ANNUAL REPORT
April 30, 2023
   
BDC Income ETF BIZD
China Bond ETF CBON
Dynamic High Income ETF INC
Emerging Markets High Yield Bond ETF HYEM
Fallen Angel High Yield Bond ETF ANGL
Green Bond ETF GRNB
IG Floating Rate ETF FLTR
International High Yield Bond ETF IHY
J.P. Morgan EM Local Currency Bond ETF EMLC
Moody’s Analytics® BBB Corporate Bond ETF MBBB
Moody’s Analytics® IG Corporate Bond ETF MIG
Mortgage REIT Income ETF MORT
Preferred Securities ex Financials ETF PFXF
   
     
  800.826.2333 vaneck.com
 

 

 

President’s Letter 1
Management Discussion 3
Performance Comparison  
BDC Income ETF 7
China Bond ETF 8
Dynamic High Income ETF 9
Emerging Markets High Yield Bond ETF 10
Fallen Angel High Yield Bond ETF 11
Green Bond ETF 12
IG Floating Rate ETF 13
International High Yield Bond ETF 14
J.P. Morgan EM Local Currency Bond ETF 15
Moody’s Analytics BBB Corporate Bond ETF 16
Moody’s Analytics IG Corporate Bond ETF 17
Mortgage REIT Income ETF 18
Preferred Securities ex Financials ETF 19
About Fund Performance 20
Explanation of Expenses 21
Schedule of Investments  
BDC Income ETF 23
China Bond ETF 24
Dynamic High Income ETF 26
Emerging Markets High Yield Bond ETF 28
Fallen Angel High Yield Bond ETF 42
Green Bond ETF 46
IG Floating Rate ETF 54
International High Yield Bond ETF 59
J.P. Morgan EM Local Currency Bond ETF 78
Moody’s Analytics BBB Corporate Bond ETF 84
Moody’s Analytics IG Corporate Bond ETF 88
Mortgage REIT Income ETF 93
Preferred Securities ex Financials ETF 94
Statements of Assets and Liabilities 98
Statements of Operations 102
Statements of Changes in Net Assets 106
Financial Highlights  
BDC Income ETF 113
China Bond ETF 114
Dynamic High Income ETF 115
Emerging Markets High Yield Bond ETF 116
Fallen Angel High Yield Bond ETF 117
Green Bond ETF 118
IG Floating Rate ETF 119
International High Yield Bond ETF 120
J.P. Morgan EM Local Currency Bond ETF 121
Moody’s Analytics BBB Corporate Bond ETF 122
Moody’s Analytics IG Corporate Bond ETF 123
Mortgage REIT Income ETF 124
Preferred Securities ex Financials ETF 125
Notes to Financial Statements 126
Report of Independent Registered Public Accounting Firm 137
Tax Information 139
Board of Trustees and Officers 141
Funds’ Liquidity Risk Management Program 144

 

 

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2023.

 

VANECK ETF TRUST

PRESIDENT’S LETTER

April 30, 2023 (unaudited)

 

Dear Fellow Shareholders:

 

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This is still my view despite events in the last few months, discussed at the end of this letter.

 

Discussion

 

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.

 

There are three things investors are facing, none of which is particularly positive for financial assets.

 

1. Monetary Policy: Tightening

 

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

 

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.3 trillion in March.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

 

Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

 

Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

 

2. Fiscal Tightening

 

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

 

3. Global Growth is at Low Levels

 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

 

The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

 

I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

 

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

 

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

 

Outlook

 

My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.

 

The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

 

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

May 17, 2023

 

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.3 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 Barron’s: The Fed’s Balance Sheet Is Shrinking Again. What That Means for Stocks., April 26, 2023, https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0

2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.

3 https://www.vaneck.com/us/en/subscribe/

2

VANECK ETF TRUST

MANAGEMENT DISCUSSION

April 30, 2023 (unaudited)

 

CORPORATE BOND

 

Fallen Angel Bonds

 

VanEck Fallen Angel High Yield Bond ETF, which gained 0.59% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds are bonds that have been downgraded from investment grade to “junk.” They offer a distinct value proposition that has, historically, provided long-term outperformance—contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by approximately 200 basis points annually.1

 

Energy sector bonds (which is the ETF’s largest sector exposure) were the biggest contributors, followed by those in the leisure sector, during the period under review. The banking and retail sectors detracted the most from performance.

 

Investment Grade Floating Rate Notes

 

Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. Short-term interest rates have increased by approximately 500 basis points since the beginning of 2022, coinciding with the Federal Reserve’s aggressive rate hikes over the period, with 3-month USD Libor rising to 5.30% on April 28, 2023 compared to 1.33% one year earlier. VanEck IG Floating Rate ETF (the re-named VanEck Investment Grade Floating Rate ETF) gained 3.61% over this 12 month period. With 3-month USD Libor set to discontinue on June 30, 2023, the fund’s portfolio continues to reflect the ongoing transition in the marketplace towards alternative reference rates, particularly the Secured Overnight Funding Rate (“SOFR”). As of April 30, 2023, the portfolio had a weight of approximately 75% in SOFR linked bonds.

 

All sectors provided positive returns, with the financial sector contributing the most. The real estate sector (the ETF’s smallest sector exposure) contributed the least to performance.

 

Investment Grade Corporate Bonds

 

The U.S. investment grade corporate bond market is both large and diverse. Investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. Both VanEck Moody’s Analytics IG Corporate Bond ETF and VanEck Moody’s Analytics BBB Corporate Bond ETF track indices that use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while avoiding bonds with the highest probability of being downgraded to high yield. VanEck Moody’s Analytics IG Corporate Bond ETF selects from the broad investment grade universe, while VanEck Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market.

 

VanEck Moody’s Analytics IG Corporate Bond ETF was up 1.22%. While the consumer goods sector provided the greatest contribution to the fund’s return, while the energy sector detracted the most. VanEck Moody’s Analytics BBB Corporate Bond ETF was up 1.70%, also with the consumer goods sector contributing the most to performance. The energy sector also detracted the most.

 

EQUITY INCOME

 

Business Development Companies (BDCs)

 

BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. VanEck BDC Income ETF lost 2.60% for the 12 month period, with the fund impacted negatively by recession fears and credit concerns in the US despite resiliency in terms of defaults and non-accruals.

 

While companies in the very largest market capitalization ranges contributed the most, those in the very smallest detracted the most.

3

VANECK ETF TRUST

MANAGEMENT DISCUSSION (unaudited) (continued)

 

Mortgage REITs

 

Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. The yield curve has been a major concern for mortgage REIT investors throughout the 12 month period ending April 30, 2023. The inverted yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Widespread concerns in commercial real estate has also put pressure on the fund’s portfolio. VanEck Mortgage REIT Income ETF lost 16.95% for the 12 month period.

 

While companies across the range of capitalizations detracted from performance, those in the ranges between the largest and the smallest detracted the most.

 

Preferred Securities ex Financials

 

Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index, which excludes financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.

 

Over the 12 month period ending April 30, 2023, VanEck Preferred Securities ex Financials ETF registered a loss of 2.50%. The utility sector contributed most to the fund’s performance, while the technology and electronics sector detracted the most.

 

INTERNATIONAL BOND

 

China Onshore Bonds

 

Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $20.9 trillion.2 While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

 

VanEck China Bond ETF, recorded a loss of 0.80% over the 12 month period ending April 30, 2023. Only the consumer cyclicals sector contributed positively to performance and then only minimally. The financial sector detracted the most.

 

Emerging Markets Local Currency Bonds

 

Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East and Asia.

 

Following a significant decline toward the end of the last fiscal year, VanEck J.P. Morgan EM Local Currency Bond ETF, recorded a gain of 5.13% over the 12 month period.

 

While bonds denominated in Mexican peso and Polish zloty contributed the most positively to the fund’s total return, of other bonds those denominated in Egyptian pounds were by far the greatest detractors from performance, reflecting the devaluation of the currency since moving to a flexible exchange rate following a financing agreement with the International Monetary Fund in 2022.

4

 

 

Emerging Markets High Yield Bonds

 

Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.

 

VanEck Emerging Markets High Yield Bond ETF lost 0.56% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Turkish bonds and those from Macau were the greatest contributors. Issuers from China were the greatest detractors from performance. Leisure bonds contributed the most to total return, while the real estate sector detracted the most from performance.

 

International High Yield Bonds

 

Non U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.

 

Over the period, VanEck International High Yield Bond ETF gained 0.78%. Bonds from leisure sector, followed by those from the utility and banking sectors, contributed the most to the fund’s total return. The real estate sector detracted by far the most from performance. Bonds denominated Euro contributed the most, whilst those in U.S. dollars detracted the most. Italian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese issuers detracted the most from performance.

 

Green Bonds

 

Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 with the exception of 2022 amid global interest rate volatility, and the first three months of 2023 was the busiest quarter for issuance on record. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.

 

VanEck Green Bond ETF gained 0.41% for the 12 month period. From a country of risk perspective, issuers from Japan contributed the most positively to total return. Bonds from the U.S. detracted the most from performance. Financial-related bonds were the greatest contributors to returns and real estate-related bonds detracted the most from performance.

 

MULTI-ASSET INCOME

 

VanEck Dynamic High Income ETF seeks to provide high current income with consideration for capital appreciation by investing, under normal circumstances, in exchange-traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.

 

The fund traded for just short of six months. However, in the period in which it did trade before its fiscal year end, the fund was up 6.47% versus 9.58% for the ICE BofA Global High Yield Corporate & Sovereign Index. Fallen angel bonds made the greatest contribution to performance and only mortgage REITs detracted from performance.

 

Returns based on funds’ net asset values (NAVs).

 

All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.

5

VANECK ETF TRUST

MANAGEMENT DISCUSSION (unaudited) (continued)

 

1 Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofA US High Yield Index from 12/31/2003 to 4/30/2023. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.

 

2 The Bank for International Settlements: Debt securities statistics, September 2022

6

VANECK BDC INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBDCTRG1   SPTR2
One Year   (2.54)%   (2.60)%   (2.60)%   2.66%
Five Year   8.48%   8.43%   8.39%   11.45%
Ten Year   5.74%   5.75%   5.78%   12.20%
   
1 MVIS® US Business Development Companies Index (MVBDCTRG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of business development companies (BDCs). To be eligible for the MVBDCTRG Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act.
   
  Index data prior to June 19, 2023 reflects that of the MVIS® US Business Development Companies Index (MVBIZDTG). From June 19, 2023 forward, the index data reflects that of the Fund’s underlying index MVBDCTRG. Index history which includes periods prior to June 19, 2023 links the performance of MVBIZDTG and MVBDCTRG and is not intended for third party use.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

7

VANECK CHINA BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   CHQU01TR1   US002   LBUSTRUU3
One Year   (2.29)%   (0.80)%   (0.70)%   (0.57)%   (0.43)%
Five Year   1.73%   2.02%   2.78%   1.19%   1.18%
Life*   1.78%   2.01%   2.83%   1.35%   1.33%
   
* Inception of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14.
   
1 ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index.
   
  As of October 31, 2018, index data for the CHQU01TR for all periods presented reflect the stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

8

VANECK DYNAMIC HIGH INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   HG001
Life*   6.50%   6.47%   9.58%
   
* Inception of Fund: 11/1/22; First Day of Secondary Market Trading: 11/2/22.
   
1 The ICE BofA Global High Yield Corporate & Sovereign Index (HG00) tracks the performance of the below investment grade global debt markets denominated in the major developed market currencies.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

9

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   EMLH1   US002   LBUSTRUU3
One Year   0.85%   (0.56)%   (0.10)%   (0.57)%   (0.43)%
Five Year   0.73%   0.51%   0.50%   1.19%   1.18%
Ten Year   2.23%   2.19%   2.49%   1.34%   1.32%
   
1 ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets.
   
  Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the EMLH. All Index history reflects a blend of the performance of the aforementioned Indexes.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

10

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   H0CF1   US002   LBUSTRUU3
One Year   1.67%   0.59%   0.93%   (0.57)%   (0.43)%
Five Year   4.01%   3.94%   4.42%   1.19%   1.18%
Ten Year   5.51%   5.57%   6.23%   1.34%   1.32%
   
1 ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers.
   
  Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

11

VANECK GREEN BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   SPGRUSST1   US002   LBUSTRUU3
One Year   1.07%   0.41%   0.29%   (0.57)%   (0.43)%
Five Year   (0.33)%   (0.32)%   (0.01)%   1.19%   1.18%
Life*   1.14%   1.11%   1.52%   1.14%   1.13%
   
* Inception of Fund: 3/3/17; First Day of Secondary Market Trading: 3/4/17.
   
1 S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to provide a broad measure of the performance of the investable, U.S. dollar-denominated “green” bond market. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index.
   
  Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the SPGUSST. All Index history reflects a blend of the performance of the aforementioned Indexes.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

12

VANECK IG FLOATING RATE ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVFLTR1   US002   LBUSTRUU3
One Year   3.66%   3.61%   3.30%   (0.57)%   (0.43)%
Five Year   2.00%   2.02%   2.13%   1.19%   1.18%
Ten Year   1.67%   1.68%   1.95%   1.34%   1.32%
   
1 MVIS® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes with outstanding issue sizes greater than or equal to $500 million, issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

13

VANECK INTERNATIONAL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   HXUS1   US002   LBUSTRUU3
One Year   1.77%   0.78%   1.24%   (0.57)%   (0.43)%
Five Year   0.34%   0.20%   0.43%   1.19%   1.18%
Ten Year   1.98%   1.96%   2.47%   1.34%   1.32%
   
1 ICE BofA ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

14

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   GBIEMCOR1   US002   LBUSTRUU3
One Year   5.34%   5.13%   5.73%   (0.57)%   (0.43)%
Five Year   (2.32)%   (2.39)%   (2.01)%   1.19%   1.18%
Ten Year   (2.32)%   (2.33)%   (1.84)%   1.34%   1.32%
   
1 J.P. Morgan GBI-EM Global Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

15

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBI1   US002   LBUSTRUU3
One Year   2.07%   1.70%   1.99%   (0.57)%   (0.43)%
Life*   (4.10)%   (4.15)%   (4.24)%   (4.70)%   (4.65)%
   
* Inception of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20.
   
1 MVIS® Moody’s Analytics® US BBB Corporate Bond Index (MVBI) is designed to track the performance of U.S. dollar-denominated BBB rated corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

16

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVCI1   US002   LBUSTRUU3
One Year   1.50%   1.22%   1.33%   (0.57)%   (0.43)%
Life*   (4.20)%   (4.25)%   (4.34)%   (4.70)%   (4.65)%
   
* Inception of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20.
   
1 MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index (MVCI) is designed to track the performance of U.S. dollar-denominated investment grade corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

17

VANECK MORTGAGE REIT INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVMORTTG1   SPTR2
One Year   (17.17)%   (16.95)%   (16.72)%   2.66%
Five Year   (4.77)%   (4.70)%   (4.46)%   11.45%
Ten Year   (0.21)%   (0.17)%   0.16%   12.20%
   
1 MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

18

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   PFAN1   SPTR2
One Year   (2.25)%   (2.50)%   (1.75)%   2.66%
Five Year   3.96%   4.03%   4.45%   11.45%
Ten Year   4.17%   4.19%   4.33%   12.20%
   
1 ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN) is a rules-based index designed to track the performance of exchange-listed U.S. dollar denominated hybrid debt, preferred stock and convertible preferred stock publicly issued by non-financial corporations in the U.S. domestic market. It includes both rated and unrated securities, and securities with either a fixed or floating rate coupon or dividend.
   
  Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021, forward, the index data reflects that of PFAN. All Index history reflects a blend of the performance of the aforementioned Indexes.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 20 for more information.

19

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

 

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees, if any. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

 

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

 

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

 

MVBDCTRG, MVFLTR, MVMORTTG, MVBI and MVCI are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. CHQU01TR is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). GBIEMCOR is published by JPMorgan Securities Inc. (J.P. Morgan). EMLH, HOCF and HXUS are published by ICE Data Indices, LLC. SPGRUSST is published by S&P Dow Jones Indices (S&P). PFAN is published by Wells Fargo & Company, LLC (Wells Fargo).

 

MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, Wells Fargo, and Bloomberg do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

20

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2022 to April 30, 2023.

 

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

 

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    Beginning
Account
Value
November 1, 2022
  Ending
Account
Value
April 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
November 1, 2022 -
April 30, 2023(a)
BDC Income ETF                
Actual   $1,000.00   $1,048.30   0.43%   $2.18
Hypothetical (b)   $1,000.00   $1,022.66   0.43%   $2.16
China Bond ETF                
Actual   $1,000.00   $1,073.70   0.54%   $2.78
Hypothetical (b)   $1,000.00   $1,022.12   0.54%   $2.71
Dynamic High Income ETF                
Actual (c)   $1,000.00   $1,064.70   0.10%   $0.51
Hypothetical (b)   $1,000.00   $1,024.30   0.10%   $0.50
Emerging Markets High Yield Bond ETF                
Actual   $1,000.00   $1,132.30   0.40%   $2.11
Hypothetical (b)   $1,000.00   $1,022.81   0.40%   $2.01
Fallen Angel High Yield Bond ETF                
Actual   $1,000.00   $1,067.50   0.35%   $1.79
Hypothetical (b)   $1,000.00   $1,023.06   0.35%   $1.76
Green Bond ETF                
Actual   $1,000.00   $1,072.60   0.20%   $1.03
Hypothetical (b)   $1,000.00   $1,023.80   0.20%   $1.00
IG Floating Rate ETF                
Actual   $1,000.00   $1,035.50   0.14%   $0.71
Hypothetical (b)   $1,000.00   $1,024.10   0.14%   $0.70
21

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
November 1, 2022
  Ending
Account
Value
April 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
November 1, 2022 -
April 30, 2023(a)
International High Yield Bond ETF                
Actual   $1,000.00   $1,132.90   0.40%   $2.12
Hypothetical (b)   $1,000.00   $1,022.81   0.40%   $2.01
J.P. Morgan EM Local Currency Bond ETF                
Actual   $1,000.00   $1,148.00   0.30%   $1.60
Hypothetical (b)   $1,000.00   $1,023.31   0.30%   $1.51
Moody’s Analytics BBB Corporate Bond ETF                
Actual   $1,000.00   $1,098.60   0.25%   $1.30
Hypothetical (b)   $1,000.00   $1,023.55   0.25%   $1.25
Moody’s Analytics IG Corporate Bond ETF                
Actual   $1,000.00   $1,093.30   0.20%   $1.04
Hypothetical (b)   $1,000.00   $1,023.80   0.20%   $1.00
Mortgage REIT Income ETF                
Actual   $1,000.00   $985.60   0.44%   $2.17
Hypothetical (b)   $1,000.00   $1,022.61   0.44%   $2.21
Preferred Securities ex Financials ETF                
Actual   $1,000.00   $1,079.50   0.41%   $2.11
Hypothetical (b)   $1,000.00   $1,022.76   0.41%   $2.06
   
(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b) Assumes annual return of 5% before expenses
(c) Expenses are equal to the Fund’s annualized expense ratio (for the period from November 2, 2022 (commencement of operations) to April 30, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
22

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Financial Services: 100.1%                
Ares Capital Corp.     6,323,954     $ 116,866,670  
Bain Capital Specialty Finance, Inc. †     649,064       7,600,539  
Barings BDC, Inc.     1,367,941       10,423,710  
BlackRock TCP Capital Corp. †     841,677       8,450,437  
Blackstone Secured Lending Fund †     1,080,560       27,878,448  
Capital Southwest Corp. †     503,528       9,128,963  
Carlyle Secured Lending, Inc. †     686,621       9,660,757  
CION Investment Corp. †     807,570       7,655,764  
Fidus Investment Corp. †     346,703       6,500,681  
FS KKR Capital Corp. †     4,087,324       76,882,564  
Gladstone Investment Corp. †     487,444       6,731,602  
Goldman Sachs BDC, Inc. †     1,499,202       20,838,908  
Golub Capital BDC, Inc. †     2,018,293       27,206,590  
Hercules Capital, Inc. †     1,790,965       23,712,377  
Main Street Capital Corp. †     664,768       26,936,399  
MidCap Financial Investment Corp. †     953,633       10,795,125  
New Mountain Finance Corp. †     1,338,304       15,912,434  
Oaktree Specialty Lending Corp.     1,044,444       19,719,103  
Owl Rock Capital Corp. †     5,316,492       69,008,066  
    Number
of Shares
    Value  
Financial Services (continued)                
PennantPark Floating Rate Capital Ltd. †     680,436     $ 7,382,731  
Prospect Capital Corp. †     3,746,296       25,512,276  
Sixth Street Specialty Lending, Inc.     1,126,556       20,593,444  
SLR Investment Corp. †     683,585       9,905,147  
Trinity Capital, Inc. †     508,812       6,187,154  
TriplePoint Venture Growth BDC Corp.     515,033       6,113,442  
Total Common Stocks
(Cost: $617,312,326)
            577,603,331  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 16.0%      
Money Market Fund: 16.0%
(Cost: $92,435,917)
               
State Street Navigator Securities Lending Government Money Market Portfolio     92,435,917       92,435,917  
Total Investments: 116.1%
(Cost: $709,748,243)
            670,039,248  
Liabilities in excess of other assets: (16.1)%             (92,786,304)  
NET ASSETS: 100.0%           $ 577,252,944  


 

 

Footnotes:
 
Security fully or partially on loan. Total market value of securities on loan is $141,163,568.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
    Value  
Financials   100.0%     $ 577,603,331  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 577,603,331     $     $     $ 577,603,331  
Money Market Fund     92,435,917                   92,435,917  
Total Investments   $ 670,039,248     $     $     $ 670,039,248  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

23

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
CORPORATE BONDS: 74.7%                
Basic Materials: 6.7%                

Guangdong Guangxin Holdings Group Ltd.

3.37%, 03/11/25

  CNY 10,000     $ 1,455,277  

Zijin Mining Group Co. Ltd.

3.51%, 02/21/25

  CNY 10,000       1,458,961  
              2,914,238  
Consumer Cyclicals: 1.7%                

Beijing Tourism Group Co. Ltd.

3.95%, 08/02/26

  CNY 4,900       723,889  
Energy: 4.5%                

PetroChina Co. Ltd.

3.50%, 01/19/26

  CNY 3,490       512,184  

Yankuang Energy Group Co. Ltd.

3.43%, 03/12/25

  CNY 10,000       1,456,721  
              1,968,905  
Financials: 40.4%                
Agricultural Development Bank of China                
2.25%, 04/22/25   CNY 2,930       420,566  
2.96%, 04/17/30   CNY 4,000       578,292  
3.24%, 08/14/24   CNY 2,400       350,004  
3.63%, 07/19/26   CNY 2,700       401,330  
3.74%, 07/12/29   CNY 2,740       414,160  
3.75%, 01/25/29   CNY 2,620       395,212  
3.79%, 10/26/30   CNY 1,110       169,142  
3.85%, 01/06/27   CNY 3,410       511,053  
4.39%, 09/08/27   CNY 3,270       502,497  
4.65%, 05/11/28   CNY 1,360       212,842  
4.98%, 01/12/25   CNY 2,640       396,587  

Beijing Haidian State-Owned Assets Operation Co. Ltd.

3.40%, 10/24/24

  CNY 10,000       1,450,021  

China Cinda Asset Management Co. Ltd.

4.75%, 04/14/27

  CNY 10,000       1,511,748  
China Development Bank                
3.18%, 04/05/26   CNY 4,850       710,366  
3.30%, 03/03/26   CNY 5,550       816,076  
3.34%, 07/14/25   CNY 3,830       562,060  
3.39%, 02/03/27   CNY 42       6,206  
3.41%, 06/07/31   CNY 1,640       244,287  
3.45%, 09/20/29   CNY 4,800       714,393  
3.48%, 01/08/29   CNY 4,460       663,919  
3.65%, 05/21/29   CNY 1,950       293,250  
3.66%, 03/01/31   CNY 1,170       177,112  
3.70%, 10/20/30   CNY 4,150       629,161  
4.04%, 04/10/27   CNY 1,760       266,080  
4.04%, 07/06/28   CNY 2,720       415,489  
Chongqing Longhu Development Co. Ltd.                
3.45%, 08/02/23   CNY 5,000       718,911  
4.44%, 01/25/24   CNY 8,000       1,148,547  

Cinda Investment Co. Ltd.

4.30%, 12/22/23

  CNY 1,200       173,672  
Export-Import Bank of China                
    Par  
(000’s
)   Value  
Financials (continued)                
3.22%, 05/14/26   CNY 1,970     $ 289,100  
3.23%, 03/23/30   CNY 2,900       426,312  
3.33%, 02/22/26   CNY 1,860       273,298  
3.38%, 07/16/31   CNY 1,750       259,998  
3.43%, 10/23/25   CNY 1,830       269,220  
3.74%, 11/16/30   CNY 2,380       361,699  
3.86%, 05/20/29   CNY 2,480       376,291  
3.88%, 01/12/36   CNY 1,170       183,286  
4.89%, 03/26/28   CNY 1,510       238,315  

Guotai Junan Securities Co. Ltd.

3.31%, 05/21/24

  CNY 200       29,064  
              17,559,566  
Industrials: 10.0%                

China State Railway Group Co. Ltd.

3.45%, 07/25/24

  CNY 14,800       2,159,067  

Nanjing Yangzi State-Owned Investment Group Co. Ltd.

2.70%, 10/21/24

  CNY 5,000       720,434  

Shanghai Pudong Development Group Co. Ltd.

3.52%, 04/21/26

  CNY 5,000       727,876  

Sichuan Development Holding Co. Ltd.

4.55%, 08/06/25

  CNY 5,000       747,807  
              4,355,184  
Real Estate: 4.2%                

Beijing Public Housing Center Co. Ltd.

3.19%, 04/16/40

  CNY 10,000       1,451,909  
China Fortune Land Development Co. Ltd.                
5.50%, 10/22/22   CNY 1,000       39,902  
7.00%, 03/03/21 (d) *   CNY 1,000       36,291  

COFCO Commercial Property Investment Co. Ltd.

3.94%, 01/25/25

  CNY 2,000       288,953  
              1,817,055  
Utilities: 7.2%                

Beijing Enterprises Group Co. Ltd.

2.75%, 12/29/49 (o)

  CNY 5,000       715,551  

China Huaneng Group Co. Ltd.

3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s)

  CNY 5,000       728,491  

China Yangtze Power Co. Ltd.

3.35%, 10/17/26

  CNY 1,500       218,873  

Shandong Lucion Investment Holdings Group Co. Ltd.

3.85%, 01/07/26

  CNY 10,000       1,453,891  
              3,116,806  
Total Corporate Bonds
(Cost: $34,855,806)
            32,455,643  


 

 

See Notes to Financial Statements

24

 

 

    Par  
(000’s
)   Value  
GOVERNMENT OBLIGATIONS: 20.2%    
China Government Bond                
1.99%, 04/09/25   CNY 3,510     $ 502,998  
2.47%, 09/02/24   CNY 5,300       767,346  
2.68%, 05/21/30   CNY 3,450       495,677  
2.69%, 08/12/26   CNY 2,050       297,703  
2.77%, 06/24/30   CNY 5,690       821,968  
2.85%, 06/04/27   CNY 5,420       790,894  
2.86%, 07/16/30   CNY 3,350       486,768  
2.90%, 05/05/26   CNY 846       123,823  
3.01%, 05/13/28   CNY 5,630       827,403  
3.02%, 10/22/25   CNY 2,150       315,253  
    Par  
(000’s
)   Value  
3.02%, 05/27/31   CNY 2,710     $ 398,461  
3.03%, 03/11/26   CNY 5,400       793,006  
3.25%, 06/06/26   CNY 3,620       535,817  
3.27%, 11/19/30   CNY 2,980       447,780  
3.28%, 12/03/27   CNY 1,050       156,470  
3.29%, 05/23/29   CNY 2,680       402,238  
3.74%, 09/22/35   CNY 3,900       615,426  
Total Government Obligations
(Cost: $9,486,226)
            8,779,031  
Total Investments: 94.9%
(Cost: $44,342,032)
            41,234,674  
Other assets less liabilities: 5.1%         2,199,072  
NET ASSETS: 100.0%           $ 43,433,746  


 

 

Definitions:

 

CNY Chinese Yuan

 

Footnotes:

 

(d) Security in default
(o) Perpetual Maturity — the date shown is the next call date
(s) The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
* Non-income producing

 

Summary of Investments by Sector              % of
Investments
  Value  
Financials     42.6 %     $ 17,559,566  
Government     21.3       8,779,031  
Industrials     10.6       4,355,184  
Utilities     7.5       3,116,806  
Basic Materials     7.1       2,914,238  
Energy     4.8       1,968,905  
Real Estate     4.4       1,817,055  
Consumer Cyclicals     1.7       723,889  
      100.0 %   $ 41,234,674  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
 Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds *   $     $ 32,455,643     $     $ 32,455,643  
Government Obligations *           8,779,031             8,779,031  
Total Investments   $     $ 41,234,674     $     $ 41,234,674  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

25

VANECK DYNAMIC HIGH INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
GOVERNMENT OBLIGATIONS: 16.0%      
United States Treasury Note                
1.12%, 08/15/40     16     $ 10,642  
1.38%, 11/15/40     28       19,394  
1.88%, 02/15/41     14       10,525  
2.25%, 05/15/41     41       32,715  
2.75%, 08/15/42     12       10,270  
Total Government Obligations
(Cost: $78,090)
            83,546  
                 
    Number
of Shares
         
EXCHANGE TRADED FUNDS: 83.9% (a)      
VanEck BDC Income ETF ‡     2,664       38,788  
VanEck Durable High Dividend ETF ‡     2,770       87,147  
    Number
of Shares
    Value  
VanEck Emerging Markets High Yield Bond ETF ‡   1,426     $ 26,067  
VanEck Energy Income ETF ‡     669       41,775  
VanEck Fallen Angel High Yield Bond ETF ‡     3,612       100,233  
VanEck International High Yield Bond ETF ‡     2,694       54,177  
VanEck J.P. Morgan EM Local Currency Bond ETF ‡     1,052       26,447  
VanEck Mortgage REIT Income ETF ‡     1,704       18,744  
VanEck Preferred Securities ex Financials ETF ‡     2,530       44,300  
Total Exchange Traded Funds
(Cost: $420,380)
            437,678  
Total Investments: 99.9%
(Cost: $498,470)
            521,224  
Other assets less liabilities: 0.1%         509  
NET ASSETS: 100.0%           $ 521,733  


 

 

Footnotes:

 

(a) Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Summary of Investments by Sector             % of
Investments
  Value  
Exchange Traded Funds     84.0 %      $ 437,678  
Government     16.0       83,546  
      100.0 %   $ 521,224  

 

See Notes to Financial Statements

26

 

 

Transactions in securities of affiliates for the period ended April 30, 2023 were as follows:

 

    Value
11/1/2022*
    Purchases     Sales
Proceeds
    Realized Gain
(Loss)
    Dividend
Income
    Net Change in
Unrealized
Appreciation
(Depreciation)
    Value
4/30/2023
 
VanEck BDC Income ETF   $–     $50,540     $(10,737)     $(296)     $2,486       $(606)#     $38,788  
VanEck Durable High Dividend ETF           84,782                   1,397       2,365       87,147  
VanEck Emerging Markets High Yield Bond ETF           23,372                   676       2,695       26,067  
VanEck Energy Income ETF           53,007       (10,802)       112       376       (542)     41,775  
VanEck Fallen Angel High Yield Bond ETF           95,936                   2,074       4,297       100,233  
VanEck International High Yield Bond ETF           49,098                   1,094       5,361†     54,177  
VanEck J.P. Morgan EM Local Currency Bond ETF           23,807                   191       3,198‡     26,447  
VanEck Mortgage REIT Income ETF           38,220       (15,454)       (2,135)       1,450       (1,443)^       18,744  
VanEck Preferred Securities ex Financials ETF           47,212       (5,101)       216       1,528       1,973       44,300  
    $–     $465,974     $(42,094)     $(2,103)     $11,272     $17,298     $437,678  

 

* Commencement of operations.
# Includes Return of Capital distribution reclassification of $113.
Includes Return of Capital distribution reclassification of $282.
Includes Return of Capital distribution reclassification of $558.
^ Includes Return of Capital distribution reclassification of $444.

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Government Obligations *   $     $ 83,546     $     $ 83,546  
Exchange Traded Funds     437,678                   437,678  
Total Investments   $ 437,678     $ 83,546     $     $ 521,224  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

27

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
CORPORATE BONDS: 95.7%                
Argentina: 3.4%                

Agua y Saneamientos Argentinos SA Reg S

7.90%, 05/01/26

  $ 500     $ 385,000  

Generacion Mediterranea SA / Central Termica Roca SA 144A

9.88%, 12/01/27

    470       342,025  

Genneia SA 144A

8.75%, 09/02/27

    495       473,898  
MercadoLibre, Inc.                
2.38%, 01/14/26 †     650       590,474  
3.12%, 01/14/31     1,150       892,418  

MSU Energy SA / UGEN SA / UENSA SA 144A

6.88%, 02/01/25

    875       613,388  

MSU Energy SA / UGEN SA / UENSA SA Reg S

6.88%, 02/01/25

    75       52,576  
Pampa Energia SA 144A                
7.50%, 01/24/27     1,050       914,702  
9.12%, 04/15/29     475       413,822  

Pan American Energy LLC 144A

9.12%, 04/30/27

    475       495,767  
Telecom Argentina SA 144A                
8.00%, 07/18/26     675       600,516  
8.50%, 08/06/25     606       565,240  

Transportadora de Gas del Sur SA 144A

6.75%, 05/02/25

    600       524,292  

Transportadora de Gas del Sur SA Reg S

6.75%, 05/02/25

    200       174,764  

YPF Energia Electrica SA 144A

10.00%, 07/25/26

    650       559,653  
YPF SA 144A                
6.95%, 07/21/27     1,375       991,399  
7.00%, 09/30/33 (s)     875       575,681  
7.00%, 12/15/47     825       506,890  
8.50%, 03/23/25     588       537,571  
8.50%, 07/28/25     1,850       1,543,054  
8.50%, 06/27/29     612       456,230  
8.75%, 04/04/24     306       289,415  
9.00%, 02/12/26 (s)     1,269       1,201,065  
9.00%, 06/30/29 (s)     1,225       978,400  
              14,678,240  
Armenia: 0.1%                

Ardshinbank CJSC Via Dilijan Finance BV 144A

6.50%, 01/28/25

    425       415,438  
Austria: 0.1%                

Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A

5.00%, 05/07/28

    300       258,657  
    Par  
(000’s
)   Value  
Azerbaijan: 1.1%                

Southern Gas Corridor CJSC 144A

6.88%, 03/24/26 †

  $ 3,217     $ 3,312,995  

State Oil Co. of the Azerbaijan Republic Reg S

6.95%, 03/18/30

    1,250       1,299,913  
              4,612,908  
Bahrain: 1.4%                

BBK BSC Reg S

5.50%, 07/09/24

    700       693,343  

GFH Sukuk Ltd. Reg S

7.50%, 01/28/25

    850       842,562  

Mumtalakat Sukuk Holding Co. Reg S

4.10%, 01/21/27

    850       801,491  
Oil and Gas Holding Co. BSCC 144A                
7.50%, 10/25/27     1,700       1,745,858  
7.62%, 11/07/24     1,125       1,145,413  
8.38%, 11/07/28     850       898,875  
              6,127,542  
Barbados: 0.2%                

Sagicor Financial Co. Ltd. 144A

5.30%, 05/13/28 †

    950       915,895  
Bermuda: 0.8%                

Digicel Group Holdings Ltd. 144A

8.00%, 04/01/25

    667       266,606  

Digicel International Finance Ltd. / Digicel International Holdings Ltd. 144A

               
8.75%, 05/25/24     875       793,240  
13.00%, 12/31/25     618       403,162  

Digicel International Finance Ltd./Digicel international Holdings Ltd 144A

8.75%, 05/25/24

    1,025       929,224  

Investment Energy Resources Ltd. 144A

6.25%, 04/26/29

    1,175       1,088,138  
              3,480,370  
Brazil: 8.5%                

Adecoagro SA 144A

6.00%, 09/21/27

    800       750,770  

Amaggi Luxembourg International Sarl 144A

5.25%, 01/28/28

    550       512,247  

Arcos Dorados Holdings, Inc. 144A

5.88%, 04/04/27

    650       635,680  

Atento Luxco 1 SA 144A

8.00%, 02/10/26

    400       107,200  

Azul Investments LLP 144A

5.88%, 10/26/24

    200       158,098  

B3 SA - Brasil Bolsa Balcao 144A

4.12%, 09/20/31

    500       418,325  

 

See Notes to Financial Statements

28

 

 

    Par  
(000’s
)   Value  
Brazil (continued)                

Banco Bradesco SA 144A

3.20%, 01/27/25

  $ 625     $ 598,400  
Banco BTG Pactual SA 144A                
2.75%, 01/11/26     450       410,850  
4.50%, 01/10/25     775       753,044  

Banco Daycoval SA Reg S

4.25%, 12/13/24

    300       290,398  

Banco do Brasil SA 144A

4.62%, 01/15/25

    750       736,440  

Banco Nacional de Desenvolvimento Economico e Social 144A

4.75%, 05/09/24

    375       372,593  
Banco Votorantim SA 144A                
4.38%, 07/29/25     450       434,157  
4.50%, 09/24/24     350       339,936  

Braskem Idesa SAPI 144A

7.45%, 11/15/29

    1,400       1,108,994  

Braskem Netherlands Finance BV 144A

8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81

    525       522,798  

Brazil Minas SPE via State of Minas Gerais 144A

5.33%, 02/15/28

    505       499,023  

BRF GmbH 144A

4.35%, 09/29/26

    375       326,748  
BRF SA 144A                
4.88%, 01/24/30     475       371,740  
5.75%, 09/21/50     500       312,959  

Cemig Geracao e Transmissao SA 144A

9.25%, 12/05/24

    625       641,312  
Centrais Eletricas Brasileiras SA 144A                
3.62%, 02/04/25     450       429,869  
4.62%, 02/04/30     575       496,167  

Cosan Luxembourg SA 144A

7.00%, 01/20/27

    550       551,047  

Cosan SA 144A

5.50%, 09/20/29

    575       516,859  

CSN Inova Ventures 144A

6.75%, 01/28/28 †

    975       927,880  

CSN Resources SA 144A

7.62%, 04/17/26

    250       251,021  
Embraer Netherlands Finance BV                
5.05%, 06/15/25     725       715,071  
5.40%, 02/01/27     550       529,691  

Embraer Netherlands Finance BV 144A

6.95%, 01/17/28

    593       601,014  

ERO Copper Corp. 144A

6.50%, 02/15/30

    250       222,650  

FS Luxembourg Sarl 144A

10.00%, 12/15/25

    450       448,304  
    Par  
(000’s
)   Value  
Brazil (continued)                
Globo Comunicacao e Participacoes SA 144A                
4.88%, 01/22/30   $ 325     $ 260,756  
5.50%, 01/14/32     350       280,400  

Gol Finance SA 144A

7.00%, 01/31/25

    500       241,672  

Guara Norte Sarl 144A

5.20%, 06/15/34

    660       562,944  

InterCement Financial Operations BV 144A

5.75%, 07/17/24

    550       377,732  

Itau Unibanco Holding SA 144A

3.25%, 01/24/25

    375       363,529  

3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31

    400       376,000  

4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29

    650       623,669  

4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)

    500       391,410  
Klabin Austria GmbH 144A                
3.20%, 01/12/31 †     425       339,737  
5.75%, 04/03/29     575       563,319  
7.00%, 04/03/49     528       510,824  

Light Servicos de Eletricidade SA / Light Energia SA 144A

4.38%, 06/18/26

    425       159,460  

MARB BondCo Plc 144A

3.95%, 01/29/31

    1,050       772,232  

MV24 Capital BV 144A

6.75%, 06/01/34

    792       708,381  

Natura Cosmeticos SA 144A

4.12%, 05/03/28 †

    775       647,040  
NBM US Holdings, Inc. 144A                
6.62%, 08/06/29     400       360,582  
7.00%, 05/14/26     600       584,691  
Nexa Resources SA 144A                
5.38%, 05/04/27     600       565,219  
6.50%, 01/18/28 †     325       318,148  
Petrobras Global Finance BV                
5.09%, 01/15/30 †     375       353,838  
5.30%, 01/27/25     400       398,260  
5.50%, 06/10/51 †     475       375,864  
5.60%, 01/03/31 †     650       624,878  
5.62%, 05/20/43     225       192,848  
5.75%, 02/01/29     325       320,294  
6.00%, 01/27/28     700       702,097  
6.75%, 01/27/41     475       454,862  
6.75%, 06/03/50     325       294,028  
6.85%, 06/05/15     1,050       920,210  
6.88%, 01/20/40     447       432,089  
6.90%, 03/19/49     475       439,238  
7.25%, 03/17/44     615       607,751  
7.38%, 01/17/27     450       468,543  
8.75%, 05/23/26     250       271,176  

 

See Notes to Financial Statements

29

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Brazil (continued)                
Rede D’or Finance Sarl 144A                
4.50%, 01/22/30 †   $ 624     $ 529,807  
4.95%, 01/17/28     350       319,107  

Rio Oil Finance Trust Series 2014-1 144A

9.25%, 07/06/24

    297       301,002  

Rio Oil Finance Trust Series 2014-3 144A

9.75%, 01/06/27

    279       290,131  

Rio Oil Finance Trust Series 2018-1 144A

8.20%, 04/06/28

    282       286,371  

Rumo Luxembourg Sarl 144A

5.25%, 01/10/28

    450       419,062  

Simpar Europe SA 144A

5.20%, 01/26/31

    450       333,409  

Tupy Overseas SA 144A

4.50%, 02/16/31

    300       237,401  
Ultrapar International SA 144A                
5.25%, 10/06/26     300       288,947  
5.25%, 06/06/29     300       281,201  

Unigel Luxembourg SA 144A

8.75%, 10/01/26

    450       415,459  
Usiminas International Sarl 144A                
5.88%, 07/18/26     650       632,272  

XP, Inc. 144A

3.25%, 07/01/26

    600       533,007  
              36,722,182  
British Virgin Islands: 0.6%                

China SCE Group Holdings Ltd. Reg S

7.00%, 05/02/25

    700       252,000  
New Metro Global Ltd. Reg S                
4.50%, 05/02/26     700       408,842  
4.62%, 10/15/25     400       254,890  

Sino-Ocean Land Treasure Finance I Ltd. Reg S

6.00%, 07/30/24

    1,000       406,431  

Sino-Ocean Land Treasure Finance II Ltd. Reg S

5.95%, 02/04/27

    650       170,079  

Studio City Co. Ltd. 144A

7.00%, 02/15/27 †

    550       522,393  
Wanda Properties Global Co. Ltd. Reg S                
11.00%, 01/20/25     750       459,557  
11.00%, 02/13/26     350       213,422  
              2,687,614  
Cambodia: 0.2%                

NagaCorp Ltd. Reg S

7.95%, 07/06/24

    700       656,250  
Canada: 0.2%                

Azure Power Solar Energy Private Ltd. 144A

5.65%, 12/24/24

    565       483,640  
    Par  
(000’s
)   Value  
Canada (continued)                

Frontera Energy Corp. 144A

7.88%, 06/21/28

  $ 650     $ 502,085  
              985,725  
Cayman Islands: 2.7%                

Arabian Centres Sukuk II Ltd. 144A

5.62%, 10/07/26

    1,500       1,401,069  

Banco Bradesco SA 144A

4.38%, 03/18/27

    450       433,738  
Banco do Brasil SA 144A                
3.25%, 09/30/26     650       605,029  
4.88%, 01/11/29     450       427,162  
6.25%, 04/18/30     500       497,750  
CT Trust 144A                
5.12%, 02/03/32     1,475       1,218,272  

Dar Al-Arkan Sukuk Co. Ltd. Reg S

7.75%, 02/07/26

    700       709,067  

Kt21 T2 Co. Ltd. Reg S

6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31

    550       514,877  

Liberty Costa Rica Senior Secured Finance 144A

10.88%, 01/15/31

    600       581,118  

MAF Global Securities Ltd. Reg S

7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o)

    1,000       1,017,745  

Nogaholding Sukuk Ltd. 144A

5.25%, 04/08/29

    1,100       1,053,667  

Oryx Funding Ltd. 144A

5.80%, 02/03/31

    900       876,749  

PD Sukuk Ltd. Reg S

8.75%, 09/23/25

    600       601,500  

Poinsettia Finance Ltd. Reg S

6.62%, 06/17/31

    540       448,051  

StoneCo Ltd. 144A

3.95%, 06/16/28

    375       284,271  

Yankuang Group Cayman Ltd. Reg S

2.90%, 11/30/24

    800       761,840  
              11,431,905  
Chile: 1.1%                

Agrosuper SA 144A

4.60%, 01/20/32

    750       660,369  

CAP SA 144A

3.90%, 04/27/31

    450       346,564  

Inversiones Latin America Power Ltda 144A

5.12%, 06/15/33

    726       320,756  

Kenbourne Invest SA 144A

6.88%, 11/26/24

    618       408,656  

Latam Airlines Group SA 144A

13.38%, 10/15/27 †

    700       732,005  

 

See Notes to Financial Statements

30

 

 

    Par  
(000’s
)   Value  
Chile (continued)                
13.38%, 10/15/29 †   $ 1,100     $ 1,156,160  
VTR Comunicaciones SpA 144A                
4.38%, 04/15/29     600       310,039  
5.12%, 01/15/28     717       401,158  

VTR Finance NV 144A

6.38%, 07/15/28

    825       282,562  
              4,618,269  
China: 6.7%                

Agile Group Holdings Ltd. Reg S

5.50%, 04/21/25

    500       230,522  

Bank of Communications Co. Ltd. Reg S

3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) †

    4,350       4,198,642  

Bank of Communications Hong Kong Ltd. Reg S

3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)

