SEMI-ANNUAL REPORT
October 31, 2021 (unaudited)
| |
SEMI-ANNUAL REPORT October 31, 2021 (unaudited) |
| BDC Income ETF | BIZD™ |
| China Bond ETF | CBON® |
| Emerging Markets High Yield Bond ETF | HYEM® |
| Fallen Angel High Yield Bond ETF | ANGL® |
| Green Bond ETF | GRNB® |
| International High Yield Bond ETF | IHY® |
| Investment Grade Floating Rate ETF | FLTR® |
| J.P. Morgan EM Local Currency Bond ETF | EMLC® |
| Moody’s Analytics® BBB Corporate Bond ETF | MBBB |
| Moody’s Analytics® IG Corporate Bond ETF | MIG |
| Mortgage REIT Income ETF | MORT® |
| Preferred Securities ex Financials ETF | PFXF® |
| 800.826.2333 | vaneck.com |
Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2021.
VANECK ETFs
October 31, 2021
(unaudited)
Dear Fellow Shareholders:
This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.
The Economy
When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”i We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets.
In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.
Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates. Bank of America recently released a research noteii that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?
What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.
Multi-Year Investment Themes
So what to do in your portfolio? We are focusing on two 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.
The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. 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. There are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
Another surprise that has affected commodity prices is that, as the economy grows 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 is why I believe that commodity equities are an interesting investment that people should have in their portfolios.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
| 1 |
VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
Jan F. van
Eck
CEO and President
VanEck ETF Trust
November 4, 2021
PS The investing outlook can change suddenly, as it certainly did in 2020. 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.
| i | A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession. |
| ii | Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally |
| 2 |
VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2021 to October 31, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value May 1, 2021 |
Ending Account Value October 31, 2021 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period May 1, 2021 - October 31, 2021* | |||||
| BDC Income ETF | ||||||||
| Actual | $1,000.00 | $1,089.10 | 0.40% | $2.11 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| China Bond ETF | ||||||||
| Actual | $1,000.00 | $1,030.40 | 0.52% | $2.66 | ||||
| Hypothetical** | $1,000.00 | $1,022.58 | 0.52% | $2.65 | ||||
| Emerging Markets High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $989.80 | 0.40% | $2.01 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| Fallen Angel High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $1,047.60 | 0.35% | $1.81 | ||||
| Hypothetical** | $1,000.00 | $1,023.44 | 0.35% | $1.79 | ||||
| Green Bond ETF | ||||||||
| Actual | $1,000.00 | $999.60 | 0.20% | $1.01 | ||||
| Hypothetical** | $1,000.00 | $1,024.20 | 0.20% | $1.02 | ||||
| International High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $971.20 | 0.40% | $1.99 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| Investment Grade Floating Rate ETF | ||||||||
| Actual | $1,000.00 | $1,003.50 | 0.14% | $0.71 | ||||
| Hypothetical** | $1,000.00 | $1,024.50 | 0.14% | $0.71 |
| 3 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value May 1, 2021 |
Ending Account Value October 31, 2021 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period May 1, 2021 - October 31, 2021* | |||||
| J.P. Morgan EM Local Currency Bond ETF | ||||||||
| Actual | $1,000.00 | $967.10 | 0.30% | $1.49 | ||||
| Hypothetical** | $1,000.00 | $1,023.69 | 0.30% | $1.53 | ||||
| Moody’s Analytics BBB Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $1,022.40 | 0.25% | $1.27 | ||||
| Hypothetical** | $1,000.00 | $1,023.95 | 0.25% | $1.28 | ||||
| Moody’s Analytics IG Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $1,022.90 | 0.20% | $1.02 | ||||
| Hypothetical** | $1,000.00 | $1,024.20 | 0.20% | $1.02 | ||||
| Mortgage REIT Income ETF | ||||||||
| Actual | $1,000.00 | $1,031.80 | 0.40% | $2.05 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| Preferred Securities ex Financials ETF | ||||||||
| Actual | $1,000.00 | $1,060.60 | 0.40% | $2.08 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 |
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2021), 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). |
| ** | Assumes annual return of 5% before expenses |
| 4 |
October 31, 2021 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Diversified Financials: 100.0% | ||||||||
| Apollo Investment Corp. † | 937,695 | $ | 12,593,244 | |||||
| Ares Capital Corp. † | 4,446,799 | 95,339,371 | ||||||
| Bain Capital Specialty Finance, Inc. † | 690,288 | 10,761,590 | ||||||
| Barings BDC, Inc. | 799,562 | 8,987,077 | ||||||
| BlackRock TCP Capital Corp. † | 895,129 | 12,854,052 | ||||||
| Capital Southwest Corp. † | 344,004 | 9,711,233 | ||||||
| Fidus Investment Corp. † | 355,949 | 6,286,059 | ||||||
| FS KKR Capital Corp. † | 2,766,171 | 60,745,115 | ||||||
| Gladstone Capital Corp. † | 531,556 | 6,256,414 | ||||||
| Gladstone Investment Corp. † | 514,527 | 8,155,253 | ||||||
| Goldman Sachs BDC, Inc. † | 1,194,805 | 22,665,451 | ||||||
| Golub Capital BDC, Inc. | 1,485,497 | 23,589,692 | ||||||
| Hercules Capital, Inc. † | 1,356,013 | 23,960,750 | ||||||
| Main Street Capital Corp. † | 665,629 | 29,167,863 | ||||||
| New Mountain Finance Corp. † | 1,366,466 | 19,212,512 | ||||||
| Newtek Business Services Corp. † | 331,917 | 9,970,787 | ||||||
| Oaktree Specialty Lending Corp. | 2,431,443 | 17,919,735 | ||||||
| Owl Rock Capital Corp. | 3,158,200 | 45,414,916 | ||||||
| Number of Shares |
Value | |||||||
| Diversified Financials (continued) | ||||||||
| PennantPark Floating Rate Capital Ltd. † | 564,737 | $ | 7,607,007 | |||||
| PennantPark Investment Corp. † | 1,038,883 | 7,043,627 | ||||||
| Prospect Capital Corp. † | 3,239,645 | 26,532,693 | ||||||
| Sixth Street Specialty Lending, Inc. † | 993,198 | 23,677,840 | ||||||
| SLR Investment Corp. | 543,521 | 10,734,540 | ||||||
| TCG BDC, Inc. † | 836,905 | 11,808,729 | ||||||
| TriplePoint Venture Growth BDC Corp. † | 450,803 | 8,024,293 | ||||||
| Total Common Stocks (Cost: $456,194,448) |
519,019,843 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON
LOAN: 10.1% (Cost: $52,615,975) |
||||||||
| Money Market Fund: 10.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 52,615,975 | 52,615,975 | ||||||
| Total Investments: 110.1% (Cost: $508,810,423) |
571,635,818 | |||||||
| Liabilities in excess of other assets: (10.1)% | (52,370,768 | ) | ||||||
| NET ASSETS: 100.0% | $ | 519,265,050 | ||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $75,888,723. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Financials | 100.0 | % | $ | 519,019,843 | ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | 519,019,843 | $ | — | $ | — | $ | 519,019,843 | ||||||||
| Money Market Fund | 52,615,975 | — | — | 52,615,975 | ||||||||||||
| Total Investments | $ | 571,635,818 | $ | — | $ | — | $ | 571,635,818 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 5 |
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 75.3% | ||||||||
| Basic Materials: 5.7% | ||||||||
|
Anshan Iron And Steel Group Co. Ltd. 4.28%, 07/30/23 (o) (s) |
CNY | 15,000 | $ | 2,374,801 | ||||
|
China Chengtong Holdings Group Ltd. 3.55%, 01/20/23 |
CNY | 2,000 | 314,437 | |||||
|
China National Building Material Co. Ltd. 4.89%, 07/17/24 |
CNY | 3,000 | 475,253 | |||||
|
Hesteel Co. Ltd. 4.08%, 11/26/24 |
CNY | 10,000 | 1,568,958 | |||||
|
Jihua Group Corp. Ltd. 4.10%, 09/15/22 |
CNY | 1,294 | 204,299 | |||||
|
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 |
CNY | 10,000 | 1,584,739 | |||||
| 6,522,487 | ||||||||
| Consumer Cyclicals: 6.1% | ||||||||
|
Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23 |
CNY | 14,600 | 2,274,387 | |||||
|
Beijing State-Owned Capital Operation and Management Center 3.85%, 01/14/24 |
CNY | 25,000 | 3,969,220 | |||||
|
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26 |
CNY | 4,900 | 766,803 | |||||
| 7,010,410 | ||||||||
| Energy: 5.9% | ||||||||
|
China Oilfield Services Ltd. 2.90%, 10/24/23 |
CNY | 10,000 | 1,556,109 | |||||
|
PetroChina Co. Ltd. 3.50%, 01/19/26 |
CNY | 3,490 | 547,263 | |||||
| Sichuan Development Holding Co. Ltd. | ||||||||
| 4.30%, 03/26/24 | CNY | 5,000 | 801,257 | |||||
| 4.55%, 08/06/25 | CNY | 5,000 | 801,260 | |||||
|
Yanzhou Coal Mining Co. Ltd. 3.43%, 03/12/25 |
CNY | 20,000 | 3,113,540 | |||||
| 6,819,429 | ||||||||
| Financials: 27.7% | ||||||||
| Agricultural Development Bank of China | ||||||||
| 3.28%, 05/13/22 | CNY | 8,449 | 1,325,353 | |||||
| 3.52%, 05/24/31 | CNY | 10,000 | 1,579,537 | |||||
| China Development Bank | ||||||||
| 2.90%, 12/06/22 | CNY | 7,080 | 1,112,308 | |||||
| 2.92%, 11/27/22 | CNY | 8,361 | 1,312,588 | |||||
| 3.39%, 02/03/27 | CNY | 20,904 | 3,314,629 | |||||
| 3.87%, 08/01/23 | CNY | 40,645 | 6,491,570 | |||||
| 3.91%, 04/06/22 | CNY | 5,529 | 869,500 | |||||
| 4.59%, 08/01/38 | CNY | 20,301 | 3,588,328 | |||||
| China Everbright Ltd. | ||||||||
| 3.80%, 11/23/23 | CNY | 2,000 | 316,653 | |||||
|
China Fortune Land Development Co. Ltd. 5.50%, 10/22/22 |
CNY | 1,000 | 27,332 | |||||
| Par (000’s |
) | Value | ||||||
| Financials (continued) | ||||||||
| 7.00%, 03/03/21 (d) * | CNY | 1,000 | $ | 39,241 | ||||
|
China Merchants Securities Co. Ltd. 5.08%, 05/26/25 |
CNY | 2,488 | 411,837 | |||||
| Chongqing Longhu Development Co. Ltd. | ||||||||
| 3.75%, 03/21/23 | CNY | 1,600 | 251,277 | |||||
| 4.44%, 01/25/24 | CNY | 8,000 | 1,272,321 | |||||
|
Cinda Investment Co. Ltd. 4.30%, 12/22/23 |
CNY | 3,000 | 473,398 | |||||
|
CITIC Securities Co. Ltd. 3.78%, 09/10/24 |
CNY | 3,000 | 476,782 | |||||
|
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 |
CNY | 5,000 | 793,644 | |||||
|
Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24 |
CNY | 15,000 | 2,358,093 | |||||
|
Guangzhou City Construction & Development Co. Ltd. 3.60%, 09/27/24 |
CNY | 5,000 | 786,317 | |||||
|
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24 |
CNY | 200 | 31,418 | |||||
|
Nanchang Municipal Public Investment Holding Group Co. Ltd. 3.23%, 08/22/23 |
CNY | 1,500 | 234,707 | |||||
|
Shanxi Coking Coal Group Co. Ltd. 4.17%, 10/21/22 (o) |
CNY | 10,000 | 1,575,360 | |||||
|
Shenwan Hongyuan Group Co. Ltd. 4.80%, 07/17/23 |
CNY | 15,000 | 2,413,045 | |||||
|
State Development & Investment Corp. Ltd. 3.79%, 06/03/23 |
CNY | 5,000 | 791,436 | |||||
|
Wuxi Guolian Development Group Co. Ltd. 4.88%, 05/09/23 |
CNY | 800 | 128,345 | |||||
| 31,975,019 | ||||||||
| Industrials: 15.6% | ||||||||
|
Beijing Capital Eco-Environment Protection Group Co. Ltd. 4.24%, 11/27/23 |
CNY | 10,000 | 1,592,081 | |||||
| Beijing Haidian State-Owned Assets Operation & Management Center | ||||||||
| 3.70%, 10/24/24 | CNY | 10,000 | 1,564,908 | |||||
| 4.14%, 12/17/23 | CNY | 9,000 | 1,407,622 | |||||
|
China Railway Group Ltd. 3.99%, 07/16/24 |
CNY | 5,000 | 797,555 | |||||
|
China State Railway Group Co. Ltd. 4.46%, 06/07/23 |
CNY | 3,008 | 481,314 | |||||
| Guangzhou Metro Group Co. Ltd. | ||||||||
| 4.84%, 08/09/27 | CNY | 1,500 | 237,879 | |||||
| 6.05%, 06/03/24 # | CNY | 1,350 | 219,751 | |||||
See Notes to Financial Statements
| 6 |
| Par (000’s |
) | Value | ||||||
| Industrials (continued) | ||||||||
| Hubei Provincial Communications Investment Group Co. Ltd. | ||||||||
| 1.00%, 03/27/24 | CNH | 3,000 | $ | 506,026 | ||||
| 6.68%, 03/27/24 | CNY | 500 | 84,338 | |||||
|
Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23 |
CNY | 1,135 | 182,995 | |||||
|
Nanjing State Owned Assets Investment & Management Holding Group Co. Ltd. 5.60%, 03/06/23 # |
CNY | 506 | 80,847 | |||||
|
Nanjing Yangzi State-owned Investment Group Co. Ltd. 3.63%, 10/21/24 |
CNY | 12,000 | 1,887,331 | |||||
| Power Construction Corp. of China Ltd. | ||||||||
| 3.90%, 11/29/22 (o) (s) | CNY | 5,000 | 788,761 | |||||
| 5.20%, 10/29/22 | CNY | 4,950 | 791,231 | |||||
|
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 |
CNY | 5,000 | 786,535 | |||||
|
Seazen Holdings Co. Ltd. 5.90%, 03/20/24 |
CNY | 1,000 | 155,942 | |||||
|
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 |
CNY | 17,000 | 2,715,290 | |||||
|
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26 |
CNY | 10,000 | 1,586,518 | |||||
|
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 # |
CNY | 540 | 84,680 | |||||
|
Xiamen C&D Corp. Ltd. 4.14%, 12/17/22 (o) (s) |
CNY | 13,000 | 2,044,777 | |||||
| 17,996,381 | ||||||||
| Real Estate: 5.9% | ||||||||
|
Beijing Public Housing Center 3.19%, 04/16/40 |
CNY | 15,000 | 2,324,994 | |||||
|
China Overseas Enterprise Development Group Co. Ltd. 3.47%, 01/24/25 |
CNY | 1,000 | 156,467 | |||||
|
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25 |
CNY | 10,000 | 1,565,367 | |||||
|
Gemdale Corp. 3.95%, 10/12/25 |
CNY | 10,000 | 1,574,714 | |||||
| Hefei Xingtai Finance Holding Group Co. Ltd. | ||||||||
| Par (000’s |
) | Value | ||||||
| Real Estate (continued) | ||||||||
| 4.10%, 06/14/22 | CNY | 5,000 | $ | 785,762 | ||||
|
Shanghai Shimao Co. Ltd. 4.65%, 01/15/22 |
CNY | 2,844 | 429,996 | |||||
| 6,837,300 | ||||||||
| Utilities: 8.4% | ||||||||
|
China Datang Corp. 3.81%, 09/25/22 (o) (s) |
CNY | 10,000 | 1,573,758 | |||||
|
China Datang Corp. Renewable Power Co. Ltd. 3.58%, 09/26/22 |
CNY | 3,000 | 471,696 | |||||
|
China Huaneng Group Co. Ltd. 3.55%, 03/09/25 (o) (s) |
CNY | 15,000 | 2,350,317 | |||||
|
China Southern Power Grid Co. Ltd. 5.90%, 03/19/24 |
CNY | 900 | 149,622 | |||||
|
China Yangtze Power Co. Ltd. 3.35%, 10/17/26 |
CNY | 1,500 | 232,496 | |||||
|
Huaneng Power International, Inc. 5.17%, 09/25/22 (o) (s) |
CNY | 6,000 | 955,472 | |||||
|
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 |
CNY | 10,000 | 1,578,628 | |||||
|
Shenzhen Energy Group Co. Ltd. 3.60%, 11/20/22 |
CNY | 5,000 | 787,526 | |||||
|
State Grid Corp. of China 5.14%, 12/08/21 |
CNY | 750 | 117,484 | |||||
| State Power Investment Corp. Ltd. | ||||||||
| 3.57%, 07/06/23 (o) (s) | CNY | 2,000 | 314,769 | |||||
| 4.20%, 11/20/23 | CNY | 4,995 | 797,693 | |||||
|
Yalong River Hydropower Development Co. Ltd. 2.93%, 04/08/23 |
CNY | 2,000 | 312,446 | |||||
| 9,641,907 | ||||||||
| Total Corporate Bonds (Cost: $84,650,979) |
86,802,933 | |||||||
| GOVERNMENT OBLIGATIONS: 17.0% | ||||||||
| China Government Bond | ||||||||
| 2.64%, 08/13/22 | CNY | 15,000 | 2,347,916 | |||||
| 2.90%, 05/05/26 | CNY | 846 | 132,479 | |||||
| 3.27%, 08/22/46 | CNY | 32,966 | 5,075,290 | |||||
| 3.40%, 04/17/23 | CNY | 71,831 | 11,399,159 | |||||
| 3.52%, 04/25/46 | CNY | 4,000 | 622,717 | |||||
| Total Government Obligations (Cost: $18,902,434) |
19,577,561 | |||||||
| Total Investments: 92.3% (Cost: $103,553,413) |
106,380,494 | |||||||
| Other assets less liabilities: 7.7% | 8,913,962 | |||||||
| NET ASSETS: 100.0% | $ | 115,294,456 | ||||||
Definitions:
| CNH | Chinese Yuan Renminbi |
| CNY | Chinese Yuan |
See Notes to Financial Statements
| 7 |
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Footnotes:
| (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 |
| (d) | Security in default |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $385,278 which represents 0.3% of net assets. |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Basic Materials | 6.1 | % | $ | 6,522,487 | ||||
| Consumer Cyclicals | 6.6 | 7,010,410 | ||||||
| Energy | 6.4 | 6,819,429 | ||||||
| Financials | 30.1 | 31,975,019 | ||||||
| Government Activity | 18.4 | 19,577,560 | ||||||
| Industrials | 16.9 | 17,996,381 | ||||||
| Real Estate | 6.4 | 6,837,301 | ||||||
| Utilities | 9.1 | 9,641,907 | ||||||
| 100.0 | % | $ | 106,380,494 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 86,802,933 | $ | — | $ | 86,802,933 | ||||||||
| Government Obligations * | — | 19,577,561 | — | 19,577,561 | ||||||||||||
| Total Investments | $ | — | $ | 106,380,494 | $ | — | $ | 106,380,494 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 8 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 95.1% | ||||||||
| Argentina: 3.1% | ||||||||
|
Aeropuertos Argentina 2000 SA 144A 8.50%, 08/01/31 |
$ | 1,045 | $ | 911,984 | ||||
|
Agua y Saneamientos Argentinos SA Reg S 6.62%, 02/01/23 |
1,575 | 898,537 | ||||||
|
Arcor SAIC 144A 6.00%, 07/06/23 |
1,750 | 1,707,825 | ||||||
|
Capex SA 144A 6.88%, 05/15/24 |
1,050 | 999,133 | ||||||
|
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA 144A 9.62%, 07/27/23 |
875 | 721,617 | ||||||
|
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA Reg S 9.62%, 07/27/23 |
250 | 206,176 | ||||||
|
Genneia SA 144A 8.75%, 09/02/27 |
1,200 | 1,146,696 | ||||||
|
IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/23 |
1,275 | 1,219,646 | ||||||
| MercadoLibre, Inc. | ||||||||
| 2.38%, 01/14/26 † | 1,425 | 1,387,594 | ||||||
| 3.12%, 01/14/31 | 2,425 | 2,291,746 | ||||||
|
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 |
1,725 | 1,401,787 | ||||||
|
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 |
300 | 243,789 | ||||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | 1,350 | 1,296,736 | ||||||
| 7.50%, 01/24/27 | 2,175 | 1,929,616 | ||||||
| 9.12%, 04/15/29 | 1,050 | 959,968 | ||||||
|
Pan American Energy LLC 144A 9.12%, 04/30/27 |
1,025 | 1,153,058 | ||||||
| Telecom Argentina SA 144A | ||||||||
| 8.00%, 07/18/26 | 1,175 | 1,094,742 | ||||||
| 8.50%, 08/06/25 | 1,325 | 1,284,031 | ||||||
| Telecom Argentina SA Reg S | ||||||||
| 8.00%, 07/18/26 | 200 | 186,339 | ||||||
| 8.50%, 08/06/25 | 50 | 48,454 | ||||||
|
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 |
1,460 | 1,363,903 | ||||||
|
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 |
325 | 303,608 | ||||||
|
YPF Energia Electrica SA 144A 10.00%, 07/25/26 |
1,400 | 1,287,160 | ||||||
| YPF SA 144A | ||||||||
| 1.50%, 09/30/33 (s) | 2,030 | 1,135,491 | ||||||
| 2.50%, 06/30/29 (s) | 2,600 | 1,750,424 | ||||||
| 4.00%, 02/12/26 (s) | 2,675 | 2,307,107 | ||||||
| 6.95%, 07/21/27 | 2,275 | 1,654,096 |
| Par (000’s |
) | Value | ||||||
| Argentina (continued) | ||||||||
| 7.00%, 12/15/47 | $ | 1,875 | $ | 1,233,300 | ||||
| 8.50%, 03/23/25 | 1,356 | 1,233,245 | ||||||
| 8.50%, 07/28/25 | 3,800 | 3,080,888 | ||||||
| 8.50%, 06/27/29 | 1,387 | 1,066,561 | ||||||
| 8.75%, 04/04/24 | 2,925 | 2,644,434 | ||||||
|
YPF SA Reg S 6.95%, 07/21/27 |
500 | 363,537 | ||||||
| 40,513,228 | ||||||||
| Armenia: 0.1% | ||||||||
|
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 |
1,200 | 1,195,433 | ||||||
| Austria: 0.1% | ||||||||
|
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 |
600 | 585,402 | ||||||
| JBS USA Food Co. Reg S | ||||||||
| 5.75%, 01/15/28 | 200 | 208,752 | ||||||
| 7.00%, 01/15/26 | 100 | 104,125 | ||||||
| Klabin Austria GmbH Reg S | ||||||||
| 3.20%, 01/12/31 | 300 | 276,000 | ||||||
| 7.00%, 04/03/49 | 200 | 231,185 | ||||||
| 1,405,464 | ||||||||
| Azerbaijan: 1.3% | ||||||||
|
Petkim Petrokimya Holding AS 144A 5.88%, 01/26/23 |
1,800 | 1,830,247 | ||||||
|
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † |
6,075 | 7,131,127 | ||||||
|
Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26 |
800 | 939,078 | ||||||
| State Oil Co. of the Azerbaijan Republic Reg S | ||||||||
| 4.75%, 03/13/23 | 3,425 | 3,567,545 | ||||||
| 6.95%, 03/18/30 | 2,650 | 3,250,721 | ||||||
| 16,718,718 | ||||||||
| Bahrain: 1.3% | ||||||||
|
BBK BSC Reg S 5.50%, 07/09/24 |
1,800 | 1,871,325 | ||||||
|
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 |
1,800 | 1,900,800 | ||||||
| Mumtalakat Sukuk Holding Co. Reg S | ||||||||
| 4.10%, 01/21/27 | 1,800 | 1,845,151 | ||||||
| 5.62%, 02/27/24 | 2,000 | 2,120,178 | ||||||
| Oil and Gas Holding Co. BSCC 144A | ||||||||
| 7.50%, 10/25/27 | 3,375 | 3,707,883 | ||||||
| 7.62%, 11/07/24 | 2,600 | 2,849,574 | ||||||
| 8.38%, 11/07/28 | 1,800 | 2,080,458 | ||||||
| 16,375,369 | ||||||||
| Barbados: 0.1% | ||||||||
|
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 |
1,400 | 1,455,062 |
See Notes to Financial Statements
| 9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Bermuda: 1.1% | ||||||||
|
Digicel Group Holdings Ltd. 10.00%, 04/01/24 |
$ | 0 | (a) | $ | 492 | |||
| Digicel Group Holdings Ltd. 144A | ||||||||
| 6.75%, 03/01/23 | 2,950 | 2,858,314 | ||||||
| 8.00%, 04/01/25 | 1,435 | 1,385,950 | ||||||
| 8.75%, 05/25/24 | 2,100 | 2,181,375 | ||||||
|
Digicel Group Two Ltd. 144A 8.25%, 09/30/22 |
437 | 16,931 | ||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
| 8.75%, 05/25/24 | 2,100 | 2,181,375 | ||||||
| 13.00%, 12/31/25 | 1,072 | 1,100,501 | ||||||
|
Digicel Ltd. Reg S 6.75%, 03/01/23 |
200 | 193,784 | ||||||
|
Eurochem Finance DAC 144A 5.50%, 03/13/24 |
2,200 | 2,369,130 | ||||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
2,200 | 2,359,643 | ||||||
|
Investment Energy Resources Ltd. Reg S 6.25%, 04/26/29 |
200 | 214,513 | ||||||
| 14,862,008 | ||||||||
| Brazil: 9.1% | ||||||||
|
Adecoagro SA 144A 6.00%, 09/21/27 |
1,250 | 1,296,575 | ||||||
|
Adecoagro SA Reg S 6.00%, 09/21/27 |
450 | 466,767 | ||||||
|
Aegea Finance Sarl 144A 5.75%, 10/10/24 |
500 | 510,880 | ||||||
|
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
1,200 | 1,206,390 | ||||||
|
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
1,849 | 1,908,630 | ||||||
|
Atento Luxco 1 SA 144A 8.00%, 02/10/26 |
775 | 826,504 | ||||||
|
Azul Investments LLP 144A 5.88%, 10/26/24 |
300 | 278,768 | ||||||
|
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 |
800 | 745,064 | ||||||
|
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 |
1,000 | 958,700 | ||||||
| Banco Bradesco SA 144A | ||||||||
| 2.85%, 01/27/23 | 1,150 | 1,164,386 | ||||||
| 3.20%, 01/27/25 | 1,100 | 1,112,413 | ||||||
| Banco BTG Pactual SA 144A | ||||||||
| 2.75%, 01/11/26 | 800 | 769,040 | ||||||
| 4.50%, 01/10/25 | 1,200 | 1,221,000 | ||||||
| 5.50%, 01/31/23 | 400 | 415,504 | ||||||
|
Banco BTG Pactual SA Reg S 5.50%, 01/31/23 |
400 | 415,504 | ||||||
|
Banco Daycoval SA Reg S 4.25%, 12/13/24 |
750 | 764,063 | ||||||
| Banco do Brasil SA 144A |
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 4.62%, 01/15/25 | $ | 1,450 | $ | 1,520,702 | ||||
| 4.75%, 03/20/24 | 1,175 | 1,233,762 | ||||||
| 4.88%, 04/19/23 | 1,175 | 1,223,480 | ||||||
| 5.88%, 01/19/23 | 950 | 992,760 | ||||||
|
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24 |
800 | 861,276 | ||||||
|
Banco Safra SA 144A 4.12%, 02/08/23 |
800 | 819,000 | ||||||
| Banco Votorantim SA 144A | ||||||||
| 4.38%, 07/29/25 | 750 | 762,195 | ||||||
| 4.50%, 09/24/24 | 650 | 677,696 | ||||||
|
8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/7/2022 (o) |
500 | 512,585 | ||||||
|
Braskem America Finance Co. 144A 7.12%, 07/22/41 |
850 | 1,031,700 | ||||||
|
Braskem Finance Ltd. 6.45%, 02/03/24 |
925 | 1,011,719 | ||||||
| Braskem Idesa SAPI 144A | ||||||||
| 6.99%, 02/20/32 | 4,350 | 4,458,750 | ||||||
| 7.45%, 11/15/29 | 2,700 | 2,868,750 | ||||||
| Braskem Netherlands Finance BV 144A | ||||||||
| 4.50%, 01/10/28 | 1,800 | 1,840,518 | ||||||
| 4.50%, 01/31/30 | 2,200 | 2,235,266 | ||||||
| 5.88%, 01/31/50 | 1,100 | 1,172,243 | ||||||
|
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
600 | 668,838 | ||||||
|
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 |
1,260 | 1,334,554 | ||||||
| BRF GmbH 144A | ||||||||
| 4.35%, 09/29/26 | 600 | 606,756 | ||||||
| BRF SA 144A | ||||||||
| 4.88%, 01/24/30 | 1,000 | 997,250 | ||||||
| 5.75%, 09/21/50 | 1,000 | 935,400 | ||||||
| BRF SA Reg S | ||||||||
| 4.88%, 01/24/30 | 100 | 99,725 | ||||||
| 5.75%, 09/21/50 | 200 | 187,080 | ||||||
|
Caixa Economica Federal 144A 3.50%, 11/07/22 |
800 | 815,008 | ||||||
|
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
1,400 | 1,566,110 | ||||||
| Centrais Eletricas Brasileiras SA 144A | ||||||||
| 3.62%, 02/04/25 | 800 | 802,000 | ||||||
| 4.62%, 02/04/30 | 800 | 785,008 | ||||||
|
Centrais Eletricas Brasileiras SA Reg S 4.62%, 02/04/30 |
200 | 196,252 | ||||||
|
Cielo USA, Inc. 144A 3.75%, 11/16/22 |
600 | 607,500 | ||||||
| Cosan Luxembourg SA 144A |
See Notes to Financial Statements
| 10 |
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 7.00%, 01/20/27 | $ | 1,075 | $ | 1,115,313 | ||||
|
Cosan SA 144A 5.50%, 09/20/29 |
1,025 | 1,072,416 | ||||||
|
CSN Inova Ventures 144A 6.75%, 01/28/28 |
1,750 | 1,860,688 | ||||||
|
CSN Inova Ventures Reg S 6.75%, 01/28/28 |
200 | 212,650 | ||||||
|
CSN Resources SA 144A 7.62%, 04/17/26 † |
900 | 948,159 | ||||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | 1,500 | 1,560,015 | ||||||
| 5.40%, 02/01/27 | 1,125 | 1,178,201 | ||||||
|
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 |
1,075 | 1,194,153 | ||||||
|
Embraer Overseas Ltd. 144A 5.70%, 09/16/23 |
700 | 738,787 | ||||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
1,100 | 1,214,543 | ||||||
|
Globo Comunicacao e Participacoes SA 144A |
||||||||
| 4.84%, 06/08/25 | 550 | 565,631 | ||||||
| 4.88%, 01/22/30 | 500 | 485,732 | ||||||
|
Globo Comunicacao e Participacoes SA Reg S 4.88%, 01/22/30 † |
200 | 194,293 | ||||||
|
Gol Finance SA 144A 7.00%, 01/31/25 |
1,000 | 902,420 | ||||||
|
Guara Norte Sarl 144A 5.20%, 06/15/34 |
1,179 | 1,156,929 | ||||||
|
InterCement Financial Operations BV 144A 5.75%, 07/17/24 |
1,100 | 1,023,555 | ||||||
| Itau Unibanco Holding SA 144A | ||||||||
| 2.90%, 01/24/23 | 1,475 | 1,494,839 | ||||||
| 3.25%, 01/24/25 † | 775 | 783,812 | ||||||
|
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/26 |
700 | 673,645 | ||||||
|
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24 |
1,000 | 998,760 | ||||||
|
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) |
1,025 | 958,385 | ||||||
| 5.12%, 05/13/23 | 2,400 | 2,517,552 | ||||||
|
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23 |
300 | 314,694 | ||||||
|
JSM Global Sarl 144A 4.75%, 10/20/30 |
800 | 763,008 | ||||||
| Klabin Austria GmbH 144A | ||||||||
| 3.20%, 01/12/31 | 400 | 368,000 | ||||||
| 5.75%, 04/03/29 | 1,100 | 1,199,000 | ||||||
| 7.00%, 04/03/49 | 803 | 928,208 | ||||||
|
Klabin Finance SA 144A 4.88%, 09/19/27 |
700 | 752,507 |
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
|
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 |
$ | 900 | $ | 879,984 | ||||
|
MARB BondCo Plc 144A 3.95%, 01/29/31 |
2,250 | 2,143,024 | ||||||
|
Minerva Luxembourg SA 144A 5.88%, 01/19/28 |
600 | 640,506 | ||||||
|
MV24 Capital BV 144A 6.75%, 06/01/34 |
1,587 | 1,640,524 | ||||||
|
Natura Cosmeticos SA 144A 4.12%, 05/03/28 |
1,200 | 1,189,260 | ||||||
|
Natura Cosmeticos SA Reg S 4.12%, 05/03/28 |
200 | 198,210 | ||||||
| NBM US Holdings, Inc. 144A | ||||||||
| 6.62%, 08/06/29 | 750 | 817,508 | ||||||
| 7.00%, 05/14/26 | 1,450 | 1,536,637 | ||||||
| Nexa Resources SA 144A | ||||||||
| 5.38%, 05/04/27 † | 1,100 | 1,170,147 | ||||||
| 6.50%, 01/18/28 | 700 | 780,745 | ||||||
|
Oi Movel SA Reg S 8.75%, 07/30/26 |
1,200 | 1,245,600 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 | 1,825 | 1,862,869 | ||||||
| 5.30%, 01/27/25 | 850 | 925,437 | ||||||
| 5.60%, 01/03/31 | 2,125 | 2,225,406 | ||||||
| 5.62%, 05/20/43 | 475 | 463,130 | ||||||
| 5.75%, 02/01/29 | 715 | 776,311 | ||||||
| 6.00%, 01/27/28 | 1,600 | 1,742,000 | ||||||
| 6.25%, 03/17/24 | 625 | 683,906 | ||||||
| 6.75%, 01/27/41 | 885 | 948,977 | ||||||
| 6.75%, 06/03/50 | 975 | 1,001,705 | ||||||
| 6.85%, 06/05/15 † | 2,250 | 2,213,966 | ||||||
| 6.88%, 01/20/40 | 772 | 840,144 | ||||||
| 6.90%, 03/19/49 | 1,300 | 1,368,250 | ||||||
| 7.25%, 03/17/44 | 1,165 | 1,273,846 | ||||||
| 7.38%, 01/17/27 | 1,400 | 1,648,514 | ||||||
| 8.75%, 05/23/26 † | 650 | 799,338 | ||||||
| Rede D’or Finance Sarl 144A | ||||||||
| 4.50%, 01/22/30 | 1,299 | 1,274,657 | ||||||
| 4.95%, 01/17/28 † | 500 | 513,880 | ||||||
|
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 |
843 | 921,752 | ||||||
|
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 |
751 | 879,762 | ||||||
|
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 |
696 | 793,426 | ||||||
| Rumo Luxembourg Sarl 144A | ||||||||
| 5.25%, 01/10/28 | 800 | 833,000 | ||||||
| 5.88%, 01/18/25 † | 700 | 723,695 | ||||||
|
Simpar Europe SA 144A 5.20%, 01/26/31 |
900 | 867,308 | ||||||
|
Tupy Overseas SA 144A 4.50%, 02/16/31 |
300 | 283,518 | ||||||
|
Ultrapar International SA 144A 5.25%, 10/06/26 |
700 | 746,389 |
See Notes to Financial Statements
| 11 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 5.25%, 06/06/29 | $ | 1,200 | $ | 1,240,584 | ||||
|
Unigel Luxembourg SA 144A 8.75%, 10/01/26 |
500 | 531,858 | ||||||
|
Usiminas International Sarl 144A 5.88%, 07/18/26 |
1,200 | 1,261,512 | ||||||
|
XP, Inc. 144A 3.25%, 07/01/26 † |
2,650 | 2,538,037 | ||||||
| 118,485,288 | ||||||||
| British Virgin Islands: 0.4% | ||||||||
| Central China Real Estate Ltd. Reg S | ||||||||
| 7.25%, 04/24/23 | 600 | 354,000 | ||||||
| 7.65%, 08/27/23 | 400 | 213,255 | ||||||
| China Aoyuan Group Ltd. Reg S | ||||||||
| 6.20%, 03/24/26 | 600 | 263,124 | ||||||
| 6.35%, 02/08/24 | 800 | 364,991 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 7.00%, 05/02/25 | 700 | 573,906 | ||||||
| 7.25%, 04/19/23 | 800 | 716,641 | ||||||
| 7.38%, 04/09/24 | 850 | 740,720 | ||||||
| Fantasia Holdings Group Co. Ltd. Reg S | ||||||||
| 9.25%, 07/28/23 | 400 | 125,121 | ||||||
| 9.88%, 10/19/23 | 400 | 119,644 | ||||||
| 10.88%, 01/09/23 | 600 | 179,019 | ||||||
| 11.88%, 06/01/23 | 800 | 238,047 | ||||||
|
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24 |
400 | 405,309 | ||||||
|
New Metro Global Ltd. Reg S 4.50%, 05/02/26 |
800 | 690,062 | ||||||
|
Studio City Finance Ltd. Reg S 6.50%, 01/15/28 |
200 | 192,609 | ||||||
|
Tianqi Finco Co. Ltd. Reg S 3.75%, 11/28/22 |
200 | 187,495 | ||||||
| 5,363,943 | ||||||||
| Cambodia: 0.2% | ||||||||
|
NagaCorp Ltd. Reg S 7.95%, 07/06/24 |
1,950 | 1,962,343 | ||||||
| Canada: 0.3% | ||||||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
1,065 | 1,120,913 | ||||||
| First Quantum Minerals Ltd. Reg S | ||||||||
| 6.50%, 03/01/24 | 300 | 304,875 | ||||||
| 7.25%, 04/01/23 | 300 | 305,175 | ||||||
| 7.50%, 04/01/25 | 200 | 207,250 | ||||||
|
Frontera Energy Corp. 144A 7.88%, 06/21/28 |
1,300 | 1,253,453 | ||||||
| 3,191,666 | ||||||||
| Cayman Islands: 1.0% | ||||||||
|
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 |
3,150 | 3,291,183 |
| Par (000’s |
) | Value | ||||||
| Cayman Islands (continued) | ||||||||
|
Banco BTG Pactual SA Reg S 4.50%, 01/10/25 |
$ | 200 | $ | 203,500 | ||||
|
Banco do Brasil SA 144A 3.25%, 09/30/26 |
1,200 | 1,184,700 | ||||||
|
Banco do Brasil SA Reg S 5.88%, 01/19/23 |
250 | 261,253 | ||||||
|
Emaar Sukuk Ltd. Reg S 3.70%, 07/06/31 |
400 | 409,734 | ||||||
|
Itau Unibanco Holding SA Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24 |
100 | 99,876 | ||||||
|
Melco Resorts Finance Ltd. Reg S 4.88%, 06/06/25 |
250 | 247,562 | ||||||
|
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 |
2,050 | 2,202,694 | ||||||
|
Oryx Funding Ltd. 144A 5.80%, 02/03/31 |
1,900 | 2,026,126 | ||||||
|
Oryx Funding Ltd. Reg S 5.80%, 02/03/31 |
200 | 213,276 | ||||||
|
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 |
1,578 | 1,571,663 | ||||||
| Ronshine China Holdings Ltd. Reg S | ||||||||
| 7.35%, 12/15/23 | 600 | 260,696 | ||||||
| 8.10%, 06/09/23 | 400 | 172,821 | ||||||
| 8.95%, 01/22/23 | 700 | 311,725 | ||||||
|
StoneCo Ltd. 144A 3.95%, 06/16/28 † |
700 | 629,153 | ||||||
|
Yango Cayman Investment Ltd. Reg S 12.00%, 03/19/24 |
400 | 153,419 | ||||||
| 13,239,381 | ||||||||
| Chile: 0.8% | ||||||||
|
AES Andes SA Reg S |
||||||||
|
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25 |
75 | 77,829 | ||||||
|
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24 |
200 | 209,544 | ||||||
|
CAP SA 144A 3.90%, 04/27/31 |
1,100 | 1,059,856 | ||||||
|
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 |
1,400 | 1,370,488 | ||||||
|
Kenbourne Invest SA 144A 6.88%, 11/26/24 |
1,850 | 1,930,937 | ||||||
|
VTR Comunicaciones SpA 144A 4.38%, 04/15/29 |
1,400 | 1,413,580 | ||||||
| 5.12%, 01/15/28 | 1,642 | 1,705,710 | ||||||
|
VTR Comunicaciones SpA Reg S 5.12%, 01/15/28 |
100 | 103,880 | ||||||
|
VTR Finance NV 144A 6.38%, 07/15/28 |
1,925 | 2,054,360 | ||||||
| 9,926,184 |
See Notes to Financial Statements
| 12 |
| Par (000’s |
) | Value | ||||||
| China: 6.4% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
| 5.50%, 04/21/25 | $ | 500 | $ | 396,178 | ||||
| 5.50%, 05/17/26 † | 750 | 584,553 | ||||||
|
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
4,700 | 4,883,340 | ||||||
|
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o) |
750 | 768,529 | ||||||
|
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o) |
800 | 703,851 | ||||||
|
Chalieco Hong Kong Corp. Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 5/21/2023 (o) |
600 | 610,709 | ||||||
|
China Aoyuan Group Ltd. Reg S 5.88%, 03/01/27 |
400 | 187,004 | ||||||
|
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/6/2023 (o) |
900 | 974,248 | ||||||
| China Evergrande Group Reg S | ||||||||
| 7.50%, 06/28/23 | 1,650 | 395,972 | ||||||
| 8.75%, 06/28/25 | 6,300 | 1,519,925 | ||||||
| 9.50%, 03/29/24 | 1,100 | 269,500 | ||||||
| 10.00%, 04/11/23 | 800 | 191,991 | ||||||
| 10.50%, 04/11/24 | 700 | 167,981 | ||||||
| 11.50%, 01/22/23 | 1,150 | 270,128 | ||||||
| 12.00%, 01/22/24 | 1,000 | 235,000 | ||||||
|
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 |
900 | 887,078 | ||||||
|
China Oil & Gas Group Ltd. Reg S 5.50%, 01/25/23 |
1,000 | 1,018,459 | ||||||
|
China SCE Group Holdings Ltd. Reg S 5.95%, 09/29/24 |
400 | 329,000 | ||||||
| 6.00%, 02/04/26 | 600 | 483,132 | ||||||
|
China South City Holdings Ltd. Reg S 10.75%, 04/11/23 |
400 | 165,959 | ||||||
|
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o) |
1,400 | 1,443,526 | ||||||
|
CIFI Holdings Group Co. Ltd. 5.50%, 01/23/23 |
400 | 396,007 | ||||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 4.38%, 04/12/27 | $ | 500 | $ | 457,994 | ||||
| 4.45%, 08/17/26 | 500 | 462,845 | ||||||
| 5.25%, 05/13/26 | 600 | 573,596 | ||||||
| 5.95%, 10/20/25 | 800 | 779,804 | ||||||
| 6.00%, 07/16/25 | 1,100 | 1,076,381 | ||||||
| 6.45%, 11/07/24 | 800 | 788,267 | ||||||
| 6.55%, 03/28/24 | 1,000 | 986,721 | ||||||
|
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 | 1,614,332 | ||||||
|
Dexin China Holdings Co. Ltd. Reg S 9.95%, 12/03/22 |
500 | 367,271 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 5.88%, 02/13/23 | 800 | 503,269 | ||||||
| 8.12%, 02/27/23 | 1,400 | 878,558 | ||||||
| 8.12%, 07/11/24 | 500 | 280,590 | ||||||
| 8.62%, 02/27/24 | 500 | 284,970 | ||||||
| 8.62%, 03/05/24 | 600 | 336,750 | ||||||
| 12.38%, 11/18/22 | 500 | 343,748 | ||||||
|
eHi Car Services Ltd. Reg S 7.75%, 11/14/24 |
1,200 | 1,207,918 | ||||||
|
E-House China Enterprise Holdings Ltd. Reg S 7.60%, 06/10/23 |
300 | 193,659 | ||||||
|
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 |
1,400 | 1,387,350 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | 1,400 | 1,404,020 | ||||||
| 6.75%, 07/02/23 | 1,050 | 1,046,882 | ||||||
| 6.85%, 07/02/24 | 1,000 | 1,027,424 | ||||||
|
Gemstones International Ltd. Reg S 12.00%, 03/10/23 |
600 | 434,983 | ||||||
|
Golden Eagle Retail Group Ltd. 144A 4.62%, 05/21/23 |
600 | 599,913 | ||||||
|
Greenland Global Investment Ltd. 5.90%, 02/12/23 |
400 | 279,544 | ||||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 5.60%, 11/13/22 | 500 | 348,141 | ||||||
| 5.88%, 07/03/24 | 1,100 | 744,198 | ||||||
| 6.12%, 04/22/23 | 600 | 418,467 | ||||||
| 6.25%, 12/16/22 | 800 | 762,000 | ||||||
| 6.75%, 09/26/23 | 650 | 429,926 | ||||||
| 6.75%, 03/03/24 | 500 | 328,366 | ||||||
| Greentown China Holdings Ltd. Reg S | ||||||||
| 4.70%, 04/29/25 | 400 | 388,332 | ||||||
| 5.65%, 07/13/25 | 500 | 495,296 | ||||||
|
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd. Reg S 7.00%, 09/30/22 |
200 | 188,052 | ||||||
See Notes to Financial Statements
| 13 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
|
Guorui Properties Ltd. Reg S 14.25%, 01/25/24 |
$ | 200 | $ | 161,629 | ||||
|
Helenbergh China Holdings Ltd. Reg S 11.00%, 03/24/23 |
200 | 193,524 | ||||||
|
Jingrui Holdings Ltd. Reg S 14.50%, 02/19/23 |
500 | 403,334 | ||||||
|
Jinke Properties Group Co. Ltd. Reg S 6.85%, 05/28/24 |
400 | 318,921 | ||||||
| Kaisa Group Holdings Ltd. Reg S | ||||||||
| 9.38%, 06/30/24 | 3,350 | 961,453 | ||||||
| 9.75%, 09/28/23 | 1,300 | 399,218 | ||||||
| 9.95%, 07/23/25 | 750 | 213,127 | ||||||
| 10.50%, 01/15/25 | 600 | 182,984 | ||||||
| 10.88%, 07/23/23 | 950 | 293,312 | ||||||
| 11.25%, 04/16/25 | 1,000 | 306,721 | ||||||
| 11.50%, 01/30/23 | 1,000 | 300,003 | ||||||
| 11.65%, 06/01/26 | 400 | 116,368 | ||||||
| 11.70%, 11/11/25 † | 1,400 | 399,884 | ||||||
| 11.95%, 11/12/23 | 750 | 236,250 | ||||||
|
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 |
1,200 | 1,233,750 | ||||||
|
Kunming Municipal Urban Construction Investment & Development Co. Ltd. Reg S 5.80%, 10/17/22 |
600 | 576,142 | ||||||
| KWG Group Holdings Ltd. Reg S | ||||||||
| 5.88%, 11/10/24 | 900 | 766,807 | ||||||
| 5.95%, 08/10/25 | 600 | 472,500 | ||||||
| 6.00%, 08/14/26 | 550 | 444,550 | ||||||
| 6.30%, 02/13/26 | 600 | 479,800 | ||||||
| 7.40%, 03/05/24 | 600 | 504,093 | ||||||
| 7.40%, 01/13/27 | 400 | 322,822 | ||||||
| 7.88%, 09/01/23 | 1,000 | 900,000 | ||||||
| Logan Group Co. Ltd. Reg S | ||||||||
| 4.25%, 07/12/25 | 400 | 361,850 | ||||||
| 4.50%, 01/13/28 | 450 | 399,446 | ||||||
| 4.70%, 07/06/26 | 500 | 451,695 | ||||||
| 4.85%, 12/14/26 | 500 | 438,033 | ||||||
| 5.25%, 02/23/23 | 900 | 872,924 | ||||||
| 5.25%, 10/19/25 | 400 | 372,000 | ||||||
| 5.75%, 01/14/25 | 450 | 431,485 | ||||||
| 6.50%, 07/16/23 | 600 | 584,250 | ||||||
|
Modern Land China Co. Ltd. Reg S 9.80%, 04/11/23 |
400 | 95,080 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.62%, 10/15/25 | 200 | 171,342 | ||||||
| 4.80%, 12/15/24 | 800 | 705,870 | ||||||
| 6.80%, 08/05/23 | 500 | 470,507 | ||||||
| Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/30/25 † | 600 | 548,124 | ||||||
| 6.25%, 08/10/24 | 600 | 555,206 | ||||||
| 6.95%, 07/23/23 | 600 | 566,441 | ||||||
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 7.12%, 11/08/22 | $ | 500 | $ | 476,981 | ||||
| Redsun Properties Group Ltd. Reg S | ||||||||
| 7.30%, 01/13/25 | 400 | 241,945 | ||||||
| 9.70%, 04/16/23 | 800 | 572,708 | ||||||
| RKPF Overseas 2019 A Ltd. Reg S | ||||||||
| 6.00%, 09/04/25 | 600 | 560,048 | ||||||
| 6.70%, 09/30/24 | 850 | 805,677 | ||||||
| 7.88%, 02/01/23 | 700 | 685,027 | ||||||
|
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o) |
500 | 452,525 | ||||||
|
RKPF Overseas 2020 A Ltd. Reg S 5.12%, 07/26/26 |
400 | 352,395 | ||||||
| Scenery Journey Ltd. Reg S | ||||||||
| 12.00%, 10/24/23 | 2,350 | 460,523 | ||||||
| 13.00%, 11/06/22 | 600 | 123,000 | ||||||
| 13.75%, 11/06/23 | 700 | 153,992 | ||||||
|
Seazen Group Ltd. Reg S 4.45%, 07/13/25 |
400 | 347,337 | ||||||
|
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23 |
400 | 408,624 | ||||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 | 1,400 | 1,015,765 | ||||||
| 6.50%, 07/09/23 | 800 | 619,988 | ||||||
| 6.50%, 01/10/25 | 1,100 | 790,051 | ||||||
| 6.50%, 01/26/26 † | 1,000 | 719,854 | ||||||
| 6.65%, 08/03/24 | 800 | 583,478 | ||||||
| 6.80%, 10/20/24 | 1,000 | 719,862 | ||||||
| 7.00%, 07/09/25 | 900 | 646,661 | ||||||
| 7.50%, 02/01/24 | 1,000 | 749,951 | ||||||
| 7.95%, 10/11/23 | 1,000 | 776,250 | ||||||
| 8.35%, 04/19/23 | 1,000 | 786,058 | ||||||
| Times China Holdings Ltd. Reg S | ||||||||
| 5.55%, 06/04/24 | 900 | 734,776 | ||||||
| 5.75%, 01/14/27 | 600 | 460,222 | ||||||
| 6.20%, 03/22/26 | 600 | 462,731 | ||||||
| 6.60%, 03/02/23 | 400 | 356,266 | ||||||
| 6.75%, 07/16/23 | 800 | 657,371 | ||||||
| 6.75%, 07/08/25 | 800 | 634,726 | ||||||
|
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23 |
400 | 399,132 | ||||||
|
Wanda Properties International Co. Ltd. 7.25%, 01/29/24 |
200 | 190,730 | ||||||
|
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 |
900 | 858,285 | ||||||
|
Wanda Properties Overseas Ltd. Reg S 6.88%, 07/23/23 |
600 | 571,733 | ||||||
See Notes to Financial Statements
| 14 |
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 6.95%, 12/05/22 | $ | 600 | $ | 575,555 | ||||
|
Wealth Driven Ltd. Reg S 5.50%, 08/17/23 |
600 | 595,239 | ||||||
|
West China Cement Ltd. Reg S 4.95%, 07/08/26 |
1,000 | 970,925 | ||||||
|
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 |
700 | 706,362 | ||||||
|
Yango Justice International Ltd. Reg S 9.25%, 04/15/23 |
400 | 104,025 | ||||||
|
Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23 |
600 | 606,515 | ||||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.00%, 10/25/23 | 1,000 | 534,084 | ||||||
