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
1 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.
Outlook
My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.
The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F.
van Eck
CEO and President
VanEck ETF Trust
May 17, 2023
PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.3 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Barron’s: The Fed’s Balance Sheet Is Shrinking Again. What That Means for Stocks., April 26, 2023, https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
3 https://www.vaneck.com/us/en/subscribe/
2 |
VANECK ETF TRUST
April 30, 2023 (unaudited)
CORPORATE BOND
Fallen Angel Bonds
VanEck Fallen Angel High Yield Bond ETF, which gained 0.59% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds are bonds that have been downgraded from investment grade to “junk.” They offer a distinct value proposition that has, historically, provided long-term outperformance—contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by approximately 200 basis points annually.1
Energy sector bonds (which is the ETF’s largest sector exposure) were the biggest contributors, followed by those in the leisure sector, during the period under review. The banking and retail sectors detracted the most from performance.
Investment Grade Floating Rate Notes
Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. Short-term interest rates have increased by approximately 500 basis points since the beginning of 2022, coinciding with the Federal Reserve’s aggressive rate hikes over the period, with 3-month USD Libor rising to 5.30% on April 28, 2023 compared to 1.33% one year earlier. VanEck IG Floating Rate ETF (the re-named VanEck Investment Grade Floating Rate ETF) gained 3.61% over this 12 month period. With 3-month USD Libor set to discontinue on June 30, 2023, the fund’s portfolio continues to reflect the ongoing transition in the marketplace towards alternative reference rates, particularly the Secured Overnight Funding Rate (“SOFR”). As of April 30, 2023, the portfolio had a weight of approximately 75% in SOFR linked bonds.
All sectors provided positive returns, with the financial sector contributing the most. The real estate sector (the ETF’s smallest sector exposure) contributed the least to performance.
Investment Grade Corporate Bonds
The U.S. investment grade corporate bond market is both large and diverse. Investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. Both VanEck Moody’s Analytics IG Corporate Bond ETF and VanEck Moody’s Analytics BBB Corporate Bond ETF track indices that use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while avoiding bonds with the highest probability of being downgraded to high yield. VanEck Moody’s Analytics IG Corporate Bond ETF selects from the broad investment grade universe, while VanEck Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market.
VanEck Moody’s Analytics IG Corporate Bond ETF was up 1.22%. While the consumer goods sector provided the greatest contribution to the fund’s return, while the energy sector detracted the most. VanEck Moody’s Analytics BBB Corporate Bond ETF was up 1.70%, also with the consumer goods sector contributing the most to performance. The energy sector also detracted the most.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. VanEck BDC Income ETF lost 2.60% for the 12 month period, with the fund impacted negatively by recession fears and credit concerns in the US despite resiliency in terms of defaults and non-accruals.
While companies in the very largest market capitalization ranges contributed the most, those in the very smallest detracted the most.
3 |
VANECK ETF TRUST
MANAGEMENT DISCUSSION (unaudited) (continued)
Mortgage REITs
Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. The yield curve has been a major concern for mortgage REIT investors throughout the 12 month period ending April 30, 2023. The inverted yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Widespread concerns in commercial real estate has also put pressure on the fund’s portfolio. VanEck Mortgage REIT Income ETF lost 16.95% for the 12 month period.
While companies across the range of capitalizations detracted from performance, those in the ranges between the largest and the smallest detracted the most.
Preferred Securities ex Financials
Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index, which excludes financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.
Over the 12 month period ending April 30, 2023, VanEck Preferred Securities ex Financials ETF registered a loss of 2.50%. The utility sector contributed most to the fund’s performance, while the technology and electronics sector detracted the most.
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $20.9 trillion.2 While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.
VanEck China Bond ETF, recorded a loss of 0.80% over the 12 month period ending April 30, 2023. Only the consumer cyclicals sector contributed positively to performance and then only minimally. The financial sector detracted the most.
Emerging Markets Local Currency Bonds
Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East and Asia.
Following a significant decline toward the end of the last fiscal year, VanEck J.P. Morgan EM Local Currency Bond ETF, recorded a gain of 5.13% over the 12 month period.
While bonds denominated in Mexican peso and Polish zloty contributed the most positively to the fund’s total return, of other bonds those denominated in Egyptian pounds were by far the greatest detractors from performance, reflecting the devaluation of the currency since moving to a flexible exchange rate following a financing agreement with the International Monetary Fund in 2022.
4 |
Emerging Markets High Yield Bonds
Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.
VanEck Emerging Markets High Yield Bond ETF lost 0.56% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Turkish bonds and those from Macau were the greatest contributors. Issuers from China were the greatest detractors from performance. Leisure bonds contributed the most to total return, while the real estate sector detracted the most from performance.
International High Yield Bonds
Non U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.
Over the period, VanEck International High Yield Bond ETF gained 0.78%. Bonds from leisure sector, followed by those from the utility and banking sectors, contributed the most to the fund’s total return. The real estate sector detracted by far the most from performance. Bonds denominated Euro contributed the most, whilst those in U.S. dollars detracted the most. Italian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese issuers detracted the most from performance.
Green Bonds
Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 with the exception of 2022 amid global interest rate volatility, and the first three months of 2023 was the busiest quarter for issuance on record. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.
VanEck Green Bond ETF gained 0.41% for the 12 month period. From a country of risk perspective, issuers from Japan contributed the most positively to total return. Bonds from the U.S. detracted the most from performance. Financial-related bonds were the greatest contributors to returns and real estate-related bonds detracted the most from performance.
MULTI-ASSET INCOME
VanEck Dynamic High Income ETF seeks to provide high current income with consideration for capital appreciation by investing, under normal circumstances, in exchange-traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.
The fund traded for just short of six months. However, in the period in which it did trade before its fiscal year end, the fund was up 6.47% versus 9.58% for the ICE BofA Global High Yield Corporate & Sovereign Index. Fallen angel bonds made the greatest contribution to performance and only mortgage REITs detracted from performance.
Returns based on funds’ net asset values (NAVs).
All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.
5 |
VANECK ETF TRUST
MANAGEMENT DISCUSSION (unaudited) (continued)
1 Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofA US High Yield Index from 12/31/2003 to 4/30/2023. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.
2 The Bank for International Settlements: Debt securities statistics, September 2022
6 |
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.
8 |
VANECK DYNAMIC HIGH INCOME ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||
Share Price | NAV | HG001 | ||||
Life* | 6.50% | 6.47% | 9.58% |
* | Inception of Fund: 11/1/22; First Day of Secondary Market Trading: 11/2/22. |
1 | The ICE BofA Global High Yield Corporate & Sovereign Index (HG00) tracks the performance of the below investment grade global debt markets denominated in the major developed market currencies. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | EMLH1 | US002 | LBUSTRUU3 | ||||||
One Year | 0.85% | (0.56)% | (0.10)% | (0.57)% | (0.43)% | |||||
Five Year | 0.73% | 0.51% | 0.50% | 1.19% | 1.18% | |||||
Ten Year | 2.23% | 2.19% | 2.49% | 1.34% | 1.32% |
1 | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets. |
Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the EMLH. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
10 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | H0CF1 | US002 | LBUSTRUU3 | ||||||
One Year | 1.67% | 0.59% | 0.93% | (0.57)% | (0.43)% | |||||
Five Year | 4.01% | 3.94% | 4.42% | 1.19% | 1.18% | |||||
Ten Year | 5.51% | 5.57% | 6.23% | 1.34% | 1.32% |
1 | ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers. |
Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
11 |
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 |
52,469 | 53,869,398 | ||||||
105,154,981 | ||||||||
United States: 76.4% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/30 † | 13,533 | 12,382,424 | ||||||
4.38%, 10/15/28 † | 8,515 | 7,986,716 | ||||||
4.75%, 04/15/43 † | 11,213 | 8,756,736 | ||||||
5.10%, 09/01/40 | 34,914 | 29,970,527 | ||||||
5.25%, 02/01/42 | 10,457 | 8,845,367 | ||||||
5.35%, 07/01/49 | 10,155 | 7,924,581 | ||||||
6.00%, 01/15/37 | 11,616 | 10,988,968 | ||||||
Bath & Body Works, Inc. 6.95%, 03/01/33 † |
9,104 | 8,041,737 | ||||||
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 |
7,318 | 6,834,192 | ||||||
Brinker International, Inc. 144A 5.00%, 10/01/24 † |
9,236 | 9,052,157 | ||||||
Crane NXT Co. 4.20%, 03/15/48 |
9,100 | 6,473,931 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 |
9,255 | 9,740,888 | ||||||
Delta Air Lines, Inc. 2.90%, 10/28/24 |
23,584 | 22,775,004 | ||||||
3.75%, 10/28/29 † | 12,416 | 11,122,357 | ||||||
4.38%, 04/19/28 † | 10,743 | 10,137,954 | ||||||
Diversified Healthcare Trust |
||||||||
4.75%, 05/01/24 | 6,185 | 5,652,609 | ||||||
4.75%, 02/15/28 | 13,189 | 8,154,347 | ||||||
DPL, Inc. 4.35%, 04/15/29 |
10,554 | 9,523,518 | ||||||
Embarq Corp. 8.00%, 06/01/36 |
37,860 | 16,321,635 | ||||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/25 † | 11,055 | 10,703,534 | ||||||
5.05%, 04/01/45 | 11,791 | 9,372,489 | ||||||
5.45%, 06/01/47 | 13,108 | 10,961,958 | ||||||
5.60%, 04/01/44 | 9,162 | 7,625,911 | ||||||
Entegris Escrow Corp. 144A 4.75%, 04/15/29 |
41,959 | 39,072,737 | ||||||
EQM Midstream Partners LP |
||||||||
4.00%, 08/01/24 † | 7,877 | 7,646,490 | ||||||
4.12%, 12/01/26 | 13,106 | 11,910,320 | ||||||
5.50%, 07/15/28 † | 22,284 | 20,333,671 | ||||||
6.50%, 07/15/48 | 14,436 | 10,949,573 | ||||||
First Republic Bank | ||||||||
4.38%, 08/01/46 | 10,489 | 1,691,351 | ||||||
4.62%, 02/13/47 | 10,500 | 1,640,625 | ||||||
FirstEnergy Corp. 1.60%, 01/15/26 |
7,872 | 7,239,822 |
See Notes to Financial Statements
42 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
2.05%, 03/01/25 | $ | 7,882 | $ | 7,466,049 | ||||
2.25%, 09/01/30 | 11,824 | 9,770,171 | ||||||
2.65%, 03/01/30 | 15,753 | 13,622,564 | ||||||
3.40%, 03/01/50 † | 22,252 | 15,618,790 | ||||||
4.15%, 07/15/27 | 39,335 | 38,309,733 | ||||||
5.10%, 07/15/47 | 15,884 | 14,678,087 | ||||||
7.38%, 11/15/31 | 17,224 | 19,615,983 | ||||||
Fluor Corp. | ||||||||
3.50%, 12/15/24 | 10,035 | 9,685,584 | ||||||
4.25%, 09/15/28 † | 15,781 | 14,631,670 | ||||||
Ford Holdings LLC 9.30%, 03/01/30 |
5,310 | 6,068,480 | ||||||
Ford Motor Co. | ||||||||
4.35%, 12/08/26 † | 26,961 | 26,219,508 | ||||||
4.75%, 01/15/43 | 35,947 | 27,051,149 | ||||||
5.29%, 12/08/46 | 23,388 | 18,940,929 | ||||||
6.62%, 10/01/28 † | 8,022 | 8,176,464 | ||||||
7.40%, 11/01/46 † | 7,163 | 7,307,263 | ||||||
7.45%, 07/16/31 † | 19,226 | 20,256,763 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.66%, 09/08/24 † | 13,492 | 13,041,128 | ||||||
3.81%, 11/02/27 | 13,504 | 12,128,962 | ||||||
4.06%, 11/01/24 | 27,000 | 26,274,696 | ||||||
4.13%, 08/04/25 | 25,177 | 23,869,485 | ||||||
4.27%, 01/09/27 | 16,189 | 15,013,429 | ||||||
4.39%, 01/08/26 | 21,576 | 20,523,803 | ||||||
4.54%, 08/01/26 | 13,505 | 12,755,463 | ||||||
4.69%, 06/09/25 | 10,757 | 10,418,556 | ||||||
5.11%, 05/03/29 † | 26,738 | 24,956,878 | ||||||
Frontier Florida LLC 6.86%, 02/01/28 |
7,934 | 7,184,594 | ||||||
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 |
13,870 | 12,615,283 | ||||||
Genworth Holdings, Inc. 6.50%, 06/15/34 |
7,204 | 6,429,069 | ||||||
Global Marine, Inc. 7.00%, 06/01/28 † |
6,853 | 5,568,063 | ||||||
HB Fuller Co. 4.00%, 02/15/27 † |
7,948 | 7,521,351 | ||||||
Hillenbrand, Inc. 5.00%, 09/15/26 |
9,926 | 9,667,825 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.90%, 02/01/27 † | 16,388 | 16,799,962 | ||||||
5.95%, 02/01/37 | 16,405 | 16,710,248 | ||||||
6.75%, 01/15/28 | 7,877 | 8,311,164 | ||||||
Kohl’s Corp. | ||||||||
4.25%, 07/17/25 † | 9,242 | 8,647,918 | ||||||
4.62%, 05/01/31 † | 13,124 | 8,964,787 | ||||||
5.55%, 07/17/45 | 11,199 | 6,538,368 | ||||||
Las Vegas Sands Corp. | ||||||||
2.90%, 06/25/25 | 13,109 | 12,427,450 | ||||||
3.20%, 08/08/24 | 45,867 | 44,435,004 | ||||||
3.50%, 08/18/26 | 26,210 | 24,654,717 | ||||||
3.90%, 08/08/29 | 19,666 | 17,963,172 | ||||||
Lumen Technologies, Inc. 7.60%, 09/15/39 |
9,275 | 3,569,762 | ||||||
Macy’s Retail Holdings LLC |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
4.30%, 02/15/43 | $ | 6,540 | $ | 3,980,963 | ||||
4.50%, 12/15/34 † | 9,609 | 6,902,001 | ||||||
5.12%, 01/15/42 † | 6,553 | 4,320,991 | ||||||
Mattel, Inc. | ||||||||
5.45%, 11/01/41 | 7,885 | 7,019,207 | ||||||
6.20%, 10/01/40 | 6,589 | 6,258,070 | ||||||
Murphy Oil Corp. | ||||||||
6.12%, 12/01/42 | 8,892 | 7,626,050 | ||||||
7.05%, 05/01/29 † | 6,545 | 6,677,595 | ||||||
Navient Corp. 5.62%, 08/01/33 |
15,606 | 11,719,045 | ||||||
Newell Brands, Inc. |
||||||||
4.70%, 04/01/26 | 52,023 | 49,736,069 | ||||||
5.88%, 04/01/36 | 11,068 | 9,408,907 | ||||||
6.00%, 04/01/46 | 17,502 | 13,651,560 | ||||||
Nissan Motor Acceptance Co. LLC 144A |
||||||||
1.12%, 09/16/24 | 13,116 | 12,199,208 | ||||||
1.85%, 09/16/26 | 26,213 | 22,381,064 | ||||||
2.00%, 03/09/26 | 20,975 | 18,494,067 | ||||||
2.45%, 09/15/28 | 9,190 | 7,385,715 | ||||||
2.75%, 03/09/28 | 15,747 | 13,111,033 | ||||||
Nordstrom, Inc. |
||||||||
4.00%, 03/15/27 † | 9,189 | 7,908,419 | ||||||
4.25%, 08/01/31 † | 11,151 | 8,293,389 | ||||||
4.38%, 04/01/30 † | 13,112 | 10,272,072 | ||||||
5.00%, 01/15/44 † | 25,317 | 15,863,632 | ||||||
6.95%, 03/15/28 † | 7,881 | 7,614,977 | ||||||
Occidental Petroleum Corp. |
||||||||
0.00%, 10/10/36 ^ | 17,851 | 9,324,534 | ||||||
2.90%, 08/15/24 | 17,148 | 16,644,020 | ||||||
3.40%, 04/15/26 | 7,439 | 7,047,297 | ||||||
3.50%, 08/15/29 † | 7,521 | 6,862,123 | ||||||
4.10%, 02/15/47 † | 6,770 | 5,295,223 | ||||||
4.20%, 03/15/48 | 7,966 | 6,227,112 | ||||||
4.40%, 04/15/46 | 11,123 | 8,972,417 | ||||||
4.40%, 08/15/49 † | 7,350 | 5,787,537 | ||||||
4.62%, 06/15/45 | 7,755 | 6,367,863 | ||||||
5.55%, 03/15/26 | 22,353 | 22,568,930 | ||||||
6.20%, 03/15/40 | 19,019 | 19,552,342 | ||||||
6.45%, 09/15/36 | 44,863 | 47,651,235 | ||||||
6.60%, 03/15/46 | 29,246 | 31,247,742 | ||||||
7.50%, 05/01/31 | 22,794 | 25,462,380 | ||||||
7.88%, 09/15/31 | 12,723 | 14,435,173 | ||||||
7.95%, 06/15/39 | 8,456 | 9,705,543 | ||||||
Oceaneering International, Inc. |
||||||||
4.65%, 11/15/24 | 10,480 | 10,325,944 | ||||||
6.00%, 02/01/28 | 7,853 | 7,470,228 | ||||||
Office Properties Income Trust |
||||||||
2.40%, 02/01/27 † | 9,197 | 5,905,724 | ||||||
2.65%, 06/15/26 | 7,894 | 5,530,901 | ||||||
3.45%, 10/15/31 | 10,505 | 5,422,004 | ||||||
4.25%, 05/15/24 | 8,680 | 8,198,438 | ||||||
4.50%, 02/01/25 | 17,054 | 14,516,742 | ||||||
Ohio National Financial Services, Inc. 144A |
See Notes to Financial Statements
43 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.62%, 05/01/31 † | $ | 6,634 | $ | 6,250,476 | ||||
6.80%, 01/24/30 | 11,217 | 10,661,827 | ||||||
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 |
10,503 | 7,518,191 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
3.95%, 02/01/28 † | 12,699 | 11,434,959 | ||||||
5.15%, 11/15/29 † | 9,096 | 8,130,726 | ||||||
Qwest Corp. 7.25%, 09/15/25 |
6,551 | 5,825,280 | ||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
4.62%, 04/16/29 | 26,309 | 21,140,377 | ||||||
4.62%, 04/06/31 | 9,286 | 7,269,333 | ||||||
Rockies Express Pipeline LLC 144A | ||||||||
3.60%, 05/15/25 | 10,499 | 9,964,984 | ||||||
4.80%, 05/15/30 | 9,191 | 8,198,727 | ||||||
4.95%, 07/15/29 | 14,416 | 13,331,196 | ||||||
6.88%, 04/15/40 | 13,120 | 11,435,589 | ||||||
7.50%, 07/15/38 | 6,573 | 6,032,961 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
3.70%, 03/15/28 † | 13,115 | 10,669,012 | ||||||
7.50%, 10/15/27 † | 7,879 | 7,464,732 | ||||||
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25 |
36,472 | 38,755,184 | ||||||
Safeway, Inc. 7.25%, 02/01/31 |
6,951 | 7,055,300 | ||||||
Seagate HDD Cayman | ||||||||
4.09%, 06/01/29 | 12,968 | 11,262,967 | ||||||
4.12%, 01/15/31 | 7,244 | 6,019,583 | ||||||
4.75%, 01/01/25 | 12,567 | 12,235,168 | ||||||
4.88%, 06/01/27 | 13,212 | 12,665,873 | ||||||
5.75%, 12/01/34 † | 12,838 | 11,410,222 | ||||||
Sealed Air Corp. 144A 6.88%, 07/15/33 |
11,861 | 12,612,039 | ||||||
Service Properties Trust | ||||||||
3.95%, 01/15/28 | 10,506 | 8,239,467 | ||||||
4.35%, 10/01/24 | 21,645 | 20,690,120 | ||||||
4.38%, 02/15/30 | 10,496 | 7,821,782 | ||||||
4.50%, 03/15/25 | 9,188 | 8,555,309 | ||||||
4.75%, 10/01/26 | 11,814 | 10,227,290 | ||||||
4.95%, 02/15/27 | 10,500 | 8,912,450 | ||||||
4.95%, 10/01/29 | 11,155 | 8,465,398 | ||||||
5.25%, 02/15/26 | 9,174 | 8,158,851 | ||||||
Southeast Supply Header LLC 144A 4.25%, 06/15/24 |
10,563 | 9,981,612 | ||||||
Southwestern Energy Co. 5.70%, 01/23/25 |
10,291 | 10,282,921 | ||||||
Spirit AeroSystems, Inc. | ||||||||
3.85%, 06/15/26 | 7,863 | 7,376,216 | ||||||
4.60%, 06/15/28 † | 18,319 | 15,561,247 | ||||||
Steelcase, Inc. 5.12%, 01/18/29 |
11,862 | 10,573,609 | ||||||
Tenet Healthcare Corp. 6.88%, 11/15/31 |
9,574 | 9,391,280 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Toledo Hospital | ||||||||
4.98%, 11/15/45 | $ | 7,197 | $ | 4,633,895 | ||||
5.33%, 11/15/28 | 8,427 | 7,405,226 | ||||||
6.01%, 11/15/48 † | 10,559 | 7,457,294 | ||||||
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 |
14,862 | 14,674,802 | ||||||
Transocean, Inc. | ||||||||
6.80%, 03/15/38 | 15,973 | 10,891,909 | ||||||
7.50%, 04/15/31 | 10,371 | 7,997,700 | ||||||
Travel + Leisure Co. | ||||||||
6.00%, 04/01/27 | 10,516 | 10,357,682 | ||||||
6.60%, 10/01/25 | 9,184 | 9,217,154 | ||||||
Trinity Industries, Inc. 4.55%, 10/01/24 |
10,590 | 10,337,534 | ||||||
Under Armour, Inc. 3.25%, 06/15/26 |
15,779 | 14,505,313 | ||||||
United States Cellular Corp. 6.70%, 12/15/33 † |
14,330 | 13,059,359 | ||||||
United States Steel Corp. 6.65%, 06/01/37 † |
7,268 | 6,880,616 | ||||||
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31 |
15,700 | 12,180,510 | ||||||
Western Digital Corp. | ||||||||
2.85%, 02/01/29 | 13,136 | 10,404,960 | ||||||
3.10%, 02/01/32 † | 13,137 | 9,546,223 | ||||||
Xerox Corp. | ||||||||
3.80%, 05/15/24 † | 7,085 | 6,939,332 | ||||||
4.80%, 03/01/35 | 6,551 | 4,329,069 | ||||||
6.75%, 12/15/39 | 9,183 | 6,997,761 | ||||||
XPO CNW, Inc. 6.70%, 05/01/34 |
7,932 | 7,277,880 | ||||||
Yum! Brands, Inc. | ||||||||
5.35%, 11/01/43 | 7,199 | 6,374,283 | ||||||
6.88%, 11/15/37 | 8,605 | 9,204,140 | ||||||
2,127,844,839 | ||||||||
Total Corporate Bonds (Cost: $3,087,035,189) |
2,736,589,329 | |||||||
Number
of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5% | ||||||||
Money Market Fund: 4.5% (Cost: $124,494,085) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio |
124,494,085 | 124,494,085 | ||||||
Total Investments: 102.8% (Cost: $3,211,529,274) |
2,861,083,414 | |||||||
Liabilities in excess of other assets: (2.8)% | (77,617,757) | |||||||
NET ASSETS: 100.0% | $ | 2,783,465,657 |
See Notes to Financial Statements
44 |
Definitions:
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $129,926,938. | |
(o) | Perpetual Maturity — the date shown is the next call date | |
^ | Zero Coupon Bond | |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. | |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $593,605,506, or 21.3% of net assets. |
Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Consumer Cyclicals | 28.6 | % | $ | 781,675,330 | ||||
Energy | 22.3 | 610,131,711 | ||||||
Technology | 12.3 | 335,551,084 | ||||||
Financials | 11.7 | 321,637,278 | ||||||
Industrials | 8.5 | 232,004,113 | ||||||
Utilities | 5.2 | 143,309,471 | ||||||
Real Estate | 4.9 | 134,451,433 | ||||||
Healthcare | 3.2 | 87,919,931 | ||||||
Basic Materials | 2.5 | 68,311,451 | ||||||
Consumer Non-Cyclicals | 0.5 | 14,412,933 | ||||||
Communications | 0.3 | 7,184,594 | ||||||
100.0 | % | $ | 2,736,589,329 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 2,736,589,329 | $ | — | $ | 2,736,589,329 | ||||||||
Money Market Fund | 124,494,085 | — | — | 124,494,085 | ||||||||||||
Total Investments | $ | 124,494,085 | $ | 2,736,589,329 | $ | — | $ | 2,861,083,414 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
45 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 92.0% | ||||||||
Argentina: 0.1% | ||||||||
Genneia SA 144A 8.75%, 09/02/27 |
$ | 90 | $ | 86,163 | ||||
Australia: 1.4% | ||||||||
Bank of China Ltd. Reg S 0.75%, 09/29/24 |
200 | 189,425 | ||||||
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32 |
200 | 193,812 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 |
450 | 453,552 | ||||||
National Australia Bank Ltd. 3.62%, 06/20/23 |
225 | 224,565 | ||||||
1,061,354 | ||||||||
Bermuda: 0.2% | ||||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
200 | 185,215 | ||||||
Brazil: 1.9% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 |
150 | 136,950 | ||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 |
200 | 198,716 | ||||||
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 |
375 | 376,031 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
200 | 199,246 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 |
150 | 145,121 | ||||||
Klabin Finance SA 144A 4.88%, 09/19/27 |
140 | 135,811 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 |
200 | 186,250 | ||||||
Suzano Austria GmbH 144A 5.75%, 07/14/26 |
50 | 50,271 | ||||||
1,428,396 | ||||||||
British Virgin Islands: 0.4% | ||||||||
Amipeace Ltd. Reg S 1.75%, 11/09/26 |
300 | 273,759 | ||||||
Canada: 1.6% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
100 | 85,600 | ||||||
Brookfield Finance, Inc. 2.72%, 04/15/31 |
250 | 210,165 | ||||||
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 |
250 | 227,771 | ||||||
CDP Financial, Inc. Reg S |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
1.00%, 05/26/26 | $ | 350 | $ | 318,923 | ||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 |
300 | 240,019 | ||||||
Tucson Electric Power Co. 1.50%, 08/01/30 |
150 | 120,566 | ||||||
1,203,044 | ||||||||
Cayman Islands: 3.4% | ||||||||
Gaci First Investment Co. Reg S | ||||||||
5.00%, 10/13/27 | 600 | 614,075 | ||||||
5.12%, 02/14/53 | 250 | 233,785 | ||||||
5.25%, 10/13/32 † | 1,050 | 1,103,219 | ||||||
5.38%, 10/13/22 | 300 | 283,500 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31 |
200 | 168,096 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 |
200 | 187,480 | ||||||
2,590,155 | ||||||||
Chile: 1.1% | ||||||||
Colbun SA 144A 3.15%, 01/19/32 |
150 | 127,808 | ||||||
Interchile SA 144A 4.50%, 06/30/56 |
350 | 287,123 | ||||||
Inversiones CMPC SA 144A 4.38%, 04/04/27 |
100 | 96,889 | ||||||
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33 |
194 | 85,535 | ||||||
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 |
300 | 209,475 | ||||||
806,830 | ||||||||
China: 4.5% | ||||||||
Bank of China Ltd. Reg S 0.95%, 09/21/23 |
450 | 443,956 | ||||||
China Construction Bank Corp. Reg S 1.25%, 08/04/25 |
200 | 186,952 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 |
400 | 368,817 | ||||||
ICBCIL Finance Co. Ltd. Reg S 5.97% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 |
200 | 200,290 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 5.72% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 |
800 | 800,648 | ||||||
5.97% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 |
200 | 200,056 | ||||||
6.09% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 |
400 | 401,182 | ||||||
Industrial Bank Co. Ltd. Reg S |
See Notes to Financial Statements
46 |
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
1.12%, 11/06/23 | $ | 200 | $ | 196,471 | ||||
Lenovo Group Ltd. 144A 6.54%, 07/27/32 |
200 | 201,217 | ||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 |
200 | 196,725 | ||||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 |
200 | 193,617 | ||||||
3,389,931 | ||||||||
Colombia: 0.2% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 |
150 | 138,905 | ||||||
Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 |
91 | 67,386 | ||||||
France: 0.9% | ||||||||
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27 |
300 | 268,272 | ||||||
Electricite de France SA 144A 3.62%, 10/13/25 |
450 | 440,961 | ||||||
709,233 | ||||||||
Georgia: 0.1% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 |
100 | 86,030 | ||||||
Germany: 3.0% | ||||||||
Bank of China Ltd. Reg S 3.12%, 06/16/25 |
200 | 194,138 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
0.75%, 09/30/30 | 950 | 782,346 | ||||||
1.00%, 10/01/26 † | 600 | 548,086 | ||||||
1.75%, 09/14/29 | 650 | 585,248 | ||||||
Landesbank Baden-Wuerttemberg Reg S 2.00%, 02/24/25 |
188 | 178,984 | ||||||
2,288,802 | ||||||||
Hong Kong: 3.2% | ||||||||
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25 |
300 | 286,127 | ||||||
Airport Authority Reg S 1.75%, 01/12/27 |
300 | 275,870 | ||||||
China Development Bank Reg S 0.62%, 09/09/24 |
200 | 189,998 | ||||||
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24 |
200 | 193,752 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 |
200 | 183,848 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 2.95%, 06/01/25 |
200 | 193,470 | ||||||
Industrial Bank Co. Ltd. Reg S |
Par (000’s |
) | Value | ||||||
Hong Kong (continued) | ||||||||
0.88%, 06/10/24 | $ | 200 | $ | 192,081 | ||||
3.25%, 05/18/25 | 200 | 195,023 | ||||||
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 |
200 | 190,259 | ||||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 |
400 | 376,712 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 |
200 | 168,370 | ||||||
2,445,510 | ||||||||
India: 2.6% | ||||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
250 | 224,754 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 190,961 | ||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39 |
178 | 127,698 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 |
150 | 145,914 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 |
200 | 177,215 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 |
200 | 190,336 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
177 | 147,758 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 |
200 | 187,148 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 |
200 | 188,299 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 |
200 | 169,046 | ||||||
State Bank of India Reg S 4.50%, 09/28/23 |
200 | 199,490 | ||||||
1,948,619 | ||||||||
Indonesia: 0.5% | ||||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 |
400 | 346,294 | ||||||
Ireland: 0.6% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27 |
200 | 199,199 |
See Notes to Financial Statements
47 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par |
) | Value | ||||||
Ireland (continued) | ||||||||
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26 |
$ | 250 | $ | 251,899 | ||||
451,098 | ||||||||
Japan: 4.0% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 |
200 | 181,162 | ||||||
Honda Motor Co. Ltd. | ||||||||
2.27%, 03/10/25 | 200 | 191,904 | ||||||
2.97%, 03/10/32 | 600 | 542,622 | ||||||
Japan Bank for International Cooperation 1.62%, 01/20/27 |
200 | 183,323 | ||||||
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 |
200 | 189,857 | ||||||
Marubeni Corp. Reg S 1.58%, 09/17/26 |
200 | 179,801 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 |
100 | 98,986 | ||||||
Norinchukin Bank 144A | ||||||||
1.28%, 09/22/26 | 200 | 178,217 | ||||||
2.08%, 09/22/31 | 150 | 123,242 | ||||||
NTT Finance Corp. 144A | ||||||||
4.24%, 07/25/25 | 200 | 197,522 | ||||||
4.37%, 07/27/27 | 200 | 200,374 | ||||||
Renesas Electronics Corp. 144A 1.54%, 11/26/24 |
150 | 140,115 | ||||||
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29 |
200 | 174,800 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 |
175 | 159,521 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 |
300 | 263,928 | ||||||
3,005,374 | ||||||||
Luxembourg: 1.8% | ||||||||
European Investment Bank | ||||||||
1.62%, 05/13/31 † | 500 | 435,883 | ||||||
3.75%, 02/14/33 | 900 | 915,396 | ||||||
1,351,279 | ||||||||
Macao: 0.7% | ||||||||
Bank of China Ltd. Reg S 5.62% (SOFR Compound Index+0.78%), 04/28/25 |
300 | 300,075 | ||||||
China Construction Bank Corp. Reg S 5.31% (SOFR Compound Index+0.50%), 12/21/24 |
