769,670 | ||||||
| 7.85%, 12/10/23 | 1,300 | 1,323,926 | ||||||
|
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 |
2,650 | 2,634,497 | ||||||
| Par (000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
|
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 |
$ | 2,500 | $ | 2,384,750 | ||||
| Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
| 5.88%, 01/14/26 | 1,200 | 1,111,781 | ||||||
| 6.00%, 01/23/25 | 1,400 | 1,351,199 | ||||||
|
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
2,475 | 2,420,738 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 | 2,600 | 2,435,347 | ||||||
| 5.50%, 10/01/26 † | 1,750 | 1,569,724 | ||||||
| 6.50%, 01/08/26 | 2,750 | 2,593,660 | ||||||
| 8.12%, 03/28/24 | 2,050 | 2,080,836 | ||||||
|
Turkiye Vakiflar Bankasi TAO Reg S 8.12%, 03/28/24 |
200 | 203,008 | ||||||
|
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
2,200 | 1,895,300 | ||||||
|
Ulker Biskuvi Sanayi AS Reg S 6.95%, 10/30/25 |
200 | 172,300 | ||||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
|
5.85%, 06/21/24 |
1,750 | 1,716,813 | ||||||
| 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | 1,700 | 1,664,334 | ||||||
| 8.25%, 10/15/24 | 1,825 | 1,875,819 | ||||||
|
Yapi ve Kredi Bankasi AS Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 |
200 | 195,804 | ||||||
|
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 |
950 | 807,500 | ||||||
| 67,638,539 | ||||||||
| Ukraine: 0.7% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | 1,100 | 595,375 | ||||||
| 6.75%, 10/27/27 | 1,050 | 577,500 | ||||||
| Metinvest BV 144A | ||||||||
| 7.65%, 10/01/27 | 1,200 | 650,160 | ||||||
| 7.75%, 10/17/29 | 1,500 | 840,000 | ||||||
| 8.50%, 04/23/26 | 1,600 | 904,000 | ||||||
|
Metinvest BV Reg S 8.50%, 04/23/26 |
200 | 113,000 | ||||||
|
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 |
1,700 | 543,754 | ||||||
|
NPC Ukrenergo 144A 6.88%, 11/09/26 |
2,800 | 980,000 | ||||||
|
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28 |
2,400 | 759,000 | ||||||
|
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24 |
2,800 | 798,000 | ||||||
See Notes to Financial Statements
| 38 |
| Par (000’s |
) | Value | ||||||
| Ukraine (continued) | ||||||||
|
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 |
$ | 1,400 | $ | 756,000 | ||||
| 7,516,789 | ||||||||
| United Arab Emirates: 2.3% | ||||||||
|
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 1/22/2025 (o) |
2,750 | 2,854,844 | ||||||
|
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
5,450 | 5,541,369 | ||||||
| Emaar Sukuk Ltd. Reg S | ||||||||
| 3.63%, 09/15/26 | 2,500 | 2,459,975 | ||||||
| 3.88%, 09/17/29 | 2,900 | 2,859,038 | ||||||
|
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o) |
3,700 | 3,746,250 | ||||||
|
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
3,200 | 3,196,336 | ||||||
|
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) |
1,600 | 1,626,000 | ||||||
| Shelf Drilling Holdings Ltd. 144A | ||||||||
| 8.25%, 02/15/25 † | 3,125 | 2,606,281 | ||||||
| 8.88%, 11/15/24 † | 1,200 | 1,225,734 | ||||||
| 26,115,827 | ||||||||
| United Kingdom: 1.7% | ||||||||
|
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
3,000 | 2,763,825 | ||||||
|
Endeavour Mining Plc 144A 5.00%, 10/14/26 † |
1,900 | 1,747,126 | ||||||
| IHS Holding Ltd. 144A | ||||||||
| 5.62%, 11/29/26 | 1,900 | 1,814,025 | ||||||
| 6.25%, 11/29/28 | 1,900 | 1,800,383 | ||||||
|
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26 |
1,195 | 1,266,946 | ||||||
|
Polyus Finance Plc 144A 3.25%, 10/14/28 |
300 | 82,500 | ||||||
|
Polyus Finance Plc Reg S 3.25%, 10/14/28 |
200 | 55,000 | ||||||
|
Tullow Oil Plc 144A 10.25%, 05/15/26 |
6,475 | 6,436,862 | ||||||
|
Ukraine Railways Via Rail Capital Markets Plc Reg S 7.88%, 07/15/26 |
200 | 53,000 | ||||||
|
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 † |
4,100 | 3,902,503 | ||||||
| Vedanta Resources Finance II Plc Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 8.95%, 03/11/25 | $ | 250 | $ | 237,958 | ||||
| 20,160,128 | ||||||||
| United States: 4.1% | ||||||||
|
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 |
1,650 | 1,587,853 | ||||||
| 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 1,850 | 1,798,080 | ||||||
|
AES Argentina Generacion SA 144A 7.75%, 02/02/24 |
1,000 | 853,985 | ||||||
|
Azul Investments LLP 144A 7.25%, 06/15/26 † |
1,000 | 851,385 | ||||||
|
Azul Investments LLP Reg S 5.88%, 10/26/24 |
200 | 178,047 | ||||||
|
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 |
1,169 | 1,096,506 | ||||||
|
Energuate Trust 144A 5.88%, 05/03/27 |
1,000 | 970,915 | ||||||
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
2,600 | 1,871,194 | ||||||
|
Guacolda Energia SA 144A 4.56%, 04/30/25 |
1,750 | 598,237 | ||||||
| Kosmos Energy Ltd. 144A | ||||||||
| 7.50%, 03/01/28 † | 1,700 | 1,638,307 | ||||||
| 7.75%, 05/01/27 | 1,500 | 1,491,833 | ||||||
|
Kosmos Energy Ltd. Reg S 7.12%, 04/04/26 |
200 | 195,720 | ||||||
|
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 |
1,400 | 1,325,023 | ||||||
| MGM China Holdings Ltd. 144A | ||||||||
| 5.25%, 06/18/25 † | 1,700 | 1,535,313 | ||||||
| 5.38%, 05/15/24 | 2,500 | 2,344,575 | ||||||
| 5.88%, 05/15/26 | 2,800 | 2,474,850 | ||||||
|
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
2,250 | 2,013,750 | ||||||
|
Mong Duong Finance Holdings BV Reg S 5.12%, 05/07/29 |
200 | 179,500 | ||||||
| Sasol Financing USA LLC | ||||||||
| 4.38%, 09/18/26 | 2,250 | 2,114,449 | ||||||
| 5.50%, 03/18/31 | 3,125 | 2,818,859 | ||||||
|
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 |
2,200 | 1,942,545 | ||||||
| Stillwater Mining Co. 144A | ||||||||
| 4.00%, 11/16/26 | 2,550 | 2,347,555 | ||||||
| 4.50%, 11/16/29 | 1,850 | 1,645,575 | ||||||
| Wynn Macau Ltd. 144A | ||||||||
| 4.88%, 10/01/24 | 2,225 | 1,989,973 | ||||||
| 5.12%, 12/15/29 † | 3,675 | 2,902,148 | ||||||
| 5.50%, 01/15/26 | 3,550 | 3,048,953 | ||||||
See Notes to Financial Statements
| 39 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 5.50%, 10/01/27 | $ | 2,575 | $ | 2,083,033 | ||||
| 5.62%, 08/26/28 | 4,875 | 3,893,833 | ||||||
| 47,791,996 | ||||||||
| Uzbekistan: 0.5% | ||||||||
|
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 |
1,000 | 908,750 | ||||||
|
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 |
1,000 | 885,000 | ||||||
|
Uzauto Motors AJ 144A 4.85%, 05/04/26 |
900 | 776,250 | ||||||
|
Uzauto Motors AJ Reg S 4.85%, 05/04/26 |
200 | 172,500 | ||||||
|
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 |
1,050 | 958,125 | ||||||
|
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 |
2,450 | 2,016,301 | ||||||
| 5,716,926 | ||||||||
| Zambia: 1.5% | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| 6.50%, 03/01/24 | 2,775 | 2,782,173 | ||||||
| 6.88%, 03/01/26 | 3,525 | 3,538,871 | ||||||
| 6.88%, 10/15/27 | 5,500 | 5,534,018 | ||||||
| 7.50%, 04/01/25 | 4,825 | 4,890,429 | ||||||
| 16,745,491 | ||||||||
| Total Corporate
Bonds (Cost: $1,248,622,557) |
1,107,960,415 | |||||||
| GOVERNMENT OBLIGATIONS: 1.1% | ||||||||
| Argentina: 0.8% | ||||||||
|
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 |
3,300 | 3,035,175 | ||||||
| Provincia de Cordoba 144A | ||||||||
| 5.00%, 06/01/27 (s) | 1,882 | 1,351,420 | ||||||
| 5.00%, 02/01/29 | 1,607 | 1,112,813 | ||||||
|
Provincia de Mendoza 144A 4.25%, 03/19/29 (s) |
2,125 | 1,534,250 | ||||||
|
Provincia de Neuquen 144A 4.62%, 04/27/30 (s) |
1,275 | 842,138 | ||||||
|
Provincia del Chubut 144A 7.75%, 07/26/30 (s) |
1,725 | 1,420,873 | ||||||
|
Provincia del Chubut Reg S 7.75%, 07/26/30 (s) |
272 | 224,348 | ||||||
| 9,521,017 | ||||||||
| Turkey: 0.3% | ||||||||
|
Istanbul Metropolitan Municipality 144A 6.38%, 12/09/25 |
1,800 | 1,635,516 | ||||||
| 10.75%, 04/12/27 | 1,200 | 1,206,779 | ||||||
| Istanbul Metropolitan Municipality Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 6.38%, 12/09/25 | $ | 200 | $ | 181,724 | ||||
| 3,024,019 | ||||||||
| Total Government
Obligations (Cost: $12,677,279) |
12,545,036 | |||||||
| Total Investments
Before Collateral for Securities Loaned: 97.3% (Cost: $1,261,299,836) |
1,120,505,451 | |||||||
| Number of Shares |
||||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 4.4% (Cost: $50,308,151) |
||||||||
| Money Market Fund: 4.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 50,308,151 | 50,308,151 | ||||||
| Total Investments: 101.7% (Cost: $1,311,607,987) |
1,170,813,602 | |||||||
| Liabilities in excess of other assets: (1.7)% | (19,175,349) | |||||||
| NET ASSETS: 100.0% | $ | 1,151,638,253 | ||||||
See Notes to Financial Statements
| 40 |
| Definitions: | |
| USD | United States Dollar |
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 |
| † | Security fully or partially on loan. Total market value of securities on loan is $48,679,628. |
| 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 $743,104,000, or 64.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 10.4 | % | $ | 116,829,083 | |||||
| Consumer Cyclicals | 3.7 | 41,627,844 | |||||||
| Consumer Non-Cyclicals | 3.9 | 43,271,900 | |||||||
| Energy | 18.2 | 204,183,304 | |||||||
| Financials | 34.9 | 390,997,433 | |||||||
| Government Activity | 1.1 | 12,545,036 | |||||||
| Healthcare | 3.4 | 37,674,880 | |||||||
| Industrials | 8.4 | 94,053,835 | |||||||
| Real Estate | 4.6 | 52,224,135 | |||||||
| Technology | 3.5 | 38,784,729 | |||||||
| Utilities | 7.9 | 88,313,272 | |||||||
| 100.0 | % | $ | 1,120,505,451 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 1,107,960,415 | $ | — | $ | 1,107,960,415 | ||||||||
| Government Obligations * | — | 12,545,036 | — | 12,545,036 | ||||||||||||
| Money Market Fund | 50,308,151 | — | — | 50,308,151 | ||||||||||||
| Total Investments | $ | 50,308,151 | $ | 1,120,505,451 | $ | — | $ | 1,170,813,602 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 41 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 98.3% | ||||||||
| Australia: 1.9% | ||||||||
| Buckeye Partners LP | ||||||||
| 3.95%, 12/01/26 | $ | 18,625 | $ | 17,623,999 | ||||
| 4.12%, 12/01/27 | 12,444 | 11,495,270 | ||||||
| 4.15%, 07/01/23 † | 15,533 | 15,437,472 | ||||||
| 4.35%, 10/15/24 † | 9,320 | 9,218,738 | ||||||
| 5.60%, 10/15/44 | 9,327 | 7,511,080 | ||||||
| 5.85%, 11/15/43 | 12,442 | 9,946,384 | ||||||
| 71,232,943 | ||||||||
| Canada: 1.6% | ||||||||
| Bombardier,
Inc. 144A 7.45%, 05/01/34 |
15,981 | 15,261,855 | ||||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | 9,317 | 9,181,424 | ||||||
| 5.25%, 12/15/29 | 21,744 | 20,687,350 | ||||||
| 5.65%, 12/01/44 | 9,336 | 8,215,680 | ||||||
| TransAlta
Corp. 6.50%, 03/15/40 |
9,514 | 9,544,300 | ||||||
| 62,890,609 | ||||||||
| Finland: 0.5% | ||||||||
| Nokia
Oyj 6.62%, 05/15/39 |
15,773 | 18,238,083 | ||||||
| France: 1.2% | ||||||||
|
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) |
46,560 | 45,573,859 | ||||||
| Germany: 3.3% | ||||||||
|
Deutsche Bank AG 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 |
42,261 | 41,471,032 | ||||||
| 4.50%, 04/01/25 | 46,562 | 45,799,390 | ||||||
| Dresdner
Funding Trust I 144A 8.15%, 06/30/31 |
31,100 | 37,730,520 | ||||||
| 125,000,942 | ||||||||
| Ireland: 1.8% | ||||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 3.90%, 12/15/24 | 21,755 | 21,430,236 | ||||||
| 3.90%, 06/15/30 † | 23,285 | 20,934,862 | ||||||
| 4.38%, 03/15/26 | 21,739 | 21,028,144 | ||||||
| 4.90%, 12/15/44 | 9,464 | 7,573,697 | ||||||
| 70,966,939 | ||||||||
| Italy: 4.5% | ||||||||
| Intesa
Sanpaolo SpA 144A 5.02%, 06/26/24 |
62,072 | 60,649,574 | ||||||
| Telecom Italia Capital SA | ||||||||
| 6.00%, 09/30/34 | 30,994 | 26,567,669 | ||||||
| 6.38%, 11/15/33 | 31,043 | 27,185,131 | ||||||
| 7.20%, 07/18/36 | 31,072 | 28,091,072 | ||||||
| 7.72%, 06/04/38 | 31,064 | 29,223,147 | ||||||
| 171,716,593 | ||||||||
| United Kingdom: 3.4% | ||||||||
| Marks &
Spencer Plc 144A 7.12%, 12/01/37 † |
9,314 | 9,486,868 | ||||||
| Rolls-Royce
Plc 144A 3.62%, 10/14/25 |
31,550 | 29,697,068 | ||||||
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
|
Standard
Chartered Plc 144A Month+1.46%), 07/30/37 (o) |
$ | 23,300 | $ | 27,134,625 | ||||
|
Vodafone
Group Plc 30/360 5 Year+4.87%), 04/04/79 |
62,099 | 65,662,862 | ||||||
| 131,981,423 | ||||||||
| United States: 80.1% | ||||||||
| ADT
Security Corp. 4.12%, 06/15/23 |
21,678 | 21,576,005 | ||||||
| Apache Corp. | ||||||||
| 4.25%, 01/15/30 † | 18,011 | 16,758,875 | ||||||
| 4.38%, 10/15/28 † | 10,120 | 9,527,120 | ||||||
| 4.75%, 04/15/43 | 13,296 | 11,521,981 | ||||||
| 5.10%, 09/01/40 | 41,405 | 37,536,945 | ||||||
| 5.25%, 02/01/42 | 12,421 | 11,446,883 | ||||||
| 5.35%, 07/01/49 † | 12,024 | 10,574,507 | ||||||
| 6.00%, 01/15/37 | 13,796 | 14,274,238 | ||||||
| Bath &
Body Works, Inc. 6.95%, 03/01/33 † |
10,821 | 10,300,238 | ||||||
| Bed Bath & Beyond, Inc. | ||||||||
| 3.75%, 08/01/24 † | 8,959 | 8,269,381 | ||||||
| 5.17%, 08/01/44 | 21,175 | 11,747,572 | ||||||
| Brightsphere
Investment Group, Inc. 4.80%, 07/27/26 |
8,837 | 8,235,598 | ||||||
| Brinker
International, Inc. 144A 5.00%, 10/01/24 |
10,958 | 10,947,303 | ||||||
| CDK
Global, Inc. 5.00%, 10/15/24 |
16,135 | 16,620,421 | ||||||
| Cleveland-Cliffs,
Inc. 6.25%, 10/01/40 |
8,125 | 7,875,481 | ||||||
| Crown
Cork & Seal Co., Inc. 7.38%, 12/15/26 |
11,070 | 11,776,321 | ||||||
| DCP Midstream Operating LP | ||||||||
| 5.60%, 04/01/44 | 12,516 | 11,984,258 | ||||||
| 8.12%, 08/16/30 | 9,384 | 11,095,125 | ||||||
| DCP Midstream Operating LP 144A | ||||||||
| 6.45%, 11/03/36 | 9,398 | 10,522,753 | ||||||
| 6.75%, 09/15/37 | 14,062 | 15,814,547 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 2.90%, 10/28/24 | 27,931 | 26,673,127 | ||||||
| 3.75%, 10/28/29 † | 14,708 | 12,998,857 | ||||||
| 4.38%, 04/19/28 † | 12,726 | 11,926,807 | ||||||
| Diversified Healthcare Trust | ||||||||
| 4.75%, 05/01/24 | 7,793 | 7,414,650 | ||||||
| 4.75%, 02/15/28 † | 15,553 | 13,276,430 | ||||||
| DPL,
Inc. 4.35%, 04/15/29 |
12,684 | 11,623,744 | ||||||
| Embarq
Corp. 8.00%, 06/01/36 |
44,640 | 40,261,262 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 4.15%, 06/01/25 | 22,382 | 21,795,704 | ||||||
| 4.40%, 04/01/24 | 16,187 | 16,004,087 | ||||||
| 5.05%, 04/01/45 | 13,951 | 10,767,800 | ||||||
| 5.45%, 06/01/47 | 15,515 | 12,596,939 | ||||||
See Notes to Financial Statements
| 42 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 5.60%, 04/01/44 | $ | 10,867 | $ | 8,987,009 | ||||
| EQM Midstream Partners LP | ||||||||
| 4.00%, 08/01/24 † | 15,526 | 15,031,730 | ||||||
| 4.12%, 12/01/26 | 15,541 | 14,452,975 | ||||||
| 4.75%, 07/15/23 | 18,628 | 18,442,838 | ||||||
| 5.50%, 07/15/28 | 26,400 | 25,262,292 | ||||||
| 6.50%, 07/15/48 | 17,098 | 15,762,646 | ||||||
| FirstEnergy Corp. | ||||||||
| 1.60%, 01/15/26 | 9,336 | 8,554,623 | ||||||
| 2.05%, 03/01/25 | 9,321 | 8,826,241 | ||||||
| 2.25%, 09/01/30 | 13,986 | 11,700,827 | ||||||
| 2.65%, 03/01/30 | 18,641 | 15,838,139 | ||||||
| 3.40%, 03/01/50 | 26,397 | 19,709,320 | ||||||
| 4.40%, 07/15/27 | 46,580 | 45,245,250 | ||||||
| 5.35%, 07/15/47 | 31,070 | 29,088,821 | ||||||
| 7.38%, 11/15/31 | 46,594 | 53,508,783 | ||||||
| Fluor Corp. | ||||||||
| 3.50%, 12/15/24 † | 11,894 | 11,679,759 | ||||||
| 4.25%, 09/15/28 † | 18,707 | 17,769,873 | ||||||
| Ford
Holdings LLC 9.30%, 03/01/30 |
5,631 | 6,708,886 | ||||||
| Ford Motor Co. | ||||||||
| 4.35%, 12/08/26 † | 28,519 | 27,410,324 | ||||||
| 4.75%, 01/15/43 | 38,033 | 30,690,159 | ||||||
| 5.29%, 12/08/46 | 24,723 | 21,308,506 | ||||||
| 6.62%, 10/01/28 | 8,501 | 8,821,360 | ||||||
| 7.40%, 11/01/46 | 7,596 | 8,217,011 | ||||||
| 7.45%, 07/16/31 | 20,352 | 22,162,921 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 3.10%, 05/04/23 | 18,761 | 18,564,010 | ||||||
| 3.66%, 09/08/24 † | 14,282 | 13,836,473 | ||||||
| 3.81%, 01/09/24 | 14,266 | 14,034,962 | ||||||
| 3.81%, 11/02/27 | 14,268 | 13,001,216 | ||||||
| 4.06%, 11/01/24 | 28,521 | 27,933,111 | ||||||
| 4.13%, 08/04/25 | 26,612 | 25,579,188 | ||||||
| 4.27%, 01/09/27 | 17,109 | 16,145,849 | ||||||
| 4.38%, 08/06/23 | 19,010 | 19,044,978 | ||||||
| 4.39%, 01/08/26 | 22,809 | 22,037,029 | ||||||
| 4.54%, 08/01/26 | 14,264 | 13,657,209 | ||||||
| 4.69%, 06/09/25 | 11,419 | 11,210,775 | ||||||
| 5.11%, 05/03/29 | 28,267 | 26,820,719 | ||||||
| 5.58%, 03/18/24 | 28,516 | 28,872,307 | ||||||
| Frontier
Florida LLC 6.86%, 02/01/28 |
9,683 | 9,551,069 | ||||||
|
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 |
16,840 | 15,410,193 | ||||||
| Genworth
Holdings, Inc. 6.50%, 06/15/34 |
9,298 | 8,682,426 | ||||||
| Global
Marine, Inc. 7.00%, 06/01/28 |
8,104 | 5,693,060 | ||||||
| HB
Fuller Co. 4.00%, 02/15/27 |
9,702 | 9,131,328 | ||||||
| HCA,
Inc. 7.69%, 06/15/25 |
9,626 | 10,500,089 | ||||||
| Hexcel Corp. | ||||||||
| 4.20%, 02/15/27 | 12,504 | 12,276,614 | ||||||
| 4.95%, 08/15/25 | 9,413 | 9,538,376 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Hillenbrand,
Inc. 5.00%, 09/15/26 |
$ | 11,990 | $ | 11,824,958 | ||||
| Howmet Aerospace, Inc. | ||||||||
| 5.90%, 02/01/27 | 19,436 | 19,970,587 | ||||||
| 5.95%, 02/01/37 | 19,434 | 19,670,220 | ||||||
| 6.75%, 01/15/28 | 9,325 | 9,895,970 | ||||||
| Lumen Technologies, Inc. | ||||||||
| 6.88%, 01/15/28 † | 13,210 | 12,607,492 | ||||||
| 7.60%, 09/15/39 | 16,141 | 14,118,331 | ||||||
| Macy’s Retail Holdings LLC | ||||||||
| 4.30%, 02/15/43 | 7,766 | 5,354,036 | ||||||
| 4.50%, 12/15/34 † | 11,377 | 8,894,880 | ||||||
| 5.12%, 01/15/42 | 7,758 | 5,775,249 | ||||||
| Mattel, Inc. | ||||||||
| 5.45%, 11/01/41 | 9,324 | 9,374,256 | ||||||
| 6.20%, 10/01/40 † | 7,790 | 8,092,953 | ||||||
| Murphy Oil Corp. | ||||||||
| 6.38%, 12/01/42 | 10,842 | 9,804,800 | ||||||
| 7.05%, 05/01/29 † | 7,767 | 8,060,942 | ||||||
| Navient
Corp. 5.62%, 08/01/33 |
18,764 | 14,859,587 | ||||||
| Newell Brands, Inc. | ||||||||
| 4.45%, 04/01/26 | 61,625 | 61,168,667 | ||||||
| 5.62%, 04/01/36 | 13,062 | 12,503,795 | ||||||
| 5.75%, 04/01/46 | 20,720 | 19,335,904 | ||||||
| Nordstrom, Inc. | ||||||||
| 2.30%, 04/08/24 | 7,775 | 7,454,709 | ||||||
| 4.00%, 03/15/27 † | 10,892 | 10,107,531 | ||||||
| 4.25%, 08/01/31 † | 13,199 | 11,212,897 | ||||||
| 4.38%, 04/01/30 † | 15,520 | 13,527,387 | ||||||
| 5.00%, 01/15/44 † | 29,987 | 24,915,299 | ||||||
| 6.95%, 03/15/28 † | 9,330 | 9,545,430 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 0.00%, 10/10/36 ^ | 57,748 | 29,836,064 | ||||||
| 2.90%, 08/15/24 | 16,731 | 16,375,885 | ||||||
| 3.00%, 02/15/27 | 12,125 | 11,291,770 | ||||||
| 3.20%, 08/15/26 | 15,195 | 14,301,382 | ||||||
| 3.40%, 04/15/26 | 16,161 | 15,410,887 | ||||||
| 3.50%, 08/15/29 † | 19,360 | 18,099,664 | ||||||
| 4.10%, 02/15/47 | 13,345 | 11,130,931 | ||||||
| 4.20%, 03/15/48 | 17,742 | 14,731,094 | ||||||
| 4.30%, 08/15/39 | 13,782 | 11,727,448 | ||||||
| 4.40%, 04/15/46 | 16,348 | 14,045,548 | ||||||
| 4.40%, 08/15/49 | 12,202 | 10,370,236 | ||||||
| 4.50%, 07/15/44 | 10,070 | 8,675,909 | ||||||
| 4.62%, 06/15/45 | 11,435 | 9,880,698 | ||||||
| 5.55%, 03/15/26 | 27,520 | 28,239,373 | ||||||
| 6.20%, 03/15/40 | 18,791 | 19,481,006 | ||||||
| 6.45%, 09/15/36 | 44,121 | 47,941,437 | ||||||
| 6.60%, 03/15/46 | 27,983 | 30,545,963 | ||||||
| 6.95%, 07/01/24 | 14,833 | 15,576,059 | ||||||
| 7.50%, 05/01/31 | 22,135 | 25,265,885 | ||||||
| 7.88%, 09/15/31 | 12,346 | 14,452,598 | ||||||
| 7.95%, 06/15/39 | 8,206 | 9,964,300 | ||||||
| Oceaneering International, Inc. | ||||||||
| 4.65%, 11/15/24 | 12,419 | 12,030,161 | ||||||
| 6.00%, 02/01/28 | 9,306 | 8,668,027 | ||||||
| Pactiv LLC | ||||||||
See Notes to Financial Statements
| 43 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 7.95%, 12/15/25 † | $ | 8,728 | $ | 8,565,485 | ||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.95%, 02/01/28 | 15,899 | 14,668,319 | ||||||
| 5.15%, 11/15/29 | 10,938 | 10,415,243 | ||||||
| ProAssurance
Corp. 5.30%, 11/15/23 |
8,028 | 8,117,686 | ||||||
| Qwest
Corp. 7.25%, 09/15/25 |
7,723 | 8,428,149 | ||||||
| Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
| 4.62%, 04/16/29 | 31,140 | 27,181,610 | ||||||
| 4.62%, 04/06/31 | 10,980 | 9,406,742 | ||||||
| Rockies Express Pipeline LLC 144A | ||||||||
| 3.60%, 05/15/25 | 12,429 | 11,819,917 | ||||||
| 4.80%, 05/15/30 | 10,876 | 9,976,555 | ||||||
| 4.95%, 07/15/29 | 17,082 | 16,012,496 | ||||||
| 6.88%, 04/15/40 | 15,525 | 14,778,869 | ||||||
| 7.50%, 07/15/38 | 7,801 | 7,714,682 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 3.70%, 03/15/28 † | 15,532 | 13,025,912 | ||||||
| 7.50%, 10/15/27 | 9,322 | 9,488,491 | ||||||
| Royal Caribbean Cruises Ltd. 144A | ||||||||
| 10.88%, 06/01/23 | 31,058 | 32,534,653 | ||||||
| 11.50%, 06/01/25 | 43,221 | 47,039,575 | ||||||
| Safeway,
Inc. 7.25%, 02/01/31 |
8,253 | 8,633,835 | ||||||
| Seagate HDD Cayman | ||||||||
| 4.09%, 06/01/29 | 15,534 | 13,808,328 | ||||||
| 4.12%, 01/15/31 † | 15,549 | 13,667,726 | ||||||
| 4.75%, 01/01/25 | 14,903 | 14,809,782 | ||||||
| 4.88%, 03/01/24 | 15,536 | 15,632,945 | ||||||
| 4.88%, 06/01/27 † | 15,684 | 15,311,191 | ||||||
| 5.75%, 12/01/34 | 15,246 | 14,361,122 | ||||||
| Sealed
Air Corp. 144A 6.88%, 07/15/33 |
14,573 | 15,988,548 | ||||||
| Service Properties Trust | ||||||||
| 3.95%, 01/15/28 | 12,435 | 9,875,380 | ||||||
| 4.35%, 10/01/24 | 25,625 | 23,777,438 | ||||||
| 4.38%, 02/15/30 | 12,430 | 9,555,438 | ||||||
| 4.50%, 06/15/23 | 6,250 | 6,103,125 | ||||||
| 4.50%, 03/15/25 | 10,883 | 9,865,059 | ||||||
| 4.65%, 03/15/24 | 20,533 | 19,381,304 | ||||||
| 4.75%, 10/01/26 | 13,976 | 12,038,158 | ||||||
| 4.95%, 02/15/27 † | 12,424 | 10,783,255 | ||||||
| 4.95%, 10/01/29 † | 13,216 | 10,580,564 | ||||||
| 5.25%, 02/15/26 | 10,891 | 9,707,638 | ||||||
|
Southeast Supply Header LLC 144A 4.25%, 06/15/24 |
12,401 | 12,299,448 | ||||||
|
Southwestern Energy Co. 5.95%, 01/23/25 |
12,155 | 12,345,043 | ||||||
| Spirit AeroSystems, Inc. | ||||||||
| 3.85%, 06/15/26 | 9,318 | 8,630,984 | ||||||
| 3.95%, 06/15/23 | 9,315 | 9,094,281 | ||||||
| 4.60%, 06/15/28 † | 21,775 | 18,851,924 | ||||||
| Sprint Capital Corp. | ||||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 6.88%, 11/15/28 | $ | 76,814 | $ | 84,427,420 | ||||
| 8.75%, 03/15/32 | 62,018 | 78,917,905 | ||||||
| Steelcase,
Inc. 5.12%, 01/18/29 |
14,500 | 14,140,965 | ||||||
| Tenet
Healthcare Corp. 6.88%, 11/15/31 |
11,364 | 11,789,184 | ||||||
|
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 |
19,125 | 19,459,519 | ||||||
| Transocean, Inc. | ||||||||
| 6.80%, 03/15/38 | 18,928 | 11,512,577 | ||||||
| 7.50%, 04/15/31 | 12,281 | 8,182,769 | ||||||
| Travel + Leisure Co. | ||||||||
| 5.65%, 04/01/24 | 9,317 | 9,398,990 | ||||||
| 6.00%, 04/01/27 | 12,437 | 12,545,699 | ||||||
| 6.60%, 10/01/25 † | 10,878 | 11,300,121 | ||||||
| Trinity
Industries, Inc. 4.55%, 10/01/24 |
12,510 | 12,448,388 | ||||||
| Under
Armour, Inc. 3.25%, 06/15/26 |
18,783 | 17,309,000 | ||||||
| United
States Cellular Corp. 6.70%, 12/15/33 |
16,970 | 17,563,102 | ||||||
| United
States Steel Corp. 6.65%, 06/01/37 † |
11,053 | 10,841,611 | ||||||
| Western Midstream Operating LP | ||||||||
| 3.60%, 02/01/25 | 22,742 | 21,778,421 | ||||||
| 3.95%, 06/01/25 | 12,400 | 11,975,923 | ||||||
| 4.50%, 03/01/28 | 12,440 | 11,880,822 | ||||||
| 4.55%, 02/01/30 † | 37,258 | 34,279,782 | ||||||
| 4.65%, 07/01/26 | 14,750 | 14,565,330 | ||||||
| 4.75%, 08/15/28 | 12,433 | 12,124,102 | ||||||
| 5.30%, 03/01/48 | 21,744 | 18,906,517 | ||||||
| 5.45%, 04/01/44 | 18,653 | 17,049,775 | ||||||
| 5.50%, 08/15/48 | 10,881 | 9,705,308 | ||||||
| 5.75%, 02/01/50 | 31,054 | 27,423,166 | ||||||
| Xerox Corp. | ||||||||
| 3.80%, 05/15/24 † | 9,334 | 9,043,386 | ||||||
| 4.80%, 03/01/35 | 7,851 | 6,232,438 | ||||||
| 6.75%, 12/15/39 † | 10,926 | 10,277,050 | ||||||
| XPO
CNW, Inc. 6.70%, 05/01/34 † |
9,507 | 9,767,884 | ||||||
| Yum! Brands, Inc. | ||||||||
| 3.88%, 11/01/23 † | 10,116 | 10,214,378 | ||||||
| 5.35%, 11/01/43 | 8,570 | 7,875,359 | ||||||
| 6.88%, 11/15/37 | 10,112 | 10,713,462 | ||||||
| 3,064,491,691 | ||||||||
| Total
Corporate Bonds (Cost: $4,157,898,232) |
3,762,093,082 | |||||||
See Notes to Financial Statements
| 44 |
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD AS | ||||||||
| COLLATERAL FOR SECURITIES ON LOAN: 4.6% (Cost: $174,899,945) |
||||||||
| Money Market Fund: 4.6% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 174,899,945 | $ | 174,899,945 | |||||
| Total
Investments: 102.9% (Cost: $4,332,798,177) |
3,936,993,027 | |||||||
| Liabilities in excess of other assets: (2.9)% | (111,148,573) | |||||||
| NET ASSETS: 100.0% | $ | 3,825,844,454 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $182,549,824. |
| (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 $465,853,427, or 12.2% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Basic Materials | 2.7 | % | $ | 102,263,229 | ||||
| Communications | 0.3 | 9,551,069 | ||||||
| Consumer Cyclicals | 16.4 | 616,777,706 | ||||||
| Consumer Non-Cyclicals | 0.2 | 8,633,835 | ||||||
| Energy | 29.8 | 1,122,410,383 | ||||||
| Financials | 13.4 | 503,418,264 | ||||||
| Healthcare | 2.5 | 93,256,212 | ||||||
| Industrials | 8.0 | 301,578,018 | ||||||
| Real Estate | 3.8 | 142,358,438 | ||||||
| Technology | 16.0 | 602,632,019 | ||||||
| Utilities | 6.9 | 259,213,909 | ||||||
| 100.0 | % | $ | 3,762,093,082 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 3,762,093,082 | $ | — | $ | 3,762,093,082 | ||||||||
| Money Market Fund | 174,899,945 | — | — | 174,899,945 | ||||||||||||
| Total Investments | $ | 174,899,945 | $ | 3,762,093,082 | $ | — | $ | 3,936,993,027 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 45 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 92.4% | ||||||||
| Argentina: 0.1% | ||||||||
| Genneia
SA 144A 8.75%, 09/02/27 |
$ | 100 | $ | 98,193 | ||||
| Australia: 0.6% | ||||||||
|
Bank of China Ltd./Sydney Reg S 0.75%, 09/29/24 |
200 | 189,065 | ||||||
|
National Australia Bank Ltd. 3.62%, 06/20/23 |
375 | 378,959 | ||||||
| 568,024 | ||||||||
| Bermuda: 0.4% | ||||||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 † |
350 | 345,886 | ||||||
| Brazil: 2.2% | ||||||||
|
Banco BTG Pactual SA 144A 2.75%, 01/11/26 † |
250 | 228,116 | ||||||
|
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 |
250 | 255,847 | ||||||
|
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 |
375 | 383,430 | ||||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
300 | 307,323 | ||||||
|
Klabin Austria GmbH 144A 7.00%, 04/03/49 |
150 | 145,628 | ||||||
| Klabin
Finance SA 144A 4.88%, 09/19/27 |
240 | 237,588 | ||||||
| Rumo
Luxembourg Sarl 144A 5.25%, 01/10/28 |
250 | 244,875 | ||||||
| Suzano
Austria GmbH 144A 5.75%, 07/14/26 |
250 | 262,164 | ||||||
| 2,064,971 | ||||||||
| British Virgin Islands: 0.5% | ||||||||
| Amipeace
Ltd. Reg S 1.75%, 11/09/26 |
250 | 231,635 | ||||||
|
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 |
200 | 199,500 | ||||||
| 431,135 | ||||||||
| Canada: 1.7% | ||||||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
100 | 100,638 | ||||||
| Bank
of Nova Scotia 2.38%, 01/18/23 † |
225 | 224,943 | ||||||
| Brookfield
Finance, Inc. 2.72%, 04/15/31 |
250 | 219,519 | ||||||
|
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 |
250 | 227,470 | ||||||
|
CDP Financial, Inc. Reg S 1.00%, 05/26/26 |
500 | 460,514 | ||||||
|
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 |
300 | 249,865 | ||||||
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| Tucson
Electric Power Co. 1.50%, 08/01/30 |
$ | 150 | $ | 121,642 | ||||
| 1,604,591 | ||||||||
| Cayman Islands: 0.4% | ||||||||
|
Hongkong Land Finance Cayman Islands Co. Ltd./The Reg S 2.25%, 07/15/31 |
200 | 169,292 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 |
200 | 188,902 | ||||||
| 358,194 | ||||||||
| Chile: 1.4% | ||||||||
| Colbun SA
144A 3.15%, 01/19/32 |
300 | 253,962 | ||||||
| Interchile
SA 144A 4.50%, 06/30/56 |
500 | 434,442 | ||||||
|
Inversiones CMPC SA 144A 4.38%, 04/04/27 |
250 | 250,864 | ||||||
|
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33 |
198 | 155,165 | ||||||
|
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 |
300 | 230,338 | ||||||
| 1,324,771 | ||||||||
| China: 6.7% | ||||||||
| Bank of China Ltd. Reg S | ||||||||
|
0.95%, 09/21/23 |
450 | 437,888 | ||||||
|
1.23% (United States Secured Overnight
Financing |
200 | 200,270 | ||||||
|
1.36% (ICE LIBOR USD 3 Month+0.88%), 11/22/22 |
300 | 300,114 | ||||||
|
1.41% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 |
200 | 200,571 | ||||||
|
Central China Real Estate Ltd. Reg S 7.50%, 07/14/25 |
200 | 67,000 | ||||||
| China Construction Bank Corp. Reg S | ||||||||
| 1.00%, 08/04/23 | 200 | 195,192 | ||||||
| 1.25%, 08/04/25 | 400 | 376,231 | ||||||
|
1.80% (ICE LIBOR USD 3 Month+0.66%), 10/22/22 |
400 | 400,406 | ||||||
|
China Development Bank Reg S 2.75%, 11/16/22 |
200 | 200,058 | ||||||
|
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 |
400 | 370,965 | ||||||
|
CIFI Holdings Group Co. Ltd. Reg S 5.95%, 10/20/25 |
400 | 316,400 | ||||||
|
ICBCIL Finance Co. Ltd. Reg S 1.53% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 |
400 | 399,734 | ||||||
| Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
See Notes to Financial Statements
| 46 |
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
|
1.63% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 |
$ | 400 | $ | 401,310 | ||||
|
1.66% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 |
800 | 803,238 | ||||||
|
2.01% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 |
200 | 200,417 | ||||||
| 2.25%, 09/16/22 | 200 | 199,553 | ||||||
| 2.88%, 10/12/22 | 300 | 300,024 | ||||||
|
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23 |
200 | 193,629 | ||||||
|
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 |
200 | 201,000 | ||||||
|
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 |
200 | 199,969 | ||||||
|
Shanghai Pudong Development Bank Co. Ltd./London Reg S 1.94% (ICE LIBOR USD 3 Month+0.70%), 10/29/22 |
200 | 200,025 | ||||||
|
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 |
200 | 196,691 | ||||||
|
Yuzhou Group Holdings Co. Ltd. Reg S 6.35%, 01/13/27 |
200 | 28,000 | ||||||
|
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 |
200 | 19,000 | ||||||
| 6,407,685 | ||||||||
| Colombia: 0.3% | ||||||||
|
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 |
300 | 281,724 | ||||||
| Dominican Republic: 0.1% | ||||||||
|
UEP Penonome II SA 144A 6.50%, 10/01/38 |
95 | 92,530 | ||||||
| France: 0.9% | ||||||||
|
BNP Paribas SA 144A 1.68% (United States Secured Overnight
Financing |
300 | 267,541 | ||||||
|
Electricite de France SA 144A 3.62%, 10/13/25 |
600 | 596,810 | ||||||
| 864,351 | ||||||||
| Georgia: 0.2% | ||||||||
|
Georgian Railway JSC 144A 4.00%, 06/17/28 |
250 | 214,700 | ||||||
| Germany: 3.2% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 0.75%, 09/30/30 | 950 | 792,115 | ||||||
| 1.00%, 10/01/26 † | 600 | 551,534 | ||||||
| 1.75%, 09/14/29 | 1,550 | 1,422,923 | ||||||
| 2.00%, 09/29/22 | 300 | 300,573 | ||||||
| 3,067,145 | ||||||||
| Par (000’s |
) | Value | ||||||
| Hong Kong: 2.6% | ||||||||
| Airport
Authority Reg S 1.75%, 01/12/27 |
$ | 300 | $ | 279,083 | ||||
China Development Bank/Hong Kong Reg S 0.62%, 09/09/24 |
200 | 189,945 | ||||||
|
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24 |
200 | 194,452 | ||||||
|
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 |
200 | 185,764 | ||||||
|
Industrial & Commercial Bank of China Ltd./Hong Kong Reg S 1.62%, 10/28/26 |
400 | 370,917 | ||||||
|
Industrial Bank Co. Ltd. Reg S 0.88%, 06/10/24 |
200 | 190,971 | ||||||
|
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 |
200 | 194,396 | ||||||
| MTR
Corp. CI Ltd. Reg S 2.50%, 11/02/26 |
400 | 385,185 | ||||||
| MTR