| 6.35%, 01/13/27 | 800 | 363,753 | ||||||
| 7.38%, 01/13/26 | 1,300 | 598,548 | ||||||
| 7.70%, 02/20/25 | 600 | 304,406 | ||||||
| 8.30%, 05/27/25 | 600 | 300,773 | ||||||
| 8.38%, 10/30/24 | 600 | 303,332 | ||||||
| 8.50%, 02/04/23 | 700 | 378,867 | ||||||
| 8.50%, 02/26/24 | 800 | 404,617 | ||||||
| Zhenro Properties Group Ltd. Reg S | ||||||||
| 6.63%, 01/07/26 | 600 | 421,626 | ||||||
| 7.10%, 09/10/24 | 500 | 369,108 | ||||||
| 7.35%, 02/05/25 | 600 | 423,440 | ||||||
| 9.15%, 05/06/23 | 400 | 298,442 | ||||||
|
Zhongyuan Asset Management Co. Ltd. Reg S 4.20%, 11/29/22 |
650 | 535,633 | ||||||
|
Zoomlion HK SPV Co. Ltd. 144A 6.12%, 12/20/22 |
400 | 410,720 | ||||||
| 83,093,724 | ||||||||
| Colombia: 5.4% | ||||||||
| Banco de Bogota SA 144A | ||||||||
| 5.38%, 02/19/23 | 1,525 | 1,586,991 | ||||||
| 6.25%, 05/12/26 † | 3,458 | 3,782,222 | ||||||
| Banco de Bogota SA Reg S | ||||||||
| 5.38%, 02/19/23 | 100 | 104,065 | ||||||
| 6.25%, 05/12/26 | 400 | 437,504 | ||||||
|
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/26 |
1,450 | 1,470,344 | ||||||
|
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/24 |
1,900 | 1,938,000 | ||||||
|
Cable Onda SA 144A 4.50%, 01/30/30 |
1,900 | 1,973,388 | ||||||
|
Canacol Energy Ltd. 144A 7.25%, 05/03/25 |
1,100 | 1,147,036 | ||||||
| Colombia Telecomunicaciones SA ESP Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Colombia (continued) | ||||||||
| 4.95%, 07/17/30 | $ | 100 | $ | 102,660 | ||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | 4,175 | 4,324,569 | ||||||
| 5.38%, 06/26/26 | 5,200 | 5,629,520 | ||||||
| 5.88%, 09/18/23 | 6,318 | 6,794,061 | ||||||
| 5.88%, 05/28/45 † | 7,050 | 7,148,347 | ||||||
| 6.88%, 04/29/30 | 6,750 | 7,805,768 | ||||||
| 7.38%, 09/18/43 | 2,933 | 3,405,638 | ||||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | 3,500 | 3,409,700 | ||||||
| 4.38%, 02/15/31 | 2,025 | 1,964,756 | ||||||
|
Geopark Ltd. 144A 5.50%, 01/17/27 † |
1,700 | 1,691,203 | ||||||
|
Gilex Holding Sarl 144A 8.50%, 05/02/23 |
1,300 | 1,319,539 | ||||||
|
Gran Colombia Gold Corp. 144A 6.88%, 08/09/26 |
1,000 | 995,900 | ||||||
|
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
3,400 | 3,327,750 | ||||||
|
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
1,900 | 2,055,344 | ||||||
|
Multibank, Inc. 144A 4.38%, 11/09/22 |
700 | 713,125 | ||||||
|
Multibank, Inc. Reg S 4.38%, 11/09/22 † |
400 | 407,500 | ||||||
|
Oleoducto Central SA 144A 4.00%, 07/14/27 |
1,450 | 1,485,213 | ||||||
|
Oleoducto Central SA Reg S 4.00%, 07/14/27 |
200 | 204,857 | ||||||
|
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 |
1,300 | 1,293,188 | ||||||
|
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 |
1,900 | 1,973,625 | ||||||
|
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 |
1,758 | 1,810,155 | ||||||
|
Termocandelaria Power Ltd. Reg S 7.88%, 01/30/29 |
185 | 190,543 | ||||||
| 70,492,511 | ||||||||
| Costa Rica: 0.3% | ||||||||
|
Banco Nacional de Costa Rica 144A 6.25%, 11/01/23 |
1,200 | 1,282,620 | ||||||
| Instituto Costarricense de Electricidad 144A | ||||||||
| 6.38%, 05/15/43 † | 1,700 | 1,453,143 | ||||||
| 6.75%, 10/07/31 † | 1,000 | 996,925 | ||||||
|
Instituto Costarricense de Electricidad Reg S 6.38%, 05/15/43 |
100 | 85,479 | ||||||
| 3,818,167 | ||||||||
| Cyprus: 0.7% | ||||||||
| Credit Bank of Moscow Via CBOM Finance Plc 144A | ||||||||
See Notes to Financial Statements
| 15 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Cyprus (continued) | ||||||||
| 4.70%, 01/29/25 | $ | 1,900 | $ | 1,955,860 | ||||
| MHP Lux SA 144A | ||||||||
| 6.25%, 09/19/29 † | 1,150 | 1,178,060 | ||||||
| 6.95%, 04/03/26 | 1,625 | 1,731,535 | ||||||
|
MHP SE 144A 7.75%, 05/10/24 † |
1,825 | 1,973,748 | ||||||
|
TMK OAO Via TMK Capital SA Reg S 4.30%, 02/12/27 |
1,800 | 1,816,272 | ||||||
| 8,655,475 | ||||||||
| Dominican Republic: 0.1% | ||||||||
|
Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23 |
1,000 | 1,046,650 | ||||||
| El Salvador: 0.1% | ||||||||
|
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 |
1,050 | 1,091,911 | ||||||
|
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24 |
200 | 207,983 | ||||||
| 1,299,894 | ||||||||
| France: 0.1% | ||||||||
|
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 |
1,100 | 1,162,975 | ||||||
| Georgia: 0.3% | ||||||||
|
Georgia Capital JSC 144A 6.12%, 03/09/24 |
200 | 206,300 | ||||||
|
Georgia Capital JSC Reg S 6.12%, 03/09/24 |
1,100 | 1,134,650 | ||||||
|
Georgian Railway JSC 144A 4.00%, 06/17/28 |
1,800 | 1,822,500 | ||||||
|
TBC Bank JSC 144A 5.75%, 06/19/24 |
1,100 | 1,174,937 | ||||||
| 4,338,387 | ||||||||
| Ghana: 0.3% | ||||||||
|
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † |
2,100 | 2,098,226 | ||||||
|
Tullow Oil Plc 144A 7.00%, 03/01/25 |
2,700 | 2,366,698 | ||||||
| 4,464,924 | ||||||||
| Greece: 0.1% | ||||||||
|
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 |
1,675 | 1,807,886 | ||||||
| Guatemala: 0.3% | ||||||||
|
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/26 |
1,100 | 1,103,239 | ||||||
|
Central American Bottling Corp. 144A 5.75%, 01/31/27 |
2,191 | 2,273,382 | ||||||
|
Central American Bottling Corp. Reg S 5.75%, 01/31/27 |
200 | 207,520 | ||||||
| Energuate Trust Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Guatemala (continued) | ||||||||
| 5.88%, 05/03/27 | $ | 200 | $ | 204,750 | ||||
| 3,788,891 | ||||||||
| Honduras: 0.1% | ||||||||
|
Inversiones Atlantida SA 144A 7.50%, 05/19/26 |
1,000 | 1,034,140 | ||||||
| Hong Kong: 3.6% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
| 5.75%, 01/02/25 | 700 | 560,284 | ||||||
| 6.05%, 10/13/25 † | 850 | 667,319 | ||||||
|
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 3/7/2023 (o) |
950 | 611,715 | ||||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) |
700 | 426,245 | ||||||
|
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) |
1,050 | 641,120 | ||||||
|
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 | 2,406,513 | ||||||
|
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) |
2,100 | 2,193,985 | ||||||
|
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) |
2,600 | 2,613,257 | ||||||
| Champion Path Holdings Ltd. Reg S | ||||||||
| 4.50%, 01/27/26 | 1,800 | 1,801,913 | ||||||
| 4.85%, 01/27/28 | 1,600 | 1,577,902 | ||||||
|
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 |
200 | 202,043 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 11.62%, 09/03/24 | 400 | 226,468 | ||||||
| 11.75%, 08/02/23 | 800 | 514,990 | ||||||
|
Fortune Star BVI Ltd. 5.95%, 01/29/23 |
900 | 906,714 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.00%, 05/18/26 | 700 | 669,392 | ||||||
| 5.05%, 01/27/27 | 700 | 653,294 | ||||||
|
Franshion Brilliant Ltf. 4.88%, 06/21/24 |
400 | 324,887 | ||||||
|
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24 |
700 | 689,356 | ||||||
|
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24 |
400 | 377,932 | ||||||
|
Huarong Finance 2017 Co. Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+6.98%), 11/7/2022 (o) |
950 | 904,875 | ||||||
See Notes to Financial Statements
| 16 |
| Par (000’s |
) | Value | ||||||
| Hong Kong (continued) | ||||||||
| Jiayuan International Group Ltd. Reg S | ||||||||
| 12.50%, 04/08/23 | $ | 400 | $ | 196,400 | ||||
| 12.50%, 07/21/23 | 400 | 206,000 | ||||||
|
Lai Fung Bonds 2018 Ltd. Reg S 5.65%, 01/18/23 |
1,300 | 1,228,612 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | 3,200 | 3,168,800 | ||||||
| 5.25%, 04/26/26 | 1,750 | 1,735,807 | ||||||
| 5.38%, 12/04/29 | 4,175 | 4,112,375 | ||||||
| 5.62%, 07/17/27 † | 2,020 | 2,025,555 | ||||||
| 5.75%, 07/21/28 | 2,775 | 2,768,063 | ||||||
|
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 |
600 | 550,938 | ||||||
|
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 |
800 | 707,101 | ||||||
|
Seaspan Corp. 144A 5.50%, 08/01/29 |
2,700 | 2,730,132 | ||||||
|
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 |
1,000 | 1,074,876 | ||||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | 3,825 | 3,468,682 | ||||||
| 6.00%, 07/15/25 | 1,750 | 1,701,298 | ||||||
| 6.50%, 01/15/28 † | 1,500 | 1,444,568 | ||||||
|
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
800 | 781,788 | ||||||
|
Zoomlion HK SPV Co. Ltd. Reg S 6.12%, 12/20/22 |
200 | 205,360 | ||||||
| 47,076,559 | ||||||||
| India: 5.5% | ||||||||
|
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 |
3,600 | 3,937,572 | ||||||
|
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
2,700 | 2,736,725 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 |
1,500 | 1,616,550 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 215,540 | ||||||
|
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 |
1,211 | 1,214,015 | ||||||
|
Bank of Baroda Reg S 3.88%, 04/04/24 |
1,050 | 1,099,405 | ||||||
|
Canara Bank Reg S 3.88%, 03/28/24 |
1,500 | 1,563,600 | ||||||
| Delhi International Airport Ltd. 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| India (continued) | ||||||||
| 6.12%, 10/31/26 | $ | 1,700 | $ | 1,710,256 | ||||
| 6.45%, 06/04/29 | 1,500 | 1,489,290 | ||||||
|
Delhi International Airport Ltd. Reg S 6.45%, 06/04/29 |
300 | 297,858 | ||||||
|
Future Retail Ltd. 144A 5.60%, 01/22/25 |
1,200 | 722,424 | ||||||
|
Future Retail Ltd. Reg S 5.60%, 01/22/25 |
200 | 120,404 | ||||||
| GMR Hyderabad International Airport Ltd. 144A | ||||||||
| 4.25%, 10/27/27 | 1,100 | 1,062,052 | ||||||
| 4.75%, 02/02/26 † | 1,100 | 1,111,317 | ||||||
| 5.38%, 04/10/24 | 1,000 | 1,030,198 | ||||||
|
GMR Hyderabad International Airport Ltd. Reg S 4.25%, 10/27/27 |
200 | 193,100 | ||||||
| HPCL-Mittal Energy Ltd. Reg S | ||||||||
| 5.25%, 04/28/27 | 1,400 | 1,445,882 | ||||||
| 5.45%, 10/22/26 | 1,000 | 1,043,125 | ||||||
|
IIFL Finance Ltd. Reg S 5.88%, 04/20/23 |
1,300 | 1,264,234 | ||||||
|
India Green Energy Holdings 144A 5.38%, 04/29/24 |
1,150 | 1,193,568 | ||||||
|
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
2,400 | 2,401,860 | ||||||
| JSW Steel Ltd. 144A | ||||||||
| 3.95%, 04/05/27 † | 1,650 | 1,666,527 | ||||||
| 5.05%, 04/05/32 | 1,750 | 1,780,760 | ||||||
| JSW Steel Ltd. Reg S | ||||||||
| 5.38%, 04/04/25 | 1,400 | 1,476,646 | ||||||
| 5.95%, 04/18/24 | 1,700 | 1,803,112 | ||||||
|
Manappuram Finance Ltd. Reg S 5.90%, 01/13/23 |
1,000 | 1,027,575 | ||||||
| Muthoot Finance Ltd. 144A | ||||||||
| 4.40%, 09/02/23 | 1,850 | 1,886,306 | ||||||
| 6.12%, 10/31/22 | 1,300 | 1,336,562 | ||||||
|
Muthoot Finance Ltd. Reg S 4.40%, 09/02/23 |
200 | 203,925 | ||||||
|
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
3,200 | 3,388,000 | ||||||
|
Periama Holdings LLC Reg S 5.95%, 04/19/26 |
2,600 | 2,817,828 | ||||||
|
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 |
1,350 | 1,418,590 | ||||||
|
ReNew Power Pvt Ltd. Reg S 5.88%, 03/05/27 |
250 | 262,702 | ||||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
1,750 | 1,834,863 | ||||||
|
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 |
2,050 | 2,085,231 | ||||||
See Notes to Financial Statements
| 17 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| India (continued) | ||||||||
| Shriram Transport Finance Co. Ltd. 144A | ||||||||
| 4.40%, 03/13/24 | $ | 2,500 | $ | 2,513,125 | ||||
| 5.10%, 07/16/23 † | 1,700 | 1,730,642 | ||||||
|
Tata Motors Ltd. Reg S 5.88%, 05/20/25 |
1,300 | 1,394,445 | ||||||
|
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 |
1,300 | 1,361,657 | ||||||
|
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o) |
1,400 | 1,419,075 | ||||||
| Vedanta Resources Finance II Plc 144A | ||||||||
| 8.00%, 04/23/23 | 1,400 | 1,378,573 | ||||||
| 9.25%, 04/23/26 | 2,100 | 2,024,967 | ||||||
| 13.88%, 01/21/24 | 3,450 | 3,761,880 | ||||||
| Vedanta Resources Ltd. 144A | ||||||||
| 6.12%, 08/09/24 | 3,250 | 2,965,414 | ||||||
| 7.12%, 05/31/23 | 1,625 | 1,586,488 | ||||||
|
Yes Bank Ifsc Banking Unit Branch Reg S 3.75%, 02/06/23 |
1,300 | 1,288,528 | ||||||
| 71,882,396 | ||||||||
| Indonesia: 2.3% | ||||||||
|
Adaro Indonesia PT 144A 4.25%, 10/31/24 |
2,600 | 2,665,247 | ||||||
|
Adaro Indonesia PT Reg S 4.25%, 10/31/24 |
100 | 102,509 | ||||||
|
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 |
1,000 | 627,798 | ||||||
|
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * |
111 | 1,429 | ||||||
|
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 |
1,000 | 1,013,966 | ||||||
|
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 |
1,200 | 1,216,092 | ||||||
|
Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/10/26 |
200 | 202,682 | ||||||
|
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 |
1,800 | 1,843,650 | ||||||
|
Cikarang Listrindo Tbk PT Reg S 4.95%, 09/14/26 |
200 | 204,850 | ||||||
|
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 |
1,000 | 1,031,417 | ||||||
|
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 |
1,623 | 1,650,185 | ||||||
|
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 |
2,450 | 2,601,594 | ||||||
|
Jababeka International BV 144A 6.50%, 10/05/23 |
1,090 | 1,039,546 | ||||||
| Par (000’s |
) | Value | ||||||
| Indonesia (continued) | ||||||||
|
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 |
$ | 1,350 | $ | 1,423,786 | ||||
|
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 |
2,225 | 2,282,294 | ||||||
|
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 |
1,900 | 2,040,125 | ||||||
|
Medco Oak Tree Pte Ltd. Reg S 7.38%, 05/14/26 † |
300 | 322,125 | ||||||
|
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 |
1,800 | 1,879,929 | ||||||
|
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 |
1,350 | 1,379,717 | ||||||
|
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 |
2,100 | 2,044,644 | ||||||
|
SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/23 |
1,100 | 809,704 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. Reg S 6.75%, 04/24/33 |
168 | 187,702 | ||||||
| Theta Capital Pte Ltd. Reg S | ||||||||
| 6.75%, 10/31/26 | 1,400 | 1,400,565 | ||||||
| 8.12%, 01/22/25 † | 1,450 | 1,535,446 | ||||||
| 29,507,002 | ||||||||
| Ireland: 0.5% | ||||||||
|
Credit Bank of Moscow Via CBOM Finance Plc 144A 3.88%, 09/21/26 |
1,800 | 1,753,182 | ||||||
|
Eurochem Finance DAC Reg S 5.50%, 03/13/24 |
200 | 215,375 | ||||||
|
Hacienda Investments Ltd. Via DME Airport DAC 144A 5.35%, 02/08/28 |
1,600 | 1,677,291 | ||||||
|
SCF Capital Designated Activity Co. 144A 3.85%, 04/26/28 |
1,500 | 1,554,968 | ||||||
|
Suek Securities DAC 144A 3.38%, 09/15/26 |
1,700 | 1,695,410 | ||||||
| 6,896,226 | ||||||||
| Isle of Man: 0.0% | ||||||||
|
Gold Fields Orogen Holdings BVI Ltd. Reg S 5.12%, 05/15/24 |
300 | 321,645 | ||||||
| Israel: 3.6% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | 1,750 | 1,820,437 | ||||||
| 6.12%, 06/30/25 | 2,050 | 2,217,803 | ||||||
| 6.50%, 06/30/27 | 2,075 | 2,272,125 | ||||||
| 6.75%, 06/30/30 | 1,900 | 2,093,562 | ||||||
|
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 |
2,400 | 2,421,000 | ||||||
|
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † |
2,275 | 2,437,913 | ||||||
See Notes to Financial Statements
| 18 |
| Par (000’s |
) | Value | ||||||
| Israel (continued) | ||||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | $ | 8,575 | $ | 8,648,316 | ||||
| 3.15%, 10/01/26 | 9,975 | 9,413,906 | ||||||
| 4.10%, 10/01/46 | 5,725 | 4,730,711 | ||||||
| 6.00%, 04/15/24 | 3,567 | 3,745,350 | ||||||
| 6.75%, 03/01/28 † | 3,590 | 3,935,538 | ||||||
| 7.12%, 01/31/25 | 2,875 | 3,089,734 | ||||||
| 46,826,395 | ||||||||
| Kazakhstan: 0.3% | ||||||||
|
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 |
3,175 | 4,308,221 | ||||||
| Kuwait: 0.4% | ||||||||
| Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
| 4.23%, 10/29/26 | 1,900 | 1,804,426 | ||||||
| 4.50%, 02/23/27 | 1,700 | 1,617,074 | ||||||
| 5.00%, 03/15/23 | 1,600 | 1,604,210 | ||||||
| 5,025,710 | ||||||||
| Luxembourg: 2.0% | ||||||||
|
AI Candelaria Spain SLU 144A 7.50%, 12/15/28 |
1,100 | 1,185,250 | ||||||
|
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
1,900 | 1,893,065 | ||||||
|
CSN Resources SA 144A 4.62%, 06/10/31 |
1,250 | 1,230,938 | ||||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 4.50%, 03/30/24 | 2,150 | 2,197,300 | ||||||
| 4.88%, 03/30/26 | 2,150 | 2,191,301 | ||||||
| 5.38%, 03/30/28 | 2,175 | 2,207,897 | ||||||
| 5.88%, 03/30/31 | 2,225 | 2,260,044 | ||||||
|
Gol Finance SA 144A 8.00%, 06/30/26 † |
900 | 871,403 | ||||||
|
Hidrovias International Finance Sarl 144A 4.95%, 02/08/31 |
800 | 751,760 | ||||||
|
JBS Finance Luxembourg Sarl 144A 3.62%, 01/15/32 |
1,500 | 1,483,005 | ||||||
|
Kenbourne Invest SA 144A 4.70%, 01/22/28 |
1,450 | 1,444,562 | ||||||
|
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
2,650 | 2,583,750 | ||||||
|
MHP Lux SA Reg S 6.95%, 04/03/26 |
250 | 266,390 | ||||||
|
Minerva Luxembourg SA 144A 4.38%, 03/18/31 |
1,800 | 1,713,510 | ||||||
|
Minerva Luxembourg SA Reg S 4.38%, 03/18/31 |
200 | 190,390 | ||||||
|
Movida Europe SA 144A 5.25%, 02/08/31 |
1,200 | 1,133,958 | ||||||
|
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26 |
900 | 907,875 | ||||||
| Poinsettia Finance Ltd. 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 6.62%, 06/17/31 | $ | 197 | $ | 196,390 | ||||
| Puma International Financing SA Reg S | ||||||||
| 5.00%, 01/24/26 | 200 | 201,076 | ||||||
| 5.12%, 10/06/24 | 200 | 201,800 | ||||||
|
Rede D’or Finance Sarl Reg S 4.95%, 01/17/28 |
200 | 205,552 | ||||||
|
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 |
600 | 562,500 | ||||||
|
Tupy Overseas SA Reg S 4.50%, 02/16/31 |
200 | 189,012 | ||||||
|
Ultrapar International SA Reg S 5.25%, 10/06/26 |
200 | 213,254 | ||||||
|
Unigel Luxembourg SA Reg S 8.75%, 10/01/26 † |
200 | 212,743 | ||||||
| 26,494,725 | ||||||||
| Macao: 0.1% | ||||||||
|
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 |
1,300 | 1,252,407 | ||||||
|
MGM China Holdings Ltd. Reg S 5.38%, 05/15/24 |
200 | 200,458 | ||||||
| 1,452,865 | ||||||||
| Malta: 0.0% | ||||||||
|
VistaJet Malta Finance Plc / XO Management Holding, Inc. Reg S 10.50%, 06/01/24 |
200 | 216,130 | ||||||
| Mauritius: 1.4% | ||||||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
1,400 | 1,412,688 | ||||||
|
Azure Power Solar Energy Private Ltd. Reg S 5.65%, 12/24/24 |
200 | 210,500 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 |
1,100 | 1,119,965 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27 |
200 | 203,630 | ||||||
|
Cliffton Ltd. 144A 6.25%, 10/25/25 |
1,600 | 1,586,760 | ||||||
| IHS Netherlands Holdco BV 144A | ||||||||
| 7.12%, 03/18/25 | 1,700 | 1,761,625 | ||||||
| 8.00%, 09/18/27 | 3,375 | 3,594,375 | ||||||
|
India Cleantech Energy 144A 4.70%, 08/10/26 |
1,200 | 1,210,350 | ||||||
|
India Green Power Holdings 144A 4.00%, 02/22/27 |
1,350 | 1,358,437 | ||||||
|
India Green Power Holdings Reg S 4.00%, 02/22/27 |
200 | 201,250 | ||||||
|
India Toll Roads 144A 5.50%, 08/19/24 |
1,100 | 1,089,066 | ||||||
|
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 |
2,100 | 2,188,956 | ||||||
See Notes to Financial Statements
| 19 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Mauritius (continued) | ||||||||
|
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) |
$ | 1,700 | $ | 1,717,144 | ||||
|
Network i2i Ltd. Reg S 5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 1/15/2025 (o) |
300 | 317,625 | ||||||
| 17,972,371 | ||||||||
| Mexico: 7.0% | ||||||||
|
Axtel SAB de CV 144A 6.38%, 11/14/24 |
1,418 | 1,464,454 | ||||||
|
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/26 |
1,800 | 1,793,268 | ||||||
|
Braskem Idesa SAPI Reg S 7.45%, 11/15/29 † |
300 | 318,750 | ||||||
|
Cemex SAB de CV 144A |
||||||||
|
3.88%, 07/11/31 |
5,850 | 5,878,958 | ||||||
|
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) |
3,450 | 3,568,763 | ||||||
| 5.20%, 09/17/30 | 3,150 | 3,414,726 | ||||||
| 5.45%, 11/19/29 | 3,500 | 3,795,575 | ||||||
| 7.38%, 06/05/27 | 3,150 | 3,486,681 | ||||||
| Cemex SAB de CV Reg S | ||||||||
| 3.88%, 07/11/31 | 250 | 251,237 | ||||||
| 5.20%, 09/17/30 | 250 | 271,010 | ||||||
| 7.38%, 06/05/27 | 300 | 332,065 | ||||||
|
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 |
2,000 | 1,918,130 | ||||||
| Credito Real SAB de CV SOFOM ER 144A | ||||||||
| 8.00%, 01/21/28 † | 1,300 | 1,108,965 | ||||||
| 9.50%, 02/07/26 † | 900 | 837,432 | ||||||
|
Cydsa SAB de CV 144A 6.25%, 10/04/27 |
1,600 | 1,628,160 | ||||||
|
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 |
1,200 | 1,172,100 | ||||||
|
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 † |
1,250 | 1,276,562 | ||||||
|
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
1,600 | 1,666,800 | ||||||
|
Grupo Bimbo SAB de CV Reg S 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
200 | 208,350 | ||||||
|
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
1,585 | 1,630,569 | ||||||
|
Metalsa SA de CV 144A 3.75%, 05/04/31 |
1,050 | 989,630 | ||||||
|
Mexarrend SAPI de CV 144A 10.25%, 07/24/24 |
1,050 | 1,001,133 | ||||||
| Par (000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
|
Nemak SAB de CV 144A 3.62%, 06/28/31 |
$ | 1,700 | $ | 1,593,614 | ||||
|
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 |
1,700 | 1,669,349 | ||||||
| Petróleos Mexicanos | ||||||||
| 3.50%, 01/30/23 | 782 | 791,188 | ||||||
| 4.25%, 01/15/25 † | 525 | 534,844 | ||||||
| 4.50%, 01/23/26 | 925 | 934,430 | ||||||
| 4.62%, 09/21/23 | 625 | 644,531 | ||||||
| 4.88%, 01/18/24 † | 700 | 725,067 | ||||||
| 5.35%, 02/12/28 | 1,675 | 1,674,121 | ||||||
| 5.50%, 06/27/44 † | 525 | 426,980 | ||||||
| 5.62%, 01/23/46 | 650 | 529,763 | ||||||
| 5.95%, 01/28/31 | 2,550 | 2,513,854 | ||||||
| 6.35%, 02/12/48 | 1,950 | 1,666,450 | ||||||
| 6.38%, 01/23/45 | 1,050 | 908,497 | ||||||
| 6.49%, 01/23/27 | 1,600 | 1,703,040 | ||||||
| 6.50%, 03/13/27 | 3,650 | 3,895,937 | ||||||
| 6.50%, 01/23/29 | 1,350 | 1,408,556 | ||||||
| 6.50%, 06/02/41 | 1,050 | 952,455 | ||||||
| 6.62%, 06/15/35 | 1,875 | 1,819,847 | ||||||
| 6.62%, 06/15/38 | 350 | 326,690 | ||||||
| 6.75%, 09/21/47 | 4,075 | 3,612,732 | ||||||
| 6.84%, 01/23/30 | 2,975 | 3,116,060 | ||||||
| 6.88%, 08/04/26 | 2,025 | 2,212,819 | ||||||
| 6.95%, 01/28/60 | 2,575 | 2,289,175 | ||||||
| 7.69%, 01/23/50 | 5,450 | 5,215,868 | ||||||
|
Petróleos Mexicanos 144A 6.88%, 10/16/25 |
1,025 | 1,121,125 | ||||||
|
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 |
900 | 876,803 | ||||||
|
Sixsigma Networks Mexico SA de CV Reg S 7.50%, 05/02/25 |
200 | 194,845 | ||||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 | 1,900 | 1,873,875 | ||||||
| 7.50%, 11/12/25 | 1,900 | 1,978,641 | ||||||
|
Total Play Telecomunicaciones SA de CV Reg S 7.50%, 11/12/25 |
200 | 208,278 | ||||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | 1,350 | 1,252,827 | ||||||
| 7.25%, 09/27/23 | 1,100 | 1,073,644 | ||||||
| 8.38%, 01/27/28 | 1,500 | 1,330,537 | ||||||
| 9.88%, 01/28/29 † | 1,850 | 1,720,500 | ||||||
| 90,810,260 | ||||||||
| Mongolia: 0.1% | ||||||||
|
Mongolian Mining Corp. / Energy Resources LLC 144A 9.25%, 04/15/24 |
1,400 | 1,241,219 | ||||||
| Morocco: 1.0% | ||||||||
| OCP SA 144A | ||||||||
| 3.75%, 06/23/31 | 2,550 | 2,505,230 | ||||||
| 4.50%, 10/22/25 | 2,050 | 2,188,094 | ||||||
See Notes to Financial Statements
| 20 |
| Par (000’s |
) | Value | ||||||
| Morocco (continued) | ||||||||
| 5.12%, 06/23/51 | $ | 2,600 | $ | 2,540,811 | ||||
| 5.62%, 04/25/24 | 2,450 | 2,651,248 | ||||||
| 6.88%, 04/25/44 † | 2,100 | 2,526,497 | ||||||
| 12,411,880 | ||||||||
| Netherlands: 0.6% | ||||||||
|
Braskem Netherlands Finance BV Reg S 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 10/24/25 |
250 | 278,933 | ||||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
3,152 | 3,187,145 | ||||||
|
Metinvest BV Reg S 7.75%, 10/17/29 |
200 | 218,320 | ||||||
|
Petrobras Global Finance BV 5.50%, 06/10/51 |
1,575 | 1,385,244 | ||||||
|
Tecpetrol SA 144A 4.88%, 12/12/22 |
1,750 | 1,750,175 | ||||||
|
VEON Holdings BV Reg S 7.25%, 04/26/23 |
250 | 266,287 | ||||||
| 7,086,104 | ||||||||
| Nigeria: 0.5% | ||||||||
|
Access Bank Plc 144A |
||||||||
|
6.12%, 09/21/26 |
1,500 | 1,507,650 | ||||||
|
9.12% (US Treasury Yield Curve Rate T 5 Year+8.07%), 10/7/2026 (o) |
200 | 198,280 | ||||||
|
EBN Finance Co. BV 144A 7.12%, 02/16/26 |
1,100 | 1,091,090 | ||||||
|
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 |
1,200 | 1,287,456 | ||||||
|
Seplat Energy Plc 144A 7.75%, 04/01/26 |
2,100 | 2,166,150 | ||||||
|
Seplat Energy Plc Reg S 7.75%, 04/01/26 |
200 | 206,300 | ||||||
| 6,456,926 | ||||||||
| Oman: 1.6% | ||||||||
| Bank Muscat SAOG Reg S | ||||||||
| 4.75%, 03/17/26 | 1,500 | 1,547,991 | ||||||
| 4.88%, 03/14/23 | 1,950 | 2,009,247 | ||||||
|
Lamar Funding Ltd. 144A 3.96%, 05/07/25 |
3,100 | 3,112,149 | ||||||
|
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 |
350 | 351,372 | ||||||
|
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 |
1,750 | 1,854,118 | ||||||
|
National Bank of Oman SAOG Reg S 5.62%, 09/25/23 |
1,650 | 1,727,137 | ||||||
|
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 |
1,750 | 1,825,421 | ||||||
|
OQ SAOC 144A 5.12%, 05/06/28 |
2,700 | 2,769,709 | ||||||
| Oztel Holdings SPC Ltd. 144A | ||||||||
| 5.62%, 10/24/23 | 2,100 | 2,195,348 | ||||||
| 6.62%, 04/24/28 | 2,950 | 3,269,379 | ||||||
| Oztel Holdings SPC Ltd. Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Oman (continued) | ||||||||
| 6.62%, 04/24/28 | $ | 200 | $ | 221,653 | ||||
| 20,883,524 | ||||||||
| Panama: 0.5% | ||||||||
|
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) |
1,400 | 1,408,764 | ||||||
|
Banistmo SA 144A 4.25%, 07/31/27 |
1,400 | 1,415,820 | ||||||
|
Cable Onda SA Reg S 4.50%, 01/30/30 |
200 | 207,725 | ||||||
|
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/28 |
1,250 | 1,309,600 | ||||||
|
Industrial Senior Trust 144A 5.50%, 11/01/22 |
1,700 | 1,744,642 | ||||||
| 6,086,551 | ||||||||
| Paraguay: 0.2% | ||||||||
|
Banco Continental SAECA 144A 2.75%, 12/10/25 |
1,200 | 1,190,850 | ||||||
|
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 |
1,000 | 1,020,755 | ||||||
| 2,211,605 | ||||||||
| Peru: 1.4% | ||||||||
|
Auna SAA 144A 6.50%, 11/20/25 |
1,000 | 1,041,260 | ||||||
| Banco Internacional del Peru SAA Interbank 144A | ||||||||
|
4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/25 |
1,100 | 1,112,210 | ||||||
|
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/24 |
1,050 | 1,122,324 | ||||||
|
Camposol SA 144A 6.00%, 02/03/27 |
1,200 | 1,249,710 | ||||||
|
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 |
2,000 | 1,987,520 | ||||||
|
Corp. Financiera de Desarrollo SA 144A 5.25% (ICE LIBOR USD 3 Month+5.61%), 07/15/24 |
1,100 | 1,145,171 | ||||||
|
Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A 6.38%, 06/01/28 |
2,050 | 2,018,338 | ||||||
|
InRetail Consumer 144A 3.25%, 03/22/28 |
1,900 | 1,869,609 | ||||||
|
InRetail Consumer Reg S 3.25%, 03/22/28 |
200 | 196,801 | ||||||
|
InRetail Shopping Malls 144A 5.75%, 04/03/28 |
1,175 | 1,229,344 | ||||||
|
Peru LNG Srl 144A 5.38%, 03/22/30 |
2,400 | 2,038,560 | ||||||
|
Peru LNG Srl Reg S 5.38%, 03/22/30 |
800 | 679,520 | ||||||
|
San Miguel Industrias Pet SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 |
1,300 | 1,280,344 | ||||||
See Notes to Financial Statements
| 21 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Peru (continued) | ||||||||
|
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
$ | 1,700 | $ | 1,659,625 | ||||
| 18,630,336 | ||||||||
| 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 | 1,253,699 | ||||||
| Poland: 0.3% | ||||||||
| Canpack SA / Canpack US LLC 144A | ||||||||
| 3.12%, 11/01/25 | 1,500 | 1,509,375 | ||||||
| 3.88%, 11/15/29 | 2,700 | 2,683,125 | ||||||
| 4,192,500 | ||||||||
| Qatar: 0.2% | ||||||||
|
QNB Finansbank AS 144A 6.88%, 09/07/24 † |
2,200 | 2,361,839 | ||||||
| Russia: 3.4% | ||||||||
|
Borets Finance DAC 144A 6.00%, 09/17/26 |
1,300 | 1,350,947 | ||||||
|
Celtic Resources Holdings DAC 144A 4.12%, 10/09/24 |
1,350 | 1,414,314 | ||||||
|
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A 4.50%, 09/19/24 |
1,000 | 1,028,662 | ||||||
| Evraz Plc 144A | ||||||||
| 5.25%, 04/02/24 | 2,425 | 2,594,120 | ||||||
| 5.38%, 03/20/23 | 2,550 | 2,675,855 | ||||||
|
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o) |
3,600 | 3,744,000 | ||||||
| Gtlk Europe Capital DAC Reg S | ||||||||
| 4.65%, 03/10/27 | 2,100 | 2,181,218 | ||||||
| 4.80%, 02/26/28 | 1,750 | 1,826,562 | ||||||
| 4.95%, 02/18/26 | 1,950 | 2,058,732 | ||||||
| 5.12%, 05/31/24 | 1,800 | 1,901,880 | ||||||
| 5.95%, 04/17/25 | 1,650 | 1,791,793 | ||||||
|
Petropavlovsk 2016 Ltd. 144A 8.12%, 11/14/22 |
1,250 | 1,285,550 | ||||||
|
PJSC Koks via IMH Capital DAC 144A 5.90%, 09/23/25 |
1,200 | 1,272,144 | ||||||
| Polyus Finance Plc 144A | ||||||||
| 3.25%, 10/14/28 | 200 | 198,766 | ||||||
| 4.70%, 01/29/24 | 1,500 | 1,593,472 | ||||||
| 5.25%, 02/07/23 | 2,500 | 2,626,120 | ||||||
|
Sovcombank Via SovCom Capital DAC 144A 3.40%, 01/26/25 |
1,000 | 1,005,233 | ||||||
| VEON Holdings BV 144A | ||||||||
| 3.38%, 11/25/27 | 4,525 | 4,543,620 | ||||||
| 4.00%, 04/09/25 | 3,295 | 3,417,146 | ||||||
| 4.95%, 06/16/24 | 1,850 | 1,967,845 | ||||||
| 5.95%, 02/13/23 | 1,800 | 1,901,349 | ||||||
| Par (000’s |
) | Value | ||||||
| Russia (continued) | ||||||||
| 7.25%, 04/26/23 | $ | 2,175 | $ | 2,316,701 | ||||
| 44,696,029 | ||||||||
| Saudi Arabia: 0.6% | ||||||||
|
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 |
1,700 | 1,773,338 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
| 6.75%, 02/15/25 | 1,950 | 2,063,344 | ||||||
| 6.88%, 03/21/23 | 1,750 | 1,825,040 | ||||||
| 6.88%, 02/26/27 | 1,400 | 1,471,064 | ||||||
| 7,132,786 | ||||||||
| Singapore: 2.0% | ||||||||
|
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
1,985 | 2,039,587 | ||||||
| GLP Pte Ltd. Reg S | ||||||||
|
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
3,600 | 3,487,860 | ||||||
|
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) |
400 | 389,070 | ||||||
|
Greenko Investment Co. 144A 4.88%, 08/16/23 |
1,800 | 1,819,126 | ||||||
|
Greenko Mauritius Ltd. 144A 6.25%, 02/21/23 |
1,400 | 1,439,771 | ||||||
| Greenko Solar Mauritius Ltd. 144A | ||||||||
| 5.55%, 01/29/25 | 1,700 | 1,736,494 | ||||||
| 5.95%, 07/29/26 | 1,900 | 2,008,494 | ||||||
|
Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24 |
300 | 305,025 | ||||||
|
Inkia Energy Ltd. 144A 5.88%, 11/09/27 |
2,066 | 2,151,512 | ||||||
|
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 |
1,800 | 1,864,534 | ||||||
| Puma International Financing SA 144A | ||||||||
| 5.00%, 01/24/26 | 2,300 | 2,312,374 | ||||||
| 5.12%, 10/06/24 | 1,900 | 1,917,100 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
1,635 | 1,830,094 | ||||||
|
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 |
900 | 914,359 | ||||||
| Yanlord Land HK Co. Ltd. Reg S | ||||||||
| 6.75%, 04/23/23 | 600 | 604,370 | ||||||
| 6.80%, 02/27/24 | 600 | 608,927 | ||||||
| 25,428,697 | ||||||||
| South Africa: 3.3% | ||||||||
|
Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/23 |
1,400 | 1,463,504 | ||||||
|
Eskom Holdings SOC Ltd. 144A 6.35%, 08/10/28 |
3,550 | 3,829,704 | ||||||
See Notes to Financial Statements
| 22 |
| Par (000’s |
) | Value | ||||||
| South Africa (continued) | ||||||||
| 6.75%, 08/06/23 | $ | 3,700 | $ | 3,827,928 | ||||
| 7.12%, 02/11/25 | 4,625 | 4,827,038 | ||||||
| 8.45%, 08/10/28 | 2,000 | 2,197,660 | ||||||
| Eskom Holdings SOC Ltd. Reg S | ||||||||
| 4.31%, 07/23/27 | 600 | 591,588 | ||||||
| 6.35%, 08/10/28 | 200 | 215,758 | ||||||
|
FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/23 |
1,650 | 1,720,823 | ||||||
| Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
| 5.12%, 05/15/24 | 1,450 | 1,554,618 | ||||||
| 6.12%, 05/15/29 | 1,800 | 2,087,550 | ||||||
|
Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23 |
1,400 | 1,477,714 | ||||||
| MTN Mauritius Investments Ltd. 144A | ||||||||
| 4.75%, 11/11/24 | 2,600 | 2,723,760 | ||||||
| 6.50%, 10/13/26 | 1,800 | 2,045,250 | ||||||
|
Sasol Financing International Ltd. 4.50%, 11/14/22 |
3,324 | 3,400,186 | ||||||
| Sasol Financing USA LLC | ||||||||
| 5.88%, 03/27/24 | 5,200 | 5,502,900 | ||||||
| 6.50%, 09/27/28 | 2,625 | 2,910,469 | ||||||
|
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/24 |
1,400 | 1,485,505 | ||||||
|
Stillwater Mining Co. 144A 7.12%, 06/27/25 |
1,300 | 1,350,440 | ||||||
| 43,212,395 | ||||||||
| South Korea: 0.3% | ||||||||
|
SK Innovation Co. Ltd. Reg S 4.12%, 07/13/23 |
1,800 | 1,875,681 | ||||||
|
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
1,850 | 1,914,750 | ||||||
|
Woori Bank Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
200 | 207,000 | ||||||
| 3,997,431 | ||||||||
| Spain: 0.6% | ||||||||
|
AES Andres BV 144A 5.70%, 05/04/28 |
1,100 | 1,128,490 | ||||||
|
AI Candelaria Spain SLU 144A 5.75%, 06/15/33 |
1,700 | 1,666,102 | ||||||
| AI Candelaria Spain SLU Reg S | ||||||||
| 5.75%, 06/15/33 | 300 | 294,018 | ||||||
| 7.50%, 12/15/28 | 200 | 215,500 | ||||||
|
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
1,350 | 1,414,557 | ||||||
| Banco Bilbao Vizcaya Argentaria Colombia SA Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Spain (continued) | ||||||||
| 4.88%, 04/21/25 | $ | 100 | $ | 104,782 | ||||
|
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 † |
1,700 | 1,745,220 | ||||||
|
International Airport Finance SA 144A 12.00%, 03/15/33 |
1,220 | 1,328,020 | ||||||
|
International Airport Finance SA Reg S 12.00%, 03/15/33 |
198 | 215,238 | ||||||
| 8,111,927 | ||||||||
| Switzerland: 0.1% | ||||||||
|
Consolidated Energy Finance SA 144A 6.50%, 05/15/26 |
1,350 | 1,402,312 | ||||||
| Tanzania: 0.2% | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 3.38%, 11/01/28 | 1,300 | 1,292,707 | ||||||
| 6.50%, 04/15/40 | 1,100 | 1,339,217 | ||||||
| 2,631,924 | ||||||||
| Thailand: 0.5% | ||||||||
|
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29 |
3,900 | 3,970,083 | ||||||
|
Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29 |
200 | 203,664 | ||||||
|
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/26 |
2,800 | 2,804,160 | ||||||
| 6,977,907 | ||||||||
| Togo: 0.2% | ||||||||
|
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 |
1,600 | 1,744,800 | ||||||
|
Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24 |
200 | 218,100 | ||||||
| 1,962,900 | ||||||||
| Trinidad and Tobago: 0.5% | ||||||||
|
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 |
1,000 | 1,041,345 | ||||||
|
National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36 |
300 | 312,403 | ||||||
|
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 |
1,150 | 1,224,100 | ||||||
|
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
2,000 | 2,030,080 | ||||||
| Trinidad Generation Unlimited Reg S | ||||||||
See Notes to Financial Statements
| 23 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Trinidad and Tobago (continued) | ||||||||
| 5.25%, 11/04/27 | $ | 200 | $ | 203,008 | ||||
|
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 |
1,950 | 2,154,068 | ||||||
| 6,965,004 | ||||||||
| Turkey: 6.8% | ||||||||
| Akbank TAS 144A | ||||||||
| 5.12%, 03/31/25 | 1,750 | 1,743,511 | ||||||
|
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/23 |
1,250 | 1,254,819 | ||||||
| 6.80%, 02/06/26 | 1,450 | 1,495,095 | ||||||
|
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/26 |
1,700 | 1,657,330 | ||||||
| Akbank TAS Reg S | ||||||||
|
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/23 |
200 | 200,771 | ||||||
| 6.80%, 02/06/26 | 200 | 206,220 | ||||||
|
Arcelik AS 144A 5.00%, 04/03/23 |
1,800 | 1,852,558 | ||||||
|
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
2,700 | 2,575,665 | ||||||
|
Coca-Cola Icecek AS 144A 4.21%, 09/19/24 |
1,500 | 1,562,682 | ||||||
|
Coca-Cola Icecek AS Reg S 4.21%, 09/19/24 |
200 | 208,358 | ||||||
| Fibabanka AS Reg S | ||||||||
| 6.00%, 01/25/23 | 1,150 | 1,171,637 | ||||||
|
7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27 |
1,000 | 1,015,385 | ||||||
| KOC Holding AS 144A | ||||||||
| 5.25%, 03/15/23 | 2,125 | 2,172,757 | ||||||
| 6.50%, 03/11/25 | 2,600 | 2,743,130 | ||||||
|
KOC Holding AS Reg S 5.25%, 03/15/23 |
500 | 511,237 | ||||||
|
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 |
1,200 | 1,202,320 | ||||||
|
Mersin Uluslararasi Liman Isletmeciligi AS Reg S 5.38%, 11/15/24 |
200 | 207,170 | ||||||
|
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 |
1,300 | 1,355,990 | ||||||
|
Roenesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23 |
950 | 945,541 | ||||||
| TC Ziraat Bankasi AS 144A | ||||||||
| 5.12%, 09/29/23 | 1,550 | 1,569,437 | ||||||
| 5.38%, 03/02/26 | 2,050 | 1,980,702 | ||||||
|
TC Ziraat Bankasi AS Reg S 5.12%, 09/29/23 |
200 | 202,508 | ||||||
|
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 |
1,750 | 1,790,836 |
| Par (000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 6.88%, 02/28/25 | $ | 1,785 | $ | 1,912,053 | ||||
| Turkcell Iletisim Hizmetleri AS 144A | ||||||||
| 5.75%, 10/15/25 | 1,700 | 1,780,500 | ||||||
| 5.80%, 04/11/28 | 1,800 | 1,882,501 | ||||||
|
Turkiye Garanti Bankasi AS 144A 5.88%, 03/16/23 |
1,700 | 1,762,118 | ||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 5.38%, 10/24/23 | 1,450 | 1,474,527 | ||||||
| 6.12%, 05/03/24 | 1,750 | 1,781,846 | ||||||
| 8.25%, 01/24/24 | 1,700 | 1,810,160 | ||||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | 4,000 | 4,107,960 | ||||||
|
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/23 |
1,600 | 1,618,016 | ||||||
| 7.85%, 12/10/23 | 1,300 | 1,391,207 | ||||||
| Turkiye Is Bankasi AS Reg S | ||||||||
| 6.12%, 04/25/24 | 200 | 205,398 | ||||||
|
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/23 |
200 | 202,252 | ||||||
|
7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/25 |
2,650 | 2,700,244 | ||||||
|
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 |
2,500 | 2,481,938 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
| 5.88%, 01/14/26 | 1,000 | 990,052 | ||||||
| 6.00%, 01/23/25 | 1,400 | 1,411,970 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS Reg S | ||||||||
| 5.50%, 01/16/23 | 1,150 | 1,175,663 | ||||||
| 5.88%, 01/14/26 | 200 | 198,010 | ||||||
|
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
2,450 | 2,654,585 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 † | 2,600 | 2,563,041 | ||||||
| 5.50%, 10/01/26 | 1,550 | 1,497,002 | ||||||
| 5.75%, 01/30/23 † | 2,050 | 2,097,679 | ||||||
| 6.00%, 11/01/22 | 2,300 | 2,349,370 | ||||||
| 6.50%, 01/08/26 | 2,550 | 2,569,737 | ||||||
| 8.12%, 03/28/24 | 1,850 | 1,975,393 | ||||||
| Turkiye Vakiflar Bankasi TAO Reg S | ||||||||
| 5.75%, 01/30/23 | 200 | 204,652 | ||||||
| 6.50%, 01/08/26 | 200 | 201,548 | ||||||
| 8.12%, 03/28/24 | 200 | 213,556 | ||||||
|
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
2,000 | 2,103,950 | ||||||
|
Ulker Biskuvi Sanayi AS Reg S 6.95%, 10/30/25 |
200 | 210,395 | ||||||
| Yapi ve Kredi Bankasi AS 144A |
See Notes to Financial Statements
| 24 |
| Par (000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 5.50%, 12/06/22 | $ | 3,500 | $ | 3,566,636 | ||||
| 5.85%, 06/21/24 | 1,750 | 1,786,487 | ||||||
| 6.10%, 03/16/23 | 1,450 | 1,495,856 | ||||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 † |
1,500 | 1,540,056 | ||||||
| 8.25%, 10/15/24 | 1,825 | 1,968,140 | ||||||
|
Yapi ve Kredi Bankasi AS Reg S 6.10%, 03/16/23 |
200 | 206,325 | ||||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 |
200 | 205,341 | ||||||
|
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 |
950 | 892,079 | ||||||
| 88,813,902 | ||||||||
| Ukraine: 1.2% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | 900 | 956,454 | ||||||
| 6.75%, 10/27/27 | 1,050 | 1,117,311 | ||||||
|
Kernel Holding SA Reg S 6.50%, 10/17/24 |
200 | 212,545 | ||||||
| Metinvest BV 144A | ||||||||
| 7.65%, 10/01/27 | 1,200 | 1,321,422 | ||||||
| 7.75%, 10/17/29 | 1,500 | 1,637,400 | ||||||
| 8.50%, 04/23/26 | 1,800 | 2,030,877 | ||||||
|
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 |
1,700 | 1,681,826 | ||||||
|
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28 |
2,400 | 2,358,831 | ||||||
| Ukraine Railways Via Rail Capital Markets Plc Reg S | ||||||||
| 7.88%, 07/15/26 | 200 | 203,250 | ||||||
| 8.25%, 07/09/24 | 3,000 | 3,135,000 | ||||||
|
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 † |
1,400 | 1,450,750 | ||||||
| 16,105,666 | ||||||||
| United Arab Emirates: 2.2% | ||||||||
|
Alpha Star Holding V Ltd. Reg S 6.62%, 04/18/23 |
1,200 | 1,230,396 | ||||||
|
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 1/22/2025 (o) |
2,550 | 2,707,411 | ||||||
|
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
5,300 | 5,804,216 | ||||||
| Emaar Sukuk Ltd. Reg S | ||||||||
| 3.63%, 09/15/26 | 2,800 | 2,922,640 | ||||||
| 3.88%, 09/17/29 | 2,900 | 3,020,843 | ||||||
|
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o) |
3,500 | 3,707,662 | ||||||
| Emirates Reit Sukuk Ltd. Reg S |
| Par (000’s |
) | Value | ||||||
| United Arab Emirates (continued) | ||||||||
| 5.12%, 12/12/22 | $ | 1,100 | $ | 830,500 | ||||