200 | 199,529 | ||||||
499,604 | ||||||||
Mauritius: 0.6% | ||||||||
Greenko Wind Projects Mauritius Ltd. 144A |
Par |
) | Value | ||||||
Mauritius (continued) | ||||||||
5.50%, 04/06/25 | $ | 200 | $ | 190,881 | ||||
India Cleantech Energy 144A 4.70%, 08/10/26 |
137 | 121,457 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 |
200 | 175,014 | ||||||
487,352 | ||||||||
Mexico: 0.3% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 |
250 | 200,085 | ||||||
Netherlands: 4.5% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 |
350 | 299,178 | ||||||
Cooperatieve Rabobank UA 144A | ||||||||
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 |
350 | 315,152 | ||||||
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 |
250 | 222,336 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 |
470 | 425,350 | ||||||
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 |
450 | 412,582 | ||||||
4.62%, 01/06/26 | 300 | 296,302 | ||||||
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 |
200 | 196,312 | ||||||
Nederlandse Waterschapsbank NV 144A | ||||||||
1.00%, 05/28/30 | 100 | 82,851 | ||||||
2.38%, 03/24/26 | 350 | 334,824 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
2.50%, 05/11/31 | 550 | 454,726 | ||||||
3.40%, 05/01/30 | 200 | 179,869 | ||||||
5.00%, 01/15/33 | 200 | 195,756 | ||||||
3,415,238 | ||||||||
Norway: 0.7% | ||||||||
Kommunalbanken AS 144A | ||||||||
0.50%, 10/21/24 | 200 | 188,704 | ||||||
2.12%, 02/11/25 | 325 | 312,732 | ||||||
501,436 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
200 | 65,800 | ||||||
Portugal: 0.5% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 † |
400 | 346,969 |
See Notes to Financial Statements
48 |
Par (000’s |
) | Value | ||||||
Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 |
$ | 200 | $ | 185,624 | ||||
Saudi Arabia: 0.3% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 |
300 | 263,189 | ||||||
Singapore: 1.1% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
186 | 166,941 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 |
200 | 188,350 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24 |
450 | 428,713 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
81 | 79,817 | ||||||
863,821 | ||||||||
South Africa: 0.3% | ||||||||
Bank of China Ltd. Reg S 1.88%, 02/16/25 |
200 | 190,696 | ||||||
South Korea: 5.0% | ||||||||
Export-Import Bank of Korea | ||||||||
2.12%, 01/18/32 | 500 | 421,018 | ||||||
5.12%, 01/11/33 | 200 | 212,150 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 |
250 | 219,761 | ||||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 |
300 | 270,614 | ||||||
Kia Corp. 144A | ||||||||
1.75%, 10/16/26 | 200 | 178,673 | ||||||
2.38%, 02/14/25 | 200 | 190,349 | ||||||
Korea Development Bank | ||||||||
0.40%, 06/19/24 | 200 | 190,383 | ||||||
0.75%, 01/25/25 | 200 | 187,360 | ||||||
Korea Electric Power Corp. 144A | ||||||||
2.50%, 06/24/24 | 350 | 340,988 | ||||||
3.62%, 06/14/25 | 200 | 195,114 | ||||||
5.38%, 04/06/26 | 200 | 202,675 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 |
100 | 99,718 | ||||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 |
200 | 190,242 | ||||||
LG Chem Ltd. 144A | ||||||||
1.38%, 07/07/26 | 200 | 179,417 | ||||||
2.38%, 07/07/31 | 225 | 186,249 | ||||||
3.25%, 10/15/24 | 250 | 243,400 | ||||||
3.62%, 04/15/29 | 50 | 47,638 | ||||||
SK Hynix, Inc. 144A |
Par (000’s |
) | Value | ||||||
South Korea (continued) | ||||||||
2.38%, 01/19/31 | $ | 250 | $ | 188,093 | ||||
3,743,842 | ||||||||
Spain: 0.8% | ||||||||
Avangrid, Inc. | ||||||||
3.20%, 04/15/25 | 381 | 366,057 | ||||||
3.80%, 06/01/29 | 250 | 235,932 | ||||||
601,989 | ||||||||
Supranational: 5.2% | ||||||||
Central American Bank for Economic Integration Reg S 5.71% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 |
200 | 199,806 | ||||||
European Bank for Reconstruction & Development | ||||||||
1.50%, 02/13/25 | 100 | 95,393 | ||||||
1.62%, 09/27/24 | 500 | 480,519 | ||||||
European Investment Bank | ||||||||
0.75%, 09/23/30 | 600 | 493,007 | ||||||
1.62%, 10/09/29 | 380 | 337,703 | ||||||
2.12%, 04/13/26 † | 300 | 286,323 | ||||||
2.38%, 05/24/27 † | 500 | 476,323 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 |
750 | 732,453 | ||||||
International Bank for Reconstruction & Development | ||||||||
2.12%, 03/03/25 † | 430 | 414,379 | ||||||
3.12%, 11/20/25 † | 75 | 73,578 | ||||||
International Finance Corp. 2.12%, 04/07/26 |
344 | 327,779 | ||||||
3,917,263 | ||||||||
Sweden: 0.9% | ||||||||
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24 |
350 | 333,613 | ||||||
Swedbank AB 144A 1.54%, 11/16/26 † |
350 | 312,969 | ||||||
646,582 | ||||||||
Turkey: 0.2% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
200 | 168,320 | ||||||
United Arab Emirates: 0.7% | ||||||||
MAF Sukuk Ltd. Reg S | ||||||||
3.93%, 02/28/30 | 200 | 190,251 | ||||||
4.64%, 05/14/29 | 200 | 198,282 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 |
195 | 162,204 | ||||||
550,737 | ||||||||
United Kingdom: 1.9% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 |
200 | 182,680 |
See Notes to Financial Statements
49 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32 |
$ | 150 | $ | 122,423 | ||||
China Construction Bank Corp. Reg S 3.12%, 05/17/25 |
350 | 340,450 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 |
300 | 246,541 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 |
200 | 191,394 | ||||||
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31 |
400 | 341,309 | ||||||
1,424,797 | ||||||||
United States: 36.4% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 |
200 | 185,959 | ||||||
AES Corp. | ||||||||
1.38%, 01/15/26 | 150 | 136,056 | ||||||
2.45%, 01/15/31 | 305 | 250,555 | ||||||
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 |
200 | 184,093 | ||||||
Alexandria Real Estate Equities, Inc. | ||||||||
2.00%, 05/18/32 | 350 | 270,182 | ||||||
2.95%, 03/15/34 | 250 | 202,576 | ||||||
3.80%, 04/15/26 | 100 | 96,582 | ||||||
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46 |
388 | 345,495 | ||||||
Amgen, Inc. 3.00%, 02/22/29 † |
200 | 185,760 | ||||||
Apple, Inc. 3.00%, 06/20/27 |
300 | 290,244 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
3.25%, 09/01/28 | 200 | 175,352 | ||||||
4.00%, 09/01/29 | 200 | 163,133 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 |
200 | 126,543 | ||||||
AvalonBay Communities, Inc. | ||||||||
1.90%, 12/01/28 | 100 | 86,948 | ||||||
2.05%, 01/15/32 † | 250 | 203,571 | ||||||
Bank of America Corp. 2.46% (ICE LIBOR USD 3 Month+0.87%), 10/22/25 |
450 | 430,205 | ||||||
Boston Properties LP | ||||||||
2.45%, 10/01/33 | 400 | 288,059 | ||||||
3.40%, 06/21/29 | 225 | 191,235 | ||||||
4.50%, 12/01/28 | 200 | 182,221 | ||||||
Citigroup, Inc. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
1.68% (SOFR+1.67%), 05/15/24 |
$ | 350 | $ | 349,486 | ||||
Clearway Energy Operating LLC 144A | ||||||||
3.75%, 02/15/31 | 400 | 342,755 | ||||||
4.75%, 03/15/28 | 275 | 261,111 | ||||||
Dana, Inc. 4.25%, 09/01/30 |
200 | 162,178 | ||||||
Deutsche Bank AG 1.69%, 03/19/26 |
300 | 268,739 | ||||||
Dominion Energy, Inc. 2.25%, 08/15/31 |
350 | 291,160 | ||||||
DTE Electric Co. | ||||||||
1.90%, 04/01/28 | 150 | 134,077 | ||||||
3.25%, 04/01/51 | 200 | 150,176 | ||||||
3.95%, 03/01/49 | 290 | 247,868 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 |
350 | 345,279 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 |
300 | 284,326 | ||||||
Equinix, Inc. | ||||||||
1.00%, 09/15/25 | 300 | 272,493 | ||||||
2.50%, 05/15/31 | 350 | 289,271 | ||||||
3.90%, 04/15/32 | 350 | 319,049 | ||||||
ERP Operating LP 4.15%, 12/01/28 |
200 | 194,620 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 |
100 | 94,532 | ||||||
Fannie Mae-Aces | ||||||||
1.44%, 10/25/29 | 300 | 252,285 | ||||||
2.44%, 10/25/29 | 37 | 33,680 | ||||||
2.52%, 08/25/29 | 236 | 214,596 | ||||||
2.62%, 07/25/24 | 162 | 157,381 | ||||||
2.90%, 02/25/27 | 220 | 210,574 | ||||||
2.94%, 06/25/29 | 9 | 7,983 | ||||||
3.00%, 01/25/28 | 394 | 372,539 | ||||||
3.06%, 09/25/27 | 255 | 244,162 | ||||||
3.13%, 03/25/28 | 207 | 196,142 | ||||||
3.16%, 03/25/28 | 383 | 365,853 | ||||||
3.17%, 02/25/30 | 340 | 318,831 | ||||||
3.20%, 11/25/27 | 13 | 12,307 | ||||||
3.41%, 06/25/28 | 318 | 306,670 | ||||||
3.67%, 09/25/28 | 498 | 486,217 | ||||||
3.87%, 09/25/30 | 91 | 88,833 | ||||||
Federal Realty Investment Trust 1.25%, 02/15/26 † |
200 | 181,205 | ||||||
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27 |
200 | 173,675 | ||||||
Ford Motor Co. | ||||||||
3.25%, 02/12/32 | 850 | 659,954 | ||||||
6.10%, 08/19/32 † | 450 | 429,575 | ||||||
Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
1.30%, 06/25/30 | 30 | 24,873 | ||||||
2.88%, 04/25/26 | 285 | 273,867 |
See Notes to Financial Statements
50 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
General Motors Co. | ||||||||
5.40%, 10/15/29 | $ | 50 | $ | 49,459 | ||||
5.60%, 10/15/32 † | 650 | 637,267 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 |
100 | 97,323 | ||||||
Healthpeak OP LLC | ||||||||
1.35%, 02/01/27 | 200 | 176,394 | ||||||
2.12%, 12/01/28 † | 100 | 86,803 | ||||||
Host Hotels & Resorts LP | ||||||||
2.90%, 12/15/31 | 250 | 198,217 | ||||||
3.38%, 12/15/29 | 100 | 85,987 | ||||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 | 150 | 112,092 | ||||||
4.10%, 09/26/28 | 250 | 246,106 | ||||||
Jabil, Inc. 4.25%, 05/15/27 |
200 | 195,162 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 |
300 | 249,151 | ||||||
JPMorgan Chase & Co. 0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24 |
325 | 318,974 | ||||||
0.77% (SOFR+0.49%), 08/09/25 |
350 | 329,206 | ||||||
Kaiser Foundation Hospitals | ||||||||
2.81%, 06/01/41 † | 500 | 374,705 | ||||||
3.15%, 05/01/27 | 80 | 76,227 | ||||||
Kilroy Realty LP | ||||||||
2.50%, 11/15/32 | 50 | 33,914 | ||||||
2.65%, 11/15/33 | 150 | 99,519 | ||||||
4.75%, 12/15/28 | 100 | 88,663 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 |
200 | 188,622 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 |
200 | 184,147 | ||||||
MidAmerican Energy Co. | ||||||||
2.70%, 08/01/52 | 200 | 136,800 | ||||||
3.10%, 05/01/27 | 225 | 215,549 | ||||||
3.15%, 04/15/50 | 200 | 149,635 | ||||||
3.65%, 04/15/29 | 150 | 144,707 | ||||||
3.65%, 08/01/48 | 400 | 329,938 | ||||||
3.95%, 08/01/47 | 125 | 107,880 | ||||||
4.25%, 07/15/49 | 275 | 248,334 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 |
425 | 374,889 | ||||||
Northern States Power Co. | ||||||||
2.25%, 04/01/31 | 150 | 128,604 | ||||||
2.60%, 06/01/51 | 250 | 169,805 | ||||||
2.90%, 03/01/50 | 250 | 179,471 | ||||||
3.20%, 04/01/52 | 200 | 149,398 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 |
225 | 211,806 | ||||||
Owens Corning |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.95%, 08/15/29 | $ | 225 | $ | 214,111 | ||||
PacifiCorp | ||||||||
2.90%, 06/15/52 | 200 | 139,828 | ||||||
5.35%, 12/01/53 | 200 | 208,605 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 |
250 | 232,807 | ||||||
PepsiCo, Inc. | ||||||||
2.88%, 10/15/49 † | 250 | 191,993 | ||||||
3.90%, 07/18/32 | 500 | 492,725 | ||||||
PG&E Recovery Funding LLC 5.54%, 07/15/47 |
200 | 212,822 | ||||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 |
150 | 113,448 | ||||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 |
160 | 152,782 | ||||||
Prologis LP | ||||||||
1.25%, 10/15/30 | 275 | 218,013 | ||||||
1.75%, 02/01/31 | 200 | 162,012 | ||||||
Public Service Co. of Colorado | ||||||||
3.20%, 03/01/50 | 250 | 187,264 | ||||||
3.70%, 06/15/28 | 200 | 195,366 | ||||||
4.10%, 06/15/48 | 110 | 95,694 | ||||||
Public Service Co. of Oklahoma | ||||||||
2.20%, 08/15/31 | 300 | 248,480 | ||||||
3.15%, 08/15/51 | 150 | 103,363 | ||||||
Public Service Electric and Gas Co. | ||||||||
3.10%, 03/15/32 | 150 | 135,304 | ||||||
4.65%, 03/15/33 | 200 | 202,526 | ||||||
Regency Centers LP 3.75%, 06/15/24 |
125 | 122,287 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 |
150 | 102,462 | ||||||
SK Battery America, Inc. Reg S 1.62%, 01/26/24 |
250 | 241,613 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 |
600 | 489,545 | ||||||
Sonoco Products Co. 2.85%, 02/01/32 |
400 | 339,872 | ||||||
Southern Power Co. 4.15%, 12/01/25 |
500 | 491,138 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 |
100 | 72,631 | ||||||
Sunnova Energy Corp. 144A 5.88%, 09/01/26 † |
100 | 90,763 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 |
200 | 165,570 | ||||||
Toyota Auto Receivables Owner |
See Notes to Financial Statements
51 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
0.26%, 11/17/25 | $ | 163 | $ | 157,258 | ||||
UDR, Inc. 1.90%, 03/15/33 |
175 | 131,277 | ||||||
Union Electric Co. 2.62%, 03/15/51 |
275 | 183,642 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 |
200 | 189,059 | ||||||
Verizon Communications, Inc. | ||||||||
1.50%, 09/18/30 † | 300 | 242,845 | ||||||
2.85%, 09/03/41 | 400 | 290,242 | ||||||
3.88%, 02/08/29 | 200 | 193,255 | ||||||
3.88%, 03/01/52 | 300 | 240,969 | ||||||
Vornado Realty LP 3.40%, 06/01/31 |
150 | 106,762 | ||||||
Welltower OP LLC | ||||||||
2.70%, 02/15/27 | 250 | 229,066 | ||||||
3.85%, 06/15/32 | 100 | 90,010 | ||||||
Wisconsin Electric Power Co. 4.75%, 09/30/32 |
250 | 252,389 | ||||||
Wisconsin Power and Light Co. 1.95%, 09/16/31 |
200 | 162,784 | ||||||
27,480,427 | ||||||||
Total Corporate Bonds (Cost: $77,004,655) |
69,417,148 | |||||||
GOVERNMENT OBLIGATIONS: 6.7% | ||||||||
Chile: 1.3% | ||||||||
Chile Government International Bond | ||||||||
2.55%, 01/27/32 | 350 | 304,728 | ||||||
3.50%, 01/25/50 | 850 | 657,880 | ||||||
962,608 | ||||||||
Egypt: 0.2% | ||||||||
Egypt Government International Bond 144A 5.25%, 10/06/25 |
50 | 34,547 | ||||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 |
200 | 138,190 | ||||||
172,737 | ||||||||
Hong Kong: 1.6% | ||||||||
Hong Kong Government International Bond 144A | ||||||||
0.62%, 02/02/26 | 200 | 182,256 | ||||||
1.38%, 02/02/31 | 400 | 334,693 | ||||||
2.38%, 02/02/51 | 200 | 137,344 | ||||||
2.50%, 05/28/24 | 250 | 245,424 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 |
400 | 340,078 | ||||||
1,239,795 | ||||||||
Indonesia: 1.2% | ||||||||
Perusahaan Penerbit SBSN Indonesia III 144A 2.30%, 06/23/25 |
150 | 143,574 |
Par (000’s |
) | Value | ||||||
Indonesia (continued) | ||||||||
3.55%, 06/09/51 | $ | 275 | $ | 215,833 | ||||
3.90%, 08/20/24 | 250 | 249,781 | ||||||
4.70%, 06/06/32 | 300 | 305,093 | ||||||
914,281 | ||||||||
Israel: 0.3% | ||||||||
Israel Government International Bond 4.50%, 01/17/33 |
200 | 200,511 | ||||||
Saudi Arabia: 0.3% | ||||||||
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 |
250 | 226,853 | ||||||
Supranational: 0.9% | ||||||||
Asian Development Bank | ||||||||
1.75%, 08/14/26 | 275 | 258,253 | ||||||
2.12%, 03/19/25 | 150 | 144,324 | ||||||
2.38%, 08/10/27 | 150 | 142,504 | ||||||
3.12%, 09/26/28 | 100 | 97,537 | ||||||
642,618 | ||||||||
United States: 0.9% | ||||||||
City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
2.83%, 11/01/41 | 100 | 77,938 | ||||||
3.30%, 11/01/39 | 100 | 85,191 | ||||||
3.47%, 11/01/43 | 100 | 82,010 | ||||||
Commonwealth of Massachusetts 3.28%, 06/01/46 |
150 | 121,885 | ||||||
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 |
170 | 165,664 | ||||||
Metropolitan Transportation Authority 5.17%, 11/15/49 |
150 | 142,476 | ||||||
675,164 | ||||||||
Total Government Obligations (Cost: $5,953,369) |
5,034,567 | |||||||
Number of Shares |
||||||||
PREFERRED SECURITIES: 0.1% (Cost: $173,320) |
||||||||
Canada: 0.1% | ||||||||
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 † |
7,000 | 114,030 | ||||||
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $83,131,344) |
74,565,745 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8% | ||||||||
Money Market Fund: 2.8% (Cost: $2,137,597) |
See Notes to Financial Statements
52 |
Number |
Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,137,597 | $ | 2,137,597 |
Number |
Value | |||||||
Total Investments: 101.6%
(Cost: $85,268,941) |
$ | 76,703,342 | ||||||
Liabilities in excess of other assets: (1.6)% | (1,243,476) | |||||||
NET ASSETS: 100.0% | $ | 75,459,866 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $6,034,699. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $20,826,707, or 27.6% of net assets. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 40.0 | % | $ | 29,791,955 | ||||
Utilities | 20.7 | 15,414,906 | ||||||
Real Estate | 7.7 | 5,781,646 | ||||||
Government | 7.0 | 5,224,424 | ||||||
Mortgage Securities | 5.2 | 3,912,288 | ||||||
Consumer Cyclicals | 4.7 | 3,526,705 | ||||||
Technology | 4.3 | 3,210,392 | ||||||
Basic Materials | 3.7 | 2,741,671 | ||||||
Industrials | 3.5 | 2,583,997 | ||||||
Consumer Non-Cyclicals | 1.2 | 884,804 | ||||||
Healthcare | 1.0 | 739,153 | ||||||
Energy | 0.8 | 565,182 | ||||||
Academic & Educational Services | 0.2 | 188,622 | ||||||
100.0 | % | $ | 74,565,745 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 69,417,148 | $ | — | $ | 69,417,148 | ||||||||
Government Obligations * | — | 5,034,567 | — | 5,034,567 | ||||||||||||
Preferred Securities * | 114,030 | — | — | 114,030 | ||||||||||||
Money Market Fund | 2,137,597 | — | — | 2,137,597 | ||||||||||||
Total Investments | $ | 2,251,627 | $ | 74,451,715 | $ | — | $ | 76,703,342 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
53 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s |
) | Value | ||||||
FLOATING RATE NOTES: 98.5% | ||||||||
Australia: 9.1% | ||||||||
Commonwealth Bank of Australia 144A 5.24% (SOFR+0.40%), 07/07/25 |
$ | 22,932 | $ | 22,733,831 | ||||
5.33% (SOFR+0.52%), 06/15/26 | 11,820 | 11,668,233 | ||||||
5.54% (SOFR+0.74%), 03/14/25 | 12,500 | 12,488,597 | ||||||
5.55% (SOFR+0.75%), 03/13/26 | 4,750 | 4,735,901 | ||||||
Macquarie Bank Ltd. 144A 6.13% (SOFR+1.31%), 03/21/25 |
3,825 | 3,842,933 | ||||||
National Australia Bank Ltd. 144A 5.22% (SOFR+0.38%), 01/12/25 |
3,700 | 3,682,440 | ||||||
5.49% (SOFR+0.65%), 01/12/27 | 12,325 | 12,207,007 | ||||||
5.65% (SOFR+0.86%), 06/09/25 | 12,325 | 12,323,142 | ||||||
Westpac Banking Corp. 5.03% (SOFR+0.30%), 11/18/24 |
5,550 | 5,525,867 | ||||||
5.73% (ICE LIBOR USD 3 Month+0.77%),02/26/24 | 1,575 | 1,580,686 | ||||||
5.76% (SOFR+1.00%), 08/26/25 | 13,550 | 13,620,316 | ||||||
104,408,953 | ||||||||
Canada: 4.3% | ||||||||
Bank of Montreal 5.14% (SOFR Compound Index+0.35%), 12/08/23 |
1,898 | 1,894,365 | ||||||
5.16% (SOFR Compound Index+0.32%), 07/09/24 | 4,085 | 4,061,102 | ||||||
5.50% (SOFR Compound Index+0.71%), 03/08/24 | 1,625 | 1,621,341 | ||||||
Bank of Nova Scotia 5.22% (SOFR+0.38%), 07/31/24 |
4,700 | 4,673,821 | ||||||
5.28% (SOFR Compound Index+0.45%), 04/15/24 | 2,171 | 2,162,167 | ||||||
Canadian Imperial Bank of Commerce 5.20% (SOFR Compound Index+0.40%), 12/14/23 |
1,880 | 1,874,591 | ||||||
5.26% (SOFR Compound Index+0.42%), 10/18/24 | 5,056 | 5,024,992 | ||||||
5.78% (SOFR+0.94%), 04/07/25 | 4,936 | 4,947,509 | ||||||
Enbridge, Inc. 5.36% (SOFR Compound Index+0.63%), 02/16/24 |
2,065 | 2,059,578 | ||||||
Federation des Caisses Desjardins du Quebec 144A 5.18% (SOFR+0.43%), 05/21/24 |
1,750 | 1,740,104 |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
Royal Bank of Canada 5.14% (SOFR Compound Index+0.30%), 01/19/24 |
$ | 2,206 | $ | 2,200,140 | ||||
5.18% (SOFR Compound Index+0.34%), 10/07/24 | 3,691 | 3,664,651 | ||||||
5.20% (SOFR Compound Index+0.36%), 07/29/24 | 4,819 | 4,785,512 | ||||||
Toronto-Dominion Bank 5.13% (SOFR+0.35%), 03/04/24 |
2,370 | 2,361,782 | ||||||
5.15% (SOFR+0.35%), 09/10/24 | 6,637 | 6,587,438 | ||||||
49,659,093 | ||||||||
Cayman Islands: 0.2% | ||||||||
MassMutual Global Funding II 144A 5.20% (SOFR+0.36%), 04/12/24 |
1,955 | 1,951,002 | ||||||
China: 0.2% | ||||||||
Tencent Holdings Ltd. 144A 6.12% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 |
2,325 | 2,327,778 | ||||||
France: 2.0% | ||||||||
Banque Federative du Credit Mutuel SA 144A 5.10% (SOFR Compound Index+0.41%), 02/04/25 |
5,322 | 5,260,542 | ||||||
Societe Generale SA 144A 5.89% (SOFR+1.05%), 01/21/26 |
18,500 | 18,091,897 | ||||||
23,352,439 | ||||||||
Germany: 0.4% | ||||||||
Bayer US Finance II LLC 144A 5.88% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 |
4,125 | 4,117,151 | ||||||
Japan: 6.2% | ||||||||
Mitsubishi UFJ Financial Group, Inc. 5.67% (SOFR+0.94%), 02/20/26 |
14,900 | 14,737,458 | ||||||
Mizuho Financial Group, Inc. 5.59% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 |
3,600 | 3,599,857 | ||||||
5.69% (SOFR+0.96%), 05/22/26 | 17,915 | 17,735,023 | ||||||
6.15% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 4,477 | 4,479,664 | ||||||
Sumitomo Mitsui Financial Group, Inc. 5.72% (SOFR+0.88%), 01/14/27 |
12,320 | 12,058,688 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 5.24% (SOFR+0.44%), 09/16/24 |
5,525 | 5,491,916 |
See Notes to Financial Statements
54 |
Par (000’s |
) | Value | ||||||
Japan (continued) | ||||||||
5.90% (SOFR+1.12%), 03/09/26 | $ | 12,325 | $ | 12,329,887 | ||||
70,432,493 | ||||||||
Netherlands: 1.7% | ||||||||
Cooperatieve Rabobank UA 5.14% (SOFR Compound Index+0.30%), 01/12/24 |
2,475 | 2,467,578 | ||||||
ING Groep NV 6.48% (SOFR Compound Index+1.64%), 03/28/26 |
12,440 | 12,510,733 | ||||||
Shell International Finance BV 5.27% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 |
1,375 | 1,379,945 | ||||||
Siemens Financieringsmaatschappij NV 144A 5.23% (SOFR+0.43%), 03/11/24 |
3,275 | 3,273,172 | ||||||
19,631,428 | ||||||||
Norway: 0.4% | ||||||||
DNB Bank ASA 144A 5.67% (SOFR Compound Index+0.83%), 03/28/25 |
4,550 | 4,529,092 | ||||||
Spain: 0.2% | ||||||||
Banco Santander SA 5.98% (SOFR+1.24%), 05/24/24 |
2,200 | 2,202,367 | ||||||
Switzerland: 2.0% | ||||||||
Credit Suisse Group AG 144A 6.39% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 |
5,531 | 5,393,731 | ||||||
UBS AG 144A 5.07% (SOFR+0.36%), 02/09/24 |
3,150 | 3,140,541 | ||||||
UBS Group AG 144A 6.30% (SOFR+1.58%), 05/12/26 |
14,810 | 14,836,951 | ||||||
23,371,223 | ||||||||
United Kingdom: 8.2% | ||||||||
ANZ New Zealand Int’l Ltd. 144A 5.34% (SOFR+0.60%), 02/18/25 |
3,850 | 3,826,459 | ||||||
Barclays Plc 6.25% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 |
4,855 | 4,854,901 | ||||||
HSBC Holdings Plc 5.32% (SOFR+0.58%), 11/22/24 |
3,500 | 3,451,665 | ||||||
5.92% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 7,095 | 7,096,791 | ||||||
6.22% (SOFR+1.43%), 03/10/26 | 12,150 | 12,153,133 | ||||||
6.38% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | 3,500 | 3,508,324 | ||||||
6.53% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 18,292 | 18,282,935 |
Par (000’s) |
Value | |||||||
United Kingdom (continued) | ||||||||
NatWest Group Plc 6.68% (ICE LIBOR USD 3 Month+1.55%), 06/25/24 |
$ | 5,620 | $ | 5,619,878 | ||||
NatWest Markets Plc 144A 6.28% (SOFR+1.45%), 03/22/25 |
3,780 | 3,770,893 | ||||||
Standard Chartered Plc 144A 5.68% (SOFR+0.93%), 11/23/25 |
12,344 | 12,154,867 | ||||||
6.58% (SOFR+1.74%), 03/30/26 | 12,350 | 12,399,995 | ||||||
UBS AG 144A 5.16% (SOFR+0.45%), 08/09/24 |
7,375 | 7,330,963 | ||||||
94,450,804 | ||||||||
United States: 63.6% | ||||||||
American Electric Power Co., Inc. 5.78% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 |
1,700 | 1,697,418 | ||||||
American Express Co. 4.92% (SOFR Compound Index+0.23%), 11/03/23 |
1,691 | 1,686,346 | ||||||
5.34% (SOFR Compound Index+0.65%), 11/04/26 | 12,338 | 12,142,238 | ||||||
5.41% (SOFR Compound Index+0.72%), 05/03/24 | 1,575 | 1,575,705 | ||||||
5.71% (SOFR+0.93%), 03/04/25 | 3,720 | 3,720,424 | ||||||
Analog Devices, Inc. 5.09% (SOFR+0.25%), 10/01/24 |
3,854 | 3,828,186 | ||||||
AT&T, Inc. 5.48% (SOFR Compound Index+0.64%), 03/25/24 |
2,375 | 2,371,162 | ||||||
6.33% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 11,874 | 11,948,659 | ||||||
Athene Global Funding 144A 5.45% (SOFR Compound Index+0.70%), 05/24/24 |
4,933 | 4,882,826 | ||||||
Bank of America Corp. 5.27% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 |
9,190 | 9,171,344 | ||||||
5.36% (SOFR+0.66%), 02/04/25 | 5,534 | 5,497,397 | ||||||
5.53% (SOFR+0.69%), 04/22/25 | 4,468 | 4,434,537 | ||||||
5.57% (SOFR+0.73%), 10/24/24 | 3,738 | 3,729,583 | ||||||
5.58% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 | 22,546 | 22,543,030 | ||||||
5.75% (SOFR+1.05%), 02/04/28 | 19,943 | 19,655,071 | ||||||
5.94% (SOFR+1.10%), 04/25/25 | 3,825 | 3,814,276 | ||||||
6.17% (SOFR+1.33%), 04/02/26 † | 12,325 | 12,343,650 |
See Notes to Financial Statements
55 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
6.23% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 | $ | 3,720 | $ | 3,720,757 | ||||
BMW US Capital LLC 144A 5.10% (SOFR Compound Index+0.38%), 08/12/24 |
5,610 | 5,579,068 | ||||||
5.37% (SOFR Compound Index+0.53%), 04/01/24 | 2,379 | 2,372,980 | ||||||
Capital One Financial Corp. 5.48% (SOFR+0.69%), 12/06/24 † |
6,757 | 6,616,222 | ||||||
Caterpillar Financial Services Corp. 4.98% (SOFR+0.24%), 05/17/24 |
1,962 | 1,956,011 | ||||||
5.07% (SOFR+0.27%), 09/13/24 | 5,016 | 4,994,071 | ||||||
5.17% (SOFR+0.45%), 11/13/23 | 1,360 | 1,360,597 | ||||||
CenterPoint Energy, Inc. 5.37% (SOFR Compound Index+0.65%), 05/13/24 |
2,283 | 2,272,932 | ||||||
Charles Schwab Corp. 5.24% (SOFR Compound Index+0.52%), 05/13/26 |
12,313 | 11,821,740 | ||||||
5.32% (SOFR Compound Index+0.50%), 03/18/24 | 3,948 | 3,907,014 | ||||||
5.83% (SOFR Compound Index+1.05%), 03/03/27 | 12,337 | 11,873,824 | ||||||
Citigroup, Inc. 5.51% (SOFR+0.67%), 05/01/25 |
12,309 | 12,212,200 | ||||||
5.51% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 12,880 | 10,318,128 | ||||||
5.53% (SOFR+0.69%), 01/25/26 | 12,477 | 12,296,823 | ||||||
5.98% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | 4,777 | 4,778,878 | ||||||
5.99% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 7,380 | 7,379,491 | ||||||
6.04% (SOFR+1.28%), 02/24/28 | 19,785 | 19,758,001 | ||||||
6.13% (SOFR+1.37%), 05/24/25 | 12,360 | 12,377,338 | ||||||
6.35% (SOFR+1.53%), 03/17/26 | 12,332 | 12,424,964 | ||||||
6.43% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 16,007 | 16,077,005 | ||||||
Comcast Corp. 5.89% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 |
1,749 | 1,752,715 | ||||||
Credit Suisse AG 5.23% (SOFR Compound Index+0.39%), 02/02/24 |
2,925 | 2,831,732 | ||||||
Daimler Truck Finance North America LLC 144A 5.84% (SOFR+1.00%), 04/05/24 |
1,735 | 1,733,030 | ||||||
Deutsche Bank NY |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
5.20% (SOFR+0.50%), 11/08/23 | $ | 2,075 | $ | 2,056,399 | ||||
Florida Power & Light Co. 5.22% (SOFR Compound Index+0.38%), 01/12/24 |
3,190 | 3,177,537 | ||||||
GA Global Funding Trust 144A 5.30% (SOFR+0.50%), 09/13/24 |
3,825 | 3,713,524 | ||||||
General Electric Co. 5.19% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 |
22,222 | 22,026,774 | ||||||
General Motors Financial Co., Inc. 5.93% (SOFR+1.20%), 11/17/23 |
2,175 | 2,173,373 | ||||||
Goldman Sachs Group, Inc. 5.54% (SOFR+0.70%), 01/24/25 |
4,495 | 4,472,872 | ||||||
6.03% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 22,831 | 22,807,081 | ||||||
6.55% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 5,496 | 5,520,690 | ||||||
7.02% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 21,995 | 22,397,031 | ||||||
Hartford Financial Services Group, Inc. 144A 6.99% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 |
12,372 | 10,114,110 | ||||||
Jackson National Life Global Funding 144A 5.99% (SOFR+1.15%), 06/28/24 |
6,400 | 6,378,100 | ||||||
John Deere Capital Corp. 5.04% (SOFR+0.20%), 10/11/24 |
4,575 | 4,544,513 | ||||||
JPMorgan Chase & Co. 5.31% (SOFR+0.54%), 06/01/25 |
12,340 | 12,223,167 | ||||||
5.41% (SOFR+0.58%), 06/23/25 | 12,335 | 12,206,287 | ||||||
5.60% (SOFR+0.77%), 09/22/27 | 12,251 | 12,046,559 | ||||||
5.67% (SOFR+0.92%), 02/24/26 | 18,436 | 18,342,384 | ||||||
5.72% (SOFR+0.89%), 04/22/27 † | 12,325 | 12,162,070 | ||||||
5.77% (SOFR+0.97%), 06/14/25 | 12,323 | 12,342,600 | ||||||
5.93% (SOFR+1.18%), 02/24/28 | 26,030 | 26,072,573 | ||||||
6.06% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 3,700 | 3,692,148 | ||||||
6.16% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 7,372 | 7,375,104 | ||||||
6.16% (SOFR+1.32%), 04/26/26 | 12,380 | 12,415,911 | ||||||
Lincoln National Corp. |
See Notes to Financial Statements
56 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
7.23% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 | $ | 14,257 | $ | 9,017,553 | ||||
MassMutual Global Funding II 144A 5.11% (SOFR+0.27%), 10/21/24 |
3,735 | 3,709,327 | ||||||
Metropolitan Life Global Funding I 144A 5.14% (SOFR+0.30%), 09/27/24 |
3,730 | 3,705,491 | ||||||
5.16% (SOFR+0.32%), 01/07/24 | 2,040 | 2,035,243 | ||||||
Morgan Stanley 5.46% (SOFR+0.62%), 01/24/25 |
7,850 | 7,772,087 | ||||||
5.70% (SOFR+0.95%), 02/18/26 | 18,490 | 18,373,080 | ||||||
6.00% (SOFR+1.17%), 04/17/25 | 4,910 | 4,915,135 | ||||||
6.06% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 5,570 | 5,570,370 | ||||||
NextEra Energy Capital Holdings, Inc. 5.09% (SOFR Compound Index+0.40%), 11/03/23 |
3,905 | 3,895,431 | ||||||
Public Storage 5.31% (SOFR+0.47%), 04/23/24 |
2,324 | 2,317,101 | ||||||
Roche Holdings, Inc. 144A 5.36% (SOFR+0.56%), 03/10/25 |
5,675 | 5,665,160 | ||||||
Starbucks Corp. 5.14% (SOFR Compound Index+0.42%), 02/14/24 |
1,663 | 1,662,217 | ||||||
Thermo Fisher Scientific, Inc. 5.37% (SOFR Compound Index+0.53%), 10/18/24 |
3,773 | 3,773,157 | ||||||
Toyota Motor Credit Corp. 5.09% (SOFR+0.29%), 09/13/24 |
4,440 | 4,407,289 | ||||||
5.17% (SOFR Compound Index+0.33%), 01/11/24 | 2,409 | 2,403,128 | ||||||
5.20% (SOFR+0.38%), 02/22/24 | 4,750 | 4,735,051 | ||||||
5.49% (SOFR Compound Index+0.65%), 12/29/23 | 2,050 | 2,049,325 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
5.56% (SOFR+0.75%), 12/11/23 | $ | 4,725 | $ | 4,731,128 | ||||
Truist Bank 5.04% (SOFR+0.20%), 01/17/24 |
3,950 | 3,903,819 | ||||||
Truist Financial Corp. 5.19% (SOFR+0.40%), 06/09/25 |
23,549 | 22,670,491 | ||||||
United Parcel Service, Inc. 4.44% (SOFR Compound Index+(0.35)%), 03/15/73 |