Corp. Ltd. Reg S 1.62%, 08/19/30 |
400 | 342,756 | ||||||
|
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
200 | 184,500 | ||||||
| 2,517,969 | ||||||||
| India: 3.3% | ||||||||
|
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
350 | 336,000 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 |
50 | 50,760 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 203,040 | ||||||
|
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 |
184 | 153,956 | ||||||
|
India Green Energy Holdings 144A 5.38%, 04/29/24 |
150 | 147,954 | ||||||
|
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 † |
200 | 176,311 | ||||||
|
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 |
200 | 192,849 | ||||||
|
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
338 | 294,474 | ||||||
|
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 |
200 | 191,396 | ||||||
| REC
Ltd. Reg S 3.88%, 07/07/27 |
200 | 192,820 | ||||||
| ReNew Power Pvt Ltd. 144A | ||||||||
See Notes to Financial Statements
| 47 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| India (continued) | ||||||||
| 5.88%, 03/05/27 | $ | 150 | $ | 142,537 | ||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
500 | 507,500 | ||||||
|
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † |
200 | 174,640 | ||||||
|
State Bank of India/London Reg S 4.50%, 09/28/23 |
400 | 405,458 | ||||||
| 3,169,695 | ||||||||
| Indonesia: 2.1% | ||||||||
| Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
| 2.30%, 06/23/25 | 150 | 145,875 | ||||||
| 3.55%, 06/09/51 | 275 | 230,131 | ||||||
| 3.75%, 03/01/23 | 650 | 656,400 | ||||||
| 3.90%, 08/20/24 | 450 | 459,281 | ||||||
|
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 |
550 | 527,172 | ||||||
| 2,018,859 | ||||||||
| Israel: 0.5% | ||||||||
|
Bank Hapoalim BM 144A Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.15%), 01/21/32 |
500 | 455,000 | ||||||
| Japan: 2.5% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 |
200 | 182,805 | ||||||
|
Japan Bank for International Cooperation 1.62%, 01/20/27 |
200 | 186,893 | ||||||
|
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 |
200 | 192,464 | ||||||
| Marubeni
Corp. Reg S 1.58%, 09/17/26 |
200 | 180,336 | ||||||
|
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 † |
250 | 248,183 | ||||||
| Norinchukin Bank 144A | ||||||||
| 1.28%, 09/22/26 | 200 | 179,717 | ||||||
| 2.08%, 09/22/31 | 300 | 253,454 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 0.51%, 01/12/24 | 250 | 238,731 | ||||||
| 2.47%, 01/14/29 † | 200 | 177,275 | ||||||
|
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 |
275 | 251,495 | ||||||
|
Toyota Motor Credit Corp. 2.15%, 02/13/30 |
300 | 265,994 | ||||||
| 2,357,347 | ||||||||
| Luxembourg: 0.8% | ||||||||
| Bank of China Ltd. Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 1.40%, 04/28/26 | $ | 200 | $ | 185,535 | ||||
|
European Investment Bank 1.62%, 05/13/31 † |
700 | 626,613 | ||||||
| 812,148 | ||||||||
| Macao: 0.2% | ||||||||
|
China Construction Bank Corp./ Macau Reg S 0.78% (United States Secured Overnight Financing Rate Compound Index+0.50%), 12/21/24 |
200 | 199,730 | ||||||
| Mauritius: 0.7% | ||||||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
193 | 174,478 | ||||||
|
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 |
200 | 196,100 | ||||||
|
India Cleantech Energy 144A 4.70%, 08/10/26 |
146 | 134,179 | ||||||
|
India Green Power Holdings 144A 4.00%, 02/22/27 |
200 | 174,160 | ||||||
| 678,917 | ||||||||
| Mexico: 0.3% | ||||||||
|
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 |
400 | 319,662 | ||||||
| Netherlands: 4.5% | ||||||||
|
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 |
350 | 307,517 | ||||||
|
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 † |
450 | 407,224 | ||||||
|
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 † |
400 | 357,095 | ||||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
485 | 442,756 | ||||||
|
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 |
450 | 410,752 | ||||||
| 4.62%, 01/06/26 | 500 | 504,909 | ||||||
|
Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 |
200 | 199,993 | ||||||
| Nederlandse Waterschapsbank NV 144A | ||||||||
| 1.00%, 05/28/30 | 300 | 254,815 | ||||||
| 2.38%, 03/24/26 | 750 | 732,167 | ||||||
|
NXP BV / NXP Funding LLC / NXP USA, Inc. 144A 2.50%, 05/11/31 |
550 | 457,521 | ||||||
See Notes to Financial Statements
| 48 |
| Par (000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
| 3.40%, 05/01/30 | $ | 200 | $ | 182,622 | ||||
| 4,257,371 | ||||||||
| Norway: 0.7% | ||||||||
| Kommunalbanken AS 144A | ||||||||
| 0.50%, 10/21/24 | 200 | 188,282 | ||||||
| 2.12%, 02/11/25 | 475 | 464,750 | ||||||
| 653,032 | ||||||||
| Pakistan: 0.1% | ||||||||
|
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
200 | 128,900 | ||||||
| Philippines: 0.2% | ||||||||
|
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 |
200 | 198,472 | ||||||
| Portugal: 0.4% | ||||||||
|
EDP Finance BV 144A 1.71%, 01/24/28 † |
400 | 345,645 | ||||||
| Qatar: 0.2% | ||||||||
|
QNB Finance Ltd. Reg S 1.62%, 09/22/25 |
200 | 187,001 | ||||||
| Saudi Arabia: 0.3% | ||||||||
|
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 |
300 | 273,993 | ||||||
| Singapore: 1.8% | ||||||||
|
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
296 | 273,510 | ||||||
|
DBS Group Holdings Ltd. 144A 1.80% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 |
250 | 250,173 | ||||||
|
Greenko Investment Co. 144A 4.88%, 08/16/23 |
200 | 198,050 | ||||||
|
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 |
400 | 392,000 | ||||||
|
Industrial & Commercial Bank of China Ltd./Singapore Reg S 1.00%, 10/28/24 |
450 | 429,030 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
206 | 214,167 | ||||||
| 1,756,930 | ||||||||
| South Korea: 5.0% | ||||||||
|
Export-Import Bank of Korea 2.12%, 01/18/32 |
300 | 262,926 | ||||||
|
Export-Import Bank of Korea 144A 1.75%, 10/19/28 |
450 | 406,937 | ||||||
|
Export-Import Bank of Korea Reg S 1.67% (ICE LIBOR USD 3 Month+0.74%), 03/22/23 |
200 | 200,960 | ||||||
| Hanwha Energy USA Holdings Corp. 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| South Korea (continued) | ||||||||
| 2.38%, 07/30/22 | $ | 150 | $ | 149,909 | ||||
|
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 |
300 | 270,518 | ||||||
|
Incheon International Airport Corp. Reg S 1.25%, 05/04/26 |
200 | 183,879 | ||||||
| Kia Corp. 144A | ||||||||
| 1.75%, 10/16/26 | 400 | 364,494 | ||||||
| 2.38%, 02/14/25 | 200 | 192,831 | ||||||
| Korea
Development Bank 0.40%, 06/19/24 |
350 | 331,579 | ||||||
|
1.69% (ICE LIBOR USD 3 Month+0.72%), 07/06/22 |
300 | 300,215 | ||||||
|
Korea Development Bank/The 0.75%, 01/25/25 |
200 | 187,003 | ||||||
|
Korea Electric Power Corp. 144A 2.50%, 06/24/24 |
350 | 345,507 | ||||||
|
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 |
300 | 303,040 | ||||||
|
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 |
200 | 193,214 | ||||||
|
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 |
200 | 202,028 | ||||||
| LG Chem Ltd. 144A | ||||||||
| 1.38%, 07/07/26 | 200 | 180,650 | ||||||
| 2.38%, 07/07/31 † | 225 | 192,013 | ||||||
| 3.25%, 10/15/24 | 250 | 248,783 | ||||||
| 3.62%, 04/15/29 | 250 | 241,743 | ||||||
| 4,758,229 | ||||||||
| Spain: 1.0% | ||||||||
| Avangrid, Inc. | ||||||||
| 3.20%, 04/15/25 † | 531 | 521,923 | ||||||
| 3.80%, 06/01/29 | 400 | 389,900 | ||||||
| 911,823 | ||||||||
| Supranational: 6.5% | ||||||||
|
Central American Bank for Economic Integration Reg S 1.36% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 |
200 | 201,236 | ||||||
| European Bank for Reconstruction & Development | ||||||||
| 1.50%, 02/13/25 | 500 | 480,676 | ||||||
| 1.62%, 09/27/24 | 500 | 485,342 | ||||||
| European Investment Bank | ||||||||
| 0.75%, 09/23/30 | 600 | 501,521 | ||||||
| 1.62%, 10/09/29 † | 380 | 344,679 | ||||||
| 2.12%, 04/13/26 | 800 | 776,121 | ||||||
| 2.38%, 05/24/27 | 650 | 631,570 | ||||||
| 2.50%, 10/15/24 † | 450 | 446,380 | ||||||
|
European Investment Bank 144A 2.88%, 06/13/25 |
750 | 748,725 | ||||||
See Notes to Financial Statements
| 49 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Supranational (continued) | ||||||||
| International Bank for Reconstruction & Development | ||||||||
| 2.12%, 03/03/25 | $ | 430 | $ | 421,316 | ||||
| 3.12%, 11/20/25 | 275 | 276,368 | ||||||
| International Finance Corp. | ||||||||
| 2.00%, 10/24/22 | 150 | 150,255 | ||||||
| 2.12%, 04/07/26 | 744 | 719,828 | ||||||
| 6,184,017 | ||||||||
| Sweden: 1.3% | ||||||||
| Kommuninvest I Sverige AB 144A | ||||||||
| 0.38%, 06/19/24 | 350 | 332,949 | ||||||
| 1.62%, 04/24/23 | 500 | 497,322 | ||||||
| Swedbank
AB 144A 1.54%, 11/16/26 |
500 | 455,522 | ||||||
| 1,285,793 | ||||||||
| Turkey: 0.2% | ||||||||
|
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
200 | 165,280 | ||||||
| United Arab Emirates: 0.8% | ||||||||
| MAF Sukuk Ltd. Reg S | ||||||||
| 3.93%, 02/28/30 | 200 | 196,600 | ||||||
| 4.64%, 05/14/29 | 400 | 409,000 | ||||||
|
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 |
200 | 175,215 | ||||||
| 780,815 | ||||||||
| United Kingdom: 1.7% | ||||||||
|
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 |
200 | 182,284 | ||||||
|
Brookfield Finance I UK Plc 2.34%, 01/30/32 |
300 | 249,704 | ||||||
|
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 † |
300 | 296,151 | ||||||
|
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 † |
300 | 251,179 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 |
200 | 197,920 | ||||||
|
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31 |
500 | 429,668 | ||||||
| 1,606,906 | ||||||||
| United States: 36.0% | ||||||||
|
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 |
200 | 192,467 | ||||||
| AES Corp. | ||||||||
| 1.38%, 01/15/26 | 350 | 313,922 | ||||||
| 2.45%, 01/15/31 | 455 | 377,744 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 |
$ | 200 | $ | 185,434 | ||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.00%, 05/18/32 | 350 | 287,593 | ||||||
| 2.95%, 03/15/34 | 250 | 217,143 | ||||||
| 3.80%, 04/15/26 | 200 | 199,442 | ||||||
| Apple, Inc. | ||||||||
| 2.85%, 02/23/23 † | 125 | 125,724 | ||||||
| 3.00%, 06/20/27 | 1,000 | 983,576 | ||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
| 3.25%, 09/01/28 † | 250 | 218,471 | ||||||
| 4.00%, 09/01/29 | 525 | 450,579 | ||||||
|
Arizona Public Service Co. 2.65%, 09/15/50 |
200 | 136,820 | ||||||
| AvalonBay Communities, Inc. | ||||||||
| 1.90%, 12/01/28 | 100 | 88,440 | ||||||
| 2.05%, 01/15/32 † | 250 | 213,272 | ||||||
| Boston Properties LP | ||||||||
| 2.45%, 10/01/33 | 400 | 325,113 | ||||||
| 3.40%, 06/21/29 | 425 | 397,707 | ||||||
| 4.50%, 12/01/28 † | 400 | 403,312 | ||||||
|
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 |
750 | 739,137 | ||||||
| Clearway Energy Operating LLC 144A | ||||||||
| 3.75%, 02/15/31 | 400 | 344,610 | ||||||
| 4.75%, 03/15/28 | 425 | 402,307 | ||||||
| Dana,
Inc. 4.25%, 09/01/30 |
200 | 171,781 | ||||||
| Deutsche
Bank AG 1.69%, 03/19/26 |
300 | 273,921 | ||||||
| Dominion
Energy, Inc. 2.25%, 08/15/31 |
350 | 294,729 | ||||||
| DTE Electric Co. | ||||||||
| 1.90%, 04/01/28 † | 250 | 224,928 | ||||||
| 3.25%, 04/01/51 | 200 | 165,366 | ||||||
| 3.95%, 03/01/49 | 290 | 268,300 | ||||||
|
Duke Energy Carolinas LLC 3.95%, 11/15/28 |
350 | 350,220 | ||||||
|
Duke Energy Florida LLC 2.50%, 12/01/29 |
150 | 135,753 | ||||||
|
Duke Energy Progress LLC 3.45%, 03/15/29 |
300 | 288,531 | ||||||
| Duke Realty LP | ||||||||
| 1.75%, 02/01/31 | 200 | 164,320 | ||||||
| 2.88%, 11/15/29 | 225 | 206,614 | ||||||
| Equinix, Inc. | ||||||||
| 1.00%, 09/15/25 | 300 | 272,251 | ||||||
| 1.55%, 03/15/28 | 200 | 170,733 | ||||||
| 2.50%, 05/15/31 | 550 | 462,605 | ||||||
| 3.90%, 04/15/32 | 350 | 328,666 | ||||||
See Notes to Financial Statements
| 50 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| ERP
Operating LP 4.15%, 12/01/28 |
$ | 200 | $ | 200,279 | ||||
|
Evergy Kansas Central, Inc. 2.55%, 07/01/26 |
200 | 191,865 | ||||||
| Fannie Mae-Aces | ||||||||
| 1.44%, 10/25/29 | 500 | 438,460 | ||||||
| 2.44%, 10/25/29 | 37 | 35,069 | ||||||
| 2.52%, 08/25/29 | 593 | 563,695 | ||||||
| 2.64%, 07/25/24 | 187 | 186,064 | ||||||
| 2.89%, 02/25/27 | 305 | 300,442 | ||||||
| 2.94%, 06/25/29 | 10 | 9,769 | ||||||
| 3.00%, 01/25/28 | 415 | 407,179 | ||||||
| 3.06%, 09/25/27 | 275 | 271,861 | ||||||
| 3.14%, 03/25/28 | 220 | 218,005 | ||||||
| 3.16%, 03/25/28 | 454 | 447,719 | ||||||
| 3.18%, 02/25/30 | 386 | 380,810 | ||||||
| 3.21%, 11/25/27 | 14 | 13,999 | ||||||
| 3.41%, 06/25/28 | 318 | 320,018 | ||||||
| 3.67%, 09/25/28 | 1,165 | 1,183,820 | ||||||
| 3.87%, 09/25/30 | 103 | 105,604 | ||||||
|
Federal Realty Investment Trust 1.25%, 02/15/26 |
200 | 181,512 | ||||||
|
Fifth Third Bancorp 1.71% (United States Secured Overnight Financing Rate+0.69%), 11/01/27 |
200 | 180,762 | ||||||
| Ford
Motor Co. 3.25%, 02/12/32 |
1,200 | 977,202 | ||||||
| Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
| 1.30%, 06/25/30 | 30 | 25,510 | ||||||
| 2.88%, 04/25/26 | 285 | 281,651 | ||||||
|
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 |
350 | 355,701 | ||||||
| Healthpeak Properties, Inc. | ||||||||
| 1.35%, 02/01/27 | 200 | 179,605 | ||||||
| 2.12%, 12/01/28 † | 250 | 221,823 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 2.90%, 12/15/31 | 250 | 211,260 | ||||||
| 3.38%, 12/15/29 | 250 | 224,626 | ||||||
| Interstate Power & Light Co. | ||||||||
| 3.50%, 09/30/49 | 150 | 126,277 | ||||||
| 4.10%, 09/26/28 | 250 | 251,555 | ||||||
|
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 † |
300 | 251,327 | ||||||
|
JPMorgan Chase & Co. 0.65% (TSFR3M+0.60%), 09/16/24 |
525 | 507,935 | ||||||
|
0.77% (United States Secured Overnight Financing Rate+0.49%), 08/09/25 |
500 | 468,350 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.81%, 06/01/41 | 600 | 476,045 | ||||||
| 3.15%, 05/01/27 | 280 | 272,362 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Kilroy Realty LP | ||||||||
| 2.50%, 11/15/32 | $ | 50 | $ | 40,470 | ||||
| 2.65%, 11/15/33 | 300 | 239,363 | ||||||
| 4.75%, 12/15/28 | 250 | 254,114 | ||||||
|
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 |
200 | 179,666 | ||||||
|
Massachusetts Institute of Technology 3.96%, 07/01/38 |
200 | 204,748 | ||||||
|
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 † |
350 | 323,417 | ||||||
| MidAmerican Energy Co. | ||||||||
| 2.70%, 08/01/52 | 200 | 149,917 | ||||||
| 3.10%, 05/01/27 | 225 | 218,746 | ||||||
| 3.15%, 04/15/50 | 200 | 162,503 | ||||||
| 3.65%, 04/15/29 | 300 | 296,331 | ||||||
| 3.65%, 08/01/48 | 400 | 359,744 | ||||||
| 3.95%, 08/01/47 | 275 | 255,138 | ||||||
| 4.25%, 07/15/49 | 525 | 510,367 | ||||||
|
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 |
725 | 642,739 | ||||||
| Northern States Power Co. | ||||||||
| 2.60%, 06/01/51 † | 250 | 186,756 | ||||||
| 2.90%, 03/01/50 | 250 | 196,003 | ||||||
| 3.20%, 04/01/52 | 200 | 166,773 | ||||||
| NSTAR
Electric Co. 3.25%, 05/15/29 |
325 | 310,352 | ||||||
| Owens
Corning 3.95%, 08/15/29 |
225 | 220,450 | ||||||
| PacifiCorp 2.90%, 06/15/52 |
200 | 153,631 | ||||||
|
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 |
350 | 327,710 | ||||||
|
Piedmont Operating Partnership LP 3.15%, 08/15/30 |
150 | 131,725 | ||||||
|
PNC Financial Services Group, Inc. 2.20%, 11/01/24 |
310 | 303,340 | ||||||
| Prologis
LP 1.25%, 10/15/30 † |
375 | 303,507 | ||||||
| Public Service Co. of Colorado | ||||||||
| 3.20%, 03/01/50 | 250 | 207,424 | ||||||
| 3.70%, 06/15/28 | 450 | 447,708 | ||||||
| 4.10%, 06/15/48 | 360 | 347,425 | ||||||
| Public Service Co. of Oklahoma | ||||||||
| 2.20%, 08/15/31 | 250 | 210,664 | ||||||
| 3.15%, 08/15/51 | 150 | 115,870 | ||||||
|
Public Service Electric and Gas Co. 3.10%, 03/15/32 † |
150 | 139,941 | ||||||
| Regency
Centers LP 3.75%, 06/15/24 |
125 | 125,272 | ||||||
See Notes to Financial Statements
| 51 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Renewable Energy Group, Inc. 144A 5.88%, 06/01/28 |
$ | 250 | $ | 265,050 | ||||
|
Seattle Children’s Hospital 2.72%, 10/01/50 † |
150 | 108,651 | ||||||
| SK Battery America, Inc. Reg S | ||||||||
| 1.62%, 01/26/24 | 250 | 240,229 | ||||||
| 2.12%, 01/26/26 | 200 | 182,816 | ||||||
|
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 |
800 | 713,720 | ||||||
| Sonoco
Products Co. 2.85%, 02/01/32 |
200 | 174,972 | ||||||
| Southern
Power Co. 4.15%, 12/01/25 |
700 | 708,412 | ||||||
|
Southwestern Public Service Co. 3.15%, 05/01/50 |
100 | 80,291 | ||||||
|
Sunnova Energy Corp. 144A 5.88%, 09/01/26 † |
200 | 183,269 | ||||||
|
Tennessee Valley Authority 1.50%, 09/15/31 |
200 | 170,186 | ||||||
|
Toyota Auto Receivables Owner 0.26%, 11/17/25 |
204 | 196,746 | ||||||
| UDR,
Inc. 1.90%, 03/15/33 |
175 | 138,053 | ||||||
| Union
Electric Co. 2.62%, 03/15/51 |
275 | 201,549 | ||||||
|
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 |
200 | 193,015 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1.50%, 09/18/30 † | 300 | 243,409 | ||||||
| 2.85%, 09/03/41 | 400 | 312,653 | ||||||
| 3.88%, 02/08/29 | 600 | 592,419 | ||||||
| 3.88%, 03/01/52 | 300 | 261,874 | ||||||
| Vornado Realty LP | ||||||||
| 2.15%, 06/01/26 | 200 | 182,470 | ||||||
| 3.40%, 06/01/31 | 150 | 132,157 | ||||||
| Welltower, Inc. | ||||||||
| 2.70%, 02/15/27 † | 250 | 238,820 | ||||||
| 3.85%, 06/15/32 | 100 | 95,254 | ||||||
|
Wisconsin Power and Light Co. 1.95%, 09/16/31 |
200 | 167,784 | ||||||
| 34,365,305 | ||||||||
| Total
Corporate Bonds (Cost: $97,204,951) |
88,112,739 | |||||||
| GOVERNMENT OBLIGATIONS: 6.5% | ||||||||
| Chile: 1.5% | ||||||||
| Chile Government International Bond | ||||||||
| 2.55%, 01/27/32 | 850 | 739,568 | ||||||
| 3.50%, 01/25/50 | 850 | 675,826 | ||||||
| 1,415,394 | ||||||||
| Egypt: 0.4% | ||||||||
| Egypt Government International Bond 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| Egypt (continued) | ||||||||
| 5.25%, 10/06/25 | $ | 200 | $ | 177,804 | ||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 |
200 | 177,804 | ||||||
| 355,608 | ||||||||
| Hong Kong: 1.9% | ||||||||
| Hong Kong Government International Bond 144A | ||||||||
| 0.62%, 02/02/26 | 500 | 458,573 | ||||||
| 1.38%, 02/02/31 | 500 | 432,638 | ||||||
| 2.38%, 02/02/51 | 200 | 148,875 | ||||||
| 2.50%, 05/28/24 | 450 | 446,875 | ||||||
|
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 |
400 | 352,437 | ||||||
| 1,839,398 | ||||||||
| Saudi Arabia: 0.4% | ||||||||
|
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 |
400 | 368,437 | ||||||
| Supranational: 1.2% | ||||||||
| Asian Development Bank | ||||||||
| 1.75%, 08/14/26 | 275 | 261,046 | ||||||
| 2.12%, 03/19/25 | 400 | 390,982 | ||||||
| 2.38%, 08/10/27 | 300 | 290,540 | ||||||
| 3.12%, 09/26/28 | 250 | 251,226 | ||||||
| 1,193,794 | ||||||||
| United States: 1.1% | ||||||||
| City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
| 2.83%, 11/01/41 | 100 | 81,432 | ||||||
| 3.30%, 11/01/39 | 100 | 86,440 | ||||||
| 3.47%, 11/01/43 | 250 | 216,017 | ||||||
|
Commonwealth of Massachusetts 3.28%, 06/01/46 |
150 | 132,042 | ||||||
|
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 |
170 | 173,372 | ||||||
|
Metropolitan Transportation Authority 5.17%, 11/15/49 |
300 | 323,225 | ||||||
| 1,012,528 | ||||||||
| Total
Government Obligations (Cost: $7,121,495) |
6,185,159 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| PREFERRED
SECURITIES: 0.1% (Cost: $173,320) |
||||||||
| Canada: 0.1% | ||||||||
| Brookfield
Finance, Inc. (USD), 4.62%, 10/16/80 † |
7,000 | 132,650 | ||||||
| Total
Investments Before Collateral for Securities Loaned: 99.0% (Cost: $104,499,766) |
94,430,548 | |||||||
See Notes to Financial Statements
| 52 |
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 2.9% (Cost: $2,740,591) |
||||||||
| Money Market Fund: 2.9% | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 2,740,591 | $ | 2,740,591 | |||||
| Total Investments: 101.9% (Cost: $107,240,357) |
97,171,139 | |||||||
| Liabilities in excess of other assets: (1.9)% | (1,840,010) | |||||||
| NET ASSETS: 100.0% | $ | 95,331,129 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $6,298,898. |
| 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 $29,365,918, or 30.8% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Academic & Educational Services | 0.2 | % | $ | 204,748 | ||||
| Basic Materials | 3.4 | 3,217,223 | ||||||
| Consumer Cyclicals | 2.3 | 2,197,275 | ||||||
| Consumer Non-Cyclicals | 0.3 | 319,662 | ||||||
| Energy | 1.4 | 1,276,879 | ||||||
| Financials | 41.9 | 39,517,955 | ||||||
| Government Activity | 8.1 | 7,676,846 | ||||||
| Healthcare | 0.9 | 857,058 | ||||||
| Industrials | 3.6 | 3,424,222 | ||||||
| Mortgage Securities | 5.5 | 5,189,676 | ||||||
| Real Estate | 8.6 | 8,114,495 | ||||||
| Technology | 3.4 | 3,159,798 | ||||||
| Utilities | 20.4 | 19,274,711 | ||||||
| 100.0 | % | $ | 94,430,548 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 88,112,739 | $ | — | $ | 88,112,739 | ||||||||
| Government Obligations * | — | 6,185,159 | — | 6,185,159 | ||||||||||||
| Preferred Securities * | 132,650 | — | — | 132,650 | ||||||||||||
| Money Market Fund | 2,740,591 | — | — | 2,740,591 | ||||||||||||
| Total Investments | $ | 2,873,241 | $ | 94,297,898 | $ | — | $ | 97,171,139 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 53 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.1% | ||||||||
| Argentina: 0.9% | ||||||||
| Arcor
SAIC 144A
6.00%, 07/06/23 |
USD | 50 | $ | 50,189 | ||||
| Capex
SA 144A
6.88%, 05/15/24 |
USD | 25 | 23,912 | |||||
| MercadoLibre,
Inc.
3.12%, 01/14/31 |
USD | 100 | 81,034 | |||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | USD | 25 | 25,033 | |||||
| 7.50%, 01/24/27 | USD | 50 | 46,519 | |||||
| 9.12%, 04/15/29 | USD | 25 | 23,159 | |||||
| Pan
American Energy LLC 144A
9.12%, 04/30/27 |
USD | 35 | 38,756 | |||||
| Telecom
Argentina SA 144A
8.00%, 07/18/26 |
USD | 75 | 71,163 | |||||
| YPF
Energia Electrica SA 144A
10.00%, 07/25/26 |
USD | 35 | 32,790 | |||||
| YPF SA 144A | ||||||||
| 2.50%, 06/30/29 (s) | USD | 75 | 54,570 | |||||
| 4.00%, 02/12/26 (s) | USD | 75 | 66,588 | |||||
| 6.95%, 07/21/27 | USD | 100 | 72,513 | |||||
| 7.00%, 12/15/47 | USD | 75 | 46,959 | |||||
| 8.50%, 07/28/25 | USD | 75 | 61,229 | |||||
| 8.75%, 04/04/24 | USD | 53 | 49,155 | |||||
| 743,569 | ||||||||
| Australia: 0.6% | ||||||||
| FMG Resources August 2006 Pty Ltd. 144A | ||||||||
| 4.38%, 04/01/31 | USD | 150 | 132,933 | |||||
| 4.50%, 09/15/27 | USD | 25 | 23,718 | |||||
| 5.12%, 05/15/24 | USD | 75 | 75,846 | |||||
| 6.12%, 04/15/32 | USD | 100 | 99,448 | |||||
| Infrabuild Australia Pty Ltd. 144A
12.00%, 10/01/24 |
USD | 30 | 30,400 | |||||
| Mineral Resources Ltd. 144A
8.12%, 05/01/27 |
USD | 100 | 101,719 | |||||
| Nufarm
Australia Ltd. / Nufarm Americas, Inc. 144A
5.00%, 01/27/30 |
USD | 30 | 28,394 | |||||
| 492,458 | ||||||||
| Austria: 0.3% | ||||||||
| ams-OSRAM
AG 144A
7.00%, 07/31/25 |
USD | 100 | 101,425 | |||||
| Wienerberger
AG Reg S
2.75%, 06/04/25 |
EUR | 100 | 106,879 | |||||
| 208,304 | ||||||||
| Belgium: 0.5% | ||||||||
| La
Financiere Atalian SASU Reg S
4.00%, 05/15/24 |
EUR | 150 | 129,456 | |||||
| Ontex
Group NV Reg S
3.50%, 07/15/26 |
EUR | 100 | 91,781 | |||||
| Solvay Finance SACA Reg S
5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o) |
EUR | 150 | 162,792 | |||||
| 384,029 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Bermuda: 0.4% | ||||||||
| Digicel
Group Holdings Ltd. 144A
8.00%, 04/01/25 |
USD | 62 | $ | 51,821 | ||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
| 8.75%, 05/25/24 † | USD | 100 | 98,851 | |||||
| 13.00%, 12/31/25 | USD | 100 | 98,382 | |||||
| Investment
Energy Resources Ltd. 144A
6.25%, 04/26/29 |
USD | 100 | 98,824 | |||||
| 347,878 | ||||||||
| Brazil: 6.7% | ||||||||
| Adecoagro
SA 144A
6.00%, 09/21/27 |
USD | 50 | 49,174 | |||||
| Amaggi
Luxembourg International Sarl 144A
5.25%, 01/28/28 |
USD | 100 | 94,937 | |||||
| Arcos
Dorados Holdings, Inc. 144A
5.88%, 04/04/27 |
USD | 105 | 106,592 | |||||
| Azul
Investments LLP 144A
5.88%, 10/26/24 |
USD | 50 | 44,512 | |||||
| B2W
Digital Lux Sarl 144A
4.38%, 12/20/30 |
USD | 100 | 82,373 | |||||
| Banco
Bradesco SA 144A
3.20%, 01/27/25 |
USD | 100 | 97,150 | |||||
| Banco
BTG Pactual SA 144A
4.50%, 01/10/25 |
USD | 100 | 98,627 | |||||
| Banco do Brasil SA 144A | ||||||||
| 4.62%, 01/15/25 | USD | 100 | 100,115 | |||||
| 4.75%, 03/20/24 | USD | 50 | 50,439 | |||||
| Banco
Votorantim SA 144A
4.38%, 07/29/25 |
USD | 100 | 98,008 | |||||
| Braskem
Idesa SAPI 144A
7.45%, 11/15/29 |
USD | 200 | 187,611 | |||||
| Braskem Netherlands Finance BV 144A
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
USD | 50 | 51,907 | |||||
| BRF
SA 144A
4.75%, 05/22/24 |
USD | 200 | 199,271 | |||||
| Cemig
Geracao e Transmissao SA 144A
9.25%, 12/05/24 |
USD | 100 | 107,574 | |||||
| Centrais
Eletricas Brasileiras SA 144A
4.62%, 02/04/30 |
USD | 100 | 91,016 | |||||
| Cosan
Luxembourg SA 144A
7.00%, 01/20/27 |
USD | 50 | 51,437 | |||||
| Cosan
SA 144A
5.50%, 09/20/29 |
USD | 50 | 48,509 | |||||
| CSN
Inova Ventures 144A
6.75%, 01/28/28 † |
USD | 100 | 99,539 | |||||
| Embraer
Netherlands Finance BV
5.05%, 06/15/25 |
USD | 100 | 99,348 | |||||
See Notes to Financial Statements
| 54 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| 5.40%, 02/01/27 | USD | 125 | $ | 120,621 | ||||
| FS
Luxembourg Sarl 144A
10.00%, 12/15/25 |
USD | 100 | 102,441 | |||||
| Globo
Comunicacao e Participacoes SA 144A
4.88%, 01/22/30 |
USD | 100 | 86,175 | |||||
| Gol
Finance SA 144A
7.00%, 01/31/25 |
USD | 100 | 85,630 | |||||
| Guara
Norte Sarl 144A
5.20%, 06/15/34 |
USD | 96 | 84,699 | |||||
| Itau Unibanco Holding SA 144A | ||||||||
| 3.25%, 01/24/25 | USD | 50 | 48,700 | |||||
| 3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 50 | 44,985 | |||||
| 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 50 | 47,695 | |||||
| 4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | USD | 50 | 43,266 | |||||
| 5.12%, 05/13/23 | USD | 150 | 152,775 | |||||
| Klabin
Austria GmbH 144A
5.75%, 04/03/29 † |
USD | 200 | 197,019 | |||||
| Light
Servicos de Eletricidade SA/Light Energia SA 144A
4.38%, 06/18/26 |
USD | 100 | 93,197 | |||||
| MARB
BondCo Plc 144A
3.95%, 01/29/31 |
USD | 100 | 83,249 | |||||
| MV24
Capital BV 144A
6.75%, 06/01/34 |
USD | 90 | 85,749 | |||||
| Natura
Cosmeticos SA 144A
4.12%, 05/03/28 |
USD | 100 | 89,802 | |||||
| NBM
US Holdings, Inc. 144A
7.00%, 05/14/26 |
USD | 100 | 103,226 | |||||
| Nexa
Resources SA 144A
6.50%, 01/18/28 |
USD | 100 | 100,192 | |||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 † | USD | 125 | 121,422 | |||||
| 5.30%, 01/27/25 | USD | 75 | 77,706 | |||||
| 5.50%, 06/10/51 † | USD | 100 | 82,194 | |||||
| 5.60%, 01/03/31 | USD | 125 | 122,844 | |||||
| 5.75%, 02/01/29 | USD | 75 | 76,037 | |||||
| 6.00%, 01/27/28 | USD | 150 | 154,147 | |||||
| 6.25%, 03/17/24 | USD | 50 | 52,116 | |||||
| 6.75%, 01/27/41 | USD | 100 | 98,191 | |||||
| 6.75%, 06/03/50 | USD | 75 | 69,625 | |||||
| 6.85%, 06/05/15 | USD | 175 | 154,438 | |||||
| 6.88%, 01/20/40 | USD | 75 | 74,297 | |||||
| 6.90%, 03/19/49 | USD | 100 | 94,406 | |||||
| 7.25%, 03/17/44 | USD | 95 | 94,954 | |||||
| 7.38%, 01/17/27 | USD | 100 | 109,577 | |||||
| 8.75%, 05/23/26 | USD | 50 | 57,758 | |||||
| Rede
D’or Finance Sarl 144A
4.50%, 01/22/30 † |
USD | 100 | 87,520 | |||||
| Rio
Oil Finance Trust Series 2014-1 144A
9.25%, 07/06/24 |
USD | 137 | 143,740 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| Rumo
Luxembourg Sarl 144A
5.25%, 01/10/28 |
USD | 100 | $ | 97,950 | ||||
| Ultrapar
International SA 144A
5.25%, 06/06/29 |
USD | 100 | 97,317 | |||||
| Usiminas
International Sarl 144A
5.88%, 07/18/26 |
USD | 100 | 100,116 | |||||
| 5,293,915 | ||||||||
| British Virgin Islands: 0.2% | ||||||||
| China
SCE Group Holdings Ltd. Reg S
7.38%, 04/09/24 |
USD | 200 | 138,000 | |||||
| Bulgaria: 0.1% | ||||||||
| Bulgarian
Energy Holding EAD Reg S
3.50%, 06/28/25 |
EUR | 100 | 93,096 | |||||
| Burkina Faso: 0.0% | ||||||||
| IAMGOLD
Corp. 144A
5.75%, 10/15/28 |
USD | 25 | 21,300 | |||||
| Canada: 6.3% | ||||||||
| 1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||
| 3.50%, 02/15/29 | USD | 65 | 57,484 | |||||
| 3.88%, 01/15/28 | USD | 125 | 115,186 | |||||
| 4.00%, 10/15/30 | USD | 225 | 192,656 | |||||
| 4.38%, 01/15/28 | USD | 50 | 45,690 | |||||
| 5.75%, 04/15/25 | USD | 25 | 25,568 | |||||
| Air
Canada
4.62%, 08/15/29 |
CAD | 50 | 35,767 | |||||
| Air
Canada 144A
4.62%, 08/15/29 |
CAD | 200 | 142,763 | |||||
| Algonquin Power & Utilities Corp.
4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 |
USD | 50 | 45,797 | |||||
| ATS
Automation Tooling Systems, Inc. 144A
4.12%, 12/15/28 |
USD | 50 | 45,195 | |||||
| Azure
Power Solar Energy Private Ltd. 144A
5.65%, 12/24/24 |
USD | 50 | 50,319 | |||||
| Baffinland
Iron Mines Corp. / Baffinland Iron Mines LP 144A
8.75%, 07/15/26 |
USD | 50 | 50,878 | |||||
| Baytex
Energy Corp. 144A
8.75%, 04/01/27 † |
USD | 40 | 42,359 | |||||
| Bombardier, Inc. 144A | ||||||||
| 7.12%, 06/15/26 | USD | 75 | 69,090 | |||||
| 7.50%, 12/01/24 | USD | 80 | 79,720 | |||||
| 7.50%, 03/15/25 | USD | 108 | 104,908 | |||||
| 7.88%, 04/15/27 | USD | 225 | 209,879 | |||||
| Brookfield Property Finance ULC | ||||||||
| 3.93%, 08/24/25 | CAD | 50 | 37,558 | |||||
| 3.93%, 01/15/27 | CAD | 50 | 36,858 | |||||
See Notes to Financial Statements
| 55 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 4.30%, 03/01/24 | CAD | 75 | $ | 58,079 | ||||
| Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC 144A
6.25%, 09/15/27 |
USD | 125 | 117,435 | |||||
| Cascades,
Inc./Cascades USA Inc 144A
5.38%, 01/15/28 |
USD | 50 | 48,307 | |||||
| Corus
Entertainment, Inc. Reg S
5.00%, 05/11/28 |
CAD | 75 | 54,991 | |||||
| Eldorado
Gold Corp. 144A
6.25%, 09/01/29 † |
USD | 50 | 48,440 | |||||
| Emera, Inc.
6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 |
USD | 100 | 101,750 | |||||
| Empire
Communities Corp. 144A
7.00%, 12/15/25 |
USD | 25 | 23,719 | |||||
| Ensign
Drilling, Inc. 144A
9.25%, 04/15/24 |
USD | 50 | 48,946 | |||||
| Ford
Credit Canada Co.
2.96%, 09/16/26 |
CAD | 75 | 53,668 | |||||
| Garda
World Security Corp. 144A
9.50%, 11/01/27 |
USD | 50 | 49,194 | |||||
| GFL Environmental, Inc. 144A | ||||||||
| 3.50%, 09/01/28 | USD | 100 | 89,142 | |||||
| 3.75%, 08/01/25 | USD | 50 | 47,437 | |||||
| 4.38%, 08/15/29 | USD | 50 | 44,421 | |||||
| 4.75%, 06/15/29 | USD | 50 | 45,441 | |||||
| 5.12%, 12/15/26 | USD | 75 | 73,811 | |||||
| Gibson Energy, Inc. | ||||||||
| 2.85%, 07/14/27 | CAD | 25 | 18,022 | |||||
| 3.60%, 09/17/29 | CAD | 75 | 53,987 | |||||
| goeasy Ltd. 144A | ||||||||
| 4.38%, 05/01/26 | USD | 25 | 23,249 | |||||
| 5.38%, 12/01/24 | USD | 50 | 49,102 | |||||
| Hudbay
Minerals, Inc. 144A
4.50%, 04/01/26 |
USD | 50 | 46,289 | |||||
| Intelligent
Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A
6.00%, 09/15/28 |
USD | 40 | 37,700 | |||||
| Inter Pipeline Ltd.
6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 |
CAD | 65 | 49,804 | |||||
| Intertape
Polymer Group, Inc. 144A
4.38%, 06/15/29 |
USD | 50 | 51,497 | |||||
| Keyera Corp.
6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 |
CAD | 75 | 59,014 | |||||
| Lightstream
Resources Ltd. 144A
8.62%, 02/01/20 # (d) *∞ |
USD | 256 | 0 | |||||
| Mattamy
Group Corp. 144A
4.62%, 03/01/30 |
USD | 50 | 42,625 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 5.25%, 12/15/27 | USD | 50 | $ | 46,844 | ||||
| MEG Energy Corp. 144A | ||||||||
| 5.88%, 02/01/29 | USD | 50 | 49,000 | |||||
| 7.12%, 02/01/27 | USD | 100 | 101,735 | |||||
| Mercer
International, Inc.