|
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
3,200 | 3,316,000 | ||||||
|
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) |
1,400 | 1,533,991 | ||||||
| Shelf Drilling Holdings Ltd. 144A | ||||||||
| 8.25%, 02/15/25 | 3,175 | 2,456,656 | ||||||
| 8.88%, 11/15/24 † | 1,000 | 1,036,515 | ||||||
| 28,566,830 | ||||||||
| United Kingdom: 1.3% | ||||||||
|
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
2,800 | 2,815,778 | ||||||
|
Gazprom PJSC via Gaz Finance Plc Reg S 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o) |
1,200 | 1,248,000 | ||||||
|
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26 |
1,136 | 1,173,939 | ||||||
|
Polyus Finance Plc Reg S 5.25%, 02/07/23 |
300 | 315,134 | ||||||
|
Tullow Oil Plc 144A 10.25%, 05/15/26 |
6,250 | 6,593,094 | ||||||
|
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
3,800 | 3,862,738 | ||||||
|
Vedanta Resources Finance II Plc Reg S 8.95%, 03/11/25 |
350 | 355,779 | ||||||
|
Vedanta Resources Ltd. Reg S 6.12%, 08/09/24 |
300 | 273,731 | ||||||
| 16,638,193 | ||||||||
| United States: 3.6% | ||||||||
| AES Andes SA 144A | ||||||||
|
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25 |
1,550 | 1,608,466 | ||||||
|
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24 |
1,650 | 1,728,738 | ||||||
|
AES Argentina Generacion SA 144A 7.75%, 02/02/24 |
1,000 | 872,245 | ||||||
|
AES El Salvador Trust II 144A 6.75%, 03/28/23 |
1,050 | 975,145 | ||||||
|
Azul Investments LLP 144A 7.25%, 06/15/26 † |
1,000 | 929,155 | ||||||
|
Azul Investments LLP Reg S 5.88%, 10/26/24 |
200 | 185,845 | ||||||
|
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 |
1,363 | 1,395,262 | ||||||
|
Energuate Trust 144A 5.88%, 05/03/27 |
1,000 | 1,023,750 |
See Notes to Financial Statements
| 25 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
$ | 2,400 | $ | 2,301,636 | ||||
|
Guacolda Energia SA 144A 4.56%, 04/30/25 |
1,750 | 1,120,018 | ||||||
| JBS USA Food Co. 144A | ||||||||
| 5.75%, 01/15/28 | 900 | 939,384 | ||||||
| 7.00%, 01/15/26 | 1,350 | 1,405,688 | ||||||
| Kosmos
Energy Ltd. 144A 7.50%, 03/01/28 † |
1,500 | 1,472,483 | ||||||
| Kosmos
Energy Ltd. Reg S 7.12%, 04/04/26 |
200 | 199,831 | ||||||
| MGM China Holdings Ltd. 144A | ||||||||
| 5.25%, 06/18/25 | 800 | 792,128 | ||||||
| 5.38%, 05/15/24 | 1,000 | 1,002,290 | ||||||
| 5.88%, 05/15/26 | 1,200 | 1,200,978 | ||||||
|
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
2,250 | 2,236,252 | ||||||
|
Mong Duong Finance Holdings BV Reg S 5.12%, 05/07/29 |
200 | 198,778 | ||||||
| Sasol Financing USA LLC | ||||||||
| 4.38%, 09/18/26 | 2,400 | 2,442,120 | ||||||
| 5.50%, 03/18/31 | 2,925 | 3,008,509 | ||||||
| SierraCol
Energy Andina LLC 144A 6.00%, 06/15/28 |
2,000 | 1,965,420 | ||||||
|
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 10.50%, 06/01/24 |
2,175 | 2,350,414 | ||||||
| Wynn Macau Ltd. 144A | ||||||||
| 4.88%, 10/01/24 † | 2,125 | 2,012,184 | ||||||
| 5.12%, 12/15/29 | 3,400 | 3,069,962 | ||||||
| 5.50%, 01/15/26 | 3,500 | 3,296,615 | ||||||
| 5.50%, 10/01/27 | 2,575 | 2,401,187 | ||||||
| 5.62%, 08/26/28 | 4,625 | 4,325,901 | ||||||
| 46,460,384 | ||||||||
| Uruguay: 0.0% | ||||||||
| Arcos
Dorados Holdings, Inc. Reg S 5.88%, 04/04/27 |
150 | 154,837 | ||||||
| Uzbekistan: 0.3% | ||||||||
| Ipoteka-Bank
ATIB Reg S 5.50%, 11/19/25 |
1,200 | 1,248,600 | ||||||
| Uzauto
Motors AJ 144A 4.85%, 05/04/26 |
900 | 887,742 | ||||||
| Uzauto
Motors AJ Reg S 4.85%, 05/04/26 |
200 | 197,276 | ||||||
|
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 |
1,050 | 1,090,460 | ||||||
| 3,424,078 | ||||||||
| Zambia: 1.7% | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| Zambia (continued) | ||||||||
| 6.50%, 03/01/24 | $ | 2,575 | $ | 2,616,844 | ||||
| 6.88%, 03/01/26 | 3,475 | 3,622,688 | ||||||
| 6.88%, 10/15/27 | 5,375 | 5,744,531 | ||||||
| 7.25%, 04/01/23 | 5,300 | 5,403,085 | ||||||
| 7.50%, 04/01/25 | 4,425 | 4,585,406 | ||||||
| 21,972,554 | ||||||||
| Total Corporate Bonds (Cost: $1,273,221,654) |
1,235,960,155 | |||||||
| GOVERNMENT OBLIGATIONS: 1.7% | ||||||||
| Argentina: 0.7% | ||||||||
|
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 |
2,900 | 2,584,147 | ||||||
|
Ciudad Autonoma De Buenos Aires Reg S 7.50%, 06/01/27 |
200 | 178,217 | ||||||
| Provincia de Cordoba 144A | ||||||||
| 5.00%, 06/01/27 (s) | 1,732 | 1,167,070 | ||||||
| 5.00%, 02/01/29 | 1,457 | 947,003 | ||||||
| Provincia
de Cordoba Reg S 5.00%, 02/01/29 (s) |
152 | 98,851 | ||||||
| Provincia
de Mendoza 144A 4.25%, 03/19/29 (s) |
1,975 | 1,377,562 | ||||||
| Provincia
de Neuquen 144A 4.62%, 04/27/30 (s) |
1,275 | 787,312 | ||||||
| Provincia
del Chubut 144A 7.75%, 07/26/30 (s) |
1,783 | 1,403,981 | ||||||
| Provincia
del Chubut Reg S 7.75%, 07/26/30 (s) |
141 | 110,841 | ||||||
| 8,654,984 | ||||||||
| Belarus: 0.1% | ||||||||
|
Development Bank of the Republic of Belarus JSC 144A 6.75%, 05/02/24 |
1,600 | 1,504,000 | ||||||
|
Development Bank of the Republic of Belarus JSC Reg S 6.75%, 05/02/24 |
200 | 188,000 | ||||||
| 1,692,000 | ||||||||
| Brazil: 0.1% | ||||||||
|
Banco Nacional de Desenvolvimento Economico e Social 144A 5.75%, 09/26/23 |
1,300 | 1,408,147 | ||||||
|
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23 |
250 | 270,798 | ||||||
| 1,678,945 | ||||||||
| Mongolia: 0.2% | ||||||||
|
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23 |
1,700 | 1,805,352 | ||||||
| Pakistan: 0.1% | ||||||||
|
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
1,800 | 1,770,750 | ||||||
See Notes to Financial Statements
| 26 |
| Par (000’s |
) | Value | ||||||
| Turkey: 0.4% | ||||||||
|
Istanbul Metropolitan Municipality 144A 6.38%, 12/09/25 |
$ | 1,800 | $ | 1,758,715 | ||||
|
Istanbul Metropolitan Municipality Reg S 6.38%, 12/09/25 |
200 | 195,413 | ||||||
|
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26 |
2,600 | 2,544,662 | ||||||
|
Turkiye Ihracat Kredi Bankasi AS Reg S 5.38%, 10/24/23 |
300 | 305,074 | ||||||
| 4,803,864 | ||||||||
| Uzbekistan: 0.1% | ||||||||
|
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 |
1,000 | 1,029,435 | ||||||
| Total Government
Obligations (Cost: $21,814,372) |
21,435,330 | |||||||
| Total
Investments Before Collateral for Securities Loaned: 96.8% (Cost: $1,295,036,026) |
1,257,395,485 | |||||||
| Number of Shares |
||||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.6% (Cost: $33,912,101) |
||||||||
| Money Market Fund: 2.6% | ||||||||
|
State Street Navigator Securities Lending Government Money Market Portfolio |
33,912,101 | 33,912,101 | ||||||
| Total Investments: 99.4% (Cost: $1,328,948,127) |
1,291,307,586 | |||||||
| Other assets less liabilities: 0.6% | 8,176,816 | |||||||
| NET ASSETS: 100.0% | $ | 1,299,484,402 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $41,108,243. |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| (a) | Amount is less than 1,000 |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (d) | Security in default |
| * | Non-income producing |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $820,231,847, or 63.1% of net assets. |
See Notes to Financial Statements
| 27 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Basic Materials | 11.9 | % | $ | 149,564,516 | ||||
| Consumer Cyclicals | 3.6 | 44,599,763 | ||||||
| Consumer Non-Cyclicals | 4.1 | 51,810,449 | ||||||
| Energy | 16.8 | 211,089,493 | ||||||
| Financials | 35.0 | 439,614,135 | ||||||
| Government Activity | 0.8 | 10,609,112 | ||||||
| Healthcare | 3.3 | 41,863,125 | ||||||
| Industrials | 8.5 | 107,242,706 | ||||||
| Real Estate | 4.8 | 60,470,710 | ||||||
| Technology | 4.2 | 52,870,861 | ||||||
| Utilities | 7.0 | 87,660,615 | ||||||
| 100.0 | % | $ | 1,257,395,485 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 1,235,960,156 | $ | — | $ | 1,235,960,156 | ||||||||
| Government Obligations * | — | 21,435,329 | — | 21,435,329 | ||||||||||||
| Money Market Fund | 33,912,101 | — | — | 33,912,101 | ||||||||||||
| Total Investments | $ | 33,912,101 | $ | 1,257,395,485 | $ | — | $ | 1,291,307,586 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 28 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 98.7% | ||||||||
| Australia: 1.2% | ||||||||
| Buckeye Partners LP | ||||||||
| 3.95%, 12/01/26 | $ | 15,322 | $ | 15,726,807 | ||||
| 4.12%, 12/01/27 | 10,317 | 10,407,274 | ||||||
| 4.15%, 07/01/23 | 12,873 | 13,335,141 | ||||||
| 4.35%, 10/15/24 † | 7,670 | 8,032,561 | ||||||
| 5.60%, 10/15/44 | 7,678 | 7,457,718 | ||||||
| 5.85%, 11/15/43 | 10,317 | 10,184,736 | ||||||
| 65,144,237 | ||||||||
| Brazil: 0.3% | ||||||||
| Avon
Products, Inc. 6.50%, 03/15/23 |
12,389 | 13,070,395 | ||||||
| Canada: 1.3% | ||||||||
|
Bombardier, Inc. 144A 7.45%, 05/01/34 † |
13,486 | 16,520,350 | ||||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | 7,687 | 8,119,394 | ||||||
| 5.25%, 12/15/29 | 18,008 | 19,110,990 | ||||||
| 5.65%, 12/01/44 | 7,673 | 7,999,102 | ||||||
| TransAlta Corp. | ||||||||
| 4.50%, 11/15/22 | 9,700 | 9,906,125 | ||||||
| 6.50%, 03/15/40 | 7,754 | 9,146,037 | ||||||
| 70,801,998 | ||||||||
| Cayman Islands: 0.3% | ||||||||
|
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22 |
13,354 | 12,919,333 | ||||||
| Finland: 0.3% | ||||||||
|
Nokia Oyj 6.62%, 05/15/39 |
12,831 | 17,276,364 | ||||||
| France: 1.8% | ||||||||
|
Electricite de France SA 144A |
||||||||
|
5.25% (USD Swap Semi 30/360 10 Year+3.71%), 1/29/2023 (o) |
53,976 | 55,959,618 | ||||||
|
5.62% (USD Swap Semi 30/360 10 Year+3.04%), 1/22/2024 (o) |
38,630 | 41,102,320 | ||||||
| 97,061,938 | ||||||||
| Germany: 2.2% | ||||||||
|
Deutsche Bank AG |
||||||||
|
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 |
34,951 | 36,224,588 | ||||||
| 4.50%, 04/01/25 | 38,517 | 41,341,284 | ||||||
|
Dresdner Funding Trust I 144A 8.15%, 06/30/31 |
25,598 | 36,315,883 | ||||||
| 113,881,755 | ||||||||
| Ireland: 1.2% | ||||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 3.15%, 06/15/30 | 19,275 | 19,448,022 | ||||||
| 3.90%, 12/15/24 | 18,000 | 19,040,902 | ||||||
| 4.38%, 03/15/26 | 18,000 | 19,225,739 | ||||||
| 4.90%, 12/15/44 | 7,800 | 7,742,098 | ||||||
| 65,456,761 | ||||||||
| Italy: 3.4% | ||||||||
| Intesa Sanpaolo SpA 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| Italy (continued) | ||||||||
| 5.02%, 06/26/24 | $ | 51,347 | $ | 55,076,420 | ||||
| Telecom Italia Capital SA | ||||||||
| 6.00%, 09/30/34 | 25,693 | 28,619,818 | ||||||
| 6.38%, 11/15/33 | 25,688 | 29,505,365 | ||||||
| 7.20%, 07/18/36 | 25,515 | 31,035,426 | ||||||
| 7.72%, 06/04/38 | 25,710 | 32,815,858 | ||||||
| 177,052,887 | ||||||||
| United Kingdom: 2.9% | ||||||||
|
Lloyds Banking Group Plc 144A |
||||||||
|
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/1/2035 (o) |
9,624 | 13,501,028 | ||||||
|
6.66% (ICE LIBOR USD 3 Month+1.27%), 5/21/2037 (o) |
11,126 | 15,951,903 | ||||||
|
Marks & Spencer Plc 144A 7.12%, 12/01/37 † |
7,634 | 9,198,970 | ||||||
|
Rolls-Royce Plc 144A 3.62%, 10/14/25 † |
26,015 | 26,600,337 | ||||||
|
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 7/30/2037 (o) |
19,200 | 26,640,000 | ||||||
|
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 1/4/2029 |
51,784 | 62,654,048 | ||||||
| 154,546,286 | ||||||||
| United States: 83.8% | ||||||||
|
ADT Security Corp. 4.12%, 06/15/23 |
17,971 | 18,729,915 | ||||||
| Apache Corp. | ||||||||
| 4.25%, 01/15/30 † | 14,905 | 15,855,194 | ||||||
| 4.38%, 10/15/28 † | 18,077 | 19,452,298 | ||||||
| 4.75%, 04/15/43 † | 10,935 | 11,988,533 | ||||||
| 5.10%, 09/01/40 | 34,252 | 38,429,545 | ||||||
| 5.25%, 02/01/42 | 10,196 | 11,484,978 | ||||||
| 5.35%, 07/01/49 | 9,894 | 11,372,856 | ||||||
| 6.00%, 01/15/37 † | 11,426 | 13,948,861 | ||||||
|
Bath & Body Works, Inc. 6.95%, 03/01/33 † |
8,903 | 10,077,128 | ||||||
| Bed Bath & Beyond, Inc. | ||||||||
| 3.75%, 08/01/24 † | 7,363 | 7,501,056 | ||||||
| 5.17%, 08/01/44 † | 17,344 | 14,775,787 | ||||||
|
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 † |
7,589 | 7,776,924 | ||||||
|
Brinker International, Inc. 144A 5.00%, 10/01/24 |
9,575 | 10,149,500 | ||||||
|
Carpenter Technology Corp. 4.45%, 03/01/23 |
8,246 | 8,562,792 | ||||||
|
CDK Global, Inc. 5.00%, 10/15/24 † |
13,404 | 14,874,419 | ||||||
|
Cleveland-Cliffs, Inc. 6.25%, 10/01/40 |
6,695 | 7,339,394 | ||||||
|
Continental Resources, Inc. 3.80%, 06/01/24 |
23,417 | 24,617,121 | ||||||
| 4.90%, 06/01/44 | 17,929 | 20,368,689 | ||||||
|
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 |
9,049 | 11,141,581 | ||||||
| DCP Midstream Operating LP | ||||||||
See Notes to Financial Statements
| 29 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 3.88%, 03/15/23 | $ | 12,867 | $ | 13,285,177 | ||||
| 5.60%, 04/01/44 | 10,230 | 12,290,322 | ||||||
| 8.12%, 08/16/30 | 7,679 | 10,415,104 | ||||||
| DCP Midstream Operating LP 144A | ||||||||
| 6.45%, 11/03/36 | 7,667 | 9,934,094 | ||||||
| 6.75%, 09/15/37 | 11,501 | 15,394,606 | ||||||
| Dell, Inc. | ||||||||
| 5.40%, 09/10/40 † | 6,767 | 8,150,987 | ||||||
| 6.50%, 04/15/38 | 9,919 | 13,170,845 | ||||||
| 7.10%, 04/15/28 † | 7,737 | 9,983,051 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 2.90%, 10/28/24 | 23,113 | 23,616,755 | ||||||
| 3.75%, 10/28/29 † | 12,501 | 12,714,477 | ||||||
| 3.80%, 04/19/23 | 12,826 | 13,299,247 | ||||||
| 4.38%, 04/19/28 † | 10,546 | 11,255,094 | ||||||
| Diversified Healthcare Trust | ||||||||
| 4.75%, 05/01/24 | 6,483 | 6,693,697 | ||||||
| 4.75%, 02/15/28 | 12,918 | 12,865,165 | ||||||
| Domtar Corp. | ||||||||
| 6.25%, 09/01/42 | 6,425 | 6,698,803 | ||||||
| 6.75%, 02/15/44 | 6,425 | 6,809,033 | ||||||
|
DPL, Inc. 4.35%, 04/15/29 |
10,302 | 11,139,037 | ||||||
|
Embarq Corp. 8.00%, 06/01/36 |
36,705 | 40,624,727 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 4.15%, 06/01/25 | 18,517 | 19,353,691 | ||||||
| 4.40%, 04/01/24 | 13,403 | 14,022,889 | ||||||
| 5.05%, 04/01/45 | 11,471 | 10,942,703 | ||||||
| 5.45%, 06/01/47 | 12,750 | 12,766,958 | ||||||
| 5.60%, 04/01/44 | 8,932 | 8,774,127 | ||||||
| EQM Midstream Partners LP | ||||||||
| 4.00%, 08/01/24 | 12,861 | 13,359,364 | ||||||
| 4.12%, 12/01/26 | 12,871 | 13,257,709 | ||||||
| 4.75%, 07/15/23 | 15,435 | 16,266,329 | ||||||
| 5.50%, 07/15/28 | 21,848 | 24,091,344 | ||||||
| 6.50%, 07/15/48 | 14,045 | 16,727,033 | ||||||
| EQT Corp. | ||||||||
| 3.90%, 10/01/27 | 32,132 | 34,341,075 | ||||||
| 6.62%, 02/01/25 | 25,703 | 28,948,004 | ||||||
| 7.50%, 02/01/30 | 19,289 | 24,717,889 | ||||||
| FirstEnergy Corp. | ||||||||
| 1.60%, 01/15/26 | 7,669 | 7,566,044 | ||||||
| 2.05%, 03/01/25 | 7,731 | 7,776,458 | ||||||
| 2.25%, 09/01/30 | 11,581 | 11,150,129 | ||||||
| 2.65%, 03/01/30 | 15,366 | 15,158,098 | ||||||
| 3.40%, 03/01/50 | 21,689 | 21,569,710 | ||||||
| 4.40%, 07/15/27 | 38,550 | 41,845,068 | ||||||
| 4.75%, 03/15/23 | 21,850 | 22,668,501 | ||||||
| 5.35%, 07/15/47 | 25,707 | 31,239,775 | ||||||
| 7.38%, 11/15/31 | 38,550 | 52,613,425 | ||||||
|
FirstEnergy Transmission LLC 144A 4.55%, 04/01/49 |
12,779 | 14,963,335 | ||||||
| Fluor Corp. | ||||||||
| 3.50%, 12/15/24 † | 9,845 | 10,275,128 | ||||||
| 4.25%, 09/15/28 † | 15,472 | 16,109,678 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Ford Holdings LLC 9.30%, 03/01/30 |
$ | 5,514 | $ | 7,527,106 | ||||
| Ford Motor Co. | ||||||||
| 4.35%, 12/08/26 | 28,018 | 29,989,627 | ||||||
| 4.75%, 01/15/43 | 37,356 | 40,853,642 | ||||||
| 5.29%, 12/08/46 | 24,245 | 27,850,110 | ||||||
| 6.38%, 02/01/29 | 4,861 | 5,699,766 | ||||||
| 6.62%, 10/01/28 | 11,895 | 14,284,111 | ||||||
| 7.40%, 11/01/46 † | 7,456 | 10,225,419 | ||||||
| 7.45%, 07/16/31 | 33,442 | 44,310,650 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 3.09%, 01/09/23 | 28,010 | 28,526,784 | ||||||
| 3.10%, 05/04/23 | 18,676 | 19,002,830 | ||||||
| 3.35%, 11/01/22 | 22,414 | 22,782,710 | ||||||
| 3.66%, 09/08/24 | 14,017 | 14,525,116 | ||||||
| 3.81%, 01/09/24 | 13,991 | 14,498,174 | ||||||
| 3.81%, 11/02/27 | 14,023 | 14,567,653 | ||||||
| 4.06%, 11/01/24 | 28,031 | 29,431,148 | ||||||
| 4.13%, 08/04/25 | 26,158 | 27,662,085 | ||||||
| 4.14%, 02/15/23 | 16,811 | 17,285,911 | ||||||
| 4.27%, 01/09/27 | 16,824 | 17,877,014 | ||||||
| 4.38%, 08/06/23 | 18,700 | 19,471,375 | ||||||
| 4.39%, 01/08/26 | 22,429 | 24,027,066 | ||||||
| 4.54%, 08/01/26 | 13,989 | 15,080,562 | ||||||
| 4.69%, 06/09/25 | 11,204 | 11,991,641 | ||||||
| 5.11%, 05/03/29 | 27,782 | 30,907,475 | ||||||
| 5.58%, 03/18/24 | 28,026 | 30,233,047 | ||||||
| Freeport-McMoRan, Inc. | ||||||||
| 3.88%, 03/15/23 | 25,603 | 26,403,094 | ||||||
| 4.55%, 11/14/24 | 18,794 | 20,344,881 | ||||||
| 5.40%, 11/14/34 | 19,274 | 23,570,946 | ||||||
| 5.45%, 03/15/43 | 47,966 | 60,401,186 | ||||||
|
Frontier Florida LLC 6.86%, 02/01/28 |
8,325 | 8,876,531 | ||||||
|
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 |
14,100 | 13,896,185 | ||||||
| Genworth Holdings, Inc. | ||||||||
| 4.80%, 02/15/24 | 9,808 | 10,040,057 | ||||||
| 4.90%, 08/15/23 | 9,781 | 10,013,299 | ||||||
| 6.50%, 06/15/34 † | 7,662 | 7,987,635 | ||||||
| Global Marine, Inc. | ||||||||
| 7.00%, 06/01/28 † | 6,674 | 4,905,390 | ||||||
|
Goldman Sachs Capital I 6.34%, 02/15/34 |
24,405 | 33,839,624 | ||||||
|
HB Fuller Co. 4.00%, 02/15/27 |
8,210 | 8,631,707 | ||||||
|
HCA, Inc. 7.69%, 06/15/25 |
7,814 | 9,386,880 | ||||||
| Hexcel Corp. | ||||||||
| 4.20%, 02/15/27 | 10,320 | 11,174,740 | ||||||
| 4.95%, 08/15/25 | 7,769 | 8,577,623 | ||||||
|
Hillenbrand, Inc. 5.00%, 09/15/26 † |
9,774 | 10,947,027 | ||||||
| Howmet Aerospace, Inc. | ||||||||
| 5.90%, 02/01/27 | 15,981 | 18,318,381 | ||||||
| 5.95%, 02/01/37 | 16,048 | 19,334,390 | ||||||
| 6.75%, 01/15/28 † | 7,667 | 9,334,956 | ||||||
See Notes to Financial Statements
| 30 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.00%, 06/01/26 | $ | 48,193 | $ | 50,429,518 | ||||
| 3.75%, 04/01/30 | 18,933 | 20,594,072 | ||||||
| 4.38%, 06/01/46 | 76,692 | 89,655,879 | ||||||
| 4.62%, 01/30/29 | 18,651 | 21,228,489 | ||||||
| 4.62%, 10/01/39 | 10,141 | 11,824,788 | ||||||
| 4.88%, 10/01/49 | 38,273 | 47,458,504 | ||||||
| 5.00%, 07/15/35 | 20,250 | 24,919,004 | ||||||
| 5.00%, 06/04/42 | 40,766 | 50,461,302 | ||||||
| 5.20%, 07/15/45 | 46,377 | 59,074,449 | ||||||
| 6.50%, 02/09/40 | 18,036 | 25,775,613 | ||||||
| 6.75%, 03/15/32 | 9,486 | 12,840,882 | ||||||
| 6.88%, 01/26/39 | 20,774 | 30,464,158 | ||||||
|
Kraft Heinz Foods Co. 144A 7.12%,08/01/39 † |
22,364 | 33,974,911 | ||||||
| Lumen Technologies, Inc. | ||||||||
| 6.88%, 01/15/28 | 10,950 | 12,209,250 | ||||||
| 7.60%, 09/15/39 | 13,357 | 14,763,492 | ||||||
| Macy’s Retail Holdings LLC | ||||||||
| 2.88%, 02/15/23 | 12,935 | 13,080,519 | ||||||
| 3.62%, 06/01/24 † | 8,987 | 9,298,849 | ||||||
| 4.30%, 02/15/43 | 6,351 | 5,462,686 | ||||||
| 4.50%, 12/15/34 | 9,421 | 9,229,754 | ||||||
| 5.12%, 01/15/42 | 6,376 | 5,970,773 | ||||||
|
Magellan Health, Inc. 4.90%, 09/22/24 |
9,792 | 10,732,228 | ||||||
| Mattel, Inc. | ||||||||
| 3.15%, 03/15/23 | 6,450 | 6,613,508 | ||||||
| 5.45%, 11/01/41 | 7,672 | 9,063,049 | ||||||
| 6.20%, 10/01/40 | 6,393 | 8,159,066 | ||||||
|
Michael Kors USA, Inc. 144A 4.50%, 11/01/24 |
12,130 | 12,851,128 | ||||||
| Murphy Oil Corp. | ||||||||
| 6.38%, 12/01/42 | 8,912 | 9,067,960 | ||||||
| 7.05%, 05/01/29 † | 6,443 | 7,289,610 | ||||||
| Navient Corp. | ||||||||
| 5.50%, 01/25/23 | 25,750 | 26,955,358 | ||||||
| 5.62%, 08/01/33 | 15,317 | 14,560,264 | ||||||
| Newell Brands, Inc. | ||||||||
| 4.35%, 04/01/23 | 27,967 | 29,160,911 | ||||||
| 4.70%, 04/01/26 | 51,010 | 55,926,752 | ||||||
| 5.88%, 04/01/36 | 10,827 | 13,143,004 | ||||||
| 6.00%, 04/01/46 | 17,159 | 21,574,354 | ||||||
| Nordstrom, Inc. | ||||||||
| 2.30%, 04/08/24 | 6,400 | 6,439,360 | ||||||
| 4.00%, 03/15/27 † | 9,025 | 9,284,965 | ||||||
| 4.25%, 08/01/31 † | 10,850 | 10,861,664 | ||||||
| 4.38%, 04/01/30 † | 12,875 | 13,116,149 | ||||||
| 5.00%, 01/15/44 † | 24,830 | 24,616,090 | ||||||
| 6.95%, 03/15/28 † | 7,675 | 8,999,321 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 0.00%, 10/10/36 ^ | 53,356 | 30,129,866 | ||||||
| 2.70%, 02/15/23 | 10,470 | 10,600,247 | ||||||
| 2.90%, 08/15/24 | 32,611 | 33,261,589 | ||||||
| 3.00%, 02/15/27 | 17,726 | 17,748,157 | ||||||
| 3.20%, 08/15/26 | 21,035 | 21,324,547 | ||||||
| 3.40%, 04/15/26 | 21,901 | 22,373,843 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 3.50%, 06/15/25 | $ | 12,336 | $ | 12,783,180 | ||||
| 3.50%, 08/15/29 | 35,425 | 36,000,656 | ||||||
| 4.10%, 02/15/47 | 17,580 | 17,164,672 | ||||||
| 4.20%, 03/15/48 | 23,432 | 22,869,749 | ||||||
| 4.30%, 08/15/39 | 17,577 | 17,688,350 | ||||||
| 4.40%, 04/15/46 | 27,028 | 27,379,799 | ||||||
| 4.40%, 08/15/49 | 16,672 | 16,689,172 | ||||||
| 4.50%, 07/15/44 | 14,630 | 14,795,685 | ||||||
| 4.62%, 06/15/45 | 17,588 | 18,226,796 | ||||||
| 5.55%, 03/15/26 | 25,556 | 28,239,380 | ||||||
| 6.20%, 03/15/40 | 17,297 | 20,981,261 | ||||||
| 6.45%, 09/15/36 | 40,966 | 52,188,636 | ||||||
| 6.60%, 03/15/46 | 25,763 | 32,999,956 | ||||||
| 6.95%, 07/01/24 | 13,693 | 15,421,741 | ||||||
| 7.50%, 05/01/31 | 20,540 | 26,770,706 | ||||||
| 7.88%, 09/15/31 | 11,471 | 15,357,662 | ||||||
| 7.95%, 06/15/39 | 7,553 | 10,096,284 | ||||||
| Oceaneering International, Inc. | ||||||||
| 4.65%, 11/15/24 † | 12,763 | 13,273,520 | ||||||
| 6.00%, 02/01/28 | 7,653 | 7,879,605 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.50%, 08/15/34 | 19,283 | 26,046,930 | ||||||
| 6.50%, 02/01/38 | 12,464 | 16,921,499 | ||||||
| 6.62%, 08/15/37 | 11,898 | 16,185,832 | ||||||
| 7.20%, 11/01/31 | 9,008 | 12,080,402 | ||||||
| 7.38%, 11/01/31 | 12,762 | 17,296,573 | ||||||
| 8.12%, 09/15/30 | 7,735 | 10,619,786 | ||||||
|
Pactiv LLC 7.95%, 12/15/25 |
7,584 | 8,465,640 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.95%, 02/01/28 † | 13,119 | 13,159,424 | ||||||
| 5.15%, 11/15/29 | 9,027 | 9,319,322 | ||||||
|
ProAssurance Corp. 5.30%, 11/15/23 |
6,970 | 7,394,686 | ||||||
|
Qwest Corp. 7.25%, 09/15/25 |
6,365 | 7,604,902 | ||||||
| Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
| 4.62%, 04/16/29 † | 25,590 | 26,005,113 | ||||||
| 4.62%, 04/06/31 | 8,950 | 8,933,357 | ||||||
| Rockies Express Pipeline LLC 144A | ||||||||
| 3.60%, 05/15/25 | 10,210 | 10,643,312 | ||||||
| 4.80%, 05/15/30 | 8,933 | 9,524,811 | ||||||
| 4.95%, 07/15/29 | 14,145 | 15,152,831 | ||||||
| 6.88%, 04/15/40 | 12,759 | 14,469,344 | ||||||
| 7.50%, 07/15/38 | 6,411 | 7,337,806 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 3.70%, 03/15/28 † | 12,866 | 12,206,617 | ||||||
| 7.50%, 10/15/27 | 7,664 | 8,973,318 | ||||||
| Royal Caribbean Cruises Ltd. 144A | ||||||||
| 10.88%, 06/01/23 | 25,703 | 28,787,360 | ||||||
| 11.50%, 06/01/25 | 35,761 | 40,745,189 | ||||||
|
Safeway, Inc. 7.25%, 02/01/31 |
6,835 | 8,261,977 | ||||||
|
Seagate HDD Cayman 4.09%, 06/01/29 |
12,878 | 13,331,563 |
See Notes to Financial Statements
| 31 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 4.12%, 01/15/31 | $ | 12,859 | $ | 13,074,131 | ||||
| 4.75%, 01/01/25 | 12,323 | 13,324,244 | ||||||
| 4.88%, 03/01/24 | 12,871 | 13,740,436 | ||||||
| 4.88%, 06/01/27 | 12,994 | 14,339,101 | ||||||
| 5.75%, 12/01/34 † | 12,513 | 14,424,173 | ||||||
|
Sealed Air Corp. 144A 6.88%, 07/15/33 |
11,978 | 15,378,734 | ||||||
| Service Properties Trust | ||||||||
| 3.95%, 01/15/28 | 10,295 | 9,587,219 | ||||||
| 4.35%, 10/01/24 | 21,219 | 21,409,971 | ||||||
| 4.38%, 02/15/30 | 10,300 | 9,720,625 | ||||||
| 4.50%, 06/15/23 | 625 | 638,281 | ||||||
| 4.50%, 03/15/25 | 9,028 | 9,041,993 | ||||||
| 4.65%, 03/15/24 | 21,494 | 21,708,940 | ||||||
| 4.75%, 10/01/26 | 11,509 | 11,396,787 | ||||||
| 4.95%, 02/15/27 | 10,294 | 10,152,457 | ||||||
| 4.95%, 10/01/29 | 10,931 | 10,534,751 | ||||||
| 5.25%, 02/15/26 | 9,016 | 9,117,430 | ||||||
|
Southeast Supply Header LLC 144A 4.25%, 06/15/24 |
10,384 | 10,825,320 | ||||||
|
Southwestern Energy Co. 6.45%, 01/23/25 |
18,090 | 19,740,712 | ||||||
| Spirit AeroSystems, Inc. | ||||||||
| 3.85%, 06/15/26 | 7,683 | 8,076,754 | ||||||
| 3.95%, 06/15/23 | 7,680 | 7,799,808 | ||||||
| 4.60%, 06/15/28 † | 17,988 | 17,781,138 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.88%, 11/15/28 | 63,657 | 80,570,028 | ||||||
| 8.75%, 03/15/32 | 51,383 | 76,971,734 | ||||||
|
Tenet Healthcare Corp. 6.88%, 11/15/31 |
9,355 | 10,723,169 | ||||||
|
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 |
16,063 | 19,530,534 | ||||||
| Transocean, Inc. | ||||||||
| 6.80%, 03/15/38 | 15,550 | 9,330,000 | ||||||
| 7.50%, 04/15/31 | 10,089 | 6,574,245 | ||||||
| Travel + Leisure Co. | ||||||||
| 3.90%, 03/01/23 | 10,306 | 10,656,404 | ||||||
| 5.65%, 04/01/24 | 7,722 | 8,376,826 | ||||||
| 6.00%, 04/01/27 | 10,305 | 11,220,496 | ||||||
| 6.60%, 10/01/25 | 9,008 | 10,064,638 | ||||||
|
Trinity Industries, Inc. 4.55%, 10/01/24 |
10,863 | 11,526,729 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Under Armour, Inc. 3.25%, 06/15/26 † |
$ | 16,016 | $ | 16,436,420 | ||||
|
United States Cellular Corp. 6.70%, 12/15/33 |
14,155 | 17,636,819 | ||||||
|
United States Steel Corp. 6.65%, 06/01/37 † |
9,503 | 10,088,575 | ||||||
| Western Midstream Operating LP | ||||||||
| 3.95%, 06/01/25 | 4,750 | 5,009,350 | ||||||
| 4.35%, 02/01/25 | 24,325 | 25,510,844 | ||||||
| 4.50%, 03/01/28 | 10,301 | 11,163,709 | ||||||
| 4.65%, 07/01/26 | 12,182 | 13,171,970 | ||||||
| 4.75%, 08/15/28 | 10,288 | 11,331,718 | ||||||
| 5.30%, 02/01/30 | 30,833 | 33,839,217 | ||||||
| 5.30%, 03/01/48 | 17,891 | 20,868,241 | ||||||
| 5.45%, 04/01/44 | 15,333 | 18,014,052 | ||||||
| 5.50%, 08/15/48 | 8,966 | 10,716,074 | ||||||
| 6.50%, 02/01/50 | 25,689 | 30,787,367 | ||||||
| Xerox Corp. | ||||||||
| 3.80%, 05/15/24 † | 7,729 | 8,038,160 | ||||||
| 4.38%, 03/15/23 | 25,703 | 26,549,143 | ||||||
| 4.80%, 03/01/35 † | 6,450 | 6,442,292 | ||||||
| 6.75%, 12/15/39 † | 9,034 | 9,841,233 | ||||||
|
XPO CNW, Inc. 6.70%, 05/01/34 |
7,772 | 9,724,715 | ||||||
| Yum! Brands, Inc. | ||||||||
| 3.88%, 11/01/23 † | 8,326 | 8,711,077 | ||||||
| 5.35%, 11/01/43 | 7,036 | 7,819,881 | ||||||
| 6.88%, 11/15/37 | 8,351 | 10,534,954 | ||||||
| 4,410,324,715 | ||||||||
| Total Corporate
Bonds (Cost: $4,926,351,575) |
5,197,536,669 | |||||||
| Number of Shares |
||||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 3.7% (Cost: $195,344,301) |
||||||||
| Money Market Fund: 3.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 195,344,301 | 195,344,301 | ||||||
| Total Investments: 102.4% (Cost: $5,121,695,876) |
5,392,880,970 | |||||||
| Liabilities in excess of other assets: (2.4)% | (128,258,634 | ) | ||||||
| NET ASSETS: 100.0% | $ | 5,264,622,336 | ||||||
| Definitions: | ||
| USD | United States Dollar | |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $214,967,597. |
| (o) | Perpetual Maturity — the date shown is the next call date |
See Notes to Financial Statements
| 32 |
| ^ | Zero Coupon Bond |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $593,345,162, or 11.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 4.8 | % | $ | 249,065,851 | |||||
| Communications | 0.2 | 8,876,531 | |||||||
| Consumer Cyclicals | 13.8 | 715,811,480 | |||||||
| Consumer Non-Cyclicals | 9.6 | 500,033,939 | |||||||
| Energy | 28.9 | 1,500,699,442 | |||||||
| Financials | 13.3 | 689,094,446 | |||||||
| Healthcare | 1.8 | 96,299,038 | |||||||
| Industrials | 5.9 | 308,288,321 | |||||||
| Real Estate | 2.5 | 132,867,318 | |||||||
| Technology | 12.4 | 642,696,622 | |||||||
| Utilities | 6.8 | 353,803,681 | |||||||
| 100.0 | % | $ | 5,197,536,669 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||
| Corporate Bonds * | $ | — | $ | 5,197,536,669 | $ | — | $ | 5,197,536,669 | ||||
| Money Market Fund | 195,344,301 | — | — | 195,344,301 | ||||||||
| Total Investments | $ | 195,344,301 | $ | 5,197,536,669 | $ | — | $ | 5,392,880,970 | ||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 33 |
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 85.5% | ||||||||
| Australia: 0.4% | ||||||||
|
National Australia Bank Ltd. 3.62%, 06/20/23 |
$ | 375 | $ | 393,949 | ||||
| Bermuda: 0.4% | ||||||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
350 | 375,398 | ||||||
| Brazil: 2.2% | ||||||||
|
Banco BTG Pactual SA 144A 2.75%, 01/11/26 |
250 | 240,325 | ||||||
|
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 |
375 | 420,487 | ||||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
300 | 331,239 | ||||||
|
Klabin Austria GmbH 144A 7.00%, 04/03/49 |
150 | 173,389 | ||||||
|
Klabin Finance SA 144A 4.88%, 09/19/27 |
465 | 499,880 | ||||||
|
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 † |
250 | 260,312 | ||||||
|
Suzano Austria GmbH 144A 5.75%, 07/14/26 |
250 | 285,440 | ||||||
| 2,211,072 | ||||||||
| British Virgin Islands: 0.2% | ||||||||
|
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 |
200 | 201,240 | ||||||
| Canada: 1.9% | ||||||||
|
Alimentation Couche-Tard, Inc. 144A 3.62%, 05/13/51 † |
150 | 160,114 | ||||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
100 | 105,250 | ||||||
|
Bank of Nova Scotia 2.38%, 01/18/23 |
225 | 230,147 | ||||||
|
Brookfield Finance, Inc. 2.72%, 04/15/31 |
250 | 253,847 | ||||||
|
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 |
250 | 245,762 | ||||||
|
CDP Financial, Inc. Reg S 1.00%, 05/26/26 |
500 | 495,129 | ||||||
|
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 |
300 | 287,509 | ||||||
|
Tucson Electric Power Co. 1.50%, 08/01/30 |
150 | 141,188 | ||||||
| 1,918,946 | ||||||||
| Cayman Islands: 0.4% | ||||||||
|
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 |
400 | 401,064 | ||||||
| Chile: 0.8% | ||||||||
| Inversiones CMPC SA
144A 4.38%, 04/04/27 |
250 | 272,271 | ||||||
| Par (000’s |
) | Value | ||||||
| Chile (continued) | ||||||||
|
Inversiones Latin America Power Ltda Reg S 5.12%, 06/15/33 |
$ | 200 | $ | 195,784 | ||||
|
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 |
300 | 293,313 | ||||||
| 761,368 | ||||||||
| China: 8.0% | ||||||||
| Bank of China Ltd. Reg S | ||||||||
|
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 |
200 | 201,319 | ||||||
| 0.95%, 09/21/23 | 450 | 450,394 | ||||||
|
1.00% (United States Secured Overnight Financing Rate+0.95%), 10/17/22 |
200 | 200,860 | ||||||
|
1.01% (ICE LIBOR USD 3 Month+0.88%), 11/22/22 |
300 | 301,695 | ||||||
|
Central
China Real Estate Ltd. Reg S |
200 | 93,865 | ||||||
|
China Construction Bank Corp. Reg S 0.79% (ICE LIBOR USD 3 Month+0.66%), 10/22/22 |
400 | 401,216 | ||||||
| 1.00%, 08/04/23 | 200 | 200,294 | ||||||
| 1.25%, 08/04/25 | 400 | 395,142 | ||||||
|
China
Merchants Bank Co. Ltd. Reg S |
400 | 392,684 | ||||||
|
CIFI
Holdings Group Co. Ltd. Reg S |
400 | 389,902 | ||||||
|
ICBCIL Finance Co. Ltd. Reg S 1.18% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 |
400 | 400,384 | ||||||
| Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
|
0.79% (ICE LIBOR USD 3 Month+0.67%), 09/16/22 |
200 | 200,495 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.72%), 04/25/22 |
225 | 225,387 | ||||||
|
0.90% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 |
800 | 806,040 | ||||||
|
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 |
400 | 402,796 | ||||||
|
0.95% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 |
200 | 201,608 | ||||||
| 2.25%, 09/16/22 | 200 | 202,458 | ||||||
| 2.88%, 10/12/22 | 300 | 305,617 | ||||||
|
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23 |
400 | 399,376 | ||||||
|
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 |
200 | 203,764 | ||||||
|
KWG Group Holdings Ltd. Reg S 6.00%, 08/14/26 |
200 | 161,655 | ||||||
| Modern Land China Co. Ltd. Reg S | ||||||||
See Notes to Financial Statements
| 34 |
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 9.80%, 04/11/23 | $ | 200 | $ | 47,540 | ||||
|
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 |
200 | 209,921 | ||||||
|
Shanghai Pudong Development Bank Co. Ltd./London Reg S 0.83% (ICE LIBOR USD 3 Month+0.70%), 10/29/22 |
200 | 199,997 | ||||||
|
Shuifa International Holdings BVI Co. Ltd. Reg S 4.00%, 03/24/24 |
200 | 193,962 | ||||||
|
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 |
200 | 206,596 | ||||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.35%, 01/13/27 | 200 | 90,938 | ||||||
| 7.85%, 08/12/26 | 200 | 91,705 | ||||||
| Zhenro Properties Group Ltd. Reg S | ||||||||
| 6.63%, 01/07/26 | 200 | 140,542 | ||||||
| 7.10%, 09/10/24 | 200 | 147,643 | ||||||
| 7.35%, 02/05/25 | 200 | 141,147 | ||||||
| 8,006,942 | ||||||||
| Colombia: 0.3% | ||||||||
|
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 |
300 | 331,146 | ||||||
| Dominican Republic: 0.1% | ||||||||
|
UEP Penonome II SA 144A 6.50%, 10/01/38 |
96 | 100,769 | ||||||
| France: 0.7% | ||||||||
|
Electricite de France SA 144A 3.62%, 10/13/25 |
600 | 647,861 | ||||||
| Georgia: 0.4% | ||||||||
|
Georgia Global Utilities JSC 144A 7.75%, 07/30/25 |
100 | 106,569 | ||||||
|
Georgian Railway JSC 144A 4.00%, 06/17/28 |
250 | 253,125 | ||||||
| 359,694 | ||||||||
| Germany: 3.7% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 0.75%, 09/30/30 † | 950 | 887,025 | ||||||
| 1.00%, 10/01/26 | 250 | 247,478 | ||||||
| 1.75%, 09/14/29 | 1,900 | 1,929,926 | ||||||
| 2.00%, 09/29/22 | 300 | 304,985 | ||||||
|
Landesbank Baden-Wuerttemberg Reg S 2.38%, 05/31/22 |
350 | 354,291 | ||||||
| 3,723,705 | ||||||||
| Hong Kong: 1.7% | ||||||||
|
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24 |
200 | 203,696 | ||||||
|
Industrial Bank Co. Ltd. Reg S 0.88%, 06/10/24 |
200 | 198,388 | ||||||
| Par (000’s |
) | Value | ||||||
| Hong Kong (continued) | ||||||||
|
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 |
$ | 200 | $ | 207,544 | ||||
|
Modern Land China Co. Ltd. Reg S 11.50%, 11/13/22 |
300 | 69,668 | ||||||
|
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 |
400 | 417,349 | ||||||
|
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 |
400 | 386,028 | ||||||
|
Yango Justice International Ltd. Reg S 7.50%, 02/17/25 |
200 | 48,854 | ||||||
|
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
200 | 195,447 | ||||||
| 1,726,974 | ||||||||
| India: 3.3% | ||||||||
|
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
350 | 354,761 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 |
50 | 53,885 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 215,540 | ||||||
|
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 |
186 | 186,771 | ||||||
|
India Green Energy Holdings 144A 5.38%, 04/29/24 |
150 | 155,683 | ||||||
|
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 |
200 | 213,619 | ||||||
|
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
350 | 350,271 | ||||||
|
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 |
200 | 209,028 | ||||||
|
REC Ltd. Reg S 3.88%, 07/07/27 |
200 | 209,224 | ||||||
|
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 |
200 | 210,161 | ||||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
500 | 524,247 | ||||||
|
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 |
200 | 203,437 | ||||||
|
State Bank of India/London Reg S 4.50%, 09/28/23 |
400 | 424,224 | ||||||
| 3,310,851 | ||||||||
See Notes to Financial Statements
| 35 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Indonesia: 2.4% | ||||||||
| Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
| 2.30%, 06/23/25 | $ | 300 | $ | 309,324 | ||||
| 3.55%, 06/09/51 | 275 | 275,737 | ||||||
| 3.75%, 03/01/23 | 650 | 676,881 | ||||||
| 3.90%, 08/20/24 | 450 | 485,930 | ||||||
|
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 |
550 | 612,593 | ||||||
| 2,360,465 | ||||||||
| Japan: 1.9% | ||||||||
|
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 |
200 | 194,821 | ||||||
|
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 |
250 | 258,466 | ||||||
| Norinchukin Bank 144A | ||||||||
| 1.28%, 09/22/26 | 200 | 198,141 | ||||||
| 2.08%, 09/22/31 | 300 | 296,148 | ||||||
|
Sumitomo Mitsui Financial Group, Inc. 0.51%, 01/12/24 |
250 | 247,978 | ||||||
|
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 |
275 | 274,623 | ||||||
|
Toyota Motor Credit Corp. 2.15%, 02/13/30 |
400 | 403,124 | ||||||
| 1,873,301 | ||||||||
| Luxembourg: 0.9% | ||||||||
|
Bank of China Ltd. Reg S 1.40%, 04/28/26 |
200 | 197,923 | ||||||
|
European Investment Bank 1.62%, 05/13/31 † |
700 | 702,188 | ||||||
| 900,111 | ||||||||
| Mauritius: 0.9% | ||||||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
200 | 201,812 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 |
150 | 152,723 | ||||||
|
Cliffton Ltd. 144A 6.25%, 10/25/25 |
200 | 198,345 | ||||||
|
India Cleantech Energy 144A 4.70%, 08/10/26 |
150 | 151,294 | ||||||
|
India Green Power Holdings 144A 4.00%, 02/22/27 |
200 | 201,250 | ||||||
| 905,424 | ||||||||
| Mexico: 0.4% | ||||||||
|
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 |
400 | 377,826 | ||||||
| Netherlands: 4.6% | ||||||||
| Cooperatieve Rabobank UA 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
|
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 † |
$ | 450 | $ | 440,886 | ||||
|
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 |
550 | 537,086 | ||||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
591 | 597,590 | ||||||
| ING Groep NV 144A | ||||||||
|
1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 |
450 | 447,556 | ||||||
| 4.62%, 01/06/26 | 650 | 728,629 | ||||||
|
Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 |
200 | 209,143 | ||||||
| Nederlandse Waterschapsbank NV 144A | ||||||||
| 1.00%, 05/28/30 | 300 | 284,678 | ||||||
| 2.38%, 03/24/26 | 750 | 788,309 | ||||||
|
NXP BV / NXP Funding LLC / NXP USA, Inc. 144A 2.50%, 05/11/31 |
550 | 547,098 | ||||||
| 4,580,975 | ||||||||
| Norway: 0.8% | ||||||||
| Kommunalbanken AS 144A | ||||||||
| 0.50%, 10/21/24 | 300 | 296,370 | ||||||
| 2.12%, 02/11/25 | 475 | 493,025 | ||||||
| 789,395 | ||||||||
| Philippines: 0.2% | ||||||||
|
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 |
200 | 207,821 | ||||||
| Portugal: 0.4% | ||||||||
|
EDP Finance BV 144A 1.71%, 01/24/28 |
400 | 390,319 | ||||||
| Qatar: 0.4% | ||||||||
|
QNB Finance Ltd. Reg S 1.62%, 09/22/25 |
400 | 400,740 | ||||||
| Saudi Arabia: 0.5% | ||||||||
|
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 |
200 | 199,014 | ||||||
|
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 |
300 | 302,182 | ||||||
| 501,196 | ||||||||
| Singapore: 1.4% | ||||||||
|
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
298 | 305,938 | ||||||
|
DBS Group Holdings Ltd. 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 |
250 | 250,947 | ||||||
| Greenko Investment Co. 144A | ||||||||
See Notes to Financial Statements
| 36 |
| Par (000’s |
) | Value | ||||||
| Singapore (continued) | ||||||||
| 4.88%, 08/16/23 † | $ | 200 | $ | 202,125 | ||||
|
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 |
400 | 422,841 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
210 | 234,627 | ||||||
| 1,416,478 | ||||||||
| South Korea: 2.6% | ||||||||
|
Hanwha Energy USA Holdings Corp. 144A 2.38%, 07/30/22 |
150 | 151,769 | ||||||
|
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 |
300 | 293,624 | ||||||
|
Incheon International Airport Corp. Reg S 1.25%, 05/04/26 |
200 | 196,967 | ||||||
|
Kia Corp. 144A 1.75%, 10/16/26 |
400 | 397,198 | ||||||
|
Korea Electric Power Corp. 144A 2.50%, 06/24/24 |
350 | 364,786 | ||||||
|
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 |
200 | 209,732 | ||||||
| LG Chem Ltd. 144A | ||||||||
| 1.38%, 07/07/26 | 200 | 196,134 | ||||||
| 2.38%, 07/07/31 | 225 | 221,036 | ||||||
| 3.25%, 10/15/24 | 250 | 265,104 | ||||||
| 3.62%, 04/15/29 | 250 | 273,405 | ||||||
| 2,569,755 | ||||||||
| Spain: 1.1% | ||||||||
| Avangrid, Inc. | ||||||||
| 3.20%, 04/15/25 | 531 | 562,065 | ||||||
| 3.80%, 06/01/29 | 450 | 500,310 | ||||||
| 1,062,375 | ||||||||
| Supranational: 9.0% | ||||||||
| Asian Development Bank | ||||||||
| 1.75%, 08/14/26 | 275 | 281,929 | ||||||
| 2.12%, 03/19/25 | 400 | 416,823 | ||||||
| 2.38%, 08/10/27 | 300 | 317,220 | ||||||
| 3.12%, 09/26/28 | 450 | 499,277 | ||||||
|
Central American Bank for Economic Integration Reg S 0.97% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 |
200 | 201,423 | ||||||
| European Bank for Reconstruction & Development | ||||||||
| 1.50%, 02/13/25 | 500 | 509,684 | ||||||
| 1.62%, 09/27/24 | 500 | 511,986 | ||||||
| European Investment Bank | ||||||||
| 0.75%, 09/23/30 | 600 | 560,311 | ||||||
| 1.62%, 10/09/29 † | 830 | 834,991 | ||||||
| 2.12%, 04/13/26 | 800 | 835,102 | ||||||
| 2.38%, 05/24/27 | 700 | 740,111 | ||||||
| 2.50%, 10/15/24 † | 450 | 472,600 | ||||||
| Par (000’s |
) | Value | ||||||
| Supranational (continued) | ||||||||
|
European Investment Bank 144A 2.88%, 06/13/25 |
$ | 750 | $ | 801,970 | ||||
| International Bank for Reconstruction & Development | ||||||||
| 2.12%, 03/03/25 | 430 | 447,103 | ||||||
| 3.12%, 11/20/25 | 375 | 405,882 | ||||||
| International Finance Corp. | ||||||||
| 2.00%, 10/24/22 | 270 | 274,604 | ||||||
| 2.12%, 04/07/26 | 794 | 828,168 | ||||||
| 8,939,184 | ||||||||
| Sweden: 1.0% | ||||||||
| Kommuninvest I Sverige AB 144A | ||||||||
| 0.38%, 06/19/24 | 500 | 494,981 | ||||||
