UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10325
VANECK ETF TRUST
(Exact name of registrant as specified in charter)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 Third Avenue, New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 293-2000
Date of fiscal year end: APRIL 30
Date of reporting period: OCTOBER 31, 2022
Item 1. | Report to Shareholders |
![]() | SEMI-ANNUAL REPORT October 31, 2022 (unaudited) |
CEF Muni Income ETF | XMPT |
High Yield Muni ETF | HYD |
HIP Sustainable Muni ETF | SMI |
Intermediate Muni ETF | ITM |
Long Muni ETF | MLN |
Muni Allocation ETF | MAAX |
Short High Yield Muni ETF | SHYD |
Short Muni ETF | SMB |
800.826.2333 | vaneck.com |
Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2022.
VANECK ETFs
October 31, 2022 (unaudited)
Dear Fellow Shareholders:
Back in July, I said that Market Volatility Has One Final Act.1 Stocks and bonds historically do not perform well when the U.S. Federal Reserve (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. If we’re in the last, third act of the play, the third act may last a very long time.
There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon. But bond prices have dropped significantly, and so you will see at the end of the letter that we are bullish bonds.
1. | Monetary Policy: Tightening |
The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0% or even negative.
Another component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet—one estimate indicates $279B net out through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big 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, this year, we have seen services inflation increase from 3% to 6%. 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.
Last year when my colleagues and I spoke about inflation,2 I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds. And the latest data still shows a strong labor market with low unemployment.
2. | Fiscal Tightening |
Inflation has caused real take-home pay to shrink over the past year. This should result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, 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 Has Almost Stopped |
Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
1 |
VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.
Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)3 Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2022. 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
November 8, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.
2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.
3 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
2 |
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, May 1, 2022 to October 31, 2022.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Annualized Expense Ratio During Period | Expenses Paid During the Period May 1, 2022 - October 31, 2022(a) | ||||||
CEF Muni Income ETF | |||||||||
Actual | $1,000.00 | $865.90 | 0.41% | $1.93 | |||||
Hypothetical (b) | $1,000.00 | $1,023.14 | 0.41% | $2.09 | |||||
High Yield Muni ETF | |||||||||
Actual | $1,000.00 | $905.40 | 0.35% | $1.68 | |||||
Hypothetical (b) | $1,000.00 | $1,023.44 | 0.35% | $1.79 | |||||
HIP Sustainable Muni ETF | |||||||||
Actual | $1,000.00 | $955.10 | 0.24% | $1.18 | |||||
Hypothetical (b) | $1,000.00 | $1,024.00 | 0.24% | $1.22 | |||||
Intermediate Muni ETF | |||||||||
Actual | $1,000.00 | $962.90 | 0.24% | $1.19 | |||||
Hypothetical (b) | $1,000.00 | $1,024.00 | 0.24% | $1.22 | |||||
Long Muni ETF | |||||||||
Actual | $1,000.00 | $904.60 | 0.24% | $1.15 | |||||
Hypothetical (b) | $1,000.00 | $1,024.00 | 0.24% | $1.22 | |||||
Muni Allocation ETF | |||||||||
Actual | $1,000.00 | $932.30 | 0.08% | $0.39 | |||||
Hypothetical (b) | $1,000.00 | $1,024.80 | 0.08% | $0.41 | |||||
Short High Yield Muni ETF | |||||||||
Actual | $1,000.00 | $960.70 | 0.35% | $1.73 | |||||
Hypothetical (b) | $1,000.00 | $1,023.44 | 0.35% | $1.79 |
3 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Annualized Expense Ratio During Period | Expenses Paid During the Period May 1, 2022 - October 31, 2022(a) | ||||||
Short Muni ETF | |||||||||
Actual | $1,000.00 | $989.80 | 0.20% | $1.00 | |||||
Hypothetical (b) | $1,000.00 | $1,024.20 | 0.20% | $1.02 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), 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 |
4 |
October 31, 2022 (unaudited)
Number of Shares | Value | |||||||
CLOSED-END FUNDS: 99.9% (a) | ||||||||
Alliance Bernstein National Municipal Income Fund, Inc. | 148,178 | $ | 1,514,379 | |||||
Blackrock Investment Quality Municipal Trust, Inc. | 43,109 | 468,164 | ||||||
BlackRock Long-Term Municipal Advantage Trust | 34,873 | 306,882 | ||||||
BlackRock MuniAssets Fund, Inc. | 123,025 | 1,173,659 | ||||||
BlackRock Municipal 2030 Target Term Trust | 318,902 | 6,559,814 | ||||||
BlackRock Municipal Income Fund, Inc. | 379,647 | 3,952,125 | ||||||
BlackRock Municipal Income Quality Trust | 96,076 | 979,014 | ||||||
BlackRock Municipal Income Trust | 229,503 | 2,079,297 | ||||||
BlackRock Municipal Income Trust II | 248,015 | 2,341,262 | ||||||
BlackRock MuniHoldings Fund, Inc. | 247,453 | 2,657,645 | ||||||
BlackRock MuniHoldings Quality Fund II, Inc. | 99,590 | 933,158 | ||||||
BlackRock MuniVest Fund II, Inc. | 109,558 | 1,045,183 | ||||||
BlackRock MuniVest Fund, Inc. | 433,642 | 2,753,627 | ||||||
BlackRock MuniYield Fund, Inc. | 240,946 | 2,296,215 | ||||||
BlackRock MuniYield Quality Fund II, Inc. | 70,556 | 664,638 | ||||||
BlackRock MuniYield Quality Fund III, Inc. | 319,156 | 3,204,326 | ||||||
BlackRock MuniYield Quality Fund, Inc. | 339,065 | 3,600,870 | ||||||
BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 42,791 | 426,198 | ||||||
BNY Mellon Municipal Income, Inc. | 116,593 | 682,069 | ||||||
BNY Mellon Strategic Municipal Bond Fund, Inc. | 229,444 | 1,238,998 | ||||||
BNY Mellon Strategic Municipals, Inc. | 288,341 | 1,730,046 | ||||||
Delaware Investments National Municipal Income Fund | 90,902 | 945,072 | ||||||
DWS Municipal Income Trust | 206,437 | 1,641,174 | ||||||
Eaton Vance Municipal Bond Fund | 369,179 | 3,488,742 | ||||||
Eaton Vance Municipal Income 2028 Term Trust | 28,531 | 530,249 |
Number of Shares | Value | |||||||
Eaton Vance Municipal Income Trust | 182,293 | $ | 1,739,075 | |||||
Eaton Vance National Municipal Opportunities Trust | 58,301 | 925,237 | ||||||
Invesco Advantage Municipal Income Trust II | 208,516 | 1,636,851 | ||||||
Invesco Municipal Income Opportunities Trust | 148,795 | 821,348 | ||||||
Invesco Municipal Opportunity Trust | 343,909 | 3,022,960 | ||||||
Invesco Municipal Trust | 283,867 | 2,492,352 | ||||||
Invesco Quality Municipal Income Trust ‡ | 272,219 | 2,409,138 | ||||||
Invesco Trust for Investment Grade Municipals | 278,714 | 2,525,149 | ||||||
Invesco Value Municipal Income Trust | 176,358 | 1,989,318 | ||||||
MFS High Income Municipal Trust | 164,355 | 539,084 | ||||||
MFS Municipal Income Trust | 214,654 | 1,023,900 | ||||||
Neuberger Berman Municipal Fund, Inc. | 96,648 | 931,687 | ||||||
Nuveen AMT-Free Municipal Credit Income Fund | 760,112 | 8,384,035 | ||||||
Nuveen AMT-Free Municipal Value Fund | 82,776 | 1,091,815 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund | 1,025,861 | 10,586,886 | ||||||
Nuveen Dynamic Municipal Opportunities Fund | 211,577 | 1,995,171 | ||||||
Nuveen Municipal Credit Income Fund | 764,953 | 8,284,441 | ||||||
Nuveen Municipal Credit Opportunities Fund | 167,394 | 1,739,224 | ||||||
Nuveen Municipal High Income Opportunity Fund | 327,250 | 3,223,413 | ||||||
Nuveen Municipal Value Fund, Inc. | 749,734 | 6,260,279 | ||||||
Nuveen Quality Municipal Income Fund | 990,489 | 10,528,898 | ||||||
Nuveen Select Tax-Free Income Portfolio | 169,737 | 2,208,278 | ||||||
PIMCO Municipal Income Fund | 63,285 | 646,140 | ||||||
PIMCO Municipal Income Fund II | 151,282 | 1,340,359 | ||||||
PIMCO Municipal Income Fund III | 84,353 | 673,137 |
See Notes to Financial Statements
5 |
VANECK CEF MUNI INCOME ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares | Value | |||||||
Pioneer Municipal High Income Advantage Fund, Inc. | 122,675 | $ | 912,702 | |||||
Pioneer Municipal High Income Fund Trust | 125,679 | 1,002,918 | ||||||
Pioneer Municipal High Income Opportunities Fund, Inc. | 96,801 | 919,610 | ||||||
Putnam Managed Municipal Income Trust | 154,594 | 888,916 | ||||||
Putnam Municipal Opportunities Trust | 91,629 | 948,360 | ||||||
Western Asset Managed Municipals Fund, Inc. | 224,676 | 2,132,175 | ||||||
Total Closed-End Funds: 99.9% (Cost: $188,743,312) | 131,035,662 | |||||||
Other assets less liabilities: 0.1% | 176,169 | |||||||
NET ASSETS: 100.0% | $ | 131,211,831 |
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. |
Transactions in securities of affiliates for the period ended October 31, 2022 were as follows:
Value 4/30/2022 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 10/31/2022 | ||||||||
Invesco Quality Municipal Income Trust | $–(a) | $587,578 | $(570,228) | $(76,402) | $69,914 | $(312,424) | $2,409,138 |
(a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
Summary of Investments by Sector | % of Investments | Value | ||||
Financials | 100.0% | $ | 131,035,662 |
The summary of inputs used to value the Fund's investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Closed-End Funds | $ | 131,035,662 | $ | — | $ | — | $ | 131,035,662 |
See Notes to Financial Statements
6 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 97.7% | ||||||||
Alabama: 2.2% | ||||||||
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) | ||||||||
5.25%, 06/01/25 | $ | 315 | $ | 307,217 | ||||
5.75%, 06/01/26 (c) | 2,000 | 1,698,271 | ||||||
5.75%, 06/01/26 (c) | 1,400 | 1,270,340 | ||||||
6.00%, 06/01/26 (c) | 5,900 | 5,056,020 | ||||||
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/29 (c) (p) | 3,960 | 3,707,250 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) | 1,180 | 1,281,828 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c) | 10,040 | 10,141,972 | ||||||
Jefferson County, Sewer Revenue, Series D (RB) | ||||||||
6.00%, 10/01/23 (c) | 10,000 | 10,666,656 | ||||||
6.50%, 10/01/23 (c) | 9,000 | 9,628,932 | ||||||
Jefferson County, Sewer Revenue, Series E (RB) | ||||||||
0.00%, 10/01/23 (c) ^ | 100 | 46,809 | ||||||
0.00%, 10/01/23 (c) ^ | 60 | 23,833 | ||||||
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) | 1,000 | 971,298 | ||||||
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/26 (c) | 1,350 | 1,226,660 | ||||||
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p) | 1,000 | 900,869 | ||||||
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p) | 8,000 | 7,238,381 | ||||||
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) | 5,127 | 4,356,703 | ||||||
58,523,039 | ||||||||
Alaska: 0.2% | ||||||||
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c) | 1,500 | 1,178,896 |
Par (000’s | ) | Value | ||||||
Alaska (continued) | ||||||||
Northern Tobacco Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) | $ | 4,030 | $ | 3,739,857 | ||||
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^ | 3,000 | 262,363 | ||||||
5,181,116 | ||||||||
American Samoa: 0.2% | ||||||||
American Samoa Economic Development Authority, Series A (RB) | ||||||||
5.00%, 09/01/31 (c) | 2,750 | 2,753,888 | ||||||
6.50%, 09/01/28 | 250 | 268,751 | ||||||
6.62%, 09/01/25 (c) | 1,000 | 1,049,462 | ||||||
4,072,101 | ||||||||
Arizona: 2.7% | ||||||||
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c) | 1,000 | 793,812 | ||||||
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c) | 200 | 196,654 | ||||||
Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
6.00%, 07/01/27 (c) | 2,940 | 2,924,541 | ||||||
6.00%, 07/01/27 (c) | 1,320 | 1,336,973 | ||||||
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 09/01/27 (c) | 1,545 | 1,426,669 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
5.12%, 07/01/26 (c) | 250 | 243,078 | ||||||
5.25%, 07/01/26 (c) | 500 | 469,726 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series D (RB) | ||||||||
5.00%, 07/01/27 (c) | 270 | 241,503 | ||||||
5.00%, 07/01/27 (c) | 515 | 453,814 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c) | 500 | 447,228 | ||||||
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) 3.55%, 07/15/27 (c) | 1,155 | 1,030,683 |
See Notes to Financial Statements
7 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
5.00%, 07/15/27 (c) | $ | 400 | $ | 361,522 | ||||
5.00%, 07/15/27 (c) | 300 | 253,967 | ||||||
Arizona Industrial Development Authority, Education Facility, Series A (RB) | ||||||||
5.25%, 07/01/23 (c) | 1,050 | 989,442 | ||||||
5.50%, 07/01/23 (c) | 2,100 | 1,927,999 | ||||||
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c) | 1,000 | 1,004,169 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.62%, 07/01/27 | 1,000 | 910,000 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) | 2,000 | 1,700,000 | ||||||
Arizona Industrial Development Authority, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) | 500 | 460,963 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) | 1,370 | 1,080,954 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c) | 500 | 469,841 | ||||||
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c) | 1,400 | 1,001,732 | ||||||
City of Phoenix Civic Improvement Corp., Series B (RB) (AGM) 4.00%, 07/01/29 (c) | 1,040 | 906,421 | ||||||
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG) 5.00%, 07/01/29 (c) | 6,990 | 6,710,791 | ||||||
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) | ||||||||
4.00%, 11/15/24 (c) | 250 | 233,276 | ||||||
5.00%, 11/15/24 (c) | 1,000 | 842,004 | ||||||
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/26 (c) | 1,340 | 1,117,339 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
4.00%, 07/01/25 | $ | 315 | $ | 308,444 | ||||
5.00%, 07/01/25 (c) | 900 | 874,449 | ||||||
5.00%, 07/01/25 (c) | 1,000 | 904,787 | ||||||
5.00%, 07/01/25 (c) | 500 | 454,555 | ||||||
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c) | 750 | 676,844 | ||||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c) | 2,320 | 2,068,416 | ||||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c) | 750 | 708,052 | ||||||
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c) | 5,830 | 4,300,832 | ||||||
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c) | 1,000 | 1,005,137 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) | ||||||||
5.00%, 07/01/29 (c) | 1,400 | 1,353,681 | ||||||
5.00%, 07/01/29 (c) | 1,300 | 1,268,630 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) | ||||||||
5.00%, 07/01/29 (c) | 500 | 463,134 | ||||||
5.00%, 07/01/29 (c) | 500 | 431,333 | ||||||
5.00%, 07/01/29 (c) | 1,990 | 1,741,047 | ||||||
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c) | 1,750 | 1,540,347 | ||||||
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 | 255 | 243,757 |
See Notes to Financial Statements
8 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/31 (c) | $ | 5,000 | $ | 3,331,935 | ||||
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/25 (c) | 1,250 | 1,163,107 | ||||||
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c) | 500 | 418,268 | ||||||
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | ||||||||
5.25%, 07/01/26 (c) | 250 | 233,978 | ||||||
5.38%, 07/01/26 (c) | 250 | 223,673 | ||||||
5.50%, 07/01/26 (c) | 250 | 225,318 | ||||||
Pima County, Arizona Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/26 (c) | 1,000 | 968,177 | ||||||
Salt Verde Financial Corp. (RB) | ||||||||
5.00%, 12/01/37 | 9,605 | 9,478,236 | ||||||
5.25%, 12/01/23 | 290 | 293,129 | ||||||
5.25%, 12/01/24 | 305 | 310,650 | ||||||
5.25%, 12/01/25 | 265 | 271,613 | ||||||
5.25%, 12/01/27 | 215 | 221,961 | ||||||
5.25%, 12/01/28 | 245 | 253,379 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c) | 355 | 285,588 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c) | 250 | 204,345 | ||||||
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) | ||||||||
6.00%, 10/01/27 (c) | 1,200 | 1,059,560 | ||||||
6.12%, 10/01/27 (c) | 5,300 | 4,488,327 | ||||||
6.12%, 10/01/27 (c) | 600 | 499,655 | ||||||
71,809,445 | ||||||||
Arkansas: 0.6% | ||||||||
Arkansas Development Finance Authority, Big River Steel Project (RB) | ||||||||
4.50%, 09/01/26 (c) | 16,070 | 12,606,105 | ||||||
4.75%, 09/01/27 (c) | 2,000 | 1,636,439 |
Par (000’s | ) | Value | ||||||
Arkansas (continued) | ||||||||
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) 5.45%, 09/01/25 (c) | $ | 3,000 | $ | 2,714,313 | ||||
16,956,857 | ||||||||
California: 11.7% | ||||||||
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
5.00%, 10/01/26 (c) | 3,000 | 3,022,692 | ||||||
5.00%, 10/01/26 (c) | 5,000 | 5,016,283 | ||||||
5.00%, 10/01/26 (c) | 1,650 | 1,659,821 | ||||||
5.00%, 10/01/26 (c) | 2,055 | 2,065,242 | ||||||
Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
4.00%, 09/01/23 (c) | 615 | 518,973 | ||||||
4.00%, 09/01/23 (c) | 160 | 142,896 | ||||||
4.00%, 09/01/23 (c) | 420 | 338,241 | ||||||
Antelope Valley Healthcare District, Series A (RB) | ||||||||
5.00%, 03/01/26 (c) | 1,610 | 1,399,267 | ||||||
5.25%, 03/01/26 (c) | 1,480 | 1,467,079 | ||||||
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c) | 695 | 628,712 | ||||||
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c) | 3,100 | 2,550,008 | ||||||
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c) | 11,735 | 8,117,935 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c) | 6,000 | 4,502,117 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 4.00%, 08/01/31 (c) | 2,000 | 1,351,311 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c) | 3,000 | 1,853,467 | ||||||
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c) | 4,000 | 2,787,961 |
See Notes to Financial Statements
9 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c) | $ | 3,000 | $ | 2,488,123 | ||||
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c) | 2,000 | 1,371,005 | ||||||
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c) | 4,500 | 3,375,458 | ||||||
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c) | 6,000 | 4,166,747 | ||||||
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 12/01/22 (c) | 15 | 15,241 | ||||||
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 11/16/22 (c) | 15 | 13,789 | ||||||
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c) | 1,170 | 908,651 | ||||||
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | ||||||||
4.00%, 08/15/27 (c) | 250 | 199,924 | ||||||
4.20%, 08/15/27 (c) | 500 | 435,739 | ||||||
4.25%, 11/15/22 (c) | 80 | 80,030 | ||||||
5.00%, 08/15/27 (c) | 990 | 947,384 | ||||||
5.00%, 08/15/27 (c) | 460 | 450,261 | ||||||
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 4.00%, 04/01/30 (c) | 3,110 | 2,400,510 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c) | 2,500 | 2,475,371 | ||||||
California Housing Finance Agency, Series A (RB) | ||||||||
3.50%, 11/20/35 | 977 | 835,849 | ||||||
4.00%, 03/20/33 | 955 | 903,915 | ||||||
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/29 (c) | 1,085 | 1,153,611 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB) | ||||||||
5.00%, 01/01/31 (c) | $ | 2,500 | $ | 1,785,139 | ||||
5.00%, 07/01/30 (c) | 1,000 | 717,172 | ||||||
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL) 5.00%, 04/01/25 (c) | 1,910 | 1,734,367 | ||||||
California Municipal Finance Authority, California Baptist University, Series A (RB) | ||||||||
5.50%, 11/01/25 (c) | 500 | 500,063 | ||||||
6.12%, 11/01/23 (c) | 1,000 | 1,015,771 | ||||||
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c) | 1,000 | 822,297 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c) | 500 | 482,704 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) | 150 | 122,005 | ||||||
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) | ||||||||
3.00%, 05/15/31 (c) | 3,650 | 2,341,810 | ||||||
4.00%, 05/15/31 (c) | 5,000 | 4,256,487 | ||||||
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/31 (c) | 1,500 | 1,329,628 | ||||||
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | 200 | 204,624 | ||||||
5.00%, 07/01/27 (c) | 250 | 255,325 | ||||||
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c) | 2,500 | 2,478,847 | ||||||
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) | ||||||||
5.00%, 10/01/27 (c) | 500 | 399,821 | ||||||
5.00%, 10/01/27 (c) | 500 | 412,325 |
See Notes to Financial Statements
10 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
5.00%, 10/01/27 (c) | $ | 500 | $ | 442,442 | ||||
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c) | 2,390 | 2,109,374 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
5.00%, 06/30/28 (c) | 500 | 510,036 | ||||||
5.00%, 06/30/28 (c) | 2,490 | 2,358,657 | ||||||
5.00%, 06/30/28 | 65 | 66,441 | ||||||
5.00%, 06/30/28 (c) | 600 | 612,447 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) | ||||||||
3.00%, 06/30/28 (c) | 1,950 | 1,685,687 | ||||||
5.00%, 06/30/28 (c) | 3,405 | 3,158,055 | ||||||
5.00%, 06/30/28 (c) | 1,000 | 979,505 | ||||||
5.00%, 06/30/28 (c) | 700 | 694,406 | ||||||
5.00%, 06/30/28 (c) | 2,040 | 2,015,269 | ||||||
5.00%, 06/30/28 (c) | 1,035 | 1,051,380 | ||||||
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c) | 230 | 217,555 | ||||||
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | ||||||||
5.00%, 07/01/26 (c) | 500 | 452,077 | ||||||
5.00%, 07/01/28 (c) | 130 | 119,884 | ||||||
5.00%, 07/01/28 (c) | 1,000 | 864,146 | ||||||
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) | 250 | 203,342 | ||||||
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 12,500 | 11,608,954 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) | ||||||||
7.00%, 07/01/22 (d) * | 1,000 | 600,000 | ||||||
7.50%, 12/01/22 (c) (d) * | 10,500 | 6,300,000 | ||||||
7.50%, 12/01/29 (c) (d) * | 7,000 | 350,000 | ||||||
8.00%, 07/01/27 (c) (d) * | 6,635 | 3,981,000 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * | 1,000 | 680,000 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Public Finance Authority, Enso Village Project, Series A (RB) | ||||||||
5.00%, 11/15/29 (c) | $ | 1,000 | $ | 878,322 | ||||
5.00%, 11/15/29 (c) | 1,000 | 809,478 | ||||||
5.00%, 06/01/27 (c) | 400 | 346,140 | ||||||
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | 1,000 | 699,454 | ||||||
5.00%, 07/01/27 (c) | 300 | 223,080 | ||||||
5.00%, 07/01/27 (c) | 485 | 379,989 | ||||||
5.00%, 07/01/27 | 110 | 92,632 | ||||||
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/26 (c) | 2,000 | 1,933,965 | ||||||
California School Finance Authority, Charter School Ivy Academia, Series A (RB) 4.00%, 06/01/28 (c) | 1,150 | 868,917 | ||||||
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/30 (c) | 1,000 | 836,825 | ||||||
California School Finance Authority, Hawking Steam Charter School Project (RB) 5.50%, 07/01/29 (c) | 1,000 | 882,460 | ||||||
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) | ||||||||
4.00%, 11/01/31 (c) | 1,000 | 652,939 | ||||||
4.00%, 11/01/31 (c) | 2,700 | 1,710,618 | ||||||
California School Finance Authority, River Springs Charter School Project, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | 1,000 | 827,418 | ||||||
6.38%, 07/01/25 (c) | 2,000 | 2,160,959 | ||||||
California School Finance Authority, Rocketship Education, Series A (RB) | ||||||||
5.12%, 06/01/26 (c) | 250 | 219,151 | ||||||
5.25%, 06/01/26 (c) | 250 | 219,499 | ||||||
California Statewide Communities Development Authority, Baptist University, Series A (RB) | ||||||||
3.50%, 11/01/27 | 1,500 | 1,415,540 | ||||||
5.00%, 11/01/27 (c) | 1,000 | 963,190 | ||||||
6.38%, 11/01/23 (c) | 1,000 | 1,013,019 | ||||||
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c) | 250 | 203,619 |
See Notes to Financial Statements
11 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
5.50%, 12/01/22 (c) | $ | 65 | $ | 60,640 | ||||
5.75%, 12/01/22 (c) | 12 | 11,602 | ||||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 12/01/22 (c) | 2 | 1,702 | ||||||
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) | ||||||||
5.00%, 05/15/26 (c) | 385 | 391,473 | ||||||
5.00%, 05/15/26 (c) | 545 | 549,200 | ||||||
California Statewide Communities Development Authority, John Muir Health, Series A (RB) 5.00%, 12/01/27 (c) | 2,305 | 2,299,814 | ||||||
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/29 (c) | 435 | 394,782 | ||||||
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c) | 75 | 75,047 | ||||||
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
5.00%, 06/01/26 (c) | 1,100 | 1,100,363 | ||||||
5.00%, 06/01/26 (c) | 350 | 351,678 | ||||||
5.00%, 06/01/26 (c) | 2,445 | 2,240,643 | ||||||
5.00%, 06/01/26 (c) | 1,595 | 1,503,635 | ||||||
5.25%, 12/01/24 (c) | 1,740 | 1,751,980 | ||||||
5.25%, 12/01/24 (c) | 8,975 | 8,891,224 | ||||||
5.25%, 06/01/26 (c) | 13,380 | 12,168,731 | ||||||
5.25%, 06/01/28 (c) | 1,000 | 915,002 | ||||||
5.50%, 12/01/24 (c) | 13,005 | 12,652,878 | ||||||
5.50%, 06/01/28 (c) | 6,500 | 6,081,806 | ||||||
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) | ||||||||
5.00%, 06/01/26 (c) | 3,230 | 2,827,094 | ||||||
5.75%, 01/15/23 (c) | 125 | 123,445 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c) | $ | 615 | $ | 512,168 | ||||
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c) | 3,170 | 2,974,080 | ||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 12/01/22 (c) | 3,175 | 3,228,889 | ||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 12/01/22 (c) | 900 | 915,273 | ||||||
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c) | 500 | 387,674 | ||||||
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) | 250 | 250,108 | ||||||
City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
4.00%, 09/01/23 (c) | 250 | 228,791 | ||||||
4.00%, 09/01/23 (c) | 250 | 231,349 | ||||||
4.00%, 09/01/23 (c) | 230 | 215,568 | ||||||
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c) | 750 | 750,247 | ||||||
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c) | 2,500 | 2,224,559 | ||||||
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c) | 180 | 159,282 | ||||||
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c) | 810 | 814,728 | ||||||
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | ||||||||
3.75%, 09/01/27 (c) | 500 | 421,371 | ||||||
5.00%, 09/01/27 (c) | 130 | 131,337 | ||||||
5.00%, 09/01/27 (c) | 155 | 157,208 | ||||||
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/27 (c) | 2,000 | 1,937,116 |
See Notes to Financial Statements
12 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c) | $ | 200 | $ | 202,055 | ||||
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c) | 1,045 | 1,045,453 | ||||||
CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB) 4.00%, 04/01/31 (c) | 6,000 | 4,224,547 | ||||||
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB) 4.00%, 08/01/31 (c) | 1,995 | 1,332,689 | ||||||
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/31 (c) | 6,650 | 3,992,743 | ||||||
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 02/01/32 (c) | 1,000 | 695,439 | ||||||
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 02/01/32 (c) | 2,500 | 1,872,082 | ||||||
Compton Public Finance Authority (RB) | ||||||||
4.00%, 09/01/24 (c) | 1,000 | 963,313 | ||||||
4.50%, 09/01/24 (c) | 1,585 | 1,501,513 | ||||||
County of Los Angeles CA Community Facilities District No 2021-01 (ST) 5.00%, 09/01/29 (c) | 1,000 | 918,032 | ||||||
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c) | 1,000 | 687,566 | ||||||
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c) | 7,750 | 5,346,422 | ||||||
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c) | 11,800 | 9,675,219 | ||||||
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB) | ||||||||
4.00%, 04/01/32 (c) | 1,000 | 632,897 | ||||||
4.00%, 05/01/32 (c) | 1,500 | 947,989 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/31 (c) | $ | 1,000 | $ | 668,361 | ||||
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/31 (c) | 3,000 | 1,807,871 | ||||||
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c) | 5,350 | 3,694,309 | ||||||
CSCDA Community Improvement Authority, Millennium South Bay- Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c) | 2,000 | 1,198,346 | ||||||
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c) | 2,500 | 1,714,672 | ||||||
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c) | 2,000 | 1,432,926 | ||||||
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c) | 1,000 | 667,397 | ||||||
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c) | 1,000 | 645,281 | ||||||
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c) | 8,200 | 5,741,078 | ||||||
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c) | 500 | 330,937 | ||||||
Dublin Community Facilities District No 2015-1 (ST) | ||||||||
5.00%, 09/01/26 (c) | 500 | 500,768 | ||||||
5.00%, 09/01/26 (c) | 500 | 508,220 | ||||||
5.00%, 09/01/26 (c) | 500 | 495,788 | ||||||
5.00%, 09/01/27 (c) | 485 | 459,429 | ||||||
5.00%, 09/01/27 (c) | 1,150 | 1,153,036 | ||||||
Folsom Ranch Financing Authority (ST) 5.00%, 09/01/27 (c) | 1,100 | 1,126,077 |
See Notes to Financial Statements
13 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
5.00%, 09/01/27 (c) | $ | 2,000 | $ | 2,026,712 | ||||
5.00%, 09/01/27 (c) | 1,000 | 976,713 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB) | ||||||||
5.75%, 01/15/24 (c) | 1,000 | 1,030,778 | ||||||
6.00%, 01/15/24 (c) | 2,860 | 2,955,364 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 07/15/27 (c) | 100 | 77,968 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c) | 475 | 337,747 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c) | 1,000 | 1,038,593 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road, Series A (RB) 6.00%, 01/15/24 (c) | 1,115 | 1,152,179 | ||||||
Hastings Campus Housing Finance Authority, Series A (RB) | ||||||||
5.00%, 07/01/30 (c) | 1,850 | 1,523,085 | ||||||
5.00%, 07/01/30 (c) | 1,000 | 766,029 | ||||||
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c) | 250 | 174,329 | ||||||
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c) | 405 | 405,176 | ||||||
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 12/01/22 (c) | 37 | 37,075 | ||||||
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/24 (c) | 1,600 | 1,645,420 | ||||||
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29 | 485 | 522,973 | ||||||
Ontario International Airport Authority, Series A (RB) (AGM) 4.00%, 05/15/31 (c) | 1,400 | 1,185,628 | ||||||
Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
4.25%, 08/15/25 (c) | 975 | 881,976 | ||||||
5.25%, 08/15/25 (c) | 455 | 456,861 | ||||||
Palomar Health (RB) 5.00%, 11/01/26 (c) | 250 | 253,510 | ||||||
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^ | 125 | 111,516 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c) | $ | 1,000 | $ | 1,000,309 | ||||
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c) | 750 | 758,908 | ||||||
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/26 (c) | 500 | 495,701 | ||||||
River Islands Public Financing Authority, Phase 2 Public Improvements (ST) 5.00%, 09/01/26 (c) | 750 | 740,304 | ||||||
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c) | 500 | 483,192 | ||||||
Sacramento County, Community Facilities District No. 2005-2 (ST) | ||||||||
5.00%, 09/01/26 (c) | 495 | 485,221 | ||||||
5.00%, 09/01/26 (c) | 345 | 345,205 | ||||||
San Diego County Regional Airport Authority, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 2,000 | 1,690,374 | ||||||
5.00%, 07/01/31 (c) | 745 | 733,718 | ||||||
San Diego County Regional Airport Authority, Series B (RB) (AGM) 4.00%, 07/01/31 (c) | 2,960 | 2,402,686 | ||||||
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/24 (c) | 4,750 | 4,684,231 | ||||||
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c) | 300 | 285,635 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c) | 500 | 519,416 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c) | 200 | 199,779 | ||||||
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c) | 2,000 | 1,651,043 |
See Notes to Financial Statements
14 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL) | ||||||||
0.00%, 01/15/25 ^ | $ | 1,000 | $ | 910,942 | ||||
0.00%, 01/15/32 ^ | 145 | 91,525 | ||||||
0.00%, 01/15/36 ^ | 105 | 51,972 | ||||||
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 03/01/26 (c) | 500 | 490,836 | ||||||
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 03/01/23 (c) | 1,035 | 1,038,155 | ||||||
Three Rivers Levee Improvement Authority. Community Facilities District Nos. 2006-1 and 2006-2, Series A (ST) 4.00%, 09/01/28 (c) | 1,290 | 1,028,663 | ||||||
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c) | 4,500 | 3,578,635 | ||||||
Tobacco Securitization Authority of Southern California, Series A (RB) 5.00%, 12/01/29 (c) | 3,495 | 3,365,772 | ||||||
Tobacco Securitization Authority of Southern California, Series B (RB) 4.00%, 12/01/30 (c) | 1,205 | 1,112,802 | ||||||
Tustin Community Facilities District, Series A (ST) | ||||||||
5.00%, 09/01/25 (c) | 100 | 100,331 | ||||||
5.00%, 09/01/25 (c) | 100 | 98,420 | ||||||
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) | 750 | 753,938 | ||||||
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) | ||||||||
4.00%, 09/01/21 (d) * | 850 | 382,500 | ||||||
5.30%, 03/01/23 (c) (d) * | 530 | 238,500 | ||||||
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c) | 445 | 441,939 | ||||||
310,735,095 | ||||||||
Colorado: 3.1% | ||||||||
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 5.00%, 12/01/23 (c) | 500 | 454,596 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c) | $ | 2,010 | $ | 1,897,506 | ||||
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/22 (c) | 1,000 | 950,861 | ||||||
Brighton Crossing Metropolitan District No. 6, Series A (GO) | ||||||||
5.00%, 12/01/25 (c) | 500 | 449,642 | ||||||
5.00%, 12/01/25 (c) | 500 | 429,929 | ||||||
Broadway Station Metropolitan District No. 3, Series A (GO) | ||||||||
5.00%, 06/01/24 (c) | 1,425 | 1,082,346 | ||||||
5.00%, 06/01/24 (c) | 4 | 3,265 | ||||||
Centerra Metropolitan District No. 1 (TA) | ||||||||
5.00%, 12/01/22 (c) | 500 | 454,853 | ||||||
5.00%, 12/01/22 (c) | 500 | 425,199 | ||||||
5.00%, 12/01/22 (c) | 500 | 483,066 | ||||||
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c) | 5,195 | 5,007,830 | ||||||
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c) | 4,250 | 3,705,931 | ||||||
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) | 1,035 | 929,162 | ||||||
Colorado Crossing Metropolitan District No. 2, Series A-2 (GO) 5.00%, 12/01/25 (c) | 3,000 | 2,387,456 | ||||||
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c) | 1,000 | 844,358 | ||||||
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c) | 500 | 428,876 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) | ||||||||
4.00%, 08/01/29 (c) | 510 | 436,383 | ||||||
5.00%, 08/01/29 | 1,000 | 1,037,582 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
3.25%, 08/01/29 (c) | 5 | 3,205 | ||||||
4.00%, 08/01/29 (c) | 7,735 | 6,031,396 | ||||||
5.00%, 08/01/29 (c) | 1,045 | 997,976 |
See Notes to Financial Statements
15 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/32 (c) | $ | 536 | $ | 268,081 | ||||
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) | ||||||||
5.00%, 12/31/24 (c) | 250 | 233,726 | ||||||
5.00%, 12/31/24 (c) | 350 | 330,460 | ||||||
Creekwalk Marketplace Business Improvement District, Series A (RB) | ||||||||
5.50%, 12/01/26 (c) | 500 | 415,708 | ||||||
5.75%, 12/01/26 (c) | 500 | 402,095 | ||||||
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/23 (c) | 1,000 | 946,733 | ||||||
Dominion Water and Sanitation District (RB) 5.88%, 12/01/28 (c) | 1,000 | 896,252 | ||||||
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) | ||||||||
4.50%, 11/01/25 (c) | 840 | 758,587 | ||||||
5.25%, 11/01/25 (c) | 2,345 | 2,110,431 | ||||||
5.50%, 11/01/25 (c) | 1,865 | 1,644,369 | ||||||
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c) | 1,000 | 862,497 | ||||||
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c) | 1,000 | 784,112 | ||||||
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/25 (c) | 2,000 | 1,623,372 | ||||||
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/24 (c) | 1,000 | 898,197 | ||||||
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c) | 540 | 439,210 | ||||||
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c) | 5,030 | 3,885,589 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c) | 1,000 | 681,092 | ||||||
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c) | 5,750 | 3,713,479 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39 | $ | 1,500 | $ | 1,286,364 | ||||
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40 | 1,615 | 1,367,296 | ||||||
Rocky Mountain Rail Park Metropolitan District, Series A (GO) | ||||||||
5.00%, 03/01/26 (c) | 1,000 | 806,696 | ||||||
5.00%, 03/01/26 (c) | 6,850 | 5,072,367 | ||||||
Southglenn Metropolitan District (GO) 5.00%, 12/01/22 (c) | 1,000 | 871,533 | ||||||
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c) | 1,200 | 1,039,770 | ||||||
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) | ||||||||
4.25%, 12/01/25 (c) | 1,000 | 746,328 | ||||||
5.00%, 12/01/22 (c) | 1,000 | 1,021,375 | ||||||
5.00%, 12/01/22 (c) | 500 | 510,687 | ||||||
5.00%, 12/01/22 (c) | 5,000 | 5,106,874 | ||||||
Transport Metropolitan District No. 3 (GO) | ||||||||
5.00%, 03/01/26 (c) | 4,000 | 2,949,829 | ||||||
5.00%, 03/01/26 (c) | 4,200 | 3,484,026 | ||||||
Velocity Metropolitan District No. 3 (GO) | ||||||||
5.12%, 12/01/23 (c) | 500 | 472,196 | ||||||
5.38%, 12/01/23 (c) | 1,500 | 1,399,481 | ||||||
Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c) | 1,025 | 952,371 | ||||||
Windler Public Improvement Authority, Series A-1 (RB) (BAM) | ||||||||
4.00%, 09/01/26 (c) | 1,000 | 742,070 | ||||||
4.00%, 09/01/26 (c) | 1,000 | 676,284 | ||||||
4.12%, 09/01/26 (c) | 4,980 | 3,107,966 | ||||||
80,948,921 | ||||||||
Connecticut: 0.6% | ||||||||
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/14/22 (c) | 630 | 603,212 | ||||||
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c) | 2,000 | 1,517,152 |
See Notes to Financial Statements
16 |
Par (000’s | ) | Value | ||||||
Connecticut (continued) | ||||||||
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) | ||||||||
5.00%, 09/01/26 (c) | $ | 3,000 | $ | 2,514,643 | ||||
5.00%, 09/01/26 (c) | 2,500 | 2,156,647 | ||||||
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB) | ||||||||
5.00%, 07/01/29 (c) | 2,630 | 2,162,198 | ||||||
5.00%, 07/01/29 (c) | 1,100 | 929,904 | ||||||
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c) | 3,000 | 2,583,188 | ||||||
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) | 1,000 | 913,022 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c) | 2,000 | 1,721,336 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c) | 250 | 186,065 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c) | 250 | 177,745 | ||||||
Connecticut State Health and Educational Facilities, Nuvance Health, Series A (RB) 4.00%, 07/01/29 (c) | 500 | 418,370 | ||||||
15,883,482 | ||||||||
Delaware: 0.2% | ||||||||
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB) 5.00%, 01/01/28 (c) | 1,450 | 1,211,571 | ||||||
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) | ||||||||
4.00%, 06/01/32 (c) | 915 | 646,481 | ||||||
5.00%, 06/01/26 (c) | 1,000 | 886,126 | ||||||
5.00%, 06/01/26 (c) | 250 | 237,222 | ||||||
Delaware River & Bay Authority (RB) 4.00%, 01/01/32 (c) | 1,540 | 1,339,400 |
Par (000’s | ) | Value | ||||||
Delaware (continued) | ||||||||
Delaware State Economic Development Authority (RB) 5.00%, 06/01/26 (c) | $ | 1,100 | $ | 955,835 | ||||
5,276,635 | ||||||||
District of Columbia: 0.7% | ||||||||
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c) | 1,975 | 2,144,461 | ||||||
District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | ||||||||
5.00%, 07/01/24 (c) | 250 | 230,809 | ||||||
5.00%, 07/01/24 (c) | 1,180 | 998,897 | ||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) | ||||||||
5.00%, 06/01/30 (c) | 500 | 461,955 | ||||||
5.00%, 06/01/30 (c) | 2,500 | 2,195,199 | ||||||
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c) | 1,000 | 861,618 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.01%, 10/01/37 | 11,325 | 4,975,541 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) | ||||||||
0.00%, 10/01/37 ^ | 2,020 | 927,690 | ||||||
4.00%, 10/01/29 (c) | 250 | 225,668 | ||||||
4.00%, 10/01/29 (c) | 7,315 | 6,122,440 | ||||||
6.50%, 10/01/28 (c) | 245 | 266,054 | ||||||
19,410,332 | ||||||||
Florida: 4.7% | ||||||||
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c) | 940 | 907,080 | ||||||
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c) | 1,000 | 956,348 | ||||||
Broward County, Florida Port Facilities (RB) 5.50%, 09/01/32 (c) | 2,985 | 3,065,940 | ||||||
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c) | 295 | 255,260 | ||||||
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c) | 7,200 | 6,019,429 | ||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c) | 250 | 233,312 |
See Notes to Financial Statements
17 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c) | $ | 500 | $ | 449,263 | ||||
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | ||||||||
4.50%, 01/01/29 (c) | 500 | 474,523 | ||||||
5.12%, 01/01/29 (c) | 500 | 453,289 | ||||||
5.25%, 01/01/29 (c) | 500 | 433,140 | ||||||
5.38%, 01/01/29 (c) | 500 | 434,396 | ||||||
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) | ||||||||
4.38%, 06/15/27 | 300 | 286,969 | ||||||
5.25%, 06/15/27 (c) | 500 | 438,112 | ||||||
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | ||||||||
4.00%, 12/01/28 | 2,200 | 1,987,870 | ||||||
5.25%, 12/01/28 (c) | 2,000 | 1,758,830 | ||||||
5.25%, 12/01/28 (c) | 2,200 | 1,819,323 | ||||||
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) | ||||||||
5.00%, 01/01/31 (c) | 1,850 | 1,303,714 | ||||||
5.00%, 07/01/30 (c) | 2,250 | 1,592,615 | ||||||
Central Florida Expressway Authority, Senior Lien (RB) (BAM) 5.00%, 07/01/27 (c) | 1,745 | 1,784,565 | ||||||
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) | ||||||||
5.00%, 11/01/27 (c) | 2,500 | 2,645,039 | ||||||
5.00%, 11/01/27 (c) | 3,000 | 3,181,887 | ||||||
5.00%, 11/01/27 (c) | 500 | 520,628 | ||||||
5.00%, 11/01/27 | 1,100 | 1,176,769 | ||||||
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
4.00%, 06/01/25 (c) | 230 | 198,558 | ||||||
5.00%, 06/01/25 (c) | 300 | 284,913 | ||||||
5.00%, 06/01/25 (c) | 1,210 | 1,172,057 | ||||||
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) | ||||||||
7.00%, 05/15/24 (d) * | 590 | 377,600 | ||||||
8.12%, 05/15/24 (c) (d) * | 460 | 294,400 | ||||||
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c) | 2,650 | 2,626,280 |
Par | ||||||||
(000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/01/32 (c) | $ | 1,000 | $ | 853,280 | ||||
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/27 (c) | 2,225 | 2,018,189 | ||||||
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c) | 425 | 370,761 | ||||||
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB) | ||||||||
4.00%, 06/01/28 (c) | 1,600 | 1,179,017 | ||||||
4.00%, 06/01/28 (c) | 1,250 | 805,058 | ||||||
5.25%, 06/01/27 (c) | 1,000 | 863,399 | ||||||
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | ||||||||
5.75%, 06/15/24 (c) | 1,000 | 1,011,930 | ||||||
6.00%, 06/15/25 (c) | 500 | 507,566 | ||||||
6.12%, 06/15/25 (c) | 685 | 693,099 | ||||||
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c) | 1,000 | 894,240 | ||||||
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/32 (c) | 3,700 | 3,152,123 | ||||||
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
6.25%, 01/01/24 (c) (p) | 6,000 | 5,714,735 | ||||||
6.38%, 01/01/26 (c) (p) | 9,695 | 8,736,698 | ||||||
6.50%, 01/01/29 (c) (p) | 9,750 | 8,590,822 | ||||||
FRERC Community Development District (SA) (AGM) | ||||||||
5.38%, 11/01/29 (c) | 1,500 | 1,384,530 | ||||||
5.50%, 11/01/29 (c) | 2,450 | 2,203,488 | ||||||
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 02/01/31 (c) | 6,500 | 5,156,505 | ||||||
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 12/01/22 (c) | 2,800 | 2,610,671 |
See Notes to Financial Statements
18
Par | ||||||||
(000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 12/01/22 (c) | $ | 500 | $ | 485,660 | ||||
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c) | 1,000 | 818,897 | ||||||
Lee County Industrial Development Authority, Shell Point/Alliance Obligated Group, Shell Point/Waterside Health Project (RB) 5.00%, 11/15/26 (c) | 2,500 | 2,387,488 | ||||||
Lee County, Florida Airport, Series A (RB) 5.00%, 10/01/25 | 1,000 | 1,024,138 | ||||||
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c) | 380 | 372,121 | ||||||
Miami World Center Community Development District (SA) | ||||||||
5.12%, 11/01/27 (c) | 750 | 720,717 | ||||||
5.25%, 11/01/27 (c) | 250 | 234,011 | ||||||
Miami-Dade County Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c) | 1,000 | 800,422 | ||||||
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/29 (c) | 1,000 | 820,828 | ||||||
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c) | 1,360 | 1,423,402 | ||||||
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
5.00%, 10/01/25 (c) | 500 | 500,782 | ||||||
5.00%, 10/01/25 (c) | 1,500 | 1,470,249 | ||||||
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c) | 1,000 | 967,689 | ||||||
Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
4.25%, 05/01/23 (c) | 705 | 701,068 | ||||||
5.00%, 05/01/23 (c) | 4,135 | 3,978,806 | ||||||
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c) | 155 | 156,389 | ||||||
North Miami Beach Florida Water, Series A (RB) (SAW) 5.00%, 08/01/30 (c) | 1,000 | 1,039,812 |
Par | ||||||||
(000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) | ||||||||
5.00%, 08/01/27 (c) | $ | 200 | $ | 192,708 | ||||
5.00%, 08/01/27 (c) | 200 | 183,695 | ||||||
Orange County Health Facilities Authority, Orlando Health Obligated Group (RB) 4.00%, 04/01/32 (c) | 2,800 | 2,179,279 | ||||||
Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB) | ||||||||
0.00%, 10/01/29 (c) ^ | 1,250 | 425,213 | ||||||
0.00%, 10/01/29 (c) ^ | 3,905 | 1,239,340 | ||||||
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) | ||||||||
5.00%, 04/01/29 (c) | 1,000 | 872,777 | ||||||
5.00%, 04/01/29 (c) | 2,500 | 2,016,643 | ||||||
Palm Cost Park Community Development District (SA) 5.70%, 12/01/22 (c) | 170 | 170,026 | ||||||
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 | 5,000 | 4,867,315 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.50%, 11/15/26 (c) | 500 | 399,368 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 12/01/22 (c) | 2,600 | 2,376,171 | ||||||
Village Community Development District No. 12 (SA) | ||||||||
3.25%, 05/01/26 | 195 | 186,578 | ||||||
3.62%, 05/01/26 (c) | 2,340 | 2,142,009 | ||||||
3.88%, 05/01/26 (c) | 2,395 | 1,914,459 | ||||||
4.25%, 05/01/28 (c) | 925 | 786,115 | ||||||
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c) | 10 | 8,206 | ||||||
Village Community Development District No. 13 (SA) | ||||||||
3.00%, 05/01/29 | 725 | 619,941 | ||||||
3.38%, 05/01/29 (c) | 970 | 772,501 | ||||||
3.55%, 05/01/29 (c) | 2,795 | 2,088,891 |
See Notes to Financial Statements
19
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c) | $ | 30 | $ | 20,351 | ||||
125,242,285 | ||||||||
Georgia: 1.1% | ||||||||
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c) | 1,000 | 805,300 | ||||||
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c) | 2,000 | 1,610,599 | ||||||
DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB) 5.00%, 01/01/29 (c) | 1,000 | 704,238 | ||||||
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) | 1,250 | 1,178,385 | ||||||
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/27 (c) | 700 | 501,410 | ||||||
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c) | 2,250 | 1,696,806 | ||||||
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | 416 | 424,599 | ||||||
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/27 (c) | 250 | 242,064 | ||||||
Main Street Natural Gas, Inc., Series C (RB) | ||||||||
4.00%, 11/01/27 (c) (p) | 7,000 | 6,467,510 | ||||||
5.00%, 05/15/49 | 2,405 | 2,213,854 | ||||||
Marietta Development Authority, Life University, Inc. Project, Series A (RB) | ||||||||
5.00%, 11/01/27 (c) | 5,000 | 4,645,512 | ||||||
5.00%, 11/01/27 (c) | 1,000 | 872,521 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c) | 375 | 346,184 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c) | 4,500 | 4,039,488 |
Par | ||||||||
(000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
Municipal Electric Authority of Georgia, Series A (RB) (BAM-TCRS) 4.00%, 01/01/32 (c) | $ | 2,900 | $ | 2,412,418 | ||||
White County Development Authority, Truett McConnell University Project, Series A (RB) | ||||||||
5.12%, 10/01/26 (c) | 500 | 416,464 | ||||||
5.25%, 10/01/26 (c) | 500 | 393,085 | ||||||
28,970,437 | ||||||||
Guam: 0.8% | ||||||||
Guam Government, Business Privilege Tax, Series D (RB) | ||||||||
4.00%, 11/15/25 (c) | 600 | 465,104 | ||||||
5.00%, 11/15/25 (c) | 1,040 | 1,000,436 | ||||||
5.00%, 11/15/25 (c) | 1,085 | 1,007,953 | ||||||
5.00%, 11/15/25 (c) | 4,500 | 4,380,426 | ||||||
5.00%, 11/15/25 (c) | 1,100 | 1,051,871 | ||||||
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c) | 4,000 | 3,144,096 | ||||||
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) | ||||||||
4.25%, 02/01/30 | 500 | 457,548 | ||||||
5.00%, 02/01/30 (c) | 500 | 448,460 | ||||||
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30 | 750 | 746,138 | ||||||
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c) | 3,120 | 2,764,473 | ||||||
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.00%, 07/01/26 (c) | 1,375 | 1,336,103 | ||||||
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c) | 3,205 | 3,042,435 | ||||||
Guam Power Authority, Series A (RB) 5.00%, 10/01/27 (c) | 500 | 501,473 | ||||||
20,346,516 | ||||||||
Hawaii: 0.4% | ||||||||
Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB) 4.00%, 03/01/27 (c) | 5,000 | 4,395,856 | ||||||
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 12/01/22 (c) | 1,775 | 1,608,276 |
See Notes to Financial Statements
20
Par | ||||||||
(000’s | ) | Value | ||||||
Hawaii (continued) | ||||||||
State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
6.25%, 07/01/23 (c) | $ | 1,400 | $ | 1,403,908 | ||||
6.62%, 07/01/23 (c) | 2,085 | 2,092,461 | ||||||
9,500,501 | ||||||||
Idaho: 0.1% | ||||||||
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
3.50%, 09/01/26 (c) | 450 | 362,120 | ||||||
5.00%, 09/01/26 (c) | 1,135 | 1,084,743 | ||||||
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/24 (c) | 1,435 | 1,424,690 | ||||||
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c) | 100 | 83,324 | ||||||
2,954,877 | ||||||||
Illinois: 13.6% | ||||||||
Board of Education of the City of Chicago, Series H (GO) 5.00%, 12/01/27 (c) | 2,000 | 1,876,242 | ||||||
Chicago Board of Education, Series A (GO) | ||||||||
4.00%, 12/01/31 (c) | 10,000 | 7,405,361 | ||||||
4.00%, 12/01/31 (c) | 4,975 | 3,826,697 | ||||||
5.00%, 12/01/22 (c) | 15,055 | 13,356,081 | ||||||
5.00%, 12/01/28 (c) | 1,265 | 1,234,928 | ||||||
5.00%, 12/01/28 (c) | 250 | 239,255 | ||||||
5.00%, 12/01/29 | 1,000 | 981,902 | ||||||
5.00%, 12/01/29 (c) | 1,195 | 1,168,157 | ||||||
5.00%, 12/01/30 (c) | 5,000 | 4,541,103 | ||||||
5.00%, 12/01/30 (c) | 7,240 | 6,687,475 | ||||||
5.00%, 12/01/30 (c) | 4,100 | 3,924,159 | ||||||
5.00%, 12/01/30 (c) | 5,575 | 5,380,681 | ||||||
5.00%, 12/01/30 (c) | 395 | 374,088 | ||||||
5.00%, 12/01/30 (c) | 1,610 | 1,476,691 | ||||||
5.00%, 12/01/30 (c) | 100 | 93,602 | ||||||
5.00%, 12/01/30 (c) | 5,950 | 5,430,134 | ||||||
5.00%, 12/01/30 (c) | 7,850 | 7,083,809 | ||||||
5.00%, 12/01/30 (c) | 4,300 | 3,860,139 | ||||||
5.00%, 12/01/31 (c) | 8,000 | 6,905,318 | ||||||
7.00%, 12/01/25 (c) | 14,210 | 14,845,257 | ||||||
7.00%, 12/01/25 (c) | 5,200 | 5,526,771 | ||||||
7.00%, 12/01/27 (c) | 2,250 | 2,389,577 | ||||||
Chicago Board of Education, Series A (GO) (AGM) | ||||||||
5.00%, 12/01/23 | 300 | 304,198 | ||||||
5.00%, 12/01/25 | 1,000 | 1,023,611 | ||||||
5.00%, 12/01/28 (c) | 250 | 251,347 | ||||||
Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
5.50%, 12/01/25 | 145 | 149,821 | ||||||
5.50%, 12/01/26 | 175 | 182,369 | ||||||
5.50%, 12/01/30 | 2,500 | 2,673,787 |
Par | ||||||||
(000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Series A (GO) (NATL) | ||||||||
0.01%, 12/01/27 | $ | 760 | $ | 596,403 | ||||
0.01%, 12/01/28 | 390 | 290,070 | ||||||
0.01%, 12/01/30 | 55 | 36,627 | ||||||
5.50%, 12/01/26 | 355 | 367,689 | ||||||
Chicago Board of Education, Series B (GO) | ||||||||
4.00%, 12/01/22 (c) | 150 | 126,652 | ||||||
4.00%, 12/01/31 (c) | 5,000 | 4,050,484 | ||||||
4.00%, 12/01/31 (c) | 4,130 | 3,253,791 | ||||||
4.00%, 12/01/31 (c) | 5,000 | 3,994,549 | ||||||
5.00%, 12/01/22 (c) | 3,235 | 3,066,188 | ||||||
5.00%, 12/01/22 (c) | 1,105 | 1,059,822 | ||||||
5.00%, 12/01/27 | 1,500 | 1,483,489 | ||||||
5.00%, 12/01/29 (c) | 200 | 190,944 | ||||||
5.00%, 12/01/30 (c) | 3,600 | 3,498,954 | ||||||
6.50%, 12/01/26 (c) | 1,100 | 1,136,436 | ||||||
Chicago Board of Education, Series C (GO) | ||||||||
5.00%, 12/01/23 | 500 | 502,306 | ||||||
5.00%, 12/01/27 (c) | 2,625 | 2,490,155 | ||||||
5.00%, 12/01/27 | 2,000 | 1,977,986 | ||||||
5.25%, 12/01/24 (c) | 3,485 | 3,339,143 | ||||||
5.25%, 12/01/24 (c) | 4,430 | 4,106,804 | ||||||
6.00%, 12/01/24 (c) | 1,160 | 1,184,830 | ||||||
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c) | 7,500 | 6,532,379 | ||||||
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c) | 2,415 | 2,352,037 | ||||||
Chicago Board of Education, Series G (GO) | ||||||||
5.00%, 12/01/27 (c) | 3,600 | 3,416,083 | ||||||
5.00%, 12/01/27 (c) | 3,000 | 2,642,056 | ||||||
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c) | 5,080 | 4,431,170 | ||||||
Chicago Midway International Airport, Series A (RB) 5.00%, 01/01/24 (c) | 2,500 | 2,522,091 | ||||||
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) | 4,000 | 4,011,291 | ||||||
Chicago O'Hare International Airport (RB) | ||||||||
5.50%, 01/01/23 (c) | 400 | 401,000 | ||||||
5.75%, 01/01/23 (c) | 8,915 | 8,923,412 | ||||||
5.75%, 01/01/23 (c) | 1,585 | 1,586,686 | ||||||
Chicago O'Hare International Airport, Series B (RB) 4.00%, 12/01/22 (c) | 1,500 | 1,449,781 | ||||||
Chicago School Reform Board of Trustees, Series A (GO) (NATL) | ||||||||
0.01%, 12/01/23 | 300 | 286,416 | ||||||
0.01%, 12/01/25 | 355 | 308,461 | ||||||
0.01%, 12/01/29 | 1,460 | 1,029,295 |
See Notes to Financial Statements
21
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
0.00%, 12/01/28 ^ | $ | 690 | $ | 513,201 | ||||
0.00%, 12/01/29 ^ | 645 | 454,722 | ||||||
0.01%, 12/01/24 | 1,165 | 1,062,031 | ||||||
0.01%, 12/01/25 | 1,650 | 1,433,691 | ||||||
0.01%, 12/01/26 | 1,630 | 1,346,845 | ||||||
0.01%, 12/01/27 | 1,030 | 808,283 | ||||||
0.01%, 12/01/31 | 520 | 325,793 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
5.00%, 06/01/26 | 100 | 102,521 | ||||||
5.00%, 06/01/29 | 1,000 | 1,040,466 | ||||||
City of Chicago, City Colleges (GO) (NATL) | ||||||||
0.00%, 01/01/30 ^ | 420 | 300,847 | ||||||
0.01%, 01/01/28 | 345 | 273,890 | ||||||
0.01%, 01/01/33 | 985 | 589,880 | ||||||
0.01%, 01/01/34 | 760 | 431,531 | ||||||
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25 | 235 | 235,879 | ||||||
City of Chicago, Series A (GO) | ||||||||
5.00%, 01/01/27 | 200 | 199,861 | ||||||
5.00%, 01/01/27 | 1,000 | 999,305 | ||||||
5.00%, 01/01/31 (c) | 3,000 | 2,849,453 | ||||||
5.00%, 01/01/31 (c) | 3,000 | 2,876,125 | ||||||
6.00%, 01/01/27 (c) | 5,000 | 5,094,054 | ||||||
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^ | 140 | 105,650 | ||||||
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 | 2,775 | 2,756,724 | ||||||
City of Chicago, Series B (GO) 5.25%, 01/01/25 (c) | 2,195 | 2,198,582 | ||||||
City of Chicago, Series C (GO) | ||||||||
0.00%, 01/01/32 ^ | 195 | 121,925 | ||||||
5.00%, 01/01/24 | 1,110 | 1,113,890 | ||||||
5.00%, 01/01/25 | 1,760 | 1,766,967 | ||||||
5.00%, 01/01/26 (c) | 250 | 249,596 | ||||||
5.00%, 01/01/26 | 380 | 380,778 | ||||||
City of Chicago, Series D (GO) 5.50%, 01/01/25 (c) | 5,000 | 4,885,650 | ||||||
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30 | 1,020 | 1,069,250 | ||||||
City of Harvey, Series A (GO) | ||||||||
5.50%, 12/01/22 (c) (d) * | 465 | 426,056 | ||||||
5.62%, 12/01/22 (c) (d) * | 3,600 | 3,298,500 | ||||||
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26 | 1,200 | 1,198,828 |
Par | ||||||||
(000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Finance Authority Health Services Facility, University of Illinois Health Services (RB) 4.00%, 10/01/30 (c) | $ | 3,000 | $ | 2,302,457 | ||||
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c) | 1,000 | 754,154 | ||||||
Illinois Finance Authority, Admiral Lake Project (RB) | ||||||||
5.00%, 05/15/24 (c) | 1,120 | 896,068 | ||||||
5.12%, 05/15/24 (c) | 390 | 290,982 | ||||||
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 12/01/22 (c) | 35 | 32,934 | ||||||
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) 5.00%, 07/01/25 (c) | 1,000 | 887,177 | ||||||
Illinois Finance Authority, Christian Homes, Inc. (RB) 5.00%, 05/15/26 (c) | 1,875 | 1,728,713 | ||||||
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
4.75%, 05/15/23 (c) | 615 | 574,734 | ||||||
5.12%, 05/15/23 (c) | 230 | 205,915 | ||||||
5.25%, 05/15/23 (c) | 750 | 675,548 | ||||||
Illinois Finance Authority, Friendship Village of Schaumburg (RB) | ||||||||
5.00%, 02/15/27 (d) * | 3,000 | 1,470,000 | ||||||
5.00%, 02/15/27 (c) (d) * | 6,500 | 3,185,000 | ||||||
5.12%, 02/15/27 (c) (d) * | 6,130 | 3,003,700 | ||||||
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c) | 100 | 85,251 | ||||||
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c) | 500 | 508,383 | ||||||
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) | ||||||||
5.00%, 11/01/26 (c) | 500 | 470,135 | ||||||
5.00%, 11/01/26 (c) | 250 | 231,604 | ||||||
5.00%, 11/01/26 (c) | 5 | 4,352 | ||||||
Illinois Finance Authority, Mercy Health Corp. (RB) 5.00%, 06/01/26 (c) | 3,000 | 2,819,558 | ||||||
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 12/01/22 (c) | 475 | 446,367 | ||||||
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c) | 5,000 | 4,849,853 |
See Notes to Financial Statements
22
Par | ||||||||
(000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Sports Facilities Authority (RB) | ||||||||
5.00%, 06/15/28 | $ | 1,000 | $ | 988,480 | ||||
5.00%, 06/15/29 | 1,000 | 984,381 | ||||||
5.00%, 06/15/29 (c) | 3,055 | 2,994,956 | ||||||
5.00%, 06/15/30 | 1,000 | 977,045 | ||||||
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c) | 1,000 | 1,015,184 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 690 | 589,572 | ||||||
Illinois State, Series A (GO) | ||||||||
5.00%, 12/01/27 (c) | 1,500 | 1,492,370 | ||||||
5.00%, 05/01/28 (c) | 500 | 460,015 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
0.00%, 12/15/31 (c) ^ | 1,125 | 509,865 | ||||||
0.00%, 12/15/31 (c) ^ | 1,025 | 479,316 | ||||||
0.00%, 12/15/31 (c) ^ | 1,175 | 513,992 | ||||||
3.00%, 12/15/24 (c) | 2,000 | 1,921,117 | ||||||
4.00%, 12/15/31 (c) | 75 | 60,835 | ||||||
5.00%, 12/15/27 (c) | 935 | 846,932 | ||||||
5.50%, 12/15/25 (c) | 1,400 | 1,379,511 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) | ||||||||
0.00%, 12/15/34 ^ | 590 | 306,881 | ||||||
0.00%, 06/15/29 ^ | 840 | 609,780 | ||||||
0.00%, 06/15/31 ^ | 125 | 81,090 | ||||||
0.00%, 06/15/34 ^ | �� | 190 | 102,143 | |||||
0.00%, 06/15/39 ^ | 115 | 44,649 | ||||||
0.01%, 12/15/30 | 475 | 317,635 | ||||||
0.01%, 06/15/30 | 745 | 512,421 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ | 1,080 | 826,883 | ||||||
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 12/01/22 (c) | 585 | 445,613 | ||||||
Southwestern Illinois Development Authority (RB) 5.35%, 12/01/22 (c) | 230 | 130,171 | ||||||
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 12/01/22 (c) | 2,000 | 1,926,720 | ||||||
State of Illinois (GO) | ||||||||
3.50%, 06/01/26 (c) | 935 | 858,478 | ||||||
3.50%, 06/01/26 (c) | 175 | 156,489 | ||||||
4.00%, 01/01/26 (c) | 500 | 466,537 | ||||||
4.00%, 12/01/22 (c) | 150 | 147,390 |
Par | ||||||||
(000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
4.00%, 05/01/24 | $ | 660 | $ | 656,350 | ||||
4.00%, 06/01/26 (c) | 460 | 389,067 | ||||||
4.00%, 06/01/26 (c) | 360 | 315,783 | ||||||
4.00%, 06/01/26 (c) | 1,720 | 1,554,171 | ||||||
4.00%, 06/01/26 (c) | 3,000 | 2,673,528 | ||||||
4.00%, 06/01/26 (c) | 270 | 233,638 | ||||||
4.12%, 11/01/26 (c) | 600 | 552,192 | ||||||
4.12%, 12/01/22 (c) | 160 | 154,017 | ||||||
5.00%, 11/01/24 | 200 | 201,776 | ||||||
5.00%, 12/01/24 | 820 | 827,054 | ||||||
5.00%, 02/01/24 (c) | 350 | 350,728 | ||||||
5.00%, 02/01/24 (c) | 375 | 376,140 | ||||||
5.00%, 02/01/26 | 2,750 | 2,771,085 | ||||||
5.00%, 02/01/27 | 500 | 503,382 | ||||||
5.00%, 03/01/28 | 805 | 807,559 | ||||||
5.00%, 03/01/31 (c) | 1,000 | 964,553 | ||||||
5.00%, 04/01/24 (c) | 1,470 | 1,470,531 | ||||||
5.00%, 05/01/24 (c) | 2,005 | 2,006,856 | ||||||
5.00%, 05/01/24 (c) | 175 | 171,491 | ||||||
5.00%, 05/01/24 (c) | 1,025 | 1,027,193 | ||||||
5.00%, 05/01/24 (c) | 100 | 97,249 | ||||||
5.00%, 05/01/24 (c) | 2,390 | 2,267,812 | ||||||
5.00%, 05/01/24 (c) | 275 | 275,233 | ||||||
5.00%, 06/01/26 (c) | 1,040 | 1,041,982 | ||||||
5.00%, 06/01/26 | 125 | 125,931 | ||||||
5.00%, 06/01/26 (c) | 800 | 803,608 | ||||||
5.25%, 02/01/24 (c) | 5,000 | 5,016,568 | ||||||
5.25%, 07/01/23 (c) | 290 | 290,374 | ||||||
5.25%, 07/01/23 (c) | 510 | 510,872 | ||||||
5.25%, 07/01/23 (c) | 550 | 551,044 | ||||||
5.50%, 07/01/23 (c) | 560 | 560,514 | ||||||
5.50%, 07/01/23 (c) | 1,165 | 1,171,168 | ||||||
6.00%, 05/01/25 | 500 | 515,741 | ||||||
6.00%, 05/01/26 | 880 | 914,630 | ||||||
State of Illinois (GO) (AGC) | ||||||||
5.50%, 05/01/30 | 1,500 | 1,547,170 | ||||||
5.75%, 05/01/30 (c) | 3,710 | 3,721,579 | ||||||
State of Illinois (RB) 3.00%, 06/15/26 (c) | 100 | 86,527 | ||||||
State of Illinois, Series A (GO) | ||||||||
4.00%, 12/01/22 (c) | 100 | 94,127 | ||||||
5.00%, 10/01/28 (c) | 7,500 | 7,391,820 | ||||||
5.00%, 10/01/28 | 500 | 501,120 | ||||||
5.00%, 12/01/27 (c) | 100 | 97,428 | ||||||
5.00%, 03/01/30 | 2,740 | 2,741,809 | ||||||
5.00%, 03/01/31 (c) | 775 | 766,155 | ||||||
5.00%, 04/01/23 (c) | 110 | 105,438 | ||||||
5.00%, 05/01/28 (c) | 365 | 338,947 | ||||||
5.00%, 05/01/28 (c) | 270 | 253,518 | ||||||
5.00%, 05/01/28 (c) | 1,000 | 969,060 | ||||||
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 13,425 | 13,436,669 | ||||||
State of Illinois, Series D (GO) | ||||||||
3.25%, 11/01/26 | 1,755 | 1,657,425 | ||||||
5.00%, 11/01/23 | 1,270 | 1,280,173 | ||||||
5.00%, 11/01/25 | 1,920 | 1,935,388 | ||||||
5.00%, 11/01/26 | 7,715 | 7,770,478 | ||||||
5.00%, 11/01/27 (c) | 9,700 | 9,716,972 |
See Notes to Financial Statements
23
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
5.00%, 11/01/27 | $ | 6,000 | $ | 6,023,611 | ||||
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c) | 500 | 431,774 | ||||||
Village of Bridgeview (GO) 5.00%, 12/01/22 (c) | 360 | 306,900 | ||||||
Will County Community High School District No. 210, Series B (GO) | ||||||||
0.00%, 01/01/29 ^ | 90 | 68,700 | ||||||
0.00%, 01/01/31 ^ | 245 | 168,997 | ||||||
0.00%, 01/01/33 ^ | 540 | 328,427 | ||||||
361,808,182 | ||||||||
Indiana: 0.6% | ||||||||
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/22 (c) | 215 | 197,256 | ||||||
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c) | 150 | 150,352 | ||||||
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/27 (c) | 4,000 | 3,878,226 | ||||||
Indiana Finance Authority, Deaconess Health System, Series A (RB) 5.00%, 09/01/26 (c) | 1,000 | 1,058,182 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 | 1,000 | 929,855 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 | 3,500 | 2,972,727 | ||||||
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | 5,500 | 5,267,374 | ||||||
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24 | 300 | 303,329 | ||||||
14,757,301 | ||||||||
Iowa: 1.0% | ||||||||
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | 1,025 | 972,660 | ||||||
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) | ||||||||
5.00%, 11/15/26 (c) | 3,365 | 2,739,189 | ||||||
5.00%, 05/15/27 (c) | 2,770 | 2,317,335 | ||||||
5.00%, 05/15/27 (c) | 655 | 563,029 |
Par | ||||||||
(000’s | ) | Value | ||||||
Iowa (continued) | ||||||||
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 12/01/22 (c) | $ | 7,025 | $ | 6,111,639 | ||||
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p) | 7,500 | 6,687,204 | ||||||
Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
4.00%, 10/01/25 | 1,660 | 1,602,315 | ||||||
5.00%, 10/01/25 (c) | 990 | 923,082 | ||||||
5.00%, 10/01/25 (c) | 2,115 | 1,882,114 | ||||||
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c) | 2,500 | 2,284,081 | ||||||
26,082,648 | ||||||||
Kansas: 0.5% | ||||||||
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c) | 250 | 224,255 | ||||||
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/27 (c) | 1,000 | 909,140 | ||||||
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c) | 2,000 | 1,427,329 | ||||||
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/25 (c) | 1,000 | 977,955 | ||||||
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c) | 250 | 222,309 | ||||||
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c) | 1,000 | 687,181 | ||||||
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c) | 810 | 690,473 | ||||||
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) | ||||||||
5.00%, 09/01/25 (c) | 315 | 289,400 | ||||||
5.75%, 09/01/25 (c) | 4,565 | 4,004,243 | ||||||
6.00%, 09/01/25 (c) | 2,125 | 1,851,186 |
See Notes to Financial Statements
24
Par | ||||||||
(000’s | ) | Value | ||||||
Kansas (continued) | ||||||||
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^ | $ | 7,500 | $ | 2,137,108 | ||||
13,420,579 | ||||||||
Kentucky: 0.6% | ||||||||
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/26 (c) | 100 | 100,777 | ||||||
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 12/01/22 (c) | 1,600 | 1,521,616 | ||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/27 (c) | 4,655 | 4,447,670 | ||||||
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
5.00%, 05/15/26 (c) | 250 | 196,553 | ||||||
5.00%, 05/15/26 (c) | 545 | 498,079 | ||||||
5.00%, 05/15/26 (c) | 350 | 302,177 | ||||||
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
5.38%, 11/21/22 (c) | 400 | 359,010 | ||||||
5.50%, 11/21/22 (c) | 250 | 202,297 | ||||||
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c) | 3,365 | 3,048,453 | ||||||
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | ||||||||
5.00%, 06/01/26 | 175 | 180,409 | ||||||
5.00%, 06/01/27 (c) | 990 | 920,381 | ||||||
5.25%, 06/01/27 (c) | 750 | 734,064 | ||||||
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c) | 500 | 468,853 | ||||||
Kentucky Economic Development Finance Authority, Series A-2 (RB) 5.00%, 08/01/29 (c) | 1,000 | 929,349 |
Par | ||||||||
(000’s | ) | Value | ||||||
Kentucky (continued) | ||||||||
Kentucky State Property & Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c) | $ | 2,000 | $ | 2,097,512 | ||||
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 (c) | 1,045 | 1,108,576 | ||||||
17,115,776 | ||||||||
Louisiana: 1.4% | ||||||||
Calcasieu Parish Memorial Hospital Service District (RB) | ||||||||
5.00%, 12/01/29 (c) | 1,750 | 1,727,194 | ||||||
5.00%, 12/01/29 (c) | 4,950 | 4,712,356 | ||||||
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/28 | 1,000 | 1,014,185 | ||||||
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) | ||||||||
4.00%, 12/01/28 (c) | 3,220 | 3,048,264 | ||||||
5.00%, 12/01/25 | 100 | 103,384 | ||||||
Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c) | 2,075 | 1,686,308 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB) 5.00%, 07/01/29 (c) | 500 | 398,304 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c) | 950 | 775,136 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c) | 2,000 | 1,381,648 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c) | 175 | 134,949 |
See Notes to Financial Statements
25
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c) | $ | 1,000 | $ | 913,719 | ||||
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) 5.00%, 07/01/29 (c) | 500 | 356,347 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | 2,550 | 2,283,566 | ||||||
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/33 (c) | 1,500 | 1,324,661 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) * | 1,647 | 16 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) | ||||||||
7.50%, 07/01/23 (d) * | 2,259 | 22 | ||||||
8.38%, 07/01/24 (c) (d) * | 1,389 | 14 | ||||||
Louisiana Stadium and Exposition District Senior Revenue, Series A (RB) 5.00%, 07/01/23 (c) | 2,555 | 2,570,586 | ||||||
Louisiana Stadium and Exposition District, Series A (RB) 5.00%, 07/01/23 (c) | 2,400 | 2,414,798 | ||||||
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/25 (c) | 3,160 | 3,039,750 | ||||||
Parish of St James, Nustar Logistics, LP Project (RB) | ||||||||
5.85%, 06/01/25 (p) | 750 | 765,037 | ||||||
6.35%, 06/01/30 (c) | 4,000 | 4,210,756 | ||||||
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c) | 3,000 | 3,158,067 | ||||||
36,019,067 |
Par | ||||||||
(000’s | ) | Value | ||||||
Maine: 0.2% | ||||||||
Maine Finance Authority, GO Lab Madison, LLC Project (RB) 8.00%, 12/01/36 (c) | $ | 1,000 | $ | 701,794 | ||||
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) | ||||||||
4.00%, 07/01/26 (c) | 1,270 | 984,857 | ||||||
5.00%, 07/01/26 (c) | 3,825 | 3,463,410 | ||||||
5,150,061 | ||||||||
Maryland: 1.2% | ||||||||
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/31 (c) | 1,000 | 867,714 | ||||||
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c) | 500 | 478,331 | ||||||
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c) | 250 | 233,354 | ||||||
County of Baltimore, Riderwood Village, Inc. Facility (RB) 4.00%, 01/01/27 (c) | 1,000 | 856,745 | ||||||
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary's University, Series A (RB) 5.00%, 09/01/27 (c) | 1,000 | 923,868 | ||||||
County of Prince George's, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c) | 500 | 511,061 | ||||||
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/30 (c) | 2,000 | 1,571,237 | ||||||
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c) | 4,100 | 3,566,015 | ||||||
Howard County, Series A (TA) 4.50%, 02/15/26 (c) | 500 | 414,721 | ||||||
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/22 (c) | 7,785 | 7,782,282 | ||||||
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | ||||||||
3.75%, 01/01/27 (c) | 100 | 94,414 | ||||||
4.38%, 01/01/27 (c) | 470 | 419,346 | ||||||
4.50%, 01/01/27 (c) | 530 | 450,920 |
See Notes to Financial Statements
26
Par | ||||||||
(000’s | ) | Value | ||||||
Maryland (continued) | ||||||||
Maryland Economic Development Corp., Port Covington Project (TA) | ||||||||
3.25%, 09/01/30 | $ | 500 | $ | 434,977 | ||||
4.00%, 09/01/30 (c) | 500 | 409,717 | ||||||
4.00%, 09/01/30 (c) | 3,250 | 2,422,331 | ||||||
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Inc., Series A (RB) 5.50%, 01/01/27 (c) | 2,675 | 2,622,889 | ||||||
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) | ||||||||
4.00%, 07/01/26 (c) | 400 | 317,865 | ||||||
5.00%, 07/01/26 (c) | 250 | 245,483 | ||||||
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) | ||||||||
4.00%, 07/01/25 (c) | 210 | 196,683 | ||||||
4.25%, 07/01/25 (c) | 145 | 128,697 | ||||||
5.00%, 07/01/25 (c) | 1,500 | 1,422,446 | ||||||
5.00%, 07/01/25 (c) | 625 | 628,617 | ||||||
5.00%, 07/01/25 (c) | 500 | 491,291 | ||||||
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c) | 750 | 588,078 | ||||||
Maryland Stadium Authority Built to Learn Revenue (RB) 4.00%, 06/01/31 (c) | 2,700 | 2,169,421 | ||||||
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/27 (c) | 1,000 | 881,557 | ||||||
Prince George's County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c) | 500 | 482,897 | ||||||
31,612,957 | ||||||||
Massachusetts: 1.2% | ||||||||
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | 365 | 331,922 | ||||||
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/25 | 1,220 | 1,268,836 | ||||||
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) 4.00%, 07/01/25 (c) | 535 | 412,277 | ||||||
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | 1,000 | 842,783 |
Par | ||||||||
(000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c) | $ | 500 | $ | 496,900 | ||||
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c) | 1,035 | 961,228 | ||||||
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c) | 2,400 | 1,738,462 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/27 (c) | 1,000 | 867,365 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c) | 350 | 310,638 | ||||||
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | ||||||||
5.00%, 11/15/25 (c) | 500 | 491,921 | ||||||
5.12%, 11/15/25 (c) | 500 | 480,223 | ||||||
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
4.00%, 11/21/22 (c) | 1,000 | 965,769 | ||||||
4.12%, 11/21/22 (c) | 2,500 | 2,297,101 | ||||||
5.00%, 11/21/22 (c) | 9,820 | 9,862,004 | ||||||
5.00%, 11/21/22 (c) | 1,400 | 1,412,069 | ||||||
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c) | 3,500 | 3,114,523 | ||||||
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c) | 5 | 3,768 | ||||||
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | 1,930 | 1,698,684 | ||||||
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c) | 2,000 | 1,603,062 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) | ||||||||
5.00%, 07/01/26 (c) | 510 | 483,465 | ||||||
5.00%, 07/01/26 (c) | 190 | 196,088 |
See Notes to Financial Statements
27
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c) | $ | 1,000 | $ | 950,582 | ||||
30,789,670 | ||||||||
Michigan: 1.1% | ||||||||
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c) | 290 | 267,948 | ||||||
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/30 (c) | 250 | 248,789 | ||||||
City of Detroit, Michigan Unlimited Tax, Series A (GO) 5.00%, 04/01/31 (c) | 1,150 | 1,057,012 | ||||||
Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF) 4.00%, 07/01/28 (c) | 1,000 | 737,121 | ||||||
Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c) | 500 | 393,722 | ||||||
Flint Michigan Hospital Building Authority (RB) 4.75%, 07/01/23 (c) | 30 | 30,248 | ||||||
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/23 (c) | 395 | 396,001 | ||||||
Michigan Finance Authority, Mid Michigan Health Credit Group (RB) 5.00%, 06/01/24 (c) | 1,040 | 1,068,321 | ||||||
Michigan Finance Authority, Presbyterian Villages of Michigan (RB) | ||||||||
5.25%, 11/15/25 (c) | 250 | 224,423 | ||||||
5.50%, 11/15/25 (c) | 300 | 259,291 | ||||||
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
5.00%, 07/01/24 (c) | 215 | 207,799 | ||||||
5.00%, 07/01/24 (c) | 3,575 | 3,362,114 | ||||||
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c) | 3,235 | 3,012,376 | ||||||
Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30 | 10,000 | 9,592,932 | ||||||
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c) | 795 | 788,854 | ||||||
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.01%, 12/01/30 (c) | 15,500 | 1,042,766 |
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24 | $ | 100 | $ | 98,905 | ||||
Michigan Strategic Fund, Evangelical Homes Project (RB) | ||||||||
5.25%, 12/01/22 (c) | 2,450 | 2,255,324 | ||||||
5.50%, 12/01/22 (c) | 2,000 | 1,708,303 | ||||||
Michigan Strategic Fund, I-75 Improvement Project (RB) | ||||||||
5.00%, 12/31/28 (c) | 600 | 587,695 | ||||||
5.00%, 12/31/28 (c) | 700 | 675,681 | ||||||
5.00%, 12/31/28 (c) | 1,250 | 1,090,446 | ||||||
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.01%, 11/16/22 (c) | 260 | 24,036 | ||||||
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/28 (c) | 1,000 | 776,984 | ||||||
29,907,091 | ||||||||
Minnesota: 0.6% | ||||||||
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c) | 135 | 115,861 | ||||||
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 500 | 465,969 | ||||||
City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB) 5.50%, 12/01/22 (c) (d) * | 1,900 | 1,175,141 | ||||||
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) | ||||||||
5.50%, 07/01/25 (c) | 245 | 201,587 | ||||||
5.50%, 07/01/25 (c) | 250 | 216,921 | ||||||
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/29 (c) | 3,000 | 2,755,065 | ||||||
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
5.25%, 07/01/25 (c) | 500 | 474,824 | ||||||
5.50%, 07/01/25 (c) | 2,860 | 2,700,948 | ||||||
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c) | 500 | 452,358 | ||||||
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c) | 115 | 96,862 | ||||||
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) * | 2,000 | 1,800,000 |
See Notes to Financial Statements
28 |
Par (000’s | ) | Value | ||||||
Minnesota (continued) | ||||||||
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) | ||||||||
4.00%, 07/01/25 (c) | $ | 1,000 | $ | 937,099 | ||||