5.12%, 02/01/29 |
USD | 50 | 46,535 | |||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | USD | 50 | 49,272 | |||||
| 5.12%, 10/15/27 | USD | 50 | 48,061 | |||||
| 5.25%, 12/15/29 | USD | 75 | 71,355 | |||||
| New
Gold, Inc. 144A
7.50%, 07/15/27 |
USD | 50 | 50,373 | |||||
| Northriver
Midstream Finance LP 144A
5.62%, 02/15/26 |
USD | 50 | 48,844 | |||||
| NOVA Chemicals Corp. 144A | ||||||||
| 4.25%, 05/15/29 † | USD | 50 | 43,339 | |||||
| 4.88%, 06/01/24 | USD | 75 | 74,066 | |||||
| 5.00%, 05/01/25 | USD | 50 | 49,563 | |||||
| 5.25%, 06/01/27 | USD | 75 | 71,152 | |||||
| Open Text Corp. 144A | ||||||||
| 3.88%, 02/15/28 | USD | 100 | 91,239 | |||||
| 3.88%, 12/01/29 | USD | 100 | 89,000 | |||||
| Parkland
Corp.
6.00%, 06/23/28 |
CAD | 50 | 38,830 | |||||
| Parkland Corp. 144A | ||||||||
| 4.50%, 10/01/29 | USD | 100 | 87,704 | |||||
| 5.88%, 07/15/27 | USD | 125 | 121,440 | |||||
| Pembina Pipeline Corp.
4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 |
CAD | 50 | 34,102 | |||||
| Precision
Drilling Corp. 144A
7.12%, 01/15/26 |
USD | 50 | 50,214 | |||||
| Ritchie
Bros Auctioneers, Inc. 144A
5.38%, 01/15/25 |
USD | 50 | 50,195 | |||||
| SIG
Combibloc PurchaseCo Sarl Reg S
2.12%, 06/18/25 |
EUR | 100 | 105,297 | |||||
| Strathcona
Resources Ltd. 144A
6.88%, 08/01/26 |
USD | 50 | 48,442 | |||||
| Superior
Plus LP / Superior General Partner, Inc. 144A
4.50%, 03/15/29 |
USD | 100 | 91,499 | |||||
| Taseko
Mines Ltd. 144A
7.00%, 02/15/26 |
USD | 25 | 24,843 | |||||
| Teine
Energy Ltd. 144A
6.88%, 04/15/29 |
USD | 50 | 49,903 | |||||
| Telesat
Canada / Telesat LLC 144A
5.62%, 12/06/26 |
USD | 25 | 17,882 | |||||
| Terraform
Global Operating LLC 144A
6.12%, 03/01/26 |
USD | 50 | 49,256 | |||||
| Tervita
Corp. 144A
11.00%, 12/01/25 |
USD | 30 | 33,488 | |||||
| Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A | ||||||||
See Notes to Financial Statements
| 56 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 7.75%, 04/15/26 | USD | 50 | $ | 48,318 | ||||
| TransAlta
Corp.
6.50%, 03/15/40 |
USD | 25 | 25,080 | |||||
| Trivium
Packaging Finance BV Reg S
3.75%, 08/15/26 |
EUR | 200 | 202,854 | |||||
| Vermilion
Energy, Inc. 144A
5.62%, 03/15/25 † |
USD | 25 | 24,899 | |||||
| Videotron Ltd. | ||||||||
| 3.12%, 01/15/31 | CAD | 100 | 64,289 | |||||
| 4.50%, 01/15/30 | CAD | 75 | 54,247 | |||||
| 5.62%, 06/15/25 | CAD | 25 | 20,002 | |||||
| Videotron
Ltd. 144A
3.62%, 06/15/28 |
CAD | 100 | 70,996 | |||||
| Videotron
Ltd. Reg S
5.75%, 01/15/26 |
CAD | 50 | 39,489 | |||||
| 5,007,392 | ||||||||
| Cayman Islands: 0.4% | ||||||||
| Arabian
Centres Sukuk II Ltd. 144A
5.62%, 10/07/26 |
USD | 100 | 94,687 | |||||
| Banco do Brasil SA 144A | ||||||||
| 3.25%, 09/30/26 | USD | 100 | 92,871 | |||||
| 4.88%, 01/11/29 † | USD | 50 | 48,582 | |||||
| CT
Trust 144A
5.12%, 02/03/32 |
USD | 100 | 93,313 | |||||
| 329,453 | ||||||||
| Chile: 0.2% | ||||||||
| Kenbourne
Invest SA 144A
6.88%, 11/26/24 |
USD | 50 | 47,757 | |||||
| VTR
Comunicaciones SpA 144A
5.12%, 01/15/28 |
USD | 100 | 90,105 | |||||
| 137,862 | ||||||||
| China: 3.3% | ||||||||
| 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 | 198,899 | |||||
| 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 | 210,006 | |||||
| CIFI
Holdings Group Co. Ltd. Reg S
6.00%, 07/16/25 |
USD | 200 | 158,200 | |||||
| ENN
Clean Energy International Investment Ltd. 144A
3.38%, 05/12/26 |
USD | 200 | 183,767 | |||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | USD | 200 | 182,600 | |||||
| 6.75%, 07/02/23 | USD | 200 | 195,000 | |||||
| Global
Aircraft Leasing Co. Ltd. 144A
6.50%, 09/15/24 |
USD | 115 | 99,124 | |||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 5.88%, 07/03/24 | USD | 200 | $ | 114,000 | ||||
| Industrial & Commercial Bank of China Ltd. Reg S
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) |
USD | 500 | 476,797 | |||||
| KWG
Group Holdings Ltd. Reg S
5.88%, 11/10/24 |
USD | 350 | 134,225 | |||||
| Powerlong
Real Estate Holdings Ltd. Reg S
6.25%, 08/10/24 |
USD | 200 | 86,000 | |||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 | USD | 200 | 47,800 | |||||
| 7.00%, 07/09/25 | USD | 200 | 45,000 | |||||
| 7.95%, 10/11/23 | USD | 200 | 52,500 | |||||
| Times
China Holdings Ltd. Reg S
6.75%, 07/16/23 |
USD | 200 | 111,200 | |||||
| Volvo
Car AB Reg S
2.12%, 04/02/24 |
EUR | 100 | 105,433 | |||||
| Wanda
Properties International Co. Ltd. Reg S
7.25%, 01/29/24 |
USD | 200 | 168,985 | |||||
| Yuzhou
Group Holdings Co. Ltd. Reg S
6.00%, 10/25/23 |
USD | 300 | 44,250 | |||||
| Zhenro
Properties Group Ltd. Reg S
6.63%, 01/07/26 |
USD | 200 | 19,000 | |||||
| 2,632,786 | ||||||||
| Colombia: 2.2% | ||||||||
| Banco
de Bogota SA 144A
6.25%, 05/12/26 |
USD | 100 | 99,302 | |||||
| Cable
Onda SA 144A
4.50%, 01/30/30 |
USD | 100 | 93,638 | |||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | USD | 100 | 96,879 | |||||
| 4.62%, 11/02/31 | USD | 75 | 62,803 | |||||
| 5.38%, 06/26/26 | USD | 125 | 123,158 | |||||
| 5.88%, 09/18/23 | USD | 150 | 152,132 | |||||
| 5.88%, 05/28/45 | USD | 125 | 98,513 | |||||
| 5.88%, 11/02/51 | USD | 75 | 57,236 | |||||
| 6.88%, 04/29/30 | USD | 175 | 173,111 | |||||
| 7.38%, 09/18/43 | USD | 75 | 68,425 | |||||
| Empresas
Publicas de Medellin ESP 144A
4.25%, 07/18/29 |
USD | 75 | 62,865 | |||||
| Gran
Tierra Energy International Holdings Ltd. 144A
6.25%, 02/15/25 |
USD | 50 | 46,073 | |||||
| Grupo
Aval Ltd. 144A
4.38%, 02/04/30 |
USD | 100 | 84,847 | |||||
| Grupo
de Inversiones Suramericana SA 144A
5.50%, 04/29/26 |
USD | 100 | 99,124 | |||||
| Millicom International Cellular SA 144A | ||||||||
See Notes to Financial Statements
| 57 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Colombia (continued) | ||||||||
| 5.12%, 01/15/28 | USD | 5 | $ | 5,096 | ||||
| 6.25%, 03/25/29 | USD | 54 | 53,595 | |||||
| Oleoducto
Central SA 144A
4.00%, 07/14/27 |
USD | 100 | 90,618 | |||||
| Orazul
Energy Egenor SCA 144A
5.62%, 04/28/27 |
USD | 100 | 89,942 | |||||
| Telefonica
Celular del Paraguay SA 144A
5.88%, 04/15/27 |
USD | 100 | 100,326 | |||||
| Termocandelaria
Power Ltd. 144A
7.88%, 01/30/29 |
USD | 85 | 82,719 | |||||
| 1,740,402 | ||||||||
| Costa Rica: 0.1% | ||||||||
| Instituto
Costarricense de Electricidad 144A
6.38%, 05/15/43 |
USD | 100 | 82,398 | |||||
| Cyprus: 0.2% | ||||||||
| MHP
Lux SA 144A
6.95%, 04/03/26 |
USD | 100 | 49,500 | |||||
| Vivion
Investments Sarl Reg S
3.00%, 08/08/24 |
EUR | 100 | 97,068 | |||||
| 146,568 | ||||||||
| Czech Republic: 0.3% | ||||||||
| CPI Property Group SA Reg S
4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) EUR |
100 | 97,732 | ||||||
| Energo-Pro
AS Reg S
4.50%, 05/04/24 |
EUR | 100 | 101,690 | |||||
| 199,422 | ||||||||
| Denmark: 0.2% | ||||||||
| DKT
Finance ApS Reg S
7.00%, 06/17/23 |
EUR | 175 | 184,275 | |||||
| Finland: 0.8% | ||||||||
| Ahlstrom-Munksjo
Holding 3 Oy Reg S
3.62%, 02/04/28 |
EUR | 100 | 94,820 | |||||
| Citycon Oyj Reg S
4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o) |
EUR | 100 | 96,910 | |||||
| Nokia Oyj | ||||||||
| 4.38%, 06/12/27 | USD | 150 | 145,689 | |||||
| 6.62%, 05/15/39 | USD | 100 | 115,628 | |||||
| Teollisuuden
Voima Oyj Reg S
2.12%, 02/04/25 |
EUR | 175 | 183,236 | |||||
| 636,283 | ||||||||
| France: 7.6% | ||||||||
| Accor SA Reg S | ||||||||
| 2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o) | EUR | 100 | 95,773 | |||||
| 3.00%, 02/04/26 | EUR | 100 | 103,087 | |||||
| Altice
France SA 144A
5.12%, 07/15/29 |
USD | 200 | 169,642 | |||||
| Altice France SA Reg S | ||||||||
| 2.50%, 01/15/25 | EUR | 100 | 99,166 | |||||
| 5.88%, 02/01/27 | EUR | 100 | 105,960 | |||||
| Altice France SA/France 144A | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| France (continued) | ||||||||
| 5.50%, 10/15/29 | USD | 175 | $ | 148,949 | ||||
| Banijay
Entertainment SASU 144A
5.38%, 03/01/25 |
USD | 100 | 98,429 | |||||
| CAB
SELAS Reg S
3.38%, 02/01/28 |
EUR | 100 | 94,370 | |||||
| Casino
Guichard Perrachon
4.05%, 08/05/26 |
EUR | 100 | 83,204 | |||||
| Casino
Guichard Perrachon SA Reg S
4.50%, 03/07/24 |
EUR | 100 | 92,097 | |||||
| CGG
SA 144A
8.75%, 04/01/27 † |
USD | 100 | 99,383 | |||||
| Chrome
Bidco SASU Reg S
3.50%, 05/31/28 |
EUR | 100 | 95,354 | |||||
| Constellium
SE 144A
3.75%, 04/15/29 † |
USD | 100 | 86,616 | |||||
| eircom
Finance DAC Reg S
3.50%, 05/15/26 |
EUR | 100 | 100,086 | |||||
| Electricite de France SA 144A
5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) |
USD | 300 | 293,646 | |||||
| Electricite de France SA Reg S | ||||||||
| 3.00% (EUR Swap Annual 5 Year+3.20%), 12/3/2028 (o) | EUR | 200 | 186,279 | |||||
| 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) | EUR | 200 | 178,809 | |||||
| 4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 100 | 102,726 | |||||
| 5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 100 | 105,756 | |||||
| Elis SA Reg S | ||||||||
| 1.62%, 04/03/28 | EUR | 100 | 93,347 | |||||
| 1.75%, 04/11/24 | EUR | 100 | 104,067 | |||||
| Faurecia SE Reg S | ||||||||
| 2.38%, 06/15/27 | EUR | 100 | 89,160 | |||||
| 2.62%, 06/15/25 | EUR | 100 | 99,514 | |||||
| 3.12%, 06/15/26 | EUR | 100 | 97,243 | |||||
| 3.75%, 06/15/28 | EUR | 100 | 94,199 | |||||
| Getlink
SE Reg S
3.50%, 10/30/25 |
EUR | 100 | 104,824 | |||||
| Iliad Holding SASU 144A | ||||||||
| 6.50%, 10/15/26 | USD | 300 | 288,702 | |||||
| 7.00%, 10/15/28 | USD | 100 | 94,684 | |||||
| La Poste SA Reg S
3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) |
EUR | 100 | 101,935 | |||||
| Loxam SAS Reg S | ||||||||
| 2.88%, 04/15/26 | EUR | 100 | 98,478 | |||||
| 3.25%, 01/14/25 | EUR | 100 | 102,426 | |||||
| Matterhorn
Telecom SA Reg S
3.12%, 09/15/26 |
EUR | 100 | 98,057 | |||||
| Orano
SA
4.88%, 09/23/24 |
EUR | 150 | 167,690 | |||||
| Paprec
Holding SA Reg S
4.00%, 03/31/25 |
EUR | 100 | 105,477 | |||||
| Parts Europe SA Reg S | ||||||||
See Notes to Financial Statements
| 58 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| France (continued) | ||||||||
| 6.50%, 07/16/25 | EUR | 100 | $ | 108,815 | ||||
| Picard
Groupe SAS Reg S
3.88%, 07/01/26 |
EUR | 100 | 99,033 | |||||
| Quatrim
SASU Reg S
5.88%, 01/15/24 |
EUR | 100 | 103,386 | |||||
| RCI Banque SA Reg S
2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 |
EUR | 100 | 97,482 | |||||
| Renault SA Reg S | ||||||||
| 1.00%, 04/18/24 | EUR | 100 | 100,968 | |||||
| 1.00%, 11/28/25 | EUR | 50 | 48,713 | |||||
| 1.25%, 06/24/25 | EUR | 100 | 96,299 | |||||
| 2.00%, 09/28/26 | EUR | 100 | 93,143 | |||||
| 2.38%, 05/25/26 | EUR | 100 | 95,908 | |||||
| Rexel
SA Reg S
2.12%, 06/15/28 |
EUR | 100 | 96,947 | |||||
| Rubis
Terminal Infra SAS Reg S
5.62%, 05/15/25 |
EUR | 100 | 107,211 | |||||
| SPCM
SA Reg S
2.62%, 02/01/29 |
EUR | 100 | 95,954 | |||||
| SPIE
SA Reg S
2.62%, 06/18/26 |
EUR | 100 | 101,207 | |||||
| Tereos
Finance Groupe I SA Reg S
7.50%, 10/30/25 |
EUR | 100 | 108,339 | |||||
| Valeo Reg S | ||||||||
| 1.00%, 08/03/28 | EUR | 100 | 88,756 | |||||
| 3.25%, 01/22/24 | EUR | 100 | 107,856 | |||||
| Vallourec
SA Reg S
8.50%, 06/30/26 |
EUR | 100 | 106,142 | |||||
| Veolia Environnement SA Reg S | ||||||||
| 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) | EUR | 100 | 99,361 | |||||
| 2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) | EUR | 100 | 92,196 | |||||
| Verallia
SA Reg S
1.62%, 05/14/28 |
EUR | 100 | 95,261 | |||||
| 6,022,112 | ||||||||
| Germany: 6.4% | ||||||||
| ADLER Group SA Reg S | ||||||||
| 2.75%, 11/13/26 | EUR | 100 | 73,213 | |||||
| 3.25%, 08/05/25 | EUR | 100 | 78,721 | |||||
| ADLER
Real Estate AG Reg S
1.88%, 04/27/23 |
EUR | 100 | 92,099 | |||||
| Bayer AG Reg S | ||||||||
| 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 200 | 200,204 | |||||
| 3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 145 | 153,056 | |||||
| Cheplapharm Arzneimittel GmbH Reg S
4.38%, 01/15/28 |
EUR | 100 | 98,696 | |||||
| Commerzbank
AG 144A
8.12%, 09/19/23 |
USD | 50 | 52,072 | |||||
| Commerzbank AG Reg S | ||||||||
| 4.00%, 03/23/26 | EUR | 75 | 79,766 | |||||
| 4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 104,765 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Germany (continued) | ||||||||
| CT
Investment GmbH Reg S
5.50%, 04/15/26 |
EUR | 100 | $ | 98,802 | ||||
| Deutsche Bank AG | ||||||||
| 3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32 | USD | 140 | 115,722 | |||||
| 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | USD | 150 | 147,196 | |||||
| 4.50%, 04/01/25 | USD | 150 | 147,543 | |||||
| 4.50%, 05/19/26 | EUR | 100 | 108,420 | |||||
| 4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32 | USD | 125 | 114,656 | |||||
| 5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31 | USD | 25 | 24,297 | |||||
| Deutsche Bank AG Reg S | ||||||||
|
2.75%, 02/17/25 |
EUR | 100 | 105,353 | |||||
| 5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31 | EUR | 100 | 109,299 | |||||
| Deutsche
Lufthansa AG
0.25%, 09/06/24 † |
EUR | 200 | 199,424 | |||||
| Deutsche Lufthansa AG Reg S | ||||||||
| 3.00%, 05/29/26 | EUR | 100 | 98,018 | |||||
| 3.75%, 02/11/28 | EUR | 100 | 95,941 | |||||
| Douglas
GmbH Reg S
6.00%, 04/08/26 |
EUR | 100 | 95,003 | |||||
| Dresdner
Funding Trust I 144A
8.15%, 06/30/31 |
USD | 150 | 181,980 | |||||
| Gruenenthal
GmbH Reg S
3.62%, 11/15/26 |
EUR | 100 | 100,200 | |||||
| IHO
Verwaltungs GmbH 144A
4.75%, 09/15/26 |
USD | 200 | 188,325 | |||||
| IHO
Verwaltungs GmbH Reg S
3.62%, 05/15/25 |
EUR | 100 | 102,075 | |||||
| Infineon Technologies AG Reg S
3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) |
EUR | 100 | 101,603 | |||||
| K+S
AG Reg S
3.25%, 07/18/24 |
EUR | 100 | 106,793 | |||||
| Kirk Beauty SUN GmbH Reg S
8.25%, 10/01/26 |
EUR | 109 | 99,611 | |||||
| LANXESS AG Reg S
4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76 |
EUR | 100 | 107,021 | |||||
| Mahle
GmbH Reg S
2.38%, 05/14/28 |
EUR | 100 | 83,965 | |||||
| Mercer
International, Inc.
5.50%, 01/15/26 |
USD | 41 | 40,695 | |||||
| Novelis
Sheet Ingot GmbH Reg S
3.38%, 04/15/29 |
EUR | 100 | 95,392 | |||||
| ProGroup
AG Reg S
3.00%, 03/31/26 |
EUR | 100 | 100,401 | |||||
| Renk
AG/Frankfurt am Main Reg S
5.75%, 07/15/25 |
EUR | 100 | 104,493 | |||||
| RWE AG Reg S | ||||||||
See Notes to Financial Statements
| 59 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Germany (continued) | ||||||||
| 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | USD | 100 | $ | 105,424 | ||||
| Schaeffler AG Reg S | ||||||||
| 1.88%, 03/26/24 | EUR | 100 | 105,669 | |||||
| 2.88%, 03/26/27 | EUR | 50 | 49,935 | |||||
| 3.38%, 10/12/28 | EUR | 100 | 96,665 | |||||
| Tele
Columbus AG Reg S
3.88%, 05/02/25 |
EUR | 100 | 96,263 | |||||
| thyssenkrupp AG Reg S | ||||||||
| 2.50%, 02/25/25 | EUR | 100 | 102,417 | |||||
| 2.88%, 02/22/24 | EUR | 100 | 103,944 | |||||
| WEPA
Hygieneprodukte GmbH Reg S
2.88%, 12/15/27 |
EUR | 100 | 88,216 | |||||
| ZF Europe Finance BV Reg S | ||||||||
| 2.00%, 02/23/26 | EUR | 100 | 94,888 | |||||
| 3.00%, 10/23/29 | EUR | 100 | 88,731 | |||||
| ZF Finance GmbH Reg S | ||||||||
| 3.00%, 09/21/25 | EUR | 100 | 100,288 | |||||
| 3.75%, 09/21/28 | EUR | 100 | 94,037 | |||||
| ZF
North America Capital, Inc. 144A
4.75%, 04/29/25 |
USD | 175 | 171,279 | |||||
| 5,102,576 | ||||||||
| Ghana: 0.2% | ||||||||
| Kosmos
Energy Ltd. 144A
7.12%, 04/04/26 |
USD | 100 | 97,860 | |||||
| Tullow
Oil Plc 144A
7.00%, 03/01/25 |
USD | 100 | 81,702 | |||||
| 179,562 | ||||||||
| Greece: 0.9% | ||||||||
| Alpha Services and Holdings SA Reg S
5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 |
EUR | 100 | 96,634 | |||||
| Ellaktor
Value Plc Reg S
6.38%, 12/15/24 |
EUR | 100 | 95,176 | |||||
| Eurobank SA Reg S
2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 |
EUR | 100 | 93,559 | |||||
| Mytilineos
Financial Partners SA Reg S
2.50%, 12/01/24 |
EUR | 100 | 102,809 | |||||
| National Bank of Greece SA Reg S
2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 |
EUR | 100 | 99,023 | |||||
| Piraeus Financial Holdings SA Reg S
5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 |
EUR | 100 | 95,111 | |||||
| Public
Power Corp. SA Reg S
3.88%, 03/30/26 |
EUR | 100 | 100,633 | |||||
| 682,945 | ||||||||
| Guatemala: 0.2% | ||||||||
| Banco Industrial SA 144A | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Guatemala (continued) | ||||||||
| 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | USD | 100 | $ | 95,219 | ||||
| Central
American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A
5.25%, 04/27/29 |
USD | 100 | 95,129 | |||||
| 190,348 | ||||||||
| Hong Kong: 0.7% | ||||||||
| Agile Group Holdings Ltd. Reg S
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) |
USD | 200 | 45,500 | |||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | USD | 100 | 89,534 | |||||
| 5.38%, 12/04/29 | USD | 100 | 80,521 | |||||
| 5.62%, 07/17/27 | USD | 50 | 42,756 | |||||
| 5.75%, 07/21/28 | USD | 50 | 42,264 | |||||
| RKPF
Overseas 2020 A Ltd. Reg S
5.20%, 01/12/26 |
USD | 200 | 146,137 | |||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | USD | 100 | 69,120 | |||||
| 6.50%, 01/15/28 | USD | 100 | 78,631 | |||||
| 594,463 | ||||||||
| Hungary: 0.1% | ||||||||
| OTP Bank Nyrt Reg S
2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 |
EUR | 100 | 100,122 | |||||
| India: 2.2% | ||||||||
| ABJA
Investment Co. Pte Ltd. Reg S
5.95%, 07/31/24 |
USD | 300 | 309,375 | |||||
| Delhi
International Airport Ltd. 144A
6.45%, 06/04/29 |
USD | 100 | 90,815 | |||||
| Jaguar Land Rover Automotive Plc Reg S
2.20%, 01/15/24 |
EUR | 100 | 99,265 | |||||
| JSW
Steel Ltd. Reg S
5.95%, 04/18/24 |
USD | 200 | 203,000 | |||||
| Muthoot
Finance Ltd. 144A
4.40%, 09/02/23 |
USD | 100 | 99,350 | |||||
| Network i2i Ltd. 144A
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
USD | 100 | 98,657 | |||||
| ReNew
Power Synthetic 144A
6.67%, 03/12/24 |
USD | 100 | 101,500 | |||||
| Shriram
Transport Finance Co. Ltd. 144A
4.40%, 03/13/24 |
USD | 200 | 190,893 | |||||
| Tata
Motors Ltd. Reg S
5.75%, 10/30/24 |
USD | 200 | 202,964 | |||||
| Vedanta
Resources Finance II Plc 144A
9.25%, 04/23/26 |
USD | 100 | 83,149 | |||||
See Notes to Financial Statements
| 60 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| India (continued) | ||||||||
| 13.88%, 01/21/24 | USD | 100 | $ | 103,946 | ||||
| Vedanta
Resources Ltd. 144A
6.12%, 08/09/24 |
USD | 150 | 125,923 | |||||
| 1,708,837 | ||||||||
| Indonesia: 0.9% | ||||||||
| Adaro
Indonesia PT 144A
4.25%, 10/31/24 † |
USD | 100 | 98,795 | |||||
| Bakrie
Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d) * |
USD | 150 | 1,219 | |||||
| Indika
Energy Capital III Pte Ltd. 144A
5.88%, 11/09/24 |
USD | 100 | 98,678 | |||||
| Medco
Platinum Road Pte Ltd. 144A
6.75%, 01/30/25 |
USD | 200 | 198,121 | |||||
| Saka
Energi Indonesia PT 144A
4.45%, 05/05/24 |
USD | 100 | 95,598 | |||||
| Theta
Capital Pte Ltd. Reg S
6.75%, 10/31/26 † |
USD | 200 | 188,800 | |||||
| 681,211 | ||||||||
| Ireland: 1.1% | ||||||||
| AerCap Global Aviation Trust 144A
6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 |
USD | 150 | 146,037 | |||||
| AIB Group Plc Reg S
1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 |
EUR | 100 | 101,076 | |||||
| Bank of Ireland Group Plc Reg S
1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 |
EUR | 100 | 95,281 | |||||
| C&W
Senior Financing DAC 144A
6.88%, 09/15/27 |
USD | 200 | 194,281 | |||||
| Cimpress
Plc 144A
7.00%, 06/15/26 |
USD | 100 | 93,383 | |||||
| Permanent
TSB Group Holdings Plc Reg S
3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 |
EUR | 100 | 95,420 | |||||
| Virgin
Media Vendor Financing Notes III DAC Reg S
4.88%, 07/15/28 |
GBP | 100 | 114,486 | |||||
| 839,964 | ||||||||
| Israel: 1.9% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | USD | 20 | 19,950 | |||||
| 6.12%, 06/30/25 | USD | 50 | 49,825 | |||||
| 6.50%, 06/30/27 | USD | 50 | 49,438 | |||||
| 6.75%, 06/30/30 | USD | 50 | 49,433 | |||||
| Teva
Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 |
USD | 95 | 89,950 | |||||
| Teva
Pharmaceutical Finance Netherlands II BV
6.00%, 01/31/25 |
EUR | 100 | 107,452 | |||||
| Teva
Pharmaceutical Finance Netherlands II BV Reg S
1.12%, 10/15/24 |
EUR | 100 | 97,991 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Israel (continued) | ||||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | USD | 150 | $ | 145,658 | ||||
| 3.15%, 10/01/26 | USD | 325 | 279,196 | |||||
| 4.10%, 10/01/46 | USD | 225 | 161,064 | |||||
| 6.00%, 04/15/24 | USD | 150 | 150,189 | |||||
| 6.75%, 03/01/28 † | USD | 150 | 152,559 | |||||
| 7.12%, 01/31/25 | USD | 125 | 126,811 | |||||
| 1,479,516 | ||||||||
| Italy: 7.7% | ||||||||
| Abertis
Infraestructuras Finance BV Reg S
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) |
EUR | 200 | 199,309 | |||||
| Atlantia SpA Reg S | ||||||||
| 1.88%, 07/13/27 | EUR | 100 | 96,571 | |||||
| 1.88%, 02/12/28 | EUR | 100 | 94,824 | |||||
| Autostrade per l’Italia SpA | ||||||||
| 1.62%, 06/12/23 | EUR | 50 | 52,814 | |||||
| 5.88%, 06/09/24 | EUR | 100 | 113,622 | |||||
| Autostrade per l’Italia SpA Reg S | ||||||||
| 1.75%, 06/26/26 | EUR | 100 | 100,755 | |||||
| 1.75%, 02/01/27 | EUR | 125 | 124,328 | |||||
| 1.88%, 09/26/29 | EUR | 100 | 95,270 | |||||
| 2.00%, 12/04/28 | EUR | 100 | 97,327 | |||||
| 4.38%, 09/16/25 | EUR | 50 | 55,707 | |||||
| Azzurra
Aeroporti SpA Reg S
2.12%, 05/30/24 |
EUR | 100 | 103,861 | |||||
| Banca
Monte dei Paschi di Siena SpA Reg S
3.62%, 09/24/24 |
EUR | 150 | 152,779 | |||||
| Banca
Popolare di Sondrio SPA Reg S
2.38%, 04/03/24 |
EUR | 100 | 105,801 | |||||
| Banco BPM SpA Reg S | ||||||||
| 1.75%, 01/28/25 | EUR | 100 | 103,779 | |||||
| 2.50%, 06/21/24 | EUR | 100 | 106,611 | |||||
| 5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 107,736 | |||||
| BPER Banca Reg S
1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 |
EUR | 100 | 96,779 | |||||
| Esselunga
SpA Reg S
0.88%, 10/25/23 |
EUR | 100 | 104,708 | |||||
| IMA
Industria Macchine Automatiche SpA 144A
3.75%, 01/15/28 |
EUR | 100 | 93,919 | |||||
| Infrastrutture Wireless Italiane SpA Reg S | ||||||||
| 1.62%, 10/21/28 | EUR | 100 | 95,532 | |||||
| 1.88%, 07/08/26 | EUR | 100 | 102,042 | |||||
| International
Design Group SPA Reg S
6.50%, 11/15/25 |
EUR | 100 | 105,639 | |||||
| Intesa Sanpaolo SpA 144A
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 |
USD | 50 | 39,174 | |||||
See Notes to Financial Statements
| 61 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Italy (continued) | ||||||||
| 5.02%, 06/26/24 | USD | 125 | $ | 122,136 | ||||
| 5.71%, 01/15/26 | USD | 75 | 74,721 | |||||
| Intesa Sanpaolo SpA Reg S | ||||||||
| 2.85%, 04/23/25 | EUR | 100 | 105,004 | |||||
| 3.93%, 09/15/26 | EUR | 100 | 107,567 | |||||
| 5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | EUR | 100 | 110,377 | |||||
| 6.62%, 09/13/23 | EUR | 200 | 224,117 | |||||
| Intesa Sanpaolo Vita SpA Reg S
4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) |
EUR | 100 | 105,800 | |||||
| Leonardo
SpA
4.88%, 03/24/25 |
EUR | 50 | 56,215 | |||||
| Leonardo
SpA Reg S
1.50%, 06/07/24 |
EUR | 100 | 104,291 | |||||
| Poste Italiane SpA Reg S
2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) |
EUR | 100 | 89,697 | |||||
| SACE SPA Reg S
3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) |
EUR | 100 | 101,539 | |||||
| Saipem
Finance International BV Reg S
3.75%, 09/08/23 † |
EUR | 150 | 155,591 | |||||
| Telecom
Italia Finance SA
7.75%, 01/24/33 |
EUR | 100 | 119,754 | |||||
| Telecom Italia SpA/Milano | ||||||||
| 5.25%, 03/17/55 | EUR | 100 | 96,883 | |||||
| 5.88%, 05/19/23 | GBP | 100 | 128,010 | |||||
| Telecom
Italia SpA/Milano 144A
5.30%, 05/30/24 |
USD | 100 | 98,242 | |||||
| Telecom Italia SpA/Milano Reg S | ||||||||
| 1.62%, 01/18/29 | EUR | 100 | 84,921 | |||||
| 2.38%, 10/12/27 | EUR | 100 | 92,227 | |||||
| 2.50%, 07/19/23 | EUR | 100 | 105,605 | |||||
| 2.75%, 04/15/25 | EUR | 100 | 100,577 | |||||
| 2.88%, 01/28/26 | EUR | 100 | 98,624 | |||||
| 3.00%, 09/30/25 | EUR | 100 | 100,842 | |||||
| 3.62%, 05/25/26 | EUR | 150 | 153,263 | |||||
| 4.00%, 04/11/24 | EUR | 100 | 105,877 | |||||
| Terna - Rete Elettrica Nazionale Reg S
2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) |
EUR | 100 | 97,014 | |||||
| UniCredit SpA 144A | ||||||||
| 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 100 | 90,340 | |||||
| 7.30% (USD ICE Swap Rate 11:00am NY 5 Year+4.91%), 04/02/34 | USD | 100 | 101,132 | |||||
| UniCredit SpA Reg S | ||||||||
| 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 200,719 | |||||
| 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 189,600 | |||||
| Unipol Gruppo SpA Reg S
3.00%, 03/18/25 |
EUR | 200 | 214,770 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Italy (continued) | ||||||||
| UnipolSai Assicurazioni SpA Reg S
5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) |
EUR | 100 | $ | 107,077 | ||||
| Webuild
SpA Reg S
1.75%, 10/26/24 |
EUR | 100 | 99,760 | |||||
| 6,091,179 | ||||||||
| Japan: 2.1% | ||||||||
| Rakuten Group, Inc. 144A | ||||||||
| 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) | USD | 150 | 138,562 | |||||
| 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) † | USD | 150 | 142,875 | |||||
| SoftBank Group Corp. Reg S | ||||||||
| 3.12%, 09/19/25 | EUR | 100 | 97,357 | |||||
| 4.00%, 09/19/29 | EUR | 100 | 88,418 | |||||
| 4.75%, 09/19/24 | USD | 200 | 194,200 | |||||
| 5.00%, 04/15/28 | EUR | 100 | 97,134 | |||||
| 5.12%, 09/19/27 | USD | 200 | 183,750 | |||||
| 6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 7/19/2023 (o) | USD | 250 | 230,622 | |||||
| 6.25%, 04/15/28 | USD | 350 | 333,813 | |||||
| 6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o) | USD | 200 | 188,540 | |||||
| 1,695,271 | ||||||||
| Jersey, Channel Islands: 0.6% | ||||||||
| Atrium European Real Estate Ltd. Reg S
3.00%, 09/11/25 |
EUR | 100 | 102,614 | |||||
| eG
Global Finance Plc 144A
6.75%, 02/07/25 |
USD | 200 | 194,702 | |||||
| eG
Global Finance Plc Reg S
4.38%, 02/07/25 |
EUR | 100 | 101,416 | |||||
| Petrofac
Ltd. 144A
9.75%, 11/15/26 |
USD | 100 | 93,677 | |||||
| 492,409 | ||||||||
| Kazakhstan: 0.1% | ||||||||
| Kazakhstan
Temir Zholy Finance BV 144A
6.95%, 07/10/42 |
USD | 100 | 101,675 | |||||
| Kuwait: 0.2% | ||||||||
| Kuwait
Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26 |
USD | 200 | 180,000 | |||||
| Luxembourg: 5.7% | ||||||||
| ADLER
Group SA Reg S
2.25%, 01/14/29 |
EUR | 100 | 69,124 | |||||
| AI
Candelaria Spain SA 144A
7.50%, 12/15/28 |
USD | 75 | 72,795 | |||||
| Albion
Financing 1 SARL / Aggreko Holdings, Inc. 144A
6.12%, 10/15/26 |
USD | 100 | 93,182 | |||||
| Altice
Financing SA 144A
5.00%, 01/15/28 |
USD | 250 | 208,975 | |||||
See Notes to Financial Statements
| 62 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
| Altice Financing SA Reg S | ||||||||
| 2.25%, 01/15/25 | EUR | 100 | $ | 98,275 | ||||
| 3.00%, 01/15/28 | EUR | 100 | 89,325 | |||||
| Altice
Finco SA Reg S
4.75%, 01/15/28 |
EUR | 100 | 88,877 | |||||
| Altice France Holding SA 144A | ||||||||
| 6.00%, 02/15/28 † | USD | 75 | 62,071 | |||||
| 10.50%, 05/15/27 | USD | 50 | 50,748 | |||||
| Altice France Holding SA Reg S | ||||||||
| 4.00%, 02/15/28 | EUR | 100 | 87,803 | |||||
| 8.00%, 05/15/27 | EUR | 100 | 107,171 | |||||
| Altice France SA 144A | ||||||||
| 5.50%, 01/15/28 | USD | 100 | 88,246 | |||||
| 8.12%, 02/01/27 | USD | 200 | 201,763 | |||||
| Altice
France SA Reg S
3.38%, 01/15/28 |
EUR | 100 | 90,422 | |||||
| ARD
Finance SA Reg S
5.00%, 06/30/27 |
EUR | 100 | 88,075 | |||||
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
| 4.12%, 08/15/26 | USD | 150 | 138,902 | |||||
| 5.25%, 08/15/27 † | USD | 125 | 107,582 | |||||
| Ardagh
Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S
2.12%, 08/15/26 |
EUR | 175 | 165,538 | |||||
| Arena
Luxembourg Finance Sarl Reg S
1.88%, 02/01/28 |
EUR | 100 | 91,125 | |||||
| Centurion
Bidco SpA Reg S
5.88%, 09/30/26 |
EUR | 100 | 101,009 | |||||
| Cidron
Aida Finco Sarl Reg S
5.00%, 04/01/28 |
EUR | 100 | 95,243 | |||||
| Codere Finance 2 Luxembourg SA Reg S
11.00%, 09/30/26 |
EUR | 25 | 28,191 | |||||
| Consolidated
Energy Finance SA 144A
5.62%, 10/15/28 |
USD | 100 | 92,632 | |||||
| CSN
Resources SA 144A
4.62%, 06/10/31 |
USD | 100 | 84,393 | |||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 4.50%, 03/30/24 | USD | 35 | 34,106 | |||||
| 4.88%, 03/30/26 | USD | 60 | 55,929 | |||||
| 5.38%, 03/30/28 | USD | 35 | 32,309 | |||||
| 5.88%, 03/30/31 | USD | 60 | 54,165 | |||||
| Eurofins Scientific SE Reg S
3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) |
EUR | 100 | 102,126 | |||||
| Galaxy
Bidco Ltd. Reg S
6.50%, 07/31/26 |
GBP | 100 | 122,349 | |||||
| Herens
Midco Sarl Reg S
5.25%, 05/15/29 |
EUR | 100 | 87,440 | |||||
| Kenbourne
Invest SA 144A
4.70%, 01/22/28 |
USD | 50 | 42,990 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
| Kleopatra
Finco Sarl Reg S
4.25%, 03/01/26 |
EUR | 100 | $ | 90,989 | ||||
| MC
Brazil Downstream Trading SARL 144A
7.25%, 06/30/31 |
USD | 200 | 174,340 | |||||
| Millicom
International Cellular SA 144A
4.50%, 04/27/31 |
USD | 100 | 86,750 | |||||
| Minerva
Luxembourg SA 144A
4.38%, 03/18/31 † |
USD | 125 | 103,904 | |||||
| Movida
Europe SA 144A
5.25%, 02/08/31 † |
USD | 100 | 83,112 | |||||
| Nidda
Healthcare Holding GmbH Reg S
3.50%, 09/30/24 |
EUR | 200 | 196,141 | |||||
| Petrorio
Luxembourg Trading Sarl 144A
6.12%, 06/09/26 † |
USD | 100 | 96,252 | |||||
| Rossini
Sarl Reg S
6.75%, 10/30/25 |
EUR | 100 | 107,239 | |||||
| SES SA Reg S
5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o) |
EUR | 100 | 107,614 | |||||
| Sisal
Group SpA Reg S
7.00%, 07/31/23 |
EUR | 69 | 72,798 | |||||
| Summer BC
Holdco A Sarl Reg S
9.25%, 10/31/27 |
EUR | 90 | 94,715 | |||||
| Summer BC
Holdco B SARL Reg S
5.75%, 10/31/26 |
EUR | 100 | 104,433 | |||||
| TK
Elevator Midco GmbH Reg S
4.38%, 07/15/27 |
EUR | 100 | 97,849 | |||||
| TK
Elevator US Newco, Inc. 144A
5.25%, 07/15/27 |
USD | 200 | 187,622 | |||||
| 4,536,639 | ||||||||
| Malta: 0.1% | ||||||||
| VistaJet
Malta Finance Plc / XO Management Holding, Inc. 144A
6.38%, 02/01/30 † |
USD | 50 | 43,692 | |||||
| Mauritius: 0.4% | ||||||||
| Azure
Power Energy Ltd. 144A
3.58%, 08/19/26 |
USD | 48 | 43,619 | |||||
| HTA
Group Ltd./Mauritius 144A
7.00%, 12/18/25 |
USD | 100 | 99,189 | |||||
| IHS
Netherlands Holdco BV 144A
8.00%, 09/18/27 |
USD | 200 | 202,180 | |||||
| 344,988 | ||||||||
| Mexico: 4.2% | ||||||||
| Axtel
SAB de CV 144A
6.38%, 11/14/24 |
USD | 82 | 82,075 | |||||
| Cemex SAB de CV 144A | ||||||||
