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
 
 

 

   
President’s Letter 1
Management Discussion 3
Performance Comparison  
BDC Income ETF 6
China Bond ETF 7
Emerging Markets High Yield Bond ETF 8
Fallen Angel High Yield Bond ETF 9
Green Bond ETF 10
International High Yield Bond ETF 11
Investment Grade Floating Rate ETF 12
J.P. Morgan EM Local Currency Bond ETF 13
Moody’s Analytics BBB Corporate Bond ETF 14
Moody’s Analytics IG Corporate Bond ETF 15
Mortgage REIT Income ETF 16
Preferred Securities ex Financials ETF 17
About Fund Performance 18
Explanation of Expenses 19
Schedule of Investments  
BDC Income ETF 21
China Bond ETF 22
Emerging Markets High Yield Bond ETF 25
Fallen Angel High Yield Bond ETF 42
Green Bond ETF 46
International High Yield Bond ETF 54
Investment Grade Floating Rate ETF 73
J.P. Morgan EM Local Currency Bond ETF 81
Moody’s Analytics BBB Corporate Bond ETF 87
Moody’s Analytics IG Corporate Bond ETF 91
Mortgage REIT Income ETF 96
Preferred Securities ex Financials ETF 97
Statements of Assets and Liabilities 101
Statements of Operations 104
Statements of Changes in Net Assets 107
Financial Highlights  
BDC Income ETF 113
China Bond ETF 114
Emerging Markets High Yield Bond ETF 115
Fallen Angel High Yield Bond ETF 116
Green Bond ETF 117
International High Yield Bond ETF 118
Investment Grade Floating Rate ETF 119
J.P. Morgan EM Local Currency Bond ETF 120
Moody’s Analytics BBB Corporate Bond ETF 121
Moody’s Analytics IG Corporate Bond ETF 122
Mortgage REIT Income ETF 123
Preferred Securities ex Financials ETF 124
Notes to Financial Statements 125
Report of Independent Registered Public Accounting Firm 136
Tax Information 138
Board of Trustees and Officers 140
Approval of Investment Management Agreements 143
Funds’ Liquidity Risk Management Program 144

 

 

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

PRESIDENT’S LETTER

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

MANAGEMENT DISCUSSION

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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VANECK BDC INCOME ETF

PERFORMANCE COMPARISON

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.

6
 

VANECK CHINA BOND ETF

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.

7
 

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.

8
 

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
 

VANECK GREEN BOND ETF

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.

10
 

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

ABOUT FUND PERFORMANCE

(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

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, 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
 

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

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

VANECK CHINA BOND ETF

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
Government Security Yield
Curve 3Y YTM+4.81%),
07/30/23 (o) (s)

  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%       &n