13,150 | 13,095,644 | ||||||
Verizon Communications, Inc. 5.61% (SOFR Compound Index+0.79%), 03/20/26 |
18,039 | 17,923,196 | ||||||
5.96% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 22,759 | 22,917,670 | ||||||
Volkswagen Group of America Finance LLC 144A 5.73% (SOFR+0.95%), 06/07/24 |
3,850 | 3,858,194 | ||||||
Warnermedia Holdings, Inc. 144A 6.59% (SOFR Compound Index+1.78%), 03/15/24 |
1,575 | 1,584,095 | ||||||
Wells Fargo & Co. 6.16% (SOFR+1.32%), 04/25/26 |
18,732 | 18,800,411 | ||||||
729,208,973 | ||||||||
Total Floating Rate Notes (Cost: $1,138,059,104) |
1,129,642,796 | |||||||
Number of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% | ||||||||
Money Market Fund: 0.3% (Cost: $3,402,096) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,402,096 | 3,402,096 | ||||||
Total Investments: 98.8% (Cost: $1,141,461,200) |
1,133,044,892 | |||||||
Other assets less liabilities: 1.2% | 13,275,960 | |||||||
NET ASSETS: 100.0% | $ | 1,146,320,852 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
See Notes to Financial Statements
57 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $3,317,907. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $260,980,173, or 22.8% of net assets. |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
%
of Investments |
Value | ||||||
Financials | 86.6 | % | $ | 977,946,981 | ||||
Technology | 5.9 | 66,342,539 | ||||||
Industrials | 2.6 | 29,358,372 | ||||||
Consumer Non-Cyclicals | 1.9 | 22,026,774 | ||||||
Utilities | 1.0 | 11,043,319 | ||||||
Consumer Cyclicals | 0.8 | 9,277,879 | ||||||
Healthcare | 0.7 | 7,890,308 | ||||||
Energy | 0.3 | 3,439,522 | ||||||
Real Estate | 0.2 | 2,317,102 | ||||||
100.0 | % | $ | 1,129,642,796 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Value | |||||||||||||
Floating Rate Notes * | $ | — | $ | 1,129,642,796 | $ | — | $ | 1,129,642,796 | ||||||||
Money Market Fund | 3,402,096 | — | — | 3,402,096 | ||||||||||||
Total Investments | $ | 3,402,096 | $ | 1,129,642,796 | $ | — | $ | 1,133,044,892 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
58 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 97.9% | ||||||||
Argentina: 1.0% | ||||||||
MercadoLibre, Inc. 3.12%, 01/14/31 |
USD | 100 | $ | 77,602 | ||||
Pampa Energia SA 144A | ||||||||
7.50%, 01/24/27 |
USD | 50 | 43,557 | |||||
9.12%, 04/15/29 | USD | 50 | 43,560 | |||||
Pan American Energy LLC 144A 9.12%, 04/30/27 |
USD | 40 | 41,749 | |||||
Telecom Argentina SA 144A 8.00%, 07/18/26 |
USD | 50 | 44,483 | |||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 |
USD | 80 | 69,906 | |||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 |
USD | 35 | 30,135 | |||||
YPF SA 144A | ||||||||
6.95%, 07/21/27 | USD | 50 | 36,051 | |||||
7.00%, 12/15/47 | USD | 25 | 15,360 | |||||
8.50%, 03/23/25 | USD | 25 | 22,875 | |||||
8.50%, 07/28/25 | USD | 75 | 62,556 | |||||
8.50%, 06/27/29 | USD | 85 | 63,365 | |||||
9.00%, 02/12/26 (s) | USD | 46 | 43,675 | |||||
9.00%, 06/30/29 (s) | USD | 75 | 59,902 | |||||
654,776 | ||||||||
Australia: 1.0% | ||||||||
FMG Resources August 2006 Pty Ltd. 144A | ||||||||
4.38%, 04/01/31 | USD | 100 | 86,982 | |||||
4.50%, 09/15/27 | USD | 25 | 23,787 | |||||
5.12%, 05/15/24 | USD | 75 | 74,634 | |||||
6.12%, 04/15/32 | USD | 100 | 96,906 | |||||
Infrabuild Australia Pty Ltd. 144A 12.00%, 10/01/24 |
USD | 30 | 28,703 | |||||
Mineral Resources Ltd. 144A | ||||||||
8.12%, 05/01/27 | USD | 100 | 100,974 | |||||
8.50%, 05/01/30 | USD | 100 | 101,858 | |||||
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 |
USD | 30 | 26,693 | |||||
Perenti Finance Pty Ltd. 144A 6.50%, 10/07/25 |
USD | 95 | 92,506 | |||||
633,043 | ||||||||
Austria: 0.1% | ||||||||
ams-OSRAM AG 144A 7.00%, 07/31/25 † |
USD | 100 | 93,513 | |||||
Belgium: 0.4% | ||||||||
Azelis Finance NV Reg S 5.75%, 03/15/28 |
EUR | 100 | 111,220 | |||||
La Financiere Atalian SASU Reg S 4.00%, 05/15/24 |
EUR | 100 | 80,700 | |||||
Ontex Group NV Reg S |
Par (000’s |
) | Value | ||||||
Belgium (continued) | ||||||||
3.50%, 07/15/26 | EUR | 100 | $ | 98,062 | ||||
289,982 | ||||||||
Bermuda: 0.2% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 |
USD | 63 | 25,182 | |||||
Digicel International Finance Ltd. / Digicel International Holdings Ltd. 144A | ||||||||
8.75%, 05/25/24 | USD | 50 | 45,328 | |||||
13.00%, 12/31/25 | USD | 75 | 48,937 | |||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
USD | 50 | 46,304 | |||||
165,751 | ||||||||
Brazil: 5.9% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 |
USD | 50 | 46,923 | |||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
USD | 50 | 46,568 | |||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
USD | 105 | 102,687 | |||||
Azul Investments LLP 144A 5.88%, 10/26/24 |
USD | 50 | 39,524 | |||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 |
USD | 50 | 41,832 | |||||
Banco Bradesco SA 144A 3.20%, 01/27/25 |
USD | 100 | 95,744 | |||||
Banco BTG Pactual SA 144A 4.50%, 01/10/25 |
USD | 100 | 97,167 | |||||
Banco do Brasil SA 144A 4.62%, 01/15/25 |
USD | 50 | 49,096 | |||||
Banco Votorantim SA 144A 4.38%, 07/29/25 |
USD | 100 | 96,479 | |||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 |
USD | 200 | 158,428 | |||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
USD | 50 | 49,790 | |||||
BRF SA 144A 4.75%, 05/22/24 |
USD | 100 | 97,180 | |||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
USD | 50 | 51,305 | |||||
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 |
USD | 100 | 86,290 | |||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 |
USD | 50 | 50,095 | |||||
Cosan SA 144A 5.50%, 09/20/29 |
USD | 50 | 44,944 | |||||
CSN Inova Ventures 144A 6.75%, 01/28/28 † |
USD | 100 | 95,167 |
See Notes to Financial Statements
59 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | USD | 100 | $ | 98,631 | ||||
5.40%, 02/01/27 | USD | 75 | 72,231 | |||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
USD | 50 | 49,812 | |||||
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 |
USD | 100 | 80,233 | |||||
Gol Finance SA 144A 7.00%, 01/31/25 |
USD | 100 | 48,334 | |||||
Guara Norte Sarl 144A 5.20%, 06/15/34 |
USD | 91 | 77,647 | |||||
InterCement Financial Operations BV 144A 5.75%, 07/17/24 |
USD | 50 | 34,339 | |||||
Itau Unibanco Holding SA 144A | ||||||||
3.25%, 01/24/25 | USD | 25 | 24,235 | |||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 25 | 23,500 | |||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 100 | 95,949 | |||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | USD | 50 | 39,141 | |||||
Klabin Austria GmbH 144A | ||||||||
5.75%, 04/03/29 | USD | 100 | 97,969 | |||||
7.00%, 04/03/49 | USD | 50 | 48,374 | |||||
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26 |
USD | 50 | 18,760 | |||||
MARB BondCo Plc 144A 3.95%, 01/29/31 |
USD | 100 | 73,546 | |||||
MV24 Capital BV 144A 6.75%, 06/01/34 |
USD | 86 | 76,582 | |||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 |
USD | 100 | 83,489 | |||||
NBM US Holdings, Inc. 144A 7.00%, 05/14/26 |
USD | 100 | 97,449 | |||||
Nexa Resources SA 144A 6.50%, 01/18/28 |
USD | 100 | 97,892 | |||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30 | USD | 50 | 47,178 | |||||
5.30%, 01/27/25 | USD | 100 | 99,565 | |||||
5.50%, 06/10/51 | USD | 50 | 39,565 | |||||
5.60%, 01/03/31 † | USD | 75 | 72,101 | |||||
5.62%, 05/20/43 | USD | 50 | 42,855 | |||||
5.75%, 02/01/29 | USD | 50 | 49,276 | |||||
6.00%, 01/27/28 | USD | 75 | 75,225 | |||||
6.75%, 01/27/41 | USD | 50 | 47,880 | |||||
6.75%, 06/03/50 | USD | 50 | 45,235 | |||||
6.85%, 06/05/15 | USD | 125 | 109,549 | |||||
6.88%, 01/20/40 | USD | 50 | 48,332 | |||||
6.90%, 03/19/49 | USD | 75 | 69,353 | |||||
7.25%, 03/17/44 | USD | 75 | 74,116 |
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
7.38%, 01/17/27 | USD | 50 | $ | 52,060 | ||||
8.75%, 05/23/26 | USD | 50 | 54,235 | |||||
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 † |
USD | 100 | 84,905 | |||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 |
USD | 56 | 56,438 | |||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 |
USD | 100 | 93,125 | |||||
Ultrapar International SA 144A 5.25%, 06/06/29 |
USD | 100 | 93,734 | |||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 |
USD | 50 | 46,162 | |||||
Usiminas International Sarl 144A 5.88%, 07/18/26 |
USD | 50 | 48,636 | |||||
XP, Inc. 144A 3.25%, 07/01/26 |
USD | 50 | 44,417 | |||||
3,881,274 | ||||||||
British Virgin Islands: 0.3% | ||||||||
New Metro Global Ltd. Reg S 4.50%, 05/02/26 |
USD | 200 | 116,812 | |||||
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27 |
USD | 200 | 52,332 | |||||
169,144 | ||||||||
Bulgaria: 0.2% | ||||||||
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 |
EUR | 100 | 105,096 | |||||
Burkina Faso: 0.0% | ||||||||
IAMGOLD Corp. 144A 5.75%, 10/15/28 |
USD | 25 | 19,773 | |||||
Canada: 7.3% | ||||||||
1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||
3.50%, 02/15/29 | USD | 65 | 58,500 | |||||
3.88%, 01/15/28 | USD | 125 | 117,416 | |||||
4.00%, 10/15/30 | USD | 175 | 152,929 | |||||
4.38%, 01/15/28 | USD | 100 | 93,610 | |||||
5.75%, 04/15/25 | USD | 25 | 25,082 | |||||
Air Canada 4.62%, 08/15/29 |
CAD | 50 | 32,810 | |||||
Air Canada 144A | ||||||||
3.88%, 08/15/26 | USD | 50 | 46,347 | |||||
4.62%, 08/15/29 † | CAD | 125 | 81,737 | |||||
Algonquin Power & Utilities Corp. | ||||||||
4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 | USD | 50 | 40,494 | |||||
5.25% (Generic Canadian 5 Year+3.72%), 01/18/82 | CAD | 50 | 29,499 | |||||
AltaGas Ltd. 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 |
CAD | 25 | 17,933 |
See Notes to Financial Statements
60 |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 |
USD | 25 | $ | 22,414 | ||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
USD | 50 | 42,800 | |||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 |
USD | 50 | 48,327 | |||||
Baytex Energy Corp. 144A | ||||||||
8.50%, 04/30/30 | USD | 50 | 50,322 | |||||
8.75%, 04/01/27 † | USD | 40 | 41,209 | |||||
Bombardier, Inc. 144A | ||||||||
7.12%, 06/15/26 | USD | 75 | 74,843 | |||||
7.50%, 03/15/25 | USD | 87 | 87,116 | |||||
7.50%, 02/01/29 | USD | 75 | 73,847 | |||||
7.88%, 04/15/27 | USD | 175 | 174,687 | |||||
Brookfield Property Finance ULC | ||||||||
3.93%, 08/24/25 | CAD | 50 | 33,725 | |||||
3.93%, 01/15/27 | CAD | 50 | 31,791 | |||||
7.12%, 02/13/28 | CAD | 75 | 52,183 | |||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 |
USD | 100 | 91,764 | |||||
Capital Power Corp. 7.95% (Generic Canadian 5 Year+5.34%), 09/09/82 |
CAD | 50 | 36,398 | |||||
Cascades, Inc. / Cascades USA, Inc. 144A 5.38%, 01/15/28 |
USD | 25 | 23,750 | |||||
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 |
CAD | 75 | 40,851 | |||||
Eldorado Gold Corp. 144A 6.25%, 09/01/29 |
USD | 50 | 46,546 | |||||
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 |
USD | 75 | 71,712 | |||||
Empire Communities Corp. 144A 7.00%, 12/15/25 † |
USD | 25 | 22,903 | |||||
Enerflex Ltd. 144A 9.00%, 10/15/27 |
USD | 40 | 39,906 | |||||
Garda World Security Corp. 144A | ||||||||
6.00%, 06/01/29 | USD | 50 | 41,170 | |||||
9.50%, 11/01/27 | USD | 50 | 47,981 | |||||
GFL Environmental, Inc. 144A | ||||||||
3.50%, 09/01/28 | USD | 50 | 45,503 | |||||
3.75%, 08/01/25 | USD | 75 | 72,596 | |||||
4.25%, 06/01/25 | USD | 50 | 48,709 | |||||
4.38%, 08/15/29 | USD | 50 | 45,302 | |||||
4.75%, 06/15/29 | USD | 50 | 46,585 | |||||
5.12%, 12/15/26 | USD | 75 | 73,894 |
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
Gibson Energy, Inc. | ||||||||
2.85%, 07/14/27 | CAD | 25 | $ | 17,105 | ||||
3.60%, 09/17/29 | CAD | 75 | 51,492 | |||||
goeasy Ltd. 144A | ||||||||
4.38%, 05/01/26 | USD | 25 | 21,963 | |||||
5.38%, 12/01/24 | USD | 50 | 47,542 | |||||
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 |
USD | 50 | 46,608 | |||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 |
USD | 40 | 33,349 | |||||
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 |
CAD | 65 | 45,936 | |||||
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30 |
USD | 75 | 75,961 | |||||
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 |
CAD | 75 | 53,090 | |||||
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32 |
CAD | 25 | 17,671 | |||||
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞ |
USD | 256 | 0 | |||||
Mattamy Group Corp. 144A | ||||||||
4.62%, 03/01/30 | USD | 50 | 43,891 | |||||
5.25%, 12/15/27 | USD | 25 | 23,296 | |||||
MEG Energy Corp. 144A | ||||||||
5.88%, 02/01/29 | USD | 50 | 48,059 | |||||
7.12%, 02/01/27 | USD | 25 | 25,658 | |||||
Mercer International, Inc. 5.12%, 02/01/29 |
USD | 50 | 41,809 | |||||
Methanex Corp. | ||||||||
5.12%, 10/15/27 | USD | 75 | 71,722 | |||||
5.25%, 12/15/29 | USD | 75 | 70,480 | |||||
New Gold, Inc. 144A 7.50%, 07/15/27 |
USD | 25 | 24,122 | |||||
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 |
USD | 50 | 46,998 | |||||
NOVA Chemicals Corp. 144A | ||||||||
4.25%, 05/15/29 † | USD | 50 | 40,484 | |||||
4.88%, 06/01/24 | USD | 75 | 73,916 | |||||
5.00%, 05/01/25 | USD | 50 | 48,575 | |||||
5.25%, 06/01/27 | USD | 75 | 67,966 | |||||
Open Text Corp. 144A | ||||||||
3.88%, 02/15/28 | USD | 150 | 133,178 | |||||
3.88%, 12/01/29 | USD | 50 | 42,084 | |||||
Parkland Corp. 6.00%, 06/23/28 |
CAD | 50 | 36,112 | |||||
Parkland Corp. 144A |
See Notes to Financial Statements
61 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
Canada (continued) | ||||||||
4.50%, 10/01/29 | USD | 100 | $ | 87,738 | ||||
5.88%, 07/15/27 | USD | 100 | 97,509 | |||||
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 |
CAD | 50 | 30,636 | |||||
Precision Drilling Corp. 144A 7.12%, 01/15/26 |
USD | 50 | 48,621 | |||||
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81 |
CAD | 150 | 100,471 | |||||
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 |
USD | 50 | 45,228 | |||||
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 |
EUR | 100 | 106,581 | |||||
SNC-Lavalin Group, Inc. 7.00%, 06/12/26 |
CAD | 50 | 37,562 | |||||
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 |
USD | 50 | 42,340 | |||||
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 |
USD | 75 | 66,508 | |||||
Taseko Mines Ltd. 144A 7.00%, 02/15/26 |
USD | 25 | 23,087 | |||||
Teine Energy Ltd. 144A 6.88%, 04/15/29 |
USD | 25 | 22,898 | |||||
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 |
USD | 25 | 13,987 | |||||
Terraform Global Operating LP 144A 6.12%, 03/01/26 |
USD | 25 | 24,000 | |||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 |
USD | 50 | 44,566 | |||||
TransAlta Corp. | ||||||||
6.50%, 03/15/40 | USD | 25 | 23,389 | |||||
7.75%, 11/15/29 | USD | 50 | 52,565 | |||||
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 |
EUR | 200 | 203,967 | |||||
Vermilion Energy, Inc. 144A | ||||||||
5.62%, 03/15/25 | USD | 25 | 24,624 | |||||
6.88%, 05/01/30 | USD | 25 | 23,224 | |||||
Videotron Ltd. | ||||||||
3.12%, 01/15/31 | CAD | 125 | 73,724 | |||||
4.50%, 01/15/30 | CAD | 75 | 49,465 | |||||
5.62%, 06/15/25 | CAD | 75 | 55,022 | |||||
Videotron Ltd. 144A 3.62%, 06/15/28 |
CAD | 100 | 64,856 | |||||
4,836,826 | ||||||||
Cayman Islands: 0.9% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 |
USD | 100 | 93,405 |
Par (000’s |
) | Value | ||||||
Cayman Islands (continued) | ||||||||
Banco do Brasil SA 144A | ||||||||
3.25%, 09/30/26 | USD | 50 | $ | 46,541 | ||||
4.88%, 01/11/29 | USD | 50 | 47,462 | |||||
6.25%, 04/18/30 | USD | 100 | 99,550 | |||||
CT Trust 144A 5.12%, 02/03/32 |
USD | 100 | 82,595 | |||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26 |
USD | 200 | 202,590 | |||||
572,143 | ||||||||
Chile: 0.3% | ||||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 |
USD | 50 | 33,063 | |||||
Latam Airlines Group SA 144A 13.38%, 10/15/29 |
USD | 100 | 105,105 | |||||
VTR Comunicaciones SpA 144A 5.12%, 01/15/28 |
USD | 100 | 55,950 | |||||
194,118 | ||||||||
China: 2.2% | ||||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
USD | 200 | 193,041 | |||||
Country Garden Holdings Co. Ltd. Reg S 3.30%, 01/12/31 |
USD | 400 | 156,648 | |||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 |
USD | 200 | 178,815 | |||||
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25 |
USD | 200 | 147,000 | |||||
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 |
USD | 119 | 106,305 | |||||
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/26 |
USD | 200 | 47,000 | |||||
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) |
USD | 500 | 469,227 | |||||
West China Cement Ltd. Reg S 4.95%, 07/08/26 |
USD | 200 | 157,792 | |||||
1,455,828 | ||||||||
Colombia: 2.4% | ||||||||
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 |
USD | 75 | 62,363 | |||||
Banco de Bogota SA 144A 6.25%, 05/12/26 |
USD | 100 | 97,227 | |||||
Bancolombia SA |
See Notes to Financial Statements
62 |
Par (000’s |
) | Value | ||||||
Colombia (continued) | ||||||||
4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | USD | 50 | $ | 42,567 | ||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 | USD | 100 | 96,019 | |||||
4.62%, 11/02/31 | USD | 75 | 56,315 | |||||
5.38%, 06/26/26 | USD | 100 | 94,811 | |||||
5.88%, 05/28/45 | USD | 125 | 81,714 | |||||
5.88%, 11/02/51 | USD | 50 | 31,737 | |||||
6.88%, 04/29/30 | USD | 125 | 113,029 | |||||
7.38%, 09/18/43 | USD | 50 | 40,263 | |||||
8.88%, 01/13/33 | USD | 175 | 169,804 | |||||
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29 |
USD | 75 | 58,970 | |||||
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 |
USD | 25 | 21,403 | |||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
USD | 100 | 76,631 | |||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
USD | 100 | 95,630 | |||||
Millicom International Cellular SA 144A | ||||||||
5.12%, 01/15/28 | USD | 5 | 4,760 | |||||
6.25%, 03/25/29 | USD | 54 | 48,454 | |||||
Oleoducto Central SA 144A 4.00%, 07/14/27 |
USD | 100 | 88,706 | |||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 |
USD | 50 | 44,658 | |||||
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30 |
USD | 100 | 82,090 | |||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 |
USD | 100 | 92,365 | |||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 |
USD | 78 | 68,436 | |||||
1,567,952 | ||||||||
Costa Rica: 0.1% | ||||||||
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 |
USD | 100 | 82,750 | |||||
Cyprus: 0.2% | ||||||||
MHP Lux SA 144A 6.95%, 04/03/26 |
USD | 100 | 52,250 | |||||
Vivion Investments Sarl Reg S 3.00%, 08/08/24 |
EUR | 100 | 80,883 | |||||
133,133 | ||||||||
Czech Republic: 0.5% | ||||||||
Allwyn International AS Reg S 3.88%, 02/15/27 |
EUR | 100 | 103,042 | |||||
CPI Property Group SA Reg S |
Par (000’s |
) | Value | ||||||
Czech Republic (continued) | ||||||||
4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) | EUR | 100 | $ | 42,918 | ||||
Energo-Pro AS Reg S 4.50%, 05/04/24 |
EUR | 100 | 107,201 | |||||
EP Infrastructure AS Reg S 1.70%, 07/30/26 |
EUR | 100 | 95,891 | |||||
349,052 | ||||||||
Finland: 0.4% | ||||||||
Huhtamaki Oyj Reg S 4.25%, 06/09/27 |
EUR | 100 | 108,219 | |||||
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 |
EUR | 175 | 187,518 | |||||
295,737 | ||||||||
France: 8.7% | ||||||||
Accor SA Reg S | ||||||||
2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o) | EUR | 100 | 101,547 | |||||
3.00%, 02/04/26 | EUR | 100 | 106,615 | |||||
Altice France SA 144A | ||||||||
5.12%, 01/15/29 | USD | 75 | 55,495 | |||||
5.12%, 07/15/29 | USD | 200 | 148,050 | |||||
5.50%, 10/15/29 | USD | 175 | 131,159 | |||||
Altice France SA Reg S 5.88%, 02/01/27 |
EUR | 100 | 95,986 | |||||
Atos SE Reg S 1.75%, 05/07/25 |
EUR | 100 | 98,238 | |||||
Banijay Entertainment SASU 144A 5.38%, 03/01/25 |
USD | 100 | 97,624 | |||||
CAB Selas Reg S 3.38%, 02/01/28 |
EUR | 100 | 88,369 | |||||
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26 |
EUR | 100 | 22,192 | |||||
CGG SA 144A 8.75%, 04/01/27 † |
USD | 100 | 86,540 | |||||
Chrome Bidco SASU Reg S 3.50%, 05/31/28 |
EUR | 100 | 89,582 | |||||
Constellium SE 144A 3.75%, 04/15/29 † |
USD | 100 | 86,162 | |||||
eircom Finance DAC Reg S 3.50%, 05/15/26 |
EUR | 100 | 104,534 | |||||
Electricite de France SA Reg S | ||||||||
3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) | EUR | 200 | 164,810 | |||||
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 200 | 211,866 | |||||
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o) | EUR | 100 | 102,055 | |||||
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 200 | 212,452 | |||||
6.00% (BPSWS13+4.23%), 12/29/49 (o) | GBP | 100 | 112,347 | |||||
Elis SA Reg S |
See Notes to Financial Statements
63 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
France (continued) | ||||||||
1.62%, 04/03/28 | EUR | 100 | $ | 97,848 | ||||
Emeria SASU Reg S 3.38%, 03/31/28 |
EUR | 100 | 86,753 | |||||
Faurecia SE Reg S | ||||||||
2.38%, 06/15/27 | EUR | 100 | 95,763 | |||||
2.62%, 06/15/25 | EUR | 100 | 105,506 | |||||
2.75%, 02/15/27 | EUR | 100 | 98,324 | |||||
3.12%, 06/15/26 | EUR | 100 | 103,833 | |||||
Fnac Darty SA Reg S 2.62%, 05/30/26 |
EUR | 100 | 105,066 | |||||
Getlink SE Reg S 3.50%, 10/30/25 |
EUR | 100 | 107,640 | |||||
Iliad Holding SASU 144A | ||||||||
6.50%, 10/15/26 | USD | 200 | 192,622 | |||||
7.00%, 10/15/28 | USD | 100 | 94,714 | |||||
Iliad Holding SASU Reg S | ||||||||
5.12%, 10/15/26 | EUR | 100 | 105,225 | |||||
5.62%, 10/15/28 | EUR | 100 | 101,126 | |||||
iliad SA Reg S 5.38%, 06/14/27 |
EUR | 100 | 108,914 | |||||
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) |
EUR | 100 | 102,124 | |||||
Loxam SAS Reg S | ||||||||
3.25%, 01/14/25 | EUR | 100 | 108,121 | |||||
3.75%, 07/15/26 | EUR | 100 | 104,294 | |||||
Matterhorn Telecom SA Reg S 3.12%, 09/15/26 |
EUR | 100 | 101,872 | |||||
Paprec Holding SA Reg S 4.00%, 03/31/25 |
EUR | 100 | 108,486 | |||||
Picard Groupe SAS Reg S 3.88%, 07/01/26 |
EUR | 100 | 98,588 | |||||
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 |
EUR | 100 | 101,995 | |||||
Renault SA Reg S | ||||||||
1.00%, 11/28/25 | EUR | 50 | 51,462 | |||||
1.25%, 06/24/25 | EUR | 100 | 103,089 | |||||
2.00%, 09/28/26 | EUR | 100 | 98,891 | |||||
2.38%, 05/25/26 | EUR | 100 | 101,225 | |||||
Rexel SA Reg S 2.12%, 06/15/28 |
EUR | 100 | 97,448 | |||||
Solvay Finance SACA Reg S 5.87% (EUR Swap Annual 5 Year+5.22%), 12/29/49 (o) |
EUR | 100 | 110,188 | |||||
SPCM SA Reg S 2.62%, 02/01/29 |
EUR | 100 | 95,993 | |||||
SPIE SA Reg S 2.62%, 06/18/26 |
EUR | 100 | 104,770 | |||||
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25 |
EUR | 100 | 113,880 | |||||
Valeo Reg S | ||||||||
1.00%, 08/03/28 | EUR | 100 | 89,316 | |||||
5.38%, 05/28/27 | EUR | 100 | 110,765 | |||||
Vallourec SA Reg S 8.50%, 06/30/26 |
EUR | 100 | 110,400 |
Par (000’s |
) | Value | ||||||
France (continued) | ||||||||
Veolia Environnement SA Reg S | ||||||||
2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) | EUR | 100 | $ | 99,829 | ||||
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) | EUR | 100 | 91,236 | |||||
Verallia SA Reg S 1.62%, 05/14/28 |
EUR | 100 | 98,033 | |||||
5,720,962 | ||||||||
Germany: 5.7% | ||||||||
Agps Bondco Plc Reg S | ||||||||
5.50%, 11/13/26 | EUR | 100 | 43,194 | |||||
6.00%, 08/05/25 | EUR | 100 | 46,837 | |||||
Bayer AG Reg S | ||||||||
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 200 | 205,633 | |||||
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 107,374 | |||||
Bertelsmann SE & Co. KGaA Reg S 3.50% (EUR Swap Annual 5 Year+3.21%), 04/23/75 |
EUR | 100 | 100,883 | |||||
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28 |
EUR | 100 | 101,218 | |||||
Commerzbank AG Reg S | ||||||||
4.00%, 03/23/26 | EUR | 150 | 161,302 | |||||
4.00%, 03/30/27 | EUR | 140 | 150,607 | |||||
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 104,546 | |||||
CT Investment GmbH Reg S 5.50%, 04/15/26 |
EUR | 100 | 98,052 | |||||
Deutsche Lufthansa AG 0.25%, 09/06/24 |
EUR | 150 | 159,403 | |||||
Deutsche Lufthansa AG Reg S | ||||||||
3.00%, 05/29/26 | EUR | 100 | 103,962 | |||||
3.75%, 02/11/28 | EUR | 100 | 102,914 | |||||
Douglas GmbH Reg S 6.00%, 04/08/26 |
EUR | 100 | 98,822 | |||||
Evonik Industries AG Reg S 1.38% (EUR Swap Annual 5 Year+1.84%), 09/02/81 |
EUR | 100 | 92,550 | |||||
Gruenenthal GmbH Reg S 3.62%, 11/15/26 |
EUR | 100 | 104,369 | |||||
IHO Verwaltungs GmbH 144A | ||||||||
4.75%, 09/15/26 | USD | 200 | 180,327 | |||||
6.00%, 05/15/27 | USD | 100 | 92,480 | |||||
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) |
EUR | 100 | 100,934 | |||||
Mahle GmbH Reg S 2.38%, 05/14/28 |
EUR | 100 | 84,594 | |||||
Mercer International, Inc. 5.50%, 01/15/26 † |
USD | 41 | 39,413 | |||||
Nidda Healthcare Holding GmbH Reg S |
See Notes to Financial Statements
64 |
Par (000’s |
) | Value | ||||||
Germany (continued) | ||||||||
7.50%, 08/21/26 | EUR | 100 | $ | 107,602 | ||||
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29 |
EUR | 100 | 95,552 | |||||
ProGroup AG Reg S 3.00%, 03/31/26 |
EUR | 100 | 103,801 | |||||
Renk AG Reg S 5.75%, 07/15/25 |
EUR | 100 | 108,427 | |||||
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 |
USD | 100 | 99,520 | |||||
Schaeffler AG Reg S | ||||||||
2.88%, 03/26/27 | EUR | 50 | 52,302 | |||||
3.38%, 10/12/28 | EUR | 100 | 99,933 | |||||
Tele Columbus AG Reg S 3.88%, 05/02/25 |
EUR | 100 | 73,692 | |||||
thyssenkrupp AG Reg S 2.50%, 02/25/25 |
EUR | 50 | 54,055 | |||||
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 |
EUR | 100 | 93,142 | |||||
ZF Europe Finance BV Reg S | ||||||||
2.00%, 02/23/26 | EUR | 100 | 100,846 | |||||
3.00%, 10/23/29 | EUR | 100 | 92,807 | |||||
ZF Finance GmbH Reg S 3.00%, 09/21/25 |
EUR | 100 | 105,027 | |||||
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 |
USD | 275 | 269,016 | |||||
3,735,136 | ||||||||
Ghana: 0.2% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 |
USD | 100 | 89,498 | |||||
Tullow Oil Plc 144A 7.00%, 03/01/25 |
USD | 100 | 60,970 | |||||
150,468 | ||||||||
Greece: 1.0% | ||||||||
Alpha Services and Holdings SA Reg S | ||||||||
4.25% (EUR Swap Annual 5 Year+4.50%), 02/13/30 | EUR | 100 | 89,338 | |||||
5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | EUR | 100 | 90,038 | |||||
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 |
EUR | 100 | 94,877 | |||||
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 |
EUR | 100 | 107,836 | |||||
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 |
EUR | 100 | 101,833 | |||||
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 |
EUR | 100 | 93,610 | |||||
Public Power Corp. SA Reg S |
Par (000’s |
) | Value | ||||||
Greece (continued) | ||||||||
4.38%, 03/30/26 | EUR | 100 | $ | 105,378 | ||||
682,910 | ||||||||
Guatemala: 0.1% | ||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 |
USD | 100 | 93,343 | |||||
Hong Kong: 1.7% | ||||||||
Agile Group Holdings Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) |
USD | 200 | 58,226 | |||||
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) |
USD | 250 | 219,062 | |||||
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) |
USD | 250 | 232,328 | |||||
Easy Tactic Ltd. 7.50%, 07/11/27 |
USD | 200 | 34,000 | |||||
Melco Resorts Finance Ltd. 144A | ||||||||
4.88%, 06/06/25 | USD | 100 | 94,044 | |||||
5.38%, 12/04/29 | USD | 100 | 83,170 | |||||
5.62%, 07/17/27 | USD | 50 | 44,709 | |||||
5.75%, 07/21/28 | USD | 50 | 43,625 | |||||
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 |
USD | 200 | 127,686 | |||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 | USD | 100 | 78,350 | |||||
6.50%, 01/15/28 | USD | 100 | 86,322 | |||||
1,101,522 | ||||||||
Hungary: 0.2% | ||||||||
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 |
EUR | 100 | 102,129 | |||||
India: 1.4% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 |
USD | 100 | 99,800 | |||||
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 |
USD | 100 | 93,975 | |||||
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27 |
USD | 200 | 176,500 | |||||
JSW Steel Ltd. Reg S 5.95%, 04/18/24 |
USD | 200 | 198,400 | |||||
Network i2i Ltd. 144A |
See Notes to Financial Statements
65 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
India (continued) | ||||||||
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) | USD | 100 | $ | 96,000 | ||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 |
USD | 11 | 10,263 | |||||
Tata Motors Ltd. Reg S 5.75%, 10/30/24 |
USD | 200 | 197,870 | |||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 |
USD | 50 | 32,549 | |||||
905,357 | ||||||||
Indonesia: 0.7% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 |
USD | 100 | 96,264 | |||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * |
USD | 150 | 1,219 | |||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 |
USD | 100 | 97,476 | |||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 |
USD | 200 | 182,630 | |||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 |
USD | 100 | 97,139 | |||||
474,728 | ||||||||
Ireland: 1.4% | ||||||||
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 |
USD | 50 | 47,034 | |||||
AerCap Holdings NV 5.88% (US Treasury Yield Curve Rate T 5 Year+4.54%), 10/10/79 |
USD | 50 | 46,450 | |||||
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 |
EUR | 100 | 103,552 | |||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 |
EUR | 100 | 98,317 | |||||
Bank of Ireland Group Plc Reg S | ||||||||
1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 | EUR | 100 | 95,513 | |||||
2.38% (EUR Swap Annual 5 Year+2.80%), 10/14/29 | EUR | 100 | 104,952 | |||||
C&W Senior Financing DAC 144A 6.88%, 09/15/27 |
USD | 100 | 87,611 | |||||
Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 |
EUR | 100 | 93,711 | |||||
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 |
GBP | 250 | 259,147 | |||||
936,287 |
Par (000’s |
) | Value | ||||||
Israel: 2.0% | ||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
6.12%, 06/30/25 | USD | 50 | $ | 48,762 | ||||
6.50%, 06/30/27 | USD | 50 | 47,500 | |||||
6.75%, 06/30/30 | USD | 50 | 46,477 | |||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 |