    700       677,250  

Central Plaza Development Ltd. Reg S

5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)

    650       583,241  

Chengdu Economic & Technological Investment Group Co. Ltd. Reg S

5.30%, 12/07/24

    400       391,156  

China Hongqiao Group Ltd. Reg S

6.25%, 06/08/24

    850       828,852  

China SCE Group Holdings Ltd. Reg S

6.00%, 02/04/26

    600       178,500  

Chong Hing Bank Ltd. Reg S

5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o)

    600       586,140  
Country Garden Holdings Co. Ltd. Reg S                
2.70%, 07/12/26     1,200       552,900  
3.12%, 10/22/25     1,500       756,098  
3.30%, 01/12/31     1,100       430,781  
3.88%, 10/22/30     700       283,765  
5.63%, 12/15/26     400       189,190  
eHi Car Services Ltd. Reg S                
7.00%, 09/21/26     550       352,000  
7.75%, 11/14/24     600       476,010  

ENN Clean Energy International Investment Ltd. 144A

3.38%, 05/12/26

    1,200       1,072,889  

Fortune Star BVI Ltd. Reg S

5.95%, 10/19/25

    1,000       735,000  
    Par  
(000’s
)   Value  
China (continued)                
6.85%, 07/02/24 †   $ 850     $ 739,738  

Glory Health Industry Ltd. Reg S

14.25%, 01/25/24

    200       14,000  

Greenland Global Investment Ltd. Reg S

5.88%, 07/03/26

    1,250       293,750  

Greentown China Holdings Ltd. Reg S

4.70%, 04/29/25

    750       697,687  

Industrial & Commercial Bank of China Ltd. Reg S

3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)

    9,625       9,032,616  

Mianyang Investment Holding Group Co. Ltd. Reg S

6.70%, 08/08/25

    400       404,466  

New Metro Global Ltd. Reg S

4.80%, 12/15/24

    600       449,301  
Powerlong Real Estate Holdings Ltd. Reg S                
5.95%, 04/30/25     900       183,163  
6.25%, 08/10/24     600       125,805  

Qingdao Jiaozhou Bay Development Group Co. Ltd. Reg S

4.90%, 06/16/25

    400       380,906  
RKPF Overseas 2019 A Ltd. Reg S                
6.00%, 09/04/25     600       436,545  
6.70%, 09/30/24     550       504,965  

RKPF Overseas 2019 E Ltd. Reg S

7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)

    400       210,914  
Times China Holdings Ltd. Reg S                
5.75%, 01/14/27     500       66,043  
6.20%, 03/22/26     600       79,156  
6.75%, 07/08/25     800       105,408  

Weifang Urban Construction & Development Investment Group Co. Ltd. Reg S

2.60%, 09/27/24

    450       407,264  

West China Cement Ltd. Reg S

4.95%, 07/08/26

    1,000       788,960  

Xinhu BVI 2018 Holding Co. Ltd. Reg S

11.00%, 09/28/24

    650       637,000  
Zhangzhou Transportation Development Group Co. Ltd. Reg S                

 

See Notes to Financial Statements

31

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
China (continued)            
4.98%, 06/01/25   $ 800     $ 779,212  
              28,859,835  
Colombia: 5.6%                

Aris Mining Corp. 144A

6.88%, 08/09/26

    450       357,358  

Banco de Bogota SA 144A

6.25%, 05/12/26

    1,883       1,830,775  

Banco GNB Sudameris SA 144A

7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31

    600       447,000  

Bancolombia SA

4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29

    900       766,197  

Canacol Energy Ltd. 144A

5.75%, 11/24/28

    750       599,546  
Ecopetrol SA                
4.12%, 01/16/25     1,600       1,536,306  
4.62%, 11/02/31     1,925       1,445,414  
5.38%, 06/26/26     2,175       2,062,133  
5.88%, 05/28/45     3,075       2,010,173  
5.88%, 11/02/51 †     1,100       698,218  
6.88%, 04/29/30     2,700       2,441,424  
7.38%, 09/18/43     1,333       1,073,424  
8.88%, 01/13/33     1,025       994,567  
Empresas Publicas de Medellin ESP 144A                
4.25%, 07/18/29     1,600       1,258,024  
4.38%, 02/15/31     900       672,165  
Geopark Ltd. 144A                
5.50%, 01/17/27     750       623,645  
Grupo Aval Ltd. 144A                
4.38%, 02/04/30     1,725       1,321,885  

Grupo de Inversiones Suramericana SA 144A

5.50%, 04/29/26

    900       860,673  

Oleoducto Central SA 144A

4.00%, 07/14/27

    750       665,297  

Orazul Energy Peru SA 144A

5.62%, 04/28/27

    550       491,232  

Telecomunicaciones Digitales SA 144A

4.50%, 01/30/30

    950       779,855  

Telefonica Celular del Paraguay SA 144A

5.88%, 04/15/27

    800       738,919  

Termocandelaria Power Ltd. 144A

7.88%, 01/30/29

    775       684,364  
              24,358,594  
Costa Rica: 0.3%                
Instituto Costarricense de Electricidad 144A                
6.38%, 05/15/43     825       682,687  
6.75%, 10/07/31     450       435,375  
              1,118,062  
    Par  
(000’s
)   Value  
Cyprus: 0.3%                
MHP Lux SA 144A                
6.25%, 09/19/29   $ 600     $ 291,750  
6.95%, 04/03/26     850       444,125  

MHP SE 144A

7.75%, 05/10/24

    750       446,700  
              1,182,575  
Czech Republic: 0.1%                

Energo-Pro AS 144A

8.50%, 02/04/27

    650       624,000  
Dominican Republic: 0.1%                

Empresa Generadora de Electricidad Haina SA 144A

5.62%, 11/08/28

    400       363,180  
Egypt: 0.4%                

Egyptian Financial Co. for Sovereign Taskeek 144A

10.88%, 02/28/26

    2,300       1,901,640  
France: 0.1%                

Aeropuertos Dominicanos Siglo XXI SA 144A

6.75%, 03/30/29

    500       491,730  
Georgia: 0.3%                

Georgian Railway JSC 144A

4.00%, 06/17/28

    850       731,259  

Silknet JSC 144A

8.38%, 01/31/27

    475       467,281  
              1,198,540  
Ghana: 0.4%                

Kosmos Energy Ltd. 144A

7.12%, 04/04/26

    1,125       1,006,853  

Tullow Oil Plc 144A

7.00%, 03/01/25 †

    1,300       792,615  
              1,799,468  
Greece: 0.2%                

Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A

10.75%, 07/01/25

    775       762,872  
Guatemala: 0.5%                

Banco Industrial SA 144A

4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31

    525       491,996  

Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A

5.25%, 04/27/29 †

    1,850       1,726,844  
              2,218,840  
Honduras: 0.1%                

Inversiones Atlantida SA 144A

7.50%, 05/19/26

    575       531,447  

 

See Notes to Financial Statements

32

 

 

    Par  
(000’s
)   Value  
Hong Kong: 6.2%                

Agile Group Holdings Ltd. Reg S

6.05%, 10/13/25 †

  $ 650     $ 272,594  

7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)

    800       232,904  

Bank of East Asia Ltd. Reg S

5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)

    1,000       876,250  

5.88% (US Treasury

Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o)

    1,100       1,010,625  

CAS Capital No 1 Ltd. Reg S

4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o)

    1,250       1,018,875  
Champion Path Holdings Ltd. Reg S                
4.50%, 01/27/26     650       576,875  
4.85%, 01/27/28     850       707,625  

China CITIC Bank International Ltd. Reg S

3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)

    1,000       929,312  

4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o)

    900       877,896  

China Oil & Gas Group Ltd. Reg S

4.70%, 06/30/26

    700       592,375  

China Water Affairs Group Ltd. Reg S

4.85%, 05/18/26

    500       468,500  
Easy Tactic Ltd.                
7.50%, 07/11/25     800       163,748  
7.50%, 07/11/27     1,726       293,463  
7.50%, 07/11/28     1,281       186,937  
Fortune Star BVI Ltd. Reg S                
5.00%, 05/18/26     875       557,099  
5.05%, 01/27/27     800       492,660  

Franshion Brilliant Ltd. Reg S

6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o)

    700       630,371  

Gemdale Ever Prosperity Investment Ltd. Reg S

4.95%, 08/12/24

    800       728,476  

Hopson Development Holdings Ltd. Reg S

7.00%, 05/18/24

    400       347,984  

Li & Fung Ltd. Reg S

5.00%, 08/18/25

    800       746,121  

Melco Resorts Finance Ltd. 144A

4.88%, 06/06/25 †

    1,700       1,598,740  
    Par  
(000’s
)   Value  
Hong Kong (continued)                
5.25%, 04/26/26   $ 800     $ 743,048  
5.38%, 12/04/29     1,900       1,580,225  
5.62%, 07/17/27     970       867,362  
5.75%, 07/21/28     1,250       1,090,625  

Nanyang Commercial Bank Ltd. Reg S

6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o)

    1,050       1,002,837  

7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o)

    400       389,674  

RKPF Overseas 2019 A Ltd. Reg S

5.90%, 03/05/25

    500       390,939  
RKPF Overseas 2020 A Ltd. Reg S                
5.12%, 07/26/26     750       427,827  
5.20%, 01/12/26     900       574,586  

Seaspan Corp. 144A

5.50%, 08/01/29

    1,250       1,001,550  

Seaspan Corp. 144A Reg S

6.50%, 04/29/26

    400       405,000  
Sino-Ocean Land Treasure IV Ltd. Reg S                
2.70%, 01/13/25     800       266,000  
3.25%, 05/05/26     700       218,708  
4.75%, 08/05/29     800       196,678  
4.75%, 01/14/30     600       151,595  
Studio City Finance Ltd. 144A                
5.00%, 01/15/29     1,889       1,480,032  
6.00%, 07/15/25     750       690,322  
6.50%, 01/15/28 †     875       755,316  

Yancoal International Resources Development Co. Ltd. Reg S

2.90%, 11/18/24

    500       478,342  

Yanlord Land HK Co. Ltd. Reg S

5.12%, 05/20/26

    750       634,886  
              26,654,982  
Hungary: 0.3%                

OTP Bank Nyrt Reg S

8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33

    1,150       1,115,500  
India: 4.3%                

ABJA Investment Co. Pte Ltd. Reg S

5.95%, 07/31/24

    1,700       1,696,600  

Adani Green Energy Ltd. 144A

4.38%, 09/08/24

    1,100       988,919  

Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A

6.25%, 12/10/24

    850       811,585  

 

See Notes to Financial Statements

33

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
India (continued)                

Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A

4.62%, 10/15/39

  $ 445     $ 319,246  
Delhi International Airport Ltd. 144A                
6.12%, 10/31/26     800       775,680  
6.45%, 06/04/29     950       892,763  

GMR Hyderabad International Airport Ltd. 144A

4.25%, 10/27/27

    650       573,625  
HPCL-Mittal Energy Ltd. Reg S                
5.25%, 04/28/27     750       708,750  
5.45%, 10/22/26     400       383,000  

JSW Hydro Energy Ltd. 144A

4.12%, 05/18/31

    974       812,670  

JSW Infrastructure Ltd. 144A

4.95%, 01/21/29

    600       519,899  
JSW Steel Ltd. 144A                
3.95%, 04/05/27     850       747,896  
5.05%, 04/05/32     850       685,406  

JSW Steel Ltd. Reg S

5.38%, 04/04/25

    700       680,225  

Network i2i Ltd. 144A

3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o) †

    825       731,181  

5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)

    1,675       1,608,000  

Periama Holdings LLC Reg S

5.95%, 04/19/26

    1,150       1,111,653  

ReNew Power Pvt Ltd. 144A

5.88%, 03/05/27

    30       27,990  

ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A

4.50%, 07/14/28

    950       802,968  

Shriram Finance Ltd. 144A

4.15%, 07/18/25

    700       654,150  

Tata Motors Ltd. Reg S

5.88%, 05/20/25

    400       396,000  

TML Holdings Pte Ltd. Reg S

5.50%, 06/03/24

    450       443,363  

UPL Corp. Ltd. Reg S

5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)

    550       416,548  

Vedanta Resources Finance II Plc 144A

9.25%, 04/23/26

    875       580,724  

Vedanta Resources Ltd. 144A

6.12%, 08/09/24

    1,475       960,202  
              18,329,043  
    Par  
(000’s
)   Value  
Indonesia: 2.0%                

Adaro Indonesia PT 144A

4.25%, 10/31/24

  $ 1,250     $ 1,203,305  

APL Realty Holdings Pte Ltd. Reg S

5.95%, 06/02/24

    400       181,000  

Bakrie Telecom Pte Ltd. Reg S

11.50%, 05/07/15 (d) *

    111       902  

Bank Tabungan Negara Persero Tbk PT Reg S

4.20%, 01/23/25

    600       570,000  

Bukit Makmur Mandiri Utama PT 144A

7.75%, 02/10/26

    600       525,000  

Cikarang Listrindo Tbk PT 144A

4.95%, 09/14/26

    1,000       941,438  

Global Prime Capital Pte Ltd. Reg S

5.95%, 01/23/25

    400       387,200  

Indika Energy Capital III Pte Ltd. 144A

5.88%, 11/09/24

    573       558,539  

Indika Energy Capital IV Pte Ltd. 144A

8.25%, 10/22/25

    825       819,218  

Japfa Comfeed Indonesia Tbk PT Reg S

5.38%, 03/23/26

    500       415,000  

Medco Bell Pte Ltd. 144A

6.38%, 01/30/27

    950       867,490  

Medco Oak Tree Pte Ltd. 144A

7.38%, 05/14/26

    850       818,041  

Pakuwon Jati Tbk PT Reg S

4.88%, 04/29/28

    600       528,750  

Saka Energi Indonesia PT 144A

4.45%, 05/05/24

    650       631,407  
              8,447,290  
Israel: 3.6%                
Leviathan Bond Ltd. 144A Reg S                
6.12%, 06/30/25     1,000       975,250  
6.50%, 06/30/27     975       926,250  
6.75%, 06/30/30     875       813,349  

Teva Pharmaceutical Finance Co. LLC

6.15%, 02/01/36

    1,050       962,690  
Teva Pharmaceutical Finance Netherlands III BV                
3.15%, 10/01/26     4,400       3,980,247  
4.10%, 10/01/46     2,623       1,750,973  
4.75%, 05/09/27     1,300       1,219,122  
5.12%, 05/09/29 †     1,325       1,230,694  
6.75%, 03/01/28 †     1,650       1,644,587  
7.12%, 01/31/25 †     575       588,758  
7.88%, 09/15/29 †     750       786,308  

 

See Notes to Financial Statements

34

 

 

    Par  
(000’s
)   Value  
Israel (continued)            
8.12%, 09/15/31 †   $ 675     $ 713,634  
              15,591,862  
Kuwait: 0.4%                
Kuwait Projects Co. SPC Ltd. Reg S                
4.23%, 10/29/26     800       708,800  
4.50%, 02/23/27     950       822,320  
              1,531,120  
Luxembourg: 2.2%                

Acu Petroleo Luxembourg Sarl 144A

7.50%, 01/13/32

    447       390,409  

Aegea Finance Sarl 144A

6.75%, 05/20/29 †

    450       415,454  

AI Candelaria Spain SA 144A

7.50%, 12/15/28

    541       502,468  

Consolidated Energy Finance SA 144A

5.62%, 10/15/28

    800       703,988  
CSN Resources SA 144A                
4.62%, 06/10/31     700       540,650  
5.88%, 04/08/32 †     375       308,941  
Energean Israel Finance Ltd. 144A Reg S                
4.88%, 03/30/26     1,023       947,554  
5.38%, 03/30/28     1,000       896,585  
5.88%, 03/30/31     1,025       895,594  

Hidrovias International Finance SARL 144A

4.95%, 02/08/31

    250       188,526  

Kenbourne Invest SA 144A

4.70%, 01/22/28

    400       217,402  

MC Brazil Downstream Trading Sarl 144A

7.25%, 06/30/31

    1,377       1,059,474  

Minerva Luxembourg SA 144A

4.38%, 03/18/31

    975       767,458  

Movida Europe SA 144A

5.25%, 02/08/31

    675       497,017  

Natura & Co. Luxembourg Holdings Sarl 144A

6.00%, 04/19/29 †

    450       402,186  

Petrorio Luxembourg Trading Sarl 144A

6.12%, 06/09/26

    475       439,286  

Poinsettia Finance Ltd. 144A

6.62%, 06/17/31

    180       149,350  

Rumo Luxembourg Sarl 144A

4.20%, 01/18/32

    300       242,769  
              9,565,111  
Macao: 0.2%                

MGM China Holdings Ltd. 144A

4.75%, 02/01/27 †

    1,100       1,006,225  
Mauritius: 2.4%                
Axian Telecom 144A                
    Par  
(000’s
)   Value  
Mauritius (continued)                
7.38%, 02/16/27   $ 625     $ 570,000  

Azure Power Energy Ltd. 144A

3.58%, 08/19/26

    583       451,461  

CA Magnum Holdings 144A

5.38%, 10/31/26

    1,525       1,344,628  

Clean Renewable Power Mauritius Pte Ltd. 144A

4.25%, 03/25/27

    465       408,039  

Clean Renewable Power Mauritius Pte Ltd. Reg S

4.25%, 03/25/27

    186       163,215  

Greenko Power II Ltd. 144A

4.30%, 12/13/28

    1,695       1,473,374  

Greenko Wind Projects Mauritius Ltd. 144A

5.50%, 04/06/25

    1,175       1,121,428  

IHS Netherlands Holdco BV 144A

8.00%, 09/18/27

    1,625       1,433,006  

India Airport Infra 144A

6.25%, 10/25/25

    625       598,641  

India Clean Energy Holdings 144A

4.50%, 04/18/27

    550       447,938  

India Cleantech Energy 144A

4.70%, 08/10/26

    504       445,343  

India Green Power Holdings 144A

4.00%, 02/22/27

    700       612,548  

India Toll Roads 144A

5.50%, 08/19/24

    600       579,000  

Liquid Telecommunications Financing Plc 144A

5.50%, 09/04/26

    1,000       600,000  
              10,248,621  
Mexico: 7.1%                

Alsea SAB de CV 144A

7.75%, 12/14/26

    775       770,452  

Axtel SAB de CV 144A

6.38%, 11/14/24

    493       431,375  

Banco Nacional de Comercio Exterior SNC 144A

2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31

    775       658,750  

Braskem Idesa SAPI 144A

6.99%, 02/20/32 †

    2,025       1,450,406  

Cemex SAB de CV 144A

3.88%, 07/11/31

    1,700       1,424,464  

5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)

    1,625       1,440,887  
5.20%, 09/17/30     1,175       1,094,667  
5.45%, 11/19/29     1,225       1,175,711  
7.38%, 06/05/27     1,550       1,608,985  

9.12% (US Treasury Yield Curve Rate T 5 Year+4.91%), 3/14/2028 (o)

    1,700       1,690,227  

 

See Notes to Financial Statements

35

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Mexico (continued)                

CIBanco SA Institution de Banca Multiple Trust 144A

4.38%, 07/22/31

  $ 600     $ 447,363  

Cydsa SAB de CV 144A

6.25%, 10/04/27

    500       466,652  

Electricidad Firme de Mexico Holdings SA de CV 144A

4.90%, 11/20/26 †

    600       528,450  

Grupo Aeromexico SAB de CV 144A

8.50%, 03/17/27

    1,250       1,119,286  

Grupo Axo SAPI de CV 144A

5.75%, 06/08/26

    475       417,606  

Grupo KUO SAB De CV 144A

5.75%, 07/07/27

    750       688,699  

Metalsa Sapi De Cv 144A

3.75%, 05/04/31 †

    450       342,112  

Nemak SAB de CV 144A

3.62%, 06/28/31 †

    825       617,306  

Operadora de Servicios Mega SA de CV Sofom ER 144A

8.25%, 02/11/25

    200       107,000  

Operadora de Servicios Mega SA de CV Sofom ER Reg S

8.25%, 02/11/25

    400       214,000  
Petroleos Mexicanos                
4.25%, 01/15/25     175       166,909  
4.50%, 01/23/26     325       296,409  
5.35%, 02/12/28     600       498,846  
5.50%, 06/27/44     175       99,838  
5.62%, 01/23/46     175       98,625  
5.95%, 01/28/31     1,125       832,307  
6.35%, 02/12/48     450       267,531  
6.38%, 01/23/45     375       227,050  
6.49%, 01/23/27     450       403,347  
6.50%, 03/13/27     1,200       1,078,114  
6.50%, 01/23/29 †     400       339,045  
6.50%, 06/02/41     475       302,929  
6.62%, 06/15/35     825       573,922  
6.62%, 06/15/38     125       83,487  
6.70%, 02/16/32     1,940       1,494,814  
6.75%, 09/21/47     1,600       987,229  
6.84%, 01/23/30     700       566,204  
6.88%, 10/16/25 †     250       246,451  
6.88%, 08/04/26     750       710,043  
6.95%, 01/28/60 †     1,150       706,326  
7.69%, 01/23/50     2,275       1,518,022  
8.75%, 06/02/29     550       505,610  

Petroleos Mexicanos 144A

10.00%, 02/07/33 †

    475       441,524  

Sixsigma Networks Mexico SA de CV 144A

7.50%, 05/02/25 †

    525       447,664  
Total Play                
Telecomunicaciones SA de CV 144A                
    Par  
(000’s
)   Value  
Mexico (continued)                
6.38%, 09/20/28   $ 900     $ 593,633  
7.50%, 11/12/25     900       629,873  
              30,810,150  
Morocco: 0.9%                
OCP SA 144A                
3.75%, 06/23/31     1,200       1,008,750  
4.50%, 10/22/25     1,075       1,047,806  
5.12%, 06/23/51     1,225       907,253  
6.88%, 04/25/44     950       877,619  
              3,841,428  
Netherlands: 0.4%                

Coruripe Netherlands BV 144A

10.00%, 02/10/27

    250       185,000  

Greenko Dutch BV 144A

3.85%, 03/29/26

    1,504       1,361,120  
              1,546,120  
Nigeria: 0.8%                

Access Bank Plc 144A

6.12%, 09/21/26

    725       576,882  

EBN Finance Co. BV 144A

7.12%, 02/16/26

    450       378,900  

Fidelity Bank Plc 144A

7.62%, 10/28/26

    800       664,000  

First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A

8.62%, 10/27/25

    550       504,070  

SEPLAT Energy Plc 144A

7.75%, 04/01/26

    1,075       862,601  

United Bank for Africa Plc 144A

6.75%, 11/19/26

    475       405,175  
              3,391,628  
Oman: 1.5%                

Bank Muscat SAOG Reg S

4.75%, 03/17/26

    900       869,778  

Lamar Funding Ltd. 144A

3.96%, 05/07/25

    1,675       1,611,392  

Mazoon Assets Co. SAOC 144A

5.20%, 11/08/27

    875       858,525  

OmGrid Funding Ltd. 144A

5.20%, 05/16/27

    900       874,449  

OQ SAOC 144A

5.12%, 05/06/28

    1,300       1,249,631  

Oztel Holdings SPC Ltd. 144A

6.62%, 04/24/28

    1,025       1,072,121  
              6,535,896  
Pakistan: 0.0%                

Pakistan Water & Power Development Authority Reg S

7.50%, 06/04/31

    650       213,850  
Panama: 0.5%                

Banco General SA 144A

5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)

    625       530,622  

 

See Notes to Financial Statements

36

 

 

    Par  
(000’s
)   Value  
Panama (continued)                

Banistmo SA 144A

4.25%, 07/31/27

  $ 700     $ 655,056  

Global Bank Corp. 144A

5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29

    600       546,060  

Multibank, Inc. 144A

7.75%, 02/03/28

    500       502,200  
              2,233,938  
Paraguay: 0.2%                

Banco Continental SAECA 144A

2.75%, 12/10/25

    500       450,898  

Frigorifico Concepcion SA 144A

7.70%, 07/21/28

    425       304,474  
              755,372  
Peru: 2.3%                

Auna SAA 144A

6.50%, 11/20/25

    450       354,733  

Banco BBVA Peru SA 144A

5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29

    500       488,704  

Banco Internacional del Peru SAA Interbank 144A

4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30

    500       460,925  

Camposol SA 144A

6.00%, 02/03/27

    550       311,596  

Cia de Minas Buenaventura SAA 144A

5.50%, 07/23/26

    925       808,443  

InRetail Consumer 144A

3.25%, 03/22/28

    950       816,829  

InRetail Shopping Malls 144A

5.75%, 04/03/28

    525       494,264  

Minsur SA 144A

4.50%, 10/28/31 †

    850       740,533  

Peru LNG Srl 144A

5.38%, 03/22/30

    1,450       1,172,347  
Petroleos del Peru SA 144A                
4.75%, 06/19/32     1,600       1,194,544  
5.62%, 06/19/47     3,250       2,064,398  

San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A

3.50%, 08/02/28

    500       426,912  

Volcan Cia Minera SAA 144A

4.38%, 02/11/26

    550       417,089  
              9,751,317  
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)

    600       549,620  
    Par  
(000’s
)   Value  
Poland: 0.4%                
Canpack SA / Canpack US LLC 144A                
3.12%, 11/01/25   $ 700     $ 621,838  
3.88%, 11/15/29     1,200       963,778  
              1,585,616  
Qatar: 0.2%                

QNB Finansbank AS 144A

6.88%, 09/07/24

    1,025       1,024,773  
Saudi Arabia: 0.5%                

Arabian Centres Sukuk Ltd. 144A

5.38%, 11/26/24

    850       829,600  
Dar Al-Arkan Sukuk Co. Ltd. Reg S                
6.75%, 02/15/25     900       893,892  
6.88%, 02/26/27     600       593,265  
              2,316,757  
Singapore: 1.9%                

Continuum Energy Levanter Pte Ltd. 144A

4.50%, 02/09/27

    837       751,233  

GLP Pte Ltd. Reg S

4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)

    1,600       655,800  

4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)

    200       78,400  
Greenko Solar Mauritius Ltd. 144A                
5.55%, 01/29/25     750       720,937  
5.95%, 07/29/26     900       847,575  

Medco Laurel Tree Pte Ltd. 144A

6.95%, 11/12/28 †

    700       633,744  

Mersin Uluslararasi Liman Isletmeciligi AS 144A

5.38%, 11/15/24

    1,000       967,606  
Puma International Financing SA 144A                
5.00%, 01/24/26     1,200       1,079,831  
5.12%, 10/06/24     1,050       1,009,050  

Star Energy Geothermal Wayang Windu Ltd. 144A

6.75%, 04/24/33

    811       798,174  

TML Holdings Pte Ltd. Reg S

4.35%, 06/09/26

    900       833,625  
              8,375,975  
South Africa: 2.3%                
Eskom Holdings SOC Ltd. 144A                
6.35%, 08/10/28 †     1,625       1,534,000  
7.12%, 02/11/25     2,075       2,029,869  
8.45%, 08/10/28     775       744,857  

Eskom Holdings SOC Ltd. Reg S

4.31%, 07/23/27

    800       710,328  

 

See Notes to Financial Statements

37

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
South Africa (continued)                
MTN Mauritius Investments Ltd. 144A                
4.75%, 11/11/24   $ 675     $ 662,040  
6.50%, 10/13/26 †     800       799,360  

Sasol Financing USA LLC

6.50%, 09/27/28 †

    1,250       1,155,987  

Standard Bank Group Ltd. Reg S

5.95% (USD ICE Swap Rate 5 Year+3.75%), 05/31/29

    650       640,185  

Transnet SOC Ltd. 144A

8.25%, 02/06/28

    1,600       1,587,352  
              9,863,978  
South Korea: 0.2%                

Woori Bank 144A

4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)

    850       812,813  
Spain: 0.7%                

AES Espana BV 144A

5.70%, 05/04/28 †

    500       454,200  

AI Candelaria Spain SA 144A

5.75%, 06/15/33

    1,050       746,288  

Banco Bilbao Vizcaya Argentaria Colombia SA 144A

4.88%, 04/21/25

    650       628,426  

Colombia Telecomunicaciones SA ESP 144A

4.95%, 07/17/30

    775       579,041  

International Airport Finance SA 144A

12.00%, 03/15/33

    617       582,904  
              2,990,859  
Tanzania: 0.1%                

AngloGold Ashanti Holdings Plc

6.50%, 04/15/40 †

    475       467,406  
Thailand: 0.7%                

Bangkok Bank PCL 144A

3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34

    1,975       1,696,525  

Kasikornbank PCL Reg S

3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31

    1,400       1,257,905  
              2,954,430  
Trinidad and Tobago: 0.6%                

Heritage Petroleum Co. Ltd. 144A

9.00%, 08/12/29

    800       829,696  

National Gas Co. of Trinidad & Tobago Ltd. 144A

6.05%, 01/15/36

    600       536,010  
    Par  
(000’s
)   Value  
Trinidad and Tobago (continued)                

Telecommunications Services of Trinidad & Tobago Ltd. 144A

8.88%, 10/18/29

  $ 525     $ 443,071  

Trinidad Generation Unlimited 144A

5.25%, 11/04/27

    900       878,414  
              2,687,191  
Turkey: 5.9%                
Akbank TAS 144A                
5.12%, 03/31/25     800       758,080  
6.80%, 02/06/26 †     725       695,635  

6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31

    850       771,303  

Anadolu Efes Biracilik Ve Malt Sanayii AS 144A

3.38%, 06/29/28 †

    900       717,261  

Aydem Yenilenebilir Enerji AS 144A

7.75%, 02/02/27

    1,200       1,009,920  

Coca-Cola Icecek AS 144A

4.50%, 01/20/29

    800       709,056  

KOC Holding AS 144A

6.50%, 03/11/25

    1,200       1,185,019  

Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A

9.50%, 07/10/36

    599       496,886  

Pegasus Hava Tasimaciligi AS 144A

9.25%, 04/30/26

    550       551,199  
TC Ziraat Bankasi AS 144A                
5.38%, 03/02/26     950       855,693  
9.50%, 08/01/26     800       798,240  
Turk Telekomunikasyon AS 144A                
4.88%, 06/19/24     850       809,667  
6.88%, 02/28/25     755       721,892  
Turkcell Iletisim Hizmetleri AS 144A                
5.75%, 10/15/25     775       733,778  
5.80%, 04/11/28     850       754,729  
Turkiye Ihracat Kredi Bankasi AS 144A                
5.75%, 07/06/26     1,400       1,266,728  
6.12%, 05/03/24     650       636,373  
9.38%, 01/31/26     850       849,141  

Turkiye Is Bankasi AS Reg S

7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30

    1,250       1,183,737  

Turkiye Petrol Rafinerileri AS 144A

4.50%, 10/18/24

    1,125       1,076,105  
Turkiye Sinai Kalkinma Bankasi AS 144A                
5.88%, 01/14/26     550       506,509  
6.00%, 01/23/25     650       621,114  

 

See Notes to Financial Statements

38

 

 

    Par  
(000’s
)   Value  
Turkey (continued)                

Turkiye Sise ve Cam Fabrikalari AS 144A

6.95%, 03/14/26

  $ 1,175     $ 1,145,085  
Turkiye Vakiflar Bankasi TAO 144A                
5.25%, 02/05/25     1,225       1,154,898  
5.50%, 10/01/26     775       690,487  
6.50%, 01/08/26     1,225       1,142,761  

Ulker Biskuvi Sanayi AS 144A

6.95%, 10/30/25

    1,050       914,833  

Yapi ve Kredi Bankasi AS 144A

5.85%, 06/21/24

    850       831,385  

7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31

    775       734,313  
8.25%, 10/15/24     825       827,248  

Zorlu Yenilenebilir Enerji AS 144A

9.00%, 06/01/26

    500       428,050  
              25,577,125  
Ukraine: 0.5%                
Kernel Holding SA 144A                
6.50%, 10/17/24     350       224,875  
6.75%, 10/27/27     500       296,250  
Metinvest BV 144A                
7.65%, 10/01/27     450       278,568  
7.75%, 10/17/29     800       464,000  

NPC Ukrenergo 144A

6.88%, 11/09/28

    1,100       189,750  

Ukraine Railways Via Rail Capital Markets Plc Reg S

8.25%, 07/09/26

    1,300       269,750  

VF Ukraine PAT via VFU Funding Plc 144A

6.20%, 02/11/25

    525       325,500  
              2,048,693  
United Arab Emirates: 2.3%                

Acwa Power Management and Investments One Ltd. 144A

5.95%, 12/15/39

    798       777,442  

DIB Tier 1 Sukuk 3 Ltd. Reg S

6.25% (CMT USD 6 Year+3.66%), 1/22/2025 (o)

    1,250       1,253,047  

DP World Salaam Reg S

6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)

    2,550       2,548,368  

Emirates NBD Bank PJSC Reg S

6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o)

    1,650       1,633,619  

GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A

7.12%, 07/31/26

    1,550       1,512,571  
MAF Global Securities Ltd. Reg S                
    Par  
(000’s
)   Value  
United Arab Emirates (continued)              

6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)

  $ 550     $ 539,446  
Shelf Drilling Holdings Ltd. 144A                
8.25%, 02/15/25 †     1,425       1,298,510  
8.88%, 11/15/24 †     475       475,475  
              10,038,478  
United Kingdom: 1.6%                

Bidvest Group UK Plc 144A

3.62%, 09/23/26

    1,425       1,299,301  

Endeavour Mining Plc 144A

5.00%, 10/14/26

    775       675,257  
IHS Holding Ltd. 144A                
5.62%, 11/29/26     775       650,473  
6.25%, 11/29/28     775       618,063  

Tullow Oil Plc 144A

10.25%, 05/15/26

    2,695       2,107,315  

Vedanta Resources Finance II Plc 144A

8.95%, 03/11/25 †

    1,900       1,360,400  
              6,710,809  
United States: 4.8%                

AES Andes SA 144A

6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79

    650       604,366  

7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79

    800       754,276  

Azul Investments LLP 144A

7.25%, 06/15/26

    450       318,354  

Energuate Trust 144A

5.88%, 05/03/27

    500       466,752  

EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A

5.38%, 12/30/30

    1,134       719,239  
Kosmos Energy Ltd. 144A                
7.50%, 03/01/28     750       630,520  
7.75%, 05/01/27 †     600       519,190  

Mercury Chile Holdco LLC 144A

6.50%, 01/24/27 †

    500       471,150  
MGM China Holdings Ltd. 144A                
5.25%, 06/18/25     758       724,705  
5.38%, 05/15/24     1,325       1,304,966  
5.88%, 05/15/26     1,275       1,225,804  

Mong Duong Finance Holdings BV 144A

5.12%, 05/07/29

    1,100       957,704  

Playtika Holding Corp. 144A

4.25%, 03/15/29

    1,000       850,900  
Sasol Financing USA LLC                
4.38%, 09/18/26 †     1,025       930,873  
5.50%, 03/18/31     1,300       1,079,238  

 

See Notes to Financial Statements

39

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
United States (continued)                

SierraCol Energy Andina LLC 144A

6.00%, 06/15/28

  $ 900     $ 667,260  
Stillwater Mining Co. 144A                
4.00%, 11/16/26     1,025       924,355  
4.50%, 11/16/29 †     850       704,327  
Wynn Macau Ltd. 144A                
4.88%, 10/01/24 †     1,075       1,038,199  
5.12%, 12/15/29 †     1,575       1,308,817  
5.50%, 01/15/26     1,525       1,413,158  
5.50%, 10/01/27     1,250       1,115,438  
5.62%, 08/26/28     2,150       1,879,186  
              20,608,777  
Uruguay: 0.1%                

Arcos Dorados BV 144A

6.12%, 05/27/29

    550       524,803  
Uzbekistan: 0.6%                

Ipoteka-Bank ATIB Reg S

5.50%, 11/19/25

    400       365,020  

National Bank of Uzbekistan Reg S

4.85%, 10/21/25

    600       556,500  

Uzauto Motors AJ 144A

4.85%, 05/04/26

    550       474,375  

Uzbek Industrial and Construction Bank ATB Reg S

5.75%, 12/02/24

    450       420,188  

Uzbekneftegaz JSC 144A

4.75%, 11/16/28

    1,050       850,635  
              2,666,718  
Zambia: 1.4%                
First Quantum Minerals Ltd. 144A                
6.88%, 03/01/26 †     1,625       1,597,026  
6.88%, 10/15/27 †     2,425       2,356,553  
7.50%, 04/01/25     2,200       2,196,920  
              6,150,499  
Total Corporate Bonds
(Cost: $477,870,111)
            412,526,551  
                 
GOVERNMENT OBLIGATIONS: 1.3%            
Argentina: 1.0%                
Ciudad Autonoma De Buenos Aires 144A                
    Par  
(000’s
)   Value  
Argentina (continued)                
7.50%, 06/01/27   $ 1,409     $ 1,207,111  
Provincia de Cordoba 144A                
6.88%, 02/01/29     732       471,190  
6.99%, 06/01/27 (s)     832       590,308  

Provincia de Mendoza 144A

5.75%, 03/19/29 (s)

    877       722,620  

Provincia de Neuquen 144A

6.62%, 04/27/30 (s)

    575       408,250  

Provincia del Chubut 144A

7.75%, 07/26/30 (s)

    654       538,243  

Provincia del Chubut Reg S

7.75%, 07/26/30 (s)

    163       134,561  
              4,072,283  
Turkey: 0.3%                
Istanbul Metropolitan Municipality 144A                
6.38%, 12/09/25     900       815,391  
10.75%, 04/12/27     550       545,930  
              1,361,321  
Ukraine: 0.0%                

State Agency of Roads of Ukraine 144A

6.25%, 06/24/30

    1,000       145,521  
Total Government Obligations
(Cost: $6,869,908)
            5,579,125  
Total Investments Before Collateral for Securities Loaned: 97.0%
(Cost: $484,740,019)
          418,105,676  
                 
      Number
of Shares
         
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6%          
Money Market Fund: 7.6%
(Cost: $32,767,820)
             
State Street Navigator Securities Lending Government Money Market Portfolio     32,767,820       32,767,820  
Total Investments: 104.6%
(Cost: $517,507,839)
          450,873,496  
Liabilities in excess of other assets: (4.6)%       (19,860,684)  
NET ASSETS: 100.0%           $ 431,012,812  

 

 

Definitions:

 

LIBOR   London Interbank Offered Rate
USD   United States Dollar

 

See Notes to Financial Statements

40

 

 

Footnotes:

 

(d) Security in default
(o) Perpetual Maturity — the date shown is the next call date
(s) The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $34,385,345.
   
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 $284,192,599, or 65.9% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials     32.6 %       $ 136,156,570  
Energy     19.5       81,640,601  
Basic Materials     9.9       41,305,176  
Industrials     9.3       38,789,013  
Utilities     9.0       37,772,338  
Technology     4.6       19,127,691  
Consumer Cyclicals     4.2       17,716,405  
Consumer Non-Cyclicals     3.9       16,244,329  
Healthcare     3.4       14,080,660  
Real Estate     2.2       9,278,331  
Government     1.3       5,579,125  
Institutions, Associations & Organizations     0.1       415,437  
      100.0 %   $ 418,105,676  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds *   $     $ 412,526,551     $     $ 412,526,551  
Government Obligations *           5,579,125             5,579,125  
Money Market Fund     32,767,820                   32,767,820  
Total Investments   $ 32,767,820     $ 418,105,676     $     $ 450,873,496  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

41

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
CORPORATE BONDS: 98.3%                
Australia: 1.6%                
Buckeye Partners LP                
3.95%, 12/01/26   $ 15,733     $ 14,339,843  
4.12%, 12/01/27     10,504       9,450,029  
4.35%, 10/15/24     7,880       7,687,953  
5.60%, 10/15/44     7,884       5,690,910  
5.85%, 11/15/43     10,509       8,101,073  
              45,269,808  
Canada: 2.6%                

Bombardier, Inc. 144A

7.45%, 05/01/34

    13,464       14,931,576  
Methanex Corp.                
4.25%, 12/01/24 †     7,885       7,712,852  
5.25%, 12/15/29 †     18,362       17,255,445  
5.65%, 12/01/44     7,887       6,588,261  

Rogers Communications, Inc. 144A

5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82

    19,750       17,864,863  

TransAlta Corp.

6.50%, 03/15/40

    7,979       7,464,753  
              71,817,750  
Germany: 1.0%                

Dresdner Funding Trust I 144A

8.15%, 06/30/31

    26,250       27,897,030  
Ireland: 2.1%                
Perrigo Finance Unlimited Co.                
3.90%, 12/15/24     18,360       17,781,010  
4.38%, 03/15/26     18,343       17,665,717  
4.40%, 06/15/30     19,676       17,789,414  
4.90%, 12/15/44     7,962       5,796,095  
              59,032,236  
Italy: 5.2%                

Intesa Sanpaolo SpA 144A

5.02%, 06/26/24

    52,334       50,860,162  
Telecom Italia Capital SA                
6.00%, 09/30/34     26,244       22,409,305  
6.38%, 11/15/33     26,211       23,470,373  
7.20%, 07/18/36     26,235       23,743,226  
7.72%, 06/04/38     26,209       24,533,988  
              145,017,054  
Japan: 5.6%                
Nissan Motor Co. Ltd. 144A                
3.52%, 09/17/25 †     39,316       36,795,081  
4.34%, 09/17/27 †     65,529       60,086,468  
4.81%, 09/17/30     65,525       57,674,082  
              154,555,631  
United Kingdom: 3.8%                

Marks & Spencer Plc 144A

7.12%, 12/01/37

    7,853       7,357,633  

Rolls-Royce Plc 144A

3.62%, 10/14/25

    26,269       24,955,550  

Standard Chartered Plc 144A

               
    Par  
(000’s
)   Value  
United Kingdom (continued)                

7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)

  $ 19,700     $ 18,972,400  

Vodafone Group Plc

7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79

    52,469       53,869,398  
              105,154,981  
United States: 76.4%                
Apache Corp.                
4.25%, 01/15/30 †     13,533       12,382,424  
4.38%, 10/15/28 †     8,515       7,986,716  
4.75%, 04/15/43 †     11,213       8,756,736  
5.10%, 09/01/40     34,914       29,970,527  
5.25%, 02/01/42     10,457       8,845,367  
5.35%, 07/01/49     10,155       7,924,581  
6.00%, 01/15/37     11,616       10,988,968  

Bath & Body Works, Inc.

6.95%, 03/01/33 †

    9,104       8,041,737  

Brightsphere Investment Group, Inc.

4.80%, 07/27/26

    7,318       6,834,192  

Brinker International, Inc. 144A

5.00%, 10/01/24 †

    9,236       9,052,157  

Crane NXT Co.

4.20%, 03/15/48

    9,100       6,473,931  

Crown Cork & Seal Co., Inc.

7.38%, 12/15/26

    9,255       9,740,888  

Delta Air Lines, Inc.

2.90%, 10/28/24

    23,584       22,775,004  
3.75%, 10/28/29 †     12,416       11,122,357  
4.38%, 04/19/28 †     10,743       10,137,954  

Diversified Healthcare Trust

               
4.75%, 05/01/24     6,185       5,652,609  
4.75%, 02/15/28     13,189       8,154,347  

DPL, Inc.

4.35%, 04/15/29

    10,554       9,523,518  

Embarq Corp.

8.00%, 06/01/36

    37,860       16,321,635  

EnLink Midstream Partners LP

               
4.15%, 06/01/25 †     11,055       10,703,534  
5.05%, 04/01/45     11,791       9,372,489  
5.45%, 06/01/47     13,108       10,961,958  
5.60%, 04/01/44     9,162       7,625,911  

Entegris Escrow Corp. 144A

4.75%, 04/15/29

    41,959       39,072,737  

EQM Midstream Partners LP

               
4.00%, 08/01/24 †     7,877       7,646,490  
4.12%, 12/01/26     13,106       11,910,320  
5.50%, 07/15/28 †     22,284       20,333,671  
6.50%, 07/15/48     14,436       10,949,573  
First Republic Bank                
4.38%, 08/01/46     10,489       1,691,351  
4.62%, 02/13/47     10,500       1,640,625  

FirstEnergy Corp.

1.60%, 01/15/26

    7,872       7,239,822  

 

See Notes to Financial Statements

42

 

 

    Par  
(000’s
)   Value  
United States (continued)                
2.05%, 03/01/25   $ 7,882     $ 7,466,049  
2.25%, 09/01/30     11,824       9,770,171  
2.65%, 03/01/30     15,753       13,622,564  
3.40%, 03/01/50 †     22,252       15,618,790  
4.15%, 07/15/27     39,335       38,309,733  
5.10%, 07/15/47     15,884       14,678,087  
7.38%, 11/15/31     17,224       19,615,983  
Fluor Corp.                
3.50%, 12/15/24     10,035       9,685,584  
4.25%, 09/15/28 †     15,781       14,631,670  

Ford Holdings LLC

9.30%, 03/01/30

    5,310       6,068,480  
Ford Motor Co.                
4.35%, 12/08/26 †     26,961       26,219,508  
4.75%, 01/15/43     35,947       27,051,149  
5.29%, 12/08/46     23,388       18,940,929  
6.62%, 10/01/28 †     8,022       8,176,464  
7.40%, 11/01/46 †     7,163       7,307,263  
7.45%, 07/16/31 †     19,226       20,256,763  
Ford Motor Credit Co. LLC                
3.66%, 09/08/24 †     13,492       13,041,128  
3.81%, 11/02/27     13,504       12,128,962  
4.06%, 11/01/24     27,000       26,274,696  
4.13%, 08/04/25     25,177       23,869,485  
4.27%, 01/09/27     16,189       15,013,429  
4.39%, 01/08/26     21,576       20,523,803  
4.54%, 08/01/26     13,505       12,755,463  
4.69%, 06/09/25     10,757       10,418,556  
5.11%, 05/03/29 †     26,738       24,956,878  

Frontier Florida LLC

6.86%, 02/01/28

    7,934       7,184,594  

Genting New York LLC / GENNY Capital, Inc. 144A

3.30%, 02/15/26

    13,870       12,615,283  

Genworth Holdings, Inc.