| 3.88%, 07/11/31 | USD | 200 | 169,940 | |||||
| 5.20%, 09/17/30 | USD | 100 | 94,389 | |||||
| 5.45%, 11/19/29 | USD | 100 | 96,150 | |||||
See Notes to Financial Statements
| 63 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
| 7.38%, 06/05/27 | USD | 100 | $ | 105,389 | ||||
|
Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26 |
USD | 100 | 17,883 | |||||
|
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
USD | 50 | 50,307 | |||||
|
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
USD | 100 | 96,483 | |||||
|
Nemak SAB de CV 144A 3.62%, 06/28/31 |
USD | 100 | 81,754 | |||||
| Petroleos Mexicanos | ||||||||
| 4.25%, 01/15/25 | USD | 50 | 48,255 | |||||
| 4.50%, 01/23/26 | USD | 75 | 70,167 | |||||
| 4.62%, 09/21/23 | USD | 50 | 49,884 | |||||
| 4.88%, 01/18/24 † | USD | 50 | 49,800 | |||||
| 5.35%, 02/12/28 | USD | 100 | 88,939 | |||||
| 5.50%, 06/27/44 † | USD | 50 | 34,349 | |||||
| 5.62%, 01/23/46 | USD | 50 | 34,409 | |||||
| 5.95%, 01/28/31 † | USD | 200 | 168,607 | |||||
| 6.35%, 02/12/48 † | USD | 100 | 70,326 | |||||
| 6.38%, 01/23/45 | USD | 75 | 53,886 | |||||
| 6.49%, 01/23/27 | USD | 100 | 96,139 | |||||
| 6.50%, 03/13/27 | USD | 200 | 191,428 | |||||
| 6.50%, 01/23/29 † | USD | 50 | 46,089 | |||||
| 6.50%, 06/02/41 | USD | 75 | 56,016 | |||||
| 6.62%, 06/15/35 | USD | 150 | 121,914 | |||||
| 6.62%, 06/15/38 | USD | 25 | 19,346 | |||||
| 6.70%, 02/16/32 | USD | 100 | 86,364 | |||||
| 6.75%, 09/21/47 | USD | 250 | 181,167 | |||||
| 6.84%, 01/23/30 | USD | 125 | 114,146 | |||||
| 6.88%, 10/16/25 | USD | 50 | 50,587 | |||||
| 6.88%, 08/04/26 | USD | 125 | 124,398 | |||||
| 6.95%, 01/28/60 | USD | 200 | 145,395 | |||||
| 7.69%, 01/23/50 | USD | 350 | 274,202 | |||||
|
Petroleos Mexicanos Reg S 4.88%, 02/21/28 |
EUR | 100 | 96,432 | |||||
|
Petróleos Mexicanos Reg S 5.50%, 02/24/25 |
EUR | 50 | 54,303 | |||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 † | USD | 50 | 41,717 | |||||
| 7.50%, 11/12/25 | USD | 50 | 46,471 | |||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | USD | 100 | 61,548 | |||||
| 7.25%, 09/27/23 | USD | 100 | 72,100 | |||||
| 3,342,754 | ||||||||
| Morocco: 0.3% | ||||||||
| OCP SA 144A | ||||||||
| 5.62%, 04/25/24 | USD | 150 | 154,369 | |||||
| 6.88%, 04/25/44 | USD | 100 | 96,750 | |||||
| 251,119 | ||||||||
| Netherlands: 2.6% | ||||||||
| 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 | $ | 104,255 | ||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
USD | 97 | 88,551 | |||||
|
Lincoln Financing SARL Reg S 3.62%, 04/01/24 |
EUR | 150 | 157,374 | |||||
|
Naturgy Finance BV Reg S 3.38% (EUR Swap Annual 9 Year+3.08%), 12/29/49 (o) |
EUR | 100 | 103,486 | |||||
|
Nobel Bidco BV Reg S 3.12%, 06/15/28 |
EUR | 100 | 88,009 | |||||
| PPF Telecom Group BV Reg S | ||||||||
| 3.12%, 03/27/26 | EUR | 100 | 101,501 | |||||
| 3.50%, 05/20/24 | EUR | 100 | 106,163 | |||||
|
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o) |
EUR | 100 | 101,096 | |||||
|
Selecta Group BV Reg S 8.00%, 04/01/26 |
EUR | 51 | 54,080 | |||||
|
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) |
EUR | 100 | 87,014 | |||||
|
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) |
EUR | 175 | 186,001 | |||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 4.75%, 05/09/27 | USD | 100 | 91,625 | |||||
| 5.12%, 05/09/29 † | USD | 100 | 90,929 | |||||
|
UPC Broadband Finco BV 144A 4.88%, 07/15/31 |
USD | 100 | 88,056 | |||||
|
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 |
EUR | 100 | 90,009 | |||||
|
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) |
EUR | 100 | 85,687 | |||||
|
WP/AP Telecom Holdings IV BV Reg S 3.75%, 01/15/29 |
EUR | 100 | 95,624 | |||||
| Ziggo Bond Co. BV 144A | ||||||||
| 5.12%, 02/28/30 | USD | 50 | 43,458 | |||||
| 6.00%, 01/15/27 | USD | 50 | 49,069 | |||||
|
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 |
EUR | 125 | 110,435 | |||||
|
Ziggo BV 144A 4.88%, 01/15/30 |
USD | 100 | 88,755 | |||||
|
Ziggo BV Reg S 2.88%, 01/15/30 |
EUR | 100 | 91,048 | |||||
| 2,102,225 | ||||||||
| Nigeria: 0.1% | ||||||||
|
Seplat Energy Plc 144A 7.75%, 04/01/26 |
USD | 100 | 95,357 | |||||
| Norway: 0.3% | ||||||||
|
Adevinta ASA Reg S 2.62%, 11/15/25 |
EUR | 100 | 100,484 | |||||
| Heimstaden Bostad AB Reg S |
See Notes to Financial Statements
| 64 |
| Par (000’s |
) | Value | ||||||
| Norway (continued) | ||||||||
| 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) | EUR | 100 | $ | 98,653 | ||||
| 199,137 | ||||||||
| Oman: 0.7% | ||||||||
|
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 |
USD | 225 | 219,338 | |||||
|
OQ SAOC 144A 5.12%, 05/06/28 |
USD | 100 | 97,467 | |||||
|
Oztel Holdings SPC Ltd. 144A 5.62%, 10/24/23 |
USD | 200 | 202,022 | |||||
| 518,827 | ||||||||
| Panama: 0.1% | ||||||||
|
Banistmo SA 144A 4.25%, 07/31/27 |
USD | 100 | 95,140 | |||||
| Peru: 0.6% | ||||||||
|
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 |
USD | 75 | 75,325 | |||||
|
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 |
USD | 25 | 23,688 | |||||
|
Peru LNG Srl 144A 5.38%, 03/22/30 |
USD | 100 | 86,131 | |||||
| Petroleos del Peru SA 144A | ||||||||
| 4.75%, 06/19/32 | USD | 100 | 81,305 | |||||
| 5.62%, 06/19/47 | USD | 150 | 109,252 | |||||
|
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
USD | 100 | 89,627 | |||||
| 465,328 | ||||||||
| Poland: 0.3% | ||||||||
|
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 |
USD | 100 | 86,011 | |||||
|
Canpack SA / Canpack US LLC Reg S 2.38%, 11/01/27 |
EUR | 100 | 92,127 | |||||
|
Synthos SA Reg S 2.50%, 06/07/28 |
EUR | 100 | 89,112 | |||||
| 267,250 | ||||||||
| Portugal: 0.8% | ||||||||
|
Banco Comercial Portugues SA Reg S |
||||||||
|
1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 |
EUR | 100 | 92,285 | |||||
| 3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30 | EUR | 100 | 95,950 | |||||
|
Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 |
EUR | 100 | 109,523 | |||||
|
EDP - Energias de Portugal SA Reg S |
||||||||
|
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 |
EUR | 100 | 94,269 | |||||
| 4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 200 | 216,015 | |||||
| 608,042 |
| Par (000’s |
) | Value | ||||||
| Romania: 0.1% | ||||||||
|
RCS & RDS SA Reg S 2.50%, 02/05/25 |
EUR | 100 | $ | 100,413 | ||||
| Singapore: 0.9% | ||||||||
|
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
USD | 200 | 178,900 | |||||
|
Greenko Investment Co. 144A 4.88%, 08/16/23 |
USD | 200 | 198,050 | |||||
|
Inkia Energy Ltd. 144A 5.88%, 11/09/27 |
USD | 100 | 94,562 | |||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
USD | 82 | 85,667 | |||||
|
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 |
USD | 200 | 196,000 | |||||
| 753,179 | ||||||||
| South Africa: 1.1% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| 6.75%, 08/06/23 | USD | 100 | 97,646 | |||||
| 7.12%, 02/11/25 | USD | 100 | 95,815 | |||||
|
Gold Fields Orogen Holdings BVI Ltd. 144A 5.12%, 05/15/24 |
USD | 100 | 100,762 | |||||
|
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22 |
USD | 140 | 401 | |||||
|
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 |
USD | 150 | 149,441 | |||||
|
Sappi Papier Holding GmbH Reg S 3.12%, 04/15/26 |
EUR | 100 | 98,243 | |||||
|
Sasol Financing USA LLC 5.88%, 03/27/24 |
USD | 300 | 299,140 | |||||
| 841,448 | ||||||||
| South Korea: 0.1% | ||||||||
|
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
USD | 100 | 98,375 | |||||
| Spain: 3.8% | ||||||||
|
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 |
EUR | 100 | 109,187 | |||||
|
Abengoa SA 0.00%, 03/31/27 (s) ^ |
EUR | 100 | 529 | |||||
|
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 |
EUR | 100 | 101,535 | |||||
|
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
USD | 100 | 97,936 | |||||
| Banco de Credito Social Cooperativo SA Reg S |
See Notes to Financial Statements
| 65 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Spain (continued) | ||||||||
| 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 | EUR | 100 | $ | 100,801 | ||||
|
Banco de Sabadell SA Reg S 1.75%, 05/10/24 |
EUR | 100 | 104,063 | |||||
| 5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 | EUR | 100 | 109,462 | |||||
| 5.62%, 05/06/26 | EUR | 100 | 111,279 | |||||
| Cellnex Finance Co. SA Reg S | ||||||||
| 1.25%, 01/15/29 | EUR | 100 | 88,209 | |||||
| 1.50%, 06/08/28 | EUR | 100 | 91,882 | |||||
| 2.00%, 09/15/32 | EUR | 100 | 84,407 | |||||
| 2.00%, 02/15/33 | EUR | 100 | 83,128 | |||||
|
Cellnex Telecom SA 1.88%, 06/26/29 |
EUR | 100 | 91,234 | |||||
| Cellnex Telecom SA Reg S | ||||||||
| 1.75%, 10/23/30 | EUR | 100 | 86,856 | |||||
| 2.38%, 01/16/24 | EUR | 100 | 106,911 | |||||
| 2.88%, 04/18/25 | EUR | 100 | 107,031 | |||||
|
El Corte Ingles SA Reg S 3.00%, 03/15/24 |
EUR | 100 | 106,385 | |||||
| Grifols SA Reg S | ||||||||
| 1.62%, 02/15/25 † | EUR | 150 | 148,220 | |||||
| 2.25%, 11/15/27 | EUR | 100 | 95,679 | |||||
| 3.20%, 05/01/25 | EUR | 100 | 101,003 | |||||
|
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 |
EUR | 100 | 100,093 | |||||
|
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 |
EUR | 100 | 105,284 | |||||
|
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 |
EUR | 200 | 193,885 | |||||
|
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 |
EUR | 125 | 132,505 | |||||
|
Telefonica Europe BV Reg S |
||||||||
|
2.62% (EUR Swap Annual 5 Year+2.33%), 3/7/2023 (o) |
EUR | 100 | 105,579 | |||||
| 3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o) | EUR | 100 | 105,494 | |||||
| 3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) | EUR | 100 | 102,552 | |||||
| 4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) | EUR | 100 | 107,445 | |||||
| 5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) | EUR | 100 | 110,424 | |||||
| 2,988,998 | ||||||||
| Sweden: 1.2% | ||||||||
|
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) |
EUR | 100 | 91,503 | |||||
|
Dometic Group AB Reg S 3.00%, 05/08/26 |
EUR | 100 | 103,121 | |||||
|
Fastighets AB Balder Reg S 2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81 |
EUR | 100 | 90,137 | |||||
| Heimstaden AB Reg S |
| Par (000’s) |
Value | |||||||
| Sweden (continued) | ||||||||
| 4.38%, 03/06/27 | EUR | 100 | $ | 96,001 | ||||
|
Heimstaden Bostad AB Reg S 2.62% (EUR Swap Annual 5 Year+3.15%), 2/1/2027 (o) |
EUR | 100 | 86,226 | |||||
| Intrum AB Reg S | ||||||||
| 3.00%, 09/15/27 | EUR | 100 | 93,875 | |||||
| 3.12%, 07/15/24 | EUR | 200 | 206,417 | |||||
|
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) |
EUR | 100 | 88,880 | |||||
|
Stena AB 144A 7.00%, 02/01/24 |
USD | 100 | 99,514 | |||||
| 955,674 | ||||||||
| Switzerland: 0.4% | ||||||||
|
Dufry One BV Reg S 2.50%, 10/15/24 |
EUR | 225 | 228,449 | |||||
|
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 |
EUR | 100 | 98,106 | |||||
| 326,555 | ||||||||
| Tanzania: 0.1% | ||||||||
|
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 |
USD | 40 | 42,598 | |||||
| Thailand: 0.2% | ||||||||
|
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
USD | 200 | 182,505 | |||||
| Trinidad and Tobago: 0.2% | ||||||||
|
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
USD | 100 | 97,885 | |||||
|
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 |
USD | 75 | 77,952 | |||||
| 175,837 | ||||||||
| Turkey: 1.9% | ||||||||
| Akbank TAS 144A | ||||||||
| 5.12%, 03/31/25 | USD | 50 | 47,119 | |||||
| 6.80%, 02/06/26 | USD | 100 | 96,342 | |||||
|
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
USD | 100 | 82,640 | |||||
|
KOC Holding AS 144A 6.50%, 03/11/25 |
USD | 50 | 50,137 | |||||
|
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 |
USD | 100 | 91,623 | |||||
|
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 |
USD | 100 | 95,691 | |||||
|
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 |
USD | 100 | 90,171 | |||||
|
Turkiye Ihracat Kredi Bankasi AS 144A 6.12%, 05/03/24 |
USD | 100 | 97,715 |
See Notes to Financial Statements
| 66 |
| Par (000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 8.25%, 01/24/24 | USD | 100 | $ | 102,297 | ||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | USD | 150 | 148,433 | |||||
| 7.85%, 12/10/23 | USD | 100 | 101,841 | |||||
|
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 |
USD | 100 | 96,514 | |||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 | USD | 100 | 93,667 | |||||
| 6.50%, 01/08/26 | USD | 100 | 94,315 | |||||
|
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
USD | 100 | 86,150 | |||||
|
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 |
USD | 100 | 97,902 | |||||
| 1,472,557 | ||||||||
| Ukraine: 0.3% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | USD | 50 | 27,062 | |||||
| 6.75%, 10/27/27 | USD | 50 | 27,500 | |||||
| Metinvest BV 144A | ||||||||
| 7.75%, 10/17/29 | USD | 100 | 56,000 | |||||
| 8.50%, 04/23/26 | USD | 100 | 56,500 | |||||
|
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24 |
EUR | 100 | 31,649 | |||||
| 198,711 | ||||||||
| 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 | 203,353 | |||||
|
Emaar Sukuk Ltd. Reg S 3.63%, 09/15/26 |
USD | 200 | 196,798 | |||||
|
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
USD | 100 | 99,885 | |||||
|
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 † |
USD | 100 | 83,401 | |||||
| 583,437 | ||||||||
| United Kingdom: 10.3% | ||||||||
|
Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23 |
GBP | 100 | 125,249 | |||||
|
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 |
USD | 50 | 50,444 | |||||
|
B&M European Value Retail SA Reg S 3.62%, 07/15/25 |
GBP | 100 | 122,270 | |||||
|
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 |
EUR | 100 | 95,575 | |||||
|
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 |
GBP | 200 | 220,998 |
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
|
Bellis Finco Plc Reg S 4.00%, 02/16/27 |
GBP | 100 | $ | 105,099 | ||||
|
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
USD | 100 | 92,127 | |||||
|
British American Tobacco Plc Reg S |
||||||||
|
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o) |
EUR | 100 | 90,758 | |||||
| 3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o) | EUR | 100 | 87,999 | |||||
|
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 |
EUR | 100 | 97,898 | |||||
|
Connect Finco SARL / Connect US Finco LLC 144A 6.75%, 10/01/26 |
USD | 200 | 194,733 | |||||
|
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 |
GBP | 100 | 108,601 | |||||
|
Co-operative Group Ltd. Reg S 5.12%, 05/17/24 |
GBP | 100 | 121,834 | |||||
|
Deuce Finco Plc Reg S 5.50%, 06/15/27 |
GBP | 100 | 114,866 | |||||
|
Drax Finco Plc 144A 6.62%, 11/01/25 |
USD | 100 | 100,757 | |||||
|
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 |
EUR | 100 | 103,353 | |||||
|
Heathrow Finance Plc Reg S 6.25%, 03/03/25 |
GBP | 150 | 188,207 | |||||
|
Iceland Bondco Plc Reg S 4.62%, 03/15/25 |
GBP | 100 | 108,351 | |||||
|
INEOS Finance Plc Reg S 2.88%, 05/01/26 |
EUR | 100 | 97,641 | |||||
|
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 |
EUR | 200 | 186,462 | |||||
| International Consolidated Airlines Group SA Reg S | ||||||||
| 0.50%, 07/04/23 | EUR | 100 | 101,954 | |||||
| 1.50%, 07/04/27 | EUR | 100 | 85,962 | |||||
| Jaguar Land Rover Automotive Plc 144A | ||||||||
| 5.88%, 01/15/28 | USD | 100 | 87,893 | |||||
| 7.75%, 10/15/25 | USD | 100 | 100,338 | |||||
|
Jerrold Finco Plc Reg S 4.88%, 01/15/26 |
GBP | 100 | 119,665 | |||||
|
Marks & Spencer Plc Reg S 6.00%, 06/12/25 |
GBP | 150 | 193,634 | |||||
|
Motion Bondco DAC 144A 6.62%, 11/15/27 † |
USD | 200 | 184,439 | |||||
|
National Express Group Plc Reg S 4.25% (UK Govt Bonds 5 Year Note Generic Bid Yield+4.13%), 11/26/2025 (o) |
GBP | 100 | 121,574 | |||||
|
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 |
USD | 100 | 99,251 |
See Notes to Financial Statements
| 67 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
|
Nexi SpA Reg S 1.75%, 10/31/24 † |
EUR | 200 | $ | 207,007 | ||||
|
NGG Finance Plc Reg S |
||||||||
|
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 |
EUR | 100 | 94,230 | |||||
| 5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 126,520 | |||||
|
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 |
EUR | 100 | 94,667 | |||||
|
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 † |
USD | 100 | 81,633 | |||||
|
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 |
GBP | 100 | 120,371 | |||||
|
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 |
EUR | 100 | 105,793 | |||||
|
Playtech Plc Reg S 3.75%, 10/12/23 |
EUR | 100 | 105,423 | |||||
|
Punch Finance Plc Reg S 6.12%, 06/30/26 |
GBP | 100 | 120,872 | |||||
| Rolls-Royce Plc Reg S | ||||||||
| 0.88%, 05/09/24 | EUR | 100 | 100,896 | |||||
| 1.62%, 05/09/28 | EUR | 200 | 178,205 | |||||
| 5.75%, 10/15/27 | GBP | 100 | 127,212 | |||||
|
Sherwood Financing Plc Reg S 4.50%, 11/15/26 |
EUR | 100 | 99,775 | |||||
|
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) |
USD | 100 | 116,458 | |||||
|
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 |
GBP | 100 | 126,492 | |||||
|
Summer BidCo BV Reg S 9.00%, 11/15/25 |
EUR | 105 | 107,653 | |||||
|
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25 |
GBP | 100 | 114,251 | |||||
|
Telenet Finance Luxembourg Notes Sarl 144A 5.50%, 03/01/28 |
USD | 200 | 193,000 | |||||
|
The Weir Group Plc 144A 2.20%, 05/13/26 |
USD | 100 | 90,604 | |||||
|
Travis Perkins Plc Reg S 4.50%, 09/07/23 |
GBP | 100 | 126,812 | |||||
|
Tullow Oil Plc 144A 10.25%, 05/15/26 |
USD | 100 | 99,411 | |||||
|
United Group BV Reg S 4.88%, 07/01/24 |
EUR | 100 | 102,420 | |||||
|
UPC Holding BV 144A 5.50%, 01/15/28 |
USD | 100 | 94,730 | |||||
|
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 † |
USD | 100 | 95,183 | |||||
|
Victoria Plc Reg S 3.62%, 08/24/26 |
EUR | 100 | 98,240 | |||||
|
Virgin Media Finance Plc 144A 5.00%, 07/15/30 |
USD | 50 | 43,565 |
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
|
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 |
USD | 100 | $ | 92,665 | ||||
| Virgin Media Secured Finance Plc Reg S | ||||||||
| 4.12%, 08/15/30 | GBP | 100 | 109,231 | |||||
| 4.25%, 01/15/30 | GBP | 100 | 109,227 | |||||
| 5.00%, 04/15/27 | GBP | 100 | 123,012 | |||||
|
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 |
USD | 100 | 84,715 | |||||
| Vmed O2 UK Financing I Plc Reg S | ||||||||
| 3.25%, 01/31/31 | EUR | 100 | 92,288 | |||||
| 4.00%, 01/31/29 | GBP | 100 | 109,149 | |||||
|
Vodafone Group Plc |
||||||||
|
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 |
USD | 150 | 129,842 | |||||
| 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 250 | 264,348 | |||||
|
Vodafone Group Plc Reg S |
||||||||
|
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 |
EUR | 125 | 132,032 | |||||
| 4.88% (GBP Swap 5 Year+3.27%), 10/03/78 | GBP | 100 | 124,463 | |||||
| 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 202,736 | |||||
|
William Hill Ltd. Reg S 4.88%, 09/07/23 |
GBP | 100 | 127,088 | |||||
| 8,180,151 | ||||||||
| United States: 3.5% | ||||||||
|
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 |
USD | 100 | 97,194 | |||||
|
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28 |
USD | 100 | 98,602 | |||||
|
Cirsa Finance International Sarl 144A 6.25%, 12/20/23 |
EUR | 127 | 134,152 | |||||
|
Constellium SE Reg S 4.25%, 02/15/26 |
EUR | 100 | 104,432 | |||||
|
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 |
EUR | 100 | 101,004 | |||||
|
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25 |
EUR | 100 | 99,818 | |||||
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
USD | 100 | 71,969 | |||||
|
Gamma Bidco SpA Reg S 6.25%, 07/15/25 |
EUR | 100 | 104,044 | |||||
See Notes to Financial Statements
| 68 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Garda World Security Corp. 144A 4.62%, 02/15/27 |
USD | 75 | $ | 67,640 | ||||
|
Guacolda Energia SA 144A 4.56%, 04/30/25 |
USD | 100 | 34,185 | |||||
|
IPD 3 BV Reg S 5.50%, 12/01/25 |
EUR | 100 | 103,853 | |||||
|
James Hardie International Finance DAC 144A 5.00%, 01/15/28 |
USD | 50 | 48,289 | |||||
|
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 † |
USD | 75 | 59,352 | |||||
|
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 |
USD | 180 | 179,206 | |||||
|
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 |
USD | 200 | 176,775 | |||||
|
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
USD | 100 | 89,500 | |||||
|
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 |
USD | 50 | 44,446 | |||||
| Q-Park
Holding I BV Reg S 2.00%, 03/01/27 |
EUR | 100 | 92,659 | |||||
|
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 |
USD | 25 | 23,878 | |||||
|
Ritchie Bros Holdings, Inc. 144A 4.75%, 12/15/31 |
USD | 60 | 60,092 | |||||
|
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26 |
EUR | 100 | 98,560 | |||||
|
Sigma Holdco BV Reg S 5.75%, 05/15/26 |
EUR | 100 | 77,810 | |||||
|
Stillwater Mining Co. 144A 4.00%, 11/16/26 |
USD | 100 | 92,061 | |||||
| Telesat Canada / Telesat LLC 144A | ||||||||
| 4.88%, 06/01/27 | USD | 50 | 34,068 | |||||
| 6.50%, 10/15/27 | USD | 50 | 21,434 | |||||
| Verisure Holding AB Reg S | ||||||||
| 3.50%, 05/15/23 | EUR | 150 | 157,352 | |||||
| 3.88%, 07/15/26 | EUR | 150 | 149,365 | |||||
| Wynn Macau Ltd. 144A | ||||||||
| 5.12%, 12/15/29 † | USD | 100 | 78,970 | |||||
| 5.50%, 01/15/26 | USD | 100 | 85,886 | |||||
| 5.50%, 10/01/27 | USD | 200 | 161,789 | |||||
| 2,748,385 | ||||||||
| Uzbekistan: 0.1% | ||||||||
|
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 |
USD | 50 | 41,149 | |||||
| Zambia: 0.4% | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| 6.88%, 03/01/26 | USD | 100 | 100,394 | |||||
| 6.88%, 10/15/27 | USD | 50 | 50,309 |
| Par (000’s |
) | Value | ||||||
| Zambia (continued) | ||||||||
| 7.50%, 04/01/25 | USD | 200 | $ | 202,712 | ||||
| 353,415 | ||||||||
| Total Corporate
Bonds (Cost: $89,555,941) |
77,875,465 | |||||||
| Number of Shares |
||||||||
| COMMON STOCK: 0.0% (Cost: $5,620) |
||||||||
| Canada: 0.0% | ||||||||
| Secure Energy Services, Inc. (CAD) | 1,259 | 6,492 | ||||||
| Total Investments Before Collateral for
Securities Loaned: 98.1% (Cost: $89,561,561) |
77,881,957 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5% (Cost: $3,565,953) |
||||||||
| Money Market Fund: 4.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 3,565,953 | 3,565,953 | ||||||
| Total Investments: 102.6% (Cost: $93,127,514) |
81,447,910 | |||||||
| Liabilities in excess of other assets: (2.6)% | (2,031,998) | |||||||
| NET ASSETS: 100.0% | $ | 79,415,912 | ||||||
See Notes to Financial Statements
| 69 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
| (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 |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,458,018. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $29,041,534, or 36.6% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Basic Materials | 7.3 | % | $ | 5,647,298 | ||||
| Consumer Cyclicals | 7.1 | 5,519,432 | ||||||
| Consumer Non-Cyclicals | 3.6 | 2,784,125 | ||||||
| Energy | 11.3 | 8,791,397 | ||||||
| Financials | 32.5 | 25,341,984 | ||||||
| Healthcare | 3.3 | 2,572,373 | ||||||
| Industrials | 13.0 | 10,125,982 | ||||||
| Institutions, Associations & Organizations | 0.4 | 274,066 | ||||||
| Real Estate | 3.7 | 2,898,174 | ||||||
| Technology | 11.9 | 9,301,017 | ||||||
| Utilities | 5.9 | 4,626,109 | ||||||
| 100.0 | % | $ | 77,881,957 | |||||
See Notes to Financial Statements
| 70 |
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds | ||||||||||||||||
| Argentina | $ | — | $ | 743,569 | $ | — | $ | 743,569 | ||||||||
| Australia | — | 492,458 | — | 492,458 | ||||||||||||
| Austria | — | 208,304 | — | 208,304 | ||||||||||||
| Belgium | — | 384,029 | — | 384,029 | ||||||||||||
| Bermuda | — | 347,878 | — | 347,878 | ||||||||||||
| Brazil | — | 5,293,915 | — | 5,293,915 | ||||||||||||
| British Virgin Islands | — | 138,000 | — | 138,000 | ||||||||||||
| Bulgaria | — | 93,096 | — | 93,096 | ||||||||||||
| Burkina Faso | — | 21,300 | — | 21,300 | ||||||||||||
| Canada | — | 5,007,392 | 0 | 5,007,392 | ||||||||||||
| Cayman Islands | — | 329,453 | — | 329,453 | ||||||||||||
| Chile | — | 137,862 | — | 137,862 | ||||||||||||
| China | — | 2,632,786 | — | 2,632,786 | ||||||||||||
| Colombia | — | 1,740,402 | — | 1,740,402 | ||||||||||||
| Costa Rica | — | 82,398 | — | 82,398 | ||||||||||||
| Cyprus | — | 146,568 | — | 146,568 | ||||||||||||
| Czech Republic | — | 199,422 | — | 199,422 | ||||||||||||
| Denmark | — | 184,275 | — | 184,275 | ||||||||||||
| Finland | — | 636,283 | — | 636,283 | ||||||||||||
| France | — | 6,022,112 | — | 6,022,112 | ||||||||||||
| Germany | — | 5,102,576 | — | 5,102,576 | ||||||||||||
| Ghana | — | 179,562 | — | 179,562 | ||||||||||||
| Greece | — | 682,945 | — | 682,945 | ||||||||||||
| Guatemala | — | 190,348 | — | 190,348 | ||||||||||||
| Hong Kong | — | 594,463 | — | 594,463 | ||||||||||||
| Hungary | — | 100,122 | — | 100,122 | ||||||||||||
| India | — | 1,708,837 | — | 1,708,837 | ||||||||||||
| Indonesia | — | 681,211 | — | 681,211 | ||||||||||||
| Ireland | — | 839,964 | — | 839,964 | ||||||||||||
| Israel | — | 1,479,516 | — | 1,479,516 | ||||||||||||
| Italy | — | 6,091,179 | — | 6,091,179 | ||||||||||||
| Japan | — | 1,695,271 | — | 1,695,271 | ||||||||||||
| Jersey, Channel Islands | — | 492,409 | — | 492,409 | ||||||||||||
| Kazakhstan | — | 101,675 | — | 101,675 | ||||||||||||
| Kuwait | — | 180,000 | — | 180,000 | ||||||||||||
| Luxembourg | — | 4,536,639 | — | 4,536,639 | ||||||||||||
| Malta | — | 43,692 | — | 43,692 | ||||||||||||
| Mauritius | — | 344,988 | — | 344,988 | ||||||||||||
| Mexico | — | 3,342,754 | — | 3,342,754 | ||||||||||||
| Morocco | — | 251,119 | — | 251,119 | ||||||||||||
| Netherlands | — | 2,102,225 | — | 2,102,225 | ||||||||||||
| Nigeria | — | 95,357 | — | 95,357 | ||||||||||||
| Norway | — | 199,137 | — | 199,137 | ||||||||||||
| Oman | — | 518,827 | — | 518,827 | ||||||||||||
| Panama | — | 95,140 | — | 95,140 | ||||||||||||
| Peru | — | 465,328 | — | 465,328 | ||||||||||||
| Poland | — | 267,250 | — | 267,250 | ||||||||||||
| Portugal | — | 608,042 | — | 608,042 | ||||||||||||
| Romania | — | 100,413 | — | 100,413 | ||||||||||||
| Singapore | — | 753,179 | — | 753,179 | ||||||||||||
| South Africa | — | 841,448 | — | 841,448 | ||||||||||||
| South Korea | — | 98,375 | — | 98,375 | ||||||||||||
| Spain | — | 2,988,998 | — | 2,988,998 | ||||||||||||
| Sweden | — | 955,674 | — | 955,674 | ||||||||||||
| Switzerland | — | 326,555 | — | 326,555 | ||||||||||||
See Notes to Financial Statements
| 71 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Tanzania | $ | — | $ | 42,598 | $ | — | $ | 42,598 | ||||||||
| Thailand | — | 182,505 | — | 182,505 | ||||||||||||
| Trinidad and Tobago | — | 175,837 | — | 175,837 | ||||||||||||
| Turkey | — | 1,472,557 | — | 1,472,557 | ||||||||||||
| Ukraine | — | 198,711 | — | 198,711 | ||||||||||||
| United Arab Emirates | — | 583,437 | — | 583,437 | ||||||||||||
| United Kingdom | — | 8,180,151 | — | 8,180,151 | ||||||||||||
| United States | — | 2,748,385 | — | 2,748,385 | ||||||||||||
| Uzbekistan | — | 41,149 | — | 41,149 | ||||||||||||
| Zambia | — | 353,415 | — | 353,415 | ||||||||||||
| Common Stock * | 6,492 | — | — | 6,492 | ||||||||||||
| Money Market Fund | 3,565,953 | — | — | 3,565,953 | ||||||||||||
| Total Investments | $ | 3,572,445 | $ | 77,875,465 | $ | 0 | $ | 81,447,910 |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 72 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s |
) | Value | ||||||
| FLOATING RATE NOTES: 99.8% | ||||||||
| Australia: 7.9% | ||||||||
|
ASB Bank Ltd. 144A 1.77% (ICE LIBOR USD 3 Month+0.97%), 06/14/23 |
$ | 1,300 | $ | 1,310,550 | ||||
|
Australia & New Zealand Banking Group Ltd. 144A 0.97% (ICE LIBOR USD 3 Month+0.49%), 11/21/22 |
832 | 832,630 | ||||||
|
Commonwealth Bank of Australia 144A 0.68% (United States Secured Overnight Financing Rate+0.40%), 07/07/25 |
21,742 | 21,560,619 | ||||||
| 0.79% (United States Secured Overnight Financing Rate+0.52%), 06/15/26 | 7,985 | 7,934,705 | ||||||
| 1.01% (United States Secured Overnight Financing Rate+0.74%), 03/14/25 | 9,425 | 9,458,798 | ||||||
| 1.58% (ICE LIBOR USD 3 Month+0.70%), 03/16/23 | 1,275 | 1,280,096 | ||||||
|
Macquarie Bank Ltd. 144A 1.59% (United States Secured Overnight Financing Rate+1.31%), 03/21/25 |
6,750 | 6,797,798 | ||||||
|
Macquarie Group Ltd. 144A |
||||||||
|
1.53% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 |
2,640 | 2,645,519 | ||||||
| 2.32% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 | 2,355 | 2,369,029 | ||||||
|
National Australia Bank Ltd. 144A |
||||||||
|
0.66% (United States Secured Overnight Financing Rate+0.38%), 01/12/25 |
7,375 | 7,347,649 | ||||||
| 0.93% (United States Secured Overnight Financing Rate+0.65%), 01/12/27 | 7,375 | 7,328,782 | ||||||
| 1.21% (ICE LIBOR USD 3 Month+0.41%), 12/13/22 | 2,375 | 2,377,778 | ||||||
| 1.61% (ICE LIBOR USD 3 Month+0.60%), 04/12/23 | 1,175 | 1,178,161 | ||||||
| Westpac Banking Corp. | ||||||||
|
0.51% (United States Secured Overnight Financing Rate+0.30%), 11/18/24 |
9,875 | 9,828,727 | ||||||
| 1.23% (ICE LIBOR USD 3 Month+0.72%), 05/15/23 | 1,750 | 1,758,169 | ||||||
| 1.28% (ICE LIBOR USD 3 Month+0.77%), 02/26/24 | 2,825 | 2,841,069 | ||||||
| 1.41% (ICE LIBOR USD 3 Month+0.39%), 01/13/23 | 1,775 | 1,776,472 | ||||||
| 1.56% (ICE LIBOR USD 3 Month+0.57%), 01/11/23 | 1,200 | 1,203,371 | ||||||
| 89,829,922 | ||||||||
| Canada: 10.2% | ||||||||
| Bank of Montreal |
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| 0.53% (United States Secured Overnight Financing Rate Compound Index+0.27%), 09/15/23 | $ | 2,444 | $ | 2,432,175 | ||||
| 0.60% (United States Secured Overnight Financing Rate Compound Index+0.35%), 12/08/23 | 2,250 | 2,237,927 | ||||||
| 0.60% (United States Secured Overnight Financing Rate Compound Index+0.32%), 07/09/24 † | 2,100 | 2,077,277 | ||||||
| 0.94% (United States Secured Overnight Financing Rate Compound Index+0.68%), 03/10/23 | 3,548 | 3,551,830 | ||||||
| 0.96% (United States Secured Overnight Financing Rate Compound Index+0.71%), 03/08/24 | 1,875 | 1,876,630 | ||||||
|
Bank of Nova Scotia |
||||||||
|
0.53% (United States Secured Overnight Financing Rate+0.26%), 09/15/23 |
2,258 | 2,243,400 | ||||||
| 0.56% (United States Secured Overnight Financing Rate+0.28%), 06/23/23 | 1,775 | 1,770,815 | ||||||
| 0.66% (United States Secured Overnight Financing Rate+0.38%), 07/31/24 | 9,600 | 9,533,711 | ||||||