| 1.62%, 04/24/23 | 500 | 508,914 | ||||||
| 1,003,895 | ||||||||
| United Arab Emirates: 0.9% | ||||||||
|
First Abu Dhabi Bank PJSC Reg S 3.00%, 03/30/22 |
200 | 202,159 | ||||||
| MAF Sukuk Ltd. Reg S | ||||||||
| 3.93%, 02/28/30 | 200 | 216,528 | ||||||
| 4.64%, 05/14/29 | 400 | 451,000 | ||||||
| 869,687 | ||||||||
| United Kingdom: 1.0% | ||||||||
|
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 |
200 | 204,000 | ||||||
|
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 |
300 | 306,951 | ||||||
|
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 |
300 | 289,696 | ||||||
|
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 |
200 | 215,488 | ||||||
| 1,016,135 | ||||||||
| United States: 30.6% | ||||||||
|
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25 |
200 | 207,544 | ||||||
| AES Corp. | ||||||||
| 1.38%, 01/15/26 | 450 | 440,458 | ||||||
| 2.45%, 01/15/31 | 455 | 445,795 | ||||||
|
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 |
200 | 197,071 | ||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.00%, 05/18/32 | 350 | 337,410 | ||||||
| 3.80%, 04/15/26 | 300 | 328,383 | ||||||
| Apple, Inc. | ||||||||
| 2.85%, 02/23/23 | 125 | 128,479 | ||||||
| 3.00%, 06/20/27 | 1,100 | 1,187,818 | ||||||
See Notes to Financial Statements
| 37 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
| 3.25%, 09/01/28 † | $ | 400 | $ | 392,000 | ||||
| 4.00%, 09/01/29 † | 475 | 472,934 | ||||||
|
Arizona Public Service Co. 2.65%, 09/15/50 |
200 | 187,069 | ||||||
| Boston Properties LP | ||||||||
| 2.55%, 04/01/32 | 450 | 448,468 | ||||||
| 3.40%, 06/21/29 | 475 | 509,613 | ||||||
| 4.50%, 12/01/28 | 400 | 457,238 | ||||||
|
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 |
750 | 761,219 | ||||||
| Clearway Energy Operating LLC 144A | ||||||||
| 3.75%, 02/15/31 | 500 | 495,638 | ||||||
| 4.75%, 03/15/28 | 425 | 450,181 | ||||||
|
Dana, Inc. 4.25%, 09/01/30 † |
200 | 202,640 | ||||||
|
Deutsche Bank AG 1.69%, 03/19/26 |
500 | 498,993 | ||||||
| DTE Electric Co. | ||||||||
| 1.90%, 04/01/28 | 250 | 250,578 | ||||||
| 3.25%, 04/01/51 | 200 | 220,422 | ||||||
| 3.95%, 03/01/49 | 290 | 350,137 | ||||||
| Duke Energy Carolinas LLC | ||||||||
| 3.35%, 05/15/22 | 50 | 50,830 | ||||||
| 3.95%, 11/15/28 | 300 | 339,280 | ||||||
|
Duke Energy Florida LLC 2.50%, 12/01/29 |
350 | 361,409 | ||||||
|
Duke Energy Progress LLC 3.45%, 03/15/29 |
400 | 438,181 | ||||||
| Duke Realty LP | ||||||||
| 1.75%, 02/01/31 | 200 | 190,417 | ||||||
| 2.88%, 11/15/29 | 225 | 235,929 | ||||||
| Equinix, Inc. | ||||||||
| 1.00%, 09/15/25 † | 375 | 367,734 | ||||||
| 1.55%, 03/15/28 | 200 | 194,004 | ||||||
| 2.50%, 05/15/31 | 550 | 550,514 | ||||||
|
ERP Operating LP 4.15%, 12/01/28 |
200 | 226,503 | ||||||
|
Evergy Kansas Central, Inc. 2.55%, 07/01/26 |
200 | 208,455 | ||||||
|
Federal Realty Investment Trust 1.25%, 02/15/26 |
200 | 197,908 | ||||||
|
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 |
400 | 417,080 | ||||||
|
Healthpeak Properties, Inc. 1.35%, 02/01/27 |
200 | 196,156 | ||||||
|
Host Hotels & Resorts LP 3.38%, 12/15/29 |
350 | 358,751 | ||||||
| Interstate Power & Light Co. | ||||||||
| 3.50%, 09/30/49 | 150 | 168,038 | ||||||
| 4.10%, 09/26/28 | 250 | 282,541 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Interstate Power and Light Co. 3.60%, 04/01/29 |
$ | 150 | $ | 165,164 | ||||
|
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 |
300 | 288,250 | ||||||
|
JPMorgan Chase & Co. 0.65% (United States Secured Overnight Financing Rate+0.60%), 09/16/24 |
525 | 523,874 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.81%, 06/01/41 | 600 | 608,990 | ||||||
| 3.15%, 05/01/27 | 280 | 300,738 | ||||||
| Kilroy Realty LP | ||||||||
| 2.50%, 11/15/32 | 50 | 49,039 | ||||||
| 4.75%, 12/15/28 | 350 | 403,676 | ||||||
|
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 |
200 | 201,254 | ||||||
|
Massachusetts Institute of Technology 3.96%, 07/01/38 |
200 | 237,670 | ||||||
|
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 † |
350 | 345,824 | ||||||
| MidAmerican Energy Co. | ||||||||
| 2.70%, 08/01/52 | 200 | 197,531 | ||||||
| 3.10%, 05/01/27 | 225 | 242,311 | ||||||
| 3.15%, 04/15/50 | 200 | 214,061 | ||||||
| 3.65%, 04/15/29 | 500 | 556,381 | ||||||
| 3.65%, 08/01/48 | 350 | 401,709 | ||||||
| 3.95%, 08/01/47 | 300 | 360,557 | ||||||
| 4.25%, 07/15/49 | 525 | 660,969 | ||||||
|
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 |
725 | 717,024 | ||||||
| Northern States Power Co. | ||||||||
| 2.60%, 06/01/51 | 250 | 244,311 | ||||||
| 2.90%, 03/01/50 | 250 | 258,480 | ||||||
| 3.20%, 04/01/52 | 200 | 217,809 | ||||||
|
NSTAR Electric Co. 3.25%, 05/15/29 |
325 | 354,234 | ||||||
|
Owens Corning 3.95%, 08/15/29 |
225 | 251,228 | ||||||
|
PacifiCorp 2.90%, 06/15/52 |
200 | 199,233 | ||||||
|
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 |
350 | 362,687 | ||||||
|
Piedmont Operating Partnership LP 3.15%, 08/15/30 |
150 | 153,312 | ||||||
|
PNC Financial Services Group, Inc. 2.20%, 11/01/24 |
310 | 322,117 | ||||||
|
Prologis LP 1.25%, 10/15/30 |
375 | 349,717 | ||||||
See Notes to Financial Statements
| 38 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Public Service Co. of Colorado | ||||||||
| 3.20%, 03/01/50 | $ | 250 | $ | 269,144 | ||||
| 3.70%, 06/15/28 † | 450 | 500,164 | ||||||
| 4.10%, 06/15/48 | 460 | 566,067 | ||||||
| Public Service Co. of Oklahoma | ||||||||
| 2.20%, 08/15/31 | 250 | 246,374 | ||||||
| 3.15%, 08/15/51 | 150 | 154,263 | ||||||
|
Regency Centers LP 3.75%, 06/15/24 |
125 | 132,887 | ||||||
|
Renewable Energy Group, Inc. 144A 5.88%, 06/01/28 |
300 | 315,750 | ||||||
|
Seattle Children’s Hospital 2.72%, 10/01/50 † |
150 | 149,281 | ||||||
| SK Battery America, Inc. Reg S | ||||||||
| 1.62%, 01/26/24 | 250 | 249,077 | ||||||
| 2.12%, 01/26/26 | 200 | 195,930 | ||||||
|
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 |
500 | 516,673 | ||||||
|
Southern Power Co. 4.15%, 12/01/25 |
700 | 769,154 | ||||||
|
Southwestern Public Service Co. 3.15%, 05/01/50 |
100 | 105,881 | ||||||
|
Sunnova Energy Corp. 144A 5.88%, 09/01/26 |
200 | 203,250 | ||||||
|
Toyota Auto Receivables Owner 0.26%, 11/17/25 |
204 | 202,479 | ||||||
|
UDR, Inc. 1.90%, 03/15/33 |
175 | 162,724 | ||||||
|
Union Electric Co. 2.62%, 03/15/51 |
275 | 269,936 | ||||||
|
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 |
200 | 204,097 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1.50%, 09/18/30 | 300 | 281,763 | ||||||
| 2.85%, 09/03/41 | 400 | 391,753 | ||||||
| 3.88%, 02/08/29 | 725 | 808,391 | ||||||
| Vornado Realty LP | ||||||||
| 2.15%, 06/01/26 † | 200 | 201,532 | ||||||
| 3.40%, 06/01/31 | 150 | 154,048 | ||||||
|
Welltower, Inc. 2.70%, 02/15/27 |
250 | 260,912 | ||||||
|
Wisconsin Power and Light Co. 1.95%, 09/16/31 |
200 | 195,509 | ||||||
| 30,449,007 | ||||||||
| Total Corporate
Bonds (Cost: $86,038,607) |
85,085,068 | |||||||
| GOVERNMENT OBLIGATIONS: 13.3% | ||||||||
| Brazil: 0.3% | ||||||||
|
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 |
250 | 269,149 | ||||||
| Par (000’s |
) | Value | ||||||
| Chile: 1.9% | ||||||||
| Chile Government International Bond | ||||||||
| 2.55%, 01/27/32 | $ | 750 | $ | 741,802 | ||||
| 3.50%, 01/25/50 | 1,150 | 1,172,724 | ||||||
| 1,914,526 | ||||||||
| China: 0.2% | ||||||||
|
China Development Bank Reg S 2.75%, 11/16/22 |
200 | 204,135 | ||||||
| Egypt: 0.4% | ||||||||
|
Egypt Government International Bond 144A 5.25%, 10/06/25 |
200 | 201,496 | ||||||
|
Egypt Government International Bond Reg S 5.25%, 10/06/25 |
200 | 201,496 | ||||||
| 402,992 | ||||||||
| Hong Kong: 1.8% | ||||||||
| Hong Kong Government International Bond 144A | ||||||||
| 0.62%, 02/02/26 | 600 | 583,376 | ||||||
| 1.38%, 02/02/31 | 500 | 481,731 | ||||||
| 2.38%, 02/02/51 | 200 | 190,133 | ||||||
| 2.50%, 05/28/24 | 450 | 469,685 | ||||||
| 1,724,925 | ||||||||
| Pakistan: 0.2% | ||||||||
|
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
200 | 196,750 | ||||||
| South Korea: 1.6% | ||||||||
|
Export-Import Bank of Korea 144A 1.75%, 10/19/28 |
250 | 249,629 | ||||||
|
Export-Import Bank of Korea Reg S 0.87% (ICE LIBOR USD 3 Month+0.74%), 03/22/23 |
200 | 201,610 | ||||||
| Korea Development Bank | ||||||||
|
0.40%, 06/19/24 |
350 | 346,671 | ||||||
|
0.85% (ICE LIBOR USD 3 Month+0.72%), 07/06/22 |
300 | 301,238 | ||||||
|
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 |
300 | 315,541 | ||||||
|
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 |
200 | 204,630 | ||||||
| 1,619,319 | ||||||||
| United States: 6.9% | ||||||||
| City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
| 2.83%, 11/01/41 | 100 | 100,947 | ||||||
| 3.30%, 11/01/39 | 100 | 107,174 | ||||||
| 3.47%, 11/01/43 | 250 | 266,049 | ||||||
|
Commonwealth of Massachusetts 3.28%, 06/01/46 |
150 | 165,599 | ||||||
See Notes to Financial Statements
| 39 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 |
$ | 170 | $ | 254,691 | ||||
| Fannie Mae-Aces | ||||||||
| 2.44%, 10/25/29 | 37 | 39,411 | ||||||
| 2.52%, 08/25/29 | 614 | 651,826 | ||||||
| 2.55%, 07/25/24 | 188 | 194,477 | ||||||
| 2.78%, 02/25/27 | 321 | 342,272 | ||||||
| 2.90%, 01/25/28 | 415 | 446,931 | ||||||
| 2.94%, 06/25/29 | 10 | 10,891 | ||||||
| 2.96%, 09/25/27 | 275 | 296,026 | ||||||
| 3.06%, 03/25/28 | 879 | 955,416 | ||||||
| 3.09%, 02/25/30 | 388 | 426,809 | ||||||
| 3.14%, 11/25/27 | 15 | 15,863 | ||||||
| 3.32%, 06/25/28 | 350 | 386,424 | ||||||
| 3.55%, 09/25/28 | 1,165 | 1,310,630 | ||||||
| 3.69%, 09/25/30 | 115 | 132,629 | ||||||
|
Freddie Mac Multifamily Structured Pass Through Certificates |
||||||||
| 1.30%, 06/25/30 | 30 | 29,179 | ||||||
| 2.88%, 04/25/26 | 285 | 303,117 | ||||||
|
Metropolitan Transportation Authority 5.17%, 11/15/49 |
300 | 411,055 | ||||||
| 6,847,416 | ||||||||
| Total Government
Obligations (Cost: $13,214,048) |
13,179,212 | |||||||
| Number of Shares |
||||||||
| PREFERRED SECURITIES:
0.2% (Cost: $173,320) |
||||||||
| Canada: 0.2% | ||||||||
|
Brookfield
Finance, Inc., |
7,000 | 178,010 | ||||||
| Total
Investments Before Collateral for Securities Loaned:
99.0% (Cost: $99,425,975) |
98,442,290 | |||||||
| SHORT-TERM INVESTMENT
HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $1,539,910) |
||||||||
| Money Market Fund: 1.5% | ||||||||
|
State Street Navigator Securities Lending Government Money Market Portfolio |
1,539,910 | 1,539,910 | ||||||
| Total Investments:
100.5% (Cost: $100,965,885) |
99,982,200 | |||||||
| Liabilities in excess of other assets: (0.5)% | (523,975) | |||||||
| NET ASSETS: 100.0% | $ | 99,458,225 | ||||||
Definitions:
| USD | United States Dollar |
See Notes to Financial Statements
| 40 |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $5,729,642. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $29,299,988, or 29.5% of net assets. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
%
of Investments |
Value | ||||||
| Academic & Educational Services | 0.2 | % | $ | 237,670 | ||||
| Basic Materials | 3.8 | 3,765,393 | ||||||
| Consumer Cyclicals | 1.2 | 1,144,691 | ||||||
| Consumer Non-Cyclicals | 0.4 | 377,826 | ||||||
| Energy | 1.6 | 1,608,082 | ||||||
| Financials | 39.7 | 39,103,358 | ||||||
| Government Activity | 9.0 | 8,810,092 | ||||||
| Healthcare | 1.1 | 1,059,010 | ||||||
| Industrials | 3.6 | 3,488,233 | ||||||
| Mortgage Securities | 5.6 | 5,541,902 | ||||||
| Real Estate | 8.4 | 8,281,639 | ||||||
| Technology | 3.4 | 3,345,302 | ||||||
| Utilities | 22.0 | 21,679,092 | ||||||
| 100.0 | % | $ | 98,442,290 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 85,085,068 | $ | — | $ | 85,085,068 | ||||||||
| Government Obligations * | — | 13,179,212 | — | 13,179,212 | ||||||||||||
| Preferred Securities * | 178,010 | — | — | 178,010 | ||||||||||||
| Money Market Fund | 1,539,910 | — | — | 1,539,910 | ||||||||||||
| Total Investments | $ | 1,717,920 | $ | 98,264,280 | $ | — | $ | 99,982,200 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 41 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 97.7% | ||||||||
| Argentina: 0.8% | ||||||||
|
Arcor SAIC 144A 6.00%, 07/06/23 |
USD | 50 | $ | 48,795 | ||||
|
MercadoLibre, Inc. 3.12%, 01/14/31 |
USD | 100 | 94,505 | |||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | USD | 50 | 48,027 | |||||
| 7.50%, 01/24/27 | USD | 50 | 44,359 | |||||
| 9.12%, 04/15/29 | USD | 50 | 45,713 | |||||
|
Pan American Energy LLC 144A 9.12%, 04/30/27 |
USD | 35 | 39,373 | |||||
|
Telecom Argentina SA 144A 8.00%, 07/18/26 |
USD | 75 | 69,877 | |||||
|
YPF Energia Electrica SA 144A 10.00%, 07/25/26 |
USD | 35 | 32,179 | |||||
| YPF SA 144A | ||||||||
| 2.50%, 06/30/29 (s) | USD | 75 | 50,493 | |||||
| 4.00%, 02/12/26 (s) | USD | 75 | 64,685 | |||||
| 6.95%, 07/21/27 | USD | 100 | 72,708 | |||||
| 7.00%, 12/15/47 | USD | 75 | 49,332 | |||||
| 8.50%, 03/23/25 | USD | 22 | 19,891 | |||||
| 8.50%, 07/28/25 | USD | 150 | 121,614 | |||||
| 8.75%, 04/04/24 | USD | 75 | 67,806 | |||||
| 869,357 | ||||||||
| Australia: 0.4% | ||||||||
| FMG Resources August 2006 Pty Ltd. 144A | ||||||||
| 4.38%, 04/01/31 | USD | 150 | 152,063 | |||||
| 4.50%, 09/15/27 | USD | 25 | 26,156 | |||||
| 5.12%, 05/15/24 † | USD | 75 | 80,040 | |||||
|
Mineral Resources Ltd. 144A 8.12%, 05/01/27 |
USD | 100 | 108,087 | |||||
|
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.75%, 04/30/26 |
USD | 50 | 51,156 | |||||
| 417,502 | ||||||||
| Austria: 0.3% | ||||||||
|
ams AG 144A 7.00%, 07/31/25 |
USD | 100 | 106,000 | |||||
|
Novomatic AG 1.62%, 09/20/23 |
EUR | 50 | 57,272 | |||||
|
Wienerberger AG Reg S 2.75%, 06/04/25 |
EUR | 100 | 123,302 | |||||
| 286,574 | ||||||||
| Azerbaijan: 0.2% | ||||||||
|
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 |
USD | 200 | 245,337 | |||||
| Bahamas: 0.2% | ||||||||
|
Akelius Residential Property AB Reg S 3.88% (EUR Swap Annual 5 Year+3.49%), 10/05/78 |
EUR | 175 | 212,397 | |||||
| Belgium: 0.5% | ||||||||
|
La Financiere Atalian SASU Reg S 4.00%, 05/15/24 |
EUR | 150 | 171,369 | |||||
| Par (000’s |
) | Value | ||||||
| Belgium (continued) | ||||||||
|
Ontex Group NV Reg S 3.50%, 07/15/26 |
EUR | 100 | $ | 110,893 | ||||
|
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o) |
EUR | 150 | 189,189 | |||||
|
Weatherford International Ltd. 144A 8.62%, 04/30/30 |
USD | 125 | 128,573 | |||||
| 600,024 | ||||||||
| Bermuda: 0.4% | ||||||||
|
Digicel Group Holdings Ltd. 10.00%, 04/01/24 |
USD | 53 | 53,987 | |||||
| Digicel Group Holdings Ltd. 144A | ||||||||
| 6.75%, 03/01/23 | USD | 50 | 48,446 | |||||
| 8.00%, 04/01/25 | USD | 61 | 59,014 | |||||
| 8.75%, 05/25/24 | USD | 100 | 103,875 | |||||
|
Eurochem Finance DAC 144A 5.50%, 03/13/24 |
USD | 100 | 107,688 | |||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
USD | 100 | 107,256 | |||||
| 480,266 | ||||||||
| Brazil: 7.0% | ||||||||
|
Adecoagro SA 144A 6.00%, 09/21/27 |
USD | 150 | 155,589 | |||||
|
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
USD | 100 | 100,533 | |||||
|
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
USD | 105 | 108,386 | |||||
|
Azul Investments LLP 144A 5.88%, 10/26/24 |
USD | 50 | 46,461 | |||||
| Banco Bradesco SA 144A | ||||||||
| 2.85%, 01/27/23 | USD | 100 | 101,251 | |||||
| 3.20%, 01/27/25 | USD | 100 | 101,128 | |||||
|
Banco BTG Pactual SA 144A 5.50%, 01/31/23 |
USD | 200 | 207,752 | |||||
| Banco do Brasil SA 144A | ||||||||
| 4.62%, 01/15/25 | USD | 100 | 104,876 | |||||
| 4.75%, 03/20/24 | USD | 100 | 105,001 | |||||
| 5.88%, 01/19/23 | USD | 150 | 156,752 | |||||
|
Banco Votorantim SA 144A 4.38%, 07/29/25 |
USD | 100 | 101,626 | |||||
|
Braskem America Finance Co. 144A 7.12%, 07/22/41 |
USD | 50 | 60,688 | |||||
|
Braskem Finance Ltd. 6.45%, 02/03/24 |
USD | 75 | 82,031 | |||||
|
Braskem Idesa SAPI 144A 7.45%, 11/15/29 |
USD | 200 | 212,500 | |||||
| Braskem Netherlands Finance BV 144A | ||||||||
| 4.50%, 01/10/28 | USD | 100 | 102,251 | |||||
| 4.50%, 01/31/30 | USD | 125 | 127,004 | |||||
| 5.88%, 01/31/50 | USD | 100 | 106,567 | |||||
See Notes to Financial Statements
| 42 |
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
|
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
USD | 50 | $ | 55,737 | ||||
|
BRF SA 144A 4.75%, 05/22/24 |
USD | 200 | 208,752 | |||||
|
Caixa Economica Federal 144A 3.50%, 11/07/22 |
USD | 50 | 50,938 | |||||
|
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
USD | 200 | 223,730 | |||||
|
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 |
USD | 100 | 98,126 | |||||
|
Cosan Luxembourg SA 144A 7.00%, 01/20/27 |
USD | 100 | 103,750 | |||||
|
Cosan SA 144A 5.50%, 09/20/29 † |
USD | 100 | 104,626 | |||||
|
CSN Inova Ventures 144A 6.75%, 01/28/28 |
USD | 200 | 212,650 | |||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | USD | 100 | 104,001 | |||||
| 5.40%, 02/01/27 | USD | 125 | 130,911 | |||||
|
Embraer Overseas Ltd. 144A 5.70%, 09/16/23 |
USD | 100 | 105,541 | |||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
USD | 100 | 110,413 | |||||
|
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 |
USD | 100 | 97,147 | |||||
|
Gol Finance SA 144A 7.00%, 01/31/25 |
USD | 100 | 90,242 | |||||
|
Guara Norte Sarl 144A 5.20%, 06/15/34 |
USD | 98 | 96,411 | |||||
|
Itau Unibanco Holding SA 144A 2.90%, 01/24/23 |
USD | 125 | 126,681 | |||||
|
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24 |
USD | 100 | 99,876 | |||||
|
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) |
USD | 100 | 93,501 | |||||
| 5.12%, 05/13/23 | USD | 200 | 209,796 | |||||
|
Klabin Austria GmbH 144A 5.75%, 04/03/29 |
USD | 200 | 218,000 | |||||
|
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 |
USD | 100 | 97,776 | |||||
|
MARB BondCo Plc 144A 3.95%, 01/29/31 |
USD | 100 | 95,246 | |||||
|
Minerva Luxembourg SA 144A 5.88%, 01/19/28 |
USD | 75 | 80,063 | |||||
|
MV24 Capital BV 144A 6.75%, 06/01/34 |
USD | 93 | 96,501 | |||||
|
Natura Cosmeticos SA 144A 4.12%, 05/03/28 |
USD | 100 | 99,105 | |||||
|
NBM US Holdings, Inc. 144A 6.62%, 08/06/29 |
USD | 100 | 109,001 | |||||
| Par (000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 7.00%, 05/14/26 | USD | 100 | $ | 105,975 | ||||
|
Nexa Resources SA 144A 6.50%, 01/18/28 |
USD | 100 | 111,535 | |||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 | USD | 200 | 204,150 | |||||
| 5.30%, 01/27/25 | USD | 100 | 108,875 | |||||
| 5.60%, 01/03/31 | USD | 125 | 130,906 | |||||
| 5.75%, 02/01/29 | USD | 75 | 81,431 | |||||
| 6.00%, 01/27/28 | USD | 150 | 163,313 | |||||
| 6.25%, 03/17/24 | USD | 100 | 109,425 | |||||
| 6.75%, 01/27/41 | USD | 100 | 107,229 | |||||
| 6.75%, 06/03/50 | USD | 75 | 77,054 | |||||
| 6.85%, 06/05/15 | USD | 175 | 172,197 | |||||
| 6.88%, 01/20/40 | USD | 100 | 108,827 | |||||
| 6.90%, 03/19/49 | USD | 125 | 131,563 | |||||
| 7.25%, 03/17/44 | USD | 125 | 136,679 | |||||
| 7.38%, 01/17/27 | USD | 150 | 176,626 | |||||
| 8.75%, 05/23/26 † | USD | 50 | 61,488 | |||||
|
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 |
USD | 200 | 196,252 | |||||
|
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 |
USD | 163 | 178,066 | |||||
|
Rumo Luxembourg Sarl 144A 5.88%, 01/18/25 † |
USD | 100 | 103,385 | |||||
|
Ultrapar International SA 144A 5.25%, 10/06/26 |
USD | 100 | 106,627 | |||||
|
Usiminas International Sarl 144A 5.88%, 07/18/26 |
USD | 100 | 105,126 | |||||
| 7,775,646 | ||||||||
| British Virgin Islands: 0.3% | ||||||||
|
Central China Real Estate Ltd. Reg S 7.25%, 04/24/23 |
USD | 200 | 118,000 | |||||
|
China SCE Group Holdings Ltd. Reg S 7.38%, 04/09/24 |
USD | 200 | 174,287 | |||||
|
Fantasia Holdings Group Co. Ltd. Reg S 10.88%, 01/09/23 |
USD | 200 | 59,673 | |||||
| 351,960 | ||||||||
| Bulgaria: 0.1% | ||||||||
|
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 |
EUR | 100 | 123,565 | |||||
| Burkina Faso: 0.0% | ||||||||
|
IAMGOLD Corp. 144A 5.75%, 10/15/28 |
USD | 25 | 24,577 | |||||
| Canada: 5.9% | ||||||||
|
Air Canada 4.62%, 08/15/29 |
CAD | 125 | 100,633 | |||||
|
Air Canada 144A 4.62%, 08/15/29 |
CAD | 200 | 161,349 | |||||
|
Altera Infrastructure LP/Teekay Offshore Finance Corp. 144A 8.50%, 07/15/23 |
USD | 100 | 76,000 | |||||
See Notes to Financial Statements
| 43 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
|
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 |
USD | 50 | $ | 50,500 | ||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
USD | 50 | 52,625 | |||||
|
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 |
USD | 50 | 53,043 | |||||
|
Baytex Energy Corp. 144A 5.62%, 06/01/24 |
USD | 53 | 53,504 | |||||
| Bombardier, Inc. 144A | ||||||||
| 7.12%, 06/15/26 | USD | 175 | 183,750 | |||||
| 7.50%, 12/01/24 | USD | 100 | 104,250 | |||||
| 7.50%, 03/15/25 | USD | 125 | 128,470 | |||||
| 7.88%, 04/15/27 | USD | 225 | 234,208 | |||||
| Brookfield Property Finance ULC | ||||||||
| 3.93%, 08/24/25 | CAD | 50 | 40,750 | |||||
| 3.93%, 01/15/27 | CAD | 50 | 40,328 | |||||
| 4.30%, 03/01/24 | CAD | 75 | 62,040 | |||||
|
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 |
USD | 150 | 156,375 | |||||
|
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28 |
USD | 100 | 104,750 | |||||
|
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 |
CAD | 75 | 61,054 | |||||
|
Eldorado Gold Corp. 144A 6.25%, 09/01/29 † |
USD | 50 | 50,827 | |||||
|
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 † |
USD | 100 | 117,763 | |||||
|
Empire Communities Corp. 144A 7.00%, 12/15/25 |
USD | 25 | 25,906 | |||||
|
Ensign Drilling, Inc. 144A 9.25%, 04/15/24 |
USD | 50 | 49,595 | |||||
|
Ford Credit Canada Co. 2.96%, 09/16/26 |
CAD | 75 | 59,303 | |||||
|
Garda World Security Corp. 144A 9.50%, 11/01/27 |
USD | 50 | 53,937 | |||||
| GFL Environmental, Inc. 144A | ||||||||
| 3.50%, 09/01/28 | USD | 150 | 149,438 | |||||
| 3.75%, 08/01/25 | USD | 50 | 51,510 | |||||
| 4.38%, 08/15/29 | USD | 50 | 49,584 | |||||
| 4.75%, 06/15/29 | USD | 50 | 50,500 | |||||
| 5.12%, 12/15/26 | USD | 75 | 78,469 | |||||
| Gibson Energy, Inc. | ||||||||
| 2.85%, 07/14/27 | CAD | 25 | 20,300 | |||||
| 3.60%, 09/17/29 | CAD | 75 | 62,840 | |||||
| goeasy Ltd. 144A | ||||||||
| 4.38%, 05/01/26 | USD | 25 | 25,531 | |||||
| 5.38%, 12/01/24 | USD | 50 | 51,375 | |||||
| Hudbay Minerals, Inc. 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| 4.50%, 04/01/26 | USD | 100 | $ | 99,875 | ||||
|
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 |
USD | 40 | 41,200 | |||||
|
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 |
CAD | 65 | 56,486 | |||||
|
Intertape Polymer Group, Inc. 144A 4.38%, 06/15/29 |
USD | 50 | 50,192 | |||||
|
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 |
CAD | 75 | 66,953 | |||||
|
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 # (d) * ∞ |
USD | 256 | 0 | |||||
| Mattamy Group Corp. 144A | ||||||||
| 4.62%, 03/01/30 | USD | 50 | 50,779 | |||||
| 5.25%, 12/15/27 | USD | 50 | 52,062 | |||||
| MEG Energy Corp. 144A | ||||||||
| 5.88%, 02/01/29 | USD | 50 | 51,500 | |||||
| 7.12%, 02/01/27 | USD | 150 | 157,687 | |||||
|
Mercer International, Inc. 5.12%, 02/01/29 |
USD | 50 | 49,773 | |||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | USD | 50 | 52,812 | |||||
| 5.12%, 10/15/27 | USD | 50 | 52,813 | |||||
| 5.25%, 12/15/29 | USD | 75 | 79,594 | |||||
|
New Gold, Inc. 144A 7.50%, 07/15/27 |
USD | 50 | 54,062 | |||||
| New Red Finance, Inc. 144A | ||||||||
| 3.50%, 02/15/29 | USD | 65 | 63,131 | |||||
| 3.88%, 01/15/28 | USD | 125 | 124,854 | |||||
| 4.00%, 10/15/30 | USD | 250 | 242,498 | |||||
| 4.38%, 01/15/28 | USD | 100 | 100,650 | |||||
| 5.75%, 04/15/25 | USD | 25 | 26,000 | |||||
|
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 |
USD | 50 | 51,736 | |||||
| NOVA Chemicals Corp. 144A | ||||||||
| 4.25%, 05/15/29 | USD | 50 | 49,413 | |||||
| 4.88%, 06/01/24 | USD | 100 | 104,200 | |||||
| 5.00%, 05/01/25 | USD | 50 | 52,750 | |||||
| 5.25%, 06/01/27 | USD | 100 | 105,373 | |||||
| Open Text Corp. 144A | ||||||||
| 3.88%, 02/15/28 | USD | 100 | 100,875 | |||||
| 5.88%, 06/01/26 | USD | 100 | 103,375 | |||||
|
Parkland Corp./Canada 6.00%, 06/23/28 |
CAD | 50 | 43,162 | |||||
| Parkland Corp./Canada 144A | ||||||||
| 4.50%, 10/01/29 | USD | 100 | 100,750 | |||||
| 5.88%, 07/15/27 | USD | 125 | 132,188 | |||||
|
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 |
CAD | 50 | 39,885 | |||||
See Notes to Financial Statements
| 44 |
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
|
Precision Drilling Corp. 144A 7.12%, 01/15/26 † |
USD | 100 | $ | 102,978 | ||||
|
Quebecor Media, Inc. 5.75%, 01/15/23 |
USD | 50 | 52,687 | |||||
|
Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 |
USD | 50 | 50,986 | |||||
|
Rockpoint Gas Storage Canada Ltd. 144A 7.00%, 03/31/23 |
USD | 50 | 50,277 | |||||
|
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 |
EUR | 100 | 121,215 | |||||
|
SNC-Lavalin Group, Inc. 3.23%, 03/02/23 |
CAD | 50 | 40,908 | |||||
|
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 |
USD | 50 | 49,788 | |||||
|
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 |
USD | 100 | 102,395 | |||||
|
Taseko Mines Ltd. 144A 7.00%, 02/15/26 |
USD | 25 | 25,875 | |||||
|
Teine Energy Ltd. 144A 6.88%, 04/15/29 |
USD | 50 | 51,077 | |||||
|
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 |
USD | 50 | 46,767 | |||||
|
Terraform Global Operating LLC 144A 6.12%, 03/01/26 |
USD | 50 | 51,326 | |||||
|
Tervita Corp. 144A 11.00%, 12/01/25 |
USD | 30 | 34,539 | |||||
|
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 |
USD | 50 | 51,079 | |||||
| TransAlta Corp. | ||||||||
| 4.50%, 11/15/22 | USD | 25 | 25,531 | |||||
| 6.50%, 03/15/40 | USD | 75 | 88,464 | |||||
|
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 |
EUR | 200 | 233,145 | |||||
|
Vermilion Energy, Inc. 144A 5.62%, 03/15/25 |
USD | 25 | 25,254 | |||||
| Videotron Ltd. | ||||||||
| 3.12%, 01/15/31 | CAD | 100 | 74,742 | |||||
| 4.50%, 01/15/30 | CAD | 75 | 62,327 | |||||
| 5.62%, 06/15/25 | CAD | 150 | 131,609 | |||||
|
Videotron Ltd. 144A 3.62%, 06/15/28 |
CAD | 100 | 80,376 | |||||
|
Videotron Ltd. Reg S 5.75%, 01/15/26 |
CAD | 50 | 41,207 | |||||
| 6,511,687 | ||||||||
| Cayman Islands: 0.3% | ||||||||
|
Banco do Brasil SA 144A 3.25%, 09/30/26 |
USD | 100 | 98,725 | |||||
|
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22 |
USD | 100 | 96,745 | |||||
| Par (000’s |
) | Value | ||||||
| Cayman Islands (continued) | ||||||||
|
UPCB Finance VII Ltd. Reg S 3.62%, 06/15/29 |
EUR | 100 | $ | 118,046 | ||||
| 313,516 | ||||||||
| Chile: 0.1% | ||||||||
|
Kenbourne Invest SA 144A 6.88%, 11/26/24 |
USD | 50 | 52,187 | |||||
|
VTR Comunicaciones SpA 144A 5.12%, 01/15/28 |
USD | 100 | 103,880 | |||||
| 156,067 | ||||||||
| China: 4.7% | ||||||||
|
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
USD | 400 | 415,603 | |||||
| China Evergrande Group Reg S | ||||||||
| 7.50%, 06/28/23 | USD | 200 | 47,997 | |||||
| 8.75%, 06/28/25 | USD | 400 | 96,503 | |||||
| 9.50%, 03/29/24 | USD | 300 | 73,500 | |||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| 6.00%, 07/16/25 | USD | 200 | 195,706 | |||||
| 6.55%, 03/28/24 | USD | 200 | 197,344 | |||||
|
Easy Tactic Ltd. Reg S 5.88%, 02/13/23 |
USD | 200 | 125,817 | |||||
|
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 |
USD | 200 | 198,193 | |||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | USD | 200 | 200,574 | |||||
| 6.75%, 07/02/23 | USD | 200 | 199,406 | |||||
|
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 |
USD | 215 | 208,833 | |||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 5.88%, 07/03/24 | USD | 200 | 135,309 | |||||
| 6.75%, 09/26/23 | USD | 200 | 132,285 | |||||
|
Greentown China Holdings Ltd. Reg S 5.65%, 07/13/25 |
USD | 200 | 198,118 | |||||
| Kaisa Group Holdings Ltd. Reg S | ||||||||
| 9.38%, 06/30/24 | USD | 250 | 71,750 | |||||
| 9.75%, 09/28/23 | USD | 200 | 61,418 | |||||
| 10.50%, 01/15/25 | USD | 200 | 60,995 | |||||
| 10.88%, 07/23/23 | USD | 200 | 61,750 | |||||
|
KWG Group Holdings Ltd. Reg S 5.88%, 11/10/24 |
USD | 350 | 298,203 | |||||
|
Logan Group Co. Ltd. Reg S 5.25%, 02/23/23 |
USD | 200 | 193,983 | |||||
|
New Metro Global Ltd. Reg S 6.80%, 08/05/23 |
USD | 200 | 188,203 | |||||
|
Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24 |
USD | 200 | 185,069 | |||||
| Scenery Journey Ltd. Reg S | ||||||||
| 13.00%, 11/06/22 | USD | 200 | 41,000 | |||||
| 13.75%, 11/06/23 | USD | 200 | 43,998 | |||||
See Notes to Financial Statements
| 45 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
|
Seazen Group Ltd. Reg S 6.00%, 08/12/24 |
USD | 200 | $ | 179,012 | ||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 | USD | 200 | 145,109 | |||||
| 7.00%, 07/09/25 | USD | 200 | 143,703 | |||||
| 7.95%, 10/11/23 | USD | 200 | 155,250 | |||||
|
Times China Holdings Ltd. Reg S 6.75%, 07/16/23 |
USD | 200 | 164,343 | |||||
|
Volvo Car AB Reg S 2.12%, 04/02/24 |
EUR | 100 | 119,665 | |||||
|
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 |
USD | 200 | 190,730 | |||||
|
Yango Justice International Ltd. Reg S 9.25%, 04/15/23 |
USD | 200 | 52,013 | |||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.00%, 10/25/23 | USD | 300 | 160,225 | |||||
| 7.38%, 01/13/26 | USD | 200 | 92,084 | |||||
|
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 |
USD | 200 | 140,542 | |||||
| 5,174,233 | ||||||||
| Colombia: 2.0% | ||||||||
| Banco de Bogota SA 144A | ||||||||
| 5.38%, 02/19/23 | USD | 100 | 104,065 | |||||
| 6.25%, 05/12/26 | USD | 100 | 109,376 | |||||
|
Cable Onda SA 144A 4.50%, 01/30/30 |
USD | 100 | 103,862 | |||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | USD | 100 | 103,583 | |||||
| 5.38%, 06/26/26 | USD | 125 | 135,325 | |||||
| 5.88%, 09/18/23 | USD | 150 | 161,303 | |||||
| 5.88%, 05/28/45 † | USD | 175 | 177,441 | |||||
| 6.88%, 04/29/30 | USD | 175 | 202,372 | |||||
| 7.38%, 09/18/43 | USD | 75 | 87,086 | |||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | USD | 125 | 121,775 | |||||
| 4.38%, 02/15/31 | USD | 75 | 72,769 | |||||
|
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 |
USD | 50 | 46,341 | |||||
|
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
USD | 100 | 97,875 | |||||
|
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
USD | 100 | 108,176 | |||||
| Millicom International Cellular SA 144A | ||||||||
| 5.12%, 01/15/28 | USD | 54 | 56,417 | |||||
| 6.25%, 03/25/29 | USD | 90 | 97,987 | |||||
|
Oleoducto Central SA 144A 4.00%, 07/14/27 |
USD | 100 | 102,428 | |||||
|
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 |
USD | 100 | 99,476 | |||||
| Par (000’s |
) | Value | ||||||
| Colombia (continued) | ||||||||
|
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 |
USD | 100 | $ | 103,875 | ||||
|
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 |
USD | 93 | 95,271 | |||||
| 2,186,803 | ||||||||
| Costa Rica: 0.1% | ||||||||
|
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 |
USD | 100 | 85,479 | |||||
| Curacao: 0.1% | ||||||||
|
Nyrstar Holdings Plc Reg S 0.00%, 07/31/26 ^ |
USD | 31 | 20,694 | |||||
|
Trafigura Funding SA 144A 5.25%, 03/19/23 |
USD | 11 | 11,224 | |||||
|
Trafigura Group Pte Ltd. Reg S 7.50% (EUR Swap Annual 5 Year+10.82%), 7/31/2024 (o) |
EUR | 34 | 42,686 | |||||
| 74,604 | ||||||||
| Cyprus: 0.5% | ||||||||
|
Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25 |
USD | 200 | 205,880 | |||||
|
MHP Lux SA 144A 6.95%, 04/03/26 |
USD | 200 | 213,112 | |||||
|
Vivion Investments Sarl Reg S 3.00%, 08/08/24 † |
EUR | 100 | 111,751 | |||||
| 530,743 | ||||||||
| Czech Republic: 0.3% | ||||||||
|
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) |
EUR | 100 | 119,787 | |||||
|
Energo-Pro AS Reg S 4.50%, 05/04/24 |
EUR | 100 | 115,817 | |||||
|
Sazka Group AS Reg S 3.88%, 02/15/27 |
EUR | 100 | 115,999 | |||||
| 351,603 | ||||||||
| Denmark: 0.2% | ||||||||
|
DKT Finance ApS Reg S 7.00%, 06/17/23 |
EUR | 175 | 206,190 | |||||
| Finland: 0.8% | ||||||||
|
Ahlstrom-Munksjo Holding 3 Oy Reg S 3.62%, 02/04/28 |
EUR | 100 | 115,323 | |||||
|
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o) |
EUR | 100 | 118,297 | |||||
| Nokia Oyj | ||||||||
| 4.38%, 06/12/27 | USD | 150 | 161,443 | |||||
| 6.62%, 05/15/39 | USD | 100 | 134,645 | |||||
|
Nokia Oyj Reg S 2.00%, 03/15/24 |
EUR | 100 | 119,840 | |||||
|
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 |
EUR | 175 | 210,654 | |||||
| 860,202 |
See Notes to Financial Statements
| 46 |
| Par (000’s |
) | Value | ||||||
| France: 6.9% | ||||||||
| Accor SA Reg S | ||||||||
|
2.50%, 01/25/24 |
EUR | 100 | $ | 120,257 | ||||
|
2.62% (EUR Swap Annual 5 Year+3.25%), 4/30/2025 (o) |
EUR | 100 | 110,987 | |||||
| 3.00%, 02/04/26 | EUR | 100 | 121,190 | |||||
|
Altice France Holding SA 144A 6.00%, 02/15/28 |
USD | 75 | 71,376 | |||||
| Altice France SA 144A | ||||||||
| 5.12%, 07/15/29 | USD | 200 | 195,036 | |||||
| 5.50%, 10/15/29 | USD | 175 | 171,757 | |||||
| Altice France SA Reg S | ||||||||
| 2.50%, 01/15/25 | EUR | 100 | 113,643 | |||||
| 4.12%, 01/15/29 | EUR | 100 | 114,182 | |||||
| 5.88%, 02/01/27 | EUR | 100 | 121,171 | |||||
|
Banijay Entertainment SASU 144A 5.38%, 03/01/25 |
USD | 100 | 103,000 | |||||
| CAB SELAS Reg
S 3.38%, 02/01/28 |
EUR | 100 | 115,285 | |||||
|
Casino Guichard Perrachon 4.05%, 08/05/26 |
EUR | 100 | 107,334 | |||||
|
Casino Guichard Perrachon SA Reg S 4.50%, 03/07/24 |
EUR | 100 | 113,282 | |||||
| CGG SA 144A 8.75%, 04/01/27 † |
USD | 100 | 98,617 | |||||
|
Constellium SE 144A 3.75%, 04/15/29 |
USD | 100 | 96,830 | |||||
|
eircom Finance DAC Reg S 3.50%, 05/15/26 |
EUR | 100 | 117,745 | |||||
|
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 1/22/2024 (o) |
USD | 250 | 266,000 | |||||
| Electricite de France SA Reg S | ||||||||
|
3.00% (EUR Swap Annual 5 Year+3.20%), 12/3/2028 (o) |
EUR | 200 | 238,439 | |||||
| 3.38% (EUR Swap Annual 5 Year+4.00%), 6/15/2030 (o) | EUR | 200 | 241,115 | |||||
| 4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 200 | 246,285 | |||||
| 5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o) | EUR | 100 | 128,887 | |||||
| 5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 200 | 256,646 | |||||
|
Elis SA Reg S 1.62%, 04/03/28 |
EUR | 100 | 114,997 | |||||
| Faurecia SE Reg S | ||||||||
| 2.62%, 06/15/25 | EUR | 100 | 117,214 | |||||
| 3.12%, 06/15/26 | EUR | 100 | 118,089 | |||||
| 3.75%, 06/15/28 | EUR | 100 | 120,124 | |||||
| Fnac Darty SA Reg
S 1.88%, 05/30/24 |
EUR | 125 | 145,713 | |||||
| Getlink SE Reg
S 3.50%, 10/30/25 |
EUR | 100 | 118,872 | |||||
| Iliad Holding SAS 144A | ||||||||
| 6.50%, 10/15/26 | USD | 100 | 103,167 | |||||
| 7.00%, 10/15/28 | USD | 100 | 103,204 |
| Par (000’s |
) | Value | ||||||
| France (continued) | ||||||||
|
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) |
EUR | 100 | $ | 121,297 | ||||
| Loxam SAS Reg S | ||||||||
| 2.88%, 04/15/26 | EUR | 100 | 114,075 | |||||
| 3.25%, 01/14/25 | EUR | 100 | 116,017 | |||||
| Matterhorn Telecom SA Reg
S 3.12%, 09/15/26 |
EUR | 100 | 114,701 | |||||
| Orano SA 4.88%, 09/23/24 |
EUR | 150 | 194,098 | |||||
| Orano SA Reg
S 3.12%, 03/20/23 |
EUR | 100 | 119,669 | |||||
| Paprec Holding SA Reg
S 4.00%, 03/31/25 |
EUR | 100 | 117,433 | |||||
| Parts Europe SA Reg
S 6.50%, 07/16/25 |
EUR | 100 | 120,585 | |||||
| Picard Groupe SAS Reg
S 3.88%, 07/01/26 |
EUR | 100 | 116,288 | |||||
| Quatrim SASU Reg S
5.88%, 01/15/24 |
EUR | 100 | 119,123 | |||||
|
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 |
EUR | 100 | 116,429 | |||||
| Renault SA Reg S | ||||||||
| 1.00%, 03/08/23 | EUR | 50 | 58,429 | |||||
| 1.00%, 04/18/24 | EUR | 100 | 116,159 | |||||
| 1.00%, 11/28/25 | EUR | 100 | 115,495 | |||||
| 1.25%, 06/24/25 | EUR | 100 | 114,418 | |||||
| 2.00%, 09/28/26 | EUR | 100 | 115,325 | |||||
| 2.38%, 05/25/26 | EUR | 100 | 117,564 | |||||
| Rexel SA Reg
S 2.75%, 06/15/26 |
EUR | 100 | 117,899 | |||||
| Rubis Terminal Infra SAS
Reg S 5.62%, 05/15/25 |
EUR | 100 | 120,384 | |||||
| SPCM SA Reg
S 2.62%, 02/01/29 |
EUR | 100 | 117,252 | |||||
| SPIE SA Reg
S 2.62%, 06/18/26 |
EUR | 100 | 120,232 | |||||
|
Tereos Finance Groupe I SA Reg S 4.12%, 06/16/23 |
EUR | 100 | 117,935 | |||||
| Valeo Reg S | ||||||||
| 1.00%, 08/03/28 | EUR | 100 | 111,400 | |||||
| 1.62%, 03/18/26 | EUR | 100 | 119,311 | |||||
| 3.25%, 01/22/24 | EUR | 100 | 123,535 | |||||
|
Vallourec SA Reg S 8.50%, 06/30/26 |
EUR | 100 | 120,209 | |||||
|
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) |
EUR | 100 | 118,570 | |||||
|
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) |
EUR | 100 | 116,004 | |||||
| Verallia SA Reg
S 1.62%, 05/14/28 |
EUR | 100 | 118,485 | |||||
| 7,638,765 | ||||||||
| Germany: 6.1% | ||||||||
| Adler Group SA Reg
S 2.75%, 11/13/26 |
EUR | 100 | 104,013 | |||||
See Notes to Financial Statements
| 47 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Germany (continued) | ||||||||
| 3.25%, 08/05/25 | EUR | 100 | $ | 107,451 | ||||
| Adler Real Estate AG Reg S
1.88%, 04/27/23 |
EUR | 100 | 110,648 | |||||
| Bayer AG Reg S | ||||||||
| 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 100 | 115,739 | |||||
| 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 | EUR | 100 | 117,925 | |||||
| 3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 120,818 | |||||
|
Bertelsmann SE & Co. KGaA Reg S 3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75 |
EUR | 100 | 119,329 | |||||
| Ceconomy AG Reg
S 1.75%, 06/24/26 |
EUR | 100 | 113,606 | |||||
| Cheplapharm Arzneimittel GmbH Reg S | ||||||||
| 3.50%, 02/11/27 | EUR | 100 | 115,903 | |||||
| 4.38%, 01/15/28 | EUR | 100 | 119,188 | |||||
| Commerzbank AG
144A 8.12%, 09/19/23 † |
USD | 50 | 56,034 | |||||
| Commerzbank AG Reg S | ||||||||
| 4.00%, 03/23/26 | EUR | 75 | 96,026 | |||||
| 4.00%, 03/30/27 | EUR | 100 | 129,755 | |||||
| 4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 125,631 | |||||
| CT Investment GmbH Reg
S 5.50%, 04/15/26 |
EUR | 100 | 117,831 | |||||
| Deutsche Bank AG | ||||||||
|
3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32 |
USD | 140 | 143,625 | |||||
|
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 |
USD | 150 | 155,466 | |||||
| 4.50%, 04/01/25 | USD | 150 | 160,999 | |||||
|
4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32 |
USD | 125 | 135,892 | |||||
|
5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31 |
USD | 25 | 29,396 | |||||
| Deutsche Bank AG Reg
S 2.75%, 02/17/25 |
EUR | 125 | 152,522 | |||||
|
5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31 |
EUR | 100 | 136,062 | |||||
| Deutsche Lufthansa
AG 0.25%, 09/06/24 |
EUR | 200 | 226,161 | |||||
| Deutsche Lufthansa AG Reg S | ||||||||
| 3.00%, 05/29/26 | EUR | 100 | 117,921 | |||||
| 3.75%, 02/11/28 | EUR | 100 | 119,682 | |||||
| Douglas GmbH Reg
S 6.00%, 04/08/26 |
EUR | 100 | 115,350 | |||||
| Dresdner Funding Trust I
144A 8.15%, 06/30/31 |
USD | 150 | 212,805 | |||||
| Evonik Industries AG Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Germany (continued) | ||||||||
|
1.38% (EUR Swap Annual 5 Year+1.84%), 09/02/81 |
EUR | 100 | $ | 115,794 | ||||
| Gruenenthal GmbH Reg
S 3.62%, 11/15/26 |
EUR | 100 | 119,021 | |||||
| IHO Verwaltungs GmbH 144A
4.75%, 09/15/26 |
USD | 200 | 204,996 | |||||
| IHO Verwaltungs GmbH Reg
S 3.62%, 05/15/25 |
EUR | 100 | 117,605 | |||||
|
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) |
EUR | 100 | 126,805 | |||||
| K+S AG Reg
S 3.25%, 07/18/24 |
EUR | 100 | 119,340 | |||||
| Kirk Beauty SUN GmbH Reg
S 8.25%, 10/01/26 |
EUR | 105 | 116,049 | |||||
|
Lanxess AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76 |
EUR | 100 | 122,381 | |||||
| Mahle GmbH Reg
S 2.38%, 05/14/28 |
EUR | 100 | 112,530 | |||||
| Mercer International,
Inc. 5.50%, 01/15/26 |
USD | 41 | 41,564 | |||||
| Novelis Sheet Ingot GmbH
Reg S 3.38%, 04/15/29 |
EUR | 100 | 118,300 | |||||
| ProGroup AG Reg
S 3.00%, 03/31/26 † |
EUR | 130 | 151,123 | |||||
|
Renk AG/Frankfurt am Main Reg S 5.75%, 07/15/25 |
EUR | 100 | 120,180 | |||||
|
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 |
USD | 100 | 115,501 | |||||
| Schaeffler AG Reg S | ||||||||
| 1.88%, 03/26/24 | EUR | 100 | 118,500 | |||||
| 2.88%, 03/26/27 | EUR | 50 | 62,361 | |||||
| 3.38%, 10/12/28 | EUR | 100 | 128,035 | |||||
| Tele Columbus AG Reg
S 3.88%, 05/02/25 |
EUR | 100 | 115,250 | |||||
| thyssenkrupp AG Reg S | ||||||||
| 1.88%, 03/06/23 | EUR | 100 | 116,178 | |||||
| 2.50%, 02/25/25 | EUR | 100 | 117,145 | |||||
| 2.88%, 02/22/24 | EUR | 100 | 117,686 | |||||
|
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 |
EUR | 100 | 110,528 | |||||
| ZF Europe Finance BV Reg S | ||||||||
| 2.00%, 02/23/26 | EUR | 100 | 116,230 | |||||
| 3.00%, 10/23/29 | EUR | 100 | 119,671 | |||||
| ZF Finance GmbH Reg S | ||||||||
| 3.00%, 09/21/25 | EUR | 100 | 121,450 | |||||
| 3.75%, 09/21/28 | EUR | 100 | 125,172 | |||||
|
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 |
USD | 175 | 188,563 | |||||
| ZF North America Capital, Inc. Reg S | ||||||||
See Notes to Financial Statements
| 48 |
| Par (000’s |
) | Value | ||||||
| Germany (continued) | ||||||||
| 2.75%, 04/27/23 | EUR | 100 | $ | 119,407 | ||||
| 6,753,143 | ||||||||
| Ghana: 0.2% | ||||||||
| Kosmos Energy Ltd.