USD | 75 | 68,764 | |||||
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 |
EUR | 100 | 112,205 | |||||
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24 |
EUR | 100 | 104,706 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | USD | 325 | 293,995 | |||||
4.10%, 10/01/46 | USD | 175 | 116,820 | |||||
4.75%, 05/09/27 | USD | 100 | 93,779 | |||||
5.12%, 05/09/29 † | USD | 100 | 92,883 | |||||
6.75%, 03/01/28 | USD | 100 | 99,672 | |||||
7.12%, 01/31/25 † | USD | 50 | 51,196 | |||||
7.88%, 09/15/29 † | USD | 75 | 78,631 | |||||
8.12%, 09/15/31 † | USD | 50 | 52,862 | |||||
1,308,252 | ||||||||
Italy: 7.7% | ||||||||
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) |
EUR | 100 | 98,001 | |||||
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 |
EUR | 100 | 107,632 | |||||
Banca IFIS SpA Reg S 6.12%, 01/19/27 |
EUR | 100 | 110,681 | |||||
Banca Monte dei Paschi di Siena SpA Reg S 3.62%, 09/24/24 |
EUR | 150 | 159,422 | |||||
Banco BPM SpA Reg S | ||||||||
1.75%, 01/28/25 | EUR | 100 | 105,203 | |||||
2.50%, 06/21/24 | EUR | 100 | 108,136 | |||||
3.25% (EUR Swap Annual 5 Year+3.80%), 01/14/31 | EUR | 100 | 99,484 | |||||
4.88%, 01/18/27 | EUR | 100 | 110,196 | |||||
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 107,476 | |||||
BPER Banca Reg S | ||||||||
1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 | EUR | 100 | 99,273 | |||||
1.88%, 07/07/25 | EUR | 100 | 104,548 | |||||
3.38% (Euribor 3 Month ACT/360+2.45%), 06/30/25 | EUR | 100 | 108,922 | |||||
Esselunga SpA Reg S 1.88%, 10/25/27 |
EUR | 100 | 102,599 | |||||
Iccrea Banca SpA Reg S 2.12% (Euribor 3 Month ACT/360+2.28%), 01/17/27 |
EUR | 100 | 99,625 | |||||
IMA Industria Macchine Automatiche SpA 144A |
See Notes to Financial Statements
66 |
Par (000’s |
) | Value | ||||||
Italy (continued) | ||||||||
3.75%, 01/15/28 | EUR | 100 | $ | 96,708 | ||||
Infrastrutture Wireless Italiane SpA Reg S | ||||||||
1.62%, 10/21/28 | EUR | 100 | 98,320 | |||||
1.88%, 07/08/26 | EUR | 100 | 103,918 | |||||
Intesa Sanpaolo SpA 144A | ||||||||
4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32 | USD | 75 | 56,916 | |||||
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | USD | 50 | 33,134 | |||||
5.02%, 06/26/24 | USD | 125 | 121,480 | |||||
5.71%, 01/15/26 | USD | 75 | 72,266 | |||||
Intesa Sanpaolo SpA Reg S | ||||||||
2.85%, 04/23/25 | EUR | 100 | 107,370 | |||||
2.92%, 10/14/30 | EUR | 100 | 90,416 | |||||
3.93%, 09/15/26 | EUR | 100 | 109,043 | |||||
4.38% (EUR Swap Annual 5 Year+4.75%), 07/12/29 | EUR | 100 | 109,018 | |||||
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) |
EUR | 100 | 106,398 | |||||
Leonardo SpA 4.88%, 03/24/25 |
EUR | 50 | 56,198 | |||||
Leonardo SpA Reg S 1.50%, 06/07/24 |
EUR | 100 | 107,355 | |||||
Mundys SpA Reg S | ||||||||
1.88%, 07/13/27 | EUR | 100 | 97,242 | |||||
1.88%, 02/12/28 | EUR | 100 | 92,478 | |||||
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) |
EUR | 100 | 84,448 | |||||
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) |
EUR | 100 | 101,543 | |||||
Telecom Italia Capital SA | ||||||||
6.38%, 11/15/33 | USD | 150 | 134,316 | |||||
7.72%, 06/04/38 | USD | 100 | 93,609 | |||||
Telecom Italia Finance SA 7.75%, 01/24/33 |
EUR | 100 | 117,228 | |||||
Telecom Italia SpA 5.25%, 03/17/55 |
EUR | 100 | 89,340 | |||||
Telecom Italia SpA Reg S | ||||||||
1.62%, 01/18/29 | EUR | 100 | 85,563 | |||||
2.38%, 10/12/27 | EUR | 100 | 95,099 | |||||
2.75%, 04/15/25 | EUR | 100 | 104,743 | |||||
2.88%, 01/28/26 | EUR | 100 | 103,495 | |||||
3.00%, 09/30/25 | EUR | 100 | 104,411 | |||||
3.62%, 05/25/26 | EUR | 100 | 105,582 | |||||
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) |
EUR | 100 | 92,493 | |||||
UniCredit SpA 144A |
Par (000’s |
) | Value | ||||||
Italy (continued) | ||||||||
5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 75 | $ | 63,979 | ||||
UniCredit SpA Reg S | ||||||||
2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 205,387 | |||||
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 189,742 | |||||
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) |
EUR | 100 | 108,812 | |||||
Webuild SpA Reg S | ||||||||
1.75%, 10/26/24 | EUR | 100 | 104,521 | |||||
5.88%, 12/15/25 | EUR | 100 | 107,358 | |||||
5,071,127 | ||||||||
Japan: 2.4% | ||||||||
Nissan Motor Co. Ltd. 144A | ||||||||
3.52%, 09/17/25 | USD | 150 | 140,382 | |||||
4.34%, 09/17/27 | USD | 225 | 206,313 | |||||
4.81%, 09/17/30 | USD | 225 | 198,041 | |||||
Rakuten Group, Inc. 144A | ||||||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) | USD | 100 | 65,317 | |||||
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) | USD | 150 | 87,214 | |||||
10.25%, 11/30/24 | USD | 75 | 73,920 | |||||
SoftBank Group Corp. Reg S | ||||||||
3.12%, 09/19/25 | EUR | 100 | 101,178 | |||||
4.75%, 09/19/24 | USD | 200 | 192,000 | |||||
5.00%, 04/15/28 | EUR | 200 | 194,897 | |||||
5.12%, 09/19/27 | USD | 200 | 175,500 | |||||
6.88% (USD ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o) | USD | 200 | 178,300 | |||||
1,613,062 | ||||||||
Jersey, Channel Islands: 0.5% | ||||||||
eG Global Finance Plc 144A 6.75%, 02/07/25 |
USD | 200 | 189,739 | |||||
G City Europe Ltd. Reg S 4.25%, 09/11/25 |
EUR | 100 | 90,397 | |||||
Petrofac Ltd. 144A 9.75%, 11/15/26 |
USD | 100 | 70,062 | |||||
350,198 | ||||||||
Kuwait: 0.3% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26 |
USD | 200 | 177,200 | |||||
Luxembourg: 5.4% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 |
USD | 50 | 43,379 | |||||
Agps Bondco Plc Reg S 5.00%, 01/14/29 |
EUR | 100 | 38,723 | |||||
AI Candelaria Spain SA 144A |
See Notes to Financial Statements
67 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
Luxembourg (continued) | ||||||||
7.50%, 12/15/28 | USD | 71 | $ | 65,539 | ||||
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 |
USD | 100 | 91,266 | |||||
Altice Financing SA 144A 5.00%, 01/15/28 |
USD | 250 | 202,682 | |||||
Altice Financing SA Reg S 3.00%, 01/15/28 |
EUR | 100 | 85,836 | |||||
Altice Finco SA Reg S 4.75%, 01/15/28 |
EUR | 100 | 79,260 | |||||
Altice France Holding SA 144A | ||||||||
6.00%, 02/15/28 † | USD | 75 | 46,262 | |||||
10.50%, 05/15/27 | USD | 150 | 110,920 | |||||
Altice France Holding SA Reg S | ||||||||
4.00%, 02/15/28 | EUR | 100 | 66,907 | |||||
8.00%, 05/15/27 | EUR | 100 | 79,360 | |||||
Altice France SA 144A | ||||||||
5.50%, 01/15/28 | USD | 100 | 78,825 | |||||
8.12%, 02/01/27 | USD | 100 | 89,383 | |||||
Altice France SA Reg S 3.38%, 01/15/28 |
EUR | 100 | 84,770 | |||||
ARD Finance SA Reg S 5.00%, 06/30/27 |
EUR | 100 | 85,036 | |||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
4.12%, 08/15/26 | USD | 150 | 141,536 | |||||
5.25%, 08/15/27 † | USD | 125 | 107,045 | |||||
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 |
EUR | 100 | 87,768 | |||||
Centurion Bidco SpA Reg S 5.88%, 09/30/26 |
EUR | 100 | 97,745 | |||||
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 |
EUR | 100 | 99,092 | |||||
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27 |
EUR | 100 | 97,354 | |||||
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26 |
EUR | 26 | 24,355 | |||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
USD | 100 | 87,998 | |||||
CSN Resources SA 144A 4.62%, 06/10/31 |
USD | 100 | 77,236 | |||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||
4.88%, 03/30/26 | USD | 35 | 32,419 | |||||
5.38%, 03/30/28 | USD | 85 | 76,210 | |||||
5.88%, 03/30/31 | USD | 35 | 30,581 | |||||
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) |
EUR | 100 | 101,964 | |||||
Herens Midco Sarl Reg S |
Par (000’s |
) | Value | ||||||
Luxembourg (continued) | ||||||||
5.25%, 05/15/29 | EUR | 100 | $ | 74,803 | ||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 |
USD | 50 | 27,175 | |||||
Loarre Investments Sarl Reg S 6.50%, 05/15/29 |
EUR | 100 | 104,332 | |||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
USD | 97 | 74,349 | |||||
Millicom International Cellular SA 144A 4.50%, 04/27/31 † |
USD | 100 | 77,485 | |||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 |
USD | 125 | 98,392 | |||||
Movida Europe SA 144A 5.25%, 02/08/31 |
USD | 100 | 73,632 | |||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 |
USD | 50 | 46,241 | |||||
Rossini Sarl Reg S 6.75%, 10/30/25 |
EUR | 100 | 111,009 | |||||
SES SA Reg S 2.88% (EUR Swap Annual 5 Year+3.19%), 5/27/2026 (o) |
EUR | 100 | 90,311 | |||||
Stena International SA 144A 6.12%, 02/01/25 |
USD | 100 | 97,095 | |||||
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 |
EUR | 100 | 96,396 | |||||
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28 |
EUR | 100 | 100,419 | |||||
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 |
EUR | 100 | 98,889 | |||||
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 |
USD | 100 | 93,601 | |||||
3,573,580 | ||||||||
Malta: 0.1% | ||||||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A | ||||||||
6.38%, 02/01/30 | USD | 50 | 43,312 | |||||
7.88%, 05/01/27 | USD | 50 | 47,552 | |||||
90,864 | ||||||||
Mauritius: 0.6% | ||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
USD | 45 | 34,728 | |||||
CA Magnum Holdings 144A 5.38%, 10/31/26 |
USD | 100 | 88,172 | |||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 |
USD | 143 | 124,511 | |||||
HTA Group Ltd. 144A 7.00%, 12/18/25 |
USD | 100 | 94,427 | |||||
IHS Netherlands Holdco BV 144A |
See Notes to Financial Statements
68 |
Par (000’s |
) | Value | ||||||
Mauritius (continued) | ||||||||
8.00%, 09/18/27 | USD | 100 | $ | 88,185 | ||||
430,023 | ||||||||
Mexico: 4.2% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 |
USD | 100 | 99,413 | |||||
Axtel SAB de CV 144A 6.38%, 11/14/24 |
USD | 82 | 71,750 | |||||
Cemex SAB de CV 144A 3.88%, 07/11/31 |
USD | 75 | 62,844 | |||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | USD | 50 | 44,335 | |||||
5.20%, 09/17/30 | USD | 75 | 69,872 | |||||
5.45%, 11/19/29 | USD | 100 | 95,977 | |||||
7.38%, 06/05/27 | USD | 100 | 103,806 | |||||
9.12% (US Treasury Yield Curve Rate T 5 Year+4.91%), 3/14/2028 (o) | USD | 100 | 99,425 | |||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
USD | 50 | 45,913 | |||||
Nemak SAB de CV 144A 3.62%, 06/28/31 † |
USD | 100 | 74,825 | |||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | USD | 50 | 47,688 | |||||
4.50%, 01/23/26 | USD | 50 | 45,601 | |||||
5.35%, 02/12/28 | USD | 75 | 62,356 | |||||
5.50%, 06/27/44 | USD | 50 | 28,525 | |||||
5.62%, 01/23/46 | USD | 25 | 14,089 | |||||
5.95%, 01/28/31 | USD | 125 | 92,479 | |||||
6.35%, 02/12/48 | USD | 50 | 29,726 | |||||
6.38%, 01/23/45 | USD | 50 | 30,273 | |||||
6.49%, 01/23/27 | USD | 50 | 44,817 | |||||
6.50%, 03/13/27 | USD | 150 | 134,764 | |||||
6.50%, 01/23/29 † | USD | 100 | 84,761 | |||||
6.50%, 06/02/41 | USD | 50 | 31,887 | |||||
6.62%, 06/15/35 | USD | 100 | 69,566 | |||||
6.62%, 06/15/38 | USD | 25 | 16,697 | |||||
6.70%, 02/16/32 | USD | 325 | 250,420 | |||||
6.75%, 09/21/47 | USD | 200 | 123,404 | |||||
6.84%, 01/23/30 | USD | 75 | 60,665 | |||||
6.88%, 10/16/25 † | USD | 25 | 24,645 | |||||
6.88%, 08/04/26 | USD | 75 | 71,004 | |||||
6.95%, 01/28/60 | USD | 150 | 92,130 | |||||
7.69%, 01/23/50 | USD | 275 | 183,497 | |||||
8.75%, 06/02/29 | USD | 50 | 45,965 | |||||
Petroleos Mexicanos 144A 10.00%, 02/07/33 † |
USD | 50 | 46,476 | |||||
Petroleos Mexicanos Reg S 3.75%, 11/16/25 |
GBP | 100 | 113,662 | |||||
4.88%, 02/21/28 | EUR | 200 | 184,991 | |||||
5.50%, 02/24/25 | EUR | 25 | 27,646 | |||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 | USD | 50 | 32,980 | |||||
7.50%, 11/12/25 | USD | 50 | 34,993 | |||||
2,793,867 |
Par (000’s |
) | Value | ||||||
Morocco: 0.1% | ||||||||
OCP SA 144A 6.88%, 04/25/44 |
USD | 100 | $ | 92,381 | ||||
Netherlands: 3.4% | ||||||||
Abertis Infraestructuras Finance BV Reg S 2.62% (EUR Swap Annual 5 Year+3.27%), 1/26/2027 (o) |
EUR | 100 | 90,706 | |||||
Greenko Dutch BV 144A 3.85%, 03/29/26 |
USD | 94 | 85,070 | |||||
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o) |
EUR | 100 | 104,582 | |||||
Nobel Bidco BV Reg S 3.12%, 06/15/28 |
EUR | 100 | 82,518 | |||||
Phoenix PIB Dutch Finance BV Reg S 2.38%, 08/05/25 |
EUR | 100 | 105,572 | |||||
PPF Telecom Group BV Reg S | ||||||||
3.12%, 03/27/26 | EUR | 100 | 104,536 | |||||
3.25%, 09/29/27 | EUR | 100 | 102,223 | |||||
Promontoria Holding 264 BV Reg S 6.38%, 03/01/27 |
EUR | 100 | 111,394 | |||||
Saipem Finance International BV Reg S 2.62%, 01/07/25 |
EUR | 100 | 106,507 | |||||
Selecta Group BV Reg S 8.00%, 04/01/26 |
EUR | 53 | 50,635 | |||||
Telefonica Europe BV Reg S | ||||||||
2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) | EUR | 100 | 86,656 | |||||
2.88% (EUR Swap Annual 6 Year+2.87%), 2/24/2028 (o) | EUR | 100 | 92,393 | |||||
7.12% (EUR Swap Annual 6 Year+4.32%), 8/23/2028 (o) | EUR | 100 | 112,589 | |||||
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) |
EUR | 175 | 190,048 | |||||
Teva Pharmaceutical Finance Netherlands II BV 4.38%, 05/09/30 |
EUR | 100 | 93,245 | |||||
TMNL Holding BV Reg S 3.75%, 01/15/29 |
EUR | 100 | 95,918 | |||||
UPC Broadband Finco BV 144A 4.88%, 07/15/31 |
USD | 100 | 86,397 | |||||
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 |
EUR | 100 | 87,123 | |||||
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) |
EUR | 100 | 84,301 | |||||
Wizz Air Finance Co. BV Reg S 1.00%, 01/19/26 |
EUR | 100 | 97,428 | |||||
Ziggo Bond Co. BV 144A 5.12%, 02/28/30 |
USD | 50 | 40,675 |
See Notes to Financial Statements
69 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
Netherlands (continued) | ||||||||
6.00%, 01/15/27 | USD | 50 | $ | 47,498 | ||||
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 |
EUR | 125 | 105,828 | |||||
Ziggo BV 144A 4.88%, 01/15/30 |
USD | 100 | 86,226 | |||||
2,250,068 | ||||||||
Nigeria: 0.1% | ||||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 |
USD | 100 | 80,242 | |||||
Norway: 0.3% | ||||||||
Adevinta ASA Reg S 2.62%, 11/15/25 |
EUR | 100 | 105,288 | |||||
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) |
EUR | 125 | 91,807 | |||||
197,095 | ||||||||
Oman: 0.5% | ||||||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 |
USD | 225 | 216,456 | |||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 |
USD | 100 | 104,597 | |||||
321,053 | ||||||||
Panama: 0.1% | ||||||||
Banistmo SA 144A 4.25%, 07/31/27 |
USD | 100 | 93,580 | |||||
Peru: 0.5% | ||||||||
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 |
USD | 25 | 23,406 | |||||
Minsur SA 144A 4.50%, 10/28/31 |
USD | 50 | 43,561 | |||||
Peru LNG Srl 144A 5.38%, 03/22/30 |
USD | 100 | 80,851 | |||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | USD | 75 | 55,994 | |||||
5.62%, 06/19/47 | USD | 150 | 95,280 | |||||
299,092 | ||||||||
Poland: 0.3% | ||||||||
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 |
USD | 100 | 80,315 | |||||
Synthos SA Reg S 2.50%, 06/07/28 |
EUR | 100 | 87,325 | |||||
167,640 | ||||||||
Portugal: 0.8% | ||||||||
Banco Comercial Portugues SA Reg S | ||||||||
1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 | EUR | 100 | 93,751 | |||||
1.75% (Euribor 3 Month ACT/360+2.00%), 04/07/28 | EUR | 100 | 90,186 | |||||
EDP - Energias de Portugal SA Reg S 1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 |
EUR | 100 | 96,722 |
Par (000’s |
) | Value | ||||||
Portugal (continued) | ||||||||
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 200 | $ | 219,414 | ||||
500,073 | ||||||||
Romania: 0.2% | ||||||||
RCS & RDS SA Reg S 2.50%, 02/05/25 |
EUR | 100 | 104,772 | |||||
Singapore: 0.4% | ||||||||
Puma International Financing SA 144A 5.00%, 01/24/26 |
USD | 200 | 179,972 | |||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
USD | 81 | 79,817 | |||||
259,789 | ||||||||
South Africa: 0.5% | ||||||||
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25 |
USD | 100 | 97,825 | |||||
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 |
USD | 100 | 98,080 | |||||
Sasol Financing USA LLC 6.50%, 09/27/28 † |
USD | 50 | 46,239 | |||||
Transnet SOC Ltd. 144A 8.25%, 02/06/28 |
USD | 100 | 99,210 | |||||
341,354 | ||||||||
Spain: 3.6% | ||||||||
Abengoa Abenewco 2 SA Reg S 1.50%, 10/26/24 (d) * |
USD | 64 | 2,157 | |||||
Abengoa SA 0.00%, 03/31/27 (s) ^ |
EUR | 100 | 553 | |||||
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 |
EUR | 100 | 103,798 | |||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
USD | 30 | 29,004 | |||||
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 |
EUR | 100 | 87,426 | |||||
Banco de Sabadell SA Reg S | ||||||||
1.75%, 05/10/24 | EUR | 100 | 107,188 | |||||
2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26 | EUR | 100 | 104,357 | |||||
5.38% (EUR Swap Annual 1 Year+3.25%), 09/08/26 | EUR | 100 | 109,598 | |||||
5.62%, 05/06/26 | EUR | 100 | 106,604 | |||||
Cellnex Finance Co. SA Reg S | ||||||||
1.25%, 01/15/29 | EUR | 100 | 92,960 | |||||
1.50%, 06/08/28 | EUR | 100 | 96,573 | |||||
2.00%, 09/15/32 | EUR | 100 | 88,021 | |||||
2.00%, 02/15/33 | EUR | 100 | 87,172 | |||||
2.25%, 04/12/26 | EUR | 100 | 104,860 | |||||
Cellnex Telecom SA Reg S |
See Notes to Financial Statements
70 |
Par (000’s |
) | Value | ||||||
Spain (continued) | ||||||||
1.75%, 10/23/30 | EUR | 100 | $ | 90,954 | ||||
1.88%, 06/26/29 | EUR | 100 | 94,650 | |||||
Grifols Escrow Issuer SA 144A 4.75%, 10/15/28 |
USD | 100 | 80,287 | |||||
Grifols SA Reg S | ||||||||
1.62%, 02/15/25 | EUR | 150 | 157,268 | |||||
3.20%, 05/01/25 | EUR | 100 | 102,647 | |||||
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 |
EUR | 100 | 94,226 | |||||
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 |
EUR | 100 | 104,580 | |||||
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 |
EUR | 200 | 203,479 | |||||
Telefonica Europe BV Reg S | ||||||||
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) | EUR | 100 | 102,166 | |||||
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) | EUR | 100 | 107,971 | |||||
Unicaja Banco SA Reg S 2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29 |
EUR | 100 | 97,312 | |||||
2,355,811 | ||||||||
Sweden: 1.1% | ||||||||
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) |
EUR | 100 | 75,569 | |||||
Dometic Group AB Reg S 3.00%, 05/08/26 |
EUR | 100 | 101,217 | |||||
Heimstaden AB Reg S 4.38%, 03/06/27 |
EUR | 100 | 72,548 | |||||
Intrum AB Reg S | ||||||||
3.00%, 09/15/27 | EUR | 100 | 83,890 | |||||
3.12%, 07/15/24 | EUR | 52 | 54,881 | |||||
4.88%, 08/15/25 | EUR | 100 | 100,017 | |||||
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) |
EUR | 100 | 42,366 | |||||
Verisure Holding AB Reg S 3.25%, 02/15/27 |
EUR | 100 | 97,210 | |||||
Volvo Car AB Reg S 4.25%, 05/31/28 |
EUR | 100 | 104,665 | |||||
732,363 | ||||||||
Switzerland: 0.4% | ||||||||
Dufry One BV Reg S 2.50%, 10/15/24 |
EUR | 125 | 135,641 | |||||
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 |
EUR | 100 | 104,682 | |||||
240,323 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc |
Par (000’s |
) | Value | ||||||
Tanzania (continued) | ||||||||
6.50%, 04/15/40 | USD | 40 | $ | 39,361 | ||||
Thailand: 0.3% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
USD | 200 | 171,800 | |||||
Trinidad and Tobago: 0.1% | ||||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
USD | 100 | 97,602 | |||||
Turkey: 1.8% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | USD | 50 | 47,380 | |||||
6.80%, 02/06/26 † | USD | 50 | 47,975 | |||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
USD | 100 | 84,160 | |||||
KOC Holding AS 144A 6.50%, 03/11/25 |
USD | 50 | 49,376 | |||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 |
USD | 100 | 90,073 | |||||
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 |
USD | 100 | 95,255 | |||||
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 |
USD | 100 | 88,791 | |||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
5.75%, 07/06/26 | USD | 100 | 90,481 | |||||
6.12%, 05/03/24 | USD | 100 | 97,903 | |||||
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 |
USD | 50 | 47,778 | |||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
USD | 100 | 97,454 | |||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 | USD | 100 | 94,277 | |||||
6.50%, 01/08/26 | USD | 100 | 93,287 | |||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
USD | 100 | 87,127 | |||||
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 |
USD | 100 | 94,750 | |||||
1,206,067 | ||||||||
Ukraine: 0.2% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 | USD | 50 | 32,125 | |||||
6.75%, 10/27/27 | USD | 50 | 29,625 | |||||
Metinvest BV 144A 7.75%, 10/17/29 |
USD | 100 | 58,000 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S |
See Notes to Financial Statements
71 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
Ukraine (continued) | ||||||||
7.12%, 07/19/26 | EUR | 100 | $ | 23,736 | ||||
143,486 | ||||||||
United Arab Emirates: 0.9% | ||||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
USD | 200 | 199,872 | |||||
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o) |
USD | 200 | 198,014 | |||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
USD | 100 | 97,585 | |||||
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 |
USD | 100 | 91,124 | |||||
586,595 | ||||||||
United Kingdom: 10.8% | ||||||||
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 † |
USD | 50 | 49,189 | |||||
B&M European Value Retail SA Reg S 3.62%, 07/15/25 |
GBP | 100 | 119,239 | |||||
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 |
EUR | 100 | 92,667 | |||||
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 |
GBP | 200 | 207,074 | |||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
USD | 100 | 91,179 | |||||
British American Tobacco Plc Reg S | ||||||||
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o) | EUR | 100 | 90,145 | |||||
3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o) | EUR | 100 | 81,941 | |||||
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 |
EUR | 100 | 99,713 | |||||
Canary Wharf Group Investment Holdings Plc Reg S 2.62%, 04/23/25 |
GBP | 100 | 104,376 | |||||
Co.-operative Group Holdings 2011 Ltd. Reg S 7.50%, 07/08/26 |
GBP | 100 | 118,797 | |||||
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26 |
USD | 200 | 190,875 | |||||
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 |
GBP | 100 | 96,613 | |||||
Deuce Finco Plc Reg S |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
5.50%, 06/15/27 | GBP | 100 | $ | 107,142 | ||||
Drax Finco Plc 144A 6.62%, 11/01/25 |
USD | 100 | 97,645 | |||||
Energia Group NI FinanceCo Plc / Energia Group ROI Holdings DAC Reg S 4.75%, 09/15/24 |
GBP | 100 | 123,421 | |||||
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 |
EUR | 100 | 84,453 | |||||
Heathrow Finance Plc Reg S 3.88%, 03/01/27 (s) |
GBP | 100 | 110,529 | |||||
Iceland Bondco Plc Reg S 4.62%, 03/15/25 |
GBP | 100 | 113,962 | |||||
IHS Holding Ltd. 144A 5.62%, 11/29/26 |
USD | 50 | 41,966 | |||||
INEOS Finance Plc 144A 6.75%, 05/15/28 † |
USD | 100 | 98,903 | |||||
INEOS Finance Plc Reg S 2.88%, 05/01/26 |
EUR | 100 | 102,352 | |||||
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26 |
EUR | 100 | 99,785 | |||||
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 |
EUR | 100 | 96,441 | |||||
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27 |
EUR | 100 | 91,627 | |||||
Ithaca Energy North Sea Plc 144A 9.00%, 07/15/26 |
USD | 100 | 96,372 | |||||
Jaguar Land Rover Automotive Plc 144A | ||||||||
5.88%, 01/15/28 | USD | 100 | 86,578 | |||||
7.75%, 10/15/25 | USD | 100 | 99,416 | |||||
Jerrold Finco Plc Reg S 4.88%, 01/15/26 |
GBP | 100 | 110,952 | |||||
Kane Bidco Ltd. Reg S 6.50%, 02/15/27 |
GBP | 100 | 111,591 | |||||
Market Bidco Finco Plc Reg S 5.50%, 11/04/27 |
GBP | 100 | 94,707 | |||||
Marks & Spencer Plc Reg S 6.00%, 06/12/25 |
GBP | 100 | 124,342 | |||||
Motion Bondco DAC 144A 6.62%, 11/15/27 |
USD | 100 | 90,632 | |||||
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 |
USD | 100 | 98,707 | |||||
Nexi SpA Reg S 1.75%, 10/31/24 |
EUR | 200 | 215,310 | |||||
NGG Finance Plc Reg S | ||||||||
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | EUR | 100 | 93,641 | |||||
5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 122,148 | |||||
Nomad Foods Bondco Plc Reg S |
See Notes to Financial Statements
72 |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
2.50%, 06/24/28 | EUR | 100 | $ | 95,950 | ||||
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 † |
USD | 100 | 78,248 | |||||
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 |
GBP | 100 | 118,161 | |||||
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 |
EUR | 100 | 105,261 | |||||
Punch Finance Plc Reg S 6.12%, 06/30/26 |
GBP | 100 | 108,449 | |||||
Rolls-Royce Plc Reg S | ||||||||
0.88%, 05/09/24 | EUR | 100 | 106,524 | |||||
1.62%, 05/09/28 | EUR | 100 | 92,136 | |||||
4.62%, 02/16/26 | EUR | 100 | 108,596 | |||||
5.75%, 10/15/27 | GBP | 100 | 120,898 | |||||
Sherwood Financing Plc Reg S 4.50%, 11/15/26 |
EUR | 100 | 95,084 | |||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) |
USD | 100 | 96,307 | |||||
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 |
GBP | 100 | 114,415 | |||||
Summer BidCo BV Reg S 9.00%, 11/15/25 |
EUR | 115 | 108,340 | |||||
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25 |
GBP | 100 | 96,933 | |||||
Titan Global Finance Plc Reg S 2.75%, 07/09/27 |
EUR | 100 | 104,342 | |||||
Tullow Oil Plc 144A 10.25%, 05/15/26 |
USD | 100 | 78,194 | |||||
United Group BV Reg S 4.88%, 07/01/24 |
EUR | 100 | 109,762 | |||||
UPC Holding BV 144A 5.50%, 01/15/28 |
USD | 100 | 89,621 | |||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
USD | 100 | 71,600 | |||||
Victoria Plc Reg S 3.62%, 08/24/26 |
EUR | 100 | 88,930 | |||||
Virgin Media Finance Plc 144A 5.00%, 07/15/30 |
USD | 50 | 42,180 | |||||
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 |
USD | 100 | 91,911 | |||||
Virgin Media Secured Finance Plc Reg S | ||||||||
4.25%, 01/15/30 | GBP | 100 | 100,243 | |||||
5.00%, 04/15/27 | GBP | 100 | 116,537 | |||||
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 |
USD | 100 | 83,004 |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
Vmed O2 UK Financing I Plc Reg S | ||||||||
3.25%, 01/31/31 | EUR | 100 | $ | 88,957 | ||||
4.00%, 01/31/29 | GBP | 100 | 102,354 | |||||
Vodafone Group Plc | ||||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 150 | 121,509 | |||||
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81 | USD | 150 | 113,841 | |||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 200 | 205,338 | |||||
Vodafone Group Plc Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 |
USD | 200 | 195,816 | |||||
7,103,871 | ||||||||
United States: 3.2% | ||||||||
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 |
USD | 100 | 94,285 | |||||
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 |
EUR | 100 | 76,323 | |||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
USD | 100 | 63,425 | |||||
Garda World Security Corp. 144A 4.62%, 02/15/27 |
USD | 50 | 45,998 | |||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A 7.00%, 12/31/27 |
USD | 75 | 65,998 | |||||
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 |
USD | 180 | 171,226 | |||||
Lottomatica SpA Reg S 6.25%, 07/15/25 |
EUR | 100 | 111,841 | |||||
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 |
USD | 200 | 192,283 | |||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
USD | 100 | 87,064 | |||||
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 |
USD | 50 | 42,772 | |||||
Playtika Holding Corp. 144A 4.25%, 03/15/29 |
USD | 50 | 42,545 | |||||
Q-Park Holding I BV Reg S 2.00%, 03/01/27 |
EUR | 100 | 94,603 | |||||
Ritchie Bros Holdings, Inc. 144A |
See Notes to Financial Statements
73 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
7.75%, 03/15/31 | USD | 100 | $ | 106,375 | ||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 | USD | 50 | 45,408 | |||||
5.50%, 03/18/31 | USD | 50 | 41,509 | |||||
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26 |
EUR | 100 | 101,998 | |||||
Sigma Holdco BV Reg S 5.75%, 05/15/26 |
EUR | 100 | 88,171 | |||||
Stillwater Mining Co. 144A 4.00%, 11/16/26 |
USD | 100 | 90,181 | |||||
Telesat Canada / Telesat LLC 144A | ||||||||
4.88%, 06/01/27 | USD | 50 | 26,810 | |||||
6.50%, 10/15/27 | USD | 50 | 18,022 | |||||
Verisure Holding AB Reg S 3.88%, 07/15/26 |
EUR | 150 | 152,987 | |||||
Wynn Macau Ltd. 144A | ||||||||
5.12%, 12/15/29 † | USD | 200 | 166,199 | |||||
5.50%, 01/15/26 | USD | 100 | 92,666 | |||||
5.50%, 10/01/27 † | USD | 50 | 44,618 | |||||
ZF North America Capital, Inc. 144A 7.12%, 04/14/30 |
USD | 50 | 51,655 | |||||
2,114,962 |
Par (000’s |
) | Value | ||||||
Uzbekistan: 0.1% | ||||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 |
USD | 50 | $ | 40,506 | ||||
Zambia: 0.4% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.88%, 03/01/26 † | USD | 100 | 98,279 | |||||
6.88%, 10/15/27 | USD | 100 | 97,177 | |||||
7.50%, 04/01/25 | USD | 100 | 99,860 | |||||
295,316 | ||||||||
Total Corporate
Bonds (Cost: $73,082,017) |
64,646,108 | |||||||
Number of Shares |
||||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% | ||||||||
Money Market Fund: 2.5% (Cost: $1,677,588) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,677,588 | 1,677,588 | ||||||
Total Investments: 100.4%
(Cost: $74,759,605) |
66,323,696 | |||||||
Liabilities in excess of other assets: (0.4)% | (265,266) | |||||||
NET ASSETS: 100.0% | $ | 66,058,430 |
Definitions:
CAD | Canadian Dollar |
EUR | Euro GBP British Pound |
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
(d) | Security in default |
(o) | Perpetual Maturity — the date shown is the next call date |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
* | Non-income producing |
^ | Zero Coupon Bond |
† | Security fully or partially on loan. Total market value of securities on loan is $1,682,952. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $24,380,541, or 36.9% of net assets. |
See Notes to Financial Statements
74 |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
Financials | 30.5 | % | $ | 19,735,694 | |||||