| 0.72% (United States Secured Overnight Financing Rate Compound Index+0.45%), 04/15/24 | 2,450 | 2,441,266 | ||||||
| 0.82% (United States Secured Overnight Financing Rate Compound Index+0.55%), 09/15/23 | 5,970 | 5,960,517 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
|
0.62% (United States Secured Overnight Financing Rate+0.34%), 06/22/23 |
1,159 | 1,155,439 | ||||||
| 0.67% (United States Secured Overnight Financing Rate Compound Index+0.40%), 12/14/23 † | 4,225 | 4,211,838 | ||||||
| 0.70% (United States Secured Overnight Financing Rate+0.42%), 10/18/24 † | 8,356 | 8,270,843 | ||||||
| 1.08% (United States Secured Overnight Financing Rate+0.80%), 03/17/23 | 2,950 | 2,955,668 | ||||||
| 1.22% (United States Secured Overnight Financing Rate+0.94%), 04/07/25 | 9,600 | 9,608,049 | ||||||
| 1.46% (ICE LIBOR USD 3 Month+0.66%), 09/13/23 | 1,900 | 1,907,225 | ||||||
| Enbridge, Inc. | ||||||||
See Notes to Financial Statements
| 73 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| 0.60% (United States Secured Overnight Financing Rate+0.40%), 02/17/23 | $ | 1,225 | $ | 1,222,855 | ||||
| 0.83% (United States Secured Overnight Financing Rate Compound Index+0.63%), 02/16/24 | 2,265 | 2,268,401 | ||||||
|
Federation des Caisses Desjardins du Quebec 144A 0.65% (United States Secured Overnight Financing Rate+0.43%), 05/21/24 |
2,050 | 2,035,807 | ||||||
|
Royal Bank of Canada |
||||||||
|
0.58% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/19/24 † |
4,176 | 4,146,786 | ||||||
| 0.62% (United States Secured Overnight Financing Rate Compound Index+0.34%), 10/07/24 | 5,766 | 5,706,471 | ||||||
| 0.64% (United States Secured Overnight Financing Rate Compound Index+0.36%), 07/29/24 † | 9,419 | 9,371,869 | ||||||
| 0.73% (United States Secured Overnight Financing Rate Compound Index+0.45%), 10/26/23 | 3,753 | 3,750,674 | ||||||
| 1.40% (ICE LIBOR USD 3 Month+0.36%), 01/17/23 | 2,025 | 2,024,582 | ||||||
|
Toronto-Dominion Bank |
||||||||
|
0.46% (United States Secured Overnight Financing Rate+0.22%), 06/02/23 |
1,767 | 1,760,270 | ||||||
| 0.52% (United States Secured Overnight Financing Rate+0.24%), 01/06/23 | 1,450 | 1,447,898 | ||||||
| 0.60% (United States Secured Overnight Financing Rate+0.35%), 03/04/24 | 3,045 | 3,027,351 | ||||||
| 0.61% (United States Secured Overnight Financing Rate+0.35%), 09/10/24 | 13,031 | 12,905,650 | ||||||
| 0.73% (United States Secured Overnight Financing Rate+0.45%), 09/28/23 | 1,900 | 1,893,696 | ||||||
| 0.76% (United States Secured Overnight Financing Rate+0.48%), 01/27/23 | 2,385 | 2,385,146 | ||||||
| 116,182,066 | ||||||||
| Cayman Islands: 0.2% | ||||||||
|
MassMutual Global Funding II 144A 0.64% (United States Secured Overnight Financing Rate+0.36%), 04/12/24 |
2,250 | 2,246,699 | ||||||
| China: 0.4% | ||||||||
| Tencent Holdings Ltd. 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 1.65% (ICE LIBOR USD 3 Month+0.60%), 01/19/23 | $ | 1,225 | $ | 1,223,199 | ||||
| 1.90% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 | 2,850 | 2,851,368 | ||||||
| 4,074,567 | ||||||||
| France: 2.1% | ||||||||
|
Banque Federative du Credit Mutuel SA 144A 0.58% (United States Secured Overnight Financing Rate+0.41%), 02/04/25 |
10,297 | 10,145,477 | ||||||
|
BPCE SA 144A 2.04% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 |
1,325 | 1,336,456 | ||||||
|
Credit Agricole SA 144A 2.20% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 |
1,315 | 1,321,056 | ||||||
|
Societe Generale SA 144A 1.33% (United States Secured Overnight Financing Rate+1.05%), 01/21/26 |
11,150 | 10,954,579 | ||||||
| 23,757,568 | ||||||||
| Germany: 0.5% | ||||||||
|
Bayer US Finance II LLC 144A 1.84% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 |
4,750 | 4,774,101 | ||||||
|
Deutsche Bank AG 1.65% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 |
925 | 928,477 | ||||||
| 5,702,578 | ||||||||
| Ireland: 0.2% | ||||||||
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 0.96% (United States Secured Overnight Financing Rate+0.68%), 09/29/23 |
2,025 | 2,008,173 | ||||||
| Japan: 5.2% | ||||||||
|
Mitsubishi UFJ Financial Group, Inc. |
||||||||
|
1.24% (ICE LIBOR USD 3 Month+0.74%), 03/02/23 |
1,744 | 1,747,973 | ||||||
| 2.07% (ICE LIBOR USD 3 Month+0.86%), 07/26/23 | 3,896 | 3,914,491 | ||||||
|
Mizuho Financial Group, Inc. |
||||||||
|
1.13% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 |
14,000 | 13,977,122 | ||||||
| 1.16% (United States Secured Overnight Financing Rate+0.96%), 05/22/26 | 1,000 | 994,612 | ||||||
| 1.37% (ICE LIBOR USD 3 Month+0.79%), 03/05/23 | 2,025 | 2,032,537 | ||||||
| 1.65% (ICE LIBOR USD 3 Month+0.85%), 09/13/23 | 1,825 | 1,827,843 | ||||||
| 1.75% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 8,921 | 8,972,270 | ||||||
| 1.88% (ICE LIBOR USD 3 Month+0.84%), 07/16/23 | 1,150 | 1,150,676 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
See Notes to Financial Statements
| 74 |
| Par (000’s |
) | Value | ||||||
| Japan (continued) | ||||||||
| 1.16% (United States Secured Overnight Financing Rate+0.88%), 01/14/27 | $ | 7,300 | $ | 7,257,918 | ||||
| 1.78% (ICE LIBOR USD 3 Month+0.74%), 01/17/23 | 1,200 | 1,202,182 | ||||||
| 1.84% (ICE LIBOR USD 3 Month+0.80%), 10/16/23 | 3,193 | 3,205,477 | ||||||
| 1.90% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 | 1,200 | 1,206,407 | ||||||
|
Sumitomo Mitsui Trust Bank Ltd. 144A 0.71% (United States Secured Overnight Financing Rate+0.44%), 09/16/24 |
11,175 | 11,109,194 | ||||||
| 58,598,702 | ||||||||
| Netherlands: 1.6% | ||||||||
|
Cooperatieve Rabobank UA 0.58% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/12/24 |
2,950 | 2,945,045 | ||||||
| ING Groep NV | ||||||||
|
1.92% (United States Secured Overnight Financing Rate Compound Index+1.64%), 03/28/26 |
7,250 | 7,321,364 | ||||||
| 1.96% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 | 2,025 | 2,043,015 | ||||||
|
Shell International Finance BV 0.79% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 † |
2,025 | 2,034,746 | ||||||
|
Siemens Financieringsmaatschappij NV 144A 0.69% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 |
3,900 | 3,905,496 | ||||||
| 18,249,666 | ||||||||
| Norway: 0.9% | ||||||||
| DNB Bank ASA 144A | ||||||||
|
1.11% (United States Secured Overnight Financing Rate Compound Index+0.83%), 03/28/25 |
9,000 | 9,011,128 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+0.62%), 12/02/22 | 1,525 | 1,527,303 | ||||||
| 10,538,431 | ||||||||
| Spain: 0.2% | ||||||||
| Banco Santander SA | ||||||||
|
1.55% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 |
1,200 | 1,206,160 | ||||||
| 2.13% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | 1,200 | 1,207,233 | ||||||
| 2,413,393 | ||||||||
| Sweden: 0.1% | ||||||||
|
Skandinaviska Enskilda Banken AB 144A 1.45% (ICE LIBOR USD 3 Month+0.65%), 12/12/22 |
1,300 | 1,303,808 | ||||||
| Par (000’s |
) | Value | ||||||
| Switzerland: 1.2% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
|
2.00% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 |
$ | 1,875 | $ | 1,879,666 | ||||
| 2.04% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 2,806 | 2,819,895 | ||||||
|
UBS AG 144A 0.54% (United States Secured Overnight Financing Rate+0.36%), 02/09/24 |
3,750 | 3,736,356 | ||||||
| UBS Group AG 144A | ||||||||
|
1.46% (ICE LIBOR USD 3 Month+0.95%), 08/15/23 |
3,000 | 3,004,008 | ||||||
| 1.70% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 | 2,375 | 2,376,113 | ||||||
| 13,816,038 | ||||||||
| United Kingdom: 7.2% | ||||||||
|
ANZ New Zealand Int’l Ltd./ London 144A 0.81% (United States Secured Overnight Financing Rate+0.60%), 02/18/25 |
7,400 | 7,382,460 | ||||||
|
Barclays Plc 1.84% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 |
5,730 | 5,767,053 | ||||||
| HSBC Holdings Plc | ||||||||
|
0.79% (United States Secured Overnight Financing Rate+0.58%), 11/22/24 |
7,393 | 7,307,385 | ||||||
| 1.49% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 7,455 | 7,467,158 | ||||||
| 1.68% (United States Secured Overnight Financing Rate+1.43%), 03/10/26 | 7,400 | 7,419,783 | ||||||
| 1.98% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | 7,375 | 7,377,381 | ||||||
| 2.18% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 11,062 | 11,122,790 | ||||||
|
Jackson National Life Global Funding 144A 0.88% (United States Secured Overnight Financing Rate+0.60%), 01/06/23 |
1,925 | 1,925,983 | ||||||
|
Standard Chartered Plc 144A 1.14% (United States Secured Overnight Financing Rate+0.93%), 11/23/25 |
7,410 | 7,356,636 | ||||||
| 1.53% (United States Secured Overnight Financing Rate+1.25%), 10/14/23 | 1,900 | 1,905,395 | ||||||
|
UBS AG 144A 0.55% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 |
2,250 | 2,246,578 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.45%), 08/09/24 | 14,700 | 14,585,079 | ||||||
| 81,863,681 | ||||||||
| United States: 61.9% | ||||||||
| AbbVie, Inc. | ||||||||
See Notes to Financial Statements
| 75 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 1.13% (ICE LIBOR USD 3 Month+0.65%), 11/21/22 | $ | 1,400 | $ | 1,401,822 | ||||
|
Air Lease Corp. 1.18% (ICE LIBOR USD 3 Month+0.35%), 12/15/22 |
1,575 | 1,573,366 | ||||||
|
American Electric Power Co., Inc. 1.77% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 |
2,400 | 2,400,211 | ||||||
| American Express Co. | ||||||||
|
0.40% (United States Secured Overnight Financing Rate Compound Index+0.23%), 11/03/23 |
2,266 | 2,250,083 | ||||||
| 0.82% (United States Secured Overnight Financing Rate Compound Index+0.65%), 11/04/26 | 7,263 | 7,195,142 | ||||||
| 1.18% (United States Secured Overnight Financing Rate+0.93%), 03/04/25 | 7,250 | 7,301,599 | ||||||
| 2.04% (ICE LIBOR USD 3 Month+0.75%), 08/03/23 † | 1,200 | 1,204,088 | ||||||
|
American Honda Finance Corp. 0.63% (ICE LIBOR USD 3 Month+0.15%), 02/22/23 † |
1,340 | 1,339,504 | ||||||
|
Analog Devices, Inc. 0.53% (United States Secured Overnight Financing Rate+0.25%), 10/01/24 |
7,394 | 7,361,525 | ||||||
|
AT&T, Inc. 0.92% (United States Secured Overnight Financing Rate Compound Index+0.64%), 03/25/24 |
2,875 | 2,873,676 | ||||||
| 1.98% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 6,139 | 6,217,560 | ||||||
|
Athene Global Funding 144A 0.92% (United States Secured Overnight Financing Rate Compound Index+0.70%), 05/24/24 |
5,750 | 5,685,053 | ||||||
|
Atmos Energy Corp. 1.02% (ICE LIBOR USD 3 Month+0.38%), 03/09/23 † |
2,750 | 2,751,422 | ||||||
| Bank of America Corp. | ||||||||
|
0.84% (United States Secured Overnight Financing Rate+0.66%), 02/04/25 |
11,050 | 10,987,141 | ||||||
| 0.91% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 | 4,540 | 4,517,164 | ||||||
| 0.97% (United States Secured Overnight Financing Rate+0.69%), 04/22/25 | 8,683 | 8,619,138 | ||||||
| 1.01% (United States Secured Overnight Financing Rate+0.73%), 10/24/24 | 7,238 | 7,237,611 | ||||||
| 1.08% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 † | 21,679 | 21,596,291 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 1.23% (United States Secured Overnight Financing Rate+1.05%), 02/04/28 | $ | 7,383 | $ | 7,282,502 | ||||
| 1.37% (ICE LIBOR USD 3 Month+0.79%), 03/05/24 | 5,721 | 5,722,401 | ||||||
| 1.61% (United States Secured Overnight Financing Rate+1.33%), 04/02/26 | 8,000 | 8,036,998 | ||||||
| 2.14% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 | 1,920 | 1,928,252 | ||||||
|
Bank of New York Mellon Corp. 2.29% (ICE LIBOR USD 3 Month+1.05%), 10/30/23 † |
2,957 | 2,966,370 | ||||||
| BMW US Capital LLC 144A | ||||||||
|
0.57% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/12/24 |
11,130 | 11,053,750 | ||||||
| 0.81% (United States Secured Overnight Financing Rate Compound Index+0.53%), 04/01/24 | 2,879 | 2,876,014 | ||||||
|
Capital One Financial Corp. 0.94% (United States Secured Overnight Financing Rate+0.69%), 12/06/24 |
13,425 | 13,382,820 | ||||||
|
Caterpillar Financial Services Corp. 0.35% (United States Secured Overnight Financing Rate+0.15%), 11/17/22 |
1,875 | 1,873,481 | ||||||
| 0.45% (United States Secured Overnight Financing Rate+0.24%), 05/17/24 | 1,987 | 1,978,850 | ||||||
| 0.54% (United States Secured Overnight Financing Rate+0.27%), 09/13/24 | 10,855 | 10,775,650 | ||||||
|
CenterPoint Energy Resources Corp. 1.00% (ICE LIBOR USD 3 Month+0.50%), 03/02/23 |
1,378 | 1,375,502 | ||||||
|
CenterPoint Energy, Inc. 0.84% (United States Secured Overnight Financing Rate Compound Index+0.65%), 05/13/24 |
2,643 | 2,622,898 | ||||||
|
Charles Schwab Corp. 0.71% (United States Secured Overnight Financing Rate Compound Index+0.52%), 05/13/26 |
6,863 | 6,792,430 | ||||||
| 0.78% (United States Secured Overnight Financing Rate Compound Index+0.50%), 03/18/24 | 4,804 | 4,799,321 | ||||||
|
Charles Schwab Corp./The 1.29% (United States Secured Overnight Financing Rate Compound Index+1.05%), 03/03/27 |
7,750 | 7,759,082 | ||||||
See Notes to Financial Statements
| 76 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Chevron USA, Inc. 0.58% (ICE LIBOR USD 3 Month+0.20%), 08/11/23 † |
$ | 1,350 | $ | 1,349,086 | ||||
|
Cigna Corp. 1.93% (ICE LIBOR USD 3 Month+0.89%), 07/15/23 |
1,825 | 1,835,233 | ||||||
| Citigroup, Inc. | ||||||||
|
0.95% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 |
7,375 | 7,284,858 | ||||||
| 0.97% (United States Secured Overnight Financing Rate+0.69%), 01/25/26 | 7,399 | 7,290,447 | ||||||
| 1.05% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 7,660 | 6,509,704 | ||||||
| 1.50% (United States Secured Overnight Financing Rate+1.28%), 02/24/28 | 7,350 | 7,301,175 | ||||||
| 1.55% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 3,755 | 3,770,869 | ||||||
| 1.57% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 † | 5,602 | 5,594,072 | ||||||
| 1.81% (United States Secured Overnight Financing Rate+1.53%), 03/17/26 † | 7,375 | 7,436,180 | ||||||
| 1.95% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | 4,769 | 4,777,846 | ||||||
| 2.13% (ICE LIBOR USD 3 Month+0.95%), 07/24/23 | 1,775 | 1,776,128 | ||||||
| 2.22% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 9,582 | 9,669,323 | ||||||
|
Comcast Corp. 1.67% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 † |
2,036 | 2,047,069 | ||||||
| Credit Suisse AG | ||||||||
|
0.56% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/09/23 |
1,385 | 1,379,504 | ||||||
| 0.67% (United States Secured Overnight Financing Rate Compound Index+0.39%), 02/02/24 | 3,750 | 3,723,988 | ||||||
| Daimler Trucks Finance North America LLC 144A | ||||||||
|
0.78% (United States Secured Overnight Financing Rate+0.50%), 06/14/23 |
1,350 | 1,348,019 | ||||||
| 1.28% (United States Secured Overnight Financing Rate+1.00%), 04/05/24 | 1,700 | 1,700,814 | ||||||
|
Deutsche Bank NY 0.68% (United States Secured Overnight Financing Rate+0.50%), 11/08/23 |
2,772 | 2,756,475 | ||||||
|
Dominion Energy, Inc. 1.36% (ICE LIBOR USD 3 Month+0.53%), 09/15/23 |
3,786 | 3,780,619 | ||||||
| Duke Energy Corp. | ||||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.51% (United States Secured Overnight Financing Rate+0.25%), 06/10/23 | $ | 1,300 | $ | 1,295,286 | ||||
|
Equitable Financial Life Global Funding 144A 0.67% (United States Secured Overnight Financing Rate+0.39%), 04/06/23 |
1,644 | 1,641,459 | ||||||
| Florida Power & Light Co. | ||||||||
|
0.44% (United States Secured Overnight Financing Rate Compound Index+0.25%), 05/10/23 |
2,325 | 2,318,608 | ||||||
| 0.66% (United States Secured Overnight Financing Rate Compound Index+0.38%), 01/12/24 | 3,740 | 3,726,736 | ||||||
|
GA Global Funding Trust 144A 0.77% (United States Secured Overnight Financing Rate+0.50%), 09/13/24 |
7,500 | 7,375,729 | ||||||
|
General Electric Co. 0.70% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 |
13,257 | 12,968,708 | ||||||
|
General Motors Financial Co., Inc. 1.40% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 |
2,955 | 2,959,135 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
|
0.74% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 |
1,924 | 1,917,755 | ||||||
| 0.83% (United States Secured Overnight Financing Rate+0.58%), 03/08/24 | 2,819 | 2,796,324 | ||||||
| 0.98% (United States Secured Overnight Financing Rate+0.70%), 01/24/25 | 9,425 | 9,338,140 | ||||||
| 1.21% (ICE LIBOR USD 3 Month+0.75%), 02/23/23 | 6,197 | 6,198,052 | ||||||
| 1.63% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | 1,800 | 1,800,130 | ||||||
| 1.68% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 22,266 | 22,366,719 | ||||||
| 2.11% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 6,736 | 6,817,539 | ||||||
| 2.18% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 | 1,737 | 1,737,037 | ||||||
| 2.99% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 † | 14,787 | 15,070,119 | ||||||
|
Goldman Sachs Group, Inc./The 0.87% (United States Secured Overnight Financing Rate+0.62%), 12/06/23 |
1,925 | 1,915,314 | ||||||
|
Hartford Financial Services Group, Inc. 144A 2.63% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 |
7,325 | 6,453,835 | ||||||
| John Deere Capital Corp. | ||||||||
See Notes to Financial Statements
| 77 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.40% (United States Secured Overnight Financing Rate+0.12%), 07/10/23 † | $ | 1,798 | $ | 1,791,965 | ||||
| 0.48% (United States Secured Overnight Financing Rate+0.20%), 10/11/24 | 8,880 | 8,884,690 | ||||||
| JPMorgan Chase & Co. | ||||||||
|
0.77% (United States Secured Overnight Financing Rate+0.54%), 06/01/25 |
7,257 | 7,148,679 | ||||||
| 0.86% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 | 4,775 | 4,759,812 | ||||||
| 0.86% (United States Secured Overnight Financing Rate+0.58%), 06/23/25 | 7,235 | 7,152,398 | ||||||
| 1.05% (United States Secured Overnight Financing Rate+0.77%), 09/22/27 | 7,251 | 7,002,890 | ||||||
| 1.14% (United States Secured Overnight Financing Rate+0.92%), 02/24/26 | 11,100 | 10,969,008 | ||||||
| 1.16% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 | 7,400 | 7,245,025 | ||||||
| 1.40% (United States Secured Overnight Financing Rate+1.18%), 02/24/28 | 11,075 | 10,954,680 | ||||||
| 1.84% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 7,390 | 7,399,873 | ||||||
| 1.91% (ICE LIBOR USD 3 Month+0.73%), 04/23/24 | 1,881 | 1,882,143 | ||||||
| 2.07% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 14,753 | 14,821,819 | ||||||
| 2.41% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 | 7,469 | 7,494,863 | ||||||
|
Lincoln National Corp. 2.83% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 |
8,240 | 6,983,400 | ||||||
|
Magallanes, Inc. 144A 2.05% (United States Secured Overnight Financing Rate Compound Index+1.78%), 03/15/24 |
2,025 | 2,044,051 | ||||||
|
MassMutual Global Funding II 144A 0.55% (United States Secured Overnight Financing Rate+0.27%), 10/21/24 |
7,375 | 7,314,093 | ||||||
|
Met Tower Global Funding 144A 0.83% (United States Secured Overnight Financing Rate+0.55%), 01/17/23 |
1,200 | 1,201,164 | ||||||
|
Metropolitan Life Global Funding I 144A 0.58% (United States Secured Overnight Financing Rate+0.30%), 09/27/24 |
4,800 | 4,761,302 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.60% (United States Secured Overnight Financing Rate+0.32%), 01/07/24 | $ | 4,825 | $ | 4,806,356 | ||||
| 0.85% (United States Secured Overnight Financing Rate+0.57%), 01/13/23 | 2,375 | 2,377,632 | ||||||
| Morgan Stanley | ||||||||
|
0.90% (United States Secured Overnight Financing Rate+0.62%), 01/24/25 |
18,525 | 18,351,884 | ||||||
| 1.16% (United States Secured Overnight Financing Rate+0.95%), 02/18/26 † | 10,850 | 10,769,264 | ||||||
| 1.44% (United States Secured Overnight Financing Rate+1.17%), 04/17/25 | 7,400 | 7,408,863 | ||||||
| 1.56% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 6,585 | 6,619,639 | ||||||
| 2.58% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | 9,320 | 9,354,324 | ||||||
| New York Life Global Funding 144A | ||||||||
|
0.50% (United States Secured Overnight Financing Rate+0.22%), 02/02/23 |
1,895 | 1,893,187 | ||||||
| 1.27% (ICE LIBOR USD 3 Month+0.28%), 01/10/23 | 1,190 | 1,189,840 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
|
0.68% (United States Secured Overnight Financing Rate Compound Index+0.40%), 11/03/23 |
4,850 | 4,824,547 | ||||||
| 0.75% (ICE LIBOR USD 3 Month+0.27%), 02/22/23 | 3,886 | 3,875,904 | ||||||
| 0.77% (United States Secured Overnight Financing Rate Compound Index+0.54%), 03/01/23 | 1,200 | 1,198,731 | ||||||
|
PPL Electric Utilities Corp. 0.61% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 |
2,531 | 2,516,244 | ||||||
|
Public Storage 0.75% (United States Secured Overnight Financing Rate+0.47%), 04/23/24 |
2,775 | 2,768,033 | ||||||
|
QUALCOMM, Inc. 1.97% (ICE LIBOR USD 3 Month+0.73%), 01/30/23 |
1,350 | 1,353,819 | ||||||
| Roche Holdings, Inc. 144A | ||||||||
|
0.59% (United States Secured Overnight Financing Rate+0.33%), 09/11/23 |
1,825 | 1,826,122 | ||||||
| 0.82% (United States Secured Overnight Financing Rate+0.56%), 03/10/25 | 10,875 | 10,911,751 | ||||||
| Simon Property Group LP | ||||||||
See Notes to Financial Statements
| 78 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.71% (United States Secured Overnight Financing Rate Compound Index+0.43%), 01/11/24 | $ | 2,031 | $ | 2,026,352 | ||||
|
Southern California Edison Co. 0.71% (United States Secured Overnight Financing Rate+0.47%), 12/02/22 |
1,475 | 1,474,589 | ||||||
|
Southern Co./The 0.56% (United States Secured Overnight Financing Rate+0.37%), 05/10/23 |
1,575 | 1,570,470 | ||||||
|
Starbucks Corp. 0.61% (United States Secured Overnight Financing Rate Compound Index+0.42%), 02/14/24 |
2,025 | 2,027,140 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
|
0.63% (United States Secured Overnight Financing Rate Compound Index+0.35%), 04/18/23 |
2,375 | 2,371,791 | ||||||
| 0.67% (United States Secured Overnight Financing Rate Compound Index+0.39%), 10/18/23 | 1,900 | 1,895,298 | ||||||
| 0.81% (United States Secured Overnight Financing Rate Compound Index+0.53%), 10/18/24 | 7,387 | 7,359,681 | ||||||
| Toyota Motor Credit Corp. | ||||||||
|
0.48% (United States Secured Overnight Financing Rate+0.20%), 02/13/23 |
2,254 | 2,251,608 | ||||||
| 0.56% (United States Secured Overnight Financing Rate+0.28%), 12/14/22 | 2,950 | 2,951,545 | ||||||
| 0.56% (United States Secured Overnight Financing Rate+0.29%), 09/13/24 † | 8,850 | 8,809,030 | ||||||
| 0.60% (United States Secured Overnight Financing Rate+0.32%), 04/06/23 | 1,730 | 1,727,286 | ||||||
| 0.61% (United States Secured Overnight Financing Rate Compound Index+0.33%), 01/11/24 | 2,809 | 2,799,789 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.63% (United States Secured Overnight Financing Rate+0.35%), 06/13/23 | $ | 1,872 | $ | 1,869,798 | ||||
| Truist Bank | ||||||||
|
0.48% (United States Secured Overnight Financing Rate+0.20%), 01/17/24 |
4,675 | 4,640,061 | ||||||
| 0.99% (United States Secured Overnight Financing Rate+0.73%), 03/09/23 | 1,165 | 1,167,784 | ||||||
|
Truist Financial Corp. 0.66% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 |
14,813 | 14,572,919 | ||||||
|
United Parcel Service, Inc. 1.42% (ICE LIBOR USD 3 Month+0.45%), 04/01/23 |
1,367 | 1,370,022 | ||||||
| US Bank NA | ||||||||
|
0.67% (Bloomberg 3 Month Short Term Bank Yield Index+0.17%), 06/02/23 |
2,360 | 2,356,436 | ||||||
| 1.04% (ICE LIBOR USD 3 Month+0.40%), 12/09/22 | 1,425 | 1,425,604 | ||||||
| Verizon Communications, Inc. | ||||||||
|
1.07% (United States Secured Overnight Financing Rate Compound Index+0.79%), 03/20/26 † |
11,039 | 11,011,206 | ||||||
| 1.61% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 22,483 | 22,749,331 | ||||||
|
Wells Fargo & Co. 2.47% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 |
7,596 | 7,626,479 | ||||||
| 701,678,965 | ||||||||
| Total Floating Rate
Notes (Cost: $1,139,059,326) |
1,132,264,257 | |||||||
| Number of Shares |
||||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.4% (Cost: $4,818,587) |
||||||||
| Money Market Fund: 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 4,818,587 | 4,818,587 | ||||||
| Total Investments: 100.2% (Cost: $1,143,877,913) |
1,137,082,844 | |||||||
| Liabilities in excess of other assets: (0.2)% | (2,565,063) | |||||||
| NET ASSETS: 100.0% | $ | 1,134,517,781 | ||||||
Definitions:
| USD | United States Dollar |
See Notes to Financial Statements
| 79 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $10,721,775. |
| 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 $261,846,125, or 23.1% of net assets. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Cyclicals | 0.9 | % | $ | 10,416,899 | ||||
| Consumer Non-Cyclicals | 1.5 | 16,874,204 | ||||||
| Energy | 0.6 | 6,875,087 | ||||||
| Financials | 83.8 | 948,783,001 | ||||||
| Healthcare | 1.7 | 19,637,927 | ||||||
| Industrials | 3.0 | 33,509,305 | ||||||
| Real Estate | 0.4 | 4,794,385 | ||||||
| Technology | 4.9 | 55,641,684 | ||||||
| Utilities | 3.2 | 35,731,765 | ||||||
| 100.0 | % | $ | 1,132,264,257 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Floating Rate Notes * | $ | — | $ | 1,132,264,257 | $ | — | $ | 1,132,264,257 | ||||||||
| Money Market Fund | 4,818,587 | — | — | 4,818,587 | ||||||||||||
| Total Investments | $ | 4,818,587 | $ | 1,132,264,257 | $ | — | $ | 1,137,082,844 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 80 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 4.9% | ||||||||
| Colombia: 0.1% | ||||||||
| Empresas
Publicas de Medellin ESP Reg S
7.62%, 09/10/24 |
COP | 3,596,000 | $ | 848,199 | ||||
| Financiera
de Desarrollo Territorial SA Findeter Reg S
7.88%, 08/12/24 |
COP | 12,300,000 | 2,964,159 | |||||
| 3,812,358 | ||||||||
| Germany: 0.0% | ||||||||
| Kreditanstalt fuer
Wiederaufbau
7.75%, 06/06/23 |
ZAR | 1,180 | 75,629 | |||||
| Indonesia: 0.8% | ||||||||
| Perusahaan Penerbit SBSN | ||||||||
| 4.88%, 07/15/26 | IDR | 37,350,000 | 2,518,394 | |||||
| 6.38%, 03/15/34 | IDR | 8,410,000 | 562,058 | |||||
| 6.50%, 05/15/23 | IDR | 70,300,000 | 4,932,858 | |||||
| 6.62%, 10/15/24 | IDR | 42,440,000 | 3,036,168 | |||||
| 8.25%, 09/15/23 | IDR | 53,999,000 | 3,913,862 | |||||
| 8.75%, 08/15/23 | IDR | 17,850,000 | 1,299,420 | |||||
| 8.88%, 11/15/31 | IDR | 112,280,000 | 8,967,558 | |||||
| 25,230,318 | ||||||||
| Mexico: 0.0% | ||||||||
| Petroleos Mexicanos Reg
S
7.19%, 09/12/24 |
MXN | 28,905 | 1,317,163 | |||||
| Russia: 0.0% | ||||||||
| RusHydro
Via RusHydro Capital Markets DAC Reg S
8.12%, 09/28/22 |
RUB | 134,900 | 57,141 | |||||
| South Africa: 0.4% | ||||||||
| Eskom Holdings SOC Ltd. | ||||||||
| 0.01%, 08/18/27 | ZAR | 83,955 | 2,407,524 | |||||
| 7.50%, 09/15/33 | ZAR | 11,000 | 514,372 | |||||
| 7.85%, 04/02/26 | ZAR | 25,350 | 1,532,776 | |||||
| Transnet SOC Ltd. | ||||||||
| 9.50%, 08/19/25 | ZAR | 22,000 | 1,407,950 | |||||
| 10.80%, 11/06/23 | ZAR | 87,800 | 5,842,320 | |||||
| 13.50%, 04/18/28 | ZAR | 5,100 | 375,593 | |||||
| 12,080,535 | ||||||||
| Supranational: 2.8% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
| 0.20%, 12/23/22 | PLN | 7,550 | 1,628,551 | |||||
| 0.25%, 11/20/23 | PLN | 8,670 | 1,765,401 | |||||
| European Investment Bank | ||||||||
| 4.25%, 10/25/22 | PLN | 40,820 | 9,125,996 | |||||
| 7.25%, 02/28/23 | ZAR | 660 | 42,082 | |||||
| 7.75%, 01/30/25 | MXN | 17,460 | 816,745 | |||||
| 8.12%, 12/21/26 | ZAR | 205,495 | 13,161,230 | |||||
| European Investment Bank 144A | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Supranational (continued) | ||||||||
| 5.75%, 01/24/25 | IDR | 51,750,000 | $ | 3,568,740 | ||||
| European Investment Bank Reg S | ||||||||
| 2.75%, 08/25/26 | PLN | 35,030 | 6,811,652 | |||||
| 3.00%, 05/24/24 | PLN | 48,552 | 10,174,629 | |||||
| 8.00%, 05/05/27 | ZAR | 17,875 | 1,137,682 | |||||
| 8.50%, 09/17/24 | ZAR | 530 | 34,504 | |||||
| Inter-American Development Bank | ||||||||
| 7.50%, 12/05/24 | MXN | 132,495 | 6,127,938 | |||||
| 7.88%, 03/14/23 | IDR | 71,970,000 | 5,048,872 | |||||
| Inter-American
Development Bank Reg S
7.70%, 02/12/24 |
MXN | 53,500 | 2,523,676 | |||||
| International Bank for Reconstruction & Development | ||||||||
| 2.00%, 07/23/25 | PHP | 35,400 | 610,130 | |||||
| 7.25%, 03/15/24 | IDR | 32,100,000 | 2,257,983 | |||||
| International Finance Corp. | ||||||||
| 7.00%, 02/14/24 | BRL | 1,800 | 336,686 | |||||
| 7.00%, 07/20/27 | MXN | 178,600 | 7,846,376 | |||||
| 7.25%, 02/02/24 | MXN | 2,550 | 119,563 | |||||
| 7.50%, 01/18/28 | MXN | 106,600 | 4,788,734 | |||||
| 7.75%, 01/18/30 | MXN | 125,380 | 5,575,858 | |||||
| 8.00%, 10/09/23 | IDR | 17,500,000 | 1,244,363 | |||||
| 8.00%, 07/27/27 | ZAR | 3,050 | 191,097 | |||||
| International
Finance Corp. Reg S
8.38%, 05/31/29 |
MXN | 51,500 | 2,409,903 | |||||
| 87,348,391 | ||||||||
| United Kingdom: 0.2% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
| 8.00%, 10/17/22 | TRY | 830 | 49,960 | |||||
| 12.50%, 02/09/23 | TRY | 8,275 | 507,051 | |||||
| European
Bank for Reconstruction & Development Reg S
5.08%, 12/15/25 |
MXN | 115,000 | 5,066,313 | |||||
| 5,623,324 | ||||||||
| United States: 0.6% | ||||||||
| International Bank for Reconstruction & Development | ||||||||
| 6.65%, 07/30/24 | MXN | 200,000 | 9,282,559 | |||||
| 11.00%, 08/25/22 | TRY | 21,330 | 1,358,441 | |||||
| 13.25%, 02/22/23 | TRY | 32,290 | 1,937,309 | |||||
| International Finance Corp. | ||||||||
| 5.75%, 03/02/23 | MXN | 76,000 | 3,610,835 | |||||
| 8.80%, 10/11/22 | TRY | 13,350 | 817,556 | |||||
| 17,006,700 | ||||||||
| Total
Corporate Bonds (Cost: $184,363,263) |
152,551,559 | |||||||
See Notes to Financial Statements
| 81 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| GOVERNMENT OBLIGATIONS: 93.0% | ||||||||
| Brazil: 9.5% | ||||||||
| Brazil Letras do Tesouro Nacional | ||||||||
| 0.00%, 01/01/24 ^ | BRL | 428,060 | $ | 70,910,620 | ||||
| 0.00%, 07/01/24 ^ | BRL | 139,840 | 21,958,472 | |||||
| 0.00%, 07/01/25 ^ | BRL | 48,380 | 6,812,379 | |||||
| 0.00%, 07/01/23 ^ | BRL | 300,220 | 52,548,904 | |||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
| 10.00%, 01/01/23 | BRL | 191,693 | 37,961,543 | |||||
| 10.00%, 01/01/25 | BRL | 188,205 | 36,184,195 | |||||
| 10.00%, 01/01/27 | BRL | 169,530 | 31,846,273 | |||||
| 10.00%, 01/01/29 | BRL | 107,810 | 19,754,393 | |||||
| 10.00%, 01/01/31 | BRL | 63,670 | 11,427,447 | |||||
| 10.00%, 01/01/33 | BRL | 4,120 | 723,981 | |||||
| Brazilian Government International Bond | ||||||||
| 8.50%, 01/05/24 | BRL | 5,240 | 1,004,257 | |||||
| 10.25%, 01/10/28 | BRL | 7,970 | 1,522,221 | |||||
