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 |
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
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
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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/
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VANECK ETF TRUST
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.
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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.
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Emerging Markets High Yield Bonds
Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.
VanEck Emerging Markets High Yield Bond ETF lost 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.
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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
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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 |
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.
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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.
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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 |
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 |
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
(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
(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 |
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 |
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 |