Technology | 13.6 | 8,811,085 | |||||||
Industrials | 12.9 | 8,318,295 | |||||||
Energy | 10.5 | 6,800,248 | |||||||
Consumer Cyclicals | 8.6 | 5,583,484 | |||||||
Basic Materials | 7.9 | 5,074,907 | |||||||
Utilities | 6.7 | 4,303,060 | |||||||
Healthcare | 3.7 | 2,398,429 | |||||||
Consumer Non-Cyclicals | 3.7 | 2,375,803 | |||||||
Real Estate | 1.5 | 979,160 | |||||||
Institutions, Associations & Organizations | 0.4 | 265,943 | |||||||
100.0 | % | $ | 64,646,108 |
See Notes to Financial Statements
75 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds | ||||||||||||||||
Argentina | $ | — | $ | 654,776 | $ | — | $ | 654,776 | ||||||||
Australia | — | 633,043 | — | 633,043 | ||||||||||||
Austria | — | 93,513 | — | 93,513 | ||||||||||||
Belgium | — | 289,982 | — | 289,982 | ||||||||||||
Bermuda | — | 165,751 | — | 165,751 | ||||||||||||
Brazil | — | 3,881,274 | — | 3,881,274 | ||||||||||||
British Virgin Islands | — | 169,144 | — | 169,144 | ||||||||||||
Bulgaria | — | 105,096 | — | 105,096 | ||||||||||||
Burkina Faso | — | 19,773 | — | 19,773 | ||||||||||||
Canada | — | 4,836,826 | 0 | 4,836,826 | ||||||||||||
Cayman Islands | — | 572,143 | — | 572,143 | ||||||||||||
Chile | — | 194,118 | — | 194,118 | ||||||||||||
China | — | 1,455,828 | — | 1,455,828 | ||||||||||||
Colombia | — | 1,567,952 | — | 1,567,952 | ||||||||||||
Costa Rica | — | 82,750 | — | 82,750 | ||||||||||||
Cyprus | — | 133,133 | — | 133,133 | ||||||||||||
Czech Republic | — | 349,052 | — | 349,052 | ||||||||||||
Finland | — | 295,737 | — | 295,737 | ||||||||||||
France | — | 5,720,962 | — | 5,720,962 | ||||||||||||
Germany | — | 3,735,136 | — | 3,735,136 | ||||||||||||
Ghana | — | 150,468 | — | 150,468 | ||||||||||||
Greece | — | 682,910 | — | 682,910 | ||||||||||||
Guatemala | — | 93,343 | — | 93,343 | ||||||||||||
Hong Kong | — | 1,101,522 | — | 1,101,522 | ||||||||||||
Hungary | — | 102,129 | — | 102,129 | ||||||||||||
India | — | 905,357 | — | 905,357 | ||||||||||||
Indonesia | — | 474,728 | — | 474,728 | ||||||||||||
Ireland | — | 936,287 | — | 936,287 | ||||||||||||
Israel | — | 1,308,252 | — | 1,308,252 | ||||||||||||
Italy | — | 5,071,127 | — | 5,071,127 | ||||||||||||
Japan | — | 1,613,062 | — | 1,613,062 | ||||||||||||
Jersey, Channel Islands | — | 350,198 | — | 350,198 | ||||||||||||
Kuwait | — | 177,200 | — | 177,200 | ||||||||||||
Luxembourg | — | 3,573,580 | — | 3,573,580 | ||||||||||||
Malta | — | 90,864 | — | 90,864 | ||||||||||||
Mauritius | — | 430,023 | — | 430,023 | ||||||||||||
Mexico | — | 2,793,867 | — | 2,793,867 | ||||||||||||
Morocco | — | 92,381 | — | 92,381 | ||||||||||||
Netherlands | — | 2,250,068 | — | 2,250,068 | ||||||||||||
Nigeria | — | 80,242 | — | 80,242 | ||||||||||||
Norway | — | 197,095 | — | 197,095 | ||||||||||||
Oman | — | 321,053 | — | 321,053 | ||||||||||||
Panama | — | 93,580 | — | 93,580 | ||||||||||||
Peru | — | 299,092 | — | 299,092 | ||||||||||||
Poland | — | 167,640 | — | 167,640 | ||||||||||||
Portugal | — | 500,073 | — | 500,073 | ||||||||||||
Romania | — | 104,772 | — | 104,772 | ||||||||||||
Singapore | — | 259,789 | — | 259,789 | ||||||||||||
South Africa | — | 341,354 | — | 341,354 | ||||||||||||
Spain | — | 2,355,811 | — | 2,355,811 | ||||||||||||
Sweden | — | 732,363 | — | 732,363 | ||||||||||||
Switzerland | — | 240,323 | — | 240,323 | ||||||||||||
Tanzania | — | 39,361 | — | 39,361 | ||||||||||||
Thailand | — | 171,800 | — | 171,800 | ||||||||||||
Trinidad and Tobago | — | 97,602 | — | 97,602 |
See Notes to Financial Statements
76 |
Turkey | $ | — | $ | 1,206,067 | $ | — | $ | 1,206,067 | ||||||||
Ukraine | — | 143,486 | — | 143,486 | ||||||||||||
United Arab Emirates | — | 586,595 | — | 586,595 | ||||||||||||
United Kingdom | — | 7,103,871 | — | 7,103,871 | ||||||||||||
United States | — | 2,114,962 | — | 2,114,962 | ||||||||||||
Uzbekistan | — | 40,506 | — | 40,506 | ||||||||||||
Zambia | — | 295,316 | — | 295,316 | ||||||||||||
Money Market Fund | 1,677,588 | — | — | 1,677,588 | ||||||||||||
Total Investments | $ | 1,677,588 | $ | 64,646,108 | $ | 0 | $ | 66,323,696 |
See Notes to Financial Statements
77 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 4.6% | ||||||||
Cayman Islands: 0.1% | ||||||||
QNB Finance Ltd. 13.50%, 10/06/25 |
TRY | 76,700 | $ | 2,278,925 | ||||
Colombia: 0.1% | ||||||||
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24 |
COP | 3,596,000 | 714,520 | |||||
Financiera
de Desarrollo Territorial SA Findeter Reg S
7.88%, 08/12/24 |
COP | 12,300,000 | 2,431,794 | |||||
3,146,314 | ||||||||
Luxembourg: 0.1% | ||||||||
European Investment Bank 4.25%, 06/19/24 |
MXN | 13,000 | 670,935 | |||||
European Investment Bank Reg S | ||||||||
8.00%, 03/04/24 | EGP | 23,400 | 682,561 | |||||
10.00%, 12/06/23 | EGP | 6,000 | 161,925 | |||||
10.00%, 01/18/24 | EGP | 72,000 | 1,960,147 | |||||
3,475,568 | ||||||||
Mexico: 0.0% | ||||||||
Petroleos Mexicanos Reg S 7.19%, 09/12/24 |
MXN | 27,530 | 1,417,389 | |||||
South Africa: 0.2% | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
0.01%, 08/18/27 | ZAR | 85,355 | 2,462,556 | |||||
7.50%, 09/15/33 | ZAR | 11,000 | 438,997 | |||||
7.85%, 04/02/26 | ZAR | 24,350 | 1,276,579 | |||||
Transnet SOC Ltd. | ||||||||
9.50%, 08/19/25 | ZAR | 21,000 | 1,137,821 | |||||
13.50%, 04/18/28 | ZAR | 5,150 | 308,655 | |||||
5,624,608 | ||||||||
Supranational: 3.2% | ||||||||
European
Bank for Reconstruction & Development
0.25%, 11/20/23 |
PLN | 8,630 | 1,989,268 | |||||
European Investment Bank | ||||||||
7.75%, 01/30/25 | MXN | 25,600 | 1,355,273 | |||||
8.12%, 12/21/26 | ZAR | 208,895 | 11,241,799 | |||||
European Investment Bank 144A 5.75%, 01/24/25 |
IDR | 51,750,000 | 3,531,717 | |||||
European Investment Bank Reg S | ||||||||
2.75%, 08/25/26 | PLN | 37,610 | 8,102,255 | |||||
3.00%, 05/24/24 | PLN | 52,512 | 12,208,261 | |||||
8.00%, 05/05/27 | ZAR | 18,185 | 971,922 | |||||
Inter-American Development Bank 7.50%, 12/05/24 |
MXN | 401,085 | 21,071,470 |
Par (000’s |
) | Value | ||||||
Supranational (continued) | ||||||||
Inter-American
Development Bank Reg S
7.70%, 02/12/24 |
MXN | 54,300 | $ | 2,897,264 | ||||
International Bank for Reconstruction & Development | ||||||||
2.00%, 07/23/25 | PHP | 35,400 | 594,191 | |||||
7.25%, 03/15/24 | IDR | 39,600,000 | 2,729,485 | |||||
International Finance Corp. | ||||||||
7.00%, 02/14/24 | BRL | 1,800 | 350,412 | |||||
7.00%, 07/20/27 | MXN | 206,160 | 10,600,000 | |||||
7.25%, 02/02/24 | MXN | 27,780 | 1,486,713 | |||||
7.50%, 01/18/28 | MXN | 117,900 | 6,181,923 | |||||
7.75%, 01/18/30 | MXN | 159,430 | 8,306,905 | |||||
8.00%, 10/09/23 | IDR | 17,500,000 | 1,200,917 | |||||
8.00%, 07/27/27 | ZAR | 2,990 | 157,532 | |||||
International
Finance Corp. Reg S
8.38%, 05/31/29 |
MXN | 156,050 | 7,972,486 | |||||
102,949,793 | ||||||||
United Kingdom: 0.3% | ||||||||
European
Bank for Reconstruction & Development
8.00%, 02/06/24 |
TRY | 19,940 | 867,442 | |||||
European
Bank for Reconstruction & Development Reg S
5.08%, 12/15/25 |
MXN | 214,490 | 10,426,966 | |||||
11,294,408 | ||||||||
United States: 0.6% | ||||||||
International Bank for Reconstruction & Development | ||||||||
6.65%, 07/30/24 | MXN | 230,500 | 12,315,332 | |||||
7.25%, 01/21/27 | MXN | 111,000 | 5,738,908 | |||||
18,054,240 | ||||||||
Total Corporate
Bonds (Cost: $162,573,734) |
148,241,245 | |||||||
GOVERNMENT OBLIGATIONS: 93.2% | ||||||||
Brazil: 8.7% | ||||||||
Brazil Letras do Tesouro Nacional | ||||||||
0.00%, 01/01/24 ^ | BRL | 398,380 | 73,216,531 | |||||
0.00%, 07/01/24 ^ | BRL | 131,820 | 22,964,354 | |||||
0.00%, 07/01/25 ^ | BRL | 161,060 | 25,205,571 | |||||
0.00%, 01/01/26 ^ | BRL | 261,090 | 38,658,254 | |||||
0.00%, 07/01/26 ^ | BRL | 118,770 | 16,642,618 | |||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||
10.00%, 01/01/25 | BRL | 151,995 | 29,405,733 | |||||
10.00%, 01/01/27 | BRL | 170,820 | 32,399,670 | |||||
10.00%, 01/01/29 | BRL | 120,330 | 22,121,280 | |||||
10.00%, 01/01/31 | BRL | 57,540 | 10,311,108 | |||||
10.00%, 01/01/33 | BRL | 33,760 | 5,934,746 |
See Notes to Financial Statements
78 |
Par (000’s |
) | Value | ||||||
Brazil (continued) | ||||||||
Brazilian Government International Bond | ||||||||
8.50%, 01/05/24 | BRL | 4,670 | $ | 907,611 | ||||
10.25%, 01/10/28 | BRL | 7,380 | 1,407,818 | |||||
279,175,294 | ||||||||
Chile: 3.5% | ||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||
2.50%, 03/01/25 | CLP | 21,355,000 | 24,573,483 | |||||
4.50%, 03/01/26 | CLP | 13,970,000 | 16,528,281 | |||||
5.00%, 03/01/35 | CLP | 15,755,000 | 18,990,121 | |||||
6.00%, 01/01/43 | CLP | 13,030,000 | 17,386,834 | |||||
Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
2.30%, 10/01/28 | CLP | 4,085,000 | 4,293,876 | |||||
4.70%, 09/01/30 | CLP | 14,900,000 | 17,659,889 | |||||
5.00%, 10/01/28 | CLP | 5,770,000 | 6,958,379 | |||||
Bonos
de la Tesoreria de la Republica en pesos 144A Reg S
7.00%, 05/01/34 |
CLP | 3,825,000 | 5,396,881 | |||||
111,787,744 | ||||||||
China: 10.5% | ||||||||
Asian Infrastructure Investment Bank Reg S | ||||||||
4.50%, 11/03/23 | MXN | 288,550 | 15,358,141 | |||||
5.00%, 03/05/26 | MXN | 33,130 | 1,614,644 | |||||
30.00%, 09/29/27 | TRY | 17,000 | 799,902 | |||||
China Government Bond | ||||||||
1.99%, 04/09/25 | CNY | 86,650 | 12,408,450 | |||||
2.18%, 08/25/25 | CNY | 43,070 | 6,180,425 | |||||
2.24%, 05/25/25 | CNY | 19,790 | 2,847,015 | |||||
2.26%, 02/24/25 | CNY | 33,710 | 4,855,647 | |||||
2.28%, 11/25/25 | CNY | 37,700 | 5,419,491 | |||||
2.37%, 01/20/27 | CNY | 21,820 | 3,128,976 | |||||
2.44%, 10/15/27 | CNY | 40,500 | 5,805,047 | |||||
2.46%, 02/15/26 | CNY | 34,790 | 5,022,511 | |||||
2.47%, 09/02/24 | CNY | 59,290 | 8,578,007 | |||||
2.48%, 04/15/27 | CNY | 33,690 | 4,844,743 | |||||
2.50%, 07/25/27 | CNY | 15,300 | 2,199,201 | |||||
2.60%, 09/01/32 | CNY | 39,520 | 5,600,413 | |||||
2.62%, 04/15/28 | CNY | 16,870 | 2,434,367 | |||||
2.62%, 09/25/29 | CNY | 41,360 | 5,925,501 | |||||
2.64%, 01/15/28 | CNY | 45,080 | 6,509,994 | |||||
2.68%, 05/21/30 | CNY | 66,970 | 9,614,999 | |||||
2.69%, 08/12/26 | CNY | 59,690 | 8,662,037 | |||||
2.69%, 08/15/32 | CNY | 44,330 | 6,329,129 | |||||
2.75%, 06/15/29 | CNY | 37,670 | 5,445,258 | |||||
2.75%, 02/17/32 | CNY | 46,050 | 6,614,846 | |||||
2.76%, 05/15/32 | CNY | 35,010 | 5,031,342 | |||||
2.79%, 12/15/29 | CNY | 47,010 | 6,797,533 | |||||
2.80%, 03/24/29 | CNY | 40,870 | 5,927,721 | |||||
2.80%, 03/25/30 | CNY | 15,820 | 2,290,324 | |||||
2.80%, 11/15/32 | CNY | 40,900 | 5,894,278 | |||||
2.84%, 04/08/24 | CNY | 56,420 | 8,195,775 | |||||
2.85%, 06/04/27 | CNY | 101,320 | 14,774,188 | |||||
2.88%, 02/25/33 | CNY | 29,540 | 4,293,097 |
Par (000’s |
) | Value | ||||||
China (continued) | ||||||||
2.89%, 11/18/31 | CNY | 35,940 | $ | 5,223,801 | ||||
2.91%, 10/14/28 | CNY | 51,630 | 7,537,479 | |||||
2.94%, 10/17/24 | CNY | 40,460 | 5,896,548 | |||||
3.01%, 05/13/28 | CNY | 53,360 | 7,836,358 | |||||
3.02%, 10/22/25 | CNY | 66,880 | 9,799,548 | |||||
3.02%, 05/27/31 | CNY | 60,320 | 8,862,727 | |||||
3.03%, 03/11/26 | CNY | 53,490 | 7,849,554 | |||||
3.12%, 12/05/26 | CNY | 62,420 | 9,198,756 | |||||
3.12%, 10/25/52 | CNY | 25,200 | 3,618,150 | |||||
3.13%, 11/21/29 | CNY | 46,240 | 6,851,475 | |||||
3.19%, 04/11/24 | CNY | 52,740 | 7,691,666 | |||||
3.19%, 04/15/53 | CNY | 4,100 | 595,715 | |||||
3.22%, 12/06/25 | CNY | 42,740 | 6,300,081 | |||||
3.25%, 06/06/26 | CNY | 53,220 | 7,871,770 | |||||
3.25%, 11/22/28 | CNY | 31,310 | 4,679,561 | |||||
3.27%, 11/19/30 | CNY | 63,930 | 9,599,373 | |||||
3.28%, 12/03/27 | CNY | 57,180 | 8,514,853 | |||||
3.29%, 05/23/29 | CNY | 56,380 | 8,455,954 | |||||
3.32%, 04/15/52 | CNY | 28,440 | 4,216,245 | |||||
3.53%, 10/18/51 | CNY | 18,680 | 2,870,585 | |||||
3.72%, 04/12/51 | CNY | 37,290 | 5,905,176 | |||||
3.81%, 09/14/50 | CNY | 56,800 | 9,141,380 | |||||
337,919,757 | ||||||||
Colombia: 3.9% | ||||||||
Colombia
Government International Bond
9.85%, 06/28/27 |
COP | 6,168,000 | 1,240,682 | |||||
Colombian TES | ||||||||
5.75%, 11/03/27 | COP | 51,005,000 | 8,842,939 | |||||
6.00%, 04/28/28 | COP | 75,029,100 | 12,909,337 | |||||
6.25%, 11/26/25 | COP | 49,557,000 | 9,495,642 | |||||
6.25%, 07/09/36 | COP | 30,975,000 | 4,157,505 | |||||
7.00%, 03/26/31 | COP | 86,828,000 | 14,285,486 | |||||
7.00%, 06/30/32 | COP | 76,636,700 | 12,097,662 | |||||
7.25%, 10/18/34 | COP | 70,297,500 | 10,748,705 | |||||
7.25%, 10/26/50 | COP | 55,447,000 | 7,367,939 | |||||
7.50%, 08/26/26 | COP | 76,773,700 | 14,782,386 | |||||
7.75%, 09/18/30 | COP | 56,634,100 | 9,874,668 | |||||
9.25%, 05/28/42 | COP | 54,265,000 | 9,229,747 | |||||
10.00%, 07/24/24 | COP | 36,292,800 | 7,704,140 | |||||
13.25%, 02/09/33 | COP | 14,134,000 | 3,234,170 | |||||
125,971,008 | ||||||||
Czech Republic: 4.9% | ||||||||
Czech Republic Government Bond | ||||||||
0.01%, 12/12/24 | CZK | 77,470 | 3,332,920 | |||||
0.05%, 11/29/29 | CZK | 128,820 | 4,487,899 | |||||
0.25%, 02/10/27 | CZK | 268,640 | 10,635,002 | |||||
1.20%, 03/13/31 | CZK | 226,800 | 8,296,995 | |||||
1.25%, 02/14/25 | CZK | 227,080 | 9,951,496 | |||||
1.50%, 04/24/40 | CZK | 99,530 | 3,004,411 | |||||
1.75%, 06/23/32 | CZK | 263,780 | 9,909,664 | |||||
1.95%, 07/30/37 | CZK | 66,390 | 2,288,110 | |||||
2.00%, 10/13/33 | CZK | 277,960 | 10,333,967 | |||||
2.75%, 07/23/29 | CZK | 274,950 | 11,589,756 | |||||
3.50%, 05/30/35 | CZK | 74,060 | 3,168,804 | |||||
5.00%, 09/30/30 | CZK | 190,160 | 9,207,066 | |||||
5.50%, 12/12/28 | CZK | 142,880 | 6,990,107 |
See Notes to Financial Statements
79 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
Czech Republic (continued) | ||||||||
6.00%, 02/26/26 | CZK | 173,360 | $ | 8,383,464 | ||||
Czech Republic Government Bond Reg S | ||||||||
0.95%, 05/15/30 | CZK | 249,700 | 9,169,483 | |||||
1.00%, 06/26/26 | CZK | 272,730 | 11,339,092 | |||||
2.40%, 09/17/25 | CZK | 269,530 | 11,852,621 | |||||
2.50%, 08/25/28 | CZK | 259,330 | 10,917,926 | |||||
4.20%, 12/04/36 | CZK | 144,550 | 6,536,240 | |||||
5.70%, 05/25/24 | CZK | 144,280 | 6,791,790 | |||||
158,186,813 | ||||||||
Dominican Republic: 1.2% | ||||||||
Dominican Republic International Bond 144A | ||||||||
9.75%, 06/05/26 | DOP | 599,600 | 10,908,306 | |||||
13.62%, 02/03/33 | DOP | 815,450 | 17,691,330 | |||||
Dominican
Republic International Bond Reg S
9.75%, 06/05/26 |
DOP | 645,190 | 11,737,708 | |||||
40,337,344 | ||||||||
Egypt: 1.8% | ||||||||
Egypt Government Bond | ||||||||
13.54%, 01/14/25 | EGP | 68,196 | 1,872,632 | |||||
14.06%, 01/12/26 | EGP | 291,850 | 7,482,448 | |||||
14.29%, 01/05/28 | EGP | 119,540 | 2,777,475 | |||||
14.35%, 09/10/24 | EGP | 177,305 | 5,061,822 | |||||
14.37%, 10/20/25 | EGP | 290,169 | 7,612,217 | |||||
14.40%, 09/10/29 | EGP | 77,710 | 1,731,465 | |||||
14.48%, 04/06/26 | EGP | 241,890 | 6,163,788 | |||||
14.53%, 09/14/24 | EGP | 224,260 | 6,433,350 | |||||
14.56%, 07/06/26 | EGP | 92,989 | 2,355,975 | |||||
14.56%, 10/13/27 | EGP | 185,120 | 4,380,750 | |||||
14.66%, 10/06/30 | EGP | 109,730 | 2,419,414 | |||||
16.10%, 05/07/29 | EGP | 82,280 | 1,990,472 | |||||
Egypt Treasury Bills | ||||||||
0.00%, 07/25/23 ^ | EGP | 34,000 | 1,051,697 | |||||
0.00%, 08/15/23 ^ | EGP | 28,500 | 867,163 | |||||
0.01%, 05/02/23 | EGP | 84,400 | 2,731,392 | |||||
0.01%, 08/29/23 | EGP | 83,500 | 2,519,393 | |||||
57,451,453 | ||||||||
Hungary: 3.9% | ||||||||
Hungary Government Bond | ||||||||
1.00%, 11/26/25 | HUF | 4,372,460 | 10,266,967 | |||||
1.50%, 04/22/26 † | HUF | 3,698,080 | 8,598,110 | |||||
1.50%, 08/26/26 † | HUF | 2,482,320 | 5,666,782 | |||||
2.00%, 05/23/29 † | HUF | 2,861,250 | 6,042,499 | |||||
2.25%, 04/20/33 † | HUF | 4,026,680 | 7,600,609 | |||||
2.25%, 06/22/34 | HUF | 1,290,070 | 2,335,272 | |||||
2.50%, 10/24/24 † | HUF | 3,532,330 | 9,087,523 | |||||
2.75%, 12/22/26 | HUF | 2,986,970 | 7,021,996 | |||||
3.00%, 06/26/24 † | HUF | 2,406,870 | 6,374,144 | |||||
3.00%, 10/27/27 | HUF | 3,634,900 | 8,410,346 | |||||
3.00%, 08/21/30 † | HUF | 3,608,260 | 7,826,432 | |||||
3.00%, 10/27/38 | HUF | 2,763,270 | 4,818,493 | |||||
3.00%, 04/25/41 † | HUF | 1,685,080 | 2,820,718 |
Par (000’s |
) | Value | ||||||
Hungary (continued) | ||||||||
3.25%, 10/22/31 † | HUF | 4,778,180 | $ | 10,242,019 | ||||
4.50%, 03/23/28 | HUF | 1,971,500 | 4,887,217 | |||||
4.75%, 11/24/32 † | HUF | 2,538,910 | 6,017,945 | |||||
5.50%, 06/24/25 | HUF | 3,541,000 | 9,336,114 | |||||
6.75%, 10/22/28 | HUF | 2,995,730 | 8,141,967 | |||||
125,495,153 | ||||||||
Indonesia: 9.6% | ||||||||
Indonesia Treasury Bond | ||||||||
5.12%, 04/15/27 | IDR | 102,845,000 | 6,760,499 | |||||
5.50%, 04/15/26 | IDR | 185,640,000 | 12,449,396 | |||||
6.12%, 05/15/28 | IDR | 187,971,000 | 12,743,716 | |||||
6.25%, 06/15/36 | IDR | 76,780,000 | 5,021,841 | |||||
6.38%, 08/15/28 | IDR | 55,390,000 | 3,793,290 | |||||
6.38%, 04/15/32 | IDR | 182,110,000 | 12,285,535 | |||||
6.38%, 07/15/37 | IDR | 23,540,000 | 1,560,821 | |||||
6.50%, 06/15/25 | IDR | 190,230,000 | 13,052,086 | |||||
6.50%, 02/15/31 | IDR | 241,060,000 | 16,433,325 | |||||
6.62%, 05/15/33 | IDR | 125,773,000 | 8,578,885 | |||||
7.00%, 05/15/27 | IDR | 206,758,000 | 14,482,644 | |||||
7.00%, 09/15/30 | IDR | 235,635,000 | 16,508,906 | |||||
7.00%, 02/15/33 | IDR | 137,745,000 | 9,710,835 | |||||
7.12%, 06/15/38 | IDR | 24,040,000 | 1,674,615 | |||||
7.12%, 06/15/42 | IDR | 159,810,000 | 11,116,000 | |||||
7.12%, 06/15/43 | IDR | 37,390,000 | 2,606,735 | |||||
7.50%, 08/15/32 | IDR | 134,380,000 | 9,693,406 | |||||
7.50%, 06/15/35 | IDR | 203,510,000 | 14,662,292 | |||||
7.50%, 05/15/38 | IDR | 96,720,000 | 6,938,589 | |||||
7.50%, 04/15/40 | IDR | 181,300,000 | 13,017,019 | |||||
8.12%, 05/15/24 | IDR | 104,590,000 | 7,278,238 | |||||
8.25%, 05/15/29 | IDR | 162,300,000 | 12,073,483 | |||||
8.25%, 06/15/32 | IDR | 88,784,000 | 6,678,348 | |||||
8.25%, 05/15/36 | IDR | 124,785,000 | 9,500,587 | |||||
8.38%, 03/15/24 | IDR | 124,363,000 | 8,647,255 | |||||
8.38%, 09/15/26 | IDR | 187,947,000 | 13,634,037 | |||||
8.38%, 03/15/34 | IDR | 188,344,000 | 14,476,939 | |||||
8.38%, 04/15/39 | IDR | 75,760,000 | 5,856,449 | |||||
8.75%, 05/15/31 | IDR | 86,387,000 | 6,641,906 | |||||
9.00%, 03/15/29 | IDR | 127,322,000 | 9,763,783 | |||||
9.50%, 07/15/31 | IDR | 30,941,000 | 2,482,999 | |||||
10.50%, 08/15/30 | IDR | 28,912,000 | 2,409,333 | |||||
11.00%, 09/15/25 | IDR | 32,382,000 | 2,429,908 | |||||
Perusahaan Penerbit SBSN | ||||||||
4.88%, 07/15/26 | IDR | 26,690,000 | 1,743,388 | |||||
6.38%, 03/15/34 | IDR | 40,420,000 | 2,618,993 | |||||
6.62%, 10/15/24 | IDR | 45,410,000 | 3,109,854 | |||||
8.88%, 11/15/31 | IDR | 82,990,000 | 6,413,437 | |||||
308,849,372 | ||||||||
Malaysia: 7.6% | ||||||||
Malaysia Government Bond | ||||||||
2.63%, 04/15/31 | MYR | 29,980 | 6,175,847 | |||||
3.48%, 06/14/24 | MYR | 37,422 | 8,443,341 | |||||
3.50%, 05/31/27 | MYR | 27,199 | 6,088,383 | |||||
3.58%, 07/15/32 | MYR | 28,205 | 6,248,271 | |||||
3.73%, 06/15/28 | MYR | 36,896 | 8,343,596 | |||||
3.76%, 05/22/40 | MYR | 38,215 | 8,217,020 | |||||
3.83%, 07/05/34 | MYR | 29,232 | 6,500,262 |
See Notes to Financial Statements
80 |
Par (000’s |
) | Value | ||||||
Malaysia (continued) | ||||||||
3.88%, 03/14/25 | MYR | 28,204 | $ | 6,403,168 | ||||
3.88%, 08/15/29 | MYR | 30,386 | 6,880,990 | |||||
3.90%, 11/30/26 | MYR | 36,236 | 8,249,236 | |||||
3.90%, 11/16/27 | MYR | 34,419 | 7,844,792 | |||||
3.91%, 07/15/26 | MYR | 25,455 | 5,803,915 | |||||
3.96%, 09/15/25 | MYR | 33,816 | 7,698,565 | |||||
4.06%, 09/30/24 | MYR | 14,242 | 3,232,349 | |||||
4.07%, 06/15/50 | MYR | 43,475 | 9,403,223 | |||||
4.18%, 07/15/24 | MYR | 11,620 | 2,637,545 | |||||
4.25%, 05/31/35 | MYR | 23,946 | 5,486,038 | |||||
4.46%, 03/31/53 | MYR | 6,825 | 1,593,995 | |||||
4.50%, 04/30/29 | MYR | 14,944 | 3,507,098 | |||||
4.70%, 10/15/42 | MYR | 20,175 | 4,923,250 | |||||
4.76%, 04/07/37 | MYR | 37,928 | 9,150,864 | |||||
4.89%, 06/08/38 | MYR | 23,590 | 5,857,987 | |||||
4.92%, 07/06/48 | MYR | 20,175 | 5,036,163 | |||||
Malaysia Government Investment Issue | ||||||||
3.42%, 09/30/27 | MYR | 41,696 | 9,320,186 | |||||
3.45%, 07/15/36 | MYR | 35,001 | 7,415,156 | |||||
3.46%, 10/15/30 | MYR | 44,895 | 9,842,231 | |||||
3.60%, 07/31/28 | MYR | 6,815 | 1,535,091 | |||||
3.65%, 10/15/24 | MYR | 30,720 | 6,922,441 | |||||
3.73%, 03/31/26 | MYR | 41,356 | 9,362,027 | |||||
3.99%, 10/15/25 | MYR | 22,425 | 5,112,216 | |||||
4.13%, 08/15/25 | MYR | 37,235 | 8,491,674 | |||||
4.13%, 07/09/29 | MYR | 33,820 | 7,739,217 | |||||
4.19%, 10/07/32 | MYR | 32,050 | 7,372,594 | |||||
4.25%, 09/30/30 | MYR | 16,120 | 3,731,012 | |||||
4.26%, 07/26/27 | MYR | 15,886 | 3,663,118 | |||||
4.29%, 08/14/43 | MYR | 8,010 | 1,852,743 | |||||
4.37%, 10/31/28 | MYR | 36,749 | 8,552,893 | |||||
4.42%, 09/30/41 | MYR | 29,790 | 6,935,543 | |||||
4.66%, 03/31/38 | MYR | 14,305 | 3,466,484 | |||||
245,040,524 | ||||||||
Mexico: 5.5% | ||||||||
Mexican Bonos | ||||||||
5.00%, 03/06/25 | MXN | 193,664 | 9,775,636 | |||||
5.50%, 03/04/27 | MXN | 145,681 | 7,138,245 | |||||
5.75%, 03/05/26 | MXN | 385,412 | 19,369,974 | |||||
7.50%, 06/03/27 | MXN | 248,072 | 13,017,060 | |||||
7.50%, 05/26/33 | MXN | 174,280 | 8,817,038 | |||||
7.75%, 05/29/31 | MXN | 618,697 | 32,210,539 | |||||
7.75%, 11/23/34 | MXN | 131,117 | 6,683,236 | |||||
7.75%, 11/13/42 | MXN | 402,123 | 19,482,508 | |||||
8.00%, 12/07/23 | MXN | 3,251 | 176,514 | |||||
8.00%, 09/05/24 | MXN | 7,642 | 408,276 | |||||
8.00%, 11/07/47 | MXN | 383,132 | 18,897,893 | |||||
8.00%, 07/31/53 | MXN | 158,188 | 7,755,588 | |||||
8.50%, 05/31/29 | MXN | 83,791 | 4,575,532 | |||||
8.50%, 11/18/38 | MXN | 308,636 | 16,245,799 | |||||
10.00%, 12/05/24 | MXN | 120,433 | 6,601,740 | |||||
10.00%, 11/20/36 | MXN | 107,582 | 6,503,591 | |||||
177,659,169 | ||||||||
Peru: 3.5% | ||||||||
Peru Government Bond | ||||||||
5.35%, 08/12/40 | PEN | 30,724 | 6,537,579 | |||||
5.40%, 08/12/34 | PEN | 42,536 | 9,680,705 |
Par (000’s |
) | Value | ||||||
Peru (continued) | ||||||||
5.70%, 08/12/24 | PEN | 23,888 | $ | 6,378,859 | ||||
5.94%, 02/12/29 | PEN | 62,905 | 16,049,471 | |||||
6.15%, 08/12/32 | PEN | 63,990 | 15,802,454 | |||||
6.35%, 08/12/28 | PEN | 58,748 | 15,409,149 | |||||
6.90%, 08/12/37 | PEN | 60,549 | 15,387,146 | |||||
6.95%, 08/12/31 | PEN | 59,405 | 15,624,717 | |||||
8.20%, 08/12/26 | PEN | 44,260 | 12,469,735 | |||||
113,339,815 | ||||||||
Philippines: 1.2% | ||||||||
Philippine
Government Bond
9.25%, 11/05/34 |
PHP | 46,410 | 1,049,594 | |||||
Philippine
Government International Bond
6.25%, 01/14/36 |
PHP | 2,200,500 | 38,924,717 | |||||
39,974,311 | ||||||||
Poland: 5.0% | ||||||||
Republic of Poland Government Bond | ||||||||
0.01%, 10/25/25 | PLN | 7,655 | 1,612,356 | |||||
0.25%, 10/25/26 | PLN | 62,103 | 12,375,551 | |||||
0.75%, 04/25/25 | PLN | 58,102 | 12,709,769 | |||||
1.25%, 10/25/30 | PLN | 68,329 | 12,000,018 | |||||
1.75%, 04/25/32 | PLN | 69,690 | 12,110,726 | |||||
2.25%, 10/25/24 | PLN | 58,881 | 13,498,145 | |||||
2.50%, 04/25/24 | PLN | 2,288 | 534,762 | |||||
2.50%, 07/25/26 | PLN | 48,460 | 10,525,262 | |||||
2.50%, 07/25/27 | PLN | 59,337 | 12,523,761 | |||||
2.75%, 04/25/28 | PLN | 70,527 | 14,757,712 | |||||
2.75%, 10/25/29 | PLN | 87,741 | 17,689,448 | |||||
3.25%, 07/25/25 | PLN | 69,594 | 15,882,090 | |||||
3.75%, 05/25/27 | PLN | 60,065 | 13,335,762 | |||||
6.00%, 10/25/33 | PLN | 8,010 | 1,965,099 | |||||
7.50%, 07/25/28 | PLN | 32,325 | 8,329,949 | |||||
159,850,410 | ||||||||
Romania: 4.0% | ||||||||
Romania Government Bond | ||||||||
2.50%, 10/25/27 | RON | 33,170 | 6,158,872 | |||||
3.25%, 04/29/24 | RON | 29,775 | 6,475,538 | |||||
3.25%, 06/24/26 | RON | 39,025 | 7,863,104 | |||||
3.50%, 11/25/25 | RON | 28,965 | 5,996,853 | |||||
3.65%, 07/28/25 | RON | 35,025 | 7,372,252 | |||||
3.65%, 09/24/31 | RON | 37,540 | 6,554,819 | |||||
3.70%, 11/25/24 | RON | 34,300 | 7,376,312 | |||||
4.15%, 01/26/28 | RON | 33,255 | 6,581,645 | |||||
4.15%, 10/24/30 | RON | 35,415 | 6,554,762 | |||||
4.25%, 04/28/36 | RON | 23,195 | 3,841,705 | |||||
4.50%, 06/17/24 | RON | 34,925 | 7,663,892 | |||||
4.75%, 02/24/25 | RON | 33,975 | 7,373,443 | |||||
4.75%, 10/11/34 | RON | 37,320 | 6,694,884 | |||||
4.85%, 04/22/26 | RON | 34,415 | 7,295,177 | |||||
4.85%, 07/25/29 | RON | 38,150 | 7,549,947 | |||||
5.00%, 02/12/29 | RON | 33,605 | 6,762,580 | |||||
5.80%, 07/26/27 | RON | 38,320 | 8,193,916 | |||||
6.70%, 02/25/32 | RON | 38,800 | 8,346,001 | |||||
8.25%, 09/29/32 | RON | 22,725 | 5,388,708 | |||||
130,044,410 |
See Notes to Financial Statements
81 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
Serbia: 1.2% | ||||||||
Serbia Treasury Bonds | ||||||||
4.50%, 01/11/26 | RSD | 1,448,400 | $ | 13,327,942 | ||||
4.50%, 08/20/32 | RSD | 1,789,050 | 14,504,951 | |||||
5.88%, 02/08/28 | RSD | 1,319,910 | 12,596,031 | |||||
40,428,924 | ||||||||
South Africa: 5.9% | ||||||||
Republic of South Africa Government Bond | ||||||||
6.25%, 03/31/36 | ZAR | 179,398 | 6,437,576 | |||||
6.50%, 02/28/41 | ZAR | 160,783 | 5,380,018 | |||||
7.00%, 02/28/31 | ZAR | 279,151 | 12,388,984 | |||||
8.00%, 01/31/30 † | ZAR | 552,243 | 27,065,836 | |||||
8.25%, 03/31/32 | ZAR | 490,280 | 22,873,271 | |||||
8.50%, 01/31/37 | ZAR | 427,662 | 18,403,458 | |||||
8.75%, 01/31/44 | ZAR | 373,423 | 15,523,097 | |||||
8.75%, 02/28/48 | ZAR | 608,299 | 25,063,908 | |||||
8.88%, 02/28/35 | ZAR | 445,664 | 20,468,816 | |||||
9.00%, 01/31/40 | ZAR | 339,610 | 14,758,299 | |||||
10.50%, 12/21/26 | ZAR | 365,897 | 21,030,348 | |||||
189,393,611 | ||||||||
Thailand: 7.2% | ||||||||
Thailand Government Bond | ||||||||
0.75%, 06/17/24 | THB | 361,675 | 10,471,996 | |||||
0.75%, 09/17/24 | THB | 409,193 | 11,813,810 | |||||
0.95%, 06/17/25 | THB | 385,927 | 11,081,755 | |||||
1.00%, 06/17/27 | THB | 500,146 | 14,030,428 | |||||
1.45%, 12/17/24 | THB | 392,246 | 11,413,705 | |||||
1.58%, 12/17/35 | THB | 331,747 | 8,647,668 | |||||
1.60%, 12/17/29 | THB | 335,619 | 9,413,910 | |||||
1.60%, 06/17/35 | THB | 175,589 | 4,608,932 | |||||
2.00%, 12/17/31 | THB | 322,689 | 9,114,101 | |||||
2.00%, 06/17/42 | THB | 234,192 | 5,883,963 | |||||
2.12%, 12/17/26 | THB | 368,397 | 10,816,744 | |||||
2.35%, 06/17/26 | THB | 285,985 | 8,461,974 | |||||
2.40%, 12/17/23 | THB | 245,178 | 7,218,018 | |||||
2.65%, 06/17/28 | THB | 303,290 | 9,096,606 | |||||
2.88%, 12/17/28 | THB | 315,895 | 9,575,892 | |||||
2.88%, 06/17/46 | THB | 279,391 | 7,929,816 | |||||
3.30%, 06/17/38 | THB | 402,513 | 12,406,162 | |||||
3.35%, 06/17/33 | THB | 178,480 | 5,595,283 | |||||
3.39%, 06/17/37 | THB | 139,525 | 4,395,235 | |||||
3.40%, 06/17/36 | THB | 299,238 | 9,402,368 | |||||
3.45%, 06/17/43 | THB | 110,305 | 3,463,856 | |||||
3.65%, 06/20/31 | THB | 307,165 | 9,787,198 | |||||
3.77%, 06/25/32 | THB | 543,938 | 17,657,641 |
Par (000’s |
) | Value | ||||||
Thailand (continued) | ||||||||
3.85%, 12/12/25 | THB | 327,776 | $ | 10,058,981 | ||||
4.88%, 06/22/29 | THB | 345,668 | 11,651,545 | |||||
233,997,587 | ||||||||
Turkey: 2.8% | ||||||||
Turkey Government Bond | ||||||||
8.00%, 03/12/25 | TRY | 47,523 | 2,099,020 | |||||
9.00%, 07/24/24 | TRY | 141,398 | 6,648,849 | |||||
10.40%, 03/20/24 | TRY | 37,386 | 1,822,832 | |||||
10.50%, 08/11/27 | TRY | 456,889 | 18,582,608 | |||||
10.60%, 02/11/26 | TRY | 207,193 | 8,810,490 | |||||
11.00%, 02/24/27 | TRY | 142,564 | 6,025,612 | |||||
11.70%, 11/13/30 | TRY | 267,547 | 11,927,204 | |||||
12.40%, 03/08/28 | TRY | 82,707 | 4,035,784 | |||||
12.60%, 10/01/25 | TRY | 285,280 | 13,143,130 | |||||
16.90%, 09/02/26 | TRY | 329,240 | 16,573,520 | |||||
89,669,049 | ||||||||
Uruguay: 1.3% | ||||||||
Uruguay
Government International Bond
8.25%, 05/21/31 |
UYU | 1,069,887 | 24,927,264 | |||||
Uruguay
Government International Bond 144A
8.50%, 03/15/28 |
UYU | 20,605 | 500,534 | |||||
Uruguay
Government International Bond Reg S
8.50%, 03/15/28 |
UYU | 622,131 | 15,112,730 | |||||
40,540,528 | ||||||||
Total
Government Obligations (Cost: $3,312,101,976) |
3,005,112,276 | |||||||
Total
Investments Before Collateral for Securities Loaned: 97.8% (Cost: $3,474,675,710) |
3,153,353,521 | |||||||
Number
of Shares |
||||||||
SHORT-TERM INVESTMENT
HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8% | ||||||||
Money Market Fund:
2.8% (Cost: $91,541,238) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 91,541,238 | 91,541,238 | ||||||
Total Investments:
100.6% (Cost: $3,566,216,948) |
3,244,894,759 | |||||||
Liabilities in excess of other assets: (0.6)% | (20,549,359 | ) | ||||||
NET ASSETS: 100.0% | $ | 3,224,345,400 |
See Notes to Financial Statements
82 |
Definitions: | |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNY | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
DOP | Dominican Peso |
EGP | Egyptian Pound |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian Leu |
RSD | Serbian Dinar |
THB | Thai Baht |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Footnotes: | |
^ | Zero Coupon Bond |
† | Security fully or partially on loan. Total market value of securities on loan is $87,798,667. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $66,940,912, or 2.1% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Government | 95.3 | % | $ | 3,005,112,276 | ||||
Financials | 4.5 | 140,484,727 | ||||||
Utilities | 0.2 | 4,892,653 | ||||||
Industrials | 0.0 | 1,446,476 | ||||||
Energy | 0.0 | 1,417,389 | ||||||
100.0 | % | $ | 3,153,353,521 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 148,241,245 | $ | — | $ | 148,241,245 | ||||||||
Government Obligations * | — | 3,005,112,276 | — | 3,005,112,276 | ||||||||||||
Money Market Fund | 91,541,238 | — | — | 91,541,238 | ||||||||||||
Total Investments | $ | 91,541,238 | $ | 3,153,353,521 | $ | — | $ | 3,244,894,759 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
83 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 98.3% | ||||||||
Bermuda: 0.2% | ||||||||
Arch
Capital Group Ltd.
3.63%, 06/30/50 † |
$ | 25 | $ | 18,997 | ||||
Canada: 5.8% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 40 | 37,915 | ||||||
3.80%, 01/25/50 | 25 | 18,651 | ||||||
Canadian
Pacific Railway Co.