| 292,654,685 | ||||||||
| Chile: 3.2% | ||||||||
| Bonos de la Tesoreria de la Republica de Chile | ||||||||
| 2.50%, 03/01/25 | CLP | 21,110,000 | 21,912,483 | |||||
| 4.50%, 03/01/26 | CLP | 13,715,000 | 14,796,778 | |||||
| 5.00%, 03/01/35 | CLP | 15,580,000 | 15,888,840 | |||||
| 6.00%, 01/01/43 | CLP | 12,265,000 | 13,658,879 | |||||
| Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
| 2.30%, 10/01/28 | CLP | 3,855,000 | 3,500,032 | |||||
| 4.00%, 03/01/23 | CLP | 6,965,000 | 7,909,715 | |||||
| 4.70%, 09/01/30 | CLP | 14,630,000 | 15,054,399 | |||||
| 5.00%, 10/01/28 | CLP | 5,740,000 | 6,138,859 | |||||
| 98,859,985 | ||||||||
| China: 10.2% | ||||||||
| Asian
Infrastructure Investment Bank Reg S
4.50%, 11/03/23 |
MXN | 214,000 | 9,738,188 | |||||
| China Government Bond | ||||||||
| 1.99%, 04/09/25 | CNY | 86,650 | 12,980,004 | |||||
| 2.26%, 02/24/25 | CNY | 18,540 | 2,802,813 | |||||
| 2.36%, 07/02/23 | CNY | 65,740 | 10,000,560 | |||||
| 2.37%, 01/20/27 | CNY | 12,740 | 1,914,501 | |||||
| 2.47%, 09/02/24 | CNY | 53,000 | 8,064,245 | |||||
| 2.68%, 05/21/30 | CNY | 98,190 | 14,674,016 | |||||
| 2.69%, 08/12/26 | CNY | 45,650 | 6,952,009 | |||||
| 2.75%, 02/17/32 | CNY | 28,530 | 4,299,879 | |||||
| 2.80%, 03/24/29 | CNY | 13,610 | 2,060,044 | |||||
| 2.84%, 04/08/24 | CNY | 60,810 | 9,328,439 | |||||
| 2.85%, 06/04/27 | CNY | 115,090 | 17,616,440 | |||||
| 2.88%, 11/05/23 | CNY | 75,940 | 11,644,845 | |||||
| 2.89%, 11/18/31 | CNY | 35,490 | 5,402,388 | |||||
| 2.91%, 10/14/28 | CNY | 57,780 | 8,820,068 | |||||
| 2.94%, 10/17/24 | CNY | 76,750 | 11,809,106 | |||||
| 3.01%, 05/13/28 | CNY | 71,720 | 11,019,327 | |||||
| 3.02%, 10/22/25 | CNY | 86,600 | 13,364,006 | |||||
| 3.02%, 05/27/31 | CNY | 56,270 | 8,624,507 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 3.03%, 03/11/26 | CNY | 67,910 | $ | 10,481,625 | ||||
| 3.12%, 12/05/26 | CNY | 79,700 | 12,357,197 | |||||
| 3.13%, 11/21/29 | CNY | 59,050 | 9,130,403 | |||||
| 3.19%, 04/11/24 | CNY | 80,100 | 12,380,415 | |||||
| 3.22%, 12/06/25 | CNY | 45,320 | 7,050,442 | |||||
| 3.25%, 06/06/26 | CNY | 98,050 | 15,280,472 | |||||
| 3.25%, 11/22/28 | CNY | 47,090 | 7,345,720 | |||||
| 3.27%, 11/19/30 | CNY | 104,810 | 16,427,725 | |||||
| 3.28%, 12/03/27 | CNY | 75,350 | 11,798,000 | |||||
| 3.29%, 10/18/23 | CNY | 41,930 | 6,468,044 | |||||
| 3.29%, 05/23/29 | CNY | 71,990 | 11,279,934 | |||||
| 3.53%, 10/18/51 | CNY | 1,220 | 191,597 | |||||
| 3.72%, 04/12/51 | CNY | 37,290 | 6,018,433 | |||||
| 3.81%, 09/14/50 | CNY | 105,880 | 17,378,100 | |||||
| 314,703,492 | ||||||||
| Colombia: 4.1% | ||||||||
| Colombia Government International Bond | ||||||||
| 4.38%, 03/21/23 | COP | 2,825,000 | 690,486 | |||||
| 9.85%, 06/28/27 | COP | 4,334,000 | 1,103,985 | |||||
| Colombian TES | ||||||||
| 5.75%, 11/03/27 | COP | 49,300,000 | 10,204,560 | |||||
| 6.00%, 04/28/28 | COP | 72,703,100 | 14,996,679 | |||||
| 6.25%, 11/26/25 | COP | 47,448,000 | 10,728,274 | |||||
| 6.25%, 07/09/36 | COP | 29,305,000 | 5,138,712 | |||||
| 7.00%, 03/26/31 | COP | 39,716,000 | 8,113,005 | |||||
| 7.00%, 06/30/32 | COP | 65,291,700 | 13,078,757 | |||||
| 7.25%, 10/18/34 | COP | 66,473,500 | 13,102,670 | |||||
| 7.25%, 10/26/50 | COP | 38,896,000 | 6,877,298 | |||||
| 7.50%, 08/26/26 | COP | 68,693,700 | 15,907,764 | |||||
| 7.75%, 09/18/30 | COP | 53,304,100 | 11,620,121 | |||||
| 9.25%, 05/28/42 | COP | 14,335,000 | 3,212,096 | |||||
| 10.00%, 07/24/24 | COP | 43,398,800 | 11,127,133 | |||||
| 125,901,540 | ||||||||
| Czech Republic: 4.4% | ||||||||
| Czech Republic Government Bond | ||||||||
| 0.01%, 12/12/24 | CZK | 79,980 | 3,008,372 | |||||
| 0.05%, 11/29/29 | CZK | 138,270 | 4,301,254 | |||||
| 0.25%, 02/10/27 | CZK | 279,870 | 9,806,022 | |||||
| 1.20%, 03/13/31 | CZK | 265,860 | 8,868,232 | |||||
| 1.25%, 02/14/25 | CZK | 257,130 | 9,955,320 | |||||
| 1.50%, 04/24/40 | CZK | 98,230 | 2,801,263 | |||||
| 1.75%, 06/23/32 | CZK | 222,640 | 7,631,699 | |||||
| 2.00%, 10/13/33 | CZK | 304,590 | 10,447,590 | |||||
| 2.75%, 07/23/29 | CZK | 299,810 | 11,593,303 | |||||
| Czech Republic Government Bond Reg S | ||||||||
| 0.45%, 10/25/23 | CZK | 237,760 | 9,492,447 | |||||
| 0.95%, 05/15/30 | CZK | 284,550 | 9,489,901 | |||||
| 1.00%, 06/26/26 | CZK | 306,680 | 11,322,520 | |||||
| 2.40%, 09/17/25 | CZK | 285,100 | 11,279,239 | |||||
| 2.50%, 08/25/28 | CZK | 292,590 | 11,228,178 | |||||
| 4.20%, 12/04/36 | CZK | 159,460 | 6,821,000 | |||||
| 5.70%, 05/25/24 | CZK | 169,570 | 7,351,768 | |||||
| 135,398,108 | ||||||||
See Notes to Financial Statements
| 82 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Dominican Republic: 1.4% | ||||||||
| Dominican
Republic International Bond 144A
9.75%, 06/05/26 |
DOP | 1,245,900 | $ | 23,013,440 | ||||
| Dominican Republic International Bond Reg S | ||||||||
| 8.90%, 02/15/23 | DOP | 651,190 | 11,903,919 | |||||
| 9.75%, 06/05/26 | DOP | 369,790 | 6,830,516 | |||||
| 41,747,875 | ||||||||
| Egypt: 3.0% | ||||||||
| Egypt Government Bond | ||||||||
| 13.54%, 01/14/25 | EGP | 53,696 | 2,844,835 | |||||
| 14.06%, 01/12/26 | EGP | 299,820 | 15,928,333 | |||||
| 14.29%, 01/05/28 | EGP | 132,560 | 6,708,673 | |||||
| 14.35%, 09/10/24 | EGP | 84,595 | 4,565,214 | |||||
| 14.37%, 10/20/25 | EGP | 273,370 | 14,672,827 | |||||
| 14.40%, 09/10/29 | EGP | 59,380 | 3,080,100 | |||||
| 14.48%, 04/06/26 | EGP | 180,030 | 9,672,700 | |||||
| 14.53%, 09/14/24 | EGP | 190,050 | 10,280,055 | |||||
| 14.56%, 07/06/26 | EGP | 88,089 | 4,729,031 | |||||
| 14.56%, 10/13/27 | EGP | 157,120 | 8,329,654 | |||||
| 14.66%, 10/06/30 | EGP | 98,250 | 5,144,618 | |||||
| 16.10%, 05/07/29 | EGP | 90,780 | 5,044,700 | |||||
| 91,000,740 | ||||||||
| Hungary: 3.7% | ||||||||
| Hungary Government Bond | ||||||||
| 1.00%, 11/26/25 | HUF | 3,890,020 | 8,841,314 | |||||
| 1.50%, 08/23/23 | HUF | 944,520 | 2,471,559 | |||||
| 1.50%, 04/22/26 | HUF | 3,723,860 | 8,422,709 | |||||
| 1.50%, 08/26/26 | HUF | 2,230,430 | 4,946,702 | |||||
| 2.00%, 05/23/29 | HUF | 2,730,740 | 5,527,539 | |||||
| 2.25%, 04/20/33 | HUF | 3,802,570 | 6,954,724 | |||||
| 2.25%, 06/22/34 | HUF | 1,143,310 | 2,017,559 | |||||
| 2.50%, 10/24/24 | HUF | 3,236,160 | 8,145,604 | |||||
| 2.75%, 12/22/26 | HUF | 2,788,120 | 6,455,374 | |||||
| 3.00%, 06/26/24 | HUF | 2,371,520 | 6,117,834 | |||||
| 3.00%, 10/27/27 | HUF | 3,708,010 | 8,484,850 | |||||
| 3.00%, 08/21/30 | HUF | 3,411,680 | 7,192,594 | |||||
| 3.00%, 10/27/38 | HUF | 2,503,660 | 4,430,341 | |||||
| 3.00%, 04/25/41 | HUF | 1,304,250 | 2,216,260 | |||||
| 3.25%, 10/22/31 | HUF | 4,319,220 | 9,077,222 | |||||
| 5.50%, 06/24/25 | HUF | 3,526,220 | 9,424,376 | |||||
| 6.00%, 11/24/23 | HUF | 2,679,660 | 7,404,338 | |||||
| 6.75%, 10/22/28 | HUF | 1,915,640 | 5,258,529 | |||||
| 113,389,428 | ||||||||
| Indonesia: 8.7% | ||||||||
| Indonesia Treasury Bond | ||||||||
| 5.12%, 04/15/27 | IDR | 38,180,000 | 2,509,024 | |||||
| 5.50%, 04/15/26 | IDR | 203,140,000 | 13,662,240 | |||||
| 5.62%, 05/15/23 | IDR | 74,910,000 | 5,241,960 | |||||
| 6.12%, 05/15/28 | IDR | 159,481,000 | 10,709,401 | |||||
| 6.25%, 06/15/36 | IDR | 26,910,000 | 1,756,380 | |||||
| 6.38%, 04/15/32 | IDR | 48,930,000 | 3,239,887 | |||||
| 6.50%, 06/15/25 | IDR | 192,610,000 | 13,548,599 | |||||
| 6.50%, 02/15/31 | IDR | 162,790,000 | 10,841,812 | |||||
| 6.62%, 05/15/33 | IDR | 129,903,000 | 8,589,049 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Indonesia (continued) | ||||||||
| 7.00%, 05/15/27 | IDR | 237,588,000 | $ | 16,763,325 | ||||
| 7.00%, 09/15/30 | IDR | 195,010,000 | 13,417,447 | |||||
| 7.12%, 06/15/42 | IDR | 75,370,000 | 5,118,578 | |||||
| 7.50%, 08/15/32 | IDR | 156,860,000 | 11,079,188 | |||||
| 7.50%, 06/15/35 | IDR | 206,240,000 | 14,453,475 | |||||
| 7.50%, 05/15/38 | IDR | 119,560,000 | 8,391,450 | |||||
| 7.50%, 04/15/40 | IDR | 234,920,000 | 16,569,338 | |||||
| 8.12%, 05/15/24 | IDR | 126,790,000 | 9,197,045 | |||||
| 8.25%, 05/15/29 | IDR | 155,610,000 | 11,547,721 | |||||
| 8.25%, 06/15/32 | IDR | 88,464,000 | 6,610,218 | |||||
| 8.25%, 05/15/36 | IDR | 144,875,000 | 10,737,267 | |||||
| 8.38%, 03/15/24 | IDR | 149,673,000 | 10,851,451 | |||||
| 8.38%, 09/15/26 | IDR | 164,107,000 | 12,170,581 | |||||
| 8.38%, 03/15/34 | IDR | 206,504,000 | 15,503,471 | |||||
| 8.38%, 04/15/39 | IDR | 81,880,000 | 6,226,496 | |||||
| 8.75%, 05/15/31 | IDR | 110,517,000 | 8,445,570 | |||||
| 9.00%, 03/15/29 | IDR | 124,832,000 | 9,615,803 | |||||
| 9.50%, 07/15/31 | IDR | 58,551,000 | 4,689,663 | |||||
| 10.50%, 08/15/30 | IDR | 35,602,000 | 2,991,404 | |||||
| 11.00%, 09/15/25 | IDR | 38,872,000 | 3,112,257 | |||||
| 267,590,100 | ||||||||
| Malaysia: 7.0% | ||||||||
| Malaysia Government Bond | ||||||||
| 2.63%, 04/15/31 | MYR | 33,474 | 6,624,753 | |||||
| 3.48%, 03/15/23 | MYR | 21,272 | 4,927,310 | |||||
| 3.48%, 06/14/24 | MYR | 41,233 | 9,472,511 | |||||
| 3.50%, 05/31/27 | MYR | 27,824 | 6,189,914 | |||||
| 3.58%, 07/15/32 | MYR | 5,190 | 1,111,724 | |||||
| 3.73%, 06/15/28 | MYR | 41,582 | 9,236,885 | |||||
| 3.76%, 04/20/23 | MYR | 24,508 | 5,695,807 | |||||
| 3.76%, 05/22/40 | MYR | 42,416 | 8,348,064 | |||||
| 3.80%, 08/17/23 | MYR | 35,053 | 8,176,356 | |||||
| 3.83%, 07/05/34 | MYR | 30,020 | 6,266,064 | |||||
| 3.88%, 03/14/25 | MYR | 15,490 | 3,590,759 | |||||
| 3.88%, 08/15/29 | MYR | 33,004 | 7,278,700 | |||||
| 3.90%, 11/30/26 | MYR | 41,221 | 9,464,357 | |||||
| 3.90%, 11/16/27 | MYR | 24,819 | 5,601,909 | |||||
| 3.91%, 07/15/26 | MYR | 27,340 | 6,288,400 | |||||
| 3.96%, 09/15/25 | MYR | 10,841 | 2,508,428 | |||||
| 4.06%, 09/30/24 | MYR | 20,042 | 4,661,251 | |||||
| 4.07%, 06/15/50 | MYR | 39,259 | 7,709,377 | |||||
| 4.18%, 07/15/24 | MYR | 11,625 | 2,709,958 | |||||
| 4.25%, 05/31/35 | MYR | 29,356 | 6,299,922 | |||||
| 4.70%, 10/15/42 | MYR | 6,140 | 1,371,655 | |||||
| 4.76%, 04/07/37 | MYR | 26,651 | 6,042,352 | |||||
| Malaysia Government Investment Issue | ||||||||
| 3.15%, 05/15/23 | MYR | 17,297 | 3,998,585 | |||||
| 3.42%, 09/30/27 | MYR | 36,123 | 8,038,061 | |||||
| 3.45%, 07/15/36 | MYR | 35,434 | 6,942,810 | |||||
| 3.46%, 10/15/30 | MYR | 48,050 | 10,276,874 | |||||
| 3.65%, 10/15/24 | MYR | 36,265 | 8,359,816 | |||||
| 3.73%, 03/31/26 | MYR | 36,496 | 8,346,500 | |||||
| 4.09%, 11/30/23 | MYR | 9,894 | 2,325,887 | |||||
| 4.13%, 08/15/25 | MYR | 54,602 | 12,703,986 | |||||
| 4.13%, 07/09/29 | MYR | 22,773 | 5,129,977 | |||||
| 4.19%, 10/07/32 | MYR | 8,230 | 1,853,284 | |||||
See Notes to Financial Statements
| 83 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Malaysia (continued) | ||||||||
| 4.26%, 07/26/27 | MYR | 20,216 | $ | 4,686,263 | ||||
| 4.37%, 10/31/28 | MYR | 39,606 | 9,091,872 | |||||
| 4.42%, 09/30/41 | MYR | 23,102 | 4,860,848 | |||||
| 216,191,219 | ||||||||
| Mexico: 5.8% | ||||||||
| Mexican Bonos | ||||||||
| 5.00%, 03/06/25 | MXN | 45,357 | 1,996,645 | |||||
| 5.50%, 03/04/27 | MXN | 6,032 | 254,412 | |||||
| 5.75%, 03/05/26 | MXN | 582,407 | 25,493,738 | |||||
| 6.75%, 03/09/23 | MXN | 40,568 | 1,956,134 | |||||
| 7.50%, 06/03/27 | MXN | 260,696 | 11,982,388 | |||||
| 7.75%, 05/29/31 | MXN | 537,936 | 24,187,799 | |||||
| 7.75%, 11/23/34 | MXN | 147,098 | 6,454,917 | |||||
| 7.75%, 11/13/42 | MXN | 349,004 | 14,811,631 | |||||
| 8.00%, 12/07/23 | MXN | 92,725 | 4,480,001 | |||||
| 8.00%, 09/05/24 | MXN | 256,850 | 12,317,097 | |||||
| 8.00%, 11/07/47 | MXN | 388,004 | 16,759,794 | |||||
| 8.50%, 05/31/29 | MXN | 355,391 | 16,906,234 | |||||
| 8.50%, 11/18/38 | MXN | 379,529 | 17,580,927 | |||||
| 10.00%, 12/05/24 | MXN | 335,010 | 16,770,695 | |||||
| 10.00%, 11/20/36 | MXN | 120,168 | 6,288,711 | |||||
| 178,241,123 | ||||||||
| Peru: 3.2% | ||||||||
| Peru Government Bond | ||||||||
| 5.35%, 08/12/40 | PEN | 30,579 | 5,804,832 | |||||
| 5.40%, 08/12/34 | PEN | 41,731 | 8,621,135 | |||||
| 5.70%, 08/12/24 | PEN | 24,033 | 6,185,958 | |||||
| 5.94%, 02/12/29 | PEN | 60,185 | 14,162,884 | |||||
| 6.15%, 08/12/32 | PEN | 56,480 | 12,838,017 | |||||
| 6.35%, 08/12/28 | PEN | 56,138 | 13,666,584 | |||||
| 6.90%, 08/12/37 | PEN | 53,874 | 12,438,088 | |||||
| 6.95%, 08/12/31 | PEN | 54,275 | 13,273,771 | |||||
| 8.20%, 08/12/26 | PEN | 44,710 | 12,171,610 | |||||
| 99,162,879 | ||||||||
| Philippines: 1.3% | ||||||||
| Philippine
Government International Bond
6.25%, 01/14/36 |
PHP | 2,018,500 | 40,109,457 | |||||
| Poland: 4.5% | ||||||||
| Republic of Poland Government Bond | ||||||||
| 0.25%, 10/25/26 | PLN | 65,478 | 11,135,067 | |||||
| 0.75%, 04/25/25 | PLN | 59,192 | 11,246,560 | |||||
| 1.25%, 10/25/30 | PLN | 64,937 | 9,921,418 | |||||
| 1.75%, 04/25/32 | PLN | 26,478 | 4,016,093 | |||||
| 2.25%, 10/25/24 | PLN | 68,871 | 13,976,424 | |||||
| 2.50%, 01/25/23 | PLN | 13,822 | 3,039,806 | |||||
| 2.50%, 04/25/24 | PLN | 11,969 | 2,500,015 | |||||
| 2.50%, 07/25/26 | PLN | 55,915 | 10,627,706 | |||||
| 2.50%, 07/25/27 | PLN | 62,246 | 11,495,437 | |||||
| 2.75%, 04/25/28 | PLN | 69,816 | 12,804,162 | |||||
| 2.75%, 10/25/29 | PLN | 94,824 | 16,835,021 | |||||
| 3.25%, 07/25/25 | PLN | 74,055 | 14,996,738 | |||||
| 3.75%, 05/25/27 | PLN | 23,160 | 4,543,297 | |||||
| 4.00%, 10/25/23 | PLN | 46,398 | 10,123,685 | |||||
| 137,261,429 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Romania: 3.8% | ||||||||
| Romania Government Bond | ||||||||
| 2.50%, 10/25/27 | RON | 23,005 | $ | 3,970,735 | ||||
| 3.25%, 04/29/24 | RON | 33,150 | 6,682,693 | |||||
| 3.25%, 06/24/26 | RON | 30,115 | 5,650,594 | |||||
| 3.50%, 12/19/22 | RON | 28,795 | 6,063,647 | |||||
| 3.65%, 07/28/25 | RON | 33,295 | 6,545,977 | |||||
| 3.65%, 09/24/31 | RON | 36,920 | 6,034,899 | |||||
| 3.70%, 11/25/24 | RON | 32,330 | 6,487,792 | |||||
| 4.00%, 10/25/23 | RON | 32,770 | 6,796,500 | |||||
| 4.15%, 01/26/28 | RON | 34,150 | 6,390,136 | |||||
| 4.15%, 10/24/30 | RON | 32,760 | 5,721,017 | |||||
| 4.25%, 06/28/23 | RON | 28,855 | 6,040,013 | |||||
| 4.40%, 09/25/23 | RON | 30,370 | 6,340,398 | |||||
| 4.50%, 06/17/24 | RON | 33,800 | 6,953,825 | |||||
| 4.75%, 02/24/25 | RON | 31,570 | 6,446,909 | |||||
| 4.75%, 10/11/34 | RON | 19,160 | 3,260,581 | |||||
| 4.85%, 04/22/26 | RON | 30,560 | 6,109,394 | |||||
| 5.00%, 02/12/29 | RON | 33,310 | 6,346,695 | |||||
| 5.80%, 07/26/27 | RON | 32,070 | 6,540,022 | |||||
| 5.85%, 04/26/23 | RON | 34,180 | 7,292,761 | |||||
| 115,674,588 | ||||||||
| Russia: 0.1% | ||||||||
| Russian Federal Bond | ||||||||
| 4.50%, 07/16/25 | RUB | 64,395 | 60,235 | |||||
| 5.70%, 05/17/28 | RUB | 417,559 | 390,587 | |||||
| 6.00%, 10/06/27 | RUB | 451,887 | 422,697 | |||||
| 6.10%, 07/18/35 | RUB | 252,644 | 236,324 | |||||
| 6.50%, 02/28/24 | RUB | 53,626 | 50,162 | |||||
| 6.70%, 03/14/29 | RUB | 107,944 | 100,971 | |||||
| 6.90%, 05/23/29 | RUB | 151,185 | 141,419 | |||||
| 6.90%, 07/23/31 | RUB | 30,833 | 28,841 | |||||
| 7.00%, 08/16/23 | RUB | 292,741 | 273,831 | |||||
| 7.05%, 01/19/28 | RUB | 400,600 | 374,723 | |||||
| 7.10%, 10/16/24 | RUB | 104,768 | 98,001 | |||||
| 7.15%, 11/12/25 | RUB | 37,818 | 35,375 | |||||
| 7.25%, 05/10/34 | RUB | 94,260 | 88,171 | |||||
| 7.40%, 12/07/22 | RUB | 82,565 | 77,232 | |||||
| 7.40%, 07/17/24 | RUB | 71,268 | 66,664 | |||||
| 7.65%, 04/10/30 | RUB | 232,439 | 217,424 | |||||
| 7.70%, 03/23/33 | RUB | 110,274 | 103,151 | |||||
| 7.70%, 03/16/39 | RUB | 233,857 | 218,751 | |||||
| 7.75%, 09/16/26 | RUB | 63,710 | 59,595 | |||||
| 7.95%, 10/07/26 | RUB | 53,562 | 50,102 | |||||
| 8.15%, 02/03/27 | RUB | 308,404 | 288,482 | |||||
| 8.50%, 09/17/31 | RUB | 55,441 | 51,860 | |||||
| 3,434,598 | ||||||||
| Serbia: 1.3% | ||||||||
| Serbia Treasury Bonds | ||||||||
| 4.50%, 01/11/26 | RSD | 1,768,010 | 15,395,882 | |||||
| 4.50%, 08/20/32 | RSD | 1,704,410 | 13,610,066 | |||||
| 5.88%, 02/08/28 | RSD | 1,312,730 | 11,909,492 | |||||
| 40,915,440 | ||||||||
| South Africa: 6.7% | ||||||||
| Republic of South Africa Government Bond | ||||||||
| 6.25%, 03/31/36 | ZAR | 150,467 | 6,482,460 | |||||
| 6.50%, 02/28/41 | ZAR | 179,099 | 7,317,388 | |||||
See Notes to Financial Statements
| 84 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| South Africa (continued) | ||||||||
| 7.00%, 02/28/31 | ZAR | 240,115 | $ | 12,388,894 | ||||
| 7.75%, 02/28/23 | ZAR | 4,151 | 267,106 | |||||
| 8.00%, 01/31/30 | ZAR | 543,035 | 30,758,109 | |||||
| 8.25%, 03/31/32 | ZAR | 408,023 | 22,482,724 | |||||
| 8.50%, 01/31/37 | ZAR | 395,612 | 20,679,489 | |||||
| 8.75%, 01/31/44 | ZAR | 338,800 | 17,472,063 | |||||
| 8.75%, 02/28/48 | ZAR | 557,354 | 28,647,822 | |||||
| 8.88%, 02/28/35 | ZAR | 367,215 | 20,239,947 | |||||
| 9.00%, 01/31/40 | ZAR | 297,212 | 15,907,989 | |||||
| 10.50%, 12/21/26 | ZAR | 347,503 | 23,783,879 | |||||
| 206,427,870 | ||||||||
| Thailand: 7.1% | ||||||||
| Thailand Government Bond | ||||||||
| 0.75%, 06/17/24 | THB | 441,446 | 12,693,349 | |||||
| 0.75%, 09/17/24 | THB | 226,383 | 6,486,433 | |||||
| 0.95%, 06/17/25 | THB | 428,903 | 12,167,991 | |||||
| 1.00%, 06/17/27 | THB | 372,732 | 10,204,366 | |||||
| 1.45%, 12/17/24 | THB | 416,304 | 12,088,301 | |||||
| 1.58%, 12/17/35 | THB | 325,142 | 7,746,015 | |||||
| 1.60%, 12/17/29 | THB | 358,511 | 9,722,845 | |||||
| 1.60%, 06/17/35 | THB | 175,539 | 4,245,801 | |||||
| 2.00%, 12/17/22 | THB | 253,468 | 7,465,224 | |||||
| 2.00%, 12/17/31 | THB | 184,889 | 5,081,188 | |||||
| 2.00%, 06/17/42 | THB | 227,158 | 4,893,706 | |||||
| 2.12%, 12/17/26 | THB | 397,675 | 11,565,184 | |||||
| 2.40%, 12/17/23 | THB | 345,041 | 10,277,454 | |||||
| 2.88%, 12/17/28 | THB | 333,770 | 9,951,792 | |||||
| 2.88%, 06/17/46 | THB | 298,658 | 7,201,463 | |||||
| 3.30%, 06/17/38 | THB | 431,265 | 12,189,265 | |||||
| 3.40%, 06/17/36 | THB | 325,191 | 9,571,251 | |||||
| 3.62%, 06/16/23 | THB | 340,586 | 10,250,895 | |||||
| 3.65%, 06/20/31 | THB | 342,629 | 10,783,330 | |||||
| 3.77%, 06/25/32 | THB | 586,556 | 18,481,949 | |||||
| 3.85%, 12/12/25 | THB | 336,864 | 10,465,765 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Thailand (continued) | ||||||||
| 4.75%, 12/20/24 | THB | 849 | $ | 26,748 | ||||
| 4.88%, 06/22/29 | THB | 386,407 | 12,927,175 | |||||
| 216,487,490 | ||||||||
| Turkey: 2.8% | ||||||||
| Turkey Government Bond | ||||||||
| 7.10%, 03/08/23 | TRY | 94,728 | 5,761,090 | |||||
| 8.00%, 03/12/25 | TRY | 97,708 | 4,827,522 | |||||
| 9.00%, 07/24/24 | TRY | 117,776 | 6,421,551 | |||||
| 10.40%, 03/20/24 | TRY | 60,389 | 3,443,019 | |||||
| 10.50%, 08/11/27 | TRY | 120,226 | 5,681,115 | |||||
| 10.60%, 02/11/26 | TRY | 164,360 | 8,330,848 | |||||
| 11.00%, 02/24/27 | TRY | 106,689 | 5,077,351 | |||||
| 11.70%, 11/13/30 | TRY | 244,276 | 10,983,870 | |||||
| 12.20%, 01/18/23 | TRY | 79,497 | 5,110,369 | |||||
| 12.40%, 03/08/28 | TRY | 73,707 | 3,738,437 | |||||
| 12.60%, 10/01/25 | TRY | 277,025 | 15,141,646 | |||||
| 16.20%, 06/14/23 | TRY | 156,797 | 10,121,723 | |||||
| 84,638,541 | ||||||||
| Uruguay: 1.2% | ||||||||
| Uruguay
Government International Bond
8.25%, 05/21/31 |
UYU | 1,045,561 | 22,930,763 | |||||
| Uruguay
Government International Bond 144A
8.50%, 03/15/28 |
UYU | 17,065 | 391,577 | |||||
| Uruguay
Government International Bond Reg S
8.50%, 03/15/28 |
UYU | 627,150 | 14,390,716 | |||||
| 37,713,056 | ||||||||
| Total
Government Obligations (Cost: $3,345,850,500) |
2,857,503,643 | |||||||
| Total Investments: 97.9% (Cost: $3,530,213,763) |
3,010,055,202 | |||||||
| Other assets less liabilities: 2.1% | 63,402,080 | |||||||
| NET ASSETS: 100.0% | $ | 3,073,457,282 | ||||||
See Notes to Financial Statements
| 85 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| 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 |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
| Footnotes: | |
| ^ | 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 $59,576,762, or 1.9% of net assets. |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Energy | 0.0 | % | $ | 1,317,163 | ||||
| Financials | 4.6 | 138,305,662 | ||||||
| Government Activity | 94.9 | 2,857,503,643 | ||||||
| Industrials | 0.3 | 7,625,864 | ||||||
| Utilities | 0.2 | 5,302,870 | ||||||
| 100.0 | % | $ | 3,010,055,202 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 152,551,559 | $ | — | $ | 152,551,559 | ||||||||
| Government Obligations * | — | 2,857,503,643 | — | 2,857,503,643 | ||||||||||||
| Total Investments | $ | — | $ | 3,010,055,202 | $ | — | $ | 3,010,055,202 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 86 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.2% | ||||||||
| Brazil: 1.8% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 3.75%, 07/08/30 | $ | 50 | $ | 45,262 | ||||
| 6.25%, 08/10/26 | 25 | 26,317 | ||||||
| 6.88%, 11/21/36 | 75 | 82,712 | ||||||
| 154,291 | ||||||||
| Canada: 4.7% | ||||||||
| Alimentation
Couche-Tard, Inc. 144A
3.55%, 07/26/27 |
40 | 38,680 | ||||||
| Bank of Nova Scotia
4.50%, 12/16/25 |
25 | 25,265 | ||||||
| Canadian Natural Resources Ltd.
6.25%, 03/15/38 |
25 | 27,556 | ||||||
| Canadian Pacific Railway Co.
6.12%, 09/15/15 |
25 | 27,618 | ||||||
| CI Financial Corp.
4.10%, 06/15/51 |
40 | 29,886 | ||||||
| Enbridge, Inc. | ||||||||
| 3.12%, 11/15/29 † | 75 | 69,337 | ||||||
| 5.50%, 07/15/77 † | 50 | 47,938 | ||||||
| Spectra Energy Partners LP
4.75%, 03/15/24 |
25 | 25,535 | ||||||
| Suncor Energy, Inc.
6.50%, 06/15/38 |
50 | 57,261 | ||||||
| TransCanada PipeLines
Ltd.
7.62%, 01/15/39 |
50 | 64,234 | ||||||
| 413,310 | ||||||||
| China: 0.4% | ||||||||
| Meituan 144A
3.05%, 10/28/30 |
50 | 38,165 | ||||||
| Denmark: 1.5% | ||||||||
| Danske Bank A/S 144A | ||||||||
| 3.88%, 09/12/23 | 75 | 75,339 | ||||||
| 4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28 | 50 | 48,351 | ||||||
| 123,690 | ||||||||
| France: 8.2% | ||||||||
| BNP Paribas SA 144A | ||||||||
| 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | 85 | 69,173 | ||||||
| 4.62%, 03/13/27 | 85 | 84,371 | ||||||
| Credit Agricole SA 144A
4.38%, 03/17/25 |
100 | 99,946 | ||||||
| Danone SA 144A
2.59%, 11/02/23 |
50 | 49,614 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 | 50 | 43,637 | ||||||
| 4.25%, 09/14/23 | 100 | 100,881 | ||||||
| 4.25%, 04/14/25 | 50 | 49,539 | ||||||
| 4.75%, 09/14/28 | 100 | 99,102 | ||||||
| 5.00%, 01/17/24 | 100 | 101,501 | ||||||
| 697,764 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Germany: 0.3% | ||||||||
| E.ON
International Finance BV 144A
6.65%, 04/30/38 |
$ | 25 | $ | 29,114 | ||||
| Guernsey: 0.5% | ||||||||
| Credit Suisse Group AG
4.88%, 05/15/45 |
50 | 46,770 | ||||||
| India: 1.2% | ||||||||
| Bharti Airtel Ltd. 144A
4.38%, 06/10/25 |
50 | 49,739 | ||||||
| Reliance Industries Ltd.
144A
3.67%, 11/30/27 |
50 | 48,300 | ||||||
| 98,039 | ||||||||
| Italy: 2.2% | ||||||||
| Enel Finance International NV 144A | ||||||||
| 3.62%, 05/25/27 | 150 | 146,812 | ||||||
| 6.00%, 10/07/39 † | 50 | 55,329 | ||||||
| 202,141 | ||||||||
| Japan: 0.5% | ||||||||
| Nomura Holdings, Inc.
1.85%, 07/16/25 |
50 | 46,540 | ||||||
| Luxembourg: 0.5% | ||||||||
| DH Europe Finance II
Sarl
3.25%, 11/15/39 |
50 | 43,311 | ||||||
| Mexico: 0.7% | ||||||||
| Southern Copper Corp.
6.75%, 04/16/40 |
50 | 58,682 | ||||||
| Netherlands: 2.5% | ||||||||
| ABN AMRO Bank NV 144A
3.32% (US Treasury Yield Curve Rate T 5 Year+1.90%), 03/13/37 |
50 | 42,098 | ||||||
| Deutsche
Telekom International Finance BV 144A
2.48%, 09/19/23 |
25 | 24,766 | ||||||
| Prosus NV 144A | ||||||||
| 3.06%, 07/13/31 | 50 | 39,499 | ||||||
| 3.68%, 01/21/30 | 50 | 42,251 | ||||||
| 4.99%, 01/19/52 | 75 | 58,940 | ||||||
| 207,554 | ||||||||
| Saudi Arabia: 0.3% | ||||||||
| Motiva Enterprises LLC 144A
6.85%, 01/15/40 |
25 | 25,411 | ||||||
| Spain: 0.5% | ||||||||
| Banco Santander SA
2.75%, 12/03/30 |
50 | 41,336 | ||||||
| Switzerland: 2.3% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | 50 | 41,858 | ||||||
See Notes to Financial Statements
| 87 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Switzerland (continued) | ||||||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | $ | 175 | $ | 162,378 | ||||
| 204,236 | ||||||||
| United Kingdom: 6.9% | ||||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 175 | 147,834 | ||||||
| 3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | 50 | 39,101 | ||||||
| 4.84%, 05/09/28 | 50 | 49,256 | ||||||
| 5.20%, 05/12/26 | 100 | 101,456 | ||||||
| 5.25%, 08/17/45 | 50 | 50,836 | ||||||
| Ferguson Finance Plc 144A
4.50%, 10/24/28 |
25 | 24,898 | ||||||
| NatWest Group Plc
3.88%, 09/12/23 |
50 | 50,176 | ||||||
| Standard Chartered Plc
144A
4.30%, 02/19/27 † |
150 | 147,243 | ||||||
| 610,800 | ||||||||
| United States: 63.2% | ||||||||
| 7-Eleven, Inc. 144A
0.80%, 02/10/24 |
50 | 47,674 | ||||||
| AbbVie, Inc.
3.75%, 11/14/23 |
40 | 40,446 | ||||||
| Aetna, Inc.
2.80%, 06/15/23 |
25 | 24,939 | ||||||
| Altria Group, Inc. | ||||||||
| 3.88%, 09/16/46 | 35 | 26,423 | ||||||
| 4.00%, 02/04/61 | 50 | 36,185 | ||||||
| 4.25%, 08/09/42 | 100 | 80,521 | ||||||
| 4.80%, 02/14/29 | 125 | 124,040 | ||||||
| 5.80%, 02/14/39 | 25 | 24,815 | ||||||
| 5.95%, 02/14/49 | 35 | 34,272 | ||||||
| Ares Capital Corp. | ||||||||
| 3.25%, 07/15/25 † | 25 | 23,838 | ||||||
| 3.88%, 01/15/26 | 50 | 48,056 | ||||||
| AT&T, Inc.
4.45%, 04/01/24 |
50 | 51,208 | ||||||
| Bayer US Finance II LLC 144A | ||||||||
| 3.88%, 12/15/23 | 50 | 50,419 | ||||||
| 4.25%, 12/15/25 | 50 | 50,224 | ||||||
| Becton Dickinson and Co.
3.36%, 06/06/24 |
75 | 74,690 | ||||||
| Berry Global, Inc.
1.57%, 01/15/26 |
25 | 22,760 | ||||||
| Berry Global, Inc. 144A
4.88%, 07/15/26 |
25 | 24,875 | ||||||
| CDW LLC / CDW Finance Corp.
2.67%, 12/01/26 |
25 | 23,006 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.50%, 02/01/24 | 25 | 25,327 | ||||||
| 4.91%, 07/23/25 | 125 | 127,468 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.05%, 03/30/29 | $ | 125 | $ | 124,586 | ||||
| 5.12%, 07/01/49 | 20 | 17,207 | ||||||
| 5.38%, 05/01/47 | 75 | 67,220 | ||||||
| 6.48%, 10/23/45 | 50 | 50,473 | ||||||
| CoStar Group, Inc. 144A
2.80%, 07/15/30 |
25 | 21,812 | ||||||
| Deutsche Bank AG | ||||||||
| 2.22% (United States Secured Overnight Financing Rate+2.16%), 09/18/24 | 50 | 48,663 | ||||||
| 3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 † | 50 | 44,153 | ||||||
| Enterprise Products Operating LLC
5.95%, 02/01/41 |
50 | 54,167 | ||||||
| Exelon Corp.
4.05%, 04/15/30 |
75 | 73,534 | ||||||
| GE
Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35 |
125 | 122,311 | ||||||
| General Electric Co. | ||||||||
| 5.88%, 01/14/38 | 25 | 27,614 | ||||||
| 6.75%, 03/15/32 | 77 | 90,081 | ||||||
| GLP
Capital LP / GLP Financing II, Inc.
5.38%, 04/15/26 |
50 | 51,064 | ||||||
| GSK
Consumer Healthcare Capital US LLC 144A
3.38%, 03/24/27 |
75 | 72,611 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 50 | 47,942 | ||||||
| 5.00%, 03/15/24 | 100 | 102,407 | ||||||
| 5.12%, 06/15/39 | 50 | 48,243 | ||||||
| 5.25%, 06/15/26 † | 50 | 51,581 | ||||||
| 5.25%, 06/15/49 | 50 | 47,778 | ||||||
| 5.50%, 06/15/47 | 50 | 49,192 | ||||||
| Kinder
Morgan Energy Partners LP
6.95%, 01/15/38 |
75 | 85,545 | ||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.00%, 06/01/26 | 50 | 47,823 | ||||||
| 5.20%, 07/15/45 | 50 | 49,014 | ||||||
| 6.88%, 01/26/39 | 25 | 28,699 | ||||||
| Kraft
Heinz Foods Co. 144A
7.12%, 08/01/39 |
40 | 46,867 | ||||||
| L3Harris
Technologies, Inc.
4.40%, 06/15/28 |
25 | 25,040 | ||||||
| Lowe’s Cos, Inc. | ||||||||
| 2.50%, 04/15/26 † | 50 | 47,719 | ||||||
| 4.00%, 04/15/25 † | 25 | 25,348 | ||||||
| McDonald’s Corp. | ||||||||
| 2.62%, 09/01/29 | 35 | 31,766 | ||||||
| 3.60%, 07/01/30 | 50 | 48,048 | ||||||
| 4.20%, 04/01/50 | 35 | 32,325 | ||||||
| 4.45%, 03/01/47 † | 50 | 48,179 | ||||||
| 4.45%, 09/01/48 | 50 | 47,628 | ||||||
| 4.88%, 12/09/45 | 50 | 50,693 | ||||||
See Notes to Financial Statements
| 88 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 6.30%, 03/01/38 | $ | 50 | $ | 58,730 | ||||
| Midwest
Connector Capital Co. LLC 144A
3.90%, 04/01/24 |
50 | 49,739 | ||||||
| Mondelez International, Inc. | ||||||||
| 1.50%, 05/04/25 | 25 | 23,639 | ||||||
| 2.75%, 04/13/30 | 25 | 22,387 | ||||||
| Netflix, Inc. | ||||||||
| 4.38%, 11/15/26 | 25 | 24,751 | ||||||
| 5.88%, 11/15/28 | 100 | 103,250 | ||||||
| Northrop
Grumman Corp.
3.25%, 08/01/23 † |
25 | 25,088 | ||||||
| Oracle Corp. | ||||||||
| 2.50%, 04/01/25 | 125 | 119,355 | ||||||
| 2.80%, 04/01/27 | 25 | 23,155 | ||||||
| 2.88%, 03/25/31 | 75 | 63,711 | ||||||
| 3.60%, 04/01/40 | 75 | 58,195 | ||||||
| 3.80%, 11/15/37 | 50 | 41,030 | ||||||
| 4.00%, 07/15/46 | 50 | 39,251 | ||||||
| 6.50%, 04/15/38 | 75 | 81,918 | ||||||
| Owl
Rock Capital Corp.
3.40%, 07/15/26 |
50 | 46,172 | ||||||
| Raytheon
Technologies Corp.
3.95%, 08/16/25 |
50 | 50,589 | ||||||
| Sherwin-Williams Co. | ||||||||
| 3.45%, 06/01/27 | 50 | 48,536 | ||||||
| 4.50%, 06/01/47 | 25 | 23,901 | ||||||
| Southern Co. | ||||||||
| 3.70%, 04/30/30 | 25 | 23,611 | ||||||
| 3.75% (US Treasury Yield Curve Rate T 5 Year+2.92%), 09/15/51 | 25 | 22,563 | ||||||
| Starbucks Corp. | ||||||||
| 3.80%, 08/15/25 | 50 | 50,413 | ||||||
| 3.85%, 10/01/23 † | 25 | 25,308 | ||||||
| Synchrony Financial | ||||||||
| 3.95%, 12/01/27 | 50 | 47,842 | ||||||
| 4.25%, 08/15/24 | 25 | 25,000 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 25 | 24,395 | ||||||
| 5.95%, 04/01/30 | 75 | 81,898 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 0.80%, 10/18/23 † | 65 | 63,051 | ||||||
| 2.00%, 10/15/31 | 25 | 21,035 | ||||||
| 2.80%, 10/15/41 | 25 | 20,051 | ||||||
| 4.10%, 08/15/47 | 50 | 48,145 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Time Warner Cable LLC | ||||||||
| 6.55%, 05/01/37 | $ | 25 | $ | 26,211 | ||||
| 7.30%, 07/01/38 | 100 | 112,301 | ||||||
| Time
Warner Entertainment Co. LP
8.38%, 07/15/33 |
50 | 60,659 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 3.50%, 04/15/25 | 150 | 148,036 | ||||||
| 3.75%, 04/15/27 | 155 | 150,906 | ||||||
| 3.88%, 04/15/30 | 60 | 56,895 | ||||||
| Tyson
Foods, Inc.
4.00%, 03/01/26 |
25 | 25,135 | ||||||
| Verizon Communications, Inc. | ||||||||
| 0.85%, 11/20/25 † | 25 | 22,839 | ||||||
| 1.45%, 03/20/26 | 75 | 68,792 | ||||||
| 3.38%, 02/15/25 | 50 | 49,989 | ||||||
| 3.50%, 11/01/24 | 50 | 50,402 | ||||||
| 4.02%, 12/03/29 | 50 | 49,008 | ||||||
| 4.12%, 03/16/27 | 100 | 100,494 | ||||||
| 4.33%, 09/21/28 | 100 | 100,730 | ||||||
| VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
| 4.25%, 12/01/26 | 50 | 47,439 | ||||||
| 4.62%, 12/01/29 | 50 | 47,024 | ||||||
| Wells Fargo & Co. | ||||||||
| 5.38%, 11/02/43 | 50 | 52,500 | ||||||
| 5.61%, 01/15/44 | 50 | 53,527 | ||||||
| Westinghouse
Air Brake Technologies Corp.
