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