5.75%, 09/01/26 (c) | 325 | 309,682 | ||||||
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c) | 500 | 405,674 | ||||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c) | 3,730 | 3,225,442 | ||||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/21/22 (c) | 975 | 774,590 | ||||||
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c) | 250 | 202,426 | ||||||
16,310,449 | ||||||||
Mississippi: 0.2% | ||||||||
Mississippi Business Finance Corp. (RB) 2.38%, 06/01/26 (c) | 1,250 | 747,348 | ||||||
Mississippi Development Bank, Magnolia Regional Health Center Project (RB) 4.00%, 10/01/31 (c) | 3,500 | 2,637,075 | ||||||
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c) | 1,000 | 1,021,959 | ||||||
4,406,382 | ||||||||
Missouri: 1.1% | ||||||||
Boone County, Boone Hospital Center (RB) | ||||||||
3.00%, 08/01/26 (c) | 410 | 306,126 | ||||||
4.00%, 08/01/26 (c) | 565 | 452,783 | ||||||
5.00%, 08/01/26 (c) | 1,000 | 1,005,632 | ||||||
5.00%, 08/01/26 (c) | 1,000 | 1,009,693 | ||||||
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c) | 3,750 | 2,238,339 | ||||||
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c) | 1,000 | 1,012,638 | ||||||
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c) | 70 | 65,653 | ||||||
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c) | 500 | 440,250 |
Par (000’s | ) | Value | ||||||
Missouri (continued) | ||||||||
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 12/01/22 (c) | $ | 40 | $ | 38,656 | ||||
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c) | 1,000 | 926,864 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c) | 250 | 199,245 | ||||||
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c) | 475 | 366,925 | ||||||
I-470 Western Gateway Transportation Development District, Series A (RB) | ||||||||
4.50%, 12/01/26 (c) | 400 | 380,388 | ||||||
5.25%, 12/01/26 (c) | 1,100 | 1,023,298 | ||||||
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46 | 5,352 | 3,913,903 | ||||||
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c) | 4,475 | 2,972,804 | ||||||
Kansas City Missouri, International Airport Terminal Modernization Project, Series B (RB) (AMBAC) 5.00%, 03/01/29 (c) | 1,000 | 984,300 | ||||||
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) | ||||||||
5.25%, 05/15/27 (c) | 1,500 | 1,303,657 | ||||||
5.25%, 05/15/27 (c) | 4,000 | 3,154,308 | ||||||
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) | ||||||||
5.00%, 08/15/24 (c) | 1,550 | 1,380,462 | ||||||
5.00%, 08/15/25 (c) | 2,000 | 1,696,046 | ||||||
Lee’s Summit, Missouri Summit Fair Project (TA) 4.88%, 11/01/27 (c) | 2,500 | 2,114,892 | ||||||
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c) | 860 | 745,122 |
See Notes to Financial Statements
29 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Missouri (continued) | ||||||||
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c) | $ | 1,000 | $ | 740,022 | ||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c) | 500 | 429,588 | ||||||
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c) | 150 | 141,327 | ||||||
29,042,921 | ||||||||
Montana: 0.2% | ||||||||
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 03/01/23 (c) | 2,000 | 1,858,915 | ||||||
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/31 (c) | 1,500 | 1,256,774 | ||||||
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) | ||||||||
4.12%, 07/01/28 (c) | 500 | 427,966 | ||||||
5.00%, 07/01/28 (c) | 1,270 | 1,198,384 | ||||||
4,742,039 | ||||||||
Nebraska: 0.1% | ||||||||
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | ||||||||
5.00%, 09/01/34 | 1,000 | 998,543 | ||||||
5.00%, 09/01/36 | 500 | 494,794 | ||||||
5.00%, 09/01/42 | 1,780 | 1,705,390 | ||||||
3,198,727 | ||||||||
Nevada: 0.5% | ||||||||
City of Las Vegas, Special Improvement District No. 814 (SA) | ||||||||
4.00%, 06/01/29 (c) | 245 | 195,958 | ||||||
4.00%, 06/01/29 (c) | 555 | 430,495 | ||||||
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/22 (c) | 1,175 | 1,136,793 | ||||||
Clark County School District, Series A (GO) 5.00%, 06/15/26 | 2,000 | 2,098,761 | ||||||
Clark County School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c) | 1,000 | 774,654 | ||||||
Clark County, Nevada Airport System Subordinate Lien, Series A-2 (RB) 5.00%, 07/01/27 (c) | 1,050 | 1,067,352 |
Par (000’s | ) | Value | ||||||
Nevada (continued) | ||||||||
Clark County, Nevada School District, Series B (GO) (BAM) 3.00%, 06/15/31 (c) | $ | 2,000 | $ | 1,523,227 | ||||
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c) | 170 | 167,432 | ||||||
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c) | 625 | 540,349 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c) | 230 | 196,024 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c) | 480 | 422,842 | ||||||
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
5.00%, 12/15/25 (c) | 2,000 | 1,903,425 | ||||||
5.00%, 12/15/25 (c) | 500 | 442,213 | ||||||
5.00%, 12/15/25 (c) | 400 | 374,712 | ||||||
5.12%, 12/15/25 (c) | 1,000 | 912,216 | ||||||
12,186,453 | ||||||||
New Hampshire: 0.5% | ||||||||
National Finance Authority, Ascentria Care Alliance Project (RB) | ||||||||
5.00%, 07/01/28 (c) | 1,220 | 934,473 | ||||||
5.00%, 07/01/28 (c) | 2,000 | 1,488,809 | ||||||
National Finance Authority, Covanta Project, Series B (RB) | ||||||||
3.75%, 07/02/40 (c) (p) | 2,250 | 1,690,911 | ||||||
4.62%, 07/01/23 (c) | 4,000 | 3,323,633 | ||||||
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p) | 3,665 | 2,705,047 | ||||||
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c) | 1,600 | 1,419,549 | ||||||
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | ||||||||
6.12%, 07/01/24 (c) (d) * | 1,500 | 585,000 | ||||||
6.12%, 07/01/24 (c) (d) * | 1,000 | 390,000 | ||||||
6.25%, 07/01/24 (c) (d) * | 500 | 195,000 | ||||||
12,732,422 | ||||||||
New Jersey: 3.6% | ||||||||
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) | 150 | 148,857 | ||||||
Casino Reinvestment Development Authority (RB) 5.25%, 11/01/24 (c) | 1,410 | 1,419,957 |
See Notes to Financial Statements
30 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
5.25%, 11/01/24 (c) | $ | 8,450 | $ | 8,484,574 | ||||
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c) | 65 | 64,231 | ||||||
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c) | 470 | 438,321 | ||||||
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
5.25%, 12/01/22 (c) | 5,000 | 4,921,001 | ||||||
5.50%, 06/20/23 (c) | 60 | 58,450 | ||||||
5.62%, 03/05/24 (c) | 285 | 281,293 | ||||||
5.62%, 03/05/24 (c) | 2,035 | 2,008,534 | ||||||
5.75%, 12/01/22 (c) | 4,825 | 4,827,484 | ||||||
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 | 55 | 53,533 | ||||||
New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
4.88%, 01/01/24 (c) | 655 | 616,157 | ||||||
5.00%, 01/01/24 (c) | 500 | 448,775 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
4.00%, 07/01/27 (c) | 1,640 | 1,541,904 | ||||||
4.00%, 07/01/27 (c) | 2,000 | 1,829,207 | ||||||
5.00%, 07/01/27 (c) | 1,890 | 1,909,165 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^ | 515 | 440,444 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27 | 1,250 | 1,242,902 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25 | 120 | 120,227 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | ||||||||
5.00%, 12/15/26 (c) | 725 | 727,593 | ||||||
5.00%, 12/15/26 (c) | 305 | 305,101 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
4.75%, 12/15/26 (c) | $ | 2,545 | $ | 2,685,833 | ||||
5.50%, 12/15/26 (c) | 165 | 179,058 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 12/15/28 (c) | 2,880 | 2,756,219 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) | ||||||||
5.00%, 11/28/22 (c) | 470 | 470,311 | ||||||
5.00%, 11/28/22 (c) | 10 | 10,034 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 11/28/22 (c) | 125 | 125,016 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) | ||||||||
5.00%, 12/15/29 (c) | 600 | 591,714 | ||||||
5.00%, 12/15/29 (c) | 2,125 | 2,090,836 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 500 | 455,587 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
5.00%, 03/01/23 (c) | 15 | 15,049 | ||||||
5.00%, 03/01/23 (c) | 285 | 286,696 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
5.00%, 06/15/24 (c) | 140 | 143,903 | ||||||
5.00%, 06/15/24 (c) | 920 | 935,310 | ||||||
5.00%, 06/15/24 (c) | 100 | 101,590 | ||||||
5.00%, 06/15/24 (c) | 580 | 596,168 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | ||||||||
4.00%, 12/15/29 (c) | 205 | 164,743 | ||||||
4.00%, 12/15/30 (c) | 600 | 527,957 | ||||||
4.00%, 12/15/30 (c) | 600 | 516,016 | ||||||
4.00%, 12/15/30 (c) | 700 | 637,822 |
See Notes to Financial Statements
31 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c) | $ | 620 | $ | 637,283 | ||||
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) 5.00%, 06/15/24 (c) | 2,500 | 2,456,556 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
5.00%, 06/15/25 (c) | 1,235 | 1,240,841 | ||||||
5.00%, 06/15/25 (c) | 680 | 681,590 | ||||||
5.00%, 06/15/25 (c) | 630 | 627,617 | ||||||
5.25%, 06/15/25 (c) | 1,055 | 1,108,734 | ||||||
5.25%, 06/15/25 (c) | 2,565 | 2,695,641 | ||||||
5.25%, 06/15/25 (c) | 435 | 446,097 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
4.00%, 06/15/24 | 220 | 220,921 | ||||||
4.25%, 06/15/25 (c) | 885 | 890,342 | ||||||
4.38%, 06/15/25 (c) | 420 | 422,611 | ||||||
5.00%, 06/15/24 | 1,080 | 1,101,330 | ||||||
5.00%, 06/15/25 (c) | 105 | 107,652 | ||||||
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
5.12%, 01/01/24 (c) | 350 | 341,459 | ||||||
5.25%, 01/01/24 (c) | 1,000 | 1,003,439 | ||||||
5.38%, 01/01/24 (c) | 900 | 866,697 | ||||||
5.50%, 01/01/24 (c) | 500 | 502,589 | ||||||
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c) | 150 | 132,912 | ||||||
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c) | 330 | 335,886 | ||||||
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c) | 490 | 407,478 | ||||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) | ||||||||
5.00%, 04/01/28 (c) | 1,000 | 1,000,076 | ||||||
5.00%, 04/01/28 (c) | 500 | 518,806 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
0.00%, 12/15/25 ^ | $ | 230 | $ | 202,249 | ||||
0.00%, 12/15/25 ^ | 270 | 237,422 | ||||||
0.01%, 12/15/33 | 5 | 2,884 | ||||||
5.00%, 12/15/26 | 5 | 5,192 | ||||||
5.00%, 12/15/28 (c) | 2,070 | 2,110,776 | ||||||
5.00%, 12/15/28 | 200 | 208,340 | ||||||
5.00%, 12/15/29 (c) | 385 | 378,694 | ||||||
5.25%, 12/15/23 | 100 | 101,673 | ||||||
5.50%, 12/15/23 | 205 | 208,986 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
4.75%, 06/15/25 (c) | 150 | 149,829 | ||||||
4.75%, 06/15/25 (c) | 3,000 | 2,878,647 | ||||||
5.00%, 06/15/23 (c) | 200 | 201,247 | ||||||
5.00%, 06/15/23 (c) | 605 | 608,167 | ||||||
5.00%, 06/15/23 (c) | 135 | 135,754 | ||||||
5.00%, 06/15/23 (c) | 640 | 640,740 | ||||||
5.00%, 06/15/24 (c) | 1,120 | 1,104,532 | ||||||
5.00%, 06/15/25 (c) | 340 | 326,276 | ||||||
5.25%, 06/15/23 (c) | 130 | 130,455 | ||||||
5.25%, 06/15/25 (c) | 505 | 506,160 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
0.00%, 12/15/24 ^ | 430 | 395,229 | ||||||
0.00%, 12/15/25 ^ | 250 | 220,171 | ||||||
0.00%, 12/15/28 ^ | 185 | 141,669 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.01%, 12/15/31 | 365 | 238,347 | ||||||
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27 | 100 | 103,840 | ||||||
South Jersey Port Corp., Marine Terminal, Series B (RB) | ||||||||
5.00%, 01/01/28 (c) | 360 | 360,226 | ||||||
5.00%, 01/01/28 (c) | 750 | 735,984 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c) | 7,410 | 7,131,702 | ||||||
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c) | 14,330 | 13,175,946 | ||||||
95,565,266 |
See Notes to Financial Statements
32 |
Par (000’s | ) | Value | ||||||
New Mexico: 0.1% | ||||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c) | $ | 4,980 | $ | 3,852,812 | ||||
New York: 9.5% | ||||||||
Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
0.00%, 07/15/33 ^ | 370 | 196,932 | ||||||
0.01%, 07/15/32 | 395 | 224,474 | ||||||
0.01%, 07/15/47 | 180 | 36,805 | ||||||
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) 5.00%, 07/15/26 | 345 | 344,859 | ||||||
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/25 (c) | 3,120 | 3,091,354 | ||||||
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | ||||||||
5.00%, 12/31/28 | 5,610 | 5,277,184 | ||||||
5.25%, 12/31/28 (c) | 9,700 | 8,697,254 | ||||||
5.50%, 12/31/28 (c) | 4,700 | 3,993,838 | ||||||
Build NYC Resource Corp., Metropolitan College of New York Project (RB) | ||||||||
5.00%, 11/01/24 (c) | 1,560 | 1,375,474 | ||||||
5.25%, 11/01/24 (c) | 250 | 245,133 | ||||||
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c) | 2,200 | 1,861,957 | ||||||
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c) | 2,000 | 1,742,637 | ||||||
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 | 300 | 269,232 | ||||||
Chautauqua Tobacco Asset Securitization Corp. (RB) 5.00%, 06/01/24 (c) | 1,000 | 891,844 | ||||||
City of Albany Capital Resources Corp., College of Saint Rose Project (RB) 4.00%, 07/01/31 (c) | 1,000 | 688,414 | ||||||
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/30 (c) | 1,250 | 1,034,143 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c) | $ | 2,120 | $ | 2,152,764 | ||||
Dormitory Authority of the State of New York, Montefiore Medical Center, Series A (RB) 4.00%, 08/01/28 (c) | 1,000 | 788,241 | ||||||
Dutchess County Local Development Corp., Bard College Project, Series A (RB) | ||||||||
5.00%, 07/01/30 (c) | 1,500 | 1,356,044 | ||||||
5.00%, 07/01/30 (c) | 1,000 | 876,900 | ||||||
5.00%, 07/01/30 (c) | 8,370 | 7,149,617 | ||||||
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c) | 910 | 825,176 | ||||||
Erie Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
5.00%, 12/01/22 (c) | 5 | 4,593 | ||||||
5.00%, 12/01/22 (c) | 10,000 | 8,895,574 | ||||||
Jefferson County Civic Facility Development Corp. (RB) 4.00%, 11/01/27 (c) | 2,320 | 1,688,721 | ||||||
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c) | 3,500 | 3,527,078 | ||||||
Metropolitan Transportation Authority, Series F (RB) 5.00%, 11/15/25 (c) | 1,000 | 980,788 | ||||||
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) | ||||||||
3.00%, 12/01/30 (c) | 5 | 3,235 | ||||||
5.00%, 12/01/30 (c) | 500 | 510,105 | ||||||
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 11/16/22 (c) | 3,905 | 3,369,012 | ||||||
New Rochelle Industrial Development Agency (RB) | ||||||||
5.25%, 01/01/23 (c) (d) * | 1,352 | 30,411 | ||||||
5.50%, 07/01/19 (c) (d) * | 62 | 1,392 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 05/15/24 (c) | 4,500 | 4,411,823 | ||||||
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 12/01/22 (c) | 2,000 | 1,995,960 | ||||||
New York Convention Center Development Corp. (RB) 5.00%, 11/15/25 (c) | 2,500 | 2,504,777 |
See Notes to Financial Statements
33 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
3.75%, 06/01/26 (c) | $ | 500 | $ | 362,458 | ||||
5.00%, 11/16/22 (c) | 9,000 | 7,679,256 | ||||||
5.00%, 11/16/22 (c) | 785 | 655,379 | ||||||
6.25%, 11/16/22 (c) | 1,000 | 974,238 | ||||||
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 11/16/22 (c) ^ | 5 | 288 | ||||||
New York Counties Tobacco Trust VI, Series A-2B (RB) 5.00%, 06/01/26 (c) | 1,000 | 827,620 | ||||||
New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
5.00%, 11/15/24 (c) | 5,500 | 4,832,338 | ||||||
5.15%, 11/15/24 (c) | 5,710 | 5,453,369 | ||||||
5.38%, 11/15/24 (c) | 3,700 | 3,529,435 | ||||||
7.25%, 11/15/24 (c) | 7,000 | 7,002,304 | ||||||
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 03/15/29 (c) | 7,000 | 5,688,165 | ||||||
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35 | 480 | 481,579 | ||||||
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31 | 150 | 148,578 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27 | 3,500 | 3,494,957 | ||||||
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 07/01/25 (c) | 2,500 | 2,418,336 | ||||||
New York State Dormitory Authority, Orange Regional Medical Center Obligated Group (RB) 5.00%, 06/01/27 (c) | 1,000 | 962,546 | ||||||
New York State Dormitory Authority, Pace University, Series A (RB) 4.25%, 05/01/23 (c) | 1,700 | 1,397,331 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/24 | 1,365 | 1,407,594 | ||||||
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c) | 1,370 | 1,391,127 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c) | $ | 2,500 | $ | 2,369,927 | ||||
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/32 (c) | 5,000 | 4,615,504 | ||||||
New York Transportation Development Corp. (RB) 5.00%, 01/01/28 (c) | 1,180 | 1,149,864 | ||||||
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
2.25%, 08/01/26 | 1,625 | 1,491,900 | ||||||
5.00%, 11/21/22 (c) | 8,640 | 8,489,344 | ||||||
5.00%, 11/21/22 (c) | 6,020 | 5,997,200 | ||||||
5.25%, 08/01/30 (c) | 2,810 | 2,790,103 | ||||||
5.38%, 08/01/30 (c) | 6,250 | 6,086,634 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
4.38%, 10/01/30 (c) | 15,060 | 12,524,315 | ||||||
5.00%, 01/01/28 (c) | 1,300 | 1,275,012 | ||||||
5.00%, 10/01/30 (c) | 8,650 | 8,338,505 | ||||||
5.00%, 10/01/30 (c) | 8,500 | 8,019,217 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
4.00%, 10/01/30 | 8,665 | 8,125,660 | ||||||
5.00%, 01/01/28 (c) | 160 | 157,945 | ||||||
5.00%, 01/01/28 (c) | 1,600 | 1,586,455 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 | 7,165 | 6,177,497 | ||||||
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
4.00%, 07/01/24 (c) | 1,000 | 917,927 | ||||||
5.00%, 07/01/24 (c) | 230 | 226,040 | ||||||
5.00%, 07/01/24 (c) | 420 | 423,599 | ||||||
5.00%, 07/01/24 (c) | 8,130 | 7,433,227 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) | ||||||||
5.00%, 12/01/32 (c) | 1,290 | 1,183,308 | ||||||
5.00%, 12/01/32 (c) | 1,000 | 925,758 |
See Notes to Financial Statements
34 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 12/01/32 (c) | $ | 1,000 | $ | 908,070 | ||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c) | 1,000 | 836,705 | ||||||
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c) | 5,250 | 4,437,499 | ||||||
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c) | 355 | 273,515 | ||||||
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) | 4,600 | 4,133,201 | ||||||
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.01%, 06/01/31 (c) | 10,515 | 877,708 | ||||||
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) 5.00%, 01/01/26 (c) | 200 | 142,639 | ||||||
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) 5.00%, 06/01/27 (c) | 17,535 | 15,263,614 | ||||||
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
4.00%, 09/15/24 (c) | 525 | 488,126 | ||||||
5.00%, 09/15/24 (c) | 400 | 314,575 | ||||||
5.25%, 09/15/24 (c) | 180 | 126,839 | ||||||
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c) | 9,285 | 8,403,815 | ||||||
Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) 5.00%, 07/01/27 (c) | 1,000 | 775,039 | ||||||
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/27 (c) | 1,330 | 1,335,885 | ||||||
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c) | 4,575 | 4,418,677 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c) | $ | 275 | $ | 227,688 | ||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c) | 315 | 282,379 | ||||||
253,301,558 | ||||||||
North Carolina: 0.8% | ||||||||
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | ||||||||
5.00%, 06/30/25 (c) | 1,000 | 973,368 | ||||||
5.00%, 06/30/25 (c) | 1,430 | 1,288,899 | ||||||
North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 01/01/30 (c) | 205 | 170,233 | ||||||
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25 | 90 | 90,408 | ||||||
North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
4.70%, 07/01/25 (c) | 550 | 477,957 | ||||||
5.00%, 10/01/24 (c) | 250 | 237,554 | ||||||
5.00%, 10/01/24 (c) | 250 | 227,180 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c) | 165 | 158,427 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/26 (c) | 385 | 335,909 | ||||||
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c) | 465 | 433,958 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
4.00%, 01/01/30 (c) | 1,250 | 939,140 | ||||||
5.00%, 01/01/27 (c) | 1,000 | 1,009,578 | ||||||
5.00%, 01/01/30 (c) | 1,705 | 1,576,860 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 100 | 105,295 |
See Notes to Financial Statements
35 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
North Carolina (continued) | ||||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 | $ | 12,975 | $ | 13,133,355 | ||||
21,158,121 | ||||||||
North Dakota: 0.2% | ||||||||
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/31 (c) | 1,000 | 807,899 | ||||||
City of Williston, Eagle Crest Apartments LLC Project (RB) | ||||||||
6.25%, 09/01/23 (d) * | 615 | 307,500 | ||||||
7.75%, 09/01/23 (c) (d) * | 1,285 | 642,500 | ||||||
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 06/15/26 (c) | 5,500 | 3,047,778 | ||||||
4,805,677 | ||||||||
Ohio: 3.7% | ||||||||
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB) | ||||||||
5.25%, 11/15/26 (c) | 3,000 | 2,854,087 | ||||||
5.25%, 11/15/26 (c) | 500 | 489,239 | ||||||
American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB) 5.00%, 02/15/24 (c) | 1,585 | 1,596,777 | ||||||
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c) | 55,000 | 46,357,438 | ||||||
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28 | 900 | 907,784 | ||||||
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/25 (c) | 3,900 | 2,966,698 | ||||||
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 06/01/24 (c) | 1,805 | 1,840,444 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
4.75%, 02/15/27 (c) | 340 | 299,116 | ||||||
5.00%, 02/15/27 (c) | 3,010 | 2,737,541 | ||||||
5.25%, 02/15/27 (c) | 1,750 | 1,685,473 | ||||||
County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AGM) 5.25%, 11/15/28 (c) | 1,500 | 1,040,075 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) | ||||||||
4.00%, 11/15/29 (c) | $ | 3,940 | $ | 3,213,289 | ||||
4.00%, 11/15/29 (c) | 2,250 | 1,775,527 | ||||||
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) | ||||||||
5.00%, 02/15/23 (c) | 1,000 | 864,772 | ||||||
5.00%, 02/15/23 (c) | 490 | 463,946 | ||||||
5.00%, 02/15/23 (c) | 5,030 | 4,262,616 | ||||||
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p) | 1,500 | 1,294,643 | ||||||
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c) | 10,565 | 8,920,696 | ||||||
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 06/01/27 (p) | 1,000 | 976,794 | ||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 5,500 | 4,900,954 | ||||||
Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) 4.50%, 01/15/28 (c) | 4,500 | 3,643,181 | ||||||
Ohio State, Portmouth Gateway Group, LLC Project (RB) 5.00%, 06/30/25 (c) | 1,500 | 1,462,024 | ||||||
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
5.00%, 12/01/24 (c) | 245 | 221,867 | ||||||
5.00%, 12/01/24 (c) | 250 | 213,093 | ||||||
5.50%, 12/01/24 (c) | 70 | 65,354 | ||||||
5.75%, 12/01/22 (c) | 710 | 711,434 | ||||||
6.00%, 12/01/22 (c) | 1,070 | 1,072,356 | ||||||
96,837,218 | ||||||||
Oklahoma: 1.1% | ||||||||
Holdenville Public Works Authority, Series A (RB) 4.38%, 11/01/24 (c) | 605 | 370,162 | ||||||
Norman Regional Hospital Authority (RB) | ||||||||
3.25%, 09/01/29 (c) | 340 | 235,970 | ||||||
4.00%, 09/01/26 (c) | 150 | 127,156 | ||||||
4.00%, 09/01/29 (c) | 2,000 | 1,562,804 | ||||||
5.00%, 09/01/29 (c) | 7,155 | 6,722,663 |
See Notes to Financial Statements
36 |
Par (000’s | ) | Value | ||||||
Oklahoma (continued) | ||||||||
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | ||||||||
5.00%, 12/01/22 (c) | $ | 825 | $ | 495,000 | ||||
5.00%, 04/01/23 (d) * | 90 | 54,000 | ||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
5.00%, 08/15/28 (c) | 700 | 621,805 | ||||||
5.25%, 08/15/28 (c) | 2,900 | 2,434,649 | ||||||
5.25%, 08/15/28 (c) | 8,000 | 6,410,890 | ||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM) | ||||||||
5.50%, 08/15/28 (c) | 1,300 | 1,065,099 | ||||||
5.50%, 08/15/28 (c) | 1,435 | 1,151,873 | ||||||
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c) | 375 | 298,117 | ||||||
Tulsa County, Oklahoma Industrial Authority, Senior Living Community, Montereau, Inc. Project (RB) 5.25%, 11/15/25 (c) | 2,050 | 1,955,176 | ||||||
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 4,455 | 4,439,913 | ||||||
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 06/01/23 (c) | 2,100 | 2,103,666 | ||||||
30,048,943 | ||||||||
Oregon: 0.1% | ||||||||
Hospital Facilities Authority of Multnomah County Oregon (RB) (AGM) | ||||||||
4.00%, 12/01/28 (c) | 1,000 | 820,777 | ||||||
4.00%, 12/01/28 (c) | 2,000 | 1,524,565 | ||||||
Yamhill County Hospital Authority, Friendsview Retirement Community, Series A (RB) 5.00%, 11/15/24 (c) | 1,000 | 807,427 | ||||||
3,152,769 | ||||||||
Pennsylvania: 3.7% | ||||||||
Allegheny County Airport Authority, Series A (RB) (AGM) 4.00%, 01/01/31 (c) | 1,000 | 805,808 | ||||||
Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
5.00%, 05/01/27 (c) | 2,000 | 1,715,425 | ||||||
5.00%, 05/01/27 (c) | 250 | 234,761 | ||||||
5.00%, 05/01/28 | 1,000 | 967,711 | ||||||
5.00%, 05/01/28 | 785 | 757,233 | ||||||
5.00%, 05/01/28 (c) | 250 | 232,343 | ||||||
5.38%, 05/01/28 (c) | 4,000 | 3,543,282 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
5.00%, 11/01/24 | $ | 500 | $ | 477,943 | ||||
5.00%, 11/01/26 | 120 | 109,608 | ||||||
5.00%, 11/01/27 (c) | 470 | 407,908 | ||||||
5.00%, 11/01/27 (c) | 110 | 84,846 | ||||||
5.00%, 11/01/27 (c) | 1,000 | 830,457 | ||||||
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 11/21/22 (c) | 1,000 | 699,679 | ||||||
Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c) | 3,425 | 1,955,936 | ||||||
Berks County Municipal Authority, Tower Health Project, Series A (RB) | ||||||||
5.00%, 02/01/27 | 1,000 | 903,628 | ||||||
5.00%, 02/01/30 | 860 | 726,368 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) | 6,000 | 5,367,709 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) | 670 | 560,555 | ||||||
Bucks County Industrial Development Authority Hospital (RB) | ||||||||
4.00%, 07/01/31 (c) | 1,000 | 698,924 | ||||||
5.00%, 07/01/31 (c) | 1,500 | 1,205,009 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c) | 1,000 | 916,679 | ||||||
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c) | 430 | 316,071 | ||||||
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c) | 440 | 378,911 | ||||||
Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
5.00%, 03/01/28 (c) | 1,300 | 1,205,188 | ||||||
5.12%, 03/01/28 (c) | 4,989 | 4,429,686 | ||||||
City of Philadelphia, Pennsylvania Water and Wastewater (RB) 4.00%, 10/01/26 (c) | 1,000 | 994,360 |
See Notes to Financial Statements
37 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
City of Philadelphia, Series A (GO) 4.00%, 05/01/31 (c) | $ | 1,000 | $ | 888,668 | ||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) (AGM) 4.00%, 06/01/28 (c) | 1,000 | 911,933 | ||||||
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24 | 1,500 | 1,491,702 | ||||||
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c) | 185 | 170,945 | ||||||
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
6.00%, 06/01/26 (c) | 345 | 332,017 | ||||||
6.00%, 06/01/26 (c) | 440 | 434,444 | ||||||
Cumberland County Municipal Authority (RB) 5.00%, 01/01/25 (c) | 3,000 | 2,601,590 | ||||||
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
5.00%, 10/15/27 | 500 | 489,698 | ||||||
6.25%, 10/15/28 (c) | 3,200 | 3,085,536 | ||||||
Delaware County Authority, Eastern University (RB) 5.25%, 12/01/22 (c) | 310 | 291,034 | ||||||
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c) | 395 | 346,259 | ||||||
Delaware River Port Authority, Port District Project (RB) | ||||||||
5.00%, 01/01/23 (c) | 1,080 | 1,082,538 | ||||||
5.00%, 01/01/23 (c) | 840 | 841,896 | ||||||
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 | 1,000 | 1,092,813 | ||||||
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/26 (c) | 1,000 | 866,451 | ||||||
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) 5.00%, 12/01/25 (c) | 215 | 162,502 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
5.00%, 12/01/25 (c) | $ | 500 | $ | 389,260 | ||||
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c) | 1,000 | 902,707 | ||||||
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) | ||||||||
5.00%, 03/01/27 (c) | 425 | 358,862 | ||||||
5.00%, 03/01/27 (c) | 425 | 333,168 | ||||||
5.00%, 03/01/27 (c) | 310 | 250,595 | ||||||
Lancaster County, Penn State Health (RB) 5.00%, 11/01/29 (c) | 1,000 | 1,009,947 | ||||||
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) | 2,000 | 1,826,704 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
5.00%, 01/01/25 (c) | 150 | 145,338 | ||||||
5.25%, 01/01/25 (c) | 870 | 811,187 | ||||||
5.38%, 01/01/25 (c) | 820 | 741,521 | ||||||
Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
5.62%, 07/01/25 (c) | 300 | 274,156 | ||||||
5.75%, 07/01/25 (c) | 2,000 | 1,744,897 | ||||||
6.00%, 07/01/25 (c) | 590 | 488,623 | ||||||
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/26 (c) | 1,000 | 882,678 | ||||||
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | ||||||||
6.50%, 12/01/28 (c) (d) * | 3,040 | 1,155,200 | ||||||
6.75%, 12/01/28 (c) (d) * | 6,470 | 2,458,600 | ||||||
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
4.12%, 06/30/26 (c) | 1,685 | 1,413,459 | ||||||
5.00%, 12/31/23 | 125 | 126,347 | ||||||
5.00%, 12/31/24 | 550 | 553,222 | ||||||
5.00%, 12/31/25 | 1,105 | 1,112,779 | ||||||
5.00%, 06/30/26 (c) | 1,485 | 1,494,137 | ||||||
5.00%, 06/30/26 (c) | 500 | 464,771 | ||||||
5.00%, 06/30/26 (c) | 410 | 408,583 | ||||||
5.00%, 06/30/26 (c) | 575 | 575,921 |
See Notes to Financial Statements
38 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB) | ||||||||
4.00%, 11/01/22 (c) | $ | 425 | $ | 425,000 | ||||
5.00%, 11/01/22 (c) | 250 | 250,000 | ||||||
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) | ||||||||
5.00%, 12/01/22 (c) | 1,915 | 1,669,073 | ||||||
5.00%, 12/01/22 (c) | 1,000 | 835,533 | ||||||
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series A (RB) 5.25%, 03/01/25 (c) | 3,825 | 3,760,970 | ||||||
Pennsylvania Turnpike Commission, Turnpike Subordinate Bonds, Series A (RB) 3.00%, 12/01/30 (c) | 1,000 | 701,414 | ||||||
Pennsylvania Turnpike Commission, Turnpike Subordinate Bonds, Series B (RB) 4.00%, 12/01/31 (c) | 1,625 | 1,341,211 | ||||||
Philadelphia Authority for Industrial Development Multifamily Housing, University Square Apartments Project-Project Based Section 8 (RB) 5.00%, 12/01/26 (c) | 1,000 | 919,820 | ||||||
Philadelphia Authority for Industrial Development, Alliance For Progress Chapter School, Inc. Project, Series A (RB) (AGM) 5.00%, 06/15/26 (c) | 2,770 | 2,393,980 | ||||||
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c) | 1,000 | 1,039,085 | ||||||
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
6.38%, 06/01/25 (c) | 440 | 415,367 | ||||||
6.50%, 06/01/25 (c) | 440 | 416,136 | ||||||
6.62%, 06/01/25 (c) | 415 | 394,616 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c) | $ | 355 | $ | 319,341 | ||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c) | 350 | 322,279 | ||||||
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB) | ||||||||
5.00%, 06/15/28 (c) | 1,000 | 837,619 | ||||||
5.00%, 06/15/28 (c) | 500 | 447,041 | ||||||
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/25 (c) | 3,000 | 3,077,098 | ||||||
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/25 (c) | 3,000 | 3,032,940 | ||||||
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/27 (c) | 735 | 665,032 | ||||||
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/27 (c) | 1,000 | 1,011,391 | ||||||
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | 220 | 223,379 | ||||||
5.00%, 07/01/27 (c) | 1,240 | 1,263,800 | ||||||
School District of Philadelphia, Series A (GO) (AGM-CR FGIC ST AID WITHHLDG) 5.00%, 06/01/24 | 1,010 | 1,031,771 | ||||||
Scranton Pennsylvania (GO) 5.00%, 05/15/24 (c) | 1,000 | 980,665 | ||||||
Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c) | 250 | 234,240 | ||||||
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/26 (c) | 1,500 | 1,372,356 |
See Notes to Financial Statements
39 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c) | $ | 1,710 | $ | 1,594,525 | ||||
Westmoreland County Industrial Development Authority, Excela Health Project, Series A (RB) 5.00%, 07/01/29 | 1,450 | 1,495,585 | ||||||
98,009,983 | ||||||||
Puerto Rico: 6.8% | ||||||||
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^ | 80 | 27,928 | ||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 7,365 | 5,641,914 | ||||||
5.00%, 07/01/30 | 7,500 | 7,186,060 | ||||||
5.00%, 07/01/30 (c) | 9,000 | 7,713,286 | ||||||
5.00%, 07/01/30 (c) | 1,250 | 1,148,937 | ||||||
5.00%, 07/01/32 (c) | 6,290 | 5,685,138 | ||||||
6.12%, 07/01/24 | 105 | 106,396 | ||||||
Puerto Rico Commonwealth, Series A-1 (GO) | ||||||||
4.00%, 07/01/31 (c) | 12,010 | 9,165,041 | ||||||
4.00%, 07/01/31 (c) | 12,000 | 8,741,517 | ||||||
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) | ||||||||
4.00%, 07/01/31 (c) | 8,570 | 7,269,846 | ||||||
4.00%, 07/01/31 (c) | 12,000 | 9,574,661 | ||||||
4.00%, 07/01/31 (c) | 11,500 | 9,425,486 | ||||||
5.62%, 07/01/27 | 4,000 | 4,033,065 | ||||||
5.62%, 07/01/29 | 3,000 | 3,022,331 | ||||||
5.75%, 07/01/31 | 10,399 | 10,482,722 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/22 (c) | 100 | 103,564 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 01/01/23 (c) | 20 | 19,169 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
0.01%, 07/01/24 | 5,772 | 5,306,708 | ||||||
4.50%, 07/01/25 (c) | 5,000 | 4,545,700 | ||||||
5.00%, 07/01/28 (c) | 26,070 | 22,419,890 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c) | 6,662 | 5,762,086 |
Par (000’s | ) | Value | ||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c) | $ | 21,399 | $ | 17,901,308 | ||||
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
4.33%, 07/01/28 (c) | 10,960 | 9,219,588 | ||||||
4.33%, 07/01/28 (c) | 17,508 | 14,727,787 | ||||||
4.55%, 07/01/28 (c) | 6,432 | 5,563,155 | ||||||
4.78%, 07/01/28 (c) | 7,181 | 5,947,084 | ||||||
180,740,367 | ||||||||
Rhode Island: 0.3% | ||||||||
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) | ||||||||
5.00%, 09/01/26 | 100 | 98,801 | ||||||
5.00%, 09/01/26 (c) | 3,750 | 3,185,328 | ||||||
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c) | 500 | 453,227 | ||||||
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
5.00%, 05/15/26 (c) | 690 | 650,402 | ||||||
5.00%, 05/15/26 (c) | 1,000 | 984,334 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c) | 1,650 | 1,603,687 | ||||||
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/25 (c) | 2,000 | 1,874,956 | ||||||
8,850,735 | ||||||||
South Carolina: 0.4% | ||||||||
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c) | 800 | 599,423 | ||||||
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
5.00%, 11/01/24 (c) | 500 | 484,916 | ||||||
5.00%, 11/01/24 (c) | 650 | 603,526 | ||||||
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | ||||||||
5.75%, 12/15/26 (c) | 500 | 500,869 | ||||||
5.75%, 12/15/26 (c) | 500 | 486,034 | ||||||
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/25 (c) | 5,000 | 4,041,093 |
See Notes to Financial Statements
40 |
Par (000’s | ) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes, Series A (RB) (AGM) 5.00%, 04/01/24 (c) | $ | 1,000 | $ | 804,065 | ||||
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c) | 320 | 257,406 | ||||||
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) | 305 | 288,443 | ||||||
South Carolina Ports Authority (RB) 5.25%, 07/01/25 (c) | 1,515 | 1,576,037 | ||||||
South Carolina Public Service Authority, Series A (RB) (BAM-TCRS) 4.00%, 12/01/30 (c) | 1,000 | 885,880 | ||||||
10,527,692 | ||||||||
South Dakota: 0.2% | ||||||||
City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
5.00%, 11/01/26 (c) | 750 | 630,251 | ||||||
5.00%, 11/01/26 (c) | 500 | 419,570 | ||||||
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB) | ||||||||
4.00%, 08/01/31 (c) | 1,100 | 761,165 | ||||||
4.00%, 08/01/31 (c) | 1,550 | 1,113,636 | ||||||
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/27 (c) | 1,950 | 1,936,060 | ||||||
South Dakota Health and Educational Facilities Authority, Series B (RB) 5.00%, 11/01/24 (c) | 1,000 | 948,619 | ||||||
5,809,301 | ||||||||
Tennessee: 0.7% | ||||||||
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) | 740 | 437,207 | ||||||
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) | ||||||||
5.00%, 12/01/26 (c) | 2,000 | 1,838,058 | ||||||
5.12%, 12/01/26 (c) | 1,000 | 896,706 | ||||||
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c) | 310 | 296,050 |
Par (000’s | ) | Value | ||||||
Tennessee (continued) | ||||||||
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c) | $ | 850 | $ | 808,469 | ||||
Knox County Health Educational and Housing Facility Board (RB) | ||||||||
4.00%, 09/01/26 (c) | 290 | 226,049 | ||||||
4.00%, 09/01/26 (c) | 295 | 243,045 | ||||||
5.00%, 04/01/27 (c) | 645 | 645,886 | ||||||
Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB) | ||||||||
5.50%, 10/01/25 (c) | 250 | 221,978 | ||||||
5.75%, 10/01/25 (c) | 1,595 | 1,361,576 | ||||||
5.75%, 10/01/25 (c) | 5,755 | 4,705,713 | ||||||
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26 | 7,000 | 7,264,553 | ||||||
The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 200 | 174,053 | ||||||
19,119,343 | ||||||||
Texas: 5.4% | ||||||||
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 06/01/28 (c) | 1,500 | 1,106,573 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27 | 280 | 280,996 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) | ||||||||
5.00%, 01/01/26 | 715 | 703,363 | ||||||
5.00%, 01/01/27 (c) | 500 | 462,209 | ||||||
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
5.00%, 12/01/25 (c) | 610 | 551,161 | ||||||
5.00%, 12/01/25 (c) | 215 | 188,355 | ||||||
5.25%, 12/01/25 (c) | 700 | 693,781 | ||||||
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c) | 5,320 | 4,602,976 |
See Notes to Financial Statements
41 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c) | $ | 1,850 | $ | 1,653,376 | ||||
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) | 2,700 | 2,392,147 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) | ||||||||
4.00%, 01/01/30 (c) | 5,690 | 4,449,116 | ||||||
4.00%, 01/01/30 (c) | 1,500 | 1,230,811 | ||||||
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 775 | 790,106 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/29 (c) | 1,220 | 940,159 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
4.00%, 07/15/29 (c) | 1,645 | 1,267,236 | ||||||
5.00%, 07/15/25 (c) | 650 | 613,129 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | ||||||||
5.00%, 07/15/27 | 3,140 | 3,122,894 | ||||||
5.00%, 07/15/28 | 2,000 | 1,980,379 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28 | 1,000 | 990,189 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24 | 3,010 | 2,997,022 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c) | 2,600 | 2,563,898 | ||||||
City of Houston, Texas Airport System, Series A (RB) 4.00%, 07/01/31 (c) | 1,600 | 1,315,421 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
City of Justin, Timberbrook Public Improvement District No. 1 Project (SA) 4.00%, 09/01/31 (c) | $ | 1,000 | $ | 749,091 | ||||
City of Liberty, Butler Farms Public Improvement District Project (SA) 4.00%, 09/01/32 (c) | 1,000 | 752,282 | ||||||
City of New Braunfels, Utility System (RB) 4.00%, 07/01/28 (c) | 5 | 4,293 | ||||||
Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
5.12%, 08/15/25 (c) | 730 | 716,407 | ||||||
5.50%, 08/15/25 (c) | 610 | 605,525 | ||||||
Clifton Higher Education Finance Corp., Series D (RB) | ||||||||
5.75%, 08/15/25 (c) | 500 | 503,782 | ||||||
6.00%, 08/15/25 (c) | 500 | 505,171 | ||||||
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/31 (c) | 2,035 | 1,487,706 | ||||||
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c) | 850 | 815,763 | ||||||
El Paso County Hospital District (GO) 5.00%, 08/15/23 (c) | 4,680 | 4,683,527 | ||||||
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 12/01/22 (c) | 2,265 | 2,215,395 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) | ||||||||
0.00%, 11/15/23 ^ | 250 | 238,438 | ||||||
0.00%, 11/15/23 ^ | 675 | 651,226 | ||||||
0.00%, 11/15/27 ^ | 590 | 461,950 | ||||||
0.00%, 11/15/31 (c) ^ | 120 | 58,049 | ||||||
0.00%, 11/15/31 (c) ^ | 145 | 53,892 | ||||||
0.00%, 11/15/31 (c) ^ | 170 | 59,051 | ||||||
0.01%, 11/15/25 | 495 | 428,822 | ||||||
0.01%, 11/15/29 | 1,405 | 992,140 | ||||||
0.01%, 11/15/30 | 115 | 77,014 | ||||||
0.01%, 11/15/31 (c) | 350 | 148,790 | ||||||
0.01%, 11/15/31 (c) | 1,140 | 369,508 | ||||||
0.01%, 11/15/31 (c) | 705 | 417,688 | ||||||
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL) | ||||||||
0.00%, 11/15/24 (c) ^ | 100 | 59,943 | ||||||
0.00%, 11/15/24 (c) ^ | 335 | 157,583 | ||||||
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 12/01/22 (c) | 3,000 | 3,001,880 |
See Notes to Financial Statements
42 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Lower Colorado River Authority (RB) 5.00%, 05/15/23 (c) | $ | 2,000 | $ | 2,012,636 | ||||
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30 | 1,035 | 1,015,770 | ||||||
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) | ||||||||
5.12%, 02/15/24 (c) (d) * | 700 | 581,000 | ||||||
5.12%, 02/15/24 (c) (d) * | 2,680 | 2,224,400 | ||||||
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/22 (c) | 11,500 | 10,844,367 | ||||||
Montgomery County Toll Road Authority (RB) 5.00%, 09/15/25 (c) | 1,000 | 940,520 | ||||||
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) | 235 | 105,750 | ||||||
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c) | 1,595 | 797,500 | ||||||
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c) | 230 | 183,358 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) | 190 | 189,905 | ||||||
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW) 6.25%, 01/01/23 (c) | 100 | 100,452 | ||||||
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) | ||||||||
5.38%, 11/15/26 (c) | 975 | 841,064 | ||||||
5.50%, 11/15/26 (c) | 750 | 608,880 | ||||||
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
5.00%, 07/01/24 | 115 | 97,750 | ||||||
5.00%, 07/01/25 (c) | 100 | 85,000 | ||||||
5.00%, 07/01/25 (c) | 440 | 374,000 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c) | $ | 200 | $ | 164,050 | ||||
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB) | ||||||||
5.00%, 12/01/26 (c) | 2,045 | 1,701,574 | ||||||
5.00%, 12/01/26 (c) | 1,000 | 815,965 | ||||||
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c) | 8,045 | 5,964,582 | ||||||
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) | ||||||||
5.00%, 01/01/26 (c) | 250 | 174,221 | ||||||
5.00%, 01/01/26 (c) | 250 | 178,809 | ||||||
North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c) | 1,050 | 952,143 | ||||||
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/26 (c) | 400 | 366,316 | ||||||
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c) | 2,825 | 2,612,668 | ||||||
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) 2.75%, 07/01/23 (c) | 1,955 | 1,331,924 | ||||||
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (BAM) 3.62%, 12/01/22 (c) | 2,095 | 1,619,116 | ||||||
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
5.00%, 08/15/26 (c) | 400 | 365,614 | ||||||
5.00%, 08/15/26 (c) | 400 | 341,986 | ||||||
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c) | 1,000 | 1,006,528 | ||||||
San Antonio Education Facilities Corp., University of Incarnate Word Project, Series A (RB) 4.00%, 04/01/31 (c) | 1,000 | 730,422 |
See Notes to Financial Statements
43 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 12/01/22 (c) (d) * | $ | 9,900 | $ | 2,475,000 | ||||
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/24 (c) | 125 | 113,777 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) * | 535 | 347,750 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Trinity Terrace Project, Series A-1 (RB) 5.00%, 10/01/24 (c) | 2,090 | 1,939,686 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
5.00%, 12/15/29 | 1,375 | 1,392,986 | ||||||
5.00%, 12/15/31 | 1,670 | 1,679,850 | ||||||
5.00%, 12/15/32 | 2,120 | 2,122,264 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28 | 925 | 937,655 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) | ||||||||
5.00%, 12/31/25 (c) | 230 | 226,192 | ||||||
5.00%, 12/31/25 (c) | 250 | 233,676 | ||||||
5.00%, 12/31/25 (c) | 460 | 439,461 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB) | ||||||||
4.00%, 12/31/30 (c) | 1,700 | 1,453,201 | ||||||
4.00%, 12/31/30 (c) | 3,175 | 2,736,914 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | ||||||||
5.00%, 06/30/29 (c) | 10,120 | 9,043,897 | ||||||
6.75%, 09/01/23 (c) | 5,000 | 5,089,065 | ||||||
7.00%, 09/01/23 (c) | 515 | 525,845 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) | ||||||||
4.00%, 12/31/29 (c) | 500 | 430,632 | ||||||
5.00%, 12/31/29 (c) | 1,300 | 1,277,160 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
5.00%, 08/15/24 (c) | $ | 1,500 | $ | 1,505,101 | ||||
5.00%, 08/15/24 (c) | 850 | 857,724 | ||||||
5.00%, 08/15/24 (c) | 7,360 | 7,409,883 | ||||||
5.00%, 08/15/24 (c) | 600 | 606,641 | ||||||
Town of Westlake, Solana Public Improvement District (SA) | ||||||||
6.12%, 09/01/25 (c) | 1,000 | 950,970 | ||||||
6.25%, 09/01/25 (c) | 1,000 | 930,879 | ||||||
6.38%, 09/01/25 (c) | 1,000 | 927,153 | ||||||
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) * | 4,980 | 3,000,450 | ||||||
143,092,295 | ||||||||
Utah: 0.5% | ||||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 (SA) 4.00%, 08/01/31 (c) | 5,000 | 3,564,065 | ||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) | ||||||||
4.50%, 08/01/30 (c) | 2,500 | 2,160,312 | ||||||
5.00%, 08/01/30 (c) | 4,000 | 3,394,512 | ||||||
Military Installation Development Authority, Utah Tax Allocation, Series A-1 (RB) 4.00%, 09/01/26 (c) | 1,250 | 865,184 | ||||||
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | ||||||||
5.25%, 06/15/27 (c) | 1,500 | 1,387,273 | ||||||
5.38%, 06/15/27 (c) | 2,195 | 1,915,763 | ||||||
13,287,109 | ||||||||
Vermont: 0.0% | ||||||||
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL) 4.00%, 05/01/28 (c) | 500 | 389,722 | ||||||
Virgin Islands: 0.7% | ||||||||
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) | ||||||||
5.00%, 10/01/30 | 1,500 | 1,518,611 | ||||||
5.00%, 10/01/32 (c) | 6,750 | 6,655,765 | ||||||
5.00%, 10/01/32 | 2,210 | 2,226,578 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 12/01/22 (c) | 720 | 727,437 |
See Notes to Financial Statements
44 |
Par (000’s | ) | Value | ||||||
Virgin Islands (continued) | ||||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
4.50%, 10/01/24 (c) | $ | 550 | $ | 435,114 | ||||
5.00%, 10/01/24 (c) | 4,250 | 3,744,713 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/24 (c) | 1,000 | 940,855 | ||||||
Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
5.00%, 12/01/22 (c) | 170 | 156,580 | ||||||
5.00%, 12/01/22 (c) | 330 | 323,869 | ||||||
5.00%, 12/01/22 (c) | 65 | 62,455 | ||||||
5.00%, 12/01/22 (c) | 1,070 | 998,375 | ||||||
5.00%, 12/01/22 (c) | 1,170 | 1,107,216 | ||||||
18,897,568 | ||||||||
Virginia: 1.8% | ||||||||
Albemarle County, Virginia Economic Development Authority, Series A (RB) 5.00%, 01/01/23 (c) | 1,345 | 1,348,642 | ||||||
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) (d) * | 250 | 140,669 | ||||||
Cherry Hill Community Development Authority, Potomac Shores Project (SA) | ||||||||
5.15%, 03/01/25 (c) | 200 | 190,847 | ||||||
5.40%, 03/01/25 (c) | 495 | 460,977 | ||||||
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
5.00%, 11/01/23 | 1,000 | 1,011,333 | ||||||
5.00%, 07/01/26 (c) | 1,025 | 1,030,219 | ||||||
5.00%, 07/01/26 (c) | 6,000 | 6,041,253 | ||||||
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 12/01/22 (c) | 380 | 380,147 | ||||||
City of Hopewell, Sewer System, Series A (RB) 5.00%, 12/01/22 (c) | 240 | 233,846 | ||||||
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/31 (c) | 4,570 | 4,058,112 | ||||||
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) | ||||||||
5.00%, 07/01/30 (c) | 1,500 | 1,321,898 | ||||||
5.00%, 07/01/30 (c) | 1,000 | 854,198 |
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26 | $ | 1,395 | $ | 1,464,143 | ||||
Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community, Series A (RB) 5.00%, 01/01/24 (c) | 1,000 | 949,023 | ||||||
Peninsula Town Center Community Development Authority (RB) | ||||||||
5.00%, 09/01/27 (c) | 500 | 446,374 | ||||||
5.00%, 09/01/27 (c) | 2,760 | 2,355,701 | ||||||
Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c) | 3,500 | 2,314,574 | ||||||
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (d) (p) * | 1,000 | 814,415 | ||||||
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) | 500 | 345,430 | ||||||
Virginia College Building Authority, Marymount University Project, Series A (RB) | ||||||||
5.00%, 07/01/25 (c) | 2,500 | 2,233,725 | ||||||
5.00%, 07/01/25 (c) | 1,000 | 951,093 | ||||||
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | 2,300 | 2,300,393 | ||||||
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO, LLC Project (RB) 3.00%, 01/01/32 (c) | 2,000 | 1,396,964 | ||||||
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
4.00%, 01/01/32 (c) | 1,000 | 818,736 | ||||||
4.00%, 01/01/32 (c) | 3,925 | 2,983,527 | ||||||
4.00%, 01/01/32 (c) | 1,250 | 1,039,592 | ||||||
4.00%, 01/01/32 (c) | 1,000 | 815,880 | ||||||
5.00%, 01/01/32 (c) | 500 | 502,936 | ||||||
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/32 (c) | 2,000 | 1,905,943 |
See Notes to Financial Statements
45 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 06/30/27 (c) | $ | 3,000 | $ | 2,706,077 | ||||
Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/38 (c) (p) | 4,000 | 3,559,779 | ||||||
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) | 1,000 | 912,240 | ||||||
47,888,686 | ||||||||
Washington: 1.3% | ||||||||
Kalispel Tribe Indians Priority, Series A (RB) | ||||||||
5.00%, 01/01/28 (c) | 250 | 258,088 | ||||||
5.25%, 01/01/28 (c) | 250 | 258,615 | ||||||
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) | ||||||||
5.75%, 12/01/25 (c) | 500 | 501,157 | ||||||
6.00%, 12/01/25 (c) | 500 | 502,130 | ||||||
6.25%, 12/01/25 (c) | 250 | 251,527 | ||||||
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 100 | 80,752 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | 205 | 205,667 | ||||||
Washington State Convention Center Public Facilities District, Series B (RB) | ||||||||
3.00%, 07/01/31 (c) | 1,000 | 777,420 | ||||||
3.00%, 07/01/31 (c) | 2,500 | 1,363,830 | ||||||
3.00%, 07/01/31 (c) | 3,000 | 1,782,987 | ||||||
3.00%, 07/01/31 (c) | 4,400 | 2,400,342 | ||||||
4.00%, 07/01/31 (c) | 3,745 | 2,794,581 | ||||||
4.00%, 07/01/31 (c) | 5,945 | 4,227,532 | ||||||
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
5.00%, 07/01/24 (c) | 2,000 | 1,544,350 | ||||||
5.00%, 07/01/24 (c) | 150 | 127,873 | ||||||
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/28 (c) | 1,000 | 761,546 |
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
5.00%, 01/01/25 (c) | $ | 2,495 | $ | 1,906,911 | ||||
5.00%, 01/01/25 (c) | 825 | 709,349 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 07/01/26 (c) | 7,000 | 5,218,087 | ||||||
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | ||||||||
5.00%, 07/01/26 (c) | 1,250 | 992,630 | ||||||
5.00%, 07/01/26 (c) | 500 | 407,380 | ||||||
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 6,700 | 5,793,208 | ||||||
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) | 1,000 | 914,075 | ||||||
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) 3.75%, 07/01/26 | 115 | 107,780 | ||||||
33,887,817 | ||||||||
West Virginia: 0.5% | ||||||||
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) | ||||||||
3.00%, 12/01/22 (c) | 140 | 133,716 | ||||||
4.00%, 12/01/22 (c) | 760 | 661,660 | ||||||
Harrison County Building Commission, General Services Administration Building Project (RB) | ||||||||
3.12%, 10/01/27 (c) | 700 | 446,121 | ||||||
3.25%, 10/01/27 (c) | 820 | 510,931 | ||||||
3.50%, 10/01/27 (c) | 1,000 | 782,601 | ||||||
Monongalia County Commission Excise Tax District, Series A (RB) 4.12%, 06/01/31 (c) | 2,500 | 2,068,740 | ||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p) | 5,000 | 4,940,885 | ||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p) | 2,350 | 2,269,102 |
See Notes to Financial Statements
46 |
Par (000’s | ) | Value | ||||||
West Virginia (continued) | ||||||||
West Virginia Hospital finance Authority, Cabell Huntington Hospital, Series A (RB) 5.00%, 01/01/29 (c) | $ | 1,000 | $ | 929,944 | ||||
12,743,700 | ||||||||
Wisconsin: 2.4% | ||||||||
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c) | 2,500 | 2,071,209 | ||||||
Public Finance Authority Health Care Facilities, Appalachian Regional Healthcare System, Series A (RB) 4.00%, 01/01/31 (c) | 1,100 | 845,476 | ||||||
Public Finance Authority Hospital, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c) | 5,250 | 3,814,619 | ||||||
Public Finance Authority, American Preparatory Academy, Series A (RB) 5.38%, 07/15/27 (c) | 1,000 | 921,126 | ||||||
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c) | 250 | 217,168 | ||||||
Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
5.00%, 02/01/26 (c) | 495 | 451,422 | ||||||
5.12%, 02/01/26 (c) | 500 | 433,672 | ||||||
Public Finance Authority, Corvian Community School Project, Series A (RB) | ||||||||
4.25%, 06/15/24 (c) | 460 | 423,860 | ||||||
5.00%, 06/15/26 (c) | 500 | 437,800 | ||||||
5.00%, 06/15/26 (c) | 500 | 408,305 | ||||||
Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB) | ||||||||
5.00%, 12/01/27 (c) | 500 | 430,382 | ||||||
5.00%, 12/01/27 (c) | 1,390 | 1,288,965 | ||||||
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c) | 1,000 | 756,934 | ||||||
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) | ||||||||
5.00%, 02/01/32 (c) | 3,500 | 2,873,419 | ||||||
5.75%, 02/01/32 (c) | 1,000 | 844,733 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) | ||||||||
5.00%, 09/01/24 (c) | $ | 1,500 | $ | 1,304,930 | ||||
5.00%, 09/01/25 | 75 | 73,793 | ||||||
Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c) | 1,500 | 1,343,803 | ||||||
Public Finance Authority, Living Community First Mortgage (RB) | ||||||||
4.25%, 05/01/27 (c) | 415 | 362,342 | ||||||
5.00%, 03/01/28 (c) | 1,250 | 1,112,083 | ||||||
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) * | 890 | 409,077 | ||||||
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) 6.25%, 01/01/28 (c) | 500 | 307,500 | ||||||
Public Finance Authority, McLemore Hotel & Conference Center, Series A (RB) 4.50%, 06/01/28 (c) | 4,000 | 2,688,976 | ||||||
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 5.00%, 06/15/26 (c) | 1,000 | 819,269 | ||||||
Public Finance Authority, Penick Village (RB) | ||||||||
4.00%, 09/01/26 (c) | 425 | 367,320 | ||||||
5.00%, 09/01/26 (c) | 500 | 408,814 | ||||||
5.00%, 09/01/26 (c) | 500 | 375,772 | ||||||
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/27 (c) | 1,555 | 1,565,525 | ||||||
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c) | 2,920 | 2,204,156 | ||||||
Public Finance Authority, Roseman University of Health Sciences Project (RB) | ||||||||
4.00%, 04/01/32 (c) | 1,250 | 846,073 | ||||||
5.88%, 04/01/25 (c) | 1,000 | 963,197 | ||||||
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) | ||||||||
4.00%, 07/01/31 (c) | 500 | 353,904 | ||||||
4.00%, 09/01/31 (c) | 1,500 | 1,029,666 | ||||||
4.25%, 07/01/31 (c) | 1,765 | 1,152,506 |
See Notes to Financial Statements
47 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/31 (c) | $ | 1,060 | $ | 705,982 | ||||
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c) | 300 | 303,390 | ||||||
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c) | 4,265 | 3,391,632 | ||||||
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
5.00%, 10/01/29 (c) | 2,000 | 1,844,193 | ||||||
5.00%, 10/01/29 (c) | 1,950 | 1,727,405 | ||||||
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/31 (c) | 1,000 | 765,538 | ||||||
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 12/01/22 (c) | 7,000 | 6,570,252 | ||||||
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) | ||||||||
5.00%, 01/01/31 (c) | 1,555 | 1,095,824 | ||||||
5.00%, 07/01/30 (c) | 5,545 | 3,924,912 | ||||||
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c) | 750 | 699,089 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/23 (c) | $ | 105 | $ | 80,613 | ||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/23 (c) | 850 | 612,528 | ||||||
Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) | ||||||||
5.25%, 02/01/23 (c) | 1,150 | 1,146,687 | ||||||
5.38%, 02/01/23 (c) | 1,200 | 1,199,952 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) | ||||||||
5.00%, 11/01/26 (c) | 500 | 387,463 | ||||||
5.00%, 11/01/26 (c) | 1,950 | 1,664,229 | ||||||
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/29 (c) | 260 | 214,576 | ||||||
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 02/01/23 (c) | 3,950 | 3,930,454 | ||||||
64,172,515 | ||||||||
Total Municipal Bonds: 97.7% (Cost: $3,062,065,530) | 2,591,233,561 | |||||||
Other assets less liabilities: 2.3% | 61,393,060 | |||||||
NET ASSETS: 100.0% | $ | 2,652,626,621 |
See Notes to Financial Statements
48 |
Definitions: | ||
ACA | Credit Agricole SA | |
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
BAM | Build America Assurance Co. | |
CP | Certificate of Participation | |
GO | General Obligation | |
NATL | National Public Finance Guarantee Corp. | |
RB | Revenue Bond | |
SA | Special Assessment | |
SAW | State Aid Withholding | |
SBG | School Board Guaranteed | |
SD CRED PROG | Special District Credit Enhancement Program | |
ST | Special Tax | |
TA | Tax Allocation | |
XLCA | Syncora Guarantee, Inc. |
Footnotes:
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
* | Non-income producing |
(d) | Security in default |
Summary of Investments by Sector | % of Investments | Value | ||||||
Airport | 2.4 | % | $ | 63,233,036 | ||||
Education | 8.8 | 228,077,287 | ||||||
Health | 7.7 | 200,495,242 | ||||||
Hospitals | 10.7 | 277,866,561 | ||||||
Industrial Development Revenue | 13.0 | 336,303,137 | ||||||
Leasing COPS & Appropriations | 3.7 | 94,633,432 | ||||||
Local GO | 9.7 | 251,413,486 | ||||||
Misc | 2.4 | 62,947,668 | ||||||
Multi-Family Housing | 3.5 | 89,361,087 | ||||||
Pollution Control | 0.5 | 12,576,770 | ||||||
Power | 2.2 | 56,474,710 | ||||||
Refunded | 0.8 | 21,257,674 | ||||||
State GO | 6.1 | 157,794,655 | ||||||
Tax | 12.2 | 316,067,677 | ||||||
Tobacco | 6.0 | 155,021,369 | ||||||
Toll & Turnpike | 3.4 | 87,452,331 | ||||||
Transportation | 2.0 | 52,582,469 | ||||||
Unassigned | 0.3 | 8,918,842 | ||||||
Utilities - Other | 3.0 | 78,118,571 | ||||||
Water & Sewer | 1.6 | 40,637,557 | ||||||
100.0 | % | $ | 2,591,233,561 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 2,591,233,561 | $ | — | $ | 2,591,233,561 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
49 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 96.8% | ||||||||
Arizona: 1.6% | ||||||||
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c) | $ | 400 | $ | 286,251 | ||||
California: 29.8% | ||||||||
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c) | 275 | 201,835 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/27 (c) | 300 | 265,543 | ||||||
California Statewide Communities Development Authority, Cottage Health System Obligated Group (RB) 5.00%, 11/01/24 (c) | 300 | 310,036 | ||||||
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31 | 475 | 459,252 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c) | 250 | 260,955 | ||||||
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/25 (c) | 250 | 260,612 | ||||||
Orange County Local Transportation Authority, Measure M2 Sales Tax (RB) 5.00%, 02/15/23 | 250 | 251,366 | ||||||
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 (c) | 370 | 374,910 | ||||||
State of California, Various Purpose (GO) | ||||||||
5.00%, 10/01/28 (c) | 500 | 543,827 | ||||||
5.00%, 02/01/25 (c) | 410 | 425,114 | ||||||
5.00%, 04/01/27 | 250 | 267,243 | ||||||
5.00%, 08/01/27 | 300 | 322,053 | ||||||
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c) | 250 | 260,942 | ||||||
University of California, Series BB (RB) 5.00%, 05/15/29 (c) | 250 | 258,619 | ||||||
University of California, Series BH (RB) 4.00%, 05/15/31 (c) | 280 | 257,018 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/28 (c) | $ | 720 | $ | 452,140 | ||||
5,171,465 | ||||||||
Connecticut: 2.9% | ||||||||
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c) | 250 | 237,872 | ||||||
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/26 | 250 | 265,021 | ||||||
502,893 | ||||||||
Hawaii: 3.0% | ||||||||
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) | 510 | 513,174 | ||||||
Massachusetts: 8.3% | ||||||||
City of Boston, Series A (GO) 5.00%, 11/01/32 (c) | 500 | 561,160 | ||||||
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/24 (c) | 250 | 256,637 | ||||||
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24 | 360 | 372,397 | ||||||
Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW) 5.00%, 07/01/23 | 255 | 257,509 | ||||||
1,447,703 | ||||||||
Nevada: 1.5% | ||||||||
Truckee Meadows Water Authority (RB) 5.00%, 07/01/23 | 250 | 253,052 | ||||||
New York: 32.5% | ||||||||
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c) | 250 | 257,263 | ||||||
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) | 500 | 507,498 | ||||||
Long Island Power Authority, Electric System, Series C (RB) 5.25%, 09/01/29 | 255 | 281,586 | ||||||
Metropolitan Transportation Authority, Series B (RB) | ||||||||
4.25%, 12/01/22 (c) | 330 | 278,509 | ||||||
4.25%, 12/01/22 (c) | 350 | 304,555 | ||||||
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24 | 250 | 258,815 |
See Notes to Financial Statements
50 |
Par (000’s) | Value | |||||||
New York (continued) | ||||||||
New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB) 5.00%, 12/15/22 (c) | $ | 255 | $ | 255,383 | ||||
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/25 (c) | 400 | 408,474 | ||||||
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c) | 300 | 306,294 | ||||||
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c) | 250 | 253,318 | ||||||
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c) | 250 | 257,638 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/25 (c) | 250 | 258,260 | ||||||
New York State Dormitory Authority, Series A (RB) 5.00%, 03/15/27 (c) | 275 | 282,480 | ||||||
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c) | 275 | 238,413 | ||||||
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/30 (c) | 250 | 257,446 | ||||||
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/27 (c) | 500 | 473,066 | ||||||
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnel, Series A (RB) | ||||||||
4.00%, 11/15/31 (c) | 250 | 214,667 | ||||||
5.00%, 11/15/28 | 500 | 543,678 | ||||||
5,637,343 |
Par (000’s) | Value | |||||||
North Carolina: 1.6% | ||||||||
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 | $ | 265 | $ | 271,170 | ||||
Ohio: 3.6% | ||||||||
Franklin County, Ohio Hospital Facilities (RB) 5.00%, 05/15/23 (c) | 375 | 378,612 | ||||||
Ohio Turnpike & Infrastructure Commission, Series A (RB) 5.25%, 02/15/23 (c) | 250 | 251,502 | ||||||
630,114 | ||||||||
Oregon: 1.5% | ||||||||
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c) | 250 | 259,405 | ||||||
Pennsylvania: 3.3% | ||||||||
Commonwealth of Pennsylvania (GO) 5.00%, 03/15/23 | 250 | 251,682 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 06/01/31 (c) | 330 | 317,531 | ||||||
569,213 | ||||||||
Washington: 5.9% | ||||||||
King County, Public Hospital District No 1 (GO) 5.00%, 12/01/26 (c) | 250 | 257,030 | ||||||
King County, Washington Unlimited Tax (GO) 5.00%, 12/01/22 | 250 | 250,379 | ||||||
Port of Seattle, Firs Lien 5.00%, 09/01/24 | 250 | 256,140 | ||||||
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c) | 250 | 255,410 | ||||||
1,018,959 | ||||||||
Wisconsin: 1.3% | ||||||||
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/23 (c) | 250 | 227,880 | ||||||
Total Municipal Bonds: 96.8% (Cost: $18,935,132) | 16,788,622 | |||||||
Other assets less liabilities: 3.2% | 557,941 | |||||||
NET ASSETS: 100.0% | $ | 17,346,563 |
Definitions:
BAM | Build America Assurance Co. |
GO | General Obligation |
RB | Revenue Bond |
SAW | State Aid Withholding |
Footnotes:
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
See Notes to Financial Statements
51 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary of Investments by Sector | % of Investments | Value | ||||||
Airport | 5.0 | % | $ | 834,162 | ||||
Education | 6.3 | 1,059,526 | ||||||
Hospitals | 7.3 | 1,223,937 | ||||||
Leasing COPS & Appropriations | 1.5 | 256,637 | ||||||
Local GO | 12.1 | 2,038,585 | ||||||
Misc | 1.6 | 259,405 | ||||||
Power | 4.7 | 789,084 | ||||||
Refunded | 5.7 | 949,603 | ||||||
State GO | 17.5 | 2,936,538 | ||||||
Tax | 18.6 | 3,129,758 | ||||||
Toll & Turnpike | 3.4 | 569,033 | ||||||
Transportation | 7.8 | 1,312,271 | ||||||
Water & Sewer | 8.5 | 1,430,083 | ||||||
100.0 | % | $ | 16,788,622 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||
Municipal Bonds * | $ | — | $ | 16,788,622 | $ | — | $ | 16,788,622 |
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
52 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.5% | ||||||||
Alabama: 1.0% | ||||||||
Alabama Public School and College Authority, Series A (RB) | ||||||||
4.00%, 11/01/30 (c) | $ | 2,000 | $ | 1,945,652 | ||||
5.00%, 11/01/30 (c) | 525 | 577,163 | ||||||
5.00%, 11/01/30 (c) | 1,500 | 1,637,495 | ||||||
5.00%, 11/01/30 (c) | 1,750 | 1,895,321 | ||||||
5.00%, 11/01/30 (c) | 2,015 | 2,166,989 | ||||||
Black Belt Energy Gas District, Series A (RB) 4.00%, 12/01/31 (c) (p) | 5,000 | 4,612,722 | ||||||
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c) | 860 | 740,848 | ||||||
County of Jefferson (RB) | ||||||||
5.00%, 03/15/27 (c) | 800 | 848,453 | ||||||
5.00%, 03/15/27 (c) | 525 | 556,103 | ||||||
5.00%, 03/15/27 (c) | 100 | 104,661 | ||||||
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) | 150 | 155,282 | ||||||
University of Alabama, Board of Trustee, Series A (RB) | ||||||||
3.00%, 07/01/29 (c) | 415 | 335,383 | ||||||
4.00%, 07/01/29 (c) | 820 | 803,248 | ||||||
16,379,320 | ||||||||
Alaska: 0.2% | ||||||||
Alaska Housing Finance Corp., Series A (RB) | ||||||||
4.00%, 06/01/27 (c) | 900 | 906,576 | ||||||
4.00%, 06/01/27 (c) | 125 | 126,410 | ||||||
5.00%, 06/01/27 (c) | 590 | 620,255 | ||||||
Alaska Housing Finance Corp., Series B (RB) 2.15%, 12/01/30 (c) | 1,040 | 755,506 | ||||||
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c) | 305 | 313,002 | ||||||
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c) | 635 | 644,941 | ||||||
State of Alaska, Series B (GO) 5.00%, 08/01/25 (c) | 250 | 260,537 | ||||||
3,627,227 | ||||||||
Arizona: 1.0% | ||||||||
Arizona Transportation Board, Highway (RB) | ||||||||
5.00%, 07/01/26 (c) | 835 | 880,500 | ||||||
5.00%, 07/01/26 (c) | 1,050 | 1,104,256 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | ||||||||
5.00%, 07/01/26 (c) | 620 | 654,222 | ||||||
5.00%, 07/01/26 (c) | 860 | 905,043 | ||||||
5.00%, 07/01/26 (c) | 120 | 125,864 | ||||||
5.00%, 07/01/26 (c) | 150 | 156,595 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series A (RB) 5.00%, 07/01/31 (c) | $ | 800 | $ | 866,706 | ||||
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,066,595 | ||||||
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
5.00%, 07/01/29 (c) | 1,000 | 1,052,051 | ||||||
5.00%, 07/01/29 (c) | 1,275 | 1,329,323 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) | ||||||||
5.00%, 07/01/27 (c) | 100 | 104,651 | ||||||
5.00%, 07/01/27 (c) | 250 | 259,687 | ||||||
5.00%, 07/01/27 (c) | 250 | 263,089 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) | ||||||||
5.00%, 07/01/27 (c) | 550 | 566,469 | ||||||
5.00%, 07/01/27 (c) | 120 | 125,946 | ||||||
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
3.12%, 01/01/27 (c) | 20 | 17,718 | ||||||
5.00%, 01/01/27 (c) | 605 | 611,775 | ||||||
5.00%, 01/01/29 | 710 | 762,867 | ||||||
Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/27 | 295 | 314,776 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c) | 1,150 | 842,198 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c) | 1,500 | 1,098,519 | ||||||
Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
5.00%, 01/01/28 (c) | 250 | 265,083 | ||||||
5.00%, 01/01/28 (c) | 2,380 | 2,544,815 | ||||||
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37 | 1,000 | 986,802 | ||||||
16,905,550 |
See Notes to Financial Statements
53 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Arkansas: 0.1% | ||||||||
City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c) | $ | 305 | $ | 296,039 | ||||
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c) | 280 | 291,544 | ||||||
City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c) | 1,000 | 1,044,117 | ||||||
Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c) | 1,000 | 677,968 | ||||||
2,309,668 | ||||||||
California: 16.0% | ||||||||
Anaheim Housing and Public Improvements, Electric Utility Distribution System Improvements, Series A (RB) 5.00%, 10/01/27 (c) | 1,000 | 1,056,046 | ||||||
Bay Area Toll Authority, Series S-7 (RB) | ||||||||
3.25%, 04/01/27 (c) | 1,270 | 1,076,140 | ||||||
4.00%, 04/01/27 (c) | 1,735 | 1,741,600 | ||||||
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p) | 3,500 | 3,267,422 | ||||||
California Health Facilities Financial Authority, Series A (RB) 3.75%, 12/01/22 (c) | 1,100 | 1,025,550 | ||||||
California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p) | 2,000 | 2,186,751 | ||||||
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) | 310 | 325,035 | ||||||
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c) | 400 | 334,535 | ||||||
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
4.00%, 04/01/30 (c) | 450 | 396,550 | ||||||
4.00%, 04/01/30 (c) | 1,060 | 929,478 | ||||||
4.00%, 04/01/30 (c) | 500 | 431,194 | ||||||
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c) | 750 | 794,640 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
5.00%, 11/15/27 (c) | $ | 1,575 | $ | 1,619,133 | ||||
5.00%, 11/15/27 (c) | 150 | 154,402 | ||||||
5.00%, 11/15/27 (c) | 450 | 466,801 | ||||||
California Housing Finance Agency, Series A (RB) 3.50%, 11/20/35 | 1,223 | 1,046,114 | ||||||
California Housing Finance Agency, Series A (RB) (FHLMC COLL) 3.75%, 03/25/35 | 1,976 | 1,832,913 | ||||||
California Infrastructure and Economic Development Bank, Clean Water State (RB) | ||||||||
5.00%, 04/01/26 (c) | 55 | 58,207 | ||||||
5.00%, 04/01/27 (c) | 170 | 180,907 | ||||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c) | 840 | 864,002 | ||||||
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c) | 2,000 | 1,986,354 | ||||||
California Palomar Health, Series B (GO) 4.00%, 08/01/26 (c) | 1,000 | 933,494 | ||||||
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
3.00%, 09/01/27 (c) | 360 | 315,687 | ||||||
3.00%, 09/01/27 (c) | 500 | 449,201 | ||||||
California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
5.00%, 10/01/27 (c) | 340 | 365,323 | ||||||
5.00%, 10/01/27 (c) | 1,835 | 1,973,236 | ||||||
California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
4.00%, 11/01/26 (c) | 425 | 426,031 | ||||||
5.00%, 11/01/26 (c) | 30 | 31,864 | ||||||
5.00%, 11/01/26 (c) | 45 | 47,765 | ||||||
5.00%, 11/01/26 (c) | 30 | 31,804 | ||||||
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c) | 400 | 424,250 | ||||||
California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c) | 950 | 1,032,960 |
See Notes to Financial Statements
54 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California State Public Works Board, Various Judicial Council Project, Series A (RB) | ||||||||
5.00%, 03/01/23 (c) | $ | 1,000 | $ | 1,004,592 | ||||
5.00%, 03/01/23 (c) | 1,000 | 1,005,255 | ||||||
California State University, Series A (RB) | ||||||||
5.00%, 11/01/25 (c) | 35 | 36,714 | ||||||
5.00%, 05/01/26 (c) | 1,510 | 1,595,600 | ||||||
5.00%, 05/01/26 (c) | 160 | 169,295 | ||||||
5.00%, 05/01/27 (c) | 225 | 237,844 | ||||||
5.00%, 05/01/27 (c) | 510 | 542,733 | ||||||
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) | ||||||||
3.00%, 04/01/31 (c) | 1,000 | 778,218 | ||||||
4.00%, 04/01/31 (c) | 1,400 | 1,257,848 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/29 (p) | 1,675 | 1,830,317 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p) | 2,000 | 2,185,453 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p) | 1,500 | 1,639,090 | ||||||
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) | ||||||||
5.00%, 01/01/28 (c) | 760 | 770,343 | ||||||
5.00%, 01/01/28 (c) | 315 | 320,415 | ||||||
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c) | 3,000 | 2,453,611 | ||||||
Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c) | 140 | 136,696 | ||||||
City and County of San Francisco, 49 South Van Ness Project (CP) (AGM) 4.00%, 04/01/27 (c) | 1,000 | 980,258 | ||||||
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c) | 255 | 235,504 | ||||||
City of Bakersfield, Wastewater, Series A (RB) 5.00%, 09/15/25 (c) | 15 | 15,733 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c) | $ | 1,400 | $ | 925,459 | ||||
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
4.00%, 05/15/30 (c) | 1,000 | 950,957 | ||||||
5.00%, 05/15/31 (c) | 500 | 536,257 | ||||||
5.00%, 05/15/31 (c) | 1,400 | 1,486,197 | ||||||
City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c) | 565 | 604,485 | ||||||
City of San Antonio, California Airport, Series B (RB) (BAM) 4.00%, 03/01/31 (c) | 325 | 305,379 | ||||||
City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c) | 200 | 218,701 | ||||||
County of Sacramento, Airport System, Series E (RB) | ||||||||
5.00%, 07/01/27 | 275 | 291,003 | ||||||
5.00%, 07/01/28 (c) | 150 | 154,737 | ||||||
County of Sacramento, Regional County Sanitation District, Series A (RB) 5.00%, 06/01/24 (c) | 1,000 | 1,023,812 | ||||||
County of Santa Clara, Series C (GO) | ||||||||
3.00%, 08/01/27 (c) | 245 | 208,525 | ||||||
5.00%, 08/01/27 (c) | 125 | 134,830 | ||||||
5.00%, 08/01/27 (c) | 525 | 559,869 | ||||||
Desert Community College District (GO) 5.00%, 08/01/27 (c) | 145 | 154,565 | ||||||
East Bay Municipal Utility District, Water System, Series B (RB) 5.00%, 06/01/27 (c) | 220 | 235,858 | ||||||
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c) | 2,590 | 2,153,926 | ||||||
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c) | 1,070 | 1,144,613 | ||||||
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (SAW) 5.00%, 07/01/26 (c) | 140 | 147,761 | ||||||
El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c) | 250 | 264,112 |
See Notes to Financial Statements
55 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Fontana Redevelopment Agency Successor Agency (TA) 5.00%, 10/01/27 (c) | $ | 760 | $ | 804,962 | ||||
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c) | 1,500 | 1,198,688 | ||||||
Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c) | 3,000 | 2,368,812 | ||||||
Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c) | 1,600 | 1,309,896 | ||||||
Los Angeles Community College District, Series I (GO) | ||||||||
4.00%, 08/01/26 (c) | 170 | 171,188 | ||||||
4.00%, 08/01/26 (c) | 135 | 138,767 | ||||||
4.00%, 08/01/26 | 25 | 25,749 | ||||||
Los Angeles Community College District, Series J (GO) | ||||||||
4.00%, 08/01/27 (c) | 750 | 758,074 | ||||||
4.00%, 08/01/27 (c) | 400 | 405,979 | ||||||
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/32 (c) | 1,000 | 1,104,403 | ||||||
Los Angeles County Metropolitan Transportation Authority (RB) | ||||||||
4.00%, 06/01/30 (c) | 1,000 | 971,782 | ||||||
5.00%, 06/01/30 (c) | 1,000 | 1,084,511 | ||||||
5.00%, 07/01/31 (c) | 2,000 | 2,143,750 | ||||||
Los Angeles County Metropolitan Transportation Authority, Series A (RB) | ||||||||
4.00%, 06/01/30 (c) | 1,045 | 1,026,737 | ||||||
4.00%, 06/01/30 (c) | 1,000 | 996,466 | ||||||
4.00%, 07/01/26 (c) | 50 | 51,033 | ||||||
5.00%, 06/01/26 (c) | 375 | 397,126 | ||||||
5.00%, 06/01/26 (c) | 165 | 174,445 | ||||||
5.00%, 07/01/27 (c) | 795 | 852,330 | ||||||
5.00%, 07/01/27 (c) | 285 | 306,283 | ||||||
5.00%, 07/01/31 (c) | 900 | 982,476 | ||||||
5.00%, 07/01/31 (c) | 1,060 | 1,146,082 | ||||||
Los Angeles County Metropolitan Transportation Authority, Series B (RB) 5.00%, 07/01/23 (c) | 2,000 | 2,020,200 | ||||||
Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c) | 450 | 484,022 | ||||||
Los Angeles Department of Water and Power, Series A (RB) | ||||||||
5.00%, 01/01/26 (c) | 155 | 163,277 | ||||||
5.00%, 01/01/27 (c) | 1,010 | 1,074,284 | ||||||
5.00%, 01/01/28 (c) | 500 | 538,224 | ||||||
5.00%, 01/01/28 (c) | 115 | 124,719 | ||||||
5.00%, 07/01/29 | 1,000 | 1,102,882 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Los Angeles Department of Water and Power, Series B (RB) | ||||||||