4.95%, 09/15/28 |
50 | 50,253 | ||||||
| 5,418,368 | ||||||||
| Total Corporate
Bonds (Cost: $9,646,252) |
8,459,522 | |||||||
| Number of Shares |
||||||||
| SHORT-TERM INVESTMENT HELD AS | ||||||||
| COLLATERAL FOR SECURITIES ON LOAN: 6.2% (Cost: $531,130) | ||||||||
| Money Market Fund: 6.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 531,130 | 531,130 | ||||||
| Total Investments: 104.4%
(Cost: $10,177,382) |
8,990,652 | |||||||
| Liabilities in excess of other assets: (4.4)% | (381,892 | ) | ||||||
| NET ASSETS: 100.0% | $ | 8,608,760 | ||||||
| Definitions: | |
| USD | United States Dollar |
See Notes to Financial Statements
| 89 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $509,515. |
| 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 $2,295,619, or 26.7% of net assets. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Basic Materials | 4.0 | % | $ | 333,044 | ||||
| Consumer Cyclicals | 10.7 | 903,335 | ||||||
| Consumer Non-Cyclicals | 10.2 | 865,962 | ||||||
| Energy | 6.1 | 518,429 | ||||||
| Financials | 28.2 | 2,385,767 | ||||||
| Healthcare | 9.6 | 812,753 | ||||||
| Industrials | 3.5 | 296,772 | ||||||
| Real Estate | 1.7 | 145,526 | ||||||
| Technology | 22.5 | 1,901,268 | ||||||
| Utilities | 3.5 | 296,666 | ||||||
| 100.0 | % | $ | 8,459,522 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 8,459,522 | $ | — | $ | 8,459,522 | ||||||||
| Money Market Fund | 531,130 | — | — | 531,130 | ||||||||||||
| Total Investments | $ | 531,130 | $ | 8,459,522 | $ | — | $ | 8,990,652 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 90 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.5% | ||||||||
| Brazil: 1.1% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 3.75%, 07/08/30 | $ | 50 | $ | 45,262 | ||||
| 6.25%, 08/10/26 | 25 | 26,317 | ||||||
| 6.88%, 11/21/36 | 75 | 82,712 | ||||||
| 154,291 | ||||||||
| Canada: 9.6% | ||||||||
|
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 |
25 | 24,175 | ||||||
| Bank of Nova Scotia | ||||||||
| 1.30%, 06/11/25 | 50 | 46,430 | ||||||
| 3.40%, 02/11/24 † | 50 | 50,098 | ||||||
| 4.50%, 12/16/25 † | 50 | 50,530 | ||||||
|
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) |
100 | 98,366 | ||||||
| Brookfield Finance, Inc. | ||||||||
| 4.35%, 04/15/30 | 100 | 99,253 | ||||||
| 4.70%, 09/20/47 | 25 | 23,682 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
| 0.45%, 06/22/23 | 75 | 73,076 | ||||||
| 3.10%, 04/02/24 † | 100 | 99,524 | ||||||
|
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
50 | 55,111 | ||||||
|
Canadian Pacific Railway Co. 6.12%, 09/15/15 |
25 | 27,618 | ||||||
|
CI Financial Corp. 3.20%, 12/17/30 |
40 | 33,904 | ||||||
| Enbridge, Inc. | ||||||||
| 3.12%, 11/15/29 † | 100 | 92,449 | ||||||
| 5.50%, 07/15/77 † | 50 | 47,938 | ||||||
|
Suncor Energy, Inc. 6.80%, 05/15/38 |
75 | 87,581 | ||||||
| Toronto-Dominion Bank | ||||||||
| 0.30%, 06/02/23 | 50 | 48,777 | ||||||
| 0.75%, 09/11/25 † | 50 | 45,488 | ||||||
| 1.15%, 06/12/25 | 25 | 23,203 | ||||||
| 3.25%, 03/11/24 † | 50 | 50,033 | ||||||
|
TotalEnergies Capital Canada Ltd. 2.75%, 07/15/23 |
25 | 24,942 | ||||||
|
TransCanada PipeLines Ltd. 6.20%, 10/15/37 † |
75 | 84,411 | ||||||
| 1,186,589 | ||||||||
| China: 0.3% | ||||||||
|
Meituan 144A 3.05%, 10/28/30 |
50 | 38,165 | ||||||
| Denmark: 1.0% | ||||||||
|
Danske Bank A/S 144A 1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26 |
150 | 136,432 | ||||||
| France: 7.1% | ||||||||
| 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 | $ | 40,690 | ||||
| 2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32 | 50 | 42,488 | ||||||
| 4.38%, 05/12/26 | 75 | 74,620 | ||||||
|
4.38% (USD Swap Semi 30/360 5 Year+1.48%), 03/01/33 |
100 | 94,811 | ||||||
| 4.40%, 08/14/28 | 100 | 98,030 | ||||||
| Credit Agricole SA 144A | ||||||||
| 3.25%, 01/14/30 | 100 | 88,424 | ||||||
| 4.38%, 03/17/25 | 50 | 49,973 | ||||||
|
Sanofi 3.38%, 06/19/23 |
25 | 25,205 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 | 100 | 87,274 | ||||||
| 4.25%, 09/14/23 | 100 | 100,881 | ||||||
| 4.25%, 04/14/25 | 200 | 198,153 | ||||||
|
TotalEnergies Capital International SA 3.70%, 01/15/24 † |
25 | 25,196 | ||||||
| 925,745 | ||||||||
| Germany: 0.8% | ||||||||
|
Deutsche Bank AG 3.70%, 05/30/24 |
50 | 50,143 | ||||||
|
E.ON International Finance BV 144A 6.65%, 04/30/38 |
50 | 58,229 | ||||||
| 108,372 | ||||||||
| Guernsey: 1.3% | ||||||||
| Credit Suisse Group AG | ||||||||
| 3.75%, 03/26/25 | 100 | 98,142 | ||||||
| 4.88%, 05/15/45 † | 75 | 70,155 | ||||||
| 168,297 | ||||||||
| India: 0.4% | ||||||||
|
Reliance Industries Ltd. 144A 4.12%, 01/28/25 |
50 | 50,231 | ||||||
| Italy: 2.0% | ||||||||
| Enel Finance International NV 144A | ||||||||
| 3.50%, 04/06/28 | 50 | 48,252 | ||||||
| 3.62%, 05/25/27 | 50 | 48,937 | ||||||
| 6.80%, 09/15/37 | 100 | 120,744 | ||||||
|
Eni SpA 144A 4.75%, 09/12/28 |
50 | 50,900 | ||||||
| 268,833 | ||||||||
| Japan: 1.2% | ||||||||
| Nomura Holdings, Inc. | ||||||||
| 1.85%, 07/16/25 | 50 | 46,540 | ||||||
| 2.65%, 01/16/25 | 50 | 48,470 | ||||||
|
NTT Finance Corp. 144A 0.58%, 03/01/24 |
50 | 47,696 | ||||||
| 142,706 | ||||||||
| Mexico: 0.7% | ||||||||
| Southern Copper Corp. | ||||||||
See Notes to Financial Statements
| 91 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Mexico (continued) | ||||||||
| 6.75%, 04/16/40 | $ | 75 | $ | 88,022 | ||||
| Netherlands: 1.4% | ||||||||
| Prosus NV 144A | ||||||||
| 3.06%, 07/13/31 | 50 | 39,499 | ||||||
| 3.68%, 01/21/30 | 50 | 42,251 | ||||||
| 4.99%, 01/19/52 | 100 | 78,587 | ||||||
|
SABIC Capital II BV 144A 4.00%, 10/10/23 |
25 | 25,307 | ||||||
| 185,644 | ||||||||
| Saudi Arabia: 2.8% | ||||||||
|
Motiva Enterprises LLC 144A 6.85%, 01/15/40 |
25 | 25,411 | ||||||
| Saudi Arabian Oil Co. 144A | ||||||||
| 3.50%, 04/16/29 † | 175 | 169,908 | ||||||
| 4.25%, 04/16/39 | 100 | 95,861 | ||||||
| 4.38%, 04/16/49 | 100 | 94,887 | ||||||
| 386,067 | ||||||||
| Spain: 0.4% | ||||||||
|
Santander Holdings USA, Inc. 4.40%, 07/13/27 |
50 | 49,397 | ||||||
| Switzerland: 2.0% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | 50 | 41,858 | ||||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 200 | 185,575 | ||||||
|
UBS Group AG 144A 3.49%, 05/23/23 |
50 | 50,081 | ||||||
| 277,514 | ||||||||
| Taiwan: 0.4% | ||||||||
|
TSMC Global Ltd. 144A 0.75%, 09/28/25 |
50 | 45,504 | ||||||
| United Kingdom: 7.8% | ||||||||
|
AstraZeneca Plc 3.50%, 08/17/23 |
50 | 50,426 | ||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 168,954 | ||||||
| 5.20%, 05/12/26 | 200 | 202,910 | ||||||
| Credit Agricole SA 144A | ||||||||
| 1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26 | 50 | 46,356 | ||||||
| 4.12%, 01/10/27 | 100 | 98,714 | ||||||
|
GlaxoSmithKline Capital Plc 0.53%, 10/01/23 |
50 | 48,485 | ||||||
|
HSBC Holdings Plc 6.10%, 01/14/42 |
25 | 28,419 | ||||||
|
Lloyds Banking Group Plc 4.55%, 08/16/28 |
75 | 74,906 | ||||||
|
Sky Ltd. 144A 3.75%, 09/16/24 |
50 | 50,288 | ||||||
|
Standard Chartered Plc 144A 5.20%, 01/26/24 |
150 | 153,289 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 5.30%, 01/09/43 | $ | 125 | $ | 116,288 | ||||
| 1,039,035 | ||||||||
| United States: 58.2% | ||||||||
|
Abbott Laboratories 2.95%, 03/15/25 |
50 | 49,774 | ||||||
|
Ally Financial, Inc. 8.00%, 11/01/31 † |
50 | 59,558 | ||||||
| Altria Group, Inc. | ||||||||
| 2.45%, 02/04/32 | 75 | 60,117 | ||||||
| 3.40%, 02/04/41 | 25 | 18,339 | ||||||
| 4.25%, 08/09/42 | 100 | 80,521 | ||||||
| 4.80%, 02/14/29 | 100 | 99,232 | ||||||
| 5.80%, 02/14/39 | 50 | 49,630 | ||||||
| 5.95%, 02/14/49 | 60 | 58,751 | ||||||
|
Amazon.com, Inc. 5.20%, 12/03/25 † |
50 | 53,062 | ||||||
| Apple, Inc. | ||||||||
| 2.75%, 01/13/25 | 50 | 49,592 | ||||||
| 3.20%, 05/11/27 | 100 | 98,641 | ||||||
| 3.25%, 02/23/26 | 100 | 99,881 | ||||||
| 3.35%, 02/09/27 | 75 | 74,701 | ||||||
| 4.45%, 05/06/44 † | 25 | 25,743 | ||||||
| 4.65%, 02/23/46 | 50 | 53,034 | ||||||
|
Ares Capital Corp. 4.20%, 06/10/24 |
100 | 100,153 | ||||||
|
AT&T, Inc. 4.45%, 04/01/24 |
50 | 51,208 | ||||||
| Bank of America Corp. | ||||||||
| 4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51 | 125 | 112,551 | ||||||
| 4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48 | 100 | 95,473 | ||||||
|
Bayer US Finance II LLC 144A 4.25%, 12/15/25 |
50 | 50,224 | ||||||
|
Becton Dickinson and Co. 3.36%, 06/06/24 |
50 | 49,793 | ||||||
| Berkshire Hathaway Energy Co. | ||||||||
| 2.85%, 05/15/51 | 25 | 18,246 | ||||||
| 3.70%, 07/15/30 | 50 | 48,517 | ||||||
| 4.25%, 10/15/50 | 50 | 46,963 | ||||||
| 6.12%, 04/01/36 | 100 | 113,757 | ||||||
|
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 |
110 | 105,328 | ||||||
| Berkshire Hathaway, Inc. | ||||||||
| 3.12%, 03/15/26 | 125 | 124,189 | ||||||
| 4.50%, 02/11/43 | 50 | 50,058 | ||||||
|
Capital One Financial Corp. 3.75%, 03/09/27 |
25 | 24,382 | ||||||
|
CDW LLC / CDW Finance Corp. 3.57%, 12/01/31 |
25 | 21,935 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.91%, 07/23/25 | 100 | 101,974 | ||||||
| 5.05%, 03/30/29 | 100 | 99,669 | ||||||
| 5.38%, 04/01/38 | 75 | 69,534 | ||||||
See Notes to Financial Statements
| 92 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 6.48%, 10/23/45 | $ | 100 | $ | 100,946 | ||||
| Chevron Corp. | ||||||||
| 2.90%, 03/03/24 | 75 | 75,002 | ||||||
| 2.95%, 05/16/26 | 50 | 48,935 | ||||||
| 3.33%, 11/17/25 | 50 | 49,846 | ||||||
| Cisco Systems, Inc. | ||||||||
| 2.20%, 09/20/23 † | 25 | 24,860 | ||||||
| 3.62%, 03/04/24 | 25 | 25,352 | ||||||
|
Comcast Corp. 3.70%, 04/15/24 |
50 | 50,530 | ||||||
|
CoStar Group, Inc. 144A 2.80%, 07/15/30 |
25 | 21,812 | ||||||
|
Deutsche Bank AG 3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 † |
50 | 44,153 | ||||||
|
Deutsche Bank AG/New York NY 0.96%, 11/08/23 |
50 | 48,203 | ||||||
|
DH Europe Finance II Sarl 2.60%, 11/15/29 |
75 | 67,901 | ||||||
|
DuPont de Nemours, Inc. 5.32%, 11/15/38 |
50 | 52,504 | ||||||
|
Enterprise Products Operating LLC 5.95%, 02/01/41 |
40 | 43,333 | ||||||
| Exxon Mobil Corp. | ||||||||
| 2.99%, 03/19/25 | 100 | 99,090 | ||||||
| 3.48%, 03/19/30 | 25 | 24,380 | ||||||
|
FS KKR Capital Corp. 3.40%, 01/15/26 |
25 | 23,542 | ||||||
|
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 |
175 | 171,235 | ||||||
| General Electric Co. | ||||||||
| 5.88%, 01/14/38 | 25 | 27,614 | ||||||
| 6.75%, 03/15/32 | 72 | 84,231 | ||||||
|
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/23 |
25 | 25,199 | ||||||
|
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 |
75 | 76,430 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 25 | 23,971 | ||||||
| 5.00%, 03/15/24 | 100 | 102,407 | ||||||
| 5.25%, 04/15/25 | 75 | 77,348 | ||||||
| 5.50%, 06/15/47 | 125 | 122,979 | ||||||
| Home Depot, Inc. | ||||||||
| 3.75%, 02/15/24 † | 25 | 25,369 | ||||||
| 5.88%, 12/16/36 | 75 | 88,618 | ||||||
| 5.95%, 04/01/41 | 50 | 58,933 | ||||||
|
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 |
75 | 85,545 | ||||||
|
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 |
50 | 58,584 | ||||||
|
Marathon Petroleum Corp. 6.50%, 03/01/41 † |
50 | 56,417 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
|
Marsh & McLennan Cos, Inc. 3.88%, 03/15/24 |
$ | 25 | $ | 25,308 | ||||
| McDonald’s Corp. | ||||||||
| 3.30%, 07/01/25 | 75 | 74,805 | ||||||
| 3.60%, 07/01/30 | 25 | 24,024 | ||||||
| 3.80%, 04/01/28 | 25 | 24,867 | ||||||
| 4.70%, 12/09/35 † | 50 | 50,652 | ||||||
| 4.88%, 12/09/45 | 50 | 50,693 | ||||||
| 6.30%, 10/15/37 † | 50 | 58,652 | ||||||
|
Merck & Co., Inc. 2.80%, 05/18/23 |
50 | 50,163 | ||||||
| Microsoft Corp. | ||||||||
| 2.70%, 02/12/25 | 50 | 49,443 | ||||||
| 3.12%, 11/03/25 | 100 | 100,200 | ||||||
| Mondelez International, Inc. | ||||||||
| 1.50%, 05/04/25 | 25 | 23,639 | ||||||
| 2.75%, 04/13/30 | 25 | 22,387 | ||||||
|
Nestle Holdings, Inc. 144A 0.38%, 01/15/24 † |
50 | 47,996 | ||||||
| Netflix, Inc. | ||||||||
| 4.88%, 04/15/28 | 50 | 49,021 | ||||||
| 5.88%, 11/15/28 | 75 | 77,438 | ||||||
| Oracle Corp. | ||||||||
| 2.95%, 04/01/30 | 50 | 43,235 | ||||||
| 3.85%, 07/15/36 | 75 | 63,167 | ||||||
| 4.12%, 05/15/45 | 100 | 79,443 | ||||||
| 4.30%, 07/08/34 | 50 | 45,206 | ||||||
| 5.38%, 07/15/40 | 75 | 71,960 | ||||||
| 6.50%, 04/15/38 | 50 | 54,612 | ||||||
|
Owl Rock Capital Corp. 3.40%, 07/15/26 |
25 | 23,086 | ||||||
| PepsiCo, Inc. | ||||||||
| 2.75%, 04/30/25 † | 100 | 99,081 | ||||||
| 2.85%, 02/24/26 | 25 | 24,532 | ||||||
|
Philip Morris International, Inc. 6.38%, 05/16/38 |
50 | 56,676 | ||||||
|
Roche Holdings, Inc. 144A 2.62%, 05/15/26 |
50 | 48,532 | ||||||
|
Sherwin-Williams Co. 3.45%, 06/01/27 |
50 | 48,536 | ||||||
| Synchrony Financial | ||||||||
| 4.25%, 08/15/24 | 25 | 25,000 | ||||||
| 4.50%, 07/23/25 | 75 | 75,423 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 50 | 48,789 | ||||||
| 5.95%, 04/01/30 | 50 | 54,599 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 0.80%, 10/18/23 | 50 | 48,501 | ||||||
| 2.00%, 10/15/31 | 50 | 42,071 | ||||||
| 4.10%, 08/15/47 | 50 | 48,145 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.50%, 09/15/42 | 25 | 20,703 | ||||||
| 6.55%, 05/01/37 | 100 | 104,846 | ||||||
| 6.75%, 06/15/39 | 100 | 106,815 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 1.50%, 02/15/26 | 25 | 22,824 | ||||||
| 3.50%, 04/15/25 | 50 | 49,346 | ||||||
| 3.75%, 04/15/27 | 150 | 146,039 | ||||||
See Notes to Financial Statements
| 93 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 3.88%, 04/15/30 | $ | 150 | $ | 142,237 | ||||
|
Unilever Capital Corp. 2.60%, 05/05/24 |
25 | 24,811 | ||||||
|
United Parcel Service, Inc. 3.90%, 04/01/25 |
20 | 20,257 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 02/15/25 | 50 | 49,989 | ||||||
| 4.02%, 12/03/29 | 150 | 147,024 | ||||||
| 4.12%, 03/16/27 | 125 | 125,618 | ||||||
| 4.33%, 09/21/28 | 50 | 50,365 | ||||||
| VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
| 3.50%, 02/15/25 | 50 | 48,063 | ||||||
| 4.25%, 12/01/26 | 75 | 71,158 | ||||||
| Walmart, Inc. | ||||||||
| 2.85%, 07/08/24 † | 50 | 50,057 | ||||||
| 3.30%, 04/22/24 † | 50 | 50,451 | ||||||
| Walt Disney Co. | ||||||||
| 1.75%, 01/13/26 | 100 | 93,804 | ||||||
| 6.20%, 12/15/34 † | 25 | 29,325 | ||||||
| 6.65%, 11/15/37 † | 25 | 30,754 | ||||||
| Wells Fargo & Co. | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.90%, 11/17/45 | $ | 100 | $ | 97,915 | ||||
| 5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51 | 150 | 156,376 | ||||||
|
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 |
50 | 50,253 | ||||||
| 7,518,711 | ||||||||
|
Total Corporate Bonds (Cost: $14,606,392) |
12,769,555 | |||||||
| Number | ||||||||
| of Shares | ||||||||
|
SHORT-TERM INVESTMENT
HELD AS (Cost: $1,186,523) |
||||||||
| Money Market Fund: 9.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 1,186,523 | 1,186,523 | ||||||
| Total Investments: 107.6% (Cost: $15,792,915) |
13,956,078 | |||||||
| Liabilities in excess of other assets: (7.6)% | (988,321) | |||||||
| NET ASSETS: 100.0% | $ | 12,967,757 | ||||||
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,152,977. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| 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 $3,205,138, or 24.7% of net assets. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 2.9 | % | $ | 368,661 | |||||
| Consumer Cyclicals | 8.9 | 1,136,497 | |||||||
| Consumer Non-Cyclicals | 12.1 | 1,547,097 | |||||||
| Energy | 11.1 | 1,411,550 | |||||||
| Financials | 34.9 | 4,461,928 | |||||||
| Healthcare | 6.4 | 814,689 | |||||||
| Industrials | 1.3 | 166,028 | |||||||
| Real Estate | 1.5 | 195,651 | |||||||
| Technology | 19.1 | 2,437,990 | |||||||
| Utilities | 1.8 | 229,464 | |||||||
| 100.0 | % | $ | 12,769,555 | ||||||
See Notes to Financial Statements
| 94 |
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 12,769,555 | $ | — | $ | 12,769,555 | ||||||||
| Money Market Fund | 1,186,523 | — | — | 1,186,523 | ||||||||||||
| Total Investments | $ | 1,186,523 | $ | 12,769,555 | $ | — | $ | 13,956,078 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 95 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Number | ||||||||
| of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Real Estate Investment Trusts: 99.9% | ||||||||
| AGNC Investment Corp. | 1,418,081 | $ | 15,570,529 | |||||
| Annaly Capital Management, Inc. † | 4,013,368 | 25,765,823 | ||||||
| Apollo Commercial Real Estate Finance, Inc. | 669,483 | 8,060,575 | ||||||
| Arbor Realty Trust, Inc. | 657,469 | 11,242,720 | ||||||
| Ares Commercial Real Estate Corp. | 321,835 | 4,850,053 | ||||||
| ARMOUR Residential REIT, Inc. † | 520,661 | 3,821,652 | ||||||
| Blackstone Mortgage Trust, Inc. | 457,857 | 13,754,024 | ||||||
| BrightSpire Capital, Inc. | 494,529 | 4,203,497 | ||||||
| Broadmark Realty Capital, Inc. † | 797,973 | 6,232,169 | ||||||
| Chimera Investment Corp. | 844,353 | 8,460,417 | ||||||
| Dynex Capital, Inc. † | 244,537 | 3,968,836 | ||||||
| Ellington Financial, Inc. † | 320,140 | 5,183,067 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 239,165 | 9,564,208 | ||||||
| Invesco Mortgage Capital, Inc. † | 1,692,267 | 2,944,545 | ||||||
| KKR Real Estate Finance Trust, Inc. | 161,930 | 3,076,670 | ||||||
| Ladder Capital Corp. | 731,802 | 8,335,225 | ||||||
| MFA Financial, Inc. | 513,984 | 7,324,272 | ||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Real Estate Investment Trusts (continued) | ||||||||
| New Residential Investment Corp. | 1,114,688 | $ | 11,592,755 | |||||
| New York Mortgage Trust, Inc. | 2,123,609 | 6,838,021 | ||||||
| Orchid Island Capital, Inc. † | 1,193,335 | 3,317,471 | ||||||
| PennyMac Mortgage Investment Trust † | 506,678 | 7,772,441 | ||||||
| Ready Capital Corp. | 390,839 | 5,694,524 | ||||||
| Redwood Trust, Inc. | 554,822 | 5,381,773 | ||||||
| Starwood Property Trust, Inc. | 812,070 | 18,580,162 | ||||||
| Two Harbors Investment Corp. | 1,915,556 | 9,213,824 | ||||||
| Total Common
Stocks (Cost: $246,768,616) |
210,749,253 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $3,968,321) |
||||||||
| Money Market Fund: 1.9% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 3,968,321 | 3,968,321 | ||||||
| Total Investments: 101.8% (Cost: $250,736,937) |
214,717,574 | |||||||
| Liabilities in excess of other assets: (1.8)% | (3,795,241) | |||||||
| NET ASSETS: 100.0% | $ | 210,922,333 | ||||||
|
Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $40,347,546. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Financials | 100.0 | % | $ | 210,749,253 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | 210,749,253 | $ | — | $ | — | $ | 210,749,253 | ||||||||
| Money Market Fund | 3,968,321 | — | — | 3,968,321 | ||||||||||||
| Total Investments | $ | 214,717,574 | $ | — | $ | — | $ | 214,717,574 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 96 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Number | ||||||||
| of Shares | Value | |||||||
| PREFERRED SECURITIES: 99.9% | ||||||||
| Basic Materials: 2.0% | ||||||||
|
ArcelorMittal SA 5.50%, 05/18/23 † |
297,123 | $ | 20,448,005 | |||||
| Consumer Cyclicals: 6.0% | ||||||||
|
Aptiv Plc 5.50%, 06/15/23 |
140,497 | 17,366,834 | ||||||
| Ford Motor Co. | ||||||||
| 6.00%, 12/01/59 † | 390,951 | 9,828,508 | ||||||
| 6.20%, 06/01/59 † | 366,515 | 9,474,413 | ||||||
|
Paramount Global 5.75%, 04/01/24 † |
122,172 | 5,247,287 | ||||||
|
Qurate Retail, Inc. 8.00%, 03/15/31 |
154,181 | 12,562,668 | ||||||
|
QVC, Inc. 6.25%, 11/26/68 † |
244,442 | 5,394,835 | ||||||
| 59,874,545 | ||||||||
| Consumer Non-Cyclicals: 3.3% | ||||||||
|
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 |
122,172 | 2,376,245 | ||||||
| CHS, Inc. | ||||||||
| 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 † | 240,678 | 6,373,153 | ||||||
| 7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 205,250 | 5,428,862 | ||||||
| 7.50%, 01/21/25 | 252,896 | 6,984,988 | ||||||
| 7.88%, 09/26/23 | 262,182 | 7,196,896 | ||||||
| 8.00%, 07/18/23 † | 149,929 | 4,686,781 | ||||||
| 33,046,925 | ||||||||
| Energy: 3.9% | ||||||||
|
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 † |
293,213 | 7,330,325 | ||||||
|
Energy Transfer LP |
||||||||
|
7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † |
219,908 | 5,227,213 | ||||||
| 7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 † | 390,951 | 9,461,014 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 217,466 | 5,227,883 | ||||||
|
NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 * |
153,742 | 2,522,906 | ||||||
|
NuStar Energy LP 7.62% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 |
188,144 | 4,037,570 | ||||||
|
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 † |
196,696 | 4,974,442 | ||||||
| 38,781,353 | ||||||||
| Healthcare: 9.1% | ||||||||
|
Avantor, Inc. 6.25%, 05/15/22 |
252,896 | 24,538,499 | ||||||
|
Becton Dickinson and Co. 6.00%, 06/01/23 † |
366,515 | 18,732,582 | ||||||
| Boston Scientific Corp. | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Healthcare (continued) | ||||||||
| 5.50%, 06/01/23 | 122,930 | $ | 13,872,651 | |||||
|
Danaher Corp. 5.00%, 04/15/23 † |
21,014 | 28,990,914 | ||||||
|
Elanco Animal Health, Inc. 5.00%, 02/01/23 † |
134,388 | 5,382,239 | ||||||
| 91,516,885 | ||||||||
| Industrials: 5.2% | ||||||||
|
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 |
146,606 | 2,959,975 | ||||||
|
Clarivate Plc 5.25%, 06/01/24 |
175,621 | 11,332,823 | ||||||
|
Crestwood Equity Partners LP 9.25% |
870,596 | 8,618,901 | ||||||
|
GFL Environmental, Inc. 6.00%, 03/15/23 |
142,980 | 9,786,981 | ||||||
|
RBC Bearings, Inc. 5.00%, 10/15/24 † |
56,199 | 5,085,448 | ||||||
|
Stanley Black & Decker, Inc. 5.25%, 11/15/22 † |
91,629 | 7,201,123 | ||||||
|
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 |
264,037 | 7,538,256 | ||||||
| 52,523,507 | ||||||||
| Real Estate: 0.7% | ||||||||
|
Brookfield Property Preferred LP 6.25%, 07/26/81 † |
327,958 | 6,844,484 | ||||||
| Real Estate Investment Trusts: 16.1% | ||||||||
|
AGNC Investment Corp. |
||||||||
|
6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 † |
280,995 | 6,496,604 | ||||||
| 6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 196,696 | 4,712,836 | ||||||
| 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 158,824 | 3,910,247 | ||||||
|
Annaly Capital Management, Inc. |
||||||||
|
6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 † |
207,692 | 4,818,454 | ||||||
| 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 216,244 | 5,349,877 | ||||||
| 6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 351,854 | 8,736,535 | ||||||
|
Arbor Realty Trust, Inc. 6.25% (United States Secured Overnight Financing Rate+5.44%), 10/12/26 † |
136,246 | 3,302,603 | ||||||
|
Chimera Investment Corp. |
||||||||
|
7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 |
127,058 | 2,992,216 | ||||||
| 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 † | 158,824 | 3,881,659 | ||||||
|
Digital Realty Trust, Inc. 5.20%, 10/10/24 † |
168,598 | 3,970,483 | ||||||
|
DigitalBridge Group, Inc. 7.12%, 09/22/22 |
153,937 | 3,471,279 | ||||||
See Notes to Financial Statements
| 97 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number | ||||||||
| of Shares | Value | |||||||
| Real Estate Investment Trusts (continued) | ||||||||
| 7.15%, 06/05/22 | 168,598 | $ | 3,865,952 | |||||
| Diversified Healthcare Trust | ||||||||
| 5.62%, 08/01/42 | 171,040 | 2,847,816 | ||||||
| 6.25%, 02/01/46 † | 122,172 | 2,241,856 | ||||||
|
Franklin BSP Realty Trust, Inc. 7.50% † |
126,180 | 2,844,097 | ||||||
|
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 |
207,692 | 3,939,917 | ||||||
|
Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 † |
140,497 | 3,120,438 | ||||||
|
Kimco Realty Corp. 5.25%, 12/20/22 † |
129,259 | 3,133,238 | ||||||
|
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 |
160,192 | 3,862,229 | ||||||
|
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 |
134,388 | 3,055,983 | ||||||
|
New Residential Investment Corp. |
||||||||
|
6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 |
196,696 | 4,211,261 | ||||||
| 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 | 227,239 | 5,321,937 | ||||||
| 7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 138,055 | 3,194,593 | ||||||
|
Pebblebrook Hotel Trust 5.70%, 07/27/26 |
122,172 | 2,379,911 | ||||||
|
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 |
122,172 | 2,728,101 | ||||||
|
PS Business Parks, Inc. 4.88%, 11/04/24 † |
158,824 | 2,922,362 | ||||||
| Public Storage | ||||||||
| 3.88%, 10/06/25 † | 138,055 | 2,570,584 | ||||||
| 4.00%, 11/19/26 † | 507,648 | 9,593,247 | ||||||
| 4.10%, 01/13/27 | 122,172 | 2,371,359 | ||||||
| 4.62%, 06/17/25 † | 276,109 | 6,102,009 | ||||||
| 4.70%, 11/15/24 † | 126,473 | 2,834,260 | ||||||
| 4.88%, 09/12/24 † | 154,522 | 3,594,182 | ||||||
| 5.05%, 08/09/22 † | 146,606 | 3,531,739 | ||||||
| 5.15%, 06/02/22 † | 136,833 | 3,386,617 | ||||||
| 5.60%, 03/11/24 † | 139,276 | 3,540,396 | ||||||
|
RLJ Lodging Trust 1.95% |
157,357 | 4,130,621 | ||||||
|
Two Harbors Investment Corp. |
||||||||
|
7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 |
144,164 | 3,312,889 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 † | 140,497 | 3,356,473 | ||||||
| Vornado Realty Trust | ||||||||
| 4.45%, 09/22/26 † | 146,606 | 2,571,469 | ||||||
| 5.25%, 12/13/22 | 302,742 | 5,857,449 | ||||||
| 5.40% | 146,606 | 2,942,382 | ||||||
| 161,008,160 | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Technology: 19.4% | ||||||||
| AT&T, Inc. | ||||||||
| 4.75%, 02/18/25 † | 855,204 | $ | 16,599,510 | |||||
| 5.00%, 12/12/24 † | 586,425 | 12,033,441 | ||||||
| 5.35%, 11/01/66 † | 646,290 | 16,021,529 | ||||||
| 5.62%, 08/01/67 † | 403,167 | 10,079,175 | ||||||
|
Broadcom, Inc. 8.00%, 09/30/22 |
48,868 | 85,250,226 | ||||||
|
Pitney Bowes, Inc. 6.70%, 03/07/43 † |
207,692 | 4,633,608 | ||||||
| Qwest Corp. | ||||||||
| 6.50%, 09/01/56 † | 477,692 | 10,676,416 | ||||||
| 6.75%, 06/15/57 † | 322,534 | 7,237,663 | ||||||
|
Sabre Corp. 6.50%, 09/01/23 |
40,194 | 5,488,089 | ||||||
| Telephone and Data Systems, Inc. | ||||||||
| 6.00%, 09/30/26 | 337,195 | 6,821,455 | ||||||
| 6.62%, 03/31/26 | 205,250 | 4,856,215 | ||||||
| United States Cellular Corp. | ||||||||
| 5.50%, 03/01/70 † | 244,345 | 4,906,448 | ||||||
| 5.50%, 06/01/70 † | 244,345 | 4,921,108 | ||||||
| 6.25%, 09/01/69 | 244,345 | 5,294,956 | ||||||
| 194,819,839 | ||||||||
| Utilities: 34.2% | ||||||||
|
AES Corp. 6.88%, 02/15/24 † |
127,426 | 11,035,092 | ||||||
|
Alabama Power Co. 5.00%, 10/01/22 † |
122,172 | 3,078,734 | ||||||
|
Algonquin Power & Utilities Corp. |
||||||||
|
6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 |
171,040 | 4,378,624 | ||||||
| 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 † | 140,497 | 3,634,657 | ||||||
| 7.75%, 06/15/24 | 280,995 | 13,240,484 | ||||||
|
American Electric Power Co., Inc. 6.12%, 08/15/23 † |
207,692 | 11,630,752 | ||||||
| Brookfield BRP Holdings Canada, Inc. | ||||||||
| 4.62%, 04/30/26 | 171,040 | 3,006,883 | ||||||
| 4.88%, 12/09/26 | 127,058 | 2,355,655 | ||||||
| CMS Energy Corp. | ||||||||
| 5.88%, 10/15/78 † | 136,833 | 3,442,718 | ||||||
| 5.88%, 03/01/79 | 307,873 | 7,712,219 | ||||||
|
Dominion Energy, Inc. 7.25%, 06/01/22 |
196,696 | 19,844,659 | ||||||
| DTE Energy Co. | ||||||||
| 4.38%, 12/01/81 | 136,833 | 2,713,398 | ||||||
| 5.25%, 12/01/77 † | 195,474 | 4,540,861 | ||||||
| 6.25%, 11/01/22 | 317,647 | 16,644,703 | ||||||
| Duke Energy Corp. | ||||||||
| 5.62%, 09/15/78 † | 244,345 | 6,228,354 | ||||||
| 5.75%, 06/15/24 † | 488,687 | 12,725,409 | ||||||
|
Entergy Arkansas LLC 4.88%, 09/01/66 † |
200,362 | 4,942,931 | ||||||
| Entergy Louisiana LLC | ||||||||
See Notes to Financial Statements
| 98 |
| Number | ||||||||
| of Shares | Value | |||||||
| Utilities (continued) | ||||||||
| 4.88%, 09/01/66 † | 131,945 | $ | 3,245,847 | |||||
|
Entergy Mississippi LLC 4.90%, 10/01/66 † |
127,058 | 3,064,639 | ||||||
|
Essential Utilities, Inc. 6.00%, 04/30/22 |
176 | 9,383 | ||||||
|
Georgia Power Co. 5.00%, 10/01/77 † |
131,945 | 3,253,764 | ||||||
|
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 † |
335,972 | 8,446,336 | ||||||
| NextEra Energy, Inc. | ||||||||
| 4.87%, 09/01/22 | 366,515 | 19,590,227 | ||||||
| 5.28%, 03/01/23 | 610,859 | 28,655,396 | ||||||
| 6.22%, 09/01/23 | 488,687 | 23,119,782 | ||||||
| NiSource, Inc. | ||||||||
| 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 † | 244,345 | 6,394,509 | ||||||
| 7.75%, 03/01/24 | 105,373 | 11,984,071 | ||||||
|
PG&E Corp. 5.50%, 08/16/23 |
195,474 | 23,230,130 | ||||||
|
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † |
134,388 | 3,150,055 | ||||||
|
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † |
158,824 | 3,462,363 | ||||||
|
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 † |
146,606 | 3,499,485 | ||||||
| SCE Trust VI | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Utilities (continued) | ||||||||
| 5.00%, 06/26/22 † | 232,127 | $ | 4,677,359 | |||||
|
Sempra Energy 5.75%, 07/01/79 |
370,181 | 8,865,835 | ||||||
|
South Jersey Industries, Inc. 8.75%, 04/01/24 |
81,856 | 5,656,250 | ||||||
| Southern Co. | ||||||||
| 4.20%, 10/15/60 † | 366,515 | 7,187,359 | ||||||
| 4.95%, 01/30/80 † | 488,687 | 10,321,069 | ||||||
| 5.25%, 12/01/77 † | 219,908 | 4,939,134 | ||||||
| 6.75%, 08/01/22 | 421,494 | 23,127,376 | ||||||
|
Spire, Inc. 5.90%, 08/15/24 † |
122,172 | 3,051,857 | ||||||
|
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 |
125,105 | 2,906,189 | ||||||
| 342,994,548 | ||||||||
| Total Preferred
Securities (Cost: $1,033,514,078) |
1,001,858,251 | |||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR
SECURITIES ON LOAN: 7.4% |
||||||||
| Money Market Fund: 7.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 73,861,093 | 73,861,093 | ||||||
| Total Investments: 107.3% (Cost: $1,107,375,171) |
1,075,719,344 | |||||||
| Liabilities in excess of other assets: (7.3)% | (73,421,630 | ) | ||||||
| NET ASSETS: 100.0% | $ | 1,002,297,714 | ||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $79,391,312. |
| * | Non-income producing |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 2.0 | % | $ | 20,448,005 | |||||
| Consumer Cyclicals | 6.0 | 59,874,545 | |||||||
| Consumer Non-Cyclicals | 3.3 | 33,046,925 | |||||||
| Energy | 3.9 | 38,781,353 | |||||||
| Healthcare | 9.1 | 91,516,885 | |||||||
| Industrials | 5.2 | 52,523,507 | |||||||
| Real Estate | 16.8 | 167,852,644 | |||||||
| Technology | 19.5 | 194,819,839 | |||||||
| Utilities | 34.2 | 342,994,548 | |||||||
| 100.0 | % | $ | 1,001,858,251 | ||||||
See Notes to Financial Statements
| 99 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Preferred Securities * | $ | 1,001,858,251 | $ | — | $ | — | $ | 1,001,858,251 | ||||||||
| Money Market Fund | 73,861,093 | — | — | 73,861,093 | ||||||||||||
| Total Investments | $ | 1,075,719,344 | $ | — | $ | — | $ | 1,075,719,344 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 100 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2022
| 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) | $ | 624,805,893 | $ | 120,872,127 | $ | 1,120,505,451 | $ | 3,762,093,082 | |||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 79,333,623 | — | 50,308,151 | 174,899,945 | |||||||||||||||||
| Cash | 16,084 | 2,486,556 | 14,080,929 | 14,441,727 | |||||||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 11,080,498 | (a) | 964 | — | ||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Investment securities sold | 2,513,411 | 2,796,102 | 23,526,339 | 56,009,586 | |||||||||||||||||
| Shares of beneficial interest sold | — | — | — | 8,723,520 | |||||||||||||||||
| Dividends and interest | 1,349,161 | 1,868,005 | 19,345,018 | 56,009,593 | |||||||||||||||||
| Prepaid expenses | — | 723 | — | — | |||||||||||||||||
| Other assets | — | 19,080 | — | — | |||||||||||||||||
| Total assets | 708,018,172 | 139,123,091 | 1,227,766,852 | 4,072,177,453 | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payables: | |||||||||||||||||||||
| Investment securities purchased | — | — | 25,395,778 | 64,368,363 | |||||||||||||||||
| Shares of beneficial interest redeemed | 2,513,511 | 9,383,182 | — | 5,815,680 | |||||||||||||||||
| Collateral for securities loaned | 79,333,623 | — | 50,308,151 | 174,899,945 | |||||||||||||||||
| Line of credit | 913,412 | — | — | — | |||||||||||||||||
| Due to Adviser | 215,816 | 76,228 | 384,472 | 1,180,784 | |||||||||||||||||
| Deferred Trustee fees | 9,395 | 951 | 40,196 | 67,963 | |||||||||||||||||
| Accrued expenses | 2,163 | 75,589 | 2 | 264 | |||||||||||||||||
| Total liabilities | 82,987,920 | 9,535,950 | 76,128,599 | 246,332,999 | |||||||||||||||||
| NET ASSETS | $ | 625,030,252 | $ | 129,587,141 | $ | 1,151,638,253 | $ | 3,825,844,454 | |||||||||||||
| Shares outstanding | 37,300,000 | 5,500,000 | 59,000,000 | 132,200,000 | |||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 16.76 | $ | 23.56 | $ | 19.52 | $ | 28.94 | |||||||||||||
| Net Assets consist of: | |||||||||||||||||||||
| Aggregate paid in capital | $ | 675,403,028 | $ | 132,935,747 | $ | 1,440,443,390 | $ | 4,384,066,683 | |||||||||||||
| Total distributable earnings (loss) | (50,372,776 | ) | (3,348,606 | ) | (288,805,137 | ) | (558,222,229 | ) | |||||||||||||
| NET ASSETS | $ | 625,030,252 | $ | 129,587,141 | $ | 1,151,638,253 | $ | 3,825,844,454 | |||||||||||||
| (1) | Value of securities on loan | $ | 90,835,371 | $ | — | $ | 48,679,628 | $ | 182,549,824 | ||||||||||||
| (2) | Cost of investments - Unaffiliated issuers | $ | 606,204,356 | $ | 123,786,930 | $ | 1,261,299,836 | $ | 4,157,898,232 | ||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 79,333,623 | $ | — | $ | 50,308,151 | $ | 174,899,945 | ||||||||||||
| (4) | Cost of cash denominated in foreign currency | $ | — | $ | 11,092,605 | $ | 973 | $ | — | ||||||||||||
| (a) | Includes $98,564 on foreign investor minimum settlement reserve funds (see Note 2H). |
See Notes to Financial Statements
| 101 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2022
| Green Bond ETF | International High Yield Bond ETF |
Investment Grade Floating Rate ETF |
J.P. Morgan EM Local Currency Bond ETF |
||||||||||||||||||
| Assets: | |||||||||||||||||||||
| Investments, at value (1) | |||||||||||||||||||||
| Unaffiliated issuers (2) | $ | 94,430,548 | $ | 77,881,957 | $ | 1,132,264,257 | $ | 3,010,055,202 | |||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 2,740,591 | 3,565,953 | 4,818,587 | — | |||||||||||||||||
| Cash | 278,498 | — | 5,557,239 | 36,390,407 | |||||||||||||||||
| Cash denominated in foreign currency, at value (4) | 22 | 122,638 | — | 9,257,859 | |||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Investment securities sold | 1,116,186 | 1,026,343 | 44,514,957 | 208,570,213 | |||||||||||||||||
| Dividends and interest | 698,748 | 1,284,192 | 1,639,166 | 64,197,784 | |||||||||||||||||
| Prepaid expenses | — | — | — | 15,467 | |||||||||||||||||
| Other assets | — | — | — | — | |||||||||||||||||
| Total assets | 99,264,593 | 83,881,083 | 1,188,794,206 | 3,328,486,932 | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payables: | |||||||||||||||||||||
| Investment securities purchased | 1,175,877 | 814,618 | 49,308,020 | 75,448,894 | |||||||||||||||||
| Shares of beneficial interest redeemed | — | — | — | 177,343,740 | |||||||||||||||||
| Collateral for securities loaned | 2,740,591 | 3,565,953 | 4,818,587 | — | |||||||||||||||||
| Due to Adviser | 15,919 | 26,997 | 127,077 | 622,045 | |||||||||||||||||
| Due to custodian | — | 24,209 | — | — | |||||||||||||||||
| Deferred Trustee fees | 1,073 | 33,385 | 21,618 | 236,368 | |||||||||||||||||
| Accrued expenses | 4 | 9 | 1,123 | 1,378,603 | |||||||||||||||||
| Total liabilities | 3,933,464 | 4,465,171 | 54,276,425 | 255,029,650 | |||||||||||||||||
| NET ASSETS | $ | 95,331,129 | $ | 79,415,912 | $ | 1,134,517,781 | $ | 3,073,457,282 | |||||||||||||
| Shares outstanding | 3,950,000 | 3,800,000 | 45,250,000 | 121,322,682 | |||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 24.13 | $ | 20.90 | $ | 25.07 | $ | 25.33 | |||||||||||||
| Net Assets consist of: | |||||||||||||||||||||
| Aggregate paid in capital | $ | 107,152,408 | $ | 105,492,808 | $ | 1,142,845,033 | $ | 4,066,098,603 | |||||||||||||
| Total distributable earnings (loss) | (11,821,279 | ) | (26,076,896 | ) | (8,327,252 | ) | (992,641,321 | ) | |||||||||||||
| NET ASSETS | $ | 95,331,129 | $ | 79,415,912 | $ | 1,134,517,781 | $ | 3,073,457,282 | |||||||||||||
| (1) | Value of securities on loan | $ | 6,298,898 | $ | 3,458,018 | $ | 10,721,775 | $ | — | ||||||||||||
| (2) | Cost of investments - Unaffiliated issuers | $ | 104,499,766 | $ | 89,561,561 | $ | 1,139,059,326 | $ | 3,530,213,763 | ||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 2,740,591 | $ | 3,565,953 | $ | 4,818,587 | $ | — | ||||||||||||
| (4) | Cost of cash denominated in foreign currency | $ | 22 | $ | 126,492 | $ | — | $ | 9,491,799 | ||||||||||||
See Notes to Financial Statements
| 102 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2022
| 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) | $ | 8,459,522 | $ | 12,769,555 | $ | 210,749,253 | $ | 1,001,858,251 | |||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 531,130 | 1,186,523 | 3,968,321 | 73,861,093 | |||||||||||||||||
| Cash | 85,402 | 60,726 | — | 32,758,067 | |||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Investment securities sold | 390,640 | 494,792 | 761,440 | 6,836,878 | |||||||||||||||||
| Shares of beneficial interest sold | — | — | — | 1,930,413 | |||||||||||||||||
| Dividends and interest | 93,274 | 132,012 | 369,516 | 2,765,191 | |||||||||||||||||
| Total assets | 9,559,968 | 14,643,608 | 215,848,530 | 1,120,009,893 | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payables: | |||||||||||||||||||||
| Investment securities purchased | 418,267 | 487,148 | — | 43,479,605 | |||||||||||||||||
| Shares of beneficial interest redeemed | — | — | 761,449 | — | |||||||||||||||||
| Collateral for securities loaned | 531,130 | 1,186,523 | 3,968,321 | 73,861,093 | |||||||||||||||||
| Due to Adviser | 1,811 | 2,180 | 74,037 | 335,199 | |||||||||||||||||
| Due to custodian | — | — | 101,776 | — | |||||||||||||||||
| Deferred Trustee fees | — | — | 16,359 | 36,282 | |||||||||||||||||
| Accrued expenses | — | — | 4,255 | — | |||||||||||||||||
| Total liabilities | 951,208 | 1,675,851 | 4,926,197 | 117,712,179 | |||||||||||||||||
| NET ASSETS | $ | 8,608,760 | $ | 12,967,757 | $ | 210,922,333 | $ | 1,002,297,714 | |||||||||||||
| Shares outstanding | 400,000 | 600,000 | 13,850,000 | 52,350,000 | |||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 21.52 | $ | 21.61 | $ | 15.23 | $ | 19.15 | |||||||||||||
| Net Assets consist of: | |||||||||||||||||||||
| Aggregate paid in capital | $ | 9,999,885 | $ | 14,999,828 | $ | 329,907,416 | $ | 1,087,660,304 | |||||||||||||
| Total distributable earnings (loss) | (1,391,125 | ) | (2,032,071 | ) | (118,985,083 | ) | (85,362,590 | ) | |||||||||||||
| NET ASSETS | $ | 8,608,760 | $ | 12,967,757 | $ | 210,922,333 | $ | 1,002,297,714 | |||||||||||||
| (1) | Value of securities on loan | $ | 509,515 | $ | 1,152,977 | $ | 40,347,546 | $ | 79,391,312 | ||||||||||||
| (2) | Cost of investments - Unaffiliated issuers | $ | 9,646,252 | $ | 14,606,392 | $ | 246,768,616 | $ | 1,033,514,078 | ||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 531,130 | $ | 1,186,523 | $ | 3,968,321 | $ | 73,861,093 | ||||||||||||
See Notes to Financial Statements
| 103 |
VANECK ETF TRUST
For the Year Ended April 30, 2022
| BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF |
Fallen Angel High Yield Bond ETF |
|||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 44,946,425 | $ | — | $ | — | $ | — | ||||||||||||
| Interest | 774 | 4,168,535 | 68,929,787 | 196,314,890 | ||||||||||||||||
| Securities lending income | 310,983 | — | 221,708 | 1,154,565 | ||||||||||||||||
| Foreign taxes withheld | — | (3,535 | ) | (10,935 | ) | — | ||||||||||||||
| Total income | 45,258,182 | 4,165,000 | 69,140,560 | 197,469,455 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 2,070,800 | 520,949 | 4,778,794 | 17,079,449 | ||||||||||||||||
| Professional fees | — | 52,101 | — | — | ||||||||||||||||
| Custody and accounting fees | — | 41,602 | — | — | ||||||||||||||||
| Reports to shareholders | — | 18,533 | — | — | ||||||||||||||||
| Trustees’ fees and expenses | — | 1,700 | — | — | ||||||||||||||||
| Registration fees | — | 16,739 | — | — | ||||||||||||||||
| Insurance | — | 2,769 | — | — | ||||||||||||||||