144A 7.12%, 04/04/26 † |
USD | 100 | 99,916 | |||||
| Tullow Oil Plc
144A 7.00%, 03/01/25 † |
USD | 100 | 87,655 | |||||
| 187,571 | ||||||||
| Greece: 0.9% | ||||||||
|
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 |
EUR | 100 | 117,987 | |||||
| Crystal Almond Sarl Reg
S 4.25%, 10/15/24 |
EUR | 100 | 118,261 | |||||
| Ellaktor Value Plc Reg
S 6.38%, 12/15/24 |
EUR | 100 | 112,669 | |||||
|
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 |
EUR | 100 | 111,794 | |||||
|
Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/24 |
EUR | 200 | 193,936 | |||||
|
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 |
EUR | 100 | 118,707 | |||||
|
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 |
EUR | 100 | 116,785 | |||||
|
Public Power Corp. SA Reg S 3.88%, 03/30/26 |
EUR | 100 | 119,562 | |||||
| 1,009,701 | ||||||||
| Guatemala: 0.2% | ||||||||
|
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/26 † |
USD | 100 | 100,295 | |||||
|
Central American Bottling Corp. 144A 5.75%, 01/31/27 |
USD | 100 | 103,760 | |||||
| 204,055 | ||||||||
| Hong Kong: 1.3% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
|
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 3/7/2023 (o) |
USD | 200 | 128,782 | |||||
|
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) |
USD | 200 | 122,118 | |||||
|
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) |
USD | 250 | 261,578 | |||||
|
Champion Path Holdings Ltd. Reg S 4.85%, 01/27/28 |
USD | 200 | 197,238 | |||||
| Par (000’s |
) | Value | ||||||
| Hong Kong (continued) | ||||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | USD | 100 | $ | 99,025 | ||||
| 5.38%, 12/04/29 † | USD | 100 | 98,500 | |||||
| 5.62%, 07/17/27 † | USD | 100 | 100,275 | |||||
| 5.75%, 07/21/28 | USD | 100 | 99,750 | |||||
|
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 |
USD | 200 | 176,775 | |||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | USD | 100 | 90,685 | |||||
| 6.50%, 01/15/28 † | USD | 100 | 96,304 | |||||
| 1,471,030 | ||||||||
| Hungary: 0.1% | ||||||||
|
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 |
EUR | 100 | 120,323 | |||||
| India: 2.3% | ||||||||
|
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 |
USD | 250 | 273,442 | |||||
| Canara Bank Reg
S 3.88%, 03/28/24 |
USD | 200 | 208,480 | |||||
|
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 |
USD | 100 | 99,286 | |||||
|
GMR Hyderabad International Airport Ltd. 144A 4.75%, 02/02/26 † |
USD | 200 | 202,058 | |||||
| Jaguar Land Rover Automotive Plc Reg S | ||||||||
| 2.20%, 01/15/24 | EUR | 100 | 113,945 | |||||
| 3.88%, 03/01/23 | GBP | 125 | 172,761 | |||||
| 6.88%, 11/15/26 | EUR | 100 | 129,229 | |||||
| JSW Steel Ltd. Reg
S 5.95%, 04/18/24 |
USD | 200 | 212,131 | |||||
| Muthoot Finance Ltd.
144A 4.40%, 09/02/23 |
USD | 100 | 101,963 | |||||
|
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
USD | 100 | 105,875 | |||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
USD | 100 | 104,849 | |||||
|
Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24 |
USD | 200 | 201,050 | |||||
| Tata Motors Ltd. Reg
S 5.75%, 10/30/24 |
USD | 200 | 212,781 | |||||
| Vedanta Resources Finance II Plc 144A | ||||||||
| 9.25%, 04/23/26 | USD | 100 | 96,427 | |||||
| 13.88%, 01/21/24 | USD | 100 | 109,040 | |||||
| Vedanta Resources Ltd.
144A 6.12%, 08/09/24 |
USD | 150 | 136,865 | |||||
| 2,480,182 | ||||||||
| Indonesia: 0.8% | ||||||||
| Adaro Indonesia PT 144A | ||||||||
See Notes to Financial Statements
| 49 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Indonesia (continued) | ||||||||
| 4.25%, 10/31/24 † | USD | 100 | $ | 102,509 | ||||
| Bakrie Telecom Pte Ltd. Reg
S 11.50%, 05/07/15 (d) * |
USD | 150 | 1,931 | |||||
| Cikarang Listrindo Tbk PT
144A 4.95%, 09/14/26 |
USD | 200 | 204,850 | |||||
|
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 |
USD | 100 | 101,675 | |||||
|
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 |
USD | 200 | 208,881 | |||||
| Saka Energi Indonesia PT
144A 4.45%, 05/05/24 |
USD | 100 | 97,364 | |||||
| Theta Capital Pte Ltd. Reg
S 6.75%, 10/31/26 |
USD | 200 | 200,081 | |||||
| 917,291 | ||||||||
| Ireland: 1.0% | ||||||||
|
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 |
USD | 150 | 161,101 | |||||
|
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 |
EUR | 100 | 118,026 | |||||
|
Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 |
EUR | 100 | 114,418 | |||||
|
C&W Senior Financing DAC 144A 6.88%, 09/15/27 |
USD | 200 | 211,000 | |||||
| Cimpress Plc
144A 7.00%, 06/15/26 |
USD | 100 | 104,000 | |||||
|
Permanent TSB Group Holdings Plc Reg S 2.12% (EUR Swap Annual 1 Year+2.55%), 09/26/24 |
EUR | 100 | 117,952 | |||||
|
Uralkali OJSC Via Uralkali Finance DAC 144A 4.00%, 10/22/24 |
USD | 100 | 103,836 | |||||
|
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 |
GBP | 100 | 137,812 | |||||
| 1,068,145 | ||||||||
| Israel: 1.9% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | USD | 50 | 52,013 | |||||
| 6.12%, 06/30/25 | USD | 50 | 54,093 | |||||
| 6.50%, 06/30/27 | USD | 50 | 54,750 | |||||
| 6.75%, 06/30/30 | USD | 50 | 55,094 | |||||
|
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 |
USD | 100 | 100,875 | |||||
|
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † |
USD | 125 | 133,951 | |||||
|
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 |
EUR | 100 | 124,577 | |||||
| Par (000’s |
) | Value | ||||||
| Israel (continued) | ||||||||
| Teva Pharmaceutical Finance Netherlands II BV Reg S | ||||||||
| 1.12%, 10/15/24 | EUR | 100 | $ | 111,703 | ||||
| 1.25%, 03/31/23 | EUR | 100 | 115,426 | |||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | USD | 300 | 302,565 | |||||
| 3.15%, 10/01/26 | USD | 350 | 330,313 | |||||
| 4.10%, 10/01/46 | USD | 225 | 185,923 | |||||
| 6.00%, 04/15/24 | USD | 150 | 157,500 | |||||
| 6.75%, 03/01/28 † | USD | 150 | 164,437 | |||||
| 7.12%, 01/31/25 | USD | 150 | 161,204 | |||||
| 2,104,424 | ||||||||
| Italy: 7.7% | ||||||||
|
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) |
EUR | 200 | 237,016 | |||||
| Assicurazioni Generali SpA Reg S | ||||||||
|
4.60% (Euribor 3 Month ACT/360+4.50%), 11/30/49 (o) |
EUR | 125 | 160,124 | |||||
|
6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/29/49 (o) |
GBP | 50 | 78,369 | |||||
| Atlantia SpA Reg S | ||||||||
| 1.62%, 02/03/25 | EUR | 100 | 118,854 | |||||
| 1.88%, 07/13/27 | EUR | 100 | 120,126 | |||||
| 1.88%, 02/12/28 | EUR | 100 | 119,958 | |||||
| Autostrade per l’Italia SpA | ||||||||
| 1.62%, 06/12/23 | EUR | 100 | 117,804 | |||||
| 5.88%, 06/09/24 | EUR | 100 | 131,767 | |||||
| Autostrade per l’Italia SpA Reg S | ||||||||
| 1.75%, 06/26/26 | EUR | 100 | 119,849 | |||||
| 1.75%, 02/01/27 | EUR | 125 | 149,902 | |||||
| 1.88%, 09/26/29 | EUR | 100 | 120,675 | |||||
| 2.00%, 12/04/28 | EUR | 100 | 121,647 | |||||
| 4.38%, 09/16/25 | EUR | 50 | 65,840 | |||||
|
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 |
EUR | 100 | 118,161 | |||||
| Banca Monte dei Paschi di Siena SpA Reg S | ||||||||
| 3.62%, 09/24/24 | EUR | 150 | 178,758 | |||||
|
5.38% (EUR Swap Annual 5 Year+5.00%), 01/18/28 |
EUR | 100 | 84,772 | |||||
|
Banca Popolare di Sondrio SCPA Reg S 2.38%, 04/03/24 |
EUR | 100 | 120,511 | |||||
| Banco BPM SpA Reg S | ||||||||
| 1.75%, 04/24/23 | EUR | 100 | 118,264 | |||||
| 1.75%, 01/28/25 | EUR | 100 | 118,984 | |||||
| 2.50%, 06/21/24 | EUR | 100 | 121,389 | |||||
|
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 |
EUR | 100 | 125,862 | |||||
|
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 |
EUR | 100 | 115,485 | |||||
| Esselunga SpA Reg
S 0.88%, 10/25/23 |
EUR | 100 | 117,228 | |||||
See Notes to Financial Statements
| 50 |
| Par (000’s |
) | Value | ||||||
| Italy (continued) | ||||||||
|
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 |
EUR | 100 | $ | 115,180 | ||||
| Infrastrutture Wireless Italiane SpA Reg S | ||||||||
| 1.62%, 10/21/28 | EUR | 100 | 116,664 | |||||
| 1.88%, 07/08/26 | EUR | 100 | 119,595 | |||||
|
International Design Group SPA Reg S 6.50%, 11/15/25 |
EUR | 100 | 119,457 | |||||
| Intesa Sanpaolo SpA 144A | ||||||||
| 4.95%, 06/01/42 | USD | 50 | 51,703 | |||||
| 5.02%, 06/26/24 | USD | 125 | 134,079 | |||||
| 5.71%, 01/15/26 | USD | 75 | 83,413 | |||||
| Intesa Sanpaolo SpA Reg S | ||||||||
| 2.85%, 04/23/25 | EUR | 100 | 122,863 | |||||
| 3.93%, 09/15/26 | EUR | 100 | 128,479 | |||||
|
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 |
EUR | 100 | 128,380 | |||||
| 6.62%, 09/13/23 | EUR | 200 | 257,641 | |||||
|
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) |
EUR | 100 | 125,918 | |||||
|
Leonardo SpA 4.88%, 03/24/25 |
EUR | 50 | 65,451 | |||||
|
Leonardo SpA Reg S 1.50%, 06/07/24 |
EUR | 100 | 118,101 | |||||
|
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) |
EUR | 100 | 112,707 | |||||
|
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) |
EUR | 100 | 119,703 | |||||
|
Saipem Finance International BV Reg S 3.75%, 09/08/23 |
EUR | 150 | 181,395 | |||||
|
Societa Cattolica Di Assicurazione SPA Reg S 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47 |
EUR | 100 | 130,480 | |||||
|
Telecom Italia Finance SA 7.75%, 01/24/33 |
EUR | 100 | 164,358 | |||||
| Telecom Italia SpA/Milano | ||||||||
| 5.25%, 03/17/55 | EUR | 100 | 133,923 | |||||
| 5.88%, 05/19/23 | GBP | 100 | 145,533 | |||||
|
Telecom Italia SpA/Milano 144A 5.30%, 05/30/24 |
USD | 100 | 106,625 | |||||
| Telecom Italia SpA/Milano Reg S | ||||||||
| 1.62%, 01/18/29 | EUR | 100 | 110,124 | |||||
| 2.38%, 10/12/27 | EUR | 100 | 117,021 | |||||
| 2.50%, 07/19/23 | EUR | 100 | 119,703 | |||||
| 2.75%, 04/15/25 | EUR | 100 | 120,496 | |||||
| 2.88%, 01/28/26 | EUR | 200 | 242,086 | |||||
| 3.00%, 09/30/25 | EUR | 100 | 121,635 | |||||
| 3.25%, 01/16/23 | EUR | 100 | 119,713 | |||||
| 3.62%, 05/25/26 | EUR | 150 | 189,783 | |||||
| 4.00%, 04/11/24 | EUR | 200 | 245,762 | |||||
| UniCredit SpA 144A | ||||||||
| Par (000’s) |
Value | |||||||
| Italy (continued) | ||||||||
|
5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 |
USD | 100 | $ | 109,474 | ||||
|
UniCredit SpA Reg S 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 |
EUR | 200 | 232,968 | |||||
|
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 |
EUR | 200 | 235,644 | |||||
| 6.95%, 10/31/22 | EUR | 300 | 370,316 | |||||
|
Unipol Gruppo SpA Reg S 3.00%, 03/18/25 |
EUR | 200 | 251,012 | |||||
|
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) |
EUR | 100 | 125,965 | |||||
|
Webuild SpA Reg S 1.75%, 10/26/24 |
EUR | 100 | 116,057 | |||||
| 8,490,752 | ||||||||
| Japan: 1.9% | ||||||||
| Rakuten Group, Inc. 144A | ||||||||
|
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) |
USD | 150 | 150,900 | |||||
|
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) |
USD | 150 | 158,257 | |||||
| SoftBank Group Corp. Reg S | ||||||||
| 3.12%, 09/19/25 | EUR | 100 | 116,310 | |||||
| 4.00%, 04/20/23 | EUR | 100 | 118,730 | |||||
| 4.00%, 09/19/29 | EUR | 100 | 115,910 | |||||
| 4.75%, 09/19/24 | USD | 200 | 206,525 | |||||
| 4.75%, 07/30/25 | EUR | 100 | 122,797 | |||||
| 5.00%, 04/15/28 | EUR | 100 | 122,572 | |||||
| 5.12%, 09/19/27 | USD | 200 | 204,496 | |||||
|
6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 7/19/2023 (o) |
USD | 250 | 250,312 | |||||
| 6.25%, 04/15/28 | USD | 350 | 375,167 | |||||
|
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o) |
USD | 200 | 204,100 | |||||
| 2,146,076 | ||||||||
| Jersey, Channel Islands: 0.3% | ||||||||
|
eG Global Finance Plc 144A 6.75%, 02/07/25 |
USD | 200 | 205,000 | |||||
|
eG Global Finance Plc Reg S 4.38%, 02/07/25 |
EUR | 100 | 114,554 | |||||
| 319,554 | ||||||||
| Kazakhstan: 0.1% | ||||||||
|
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 |
USD | 100 | 135,692 | |||||
| Kuwait: 0.2% | ||||||||
|
Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26 |
USD | 200 | 189,940 | |||||
| Luxembourg: 4.9% | ||||||||
| Adler Group SA Reg S | ||||||||
See Notes to Financial Statements
| 51 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 2.25%, 01/14/29 | EUR | 100 | $ | 99,523 | ||||
|
AI Candelaria Spain SLU 144A 7.50%, 12/15/28 |
USD | 75 | 80,813 | |||||
|
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 |
USD | 100 | 101,036 | |||||
|
Altice Financing SA 144A 5.00%, 01/15/28 |
USD | 250 | 241,218 | |||||
| Altice Financing SA Reg S | ||||||||
| 2.25%, 01/15/25 | EUR | 100 | 111,786 | |||||
| 3.00%, 01/15/28 | EUR | 100 | 110,019 | |||||
|
Altice Finco SA Reg S 4.75%, 01/15/28 |
EUR | 100 | 110,190 | |||||
|
Altice France Holding SA 144A 10.50%, 05/15/27 |
USD | 50 | 54,250 | |||||
| Altice France Holding SA Reg S | ||||||||
| 4.00%, 02/15/28 | EUR | 100 | 108,300 | |||||
| 8.00%, 05/15/27 | EUR | 100 | 122,828 | |||||
| Altice France SA 144A | ||||||||
| 5.50%, 01/15/28 | USD | 100 | 100,375 | |||||
| 8.12%, 02/01/27 | USD | 300 | 322,875 | |||||
|
Altice France SA Reg S 3.38%, 01/15/28 |
EUR | 100 | 111,140 | |||||
|
ARD Finance SA Reg S 5.00%, 06/30/27 |
EUR | 200 | 238,478 | |||||
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
| 4.12%, 08/15/26 | USD | 150 | 153,192 | |||||
| 5.25%, 08/15/27 | USD | 125 | 124,844 | |||||
|
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 |
EUR | 175 | 200,176 | |||||
|
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 |
EUR | 100 | 109,506 | |||||
|
Centurion Bidco SpA Reg S 5.88%, 09/30/26 |
EUR | 100 | 120,270 | |||||
|
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 |
EUR | 100 | 113,995 | |||||
|
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
USD | 100 | 99,635 | |||||
|
CSN Resources SA 144A 4.62%, 06/10/31 |
USD | 100 | 98,475 | |||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 4.50%, 03/30/24 | USD | 60 | 61,320 | |||||
| 4.88%, 03/30/26 | USD | 60 | 61,153 | |||||
| 5.38%, 03/30/28 | USD | 60 | 60,908 | |||||
| 5.88%, 03/30/31 | USD | 60 | 60,945 | |||||
|
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) |
EUR | 100 | 122,575 | |||||
|
Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26 |
GBP | 100 | 141,981 | |||||
| Par (000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
|
Herens Midco Sarl Reg S 5.25%, 05/15/29 |
EUR | 100 | $ | 108,268 | ||||
|
Kenbourne Invest SA 144A 4.70%, 01/22/28 |
USD | 50 | 49,812 | |||||
|
Kleopatra Finco Sarl Reg S 4.25%, 03/01/26 |
EUR | 100 | 111,315 | |||||
|
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
USD | 200 | 195,000 | |||||
|
Millicom International Cellular SA 144A 4.50%, 04/27/31 |
USD | 100 | 102,752 | |||||
|
Minerva Luxembourg SA 144A 4.38%, 03/18/31 |
USD | 125 | 118,994 | |||||
|
Movida Europe SA 144A 5.25%, 02/08/31 |
USD | 100 | 94,496 | |||||
|
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 |
EUR | 200 | 228,317 | |||||
|
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26 |
USD | 100 | 100,875 | |||||
|
Rossini Sarl Reg S 6.75%, 10/30/25 |
EUR | 100 | 119,834 | |||||
|
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o) |
EUR | 100 | 125,265 | |||||
|
Sisal Group SpA Reg S 7.00%, 07/31/23 |
EUR | 69 | 79,758 | |||||
|
Summer BC Holdco A Sarl Reg S 9.25%, 10/31/27 |
EUR | 90 | 113,153 | |||||
|
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 |
EUR | 100 | 121,034 | |||||
|
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 |
EUR | 100 | 119,234 | |||||
|
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 |
USD | 200 | 203,810 | |||||
| 5,433,723 | ||||||||
| Mauritius: 0.3% | ||||||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
USD | 50 | 50,453 | |||||
|
HTA Group Ltd./Mauritius 144A 7.00%, 12/18/25 |
USD | 100 | 104,922 | |||||
|
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 |
USD | 200 | 213,000 | |||||
| 368,375 | ||||||||
| Mexico: 4.3% | ||||||||
|
Axtel SAB de CV 144A 6.38%, 11/14/24 |
USD | 82 | 84,686 | |||||
| Cemex SAB de CV 144A | ||||||||
| 3.88%, 07/11/31 | USD | 200 | 200,990 | |||||
| 5.20%, 09/17/30 | USD | 100 | 108,404 | |||||
| 5.45%, 11/19/29 | USD | 100 | 108,445 | |||||
| 7.38%, 06/05/27 | USD | 100 | 110,688 | |||||
|
Cemex SAB de CV Reg S 3.12%, 03/19/26 |
EUR | 100 | 118,322 | |||||
See Notes to Financial Statements
| 52 |
| Par (000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
|
Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26 |
USD | 100 | $ | 93,048 | ||||
|
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
USD | 50 | 52,087 | |||||
|
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
USD | 100 | 102,875 | |||||
|
Nemak SAB de CV 144A 3.62%, 06/28/31 |
USD | 100 | 93,742 | |||||
| Petróleos Mexicanos | ||||||||
| 3.50%, 01/30/23 | USD | 75 | 75,881 | |||||
| 4.25%, 01/15/25 | USD | 50 | 50,938 | |||||
| 4.50%, 01/23/26 | USD | 75 | 75,765 | |||||
| 4.62%, 09/21/23 | USD | 50 | 51,563 | |||||
| 4.88%, 01/18/24 † | USD | 50 | 51,791 | |||||
| 5.35%, 02/12/28 | USD | 125 | 124,934 | |||||
| 5.50%, 06/27/44 † | USD | 50 | 40,665 | |||||
| 5.62%, 01/23/46 | USD | 50 | 40,751 | |||||
| 5.95%, 01/28/31 | USD | 200 | 197,165 | |||||
| 6.35%, 02/12/48 | USD | 150 | 128,188 | |||||
| 6.38%, 01/23/45 | USD | 75 | 64,893 | |||||
| 6.49%, 01/23/27 | USD | 100 | 106,440 | |||||
| 6.50%, 03/13/27 | USD | 275 | 293,530 | |||||
| 6.50%, 01/23/29 | USD | 100 | 104,338 | |||||
| 6.50%, 06/02/41 | USD | 75 | 68,032 | |||||
| 6.62%, 06/15/35 | USD | 150 | 145,588 | |||||
| 6.62%, 06/15/38 | USD | 25 | 23,335 | |||||
| 6.75%, 09/21/47 | USD | 300 | 265,968 | |||||
| 6.84%, 01/23/30 | USD | 200 | 209,483 | |||||
| 6.88%, 08/04/26 | USD | 150 | 163,912 | |||||
| 6.95%, 01/28/60 | USD | 200 | 177,800 | |||||
| 7.69%, 01/23/50 | USD | 425 | 406,742 | |||||
|
Petróleos Mexicanos 144A 6.88%, 10/16/25 |
USD | 75 | 82,033 | |||||
| Petróleos Mexicanos Reg S | ||||||||
| 2.75%, 04/21/27 | EUR | 100 | 108,540 | |||||
| 4.75%, 02/26/29 | EUR | 100 | 114,503 | |||||
| 4.88%, 02/21/28 | EUR | 100 | 116,766 | |||||
| 5.50%, 02/24/25 | EUR | 50 | 63,127 | |||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 | USD | 50 | 49,312 | |||||
| 7.50%, 11/12/25 | USD | 50 | 52,070 | |||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | USD | 100 | 92,802 | |||||
| 7.25%, 09/27/23 | USD | 100 | 97,604 | |||||
| 4,717,746 | ||||||||
| Morocco: 0.3% | ||||||||
| OCP SA 144A | ||||||||
| 5.62%, 04/25/24 | USD | 150 | 162,321 | |||||
| 6.88%, 04/25/44 † | USD | 100 | 120,310 | |||||
| 282,631 | ||||||||
| Netherlands: 2.6% | ||||||||
| Athora Netherlands NV Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
|
2.25% (EUR Swap Annual 5 Year+2.60%), 07/15/31 |
EUR | 100 | $ | 116,688 | ||||
|
ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 6/3/2025 (o) |
EUR | 100 | 123,296 | |||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
USD | 99 | 99,598 | |||||
|
Intertrust Group BV Reg S 3.38%, 11/15/25 |
EUR | 100 | 116,726 | |||||
|
Koninklijke KPN NV 144A 7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73 |
USD | 125 | 132,731 | |||||
|
Lincoln Financing Sarl Reg S 3.62%, 04/01/24 |
EUR | 150 | 174,730 | |||||
|
Nobel Bidco BV Reg S 3.12%, 06/15/28 |
EUR | 100 | 111,529 | |||||
|
OCI NV Reg S 3.12%, 11/01/24 |
EUR | 200 | 234,902 | |||||
|
Petrobras Global Finance BV 5.50%, 06/10/51 † |
USD | 150 | 131,928 | |||||
| PPF Telecom Group BV Reg S | ||||||||
| 3.12%, 03/27/26 | EUR | 100 | 123,539 | |||||
| 3.50%, 05/20/24 | EUR | 100 | 122,945 | |||||
|
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o) |
EUR | 100 | 125,407 | |||||
|
Selecta Group BV Reg S 8.00%, 04/01/26 |
EUR | 52 | 60,237 | |||||
|
Tecpetrol SA 144A 4.88%, 12/12/22 |
USD | 55 | 55,006 | |||||
|
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) |
EUR | 100 | 111,500 | |||||
|
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) |
EUR | 175 | 212,645 | |||||
|
UPC Broadband Finco BV 144A 4.88%, 07/15/31 |
USD | 100 | 101,792 | |||||
|
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) |
EUR | 100 | 114,223 | |||||
| Ziggo Bond Co. BV 144A | ||||||||
| 5.12%, 02/28/30 | USD | 50 | 50,666 | |||||
| 6.00%, 01/15/27 | USD | 50 | 51,688 | |||||
|
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 |
EUR | 125 | 142,736 | |||||
| Ziggo BV 144A | ||||||||
| 4.88%, 01/15/30 | USD | 100 | 101,812 | |||||
| 5.50%, 01/15/27 | USD | 200 | 205,250 | |||||
|
Ziggo BV Reg S 4.25%, 01/15/27 |
EUR | 80 | 94,941 | |||||
| 2,916,515 | ||||||||
| Nigeria: 0.1% | ||||||||
| Seplat Energy Plc 144A | ||||||||
See Notes to Financial Statements
| 53 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Nigeria (continued) | ||||||||
| 7.75%, 04/01/26 | USD | 100 | $ | 103,150 | ||||
| Norway: 0.2% | ||||||||
|
Adevinta ASA Reg S 2.62%, 11/15/25 |
EUR | 100 | 117,981 | |||||
|
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) |
EUR | 100 | 117,027 | |||||
| 235,008 | ||||||||
| Oman: 0.5% | ||||||||
|
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 |
USD | 225 | 225,881 | |||||
|
OQ SAOC 144A 5.12%, 05/06/28 |
USD | 100 | 102,582 | |||||
|
Oztel Holdings SPC Ltd. 144A 5.62%, 10/24/23 |
USD | 200 | 209,081 | |||||
| 537,544 | ||||||||
| Panama: 0.2% | ||||||||
|
Banistmo SA 144A 4.25%, 07/31/27 |
USD | 100 | 101,130 | |||||
|
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/28 |
USD | 100 | 104,768 | |||||
| 205,898 | ||||||||
| Peru: 0.3% | ||||||||
|
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/24 |
USD | 75 | 80,166 | |||||
|
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 † |
USD | 25 | 26,344 | |||||
|
Peru LNG Srl 144A 5.38%, 03/22/30 |
USD | 100 | 84,940 | |||||
|
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
USD | 100 | 97,625 | |||||
| 289,075 | ||||||||
| Poland: 0.3% | ||||||||
|
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 |
USD | 100 | 99,375 | |||||
|
Canpack SA / Eastern PA Land Investment Holding LLC Reg S 2.38%, 11/01/27 |
EUR | 100 | 116,445 | |||||
|
Synthos SA Reg S 2.50%, 06/07/28 |
EUR | 100 | 111,909 | |||||
| 327,729 | ||||||||
| Portugal: 0.7% | ||||||||
|
Banco Comercial Portugues SA Reg S 1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 |
EUR | 100 | 112,215 | |||||
|
3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30 |
EUR | 100 | 118,598 | |||||
|
Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 |
EUR | 100 | 125,457 | |||||
| EDP - Energias de Portugal SA Reg S | ||||||||
| Par (000’s |
) | Value | ||||||
| Portugal (continued) | ||||||||
|
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 |
EUR | 100 | $ | 116,089 | ||||
|
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 |
EUR | 200 | 249,753 | |||||
| 722,112 | ||||||||
| Romania: 0.1% | ||||||||
|
RCS & RDS SA Reg S 2.50%, 02/05/25 |
EUR | 100 | 114,812 | |||||
| Russia: 1.2% | ||||||||
|
Evraz Plc 144A 5.38%, 03/20/23 |
USD | 200 | 209,871 | |||||
|
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o) |
USD | 200 | 208,000 | |||||
| Gtlk Europe Capital DAC Reg S | ||||||||
| 4.65%, 03/10/27 | USD | 200 | 207,735 | |||||
| 5.12%, 05/31/24 | USD | 200 | 211,320 | |||||
|
Polyus Finance Plc 144A 5.25%, 02/07/23 |
USD | 100 | 105,045 | |||||
| VEON Holdings BV 144A | ||||||||
| 3.38%, 11/25/27 | USD | 100 | 100,411 | |||||
| 4.00%, 04/09/25 | USD | 100 | 103,707 | |||||
| 4.95%, 06/16/24 | USD | 100 | 106,370 | |||||
| 7.25%, 04/26/23 | USD | 100 | 106,515 | |||||
| 1,358,974 | ||||||||
| Saudi Arabia: 0.4% | ||||||||
|
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 |
USD | 200 | 208,628 | |||||
|
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23 |
USD | 200 | 208,576 | |||||
| 417,204 | ||||||||
| Singapore: 1.0% | ||||||||
|
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
USD | 200 | 193,770 | |||||
|
Greenko Investment Co. 144A 4.88%, 08/16/23 † |
USD | 200 | 202,125 | |||||
|
Inkia Energy Ltd. 144A 5.88%, 11/09/27 |
USD | 100 | 104,139 | |||||
|
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 |
USD | 100 | 103,585 | |||||
|
Puma International Financing SA 144A 5.00%, 01/24/26 |
USD | 250 | 251,345 | |||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
USD | 84 | 93,851 | |||||
|
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 |
USD | 200 | 202,976 | |||||
| 1,151,791 | ||||||||
| South Africa: 1.0% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
See Notes to Financial Statements
| 54 |
| Par (000’s |
) | Value | ||||||
| South Africa (continued) | ||||||||
| 6.75%, 08/06/23 | USD | 100 | $ | 103,458 | ||||
| 7.12%, 02/11/25 | USD | 100 | 104,368 | |||||
|
Gold Fields Orogen Holdings BVI Ltd. 144A 5.12%, 05/15/24 |
USD | 100 | 107,215 | |||||
|
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22 |
USD | 138 | 395 | |||||
|
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 |
USD | 150 | 157,140 | |||||
|
Sappi Papier Holding GmbH Reg S 3.12%, 04/15/26 |
EUR | 100 | 116,922 | |||||
|
Sasol Financing International Ltd. 4.50%, 11/14/22 |
USD | 100 | 102,292 | |||||
|
Sasol Financing USA LLC 5.88%, 03/27/24 |
USD | 300 | 317,475 | |||||
|
Stillwater Mining Co. 144A 7.12%, 06/27/25 |
USD | 100 | 103,880 | |||||
| 1,113,145 | ||||||||
| South Korea: 0.1% | ||||||||
|
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
USD | 100 | 103,500 | |||||
| Spain: 3.6% | ||||||||
|
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 |
EUR | 100 | 127,176 | |||||
|
Abengoa SA 0.00%, 03/31/27 (s) ^ |
EUR | 100 | 580 | |||||
|
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 |
EUR | 100 | 116,661 | |||||
|
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
USD | 100 | 104,782 | |||||
|
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 |
EUR | 100 | 122,109 | |||||
|
Banco de Sabadell SA Reg S 1.75%, 05/10/24 |
EUR | 100 | 118,877 | |||||
|
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 |
EUR | 100 | 126,161 | |||||
| 5.62%, 05/06/26 | EUR | 100 | 134,944 | |||||
|
Cellnex Finance Co. SA Reg S 1.25%, 01/15/29 |
EUR | 100 | 110,933 | |||||
| 1.50%, 06/08/28 | EUR | 100 | 113,898 | |||||
| 2.00%, 02/15/33 | EUR | 200 | 220,783 | |||||
|
Cellnex Telecom SA 1.88%, 06/26/29 |
EUR | 100 | 115,222 | |||||
| Cellnex Telecom SA Reg S | ||||||||
| 1.75%, 10/23/30 | EUR | 100 | 111,763 | |||||
| 2.38%, 01/16/24 | EUR | 100 | 120,581 | |||||
| Par (000’s |
) | Value | ||||||
| Spain (continued) | ||||||||
| 2.88%, 04/18/25 | EUR | 100 | $ | 123,695 | ||||
|
El Corte Ingles SA Reg S 3.00%, 03/15/24 |
EUR | 100 | 116,587 | |||||
|
Ferrovial Netherlands BV Reg S 2.12% (EUR Swap Annual 5 Year+2.13%), 2/14/2023 (o) |
EUR | 100 | 115,948 | |||||
| Grifols SA Reg S | ||||||||
| 1.62%, 02/15/25 | EUR | 150 | 173,341 | |||||
| 2.25%, 11/15/27 | EUR | 100 | 115,985 | |||||
| 3.20%, 05/01/25 | EUR | 100 | 116,014 | |||||
|
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 |
EUR | 100 | 116,745 | |||||
|
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 |
EUR | 100 | 119,052 | |||||
|
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 |
EUR | 200 | 233,382 | |||||
|
Naturgy Finance BV Reg S 4.12% (EUR Swap Annual 8 Year+3.35%), 11/29/49 (o) |
EUR | 100 | 120,499 | |||||
|
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 |
EUR | 225 | 281,682 | |||||
|
Telefonica Europe BV Reg S 2.62% (EUR Swap Annual 5 Year+2.33%), 3/7/2023 (o) |
EUR | 100 | 118,216 | |||||
|
3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o) |
EUR | 100 | 119,384 | |||||
|
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) |
EUR | 100 | 124,488 | |||||
|
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) |
EUR | 200 | 249,326 | |||||
|
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) |
EUR | 100 | 127,693 | |||||
| 4,016,507 | ||||||||
| Sweden: 1.2% | ||||||||
|
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) |
EUR | 100 | 112,451 | |||||
|
Dometic Group AB Reg S 3.00%, 05/08/26 |
EUR | 100 | 122,332 | |||||
|
Fastighets AB Balder Reg S 2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81 |
EUR | 100 | 110,823 | |||||
|
Heimstaden Bostad AB Reg S 2.62% (EUR Swap Annual 5 Year+3.15%), 2/1/2027 (o) |
EUR | 100 | 109,699 | |||||
|
3.38% (EUR Swap Annual 5 Year+3.91%), 1/15/2026 (o) |
EUR | 100 | 115,720 | |||||
| 4.38%, 03/06/27 | EUR | 100 | 115,518 | |||||
| Intrum AB Reg S | ||||||||
| 3.00%, 09/15/27 † | EUR | 100 | 112,235 | |||||
| 3.12%, 07/15/24 | EUR | 200 | 232,162 | |||||
|
Norican A/S Reg S 4.50%, 05/15/23 |
EUR | 100 | 112,331 | |||||
See Notes to Financial Statements
| 55 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Sweden (continued) | ||||||||
|
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) |
EUR | 100 | $ | 113,827 | ||||
|
Stena AB 144A 7.00%, 02/01/24 |
USD | 100 | 103,958 | |||||
| 1,361,056 | ||||||||
| Switzerland: 0.6% | ||||||||
|
Dufry One BV Reg S 2.50%, 10/15/24 |
EUR | 225 | 257,096 | |||||
|
Holcim Finance Luxembourg SA Reg S 3.00% (EUR Swap Annual 5 Year+3.07%), 4/5/2024 (o) |
EUR | 100 | 120,247 | |||||
|
Peach Property Finance GmbH Reg S 4.38%, 11/15/25 |
EUR | 100 | 118,391 | |||||
|
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 |
EUR | 100 | 113,753 | |||||
| 609,487 | ||||||||
| Tanzania: 0.1% | ||||||||
|
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 |
USD | 80 | 97,398 | |||||
| Thailand: 0.2% | ||||||||
|
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29 |
USD | 200 | 203,594 | |||||
| Trinidad and Tobago: 0.2% | ||||||||
|
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
USD | 100 | 101,504 | |||||
|
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 |
USD | 75 | 82,849 | |||||
| 184,353 | ||||||||
| Turkey: 2.2% | ||||||||
| Akbank TAS 144A | ||||||||
| 5.12%, 03/31/25 | USD | 150 | 149,444 | |||||
| 6.80%, 02/06/26 | USD | 100 | 103,110 | |||||
|
Arcelik AS 144A 5.00%, 04/03/23 |
USD | 100 | 102,920 | |||||
|
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
USD | 100 | 95,395 | |||||
|
KOC Holding AS 144A 5.25%, 03/15/23 |
USD | 200 | 204,495 | |||||
|
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 |
USD | 100 | 96,620 | |||||
|
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 |
USD | 100 | 102,334 | |||||
|
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 |
USD | 100 | 104,583 | |||||
| Par (000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 6.12%, 05/03/24 | USD | 100 | $ | 101,820 | ||||
| 8.25%, 01/24/24 | USD | 100 | 106,480 | |||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | USD | 150 | 154,048 | |||||
| 7.85%, 12/10/23 | USD | 100 | 107,016 | |||||
|
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 |
USD | 100 | 100,855 | |||||
|
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
USD | 100 | 108,350 | |||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 † | USD | 100 | 98,578 | |||||
| 5.75%, 01/30/23 | USD | 100 | 102,326 | |||||
| 6.00%, 11/01/22 | USD | 100 | 102,147 | |||||
| 6.50%, 01/08/26 | USD | 100 | 100,774 | |||||
|
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
USD | 100 | 105,198 | |||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
| 5.50%, 12/06/22 | USD | 100 | 101,904 | |||||
| 5.85%, 06/21/24 | USD | 50 | 51,042 | |||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 † |
USD | 50 | 51,335 | |||||
| 8.25%, 10/15/24 | USD | 100 | 107,843 | |||||
| 2,458,617 | ||||||||
| Ukraine: 0.4% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | USD | 50 | 53,136 | |||||
| 6.75%, 10/27/27 | USD | 50 | 53,205 | |||||
| Metinvest BV 144A | ||||||||
| 7.75%, 10/17/29 | USD | 100 | 109,160 | |||||
| 8.50%, 04/23/26 | USD | 100 | 112,827 | |||||
|
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24 |
EUR | 100 | 116,093 | |||||
| 444,421 | ||||||||
| United Arab Emirates: 0.7% | ||||||||
|
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
USD | 200 | 219,027 | |||||
|
Emaar Sukuk Ltd. Reg S 3.63%, 09/15/26 |
USD | 200 | 208,760 | |||||
|
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o) |
USD | 200 | 211,866 | |||||
|
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
USD | 100 | 103,625 | |||||
|
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 |
USD | 100 | 77,375 | |||||
| 820,653 | ||||||||
See Notes to Financial Statements
| 56 |
| Par (000’s |
) | Value | ||||||
| United Kingdom: 9.3% | ||||||||
|
Amigo Luxembourg SA Reg S 7.62%, 01/15/24 |
GBP | 100 | $ | 133,751 | ||||
|
Anglian Water Osprey Financing Plc Reg S 4.00%, 03/08/26 |
GBP | 100 | 148,043 | |||||
|
Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23 |
GBP | 100 | 139,485 | |||||
|
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 † |
USD | 50 | 55,110 | |||||
|
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 |
GBP | 200 | 263,209 | |||||
|
Bellis Finco Plc Reg S 4.00%, 02/16/27 |
GBP | 100 | 129,739 | |||||
|
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
USD | 100 | 100,564 | |||||
|
Bracken MidCo1 Plc Reg S 8.88%, 10/15/23 |
GBP | 100 | 139,816 | |||||
|
Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/75 |
GBP | 100 | 145,547 | |||||
|
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26 |
USD | 200 | 207,750 | |||||
|
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 |
GBP | 100 | 132,373 | |||||
|
Co-Operative Group Ltd. Reg S 5.12%, 05/17/24 |
GBP | 100 | 143,986 | |||||
|
Deuce Finco Plc Reg S 5.50%, 06/15/27 |
GBP | 100 | 136,520 | |||||
|
Drax Finco Plc 144A 6.62%, 11/01/25 |
USD | 100 | 102,875 | |||||
|
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 |
EUR | 100 | 120,038 | |||||
|
GKN Holdings Ltd. Reg S 4.62%, 05/12/32 |
GBP | 100 | 146,774 | |||||
|
Heathrow Finance Plc Reg S 6.25%, 03/03/25 |
GBP | 150 | 222,520 | |||||
|
Iceland Bondco Plc Reg S 4.62%, 03/15/25 |
GBP | 100 | 126,623 | |||||
|
INEOS Group Holdings SA Reg S 5.38%, 08/01/24 |
EUR | 200 | 231,973 | |||||
|
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 |
EUR | 200 | 225,780 | |||||
| International Consolidated Airlines Group SA Reg S | ||||||||
| 0.50%, 07/04/23 | EUR | 100 | 112,920 | |||||
| 1.50%, 07/04/27 | EUR | 100 | 105,469 | |||||
|
Iqera Group SAS Reg S 4.25%, 09/30/24 |
EUR | 100 | 115,654 | |||||
|
Jaguar Land Rover Automotive Plc 144A 5.88%, 01/15/28 |
USD | 100 | 99,875 | |||||
|
Jerrold Finco Plc Reg S 4.88%, 01/15/26 |
GBP | 100 | 139,384 |
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
| Lloyds Banking Group Plc 144A | ||||||||
|
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/1/2035 (o) |
USD | 50 | $ | 70,143 | ||||
|
6.66% (ICE LIBOR USD 3 Month+1.27%), 5/21/2037 (o) |
USD | 50 | 71,687 | |||||
|
Marks & Spencer Plc Reg S 6.00%, 06/12/25 |
GBP | 150 | 226,437 | |||||
|
Motion Bondco DAC 144A 6.62%, 11/15/27 † |
USD | 200 | 200,853 | |||||
| National Express Group Plc Reg S | ||||||||
| 4.25% (UK Govt Bonds 5 Year Note Generic Bid Yield+4.13%), 11/26/2025 (o) | GBP | 100 | 140,430 | |||||
|
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 |
USD | 100 | 102,375 | |||||
|
Nexi SpA Reg S 1.75%, 10/31/24 |
EUR | 300 | 353,255 | |||||
|
NGG Finance Plc Reg S 2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 |
EUR | 100 | 116,448 | |||||
| 5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 149,201 | |||||
|
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 |
EUR | 100 | 115,196 | |||||
|
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 |
GBP | 100 | 137,549 | |||||
|
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 |
EUR | 100 | 118,097 | |||||
|
Playtech Plc Reg S 3.75%, 10/12/23 |
EUR | 100 | 117,207 | |||||
|
Punch Finance Plc Reg S 6.12%, 06/30/26 |
GBP | 100 | 137,686 | |||||
|
Rolls-Royce Plc Reg S 0.88%, 05/09/24 |
EUR | 100 | 115,239 | |||||
| 1.62%, 05/09/28 | EUR | 200 | 223,841 | |||||
| 5.75%, 10/15/27 | GBP | 100 | 152,692 | |||||
|
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 7/30/2037 (o) |
USD | 100 | 138,750 | |||||
|
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 |
GBP | 100 | 140,948 | |||||
|
Summer BidCo BV Reg S 9.00%, 11/15/25 |
EUR | 105 | 123,970 | |||||
|
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25 |
GBP | 100 | 133,654 | |||||
|
Telenet Finance Luxembourg Notes Sarl 144A 5.50%, 03/01/28 |
USD | 200 | 209,000 | |||||
|
The Weir Group Plc 144A 2.20%, 05/13/26 |
USD | 100 | 99,402 | |||||
|
Travis Perkins Plc Reg S 4.50%, 09/07/23 |
GBP | 100 | 142,607 | |||||
| Tullow Oil Plc 144A | ||||||||
See Notes to Financial Statements
| 57 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 10.25%, 05/15/26 | USD | 100 | $ | 105,490 | ||||
|
United Group BV Reg S 4.88%, 07/01/24 |
EUR | 100 | 117,168 | |||||
|
UPC Holding BV 144A 5.50%, 01/15/28 |
USD | 100 | 103,625 | |||||
|
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
USD | 200 | 203,302 | |||||
|
Victoria Plc Reg S 3.62%, 08/24/26 |
EUR | 100 | 117,039 | |||||
|
Virgin Media Finance Plc 144A 5.00%, 07/15/30 |
USD | 150 | 149,338 | |||||
|
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 |
USD | 100 | 105,641 | |||||
| Virgin Media Secured Finance Plc Reg S | ||||||||
| 4.12%, 08/15/30 | GBP | 100 | 136,150 | |||||
| 4.25%, 01/15/30 | GBP | 100 | 136,649 | |||||
| 5.00%, 04/15/27 | GBP | 100 | 141,598 | |||||
|
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 |
USD | 200 | 194,991 | |||||
| Vmed O2 UK Financing I Plc Reg S | ||||||||
| 3.25%, 01/31/31 | EUR | 100 | 116,217 | |||||
| 4.00%, 01/31/29 | GBP | 100 | 135,670 | |||||
|
Vodafone Group Plc 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 |
USD | 150 | 149,304 | |||||
| 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 1/4/2029 | USD | 250 | 302,478 | |||||
|
Vodafone Group Plc Reg S 3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 |
EUR | 300 | 359,189 | |||||
| 4.88% (GBP Swap 5 Year+3.27%), 10/03/78 | GBP | 100 | 145,138 | |||||
| 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 218,434 | |||||
|
William Hill Ltd. Reg S 4.88%, 09/07/23 |
GBP | 100 | 142,798 | |||||
| 10,242,664 | ||||||||
| United States: 3.1% | ||||||||
| AES Andes SA 144A | ||||||||
| 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24 | USD | 100 | 104,772 | |||||
|
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28 |
USD | 100 | 106,125 | |||||
|
Cirsa Finance International Sarl 144A 6.25%, 12/20/23 |
EUR | 127 | 149,516 | |||||
|
Constellium SE Reg S 4.25%, 02/15/26 |
EUR | 100 | 116,969 | |||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 |
EUR | 100 | $ | 109,175 | ||||
|
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25 |
EUR | 100 | 115,372 | |||||
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
USD | 100 | 95,902 | |||||
|
Enstar Finance LLC 5.75% (US Treasury Yield Curve Rate T 5 Year+5.47%), 09/01/40 |
USD | 25 | 26,406 | |||||
|
Gamma Bidco SpA Reg S 6.25%, 07/15/25 |
EUR | 100 | 119,648 | |||||
|
Garda World Security Corp. 144A 4.62%, 02/15/27 |
USD | 100 | 99,379 | |||||
|
Guacolda Energia SA 144A 4.56%, 04/30/25 |
USD | 100 | 64,001 | |||||
|
IPD 3 BV Reg S 5.50%, 12/01/25 |
EUR | 100 | 119,058 | |||||
|
James Hardie International Finance DAC 144A 5.00%, 01/15/28 |
USD | 50 | 52,063 | |||||
| JBS USA Food Co. 144A | ||||||||
| 5.75%, 01/15/28 | USD | 100 | 104,376 | |||||
| 7.00%, 01/15/26 | USD | 100 | 104,125 | |||||
|
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 † |
USD | 75 | 72,654 | |||||
|
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 |
USD | 200 | 210,250 | |||||
|
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 |
USD | 200 | 200,163 | |||||
|
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
USD | 100 | 99,389 | |||||
|
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 |
USD | 50 | 50,893 | |||||
|
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 |
USD | 100 | 94,875 | |||||
|
Q-Park Holding I BV Reg S 2.00%, 03/01/27 |
EUR | 100 | 110,007 | |||||
|
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 |
USD | 25 | 25,469 | |||||
|
Schenck Process Holding GmbH/Darmstadt Reg S 5.38%, 06/15/23 |
EUR | 100 | 116,014 | |||||
|
Sigma Holdco BV Reg S 5.75%, 05/15/26 |
EUR | 100 | 107,540 | |||||
See Notes to Financial Statements
| 58 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Telesat Canada / Telesat LLC 144A | ||||||||
| 4.88%, 06/01/27 | USD | 50 | $ | 44,774 | ||||
| 6.50%, 10/15/27 | USD | 50 | 40,664 | |||||
| Verisure Holding AB Reg S | ||||||||
| 3.50%, 05/15/23 | EUR | 150 | 174,952 | |||||
| 3.88%, 07/15/26 | EUR | 150 | 177,294 | |||||
| Wynn Macau Ltd. 144A | ||||||||
| 5.12%, 12/15/29 | USD | 100 | 90,293 | |||||
| 5.50%, 01/15/26 | USD | 100 | 94,189 | |||||
| 5.50%, 10/01/27 | USD | 200 | 186,500 | |||||
| 3,382,807 | ||||||||
| Zambia: 0.5% | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| 6.88%, 03/01/26 | USD | 100 | 104,250 | |||||
| 6.88%, 10/15/27 | USD | 50 | 53,438 | |||||
| 7.25%, 04/01/23 | USD | 200 | 203,890 | |||||
| 7.50%, 04/01/25 | USD | 200 | 207,250 | |||||
| 568,828 | ||||||||
| Total Corporate Bonds (Cost: $109,544,544) |
107,864,293 | |||||||
| Number of Shares |
||||||||
| COMMON STOCK: 0.0% | ||||||||
| (Cost: $5,620) | ||||||||
| Canada: 0.0% | ||||||||
| Secure Energy Services, Inc. | 1,259 | 5,820 | ||||||
| Total Investments Before
Collateral for Securities Loaned: 97.7% (Cost: $109,550,164) |
107,870,113 | |||||||
| SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 2.7% (Cost: $2,943,810) |
||||||||
| Money Market Fund: 2.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 2,943,810 | 2,943,810 | ||||||
| Total Investments:
100.4% (Cost: $112,493,974) |
110,813,923 | |||||||
| Liabilities in excess of other assets: (0.4)% | (459,304) | |||||||
| NET ASSETS: 100.0% | $ | 110,354,619 | ||||||
Definitions:
| CAD | Canadian Dollar | |
| EUR | Euro | |
| GBP | British Pound | |
| USD | United States Dollar | |
Footnotes:
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,078,104. |
See Notes to Financial Statements
| 59 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| (o) | Perpetual Maturity — the date shown is the next call date |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
| ¥ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
| (d) | Security in default |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $38,962,914, or 35.3% of net assets. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 7.5 | % | $ | 8,138,245 | |||||
| Consumer Cyclicals | 7.0 | 7,577,507 | |||||||
| Consumer Non-Cyclicals | 3.4 | 3,650,694 | |||||||
| Energy | 10.7 | 11,530,081 | |||||||
| Financials | 32.3 | 34,879,592 | |||||||
| Healthcare | 3.1 | 3,313,947 | |||||||
| Industrials | 12.9 | 13,866,702 | |||||||
| Real Estate | 4.9 | 5,343,158 | |||||||
| Technology | 12.3 | 13,222,005 | |||||||
| Utilities | 5.9 | 6,348,182 | |||||||
| 100.0 | % | $ | 107,870,113 | ||||||
See Notes to Financial Statements
| 60 |
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level
3 |
Value | |||||||||||||
| Corporate Bonds | ||||||||||||||||
| Argentina | $ | — | $ | 869,357 | $ | — | $ | 869,357 | ||||||||
| Australia | — | 417,502 | — | 417,502 | ||||||||||||
| Austria | — | 286,574 | — | 286,574 | ||||||||||||
| Azerbaijan | — | 245,337 | — | 245,337 | ||||||||||||
| Bahamas | — | 212,397 | — | 212,397 | ||||||||||||
| Belgium | — | 600,024 | — | 600,024 | ||||||||||||
| Bermuda | — | 480,266 | — | 480,266 | ||||||||||||
| Brazil | — | 7,775,646 | — | 7,775,646 | ||||||||||||
| British Virgin Islands | — | 351,960 | — | 351,960 | ||||||||||||
| Bulgaria | — | 123,565 | — | 123,565 | ||||||||||||
| Burkina Faso | — | 24,577 | — | 24,577 | ||||||||||||