5.00%, 01/01/26 (c) | $ | 35 | $ | 36,846 | ||||
5.00%, 01/01/27 (c) | 1,000 | 1,062,048 | ||||||
5.00%, 01/01/27 (c) | 275 | 291,789 | ||||||
5.00%, 07/01/23 (c) | 1,000 | 1,011,352 | ||||||
5.00%, 07/01/23 (c) | 1,500 | 1,516,632 | ||||||
5.00%, 07/01/28 (c) | 110 | 119,061 | ||||||
Los Angeles Department of Water and Power, Series C (RB) | ||||||||
5.00%, 07/01/29 (c) | 1,680 | 1,801,423 | ||||||
5.00%, 07/01/30 (c) | 1,125 | 1,232,147 | ||||||
5.00%, 07/01/30 (c) | 1,500 | 1,608,257 | ||||||
Los Angeles Department of Water and Power, Series D (RB) | ||||||||
5.00%, 07/01/24 (c) | 2,000 | 2,055,793 | ||||||
5.00%, 07/01/28 (c) | 125 | 133,836 | ||||||
5.00%, 07/01/28 (c) | 2,000 | 2,093,234 | ||||||
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) | ||||||||
4.00%, 01/01/32 (c) | 1,500 | 1,431,004 | ||||||
5.00%, 01/01/32 (c) | 1,300 | 1,419,413 | ||||||
Los Angeles Unified School District, Series A (GO) | ||||||||
4.00%, 07/01/29 (c) | 1,580 | 1,569,742 | ||||||
5.00%, 07/01/25 (c) | 695 | 724,167 | ||||||
5.00%, 07/01/25 (c) | 25 | 26,061 | ||||||
5.00%, 07/01/25 (c) | 135 | 140,856 | ||||||
5.00%, 07/01/26 | 120 | 127,432 | ||||||
5.00%, 07/01/29 (c) | 1,720 | 1,876,975 | ||||||
5.00%, 07/01/30 | 500 | 551,628 | ||||||
Los Angeles Unified School District, Series B (GO) | ||||||||
2.00%, 07/01/26 (c) | 270 | 232,553 | ||||||
5.00%, 07/01/26 (c) | 915 | 965,178 | ||||||
Los Angeles Unified School District, Series B-1 (GO) | ||||||||
5.00%, 01/01/28 (c) | 585 | 623,864 | ||||||
5.00%, 01/01/28 (c) | 645 | 691,755 | ||||||
5.00%, 01/01/28 (c) | 295 | 310,978 | ||||||
Los Angeles Unified School District, Series C (GO) | ||||||||
3.00%, 07/01/30 (c) | 1,880 | 1,565,917 | ||||||
4.00%, 07/01/30 (c) | 360 | 353,457 | ||||||
4.00%, 07/01/30 (c) | 2,000 | 1,949,338 | ||||||
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c) | 1,000 | 956,562 | ||||||
Los Angeles Unified School District, Series RYQ (GO) (BAM) 5.00%, 07/01/29 | 3,675 | 4,039,235 | ||||||
Los Angeles Wastewater System, Series A (RB) 5.00%, 06/01/23 (c) | 2,000 | 2,018,651 |
See Notes to Financial Statements
56 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c) | $ | 100 | $ | 108,602 | ||||
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/31 (c) | 1,000 | 976,888 | ||||||
Municipal Improvement Corp. of Los Angeles, Series B (RB) | ||||||||
5.00%, 11/01/26 (c) | 615 | 651,613 | ||||||
5.00%, 11/01/26 (c) | 985 | 1,045,460 | ||||||
Northern California Transmission Agency Project, Series A (RB) | ||||||||
5.00%, 05/01/26 (c) | 45 | 47,449 | ||||||
5.00%, 05/01/26 (c) | 40 | 42,152 | ||||||
Oakland Unified School District (GO) | ||||||||
5.00%, 08/01/26 (c) | 625 | 654,416 | ||||||
5.00%, 08/01/26 (c) | 385 | 406,875 | ||||||
5.00%, 08/01/26 (c) | 175 | 184,701 | ||||||
Palm Springs Unified School District, Series A (GO) (AGM) | ||||||||
1.25%, 08/01/29 (c) | 4,000 | 3,099,465 | ||||||
1.50%, 08/01/29 (c) | 3,000 | 2,146,017 | ||||||
1.75%, 08/01/29 (c) | 3,000 | 2,131,616 | ||||||
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c) | 160 | 149,404 | ||||||
Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c) | 260 | 262,009 | ||||||
Public Utilities Commission of the City and County of San Francisco Water, Series A (RB) | ||||||||
4.00%, 11/01/26 (c) | 100 | 101,954 | ||||||
5.00%, 11/01/26 (c) | 25 | 26,477 | ||||||
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) | ||||||||
5.00%, 11/01/27 (c) | 785 | 835,471 | ||||||
5.00%, 11/01/27 (c) | 255 | 275,350 | ||||||
Regents of the University of California, Medical Center, Series L (RB) 5.00%, 05/15/26 (c) | 650 | 673,728 | ||||||
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c) | 560 | 591,393 | ||||||
Sacramento City Financing Authority, Master Lease Program Facilities (RB) (BAM) | ||||||||
5.00%, 12/01/25 (c) | 210 | 220,551 | ||||||
5.00%, 12/01/25 (c) | 110 | 115,405 | ||||||
San Diego Community College District (GO) 5.00%, 08/01/26 (c) | 65 | 69,226 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | $ | 535 | $ | 549,977 | ||||
San Diego County Regional Airport Authority, Series B (RB) | ||||||||
5.00%, 07/01/30 (c) | 2,075 | 2,140,425 | ||||||
5.00%, 07/01/30 (c) | 1,630 | 1,714,768 | ||||||
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c) | 2,000 | 2,026,216 | ||||||
San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c) | 650 | 696,548 | ||||||
San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c) | 20 | 20,394 | ||||||
San Francisco Bay Area Rapid Transit District, Series F-1 (GO) | ||||||||
5.00%, 08/01/29 (c) | 140 | 151,073 | ||||||
5.00%, 08/01/29 (c) | 110 | 120,574 | ||||||
San Francisco Community College District (GO) 5.00%, 06/15/25 | 140 | 146,005 | ||||||
San Francisco County Transportation Authority (RB) | ||||||||
3.00%, 02/01/27 (c) | 500 | 437,678 | ||||||
3.00%, 02/01/27 (c) | 135 | 126,408 | ||||||
4.00%, 02/01/27 (c) | 325 | 334,050 | ||||||
4.00%, 02/01/27 | 105 | 108,332 | ||||||
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c) | 2,000 | 2,004,968 | ||||||
San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c) | 165 | 175,541 | ||||||
San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c) | 25 | 26,194 | ||||||
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c) | 230 | 241,905 | ||||||
San Marcos Unified School District (GO) | ||||||||
4.00%, 08/01/27 (c) | 400 | 402,988 | ||||||
5.00%, 08/01/27 (c) | 515 | 551,331 | ||||||
5.00%, 08/01/27 (c) | 360 | 382,548 | ||||||
5.00%, 08/01/27 (c) | 350 | 368,582 | ||||||
San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c) | 770 | 774,725 | ||||||
Santa Clara County Financing Authority, Capital Facilities, Series A (RB) | ||||||||
4.00%, 05/01/31 (c) | 840 | 819,770 | ||||||
5.00%, 05/01/31 (c) | 3,855 | 4,235,201 |
See Notes to Financial Statements
57 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
3.00%, 05/15/25 (c) | $ | 1,000 | $ | 853,484 | ||||
4.00%, 05/15/25 (c) | 1,510 | 1,539,133 | ||||||
4.00%, 05/15/25 (c) | 400 | 401,290 | ||||||
Santa Clara Unified School District (GO) | ||||||||
3.00%, 07/01/26 (c) | 1,535 | 1,323,442 | ||||||
3.00%, 07/01/26 (c) | 100 | 87,944 | ||||||
Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c) | 25 | 26,249 | ||||||
Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29 | 100 | 110,162 | ||||||
State of California (GO) | ||||||||
3.00%, 10/01/29 (c) | 2,000 | 1,767,426 | ||||||
4.00%, 04/01/31 (c) | 2,000 | 1,973,422 | ||||||
5.00%, 10/01/30 | 2,000 | 2,218,100 | ||||||
5.00%, 11/01/28 (c) | 2,585 | 2,743,372 | ||||||
5.00%, 09/01/29 | 1,000 | 1,099,846 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series AW (RB) 5.00%, 12/01/26 (c) | 50 | 53,286 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) | ||||||||
5.00%, 12/01/27 (c) | 915 | 988,701 | ||||||
5.00%, 12/01/27 (c) | 100 | 107,778 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c) | 365 | 396,348 | ||||||
State of California, Series CL (GO) 3.75%, 12/01/24 (c) | 10 | 9,690 | ||||||
State of California, Various Purpose (GO) | ||||||||
3.00%, 10/01/29 (c) | 350 | 291,651 | ||||||
3.12%, 04/01/29 (c) | 1,575 | 1,380,136 | ||||||
4.00%, 11/01/27 (c) | 100 | 101,259 | ||||||
4.00%, 11/01/30 (c) | 3,445 | 3,398,048 | ||||||
4.00%, 03/01/29 | 2,000 | 2,070,209 | ||||||
4.00%, 03/01/30 (c) | 2,000 | 1,945,810 | ||||||
4.00%, 03/01/30 (c) | 9,500 | 9,306,234 | ||||||
4.00%, 08/01/26 (c) | 700 | 702,741 | ||||||
4.00%, 08/01/26 (c) | 130 | 129,412 | ||||||
4.00%, 09/01/26 (c) | 2,815 | 2,839,941 | ||||||
4.00%, 09/01/26 (c) | 1,500 | 1,491,910 | ||||||
5.00%, 10/01/28 (c) | 300 | 326,296 | ||||||
5.00%, 10/01/29 | 4,500 | 4,953,827 | ||||||
5.00%, 10/01/29 | 1,000 | 1,100,850 | ||||||
5.00%, 10/01/29 (c) | 3,425 | 3,741,196 | ||||||
5.00%, 10/01/29 (c) | 2,340 | 2,568,082 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
5.00%, 10/01/31 | $ | 4,000 | $ | 4,460,687 | ||||
5.00%, 11/01/27 (c) | 3,375 | 3,628,529 | ||||||
5.00%, 11/01/27 (c) | 1,020 | 1,093,981 | ||||||
5.00%, 11/01/27 (c) | 2,645 | 2,830,294 | ||||||
5.00%, 11/01/27 (c) | 2,480 | 2,668,435 | ||||||
5.00%, 11/01/28 | 400 | 435,894 | ||||||
5.00%, 11/01/30 (c) | 1,610 | 1,741,786 | ||||||
5.00%, 11/01/30 | 1,000 | 1,109,800 | ||||||
5.00%, 12/01/28 | 1,000 | 1,089,599 | ||||||
5.00%, 12/01/30 (c) | 2,000 | 2,156,520 | ||||||
5.00%, 03/01/30 (c) | 1,250 | 1,350,745 | ||||||
5.00%, 03/01/30 (c) | 1,810 | 1,946,178 | ||||||
5.00%, 04/01/24 (c) | 500 | 509,552 | ||||||
5.00%, 04/01/26 (c) | 1,075 | 1,131,630 | ||||||
5.00%, 04/01/29 (c) | 3,500 | 3,744,069 | ||||||
5.00%, 04/01/29 | 1,735 | 1,899,567 | ||||||
5.00%, 04/01/29 (c) | 150 | 162,961 | ||||||
5.00%, 04/01/30 | 2,910 | 3,212,141 | ||||||
5.00%, 04/01/31 | 380 | 422,708 | ||||||
5.00%, 04/01/32 | 4,270 | 4,785,428 | ||||||
5.00%, 08/01/24 (c) | 1,000 | 1,023,705 | ||||||
5.00%, 08/01/26 (c) | 490 | 511,457 | ||||||
5.00%, 08/01/26 (c) | 115 | 119,882 | ||||||
5.00%, 08/01/26 (c) | 2,380 | 2,512,972 | ||||||
5.00%, 08/01/26 (c) | 905 | 952,462 | ||||||
5.00%, 08/01/26 (c) | 150 | 158,740 | ||||||
5.00%, 08/01/26 (c) | 1,165 | 1,232,102 | ||||||
5.00%, 08/01/27 (c) | 950 | 1,016,157 | ||||||
5.00%, 08/01/27 (c) | 2,445 | 2,620,570 | ||||||
5.00%, 08/01/28 (c) | 3,245 | 3,443,666 | ||||||
5.00%, 08/01/28 (c) | 275 | 297,812 | ||||||
5.00%, 09/01/23 (c) | 345 | 350,255 | ||||||
5.00%, 09/01/25 (c) | 30 | 31,379 | ||||||
5.00%, 09/01/26 (c) | 125 | 132,113 | ||||||
State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
4.00%, 05/01/31 (c) | 1,500 | 1,417,002 | ||||||
4.00%, 05/01/31 (c) | 2,000 | 1,899,037 | ||||||
Stockton Unified School District (GO) 5.00%, 02/01/26 (c) | 100 | 104,645 | ||||||
Trustees of the California State University, Series A (RB) 5.00%, 05/01/26 (c) | 410 | 433,308 | ||||||
Tuolumne Wind Project Authority, Series A (RB) 5.00%, 01/01/27 | 125 | 133,386 | ||||||
Turlock Irrigation District (RB) 5.00%, 01/01/30 (c) | 500 | 523,897 | ||||||
University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 10 | 10,564 | ||||||
University of California, Series AY (RB) 5.00%, 05/15/27 (c) | 625 | 669,996 |
See Notes to Financial Statements
58 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
University of California, Series AZ (RB) | ||||||||
5.00%, 05/15/28 (c) | $ | 275 | $ | 299,254 | ||||
5.00%, 05/15/28 (c) | 310 | 333,947 | ||||||
University of California, Series BE (RB) 5.00%, 05/15/30 (c) | 1,500 | 1,627,492 | ||||||
University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,170 | 1,243,255 | ||||||
263,865,542 | ||||||||
Colorado: 1.9% | ||||||||
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c) | 540 | 571,774 | ||||||
Adams County, 12 Star Schools, Series B (GO) 5.00%, 12/15/26 (c) | 2,000 | 2,118,652 | ||||||
Board of Governors of Colorado State University System, Series C (RB) | ||||||||
5.00%, 03/01/28 (c) | 935 | 994,670 | ||||||
5.00%, 03/01/28 (c) | 510 | 546,304 | ||||||
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c) | 1,000 | 1,045,590 | ||||||
City and County of Denver, Acting By and Through its Board of Water Commissioners, Series A (RB) 5.00%, 12/15/29 | 1,700 | 1,881,958 | ||||||
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^ | 200 | 115,285 | ||||||
City of Colorado Springs, Utilities System, Series A (RB) 5.00%, 11/15/30 | 1,000 | 1,107,066 | ||||||
City of Colorado Springs, Utilities System, Series A-1 (RB) | ||||||||
5.00%, 11/15/27 (c) | 100 | 106,548 | ||||||
5.00%, 11/15/27 (c) | 120 | 128,543 | ||||||
5.00%, 11/15/27 (c) | 110 | 118,199 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c) | 155 | 155,932 | ||||||
Denver City and County School District No. 1 (GO) (SAW) | ||||||||
4.00%, 12/01/30 (c) | 3,000 | 2,889,078 | ||||||
5.00%, 12/01/30 (c) | 1,000 | 1,083,101 | ||||||
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c) | 570 | 582,454 | ||||||
El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c) | 295 | 311,572 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c) | $ | 1,110 | $ | 1,204,267 | ||||
Mesa County Valley School District No. 51 (GO) (SAW) | ||||||||
5.00%, 12/01/27 (c) | 500 | 535,133 | ||||||
5.00%, 12/01/27 (c) | 500 | 534,893 | ||||||
5.25%, 12/01/27 (c) | 200 | 213,292 | ||||||
Pueblo City Schools No. 60 (GO) (SAW) | ||||||||
3.00%, 12/15/29 (c) | 500 | 398,154 | ||||||
5.00%, 12/15/29 (c) | 1,625 | 1,706,346 | ||||||
5.00%, 12/15/29 (c) | 1,010 | 1,078,645 | ||||||
Regional Transportation District, Fastracks Project, Series B (RB) | ||||||||
5.00%, 11/01/27 (c) | 530 | 558,283 | ||||||
5.00%, 11/01/27 (c) | 1,995 | 2,101,460 | ||||||
5.00%, 11/01/28 | 1,000 | 1,081,827 | ||||||
State of Colorado, Series A (CP) | ||||||||
4.00%, 12/15/31 (c) | 1,750 | 1,649,186 | ||||||
5.00%, 12/15/31 (c) | 2,000 | 2,159,911 | ||||||
State of Colorado, Series K (CP) 5.00%, 03/15/27 (c) | 410 | 430,693 | ||||||
State of Colorado, Series M (CP) 5.00%, 03/15/28 (c) | 190 | 203,245 | ||||||
University of Colorado, Series A-2 (RB) 3.00%, 06/01/24 (c) | 800 | 699,145 | ||||||
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c) | 2,165 | 2,310,656 | ||||||
30,621,862 | ||||||||
Connecticut: 2.5% | ||||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c) | 1,290 | 939,416 | ||||||
Connecticut Housing Finance Authority, Series A-1 (RB) 3.65%, 11/15/26 (c) | 95 | 92,534 | ||||||
Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c) | 260 | 234,508 | ||||||
Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c) | 140 | 131,765 | ||||||
Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c) | 335 | 343,327 | ||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 4.00%, 07/01/29 (c) | 625 | 548,289 |
See Notes to Financial Statements
59 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Connecticut (continued) | ||||||||
4.00%, 07/01/29 (c) | $ | 525 | $ | 454,491 | ||||
5.00%, 07/01/29 (c) | 2,200 | 2,245,007 | ||||||
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29 | 1,000 | 1,102,882 | ||||||
Connecticut State, Series A (GO) (SBG) 4.00%, 04/15/29 (c) | 1,000 | 941,402 | ||||||
Connecticut State, Series B (GO) 4.00%, 03/01/23 (c) | 2,000 | 2,000,270 | ||||||
Connecticut State, Series E (GO) 5.00%, 08/15/23 (c) | 2,000 | 2,021,009 | ||||||
Connecticut State, Series F (GO) 5.00%, 11/15/25 (c) | 1,550 | 1,611,245 | ||||||
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c) | 1,000 | 1,020,885 | ||||||
South Central Connecticut Regional Water Authority, Series B (RB) 5.00%, 08/01/26 (c) | 25 | 26,269 | ||||||
State of Connecticut, Series A (GO) | ||||||||
3.00%, 01/15/31 (c) | 2,200 | 1,960,247 | ||||||
3.00%, 01/15/31 (c) | 1,000 | 827,227 | ||||||
3.00%, 01/15/31 (c) | 1,000 | 858,889 | ||||||
4.00%, 01/15/31 | 1,780 | 1,789,682 | ||||||
5.00%, 04/15/27 (c) | 680 | 721,855 | ||||||
5.00%, 04/15/28 (c) | 1,000 | 1,038,294 | ||||||
State of Connecticut, Series A (GO) (SBG) 5.00%, 04/15/29 | 1,000 | 1,086,263 | ||||||
State of Connecticut, Series A (RB) 5.00%, 05/01/27 (c) | 350 | 369,432 | ||||||
State of Connecticut, Series B (GO) 5.00%, 06/15/25 (c) | 1,135 | 1,175,365 | ||||||
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29 | 1,000 | 944,119 | ||||||
State of Connecticut, Series C (GO) 4.00%, 06/01/30 (c) | 850 | 808,269 | ||||||
State of Connecticut, Series E (GO) | ||||||||
3.00%, 10/15/26 (c) | 395 | 350,023 | ||||||
5.00%, 09/15/28 (c) | 1,665 | 1,788,775 | ||||||
State of Connecticut, Special Tax, Series A (RB) | ||||||||
4.00%, 05/01/31 (c) | 1,500 | 1,407,305 | ||||||
4.00%, 09/01/26 (c) | 785 | 751,135 | ||||||
5.00%, 01/01/28 (c) | 190 | 200,328 | ||||||
5.00%, 05/01/31 | 1,650 | 1,800,746 | ||||||
5.00%, 05/01/31 (c) | 1,500 | 1,604,047 | ||||||
5.00%, 09/01/26 (c) | 475 | 495,327 |
Par (000’s | ) | Value | ||||||
Connecticut (continued) | ||||||||
5.00%, 09/01/26 (c) | $ | 200 | $ | 207,346 | ||||
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/30 (c) | 2,500 | 2,644,576 | ||||||
State of Connecticut, State Revolving Fund, Series A (RB) | ||||||||
5.00%, 02/01/29 (c) | 275 | 293,962 | ||||||
5.00%, 05/01/27 (c) | 1,000 | 1,058,849 | ||||||
University of Connecticut, Series A (RB) | ||||||||
5.00%, 01/15/27 (c) | 745 | 785,487 | ||||||
5.00%, 11/01/28 (c) | 730 | 767,918 | ||||||
5.00%, 11/01/28 (c) | 500 | 520,675 | ||||||
5.00%, 04/15/28 (c) | 1,000 | 1,067,978 | ||||||
41,037,418 | ||||||||
Delaware: 0.4% | ||||||||
State of Delaware (GO) | ||||||||
2.00%, 02/01/31 (c) | 1,000 | 709,338 | ||||||
2.00%, 02/01/31 (c) | 1,000 | 735,293 | ||||||
3.00%, 02/01/31 (c) | 1,000 | 931,413 | ||||||
3.12%, 03/01/27 (c) | 505 | 475,244 | ||||||
4.00%, 03/01/27 (c) | 500 | 511,168 | ||||||
State of Delaware, Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c) | 180 | 161,011 | ||||||
State of Delaware, Series A (GO) | ||||||||
2.00%, 01/01/30 (c) | 650 | 465,564 | ||||||
5.00%, 01/01/30 (c) | 1,000 | 1,104,196 | ||||||
5.00%, 10/01/28 | 810 | 884,549 | ||||||
5.00%, 02/01/28 (c) | 500 | 540,477 | ||||||
6,518,253 | ||||||||
District of Columbia: 1.8% | ||||||||
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c) | 2,250 | 2,403,825 | ||||||
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/27 (c) | 645 | 666,274 | ||||||
District of Columbia, Series A (GO) | ||||||||
5.00%, 06/01/26 (c) | 210 | 221,140 | ||||||
5.00%, 06/01/26 (c) | 290 | 303,093 | ||||||
5.00%, 06/01/26 (c) | 250 | 261,886 | ||||||
5.00%, 06/01/26 (c) | 30 | 31,560 | ||||||
5.00%, 06/01/27 (c) | 2,500 | 2,628,284 | ||||||
5.00%, 06/01/27 (c) | 580 | 612,795 | ||||||
5.00%, 06/01/27 (c) | 170 | 180,451 | ||||||
5.00%, 06/01/28 (c) | 750 | 792,907 | ||||||
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c) | 1,000 | 1,068,966 | ||||||
District of Columbia, Series C (RB) 5.00%, 05/01/30 (c) | 1,000 | 1,074,537 |
See Notes to Financial Statements
60 |
Par (000’s | ) | Value | ||||||
District of Columbia (continued) | ||||||||
5.00%, 05/01/30 | $ | 250 | $ | 275,983 | ||||
District of Columbia, Series D (GO) | ||||||||
4.00%, 06/01/27 (c) | 500 | 501,698 | ||||||
5.00%, 12/01/26 (c) | 20 | 21,122 | ||||||
5.00%, 12/01/26 (c) | 160 | 169,602 | ||||||
5.00%, 06/01/27 (c) | 500 | 530,738 | ||||||
District of Columbia, Series E (GO) 5.00%, 12/01/26 (c) | 25 | 26,403 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c) | 250 | 225,668 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c) | 250 | 227,526 | ||||||
Washington Convention & Sports Authority (RB) 5.00%, 10/01/27 (c) | 2,545 | 2,695,223 | ||||||
Washington Metropolitain Area Transit Authority, Series A (RB) | ||||||||
5.00%, 07/15/30 (c) | 1,400 | 1,482,771 | ||||||
5.00%, 07/15/31 (c) | 2,000 | 2,131,073 | ||||||
Washington Metropolitan Area Transit Authority (RB) | ||||||||
4.00%, 07/15/31 (c) | 4,000 | 3,926,906 | ||||||
5.00%, 07/01/27 (c) | 1,000 | 1,031,345 | ||||||
5.00%, 07/01/27 | 275 | 294,537 | ||||||
Washington Metropolitan Area Transit Authority, Series A-1 (RB) 5.00%, 07/01/27 (c) | 140 | 148,294 | ||||||
Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
5.00%, 07/01/27 (c) | 550 | 577,375 | ||||||
5.00%, 07/01/27 (c) | 810 | 846,286 | ||||||
5.00%, 07/01/27 (c) | 300 | 316,045 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
5.00%, 07/01/27 (c) | 555 | 590,161 | ||||||
5.00%, 07/01/27 | 240 | 257,051 | ||||||
5.00%, 07/01/27 (c) | 1,205 | 1,265,501 | ||||||
5.00%, 07/01/27 (c) | 880 | 919,422 | ||||||
5.00%, 07/01/27 (c) | 650 | 688,510 | ||||||
29,394,958 | ||||||||
Florida: 3.4% | ||||||||
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c) | 490 | 495,344 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Brevard County, Health Facilities Authority, Health First, Inc. Project (RB) | ||||||||
5.00%, 04/01/24 (c) | $ | 2,510 | $ | 2,564,569 | ||||
5.00%, 04/01/24 (c) | 1,000 | 1,021,741 | ||||||
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c) | 1,000 | 931,189 | ||||||
Broward County. Florida School Board, Series B (CP) 5.00%, 07/01/25 (c) | 1,005 | 1,038,653 | ||||||
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c) | 520 | 445,739 | ||||||
City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c) | 175 | 185,168 | ||||||
City of Gainesville, Utilities System, Series A (RB) | ||||||||
5.00%, 10/01/27 (c) | 195 | 204,213 | ||||||
5.00%, 10/01/27 (c) | 1,045 | 1,088,581 | ||||||
City of Jacksonville, Florida Transportation (RB) 5.00%, 10/01/25 (c) | 210 | 218,050 | ||||||
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c) | 1,095 | 1,173,346 | ||||||
City of Jacksonville, Series B (RB) 5.00%, 10/01/26 (c) | 250 | 262,398 | ||||||
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 560 | 582,147 | ||||||
County of Miami-Dade (RB) | ||||||||
0.00%, 10/01/26 (c) ^ | 565 | 375,209 | ||||||
0.00%, 10/01/26 (c) ^ | 400 | 251,093 | ||||||
5.00%, 10/01/26 (c) | 2,005 | 2,056,555 | ||||||
5.00%, 10/01/26 (c) | 510 | 530,757 | ||||||
County of Miami-Dade, Aviation Revenue, Series A (RB) 5.00%, 10/01/26 (c) | 460 | 476,076 | ||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
5.00%, 07/01/25 (c) | 100 | 103,632 | ||||||
5.00%, 07/01/26 (c) | 555 | 576,316 | ||||||
5.00%, 07/01/26 (c) | 520 | 544,680 | ||||||
5.00%, 07/01/26 (c) | 280 | 291,434 | ||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c) | 1,600 | 1,556,234 |
See Notes to Financial Statements
61 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 3.12%, 04/01/26 (c) | $ | 260 | $ | 213,231 | ||||
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/26 (c) | 25 | 25,464 | ||||||
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c) | 250 | 248,626 | ||||||
County of Miami-Dade, Water and Sewer System (RB) | ||||||||
4.00%, 04/01/31 (c) | 1,475 | 1,380,736 | ||||||
5.00%, 10/01/27 (c) | 800 | 852,048 | ||||||
5.00%, 10/01/28 | 1,000 | 1,079,199 | ||||||
5.00%, 04/01/31 (c) | 3,500 | 3,804,545 | ||||||
County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
3.00%, 10/01/27 (c) | 370 | 310,113 | ||||||
5.00%, 10/01/25 (c) | 605 | 623,964 | ||||||
County of Orange, Water and Wastewater Utility System (RB) | ||||||||
5.00%, 10/01/30 (c) | 1,000 | 1,071,695 | ||||||
5.00%, 10/01/30 (c) | 1,000 | 1,074,431 | ||||||
Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/27 | 125 | 133,658 | ||||||
Florida Department of Management Services, Series A (RB) 5.00%, 09/01/27 (c) | 425 | 455,168 | ||||||
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c) | 2,000 | 1,827,428 | ||||||
Florida Housing Finance Corp., Series 1 (RB) | ||||||||
3.25%, 01/01/27 (c) | 130 | 125,022 | ||||||
3.60%, 01/01/27 (c) | 200 | 192,368 | ||||||
Florida Housing Finance Corp., Series 2 (RB) | ||||||||
2.10%, 01/01/30 (c) | 950 | 726,031 | ||||||
3.20%, 07/01/25 (c) | 225 | 215,727 | ||||||
Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) 5.00%, 10/01/26 (c) | 125 | 130,549 | ||||||
JEA Electric System, Series B (RB) | ||||||||
3.38%, 12/01/22 (c) | 520 | 451,017 | ||||||
5.00%, 10/01/27 (c) | 850 | 896,653 | ||||||
5.00%, 10/01/27 (c) | 610 | 644,945 | ||||||
5.00%, 10/01/27 (c) | 885 | 927,620 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c) | $ | 605 | $ | 619,595 | ||||
Manatee County School District (RB) (AGM) 5.00%, 04/01/27 (c) | 160 | 166,850 | ||||||
Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c) | 420 | 435,743 | ||||||
Orange County Health Facilities Authority, Series A (RB) 5.00%, 10/01/26 (c) | 1,325 | 1,344,803 | ||||||
Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c) | 410 | 423,311 | ||||||
Orange County, Tourist Development Tax (RB) | ||||||||
5.00%, 10/01/25 (c) | 100 | 102,984 | ||||||
5.00%, 10/01/26 | 190 | 200,416 | ||||||
5.00%, 10/01/29 | 280 | 303,028 | ||||||
5.00%, 10/01/30 | 490 | 530,359 | ||||||
Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c) | 120 | 127,487 | ||||||
Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c) | 350 | 345,110 | ||||||
Palm Beach County School Board, Series A (CP) 5.00%, 08/01/30 (c) | 275 | 290,021 | ||||||
Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c) | 695 | 742,462 | ||||||
Palm Beach County School Board, Series D (CP) 5.00%, 08/01/25 (c) | 2,000 | 2,073,120 | ||||||
Polk County School District (RB) (SAW) 5.00%, 10/01/29 (c) | 1,000 | 1,084,008 | ||||||
Polk County, School District (RB) 5.00%, 10/01/29 (c) | 100 | 107,830 | ||||||
Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c) | 175 | 187,415 | ||||||
School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c) | 125 | 113,241 | ||||||
South Miami Health Facilities Authority (RB) | ||||||||
5.00%, 08/15/27 (c) | 710 | 744,679 | ||||||
5.00%, 08/15/27 (c) | 800 | 827,951 | ||||||
State of Florida (GO) 4.00%, 06/01/27 (c) | 1,000 | 1,002,979 |
See Notes to Financial Statements
62 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
4.00%, 06/01/26 (c) | $ | 500 | $ | 505,970 | ||||
4.00%, 06/01/27 (c) | 780 | 789,716 | ||||||
5.00%, 06/01/28 (c) | 145 | 156,542 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c) | 510 | 432,889 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | ||||||||
2.38%, 06/01/26 (c) | 590 | 500,863 | ||||||
3.00%, 06/01/25 (c) | 2,000 | 1,864,944 | ||||||
State of Florida, Department of Transportation Financing Corp. (RB) | ||||||||
3.00%, 07/01/30 (c) | 1,000 | 867,762 | ||||||
3.00%, 07/01/30 (c) | 1,000 | 922,755 | ||||||
State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c) | 115 | 123,797 | ||||||
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 | 880 | 959,109 | ||||||
State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO) | ||||||||
3.00%, 07/01/27 (c) | 555 | 523,657 | ||||||
5.00%, 07/01/26 (c) | 40 | 42,335 | ||||||
State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c) | 580 | 623,788 | ||||||
Volusia County School Board, Master Lease Program, Series B (CP) | ||||||||
5.00%, 08/01/24 (c) | 1,320 | 1,346,794 | ||||||
5.00%, 08/01/24 (c) | 280 | 286,781 | ||||||
56,104,456 | ||||||||
Georgia: 1.8% | ||||||||
City of Atlanta, Airport Passenger Facility Charge, Series C (RB) 5.00%, 07/01/29 (c) | 800 | 837,637 | ||||||
City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c) | 1,450 | 1,364,349 | ||||||
Clarke County, Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c) | 250 | 259,688 |
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c) | $ | 3,000 | $ | 2,423,142 | ||||
Forsyth County School District (GO) | ||||||||
5.00%, 02/01/28 (c) | 1,000 | 1,078,384 | ||||||
5.00%, 02/01/28 (c) | 1,000 | 1,082,190 | ||||||
Fulton County, Georgia Water and Sewerage (RB) 5.00%, 01/01/23 (c) | 1,350 | 1,352,900 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 5.00%, 02/15/27 (c) | 225 | 226,618 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c) | 925 | 843,773 | ||||||
Georgia Municipal Electric Authority Project (RB) 5.00%, 01/01/23 (c) | 1,000 | 976,688 | ||||||
Georgia State Road and Tollway Authority (RB) | ||||||||
5.00%, 06/01/30 (c) | 2,000 | 2,175,426 | ||||||
5.00%, 06/01/30 (c) | 2,550 | 2,784,708 | ||||||
Georgia State Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c) | 3,255 | 3,202,606 | ||||||
Main Street Natural Gas, Inc., Gas Supply, Series A (RB) 5.00%, 05/15/38 | 1,000 | 972,710 | ||||||
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/26 (c) | 200 | 205,985 | ||||||
Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) | 350 | 333,110 | ||||||
Richmond County Hospital Authority, University Health Services, Inc. Project (RB) 3.00%, 07/01/26 (c) | 345 | 298,105 | ||||||
State of Georgia, Series A (GO) | ||||||||
4.00%, 08/01/30 (c) | 935 | 933,494 | ||||||
5.00%, 02/01/26 (c) | 680 | 715,906 | ||||||
5.00%, 02/01/27 (c) | 350 | 373,796 | ||||||
5.00%, 02/01/27 (c) | 150 | 160,047 | ||||||
5.00%, 02/01/27 (c) | 1,200 | 1,271,157 | ||||||
5.00%, 08/01/29 | 2,500 | 2,758,238 | ||||||
State of Georgia, Series C (GO) 5.00%, 07/01/27 (c) | 3,000 | 3,218,087 | ||||||
29,848,744 | ||||||||
Hawaii: 1.1% | ||||||||
City and County of Honolulu Wastewater System (RB) 5.00%, 07/01/29 (c) | 875 | 928,816 |
See Notes to Financial Statements
63 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Hawaii (continued) | ||||||||
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c) | $ | 1,930 | $ | 2,113,942 | ||||
City and County of Honolulu, Rail Transit Project, Series B (GO) (SD CRED PROG) 5.00%, 03/01/30 | 350 | 384,632 | ||||||
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c) | 1,015 | 1,079,568 | ||||||
City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c) | 750 | 717,185 | ||||||
City and County of Honolulu, Series C (GO) (BAM) 4.00%, 08/01/29 (c) | 120 | 117,467 | ||||||
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) | 970 | 976,037 | ||||||
City and County of Honolulu, Wastewater System, Series B (RB) | ||||||||
4.00%, 07/01/26 (c) | 100 | 99,542 | ||||||
5.00%, 07/01/29 (c) | 395 | 429,016 | ||||||
State of Hawaii (RB) 5.00%, 01/01/31 (c) | 2,250 | 2,408,994 | ||||||
State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
5.00%, 07/01/25 | 175 | 181,310 | ||||||
6.00%, 07/01/23 (c) | 1,000 | 1,016,136 | ||||||
State of Hawaii, Series ET (GO) 3.00%, 10/01/25 (c) | 1,000 | 966,362 | ||||||
State of Hawaii, Series FH (GO) 5.00%, 10/01/26 (c) | 15 | 15,901 | ||||||
State of Hawaii, Series FK (GO) | ||||||||
3.25%, 05/01/27 (c) | 1,000 | 915,185 | ||||||
5.00%, 05/01/27 (c) | 690 | 725,436 | ||||||
5.00%, 05/01/27 (c) | 130 | 137,117 | ||||||
State of Hawaii, Series FN (GO) | ||||||||
5.00%, 10/01/27 (c) | 105 | 112,809 | ||||||
5.00%, 10/01/27 (c) | 500 | 534,846 | ||||||
State of Hawaii, Series FT (GO) | ||||||||
4.00%, 01/01/28 (c) | 295 | 297,498 | ||||||
5.00%, 01/01/28 (c) | 280 | 300,635 | ||||||
5.00%, 01/01/28 (c) | 405 | 431,078 | ||||||
5.00%, 01/01/28 (c) | 1,150 | 1,227,927 | ||||||
5.00%, 10/01/27 (c) | 1,020 | 1,085,390 | ||||||
State of Hawaii, Series FW (GO) 5.00%, 01/01/29 | 1,180 | 1,282,116 | ||||||
University of Hawaii, Series E (RB) 5.00%, 10/01/26 (c) | 285 | 298,498 | ||||||
18,783,443 |
Par (000’s | ) | Value | ||||||
Illinois: 4.9% | ||||||||
Board of Trustees of the University of Illinois, Auxiliary Facilities Sytem, Series A (RB) 5.00%, 04/01/30 | $ | 1,000 | $ | 1,075,988 | ||||
Chicago Board of Education (ST) 5.75%, 04/01/27 (c) | 235 | 242,115 | ||||||
Chicago O'Hare International Airport, Series A (RB) 5.00%, 01/01/30 (c) | 1,000 | 1,034,718 | ||||||
Chicago O'Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/30 (c) | 2,000 | 1,843,350 | ||||||
Chicago O'Hare International Airport, Series B (RB) | ||||||||
5.00%, 01/01/27 (c) | 470 | 483,320 | ||||||
5.00%, 01/01/27 (c) | 365 | 373,583 | ||||||
Chicago O'Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c) | 135 | 138,440 | ||||||
City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c) | 100 | 103,385 | ||||||
City of Chicago, Second Lien Water (RB) 5.00%, 11/01/27 (c) | 1,390 | 1,414,900 | ||||||
City of Chicago, Second Lien Water (RB) (AGM) | ||||||||
5.00%, 11/01/27 (c) | 2,000 | 2,032,700 | ||||||
5.00%, 11/01/27 (c) | 1,420 | 1,446,796 | ||||||
5.25%, 11/01/27 (c) | 180 | 185,386 | ||||||
City of Chicago, Series A (GO) | ||||||||
5.00%, 01/01/24 (c) | 1,500 | 1,423,761 | ||||||
5.00%, 01/01/24 (c) | 1,250 | 1,180,263 | ||||||
5.00%, 01/01/30 | 2,000 | 1,971,986 | ||||||
5.00%, 01/01/31 (c) | 1,000 | 966,494 | ||||||
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 | 200 | 198,683 | ||||||
City of Chicago, Series B (GO) 4.00%, 01/01/30 | 358 | 328,417 | ||||||
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c) | 750 | 743,740 | ||||||
City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) 5.00%, 03/01/25 (c) | 15 | 15,363 | ||||||
Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c) | 210 | 212,782 | ||||||
Cook County, Series A (GO) | ||||||||
5.00%, 11/15/26 (c) | 325 | 337,850 | ||||||
5.00%, 11/15/26 (c) | 250 | 261,404 |
See Notes to Financial Statements
64 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Finance Authority, Carle Foundation, Series A (RB) 5.00%, 08/15/31 (c) | $ | 1,000 | $ | 1,031,757 | ||||
Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
4.00%, 01/01/26 (c) | 165 | 166,684 | ||||||
4.00%, 01/01/31 (c) | 750 | 740,953 | ||||||
4.00%, 01/01/31 (c) | 1,000 | 978,618 | ||||||
5.00%, 01/01/26 (c) | 685 | 713,497 | ||||||
5.00%, 01/01/27 (c) | 700 | 732,487 | ||||||
5.00%, 01/01/27 (c) | 400 | 425,255 | ||||||
5.00%, 01/01/27 (c) | 140 | 148,555 | ||||||
5.00%, 01/01/31 (c) | 750 | 805,656 | ||||||
5.00%, 07/01/29 (c) | 2,560 | 2,712,832 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c) | 1,400 | 1,485,493 | ||||||
Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
4.00%, 06/01/26 (c) | 90 | 83,879 | ||||||
4.00%, 06/01/26 (c) | 160 | 151,318 | ||||||
5.00%, 06/01/26 (c) | 250 | 252,226 | ||||||
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | ||||||||
5.00%, 08/15/30 (c) | 1,295 | 1,347,308 | ||||||
5.00%, 08/15/30 (c) | 1,365 | 1,434,449 | ||||||
5.00%, 08/15/30 (c) | 1,000 | 1,045,026 | ||||||
Illinois Finance Authority, Presence Health Network, Series C (RB) | ||||||||
5.00%, 02/15/27 (c) | 1,000 | 1,032,697 | ||||||
5.00%, 02/15/27 (c) | 1,000 | 1,041,461 | ||||||
Illinois Finance Authority, Rush University Medical Center, Series A (RB) 5.00%, 05/15/25 (c) | 125 | 127,766 | ||||||
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c) | 420 | 383,960 | ||||||
Illinois State Finance Authority, Ann & Robert H. Lurie Children's Hospital (RB) 4.00%, 08/15/27 (c) | 1,000 | 916,569 | ||||||
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33 | 1,000 | 1,097,837 | ||||||
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 08/01/25 (c) | 2,000 | 1,890,603 | ||||||
Illinois State Toll Highway Authority, Series A (RB) | ||||||||
5.00%, 01/01/23 (c) | 1,135 | 1,136,839 | ||||||
5.00%, 01/01/28 (c) | 510 | 539,928 | ||||||
5.00%, 01/01/29 | 175 | 188,531 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois State Toll Highway Authority, Series B (RB) 5.00%, 01/01/26 (c) | $ | 1,500 | $ | 1,523,287 | ||||
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c) | 2,550 | 2,771,676 | ||||||
Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) 5.00%, 01/01/24 (c) | 335 | 338,571 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) | ||||||||
5.00%, 12/01/26 (c) | 780 | 821,338 | ||||||
5.00%, 12/01/26 (c) | 115 | 122,082 | ||||||
Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
4.00%, 12/01/26 (c) | 1,500 | 1,360,130 | ||||||
4.00%, 12/01/26 (c) | 1,235 | 1,193,545 | ||||||
5.00%, 12/01/26 (c) | 910 | 960,705 | ||||||
5.00%, 12/01/26 (c) | 990 | 1,043,622 | ||||||
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/27 (c) | 500 | 529,594 | ||||||
Sales Tax Securitization Corp., Series A (RB) | ||||||||
5.00%, 01/01/28 (c) | 570 | 582,058 | ||||||
5.00%, 01/01/28 (c) | 1,150 | 1,186,745 | ||||||
5.00%, 01/01/28 (c) | 585 | 604,307 | ||||||
5.00%, 01/01/28 (c) | 250 | 256,608 | ||||||
5.00%, 01/01/28 (c) | 250 | 256,166 | ||||||
Sales Tax Securitization Corp., Series A (RB) (BAM) 5.00%, 01/01/30 (c) | 155 | 156,791 | ||||||
State of Illinois (GO) | ||||||||
3.50%, 06/01/26 (c) | 685 | 628,939 | ||||||
4.00%, 03/01/31 (c) | 1,000 | 836,805 | ||||||
4.12%, 11/01/26 (c) | 360 | 331,315 | ||||||
5.00%, 11/01/26 (c) | 305 | 297,279 | ||||||
5.00%, 06/01/26 (c) | 370 | 370,705 | ||||||
5.50%, 07/01/23 (c) | 1,470 | 1,473,522 | ||||||
State of Illinois (GO) (AGC) 5.50%, 05/01/30 | 1,300 | 1,340,881 | ||||||
State of Illinois (RB) | ||||||||
3.00%, 06/15/26 (c) | 680 | 577,300 | ||||||
3.00%, 06/15/26 (c) | 320 | 261,259 | �� | |||||
State of Illinois, Sales Tax (RB) | ||||||||
5.00%, 06/15/30 | 1,000 | 1,037,838 | ||||||
5.00%, 06/15/31 | 1,500 | 1,550,995 | ||||||
State of Illinois, Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c) | 3,000 | 2,546,912 | ||||||
State of Illinois, Series A (GO) | ||||||||
5.00%, 12/01/27 (c) | 1,000 | 970,762 | ||||||
5.00%, 03/01/31 | 500 | 499,474 | ||||||
5.00%, 03/01/31 (c) | 1,000 | 981,601 | ||||||
5.00%, 05/01/28 (c) | 2,250 | 2,188,098 |
See Notes to Financial Statements
65 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
5.25%, 12/01/27 (c) | $ | 1,200 | $ | 1,212,940 | ||||
State of Illinois, Series B (GO) 5.00%, 11/01/29 (c) | 1,000 | 999,737 | ||||||
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 4,105 | 4,108,568 | ||||||
State of Illinois, Series D (GO) 5.00%, 11/01/27 (c) | 3,910 | 3,916,841 | ||||||
State of Illinois, Series D (RB) 5.00%, 06/15/26 (c) | 620 | 634,580 | ||||||
81,101,184 | ||||||||
Indiana: 0.8% | ||||||||
Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c) | 15 | 15,761 | ||||||
Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c) | 1,000 | 796,214 | ||||||
Indiana Finance Authority Highway, Series C (RB) 5.00%, 12/01/26 (c) | 340 | 361,738 | ||||||
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c) | 2,500 | 2,412,696 | ||||||
Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27 | 250 | 266,031 | ||||||
Indiana Finance Authority, Series A (RB) | ||||||||
5.00%, 02/01/28 (c) | 200 | 214,113 | ||||||
5.00%, 02/01/28 (c) | 1,310 | 1,412,776 | ||||||
5.00%, 02/01/29 (c) | 220 | 234,555 | ||||||
5.00%, 02/01/29 (c) | 175 | 187,167 | ||||||
Indiana Finance Authority, Series C (RB) | ||||||||
5.00%, 02/01/28 (c) | 1,000 | 1,080,187 | ||||||
5.00%, 02/01/28 (c) | 610 | 657,857 | ||||||
Indiana Finance Authority, Series E (RB) | ||||||||
5.00%, 02/01/29 (c) | 105 | 113,675 | ||||||
5.00%, 02/01/29 (c) | 1,250 | 1,332,698 | ||||||
5.00%, 06/01/29 | 935 | 1,019,234 | ||||||
5.00%, 08/01/26 (c) | 100 | 105,704 | ||||||
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c) | 20 | 19,624 | ||||||
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c) | 250 | 264,069 | ||||||
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) | ||||||||
5.00%, 02/01/29 | 710 | 770,874 | ||||||
5.00%, 02/01/29 (c) | 1,715 | 1,850,435 |
Par (000’s | ) | Value | ||||||
Indiana (continued) | ||||||||
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c) | $ | 160 | $ | 159,788 | ||||
13,275,196 | ||||||||
Iowa: 0.2% | ||||||||
Iowa Finance Authority (RB) 5.00%, 08/01/27 (c) | 1,000 | 1,062,634 | ||||||
Iowa Finance Authority, Series A (RB) | ||||||||
5.00%, 08/01/31 (c) | 1,000 | 1,080,319 | ||||||
5.00%, 08/01/31 (c) | 500 | 542,219 | ||||||
2,685,172 | ||||||||
Kansas: 0.5% | ||||||||
Butler County Unified School District No. 385 (GO) | ||||||||
4.00%, 09/01/27 (c) | 500 | 504,104 | ||||||
4.00%, 09/01/27 (c) | 300 | 300,926 | ||||||
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c) | 750 | 744,679 | ||||||
Johnson County, Unified School District No. 233, Series A (GO) 4.00%, 09/01/31 (c) | 1,000 | 968,087 | ||||||
Kansas Development Finance Authority, AdventHealth, Series A (RB) 5.00%, 11/15/31 (p) | 3,950 | 4,199,677 | ||||||
State of Kansas, Department of Transportation Highway, Series A (RB) | ||||||||
5.00%, 09/01/27 (c) | 775 | 817,223 | ||||||
5.00%, 09/01/27 (c) | 630 | 667,387 | ||||||
5.00%, 09/01/27 (c) | 150 | 157,694 | ||||||
8,359,777 | ||||||||
Kentucky: 0.6% | ||||||||
Kentucky Energy Authority, Gas Supply, Series A (RB) 4.00%, 08/01/30 (c) (p) | 1,200 | 1,099,406 | ||||||
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) | 200 | 208,668 | ||||||
Kentucky State Property & Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c) | 1,420 | 1,489,234 | ||||||
Kentucky State Property & Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/28 (c) | 3,285 | 3,452,270 | ||||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
5.00%, 10/01/26 (c) | 290 | 296,022 | ||||||
5.00%, 10/01/26 (c) | 55 | 56,445 |
See Notes to Financial Statements
66 |
Par (000’s | ) | Value | ||||||
Kentucky (continued) | ||||||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB) 5.00%, 10/01/29 (c) (p) | $ | 1,000 | $ | 1,041,865 | ||||
Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB) 4.00%, 05/15/23 (c) | 2,000 | 1,960,304 | ||||||
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 | 20 | 21,239 | ||||||
University of Kentucky, Series A (RB) | ||||||||
3.00%, 04/01/26 (c) | 770 | 638,780 | ||||||
4.00%, 04/01/26 (c) | 500 | 505,151 | ||||||
10,769,384 | ||||||||
Louisiana: 0.8% | ||||||||
City of New Orleans, Louisiana Public Improvement, Series A (GO) 5.00%, 12/01/30 (c) | 1,000 | 1,035,146 | ||||||
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c) | 615 | 652,358 | ||||||
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/29 (c) | 500 | 471,889 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | 3,540 | 3,170,128 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman's Hospital Foundation Project, Series A (RB) 3.25%, 10/01/27 (c) | 200 | 177,275 | ||||||
Louisiana Local Government Environmental Facilities and Community Development, Series B (RB) 2.50%, 04/01/26 (c) | 1,455 | 1,078,498 | ||||||
State of Louisiana, Series A (GO) | ||||||||
3.50%, 04/01/27 (c) | 150 | 139,547 | ||||||
5.00%, 03/01/29 (c) | 115 | 124,240 | ||||||
5.00%, 03/01/30 (c) | 930 | 1,001,988 | ||||||
5.00%, 03/01/31 (c) | 750 | 820,445 | ||||||
5.00%, 03/01/31 (c) | 1,000 | 1,063,711 | ||||||
5.00%, 04/01/27 (c) | 565 | 603,821 | ||||||
5.00%, 09/01/26 (c) | 640 | 672,300 | ||||||
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/30 (c) | 910 | 980,921 |
Par (000’s | ) | Value | ||||||
Louisiana (continued) | ||||||||
5.00%, 03/01/30 (c) | $ | 425 | $ | 452,964 | ||||
State of Louisiana, Series B (GO) 5.00%, 08/01/26 (c) | 200 | 210,112 | ||||||
12,655,343 | ||||||||
Maryland: 2.7% | ||||||||
City of Baltimore, Consolidated Public Improvement, Series B (GO) 5.00%, 10/15/27 (c) | 250 | 268,373 | ||||||
County of Baltimore (GO) | ||||||||
4.00%, 03/01/30 (c) | 1,140 | 1,145,545 | ||||||
5.00%, 03/01/30 (c) | 325 | 358,625 | ||||||
5.00%, 03/01/30 | 945 | 1,046,245 | ||||||
County of Baltimore (GO) (AGC) 4.00%, 03/01/29 (c) | 1,925 | 1,933,227 | ||||||
County of Montgomery, Series A (GO) 3.00%, 08/01/30 (c) | 750 | 683,478 | ||||||
County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c) | 1,070 | 1,090,284 | ||||||
Maryland Department of Transportation (RB) 3.00%, 09/01/27 (c) | 500 | 464,037 | ||||||
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c) | 250 | 257,657 | ||||||
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c) | 1,000 | 1,046,305 | ||||||
Maryland State, Series A (GO) | ||||||||
3.25%, 08/01/23 (c) | 2,000 | 1,931,603 | ||||||
5.00%, 08/01/30 (c) | 1,000 | 1,089,262 | ||||||
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/30 | 1,900 | 2,093,498 | ||||||
Prince George's County, Series A (GO) | ||||||||
5.00%, 07/15/28 (c) | 1,150 | 1,249,611 | ||||||
5.00%, 07/15/28 (c) | 2,500 | 2,660,063 | ||||||
Prince George's County, Series A (GO) (SAW) 4.00%, 07/15/28 (c) | 1,000 | 1,022,173 | ||||||
State of Maryland, Department of Transportation (RB) | ||||||||
2.12%, 10/01/29 (c) | 2,000 | 1,407,952 | ||||||
3.00%, 11/01/24 (c) | 520 | 488,063 | ||||||
3.00%, 11/01/24 (c) | 1,000 | 959,133 | ||||||
3.12%, 05/01/25 (c) | 855 | 807,567 | ||||||
4.00%, 05/01/28 (c) | 750 | 767,969 |
See Notes to Financial Statements
67 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Maryland (continued) | ||||||||
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c) | $ | 2,340 | $ | 1,920,365 | ||||
State of Maryland, State and Local Facilities Loan (GO) | ||||||||
4.00%, 08/01/28 (c) | 530 | 538,328 | ||||||
5.00%, 03/15/29 (c) | 3,000 | 3,261,571 | ||||||
5.00%, 08/01/28 (c) | 1,000 | 1,085,670 | ||||||
State of Maryland, State and Local Facilities Loan, Series A (GO) | ||||||||
3.00%, 08/01/27 (c) | 1,000 | 927,255 | ||||||
3.12%, 03/15/28 (c) | 250 | 228,937 | ||||||
4.00%, 03/15/27 (c) | 1,185 | 1,206,307 | ||||||
5.00%, 03/15/28 (c) | 1,255 | 1,358,935 | ||||||
5.00%, 03/15/29 | 1,000 | 1,096,702 | ||||||
5.00%, 03/15/30 (c) | 5,500 | 6,074,418 | ||||||
5.00%, 08/01/30 (c) | 1,125 | 1,234,642 | ||||||
5.00%, 08/01/31 (c) | 1,400 | 1,551,506 | ||||||
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) | ||||||||
5.00%, 06/01/26 (c) | 750 | 781,142 | ||||||
5.00%, 06/01/27 (c) | 550 | 589,019 | ||||||
44,625,467 | ||||||||
Massachusetts: 3.1% | ||||||||
City of Boston, Series A (GO) 5.00%, 03/01/29 | 100 | 109,860 | ||||||
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c) | 980 | 996,483 | ||||||
Commonwealth of Massachusetts, Series B (GO) | ||||||||
5.00%, 07/01/26 (c) | 600 | 628,831 | ||||||
5.00%, 07/01/26 (c) | 1,860 | 1,935,065 | ||||||
Commonwealth of Massachusetts, Series C (GO) | ||||||||
3.00%, 02/01/24 (c) | 400 | 371,288 | ||||||
5.00%, 05/01/23 (c) | 350 | 351,894 | ||||||
5.00%, 05/01/23 (c) | 205 | 206,312 | ||||||
5.00%, 05/01/23 (c) | 2,000 | 2,013,424 | ||||||
5.00%, 05/01/30 | 1,000 | 1,099,073 | ||||||
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31 | 2,665 | 2,941,130 | ||||||
Commonwealth of Massachusetts, Series D (GO) | ||||||||
4.00%, 11/01/30 (c) | 2,000 | 1,939,282 | ||||||
4.00%, 05/01/28 (c) | 1,165 | 1,142,756 | ||||||
5.00%, 07/01/30 (c) | 365 | 390,344 | ||||||
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/30 (c) | 2,000 | 2,125,488 |
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
3.00%, 11/01/27 (c) | $ | 1,275 | $ | 1,136,659 | ||||
4.00%, 04/01/25 (c) | 1,000 | 996,928 | ||||||
5.00%, 11/01/27 (c) | 100 | 106,298 | ||||||
5.00%, 11/01/30 (c) | 1,000 | 1,091,663 | ||||||
5.00%, 09/01/28 (c) | 1,010 | 1,060,063 | ||||||
Commonwealth of Massachusetts, Series I (GO) 5.00%, 12/01/26 (c) | 10 | 10,621 | ||||||
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c) | 500 | 523,514 | ||||||
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) | ||||||||
4.00%, 12/01/27 (c) | 450 | 439,452 | ||||||
5.00%, 06/01/24 (c) | 1,275 | 1,300,423 | ||||||
5.00%, 06/01/31 (c) | 800 | 854,222 | ||||||
Massachusetts Bay Transportation Authority, Series A (RB) 0.00%, 07/01/26 (c) ^ | 130 | 94,577 | ||||||
Massachusetts Clean Water Trust (RB) 5.00%, 08/01/28 (c) | 1,000 | 1,071,144 | ||||||
Massachusetts Clean Water Trust, Series A (RB) 5.00%, 02/01/31 (c) | 540 | 582,344 | ||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/29 | 1,000 | 1,088,278 | ||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c) | 1,000 | 1,070,982 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c) | 255 | 260,154 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c) | 200 | 207,087 | ||||||
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c) | 130 | 134,406 |
See Notes to Financial Statements
68 |
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
4.00%, 07/15/26 (c) | $ | 2,000 | $ | 1,968,431 | ||||
5.00%, 07/15/26 (c) | 480 | 502,994 | ||||||
5.00%, 07/15/26 (c) | 6,300 | 6,624,119 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 01/01/28 (c) | 1,500 | 1,415,261 | ||||||
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 500 | 499,837 | ||||||
Massachusetts Development Finance Agency, Williams College, Series P (RB) 5.00%, 07/01/23 (c) | 1,500 | 1,502,803 | ||||||
Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c) | 150 | 123,933 | ||||||
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c) | 125 | 130,366 | ||||||
Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c) | 1,500 | 1,593,208 | ||||||
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30 | 2,000 | 2,244,544 | ||||||
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c) | 2,115 | 2,248,421 | ||||||
University of Massachusetts Building Authority, Series 1 (RB) | ||||||||
5.00%, 11/01/29 (c) | 750 | 798,996 | ||||||
5.00%, 11/01/29 (c) | 475 | 509,230 | ||||||
5.00%, 05/01/29 (c) | 1,220 | 1,302,131 | ||||||
University of Massachusetts Building Authority, Series 1 (RB) (SD CRED PROG) 5.00%, 11/01/29 (c) | 500 | 538,883 | ||||||
University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c) | 1,020 | 1,086,261 | ||||||
51,369,463 | ||||||||
Michigan: 1.1% | ||||||||
Board of Governors of Wayne State University, Series A (RB) | ||||||||
5.00%, 05/15/26 (c) | 285 | 296,577 |
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c) | $ | 340 | $ | 361,869 | ||||
Detroit Wayne County, School District, Series A (GO) (AGM Q-SBLF) 6.00%, 05/01/29 | 3,500 | 3,787,185 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | 250 | 263,005 | ||||||
5.00%, 07/01/26 (c) | 250 | 262,451 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
5.00%, 07/01/26 (c) | 570 | 594,602 | ||||||
5.00%, 07/01/26 (c) | 500 | 522,680 | ||||||
5.00%, 07/01/26 (c) | 290 | 301,245 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | 30 | 31,398 | ||||||
5.00%, 07/01/26 (c) | 1,025 | 1,064,747 | ||||||
Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c) | 130 | 136,475 | ||||||
Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project (RB) (SAW) 5.00%, 11/01/28 (c) | 2,645 | 2,848,364 | ||||||
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c) | 140 | 117,885 | ||||||
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) | ||||||||
5.00%, 10/01/24 (c) | 725 | 734,434 | ||||||
5.00%, 11/15/26 (c) | 150 | 155,494 | ||||||
Michigan Finance Authority, Tabaco Settlement, Series A (RB) 5.00%, 12/01/30 (c) | 500 | 504,542 | ||||||
Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | ||||||||
5.00%, 12/01/27 (c) | 585 | 599,071 | ||||||
5.00%, 06/01/27 (c) | 75 | 78,665 | ||||||
Michigan State Building Authority, Series I (RB) | ||||||||
5.00%, 10/15/25 (c) | 5 | 5,237 | ||||||
5.00%, 10/15/25 (c) | 10 | 10,378 | ||||||
5.00%, 10/15/25 (c) | 25 | 26,185 | ||||||
5.00%, 10/15/26 (c) | 120 | 123,167 | ||||||
5.00%, 10/15/26 (c) | 125 | 130,065 | ||||||
5.00%, 10/15/26 (c) | 570 | 597,120 |
See Notes to Financial Statements
69 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27 | $ | 100 | $ | 106,882 | ||||
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
3.10%, 06/01/26 (c) | 1,370 | 1,236,297 | ||||||
3.35%, 06/01/26 (c) | 135 | 117,823 | ||||||
State of Michigan Trunk Line, Series A (RB) 5.00%, 11/15/31 (c) | 1,900 | 2,046,806 | ||||||
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c) | 410 | 386,701 | ||||||
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/30 (c) | 750 | 611,083 | ||||||
Wayne County Airport Authority, Deroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c) | 560 | 595,275 | ||||||
18,653,708 | ||||||||
Minnesota: 1.0% | ||||||||
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) | 125 | 127,269 | ||||||
County of Hennepin, Minnesota First Lien, Ballpark Project, Series A (RB) 5.00%, 12/15/26 (c) | 1,000 | 1,049,521 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) | ||||||||
5.00%, 01/01/24 (c) | 1,000 | 1,011,980 | ||||||
5.00%, 07/01/29 (c) | 200 | 208,866 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
5.00%, 01/01/27 (c) | 325 | 339,858 | ||||||
5.00%, 01/01/27 (c) | 515 | 539,536 | ||||||
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 1,000 | 1,063,206 | ||||||
Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c) | 500 | 530,232 | ||||||
State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c) | 120 | 114,051 | ||||||
State of Minnesota, Various Purpose, Series A (GO) | ||||||||
5.00%, 10/01/27 (c) | 400 | 430,697 | ||||||
5.00%, 08/01/29 (c) | 1,000 | 1,065,692 | ||||||
5.00%, 08/01/29 (c) | 1,000 | 1,080,085 |
Par (000’s | ) | Value | ||||||
Minnesota (continued) | ||||||||
5.00%, 08/01/29 | $ | 400 | $ | 440,301 | ||||
5.00%, 08/01/30 (c) | 2,000 | 2,148,130 | ||||||
5.00%, 08/01/30 (c) | 2,000 | 2,142,129 | ||||||
State of Minnesota, Various Purpose, Series D (GO) | ||||||||
2.25%, 08/01/26 (c) | 925 | 839,165 | ||||||
3.00%, 10/01/27 (c) | 1,000 | 932,343 | ||||||
3.00%, 10/01/27 (c) | 1,000 | 942,385 | ||||||
University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 805 | 861,195 | ||||||
15,866,641 | ||||||||
Mississippi: 0.3% | ||||||||
State of Mississippi, Series A (GO) | ||||||||
5.00%, 10/01/27 (c) | 430 | 461,020 | ||||||
5.00%, 10/01/27 (c) | 880 | 941,744 | ||||||
State of Mississippi, Series A (RB) | ||||||||
5.00%, 10/15/28 (c) | 400 | 418,950 | ||||||
5.00%, 10/15/28 (c) | 550 | 569,186 | ||||||
5.00%, 10/15/28 (c) | 1,000 | 1,040,725 | ||||||
State of Mississippi, Series B (GO) 4.00%, 10/01/29 (c) | 295 | 281,843 | ||||||
State of Mississippi, Series C (GO) 5.00%, 10/01/28 (c) | 1,005 | 1,067,209 | ||||||
4,780,677 | ||||||||
Missouri: 0.5% | ||||||||
City of Kansas, Series C (RB) 5.00%, 09/01/27 (c) | 1,030 | 1,092,270 | ||||||
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 | 1,400 | 1,534,223 | ||||||
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c) | 250 | 263,213 | ||||||
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) | 685 | 676,603 | ||||||
Platte County Park Hill School District (GO) (SAW) | ||||||||
3.00%, 03/01/26 (c) | 105 | 93,996 | ||||||
3.00%, 03/01/26 (c) | 225 | 198,736 | ||||||
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c) | 650 | 648,057 | ||||||
Springfield School District No. R-12 (GO) (SAW) | ||||||||
4.00%, 03/01/28 (c) | 95 | 96,443 | ||||||
4.00%, 03/01/29 (c) | 1,415 | 1,401,032 | ||||||
5.00%, 03/01/29 (c) | 450 | 473,854 | ||||||
St. Louis County, Convention Center, Series A (RB) 5.25%, 12/01/30 (c) | 1,000 | 1,057,307 | ||||||
7,535,734 |
See Notes to Financial Statements
70 |
Par (000’s | ) | Value | ||||||
Montana: 0.1% | ||||||||
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 03/01/23 (c) | $ | 1,000 | $ | 929,458 | ||||
Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29 | 150 | 162,115 | ||||||
1,091,573 | ||||||||
Nebraska: 0.4% | ||||||||
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/34 | 3,300 | 3,295,191 | ||||||
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/32 | 1,280 | 1,296,007 | ||||||
Omaha Public Power District, Electric System, Series A (RB) 5.00%, 12/01/27 (c) | 100 | 105,775 | ||||||
Omaha Public Power District, Electric System, Series A (RB) (SAW) 5.00%, 02/01/29 (c) | 1,125 | 1,223,691 | ||||||
5,920,664 | ||||||||
Nevada: 0.9% | ||||||||
Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) | 1,200 | 1,261,392 | ||||||
Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c) | 1,000 | 974,821 | ||||||
Clark County, Limited Tax, Series A (GO) | ||||||||
5.00%, 06/01/28 (c) | 150 | 157,822 | ||||||
5.00%, 06/01/28 (c) | 1,110 | 1,192,514 | ||||||
Clark County, Limited Tax, Series C (GO) | ||||||||
3.00%, 07/01/27 (c) | 270 | 228,327 | ||||||
3.00%, 07/01/27 (c) | 305 | 268,194 | ||||||
Clark County, Nevada McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c) | 275 | 291,784 | ||||||
Clark County, Nevada McCarran International, Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) | 470 | 497,273 | ||||||
Clark County, School District, Series A (GO) (AGM) | ||||||||
5.00%, 06/15/30 (c) | 915 | 974,332 | ||||||
5.00%, 06/15/30 (c) | 1,000 | 1,075,538 | ||||||
Clark County, School District, Series B (GO) 4.00%, 11/01/26 (c) | 155 | 156,936 |
Par (000’s | ) | Value | ||||||
Nevada (continued) | ||||||||
Clark County, School District, Series C (GO) 5.00%, 12/15/27 (c) | $ | 1,050 | $ | 1,105,611 | ||||
Clark County, School, District, Series B (GO) 4.00%, 11/01/26 (c) | 250 | 251,219 | ||||||
Clark County, School, District, Series B (GO) (BAM) 3.00%, 06/15/30 (c) | 1,500 | 1,142,420 | ||||||
Clark County, Water Reclamation District (GO) 3.00%, 07/01/26 (c) | 630 | 613,192 | ||||||
Clark County. Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c) | 300 | 317,340 | ||||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) | ||||||||
4.00%, 06/01/27 (c) | 1,000 | 1,004,329 | ||||||
5.00%, 06/01/27 (c) | 795 | 843,322 | ||||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
3.38%, 06/01/28 (c) | 325 | 293,878 | ||||||
4.00%, 06/01/28 (c) | 760 | 765,837 | ||||||
4.00%, 06/01/28 (c) | 760 | 768,552 | ||||||
Truckee Meadows Water Authority (RB) | ||||||||
5.00%, 07/01/26 (c) | 30 | 31,403 | ||||||
5.00%, 07/01/26 (c) | 355 | 369,497 | ||||||
14,585,533 | ||||||||
New Jersey: 4.0% | ||||||||
County of Hudson (GO) | ||||||||
2.00%, 11/15/28 (c) | 685 | 488,773 | ||||||
2.00%, 11/15/28 (c) | 2,000 | 1,454,814 | ||||||
2.12%, 11/15/28 (c) | 265 | 188,948 | ||||||
New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c) | 275 | 266,787 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c) | 755 | 661,733 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 260 | 265,895 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 1,000 | 1,018,504 |
See Notes to Financial Statements
71 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | $ | 380 | $ | 391,810 | ||||
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
5.00%, 06/15/27 (c) | 615 | 619,922 | ||||||
5.00%, 06/15/27 (c) | 935 | 948,005 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) | 1,250 | 1,250,708 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 1,080 | 975,108 | ||||||
New Jersey Economic Development Authority, State House Project, Series B (RB) | ||||||||
4.00%, 12/15/28 (c) | 1,290 | 1,272,401 | ||||||
5.00%, 12/15/28 (c) | 315 | 320,619 | ||||||
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 4.00%, 09/01/24 (c) | 1,000 | 959,091 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
2.00%, 03/01/31 (c) | 2,000 | 1,405,067 | ||||||
2.00%, 03/01/31 (c) | 1,975 | 1,419,034 | ||||||
2.00%, 03/01/31 (c) | 1,000 | 736,186 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c) | 500 | 531,362 | ||||||
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/27 (c) | 360 | 317,225 | ||||||
New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 07/01/23 (c) | 2,355 | 2,370,868 | ||||||
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/26 (c) | 1,590 | 1,528,837 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c) | $ | 1,000 | $ | 1,033,263 | ||||
New Jersey State Turnpike Authority, Series B (RB) | ||||||||
5.00%, 01/01/28 (c) | 1,080 | 1,135,090 | ||||||
5.00%, 01/01/28 (c) | 2,900 | 3,044,354 | ||||||
5.00%, 01/01/28 (c) | 115 | 121,296 | ||||||
New Jersey State, COVID-19, Series A (GO) | ||||||||
4.00%, 06/01/32 | 1,135 | 1,128,034 | ||||||
5.00%, 06/01/29 | 1,000 | 1,080,918 | ||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
4.00%, 12/15/28 (c) | 2,830 | 2,701,653 | ||||||
5.00%, 12/15/28 (c) | 1,395 | 1,416,964 | ||||||
5.00%, 12/15/28 (c) | 1,000 | 999,516 | ||||||
5.00%, 12/15/28 (c) | 1,100 | 1,108,767 | ||||||
5.00%, 12/15/28 | 500 | 520,850 | ||||||
5.00%, 06/15/26 (c) | 435 | 446,811 | ||||||
5.00%, 06/15/31 (c) | 500 | 511,909 | ||||||
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c) | 780 | 766,024 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
5.00%, 12/15/30 (c) | 1,200 | 1,183,427 | ||||||
5.00%, 06/15/23 (c) | 1,500 | 1,507,851 | ||||||
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c) | 1,720 | 1,733,787 | ||||||
New Jersey Turnpike Authority, Series A (RB) | ||||||||
4.00%, 01/01/27 (c) | 135 | 131,453 | ||||||
5.00%, 01/01/27 (c) | 270 | 281,673 | ||||||
5.00%, 01/01/27 (c) | 1,625 | 1,710,104 | ||||||
5.00%, 07/01/24 (c) | 4,000 | 4,082,024 | ||||||
New Jersey Turnpike Authority, Series E (RB) | ||||||||
5.00%, 01/01/28 (c) | 200 | 210,950 | ||||||
5.00%, 01/01/28 (c) | 115 | 122,466 | ||||||
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c) | 1,000 | 1,043,954 | ||||||
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c) | 2,130 | 2,116,868 | ||||||
State of New Jersey, Series A (GO) 3.00%, 06/01/32 | 250 | 216,613 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 12/01/29 (c) | 3,000 | 2,502,519 | ||||||
2.00%, 12/01/29 (c) | 3,000 | 2,225,807 |
See Notes to Financial Statements
72 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
2.00%, 12/01/29 (c) | $ | 3,000 | $ | 2,100,175 | ||||
5.00%, 12/01/29 (c) | 5,000 | 5,202,533 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
5.00%, 06/01/28 (c) | 2,755 | 2,812,670 | ||||||
5.00%, 06/01/28 (c) | 225 | 227,413 | ||||||
5.00%, 06/01/28 (c) | 195 | 200,642 | ||||||
5.00%, 06/01/28 (c) | 250 | 254,237 | ||||||
5.00%, 06/01/28 (c) | 500 | 512,366 | ||||||
65,786,678 | ||||||||
New York: 18.5% | ||||||||
City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c) | 500 | 439,803 | ||||||
City of New York, Series A (GO) | ||||||||
4.00%, 08/01/26 (c) | 485 | 462,186 | ||||||
4.00%, 08/01/31 (c) | 600 | 547,859 | ||||||
5.00%, 08/01/26 (c) | 1,810 | 1,887,305 | ||||||
5.00%, 08/01/30 | 415 | 456,961 | ||||||
City of New York, Series A-1 (GO) | ||||||||
5.00%, 08/01/29 | 1,000 | 1,092,534 | ||||||
5.00%, 09/01/32 (c) | 2,000 | 2,121,655 | ||||||
City of New York, Series B-1 (GO) | ||||||||
4.00%, 12/01/26 (c) | 250 | 234,573 | ||||||
5.00%, 10/01/27 (c) | 100 | 103,830 | ||||||
5.00%, 10/01/29 (c) | 1,125 | 1,208,322 | ||||||
5.00%, 10/01/29 (c) | 500 | 543,598 | ||||||
5.00%, 11/01/30 | 1,000 | 1,103,177 | ||||||
5.00%, 12/01/26 (c) | 395 | 413,185 | ||||||
5.00%, 08/01/29 | 2,000 | 2,185,069 | ||||||
5.25%, 10/01/27 (c) | 920 | 989,268 | ||||||
City of New York, Series C (GO) 5.00%, 02/01/25 (c) | 1,165 | 1,190,728 | ||||||
City of New York, Series C and D (GO) 5.00%, 02/01/26 (c) | 110 | 115,684 | ||||||
City of New York, Series C-1 (GO) (SD CRED PROG) 5.00%, 08/01/30 | 2,000 | 2,202,221 | ||||||
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c) | 1,565 | 1,641,562 | ||||||
City of New York, Series E (GO) 5.00%, 08/01/26 (c) | 540 | 563,063 | ||||||
City of New York, Series E-1 (GO) | ||||||||
5.00%, 03/01/28 (c) | 1,015 | 1,070,220 | ||||||
5.25%, 03/01/28 (c) | 1,000 | 1,059,795 | ||||||
5.25%, 03/01/28 (c) | 1,500 | 1,624,808 | ||||||
City of New York, Series F-1 (GO) | ||||||||
5.00%, 04/01/28 (c) | 250 | 259,694 | ||||||
5.00%, 04/01/28 (c) | 1,435 | 1,465,308 | ||||||
City of New York, Series L (GO) 5.00%, 04/01/29 (c) | 655 | 701,482 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c) | $ | 1,865 | $ | 2,001,034 | ||||
City of New York, Series L-6 (GO) | ||||||||
5.00%, 04/01/28 | 175 | 188,598 | ||||||
5.00%, 04/01/29 (c) | 1,000 | 1,087,085 | ||||||
City of Troy, Capital Resource Corp., Series A (RB) | ||||||||
5.00%, 09/01/30 (c) | 500 | 506,225 | ||||||
5.00%, 09/01/30 (c) | 1,795 | 1,875,341 | ||||||
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 05/15/31 (c) | 1,500 | 1,633,160 | ||||||
County of Nassau, Series C (GO) 5.00%, 10/01/27 (c) | 600 | 635,416 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
5.00%, 02/15/27 (c) | 1,700 | 1,778,683 | ||||||
5.00%, 02/15/27 (c) | 460 | 479,443 | ||||||
5.00%, 02/15/27 (c) | 1,400 | 1,470,293 | ||||||
5.00%, 02/15/27 (c) | 3,025 | 3,189,474 | ||||||
Long Island Power Authority, Electric System (RB) | ||||||||
5.00%, 09/01/27 (c) | 305 | 318,952 | ||||||
5.00%, 09/01/27 (c) | 750 | 777,435 | ||||||
5.00%, 09/01/27 (c) | 500 | 520,673 | ||||||
5.00%, 09/01/28 (c) | 1,035 | 1,071,072 | ||||||
Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c) | 450 | 368,777 | ||||||
Long Island Power Authority, Electric System, Series B (RB) | ||||||||
5.00%, 09/01/26 (c) | 40 | 42,048 | ||||||
5.00%, 09/01/26 (c) | 2,000 | 2,046,218 | ||||||
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c) | 340 | 309,840 | ||||||
Metropolitan Transportation Authority, Series B (RB) | ||||||||
4.00%, 11/15/26 (c) | 215 | 192,730 | ||||||
5.00%, 11/15/26 (c) | 310 | 314,437 | ||||||
5.00%, 11/15/28 | 2,380 | 2,425,868 | ||||||
5.00%, 11/15/28 | 380 | 387,518 | ||||||
Metropolitan Transportation Authority, Series B-2 (RB) | ||||||||
5.00%, 11/15/26 (c) | 15 | 15,794 | ||||||
5.00%, 11/15/27 (c) | 1,185 | 1,247,532 | ||||||
5.00%, 11/15/27 (c) | 200 | 212,150 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
4.00%, 05/15/28 (c) | 1,980 | 1,839,391 | ||||||
4.00%, 05/15/28 (c) | 395 | 354,086 | ||||||
5.00%, 11/15/26 (c) | 155 | 157,219 | ||||||
5.00%, 05/15/28 (c) | 2,540 | 2,532,258 | ||||||
5.00%, 05/15/28 (c) | 1,445 | 1,451,098 | ||||||
5.00%, 05/15/28 (c) | 1,540 | 1,550,357 | ||||||
5.00%, 05/15/28 (c) | 1,260 | 1,288,676 |
See Notes to Financial Statements
73 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 05/15/28 (c) | $ | 810 | $ | 799,016 | ||||
5.00%, 05/15/28 (c) | 470 | 479,522 | ||||||
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ | 1,035 | 603,937 | ||||||
Metropolitan Transportation Authority, Series D (RB) | ||||||||
3.12%, 11/15/26 (c) | 265 | 212,393 | ||||||
4.00%, 11/15/26 (c) | 400 | 371,594 | ||||||
5.00%, 05/15/28 (c) | 535 | 533,369 | ||||||
5.00%, 05/15/28 (c) | 1,570 | 1,572,263 | ||||||
5.00%, 05/15/28 (c) | 1,085 | 1,092,297 | ||||||
Metropolitan Transportation Authority, Series E (RB) | ||||||||
5.00%, 11/15/23 (c) | 1,775 | 1,769,589 | ||||||
5.00%, 11/15/30 | 1,000 | 1,009,231 | ||||||
Monroe County, Industrial Development Corp. (RB) 3.00%, 12/01/30 (c) | 865 | 602,566 | ||||||
New York City Housing Development Corp. (RB) (FHA 542(C)) 2.10%, 05/01/29 (c) | 2,000 | 1,404,930 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series A (RB) (AGC) 2.90%, 04/01/30 (c) | 1,000 | 772,538 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) 3.70%, 11/15/23 (c) | 2,000 | 1,793,049 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c) | 1,100 | 826,257 | ||||||
New York City Industrial Development Agency (RB) (AGM) | ||||||||
4.00%, 01/01/31 (c) | 500 | 497,185 | ||||||
4.00%, 09/01/30 (c) | 1,500 | 1,494,650 | ||||||
5.00%, 01/01/31 | 2,700 | 2,901,679 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 2.00%, 01/01/31 (c) | 1,250 | 778,731 | ||||||
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) 5.00%, 03/01/30 | 2,145 | 2,277,281 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB) | ||||||||
5.00%, 12/15/29 (c) | 1,000 | 1,078,974 | ||||||
5.00%, 06/15/27 (c) | 960 | 989,905 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 5.00%, 06/15/27 (c) | $ | 310 | $ | 326,200 | ||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) 5.00%, 12/15/26 (c) | 1,000 | 1,026,046 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC-1 (RB) 5.25%, 12/15/26 (c) | 2,000 | 2,086,118 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) | ||||||||
5.00%, 06/15/23 (c) | 1,000 | 1,005,920 | ||||||
5.00%, 06/15/23 (c) | 4,500 | 4,529,115 | ||||||
5.00%, 06/15/31 | 1,865 | 2,073,845 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c) | 215 | 224,802 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c) | 500 | 532,077 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
3.00%, 07/15/31 (c) | 1,400 | 1,100,788 | ||||||
4.00%, 07/15/31 (c) | 1,375 | 1,307,650 | ||||||
5.00%, 07/15/31 (c) | 1,000 | 1,084,245 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/28 (c) | 1,010 | 1,075,816 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) | ||||||||
5.00%, 07/15/28 (c) | 1,605 | 1,686,337 | ||||||
5.00%, 07/15/28 (c) | 1,000 | 1,040,446 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) | ||||||||
5.00%, 07/15/28 (c) | 500 | 525,339 | ||||||
5.00%, 07/15/28 (c) | 100 | 106,516 | ||||||
5.25%, 07/15/28 (c) | 415 | 439,155 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
3.00%, 11/01/30 (c) | 2,000 | 1,593,964 | ||||||
5.00%, 11/01/30 (c) | 3,000 | 3,161,655 |
See Notes to Financial Statements
74 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
4.00%, 05/01/26 (c) | $ | 630 | $ | 634,393 | ||||
5.00%, 11/01/31 (c) | 1,000 | 1,089,361 | ||||||
5.00%, 05/01/26 (c) | 280 | 292,574 | ||||||
5.00%, 05/01/26 (c) | 450 | 464,236 | ||||||
5.00%, 05/01/26 (c) | 655 | 671,638 | ||||||
5.00%, 05/01/26 (c) | 880 | 904,946 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c) | 2,000 | 2,051,242 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
5.00%, 11/01/22 (c) | 1,000 | 1,000,000 | ||||||
5.00%, 08/01/24 (c) | 260 | 267,053 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
4.00%, 08/01/27 (c) | 115 | 109,299 | ||||||
4.00%, 08/01/31 (c) | 1,190 | 1,084,477 | ||||||
5.00%, 05/01/27 (c) | 1,065 | 1,113,919 | ||||||
5.00%, 08/01/26 (c) | 690 | 718,000 | ||||||
5.00%, 08/01/26 (c) | 895 | 925,000 | ||||||
5.00%, 08/01/26 (c) | 540 | 560,003 | ||||||
5.00%, 08/01/26 (c) | 530 | 555,280 | ||||||
5.00%, 08/01/27 (c) | 125 | 132,399 | ||||||
5.00%, 08/01/27 (c) | 1,000 | 1,047,937 | ||||||
5.00%, 08/01/27 (c) | 350 | 363,950 | ||||||
5.00%, 08/01/28 (c) | 780 | 814,484 | ||||||
5.00%, 08/01/30 (c) | 1,000 | 1,092,923 | ||||||
5.00%, 08/01/31 (c) | 1,000 | 1,064,263 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
5.00%, 11/01/25 (c) | 20 | 20,949 | ||||||
5.00%, 05/01/27 (c) | 2,280 | 2,398,953 | ||||||
5.00%, 05/01/27 (c) | 900 | 937,583 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
4.00%, 11/01/30 (c) | 1,690 | 1,541,713 | ||||||
5.00%, 11/01/30 (c) | 1,400 | 1,508,731 | ||||||
5.00%, 11/01/30 (c) | 4,500 | 4,712,406 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c) | 100 | 90,942 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
5.00%, 02/01/25 (c) | $ | 155 | $ | 158,189 | ||||
5.00%, 02/01/26 (c) | 1,500 | 1,553,629 | ||||||
5.00%, 02/01/27 (c) | 1,190 | 1,248,990 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 | 6,000 | 6,144,882 | ||||||
New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | ||||||||
4.00%, 10/01/26 (c) | 850 | 864,959 | ||||||
4.00%, 10/01/26 (c) | 745 | 753,890 | ||||||
New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28 | 115 | 125,973 | ||||||
New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27 | 25 | 27,012 | ||||||
New York State Dormitory Authority, Cornell University, Series D (RB) 5.00%, 07/01/33 | 110 | 123,393 | ||||||
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c) | 1,000 | 923,004 | ||||||
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
5.00%, 08/01/28 (c) | 1,000 | 968,251 | ||||||
5.00%, 08/01/28 (c) | 1,890 | 1,814,330 | ||||||
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c) | 250 | 257,072 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
4.00%, 02/15/27 (c) | 1,000 | 983,579 | ||||||
5.00%, 03/15/24 (c) | 2,150 | 2,185,519 | ||||||
5.00%, 07/01/25 (c) | 3,000 | 3,124,458 | ||||||
5.00%, 07/01/26 (c) | 260 | 273,435 | ||||||
5.00%, 07/01/27 (c) | 445 | 476,270 | ||||||
5.00%, 07/01/27 (c) | 200 | 212,766 | ||||||
5.00%, 07/01/27 (c) | 250 | 266,456 | ||||||
5.00%, 07/01/28 (c) | 385 | 412,204 | ||||||
5.00%, 07/01/29 (c) | 370 | 405,845 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/28 (c) | 1,250 | 1,294,582 |
See Notes to Financial Statements
75 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
5.00%, 10/01/26 (c) | $ | 1,325 | $ | 1,390,218 | ||||
5.00%, 10/01/26 (c) | 1,200 | 1,254,608 | ||||||
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) 2.00%, 07/01/29 (c) | 850 | 647,277 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
3.00%, 09/15/30 (c) | 3,120 | 2,398,243 | ||||||
4.00%, 02/15/27 (c) | 475 | 454,395 | ||||||
4.00%, 03/15/31 (c) | 2,795 | 2,582,715 | ||||||
4.00%, 09/15/30 (c) | 1,135 | 1,059,800 | ||||||
5.00%, 02/15/27 (c) | 595 | 622,779 | ||||||
5.00%, 02/15/27 (c) | 1,375 | 1,453,446 | ||||||
5.00%, 02/15/27 (c) | 1,000 | 1,048,997 | ||||||
5.00%, 03/15/25 (c) | 195 | 200,191 | ||||||
5.00%, 03/15/29 | 2,085 | 2,264,162 | ||||||
5.00%, 03/15/29 (c) | 3,910 | 4,109,203 | ||||||
5.00%, 03/15/29 (c) | 1,950 | 2,035,831 | ||||||
5.00%, 03/15/29 | 100 | 108,593 | ||||||
5.00%, 03/15/29 (c) | 2,370 | 2,516,139 | ||||||
5.00%, 03/15/30 | 3,000 | 3,285,628 | ||||||
5.00%, 03/15/31 (c) | 4,000 | 4,309,484 | ||||||
5.25%, 09/15/28 (c) | 1,305 | 1,381,191 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
5.00%, 08/15/27 (c) | 2,270 | 2,328,420 | ||||||
5.00%, 08/15/27 (c) | 2,000 | 2,107,557 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) | 385 | 392,393 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
5.00%, 02/15/30 | 1,435 | 1,570,590 | ||||||
5.00%, 02/15/30 (c) | 2,000 | 2,151,702 | ||||||
5.00%, 08/15/26 (c) | 315 | 333,595 | ||||||
5.00%, 08/15/26 (c) | 940 | 981,188 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/30 (c) | 115 | 124,255 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
4.00%, 03/15/32 (c) | 2,000 | 1,867,490 | ||||||
4.00%, 03/15/32 (c) | 1,500 | 1,386,073 | ||||||
5.00%, 08/15/26 (c) | 2,000 | 2,035,975 | ||||||
5.00%, 09/15/25 (c) | 3,000 | 3,114,190 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
5.00%, 01/01/27 (c) | $ | 250 | $ | 250,536 | ||||
5.00%, 03/15/24 (c) | 340 | 346,392 | ||||||
5.00%, 03/15/24 (c) | 115 | 117,131 | ||||||
5.00%, 03/15/27 (c) | 515 | 535,935 | ||||||
5.00%, 03/15/27 (c) | 305 | 317,956 | ||||||
5.00%, 03/15/27 (c) | 2,110 | 2,184,597 | ||||||
5.00%, 03/15/27 (c) | 1,000 | 1,036,307 | ||||||
5.00%, 09/15/26 (c) | 60 | 62,658 | ||||||
5.00%, 09/15/26 (c) | 140 | 146,511 | ||||||
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c) | 170 | 176,236 | ||||||
New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
5.00%, 03/15/28 (c) | 520 | 555,075 | ||||||
5.00%, 03/15/28 (c) | 1,970 | 2,068,701 | ||||||
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c) | 1,000 | 927,743 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
5.00%, 06/15/26 (c) | 415 | 436,069 | ||||||
5.00%, 06/15/26 (c) | 765 | 805,968 | ||||||
5.00%, 06/15/27 (c) | 405 | 432,867 | ||||||
5.00%, 06/15/27 (c) | 150 | 157,091 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) | ||||||||
4.00%, 06/15/29 (c) | 1,530 | 1,442,575 | ||||||
5.00%, 06/15/29 (c) | 1,250 | 1,325,032 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | ||||||||
3.00%, 06/15/27 (c) | 495 | 453,976 | ||||||
5.00%, 06/15/27 (c) | 1,000 | 1,052,502 | ||||||
5.00%, 06/15/27 (c) | 500 | 525,538 | ||||||
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c) | 895 | 640,564 | ||||||
New York State Thruway Authority, Series A (RB) | ||||||||
5.00%, 01/01/26 (c) | 650 | 668,023 | ||||||
5.00%, 01/01/26 (c) | 600 | 613,773 | ||||||
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) | 800 | 733,669 |
See Notes to Financial Statements
76 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Thruway Authority, Series L (RB) | ||||||||
3.50%, 01/01/28 (c) | $ | 1,120 | $ | 969,763 | ||||
5.00%, 01/01/28 (c) | 1,300 | 1,370,043 | ||||||
5.00%, 01/01/28 (c) | 1,500 | 1,588,611 | ||||||
New York State Thruway Authority, State Personal Income, Series A-1 (RB) | ||||||||
5.00%, 03/15/31 (c) | 800 | 854,968 | ||||||
5.00%, 03/15/31 (c) | 2,000 | 2,156,223 | ||||||
New York State Urban Development Corp., Series A (RB) 5.00%, 09/15/31 (c) | 4,500 | 4,759,738 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
5.00%, 03/15/23 (c) | 1,800 | 1,809,716 | ||||||
5.00%, 03/15/27 (c) | 325 | 340,656 | ||||||
5.00%, 03/15/27 (c) | 750 | 792,343 | ||||||
5.00%, 09/15/29 | 2,000 | 2,180,119 | ||||||
5.00%, 09/15/30 (c) | 1,475 | 1,554,691 | ||||||
New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
4.00%, 09/15/30 (c) | 1,000 | 972,621 | ||||||
4.00%, 09/15/30 (c) | 1,000 | 935,743 | ||||||
5.00%, 09/15/27 (c) | 350 | 370,953 | ||||||
5.00%, 09/15/27 (c) | 4,295 | 4,521,548 | ||||||
5.00%, 09/15/30 (c) | 250 | 265,610 | ||||||
New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c) | 1,000 | 1,054,328 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | ||||||||
5.00%, 12/01/30 (c) | 1,000 | 960,411 | ||||||
5.00%, 12/01/30 | 1,150 | 1,164,815 | ||||||
5.00%, 12/01/30 (c) | 750 | 729,980 | ||||||
Port Authority of New York and New Jersey, Series 178 (RB) 5.00%, 12/01/23 (c) | 2,000 | 2,027,135 | ||||||
Port Authority of New York and New Jersey, Series 205 (RB) | ||||||||
5.00%, 11/15/27 (c) | 840 | 896,245 | ||||||
5.00%, 11/15/27 (c) | 1,000 | 1,058,577 | ||||||
5.00%, 11/15/27 (c) | 2,500 | 2,622,135 | ||||||
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/28 (c) | 500 | 520,023 | ||||||
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c) | 500 | 524,800 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c) | $ | 500 | $ | 520,658 | ||||
Port Authority of New York and New Jersey, Series 222 (RB) | ||||||||
4.00%, 07/15/30 (c) | 2,600 | 2,447,195 | ||||||
4.00%, 07/15/30 (c) | 3,975 | 3,691,248 | ||||||
5.00%, 07/15/30 (c) | 1,000 | 1,045,161 | ||||||
5.00%, 07/15/30 (c) | 1,000 | 1,062,115 | ||||||
State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c) | 615 | 551,837 | ||||||
State of New York Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c) | 460 | 407,727 | ||||||
Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c) | 10 | 10,043 | ||||||
Suffolk County, New York Public Improvement, Series C (GO) | ||||||||
4.00%, 09/01/30 (c) | 1,000 | 909,529 | ||||||
5.00%, 09/01/30 (c) | 1,500 | 1,563,257 | ||||||
Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
5.00%, 11/15/31 (c) | 1,225 | 1,303,126 | ||||||
5.00%, 05/15/26 (c) | 20 | 20,934 | ||||||
Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
5.00%, 11/15/31 | 1,000 | 1,103,620 | ||||||
5.00%, 05/15/27 (c) | 1,550 | 1,636,487 | ||||||
5.00%, 05/15/27 (c) | 1,000 | 1,021,678 | ||||||
5.00%, 05/15/27 (c) | 1,350 | 1,431,207 | ||||||
5.00%, 05/15/27 (c) | 1,035 | 1,101,524 | ||||||
5.00%, 05/15/27 (c) | 1,255 | 1,310,745 | ||||||
5.00%, 05/15/27 (c) | 1,070 | 1,124,387 | ||||||
Triborough Bridge and Tunnel Authority, Series C (RB) 5.00%, 11/15/28 | 500 | 542,825 | ||||||
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
5.00%, 06/01/27 (c) | 845 | 852,503 | ||||||
5.00%, 06/01/27 (c) | 500 | 506,386 | ||||||
5.00%, 06/01/27 (c) | 285 | 293,085 | ||||||
5.00%, 06/01/27 (c) | 130 | 133,961 | ||||||
5.00%, 06/01/27 (c) | 1,140 | 1,157,623 | ||||||
Utility Debt Securitization Authority (RB) | ||||||||
5.00%, 12/15/25 (c) | 1,500 | 1,561,170 | ||||||
5.00%, 12/15/25 (c) | 2,830 | 2,920,924 | ||||||
5.00%, 12/15/27 (c) | 2,000 | 2,094,591 | ||||||
Utility Debt Securitization Authority, Series A (RB) | ||||||||
5.00%, 06/15/26 (c) | 610 | 637,589 | ||||||
5.00%, 06/15/26 (c) | 500 | 517,807 | ||||||
Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c) | 1,135 | 1,194,202 |
See Notes to Financial Statements
77 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Utility Debt Securitization Authority, Series E (RB) 5.00%, 12/15/32 (c) | $ | 2,000 | $ | 2,204,248 | ||||
Wetschester County, Local Development Corp., Pace University, Series A (RB) 5.00%, 05/01/24 (c) | 1,000 | 972,729 | ||||||
305,890,772 | ||||||||
North Carolina: 1.5% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium Health Variable Rate Health Care, Series D (RB) 5.00%, 12/01/31 (p) | 3,000 | 3,194,475 | ||||||
County of Mecklenburg, Series A (GO) | ||||||||
4.00%, 04/01/27 (c) | 900 | 916,273 | ||||||
4.00%, 04/01/27 (c) | 1,000 | 1,022,971 | ||||||
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) | 250 | 211,496 | ||||||
County of Wake (RB) | ||||||||
3.00%, 03/01/31 (c) | 1,500 | 1,265,994 | ||||||
4.00%, 03/01/31 (c) | 850 | 840,624 | ||||||
County of Wake, Series A (RB) | ||||||||
3.12%, 08/01/28 (c) | 150 | 132,081 | ||||||
5.00%, 12/01/26 (c) | 500 | 529,869 | ||||||
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c) | 1,000 | 904,453 | ||||||
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) | 1,000 | 1,062,304 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c) | 500 | 502,566 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 380 | 400,120 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
4.00%, 01/01/28 (c) | 890 | 888,583 | ||||||
4.00%, 01/01/28 (c) | 360 | 356,640 | ||||||
4.00%, 01/01/28 (c) | 800 | 780,514 | ||||||
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c) | 625 | 454,441 | ||||||
State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/29 (c) | 2,500 | 2,702,398 |
Par (000’s | ) | Value | ||||||
North Carolina (continued) | ||||||||
5.00%, 03/01/31 (c) | $ | 1,000 | $ | 1,093,926 | ||||
State of North Carolina, Series A (GO) | ||||||||
3.00%, 06/01/28 (c) | 1,000 | 921,239 | ||||||
3.00%, 06/01/28 (c) | 380 | 339,726 | ||||||
5.00%, 06/01/28 (c) | 1,140 | 1,237,372 | ||||||
5.00%, 06/01/30 (c) | 1,100 | 1,218,940 | ||||||
State of North Carolina, Series A (RB) 5.00%, 05/01/29 (c) | 1,000 | 1,083,161 | ||||||
State of North Carolina, Series B (RB) | ||||||||
3.00%, 05/01/27 (c) | 800 | 732,727 | ||||||
5.00%, 05/01/27 (c) | 880 | 936,915 | ||||||
University of North Carolina at Chapel Hill, Board of Govetnors, Series B (RB) 5.00%, 12/01/31 (c) | 1,000 | 1,088,488 | ||||||
24,818,296 | ||||||||
North Dakota: 0.0% | ||||||||
County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c) | 410 | 366,987 | ||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.55%, 07/01/27 (c) | 180 | 177,432 | ||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c) | 175 | 169,992 | ||||||
714,411 | ||||||||
Ohio: 2.4% | ||||||||
Akron Bath Copley Joint Township Hospital District (RB) | ||||||||
4.00%, 11/15/30 (c) | 1,000 | 847,277 | ||||||
4.00%, 11/15/30 (c) | 1,000 | 838,251 | ||||||
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 | 1,000 | 1,076,220 | ||||||
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
5.00%, 06/01/30 (c) | 500 | 516,398 | ||||||
5.00%, 06/01/30 (c) | 2,000 | 2,056,416 | ||||||
5.00%, 06/01/30 (c) | 3,000 | 3,072,098 | ||||||
City of Cincinnati, Various Purpose, Series A (GO) 4.00%, 12/01/27 (c) | 975 | 1,003,751 | ||||||
City of Columbus, Series 1 (GO) | ||||||||
4.00%, 10/01/27 (c) | 200 | 203,179 | ||||||
5.00%, 10/01/27 (c) | 750 | 806,834 | ||||||
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30 | 1,000 | 1,099,702 |
See Notes to Financial Statements
78 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c) | $ | 1,245 | $ | 1,355,209 | ||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
5.00%, 12/01/29 | 1,250 | 1,328,089 | ||||||
5.00%, 02/01/28 (c) | 1,030 | 1,077,860 | ||||||
5.00%, 02/01/28 (c) | 445 | 469,043 | ||||||
5.00%, 06/01/30 (c) | 1,000 | 1,063,786 | ||||||
County of Butler (RB) | ||||||||
4.00%, 11/15/27 (c) | 400 | 367,276 | ||||||
5.00%, 11/15/27 (c) | 1,805 | 1,845,231 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c) | 100 | 101,814 | ||||||
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) | ||||||||
5.00%, 11/01/27 (c) | 120 | 126,001 | ||||||
5.00%, 11/01/27 (c) | 125 | 130,546 | ||||||
5.00%, 11/01/27 (c) | 145 | 150,729 | ||||||
County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c) | 165 | 140,861 | ||||||
Cuyahoga Community College District (GO) | ||||||||
4.00%, 06/01/26 (c) | 350 | 352,711 | ||||||
4.00%, 06/01/26 (c) | 500 | 502,093 | ||||||
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) | 1,000 | 830,944 | ||||||
Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29 | 2,225 | 2,446,060 | ||||||
Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
5.00%, 02/15/28 (c) | 500 | 534,379 | ||||||
5.00%, 02/15/28 (c) | 500 | 531,473 | ||||||
5.00%, 02/15/28 (c) | 1,845 | 1,976,694 | ||||||
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) | 1,200 | 1,278,172 | ||||||
Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
5.00%, 06/01/27 (c) | 960 | 1,021,274 | ||||||
5.00%, 06/01/30 (c) | 1,000 | 1,084,694 | ||||||
5.00%, 06/01/30 (c) | 1,970 | 2,106,128 | ||||||
Ohio Water Development Authority, Water Pollution Control, Series B (RB) 5.00%, 12/01/25 (c) | 40 | 42,030 | ||||||
State of Kent University (RB) 5.00%, 05/01/26 (c) | 20 | 21,039 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c) | $ | 480 | $ | 489,670 | ||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
4.00%, 01/01/28 (c) | 760 | 728,162 | ||||||
5.00%, 01/01/28 (c) | 135 | 143,421 | ||||||
5.00%, 01/01/28 (c) | 140 | 148,267 | ||||||
5.00%, 01/01/28 (c) | 130 | 136,631 | ||||||
5.00%, 01/01/28 (c) | 425 | 453,005 | ||||||
State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB) | ||||||||
5.00%, 04/01/28 (c) | 615 | 659,517 | ||||||
5.00%, 04/01/28 (c) | 805 | 854,834 | ||||||
5.00%, 04/01/28 (c) | 640 | 684,200 | ||||||
State of Ohio, Common Schools, Series A (GO) 5.00%, 03/15/24 (c) | 25 | 25,483 | ||||||
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c) | 165 | 142,292 | ||||||
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c) | 1,000 | 1,056,018 | ||||||
State of Ohio, Infrastructure Project (RB) | ||||||||
5.00%, 12/15/30 | 200 | 220,323 | ||||||
5.00%, 12/15/31 | 1,225 | 1,355,439 | ||||||
State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c) | 225 | 236,345 | ||||||
State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c) | 100 | 106,835 | ||||||
39,844,704 | ||||||||
Oklahoma: 0.2% | ||||||||
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c) | 330 | 308,435 | ||||||
Grand River Dam Authority, Series A (RB) | ||||||||
5.00%, 12/01/26 (c) | 515 | 541,695 | ||||||
5.00%, 12/01/26 (c) | 100 | 105,338 | ||||||
Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c) | 750 | 520,521 | ||||||
Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c) | 155 | 154,006 |
See Notes to Financial Statements
79 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Oklahoma (continued) | ||||||||
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c) | $ | 565 | $ | 590,454 | ||||
Oklahoma Turnpike Authority, Series E (RB) | ||||||||
5.00%, 01/01/27 (c) | 155 | 163,928 | ||||||
5.00%, 01/01/27 (c) | 300 | 316,780 | ||||||
2,701,157 | ||||||||
Oregon: 1.1% | ||||||||
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/30 (c) | 720 | 744,714 | ||||||
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c) | 700 | 721,749 | ||||||
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c) | 2,350 | 1,889,670 | ||||||
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c) | 1,285 | 1,360,209 | ||||||
Deschutes Public Library District (GO) 4.00%, 06/01/31 (c) | 2,000 | 1,940,587 | ||||||
Hillsboro School District No. 1J (GO) (SBG) | ||||||||
5.00%, 06/15/27 (c) | 590 | 616,647 | ||||||
5.00%, 06/15/27 (c) | 1,000 | 1,057,721 | ||||||
Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | ||||||||
0.01%, 06/15/27 (c) | 1,010 | 634,184 | ||||||
0.01%, 06/15/27 (c) | 1,215 | 804,195 | ||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c) | 1,280 | 1,135,938 | ||||||
Salem-Keizer School District No. 24J (GO) (SBG) | ||||||||
4.00%, 06/15/28 (c) | 740 | 732,493 | ||||||
4.00%, 06/15/30 (c) | 2,000 | 1,870,372 | ||||||
5.00%, 06/15/28 (c) | 545 | 583,594 | ||||||
Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c) | 125 | 131,076 | ||||||
State of Oregon Department of Transportation, Highway User Tax, Series A (RB) | ||||||||
5.00%, 11/15/29 (c) | 1,650 | 1,755,368 | ||||||
5.00%, 11/15/30 (c) | 1,000 | 1,066,628 | ||||||
State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c) | 450 | 447,192 |
Par (000’s | ) | Value | ||||||
Oregon (continued) | ||||||||
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c) | $ | 10 | $ | 10,547 | ||||
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 04/01/28 (c) | 570 | 485,431 | ||||||
17,988,315 | ||||||||
Pennsylvania: 3.8% | ||||||||
Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
5.00%, 04/01/28 (c) | 1,120 | 1,145,731 | ||||||
5.00%, 04/01/28 (c) | 1,000 | 1,033,253 | ||||||
5.00%, 07/15/29 (c) | 360 | 379,316 | ||||||
5.00%, 07/15/29 (c) | 810 | 841,408 | ||||||
Allegheny County, Sanitary Authority Sewer (RB) 5.00%, 12/01/25 (c) | 1,000 | 1,032,369 | ||||||
Allegheny County, Sanitary Authority Sewer (RB) (AGM) 4.00%, 12/01/26 (c) | 100 | 100,314 | ||||||
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c) | 380 | 400,325 | ||||||
City of Philadelphia, Gas Works (RB) 5.00%, 10/01/26 (c) | 880 | 907,747 | ||||||
City of Philadelphia, Gas Works, Series A (RB) (AGM) 5.00%, 08/01/30 (c) | 825 | 853,909 | ||||||
City of Philadelphia, Series A (GO) | ||||||||
5.00%, 08/01/27 (c) | 750 | 787,785 | ||||||
5.00%, 08/01/27 (c) | 100 | 104,177 | ||||||
5.00%, 08/01/27 (c) | 750 | 789,043 | ||||||
City of Philadelphia, Series A (RB) 5.00%, 07/01/29 | 1,500 | 1,602,410 | ||||||
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c) | 1,000 | 911,941 | ||||||
City of Philadelphia, Series B (GO) | ||||||||
5.00%, 08/01/29 (c) | 300 | 317,282 | ||||||
5.00%, 08/01/29 (c) | 1,500 | 1,546,091 | ||||||
5.00%, 08/01/29 (c) | 100 | 104,273 | ||||||
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/30 (c) | 250 | 269,399 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | ||||||||
5.00%, 06/01/28 (c) | 775 | 807,468 | ||||||
5.00%, 06/01/28 (c) | 415 | 428,480 | ||||||
5.00%, 06/01/28 (c) | 265 | 275,156 | ||||||
Commonwealth of Pennsylvania (GO) 3.00%, 01/01/27 (c) | 510 | 460,894 |
See Notes to Financial Statements
80 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
3.00%, 05/01/30 (c) | $ | 900 | $ | 728,217 | ||||
3.00%, 09/15/26 (c) | 1,055 | 880,667 | ||||||
4.00%, 01/01/27 (c) | 600 | 604,361 | ||||||
4.00%, 05/15/31 (c) | 2,000 | 1,957,563 | ||||||
4.00%, 09/15/26 (c) | 170 | 160,469 | ||||||
Commonwealth of Pennsylvania (GO) (AGM) 3.00%, 09/15/26 (c) | 395 | 344,927 | ||||||
Commonwealth of Pennsylvania, Second Series (GO) 4.00%, 08/15/25 (c) | 1,500 | 1,419,656 | ||||||
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) | 2,000 | 2,098,368 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c) | 630 | 651,999 | ||||||
Montour County, Geisinger Health System, Series A-2 (RB) 5.00%, 02/15/27 (c) | 1,990 | 2,043,271 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC (RB) | ||||||||
4.00%, 09/15/26 (c) | 100 | 90,354 | ||||||
5.00%, 09/15/26 (c) | 385 | 398,919 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | ||||||||
3.38%, 11/15/27 (c) | 1,000 | 880,754 | ||||||
4.00%, 11/15/27 (c) | 205 | 188,990 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c) | 125 | 127,034 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c) | 775 | 754,604 | ||||||
Pennsylvania Higher Educational Facilities Authority, The Trustee of University, Series A (RB) | ||||||||
4.00%, 08/15/26 (c) | 1,000 | 1,015,903 | ||||||
4.00%, 08/15/26 (c) | 1,450 | 1,480,044 | ||||||
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | ||||||||
3.12%, 08/15/27 (c) | 150 | 132,854 | ||||||
5.00%, 08/15/27 (c) | 270 | 281,376 | ||||||
5.00%, 08/15/27 (c) | 275 | 288,936 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) | $ | 425 | $ | 384,630 | ||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c) | 700 | 616,928 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c) | 315 | 291,086 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c) | 1,620 | 1,471,466 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c) | 300 | 267,687 | ||||||
Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c) | 20 | 21,017 | ||||||
Pennsylvania Turnpike Commission (RB) | ||||||||
5.00%, 12/01/24 (c) | 1,000 | 1,028,341 | ||||||
5.00%, 12/01/25 (c) | 430 | 447,778 | ||||||
5.00%, 12/01/26 (c) | 110 | 116,441 | ||||||
5.00%, 12/01/27 (c) | 300 | 311,661 | ||||||
5.00%, 12/01/27 (c) | 250 | 261,084 | ||||||
5.00%, 06/01/31 (c) | 700 | 743,305 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) 5.00%, 12/01/26 (c) | 1,000 | 1,048,559 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB) 5.00%, 12/01/26 (c) | 875 | 923,183 | ||||||
Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
5.00%, 12/01/26 (c) | 310 | 325,902 | ||||||
5.00%, 12/01/26 (c) | 750 | 784,771 | ||||||
5.00%, 12/01/29 (c) | 500 | 530,705 | ||||||
5.00%, 12/01/29 (c) | 1,000 | 1,036,355 | ||||||
5.00%, 12/01/32 (c) | 1,000 | 1,073,189 | ||||||
Pennsylvania Turnpike Commission, Series A-2 (RB) | ||||||||
5.00%, 12/01/27 (c) | 100 | 106,406 | ||||||
5.00%, 12/01/27 (c) | 175 | 185,069 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 06/01/26 (c) | 2,650 | 2,675,089 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c) | 510 | 527,274 |
See Notes to Financial Statements
81 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c) | $ | 205 | $ | 213,485 | ||||
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c) | 110 | 104,650 | ||||||
Philadelphia Gas Works Co., Fourteenth Series (RB) | ||||||||
5.00%, 10/01/26 (c) | 735 | 756,034 | ||||||
5.00%, 10/01/26 (c) | 970 | 995,293 | ||||||
5.00%, 10/01/26 (c) | 680 | 695,762 | ||||||
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
5.00%, 09/01/31 | 1,460 | 1,598,420 | ||||||
5.00%, 09/01/32 | 2,000 | 2,197,348 | ||||||
5.00%, 09/01/33 | 2,000 | 2,182,558 | ||||||
School District of Philadelphia, Series A (GO) (SAW) | ||||||||
5.00%, 09/01/28 (c) | 450 | 474,865 | ||||||
5.00%, 09/01/28 (c) | 660 | 682,359 | ||||||
5.00%, 09/01/28 (c) | 250 | 264,450 | ||||||
School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c) | 485 | 501,570 | ||||||
School District of the City of Erie (GO) (AGM) 5.00%, 04/01/29 (c) | 220 | 232,697 | ||||||
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c) | 845 | 887,704 | ||||||
Sports & Exhibition Authority, Regional Asset District Sales Tax (RB) (AGM) 5.00%, 08/01/29 (c) | 1,000 | 1,066,739 | ||||||
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) | ||||||||
5.00%, 12/01/26 (c) | 1,750 | 1,799,210 | ||||||
5.00%, 12/01/26 (c) | 260 | 266,039 | ||||||
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c) | 765 | 795,600 | ||||||
62,520,746 | ||||||||
Rhode Island: 0.3% | ||||||||
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 (c) | 380 | 399,557 | ||||||
Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) 5.00%, 05/15/26 (c) | 110 | 115,659 |
Par (000’s | ) | Value | ||||||
Rhode Island (continued) | ||||||||
Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c) | $ | 1,000 | $ | 752,845 | ||||
Rhode Island Housing and Mortgage Finance Corp., Series 75-A (RB) 2.05%, 04/01/30 (c) | 1,000 | 731,780 | ||||||
State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c) | 345 | 307,577 | ||||||
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c) | 250 | 265,546 | ||||||
State of Rhode Island, Capital Development Loan, Series A (GO) 5.00%, 08/01/32 (c) | 2,000 | 2,150,878 | ||||||
4,723,842 | ||||||||
South Carolina: 0.5% | ||||||||
Lancaster County School District (GO) 3.25%, 03/01/27 (c) | 325 | 297,007 | ||||||
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c) | 100 | 104,145 | ||||||
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,063,953 | ||||||
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/28 (c) | 100 | 105,419 | ||||||
South Carolina Transportation Infrastructure Bank, Series B (RB) 5.00%, 10/01/29 | 1,270 | 1,371,226 | ||||||
South Carolina, Public Service Authority, Series A (RB) 5.00%, 06/01/26 (c) | 1,500 | 1,486,417 | ||||||
South Carolina, Public Service Authority, Series A (RB) (SAW) 5.00%, 12/01/30 (c) | 3,000 | 3,104,078 | ||||||
7,532,245 | ||||||||
South Dakota: 0.0% | ||||||||
South Dakota Health and Educational Facilities Authority (RB) | ||||||||
5.00%, 09/01/27 (c) | 255 | 263,464 | ||||||
5.00%, 09/01/27 (c) | 100 | 102,846 | ||||||
South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c) | 25 | 23,899 | ||||||
390,209 |
See Notes to Financial Statements
82 |
Par (000’s | ) | Value | ||||||
Tennessee: 0.8% | ||||||||
Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | ||||||||
5.00%, 07/01/23 (c) | $ | 550 | $ | 551,028 | ||||
5.00%, 07/01/23 (c) | 810 | 810,202 | ||||||
5.00%, 07/01/23 (c) | 915 | 915,879 | ||||||
5.00%, 07/01/28 (c) | 525 | 538,793 | ||||||
Memphis-Shelby County Industrial Development Board (RB) 5.00%, 11/01/26 (c) | 150 | 158,560 | ||||||
Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
4.00%, 07/01/26 (c) | 545 | 548,652 | ||||||
4.00%, 07/01/26 (c) | 580 | 579,066 | ||||||
4.00%, 07/01/27 (c) | 275 | 272,316 | ||||||
5.00%, 07/01/26 (c) | 235 | 247,002 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB) 5.00%, 07/01/26 (c) | 130 | 130,670 | ||||||
Shelby County, Public Improvement, Series B (GO) | ||||||||
4.00%, 04/01/30 (c) | 1,000 | 975,532 | ||||||
4.00%, 04/01/30 (c) | 3,000 | 2,990,784 | ||||||
4.00%, 04/01/30 (c) | 1,000 | 988,125 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) | 4,000 | 3,899,902 | ||||||
Tennessee Housing Development Agency, Series B (RB) 3.70%, 07/01/26 (c) | 75 | 72,728 | ||||||
13,679,239 | ||||||||
Texas: 8.7% | ||||||||
Aldine Independent School District, Series A (GO) | ||||||||
4.00%, 02/15/27 (c) | 910 | 915,312 | ||||||
4.00%, 02/15/27 (c) | 675 | 677,775 | ||||||
5.00%, 02/15/27 (c) | 700 | 744,518 | ||||||
Arlington Independent School District (GO) | ||||||||
4.00%, 02/15/29 (c) | 500 | 491,778 | ||||||
4.00%, 02/15/29 (c) | 1,000 | 996,517 | ||||||
Austin Independent School District (GO) 4.00%, 08/01/26 (c) | 100 | 101,060 | ||||||
Bexar County Hospital District (GO) | ||||||||
4.00%, 02/15/26 (c) | 115 | 115,389 | ||||||
4.00%, 02/15/26 (c) | 250 | 236,360 | ||||||
5.00%, 02/15/26 (c) | 1,315 | 1,374,509 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30 | $ | 2,500 | $ | 2,762,533 | ||||
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) | 850 | 921,240 | ||||||
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29 | 2,040 | 2,234,816 | ||||||
Board of Regents of the University of Texas System, Series J (RB) 5.00%, 08/15/26 (c) | 25 | 26,439 | ||||||
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) | 930 | 978,910 | ||||||
City of Arlington, Senior Lien Special Tax (ST) (AGM) | ||||||||
5.00%, 02/15/25 (c) | 305 | 315,210 | ||||||
5.00%, 02/15/25 (c) | 150 | 155,246 | ||||||
City of Austin, Texas Electric Utility System, Series A (RB) 5.00%, 11/15/30 | 615 | 677,220 | ||||||
City of Austin, Water and Wastewater System (RB) | ||||||||
5.00%, 11/15/26 (c) | 360 | 378,583 | ||||||
5.00%, 11/15/26 (c) | 995 | 1,040,789 | ||||||
5.00%, 11/15/27 (c) | 235 | 251,173 | ||||||
City of Dallas, Series A (GO) 3.00%, 02/15/29 (c) | 600 | 493,924 | ||||||
City of Dallas, Series B (GO) 4.00%, 02/15/29 (c) | 500 | 479,911 | ||||||
City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
5.00%, 10/01/26 (c) | 565 | 594,285 | ||||||
5.00%, 10/01/26 (c) | 600 | 629,086 | ||||||
5.00%, 10/01/26 (c) | 900 | 949,341 | ||||||
City of Dallas, Waterworks and Sewer System, Series C (RB) | ||||||||
5.00%, 10/01/30 (c) | 1,000 | 1,075,136 | ||||||
5.00%, 10/01/30 (c) | 1,000 | 1,086,247 | ||||||
City of Denton, Utility System (RB) | ||||||||
5.00%, 12/01/26 (c) | 1,000 | 1,035,949 | ||||||
5.00%, 12/01/26 (c) | 965 | 1,007,769 | ||||||
City of El Paso (GO) 4.00%, 08/15/26 (c) | 100 | 100,259 | ||||||
City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c) | 235 | 247,593 | ||||||
City of Houston, Airport System, Series D (RB) | ||||||||
5.00%, 07/01/28 (c) | 1,000 | 1,023,658 | ||||||
5.00%, 07/01/28 (c) | 125 | 131,096 |
See Notes to Financial Statements
83 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c) | $ | 4,500 | $ | 4,867,254 | ||||
City of Houston, Combined Utility System, First Lien, Series B (RB) 5.00%, 11/15/26 (c) | 105 | 110,507 | ||||||
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c) | 1,500 | 1,414,985 | ||||||
City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
5.00%, 11/15/28 (c) | 750 | 791,765 | ||||||
5.00%, 11/15/28 (c) | 1,000 | 1,063,549 | ||||||
City of Houston, Public Improvement, Series A (GO) | ||||||||
4.00%, 03/01/27 (c) | 2,000 | 1,859,734 | ||||||
5.00%, 03/01/27 (c) | 1,000 | 1,057,164 | ||||||
5.00%, 03/01/29 (c) | 1,215 | 1,310,508 | ||||||
5.00%, 03/01/29 (c) | 1,000 | 1,069,816 | ||||||
City of Houston, Series A (GO) | ||||||||
5.00%, 03/01/26 (c) | 180 | 187,586 | ||||||
5.00%, 03/01/26 (c) | 515 | 537,588 | ||||||
5.00%, 03/01/27 (c) | 500 | 526,927 | ||||||
5.00%, 03/01/27 (c) | 520 | 546,584 | ||||||
City of Lubbock (GO) 5.00%, 02/15/25 (c) | 105 | 108,704 | ||||||
City of San Antonio (GO) 5.00%, 08/01/28 (c) | 205 | 219,845 | ||||||
City of San Antonio, Electric and Gas Systems (RB) | ||||||||
4.00%, 02/01/30 | 1,000 | 1,015,277 | ||||||
5.00%, 02/01/32 (c) | 1,000 | 1,073,843 | ||||||
5.00%, 08/01/26 (c) | 125 | 131,880 | ||||||
5.00%, 08/01/26 (c) | 110 | 115,595 | ||||||
5.00%, 08/01/27 (c) | 1,000 | 1,056,759 | ||||||
City of San Antonio, Electric and Gas Systems, Series B (RB) 4.00%, 02/01/33 | 1,000 | 1,001,452 | ||||||
City of San Antonio, General Improvement (GO) 5.00%, 08/01/29 (c) | 325 | 352,159 | ||||||
Collin County, Community College District (GO) 3.25%, 08/15/27 (c) | 500 | 452,670 | ||||||
4.00%, 08/15/27 (c) | 925 | 936,777 | ||||||
Conroe Independent School District (GO) 5.00%, 02/15/28 (c) | 100 | 106,394 | ||||||
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c) | 320 | 322,051 | ||||||
County of Bexar (GO) 5.00%, 06/15/26 (c) | 290 | 307,058 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
County of Dallas, Texas Combination Tax and Parking Garage (GO) 5.00%, 08/15/26 (c) | $ | 260 | $ | 275,063 | ||||
County of Denton, Series A (GO) 4.00%, 07/15/28 (c) | 750 | 767,280 | ||||||
County of Fort Bend, Series B (GO) | ||||||||
4.00%, 03/01/26 (c) | 500 | 506,841 | ||||||
5.00%, 03/01/26 (c) | 20 | 20,993 | ||||||
County of Harris, Toll Road, Senior Lien, Series A (RB) | ||||||||
5.00%, 08/15/26 (c) | 670 | 699,598 | ||||||
5.00%, 08/15/26 (c) | 675 | 703,124 | ||||||
5.00%, 08/15/26 | 115 | 121,915 | ||||||
5.00%, 08/15/26 (c) | 695 | 729,460 | ||||||
5.00%, 08/15/26 (c) | 160 | 167,471 | ||||||
5.00%, 08/15/26 (c) | 190 | 199,833 | ||||||
5.00%, 08/15/26 (c) | 195 | 205,800 | ||||||
County of Harris, Unlimited Tax Road, Series A (GO) | ||||||||
5.00%, 10/01/25 (c) | 2,645 | 2,761,295 | ||||||
5.00%, 10/01/25 (c) | 395 | 412,702 | ||||||
Cypress-Fairbanks Independent School District (GO) | ||||||||
4.00%, 02/15/30 (c) | 1,275 | 1,201,465 | ||||||
4.00%, 02/15/31 (c) | 1,500 | 1,424,709 | ||||||
Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
3.00%, 02/15/31 (c) | 500 | 447,386 | ||||||
5.00%, 02/15/29 (c) | 1,805 | 1,952,220 | ||||||
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c) | 1,835 | 1,980,493 | ||||||
Dallas Independent School District (GO) 4.00%, 02/15/30 (c) | 1,000 | 1,021,503 | ||||||
Eagle Mountain and Saginaw Independent School District (GO) | ||||||||
4.00%, 02/15/26 (c) | 335 | 336,682 | ||||||
4.00%, 08/15/30 (c) | 1,150 | 1,128,387 | ||||||
5.00%, 02/15/26 (c) | 10 | 10,465 | ||||||
El Paso County Hospital District (GO) 4.00%, 08/15/27 (c) | 250 | 220,857 | ||||||
Fort Bend Independent School District (GO) | ||||||||
4.00%, 08/15/27 (c) | 635 | 642,563 | ||||||
5.00%, 08/15/27 (c) | 645 | 689,290 | ||||||
Frisco Independent School District (GO) | ||||||||
4.00%, 02/15/27 (c) | 500 | 503,792 | ||||||
4.00%, 08/15/30 (c) | 1,350 | 1,372,761 | ||||||
4.00%, 08/15/30 (c) | 1,345 | 1,313,670 | ||||||
5.00%, 02/15/29 (c) | 2,000 | 2,123,319 |
See Notes to Financial Statements
84 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Garland Independent School District (GO) 4.00%, 02/15/25 (c) | $ | 165 | $ | 166,753 | ||||
Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c) | 200 | 213,703 | ||||||
Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c) | 250 | 259,125 | ||||||
Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
4.00%, 11/15/27 (c) | 950 | 953,046 | ||||||
5.00%, 11/15/27 (c) | 850 | 903,463 | ||||||
5.00%, 11/15/27 (c) | 300 | 318,949 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29 | 330 | 354,219 | ||||||
Harris County, Flood Control District, Series A (GO) | ||||||||
5.00%, 10/01/25 (c) | 275 | 287,402 | ||||||
5.00%, 10/01/25 (c) | 480 | 501,240 | ||||||
Harris County, Flood Control District, Series A (RB) | ||||||||
4.00%, 10/01/27 (c) | 1,000 | 947,656 | ||||||
5.00%, 10/01/27 (c) | 210 | 223,313 | ||||||
5.00%, 10/01/27 (c) | 250 | 268,152 | ||||||
Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c) | 400 | 418,039 | ||||||
Harris County, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c) | 1,100 | 1,029,853 | ||||||
Harris County, Toll Road, Senior Lien, Series A (RB) | ||||||||
5.00%, 02/15/28 (c) | 1,170 | 1,253,397 | ||||||
5.00%, 02/15/28 (c) | 260 | 275,413 | ||||||
Hays Consolidated Independent School District (GO) | ||||||||
4.00%, 02/15/27 (c) | 500 | 502,918 | ||||||
4.00%, 02/15/27 (c) | 800 | 802,661 | ||||||
Houston Independent School District, Limited Tax School House (GO) | ||||||||
5.00%, 02/15/27 (c) | 750 | 795,673 | ||||||
5.00%, 02/15/27 (c) | 540 | 568,255 | ||||||
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c) | 605 | 648,583 | ||||||
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c) | 120 | 127,000 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Lone Star College System (GO) 5.00%, 02/15/26 (c) | $ | 400 | $ | 416,839 | ||||
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/31 (c) | 1,000 | 1,073,086 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
5.00%, 05/15/26 (c) | 275 | 288,333 | ||||||
5.00%, 05/15/30 (c) | 1,250 | 1,303,644 | ||||||
Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c) | 90 | 95,271 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (AGC) 4.00%, 08/15/27 (c) | 250 | 237,977 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (NATL) 5.00%, 08/15/27 (c) | 250 | 263,228 | ||||||
North Harris County Regional Water Authority (RB) | ||||||||
5.00%, 12/15/26 (c) | 250 | 261,835 | ||||||
5.00%, 12/15/26 (c) | 205 | 215,257 | ||||||
North Texas Municipal Water District, Water System (RB) | ||||||||
5.00%, 09/01/26 (c) | 45 | 46,992 | ||||||
5.00%, 09/01/26 (c) | 715 | 740,199 | ||||||
5.00%, 09/01/26 (c) | 400 | 419,457 | ||||||
5.00%, 09/01/26 (c) | 500 | 521,049 | ||||||
North Texas Tollway Authority System, Series B (RB) | ||||||||
4.00%, 01/01/31 (c) | 2,000 | 1,895,614 | ||||||
4.00%, 01/01/31 (c) | 2,250 | 2,063,403 | ||||||
4.00%, 01/01/31 (c) | 1,975 | 1,935,720 | ||||||
North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
5.00%, 01/01/23 (c) | 1,000 | 1,001,646 | ||||||
5.00%, 01/01/26 (c) | 1,195 | 1,243,385 | ||||||
5.00%, 01/01/26 (c) | 980 | 1,021,839 | ||||||
5.00%, 01/01/26 (c) | 295 | 307,595 | ||||||
5.00%, 01/01/26 (c) | 1,675 | 1,741,850 | ||||||
5.00%, 01/01/26 (c) | 500 | 516,817 | ||||||
5.00%, 01/01/26 (c) | 425 | 441,950 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) | ||||||||
5.00%, 01/01/24 (c) | 1,325 | 1,342,699 | ||||||
5.00%, 01/01/24 (c) | 3,500 | 3,548,712 | ||||||
5.00%, 01/01/26 (c) | 875 | 909,167 | ||||||
5.00%, 01/01/27 (c) | 1,000 | 1,010,990 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c) | 450 | 440,264 |
See Notes to Financial Statements
85 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Northside Independent School District (GO) 5.00%, 08/15/27 (c) | $ | 880 | $ | 935,450 | ||||
Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c) | 545 | 530,090 | ||||||
Port of Houston Authority of Harris County, Series A-2 (GO) | ||||||||
5.00%, 10/01/30 (c) | 740 | 807,446 | ||||||
5.00%, 10/01/30 (c) | 1,000 | 1,082,418 | ||||||
San Antonio Independent School District, Unlimited Tax School Building (GO) | ||||||||
4.00%, 08/15/28 (c) | 500 | 491,780 | ||||||
5.00%, 08/15/28 (c) | 1,025 | 1,100,616 | ||||||
San Antonio Water System, Junior Lien, Series A (RB) | ||||||||
5.00%, 05/15/28 (c) | 500 | 530,857 | ||||||
5.00%, 05/15/30 (c) | 500 | 545,556 | ||||||
Spring Independent School District (GO) 5.00%, 08/15/25 (c) | 45 | 46,812 | ||||||
State of Texas, Transportation Commission, Highway Improvement (GO) | ||||||||
5.00%, 04/01/26 (c) | 70 | 73,349 | ||||||
5.00%, 04/01/26 (c) | 125 | 131,228 | ||||||
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) | ||||||||
5.00%, 04/01/26 (c) | 400 | 419,929 | ||||||
5.00%, 04/01/26 (c) | 500 | 525,899 | ||||||
State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c) | 150 | 158,264 | ||||||
State of Texas, Transportation Commission, Mobility Fund, Series B (GO) | ||||||||
5.00%, 10/01/27 (c) | 240 | 253,222 | ||||||
5.00%, 10/01/27 (c) | 465 | 492,081 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c) | 80 | 82,996 | ||||||
Texas A&M University, Series D (RB) 4.00%, 05/15/26 (c) | 10 | 10,156 | ||||||
Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c) | 100 | 106,040 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
5.00%, 12/15/29 | 2,250 | 2,279,432 | ||||||
5.00%, 12/15/31 | 1,475 | 1,483,700 | ||||||
5.00%, 12/15/32 | 1,000 | 1,001,068 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) | ||||||||
4.00%, 12/31/30 (c) | $ | 1,150 | $ | 1,005,673 | ||||
4.00%, 12/31/30 (c) | 1,390 | 1,229,405 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c) | 1,000 | 861,265 | ||||||
Texas State University System, Board of Regents, Series A (RB) 5.00%, 03/15/27 (c) | 100 | 106,261 | ||||||
Texas State University System, Board of Regents, Series A (RB) (FHA) 4.00%, 03/15/29 (c) | 650 | 627,474 | ||||||
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c) | 1,000 | 1,009,087 | ||||||
Texas Water Development Board (RB) | ||||||||
3.00%, 10/15/30 (c) | 500 | 429,523 | ||||||
3.00%, 10/15/30 (c) | 500 | 413,466 | ||||||
3.00%, 10/15/30 (c) | 750 | 636,121 | ||||||
3.00%, 10/15/30 (c) | 950 | 796,147 | ||||||
4.00%, 10/15/25 (c) | 1,000 | 988,858 | ||||||
4.00%, 10/15/30 (c) | 2,000 | 2,059,306 | ||||||
5.00%, 10/15/26 (c) | 600 | 634,326 | ||||||
5.00%, 08/01/27 (c) | 1,000 | 1,072,814 | ||||||
Texas Water Development Board, Series A (RB) | ||||||||
4.00%, 10/15/25 (c) | 45 | 45,468 | ||||||
4.00%, 10/15/27 (c) | 2,000 | 1,941,530 | ||||||
4.00%, 10/15/27 (c) | 400 | 402,789 | ||||||
4.00%, 04/15/28 (c) | 180 | 176,406 | ||||||
4.00%, 04/15/28 (c) | 600 | 603,390 | ||||||
5.00%, 10/15/27 (c) | 200 | 214,770 | ||||||
5.00%, 10/15/27 (c) | 250 | 269,091 | ||||||
Texas Water Development Board, Series B (RB) | ||||||||
4.00%, 10/15/28 (c) | 120 | 117,130 | ||||||
4.00%, 10/15/28 (c) | 1,000 | 988,858 | ||||||
5.00%, 10/15/28 (c) | 3,670 | 3,958,390 | ||||||
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/27 (c) | 670 | 714,841 | ||||||
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/32 (c) | 1,500 | 1,606,663 | ||||||
University of North Texas, Series A (RB) | ||||||||
5.00%, 04/15/27 (c) | 75 | 79,047 | ||||||
5.00%, 04/15/27 (c) | 140 | 146,080 |
See Notes to Financial Statements
86 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Via Metropolitan Transit Authority, Sales Tax (RB) 5.00%, 01/15/27 (c) | $ | 135 | $ | 143,219 | ||||
144,224,417 | ||||||||
Utah: 0.5% | ||||||||
Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c) | 395 | 393,707 | ||||||
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/31 (c) | 2,000 | 1,914,571 | ||||||
State of Utah (GO) 5.00%, 01/01/29 (c) | 250 | 270,280 | ||||||
State of Utah, Series B (GO) 5.00%, 01/01/29 (c) | 1,275 | 1,395,791 | ||||||
University of Utah, Board of Higher Education, Series B (RB) 5.00%, 08/01/32 (c) | 2,220 | 2,384,793 | ||||||
University of Utah, Series A (RB) 5.00%, 08/01/27 (c) | 365 | 388,682 | ||||||
Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
0.00%, 06/15/26 (c) ^ | 130 | 81,356 | ||||||
3.00%, 06/15/26 (c) | 865 | 828,964 | ||||||
4.00%, 06/15/26 (c) | 850 | 860,097 | ||||||
8,518,241 | ||||||||
Virginia: 1.6% | ||||||||
City of Richmond, Public Utility, Series A (RB) 5.00%, 01/15/26 (c) | 1,520 | 1,598,507 | ||||||
County of Arlington, Public Improvement (GO) 4.00%, 06/15/29 (c) | 1,990 | 1,962,457 | ||||||
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c) | 375 | 286,833 | ||||||
County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
5.00%, 04/01/28 (c) | 750 | 804,821 | ||||||
5.00%, 04/01/29 (c) | 1,755 | 1,898,472 | ||||||
County of Loudoun, Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c) | 1,500 | 1,236,341 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
3.00%, 02/01/31 (c) | 2,750 | 2,240,538 | ||||||
4.00%, 02/01/30 (c) | 1,500 | 1,429,235 | ||||||
5.00%, 02/01/26 (c) | 110 | 115,615 | ||||||
5.00%, 02/01/30 (c) | 1,950 | 2,096,838 |
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c) | $ | 110 | $ | 99,377 | ||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
5.00%, 02/01/28 (c) | 880 | 941,171 | ||||||
5.00%, 02/01/28 (c) | 120 | 128,488 | ||||||
5.00%, 02/01/28 (c) | 450 | 480,138 | ||||||
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) | ||||||||
5.00%, 09/01/26 (c) | 30 | 31,745 | ||||||
5.00%, 09/01/26 (c) | 1,000 | 1,053,767 | ||||||
5.00%, 09/01/26 (c) | 20 | 21,164 | ||||||
Virginia Commonwealth Transportation Board (RB) | ||||||||
4.00%, 05/15/26 (c) | 2,000 | 2,019,815 | ||||||
5.00%, 05/15/26 (c) | 100 | 105,622 | ||||||
5.00%, 05/15/27 (c) | 400 | 426,904 | ||||||
5.00%, 09/15/26 (c) | 20 | 21,175 | ||||||
Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
4.00%, 11/15/27 (c) | 180 | 176,661 | ||||||
5.00%, 11/15/27 (c) | 120 | 128,140 | ||||||
5.00%, 11/15/27 (c) | 800 | 851,860 | ||||||
Virginia Public Building Authority, Series A (RB) | ||||||||
3.00%, 08/01/26 (c) | 695 | 632,665 | ||||||
3.12%, 08/01/28 (c) | 1,050 | 927,467 | ||||||
4.00%, 08/01/27 (c) | 250 | 254,828 | ||||||
5.00%, 08/01/30 (c) | 1,000 | 1,077,373 | ||||||
5.00%, 08/01/30 (c) | 1,000 | 1,087,571 | ||||||
Virginia Public Building Authority, Series A-2 (RB) | ||||||||
4.00%, 08/01/31 (c) | 1,000 | 969,954 | ||||||
4.00%, 08/01/31 (c) | 1,000 | 984,709 | ||||||
Virginia Public School Authority (RB) (SAW) 5.00%, 08/01/26 (c) | 30 | 31,614 | ||||||
26,121,865 | ||||||||
Washington: 4.0% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB) | ||||||||
5.00%, 11/01/26 (c) | 110 | 116,907 | ||||||
5.00%, 11/01/31 (c) | 2,000 | 2,199,569 |
See Notes to Financial Statements
87 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
City of Seattle, Municipal Light and Power Improvement, Series A (RB) | ||||||||
4.00%, 01/01/28 (c) | $ | 915 | $ | 902,052 | ||||
4.00%, 07/01/31 (c) | 1,000 | 948,915 | ||||||
City of Seattle, Water System Improvement (RB) 4.00%, 02/01/27 (c) | 115 | 116,822 | ||||||
County of King (GO) 5.00%, 01/01/29 (c) | 750 | 797,860 | ||||||
County of King (GO) (SAW) 5.00%, 01/01/29 (c) | 1,000 | 1,088,134 | ||||||
County of King, School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c) | 880 | 884,592 | ||||||
County of King, School District No. 401 (GO) (SBG) | ||||||||
3.12%, 12/01/26 (c) | 690 | 626,938 | ||||||
5.00%, 12/01/26 (c) | 700 | 741,188 | ||||||
County of King, School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c) | 515 | 546,108 | ||||||
County of King, School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c) | 635 | 643,106 | ||||||
County of King, School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c) | 835 | 881,054 | ||||||
County of King, Washington Limited Tax (GO) 4.00%, 07/01/27 (c) | 840 | 857,017 | ||||||
County of King, Washington Sewer Improvement, Series B (RB) 4.00%, 07/01/26 (c) | 1,000 | 994,617 | ||||||
County of Kitsap, School District No. 401 (GO) (SBG) 4.00%, 06/01/26 (c) | 15 | 15,271 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
5.00%, 07/01/26 (c) | 185 | 195,538 | ||||||
5.00%, 07/01/27 (c) | 400 | 423,277 | ||||||
5.00%, 07/01/28 (c) | 695 | 745,580 | ||||||
5.00%, 07/01/30 (c) | 1,930 | 2,094,201 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) | ||||||||
5.00%, 07/01/29 (c) | 1,000 | 1,058,499 | ||||||
5.00%, 07/01/29 (c) | 500 | 526,605 | ||||||
5.00%, 07/01/30 (c) | 1,415 | 1,508,433 | ||||||
Energy Northwest, Electric Generation Station, Series C (RB) 5.00%, 07/01/28 (c) | 1,000 | 1,062,789 | ||||||
Energy Northwest, Project 3 Electric, Series A (RB) | ||||||||
5.00%, 07/01/26 (c) | 130 | 137,451 | ||||||
5.00%, 07/01/27 (c) | 725 | 775,860 |
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
Energy Northwest, Project 3 Electric, Series C (RB) (AGM) 5.00%, 07/01/30 (c) | $ | 1,000 | $ | 1,071,341 | ||||
Grant and Douglas Counties School District No. 144-101 (GO) (SBG) 4.00%, 06/01/26 (c) | 125 | 123,751 | ||||||
Kitsap County School District No. 401 (GO) (SBG) | ||||||||
4.00%, 06/01/26 (c) | 1,250 | 1,256,381 | ||||||
4.00%, 06/01/26 (c) | 1,000 | 995,506 | ||||||
Pierce County, School District No. 403 (GO) (SBG) | ||||||||
5.00%, 06/01/29 (c) | 200 | 213,339 | ||||||
5.00%, 06/01/29 (c) | 500 | 539,371 | ||||||
Pierce County, School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c) | 175 | 177,215 | ||||||
Port of Seattle, Intermediate Lien (RB) 5.00%, 02/01/26 (c) | 30 | 31,156 | ||||||
Puyallup School District No. 3 (GO) (SBG) | ||||||||
5.00%, 06/01/27 (c) | 100 | 106,383 | ||||||
5.00%, 06/01/27 (c) | 970 | 1,019,741 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c) | 825 | 868,194 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c) | 1,000 | 1,096,909 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) 5.00%, 08/01/26 (c) | 135 | 142,408 | ||||||
State of Washington, Series A (GO) | ||||||||
5.00%, 08/01/26 (c) | 755 | 791,013 | ||||||
5.00%, 08/01/26 (c) | 115 | 120,075 | ||||||
State of Washington, Series C (GO) | ||||||||
5.00%, 02/01/28 (c) | 170 | 182,914 | ||||||
5.00%, 08/01/27 (c) | 880 | 935,143 | ||||||
State of Washington, Series D (GO) | ||||||||
5.00%, 02/01/27 (c) | 100 | 105,325 | ||||||
5.00%, 08/01/27 (c) | 880 | 937,916 | ||||||
State of Washington, Various Purpose, Series A (GO) | ||||||||
5.00%, 08/01/26 (c) | 200 | 210,975 | ||||||
5.00%, 08/01/26 (c) | 245 | 258,445 | ||||||
5.00%, 08/01/26 (c) | 495 | 520,917 | ||||||
5.00%, 08/01/26 (c) | 580 | 612,664 | ||||||
5.00%, 08/01/27 (c) | 500 | 531,331 | ||||||
5.00%, 08/01/27 (c) | 500 | 526,417 |
See Notes to Financial Statements
88 |
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c) | $ | 2,175 | $ | 2,342,125 | ||||
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c) | 25 | 26,192 | ||||||
State of Washington, Various Purpose, Series R-B (GO) | ||||||||
5.00%, 01/01/26 (c) | 105 | 110,170 | ||||||
5.00%, 08/01/26 (c) | 145 | 153,375 | ||||||
State of Washington, Various Purpose, Series R-C (GO) | ||||||||
5.00%, 08/01/27 (c) | 420 | 447,641 | ||||||
5.00%, 08/01/27 (c) | 880 | 926,493 | ||||||
5.00%, 08/01/27 (c) | 1,000 | 1,070,333 | ||||||
State of Washington, Various Purpose, Series R-D (GO) 5.00%, 08/01/27 (c) | 1,320 | 1,411,046 | ||||||
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) | ||||||||
5.00%, 02/15/28 (c) | 1,815 | 1,844,853 | ||||||
5.00%, 02/15/28 (c) | 2,000 | 2,028,935 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 12/01/22 (c) | 1,820 | 1,710,940 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) | ||||||||
4.00%, 10/01/30 (p) | 1,595 | 1,532,541 | ||||||
5.00%, 10/01/28 (c) | 225 | 232,417 | ||||||
5.00%, 10/01/28 (c) | 250 | 264,861 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) 5.00%, 10/01/28 | 645 | 687,214 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | 760 | 766,310 | ||||||
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 | 1,695 | 1,433,223 | ||||||
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c) | 1,050 | 1,122,410 | ||||||
Washington State, Motor Vehicle Fuel Tax, Series C (GO) 5.00%, 02/01/25 (c) | 2,000 | 2,057,186 |
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
Washington State, Motor Vehicle Fuel Tax, Series D (GO) 4.00%, 07/01/23 (c) | $ | 2,000 | $ | 2,008,541 | ||||
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c) | 1,000 | 956,028 | ||||||
Washington State, Various Purpose, Series A (GO) | ||||||||
5.00%, 02/01/29 | 1,000 | 1,090,431 | ||||||
5.00%, 08/01/30 (c) | 1,000 | 1,064,004 | ||||||
5.00%, 08/01/31 (c) | 1,500 | 1,606,383 | ||||||
5.00%, 08/01/31 (c) | 1,250 | 1,342,729 | ||||||
Washington State, Various Purpose, Series C (GO) | ||||||||
5.00%, 02/01/28 (c) | 1,000 | 1,051,655 | ||||||
5.00%, 02/01/29 (c) | 1,080 | 1,134,571 | ||||||
5.00%, 02/01/30 (c) | 1,000 | 1,066,898 | ||||||
65,752,718 | ||||||||
West Virginia: 0.4% | ||||||||
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c) | 270 | 286,713 | ||||||
State of West Virginia, Series A (GO) | ||||||||
5.00%, 06/01/29 (c) | 500 | 527,526 | ||||||
5.00%, 06/01/29 (c) | 1,000 | 1,093,855 | ||||||
State of West Virginia, Series B (GO) | ||||||||
5.00%, 06/01/28 (c) | 675 | 723,955 | ||||||
5.00%, 06/01/28 (c) | 200 | 213,475 | ||||||
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) | ||||||||
5.00%, 06/01/31 (c) | 1,320 | 1,417,178 | ||||||
5.00%, 06/01/31 (c) | 1,500 | 1,613,597 | ||||||
5,876,299 | ||||||||
Wisconsin: 1.1% | ||||||||
City of Madison, Series A (GO) 2.00%, 10/01/27 (c) | 1,000 | 860,809 | ||||||
City of Milwaukee, Series N4 (GO) | ||||||||
5.00%, 04/01/26 | 200 | 208,718 | ||||||
5.00%, 04/01/27 | 100 | 105,384 | ||||||
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c) | 350 | 312,610 | ||||||
Public Finance Authority, KU Campus Development Corp., Central District Development Project (RB) 5.00%, 03/01/26 (c) | 165 | 170,461 |
See Notes to Financial Statements
89 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Polution Control, Duke Energy Progress Project, Series A (RB) 3.70%, 10/01/30 (p) | $ | 1,065 | $ | 1,017,981 | ||||
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p) | 2,335 | 2,243,563 | ||||||
State of Wisconsin (GO) | ||||||||
5.00%, 11/01/26 | 315 | 335,631 | ||||||
5.00%, 05/01/26 (c) | 150 | 157,895 | ||||||
5.00%, 05/01/27 (c) | 500 | 529,952 | ||||||
5.00%, 05/01/27 (c) | 450 | 478,801 | ||||||
5.00%, 05/01/27 (c) | 250 | 267,038 | ||||||
5.00%, 05/01/27 (c) | 295 | 315,335 | ||||||
5.00%, 05/01/27 (c) | 460 | 489,441 | ||||||
State of Wisconsin, Series A (GO) | ||||||||
4.00%, 05/01/26 (c) | 100 | 100,129 | ||||||
4.00%, 05/01/28 (c) | 1,655 | 1,595,792 | ||||||
5.00%, 05/01/25 (c) | 930 | 955,803 | ||||||
5.00%, 05/01/25 (c) | 890 | 913,413 | ||||||
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c) | 500 | 504,594 | ||||||
Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c) | 500 | 504,645 | ||||||
Wisconsin Department of Transportation (RB) 5.00%, 07/01/27 (c) | 115 | 122,796 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
5.00%, 07/01/27 (c) | $ | 480 | $ | 508,624 | ||||
Wisconsin Department of Transportation, Series A (RB) | ||||||||
5.00%, 07/01/24 (c) | 940 | 960,854 | ||||||
5.00%, 07/01/24 (c) | 510 | 521,646 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series A (RB) 5.00%, 08/15/28 (c) | 1,020 | 1,092,788 | ||||||
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
4.00%, 05/15/26 (c) | 1,500 | 1,390,836 | ||||||
4.00%, 05/15/26 (c) | 1,000 | 966,519 | ||||||
5.00%, 05/15/26 (c) | 35 | 36,545 | ||||||
5.00%, 05/15/26 (c) | 100 | 103,979 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c) | 500 | 483,019 | ||||||
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c) | 125 | 129,388 | ||||||
18,384,989 | ||||||||
Total Municipal Bonds: 98.5% (Cost: $1,821,932,895) | 1,624,141,100 | |||||||
Other assets less liabilities: 1.5% | 24,925,638 | |||||||
NET ASSETS: 100.0% | $ | 1,649,066,738 | ||||||
Definitions:
ACA | Credit Agricole SA |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
BAM | Build America Assurance Co. |
CP | Certificate of Participation |
FHA | Federal Housing Association |
GO | General Obligation |
NATL | National Public Finance Guarantee Corp. |
RB | Revenue Bond |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
SD CRED PROG | Special District Credit Enhancement Program |
ST | Special Tax |
TA | Tax Allocation |
Footnotes:
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
See Notes to Financial Statements
90 |
Summary of Investments by Sector | % of Investments | Value | ||||||
Airport | 1.7 | % | $ | 27,543,098 | ||||
Education | 5.1 | 82,761,033 | ||||||
Health | 0.3 | 5,412,751 | ||||||
Hospitals | 6.6 | 107,907,275 | ||||||
Industrial Development Revenue | 0.6 | 9,121,676 | ||||||
Leasing COPS & Appropriations | 4.7 | 75,486,978 | ||||||
Local GO | 15.6 | 252,551,419 | ||||||
Misc | 2.1 | 33,346,028 | ||||||
Multi-Family Housing | 0.9 | 14,120,293 | ||||||
Pollution Control | 0.3 | 4,212,096 | ||||||
Power | 4.7 | 76,681,518 | ||||||
Refunded | 0.0 | 698,014 | ||||||
Single Family Housing | 0.6 | 9,780,661 | ||||||
State GO | 18.7 | 303,268,221 | ||||||
Tax | 14.8 | 240,614,349 | ||||||
Tobacco | 0.9 | 14,611,444 | ||||||
Toll & Turnpike | 5.3 | 86,282,093 | ||||||
Transportation | 6.6 | 107,816,722 | ||||||
Unassigned | 0.0 | 52,909 | ||||||
Utilities - Other | 2.5 | 41,167,746 | ||||||
Water & Sewer | 8.0 | 130,704,776 | ||||||
100.0 | % | $ | 1,624,141,100 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 1,624,141,100 | $ | — | $ | 1,624,141,100 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
91 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.3% | ||||||||
Alabama: 0.3% | ||||||||
Tuscaloosa City Board of Education, Alabama School Tax (RB) 4.00%, 08/01/26 (c) | $ | 210 | $ | 187,029 | ||||
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) | 220 | 221,030 | ||||||
UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c) | 280 | 237,937 | ||||||
645,996 | ||||||||
Arizona: 1.7% | ||||||||
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c) | 1,000 | 978,703 | ||||||
City of Phoenix Civic Improvement Corp., Series D (RB) 4.00%, 07/01/27 (c) | 215 | 187,650 | ||||||
City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c) | 325 | 286,869 | ||||||
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/30 (c) | 750 | 781,340 | ||||||
Glendale, Industrial Development Authority, Sun Health Services, Series A (RB) 5.00%, 11/15/26 (c) | 625 | 602,404 | ||||||
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/31 (c) | 750 | 602,246 | ||||||
3,439,212 | ||||||||
Arkansas: 0.0% | ||||||||
City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c) | 50 | 49,178 | ||||||
California: 13.3% | ||||||||
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB) 5.00%, 08/01/23 (c) | 500 | 501,926 | ||||||
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series E (RB) 5.00%, 05/01/28 (c) | 995 | 985,317 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series F (RB) 5.00%, 05/01/29 (c) | $ | 1,000 | $ | 985,885 | ||||
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c) | 1,350 | 1,048,443 | ||||||
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c) | 750 | 717,101 | ||||||
California Health Facilities Financing Authority, Commonspririt Health, Series A (RB) 4.00%, 04/01/30 (c) | 1,000 | 801,726 | ||||||
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/30 (c) | 750 | 619,412 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/26 (c) | 680 | 474,188 | ||||||
California Health Facilities Financing Authority, Series A (RB) 4.00%, 11/15/27 (c) | 230 | 197,950 | ||||||
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c) | 160 | 126,037 | ||||||
California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c) | 200 | 171,983 | ||||||
California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (BAM) 5.00%, 05/01/49 | 250 | 265,334 | ||||||
California State, Department of Veterans Affairs, Home Purchase, Series A (RB) 3.00%, 06/01/29 (c) | 425 | 406,563 | ||||||
California Statewide Communities Development Authority, Adventist Health System, Series A (RB) 5.00%, 03/01/28 (c) | 330 | 320,814 |
See Notes to Financial Statements
92 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c) | $ | 200 | $ | 154,643 | ||||
Chaffey Joint Union High School District, Series C (GO) 5.25%, 02/01/27 (c) | 500 | 518,481 | ||||||
City of Los Angeles Department of Airports (RB) 4.00%, 05/15/30 (c) | 750 | 647,499 | ||||||
City of San Jose, California International Airport, Series B (RB) 5.00%, 03/01/27 (c) | 500 | 499,672 | ||||||
El Dorado Irrigation District (CP) (AGM) 4.00%, 03/01/30 (c) | 630 | 553,306 | ||||||
El Dorado Irrigation District, Series A (CP) (AGM) 4.00%, 03/01/30 (c) | 690 | 594,639 | ||||||
Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 130 | 117,207 | ||||||
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c) | 325 | 218,636 | ||||||
Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c) | 185 | 163,855 | ||||||
Irvine Unified School District Community Facilities District No. 09-1, Series A (ST) (BAM) 4.00%, 09/01/29 (c) | 140 | 123,282 | ||||||
Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c) | 440 | 456,163 | ||||||
Los Angeles Department of Water and Power, Series A (RB) | ||||||||
5.00%, 01/01/27 (c) | 500 | 510,089 | ||||||
5.00%, 01/01/28 (c) | 250 | 258,464 | ||||||
5.00%, 01/01/29 (c) | 775 | 801,614 | ||||||
5.00%, 07/01/30 (c) | 800 | 840,847 | ||||||
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c) | 275 | 284,748 | ||||||
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 530 | 490,074 | ||||||
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c) | 325 | 338,116 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c) | $ | 500 | $ | 322,706 | ||||
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) | 570 | 508,248 | ||||||
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/30 (c) | 500 | 429,594 | ||||||
Sacramento County, Sanitation Districts, Finance Authority, Series A (RB) 5.00%, 12/01/30 (c) | 450 | 475,618 | ||||||
Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c) | 250 | 230,513 | ||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 750 | 747,784 | ||||||
San Diego Unified School District, Series I (GO) | ||||||||
3.12%, 07/01/27 (c) | 240 | 185,308 | ||||||
4.00%, 07/01/27 (c) | 595 | 524,300 | ||||||
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/29 (c) | 600 | 423,833 | ||||||
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c) | 610 | 548,907 | ||||||
San Francisco City & County, International Airport, Series B (RB) 5.00%, 05/01/27 (c) | 700 | 693,459 | ||||||
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c) | 150 | 129,297 | ||||||
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c) | 825 | 618,100 | ||||||
Santa Clara Unified School District (GO) 4.00%, 07/01/26 (c) | 310 | 273,148 | ||||||
Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c) | 250 | 260,862 | ||||||
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c) | 1,000 | 614,680 | ||||||
State of California, Various Purpose (GO) 3.00%, 10/01/29 (c) | 500 | 348,601 |
See Notes to Financial Statements
93 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
3.00%, 12/01/30 (c) | $ | 400 | $ | 296,742 | ||||
3.62%, 04/01/26 (c) | 645 | 517,965 | ||||||
4.00%, 10/01/29 (c) | 110 | 104,158 | ||||||
5.00%, 10/01/28 (c) | 935 | 964,467 | ||||||
5.00%, 11/01/27 (c) | 515 | 529,261 | ||||||
Trustees of the California State University, Series A (RB) 5.00%, 05/01/27 (c) | 335 | 342,476 | ||||||
University of California, Series BE (RB) 4.00%, 05/15/30 (c) | 1,000 | 942,676 | ||||||
University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,000 | 1,021,585 | ||||||
West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c) | 250 | 229,441 | ||||||
27,477,743 | ||||||||
Colorado: 2.5% | ||||||||
Board of Governors of Colorado State University System (RB) 4.00%, 03/01/28 (c) | 550 | 479,000 | ||||||
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 06/01/25 (c) | 500 | 511,071 | ||||||
City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c) | 230 | 209,039 | ||||||
City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c) | 285 | 245,164 | ||||||
City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c) | 750 | 776,504 | ||||||
Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB) 5.00%, 03/01/27 (c) | 155 | 159,232 | ||||||
Colorado Health Facilities Authority, Adventist Health System Series A (RB) 4.00%, 05/15/28 (c) | 320 | 262,660 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c) | 500 | 320,538 | ||||||
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c) | 500 | 474,926 | ||||||
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/24 (c) | 250 | 236,043 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
5.00%, 12/31/24 (c) | $ | 250 | $ | 233,726 | ||||
Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c) | 160 | 127,877 | ||||||
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c) | 850 | 509,262 | ||||||
Weld County School District No. 6 (GO) (SAW) 4.00%, 06/01/31 (c) | 800 | 703,092 | ||||||
5,248,134 | ||||||||
Connecticut: 0.6% | ||||||||
Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c) | 5 | 4,955 | ||||||
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c) | 300 | 248,160 | ||||||
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c) | 750 | 732,150 | ||||||
University of Connecticut, Series A (RB) 5.00%, 02/15/30 (c) | 250 | 258,105 | ||||||
1,243,370 | ||||||||
Delaware: 0.2% | ||||||||
County of New Castle (GO) 4.00%, 04/01/27 (c) | 150 | 134,779 | ||||||
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c) | 115 | 98,886 | ||||||
Delaware State Health Facilities Authority, Christiana Care Health System, Series A (RB) 4.00%, 10/01/29 (c) | 280 | 235,903 | ||||||
469,568 | ||||||||
District of Columbia: 2.0% | ||||||||
District of Columbia, Income Tax, Series A (RB) 5.00%, 09/01/29 (c) | 750 | 777,509 | ||||||
District of Columbia, Series A (GO) | ||||||||
4.00%, 04/15/29 (c) | 500 | 455,489 | ||||||
4.00%, 04/15/29 (c) | 100 | 96,360 | ||||||
District of Columbia, Series A (RB) | ||||||||
2.62%, 03/01/30 (c) | 575 | 371,998 | ||||||
3.00%, 03/01/30 (c) | 275 | 201,007 | ||||||
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c) | 750 | 777,237 |
See Notes to Financial Statements
94 |
Par (000’s | ) | Value | ||||||
District of Columbia (continued) | ||||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AGM) 4.00%, 10/01/31 (c) | $ | 1,000 | $ | 819,983 | ||||
Washington Metropolitan Area Transit Authority, Series A (RB) 3.00%, 07/15/31 (c) | 750 | 542,733 | ||||||
4,042,316 | ||||||||
Florida: 4.9% | ||||||||
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c) | 345 | 298,360 | ||||||
City of Jacksonville, Health Care Facililities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c) | 500 | 482,766 | ||||||
City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c) | 250 | 260,331 | ||||||
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c) | 200 | 147,211 | ||||||
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c) | 180 | 134,383 | ||||||
City of South Miami, Health Facilities Authority, Inc., Baptist Health (RB) | ||||||||
5.00%, 08/15/27 (c) | 275 | 265,988 | ||||||
5.00%, 08/15/27 (c) | 255 | 251,365 | ||||||
City of Tampa, Central and Lower Basin Stormwater Improvements (SA) 5.25%, 05/01/28 (c) | 275 | 291,098 | ||||||
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/32 (c) | 500 | 528,115 | ||||||
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c) | 500 | 485,075 | ||||||
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB) | ||||||||
4.00%, 09/01/31 (c) | 510 | 427,477 | ||||||
4.00%, 09/01/31 (c) | 1,000 | 847,571 | ||||||
County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c) | 275 | 247,687 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c) | $ | 210 | $ | 177,917 | ||||
County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
3.00%, 10/01/29 (c) | 310 | 208,548 | ||||||
3.12%, 10/01/27 (c) | 140 | 109,281 | ||||||
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c) | 330 | 216,640 | ||||||
Florida Department of Management Services, Series A (CP) 2.00%, 11/01/31 (c) | 500 | 310,481 | ||||||
Florida Development Finance Corp. Healthcare Facilities, Jacksonville Project, Series A (RB) (AGM) 4.00%, 02/01/32 (c) | 1,000 | 868,602 | ||||||
Florida Housing Finance Corp., Homeowner Mortgage, Series 1 (RB) 3.20%, 07/01/28 (c) | 45 | 43,173 | ||||||
Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c) | 125 | 126,300 | ||||||
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c) | 500 | 273,338 | ||||||
Miami-Dade County Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c) | 500 | 400,211 | ||||||
Miami-Dade County, Florida Transit System, Sales Surtax, Series A (RB) 4.00%, 07/01/30 (c) | 500 | 432,077 | ||||||
School District of Broward County (GO) | ||||||||
5.00%, 07/01/28 (c) | 300 | 315,013 | ||||||
5.00%, 07/01/31 (c) | 665 | 691,637 | ||||||
South Broward Hospital District, Series A (RB) 3.00%, 05/01/31 (c) | 750 | 515,332 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) 3.00%, 06/01/27 (c) | 500 | 382,467 | ||||||
State of Florida, Department of Transportation, Series B (RB) 2.00%, 07/01/30 (c) | 500 | 283,520 | ||||||
10,021,964 |
See Notes to Financial Statements
95 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Georgia: 1.9% | ||||||||
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/29 (c) | $ | 660 | $ | 579,941 | ||||
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c) | 260 | 209,378 | ||||||
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/30 (c) | 500 | 314,495 | ||||||
Dahlonega Downtown Development Authority, North Georgia Mac, LLC Projecty (RB) 3.12%, 07/01/23 (c) | 90 | 64,148 | ||||||
Dalton-Whitfield County Joint Development Authority, Hamilton Health Care System (RB) (AGC) 4.00%, 02/15/28 (c) | 185 | 156,524 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) 3.35%, 06/01/28 (c) | 165 | 138,958 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) | ||||||||
3.35%, 12/01/25 (c) | 230 | 188,052 | ||||||
3.35%, 12/01/25 (c) | 215 | 178,867 | ||||||
Georgia State Road & Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/31 (c) | 500 | 342,703 | ||||||
Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c) | 335 | 356,560 | ||||||
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/30 (c) | 1,000 | 706,332 | ||||||
Private Colleges & Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) | 855 | 770,545 | ||||||
4,006,503 | ||||||||
Hawaii: 0.4% | ||||||||
City and County of Honolulu, Series C (GO) | ||||||||
4.00%, 08/01/29 (c) | 750 | 671,106 | ||||||
5.00%, 08/01/29 (c) | 200 | 209,845 | ||||||
880,951 | ||||||||
Illinois: 4.5% | ||||||||
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c) | 890 | 749,148 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c) | $ | 150 | $ | 150,310 | ||||
Chicago O’Hare International Airport, Series D (RB) | ||||||||
5.00%, 01/01/27 (c) | 150 | 144,767 | ||||||
5.00%, 01/01/27 (c) | 265 | 259,629 | ||||||
Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c) | 250 | 241,279 | ||||||
City of Chicago, Seires B (GO) 4.00%, 01/01/32 (c) | 1,064 | 852,069 | ||||||
County of Cook, Illinois Sales Tax (RB) 4.00%, 11/15/27 (c) | 160 | 143,056 | ||||||
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c) | 500 | 422,846 | ||||||
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c) | 500 | 433,004 | ||||||
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c) | 1,000 | 969,971 | ||||||
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,008,097 | ||||||
Sales Tax Securitization Corp., Series C (RB) 5.00%, 01/01/29 (c) | 755 | 753,862 | ||||||
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c) | 750 | 752,341 | ||||||
State of Illinois, Series A (GO) | ||||||||
4.00%, 03/01/31 (c) | 500 | 408,600 | ||||||
5.00%, 03/01/31 (c) | 1,250 | 1,139,453 | ||||||
5.00%, 05/01/28 (c) | 250 | 234,739 | ||||||
5.00%, 05/01/28 (c) | 630 | 585,032 | ||||||
9,248,203 | ||||||||
Indiana: 0.6% | ||||||||
Indiana Finance Authority, CWA Authority Project (RB) 5.00%, 10/01/31 (c) | 300 | 314,437 | ||||||
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) 5.00%, 02/01/29 (c) | 1,000 | 1,017,409 | ||||||
1,331,846 | ||||||||
Iowa: 0.8% | ||||||||
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p) | 500 | 445,814 |
See Notes to Financial Statements
96 |
Par (000’s | ) | Value | ||||||
Iowa (continued) | ||||||||
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/30 (c) | $ | 530 | $ | 553,934 | ||||
Iowa Higher Education Loan Authority, Grinnell College Project (RB) 5.00%, 12/01/26 (c) | 300 | 311,053 | ||||||
Iowa Higher Education Loan Authority, Grinnell College Project, Series A (RB) 5.00%, 12/01/26 (c) | 250 | �� | 260,165 | |||||
1,570,966 | ||||||||
Kentucky: 0.8% | ||||||||
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c) | 920 | 794,697 | ||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c) | 750 | 641,118 | ||||||
Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) 3.25%, 11/15/26 (c) | 235 | 175,316 | ||||||
1,611,131 | ||||||||
Louisiana: 1.0% | ||||||||
City of New Orleans, Louisiana Public Improvement, Series A (GO) | ||||||||
5.00%, 12/01/30 (c) | 450 | 457,984 | ||||||
5.00%, 12/01/30 (c) | 320 | 322,501 | ||||||
City of Shreveport, Louisiana Water & Sewer, Series B (RB) (AGM) 4.00%, 12/01/28 (c) | 700 | 596,642 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c) | 230 | 200,450 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c) | 230 | 195,883 | ||||||
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c) | 240 | 232,033 | ||||||
2,005,493 | ||||||||
Maryland: 1.6% | ||||||||
City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c) | 225 | 191,601 |
Par (000’s | ) | Value | ||||||
Maryland (continued) | ||||||||
County of Baltimore, Metropolitan District (GO) 4.00%, 03/01/28 (c) | $ | 250 | $ | 229,246 | ||||
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 03/01/30 (c) | 310 | 194,865 | ||||||
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/32 (c) | 500 | 382,266 | ||||||
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/31 (c) | 500 | 325,495 | ||||||
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c) | 260 | 211,708 | ||||||
Maryland Health and Higher Educational Facilities Authority, Univeristy of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c) | 150 | 121,269 | ||||||
Maryland Stadium Authority Built to Learn (RB) 2.75%, 06/01/31 (c) | 850 | 510,846 | ||||||
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,037,327 | ||||||
3,204,623 | ||||||||
Massachusetts: 4.0% | ||||||||
Commonwealth of Massachusetts Transportation, Series A (RB) | ||||||||
3.00%, 06/01/30 (c) | 800 | 548,603 | ||||||
5.00%, 06/01/31 (c) | 500 | 525,068 | ||||||
Commonwealth of Massachusetts Transportation, Series B (RB) 5.00%, 06/01/30 (c) | 560 | 583,220 | ||||||
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c) | 315 | 322,710 | ||||||
Commonwealth of Massachusetts, Series A (GO) | ||||||||
5.00%, 01/01/28 (c) | 200 | 205,273 | ||||||
5.00%, 01/01/28 (c) | 1,000 | 1,025,179 | ||||||
5.00%, 04/01/27 (c) | 275 | 282,156 | ||||||
Commonwealth of Massachusetts, Series B (GO) 2.12%, 04/01/31 (c) | 1,300 | 698,903 |
See Notes to Financial Statements
97 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c) | $ | 360 | $ | 254,549 | ||||
Commonwealth of Massachusetts, Series E (GO) 5.00%, 11/01/30 (c) | 605 | 628,936 | ||||||
Massachusetts Bay Transportation Authority Sales Tax, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 800 | 670,447 | ||||||
5.00%, 07/01/27 (c) | 100 | 102,194 | ||||||
Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB) 5.00%, 03/01/24 (c) | 1,900 | 1,905,057 | ||||||
Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c) | 250 | 229,834 | ||||||
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/29 (c) | 305 | 315,239 | ||||||
8,297,368 | ||||||||
Michigan: 2.3% | ||||||||
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) | 390 | 396,217 | ||||||
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c) | 570 | 580,241 | ||||||
Michigan Finance Authority (RB) (BAM) 4.00%, 11/01/30 (c) | 500 | 421,747 | ||||||
Michigan Finance Authority Hospital, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/27 (c) | 500 | 494,684 | ||||||
Michigan Finance Authority, Henry Ford Health System, Series A (RB) | ||||||||
4.00%, 11/15/26 (c) | 225 | 183,109 | ||||||
4.00%, 11/02/29 (c) | 250 | 196,214 | ||||||
5.00%, 11/02/29 (c) | 135 | 129,895 | ||||||
Michigan State Building Authority (RB) 5.00%, 10/15/25 (c) | 500 | 502,355 | ||||||
Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c) | 500 | 368,690 | ||||||
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) 2.95%, 12/01/28 (c) | 425 | 327,160 |
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Muskegon Public Schools (GO) 5.00%, 05/01/31 (c) | $ | 305 | $ | 319,517 | ||||
Saginaw City School District (GO) 4.00%, 05/01/31 (c) | 750 | 636,128 | ||||||
Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c) | 190 | 188,216 | ||||||
4,744,173 | ||||||||
Minnesota: 0.9% | ||||||||
City of Minneapolis, Allina Health Care System (RB) 4.00%, 11/15/31 (c) | 500 | 450,028 | ||||||
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c) | 530 | 342,780 | ||||||
Minnesota Housing Finance Agency Residential Housing, Series I (RB) | ||||||||
2.15%, 01/01/30 (c) | 890 | 561,968 | ||||||
3.00%, 01/01/30 (c) | 465 | 440,355 | ||||||
1,795,131 | ||||||||
Missouri: 0.2% | ||||||||
Health and Educational Facilities Authority, Saint Louis University, Series A (RB) 5.00%, 04/01/29 (c) | 100 | 102,917 | ||||||
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c) | 250 | 233,561 | ||||||
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c) | 195 | 181,709 | ||||||
518,187 | ||||||||
Nebraska: 0.5% | ||||||||
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/29 (c) | 550 | 482,344 | ||||||
Omaha Public Power District, Nebraska Electric System, Series A (RB) 4.00%, 08/01/30 (c) | 750 | 636,514 | ||||||
1,118,858 | ||||||||
Nevada: 1.5% | ||||||||
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c) | 390 | 376,426 | ||||||
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c) | 675 | 583,221 |
See Notes to Financial Statements
98 |
Par (000’s | ) | Value | ||||||
Nevada (continued) | ||||||||
City of Reno, Retrac Reno Transformation Rail Access Corridor Project, Series A (RB) 5.00%, 12/01/28 (c) | $ | 1,000 | $ | 1,000,041 | ||||
County of Clark , Limited Tax, Series A (GO) 5.00%, 06/01/28 (c) | 485 | 494,473 | ||||||
County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c) | 250 | 258,723 | ||||||
County of Washoe, School District, Series C (GO) (AGM) 3.12%, 10/01/27 (c) | 100 | 77,729 | ||||||
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c) | 275 | 278,751 | ||||||
3,069,364 | ||||||||
New Hampshire: 0.5% | ||||||||
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/31 (c) | 500 | 339,783 | ||||||
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c) | 500 | 405,552 | ||||||
New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c) | 265 | 232,356 | ||||||
977,691 | ||||||||
New Jersey: 2.3% | ||||||||
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) 2.00%, 03/01/31 (c) | 500 | 330,666 | ||||||
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/31 (c) | 490 | 275,720 | ||||||
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 555 | 494,905 | ||||||
5.00%, 07/01/26 (c) | 55 | 54,497 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
4.50%, 12/15/28 (c) | 910 | 804,603 | ||||||
5.00%, 12/15/30 (c) | 250 | 245,655 | ||||||
5.00%, 12/15/30 (c) | 250 | 238,267 | ||||||
New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c) | 365 | 270,443 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c) | $ | 1,280 | $ | 1,097,532 | ||||
New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c) | 100 | 103,155 | ||||||
New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c) | 210 | 186,105 | ||||||
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/30 (c) | 500 | 482,283 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c) | 205 | 197,301 | ||||||
4,781,132 | ||||||||
New Mexico: 0.3% | ||||||||
New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c) | 250 | 210,489 | ||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c) | 175 | 163,252 | ||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c) | 295 | 223,550 | ||||||
597,291 | ||||||||
New York: 21.9% | ||||||||
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c) | 1,000 | 883,567 | ||||||
Broome County Local Development Corp. (RB) (AGM) 4.00%, 04/01/30 (c) | 925 | 810,944 | ||||||
City of New York, Series A-1 (GO) 4.00%, 08/01/31 (c) | 1,000 | 847,794 | ||||||
City of New York, Series C (GO) 5.00%, 08/01/30 (c) | 500 | 513,157 | ||||||
City of New York, Series D-1 (GO) | ||||||||
4.00%, 12/01/28 (c) | 470 | 408,986 | ||||||
5.00%, 12/01/28 (c) | 100 | 102,339 | ||||||
City of New York, Subseries B-1 (GO) | ||||||||
3.00%, 10/01/29 (c) | 110 | 78,803 | ||||||
5.00%, 10/01/29 (c) | 250 | 256,728 | ||||||
City of New York, Subseries D-1 (GO) (BAM) 5.00%, 03/01/30 (c) | 1,000 | 1,025,126 |
See Notes to Financial Statements
99 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
New York (continued) | ||||||||
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c) | $ | 900 | $ | 751,520 | ||||
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c) | 255 | 231,231 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c) | 645 | 652,268 | ||||||
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c) | 330 | 251,062 | ||||||
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c) | 300 | 302,321 | ||||||
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c) | 715 | 720,551 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) | ||||||||
4.00%, 05/15/27 (c) | 400 | 321,921 | ||||||
5.00%, 05/15/25 (c) | 590 | 548,640 | ||||||
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/27 (c) | 350 | 356,347 | ||||||
Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/29 (c) | 550 | 527,849 | ||||||
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c) | 1,000 | 832,372 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/26 (c) | 690 | 662,211 | ||||||
Metropolitan Transportation Authority, Series D (RB) | ||||||||
4.00%, 05/15/28 (c) | 250 | 195,568 | ||||||
4.00%, 05/15/28 (c) | 1,245 | 1,012,980 | ||||||
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/23 (c) | 600 | 563,903 | ||||||
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c) | 500 | 433,855 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 05/01/29 (c) | 800 | 508,424 |
Par | ||||||||
(000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c) | $ | 500 | $ | 379,472 | ||||
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 02/01/29 (c) | 525 | 351,448 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 09/01/27 (c) | 565 | 362,357 | ||||||
New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) 3.75%, 11/01/25 (c) | 250 | 180,767 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 5.00%, 12/15/31 (c) | 955 | 984,434 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) 4.00%, 06/15/24 (c) | 500 | 435,302 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 12/15/27 (c) | 750 | 772,444 | ||||||
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) | ||||||||
3.00%, 07/15/29 (c) | 350 | 237,963 | ||||||
5.00%, 07/15/28 (c) | 500 | 507,857 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) 5.00%, 08/01/28 (c) | 260 | 263,938 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c) | 510 | 520,958 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) 4.00%, 08/01/27 (c) | 400 | 354,530 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
4.00%, 11/01/30 (c) | 500 | 447,772 | ||||||
4.00%, 11/01/30 (c) | 775 | 701,241 | ||||||
4.00%, 05/01/29 (c) | 1,120 | 991,795 | ||||||
5.00%, 02/01/32 (c) | 565 | 579,173 |
See Notes to Financial Statements
100 |
Par | ||||||||
(000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 2.25%, 02/01/31 (c) | $ | 650 | $ | 347,920 | ||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c) | 420 | 425,879 | ||||||
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) | 200 | 205,280 | ||||||
New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c) | 350 | 237,816 | ||||||
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c) | 660 | 496,876 | ||||||
New York City Water and Sewer System, Series BB (RB) 4.00%, 12/15/30 (c) | 640 | 542,490 | ||||||
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c) | 800 | 819,844 | ||||||
New York City Water and Sewer System, Series FF (RB) 5.00%, 06/15/28 (c) | 250 | 258,633 | ||||||
New York Convention Center Development Corp., Series A (RB) | ||||||||
0.00%, 11/15/47 ^ | 230 | 56,220 | ||||||
0.00%, 11/15/54 ^ | 170 | 27,190 | ||||||
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/30 (c) | 620 | 523,959 | ||||||
New York Liberty Development Corp., 4 World Trade Center Project (RB) 3.00%, 11/15/31 (c) | 1,500 | 935,268 | ||||||
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c) | 285 | 291,985 | ||||||
New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47 | 250 | 264,459 | ||||||
New York State Dormitory Authority, New York Columbia University, Series A (RB) (FHA) 5.00%, 10/01/48 | 700 | 741,188 |
Par | ||||||||
(000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/28 (c) | $ | 400 | $ | 415,944 | ||||
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 3.00%, 09/15/30 (c) | 500 | 361,883 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series B (RB) | ||||||||
5.00%, 02/15/25 (c) | 730 | 740,473 | ||||||
5.00%, 08/15/27 (c) | 800 | 815,247 | ||||||
New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c) | 250 | 253,130 | ||||||
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c) | 550 | 454,877 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
4.00%, 03/15/27 (c) | 250 | 217,235 | ||||||
4.00%, 03/15/27 (c) | 800 | 686,270 | ||||||
5.00%, 03/15/27 (c) | 150 | 152,806 | ||||||
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c) | 1,165 | 1,187,565 | ||||||
New York State Dormitory Authority, The New School, Series A (RB) | ||||||||
4.00%, 01/01/27 (c) | 475 | 376,869 | ||||||
5.00%, 01/01/27 (c) | 420 | 398,148 | ||||||
New York State Housing Finance Agency (RB) 2.50%, 05/01/30 (c) | 1,250 | 858,524 | ||||||
New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c) | 225 | 178,518 | ||||||
New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c) | 195 | 148,133 | ||||||
New York State Power Authority, Series A (RB) 4.00%, 05/15/30 (c) | 500 | 427,991 | ||||||
New York State Thruway Authority, Personal Tax, Series A-1 (RB) 4.00%, 03/15/31 (c) | 525 | 472,378 | ||||||
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) | 500 | 442,289 | ||||||
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/28 (c) | 500 | 509,350 |
See Notes to Financial Statements
101 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Urban Development Corp., Personal Income Tax, Series C (RB) 3.00%, 09/15/30 (c) | $ | 550 | $ | 382,717 | ||||
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 09/15/31 (c) | 1,000 | 675,632 | ||||||
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/30 (c) | 520 | 529,224 | ||||||
New York State, Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/27 (c) | 380 | 389,398 | ||||||
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c) | 925 | 743,574 | ||||||
State of New York Mortgage Agency Homeowner Mortgage (RB) 3.50%, 04/01/26 (c) | 190 | 148,065 | ||||||
State of New York Mortgage Agency Homeowner Mortgage (RB) (SBG) 2.55%, 10/01/29 (c) | 330 | 195,719 | ||||||
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) | 500 | 449,261 | ||||||
Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
5.00%, 11/15/30 (c) | 750 | 759,685 | ||||||
5.00%, 11/15/30 (c) | 1,500 | 1,525,057 | ||||||
Triborough Bridge and Tunnel Authority, Series B (RB) 5.00%, 05/15/28 (c) | 980 | 988,743 | ||||||
Triborough Bridge and Tunnel Authority, Series C (RB) 4.00%, 11/15/31 (c) | 750 | 630,159 | ||||||
Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c) | 550 | 574,574 | ||||||
45,136,363 | ||||||||
North Carolina: 1.3% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB) 4.00%, 01/15/32 (c) | 600 | 524,630 | ||||||
North Carolina Housing Finance Agency, Home Ownership, Series B (RB) 4.00%, 07/01/27 (c) | 65 | 62,310 |
Par | ||||||||
(000’s | ) | Value | ||||||
North Carolina (continued) | ||||||||
North Carolina Medical Care Commission, Novant Health, Series A (RB) 3.12%, 11/01/29 (c) | $ | 220 | $ | 149,249 | ||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
5.00%, 01/01/30 (c) | 500 | 471,190 | ||||||
5.00%, 01/01/30 (c) | 750 | 693,633 | ||||||
