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
 
   
   
  President’s Letter 1
  Explanation of Expenses 3
  Schedule of Investments  
  BDC Income ETF 5
  China Bond ETF 6
  Emerging Markets High Yield Bond ETF 9
  Fallen Angel High Yield Bond ETF 29
  Green Bond ETF 34
  International High Yield Bond ETF 42
  Investment Grade Floating Rate ETF 63
  J.P. Morgan EM Local Currency Bond ETF 70
  Moody’s Analytics BBB Corporate Bond ETF 76
  Moody’s Analytics IG Corporate Bond ETF 80
  Mortgage REIT Income ETF 84
  Preferred Securities ex Financials ETF 85
  Statements of Assets and Liabilities 89
  Statements of Operations 92
  Statements of Changes in Net Assets 95
  Financial Highlights  
  BDC Income ETF 101
  China Bond ETF 102
  Emerging Markets High Yield Bond ETF 103
  Fallen Angel High Yield Bond ETF 104
  Green Bond ETF 105
  International High Yield ETF 106
  Investment Grade Floating Rate ETF 107
  J.P. Morgan EM Local Currency Bond ETF 108
  Moody’s Analytics BBB Corporate Bond ETF 109
  Moody’s Analytics IG Corporate Bond ETF 110
  Mortgage REIT Income ETF 111
  Preferred Securities ex Financials ETF 112
  Notes to Financial Statements 113
  Approval of Investment Management Agreements 123

 

 

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

PRESIDENT’S LETTER

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

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

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

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

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

VANECK CHINA BOND ETF

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