| Interest and taxes | 30,706 | 9,967 | 307 | 3,236 | ||||||||||||||||
| Other | — | 8,305 | — | — | ||||||||||||||||
| Total expenses | 2,101,506 | 672,665 | 4,779,101 | 17,082,685 | ||||||||||||||||
| Waiver of management fees | — | (13,281 | ) | — | — | |||||||||||||||
| Net expenses | 2,101,506 | 659,384 | 4,779,101 | 17,082,685 | ||||||||||||||||
| Net investment income | 43,156,676 | 3,505,616 | 64,361,459 | 180,386,770 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (11,856,440 | ) | 419,337 | (93,858,252 | ) | (22,717,124 | ) | |||||||||||||
| In-kind redemptions | 30,597,037 | — | 912,311 | 261,651,547 | ||||||||||||||||
| Capital gain distributions from investment companies | 830,053 | — | — | — | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (235,697 | ) | — | — | |||||||||||||||
| Net realized gain (loss) | 19,570,650 | 183,640 | (92,945,941 | ) | 238,934,423 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (29,787,379 | ) | (4,380,239 | ) | (150,062,224 | ) | (708,202,399 | ) | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (147,544 | ) | (9 | ) | — | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (29,787,379 | ) | (4,527,783 | ) | (150,062,233 | ) | (708,202,399 | ) | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 32,939,947 | $ | (838,527 | ) | $ | (178,646,715 | ) | $ | (288,881,206 | ) | |||||||||
See Notes to Financial Statements
| 104 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
| Green Bond ETF | International High Yield Bond ETF |
Investment Grade Floating Rate ETF |
J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 8,094 | $ | 22 | $ | — | $ | — | ||||||||||||
| Interest | 2,186,284 | 4,682,735 | 5,423,823 | 188,791,824 | ||||||||||||||||
| Securities lending income | 9,684 | 15,375 | 14,079 | — | ||||||||||||||||
| Foreign taxes withheld | (604 | ) | (2,098 | ) | — | (4,153,280 | ) | |||||||||||||
| Total income | 2,203,458 | 4,696,034 | 5,437,902 | 184,638,544 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 195,123 | 407,619 | 1,082,404 | 9,396,110 | ||||||||||||||||
| Professional fees | — | — | — | 60,478 | ||||||||||||||||
| Custody and accounting fees | — | — | — | 1,030,032 | ||||||||||||||||
| Reports to shareholders | — | — | — | 404,847 | ||||||||||||||||
| Trustees’ fees and expenses | — | — | — | 45,464 | ||||||||||||||||
| Registration fees | — | — | — | 20,485 | ||||||||||||||||
| Insurance | — | — | — | 45,296 | ||||||||||||||||
| Interest and taxes | 888 | 703 | 9,825 | 29,830 | ||||||||||||||||
| Other | — | — | — | 36,734 | ||||||||||||||||
| Total expenses | 196,011 | 408,322 | 1,092,229 | 11,069,276 | ||||||||||||||||
| Waiver of management fees | — | — | — | (599,324 | ) | |||||||||||||||
| Net expenses | 196,011 | 408,322 | 1,092,229 | 10,469,952 | ||||||||||||||||
| Net investment income | 2,007,447 | 4,287,712 | 4,345,673 | 174,168,592 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (1,668,817 | ) | (3,049,555 | ) | (510,405 | ) | (305,473,572 | )(a) | ||||||||||||
| In-kind redemptions | — | (618,966 | ) | 57,776 | (5,329,083 | ) | ||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (42,307 | ) | — | (4,422,433 | ) | ||||||||||||||
| Net realized loss | (1,668,817 | ) | (3,710,828 | ) | (452,629 | ) | (315,225,088 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (10,193,647 | ) | (15,853,363 | ) | (9,541,387 | ) | (399,611,371 | )(b) | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (53,147 | ) | — | (2,439,644 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (10,193,647 | ) | (15,906,510 | ) | (9,541,387 | ) | (402,051,015 | ) | ||||||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (9,855,017 | ) | $ | (15,329,626 | ) | $ | (5,648,343 | ) | $ | (543,107,511 | ) | ||||||||
| (a) | Net of foreign taxes of $657,825 |
| (b) | Net of foreign taxes of $988,682 |
See Notes to Financial Statements
| 105 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
| 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 | $ | — | $ | — | $ | 13,740,340 | $ | 52,602,320 | ||||||||||||
| Interest | 244,048 | 338,581 | 235 | 8,068 | ||||||||||||||||
| Securities lending income | 1,521 | 2,205 | 79,912 | 961,439 | ||||||||||||||||
| Foreign taxes withheld | — | — | — | (88,315 | ) | |||||||||||||||
| Total income | 245,569 | 340,786 | 13,820,487 | 53,483,512 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 24,438 | 29,210 | 1,213,758 | 4,123,634 | ||||||||||||||||
| Interest and taxes | 63 | 92 | 19,342 | 9,849 | ||||||||||||||||
| Total expenses | 24,501 | 29,302 | 1,233,100 | 4,133,483 | ||||||||||||||||
| Net investment income | 221,068 | 311,484 | 12,587,387 | 49,350,029 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (195,230 | ) | (186,082 | ) | (9,999,261 | ) | 2,334,553 | |||||||||||||
| In-kind redemptions | — | — | 28,019,583 | 4,873,574 | ||||||||||||||||
| Capital gain distributions from | ||||||||||||||||||||
| investment companies | — | — | 2,558,441 | 171,326 | ||||||||||||||||
| Net realized gain (loss) | (195,230 | ) | (186,082 | ) | 20,578,763 | 7,379,453 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (1,083,250 | ) | (1,588,310 | ) | (75,253,305 | ) | (98,397,267 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (1,083,250 | ) | (1,588,310 | ) | (75,253,305 | ) | (98,397,267 | ) | ||||||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (1,057,412 | ) | $ | (1,462,908 | ) | $ | (42,087,155 | ) | $ | (41,667,785 | ) | ||||||||
See Notes to Financial Statements
| 106 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | China Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
|||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 43,156,676 | $ | 27,418,231 | $ | 3,505,616 | $ | 1,245,084 | ||||||||
| Net realized gain (loss) | 19,570,650 | (11,700,465 | ) | 183,640 | 258,931 | |||||||||||
| Net change in unrealized appreciation (depreciation) | (29,787,379 | ) | 129,739,736 | (4,527,783 | ) | 1,676,722 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 32,939,947 | 145,457,502 | (838,527 | ) | 3,180,737 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (42,704,368 | ) | (28,249,128 | ) | (4,150,280 | ) | (1,233,560 | ) | ||||||||
| Return of capital | — | (102,755 | ) | (44,520 | ) | — | ||||||||||
| Total distributions | (42,704,368 | ) | (28,351,883 | ) | (4,194,800 | ) | (1,233,560 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 334,820,169 | 167,364,489 | 91,337,821 | 97,077,772 | (a) | |||||||||||
| Cost of shares redeemed | (111,985,789 | ) | (42,308,818 | ) | (60,220,705 | ) | — | |||||||||
| Increase in net assets resulting from share transactions | 222,834,380 | 125,055,671 | 31,117,116 | 97,077,772 | ||||||||||||
| Total increase in net assets | 213,069,959 | 242,161,290 | 26,083,789 | 99,024,949 | ||||||||||||
| Net Assets, beginning of year | 411,960,293 | 169,799,003 | 103,503,352 | 4,478,403 | ||||||||||||
| Net Assets, end of year | $ | 625,030,252 | $ | 411,960,293 | $ | 129,587,141 | $ | 103,503,352 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 19,225,000 | 11,800,000 | 3,700,000 | 4,100,000 | ||||||||||||
| Shares redeemed | (6,500,000 | ) | (3,025,000 | ) | (2,500,000 | ) | — | |||||||||
| Net increase | 12,725,000 | 8,775,000 | 1,200,000 | 4,100,000 | ||||||||||||
| (a) | Includes $79,000 for reimbursement by the Adviser (See Note 3) |
See Notes to Financial Statements
| 107 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
|||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 64,361,459 | $ | 27,488,746 | $ | 180,386,770 | $ | 163,045,166 | ||||||||
| Net realized gain (loss) | (92,945,941 | ) | (9,350,449 | ) | 238,934,423 | 97,287,752 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (150,062,233 | ) | 56,587,045 | (708,202,399 | ) | 387,013,556 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (178,646,715 | ) | 74,725,342 | (288,881,206 | ) | 647,346,474 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (63,324,700 | ) | (25,900,330 | ) | (188,041,825 | ) | (155,216,155 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 672,209,046 | 446,230,645 | 2,049,188,613 | 3,595,864,787 | ||||||||||||
| Cost of shares redeemed | (63,006,428 | ) | (18,741,366 | ) | (2,661,837,362 | ) | (855,370,459 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 609,202,618 | 427,489,279 | (612,648,749 | ) | 2,740,494,328 | |||||||||||
| Total increase (decrease) in net assets | 367,231,203 | 476,314,291 | (1,089,571,780 | ) | 3,232,624,647 | |||||||||||
| Net Assets, beginning of year | 784,407,050 | 308,092,759 | 4,915,416,234 | 1,682,791,587 | ||||||||||||
| Net Assets, end of year | $ | 1,151,638,253 | $ | 784,407,050 | $ | 3,825,844,454 | $ | 4,915,416,234 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 28,600,000 | 19,000,000 | 63,250,000 | 117,100,000 | ||||||||||||
| Shares redeemed | (2,800,000 | ) | (800,000 | ) | (83,700,000 | ) | (27,150,000 | ) | ||||||||
| Net increase (decrease) | 25,800,000 | 18,200,000 | (20,450,000 | ) | 89,950,000 | |||||||||||
See Notes to Financial Statements
| 108 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Green Bond ETF | International High Yield Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
|||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 2,007,447 | $ | 1,015,009 | $ | 4,287,712 | $ | 4,541,412 | ||||||||
| Net realized loss | (1,668,817 | ) | (63,236 | ) | (3,710,828 | ) | (1,085,616 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (10,193,647 | ) | (435,542 | ) | (15,906,510 | ) | 15,170,428 | |||||||||
| Net increase (decrease) in net assets resulting from operations | (9,855,017 | ) | 516,231 | (15,329,626 | ) | 18,626,224 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (2,002,035 | ) | (902,645 | ) | (4,424,650 | ) | (4,423,249 | ) | ||||||||
| Return of capital | — | — | — | (264,741 | ) | |||||||||||
| Total distributions | (2,002,035 | ) | (902,645 | ) | (4,424,650 | ) | (4,687,990 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 22,989,592 | 52,359,723 | 15,502,482 | 10,278,340 | ||||||||||||
| Cost of shares redeemed | — | — | (16,605,485 | ) | (12,776,583 | ) | ||||||||||
| Increase (decrease) in net assets resulting from share transactions | 22,989,592 | 52,359,723 | (1,103,003 | ) | (2,498,243 | ) | ||||||||||
| Total increase (decrease) in net assets | 11,132,540 | 51,973,309 | (20,857,279 | ) | 11,439,991 | |||||||||||
| Net Assets, beginning of year | 84,198,589 | 32,225,280 | 100,273,191 | 88,833,200 | ||||||||||||
| Net Assets, end of year | $ | 95,331,129 | $ | 84,198,589 | $ | 79,415,912 | $ | 100,273,191 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 850,000 | 1,900,000 | 600,000 | 400,000 | ||||||||||||
| Shares redeemed | — | — | (700,000 | ) | (500,000 | ) | ||||||||||
| Net increase (decrease) | 850,000 | 1,900,000 | (100,000 | ) | (100,000 | ) | ||||||||||
See Notes to Financial Statements
| 109 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||||
| Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
|||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 4,345,673 | $ | 4,385,467 | $ | 174,168,592 | $ | 163,087,052 | ||||||||
| Net realized gain (loss) | (452,629 | ) | 790,351 | (315,225,088 | ) | (150,551,636 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | (9,541,387 | ) | 13,202,820 | (402,051,015 | ) | 329,006,362 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (5,648,343 | ) | 18,378,638 | (543,107,511 | ) | 341,541,778 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (4,310,490 | ) | (5,073,095 | ) | (88,822,978 | ) | (524,709 | ) | ||||||||
| Return of capital | — | — | (81,656,280 | ) | (161,805,238 | ) | ||||||||||
| Total distributions | (4,310,490 | ) | (5,073,095 | ) | (170,479,258 | ) | (162,329,947 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 591,005,339 | 125,423,479 | 727,013,716 | 690,250,396 | ||||||||||||
| Cost of shares redeemed | (6,337,388 | ) | (40,336,816 | ) | (319,840,315 | ) | (828,095,691 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 584,667,951 | 85,086,663 | 407,173,401 | (137,845,295 | ) | |||||||||||
| Total increase (decrease) in net assets | 574,709,118 | 98,392,206 | (306,413,368 | ) | 41,366,536 | |||||||||||
| Net Assets, beginning of year | 559,808,663 | 461,416,457 | 3,379,870,650 | 3,338,504,114 | ||||||||||||
| Net Assets, end of year | $ | 1,134,517,781 | $ | 559,808,663 | $ | 3,073,457,282 | $ | 3,379,870,650 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 23,400,000 | 4,950,000 | 24,600,000 | 21,600,000 | ||||||||||||
| Shares redeemed | (250,000 | ) | (1,600,000 | ) | (11,800,000 | ) | (26,800,000 | ) | ||||||||
| Net increase (decrease) | 23,150,000 | 3,350,000 | 12,800,000 | (5,200,000 | ) | |||||||||||
See Notes to Financial Statements
| 110 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
|||||||||||||||
| Year Ended April 30, 2022 |
Period Ended April 30, 2021 (a) |
Year Ended April 30, 2022 |
Period Ended April 30, 2021 (a) |
|||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 221,068 | $ | 87,490 | $ | 311,484 | $ | 128,135 | ||||||||
| Net realized loss | (195,230 | ) | (15,478 | ) | (186,082 | ) | (25,943 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (1,083,250 | ) | (103,480 | ) | (1,588,310 | ) | (248,527 | ) | ||||||||
| Net decrease in net assets resulting from operations | (1,057,412 | ) | (31,468 | ) | (1,462,908 | ) | (146,335 | ) | ||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (226,760 | ) | (75,600 | ) | (317,460 | ) | (105,540 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | — | 10,000,000 | — | 15,000,000 | ||||||||||||
| Increase in net assets resulting from share transactions | — | 10,000,000 | — | 15,000,000 | ||||||||||||
| Total increase (decrease) in net assets | (1,284,172 | ) | 9,892,932 | (1,780,368 | ) | 14,748,125 | ||||||||||
| Net Assets, beginning of period | 9,892,932 | — | 14,748,125 | — | ||||||||||||
| Net Assets, end of period | $ | 8,608,760 | $ | 9,892,932 | $ | 12,967,757 | $ | 14,748,125 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | 400,000 | — | 600,000 | ||||||||||||
| Net increase | — | 400,000 | — | 600,000 | ||||||||||||
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
See Notes to Financial Statements
| 111 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||||
| Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
Year Ended April 30, 2022 |
Year Ended April 30, 2021 |
|||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 12,587,387 | $ | 11,672,426 | $ | 49,350,029 | $ | 39,050,098 | ||||||||
| Net realized gain (loss) | 20,578,763 | (17,949,177 | ) | 7,379,453 | (5,620,005 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (75,253,305 | ) | 130,769,388 | (98,397,267 | ) | 113,139,493 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (42,087,155 | ) | 124,492,637 | (41,667,785 | ) | 146,569,586 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (12,587,387 | ) | (11,675,560 | ) | (55,455,503 | ) | (38,058,255 | ) | ||||||||
| Return of capital | (12,142,443 | ) | (6,729,745 | ) | (932,857 | ) | — | |||||||||
| Total distributions | (24,729,830 | ) | (18,405,305 | ) | (56,388,360 | ) | (38,058,255 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 65,857,830 | 118,718,711 | 200,215,786 | 183,940,174 | ||||||||||||
| Cost of shares redeemed | (98,402,686 | ) | (33,825,342 | ) | (47,757,119 | ) | (33,585,352 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | (32,544,856 | ) | 84,893,369 | 152,458,667 | 150,354,822 | |||||||||||
| Total increase (decrease) in net assets | (99,361,841 | ) | 190,980,701 | 54,402,522 | 258,866,153 | |||||||||||
| Net Assets, beginning of year | 310,284,174 | 119,303,473 | 947,895,192 | 689,029,039 | ||||||||||||
| Net Assets, end of year | $ | 210,922,333 | $ | 310,284,174 | $ | 1,002,297,714 | $ | 947,895,192 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 3,400,000 | 7,700,000 | 9,500,000 | 9,150,000 | ||||||||||||
| Shares redeemed | (5,500,000 | ) | (2,200,000 | ) | (2,350,000 | ) | (1,750,000 | ) | ||||||||
| Net increase (decrease) | (2,100,000 | ) | 5,500,000 | 7,150,000 | 7,400,000 | |||||||||||
See Notes to Financial Statements
| 112 |
VANECK ETF TRUST
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 113 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 114 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 115 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 116 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 117 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 118 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 119 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 120 |
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
| 121 |
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
| 122 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 123 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 124 |
VANECK ETF TRUST
April 30, 2022
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), formerly known as VanEck Vectors ETF 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”) | Non-Diversified | |
| International High Yield Bond ETF (“International High Yield”) | Diversified | |
| Investment Grade Floating Rate ETF (“Floating Rate”) | Non-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 ChinaAMC China Bond 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. 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 Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees 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 |
| 125 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| 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 Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments 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). | |
| 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 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. |
| 126 |
| 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 April 30, 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. | |
| 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 April 30, 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
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(continued)
rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2022, 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 year ended April 30, 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 will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
| 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.
During the year ended April 30, 2021, the Adviser voluntarily reimbursed the China Bond ETF $79,000 for capital share transaction losses. This amount is reflected in Proceeds from sale of shares in the Statements of Changes in Net Assets.
At April 30, 2022, the Adviser owned approximately 59%, 82%, and 1% of Moody’s Analytics IG, Moody’s Analytics BBB, and Floating Rate, respectively.
Note 4—Capital Share Transactions—As of April 30, 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 redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
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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 year ended April 30, 2022, 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 | $ | 151,279,520 | $ | 148,954,629 | $ | 334,783,832 | $ | 112,116,796 | ||||||||
| China Bond | 106,539,912 | 71,044,040 | — | — | ||||||||||||
| Emerging Markets High Yield | 755,129,614 | 396,449,147 | 298,825,527 | 62,440,651 | ||||||||||||
| Fallen Angel | 2,175,492,338 | 2,123,971,103 | 1,932,241,016 | 2,564,255,095 | ||||||||||||
| Floating Rate | 680,180,517 | 600,451,610 | 509,093,957 | 6,323,007 | ||||||||||||
| Green Bond | 25,263,211 | 18,065,701 | 17,376,236 | — | ||||||||||||
| International High Yield | 37,623,875 | 25,197,491 | 2,649,276 | 16,470,046 | ||||||||||||
| J.P. Morgan EM | 1,313,220,429 | 1,127,369,820 | 383,958,749 | 175,229,330 | ||||||||||||
| Moody’s Analytics BBB | 4,740,003 | 4,648,503 | — | — | ||||||||||||
| Moody’s Analytics IG | 7,795,970 | 7,628,336 | — | — | ||||||||||||
| Mortgage REIT | 36,590,343 | 35,598,128 | 65,852,700 | 98,407,620 | ||||||||||||
| Preferred Securities | 371,156,847 | 376,686,174 | 169,944,555 | 47,333,792 | ||||||||||||
During the year ended April 30, 2022, the Emerging Markets High Yield Bond ETF engaged in sales of investments to Fallen Angel High Yield Bond ETF, managed by the Adviser.
These transactions complied with Rule 17a-7 under the Act and aggregated to $1,897,894. The Emerging Markets High Yield Bond ETF recognized realized loss of $4,592 related to these transactions.
Note 6—Income Taxes—As of April 30, 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 | $689,732,433 | $32,447,046 | $(18,039,963 | ) | $14,407,083 | |||||||||||
| China Bond | 123,789,898 | 740,709 | (3,658,480 | ) | (2,917,771 | ) | ||||||||||
| Emerging Markets High Yield | 1,314,704,776 | 4,489,390 | (148,380,564 | ) | (143,891,174 | ) | ||||||||||
| Fallen Angel | 4,339,800,906 | 9,354,763 | (412,162,642 | ) | (402,807,879 | ) | ||||||||||
| Floating Rate | 1,144,313,940 | 820,704 | (8,051,800 | ) | (7,231,096 | ) | ||||||||||
| Green Bond | 107,308,038 | 49,271 | (10,186,170 | ) | (10,136,899 | ) | ||||||||||
| International High Yield | 93,393,397 | 430,578 | (12,376,065 | ) | (11,945,487 | ) | ||||||||||
| J.P. Morgan EM | 3,630,846,639 | 33,286,314 | (654,077,751 | ) | (620,791,437 | ) | ||||||||||
| Moody’s Analytics BBB | 10,186,553 | 621 | (1,196,522 | ) | (1,195,901 | ) | ||||||||||
| Moody’s Analytics IG | 15,804,203 | 54 | (1,848,179 | ) | (1,848,125 | ) | ||||||||||
| Mortgage REIT | 252,433,165 | 11,950,824 | (49,666,415 | ) | (37,715,591 | ) | ||||||||||
| Preferred Securities | 1,117,613,321 | 51,294,984 | (93,188,961 | ) | (41,893,977 | ) | ||||||||||
At April 30, 2022, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:
| Fund | Undistributed Ordinary Income |
Accumulated Capital Losses/ Undistributed Capital Gains |
Post-October Losses Deferred* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||||||
| BDC Income | $452,308 | $(65,222,774 | ) | $– | $(9,396 | ) | $14,407,084 | $(50,372,778 | ) | |||||||||||||||||||
| China Bond | – | (61,125 | ) | (256,856 | ) | (950 | ) | (3,029,675 | ) | (3,348,606 | ) | |||||||||||||||||
| Emerging Markets High Yield | 6,639,524 | (151,513,282 | ) | – | (40,195 | ) | (143,891,184 | ) | (288,805,137 | ) | ||||||||||||||||||
| Fallen Angel | 15,147,182 | (170,493,568 | ) | – | (67,964 | ) | (402,807,879 | ) | (558,222,229 | ) | ||||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS
(continued)
| Fund | Undistributed Ordinary Income |
Accumulated Capital Losses/ Undistributed Capital Gains |
Post-October Losses Deferred* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||||||
| Floating Rate | 837,749 | (1,912,288 | ) | – | (21,617 | ) | (7,231,096 | ) | (8,327,252 | ) | ||||||||||||||||||
| Green Bond | 187,443 | (1,870,750 | ) | – | (1,073 | ) | (10,136,899 | ) | (11,821,279 | ) | ||||||||||||||||||
| International High Yield | 61,891 | (14,120,607 | ) | – | (33,385 | ) | (11,984,795 | ) | (26,076,896 | ) | ||||||||||||||||||
| J.P. Morgan EM | – | (308,963,992 | ) | (59,499,406 | ) | (236,369 | ) | (623,941,554 | ) | (992,641,321 | ) | |||||||||||||||||
| Moody’s Analytics BBB | 16,982 | (212,206 | ) | – | – | (1,195,901 | ) | (1,391,125 | ) | |||||||||||||||||||
| Moody’s Analytics IG | 30,568 | (214,514 | ) | – | – | (1,848,125 | ) | (2,032,071 | ) | |||||||||||||||||||
| Mortgage REIT | – | (81,253,133 | ) | – | (16,359 | ) | (37,715,591 | ) | (118,985,083 | ) | ||||||||||||||||||
| Preferred Securities | – | (41,184,027 | ) | – | (2,284,586 | ) | (41,893,977 | ) | (85,362,590 | ) | ||||||||||||||||||
| ** | Post-October losses represent certain ordinary, specified and / or capital losses incurred after October 31, 2021. These losses are deemed to arise on the first day of the funds’ next taxable year. |
The tax character of distributions paid to shareholders was as follows:
| April 30, 2022 | April 30, 2021 | |||||||||||||||
| Fund | Ordinary Income** |
Return of Capital |
Ordinary Income** |
Return of Capital |
||||||||||||
| BDC Income | $42,704,368 | $– | $28,249,128 | $102,755 | ||||||||||||
| China Bond | 4,150,280 | 44,520 | 1,233,560 | – | ||||||||||||
| Emerging Markets High Yield | 63,324,700 | – | 25,900,330 | – | ||||||||||||
| Fallen Angel | 188,041,825 | – | 155,216,155 | – | ||||||||||||
| Floating Rate | 4,310,490 | – | 5,073,095 | – | ||||||||||||
| Green Bond | 2,002,035 | – | 902,645 | – | ||||||||||||
| International High Yield | 4,424,650 | – | 4,423,249 | 264,741 | ||||||||||||
| J.P. Morgan EM | 88,822,978 | 81,656,280 | 524,709 | 161,805,238 | ||||||||||||
| Moody’s Analytics BBB | 226,760 | – | 75,600 | – | ||||||||||||
| Moody’s Analytics IG | 317,460 | – | 105,540 | – | ||||||||||||
| Mortgage REIT | 12,587,387 | 12,142,443 | 11,675,560 | 6,729,745 | ||||||||||||
| Preferred Securities | 55,455,503 | 932,857 | 38,058,255 | – | ||||||||||||
| ** | Includes short-term capital gains (if any). |
At April 30, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | ||||||||||
| BDC Income | $ | (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 | ) | |||||||
During the year ended April 30, 2022, China Bond and Preferred Securities utilized $125,223, and $4,181,511, respectively of their capital loss carryforwards available from prior years.
During the year ended April 30, 2022, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
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| Fund | Increase (Decrease) in Total Distributable Earnings (Loss) |
Increase (Decrease) in Aggregate Paid in Capital | ||||||
| BDC Income | $ | (28,907,959 | ) | $ | 28,907,959 | |||
| China Bond | (23,267 | ) | 23,267 | |||||
| Emerging Markets High Yield | (861,528 | ) | 861,528 | |||||
| Fallen Angel | (257,529,122 | ) | 257,529,122 | |||||
| Floating Rate | (56,690 | ) | 56,690 | |||||
| International High Yield | 618,967 | (618,967 | ) | |||||
| J.P. Morgan EM | 55,031,657 | (55,031,657 | ) | |||||
| Moody’s Analytics BBB | 115 | (115 | ) | |||||
| Moody’s Analytics IG | 172 | (172 | ) | |||||
| Mortgage REIT | (27,719,660 | ) | 27,719,660 | |||||
| Preferred Securities | (2,809,519 | ) | 2,809,519 | |||||
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, 2021 to April 30, 2022, the net realized gains (losses) from foreign currency translations were as follows:
| China Bond | $ | 184,213 | ||
| International High Yield | 229,044 | |||
| J.P. Morgan EM | (161,803,275 | ) |
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 year ended April 30, 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
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NOTES TO FINANCIAL STATEMENTS
(continued)
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.
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.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
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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.
Following Russia’s large-scale invasion of Ukraine on February 24, 2022, governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital
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NOTES TO FINANCIAL STATEMENTS
(continued)
entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced and may continue to experience significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. 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 April 30, 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 April 30, 2022:
| Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
| BDC Income | $ | 90,835,371 | $ | 79,333,623 | $ | 16,748,992 | $ | 96,082,615 | ||||||||
| Emerging Markets High Yield | 48,679,628 | 50,308,151 | 1,328,646 | 51,636,797 | ||||||||||||
| Fallen Angel | 182,549,824 | 174,899,945 | 15,087,156 | 189,987,101 | ||||||||||||
| Floating Rate | 10,721,775 | 4,818,587 | 6,197,768 | 11,016,355 | ||||||||||||
| Green Bond | 6,298,898 | 2,740,591 | 3,744,711 | 6,485,302 | ||||||||||||
| International High Yield | 3,458,018 | 3,565,953 | 48,204 | 3,614,157 | ||||||||||||
| Moody’s Analytics BBB | 509,515 | 531,130 | 43,529 | 574,659 | ||||||||||||
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| Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
| Moody’s Analytics IG | 1,152,977 | 1,186,523 | 68,632 | 1,255,155 | ||||||||||||
| Mortgage REIT | 40,347,546 | 3,968,321 | 38,653,718 | 42,622,039 | ||||||||||||
| Preferred Securities | 79,391,312 | 73,861,093 | 8,034,316 | 81,895,409 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2022:
| Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||||||
| Fund | Corporate Bonds | Equity Securities | ||||||
| BDC Income | $ | – | $ | 79,333,623 | ||||
| Emerging Markets High Yield | 50,308,151 | – | ||||||
| Fallen Angel | 174,899,945 | – | ||||||
| Floating Rate | 4,818,587 | – | ||||||
| Green Bond | 2,740,591 | – | ||||||
| International High Yield | 3,565,953 | – | ||||||
| Moody’s Analytics BBB | 531,130 | – | ||||||
| Moody’s Analytics IG | 1,186,523 | – | ||||||
| Mortgage REIT | – | 3,968,321 | ||||||
| Preferred Securities | – | 73,861,093 | ||||||
| * | 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 year ended April 30, 2022, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
| BDC Income | 322 | $ | 2,041,095 | 1.46 | % | |||||||
| China Bond | 153 | 919,088 | 1.43 | |||||||||
| Fallen Angel | 17 | 1,815,469 | 1.47 | |||||||||
| Floating Rate | 37 | 5,844,175 | 1.48 | |||||||||
| Green Bond | 9 | 1,896,154 | 1.51 | |||||||||
| International High Yield | 13 | 931,632 | 1.43 | |||||||||
| J.P. Morgan EM | 117 | 5,601,100 | 1.47 | |||||||||
| Moody’s Analytics BBB | 1 | 110,593 | 1.43 | |||||||||
| Moody’s Analytics IG | 9 | 94,850 | 1.43 | |||||||||
| Mortgage REIT | 194 | 2,252,207 | 1.46 | |||||||||
| Preferred Securities | 70 | 1,604,911 | 1.43 | |||||||||
Outstanding loan balances as of April 30, 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.
Note 12—Subsequent Event Review—The Adviser has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck BDC Income ETF, VanEck China Bond ETF, VanEck Emerging Markets High Yield Bond ETF, VanEck Fallen Angel High Yield Bond ETF, VanEck Green Bond ETF, VanEck International High Yield Bond ETF, VanEck Investment Grade Floating Rate ETF, VanEck J.P. Morgan EM Local Currency Bond ETF, VanEck Moody’s Analytics BBB Corporate Bond ETF, VanEck Moody’s Analytics IG Corporate Bond ETF, VanEck Mortgage REIT Income ETF and VanEck Preferred Securities ex Financials ETF and the Board of Trustees of VanEck ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck BDC Income ETF, VanEck China Bond ETF, VanEck Emerging Markets High Yield Bond ETF, VanEck Fallen Angel High Yield Bond ETF, VanEck Green Bond ETF, VanEck International High Yield Bond ETF, VanEck Investment Grade Floating Rate ETF, VanEck J.P. Morgan EM Local Currency Bond ETF, VanEck Moody’s Analytics BBB Corporate Bond ETF, VanEck Moody’s Analytics IG Corporate Bond ETF, VanEck Mortgage REIT Income ETF and VanEck Preferred Securities ex Financials ETF (collectively referred to as the “Funds”), twelve of the series constituting VanEck ETF Trust (the “Trust”), including the schedules of investments, as of April 30, 2022, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twelve of the series constituting VanEck ETF Trust) at April 30, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| Individual fund constituting the VanEck ETF Trust |
Statement of Operations |
Statements of Changes in Net Assets |
Financial Highlights | |||
| VanEck BDC Income ETF VanEck China Bond ETF VanEck Emerging Markets High Yield Bond ETF VanEck Fallen Angel High Yield Bond ETF VanEck Green Bond ETF VanEck International High Yield Bond ETF VanEck Investment Grade Floating Rate ETF VanEck J.P. Morgan EM Local Currency Bond ETF VanEck Mortgage REIT Income ETF VanEck Preferred Securities ex Financials ETF | For the year ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 | For each of the five years in the period ended April 30, 2022 | |||
| VanEck Moody’s Analytics BBB Corporate Bond ETF VanEck Moody’s Analytics IG Corporate Bond ETF | For the year ended April 30, 2022 | For the year ended April 30, 2022 and for the period December 2, 2020 (commencement of operations) through April 30, 2021 | For the year ended April 30, 2022 and for the period December 2, 2020 (commencement of operations) through April 30, 2021 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required
| 136 |
to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New
York
June 23, 2022
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VANECK ETF TRUST
(unaudited)
The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2022 income tax purposes will be sent to them in early 2023. Please consult your tax advisor regarding the appropriate treatment of these distributions.
| Fund Name | Ticker Symbol |
Payable | Total Distribution Per Share |
Return of Capital (b) |
Income Dividends |
Foreign Taxes Paid (a) |
Total Ordinary Income Dividends |
Foreign Source Income as % of Total Ordinary Income (a) | ||||||||||||||||||||||
| China Bond | CBON | Monthly | $ | 0.772500 | $ | 0.006663 | $ | 0.765837 | $ | 0.000775 | $ | 0.766612 | 91.95 | % | ||||||||||||||||
| Emerging Markets High Yield | HYEM | Monthly | 1.198600 | — | 1.198600 | 0.000485 | 1.199085 | 96.50 | ||||||||||||||||||||||
| Fallen Angel | ANGL | Monthly | 1.231800 | — | 1.231800 | — | 1.231800 | — | ||||||||||||||||||||||
| Floating Rate | FLTR | Monthly | 0.146300 | — | 0.146300 | — | 0.146300 | — | ||||||||||||||||||||||
| Green Bond | GRNB | Monthly | 0.549709 | — | 0.549709 | 0.000309 | 0.550018 | 57.64 | ||||||||||||||||||||||
| International High Yield | IHY | Monthly | 1.048700 | — | 1.048700 | 0.000555 | 1.049255 | 95.49 | ||||||||||||||||||||||
| J.P. Morgan EM | EMLC | Monthly | 1.435400 | 0.671276 | 0.764124 | 0.039919 | 0.804043 | 100.00 | ||||||||||||||||||||||
| Moody’s Analytics BBB | MBBB | Monthly | 0.566900 | — | 0.566900 | — | 0.566900 | — | ||||||||||||||||||||||
| Moody’s Analytics IG | MIG | Monthly | 0.529100 | — | 0.529100 | — | 0.529100 | — | ||||||||||||||||||||||
| Fund | Ticker | Payable | Section 163(j) – Interest Dividends as a % of the Total Ordinary Income Distributions (c) |
Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (d) | ||||||||||||
| China Bond | CBON | Monthly | 92.56 | % | 0.00 | % | ||||||||||
| Emerging Markets High Yield | HYEM | Monthly | 99.41 | % | 0.00 | % | ||||||||||
| Fallen Angel | ANGL | Monthly | 99.41 | % | 81.12 | % | ||||||||||
| Floating Rate | FLTR | Monthly | 99.76 | % | 63.82 | % | ||||||||||
| Green Bond | GRNB | Monthly | 99.24 | % | 35.80 | % | ||||||||||
| International High Yield | IHY | Monthly | 99.72 | % | 0.00 | % | ||||||||||
| J.P. Morgan EM | EMLC | Monthly | 99.96 | % | 0.00 | % | ||||||||||
| Moody’s Analytics BBB | MBBB | Monthly | 99.45 | % | 60.48 | % | ||||||||||
| Moody’s Analytics IG | MIG | Monthly | 99.48 | % | 58.43 | % | ||||||||||
(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(b) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(c) These amounts represent distributions paid during the taxable year ended April 30, 2022 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
(d) These amounts represent distributions paid during the taxable year ended April 30, 2022 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
| 138 |
| Fund Name | Ticker Symbol |
Payable | Total Distribution Per Share |
Return of Capital (Non Dividend) Distribution (a) |
Ordinary Income Dividends |
Percent of Ordinary Income Dividends that are QDI Eligible (b) |
Percent of Ordinary Income Dividends that are DRD Eligible (c) |
Section 199A QBI as a Percent of Ordinary Income Dividends (d) (e) | ||||||||||||||||||||||
| BDC Income | BIZD | Quarterly | $ | 1.3776 | $ | — | $ | 1.377600 | 2.01 | % | 0.11 | % | 0.58 | % | ||||||||||||||||
| Mortgage REIT | MORT | Quarterly | 1.536900 | 0.751594 | 0.785306 | 3.02 | % | — | 79.78 | % | ||||||||||||||||||||
| Preferred Securities | PFXF | Monthly | 1.145700 | 0.018114 | 1.127586 | 24.36 | % | 17.93 | % | 7.85 | % | |||||||||||||||||||
(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(b) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.
(c) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(d) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions, that represent Qualfied Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers. To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.
(e) Amounts are estimated and subject to change. Shareholders should utilize the information on their 2022 Form 1099s received in 2023.
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2022 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees | ||||||||||
| David H. Chow,
1957*† |
Trustee | Since 2006 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 63 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
| Laurie A. Hesslein,
1959*† |
Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 63 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
| R. Alastair Short,
1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 75 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
| Peter J. Sidebottom,
1962*† |
Chairman Trustee | Since 2022 Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 63 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ- CAN, July 2014 to 2016. | |||||
| Richard D. Stamberger,
1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 75 | Director, Food and Friends, Inc., 2013 to present. | |||||
| 140 |
| Interested Trustee | ||||||||||
| Jan F. van
Eck, 19635 |
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 75 | Director, National Committee on US- China Relations. | |||||
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
| Officer Information | ||||||
| Matthew A. Babinsky,
1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
| Russell G. Brennan,
1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
| Charles T. Cameron,
1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
| John J. Crimmins,
1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
| Eduardo Escario,
1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
| F. Michael Gozzillo,
1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
| Laura Hamilton,
1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
| Nicholas Jackson,
1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
| Laura I. Martínez,
1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
| Matthew McKinnon,
1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
| 141 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
| Arian
Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
| James Parker,
1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
| Adam Phillips,
1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
| Philipp Schlegel,
1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
| Jonathan R. Simon,
1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
| Andrew Tilzer,
1972 |
Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 142 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
April 30, 2022 (unaudited)
At a meeting held on March 4, 2022 (the “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”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Digital Assets Mining ETF, VanEck Gold and Digital Assets Mining ETF and VanEck Dynamic High Income ETF (the “Funds”).
The Board’s approval of the Investment Management 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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Funds, 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 Funds. The Trustees also considered the terms and scope of services that the Adviser would provide under each Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of each 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 considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had 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 Funds 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 Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements 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 the Investment Management Agreements are in the best interest of the Funds and the Funds’ shareholders.
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VANECK ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity
Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2021 to December 31, 2021 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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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 | INCOMEAR |