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 | 800 | 818,627 | ||||||
2,719,639 | ||||||||
Ohio: 2.0% | ||||||||
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/26 (c) | 220 | 222,924 | ||||||
City of Chillicothe, Hospital Facilities, Adena Health System (RB) 4.00%, 12/01/27 (c) | 440 | 374,414 | ||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c) | 510 | 428,550 | ||||||
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48 | 1,000 | 1,011,647 | ||||||
Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c) | 150 | 124,973 | ||||||
Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c) | 250 | 214,723 | ||||||
Northeast Ohio Regional Sewer District, Wastewater Improvement (RB) 3.00%, 11/15/29 (c) | 350 | 267,939 | ||||||
Ohio Housing Finance Agency, Series D (RB) 3.62%, 09/01/26 (c) | 80 | 74,702 | ||||||
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) | 500 | 522,643 | ||||||
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/29 (c) | 335 | 302,273 | ||||||
State of Ohio, Water Pollution Control, Series A (RB) 5.00%, 12/01/31 (c) | 500 | 525,252 | ||||||
4,070,040 | ||||||||
Oklahoma: 0.6% | ||||||||
Edmond Public Works Authority, Sales Tax and Utility System (RB) 4.00%, 07/01/27 (c) | 250 | 218,830 |
See Notes to Financial Statements
102 |
Par | ||||||||
(000’s | ) | Value | ||||||
Oklahoma (continued) | ||||||||
Oklahoma Turnpike Authority, Series A (RB) | ||||||||
4.00%, 01/01/26 (c) | $ | 350 | $ | 314,868 | ||||
4.00%, 01/01/27 (c) | 700 | 625,160 | ||||||
1,158,858 | ||||||||
Oregon: 1.0% | ||||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) | ||||||||
2.00%, 06/15/30 (c) | 550 | 323,227 | ||||||
3.25%, 06/15/27 (c) | 295 | 229,090 | ||||||
Oregon Health and Science University, Series A (RB) 4.00%, 01/01/32 (c) | 1,000 | 843,046 | ||||||
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c) | 935 | 674,273 | ||||||
2,069,636 | ||||||||
Pennsylvania: 4.5% | ||||||||
Allegheny County, Sanitary Authority Sewer (RB) 5.00%, 06/01/28 (c) | 685 | 705,410 | ||||||
Allegheny County, Series C-77 (GO) 5.00%, 11/01/28 (c) | 220 | 227,696 | ||||||
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) | ||||||||
4.00%, 10/01/27 (c) | 180 | 149,476 | ||||||
4.00%, 09/01/30 (c) | 645 | 528,786 | ||||||
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) (SBG) 4.00%, 09/01/30 (c) | 210 | 182,802 | ||||||
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c) | 1,170 | 995,835 | ||||||
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c) | 280 | 271,500 | ||||||
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c) | 1,000 | 974,332 | ||||||
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) | 145 | 132,436 | ||||||
Pennsylvania Gas Works (RB) 5.00%, 08/01/27 (c) | 805 | 806,386 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) 2.28%, 10/01/30 (c) | 500 | 329,121 |
Par | ||||||||
(000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
3.20%, 10/01/25 (c) | $ | 265 | $ | 204,011 | ||||
3.20%, 10/01/25 (c) | 140 | 110,218 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 04/01/27 (c) | 260 | 210,799 | ||||||
Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/27 (c) | 155 | 156,011 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/28 (c) | 290 | 287,135 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB) 4.00%, 12/01/31 (c) | 550 | 461,970 | ||||||
Pennsylvania Turnpike Commission, Series A (RB) 5.00%, 12/01/29 (c) | 220 | 213,915 | ||||||
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c) | 900 | 890,822 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 12/01/30 (c) | 800 | 796,973 | ||||||
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.25%, 06/01/27 (c) | 700 | 701,746 | ||||||
9,337,380 | ||||||||
South Carolina: 0.4% | ||||||||
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/31 (c) | 820 | 844,529 | ||||||
South Dakota: 0.4% | ||||||||
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/27 (c) | 750 | 744,638 | ||||||
Tennessee: 0.4% | ||||||||
Sullivan County (GO) 4.00%, 05/01/26 (c) | 230 | 203,111 | ||||||
Tennessee Housing Development Agency, Residential Finance Program (RB) | ||||||||
2.95%, 01/01/29 (c) | 345 | 321,111 | ||||||
3.60%, 01/01/27 (c) | 230 | 222,170 | ||||||
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c) | 185 | 178,942 | ||||||
925,334 |
See Notes to Financial Statements
103 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
Texas: 10.1% | ||||||||
Alvin Independent School District (GO) 3.38%, 02/15/28 (c) | $ | 350 | $ | 285,029 | ||||
Arlington Higher Education Finance Corp. (RB) | ||||||||
3.00%, 02/15/31 (c) | 1,000 | 679,384 | ||||||
4.00%, 08/15/29 (c) | 675 | 589,555 | ||||||
Board of Regents of the University of Texas System, Series A (RB) 3.00%, 08/15/31 (c) | 525 | 402,815 | ||||||
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c) | 650 | 581,944 | ||||||
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c) | 750 | 721,039 | ||||||
City of Arlington, Senior Lien Special Tax, Series A (ST) (AGM) 4.00%, 02/15/28 (c) | 165 | 140,263 | ||||||
City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c) | 280 | 280,779 | ||||||
City of Austin, Texas Electricity Utility System, Series A (RB) | ||||||||
5.00%, 11/15/29 (c) | 1,375 | 1,402,975 | ||||||
5.00%, 11/15/30 (c) | 500 | 513,044 | ||||||
City of Corpus Christi, Utility System, Series A (RB) (SBG) 4.00%, 07/15/30 (c) | 295 | 255,798 | ||||||
City of Denton (GO) 4.00%, 02/15/27 (c) | 120 | 103,126 | ||||||
City of El Paso (GO) 4.00%, 08/15/29 (c) | 950 | 832,162 | ||||||
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c) | 220 | 227,264 | ||||||
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/30 (c) | 650 | 549,660 | ||||||
City of San Antonio, Texas Electric & Gas Systems, Series A (RB) 5.00%, 02/01/31 (c) | 1,000 | 1,015,377 | ||||||
County of Bexar, Political Subdivision, Limited Tax (GO) 4.00%, 06/15/26 (c) | 220 | 201,527 | ||||||
Crowley Independent School District (GO) 4.00%, 02/01/29 (c) | 500 | 453,458 | ||||||
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c) | 600 | 371,628 |
Par | ||||||||
(000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c) | $ | 770 | $ | 637,189 | ||||
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c) | 640 | 653,707 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) | ||||||||
3.00%, 10/01/29 (c) | 350 | 271,340 | ||||||
3.00%, 10/01/31 (c) | 1,000 | 644,407 | ||||||
3.00%, 10/01/31 (c) | 1,145 | 864,007 | ||||||
Harris County, Humble Independent School District (GO) 5.00%, 02/15/32 (c) | 1,000 | 1,042,402 | ||||||
Lamar Consolidated Independent School District (GO) 3.00%, 02/15/31 (c) | 290 | 194,241 | ||||||
Leander Independent School District, Series A (GO) | ||||||||
0.00%, 08/16/26 (c) ^ | 95 | 31,694 | ||||||
0.00%, 08/16/26 (c) ^ | 900 | 337,085 | ||||||
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare of Texas, Series A (RB) 4.00%, 08/15/27 (c) | 555 | 492,148 | ||||||
North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c) | 250 | 226,090 | ||||||
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/28 (c) | 500 | 434,198 | ||||||
Northside Independent School District, Unlimited Tax School Building (GO) 3.00%, 06/01/29 (c) | 745 | 521,204 | ||||||
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c) | 500 | 524,062 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c) | 250 | 247,397 | ||||||
Texas Water Development Board (RB) 4.00%, 10/15/30 (c) | 500 | 452,623 | ||||||
Texas Water Development Board, Series A (RB) | ||||||||
3.00%, 10/15/29 (c) | 500 | 400,610 | ||||||
4.00%, 04/15/28 (c) | 325 | 290,609 | ||||||
5.00%, 04/15/28 (c) | 840 | 865,353 |
See Notes to Financial Statements
104 |
Par | ||||||||
(000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Texas Water Development Board, Series B (RB) | ||||||||
4.00%, 10/15/28 (c) | $ | 1,000 | $ | 919,665 | ||||
5.00%, 10/15/28 (c) | 225 | 230,491 | ||||||
United Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/28 (c) | 500 | 520,138 | ||||||
West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c) | 250 | 151,908 | ||||||
West Travis County Public Utility Agency (RB) (BAM) 4.00%, 08/15/27 (c) | 230 | 199,626 | ||||||
20,759,021 | ||||||||
Utah: 0.9% | ||||||||
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c) | 360 | 356,252 | ||||||
University of Utah, Board of Higher Education (RB) 5.00%, 08/01/31 (c) | 800 | 836,189 | ||||||
Utah County, IHC Health Services, Inc., Series A (RB) 5.00%, 05/15/30 (c) | 250 | 253,663 | ||||||
Utah County, IHC Health Services, Inc., Series B (RB) | ||||||||
3.00%, 05/15/26 (c) | 210 | 143,370 | ||||||
4.00%, 05/15/24 (c) | 350 | 300,116 | ||||||
1,889,590 | ||||||||
Virginia: 1.7% | ||||||||
Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c) | 250 | 214,860 | ||||||
Hampton Roads Transportation Accountability Commission, Hampton Roads Transportation, Series A (RB) | ||||||||
4.00%, 07/01/30 (c) | 665 | 616,794 | ||||||
4.00%, 07/01/32 (c) | 600 | 503,389 | ||||||
5.00%, 07/01/30 (c) | 500 | 513,931 | ||||||
5.00%, 07/01/30 (c) | 625 | 647,244 | ||||||
Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c) | 250 | 211,422 | ||||||
Rector and Visitors of Virginia University, Series A (RB) 4.00%, 04/01/25 (c) | 500 | 457,646 | ||||||
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c) | 500 | 409,710 | ||||||
3,574,996 |
Par | ||||||||
(000’s | ) | Value | ||||||
Washington: 2.4% | ||||||||
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c) | $ | 450 | $ | 391,452 | ||||
Energy Northwest, Columbia Generating Station Electric, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 1,000 | 902,642 | ||||||
5.00%, 07/01/31 (c) | 455 | 477,784 | ||||||
5.00%, 07/01/31 (c) | 600 | 626,870 | ||||||
King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c) | 150 | 152,022 | ||||||
King County Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c) | 650 | 565,747 | ||||||
State of Washington, Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c) | 125 | 91,041 | ||||||
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c) | 800 | 826,582 | ||||||
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/27 (c) | 735 | 761,830 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c) | 205 | 167,869 | ||||||
4,963,839 | ||||||||
West Virginia: 0.4% | ||||||||
State of West Virginia, Series B (GO) | ||||||||
4.00%, 06/01/28 (c) | 150 | 132,823 | ||||||
5.00%, 06/01/28 (c) | 100 | 104,189 | ||||||
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/31 (c) | 620 | 637,085 | ||||||
874,097 | ||||||||
Wisconsin: 0.7% | ||||||||
Public Finance Authority Health Care Facilities, Series A (RB) 3.00%, 01/01/30 (c) | 250 | 157,050 | ||||||
Public Finance Authority Retirement Communities, Series A (RB) 5.00%, 11/15/27 (c) | 750 | 706,073 | ||||||
Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c) | 250 | 246,856 | ||||||
Wisconsin Center District, Series D (RB) (AGM) 0.00%, 12/15/30 (c) ^ | 250 | 72,975 |
See Notes to Financial Statements
105 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par | ||||||||
(000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB) | ||||||||
4.00%, 02/15/27 (c) | $ | 115 | $ | 91,349 | ||||
4.00%, 02/15/27 (c) | 105 | 88,064 | ||||||
1,362,367 | ||||||||
Total Municipal Bonds: 98.3% (Cost: $249,015,192) | 202,826,719 | |||||||
Other assets less liabilities: 1.7% | 3,553,087 | |||||||
NET ASSETS: 100.0% | $ | 206,379,806 |
Definitions:
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
BAM | Build America Assurance Co. |
CP | Certificate of Participation |
FHA | Federal Housing Association |
GO | General Obligation |
NATL | National Public Finance Guarantee Corp. |
RB | Revenue Bond |
SA | Special Assessment |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
SD CRED PROG | Special District Credit Enhancement Program |
ST | Special Tax |
TA | Tax Allocation |
Footnotes:
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
% of | ||||||||
Summary of Investments by Sector | Investments | Value | ||||||
Airport | 4.2 | % | $ | 8,454,682 | ||||
Education | 8.1 | 16,518,047 | ||||||
Health | 1.9 | 3,932,745 | ||||||
Hospitals | 13.9 | 28,106,902 | ||||||
Industrial Development Revenue | 0.8 | 1,713,347 | ||||||
Leasing COPS & Appropriations | 3.6 | 7,240,585 | ||||||
Local GO | 12.9 | 26,197,228 | ||||||
Misc | 1.0 | 2,105,018 | ||||||
Multi-Family Housing | 1.7 | 3,341,289 | ||||||
Pollution Control | 0.3 | 525,252 | ||||||
Power | 3.9 | 8,005,344 | ||||||
Single Family Housing | 2.7 | 5,448,419 | ||||||
State GO | 5.5 | 11,184,245 | ||||||
Tax | 14.6 | 29,533,674 | ||||||
Tobacco | 0.8 | 1,695,005 | ||||||
Toll & Turnpike | 7.8 | 15,851,349 | ||||||
Transportation | 5.0 | 10,043,632 | ||||||
Utilities - Other | 1.8 | 3,622,555 | ||||||
Water & Sewer | 9.5 | 19,307,401 | ||||||
100.0 | % | $ | 202,826,719 |
See Notes to Financial Statements
106 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 202,826,719 | $ | — | $ | 202,826,719 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
107 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Number of Shares | Value | |||||||
CLOSED-END FUNDS: 12.6% (a) | ||||||||
BlackRock MuniYield Quality Fund III, Inc. | 2,224 | $ | 22,329 | |||||
BNY Mellon Municipal Income, Inc. | 3,612 | 21,130 | ||||||
Delaware Investments National Municipal Income Fund | 2,332 | 24,245 | ||||||
DWS Municipal Income Trust | 5,329 | 42,366 | ||||||
Eaton Vance New York Municipal Bond Fund | 2,644 | 22,157 | ||||||
MFS High Yield Municipal Trust | 7,131 | 20,609 | ||||||
MFS Investment Grade Municipal Trust | 3,316 | 21,786 | ||||||
MFS Municipal Income Trust | 4,549 | 21,699 | ||||||
Neuberger Berman California Municipal Fund, Inc. | 2,305 | 23,004 | ||||||
Nuveen New Jersey Quality Municipal Income Fund | 2,055 | 21,886 | ||||||
Nuveen Ohio Quality Municipal Income Fund | 2,011 | 23,750 | ||||||
Nuveen Pennsylvania Quality Municipal Income Fund | 2,100 | 21,735 |
Number of Shares | Value | |||||||
Pioneer Municipal High Income Fund Trust | 2,566 | $ | 20,477 | |||||
Western Asset Managed Municipals Fund, Inc. | 2,411 | 22,880 | ||||||
Total Closed-End Funds (Cost: $485,222) | 330,053 | |||||||
EXCHANGE TRADED FUNDS: 87.3% (a) | ||||||||
VanEck CEF Muni Income ETF ‡ | 1,311 | 26,076 | ||||||
VanEck High Yield Muni ETF ‡ | 13,101 | 641,556 | ||||||
VanEck Intermediate Muni ETF ‡ | 21,772 | 945,992 | ||||||
VanEck Short High Yield Muni ETF ‡ | 6,559 | 141,871 | ||||||
VanEck Short Muni ETF ‡ | 30,610 | 505,371 | ||||||
Total Exchange Traded Funds (Cost: $2,552,405) | 2,260,866 | |||||||
Total Investments: 99.9% (Cost: $3,037,627) | 2,590,919 | |||||||
Other assets less liabilities: 0.1% | 1,831 | |||||||
NET ASSETS: 100.0% | $ | 2,592,750 |
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. |
Transactions in securities of affiliates for the period ended October 31, 2022 were as follows:
Value 4/30/2022 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 10/31/2022 | ||||||||||||||||||||||
VanEck CEF Muni Income ETF | $– | $31,870 | $– | $– | $499 | $(5,794) | $26,076 | |||||||||||||||||||||
VanEck High Yield Muni ETF | 939,816 | 141,738 | (360,153) | (32,898) | 12,901 | (46,947) | 641,556 | |||||||||||||||||||||
VanEck Intermediate Muni ETF | 1,295,527 | 139,319 | (445,432) | (36,651) | 10,637 | (6,771) | 945,992 | |||||||||||||||||||||
VanEck Long Muni ETF | 176,436 | 289,837 | (436,540) | (48,475) | 3,139 | 18,742 | – | |||||||||||||||||||||
VanEck Short High Yield Muni ETF | 194,314 | – | (45,470) | (1,778) | 2,070 | (5,195) | 141,871 | |||||||||||||||||||||
VanEck Short Muni ETF | 570,318 | 395,776 | (456,011) | (8,018) | 2,157 | 3,306 | 505,371 | |||||||||||||||||||||
$3,176,411 | $998,540 | $(1,743,606) | $(127,820) | $31,403 | $(42,659) | $2,260,866 |
Summary of Investments by Sector | % of Investments | Value | ||||||
Exchange Traded Funds | 87.3 | % | $ | 2,260,866 | ||||
Financials | 12.7 | 330,053 | ||||||
100.0 | % | $ | 2,590,919 |
See Notes to Financial Statements
108 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Closed-End Funds | $ | 330,053 | $ | — | $ | — | $ | 330,053 | ||||||||
Exchange Traded Funds | 2,260,866 | — | — | 2,260,866 | ||||||||||||
Total Investments | $ | 2,590,919 | $ | — | $ | — | $ | 2,590,919 |
See Notes to Financial Statements
109 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.0% | ||||||||
Alabama: 2.3% | ||||||||
Alabama Special Care Facilities Financing Authority- Birmingham, Methodist Home (RB) 5.50%, 06/01/26 (c) | $ | 500 | $ | 464,756 | ||||
Black Belt Energy Gas District, Series B-1 (RB) 4.00%, 10/01/27 (c) (p) | 500 | 474,587 | ||||||
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p) | 2,100 | 2,022,217 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) | 390 | 423,655 | ||||||
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) | 1,000 | 971,298 | ||||||
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 04/01/24 (c) (p) | 2,100 | 2,071,397 | ||||||
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p) | 1,000 | 904,798 | ||||||
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) | 2,371 | 2,014,975 | ||||||
9,347,683 | ||||||||
American Samoa: 0.1% | ||||||||
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28 | 250 | 268,751 | ||||||
Arizona: 1.7% | ||||||||
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) | ||||||||
4.75%, 07/01/23 (c) | 195 | 188,638 | ||||||
5.00%, 07/01/26 | 150 | 150,741 | ||||||
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31 | 1,000 | 963,125 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c) | 500 | 450,000 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) | 1,000 | 850,000 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Arizona Industrial Development Authority, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) | $ | 500 | $ | 460,963 | ||||
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) | 495 | 451,972 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c) | 500 | 469,841 | ||||||
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 | 474 | 427,821 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/29 (c) | 1,000 | 1,027,047 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c) | 500 | 522,478 | ||||||
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25 | 325 | 318,236 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 | 240 | 222,916 | ||||||
Salt Verde Financial Corp. (RB) | ||||||||
5.25%, 12/01/23 | 200 | 202,158 | ||||||
5.25%, 12/01/24 | 65 | 66,204 | ||||||
5.25%, 12/01/28 | 10 | 10,342 | ||||||
5.50%, 12/01/29 | 370 | 387,221 | ||||||
7,169,703 | ||||||||
Arkansas: 0.5% | ||||||||
Arkansas Development Finance Authority, Baptist Memorial Health Care Corp., Series B-2 (RB) 5.00%, 09/01/27 (c) (p) | 2,000 | 2,054,918 | ||||||
California: 6.8% | ||||||||
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26 | 575 | 575,397 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 4.00%, 12/01/27 (c) (p) | 1,000 | 975,974 |
See Notes to Financial Statements
110 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 5.00%, 04/01/30 (c) | $ | 1,275 | $ | 1,324,982 | ||||
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33 | 1,913 | 1,810,474 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 11/15/28 (c) | 1,340 | 1,354,268 | ||||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
5.00%, 02/01/27 | 50 | 51,549 | ||||||
5.00%, 02/01/27 (c) | 50 | 51,515 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
5.00%, 06/30/27 | 610 | 623,143 | ||||||
5.00%, 06/30/28 | 220 | 224,878 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c) | 260 | 264,115 | ||||||
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 3,210 | 2,981,179 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * | 1,000 | 600,000 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * | 1,360 | 924,800 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) | ||||||||
3.38%, 07/01/25 | 400 | 388,804 | ||||||
3.62%, 07/01/25 (c) | 2,000 | 1,920,513 | ||||||
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c) | 1,500 | 1,281,315 | ||||||
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27 | 1,000 | 943,694 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 12/01/22 (c) | $ | 6 | $ | 5,569 | ||||
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c) | 300 | 302,312 | ||||||
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24 | 100 | 99,098 | ||||||
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c) | 350 | 351,678 | ||||||
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 | 250 | 236,150 | ||||||
California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.62%, 12/01/23 (p) | 500 | 490,752 | ||||||
City and County of San Francisco, Airport Commission, International Airport, Series H (RB) | ||||||||
5.00%, 05/01/26 | 500 | 512,700 | ||||||
5.00%, 05/01/27 | 500 | 514,207 | ||||||
5.00%, 05/01/29 | 500 | 516,633 | ||||||
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23 | 15 | 14,977 | ||||||
City of Oroville Hospital (RB) 5.00%, 04/01/29 (c) | 500 | 493,492 | ||||||
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c) | 1,000 | 947,327 | ||||||
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27 | 250 | 257,297 | ||||||
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28 | 115 | 122,873 |
See Notes to Financial Statements
111 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC) 5.00%, 12/01/28 (c) | $ | 520 | $ | 549,958 | ||||
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c) | 480 | 454,293 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road, Series A (RB) 6.00%, 01/15/24 (c) | 450 | 465,005 | ||||||
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 | 110 | 113,956 | ||||||
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24 | 230 | 234,340 | ||||||
Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30 | 265 | 279,917 | ||||||
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29 | 280 | 301,923 | ||||||
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p) | 1,250 | 1,239,686 | ||||||
Oakland Unified School District (GO) 5.00%, 08/01/26 | 380 | 400,716 | ||||||
Palomar Health (RB) | ||||||||
5.00%, 11/01/25 | 250 | 255,984 | ||||||
5.00%, 11/01/26 (c) | 90 | 92,069 | ||||||
Port of Oakland (RB) 5.00%, 11/01/23 | 195 | 197,726 | ||||||
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 | 110 | 112,017 | ||||||
River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM) 5.00%, 09/01/29 (c) | 500 | 529,201 | ||||||
Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23 | 110 | 111,927 | ||||||
San Francisco Community College District (GO) | ||||||||
5.00%, 06/15/25 | 1,000 | 1,042,892 | ||||||
5.00%, 06/15/25 (c) | 205 | 213,599 | ||||||
San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 12/01/22 (c) | 120 | 120,101 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) * | $ | 370 | $ | 166,500 | ||||
28,043,475 | ||||||||
Colorado: 1.7% | ||||||||
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c) | 500 | 462,888 | ||||||
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c) | 295 | 303,417 | ||||||
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c) | 1,000 | 963,971 | ||||||
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/15/23 (c) | 1,000 | 868,390 | ||||||
Colorado Public Authority, Natural Gas Purchase (RB) 6.12%, 11/15/23 | 70 | 70,713 | ||||||
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c) | 600 | 614,450 | ||||||
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c) | 595 | 537,332 | ||||||
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c) | 500 | 455,836 | ||||||
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 | 140 | 146,307 | ||||||
Rocky Mountain Rail Park Metropolitan District (GO) 5.00%, 03/01/26 (c) | 500 | 450,533 | ||||||
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27 | 200 | 179,746 | ||||||
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c) | 500 | 453,497 | ||||||
Transport Metropolitan District No. 3 (GO) 4.12%, 03/01/26 (c) | 1,000 | 860,653 | ||||||
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c) | 1,000 | 819,077 | ||||||
7,186,810 |
See Notes to Financial Statements
112 |
Par (000’s | ) | Value | ||||||
Connecticut: 0.6% | ||||||||
City of Hartford, Series A (GO) 5.00%, 04/01/23 (c) | $ | 405 | $ | 407,989 | ||||
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) | 120 | 109,563 | ||||||
Harbor Point Infrastructure Improvement District, Harbor Point Project (TA) 5.00%, 04/01/27 (c) | 1,000 | 987,175 | ||||||
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c) | 500 | 466,494 | ||||||
University of Connecticut, Series A (RB) 5.00%, 03/15/25 | 380 | 394,484 | ||||||
2,365,705 | ||||||||
Delaware: 0.2% | ||||||||
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | 1,000 | 885,721 | ||||||
District of Columbia: 0.4% | ||||||||
District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.12%, 07/01/24 (c) | 1,060 | 994,047 | ||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30 | 500 | 469,358 | ||||||
1,463,405 | ||||||||
Florida: 5.8% | ||||||||
Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) (NATL) 5.00%, 10/01/30 | 500 | 493,557 | ||||||
Capital Trust Agency Educational Facilities, Chapter Educational Foundation, Inc. Project, Series A (RB) 4.50%, 06/15/28 | 990 | 942,127 | ||||||
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31 | 1,540 | 1,310,704 | ||||||
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) 4.38%, 06/15/27 | 1,050 | 1,004,391 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/24 (c) | $ | 425 | $ | 372,343 | ||||
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/26 (c) | 535 | 455,682 | ||||||
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c) | 500 | 538,806 | ||||||
City of Orlando, Florida Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 500 | 535,376 | ||||||
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 | 600 | 641,874 | ||||||
City of Pompano Beach, John Knox Village Project, Series B-1 (RB) 2.00%, 01/01/29 | 1,000 | 817,236 | ||||||
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c) | 290 | 293,488 | ||||||
County of Miami-Dade, Series A (RB) 5.00%, 10/01/26 (c) | 750 | 770,457 | ||||||
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 | 500 | 478,287 | ||||||
Escambia County, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c) | 500 | 504,026 | ||||||
Florida Development Finance Corp. Education Facilities, Central School Project (RB) 5.00%, 08/15/32 | 500 | 450,971 | ||||||
Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/29 (c) | 500 | 489,278 | ||||||
Florida Development Finance Corp., IPS Florida LLC- Idea Florida Inc. (RB) 5.25%, 06/15/27 (c) | 500 | 474,492 | ||||||
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/27 (c) | 470 | 425,710 |
See Notes to Financial Statements
113 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27 | $ | 150 | $ | 140,791 | ||||
Florida Development Finance Corp., The Glenridge on Palmer Ranch Project (RB) (SAW) 5.00%, 06/01/28 (c) | 625 | 570,191 | ||||||
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
6.25%, 01/01/24 (c) (p) | 2,015 | 1,919,199 | ||||||
6.38%, 01/01/26 (c) (p) | 2,730 | 2,460,153 | ||||||
6.50%, 01/01/29 (c) (p) | 2,750 | 2,423,052 | ||||||
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 12/01/22 (c) | 500 | 469,071 | ||||||
Hillsborough County, Aviation Authority, Florida Tampa International Airport, Series A (RB) 5.00%, 10/01/23 (c) | 500 | 507,692 | ||||||
JEA Electric System, Series B (RB) 5.00%, 10/01/27 (c) | 110 | 116,302 | ||||||
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c) | 315 | 297,304 | ||||||
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
5.00%, 10/01/23 | 250 | 252,651 | ||||||
5.00%, 10/01/24 | 250 | 253,989 | ||||||
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 | 2,000 | 1,946,926 | ||||||
School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c) | 120 | 123,994 | ||||||
School District of Broward County, Series B (CP) 5.00%, 07/01/27 (c) | 315 | 331,355 | ||||||
School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25 | 250 | 259,935 | ||||||
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 | 470 | 450,021 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Village Community Development District No. 13 (SA) | ||||||||
2.62%, 05/01/24 | $ | 245 | $ | 235,752 | ||||
3.00%, 05/01/29 | 240 | 205,222 | ||||||
23,962,405 | ||||||||
Georgia: 1.6% | ||||||||
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23 | 250 | 132,500 | ||||||
Burke County Development Authority, Georgia Power Company Plant Vogtle Project (RB) 2.92%, 03/12/24 (p) | 250 | 244,825 | ||||||
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p) | 1,000 | 973,657 | ||||||
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) | 250 | 235,677 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB) 2.38%, 01/01/31 | 1,500 | 1,254,725 | ||||||
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | 380 | 387,855 | ||||||
Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB) | ||||||||
5.00%, 06/01/25 | 300 | 312,315 | ||||||
5.00%, 06/01/28 | 250 | 269,400 | ||||||
Main Street Natural Gas, Inc., Series A-1 (RB) | ||||||||
5.50%, 09/15/23 | 130 | 131,545 | ||||||
5.50%, 09/15/25 | 135 | 139,173 | ||||||
Main Street Natural Gas, Inc., Series C (RB) | ||||||||
4.00%, 11/01/27 (c) (p) | 1,000 | 923,930 | ||||||
4.00%, 09/01/26 (c) (p) | 1,000 | 960,222 | ||||||
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 | 250 | 249,890 |
See Notes to Financial Statements
114 |
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c) | $ | 225 | $ | 207,727 | ||||
6,423,441 | ||||||||
Guam: 1.2% | ||||||||
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c) | 360 | 360,417 | ||||||
Guam Government, Business Privilege Tax, Series F (RB) | ||||||||
5.00%, 01/01/30 | 1,000 | 998,022 | ||||||
5.00%, 01/01/31 | 1,000 | 993,245 | ||||||
Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25 | 250 | 237,705 | ||||||
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28 | 250 | 250,171 | ||||||
Guam Government, Series A (RB) 5.00%, 12/01/24 | 1,000 | 1,003,138 | ||||||
Guam Power Authority, Series A (RB) 5.00%, 10/01/32 (c) | 880 | 895,746 | ||||||
4,738,444 | ||||||||
Hawaii: 0.3% | ||||||||
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26 | 1,500 | 1,434,554 | ||||||
Illinois: 16.3% | ||||||||
Chicago Board of Education, Series A (GO) | ||||||||
5.00%, 12/01/29 | 1,000 | 981,902 | ||||||
5.00%, 12/01/29 (c) | 1,000 | 977,537 | ||||||
5.00%, 12/01/30 (c) | 2,000 | 1,930,289 | ||||||
5.00%, 12/01/30 (c) | 1,500 | 1,435,668 | ||||||
7.00%, 12/01/25 (c) | 200 | 212,568 | ||||||
Chicago Board of Education, Series A (GO) (AGM) | ||||||||
5.00%, 12/01/28 (c) | 250 | 246,409 | ||||||
5.00%, 12/01/28 (c) | 200 | 205,278 | ||||||
Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/26 | 230 | 239,685 | ||||||
Chicago Board of Education, Series A (GO) (NATL) | ||||||||
0.01%, 12/01/24 | 310 | 282,601 | ||||||
0.01%, 12/01/26 | 310 | 256,148 | ||||||
0.01%, 12/01/28 | 795 | 591,297 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Series B (GO) | ||||||||
5.00%, 12/01/29 (c) | $ | 1,400 | $ | 1,336,607 | ||||
5.00%, 12/01/29 (c) | 2,000 | 1,939,611 | ||||||
5.00%, 12/01/29 | 1,250 | 1,227,378 | ||||||
5.00%, 12/01/29 (c) | 1,950 | 1,877,643 | ||||||
5.00%, 12/01/29 (c) | 1,250 | 1,221,921 | ||||||
5.00%, 12/01/30 | 2,000 | 1,953,640 | ||||||
5.00%, 12/01/30 (c) | 3,000 | 2,915,795 | ||||||
Chicago Board of Education, Series B-1 (GO) (NATL) 0.01%, 12/01/23 | 350 | 334,152 | ||||||
Chicago Board of Education, Series C (GO) | ||||||||
5.00%, 12/01/24 | 1,000 | 1,001,910 | ||||||
5.00%, 12/01/27 | 500 | 494,496 | ||||||
5.00%, 12/01/27 (c) | 1,560 | 1,525,877 | ||||||
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) | 750 | 752,117 | ||||||
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c) | 260 | 263,231 | ||||||
Chicago O’Hare International Airport, Series B (RB) | ||||||||
4.00%, 12/01/22 (c) | 1,000 | 966,521 | ||||||
5.00%, 01/01/25 (c) | 105 | 107,928 | ||||||
5.00%, 01/01/25 (c) | 190 | 194,566 | ||||||
5.00%, 01/01/25 (c) | 295 | 300,850 | ||||||
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.01%, 12/01/29 | 575 | 405,373 | ||||||
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
0.00%, 12/01/28 ^ | 1,515 | 1,126,812 | ||||||
0.00%, 12/01/29 ^ | 585 | 412,423 | ||||||
0.01%, 12/01/24 | 515 | 469,481 | ||||||
0.01%, 12/01/25 | 560 | 486,586 | ||||||
0.01%, 12/01/26 | 490 | 404,880 | ||||||
0.01%, 12/01/30 | 190 | 126,528 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
5.00%, 06/01/24 | 115 | 117,543 | ||||||
5.00%, 06/01/25 | 1,000 | 1,019,687 | ||||||
5.00%, 06/01/26 | 535 | 548,488 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB) 5.00%, 06/01/25 | 1,000 | 1,019,687 | ||||||
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25 | 280 | 281,047 |
See Notes to Financial Statements
115 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
City of Chicago, Second Lien Water (RB) | ||||||||
5.00%, 11/01/24 (c) | $ | 150 | $ | 152,775 | ||||
5.00%, 11/01/24 (c) | 270 | 274,746 | ||||||
5.00%, 11/01/24 (c) | 100 | 101,003 | ||||||
5.00%, 12/01/22 (c) | 100 | 100,270 | ||||||
City of Chicago, Second Lien Water, Series A-1 (RB) 5.00%, 11/01/26 (c) | 100 | 101,339 | ||||||
City of Chicago, Series A (GO) | ||||||||
4.00%, 01/01/31 (c) | 500 | 446,470 | ||||||
5.00%, 01/01/30 | 1,500 | 1,478,990 | ||||||
5.25%, 01/01/24 (c) | 180 | 180,257 | ||||||
City of Chicago, Series C (GO) | ||||||||
5.00%, 01/01/24 | 400 | 401,402 | ||||||
5.00%, 01/01/25 | 1,090 | 1,094,314 | ||||||
Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) | 240 | 240,729 | ||||||
County of Cook, Series A (GO) 5.00%, 11/15/26 (c) | 500 | 523,189 | ||||||
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c) | 500 | 400,031 | ||||||
Illinois Finance Authority, Charter School, Art In Motion Project, Series A (RB) 4.00%, 07/01/31 | 1,000 | 815,995 | ||||||
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) * | 1,190 | 583,100 | ||||||
Illinois Finance Authority, Lutheran Life Communities, Series A (RB) 5.00%, 11/01/26 (c) | 250 | 237,803 | ||||||
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 12/01/22 (c) | 100 | 97,133 | ||||||
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c) | 250 | 238,682 | ||||||
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c) | 785 | 814,742 | ||||||
Illinois Sports Facilities Authority (RB) | ||||||||
5.00%, 06/15/28 | 395 | 390,449 | ||||||
5.00%, 06/15/29 | 545 | 536,488 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 260 | 222,157 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) 0.00%, 12/15/24 ^ | 130 | 118,353 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c) | $ | 500 | $ | 500,987 | ||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ | 115 | 88,048 | ||||||
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c) | 330 | 348,388 | ||||||
State of Illinois (GO) | ||||||||
3.50%, 06/01/26 (c) | 350 | 317,325 | ||||||
3.50%, 06/01/26 (c) | 1,845 | 1,649,844 | ||||||
4.00%, 12/01/22 (c) | 185 | 181,781 | ||||||
4.12%, 11/01/26 (c) | 100 | 92,032 | ||||||
4.12%, 12/01/22 (c) | 300 | 288,783 | ||||||
5.00%, 01/01/26 | 200 | 201,557 | ||||||
5.00%, 11/01/24 | 705 | 711,259 | ||||||
5.00%, 12/01/25 | 1,315 | 1,325,391 | ||||||
5.00%, 02/01/24 | 120 | 121,025 | ||||||
5.00%, 02/01/24 (c) | 150 | 150,690 | ||||||
5.00%, 02/01/24 | 500 | 504,271 | ||||||
5.00%, 02/01/26 | 515 | 518,949 | ||||||
5.00%, 02/01/27 (c) | 600 | 600,726 | ||||||
5.00%, 02/01/27 | 500 | 503,382 | ||||||
5.00%, 05/01/24 (c) | 1,250 | 1,251,059 | ||||||
5.00%, 05/01/24 (c) | 100 | 100,214 | ||||||
5.00%, 06/01/26 | 100 | 100,745 | ||||||
5.00%, 06/01/26 (c) | 455 | 457,052 | ||||||
5.25%, 07/01/23 (c) | 275 | 275,470 | ||||||
5.50%, 07/01/23 (c) | 60 | 60,277 | ||||||
5.50%, 07/01/23 (c) | 500 | 502,647 | ||||||
5.50%, 07/01/23 (c) | 270 | 271,845 | ||||||
State of Illinois (GO) (NATL) 6.00%, 11/01/26 | 2,000 | 2,078,413 | ||||||
State of Illinois, Sales Tax (RB) | ||||||||
4.00%, 06/15/26 (c) | 810 | 803,012 | ||||||
5.00%, 06/15/23 (c) | 190 | 191,103 | ||||||
5.00%, 06/15/23 (c) | 285 | 286,573 | ||||||
5.00%, 06/15/26 | 235 | 241,255 | ||||||
5.00%, 06/15/31 | 1,000 | 1,033,996 | ||||||
State of Illinois, Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c) | 500 | 424,485 | ||||||
State Of Illinois, Sales Tax, Series A (RB) (BAM) 4.00%, 06/15/30 | 1,000 | 986,240 | ||||||
State of Illinois, Series A (GO) | ||||||||
4.00%, 12/01/22 (c) | 100 | 94,929 | ||||||
5.00%, 10/01/28 | 500 | 501,120 | ||||||
5.00%, 03/01/29 | 500 | 500,826 | ||||||
5.00%, 03/01/30 | 500 | 500,330 | ||||||
State of Illinois, Series B (GO) | ||||||||
4.00%, 10/01/30 (c) | 500 | 449,834 | ||||||
5.00%, 10/01/28 (c) | 1,000 | 991,135 |
See Notes to Financial Statements
116 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
5.00%, 09/01/27 | $ | 600 | $ | 602,769 | ||||
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 315 | 315,274 | ||||||
State of Illinois, Series D (GO) | ||||||||
3.25%, 11/01/26 | 165 | 155,826 | ||||||
5.00%, 11/01/25 | 1,250 | 1,260,018 | ||||||
5.00%, 11/01/26 | 1,395 | 1,405,031 | ||||||
5.00%, 11/01/27 | 1,130 | 1,134,447 | ||||||
5.00%, 11/01/27 (c) | 110 | 110,193 | ||||||
66,933,133 | ||||||||
Indiana: 0.9% | ||||||||
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/22 (c) | 290 | 266,066 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 | 1,000 | 849,350 | ||||||
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | 2,000 | 1,915,409 | ||||||
Indianapolis Local Public Improvement, Indianapolis Airport Authority Project, Series D (RB) 5.00%, 01/01/29 | 500 | 514,664 | ||||||
3,545,489 | ||||||||
Iowa: 1.2% | ||||||||
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | 945 | 896,745 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/32 (c) (p) | 1,000 | 900,898 | ||||||
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c) | 350 | 341,982 | ||||||
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25 | 755 | 728,764 | ||||||
PEFA, Inc., Gas Project (RB) 5.00%, 09/01/26 (c) (p) | 1,920 | 1,918,726 | ||||||
4,787,115 | ||||||||
Kansas: 0.1% | ||||||||
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c) | 275 | 245,004 | ||||||
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25 | 100 | 91,970 | ||||||
336,974 |
Par (000’s | ) | Value | ||||||
Kentucky: 0.4% | ||||||||
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c) | $ | 140 | $ | 144,563 | ||||
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26 | 140 | 146,278 | ||||||
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB) | ||||||||
5.00%, 11/01/25 | 630 | 653,168 | ||||||
5.00%, 11/01/26 (c) | 325 | 340,443 | ||||||
Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) 5.25%, 09/01/23 (c) | 250 | 253,471 | ||||||
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26 | 85 | 82,886 | ||||||
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) | 175 | 181,769 | ||||||
1,802,578 | ||||||||
Louisiana: 1.7% | ||||||||
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27 | 1,025 | 1,038,320 | ||||||
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29 | 150 | 152,241 | ||||||
City of New Orleans, Louisiana Water (RB) 5.00%, 12/01/25 (c) | 305 | 319,569 | ||||||
City of Shreveport, Water and Sewer, Series C (RB) (BAM) 5.00%, 12/01/26 | 525 | 547,555 | ||||||
Louisiana Local Government Environment Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 5.50%, 11/15/25 | 600 | 593,237 |
See Notes to Financial Statements
117 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | $ | 3,060 | $ | 2,740,280 | ||||
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) * | 330 | 3 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) * | 521 | 5 | ||||||
Parish of St James, Nustar Logistics, LP Project (RB) 6.10%, 06/01/30 (p) | 1,500 | 1,574,992 | ||||||
6,966,202 | ||||||||
Maryland: 0.7% | ||||||||
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 | 200 | 192,496 | ||||||
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 | 350 | 347,460 | ||||||
County of Howard, Series A (TA) 4.00%, 02/15/26 (c) | 200 | 189,469 | ||||||
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/22 (c) | 695 | 694,757 | ||||||
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c) | 155 | 146,342 | ||||||
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30 | 1,000 | 869,953 | ||||||
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 | 425 | 440,281 | ||||||
2,880,758 | ||||||||
Massachusetts: 0.6% | ||||||||
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | 490 | 481,050 |
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c) | $ | 310 | $ | 320,985 | ||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB) 5.00%, 07/01/28 | 500 | 525,089 | ||||||
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 11/21/22 (c) | 250 | 249,110 | ||||||
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 335 | 344,510 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/26 (c) | 100 | 103,268 | ||||||
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c) | 275 | 278,814 | ||||||
2,302,826 | ||||||||
Michigan: 1.6% | ||||||||
City of Detroit, Michigan Unlimited Tax (GO) 5.00%, 04/01/26 | 1,000 | 1,020,384 | ||||||
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c) | 500 | 501,868 | ||||||
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c) | 250 | 228,583 | ||||||
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | 1,000 | 1,043,162 | ||||||
5.00%, 07/01/26 (c) | 500 | 523,957 | ||||||
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31 | 500 | 429,973 | ||||||
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c) | 1,000 | 987,602 | ||||||
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c) | 155 | 153,492 |
See Notes to Financial Statements
118 |
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27 | $ | 1,415 | $ | 1,500,890 | ||||
6,389,911 | ||||||||
Minnesota: 0.6% | ||||||||
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 100 | 93,194 | ||||||
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 | 415 | 345,786 | ||||||
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c) | 350 | 320,914 | ||||||
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c) | 1,000 | 915,780 | ||||||
Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB) 5.00%, 07/01/25 (c) | 500 | 512,488 | ||||||
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26 | 100 | 99,272 | ||||||
2,287,434 | ||||||||
Mississippi: 0.1% | ||||||||
Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 08/02/27 (p) | 500 | 474,014 | ||||||
Missouri: 0.9% | ||||||||
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c) | 600 | 556,118 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/26 (c) | 220 | 188,917 | ||||||
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c) | 1,915 | 1,558,830 | ||||||
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/25 (c) | 125 | 115,750 |
Par (000’s | ) | Value | ||||||
Missouri (continued) | ||||||||
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c) | $ | 400 | $ | 360,065 | ||||
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c) | 500 | 429,439 | ||||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c) | 500 | 478,504 | ||||||
3,687,623 | ||||||||
Nebraska: 0.2% | ||||||||
Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
5.00%, 09/01/27 | 500 | 508,889 | ||||||
5.00%, 09/01/28 | 100 | 101,951 | ||||||
5.00%, 09/01/30 | 125 | 127,493 | ||||||
738,333 | ||||||||
Nevada: 1.1% | ||||||||
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/22 (c) | 305 | 295,082 | ||||||
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) | ||||||||
2.50%, 06/15/24 | 230 | 220,586 | ||||||
2.75%, 06/15/28 | 1,000 | 866,327 | ||||||
Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c) | 100 | 102,453 | ||||||
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 | 5 | 3,977 | ||||||
Clark County, School District, Series A (GO) 5.00%, 06/15/24 | 500 | 512,171 | ||||||
Clark County, School District, Series B (GO) (AGM) | ||||||||
5.00%, 06/15/29 (c) | 250 | 269,337 | ||||||
5.00%, 06/15/29 | 250 | 269,863 | ||||||
Clark County, School District, Series B (GO) (BAM) | ||||||||
5.00%, 06/15/30 (c) | 500 | 539,548 | ||||||
5.00%, 06/15/30 | 250 | 270,149 | ||||||
Clark County, School District, Series C (GO) 5.00%, 12/15/25 (c) | 115 | 120,000 | ||||||
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 | 409 | 415,241 |
See Notes to Financial Statements
119 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Nevada (continued) | ||||||||
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c) | $ | 545 | $ | 522,512 | ||||
4,407,246 | ||||||||
New Hampshire: 0.1% | ||||||||
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c) | 250 | 232,566 | ||||||
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) * | 290 | 113,100 | ||||||
345,666 | ||||||||
New Jersey: 8.8% | ||||||||
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 375 | 378,598 | ||||||
New Jersey Economic Development Authority, American Water Company, Inc. Project, Series B (RB) 2.05%, 12/03/29 (p) | 1,250 | 1,049,680 | ||||||
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
5.25%, 12/01/22 (c) | 2,000 | 1,968,400 | ||||||
5.62%, 03/05/24 (c) | 1,000 | 986,995 | ||||||
5.75%, 12/01/22 (c) | 300 | 300,155 | ||||||
New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24 | 40 | 39,448 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
4.00%, 07/01/27 (c) | 760 | 714,541 | ||||||
5.00%, 07/01/27 (c) | 1,000 | 1,010,140 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27 | 380 | 377,842 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
4.00%, 11/01/25 | 500 | 500,944 | ||||||
5.00%, 11/01/25 | 115 | 118,439 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 110 | 113,944 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | $ | 115 | $ | 120,466 | ||||
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) | 100 | 108,520 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
5.00%, 03/01/23 (c) | 200 | 200,682 | ||||||
5.00%, 03/01/23 (c) | 1,660 | 1,669,879 | ||||||
5.00%, 03/01/23 (c) | 35 | 35,113 | ||||||
5.00%, 03/01/23 (c) | 455 | 456,861 | ||||||
5.00%, 03/01/23 (c) | 1,500 | 1,504,934 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
5.00%, 06/15/24 (c) | 340 | 345,407 | ||||||
5.00%, 06/15/24 (c) | 500 | 513,938 | ||||||
5.00%, 06/15/24 (c) | 320 | 328,920 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
5.00%, 06/15/24 (c) | 690 | 708,684 | ||||||
5.00%, 06/15/24 | 430 | 438,492 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
4.25%, 06/15/25 (c) | 440 | 442,656 | ||||||
4.38%, 06/15/25 (c) | 130 | 130,808 | ||||||
5.00%, 06/15/25 (c) | 345 | 353,714 | ||||||
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c) | 750 | 739,768 | ||||||
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c) | 175 | 155,064 | ||||||
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
5.00%, 06/15/24 (c) | 175 | 177,912 | ||||||
5.00%, 06/15/24 (c) | 145 | 147,306 | ||||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24 | 315 | 321,364 |
See Notes to Financial Statements
120 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26 | $ | 500 | $ | 527,879 | ||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
0.00%, 12/15/25 ^ | 120 | 105,521 | ||||||
0.00%, 12/15/26 ^ | 360 | 302,590 | ||||||
0.00%, 12/15/32 ^ | 5 | 3,068 | ||||||
5.00%, 12/15/24 | 500 | 510,978 | ||||||
5.00%, 12/15/25 | 500 | 515,471 | ||||||
5.00%, 12/15/26 | 1,050 | 1,090,197 | ||||||
5.00%, 12/15/28 | 885 | 921,904 | ||||||
5.00%, 12/15/28 (c) | 205 | 211,437 | ||||||
5.00%, 06/15/24 | 300 | 305,925 | ||||||
5.00%, 06/15/26 (c) | 500 | 512,194 | ||||||
5.00%, 06/15/26 (c) | 395 | 405,725 | ||||||
5.00%, 06/15/31 | 1,100 | 1,140,134 | ||||||
5.25%, 12/15/23 | 270 | 274,517 | ||||||
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
5.00%, 06/15/26 (c) | 845 | 873,735 | ||||||
5.00%, 06/15/26 (c) | 110 | 113,190 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
5.00%, 12/15/28 (c) | 500 | 513,642 | ||||||
5.00%, 06/15/23 (c) | 490 | 493,056 | ||||||
5.00%, 06/15/25 (c) | 275 | 281,945 | ||||||
5.25%, 06/15/25 (c) | 365 | 373,142 | ||||||
5.25%, 06/15/25 (c) | 100 | 102,848 | ||||||
5.25%, 06/15/25 (c) | 435 | 446,097 | ||||||
5.25%, 06/15/25 (c) | 1,065 | 1,081,944 | ||||||
New Jersey Transportation Trust Fund Authority, Series BB (RB) 5.00%, 12/15/31 (c) | 1,000 | 1,024,932 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM) 0.01%, 12/15/29 | 290 | 212,135 | ||||||
New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
5.00%, 12/15/23 | 735 | 745,302 | ||||||
5.00%, 12/15/24 (c) | 1,380 | 1,391,062 | ||||||
5.25%, 12/15/23 | 515 | 523,616 | ||||||
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.00%, 01/01/32 | 120 | 123,708 | ||||||
Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 35 | 35,329 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
State of New Jersey, Covid-19 General Emergency, Series A (GO) | ||||||||
5.00%, 06/01/26 | $ | 500 | $ | 524,802 | ||||
5.00%, 06/01/27 | 500 | 530,391 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 12/01/29 (c) | 2,000 | 1,668,346 | ||||||
3.00%, 06/01/26 | 80 | 77,021 | ||||||
5.00%, 06/01/27 | 100 | 106,078 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
5.00%, 06/01/28 (c) | 150 | 155,092 | ||||||
5.00%, 06/01/28 (c) | 640 | 658,517 | ||||||
5.00%, 06/01/28 | 655 | 678,042 | ||||||
36,021,126 | ||||||||
New Mexico: 0.6% | ||||||||
City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan And Four Corners Projects, Series B (RB) 2.15%, 10/01/31 (c) | 1,700 | 1,285,211 | ||||||
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series A (RB) 1.80%, 04/01/29 | 1,100 | 911,857 | ||||||
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29 | 500 | 414,969 | ||||||
2,612,037 | ||||||||
New York: 9.4% | ||||||||
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
5.00%, 01/15/27 (c) | 1,800 | 1,777,249 | ||||||
5.00%, 01/15/27 (c) | 100 | 99,786 | ||||||
5.00%, 01/15/27 (c) | 100 | 99,503 | ||||||
5.00%, 07/15/24 | 1,750 | 1,751,283 | ||||||
5.00%, 07/15/26 | 100 | 99,959 | ||||||
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28 | 1,235 | 1,161,733 | ||||||
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 | 275 | 246,796 |
See Notes to Financial Statements
121 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Build NYC Resource Corporation, Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c) | $ | 595 | $ | 532,316 | ||||
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26 | 250 | 261,427 | ||||||
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26 | 250 | 263,640 | ||||||
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
5.00%, 07/01/26 (c) | 270 | 274,002 | ||||||
5.00%, 07/01/26 (c) | 275 | 280,045 | ||||||
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27 | 1,000 | 944,471 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c) | 250 | 251,418 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c) | 250 | 255,065 | ||||||
Metropolitan Transportation Authority, Series D (RB) | ||||||||
5.00%, 11/15/26 (c) | 500 | 501,975 | ||||||
5.00%, 05/15/28 (c) | 560 | 563,766 | ||||||
Metropolitan Transportation Authority, Series D-1 (RB) | ||||||||
5.00%, 11/15/25 (c) | 250 | 250,975 | ||||||
5.00%, 11/15/25 (c) | 250 | 252,656 | ||||||
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 5.00%, 12/01/30 (c) | 500 | 510,105 | ||||||
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/26 (c) | 1,000 | 862,689 | ||||||
New York Convention Center Development Corp., Hotel Unit (RB) 5.00%, 11/15/25 (c) | 500 | 515,299 | ||||||
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
5.00%, 08/01/24 | 250 | 252,794 | ||||||
5.00%, 08/01/28 (c) | 2,395 | 2,299,111 | ||||||
5.00%, 08/01/28 (c) | 945 | 914,997 | ||||||
5.00%, 08/01/28 (c) | 1,000 | 979,766 | ||||||
5.00%, 09/01/27 | 1,000 | 998,486 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C)) 2.75%, 09/02/25 (c) (p) | $ | 600 | $ | 558,269 | ||||
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
2.25%, 08/01/26 | 815 | 748,245 | ||||||
5.00%, 11/21/22 (c) | 620 | 617,652 | ||||||
5.00%, 11/21/22 (c) | 2,000 | 1,965,126 | ||||||
5.25%, 08/01/30 (c) | 865 | 858,875 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
4.00%, 10/01/30 | 2,000 | 1,875,513 | ||||||
5.00%, 01/01/28 (c) | 785 | 778,354 | ||||||
5.00%, 01/01/28 (c) | 4,405 | 4,348,417 | ||||||
5.00%, 01/01/28 (c) | 780 | 775,458 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 | 2,000 | 1,724,354 | ||||||
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c) | 1,500 | 1,443,434 | ||||||
Port Authority of New York & New Jersey, Series 184 (RB) | ||||||||
5.00%, 10/15/25 (c) | 500 | 519,976 | ||||||
5.00%, 09/01/24 (c) | 250 | 256,587 | ||||||
Port Authority of New York & New Jersey, Series 214 (RB) 5.00%, 09/01/29 (c) | 250 | 256,502 | ||||||
Port Authority of New York & New Jersey, Series 217 (RB) 3.00%, 10/01/28 | 550 | 506,396 | ||||||
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
5.00%, 01/01/26 (c) | 1,130 | 938,997 | ||||||
5.00%, 01/01/26 (c) | 750 | 642,643 | ||||||
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c) | 665 | 659,169 | ||||||
Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
4.00%, 05/15/23 (c) | 120 | 111,096 | ||||||
4.12%, 05/15/23 (c) | 100 | 91,492 |
See Notes to Financial Statements
122 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Trust for Cultural Resources of The City of New York, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/30 (c) | $ | 1,000 | $ | 1,085,258 | ||||
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
5.00%, 06/01/27 (c) | 70 | 72,133 | ||||||
5.00%, 06/01/27 | 70 | 72,486 | ||||||
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c) | 275 | 255,685 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29 | 200 | 182,313 | ||||||
38,545,742 | ||||||||
North Carolina: 1.0% | ||||||||
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25 | 125 | 131,801 | ||||||
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c) | 250 | 259,509 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25 | 350 | 352,121 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 500 | 526,474 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 | 3,000 | 3,036,614 | ||||||
4,306,519 | ||||||||
North Dakota: 0.4% | ||||||||
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c) | 3,000 | 1,766,069 | ||||||
Ohio: 1.8% | ||||||||
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 | 500 | 538,110 | ||||||
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/29 (c) | 1,000 | 951,851 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
5.00%, 02/15/25 | $ | 250 | $ | 255,444 | ||||
5.00%, 02/15/26 | 50 | 51,510 | ||||||
5.00%, 02/15/27 (c) | 110 | 112,534 | ||||||
5.00%, 02/15/27 | 350 | 360,374 | ||||||
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 02/15/23 (c) | 1,860 | 1,829,974 | ||||||
Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB) 2.40%, 10/01/29 (c) (p) | 500 | 428,407 | ||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 2,000 | 1,782,165 | ||||||
Southern Ohio Port Authority, Purecycle Project, Series B (RB) (AGM) 10.00%, 12/01/26 (c) | 1,000 | 966,529 | ||||||
7,276,898 | ||||||||
Oklahoma: 0.7% | ||||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
5.00%, 08/15/26 | 1,000 | 971,209 | ||||||
5.00%, 08/15/27 | 250 | 240,982 | ||||||
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 1,500 | 1,494,921 | ||||||
2,707,112 | ||||||||
Oregon: 0.1% | ||||||||
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) * | 500 | 30,000 | ||||||
Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c) | 325 | 300,437 | ||||||
330,437 | ||||||||
Pennsylvania: 4.8% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
5.00%, 05/01/27 | 1,250 | 1,216,918 | ||||||
5.00%, 05/01/28 | 1,665 | 1,606,105 | ||||||
5.00%, 05/01/28 | 875 | 846,747 | ||||||
Berks County Industrial Development Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c) | 200 | 148,332 |
See Notes to Financial Statements
123 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
5.00%, 11/01/24 | $ | 1,000 | $ | 955,887 | ||||
5.00%, 11/01/25 | 1,000 | 933,134 | ||||||
5.00%, 11/01/26 | 400 | 365,362 | ||||||
5.00%, 11/01/27 (c) | 1,065 | 884,436 | ||||||
Berks County Municipal Authority, Tower Health Project, Series A (RB) | ||||||||
5.00%, 02/01/30 | 800 | 675,691 | ||||||
5.00%, 02/01/31 | 425 | 350,155 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) | 1,500 | 1,341,927 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) | 500 | 418,324 | ||||||
City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25 | 80 | 82,649 | ||||||
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24 | 1,500 | 1,491,702 | ||||||
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
4.25%, 10/15/26 | 1,750 | 1,674,980 | ||||||
5.00%, 10/15/27 | 250 | 244,849 | ||||||
5.00%, 10/15/28 (c) | 500 | 476,317 | ||||||
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c) | 250 | 250,258 | ||||||
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/26 (c) | 775 | 722,061 | ||||||
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) | 1,000 | 1,049,184 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25 | 1,055 | 1,027,454 | ||||||
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
5.00%, 12/31/23 | 125 | 126,346 | ||||||
5.00%, 06/30/26 | 130 | 130,924 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c) | $ | 100 | $ | 103,672 | ||||
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c) | 645 | 715,473 | ||||||
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31 | 575 | 523,975 | ||||||
Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26 | 100 | 104,588 | ||||||
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c) | 200 | 206,684 | ||||||
Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c) | 500 | 500,095 | ||||||
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | ||||||||
5.00%, 07/01/26 | 115 | 117,797 | ||||||
5.00%, 07/01/27 (c) | 275 | 282,122 | ||||||
19,574,148 | ||||||||
Puerto Rico: 5.3% | ||||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
5.00%, 07/01/30 | 3,000 | 2,874,424 | ||||||
6.12%, 07/01/24 | 410 | 415,452 | ||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | ||||||||
5.00%, 07/01/28 | 1,000 | 975,492 | ||||||
5.00%, 07/01/31 (c) | 2,000 | 1,867,875 | ||||||
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) | ||||||||
4.00%, 07/01/31 (c) | 2,000 | 1,696,580 | ||||||
5.38%, 07/01/25 | 3,638 | 3,638,721 | ||||||
5.62%, 07/01/27 | 1,000 | 1,008,266 | ||||||
5.62%, 07/01/29 | 3,000 | 3,022,331 | ||||||
5.75%, 07/01/31 | 2,000 | 2,016,102 | ||||||
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 12/01/22 (c) | 250 | 253,659 | ||||||
Puerto Rico Highway and Transportation Authority, Series CC (RB) (AGM) 5.25%, 07/01/32 | 1,105 | 1,086,041 |
See Notes to Financial Statements
124 |
Par (000’s | ) | Value | ||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/22 (c) | $ | 100 | $ | 103,564 | ||||
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 12/01/22 (c) | 780 | 791,111 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) 0.01%, 07/01/28 (c) | 2,000 | 1,223,026 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c) | 1,308 | 908,890 | ||||||
21,881,534 | ||||||||
Rhode Island: 0.4% | ||||||||
Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | ||||||||
5.00%, 05/15/30 (c) | 250 | 265,878 | ||||||
5.00%, 05/15/30 (c) | 400 | 430,701 | ||||||
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 | 155 | 162,439 | ||||||
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c) | 1,000 | 906,454 | ||||||
1,765,472 | ||||||||
South Carolina: 0.8% | ||||||||
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c) | 600 | 595,302 | ||||||
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) | ||||||||
5.25%, 07/01/25 (c) | 755 | 785,418 | ||||||
6.00%, 06/01/28 (c) | 1,000 | 789,657 | ||||||
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) | 360 | 340,457 | ||||||
South Carolina Public Service Authority, Series A (RB) | ||||||||
5.00%, 06/01/25 (c) | 290 | 297,598 | ||||||
5.00%, 06/01/26 (c) | 525 | 535,905 | ||||||
3,344,337 | ||||||||
Tennessee: 0.9% | ||||||||
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) | 500 | 391,661 |
Par (000’s | ) | Value | ||||||
Tennessee (continued) | ||||||||
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27 | $ | 105 | $ | 85,564 | ||||
Tennergy Corporation Gas Supply Series A (RB) 4.00%, 09/01/28 (c) (p) | 1,750 | 1,643,364 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) | 1,000 | 974,976 | ||||||
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26 | 525 | 530,816 | ||||||
3,626,381 | ||||||||
Texas: 7.6% | ||||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) | ||||||||
5.00%, 01/01/27 (c) | 1,200 | 1,180,343 | ||||||
5.00%, 01/01/27 (c) | 1,155 | 1,144,000 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26 | 775 | 777,747 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c) | 500 | 479,834 | ||||||
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) | 50 | 54,191 | ||||||
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) | 2,465 | 2,183,942 | ||||||
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) | 750 | 789,444 | ||||||
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) | 2,000 | 2,052,630 | ||||||
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 120 | 122,339 | ||||||
City of Austin, Texas Airport System (RB) | ||||||||
5.00%, 11/15/24 (c) | 395 | 399,581 | ||||||
5.00%, 11/15/25 | 625 | 640,835 | ||||||
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 | 180 | 185,637 |
See Notes to Financial Statements
125 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c) | $ | 2,250 | $ | 2,221,036 | ||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27 | 250 | 248,650 | ||||||
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 12/01/22 (c) | 200 | 199,991 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/27 | 1,000 | 994,552 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28 | 1,500 | 1,485,284 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24 | 545 | 542,650 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c) | 1,000 | 986,115 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27 | 2,750 | 2,735,019 | ||||||
Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
4.62%, 08/15/25 | 60 | 59,356 | ||||||
5.12%, 08/15/25 (c) | 200 | 196,276 | ||||||
6.00%, 03/01/24 (c) | 1,345 | 1,359,063 | ||||||
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c) | 500 | 501,113 | ||||||
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 12/01/22 (c) | 335 | 327,663 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.01%, 11/15/29 | 315 | 222,437 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 12/01/22 (c) | $ | 1,000 | $ | 1,000,627 | ||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
5.00%, 05/15/25 (c) | 335 | 345,624 | ||||||
5.00%, 05/15/29 (c) | 200 | 212,527 | ||||||
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30 | 105 | 103,254 | ||||||
Matagorda County Navigation District No 1 (RB) 4.00%, 06/03/23 (c) | 2,100 | 2,003,151 | ||||||
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) * | 300 | 249,000 | ||||||
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/22 (c) | 1,000 | 942,988 | ||||||
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c) | 1,000 | 862,032 | ||||||
New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c) | 1,000 | 910,706 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) | 185 | 184,907 | ||||||
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
5.00%, 07/01/23 | 100 | 85,000 | ||||||
5.00%, 07/01/24 | 100 | 85,000 | ||||||
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29 | 405 | 308,221 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c) | 185 | 193,671 | ||||||
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 07/01/23 (c) | 550 | 421,903 | ||||||
SA Energy Acquisition Public Facility Corp. (RB) 5.50%, 08/01/24 | 55 | 55,804 |
See Notes to Financial Statements
126 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
5.50%, 08/01/25 | $ | 125 | $ | 127,673 | ||||
5.50%, 08/01/27 | 110 | 113,637 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c) | 250 | 236,472 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c) | 275 | 259,476 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | ||||||||
5.25%, 12/15/23 | 15 | 15,208 | ||||||
5.25%, 12/15/24 | 60 | 61,313 | ||||||
5.25%, 12/15/25 | 100 | 102,933 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28 | 350 | 354,788 | ||||||
31,325,643 | ||||||||
Utah: 0.4% | ||||||||
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27 | 800 | 767,709 | ||||||
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31 | 1,000 | 1,023,426 | ||||||
1,791,135 | ||||||||
Virgin Islands: 0.7% | ||||||||
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) 5.00%, 10/01/32 | 1,000 | 1,007,501 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) | ||||||||
5.00%, 10/01/24 | 200 | 197,855 | ||||||
5.00%, 10/01/24 (c) | 1,000 | 940,855 | ||||||
Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
5.00%, 12/01/22 (c) | 150 | 147,213 | ||||||
5.00%, 12/01/22 (c) | 75 | 72,063 | ||||||
5.00%, 12/01/22 (c) | 620 | 571,056 | ||||||
5.00%, 12/01/22 (c) | 55 | 52,049 | ||||||
2,988,592 | ||||||||
Virginia: 1.4% | ||||||||
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 12/01/22 (c) | 140 | 128,770 | ||||||
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23 | 500 | 505,666 |
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
County of Albemarle, Virginia Economic Development Authority, Series A (RB) 4.62%, 01/01/23 (c) | $ | 800 | $ | 801,643 | ||||
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c) | 325 | 298,283 | ||||||
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) | 1,835 | 1,505,354 | ||||||
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) | 1,525 | 1,175,534 | ||||||
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | 710 | 710,121 | ||||||
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31 | 635 | 597,660 | ||||||
5,723,031 | ||||||||
Washington: 1.3% | ||||||||
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 | 140 | 137,434 | ||||||
Klickitat County, Public Hospital District No. 2 (RB) 4.00%, 12/01/27 | 880 | 818,872 | ||||||
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p) | 480 | 487,604 | ||||||
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 2,250 | 1,945,480 | ||||||
Washington State, Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c) | 250 | 225,028 | ||||||
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) | 1,000 | 914,076 | ||||||
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
3.75%, 07/01/26 | 185 | 173,385 | ||||||
4.00%, 01/01/25 (c) | 500 | 469,482 |
See Notes to Financial Statements
127 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
5.00%, 01/01/25 (c) | $ | 365 | $ | 332,431 | ||||
5,503,792 | ||||||||
West Virginia: 0.4% | ||||||||
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.75%, 12/01/22 (c) | 680 | 645,573 | ||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p) | 1,000 | 965,575 | ||||||
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26 | 150 | 156,414 | ||||||
1,767,562 | ||||||||
Wisconsin: 1.5% | ||||||||
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c) | 1,000 | 965,183 | ||||||
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) 3.75%, 02/01/32 | 850 | 738,464 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c) | $ | 455 | $ | 397,266 | ||||
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 | 550 | 518,295 | ||||||
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c) | 505 | 436,463 | ||||||
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c) | 150 | 140,452 | ||||||
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 | 1,765 | 1,774,300 | ||||||
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25 | 1,050 | 992,552 | ||||||
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c) | 250 | 233,030 | ||||||
6,196,005 | ||||||||
Total Municipal Bonds: 98.0% (Cost: $452,391,259) | 402,283,889 | |||||||
Other assets less liabilities: 2.0% | 8,331,650 | |||||||
NET ASSETS: 100.0% | $ | 410,615,539 |
Definitions:
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
BAM | Build America Assurance Co. |
CP | Certificate of Participation |
FGIC | Financial Guaranty Insurance Co. |
GO | General Obligation |
NATL | National Public Finance Guarantee Corp. |
RB | Revenue Bond |
SA | Special Assessment |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
TA | Tax Allocation |
Footnotes: | |
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
* | Non-income producing |
(d) | Security in default |
^ | Zero Coupon Bond |
See Notes to Financial Statements
128 |
Summary of Investments by Sector | % of Investments | Value | ||||||
Airport | 4.5 | % | $ | 18,195,623 | ||||
Education | 6.3 | 25,541,198 | ||||||
Health | 6.0 | 24,243,127 | ||||||
Hospitals | 7.9 | 31,720,913 | ||||||
Industrial Development Revenue | 14.6 | 58,685,579 | ||||||
Leasing COPS & Appropriations | 4.9 | 19,897,347 | ||||||
Local GO | 10.4 | 41,850,101 | ||||||
Misc | 2.1 | 8,611,995 | ||||||
Multi-Family Housing | 0.6 | 2,238,295 | ||||||
Pollution Control | 1.1 | 4,366,782 | ||||||
Power | 3.9 | 15,656,823 | ||||||
Refunded | 1.2 | 4,654,910 | ||||||
State GO | 8.6 | 34,575,106 | ||||||
Tax | 8.9 | 35,898,579 | ||||||
Tobacco | 0.4 | 1,636,269 | ||||||
Toll & Turnpike | 2.6 | 10,279,650 | ||||||
Transportation | 6.4 | 25,707,425 | ||||||
Unassigned | 0.5 | 1,907,943 | ||||||
Utilities - Other | 6.6 | 26,588,494 | ||||||
Water & Sewer | 2.5 | 10,027,730 | ||||||
100.0 | % | $ | 402,283,889 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||
Municipal Bonds * | $ | — | $ | 402,283,889 | $ | — | $ | 402,283,889 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
129 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.3% | ||||||||
Alabama: 2.9% | ||||||||
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/27 (c) | $ | 985 | $ | 1,059,432 | ||||
Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23 | 125 | 126,863 | ||||||
Alabama Public School And College Authority, Series A (RB) 5.00%, 11/01/22 | 750 | 750,000 | ||||||
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/25 (c) (p) | 1,000 | 969,878 | ||||||
Black Belt Energy Gas District, Series A (RB) (SAW) | ||||||||
4.00%, 12/01/23 (c) (p) | 470 | 467,249 | ||||||
5.00%, 12/01/23 | 860 | 864,863 | ||||||
Industrial Development Board of the City of Mobile, Alabama Power Company Barry Plant Project, Series A (RB) 1.00%, 06/26/25 (p) | 1,000 | 929,628 | ||||||
Jefferson County, Series A (GO) | ||||||||
5.00%, 04/01/24 | 290 | 296,789 | ||||||
5.00%, 04/01/25 | 340 | 351,832 | ||||||
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) | 1,500 | 1,456,947 | ||||||
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 06/01/24 (c) (p) | 250 | 246,620 | ||||||
Tuscaloosa City Board of Education (RB) | ||||||||
5.00%, 08/01/26 (c) | 1,055 | 1,113,274 | ||||||
5.00%, 08/01/26 (c) | 825 | 870,569 | ||||||
9,503,944 | ||||||||
Arizona: 1.0% | ||||||||
City of Phoenix, Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23 | 250 | 252,821 | ||||||
City of Phoenix, Civic Improvement Corp., Senior Lien Airport, Series B (RB) 5.00%, 07/01/24 | 200 | 205,317 | ||||||
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26 | 700 | 729,973 | ||||||
Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24 | 250 | 256,647 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Maricopa County Special Health Care District, Series D (GO) 5.00%, 07/01/23 | $ | 500 | $ | 505,610 | ||||
Pima County (GO) 4.00%, 07/01/23 | 310 | 311,726 | ||||||
Salt River Project Agricultural Improvement & Power District, Series A (RB) | ||||||||
5.00%, 01/01/26 | 500 | 525,693 | ||||||
5.00%, 01/01/27 | 500 | 532,941 | ||||||
3,320,728 | ||||||||
California: 16.2% | ||||||||
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) | ||||||||
2.00%, 04/01/28 (c) (p) | 1,000 | 894,654 | ||||||
2.95%, 04/01/26 (c) (p) | 1,205 | 1,161,624 | ||||||
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p) | 395 | 384,168 | ||||||
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p) | 725 | 702,835 | ||||||
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 08/01/28 (c) (p) | 500 | 480,473 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p) | 500 | 504,831 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p) | 335 | 320,372 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/25 (p) | 585 | 609,730 | ||||||
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/26 (c) (p) | 500 | 492,387 | ||||||
California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/26 | 885 | 939,844 | ||||||
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 09/01/26 | 500 | 530,384 |
See Notes to Financial Statements
130 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, Cottage Health System Obligated Group (RB) 5.00%, 11/01/24 (c) | $ | 900 | $ | 930,109 | ||||
Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c) | 405 | 412,985 | ||||||
City & County of San Francisco, Series B (CP) | ||||||||
5.00%, 10/01/25 (c) | 430 | 450,140 | ||||||
5.00%, 04/01/25 | 100 | 103,951 | ||||||
City & County of San Francisco, Series R-1 (GO) | ||||||||
4.00%, 06/15/23 (c) | 1,000 | 1,004,232 | ||||||
5.00%, 06/15/25 | 250 | 261,877 | ||||||
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26 | 500 | 528,454 | ||||||
County of Sacramento, Airport System, Series B (RB) 5.00%, 07/01/25 | 240 | 250,268 | ||||||
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^ | 500 | 433,754 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | ||||||||
5.00%, 06/01/23 (c) | 500 | 505,557 | ||||||
5.00%, 06/01/25 (c) | 1,000 | 1,043,820 | ||||||
5.00%, 06/01/25 (c) | 1,870 | 1,951,944 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^ | 1,000 | 880,607 | ||||||
Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24 | 265 | 272,598 | ||||||
Los Angeles Community College District/CA, Series C (GO) 5.00%, 08/01/26 | 500 | 532,875 | ||||||
Los Angeles Department of Water & Power, Series B (RB) | ||||||||
5.00%, 07/01/23 | 550 | 556,970 | ||||||
5.00%, 07/01/24 | 250 | 257,548 | ||||||
Los Angeles Department of Water & Power, Series C (RB) 5.00%, 07/01/24 | 250 | 257,548 | ||||||
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 06/01/25 (c) | 295 | 308,140 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Los Angeles Unified School District, Series A (GO) | ||||||||
5.00%, 07/01/24 | $ | 875 | $ | 902,138 | ||||
5.00%, 07/01/26 | 800 | 849,545 | ||||||
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23 | 130 | 131,690 | ||||||
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/25 | 1,250 | 1,308,361 | ||||||
Metropolitan Water District of Southern California, Series B (RB) | ||||||||
5.00%, 07/01/23 (c) | 450 | 455,555 | ||||||
5.00%, 07/01/24 (c) | 1,000 | 1,029,473 | ||||||
Northern California Energy Authority, Series A (RB) | ||||||||
4.00%, 07/01/24 (p) | 1,500 | 1,487,623 | ||||||
5.00%, 07/01/24 | 275 | 277,510 | ||||||
Oakland Unified School District, Series A (GO) | ||||||||
5.00%, 08/01/23 | 350 | 354,700 | ||||||
5.00%, 08/01/25 (c) | 1,000 | 1,046,434 | ||||||
Orange County Transportation Authority, I-405 Improvement Project (RB) | ||||||||
4.00%, 10/15/24 | 675 | 684,181 | ||||||
5.00%, 10/15/24 | 750 | 775,285 | ||||||
Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c) | 205 | 202,460 | ||||||
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series B (RB) 2.12%, 10/01/23 (c) (p) | 930 | 917,070 | ||||||
Regents of The University Of California, Limited Project, Series I (RB) 5.00%, 05/15/23 | 485 | 489,894 | ||||||
Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25 | 250 | 261,271 | ||||||
Sacramento Municipal Utility District, Series B (RB) 5.00%, 10/15/25 (c) (p) | 485 | 501,613 | ||||||
San Bernardino Community College District, Series A (GO) 4.00%, 08/16/27 (c) | 540 | 559,284 | ||||||
San Bernardino County, Capital Facilities, Project B (CP) 6.88%, 08/01/24 | 1,035 | 1,100,272 | ||||||
San Bernardino County, Series A (CP) 5.00%, 10/01/26 | 345 | 365,859 | ||||||
San Joaquin Hills, Agency Toll Road (RB) 0.00%, 01/01/24 ^ | 1,000 | 962,199 |
See Notes to Financial Statements
131 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
0.00%, 01/01/25 ^ | $ | 500 | $ | 464,733 | ||||
Southern California Public Power Authority, Series C (RB) 5.00%, 01/01/25 (c) | 500 | 518,744 | ||||||
Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c) | 725 | 740,600 | ||||||
Southwestern Community College District, Series D (GO) 5.00%, 08/01/25 (c) | 500 | 524,965 | ||||||
State of California Department of Water Resources (RB) 5.00%, 12/01/26 | 500 | 534,924 | ||||||
State of California, Various Purpose (GO) | ||||||||
3.00%, 03/01/26 | 1,000 | 983,567 | ||||||
4.00%, 10/01/25 | 600 | 612,022 | ||||||
4.00%, 10/01/27 | 1,100 | 1,132,808 | ||||||
4.00%, 11/01/24 | 300 | 304,395 | ||||||
4.00%, 03/01/24 | 500 | 505,505 | ||||||
5.00%, 10/01/23 | 250 | 254,208 | ||||||
5.00%, 10/01/24 | 100 | 103,365 | ||||||
5.00%, 10/01/24 | 555 | 573,675 | ||||||
5.00%, 10/01/25 | 835 | 876,210 | ||||||
5.00%, 10/01/27 | 1,000 | 1,075,778 | ||||||
5.00%, 10/01/27 | 500 | 537,889 | ||||||
5.00%, 10/01/27 | 530 | 570,162 | ||||||