6.50%, 06/15/34

    7,204       6,429,069  

Global Marine, Inc.

7.00%, 06/01/28 †

    6,853       5,568,063  

HB Fuller Co.

4.00%, 02/15/27 †

    7,948       7,521,351  

Hillenbrand, Inc.

5.00%, 09/15/26

    9,926       9,667,825  
Howmet Aerospace, Inc.                
5.90%, 02/01/27 †     16,388       16,799,962  
5.95%, 02/01/37     16,405       16,710,248  
6.75%, 01/15/28     7,877       8,311,164  
Kohl’s Corp.                
4.25%, 07/17/25 †     9,242       8,647,918  
4.62%, 05/01/31 †     13,124       8,964,787  
5.55%, 07/17/45     11,199       6,538,368  
Las Vegas Sands Corp.                
2.90%, 06/25/25     13,109       12,427,450  
3.20%, 08/08/24     45,867       44,435,004  
3.50%, 08/18/26     26,210       24,654,717  
3.90%, 08/08/29     19,666       17,963,172  

Lumen Technologies, Inc.

7.60%, 09/15/39

    9,275       3,569,762  
Macy’s Retail Holdings LLC                
    Par  
(000’s
)   Value  
United States (continued)                
4.30%, 02/15/43   $ 6,540     $ 3,980,963  
4.50%, 12/15/34 †     9,609       6,902,001  
5.12%, 01/15/42 †     6,553       4,320,991  
Mattel, Inc.                
5.45%, 11/01/41     7,885       7,019,207  
6.20%, 10/01/40     6,589       6,258,070  
Murphy Oil Corp.                
6.12%, 12/01/42     8,892       7,626,050  
7.05%, 05/01/29 †     6,545       6,677,595  

Navient Corp.

5.62%, 08/01/33

    15,606       11,719,045  

Newell Brands, Inc.

               
4.70%, 04/01/26     52,023       49,736,069  
5.88%, 04/01/36     11,068       9,408,907  
6.00%, 04/01/46     17,502       13,651,560  

Nissan Motor Acceptance Co. LLC 144A

               
1.12%, 09/16/24     13,116       12,199,208  
1.85%, 09/16/26     26,213       22,381,064  
2.00%, 03/09/26     20,975       18,494,067  
2.45%, 09/15/28     9,190       7,385,715  
2.75%, 03/09/28     15,747       13,111,033  

Nordstrom, Inc.

               
4.00%, 03/15/27 †     9,189       7,908,419  
4.25%, 08/01/31 †     11,151       8,293,389  
4.38%, 04/01/30 †     13,112       10,272,072  
5.00%, 01/15/44 †     25,317       15,863,632  
6.95%, 03/15/28 †     7,881       7,614,977  

Occidental Petroleum Corp.

               
0.00%, 10/10/36 ^     17,851       9,324,534  
2.90%, 08/15/24     17,148       16,644,020  
3.40%, 04/15/26     7,439       7,047,297  
3.50%, 08/15/29 †     7,521       6,862,123  
4.10%, 02/15/47 †     6,770       5,295,223  
4.20%, 03/15/48     7,966       6,227,112  
4.40%, 04/15/46     11,123       8,972,417  
4.40%, 08/15/49 †     7,350       5,787,537  
4.62%, 06/15/45     7,755       6,367,863  
5.55%, 03/15/26     22,353       22,568,930  
6.20%, 03/15/40     19,019       19,552,342  
6.45%, 09/15/36     44,863       47,651,235  
6.60%, 03/15/46     29,246       31,247,742  
7.50%, 05/01/31     22,794       25,462,380  
7.88%, 09/15/31     12,723       14,435,173  
7.95%, 06/15/39     8,456       9,705,543  

Oceaneering International, Inc.

               
4.65%, 11/15/24     10,480       10,325,944  
6.00%, 02/01/28     7,853       7,470,228  

Office Properties Income Trust

               
2.40%, 02/01/27 †     9,197       5,905,724  
2.65%, 06/15/26     7,894       5,530,901  
3.45%, 10/15/31     10,505       5,422,004  
4.25%, 05/15/24     8,680       8,198,438  
4.50%, 02/01/25     17,054       14,516,742  

Ohio National Financial Services, Inc. 144A

               

 

See Notes to Financial Statements

43

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
United States (continued)                
6.62%, 05/01/31 †   $ 6,634     $ 6,250,476  
6.80%, 01/24/30     11,217       10,661,827  

Pacific Western Bank

3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31

    10,503       7,518,191  
Patterson-UTI Energy, Inc.                
3.95%, 02/01/28 †     12,699       11,434,959  
5.15%, 11/15/29 †     9,096       8,130,726  

Qwest Corp.

7.25%, 09/15/25

    6,551       5,825,280  
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S                
4.62%, 04/16/29     26,309       21,140,377  
4.62%, 04/06/31     9,286       7,269,333  
Rockies Express Pipeline LLC 144A                
3.60%, 05/15/25     10,499       9,964,984  
4.80%, 05/15/30     9,191       8,198,727  
4.95%, 07/15/29     14,416       13,331,196  
6.88%, 04/15/40     13,120       11,435,589  
7.50%, 07/15/38     6,573       6,032,961  
Royal Caribbean Cruises Ltd.                
3.70%, 03/15/28 †     13,115       10,669,012  
7.50%, 10/15/27 †     7,879       7,464,732  

Royal Caribbean Cruises Ltd. 144A

11.50%, 06/01/25

    36,472       38,755,184  

Safeway, Inc.

7.25%, 02/01/31

    6,951       7,055,300  
Seagate HDD Cayman                
4.09%, 06/01/29     12,968       11,262,967  
4.12%, 01/15/31     7,244       6,019,583  
4.75%, 01/01/25     12,567       12,235,168  
4.88%, 06/01/27     13,212       12,665,873  
5.75%, 12/01/34 †     12,838       11,410,222  

Sealed Air Corp. 144A

6.88%, 07/15/33

    11,861       12,612,039  
Service Properties Trust                
3.95%, 01/15/28     10,506       8,239,467  
4.35%, 10/01/24     21,645       20,690,120  
4.38%, 02/15/30     10,496       7,821,782  
4.50%, 03/15/25     9,188       8,555,309  
4.75%, 10/01/26     11,814       10,227,290  
4.95%, 02/15/27     10,500       8,912,450  
4.95%, 10/01/29     11,155       8,465,398  
5.25%, 02/15/26     9,174       8,158,851  

Southeast Supply Header LLC 144A

4.25%, 06/15/24

    10,563       9,981,612  

Southwestern Energy Co.

5.70%, 01/23/25

    10,291       10,282,921  
Spirit AeroSystems, Inc.                
3.85%, 06/15/26     7,863       7,376,216  
4.60%, 06/15/28 †     18,319       15,561,247  

Steelcase, Inc.

5.12%, 01/18/29

    11,862       10,573,609  

Tenet Healthcare Corp.

6.88%, 11/15/31

    9,574       9,391,280  
    Par  
(000’s
)   Value  
United States (continued)                
Toledo Hospital                
4.98%, 11/15/45   $ 7,197     $ 4,633,895  
5.33%, 11/15/28     8,427       7,405,226  
6.01%, 11/15/48 †     10,559       7,457,294  

Topaz Solar Farms LLC 144A

5.75%, 09/30/39

    14,862       14,674,802  
Transocean, Inc.                
6.80%, 03/15/38     15,973       10,891,909  
7.50%, 04/15/31     10,371       7,997,700  
Travel + Leisure Co.                
6.00%, 04/01/27     10,516       10,357,682  
6.60%, 10/01/25     9,184       9,217,154  

Trinity Industries, Inc.

4.55%, 10/01/24

    10,590       10,337,534  

Under Armour, Inc.

3.25%, 06/15/26

    15,779       14,505,313  

United States Cellular Corp.

6.70%, 12/15/33 †

    14,330       13,059,359  

United States Steel Corp.

6.65%, 06/01/37 †

    7,268       6,880,616  

Western Alliance Bancorp

3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31

    15,700       12,180,510  
Western Digital Corp.                
2.85%, 02/01/29     13,136       10,404,960  
3.10%, 02/01/32 †     13,137       9,546,223  
Xerox Corp.                
3.80%, 05/15/24 †     7,085       6,939,332  
4.80%, 03/01/35     6,551       4,329,069  
6.75%, 12/15/39     9,183       6,997,761  

XPO CNW, Inc.

6.70%, 05/01/34

    7,932       7,277,880  
Yum! Brands, Inc.                
5.35%, 11/01/43     7,199       6,374,283  
6.88%, 11/15/37     8,605       9,204,140  
              2,127,844,839  
Total Corporate Bonds
(Cost: $3,087,035,189)
            2,736,589,329  
                 
      Number
of Shares
         
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5%        
Money Market Fund: 4.5%
(Cost: $124,494,085)
               

State Street Navigator Securities Lending Government Money Market Portfolio

    124,494,085       124,494,085  
Total Investments: 102.8%
(Cost: $3,211,529,274)
            2,861,083,414  
Liabilities in excess of other assets: (2.8)%     (77,617,757)  
NET ASSETS: 100.0%           $ 2,783,465,657  

 

See Notes to Financial Statements

44

 

 

 

Definitions:

 

LIBOR   London Interbank Offered Rate
SOFR   Secured Overnight Financing Rate
USD   United States Dollar

 

Footnotes:

 

  Security fully or partially on loan. Total market value of securities on loan is $129,926,938.
(o)   Perpetual Maturity — the date shown is the next call date
^   Zero Coupon Bond
     
Reg S   Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $593,605,506, or 21.3% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Cyclicals     28.6 %     $ 781,675,330  
Energy     22.3       610,131,711  
Technology     12.3       335,551,084  
Financials     11.7       321,637,278  
Industrials     8.5       232,004,113  
Utilities     5.2       143,309,471  
Real Estate     4.9       134,451,433  
Healthcare     3.2       87,919,931  
Basic Materials     2.5       68,311,451  
Consumer Non-Cyclicals     0.5       14,412,933  
Communications     0.3       7,184,594  
      100.0 %   $ 2,736,589,329  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds *   $     $ 2,736,589,329     $     $ 2,736,589,329  
Money Market Fund     124,494,085                   124,494,085  
Total Investments   $ 124,494,085     $ 2,736,589,329     $     $ 2,861,083,414  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

45

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
CORPORATE BONDS: 92.0%                
Argentina: 0.1%                

Genneia SA 144A

8.75%, 09/02/27

  $ 90     $ 86,163  
Australia: 1.4%                

Bank of China Ltd. Reg S

0.75%, 09/29/24

    200       189,425  

FMG Resources August 2006 Pty Ltd. 144A

6.12%, 04/15/32

    200       193,812  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A

5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42

    450       453,552  

National Australia Bank Ltd.

3.62%, 06/20/23

    225       224,565  
              1,061,354  
Bermuda: 0.2%                

Investment Energy Resources Ltd. 144A

6.25%, 04/26/29

    200       185,215  
Brazil: 1.9%                

Banco BTG Pactual SA 144A

2.75%, 01/11/26

    150       136,950  

Banco Nacional de Desenvolvimento Economico e Social Reg S

4.75%, 05/09/24

    200       198,716  

Fibria Overseas Finance Ltd.

5.50%, 01/17/27

    375       376,031  

FS Luxembourg Sarl 144A

10.00%, 12/15/25

    200       199,246  

Klabin Austria GmbH 144A

7.00%, 04/03/49

    150       145,121  

Klabin Finance SA 144A

4.88%, 09/19/27

    140       135,811  

Rumo Luxembourg Sarl 144A

5.25%, 01/10/28

    200       186,250  

Suzano Austria GmbH 144A

5.75%, 07/14/26

    50       50,271  
              1,428,396  
British Virgin Islands: 0.4%                

Amipeace Ltd. Reg S

1.75%, 11/09/26

    300       273,759  
Canada: 1.6%                

Azure Power Solar Energy Private Ltd. 144A

5.65%, 12/24/24

    100       85,600  

Brookfield Finance, Inc.

2.72%, 04/15/31

    250       210,165  

Canadian Imperial Bank of Commerce

0.95%, 10/23/25

    250       227,771  
CDP Financial, Inc. Reg S                
    Par  
(000’s
)   Value  
Canada (continued)                
1.00%, 05/26/26   $ 350     $ 318,923  

Liberty Utilities Finance GP 1 144A

2.05%, 09/15/30

    300       240,019  

Tucson Electric Power Co.

1.50%, 08/01/30

    150       120,566  
              1,203,044  
Cayman Islands: 3.4%                
Gaci First Investment Co. Reg S                
5.00%, 10/13/27     600       614,075  
5.12%, 02/14/53     250       233,785  
5.25%, 10/13/32 †     1,050       1,103,219  
5.38%, 10/13/22     300       283,500  

Hongkong Land Finance Cayman Islands Co. Ltd. Reg S

2.25%, 07/15/31

    200       168,096  

Saudi Electricity Global Sukuk Co. 5 Reg S

1.74%, 09/17/25

    200       187,480  
              2,590,155  
Chile: 1.1%                

Colbun SA 144A

3.15%, 01/19/32

    150       127,808  

Interchile SA 144A

4.50%, 06/30/56

    350       287,123  

Inversiones CMPC SA 144A

4.38%, 04/04/27

    100       96,889  

Inversiones Latin America Power Ltda. Reg S

5.12%, 06/15/33

    194       85,535  

Sociedad Quimica y Minera de Chile SA 144A

3.50%, 09/10/51

    300       209,475  
              806,830  
China: 4.5%                

Bank of China Ltd. Reg S

0.95%, 09/21/23

    450       443,956  

China Construction Bank Corp. Reg S

1.25%, 08/04/25

    200       186,952  

China Merchants Bank Co. Ltd. Reg S

1.20%, 09/10/25

    400       368,817  

ICBCIL Finance Co. Ltd. Reg S

5.97% (ICE LIBOR USD 3 Month+1.05%), 11/20/24

    200       200,290  

Industrial & Commercial Bank of China Ltd. Reg S

5.72% (ICE LIBOR USD 3 Month+0.78%), 09/16/24

    800       800,648  

5.97% (ICE LIBOR USD 3 Month+0.83%), 06/14/23

    200       200,056  

6.09% (ICE LIBOR USD 3 Month+0.83%), 04/25/24

    400       401,182  
Industrial Bank Co. Ltd. Reg S                

 

See Notes to Financial Statements

46

 

 

      Par  
(000’s
)     Value  
China (continued)                
1.12%, 11/06/23   $ 200     $ 196,471  

Lenovo Group Ltd. 144A

6.54%, 07/27/32

    200       201,217  

Rongshi International Finance Ltd. Reg S

3.25%, 05/21/24

    200       196,725  

Wuhan Metro Group Co. Ltd. Reg S

2.96%, 09/24/24

    200       193,617  
              3,389,931  
Colombia: 0.2%                

Consorcio Transmantaro SA 144A

4.70%, 04/16/34

    150       138,905  
Dominican Republic: 0.1%                

UEP Penonome II SA 144A

6.50%, 10/01/38

    91       67,386  
France: 0.9%                

BNP Paribas SA 144A

1.68% (SOFR+0.91%), 06/30/27

    300       268,272  

Electricite de France SA 144A

3.62%, 10/13/25

    450       440,961  
              709,233  
Georgia: 0.1%                

Georgian Railway JSC 144A

4.00%, 06/17/28

    100       86,030  
Germany: 3.0%                

Bank of China Ltd. Reg S

3.12%, 06/16/25

    200       194,138  
Kreditanstalt fuer Wiederaufbau                
0.75%, 09/30/30     950       782,346  
1.00%, 10/01/26 †     600       548,086  
1.75%, 09/14/29     650       585,248  

Landesbank Baden-Wuerttemberg Reg S

2.00%, 02/24/25

    188       178,984  
              2,288,802  
Hong Kong: 3.2%                

Agricultural Bank of China Ltd. Reg S

2.00%, 03/01/25

    300       286,127  

Airport Authority Reg S

1.75%, 01/12/27

    300       275,870  

China Development Bank Reg S

0.62%, 09/09/24

    200       189,998  

Franshion Brilliant Ltd. Reg S

4.00%, 06/21/24

    200       193,752  

ICBCIL Finance Co. Ltd. Reg S

2.25%, 11/02/26

    200       183,848  

Industrial & Commercial Bank of China Ltd. Reg S

2.95%, 06/01/25

    200       193,470  
Industrial Bank Co. Ltd. Reg S                
    Par  
(000’s
)   Value  
Hong Kong (continued)                
0.88%, 06/10/24   $ 200     $ 192,081  
3.25%, 05/18/25     200       195,023  

Link Finance Cayman 2009 Ltd. Reg S

2.88%, 07/21/26

    200       190,259  

MTR Corp. CI Ltd. Reg S

2.50%, 11/02/26

    400       376,712  

MTR Corp. Ltd. Reg S

1.62%, 08/19/30

    200       168,370  
              2,445,510  
India: 2.6%                

Adani Green Energy Ltd. 144A

4.38%, 09/08/24

    250       224,754  

Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S

6.25%, 12/10/24

    200       190,961  

Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A

4.62%, 10/15/39

    178       127,698  

India Green Energy Holdings 144A

5.38%, 04/29/24

    150       145,914  

Indian Railway Finance Corp. Ltd. 144A

3.57%, 01/21/32

    200       177,215  

Indian Railway Finance Corp. Ltd. Reg S

3.83%, 12/13/27

    200       190,336  

JSW Hydro Energy Ltd. 144A

4.12%, 05/18/31

    177       147,758  

Power Finance Corp. Ltd. Reg S

3.75%, 12/06/27

    200       187,148  

REC Ltd. Reg S

3.88%, 07/07/27

    200       188,299  

ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A

4.50%, 07/14/28

    200       169,046  

State Bank of India Reg S

4.50%, 09/28/23

    200       199,490  
              1,948,619  
Indonesia: 0.5%                

Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A

4.85%, 10/14/38

    400       346,294  
Ireland: 0.6%                

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A

6.00%, 06/15/27

    200       199,199  

 

See Notes to Financial Statements

47

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

   

Par  
(000’s

)   Value  
Ireland (continued)                

Bank of Ireland Group Plc 144A

6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26

  $ 250     $ 251,899  
              451,098  
Japan: 4.0%                

Central Nippon Expressway Co. Ltd. Reg S

0.89%, 12/10/25

    200       181,162  
Honda Motor Co. Ltd.                
2.27%, 03/10/25     200       191,904  
2.97%, 03/10/32     600       542,622  

Japan Bank for International Cooperation

1.62%, 01/20/27

    200       183,323  

Japan Finance Organization for Municipalities 144A

1.50%, 01/27/25

    200       189,857  

Marubeni Corp. Reg S

1.58%, 09/17/26

    200       179,801  

Mitsubishi UFJ Financial Group, Inc.

2.53%, 09/13/23

    100       98,986  
Norinchukin Bank 144A                
1.28%, 09/22/26     200       178,217  
2.08%, 09/22/31     150       123,242  
NTT Finance Corp. 144A                
4.24%, 07/25/25     200       197,522  
4.37%, 07/27/27     200       200,374  

Renesas Electronics Corp. 144A

1.54%, 11/26/24

    150       140,115  

Sumitomo Mitsui Financial Group, Inc.

2.47%, 01/14/29

    200       174,800  

Sumitomo Mitsui Trust Bank Ltd. 144A

1.55%, 03/25/26

    175       159,521  

Toyota Motor Credit Corp.

2.15%, 02/13/30

    300       263,928  
              3,005,374  
Luxembourg: 1.8%                
European Investment Bank                
1.62%, 05/13/31 †     500       435,883  
3.75%, 02/14/33     900       915,396  
              1,351,279  
Macao: 0.7%                

Bank of China Ltd. Reg S

5.62% (SOFR Compound Index+0.78%), 04/28/25

    300       300,075  

China Construction Bank Corp. Reg S

5.31% (SOFR Compound Index+0.50%), 12/21/24

    200       199,529  
              499,604  
Mauritius: 0.6%                
Greenko Wind Projects Mauritius Ltd. 144A                
   

Par  
(000’s

)   Value  
Mauritius (continued)                
5.50%, 04/06/25   $ 200     $ 190,881  

India Cleantech Energy 144A

4.70%, 08/10/26

    137       121,457  

India Green Power Holdings 144A

4.00%, 02/22/27

    200       175,014  
              487,352  
Mexico: 0.3%                

Coca-Cola Femsa SAB de CV

1.85%, 09/01/32

    250       200,085  
Netherlands: 4.5%                

ABN AMRO Bank NV 144A

2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29

    350       299,178  
Cooperatieve Rabobank UA 144A                

1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26

    350       315,152  

1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27

    250       222,336  

Greenko Dutch BV 144A

3.85%, 03/29/26

    470       425,350  

ING Groep NV 144A

1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26

    450       412,582  
4.62%, 01/06/26     300       296,302  

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S

2.75%, 02/20/24

    200       196,312  
Nederlandse Waterschapsbank NV 144A                
1.00%, 05/28/30     100       82,851  
2.38%, 03/24/26     350       334,824  
NXP BV / NXP Funding LLC / NXP USA, Inc.                
2.50%, 05/11/31     550       454,726  
3.40%, 05/01/30     200       179,869  
5.00%, 01/15/33     200       195,756  
              3,415,238  
Norway: 0.7%                
Kommunalbanken AS 144A                
0.50%, 10/21/24     200       188,704  
2.12%, 02/11/25     325       312,732  
              501,436  
Pakistan: 0.1%                

Pakistan Water & Power Development Authority Reg S

7.50%, 06/04/31

    200       65,800  
Portugal: 0.5%                

EDP Finance BV 144A

1.71%, 01/24/28 †

    400       346,969  


 

See Notes to Financial Statements

48

 

 

   

Par  

(000’s

)   Value  
Qatar: 0.2%                

QNB Finance Ltd. Reg S

1.62%, 09/22/25

  $ 200     $ 185,624  
Saudi Arabia: 0.3%                

Saudi Electricity Global Sukuk Co. 5 Reg S

2.41%, 09/17/30

    300       263,189  
Singapore: 1.1%                

Continuum Energy Levanter Pte Ltd. 144A

4.50%, 02/09/27

    186       166,941  

Greenko Solar Mauritius Ltd. 144A

5.95%, 07/29/26

    200       188,350  

Industrial & Commercial Bank of China Ltd. Reg S

1.00%, 10/28/24

    450       428,713  

Star Energy Geothermal Wayang Windu Ltd. 144A

6.75%, 04/24/33

    81       79,817  
              863,821  
South Africa: 0.3%                

Bank of China Ltd. Reg S

1.88%, 02/16/25

    200       190,696  
South Korea: 5.0%                
Export-Import Bank of Korea                
2.12%, 01/18/32     500       421,018  
5.12%, 01/11/33     200       212,150  

Export-Import Bank of Korea 144A

1.75%, 10/19/28

    250       219,761  

Hyundai Capital Services, Inc. 144A

1.25%, 02/08/26

    300       270,614  
Kia Corp. 144A                
1.75%, 10/16/26     200       178,673  
2.38%, 02/14/25     200       190,349  
Korea Development Bank                
0.40%, 06/19/24     200       190,383  
0.75%, 01/25/25     200       187,360  
Korea Electric Power Corp. 144A                
2.50%, 06/24/24     350       340,988  
3.62%, 06/14/25     200       195,114  
5.38%, 04/06/26     200       202,675  

Korea Hydro & Nuclear Power Co. Ltd. 144A

3.75%, 07/25/23

    100       99,718  

Korea South-East Power Co. Ltd. Reg S

2.12%, 02/03/25

    200       190,242  
LG Chem Ltd. 144A                
1.38%, 07/07/26     200       179,417  
2.38%, 07/07/31     225       186,249  
3.25%, 10/15/24     250       243,400  
3.62%, 04/15/29     50       47,638  
SK Hynix, Inc. 144A                
   

Par  

(000’s

)   Value  
South Korea (continued)                
2.38%, 01/19/31   $ 250     $ 188,093  
              3,743,842  
Spain: 0.8%                
Avangrid, Inc.                
3.20%, 04/15/25     381       366,057  
3.80%, 06/01/29     250       235,932  
              601,989  
Supranational: 5.2%                

Central American Bank for Economic Integration Reg S

5.71% (ICE LIBOR USD 3 Month+0.85%), 11/15/24

    200       199,806  
European Bank for Reconstruction & Development                
1.50%, 02/13/25     100       95,393  
1.62%, 09/27/24     500       480,519  
European Investment Bank                
0.75%, 09/23/30     600       493,007  
1.62%, 10/09/29     380       337,703  
2.12%, 04/13/26 †     300       286,323  
2.38%, 05/24/27 †     500       476,323  

European Investment Bank 144A

2.88%, 06/13/25

    750       732,453  
International Bank for Reconstruction & Development                
2.12%, 03/03/25 †     430       414,379  
3.12%, 11/20/25 †     75       73,578  

International Finance Corp.

2.12%, 04/07/26

    344       327,779  
              3,917,263  
Sweden: 0.9%                

Kommuninvest I Sverige AB 144A

0.38%, 06/19/24

    350       333,613  

Swedbank AB 144A

1.54%, 11/16/26 †

    350       312,969  
              646,582  
Turkey: 0.2%                

Aydem Yenilenebilir Enerji AS 144A

7.75%, 02/02/27

    200       168,320  
United Arab Emirates: 0.7%                
MAF Sukuk Ltd. Reg S                
3.93%, 02/28/30     200       190,251  
4.64%, 05/14/29     200       198,282  

Sweihan PV Power Co. PJSC 144A

3.62%, 01/31/49

    195       162,204  
              550,737  
United Kingdom: 1.9%                

Atlantica Sustainable Infrastructure Plc 144A

4.12%, 06/15/28

    200       182,680  


 

See Notes to Financial Statements

49

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

   

Par  

(000’s

)   Value  
United Kingdom (continued)                

Brookfield Finance I UK Plc / Brookfield Finance, Inc.

2.34%, 01/30/32

  $ 150     $ 122,423  

China Construction Bank Corp. Reg S

3.12%, 05/17/25

    350       340,450  

Niagara Mohawk Power Corp. 144A

1.96%, 06/27/30

    300       246,541  

Swire Properties MTN Financing Ltd. Reg S

3.50%, 01/10/28

    200       191,394  

Vmed O2 UK Financing I Plc 144A

4.75%, 07/15/31

    400       341,309  
              1,424,797  
United States: 36.4%                

AES Andes SA 144A

6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79

    200       185,959  
AES Corp.                
1.38%, 01/15/26     150       136,056  
2.45%, 01/15/31     305       250,555  

Agricultural Bank of China Ltd. Reg S

1.25%, 01/19/26

    200       184,093  
Alexandria Real Estate Equities, Inc.                
2.00%, 05/18/32     350       270,182  
2.95%, 03/15/34     250       202,576  
3.80%, 04/15/26     100       96,582  

Aligned Data Centers Issuer LLC 144A

1.94%, 08/15/46

    388       345,495  

Amgen, Inc.

3.00%, 02/22/29 †

    200       185,760  

Apple, Inc.

3.00%, 06/20/27

    300       290,244  
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A                
3.25%, 09/01/28     200       175,352  
4.00%, 09/01/29     200       163,133  

Arizona Public Service Co.

2.65%, 09/15/50

    200       126,543  
AvalonBay Communities, Inc.                
1.90%, 12/01/28     100       86,948  
2.05%, 01/15/32 †     250       203,571  

Bank of America Corp.

2.46% (ICE LIBOR USD 3 Month+0.87%), 10/22/25

    450       430,205  
Boston Properties LP                
2.45%, 10/01/33     400       288,059  
3.40%, 06/21/29     225       191,235  
4.50%, 12/01/28     200       182,221  
Citigroup, Inc.                
   

Par  

(000’s

)   Value  
United States (continued)                

1.68% (SOFR+1.67%),

05/15/24

  $ 350     $ 349,486  
Clearway Energy Operating LLC 144A                
3.75%, 02/15/31     400       342,755  
4.75%, 03/15/28     275       261,111  

Dana, Inc.

4.25%, 09/01/30

    200       162,178  

Deutsche Bank AG

1.69%, 03/19/26

    300       268,739  

Dominion Energy, Inc.

2.25%, 08/15/31

    350       291,160  
DTE Electric Co.                
1.90%, 04/01/28     150       134,077  
3.25%, 04/01/51     200       150,176  
3.95%, 03/01/49     290       247,868  

Duke Energy Carolinas LLC

3.95%, 11/15/28

    350       345,279  

Duke Energy Progress LLC

3.45%, 03/15/29

    300       284,326  
Equinix, Inc.                
1.00%, 09/15/25     300       272,493  
2.50%, 05/15/31     350       289,271  
3.90%, 04/15/32     350       319,049  

ERP Operating LP

4.15%, 12/01/28

    200       194,620  

Evergy Kansas Central, Inc.

2.55%, 07/01/26

    100       94,532  
Fannie Mae-Aces                
1.44%, 10/25/29     300       252,285  
2.44%, 10/25/29     37       33,680  
2.52%, 08/25/29     236       214,596  
2.62%, 07/25/24     162       157,381  
2.90%, 02/25/27     220       210,574  
2.94%, 06/25/29     9       7,983  
3.00%, 01/25/28     394       372,539  
3.06%, 09/25/27     255       244,162  
3.13%, 03/25/28     207       196,142  
3.16%, 03/25/28     383       365,853  
3.17%, 02/25/30     340       318,831  
3.20%, 11/25/27     13       12,307  
3.41%, 06/25/28     318       306,670  
3.67%, 09/25/28     498       486,217  
3.87%, 09/25/30     91       88,833  

Federal Realty Investment Trust

1.25%, 02/15/26 †

    200       181,205  

Fifth Third Bancorp

1.71% (SOFR+0.69%), 11/01/27

    200       173,675  
Ford Motor Co.                
3.25%, 02/12/32     850       659,954  
6.10%, 08/19/32 †     450       429,575  
Freddie Mac Multifamily Structured Pass Through Certificates                
1.30%, 06/25/30     30       24,873  
2.88%, 04/25/26     285       273,867  


 

See Notes to Financial Statements

50

 

 

   

Par  

(000’s

)   Value  
United States (continued)                
General Motors Co.                
5.40%, 10/15/29   $ 50     $ 49,459  
5.60%, 10/15/32 †     650       637,267  

HAT Holdings I LLC / HAT Holdings II LLC 144A

6.00%, 04/15/25

    100       97,323  
Healthpeak OP LLC                
1.35%, 02/01/27     200       176,394  
2.12%, 12/01/28 †     100       86,803  
Host Hotels & Resorts LP                
2.90%, 12/15/31     250       198,217  
3.38%, 12/15/29     100       85,987  
Interstate Power & Light Co.                
3.50%, 09/30/49     150       112,092  
4.10%, 09/26/28     250       246,106  

Jabil, Inc.

4.25%, 05/15/27

    200       195,162  

Johnson Controls International plc / Tyco Fire & Security Finance SCA

1.75%, 09/15/30

    300       249,151  

JPMorgan Chase & Co.

0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24

    325       318,974  

0.77% (SOFR+0.49%), 08/09/25

    350       329,206  
Kaiser Foundation Hospitals                
2.81%, 06/01/41 †     500       374,705  
3.15%, 05/01/27     80       76,227  
Kilroy Realty LP                
2.50%, 11/15/32     50       33,914  
2.65%, 11/15/33     150       99,519  
4.75%, 12/15/28     100       88,663  

Massachusetts Institute of Technology

3.96%, 07/01/38

    200       188,622  

Metropolitan Life Global Funding I 144A

0.95%, 07/02/25

    200       184,147  
MidAmerican Energy Co.                
2.70%, 08/01/52     200       136,800  
3.10%, 05/01/27     225       215,549  
3.15%, 04/15/50     200       149,635  
3.65%, 04/15/29     150       144,707  
3.65%, 08/01/48     400       329,938  
3.95%, 08/01/47     125       107,880  
4.25%, 07/15/49     275       248,334  

NextEra Energy Capital Holdings, Inc.

1.90%, 06/15/28

    425       374,889  
Northern States Power Co.                
2.25%, 04/01/31     150       128,604  
2.60%, 06/01/51     250       169,805  
2.90%, 03/01/50     250       179,471  
3.20%, 04/01/52     200       149,398  

NSTAR Electric Co.

3.25%, 05/15/29

    225       211,806  
Owens Corning                
   

Par  

(000’s

)   Value  
United States (continued)                
3.95%, 08/15/29   $ 225     $ 214,111  
PacifiCorp                
2.90%, 06/15/52     200       139,828  
5.35%, 12/01/53     200       208,605  

Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A

4.50%, 08/15/28

    250       232,807  
PepsiCo, Inc.                
2.88%, 10/15/49 †     250       191,993  
3.90%, 07/18/32     500       492,725  

PG&E Recovery Funding LLC

5.54%, 07/15/47

    200       212,822  

Piedmont Operating Partnership LP

3.15%, 08/15/30

    150       113,448  

PNC Financial Services Group, Inc.

2.20%, 11/01/24

    160       152,782  
Prologis LP                
1.25%, 10/15/30     275       218,013  
1.75%, 02/01/31     200       162,012  
Public Service Co. of Colorado                
3.20%, 03/01/50     250       187,264  
3.70%, 06/15/28     200       195,366  
4.10%, 06/15/48     110       95,694  
Public Service Co. of Oklahoma                
2.20%, 08/15/31     300       248,480  
3.15%, 08/15/51     150       103,363  
Public Service Electric and Gas Co.                
3.10%, 03/15/32     150       135,304  
4.65%, 03/15/33     200       202,526  

Regency Centers LP

3.75%, 06/15/24

    125       122,287  

Seattle Children’s Hospital

2.72%, 10/01/50

    150       102,462  

SK Battery America, Inc. Reg S

1.62%, 01/26/24

    250       241,613  

SLG Office Trust 2021-OVA 144A

2.59%, 07/15/41

    600       489,545  

Sonoco Products Co.

2.85%, 02/01/32

    400       339,872  

Southern Power Co.

4.15%, 12/01/25

    500       491,138  

Southwestern Public Service Co.

3.15%, 05/01/50

    100       72,631  

Sunnova Energy Corp. 144A

5.88%, 09/01/26 †

    100       90,763  

Tennessee Valley Authority

1.50%, 09/15/31

    200       165,570  
Toyota Auto Receivables Owner                


 

See Notes to Financial Statements

51

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

   

Par  

(000’s

)   Value  
United States (continued)                
0.26%, 11/17/25   $ 163     $ 157,258  

UDR, Inc.

1.90%, 03/15/33

    175       131,277  

Union Electric Co.

2.62%, 03/15/51

    275       183,642  

Vena Energy Capital Pte Ltd. Reg S

3.13%, 02/26/25

    200       189,059  
Verizon Communications, Inc.                
1.50%, 09/18/30 †     300       242,845  
2.85%, 09/03/41     400       290,242  
3.88%, 02/08/29     200       193,255  
3.88%, 03/01/52     300       240,969  

Vornado Realty LP

3.40%, 06/01/31

    150       106,762  
Welltower OP LLC                
2.70%, 02/15/27     250       229,066  
3.85%, 06/15/32     100       90,010  

Wisconsin Electric Power Co.

4.75%, 09/30/32

    250       252,389  

Wisconsin Power and Light Co.

1.95%, 09/16/31

    200       162,784  
              27,480,427  

Total Corporate Bonds

(Cost: $77,004,655)

            69,417,148  
                 
GOVERNMENT OBLIGATIONS: 6.7%                
Chile: 1.3%                
Chile Government International Bond                
2.55%, 01/27/32     350       304,728  
3.50%, 01/25/50     850       657,880  
              962,608  
Egypt: 0.2%                

Egypt Government International Bond 144A

5.25%, 10/06/25

    50       34,547  

Egypt Government International Bond Reg S

5.25%, 10/06/25

    200       138,190  
              172,737  
Hong Kong: 1.6%                
Hong Kong Government International Bond 144A                
0.62%, 02/02/26     200       182,256  
1.38%, 02/02/31     400       334,693  
2.38%, 02/02/51     200       137,344  
2.50%, 05/28/24     250       245,424  

Hong Kong Government International Bond Reg S

1.75%, 11/24/31

    400       340,078  
              1,239,795  
Indonesia: 1.2%                

Perusahaan Penerbit SBSN Indonesia III 144A

2.30%, 06/23/25

    150       143,574  
   

Par  

(000’s

)   Value  
Indonesia (continued)                
3.55%, 06/09/51   $ 275     $ 215,833  
3.90%, 08/20/24     250       249,781  
4.70%, 06/06/32     300       305,093  
              914,281  
Israel: 0.3%                

Israel Government International Bond

4.50%, 01/17/33

    200       200,511  
Saudi Arabia: 0.3%                

Arab Petroleum Investments Corp. 144A

1.48%, 10/06/26

    250       226,853  
Supranational: 0.9%                
Asian Development Bank                
1.75%, 08/14/26     275       258,253  
2.12%, 03/19/25     150       144,324  
2.38%, 08/10/27     150       142,504  
3.12%, 09/26/28     100       97,537  
              642,618  
United States: 0.9%                
City of San Francisco CA Public Utilities Commission Water Revenue                
2.83%, 11/01/41     100       77,938  
3.30%, 11/01/39     100       85,191  
3.47%, 11/01/43     100       82,010  

Commonwealth of Massachusetts

3.28%, 06/01/46

    150       121,885  

District of Columbia Water & Sewer Authority

4.81%, 10/01/14

    170       165,664  

Metropolitan Transportation Authority

5.17%, 11/15/49

    150       142,476  
              675,164  

Total Government Obligations

(Cost: $5,953,369)

            5,034,567  
                 
   

Number

of Shares

         

PREFERRED SECURITIES: 0.1%

(Cost: $173,320)

               
Canada: 0.1%                

Brookfield Finance, Inc. (USD)

4.62%, 10/16/80 †

    7,000       114,030  
                 

Total Investments Before Collateral for Securities Loaned: 98.8%

(Cost: $83,131,344)

            74,565,745  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%          

Money Market Fund: 2.8%

(Cost: $2,137,597)

               


 

See Notes to Financial Statements

52

 

 

   

Number
of Shares

    Value  
State Street Navigator Securities Lending Government Money Market Portfolio     2,137,597     $ 2,137,597  
   

Number
of Shares

    Value  
Total Investments: 101.6%
(Cost: $85,268,941)
          $ 76,703,342  
Liabilities in excess of other assets: (1.6)%             (1,243,476)  
NET ASSETS: 100.0%           $ 75,459,866  


 

 

Definitions:

 

LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate
USD United States Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $6,034,699.
   
Reg S Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $20,826,707, or 27.6% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
 

% of

Investments

  Value  
Financials     40.0 %     $ 29,791,955  
Utilities     20.7       15,414,906  
Real Estate     7.7       5,781,646  
Government     7.0       5,224,424  
Mortgage Securities     5.2       3,912,288  
Consumer Cyclicals     4.7       3,526,705  
Technology     4.3       3,210,392  
Basic Materials     3.7       2,741,671  
Industrials     3.5       2,583,997  
Consumer Non-Cyclicals     1.2       884,804  
Healthcare     1.0       739,153  
Energy     0.8       565,182  
Academic & Educational Services     0.2       188,622  
      100.0 %   $ 74,565,745  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds *   $     $ 69,417,148     $     $ 69,417,148  
Government Obligations *           5,034,567             5,034,567  
Preferred Securities *     114,030                   114,030  
Money Market Fund     2,137,597                   2,137,597  
Total Investments   $ 2,251,627     $ 74,451,715     $     $ 76,703,342  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

53

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value
FLOATING RATE NOTES: 98.5%                
Australia: 9.1%                

Commonwealth Bank of Australia 144A

5.24% (SOFR+0.40%), 07/07/25

  $ 22,932     $ 22,733,831  
5.33% (SOFR+0.52%), 06/15/26     11,820       11,668,233  
5.54% (SOFR+0.74%), 03/14/25     12,500       12,488,597  
5.55% (SOFR+0.75%), 03/13/26     4,750       4,735,901  

Macquarie Bank Ltd. 144A

6.13% (SOFR+1.31%), 03/21/25

    3,825       3,842,933  

National Australia Bank Ltd. 144A

5.22% (SOFR+0.38%), 01/12/25

    3,700       3,682,440  
5.49% (SOFR+0.65%), 01/12/27     12,325       12,207,007  
5.65% (SOFR+0.86%), 06/09/25     12,325       12,323,142  

Westpac Banking Corp.

5.03% (SOFR+0.30%), 11/18/24

    5,550       5,525,867  
5.73% (ICE LIBOR USD 3 Month+0.77%),02/26/24     1,575       1,580,686  
5.76% (SOFR+1.00%), 08/26/25     13,550       13,620,316  
              104,408,953  
Canada: 4.3%                

Bank of Montreal

5.14% (SOFR Compound Index+0.35%), 12/08/23

    1,898       1,894,365  
5.16% (SOFR Compound Index+0.32%), 07/09/24     4,085       4,061,102  
5.50% (SOFR Compound Index+0.71%), 03/08/24     1,625       1,621,341  

Bank of Nova Scotia

5.22% (SOFR+0.38%), 07/31/24

    4,700       4,673,821  
5.28% (SOFR Compound Index+0.45%), 04/15/24     2,171       2,162,167  

Canadian Imperial Bank of Commerce

5.20% (SOFR Compound Index+0.40%), 12/14/23

    1,880       1,874,591  
5.26% (SOFR Compound Index+0.42%), 10/18/24     5,056       5,024,992  
5.78% (SOFR+0.94%), 04/07/25     4,936       4,947,509  

Enbridge, Inc.

5.36% (SOFR Compound Index+0.63%), 02/16/24

    2,065       2,059,578  

Federation des Caisses Desjardins du Quebec 144A

5.18% (SOFR+0.43%), 05/21/24

    1,750       1,740,104  
    Par  
(000’s
)   Value  
Canada (continued)                

Royal Bank of Canada

5.14% (SOFR Compound Index+0.30%), 01/19/24

  $ 2,206     $ 2,200,140  
5.18% (SOFR Compound Index+0.34%), 10/07/24     3,691       3,664,651  
5.20% (SOFR Compound Index+0.36%), 07/29/24     4,819       4,785,512  

Toronto-Dominion Bank

5.13% (SOFR+0.35%), 03/04/24

    2,370       2,361,782  
5.15% (SOFR+0.35%), 09/10/24     6,637       6,587,438  
              49,659,093  
Cayman Islands: 0.2%                

MassMutual Global Funding II 144A

5.20% (SOFR+0.36%), 04/12/24

    1,955       1,951,002  
China: 0.2%                

Tencent Holdings Ltd. 144A

6.12% (ICE LIBOR USD 3 Month+0.91%), 04/11/24

    2,325       2,327,778  
France: 2.0%                

Banque Federative du Credit Mutuel SA 144A

5.10% (SOFR Compound Index+0.41%), 02/04/25

    5,322       5,260,542  

Societe Generale SA 144A

5.89% (SOFR+1.05%), 01/21/26

    18,500       18,091,897  
              23,352,439  
Germany: 0.4%                

Bayer US Finance II LLC 144A

5.88% (ICE LIBOR USD 3 Month+1.01%), 12/15/23

    4,125       4,117,151  
Japan: 6.2%                

Mitsubishi UFJ Financial Group, Inc.

5.67% (SOFR+0.94%), 02/20/26

    14,900       14,737,458  

Mizuho Financial Group, Inc.

5.59% (ICE LIBOR USD 3 Month+0.63%), 05/25/24

    3,600       3,599,857  
5.69% (SOFR+0.96%), 05/22/26     17,915       17,735,023  
6.15% (ICE LIBOR USD 3 Month+1.00%), 09/11/24     4,477       4,479,664  

Sumitomo Mitsui Financial Group, Inc.

5.72% (SOFR+0.88%), 01/14/27

    12,320       12,058,688  

Sumitomo Mitsui Trust Bank Ltd. 144A

5.24% (SOFR+0.44%), 09/16/24

    5,525       5,491,916  


 

See Notes to Financial Statements

54

 

 

    Par  
(000’s
)   Value  
Japan (continued)                
5.90% (SOFR+1.12%), 03/09/26   $ 12,325     $ 12,329,887  
              70,432,493  
Netherlands: 1.7%                

Cooperatieve Rabobank UA

5.14% (SOFR Compound Index+0.30%), 01/12/24

    2,475       2,467,578  

ING Groep NV

6.48% (SOFR Compound Index+1.64%), 03/28/26

    12,440       12,510,733  

Shell International Finance BV

5.27% (ICE LIBOR USD 3 Month+0.40%), 11/13/23

    1,375       1,379,945  

Siemens Financieringsmaatschappij NV 144A

5.23% (SOFR+0.43%), 03/11/24

    3,275       3,273,172  
              19,631,428  
Norway: 0.4%                

DNB Bank ASA 144A

5.67% (SOFR Compound Index+0.83%), 03/28/25

    4,550       4,529,092  
Spain: 0.2%                

Banco Santander SA

5.98% (SOFR+1.24%), 05/24/24

    2,200       2,202,367  
Switzerland: 2.0%                

Credit Suisse Group AG 144A

6.39% (ICE LIBOR USD 3 Month+1.24%), 06/12/24

    5,531       5,393,731  

UBS AG 144A

5.07% (SOFR+0.36%), 02/09/24

    3,150       3,140,541  

UBS Group AG 144A

6.30% (SOFR+1.58%), 05/12/26

    14,810       14,836,951  
              23,371,223  
United Kingdom: 8.2%                

ANZ New Zealand Int’l Ltd. 144A

5.34% (SOFR+0.60%), 02/18/25

    3,850       3,826,459  

Barclays Plc

6.25% (ICE LIBOR USD 3 Month+1.38%), 05/16/24

    4,855       4,854,901  

HSBC Holdings Plc

5.32% (SOFR+0.58%), 11/22/24

    3,500       3,451,665  
5.92% (ICE LIBOR USD 3 Month+1.00%), 05/18/24     7,095       7,096,791  
6.22% (SOFR+1.43%), 03/10/26     12,150       12,153,133  
6.38% (ICE LIBOR USD 3 Month+1.23%), 03/11/25     3,500       3,508,324  
6.53% (ICE LIBOR USD 3 Month+1.38%), 09/12/26     18,292       18,282,935  
    Par  
(000’s)
    Value  
United Kingdom (continued)                

NatWest Group Plc

6.68% (ICE LIBOR USD 3 Month+1.55%), 06/25/24

  $ 5,620     $ 5,619,878  

NatWest Markets Plc 144A

6.28% (SOFR+1.45%), 03/22/25

    3,780       3,770,893  

Standard Chartered Plc 144A

5.68% (SOFR+0.93%), 11/23/25

    12,344       12,154,867  
6.58% (SOFR+1.74%), 03/30/26     12,350       12,399,995  

UBS AG 144A

5.16% (SOFR+0.45%), 08/09/24

    7,375       7,330,963  
              94,450,804  
United States: 63.6%                

American Electric Power Co., Inc.