1.75%, 12/02/26 |
75 | 68,520 | ||||||
CI Financial Corp. | ||||||||
3.20%, 12/17/30 | 25 | 18,582 | ||||||
4.10%, 06/15/51 | 25 | 14,591 | ||||||
Emera
US Finance LP
4.75%, 06/15/46 |
25 | 20,823 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | 75 | 68,224 | ||||||
3.40%, 08/01/51 | 50 | 35,383 | ||||||
5.50%, 12/01/46 | 25 | 24,446 | ||||||
5.70%, 03/08/33 | 50 | 51,946 | ||||||
Fairfax
Financial Holdings Ltd. 144A
5.62%, 08/16/32 |
25 | 24,781 | ||||||
Fortis,
Inc.
3.06%, 10/04/26 |
25 | 23,622 | ||||||
Open
Text Corp. 144A
6.90%, 12/01/27 |
25 | 25,848 | ||||||
Rogers
Communications, Inc. 144A
2.95%, 03/15/25 |
25 | 23,959 | ||||||
TransCanada
PipeLines Ltd.
2.50%, 10/12/31 |
50 | 41,401 | ||||||
498,692 | ||||||||
France: 6.4% | ||||||||
BNP
Paribas SA 144A
4.38%, 09/28/25 |
50 | 48,026 | ||||||
Credit
Agricole SA 144A
4.38%, 03/17/25 |
50 | 48,629 | ||||||
Societe Generale SA 144A | ||||||||
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | 50 | 43,952 | ||||||
2.62%, 10/16/24 | 50 | 47,567 | ||||||
2.62%, 01/22/25 | 50 | 47,079 | ||||||
3.00%, 01/22/30 | 100 | 84,331 | ||||||
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 | 50 | 40,953 | ||||||
3.62%, 03/01/41 | 100 | 64,863 | ||||||
4.25%, 04/14/25 | 50 | 47,669 | ||||||
4.75%, 09/14/28 | 50 | 48,348 | ||||||
521,417 | ||||||||
Ireland: 0.4% | ||||||||
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust
3.85%, 10/29/41 |
50 | 37,628 |
Par (000’s |
) | Value | ||||||
Italy: 0.5% | ||||||||
UniCredit SpA 144A | ||||||||
3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 | $ | 50 | $ | 40,060 | ||||
Japan: 0.5% | ||||||||
Nomura
Holdings, Inc.
1.65%, 07/14/26 |
50 | 44,341 | ||||||
Mexico: 0.7% | ||||||||
Infraestructura
Energetica Nova SAPI de CV 144A
4.75%, 01/15/51 |
50 | 37,863 | ||||||
Sitios
Latinoamerica SAB de CV 144A
5.38%, 04/04/32 |
25 | 22,850 | ||||||
60,713 | ||||||||
Netherlands: 3.6% | ||||||||
Deutsche
Telekom International Finance BV
8.75%, 06/15/30 |
75 | 91,629 | ||||||
Enel
Finance International NV 144A
5.00%, 06/15/32 |
50 | 47,595 | ||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 39,434 | ||||||
3.68%, 01/21/30 | 50 | 42,650 | ||||||
4.99%, 01/19/52 | 100 | 73,639 | ||||||
294,947 | ||||||||
Panama: 0.5% | ||||||||
AES
Panama Generation Holdings SRL 144A
4.38%, 05/31/30 |
50 | 43,421 | ||||||
United Kingdom: 3.1% | ||||||||
Barclays Plc | ||||||||
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 162,681 | ||||||
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | 50 | 36,285 | ||||||
Ferguson
Finance Plc 144A
4.50%, 10/24/28 |
25 | 24,314 | ||||||
Haleon UK
Capital Plc
3.12%, 03/24/25 |
50 | 48,313 | ||||||
271,593 | ||||||||
United States: 76.6% | ||||||||
Alcon Finance Corp.
144A
3.00%, 09/23/29 |
50 | 45,335 | ||||||
Altria Group, Inc. | ||||||||
3.40%, 05/06/30 | 25 | 22,308 | ||||||
3.88%, 09/16/46 | 35 | 25,149 | ||||||
4.25%, 08/09/42 | 100 | 78,917 | ||||||
4.80%, 02/14/29 | 125 | 124,197 | ||||||
5.80%, 02/14/39 | 25 | 24,713 | ||||||
5.95%, 02/14/49 | 60 | 56,710 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 21,854 | ||||||
3.25%, 07/15/25 | 25 | 23,184 |
See Notes to Financial Statements
84 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
3.88%, 01/15/26 | $ | 50 | $ | 46,650 | ||||
AT&T,
Inc.
3.85%, 06/01/60 |
75 | 55,496 | ||||||
BAT
Capital Corp.
4.91%, 04/02/30 |
50 | 48,294 | ||||||
Bayer
US Finance LLC 144A
3.38%, 10/08/24 |
50 | 48,812 | ||||||
Becton
Dickinson & Co.
3.36%, 06/06/24 |
75 | 73,720 | ||||||
Berry
Global, Inc.
1.57%, 01/15/26 |
50 | 45,459 | ||||||
Berry
Global, Inc. 144A
4.88%, 07/15/26 |
25 | 24,484 | ||||||
Brighthouse
Financial, Inc.
4.70%, 06/22/47 |
25 | 18,912 | ||||||
Broadcom, Inc. 144A | ||||||||
3.19%, 11/15/36 | 50 | 38,092 | ||||||
4.93%, 05/15/37 | 75 | 68,517 | ||||||
Campbell
Soup Co.
3.95%, 03/15/25 |
25 | 24,583 | ||||||
Carlisle
Cos, Inc.
2.75%, 03/01/30 |
25 | 21,560 | ||||||
Centene
Corp.
2.62%, 08/01/31 † |
50 | 40,996 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
2.25%, 01/15/29 | 25 | 20,986 | ||||||
4.91%, 07/23/25 | 125 | 123,868 | ||||||
5.05%, 03/30/29 | 125 | 121,175 | ||||||
5.12%, 07/01/49 | 20 | 15,651 | ||||||
5.38%, 05/01/47 | 75 | 61,444 | ||||||
6.48%, 10/23/45 | 75 | 69,562 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 50 | 46,825 | ||||||
5.12%, 06/30/27 | 50 | 50,260 | ||||||
Cheniere
Energy, Inc.
4.62%, 10/15/28 |
25 | 23,853 | ||||||
Cigna
Group
3.40%, 03/15/50 |
75 | 55,278 | ||||||
Conagra Brands, Inc. | ||||||||
4.85%, 11/01/28 | 50 | 49,985 | ||||||
5.30%, 11/01/38 | 25 | 24,709 | ||||||
Constellation
Brands, Inc.
2.25%, 08/01/31 |
50 | 41,521 | ||||||
Corning,
Inc.
5.45%, 11/15/79 |
25 | 23,517 | ||||||
CoStar
Group, Inc. 144A
2.80%, 07/15/30 |
25 | 20,940 | ||||||
Deutsche Bank AG | ||||||||
2.13% (SOFR+1.87%), 11/24/26 |
100 | 89,031 | ||||||
2.31% (SOFR+1.22%), 11/16/27 |
75 | 64,956 | ||||||
3.96% (SOFR+2.58%), 11/26/25 † |
100 | 95,625 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Duke Energy Corp. | ||||||||
2.55%, 06/15/31 | $ | 25 | $ | 21,079 | ||||
2.65%, 09/01/26 | 50 | 46,972 | ||||||
Equinix,
Inc.
2.62%, 11/18/24 |
25 | 24,048 | ||||||
Everest
Reinsurance Holdings, Inc.
3.12%, 10/15/52 |
50 | 33,607 | ||||||
FS
KKR Capital Corp.
3.40%, 01/15/26 |
50 | 45,642 | ||||||
General
Mills, Inc.
2.88%, 04/15/30 |
50 | 45,501 | ||||||
HCA, Inc. | ||||||||
3.50%, 07/15/51 | 25 | 17,465 | ||||||
4.12%, 06/15/29 | 75 | 71,142 | ||||||
5.12%, 06/15/39 | 50 | 47,062 | ||||||
5.25%, 04/15/25 | 75 | 75,202 | ||||||
5.25%, 06/15/26 | 25 | 25,101 | ||||||
5.25%, 06/15/49 | 50 | 45,336 | ||||||
5.50%, 06/15/47 | 50 | 47,092 | ||||||
HCA,
Inc. 144A
4.62%, 03/15/52 |
25 | 20,767 | ||||||
Huntsman
International LLC
4.50%, 05/01/29 |
25 | 23,515 | ||||||
International Flavors & Fragrances, Inc. 144A | ||||||||
1.83%, 10/15/27 | 50 | 42,639 | ||||||
2.30%, 11/01/30 | 25 | 20,334 | ||||||
3.27%, 11/15/40 | 25 | 17,877 | ||||||
J.M.
Smucker Co.
3.50%, 03/15/25 |
25 | 24,424 | ||||||
Keurig Dr. Pepper, Inc. | ||||||||
3.95%, 04/15/29 | 50 | 48,320 | ||||||
4.05%, 04/15/32 † | 50 | 47,527 | ||||||
Kinder
Morgan Energy Partners LP
5.50%, 03/01/44 |
25 | 23,482 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.00%, 06/01/26 | 50 | 47,907 | ||||||
5.00%, 06/04/42 | 25 | 23,987 | ||||||
5.20%, 07/15/45 | 50 | 48,514 | ||||||
6.88%, 01/26/39 | 25 | 28,602 | ||||||
Kraft
Heinz Foods Co. 144A
7.12%, 08/01/39 |
25 | 28,648 | ||||||
Lowe’s
Cos, Inc.
4.45%, 04/01/62 |
25 | 20,572 | ||||||
McCormick &
Co., Inc.
3.40%, 08/15/27 |
25 | 23,862 | ||||||
McDonald’s Corp. | ||||||||
3.62%, 09/01/49 | 50 | 39,754 | ||||||
4.45%, 03/01/47 | 50 | 45,775 | ||||||
4.60%, 09/09/32 † | 50 | 50,740 | ||||||
4.88%, 12/09/45 | 100 | 96,937 | ||||||
6.30%, 03/01/38 | 50 | 57,171 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 23,467 | ||||||
2.75%, 04/13/30 | 25 | 22,219 | ||||||
3.00%, 03/17/32 | 25 | 22,103 |
See Notes to Financial Statements
85 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Netflix,
Inc.
5.88%, 02/15/25 |
$ | 25 | $ | 25,391 | ||||
NextEra Energy Capital Holdings, Inc. | ||||||||
2.44%, 01/15/32 | 100 | 83,114 | ||||||
2.75%, 11/01/29 | 50 | 44,724 | ||||||
4.62%, 07/15/27 | 75 | 75,145 | ||||||
6.05%, 03/01/25 | 75 | 76,284 | ||||||
Northrop
Grumman Corp.
2.93%, 01/15/25 |
25 | 24,256 | ||||||
Oracle Corp. | ||||||||
3.60%, 04/01/40 | 75 | 58,301 | ||||||
3.80%, 11/15/37 | 50 | 41,883 | ||||||
3.85%, 04/01/60 | 25 | 17,566 | ||||||
3.95%, 03/25/51 | 50 | 37,801 | ||||||
4.00%, 07/15/46 | 50 | 38,440 | ||||||
4.10%, 03/25/61 | 50 | 37,298 | ||||||
4.38%, 05/15/55 | 50 | 39,996 | ||||||
5.38%, 07/15/40 | 50 | 48,217 | ||||||
6.12%, 07/08/39 | 25 | 26,406 | ||||||
6.50%, 04/15/38 | 75 | 81,979 | ||||||
Owl
Rock Capital Corp.
3.40%, 07/15/26 |
50 | 44,835 | ||||||
Pacific Gas and Electric Co. | ||||||||
2.50%, 02/01/31 | 100 | 81,085 | ||||||
3.25%, 06/01/31 | 50 | 42,339 | ||||||
3.45%, 07/01/25 | 50 | 47,770 | ||||||
3.50%, 08/01/50 | 50 | 32,669 | ||||||
3.75%, 07/01/28 | 50 | 46,253 | ||||||
4.50%, 07/01/40 | 100 | 81,406 | ||||||
4.95%, 07/01/50 | 50 | 40,747 | ||||||
6.75%, 01/15/53 | 25 | 25,642 | ||||||
Pernod
Ricard International Finance LLC 144A
1.62%, 04/01/31 |
25 | 20,072 | ||||||
Republic
Services, Inc.
2.50%, 08/15/24 |
50 | 48,465 | ||||||
Reynolds
American, Inc.
5.85%, 08/15/45 |
75 | 67,908 | ||||||
Roper
Technologies, Inc.
1.75%, 02/15/31 |
25 | 19,993 | ||||||
Sempra Energy | ||||||||
3.25%, 06/15/27 |
50 | 47,179 | ||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52 | 25 | 20,290 | ||||||
Sherwin-Williams
Co.
3.45%, 06/01/27 |
50 | 48,021 | ||||||
Southern
Co.
3.25%, 07/01/26 |
50 | 47,945 | ||||||
Sprint Capital Corp. | ||||||||
6.88%, 11/15/28 | 50 | 53,949 | ||||||
8.75%, 03/15/32 | 25 | 30,580 | ||||||
Sprint
LLC
7.62%, 02/15/25 |
150 | 154,709 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Sun
Communities Operating LP
2.70%, 07/15/31 |
$ | 25 | $ | 20,216 | ||||
Time
Warner Cable Enterprises LLC
8.38%, 07/15/33 |
50 | 56,543 | ||||||
Time Warner Cable LLC | ||||||||
6.55%, 05/01/37 | 25 | 24,387 | ||||||
7.30%, 07/01/38 | 100 | 103,722 | ||||||
T-Mobile USA, Inc. | ||||||||
3.38%, 04/15/29 | 75 | 68,808 | ||||||
3.50%, 04/15/25 | 150 | 145,995 | ||||||
3.75%, 04/15/27 | 155 | 149,350 | ||||||
3.88%, 04/15/30 | 60 | 56,527 | ||||||
United
Rentals North America, Inc. 144A
6.00%, 12/15/29 |
25 | 25,395 | ||||||
Verisk
Analytics, Inc.
4.00%, 06/15/25 |
25 | 24,498 | ||||||
Verizon Communications, Inc. | ||||||||
0.85%, 11/20/25 | 25 | 22,795 | ||||||
1.45%, 03/20/26 | 75 | 69,117 | ||||||
2.55%, 03/21/31 | 50 | 42,592 | ||||||
2.62%, 08/15/26 | 25 | 23,663 | ||||||
3.88%, 02/08/29 | 25 | 24,157 | ||||||
4.02%, 12/03/29 | 50 | 48,036 | ||||||
4.12%, 03/16/27 | 100 | 99,119 | ||||||
4.33%, 09/21/28 | 50 | 49,494 | ||||||
4.50%, 08/10/33 | 50 | 48,327 | ||||||
VICI Properties LP | ||||||||
5.12%, 05/15/32 | 75 | 71,646 | ||||||
5.62%, 05/15/52 | 25 | 22,642 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.75%, 02/15/27 | 50 | 46,792 | ||||||
4.25%, 12/01/26 | 50 | 47,705 | ||||||
4.62%, 12/01/29 | 50 | 46,498 | ||||||
6,468,202 | ||||||||
Total
Corporate Bonds (Cost: $8,784,609) |
8,300,011 | |||||||
Number
of Shares |
||||||||
SHORT-TERM INVESTMENT
HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1% |
||||||||
Money
Market Fund: 2.1% (Cost: $179,987) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 179,987 | 179,987 | ||||||
Total
Investments: 100.4% (Cost: $8,964,596) |
8,479,998 | |||||||
Liabilities in excess of other assets: (0.4)% | (35,168 | ) | ||||||
NET ASSETS: 100.0% | $ | 8,444,830 |
See Notes to Financial Statements
86 |
Definitions: | |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $183,947. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,587,304, or 18.8% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Technology | 25.8 | % | $ | 2,145,250 | ||||
Financials | 17.9 | 1,486,254 | ||||||
Consumer Non-Cyclicals | 13.6 | 1,124,998 | ||||||
Utilities | 11.9 | 986,372 | ||||||
Consumer Cyclicals | 10.5 | 873,305 | ||||||
Healthcare | 7.4 | 613,308 | ||||||
Energy | 3.9 | 325,300 | ||||||
Industrials | 3.9 | 324,197 | ||||||
Real Estate | 3.4 | 279,548 | ||||||
Basic Materials | 1.7 | 141,479 | ||||||
100.0 | % | $ | 8,300,011 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 8,300,011 | $ | — | $ | 8,300,011 | ||||||||
Money Market Fund | 179,987 | — | — | 179,987 | ||||||||||||
Total Investments | $ | 179,987 | $ | 8,300,011 | $ | — | $ | 8,479,998 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
87 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s |
) | Value | ||||||
CORPORATE BONDS: 98.4% | ||||||||
Bermuda: 0.1% | ||||||||
Arch Capital Group Ltd. 3.63%, 06/30/50 † |
$ | 25 | $ | 18,997 | ||||
Canada: 6.5% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 50 | 47,393 | ||||||
3.80%, 01/25/50 | 25 | 18,651 | ||||||
Bank of Nova Scotia | ||||||||
1.30%, 06/11/25 | 50 | 46,190 | ||||||
1.95%, 02/02/27 | 75 | 68,341 | ||||||
2.45%, 02/02/32 | 50 | 41,623 | ||||||
Brookfield Finance, Inc. 4.35%, 04/15/30 |
100 | 94,900 | ||||||
Canadian Imperial Bank of Commerce 3.45%, 04/07/27 |
25 | 23,881 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
25 | 26,690 | ||||||
Canadian Pacific Railway Co. 6.12%, 09/15/15 |
75 | 80,168 | ||||||
CI Financial Corp. 4.10%, 06/15/51 |
50 | 29,182 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 |
125 | 113,707 | ||||||
4.25%, 12/01/26 | 75 | 73,890 | ||||||
5.50%, 12/01/46 | 25 | 24,446 | ||||||
Fortis, Inc. 3.06%, 10/04/26 |
50 | 47,244 | ||||||
Open Text Corp. 144A 6.90%, 12/01/27 |
25 | 25,848 | ||||||
Toronto-Dominion Bank | ||||||||
1.15%, 06/12/25 | 25 | 23,108 | ||||||
1.20%, 06/03/26 | 50 | 44,635 | ||||||
829,897 | ||||||||
Denmark: 0.3% | ||||||||
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27 |
50 | 43,887 | ||||||
Finland: 0.4% | ||||||||
Nordea Bank Abp 144A 0.75%, 08/28/25 |
50 | 45,188 | ||||||
France: 4.9% | ||||||||
BNP Paribas SA 144A 4.38%, 05/12/26 |
75 | 71,976 | ||||||
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 |
100 | 100,578 | ||||||
Credit Agricole SA 144A
4.38%, 03/17/25 |
75 | 72,944 | ||||||
Societe Generale SA 144A 1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26 |
100 | 88,384 |
Par (000’s |
) | Value | ||||||
France (continued) | ||||||||
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 |
$ | 100 | $ | 87,905 | ||||
3.00%, 01/22/30 | 100 | 84,331 | ||||||
4.25%, 04/14/25 | 50 | 47,669 | ||||||
4.68%, 06/15/27 | 50 | 49,098 | ||||||
602,885 | ||||||||
Germany: 0.4% | ||||||||
Deutsche Bank AG
3.70%, 05/30/24 |
50 | 48,498 | ||||||
Guernsey: 1.2% |
||||||||
Credit Suisse Group AG | ||||||||
3.75%, 03/26/25 | 100 | 93,489 | ||||||
4.88%, 05/15/45 | 75 | 63,974 | ||||||
157,463 | ||||||||
India: 1.1% | ||||||||
Adani Ports & Special Economic Zone Ltd. 144A 4.20%, 08/04/27 |
50 | 42,076 | ||||||
Bharti Airtel Ltd. 144A
4.38%, 06/10/25 |
50 | 49,216 | ||||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 |
50 | 49,147 | ||||||
140,439 | ||||||||
Italy: 0.5% | ||||||||
Enel Finance International NV 144A 6.00%, 10/07/39 |
25 | 25,034 | ||||||
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27 |
50 | 44,276 | ||||||
69,310 | ||||||||
Japan: 0.7% | ||||||||
Nomura Holdings, Inc. | ||||||||
1.65%, 07/14/26 | 50 | 44,341 | ||||||
2.65%, 01/16/25 | 50 | 47,452 | ||||||
91,793 | ||||||||
Mexico: 0.4% | ||||||||
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 |
50 | 45,700 | ||||||
Netherlands: 1.5% | ||||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 39,434 | ||||||
3.68%, 01/21/30 | 50 | 42,650 | ||||||
4.03%, 08/03/50 | 50 | 31,917 | ||||||
4.99%, 01/19/52 | 100 | 73,639 | ||||||
187,640 | ||||||||
Norway: 0.4% | ||||||||
DNB Bank ASA 144A 0.86% (US Treasury Yield Curve Rate T 1 Year+0.33%), 09/30/25 |
50 | 46,848 | ||||||
Panama: 0.3% | ||||||||
AES Panama Generation Holdings SRL 144A |
See Notes to Financial Statements
88 |
Par (000’s |
) | Value | ||||||
Panama (continued) | ||||||||
4.38%, 05/31/30 | $ | 50 | $ | 43,421 | ||||
Saudi Arabia: 3.0% | ||||||||
Saudi Arabian Oil Co. 144A | ||||||||
3.25%, 11/24/50 | 75 | 54,047 | ||||||
3.50%, 04/16/29 | 75 | 70,967 | ||||||
3.50%, 11/24/70 | 50 | 34,128 | ||||||
4.25%, 04/16/39 | 150 | 138,023 | ||||||
4.38%, 04/16/49 | 100 | 88,590 | ||||||
385,755 | ||||||||
Switzerland: 2.4% | ||||||||
UBS Group AG 144A 1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27 |
50 | 44,244 | ||||||
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 |
50 | 35,735 | ||||||
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27 |
100 | 96,451 | ||||||
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33 |
150 | 141,714 | ||||||
318,144 | ||||||||
Taiwan: 0.8% | ||||||||
TSMC Global Ltd. 144A | ||||||||
0.75%, 09/28/25 | 50 | 45,499 | ||||||
1.25%, 04/23/26 | 50 | 45,477 | ||||||
90,976 | ||||||||
United Kingdom: 7.3% | ||||||||
Barclays Plc 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 |
100 | 81,340 | ||||||
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32 |
100 | 79,704 | ||||||
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 |
100 | 72,571 | ||||||
4.38%, 01/12/26 | 50 | 48,754 | ||||||
5.25%, 08/17/45 | 50 | 47,003 | ||||||
5.50% (US Treasury Yield Curve Rate T 1 Year+2.65%), 08/09/28 |
50 | 49,904 | ||||||
Credit Agricole SA 144A 1.91% (SOFR+1.68%), 06/16/26 |
50 | 46,308 | ||||||
3.25%, 10/04/24 | 50 | 48,496 | ||||||
4.12%, 01/10/27 | 100 | 97,009 | ||||||
Ferguson Finance Plc 144A 4.50%, 10/24/28 |
50 | 48,628 | ||||||
HSBC Holdings Plc 5.40% (SOFR+2.87%), 08/11/33 |
50 | 49,601 | ||||||
Lloyds Banking Group Plc 4.55%, 08/16/28 |
50 | 48,279 |
Par (000’s |
) | Value | ||||||
United Kingdom (continued) | ||||||||
Reckitt Benckiser Treasury Services Plc 144A 2.75%, 06/26/24 |
$ | 50 | $ | 48,772 | ||||
Sky Ltd. 144A 3.75%, 09/16/24 |
50 | 49,111 | ||||||
Standard Chartered Plc 144A 4.30% (ICE LIBOR USD 3 Month+1.91%), 05/21/30 |
75 | 69,540 | ||||||
UBS AG 144A 0.70%, 08/09/24 |
25 | 23,475 | ||||||
908,495 | ||||||||
United States: 66.2% | ||||||||
Alphabet, Inc. 2.00%, 08/15/26 |
50 | 47,222 | ||||||
Altria Group, Inc. | ||||||||
2.45%, 02/04/32 | 75 | 59,718 | ||||||
3.40%, 02/04/41 | 25 | 17,706 | ||||||
4.25%, 08/09/42 | 100 | 78,917 | ||||||
4.80%, 02/14/29 | 100 | 99,357 | ||||||
5.38%, 01/31/44 | 25 | 22,934 | ||||||
5.80%, 02/14/39 | 50 | 49,426 | ||||||
5.95%, 02/14/49 | 60 | 56,710 | ||||||
Apple, Inc. | ||||||||
1.40%, 08/05/28 | 150 | 132,022 | ||||||
2.05%, 09/11/26 | 100 | 93,878 | ||||||
4.10%, 08/08/62 | 50 | 44,411 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 21,854 | ||||||
2.88%, 06/15/28 † | 25 | 21,029 | ||||||
4.20%, 06/10/24 | 100 | 97,504 | ||||||
AT&T, Inc. | ||||||||
3.65%, 09/15/59 | 175 | 123,938 | ||||||
3.85%, 06/01/60 | 75 | 55,496 | ||||||
Bayer US Finance LLC 144A 3.38%, 10/08/24 |
25 | 24,406 | ||||||
Becton Dickinson & Co. 3.36%, 06/06/24 |
25 | 24,573 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 | 25 | 17,314 | ||||||
4.25%, 10/15/50 | 50 | 43,745 | ||||||
4.45%, 01/15/49 | 50 | 45,488 | ||||||
5.15%, 11/15/43 | 25 | 25,133 | ||||||
6.12%, 04/01/36 | 100 | 112,192 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
2.85%, 10/15/50 | 75 | 53,898 | ||||||
4.20%, 08/15/48 | 110 | 101,929 | ||||||
Berkshire Hathaway, Inc. 4.50%, 02/11/43 |
50 | 48,710 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 |
25 | 22,730 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 |
50 | 48,968 | ||||||
Blackstone Holdings Finance Co. LLC 144A | ||||||||
3.20%, 01/30/52 | 50 | 31,950 | ||||||
6.20%, 04/22/33 | 25 | 26,096 |
See Notes to Financial Statements
89 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Broadcom, Inc. 144A 4.93%, 05/15/37 |
$ | 50 | $ | 45,678 | ||||
Cameron LNG LLC 144A | ||||||||
3.30%, 01/15/35 | 25 | 21,689 | ||||||
3.70%, 01/15/39 | 75 | 63,653 | ||||||
CF Industries, Inc. 144A 4.50%, 12/01/26 |
25 | 24,568 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital |
||||||||
2.25%, 01/15/29 | 25 | 20,986 | ||||||
3.85%, 04/01/61 | 50 | 30,653 | ||||||
4.91%, 07/23/25 | 100 | 99,094 | ||||||
5.05%, 03/30/29 | 100 | 96,940 | ||||||
5.38%, 05/01/47 | 25 | 20,481 | ||||||
6.48%, 10/23/45 | 100 | 92,749 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 25 | 23,412 | ||||||
5.12%, 06/30/27 | 50 | 50,260 | ||||||
5.88%, 03/31/25 | 50 | 50,405 | ||||||
Cheniere Energy, Inc. 4.62%, 10/15/28 |
25 | 23,853 | ||||||
Conagra Brands, Inc. 4.30%, 05/01/24 |
50 | 49,514 | ||||||
Constellation Brands, Inc. 3.15%, 08/01/29 |
50 | 45,978 | ||||||
Corning, Inc. 5.45%, 11/15/79 |
25 | 23,517 | ||||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 |
25 | 20,940 | ||||||
Deutsche Bank AG 0.90%, 05/28/24 |
50 | 47,214 | ||||||
1.69%, 03/19/26 | 50 | 44,790 | ||||||
2.13% (SOFR+1.87%), 11/24/26 |
100 | 89,031 | ||||||
3.04% (SOFR+1.72%), 05/28/32 † |
50 | 39,918 | ||||||
3.55% (SOFR+3.04%), 09/18/31 |
50 | 42,067 | ||||||
3.96% (SOFR+2.58%), 11/26/25 † |
50 | 47,812 | ||||||
DH Europe Finance II Sarl 2.60%, 11/15/29 |
50 | 45,165 | ||||||
Duke Energy Carolinas LLC 4.95%, 01/15/33 |
25 | 25,702 | ||||||
Duke Energy Corp. 2.65%, 09/01/26 |
100 | 93,945 | ||||||
EMD Finance LLC 144A 3.25%, 03/19/25 |
50 | 48,505 | ||||||
Fiserv, Inc. 2.75%, 07/01/24 |
75 | 72,897 | ||||||
Florida Power & Light Co. 3.15%, 10/01/49 |
100 | 75,663 | ||||||
FS KKR Capital Corp. 3.40%, 01/15/26 |
25 | 22,821 | ||||||
General Mills, Inc. |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
4.00%, 04/17/25 | $ | 25 | $ | 24,703 | ||||
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 |
75 | 73,689 | ||||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | 175 | 166,000 | ||||||
5.25%, 04/15/25 | 75 | 75,202 | ||||||
5.25%, 06/15/26 | 25 | 25,101 | ||||||
5.50%, 06/15/47 | 125 | 117,730 | ||||||
Home Depot, Inc. 5.95%, 04/01/41 |
50 | 56,164 | ||||||
HSBC USA, Inc. 3.50%, 06/23/24 |
50 | 49,111 | ||||||
International Flavors & Fragrances, Inc. 144A |
||||||||
1.23%, 10/01/25 | 25 | 22,477 | ||||||
2.30%, 11/01/30 | 50 | 40,668 | ||||||
3.47%, 12/01/50 | 50 | 34,374 | ||||||
J.M. Smucker Co. 3.50%, 03/15/25 |
25 | 24,424 | ||||||
Jackson National Life Global Funding 144A 1.75%, 01/12/25 |
|
|
25 |
|
|
|
23,389 |
|
Keurig Dr. Pepper, Inc. | ||||||||
3.95%, 04/15/29 | 50 | 48,320 | ||||||
4.05%, 04/15/32 † | 50 | 47,527 | ||||||
4.60%, 05/25/28 | 50 | 50,292 | ||||||
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 |
25 | 23,482 | ||||||
Kraft Heinz Foods Co. 3.00%, 06/01/26 |
50 | 47,907 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 |
50 | 57,296 | ||||||
Lowe’s Cos, Inc. 5.80%, 09/15/62 |
50 | 50,397 | ||||||
McCormick & Co., Inc. 3.40%, 08/15/27 |
25 | 23,862 | ||||||
McDonald’s Corp. | ||||||||
3.50%, 07/01/27 | 25 | 24,335 | ||||||
3.60%, 07/01/30 | 25 | 23,832 | ||||||
3.62%, 09/01/49 | 75 | 59,631 | ||||||
3.80%, 04/01/28 | 75 | 73,920 | ||||||
4.45%, 03/01/47 | 25 | 22,888 | ||||||
4.70%, 12/09/35 | 50 | 50,034 | ||||||
4.88%, 12/09/45 | 50 | 48,469 | ||||||
6.30%, 10/15/37 | 50 | 57,233 | ||||||
Meta Platforms, Inc. 4.65%, 08/15/62 |
50 | 44,371 | ||||||
Metropolitan Life Global Funding I 144A 1.88%, 01/11/27 |
75 | 67,611 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 |
25 | 23,467 | ||||||
2.62%, 03/17/27 | 50 | 46,874 | ||||||
2.62%, 09/04/50 | 25 | 16,739 | ||||||
2.75%, 04/13/30 | 25 | 22,219 | ||||||
Morgan Stanley |
See Notes to Financial Statements
90 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
1.79% (SOFR+1.03%), 02/13/32 |
$ | 75 | $ | 59,251 | ||||
1.93% (SOFR+1.02%), 04/28/32 |
75 | 59,707 | ||||||
Nestle Holdings, Inc. 144A 3.50%, 09/24/25 |
75 | 73,518 | ||||||
NextEra Energy Capital Holdings, Inc. 6.05%, 03/01/25 |
75 | 76,284 | ||||||
Oracle Corp. | ||||||||
3.85%, 07/15/36 | 75 | 64,192 | ||||||
4.12%, 05/15/45 | 100 | 78,927 | ||||||
4.30%, 07/08/34 | 50 | 46,134 | ||||||
4.38%, 05/15/55 | 50 | 39,996 | ||||||
5.38%, 07/15/40 | 100 | 96,434 | ||||||
6.50%, 04/15/38 | 50 | 54,653 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 |
50 | 44,835 | ||||||
Pacific Gas and Electric Co. 3.25%, 06/01/31 |
50 | 42,339 | ||||||
3.50%, 08/01/50 | 50 | 32,669 | ||||||
3.75%, 07/01/28 | 75 | 69,380 | ||||||
4.50%, 07/01/40 | 50 | 40,703 | ||||||
4.55%, 07/01/30 | 75 | 69,758 | ||||||
4.95%, 07/01/50 | 100 | 81,494 | ||||||
6.15%, 01/15/33 | 50 | 50,779 | ||||||
PepsiCo, Inc. | ||||||||
2.38%, 10/06/26 | 25 | 23,719 | ||||||
2.75%, 04/30/25 | 100 | 97,114 | ||||||
2.75%, 03/19/30 | 25 | 22,958 | ||||||
Philip Morris International, Inc. | ||||||||
2.88%, 05/01/24 | 50 | 48,982 | ||||||
3.38%, 08/15/29 | 75 | 69,638 | ||||||
4.12%, 03/04/43 | 50 | 41,337 | ||||||
4.38%, 11/15/41 | 65 | 56,516 | ||||||
5.62%, 11/17/29 | 25 | 26,127 | ||||||
5.75%, 11/17/32 | 50 | 52,562 | ||||||
6.38%, 05/16/38 | 50 | 55,382 | ||||||
Procter & Gamble Co. 2.45%, 11/03/26 |
50 | 47,571 | ||||||
Public Service Co. of Colorado 1.88%, 06/15/31 |
50 | 41,401 | ||||||
Public Service Enterprise Group, Inc. 2.88%, 06/15/24 |
25 | 24,350 | ||||||
Republic Services, Inc. 2.50%, 08/15/24 |
50 | 48,465 | ||||||
San Diego Gas & Electric Co. 1.70%, 10/01/30 |
75 | 61,825 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 |
50 | 48,021 | ||||||
Southern Co. 3.25%, 07/01/26 |
50 | 47,945 | ||||||
Sprint Capital Corp. 6.88%, 11/15/28 |
50 | 53,949 | ||||||
8.75%, 03/15/32 | 25 | 30,580 |
Par (000’s |
) | Value | ||||||
United States (continued) | ||||||||
Sprint LLC 7.62%, 02/15/25 |
$ | 150 | $ | 154,709 | ||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 | 25 | 19,067 | ||||||
5.88%, 11/15/40 | 25 | 22,263 | ||||||
6.55%, 05/01/37 | 100 | 97,549 | ||||||
6.75%, 06/15/39 | 75 | 72,986 | ||||||
T-Mobile USA, Inc. | ||||||||
1.50%, 02/15/26 | 25 | 22,920 | ||||||
3.00%, 02/15/41 | 25 | 18,597 | ||||||
3.30%, 02/15/51 | 50 | 35,718 | ||||||
3.50%, 04/15/25 | 50 | 48,665 | ||||||
3.75%, 04/15/27 | 150 | 144,533 | ||||||
3.88%, 04/15/30 | 125 | 117,764 | ||||||
United Rentals North America, Inc. 144A 6.00%, 12/15/29 |
50 | 50,789 | ||||||
Verisk Analytics, Inc. 4.00%, 06/15/25 |
25 | 24,498 | ||||||
Verizon Communications, Inc. | ||||||||
3.70%, 03/22/61 | 75 | 55,830 | ||||||
4.02%, 12/03/29 | 150 | 144,108 | ||||||
4.12%, 03/16/27 | 125 | 123,899 | ||||||
4.33%, 09/21/28 | 50 | 49,494 | ||||||
VICI Properties LP | ||||||||
4.75%, 02/15/28 | 50 | 48,268 | ||||||
5.12%, 05/15/32 | 50 | 47,764 | ||||||
5.62%, 05/15/52 | 25 | 22,642 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.50%, 02/15/25 | 50 | 48,103 | ||||||
4.25%, 12/01/26 | 75 | 71,557 | ||||||
5.62%, 05/01/24 | 50 | 49,803 | ||||||
Walt Disney Co. 6.20%, 12/15/34 |
25 | 28,596 | ||||||
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 |
50 | 47,703 | ||||||
Weyerhaeuser Co. 4.00%, 04/15/30 † |
50 | 47,307 | ||||||
8,407,519 | ||||||||
Total Corporate Bonds (Cost: $13,282,431) |
12,482,855 | |||||||
Number
of Shares |
||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7% | |
|
|
|
| |||
Money Market Fund: 1.7% (Cost: $214,133) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio |
214,133 | 214,133 |
See Notes to Financial Statements
91 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Number
of Shares (continued) |
Value | |||
Total Investments: 100.1%
(Cost: $13,496,564) |
$ | 12,696,988 | ||
Liabilities in excess of other assets: (0.1)% | (13,323) | |||
NET ASSETS: 100.0% | $ | 12,683,665 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $208,434. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,439,462, or 27.1% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 28.1 | % | $ | 3,510,249 | ||||
Technology | 19.1 | 2,390,752 | ||||||
Consumer Non-Cyclicals | 16.6 | 2,075,242 | ||||||
Consumer Cyclicals | 8.9 | 1,117,379 | ||||||
Utilities | 8.1 | 1,010,245 | ||||||
Energy | 6.3 | 787,013 | ||||||
Industrials | 4.5 | 557,040 | ||||||
Healthcare | 3.9 | 481,516 | ||||||
Real Estate | 3.3 | 409,133 | ||||||
Basic Materials | 1.2 | 144,286 | ||||||
100.0 | % | $ | 12,482,855 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 12,482,855 | $ | — | $ | 12,482,855 | ||||||||
Money Market Fund | 214,133 | — | — | 214,133 | ||||||||||||
Total Investments | $ | 214,133 | $ | 12,482,855 | $ | — | $ | 12,696,988 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
92 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Financial Services: 99.8% | ||||||||
AGNC Investment Corp. | 1,605,158 | $ | 15,907,116 | |||||
Annaly Capital Management, Inc. † | 1,215,666 | 24,289,007 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 691,401 | 6,996,978 | ||||||
Arbor Realty Trust, Inc. † | 699,627 | 8,024,722 | ||||||
Ares Commercial Real Estate Corp. † | 378,279 | 3,256,982 | ||||||
ARMOUR Residential REIT, Inc. † | 1,088,647 | 5,552,100 | ||||||
Blackstone Mortgage Trust, Inc. † | 507,267 | 9,252,550 | ||||||
BrightSpire Capital, Inc. | 514,293 | 2,931,470 | ||||||
Broadmark Realty Capital, Inc. † | 823,382 | 4,042,805 | ||||||
Chimera Investment Corp. † | 1,309,173 | 7,436,103 | ||||||
Claros Mortgage Trust, Inc. | 304,349 | 3,640,014 | ||||||
Dynex Capital, Inc. † | 372,924 | 4,422,879 | ||||||
Ellington Financial, Inc. † | 375,135 | 4,790,474 | ||||||
Franklin BSP Realty Trust, Inc. † | 449,920 | 5,682,489 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 340,874 | 9,674,004 | ||||||
KKR Real Estate Finance Trust, Inc. † | 306,951 | 3,296,654 |
Number of Shares |
Value | |||||||
Financial Services (continued) | ||||||||
Ladder Capital Corp. | 742,950 | $ | 6,946,582 | |||||
MFA Financial, Inc. | 491,113 | 5,249,998 | ||||||
New York Mortgage Trust, Inc. † | 523,862 | 5,385,301 | ||||||
Orchid Island Capital, Inc. † | 247,204 | 2,645,083 | ||||||
PennyMac Mortgage Investment Trust † | 435,061 | 5,407,808 | ||||||
Ready Capital Corp. † | 583,645 | 6,262,511 | ||||||
Redwood Trust, Inc. † | 607,263 | 3,813,612 | ||||||
Rithm Capital Corp. | 1,400,179 | 11,425,461 | ||||||
Starwood Property Trust, Inc. † | 867,711 | 15,523,350 | ||||||
Two Harbors Investment Corp. | 523,792 | 7,296,422 | ||||||
Total Common Stocks (Cost: $252,557,358) |
189,152,475 | |||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1% |
||||||||
Money Market Fund:
8.1% (Cost: $15,312,549) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 15,312,549 | 15,312,549 | ||||||
Total Investments:
107.9% (Cost: $267,869,907) |
204,465,024 | |||||||
Liabilities in excess of other assets: (7.9)% | (15,032,547) | |||||||
NET ASSETS: 100.0% | $ | 189,432,477 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $50,909,349. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
Financials | 100.0 | % | $ | 189,152,475 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 189,152,475 | $ | — | $ | — | $ | 189,152,475 | ||||||||
Money Market Fund | 15,312,549 | — | — | 15,312,549 | ||||||||||||
Total Investments | $ | 204,465,024 | $ | — | $ | — | $ | 204,465,024 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
93 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Number of Shares |
Value | |||||||
PREFERRED SECURITIES: 100.0% | ||||||||
Basic Materials: 2.9% | ||||||||
ArcelorMittal SA 5.50%, 05/18/23 |
450,266 | $ | 30,266,881 | |||||
Consumer Cyclicals: 7.5% | ||||||||
Aptiv Plc 5.50%, 06/15/23 |
211,569 | 23,947,495 | ||||||
Ford Motor Co. | ||||||||
6.00%, 12/01/59 † | 595,610 | 14,497,147 | ||||||
6.20%, 06/01/59 † | 558,384 | 14,015,438 | ||||||
6.50%, 08/15/62 | 446,707 | 10,761,172 | ||||||
Paramount Global 5.75%, 04/01/24 † |
186,129 | 5,924,486 | ||||||
Qurate Retail, Inc. 8.00%, 03/15/31 † |
236,345 | 7,243,974 | ||||||
QVC, Inc. 6.25%, 11/26/68 |
372,404 | 3,310,672 | ||||||
79,700,384 | ||||||||
Consumer Non-Cyclicals: 4.5% | ||||||||
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 |
186,129 | 3,212,586 | ||||||
CHS, Inc. 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 |
366,673 | 9,196,159 | ||||||
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 312,696 | 7,754,861 | ||||||
7.50%, 01/21/25 † | 385,285 | 10,175,377 | ||||||
7.88%, 09/26/23 | 399,431 | 10,449,115 | ||||||
8.00%, 07/18/23 † | 228,417 | 6,799,974 | ||||||
47,588,072 | ||||||||
Energy: 4.7% | ||||||||
Energy Transfer LP 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † |
335,030 | 8,013,918 | ||||||