5.00%, 11/01/23 | 525 | 534,613 | ||||||
5.00%, 11/01/25 | 500 | 525,343 | ||||||
5.00%, 11/01/26 | 915 | 974,573 | ||||||
5.00%, 12/01/25 | 460 | 483,901 | ||||||
5.00%, 12/01/27 | 500 | 538,997 | ||||||
5.00%, 04/01/24 | 300 | 307,609 | ||||||
5.00%, 04/01/25 | 300 | 312,419 | ||||||
5.00%, 04/01/27 | 750 | 801,730 | ||||||
5.00%, 08/01/24 | 325 | 335,044 | ||||||
5.00%, 08/01/25 | 1,500 | 1,570,054 | ||||||
5.00%, 08/01/26 | 295 | 313,108 | ||||||
5.00%, 08/01/27 | 1,305 | 1,400,930 | ||||||
5.00%, 09/01/23 | 1,000 | 1,015,397 | ||||||
5.00%, 09/01/25 | 300 | 314,408 | ||||||
5.00%, 09/01/26 | 1,000 | 1,062,620 | ||||||
State Public Works Board, Series C (RB) 5.00%, 11/01/27 | 525 | 565,634 | ||||||
53,997,026 | ||||||||
Colorado: 1.2% | ||||||||
City of Colorado Springs, Utilities System, Series B (RB) 5.00%, 11/15/25 | 500 | 524,753 | ||||||
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25 | 500 | 516,093 | ||||||
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24 | 1,000 | 1,035,355 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23 | $ | 450 | $ | 458,790 | ||||
State of Colorado, Series A (CP) 5.00%, 12/15/26 | 500 | 531,639 | ||||||
State of Colorado, Series K (CP) 5.00%, 03/15/26 | 385 | 404,076 | ||||||
University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c) | 500 | 515,419 | ||||||
3,986,125 | ||||||||
Connecticut: 2.5% | ||||||||
Connecticut Housing Finance Authority, Housing Mortgage Program, Sereies B-5 (RB) 0.45%, 05/15/24 (c) (p) | 250 | 236,589 | ||||||
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p) | 390 | 391,765 | ||||||
State of Connecticut, Health and Educational Facilities Authority, Stamford Hospital Issue, Series L-1 (RB) 4.00%, 07/01/27 | 500 | 484,251 | ||||||
State of Connecticut, Series A (GO) | ||||||||
5.00%, 04/15/23 | 265 | 267,244 | ||||||
5.00%, 04/15/23 | 375 | 378,176 | ||||||
State of Connecticut, Series B (GO) | ||||||||
4.00%, 05/15/23 | 375 | 376,766 | ||||||
5.00%, 01/15/23 | 250 | 250,950 | ||||||
State of Connecticut, Series C (GO) 5.00%, 06/15/26 | 300 | 316,589 | ||||||
State of Connecticut, Series D (GO) | ||||||||
5.00%, 04/15/26 | 1,040 | 1,095,130 | ||||||
5.00%, 08/15/23 | 300 | 304,294 | ||||||
State of Connecticut, Series E (GO) 5.00%, 09/15/25 | 270 | 282,303 | ||||||
State of Connecticut, Special Tax Obligation, Series A (GO) 5.00%, 04/15/23 | 375 | 378,176 | ||||||
State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 01/01/23 | 300 | 300,862 | ||||||
State of Connecticut, Special Tax Obligation, Series A (ST) 5.00%, 05/01/28 | 600 | 646,931 | ||||||
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/23 | 200 | 203,077 | ||||||
State of Connecticut, State Revolving Fund, Series B (RB) 5.00%, 06/01/26 | 275 | 290,824 |
See Notes to Financial Statements
132 |
Par (000’s | ) | Value | ||||||
Connecticut (continued) | ||||||||
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26 | $ | 1,015 | $ | 1,070,137 | ||||
University of Connecticut, Series A (RB) | ||||||||
5.00%, 04/15/24 | 575 | 588,979 | ||||||
5.00%, 04/15/26 | 550 | 578,422 | ||||||
8,441,465 | ||||||||
Delaware: 0.4% | ||||||||
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | 500 | 442,860 | ||||||
Delaware Transportation Authority (RB) 5.00%, 07/01/26 | 500 | 529,368 | ||||||
State of Delaware, Series A (GO) 5.00%, 10/01/25 | 410 | 430,118 | ||||||
1,402,346 | ||||||||
District of Columbia: 1.2% | ||||||||
District of Columbia, Series B (GO) 5.00%, 06/01/25 | 120 | 125,198 | ||||||
District of Columbia, Series C (RB) 5.00%, 10/01/26 | 785 | 833,350 | ||||||
District of Columbia, Series D (GO) 5.00%, 06/01/25 | 315 | 328,644 | ||||||
District of Columbia, Series E (GO) 5.00%, 06/01/25 | 500 | 521,658 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road (RB) (AGC) 6.50%, 10/01/26 (c) | 1,000 | 1,112,344 | ||||||
Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
5.00%, 07/01/24 | 225 | 231,277 | ||||||
5.00%, 07/01/25 | 100 | 104,278 | ||||||
5.00%, 07/01/27 | 200 | 214,209 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
5.00%, 07/01/25 | 300 | 312,835 | ||||||
5.00%, 07/01/26 | 300 | 317,196 | ||||||
4,100,989 | ||||||||
Florida: 2.0% | ||||||||
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27 | 500 | 533,074 | ||||||
Central Florida Expressway Authority, Series B (RB) 5.00%, 07/01/26 | 300 | 315,502 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/26 | $ | 500 | $ | 527,561 | ||||
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26 | 250 | 264,546 | ||||||
Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/24 | 1,000 | 1,027,699 | ||||||
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c) | 1,155 | 1,202,318 | ||||||
Miami-Dade County, Florida Water And Sewer System Revenue Refunding Bonds, Series B (RB) 5.00%, 10/01/27 | 500 | 530,203 | ||||||
School District of Broward County, Series C (CP) 5.00%, 07/01/24 | 340 | 348,318 | ||||||
State of Florida, Board of Education, Lottery Revenue, Series A (RB) | ||||||||
5.00%, 07/01/23 | 450 | 455,257 | ||||||
5.00%, 07/01/24 | 650 | 668,026 | ||||||
State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23 | 180 | 182,682 | ||||||
State of Florida, Department Of Management Services, Series A (RB) 5.00%, 09/01/25 | 750 | 783,742 | ||||||
6,838,928 | ||||||||
Georgia: 3.2% | ||||||||
Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p) | 500 | 498,374 | ||||||
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24 | 500 | 516,825 | ||||||
Main Street Natural Gas, Inc., Series A (RB) | ||||||||
4.00%, 09/01/23 (c) (p) | 500 | 498,973 | ||||||
4.00%, 09/01/27 (c) (p) | 1,250 | 1,208,104 | ||||||
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p) | 1,500 | 1,490,866 | ||||||
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 09/01/26 (c) (p) | 2,000 | 1,920,445 | ||||||
State of Georgia, Series A (GO) | ||||||||
5.00%, 02/01/23 | 160 | 160,780 | ||||||
5.00%, 02/01/25 | 250 | 259,669 |
See Notes to Financial Statements
133 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
5.00%, 02/01/26 | $ | 595 | $ | 627,436 | ||||
5.00%, 08/01/25 | 350 | 366,346 | ||||||
5.00%, 08/01/26 | 700 | 743,477 | ||||||
State of Georgia, Series C (GO) | ||||||||
5.00%, 07/01/24 | 250 | 257,302 | ||||||
5.00%, 07/01/26 | 1,000 | 1,060,865 | ||||||
State of Georgia, Series E (GO) 5.00%, 12/01/24 | 1,100 | 1,139,573 | ||||||
10,749,035 | ||||||||
Guam: 0.3% | ||||||||
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c) | 1,000 | 1,015,002 | ||||||
Hawaii: 0.5% | ||||||||
City & County of Honolulu, Rail Transit Project, Series E (GO) | ||||||||
5.00%, 03/01/26 | 785 | 827,279 | ||||||
5.00%, 03/01/27 | 500 | 533,069 | ||||||
State of Hawaii, Series FN (GO) 5.00%, 10/01/24 | 110 | 113,619 | ||||||
State of Hawaii, Series FT (GO) 5.00%, 01/01/23 | 100 | 100,306 | ||||||
1,574,273 | ||||||||
Illinois: 5.0% | ||||||||
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26 | 500 | 520,041 | ||||||
Chicago O’Hare International Airport, Series C (RB) | ||||||||
5.00%, 01/01/23 | 650 | 651,911 | ||||||
5.00%, 01/01/24 | 115 | 117,278 | ||||||
5.00%, 01/01/26 | 315 | 327,626 | ||||||
Chicago Park District, Series A (GO) (NATL) 5.50%, 01/01/24 (c) | 500 | 513,022 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
5.00%, 06/01/23 | 350 | 353,042 | ||||||
5.00%, 06/01/25 | 340 | 346,694 | ||||||
City of Chicago, Series A (GO) 5.00%, 01/01/27 | 500 | 499,652 | ||||||
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25 | 200 | 209,434 | ||||||
Cook County, Series A (GO) 5.00%, 11/15/26 | 300 | 315,061 | ||||||
County of Cook, Series A (GO) 5.00%, 11/15/22 | 1,000 | 1,000,586 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
4.00%, 01/01/23 | 310 | 310,299 | ||||||
5.00%, 01/01/23 | 250 | 250,644 | ||||||
5.00%, 01/01/24 | 155 | 157,874 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
5.00%, 01/01/25 | $ | 600 | $ | 621,247 | ||||
5.00%, 01/01/28 | 500 | 537,078 | ||||||
5.00%, 07/01/27 | 685 | 733,054 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24 | 500 | 512,967 | ||||||
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23 | 250 | 252,872 | ||||||
Illinois Finance Authority, Series A (RB) (BAM) 5.00%, 08/15/25 | 1,255 | 1,299,794 | ||||||
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27 | 415 | 439,356 | ||||||
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27 | 650 | 688,148 | ||||||
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24 | 495 | 506,949 | ||||||
Sales Tax Securitization Corp., Series A (RB) | ||||||||
5.00%, 01/01/23 | 370 | 371,082 | ||||||
5.00%, 01/01/24 | 550 | 560,829 | ||||||
State of Illinois (GO) 5.00%, 02/01/23 | 350 | 350,907 | ||||||
State of Illinois (GO) (AGC) | ||||||||
5.50%, 05/01/24 | 250 | 253,995 | ||||||
5.50%, 05/01/25 | 335 | 341,640 | ||||||
State of Illinois, Series B (GO) | ||||||||
5.00%, 12/01/24 | 130 | 131,118 | ||||||
5.00%, 09/01/25 | 400 | 403,226 | ||||||
State of Illinois, Series D (GO) | ||||||||
5.00%, 11/01/22 | 470 | 470,000 | ||||||
5.00%, 11/01/23 | 500 | 504,005 | ||||||
5.00%, 11/01/25 | 1,345 | 1,355,779 | ||||||
5.00%, 11/01/26 | 800 | 805,753 | ||||||
16,712,963 | ||||||||
Indiana: 1.1% | ||||||||
City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25 | 500 | 522,266 | ||||||
Indiana Finance Authority Hospital, Series 2012A, Community Health Network Project (RB) 5.00%, 05/01/23 (c) | 1,000 | 1,008,949 | ||||||
Indiana Finance Authority, Indiana University Health, Series C (RB) 5.00%, 12/01/23 | 500 | 508,752 | ||||||
Indiana Finance Authority, Series C (RB) | ||||||||
5.00%, 12/01/24 | 575 | 595,804 | ||||||
5.00%, 12/01/25 | 260 | 273,275 |
See Notes to Financial Statements
134 |
Par (000’s | ) | Value | ||||||
Indiana (continued) | ||||||||
Indiana Finance Authority, Series E (RB) | ||||||||
5.00%, 02/01/24 | $ | 500 | $ | 511,066 | ||||
5.00%, 02/01/25 | 250 | 259,834 | ||||||
3,679,946 | ||||||||
Iowa: 0.5% | ||||||||
Iowa Finance Authority (RB) 5.00%, 08/01/23 | 250 | 253,413 | ||||||
PEFA, Inc., Gas Project (RB) 5.00%, 09/01/26 (c) (p) | 1,500 | 1,499,005 | ||||||
1,752,418 | ||||||||
Kentucky: 1.9% | ||||||||
Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) 5.25%, 09/01/23 (c) | 1,000 | 1,013,885 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 4.00%, 06/01/26 (c) (p) | 1,500 | 1,460,615 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series B (RB) | ||||||||
4.00%, 01/01/25 (c) (p) | 1,085 | 1,068,019 | ||||||
4.00%, 07/01/23 | 200 | 199,484 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p) | 1,100 | 1,071,897 | ||||||
Kentucky State Property & Building Commission (RB) 5.00%, 05/01/26 | 275 | 286,616 | ||||||
Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/24 | 125 | 128,364 | ||||||
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p) | 1,000 | 1,026,801 | ||||||
6,255,681 | ||||||||
Louisiana: 0.7% | ||||||||
East Baton Rouge Sewerage Commission, Series A (RB) (NATL) 5.00%, 02/01/27 | 250 | 266,047 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p) | 500 | 513,211 | ||||||
Louisiana State Citizens Property Insurance Corp., Series 2 (RB) 5.00%, 06/01/23 | 590 | 595,808 | ||||||
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 07/01/26 (p) | 750 | 683,393 |
Par (000’s | ) | Value | ||||||
Louisiana (continued) | ||||||||
State of Louisiana, Series A (GO) 5.00%, 03/01/26 | $ | 335 | $ | 352,286 | ||||
2,410,745 | ||||||||
Maine: 0.2% | ||||||||
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25 | 500 | 521,280 | ||||||
Maryland: 2.0% | ||||||||
County of Baltimore, Equipment Acquisition Program (CP) 5.00%, 03/01/25 | 295 | 306,069 | ||||||
County of Montgomery, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/26 | 265 | 282,253 | ||||||
Department of Transportation of Maryland, Series B (RB) 5.00%, 12/01/23 | 500 | 509,530 | ||||||
Prince George’s County, Series A (GO) 5.00%, 07/15/25 | 425 | 444,437 | ||||||
State of Maryland, Department of Transportation (RB) | ||||||||
4.00%, 11/01/24 (c) | 500 | 505,197 | ||||||
5.00%, 10/01/26 | 595 | 631,648 | ||||||
5.00%, 05/01/23 | 500 | 504,598 | ||||||
5.00%, 09/01/24 | 165 | 170,177 | ||||||
State of Maryland, Series B (GO) | ||||||||
5.00%, 08/01/24 | 550 | 566,714 | ||||||
5.00%, 08/01/25 | 500 | 522,949 | ||||||
State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24 | 1,500 | 1,536,290 | ||||||
State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24 | 250 | 257,597 | ||||||
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25 | 500 | 522,949 | ||||||
6,760,408 | ||||||||
Massachusetts: 3.4% | ||||||||
Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c) | 860 | 869,711 | ||||||
Commonwealth of Massachusetts, Series A (GO) | ||||||||
5.00%, 01/01/26 | 250 | 262,463 | ||||||
5.00%, 01/01/27 | 710 | 755,353 | ||||||
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26 | 400 | 424,184 |
See Notes to Financial Statements
135 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts, Series D (GO) | ||||||||
5.00%, 07/01/23 | $ | 900 | $ | 910,989 | ||||
5.00%, 07/01/27 | 250 | 267,649 | ||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
3.00%, 12/01/25 | 750 | 738,079 | ||||||
5.00%, 11/01/26 | 295 | 313,184 | ||||||
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26 | 250 | 264,822 | ||||||
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) 5.00%, 07/01/24 | 515 | 529,789 | ||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/23 (c) (p) | 275 | 275,832 | ||||||
Massachusetts Development Finance Agency, Broad Institute (RB) 5.00%, 04/01/26 | 450 | 471,090 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
5.00%, 10/15/25 | 900 | 944,977 | ||||||
5.00%, 10/15/26 | 500 | 532,220 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System, Series S-4 (RB) 5.00%, 01/25/24 (p) | 250 | 253,585 | ||||||
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 12/01/24 (c) | 1,000 | 869,102 | ||||||
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/25 (c) | 775 | 807,384 | ||||||
Massachusetts Water Resources Authority (RB) 5.00%, 08/01/23 | 170 | 172,258 | ||||||
University of Massachusetts Building Authority Project, Senior Series (RB) 5.00%, 11/01/22 (c) | 1,650 | 1,650,000 | ||||||
11,312,671 | ||||||||
Michigan: 1.5% | ||||||||
City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c) | 1,000 | 1,022,486 |
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Great Lakes Water Authority Water Supply System, Series A (RB) 5.00%, 07/01/24 | $ | 590 | $ | 605,686 | ||||
Michigan Finance Authority Hospital, Trinity Health Credit Group (RB) 5.00%, 12/01/22 (c) | 1,000 | 1,001,508 | ||||||
Michigan State Building Authority, Series I (RB) 5.00%, 04/15/26 | 250 | 262,586 | ||||||
Regents of The University of Michigan, Series A (RB) 5.00%, 04/01/23 | 180 | 181,387 | ||||||
State of Michigan, Grant Anticipation (RB) | ||||||||
5.00%, 03/15/24 | 650 | 664,671 | ||||||
5.00%, 03/15/26 | 1,065 | 1,120,890 | ||||||
Wayne County Airport Authority, Series C (RB) 5.00%, 12/01/23 | 145 | 147,585 | ||||||
5,006,799 | ||||||||
Minnesota: 1.0% | ||||||||
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 | 1,000 | 1,063,542 | ||||||
Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22 | 480 | 480,720 | ||||||
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24 | 1,200 | 1,236,467 | ||||||
State of Minnesota, Various Purpose, Series D (GO) 5.00%, 08/01/26 | 400 | 424,263 | ||||||
3,204,992 | ||||||||
Missouri: 1.1% | ||||||||
City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23 | 1,000 | 1,011,154 | ||||||
Health & Educational Facilities Authority, Long-Term Rate Health Facilities, Series B (RB) 4.00%, 05/01/26 (p) | 1,500 | 1,523,930 | ||||||
Health & Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25 | 150 | 154,993 | ||||||
Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25 | 500 | 524,322 |
See Notes to Financial Statements
136 |
Par (000’s | ) | Value | ||||||
Missouri (continued) | ||||||||
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c) | $ | 500 | $ | 521,911 | ||||
3,736,310 | ||||||||
Nebraska: 0.8% | ||||||||
Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
5.00%, 01/01/24 (c) (p) | 500 | 500,324 | ||||||
5.00%, 01/01/24 (c) | 350 | 350,649 | ||||||
Central Plains Energy Project, Gas Supply (RB) (AGM) 4.00%, 08/01/25 (c) (p) | 2,000 | 1,975,981 | ||||||
2,826,954 | ||||||||
Nevada: 0.7% | ||||||||
Clark County (GO) 5.00%, 06/01/25 | 1,090 | 1,135,017 | ||||||
County of Clark, Nevada McCarran International Airport, Series A (RB) 5.00%, 07/01/23 | 300 | 303,385 | ||||||
County of Clark, Series B (GO) 5.00%, 11/01/23 | 450 | 457,840 | ||||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24 | 300 | 310,425 | ||||||
2,206,667 | ||||||||
New Jersey: 3.3% | ||||||||
City of Newark, Series A (GO) (AGM) 5.00%, 10/01/26 | 300 | 314,208 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/24 | 100 | 102,391 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 5.00%, 06/15/26 | 455 | 470,583 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) 5.25%, 06/15/25 (c) | 500 | 525,466 | ||||||
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
5.00%, 06/15/23 | 1,000 | 1,008,122 | ||||||
5.00%, 06/15/24 | 575 | 586,356 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25 | 1,000 | 1,045,906 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/25 | $ | 225 | $ | 235,329 | ||||
New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. (RB) 5.00%, 07/01/23 | 300 | 303,287 | ||||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transportation Program (RB) 5.00%, 10/01/26 | 1,000 | 1,036,654 | ||||||
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/26 | 300 | 310,796 | ||||||
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23 | 500 | 508,592 | ||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
5.00%, 12/15/23 | 1,175 | 1,191,469 | ||||||
5.00%, 06/15/24 | 1,410 | 1,438,738 | ||||||
State of New Jersey, Covid-19 General Emergency, Series A (GO) 5.00%, 06/01/27 | 500 | 530,391 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 06/01/25 | 500 | 472,758 | ||||||
2.00%, 06/01/26 | 500 | 461,901 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 | 290 | 292,044 | ||||||
10,834,991 | ||||||||
New Mexico: 0.9% | ||||||||
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 05/01/25 (c) (p) | 1,165 | 1,189,798 | ||||||
State of New Mexico, Series A (GO) 5.00%, 03/01/23 | 320 | 321,968 | ||||||
State of New Mexico, Series A (RB) 5.00%, 07/01/27 | 840 | 900,052 | ||||||
State of New Mexico, Series B (GO) | ||||||||
5.00%, 03/01/23 | 340 | 342,091 | ||||||
5.00%, 03/01/25 | 250 | 259,666 | ||||||
3,013,575 | ||||||||
New York: 14.2% | ||||||||
City of New York, Series A (GO) | ||||||||
4.00%, 08/01/23 | 250 | 251,583 | ||||||
5.00%, 08/01/23 | 100 | 101,365 | ||||||
5.00%, 08/01/24 | 1,500 | 1,545,584 |
See Notes to Financial Statements
137 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
City of New York, Series C (GO) | ||||||||
5.00%, 08/01/24 | $ | 750 | $ | 772,792 | ||||
5.00%, 08/01/25 | 1,325 | 1,382,974 | ||||||
City of New York, Series C and D (GO) | ||||||||
5.00%, 08/01/23 | 320 | 324,368 | ||||||
5.00%, 08/01/26 | 325 | 343,773 | ||||||
City of New York, Series C, (GO) (SD CRED PROG) 5.00%, 08/01/27 | 500 | 535,166 | ||||||
City of New York, Series E (GO) 5.00%, 08/01/24 | 255 | 262,749 | ||||||
City of New York, Series F-1 (GO) 5.00%, 03/01/27 | 410 | 435,756 | ||||||
City of New York, Series J-9 (GO) 5.00%, 08/01/26 | 500 | 528,881 | ||||||
City of Yonkers, Series C (GO) (BAM) 5.00%, 10/01/23 | 100 | 101,466 | ||||||
County of Nassau, Series C (GO) 5.00%, 10/01/24 | 200 | 206,053 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/23 | 100 | 100,506 | ||||||
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26 | 1,010 | 1,069,882 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p) | 2,000 | 2,023,750 | ||||||
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p) | 1,160 | 1,170,723 | ||||||
Metropolitan Transportation Authority, Series B (RB) | ||||||||
5.00%, 11/15/23 | 290 | 293,850 | ||||||
5.00%, 11/15/24 | 390 | 398,333 | ||||||
5.00%, 11/15/26 | 255 | 261,336 | ||||||
5.00%, 11/15/26 | 500 | 512,275 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
5.00%, 11/15/23 | 500 | 506,537 | ||||||
5.00%, 11/15/25 | 875 | 896,820 | ||||||
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/30 | 1,000 | 1,000,656 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) (FHA 542(C)) 1.10%, 11/01/27 | 475 | 410,085 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p) | 305 | 274,970 | ||||||
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27 | $ | 750 | $ | 791,634 | ||||
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Subseries CC-2 (RB) 5.00%, 12/15/25 (c) | 500 | 526,276 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27 | 440 | 471,542 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
5.00%, 07/15/24 | 550 | 566,244 | ||||||
5.00%, 07/15/25 | 570 | 595,928 | ||||||
5.00%, 07/15/26 | 315 | 332,214 | ||||||
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26 | 1,000 | 1,058,567 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 05/01/23 | 575 | 580,231 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 5.00%, 11/01/25 | 350 | 366,414 | ||||||
New York City Transitional Finance Authority, Series A (RB) 5.00%, 11/01/26 | 550 | 582,212 | ||||||
New York City Transitional Finance Authority, Series C (RB) 5.00%, 11/01/23 | 1,000 | 1,017,521 | ||||||
New York City Water & Sewer System, Series AA (RB) 4.00%, 06/15/24 | 500 | 506,888 | ||||||
New York City Water & Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c) | 700 | 713,983 | ||||||
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c) | 430 | 444,845 | ||||||
New York State Dormitory Authority, Health Facilities Improvement (RB) (SAW) 5.00%, 01/15/23 | 300 | 301,133 |
See Notes to Financial Statements
138 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/24 | $ | 300 | $ | 303,353 | ||||
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26 | 700 | 744,349 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24 | 110 | 113,159 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series A (RB) | ||||||||
5.00%, 02/15/23 | 220 | 221,177 | ||||||
5.00%, 02/15/25 | 140 | 145,380 | ||||||
5.00%, 03/15/23 | 290 | 292,015 | ||||||
5.00%, 03/15/26 | 700 | 735,367 | ||||||
5.00%, 03/15/26 | 500 | 525,262 | ||||||
5.00%, 03/15/27 | 300 | 320,891 | ||||||
5.00%, 03/15/27 | 500 | 531,661 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series B (RB) | ||||||||
5.00%, 02/15/26 | 345 | 362,034 | ||||||
5.00%, 02/15/26 | 590 | 621,022 | ||||||
5.00%, 02/15/27 | 510 | 543,856 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series D (RB) | ||||||||
5.00%, 02/15/23 | 1,070 | 1,075,676 | ||||||
5.00%, 02/15/27 | 490 | 522,528 | ||||||
5.00%, 02/15/27 | 25 | 26,556 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/25 | 1,000 | 1,035,726 | ||||||
New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW) | ||||||||
5.00%, 10/01/25 | 435 | 454,372 | ||||||
5.00%, 10/01/26 | 400 | 422,679 | ||||||
New York State Dormitory Authority, Series A (RB) 5.00%, 02/15/27 | 500 | 532,164 | ||||||
New York State Dormitory Authority, Series A (RB) (AMBAC) 5.00%, 12/15/22 | 1,000 | 1,002,244 | ||||||
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28 | 640 | 690,684 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/23 | 110 | 110,765 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c) | $ | 500 | $ | 523,771 | ||||
New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
5.00%, 03/15/24 | 155 | 158,691 | ||||||
5.00%, 03/15/25 | 1,035 | 1,076,146 | ||||||
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 | 680 | 717,700 | ||||||
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25 | 500 | 519,061 | ||||||
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28 | 605 | 657,364 | ||||||
New York State Housing Finance Agency, Series A-2, Series B-2, Series C (RB) 2.50%, 05/01/27 (c) (p) | 975 | 903,986 | ||||||
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 11/21/22 (c) | 750 | 729,594 | ||||||
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 11/21/22 (c) | 750 | 678,378 | ||||||
New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24 | 165 | 168,135 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
5.00%, 03/15/23 | 790 | 795,520 | ||||||
5.00%, 03/15/25 | 495 | 513,409 | ||||||
5.00%, 03/15/25 | 5 | 5,193 | ||||||
5.00%, 03/15/26 (c) | 500 | 523,152 | ||||||
5.00%, 03/15/27 | 690 | 736,600 | ||||||
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25 | 500 | 518,596 | ||||||
Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 | 530 | 520,833 | ||||||
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/26 (p) | 875 | 808,215 |
See Notes to Financial Statements
139 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge & Tunnel Authority, Series C-1B (RB) 5.00%, 05/15/26 (p) | $ | 500 | $ | 519,638 | ||||
Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c) | 320 | 320,668 | ||||||
47,295,435 | ||||||||
North Carolina: 2.1% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/23 | 115 | 115,170 | ||||||
City of Charlotte, North Carolina Water & Sewer System (RB) 5.00%, 07/01/23 | 500 | 506,105 | ||||||
County of Guilford, Series B (GO) 5.00%, 05/01/24 | 500 | 512,955 | ||||||
County of Wake (GO) 5.00%, 04/01/27 | 300 | 321,456 | ||||||
County of Wake (RB) 5.00%, 09/01/26 | 375 | 397,234 | ||||||
County of Wake, Series A (GO) 5.00%, 03/01/25 | 250 | 259,951 | ||||||
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/26 (p) | 500 | 519,892 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 | 2,125 | 2,150,935 | ||||||
State of North Carolina, Department of State Treasurer, Series B (GO) 5.00%, 06/01/25 | 970 | 1,012,750 | ||||||
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/23 | 500 | 502,975 | ||||||
State of North Carolina, Series B (GO) 5.00%, 06/01/23 | 575 | 581,357 | ||||||
6,880,780 | ||||||||
Ohio: 2.7% | ||||||||
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28 | 1,000 | 1,068,645 | ||||||
City of Cleveland, Ohio Airport System, Series B (RB) (AGM) 5.00%, 01/01/23 | 260 | 260,721 | ||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 08/01/25 | 100 | 103,365 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
5.00%, 08/01/26 | $ | 410 | $ | 427,511 | ||||
County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/25 | 500 | 522,988 | ||||||
Lancaster Port Authority (RB) (SBG) 5.00%, 02/01/25 (c) (p) | 485 | 490,847 | ||||||
Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^ | 500 | 473,779 | ||||||
Ohio Turnpike and Infrastructure Commission, Series A (RB) 5.00%, 02/15/26 | 460 | 483,004 | ||||||
Ohio University (RB) 5.00%, 12/01/22 (c) | 500 | 500,754 | ||||||
Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/26 | 250 | 264,385 | ||||||
State of Ohio, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/26 | 500 | 522,629 | ||||||
State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25 | 100 | 104,696 | ||||||
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23 | 560 | 570,401 | ||||||
State of Ohio, Highway Capital Improvement, Series R 5.00%, 05/01/27 | 500 | 512,955 | ||||||
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22 | 675 | 675,000 | ||||||
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23 | 1,000 | 1,009,246 | ||||||
State of Ohio, Highway Capital Improvements, Series S (GO) 5.00%, 05/01/26 | 880 | 929,590 | ||||||
8,920,516 | ||||||||
Oklahoma: 0.2% | ||||||||
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 5.00%, 09/01/26 (c) | 535 | 563,569 | ||||||
Oregon: 0.9% | ||||||||
Beaverton School District 48J, Series B (GO) (SBG) 5.00%, 06/15/24 (c) | 1,000 | 1,027,876 | ||||||
City of Portland, Sewer System, Series A (RB) (AGM) 5.00%, 03/01/26 | 500 | 526,929 |
See Notes to Financial Statements
140 |
Par (000’s | ) | Value | ||||||
Oregon (continued) | ||||||||
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26 | $ | 350 | $ | 369,721 | ||||
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25 | 500 | 520,935 | ||||||
State of Oregon, Article Xi-Q State Projects, Series A (GO) 5.00%, 05/01/23 | 500 | 504,672 | ||||||
2,950,133 | ||||||||
Pennsylvania: 3.3% | ||||||||
Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/25 | 300 | 310,648 | ||||||
City of Philadelphia, Series A (GO) | ||||||||
5.00%, 08/01/24 | 200 | 205,700 | ||||||
5.00%, 08/01/25 | 300 | 311,366 | ||||||
5.00%, 08/01/25 | 245 | 254,282 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23 | 250 | 251,699 | ||||||
Commonwealth of Pennsylvania, First Series 5.00%, 06/15/29 | 500 | 513,938 | ||||||
Commonwealth of Pennsylvania, First Series (GO) | ||||||||
5.00%, 01/01/26 | 560 | 588,088 | ||||||
5.00%, 01/01/27 | 315 | 335,248 | ||||||
5.00%, 02/01/26 | 415 | 436,314 | ||||||
5.00%, 03/15/25 (c) | 500 | 517,787 | ||||||
5.00%, 08/15/25 | 565 | 590,199 | ||||||
Commonwealth of Pennsylvania, First Series (GO) (SBG) 5.00%, 07/15/26 | 1,000 | 1,057,861 | ||||||
Commonwealth of Pennsylvania, Second Series (GO) 5.00%, 01/15/23 | 370 | 371,367 | ||||||
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 | 600 | 625,545 | ||||||
Delaware River Port Authority, Series B (RB) | ||||||||
5.00%, 01/01/25 | 350 | 360,104 | ||||||
5.00%, 01/01/26 | 1,170 | 1,217,963 | ||||||
Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23 | 500 | 505,479 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23 | $ | 150 | $ | 152,539 | ||||
Pennsylvania Turnpike Commission Turnpike, Series A (RB) 5.00%, 12/01/22 (c) | 525 | 525,792 | ||||||
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/26 | 500 | 521,209 | ||||||
Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24 | 400 | 409,938 | ||||||
Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25 | 660 | 681,571 | ||||||
Southeastern Pennsylvania Transportation Authority, Federal Transit Administration Section 5337 (RB) 5.00%, 06/01/23 | 115 | 116,139 | ||||||
10,860,776 | ||||||||
Rhode Island: 0.1% | ||||||||
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/25 (c) | 500 | 504,674 | ||||||
South Carolina: 0.8% | ||||||||
County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24 | 510 | 527,562 | ||||||
County of Richland, Series A (GO) (SAW) 5.00%, 03/01/26 | 500 | 527,900 | ||||||
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p) | 1,765 | 1,757,094 | ||||||
2,812,556 | ||||||||
South Dakota: 0.2% | ||||||||
South Dakota Health And Educational Facilities Authority, Series A, Avera Health (RB) 5.00%, 07/01/24 (c) (p) | 535 | 545,517 | ||||||
Tennessee: 1.2% | ||||||||
Metropolitan Government of Nashville & Davidson County (GO) | ||||||||
5.00%, 07/01/24 | 200 | 205,776 | ||||||
5.00%, 07/01/26 | 525 | 555,836 | ||||||
Metropolitan Government of Nashville & Davidson County, Series A 5.00%, 01/01/29 | 500 | 501,520 |
See Notes to Financial Statements
141 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Tennessee (continued) | ||||||||
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24 | $ | 500 | $ | 510,305 | ||||
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p) | 1,775 | 1,725,808 | ||||||
Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 05/01/23 (c) (p) | 560 | 558,804 | ||||||
4,058,049 | ||||||||
Texas: 8.3% | ||||||||
Bexar County (GO) 5.00%, 06/15/26 (c) | 500 | 527,998 | ||||||
Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23 | 275 | 279,022 | ||||||
City of Austin, Texas Water & Wastewater System (RB) 5.00%, 11/15/25 | 790 | 826,548 | ||||||
City of Denton, Utility System (RB) 5.00%, 12/01/26 | 310 | 326,670 | ||||||
City of Houston, Airport System, Series D (RB) | ||||||||
5.00%, 07/01/23 | 500 | 505,775 | ||||||
5.00%, 07/01/24 | 250 | 256,851 | ||||||
City of Houston, Series A (GO) | ||||||||
5.00%, 03/01/23 | 250 | 251,496 | ||||||
5.00%, 03/01/24 (c) | 750 | 766,865 | ||||||
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c) | 630 | 668,248 | ||||||
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25 | 500 | 523,217 | ||||||
Colorado River Municipal Water District (RB) | ||||||||
5.00%, 01/01/24 | 115 | 117,132 | ||||||
5.00%, 01/01/26 | 655 | 685,645 | ||||||
Comal Independent School District (GO) 5.00%, 02/01/26 | 775 | 814,803 | ||||||
Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO) 5.00%, 02/15/27 | 2,000 | 2,132,706 | ||||||
Dallas Area Rapid Transit, Series A (RB) 5.00%, 12/01/25 (c) | 1,000 | 1,049,261 | ||||||
Dallas County Hospital District (GO) 5.00%, 08/15/23 | 950 | 962,559 | ||||||
Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23 | 375 | 380,162 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Dallas Fort Worth International Airport, Series B (RB) 5.00%, 11/01/25 | $ | 200 | $ | 207,643 | ||||
Dallas Independent School District, Series A (GO) 4.00%, 02/15/25 (c) | 500 | 506,851 | ||||||
Denton Independent School District, Series A (GO) 5.00%, 08/15/25 (c) | 500 | 523,124 | ||||||
Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23 | 325 | 326,122 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24 | 500 | 515,696 | ||||||
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27 | 1,000 | 1,073,578 | ||||||
Houston Community College System (GO) 5.00%, 02/15/23 (c) | 1,000 | 1,005,304 | ||||||
Houston Independent School District (GO) 5.00%, 07/15/25 | 320 | 333,622 | ||||||
Houston Independent School District, Limited Tax School House (GO) | ||||||||
5.00%, 02/15/24 | 155 | 158,473 | ||||||
5.00%, 02/15/26 | 250 | 262,661 | ||||||
Houston Independent School District, Limited Tax School House, Series A (GO) 5.00%, 02/15/23 | 650 | 653,421 | ||||||
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26 | 455 | 480,677 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23 | 160 | 162,103 | ||||||
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/25 (c) | 1,000 | 1,058,549 | ||||||
North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
5.00%, 01/01/25 | 150 | 154,994 | ||||||
5.00%, 01/01/26 (c) | 595 | 622,888 | ||||||
Port Houston Authority of Harris County, Texas Unlimited Tax, Series A-2 (GO) | ||||||||
5.00%, 10/01/24 | 500 | 515,884 | ||||||
5.00%, 10/01/25 | 500 | 523,257 |
See Notes to Financial Statements
142 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
San Antonio Water System, Series A (RB) 2.00%, 05/15/25 | $ | 300 | $ | 286,177 | ||||
State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c) | 430 | 442,328 | ||||||
State of Texas, Water Infrastructure Fund, Series B-3 (GO) | ||||||||
5.00%, 08/01/23 | 400 | 405,461 | ||||||
5.00%, 08/01/24 | 250 | 257,597 | ||||||
5.00%, 08/01/25 | 500 | 522,145 | ||||||
Texas A&M University, Series D (RB) 5.00%, 05/15/26 | 820 | 864,141 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26 | 600 | 609,063 | ||||||
Texas Water Development Board (RB) | ||||||||
5.00%, 04/15/26 | 1,000 | 1,053,344 | ||||||
5.00%, 08/01/23 | 350 | 354,804 | ||||||
5.00%, 08/01/25 | 225 | 235,025 | ||||||
Texas Water Development Board, Series A (RB) 5.00%, 04/15/23 | 340 | 342,895 | ||||||
Texas Water Development Board, Series B (RB) 5.00%, 10/15/24 | 500 | 516,377 | ||||||
University of Houston, Series A (RB) 5.00%, 02/15/26 | 1,000 | 1,052,556 | ||||||
Ysleta Independent School District (GO) 5.00%, 08/15/25 (c) | 650 | 678,297 | ||||||
27,780,015 | ||||||||
Utah: 1.0% | ||||||||
County of Utah, IHL Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p) | 1,000 | 1,022,682 | ||||||
County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p) | 500 | 508,177 | ||||||
State of Utah (GO) | ||||||||
5.00%, 07/01/23 | 500 | 506,171 | ||||||
5.00%, 07/01/25 | 300 | 313,850 | ||||||
5.00%, 07/01/25 | 290 | 303,388 | ||||||
5.00%, 07/01/26 | 500 | 531,144 | ||||||
3,185,412 | ||||||||
Virginia: 2.8% | ||||||||
City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25 | 125 | 129,528 | ||||||
Commonwealth Transportation Board, Commonwealth of Virginia (RB) 5.00%, 05/15/25 | 500 | 520,325 |
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
County of Fairfax, Public Improvement, Series A (GO) | ||||||||
4.00%, 10/01/24 | $ | 285 | $ | 289,074 | ||||
4.00%, 10/01/25 | 500 | 510,038 | ||||||
County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
4.00%, 10/01/23 | 275 | 277,196 | ||||||
4.00%, 10/01/25 | 700 | 714,053 | ||||||
Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24 | 125 | 128,127 | ||||||
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26 | 1,250 | 1,311,956 | ||||||
Rector And Visitors of The University Of Virginia, Series A (RB) 5.00%, 06/01/23 (c) | 1,000 | 1,010,652 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) | ||||||||
5.00%, 02/01/24 | 235 | 240,114 | ||||||
5.00%, 02/01/27 | 600 | 639,738 | ||||||
5.00%, 02/01/27 | 250 | 266,557 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23 | 250 | 251,156 | ||||||
Virginia Commonwealth Transportation Board (RB) | ||||||||
5.00%, 09/15/23 | 400 | 406,288 | ||||||
5.00%, 09/15/24 | 325 | 335,518 | ||||||
5.00%, 09/15/26 (c) | 510 | 541,086 | ||||||
Virginia Public Building Authority, Series A (RB) 5.00%, 08/01/26 | 265 | 280,211 | ||||||
Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26 | 500 | 528,701 | ||||||
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) | 1,000 | 912,240 | ||||||
9,292,558 | ||||||||
Washington: 2.8% | ||||||||
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/25 (c) | 1,000 | 1,049,519 |
See Notes to Financial Statements
143 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 02/01/26 | $ | 400 | $ | 420,418 | ||||
County of King (GO) 5.00%, 07/01/24 | 100 | 102,822 | ||||||
County of King, Sewer Improvement, Series B (RB) | ||||||||
5.00%, 07/01/25 | 575 | 600,198 | ||||||
5.00%, 07/01/26 | 200 | 211,535 | ||||||
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25 | 1,000 | 1,042,524 | ||||||
Energy Northwest Project Electric, Series C (RB) | ||||||||
5.00%, 07/01/24 | 450 | 463,070 | ||||||
5.00%, 07/01/25 | 1,375 | 1,433,470 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
5.00%, 07/01/23 | 100 | 101,221 | ||||||
5.00%, 07/01/24 | 455 | 468,215 | ||||||
State of New Mexico, Series A (GO) 5.00%, 06/01/26 | 1,000 | 1,057,542 | ||||||
State of Washington Various Purpose, Series D (GO) 5.00%, 02/01/24 | 200 | 204,451 | ||||||
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24 | 750 | 772,921 | ||||||
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p) | 1,000 | 1,011,231 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25 | 270 | 274,547 | ||||||
9,213,684 | ||||||||
West Virginia: 0.6% | ||||||||
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23 | 410 | 416,178 | ||||||
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26 | 1,000 | 1,053,399 | ||||||
West Virginia Hospital Finance Authority, United Health System Obligated Group, Series A (RB) 5.50%, 06/01/23 (c) | 500 | 506,318 | ||||||
1,975,895 |
Par (000’s | ) | Value | ||||||
Wisconsin: 1.6% | ||||||||
City of Milwaukee, Series N4 (GO) | ||||||||
5.00%, 04/01/24 | $ | 225 | $ | 228,769 | ||||
5.00%, 04/01/25 | 125 | 128,970 | ||||||
5.00%, 04/01/26 | 750 | 782,694 | ||||||
State of Wisconsin, Series 1 5.00%, 07/01/29 | 500 | 506,039 | ||||||
State of Wisconsin, Series 1 (GO) 5.00%, 11/01/22 | 500 | 500,000 | ||||||
State of Wisconsin, Series 2 (GO) 5.00%, 11/01/25 | 380 | 399,150 | ||||||
State of Wisconsin, Series A (GO) | ||||||||
5.00%, 05/01/25 | 500 | 521,259 | ||||||
5.00%, 05/01/25 (c) | 500 | 518,945 | ||||||
State of Wisconsin, Series B (GO) 5.00%, 05/01/26 | 525 | 555,475 | ||||||
University of Wisconsin Hospitals And Clinics Authority, Series A (RB) 5.00%, 04/01/23 (c) | 1,000 | 1,007,459 | ||||||
Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24 | 120 | 123,505 | ||||||
5,272,265 | ||||||||
Total Municipal Bonds: 98.3% (Cost: $345,586,915) | 327,278,095 | |||||||
Other assets less liabilities: 1.7% | 5,612,908 | |||||||
NET ASSETS: 100.0% | $ | 332,891,003 |
See Notes to Financial Statements
144 |
Definitions:
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
BAM | Build America Assurance Co. |
CP | Certificate of Participation |
FHA | Federal Housing Association |
GO | General Obligation |
NATL | National Public Finance Guarantee Corp. |
RB | Revenue Bond |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
SD CRED PROG | Special District Credit Enhancement Program |
ST | Special Tax |
Footnotes:
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
Summary of Investments by Sector | % of Investments | Value | ||||||
Airport | 1.7 | % | $ | 5,546,831 | ||||
Education | 4.0 | 13,113,105 | ||||||
Hospitals | 5.3 | 17,446,117 | ||||||
Industrial Development Revenue | 0.2 | 683,393 | ||||||
Leasing COPS & Appropriations | 4.3 | 14,088,158 | ||||||
Local GO | 13.3 | 43,486,843 | ||||||
Misc | 1.3 | 4,379,124 | ||||||
Multi-Family Housing | 1.3 | 4,102,705 | ||||||
Pollution Control | 0.1 | 264,385 | ||||||
Power | 4.2 | 13,851,484 | ||||||
Refunded | 12.5 | 40,835,255 | ||||||
State GO | 18.9 | 61,879,804 | ||||||
Tax | 7.6 | 24,853,503 | ||||||
Tobacco | 0.6 | 1,929,024 | ||||||
Toll & Turnpike | 4.0 | 13,081,342 | ||||||
Transportation | 7.0 | 22,976,870 | ||||||
Unassigned | 0.0 | 142,514 | ||||||
Utilities - Other | 8.3 | 26,995,665 | ||||||
Water & Sewer | 5.4 | 17,621,973 | ||||||
100.0 | % | $ | 327,278,095 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||
Municipal Bonds * | $ | — | $ | 327,278,095 | $ | — | $ | 327,278,095 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
145 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
CEF Muni Income | High Yield Muni | HIP Sustainable | Intermediate | |||||||||||||
ETF | ETF | Muni ETF | Muni ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value | ||||||||||||||||
Unaffiliated issuers (1) | $ | 128,626,524 | $ | 2,591,233,561 | $ | 16,788,622 | $ | 1,624,141,100 | ||||||||
Affiliated issuers (2) | 2,409,138 | — | — | — | ||||||||||||
Cash | 475 | 18,047,248 | 314,681 | 6,751,076 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 9,616,052 | — | 3,267,294 | ||||||||||||
Shares of beneficial interest sold | 994,026 | 14,710,880 | — | — | ||||||||||||
Dividends and interest | 424,691 | 44,600,748 | 246,831 | 21,536,106 | ||||||||||||
Total assets | 132,454,854 | 2,678,208,489 | 17,350,134 | 1,655,695,576 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 994,113 | 14,959,655 | — | 6,296,700 | ||||||||||||
Shares of beneficial interest redeemed | — | 9,798,644 | — | — | ||||||||||||
Line of credit | 198,088 | — | — | — | ||||||||||||
Due to Adviser | 45,353 | 820,385 | 3,571 | 329,138 | ||||||||||||
Deferred Trustee fees | 4,195 | 3,184 | — | 3,000 | ||||||||||||
Accrued expenses | 1,274 | — | — | — | ||||||||||||
Total liabilities | 1,243,023 | 25,581,868 | 3,571 | 6,628,838 | ||||||||||||
NET ASSETS | $ | 131,211,831 | $ | 2,652,626,621 | $ | 17,346,563 | $ | 1,649,066,738 | ||||||||
Shares outstanding | 6,600,000 | 54,096,401 | 400,000 | 37,848,916 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 19.88 | $ | 49.04 | $ | 43.37 | $ | 43.57 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 203,565,802 | $ | 3,363,013,703 | $ | 19,518,632 | $ | 1,867,707,793 | ||||||||
Total distributable earnings (loss) | (72,353,971 | ) | (710,387,082 | ) | (2,172,069 | ) | (218,641,055 | ) | ||||||||
NET ASSETS | $ | 131,211,831 | $ | 2,652,626,621 | $ | 17,346,563 | $ | 1,649,066,738 | ||||||||
(1) Cost of investments - Unaffiliated issuers | $ | 185,269,165 | $ | 3,062,065,530 | $ | 18,935,132 | $ | 1,821,932,895 | ||||||||
(2) Cost of investments - Affiliated issuers | $ | 3,474,147 | $ | — | $ | — | $ | — |
See Notes to Financial Statements
146 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
Muni Allocation | Short High Yield | |||||||||||||||
Long Muni ETF | ETF | Muni ETF | Short Muni ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value | ||||||||||||||||
Unaffiliated issuers (1) | $ | 202,826,719 | $ | 330,053 | $ | 402,283,889 | $ | 327,278,095 | ||||||||
Affiliated issuers (2) | — | 2,260,866 | — | — | ||||||||||||
Cash | 600,858 | 1,493 | 2,030,234 | 1,832,935 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 17,968 | 461,379 | ||||||||||||
Dividends and interest | 2,996,688 | 516 | 6,404,839 | 4,485,727 | ||||||||||||
Total assets | 206,424,265 | 2,592,928 | 410,736,930 | 334,058,136 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | 1,108,419 | ||||||||||||
Due to Adviser | 42,942 | 178 | 121,291 | 57,114 | ||||||||||||
Deferred Trustee fees | 1,517 | — | — | 1,600 | ||||||||||||
Accrued expenses | — | — | 100 | — | ||||||||||||
Total liabilities | 44,459 | 178 | 121,391 | 1,167,133 | ||||||||||||
NET ASSETS | $ | 206,379,806 | $ | 2,592,750 | $ | 410,615,539 | $ | 332,891,003 | ||||||||
Shares outstanding | 12,600,000 | 130,000 | 18,950,000 | 20,050,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 16.38 | $ | 19.94 | $ | 21.67 | $ | 16.60 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 258,346,421 | $ | 3,881,812 | $ | 474,089,756 | $ | 355,525,412 | ||||||||
Total distributable earnings (loss) | (51,966,615 | ) | (1,289,062 | ) | (63,474,217 | ) | (22,634,409 | ) | ||||||||
NET ASSETS | $ | 206,379,806 | $ | 2,592,750 | $ | 410,615,539 | $ | 332,891,003 | ||||||||
(1) Cost of investments - Unaffiliated issuers | $ | 249,015,192 | $ | 485,222 | $ | 452,391,259 | $ | 345,586,915 | ||||||||
(2) Cost of investments - Affiliated issuers | $ | — | $ | 2,552,405 | $ | — | $ | — |
See Notes to Financial Statements
147 |
VANECK ETF TRUST
For the Period Ended October 31, 2022 (unaudited)
CEF Muni Income | High Yield Muni | HIP Sustainable | Intermediate | |||||||||||||
ETF | ETF | Muni ETF | Muni ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 3,975,555 | $ | — | $ | — | $ | — | ||||||||
Dividends - affiliated issuers | 69,914 | — | — | — | ||||||||||||
Interest | 1,307 | 60,612,493 | 117,967 | 18,300,388 | ||||||||||||
Total income | 4,046,776 | 60,612,493 | 117,967 | 18,300,388 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 309,425 | 5,306,046 | 19,228 | 2,042,000 | ||||||||||||
Interest | 4,821 | — | — | 342 | ||||||||||||
Total expenses | 314,246 | 5,306,046 | 19,228 | 2,042,342 | ||||||||||||
Net investment income | 3,732,530 | 55,306,447 | 98,739 | 16,258,046 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (3,950,191 | ) | (19,495,595 | ) | — | (7,483,705 | ) | |||||||||
Investments - affiliated issuers | (7,504 | ) | — | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | (3,113,219 | ) | (143,024,738 | ) | — | (14,126,365 | ) | |||||||||
In-kind redemptions - affiliated issuers | (68,898 | ) | — | — | — | |||||||||||
Net realized loss | (7,139,812 | ) | (162,520,333 | ) | — | (21,610,070 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (17,275,429 | ) | (181,311,154 | ) | (864,910 | ) | (53,991,512 | ) | ||||||||
Investments - affiliated issuers | (312,424 | ) | — | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) | (17,587,853 | ) | (181,311,154 | ) | (864,910 | ) | (53,991,512 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (20,995,135 | ) | $ | (288,525,040 | ) | $ | (766,171 | ) | $ | (59,343,536 | ) |
See Notes to Financial Statements
148 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (unaudited)
Muni Allocation | Short High Yield | |||||||||||||||
Long Muni ETF | ETF | Muni ETF | Short Muni ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | — | $ | 8,737 | $ | — | $ | — | ||||||||
Dividends - affiliated issuers | — | 31,403 | — | — | ||||||||||||
Interest | 3,150,184 | — | 6,052,429 | 2,325,943 | ||||||||||||
Total income | 3,150,184 | 40,140 | 6,052,429 | 2,325,943 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 261,790 | 1,119 | 731,013 | 359,922 | ||||||||||||
Interest | 1,478 | 21 | 856 | 603 | ||||||||||||
Total expenses | 263,268 | 1,140 | 731,869 | 360,525 | ||||||||||||
Net investment income | 2,886,916 | 39,000 | 5,320,560 | 1,965,418 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (6,980,186 | ) | — | (1,411,404 | ) | (630,567 | ) | |||||||||
Investments - affiliated issuers | — | (88,431 | ) | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | (689,283 | ) | (30,965 | ) | (1,710,063 | ) | (2,327,722 | ) | ||||||||
In-kind redemptions - affiliated issuers | — | (39,389 | ) | — | — | |||||||||||
Net realized loss | (7,669,469 | ) | (158,785 | ) | (3,121,467 | ) | (2,958,289 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (16,981,595 | ) | (27,711 | ) | (18,803,828 | ) | (2,225,672 | ) | ||||||||
Investments - affiliated issuers | — | (42,659 | ) | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) | (16,981,595 | ) | (70,370 | ) | (18,803,828 | ) | (2,225,672 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (21,764,148 | ) | $ | (190,155 | ) | $ | (16,604,735 | ) | $ | (3,218,543 | ) |
See Notes to Financial Statements
149 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
CEF Muni Income ETF | High Yield Muni ETF | |||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||
October 31, 2022 | April 30, 2022 | October 31, 2022 | April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 3,732,530 | $ | 8,141,777 | $ | 55,306,447 | $ | 122,609,689 | ||||||||
Net realized gain (loss) | (7,139,812 | ) | 6,852,427 | (162,520,333 | ) | (21,991,122 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (17,587,853 | ) | (50,282,573 | ) | (181,311,154 | ) | (393,264,600 | ) | ||||||||
Net decrease in net assets resulting from operations | (20,995,135 | ) | (35,288,369 | ) | (288,525,040 | ) | (292,646,033 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (3,825,430 | ) | (7,955,563 | ) | (56,779,454 | ) | (124,522,449 | ) | ||||||||
�� | ||||||||||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 19,675,276 | 157,298,802 | 988,424,889 | 985,416,843 | ||||||||||||
Cost of shares redeemed | (33,050,076 | ) | (121,225,806 | ) | (1,008,442,633 | ) | (1,011,621,866 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (13,374,800 | ) | 36,072,996 | (20,017,744 | ) | (26,205,023 | ) | |||||||||
Total decrease in net assets | (38,195,365 | ) | (7,170,936 | ) | (365,322,238 | ) | (443,373,505 | ) | ||||||||
Net Assets, beginning of period | 169,407,196 | 176,578,132 | 3,017,948,859 | 3,461,322,364 | ||||||||||||
Net Assets, end of period | $ | 131,211,831 | $ | 169,407,196 | $ | 2,652,626,621 | $ | 3,017,948,859 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 850,000 | 5,375,000 | 18,700,000 | 15,900,000 | ||||||||||||
Shares redeemed | (1,450,000 | ) | (4,250,000 | ) | (19,300,000 | ) | (16,600,000 | ) | ||||||||
Net increase (decrease) | (600,000 | ) | 1,125,000 | (600,000 | ) | (700,000 | ) |
See Notes to Financial Statements
150 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
HIP Sustainable Muni ETF | Intermediate Muni ETF | |||||||||||||||
Period Ended | Period Ended | Period Ended | Year Ended | |||||||||||||
October 31, 2022 | April 30, 2022 (a) | October 31, 2022 | April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 98,739 | $ | 29,000 | $ | 16,258,046 | $ | 30,794,618 | ||||||||
Net realized gain (loss) | — | (3,603 | ) | (21,610,070 | ) | 13,113,951 | ||||||||||
Net change in unrealized appreciation (depreciation) | (864,910 | ) | (1,281,600 | ) | (53,991,512 | ) | (232,378,068 | ) | ||||||||
Net decrease in net assets resulting from operations | (766,171 | ) | (1,256,203 | ) | (59,343,536 | ) | (188,469,499 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (88,005 | ) | (61,690 | ) | (16,588,042 | ) | (31,094,619 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 4,502,191 | 15,016,441 | 190,753,178 | 471,684,955 | ||||||||||||
Cost of shares redeemed | — | — | (160,906,419 | ) | (358,316,244 | ) | ||||||||||
Increase in net assets resulting from share transactions | 4,502,191 | 15,016,441 | 29,846,759 | 113,368,711 | ||||||||||||
Total increase (decrease) in net assets | 3,648,015 | 13,698,548 | (46,084,819 | ) | (106,195,407 | ) | ||||||||||
Net Assets, beginning of period | 13,698,548 | — | 1,695,151,557 | 1,801,346,964 | ||||||||||||
Net Assets, end of period | $ | 17,346,563 | $ | 13,698,548 | $ | 1,649,066,738 | $ | 1,695,151,557 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 100,000 | 300,000 | 4,250,000 | 9,250,000 | ||||||||||||
Shares redeemed | — | — | (3,500,000 | ) | (7,050,000 | ) | ||||||||||
Net increase | 100,000 | 300,000 | 750,000 | 2,200,000 |
(a) | For the period September 9, 2021 (commencement of operations) through April 30, 2022. |
See Notes to Financial Statements
151 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Long Muni ETF | Muni Allocation ETF | |||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||
October 31, 2022 | April 30, 2022 | October 31, 2022 | April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,886,916 | $ | 5,175,636 | $ | 39,000 | $ | 104,249 | ||||||||
Net realized gain (loss) | (7,669,469 | ) | 1,387,980 | (158,785 | ) | 103,659 | ||||||||||
Net change in unrealized appreciation (depreciation) | (16,981,595 | ) | (39,678,118 | ) | (70,370 | ) | (665,761 | ) | ||||||||
Net decrease in net assets resulting from operations | (21,764,148 | ) | (33,114,502 | ) | (190,155 | ) | (457,853 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (2,863,030 | ) | (5,985,800 | ) | (37,974 | ) | (97,504 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 17,232,065 | 80,649,182 | — | 501,848 | ||||||||||||
Cost of shares redeemed | (1,792,753 | ) | (53,634,924 | ) | (863,910 | ) | (1,250,769 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 15,439,312 | 27,014,258 | (863,910 | ) | (748,921 | ) | ||||||||||
Total decrease in net assets | (9,187,866 | ) | (12,086,044 | ) | (1,092,039 | ) | (1,304,278 | ) | ||||||||
Net Assets, beginning of period | 215,567,672 | 227,653,716 | 3,684,789 | 4,989,067 | ||||||||||||
Net Assets, end of period | $ | 206,379,806 | $ | 215,567,672 | $ | 2,592,750 | $ | 3,684,789 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 950,000 | 3,750,000 | — | 20,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (2,500,000 | ) | (40,000 | ) | (50,000 | ) | ||||||||
Net increase (decrease) | 850,000 | 1,250,000 | (40,000 | ) | (30,000 | ) |
See Notes to Financial Statements
152 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||
October 31, 2022 | April 30, 2022 | October 31, 2022 | April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,320,560 | $ | 9,492,905 | $ | 1,965,418 | $ | 2,778,472 | ||||||||
Net realized loss | (3,121,467 | ) | (2,520,675 | ) | (2,958,289 | ) | (25,692 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (18,803,828 | ) | (39,252,516 | ) | (2,225,672 | ) | (20,861,252 | ) | ||||||||
Net decrease in net assets resulting from operations | (16,604,735 | ) | (32,280,286 | ) | (3,218,543 | ) | (18,108,472 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (5,515,980 | ) | (9,530,270 | ) | (2,365,675 | ) | (3,907,985 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 26,976,761 | 159,122,366 | 47,205,659 | 58,151,543 | ||||||||||||
Cost of shares redeemed | (12,504,800 | ) | (4,759,705 | ) | (36,309,736 | ) | (5,370,710 | ) | ||||||||
Increase in net assets resulting from share transactions | 14,471,961 | 154,362,661 | 10,895,923 | 52,780,833 | ||||||||||||
Total increase (decrease) in net assets | (7,648,754 | ) | 112,552,105 | 5,311,705 | 30,764,376 | |||||||||||
Net Assets, beginning of period | 418,264,293 | 305,712,188 | 327,579,298 | 296,814,922 | ||||||||||||
Net Assets, end of period | $ | 410,615,539 | $ | 418,264,293 | $ | 332,891,003 | $ | 327,579,298 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 1,200,000 | 6,300,000 | 2,800,000 | 3,250,000 | ||||||||||||
Shares redeemed | (550,000 | ) | (200,000 | ) | (2,150,000 | ) | (300,000 | ) | ||||||||
Net increase | 650,000 | 6,100,000 | 650,000 | 2,950,000 |
See Notes to Financial Statements
153 |
VANECK ETF TRUST
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
(e) | Periods after November 1, 2019 reflect a unitary management fee structure. |
(f) | Annualized |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
154 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split. |
(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
155 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period September 9, 2021 (commencement of operations) through April 30, 2022. |
(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
156 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | Amount represents less than $0.005 per share. |
(d) | 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. |
(e) | Not Annualized |
(f) | Annualized |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
157 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
158 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period May 15, 2019 (commencement of operations) through April 30, 2020. |
(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) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
(f) | Periods after November 1, 2019 reflect a unitary management fee structure. |
(g) | Annualized |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
159 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
160 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
161 |
VANECK ETF TRUST
October 31, 2022 (unaudited)
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 | |
CEF Muni Income ETF (“CEF Muni”) | Diversified | |
High Yield Muni ETF (“High Yield”) | Diversified | |
HIP Sustainable Muni ETF (“HIP Sustainable”) | Non-Diversified | |
Intermediate Muni ETF (“Intermediate”) | Diversified | |
Long Muni ETF (“Long”) | Diversified | |
Muni Allocation ETF (“Muni Allocation”) | Non-Diversified | |
Short High Yield Muni ETF (“Short High Yield”) | Diversified | |
Short Muni ETF (“Short”) | Diversified |
Each Fund’s investment objective (except for HIP Sustainable and Muni Allocation) 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.
Fund | Index | |
CEF Muni | S-Network Municipal Bond Closed-End Fund Index | |
High Yield | ICE High Yield Crossover Municipal Bond Transition Index | |
Intermediate | ICE Intermediate AMT- Free Broad National Municipal Transition Index | |
Long | ICE Long AMT-Free Broad National Municipal Transition Index | |
Short High Yield | ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index | |
Short | ICE Short AMT-Free Broad National Municipal Transition Index |
The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The investment objective of Muni Allocation is to maximize long- term after-tax return, consisting of capital appreciation and income exempt from federal income tax. The Funds (except CEF Muni, HIP Sustainable and Muni Allocation) 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 each Fund’s respective 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 its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Muni seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The HIP Sustainable is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing, under normal circumstances, in investment grade municipal debt securities that fund issuers with operations or projects helping to promote progress towards sustainable development, in alignment with the goals and metrics defined by the United Nations Sustainable Development Goals. The Muni Allocation is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck ETFs that invest in publicly traded municipal bonds.
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.
162
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. 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. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. 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. The Board has designated the Adviser as valuation designee under Rule 2a-5 to perform the fund’s 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 of Rule 2a-5. 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 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.
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). |
163
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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. Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP.
D. 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.
E. 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 as earned. 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 on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented 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. Such amounts are based on historical information available to the Fund’s and other industry sources. 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. |
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 Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
The management fee rates for the period ended October 31, 2022, are as follows:
164
Fund | Unitary Management Fee Rate | |||
CEF Muni | 0.40 | % | ||
High Yield | 0.35 | |||
HIP Sustainable | 0.24 | |||
Intermediate | 0.24 | |||
Long | 0.24 | |||
Muni Allocation | 0.08 | |||
Short High Yield | 0.35 | |||
Short | 0.20 |
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 October 31, 2022, the Adviser owned approximately 13% of HIP Sustainable.
Note 4—Capital Share Transactions—As of October 31, 2022, 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 a designated portfolio of securities (“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 certain 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 period ended October 31, 2022, 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 | |||||
CEF Muni | $ 33,040,824 | $ 13,242,340 | $ 19,685,943 | $ 13,234,430 | |||||
High Yield | 401,154,830 | 210,270,222 | 776,487,932 | 979,714,233 | |||||
HIP Sustainable | 5,508,427 | — | — | — | |||||
Intermediate | 231,951,585 | 120,724,735 | 93,335,852 | 159,625,932 | |||||
Long | 31,234,735 | 30,090,321 | 16,745,302 | 1,560,748 | |||||
Muni Allocation | 998,542 | 998,152 | — | 863,561 | |||||
Short High Yield | 48,419,967 | 43,840,492 | 25,354,398 | 12,541,423 | |||||
Short | 75,449,407 | 29,551,711 | 1,562,312 | 36,226,772 |
During the period ended October 31, 2022, the Short High Yield and High Yield engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the
165
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Adviser). These transactions complied with Rule 17a-7 under the Act and aggregated to $981,931. The High Yield recognized realized gain of $29,397 related to these transactions.
Note 6—Income Taxes—As of October 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
CEF Muni | $188,737,035 | $– | $(57,701,373) | $(57,701,373) | ||||
High Yield | 3,060,411,408 | 3,779,124 | (472,956,971) | (469,177,847) | ||||
HIP Sustainable | 18,935,132 | – | (2,146,510) | (2,146,510) | ||||
Intermediate | 1,822,070,249 | 160,512 | (198,089,661) | (197,929,149) | ||||
Long | 249,019,529 | – | (46,192,810) | (46,192,810) | ||||
Muni Allocation | 3,037,612 | – | (446,693) | (446,693) | ||||
Short High Yield | 452,622,992 | 450,191 | (50,789,294) | (50,339,103) | ||||
Short | 346,636,417 | 1,292,282 | (20,650,604) | (19,358,322) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2022, the following Funds had capital loss carryforwards available to offset future capital gains:
Fund | Short-Term Capital Losses with No Expiration | Long-Term Capital Losses with No Expiration | Total | |||
CEF Muni | $ (3,418,065) | $ (4,714,373) | $ (8,132,438) | |||
High Yield | (35,081,349) | (53,310,218) | (88,391,567) | |||
HIP Sustainable | (48,432) | – | (48,432) | |||
Intermediate | (1,608,546) | (158,456) | (1,767,002) | |||
Long | (455,852) | (141,350) | (597,202) | |||
Muni Allocation | (701,781) | – | (701,781) | |||
Short High Yield | (3,496,052) | (7,311,835) | (10,807,887) |
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 recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.
Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities 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 market for municipal bonds may be less liquid than for taxable bonds.
High Yield and Short High Yield 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 due to the extent that there is no established retail secondary market. High Yield and Short High Yield 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.
166
CEF Muni invests in closed-end funds and Muni Allocation invests in ETFs that may trade at a discount or premium to their net asset value. These Funds are dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, CEF Muni may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
The HIP Sustainable strategy of investing in municipal debt securities of issuers promoting sustainable development may limit the types and number of investments available to the Fund or cause the Fund to invest in securities that underperform the market as a whole. As a result, the Fund may underperform funds that do not have a sustainable investing strategy or funds with sustainable investing strategies that do not employ HIP (Human Impact + Profit) Ratings. In addition, the Fund relies on a data provider for the identification of issuers that promote sustainable development based on their HIP Ratings; however, there can be no guarantee that the data provider’s methodology will align with the Fund’s investment strategy or desirable issuers can be correctly identified.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in the Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
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 in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010, for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Muni and Muni Allocation Funds. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through these dates. Amounts accrued after these dates, including those from Short High Yield and HIP Sustainable, are presented in “Due to Adviser”.
Note 9—Bank Line of Credit—The Funds 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 period ended October 31, 2022, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||
CEF Muni | 149 | $334,982 | 3.25 | % | ||||
Intermediate | 2 | 242,098 | 2.18 | |||||
Long | 21 | 640,375 | 3.61 | |||||
Short High Yield | 13 | 902,021 | 2.64 | |||||
Short | 14 | 181,367 | 3.25 |
Outstanding loan balances as of October 31, 2022, if any, are reflected in the Statements of Assets and
Liabilities.
167
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 10—Share Split—In 2018, the Board of Trustees approved a 1 for 2 reverse share split for Intermediate Muni ETF and High Yield Muni ETF. On October 26, 2018 shares began trading on a split adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
Note 11—Other— At a meeting held on November 30, 2021, the Board of Trustees (the “Board”) of the Trust approved the following changes with respect to High Yield, Intermediate, Long, Short High Yield and Short:
(i) changing each Fund’s benchmark index; (ii) changing each Fund’s investment objective; and (iii) changing each Fund’s principal investment strategies, as further detailed in the table below. These changes are being implemented within a 9-month period in two phases. The Board has approved a change to each Fund’s investment objective of seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of its respective Former Index (as defined below).
Effective from March 1, 2022 through November 30, 2022, each Fund is seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of its Transition Index (as defined below). Beginning after November 30, 2022, each Fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of its New Index (as defined below).
During the period from March 1, 2022 to November 30, 2022 (the “Transition”), each Fund is seeking to replicate the index set forth under the “Transition Index” column of the table below (each, a “Transition Index”). Each Transition Index is an interim index that will gradually increase exposure to other securities based on their weightings in the corresponding index set forth under the “New Index” column of the table below (each, a “New Index”) while proportionately reducing exposure to the corresponding index set forth under the “Former Index” column of the table below (each, a “Former Index”).
Fund Name | Former Index | Transition Index (March 1, 2022 through November 30, 2022) | New Index (Beginning December 1, 2022) | |||
High Yield | Bloomberg Municipal Custom High Yield Composite Index | ICE High Yield Crossover Municipal Bond Transition Index | ICE Broad High Yield Crossover Municipal Index | |||
Intermediate | Bloomberg AMT-Free Intermediate Continuous Municipal Index | ICE Intermediate AMT- Free Broad National Municipal Transition Index | ICE Intermediate AMT-Free Broad National Municipal Index | |||
Long | Bloomberg AMT-Free Long Continuous Municipal Index | ICE Long AMT-Free Broad National Municipal Transition Index | ICE Long AMT-Free Broad National Municipal Index | |||
Short High Yield | Bloomberg Municipal High Yield Short Duration Index | ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index | ICE 1-12 Year Broad High Yield Crossover Municipal Index | |||
Short | Bloomberg AMT-Free Short Continuous Municipal Index | ICE Short AMT-Free Broad National Municipal Transition Index | ICE Short AMT-Free Broad National Municipal Index |
168
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2022 (unaudited)
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Intermediate Muni ETF, Long Muni ETF, Short Muni ETF, CEF Muni Income ETF, High Yield Muni ETF and Short High Yield Muni ETF (each, a “Fund” and together, the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each of the VanEck Short Muni ETF and CEF Muni Income ETF had management fees below the average and median of its peer group of funds and each of the VanEck Long Muni ETF, High Yield Muni ETF and Short High Yield Muni ETF had management fees below the average and equal to the median of its respective peer group of funds, while the VanEck Intermediate Muni ETF had management fees above the average and median of its peer group of funds. The Trustees also noted that the information provided
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October 31, 2022 (unaudited) (continued)
showed that each of the VanEck Long Muni ETF, Short Muni ETF and CEF Muni Income ETF had a total expense ratio below the average and median of its respective peer group of funds, each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had a total expense ratio below the average and equal to the median of its respective peer group of funds, and the VanEck Intermediate Muni ETF had a total expense ratio above the average and equal to the median of its peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios exceeded the average and/ or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting, as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Muni Allocation ETF
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Muni Allocation ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
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In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the
Trustees discussed the information that the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the absence of profitability and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.
The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding performance of the Fund against its benchmark. The Trustees noted that the Fund had outperformed its benchmark for the one-period ended December 31, 2021 and underperformed its benchmark for the two-year period ended December 31, 2021 and the period since its inception on May 15, 2019 through December 31, 2021. They noted the Fund’s underperformance was largely attributable to the first quarter of 2020 and for the period from March 31, 2020 through December 31, 2021, the Fund had outperformed its benchmark. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees below the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under
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October 31, 2022 (unaudited) (continued)
the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
VanEck HIP Sustainable Muni ETF
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck HIP Sustainable Muni ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.
The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 6, 2022 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides, under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark.
172
The Trustees noted that the Fund had outperformed its benchmark for the period since its inception on September 8, 2021 through December 31, 2021. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees below the average and equal to the median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and the median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
VanEck CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF
At a meeting held on June 7, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and PineBridge Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to VanEck CLO ETF. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors
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October 31, 2022 (unaudited) (continued)
that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), including expense information for other funds. The Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements, as well as the rationale for retaining a sub-adviser to manage the VanEck CLO ETF’s investments in collateralized loan obligation (“CLO”) securities. The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) would provide under each Agreement, including (i) the Adviser’s agreement to pay all of the direct expenses of each of the VanEck CLO ETF, VanEck Green Infrastructure ETF and VanEck Muni ETF (excluding the fee payment under the respective Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), and (ii) the Adviser’s commitment to waive certain fees and/or pay expenses of the VanEck Morningstar SMID Moat ETF to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed-upon limit for a period of time. With respect to the VanEck CLO ETF, the Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in CLO securities and the Sub-Adviser’s experience serving as a sub-adviser for other registered investment companies. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, and the advisory fees to be retained by the Adviser under the Sub-Advisory Agreement.
The Trustees considered the benefits, other than the fees under the Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services to be provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) or the profitability of the Funds to the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), although they concluded that the nature, quality and extent of the services to be provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust, as well as the information provided by the Sub-Adviser (with respect to the VanEck CLO ETF) about its personnel and operations.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Agreements.
In voting to approve the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Agreements are in the best interest of the Funds and the Funds’ shareholders.
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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 | MUNISAR |
![]() | SEMI-ANNUAL REPORT |
BDC Income ETF | BIZD |
China Bond ETF | CBON |
Emerging Markets High Yield Bond ETF | HYEM |
Fallen Angel High Yield Bond ETF | ANGL |
Green Bond ETF | GRNB |
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 President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2022.
VANECK ETF TRUST
October 31, 2022 (unaudited)
Dear Fellow Shareholders:
Back in July, I said that Market Volatility Has One Final Act.1 Stocks and bonds historically do not perform well when the U.S. Federal Reserve (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. If we’re in the last, third act of the play, the third act may last a very long time.
There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon. But bond prices have dropped significantly, and so you will see at the end of the letter that we are bullish bonds.
1. | Monetary Policy: Tightening |
The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0% or even negative.
Another component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet—one estimate indicates $279B net out through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big 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, this year, we have seen services inflation increase from 3% to 6%. 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.
Last year when my colleagues and I spoke about inflation2, I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds. And the latest data still shows a strong labor market with low unemployment.
2. | Fiscal Tightening |
Inflation has caused real take-home pay to shrink over the past year. This should result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, 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 Has Almost Stopped |
Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
1 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.
Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)3 Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2022. 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
November 8, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.
2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.