5.78% (ICE LIBOR USD 3 Month+0.48%), 11/01/23

    1,700       1,697,418  

American Express Co.

4.92% (SOFR Compound Index+0.23%), 11/03/23

    1,691       1,686,346  
5.34% (SOFR Compound Index+0.65%), 11/04/26     12,338       12,142,238  
5.41% (SOFR Compound Index+0.72%), 05/03/24     1,575       1,575,705  
5.71% (SOFR+0.93%), 03/04/25     3,720       3,720,424  

Analog Devices, Inc.

5.09% (SOFR+0.25%), 10/01/24

    3,854       3,828,186  

AT&T, Inc.

5.48% (SOFR Compound Index+0.64%), 03/25/24

    2,375       2,371,162  
6.33% (ICE LIBOR USD 3 Month+1.18%), 06/12/24     11,874       11,948,659  

Athene Global Funding 144A

5.45% (SOFR Compound Index+0.70%), 05/24/24

    4,933       4,882,826  

Bank of America Corp.

5.27% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24

    9,190       9,171,344  
5.36% (SOFR+0.66%), 02/04/25     5,534       5,497,397  
5.53% (SOFR+0.69%), 04/22/25     4,468       4,434,537  
5.57% (SOFR+0.73%), 10/24/24     3,738       3,729,583  
5.58% (ICE LIBOR USD 3 Month+0.77%), 02/05/26     22,546       22,543,030  
5.75% (SOFR+1.05%), 02/04/28     19,943       19,655,071  
5.94% (SOFR+1.10%), 04/25/25     3,825       3,814,276  
6.17% (SOFR+1.33%), 04/02/26 †     12,325       12,343,650  


 

See Notes to Financial Statements

55

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
United States (continued)                
6.23% (ICE LIBOR USD 3 Month+0.96%), 07/23/24   $ 3,720     $ 3,720,757  

BMW US Capital LLC 144A

5.10% (SOFR Compound Index+0.38%), 08/12/24

    5,610       5,579,068  
5.37% (SOFR Compound Index+0.53%), 04/01/24     2,379       2,372,980  

Capital One Financial Corp.

5.48% (SOFR+0.69%), 12/06/24 †

    6,757       6,616,222  

Caterpillar Financial Services Corp.

4.98% (SOFR+0.24%), 05/17/24

    1,962       1,956,011  
5.07% (SOFR+0.27%), 09/13/24     5,016       4,994,071  
5.17% (SOFR+0.45%), 11/13/23     1,360       1,360,597  

CenterPoint Energy, Inc.

5.37% (SOFR Compound Index+0.65%), 05/13/24

    2,283       2,272,932  

Charles Schwab Corp.

5.24% (SOFR Compound Index+0.52%), 05/13/26

    12,313       11,821,740  
5.32% (SOFR Compound Index+0.50%), 03/18/24     3,948       3,907,014  
5.83% (SOFR Compound Index+1.05%), 03/03/27     12,337       11,873,824  

Citigroup, Inc.

5.51% (SOFR+0.67%), 05/01/25

    12,309       12,212,200  
5.51% (ICE LIBOR USD 3 Month+0.55%), 08/25/36     12,880       10,318,128  
5.53% (SOFR+0.69%), 01/25/26     12,477       12,296,823  
5.98% (ICE LIBOR USD 3 Month+1.10%), 05/17/24     4,777       4,778,878  
5.99% (ICE LIBOR USD 3 Month+1.02%), 06/01/24     7,380       7,379,491  
6.04% (SOFR+1.28%), 02/24/28     19,785       19,758,001  
6.13% (SOFR+1.37%), 05/24/25     12,360       12,377,338  
6.35% (SOFR+1.53%), 03/17/26     12,332       12,424,964  
6.43% (ICE LIBOR USD 3 Month+1.25%), 07/01/26     16,007       16,077,005  

Comcast Corp.

5.89% (ICE LIBOR USD 3 Month+0.63%), 04/15/24

    1,749       1,752,715  

Credit Suisse AG

5.23% (SOFR Compound Index+0.39%), 02/02/24

    2,925       2,831,732  

Daimler Truck Finance North America LLC 144A

5.84% (SOFR+1.00%), 04/05/24

    1,735       1,733,030  
Deutsche Bank NY                
    Par  
(000’s
)   Value  
United States (continued)                
5.20% (SOFR+0.50%), 11/08/23   $ 2,075     $ 2,056,399  

Florida Power & Light Co.

5.22% (SOFR Compound Index+0.38%), 01/12/24

    3,190       3,177,537  

GA Global Funding Trust 144A

5.30% (SOFR+0.50%), 09/13/24

    3,825       3,713,524  

General Electric Co.

5.19% (ICE LIBOR USD 3 Month+0.38%), 05/05/26

    22,222       22,026,774  

General Motors Financial Co., Inc.

5.93% (SOFR+1.20%), 11/17/23

    2,175       2,173,373  

Goldman Sachs Group, Inc.

5.54% (SOFR+0.70%), 01/24/25

    4,495       4,472,872  
6.03% (ICE LIBOR USD 3 Month+1.17%), 05/15/26     22,831       22,807,081  
6.55% (ICE LIBOR USD 3 Month+1.60%), 11/29/23     5,496       5,520,690  
7.02% (ICE LIBOR USD 3 Month+1.75%), 10/28/27     21,995       22,397,031  

Hartford Financial Services Group, Inc.

144A 6.99% (ICE LIBOR USD 3 Month+2.12%), 02/12/47

    12,372       10,114,110  

Jackson National Life Global Funding 144A

5.99% (SOFR+1.15%), 06/28/24

    6,400       6,378,100  

John Deere Capital Corp.

5.04% (SOFR+0.20%), 10/11/24

    4,575       4,544,513  

JPMorgan Chase & Co.

5.31% (SOFR+0.54%), 06/01/25

    12,340       12,223,167  
5.41% (SOFR+0.58%), 06/23/25     12,335       12,206,287  
5.60% (SOFR+0.77%), 09/22/27     12,251       12,046,559  
5.67% (SOFR+0.92%), 02/24/26     18,436       18,342,384  
5.72% (SOFR+0.89%), 04/22/27 †     12,325       12,162,070  
5.77% (SOFR+0.97%), 06/14/25     12,323       12,342,600  
5.93% (SOFR+1.18%), 02/24/28     26,030       26,072,573  
6.06% (ICE LIBOR USD 3 Month+0.85%), 01/10/25     3,700       3,692,148  
6.16% (ICE LIBOR USD 3 Month+0.89%), 07/23/24     7,372       7,375,104  
6.16% (SOFR+1.32%), 04/26/26     12,380       12,415,911  
Lincoln National Corp.                


 

See Notes to Financial Statements

56

 

 

    Par  
(000’s
)   Value  
United States (continued)                
7.23% (ICE LIBOR USD 3 Month+2.36%), 05/17/66   $ 14,257     $ 9,017,553  

MassMutual Global Funding II 144A

5.11% (SOFR+0.27%), 10/21/24

    3,735       3,709,327  

Metropolitan Life Global Funding I 144A

5.14% (SOFR+0.30%), 09/27/24

    3,730       3,705,491  
5.16% (SOFR+0.32%), 01/07/24     2,040       2,035,243  

Morgan Stanley

5.46% (SOFR+0.62%), 01/24/25

    7,850       7,772,087  
5.70% (SOFR+0.95%), 02/18/26     18,490       18,373,080  
6.00% (SOFR+1.17%), 04/17/25     4,910       4,915,135  
6.06% (ICE LIBOR USD 3 Month+1.22%), 05/08/24     5,570       5,570,370  

NextEra Energy Capital Holdings, Inc.

5.09% (SOFR Compound Index+0.40%), 11/03/23

    3,905       3,895,431  

Public Storage

5.31% (SOFR+0.47%), 04/23/24

    2,324       2,317,101  

Roche Holdings, Inc.

144A 5.36% (SOFR+0.56%), 03/10/25

    5,675       5,665,160  

Starbucks Corp.

5.14% (SOFR Compound Index+0.42%), 02/14/24

    1,663       1,662,217  

Thermo Fisher Scientific, Inc.

5.37% (SOFR Compound Index+0.53%), 10/18/24

    3,773       3,773,157  

Toyota Motor Credit Corp.

5.09% (SOFR+0.29%), 09/13/24

    4,440       4,407,289  
5.17% (SOFR Compound Index+0.33%), 01/11/24     2,409       2,403,128  
5.20% (SOFR+0.38%), 02/22/24     4,750       4,735,051  
5.49% (SOFR Compound Index+0.65%), 12/29/23     2,050       2,049,325  
    Par  
(000’s
)   Value  
United States (continued)                
5.56% (SOFR+0.75%), 12/11/23   $ 4,725     $ 4,731,128  

Truist Bank

5.04% (SOFR+0.20%), 01/17/24

    3,950       3,903,819  

Truist Financial Corp.

5.19% (SOFR+0.40%), 06/09/25

    23,549       22,670,491  

United Parcel Service, Inc.

4.44% (SOFR Compound Index+(0.35)%), 03/15/73

    13,150       13,095,644  

Verizon Communications, Inc.

5.61% (SOFR Compound Index+0.79%), 03/20/26

    18,039       17,923,196  
5.96% (ICE LIBOR USD 3 Month+1.10%), 05/15/25     22,759       22,917,670  

Volkswagen Group of America Finance LLC 144A

5.73% (SOFR+0.95%), 06/07/24

    3,850       3,858,194  

Warnermedia Holdings, Inc. 144A

6.59% (SOFR Compound Index+1.78%), 03/15/24

    1,575       1,584,095  

Wells Fargo & Co.

6.16% (SOFR+1.32%), 04/25/26

    18,732       18,800,411  
              729,208,973  
Total Floating Rate Notes
(Cost: $1,138,059,104)
            1,129,642,796  
                 
      Number
of Shares
         
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%        
Money Market Fund: 0.3%
(Cost: $3,402,096)
               
State Street Navigator Securities Lending Government Money Market Portfolio     3,402,096       3,402,096  
Total Investments: 98.8%
(Cost: $1,141,461,200)
            1,133,044,892  
Other assets less liabilities: 1.2%     13,275,960  
NET ASSETS: 100.0%           $ 1,146,320,852  


 

 

Definitions:

 

LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate
USD United States Dollar

 

See Notes to Financial Statements

57

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $3,317,907.
   
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 $260,980,173, or 22.8% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials     86.6 %      $ 977,946,981  
Technology     5.9       66,342,539  
Industrials     2.6       29,358,372  
Consumer Non-Cyclicals     1.9       22,026,774  
Utilities     1.0       11,043,319  
Consumer Cyclicals     0.8       9,277,879  
Healthcare     0.7       7,890,308  
Energy     0.3       3,439,522  
Real Estate     0.2       2,317,102  
      100.0 %   $ 1,129,642,796  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Floating Rate Notes *   $     $ 1,129,642,796     $     $ 1,129,642,796  
Money Market Fund     3,402,096                   3,402,096  
Total Investments   $ 3,402,096     $ 1,129,642,796     $     $ 1,133,044,892  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

58

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
CORPORATE BONDS: 97.9%              
Argentina: 1.0%                

MercadoLibre, Inc.

3.12%, 01/14/31

  USD 100     $ 77,602  
Pampa Energia SA 144A                

7.50%, 01/24/27

  USD 50       43,557  
9.12%, 04/15/29   USD 50       43,560  

Pan American Energy LLC 144A

9.12%, 04/30/27

  USD 40       41,749  

Telecom Argentina SA 144A

8.00%, 07/18/26

  USD 50       44,483  

Transportadora de Gas del Sur SA 144A

6.75%, 05/02/25

  USD 80       69,906  

YPF Energia Electrica SA 144A

10.00%, 07/25/26

  USD 35       30,135  
YPF SA 144A                
6.95%, 07/21/27   USD 50       36,051  
7.00%, 12/15/47   USD 25       15,360  
8.50%, 03/23/25   USD 25       22,875  
8.50%, 07/28/25   USD 75       62,556  
8.50%, 06/27/29   USD 85       63,365  
9.00%, 02/12/26 (s)   USD 46       43,675  
9.00%, 06/30/29 (s)   USD 75       59,902  
              654,776  
Australia: 1.0%                
FMG Resources August 2006 Pty Ltd. 144A                
4.38%, 04/01/31   USD 100       86,982  
4.50%, 09/15/27   USD 25       23,787  
5.12%, 05/15/24   USD 75       74,634  
6.12%, 04/15/32   USD 100       96,906  

Infrabuild Australia Pty Ltd. 144A

12.00%, 10/01/24

  USD 30       28,703  
Mineral Resources Ltd. 144A                
8.12%, 05/01/27   USD 100       100,974  
8.50%, 05/01/30   USD 100       101,858  

Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A

5.00%, 01/27/30

  USD 30       26,693  

Perenti Finance Pty Ltd. 144A

6.50%, 10/07/25

  USD 95       92,506  
              633,043  
Austria: 0.1%                

ams-OSRAM AG 144A

7.00%, 07/31/25 †

  USD 100       93,513  
Belgium: 0.4%                

Azelis Finance NV Reg S

5.75%, 03/15/28

  EUR 100       111,220  

La Financiere Atalian SASU Reg S

4.00%, 05/15/24

  EUR 100       80,700  
Ontex Group NV Reg S                
    Par  
(000’s
)   Value  
Belgium (continued)                
3.50%, 07/15/26   EUR 100     $ 98,062  
              289,982  
Bermuda: 0.2%                

Digicel Group Holdings Ltd. 144A

8.00%, 04/01/25

  USD 63       25,182  
Digicel International Finance Ltd. / Digicel International Holdings Ltd. 144A                
8.75%, 05/25/24   USD 50       45,328  
13.00%, 12/31/25   USD 75       48,937  

Investment Energy Resources Ltd. 144A

6.25%, 04/26/29

  USD 50       46,304  
              165,751  
Brazil: 5.9%                

Adecoagro SA 144A

6.00%, 09/21/27

  USD 50       46,923  

Amaggi Luxembourg International Sarl 144A

5.25%, 01/28/28

  USD 50       46,568  

Arcos Dorados Holdings, Inc. 144A

5.88%, 04/04/27

  USD 105       102,687  

Azul Investments LLP 144A

5.88%, 10/26/24

  USD 50       39,524  

B3 SA - Brasil Bolsa Balcao 144A

4.12%, 09/20/31

  USD 50       41,832  

Banco Bradesco SA 144A

3.20%, 01/27/25

  USD 100       95,744  

Banco BTG Pactual SA 144A

4.50%, 01/10/25

  USD 100       97,167  

Banco do Brasil SA 144A

4.62%, 01/15/25

  USD 50       49,096  

Banco Votorantim SA 144A

4.38%, 07/29/25

  USD 100       96,479  

Braskem Idesa SAPI 144A

7.45%, 11/15/29

  USD 200       158,428  

Braskem Netherlands Finance BV 144A

8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81

  USD 50       49,790  

BRF SA 144A

4.75%, 05/22/24

  USD 100       97,180  

Cemig Geracao e Transmissao SA 144A

9.25%, 12/05/24

  USD 50       51,305  

Centrais Eletricas Brasileiras SA 144A

4.62%, 02/04/30

  USD 100       86,290  

Cosan Luxembourg SA 144A

7.00%, 01/20/27

  USD 50       50,095  

Cosan SA 144A

5.50%, 09/20/29

  USD 50       44,944  

CSN Inova Ventures 144A

6.75%, 01/28/28 †

  USD 100       95,167  


 

See Notes to Financial Statements

59

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Brazil (continued)                
Embraer Netherlands Finance BV                
5.05%, 06/15/25   USD 100     $ 98,631  
5.40%, 02/01/27   USD 75       72,231  

FS Luxembourg Sarl 144A

10.00%, 12/15/25

  USD 50       49,812  

Globo Comunicacao e Participacoes SA 144A

4.88%, 01/22/30

  USD 100       80,233  

Gol Finance SA 144A

7.00%, 01/31/25

  USD 100       48,334  

Guara Norte Sarl 144A

5.20%, 06/15/34

  USD 91       77,647  

InterCement Financial Operations BV 144A

5.75%, 07/17/24

  USD 50       34,339  
Itau Unibanco Holding SA 144A                
3.25%, 01/24/25   USD 25       24,235  
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31   USD 25       23,500  
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29   USD 100       95,949  
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)   USD 50       39,141  
Klabin Austria GmbH 144A                
5.75%, 04/03/29   USD 100       97,969  
7.00%, 04/03/49   USD 50       48,374  

Light Servicos de Eletricidade SA / Light Energia SA 144A

4.38%, 06/18/26

  USD 50       18,760  

MARB BondCo Plc 144A

3.95%, 01/29/31

  USD 100       73,546  

MV24 Capital BV 144A

6.75%, 06/01/34

  USD 86       76,582  

Natura Cosmeticos SA 144A

4.12%, 05/03/28

  USD 100       83,489  

NBM US Holdings, Inc. 144A

7.00%, 05/14/26

  USD 100       97,449  

Nexa Resources SA 144A

6.50%, 01/18/28

  USD 100       97,892  
Petrobras Global Finance BV                
5.09%, 01/15/30   USD 50       47,178  
5.30%, 01/27/25   USD 100       99,565  
5.50%, 06/10/51   USD 50       39,565  
5.60%, 01/03/31 †   USD 75       72,101  
5.62%, 05/20/43   USD 50       42,855  
5.75%, 02/01/29   USD 50       49,276  
6.00%, 01/27/28   USD 75       75,225  
6.75%, 01/27/41   USD 50       47,880  
6.75%, 06/03/50   USD 50       45,235  
6.85%, 06/05/15   USD 125       109,549  
6.88%, 01/20/40   USD 50       48,332  
6.90%, 03/19/49   USD 75       69,353  
7.25%, 03/17/44   USD 75       74,116  
    Par  
(000’s
)   Value  
Brazil (continued)                
7.38%, 01/17/27   USD 50     $ 52,060  
8.75%, 05/23/26   USD 50       54,235  

Rede D’or Finance Sarl 144A

4.50%, 01/22/30 †

  USD 100       84,905  

Rio Oil Finance Trust Series 2014-1 144A

9.25%, 07/06/24

  USD 56       56,438  

Rumo Luxembourg Sarl 144A

5.25%, 01/10/28

  USD 100       93,125  

Ultrapar International SA 144A

5.25%, 06/06/29

  USD 100       93,734  

Unigel Luxembourg SA 144A

8.75%, 10/01/26

  USD 50       46,162  

Usiminas International Sarl 144A

5.88%, 07/18/26

  USD 50       48,636  

XP, Inc. 144A

3.25%, 07/01/26

  USD 50       44,417  
              3,881,274  
British Virgin Islands: 0.3%                

New Metro Global Ltd. Reg S

4.50%, 05/02/26

  USD 200       116,812  

Sino-Ocean Land Treasure Finance II Ltd. Reg S

5.95%, 02/04/27

  USD 200       52,332  
              169,144  
Bulgaria: 0.2%                

Bulgarian Energy Holding EAD Reg S

3.50%, 06/28/25

  EUR 100       105,096  
Burkina Faso: 0.0%                

IAMGOLD Corp. 144A

5.75%, 10/15/28

  USD 25       19,773  
Canada: 7.3%                
1011778 BC ULC / New Red Finance, Inc. 144A                
3.50%, 02/15/29   USD 65       58,500  
3.88%, 01/15/28   USD 125       117,416  
4.00%, 10/15/30   USD 175       152,929  
4.38%, 01/15/28   USD 100       93,610  
5.75%, 04/15/25   USD 25       25,082  

Air Canada

4.62%, 08/15/29

  CAD 50       32,810  
Air Canada 144A                
3.88%, 08/15/26   USD 50       46,347  
4.62%, 08/15/29 †   CAD 125       81,737  
Algonquin Power & Utilities Corp.                
4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82   USD 50       40,494  
5.25% (Generic Canadian 5 Year+3.72%), 01/18/82   CAD 50       29,499  

AltaGas Ltd.

7.35% (Generic Canadian 5 Year+4.54%), 08/17/82

  CAD 25       17,933  


 

See Notes to Financial Statements

60

 

 

    Par  
(000’s
)   Value  
Canada (continued)                

ATS Automation Tooling Systems, Inc. 144A

4.12%, 12/15/28

  USD 25     $ 22,414  

Azure Power Solar Energy Private Ltd. 144A

5.65%, 12/24/24

  USD 50       42,800  

Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A

8.75%, 07/15/26

  USD 50       48,327  
Baytex Energy Corp. 144A                
8.50%, 04/30/30   USD 50       50,322  
8.75%, 04/01/27 †   USD 40       41,209  
Bombardier, Inc. 144A                
7.12%, 06/15/26   USD 75       74,843  
7.50%, 03/15/25   USD 87       87,116  
7.50%, 02/01/29   USD 75       73,847  
7.88%, 04/15/27   USD 175       174,687  
Brookfield Property Finance ULC                
3.93%, 08/24/25   CAD 50       33,725  
3.93%, 01/15/27   CAD 50       31,791  
7.12%, 02/13/28   CAD 75       52,183  

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A

6.25%, 09/15/27

  USD 100       91,764  

Capital Power Corp.

7.95% (Generic Canadian 5 Year+5.34%), 09/09/82

  CAD 50       36,398  

Cascades, Inc. / Cascades USA, Inc. 144A

5.38%, 01/15/28

  USD 25       23,750  

Corus Entertainment, Inc. Reg S

5.00%, 05/11/28

  CAD 75       40,851  

Eldorado Gold Corp. 144A

6.25%, 09/01/29

  USD 50       46,546  

Emera, Inc.

6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76

  USD 75       71,712  

Empire Communities Corp.

144A 7.00%, 12/15/25 †

  USD 25       22,903  

Enerflex Ltd. 144A

9.00%, 10/15/27

  USD 40       39,906  
Garda World Security Corp. 144A                
6.00%, 06/01/29   USD 50       41,170  
9.50%, 11/01/27   USD 50       47,981  
GFL Environmental, Inc. 144A                
3.50%, 09/01/28   USD 50       45,503  
3.75%, 08/01/25   USD 75       72,596  
4.25%, 06/01/25   USD 50       48,709  
4.38%, 08/15/29   USD 50       45,302  
4.75%, 06/15/29   USD 50       46,585  
5.12%, 12/15/26   USD 75       73,894  
    Par  
(000’s
)   Value  
Canada (continued)                
Gibson Energy, Inc.                
2.85%, 07/14/27   CAD 25     $ 17,105  
3.60%, 09/17/29   CAD 75       51,492  
goeasy Ltd. 144A                
4.38%, 05/01/26   USD 25       21,963  
5.38%, 12/01/24   USD 50       47,542  

Hudbay Minerals, Inc. 144A

4.50%, 04/01/26

  USD 50       46,608  

Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A

6.00%, 09/15/28

  USD 40       33,349  

Inter Pipeline Ltd.

6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79

  CAD 65       45,936  

Jones Deslauriers Insurance Management, Inc. 144A

8.50%, 03/15/30

  USD 75       75,961  

Keyera Corp.

6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79

  CAD 75       53,090  

Laurentian Bank of Canada

5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32

  CAD 25       17,671  

Lightstream Resources Ltd. 144A

8.62%, 02/01/20 (d) *∞

  USD 256       0  
Mattamy Group Corp. 144A                
4.62%, 03/01/30   USD 50       43,891  
5.25%, 12/15/27   USD 25       23,296  
MEG Energy Corp. 144A                
5.88%, 02/01/29   USD 50       48,059  
7.12%, 02/01/27   USD 25       25,658  

Mercer International, Inc.

5.12%, 02/01/29

  USD 50       41,809  
Methanex Corp.                
5.12%, 10/15/27   USD 75       71,722  
5.25%, 12/15/29   USD 75       70,480  

New Gold, Inc. 144A

7.50%, 07/15/27

  USD 25       24,122  

Northriver Midstream Finance LP 144A

5.62%, 02/15/26

  USD 50       46,998  
NOVA Chemicals Corp. 144A                
4.25%, 05/15/29 †   USD 50       40,484  
4.88%, 06/01/24   USD 75       73,916  
5.00%, 05/01/25   USD 50       48,575  
5.25%, 06/01/27   USD 75       67,966  
Open Text Corp. 144A                
3.88%, 02/15/28   USD 150       133,178  
3.88%, 12/01/29   USD 50       42,084  

Parkland Corp.

6.00%, 06/23/28

  CAD 50       36,112  
Parkland Corp. 144A                


 

See Notes to Financial Statements

61

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Canada (continued)                
4.50%, 10/01/29   USD 100     $ 87,738  
5.88%, 07/15/27   USD 100       97,509  

Pembina Pipeline Corp.

4.80% (Generic Canadian 5 Year+4.17%), 01/25/81

  CAD 50       30,636  

Precision Drilling Corp. 144A

7.12%, 01/15/26

  USD 50       48,621  

Rogers Communications, Inc.

5.00% (Generic Canadian 5 Year+3.58%), 12/17/81

  CAD 150       100,471  

Rogers Communications, Inc. 144A

5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82

  USD 50       45,228  

SIG Combibloc PurchaseCo Sarl Reg S

2.12%, 06/18/25

  EUR 100       106,581  

SNC-Lavalin Group, Inc.

7.00%, 06/12/26

  CAD 50       37,562  

Strathcona Resources Ltd. 144A

6.88%, 08/01/26

  USD 50       42,340  

Superior Plus LP / Superior General Partner, Inc. 144A

4.50%, 03/15/29

  USD 75       66,508  

Taseko Mines Ltd. 144A

7.00%, 02/15/26

  USD 25       23,087  

Teine Energy Ltd. 144A

6.88%, 04/15/29

  USD 25       22,898  

Telesat Canada / Telesat LLC 144A

5.62%, 12/06/26

  USD 25       13,987  

Terraform Global Operating LP 144A

6.12%, 03/01/26

  USD 25       24,000  

Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A

7.75%, 04/15/26

  USD 50       44,566  
TransAlta Corp.                
6.50%, 03/15/40   USD 25       23,389  
7.75%, 11/15/29   USD 50       52,565  

Trivium Packaging Finance BV Reg S

3.75%, 08/15/26

  EUR 200       203,967  
Vermilion Energy, Inc. 144A                
5.62%, 03/15/25   USD 25       24,624  
6.88%, 05/01/30   USD 25       23,224  
Videotron Ltd.                
3.12%, 01/15/31   CAD 125       73,724  
4.50%, 01/15/30   CAD 75       49,465  
5.62%, 06/15/25   CAD 75       55,022  

Videotron Ltd. 144A

3.62%, 06/15/28

  CAD 100       64,856  
              4,836,826  
Cayman Islands: 0.9%                

Arabian Centres Sukuk II Ltd. 144A

5.62%, 10/07/26

  USD 100       93,405  
    Par  
(000’s
)   Value  
Cayman Islands (continued)                
Banco do Brasil SA 144A                
3.25%, 09/30/26   USD 50     $ 46,541  
4.88%, 01/11/29   USD 50       47,462  
6.25%, 04/18/30   USD 100       99,550  

CT Trust 144A

5.12%, 02/03/32

  USD 100       82,595  

Dar Al-Arkan Sukuk Co. Ltd. Reg S

7.75%, 02/07/26

  USD 200       202,590  
              572,143  
Chile: 0.3%                

Kenbourne Invest SA 144A

6.88%, 11/26/24

  USD 50       33,063  

Latam Airlines Group SA 144A

13.38%, 10/15/29

  USD 100       105,105  

VTR Comunicaciones SpA 144A

5.12%, 01/15/28

  USD 100       55,950  
              194,118  
China: 2.2%                

Bank of Communications Co. Ltd. Reg S

3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)

  USD 200       193,041  

Country Garden Holdings Co. Ltd. Reg S

3.30%, 01/12/31

  USD 400       156,648  

ENN Clean Energy International Investment Ltd. 144A

3.38%, 05/12/26

  USD 200       178,815  

Fortune Star BVI Ltd. Reg S

5.95%, 10/19/25

  USD 200       147,000  

Global Aircraft Leasing Co. Ltd. 144A

6.50%, 09/15/24

  USD 119       106,305  

Greenland Global Investment Ltd. Reg S

5.88%, 07/03/26

  USD 200       47,000  

Industrial & Commercial Bank of China Ltd. Reg S

3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)

  USD 500       469,227  

West China Cement Ltd. Reg S

4.95%, 07/08/26

  USD 200       157,792  
              1,455,828  
Colombia: 2.4%                

Avianca Midco 2 Plc 144A

9.00%, 12/01/28

  USD 75       62,363  

Banco de Bogota SA 144A

6.25%, 05/12/26

  USD 100       97,227  
Bancolombia SA                


 

See Notes to Financial Statements

62

 

 

    Par  
(000’s
)   Value  
Colombia (continued)                
4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29   USD 50     $ 42,567  
Ecopetrol SA                
4.12%, 01/16/25   USD 100       96,019  
4.62%, 11/02/31   USD 75       56,315  
5.38%, 06/26/26   USD 100       94,811  
5.88%, 05/28/45   USD 125       81,714  
5.88%, 11/02/51   USD 50       31,737  
6.88%, 04/29/30   USD 125       113,029  
7.38%, 09/18/43   USD 50       40,263  
8.88%, 01/13/33   USD 175       169,804  

Empresas Publicas de Medellin ESP 144A

4.25%, 07/18/29

  USD 75       58,970  

Gran Tierra Energy International Holdings Ltd. 144A

6.25%, 02/15/25

  USD 25       21,403  

Grupo Aval Ltd. 144A

4.38%, 02/04/30

  USD 100       76,631  

Grupo de Inversiones Suramericana SA 144A

5.50%, 04/29/26

  USD 100       95,630  
Millicom International Cellular SA 144A                
5.12%, 01/15/28   USD 5       4,760  
6.25%, 03/25/29   USD 54       48,454  

Oleoducto Central SA 144A

4.00%, 07/14/27

  USD 100       88,706  

Orazul Energy Peru SA 144A

5.62%, 04/28/27

  USD 50       44,658  

Telecomunicaciones Digitales SA 144A

4.50%, 01/30/30

  USD 100       82,090  

Telefonica Celular del Paraguay SA 144A

5.88%, 04/15/27

  USD 100       92,365  

Termocandelaria Power Ltd. 144A

7.88%, 01/30/29

  USD 78       68,436  
              1,567,952  
Costa Rica: 0.1%                

Instituto Costarricense de Electricidad 144A

6.38%, 05/15/43

  USD 100       82,750  
Cyprus: 0.2%                

MHP Lux SA 144A

6.95%, 04/03/26

  USD 100       52,250  

Vivion Investments Sarl Reg S

3.00%, 08/08/24

  EUR 100       80,883  
              133,133  
Czech Republic: 0.5%                

Allwyn International AS Reg S

3.88%, 02/15/27

  EUR 100       103,042  
CPI Property Group SA Reg S                
    Par  
(000’s
)   Value  
Czech Republic (continued)                
4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o)   EUR 100     $ 42,918  

Energo-Pro AS Reg S

4.50%, 05/04/24

  EUR 100       107,201  

EP Infrastructure AS Reg S

1.70%, 07/30/26

  EUR 100       95,891  
              349,052  
Finland: 0.4%                

Huhtamaki Oyj Reg S

4.25%, 06/09/27

  EUR 100       108,219  

Teollisuuden Voima Oyj Reg S

2.12%, 02/04/25

  EUR 175       187,518  
              295,737  
France: 8.7%                
Accor SA Reg S                
2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o)   EUR 100       101,547  
3.00%, 02/04/26   EUR 100       106,615  
Altice France SA 144A                
5.12%, 01/15/29   USD 75       55,495  
5.12%, 07/15/29   USD 200       148,050  
5.50%, 10/15/29   USD 175       131,159  

Altice France SA Reg S

5.88%, 02/01/27

  EUR 100       95,986  

Atos SE Reg S

1.75%, 05/07/25

  EUR 100       98,238  

Banijay Entertainment SASU 144A

5.38%, 03/01/25

  USD 100       97,624  

CAB Selas Reg S

3.38%, 02/01/28

  EUR 100       88,369  

Casino Guichard Perrachon SA Reg S

4.05%, 08/05/26

  EUR 100       22,192  

CGG SA 144A

8.75%, 04/01/27 †

  USD 100       86,540  

Chrome Bidco SASU Reg S

3.50%, 05/31/28

  EUR 100       89,582  

Constellium SE 144A

3.75%, 04/15/29 †

  USD 100       86,162  

eircom Finance DAC Reg S

3.50%, 05/15/26

  EUR 100       104,534  
Electricite de France SA Reg S                
3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o)   EUR 200       164,810  
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o)   EUR 200       211,866  
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o)   EUR 100       102,055  
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o)   EUR 200       212,452  
6.00% (BPSWS13+4.23%), 12/29/49 (o)   GBP 100       112,347  
Elis SA Reg S                


 

See Notes to Financial Statements

63

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
France (continued)                
1.62%, 04/03/28   EUR 100     $ 97,848  

Emeria SASU Reg S

3.38%, 03/31/28

  EUR 100       86,753  
Faurecia SE Reg S                
2.38%, 06/15/27   EUR 100       95,763  
2.62%, 06/15/25   EUR 100       105,506  
2.75%, 02/15/27   EUR 100       98,324  
3.12%, 06/15/26   EUR 100       103,833  

Fnac Darty SA Reg S

2.62%, 05/30/26

  EUR 100       105,066  

Getlink SE Reg S

3.50%, 10/30/25

  EUR 100       107,640  
Iliad Holding SASU 144A                
6.50%, 10/15/26   USD 200       192,622  
7.00%, 10/15/28   USD 100       94,714  
Iliad Holding SASU Reg S                
5.12%, 10/15/26   EUR 100       105,225  
5.62%, 10/15/28   EUR 100       101,126  

iliad SA Reg S

5.38%, 06/14/27

  EUR 100       108,914  

La Poste SA Reg S

3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o)

  EUR 100       102,124  
Loxam SAS Reg S                
3.25%, 01/14/25   EUR 100       108,121  
3.75%, 07/15/26   EUR 100       104,294  

Matterhorn Telecom SA Reg S

3.12%, 09/15/26

  EUR 100       101,872  

Paprec Holding SA Reg S

4.00%, 03/31/25

  EUR 100       108,486  

Picard Groupe SAS Reg S

3.88%, 07/01/26

  EUR 100       98,588  

RCI Banque SA Reg S

2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30

  EUR 100       101,995  
Renault SA Reg S                
1.00%, 11/28/25   EUR 50       51,462  
1.25%, 06/24/25   EUR 100       103,089  
2.00%, 09/28/26   EUR 100       98,891  
2.38%, 05/25/26   EUR 100       101,225  

Rexel SA Reg S

2.12%, 06/15/28

  EUR 100       97,448  

Solvay Finance SACA Reg S

5.87% (EUR Swap Annual 5 Year+5.22%), 12/29/49 (o)

  EUR 100       110,188  

SPCM SA Reg S

2.62%, 02/01/29

  EUR 100       95,993  

SPIE SA Reg S

2.62%, 06/18/26

  EUR 100       104,770  

Tereos Finance Groupe I SA Reg S

7.50%, 10/30/25

  EUR 100       113,880  
Valeo Reg S                
1.00%, 08/03/28   EUR 100       89,316  
5.38%, 05/28/27   EUR 100       110,765  

Vallourec SA Reg S

8.50%, 06/30/26

  EUR 100       110,400  
    Par  
(000’s
)   Value  
France (continued)                
Veolia Environnement SA Reg S                
2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o)   EUR 100     $ 99,829  
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o)   EUR 100       91,236  

Verallia SA Reg S

1.62%, 05/14/28

  EUR 100       98,033  
              5,720,962  
Germany: 5.7%                
Agps Bondco Plc Reg S                
5.50%, 11/13/26   EUR 100       43,194  
6.00%, 08/05/25   EUR 100       46,837  
Bayer AG Reg S                
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79   EUR 200       205,633  
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74   EUR 100       107,374  

Bertelsmann SE & Co. KGaA Reg S

3.50% (EUR Swap Annual 5 Year+3.21%), 04/23/75

  EUR 100       100,883  

Cheplapharm Arzneimittel GmbH Reg S

4.38%, 01/15/28

  EUR 100       101,218  
Commerzbank AG Reg S                
4.00%, 03/23/26   EUR 150       161,302  
4.00%, 03/30/27   EUR 140       150,607  
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30   EUR 100       104,546  

CT Investment GmbH Reg S

5.50%, 04/15/26

  EUR 100       98,052  

Deutsche Lufthansa AG

0.25%, 09/06/24

  EUR 150       159,403  
Deutsche Lufthansa AG Reg S                
3.00%, 05/29/26   EUR 100       103,962  
3.75%, 02/11/28   EUR 100       102,914  

Douglas GmbH Reg S

6.00%, 04/08/26

  EUR 100       98,822  

Evonik Industries AG Reg S

1.38% (EUR Swap Annual 5 Year+1.84%), 09/02/81

  EUR 100       92,550  

Gruenenthal GmbH Reg S

3.62%, 11/15/26

  EUR 100       104,369  
IHO Verwaltungs GmbH 144A                
4.75%, 09/15/26   USD 200       180,327  
6.00%, 05/15/27   USD 100       92,480  

Infineon Technologies AG Reg S

3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o)

  EUR 100       100,934  

Mahle GmbH Reg S

2.38%, 05/14/28

  EUR 100       84,594  

Mercer International, Inc.

5.50%, 01/15/26 †

  USD 41       39,413  
Nidda Healthcare Holding GmbH Reg S                


 

See Notes to Financial Statements

64

 

 

    Par  
(000’s
)   Value  
Germany (continued)                
7.50%, 08/21/26   EUR 100     $ 107,602  

Novelis Sheet Ingot GmbH Reg S

3.38%, 04/15/29

  EUR 100       95,552  

ProGroup AG Reg S

3.00%, 03/31/26

  EUR 100       103,801  

Renk AG Reg S

5.75%, 07/15/25

  EUR 100       108,427  

RWE AG Reg S

6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75

  USD 100       99,520  
Schaeffler AG Reg S                
2.88%, 03/26/27   EUR 50       52,302  
3.38%, 10/12/28   EUR 100       99,933  

Tele Columbus AG Reg S

3.88%, 05/02/25

  EUR 100       73,692  

thyssenkrupp AG Reg S

2.50%, 02/25/25

  EUR 50       54,055  

WEPA Hygieneprodukte GmbH Reg S

2.88%, 12/15/27

  EUR 100       93,142  
ZF Europe Finance BV Reg S                
2.00%, 02/23/26   EUR 100       100,846  
3.00%, 10/23/29   EUR 100       92,807  

ZF Finance GmbH Reg S

3.00%, 09/21/25

  EUR 100       105,027  

ZF North America Capital, Inc. 144A

4.75%, 04/29/25

  USD 275       269,016  
              3,735,136  
Ghana: 0.2%                

Kosmos Energy Ltd. 144A

7.12%, 04/04/26

  USD 100       89,498  

Tullow Oil Plc 144A

7.00%, 03/01/25

  USD 100       60,970  
              150,468  
Greece: 1.0%                
Alpha Services and Holdings SA Reg S                
4.25% (EUR Swap Annual 5 Year+4.50%), 02/13/30   EUR 100       89,338  
5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31   EUR 100       90,038  

Eurobank SA Reg S

2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27

  EUR 100       94,877  

Mytilineos Financial Partners SA Reg S

2.50%, 12/01/24

  EUR 100       107,836  

National Bank of Greece SA Reg S

2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26

  EUR 100       101,833  

Piraeus Financial Holdings SA Reg S

5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30

  EUR 100       93,610  
Public Power Corp. SA Reg S                
    Par  
(000’s
)   Value  
Greece (continued)                
4.38%, 03/30/26   EUR 100     $ 105,378  
              682,910  
Guatemala: 0.1%                

Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A

5.25%, 04/27/29

  USD 100       93,343  
Hong Kong: 1.7%                

Agile Group Holdings Ltd. Reg S

7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)

  USD 200       58,226  

Bank of East Asia Ltd. Reg S

5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)

  USD 250       219,062  

China CITIC Bank International Ltd. Reg S

3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)

  USD 250       232,328  

Easy Tactic Ltd.