| Canada | — | 6,511,687 | 0 | 6,511,687 | ||||||||||||
| Cayman Islands | — | 313,516 | — | 313,516 | ||||||||||||
| Chile | — | 156,067 | — | 156,067 | ||||||||||||
| China | — | 5,174,233 | — | 5,174,233 | ||||||||||||
| Colombia | — | 2,186,803 | — | 2,186,803 | ||||||||||||
| Costa Rica | — | 85,479 | — | 85,479 | ||||||||||||
| Curacao | — | 74,604 | — | 74,604 | ||||||||||||
| Cyprus | — | 530,743 | — | 530,743 | ||||||||||||
| Czech Republic | — | 351,603 | — | 351,603 | ||||||||||||
| Denmark | — | 206,190 | — | 206,190 | ||||||||||||
| Finland | — | 860,202 | — | 860,202 | ||||||||||||
| France | — | 7,638,765 | — | 7,638,765 | ||||||||||||
| Germany | — | 6,753,143 | — | 6,753,143 | ||||||||||||
| Ghana | — | 187,571 | — | 187,571 | ||||||||||||
| Greece | — | 1,009,701 | — | 1,009,701 | ||||||||||||
| Guatemala | — | 204,055 | — | 204,055 | ||||||||||||
| Hong Kong | — | 1,471,030 | — | 1,471,030 | ||||||||||||
| Hungary | — | 120,323 | — | 120,323 | ||||||||||||
| India | — | 2,480,182 | — | 2,480,182 | ||||||||||||
| Indonesia | — | 917,291 | — | 917,291 | ||||||||||||
| Ireland | — | 1,068,145 | — | 1,068,145 | ||||||||||||
| Israel | — | 2,104,424 | — | 2,104,424 | ||||||||||||
| Italy | — | 8,490,752 | — | 8,490,752 | ||||||||||||
| Japan | — | 2,146,076 | — | 2,146,076 | ||||||||||||
| Jersey, Channel Islands | — | 319,554 | — | 319,554 | ||||||||||||
| Kazakhstan | — | 135,692 | — | 135,692 | ||||||||||||
| Kuwait | — | 189,940 | — | 189,940 | ||||||||||||
| Luxembourg | — | 5,433,723 | — | 5,433,723 | ||||||||||||
| Mauritius | — | 368,375 | — | 368,375 | ||||||||||||
| Mexico | — | 4,717,746 | — | 4,717,746 | ||||||||||||
| Morocco | — | 282,631 | — | 282,631 | ||||||||||||
| Netherlands | — | 2,916,515 | — | 2,916,515 | ||||||||||||
| Nigeria | — | 103,150 | — | 103,150 | ||||||||||||
| Norway | — | 235,008 | — | 235,008 | ||||||||||||
| Oman | — | 537,544 | — | 537,544 | ||||||||||||
| Panama | — | 205,898 | — | 205,898 | ||||||||||||
| Peru | — | 289,075 | — | 289,075 | ||||||||||||
| Poland | — | 327,729 | — | 327,729 | ||||||||||||
| Portugal | — | 722,112 | — | 722,112 | ||||||||||||
| Romania | — | 114,812 | — | 114,812 | ||||||||||||
| Russia | — | 1,358,974 | — | 1,358,974 | ||||||||||||
| Saudi Arabia | — | 417,204 | — | 417,204 | ||||||||||||
| Singapore | — | 1,151,791 | — | 1,151,791 | ||||||||||||
| South Africa | — | 1,113,145 | — | 1,113,145 | ||||||||||||
See Notes to Financial Statements
| 61 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| South Korea | $ | — | $ | 103,500 | $ | — | $ | 103,500 | ||||||||
| Spain | — | 4,016,507 | — | 4,016,507 | ||||||||||||
| Sweden | — | 1,361,056 | — | 1,361,056 | ||||||||||||
| Switzerland | — | 609,487 | — | 609,487 | ||||||||||||
| Tanzania | — | 97,398 | — | 97,398 | ||||||||||||
| Thailand | — | 203,594 | — | 203,594 | ||||||||||||
| Trinidad and Tobago | — | 184,353 | — | 184,353 | ||||||||||||
| Turkey | — | 2,458,617 | — | 2,458,617 | ||||||||||||
| Ukraine | — | 444,421 | — | 444,421 | ||||||||||||
| United Arab Emirates | — | 820,653 | — | 820,653 | ||||||||||||
| United Kingdom | — | 10,242,664 | — | 10,242,664 | ||||||||||||
| United States | — | 3,382,807 | — | 3,382,807 | ||||||||||||
| Zambia | — | 568,828 | — | 568,828 | ||||||||||||
| Common Stock * | 5,820 | — | — | 5,820 | ||||||||||||
| Money Market Fund | 2,943,810 | — | — | 2,943,810 | ||||||||||||
| Total Investments | $ | 2,949,630 | $ | 107,864,293 | $ | 0 | $ | 110,813,923 |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 62 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| FLOATING RATE NOTES: 99.6% | ||||||||
| Australia: 5.2% | ||||||||
|
ASB Bank Ltd. 144A 1.09% (ICE LIBOR USD 3 Month+0.97%), 06/14/23 |
$ | 1,350 | $ | 1,368,452 | ||||
| Australia & New Zealand Banking Group Ltd. 144A | ||||||||
|
0.62% (ICE LIBOR USD 3 Month+0.49%), 11/21/22 |
875 | 878,939 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.71%), 05/19/22 |
675 | 677,617 | ||||||
| Commonwealth Bank of Australia 144A | ||||||||
|
0.45% (United States Secured Overnight Financing Rate+0.40%), 07/07/25 |
11,850 | 11,877,094 | ||||||
|
0.57% (United States Secured Overnight Financing Rate+0.52%), 06/15/26 |
3,900 | 3,929,423 | ||||||
|
0.82% (ICE LIBOR USD 3 Month+0.70%), 03/16/23 |
1,400 | 1,412,185 | ||||||
|
Macquarie Group Ltd. 144A 1.14% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 |
1,675 | 1,688,068 | ||||||
|
1.48% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 |
4,300 | 4,363,335 | ||||||
|
National Australia Bank Ltd. 144A 0.52% (ICE LIBOR USD 3 Month+0.41%), 12/13/22 |
1,650 | 1,656,486 | ||||||
|
0.72% (ICE LIBOR USD 3 Month+0.60%), 04/12/23 |
1,300 | 1,303,290 | ||||||
|
0.85% (ICE LIBOR USD 3 Month+0.72%), 05/22/22 |
725 | 727,845 | ||||||
|
Westpac Banking Corp. 0.51% (ICE LIBOR USD 3 Month+0.39%), 01/13/23 |
1,250 | 1,255,549 | ||||||
|
0.69% (ICE LIBOR USD 3 Month+0.57%), 01/11/23 |
850 | 855,098 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.71%), 06/28/22 † |
850 | 854,019 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.72%), 05/15/23 |
1,950 | 1,970,781 | ||||||
|
0.89% (ICE LIBOR USD 3 Month+0.77%), 02/26/24 |
3,925 | 3,982,985 | ||||||
| 38,801,166 | ||||||||
| Canada: 10.9% | ||||||||
| Bank of Montreal | ||||||||
|
0.31% (United States Secured Overnight Financing Rate+0.27%), 09/15/23 |
505 | 505,158 | ||||||
|
0.37% (United States Secured Overnight Financing Rate+0.32%), 07/09/24 |
4,300 | 4,312,267 | ||||||
|
0.40% (United States Secured Overnight Financing Rate+0.35%), 12/08/23 † |
2,650 | 2,657,726 | ||||||
|
0.73% (United States Secured Overnight Financing Rate+0.68%), 03/10/23 |
3,850 | 3,876,644 | ||||||
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| Bank of Nova Scotia | ||||||||
|
0.31% (United States Secured Overnight Financing Rate+0.26%), 09/15/23 † |
$ | 1,550 | $ | 1,550,439 | ||||
| 0.33% (United States Secured Overnight Financing Rate+0.28%), 06/23/23 | 1,900 | 1,901,420 | ||||||
| 0.43% (United States Secured Overnight Financing Rate+0.38%), 07/31/24 | 5,075 | 5,084,064 | ||||||
| 0.49% (United States Secured Overnight Financing Rate+0.45%), 04/15/24 | 5,100 | 5,126,200 | ||||||
| 0.60% (United States Secured Overnight Financing Rate+0.55%), 09/15/23 | 4,125 | 4,143,268 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
|
0.39% (United States Secured Overnight Financing Rate+0.34%), 06/22/23 |
1,175 | 1,177,040 | ||||||
| 0.45% (United States Secured Overnight Financing Rate+0.40%), 12/14/23 | 4,675 | 4,690,428 | ||||||
| 0.47% (United States Secured Overnight Financing Rate+0.42%), 10/18/24 | 2,600 | 2,605,039 | ||||||
| 0.77% (ICE LIBOR USD 3 Month+0.66%), 09/13/23 | 1,300 | 1,313,991 | ||||||
| 0.84% (ICE LIBOR USD 3 Month+0.72%), 06/16/22 | 850 | 853,845 | ||||||
| 0.85% (United States Secured Overnight Financing Rate+0.80%), 03/17/23 | 3,125 | 3,148,147 | ||||||
|
Enbridge, Inc. 0.45% (United States Secured Overnight Financing Rate+0.40%), 02/17/23 |
900 | 902,051 | ||||||
|
Federation des Caisses Desjardins du Quebec 144A 0.48% (United States Secured Overnight Financing Rate+0.43%), 05/21/24 |
3,975 | 3,983,692 | ||||||
| Royal Bank of Canada | ||||||||
|
0.35% (United States Secured Overnight Financing Rate+0.30%), 01/19/24 |
5,276 | 5,283,681 | ||||||
| 0.41% (United States Secured Overnight Financing Rate+0.36%), 07/29/24 † | 5,025 | 5,038,244 | ||||||
| 0.48% (ICE LIBOR USD 3 Month+0.36%), 01/17/23 | 2,000 | 2,006,742 | ||||||
| 0.50% (United States Secured Overnight Financing Rate+0.45%), 10/26/23 | 2,400 | 2,413,597 | ||||||
|
Toronto-Dominion Bank 0.27% (United States Secured Overnight Financing Rate+0.22%), 06/02/23 |
2,000 | 2,004,256 | ||||||
See Notes to Financial Statements
| 63 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| 0.29% (United States Secured Overnight Financing Rate+0.24%), 01/06/23 | $ | 1,075 | $ | 1,076,360 | ||||
| 0.40% (United States Secured Overnight Financing Rate+0.35%), 03/04/24 | 5,320 | 5,337,858 | ||||||
| 0.40% (United States Secured Overnight Financing Rate+0.35%), 09/10/24 | 7,025 | 7,040,178 | ||||||
| 0.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23 | 1,300 | 1,306,950 | ||||||
| 0.53% (United States Secured Overnight Financing Rate+0.48%), 01/27/23 | 2,110 | 2,118,753 | ||||||
| 81,458,038 | ||||||||
| Cayman Islands: 0.6% | ||||||||
|
MassMutual Global Funding II 144A 0.41% (United States Secured Overnight Financing Rate+0.36%), 04/12/24 |
4,775 | 4,800,508 | ||||||
| China: 0.9% | ||||||||
| Tencent Holdings Ltd. 144A | ||||||||
|
0.73% (ICE LIBOR USD 3 Month+0.60%), 01/19/23 |
850 | 851,466 | ||||||
| 1.03% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 | 5,850 | 5,876,033 | ||||||
| 6,727,499 | ||||||||
| France: 1.3% | ||||||||
|
Banque Federative du Credit Mutuel SA 144A 0.46% (United States Secured Overnight Financing Rate+0.41%), 02/04/25 |
5,500 | 5,512,116 | ||||||
|
BPCE SA 1.00% (ICE LIBOR USD 3 Month+0.88%), 05/31/22 |
950 | 954,709 | ||||||
|
BPCE SA 144A 1.35% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 |
725 | 729,810 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | 1,300 | 1,323,898 | ||||||
|
Credit Agricole SA 144A 1.14% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 |
1,365 | 1,382,482 | ||||||
| 9,903,015 | ||||||||
| Germany: 0.7% | ||||||||
|
Bayer US Finance II LLC 144A 1.13% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 |
3,300 | 3,344,749 | ||||||
|
BMW Finance NV 144A 0.91% (ICE LIBOR USD 3 Month+0.79%), 08/12/22 |
875 | 880,106 | ||||||
|
Deutsche Bank AG 1.31% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 |
800 | 806,016 | ||||||
| 5,030,871 | ||||||||
| Par (000’s |
) | Value | ||||||
| Japan: 5.8% | ||||||||
|
American Honda Finance Corp. 0.67% (ICE LIBOR USD 3 Month+0.54%), 06/27/22 |
$ | 825 | $ | 828,135 | ||||
| Mitsubishi UFJ Financial Group, Inc. | ||||||||
| 0.86% (ICE LIBOR USD 3 Month+0.74%), 03/02/23 | 1,925 | 1,940,748 | ||||||
| 0.91% (ICE LIBOR USD 3 Month+0.79%), 07/25/22 | 1,650 | 1,658,128 | ||||||
| 0.98% (ICE LIBOR USD 3 Month+0.86%), 07/26/23 | 4,250 | 4,303,040 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 0.76% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 | 8,600 | 8,654,312 | ||||||
| 0.91% (ICE LIBOR USD 3 Month+0.79%), 03/05/23 | 2,200 | 2,221,917 | ||||||
| 0.96% (ICE LIBOR USD 3 Month+0.84%), 07/16/23 | 1,300 | 1,306,961 | ||||||
| 0.96% (ICE LIBOR USD 3 Month+0.85%), 09/13/23 | 1,275 | 1,283,391 | ||||||
| 0.99% (ICE LIBOR USD 3 Month+0.88%), 09/11/22 | 1,925 | 1,938,335 | ||||||
| 1.11% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 5,075 | 5,138,808 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 0.86% (ICE LIBOR USD 3 Month+0.74%), 10/18/22 | 875 | 880,380 | ||||||
| 0.86% (ICE LIBOR USD 3 Month+0.74%), 01/17/23 | 850 | 856,316 | ||||||
| 0.90% (ICE LIBOR USD 3 Month+0.78%), 07/12/22 | 850 | 854,310 | ||||||
| 0.92% (ICE LIBOR USD 3 Month+0.80%), 10/16/23 | 2,168 | 2,195,946 | ||||||
| 0.98% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 † | 1,275 | 1,290,784 | ||||||
|
Sumitomo Mitsui Trust Bank Ltd. 144A 0.49% (United States Secured Overnight Financing Rate+0.44%), 09/16/24 † |
5,925 | 5,943,437 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 0.35% (United States Secured Overnight Financing Rate+0.30%), 06/13/22 † | 1,275 | 1,276,486 | ||||||
| 0.59% (ICE LIBOR USD 3 Month+0.48%), 09/08/22 | 900 | 903,433 | ||||||
| 43,474,867 | ||||||||
| Netherlands: 1.7% | ||||||||
|
Cooperatieve Rabobank UA 0.35% (United States Secured Overnight Financing Rate+0.30%), 01/12/24 |
2,025 | 2,031,970 | ||||||
|
ING Groep NV 1.13% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 † |
1,375 | 1,397,203 | ||||||
|
Shell International Finance BV 0.52% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 |
1,350 | 1,358,178 | ||||||
See Notes to Financial Statements
| 64 |
| Par (000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
|
Siemens Financieringsmaatschappij NV 144A 0.48% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 † |
$ | 7,850 | $ | 7,908,841 | ||||
| 12,696,192 | ||||||||
| Norway: 0.2% | ||||||||
|
DNB Bank ASA 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 12/02/22 |
1,050 | 1,056,414 | ||||||
| Singapore: 0.1% | ||||||||
|
DBS Group Holdings Ltd. 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 |
900 | 903,410 | ||||||
| Spain: 0.3% | ||||||||
| Banco Santander SA | ||||||||
| 1.22% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 | 900 | 910,510 | ||||||
| 1.24% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | 1,300 | 1,316,917 | ||||||
| 2,227,427 | ||||||||
| Sweden: 0.1% | ||||||||
|
Skandinaviska Enskilda Banken AB 144A 0.76% (ICE LIBOR USD 3 Month+0.65%), 12/12/22 |
900 | 905,327 | ||||||
| Switzerland: 2.8% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 1.32% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | 1,400 | 1,413,511 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 5,775 | 5,856,984 | ||||||
|
UBS AG 144A 0.41% (United States Secured Overnight Financing Rate+0.36%), 02/09/24 |
7,800 | 7,822,344 | ||||||
| UBS Group AG 144A | ||||||||
| 1.07% (ICE LIBOR USD 3 Month+0.95%), 08/15/23 | 3,135 | 3,154,739 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 † | 2,550 | 2,566,329 | ||||||
| 20,813,907 | ||||||||
| United Kingdom: 7.5% | ||||||||
| Barclays Plc | ||||||||
| 1.50% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | 11,150 | 11,327,385 | ||||||
| 1.55% (ICE LIBOR USD 3 Month+1.43%), 02/15/23 | 1,375 | 1,379,755 | ||||||
| 1.75% (ICE LIBOR USD 3 Month+1.62%), 01/10/23 | 1,575 | 1,579,132 | ||||||
|
BAT Capital Corp. 1.00% (ICE LIBOR USD 3 Month+0.88%), 08/15/22 |
1,350 | 1,357,003 | ||||||
|
HSBC Holdings Plc 1.12% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 |
14,830 | 14,977,711 | ||||||
| Par (000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 1.34% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | $ | 3,925 | $ | 4,000,593 | ||||
| 1.49% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 5,850 | 6,038,614 | ||||||
|
Jackson National Life Global Funding 144A 0.65% (United States Secured Overnight Financing Rate+0.60%), 01/06/23 |
1,400 | 1,406,563 | ||||||
|
Reckitt Benckiser Treasury Services Plc 144A 0.69% (ICE LIBOR USD 3 Month+0.56%), 06/24/22 |
1,325 | 1,329,579 | ||||||
| Standard Chartered Plc 144A | ||||||||
| 1.28% (ICE LIBOR USD 3 Month+1.15%), 01/20/23 | 1,025 | 1,027,542 | ||||||
| 1.30% (United States Secured Overnight Financing Rate+1.25%), 10/14/23 | 1,350 | 1,362,004 | ||||||
| UBS AG 144A | ||||||||
| 0.37% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 | 2,900 | 2,909,237 | ||||||
| 0.50% (United States Secured Overnight Financing Rate+0.45%), 08/09/24 | 7,500 | 7,542,981 | ||||||
| 56,238,099 | ||||||||
| United States: 61.5% | ||||||||
|
7-Eleven, Inc. 144A 0.58% (ICE LIBOR USD 3 Month+0.45%), 08/10/22 |
1,325 | 1,325,283 | ||||||
|
AbbVie, Inc. 0.78% (ICE LIBOR USD 3 Month+0.65%), 11/21/22 |
1,325 | 1,332,399 | ||||||
|
Air Lease Corp. 0.47% (ICE LIBOR USD 3 Month+0.35%), 12/15/22 |
1,100 | 1,100,444 | ||||||
|
American Electric Power Co., Inc. 0.61% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 |
1,650 | 1,650,532 | ||||||
| American Express Co. | ||||||||
| 0.75% (ICE LIBOR USD 3 Month+0.62%), 05/20/22 | 1,365 | 1,368,431 | ||||||
| 0.87% (ICE LIBOR USD 3 Month+0.75%), 08/03/23 | 1,325 | 1,338,671 | ||||||
|
American Honda Finance Corp. 0.28% (ICE LIBOR USD 3 Month+0.15%), 02/22/23 |
825 | 826,100 | ||||||
|
Analog Devices, Inc. 0.30% (United States Secured Overnight Financing Rate+0.25%), 10/01/24 |
4,000 | 4,005,832 | ||||||
|
Apple, Inc. 0.48% (ICE LIBOR USD 3 Month+0.35%), 05/11/22 |
1,175 | 1,177,364 | ||||||
| AT&T, Inc. | ||||||||
See Notes to Financial Statements
| 65 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.69% (United States Secured Overnight Financing Rate+0.64%), 03/25/24 | $ | 5,900 | $ | 5,906,176 | ||||
| 1.29% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 12,589 | 12,866,279 | ||||||
| Athene Global Funding 144A | ||||||||
| 0.75% (United States Secured Overnight Financing Rate+0.70%), 05/24/24 | 11,775 | 11,840,208 | ||||||
| 1.36% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 | 950 | 957,167 | ||||||
|
Atmos Energy Corp. 0.50% (ICE LIBOR USD 3 Month+0.38%), 03/09/23 |
2,925 | 2,925,584 | ||||||
| Bank of America Corp. | ||||||||
| 0.53% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 | 9,600 | 9,626,496 | ||||||
| 0.74% (United States Secured Overnight Financing Rate+0.69%), 04/22/25 | 4,550 | 4,586,310 | ||||||
| 0.78% (United States Secured Overnight Financing Rate+0.73%), 10/24/24 | 4,200 | 4,228,461 | ||||||
| 0.89% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 | 11,669 | 11,827,282 | ||||||
| 0.91% (ICE LIBOR USD 3 Month+0.79%), 03/05/24 | 11,471 | 11,561,874 | ||||||
| 1.08% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 † | 3,900 | 3,949,870 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+1.00%), 04/24/23 | 3,850 | 3,866,744 | ||||||
| 1.29% (ICE LIBOR USD 3 Month+1.16%), 01/20/23 | 1,425 | 1,428,473 | ||||||
|
Bank of New York Mellon Corp. 1.18% (ICE LIBOR USD 3 Month+1.05%), 10/30/23 |
2,000 | 2,018,698 | ||||||
|
Becton Dickinson and Co. 1.15% (ICE LIBOR USD 3 Month+1.03%), 06/06/22 |
950 | 955,149 | ||||||
| BMW US Capital LLC 144A | ||||||||
| 0.43% (United States Secured Overnight Financing Rate+0.38%), 08/12/24 | 5,875 | 5,913,792 | ||||||
| 0.58% (United States Secured Overnight Financing Rate+0.53%), 04/01/24 | 5,900 | 5,953,975 | ||||||
| Caterpillar Financial Services Corp. | ||||||||
| 0.20% (United States Secured Overnight Financing Rate+0.15%), 11/17/22 | 1,700 | 1,700,106 | ||||||
| 0.29% (United States Secured Overnight Financing Rate+0.24%), 05/17/24 | 3,850 | 3,852,653 | ||||||
| 0.32% (United States Secured Overnight Financing Rate+0.27%), 09/13/24 | 5,850 | 5,867,755 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
CenterPoint Energy Resources Corp. 0.62% (ICE LIBOR USD 3 Month+0.50%), 03/02/23 |
$ | 2,500 | $ | 2,500,702 | ||||
|
CenterPoint Energy, Inc. 0.70% (United States Secured Overnight Financing Rate+0.65%), 05/13/24 |
5,500 | 5,505,638 | ||||||
| Charles Schwab Corp. | ||||||||
| 0.55% (United States Secured Overnight Financing Rate+0.50%), 03/18/24 | 9,802 | 9,842,446 | ||||||
| 0.57% (United States Secured Overnight Financing Rate+0.52%), 05/13/26 | 3,925 | 3,947,603 | ||||||
|
Chevron USA, Inc. 0.33% (ICE LIBOR USD 3 Month+0.20%), 08/11/23 |
1,375 | 1,378,444 | ||||||
|
Cigna Corp. 1.01% (ICE LIBOR USD 3 Month+0.89%), 07/15/23 |
1,900 | 1,920,830 | ||||||
| Citigroup, Inc. | ||||||||
| 0.68% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 4,050 | 3,559,191 | ||||||
| 0.72% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 † | 3,875 | 3,901,801 | ||||||
| 0.92% (United States Secured Overnight Financing Rate+0.87%), 11/04/22 | 825 | 831,173 | ||||||
| 1.07% (ICE LIBOR USD 3 Month+0.95%), 07/24/23 | 1,950 | 1,961,306 | ||||||
| 1.14% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 7,807 | 7,913,564 | ||||||
| 1.22% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | 11,675 | 11,831,215 | ||||||
| 1.38% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 5,100 | 5,256,705 | ||||||
| 1.55% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | 5,375 | 5,430,464 | ||||||
|
Comcast Corp. 0.75% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 |
3,975 | 4,015,851 | ||||||
|
ConocoPhillips Co. 1.02% (ICE LIBOR USD 3 Month+0.90%), 05/15/22 |
700 | 702,772 | ||||||
| Credit Suisse AG | ||||||||
| 0.43% (United States Secured Overnight Financing Rate+0.38%), 08/09/23 | 1,500 | 1,504,650 | ||||||
| 0.44% (United States Secured Overnight Financing Rate+0.39%), 02/02/24 | 7,800 | 7,788,775 | ||||||
|
Dominion Energy, Inc. 0.65% (ICE LIBOR USD 3 Month+0.53%), 09/15/23 |
2,675 | 2,676,940 | ||||||
| Duke Energy Corp. | ||||||||
See Notes to Financial Statements
| 66 |
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.30% (United States Secured Overnight Financing Rate+0.25%), 06/10/23 | $ | 1,350 | $ | 1,350,543 | ||||
|
Equitable Financial Life Global Funding 144A 0.44% (United States Secured Overnight Financing Rate+0.39%), 04/06/23 |
1,750 | 1,754,677 | ||||||
|
Exxon Mobil Corp. 0.45% (ICE LIBOR USD 3 Month+0.33%), 08/16/22 |
1,300 | 1,303,248 | ||||||
|
Florida Power & Light Co. 0.30% (United States Secured Overnight Financing Rate+0.25%), 05/10/23 |
2,550 | 2,550,205 | ||||||
|
GA Global Funding Trust 144A 0.55% (United States Secured Overnight Financing Rate+0.50%), 09/13/24 |
1,350 | 1,356,426 | ||||||
|
General Electric Co. 0.50% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 |
7,350 | 7,286,331 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 1.25% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 | 1,975 | 2,006,109 | ||||||
| 1.44% (ICE LIBOR USD 3 Month+1.31%), 06/30/22 | 850 | 855,783 | ||||||
|
Gilead Sciences, Inc. 0.65% (ICE LIBOR USD 3 Month+0.52%), 09/29/23 |
1,375 | 1,375,064 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 0.46% (United States Secured Overnight Financing Rate+0.41%), 01/27/23 | 1,250 | 1,250,694 | ||||||
| 0.59% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 † | 1,299 | 1,301,434 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.58%), 03/08/24 | 5,469 | 5,477,618 | ||||||
| 0.88% (ICE LIBOR USD 3 Month+0.75%), 02/23/23 | 4,316 | 4,345,443 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 | 1,962 | 1,971,844 | ||||||
| 1.17% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | 1,785 | 1,793,247 | ||||||
| 1.29% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 11,725 | 11,993,071 | ||||||
| 1.72% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 4,575 | 4,696,326 | ||||||
| 1.89% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 7,804 | 8,200,765 | ||||||
|
Hartford Financial Services Group, Inc. 144A 2.25% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 |
3,850 | 3,744,126 | ||||||
| Honeywell International, Inc. | ||||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.50% (ICE LIBOR USD 3 Month+0.37%), 08/08/22 | $ | 1,075 | $ | 1,078,242 | ||||
|
Intel Corp. 0.48% (ICE LIBOR USD 3 Month+0.35%), 05/11/22 † |
1,200 | 1,202,196 | ||||||
| John Deere Capital Corp. | ||||||||
| 0.17% (United States Secured Overnight Financing Rate+0.12%), 07/10/23 | 2,025 | 2,026,208 | ||||||
| 0.25% (United States Secured Overnight Financing Rate+0.20%), 10/11/24 | 4,800 | 4,813,569 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 0.58% (United States Secured Overnight Financing Rate+0.54%), 06/01/25 | 3,900 | 3,918,159 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 | 9,750 | 9,786,135 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.58%), 06/23/25 | 3,800 | 3,817,292 | ||||||
| 0.81% (United States Secured Overnight Financing Rate+0.77%), 09/22/27 | 3,912 | 3,941,311 | ||||||
| 0.85% (ICE LIBOR USD 3 Month+0.73%), 04/23/24 | 3,850 | 3,880,811 | ||||||
| 0.93% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 † | 3,850 | 3,904,930 | ||||||
| 0.97% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 3,865 | 3,913,297 | ||||||
| 1.01% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 7,800 | 7,892,030 | ||||||
| 1.02% (ICE LIBOR USD 3 Month+0.90%), 04/25/23 | 3,175 | 3,188,534 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+1.00%), 01/15/23 | 1,075 | 1,077,764 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 | 5,125 | 5,186,341 | ||||||
|
Lincoln National Corp. 2.48% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 |
4,425 | 4,026,750 | ||||||
|
Met Tower Global Funding 144A 0.60% (United States Secured Overnight Financing Rate+0.55%), 01/17/23 |
1,000 | 1,004,846 | ||||||
| Metropolitan Life Global Funding I 144A | ||||||||
| 0.35% (United States Secured Overnight Financing Rate+0.30%), 09/27/24 | 500 | 500,951 | ||||||
| 0.37% (United States Secured Overnight Financing Rate+0.32%), 01/07/24 | 4,875 | 4,900,100 | ||||||
| 0.62% (United States Secured Overnight Financing Rate+0.57%), 01/13/23 | 1,600 | 1,606,950 | ||||||
| Morgan Stanley | ||||||||
See Notes to Financial Statements
| 67 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.75% (United States Secured Overnight Financing Rate+0.70%), 01/20/23 | $ | 4,250 | $ | 4,258,312 | ||||
| 1.35% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 13,522 | 13,731,422 | ||||||
| 1.52% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | 6,354 | 6,432,696 | ||||||
| New York Life Global Funding 144A | ||||||||
| 0.27% (United States Secured Overnight Financing Rate+0.22%), 02/02/23 | 1,350 | 1,352,198 | ||||||
| 0.40% (ICE LIBOR USD 3 Month+0.28%), 01/10/23 | 850 | 852,155 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 0.40% (ICE LIBOR USD 3 Month+0.27%), 02/22/23 | 2,745 | 2,745,896 | ||||||
| 0.59% (United States Secured Overnight Financing Rate+0.54%), 03/01/23 | 850 | 853,487 | ||||||
|
Otis Worldwide Corp. 0.58% (ICE LIBOR USD 3 Month+0.45%), 04/05/23 |
1,375 | 1,375,108 | ||||||
|
Pacific Gas and Electric Co. 1.60% (ICE LIBOR USD 3 Month+1.48%), 06/16/22 |
800 | 800,161 | ||||||
| PNC Bank NA | ||||||||
| 0.45% (ICE LIBOR USD 3 Month+0.33%), 02/24/23 | 1,650 | 1,651,769 | ||||||
| 0.55% (ICE LIBOR USD 3 Month+0.43%), 12/09/22 | 1,275 | 1,275,567 | ||||||
| 0.63% (ICE LIBOR USD 3 Month+0.50%), 07/27/22 | 850 | 852,673 | ||||||
|
PPL Electric Utilities Corp. 0.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 † |
5,150 | 5,153,502 | ||||||
|
Public Storage 0.52% (United States Secured Overnight Financing Rate+0.47%), 04/23/24 |
5,550 | 5,555,007 | ||||||
|
QUALCOMM, Inc. 0.86% (ICE LIBOR USD 3 Month+0.73%), 01/30/23 |
900 | 907,434 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 0.40% (United States Secured Overnight Financing Rate+0.35%), 04/18/23 | 2,600 | 2,599,072 | ||||||
| 0.44% (United States Secured Overnight Financing Rate+0.39%), 10/18/23 | 1,300 | 1,301,008 | ||||||
| 0.58% (United States Secured Overnight Financing Rate+0.53%), 10/18/24 | 4,000 | 4,006,741 | ||||||
|
Toyota Motor Credit Corp. 0.20% (United States Secured Overnight Financing Rate+0.15%), 08/15/22 |
2,600 | 2,600,259 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.25% (United States Secured Overnight Financing Rate+0.20%), 02/13/23 | $ | 1,575 | $ | 1,575,306 | ||||
| 0.34% (United States Secured Overnight Financing Rate+0.29%), 09/13/24 | 4,675 | 4,689,862 | ||||||
| 0.37% (United States Secured Overnight Financing Rate+0.32%), 04/06/23 | 1,950 | 1,955,221 | ||||||
| 0.38% (United States Secured Overnight Financing Rate+0.33%), 01/11/24 | 1,965 | 1,971,174 | ||||||
| 0.39% (United States Secured Overnight Financing Rate+0.34%), 10/14/22 | 950 | 952,237 | ||||||
| Truist Bank | ||||||||
| 0.25% (United States Secured Overnight Financing Rate+0.20%), 01/17/24 | 3,300 | 3,300,980 | ||||||
| 0.71% (ICE LIBOR USD 3 Month+0.59%), 05/17/22 | 975 | 977,313 | ||||||
| 0.78% (United States Secured Overnight Financing Rate+0.73%), 03/09/23 | 1,175 | 1,184,446 | ||||||
|
Truist Financial Corp. 0.45% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 |
7,800 | 7,811,210 | ||||||
|
United Parcel Service, Inc. 0.58% (ICE LIBOR USD 3 Month+0.45%), 04/01/23 |
1,345 | 1,349,276 | ||||||
| US Bank NA | ||||||||
| 0.27% (Bloomberg 3 Month Short Term Bank Yield Index+0.17%), 06/02/23 | 2,600 | 2,601,846 | ||||||
| 0.52% (ICE LIBOR USD 3 Month+0.40%), 12/09/22 | 1,000 | 1,004,206 | ||||||
| 0.57% (ICE LIBOR USD 3 Month+0.44%), 05/23/22 | 1,050 | 1,051,992 | ||||||
| Verizon Communications, Inc. | ||||||||
| 0.84% (United States Secured Overnight Financing Rate+0.79%), 03/20/26 | 5,850 | 5,958,607 | ||||||
| 1.22% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 13,982 | 14,303,420 | ||||||
|
Walt Disney Co. 0.51% (ICE LIBOR USD 3 Month+0.39%), 09/01/22 |
950 | 952,798 | ||||||
| Wells Fargo & Co. | ||||||||
| 1.23% (ICE LIBOR USD 3 Month+1.11%), 01/24/23 | 1,000 | 1,002,530 | ||||||
| 1.36% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 | 5,050 | 5,107,363 | ||||||
| 460,761,802 | ||||||||
| Total Floating Rate
Notes (Cost: $743,028,708) |
745,798,542 | |||||||
See Notes to Financial Statements
| 68 |
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD
AS
COLLATERAL FOR
SECURITIES ON LOAN: 0.1% |
||||||||
| Money Market Fund: 0.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 1,026,544 | $ | 1,026,544 | |||||
| Total Investments: 99.7% (Cost: $744,055,252) |
746,825,086 | |||||||
| Other assets less liabilities: 0.3% | 2,098,248 | |||||||
| NET ASSETS: 100.0% | $ | 748,923,334 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $5,495,498. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $154,739,690, or 20.7% of net assets. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Consumer Cyclicals | 2.9 | % | $ | 21,352,542 | |||||
| Consumer Non-Cyclicals | 2.5 | 18,955,699 | |||||||
| Energy | 0.8 | 5,644,693 | |||||||
| Financials | 77.8 | 580,442,248 | |||||||
| Healthcare | 2.3 | 16,835,012 | |||||||
| Industrials | 2.0 | 15,245,342 | |||||||
| Real Estate | 0.7 | 5,555,007 | |||||||
| Technology | 7.1 | 53,054,808 | |||||||
| Utilities | 3.9 | 28,713,191 | |||||||
| 100.0 | % | $ | 745,798,542 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Floating Rate Notes * | $ | — | $ | 745,798,542 | $ | — | $ | 745,798,542 | ||||||||
| Money Market Fund | 1,026,544 | — | — | 1,026,544 | ||||||||||||
| Total Investments | $ | 1,026,544 | $ | 745,798,542 | $ | — | $ | 746,825,086 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 69 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 4.5% | ||||||||
| Colombia: 0.0% | ||||||||
|
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24 |
COP | 3,596,000 | $ | 943,125 | ||||
| Germany: 0.0% | ||||||||
|
Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23 |
ZAR | 8,300 | 562,270 | |||||
| Mexico: 0.1% | ||||||||
| Petróleos Mexicanos Reg S | ||||||||
|
7.19%, 09/12/24 |
MXN | 28,330 | 1,318,617 | |||||
| 7.65%, 11/24/21 | MXN | 21,555 | 1,052,148 | |||||
| 2,370,765 | ||||||||
| Philippines: 0.0% | ||||||||
|
Asian Development Bank 12.00%, 05/13/22 |
TRY | 9,400 | 944,129 | |||||
| Russia: 0.1% | ||||||||
|
RusHydro Via RusHydro Capital Markets DAC Reg S 8.12%, 09/28/22 |
RUB | 134,900 | 1,893,340 | |||||
| South Africa: 0.4% | ||||||||
| Eskom Holdings SOC Ltd. | ||||||||
|
0.01%, 08/18/27 |
ZAR | 82,330 | 2,515,693 | |||||
| 7.50%, 09/15/33 | ZAR | 11,000 | 537,925 | |||||
| 7.85%, 04/02/26 | ZAR | 25,350 | 1,599,750 | |||||
| Transnet SOC Ltd. | ||||||||
|
9.50%, 08/19/25 |
ZAR | 21,000 | 1,406,802 | |||||
| 10.80%, 11/06/23 | ZAR | 85,800 | 6,025,003 | |||||
| 13.50%, 04/18/28 | ZAR | 5,000 | 386,408 | |||||
| 12,471,581 | ||||||||
| Supranational: 3.9% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
|
0.20%, 12/23/22 |
PLN | 7,400 | 1,822,041 | |||||
| 0.25%, 11/20/23 | PLN | 8,500 | 2,054,967 | |||||
|
European Bank for Reconstruction & Development Reg S 6.00%, 07/24/23 |
RUB | 62,000 | 843,280 | |||||
| European Investment Bank | ||||||||
|
4.25%, 10/25/22 |
PLN | 40,070 | 10,304,794 | |||||
| 7.25%, 02/28/23 | ZAR | 5,200 | 349,807 | |||||
| 7.62%, 01/12/22 | MXN | 44,420 | 2,174,619 | |||||
| 7.75%, 01/30/25 | MXN | 17,210 | 845,219 | |||||
| 8.12%, 12/21/26 | ZAR | 214,265 | 14,373,376 | |||||
|
European Investment Bank 144A 5.75%, 01/24/25 |
IDR | 51,750,000 | 3,752,975 | |||||
| European Investment Bank Reg S | ||||||||
|
2.75%, 08/25/26 |
PLN | 39,253 | 9,974,111 | |||||
| 3.00%, 05/24/24 | PLN | 47,602 | 12,161,844 | |||||
| Par (000’s |
) | Value | ||||||
| Supranational (continued) | ||||||||
| 8.00%, 05/05/27 | ZAR | 17,500 | $ | 1,166,417 | ||||
| 8.50%, 09/17/24 | ZAR | 7,600 | 523,889 | |||||
| Inter-American Development Bank | ||||||||
|
7.50%, 12/05/24 |
MXN | 129,870 | 6,318,068 | |||||
| 7.88%, 03/14/23 | IDR | 53,740,000 | 3,959,899 | |||||
|
Inter-American Development Bank Reg S 7.70%, 02/12/24 |
MXN | 52,500 | 2,549,737 | |||||
| International Bank for Reconstruction & Development | ||||||||
|
2.00%, 07/23/25 |
PHP | 34,800 | 641,332 | |||||
| 5.00%, 01/28/25 | RUB | 160,000 | 2,140,026 | |||||
| 6.00%, 07/31/24 | RUB | 467,400 | 6,277,778 | |||||
| 6.14%, 06/27/22 | RUB | 198,500 | 2,760,323 | |||||
| 6.75%, 11/14/22 | RUB | 474,000 | 6,588,858 | |||||
| 7.25%, 03/15/24 | IDR | 32,100,000 | 2,394,783 | |||||
| International Finance Corp. | ||||||||
|
5.50%, 03/20/23 |
RUB | 540,000 | 7,353,337 | |||||
| 6.38%, 04/11/22 | RUB | 37,300 | 521,839 | |||||
| 6.50%, 02/04/26 | RUB | 537,100 | 7,318,767 | |||||
| 7.00%, 02/14/24 | BRL | 1,800 | 294,469 | |||||
| 7.00%, 07/20/27 | MXN | 175,100 | 8,283,220 | |||||
| 7.25%, 02/02/24 | MXN | 2,500 | 120,990 | |||||
| 7.50%, 01/18/28 | MXN | 104,600 | 5,043,387 | |||||
| 7.75%, 01/18/30 | MXN | 122,880 | 6,038,425 | |||||
| 8.00%, 10/09/23 | IDR | 17,500,000 | 1,309,335 | |||||
| 8.00%, 07/27/27 | ZAR | 3,000 | 193,501 | |||||
|
International Finance Corp. Reg S 8.38%, 05/31/29 |
MXN | 50,500 | 2,540,364 | |||||
| 132,995,777 | ||||||||
| United Kingdom: 0.0% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
|
5.00%, 11/05/24 |
RUB | 34,200 | 446,723 | |||||
| 8.00%, 10/17/22 | TRY | 810 | 77,993 | |||||
| 12.50%, 02/09/23 | TRY | 8,100 | 778,711 | |||||
|
European Bank for Reconstruction & Development Reg S 10.00%, 09/28/22 |
TRY | 5,400 | 531,287 | |||||
| 1,834,714 | ||||||||
| United States: 0.0% | ||||||||
|
International Finance Corp. 8.80%, 10/11/22 |
TRY | 1,000 | 98,824 | |||||
| Total Corporate Bonds (Cost: $177,468,345) |
154,114,525 | |||||||
See Notes to Financial Statements
| 70 |
| Par (000’s |
) | Value | ||||||
| GOVERNMENT OBLIGATIONS: 93.1% | ||||||||
| Brazil: 8.1% | ||||||||
| Brazil Letras do Tesouro Nacional | ||||||||
|
0.00%, 01/01/24 ^ |
BRL | 467,940 | $ | 64,721,660 | ||||
| 0.00%, 07/01/24 ^ | BRL | 148,350 | 19,485,673 | |||||
| 0.00%, 07/01/23 ^ | BRL | 276,040 | 40,359,481 | |||||
| 0.01%, 07/01/22 | BRL | 178,740 | 29,560,270 | |||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
|
10.00%, 01/01/23 |
BRL | 231,143 | 40,122,976 | |||||
| 10.00%, 01/01/25 | BRL | 179,255 | 30,107,349 | |||||
| 10.00%, 01/01/27 | BRL | 174,360 | 28,636,309 | |||||
| 10.00%, 01/01/29 | BRL | 100,120 | 16,095,768 | |||||
| 10.00%, 01/01/31 | BRL | 57,760 | 9,116,340 | |||||
| Brazilian Government International Bond | ||||||||
|
8.50%, 01/05/24 |
BRL | 5,240 | 893,691 | |||||
| 10.25%, 01/10/28 | BRL | 8,520 | 1,488,831 | |||||
| 280,588,348 | ||||||||
| Chile: 3.0% | ||||||||
| Bonos de la Tesoreria de la Republica de Chile | ||||||||
|
2.50%, 03/01/25 |
CLP | 20,280,000 | 22,701,904 | |||||
| 4.50%, 03/01/26 | CLP | 13,180,000 | 15,509,196 | |||||
| 5.00%, 03/01/35 | CLP | 14,960,000 | 16,448,878 | |||||
| 6.00%, 01/01/43 | CLP | 11,795,000 | 13,844,566 | |||||
| Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
|
2.30%, 10/01/28 |
CLP | 3,770,000 | 3,685,239 | |||||
| 4.00%, 03/01/23 | CLP | 6,640,000 | 8,092,294 | |||||
| 4.70%, 09/01/30 | CLP | 13,540,000 | 15,211,398 | |||||
| 5.00%, 10/01/28 | CLP | 5,425,000 | 6,312,696 | |||||
| 101,806,171 | ||||||||
| China: 9.9% | ||||||||
| China Government Bond | ||||||||
|
1.99%, 04/09/25 |
CNY | 112,920 | 17,194,303 | |||||
| 2.36%, 07/02/23 | CNY | 88,310 | 13,759,530 | |||||
| 2.47%, 09/02/24 | CNY | 12,640 | 1,964,223 | |||||
| 2.68%, 05/21/30 | CNY | 159,490 | 24,178,089 | |||||
| 2.69%, 08/12/26 | CNY | 7,100 | 1,102,878 | |||||
| 2.84%, 04/08/24 | CNY | 60,810 | 9,555,959 | |||||
| 2.85%, 06/04/27 | CNY | 167,830 | 26,160,216 | |||||
| 2.88%, 11/05/23 | CNY | 106,940 | 16,811,470 | |||||
| 2.94%, 10/17/24 | CNY | 95,000 | 14,958,837 | |||||
| 3.01%, 05/13/28 | CNY | 48,480 | 7,602,761 | |||||
| 3.02%, 10/22/25 | CNY | 113,920 | 17,952,106 | |||||
| 3.02%, 05/27/31 | CNY | 46,040 | 7,226,433 | |||||
| 3.03%, 03/11/26 | CNY | 81,110 | 12,794,221 | |||||
| 3.12%, 12/05/26 | CNY | 102,620 | 16,249,520 | |||||
| 3.13%, 11/21/29 | CNY | 80,430 | 12,664,355 | |||||
| 3.19%, 04/11/24 | CNY | 130,510 | 20,690,341 | |||||
| 3.22%, 12/06/25 | CNY | 68,390 | 10,850,961 | |||||
| 3.25%, 06/06/26 | CNY | 127,120 | 20,254,486 | |||||
| 3.25%, 11/22/28 | CNY | 62,900 | 10,021,774 | |||||
| 3.27%, 11/19/30 | CNY | 115,410 | 18,416,221 | |||||
| 3.28%, 12/03/27 | CNY | 88,190 | 14,098,814 | |||||
| 3.29%, 10/18/23 | CNY | 56,280 | 8,930,805 | |||||
| Par (000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 3.29%, 05/23/29 | CNY | 93,150 | $ | 14,883,415 | ||||
| 3.72%, 04/12/51 | CNY | 22,420 | 3,641,108 | |||||
| 3.81%, 09/14/50 | CNY | 123,600 | 20,303,989 | |||||
| 342,266,815 | ||||||||
| Colombia: 3.9% | ||||||||
| Colombia Government International Bond | ||||||||
|
4.38%, 03/21/23 |
COP | 2,825,000 | 740,026 | |||||
| 9.85%, 06/28/27 | COP | 4,334,000 | 1,314,593 | |||||
| Colombian TES | ||||||||
|
5.75%, 11/03/27 |
COP | 44,555,000 | 10,784,868 | |||||
| 6.00%, 04/28/28 | COP | 69,008,100 | 16,699,054 | |||||
| 6.25%, 11/26/25 | COP | 44,221,000 | 11,402,767 | |||||
| 6.25%, 07/09/36 | COP | 21,250,000 | 4,619,595 | |||||
| 7.00%, 03/26/31 | COP | 26,260,000 | 6,448,767 | |||||
| 7.00%, 06/30/32 | COP | 61,956,700 | 15,076,706 | |||||
| 7.25%, 10/18/34 | COP | 63,600,000 | 15,519,431 | |||||
| 7.25%, 10/26/50 | COP | 31,384,000 | 7,085,476 | |||||
| 7.50%, 08/26/26 | COP | 63,831,700 | 17,047,405 | |||||
| 7.75%, 09/18/30 | COP | 48,442,100 | 12,739,604 | |||||
| 10.00%, 07/24/24 | COP | 41,973,800 | 12,110,438 | |||||
|
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 |
COP | 12,300,000 | 3,350,146 | |||||
| 134,938,876 | ||||||||
| Czech Republic: 4.1% | ||||||||
| Czech Republic Government Bond | ||||||||
|
0.05%, 11/29/29 |
CZK | 119,620 | 4,387,489 | |||||
| 0.25%, 02/10/27 | CZK | 256,250 | 10,133,904 | |||||
| 1.20%, 03/13/31 | CZK | 235,740 | 9,340,067 | |||||
| 1.25%, 02/14/25 | CZK | 229,990 | 9,866,642 | |||||
| 1.50%, 04/24/40 | CZK | 60,810 | 2,282,326 | |||||
| 1.75%, 06/23/32 | CZK | 133,040 | 5,520,372 | |||||
| 2.00%, 10/13/33 | CZK | 260,550 | 10,956,271 | |||||
| 2.75%, 07/23/29 | CZK | 235,100 | 10,610,487 | |||||
| Czech Republic Government Bond Reg S | ||||||||
|
0.45%, 10/25/23 |
CZK | 230,750 | 9,941,588 | |||||
| 0.95%, 05/15/30 | CZK | 261,360 | 10,231,784 | |||||
| 1.00%, 06/26/26 | CZK | 281,480 | 11,703,401 | |||||
| 2.40%, 09/17/25 | CZK | 247,820 | 11,008,276 | |||||
| 2.50%, 08/25/28 | CZK | 267,680 | 11,883,709 | |||||
| 4.20%, 12/04/36 | CZK | 153,970 | 8,251,029 | |||||
| 4.70%, 09/12/22 | CZK | 168,940 | 7,760,988 | |||||
| 5.70%, 05/25/24 | CZK | 152,780 | 7,383,355 | |||||
| 141,261,688 | ||||||||
| Dominican Republic: 1.6% | ||||||||
|
Dominican Republic International Bond 144A 9.75%, 06/05/26 |
DOP | 1,367,400 | 28,834,594 | |||||
|
Dominican Republic International Bond Reg S 8.90%, 02/15/23 |
DOP | 1,038,540 | 19,597,527 | |||||
See Notes to Financial Statements
| 71 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Dominican Republic (continued) | ||||||||
| 9.75%, 06/05/26 | DOP | 391,740 | $ | 8,260,688 | ||||
| 56,692,809 | ||||||||
| Hungary: 3.7% | ||||||||
| Hungary Government Bond | ||||||||
|
1.00%, 11/26/25 |
HUF | 3,162,780 | 9,443,094 | |||||
| 1.50%, 08/23/23 | HUF | 922,050 | 2,955,611 | |||||
| 1.50%, 04/22/26 | HUF | 3,085,390 | 9,244,090 | |||||
| 1.50%, 08/26/26 | HUF | 1,721,660 | 5,107,402 | |||||
| 1.75%, 10/26/22 | HUF | 1,371,410 | 4,415,426 | |||||
| 2.00%, 05/23/29 | HUF | 1,884,830 | 5,408,563 | |||||
| 2.25%, 04/20/33 | HUF | 2,479,540 | 6,720,614 | |||||
| 2.50%, 10/24/24 | HUF | 2,678,300 | 8,578,437 | |||||
| 2.75%, 12/22/26 | HUF | 2,349,570 | 7,357,353 | |||||
| 3.00%, 06/26/24 | HUF | 2,162,180 | 7,048,676 | |||||
| 3.00%, 10/27/27 | HUF | 2,922,750 | 9,136,620 | |||||
| 3.00%, 08/21/30 | HUF | 2,646,050 | 8,078,031 | |||||
| 3.00%, 10/27/38 | HUF | 1,744,790 | 4,809,096 | |||||
| 3.25%, 10/22/31 | HUF | 3,401,820 | 10,451,592 | |||||
| 5.50%, 06/24/25 | HUF | 2,824,870 | 9,888,899 | |||||
| 6.00%, 11/24/23 | HUF | 2,359,290 | 8,224,587 | |||||
| 6.75%, 10/22/28 | HUF | 1,541,220 | 5,913,951 | |||||
| 7.00%, 06/24/22 | HUF | 1,102,990 | 3,668,973 | |||||
| 126,451,015 | ||||||||
| Indonesia: 9.5% | ||||||||
| Indonesia Treasury Bond | ||||||||
|
5.12%, 04/15/27 |
IDR | 32,500,000 | 2,318,207 | |||||
| 5.50%, 04/15/26 | IDR | 164,370,000 | 11,800,298 | |||||
| 5.62%, 05/15/23 | IDR | 122,540,000 | 8,878,582 | |||||
| 6.12%, 05/15/28 | IDR | 175,561,000 | 12,689,216 | |||||
| 6.25%, 06/15/36 | IDR | 26,910,000 | 1,898,373 | |||||
| 6.38%, 04/15/32 | IDR | 8,920,000 | 645,665 | |||||
| 6.50%, 06/15/25 | IDR | 245,090,000 | 18,242,273 | |||||
| 6.50%, 02/15/31 | IDR | 162,790,000 | 11,777,642 | |||||
| 6.62%, 05/15/33 | IDR | 123,373,000 | 8,773,481 | |||||
| 7.00%, 05/15/27 | IDR | 206,028,000 | 15,596,614 | |||||
| 7.00%, 09/15/30 | IDR | 262,280,000 | 19,512,484 | |||||
| 7.12%, 06/15/42 | IDR | 43,270,000 | 3,148,853 | |||||
| 7.50%, 08/15/32 | IDR | 97,440,000 | 7,386,664 | |||||
| 7.50%, 06/15/35 | IDR | 211,140,000 | 15,789,859 | |||||
| 7.50%, 05/15/38 | IDR | 110,830,000 | 8,194,419 | |||||
| 7.50%, 04/15/40 | IDR | 193,100,000 | 14,338,535 | |||||
| 8.12%, 05/15/24 | IDR | 134,230,000 | 10,355,630 | |||||
| 8.25%, 05/15/29 | IDR | 150,010,000 | 11,917,152 | |||||
| 8.25%, 06/15/32 | IDR | 112,514,000 | 8,990,207 | |||||
| 8.25%, 05/15/36 | IDR | 148,475,000 | 11,805,688 | |||||
| 8.38%, 03/15/24 | IDR | 172,633,000 | 13,318,360 | |||||
| 8.38%, 09/15/26 | IDR | 227,247,000 | 18,181,364 | |||||
| 8.38%, 03/15/34 | IDR | 222,984,000 | 17,808,816 | |||||
| 8.38%, 04/15/39 | IDR | 155,240,000 | 12,373,726 | |||||
| 8.75%, 05/15/31 | IDR | 105,897,000 | 8,752,807 | |||||
| 9.00%, 03/15/29 | IDR | 158,582,000 | 13,107,431 | |||||
| 9.50%, 07/15/31 | IDR | 102,631,000 | 8,805,422 | |||||
| 10.50%, 08/15/30 | IDR | 25,642,000 | 2,332,259 | |||||
| 11.00%, 09/15/25 | IDR | 48,962,000 | 4,181,927 | |||||
| Perusahaan Penerbit SBSN | ||||||||
|
6.50%, 05/15/23 |
IDR | 56,820,000 | 4,168,705 | |||||
| Par (000’s |
) | Value | ||||||
| Indonesia (continued) | ||||||||
| 6.62%, 10/15/24 | IDR | 42,440,000 | $ | 3,170,884 | ||||
| 8.25%, 09/15/23 | IDR | 53,999,000 | 4,094,568 | |||||
| 8.75%, 08/15/23 | IDR | 33,370,000 | 2,544,012 | |||||
| 8.88%, 11/15/31 | IDR | 112,280,000 | 9,332,234 | |||||
| 326,232,357 | ||||||||
| Malaysia: 5.9% | ||||||||
| Malaysia Government Bond | ||||||||
|
2.63%, 04/15/31 |
MYR | 33,435 | 7,455,573 | |||||
| 3.48%, 03/15/23 | MYR | 33,601 | 8,257,631 | |||||
| 3.48%, 06/14/24 | MYR | 32,080 | 7,897,086 | |||||
| 3.50%, 05/31/27 | MYR | 31,737 | 7,726,643 | |||||
| 3.73%, 06/15/28 | MYR | 35,263 | 8,659,428 | |||||
| 3.76%, 04/20/23 | MYR | 5,693 | 1,403,662 | |||||
| 3.76%, 05/22/40 | MYR | 40,685 | 9,255,474 | |||||
| 3.80%, 08/17/23 | MYR | 18,256 | 4,514,469 | |||||
| 3.83%, 07/05/34 | MYR | 35,835 | 8,389,138 | |||||
| 3.88%, 08/15/29 | MYR | 36,847 | 9,077,091 | |||||
| 3.90%, 11/30/26 | MYR | 24,544 | 6,120,020 | |||||
| 3.90%, 11/16/27 | MYR | 27,405 | 6,799,880 | |||||
| 3.91%, 07/15/26 | MYR | 15,065 | 3,755,577 | |||||
| 3.96%, 09/15/25 | MYR | 48,261 | 12,061,972 | |||||