3 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
2 |
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, May 1, 2022 to October 31, 2022.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Annualized Expense Ratio During Period | Expenses Paid During the Period May 1, 2022 - October 31, 2022(a) | ||||||
BDC Income ETF | |||||||||
Actual | $1,000.00 | $929.10 | 0.42% | $2.04 | |||||
Hypothetical (b) | $1,000.00 | $1,023.09 | 0.42% | $2.14 | |||||
China Bond ETF | |||||||||
Actual | $1,000.00 | $923.90 | 0.67% | $3.25 | |||||
Hypothetical (b) | $1,000.00 | $1,021.83 | 0.67% | $3.41 | |||||
Emerging Markets High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $878.20 | 0.40% | $1.89 | |||||
Hypothetical (b) | $1,000.00 | $1,023.19 | 0.40% | $2.04 | |||||
Fallen Angel High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $942.40 | 0.35% | $1.71 | |||||
Hypothetical (b) | $1,000.00 | $1,023.44 | 0.35% | $1.79 | |||||
Green Bond ETF | |||||||||
Actual | $1,000.00 | $936.10 | 0.20% | $0.98 | |||||
Hypothetical (b) | $1,000.00 | $1,024.20 | 0.20% | $1.02 | |||||
IG Floating Rate ETF | |||||||||
Actual | $1,000.00 | $1,000.60 | 0.14% | $0.71 | |||||
Hypothetical (b) | $1,000.00 | $1,024.50 | 0.14% | $0.71 | |||||
International High Yield Bond ETF | |||||||||
Actual | $1,000.00 | $889.60 | 0.40% | $1.91 | |||||
Hypothetical (b) | $1,000.00 | $1,023.19 | 0.40% | $2.04 |
3 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Annualized Expense Ratio During Period | Expenses Paid During the Period May 1, 2022 - October 31, 2022(a) | ||||||
J.P. Morgan EM Local Currency Bond ETF | |||||||||
Actual | $1,000.00 | $916.10 | 0.30% | $1.45 | |||||
Hypothetical (b) | $1,000.00 | $1,023.69 | 0.30% | $1.53 | |||||
Moody’s Analytics BBB Corporate Bond ETF | |||||||||
Actual | $1,000.00 | $925.70 | 0.25% | $1.21 | |||||
Hypothetical (b) | $1,000.00 | $1,023.95 | 0.25% | $1.28 | |||||
Moody’s Analytics IG Corporate Bond ETF | |||||||||
Actual | $1,000.00 | $925.80 | 0.20% | $0.97 | |||||
Hypothetical (b) | $1,000.00 | $1,024.20 | 0.20% | $1.02 | |||||
Mortgage REIT Income ETF | |||||||||
Actual | $1,000.00 | $842.70 | 0.42% | $1.95 | |||||
Hypothetical (b) | $1,000.00 | $1,023.09 | 0.42% | $2.14 | |||||
Preferred Securities ex Financials ETF | |||||||||
Actual | $1,000.00 | $903.10 | 0.40% | $1.92 | |||||
Hypothetical (b) | $1,000.00 | $1,023.19 | 0.40% | $2.04 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), 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 |
4 |
October 31, 2022 (unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS: 100.2% | ||||||||
Diversified Financials: 100.2% | ||||||||
Ares Capital Corp. | 5,557,471 | $ | 107,981,662 | |||||
Bain Capital Specialty Finance, Inc. † | 619,402 | 7,804,465 | ||||||
Barings BDC, Inc. | 1,298,824 | 11,572,522 | ||||||
BlackRock TCP Capital Corp. † | 780,583 | 9,234,297 | ||||||
Blackstone Secured Lending Fund | 1,009,930 | 23,521,270 | ||||||
Capital Southwest Corp. | 372,007 | 7,012,332 | ||||||
Carlyle Secured Lending, Inc. † | 637,617 | 8,002,093 | ||||||
Fidus Investment Corp. † | 310,391 | 5,850,870 | ||||||
FS KKR Capital Corp. † | 3,619,106 | 69,486,835 | ||||||
Gladstone Investment Corp. † | 448,683 | 5,788,011 | ||||||
Goldman Sachs BDC, Inc. † | 1,297,639 | 20,061,499 | ||||||
Golub Capital BDC, Inc. † | 1,785,015 | 23,151,645 | ||||||
Hercules Capital, Inc. † | 1,719,318 | 24,981,691 | ||||||
Main Street Capital Corp. † | 602,694 | 22,263,516 | ||||||
MidCap Financial Investment Corp. † | 858,303 | 9,407,001 | ||||||
New Mountain Finance Corp. † | 1,170,401 | 14,220,372 | ||||||
Newtek Business Services Corp. † | 329,118 | 5,295,509 | ||||||
Oaktree Specialty Lending Corp. † | 2,056,613 | 13,573,646 | ||||||
Owl Rock Capital Corp. † | 4,599,398 | 54,594,854 |
Number of Shares | Value | |||||||
Diversified Financials (continued) | ||||||||
PennantPark Floating Rate Capital Ltd. † | 575,963 | $ | 6,381,670 | |||||
PennantPark Investment Corp. † | 813,192 | 4,838,492 | ||||||
Prospect Capital Corp. † | 3,260,538 | 23,671,506 | ||||||
Sixth Street Specialty Lending, Inc. † | 1,039,703 | 18,881,006 | ||||||
SLR Investment Corp. | 621,696 | 8,411,547 | ||||||
TriplePoint Venture Growth BDC Corp. † | 442,275 | 5,652,274 | ||||||
Total Common Stocks (Cost: $551,515,253) | 511,640,585 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 19.7% | ||||||||
Money Market Fund: 19.7% (Cost: $100,626,266) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 100,626,266 | 100,626,266 | ||||||
Total Investments: 119.9% (Cost: $652,141,519) | 612,266,851 | |||||||
Liabilities in excess of other assets: (19.9)% | (101,702,028) | |||||||
NET ASSETS: 100.0% | $ | 510,564,823 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $119,855,718. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 100.0% | $ | 511,640,585 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks * | $ | 511,640,585 | $ | — | $ | — | $ | 511,640,585 | ||||||||
Money Market Fund | 100,626,266 | — | — | 100,626,266 | ||||||||||||
Total Investments | $ | 612,266,851 | $ | — | $ | — | $ | 612,266,851 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
5 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 42.7% | ||||||||
Basic Materials: 6.8% | ||||||||
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25 | CNY | 20,000 | $ | 2,774,303 | ||||
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 | CNY | 10,000 | 1,397,967 | |||||
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25 | CNY | 10,000 | 1,392,654 | |||||
5,564,924 | ||||||||
Consumer Cyclicals: 1.8% | ||||||||
Beijing Infrastructure Investment Co. Ltd. 3.09%, 09/01/24 | CNY | 6,000 | 829,361 | |||||
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26 | CNY | 4,900 | 685,361 | |||||
1,514,722 | ||||||||
Energy: 4.0% | ||||||||
PetroChina Co. Ltd. 3.50%, 01/19/26 | CNY | 3,490 | 489,872 | |||||
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25 | CNY | 20,000 | 2,777,389 | |||||
3,267,261 | ||||||||
Financials: 15.1% | ||||||||
Agricultural Development Bank of China 3.24%, 08/14/24 | CNY | 4,790 | 665,743 | |||||
4.98%, 01/12/25 | CNY | 4,620 | 667,622 | |||||
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.40%, 10/24/24 | CNY | 15,000 | 2,073,496 | |||||
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27 | CNY | 20,000 | 2,905,447 | |||||
China Development Bank 3.34%, 07/14/25 | CNY | 3,830 | 536,731 | |||||
4.59%, 08/01/38 | CNY | 20,301 | 3,259,451 | |||||
Chongqing Longhu Development Co. Ltd. 3.45%, 08/02/23 | CNY | 5,000 | 617,229 | |||||
4.44%, 01/25/24 | CNY | 8,000 | 951,532 | |||||
Cinda Investment Co. Ltd. 4.30%, 12/22/23 | CNY | 1,500 | 205,410 | |||||
CITIC Securities Co. Ltd. 3.78%, 09/10/24 | CNY | 3,000 | 420,424 | |||||
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24 | CNY | 200 | 27,729 | |||||
12,330,814 | ||||||||
Industrials: 7.5% | ||||||||
Chengdu Xingcheng Investment Group Co. Ltd. 4.74%, 12/30/23 (o) | CNY | 5,000 | 699,725 | |||||
China Railway Group Ltd. 3.99%, 07/16/24 | CNY | 5,000 | 701,617 | |||||
China State Railway Group Co. Ltd. 3.45%, 07/25/24 | CNY | 15,000 | 2,090,746 |
Par (000’s | ) | Value | ||||||
Industrials (continued) | ||||||||
Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24 | CNY | 2,100 | $ | 305,298 | ||||
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26 | CNY | 10,000 | 1,388,924 | |||||
Sichuan Development Holding Co. Ltd. 4.55%, 08/06/25 | CNY | 5,000 | 718,406 | |||||
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 | CNY | 15 | 2,060 | |||||
Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30 | CNY | 2,000 | 281,110 | |||||
6,187,886 | ||||||||
Real Estate: 1.8% | ||||||||
China Fortune Land Development Co. Ltd. 5.50%, 10/22/22 (d) * | CNY | 1,000 | 34,276 | |||||
7.00%, 03/03/21 (d) * | CNY | 1,000 | 34,277 | |||||
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25 | CNY | 10,000 | 1,374,524 | |||||
1,443,077 | ||||||||
Technology: 0.4% | ||||||||
Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24 | CNY | 2,052 | 296,283 | |||||
Utilities: 5.3% | ||||||||
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s) | CNY | 15,000 | 2,092,253 | |||||
China Yangtze Power Co. Ltd. 3.35%, 10/17/26 | CNY | 1,500 | 209,305 | |||||
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 | CNY | 5,000 | 699,861 | |||||
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 | CNY | 10,000 | 1,387,640 | |||||
4,389,059 | ||||||||
Total Corporate Bonds (Cost: $39,070,358) | 34,994,026 | |||||||
GOVERNMENT OBLIGATIONS: 49.5% | ||||||||
Agricultural Development Bank of China | ||||||||
2.25%, 04/22/25 | CNY | 2,930 | 399,650 | |||||
2.96%, 04/17/30 | CNY | 4,000 | 549,102 | |||||
3.63%, 07/19/26 | CNY | 2,700 | 383,382 | |||||
3.74%, 07/12/29 | CNY | 6,240 | 900,786 | |||||
3.75%, 01/25/29 | CNY | 5,150 | 741,536 | |||||
3.79%, 10/26/30 | CNY | 1,110 | 161,122 | |||||
3.85%, 01/06/27 | CNY | 5,110 | 734,828 |
See Notes to Financial Statements
6 |
Par (000’s | ) | Value | ||||||
4.39%, 09/08/27 | CNY | 6,470 | $ | 953,223 | ||||
4.65%, 05/11/28 | CNY | 5,560 | 832,717 | |||||
Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40 | CNY | 15,000 | 2,078,186 | |||||
China Development Bank | ||||||||
3.18%, 04/05/26 | CNY | 4,850 | 679,136 | |||||
3.30%, 03/03/26 | CNY | 5,550 | 779,883 | |||||
3.39%, 02/03/27 | CNY | 10,042 | 1,420,972 | |||||
3.41%, 06/07/31 | CNY | 1,640 | 232,455 | |||||
3.45%, 09/20/29 | CNY | 4,800 | 681,457 | |||||
3.48%, 01/08/29 | CNY | 4,460 | 633,494 | |||||
3.65%, 05/21/29 | CNY | 7,150 | 1,025,941 | |||||
3.66%, 03/01/31 | CNY | 1,170 | 168,672 | |||||
3.70%, 10/20/30 | CNY | 4,150 | 599,169 | |||||
4.04%, 04/10/27 | CNY | 6,160 | 891,488 | |||||
4.04%, 07/06/28 | CNY | 2,720 | 397,154 | |||||
China Government Bond | ||||||||
1.99%, 04/09/25 | CNY | 5,660 | 768,491 | |||||
2.47%, 09/02/24 | CNY | 5,300 | 727,691 | |||||
2.68%, 05/21/30 | CNY | 6,320 | 863,037 | |||||
2.69%, 08/12/26 | CNY | 7,450 | 1,028,477 | |||||
2.77%, 06/24/30 | CNY | 5,690 | 777,649 | |||||
2.85%, 06/04/27 | CNY | 5,420 | 753,091 | |||||
2.86%, 07/16/30 | CNY | 3,350 | 461,178 | |||||
2.88%, 11/05/23 | CNY | 4,950 | 681,602 | |||||
2.90%, 05/05/26 | CNY | 846 | 117,813 | |||||
3.01%, 05/13/28 | CNY | 5,630 | 787,565 | |||||
3.02%, 10/22/25 | CNY | 9,250 | 1,291,498 | |||||
3.02%, 05/27/31 | CNY | 6,210 | 868,698 | |||||
3.03%, 03/11/26 | CNY | 5,400 | 754,848 |
Par (000’s | ) | Value | ||||||
3.25%, 06/06/26 | CNY | 6,030 | $ | 849,782 | ||||
3.27%, 11/19/30 | CNY | 6,330 | 899,621 | |||||
3.27%, 08/22/46 | CNY | 500 | 2,574,548 | |||||
3.28%, 12/03/27 | CNY | 6,150 | 872,525 | |||||
3.29%, 05/23/29 | CNY | 2,680 | 381,648 | |||||
3.74%, 09/22/35 | CNY | 3,900 | 582,657 | |||||
Export-Import Bank of China | ||||||||
3.22%, 05/14/26 | CNY | 5,470 | 766,416 | |||||
3.23%, 03/23/30 | CNY | 2,900 | 405,905 | |||||
3.28%, 02/11/24 | CNY | 4,670 | 646,608 | |||||
3.33%, 02/22/26 | CNY | 3,560 | 500,058 | |||||
3.38%, 07/16/31 | CNY | 4,250 | 601,222 | |||||
3.43%, 10/23/25 | CNY | 1,830 | 257,612 | |||||
3.74%, 11/16/30 | CNY | 2,380 | 344,054 | |||||
3.86%, 05/20/29 | CNY | 2,480 | 360,643 | |||||
3.88%, 01/12/36 | CNY | 1,170 | 174,869 | |||||
4.89%, 03/26/28 | CNY | 3,010 | 456,363 | |||||
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 2.70%, 10/21/24 | CNY | 12,000 | 1,643,247 | |||||
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 | CNY | 5,000 | 684,144 | |||||
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 | CNY | 17,000 | 2,389,096 | |||||
Total Government Obligations (Cost: $45,480,785) | 40,517,009 | |||||||
Total Investments: 92.2% (Cost: $84,551,143) | 75,511,035 | |||||||
Other assets less liabilities: 7.8% | 6,358,232 | |||||||
NET ASSETS: 100.0% | $ | 81,869,267 |
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 | ||||||
Basic Materials | 7.4 | % | $ | 5,564,924 | ||||
Consumer Cyclicals | 2.0 | 1,514,722 | ||||||
Energy | 4.3 | 3,267,261 | ||||||
Financials | 40.7 | 30,694,874 | ||||||
Government Activity | 21.2 | 16,042,419 | ||||||
Industrials | 13.5 | 10,220,229 | ||||||
Real Estate | 4.7 | 3,521,263 | ||||||
Technology | 0.4 | 296,284 | ||||||
Utilities | 5.8 | 4,389,059 | ||||||
100.0 | % | $ | 75,511,035 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
See Notes to Financial Statements
7 |
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 34,994,026 | $ | — | $ | 34,994,026 | ||||||||
Government Obligations * | — | 40,517,009 | — | 40,517,009 | ||||||||||||
Total Investments | $ | — | $ | 75,511,035 | $ | — | $ | 75,511,035 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
8 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 94.0% | ||||||||
Argentina: 3.3% | ||||||||
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27 | $ | 439 | $ | 267,515 | ||||
Genneia SA 144A 8.75%, 09/02/27 | 550 | 510,890 | ||||||
MercadoLibre, Inc. | ||||||||
2.38%, 01/14/26 | 650 | 564,277 | ||||||
3.12%, 01/14/31 † | 1,025 | 743,335 | ||||||
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 | 800 | 509,756 | ||||||
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 | 75 | 47,790 | ||||||
Pampa Energia SA 144A | ||||||||
7.50%, 01/24/27 | 925 | 765,428 | ||||||
9.12%, 04/15/29 | 450 | 372,384 | ||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | 425 | 459,669 | ||||||
Telecom Argentina SA 144A | ||||||||
8.00%, 07/18/26 | 575 | 497,225 | ||||||
8.50%, 08/06/25 | 575 | 538,352 | ||||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 | 550 | 479,985 | ||||||
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 | 200 | 174,540 | ||||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | 540 | 430,213 | ||||||
YPF SA 144A | ||||||||
1.50%, 09/30/33 (s) | 850 | 461,295 | ||||||
2.50%, 06/30/29 (s) | 1,125 | 708,941 | ||||||
4.00%, 02/12/26 (s) | 1,150 | 1,012,000 | ||||||
6.95%, 07/21/27 | 1,225 | 746,221 | ||||||
7.00%, 12/15/47 | 775 | 405,794 | ||||||
8.50%, 03/23/25 | 516 | 411,025 | ||||||
8.50%, 07/28/25 | 1,675 | 1,209,735 | ||||||
8.50%, 06/27/29 | 587 | 358,070 | ||||||
8.75%, 04/04/24 | 858 | 743,898 | ||||||
12,418,338 | ||||||||
Armenia: 0.1% | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 | 425 | 402,471 | ||||||
Austria: 0.1% | ||||||||
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 | 300 | 236,100 | ||||||
Azerbaijan: 1.0% | ||||||||
Southern Gas Corridor CJSC 144A |
Par (000’s | ) | Value | ||||||
Azerbaijan (continued) | ||||||||
6.88%, 03/24/26 † | $ | 2,925 | $ | 2,884,094 | ||||
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | 1,050 | 1,025,503 | ||||||
3,909,597 | ||||||||
Bahrain: 1.6% | ||||||||
BBK BSC Reg S 5.50%, 07/09/24 | 700 | 682,111 | ||||||
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 | 650 | 622,944 | ||||||
Mumtalakat Sukuk Holding Co. Reg S | ||||||||
4.10%, 01/21/27 | 650 | 617,789 | ||||||
5.62%, 02/27/24 | 950 | 946,977 | ||||||
Oil and Gas Holding Co. BSCC 144A | ||||||||
7.50%, 10/25/27 | 1,500 | 1,455,157 | ||||||
7.62%, 11/07/24 | 1,125 | 1,118,149 | ||||||
8.38%, 11/07/28 | 650 | 640,005 | ||||||
6,083,132 | ||||||||
Barbados: 0.2% | ||||||||
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 † | 900 | 824,369 | ||||||
Bermuda: 0.8% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | 667 | 206,620 | ||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
8.75%, 05/25/24 | 1,750 | 1,497,378 | ||||||
13.00%, 12/31/25 | 597 | 406,901 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 975 | 822,822 | ||||||
2,933,721 | ||||||||
Brazil: 8.6% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | 750 | 679,841 | ||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | 550 | 486,458 | ||||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | 550 | 522,926 | ||||||
Atento Luxco 1 SA 144A 8.00%, 02/10/26 | 400 | 158,740 | ||||||
Azul Investments LLP 144A 5.88%, 10/26/24 | 200 | 151,512 | ||||||
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 | 400 | 275,515 | ||||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 | 500 | 399,015 | ||||||
Banco Bradesco SA 144A 3.20%, 01/27/25 | 525 | 495,553 | ||||||
Banco BTG Pactual SA 144A |
See Notes to Financial Statements
9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
2.75%, 01/11/26 | $ | 350 | $ | 306,731 | ||||
4.50%, 01/10/25 | 675 | 645,638 | ||||||
Banco Daycoval SA Reg S 4.25%, 12/13/24 | 300 | 288,026 | ||||||
Banco do Brasil SA 144A | ||||||||
4.62%, 01/15/25 | 650 | 632,011 | ||||||
4.75%, 03/20/24 | 550 | 541,005 | ||||||
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24 | 375 | 371,257 | ||||||
Banco Votorantim SA 144A | ||||||||
4.38%, 07/29/25 | 450 | 426,269 | ||||||
4.50%, 09/24/24 | 250 | 242,598 | ||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | 1,250 | 959,344 | ||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 | 425 | 404,912 | ||||||
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | 516 | 496,867 | ||||||
BRF GmbH 144A 4.35%, 09/29/26 | 375 | 334,313 | ||||||
BRF SA 144A | ||||||||
4.88%, 01/24/30 | 375 | 294,157 | ||||||
5.75%, 09/21/50 | 500 | 337,515 | ||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | 650 | 668,249 | ||||||
Centrais Eletricas Brasileiras SA 144A | ||||||||
3.62%, 02/04/25 | 350 | 329,964 | ||||||
4.62%, 02/04/30 | 475 | 407,804 | ||||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | 350 | 344,540 | ||||||
Cosan SA 144A 5.50%, 09/20/29 | 575 | 510,496 | ||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 | 775 | 665,581 | ||||||
CSN Resources SA 144A 7.62%, 04/17/26 | 250 | 239,698 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 625 | 592,812 | ||||||
5.40%, 02/01/27 | 550 | 504,022 | ||||||
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 | 500 | 472,850 | ||||||
ERO Copper Corp. 144A 6.50%, 02/15/30 | 250 | 188,480 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 450 | 460,051 | ||||||
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 | 300 | 235,628 |
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
5.50%, 01/14/32 | $ | 350 | $ | 266,377 | ||||
Gol Finance SA 144A 7.00%, 01/31/25 | 500 | 218,598 | ||||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | 562 | 441,626 | ||||||
InterCement Financial Operations BV 144A 5.75%, 07/17/24 | 450 | 313,245 | ||||||
Itau Unibanco Holding SA 144A | ||||||||
3.25%, 01/24/25 | 325 | 312,985 | ||||||
3.88% (US Treasury Yield Curve Rate T 5 | 350 | 301,518 | ||||||
4.50% (US Treasury Yield Curve Rate T 5 | 550 | 510,634 | ||||||
4.62% (US Treasury Yield Curve Rate T 5 | 500 | 384,850 | ||||||
JSM Global Sarl 144A 4.75%, 10/20/30 | 275 | 190,861 | ||||||
Klabin Austria GmbH 144A | ||||||||
3.20%, 01/12/31 † | 200 | 151,173 | ||||||
5.75%, 04/03/29 | 575 | 539,402 | ||||||
7.00%, 04/03/49 | 528 | 470,023 | ||||||
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26 | 375 | 305,079 | ||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | 875 | 649,989 | ||||||
MV24 Capital BV 144A 6.75%, 06/01/34 | 622 | 515,589 | ||||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | 750 | 585,375 | ||||||
NBM US Holdings, Inc. 144A | ||||||||
6.62%, 08/06/29 | 400 | 371,197 | ||||||
7.00%, 05/14/26 | 550 | 531,793 | ||||||
Nexa Resources SA 144A | ||||||||
5.38%, 05/04/27 | 450 | 411,804 | ||||||
6.50%, 01/18/28 | 325 | 300,365 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30 † | 350 | 312,004 | ||||||
5.30%, 01/27/25 | 325 | 321,331 | ||||||
5.60%, 01/03/31 † | 625 | 568,634 | ||||||
5.62%, 05/20/43 | 200 | 155,993 | ||||||
5.75%, 02/01/29 | 275 | 256,791 | ||||||
6.00%, 01/27/28 † | 625 | 600,906 | ||||||
6.25%, 03/17/24 | 275 | 276,295 | ||||||
6.75%, 01/27/41 | 400 | 347,936 | ||||||
6.75%, 06/03/50 | 300 | 241,719 | ||||||
6.85%, 06/05/15 | 900 | 707,648 | ||||||
6.88%, 01/20/40 | 372 | 330,288 | ||||||
6.90%, 03/19/49 | 450 | 372,796 | ||||||
7.25%, 03/17/44 | 515 | 462,279 | ||||||
7.38%, 01/17/27 | 400 | 408,570 | ||||||
8.75%, 05/23/26 | 200 | 215,926 | ||||||
Rede D’or Finance Sarl 144A |
See Notes to Financial Statements
10 |
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
4.50%, 01/22/30 | $ | 524 | $ | 433,497 | ||||
4.95%, 01/17/28 | 350 | 310,784 | ||||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | 412 | 416,949 | ||||||
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 | 266 | 274,462 | ||||||
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 | 298 | 299,806 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 450 | 402,750 | ||||||
Simpar Europe SA 144A 5.20%, 01/26/31 | 350 | 253,676 | ||||||
Tupy Overseas SA 144A 4.50%, 02/16/31 | 300 | 227,622 | ||||||
Ultrapar International SA 144A | ||||||||
5.25%, 10/06/26 | 200 | 193,171 | ||||||
5.25%, 06/06/29 | 300 | 283,197 | ||||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 | 350 | 338,764 | ||||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | 550 | 511,987 | ||||||
XP, Inc. 144A 3.25%, 07/01/26 | 500 | 437,217 | ||||||
32,805,859 | ||||||||
British Virgin Islands: 0.3% | ||||||||
China SCE Group Holdings Ltd. Reg S | ||||||||
7.00%, 05/02/25 | 700 | 63,875 | ||||||
7.38%, 04/09/24 | 750 | 101,250 | ||||||
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24 | 400 | 314,000 | ||||||
New Metro Global Ltd. Reg S | ||||||||
4.50%, 05/02/26 | 500 | 70,625 | ||||||
4.62%, 10/15/25 | 400 | 62,400 | ||||||
Sino-Ocean Land Treasure Finance I Ltd. Reg S 6.00%, 07/30/24 | 1,000 | 177,850 | ||||||
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27 | 450 | 51,178 | ||||||
Studio City Co. Ltd. 144A 7.00%, 02/15/27 † | 550 | 437,626 | ||||||
1,278,804 | ||||||||
Cambodia: 0.2% | ||||||||
NagaCorp Ltd. Reg S 7.95%, 07/06/24 | 700 | 609,000 | ||||||
Canada: 0.2% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 565 | 458,921 |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
Frontera Energy Corp. 144A 7.88%, 06/21/28 | $ | 550 | $ | 412,088 | ||||
871,009 | ||||||||
Cayman Islands: 2.2% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | 1,300 | 1,117,480 | ||||||
Banco Bradesco SA 144A 4.38%, 03/18/27 | 350 | 328,440 | ||||||
Banco do Brasil SA 144A | ||||||||
3.25%, 09/30/26 | 550 | 489,525 | ||||||
4.88%, 01/11/29 | 350 | 314,844 | ||||||
CT Trust 144A 5.12%, 02/03/32 | 1,300 | 1,041,525 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26 | 500 | 480,060 | ||||||
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 | 550 | 514,965 | ||||||
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 | 800 | 774,040 | ||||||
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 | 900 | 854,910 | ||||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 | 900 | 790,556 | ||||||
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 | 558 | 480,474 | ||||||
StoneCo Ltd. 144A 3.95%, 06/16/28 | 375 | 279,905 | ||||||
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24 | 800 | 763,360 | ||||||
8,230,084 | ||||||||
Chile: 1.2% | ||||||||
Agrosuper SA 144A 4.60%, 01/20/32 | 650 | 530,821 | ||||||
CAP SA 144A 3.90%, 04/27/31 | 450 | 308,605 | ||||||
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 | 735 | 358,347 | ||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | 618 | 551,080 | ||||||
Latam Airlines Group SA 144A | ||||||||
13.38%, 10/15/27 | 600 | 590,514 | ||||||
13.38%, 10/15/29 | 1,000 | 996,395 | ||||||
VTR Comunicaciones SpA 144A | ||||||||
4.38%, 04/15/29 | 600 | 336,957 | ||||||
5.12%, 01/15/28 | 617 | 393,328 | ||||||
VTR Finance NV 144A |
See Notes to Financial Statements
11 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Chile (continued) | ||||||||
6.38%, 07/15/28 | $ | 825 | $ | 438,790 | ||||
4,504,837 | ||||||||
China: 6.5% | ||||||||
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25 | 300 | 63,637 | ||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate | 4,250 | 3,936,553 | ||||||
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 | 700 | 655,025 | ||||||
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate | 650 | 390,000 | ||||||
Chengdu Economic & Technological Investment Group Co. Ltd. Reg S 5.30%, 12/07/24 | 200 | 194,000 | ||||||
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 | 840 | 844,200 | ||||||
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 | 650 | 558,220 | ||||||
China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26 | 400 | 33,000 | ||||||
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 | 600 | 546,600 | ||||||
CIFI Holdings Group Co. Ltd. Reg S 4.38%, 04/12/27 † | 500 | 35,125 | ||||||
4.45%, 08/17/26 | 650 | 48,606 | ||||||
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 | 550 | 548,281 | ||||||
Country Garden Holdings Co. Ltd. Reg S | ||||||||
2.70%, 07/12/26 | 1,500 | 138,560 | ||||||
3.12%, 10/22/25 | 2,000 | 198,335 | ||||||
3.30%, 01/12/31 | 1,300 | 102,216 | ||||||
3.88%, 10/22/30 | 800 | 63,026 | ||||||
4.20%, 02/06/26 | 800 | 78,411 | ||||||
4.80%, 08/06/30 | 500 | 39,760 |
Par (000’s | ) | Value | ||||||
China (continued) | ||||||||
5.12%, 01/17/25 | $ | 800 | $ | 80,672 | ||||
5.12%, 01/14/27 | 800 | 70,372 | ||||||
5.40%, 05/27/25 | 1,150 | 111,002 | ||||||
6.50%, 04/08/24 | 500 | 77,347 | ||||||
7.25%, 04/08/26 | 1,850 | 181,826 | ||||||
8.00%, 01/27/24 | 1,600 | 272,188 | ||||||
eHi Car Services Ltd. Reg S | ||||||||
7.00%, 09/21/26 | 350 | 169,750 | ||||||
7.75%, 11/14/24 | 600 | 301,713 | ||||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | 1,200 | 977,328 | ||||||
Fortune Star BVI Ltd. Reg S | ||||||||
5.95%, 10/19/25 | 1,000 | 370,000 | ||||||
6.85%, 07/02/24 | 850 | 403,750 | ||||||
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 | 200 | 75,000 | ||||||
Greenland Global Investment Ltd. Reg S | ||||||||
5.88%, 07/03/24 | 700 | 157,500 | ||||||
6.75%, 03/03/24 | 500 | 112,500 | ||||||
Greentown China Holdings Ltd. Reg S | ||||||||
4.70%, 04/29/25 | 750 | 345,375 | ||||||
5.65%, 07/13/25 | 300 | 133,950 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 | 9,350 | 8,368,123 | ||||||
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25 | 400 | 396,219 | ||||||
New Metro Global Ltd. Reg S 4.80%, 12/15/24 | 600 | 158,280 | ||||||
Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
5.95%, 04/30/25 | 500 | 41,232 | ||||||
6.25%, 08/10/24 | 600 | 66,000 | ||||||
Radiance Holdings Group Co. Ltd. Reg S 7.80%, 03/20/24 | 200 | 72,000 | ||||||
RKPF Overseas 2019 A Ltd. Reg S | ||||||||
6.00%, 09/04/25 | 600 | 243,975 | ||||||
6.70%, 09/30/24 | 750 | 454,312 | ||||||
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate | 400 | 114,000 | ||||||
Times China Holdings Ltd. Reg S | ||||||||
5.55%, 06/04/24 | 600 | 53,342 | ||||||
5.75%, 01/14/27 | 200 | 11,861 |
See Notes to Financial Statements
12 |
Par (000’s | ) | Value | ||||||
China (continued) | ||||||||
6.20%, 03/22/26 | $ | 600 | $ | 39,662 | ||||
6.75%, 07/08/25 | 600 | 46,193 | ||||||
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | 675 | 286,875 | ||||||
West China Cement Ltd. Reg S 4.95%, 07/08/26 | 800 | 456,520 | ||||||
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24 | 400 | 340,000 | ||||||
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 | 650 | 628,875 | ||||||
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25 | 800 | 775,472 | ||||||
24,866,769 | ||||||||
Colombia: 5.6% | ||||||||
Aris Mining Corp. 144A 6.88%, 08/09/26 | 325 | 226,250 | ||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 | 1,633 | 1,499,902 | ||||||
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 | 600 | 409,701 | ||||||
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 | 900 | 732,501 | ||||||
Cable Onda SA 144A 4.50%, 01/30/30 | 850 | 697,263 | ||||||
Canacol Energy Ltd. 144A 5.75%, 11/24/28 | 700 | 527,373 | ||||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 † | 1,800 | 1,661,593 | ||||||
4.62%, 11/02/31 | 1,875 | 1,296,099 | ||||||
5.38%, 06/26/26 | 2,225 | 2,025,940 | ||||||
5.88%, 05/28/45 | 2,950 | 1,801,772 | ||||||
5.88%, 11/02/51 | 1,100 | 656,100 | ||||||
6.88%, 04/29/30 | 2,900 | 2,391,630 | ||||||
7.38%, 09/18/43 | 1,283 | 942,646 | ||||||
Empresas Publicas de Medellin ESP 144A | ||||||||
4.25%, 07/18/29 | 1,475 | 1,055,575 | ||||||
4.38%, 02/15/31 | 925 | 629,153 | ||||||
Geopark Ltd. 144A 5.50%, 01/17/27 | 750 | 612,505 | ||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | 1,525 | 1,061,278 | ||||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | 700 | 641,117 | ||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | 750 | 612,053 |
Par (000’s | ) | Value | ||||||
Colombia (continued) | ||||||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 | $ | 550 | $ | 469,219 | ||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | 900 | 809,412 | ||||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | 808 | 687,462 | ||||||
21,446,544 | ||||||||
Costa Rica: 0.2% | ||||||||
Instituto Costarricense de Electricidad 144A | ||||||||
6.38%, 05/15/43 | 700 | 476,410 | ||||||
6.75%, 10/07/31 | 450 | 396,675 | ||||||
873,085 | ||||||||
Cyprus: 0.3% | ||||||||
MHP Lux SA 144A | ||||||||
6.25%, 09/19/29 | 500 | 225,000 | ||||||
6.95%, 04/03/26 | 850 | 390,796 | ||||||
MHP SE 144A 7.75%, 05/10/24 | 750 | 361,275 | ||||||
977,071 | ||||||||
Czech Republic: 0.2% | ||||||||
Energo-Pro AS 144A 8.50%, 02/04/27 | 650 | 599,840 | ||||||
Dominican Republic: 0.1% | ||||||||
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 | 400 | 314,608 | ||||||
El Salvador: 0.1% | ||||||||
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 | 425 | 419,197 | ||||||
France: 0.1% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 | 500 | 440,223 | ||||||
Georgia: 0.4% | ||||||||
Georgia Capital JSC Reg S 6.12%, 03/09/24 | 600 | 563,017 | ||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 650 | 495,677 | ||||||
Silknet JSC 144A 8.38%, 01/31/27 | 375 | 347,813 | ||||||
1,406,507 | ||||||||
Ghana: 0.4% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † | 925 | 774,687 | ||||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | 1,050 | 684,842 | ||||||
1,459,529 | ||||||||
Greece: 0.2% | ||||||||
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A |
See Notes to Financial Statements
13 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Greece (continued) | ||||||||
10.75%, 07/01/25 | $ | 775 | $ | 715,747 | ||||
Guatemala: 0.5% | ||||||||
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | 525 | 469,611 | ||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | 1,650 | 1,455,328 | ||||||
1,924,939 | ||||||||
Honduras: 0.1% | ||||||||
Inversiones Atlantida SA 144A 7.50%, 05/19/26 | 375 | 336,188 | ||||||
Hong Kong: 4.4% | ||||||||
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25 † | 650 | 128,072 | ||||||
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) | 500 | 76,374 | ||||||
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) | 950 | 165,179 | ||||||
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 | 762,500 | ||||||
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) | 850 | 688,500 | ||||||
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 | 1,050 | 678,507 | ||||||
Champion Path Holdings Ltd. Reg S | ||||||||
4.50%, 01/27/26 | 850 | 559,921 | ||||||
4.85%, 01/27/28 | 650 | 398,937 | ||||||
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 | 750 | 656,219 | ||||||
4.80% (US Treasury Yield Curve Rate T 5 | 900 | 812,250 | ||||||
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 | 450 | 323,089 | ||||||
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 | 500 | 399,150 |
Par (000’s | ) | Value | ||||||
Hong Kong (continued) | ||||||||
Easy Tactic Ltd. 7.50%, 07/11/28 | $ | 353 | $ | 28,251 | ||||
Fortune Star BVI Ltd. Reg S | ||||||||
5.00%, 05/18/26 | 650 | 214,637 | ||||||
5.05%, 01/27/27 | 600 | 201,000 | ||||||
Franshion Brilliant Ltd. Reg S 4.88% (US Treasury Yield Curve Rate T 5 | 200 | 124,252 | ||||||
6.00% (US Treasury Yield Curve Rate T 5 | 700 | 502,480 | ||||||
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24 | 600 | 227,457 | ||||||
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24 | 400 | 184,000 | ||||||
Li & Fung Ltd. Reg S | ||||||||
4.38%, 10/04/24 | 850 | 799,287 | ||||||
4.50%, 08/18/25 | 900 | 778,499 | ||||||
Melco Resorts Finance Ltd. 144A | ||||||||
4.88%, 06/06/25 | 1,400 | 1,000,260 | ||||||
5.25%, 04/26/26 | 800 | 509,374 | ||||||
5.38%, 12/04/29 | 1,700 | 952,850 | ||||||
5.62%, 07/17/27 | 970 | 590,871 | ||||||
5.75%, 07/21/28 | 1,150 | 667,000 | ||||||
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 | 300 | 123,000 | ||||||
RKPF Overseas 2020 A Ltd. Reg S | ||||||||
5.12%, 07/26/26 | 600 | 175,650 | ||||||
5.20%, 01/12/26 | 700 | 217,439 | ||||||
Seaspan Corp. 144A 5.50%, 08/01/29 | 1,250 | 965,924 | ||||||
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 | 400 | 385,200 | ||||||
Sino-Ocean Land Treasure IV Ltd. Reg S | ||||||||
3.25%, 05/05/26 | 500 | 62,511 | ||||||
4.75%, 08/05/29 | 800 | 80,970 | ||||||
4.75%, 01/14/30 | 850 | 83,432 | ||||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 | 1,600 | 691,392 | ||||||
6.00%, 07/15/25 | 650 | 312,592 | ||||||
6.50%, 01/15/28 | 875 | 367,923 | ||||||
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24 | 500 | 476,632 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 750 | 378,750 | ||||||
16,750,331 | ||||||||
India: 5.3% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S |
See Notes to Financial Statements
14 |
Par (000’s | ) | Value | ||||||
India (continued) | ||||||||
5.95%, 07/31/24 | $ | 1,500 | $ | 1,473,278 | ||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 1,100 | 830,500 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 | 850 | 773,202 | ||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharash 144A 4.62%, 10/15/39 | 452 | 290,104 | ||||||
Bank of Baroda Reg S 3.88%, 04/04/24 | 450 | 438,756 | ||||||
Canara Bank Reg S 3.88%, 03/28/24 | 600 | 584,643 | ||||||
Delhi International Airport Ltd. 144A | ||||||||
6.12%, 10/31/26 | 800 | 722,200 | ||||||
6.45%, 06/04/29 | 650 | 537,323 | ||||||
Future Retail Ltd. 144A 5.60%, 01/22/25 | 650 | 20,345 | ||||||
GMR Hyderabad International Airport Ltd. 144A | ||||||||
4.25%, 10/27/27 | 450 | 355,500 | ||||||
4.75%, 02/02/26 | 550 | 483,312 | ||||||
5.38%, 04/10/24 | 375 | 360,956 | ||||||
HPCL-Mittal Energy Ltd. Reg S | ||||||||
5.25%, 04/28/27 | 550 | 474,375 | ||||||
5.45%, 10/22/26 | 400 | 358,160 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 | 500 | 467,066 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 874 | 674,338 | ||||||
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29 | 500 | 372,408 | ||||||
JSW Steel Ltd. 144A | ||||||||
3.95%, 04/05/27 | 650 | 473,217 | ||||||
5.05%, 04/05/32 | 850 | 535,764 | ||||||
JSW Steel Ltd. Reg S | ||||||||
5.38%, 04/04/25 | 500 | 434,375 | ||||||
5.95%, 04/18/24 | 750 | 702,375 | ||||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 | 1,475 | 1,301,466 | ||||||
Periama Holdings LLC Reg S 5.95%, 04/19/26 | 1,150 | 938,205 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | 750 | 674,629 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † | 850 | 629,476 |
Par (000’s | ) | Value | ||||||
India (continued) | ||||||||
Shriram Transport Finance Co. Ltd. 144A | ||||||||
4.15%, 07/18/25 | $ | 500 | $ | 432,755 | ||||
4.40%, 03/13/24 | 1,100 | 1,026,619 | ||||||
Tata Motors Ltd. Reg S 5.88%, 05/20/25 | 400 | 382,000 | ||||||
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 | 450 | 426,398 | ||||||
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 | 550 | 342,375 | ||||||
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 | 875 | 523,941 | ||||||
13.88%, 01/21/24 | 1,525 | 1,278,133 | ||||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | 1,475 | 876,795 | ||||||
20,194,989 | ||||||||
Indonesia: 2.4% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | 1,200 | 1,125,709 | ||||||
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 | 400 | 168,000 | ||||||
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 | 400 | 344,000 | ||||||
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 | 600 | 447,660 | ||||||
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 | 800 | 693,225 | ||||||
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 | 400 | 369,500 | ||||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | 573 | 555,173 | ||||||
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 | 825 | 779,446 | ||||||
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 | 500 | 395,000 | ||||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | 950 | 762,269 | ||||||
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 | 850 | 756,265 | ||||||
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | 775 | 743,729 | ||||||
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 | 600 | 489,000 |
See Notes to Financial Statements
15 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Indonesia (continued) | ||||||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | $ | 650 | $ | 606,358 | ||||
Theta Capital Pte Ltd. Reg S | ||||||||
6.75%, 10/31/26 | 600 | 335,100 | ||||||
8.12%, 01/22/25 | 700 | 480,200 | ||||||
9,051,536 | ||||||||
Israel: 3.1% | ||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
6.12%, 06/30/25 | 875 | 835,071 | ||||||
6.50%, 06/30/27 | 875 | 820,312 | ||||||
6.75%, 06/30/30 | 800 | 716,812 | ||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | 900 | 739,692 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | 3,975 | 3,365,792 | ||||||
4.10%, 10/01/46 | 2,298 | 1,396,348 | ||||||
6.00%, 04/15/24 | 1,417 | 1,403,368 | ||||||
6.75%, 03/01/28 † | 1,425 | 1,346,518 | ||||||
7.12%, 01/31/25 | 1,150 | 1,141,157 | ||||||
11,765,070 | ||||||||
Kuwait: 0.3% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
4.23%, 10/29/26 | 800 | 659,820 | ||||||
4.50%, 02/23/27 | 750 | 597,802 | ||||||
1,257,622 | ||||||||
Luxembourg: 2.4% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 | 350 | 276,376 | ||||||
Aegea Finance Sarl 144A 6.75%, 05/20/29 † | 300 | 276,600 | ||||||
AI Candelaria Spain SA 144A 7.50%, 12/15/28 | 475 | 400,940 | ||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | 700 | 588,938 | ||||||
CSN Resources SA 144A | ||||||||
4.62%, 06/10/31 | 600 | 401,820 | ||||||
5.88%, 04/08/32 † | 375 | 271,762 | ||||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||
4.50%, 03/30/24 | 900 | 862,051 | ||||||
4.88%, 03/30/26 | 925 | 834,813 | ||||||
5.38%, 03/30/28 | 900 | 794,250 | ||||||
5.88%, 03/30/31 | 925 | 786,250 | ||||||
Gol Finance SA 144A 8.00%, 06/30/26 | 425 | 249,556 | ||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | 725 | 531,639 | ||||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 | 1,200 | 918,888 |
Par (000’s | ) | Value | ||||||
Luxembourg (continued) | ||||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | $ | 850 | $ | 646,998 | ||||
Movida Europe SA 144A 5.25%, 02/08/31 | 550 | 405,853 | ||||||
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 † | 350 | 292,250 | ||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 | 475 | 430,913 | ||||||
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31 | 186 | 157,368 | ||||||
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 † | 200 | 151,788 | ||||||
9,279,053 | ||||||||
Macao: 0.2% | ||||||||
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 | 1,200 | 903,096 | ||||||
Mauritius: 2.4% | ||||||||
Axian Telecom 144A 7.38%, 02/16/27 | 625 | 541,563 | ||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | 605 | 440,010 | ||||||
CA Magnum Holdings 144A 5.38%, 10/31/26 | 1,525 | 1,281,119 | ||||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | 478 | 368,694 | ||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | 1,491 | 1,153,419 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 | 1,075 | 920,573 | ||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | 1,300 | 1,016,197 | ||||||
India Airport Infra 144A 6.25%, 10/25/25 | 625 | 554,225 | ||||||
India Clean Energy Holdings 144A 4.50%, 04/18/27 | 550 | 383,276 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 521 | 398,450 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 700 | 528,533 | ||||||
India Toll Roads 144A 5.50%, 08/19/24 | 600 | 558,571 | ||||||
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 | 875 | 622,563 | ||||||
Network i2i Ltd. 144A |
See Notes to Financial Statements
16 |
Par (000’s | ) | Value | ||||||
Mauritius (continued) | ||||||||
3.98% (US Treasury Yield Curve Rate T 5 | $ | 625 | $ | 496,503 | ||||
9,263,696 | ||||||||
Mexico: 6.6% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 | 650 | 618,829 | ||||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | 693 | 464,920 | ||||||
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 | 750 | 634,313 | ||||||
Braskem Idesa SAPI 144A 6.99%, 02/20/32 † | 1,775 | 1,191,549 | ||||||
Cemex SAB de CV 144A | ||||||||
3.88%, 07/11/31 | 1,775 | 1,355,656 | ||||||
5.12% (US Treasury Yield Curve Rate T 5 | 1,425 | 1,179,822 | ||||||
5.20%, 09/17/30 | 1,200 | 1,023,404 | ||||||
5.45%, 11/19/29 | 1,125 | 983,998 | ||||||
7.38%, 06/05/27 | 1,450 | 1,438,907 | ||||||
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 | 900 | 566,964 | ||||||
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 | 500 | 398,343 | ||||||
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 | 450 | 357,716 | ||||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | 600 | 516,921 | ||||||
Metalsa SAPI de CV 144A 3.75%, 05/04/31 | 350 | 242,445 | ||||||
Mexarrend SAPI de CV 144A 10.25%, 07/24/24 | 600 | 145,338 | ||||||
Nemak SAB de CV 144A 3.62%, 06/28/31 | 825 | 601,396 | ||||||
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 | 600 | 252,124 | ||||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | 175 | 163,137 | ||||||
4.50%, 01/23/26 | 325 | 286,941 | ||||||
4.88%, 01/18/24 † | 225 | 219,286 | ||||||
5.35%, 02/12/28 † | 550 | 439,300 | ||||||
5.50%, 06/27/44 | 175 | 99,733 | ||||||
5.62%, 01/23/46 | 175 | 98,410 | ||||||
5.95%, 01/28/31 | 1,025 | 740,536 | ||||||
6.35%, 02/12/48 | 425 | 245,025 | ||||||
6.38%, 01/23/45 | 325 | 191,396 | ||||||
6.49%, 01/23/27 | 425 | 371,004 | ||||||
6.50%, 03/13/27 | 1,075 | 944,695 | ||||||
6.50%, 01/23/29 † | 325 | 261,644 |
Par (000’s | ) | Value | ||||||
Mexico (continued) | ||||||||
6.50%, 06/02/41 | $ | 425 | $ | 268,619 | ||||
6.62%, 06/15/35 | 750 | 522,097 | ||||||
6.62%, 06/15/38 | 125 | 82,001 | ||||||
6.70%, 02/16/32 | 1,840 | 1,394,554 | ||||||
6.75%, 09/21/47 | 1,525 | 921,238 | ||||||
6.84%, 01/23/30 | 650 | 519,899 | ||||||
6.88%, 10/16/25 † | 250 | 240,615 | ||||||
6.88%, 08/04/26 | 675 | 625,650 | ||||||
6.95%, 01/28/60 | 1,050 | 631,893 | ||||||
7.69%, 01/23/50 | 2,200 | 1,437,163 | ||||||
8.75%, 06/02/29 | 525 | 468,468 | ||||||
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 | 525 | 435,832 | ||||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 | 900 | 619,131 | ||||||
7.50%, 11/12/25 | 850 | 720,253 | ||||||
Unifin Financiera SAB de CV 144A | ||||||||
7.00%, 01/15/25 | 600 | 56,250 | ||||||
7.25%, 09/27/23 | 285 | 29,212 | ||||||
8.38%, 01/27/28 | 825 | 82,500 | ||||||
9.88%, 01/28/29 | 875 | 87,500 | ||||||
25,176,627 | ||||||||
Mongolia: 0.1% | ||||||||
Mongolian Mining Corp./ Energy Resources LLC 144A 9.25%, 04/15/24 | 650 | 364,787 | ||||||
Morocco: 1.1% | ||||||||
OCP SA 144A | ||||||||
3.75%, 06/23/31 | 1,100 | 825,621 | ||||||
4.50%, 10/22/25 | 875 | 835,757 | ||||||
5.12%, 06/23/51 | 1,100 | 677,156 | ||||||
5.62%, 04/25/24 | 1,100 | 1,092,326 | ||||||
6.88%, 04/25/44 | 750 | 593,812 | ||||||
4,024,672 | ||||||||
Netherlands: 0.9% | ||||||||
Coruripe Netherlands BV 144A 10.00%, 02/10/27 | 250 | 208,126 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 1,289 | 1,012,061 | ||||||
Petrobras Global Finance BV 5.50%, 06/10/51 † | 400 | 283,816 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
4.75%, 05/09/27 | 1,150 | 1,016,313 | ||||||
5.12%, 05/09/29 † | 1,150 | 989,644 | ||||||
3,509,960 | ||||||||
Nigeria: 0.8% | ||||||||
Access Bank Plc 144A 6.12%, 09/21/26 | 725 | 534,470 | ||||||
EBN Finance Co. BV 144A 7.12%, 02/16/26 | 450 | 359,856 | ||||||
Fidelity Bank Plc 144A |
See Notes to Financial Statements
17 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Nigeria (continued) | ||||||||
7.62%, 10/28/26 | $ | 550 | $ | 431,750 | ||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 | 550 | 475,035 | ||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | 875 | 689,106 | ||||||
United Bank for Africa Plc 144A 6.75%, 11/19/26 | 475 | 406,125 | ||||||
2,896,342 | ||||||||
Oman: 1.4% | ||||||||
Bank Muscat SAOG Reg S 4.75%, 03/17/26 | 700 | 663,413 | ||||||
Lamar Funding Ltd. 144A 3.96%, 05/07/25 | 1,575 | 1,455,752 | ||||||
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 | 675 | 663,674 | ||||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | 700 | 630,702 | ||||||
OQ SAOC 144A 5.12%, 05/06/28 | 1,100 | 995,876 | ||||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 † | 1,025 | 1,009,062 | ||||||
5,418,479 | ||||||||
Panama: 0.4% | ||||||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) | 475 | 384,235 | ||||||
Banistmo SA 144A 4.25%, 07/31/27 | 600 | 529,414 | ||||||
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | 600 | 532,320 | ||||||
1,445,969 | ||||||||
Paraguay: 0.2% | ||||||||
Banco Continental SAECA 144A 2.75%, 12/10/25 | 350 | 300,615 | ||||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 | 425 | 335,312 | ||||||
635,927 | ||||||||
Peru: 2.4% | ||||||||
Auna SAA 144A 6.50%, 11/20/25 | 375 | 293,012 | ||||||
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29 | 500 | 478,424 | ||||||
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 | 400 | 351,048 | ||||||
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | 500 | 486,942 | ||||||
Camposol SA 144A |
Par (000’s | ) | Value | ||||||
Peru (continued) | ||||||||
6.00%, 02/03/27 | $ | 550 | $ | 390,801 | ||||
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 | 825 | 685,099 | ||||||
InRetail Consumer 144A 3.25%, 03/22/28 | 950 | 753,483 | ||||||
InRetail Shopping Malls 144A 5.75%, 04/03/28 | 525 | 466,043 | ||||||
Minsur SA 144A 4.50%, 10/28/31 | 750 | 605,415 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 | 1,350 | 1,064,678 | ||||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | 1,450 | 1,071,554 | ||||||
5.62%, 06/19/47 | 2,900 | 1,865,323 | ||||||
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 | 500 | 400,989 | ||||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | 500 | 420,443 | ||||||
9,333,254 | ||||||||
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) | 400 | 343,996 | ||||||
Poland: 0.4% | ||||||||
Canpack SA / Canpack US LLC 144A | ||||||||
3.12%, 11/01/25 | 650 | 567,054 | ||||||
3.88%, 11/15/29 | 1,200 | 955,356 | ||||||
1,522,410 | ||||||||
Qatar: 0.2% | ||||||||
QNB Finansbank AS 144A 6.88%, 09/07/24 | 925 | 927,859 | ||||||
Saudi Arabia: 0.5% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 | 650 | 604,191 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
6.75%, 02/15/25 | 900 | 862,371 | ||||||
6.88%, 02/26/27 | 600 | 554,400 | ||||||
2,020,962 | ||||||||
Singapore: 2.2% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 871 | 692,648 | ||||||
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) | 1,400 | 665,000 | ||||||
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) | 200 | 99,990 |
See Notes to Financial Statements
18 |
Par (000’s | ) | Value | ||||||
Singapore (continued) | ||||||||
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26 | $ | 600 | $ | 583,500 | ||||
Greenko Solar Mauritius Ltd. 144A | ||||||||
5.55%, 01/29/25 † | 750 | 657,188 | ||||||
5.95%, 07/29/26 | 900 | 729,000 | ||||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | 492 | 439,057 | ||||||
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 | 500 | 384,247 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | 800 | 739,948 | ||||||
Puma International Financing SA 144A | ||||||||
5.00%, 01/24/26 | 1,200 | 1,068,252 | ||||||
5.12%, 10/06/24 | 850 | 798,524 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 649 | 576,363 | ||||||
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 | 700 | 567,035 | ||||||
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 | 600 | 357,000 | ||||||
8,357,752 | ||||||||
South Africa: 2.5% | ||||||||
Eskom Holdings SOC Ltd. 144A | ||||||||
6.35%, 08/10/28 | 1,525 | 1,373,964 | ||||||
7.12%, 02/11/25 | 1,875 | 1,759,312 | ||||||
8.45%, 08/10/28 | 575 | 506,292 | ||||||
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 | 800 | 673,872 | ||||||
MTN Mauritius Investments Ltd. 144A | ||||||||
4.75%, 11/11/24 | 675 | 649,571 | ||||||
6.50%, 10/13/26 | 750 | 717,675 | ||||||
Sasol Financing USA LLC | ||||||||
5.88%, 03/27/24 | 2,050 | 2,006,479 | ||||||
6.50%, 09/27/28 | 1,250 | 1,106,686 | ||||||
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 | 650 | 624,943 | ||||||
9,418,794 | ||||||||
South Korea: 0.2% | ||||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) | 850 | 742,688 | ||||||
Spain: 0.6% | ||||||||
AES Andres BV 144A 5.70%, 05/04/28 | 400 | 323,275 |
Par (000’s | ) | Value | ||||||
Spain (continued) | ||||||||
AI Candelaria Spain SA 144A 5.75%, 06/15/33 | $ | 1,000 | $ | 652,130 | ||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | 550 | 511,149 | ||||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 | 725 | 507,699 | ||||||
International Airport Finance SA 144A 12.00%, 03/15/33 | 522 | 452,453 | ||||||
2,446,706 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | 500 | 421,663 | ||||||
Thailand: 0.6% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 1,775 | 1,321,668 | ||||||
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | 1,200 | 1,008,318 | ||||||
2,329,986 | ||||||||
Togo: 0.2% | ||||||||
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 | 800 | 758,600 | ||||||
Trinidad and Tobago: 0.7% | ||||||||
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29 | 800 | 843,600 | ||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | 600 | 552,366 | ||||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | 525 | 447,468 | ||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | 900 | 857,633 | ||||||
2,701,067 | ||||||||
Turkey: 5.8% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | 700 | 630,941 | ||||||
6.80%, 02/06/26 † | 725 | 659,627 | ||||||
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 | 850 | 706,025 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 | 700 | 500,414 |
See Notes to Financial Statements
19 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Turkey (continued) | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | $ | 1,100 | $ | 825,330 | ||||
Coca-Cola Icecek AS 144A 4.50%, 01/20/29 | 700 | 564,305 | ||||||
KOC Holding AS 144A 6.50%, 03/11/25 | 1,100 | 1,045,891 | ||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 | 500 | 399,142 | ||||||
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 | 550 | 506,138 | ||||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 | 950 | 807,338 | ||||||
Turk Telekomunikasyon AS 144A | ||||||||
4.88%, 06/19/24 | 750 | 662,775 | ||||||
6.88%, 02/28/25 | 805 | 704,359 | ||||||
Turkcell Iletisim Hizmetleri AS 144A | ||||||||
5.75%, 10/15/25 | 675 | 601,165 | ||||||
5.80%, 04/11/28 | 750 | 602,047 | ||||||
Turkiye Is Bankasi AS 144A | ||||||||
6.12%, 04/25/24 | 1,825 | 1,775,360 | ||||||
7.85%, 12/10/23 | 555 | 557,970 | ||||||
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 | 1,250 | 1,106,841 | ||||||
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 | 1,125 | 1,043,471 | ||||||
Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
5.88%, 01/14/26 | 450 | 393,768 | ||||||
6.00%, 01/23/25 | 650 | 587,868 | ||||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 | 975 | 906,253 | ||||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 | 1,025 | 921,143 | ||||||
5.50%, 10/01/26 | 775 | 652,558 | ||||||
6.50%, 01/08/26 | 1,025 | 906,243 | ||||||
8.12%, 03/28/24 | 975 | 961,691 | ||||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | 950 | 668,154 | ||||||
Yapi ve Kredi Bankasi AS 144A | ||||||||
5.85%, 06/21/24 | 650 | 621,652 | ||||||
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | 775 | 688,442 | ||||||
8.25%, 10/15/24 | 825 | 813,161 | ||||||
Zorlu Yenilenebilir Enerji AS 144A |
Par (000’s | ) | Value | ||||||
Turkey (continued) | ||||||||
9.00%, 06/01/26 | $ | 400 | $ | 289,144 | ||||
22,109,216 | ||||||||
Ukraine: 0.4% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 | 350 | 117,561 | ||||||
6.75%, 10/27/27 | 400 | 131,800 | ||||||
Metinvest BV 144A | ||||||||
7.65%, 10/01/27 | 450 | 188,775 | ||||||
7.75%, 10/17/29 | 800 | 330,800 | ||||||
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 | 700 | 123,812 | ||||||
NPC Ukrenergo 144A 6.88%, 11/09/28 | 1,100 | 172,988 | ||||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24 | 1,300 | 247,000 | ||||||
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 | 600 | 322,050 | ||||||
1,634,786 | ||||||||
United Arab Emirates: 2.4% | ||||||||
Acwa Power Management and Investments One Ltd. 144A 5.95%, 12/15/39 | 1,248 | 1,093,434 | ||||||
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMTUSD6Y+3.66%), 1/22/2025 (o) | 1,050 | 1,043,162 | ||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) | 2,350 | 2,282,898 | ||||||
Emirates NBD Bank PJSC Reg S 6.12% (CMTUSD6Y+3.66%), 3/20/2025 (o) | 1,450 | 1,379,707 | ||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | 1,350 | 1,279,084 | ||||||
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) | 550 | 506,990 | ||||||
Shelf Drilling Holdings Ltd. 144A | ||||||||
8.25%, 02/15/25 | 1,425 | 1,203,726 | ||||||
8.88%, 11/15/24 | 375 | 369,889 | ||||||
9,158,890 | ||||||||
United Kingdom: 1.6% | ||||||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | 1,125 | 954,596 | ||||||
Endeavour Mining Plc 144A 5.00%, 10/14/26 | 775 | 606,437 | ||||||
IHS Holding Ltd. 144A 5.62%, 11/29/26 | 775 | 591,209 |
See Notes to Financial Statements
20 |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
6.25%, 11/29/28 | $ | 800 | $ | 583,040 | ||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | 2,545 | 2,171,878 | ||||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | 1,650 | 1,043,930 | ||||||
5,951,090 | ||||||||
United States: 4.3% | ||||||||
AES Andes SA 144A | ||||||||
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 700 | 569,687 | ||||||
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 800 | 657,777 | ||||||
AES Argentina Generacion SA 144A 7.75%, 02/02/24 | 450 | 350,424 | ||||||
Azul Investments LLP 144A 7.25%, 06/15/26 † | 550 | 349,093 | ||||||
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 | 421 | 365,462 | ||||||
Energuate Trust 144A 5.88%, 05/03/27 | 400 | 349,800 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | 1,050 | 538,067 | ||||||
Guacolda Energia SA 144A 4.56%, 04/30/25 | 850 | 269,822 | ||||||
Kosmos Energy Ltd. 144A | ||||||||
7.50%, 03/01/28 | 650 | 510,432 | ||||||
7.75%, 05/01/27 | 725 | 586,568 | ||||||
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 | 500 | 413,275 | ||||||
MGM China Holdings Ltd. 144A | ||||||||
5.25%, 06/18/25 † | 750 | 597,622 | ||||||
5.38%, 05/15/24 † | 1,125 | 970,538 | ||||||
5.88%, 05/15/26 † | 1,075 | 827,196 | ||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | 1,100 | 766,260 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 | 975 | 856,113 | ||||||
5.50%, 03/18/31 † | 1,300 | 976,860 | ||||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 | 900 | 604,683 | ||||||
Stillwater Mining Co. 144A | ||||||||
4.00%, 11/16/26 | 925 | 763,606 | ||||||
4.50%, 11/16/29 | 850 | 625,940 | ||||||
Wynn Macau Ltd. 144A | ||||||||
4.88%, 10/01/24 † | 850 | 663,604 | ||||||
5.12%, 12/15/29 | 1,450 | 880,715 | ||||||
5.50%, 01/15/26 † | 1,400 | 973,000 | ||||||
5.50%, 10/01/27 | 1,225 | 792,679 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
5.62%, 08/26/28 | $ | 1,925 | $ | 1,179,544 | ||||
16,438,767 | ||||||||
Uruguay: 0.1% | ||||||||
Arcos Dorados BV 144A 6.12%, 05/27/29 | 550 | 506,787 | ||||||
Uzbekistan: 0.5% | ||||||||
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 | 400 | 344,880 | ||||||
Uzauto Motors AJ 144A 4.85%, 05/04/26 | 350 | 259,000 | ||||||
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 | 450 | 400,282 | ||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | 1,000 | 757,675 | ||||||
1,761,837 | ||||||||
Zambia: 1.7% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.50%, 03/01/24 | 1,225 | 1,203,952 | ||||||
6.88%, 03/01/26 | 1,425 | 1,340,811 | ||||||
6.88%, 10/15/27 | 2,200 | 2,049,712 | ||||||
7.50%, 04/01/25 | 2,000 | 1,942,420 | ||||||
6,536,895 | ||||||||
Total Corporate Bonds (Cost: $470,121,292) | 358,249,729 | |||||||
GOVERNMENT OBLIGATIONS: 2.0% | ||||||||
Argentina: 0.9% | ||||||||
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 | 1,275 | 1,104,686 | ||||||
Provincia de Cordoba 144A | ||||||||
6.88%, 02/01/29 | 682 | 390,812 | ||||||
6.99%, 06/01/27 (s) | 757 | 469,616 | ||||||
Provincia de Mendoza 144A 4.25%, 03/19/29 (s) | 850 | 586,500 | ||||||
Provincia de Neuquen 144A 6.62%, 04/27/30 (s) | 525 | 304,500 | ||||||
Provincia del Chubut 144A 7.75%, 07/26/30 (s) | 702 | 528,652 | ||||||
Provincia del Chubut Reg S 7.75%, 07/26/30 (s) | 175 | 132,163 | ||||||
3,516,929 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 650 | 203,398 | ||||||
Turkey: 0.9% | ||||||||
Istanbul Metropolitan Municipality 144A | ||||||||
6.38%, 12/09/25 | 900 | 742,849 | ||||||
10.75%, 04/12/27 | 350 | 313,845 | ||||||
Turkiye Ihracat Kredi Bankasi AS 144A |
See Notes to Financial Statements
21 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Turkey (continued) | ||||||||
5.75%, 07/06/26 | $ | 1,025 | $ | 862,794 | ||||
6.12%, 05/03/24 | 650 | 610,897 | ||||||
8.25%, 01/24/24 | 825 | 813,841 | ||||||
3,344,226 | ||||||||
Ukraine: 0.0% | ||||||||
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30 | 1,000 | 150,716 | ||||||
Uzbekistan: 0.1% | ||||||||
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 | 600 | 527,250 | ||||||
Total Government Obligations (Cost: $10,174,907) | 7,742,519 | |||||||
Total Investments Before Collateral for Securities Loaned: 96.0% (Cost: $480,296,199) | 365,992,248 |
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7% | ||||||||
Money Market Fund: 3.7% (Cost: $14,202,551) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 14,202,551 | $ | 14,202,551 | |||||
Total Investments: 99.7% (Cost: $494,498,750) | 380,194,799 | |||||||
Other assets less liabilities: 0.3% | 1,160,401 | |||||||
NET ASSETS: 100.0% | $ | 381,355,200 |
Definitions:
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $14,635,653. |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
(o) | Perpetual Maturity — the date shown is the next call date |
* | Non-income producing |
(d) | Security in default |
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 $249,075,819, or 65.3% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 10.2 | % | $ | 37,250,897 | ||||
Consumer Cyclicals | 3.9 | 14,185,941 | ||||||
Consumer Non-Cyclicals | 4.0 | 14,676,061 | ||||||
Energy | 19.3 | 70,588,944 | ||||||
Financials | 35.1 | 128,353,063 | ||||||
Government Activity | 1.3 | 4,724,339 | ||||||
Healthcare | 3.5 | 12,750,124 | ||||||
Industrials | 8.9 | 32,810,834 | ||||||
Institutions, Associations & Organizations | 0.1 | 402,471 | ||||||
Real Estate | 1.9 | 7,016,371 | ||||||
Technology | 3.5 | 12,825,756 | ||||||
Utilities | 8.3 | 30,407,447 | ||||||
100.0 | % | $ | 365,992,248 |
See Notes to Financial Statements
22 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||
Corporate Bonds * | $ | — | $ | 358,249,729 | $ | — | $ | 358,249,729 | ||||
Government Obligations * | — | 7,742,519 | — | 7,742,519 | ||||||||
Money Market Fund | 14,202,551 | — | — | 14,202,551 | ||||||||
Total Investments | $ | 14,202,551 | $ | 365,992,248 | $ | — | $ | 380,194,799 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
23 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 98.0% | ||||||||
Australia: 1.6% | ||||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 | $ | 16,686 | $ | 14,680,593 | ||||
4.12%, 12/01/27 | 11,128 | 9,682,084 | ||||||
4.35%, 10/15/24 | 8,345 | 7,957,371 | ||||||
5.60%, 10/15/44 | 8,358 | 6,196,830 | ||||||
5.85%, 11/15/43 | 11,102 | 8,345,948 | ||||||
46,862,826 | ||||||||
Canada: 1.8% | ||||||||
Bombardier, Inc. 144A 7.45%, 05/01/34 | 14,241 | 13,383,692 | ||||||
Methanex Corp. | ||||||||
4.25%, 12/01/24 | 8,339 | 8,081,033 | ||||||
5.25%, 12/15/29 † | 19,489 | 16,715,640 | ||||||
5.65%, 12/01/44 | 8,359 | 5,788,607 | ||||||
TransAlta Corp. 6.50%, 03/15/40 | 8,954 | 7,716,977 | ||||||
51,685,949 | ||||||||
Finland: 0.4% | ||||||||
Nokia Oyj 6.62%, 05/15/39 | 14,080 | 12,863,488 | ||||||
France: 1.2% | ||||||||
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | 41,712 | 36,742,849 | ||||||
Germany: 1.0% | ||||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | 27,828 | 28,558,485 | ||||||
Ireland: 2.1% | ||||||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 19,490 | 18,609,734 | ||||||
4.38%, 03/15/26 | 19,489 | 18,307,869 | ||||||
4.40%, 06/15/30 | 20,848 | 17,469,999 | ||||||
4.90%, 12/15/44 | 8,454 | 5,565,848 | ||||||
59,953,450 | ||||||||
Italy: 4.8% | ||||||||
Intesa Sanpaolo SpA 144A 5.02%, 06/26/24 | 55,605 | 52,512,321 | ||||||
Telecom Italia Capital SA | ||||||||
6.00%, 09/30/34 | 27,805 | 20,358,265 | ||||||
6.38%, 11/15/33 | 27,760 | 21,370,342 | ||||||
7.20%, 07/18/36 | 27,823 | 21,736,301 | ||||||
7.72%, 06/04/38 | 27,778 | 22,151,150 | ||||||
138,128,379 | ||||||||
United Kingdom: 3.6% | ||||||||
Marks & Spencer Plc 144A 7.12%, 12/01/37 | 8,342 | 7,316,376 | ||||||
Rolls-Royce Plc 144A 3.62%, 10/14/25 | 27,803 | 24,597,311 | ||||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | 20,895 | 19,877,943 | ||||||
Vodafone Group Plc |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | $ | 55,445 | $ | 52,796,393 | ||||
104,588,023 | ||||||||
United States: 81.5% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/30 † | 16,118 | 14,375,879 | ||||||
4.38%, 10/15/28 | 9,046 | 8,095,908 | ||||||
4.75%, 04/15/43 † | 11,888 | 8,931,217 | ||||||
5.10%, 09/01/40 | 37,040 | 30,076,110 | ||||||
5.25%, 02/01/42 | 11,137 | 8,978,705 | ||||||
5.35%, 07/01/49 | 10,777 | 8,331,532 | ||||||
6.00%, 01/15/37 | 12,354 | 11,134,413 | ||||||
Bath & Body Works, Inc. 6.95%, 03/01/33 † | 9,692 | 7,993,962 | ||||||
Bed Bath & Beyond, Inc. | ||||||||
3.75%, 08/01/24 | 7,633 | 1,590,565 | ||||||
5.17%, 08/01/44 | 18,050 | 1,900,575 | ||||||
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 | 8,316 | 7,469,348 | ||||||
Brinker International, Inc. 144A 5.00%, 10/01/24 | 10,369 | 10,072,538 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 9,823 | 9,942,841 | ||||||
Delta Air Lines, Inc. | ||||||||
2.90%, 10/28/24 | 25,028 | 23,693,257 | ||||||
3.75%, 10/28/29 † | 13,172 | 10,865,059 | ||||||
4.38%, 04/19/28 † | 11,407 | 10,191,527 | ||||||
Diversified Healthcare Trust | ||||||||
4.75%, 05/01/24 | 7,084 | 6,079,666 | ||||||
4.75%, 02/15/28 | 14,046 | 9,633,800 | ||||||
DPL, Inc. 4.35%, 04/15/29 | 11,809 | 10,113,405 | ||||||
Embarq Corp. 8.00%, 06/01/36 | 38,623 | 15,634,977 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 | 11,723 | 11,061,706 | ||||||
5.05%, 04/01/45 | 12,501 | 9,094,477 | ||||||
5.45%, 06/01/47 | 13,898 | 10,578,393 | ||||||
5.60%, 04/01/44 | 9,732 | 7,599,994 | ||||||
EQM Midstream Partners LP | ||||||||
4.00%, 08/01/24 | 8,366 | 7,934,398 | ||||||
4.12%, 12/01/26 | 13,925 | 12,325,138 | ||||||
5.50%, 07/15/28 | 23,658 | 21,185,266 | ||||||
6.50%, 07/15/48 | 15,300 | 11,803,491 | ||||||
FirstEnergy Corp. | ||||||||
1.60%, 01/15/26 | 8,362 | 7,292,717 | ||||||
2.05%, 03/01/25 | 8,358 | 7,723,055 | ||||||
2.25%, 09/01/30 | 12,533 | 9,664,259 | ||||||
2.65%, 03/01/30 | 16,690 | 13,529,832 | ||||||
3.40%, 03/01/50 | 23,672 | 14,759,374 | ||||||
4.40%, 07/15/27 | 41,719 | 39,247,984 | ||||||
5.35%, 07/15/47 | 16,874 | 13,959,354 | ||||||
7.38%, 11/15/31 | 21,087 | 23,506,733 | ||||||
Fluor Corp. |
See Notes to Financial Statements
24 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.50%, 12/15/24 † | $ | 10,629 | $ | 10,119,127 | ||||
4.25%, 09/15/28 † | 16,722 | 14,613,774 | ||||||
Ford Holdings LLC 9.30%, 03/01/30 | 4,956 | 5,567,050 | ||||||
Ford Motor Co. | ||||||||
4.35%, 12/08/26 † | 25,319 | 23,595,536 | ||||||
4.75%, 01/15/43 | 33,779 | 23,583,653 | ||||||
5.29%, 12/08/46 | 21,904 | 16,267,882 | ||||||
6.62%, 10/01/28 | 7,561 | 7,468,680 | ||||||
7.40%, 11/01/46 | 6,746 | 6,220,993 | ||||||
7.45%, 07/16/31 † | 18,043 | 18,128,253 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.66%, 09/08/24 | 12,671 | 12,029,594 | ||||||
3.81%, 01/09/24 | 12,666 | 12,247,933 | ||||||
3.81%, 11/02/27 | 12,653 | 10,897,796 | ||||||
4.06%, 11/01/24 † | 25,321 | 24,336,520 | ||||||
4.13%, 08/04/25 | 23,624 | 22,019,458 | ||||||
4.27%, 01/09/27 | 15,202 | 13,760,774 | ||||||
4.39%, 01/08/26 | 20,259 | 18,742,293 | ||||||
4.54%, 08/01/26 | 12,661 | 11,682,051 | ||||||
4.69%, 06/09/25 | 10,142 | 9,631,908 | ||||||
5.11%, 05/03/29 † | 25,092 | 22,476,034 | ||||||
5.58%, 03/18/24 | 25,319 | 24,972,070 | ||||||
Frontier Florida LLC 6.86%, 02/01/28 † | 8,693 | 8,103,506 | ||||||
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 | 14,680 | 12,880,149 | ||||||
Genworth Holdings, Inc. 6.50%, 06/15/34 | 8,333 | 6,928,598 | ||||||
Global Marine, Inc. 7.00%, 06/01/28 | 7,231 | 4,663,995 | ||||||
HB Fuller Co. 4.00%, 02/15/27 | 8,315 | 7,620,157 | ||||||
Hexcel Corp. | ||||||||
4.20%, 02/15/27 | 11,233 | 10,240,736 | ||||||
4.95%, 08/15/25 | 8,451 | 8,107,467 | ||||||
Hillenbrand, Inc. 5.00%, 09/15/26 | 10,662 | 10,085,046 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.90%, 02/01/27 | 17,402 | 17,128,615 | ||||||
5.95%, 02/01/37 | 17,384 | 15,963,180 | ||||||
6.75%, 01/15/28 | 8,376 | 8,373,822 | ||||||
Las Vegas Sands Corp. | ||||||||
2.90%, 06/25/25 | 13,903 | 12,599,713 | ||||||
3.20%, 08/08/24 | 48,657 | 46,351,278 | ||||||
3.50%, 08/18/26 | 27,814 | 24,315,928 | ||||||
3.90%, 08/08/29 | 20,860 | 16,881,030 | ||||||
Lumen Technologies, Inc. | ||||||||
6.88%, 01/15/28 | 9,324 | 7,892,952 | ||||||
7.60%, 09/15/39 † | 13,891 | 9,327,581 | ||||||
Macy’s Retail Holdings LLC | ||||||||
4.30%, 02/15/43 | 6,957 | 4,084,472 | ||||||
4.50%, 12/15/34 † | 10,201 | 6,997,202 | ||||||
5.12%, 01/15/42 | 6,956 | 4,427,543 | ||||||
Mattel, Inc. | ||||||||
5.45%, 11/01/41 | 8,411 | 6,553,281 | ||||||
6.20%, 10/01/40 | 7,020 | 5,991,149 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Murphy Oil Corp. | ||||||||
6.12%, 12/01/42 | $ | 9,452 | $ | 7,467,921 | ||||
7.05%, 05/01/29 | 6,944 | 6,873,537 | ||||||
Navient Corp. 5.62%, 08/01/33 † | 16,869 | 11,926,383 | ||||||
Newell Brands, Inc. | ||||||||
4.45%, 04/01/26 | 55,217 | 51,467,490 | ||||||
5.62%, 04/01/36 | 11,711 | 9,745,777 | ||||||
5.75%, 04/01/46 | 18,531 | 14,300,187 | ||||||
Nordstrom, Inc. | ||||||||
2.30%, 04/08/24 | 6,955 | 6,536,100 | ||||||
4.00%, 03/15/27 † | 9,726 | 8,258,568 | ||||||
4.25%, 08/01/31 † | 11,842 | 8,614,759 | ||||||
4.38%, 04/01/30 | 13,937 | 10,718,738 | ||||||
5.00%, 01/15/44 † | 26,829 | 17,036,683 | ||||||
6.95%, 03/15/28 † | 8,365 | 7,779,910 | ||||||
Occidental Petroleum Corp. | ||||||||
0.00%, 10/10/36 ^ | 24,148 | 12,541,867 | ||||||
2.90%, 08/15/24 | 17,629 | 17,001,936 | ||||||
3.40%, 04/15/26 | 7,833 | 7,414,013 | ||||||
3.50%, 08/15/29 † | 7,948 | 7,224,454 | ||||||
4.10%, 02/15/47 | 3,995 | 3,171,504 | ||||||
4.20%, 03/15/48 | 8,142 | 6,475,145 | ||||||
4.30%, 08/15/39 | 5,407 | 4,457,396 | ||||||
4.40%, 04/15/46 | 11,413 | 9,309,960 | ||||||
4.40%, 08/15/49 | 7,700 | 6,232,046 | ||||||
4.62%, 06/15/45 | 8,237 | 6,768,639 | ||||||
5.55%, 03/15/26 | 23,581 | 23,968,082 | ||||||
6.20%, 03/15/40 | 20,103 | 19,384,921 | ||||||
6.45%, 09/15/36 | 46,546 | 46,247,640 | ||||||
6.60%, 03/15/46 | 29,477 | 29,079,060 | ||||||
6.95%, 07/01/24 | 13,133 | 13,474,524 | ||||||
7.50%, 05/01/31 | 23,591 | 25,415,410 | ||||||
7.88%, 09/15/31 † | 13,235 | 14,421,055 | ||||||
7.95%, 06/15/39 | 8,926 | 9,671,619 | ||||||
Oceaneering International, Inc. | ||||||||
4.65%, 11/15/24 | 11,123 | 10,660,672 | ||||||
6.00%, 02/01/28 | 8,326 | 7,441,321 | ||||||
Ohio National Financial Services, Inc. 144A | ||||||||
6.05%, 01/24/30 | 11,855 | 10,704,682 | ||||||
6.62%, 05/01/31 | 6,975 | 6,569,752 | ||||||
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 | 11,395 | 10,270,495 | ||||||
Pactiv LLC 7.95%, 12/15/25 | 7,850 | 7,320,367 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
3.95%, 02/01/28 † | 14,226 | 12,572,911 | ||||||
5.15%, 11/15/29 | 9,771 | 8,636,888 | ||||||
ProAssurance Corp. 5.30%, 11/15/23 | 7,611 | 7,533,695 | ||||||
Qwest Corp. 7.25%, 09/15/25 | 6,935 | 7,011,805 | ||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S 4.62%, 04/16/29 | 27,915 | 20,010,791 |
See Notes to Financial Statements
25 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
4.62%, 04/06/31 | $ | 9,900 | $ | 6,717,290 | ||||
Rockies Express Pipeline LLC 144A | ||||||||
3.60%, 05/15/25 | 11,137 | 10,372,723 | ||||||
4.80%, 05/15/30 | 9,749 | 8,251,505 | ||||||
4.95%, 07/15/29 | 15,301 | 13,444,791 | ||||||
6.88%, 04/15/40 | 13,915 | 11,381,156 | ||||||
7.50%, 07/15/38 | 6,961 | 6,085,445 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
3.70%, 03/15/28 † | 13,913 | 10,107,168 | ||||||
7.50%, 10/15/27 † | 8,328 | 6,915,612 | ||||||
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25 † | 38,707 | 41,734,662 | ||||||
Safeway, Inc. 7.25%, 02/01/31 | 7,348 | 7,114,628 | ||||||
Seagate HDD Cayman | ||||||||
4.09%, 06/01/29 | 13,916 | 11,165,294 | ||||||
4.12%, 01/15/31 | 13,918 | 10,486,378 | ||||||
4.75%, 01/01/25 | 13,329 | 12,883,145 | ||||||
4.88%, 03/01/24 | 13,898 | 13,566,555 | ||||||
4.88%, 06/01/27 | 14,062 | 13,022,888 | ||||||
5.75%, 12/01/34 † | 13,631 | 11,104,256 | ||||||
Sealed Air Corp. 144A 6.88%, 07/15/33 | 13,043 | 12,509,280 | ||||||
Service Properties Trust | ||||||||
3.95%, 01/15/28 † | 11,163 | 8,221,103 | ||||||
4.35%, 10/01/24 | 22,950 | 21,104,820 | ||||||
4.38%, 02/15/30 † | 11,120 | 7,938,679 | ||||||
4.50%, 03/15/25 | 9,753 | 8,644,035 | ||||||
4.65%, 03/15/24 | 9,749 | 9,197,332 | ||||||
4.75%, 10/01/26 | 12,515 | 10,190,495 | ||||||
4.95%, 02/15/27 | 11,142 | 9,036,496 | ||||||
4.95%, 10/01/29 † | 11,829 | 8,597,407 | ||||||
5.25%, 02/15/26 | 9,761 | 8,457,565 | ||||||
Southeast Supply Header LLC 144A 4.25%, 06/15/24 | 11,273 | 10,199,472 | ||||||
Southwestern Energy Co. 5.70%, 01/23/25 | 11,371 | 11,187,155 | ||||||
Spirit AeroSystems, Inc. | ||||||||
3.85%, 06/15/26 | 8,437 | 7,605,829 | ||||||
4.60%, 06/15/28 † | 19,535 | 14,027,400 | ||||||
Sprint Capital Corp. | ||||||||
6.88%, 11/15/28 | 68,780 | 71,083,442 | ||||||
8.75%, 03/15/32 | 55,478 | 65,189,146 | ||||||
Steelcase, Inc. 5.12%, 01/18/29 | 12,656 | 11,095,768 | ||||||
Tenet Healthcare Corp. 6.88%, 11/15/31 | 10,715 | 9,109,357 | ||||||
Toledo Hospital/The | ||||||||
4.98%, 11/15/45 | 7,600 | 4,668,300 | ||||||
5.33%, 11/15/28 | 8,928 | 5,932,924 | ||||||
6.01%, 11/15/48 | 11,138 | 7,406,770 | ||||||
Topaz Solar Farms LLC 144A |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
5.75%, 09/30/39 | $ | 16,061 | $ | 15,296,404 | ||||
Transocean, Inc. | ||||||||
6.80%, 03/15/38 | 16,953 | 10,337,939 | ||||||
7.50%, 04/15/31 | 11,000 | 7,193,010 | ||||||
Travel + Leisure Co. | ||||||||
5.65%, 04/01/24 | 8,349 | 8,222,901 | ||||||
6.00%, 04/01/27 | 11,148 | 10,423,380 | ||||||
6.60%, 10/01/25 | 9,761 | 9,553,823 | ||||||
Trinity Industries, Inc. 4.55%, 10/01/24 | 11,825 | 11,228,310 | ||||||
Under Armour, Inc. 3.25%, 06/15/26 | 17,418 | 15,071,882 | ||||||
United States Cellular Corp. 6.70%, 12/15/33 | 15,236 | 14,530,802 | ||||||
United States Steel Corp. 6.65%, 06/01/37 † | 7,625 | �� | 6,371,495 | |||||
Western Midstream Operating LP | ||||||||
3.35%, 02/01/25 | 20,331 | 19,368,632 | ||||||
3.95%, 06/01/25 | 11,117 | 10,555,647 | ||||||
4.30%, 02/01/30 | 33,378 | 29,423,541 | ||||||
4.50%, 03/01/28 | 11,149 | 10,244,482 | ||||||
4.65%, 07/01/26 | 13,206 | 12,531,437 | ||||||
4.75%, 08/15/28 | 11,141 | 10,298,128 | ||||||
5.30%, 03/01/48 | 19,484 | 15,776,000 | ||||||
5.45%, 04/01/44 | 16,685 | 13,580,560 | ||||||
5.50%, 08/15/48 | 9,740 | 7,893,536 | ||||||
5.50%, 02/01/50 | 27,821 | 21,719,732 | ||||||
Xerox Corp. | ||||||||
3.80%, 05/15/24 | 8,351 | 7,969,067 | ||||||
4.80%, 03/01/35 | 6,989 | 4,328,121 | ||||||
6.75%, 12/15/39 | 9,752 | 7,201,576 | ||||||
XPO CNW, Inc. 6.70%, 05/01/34 | 9,052 | 8,114,168 | ||||||
Yum! Brands, Inc. | ||||||||
3.88%, 11/01/23 | 9,048 | 8,901,694 | ||||||
5.35%, 11/01/43 | 7,686 | 6,120,861 | ||||||
6.88%, 11/15/37 | 9,071 | 8,901,236 | ||||||
2,358,883,572 | ||||||||
Total Corporate Bonds (Cost: $3,434,071,564) | 2,838,267,021 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0% | ||||||||
Money Market Fund: 4.0% (Cost: $114,938,185) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 114,938,185 | 114,938,185 | ||||||
Total Investments: 102.0% (Cost: $3,549,009,749) | 2,953,205,206 | |||||||
Liabilities in excess of other assets: (2.0)% | (58,227,857) | |||||||
NET ASSETS: 100.0% | $ | 2,894,977,349 |
See Notes to Financial Statements
26 |
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 $117,144,100. |
(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 $352,491,536, or 12.2% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 2.6 | % | $ | 74,349,420 | ||||
Communications | 0.3 | 8,103,506 | ||||||
Consumer Cyclicals | 19.4 | 550,610,943 | ||||||
Consumer Non-Cyclicals | 0.5 | 14,431,004 | ||||||
Energy | 27.8 | 788,790,862 | ||||||
Financials | 5.7 | 162,351,701 | ||||||
Healthcare | 3.1 | 87,070,801 | ||||||
Industrials | 15.0 | 427,526,923 | ||||||
Real Estate | 3.8 | 107,101,399 | ||||||
Technology | 15.3 | 433,673,924 | ||||||
Utilities | 6.5 | 184,256,538 | ||||||
100.0 | % | $ | 2,838,267,021 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 2,838,267,021 | $ | — | $ | 2,838,267,021 | ||||||||
Money Market Fund | 114,938,185 | — | — | 114,938,185 | ||||||||||||
Total Investments | $ | 114,938,185 | $ | 2,838,267,021 | $ | — | $ | 2,953,205,206 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
27 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 86.2% | ||||||||
Argentina: 0.1% | ||||||||
Genneia SA 144A 8.75%, 09/02/27 | $ | 100 | $ | 92,889 | ||||
Australia: 1.3% | ||||||||
Bank of China Ltd. Reg S 0.75%, 09/29/24 | 200 | 185,305 | ||||||
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32 | 200 | 175,877 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 | 450 | 430,289 | ||||||
National Australia Bank Ltd. 3.62%, 06/20/23 | 225 | 223,541 | ||||||
1,015,012 | ||||||||
Bermuda: 0.2% | ||||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 200 | 168,784 | ||||||
Brazil: 1.7% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 | 150 | 131,456 | ||||||
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 | 375 | 361,554 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 200 | 204,467 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 | 150 | 133,529 | ||||||
Klabin Finance SA 144A 4.88%, 09/19/27 | 240 | 226,845 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 200 | 179,000 | ||||||
Suzano Austria GmbH 144A 5.75%, 07/14/26 | 50 | 49,169 | ||||||
1,286,020 | ||||||||
British Virgin Islands: 0.6% | ||||||||
Amipeace Ltd. Reg S 1.75%, 11/09/26 | 300 | 266,383 | ||||||
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 | 200 | 197,465 | ||||||
463,848 | ||||||||
Canada: 1.4% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 100 | 81,225 | ||||||
Bank of Nova Scotia 2.38%, 01/18/23 | 225 | 223,943 | ||||||
Brookfield Finance, Inc. 2.72%, 04/15/31 | 250 | 193,737 | ||||||
Canadian Imperial Bank of Commerce |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
0.95%, 10/23/25 | $ | 250 | $ | 219,318 | ||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 | 300 | 222,381 | ||||||
Tucson Electric Power Co. 1.50%, 08/01/30 | 150 | 111,714 | ||||||
1,052,318 | ||||||||
Cayman Islands: 0.4% | ||||||||
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31 | 200 | 154,261 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 | 200 | 180,375 | ||||||
334,636 | ||||||||
Chile: 1.4% | ||||||||
Colbun SA 144A 3.15%, 01/19/32 | 300 | 231,674 | ||||||
Interchile SA 144A 4.50%, 06/30/56 | 500 | 363,174 | ||||||
Inversiones CMPC SA 144A 4.38%, 04/04/27 † | 250 | 231,450 | ||||||
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33 | 196 | 95,559 | ||||||
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 † | 300 | 192,636 | ||||||
1,114,493 | ||||||||
China: 5.2% | ||||||||
Bank of China Ltd. Reg S 0.95%, 09/21/23 | 450 | 435,082 | ||||||
3.97% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 | 200 | 200,195 | ||||||
China Construction Bank Corp. Reg S | ||||||||
1.00%, 08/04/23 | 200 | 194,480 | ||||||
1.25%, 08/04/25 | 200 | 181,919 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 | 400 | 358,118 | ||||||
ICBCIL Finance Co. Ltd. Reg S 4.03% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 | 200 | 198,887 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 4.10% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 | 200 | 200,214 | ||||||
4.26% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 | 800 | 800,595 | ||||||
5.19% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 | 400 | 400,883 | ||||||
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23 | 200 | 192,596 |
See Notes to Financial Statements
28 |
Par (000’s | ) | Value | ||||||
China (continued) | ||||||||
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 | $ | 200 | $ | 199,550 | ||||
Lenovo Group Ltd. 144A 6.54%, 07/27/32 | 400 | 333,649 | ||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 | 200 | 194,977 | ||||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 | 200 | 190,897 | ||||||
4,082,042 | ||||||||
Colombia: 0.3% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | 300 | 262,858 | ||||||
Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 | 92 | 69,246 | ||||||
France: 0.9% | ||||||||
BNP Paribas SA 144A 1.68% (United States Secured Overnight Financing Rate+0.91%), 06/30/27 | 300 | 251,572 | ||||||
Electricite de France SA 144A 3.62%, 10/13/25 | 450 | 425,127 | ||||||
676,699 | ||||||||
Georgia: 0.1% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 100 | 76,258 | ||||||
Germany: 2.7% | ||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
0.75%, 09/30/30 | 950 | 728,104 | ||||||
1.00%, 10/01/26 | 600 | 525,096 | ||||||
1.75%, 09/14/29 | 800 | 681,144 | ||||||
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25 | 188 | 175,312 | ||||||
2,109,656 | ||||||||
Hong Kong: 2.5% | ||||||||
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25 | 300 | 281,205 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 | 200 | 176,993 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 1.62%, 10/28/26 | 300 | 266,568 | ||||||
Industrial Bank Co. Ltd. Reg S | ||||||||
0.88%, 06/10/24 | 200 | 187,650 | ||||||
3.25%, 05/18/25 | 200 | 192,076 | ||||||
Link Finance Cayman 2009 Ltd. Reg S |
Par (000’s | ) | Value | ||||||
Hong Kong (continued) | ||||||||
2.88%, 07/21/26 | $ | 200 | $ | 185,550 | ||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 | 400 | 366,708 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 | 200 | 155,949 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 200 | 101,000 | ||||||
1,913,699 | ||||||||
India: 2.6% | ||||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 250 | 188,750 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 | 200 | 181,930 | ||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharash 144A 4.62%, 10/15/39 | 181 | 116,042 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 | 150 | 140,120 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 | 200 | 156,529 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 | 200 | 178,749 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 322 | 248,440 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 | 200 | 175,523 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 | 200 | 178,025 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | 150 | 134,926 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † | 200 | 148,112 | ||||||
State Bank of India/London Reg S 4.50%, 09/28/23 | 200 | 198,179 | ||||||
2,045,325 | ||||||||
Indonesia: 0.4% | ||||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | 400 | 298,351 |
See Notes to Financial Statements
29 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Ireland: 0.6% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27 | $ | 200 | $ | 192,222 | ||||
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26 | 250 | 241,317 | ||||||
433,539 | ||||||||
Japan: 4.0% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 | 200 | 174,610 | ||||||
Honda Motor Co. Ltd. | ||||||||
2.27%, 03/10/25 | 300 | 281,618 | ||||||
2.97%, 03/10/32 † | 600 | 497,203 | ||||||
Marubeni Corp. Reg S 1.58%, 09/17/26 | 200 | 170,835 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 | 250 | 243,702 | ||||||
Norinchukin Bank 144A | ||||||||
1.28%, 09/22/26 | 200 | 170,090 | ||||||
2.08%, 09/22/31 | 150 | 111,162 | ||||||
NTT Finance Corp. 144A | ||||||||
4.24%, 07/25/25 | 200 | 194,810 | ||||||
4.37%, 07/27/27 | 200 | 192,000 | ||||||
Renesas Electronics Corp. 144A 1.54%, 11/26/24 | 300 | 272,577 | ||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||
0.51%, 01/12/24 | 250 | 235,635 | ||||||
2.47%, 01/14/29 | 200 | 162,331 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 | 175 | 153,536 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 | 300 | 245,526 | ||||||
3,105,635 | ||||||||
Luxembourg: 0.8% | ||||||||
Bank of China Ltd. Reg S 1.40%, 04/28/26 | 200 | 178,973 | ||||||
European Investment Bank 1.62%, 05/13/31 | 500 | 411,004 | ||||||
589,977 | ||||||||
Macao: 0.3% | ||||||||
China Construction Bank Corp. Reg S 3.48% (United States Secured Overnight Financing Rate Compound Index+0.50%), 12/21/24 | 200 | 198,760 | ||||||
Mauritius: 0.7% | ||||||||
Azure Power Energy Ltd. 144A |
Par (000’s | ) | Value | ||||||
Mauritius (continued) | ||||||||
3.58%, 08/19/26 | $ | 186 | $ | 135,388 | ||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 | 200 | 171,269 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 142 | 108,668 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 200 | 151,010 | ||||||
566,335 | ||||||||
Mexico: 0.2% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | 250 | 181,815 | ||||||
Netherlands: 3.5% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 | 350 | 272,309 | ||||||
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 † | 350 | 302,341 | ||||||
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 | 400 | 338,773 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 478 | 374,837 | ||||||
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 † | 450 | 394,507 | ||||||
4.62%, 01/06/26 | 300 | 285,661 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
2.50%, 05/11/31 | 550 | 414,271 | ||||||
3.40%, 05/01/30 | 200 | 166,220 | ||||||
5.00%, 01/15/33 | 200 | 179,679 | ||||||
2,728,598 | ||||||||
Philippines: 0.2% | ||||||||
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 | 200 | 188,055 | ||||||
Portugal: 0.4% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 | 400 | 315,936 | ||||||
Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 | 200 | 179,050 | ||||||
Saudi Arabia: 0.6% | ||||||||
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 | 250 | 220,275 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 | 300 | 242,062 | ||||||
462,337 |
See Notes to Financial Statements