7.50%, 07/11/27

  USD 200       34,000  
Melco Resorts Finance Ltd. 144A                
4.88%, 06/06/25   USD 100       94,044  
5.38%, 12/04/29   USD 100       83,170  
5.62%, 07/17/27   USD 50       44,709  
5.75%, 07/21/28   USD 50       43,625  

RKPF Overseas 2020 A Ltd. Reg S

5.20%, 01/12/26

  USD 200       127,686  
Studio City Finance Ltd. 144A                
5.00%, 01/15/29   USD 100       78,350  
6.50%, 01/15/28   USD 100       86,322  
              1,101,522  
Hungary: 0.2%                

OTP Bank Nyrt Reg S

2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29

  EUR 100       102,129  
India: 1.4%                

ABJA Investment Co. Pte Ltd. Reg S

5.95%, 07/31/24

  USD 100       99,800  

Delhi International Airport Ltd. 144A

6.45%, 06/04/29

  USD 100       93,975  

GMR Hyderabad International Airport Ltd. 144A

4.25%, 10/27/27

  USD 200       176,500  

JSW Steel Ltd. Reg S

5.95%, 04/18/24

  USD 200       198,400  
Network i2i Ltd. 144A                


 

See Notes to Financial Statements

65

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
India (continued)                
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)   USD 100     $ 96,000  

ReNew Power Pvt Ltd. 144A

5.88%, 03/05/27

  USD 11       10,263  

Tata Motors Ltd. Reg S

5.75%, 10/30/24

  USD 200       197,870  

Vedanta Resources Ltd. 144A

6.12%, 08/09/24

  USD 50       32,549  
              905,357  
Indonesia: 0.7%                

Adaro Indonesia PT 144A

4.25%, 10/31/24

  USD 100       96,264  

Bakrie Telecom Pte Ltd. Reg S

11.50%, 05/07/15 (d) *

  USD 150       1,219  

Indika Energy Capital III Pte Ltd. 144A

5.88%, 11/09/24

  USD 100       97,476  

Medco Bell Pte Ltd. 144A

6.38%, 01/30/27

  USD 200       182,630  

Saka Energi Indonesia PT 144A

4.45%, 05/05/24

  USD 100       97,139  
              474,728  
Ireland: 1.4%                

AerCap Global Aviation Trust 144A

6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45

  USD 50       47,034  

AerCap Holdings NV

5.88% (US Treasury Yield Curve Rate T 5 Year+4.54%), 10/10/79

  USD 50       46,450  

AIB Group Plc Reg S

1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29

  EUR 100       103,552  

Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S

2.12%, 08/15/26

  EUR 100       98,317  
Bank of Ireland Group Plc Reg S                
1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31   EUR 100       95,513  
2.38% (EUR Swap Annual 5 Year+2.80%), 10/14/29   EUR 100       104,952  

C&W Senior Financing DAC 144A

6.88%, 09/15/27

  USD 100       87,611  

Permanent TSB Group Holdings Plc Reg S

3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31

  EUR 100       93,711  

Virgin Media Vendor Financing Notes III DAC Reg S

4.88%, 07/15/28

  GBP 250       259,147  
              936,287  
    Par  
(000’s
)   Value  
Israel: 2.0%                
Leviathan Bond Ltd. 144A Reg S                
6.12%, 06/30/25   USD 50     $ 48,762  
6.50%, 06/30/27   USD 50       47,500  
6.75%, 06/30/30   USD 50       46,477  

Teva Pharmaceutical Finance Co. LLC

6.15%, 02/01/36

  USD 75       68,764  

Teva Pharmaceutical Finance Netherlands II BV

6.00%, 01/31/25

  EUR 100       112,205  

Teva Pharmaceutical Finance Netherlands II BV Reg S

1.12%, 10/15/24

  EUR 100       104,706  
Teva Pharmaceutical Finance Netherlands III BV                
3.15%, 10/01/26   USD 325       293,995  
4.10%, 10/01/46   USD 175       116,820  
4.75%, 05/09/27   USD 100       93,779  
5.12%, 05/09/29 †   USD 100       92,883  
6.75%, 03/01/28   USD 100       99,672  
7.12%, 01/31/25 †   USD 50       51,196  
7.88%, 09/15/29 †   USD 75       78,631  
8.12%, 09/15/31 †   USD 50       52,862  
              1,308,252  
Italy: 7.7%                

Abertis Infraestructuras Finance BV Reg S

3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o)

  EUR 100       98,001  

Azzurra Aeroporti SpA Reg S

2.12%, 05/30/24

  EUR 100       107,632  

Banca IFIS SpA Reg S

6.12%, 01/19/27

  EUR 100       110,681  

Banca Monte dei Paschi di Siena SpA Reg S

3.62%, 09/24/24

  EUR 150       159,422  
Banco BPM SpA Reg S                
1.75%, 01/28/25   EUR 100       105,203  
2.50%, 06/21/24   EUR 100       108,136  
3.25% (EUR Swap Annual 5 Year+3.80%), 01/14/31   EUR 100       99,484  
4.88%, 01/18/27   EUR 100       110,196  
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30   EUR 100       107,476  
BPER Banca Reg S                
1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27   EUR 100       99,273  
1.88%, 07/07/25   EUR 100       104,548  
3.38% (Euribor 3 Month ACT/360+2.45%), 06/30/25   EUR 100       108,922  

Esselunga SpA Reg S

1.88%, 10/25/27

  EUR 100       102,599  

Iccrea Banca SpA Reg S

2.12% (Euribor 3 Month ACT/360+2.28%), 01/17/27

  EUR 100       99,625  
IMA Industria Macchine Automatiche SpA 144A                


 

See Notes to Financial Statements

66

 

 

    Par  
(000’s
)   Value  
Italy (continued)                
3.75%, 01/15/28   EUR 100     $ 96,708  
Infrastrutture Wireless Italiane SpA Reg S                
1.62%, 10/21/28   EUR 100       98,320  
1.88%, 07/08/26   EUR 100       103,918  
Intesa Sanpaolo SpA 144A                
4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32   USD 75       56,916  
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42   USD 50       33,134  
5.02%, 06/26/24   USD 125       121,480  
5.71%, 01/15/26   USD 75       72,266  
Intesa Sanpaolo SpA Reg S                
2.85%, 04/23/25   EUR 100       107,370  
2.92%, 10/14/30   EUR 100       90,416  
3.93%, 09/15/26   EUR 100       109,043  
4.38% (EUR Swap Annual 5 Year+4.75%), 07/12/29   EUR 100       109,018  

Intesa Sanpaolo Vita SpA Reg S

4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o)

  EUR 100       106,398  

Leonardo SpA

4.88%, 03/24/25

  EUR 50       56,198  

Leonardo SpA Reg S

1.50%, 06/07/24

  EUR 100       107,355  
Mundys SpA Reg S                
1.88%, 07/13/27   EUR 100       97,242  
1.88%, 02/12/28   EUR 100       92,478  

Poste Italiane SpA Reg S

2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o)

  EUR 100       84,448  

SACE SPA Reg S

3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o)

  EUR 100       101,543  
Telecom Italia Capital SA                
6.38%, 11/15/33   USD 150       134,316  
7.72%, 06/04/38   USD 100       93,609  

Telecom Italia Finance SA

7.75%, 01/24/33

  EUR 100       117,228  

Telecom Italia SpA

5.25%, 03/17/55

  EUR 100       89,340  
Telecom Italia SpA Reg S                
1.62%, 01/18/29   EUR 100       85,563  
2.38%, 10/12/27   EUR 100       95,099  
2.75%, 04/15/25   EUR 100       104,743  
2.88%, 01/28/26   EUR 100       103,495  
3.00%, 09/30/25   EUR 100       104,411  
3.62%, 05/25/26   EUR 100       105,582  

Terna - Rete Elettrica Nazionale Reg S

2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o)

  EUR 100       92,493  
UniCredit SpA 144A                
    Par  
(000’s
)   Value  
Italy (continued)                
5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35   USD 75     $ 63,979  
UniCredit SpA Reg S                
2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29   EUR 200       205,387  
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32   EUR 200       189,742  

UnipolSai Assicurazioni SpA Reg S

5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o)

  EUR 100       108,812  
Webuild SpA Reg S                
1.75%, 10/26/24   EUR 100       104,521  
5.88%, 12/15/25   EUR 100       107,358  
              5,071,127  
Japan: 2.4%                
Nissan Motor Co. Ltd. 144A                
3.52%, 09/17/25   USD 150       140,382  
4.34%, 09/17/27   USD 225       206,313  
4.81%, 09/17/30   USD 225       198,041  
Rakuten Group, Inc. 144A                
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o)   USD 100       65,317  
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o)   USD 150       87,214  
10.25%, 11/30/24   USD 75       73,920  
SoftBank Group Corp. Reg S                
3.12%, 09/19/25   EUR 100       101,178  
4.75%, 09/19/24   USD 200       192,000  
5.00%, 04/15/28   EUR 200       194,897  
5.12%, 09/19/27   USD 200       175,500  
6.88% (USD ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o)   USD 200       178,300  
              1,613,062  
Jersey, Channel Islands: 0.5%                

eG Global Finance Plc 144A

6.75%, 02/07/25

  USD 200       189,739  

G City Europe Ltd. Reg S

4.25%, 09/11/25

  EUR 100       90,397  

Petrofac Ltd. 144A

9.75%, 11/15/26

  USD 100       70,062  
              350,198  
Kuwait: 0.3%                

Kuwait Projects Co. SPC Ltd. Reg S

4.23%, 10/29/26

  USD 200       177,200  
Luxembourg: 5.4%                

Acu Petroleo Luxembourg Sarl 144A

7.50%, 01/13/32

  USD 50       43,379  

Agps Bondco Plc Reg S

5.00%, 01/14/29

  EUR 100       38,723  
AI Candelaria Spain SA 144A                


 

See Notes to Financial Statements

67

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Luxembourg (continued)                
7.50%, 12/15/28   USD 71     $ 65,539  

Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A

6.12%, 10/15/26

  USD 100       91,266  

Altice Financing SA 144A

5.00%, 01/15/28

  USD 250       202,682  

Altice Financing SA Reg S

3.00%, 01/15/28

  EUR 100       85,836  

Altice Finco SA Reg S

4.75%, 01/15/28

  EUR 100       79,260  
Altice France Holding SA 144A                
6.00%, 02/15/28 †   USD 75       46,262  
10.50%, 05/15/27   USD 150       110,920  
Altice France Holding SA Reg S                
4.00%, 02/15/28   EUR 100       66,907  
8.00%, 05/15/27   EUR 100       79,360  
Altice France SA 144A                
5.50%, 01/15/28   USD 100       78,825  
8.12%, 02/01/27   USD 100       89,383  

Altice France SA Reg S

3.38%, 01/15/28

  EUR 100       84,770  

ARD Finance SA Reg S

5.00%, 06/30/27

  EUR 100       85,036  
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A                
4.12%, 08/15/26   USD 150       141,536  
5.25%, 08/15/27 †   USD 125       107,045  

Arena Luxembourg Finance Sarl Reg S

1.88%, 02/01/28

  EUR 100       87,768  

Centurion Bidco SpA Reg S

5.88%, 09/30/26

  EUR 100       97,745  

Cidron Aida Finco Sarl Reg S

5.00%, 04/01/28

  EUR 100       99,092  

Cirsa Finance International Sarl Reg S

4.50%, 03/15/27

  EUR 100       97,354  

Codere Finance 2 Luxembourg SA Reg S

11.00%, 09/30/26

  EUR 26       24,355  

Consolidated Energy Finance SA 144A

5.62%, 10/15/28

  USD 100       87,998  

CSN Resources SA 144A

4.62%, 06/10/31

  USD 100       77,236  
Energean Israel Finance Ltd. 144A Reg S                
4.88%, 03/30/26   USD 35       32,419  
5.38%, 03/30/28   USD 85       76,210  
5.88%, 03/30/31   USD 35       30,581  

Eurofins Scientific SE Reg S

3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o)

  EUR 100       101,964  
Herens Midco Sarl Reg S                
    Par  
(000’s
)   Value  
Luxembourg (continued)                
5.25%, 05/15/29   EUR 100     $ 74,803  

Kenbourne Invest SA 144A

4.70%, 01/22/28

  USD 50       27,175  

Loarre Investments Sarl Reg S

6.50%, 05/15/29

  EUR 100       104,332  

MC Brazil Downstream Trading Sarl 144A

7.25%, 06/30/31

  USD 97       74,349  

Millicom International Cellular SA 144A

4.50%, 04/27/31 †

  USD 100       77,485  

Minerva Luxembourg SA 144A

4.38%, 03/18/31

  USD 125       98,392  

Movida Europe SA 144A

5.25%, 02/08/31

  USD 100       73,632  

Petrorio Luxembourg Trading Sarl 144A

6.12%, 06/09/26

  USD 50       46,241  

Rossini Sarl Reg S

6.75%, 10/30/25

  EUR 100       111,009  

SES SA Reg S

2.88% (EUR Swap Annual 5 Year+3.19%), 5/27/2026 (o)

  EUR 100       90,311  

Stena International SA 144A

6.12%, 02/01/25

  USD 100       97,095  

Summer BC Holdco B Sarl Reg S

5.75%, 10/31/26

  EUR 100       96,396  

Telenet Finance Luxembourg Notes Sarl Reg S

3.50%, 03/01/28

  EUR 100       100,419  

TK Elevator Midco GmbH Reg S

4.38%, 07/15/27

  EUR 100       98,889  

TK Elevator US Newco, Inc. 144A

5.25%, 07/15/27

  USD 100       93,601  
              3,573,580  
Malta: 0.1%                
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A                
6.38%, 02/01/30   USD 50       43,312  
7.88%, 05/01/27   USD 50       47,552  
              90,864  
Mauritius: 0.6%                

Azure Power Energy Ltd. 144A

3.58%, 08/19/26

  USD 45       34,728  

CA Magnum Holdings 144A

5.38%, 10/31/26

  USD 100       88,172  

Greenko Power II Ltd. 144A

4.30%, 12/13/28

  USD 143       124,511  

HTA Group Ltd. 144A

7.00%, 12/18/25

  USD 100       94,427  
IHS Netherlands Holdco BV 144A                


 

See Notes to Financial Statements

68

 

 

    Par  
(000’s
)   Value  
Mauritius (continued)                
8.00%, 09/18/27   USD 100     $ 88,185  
              430,023  
Mexico: 4.2%                

Alsea SAB de CV 144A

7.75%, 12/14/26

  USD 100       99,413  

Axtel SAB de CV 144A

6.38%, 11/14/24

  USD 82       71,750  

Cemex SAB de CV 144A

3.88%, 07/11/31

  USD 75       62,844  
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)   USD 50       44,335  
5.20%, 09/17/30   USD 75       69,872  
5.45%, 11/19/29   USD 100       95,977  
7.38%, 06/05/27   USD 100       103,806  
9.12% (US Treasury Yield Curve Rate T 5 Year+4.91%), 3/14/2028 (o)   USD 100       99,425  

Grupo KUO SAB De CV 144A

5.75%, 07/07/27

  USD 50       45,913  

Nemak SAB de CV 144A

3.62%, 06/28/31 †

  USD 100       74,825  
Petroleos Mexicanos                
4.25%, 01/15/25   USD 50       47,688  
4.50%, 01/23/26   USD 50       45,601  
5.35%, 02/12/28   USD 75       62,356  
5.50%, 06/27/44   USD 50       28,525  
5.62%, 01/23/46   USD 25       14,089  
5.95%, 01/28/31   USD 125       92,479  
6.35%, 02/12/48   USD 50       29,726  
6.38%, 01/23/45   USD 50       30,273  
6.49%, 01/23/27   USD 50       44,817  
6.50%, 03/13/27   USD 150       134,764  
6.50%, 01/23/29 †   USD 100       84,761  
6.50%, 06/02/41   USD 50       31,887  
6.62%, 06/15/35   USD 100       69,566  
6.62%, 06/15/38   USD 25       16,697  
6.70%, 02/16/32   USD 325       250,420  
6.75%, 09/21/47   USD 200       123,404  
6.84%, 01/23/30   USD 75       60,665  
6.88%, 10/16/25 †   USD 25       24,645  
6.88%, 08/04/26   USD 75       71,004  
6.95%, 01/28/60   USD 150       92,130  
7.69%, 01/23/50   USD 275       183,497  
8.75%, 06/02/29   USD 50       45,965  

Petroleos Mexicanos 144A

10.00%, 02/07/33 †

  USD 50       46,476  

Petroleos Mexicanos Reg S

3.75%, 11/16/25

  GBP 100       113,662  
4.88%, 02/21/28   EUR 200       184,991  
5.50%, 02/24/25   EUR 25       27,646  
Total Play Telecomunicaciones SA de CV 144A                
6.38%, 09/20/28   USD 50       32,980  
7.50%, 11/12/25   USD 50       34,993  
              2,793,867  
    Par  
(000’s
)   Value  
Morocco: 0.1%                

OCP SA 144A

6.88%, 04/25/44

  USD 100     $ 92,381  
Netherlands: 3.4%                

Abertis Infraestructuras Finance BV Reg S

2.62% (EUR Swap Annual 5 Year+3.27%), 1/26/2027 (o)

  EUR 100       90,706  

Greenko Dutch BV 144A

3.85%, 03/29/26

  USD 94       85,070  

Koninklijke KPN NV Reg S

2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o)

  EUR 100       104,582  

Nobel Bidco BV Reg S

3.12%, 06/15/28

  EUR 100       82,518  

Phoenix PIB Dutch Finance BV Reg S

2.38%, 08/05/25

  EUR 100       105,572  
PPF Telecom Group BV Reg S                
3.12%, 03/27/26   EUR 100       104,536  
3.25%, 09/29/27   EUR 100       102,223  

Promontoria Holding 264 BV Reg S

6.38%, 03/01/27

  EUR 100       111,394  

Saipem Finance International BV Reg S

2.62%, 01/07/25

  EUR 100       106,507  

Selecta Group BV Reg S

8.00%, 04/01/26

  EUR 53       50,635  
Telefonica Europe BV Reg S                
2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o)   EUR 100       86,656  
2.88% (EUR Swap Annual 6 Year+2.87%), 2/24/2028 (o)   EUR 100       92,393  
7.12% (EUR Swap Annual 6 Year+4.32%), 8/23/2028 (o)   EUR 100       112,589  

TenneT Holding BV Reg S

3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o)

  EUR 175       190,048  

Teva Pharmaceutical Finance Netherlands II BV

4.38%, 05/09/30

  EUR 100       93,245  

TMNL Holding BV Reg S

3.75%, 01/15/29

  EUR 100       95,918  

UPC Broadband Finco BV 144A

4.88%, 07/15/31

  USD 100       86,397  

VZ Vendor Financing II BV Reg S

2.88%, 01/15/29

  EUR 100       87,123  

Wintershall Dea Finance 2 BV Reg S

3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o)

  EUR 100       84,301  

Wizz Air Finance Co. BV Reg S

1.00%, 01/19/26

  EUR 100       97,428  

Ziggo Bond Co. BV 144A

5.12%, 02/28/30

  USD 50       40,675  


 

See Notes to Financial Statements

69

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Netherlands (continued)                
6.00%, 01/15/27   USD 50     $ 47,498  

Ziggo Bond Co. BV Reg S

3.38%, 02/28/30

  EUR 125       105,828  

Ziggo BV 144A

4.88%, 01/15/30

  USD 100       86,226  
              2,250,068  
Nigeria: 0.1%                

SEPLAT Energy Plc 144A

7.75%, 04/01/26

  USD 100       80,242  
Norway: 0.3%                

Adevinta ASA Reg S

2.62%, 11/15/25

  EUR 100       105,288  

Heimstaden Bostad AB Reg S

3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o)

  EUR 125       91,807  
              197,095  
Oman: 0.5%                

Lamar Funding Ltd. Reg S

3.96%, 05/07/25

  USD 225       216,456  

Oztel Holdings SPC Ltd. 144A

6.62%, 04/24/28

  USD 100       104,597  
              321,053  
Panama: 0.1%                

Banistmo SA 144A

4.25%, 07/31/27

  USD 100       93,580  
Peru: 0.5%                

Hudbay Minerals, Inc. 144A

6.12%, 04/01/29

  USD 25       23,406  

Minsur SA 144A

4.50%, 10/28/31

  USD 50       43,561  

Peru LNG Srl 144A

5.38%, 03/22/30

  USD 100       80,851  
Petroleos del Peru SA 144A                
4.75%, 06/19/32   USD 75       55,994  
5.62%, 06/19/47   USD 150       95,280  
              299,092  
Poland: 0.3%                

Canpack SA / Canpack US LLC 144A

3.88%, 11/15/29

  USD 100       80,315  

Synthos SA Reg S

2.50%, 06/07/28

  EUR 100       87,325  
              167,640  
Portugal: 0.8%                
Banco Comercial Portugues SA Reg S                
1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27   EUR 100       93,751  
1.75% (Euribor 3 Month ACT/360+2.00%), 04/07/28   EUR 100       90,186  

EDP - Energias de Portugal SA Reg S

1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81

  EUR 100       96,722  
    Par  
(000’s
)   Value  
Portugal (continued)                
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79   EUR 200     $ 219,414  
              500,073  
Romania: 0.2%                

RCS & RDS SA Reg S

2.50%, 02/05/25

  EUR 100       104,772  
Singapore: 0.4%                

Puma International Financing SA 144A

5.00%, 01/24/26

  USD 200       179,972  

Star Energy Geothermal Wayang Windu Ltd. 144A

6.75%, 04/24/33

  USD 81       79,817  
              259,789  
South Africa: 0.5%                

Eskom Holdings SOC Ltd. 144A

7.12%, 02/11/25

  USD 100       97,825  

MTN Mauritius Investments Ltd. 144A

4.75%, 11/11/24

  USD 100       98,080  

Sasol Financing USA LLC

6.50%, 09/27/28 †

  USD 50       46,239  

Transnet SOC Ltd. 144A

8.25%, 02/06/28

  USD 100       99,210  
              341,354  
Spain: 3.6%                

Abengoa Abenewco 2 SA Reg S

1.50%, 10/26/24 (d) *

  USD 64       2,157  

Abengoa SA

0.00%, 03/31/27 (s) ^

  EUR 100       553  

ACS Actividades de Construccion y Servicios SA Reg S

1.38%, 06/17/25

  EUR 100       103,798  

Banco Bilbao Vizcaya Argentaria Colombia SA 144A

4.88%, 04/21/25

  USD 30       29,004  

Banco de Credito Social Cooperativo SA Reg S

5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31

  EUR 100       87,426  
Banco de Sabadell SA Reg S                
1.75%, 05/10/24   EUR 100       107,188  
2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26   EUR 100       104,357  
5.38% (EUR Swap Annual 1 Year+3.25%), 09/08/26   EUR 100       109,598  
5.62%, 05/06/26   EUR 100       106,604  
Cellnex Finance Co. SA Reg S                
1.25%, 01/15/29   EUR 100       92,960  
1.50%, 06/08/28   EUR 100       96,573  
2.00%, 09/15/32   EUR 100       88,021  
2.00%, 02/15/33   EUR 100       87,172  
2.25%, 04/12/26   EUR 100       104,860  
Cellnex Telecom SA Reg S                


 

See Notes to Financial Statements

70

 

 

    Par  
(000’s
)   Value  
Spain (continued)                
1.75%, 10/23/30   EUR 100     $ 90,954  
1.88%, 06/26/29   EUR 100       94,650  

Grifols Escrow Issuer SA 144A

4.75%, 10/15/28

  USD 100       80,287  
Grifols SA Reg S                
1.62%, 02/15/25   EUR 150       157,268  
3.20%, 05/01/25   EUR 100       102,647  

Ibercaja Banco SA Reg S

2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30

  EUR 100       94,226  

Iccrea Banca SpA Reg S

4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29

  EUR 100       104,580  

Lorca Telecom Bondco SA Reg S

4.00%, 09/18/27

  EUR 200       203,479  
Telefonica Europe BV Reg S                
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o)   EUR 100       102,166  
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o)   EUR 100       107,971  

Unicaja Banco SA Reg S

2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29

  EUR 100       97,312  
              2,355,811  
Sweden: 1.1%                

Castellum AB Reg S

3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o)

  EUR 100       75,569  

Dometic Group AB Reg S

3.00%, 05/08/26

  EUR 100       101,217  

Heimstaden AB Reg S

4.38%, 03/06/27

  EUR 100       72,548  
Intrum AB Reg S                
3.00%, 09/15/27   EUR 100       83,890  
3.12%, 07/15/24   EUR 52       54,881  
4.88%, 08/15/25   EUR 100       100,017  

Samhallsbyggnadsbolaget i Norden AB Reg S

2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o)

  EUR 100       42,366  

Verisure Holding AB Reg S

3.25%, 02/15/27

  EUR 100       97,210  

Volvo Car AB Reg S

4.25%, 05/31/28

  EUR 100       104,665  
              732,363  
Switzerland: 0.4%                

Dufry One BV Reg S

2.50%, 10/15/24

  EUR 125       135,641  

Techem Verwaltungsgesellschaft 675 mbH Reg S

2.00%, 07/15/25

  EUR 100       104,682  
              240,323  
Tanzania: 0.1%                
AngloGold Ashanti Holdings Plc                
    Par  
(000’s
)   Value  
Tanzania (continued)                
6.50%, 04/15/40   USD 40     $ 39,361  
Thailand: 0.3%                

Bangkok Bank PCL 144A

3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34

  USD 200       171,800  
Trinidad and Tobago: 0.1%                

Trinidad Generation Unlimited 144A

5.25%, 11/04/27

  USD 100       97,602  
Turkey: 1.8%                
Akbank TAS 144A                
5.12%, 03/31/25   USD 50       47,380  
6.80%, 02/06/26 †   USD 50       47,975  

Aydem Yenilenebilir Enerji AS 144A

7.75%, 02/02/27

  USD 100       84,160  

KOC Holding AS 144A

6.50%, 03/11/25

  USD 50       49,376  

TC Ziraat Bankasi AS 144A

5.38%, 03/02/26

  USD 100       90,073  

Turk Telekomunikasyon AS 144A

4.88%, 06/19/24

  USD 100       95,255  

Turkcell Iletisim Hizmetleri AS 144A

5.80%, 04/11/28

  USD 100       88,791  
Turkiye Ihracat Kredi Bankasi AS 144A                
5.75%, 07/06/26   USD 100       90,481  
6.12%, 05/03/24   USD 100       97,903  

Turkiye Sinai Kalkinma Bankasi AS 144A

6.00%, 01/23/25

  USD 50       47,778  

Turkiye Sise ve Cam Fabrikalari AS 144A

6.95%, 03/14/26

  USD 100       97,454  
Turkiye Vakiflar Bankasi TAO 144A                
5.25%, 02/05/25   USD 100       94,277  
6.50%, 01/08/26   USD 100       93,287  

Ulker Biskuvi Sanayi AS 144A

6.95%, 10/30/25

  USD 100       87,127  

Yapi ve Kredi Bankasi AS 144A

7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31

  USD 100       94,750  
              1,206,067  
Ukraine: 0.2%                
Kernel Holding SA 144A                
6.50%, 10/17/24   USD 50       32,125  
6.75%, 10/27/27   USD 50       29,625  

Metinvest BV 144A

7.75%, 10/17/29

  USD 100       58,000  
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S                


 

See Notes to Financial Statements

71

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Ukraine (continued)                
7.12%, 07/19/26   EUR 100     $ 23,736  
              143,486  
United Arab Emirates: 0.9%                

DP World Salaam Reg S

6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)

  USD 200       199,872  

Emirates NBD Bank PJSC Reg S

6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o)

  USD 200       198,014  

GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A

7.12%, 07/31/26

  USD 100       97,585  

Shelf Drilling Holdings Ltd. 144A

8.25%, 02/15/25

  USD 100       91,124  
              586,595  
United Kingdom: 10.8%                

Aston Martin Capital Holdings Ltd. 144A

10.50%, 11/30/25 †

  USD 50       49,189  

B&M European Value Retail SA Reg S

3.62%, 07/15/25

  GBP 100       119,239  

BCP V Modular Services Finance II Plc Reg S

4.75%, 11/30/28

  EUR 100       92,667  

Bellis Acquisition Co. Plc Reg S

3.25%, 02/16/26

  GBP 200       207,074  

Bidvest Group UK Plc 144A

3.62%, 09/23/26

  USD 100       91,179  
British American Tobacco Plc Reg S                
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o)   EUR 100       90,145  
3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o)   EUR 100       81,941  

British Telecommunications Plc Reg S

1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80

  EUR 100       99,713  

Canary Wharf Group Investment Holdings Plc Reg S

2.62%, 04/23/25

  GBP 100       104,376  

Co.-operative Group Holdings 2011 Ltd. Reg S

7.50%, 07/08/26

  GBP 100       118,797  

Connect Finco Sarl / Connect US Finco LLC 144A

6.75%, 10/01/26

  USD 200       190,875  

Constellation Automotive Financing Plc Reg S

4.88%, 07/15/27

  GBP 100       96,613  
Deuce Finco Plc Reg S                
    Par  
(000’s
)   Value  
United Kingdom (continued)                
5.50%, 06/15/27   GBP 100     $ 107,142  

Drax Finco Plc 144A

6.62%, 11/01/25

  USD 100       97,645  

Energia Group NI FinanceCo Plc / Energia Group ROI Holdings DAC Reg S

4.75%, 09/15/24

  GBP 100       123,421  

Garfunkelux Holdco 3 SA Reg S

6.75%, 11/01/25

  EUR 100       84,453  

Heathrow Finance Plc Reg S

3.88%, 03/01/27 (s)

  GBP 100       110,529  

Iceland Bondco Plc Reg S

4.62%, 03/15/25

  GBP 100       113,962  

IHS Holding Ltd. 144A

5.62%, 11/29/26

  USD 50       41,966  

INEOS Finance Plc 144A

6.75%, 05/15/28 †

  USD 100       98,903  

INEOS Finance Plc Reg S

2.88%, 05/01/26

  EUR 100       102,352  

INEOS Quattro Finance 2 Plc Reg S

2.50%, 01/15/26

  EUR 100       99,785  

INEOS Styrolution Group GmbH Reg S

2.25%, 01/16/27

  EUR 100       96,441  

International Consolidated Airlines Group SA Reg S

1.50%, 07/04/27

  EUR 100       91,627  

Ithaca Energy North Sea Plc 144A

9.00%, 07/15/26

  USD 100       96,372  
Jaguar Land Rover Automotive Plc 144A                
5.88%, 01/15/28   USD 100       86,578  
7.75%, 10/15/25   USD 100       99,416  

Jerrold Finco Plc Reg S

4.88%, 01/15/26

  GBP 100       110,952  

Kane Bidco Ltd. Reg S

6.50%, 02/15/27

  GBP 100       111,591  

Market Bidco Finco Plc Reg S

5.50%, 11/04/27

  GBP 100       94,707  

Marks & Spencer Plc Reg S

6.00%, 06/12/25

  GBP 100       124,342  

Motion Bondco DAC 144A

6.62%, 11/15/27

  USD 100       90,632  

Neptune Energy Bondco Plc 144A

6.62%, 05/15/25

  USD 100       98,707  

Nexi SpA Reg S

1.75%, 10/31/24

  EUR 200       215,310  
NGG Finance Plc Reg S                
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82   EUR 100       93,641  
5.62% (GBP Swap 12 Year+3.48%), 06/18/73   GBP 100       122,148  
Nomad Foods Bondco Plc Reg S                


 

See Notes to Financial Statements

72

 

 

    Par  
(000’s
)   Value  
United Kingdom (continued)                
2.50%, 06/24/28   EUR 100     $ 95,950  

Paysafe Finance Plc / Paysafe Holdings US Corp. 144A

4.00%, 06/15/29 †

  USD 100       78,248  

Pinewood Finance Co. Ltd. Reg S

3.25%, 09/30/25

  GBP 100       118,161  

Pinnacle Bidco Plc Reg S

5.50%, 02/15/25

  EUR 100       105,261  

Punch Finance Plc Reg S

6.12%, 06/30/26

  GBP 100       108,449  
Rolls-Royce Plc Reg S                
0.88%, 05/09/24   EUR 100       106,524  
1.62%, 05/09/28   EUR 100       92,136  
4.62%, 02/16/26   EUR 100       108,596  
5.75%, 10/15/27   GBP 100       120,898  

Sherwood Financing Plc Reg S

4.50%, 11/15/26

  EUR 100       95,084  

Standard Chartered Plc 144A

7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)

  USD 100       96,307  

Stonegate Pub Co. Financing 2019 Plc Reg S

8.00%, 07/13/25

  GBP 100       114,415  

Summer BidCo BV Reg S

9.00%, 11/15/25

  EUR 115       108,340  

TalkTalk Telecom Group Ltd. Reg S

3.88%, 02/20/25

  GBP 100       96,933  

Titan Global Finance Plc Reg S

2.75%, 07/09/27

  EUR 100       104,342  

Tullow Oil Plc 144A

10.25%, 05/15/26

  USD 100       78,194  

United Group BV Reg S

4.88%, 07/01/24

  EUR 100       109,762  

UPC Holding BV 144A

5.50%, 01/15/28

  USD 100       89,621  

Vedanta Resources Finance II Plc 144A

8.95%, 03/11/25

  USD 100       71,600  

Victoria Plc Reg S

3.62%, 08/24/26

  EUR 100       88,930  

Virgin Media Finance Plc 144A

5.00%, 07/15/30

  USD 50       42,180  

Virgin Media Secured Finance Plc 144A

5.50%, 05/15/29

  USD 100       91,911  
Virgin Media Secured Finance Plc Reg S                
4.25%, 01/15/30   GBP 100       100,243  
5.00%, 04/15/27   GBP 100       116,537  

Vmed O2 UK Financing I Plc 144A

4.25%, 01/31/31

  USD 100       83,004  
    Par  
(000’s
)   Value  
United Kingdom (continued)                
Vmed O2 UK Financing I Plc Reg S                
3.25%, 01/31/31   EUR 100     $ 88,957  
4.00%, 01/31/29   GBP 100       102,354  
Vodafone Group Plc                
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81   USD 150       121,509  
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81   USD 150       113,841  
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79   USD 200       205,338  

Vodafone Group Plc Reg S

6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78

  USD 200       195,816  
              7,103,871  
United States: 3.2%                

AES Andes SA 144A

7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79

  USD 100       94,285  

DEMIRE Deutsche Mittelstand Real Estate AG Reg S

1.88%, 10/15/24

  EUR 100       76,323  

EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A

5.38%, 12/30/30

  USD 100       63,425  

Garda World Security Corp. 144A

4.62%, 02/15/27

  USD 50       45,998  

Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A

7.00%, 12/31/27

  USD 75       65,998  

LCPR Senior Secured Financing DAC 144A

6.75%, 10/15/27

  USD 180       171,226  

Lottomatica SpA Reg S

6.25%, 07/15/25

  EUR 100       111,841  

MGM China Holdings Ltd. 144A

5.88%, 05/15/26

  USD 200       192,283  

Mong Duong Finance Holdings BV 144A

5.12%, 05/07/29

  USD 100       87,064  

Open Text Holdings, Inc. 144A

4.12%, 02/15/30

  USD 50       42,772  

Playtika Holding Corp. 144A

4.25%, 03/15/29

  USD 50       42,545  

Q-Park Holding I BV Reg S

2.00%, 03/01/27

  EUR 100       94,603  
Ritchie Bros Holdings, Inc. 144A                


 

See Notes to Financial Statements

73

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
United States (continued)                
7.75%, 03/15/31   USD 100     $ 106,375  
Sasol Financing USA LLC                
4.38%, 09/18/26   USD 50       45,408  
5.50%, 03/18/31   USD 50       41,509  

SCIL IV LLC / SCIL USA Holdings LLC Reg S

4.38%, 11/01/26

  EUR 100       101,998  

Sigma Holdco BV Reg S

5.75%, 05/15/26

  EUR 100       88,171  

Stillwater Mining Co. 144A

4.00%, 11/16/26

  USD 100       90,181  
Telesat Canada / Telesat LLC 144A                
4.88%, 06/01/27   USD 50       26,810  
6.50%, 10/15/27   USD 50       18,022  

Verisure Holding AB Reg S

3.88%, 07/15/26

  EUR 150       152,987  
Wynn Macau Ltd. 144A                
5.12%, 12/15/29 †   USD 200       166,199  
5.50%, 01/15/26   USD 100       92,666  
5.50%, 10/01/27 †   USD 50       44,618  

ZF North America Capital, Inc. 144A

7.12%, 04/14/30

  USD 50       51,655  
              2,114,962  
    Par  
(000’s
)   Value  
Uzbekistan: 0.1%                

Uzbekneftegaz JSC 144A

4.75%, 11/16/28

  USD 50     $ 40,506  
Zambia: 0.4%                
First Quantum Minerals Ltd. 144A                
6.88%, 03/01/26 †   USD 100       98,279  
6.88%, 10/15/27   USD 100       97,177  
7.50%, 04/01/25   USD 100       99,860  
              295,316  
Total Corporate Bonds
(Cost: $73,082,017)
            64,646,108  
                 
      Number
of Shares
         
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5%
(Cost: $1,677,588)
               
State Street Navigator Securities Lending Government Money Market Portfolio     1,677,588       1,677,588  
Total Investments: 100.4%
(Cost: $74,759,605)
        66,323,696  
Liabilities in excess of other assets: (0.4)%     (265,266)  
NET ASSETS: 100.0%           $ 66,058,430  


 

 

Definitions:

 

CAD Canadian Dollar
EUR Euro GBP British Pound
LIBOR London Interbank Offered Rate
USD United States Dollar

 

Footnotes:

 

(d) Security in default
(o) Perpetual Maturity — the date shown is the next call date
(s) The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
* Non-income producing
^ Zero Coupon Bond
Security fully or partially on loan. Total market value of securities on loan is $1,682,952.
Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
   
Reg S  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $24,380,541, or 36.9% of net assets.

 

See Notes to Financial Statements

74

 

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
               % of
Investments
             Value  
Financials       30.5 %      $ 19,735,694  
Technology       13.6       8,811,085  
Industrials       12.9       8,318,295  
Energy       10.5       6,800,248  
Consumer Cyclicals       8.6       5,583,484  
Basic Materials       7.9       5,074,907  
Utilities       6.7       4,303,060  
Healthcare       3.7       2,398,429  
Consumer Non-Cyclicals       3.7       2,375,803  
Real Estate       1.5       979,160  
Institutions, Associations & Organizations       0.4       265,943  
        100.0 %   $ 64,646,108  

 

See Notes to Financial Statements

75

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds                                
Argentina   $     $ 654,776     $     $ 654,776  
Australia           633,043             633,043  
Austria           93,513             93,513  
Belgium           289,982             289,982  
Bermuda           165,751             165,751  
Brazil           3,881,274             3,881,274  
British Virgin Islands           169,144             169,144  
Bulgaria           105,096             105,096  
Burkina Faso           19,773             19,773  
Canada           4,836,826       0       4,836,826  
Cayman Islands           572,143             572,143  
Chile           194,118             194,118  
China           1,455,828             1,455,828  
Colombia           1,567,952             1,567,952  
Costa Rica           82,750             82,750  
Cyprus           133,133             133,133  
Czech Republic           349,052             349,052  
Finland           295,737             295,737  
France           5,720,962             5,720,962  
Germany           3,735,136             3,735,136  
Ghana           150,468             150,468  
Greece           682,910             682,910  
Guatemala           93,343             93,343  
Hong Kong           1,101,522             1,101,522  
Hungary           102,129             102,129  
India           905,357             905,357  
Indonesia           474,728             474,728  
Ireland           936,287             936,287  
Israel           1,308,252             1,308,252  
Italy           5,071,127             5,071,127  
Japan           1,613,062             1,613,062  
Jersey, Channel Islands           350,198             350,198  
Kuwait           177,200             177,200  
Luxembourg           3,573,580             3,573,580  
Malta           90,864             90,864  
Mauritius           430,023             430,023  
Mexico           2,793,867             2,793,867  
Morocco           92,381             92,381  
Netherlands           2,250,068             2,250,068  
Nigeria           80,242             80,242  
Norway           197,095             197,095  
Oman           321,053             321,053  
Panama           93,580             93,580  
Peru           299,092             299,092  
Poland           167,640             167,640  
Portugal           500,073             500,073  
Romania           104,772             104,772  
Singapore           259,789             259,789  
South Africa           341,354             341,354  
Spain           2,355,811             2,355,811  
Sweden           732,363             732,363  
Switzerland           240,323             240,323  
Tanzania           39,361             39,361  
Thailand           171,800             171,800  
Trinidad and Tobago           97,602             97,602  

 

See Notes to Financial Statements

76

 

 

Turkey   $     $ 1,206,067     $     $ 1,206,067  
Ukraine           143,486             143,486  
United Arab Emirates           586,595             586,595  
United Kingdom           7,103,871             7,103,871  
United States           2,114,962             2,114,962  
Uzbekistan           40,506             40,506  
Zambia           295,316             295,316  
Money Market Fund     1,677,588                   1,677,588  
Total Investments   $ 1,677,588     $ 64,646,108     $ 0     $ 66,323,696  

 

See Notes to Financial Statements

77

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

      Par  
(000’s
)   Value  
CORPORATE BONDS: 4.6%                
Cayman Islands: 0.1%                

QNB Finance Ltd.

13.50%, 10/06/25

  TRY 76,700     $ 2,278,925  
Colombia: 0.1%                

Empresas Publicas de Medellin ESP Reg S

7.62%, 09/10/24

  COP 3,596,000       714,520  
Financiera de Desarrollo Territorial SA Findeter Reg S

7.88%, 08/12/24

  COP 12,300,000       2,431,794  
              3,146,314  
Luxembourg: 0.1%                

European Investment Bank

4.25%, 06/19/24

  MXN 13,000       670,935  
European Investment Bank Reg S                
8.00%, 03/04/24   EGP 23,400       682,561  
10.00%, 12/06/23   EGP 6,000       161,925  
10.00%, 01/18/24   EGP 72,000       1,960,147  
              3,475,568  
Mexico: 0.0%                

Petroleos Mexicanos Reg S

7.19%, 09/12/24

  MXN 27,530       1,417,389  
South Africa: 0.2%                
Eskom Holdings SOC Ltd.                
0.01%, 08/18/27   ZAR 85,355       2,462,556  
7.50%, 09/15/33   ZAR 11,000       438,997  
7.85%, 04/02/26   ZAR 24,350       1,276,579  
Transnet SOC Ltd.                
9.50%, 08/19/25   ZAR 21,000       1,137,821  
13.50%, 04/18/28   ZAR 5,150       308,655  
              5,624,608  
Supranational: 3.2%                
European Bank for Reconstruction & Development

0.25%, 11/20/23

  PLN 8,630       1,989,268  
European Investment Bank                
7.75%, 01/30/25   MXN 25,600       1,355,273  
8.12%, 12/21/26   ZAR 208,895       11,241,799  

European Investment Bank 144A

5.75%, 01/24/25

  IDR 51,750,000       3,531,717  
European Investment Bank Reg S                
2.75%, 08/25/26   PLN 37,610       8,102,255  
3.00%, 05/24/24   PLN 52,512       12,208,261  
8.00%, 05/05/27   ZAR 18,185       971,922  

Inter-American Development Bank

7.50%, 12/05/24

  MXN 401,085       21,071,470  
      Par  
(000’s
)   Value  
Supranational (continued)                
Inter-American Development Bank Reg S

7.70%, 02/12/24

  MXN 54,300     $ 2,897,264  
International Bank for Reconstruction & Development                
2.00%, 07/23/25   PHP 35,400       594,191  
7.25%, 03/15/24   IDR 39,600,000       2,729,485  
International Finance Corp.                
7.00%, 02/14/24   BRL 1,800       350,412  
7.00%, 07/20/27   MXN 206,160       10,600,000  
7.25%, 02/02/24   MXN 27,780       1,486,713  
7.50%, 01/18/28   MXN 117,900       6,181,923  
7.75%, 01/18/30   MXN 159,430       8,306,905  
8.00%, 10/09/23   IDR 17,500,000       1,200,917  
8.00%, 07/27/27   ZAR 2,990       157,532  
International Finance Corp. Reg S

8.38%, 05/31/29

  MXN 156,050       7,972,486  
              102,949,793  
United Kingdom: 0.3%                
European Bank for Reconstruction & Development

8.00%, 02/06/24

  TRY 19,940       867,442  
European Bank for Reconstruction & Development Reg S

5.08%, 12/15/25

  MXN 214,490       10,426,966  
              11,294,408  
United States: 0.6%                
International Bank for Reconstruction & Development                
6.65%, 07/30/24   MXN 230,500       12,315,332  
7.25%, 01/21/27   MXN 111,000       5,738,908  
              18,054,240  
                 
Total Corporate Bonds
(Cost: $162,573,734)
            148,241,245  
                 
GOVERNMENT OBLIGATIONS: 93.2%      
Brazil: 8.7%                
Brazil Letras do Tesouro Nacional                
0.00%, 01/01/24 ^   BRL 398,380       73,216,531  
0.00%, 07/01/24 ^   BRL 131,820       22,964,354  
0.00%, 07/01/25 ^   BRL 161,060       25,205,571  
0.00%, 01/01/26 ^   BRL 261,090       38,658,254  
0.00%, 07/01/26 ^   BRL 118,770       16,642,618  
Brazil Notas do Tesouro Nacional, Series F                
10.00%, 01/01/25   BRL 151,995       29,405,733  
10.00%, 01/01/27   BRL 170,820       32,399,670  
10.00%, 01/01/29   BRL 120,330       22,121,280  
10.00%, 01/01/31   BRL 57,540       10,311,108  
10.00%, 01/01/33   BRL 33,760       5,934,746  


 

See Notes to Financial Statements

78

 

 

      Par  
(000’s
)   Value  
Brazil (continued)                
Brazilian Government International Bond                
8.50%, 01/05/24   BRL 4,670     $ 907,611  
10.25%, 01/10/28   BRL 7,380       1,407,818  
              279,175,294  
Chile: 3.5%                
Bonos de la Tesoreria de la Republica de Chile                
2.50%, 03/01/25   CLP 21,355,000       24,573,483  
4.50%, 03/01/26   CLP 13,970,000       16,528,281  
5.00%, 03/01/35   CLP 15,755,000       18,990,121  
6.00%, 01/01/43   CLP 13,030,000       17,386,834  
Bonos de la Tesoreria de la Republica de Chile 144A Reg S                
2.30%, 10/01/28   CLP 4,085,000       4,293,876  
4.70%, 09/01/30   CLP 14,900,000       17,659,889  
5.00%, 10/01/28   CLP 5,770,000       6,958,379  
Bonos de la Tesoreria de la Republica en pesos 144A Reg S

7.00%, 05/01/34

  CLP 3,825,000       5,396,881  
              111,787,744  
China: 10.5%                
Asian Infrastructure Investment Bank Reg S                
4.50%, 11/03/23   MXN 288,550       15,358,141  
5.00%, 03/05/26   MXN 33,130       1,614,644  
30.00%, 09/29/27   TRY 17,000       799,902  
China Government Bond                
1.99%, 04/09/25   CNY 86,650       12,408,450  
2.18%, 08/25/25   CNY 43,070       6,180,425  
2.24%, 05/25/25   CNY 19,790       2,847,015  
2.26%, 02/24/25   CNY 33,710       4,855,647  
2.28%, 11/25/25   CNY 37,700       5,419,491  
2.37%, 01/20/27   CNY 21,820       3,128,976  
2.44%, 10/15/27   CNY 40,500       5,805,047  
2.46%, 02/15/26   CNY 34,790       5,022,511  
2.47%, 09/02/24   CNY 59,290       8,578,007  
2.48%, 04/15/27   CNY 33,690       4,844,743  
2.50%, 07/25/27   CNY 15,300       2,199,201  
2.60%, 09/01/32   CNY 39,520       5,600,413  
2.62%, 04/15/28   CNY 16,870       2,434,367  
2.62%, 09/25/29   CNY 41,360       5,925,501  
2.64%, 01/15/28   CNY 45,080       6,509,994  
2.68%, 05/21/30   CNY 66,970       9,614,999  
2.69%, 08/12/26   CNY 59,690       8,662,037  
2.69%, 08/15/32   CNY 44,330       6,329,129  
2.75%, 06/15/29   CNY 37,670       5,445,258  
2.75%, 02/17/32   CNY 46,050       6,614,846  
2.76%, 05/15/32   CNY 35,010       5,031,342  
2.79%, 12/15/29   CNY 47,010       6,797,533  
2.80%, 03/24/29   CNY 40,870       5,927,721  
2.80%, 03/25/30   CNY 15,820       2,290,324  
2.80%, 11/15/32   CNY 40,900       5,894,278  
2.84%, 04/08/24   CNY 56,420       8,195,775  
2.85%, 06/04/27   CNY 101,320       14,774,188  
2.88%, 02/25/33   CNY 29,540       4,293,097  
      Par  
(000’s
)   Value  
China (continued)                
2.89%, 11/18/31   CNY 35,940     $ 5,223,801  
2.91%, 10/14/28   CNY 51,630       7,537,479  
2.94%, 10/17/24   CNY 40,460       5,896,548  
3.01%, 05/13/28   CNY 53,360       7,836,358  
3.02%, 10/22/25   CNY 66,880       9,799,548  
3.02%, 05/27/31   CNY 60,320       8,862,727  
3.03%, 03/11/26   CNY 53,490       7,849,554  
3.12%, 12/05/26   CNY 62,420       9,198,756  
3.12%, 10/25/52   CNY 25,200       3,618,150  
3.13%, 11/21/29   CNY 46,240       6,851,475  
3.19%, 04/11/24   CNY 52,740       7,691,666  
3.19%, 04/15/53   CNY 4,100       595,715  
3.22%, 12/06/25   CNY 42,740       6,300,081  
3.25%, 06/06/26   CNY 53,220       7,871,770  
3.25%, 11/22/28   CNY 31,310       4,679,561  
3.27%, 11/19/30   CNY 63,930       9,599,373  
3.28%, 12/03/27   CNY 57,180       8,514,853  
3.29%, 05/23/29   CNY 56,380       8,455,954  
3.32%, 04/15/52   CNY 28,440       4,216,245  
3.53%, 10/18/51   CNY 18,680       2,870,585  
3.72%, 04/12/51   CNY 37,290       5,905,176  
3.81%, 09/14/50   CNY 56,800       9,141,380  
              337,919,757  
Colombia: 3.9%                
Colombia Government International Bond