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 † | 595,610 | 13,770,503 | ||||||
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 331,307 | 7,782,401 | ||||||
NGL Energy Partners LP 12.47% (ICE LIBOR USD 3 Month+7.21%) |
234,224 | 5,548,766 | ||||||
NuStar Energy LP 10.94% (ICE LIBOR USD 3 Month+5.64%) |
286,637 | 6,612,716 | ||||||
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 |
299,666 | 7,653,470 | ||||||
49,381,774 | ||||||||
Financial Services: 7.8% | ||||||||
AGNC Investment Corp. 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 † |
428,095 | 8,745,981 | ||||||
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 299,666 | 6,457,802 | ||||||
10.41% (ICE LIBOR USD 3 Month+5.11%) | 241,966 | 5,998,337 |
Number of Shares |
Value | |||||||
Financial Services (continued) | ||||||||
Annaly Capital Management, Inc. 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 |
329,447 | $ | 7,880,372 | |||||
9.33% (ICE LIBOR USD 3 Month+4.17%) † | 316,418 | 7,590,868 | ||||||
10.16% (ICE LIBOR USD 3 Month+4.99%) | 536,048 | 13,369,037 | ||||||
Chimera Investment Corp. 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 † |
193,574 | 3,710,814 | ||||||
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | 241,966 | 4,907,070 | ||||||
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 † |
204,741 | 3,754,950 | ||||||
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 |
186,129 | 3,419,190 | ||||||
Rithm Capital Corp. 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 |
296,018 | 5,488,174 | ||||||
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 209,582 | 4,321,581 | ||||||
Two Harbors Investment Corp. 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 † |
187,227 | 3,557,313 | ||||||
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 | 199,405 | 3,788,695 | ||||||
82,990,184 | ||||||||
Healthcare: 4.8% | ||||||||
Becton Dickinson & Co. 6.00%, 06/01/23 |
554,430 | 28,031,981 | ||||||
Boston Scientific Corp. 5.50%, 06/01/23 |
185,333 | 23,301,918 | ||||||
51,333,899 | ||||||||
Industrials: 5.2% | ||||||||
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 † |
223,355 | 3,841,706 | ||||||
Chart Industries, Inc. 6.75%, 12/15/25 |
149,836 | 8,401,304 | ||||||
Clarivate Plc 5.25%, 06/01/24 |
267,559 | 10,702,360 | ||||||
Crestwood Equity Partners LP 9.25% |
1,326,349 | 12,069,776 | ||||||
RBC Bearings, Inc. 5.00%, 10/15/24 † |
85,619 | 9,460,043 | ||||||
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 |
400,773 | 10,901,026 | ||||||
55,376,215 | ||||||||
Real Estate: 0.7% | ||||||||
Brookfield Property Preferred LP 6.25%, 07/26/81 † |
499,642 | 7,504,623 |
See Notes to Financial Statements
94 |
Number of Shares |
Value | |||||||
Real Estate Investment Trusts: 11.4% | ||||||||
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26 |
211,143 | $ | 3,847,025 | |||||
Digital Realty Trust, Inc. 5.20%, 10/10/24 |
256,856 | 5,722,752 | ||||||
DigitalBridge Group, Inc. 7.12% † |
216,209 | 4,460,392 | ||||||
7.15% | 239,514 | 4,910,037 | ||||||
Diversified Healthcare Trust 5.62%, 08/01/42 |
260,582 | 2,991,481 | ||||||
6.25%, 02/01/46 † | 186,129 | 2,343,364 | ||||||
Franklin BSP Realty Trust, Inc. 7.50% |
192,234 | 3,790,854 | ||||||
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 |
316,418 | 2,942,687 | ||||||
Kimco Realty Corp. 5.25% † |
195,062 | 4,463,019 | ||||||
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 |
244,052 | 3,968,286 | ||||||
Public Storage 3.88%, 10/06/25 † |
210,325 | 3,928,871 | ||||||
4.00%, 11/19/26 † | 773,403 | 14,736,855 | ||||||
4.10%, 01/13/27 | 186,129 | 3,575,538 | ||||||
4.62%, 06/17/25 | 420,652 | 9,157,594 | ||||||
4.70%, 11/15/24 | 192,680 | 4,204,278 | ||||||
4.88%, 09/12/24 † | 235,416 | 5,409,860 | ||||||
5.05% † | 223,355 | 5,461,030 | ||||||
5.15% † | 208,463 | 5,134,444 | ||||||
5.60%, 03/11/24 † | 212,185 | 5,436,180 | ||||||
Rithm Capital Corp. 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 |
346,199 | 6,913,594 | ||||||
RLJ Lodging Trust 1.95% |
239,658 | 5,790,137 | ||||||
Vornado Realty Trust 4.45%, 09/22/26 |
223,355 | 2,450,204 | ||||||
5.25% † | 461,227 | 5,717,796 | ||||||
5.40% † | 223,355 | 2,975,089 | ||||||
120,331,367 | ||||||||
Technology: 13.9% | ||||||||
AT&T, Inc. 4.75%, 02/18/25 † |
1,302,900 | 27,204,552 | ||||||
5.00%, 12/12/24 † | 893,414 | 19,887,396 | ||||||
5.35%, 11/01/66 | 984,617 | 23,355,115 | ||||||
5.62%, 08/01/67 † | 614,222 | 15,392,403 | ||||||
Coherent Corp. 6.00%, 07/01/23 |
42,810 | 6,824,770 | ||||||
Pitney Bowes, Inc. 6.70%, 03/07/43 † |
316,418 | 4,739,942 | ||||||
Qwest Corp. 6.50%, 09/01/56 |
727,761 | 9,693,777 | ||||||
6.75%, 06/15/57 | 491,378 | 6,820,327 | ||||||
Sabre Corp. 6.50%, 09/01/23 |
61,236 | 3,668,036 |
Number of Shares |
Value | |||||||
Technology (continued) | ||||||||
Telephone and Data Systems, Inc. | ||||||||
6.00%, 09/30/26 | 513,714 | $ | 6,899,179 | |||||
6.62%, 03/31/26 | 312,696 | 4,681,059 | ||||||
United States Cellular Corp. | ||||||||
5.50%, 03/01/70 | 372,256 | 5,632,233 | ||||||
5.50%, 06/01/70 † | 372,256 | 5,676,904 | ||||||
6.25%, 09/01/69 | 372,256 | 6,250,178 | ||||||
146,725,871 | ||||||||
Utilities: 36.6% | ||||||||
AES Corp. 6.88%, 02/15/24 |
194,131 | 17,473,731 | ||||||
Algonquin Power & Utilities Corp. 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 |
260,582 | 5,962,116 | ||||||
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 † | 214,048 | 4,957,352 | ||||||
7.75%, 06/15/24 | 428,095 | 12,958,436 | ||||||
American Electric Power Co., Inc. 6.12%, 08/15/23 |
316,418 | 16,086,691 | ||||||
Brookfield BRP Holdings Canada, Inc. 4.62%, 04/30/26 |
260,582 | 4,200,582 | ||||||
4.88%, 12/09/26 † | 193,574 | 3,133,963 | ||||||
CMS Energy Corp. 5.88%, 10/15/78 |
208,463 | 5,184,475 | ||||||
5.88%, 03/01/79 | 469,043 | 11,646,338 | ||||||
DTE Energy Co. 4.38%, 12/01/81 † |
208,463 | 4,506,970 | ||||||
5.25%, 12/01/77 † | 297,804 | 7,108,582 | ||||||
Duke Energy Corp. 5.62%, 09/15/78 † |
372,256 | 9,325,013 | ||||||
5.75%, 06/15/24 † | 744,515 | 19,171,261 | ||||||
Entergy Arkansas LLC 4.88%, 09/01/66 † |
305,251 | 7,130,663 | ||||||
Entergy Louisiana LLC 4.88%, 09/01/66 † |
201,018 | 4,776,188 | ||||||
Entergy Mississippi LLC 4.90%, 10/01/66 |
193,574 | 4,607,061 | ||||||
Georgia Power Co. 5.00%, 10/01/77 † |
201,018 | 5,025,450 | ||||||
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 † |
511,852 | 13,144,359 | ||||||
NextEra Energy, Inc. 6.22%, 09/01/23 |
744,515 | 36,540,796 | ||||||
6.93%, 09/01/25 | 744,515 | 35,245,340 | ||||||
NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 † |
372,256 | 9,287,787 | ||||||
7.75%, 03/01/24 | 160,535 | 17,021,526 | ||||||
PG&E Corp. 5.50%, 08/16/23 |
297,804 | 44,637,842 | ||||||
SCE Trust III |
See Notes to Financial Statements
95 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Utilities (continued) | ||||||||
5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † | 204,741 | $ | 4,381,457 | |||||
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 |
241,966 | 4,924,008 | ||||||
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 |
223,355 | 4,976,349 | ||||||
SCE Trust VI 5.00% |
353,644 | 6,998,615 | ||||||
Sempra Energy 5.75%, 07/01/79 |
563,971 | 13,896,246 | ||||||
South Jersey Industries, Inc. 8.75%, 04/01/24 † |
108,735 | 7,633,197 | ||||||
Southern Co. 4.20%, 10/15/60 |
558,384 | 11,318,444 | ||||||
4.95%, 01/30/80 † | 744,515 | 17,190,851 | ||||||
5.25%, 12/01/77 † | 335,030 | 8,362,349 | ||||||
Spire, Inc. 5.90%, 08/15/24 † |
186,129 | 4,748,151 |
Number of Shares |
Value | |||||||
Utilities (continued) | ||||||||
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 |
188,767 | $ | 4,190,627 | |||||
387,752,816 | ||||||||
Total Preferred Securities (Cost: $1,166,680,671) |
1,058,952,086 | |||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7% |
||||||||
Money Market Fund: 3.7% (Cost: $39,388,693) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 39,388,693 | 39,388,693 | ||||||
Total Investments: 103.7% (Cost: $1,206,069,364) |
1,098,340,779 | |||||||
Liabilities in excess of other assets: (3.7)% | (38,696,383) | |||||||
NET ASSETS: 100.0% | $ | 1,059,644,396 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $39,470,761. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | |||||||
Electric Utilities & IPPs | 27.8 | % | $ | 294,457,192 | |||||
Residential & Commercial REITs | 18.8 | 199,353,265 | |||||||
Telecommunications Services | 12.4 | 131,493,123 | |||||||
Multiline Utilities | 7.7 | 80,914,276 | |||||||
Automobiles & Auto Parts | 6.0 | 63,221,252 | |||||||
Healthcare Equipment & Supplies | 4.8 | 51,333,899 | |||||||
Food & Tobacco | 4.2 | 44,375,486 | |||||||
Oil & Gas Related Equipment and Services | 4.2 | 43,833,008 | |||||||
Metals & Mining | 2.9 | 30,266,881 | |||||||
Machinery; Equipment & Components | 2.7 | 28,762,373 | |||||||
Professional & Commercial Services | 2.5 | 26,613,842 | |||||||
Natural Gas Utilities | 1.1 | 12,381,348 | |||||||
Diversified Retail | 1.0 | 10,554,646 | |||||||
Real Estate Operations | 0.7 | 7,504,623 | |||||||
Electronic Equipment & Parts | 0.6 | 6,824,770 | |||||||
Hotels & Entertainment Services | 0.5 | 5,924,486 | |||||||
Oil & Gas | 0.5 | 5,548,766 | |||||||
Office Equipment | 0.5 | 4,739,942 | |||||||
Investment Banking & Investment Services | 0.4 | 3,968,286 | |||||||
Software & IT Services | 0.4 | 3,668,036 | |||||||
Consumer Goods Conglomerates | 0.3 | 3,212,586 | |||||||
100.0 | % | $ | 1,058,952,086 |
See Notes to Financial Statements
96 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Preferred Securities | ||||||||||||||||
Basic Materials | $ | 30,266,881 | $ | — | $ | — | $ | 30,266,881 | ||||||||
Consumer Cyclicals | 79,700,384 | — | — | 79,700,384 | ||||||||||||
Consumer Non-Cyclicals | 47,588,072 | — | — | 47,588,072 | ||||||||||||
Energy | 49,381,774 | — | — | 49,381,774 | ||||||||||||
Financials | 3,968,286 | — | — | 3,968,286 | ||||||||||||
Healthcare | 51,333,899 | — | — | 51,333,899 | ||||||||||||
Industrials | 55,376,215 | — | — | 55,376,215 | ||||||||||||
Real Estate | 206,857,888 | — | — | 206,857,888 | ||||||||||||
Technology | 146,725,871 | — | — | 146,725,871 | ||||||||||||
Utilities | 380,119,619 | 7,633,197 | — | 387,752,816 | ||||||||||||
Money Market Fund | 39,388,693 | — | — | 39,388,693 | ||||||||||||
Total Investments | $ | 1,090,707,582 | $ | 7,633,197 | $ | — | $ | 1,098,340,779 |
See Notes to Financial Statements
97 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
BDC Income ETF | China Bond ETF | Dynamic High Income ETF |
Emerging Markets High Yield Bond ETF |
||||||||||||||
Assets: | |||||||||||||||||
Investments, at value (1) | |||||||||||||||||
Unaffiliated issuers (2) | $ | 577,603,331 | $ | 41,234,674 | $ | 83,546 | $ | 418,105,676 | |||||||||
Affiliated issuers (3) | — | — | 437,678 | — | |||||||||||||
Short-term investments held as collateral for securities loaned (4) | 92,435,917 | — | — | 32,767,820 | |||||||||||||
Cash | 9,439 | — | 1,254 | 5,748,047 | |||||||||||||
Cash denominated in foreign currency, at value (5) | — | 1,395,399 | (a) | — | 2,121 | ||||||||||||
Receivables: | |||||||||||||||||
Investment securities sold | — | 48,685 | 4,129 | 8,690,503 | |||||||||||||
Shares of beneficial interest sold | 1,453,933 | — | — | — | |||||||||||||
Dividends and interest | 663,745 | 562,770 | 763 | 7,754,655 | |||||||||||||
Due from custodian | — | 267,322 | — | — | |||||||||||||
Prepaid expenses | — | 994 | — | — | |||||||||||||
Total assets | 672,166,365 | 43,509,844 | 527,370 | 473,068,822 | |||||||||||||
Liabilities: | |||||||||||||||||
Payables: | |||||||||||||||||
Investment securities purchased | 1,453,981 | — | 5,594 | 9,106,155 | |||||||||||||
Collateral for securities loaned | 92,435,917 | — | — | 32,767,820 | |||||||||||||
Line of credit | 811,771 | — | — | — | |||||||||||||
Due to Adviser | 186,475 | 11,730 | 43 | 141,839 | |||||||||||||
Due to custodian | — | 7,420 | — | — | |||||||||||||
Deferred Trustee fees | 9,395 | 1,266 | — | 40,196 | |||||||||||||
Accrued expenses | 15,882 | 55,682 | — | — | |||||||||||||
Total liabilities | 94,913,421 | 76,098 | 5,637 | 42,056,010 | |||||||||||||
NET ASSETS | $ | 577,252,944 | $ | 43,433,746 | $ | 521,733 | $ | 431,012,812 | |||||||||
Shares outstanding | 39,700,000 | 1,900,000 | 20,000 | 23,700,000 | |||||||||||||
Net asset value, redemption and offering price per share | $ | 14.54 | $ | 22.86 | $ | 26.09 | $ | 18.19 | |||||||||
Net Assets consist of: | |||||||||||||||||
Aggregate paid in capital | $ | 719,869,300 | $ | 49,440,191 | $ | 501,082 | $ | 688,731,578 | |||||||||
Total distributable earnings (loss) | (142,616,356 | ) | (6,006,445 | ) | 20,651 | (257,718,766 | ) | ||||||||||
NET ASSETS | $ | 577,252,944 | $ | 43,433,746 | $ | 521,733 | $ | 431,012,812 | |||||||||
(1) | Value of securities on loan | $ | 141,163,568 | $ | — | $ | — | $ | 34,385,345 | ||||||||
(2) | Cost of investments - Unaffiliated issuers | $ | 617,312,326 | $ | 44,342,032 | $ | 78,090 | $ | 484,740,019 | ||||||||
(3) | Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 420,380 | $ | — | ||||||||
(4) | Cost of short-term investments held as collateral for securities loaned | $ | 92,435,917 | $ | — | $ | — | $ | 32,767,820 | ||||||||
(5) | Cost of cash denominated in foreign currency | $ | — | $ | 1,387,460 | $ | — | $ | 2,052 |
(a) | Includes $44,609 on foreign investor minimum settlement reserve funds (see Note 2H). |
See Notes to Financial Statements
98 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
Fallen Angel High Yield Bond ETF |
Green Bond ETF | IG Floating Rate ETF |
International High Yield Bond ETF |
||||||||||||||
Assets: | |||||||||||||||||
Investments, at value (1) | |||||||||||||||||
Unaffiliated issuers (2) | $ | 2,736,589,329 | $ | 74,565,745 | $ | 1,129,642,796 | $ | 64,646,108 | |||||||||
Short-term investments held as collateral for securities loaned (3) | 124,494,085 | 2,137,597 | 3,402,096 | 1,677,588 | |||||||||||||
Cash | 13,463,718 | 363,903 | 6,534,000 | 98,629 | |||||||||||||
Cash denominated in foreign currency, at value (4) | — | 7 | — | 298,491 | |||||||||||||
Receivables: | |||||||||||||||||
Investment securities sold | 154,963,464 | 502,463 | 35,952,223 | 1,700,253 | |||||||||||||
Shares of beneficial interest sold | 27,689,970 | — | — | — | |||||||||||||
Dividends and interest | 39,876,801 | 576,136 | 8,953,217 | 1,206,685 | |||||||||||||
Total assets | 3,097,077,367 | 78,145,851 | 1,184,484,332 | 69,627,754 | |||||||||||||
Liabilities: | |||||||||||||||||
Payables: | |||||||||||||||||
Investment securities purchased | 177,164,652 | 534,957 | 34,604,984 | 1,836,634 | |||||||||||||
Shares of beneficial interest redeemed | 11,084,556 | — | — | — | |||||||||||||
Collateral for securities loaned | 124,494,085 | 2,137,597 | 3,402,096 | 1,677,588 | |||||||||||||
Due to Adviser | 794,138 | 12,358 | 133,213 | 21,717 | |||||||||||||
Deferred Trustee fees | 67,963 | 1,073 | 21,618 | 33,385 | |||||||||||||
Accrued expenses | 6,316 | — | 1,569 | — | |||||||||||||
Total liabilities | 313,611,710 | 2,685,985 | 38,163,480 | 3,569,324 | |||||||||||||
NET ASSETS | $ | 2,783,465,657 | $ | 75,459,866 | $ | 1,146,320,852 | $ | 66,058,430 | |||||||||
Shares outstanding | 100,350,000 | 3,200,000 | 45,700,000 | 3,300,000 | |||||||||||||
Net asset value, redemption and offering price per share | $ | 27.74 | $ | 23.58 | $ | 25.08 | $ | 20.02 | |||||||||
Net Assets consist of: | |||||||||||||||||
Aggregate paid in capital | $ | 3,431,989,611 | $ | 87,760,822 | $ | 1,156,461,372 | $ | 92,230,435 | |||||||||
Total distributable earnings (loss) | (648,523,954 | ) | (12,300,956 | ) | (10,140,520 | ) | (26,172,005 | ) | |||||||||
NET ASSETS | $ | 2,783,465,657 | $ | 75,459,866 | $ | 1,146,320,852 | $ | 66,058,430 | |||||||||
(1) | Value of securities on loan | $ | 129,926,938 | $ | 6,034,699 | $ | 3,317,907 | $ | 1,682,952 | ||||||||
(2) | Cost of investments - Unaffiliated issuers | $ | 3,087,035,189 | $ | 83,131,344 | $ | 1,138,059,104 | $ | 73,082,017 | ||||||||
(3) | Cost of short-term investments held as collateral for securities loaned | $ | 124,494,085 | $ | 2,137,597 | $ | 3,402,096 | $ | 1,677,588 | ||||||||
(4) | Cost of cash denominated in foreign currency | $ | — | $ | 7 | $ | — | $ | 294,541 |
See Notes to Financial Statements
99 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
J.P. Morgan EM Local Currency Bond ETF |
Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF |
||||||||||||||
Assets: | |||||||||||||||||
Investments, at value (1) | |||||||||||||||||
Unaffiliated issuers (2) | $ | 3,153,353,521 | $ | 8,300,011 | $ | 12,482,855 | $ | 189,152,475 | |||||||||
Short-term investments held as collateral for securities loaned (3) | 91,541,238 | 179,987 | 214,133 | 15,312,549 | |||||||||||||
Cash | 1,285,849 | 49,914 | 99,100 | 183,741 | |||||||||||||
Cash denominated in foreign currency, at value (4) | 6,888,023 | — | — | — | |||||||||||||
Receivables: | |||||||||||||||||
Investment securities sold | 72,572,653 | 742,302 | 772,727 | — | |||||||||||||
Dividends and interest | 65,702,341 | 98,360 | 141,488 | 373,143 | |||||||||||||
Prepaid expenses | 13,689 | — | — | — | |||||||||||||
Total assets | 3,391,357,314 | 9,370,574 | 13,710,303 | 205,021,908 | |||||||||||||
Liabilities: | |||||||||||||||||
Payables: | |||||||||||||||||
Investment securities purchased | 42,844,879 | 744,029 | 810,428 | — | |||||||||||||
Shares of beneficial interest redeemed | 29,649,031 | — | — | — | |||||||||||||
Collateral for securities loaned | 91,541,238 | 179,987 | 214,133 | 15,312,549 | |||||||||||||
Line of credit | — | — | — | 193,417 | |||||||||||||
Due to Adviser | 778,030 | 1,728 | 2,077 | 55,504 | |||||||||||||
Deferred Trustee fees | 258,607 | — | — | 16,359 | |||||||||||||
Accrued expenses | 1,940,129 | — | — | 11,602 | |||||||||||||
Total liabilities | 167,011,914 | 925,744 | 1,026,638 | 15,589,431 | |||||||||||||
NET ASSETS | $ | 3,224,345,400 | $ | 8,444,830 | $ | 12,683,665 | $ | 189,432,477 | |||||||||
Shares outstanding | 128,322,682 | 400,000 | 600,000 | 17,200,000 | |||||||||||||
Net asset value, redemption and offering price per share | $ | 25.13 | $ | 21.11 | $ | 21.14 | $ | 11.01 | |||||||||
Net Assets consist of: | |||||||||||||||||
Aggregate paid in capital | $ | 4,090,910,368 | $ | 9,999,885 | $ | 14,999,828 | $ | 361,357,777 | |||||||||
Total distributable earnings (loss) | (866,564,968 | ) | (1,555,055 | ) | (2,316,163 | ) | (171,925,300 | ) | |||||||||
NET ASSETS | $ | 3,224,345,400 | $ | 8,444,830 | $ | 12,683,665 | $ | 189,432,477 | |||||||||
(1) | Value of securities on loan | $ | 87,798,667 | $ | 183,947 | $ | 208,434 | $ | 50,909,349 | ||||||||
(2) | Cost of investments - Unaffiliated issuers | $ | 3,474,675,710 | $ | 8,784,609 | $ | 13,282,431 | $ | 252,557,358 | ||||||||
(3) | Cost of short-term investments held as collateral for securities loaned | $ | 91,541,238 | $ | 179,987 | $ | 214,133 | $ | 15,312,549 | ||||||||
(4) | Cost of cash denominated in foreign currency | $ | 6,885,993 | $ | — | $ | — | $ | — |
See Notes to Financial Statements
100 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
Preferred Securities ex Financials ETF |
||||
Assets: | ||||
Investments, at value (1) | ||||
Unaffiliated issuers (2) | $ | 1,058,952,086 | ||
Short-term investments held as collateral for securities loaned (3) | 39,388,693 | |||
Cash | 4,485,080 | |||
Receivables: | ||||
Investment securities sold | 839,316 | |||
Shares of beneficial interest sold | 3,473,016 | |||
Dividends and interest | 3,068,604 | |||
Total assets | 1,110,206,795 | |||
Liabilities: | ||||
Payables: | ||||
Investment securities purchased | 10,774,891 | |||
Collateral for securities loaned | 39,388,693 | |||
Due to Adviser | 342,277 | |||
Deferred Trustee fees | 36,282 | |||
Accrued expenses | 20,256 | |||
Total liabilities | 50,562,399 | |||
NET ASSETS | $ | 1,059,644,396 | ||
Shares outstanding | 60,500,000 | |||
Net asset value, redemption and offering price per share | $ | 17.51 | ||
Net Assets consist of: | ||||
Aggregate paid in capital | $ | 1,235,177,953 | ||
Total distributable earnings (loss) | (175,533,557 | ) | ||
NET ASSETS | $ | 1,059,644,396 | ||
(1) Value of securities on loan | $ | 39,470,761 | ||
(2) Cost of investments - Unaffiliated issuers | $ | 1,166,680,671 | ||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 39,388,693 |
See Notes to Financial Statements
101 |
VANECK ETF TRUST
For the Year Ended April 30, 2023
BDC Income ETF | China Bond ETF | Dynamic High Income ETF (a) |
Emerging Markets High Yield Bond ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 59,355,749 | $ | — | $ | — | $ | — | ||||||||
Dividends - affiliated issuers | — | — | 11,272 | — | ||||||||||||
Interest | 22,979 | 2,469,335 | 716 | 34,301,109 | ||||||||||||
Securities lending income | 1,987,210 | — | — | 240,024 | ||||||||||||
Foreign taxes withheld | — | (1,423 | ) | — | — | |||||||||||
Total income | 61,365,938 | 2,467,912 | 11,988 | 34,541,133 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 2,197,290 | 326,972 | 258 | 2,133,780 | ||||||||||||
Professional fees | — | 32,580 | — | — | ||||||||||||
Custody and accounting fees | — | 20,805 | — | — | ||||||||||||
Reports to shareholders | — | 12,838 | — | — | ||||||||||||
Trustees’ fees and expenses | — | 2,764 | — | — | ||||||||||||
Registration fees | — | 7,673 | — | — | ||||||||||||
Insurance | — | 3,712 | — | — | ||||||||||||
Interest and taxes | 119,213 | 4,188 | — | 171 | ||||||||||||
Other | — | 7,372 | — | — | ||||||||||||
Total expenses | 2,316,503 | 418,904 | 258 | 2,133,951 | ||||||||||||
Waiver of management fees | — | (6,002 | ) | — | — | |||||||||||
Net expenses | 2,316,503 | 412,902 | 258 | 2,133,951 | ||||||||||||
Net investment income | 59,049,435 | 2,055,010 | 11,730 | 32,407,182 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (37,784,544 | ) | (5,235,932 | ) | — | (39,073,684 | ) | |||||||||
Investments - affiliated issuers | — | — | (2,103 | ) | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 11,750,495 | — | — | (114,527,770 | ) | |||||||||||
Capital gain distributions from investment companies | 2,129,073 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (479,951 | ) | — | 2 | |||||||||||
Net realized loss | (23,904,976 | ) | (5,715,883 | ) | (2,103 | ) | (153,601,452 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (58,310,532 | ) | (197,968 | ) | 5,456 | 74,160,043 | ||||||||||
Investments - affiliated issuers | — | — | 17,298 | — | ||||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | 122,725 | — | 78 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (58,310,532 | ) | (75,243 | ) | 22,754 | 74,160,121 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (23,166,073 | ) | $ | (3,736,116 | ) | $ | 32,381 | $ | (47,034,149 | ) |
(a) | For the period November 2, 2022 (commencement of operations) through April 30, 2023. |
See Notes to Financial Statements
102 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023
Fallen Angel High Yield Bond ETF |
Green Bond ETF | IG Floating Rate ETF |
International High Yield Bond ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | 8,094 | $ | — | $ | 14 | ||||||||
Interest | 150,155,425 | 2,262,452 | 45,651,146 | 3,187,325 | ||||||||||||
Securities lending income | 1,944,073 | 22,696 | 58,519 | 22,229 | ||||||||||||
Foreign taxes withheld | — | — | — | (108 | ) | |||||||||||
Total income | 152,099,498 | 2,293,242 | 45,709,665 | 3,209,460 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 10,586,530 | 157,689 | 1,564,521 | 242,537 | ||||||||||||
Interest and taxes | 17,242 | 428 | 8,149 | 689 | ||||||||||||
Total expenses | 10,603,772 | 158,117 | 1,572,670 | 243,226 | ||||||||||||
Net investment income | 141,495,726 | 2,135,125 | 44,136,995 | 2,966,234 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (133,086,519 | ) | (1,967,650 | ) | (4,850,420 | ) | (3,589,569 | ) | ||||||||
In-kind redemptions | (74,453,640 | ) | (1,807,967 | ) | 744,392 | (2,590,832 | ) | |||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | — | — | (41,135 | ) | |||||||||||
Net realized loss | (207,540,159 | ) | (3,775,617 | ) | (4,106,028 | ) | (6,221,536 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 45,359,290 | 1,503,619 | (1,621,240 | ) | 3,243,696 | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | — | — | 61,850 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 45,359,290 | 1,503,619 | (1,621,240 | ) | 3,305,546 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (20,685,143 | ) | $ | (136,873 | ) | $ | 38,409,727 | $ | 50,244 |
See Notes to Financial Statements
103 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023
J.P. Morgan EM Local Currency Bond ETF |
Moody’s Analytics BBB Corporate Bond ETF |
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | — | $ | — | $ | 17,502,735 | ||||||||
Interest | 187,229,790 | 332,264 | 464,794 | 5,150 | ||||||||||||
Securities lending income | 183,678 | 1,788 | 4,086 | 151,136 | ||||||||||||
Foreign taxes withheld | (4,682,086 | ) | — | — | — | |||||||||||
Total income | 182,731,382 | 334,052 | 468,880 | 17,659,021 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 7,993,895 | 20,792 | 25,043 | 726,235 | ||||||||||||
Professional fees | 55,230 | — | — | — | ||||||||||||
Custody and accounting fees | 628,304 | — | — | — | ||||||||||||
Reports to shareholders | 293,987 | — | — | — | ||||||||||||
Trustees’ fees and expenses | 158,714 | — | — | — | ||||||||||||
Registration fees | 34,638 | — | — | — | ||||||||||||
Insurance | 44,157 | — | — | — | ||||||||||||
Interest and taxes | 65,156 | 58 | 58 | 46,834 | ||||||||||||
Other | 29,945 | — | — | — | ||||||||||||
Total expenses | 9,304,026 | 20,850 | 25,101 | 773,069 | ||||||||||||
Waiver of management fees | (356,765 | ) | — | — | — | |||||||||||
Net expenses | 8,947,261 | 20,850 | 25,101 | 773,069 | ||||||||||||
Net investment income | 173,784,121 | 313,202 | 443,779 | 16,885,952 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments (1) | (225,359,071 | ) | (879,505 | ) | (1,334,692 | ) | (26,078,236 | ) | ||||||||
In-kind redemptions | (4,402,732 | ) | — | — | 1,052,298 | |||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (5,893,789 | ) | — | — | — | |||||||||||
Net realized loss | (235,655,592 | ) | (879,505 | ) | (1,334,692 | ) | (25,025,938 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments (2) | 198,001,123 | 702,133 | 1,037,261 | (27,385,519 | ) | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | 3,335,902 | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 201,337,025 | 702,133 | 1,037,261 | (27,385,519 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 139,465,554 | $ | 135,830 | $ | 146,348 | $ | (35,525,505 | ) | |||||||
(1) Net of foreign taxes | $ | (222,850 | ) | $ | — | $ | — | $ | — | |||||||
(2) Net of foreign taxes | $ | (835,250 | ) | $ | — | $ | — | $ | — |
See Notes to Financial Statements
104 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023
Preferred Securities ex Financials ETF |
||||
Income: | ||||
Dividends | $ | 64,404,171 | ||
Interest | 83,028 | |||
Securities lending income | 1,722,837 | |||
Foreign taxes withheld | (168,214 | ) | ||
Total income | 66,041,822 | |||
Expenses: | ||||
Management fees | 3,952,219 | |||
Interest and taxes | 65,292 | |||
Total expenses | 4,017,511 | |||
Net investment income | 62,024,311 | |||
Net realized gain (loss) on: | ||||
Investments | (15,636,197 | ) | ||
In-kind redemptions | 4,979,384 | |||
Net realized loss | (10,656,813 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (76,072,758 | ) | ||
Net change in unrealized appreciation (depreciation) | (76,072,758 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (24,705,260 | ) |
See Notes to Financial Statements
105 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
BDC Income ETF | China Bond ETF | |||||||||||||||
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 59,049,435 | $ | 43,156,676 | $ | 2,055,010 | $ | 3,505,616 | ||||||||
Net realized gain (loss) | (23,904,976 | ) | 19,570,650 | (5,715,883 | ) | 183,640 | ||||||||||
Net change in unrealized appreciation (depreciation) | (58,310,532 | ) | (29,787,379 | ) | (75,243 | ) | (4,527,783 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (23,166,073 | ) | 32,939,947 | (3,736,116 | ) | (838,527 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (59,501,743 | ) | (42,704,368 | ) | — | (4,150,280 | ) | |||||||||
Return of capital | (1,673,017 | ) | — | (1,816,350 | ) | (44,520 | ) | |||||||||
Total distributions | (61,174,760 | ) | (42,704,368 | ) | (1,816,350 | ) | (4,194,800 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 184,695,569 | 334,820,169 | — | 91,337,821 | ||||||||||||
Cost of shares redeemed | (148,132,044 | ) | (111,985,789 | ) | (80,600,929 | ) | (60,220,705 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 36,563,525 | 222,834,380 | (80,600,929 | ) | 31,117,116 | |||||||||||
Total increase (decrease) in net assets | (47,777,308 | ) | 213,069,959 | (86,153,395 | ) | 26,083,789 | ||||||||||
Net Assets, beginning of year | 625,030,252 | 411,960,293 | 129,587,141 | 103,503,352 | ||||||||||||
Net Assets, end of year | $ | 577,252,944 | $ | 625,030,252 | $ | 43,433,746 | $ | 129,587,141 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 12,250,000 | 19,225,000 | — | 3,700,000 | ||||||||||||
Shares redeemed | (9,850,000 | ) | (6,500,000 | ) | (3,600,000 | ) | (2,500,000 | ) | ||||||||
Net increase (decrease) | 2,400,000 | 12,725,000 | (3,600,000 | ) | 1,200,000 |
See Notes to Financial Statements
106 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Dynamic High Income ETF |
Emerging Markets High Yield Bond ETF | |||||||||||
Period Ended April 30, 2023 (a) |
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
||||||||||
Operations: | ||||||||||||
Net investment income | $ | 11,730 | $ | 32,407,182 | $ | 64,361,459 | ||||||
Net realized loss | (2,103 | ) | (153,601,452 | ) | (92,945,941 | ) | ||||||
Net change in unrealized appreciation (depreciation) | 22,754 | 74,160,121 | (150,062,233 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 32,381 | (47,034,149 | ) | (178,646,715 | ) | |||||||
Distributions to shareholders from: | ||||||||||||
Distributable earnings | (11,730 | ) | (37,523,220 | ) | (63,324,700 | ) | ||||||
Return of capital | (1,494 | ) | — | — | ||||||||
Total distributions | (13,224 | ) | (37,523,220 | ) | (63,324,700 | ) | ||||||
Share transactions*: | ||||||||||||
Proceeds from sale of shares | 502,576 | 49,753,232 | 672,209,046 | |||||||||
Cost of shares redeemed | — | (685,821,304 | ) | (63,006,428 | ) | |||||||
Increase (decrease) in net assets resulting from share transactions | 502,576 | (636,068,072 | ) | 609,202,618 | ||||||||
Total increase (decrease) in net assets | 521,733 | (720,625,441 | ) | 367,231,203 | ||||||||
Net Assets, beginning of period | — | 1,151,638,253 | 784,407,050 | |||||||||
Net Assets, end of period | $ | 521,733 | $ | 431,012,812 | $ | 1,151,638,253 | ||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||
Shares sold | 20,000 | 2,700,000 | 28,600,000 | |||||||||
Shares redeemed | — | (38,000,000 | ) | (2,800,000 | ) | |||||||
Net increase (decrease) | 20,000 | (35,300,000 | ) | 25,800,000 |
(a) For the period November 2, 2022 (commencement of operations) through April 30, 2023.