| 4.06%, 09/30/24 | MYR | 14,019 | 3,511,323 | |||||
| 4.07%, 06/15/50 | MYR | 31,028 | 7,115,490 | |||||
| 4.18%, 07/15/24 | MYR | 17,745 | 4,445,901 | |||||
| 4.25%, 05/31/35 | MYR | 22,361 | 5,508,268 | |||||
| 4.76%, 04/07/37 | MYR | 27,945 | 7,190,189 | |||||
| Malaysia Government Investment Issue | ||||||||
|
3.15%, 05/15/23 |
MYR | 24,090 | 5,884,628 | |||||
| 3.42%, 09/30/27 | MYR | 28,051 | 6,822,116 | |||||
| 3.45%, 07/15/36 | MYR | 18,890 | 4,201,742 | |||||
| 3.46%, 10/15/30 | MYR | 43,857 | 10,402,598 | |||||
| 3.65%, 10/15/24 | MYR | 23,831 | 5,911,342 | |||||
| 3.73%, 03/31/26 | MYR | 45,206 | 11,191,546 | |||||
| 4.09%, 11/30/23 | MYR | 10,229 | 2,555,423 | |||||
| 4.13%, 08/15/25 | MYR | 20,520 | 5,146,544 | |||||
| 4.13%, 07/09/29 | MYR | 22,545 | 5,669,404 | |||||
| 4.26%, 07/26/27 | MYR | 20,699 | 5,255,701 | |||||
| 4.37%, 10/31/28 | MYR | 28,983 | 7,407,024 | |||||
| 4.42%, 09/30/41 | MYR | 9,740 | 2,394,895 | |||||
| 201,987,778 | ||||||||
| Mexico: 7.0% | ||||||||
| Mexican Bonos | ||||||||
|
5.75%, 03/05/26 |
MXN | 644,129 | 29,632,723 | |||||
| 6.50%, 06/09/22 | MXN | 424,233 | 20,689,521 | |||||
| 6.75%, 03/09/23 | MXN | 325,768 | 15,918,892 | |||||
| 7.50%, 06/03/27 | MXN | 269,273 | 13,173,082 | |||||
| 7.75%, 05/29/31 | MXN | 334,584 | 16,553,123 | |||||
| 7.75%, 11/23/34 | MXN | 144,219 | 7,117,233 | |||||
| 7.75%, 11/13/42 | MXN | 324,160 | 15,514,122 | |||||
| 8.00%, 12/07/23 | MXN | 382,683 | 19,027,827 | |||||
| 8.00%, 09/05/24 | MXN | 420,959 | 20,971,287 | |||||
| 8.00%, 11/07/47 | MXN | 346,253 | 16,962,790 | |||||
| 8.50%, 05/31/29 | MXN | 431,597 | 22,282,545 | |||||
| 8.50%, 11/18/38 | MXN | 373,154 | 19,201,117 | |||||
| 10.00%, 12/05/24 | MXN | 325,266 | 17,107,071 | |||||
See Notes to Financial Statements
| 72 |
| Par (000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
| 10.00%, 11/20/36 | MXN | 117,776 | $ | 6,924,033 | ||||
| 241,075,366 | ||||||||
| Peru: 3.0% | ||||||||
| Peru Government Bond | ||||||||
|
5.35%, 08/12/40 |
PEN | 29,280 | 6,221,566 | |||||
| 5.40%, 08/12/34 | PEN | 39,945 | 9,158,966 | |||||
| 5.70%, 08/12/24 | PEN | 23,033 | 5,957,181 | |||||
| 5.94%, 02/12/29 | PEN | 55,760 | 14,484,251 | |||||
| 6.15%, 08/12/32 | PEN | 51,950 | 13,221,639 | |||||
| 6.35%, 08/12/28 | PEN | 53,685 | 14,298,978 | |||||
| 6.90%, 08/12/37 | PEN | 50,245 | 12,779,608 | |||||
| 6.95%, 08/12/31 | PEN | 51,122 | 13,888,054 | |||||
| 8.20%, 08/12/26 | PEN | 42,735 | 12,210,446 | |||||
| 102,220,689 | ||||||||
| Philippines: 1.6% | ||||||||
| Philippine Government International Bond | ||||||||
|
3.90%, 11/26/22 |
PHP | 881,200 | 17,611,280 | |||||
| 6.25%, 01/14/36 | PHP | 1,656,500 | 38,371,429 | |||||
| 55,982,709 | ||||||||
| Poland: 4.8% | ||||||||
| Republic of Poland Government Bond | ||||||||
|
0.25%, 10/25/26 |
PLN | 56,579 | 12,802,708 | |||||
| 0.75%, 04/25/25 | PLN | 51,422 | 12,302,647 | |||||
| 1.25%, 10/25/30 | PLN | 61,412 | 13,629,793 | |||||
| 2.25%, 10/25/24 | PLN | 63,341 | 15,960,809 | |||||
| 2.50%, 01/25/23 | PLN | 49,772 | 12,607,320 | |||||
| 2.50%, 04/25/24 | PLN | 9,901 | 2,510,609 | |||||
| 2.50%, 07/25/26 | PLN | 46,491 | 11,782,960 | |||||
| 2.50%, 07/25/27 | PLN | 58,212 | 14,673,301 | |||||
| 2.75%, 04/25/28 | PLN | 64,881 | 16,536,587 | |||||
| 2.75%, 10/25/29 | PLN | 87,259 | 22,082,602 | |||||
| 3.25%, 07/25/25 | PLN | 72,491 | 18,868,044 | |||||
| 4.00%, 10/25/23 | PLN | 41,614 | 10,851,696 | |||||
| 5.75%, 09/23/22 | PLN | 2,973 | 774,114 | |||||
| 165,383,190 | ||||||||
| Romania: 3.3% | ||||||||
| Romania Government Bond | ||||||||
|
3.25%, 04/29/24 |
RON | 30,555 | 7,026,121 | |||||
| 3.25%, 06/24/26 | RON | 20,615 | 4,576,460 | |||||
| 3.50%, 12/19/22 | RON | 27,255 | 6,368,792 | |||||
| 3.65%, 07/28/25 | RON | 30,815 | 7,044,876 | |||||
| 3.65%, 09/24/31 | RON | 28,110 | 5,939,620 | |||||
| 3.70%, 11/25/24 | RON | 26,480 | 6,112,860 | |||||
| 4.00%, 10/25/23 | RON | 28,625 | 6,715,617 | |||||
| 4.15%, 01/26/28 | RON | 27,760 | 6,321,632 | |||||
| 4.15%, 10/24/30 | RON | 21,120 | 4,697,215 | |||||
| 4.25%, 06/28/23 | RON | 27,515 | 6,477,183 | |||||
| 4.40%, 09/25/23 | RON | 27,700 | 6,548,379 | |||||
| 4.50%, 06/17/24 | RON | 30,545 | 7,216,420 | |||||
| 4.75%, 02/24/25 | RON | 27,575 | 6,537,241 | |||||
| 4.75%, 10/11/34 | RON | 13,480 | 3,080,927 | |||||
| 4.85%, 04/22/26 | RON | 27,610 | 6,558,577 | |||||
| 5.00%, 02/12/29 | RON | 30,730 | 7,278,267 | |||||
| 5.80%, 07/26/27 | RON | 28,800 | 7,127,046 | |||||
| Par (000’s |
) | Value | ||||||
| Romania (continued) | ||||||||
| 5.85%, 04/26/23 | RON | 27,920 | $ | 6,718,574 | ||||
| 112,345,807 | ||||||||
| Russia: 4.8% | ||||||||
| Russian Federal Bond | ||||||||
|
4.50%, 07/16/25 |
RUB | 759,043 | 9,441,621 | |||||
| 5.70%, 05/17/28 | RUB | 902,714 | 11,199,893 | |||||
| 6.00%, 10/06/27 | RUB | 855,664 | 10,857,696 | |||||
| 6.10%, 07/18/35 | RUB | 802,175 | 9,541,034 | |||||
| 6.50%, 02/28/24 | RUB | 490,206 | 6,657,939 | |||||
| 6.90%, 05/23/29 | RUB | 662,638 | 8,725,778 | |||||
| 6.90%, 07/23/31 | RUB | 590,500 | 7,694,006 | |||||
| 7.00%, 08/16/23 | RUB | 413,423 | 5,708,440 | |||||
| 7.05%, 01/19/28 | RUB | 624,345 | 8,342,197 | |||||
| 7.10%, 10/16/24 | RUB | 287,003 | 3,926,162 | |||||
| 7.15%, 11/12/25 | RUB | 440,677 | 5,982,348 | |||||
| 7.25%, 05/10/34 | RUB | 660,168 | 8,772,656 | |||||
| 7.40%, 12/07/22 | RUB | 164,765 | 2,303,572 | |||||
| 7.40%, 07/17/24 | RUB | 441,658 | 6,096,191 | |||||
| 7.65%, 04/10/30 | RUB | 820,939 | 11,301,248 | |||||
| 7.70%, 03/23/33 | RUB | 623,773 | 8,578,837 | |||||
| 7.70%, 03/16/39 | RUB | 568,575 | 7,806,551 | |||||
| 7.75%, 09/16/26 | RUB | 630,150 | 8,741,668 | |||||
| 7.95%, 10/07/26 | RUB | 620,508 | 8,669,748 | |||||
| 8.15%, 02/03/27 | RUB | 645,366 | 9,098,594 | |||||
| 8.50%, 09/17/31 | RUB | 475,262 | 6,914,217 | |||||
| 166,360,396 | ||||||||
| Serbia: 1.7% | ||||||||
| Serbia Treasury Bonds | ||||||||
|
4.50%, 01/11/26 |
RSD | 2,067,450 | 21,449,695 | |||||
| 4.50%, 08/20/32 | RSD | 2,043,630 | 20,919,208 | |||||
| 5.88%, 02/08/28 | RSD | 1,537,500 | 17,159,858 | |||||
| 59,528,761 | ||||||||
| South Africa: 6.2% | ||||||||
| Republic of South Africa Government Bond | ||||||||
|
6.25%, 03/31/36 |
ZAR | 180,744 | 8,176,698 | |||||
| 6.50%, 02/28/41 | ZAR | 160,740 | 6,883,509 | |||||
| 7.00%, 02/28/31 | ZAR | 249,923 | 13,521,328 | |||||
| 7.75%, 02/28/23 | ZAR | 36,831 | 2,489,951 | |||||
| 8.00%, 01/31/30 | ZAR | 494,512 | 29,553,601 | |||||
| 8.25%, 03/31/32 | ZAR | 381,541 | 22,026,565 | |||||
| 8.50%, 01/31/37 | ZAR | 388,229 | 21,282,340 | |||||
| 8.75%, 01/31/44 | ZAR | 335,545 | 18,191,194 | |||||
| 8.75%, 02/28/48 | ZAR | 574,133 | 31,013,720 | |||||
| 8.88%, 02/28/35 | ZAR | 357,308 | 20,743,438 | |||||
| 9.00%, 01/31/40 | ZAR | 261,229 | 14,658,709 | |||||
| 10.50%, 12/21/26 | ZAR | 358,058 | 25,829,629 | |||||
| 214,370,682 | ||||||||
| Thailand: 6.6% | ||||||||
| Thailand Government Bond | ||||||||
|
0.75%, 06/17/24 |
THB | 394,164 | 11,859,344 | |||||
| 0.95%, 06/17/25 | THB | 420,970 | 12,670,612 | |||||
| 1.00%, 06/17/27 | THB | 121,810 | 3,608,894 | |||||
| 1.45%, 12/17/24 | THB | 435,317 | 13,329,540 | |||||
| 1.58%, 12/17/35 | THB | 197,154 | 5,333,890 | |||||
| 1.60%, 12/17/29 | THB | 372,196 | 11,113,104 | |||||
| 1.60%, 06/17/35 | THB | 147,574 | 4,041,789 | |||||
See Notes to Financial Statements
| 73 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Thailand (continued) | ||||||||
| 1.88%, 06/17/22 | THB | 207,958 | $ | 6,319,784 | ||||
| 2.00%, 12/17/22 | THB | 303,938 | 9,304,902 | |||||
| 2.00%, 12/17/31 | THB | 97,949 | 2,955,660 | |||||
| 2.00%, 06/17/42 | THB | 128,037 | 3,444,036 | |||||
| 2.12%, 12/17/26 | THB | 433,354 | 13,642,434 | |||||
| 2.40%, 12/17/23 | THB | 417,875 | 13,040,222 | |||||
| 2.88%, 12/17/28 | THB | 346,951 | 11,358,856 | |||||
| 2.88%, 06/17/46 | THB | 324,829 | 10,013,084 | |||||
| 3.30%, 06/17/38 | THB | 457,702 | 15,047,358 | |||||
| 3.40%, 06/17/36 | THB | 372,517 | 12,354,954 | |||||
| 3.62%, 06/16/23 | THB | 319,026 | 10,077,320 | |||||
| 3.65%, 06/20/31 | THB | 349,777 | 12,110,995 | |||||
| 3.77%, 06/25/32 | THB | 508,272 | 17,838,981 | |||||
| 3.85%, 12/12/25 | THB | 367,613 | 12,296,827 | |||||
| 4.75%, 12/20/24 | THB | 824 | 27,758 | |||||
| 4.88%, 06/22/29 | THB | 396,820 | 14,591,868 | |||||
| 226,382,212 | ||||||||
| Turkey: 2.8% | ||||||||
| Turkey Government Bond | ||||||||
|
7.10%, 03/08/23 |
TRY | 82,064 | 7,514,948 | |||||
| 8.00%, 03/12/25 | TRY | 60,438 | 4,701,708 | |||||
| 8.50%, 09/14/22 | TRY | 35,846 | 3,493,206 | |||||
| 9.00%, 07/24/24 | TRY | 79,637 | 6,700,502 | |||||
| 10.40%, 03/20/24 | TRY | 30,713 | 2,734,261 | |||||
| Par (000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 10.50%, 08/11/27 | TRY | 67,522 | $ | 4,957,856 | ||||
| 10.60%, 02/11/26 | TRY | 103,169 | 8,272,705 | |||||
| 10.70%, 08/17/22 | TRY | 53,329 | 5,316,148 | |||||
| 11.00%, 02/24/27 | TRY | 71,445 | 5,465,104 | |||||
| 11.70%, 11/13/30 | TRY | 149,927 | 10,759,024 | |||||
| 12.20%, 01/18/23 | TRY | 79,286 | 7,808,910 | |||||
| 12.40%, 03/08/28 | TRY | 50,092 | 3,969,788 | |||||
| 12.60%, 10/01/25 | TRY | 172,722 | 15,053,435 | |||||
| 16.20%, 06/14/23 | TRY | 85,215 | 8,729,638 | |||||
| 95,477,233 | ||||||||
| Uruguay: 1.6% | ||||||||
|
Uruguay Government International Bond 8.25%, 05/21/31 |
UYU | 1,527,592 | 34,481,170 | |||||
|
Uruguay Government International Bond 144A 8.50%, 03/15/28 |
UYU | 128,113 | 3,022,451 | |||||
|
Uruguay Government International Bond Reg S 8.50%, 03/15/28 |
UYU | 810,098 | 19,111,887 | |||||
| 56,615,508 | ||||||||
| Total Government
Obligations (Cost: $3,467,418,400) |
3,207,968,410 | |||||||
| Total Investments: 97.6% (Cost: $3,644,886,745) |
3,362,082,935 | |||||||
| Other assets less liabilities: 2.4% | 82,526,679 | |||||||
| NET ASSETS: 100.0% | $ | 3,444,609,614 | ||||||
Definitions:
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
Footnotes:
| ^ | Zero Coupon Bond |
| Reg S |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
See Notes to Financial Statements
| 74 |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $68,911,647, or 2.0% of net assets. |
| Summary of Investments by Sector | % of Investments |
Value | |||||||
| Energy | 0.1 | % | $ | 2,370,765 | |||||
| Financials | 4.1 | 138,329,054 | |||||||
| Government Activity | 95.4 | 3,207,968,410 | |||||||
| Industrials | 0.2 | 7,818,212 | |||||||
| Utilities | 0.2 | 5,596,494 | |||||||
| 100.0 | % | $ | 3,362,082,935 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 154,114,525 | $ | — | $ | 154,114,525 | ||||||||
| Government Obligations * | — | 3,207,968,410 | — | 3,207,968,410 | ||||||||||||
| Total Investments | $ | — | $ | 3,362,082,935 | $ | — | $ | 3,362,082,935 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 75 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 98.8% | ||||||||
| Brazil: 1.5% | ||||||||
| Vale Overseas Ltd. | ||||||||
|
3.75%, 07/08/30 |
$ | 50 | $ | 50,936 | ||||
| 6.88%, 11/21/36 | 75 | 98,162 | ||||||
| 149,098 | ||||||||
| Canada: 5.7% | ||||||||
|
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 |
50 | 54,183 | ||||||
|
Bank of Nova Scotia 4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) |
50 | 53,484 | ||||||
|
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
50 | 66,936 | ||||||
|
CI Financial Corp. 4.10%, 06/15/51 |
40 | 43,971 | ||||||
|
Enbridge, Inc. 3.12%, 11/15/29 |
75 | 79,423 | ||||||
| 5.50%, 07/15/77 | 50 | 53,963 | ||||||
|
Spectra Energy Partners LP 4.75%, 03/15/24 |
50 | 53,892 | ||||||
|
Suncor Energy, Inc. 6.50%, 06/15/38 |
50 | 69,539 | ||||||
|
TransCanada PipeLines Ltd. 7.62%, 01/15/39 |
50 | 77,541 | ||||||
|
Transcanada Trust 5.50% (United States Secured Overnight Financing Rate+4.42%), 09/15/79 |
25 | 27,344 | ||||||
| 580,276 | ||||||||
| China: 1.0% | ||||||||
|
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) |
50 | 53,136 | ||||||
|
Meituan 144A 3.05%, 10/28/30 |
50 | 46,487 | ||||||
| 99,623 | ||||||||
| Denmark: 1.0% | ||||||||
|
Danske Bank AS 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23 |
100 | 100,309 | ||||||
| France: 6.2% | ||||||||
| BNP Paribas SA 144A | ||||||||
|
4.62%, 03/13/27 |
50 | 55,595 | ||||||
|
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † |
125 | 129,844 | ||||||
|
Credit Agricole SA 144A 4.38%, 03/17/25 |
100 | 108,476 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 † | 50 | 51,580 | ||||||
| 4.25%, 04/14/25 | 50 | 53,567 | ||||||
| 4.75%, 09/14/28 | 100 | 114,780 | ||||||
| Par (000’s |
) | Value | ||||||
| France (continued) | ||||||||
| 5.00%, 01/17/24 | $ | 100 | $ | 107,406 | ||||
| 621,248 | ||||||||
| Germany: 1.4% | ||||||||
|
Deutsche Bank AG 3.30%, 11/16/22 |
100 | 102,685 | ||||||
|
E.ON International Finance BV 144A 6.65%, 04/30/38 |
25 | 36,337 | ||||||
| 139,022 | ||||||||
| India: 0.5% | ||||||||
|
Bharti Airtel Ltd. 144A 4.38%, 06/10/25 |
50 | 53,447 | ||||||
| Italy: 3.5% | ||||||||
| Enel Finance International NV 144A | ||||||||
| 3.62%, 05/25/27 | 200 | 218,398 | ||||||
| 6.00%, 10/07/39 | 50 | 68,517 | ||||||
|
Intesa Sanpaolo SpA 144A 3.38%, 01/12/23 |
50 | 51,500 | ||||||
| 338,415 | ||||||||
| Luxembourg: 1.5% | ||||||||
|
DH Europe Finance II Sarl 3.25%, 11/15/39 |
50 | 53,526 | ||||||
|
Gazprom PJSC Via Gaz Capital SA 144A 7.29%, 08/16/37 |
75 | 101,365 | ||||||
| 154,891 | ||||||||
| Mexico: 1.2% | ||||||||
|
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 |
50 | 52,938 | ||||||
|
Southern Copper Corp. 6.75%, 04/16/40 |
50 | 69,507 | ||||||
| 122,445 | ||||||||
| Netherlands: 1.8% | ||||||||
|
Heineken NV 144A 2.75%, 04/01/23 |
25 | 25,701 | ||||||
|
Lukoil Securities BV 144A 3.88%, 05/06/30 |
50 | 51,963 | ||||||
| Prosus NV 144A | ||||||||
| 3.06%, 07/13/31 | 50 | 48,573 | ||||||
| 3.68%, 01/21/30 | 50 | 51,449 | ||||||
| 177,686 | ||||||||
| Saudi Arabia: 0.6% | ||||||||
|
Motiva Enterprises LLC 144A 6.85%, 01/15/40 |
50 | 62,974 | ||||||
| Spain: 1.6% | ||||||||
|
Banco Santander SA 2.75%, 12/03/30 |
50 | 49,106 | ||||||
| Santander Holdings USA, Inc. | ||||||||
| 4.40%, 07/13/27 | 50 | 55,652 | ||||||
| 4.50%, 07/17/25 | 50 | 54,760 | ||||||
| 159,518 | ||||||||
| Switzerland: 2.4% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
See Notes to Financial Statements
| 76 |
| Par (000’s |
) | Value | ||||||
| Switzerland (continued) | ||||||||
| 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | $ | 100 | $ | 101,893 | ||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 125 | 138,401 | ||||||
| 240,294 | ||||||||
| United Kingdom: 6.0% | ||||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 200,694 | ||||||
| 5.20%, 05/12/26 | 100 | 113,143 | ||||||
|
Lloyds Bank Plc 144A 12.00% (ICE LIBOR USD 3 Month+11.76%), 12/29/49 (o) |
50 | 51,563 | ||||||
|
Standard Chartered Plc 144A 4.30%, 02/19/27 |
200 | 215,263 | ||||||
| 580,663 | ||||||||
| United States: 62.9% | ||||||||
|
7-Eleven, Inc. 144A 0.62%, 02/10/23 |
25 | 24,966 | ||||||
| Altria Group, Inc. | ||||||||
| 4.00%, 02/04/61 | 50 | 47,959 | ||||||
| 4.25%, 08/09/42 | 100 | 103,173 | ||||||
| 4.80%, 02/14/29 | 125 | 142,499 | ||||||
| Ares Capital Corp. | ||||||||
| 3.50%, 02/10/23 | 50 | 51,547 | ||||||
| 3.88%, 01/15/26 | 50 | 53,059 | ||||||
| AT&T, Inc. | ||||||||
| 4.12%, 02/17/26 | 75 | 82,749 | ||||||
| 4.30%, 02/15/30 | 100 | 113,623 | ||||||
| 4.35%, 03/01/29 | 100 | 113,595 | ||||||
| 4.45%, 04/01/24 | 50 | 53,809 | ||||||
| 5.25%, 03/01/37 | 100 | 124,344 | ||||||
|
Bayer US Finance II LLC 144A 3.88%, 12/15/23 |
50 | 52,813 | ||||||
|
Becton Dickinson and Co. 3.36%, 06/06/24 |
75 | 79,114 | ||||||
|
Berry Global, Inc. 144A 4.88%, 07/15/26 |
25 | 26,219 | ||||||
|
Brighthouse Financial, Inc. 4.70%, 06/22/47 |
50 | 57,459 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.50%, 02/01/24 | 25 | 26,825 | ||||||
| 4.91%, 07/23/25 | 125 | 139,051 | ||||||
| 5.05%, 03/30/29 | 125 | 145,838 | ||||||
| 5.12%, 07/01/49 | 20 | 23,707 | ||||||
| 5.38%, 05/01/47 | 75 | 91,077 | ||||||
| 6.48%, 10/23/45 | 50 | 69,079 | ||||||
|
CoStar Group, Inc. 144A 2.80%, 07/15/30 |
25 | 25,349 | ||||||
|
Enterprise Products Operating LLC 5.95%, 02/01/41 |
50 | 68,000 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Exelon Corp. 4.05%, 04/15/30 |
$ | 100 | $ | 112,652 | ||||
|
Exelon Generation Co. LLC 3.25%, 06/01/25 |
50 | 52,866 | ||||||
|
Fifth Third Bancorp 8.25%, 03/01/38 |
35 | 57,864 | ||||||
|
FS KKR Capital Corp. 3.40%, 01/15/26 |
25 | 25,708 | ||||||
|
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 |
175 | 213,085 | ||||||
| General Electric Co. | ||||||||
| 3.45%, 05/01/27 | 75 | 81,801 | ||||||
| 4.35%, 05/01/50 | 50 | 63,749 | ||||||
| 5.88%, 01/14/38 | 50 | 69,112 | ||||||
| 6.75%, 03/15/32 | 50 | 68,770 | ||||||
|
GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26 |
50 | 56,447 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 75 | 83,113 | ||||||
| 5.00%, 03/15/24 | 100 | 108,858 | ||||||
| 5.12%, 06/15/39 | 50 | 62,008 | ||||||
| 5.25%, 06/15/26 | 50 | 56,710 | ||||||
| 5.50%, 06/15/47 | 50 | 66,084 | ||||||
|
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 |
75 | 105,899 | ||||||
|
L3Harris Technologies, Inc. 4.40%, 06/15/28 |
25 | 28,538 | ||||||
|
Lowe’s Cos, Inc. 4.00%, 04/15/25 |
25 | 27,231 | ||||||
|
McDonald’s Corp. 2.62%, 09/01/29 |
35 | 36,272 | ||||||
| 3.60%, 07/01/30 | 50 | 55,479 | ||||||
| 4.45%, 03/01/47 | 50 | 62,437 | ||||||
| 4.45%, 09/01/48 | 50 | 62,783 | ||||||
| 4.88%, 12/09/45 | 50 | 65,273 | ||||||
| 6.30%, 03/01/38 | 50 | 71,482 | ||||||
|
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 |
50 | 52,106 | ||||||
| Mondelez International, Inc. | ||||||||
|
1.50%, 05/04/25 |
25 | 25,218 | ||||||
| 2.75%, 04/13/30 | 25 | 26,059 | ||||||
|
Northrop Grumman Corp. 2.93%, 01/15/25 |
25 | 26,230 | ||||||
| Oracle Corp. | ||||||||
| 2.50%, 04/01/25 | 125 | 129,665 | ||||||
| 2.88%, 03/25/31 | 75 | 76,994 | ||||||
| 3.60%, 04/01/40 | 75 | 78,282 | ||||||
| 3.80%, 11/15/37 | 50 | 53,711 | ||||||
| 4.00%, 07/15/46 | 50 | 54,075 | ||||||
| 6.50%, 04/15/38 | 75 | 104,921 | ||||||
|
Owl Rock Capital Corp. 3.40%, 07/15/26 |
50 | 51,404 | ||||||
| Prudential Financial, Inc. | ||||||||
See Notes to Financial Statements
| 77 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 † | $ | 50 | $ | 56,762 | ||||
|
Raytheon Technologies Corp. 3.95%, 08/16/25 |
50 | 54,600 | ||||||
|
Sabine Pass Liquefaction LLC 5.00%, 03/15/27 |
25 | 28,358 | ||||||
| Sherwin-Williams Co. | ||||||||
| 3.45%, 06/01/27 | 50 | 54,275 | ||||||
| 4.50%, 06/01/47 | 25 | 31,317 | ||||||
|
Southern Co. 3.70%, 04/30/30 |
25 | 27,115 | ||||||
|
Stellantis NV 5.25%, 04/15/23 |
50 | 53,201 | ||||||
| Synchrony Financial | ||||||||
|
3.95%, 12/01/27 |
50 | 54,613 | ||||||
| 4.25%, 08/15/24 | 50 | 53,670 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 25 | 26,798 | ||||||
| 5.95%, 04/01/30 | 75 | 94,989 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 2.80%, 10/15/41 | 25 | 25,141 | ||||||
| 2.95%, 09/19/26 | 50 | 53,265 | ||||||
| 4.10%, 08/15/47 | 50 | 61,984 | ||||||
| 4.50%, 03/25/30 | 50 | 58,893 | ||||||
|
Time Warner Cable LLC 7.30%, 07/01/38 |
100 | 144,097 | ||||||
| Time Warner Entertainment Co. LP | ||||||||
| 8.38%, 03/15/23 | 75 | 82,756 | ||||||
| 8.38%, 07/15/33 | 50 | 73,555 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 3.50%, 04/15/25 | 150 | 160,036 | ||||||
| 3.75%, 04/15/27 | 155 | 168,237 | ||||||
| 3.88%, 04/15/30 | 35 | 38,295 | ||||||
|
Valero Energy Corp. 6.62%, 06/15/37 |
50 | 68,397 | ||||||
|
Verizon Communications, Inc. 1.45%, 03/20/26 |
100 | 99,795 | ||||||
| 3.38%, 02/15/25 | 50 | 53,437 | ||||||
| 3.50%, 11/01/24 | 50 | 53,344 | ||||||
| 4.02%, 12/03/29 | 50 | 56,067 | ||||||
| 4.12%, 03/16/27 | 100 | 111,790 | ||||||
| 4.33%, 09/21/28 | 100 | 114,202 | ||||||
| Wells Fargo & Co. | ||||||||
|
4.65%, 11/04/44 |
50 | 61,819 | ||||||
| 5.38%, 11/02/43 | 100 | 133,565 | ||||||
|
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 |
50 | 57,548 | ||||||
| 6,300,661 | ||||||||
| Total Corporate Bonds (Cost: $9,876,112) |
9,880,570 | |||||||
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8% (Cost: $183,085) |
||||||||
| Money Market Fund: 1.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 183,085 | $ | 183,085 | |||||
| Total Investments: 100.6% (Cost: $10,059,197) |
10,063,655 | |||||||
| Liabilities in excess of other assets: (0.6)% | (60,252) | |||||||
| NET ASSETS: 100.0% | $ | 10,003,403 | ||||||
See Notes to Financial Statements
| 78 |
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| (o) | Perpetual Maturity — the date shown is the next call date |
| † | Security fully or partially on loan. Total market value of securities on loan is $224,414. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,387,098, or 23.9% of net assets. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 3.3 | % | $ | 330,415 | |||||
| Consumer Cyclicals | 9.4 | 929,734 | |||||||
| Consumer Non-Cyclicals | 8.1 | 800,794 | |||||||
| Energy | 8.2 | 814,520 | |||||||
| Financials | 31.4 | 3,105,499 | |||||||
| Healthcare | 7.2 | 707,982 | |||||||
| Industrials | 2.8 | 272,547 | |||||||
| Real Estate | 0.6 | 56,447 | |||||||
| Technology | 24.0 | 2,366,683 | |||||||
| Utilities | 5.0 | 495,949 | |||||||
| 100.0 | % | $ | 9,880,570 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 9,880,570 | $ | — | $ | 9,880,570 | ||||||||
| Money Market Fund | 183,085 | — | — | 183,085 | ||||||||||||
| Total Investments | $ | 183,085 | $ | 9,880,570 | $ | — | $ | 10,063,655 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 79 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Par (000’s |
) | Value | ||||||
| CORPORATE BONDS: 98.6% | ||||||||
| Brazil: 1.0% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 3.75%, 07/08/30 | $ | 50 | $ | 50,936 | ||||
| 6.88%, 11/21/36 | 75 | 98,162 | ||||||
| 149,098 | ||||||||
| Canada: 7.8% | ||||||||
|
Alimentation Couche-Tard, Inc. 144A 2.95%, 01/25/30 † |
100 | 103,822 | ||||||
| Bank of Nova Scotia | ||||||||
| 3.40%, 02/11/24 | 50 | 52,783 | ||||||
| 4.50%, 12/16/25 | 50 | 55,693 | ||||||
|
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) |
100 | 106,968 | ||||||
|
Brookfield Finance, Inc. 4.35%, 04/15/30 |
100 | 114,132 | ||||||
|
Canadian Imperial Bank of Commerce 3.10%, 04/02/24 † |
100 | 105,241 | ||||||
|
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
50 | 66,936 | ||||||
|
CI Financial Corp. 3.20%, 12/17/30 |
40 | 41,014 | ||||||
| Enbridge, Inc. | ||||||||
| 3.12%, 11/15/29 | 100 | 105,897 | ||||||
| 5.50%, 07/15/77 | 100 | 107,926 | ||||||
|
Suncor Energy, Inc. 6.80%, 05/15/38 |
75 | 106,760 | ||||||
|
Toronto-Dominion Bank 3.25%, 03/11/24 |
50 | 52,749 | ||||||
|
TotalEnergies Capital Canada Ltd. 2.75%, 07/15/23 |
25 | 25,976 | ||||||
|
TransCanada PipeLines Ltd. 6.20%, 10/15/37 |
75 | 102,308 | ||||||
| 1,148,205 | ||||||||
| China: 1.7% | ||||||||
|
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) |
100 | 106,273 | ||||||
|
Meituan 144A 3.05%, 10/28/30 |
50 | 46,487 | ||||||
|
Tencent Holdings Ltd. 144A 3.28%, 04/11/24 |
100 | 104,723 | ||||||
| 257,483 | ||||||||
| Denmark: 1.0% | ||||||||
|
Danske Bank A/S 144A 1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26 |
150 | 149,019 | ||||||
| France: 5.5% | ||||||||
| BNP Paribas SA 144A | ||||||||
| Par (000’s |
) | Value | ||||||
| France (continued) | ||||||||
| 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | $ | 50 | $ | 48,213 | ||||
| 2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32 | 50 | 50,901 | ||||||
| 3.50%, 03/01/23 | 50 | 51,877 | ||||||
| 4.38%, 05/12/26 | 75 | 82,108 | ||||||
| 7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † | 100 | 103,875 | ||||||
|
Credit Agricole SA 144A 3.25%, 01/14/30 |
100 | 104,103 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 † | 100 | 103,161 | ||||||
| 4.25%, 04/14/25 | 200 | 214,270 | ||||||
|
TotalEnergies Capital International SA 3.70%, 01/15/24 |
75 | 79,667 | ||||||
| 838,175 | ||||||||
| Germany: 1.6% | ||||||||
| Deutsche Bank AG | ||||||||
| 3.30%, 11/16/22 | 100 | 102,685 | ||||||
| 3.70%, 05/30/24 | 50 | 52,946 | ||||||
|
E.ON International Finance BV 144A 6.65%, 04/30/38 |
50 | 72,674 | ||||||
| 228,305 | ||||||||
| Guernsey: 0.4% | ||||||||
|
Credit Suisse Group AG 4.88%, 05/15/45 |
50 | 63,536 | ||||||
| Italy: 2.9% | ||||||||
| Enel Finance International NV 144 | ||||||||
| 3.50%, 04/06/28 | 100 | 108,537 | ||||||
| 3.62%, 05/25/27 | 50 | 54,600 | ||||||
| 6.80%, 09/15/37 | 100 | 144,832 | ||||||
|
Eni SpA 144A 4.75%, 09/12/28 |
100 | 116,420 | ||||||
| 424,389 | ||||||||
| Japan: 1.2% | ||||||||
|
Mitsui Sumitomo Insurance Co. Ltd. 144A 4.95% (USD Swap Semi 30/360 5 Year+3.26%), 12/31/99 (o) |
50 | 56,688 | ||||||
|
Nomura Holdings, Inc. 2.65%, 01/16/25 |
50 | 51,772 | ||||||
|
NTT Finance Corp. 144A 0.37%, 03/03/23 |
25 | 24,978 | ||||||
|
Sumitomo Mitsui Financial Group, Inc. 2.78%, 10/18/22 |
50 | 51,125 | ||||||
| 184,563 | ||||||||
| Luxembourg: 0.7% | ||||||||
|
Gazprom PJSC Via Gaz Capital SA 144A 4.95%, 02/06/28 |
100 | 110,155 | ||||||
See Notes to Financial Statements
| 80 |
| Par (000’s |
) | Value | ||||||
| Mexico: 1.1% | ||||||||
|
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 |
$ | 50 | $ | 52,938 | ||||
|
Southern Copper Corp. 6.75%, 04/16/40 |
75 | 104,260 | ||||||
| 157,198 | ||||||||
| Saudi Arabia: 3.4% | ||||||||
|
Motiva Enterprises LLC 144A 6.85%, 01/15/40 |
50 | 62,974 | ||||||
| Saudi Arabian Oil Co. 144A | ||||||||
| 3.50%, 04/16/29 | 200 | 213,865 | ||||||
| 4.25%, 04/16/39 | 100 | 112,252 | ||||||
| 4.38%, 04/16/49 | 100 | 115,193 | ||||||
| 504,284 | ||||||||
| Spain: 1.1% | ||||||||
| Santander Holdings USA, Inc. | ||||||||
| 4.40%, 07/13/27 | 50 | 55,652 | ||||||
| 4.50%, 07/17/25 | 100 | 109,521 | ||||||
| 165,173 | ||||||||
| Switzerland: 2.5% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 3.57%, 01/09/23 | 100 | 100,553 | ||||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 250 | 276,803 | ||||||
| 377,356 | ||||||||
| United Kingdom: 8.5% | ||||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 200,695 | ||||||
| 5.20%, 05/12/26 | 200 | 226,285 | ||||||
| Credit Agricole SA 144A | ||||||||
| 1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26 | 50 | 50,513 | ||||||
| 4.12%, 01/10/27 | 100 | 110,645 | ||||||
|
HSBC Holdings Plc 6.10%, 01/14/42 |
50 | 72,010 | ||||||
|
Lloyds Banking Group Plc 4.55%, 08/16/28 |
200 | 228,387 | ||||||
|
Sky Ltd. 144A 3.75%, 09/16/24 |
50 | 53,882 | ||||||
| Standard Chartered Plc 144A | ||||||||
| 5.20%, 01/26/24 | 200 | 215,574 | ||||||
| 5.30%, 01/09/43 | 125 | 154,009 | ||||||
| 1,312,000 | ||||||||
| United States: 58.2% | ||||||||
|
Ally Financial, Inc. 8.00%, 11/01/31 |
50 | 71,643 | ||||||
| Altria Group, Inc. | ||||||||
| 4.25%, 08/09/42 | 100 | 103,173 | ||||||
| 4.80%, 02/14/29 | 100 | 113,999 | ||||||
|
Amazon.com, Inc. 5.20%, 12/03/25 |
50 | 57,371 | ||||||
|
Apple, Inc. 2.75%, 01/13/25 |
50 | 52,562 | ||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 3.20%, 05/11/27 | $ | 100 | $ | 108,572 | ||||
| 3.25%, 02/23/26 | 100 | 107,888 | ||||||
| 3.35%, 02/09/27 | 75 | 81,738 | ||||||
| 4.45%, 05/06/44 † | 25 | 31,988 | ||||||
| 4.65%, 02/23/46 | 50 | 66,164 | ||||||
|
Ares Capital Corp. 4.20%, 06/10/24 |
100 | 106,483 | ||||||
| AT&T, Inc. | ||||||||
| 3.40%, 05/15/25 | 50 | 53,439 | ||||||
| 3.80%, 02/15/27 | 100 | 109,379 | ||||||
| 4.30%, 02/15/30 | 150 | 170,434 | ||||||
| 5.25%, 03/01/37 | 100 | 124,344 | ||||||
| Bank of America Corp. | ||||||||
| 4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51 | 125 | 151,161 | ||||||
| 4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48 | 100 | 126,368 | ||||||
|
BBVA Bancomer SA 144A 4.38%, 04/10/24 |
50 | 53,688 | ||||||
|
Becton Dickinson and Co. 3.36%, 06/06/24 |
50 | 52,742 | ||||||
| Berkshire Hathaway Energy Co. | ||||||||
| 2.85%, 05/15/51 | 25 | 24,541 | ||||||
| 3.70%, 07/15/30 | 100 | 111,832 | ||||||
| 4.25%, 10/15/50 | 50 | 62,367 | ||||||
| 6.12%, 04/01/36 | 75 | 103,217 | ||||||
|
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 |
110 | 136,152 | ||||||
|
Berkshire Hathaway, Inc. 3.12%, 03/15/26 |
125 | 134,605 | ||||||
|
Booking Holdings, Inc. 4.62%, 04/13/30 |
50 | 59,008 | ||||||
|
Capital One Financial Corp. 3.75%, 07/28/26 |
75 | 81,134 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.91%, 07/23/25 | 100 | 111,241 | ||||||
| 5.05%, 03/30/29 | 100 | 116,670 | ||||||
| 5.38%, 04/01/38 | 75 | 90,167 | ||||||
| 6.48%, 10/23/45 | 100 | 138,158 | ||||||
|
Chevron Corp. 2.90%, 03/03/24 |
50 | 52,288 | ||||||
|
Chevron USA, Inc. 6.00%, 03/01/41 |
50 | 74,181 | ||||||
|
DH Europe Finance II Sarl 2.60%, 11/15/29 † |
75 | 78,078 | ||||||
|
DuPont de Nemours, Inc. 5.32%, 11/15/38 |
50 | 64,582 | ||||||
|
Enterprise Products Operating LLC 5.95%, 02/01/41 |
40 | 54,400 | ||||||
| Exelon Generation Co. LLC | ||||||||
| 3.25%, 06/01/25 | 50 | 52,866 | ||||||
| 6.25%, 10/01/39 | 50 | 64,035 | ||||||
| Exxon Mobil Corp. | ||||||||
See Notes to Financial Statements
| 81 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 2.99%, 03/19/25 | $ | 150 | $ | 158,627 | ||||
| 3.48%, 03/19/30 | 50 | 55,408 | ||||||
|
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 |
175 | 213,086 | ||||||
| General Electric Co. | ||||||||
| 6.75%, 03/15/32 | 40 | 55,016 | ||||||
| 6.88%, 01/10/39 | 125 | 190,450 | ||||||
|
GlaxoSmithKline Capital, Inc. 2.80%, 03/18/23 |
50 | 51,598 | ||||||
|
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 |
75 | 83,292 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 75 | 83,113 | ||||||
| 5.00%, 03/15/24 | 100 | 108,858 | ||||||
| 5.25%, 04/15/25 | 75 | 84,125 | ||||||
| 5.50%, 06/15/47 | 125 | 165,206 | ||||||
| Home Depot, Inc. | ||||||||
| 3.75%, 02/15/24 | 75 | 79,582 | ||||||
| 5.88%, 12/16/36 | 75 | 105,763 | ||||||
|
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 |
75 | 105,899 | ||||||
|
Lockheed Martin Corp. 2.90%, 03/01/25 |
50 | 52,765 | ||||||
|
Marathon Petroleum Corp. 6.50%, 03/01/41 |
50 | 69,565 | ||||||
| McDonald’s Corp. | ||||||||
| 3.80%, 04/01/28 | 25 | 27,898 | ||||||
| 4.70%, 12/09/35 | 50 | 61,574 | ||||||
| 4.88%, 12/09/45 | 50 | 65,273 | ||||||
| 6.30%, 10/15/37 | 50 | 71,772 | ||||||
| Microsoft Corp. | ||||||||
| 2.70%, 02/12/25 | 50 | 52,729 | ||||||
| 2.88%, 02/06/24 | 50 | 52,331 | ||||||
| 3.12%, 11/03/25 | 100 | 107,339 | ||||||
| 3.30%, 02/06/27 | 120 | 131,145 | ||||||
|
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 |
50 | 52,106 | ||||||
|
Mondelez International, Inc. 2.75%, 04/13/30 |
25 | 26,059 | ||||||
| Oracle Corp. | ||||||||
| 2.95%, 04/01/30 | 50 | 51,862 | ||||||
| 3.85%, 07/15/36 | 75 | 81,132 | ||||||
| 4.12%, 05/15/45 | 100 | 109,959 | ||||||
| 4.30%, 07/08/34 | 50 | 56,613 | ||||||
| 5.38%, 07/15/40 | 75 | 95,088 | ||||||
| 6.50%, 04/15/38 | 50 | 69,947 | ||||||
|
PepsiCo, Inc. 2.75%, 04/30/25 |
100 | 105,384 | ||||||
|
Prudential Financial, Inc. 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 † |
50 | 56,762 | ||||||
|
Sherwin-Williams Co. 3.45%, 06/01/27 |
50 | 54,275 | ||||||
| Synchrony Financial | ||||||||
| Par (000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 4.25%, 08/15/24 | $ | 50 | $ | 53,670 | ||||
| 4.50%, 07/23/25 | 75 | 82,083 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 50 | 53,596 | ||||||
| 5.95%, 04/01/30 | 100 | 126,652 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 2.00%, 10/15/31 | 50 | 48,964 | ||||||
| 2.95%, 09/19/26 | 50 | 53,265 | ||||||
| 4.10%, 08/15/47 | 50 | 61,984 | ||||||
| 4.50%, 03/25/30 | 50 | 58,893 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.55%, 05/01/37 | 100 | 134,538 | ||||||
| 6.75%, 06/15/39 | 75 | 102,827 | ||||||
|
Time Warner Entertainment Co. LP 8.38%, 03/15/23 |
75 | 82,756 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 3.50%, 04/15/25 | 50 | 53,345 | ||||||
| 3.75%, 04/15/27 | 150 | 162,810 | ||||||
| 3.88%, 04/15/30 | 200 | 218,826 | ||||||
|
United Parcel Service, Inc. 3.90%, 04/01/25 |
20 | 21,751 | ||||||
|
Valero Energy Corp. 7.50%, 04/15/32 |
50 | 69,686 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 02/15/25 | 50 | 53,437 | ||||||
| 4.02%, 12/03/29 | 150 | 168,202 | ||||||
| 4.12%, 03/16/27 | 125 | 139,738 | ||||||
| Walmart, Inc. | ||||||||
| 2.85%, 07/08/24 | 50 | 52,658 | ||||||
| 3.30%, 04/22/24 | 50 | 52,885 | ||||||
| 3.55%, 06/26/25 | 60 | 65,536 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.90%, 11/17/45 | 100 | 128,828 | ||||||
| 5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51 | 150 | 207,499 | ||||||
|
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 |
50 | 57,548 | ||||||
| 8,656,236 | ||||||||
|
Total Corporate
Bonds |
14,725,175 | |||||||
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $216,883) |
||||||||
| Money Market Fund: 1.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 216,883 | 216,883 | ||||||
See Notes to Financial Statements
| 82 |
| Value | ||||||||
| Total Investments:
100.1% (Cost: $15,024,412) |
$ | 14,942,058 | ||||||
| Liabilities in excess of other assets: (0.1)% | (17,144) | |||||||
| NET ASSETS: 100.0% | $ | 14,924,914 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $432,059. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,582,711, or 24.0% of net assets. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 2.5 | % | $ | 372,215 | |||||
| Consumer Cyclicals | 7.1 | 1,038,359 | |||||||
| Consumer Non-Cyclicals | 10.3 | 1,518,123 | |||||||
| Energy | 13.3 | 1,960,050 | |||||||
| Financials | 36.1 | 5,312,155 | |||||||
| Healthcare | 5.2 | 768,748 | |||||||
| Industrials | 1.8 | 262,248 | |||||||
| Real Estate | 0.6 | 83,292 | |||||||
| Technology | 20.4 | 3,007,323 | |||||||
| Utilities | 2.7 | 402,662 | |||||||
| 100.0 | % | $ | 14,725,175 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 14,725,175 | $ | — | $ | 14,725,175 | ||||||||
| Money Market Fund | 216,883 | — | — | 216,883 | ||||||||||||
| Total Investments | $ | 216,883 | $ | 14,725,175 | $ | — | $ | 14,942,058 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 83 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Real Estate Investment Trusts: 99.8% | ||||||||
| AGNC Investment Corp. | 1,729,951 | $ | 27,540,820 | |||||
| Annaly Capital Management, Inc. | 4,817,269 | 40,754,096 | ||||||
| Apollo Commercial Real Estate Finance, Inc. | 831,378 | 12,587,063 | ||||||
| Arbor Realty Trust, Inc. † | 772,168 | 15,528,298 | ||||||
| Ares Commercial Real Estate Corp. † | 395,356 | 6,175,461 | ||||||
| ARMOUR Residential REIT, Inc. † | 562,227 | 5,914,628 | ||||||
| Blackstone Mortgage Trust, Inc. | 484,525 | 15,940,872 | ||||||
| BrightSpire Capital, Inc. | 605,054 | 5,935,580 | ||||||
| Broadmark Realty Capital, Inc. | 861,044 | 8,885,974 | ||||||
| Chimera Investment Corp. | 1,034,822 | 16,153,571 | ||||||
| Dynex Capital, Inc. | 265,666 | 4,649,155 | ||||||
| Ellington Financial, Inc. | 446,299 | 8,113,716 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 267,679 | 16,167,812 | ||||||
| Invesco Mortgage Capital, Inc. † | 1,853,975 | 5,821,481 | ||||||
| KKR Real Estate Finance Trust, Inc. † | 269,606 | 5,853,146 | ||||||
| Ladder Capital Corp. | 911,814 | 10,941,768 | ||||||
| MFA Financial, Inc. | 2,660,011 | 11,996,650 | ||||||
| Number of Shares |
Value | |||||||
| Real Estate Investment Trusts (continued) | ||||||||
| New Residential Investment Corp. | 1,424,425 | $ | 16,181,468 | |||||
| New York Mortgage Trust, Inc. | 2,636,303 | 11,573,370 | ||||||
| Orchid Island Capital, Inc. † | 1,035,120 | 5,134,195 | ||||||
| PennyMac Mortgage Investment Trust | 635,337 | 12,802,041 | ||||||
| Ready Capital Corp. | 397,272 | 6,145,798 | ||||||
| Redwood Trust, Inc. | 651,205 | 8,830,340 | ||||||
| Starwood Property Trust, Inc. | 972,978 | 24,781,750 | ||||||
| Two Harbors Investment Corp. † | 2,037,570 | 13,081,199 | ||||||
| Total Common
Stocks (Cost: $288,057,600) |
317,490,252 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3% (Cost: $7,259,944) |
||||||||
| Money Market Fund: 2.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 7,259,944 | 7,259,944 | ||||||
| Total Investments: 102.1% (Cost: $295,317,544) |
324,750,196 | |||||||
| Liabilities in excess of other assets: (2.1)% | (6,577,706) | |||||||
| NET ASSETS: 100.0% | $ | 318,172,490 | ||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $27,604,213. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Financials | 100.0 | % | $ | 317,490,252 | ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | 317,490,252 | $ | — | $ | — | $ | 317,490,252 | ||||||||
| Money Market Fund | 7,259,944 | — | — | 7,259,944 | ||||||||||||
| Total Investments | $ | 324,750,196 | $ | — | $ | — | $ | 324,750,196 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 84 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
| Number of Shares |
Value | |||||||
| PREFERRED SECURITIES: 99.7% | ||||||||
| Basic Materials: 3.5% | ||||||||
|
ArcelorMittal SA 5.50%, 05/18/23 † |
471,619 | $ | 38,078,518 | |||||
| Consumer Cyclicals: 7.0% | ||||||||
|
Aptiv Plc 5.50%, 06/15/23 |
135,591 | 26,196,181 | ||||||
| Ford Motor Co. | ||||||||
| 6.00%, 12/01/59 | 377,296 | 10,292,635 | ||||||
| 6.20%, 06/01/59 † | 353,715 | 9,727,162 | ||||||
|
Qurate Retail, Inc. 8.00%, 03/15/31 |
147,381 | 16,091,058 | ||||||
|
QVC, Inc. 6.25%, 11/26/68 † |
235,904 | 6,168,890 | ||||||
|
ViacomCBS, Inc. 5.75%, 04/01/24 † |
117,905 | 7,148,580 | ||||||
| 75,624,506 | ||||||||
| Consumer Non-Cyclicals: 3.2% | ||||||||
|
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 † |
117,905 | 3,046,665 | ||||||
| CHS, Inc. | ||||||||
| 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 † | 232,273 | 6,531,517 | ||||||
| 7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 198,080 | 5,518,509 | ||||||
| 7.50%, 01/21/25 | 244,063 | 7,075,386 | ||||||
| 7.88%, 09/26/23 † | 253,024 | 7,216,244 | ||||||
| 8.00%, 07/18/23 † | 144,693 | 4,427,606 | ||||||
| 33,815,927 | ||||||||
| Energy: 3.6% | ||||||||
|
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 |
282,972 | 7,600,628 | ||||||
| Energy Transfer LP | ||||||||
| 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † | 212,229 | 5,356,660 | ||||||
| 7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 | 377,296 | 9,628,594 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 209,871 | 5,255,170 | ||||||
|
NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 |
148,371 | 2,065,324 | ||||||
|
NuStar Energy LP 7.62% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 |
181,573 | 4,112,629 | ||||||
|
NuStar Logistics LP 6.87% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 |
189,827 | 4,789,335 | ||||||
| 38,808,340 | ||||||||
| Financials: 2.2% | ||||||||
| Qwest Corp. | ||||||||
| 6.50%, 09/01/56 | 461,008 | 11,834,075 | ||||||
| 6.75%, 06/15/57 | 311,269 | 8,189,487 | ||||||
| SCE Trust IV | ||||||||
| Number of Shares |
Value | |||||||
| Financials (continued) | ||||||||
| 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † | 153,276 | $ | 3,841,097 | |||||
| 23,864,659 | ||||||||
| Healthcare: 6.4% | ||||||||
|
Avantor, Inc. 6.25%, 05/15/22 |
244,063 | 30,210,118 | ||||||
|
Becton Dickinson and Co. 6.00%, 06/01/23 † |
353,715 | 18,605,409 | ||||||
|
Boston Scientific Corp. 5.50%, 06/01/23 |
118,636 | 13,885,157 | ||||||
|
Elanco Animal Health, Inc. 5.00%, 02/01/23 † |
129,695 | 6,572,943 | ||||||
| 69,273,627 | ||||||||
| Industrials: 6.0% | ||||||||
|
Clarivate Plc 5.25%, 06/01/24 |
169,488 | 15,584,422 | ||||||
|
Crestwood Equity Partners LP 9.25% † |
840,190 | 8,595,144 | ||||||
|
GFL Environmental, Inc. 6.00%, 03/15/23 |
170,019 | 16,039,592 | ||||||
|
RBC Bearings, Inc. 5.00%, 10/15/24 |
54,236 | 6,486,083 | ||||||
|
Stanley Black & Decker, Inc. 5.25%, 11/15/22 † |
88,429 | 9,543,258 | ||||||
|
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 |
254,816 | 8,001,222 | ||||||
| 64,249,721 | ||||||||
| Real Estate Investment Trusts: 16.3% | ||||||||
| AGNC Investment Corp. | ||||||||
| 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 | 271,181 | 6,869,015 | ||||||
| 6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 189,827 | 4,922,214 | ||||||
| 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 153,276 | 3,890,145 | ||||||
| Annaly Capital Management, Inc. | ||||||||
| 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 | 200,438 | 5,099,143 | ||||||
| 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 † | 208,692 | 5,486,513 | ||||||
| 6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 339,566 | 8,607,998 | ||||||
| Chimera Investment Corp. | ||||||||
| 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | 122,621 | 3,147,681 | ||||||
| 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | 153,276 | 3,952,988 | ||||||
|
Digital Realty Trust, Inc. 5.20%, 10/10/24 |
162,709 | 4,456,599 | ||||||
| DigitalBridge Group, Inc. | ||||||||
| 7.12% † | 284,151 | 7,356,174 | ||||||
| 7.15%, 06/05/22 | 162,709 | 4,230,434 | ||||||
|
Diversified Healthcare Trust 5.62%, 08/01/42 † |
165,067 | 4,002,875 | ||||||
See Notes to Financial Statements
| 85 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Real Estate Investment Trusts (continued) | ||||||||
| 6.25%, 02/01/46 † | 117,905 | $ | 2,968,848 | |||||
|
Franklin BSP Realty Trust, Inc. 7.50% † |
121,772 | 3,060,130 | ||||||
|
Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 † |
135,591 | 3,473,841 | ||||||
|
Kimco Realty Corp. 5.25%, 12/20/22 † |
124,743 | 3,329,391 | ||||||
|
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 † |
129,695 | 3,126,946 | ||||||
|
Monmouth Real Estate Investment Corp. 6.12%, 09/15/21 |
259,202 | 6,612,243 | ||||||
| New Residential Investment Corp. | ||||||||
| 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 | 189,827 | 4,459,036 | ||||||
| 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 | 219,303 | 5,537,401 | ||||||
| 7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 133,232 | 3,344,123 | ||||||
|
Pebblebrook Hotel Trust 5.70%, 07/27/26 |
117,905 | 3,069,067 | ||||||
|
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 |
117,905 | 2,994,787 | ||||||
|
PS Business Parks, Inc. 4.88%, 11/04/24 |
153,276 | 4,153,780 | ||||||
| Public Storage | ||||||||
| 3.88%, 10/06/25 † | 133,232 | 3,392,087 | ||||||
| 4.00%, 06/16/26 | 284,764 | 7,215,920 | ||||||
| 4.62%, 06/17/25 | 266,465 | 7,202,549 | ||||||
| 4.70%, 11/15/24 † | 122,055 | 3,256,427 | ||||||
| 4.88%, 09/12/24 † | 149,126 | 4,023,419 | ||||||
| 4.90%, 10/14/21 | 165,067 | 4,182,798 | ||||||
| 5.05%, 08/09/22 | 141,486 | 3,749,379 | ||||||
| 5.15%, 06/02/22 † | 132,053 | 3,418,852 | ||||||
| 5.60%, 03/11/24 † | 134,412 | 3,727,245 | ||||||
|
RLJ Lodging Trust 1.95% † |
151,861 | 4,400,932 | ||||||
| Two Harbors Investment Corp. | ||||||||
| 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 | 139,128 | 3,506,026 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 † | 135,591 | 3,495,536 | ||||||
| Vornado Realty Trust | ||||||||
| 4.45%, 09/22/26 | 141,486 | 3,527,246 | ||||||
| 5.25%, 11/24/25 | 292,168 | 7,858,563 | ||||||
| 5.40% | 141,486 | 3,684,295 | ||||||
| 174,792,646 | ||||||||
| Technology: 17.3% | ||||||||
| AT&T, Inc. | ||||||||
| 4.75%, 02/18/25 † | 825,334 | 21,491,697 | ||||||
| 5.00%, 12/12/24 | 565,943 | 15,054,084 | ||||||