9.85%, 06/28/27

  COP 6,168,000       1,240,682  
Colombian TES                
5.75%, 11/03/27   COP 51,005,000       8,842,939  
6.00%, 04/28/28   COP 75,029,100       12,909,337  
6.25%, 11/26/25   COP 49,557,000       9,495,642  
6.25%, 07/09/36   COP 30,975,000       4,157,505  
7.00%, 03/26/31   COP 86,828,000       14,285,486  
7.00%, 06/30/32   COP 76,636,700       12,097,662  
7.25%, 10/18/34   COP 70,297,500       10,748,705  
7.25%, 10/26/50   COP 55,447,000       7,367,939  
7.50%, 08/26/26   COP 76,773,700       14,782,386  
7.75%, 09/18/30   COP 56,634,100       9,874,668  
9.25%, 05/28/42   COP 54,265,000       9,229,747  
10.00%, 07/24/24   COP 36,292,800       7,704,140  
13.25%, 02/09/33   COP 14,134,000       3,234,170  
              125,971,008  
Czech Republic: 4.9%                
Czech Republic Government Bond                
0.01%, 12/12/24   CZK 77,470       3,332,920  
0.05%, 11/29/29   CZK 128,820       4,487,899  
0.25%, 02/10/27   CZK 268,640       10,635,002  
1.20%, 03/13/31   CZK 226,800       8,296,995  
1.25%, 02/14/25   CZK 227,080       9,951,496  
1.50%, 04/24/40   CZK 99,530       3,004,411  
1.75%, 06/23/32   CZK 263,780       9,909,664  
1.95%, 07/30/37   CZK 66,390       2,288,110  
2.00%, 10/13/33   CZK 277,960       10,333,967  
2.75%, 07/23/29   CZK 274,950       11,589,756  
3.50%, 05/30/35   CZK 74,060       3,168,804  
5.00%, 09/30/30   CZK 190,160       9,207,066  
5.50%, 12/12/28   CZK 142,880       6,990,107  


 

See Notes to Financial Statements

79

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

      Par  
(000’s
)   Value  
Czech Republic (continued)                
6.00%, 02/26/26   CZK 173,360     $ 8,383,464  
Czech Republic Government Bond Reg S                
0.95%, 05/15/30   CZK 249,700       9,169,483  
1.00%, 06/26/26   CZK 272,730       11,339,092  
2.40%, 09/17/25   CZK 269,530       11,852,621  
2.50%, 08/25/28   CZK 259,330       10,917,926  
4.20%, 12/04/36   CZK 144,550       6,536,240  
5.70%, 05/25/24   CZK 144,280       6,791,790  
              158,186,813  
Dominican Republic: 1.2%                
Dominican Republic International Bond 144A                
9.75%, 06/05/26   DOP 599,600       10,908,306  
13.62%, 02/03/33   DOP 815,450       17,691,330  
Dominican Republic International Bond Reg S

9.75%, 06/05/26

  DOP 645,190       11,737,708  
              40,337,344  
Egypt: 1.8%                
Egypt Government Bond                
13.54%, 01/14/25   EGP 68,196       1,872,632  
14.06%, 01/12/26   EGP 291,850       7,482,448  
14.29%, 01/05/28   EGP 119,540       2,777,475  
14.35%, 09/10/24   EGP 177,305       5,061,822  
14.37%, 10/20/25   EGP 290,169       7,612,217  
14.40%, 09/10/29   EGP 77,710       1,731,465  
14.48%, 04/06/26   EGP 241,890       6,163,788  
14.53%, 09/14/24   EGP 224,260       6,433,350  
14.56%, 07/06/26   EGP 92,989       2,355,975  
14.56%, 10/13/27   EGP 185,120       4,380,750  
14.66%, 10/06/30   EGP 109,730       2,419,414  
16.10%, 05/07/29   EGP 82,280       1,990,472  
Egypt Treasury Bills                
0.00%, 07/25/23 ^   EGP 34,000       1,051,697  
0.00%, 08/15/23 ^   EGP 28,500       867,163  
0.01%, 05/02/23   EGP 84,400       2,731,392  
0.01%, 08/29/23   EGP 83,500       2,519,393  
              57,451,453  
Hungary: 3.9%                
Hungary Government Bond                
1.00%, 11/26/25   HUF 4,372,460       10,266,967  
1.50%, 04/22/26 †   HUF 3,698,080       8,598,110  
1.50%, 08/26/26 †   HUF 2,482,320       5,666,782  
2.00%, 05/23/29 †   HUF 2,861,250       6,042,499  
2.25%, 04/20/33 †   HUF 4,026,680       7,600,609  
2.25%, 06/22/34   HUF 1,290,070       2,335,272  
2.50%, 10/24/24 †   HUF 3,532,330       9,087,523  
2.75%, 12/22/26   HUF 2,986,970       7,021,996  
3.00%, 06/26/24 †   HUF 2,406,870       6,374,144  
3.00%, 10/27/27   HUF 3,634,900       8,410,346  
3.00%, 08/21/30 †   HUF 3,608,260       7,826,432  
3.00%, 10/27/38   HUF 2,763,270       4,818,493  
3.00%, 04/25/41 †   HUF 1,685,080       2,820,718  
      Par  
(000’s
)   Value  
Hungary (continued)                
3.25%, 10/22/31 †   HUF 4,778,180     $ 10,242,019  
4.50%, 03/23/28   HUF 1,971,500       4,887,217  
4.75%, 11/24/32 †   HUF 2,538,910       6,017,945  
5.50%, 06/24/25   HUF 3,541,000       9,336,114  
6.75%, 10/22/28   HUF 2,995,730       8,141,967  
              125,495,153  
Indonesia: 9.6%                
Indonesia Treasury Bond                
5.12%, 04/15/27   IDR 102,845,000       6,760,499  
5.50%, 04/15/26   IDR 185,640,000       12,449,396  
6.12%, 05/15/28   IDR 187,971,000       12,743,716  
6.25%, 06/15/36   IDR 76,780,000       5,021,841  
6.38%, 08/15/28   IDR 55,390,000       3,793,290  
6.38%, 04/15/32   IDR 182,110,000       12,285,535  
6.38%, 07/15/37   IDR 23,540,000       1,560,821  
6.50%, 06/15/25   IDR 190,230,000       13,052,086  
6.50%, 02/15/31   IDR 241,060,000       16,433,325  
6.62%, 05/15/33   IDR 125,773,000       8,578,885  
7.00%, 05/15/27   IDR 206,758,000       14,482,644  
7.00%, 09/15/30   IDR 235,635,000       16,508,906  
7.00%, 02/15/33   IDR 137,745,000       9,710,835  
7.12%, 06/15/38   IDR 24,040,000       1,674,615  
7.12%, 06/15/42   IDR 159,810,000       11,116,000  
7.12%, 06/15/43   IDR 37,390,000       2,606,735  
7.50%, 08/15/32   IDR 134,380,000       9,693,406  
7.50%, 06/15/35   IDR 203,510,000       14,662,292  
7.50%, 05/15/38   IDR 96,720,000       6,938,589  
7.50%, 04/15/40   IDR 181,300,000       13,017,019  
8.12%, 05/15/24   IDR 104,590,000       7,278,238  
8.25%, 05/15/29   IDR 162,300,000       12,073,483  
8.25%, 06/15/32   IDR 88,784,000       6,678,348  
8.25%, 05/15/36   IDR 124,785,000       9,500,587  
8.38%, 03/15/24   IDR 124,363,000       8,647,255  
8.38%, 09/15/26   IDR 187,947,000       13,634,037  
8.38%, 03/15/34   IDR 188,344,000       14,476,939  
8.38%, 04/15/39   IDR 75,760,000       5,856,449  
8.75%, 05/15/31   IDR 86,387,000       6,641,906  
9.00%, 03/15/29   IDR 127,322,000       9,763,783  
9.50%, 07/15/31   IDR 30,941,000       2,482,999  
10.50%, 08/15/30   IDR 28,912,000       2,409,333  
11.00%, 09/15/25   IDR 32,382,000       2,429,908  
Perusahaan Penerbit SBSN                
4.88%, 07/15/26   IDR 26,690,000       1,743,388  
6.38%, 03/15/34   IDR 40,420,000       2,618,993  
6.62%, 10/15/24   IDR 45,410,000       3,109,854  
8.88%, 11/15/31   IDR 82,990,000       6,413,437  
              308,849,372  
Malaysia: 7.6%                
Malaysia Government Bond                
2.63%, 04/15/31   MYR 29,980       6,175,847  
3.48%, 06/14/24   MYR 37,422       8,443,341  
3.50%, 05/31/27   MYR 27,199       6,088,383  
3.58%, 07/15/32   MYR 28,205       6,248,271  
3.73%, 06/15/28   MYR 36,896       8,343,596  
3.76%, 05/22/40   MYR 38,215       8,217,020  
3.83%, 07/05/34   MYR 29,232       6,500,262  


 

See Notes to Financial Statements

80

 

 

      Par  
(000’s
)   Value  
Malaysia (continued)                
3.88%, 03/14/25   MYR 28,204     $ 6,403,168  
3.88%, 08/15/29   MYR 30,386       6,880,990  
3.90%, 11/30/26   MYR 36,236       8,249,236  
3.90%, 11/16/27   MYR 34,419       7,844,792  
3.91%, 07/15/26   MYR 25,455       5,803,915  
3.96%, 09/15/25   MYR 33,816       7,698,565  
4.06%, 09/30/24   MYR 14,242       3,232,349  
4.07%, 06/15/50   MYR 43,475       9,403,223  
4.18%, 07/15/24   MYR 11,620       2,637,545  
4.25%, 05/31/35   MYR 23,946       5,486,038  
4.46%, 03/31/53   MYR 6,825       1,593,995  
4.50%, 04/30/29   MYR 14,944       3,507,098  
4.70%, 10/15/42   MYR 20,175       4,923,250  
4.76%, 04/07/37   MYR 37,928       9,150,864  
4.89%, 06/08/38   MYR 23,590       5,857,987  
4.92%, 07/06/48   MYR 20,175       5,036,163  
Malaysia Government Investment Issue                
3.42%, 09/30/27   MYR 41,696       9,320,186  
3.45%, 07/15/36   MYR 35,001       7,415,156  
3.46%, 10/15/30   MYR 44,895       9,842,231  
3.60%, 07/31/28   MYR 6,815       1,535,091  
3.65%, 10/15/24   MYR 30,720       6,922,441  
3.73%, 03/31/26   MYR 41,356       9,362,027  
3.99%, 10/15/25   MYR 22,425       5,112,216  
4.13%, 08/15/25   MYR 37,235       8,491,674  
4.13%, 07/09/29   MYR 33,820       7,739,217  
4.19%, 10/07/32   MYR 32,050       7,372,594  
4.25%, 09/30/30   MYR 16,120       3,731,012  
4.26%, 07/26/27   MYR 15,886       3,663,118  
4.29%, 08/14/43   MYR 8,010       1,852,743  
4.37%, 10/31/28   MYR 36,749       8,552,893  
4.42%, 09/30/41   MYR 29,790       6,935,543  
4.66%, 03/31/38   MYR 14,305       3,466,484  
              245,040,524  
Mexico: 5.5%                
Mexican Bonos                
5.00%, 03/06/25   MXN 193,664       9,775,636  
5.50%, 03/04/27   MXN 145,681       7,138,245  
5.75%, 03/05/26   MXN 385,412       19,369,974  
7.50%, 06/03/27   MXN 248,072       13,017,060  
7.50%, 05/26/33   MXN 174,280       8,817,038  
7.75%, 05/29/31   MXN 618,697       32,210,539  
7.75%, 11/23/34   MXN 131,117       6,683,236  
7.75%, 11/13/42   MXN 402,123       19,482,508  
8.00%, 12/07/23   MXN 3,251       176,514  
8.00%, 09/05/24   MXN 7,642       408,276  
8.00%, 11/07/47   MXN 383,132       18,897,893  
8.00%, 07/31/53   MXN 158,188       7,755,588  
8.50%, 05/31/29   MXN 83,791       4,575,532  
8.50%, 11/18/38   MXN 308,636       16,245,799  
10.00%, 12/05/24   MXN 120,433       6,601,740  
10.00%, 11/20/36   MXN 107,582       6,503,591  
              177,659,169  
Peru: 3.5%                
Peru Government Bond                
5.35%, 08/12/40   PEN 30,724       6,537,579  
5.40%, 08/12/34   PEN 42,536       9,680,705  
      Par  
(000’s
)   Value  
Peru (continued)                
5.70%, 08/12/24   PEN 23,888     $ 6,378,859  
5.94%, 02/12/29   PEN 62,905       16,049,471  
6.15%, 08/12/32   PEN 63,990       15,802,454  
6.35%, 08/12/28   PEN 58,748       15,409,149  
6.90%, 08/12/37   PEN 60,549       15,387,146  
6.95%, 08/12/31   PEN 59,405       15,624,717  
8.20%, 08/12/26   PEN 44,260       12,469,735  
              113,339,815  
Philippines: 1.2%                
Philippine Government Bond

9.25%, 11/05/34

  PHP 46,410       1,049,594  
Philippine Government International Bond

6.25%, 01/14/36

  PHP 2,200,500       38,924,717  
              39,974,311  
Poland: 5.0%                
Republic of Poland Government Bond                
0.01%, 10/25/25   PLN 7,655       1,612,356  
0.25%, 10/25/26   PLN 62,103       12,375,551  
0.75%, 04/25/25   PLN 58,102       12,709,769  
1.25%, 10/25/30   PLN 68,329       12,000,018  
1.75%, 04/25/32   PLN 69,690       12,110,726  
2.25%, 10/25/24   PLN 58,881       13,498,145  
2.50%, 04/25/24   PLN 2,288       534,762  
2.50%, 07/25/26   PLN 48,460       10,525,262  
2.50%, 07/25/27   PLN 59,337       12,523,761  
2.75%, 04/25/28   PLN 70,527       14,757,712  
2.75%, 10/25/29   PLN 87,741       17,689,448  
3.25%, 07/25/25   PLN 69,594       15,882,090  
3.75%, 05/25/27   PLN 60,065       13,335,762  
6.00%, 10/25/33   PLN 8,010       1,965,099  
7.50%, 07/25/28   PLN 32,325       8,329,949  
              159,850,410  
Romania: 4.0%                
Romania Government Bond                
2.50%, 10/25/27   RON 33,170       6,158,872  
3.25%, 04/29/24   RON 29,775       6,475,538  
3.25%, 06/24/26   RON 39,025       7,863,104  
3.50%, 11/25/25   RON 28,965       5,996,853  
3.65%, 07/28/25   RON 35,025       7,372,252  
3.65%, 09/24/31   RON 37,540       6,554,819  
3.70%, 11/25/24   RON 34,300       7,376,312  
4.15%, 01/26/28   RON 33,255       6,581,645  
4.15%, 10/24/30   RON 35,415       6,554,762  
4.25%, 04/28/36   RON 23,195       3,841,705  
4.50%, 06/17/24   RON 34,925       7,663,892  
4.75%, 02/24/25   RON 33,975       7,373,443  
4.75%, 10/11/34   RON 37,320       6,694,884  
4.85%, 04/22/26   RON 34,415       7,295,177  
4.85%, 07/25/29   RON 38,150       7,549,947  
5.00%, 02/12/29   RON 33,605       6,762,580  
5.80%, 07/26/27   RON 38,320       8,193,916  
6.70%, 02/25/32   RON 38,800       8,346,001  
8.25%, 09/29/32   RON 22,725       5,388,708  
              130,044,410  


 

See Notes to Financial Statements

81

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

      Par  
(000’s
)   Value  
Serbia: 1.2%                
Serbia Treasury Bonds                
4.50%, 01/11/26   RSD 1,448,400     $ 13,327,942  
4.50%, 08/20/32   RSD 1,789,050       14,504,951  
5.88%, 02/08/28   RSD 1,319,910       12,596,031  
              40,428,924  
South Africa: 5.9%                
Republic of South Africa Government Bond                
6.25%, 03/31/36   ZAR 179,398       6,437,576  
6.50%, 02/28/41   ZAR 160,783       5,380,018  
7.00%, 02/28/31   ZAR 279,151       12,388,984  
8.00%, 01/31/30 †   ZAR 552,243       27,065,836  
8.25%, 03/31/32   ZAR 490,280       22,873,271  
8.50%, 01/31/37   ZAR 427,662       18,403,458  
8.75%, 01/31/44   ZAR 373,423       15,523,097  
8.75%, 02/28/48   ZAR 608,299       25,063,908  
8.88%, 02/28/35   ZAR 445,664       20,468,816  
9.00%, 01/31/40   ZAR 339,610       14,758,299  
10.50%, 12/21/26   ZAR 365,897       21,030,348  
              189,393,611  
Thailand: 7.2%                
Thailand Government Bond                
0.75%, 06/17/24   THB 361,675       10,471,996  
0.75%, 09/17/24   THB 409,193       11,813,810  
0.95%, 06/17/25   THB 385,927       11,081,755  
1.00%, 06/17/27   THB 500,146       14,030,428  
1.45%, 12/17/24   THB 392,246       11,413,705  
1.58%, 12/17/35   THB 331,747       8,647,668  
1.60%, 12/17/29   THB 335,619       9,413,910  
1.60%, 06/17/35   THB 175,589       4,608,932  
2.00%, 12/17/31   THB 322,689       9,114,101  
2.00%, 06/17/42   THB 234,192       5,883,963  
2.12%, 12/17/26   THB 368,397       10,816,744  
2.35%, 06/17/26   THB 285,985       8,461,974  
2.40%, 12/17/23   THB 245,178       7,218,018  
2.65%, 06/17/28   THB 303,290       9,096,606  
2.88%, 12/17/28   THB 315,895       9,575,892  
2.88%, 06/17/46   THB 279,391       7,929,816  
3.30%, 06/17/38   THB 402,513       12,406,162  
3.35%, 06/17/33   THB 178,480       5,595,283  
3.39%, 06/17/37   THB 139,525       4,395,235  
3.40%, 06/17/36   THB 299,238       9,402,368  
3.45%, 06/17/43   THB 110,305       3,463,856  
3.65%, 06/20/31   THB 307,165       9,787,198  
3.77%, 06/25/32   THB 543,938       17,657,641  
      Par  
(000’s
)   Value  
Thailand (continued)                
3.85%, 12/12/25   THB 327,776     $ 10,058,981  
4.88%, 06/22/29   THB 345,668       11,651,545  
              233,997,587  
Turkey: 2.8%                
Turkey Government Bond                
8.00%, 03/12/25   TRY 47,523       2,099,020  
9.00%, 07/24/24   TRY 141,398       6,648,849  
10.40%, 03/20/24   TRY 37,386       1,822,832  
10.50%, 08/11/27   TRY 456,889       18,582,608  
10.60%, 02/11/26   TRY 207,193       8,810,490  
11.00%, 02/24/27   TRY 142,564       6,025,612  
11.70%, 11/13/30   TRY 267,547       11,927,204  
12.40%, 03/08/28   TRY 82,707       4,035,784  
12.60%, 10/01/25   TRY 285,280       13,143,130  
16.90%, 09/02/26   TRY 329,240       16,573,520  
              89,669,049  
Uruguay: 1.3%                
Uruguay Government International Bond

8.25%, 05/21/31

  UYU 1,069,887       24,927,264  
Uruguay Government International Bond 144A

8.50%, 03/15/28

  UYU 20,605       500,534  
Uruguay Government International Bond Reg S

8.50%, 03/15/28

  UYU 622,131       15,112,730  
              40,540,528  
Total Government Obligations
(Cost: $3,312,101,976)
      3,005,112,276  
Total Investments Before Collateral for
Securities Loaned: 97.8%

(Cost: $3,474,675,710)
      3,153,353,521  
                 
      Number
of Shares
         
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Money Market Fund: 2.8%
(Cost: $91,541,238)
         
State Street Navigator Securities Lending Government Money Market Portfolio     91,541,238       91,541,238  
Total Investments: 100.6%
(Cost: $3,566,216,948)
      3,244,894,759  
Liabilities in excess of other assets: (0.6)%   (20,549,359 )
NET ASSETS: 100.0%           $ 3,224,345,400  


 

See Notes to Financial Statements

82

 

 

   
Definitions:
 
BRL Brazilian Real
CLP Chilean Peso
CNY Chinese Yuan
COP Colombian Peso
CZK Czech Koruna
DOP Dominican Peso
EGP Egyptian Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
MXN Mexican Peso
MYR Malaysian Ringgit
PEN Peruvian Nuevo Sol
PHP Philippine Peso
PLN Polish Zloty
RON Romanian Leu
RSD Serbian Dinar
THB Thai Baht
TRY Turkish Lira
UYU Uruguayan Peso
ZAR South African Rand

 

Footnotes:
 
^ Zero Coupon Bond
Security fully or partially on loan. Total market value of securities on loan is $87,798,667.
   
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 $66,940,912, or 2.1% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Government            95.3 %       $ 3,005,112,276  
Financials     4.5       140,484,727  
Utilities     0.2       4,892,653  
Industrials     0.0       1,446,476  
Energy     0.0       1,417,389  
      100.0 %   $ 3,153,353,521  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds *   $     $ 148,241,245     $     $ 148,241,245  
Government Obligations *           3,005,112,276             3,005,112,276  
Money Market Fund     91,541,238                   91,541,238  
Total Investments   $ 91,541,238     $ 3,153,353,521     $     $ 3,244,894,759  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

83

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
CORPORATE BONDS: 98.3%                
Bermuda: 0.2%                
Arch Capital Group Ltd.

3.63%, 06/30/50 †

  $ 25     $ 18,997  
Canada: 5.8%                
Alimentation Couche-Tard, Inc. 144A                
3.55%, 07/26/27     40       37,915  
3.80%, 01/25/50     25       18,651  
Canadian Pacific Railway Co.

1.75%, 12/02/26

    75       68,520  
CI Financial Corp.                
3.20%, 12/17/30     25       18,582  
4.10%, 06/15/51     25       14,591  
Emera US Finance LP

4.75%, 06/15/46

    25       20,823  
Enbridge, Inc.                
3.12%, 11/15/29     75       68,224  
3.40%, 08/01/51     50       35,383  
5.50%, 12/01/46     25       24,446  
5.70%, 03/08/33     50       51,946  
Fairfax Financial Holdings Ltd. 144A

5.62%, 08/16/32

    25       24,781  
Fortis, Inc.

3.06%, 10/04/26

    25       23,622  
Open Text Corp. 144A

6.90%, 12/01/27

    25       25,848  
Rogers Communications, Inc. 144A

2.95%, 03/15/25

    25       23,959  
TransCanada PipeLines Ltd.

2.50%, 10/12/31

    50       41,401  
              498,692  
France: 6.4%                
BNP Paribas SA 144A

4.38%, 09/28/25

    50       48,026  
Credit Agricole SA 144A

4.38%, 03/17/25

    50       48,629  
Societe Generale SA 144A                
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27     50       43,952  
2.62%, 10/16/24     50       47,567  
2.62%, 01/22/25     50       47,079  
3.00%, 01/22/30     100       84,331  
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33     50       40,953  
3.62%, 03/01/41     100       64,863  
4.25%, 04/14/25     50       47,669  
4.75%, 09/14/28     50       48,348  
              521,417  
Ireland: 0.4%                
AerCap Ireland Capital DAC / AerCap Global Aviation Trust

3.85%, 10/29/41

    50       37,628  
    Par  
(000’s
)   Value  
Italy: 0.5%                
UniCredit SpA 144A                
3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32   $ 50     $ 40,060  
Japan: 0.5%                
Nomura Holdings, Inc.

1.65%, 07/14/26

    50       44,341  
Mexico: 0.7%                
Infraestructura Energetica Nova SAPI de CV 144A

4.75%, 01/15/51

    50       37,863  
Sitios Latinoamerica SAB de CV 144A

5.38%, 04/04/32

    25       22,850  
              60,713  
Netherlands: 3.6%                
Deutsche Telekom International Finance BV

8.75%, 06/15/30

    75       91,629  
Enel Finance International NV 144A

5.00%, 06/15/32

    50       47,595  
Prosus NV 144A                
3.06%, 07/13/31     50       39,434  
3.68%, 01/21/30     50       42,650  
4.99%, 01/19/52     100       73,639  
              294,947  
Panama: 0.5%                
AES Panama Generation Holdings SRL 144A

4.38%, 05/31/30

    50       43,421  
United Kingdom: 3.1%                
Barclays Plc                
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31     200       162,681  
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42     50       36,285  
Ferguson Finance Plc 144A

4.50%, 10/24/28

    25       24,314  
Haleon UK Capital Plc

3.12%, 03/24/25

    50       48,313  
              271,593  
United States: 76.6%                
Alcon Finance Corp. 144A

3.00%, 09/23/29

    50       45,335  
Altria Group, Inc.                
3.40%, 05/06/30     25       22,308  
3.88%, 09/16/46     35       25,149  
4.25%, 08/09/42     100       78,917  
4.80%, 02/14/29     125       124,197  
5.80%, 02/14/39     25       24,713  
5.95%, 02/14/49     60       56,710  
Ares Capital Corp.                
2.15%, 07/15/26     25       21,854  
3.25%, 07/15/25     25       23,184  


 

See Notes to Financial Statements

84

 

 

    Par  
(000’s
)   Value  
United States (continued)                
3.88%, 01/15/26   $ 50     $ 46,650  
AT&T, Inc.

3.85%, 06/01/60

    75       55,496  
BAT Capital Corp.

4.91%, 04/02/30

    50       48,294  
Bayer US Finance LLC 144A

3.38%, 10/08/24

    50       48,812  
Becton Dickinson & Co.

3.36%, 06/06/24

    75       73,720  
Berry Global, Inc.

1.57%, 01/15/26

    50       45,459  
Berry Global, Inc. 144A

4.88%, 07/15/26

    25       24,484  
Brighthouse Financial, Inc.

4.70%, 06/22/47

    25       18,912  
Broadcom, Inc. 144A                
3.19%, 11/15/36     50       38,092  
4.93%, 05/15/37     75       68,517  
Campbell Soup Co.

3.95%, 03/15/25

    25       24,583  
Carlisle Cos, Inc.

2.75%, 03/01/30

    25       21,560  
Centene Corp.

2.62%, 08/01/31 †

    50       40,996  
Charter Communications Operating LLC / Charter Communications Operating Capital                
2.25%, 01/15/29     25       20,986  
4.91%, 07/23/25     125       123,868  
5.05%, 03/30/29     125       121,175  
5.12%, 07/01/49     20       15,651  
5.38%, 05/01/47     75       61,444  
6.48%, 10/23/45     75       69,562  
Cheniere Corpus Christi Holdings LLC                
3.70%, 11/15/29     50       46,825  
5.12%, 06/30/27     50       50,260  
Cheniere Energy, Inc.

4.62%, 10/15/28

    25       23,853  
Cigna Group

3.40%, 03/15/50

    75       55,278  
Conagra Brands, Inc.                
4.85%, 11/01/28     50       49,985  
5.30%, 11/01/38     25       24,709  
Constellation Brands, Inc.

2.25%, 08/01/31

    50       41,521  
Corning, Inc.

5.45%, 11/15/79

    25       23,517  
CoStar Group, Inc. 144A

2.80%, 07/15/30

    25       20,940  
Deutsche Bank AG                

2.13% (SOFR+1.87%), 11/24/26

    100       89,031  

2.31% (SOFR+1.22%), 11/16/27

    75       64,956  

3.96% (SOFR+2.58%), 11/26/25 †

    100       95,625  
    Par  
(000’s
)   Value  
United States (continued)                
Duke Energy Corp.                
2.55%, 06/15/31   $ 25     $ 21,079  
2.65%, 09/01/26     50       46,972  
Equinix, Inc.

2.62%, 11/18/24

    25       24,048  
Everest Reinsurance Holdings, Inc.

3.12%, 10/15/52

    50       33,607  
FS KKR Capital Corp.

3.40%, 01/15/26

    50       45,642  
General Mills, Inc.

2.88%, 04/15/30

    50       45,501  
HCA, Inc.                
3.50%, 07/15/51     25       17,465  
4.12%, 06/15/29     75       71,142  
5.12%, 06/15/39     50       47,062  
5.25%, 04/15/25     75       75,202  
5.25%, 06/15/26     25       25,101  
5.25%, 06/15/49     50       45,336  
5.50%, 06/15/47     50       47,092  
HCA, Inc. 144A

4.62%, 03/15/52

    25       20,767  
Huntsman International LLC

4.50%, 05/01/29

    25       23,515  
International Flavors & Fragrances, Inc. 144A                
1.83%, 10/15/27     50       42,639  
2.30%, 11/01/30     25       20,334  
3.27%, 11/15/40     25       17,877  
J.M. Smucker Co.

3.50%, 03/15/25

    25       24,424  
Keurig Dr. Pepper, Inc.                
3.95%, 04/15/29     50       48,320  
4.05%, 04/15/32 †     50       47,527  
Kinder Morgan Energy Partners LP

5.50%, 03/01/44

    25       23,482  
Kraft Heinz Foods Co.                
3.00%, 06/01/26     50       47,907  
5.00%, 06/04/42     25       23,987  
5.20%, 07/15/45     50       48,514  
6.88%, 01/26/39     25       28,602  
Kraft Heinz Foods Co. 144A

7.12%, 08/01/39

    25       28,648  
Lowe’s Cos, Inc.

4.45%, 04/01/62

    25       20,572  
McCormick & Co., Inc.

3.40%, 08/15/27

    25       23,862  
McDonald’s Corp.                
3.62%, 09/01/49     50       39,754  
4.45%, 03/01/47     50       45,775  
4.60%, 09/09/32 †     50       50,740  
4.88%, 12/09/45     100       96,937  
6.30%, 03/01/38     50       57,171  
Mondelez International, Inc.                
1.50%, 05/04/25     25       23,467  
2.75%, 04/13/30     25       22,219  
3.00%, 03/17/32     25       22,103  


 

See Notes to Financial Statements

85

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
United States (continued)                
Netflix, Inc.

5.88%, 02/15/25

  $ 25     $ 25,391  
NextEra Energy Capital Holdings, Inc.                
2.44%, 01/15/32     100       83,114  
2.75%, 11/01/29     50       44,724  
4.62%, 07/15/27     75       75,145  
6.05%, 03/01/25     75       76,284  
Northrop Grumman Corp.

2.93%, 01/15/25

    25       24,256  
Oracle Corp.                
3.60%, 04/01/40     75       58,301  
3.80%, 11/15/37     50       41,883  
3.85%, 04/01/60     25       17,566  
3.95%, 03/25/51     50       37,801  
4.00%, 07/15/46     50       38,440  
4.10%, 03/25/61     50       37,298  
4.38%, 05/15/55     50       39,996  
5.38%, 07/15/40     50       48,217  
6.12%, 07/08/39     25       26,406  
6.50%, 04/15/38     75       81,979  
Owl Rock Capital Corp.

3.40%, 07/15/26

    50       44,835  
Pacific Gas and Electric Co.                
2.50%, 02/01/31     100       81,085  
3.25%, 06/01/31     50       42,339  
3.45%, 07/01/25     50       47,770  
3.50%, 08/01/50     50       32,669  
3.75%, 07/01/28     50       46,253  
4.50%, 07/01/40     100       81,406  
4.95%, 07/01/50     50       40,747  
6.75%, 01/15/53     25       25,642  
Pernod Ricard International Finance LLC 144A

1.62%, 04/01/31

    25       20,072  
Republic Services, Inc.

2.50%, 08/15/24

    50       48,465  
Reynolds American, Inc.

5.85%, 08/15/45

    75       67,908  
Roper Technologies, Inc.

1.75%, 02/15/31

    25       19,993  
Sempra Energy                

3.25%, 06/15/27

    50       47,179  
4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52     25       20,290  
Sherwin-Williams Co.

3.45%, 06/01/27

    50       48,021  
Southern Co.

3.25%, 07/01/26

    50       47,945  
Sprint Capital Corp.                
6.88%, 11/15/28     50       53,949  
8.75%, 03/15/32     25       30,580  
Sprint LLC

7.62%, 02/15/25

    150       154,709  
      Par  
(000’s
)   Value  
United States (continued)                
Sun Communities Operating LP

2.70%, 07/15/31

  $ 25     $ 20,216  
Time Warner Cable Enterprises LLC

8.38%, 07/15/33

    50       56,543  
Time Warner Cable LLC                
6.55%, 05/01/37     25       24,387  
7.30%, 07/01/38     100       103,722  
T-Mobile USA, Inc.                
3.38%, 04/15/29     75       68,808  
3.50%, 04/15/25     150       145,995  
3.75%, 04/15/27     155       149,350  
3.88%, 04/15/30     60       56,527  
United Rentals North America, Inc. 144A

6.00%, 12/15/29

    25       25,395  
Verisk Analytics, Inc.

4.00%, 06/15/25

    25       24,498  
Verizon Communications, Inc.                
0.85%, 11/20/25     25       22,795  
1.45%, 03/20/26     75       69,117  
2.55%, 03/21/31     50       42,592  
2.62%, 08/15/26     25       23,663  
3.88%, 02/08/29     25       24,157  
4.02%, 12/03/29     50       48,036  
4.12%, 03/16/27     100       99,119  
4.33%, 09/21/28     50       49,494  
4.50%, 08/10/33     50       48,327  
VICI Properties LP                
5.12%, 05/15/32     75       71,646  
5.62%, 05/15/52     25       22,642  
VICI Properties LP / VICI Note Co., Inc. 144A                
3.75%, 02/15/27     50       46,792  
4.25%, 12/01/26     50       47,705  
4.62%, 12/01/29     50       46,498  
              6,468,202  
Total Corporate Bonds
(Cost: $8,784,609)
            8,300,011  
                 
      Number
of Shares
         
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.1%
               
Money Market Fund: 2.1%
(Cost: $179,987)
               
State Street Navigator Securities Lending Government Money Market Portfolio     179,987       179,987  
Total Investments: 100.4%
(Cost: $8,964,596)
            8,479,998  
Liabilities in excess of other assets: (0.4)%       (35,168 )
NET ASSETS: 100.0%           $ 8,444,830  


 

See Notes to Financial Statements

86

 

 

   
Definitions:
 
SOFR Secured Overnight Financing Rate
USD United States Dollar

 

Footnotes:
 
Security fully or partially on loan. Total market value of securities on loan is $183,947.
   
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 $1,587,304, or 18.8% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Technology          25.8 %         $ 2,145,250  
Financials     17.9       1,486,254  
Consumer Non-Cyclicals     13.6       1,124,998  
Utilities     11.9       986,372  
Consumer Cyclicals     10.5       873,305  
Healthcare     7.4       613,308  
Energy     3.9       325,300  
Industrials     3.9       324,197  
Real Estate     3.4       279,548  
Basic Materials     1.7       141,479  
      100.0 %   $ 8,300,011  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds *   $     $ 8,300,011     $     $ 8,300,011  
Money Market Fund     179,987                   179,987  
Total Investments   $ 179,987     $ 8,300,011     $     $ 8,479,998  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

87

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
CORPORATE BONDS: 98.4%                
Bermuda: 0.1%                

Arch Capital Group Ltd.

3.63%, 06/30/50 †

  $ 25     $ 18,997  
Canada: 6.5%                
Alimentation Couche-Tard, Inc. 144A                
3.55%, 07/26/27     50       47,393  
3.80%, 01/25/50     25       18,651  
Bank of Nova Scotia                
1.30%, 06/11/25     50       46,190  
1.95%, 02/02/27     75       68,341  
2.45%, 02/02/32     50       41,623  

Brookfield Finance, Inc.

4.35%, 04/15/30

    100       94,900  

Canadian Imperial Bank of Commerce

3.45%, 04/07/27

    25       23,881  

Canadian Natural Resources Ltd.

6.25%, 03/15/38

    25       26,690  

Canadian Pacific Railway Co.

6.12%, 09/15/15

    75       80,168  

CI Financial Corp.

4.10%, 06/15/51

    50       29,182  
Enbridge, Inc.                

3.12%, 11/15/29

    125       113,707  
4.25%, 12/01/26     75       73,890  
5.50%, 12/01/46     25       24,446  

Fortis, Inc.

3.06%, 10/04/26

    50       47,244  

Open Text Corp. 144A

6.90%, 12/01/27

    25       25,848  
Toronto-Dominion Bank                
1.15%, 06/12/25     25       23,108  
1.20%, 06/03/26     50       44,635  
              829,897  
Denmark: 0.3%                

Danske Bank A/S 144A

1.55% (US Treasury

Yield Curve Rate T 1

Year+0.73%), 09/10/27

    50       43,887  
Finland: 0.4%                

Nordea Bank Abp 144A

0.75%, 08/28/25

    50       45,188  
France: 4.9%                

BNP Paribas SA 144A

4.38%, 05/12/26

    75       71,976  

5.12% (US Treasury

Yield Curve Rate T 1

Year+1.45%), 01/13/29

    100       100,578  
Credit Agricole SA 144A

4.38%, 03/17/25

    75       72,944  

Societe Generale SA 144A

1.49% (US Treasury

Yield Curve Rate T 1

Year+1.10%), 12/14/26

    100       88,384  
    Par  
(000’s
)   Value  
France (continued)                

1.79% (US Treasury  

Yield Curve Rate T 1  

Year+1.00%), 06/09/27

  $ 100     $ 87,905  
3.00%, 01/22/30     100       84,331  
4.25%, 04/14/25     50       47,669  
4.68%, 06/15/27     50       49,098  
              602,885  
Germany: 0.4%                
Deutsche Bank AG

3.70%, 05/30/24

    50       48,498  

Guernsey: 1.2%

               
Credit Suisse Group AG                
3.75%, 03/26/25     100       93,489  
4.88%, 05/15/45     75       63,974  
              157,463  
India: 1.1%                

Adani Ports & Special Economic Zone Ltd. 144A

4.20%, 08/04/27

    50       42,076  
Bharti Airtel Ltd. 144A

4.38%, 06/10/25

    50       49,216  

Reliance Industries Ltd. 144A

4.12%, 01/28/25

    50       49,147  
              140,439  
Italy: 0.5%                

Enel Finance International NV 144A

6.00%, 10/07/39

    25       25,034  

UniCredit SpA 144A

1.98% (US Treasury  

Yield Curve Rate T 1  

Year+1.20%), 06/03/27

    50       44,276  
              69,310  
Japan: 0.7%                
Nomura Holdings, Inc.                
1.65%, 07/14/26     50       44,341  
2.65%, 01/16/25     50       47,452  
              91,793  
Mexico: 0.4%                

Sitios Latinoamerica SAB de CV 144A

5.38%, 04/04/32

    50       45,700  
Netherlands: 1.5%                
Prosus NV 144A            
3.06%, 07/13/31     50       39,434  
3.68%, 01/21/30     50       42,650  
4.03%, 08/03/50     50       31,917  
4.99%, 01/19/52     100       73,639  
              187,640  
Norway: 0.4%                

DNB Bank ASA 144A

0.86% (US Treasury  

Yield Curve Rate T 1  

Year+0.33%), 09/30/25

    50       46,848  
Panama: 0.3%                
AES Panama Generation Holdings SRL 144A                


 

See Notes to Financial Statements

88

 

 

    Par  
(000’s
)   Value  
Panama (continued)                
4.38%, 05/31/30   $ 50     $ 43,421  
Saudi Arabia: 3.0%                
Saudi Arabian Oil Co. 144A            
3.25%, 11/24/50     75       54,047  
3.50%, 04/16/29     75       70,967  
3.50%, 11/24/70     50       34,128  
4.25%, 04/16/39     150       138,023  
4.38%, 04/16/49     100       88,590  
              385,755  
Switzerland: 2.4%                

UBS Group AG 144A

1.36% (US Treasury  

Yield Curve Rate T 1

Year+1.08%), 01/30/27

    50       44,244  

3.18% (US Treasury  

Yield Curve Rate T 1  

Year+1.10%), 02/11/43

    50       35,735  

4.70% (US Treasury  

Yield Curve Rate T 1

 Year+2.05%), 08/05/27

    100       96,451  

4.99% (US Treasury  

Yield Curve Rate T 1  

Year+2.40%), 08/05/33

    150       141,714  
              318,144  
Taiwan: 0.8%                
TSMC Global Ltd. 144A            
0.75%, 09/28/25     50       45,499  
1.25%, 04/23/26     50       45,477  
              90,976  
United Kingdom: 7.3%                

Barclays Plc

2.65% (US Treasury  

Yield Curve Rate T 1  

Year+1.90%), 06/24/31

    100       81,340  

2.67% (US Treasury  

Yield Curve Rate T 1  

Year+1.20%), 03/10/32

    100       79,704  

3.33% (US Treasury  

Yield Curve Rate T 1  

Year+1.30%), 11/24/42

    100       72,571  
4.38%, 01/12/26     50       48,754  
5.25%, 08/17/45     50       47,003  

5.50% (US Treasury  

Yield Curve Rate T 1

Year+2.65%), 08/09/28

    50       49,904  

Credit Agricole SA 144A

1.91% (SOFR+1.68%), 06/16/26

    50       46,308  
3.25%, 10/04/24     50       48,496  
4.12%, 01/10/27     100       97,009  

Ferguson Finance Plc

144A 4.50%, 10/24/28

    50       48,628  

HSBC Holdings Plc

5.40% (SOFR+2.87%), 08/11/33

    50       49,601  

Lloyds Banking Group Plc

4.55%, 08/16/28

    50       48,279  
    Par  
(000’s
)   Value  
United Kingdom (continued)                

Reckitt Benckiser Treasury Services Plc 144A

2.75%, 06/26/24

  $ 50     $ 48,772  

Sky Ltd. 144A

3.75%, 09/16/24

    50       49,111  

Standard Chartered Plc 144A

4.30% (ICE LIBOR USD 3

Month+1.91%), 05/21/30

    75       69,540  

UBS AG 144A

0.70%, 08/09/24

    25       23,475  
              908,495  
United States: 66.2%                

Alphabet, Inc.

2.00%, 08/15/26

    50       47,222  
Altria Group, Inc.            
2.45%, 02/04/32     75       59,718  
3.40%, 02/04/41     25       17,706  
4.25%, 08/09/42     100       78,917  
4.80%, 02/14/29     100       99,357  
5.38%, 01/31/44     25       22,934  
5.80%, 02/14/39     50       49,426  
5.95%, 02/14/49     60       56,710  
Apple, Inc.            
1.40%, 08/05/28     150       132,022  
2.05%, 09/11/26     100       93,878  
4.10%, 08/08/62     50       44,411  
Ares Capital Corp.                
2.15%, 07/15/26     25       21,854  
2.88%, 06/15/28 †     25       21,029  
4.20%, 06/10/24     100       97,504  
AT&T, Inc.            
3.65%, 09/15/59     175       123,938  
3.85%, 06/01/60     75       55,496  

Bayer US Finance LLC 144A

3.38%, 10/08/24

    25       24,406  

Becton Dickinson & Co.

3.36%, 06/06/24

    25       24,573  
Berkshire Hathaway Energy Co.            
2.85%, 05/15/51     25       17,314  
4.25%, 10/15/50     50       43,745  
4.45%, 01/15/49     50       45,488  
5.15%, 11/15/43     25       25,133  
6.12%, 04/01/36     100       112,192  
Berkshire Hathaway Finance Corp.            
2.85%, 10/15/50     75       53,898  
4.20%, 08/15/48     110       101,929  

Berkshire Hathaway, Inc.

4.50%, 02/11/43

    50       48,710  

Berry Global, Inc.

1.57%, 01/15/26

    25       22,730  

Berry Global, Inc. 144A

4.88%, 07/15/26

    50       48,968  
Blackstone Holdings Finance Co. LLC 144A              
3.20%, 01/30/52     50       31,950  
6.20%, 04/22/33     25       26,096  


 

See Notes to Financial Statements

89

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
United States (continued)                

Broadcom, Inc. 144A

4.93%, 05/15/37

  $ 50     $ 45,678  
Cameron LNG LLC 144A            
3.30%, 01/15/35     25       21,689  
3.70%, 01/15/39     75       63,653  

CF Industries, Inc. 144A

4.50%, 12/01/26

    25       24,568  

Charter Communications Operating LLC / Charter Communications Operating Capital

           
2.25%, 01/15/29     25       20,986  
3.85%, 04/01/61     50       30,653  
4.91%, 07/23/25     100       99,094  
5.05%, 03/30/29     100       96,940  
5.38%, 05/01/47     25       20,481  
6.48%, 10/23/45     100       92,749  
Cheniere Corpus Christi Holdings LLC                
3.70%, 11/15/29     25       23,412  
5.12%, 06/30/27     50       50,260  
5.88%, 03/31/25     50       50,405  

Cheniere Energy, Inc.

4.62%, 10/15/28

    25       23,853  

Conagra Brands, Inc.

4.30%, 05/01/24

    50       49,514  

Constellation Brands, Inc.

3.15%, 08/01/29

    50       45,978  

Corning, Inc.