See Notes to Financial Statements
107 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Fallen Angel High Yield Bond ETF | Green Bond ETF | |||||||||||||||
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 141,495,726 | $ | 180,386,770 | $ | 2,135,125 | $ | 2,007,447 | ||||||||
Net realized gain (loss) | (207,540,159 | ) | 238,934,423 | (3,775,617 | ) | (1,668,817 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 45,359,290 | (708,202,399 | ) | 1,503,619 | (10,193,647 | ) | ||||||||||
Net decrease in net assets resulting from operations | (20,685,143 | ) | (288,881,206 | ) | (136,873 | ) | (9,855,017 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (148,186,700 | ) | (188,041,825 | ) | (2,159,765 | ) | (2,002,035 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 1,920,657,258 | 2,049,188,613 | — | 22,989,592 | ||||||||||||
Cost of shares redeemed | (2,794,164,212 | ) | (2,661,837,362 | ) | (17,574,625 | ) | — | |||||||||
Increase (decrease) in net assets resulting from share transactions | (873,506,954 | ) | (612,648,749 | ) | (17,574,625 | ) | 22,989,592 | |||||||||
Total increase (decrease) in net assets | (1,042,378,797 | ) | (1,089,571,780 | ) | (19,871,263 | ) | 11,132,540 | |||||||||
Net Assets, beginning of year | 3,825,844,454 | 4,915,416,234 | 95,331,129 | 84,198,589 | ||||||||||||
Net Assets, end of year | $ | 2,783,465,657 | $ | 3,825,844,454 | $ | 75,459,866 | $ | 95,331,129 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 69,550,000 | 63,250,000 | — | 850,000 | ||||||||||||
Shares redeemed | (101,400,000 | ) | (83,700,000 | ) | (750,000 | ) | — | |||||||||
Net increase (decrease) | (31,850,000 | ) | (20,450,000 | ) | (750,000 | ) | 850,000 |
See Notes to Financial Statements
108 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
IG Floating Rate ETF | International High Yield Bond ETF | |||||||||||||||
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 44,136,995 | $ | 4,345,673 | $ | 2,966,234 | $ | 4,287,712 | ||||||||
Net realized loss | (4,106,028 | ) | (452,629 | ) | (6,221,536 | ) | (3,710,828 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (1,621,240 | ) | (9,541,387 | ) | 3,305,546 | (15,906,510 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 38,409,727 | (5,648,343 | ) | 50,244 | (15,329,626 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (39,541,190 | ) | (4,310,490 | ) | (2,745,823 | ) | (4,424,650 | ) | ||||||||
Return of capital | — | — | (324,327 | ) | — | |||||||||||
Total distributions | (39,541,190 | ) | (4,310,490 | ) | (3,070,150 | ) | (4,424,650 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 331,514,195 | 591,005,339 | 11,761,829 | 15,502,482 | ||||||||||||
Cost of shares redeemed | (318,579,661 | ) | (6,337,388 | ) | (22,099,405 | ) | (16,605,485 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 12,934,534 | 584,667,951 | (10,337,576 | ) | (1,103,003 | ) | ||||||||||
Total increase (decrease) in net assets | 11,803,071 | 574,709,118 | (13,357,482 | ) | (20,857,279 | ) | ||||||||||
Net Assets, beginning of year | 1,134,517,781 | 559,808,663 | 79,415,912 | 100,273,191 | ||||||||||||
Net Assets, end of year | $ | 1,146,320,852 | $ | 1,134,517,781 | $ | 66,058,430 | $ | 79,415,912 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 13,250,000 | 23,400,000 | 600,000 | 600,000 | ||||||||||||
Shares redeemed | (12,800,000 | ) | (250,000 | ) | (1,100,000 | ) | (700,000 | ) | ||||||||
Net increase (decrease) | 450,000 | 23,150,000 | (500,000 | ) | (100,000 | ) |
See Notes to Financial Statements
109 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
J.P. Morgan EM Local Currency Bond ETF |
Moody’s Analytics BBB Corporate Bond ETF |
|||||||||||||||
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 173,784,121 | $ | 174,168,592 | $ | 313,202 | $ | 221,068 | ||||||||
Net realized loss | (235,655,592 | ) | (315,225,088 | ) | (879,505 | ) | (195,230 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 201,337,025 | (402,051,015 | ) | 702,133 | (1,083,250 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 139,465,554 | (543,107,511 | ) | 135,830 | (1,057,412 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (23,143,273 | ) | (88,822,978 | ) | (299,760 | ) | (226,760 | ) | ||||||||
Return of capital | (149,840,524 | ) | (81,656,280 | ) | — | — | ||||||||||
Total distributions | (172,983,797 | ) | (170,479,258 | ) | (299,760 | ) | (226,760 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 459,045,576 | 727,013,716 | — | — | ||||||||||||
Cost of shares redeemed | (274,639,215 | ) | (319,840,315 | ) | — | — | ||||||||||
Increase in net assets resulting from share transactions | 184,406,361 | 407,173,401 | — | — | ||||||||||||
Total increase (decrease) in net assets | 150,888,118 | (306,413,368 | ) | (163,930 | ) | (1,284,172 | ) | |||||||||
Net Assets, beginning of year | 3,073,457,282 | 3,379,870,650 | 8,608,760 | 9,892,932 | ||||||||||||
Net Assets, end of year | $ | 3,224,345,400 | $ | 3,073,457,282 | $ | 8,444,830 | $ | 8,608,760 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 18,400,000 | 24,600,000 | — | — | ||||||||||||
Shares redeemed | (11,400,000 | ) | (11,800,000 | ) | — | — | ||||||||||
Net increase | 7,000,000 | 12,800,000 | — | — |
See Notes to Financial Statements
110 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Moody’s Analytics IG Corporate Bond ETF |
Mortgage REIT Income ETF | |||||||||||||||
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 443,779 | $ | 311,484 | $ | 16,885,952 | $ | 12,587,387 | ||||||||
Net realized gain (loss) | (1,334,692 | ) | (186,082 | ) | (25,025,938 | ) | 20,578,763 | |||||||||
Net change in unrealized appreciation (depreciation) | 1,037,261 | (1,588,310 | ) | (27,385,519 | ) | (75,253,305 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 146,348 | (1,462,908 | ) | (35,525,505 | ) | (42,087,155 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (430,440 | ) | (317,460 | ) | (16,885,952 | ) | (12,587,387 | ) | ||||||||
Return of capital | — | — | (5,467,268 | ) | (12,142,443 | ) | ||||||||||
Total distributions | (430,440 | ) | (317,460 | ) | (22,353,220 | ) | (24,729,830 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | — | 61,069,628 | 65,857,830 | ||||||||||||
Cost of shares redeemed | — | — | (24,680,759 | ) | (98,402,686 | ) | ||||||||||
Increase (decrease) in net assets resulting from share transactions | — | — | 36,388,869 | (32,544,856 | ) | |||||||||||
Total decrease in net assets | (284,092 | ) | (1,780,368 | ) | (21,489,856 | ) | (99,361,841 | ) | ||||||||
Net Assets, beginning of year | 12,967,757 | 14,748,125 | 210,922,333 | 310,284,174 | ||||||||||||
Net Assets, end of year | $ | 12,683,665 | $ | 12,967,757 | $ | 189,432,477 | $ | 210,922,333 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | — | 5,250,000 | 3,400,000 | ||||||||||||
Shares redeemed | — | — | (1,900,000 | ) | (5,500,000 | ) | ||||||||||
Net increase (decrease) | — | — | 3,350,000 | (2,100,000 | ) |
See Notes to Financial Statements
111 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Preferred Securities ex Financials ETF | ||||||||
Year Ended April 30, 2023 |
Year Ended April 30, 2022 |
|||||||
Operations: | ||||||||
Net investment income | $ | 62,024,311 | $ | 49,350,029 | ||||
Net realized gain (loss) | (10,656,813 | ) | 7,379,453 | |||||
Net change in unrealized appreciation (depreciation) | (76,072,758 | ) | (98,397,267 | ) | ||||
Net decrease in net assets resulting from operations | (24,705,260 | ) | (41,667,785 | ) | ||||
Distributions to shareholders from: | ||||||||
Distributable earnings | (62,856,300 | ) | (55,455,503 | ) | ||||
Return of capital | — | (932,857 | ) | |||||
Total distributions | (62,856,300 | ) | (56,388,360 | ) | ||||
Share transactions*: | ||||||||
Proceeds from sale of shares | 232,255,280 | 200,215,786 | ||||||
Cost of shares redeemed | (87,347,038 | ) | (47,757,119 | ) | ||||
Increase in net assets resulting from share transactions | 144,908,242 | 152,458,667 | ||||||
Total increase in net assets | 57,346,682 | 54,402,522 | ||||||
Net Assets, beginning of year | 1,002,297,714 | 947,895,192 | ||||||
Net Assets, end of year | $ | 1,059,644,396 | $ | 1,002,297,714 | ||||
*Shares of Common Stock Issued (no par value) | ||||||||
Shares sold | 13,000,000 | 9,500,000 | ||||||
Shares redeemed | (4,850,000 | ) | (2,350,000 | ) | ||||
Net increase | 8,150,000 | 7,150,000 |
See Notes to Financial Statements
112 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Amount represents less than $0.005 per share. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
113 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
114 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
(a) | For the period November 2, 2022 (commencement of operations) through April 30, 2023. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
115 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
116 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
117 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
118 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
119 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
120 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
121 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
(a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
122 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
(a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
123 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
124 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
125 |
VANECK ETF TRUST
April 30, 2023
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification | |
BDC Income ETF (“BDC Income”) | Diversified | |
China Bond ETF (“China Bond”) | Non-Diversified | |
Dynamic High Income ETF (Dynamic Income”) | Non-Diversified | |
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | Diversified | |
Fallen Angel High Yield Bond ETF (“Fallen Angel”) | Diversified | |
Green Bond ETF (“Green Bond”) | Diversified | |
IG Floating Rate ETF (“Floating Rate”)* | Non-Diversified | |
International High Yield Bond ETF (“International High Yield”) | Diversified | |
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | Non-Diversified | |
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | Non-Diversified | |
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | Non-Diversified | |
Mortgage REIT Income ETF (“Mortgage REIT”) | Non-Diversified | |
Preferred Securities ex Financials ETF (“Preferred Securities”) | Non-Diversified |
*Formerly known as Investment Grade Floating Rate ETF.
Each Fund’s investment objective, except Dynamic High Income ETF, is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below. The investment objective of Dynamic High Income ETF is to provide high current income with consideration for capital appreciation.
Fund | Index |
BDC Income | MVIS® US Business Development Companies Index |
China Bond | ChinaBond China High Quality Bond Index |
Emerging Markets High Yield | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index |
Fallen Angel | ICE US Fallen Angel High Yield 10% Constrained Index |
Green Bond | S&P Green Bond U.S. Dollar Select Index |
Floating Rate | MVIS® US Investment Grade Floating Rate Index |
International High Yield | ICE BofA Global ex-US Issuers High Yield Constrained Index |
J.P. Morgan EM | J.P. Morgan GBI-EM Global Core Index |
Moody’s Analytics BBB | MVIS® Moody’s Analytics® US BBB Corporate Bond Index |
Moody’s Analytics IG | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index |
Mortgage REIT | MVIS® US Mortgage REITs Index |
Preferred Securities | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities |
Index |
The Funds (except BDC Income, Dynamic Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. Dynamic High Income ETF is an actively managed exchange-traded fund that
126 |
seeks to achieve its investment objective by investing in exchange traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons
127 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. |
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of April 30, 2023. |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at April 30, |
128 |
2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
G. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. |
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at April 30, 2023.
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2023, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The expense limitations and management fee rates for the year ended April 30, 2023 are as follows:
Fund | Management Fees |
Expense Limitations | ||||||
China Bond | 0.40 | % | 0.50 | % | ||||
J.P. Morgan EM | 0.27 | 0.30 |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
Fund | Unitary Management Fee Rate | |||
BDC Income | 0.40 | % | ||
Dynamic Income | 0.10 | |||
Emerging Markets High Yield | 0.40 | |||
Fallen Angel | 0.35 | |||
Floating Rate | 0.14 | |||
Green Bond | 0.20 | |||
International High Yield | 0.40 | |||
Moody’s Analytics BBB | 0.25 |
129 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Fund | Unitary Management Fee Rate | |||
Moody’s Analytics IG | 0.20 | |||
Mortgage REIT | 0.40 | |||
Preferred Securities | 0.40 |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At April 30, 2023, the Adviser owned approximately 82% and 47% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.
Note 4—Capital Share Transactions—As of April 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the year ended April 30, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-Kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
BDC Income | $ | 153,931,266 | $ | 152,797,456 | $ | 184,594,979 | $ | 148,261,800 | ||||||||
China Bond | 7,653,473 | 81,640,065 | — | — | ||||||||||||
Dynamic Income | 88,835 | 42,094 | 455,228 | — | ||||||||||||
Emerging Markets High Yield | 121,362,889 | 112,887,972 | 35,512,695 | 665,569,815 | ||||||||||||
Fallen Angel | 933,684,246 | 923,848,964 | 1,836,919,764 | 2,685,212,673 | ||||||||||||
Floating Rate | 602,891,187 | 608,646,216 | 289,241,324 | 283,878,044 | ||||||||||||
Green Bond | 15,787,742 | 16,791,653 | — | 16,297,596 | ||||||||||||
International High Yield | 16,854,178 | 13,152,305 | 7,624,886 | 21,630,303 | ||||||||||||
J.P. Morgan EM | 1,010,571,313 | 846,962,360 | 141,351,526 | 159,315,955 | ||||||||||||
Moody’s Analytics BBB | 7,488,330 | 7,426,288 | — | — | ||||||||||||
Moody’s Analytics IG | 10,452,686 | 10,367,587 | — | — | ||||||||||||
Mortgage REIT | 35,257,852 | 36,539,956 | 61,056,373 | 24,676,036 | ||||||||||||
Preferred Securities | 250,823,025 | 269,488,431 | 170,168,527 | 82,067,943 |
Note 6—Income Taxes—As of April 30, 2023, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
130 |
Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
BDC Income | $715,497,468 | $7,676,790 | $(53,135,010 | ) | $(45,458,220 | ) | ||||||||||
China Bond | 44,342,035 | 9,687 | (3,117,048 | ) | (3,107,361 | ) | ||||||||||
Dynamic Income | 498,470 | 25,805 | (3,051 | ) | 22,754 | |||||||||||
Emerging Markets High Yield | 520,264,394 | 1,170,263 | (70,267,794 | ) | (69,097,531 | ) | ||||||||||
Fallen Angel | 3,226,914,491 | 6,096,296 | (371,927,373 | ) | (365,831,077 | ) | ||||||||||
Floating Rate | 1,142,019,993 | 1,990,982 | (10,966,083 | ) | (8,975,101 | ) | ||||||||||
Green Bond | 85,318,798 | 357,994 | (8,973,450 | ) | (8,615,456 | ) | ||||||||||
International High Yield | 74,994,822 | 596,265 | (9,267,391 | ) | (8,671,126 | ) | ||||||||||
J.P. Morgan EM | 3,676,680,793 | 81,704,707 | (513,490,741 | ) | (431,786,034 | ) | ||||||||||
Moody’s Analytics BBB | 8,980,243 | 156,227 | (656,472 | ) | (500,245 | ) | ||||||||||
Moody’s Analytics IG | 13,499,743 | 158,696 | (961,451 | ) | (802,755 | ) | ||||||||||
Mortgage REIT | 268,856,570 | 2,733,254 | (67,124,800 | ) | (64,391,546 | ) | ||||||||||
Preferred Securities | 1,213,402,486 | 40,256,681 | (155,318,388 | ) | (115,061,707 | ) |
At April 30, 2023, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Ordinary Income |
(Accumulated Capital Losses)/ Undistributed Capital Gains |
Post-October Losses Deferred* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||
BDC Income | $– | $ | (97,148,742 | ) | $– | $ | (9,396 | ) | $ | (45,458,220 | ) | $ | (142,616,358 | ) | ||||||||||
China Bond | – | (3,278 | ) | (2,899,947 | ) | (1,266 | ) | (3,101,953 | ) | (6,006,444 | ) | |||||||||||||
Dynamic Income | – | (2,103 | ) | – | – | 22,754 | 20,651 | |||||||||||||||||
Emerging Markets High Yield | 2,115,373 | (190,694,468 | ) | – | (40,195 | ) | (69,097,463 | ) | (257,716,753 | ) | ||||||||||||||
Fallen Angel | 11,721,344 | (294,346,257 | ) | – | (67,963 | ) | (365,831,077 | ) | (648,523,953 | ) | ||||||||||||||
Floating Rate | 5,690,344 | (6,834,146 | ) | – | (21,617 | ) | (8,975,101 | ) | (10,140,520 | ) | ||||||||||||||
Green Bond | 191,712 | (3,876,139 | ) | – | (1,073 | ) | (8,615,456 | ) | (12,300,956 | ) | ||||||||||||||
International High Yield | – | (17,311,425 | ) | (178,612 | ) | (33,385 | ) | (8,648,583 | ) | (26,172,005 | ) | |||||||||||||
J.P. Morgan EM | – | (390,163,851 | ) | (43,707,011 | ) | (258,607 | ) | (432,435,498 | ) | (866,564,967 | ) | |||||||||||||
Moody’s Analytics BBB | 31,875 | (1,086,686 | ) | – | – | (500,244 | ) | (1,555,055 | ) | |||||||||||||||
Moody’s Analytics IG | 45,239 | (1,558,647 | ) | – | – | (802,755 | ) | (2,316,163 | ) | |||||||||||||||
Mortgage REIT | – | (107,517,395 | ) | – | (16,359 | ) | (64,391,546 | ) | (171,925,300 | ) | ||||||||||||||
Preferred Securities | 7,833,016 | (65,204,508 | ) | – | (3,100,357 | ) | (115,061,707 | ) | (175,533,556 | ) |
* Post-October losses represent certain ordinary, specified and / or capital losses incurred after October 31, 2022. These losses are deemed to arise on the first day of the funds’ next taxable year.
The tax character of distributions paid to shareholders was as follows:
April 30, 2023 | April 30, 2022 | |||||||||||||||
Fund | Ordinary Income* |
Return of Capital |
Ordinary Income* |
Return of Capital |
||||||||||||
BDC Income | $59,501,743 | $1,673,017 | $42,704,368 | $– | ||||||||||||
China Bond | – | 1,816,350 | 4,150,280 | 44,520 | ||||||||||||
Dynamic Income | 11,730 | 1,494 | – | – | ||||||||||||
Emerging Markets High Yield | 37,523,220 | – | 63,324,700 | – | ||||||||||||
Fallen Angel | 148,186,700 | – | 188,041,825 | – | ||||||||||||
Floating Rate | 39,541,190 | – | 4,310,490 | – | ||||||||||||
Green Bond | 2,159,765 | – | 2,002,035 | – | ||||||||||||
International High Yield | 2,745,823 | 324,327 | 4,424,650 | – | ||||||||||||
J.P. Morgan EM | 23,143,273 | 149,840,524 | 88,822,978 | 81,656,280 | ||||||||||||
Moody’s Analytics BBB | 299,760 | – | 226,760 | – | ||||||||||||
Moody’s Analytics IG | 430,440 | – | 317,460 | – | ||||||||||||
Mortgage REIT | 16,885,952 | 5,467,268 | 12,587,387 | 12,142,443 | ||||||||||||
Preferred Securities | 62,856,300 | – | 55,455,503 | 932,857 |
* Includes short-term capital gains (if any).
131 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
At April 30, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
BDC Income | $ | (40,506,943 | ) | $ | (56,641,799 | ) | $ | (97,148,742 | ) | |||
China Bond | (3,278 | ) | – | (3,278 | ) | |||||||
Dynamic Income | (2,103 | ) | – | (2,103 | ) | |||||||
Emerging Markets High Yield | (81,332,811 | ) | (109,361,657 | ) | (190,694,468 | ) | ||||||
Fallen Angel | (111,381,375 | ) | (182,964,882 | ) | (294,346,257 | ) | ||||||
Floating Rate | (5,467,384 | ) | (1,366,762 | ) | (6,834,146 | ) | ||||||
Green Bond | (1,557,581 | ) | (2,318,558 | ) | (3,876,139 | ) | ||||||
International High Yield | (2,340,022 | ) | (14,971,403 | ) | (17,311,425 | ) | ||||||
J.P. Morgan EM | (113,988,972 | ) | (276,174,879 | ) | (390,163,851 | ) | ||||||
Moody’s Analytics BBB | (315,325 | ) | (771,361 | ) | (1,086,686 | ) | ||||||
Moody’s Analytics IG | (250,007 | ) | (1,308,640 | ) | (1,558,647 | ) | ||||||
Mortgage REIT | (22,675,713 | ) | (84,841,682 | ) | (107,517,395 | ) | ||||||
Preferred Securities | (25,152,834 | ) | (40,051,674 | ) | (65,204,508 | ) |
During the year ended April 30, 2023, China Bond utilized $58,775 of its capital loss carryforward available from prior years.
During the year ended April 30, 2023, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) |
Increase (Decrease) in Aggregate Paid in Capital | ||||||
BDC Income | $ | (9,575,764 | ) | $ | 9,575,764 | |||
China Bond | 1,078,277 | (1,078,277 | ) | |||||
Emerging Markets High Yield | 115,643,740 | (115,643,740 | ) | |||||
Fallen Angel | 78,570,118 | (78,570,118 | ) | |||||
Floating Rate | (681,805 | ) | 681,805 | |||||
Green Bond | 1,816,961 | (1,816,961 | ) | |||||
International High Yield | 2,600,470 | (2,600,470 | ) | |||||
J.P. Morgan EM | 9,754,072 | (9,754,072 | ) | |||||
Mortgage REIT | (528,760 | ) | 528,760 | |||||
Preferred Securities | (2,609,407 | ) | 2,609,407 |
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital.
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2023, the Funds did not incur any interest or penalties.
132 |
China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.
On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.
Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.
Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about
133 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Dynamic High Income ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
134 |
The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs continue to be provided on a representative basis until June 30, 2023 when alternatives to LIBOR, such as the Secured Overnight Financing Rate (SOFR) will replace LIBOR.
Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Dynamic Income, Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at April 30, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and
135 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of April 30, 2023:
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral | Total Collateral | ||||||||||||
BDC Income | $ | 141,163,568 | $ | 92,435,917 | $ | 51,818,720 | $ | 144,254,637 | ||||||||
Emerging Markets High Yield | 34,385,345 | 32,767,820 | 2,916,268 | 35,684,088 | ||||||||||||
Fallen Angel | 129,926,938 | 124,494,085 | 12,759,082 | 137,253,167 | ||||||||||||
Floating Rate | 3,317,907 | 3,402,096 | – | 3,402,096 | ||||||||||||
Green Bond | 6,034,699 | 2,137,597 | 4,054,715 | 6,192,312 | ||||||||||||
International High Yield | 1,682,952 | 1,677,588 | 80,037 | 1,757,625 | ||||||||||||
J.P. Morgan EM | 87,798,667 | 91,541,238 | – | 91,541,238 | ||||||||||||
Moody’s Analytics BBB | 183,947 | 179,987 | 9,361 | 189,348 | ||||||||||||
Moody’s Analytics IG | 208,434 | 214,133 | – | 214,133 | ||||||||||||
Mortgage REIT | 50,909,349 | 15,312,549 | 36,451,955 | 51,764,504 | ||||||||||||
Preferred Securities | 39,470,761 | 39,388,693 | 1,054,539 | 40,443,232 |
The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2023:
Gross Amount of Recognized Liabilities for Securities
Lending Transactions* in the Statements of Assets and Liabilities |
||||||||||||
Fund | Corporate Bonds | Equity Securities | Government Obligations | |||||||||
BDC Income | $ | – | $ | 92,435,917 | $ | – | ||||||
Emerging Markets High Yield | 32,767,820 | – | – | |||||||||
Fallen Angel | 124,494,085 | – | – | |||||||||
Green Bond | 2,124,565 | 13,032 | – | |||||||||
International High Yield | 1,677,588 | – | – | |||||||||
J.P. Morgan EM | – | – | 91,541,238 | |||||||||
Moody’s Analytics BBB | 179,987 | – | – | |||||||||
Moody’s Analytics IG | 214,133 | – | – | |||||||||
Mortgage REIT | – | 15,312,549 | – | |||||||||
Preferred Securities | – | 39,388,693 | – |
* Remaining contractual maturity: overnight and continuous
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2023, the following Funds borrowed under this Facility:
Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
BDC Income | 301 | $2,786,856 | 4.50 | % | ||||||||
China Bond | 13 | 1,795,926 | 3.28 | |||||||||
Fallen Angel | 13 | 12,625,306 | 2.60 | |||||||||
Floating Rate | 9 | 10,028,313 | 3.57 | |||||||||
Green Bond | 4 | 146,679 | 4.06 | |||||||||
International High Yield | 31 | 149,303 | 4.45 | |||||||||
J.P. Morgan EM | 131 | 4,364,976 | 4.21 | |||||||||
Mortgage REIT | 221 | 1,469,200 | 4.86 | |||||||||
Preferred Securities | 112 | 2,688,790 | 4.64 |
Outstanding loan balances as of April 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.
136 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the thirteen funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (thirteen of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Funds |
VanEck BDC Income ETF (1) | VanEck International High Yield Bond ETF (1) |
VanEck China Bond ETF (1) | VanEck J.P. Morgan EM Local Currency Bond ETF (1) |
VanEck Dynamic High Income ETF (2) | VanEck Moody’s Analytics BBB Corporate Bond ETF (1) |
VanEck Emerging Markets High Yield Bond ETF (1) | VanEck Moody’s Analytics IG Corporate Bond ETF (1) |
VanEck Fallen Angel High Yield Bond ETF (1) | VanEck Mortgage REIT Income ETF (1) |
VanEck Green Bond ETF (1) | VanEck Preferred Securities ex Financials ETF (1) |
VanEck IG Floating Rate ETF (1) |
(1) Statement of operations, statement of changes in net assets, and financial highlights for the year ended April 30, 2023.
(2) Statement of operations, statement of changes in net assets, and financial highlights for the period November 2, 2022 (commencement of operations) through April 30, 2023.
The financial statements of the Funds (other than VanEck Dynamic High Income ETF) as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the
137 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)
custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
New York, New York
June 27, 2023
We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.
138 |
VANECK ETF TRUST
(unaudited)
The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2023 income tax purposes will be sent to them in early 2024. Please consult your tax advisor regarding the appropriate treatment of these distributions.
Fund Name | Ticker Symbol |
Payable | Total Distribution Per Share |
Return of Capital (a) |
Income Dividends |
Foreign Taxes Paid (b) |
Total Ordinary Income Dividends |
Foreign Source Income as % of Total Ordinary Income (b) | ||||||||||||||||||||||
China Bond | CBON | Monthly | $ | 0.5068 | $ | 0.5068 | $ | — | $ | — | $ | — | — | % | ||||||||||||||||
Emerging Markets High Yield | HYEM | Monthly | 1.1801 | — | 1.1801 | — | 1.1801 | 95.58 | ||||||||||||||||||||||
Fallen Angel | ANGL | Monthly | 1.3382 | — | 1.3382 | — | 1.3382 | — | ||||||||||||||||||||||
Floating Rate | FLTR | Monthly | 0.8770 | — | 0.8770 | — | 0.8770 | — | ||||||||||||||||||||||
Green Bond | GRNB | Monthly | 0.6361 | — | 0.6361 | — | 0.6361 | 56.29 | ||||||||||||||||||||||
International High Yield | IHY | Monthly | 0.9943 | 0.1045 | 0.8898 | 0.0000 | (c) | 0.8898 | 100.00 | |||||||||||||||||||||
J.P. Morgan EM | EMLC | Monthly | 1.4186 | 1.2373 | 0.1813 | 0.0382 | 0.2195 | 100.00 | ||||||||||||||||||||||
Moody’s Analytics BBB | MBBB | Monthly | 0.7494 | — | 0.7494 | — | 0.7494 | — | ||||||||||||||||||||||
Moody’s Analytics IG | MIG | Monthly | 0.7174 | — | 0.7174 | — | 0.7174 | — |
Fund | Ticker | Payable | Section 163(j) - Interest Dividends as a % of the Total Ordinary Income Distributions (d) |
Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (e) | ||||||||||||
Emerging Markets High Yield | HYEM | Monthly | 98.86 | % | – | % | ||||||||||
Fallen Angel | ANGL | Monthly | 93.48 | % | 76.21 | % | ||||||||||
Floating Rate | FLTR | Monthly | 99.13 | % | 63.69 | % | ||||||||||
Green Bond | GRNB | Monthly | 92.28 | % | 35.16 | % | ||||||||||
International High Yield | IHY | Monthly | 99.31 | % | – | % | ||||||||||
J.P. Morgan EM | EMLC | Monthly | 99.90 | % | – | % | ||||||||||
Moody’s Analytics BBB | MBBB | Monthly | 95.28 | % | 63.30 | % | ||||||||||
Moody’s Analytics IG | MIG | Monthly | 95.32 | % | 57.59 | % |
(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(c) Amount represents less than $0.0001 per share.
(d) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
(e) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
139 |
VANECK ETF TRUST
TAX INFORMATION
(unaudited) (continued)
Fund Name | Ticker Symbol |
Payable | Total Distribution Per Share |
Return of Capital (a) |
Income Dividends |
Foreign Taxes Paid (b) |
Total Ordinary Income Dividends |
Foreign Source Income as % of Total Ordinary Income (b) | ||||||||||||||||||||
BDC Income | BIZD | Quarterly | $ | 1.6741 | $ | 0.0424 | $ | 1.6317 | $ | — | $ | 1.6317 | — | % | ||||||||||||||
Dynamic Income | INC | Quarterly | 0.6612 | 0.0747 | 0.5865 | 0.0020 | .05885 | 16.44 | ||||||||||||||||||||
Mortgage REIT | MORT | Quarterly | 1.6098 | 0.3954 | 1.2144 | — | 1.2144 | — | ||||||||||||||||||||
Preferred Securities | PFXF | Monthly | 1.1353 | — | 1.1353 | — | 1.1353 | — |
Fund | Ticker | Payable | Percent of Ordinary Income Dividends that are QDI Eligible (c) |
Percent of Ordinary Income Dividends that are DRD Eligible (d) |
Section 199A QBI as a Percent of Ordinary Income Dividends (e) (f) |
Section 163(j) - Interest Dividends as a % of the Total Ordinary Income Distributions (g) |
Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (h) | |||||||||||||||||
BDC Income | BIZD | Quarterly | 1.21 | % | 0.05 | % | 0.58 | % | 52.43 | % | 41.35 | % | ||||||||||||
Dynamic Income | INC | Quarterly | 19.02 | % | 18.33 | % | 9.23 | % | 49.37 | % | 24.96 | % | ||||||||||||
Mortgage REIT | MORT | Quarterly | 2.50 | % | – | % | 62.65 | % | – | % | – | % | ||||||||||||
Preferred Securities | PFXF | Monthly | 27.29 | % | 25.85 | % | 14.21 | % | 46.54 | % | 38.27 | % |
(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(c) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.
To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.
(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(e) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions that represent Qualified Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers.
To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.
(f) Amounts are estimated and subject to change. Shareholders should utilize the information on their 2023 Form 1099s received in 2024.
(g) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
(h) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
140 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2023 (unaudited)
Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
Independent Trustees | ||||||||||
David H.
Chow, 1957*† |
Trustee Chairperson | Since
2006 2008 to 2022 |
Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 70 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
Laurie A.
Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 70 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R. Alastair
Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 82 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J.
Sidebottom, 1962*† |
Chairperson Trustee | Since 2022 Since 2012 |
Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 70 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard
D. Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 82 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee | ||||||||||
Jan F. van
Eck, 19635 |
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 82 | Director, National Committee on US-China Relations. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
141 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A.
Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. | |||
Russell G.
Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T.
Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J.
Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc. | |||
Eduardo
Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F. Michael
Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura
Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas
Jackson, 1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I.
Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew
McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. | |||
Arian Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
James Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam
Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
142 |
Philipp
Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R.
Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
Andrew
Tilzer, 1972 |
Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
143 |
VANECK ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
144 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | VanEck Associates Corporation | |
Distributor: | VanEck Securities Corporation | |
666 Third Avenue, New York, NY 10017 | ||
vaneck.com | ||
Account Assistance: | 800.826.2333 | INCOMEAR |