| 5.35%, 11/01/66 | 623,717 | 16,291,488 | ||||||
| Number of Shares |
Value | |||||||
| Technology (continued) | ||||||||
| 5.62%, 08/01/67 † | 389,086 | $ | 10,478,086 | |||||
|
Broadcom, Inc. 8.00%, 09/30/22 |
47,162 | 79,106,709 | ||||||
|
Pitney Bowes, Inc. 6.70%, 03/07/43 † |
200,438 | 5,059,055 | ||||||
|
Sabre Corp. 6.50%, 09/01/23 † |
39,380 | 5,371,826 | ||||||
| Telephone and Data Systems, Inc. | ||||||||
| 6.00%, 09/30/26 † | 325,417 | 8,532,434 | ||||||
| 6.62%, 03/31/26 | 198,080 | 5,433,334 | ||||||
| United States Cellular Corp. | ||||||||
| 5.50%, 03/01/70 | 235,810 | 6,274,904 | ||||||
| 5.50%, 06/01/70 † | 235,810 | 6,244,249 | ||||||
| 6.25%, 09/01/69 | 235,810 | 6,475,343 | ||||||
| 185,813,209 | ||||||||
| Utilities: 34.2% | ||||||||
|
AES Corp. 6.88%, 02/15/24 |
122,975 | 12,421,705 | ||||||
|
Alabama Power Co. 5.00%, 10/01/22 |
117,905 | 3,071,425 | ||||||
| Algonquin Power & Utilities Corp. | ||||||||
| 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 † | 165,067 | 4,610,321 | ||||||
| 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 | 135,591 | 3,740,956 | ||||||
|
Algonquin Power & Utilities Corp. (USD) 7.75%, 06/15/24 |
271,181 | 13,076,348 | ||||||
| American Electric Power Co., Inc. | ||||||||
| 6.12%, 03/15/22 | 189,827 | 9,440,097 | ||||||
| 6.12%, 08/15/23 | 200,438 | 10,350,618 | ||||||
|
Brookfield BRP Holdings Canada, Inc. 4.62%, 04/30/26 |
165,067 | 4,123,374 | ||||||
| CMS Energy Corp. | ||||||||
| 5.88%, 10/15/78 † | 132,053 | 3,591,842 | ||||||
| 5.88%, 03/01/79 | 297,120 | 8,170,800 | ||||||
|
Dominion Energy, Inc. 7.25%, 06/01/22 |
189,827 | 19,014,971 | ||||||
| DTE Energy Co. | ||||||||
| 5.25%, 12/01/77 | 188,648 | 4,936,918 | ||||||
| 6.00%, 12/15/76 † | 132,053 | 3,368,672 | ||||||
| 6.25%, 11/01/22 | 306,553 | 15,474,795 | ||||||
| Duke Energy Corp. | ||||||||
| 5.62%, 09/15/78 † | 235,810 | 6,520,146 | ||||||
| 5.75%, 06/15/24 † | 471,619 | 13,111,008 | ||||||
|
Entergy Arkansas LLC 4.88%, 09/01/66 |
193,364 | 4,878,574 | ||||||
|
Entergy Mississippi LLC 4.90%, 10/01/66 † |
122,621 | 3,137,871 | ||||||
|
Essential Utilities, Inc. 6.00%, 04/30/22 |
89,655 | 5,178,473 | ||||||
|
Georgia Power Co. 5.00%, 10/01/77 |
127,337 | 3,337,503 | ||||||
See Notes to Financial Statements
| 86 |
| Number of Shares |
Value | |||||||
| Utilities (continued) | ||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 5.25%, 06/01/76 † | 268,823 | $ | 6,833,481 | |||||
| 5.65%, 03/01/79 † | 324,238 | 9,162,966 | ||||||
| NextEra Energy, Inc. | ||||||||
| 4.87%, 09/01/22 | 353,715 | 22,361,862 | ||||||
| 5.28%, 03/01/23 | 589,524 | 32,111,372 | ||||||
| 6.22%, 09/01/23 | 471,619 | 25,844,721 | ||||||
| NiSource, Inc. | ||||||||
| 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 | 235,810 | 6,630,977 | ||||||
| 7.75%, 03/01/24 † | 101,693 | 10,904,540 | ||||||
|
PG&E Corp. 5.50%, 08/16/23 |
188,648 | 21,336,089 | ||||||
|
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † |
129,695 | 3,342,240 | ||||||
|
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 |
141,486 | 3,661,658 | ||||||
|
SCE Trust VI 5.00%, 06/26/22 † |
224,019 | 5,600,475 | ||||||
|
Sempra Energy 5.75%, 07/01/79 † |
357,252 | 9,967,331 | ||||||
|
South Jersey Industries, Inc. 8.75%, 04/01/24 † |
78,996 | 4,015,367 | ||||||
| Southern Co. | ||||||||
| 4.20%, 10/15/60 | 353,715 | 9,044,492 | ||||||
| 4.95%, 01/30/80 | 471,619 | 12,540,349 | ||||||
| 5.25%, 12/01/77 † | 212,229 | 5,592,234 | ||||||
| 6.75%, 08/01/22 | 406,772 | 20,822,659 | ||||||
|
Spire, Inc. 5.90%, 08/15/24 † |
117,905 | 3,243,567 | ||||||
|
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 |
129,224 | 3,500,678 | ||||||
| 368,073,475 | ||||||||
| Total Preferred
Securities (Cost: $978,885,097) |
1,072,394,628 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3% (Cost: $46,100,229) |
||||||||
| Money Market Fund: 4.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 46,100,229 | 46,100,229 | ||||||
| Total Investments: 104.0% (Cost: $1,024,985,326) |
1,118,494,857 | |||||||
| Liabilities in excess of other assets: (4.0)% | (43,022,446) | |||||||
| NET ASSETS: 100.0% | $ | 1,075,472,411 | ||||||
See Notes to Financial Statements
| 87 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $68,113,946. |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
| Basic Materials | 3.5 | % | $ | 38,078,518 | |||||
| Consumer Cyclicals | 7.1 | 75,624,506 | |||||||
| Consumer Non-Cyclicals | 3.2 | 33,815,927 | |||||||
| Energy | 3.6 | 38,808,340 | |||||||
| Financials | 2.2 | 23,864,659 | |||||||
| Healthcare | 6.5 | 69,273,627 | |||||||
| Industrials | 6.0 | 64,249,721 | |||||||
| Real Estate | 16.3 | 174,792,646 | |||||||
| Technology | 17.3 | 185,813,209 | |||||||
| Utilities | 34.3 | 368,073,475 | |||||||
| 100.0 | % | $ | 1,072,394,628 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Preferred Securities * | $ | 1,072,394,628 | $ | — | $ | — | $ | 1,072,394,628 | ||||||||
| Money Market Fund | 46,100,229 | — | — | 46,100,229 | ||||||||||||
| Total Investments | $ | 1,118,494,857 | $ | — | $ | — | $ | 1,118,494,857 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 88 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
| BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF |
Fallen Angel High Yield Bond ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) Unaffiliated issuers (2) | $ | 519,019,843 | $ | 106,380,494 | $ | 1,257,395,485 | $ | 5,197,536,669 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 52,615,975 | — | 33,912,101 | 195,344,301 | ||||||||||||
| Cash | 17,612 | 249,943 | 15,068,297 | 98,939,678 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 6,265,753 | (a) | — | — | |||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | 1,611,129 | 36,883,139 | 112,380,338 | ||||||||||||
| Shares of beneficial interest sold | — | 3,456 | — | 26,464,328 | ||||||||||||
| Dividends and interest | 1,363,091 | 1,622,313 | 19,408,792 | 62,926,840 | ||||||||||||
| Prepaid expenses | — | 1,870 | — | — | ||||||||||||
| Other assets | — | 506 | 235 | — | ||||||||||||
| Total assets | 573,016,521 | 116,135,464 | 1,362,668,049 | 5,693,592,154 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 523,811 | 28,780,315 | 232,001,978 | ||||||||||||
| Collateral for securities loaned | 52,615,975 | — | 33,912,101 | 195,344,301 | ||||||||||||
| Line of credit | 936,513 | 229,375 | — | — | ||||||||||||
| Due to Adviser | 172,481 | 39,025 | 439,850 | 1,547,487 | ||||||||||||
| Deferred Trustee fees | 9,396 | 897 | 40,196 | 67,963 | ||||||||||||
| Accrued expenses | 17,106 | 47,900 | 11,185 | 8,089 | ||||||||||||
| Total liabilities | 53,751,471 | 841,008 | 63,183,647 | 428,969,818 | ||||||||||||
| NET ASSETS | $ | 519,265,050 | $ | 115,294,456 | $ | 1,299,484,402 | $ | 5,264,622,336 | ||||||||
| Shares outstanding | 29,575,000 | 4,700,000 | 57,000,000 | 159,150,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 17.56 | $ | 24.53 | $ | 22.80 | $ | 33.08 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 510,639,918 | $ | 111,610,974 | $ | 1,395,664,807 | $ | 4,957,324,011 | ||||||||
| Total distributable earnings (loss) | 8,625,132 | 3,683,482 | (96,180,405 | ) | 307,298,325 | |||||||||||
| NET ASSETS | $ | 519,265,050 | $ | 115,294,456 | $ | 1,299,484,402 | $ | 5,264,622,336 | ||||||||
| (1) Value of securities on loan | $ | 75,888,723 | $ | — | $ | 41,108,243 | $ | 214,967,597 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 456,194,448 | $ | 103,553,413 | $ | 1,295,036,026 | $ | 4,926,351,575 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 52,615,975 | $ | — | $ | 33,912,101 | $ | 195,344,301 | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 6,257,789 | $ | — | $ | — | ||||||||
| (a) | Includes $107,408 on foreign investor minimum settlement reserve funds (see Note 2G). |
See Notes to Financial Statements
| 89 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
| Green Bond ETF | International High Yield Bond ETF |
Investment
Grade Floating Rate ETF |
J.P.
Morgan EM Local Currency Bond ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) Unaffiliated issuers (2) | $ | 98,442,290 | $ | 107,870,113 | $ | 745,798,542 | $ | 3,362,082,935 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 1,539,910 | 2,943,810 | 1,026,544 | — | ||||||||||||
| Cash | — | 1,792,563 | 2,878,688 | 58,114 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 324,591 | — | 6,797,267 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 1,288,541 | 2,205,697 | 38,271,330 | 89,335,351 | ||||||||||||
| Dividends and interest | 674,781 | 1,585,934 | 850,234 | 63,089,635 | ||||||||||||
| Prepaid expenses | — | — | — | 13,912 | ||||||||||||
| Total assets | 101,945,522 | 116,722,708 | 788,825,338 | 3,521,377,214 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 903,630 | 3,342,321 | 38,750,107 | 73,427,413 | ||||||||||||
| Collateral for securities loaned | 1,539,910 | 2,943,810 | 1,026,544 | — | ||||||||||||
| Due to Adviser | 16,808 | 37,676 | 87,736 | 764,680 | ||||||||||||
| Due to custodian | 9,660 | — | — | — | ||||||||||||
| Deferred Trustee fees | 1,073 | 33,385 | 21,618 | 255,166 | ||||||||||||
| Accrued expenses | 16,216 | 10,897 | 15,999 | 2,320,341 | ||||||||||||
| Total liabilities | 2,487,297 | 6,368,089 | 39,902,004 | 76,767,600 | ||||||||||||
| NET ASSETS | $ | 99,458,225 | $ | 110,354,619 | $ | 748,923,334 | $ | 3,444,609,614 | ||||||||
| Shares outstanding | 3,700,000 | 4,500,000 | 29,550,000 | 116,722,682 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 26.88 | $ | 24.52 | $ | 25.34 | $ | 29.51 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 100,507,123 | $ | 122,717,259 | $ | 747,003,311 | $ | 4,055,020,903 | ||||||||
| Total distributable earnings (loss) | (1,048,898 | ) | (12,362,640 | ) | 1,920,023 | (610,411,289 | ) | |||||||||
| NET ASSETS | $ | 99,458,225 | $ | 110,354,619 | $ | 748,923,334 | $ | 3,444,609,614 | ||||||||
| (1) Value of securities on loan | $ | 5,729,642 | $ | 3,078,104 | $ | 5,495,498 | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 99,425,973 | $ | 109,550,164 | $ | 743,028,708 | $ | 3,644,886,745 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 1,539,910 | $ | 2,943,810 | $ | 1,026,544 | $ | — | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 324,582 | $ | — | $ | 6,798,385 | ||||||||
See Notes to Financial Statements
| 90 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
| Moody’s Analytics
BBB Corporate Bond ETF |
Moody’s Analytics
IG Corporate Bond ETF |
Mortgage REIT
Income ETF |
Preferred Securities ex Financials ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) Unaffiliated issuers (2) | $ | 9,880,570 | $ | 14,725,175 | $ | 317,490,252 | $ | 1,072,394,628 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 183,085 | 216,883 | 7,259,944 | 46,100,229 | ||||||||||||
| Cash | 26,393 | 50,279 | 380,712 | 23,435,164 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | 119,647 | — | 11,351,519 | ||||||||||||
| Dividends and interest | 98,560 | 131,118 | 444,073 | 2,582,318 | ||||||||||||
| Total assets | 10,188,608 | 15,243,102 | 325,574,981 | 1,155,863,858 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 98,776 | — | 33,890,438 | ||||||||||||
| Collateral for securities loaned | 183,085 | 216,883 | 7,259,944 | 46,100,229 | ||||||||||||
| Due to Adviser | 2,120 | 2,529 | 107,523 | 357,403 | ||||||||||||
| Deferred Trustee fees | — | — | 16,359 | 36,282 | ||||||||||||
| Accrued expenses | — | — | 18,665 | 7,095 | ||||||||||||
| Total liabilities | 185,205 | 318,188 | 7,402,491 | 80,391,447 | ||||||||||||
| NET ASSETS | $ | 10,003,403 | $ | 14,924,914 | $ | 318,172,490 | $ | 1,075,472,411 | ||||||||
| Shares outstanding | 400,000 | 600,000 | 16,450,000 | 49,450,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 25.01 | $ | 24.87 | $ | 19.34 | $ | 21.75 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 10,000,000 | $ | 15,000,000 | $ | 354,906,859 | $ | 1,024,210,112 | ||||||||
| Total distributable earnings (loss) | 3,403 | (75,086 | ) | (36,734,369 | ) | 51,262,299 | ||||||||||
| NET ASSETS | $ | 10,003,403 | $ | 14,924,914 | $ | 318,172,490 | $ | 1,075,472,411 | ||||||||
| (1) Value of securities on loan | $ | 224,414 | $ | 432,059 | $ | 27,604,213 | $ | 68,113,946 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 9,876,112 | $ | 14,807,529 | $ | 288,057,600 | $ | 978,885,097 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 183,085 | $ | 216,883 | $ | 7,259,944 | $ | 46,100,229 | ||||||||
See Notes to Financial Statements
| 91 |
VANECK ETF TRUST
For the Period Ended October 31, 2021 (unaudited)
| BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF |
Fallen
Angel High Yield Bond ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 20,194,345 | $ | — | $ | — | $ | — | ||||||||
| Interest | 159 | 1,870,732 | 32,083,418 | 102,355,866 | ||||||||||||
| Securities lending income | 142,337 | — | 88,790 | 463,907 | ||||||||||||
| Foreign taxes withheld | — | (1,286 | ) | (13,237 | ) | — | ||||||||||
| Total income | 20,336,841 | 1,869,446 | 32,158,971 | 102,819,773 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 934,435 | 231,704 | 2,332,956 | 8,873,118 | ||||||||||||
| Professional fees | — | 27,524 | — | — | ||||||||||||
| Custody and accounting fees | — | 20,520 | — | — | ||||||||||||
| Reports to shareholders | — | 6,221 | — | — | ||||||||||||
| Trustees’ fees and expenses | — | 721 | — | — | ||||||||||||
| Registration fees | — | 5,044 | — | — | ||||||||||||
| Insurance | — | 1,217 | — | — | ||||||||||||
| Interest | 8,672 | 3,887 | 11 | 947 | ||||||||||||
| Other | — | 2,097 | — | — | ||||||||||||
| Total expenses | 943,107 | 298,935 | 2,332,967 | 8,874,065 | ||||||||||||
| Net investment income | 19,393,734 | 1,570,511 | 29,826,004 | 93,945,708 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (7,375,781 | ) | 289,922 | (5,063,200 | ) | 19,232,253 | ||||||||||
| In-kind redemptions | 12,223,839 | — | 496,623 | 157,061,405 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | 73,687 | — | — | ||||||||||||
| Net realized gain (loss) | 4,848,058 | 363,609 | (4,566,577 | ) | 176,293,658 | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 14,839,639 | 1,361,646 | (46,908,380 | ) | (41,212,155 | ) | ||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (7,171 | ) | 1 | — | |||||||||||
| Net change in unrealized appreciation (depreciation) | 14,839,639 | 1,354,475 | (46,908,379 | ) | (41,212,155 | ) | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 39,081,431 | $ | 3,288,595 | $ | (21,648,952 | ) | $ | 229,027,211 | |||||||
See Notes to Financial Statements
| 92 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (unaudited)
| Green Bond ETF | International High Yield Bond ETF |
Investment Grade Floating Rate ETF |
J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 4,047 | $ | 8 | $ | — | $ | — | ||||||||
| Interest | 1,044,811 | 2,535,952 | 2,193,341 | 94,947,421 | ||||||||||||
| Securities lending income | 2,924 | 6,960 | 4,462 | — | ||||||||||||
| Foreign taxes withheld | (587 | ) | (2,150 | ) | — | (1,383,758 | ) | |||||||||
| Total income | 1,051,195 | 2,540,770 | 2,197,803 | 93,563,663 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 95,577 | 224,282 | 464,795 | 4,866,564 | ||||||||||||
| Professional fees | — | — | — | 30,976 | ||||||||||||
| Custody and accounting fees | — | — | — | 343,606 | ||||||||||||
| Reports to shareholders | — | — | — | 220,740 | ||||||||||||
| Trustees’ fees and expenses | — | — | — | 29,913 | ||||||||||||
| Registration fees | — | — | — | 10,072 | ||||||||||||
| Insurance | — | — | — | 27,622 | ||||||||||||
| Interest | — | 542 | 897 | 15,968 | ||||||||||||
| Other | — | — | — | 21,241 | ||||||||||||
| Total expenses | 95,577 | 224,824 | 465,692 | 5,566,702 | ||||||||||||
| Waiver of management fees | — | — | — | (143,440 | ) | |||||||||||
| Net expenses | 95,577 | 224,824 | 465,692 | 5,423,262 | ||||||||||||
| Net investment income | 955,618 | 2,315,946 | 1,732,111 | 88,140,401 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | 10,308 | 149,121 | 349,960 | (45,555,597 | )(a) | |||||||||||
| In-kind redemptions | — | — | 57,775 | 1,089,710 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | 3,504 | — | (692,585 | ) | |||||||||||
| Net realized gain (loss) | 10,308 | 152,625 | 407,735 | (45,158,472 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (1,108,112 | ) | (5,853,810 | ) | 23,516 | (163,471,202 | )(b) | |||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (20,544 | ) | — | (1,011,636 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (1,108,112 | ) | (5,874,354 | ) | 23,516 | (164,482,838 | ) | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (142,186 | ) | $ | (3,405,783 | ) | $ | 2,163,362 | $ | (121,500,909 | ) | |||||
| (a) | Net of foreign taxes of $312,779 |
| (b) | Net of foreign taxes of $225,900 |
See Notes to Financial Statements
| 93 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (unaudited)
| Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF |
Preferred Securities ex Financials ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | — | $ | — | $ | 9,483,351 | $ | 25,562,782 | ||||||||
| Interest | 119,375 | 168,507 | 115 | 3,105 | ||||||||||||
| Securities lending income | 396 | 444 | 43,705 | 432,826 | ||||||||||||
| Foreign taxes withheld | — | — | — | (11,430 | ) | |||||||||||
| Total income | 119,771 | 168,951 | 9,527,171 | 25,987,283 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 12,658 | 15,098 | 652,371 | 2,027,240 | ||||||||||||
| Interest | — | — | 7,911 | 5,893 | ||||||||||||
| Total expenses | 12,658 | 15,098 | 660,282 | 2,033,133 | ||||||||||||
| Net investment income | 107,113 | 153,853 | 8,866,889 | 23,954,150 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | 7,499 | 18,284 | (6,691,670 | ) | 6,584,857 | |||||||||||
| Capital gain distributions received | — | — | 1,862,130 | 540,455 | ||||||||||||
| In-kind redemptions | — | — | 13,357,357 | 617,742 | ||||||||||||
| Net realized gain | 7,499 | 18,284 | 8,527,817 | 7,743,054 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 107,938 | 166,172 | (8,673,870 | ) | 27,573,813 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 107,938 | 166,172 | (8,673,870 | ) | 27,573,813 | |||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 222,550 | $ | 338,309 | $ | 8,720,836 | $ | 59,271,017 | ||||||||
See Notes to Financial Statements
| 94 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | China Bond ETF | |||||||||||||||
| Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
Period Ended October 31, 2021 |
Year
Ended April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 19,393,734 | $ | 27,418,231 | $ | 1,570,511 | $ | 1,245,084 | ||||||||
| Net realized gain (loss) | 4,848,058 | (11,700,465 | ) | 363,609 | 258,931 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 14,839,639 | 129,739,736 | 1,354,475 | 1,676,722 | ||||||||||||
| Net increase in net assets resulting from operations | 39,081,431 | 145,457,502 | 3,288,595 | 3,180,737 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (18,755,903 | ) | (28,249,128 | ) | (1,268,581 | ) | (1,233,560 | ) | ||||||||
| Return of capital | — | (102,755 | ) | — | — | |||||||||||
| Total distributions | (18,755,903 | ) | (28,351,883 | ) | (1,268,581 | ) | (1,233,560 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 123,907,641 | 167,364,489 | 21,909,643 | 97,077,772 | (a) | |||||||||||
| Cost of shares redeemed | (36,928,412 | ) | (42,308,818 | ) | (12,138,553 | ) | — | |||||||||
| Increase in net assets resulting from share transactions | 86,979,229 | 125,055,671 | 9,771,090 | 97,077,772 | ||||||||||||
| Total increase in net assets | 107,304,757 | 242,161,290 | 11,791,104 | 99,024,949 | ||||||||||||
| Net Assets, beginning of period | 411,960,293 | 169,799,003 | 103,503,352 | 4,478,403 | ||||||||||||
| Net Assets, end of period | $ | 519,265,050 | $ | 411,960,293 | $ | 115,294,456 | $ | 103,503,352 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 7,175,000 | 11,800,000 | 900,000 | 4,100,000 | ||||||||||||
| Shares redeemed | (2,175,000 | ) | (3,025,000 | ) | (500,000 | ) | — | |||||||||
| Net increase | 5,000,000 | 8,775,000 | 400,000 | 4,100,000 | ||||||||||||
| (a) | Includes $79,000 for reimbursement by the Adviser (See Note 3) |
See Notes to Financial Statements
| 95 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||||
| Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 29,826,004 | $ | 27,488,746 | $ | 93,945,708 | $ | 163,045,166 | ||||||||
| Net realized gain (loss) | (4,566,577 | ) | (9,350,449 | ) | 176,293,658 | 97,287,752 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (46,908,379 | ) | 56,587,045 | (41,212,155 | ) | 387,013,556 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (21,648,952 | ) | 74,725,342 | 229,027,211 | 647,346,474 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (28,559,259 | ) | (25,900,330 | ) | (97,958,810 | ) | (155,216,155 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 597,488,251 | 446,230,645 | 1,326,524,933 | 3,595,864,787 | ||||||||||||
| Cost of shares redeemed | (32,202,688 | ) | (18,741,366 | ) | (1,108,387,232 | ) | (855,370,459 | ) | ||||||||
| Increase in net assets resulting from share transactions | 565,285,563 | 427,489,279 | 218,137,701 | 2,740,494,328 | ||||||||||||
| Total increase in net assets | 515,077,352 | 476,314,291 | 349,206,102 | 3,232,624,647 | ||||||||||||
| Net Assets, beginning of period | 784,407,050 | 308,092,759 | 4,915,416,234 | 1,682,791,587 | ||||||||||||
| Net Assets, end of period | $ | 1,299,484,402 | $ | 784,407,050 | $ | 5,264,622,336 | $ | 4,915,416,234 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 25,200,000 | 19,000,000 | 40,450,000 | 117,100,000 | ||||||||||||
| Shares redeemed | (1,400,000 | ) | (800,000 | ) | (33,950,000 | ) | (27,150,000 | ) | ||||||||
| Net increase | 23,800,000 | 18,200,000 | 6,500,000 | 89,950,000 | ||||||||||||
See Notes to Financial Statements
| 96 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Green Bond ETF | International High Yield Bond ETF | |||||||||||||||
| Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 955,618 | $ | 1,015,009 | $ | 2,315,946 | $ | 4,541,412 | ||||||||
| Net realized gain (loss) | 10,308 | (63,236 | ) | 152,625 | (1,085,616 | ) | ||||||||||
|
Net change in unrealized appreciation (depreciation) |
(1,108,112 | ) | (435,542 | ) | (5,874,354 | ) | 15,170,428 | |||||||||
| Net increase (decrease) in net assets resulting from operations | (142,186 | ) | 516,231 | (3,405,783 | ) | 18,626,224 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (942,485 | ) | (902,645 | ) | (2,015,270 | ) | (4,423,249 | ) | ||||||||
| Return of capital | — | — | — | (264,741 | ) | |||||||||||
| Total distributions | (942,485 | ) | (902,645 | ) | (2,015,270 | ) | (4,687,990 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 16,344,307 | 52,359,723 | 15,502,481 | 10,278,340 | ||||||||||||
| Cost of shares redeemed | — | — | — | (12,776,583 | ) | |||||||||||
| Increase (decrease) in net assets resulting from share transactions | 16,344,307 | 52,359,723 | 15,502,481 | (2,498,243 | ) | |||||||||||
| Total increase in net assets | 15,259,636 | 51,973,309 | 10,081,428 | 11,439,991 | ||||||||||||
| Net Assets, beginning of period | 84,198,589 | 32,225,280 | 100,273,191 | 88,833,200 | ||||||||||||
| Net Assets, end of period | $ | 99,458,225 | $ | 84,198,589 | $ | 110,354,619 | $ | 100,273,191 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 600,000 | 1,900,000 | 600,000 | 400,000 | ||||||||||||
| Shares redeemed | — | — | — | (500,000 | ) | |||||||||||
| Net increase (decrease) | 600,000 | 1,900,000 | 600,000 | (100,000 | ) | |||||||||||
See Notes to Financial Statements
| 97 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
| Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 1,732,111 | $ | 4,385,467 | $ | 88,140,401 | $ | 163,087,052 | ||||||||
| Net realized gain (loss) | 407,735 | 790,351 | (45,158,472 | ) | (150,551,636 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 23,516 | 13,202,820 | (164,482,838 | ) | 329,006,362 | |||||||||||
| Net increase (decrease) in net assetsresulting from operations | 2,163,362 | 18,378,638 | (121,500,909 | ) | 341,541,778 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (1,931,610 | ) | (5,073,095 | ) | (73,167,891 | ) | (524,709 | ) | ||||||||
| Return of capital | — | — | — | (161,805,238 | ) | |||||||||||
| Total distributions | (1,931,610 | ) | (5,073,095 | ) | (73,167,891 | ) | (162,329,947 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 195,220,307 | 125,423,479 | 351,071,375 | 690,250,396 | ||||||||||||
| Cost of shares redeemed | (6,337,388 | ) | (40,336,816 | ) | (91,663,611 | ) | (828,095,691 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 188,882,919 | 85,086,663 | 259,407,764 | (137,845,295 | ) | |||||||||||
| Total increase in net assets | 189,114,671 | 98,392,206 | 64,738,964 | 41,366,536 | ||||||||||||
| Net Assets, beginning of period | 559,808,663 | 461,416,457 | 3,379,870,650 | 3,338,504,114 | ||||||||||||
| Net Assets, end of period | $ | 748,923,334 | $ | 559,808,663 | $ | 3,444,609,614 | $ | 3,379,870,650 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 7,700,000 | 4,950,000 | 11,200,000 | 21,600,000 | ||||||||||||
| Shares redeemed | (250,000 | ) | (1,600,000 | ) | (3,000,000 | ) | (26,800,000 | ) | ||||||||
| Net increase (decrease) | 7,450,000 | 3,350,000 | 8,200,000 | (5,200,000 | ) | |||||||||||
See Notes to Financial Statements
| 98 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||
| Period Ended October 31, 2021 |
Period Ended April 30, 2021 (a) |
Period Ended October 31, 2021 |
Period Ended April 30, 2021 (a) |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 107,113 | $ | 87,490 | $ | 153,853 | $ | 128,135 | ||||||||
| Net realized gain (loss) | 7,499 | (15,478 | ) | 18,284 | (25,943 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 107,938 | (103,480 | ) | 166,172 | (248,527 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 222,550 | (31,468 | ) | 338,309 | (146,335 | ) | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (112,079 | ) | (75,600 | ) | (161,520 | ) | (105,540 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | — | 10,000,000 | — | 15,000,000 | ||||||||||||
| Increase in net assets resulting from share transactions | — | 10,000,000 | — | 15,000,000 | ||||||||||||
| Total increase in net assets | 110,471 | 9,892,932 | 176,789 | 14,748,125 | ||||||||||||
| Net Assets, beginning of period | 9,892,932 | — | 14,748,125 | — | ||||||||||||
| Net Assets, end of period | $ | 10,003,403 | $ | 9,892,932 | $ | 14,924,914 | $ | 14,748,125 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | 400,000 | — | 600,000 | ||||||||||||
| Net increase | — | 400,000 | — | 600,000 | ||||||||||||
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
See Notes to Financial Statements
| 99 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||||
| Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
Period Ended October 31, 2021 |
Year Ended April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 8,866,889 | $ | 11,672,426 | $ | 23,954,150 | $ | 39,050,098 | ||||||||
| Net realized gain (loss) | 8,527,817 | (17,949,177 | ) | 7,743,054 | (5,620,005 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (8,673,870 | ) | 130,769,388 | 27,573,813 | 113,139,493 | |||||||||||
| Net increase in net assets resulting from operations | 8,720,836 | 124,492,637 | 59,271,017 | 146,569,586 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (8,864,324 | ) | (11,675,560 | ) | (22,578,935 | ) | (38,058,255 | ) | ||||||||
| Return of capital | (3,089,456 | ) | (6,729,745 | ) | — | — | ||||||||||
| Total distributions | (11,953,780 | ) | (18,405,305 | ) | (22,578,935 | ) | (38,058,255 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 50,681,819 | 118,718,711 | 95,120,524 | 183,940,174 | ||||||||||||
| Cost of shares redeemed | (39,560,559 | ) | (33,825,342 | ) | (4,235,387 | ) | (33,585,352 | ) | ||||||||
| Increase in net assets resulting from share transactions | 11,121,260 | 84,893,369 | 90,885,137 | 150,354,822 | ||||||||||||
| Total increase in net assets | 7,888,316 | 190,980,701 | 127,577,219 | 258,866,153 | ||||||||||||
| Net Assets, beginning of period | 310,284,174 | 119,303,473 | 947,895,192 | 689,029,039 | ||||||||||||
| Net Assets, end of period | $ | 318,172,490 | $ | 310,284,174 | $ | 1,075,472,411 | $ | 947,895,192 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 2,550,000 | 7,700,000 | 4,450,000 | 9,150,000 | ||||||||||||
| Shares redeemed | (2,050,000 | ) | (2,200,000 | ) | (200,000 | ) | (1,750,000 | ) | ||||||||
| Net increase | 500,000 | 5,500,000 | 4,250,000 | 7,400,000 | ||||||||||||
See Notes to Financial Statements
| 100 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (f) | Annualized |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 101 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 102 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 103 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 104 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period March 3, 2017 (commencement of operations) through April 30, 2017. |
| (b) | Calculated based upon average shares outstanding |
| (c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (d) | Amount represents less than $0.005 per share. |
| (e) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (f) | Not Annualized |
| (g) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (h) | Annualized |
| (i) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 105 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 106 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 107 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| # | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 108 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 109 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 110 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 111 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 112 |
VANECK ETF TRUST
October 31, 2021 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as Vaneck Vectors ETF Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001.The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification |
| BDC Income ETF (“BDC Income”) | Diversified |
| China Bond ETF (“China Bond”)* | Non-Diversified |
| Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | Diversified |
| Fallen Angel High Yield Bond ETF (“Fallen Angel”) | Diversified |
| Green Bond ETF (“Green Bond”) | Non-Diversified |
| International High Yield Bond ETF (“International High Yield”) | Diversified |
| Investment Grade Floating Rate ETF (“Floating Rate”) | Non-Diversified |
| J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | Non-Diversified |
| Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | Non-Diversified |
| Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | Non-Diversified |
| Mortgage REIT Income ETF (“Mortgage REIT”) | Non-Diversified |
| Preferred Securities ex Financials ETF (“Preferred Securities”) | Non-Diversified |
*Formerly known as ChinaAMC China Bond ETF
Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below).Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value |
| 113 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. |
| 114 |
| D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| F. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| G. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Dividend income is recorded on the ex-dividend date. |
| The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
| The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. | |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. | |
| China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at October 31, 2021. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2022, to waive management fees and assume expenses to prevent total annual operating expenses (excluding
| 115 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The expense limitations and management fee rates for the period ended October 31, 2021, are as follows:
| Fund | Management Fees |
Expense Limitations | |||
| China Bond | 0.40% | 0.50% | |||
| J.P. Morgan EM | 0.27 | 0.30 | |||
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
The Funds listed in the table below utilize a unitary management fee structure where the Adviser is responsible for all Fund expenses, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
| Fund | Unitary Management Fee Rate | |||
| BDC Income | 0.40 | % | ||
| Emerging Markets High Yield | 0.40 | |||
| Fallen Angel | 0.35 | |||
| Floating Rate | 0.14 | |||
| Green Bond | 0.20 | |||
| International High Yield | 0.40 | |||
| Moody’s Analytics BBB | 0.25 | |||
| Moody’s Analytics IG | 0.20 | |||
| Mortgage REIT | 0.40 | |||
| Preferred Securities | 0.40 | |||
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
During the year ended April 30, 2021, the Adviser voluntarily reimbursed the China Bond ETF $79,000 for capital share transaction losses. This amount is reflected in Proceeds from sale of shares in the Statements of Changes in Net Assets.
At October 31, 2021, the Adviser owned approximately 94%, 87%, and 2% of Moody’s Analytics IG, Moody’s Analytics BBB, and Floating Rate, respectively.
Note 4—Capital Share Transactions—As of October 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation
| 116 |
Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended October 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| BDC Income | $ | 75,014,575 | $ | 74,638,148 | $ | 123,969,178 | $ | 36,791,511 | ||||||||
| China Bond | 29,401,352 | 14,176,949 | — | — | ||||||||||||
| Emerging Markets High Yield | 533,333,786 | 204,530,219 | 243,026,293 | 32,227,397 | ||||||||||||
| Fallen Angel | 861,988,869 | 811,061,805 | 1,235,956,717 | 1,060,214,943 | ||||||||||||
| Floating Rate | 299,146,489 | 258,483,183 | 160,776,410 | 6,323,007 | ||||||||||||
| Green Bond | 12,593,107 | 8,572,125 | 13,541,076 | — | ||||||||||||
| International High Yield | 28,368,374 | 16,368,443 | 2,649,276 | — | ||||||||||||
| J.P. Morgan EM | 614,143,977 | 488,321,146 | 184,672,143 | 50,601,641 | ||||||||||||
| Moody’s Analytics BBB | 1,573,142 | 1,522,310 | — | — | ||||||||||||
| Moody’s Analytics IG | 3,265,843 | 3,206,717 | — | — | ||||||||||||
| Mortgage REIT | 25,124,253 | 24,486,727 | 50,680,921 | 39,594,861 | ||||||||||||
| Preferred Securities | 247,645,061 | 247,125,664 | 86,729,246 | 4,146,948 | ||||||||||||
Note 6—Income Taxes—As of October 31, 2021, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||
| BDC Income | $ | 513,144,743 | $ | 63,839,019 | $ | (5,347,944 | ) | $ | 58,491,075 | |||||||
| China Bond | 103,554,943 | 3,060,079 | (234,528 | ) | 2,825,551 | |||||||||||
| Emerging Markets High Yield | 1,329,895,951 | 14,955,559 | (53,543,924 | ) | (38,588,365 | ) | ||||||||||
| Fallen Angel | 5,129,494,224 | 281,621,915 | (18,235,169 | ) | 263,386,746 | |||||||||||
| Floating Rate | 744,424,196 | 2,935,369 | (534,479 | ) | 2,400,890 | |||||||||||
| Green Bond | 101,013,127 | 859,154 | (1,890,081 | ) | (1,030,927 | ) | ||||||||||
| International High Yield | 112,700,143 | 3,651,247 | (5,537,467 | ) | (1,886,220 | ) | ||||||||||
| J.P. Morgan EM | 3,726,514,127 | 60,058,550 | (424,489,742 | ) | (364,431,192 | ) | ||||||||||
| Moody’s Analytics BBB | 10,064,771 | 121,562 | (122,678 | ) | (1,116 | ) | ||||||||||
| Moody’s Analytics IG | 15,032,519 | 127,554 | (218,015 | ) | (90,461 | ) | ||||||||||
| Mortgage REIT | 297,777,940 | 37,291,916 | (10,319,660 | ) | 26,972,256 | |||||||||||
| Preferred Securities | 1,032,153,360 | 101,701,562 | (15,360,065 | ) | 86,341,497 | |||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
| BDC Income | $ | (15,292,216 | ) | $ | (40,453,382 | ) | $ | (55,745,598 | ) | |||
| China Bond | (166,013 | ) | (20,335 | ) | (186,348 | ) | ||||||
| Emerging Markets High Yield | (10,986,853 | ) | (47,017,404 | ) | (58,004,257 | ) | ||||||
| Fallen Angel | (59,502,467 | ) | (85,944,985 | ) | (145,447,452 | ) | ||||||
| Floating Rate | (652,541 | ) | (366,518 | ) | (1,019,059 | ) | ||||||
| Green Bond | (176,498 | ) | – | (176,498 | ) | |||||||
| International High Yield | (521,673 | ) | (10,367,976 | ) | (10,889,649 | ) | ||||||
| J.P. Morgan EM | (57,138,194 | ) | (111,427,299 | ) | (168,565,493 | ) | ||||||
| Moody’s Analytics BBB | (16,133 | ) | – | (16,133 | ) | |||||||
| Moody’s Analytics IG | (23,543 | ) | – | (23,543 | ) | |||||||
| Mortgage REIT | (19,518,810 | ) | (53,829,257 | ) | (73,348,067 | ) | ||||||
| Preferred Securities | (12,267,153 | ) | (33,098,379 | ) | (45,365,532 | ) | ||||||
| 117 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2021 to October 31, 2021, the net realized gains (losses) from foreign currency translations were as follows:
| China Bond | $ | 205,932 | ||
| International High Yield | 363,210 | |||
| J.P. Morgan EM | (43,772,765 | ) |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2021, the Funds did not incur any interest or penalties.
Prior to November 2018, there were uncertainties in the Chinese tax rules governing the taxation of interest income on corporate bonds due to the lack of formal guidance from the PRC’s tax authorities. China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.
On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.
Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.
| 118 |
Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result. Russia and Ukraine have experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed
| 119 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.
Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to
| 120 |
33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at October 31, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2021:
| Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral |
||||||||||||
| BDC Income | $ | 75,888,723 | $ | 52,615,975 | $ | 25,366,289 | $ | 77,982,264 | ||||||||
| Emerging Markets High Yield | 41,108,243 | 33,912,101 | 10,187,159 | 44,099,260 | ||||||||||||
| Fallen Angel | 214,967,597 | 195,344,301 | 33,913,151 | 229,257,452 | ||||||||||||
| Floating Rate | 5,495,498 | 1,026,544 | 4,586,136 | 5,612,680 | ||||||||||||
| Green Bond | 5,729,642 | 1,539,910 | 4,340,339 | 5,880,249 | ||||||||||||
| International High Yield | 3,078,104 | 2,943,810 | 569,834 | 3,513,644 | ||||||||||||
| Moody’s Analytics BBB | 224,414 | 183,085 | 50,094 | 233,179 | ||||||||||||
| Moody’s Analytics IG | 432,059 | 216,883 | 230,260 | 447,143 | ||||||||||||
| Mortgage REIT | 27,604,213 | 7,259,944 | 21,316,736 | 28,576,680 | ||||||||||||
| Preferred Securities | 68,113,946 | 46,100,229 | 28,558,445 | 74,658,674 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2021:
| Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities |
||||||||
| Fund | Corporate Bonds | Equity Securities | ||||||
| BDC Income | $ | – | $ | 52,615,975 | ||||
| Emerging Markets High Yield | 33,912,101 | – | ||||||
| Fallen Angel | 195,344,301 | – | ||||||
| Green Bond | 1,539,910 | – | ||||||
| International High Yield | 2,943,810 | – | ||||||
| Floating Rate | 1,026,544 | – | ||||||
| Moody’s Analytics BBB | 183,085 | – | ||||||
| Moody’s Analytics IG | 216,883 | – | ||||||
| Mortgage REIT | – | 7,259,944 | ||||||
| Preferred Securities | – | 46,100,229 | ||||||
* Remaining contractual maturity: overnight and continuous
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the
| 121 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2021, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
| BDC Income | 163 | $ | 1,399,266 | 1.44 | % | |||||||
| China Bond | 19 | 163,724 | 1.44 | |||||||||
| Fallen Angel | 6 | 980,429 | 1.45 | |||||||||
| Floating Rate | 15 | 1,592,708 | 1.45 | |||||||||
| International High Yield | 5 | 2,221,323 | 1.42 | |||||||||
| Mortgage REIT | 64 | 2,778,147 | 1.44 | |||||||||
| Preferred Securities | 35 | 2,480,050 | 1.42 | |||||||||
Outstanding loan balances as of October 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— In 2018, the Board of Trustees approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
Note 12—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
| 122 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited)
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets Aggregate Bond ETF1, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. They also considered the fact that each of the VanEck Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since expense information, tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub- Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck BDC Income ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF, the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF)
| 1 | Pursuant to a Plan of Liquidation and Dissolution, the Fund liquidated on October 22, 2021. |
| 123 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited) (continued)
the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub- Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds and each of the VanEck Fallen Angel High Yield Bond ETF and Moody’s Analytics IG Corporate Bond ETF had management fees (after the effect of any applicable fee waiver) equal to the average and below the median of its respective peer group of funds, while the VanEck Mortgage REIT Income ETF had management fees (after the effect of any applicable fee waiver) greater than the average but equal to the median of its peer group of funds and the VanEck Moody’s Analytics BBB Corporate Bond ETF had management fees (after the effect of any applicable fee waiver) above the average and median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) equal to the average and below the median of its peer group of funds and the VanEck BDC Income ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average but below the median of its peer group of funds, while each of the Mortgage REIT Income ETF and Moody’s Analytics BBB Corporate Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and median of its respective peer group of funds and the VanEck International High Yield Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and equal to the median of its peer group of funds. With respect to these Funds, the Trustees reviewed the amount by which these Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefit.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets
| 124 |
of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Dynamic Put Write ETF
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Dynamic Put Write ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2021 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
| 125 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited) (continued)
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
| 126 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | ||
| Distributor: | VanEck Securities Corporation | ||
| 666 Third Avenue, New York, NY 10017 | |||
| vaneck.com | |||
| Account Assistance: | 800.826.2333 | INCOMEAR |