5.45%, 11/15/79

    25       23,517  

CoStar Group, Inc. 144A

2.80%, 07/15/30

    25       20,940  

Deutsche Bank AG

0.90%, 05/28/24

    50       47,214  
1.69%, 03/19/26     50       44,790  

2.13% (SOFR+1.87%), 11/24/26

    100       89,031  

3.04% (SOFR+1.72%), 05/28/32 †

    50       39,918  

3.55% (SOFR+3.04%), 09/18/31

    50       42,067  

3.96% (SOFR+2.58%), 11/26/25 †

    50       47,812  

DH Europe Finance II Sarl

2.60%, 11/15/29

    50       45,165  

Duke Energy Carolinas LLC

4.95%, 01/15/33

    25       25,702  

Duke Energy Corp.

2.65%, 09/01/26

    100       93,945  

EMD Finance LLC 144A

3.25%, 03/19/25

    50       48,505  

Fiserv, Inc.

2.75%, 07/01/24

    75       72,897  

Florida Power & Light Co.

3.15%, 10/01/49

    100       75,663  

FS KKR Capital Corp.

3.40%, 01/15/26

    25       22,821  
General Mills, Inc.                
    Par  
(000’s
)   Value  
United States (continued)                
4.00%, 04/17/25   $ 25     $ 24,703  

GLP Capital LP / GLP Financing II, Inc.  

5.25%, 06/01/25

    75       73,689  
HCA, Inc.                
4.12%, 06/15/29     175       166,000  
5.25%, 04/15/25     75       75,202  
5.25%, 06/15/26     25       25,101  
5.50%, 06/15/47     125       117,730  

Home Depot, Inc.

5.95%, 04/01/41

    50       56,164  

HSBC USA, Inc.

3.50%, 06/23/24

    50       49,111  

International Flavors & Fragrances, Inc. 144A

               
1.23%, 10/01/25     25       22,477  
2.30%, 11/01/30     50       40,668  
3.47%, 12/01/50     50       34,374  

J.M. Smucker Co.

3.50%, 03/15/25

    25       24,424  

Jackson National Life Global Funding 144A

1.75%, 01/12/25

 
 
 
 
 
25
 
 
 
 
 
 
 
23,389
 
 
Keurig Dr. Pepper, Inc.                
3.95%, 04/15/29     50       48,320  
4.05%, 04/15/32 †     50       47,527  
4.60%, 05/25/28     50       50,292  

Kinder Morgan Energy Partners LP

5.50%, 03/01/44

    25       23,482  

Kraft Heinz Foods Co.

3.00%, 06/01/26

    50       47,907  

Kraft Heinz Foods Co. 144A

7.12%, 08/01/39

    50       57,296  

Lowe’s Cos, Inc.

5.80%, 09/15/62

    50       50,397  

McCormick & Co., Inc.

3.40%, 08/15/27

    25       23,862  
McDonald’s Corp.                
3.50%, 07/01/27     25       24,335  
3.60%, 07/01/30     25       23,832  
3.62%, 09/01/49     75       59,631  
3.80%, 04/01/28     75       73,920  
4.45%, 03/01/47     25       22,888  
4.70%, 12/09/35     50       50,034  
4.88%, 12/09/45     50       48,469  
6.30%, 10/15/37     50       57,233  

Meta Platforms, Inc.

4.65%, 08/15/62

    50       44,371  

Metropolitan Life Global Funding I 144A

1.88%, 01/11/27

    75       67,611  
Mondelez International, Inc.                

1.50%, 05/04/25

    25       23,467  
2.62%, 03/17/27     50       46,874  
2.62%, 09/04/50     25       16,739  
2.75%, 04/13/30     25       22,219  
Morgan Stanley                


 

See Notes to Financial Statements

90

 

 

    Par  
(000’s
)   Value  
United States (continued)                

1.79% (SOFR+1.03%), 02/13/32

  $ 75     $ 59,251  

1.93% (SOFR+1.02%), 04/28/32

    75       59,707  

Nestle Holdings, Inc. 144A

3.50%, 09/24/25

    75       73,518  

NextEra Energy Capital Holdings, Inc.

6.05%, 03/01/25

    75       76,284  
Oracle Corp.                
3.85%, 07/15/36     75       64,192  
4.12%, 05/15/45     100       78,927  
4.30%, 07/08/34     50       46,134  
4.38%, 05/15/55     50       39,996  
5.38%, 07/15/40     100       96,434  
6.50%, 04/15/38     50       54,653  

Owl Rock Capital Corp.

3.40%, 07/15/26

    50       44,835  

Pacific Gas and Electric Co.

3.25%, 06/01/31

    50       42,339  
3.50%, 08/01/50     50       32,669  
3.75%, 07/01/28     75       69,380  
4.50%, 07/01/40     50       40,703  
4.55%, 07/01/30     75       69,758  
4.95%, 07/01/50     100       81,494  
6.15%, 01/15/33     50       50,779  
PepsiCo, Inc.                
2.38%, 10/06/26     25       23,719  
2.75%, 04/30/25     100       97,114  
2.75%, 03/19/30     25       22,958  
Philip Morris International, Inc.                
2.88%, 05/01/24     50       48,982  
3.38%, 08/15/29     75       69,638  
4.12%, 03/04/43     50       41,337  
4.38%, 11/15/41     65       56,516  
5.62%, 11/17/29     25       26,127  
5.75%, 11/17/32     50       52,562  
6.38%, 05/16/38     50       55,382  

Procter & Gamble Co.

2.45%, 11/03/26

    50       47,571  

Public Service Co. of Colorado

1.88%, 06/15/31

    50       41,401  

Public Service Enterprise Group, Inc.

2.88%, 06/15/24

    25       24,350  

Republic Services, Inc.

2.50%, 08/15/24

    50       48,465  

San Diego Gas & Electric Co.

1.70%, 10/01/30

    75       61,825  

Sherwin-Williams Co.

3.45%, 06/01/27

    50       48,021  

Southern Co.

3.25%, 07/01/26

    50       47,945  

Sprint Capital Corp.

6.88%, 11/15/28

    50       53,949  
8.75%, 03/15/32     25       30,580  
    Par  
(000’s
)   Value  
United States (continued)                

Sprint LLC

7.62%, 02/15/25

  $ 150     $ 154,709  
Time Warner Cable LLC                
4.50%, 09/15/42     25       19,067  
5.88%, 11/15/40     25       22,263  
6.55%, 05/01/37     100       97,549  
6.75%, 06/15/39     75       72,986  
T-Mobile USA, Inc.                
1.50%, 02/15/26     25       22,920  
3.00%, 02/15/41     25       18,597  
3.30%, 02/15/51     50       35,718  
3.50%, 04/15/25     50       48,665  
3.75%, 04/15/27     150       144,533  
3.88%, 04/15/30     125       117,764  

United Rentals North America, Inc. 144A  

6.00%, 12/15/29

    50       50,789  

Verisk Analytics, Inc.

4.00%, 06/15/25

    25       24,498  
Verizon Communications, Inc.                
3.70%, 03/22/61     75       55,830  
4.02%, 12/03/29     150       144,108  
4.12%, 03/16/27     125       123,899  
4.33%, 09/21/28     50       49,494  
VICI Properties LP                
4.75%, 02/15/28     50       48,268  
5.12%, 05/15/32     50       47,764  
5.62%, 05/15/52     25       22,642  
VICI Properties LP / VICI Note Co., Inc. 144A                
 3.50%, 02/15/25     50       48,103  
4.25%, 12/01/26     75       71,557  
5.62%, 05/01/24     50       49,803  

Walt Disney Co.

6.20%, 12/15/34

    25       28,596  

Westinghouse Air Brake Technologies Corp.

3.45%, 11/15/26

    50       47,703  

Weyerhaeuser Co.

4.00%, 04/15/30 †

    50       47,307  
              8,407,519  
Total Corporate Bonds
(Cost: $13,282,431)
            12,482,855  
                 
      Number
of Shares
         
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%  
 
 
 
 
 
 
 
 
 
Money Market Fund: 1.7%
(Cost: $214,133)
               

State Street Navigator Securities Lending Government Money Market Portfolio

    214,133       214,133  


 

See Notes to Financial Statements

91

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

Number
of Shares
(continued)
  Value  
Total Investments: 100.1%
(Cost: $13,496,564)
  $ 12,696,988  
Liabilities in excess of other assets: (0.1)%     (13,323)
NET ASSETS: 100.0%   $ 12,683,665  

 

 

Definitions:

 

LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate
USD United States Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $208,434.
   
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,439,462, or 27.1% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials     28.1 %      $ 3,510,249  
Technology     19.1       2,390,752  
Consumer Non-Cyclicals     16.6       2,075,242  
Consumer Cyclicals     8.9       1,117,379  
Utilities     8.1       1,010,245  
Energy     6.3       787,013  
Industrials     4.5       557,040  
Healthcare     3.9       481,516  
Real Estate     3.3       409,133  
Basic Materials     1.2       144,286  
      100.0 %   $ 12,482,855  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Corporate Bonds *   $     $ 12,482,855     $     $ 12,482,855  
Money Market Fund     214,133                   214,133  
Total Investments   $ 214,133     $ 12,482,855     $     $ 12,696,988  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

92

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Financial Services: 99.8%                
AGNC Investment Corp.     1,605,158     $ 15,907,116  
Annaly Capital Management, Inc. †     1,215,666       24,289,007  
Apollo Commercial Real Estate Finance, Inc.     691,401       6,996,978  
Arbor Realty Trust, Inc. †     699,627       8,024,722  
Ares Commercial Real Estate Corp. †     378,279       3,256,982  
ARMOUR Residential REIT, Inc. †     1,088,647       5,552,100  
Blackstone Mortgage Trust, Inc. †     507,267       9,252,550  
BrightSpire Capital, Inc.     514,293       2,931,470  
Broadmark Realty Capital, Inc. †     823,382       4,042,805  
Chimera Investment Corp. †     1,309,173       7,436,103  
Claros Mortgage Trust, Inc.     304,349       3,640,014  
Dynex Capital, Inc. †     372,924       4,422,879  
Ellington Financial, Inc. †     375,135       4,790,474  
Franklin BSP Realty Trust, Inc. †     449,920       5,682,489  
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †     340,874       9,674,004  
KKR Real Estate Finance Trust, Inc. †     306,951       3,296,654  
    Number
of Shares
    Value  
Financial Services (continued)                
Ladder Capital Corp.     742,950     $ 6,946,582  
MFA Financial, Inc.     491,113       5,249,998  
New York Mortgage Trust, Inc. †     523,862       5,385,301  
Orchid Island Capital, Inc. †     247,204       2,645,083  
PennyMac Mortgage Investment Trust †     435,061       5,407,808  
Ready Capital Corp. †     583,645       6,262,511  
Redwood Trust, Inc. †     607,263       3,813,612  
Rithm Capital Corp.     1,400,179       11,425,461  
Starwood Property Trust, Inc. †     867,711       15,523,350  
Two Harbors Investment Corp.     523,792       7,296,422  
Total Common Stocks 
(Cost: $252,557,358)
            189,152,475  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 8.1%
         
Money Market Fund: 8.1% 
(Cost: $15,312,549)
               
State Street Navigator Securities Lending Government Money Market Portfolio     15,312,549       15,312,549  
Total Investments: 107.9% 
(Cost: $267,869,907)
            204,465,024  
Liabilities in excess of other assets: (7.9)%       (15,032,547)  
NET ASSETS: 100.0%           $ 189,432,477  


 

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $50,909,349.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
    % of
Investments
  Value  
Financials       100.0 %       $ 189,152,475  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
 Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 189,152,475     $     $     $ 189,152,475  
Money Market Fund     15,312,549                   15,312,549  
Total Investments   $ 204,465,024     $     $     $ 204,465,024  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

93

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Number
of Shares
    Value  
PREFERRED SECURITIES: 100.0%                
Basic Materials: 2.9%                

ArcelorMittal SA 

5.50%, 05/18/23

    450,266     $ 30,266,881  
Consumer Cyclicals: 7.5%                

Aptiv Plc 

5.50%, 06/15/23

    211,569       23,947,495  
Ford Motor Co.                
6.00%, 12/01/59 †     595,610       14,497,147  
6.20%, 06/01/59 †     558,384       14,015,438  
6.50%, 08/15/62     446,707       10,761,172  

Paramount Global 

5.75%, 04/01/24 †

    186,129       5,924,486  

Qurate Retail, Inc. 

8.00%, 03/15/31 †

    236,345       7,243,974  

QVC, Inc. 

6.25%, 11/26/68

    372,404       3,310,672  
              79,700,384  
Consumer Non-Cyclicals: 4.5%                

Brookfield Infrastructure Finance ULC 

5.00%, 05/24/81

    186,129       3,212,586  

CHS, Inc. 

6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24

    366,673       9,196,159  
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24     312,696       7,754,861  
7.50%, 01/21/25 †     385,285       10,175,377  
7.88%, 09/26/23     399,431       10,449,115  
8.00%, 07/18/23 †     228,417       6,799,974  
              47,588,072  
Energy: 4.7%                

Energy Transfer LP 

7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 †

    335,030       8,013,918  
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 †     595,610       13,770,503  
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23     331,307       7,782,401  

NGL Energy Partners LP 

12.47% (ICE LIBOR USD 3 Month+7.21%)

    234,224       5,548,766  

NuStar Energy LP 

10.94% (ICE LIBOR USD 3 Month+5.64%)

    286,637       6,612,716  

NuStar Logistics LP 

6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43

    299,666       7,653,470  
              49,381,774  
Financial Services: 7.8%                

AGNC Investment Corp. 

6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 †

    428,095       8,745,981  
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24     299,666       6,457,802  
10.41% (ICE LIBOR USD 3 Month+5.11%)     241,966       5,998,337  
    Number
of Shares
    Value  
Financial Services (continued)                

Annaly Capital Management, Inc.

6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24

    329,447     $ 7,880,372  
9.33% (ICE LIBOR USD 3 Month+4.17%) †     316,418       7,590,868  
10.16% (ICE LIBOR USD 3 Month+4.99%)     536,048       13,369,037  

Chimera Investment Corp.

7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 †

    193,574       3,710,814  
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24     241,966       4,907,070  

MFA Financial, Inc.

6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 †

    204,741       3,754,950  

PennyMac Mortgage Investment Trust

6.75%, 08/24/26

    186,129       3,419,190  

Rithm Capital Corp.

6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25

    296,018       5,488,174  
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24     209,582       4,321,581  

Two Harbors Investment Corp.

7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 †

    187,227       3,557,313  
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27     199,405       3,788,695  
              82,990,184  
Healthcare: 4.8%                

Becton Dickinson & Co.

6.00%, 06/01/23

    554,430       28,031,981  

Boston Scientific Corp.

5.50%, 06/01/23

    185,333       23,301,918  
              51,333,899  
Industrials: 5.2%                

BIP Bermuda Holdings I Ltd.

5.12%, 01/21/27 †

    223,355       3,841,706  

Chart Industries, Inc.

6.75%, 12/15/25

    149,836       8,401,304  

Clarivate Plc

5.25%, 06/01/24

    267,559       10,702,360  

Crestwood Equity Partners LP

9.25%

    1,326,349       12,069,776  

RBC Bearings, Inc.

5.00%, 10/15/24 †

    85,619       9,460,043  

WESCO International, Inc.

10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25

    400,773       10,901,026  
              55,376,215  
Real Estate: 0.7%                

Brookfield Property Preferred LP

6.25%, 07/26/81 †

    499,642       7,504,623  


 

See Notes to Financial Statements

94

 

 

    Number
of Shares
    Value  
Real Estate Investment Trusts: 11.4%          

Arbor Realty Trust, Inc. 

6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26

    211,143     $ 3,847,025  

Digital Realty Trust, Inc. 

5.20%, 10/10/24

    256,856       5,722,752  

DigitalBridge Group, Inc. 

7.12% †

    216,209       4,460,392  
7.15%     239,514       4,910,037  

Diversified Healthcare Trust 

5.62%, 08/01/42

    260,582       2,991,481  
6.25%, 02/01/46 †     186,129       2,343,364  

Franklin BSP Realty Trust, Inc. 

7.50%

    192,234       3,790,854  

Hudson Pacific Properties, Inc. 

4.75%, 11/26/26

    316,418       2,942,687  

Kimco Realty Corp. 

5.25% †

    195,062       4,463,019  

KKR Real Estate Finance Trust, Inc.

6.50%, 04/16/26

    244,052       3,968,286  

Public Storage 

3.88%, 10/06/25 †

    210,325       3,928,871  
4.00%, 11/19/26 †     773,403       14,736,855  
4.10%, 01/13/27     186,129       3,575,538  
4.62%, 06/17/25     420,652       9,157,594  
4.70%, 11/15/24     192,680       4,204,278  
4.88%, 09/12/24 †     235,416       5,409,860  
5.05% †     223,355       5,461,030  
5.15% †     208,463       5,134,444  
5.60%, 03/11/24 †     212,185       5,436,180  

Rithm Capital Corp. 

7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26

    346,199       6,913,594  

RLJ Lodging Trust 

1.95%

    239,658       5,790,137  

Vornado Realty Trust 

4.45%, 09/22/26

    223,355       2,450,204  
5.25% †     461,227       5,717,796  
5.40% †     223,355       2,975,089  
              120,331,367  
Technology: 13.9%                

AT&T, Inc. 

4.75%, 02/18/25 †

    1,302,900       27,204,552  
5.00%, 12/12/24 †     893,414       19,887,396  
5.35%, 11/01/66     984,617       23,355,115  
5.62%, 08/01/67 †     614,222       15,392,403  

Coherent Corp. 

6.00%, 07/01/23

    42,810       6,824,770  

Pitney Bowes, Inc. 

6.70%, 03/07/43 †

    316,418       4,739,942  

Qwest Corp. 

6.50%, 09/01/56

    727,761       9,693,777  
6.75%, 06/15/57     491,378       6,820,327  

Sabre Corp. 

6.50%, 09/01/23

    61,236       3,668,036  
    Number
of Shares
    Value  
Technology (continued)                
Telephone and Data Systems, Inc.                
6.00%, 09/30/26     513,714     $ 6,899,179  
6.62%, 03/31/26     312,696       4,681,059  
United States Cellular Corp.                
5.50%, 03/01/70     372,256       5,632,233  
5.50%, 06/01/70 †     372,256       5,676,904  
6.25%, 09/01/69     372,256       6,250,178  
              146,725,871  
Utilities: 36.6%                

AES Corp.

6.88%, 02/15/24

    194,131       17,473,731  

Algonquin Power & Utilities Corp.

6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79

    260,582       5,962,116  
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 †     214,048       4,957,352  
7.75%, 06/15/24     428,095       12,958,436  

American Electric Power Co., Inc.

6.12%, 08/15/23

    316,418       16,086,691  

Brookfield BRP Holdings Canada, Inc.

4.62%, 04/30/26

    260,582       4,200,582  
4.88%, 12/09/26 †     193,574       3,133,963  

CMS Energy Corp.

5.88%, 10/15/78

    208,463       5,184,475  
5.88%, 03/01/79     469,043       11,646,338  

DTE Energy Co.

4.38%, 12/01/81 †

    208,463       4,506,970  
5.25%, 12/01/77 †     297,804       7,108,582  

Duke Energy Corp.

5.62%, 09/15/78 †

    372,256       9,325,013  
5.75%, 06/15/24 †     744,515       19,171,261  

Entergy Arkansas LLC

4.88%, 09/01/66 †

    305,251       7,130,663  

Entergy Louisiana LLC

4.88%, 09/01/66 †

    201,018       4,776,188  

Entergy Mississippi LLC

4.90%, 10/01/66

    193,574       4,607,061  

Georgia Power Co.

5.00%, 10/01/77 †

    201,018       5,025,450  

NextEra Energy Capital Holdings, Inc.

5.65%, 03/01/79 †

    511,852       13,144,359  

NextEra Energy, Inc.

6.22%, 09/01/23

    744,515       36,540,796  
6.93%, 09/01/25     744,515       35,245,340  

NiSource, Inc.

6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 †

    372,256       9,287,787  
7.75%, 03/01/24     160,535       17,021,526  

PG&E Corp.

5.50%, 08/16/23

    297,804       44,637,842  
SCE Trust III                


 

See Notes to Financial Statements

95

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Utilities (continued)                
5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 †     204,741     $ 4,381,457  

SCE Trust IV

5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25

    241,966       4,924,008  

SCE Trust V

5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26

    223,355       4,976,349  

SCE Trust VI

5.00%

    353,644       6,998,615  

Sempra Energy

5.75%, 07/01/79

    563,971       13,896,246  

South Jersey Industries, Inc.

8.75%, 04/01/24 †

    108,735       7,633,197  

Southern Co.

4.20%, 10/15/60

    558,384       11,318,444  
4.95%, 01/30/80 †     744,515       17,190,851  
5.25%, 12/01/77 †     335,030       8,362,349  

Spire, Inc.

5.90%, 08/15/24 †

    186,129       4,748,151  
    Number
of Shares
    Value  
Utilities (continued)                

Tennessee Valley Authority

2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28

    188,767     $ 4,190,627  
              387,752,816  
Total Preferred Securities
(Cost: $1,166,680,671)
            1,058,952,086  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 3.7%
         
Money Market Fund: 3.7%
(Cost: $39,388,693)
               
State Street Navigator Securities Lending Government Money Market Portfolio     39,388,693       39,388,693  
Total Investments: 103.7%
(Cost: $1,206,069,364)
            1,098,340,779  
Liabilities in excess of other assets: (3.7)%       (38,696,383)  
NET ASSETS: 100.0%           $ 1,059,644,396  


 

 

Definitions:

 

LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate
USD United States Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $39,470,761.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
    % of
Investments
  Value  
Electric Utilities & IPPs       27.8 %       $ 294,457,192  
Residential & Commercial REITs       18.8       199,353,265  
Telecommunications Services       12.4       131,493,123  
Multiline Utilities       7.7       80,914,276  
Automobiles & Auto Parts       6.0       63,221,252  
Healthcare Equipment & Supplies       4.8       51,333,899  
Food & Tobacco       4.2       44,375,486  
Oil & Gas Related Equipment and Services       4.2       43,833,008  
Metals & Mining       2.9       30,266,881  
Machinery; Equipment & Components       2.7       28,762,373  
Professional & Commercial Services       2.5       26,613,842  
Natural Gas Utilities       1.1       12,381,348  
Diversified Retail       1.0       10,554,646  
Real Estate Operations       0.7       7,504,623  
Electronic Equipment & Parts       0.6       6,824,770  
Hotels & Entertainment Services       0.5       5,924,486  
Oil & Gas       0.5       5,548,766  
Office Equipment       0.5       4,739,942  
Investment Banking & Investment Services       0.4       3,968,286  
Software & IT Services       0.4       3,668,036  
Consumer Goods Conglomerates       0.3       3,212,586  
        100.0 %   $ 1,058,952,086  

 

See Notes to Financial Statements

96

 

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Preferred Securities                              
Basic Materials   $ 30,266,881     $     $     $ 30,266,881  
Consumer Cyclicals     79,700,384                   79,700,384  
Consumer Non-Cyclicals     47,588,072                   47,588,072  
Energy     49,381,774                   49,381,774  
Financials     3,968,286                   3,968,286  
Healthcare     51,333,899                   51,333,899  
Industrials     55,376,215                   55,376,215  
Real Estate     206,857,888                   206,857,888  
Technology     146,725,871                   146,725,871  
Utilities     380,119,619       7,633,197             387,752,816  
Money Market Fund     39,388,693                   39,388,693  
Total Investments   $ 1,090,707,582     $ 7,633,197     $     $ 1,098,340,779  

 

See Notes to Financial Statements

97

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

 

    BDC Income ETF     China Bond ETF     Dynamic High
Income ETF
    Emerging
Markets High
Yield Bond ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 577,603,331     $ 41,234,674     $ 83,546     $ 418,105,676  
Affiliated issuers (3)                 437,678        
Short-term investments held as collateral for securities loaned (4)     92,435,917                   32,767,820  
Cash     9,439             1,254       5,748,047  
Cash denominated in foreign currency, at value (5)           1,395,399 (a)           2,121  
Receivables:                                
Investment securities sold           48,685       4,129       8,690,503  
Shares of beneficial interest sold     1,453,933                    
Dividends and interest     663,745       562,770       763       7,754,655  
Due from custodian           267,322              
Prepaid expenses           994              
Total assets     672,166,365       43,509,844       527,370       473,068,822  
                                 
Liabilities:                                
Payables:                                
Investment securities purchased     1,453,981             5,594       9,106,155  
Collateral for securities loaned     92,435,917                   32,767,820  
Line of credit     811,771                    
Due to Adviser     186,475       11,730       43       141,839  
Due to custodian           7,420              
Deferred Trustee fees     9,395       1,266             40,196  
Accrued expenses     15,882       55,682              
Total liabilities     94,913,421       76,098       5,637       42,056,010  
NET ASSETS   $ 577,252,944     $ 43,433,746     $ 521,733     $ 431,012,812  
Shares outstanding     39,700,000       1,900,000       20,000       23,700,000  
Net asset value, redemption and offering price per share   $ 14.54     $ 22.86     $ 26.09     $ 18.19  
Net Assets consist of:                                
Aggregate paid in capital   $ 719,869,300     $ 49,440,191     $ 501,082     $ 688,731,578  
Total distributable earnings (loss)     (142,616,356 )     (6,006,445 )     20,651       (257,718,766 )
NET ASSETS   $ 577,252,944     $ 43,433,746     $ 521,733     $ 431,012,812  
(1) Value of securities on loan   $ 141,163,568     $     $     $ 34,385,345  
(2) Cost of investments - Unaffiliated issuers   $ 617,312,326     $ 44,342,032     $ 78,090     $ 484,740,019  
(3) Cost of investments - Affiliated issuers   $     $     $ 420,380     $  
(4) Cost of short-term investments held as collateral for securities loaned   $ 92,435,917     $     $     $ 32,767,820  
(5) Cost of cash denominated in foreign currency   $     $ 1,387,460     $     $ 2,052  
   
(a) Includes $44,609 on foreign investor minimum settlement reserve funds (see Note 2H).

 

See Notes to Financial Statements

98

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

 

    Fallen Angel High
Yield Bond ETF
    Green Bond ETF     IG Floating Rate
ETF
    International
High Yield Bond
ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 2,736,589,329     $ 74,565,745     $ 1,129,642,796     $ 64,646,108  
Short-term investments held as collateral for securities loaned (3)     124,494,085       2,137,597       3,402,096       1,677,588  
Cash     13,463,718       363,903       6,534,000       98,629  
Cash denominated in foreign currency, at value (4)           7             298,491  
Receivables:                                
Investment securities sold     154,963,464       502,463       35,952,223       1,700,253  
Shares of beneficial interest sold     27,689,970                    
Dividends and interest     39,876,801       576,136       8,953,217       1,206,685  
Total assets     3,097,077,367       78,145,851       1,184,484,332       69,627,754  
                                 
Liabilities:                                
Payables:                                
Investment securities purchased     177,164,652       534,957       34,604,984       1,836,634  
Shares of beneficial interest redeemed     11,084,556                    
Collateral for securities loaned     124,494,085       2,137,597       3,402,096       1,677,588  
Due to Adviser     794,138       12,358       133,213       21,717  
Deferred Trustee fees     67,963       1,073       21,618       33,385  
Accrued expenses     6,316             1,569        
Total liabilities     313,611,710       2,685,985       38,163,480       3,569,324  
NET ASSETS   $ 2,783,465,657     $ 75,459,866     $ 1,146,320,852     $ 66,058,430  
Shares outstanding     100,350,000       3,200,000       45,700,000       3,300,000  
Net asset value, redemption and offering price per share   $ 27.74     $ 23.58     $ 25.08     $ 20.02  
Net Assets consist of:                                
Aggregate paid in capital   $ 3,431,989,611     $ 87,760,822     $ 1,156,461,372     $ 92,230,435  
Total distributable earnings (loss)     (648,523,954 )     (12,300,956 )     (10,140,520 )     (26,172,005 )
NET ASSETS   $ 2,783,465,657     $ 75,459,866     $ 1,146,320,852     $ 66,058,430  
(1) Value of securities on loan   $ 129,926,938     $ 6,034,699     $ 3,317,907     $ 1,682,952  
(2) Cost of investments - Unaffiliated issuers   $ 3,087,035,189     $ 83,131,344     $ 1,138,059,104     $ 73,082,017  
(3) Cost of short-term investments held as collateral for securities loaned   $ 124,494,085     $ 2,137,597     $ 3,402,096     $ 1,677,588  
(4) Cost of cash denominated in foreign currency   $     $ 7     $     $ 294,541  

 

See Notes to Financial Statements

99

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

 

    J.P. Morgan EM
Local Currency
Bond ETF
    Moody’s Analytics
BBB Corporate
Bond ETF
    Moody’s Analytics
IG Corporate
Bond ETF
    Mortgage REIT
Income ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 3,153,353,521     $ 8,300,011     $ 12,482,855     $ 189,152,475  
Short-term investments held as collateral for securities loaned (3)     91,541,238       179,987       214,133       15,312,549  
Cash     1,285,849       49,914       99,100       183,741  
Cash denominated in foreign currency, at value (4)     6,888,023                    
Receivables:                                
Investment securities sold     72,572,653       742,302       772,727        
Dividends and interest     65,702,341       98,360       141,488       373,143  
Prepaid expenses     13,689                    
Total assets     3,391,357,314       9,370,574       13,710,303       205,021,908  
                                 
Liabilities:                                
Payables:                                
Investment securities purchased     42,844,879       744,029       810,428        
Shares of beneficial interest redeemed     29,649,031                    
Collateral for securities loaned     91,541,238       179,987       214,133       15,312,549  
Line of credit                       193,417  
Due to Adviser     778,030       1,728       2,077       55,504  
Deferred Trustee fees     258,607                   16,359  
Accrued expenses     1,940,129                   11,602  
Total liabilities     167,011,914       925,744       1,026,638       15,589,431  
NET ASSETS   $ 3,224,345,400     $ 8,444,830     $ 12,683,665     $ 189,432,477  
Shares outstanding     128,322,682       400,000       600,000       17,200,000  
Net asset value, redemption and offering price per share   $ 25.13     $ 21.11     $ 21.14     $ 11.01  
Net Assets consist of:                                
Aggregate paid in capital   $ 4,090,910,368     $ 9,999,885     $ 14,999,828     $ 361,357,777  
Total distributable earnings (loss)     (866,564,968 )     (1,555,055 )     (2,316,163 )     (171,925,300 )
NET ASSETS   $ 3,224,345,400     $ 8,444,830     $ 12,683,665     $ 189,432,477  
(1) Value of securities on loan   $ 87,798,667     $ 183,947     $ 208,434     $ 50,909,349  
(2) Cost of investments - Unaffiliated issuers   $ 3,474,675,710     $ 8,784,609     $ 13,282,431     $ 252,557,358  
(3) Cost of short-term investments held as collateral for securities loaned   $ 91,541,238     $ 179,987     $ 214,133     $ 15,312,549  
(4) Cost of cash denominated in foreign currency   $ 6,885,993     $     $     $  

 

See Notes to Financial Statements

100

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

 

    Preferred
Securities ex
Financials ETF
 
Assets:        
Investments, at value (1)        
Unaffiliated issuers (2)   $ 1,058,952,086  
Short-term investments held as collateral for securities loaned (3)     39,388,693  
Cash     4,485,080  
Receivables:        
Investment securities sold     839,316  
Shares of beneficial interest sold     3,473,016  
Dividends and interest     3,068,604  
Total assets     1,110,206,795  
         
Liabilities:        
Payables:        
Investment securities purchased     10,774,891  
Collateral for securities loaned     39,388,693  
Due to Adviser     342,277  
Deferred Trustee fees     36,282  
Accrued expenses     20,256  
Total liabilities     50,562,399  
NET ASSETS   $ 1,059,644,396  
Shares outstanding     60,500,000  
Net asset value, redemption and offering price per share   $ 17.51  
         
Net Assets consist of:        
Aggregate paid in capital   $ 1,235,177,953  
Total distributable earnings (loss)     (175,533,557 )
NET ASSETS   $ 1,059,644,396  
(1) Value of securities on loan   $ 39,470,761  
(2) Cost of investments - Unaffiliated issuers   $ 1,166,680,671  
(3) Cost of short-term investments held as collateral for securities loaned   $ 39,388,693  

 

See Notes to Financial Statements

101

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

 

    BDC Income ETF     China Bond ETF     Dynamic High
Income ETF (a)
    Emerging
Markets High
Yield Bond ETF
 
Income:                                
Dividends - unaffiliated issuers   $ 59,355,749     $     $     $  
Dividends - affiliated issuers                 11,272        
Interest     22,979       2,469,335       716       34,301,109  
Securities lending income     1,987,210                   240,024  
Foreign taxes withheld           (1,423 )            
Total income     61,365,938       2,467,912       11,988       34,541,133  
                                 
Expenses:                                
Management fees     2,197,290       326,972       258       2,133,780  
Professional fees           32,580              
Custody and accounting fees           20,805              
Reports to shareholders           12,838              
Trustees’ fees and expenses           2,764              
Registration fees           7,673              
Insurance           3,712              
Interest and taxes     119,213       4,188             171  
Other           7,372              
Total expenses     2,316,503       418,904       258       2,133,951  
Waiver of management fees           (6,002 )            
Net expenses     2,316,503       412,902       258       2,133,951  
Net investment income     59,049,435       2,055,010       11,730       32,407,182  
                                 
Net realized gain (loss) on:                                
Investments - unaffiliated issuers     (37,784,544 )     (5,235,932 )           (39,073,684 )
Investments - affiliated issuers                 (2,103 )      
In-kind redemptions - unaffiliated issuers     11,750,495                   (114,527,770 )
Capital gain distributions from investment companies     2,129,073                    
Foreign currency transactions and foreign denominated assets and liabilities           (479,951 )           2  
Net realized loss     (23,904,976 )     (5,715,883 )     (2,103 )     (153,601,452 )
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments - unaffiliated issuers     (58,310,532 )     (197,968 )     5,456       74,160,043  
Investments - affiliated issuers                 17,298        
Foreign currency translations and foreign denominated assets and liabilities           122,725             78  
Net change in unrealized appreciation (depreciation)     (58,310,532 )     (75,243 )     22,754       74,160,121  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (23,166,073 )   $ (3,736,116 )   $ 32,381     $ (47,034,149 )
   
(a) For the period November 2, 2022 (commencement of operations) through April 30, 2023.

 

See Notes to Financial Statements

102

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

 

    Fallen Angel
High Yield Bond
ETF
    Green Bond ETF     IG Floating Rate
ETF
    International
High Yield Bond
ETF
 
Income:                                
Dividends   $     $ 8,094     $     $ 14  
Interest     150,155,425       2,262,452       45,651,146       3,187,325  
Securities lending income     1,944,073       22,696       58,519       22,229  
Foreign taxes withheld                       (108 )
Total income     152,099,498       2,293,242       45,709,665       3,209,460  
                                 
Expenses:                                
Management fees     10,586,530       157,689       1,564,521       242,537  
Interest and taxes     17,242       428       8,149       689  
Total expenses     10,603,772       158,117       1,572,670       243,226  
Net investment income     141,495,726       2,135,125       44,136,995       2,966,234  
                                 
Net realized gain (loss) on:                                
Investments     (133,086,519 )     (1,967,650 )     (4,850,420 )     (3,589,569 )
In-kind redemptions     (74,453,640 )     (1,807,967 )     744,392       (2,590,832 )
Foreign currency transactions and foreign denominated assets and liabilities                       (41,135 )
Net realized loss     (207,540,159 )     (3,775,617 )     (4,106,028 )     (6,221,536 )
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments     45,359,290       1,503,619       (1,621,240 )     3,243,696  
Foreign currency translations and foreign denominated assets and liabilities                       61,850  
Net change in unrealized appreciation (depreciation)     45,359,290       1,503,619       (1,621,240 )     3,305,546  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (20,685,143 )   $ (136,873 )   $ 38,409,727     $ 50,244  

 

See Notes to Financial Statements

103

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

 

    J.P. Morgan EM
Local Currency
Bond ETF
    Moody’s
Analytics BBB
Corporate Bond
ETF
    Moody’s
Analytics IG
Corporate Bond
ETF
    Mortgage REIT
Income ETF
 
Income:                                
Dividends   $     $     $     $ 17,502,735  
Interest     187,229,790       332,264       464,794       5,150  
Securities lending income     183,678       1,788       4,086       151,136  
Foreign taxes withheld     (4,682,086 )                  
Total income     182,731,382       334,052       468,880       17,659,021  
                                 
Expenses:                                
Management fees     7,993,895       20,792       25,043       726,235  
Professional fees     55,230                    
Custody and accounting fees     628,304                    
Reports to shareholders     293,987                    
Trustees’ fees and expenses     158,714                    
Registration fees     34,638                    
Insurance     44,157                    
Interest and taxes     65,156       58       58       46,834  
Other     29,945                    
Total expenses     9,304,026       20,850       25,101       773,069  
Waiver of management fees     (356,765 )                  
Net expenses     8,947,261       20,850       25,101       773,069  
Net investment income     173,784,121       313,202       443,779       16,885,952  
                                 
Net realized gain (loss) on:                                
Investments (1)     (225,359,071 )     (879,505 )     (1,334,692 )     (26,078,236 )
In-kind redemptions     (4,402,732 )                 1,052,298  
Foreign currency transactions and foreign denominated assets and liabilities     (5,893,789 )                  
Net realized loss     (235,655,592 )     (879,505 )     (1,334,692 )     (25,025,938 )
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments (2)     198,001,123       702,133       1,037,261       (27,385,519 )
Foreign currency translations and foreign denominated assets and liabilities     3,335,902                    
Net change in unrealized appreciation (depreciation)     201,337,025       702,133       1,037,261       (27,385,519 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 139,465,554     $ 135,830     $ 146,348     $ (35,525,505 )
(1) Net of foreign taxes   $ (222,850 )   $     $     $  
(2) Net of foreign taxes   $ (835,250 )   $     $     $  

 

See Notes to Financial Statements

104

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

 

    Preferred
Securities ex
Financials ETF
 
Income:        
Dividends   $ 64,404,171  
Interest     83,028  
Securities lending income     1,722,837  
Foreign taxes withheld     (168,214 )
Total income     66,041,822  
         
Expenses:        
Management fees     3,952,219  
Interest and taxes     65,292  
Total expenses     4,017,511  
Net investment income     62,024,311  
         
Net realized gain (loss) on:        
Investments     (15,636,197 )
In-kind redemptions     4,979,384  
Net realized loss     (10,656,813 )
         
Net change in unrealized appreciation (depreciation) on:        
Investments     (76,072,758 )
Net change in unrealized appreciation (depreciation)     (76,072,758 )
Net Decrease in Net Assets Resulting from Operations   $ (24,705,260 )

 

See Notes to Financial Statements

105

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    BDC Income ETF     China Bond ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
                                 
Operations:                                
Net investment income   $ 59,049,435     $ 43,156,676     $ 2,055,010     $ 3,505,616  
Net realized gain (loss)     (23,904,976 )     19,570,650       (5,715,883 )     183,640  
Net change in unrealized appreciation (depreciation)     (58,310,532 )     (29,787,379 )     (75,243 )     (4,527,783 )
Net increase (decrease) in net assets resulting from operations     (23,166,073 )     32,939,947       (3,736,116 )     (838,527 )
Distributions to shareholders from:                                
Distributable earnings     (59,501,743 )     (42,704,368 )           (4,150,280 )
Return of capital     (1,673,017 )           (1,816,350 )     (44,520 )
Total distributions     (61,174,760 )     (42,704,368 )     (1,816,350 )     (4,194,800 )
                                 
Share transactions*:                                
Proceeds from sale of shares     184,695,569       334,820,169             91,337,821  
Cost of shares redeemed     (148,132,044 )     (111,985,789 )     (80,600,929 )     (60,220,705 )
Increase (decrease) in net assets resulting from share transactions     36,563,525       222,834,380       (80,600,929 )     31,117,116  
Total increase (decrease) in net assets     (47,777,308 )     213,069,959       (86,153,395 )     26,083,789  
Net Assets, beginning of year     625,030,252       411,960,293       129,587,141       103,503,352  
Net Assets, end of year   $ 577,252,944     $ 625,030,252     $ 43,433,746     $ 129,587,141  
*Shares of Common Stock Issued (no par value)                                
Shares sold     12,250,000       19,225,000             3,700,000  
Shares redeemed     (9,850,000 )     (6,500,000 )     (3,600,000 )     (2,500,000 )
Net increase (decrease)     2,400,000       12,725,000       (3,600,000 )     1,200,000  

 

See Notes to Financial Statements

106

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Dynamic High
Income ETF
    Emerging Markets High Yield Bond ETF  
    Period Ended
April 30, 2023 (a)
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
                         
Operations:                        
Net investment income   $ 11,730     $ 32,407,182     $ 64,361,459  
Net realized loss     (2,103 )     (153,601,452 )     (92,945,941 )
Net change in unrealized appreciation (depreciation)     22,754       74,160,121       (150,062,233 )
Net increase (decrease) in net assets resulting from operations     32,381       (47,034,149 )     (178,646,715 )
Distributions to shareholders from:                        
Distributable earnings     (11,730 )     (37,523,220 )     (63,324,700 )
Return of capital     (1,494 )            
Total distributions     (13,224 )     (37,523,220 )     (63,324,700 )
                         
Share transactions*:                        
Proceeds from sale of shares     502,576       49,753,232       672,209,046  
Cost of shares redeemed           (685,821,304 )     (63,006,428 )
Increase (decrease) in net assets resulting from share transactions     502,576       (636,068,072 )     609,202,618  
Total increase (decrease) in net assets     521,733       (720,625,441 )     367,231,203  
Net Assets, beginning of period           1,151,638,253       784,407,050  
Net Assets, end of period   $ 521,733     $ 431,012,812     $ 1,151,638,253  
*Shares of Common Stock Issued (no par value)                        
Shares sold     20,000       2,700,000       28,600,000  
Shares redeemed           (38,000,000 )     (2,800,000 )
Net increase (decrease)     20,000       (35,300,000 )     25,800,000  

 

(a) For the period November 2, 2022 (commencement of operations) through April 30, 2023.

 

See Notes to Financial Statements

107

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Fallen Angel High Yield Bond ETF     Green Bond ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
                                 
Operations:                                
Net investment income   $ 141,495,726     $ 180,386,770     $ 2,135,125     $ 2,007,447  
Net realized gain (loss)     (207,540,159 )     238,934,423       (3,775,617 )     (1,668,817 )
Net change in unrealized appreciation (depreciation)     45,359,290       (708,202,399 )     1,503,619       (10,193,647 )
Net decrease in net assets resulting from operations     (20,685,143 )     (288,881,206 )     (136,873 )     (9,855,017 )
Distributions to shareholders from:                                
Distributable earnings     (148,186,700 )     (188,041,825 )     (2,159,765 )     (2,002,035 )
                                 
Share transactions*:                                
Proceeds from sale of shares     1,920,657,258       2,049,188,613             22,989,592  
Cost of shares redeemed     (2,794,164,212 )     (2,661,837,362 )     (17,574,625 )      
Increase (decrease) in net assets resulting from share transactions     (873,506,954 )     (612,648,749 )     (17,574,625 )     22,989,592  
Total increase (decrease) in net assets     (1,042,378,797 )     (1,089,571,780 )     (19,871,263 )     11,132,540  
Net Assets, beginning of year     3,825,844,454       4,915,416,234       95,331,129       84,198,589  
Net Assets, end of year   $ 2,783,465,657     $ 3,825,844,454     $ 75,459,866     $ 95,331,129  
*Shares of Common Stock Issued (no par value)                                
Shares sold     69,550,000       63,250,000             850,000  
Shares redeemed     (101,400,000 )     (83,700,000 )     (750,000 )      
Net increase (decrease)     (31,850,000 )     (20,450,000 )     (750,000 )     850,000  

 

See Notes to Financial Statements

108

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    IG Floating Rate ETF     International High Yield Bond ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
                                 
Operations:                                
Net investment income   $ 44,136,995     $ 4,345,673     $ 2,966,234     $ 4,287,712  
Net realized loss     (4,106,028 )     (452,629 )     (6,221,536 )     (3,710,828 )
Net change in unrealized appreciation (depreciation)     (1,621,240 )     (9,541,387 )     3,305,546       (15,906,510 )
Net increase (decrease) in net assets resulting from operations     38,409,727       (5,648,343 )     50,244       (15,329,626 )
Distributions to shareholders from:                                
Distributable earnings     (39,541,190 )     (4,310,490 )     (2,745,823 )     (4,424,650 )
Return of capital                 (324,327 )      
Total distributions     (39,541,190 )     (4,310,490 )     (3,070,150 )     (4,424,650 )
                                 
Share transactions*:                                
Proceeds from sale of shares     331,514,195       591,005,339       11,761,829       15,502,482  
Cost of shares redeemed     (318,579,661 )     (6,337,388 )     (22,099,405 )     (16,605,485 )
Increase (decrease) in net assets resulting from share transactions     12,934,534       584,667,951       (10,337,576 )     (1,103,003 )
Total increase (decrease) in net assets     11,803,071       574,709,118       (13,357,482 )     (20,857,279 )
Net Assets, beginning of year     1,134,517,781       559,808,663       79,415,912       100,273,191  
Net Assets, end of year   $ 1,146,320,852     $ 1,134,517,781     $ 66,058,430     $ 79,415,912  
*Shares of Common Stock Issued (no par value)                                
Shares sold     13,250,000       23,400,000       600,000       600,000  
Shares redeemed     (12,800,000 )     (250,000 )     (1,100,000 )     (700,000 )
Net increase (decrease)     450,000       23,150,000       (500,000 )     (100,000 )

 

See Notes to Financial Statements

109

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    J.P. Morgan EM Local Currency Bond
ETF
    Moody’s Analytics BBB Corporate Bond
ETF
 
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
                                 
Operations:                                
Net investment income   $ 173,784,121     $ 174,168,592     $ 313,202     $ 221,068  
Net realized loss     (235,655,592 )     (315,225,088 )     (879,505 )     (195,230 )
Net change in unrealized appreciation (depreciation)     201,337,025       (402,051,015 )     702,133       (1,083,250 )
Net increase (decrease) in net assets resulting from operations     139,465,554       (543,107,511 )     135,830       (1,057,412 )
Distributions to shareholders from:                                
Distributable earnings     (23,143,273 )     (88,822,978 )     (299,760 )     (226,760 )
Return of capital     (149,840,524 )     (81,656,280 )            
Total distributions     (172,983,797 )     (170,479,258 )     (299,760 )     (226,760 )
                                 
Share transactions*:                                
Proceeds from sale of shares     459,045,576       727,013,716              
Cost of shares redeemed     (274,639,215 )     (319,840,315 )            
Increase in net assets resulting from share transactions     184,406,361       407,173,401              
Total increase (decrease) in net assets     150,888,118       (306,413,368 )     (163,930 )     (1,284,172 )
Net Assets, beginning of year     3,073,457,282       3,379,870,650       8,608,760       9,892,932  
Net Assets, end of year   $ 3,224,345,400     $ 3,073,457,282     $ 8,444,830     $ 8,608,760  
*Shares of Common Stock Issued (no par value)                                
Shares sold     18,400,000       24,600,000              
Shares redeemed     (11,400,000 )     (11,800,000 )            
Net increase     7,000,000       12,800,000              

 

See Notes to Financial Statements

110

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Moody’s Analytics IG Corporate Bond
ETF
    Mortgage REIT Income ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
                                 
Operations:                                
Net investment income   $ 443,779     $ 311,484     $ 16,885,952     $ 12,587,387  
Net realized gain (loss)     (1,334,692 )     (186,082 )     (25,025,938 )     20,578,763  
Net change in unrealized appreciation (depreciation)     1,037,261       (1,588,310 )     (27,385,519 )     (75,253,305 )
Net increase (decrease) in net assets resulting from operations     146,348       (1,462,908 )     (35,525,505 )     (42,087,155 )
Distributions to shareholders from:                                
Distributable earnings     (430,440 )     (317,460 )     (16,885,952 )     (12,587,387 )
Return of capital                 (5,467,268 )     (12,142,443 )
Total distributions     (430,440 )     (317,460 )     (22,353,220 )     (24,729,830 )
                                 
Share transactions*:                                
Proceeds from sale of shares                 61,069,628       65,857,830  
Cost of shares redeemed                 (24,680,759 )     (98,402,686 )
Increase (decrease) in net assets resulting from share transactions                 36,388,869       (32,544,856 )
Total decrease in net assets     (284,092 )     (1,780,368 )     (21,489,856 )     (99,361,841 )
Net Assets, beginning of year     12,967,757       14,748,125       210,922,333       310,284,174  
Net Assets, end of year   $ 12,683,665     $ 12,967,757     $ 189,432,477     $ 210,922,333  
*Shares of Common Stock Issued (no par value)                                
Shares sold                 5,250,000       3,400,000  
Shares redeemed                 (1,900,000 )     (5,500,000 )
Net increase (decrease)                 3,350,000       (2,100,000 )

 

See Notes to Financial Statements

111

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Preferred Securities ex Financials ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
                 
Operations:                
Net investment income   $ 62,024,311     $ 49,350,029  
Net realized gain (loss)     (10,656,813 )     7,379,453  
Net change in unrealized appreciation (depreciation)     (76,072,758 )     (98,397,267 )
Net decrease in net assets resulting from operations     (24,705,260 )     (41,667,785 )
Distributions to shareholders from:                
Distributable earnings     (62,856,300 )     (55,455,503 )
Return of capital           (932,857 )
Total distributions     (62,856,300 )     (56,388,360 )
                 
Share transactions*:                
Proceeds from sale of shares     232,255,280       200,215,786  
Cost of shares redeemed     (87,347,038 )     (47,757,119 )
Increase in net assets resulting from share transactions     144,908,242       152,458,667  
Total increase in net assets     57,346,682       54,402,522  
Net Assets, beginning of year     1,002,297,714       947,895,192  
Net Assets, end of year   $ 1,059,644,396     $ 1,002,297,714  
*Shares of Common Stock Issued (no par value)                
Shares sold     13,000,000       9,500,000  
Shares redeemed     (4,850,000 )     (2,350,000 )
Net increase     8,150,000       7,150,000  

 

See Notes to Financial Statements

112
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    BDC Income ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 16.76       $ 16.76       $ 10.75         $16.55       $ 16.10  
Net investment income (a)       1.63         1.44         1.43         1.54         1.59  
Net realized and unrealized gain (loss) on investments       (2.18 )       (0.06 )       6.02         (5.86 )       0.41  
Total from investment operations       (0.55 )       1.38         7.45         (4.32 )       2.00  
Distributions from:                                                  
Net investment income       (1.63 )       (1.38 )       (1.44 )       (1.48 )       (1.55 )
Return of capital       (0.04 )               (b)                
Total distributions       (1.67 )       (1.38 )       (1.44 )       (1.48 )       (1.55 )
Net asset value, end of year     $ 14.54       $ 16.76       $ 16.76         $10.75       $ 16.55  
Total return (c)       (2.60 )%       8.23 %       73.81 %       (27.77 )%       13.27 %
                                                   
Ratios to average net assets                                                  
Gross expenses (d)       0.42 %       0.41 %       0.46 %       0.48 %       0.47 %
Net expenses (d)       0.42 %       0.41 %       0.41 %       0.41 %       0.41 %
Net expenses excluding interest and taxes (d)       0.40 %       0.40 %       0.40 %       0.40 %       0.40 %
Net investment income       10.75 %       8.34 %       10.57 %       9.95 %       9.73 %
Supplemental data                                                  
Net assets, end of year (in millions)       $577         $625         $412         $170         $207  
Portfolio turnover rate (e)       28 %       29 %       26 %       22 %       13 %

 

(a) Calculated based upon average shares outstanding
(b) Amount represents less than $0.005 per share.
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Periods after April 30, 2021 reflect a unitary management fee structure.
(e) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

113
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    China Bond ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 23.56       $ 24.07       $ 22.39       $ 22.89       $ 24.14  
Net investment income (a)       0.57         0.66         0.73         0.87         0.75  
Net realized and unrealized gain (loss) on investments       (0.76 )       (0.40 )       1.60         (0.49 )       (1.24 )
Total from investment operations       (0.19 )       0.26         2.33         0.38         (0.49 )
Distributions from:                                                  
Net investment income               (0.76 )       (0.65 )       (0.79 )       (0.38 )
Return of capital       (0.51 )       (0.01 )               (0.09 )       (0.38 )
Total distributions       (0.51 )       (0.77 )       (0.65 )       (0.88 )       (0.76 )
Net asset value, end of year     $ 22.86       $ 23.56       $ 24.07       $ 22.39       $ 22.89  
Total return (b)       (0.80 )%       1.02 %       10.56 %       1.76 %       (1.98 )%
                                                   
Ratios to average net assets                                                  
Gross expenses       0.51 %       0.52 %       0.68 %       3.53 %       2.25 %
Net expenses       0.51 %       0.51 %       0.50 %       0.50 %       0.50 %
Net expenses excluding interest and taxes       0.50 %       0.50 %       0.50 %       0.50 %       0.50 %
Net investment income       2.51 %       2.70 %       3.07 %       3.93 %       3.29 %
Supplemental data                                                  
Net assets, end of year (in millions)       $43         $130         $104         $4         $5  
Portfolio turnover rate (c)       10 %       60 %       17 %       21 %       22 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

114
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:

 

    Dynamic
High
Income ETF
     
    Period
Ended
April 30,
2023(a)
           
Net asset value, beginning of period     $ 25.13  
Net investment income (b)       0.59  
Net realized and unrealized gain on investments       1.03  
Total from investment operations       1.62  
Distributions from:          
Net investment income       (0.59 )
Return of capital       (0.07 )
Total distributions       (0.66 )
Net asset value, end of period     $ 26.09  
Total return (c)       6.47 %(d)  
           
Ratios to average net assets          
Expenses       0.10 %(e)
Net investment income       4.55 %(e)
Supplemental data          
Net assets, end of period (in millions)       $1  
Portfolio turnover rate (f)       8 %(d)

 

(a) For the period November 2, 2022 (commencement of operations) through April 30, 2023.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

115
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    Emerging Markets High Yield Bond ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 19.52         $23.63       $ 20.54       $ 23.34       $ 23.83  
Net investment income (a)       1.10         1.20         1.29         1.42         1.33  
Net realized and unrealized gain (loss) on investments       (1.25 )       (4.11 )       3.06         (2.77 )       (0.46 )
Total from investment operations       (0.15 )       (2.91 )       4.35         (1.35 )       0.87  
Distributions from:                                                  
Net investment income       (1.18 )       (1.20 )       (1.26 )       (1.45 )       (1.36 )
Net asset value, end of year     $ 18.19         $19.52       $ 23.63       $ 20.54       $ 23.34  
Total return (b)       (0.56 )%       (12.84 )%       21.53 %       (6.27 )%       3.93 %
                                                   
Ratios to average net assets                                                  
Gross expenses (c)       0.40 %       0.40 %       0.45 %       0.47 %       0.46 %
Net expenses (c)       0.40 %       0.40 %       0.40 %       0.40 %       0.40 %
Net investment income       6.08 %       5.39 %       5.58 %       6.19 %       5.81 %
Supplemental data                                                  
Net assets, end of year (in millions)       $431         $1,152         $784         $308         $261  
Portfolio turnover rate (d)       21 %       34 %       31 %       28 %       27 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Periods after April 30, 2021 reflect a unitary management fee structure.
(d) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

116
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    Fallen Angel High Yield Bond ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 28.94       $ 32.20       $ 26.84       $ 29.00       $ 29.19  
Net investment income (a)       1.29         1.19         1.49         1.54         1.64  
Net realized and unrealized gain (loss) on investments       (1.15 )       (3.22 )       5.35         (2.16 )       (0.24 )
Total from investment operations       0.14         (2.03 )       6.84         (0.62 )       1.40  
Distributions from:                                                  
Net investment income       (1.34 )       (1.23 )       (1.48 )       (1.54 )       (1.59 )
Net asset value, end of year     $ 27.74       $ 28.94       $ 32.20       $ 26.84       $ 29.00  
Total return (b)       0.60 %       (6.63 )%       25.95 %       (2.38 )%       5.04 %
                                                   
Ratios to average net assets                                                  
Gross expenses (c)       0.35 %       0.35 %       0.43 %       0.43 %       0.45 %
Net expenses (c)       0.35 %       0.35 %       0.35 %       0.35 %       0.35 %
Net investment income       4.68 %       3.70 %       4.83 %       5.35 %       5.76 %
Supplemental data                                                  
Net assets, end of year (in millions)     $ 2,783       $ 3,826       $ 4,915       $ 1,683         $976  
Portfolio turnover rate (d)       31 %       44 %       27 %       68 %       29 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Periods after April 30, 2021 reflect a unitary management fee structure.
(d) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

117
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    Green Bond ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 24.13       $ 27.16       $ 26.85       $ 25.87       $ 26.54  
Net investment income (a)       0.63         0.55         0.55         0.58         0.34  
Net realized and unrealized gain (loss) on investments       (0.54 )       (3.03 )       0.28 (b)       1.00         (0.68 )
Total from investment operations       0.09         (2.48 )       0.83         1.58         (0.34 )
Distributions from:                                                  
Net investment income       (0.64 )       (0.55 )       (0.52 )       (0.50 )       (0.29 )
Return of capital                               (0.10 )       (0.04 )
Total distributions       (0.64 )       (0.55 )       (0.52 )       (0.60 )       (0.33 )
Net asset value, end of year     $ 23.58       $ 24.13       $ 27.16       $ 26.85       $ 25.87  
Total return (c)       0.41 %       (9.30 )%       3.07 %       6.17 %       (1.25 )%
                                                   
Ratios to average net assets                                                  
Gross expenses (d)       0.20 %       0.20 %       0.65 %       0.83 %       1.02 %
Net expenses (d)       0.20 %       0.20 %       0.20 %       0.23 %       0.33 %
Net investment income       2.71 %       2.07 %       2.01 %       2.17 %       1.32 %
Supplemental data                                                  
Net assets, end of year (in millions)       $75         $95         $84         $32         $26  
Portfolio turnover rate (e)       20 %       19 %       25 %       83 %       28 %

 

(a) Calculated based upon average shares outstanding
(b) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Periods after April 30, 2021 reflect a unitary management fee structure.
(e) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

118
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    IG Floating Rate ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 25.07       $ 25.33       $ 24.61       $ 25.25       $ 25.32  
Net investment income (a)       0.98         0.14         0.23         0.68         0.77  
Net realized and unrealized gain (loss) on investments       (0.09 )       (0.25 )       0.76         (0.61 )       (0.10 )
Total from investment operations       0.89         (0.11 )       0.99         0.07         0.67  
Distributions from:                                                  
Net investment income       (0.88 )       (0.15 )       (0.27 )       (0.71 )       (0.74 )
Net asset value, end of year     $ 25.08       $ 25.07       $ 25.33       $ 24.61       $ 25.25  
Total return (b)       3.61 %       (0.45 )%       4.07 %       0.26 %       2.71 %
                                             
Ratios to average net assets                                                  
Gross expenses (c)       0.14 %       0.14 %       0.39 %       0.40 %       0.40 %
Net expenses (c)       0.14 %       0.14 %       0.14 %       0.14 %       0.14 %
Net investment income       3.95 %       0.56 %       0.93 %       2.70 %       3.05 %
Supplemental data                                                  
Net assets, end of year (in millions)     $ 1,146       $ 1,135         $560         $461         $542  
Portfolio turnover rate (d)       55 %       78 %       72 %       40 %       30 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Periods after April 30, 2021 reflect a unitary management fee structure.
(d) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

119
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    International High Yield Bond ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 20.90         $25.71       $ 22.21       $ 24.54       $ 25.20  
Net investment income (a)       0.96         1.02         1.13         1.26         1.13  
Net realized and unrealized gain (loss) on investments       (0.85 )       (4.78 )       3.54         (2.33 )       (0.65 )
Total from investment operations       0.11         (3.76 )       4.67         (1.07 )       0.48  
Distributions from:                                                  
Net investment income       (0.89 )       (1.05 )       (1.10 )       (1.17 )       (1.08 )
Return of capital       (0.10 )               (0.07 )       (0.09 )       (0.06 )
Total distributions       (0.99 )       (1.05 )       (1.17 )       (1.26 )       (1.14 )
Net asset value, end of year     $ 20.02         $20.90       $ 25.71       $ 22.21       $ 24.54  
Total return (b)       0.78 %       (15.07 )%       21.30 %       (4.67 )%       2.08 %
                                             
Ratios to average net assets                                                  
Gross expenses (c)       0.40 %       0.40 %       0.56 %       0.62 %       0.54 %
Net expenses (c)       0.40 %       0.40 %       0.40 %       0.40 %       0.40 %
Net investment income       4.89 %       4.21 %       4.54 %       5.17 %       4.66 %
Supplemental data                                                  
Net assets, end of year (in millions)       $66         $79         $100         $89         $113  
Portfolio turnover rate (d)       22 %       25 %       33 %       37 %       32 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Periods after April 30, 2021 reflect a unitary management fee structure.
(d) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

120
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    J.P. Morgan EM Local Currency Bond ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 25.33         $31.14       $ 29.36       $ 33.11       $ 37.56  
Net investment income (a)       1.43         1.47         1.55         2.00         2.14  
Net realized and unrealized gain (loss) on investments       (0.21 )       (5.84 )       1.78         (3.75 )       (4.45 )
Total from investment operations       1.22         (4.37 )       3.33         (1.75 )       (2.31 )
Distributions from:                                                  
Net investment income       (0.18 )       (0.77 )       (0.01 )       (0.48 )       (1.36 )
Return of capital       (1.24 )       (0.67 )       (1.54 )       (1.52 )       (0.78 )
Total distributions       (1.42 )       (1.44 )       (1.55 )       (2.00 )       (2.14 )
Net asset value, end of year     $ 25.13         $25.33       $ 31.14       $ 29.36       $ 33.11  
Total return (b)       5.16 %       (14.56 )%       11.40 %       (5.79 )%       (6.05 )%
                                                   
Ratios to average net assets                                                  
Gross expenses       0.31 %       0.32 %       0.31 %       0.36 %       0.41 %
Net expenses       0.30 %       0.30 %       0.30 %       0.30 %       0.31 %
Net investment income       5.87 %       5.00 %       4.92 %       6.05 %       6.35 %
Supplemental data                                                  
Net assets, end of year (in millions)     $ 3,224         $3,073       $ 3,380       $ 3,339       $ 5,332  
Portfolio turnover rate (c)       29 %       33 %       40 %       39 %       36 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

121
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:

 

    Moody’s Analytics BBB Corporate Bond ETF
    Year Ended April 30,      
    2023   2022   Period
Ended
April 30,
2021(a)
                               
Net asset value, beginning of period     $ 21.52         $24.73       $ 25.00  
Net investment income (b)       0.78         0.55         0.22  
Net realized and unrealized loss on investments       (0.44 )       (3.19 )       (0.30 )
Total from investment operations       0.34         (2.64 )       (0.08 )
Distributions from:                              
Net investment income       (0.75 )       (0.57 )       (0.19 )
Net asset value, end of period     $ 21.11         $21.52       $ 24.73  
Total return (c)       1.70 %       (10.96 )%       (0.32 )%(d)  
                               
Ratios to average net assets                              
Expenses       0.25 %       0.25 %       0.25 %(e)
Net investment income       3.75 %       2.26 %       2.14 %(e)
Supplemental data                              
Net assets, end of period (in millions)       $8         $9         $10  
Portfolio turnover rate (f)       91 %       48 %       35 %(d)

 

(a) For the period December 2, 2020 (commencement of operations) through April 30, 2021.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

122
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:

 

    Moody’s Analytics IG Corporate Bond ETF
    Year Ended April 30,      
    2023   2022   Period
Ended
April 30,
2021(a)
                               
Net asset value, beginning of period     $ 21.61         $24.58       $ 25.00  
Net investment income (b)       0.74         0.52         0.21  
Net realized and unrealized loss on investments       (0.49 )       (2.96 )       (0.45 )
Total from investment operations       0.25         (2.44 )       (0.24 )
Distributions from:                              
Net investment income       (0.72 )       (0.53 )       (0.18 )
Net asset value, end of period     $ 21.14         $21.61       $ 24.58  
Total return (c)       1.22 %       (10.15 )%       (0.97 )%(d)  
                               
Ratios to average net assets                              
Expenses       0.20 %       0.20 %       0.20 %(e)
Net investment income       3.53 %       2.13 %       2.10 %(e)
Supplemental data                              
Net assets, end of period (in millions)       $13         $13         $15  
Portfolio turnover rate (f)       84 %       53 %       28 %(d)

 

(a) For the period December 2, 2020 (commencement of operations) through April 30, 2021.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

123
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    Mortgage REIT Income ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year       $15.23         $19.45       $ 11.42         $23.63       $ 22.71  
Net investment income (a)       1.21         0.76         0.86         1.45         1.68  
Net realized and unrealized gain (loss) on investments       (3.82 )       (3.44 )       8.49         (11.90 )       0.94  
Total from investment operations       (2.61 )       (2.68 )       9.35         (10.45 )       2.62  
Distributions from:                                                  
Net investment income       (1.21 )       (0.79 )       (0.83 )       (1.45 )       (1.67 )
Return of capital       (0.40 )       (0.75 )       (0.49 )       (0.31 )       (0.03 )
Total distributions       (1.61 )       (1.54 )       (1.32 )       (1.76 )       (1.70 )
Net asset value, end of year       $11.01         $15.23       $ 19.45         $11.42       $ 23.63  
Total return (b)       (16.95 )%       (14.74 )%       85.71 %       (46.63 )%       12.00 %
                                                   
Ratios to average net assets                                                  
Gross expenses (c)       0.43 %       0.41 %       0.49 %       0.50 %       0.49 %
Net expenses (c)       0.43 %       0.41 %       0.41 %       0.41 %       0.42 %
Net expenses excluding interest and taxes (c)       0.40 %       0.40 %       0.40 %       0.40 %       0.40 %
Net investment income       9.30 %       4.15 %       5.55 %       6.70 %       7.19 %
Supplemental data                                                  
Net assets, end of year (in millions)       $189         $211         $310         $119         $175  
Portfolio turnover rate (d)       19 %       12 %       31 %       16 %       35 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Periods after April 30, 2021 reflect a unitary management fee structure.
(d) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

124
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:

 

    Preferred Securities ex Financials ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 19.15       $ 20.97       $ 18.23       $ 19.37       $ 19.09  
Net investment income (a)       1.12         1.01         0.98         1.06         1.13  
Net realized and unrealized gain (loss) on investments       (1.62 )       (1.68 )       2.72         (1.12 )       0.32  
Total from investment operations       (0.50 )       (0.67 )       3.70         (0.06 )       1.45  
Distributions from:                                                  
Net investment income       (1.14 )       (1.13 )       (0.96 )       (1.08 )       (1.17 )
Return of capital               (0.02 )                        
Total distributions       (1.14 )       (1.15 )       (0.96 )       (1.08 )       (1.17 )
Net asset value, end of year     $ 17.51       $ 19.15       $ 20.97       $ 18.23       $ 19.37  
Total return (b)       (2.50 )%       (3.61 )%       20.78 %       (0.54 )%       7.90 %
                                                   
Ratios to average net assets                                                  
Gross expenses (c)       0.41 %       0.40 %       0.43 %       0.44 %       0.46 %
Net expenses (c)       0.41 %       0.40 %       0.40 %       0.41 %       0.41 %
Net expenses excluding interest and taxes (c)       0.40 %       0.40 %       0.40 %       0.40 %       0.40 %
Net investment income       6.28 %       4.79 %       4.97 %       5.41 %       5.92 %
Supplemental data                                                  
Net assets, end of year (in millions)     $ 1,060       $ 1,002         $948         $689         $584  
Portfolio turnover rate (d)       27 %       37 %       36 %       45 %       31 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Periods after April 30, 2021 reflect a unitary management fee structure.
(d) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

125

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2023

 

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).

 

Fund   Diversification Classification
     
BDC Income ETF (“BDC Income”)   Diversified
China Bond ETF (“China Bond”)   Non-Diversified
Dynamic High Income ETF (Dynamic Income”)   Non-Diversified
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”)   Diversified
Fallen Angel High Yield Bond ETF (“Fallen Angel”)   Diversified
Green Bond ETF (“Green Bond”)   Diversified
IG Floating Rate ETF (“Floating Rate”)*   Non-Diversified
International High Yield Bond ETF (“International High Yield”)   Diversified
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”)   Non-Diversified
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”)   Non-Diversified
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”)   Non-Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)   Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)   Non-Diversified

 

*Formerly known as Investment Grade Floating Rate ETF.

 

Each Fund’s investment objective, except Dynamic High Income ETF, is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below. The investment objective of Dynamic High Income ETF is to provide high current income with consideration for capital appreciation.

 

Fund Index
   
BDC Income MVIS® US Business Development Companies Index
China Bond ChinaBond China High Quality Bond Index
Emerging Markets High Yield ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index
Fallen Angel ICE US Fallen Angel High Yield 10% Constrained Index
Green Bond S&P Green Bond U.S. Dollar Select Index
Floating Rate MVIS® US Investment Grade Floating Rate Index
International High Yield ICE BofA Global ex-US Issuers High Yield Constrained Index
J.P. Morgan EM J.P. Morgan GBI-EM Global Core Index
Moody’s Analytics BBB MVIS® Moody’s Analytics® US BBB Corporate Bond Index
Moody’s Analytics IG MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index
Mortgage REIT MVIS® US Mortgage REITs Index
Preferred Securities ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities
  Index

 

The Funds (except BDC Income, Dynamic Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. Dynamic High Income ETF is an actively managed exchange-traded fund that

126

 

 

seeks to achieve its investment objective by investing in exchange traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.

 

Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

 

The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.

 

The following summarizes the Funds’ significant accounting policies.

 

A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

 

Level 1 — Quoted prices in active markets for identical securities.

 

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

 

Securities traded on national exchanges are valued at the closing price on the markets in which the   securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ   official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which   no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are   actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments   are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities   are valued on the basis of evaluated prices furnished by an independent pricing service or provided by   securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield   or price with respect to bonds that are considered comparable in characteristics such as rating, interest   rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are   categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty   days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value.   The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the   Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements.   The Adviser has adopted policies and procedures reasonably designed to comply with the requirements.   The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures,   which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize   independent pricing services, quotations from securities dealers, and other market sources to determine   fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or   other assets. If market quotations for a security or other asset are not readily available, or if the Adviser   believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be   fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures.   The Pricing Committee employs various methods for calibrating the valuation approaches utilized to   determine fair value, including a regular review of key inputs and assumptions, periodic comparisons

127

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

 

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

 

A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

 

B. Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

 

C. Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.

 

D. Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of April 30, 2023.

 

E. Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.

 

F. Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at April 30,
128

 

 

2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

 

G. Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

 

The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

 

The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

 

In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

 

China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at April 30, 2023.

 

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2023, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

 

The expense limitations and management fee rates for the year ended April 30, 2023 are as follows:

 

Fund   Management
Fees
  Expense
Limitations
China Bond           0.40 %       0.50
J.P. Morgan EM     0.27       0.30  

 

Refer to the Statements of Operations for amounts waived/assumed by the Adviser.

 

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

 

Fund   Unitary
Management
Fee Rate
BDC Income         0.40 %
Dynamic Income     0.10  
Emerging Markets High Yield     0.40  
Fallen Angel     0.35  
Floating Rate     0.14  
Green Bond     0.20  
International High Yield     0.40  
Moody’s Analytics BBB     0.25  
129

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

Fund   Unitary
Management
Fee Rate
Moody’s Analytics IG     0.20  
Mortgage REIT     0.40  
Preferred Securities     0.40  

 

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

 

At April 30, 2023, the Adviser owned approximately 82% and 47% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.

 

Note 4—Capital Share Transactions—As of April 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

 

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

 

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

 

Note 5—Investments—For the year ended April 30, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

 

                In-Kind Capital Share Transactions
Fund   Purchases   Sales   Purchases   Sales
BDC Income   $ 153,931,266     $ 152,797,456     $ 184,594,979     $ 148,261,800  
China Bond     7,653,473       81,640,065              
Dynamic Income     88,835       42,094       455,228        
Emerging Markets High Yield     121,362,889       112,887,972       35,512,695       665,569,815  
Fallen Angel     933,684,246       923,848,964       1,836,919,764       2,685,212,673  
Floating Rate     602,891,187       608,646,216       289,241,324       283,878,044  
Green Bond     15,787,742       16,791,653             16,297,596  
International High Yield     16,854,178       13,152,305       7,624,886       21,630,303  
J.P. Morgan EM     1,010,571,313       846,962,360       141,351,526       159,315,955  
Moody’s Analytics BBB     7,488,330       7,426,288              
Moody’s Analytics IG     10,452,686       10,367,587              
Mortgage REIT     35,257,852       36,539,956       61,056,373       24,676,036  
Preferred Securities     250,823,025       269,488,431       170,168,527       82,067,943  

 

Note 6—Income Taxes—As of April 30, 2023, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

130

 

 

Fund   Tax Cost of
Investments
    Gross
Unrealized
Appreciation
    Gross
Unrealized
Depreciation
    Net Unrealized
Appreciation
(Depreciation)
 
BDC Income     $715,497,468       $7,676,790       $(53,135,010 )     $(45,458,220 )
China Bond     44,342,035       9,687       (3,117,048 )     (3,107,361 )
Dynamic Income     498,470       25,805       (3,051 )     22,754  
Emerging Markets High Yield     520,264,394       1,170,263       (70,267,794 )     (69,097,531 )
Fallen Angel     3,226,914,491       6,096,296       (371,927,373 )     (365,831,077 )
Floating Rate     1,142,019,993       1,990,982       (10,966,083 )     (8,975,101 )
Green Bond     85,318,798       357,994       (8,973,450 )     (8,615,456 )
International High Yield     74,994,822       596,265       (9,267,391 )     (8,671,126 )
J.P. Morgan EM     3,676,680,793       81,704,707       (513,490,741 )     (431,786,034 )
Moody’s Analytics BBB     8,980,243       156,227       (656,472 )     (500,245 )
Moody’s Analytics IG     13,499,743       158,696       (961,451 )     (802,755 )
Mortgage REIT     268,856,570       2,733,254       (67,124,800 )     (64,391,546 )
Preferred Securities     1,213,402,486       40,256,681       (155,318,388 )     (115,061,707 )

 

At April 30, 2023, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

 

Fund   Undistributed
Ordinary Income
  (Accumulated
Capital Losses)/
Undistributed
Capital Gains
  Post-October
Losses
Deferred*
  Other
Temporary
Differences
  Unrealized
Appreciation
(Depreciation)
  Total
Distributable
Earnings (Loss)
BDC Income     $–       $ (97,148,742 )     $–       $ (9,396 )     $ (45,458,220 )     $ (142,616,358 )
China Bond           (3,278 )     (2,899,947 )     (1,266 )     (3,101,953 )     (6,006,444 )
Dynamic Income           (2,103 )                 22,754       20,651  
Emerging Markets High Yield     2,115,373       (190,694,468 )           (40,195 )     (69,097,463 )     (257,716,753 )
Fallen Angel     11,721,344       (294,346,257 )           (67,963 )     (365,831,077 )     (648,523,953 )
Floating Rate     5,690,344       (6,834,146 )           (21,617 )     (8,975,101 )     (10,140,520 )
Green Bond     191,712       (3,876,139 )           (1,073 )     (8,615,456 )     (12,300,956 )
International High Yield           (17,311,425 )     (178,612 )     (33,385 )     (8,648,583 )     (26,172,005 )
J.P. Morgan EM           (390,163,851 )     (43,707,011 )     (258,607 )     (432,435,498 )     (866,564,967 )
Moody’s Analytics BBB     31,875       (1,086,686 )                 (500,244 )     (1,555,055 )
Moody’s Analytics IG     45,239       (1,558,647 )                 (802,755 )     (2,316,163 )
Mortgage REIT           (107,517,395 )           (16,359 )     (64,391,546 )     (171,925,300 )
Preferred Securities     7,833,016       (65,204,508 )           (3,100,357 )     (115,061,707 )     (175,533,556 )

 

* Post-October losses represent certain ordinary, specified and / or capital losses incurred after October 31, 2022. These losses are deemed to arise on the first day of the funds’ next taxable year.

 

The tax character of distributions paid to shareholders was as follows:

 

    April 30, 2023        April 30, 2022  
Fund   Ordinary
Income*
    Return
of Capital
    Ordinary
Income*
    Return
of Capital
 
BDC Income        $59,501,743          $1,673,017         $42,704,368       $–  
China Bond           1,816,350       4,150,280       44,520  
Dynamic Income     11,730       1,494              
Emerging Markets High Yield     37,523,220             63,324,700        
Fallen Angel     148,186,700             188,041,825        
Floating Rate     39,541,190             4,310,490        
Green Bond     2,159,765             2,002,035        
International High Yield     2,745,823       324,327       4,424,650        
J.P. Morgan EM     23,143,273       149,840,524       88,822,978       81,656,280  
Moody’s Analytics BBB     299,760             226,760        
Moody’s Analytics IG     430,440             317,460        
Mortgage REIT     16,885,952       5,467,268       12,587,387       12,142,443  
Preferred Securities     62,856,300             55,455,503       932,857  

 

* Includes short-term capital gains (if any).

131

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

At April 30, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

 

Fund   Short-Term
Capital Losses
with No Expiration
  Long-Term
Capital Losses
with No Expiration
  Total
BDC Income    $ (40,506,943 )    $ (56,641,799 )    $ (97,148,742 )
China Bond     (3,278 )           (3,278 )
Dynamic Income     (2,103 )           (2,103 )
Emerging Markets High Yield     (81,332,811 )     (109,361,657 )     (190,694,468 )
Fallen Angel     (111,381,375 )     (182,964,882 )     (294,346,257 )
Floating Rate     (5,467,384 )     (1,366,762 )     (6,834,146 )
Green Bond     (1,557,581 )     (2,318,558 )     (3,876,139 )
International High Yield     (2,340,022 )     (14,971,403 )     (17,311,425 )
J.P. Morgan EM     (113,988,972 )     (276,174,879 )     (390,163,851 )
Moody’s Analytics BBB     (315,325 )     (771,361 )     (1,086,686 )
Moody’s Analytics IG     (250,007 )     (1,308,640 )     (1,558,647 )
Mortgage REIT     (22,675,713 )     (84,841,682 )     (107,517,395 )
Preferred Securities     (25,152,834 )     (40,051,674 )     (65,204,508 )

 

During the year ended April 30, 2023, China Bond utilized $58,775 of its capital loss carryforward available from prior years.

 

During the year ended April 30, 2023, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

 

Fund   Increase
(Decrease)
in Total Distributable
Earnings (Loss)
  Increase
(Decrease)
in Aggregate
Paid in Capital
BDC Income    $ (9,575,764 )    $ 9,575,764  
China Bond     1,078,277       (1,078,277 )
Emerging Markets High Yield     115,643,740       (115,643,740 )
Fallen Angel     78,570,118       (78,570,118 )
Floating Rate     (681,805 )     681,805  
Green Bond     1,816,961       (1,816,961 )
International High Yield     2,600,470       (2,600,470 )
J.P. Morgan EM     9,754,072       (9,754,072 )
Mortgage REIT     (528,760 )     528,760  
Preferred Securities     (2,609,407 )     2,609,407  

 

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital.

 

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

 

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2023, the Funds did not incur any interest or penalties.

132

 

 

China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.

 

On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.

 

Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

 

PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.

 

Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

 

Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

 

The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

 

Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about

133

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

 

BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.

 

China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.

 

Dynamic High Income ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds.

 

Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.

 

Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.

 

Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

 

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.

 

Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.

134

 

 

The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs continue to be provided on a representative basis until June 30, 2023 when alternatives to LIBOR, such as the Secured Overnight Financing Rate (SOFR) will replace LIBOR.

 

Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.

 

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

 

Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

 

A unitary management fee was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Dynamic Income, Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

 

For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

 

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at April 30, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and

135

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of April 30, 2023:

 

Fund   Market Value
of Securities
on Loan
  Cash
Collateral
  Non-Cash Collateral   Total
Collateral
BDC Income   $ 141,163,568     $ 92,435,917     $ 51,818,720     $ 144,254,637  
Emerging Markets High Yield     34,385,345       32,767,820       2,916,268       35,684,088  
Fallen Angel     129,926,938       124,494,085       12,759,082       137,253,167  
Floating Rate     3,317,907       3,402,096             3,402,096  
Green Bond     6,034,699       2,137,597       4,054,715       6,192,312  
International High Yield     1,682,952       1,677,588       80,037       1,757,625  
J.P. Morgan EM     87,798,667       91,541,238             91,541,238  
Moody’s Analytics BBB     183,947       179,987       9,361       189,348  
Moody’s Analytics IG     208,434       214,133             214,133  
Mortgage REIT     50,909,349       15,312,549       36,451,955       51,764,504  
Preferred Securities     39,470,761       39,388,693       1,054,539       40,443,232  

 

The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2023:

 

    Gross Amount of Recognized Liabilities for Securities Lending
Transactions* in the Statements of Assets and Liabilities
 
Fund   Corporate Bonds     Equity Securities     Government
Obligations
BDC Income    $      $ 92,435,917      $        
Emerging Markets High Yield     32,767,820              
Fallen Angel     124,494,085              
Green Bond     2,124,565       13,032        
International High Yield     1,677,588              
J.P. Morgan EM                 91,541,238  
Moody’s Analytics BBB     179,987              
Moody’s Analytics IG     214,133              
Mortgage REIT           15,312,549        
Preferred Securities           39,388,693        

 

* Remaining contractual maturity: overnight and continuous

 

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2023, the following Funds borrowed under this Facility:

 

Fund   Days
Outstanding
           Average
Daily
Loan Balance
           Average
Interest Rate
BDC Income     301       $2,786,856        4.50
China Bond     13       1,795,926       3.28  
Fallen Angel     13       12,625,306       2.60  
Floating Rate     9       10,028,313       3.57  
Green Bond     4       146,679       4.06  
International High Yield     31       149,303       4.45  
J.P. Morgan EM     131       4,364,976       4.21  
Mortgage REIT     221       1,469,200       4.86  
Preferred Securities     112       2,688,790       4.64  

 

Outstanding loan balances as of April 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.

136

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the thirteen funds listed in the table below

 

Opinions on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (thirteen of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

 

Funds  

 

VanEck BDC Income ETF (1) VanEck International High Yield Bond ETF (1)
VanEck China Bond ETF (1) VanEck J.P. Morgan EM Local Currency Bond ETF (1)
VanEck Dynamic High Income ETF (2) VanEck Moody’s Analytics BBB Corporate Bond ETF (1)
VanEck Emerging Markets High Yield Bond ETF (1) VanEck Moody’s Analytics IG Corporate Bond ETF (1)
VanEck Fallen Angel High Yield Bond ETF (1) VanEck Mortgage REIT Income ETF (1)
VanEck Green Bond ETF (1) VanEck Preferred Securities ex Financials ETF (1)
VanEck IG Floating Rate ETF (1)  

 

(1) Statement of operations, statement of changes in net assets, and financial highlights for the year ended April 30, 2023.

(2) Statement of operations, statement of changes in net assets, and financial highlights for the period November 2, 2022 (commencement of operations) through April 30, 2023.

 

The financial statements of the Funds (other than VanEck Dynamic High Income ETF) as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

 

Basis for Opinions

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the

137

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

 

custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/PricewaterhouseCoopers LLP
New York, New York
June 27, 2023

 

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

138

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

 

The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2023 income tax purposes will be sent to them in early 2024. Please consult your tax advisor regarding the appropriate treatment of these distributions.

 

Fund Name   Ticker
Symbol
  Payable   Total
Distribution
Per Share
  Return of
Capital (a)
  Income
Dividends
  Foreign
Taxes Paid
(b)
  Total
Ordinary
Income
Dividends
  Foreign
Source
Income as
% of Total
Ordinary
Income (b)
China Bond   CBON     Monthly     $ 0.5068     $ 0.5068     $     $     $       %
Emerging Markets High Yield   HYEM     Monthly       1.1801             1.1801             1.1801       95.58  
Fallen Angel   ANGL     Monthly       1.3382             1.3382             1.3382        
Floating Rate   FLTR     Monthly       0.8770             0.8770             0.8770        
Green Bond   GRNB     Monthly       0.6361             0.6361             0.6361       56.29  
International High Yield   IHY     Monthly       0.9943       0.1045       0.8898       0.0000 (c)     0.8898       100.00  
J.P. Morgan EM   EMLC     Monthly       1.4186       1.2373       0.1813       0.0382       0.2195       100.00  
Moody’s Analytics BBB   MBBB     Monthly       0.7494             0.7494             0.7494        
Moody’s Analytics IG   MIG     Monthly       0.7174             0.7174             0.7174        

 

Fund   Ticker   Payable   Section 163(j) -
Interest
Dividends as a
% of
the Total
Ordinary
Income
Distributions (d)
  Qualified
Interest
Income (QII) as
a %
of the Total
Ordinary
Income
Distribution (e)
Emerging Markets High Yield     HYEM       Monthly       98.86 %     %
Fallen Angel     ANGL       Monthly       93.48 %     76.21 %
Floating Rate     FLTR       Monthly       99.13 %     63.69 %
Green Bond     GRNB       Monthly       92.28 %     35.16 %
International High Yield     IHY       Monthly       99.31 %     %
J.P. Morgan EM     EMLC       Monthly       99.90 %     %
Moody’s Analytics BBB     MBBB       Monthly       95.28 %     63.30 %
Moody’s Analytics IG     MIG       Monthly       95.32 %     57.59 %

 

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

 

(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.

 

(c) Amount represents less than $0.0001 per share.

 

(d) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

 

(e) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

139

VANECK ETF TRUST

TAX INFORMATION

(unaudited) (continued)

 

Fund Name   Ticker
Symbol
  Payable   Total
Distribution
Per Share
  Return of
Capital (a)
  Income
Dividends
  Foreign
Taxes Paid
(b)
  Total
Ordinary
Income
Dividends
  Foreign
Source
Income as
% of Total
Ordinary
Income (b)
BDC Income   BIZD   Quarterly   $ 1.6741     $ 0.0424     $ 1.6317     $     $ 1.6317       
Dynamic Income   INC   Quarterly     0.6612       0.0747       0.5865       0.0020       .05885       16.44  
Mortgage REIT   MORT   Quarterly     1.6098       0.3954       1.2144             1.2144        
Preferred Securities   PFXF   Monthly     1.1353             1.1353             1.1353        

 

Fund   Ticker   Payable   Percent of
Ordinary
Income
Dividends
that are
QDI
Eligible (c)
  Percent of
Ordinary
Income
Dividends
that are
DRD
Eligible (d)
  Section
199A
QBI as a
Percent of
Ordinary
Income
Dividends
(e) (f)
  Section 163(j) -
Interest
Dividends as a
% of
the Total
Ordinary
Income
Distributions (g)
  Qualified
Interest
Income (QII) as
a %
of the Total
Ordinary
Income
Distribution (h)
BDC Income   BIZD   Quarterly     1.21 %        0.05 %     0.58 %     52.43 %     41.35 %
Dynamic Income   INC   Quarterly     19.02 %     18.33 %     9.23 %     49.37 %     24.96 %
Mortgage REIT   MORT   Quarterly     2.50 %     %     62.65 %     %     %
Preferred Securities   PFXF   Monthly     27.29 %     25.85 %     14.21 %     46.54 %     38.27 %

 

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

 

(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.

 

(c) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.

 

To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

 

(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your ordinary dividends by the percentage indicated.

 

(e) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions that represent Qualified Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers.

 

To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.

 

(f) Amounts are estimated and subject to change. Shareholders should utilize the information on their 2023 Form 1099s received in 2024.

 

(g) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

 

(h) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

140

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2023 (unaudited)

 

Name, Address1
and Year of Birth
  Position(s)
Held with
the Trust
  Term of
Office2 and
Length of
Time Served
  Principal Occupation(s)
During Past Five Years
  Number of
Portfolios
in Fund
Complex3
Overseen
  Other Directorships Held
By Trustee During Past Five Years
Independent Trustees
                     
David H. Chow,
1957*†
  Trustee Chairperson   Since 2006
2008 to 2022
  Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.   70   Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
                     
Laurie A. Hesslein,
1959*†
  Trustee   Since 2019   Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).   70   Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
                     
R. Alastair Short,
1953*†
  Trustee   Since 2006   President, Apex Capital Corporation (personal investment vehicle).   82   Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
                     
Peter J. Sidebottom,
1962*†
  Chairperson Trustee   Since 2022
Since 2012
  Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.   70   Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
                     
Richard D.
Stamberger,
1959*†
  Trustee   Since 2006   Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.   82   Director, Food and Friends, Inc., 2013 to present.
Interested Trustee                
                     
Jan F. van Eck,
19635
  Trustee, Chief Executive Officer and President   Trustee (Since 2006); Chief Executive Officer and President (Since 2009)   Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust   82   Director, National Committee on US-China Relations.

 

1  The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2  Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3  The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4  The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
5  “Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
141

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

 

* Member of the Audit Committee.
Member of the Nominating and Corporate Governance Committee.

 

Officer’s Name,
Address1 and
Year of Birth
  Position(s)
Held with
the Trust
  Term of Office2
And Length of
Time Served
  Principal Occupation(s) During Past Five Years
Officer Information            
             
Matthew A. Babinsky,
1983
  Assistant Vice President and Assistant Secretary   Since 2016   Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.
             
Russell G. Brennan,
1964
  Assistant Vice President and Assistant Treasurer   Since 2008   Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
             
Charles T. Cameron,
1960
  Vice President   Since 2006   Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
             
John J. Crimmins,
1957
  Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer   Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)   Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
             
Susan Curry, 1966   Assistant Vice President   Since 2022   Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc.
             
Eduardo Escario,
1975
  Vice President   Since 2012   Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
             
F. Michael Gozzillo,
1965
  Chief Compliance Officer   Since 2018   Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
             
Laura Hamilton,
1977
  Vice President   Since 2019   Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.
             
Nicholas Jackson,
1974
  Assistant Vice President   Since 2018   Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
             
Laura I. Martínez,
1980
  Vice President and Assistant Secretary   Vice President (Since 2016); Assistant Secretary (Since 2008)   Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
             
Matthew McKinnon,
1970
  Assistant Vice President   Since 2018   Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
             
Lisa A. Moss, 1965   Assistant Vice President and Assistant Secretary   Since 2022   Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.
             
Arian Neiron,
1979
  Vice President   Since 2018   CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
             
James Parker,
1969
  Assistant Treasurer   Since 2014   Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
             
Adam Phillips,
1970
  Vice President   Since 2018   ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.
142

 

 

Philipp Schlegel,
1974
  Vice President   Since 2016   Managing Director of Van Eck Switzerland AG.
             
Jonathan R. Simon,
1974
  Senior Vice President, Secretary and Chief Legal Officer   Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)   Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
             
Andrew Tilzer,
1972
  Assistant Vice President   Since 2021   Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

1 The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2 Officers are elected yearly by the Trustees.
143

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

 

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.

 

Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.

 

With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.

 

Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

 

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

 

The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.

144

 

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

 

Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.

 

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

 

 

 

Investment Adviser: VanEck Associates Corporation  
Distributor: VanEck Securities Corporation  
  666 Third Avenue, New York, NY 10017  
  vaneck.com  
Account Assistance: 800.826.2333 INCOMEAR