30 |
Par (000’s | ) | Value | ||||||
Singapore: 1.4% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | $ | 194 | $ | 153,922 | ||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | 200 | 191,680 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | 200 | 162,000 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24 | 450 | 418,129 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 203 | 180,113 | ||||||
1,105,844 | ||||||||
South Africa: 0.2% | ||||||||
Bank of China Ltd. Reg S 1.88%, 02/16/25 | 200 | 186,941 | ||||||
South Korea: 3.0% | ||||||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 | 300 | 258,404 | ||||||
Kia Corp. 144A | ||||||||
1.75%, 10/16/26 | 400 | 340,048 | ||||||
2.38%, 02/14/25 | 200 | 184,249 | ||||||
Korea Electric Power Corp. 144A | ||||||||
2.50%, 06/24/24 | 350 | 335,348 | ||||||
3.62%, 06/14/25 | 200 | 191,084 | ||||||
5.38%, 04/06/26 | 200 | 198,220 | ||||||
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 | 200 | 198,869 | ||||||
LG Chem Ltd. 144A | ||||||||
1.38%, 07/07/26 | 200 | 171,908 | ||||||
2.38%, 07/07/31 | 225 | 171,498 | ||||||
3.25%, 10/15/24 | 250 | 239,244 | ||||||
3.62%, 04/15/29 | 50 | 44,445 | ||||||
2,333,317 | ||||||||
Spain: 0.9% | ||||||||
Avangrid, Inc. | ||||||||
3.20%, 04/15/25 | 531 | 499,455 | ||||||
3.80%, 06/01/29 | 250 | 219,332 | ||||||
718,787 | ||||||||
Supranational: 6.6% | ||||||||
Asian Development Bank | ||||||||
1.75%, 08/14/26 | 275 | 248,729 | ||||||
2.12%, 03/19/25 | 150 | 141,886 | ||||||
2.38%, 08/10/27 | 150 | 137,104 | ||||||
3.12%, 09/26/28 | 250 | 233,445 | ||||||
Central American Bank for Economic Integration Reg S 3.76% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 | 200 | 199,539 |
Par (000’s | ) | Value | ||||||
Supranational (continued) | ||||||||
European Bank for Reconstruction & Development | ||||||||
1.50%, 02/13/25 | $ | 300 | $ | 280,342 | ||||
1.62%, 09/27/24 | 500 | 473,007 | ||||||
European Investment Bank | ||||||||
0.75%, 09/23/30 † | 600 | 460,936 | ||||||
1.62%, 10/09/29 † | 380 | 320,877 | ||||||
2.12%, 04/13/26 † | 300 | 277,702 | ||||||
2.38%, 05/24/27 † | 500 | 459,753 | ||||||
2.50%, 10/15/24 † | 450 | 433,038 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 | 750 | 720,524 | ||||||
International Bank for Reconstruction & Development | ||||||||
2.12%, 03/03/25 | 430 | 407,288 | ||||||
3.12%, 11/20/25 | 75 | 72,023 | ||||||
International Finance Corp. 2.12%, 04/07/26 | 344 | 318,150 | ||||||
5,184,343 | ||||||||
Sweden: 0.4% | ||||||||
Swedbank AB 144A 1.54%, 11/16/26 | 350 | 301,350 | ||||||
Turkey: 0.2% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | 200 | 150,060 | ||||||
United Arab Emirates: 0.7% | ||||||||
MAF Sukuk Ltd. Reg S | ||||||||
3.93%, 02/28/30 | 200 | 176,272 | ||||||
4.64%, 05/14/29 | 200 | 182,950 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 | 199 | 152,060 | ||||||
511,282 | ||||||||
United Kingdom: 2.1% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 | 200 | 169,792 | ||||||
Brookfield Finance I UK Plc 2.34%, 01/30/32 | 300 | 219,232 | ||||||
China Construction Bank Corp. Reg S 3.12%, 05/17/25 | 350 | 335,518 | ||||||
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 | 200 | 194,606 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 | 300 | 227,760 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 | 200 | 183,900 | ||||||
Vmed O2 UK Financing I Plc 144A |
See Notes to Financial Statements
31 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
4.75%, 07/15/31 | $ | 400 | $ | 323,992 | ||||
1,654,800 | ||||||||
United States: 37.3% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 200 | 162,768 | ||||||
AES Corp. | ||||||||
1.38%, 01/15/26 | 350 | 302,509 | ||||||
2.45%, 01/15/31 | 305 | 230,335 | ||||||
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 | 200 | 179,399 | ||||||
Alexandria Real Estate Equities, Inc. | ||||||||
2.00%, 05/18/32 | 350 | 252,477 | ||||||
2.95%, 03/15/34 | 250 | 188,424 | ||||||
3.80%, 04/15/26 | 100 | 94,766 | ||||||
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46 | 388 | 326,304 | ||||||
Amgen, Inc. 3.00%, 02/22/29 | 200 | 174,780 | ||||||
Apple, Inc. | ||||||||
2.85%, 02/23/23 † | 125 | 124,369 | ||||||
3.00%, 06/20/27 | 800 | 745,426 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 3.25%, 09/01/28 | 250 | 205,622 | ||||||
4.00%, 09/01/29 | 275 | 209,322 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 | 200 | 109,111 | ||||||
AvalonBay Communities, Inc. | ||||||||
1.90%, 12/01/28 | 100 | 81,576 | ||||||
2.05%, 01/15/32 † | 250 | 190,207 | ||||||
Boston Properties LP | ||||||||
2.45%, 10/01/33 † | 400 | 276,306 | ||||||
3.40%, 06/21/29 | 225 | 186,246 | ||||||
4.50%, 12/01/28 | 400 | 360,225 | ||||||
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 | 550 | 538,076 | ||||||
Clearway Energy Operating LLC 144A | ||||||||
3.75%, 02/15/31 | 400 | 334,966 | ||||||
4.75%, 03/15/28 | 275 | 254,794 | ||||||
Dana, Inc. 4.25%, 09/01/30 | 200 | 160,480 | ||||||
Deutsche Bank AG 1.69%, 03/19/26 | 300 | 257,607 | ||||||
Dominion Energy, Inc. 2.25%, 08/15/31 † | 350 | 270,618 | ||||||
DTE Electric Co. 1.90%, 04/01/28 | 150 | 126,212 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.25%, 04/01/51 | $ | 200 | $ | 134,516 | ||||
3.95%, 03/01/49 | 290 | 223,150 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 | 350 | 326,347 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 † | 300 | 269,309 | ||||||
Equinix, Inc. | ||||||||
1.00%, 09/15/25 | 300 | 263,315 | ||||||
1.55%, 03/15/28 | 100 | 79,832 | ||||||
2.50%, 05/15/31 † | 550 | 419,513 | ||||||
3.90%, 04/15/32 | 350 | 294,986 | ||||||
ERP Operating LP 4.15%, 12/01/28 | 200 | 182,200 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 | 200 | 182,234 | ||||||
Fannie Mae-Aces | ||||||||
1.44%, 10/25/29 | 500 | 404,733 | ||||||
2.44%, 10/25/29 | 37 | 31,935 | ||||||
2.52%, 08/25/29 | 593 | 517,902 | ||||||
2.54%, 07/25/24 | 163 | 156,477 | ||||||
2.85%, 02/25/27 | 255 | 235,461 | ||||||
2.91%, 01/25/28 | 397 | 364,346 | ||||||
2.94%, 06/25/29 | 9 | 8,211 | ||||||
3.04%, 03/25/28 | 214 | 196,679 | ||||||
3.06%, 09/25/27 | 257 | 238,900 | ||||||
3.07%, 02/25/30 | 342 | 308,237 | ||||||
3.16%, 11/25/27 | 13 | 12,512 | ||||||
3.16%, 03/25/28 | 449 | 412,612 | ||||||
3.41%, 06/25/28 | 318 | 294,759 | ||||||
3.67%, 09/25/28 | 509 | 477,978 | ||||||
3.74%, 09/25/30 | 97 | 90,178 | ||||||
Federal Realty Investment Trust 1.25%, 02/15/26 | 200 | 173,828 | ||||||
Fifth Third Bancorp 1.71% (United States Secured Overnight Financing Rate+0.69%), 11/01/27 | 200 | 170,395 | ||||||
Ford Motor Co. | ||||||||
3.25%, 02/12/32 | 1,000 | 752,525 | ||||||
6.10%, 08/19/32 | 450 | 412,594 | ||||||
Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
1.30%, 06/25/30 | 30 | 23,291 | ||||||
2.88%, 04/25/26 | 285 | 266,915 | ||||||
General Motors Co. | ||||||||
5.40%, 10/15/29 | 200 | 185,595 | ||||||
5.60%, 10/15/32 | 650 | 590,679 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 † | 250 | 238,675 | ||||||
Healthpeak Properties, Inc. | ||||||||
1.35%, 02/01/27 † | 200 | 168,388 | ||||||
2.12%, 12/01/28 | 100 | 81,119 | ||||||
Host Hotels & Resorts LP 2.90%, 12/15/31 | 250 | 180,995 |
See Notes to Financial Statements
32 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.38%, 12/15/29 | $ | 100 | $ | 79,735 | ||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 | 150 | 102,599 | ||||||
4.10%, 09/26/28 † | 250 | 234,445 | ||||||
Jabil, Inc. 4.25%, 05/15/27 | 200 | 185,622 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 | 300 | 230,468 | ||||||
JPMorgan Chase & Co. 0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24 | 325 | 310,320 | ||||||
0.77% (United States Secured Overnight Financing Rate+0.49%), 08/09/25 | 500 | 456,491 | ||||||
Kaiser Foundation Hospitals | ||||||||
2.81%, 06/01/41 | 600 | 402,516 | ||||||
3.15%, 05/01/27 | 80 | 73,517 | ||||||
Kilroy Realty LP | ||||||||
2.50%, 11/15/32 | 50 | 34,764 | ||||||
2.65%, 11/15/33 | 150 | 101,811 | ||||||
4.75%, 12/15/28 | 250 | 224,795 | ||||||
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 | 200 | 162,293 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 | 200 | 175,549 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 | 350 | 313,063 | ||||||
MidAmerican Energy Co. | ||||||||
2.70%, 08/01/52 | 200 | 120,050 | ||||||
3.10%, 05/01/27 | 225 | 207,433 | ||||||
3.15%, 04/15/50 | 200 | 130,913 | ||||||
3.65%, 04/15/29 | 150 | 137,003 | ||||||
3.65%, 08/01/48 | 400 | 289,451 | ||||||
3.95%, 08/01/47 | 275 | 209,689 | ||||||
4.25%, 07/15/49 | 275 | 220,309 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 | 575 | 475,189 | ||||||
Northern States Power Co. | ||||||||
2.60%, 06/01/51 | 250 | 149,226 | ||||||
2.90%, 03/01/50 | 250 | 159,206 | ||||||
3.20%, 04/01/52 | 200 | 133,079 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 | 225 | 200,137 | ||||||
Owens Corning 3.95%, 08/15/29 | 225 | 197,675 | ||||||
PacifiCorp 2.90%, 06/15/52 | 200 | 122,374 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | 250 | 225,421 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
PepsiCo, Inc. | ||||||||
2.88%, 10/15/49 | $ | 250 | $ | 169,833 | ||||
3.90%, 07/18/32 | 500 | 463,528 | ||||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 | 150 | 113,425 | ||||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 | 310 | 292,433 | ||||||
Prologis LP | ||||||||
1.25%, 10/15/30 | 375 | 274,832 | ||||||
1.75%, 02/01/31 | 200 | 151,141 | ||||||
2.88%, 11/15/29 | 75 | 62,847 | ||||||
Public Service Co. of Colorado | ||||||||
3.20%, 03/01/50 | 250 | 167,834 | ||||||
3.70%, 06/15/28 | 450 | 415,359 | ||||||
4.10%, 06/15/48 | 110 | 85,949 | ||||||
Public Service Co. of Oklahoma | ||||||||
2.20%, 08/15/31 | 300 | 231,782 | ||||||
3.15%, 08/15/51 | 150 | 92,684 | ||||||
Public Service Electric and Gas Co. 3.10%, 03/15/32 † | 150 | 126,100 | ||||||
Regency Centers LP 3.75%, 06/15/24 | 125 | 120,911 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 | 150 | 88,288 | ||||||
SK Battery America, Inc. Reg S | ||||||||
1.62%, 01/26/24 | 250 | 235,487 | ||||||
2.12%, 01/26/26 | 200 | 165,250 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 | 600 | 468,182 | ||||||
Sonoco Products Co. | ||||||||
1.80%, 02/01/25 | 100 | 92,376 | ||||||
2.85%, 02/01/32 | 400 | 312,133 | ||||||
Southern Power Co. 4.15%, 12/01/25 | 500 | 486,429 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 | 100 | 65,159 | ||||||
Sunnova Energy Corp. 144A 5.88%, 09/01/26 † | 100 | 88,155 | ||||||
Toyota Auto Receivables Owner 0.26%, 11/17/25 | 204 | 194,286 | ||||||
UDR, Inc. 1.90%, 03/15/33 | 175 | 118,086 | ||||||
Union Electric Co. 2.62%, 03/15/51 | 275 | 160,302 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 | 200 | 183,410 | ||||||
Verizon Communications, Inc. |
See Notes to Financial Statements
33 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
1.50%, 09/18/30 | $ | 300 | $ | 223,018 | ||||
2.85%, 09/03/41 | 400 | 262,045 | ||||||
3.88%, 02/08/29 | 450 | 409,402 | ||||||
3.88%, 03/01/52 | 300 | 212,506 | ||||||
Vornado Realty LP 3.40%, 06/01/31 | 150 | 111,534 | ||||||
Welltower, Inc. | ||||||||
2.70%, 02/15/27 | 250 | 221,344 | ||||||
3.85%, 06/15/32 | 100 | 83,115 | ||||||
Wisconsin Electric Power Co. 4.75%, 09/30/32 | 250 | 238,025 | ||||||
Wisconsin Power and Light Co. 1.95%, 09/16/31 | 200 | 152,622 | ||||||
29,119,201 | ||||||||
Total Corporate Bonds (Cost: $79,370,136) | 67,278,096 | |||||||
GOVERNMENT OBLIGATIONS: 12.6% | ||||||||
Brazil: 0.2% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 | 200 | 198,004 | ||||||
Canada: 0.4% | ||||||||
CDP Financial, Inc. Reg S 1.00%, 05/26/26 | 350 | 307,382 | ||||||
Chile: 1.3% | ||||||||
Chile Government International Bond | ||||||||
2.55%, 01/27/32 | 550 | 432,230 | ||||||
3.50%, 01/25/50 | 850 | 561,432 | ||||||
993,662 | ||||||||
Egypt: 0.3% | ||||||||
Egypt Government International Bond 144A 5.25%, 10/06/25 | 50 | 41,765 | ||||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 | 200 | 167,059 | ||||||
208,824 | ||||||||
Hong Kong: 2.3% | ||||||||
Airport Authority Reg S 1.75%, 01/12/27 | 300 | 266,325 | ||||||
China Development Bank Reg S 0.62%, 09/09/24 | 200 | 185,413 | ||||||
Hong Kong Government International Bond 144A | ||||||||
0.62%, 02/02/26 | 400 | 354,833 | ||||||
1.38%, 02/02/31 | 400 | 315,705 | ||||||
2.38%, 02/02/51 | 200 | 118,674 | ||||||
2.50%, 05/28/24 | 250 | 241,881 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 | 400 | 319,306 | ||||||
1,802,137 |
Par (000’s | ) | Value | ||||||
Indonesia: 1.9% | ||||||||
Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
2.30%, 06/23/25 | $ | 150 | $ | 139,513 | ||||
3.55%, 06/09/51 | 275 | 187,372 | ||||||
3.75%, 03/01/23 | 650 | 649,085 | ||||||
3.90%, 08/20/24 | 250 | 246,496 | ||||||
4.70%, 06/06/32 | 300 | 280,862 | ||||||
1,503,328 | ||||||||
Japan: 0.5% | ||||||||
Japan Bank for International Cooperation 1.62%, 01/20/27 | 200 | 176,332 | ||||||
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 | 200 | 185,532 | ||||||
361,864 | ||||||||
Netherlands: 1.2% | ||||||||
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 | 200 | 194,978 | ||||||
Nederlandse Waterschapsbank NV 144A | ||||||||
1.00%, 05/28/30 | 100 | 78,247 | ||||||
2.38%, 03/24/26 | 750 | 697,414 | ||||||
970,639 | ||||||||
Norway: 0.6% | ||||||||
Kommunalbanken AS 144A | ||||||||
0.50%, 10/21/24 | 200 | 184,471 | ||||||
2.12%, 02/11/25 | 325 | 307,683 | ||||||
492,154 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 200 | 62,584 | ||||||
South Korea: 2.0% | ||||||||
Export-Import Bank of Korea 2.12%, 01/18/32 | 500 | 382,277 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 | 450 | 365,298 | ||||||
Korea Development Bank | ||||||||
0.40%, 06/19/24 | 200 | 185,876 | ||||||
0.75%, 01/25/25 | 200 | 181,645 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 | 300 | 297,320 | ||||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 | 200 | 186,559 | ||||||
1,598,975 | ||||||||
Sweden: 0.8% | ||||||||
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24 | 350 | 326,348 |
See Notes to Financial Statements
34 |
Par (000’s | ) | Value | ||||||
Sweden (continued) | ||||||||
1.62%, 04/24/23 | $ | 300 | $ | 295,652 | ||||
622,000 | ||||||||
United States: 1.0% | ||||||||
City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
2.83%, 11/01/41 | 100 | 70,498 | ||||||
3.30%, 11/01/39 | 100 | 77,636 | ||||||
3.47%, 11/01/43 | 100 | 72,561 | ||||||
Commonwealth of Massachusetts 3.28%, 06/01/46 | 150 | 108,006 | ||||||
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 | 170 | 137,580 | ||||||
Metropolitan Transportation Authority 5.17%, 11/15/49 | 150 | 126,056 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 | 200 | 153,412 | ||||||
745,749 | ||||||||
Total Government Obligations (Cost: $11,778,765) | 9,867,302 |
Number of Shares | Value | |||||||
PREFERRED SECURITIES: 0.1% (Cost: $173,320) | ||||||||
Canada: 0.1% | ||||||||
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 † | 7,000 | $ | 117,460 | |||||
Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $91,322,221) | 77,262,858 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% | ||||||||
Money Market Fund: 2.5% (Cost: $1,947,090) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,947,090 | 1,947,090 | ||||||
Total Investments: 101.4% (Cost: $93,269,311) | 79,209,948 | |||||||
Liabilities in excess of other assets: (1.4)% | (1,125,127) | |||||||
NET ASSETS: 100.0% | 78,084,821 |
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 $5,351,601. |
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 $23,734,930, or 30.4% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Academic & Educational Services | 0.2 | % | $ | 175,549 | ||||
Basic Materials | 3.9 | 3,009,832 | ||||||
Consumer Cyclicals | 5.0 | 3,861,069 | ||||||
Consumer Non-Cyclicals | 1.1 | 815,176 | ||||||
Energy | 1.3 | 1,011,669 | ||||||
Financials | 38.7 | 29,879,677 | ||||||
Government Activity | 7.5 | 5,815,521 | ||||||
Healthcare | 1.0 | 739,101 | ||||||
Industrials | 3.1 | 2,425,032 | ||||||
Mortgage Securities | 5.6 | 4,367,429 | ||||||
Real Estate | 7.8 | 6,055,541 | ||||||
Technology | 5.1 | 3,915,595 | ||||||
Utilities | 19.7 | 15,191,667 | ||||||
100.0 | % | $ | 77,262,858 |
See Notes to Financial Statements
35 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||
Corporate Bonds * | $ | — | $ | 67,278,096 | $ | — | $ | 67,278,096 | ||||
Government Obligations * | — | 9,867,302 | — | 9,867,302 | ||||||||
Preferred Securities * | 117,460 | — | — | 117,460 | ||||||||
Money Market Fund | 1,947,090 | — | — | 1,947,090 | ||||||||
Total Investments | $ | 2,064,550 | $ | 77,145,398 | $ | — | $ | 79,209,948 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
36 |
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
FLOATING RATE NOTES: 98.2% | ||||||||
Australia: 8.8% | ||||||||
ASB Bank Ltd. 144A 4.24% (ICE LIBOR USD 3 Month+0.97%), 06/14/23 | $ | 1,575 | $ | 1,577,033 | ||||
Commonwealth Bank of Australia 144A 3.46% (United States Secured Overnight Financing Rate+0.40%), 07/07/25 | 22,892 | 22,523,899 | ||||||
3.49% (United States Secured Overnight Financing Rate+0.52%), 06/15/26 | 9,595 | 9,391,945 | ||||||
3.70% (United States Secured Overnight Financing Rate+0.74%), 03/14/25 | 12,450 | 12,382,899 | ||||||
Macquarie Bank Ltd. 144A 4.33% (United States Secured Overnight Financing Rate+1.31%), 03/21/25 | 9,600 | 9,599,929 | ||||||
Macquarie Group Ltd. 144A 4.06% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 | 1,875 | 1,873,594 | ||||||
4.98% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 | 2,805 | 2,801,338 | ||||||
National Australia Bank Ltd. 144A 3.44% (United States Secured Overnight Financing Rate+0.38%), 01/12/25 | 2,575 | 2,540,507 | ||||||
3.71% (United States Secured Overnight Financing Rate+0.65%), 01/12/27 | 9,600 | 9,413,521 | ||||||
3.78% (United States Secured Overnight Financing Rate+0.86%), 06/09/25 | 9,600 | 9,570,032 | ||||||
Westpac Banking Corp. 3.04% (United States Secured Overnight Financing Rate+0.30%), 11/18/24 | 3,825 | 3,767,195 | ||||||
3.63% (ICE LIBOR USD 3 Month+0.72%), 05/15/23 | 2,175 | 2,176,020 | ||||||
3.78% (ICE LIBOR USD 3 Month+0.77%), 02/26/24 | 1,450 | 1,452,404 | ||||||
3.80% (United States Secured Overnight Financing Rate+1.00%), 08/26/25 | 10,550 | 10,554,102 | ||||||
99,624,418 | ||||||||
Canada: 6.2% | ||||||||
Bank of Montreal |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
3.24% (United States Secured Overnight Financing Rate Compound Index+0.27%), 09/15/23 | $ | 1,894 | $ | 1,884,474 | ||||
3.26% (United States Secured Overnight Financing Rate Compound Index+0.35%), 12/08/23 | 1,750 | 1,738,297 | ||||||
3.38% (United States Secured Overnight Financing Rate Compound Index+0.32%), 07/09/24 | 2,810 | 2,763,252 | ||||||
3.62% (United States Secured Overnight Financing Rate Compound Index+0.71%), 03/08/24 | 2,550 | 2,533,858 | ||||||
Bank of Nova Scotia 3.23% (United States Secured Overnight Financing Rate+0.26%), 09/15/23 | 1,733 | 1,724,371 | ||||||
3.44% (United States Secured Overnight Financing Rate+0.38%), 07/31/24 | 3,300 | 3,258,031 | ||||||
3.50% (United States Secured Overnight Financing Rate Compound Index+0.45%), 04/15/24 | 3,311 | 3,278,723 | ||||||
3.52% (United States Secured Overnight Financing Rate Compound Index+0.55%), 09/15/23 | 4,615 | 4,599,885 | ||||||
Canadian Imperial Bank of Commerce 3.36% (United States Secured Overnight Financing Rate Compound Index+0.40%), 12/14/23 † | 1,750 | 1,739,157 | ||||||
3.37% (United States Secured Overnight Financing Rate+0.34%), 06/22/23 | 1,459 | 1,455,681 | ||||||
3.48% (United States Secured Overnight Financing Rate Compound Index+0.42%), 10/18/24 | 3,556 | 3,492,151 | ||||||
3.91% (ICE LIBOR USD 3 Month+0.66%), 09/13/23 | 1,465 | 1,466,518 | ||||||
4.00% (United States Secured Overnight Financing Rate+0.94%), 04/07/25 | 12,475 | 12,350,080 | ||||||
Enbridge, Inc. 3.34% (United States Secured Overnight Financing Rate Compound Index+0.63%), 02/16/24 | 1,800 | 1,780,438 |
See Notes to Financial Statements
37 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
Federation des Caisses Desjardins du Quebec 144A 3.21% (United States Secured Overnight Financing Rate+0.43%), 05/21/24 | $ | 2,675 | $ | 2,635,998 | ||||
Royal Bank of Canada 3.36% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/19/24 | 2,031 | 2,011,742 | ||||||
3.40% (United States Secured Overnight Financing Rate Compound Index+0.34%), 10/07/24 | 2,541 | 2,494,619 | ||||||
3.42% (United States Secured Overnight Financing Rate Compound Index+0.36%), 07/29/24 | 3,319 | 3,275,286 | ||||||
3.51% (United States Secured Overnight Financing Rate Compound Index+0.45%), 10/26/23 | 2,903 | 2,890,419 | ||||||
Toronto-Dominion Bank 3.08% (United States Secured Overnight Financing Rate+0.22%), 06/02/23 | 2,317 | 2,309,334 | ||||||
3.23% (United States Secured Overnight Financing Rate+0.35%), 03/04/24 | 3,820 | 3,783,816 | ||||||
3.28% (United States Secured Overnight Financing Rate+0.35%), 09/10/24 | 4,587 | 4,521,015 | ||||||
3.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23 | 1,450 | 1,444,076 | ||||||
69,431,221 | ||||||||
Cayman Islands: 0.3% | ||||||||
MassMutual Global Funding II 144A 3.42% (United States Secured Overnight Financing Rate+0.36%), 04/12/24 | 3,125 | 3,095,450 | ||||||
China: 0.3% | ||||||||
Tencent Holdings Ltd. 144A 4.82% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 | 3,700 | 3,689,436 | ||||||
France: 2.5% | ||||||||
Banque Federative du Credit Mutuel SA 144A |
Par (000’s | ) | Value | ||||||
France (continued) | ||||||||
3.03% (United States Secured Overnight Financing Rate Compound Index+0.41%), 02/04/25 | $ | 13,522 | $ | 13,207,819 | ||||
BPCE SA 144A 4.48% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | 1,575 | 1,575,017 | ||||||
Societe Generale SA 144A 4.11% (United States Secured Overnight Financing Rate+1.05%), 01/21/26 | 14,500 | 13,867,815 | ||||||
28,650,651 | ||||||||
Germany: 0.3% | ||||||||
Bayer US Finance II LLC 144A 4.30% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 | 3,725 | 3,707,154 | ||||||
Ireland: 0.1% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.73% (United States Secured Overnight Financing Rate+0.68%), 09/29/23 | 1,600 | 1,566,044 | ||||||
Japan: 4.0% | ||||||||
Mitsubishi UFJ Financial Group, Inc. 5.19% (ICE LIBOR USD 3 Month+0.86%), 07/26/23 | 4,921 | 4,922,563 | ||||||
Mizuho Financial Group, Inc. 3.63% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 | 5,575 | 5,530,674 | ||||||
3.69% (United States Secured Overnight Financing Rate+0.96%), 05/22/26 | 14,375 | 13,997,024 | ||||||
4.24% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 3,302 | 3,286,351 | ||||||
Sumitomo Mitsui Financial Group, Inc. 3.94% (United States Secured Overnight Financing Rate+0.88%), 01/14/27 | 9,600 | 9,357,496 | ||||||
4.88% (ICE LIBOR USD 3 Month+0.80%), 10/16/23 | 2,458 | 2,456,921 | ||||||
5.09% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 | 1,450 | 1,451,142 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 3.40% (United States Secured Overnight Financing Rate+0.44%), 09/16/24 | 3,925 | 3,891,556 | ||||||
44,893,727 | ||||||||
Netherlands: 1.8% | ||||||||
Cooperatieve Rabobank UA |
See Notes to Financial Statements
38 |
Par (000’s | ) | Value | ||||||
Netherlands (continued) | ||||||||
3.36% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/12/24 | $ | 2,300 | $ | 2,283,170 | ||||
ING Groep NV 4.69% (United States Secured Overnight Financing Rate Compound Index+1.64%), 03/28/26 | 9,625 | 9,483,761 | ||||||
4.74% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 | 1,490 | 1,489,367 | ||||||
Shell International Finance BV 3.31% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 | 1,575 | 1,574,144 | ||||||
Siemens Financieringsmaatschappij NV 144A 3.36% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 | 5,200 | 5,185,545 | ||||||
20,015,987 | ||||||||
Norway: 1.0% | ||||||||
DNB Bank ASA 144A 3.88% (United States Secured Overnight Financing Rate Compound Index+0.83%), 03/28/25 | 11,575 | 11,480,072 | ||||||
Spain: 0.3% | ||||||||
Banco Santander SA 3.99% (United States Secured Overnight Financing Rate+1.24%), 05/24/24 | 3,315 | 3,305,856 | ||||||
Switzerland: 1.7% | ||||||||
Credit Suisse Group AG 144A 4.47% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | 1,450 | 1,377,999 | ||||||
4.48% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 3,831 | 3,611,520 | ||||||
UBS AG 144A 3.01% (United States Secured Overnight Financing Rate+0.36%), 02/09/24 | 2,900 | 2,878,466 | ||||||
UBS Group AG 144A 4.26% (United States Secured Overnight Financing Rate+1.58%), 05/12/26 | 11,520 | 11,397,244 | ||||||
19,265,229 | ||||||||
United Kingdom: 9.1% | ||||||||
ANZ New Zealand Int’l Ltd./London 144A 3.34% (United States Secured Overnight Financing Rate+0.60%), 02/18/25 | 9,700 | 9,594,785 |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
Barclays Plc 4.30% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | $ | 7,680 | $ | 7,587,470 | ||||
HSBC Holdings Plc 3.33% (United States Secured Overnight Financing Rate+0.58%), 11/22/24 | 2,600 | 2,510,522 | ||||||
3.96% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 10,120 | 9,974,093 | ||||||
4.31% (United States Secured Overnight Financing Rate+1.43%), 03/10/26 | 9,600 | 9,389,654 | ||||||
4.47% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | 9,600 | 9,464,504 | ||||||
4.62% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 14,362 | 13,942,882 | ||||||
NatWest Group Plc 5.19% (ICE LIBOR USD 3 Month+1.55%), 06/25/24 | 3,900 | 3,886,086 | ||||||
NatWest Markets Plc 144A 4.48% (United States Secured Overnight Financing Rate+1.45%), 03/22/25 | 9,680 | 9,562,579 | ||||||
Standard Chartered Plc 144A 3.70% (United States Secured Overnight Financing Rate+0.93%), 11/23/25 | 9,650 | 9,291,774 | ||||||
4.79% (United States Secured Overnight Financing Rate+1.74%), 03/30/26 | 9,650 | 9,450,940 | ||||||
UBS AG 144A 3.10% (United States Secured Overnight Financing Rate+0.45%), 08/09/24 | 5,075 | 5,033,467 | ||||||
3.17% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 | 2,900 | 2,893,944 | ||||||
102,582,700 | ||||||||
United States: 61.8% | ||||||||
American Electric Power Co., Inc. 4.92% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 | 1,900 | 1,887,238 | ||||||
American Express Co. 2.84% (United States Secured Overnight Financing Rate Compound Index+0.23%), 11/03/23 | 1,741 | 1,728,753 | ||||||
3.27% (United States Secured Overnight Financing Rate Compound Index+0.65%), 11/04/26 | 9,588 | 9,309,401 |
See Notes to Financial Statements
39 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.33% (United States Secured Overnight Financing Rate Compound Index+0.72%), 05/03/24 | $ | 2,550 | $ | 2,539,946 | ||||
3.55% (ICE LIBOR USD 3 Month+0.75%), 08/03/23 | 1,450 | 1,448,393 | ||||||
3.80% (United States Secured Overnight Financing Rate+0.93%), 03/04/25 | 9,625 | 9,599,709 | ||||||
Analog Devices, Inc. 3.30% (United States Secured Overnight Financing Rate+0.25%), 10/01/24 † | 2,704 | 2,661,816 | ||||||
AT&T, Inc. 3.69% (United States Secured Overnight Financing Rate Compound Index+0.64%), 03/25/24 | 3,900 | 3,877,836 | ||||||
4.42% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 8,299 | 8,328,113 | ||||||
Athene Global Funding 144A 3.49% (United States Secured Overnight Financing Rate Compound Index+0.70%), 05/24/24 | 7,708 | 7,555,547 | ||||||
Bank of America Corp. 3.30% (United States Secured Overnight Financing Rate+0.66%), 02/04/25 | 14,425 | 14,188,493 | ||||||
3.34% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 | 6,340 | 6,244,710 | ||||||
3.60% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 | 22,854 | 22,309,676 | ||||||
3.69% (United States Secured Overnight Financing Rate+1.05%), 02/04/28 | 9,608 | 9,195,160 | ||||||
3.75% (United States Secured Overnight Financing Rate+0.69%), 04/22/25 | 11,493 | 11,302,370 | ||||||
3.79% (United States Secured Overnight Financing Rate+0.73%), 10/24/24 | 2,563 | 2,532,516 | ||||||
3.95% (ICE LIBOR USD 3 Month+0.79%), 03/05/24 | 7,606 | 7,577,323 | ||||||
4.16% (United States Secured Overnight Financing Rate+1.10%), 04/25/25 | 9,650 | 9,620,471 | ||||||
4.39% (United States Secured Overnight Financing Rate+1.33%), 04/02/26 † | 9,575 | 9,478,606 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
5.28% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 | $ | 2,545 | $ | 2,540,543 | ||||
BMW US Capital LLC 144A 3.06% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/12/24 | 3,875 | 3,834,262 | ||||||
3.58% (United States Secured Overnight Financing Rate Compound Index+0.53%), 04/01/24 | 3,879 | 3,863,148 | ||||||
Capital One Financial Corp. 3.60% (United States Secured Overnight Financing Rate+0.69%), 12/06/24 | 4,775 | 4,653,410 | ||||||
Caterpillar Financial Services Corp. 2.97% (United States Secured Overnight Financing Rate+0.24%), 05/17/24 | 2,537 | 2,520,878 | ||||||
3.14% (United States Secured Overnight Financing Rate+0.45%), 11/13/23 | 1,450 | 1,449,453 | ||||||
3.21% (United States Secured Overnight Financing Rate+0.27%), 09/13/24 | 3,812 | 3,769,886 | ||||||
CenterPoint Energy, Inc. 3.34% (United States Secured Overnight Financing Rate Compound Index+0.65%), 05/13/24 | 3,708 | 3,631,589 | ||||||
Charles Schwab Corp. 3.21% (United States Secured Overnight Financing Rate Compound Index+0.52%), 05/13/26 | 9,638 | 9,354,671 | ||||||
3.49% (United States Secured Overnight Financing Rate Compound Index+0.50%), 03/18/24 | 6,354 | 6,314,709 | ||||||
3.92% (United States Secured Overnight Financing Rate Compound Index+1.05%), 03/03/27 | 9,612 | 9,412,104 | ||||||
Chevron USA, Inc. 3.12% (ICE LIBOR USD 3 Month+0.20%), 08/11/23 | 1,575 | 1,571,469 | ||||||
Cigna Corp. 4.97% (ICE LIBOR USD 3 Month+0.89%), 07/15/23 | 2,150 | 2,150,496 | ||||||
Citigroup, Inc. 3.55% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 9,935 | 8,032,876 |
See Notes to Financial Statements
40 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.73% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 | $ | 9,595 | $ | 9,392,077 | ||||
3.75% (United States Secured Overnight Financing Rate+0.69%), 01/25/26 † | 9,652 | 9,361,051 | ||||||
4.04% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 † | 7,605 | 7,605,575 | ||||||
4.09% (United States Secured Overnight Financing Rate+1.28%), 02/24/28 | 9,610 | 9,189,949 | ||||||
4.11% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 5,055 | 5,046,241 | ||||||
4.16% (United States Secured Overnight Financing Rate+1.37%), 05/24/25 | 9,600 | 9,592,032 | ||||||
4.55% (United States Secured Overnight Financing Rate+1.53%), 03/17/26 | 9,590 | 9,546,613 | ||||||
4.99% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 12,457 | 12,308,922 | ||||||
Comcast Corp. 4.71% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 | 2,674 | 2,670,735 | ||||||
Credit Suisse AG 3.03% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/09/23 | 1,735 | 1,688,238 | ||||||
3.45% (United States Secured Overnight Financing Rate Compound Index+0.39%), 02/02/24 | 2,900 | 2,784,512 | ||||||
Daimler Trucks Finance North America LLC 144A 3.42% (United States Secured Overnight Financing Rate+0.50%), 06/14/23 | 1,475 | 1,470,429 | ||||||
4.06% (United States Secured Overnight Financing Rate+1.00%), 04/05/24 | 2,555 | 2,548,537 | ||||||
Deutsche Bank NY 3.14% (United States Secured Overnight Financing Rate+0.50%), 11/08/23 | 2,125 | 2,098,690 | ||||||
Dominion Energy, Inc. 3.82% (ICE LIBOR USD 3 Month+0.53%), 09/15/23 | 2,961 | 2,952,395 | ||||||
Duke Energy Corp. |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.18% (United States Secured Overnight Financing Rate+0.25%), 06/10/23 | $ | 1,575 | $ | 1,565,067 | ||||
Florida Power & Light Co. 2.92% (United States Secured Overnight Financing Rate Compound Index+0.25%), 05/10/23 | 2,900 | 2,890,270 | ||||||
3.44% (United States Secured Overnight Financing Rate Compound Index+0.38%), 01/12/24 | 2,890 | 2,859,644 | ||||||
GA Global Funding Trust 144A 3.44% (United States Secured Overnight Financing Rate+0.50%), 09/13/24 | 2,675 | 2,593,426 | ||||||
General Electric Co. 3.21% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 | 17,332 | 16,394,946 | ||||||
General Motors Financial Co., Inc. 3.93% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 | 2,275 | 2,256,873 | ||||||
Goldman Sachs Group, Inc. 3.27% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 | 1,449 | 1,442,152 | ||||||
3.49% (United States Secured Overnight Financing Rate+0.62%), 12/06/23 | 1,450 | 1,439,123 | ||||||
3.49% (United States Secured Overnight Financing Rate+0.58%), 03/08/24 | 3,569 | 3,525,484 | ||||||
3.76% (United States Secured Overnight Financing Rate+0.70%), 01/24/25 | 12,470 | 12,261,096 | ||||||
4.08% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 22,576 | 22,300,082 | ||||||
4.64% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 5,191 | 5,207,430 | ||||||
6.12% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 19,145 | 18,968,653 | ||||||
Hartford Financial Services Group, Inc. 144A 5.03% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 | 9,447 | 7,832,791 | ||||||
John Deere Capital Corp. 3.18% (United States Secured Overnight Financing Rate+0.12%), 07/10/23 | 2,183 | 2,173,219 |
See Notes to Financial Statements
41 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.26% (United States Secured Overnight Financing Rate+0.20%), 10/11/24 | $ | 3,058 | $ | 3,019,656 | ||||
JPMorgan Chase & Co. 3.39% (United States Secured Overnight Financing Rate+0.54%), 06/01/25 | 9,607 | 9,407,013 | ||||||
3.56% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 | 6,340 | 6,290,041 | ||||||
3.62% (United States Secured Overnight Financing Rate+0.58%), 06/23/25 | 9,585 | 9,373,653 | ||||||
3.71% (United States Secured Overnight Financing Rate+0.92%), 02/24/26 | 14,350 | 14,001,681 | ||||||
3.80% (United States Secured Overnight Financing Rate+0.77%), 09/22/27 | 9,576 | 9,025,790 | ||||||
3.93% (United States Secured Overnight Financing Rate+0.97%), 06/14/25 | 9,600 | 9,487,500 | ||||||
3.94% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 | 9,575 | 9,243,391 | ||||||
3.97% (United States Secured Overnight Financing Rate+1.18%), 02/24/28 | 14,300 | 13,856,759 | ||||||
4.38% (United States Secured Overnight Financing Rate+1.32%), 04/26/26 | 9,680 | 9,546,034 | ||||||
4.76% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 2,600 | 2,583,313 | ||||||
5.05% (ICE LIBOR USD 3 Month+0.73%), 04/23/24 | 2,531 | 2,523,421 | ||||||
5.21% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 5,078 | 5,070,105 | ||||||
Lincoln National Corp. 5.30% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 | 10,564 | 8,213,947 | ||||||
MassMutual Global Funding II 144A 3.33% (United States Secured Overnight Financing Rate+0.27%), 10/21/24 | 2,635 | 2,600,968 | ||||||
Metropolitan Life Global Funding I 144A |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.35% (United States Secured Overnight Financing Rate+0.30%), 09/27/24 | $ | 2,625 | $ | 2,584,586 | ||||
3.38% (United States Secured Overnight Financing Rate+0.32%), 01/07/24 | 1,890 | 1,874,577 | ||||||
Morgan Stanley 3.69% (United States Secured Overnight Financing Rate+0.62%), 01/24/25 | 22,775 | 22,361,091 | ||||||
3.70% (United States Secured Overnight Financing Rate+0.95%), 02/18/26 | 14,415 | 14,099,289 | ||||||
4.08% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 8,870 | 8,881,436 | ||||||
4.22% (United States Secured Overnight Financing Rate+1.17%), 04/17/25 | 9,585 | 9,525,098 | ||||||
NextEra Energy Capital Holdings, Inc. 3.01% (United States Secured Overnight Financing Rate Compound Index+0.40%), 11/03/23 | 3,750 | 3,705,917 | ||||||
PPL Electric Utilities Corp. 3.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 | 3,431 | 3,383,644 | ||||||
Public Storage 3.53% (United States Secured Overnight Financing Rate+0.47%), 04/23/24 | 3,699 | 3,669,047 | ||||||
Roche Holdings, Inc. 144A 3.26% (United States Secured Overnight Financing Rate+0.33%), 09/11/23 | 2,250 | 2,246,039 | ||||||
3.48% (United States Secured Overnight Financing Rate+0.56%), 03/10/25 | 14,475 | 14,373,612 | ||||||
Simon Property Group LP 3.49% (United States Secured Overnight Financing Rate Compound Index+0.43%), 01/11/24 | 1,581 | 1,567,384 | ||||||
Southern Co. 3.04% (United States Secured Overnight Financing Rate Compound Index+0.37%), 05/10/23 | 1,875 | 1,867,028 | ||||||
Starbucks Corp. |
See Notes to Financial Statements
42 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.11% (United States Secured Overnight Financing Rate Compound Index+0.42%), 02/14/24 | $ | 1,563 | $ | 1,556,778 | ||||
Thermo Fisher Scientific, Inc. 3.45% (United States Secured Overnight Financing Rate Compound Index+0.39%), 10/18/23 | 1,450 | 1,444,408 | ||||||
3.59% (United States Secured Overnight Financing Rate Compound Index+0.53%), 10/18/24 | 2,562 | 2,535,247 | ||||||
Toyota Motor Credit Corp. 3.23% (United States Secured Overnight Financing Rate+0.29%), 09/13/24 | 3,061 | 3,024,984 | ||||||
3.39% (United States Secured Overnight Financing Rate Compound Index+0.33%), 01/11/24 | 2,209 | 2,199,084 | ||||||
3.40% (United States Secured Overnight Financing Rate+0.35%), 06/13/23 | 2,172 | 2,170,289 | ||||||
3.70% (United States Secured Overnight Financing Rate Compound Index+0.65%), 12/29/23 | 1,900 | 1,901,139 | ||||||
3.80% (United States Secured Overnight Financing Rate+0.75%), 07/25/23 | 4,325 | 4,330,196 | ||||||
Truist Bank 3.26% (United States Secured Overnight Financing Rate+0.20%), 01/17/24 | 3,650 | 3,611,573 | ||||||
Truist Financial Corp. 3.32% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 † | 19,174 | 18,767,079 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Verizon Communications, Inc. 3.79% (United States Secured Overnight Financing Rate Compound Index+0.79%), 03/20/26 | $ | 14,564 | $ | 14,217,936 | ||||
4.01% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 22,463 | 22,461,616 | ||||||
Volkswagen Group of America Finance LLC 144A 3.84% (United States Secured Overnight Financing Rate+0.95%), 06/07/24 | 2,675 | 2,666,960 | ||||||
Warnermedia Holdings, Inc. 144A 4.75% (United States Secured Overnight Financing Rate Compound Index+1.78%), 03/15/24 | 2,675 | 2,668,325 | ||||||
Wells Fargo & Co. 4.38% (United States Secured Overnight Financing Rate+1.32%), 04/25/26 | 14,400 | 14,266,838 | ||||||
698,656,295 | ||||||||
Total Floating Rate Notes (Cost: $1,127,301,990) | 1,109,964,240 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9% | ||||||||
Money Market Fund: 0.9% (Cost: $9,619,357) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 9,619,357 | 9,619,357 | ||||||
Total Investments: 99.1% (Cost: $1,136,921,347) | 1,119,583,597 | |||||||
Other assets less liabilities: 0.9% | 10,197,857 | |||||||
NET ASSETS: 100.0% | $ | 1,129,781,454 |
Definitions:
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $9,911,252. |
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 $267,816,484, or 23.7% of net assets. |
See Notes to Financial Statements
43 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Consumer Cyclicals | 0.8 | % | $ | 9,148,937 | ||||
Consumer Non-Cyclicals | 2.0 | 21,580,491 | ||||||
Energy | 0.4 | 4,926,051 | ||||||
Financials | 86.5 | 959,581,073 | ||||||
Healthcare | 0.9 | 9,837,306 | ||||||
Industrials | 1.5 | 17,003,671 | ||||||
Real Estate | 0.5 | 5,236,431 | ||||||
Technology | 5.2 | 57,907,488 | ||||||
Utilities | 2.2 | 24,742,792 | ||||||
100.0 | % | $ | 1,109,964,240 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||
Floating Rate Notes * | $ | — | $ | 1,109,964,240 | $ | — | $ | 1,109,964,240 | ||||
Money Market Fund | 9,619,357 | — | — | 9,619,357 | ||||||||
Total Investments | $ | 9,619,357 | $ | 1,109,964,240 | $ | — | $ | 1,119,583,597 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
44 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||||
CORPORATE BONDS: 97.5% | ||||||||||
Argentina: 0.9% | ||||||||||
MercadoLibre, Inc. 3.12%, 01/14/31 † | USD | 100 | $ | 72,521 | ||||||
Pampa Energia SA 144A | ||||||||||
7.50%, 01/24/27 | USD | 50 | 41,374 | |||||||
9.12%, 04/15/29 | USD | 25 | 20,688 | |||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | USD | 15 | 16,224 | |||||||
Telecom Argentina SA 144A 8.00%, 07/18/26 | USD | 50 | 43,237 | |||||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | USD | 35 | 27,884 | |||||||
YPF SA 144A | ||||||||||
2.50%, 06/30/29 (s) | USD | 75 | 47,263 | |||||||
4.00%, 02/12/26 (s) | USD | 50 | 44,000 | |||||||
6.95%, 07/21/27 | USD | 50 | 30,458 | |||||||
7.00%, 12/15/47 | USD | 25 | 13,090 | |||||||
8.50%, 03/23/25 | USD | 31 | 24,911 | |||||||
8.50%, 07/28/25 | USD | 75 | 54,167 | |||||||
8.50%, 06/27/29 | USD | 35 | 21,350 | |||||||
8.75%, 04/04/24 | USD | 35 | 30,363 | |||||||
487,530 | ||||||||||
Australia: 0.8% | ||||||||||
FMG Resources August 2006 Pty Ltd. 144A | ||||||||||
4.38%, 04/01/31 | USD | 100 | 79,671 | |||||||
4.50%, 09/15/27 | USD | 25 | 22,433 | |||||||
5.12%, 05/15/24 † | USD | 75 | 73,316 | |||||||
6.12%, 04/15/32 | USD | 100 | 87,939 | |||||||
Infrabuild Australia Pty Ltd. 144A 12.00%, 10/01/24 | USD | 30 | 27,906 | |||||||
Mineral Resources Ltd. 144A 8.12%, 05/01/27 | USD | 100 | 99,717 | |||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 | USD | 30 | 25,419 | |||||||
416,401 | ||||||||||
Austria: 0.2% | ||||||||||
ams-OSRAM AG 144A 7.00%, 07/31/25 † | USD | 100 | 89,482 | |||||||
Belgium: 0.6% | ||||||||||
La Financiere Atalian SASU Reg S 4.00%, 05/15/24 | EUR | 100 | 93,722 | |||||||
Ontex Group NV Reg S 3.50%, 07/15/26 | EUR | 100 | 77,221 | |||||||
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o) | EUR | 150 | 147,142 | |||||||
318,085 | ||||||||||
Bermuda: 0.2% | ||||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | USD | 63 | 19,516 |
Par (000’s | ) | Value | ||||||||
Bermuda (continued) | ||||||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A 8.75%, 05/25/24 | USD | 50 | $ | 42,782 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | USD | 50 | 42,196 | |||||||
104,494 | ||||||||||
Brazil: 7.0% | ||||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | USD | 50 | 45,323 | |||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | USD | 100 | 88,447 | |||||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | USD | 105 | 99,831 | |||||||
Azul Investments LLP 144A 5.88%, 10/26/24 | USD | 50 | 37,878 | |||||||
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 | USD | 100 | 68,879 | |||||||
Banco Bradesco SA 144A 3.20%, 01/27/25 | USD | 100 | 94,391 | |||||||
Banco BTG Pactual SA 144A 4.50%, 01/10/25 | USD | 100 | 95,650 | |||||||
Banco do Brasil SA 144A | ||||||||||
4.62%, 01/15/25 | USD | 50 | 48,616 | |||||||
4.75%, 03/20/24 | USD | 50 | 49,182 | |||||||
Banco Votorantim SA 144A 4.38%, 07/29/25 | USD | 100 | 94,726 | |||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | USD | 200 | 153,495 | |||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 50 | 47,637 | |||||||
BRF SA 144A 4.75%, 05/22/24 | USD | 100 | 97,013 | |||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | USD | 100 | 102,807 | |||||||
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 | USD | 100 | 85,854 | |||||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | USD | 50 | 49,220 | |||||||
Cosan SA 144A 5.50%, 09/20/29 | USD | 50 | 44,391 | |||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 | USD | 100 | 85,881 | |||||||
Embraer Netherlands Finance BV | ||||||||||
5.05%, 06/15/25 | USD | 100 | 94,850 | |||||||
5.40%, 02/01/27 | USD | 75 | 68,730 | |||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | USD | 50 | 51,117 |
See Notes to Financial Statements
45 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Brazil (continued) | ||||||||||
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 | USD | 100 | $ | 78,543 | ||||||
Gol Finance SA 144A 7.00%, 01/31/25 | USD | 100 | 43,720 | |||||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | USD | 94 | 73,604 | |||||||
Itau Unibanco Holding SA 144A 3.25%, 01/24/25 | USD | 25 | 24,076 | |||||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 25 | 21,537 | |||||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 50 | 46,421 | |||||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | USD | 50 | 38,485 | |||||||
Klabin Austria GmbH 144A 5.75%, 04/03/29 | USD | 100 | 93,809 | |||||||
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26 | USD | 50 | 40,677 | |||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | USD | 100 | 74,284 | |||||||
MV24 Capital BV 144A 6.75%, 06/01/34 | USD | 89 | 73,656 | |||||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | USD | 100 | 78,050 | |||||||
NBM US Holdings, Inc. 144A 7.00%, 05/14/26 | USD | 100 | 96,690 | |||||||
Nexa Resources SA 144A 6.50%, 01/18/28 | USD | 100 | 92,420 | |||||||
Petrobras Global Finance BV | ||||||||||
5.09%, 01/15/30 † | USD | 50 | 44,572 | |||||||
5.30%, 01/27/25 | USD | 50 | 49,436 | |||||||
5.60%, 01/03/31 | USD | 75 | 68,236 | |||||||
5.75%, 02/01/29 | USD | 50 | 46,689 | |||||||
6.00%, 01/27/28 † | USD | 75 | 72,109 | |||||||
6.25%, 03/17/24 | USD | 50 | 50,235 | |||||||
6.75%, 01/27/41 | USD | 50 | 43,492 | |||||||
6.75%, 06/03/50 | USD | 50 | 40,286 | |||||||
6.85%, 06/05/15 | USD | 100 | 78,628 | |||||||
6.88%, 01/20/40 | USD | 75 | 66,590 | |||||||
6.90%, 03/19/49 | USD | 50 | 41,422 | |||||||
7.25%, 03/17/44 | USD | 50 | 44,882 | |||||||
7.38%, 01/17/27 | USD | 75 | 76,607 | |||||||
8.75%, 05/23/26 | USD | 50 | 53,982 | |||||||
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 | USD | 100 | 82,728 | |||||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | USD | 77 | 78,178 | |||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | USD | 100 | 89,500 |
Par (000’s | ) | Value | ||||||||
Brazil (continued) | ||||||||||
Ultrapar International SA 144A 5.25%, 06/06/29 | USD | 100 | $ | 94,399 | ||||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | USD | 100 | 93,089 | |||||||
3,694,950 | ||||||||||
British Virgin Islands: 0.0% | ||||||||||
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27 | USD | 200 | 22,746 | |||||||
Bulgaria: 0.2% | ||||||||||
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 | EUR | 100 | 88,035 | |||||||
Burkina Faso: 0.0% | ||||||||||
IAMGOLD Corp. 144A 5.75%, 10/15/28 | USD | 25 | 16,787 | |||||||
Canada: 7.4% | ||||||||||
1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||||
3.50%, 02/15/29 | USD | 65 | 54,604 | |||||||
3.88%, 01/15/28 | USD | 100 | 88,082 | |||||||
4.00%, 10/15/30 | USD | 175 | 143,124 | |||||||
4.38%, 01/15/28 | USD | 50 | 43,971 | |||||||
5.75%, 04/15/25 † | USD | 25 | 24,940 | |||||||
Air Canada 4.62%, 08/15/29 | CAD | 50 | 30,676 | |||||||
Air Canada 144A 4.62%, 08/15/29 | CAD | 125 | 76,518 | |||||||
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 | USD | 50 | 40,375 | |||||||
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 | USD | 25 | 21,409 | |||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | USD | 50 | 40,612 | |||||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 | USD | 50 | 45,546 | |||||||
Baytex Energy Corp. 144A 8.75%, 04/01/27 † | USD | 40 | 40,958 | |||||||
Bombardier, Inc. 144A | ||||||||||
7.12%, 06/15/26 | USD | 75 | 71,117 | |||||||
7.50%, 12/01/24 | USD | 30 | 29,890 | |||||||
7.50%, 03/15/25 | USD | 107 | 105,370 | |||||||
7.88%, 04/15/27 † | USD | 175 | 166,524 | |||||||
Brookfield Property Finance ULC | ||||||||||
3.93%, 08/24/25 | CAD | 50 | 34,046 | |||||||
3.93%, 01/15/27 | CAD | 50 | 32,740 | |||||||
4.30%, 03/01/24 | CAD | 25 | 17,776 |
See Notes to Financial Statements
46 |
Par (000’s | ) | Value | ||||||||
Canada (continued) | ||||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 | USD | 125 | $ | 109,314 | ||||||
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28 | USD | 50 | 42,839 | |||||||
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 | CAD | 75 | 42,875 | |||||||
Eldorado Gold Corp. 144A 6.25%, 09/01/29 † | USD | 50 | 40,526 | |||||||
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | USD | 100 | 93,587 | |||||||
Empire Communities Corp. 144A 7.00%, 12/15/25 | USD | 25 | 21,585 | |||||||
Ensign Drilling, Inc. 144A 9.25%, 04/15/24 | USD | 50 | 45,310 | |||||||
Garda World Security Corp. 144A 9.50%, 11/01/27 | USD | 50 | 45,241 | |||||||
GFL Environmental, Inc. 144A | ||||||||||
3.50%, 09/01/28 | USD | 50 | 42,522 | |||||||
3.75%, 08/01/25 | USD | 50 | 47,372 | |||||||
4.38%, 08/15/29 | USD | 50 | 42,424 | |||||||
4.75%, 06/15/29 | USD | 50 | 43,692 | |||||||
5.12%, 12/15/26 | USD | 75 | 71,508 | |||||||
Gibson Energy, Inc. | ||||||||||
2.85%, 07/14/27 | CAD | 25 | 16,368 | |||||||
3.60%, 09/17/29 | CAD | 75 | 48,925 | |||||||
goeasy Ltd. 144A | ||||||||||
4.38%, 05/01/26 | USD | 25 | 21,478 | |||||||
5.38%, 12/01/24 | USD | 50 | 46,732 | |||||||
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 | USD | 50 | 43,989 | |||||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 | USD | 40 | 29,858 | |||||||
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 | CAD | 65 | 44,727 | |||||||
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 | CAD | 75 | 51,851 | |||||||
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞ | USD | 256 | 0 | |||||||
Mattamy Group Corp. 144A | ||||||||||
4.62%, 03/01/30 | USD | 50 | 39,107 | |||||||
5.25%, 12/15/27 | USD | 25 | 21,399 | |||||||
MEG Energy Corp. 144A |
Par (000’s | ) | Value | ||||||||
Canada (continued) | ||||||||||
5.88%, 02/01/29 | USD | 50 | $ | 47,866 | ||||||
7.12%, 02/01/27 | USD | 75 | 76,427 | |||||||
Mercer International, Inc. 5.12%, 02/01/29 | USD | 50 | 41,185 | |||||||
Methanex Corp. | ||||||||||
5.12%, 10/15/27 | USD | 50 | 45,723 | |||||||
5.25%, 12/15/29 | USD | 75 | 64,327 | |||||||
New Gold, Inc. 144A 7.50%, 07/15/27 | USD | 50 | 42,713 | |||||||
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 | USD | 50 | 47,408 | |||||||
NOVA Chemicals Corp. 144A | ||||||||||
4.25%, 05/15/29 † | USD | 50 | 40,895 | |||||||
4.88%, 06/01/24 | USD | 75 | 73,107 | |||||||
5.25%, 06/01/27 | USD | 75 | 67,125 | |||||||
Open Text Corp. 144A | ||||||||||
3.88%, 02/15/28 | USD | 100 | 85,797 | |||||||
3.88%, 12/01/29 | USD | 50 | 39,740 | |||||||
Parkland Corp. 6.00%, 06/23/28 | CAD | 50 | 34,175 | |||||||
Parkland Corp. 144A | ||||||||||
4.50%, 10/01/29 | USD | 100 | 84,406 | |||||||
5.88%, 07/15/27 | USD | 75 | 70,567 | |||||||
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | CAD | 50 | 29,688 | |||||||
Precision Drilling Corp. 144A 7.12%, 01/15/26 | USD | 50 | 49,188 | |||||||
Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 | USD | 50 | 49,321 | |||||||
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 | EUR | 100 | 92,052 | |||||||
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 | USD | 50 | 42,416 | |||||||
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 | USD | 50 | 42,504 | |||||||
Taseko Mines Ltd. 144A 7.00%, 02/15/26 | USD | 25 | 20,840 | |||||||
Teine Energy Ltd. 144A 6.88%, 04/15/29 | USD | 50 | 44,674 | |||||||
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 | USD | 25 | 11,838 | |||||||
Terraform Global Operating LP 144A 6.12%, 03/01/26 | USD | 50 | 46,168 | |||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 | USD | 50 | 40,993 | |||||||
TransAlta Corp. 6.50%, 03/15/40 | USD | 25 | 21,546 | |||||||
Trivium Packaging Finance BV Reg S |
See Notes to Financial Statements
47 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Canada (continued) | ||||||||||
3.75%, 08/15/26 | EUR | 200 | $ | 178,283 | ||||||
Vermilion Energy, Inc. 144A 5.62%, 03/15/25 | USD | 25 | 24,223 | |||||||
Videotron Ltd. | ||||||||||
3.12%, 01/15/31 | CAD | 50 | 27,648 | |||||||
4.50%, 01/15/30 | CAD | 75 | 46,623 | |||||||
5.62%, 06/15/25 | CAD | 75 | 54,163 | |||||||
Videotron Ltd. 144A 3.62%, 06/15/28 | CAD | 100 | 62,243 | |||||||
3,907,379 | ||||||||||
Cayman Islands: 0.5% | ||||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | USD | 100 | 85,960 | |||||||
Banco do Brasil SA 144A | ||||||||||
3.25%, 09/30/26 | USD | 50 | 44,502 | |||||||
4.88%, 01/11/29 | USD | 50 | 44,978 | |||||||
CT Trust 144A 5.12%, 02/03/32 | USD | 100 | 80,117 | |||||||
255,557 | ||||||||||
Chile: 0.4% | ||||||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | USD | 50 | 44,586 | |||||||
Latam Airlines Group SA 144A 13.38%, 10/15/29 | USD | 100 | 99,639 | |||||||
VTR Comunicaciones SpA 144A 5.12%, 01/15/28 | USD | 100 | 63,749 | |||||||
207,974 | ||||||||||
China: 2.3% | ||||||||||
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 | 185,250 | |||||||
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) | USD | 200 | 201,000 | |||||||
CIFI Holdings Group Co. Ltd. Reg S 6.00%, 07/16/25 | USD | 200 | 14,784 | |||||||
Country Garden Holdings Co. Ltd. Reg S | ||||||||||
3.30%, 01/12/31 | USD | 400 | 31,451 | |||||||
7.25%, 04/08/26 | USD | 200 | 19,657 | |||||||
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25 | USD | 200 | 74,000 | |||||||
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 | USD | 119 | 95,750 | |||||||
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/24 | USD | 200 | 45,000 | |||||||
Industrial & Commercial Bank of China Ltd. Reg S |
Par (000’s | ) | Value | ||||||||
China (continued) | ||||||||||
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | USD | 500 | $ | 447,493 | ||||||
Volvo Car AB Reg S 2.12%, 04/02/24 | EUR | 100 | 96,206 | |||||||
1,210,591 | ||||||||||
Colombia: 2.4% | ||||||||||
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 | USD | 75 | 56,292 | |||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 | USD | 100 | 91,849 | |||||||
Cable Onda SA 144A 4.50%, 01/30/30 | USD | 100 | 82,031 | |||||||
Ecopetrol SA | ||||||||||
4.12%, 01/16/25 † | USD | 100 | 92,311 | |||||||
4.62%, 11/02/31 | USD | 75 | 51,844 | |||||||
5.38%, 06/26/26 | USD | 100 | 91,054 | |||||||
5.88%, 05/28/45 | USD | 125 | 76,346 | |||||||
5.88%, 11/02/51 | USD | 50 | 29,823 | |||||||
6.88%, 04/29/30 | USD | 125 | 103,088 | |||||||
7.38%, 09/18/43 | USD | 50 | 36,736 | |||||||
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29 | USD | 75 | 53,673 | |||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | USD | 100 | 69,592 | |||||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | USD | 100 | 91,588 | |||||||
Millicom International Cellular SA 144A | ||||||||||
5.12%, 01/15/28 | USD | 5 | 4,614 | |||||||
6.25%, 03/25/29 | USD | 54 | 47,381 | |||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | USD | 100 | 81,607 | |||||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 | USD | 50 | 42,656 | |||||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | USD | 100 | 89,935 | |||||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | USD | 85 | 72,364 | |||||||
1,264,784 | ||||||||||
Costa Rica: 0.1% | ||||||||||
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 | USD | 100 | 68,059 | |||||||
Cyprus: 0.2% | ||||||||||
MHP Lux SA 144A 6.95%, 04/03/26 | USD | 100 | 45,976 | |||||||
Vivion Investments Sarl Reg S 3.00%, 08/08/24 | EUR | 100 | 85,104 | |||||||
131,080 | ||||||||||
Czech Republic: 0.6% | ||||||||||
Allwyn International AS Reg S |
See Notes to Financial Statements
48 |
Par (000’s | ) | Value | ||||||||
Czech Republic (continued) | ||||||||||
3.88%, 02/15/27 | EUR | 100 | $ | 86,026 | ||||||
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) | EUR | 100 | 52,202 | |||||||
Energo-Pro AS Reg S 4.50%, 05/04/24 | EUR | 100 | 92,293 | |||||||
EP Infrastructure AS Reg S 1.66%, 04/26/24 | EUR | 100 | 85,682 | |||||||
316,203 | ||||||||||
Finland: 0.8% | ||||||||||
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o) | EUR | 100 | 62,365 | |||||||
Nokia Oyj | ||||||||||
4.38%, 06/12/27 | USD | 150 | 138,150 | |||||||
6.62%, 05/15/39 | USD | 100 | 91,360 | |||||||
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 | EUR | 175 | 163,829 | |||||||
455,704 | ||||||||||
France: 8.2% | ||||||||||
Accor SA Reg S 2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o) | EUR | 100 | 75,934 | |||||||
3.00%, 02/04/26 | EUR | 100 | 93,159 | |||||||
Altice France SA 144A | ||||||||||
5.12%, 07/15/29 | USD | 200 | 151,000 | |||||||
5.50%, 10/15/29 | USD | 175 | 133,774 | |||||||
Altice France SA Reg S 5.88%, 02/01/27 | EUR | 100 | 86,104 | |||||||
Atos SE Reg S 1.75%, 05/07/25 | EUR | 100 | 73,968 | |||||||
Banijay Entertainment SASU 144A 5.38%, 03/01/25 | USD | 100 | 92,811 | |||||||
CAB SELAS Reg S 3.38%, 02/01/28 | EUR | 100 | 77,647 | |||||||
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26 | EUR | 100 | 44,469 | |||||||
CGG SA 144A 8.75%, 04/01/27 † | USD | 100 | 88,583 | |||||||
Chrome Bidco SASU Reg S 3.50%, 05/31/28 | EUR | 100 | 80,374 | |||||||
Constellium SE 144A 3.75%, 04/15/29 † | USD | 100 | 78,327 | |||||||
eircom Finance DAC Reg S 3.50%, 05/15/26 | EUR | 100 | 88,210 | |||||||
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | USD | 300 | 264,261 | |||||||
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) | EUR | 200 | 129,996 |
Par (000’s | ) | Value | ||||||||
France (continued) | ||||||||||
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 100 | $ | 87,343 | ||||||
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 100 | 91,221 | |||||||
Elis SA Reg S 1.62%, 04/03/28 | EUR | 100 | 82,524 | |||||||
Faurecia SE Reg S | ||||||||||
2.38%, 06/15/27 | EUR | 100 | 81,372 | |||||||
2.62%, 06/15/25 | EUR | 100 | 93,338 | |||||||
3.12%, 06/15/26 | EUR | 100 | 92,167 | |||||||
Getlink SE Reg S 3.50%, 10/30/25 | EUR | 100 | 94,534 | |||||||
Iliad Holding SASU 144A | ||||||||||
6.50%, 10/15/26 | USD | 200 | 185,538 | |||||||
7.00%, 10/15/28 | USD | 100 | 90,762 | |||||||
Iliad Holding SASU Reg S 5.12%, 10/15/26 | EUR | 100 | 92,238 | |||||||
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) | EUR | 100 | 88,405 | |||||||
Loxam SAS Reg S 3.25%, 01/14/25 | EUR | 100 | 91,566 | |||||||
Matterhorn Telecom SA Reg S 3.12%, 09/15/26 | EUR | 100 | 87,044 | |||||||
Paprec Holding SA Reg S 4.00%, 03/31/25 | EUR | 100 | 91,670 | |||||||
Picard Groupe SAS Reg S 3.88%, 07/01/26 | EUR | 100 | 85,729 | |||||||
Quatrim SASU Reg S 5.88%, 01/15/24 | EUR | 100 | 96,426 | |||||||
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 | EUR | 100 | 86,328 | |||||||
Renault SA Reg S | ||||||||||
1.00%, 11/28/25 | EUR | 50 | 45,525 | |||||||
1.25%, 06/24/25 | EUR | 100 | 90,006 | |||||||
2.00%, 09/28/26 | EUR | 100 | 84,096 | |||||||
2.38%, 05/25/26 | EUR | 100 | 87,999 | |||||||
Rexel SA Reg S 2.12%, 06/15/28 | EUR | 100 | 81,742 | |||||||
SPCM SA Reg S 2.62%, 02/01/29 | EUR | 100 | 76,585 | |||||||
SPIE SA Reg S 2.62%, 06/18/26 | EUR | 100 | 91,842 | |||||||
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25 | EUR | 100 | 98,074 | |||||||
Valeo Reg S | ||||||||||
1.00%, 08/03/28 | EUR | 100 | 75,283 | |||||||
3.25%, 01/22/24 | EUR | 100 | 97,873 | |||||||
Vallourec SA Reg S 8.50%, 06/30/26 | EUR | 100 | 94,746 | |||||||
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) | EUR | 100 | 86,721 |
See Notes to Financial Statements
49 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
France (continued) | ||||||||||
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) | EUR | 100 | $ | 76,848 | ||||||
Verallia SA Reg S 1.62%, 05/14/28 | EUR | 100 | 82,622 | |||||||
4,346,784 | ||||||||||
Germany: 5.2% | ||||||||||
ADLER Group SA Reg S | ||||||||||
2.75%, 11/13/26 | EUR | 100 | 42,993 | |||||||
3.25%, 08/05/25 | EUR | 100 | 45,328 | |||||||
Bayer AG Reg S 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 200 | 178,475 | |||||||
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 95,305 | |||||||
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28 | EUR | 100 | 83,770 | |||||||
Commerzbank AG Reg S | ||||||||||
4.00%, 03/23/26 | EUR | 50 | 46,961 | |||||||
4.00%, 03/30/27 | EUR | 40 | 36,964 | |||||||
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 90,746 | |||||||
CT Investment GmbH Reg S 5.50%, 04/15/26 | EUR | 100 | 82,059 | |||||||
Deutsche Lufthansa AG 0.25%, 09/06/24 | EUR | 150 | 140,482 | |||||||
Deutsche Lufthansa AG Reg S | ||||||||||
3.00%, 05/29/26 | EUR | 100 | 87,445 | |||||||
3.75%, 02/11/28 | EUR | 100 | 82,914 | |||||||
Douglas GmbH Reg S 6.00%, 04/08/26 | EUR | 100 | 76,272 | |||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | USD | 75 | 76,969 | |||||||
Gruenenthal GmbH Reg S 3.62%, 11/15/26 | EUR | 100 | 88,294 | |||||||
IHO Verwaltungs GmbH 144A 4.75%, 09/15/26 | USD | 200 | 169,171 | |||||||
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) | EUR | 100 | 85,570 | |||||||
Mahle GmbH Reg S 2.38%, 05/14/28 | EUR | 100 | 70,841 | |||||||
Mercer International, Inc. 5.50%, 01/15/26 | USD | 41 | 38,485 | |||||||
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29 | EUR | 100 | 81,218 | |||||||
ProGroup AG Reg S 3.00%, 03/31/26 | EUR | 100 | 87,185 | |||||||
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | USD | 100 | 95,878 | |||||||
Schaeffler AG Reg S 1.88%, 03/26/24 | EUR | 50 | 48,033 |
Par (000’s | ) | Value | ||||||||
Germany (continued) | ||||||||||
2.88%, 03/26/27 | EUR | 50 | $ | 43,601 | ||||||
3.38%, 10/12/28 | EUR | 100 | 83,962 | |||||||
Tele Columbus AG Reg S 3.88%, 05/02/25 | EUR | 100 | 70,667 | |||||||
thyssenkrupp AG Reg S | ||||||||||
2.50%, 02/25/25 | EUR | 50 | 45,947 | |||||||
2.88%, 02/22/24 | EUR | 100 | 96,836 | |||||||
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 | EUR | 100 | 73,249 | |||||||
ZF Europe Finance BV Reg S | ||||||||||
2.00%, 02/23/26 | EUR | 100 | 86,283 | |||||||
3.00%, 10/23/29 | EUR | 100 | 77,121 | |||||||
ZF Finance GmbH Reg S 3.75%, 09/21/28 | EUR | 100 | 81,591 | |||||||
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 | USD | 175 | 163,990 | |||||||
2,754,605 | ||||||||||
Ghana: 0.3% | ||||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † | USD | 100 | 83,750 | |||||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | USD | 100 | 65,223 | |||||||
148,973 | ||||||||||
Greece: 1.0% | ||||||||||
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | EUR | 100 | 79,809 | |||||||
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 | EUR | 100 | 81,339 | |||||||
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 | EUR | 100 | 94,919 | |||||||
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 | EUR | 100 | 85,717 | |||||||
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 | EUR | 100 | 80,835 | |||||||
Public Power Corp. SA Reg S 3.88%, 03/30/26 | EUR | 100 | 89,950 | |||||||
512,569 | ||||||||||
Guatemala: 0.2% | ||||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | USD | 100 | 88,202 | |||||||
Hong Kong: 0.7% | ||||||||||
Agile Group Holdings Ltd. Reg S |
See Notes to Financial Statements
50 |
Par (000’s | ) | Value | ||||||||
Hong Kong (continued) | ||||||||||
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) | USD | 200 | $ | 34,775 | ||||||
Melco Resorts Finance Ltd. 144A | ||||||||||
4.88%, 06/06/25 | USD | 100 | 71,447 | |||||||
5.38%, 12/04/29 | USD | 100 | 56,050 | |||||||
5.62%, 07/17/27 | USD | 50 | 30,457 | |||||||
5.75%, 07/21/28 | USD | 50 | 29,000 | |||||||
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 | USD | 200 | 62,126 | |||||||
Studio City Finance Ltd. 144A | ||||||||||
5.00%, 01/15/29 | USD | 100 | 43,212 | |||||||
6.50%, 01/15/28 | USD | 100 | 42,048 | |||||||
369,115 | ||||||||||
Hungary: 0.2% | ||||||||||
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 | EUR | 100 | 89,314 | |||||||
India: 1.8% | ||||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | USD | 100 | 98,218 | |||||||
Canara Bank Reg S 3.88%, 03/28/24 | USD | 200 | 194,881 | |||||||
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 | USD | 100 | 82,665 | |||||||
JSW Steel Ltd. Reg S 5.95%, 04/18/24 | USD | 200 | 187,300 | |||||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) | USD | 100 | 88,235 | |||||||
Tata Motors Ltd. Reg S 5.75%, 10/30/24 | USD | 200 | 193,049 | |||||||
Vedanta Resources Finance II Plc 144A 13.88%, 01/21/24 | USD | 100 | 83,812 | |||||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | USD | 50 | 29,722 | |||||||
957,882 | ||||||||||
Indonesia: 0.7% | ||||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | USD | 100 | 93,809 | |||||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | USD | 150 | 1,218 | |||||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | USD | 100 | 96,889 | |||||||
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | USD | 100 | 95,965 | |||||||
Saka Energi Indonesia PT 144A |
Par (000’s | ) | Value | ||||||||
Indonesia (continued) | ||||||||||
4.45%, 05/05/24 | USD | 100 | $ | 93,286 | ||||||
381,167 | ||||||||||
Ireland: 1.2% | ||||||||||
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | USD | 50 | 45,697 | |||||||
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 | EUR | 100 | 88,788 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 | EUR | 100 | 81,334 | |||||||
Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 | EUR | 100 | 80,598 | |||||||
C&W Senior Financing DAC 144A 6.88%, 09/15/27 | USD | 100 | 86,965 | |||||||
Cimpress Plc 144A 7.00%, 06/15/26 | USD | 100 | 59,969 | |||||||
Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 | EUR | 100 | 78,282 | |||||||
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 | GBP | 100 | 92,620 | |||||||
614,253 | ||||||||||
Israel: 1.8% | ||||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||||
6.12%, 06/30/25 | USD | 50 | 47,718 | |||||||
6.50%, 06/30/27 | USD | 50 | 46,875 | |||||||
6.75%, 06/30/30 | USD | 50 | 44,801 | |||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 | USD | 95 | 78,079 | |||||||
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 | EUR | 100 | 98,126 | |||||||
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24 | EUR | 100 | 90,688 | |||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||
3.15%, 10/01/26 | USD | 225 | 190,516 | |||||||
4.10%, 10/01/46 | USD | 125 | 75,955 | |||||||
6.00%, 04/15/24 | USD | 100 | 99,038 | |||||||
6.75%, 03/01/28 † | USD | 100 | 94,492 | |||||||
7.12%, 01/31/25 | USD | 75 | 74,423 | |||||||
940,711 | ||||||||||
Italy: 7.7% | ||||||||||
Abertis Infraestructuras Finance BV Reg S |
See Notes to Financial Statements
51 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Italy (continued) | ||||||||||
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) | EUR | 100 | $ | 82,346 | ||||||
Atlantia SpA Reg S | ||||||||||
1.88%, 07/13/27 | EUR | 100 | 81,801 | |||||||
1.88%, 02/12/28 | EUR | 100 | 78,562 | |||||||
Autostrade per l’Italia SpA 5.88%, 06/09/24 | EUR | 100 | 101,669 | |||||||
Autostrade per l’Italia SpA Reg S | ||||||||||
1.75%, 06/26/26 | EUR | 100 | 88,818 | |||||||
1.88%, 09/26/29 | EUR | 100 | 79,068 | |||||||
2.00%, 12/04/28 | EUR | 100 | 81,750 | |||||||
4.38%, 09/16/25 | EUR | 50 | 49,521 | |||||||
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 | EUR | 100 | 92,967 | |||||||
Banca Monte dei Paschi di Siena SpA Reg S 3.62%, 09/24/24 | EUR | 150 | 139,257 | |||||||
Banca Popolare di Sondrio SPA Reg S 2.38%, 04/03/24 | EUR | 100 | 96,226 | |||||||
Banco BPM SpA Reg S | ||||||||||
1.75%, 01/28/25 | EUR | 100 | 92,372 | |||||||
2.50%, 06/21/24 | EUR | 100 | 95,339 | |||||||
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 91,345 | |||||||
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 | EUR | 100 | 83,927 | |||||||
1.88%, 07/07/25 | EUR | 100 | 89,900 | |||||||
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 | EUR | 100 | 81,518 | |||||||
Infrastrutture Wireless Italiane SpA Reg S | ||||||||||
1.62%, 10/21/28 | EUR | 100 | 80,321 | |||||||
1.88%, 07/08/26 | EUR | 100 | 88,025 | |||||||
Intesa Sanpaolo SpA 144A 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32 | USD | 75 | 50,842 | |||||||
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | USD | 50 | 29,321 | |||||||
5.02%, 06/26/24 | USD | 125 | 118,048 | |||||||
5.71%, 01/15/26 | USD | 75 | 69,918 | |||||||
Intesa Sanpaolo SpA Reg S 3.93%, 09/15/26 | EUR | 100 | 95,469 | |||||||
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | EUR | 100 | 99,156 | |||||||
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) | EUR | 100 | 95,129 | |||||||
Leonardo SpA 4.88%, 03/24/25 | EUR | 50 | 50,184 | |||||||
Leonardo SpA Reg S |
Par (000’s | ) | Value | ||||||||
Italy (continued) | ||||||||||
1.50%, 06/07/24 | EUR | 100 | $ | 95,457 | ||||||
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) | EUR | 100 | 71,715 | |||||||
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) | EUR | 100 | 84,973 | |||||||
Telecom Italia Finance SA 7.75%, 01/24/33 | EUR | 100 | 99,433 | |||||||
Telecom Italia SpA 5.25%, 03/17/55 | EUR | 100 | 70,237 | |||||||
Telecom Italia SpA 144A 5.30%, 05/30/24 | USD | 100 | 94,250 | |||||||
Telecom Italia SpA Reg S | ||||||||||
1.62%, 01/18/29 | EUR | 100 | 71,727 | |||||||
2.38%, 10/12/27 | EUR | 100 | 80,306 | |||||||
2.75%, 04/15/25 | EUR | 100 | 90,723 | |||||||
3.00%, 09/30/25 | EUR | 100 | 89,741 | |||||||
3.62%, 01/19/24 | EUR | 100 | 96,371 | |||||||
3.62%, 05/25/26 | EUR | 100 | 88,457 | |||||||
4.00%, 04/11/24 | EUR | 100 | 96,416 | |||||||
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) | EUR | 100 | 78,978 | |||||||
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 75 | 55,948 | |||||||
UniCredit SpA Reg S 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 176,659 | |||||||
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 161,708 | |||||||
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) | EUR | 100 | 96,862 | |||||||
Webuild SpA Reg S 1.75%, 10/26/24 | EUR | 100 | 84,079 | |||||||
4,066,839 | ||||||||||
Japan: 1.5% | ||||||||||
Rakuten Group, Inc. 144A 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) † | USD | 150 | 102,607 | |||||||
SoftBank Group Corp. Reg S | ||||||||||
3.12%, 09/19/25 | EUR | 100 | 87,595 | |||||||
4.75%, 09/19/24 | USD | 200 | 188,500 | |||||||
5.00%, 04/15/28 | EUR | 100 | 81,894 | |||||||
5.12%, 09/19/27 | USD | 200 | 168,750 | |||||||
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o) | USD | 200 | 157,750 | |||||||
787,096 |
See Notes to Financial Statements
52 |
Par (000’s | ) | Value | ||||||||
Jersey, Channel Islands: 0.6% | ||||||||||
eG Global Finance Plc 144A 6.75%, 02/07/25 | USD | 200 | $ | 180,454 | ||||||
G City Europe Ltd. Reg S 3.00%, 09/11/25 | EUR | 100 | 83,686 | |||||||
Petrofac Ltd. 144A 9.75%, 11/15/26 | USD | 100 | 74,359 | |||||||
338,499 | ||||||||||
Luxembourg: 5.2% | ||||||||||
ADLER Group SA Reg S 2.25%, 01/14/29 | EUR | 100 | 42,051 | |||||||
AI Candelaria Spain SA 144A 7.50%, 12/15/28 | USD | 75 | 63,306 | |||||||
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 | USD | 100 | 85,634 | |||||||
Altice Financing SA 144A 5.00%, 01/15/28 | USD | 250 | 198,333 | |||||||
Altice Financing SA Reg S 3.00%, 01/15/28 | EUR | 100 | 75,851 | |||||||
Altice Finco SA Reg S 4.75%, 01/15/28 | EUR | 100 | 69,118 | |||||||
Altice France Holding SA 144A | ||||||||||
6.00%, 02/15/28 † | USD | 75 | 48,684 | |||||||
10.50%, 05/15/27 | USD | 50 | 39,072 | |||||||
Altice France Holding SA Reg S | ||||||||||
4.00%, 02/15/28 | EUR | 100 | 61,943 | |||||||
8.00%, 05/15/27 | EUR | 100 | 72,397 | |||||||
Altice France SA 144A | ||||||||||
5.50%, 01/15/28 | USD | 100 | 79,269 | |||||||
8.12%, 02/01/27 | USD | 100 | 91,700 | |||||||
Altice France SA Reg S 3.38%, 01/15/28 | EUR | 100 | 76,294 | |||||||
ARD Finance SA Reg S 5.00%, 06/30/27 | EUR | 100 | 67,921 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||||
4.12%, 08/15/26 | USD | 150 | 129,308 | |||||||
5.25%, 08/15/27 † | USD | 125 | 88,061 | |||||||
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 | EUR | 100 | 75,979 | |||||||
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 | EUR | 100 | 77,996 | |||||||
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26 | EUR | 26 | 23,705 | |||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | USD | 100 | 84,134 | |||||||
CSN Resources SA 144A 4.62%, 06/10/31 | USD | 100 | 66,970 | |||||||
Energean Israel Finance Ltd. 144A Reg S 4.50%, 03/30/24 | USD | 35 | 33,524 |
Par (000’s | ) | Value | ||||||||
Luxembourg (continued) | ||||||||||
4.88%, 03/30/26 | USD | 35 | $ | 31,588 | ||||||
5.38%, 03/30/28 | USD | 35 | 30,887 | |||||||
5.88%, 03/30/31 | USD | 35 | 29,750 | |||||||
Herens Midco Sarl Reg S 5.25%, 05/15/29 | EUR | 100 | 64,391 | |||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | USD | 50 | 36,665 | |||||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 | USD | 100 | 76,574 | |||||||
Millicom International Cellular SA 144A 4.50%, 04/27/31 † | USD | 100 | 75,211 | |||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | USD | 125 | 95,147 | |||||||
Movida Europe SA 144A 5.25%, 02/08/31 | USD | 100 | 73,792 | |||||||
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 | EUR | 100 | 92,776 | |||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 | USD | 50 | 45,359 | |||||||
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o) | EUR | 100 | 97,343 | |||||||
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 | EUR | 100 | 85,969 | |||||||
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28 | EUR | 100 | 86,054 | |||||||
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 | EUR | 100 | 84,037 | |||||||
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 | USD | 100 | 89,902 | |||||||
2,746,695 | ||||||||||
Malta: 0.1% | ||||||||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30 | USD | 50 | 41,631 | |||||||
Mauritius: 0.6% | ||||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | USD | 47 | 33,847 | |||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | USD | 147 | 113,451 | |||||||
HTA Group Ltd. 144A 7.00%, 12/18/25 | USD | 100 | 88,250 | |||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | USD | 100 | 78,169 | |||||||
313,717 |
See Notes to Financial Statements
53 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Mexico: 4.1% | ||||||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | USD | 82 | $ | 55,012 | ||||
Cemex SAB de CV 144A | ||||||||
3.88%, 07/11/31 | USD | 75 | 57,281 | |||||
5.20%, 09/17/30 | USD | 75 | 63,963 | |||||
5.45%, 11/19/29 | USD | 100 | 87,466 | |||||
7.38%, 06/05/27 | USD | 100 | 99,235 | |||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | USD | 50 | 43,077 | |||||
Nemak SAB de CV 144A 3.62%, 06/28/31 | USD | 100 | 72,896 | |||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | USD | 50 | 46,611 | |||||
4.50%, 01/23/26 | USD | 50 | 44,145 | |||||
4.88%, 01/18/24 | USD | 25 | 24,365 | |||||
5.35%, 02/12/28 † | USD | 75 | 59,905 | |||||
5.50%, 06/27/44 | USD | 50 | 28,495 | |||||
5.62%, 01/23/46 | USD | 50 | 28,117 | |||||
5.95%, 01/28/31 | USD | 150 | 108,371 | |||||
6.35%, 02/12/48 | USD | 50 | 28,827 | |||||
6.38%, 01/23/45 | USD | 50 | 29,445 | |||||
6.49%, 01/23/27 | USD | 50 | 43,648 | |||||
6.50%, 03/13/27 | USD | 150 | 131,818 | |||||
6.50%, 01/23/29 † | USD | 50 | 40,253 | |||||
6.50%, 06/02/41 | USD | 75 | 47,403 | |||||
6.62%, 06/15/35 | USD | 100 | 69,613 | |||||
6.62%, 06/15/38 | USD | 25 | 16,400 | |||||
6.70%, 02/16/32 | USD | 100 | 75,791 | |||||
6.75%, 09/21/47 | USD | 200 | 120,818 | |||||
6.84%, 01/23/30 | USD | 75 | 59,988 | |||||
6.88%, 10/16/25 † | USD | 25 | 24,062 | |||||
6.88%, 08/04/26 | USD | 100 | 92,689 | |||||
6.95%, 01/28/60 | USD | 150 | 90,270 | |||||
7.69%, 01/23/50 | USD | 275 | 179,645 | |||||
Petroleos Mexicanos Reg S | ||||||||
3.75%, 11/16/25 | GBP | 100 | 96,652 | |||||
4.88%, 02/21/28 | EUR | 100 | 76,629 | |||||
Petróleos Mexicanos Reg S 5.50%, 02/24/25 | EUR | 25 | 24,668 | |||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 | USD | 50 | 34,396 | |||||
7.50%, 11/12/25 | USD | 50 | 42,368 | |||||
Unifin Financiera SAB de CV 144A | ||||||||
7.00%, 01/15/25 | USD | 100 | 9,375 | |||||
7.25%, 09/27/23 | USD | 100 | 10,250 | |||||
2,163,947 | ||||||||
Morocco: 0.4% | ||||||||
OCP SA 144A | ||||||||
5.62%, 04/25/24 | USD | 150 | 148,954 | |||||
6.88%, 04/25/44 | USD | 100 | 79,175 | |||||
228,129 | ||||||||
Netherlands: 3.5% | ||||||||
ELM BV for Firmenich International SA Reg S |
Par (000’s | ) | Value | ||||||
Netherlands (continued) | ||||||||
3.75% (EUR Swap Annual 5 Year+4.39%), 6/3/2025 (o) | EUR | 100 | $ | 90,954 | ||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | USD | 96 | 74,968 | |||||
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o) | EUR | 100 | 90,436 | |||||
Lincoln Financing Sarl Reg S 3.62%, 04/01/24 | EUR | 100 | 96,260 | |||||
Naturgy Finance BV Reg S 3.38% (EUR Swap Annual 9 Year+3.08%), 12/29/49 (o) | EUR | 100 | 95,978 | |||||
Nobel Bidco BV Reg S 3.12%, 06/15/28 | EUR | 100 | 59,302 | |||||
Petrobras Global Finance BV 5.50%, 06/10/51 † | USD | 50 | 35,477 | |||||
PPF Telecom Group BV Reg S 3.12%, 03/27/26 | EUR | 100 | 90,551 | |||||
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o) | EUR | 100 | 85,154 | |||||
Saipem Finance International BV Reg S 2.63%, 01/07/25 | EUR | 100 | 93,023 | |||||
Selecta Group BV Reg S 8.00%, 04/01/26 | EUR | 52 | 42,821 | |||||
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) | EUR | 100 | 73,675 | |||||
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) | EUR | 175 | 166,836 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
4.75%, 05/09/27 | USD | 100 | 88,375 | |||||
5.12%, 05/09/29 † | USD | 100 | 86,056 | |||||
TMNL Holding BV Reg S 3.75%, 01/15/29 | EUR | 100 | 83,828 | |||||
UPC Broadband Finco BV 144A 4.88%, 07/15/31 | USD | 100 | 84,221 | |||||
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 | EUR | 100 | 73,268 | |||||
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) | | EUR | 100 | | | | 73,931 | |
Ziggo Bond Co. BV 144A | ||||||||
5.12%, 02/28/30 | USD | 50 | 39,692 | |||||
6.00%, 01/15/27 | USD | 50 | 45,105 | |||||
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 | EUR | 125 | 91,510 | |||||
Ziggo BV 144A 4.88%, 01/15/30 | USD | 100 | 84,188 | |||||
1,845,609 | ||||||||
Nigeria: 0.1% | ||||||||
SEPLAT Energy Plc 144A |
See Notes to Financial Statements
54 |
Par (000’s | ) | Value | ||||||
Nigeria (continued) | ||||||||
7.75%, 04/01/26 | USD | 100 | $ | 78,755 | ||||
Norway: 0.3% | ||||||||
Adevinta ASA Reg S 2.62%, 11/15/25 | EUR | 100 | 92,164 | |||||
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) | EUR | 125 | 89,223 | |||||
181,387 | ||||||||
Oman: 0.6% | ||||||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | USD | 225 | 207,965 | |||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 † | USD | 100 | 98,445 | |||||
306,410 | ||||||||
Peru: 0.6% | ||||||||
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | USD | 75 | 73,042 | |||||
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 | USD | 25 | 20,758 | |||||
Peru LNG Srl 144A 5.38%, 03/22/30 | USD | 100 | 78,865 | |||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | USD | 100 | 73,900 | |||||
5.62%, 06/19/47 | USD | 150 | 96,482 | |||||
343,047 | ||||||||
Poland: 0.3% | ||||||||
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 | USD | 100 | 79,613 | |||||
Synthos SA Reg S 2.50%, 06/07/28 | EUR | 100 | 75,159 | |||||
154,772 | ||||||||
Portugal: 0.5% | ||||||||
Banco Comercial Portugues SA Reg S 1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 | EUR | 100 | 76,194 | |||||
EDP - Energias de Portugal SA Reg S | ||||||||
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 | EUR | 100 | 82,026 | |||||
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 100 | 96,799 | |||||
255,019 | ||||||||
Romania: 0.2% | ||||||||
RCS & RDS SA Reg S 2.50%, 02/05/25 | EUR | 100 | 87,631 | |||||
Saudi Arabia: 0.4% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.75%, 02/15/25 | USD | 200 | 191,638 | |||||
Singapore: 0.2% | ||||||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | USD | 56 | 49,974 |
Par (000’s | ) | Value | ||||||
Singapore (continued) | ||||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | USD | 81 | $ | 72,045 | ||||
122,019 | ||||||||
South Africa: 0.7% | ||||||||
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25 | USD | 100 | 93,830 | |||||
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22 | USD | 142 | 406 | |||||
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 | USD | 100 | 96,233 | |||||
Sasol Financing USA LLC 5.88%, 03/27/24 | USD | 200 | 195,754 | |||||
386,223 | ||||||||
South Korea: 0.2% | ||||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) | USD | 100 | 87,375 | |||||
Spain: 4.1% | ||||||||
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 | EUR | 100 | 96,065 | |||||
Abengoa Abenewco 2 SA Reg S 1.50%, 10/26/24 | USD | 63 | 2,648 | |||||
Abengoa SA 0.00%, 03/31/27 (s) ^ | EUR | 100 | 495 | |||||
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 | EUR | 100 | 90,249 | |||||
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31, | EUR | 100 | 74,281 | |||||
Banco de Sabadell SA Reg S 1.75%, 05/10/24 | EUR | 100 | 94,339 | |||||
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 | EUR | 100 | 97,314 | |||||
5.62%, 05/06/26 | EUR | 100 | 95,651 | |||||
Cellnex Finance Co. SA Reg S | ||||||||
1.25%, 01/15/29 | EUR | 100 | 76,414 | |||||
1.50%, 06/08/28 | EUR | 100 | 79,976 | |||||
2.00%, 09/15/32 | EUR | 100 | 70,294 | |||||
2.00%, 02/15/33 | EUR | 100 | 68,764 | |||||
Cellnex Telecom SA 1.88%, 06/26/29 | EUR | 100 | 77,944 | |||||
Cellnex Telecom SA Reg S | ||||||||
1.75%, 10/23/30 | EUR | 100 | 73,623 | |||||
2.38%, 01/16/24 | EUR | 100 | 97,580 | |||||
Grifols SA Reg S | ||||||||
1.62%, 02/15/25 † | EUR | 150 | 135,655 | |||||
3.20%, 05/01/25 | EUR | 100 | 88,128 |
See Notes to Financial Statements
55 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Spain (continued) | ||||||||
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 | EUR | 100 | $ | 81,045 | ||||
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 | EUR | 100 | 89,199 | |||||
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 | EUR | 200 | 174,346 | |||||
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 | EUR | 125 | 118,602 | |||||
Telefonica Europe BV Reg S 3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o) | EUR | 100 | 95,569 | |||||
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) | EUR | 100 | 88,986 | |||||
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) | EUR | 100 | 94,808 | |||||
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) | EUR | 100 | 98,674 | |||||
2,160,649 | ||||||||
Sweden: 1.1% | ||||||||
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) | EUR | 100 | 55,038 | |||||
Dometic Group AB Reg S 3.00%, 05/08/26 | EUR | 100 | 85,993 | |||||
Heimstaden AB Reg S 4.38%, 03/06/27 | EUR | 100 | 71,210 | |||||
Intrum AB Reg S | ||||||||
3.00%, 09/15/27 | EUR | 100 | 75,485 | |||||
3.12%, 07/15/24 | EUR | 100 | 93,350 | |||||
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) | EUR | 100 | 34,778 | |||||
Stena AB 144A 7.00%, 02/01/24 | USD | 100 | 94,451 | |||||
Verisure Holding AB Reg S 3.25%, 02/15/27 | EUR | 100 | 84,308 | |||||
594,613 | ||||||||
Switzerland: 0.4% | ||||||||
Dufry One BV Reg S 2.50%, 10/15/24 | EUR | 125 | 118,456 | |||||
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 | EUR | 100 | 91,585 | |||||
210,041 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | USD | 40 | 33,733 |
Par (000’s | ) | Value | ||||||
Thailand: 0.3% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | USD | 200 | $ | 148,920 | ||||
Trinidad and Tobago: 0.2% | ||||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | USD | 100 | 95,293 | |||||
Turkey: 1.9% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | USD | 50 | 45,067 | |||||
6.80%, 02/06/26 † | USD | 50 | 45,491 | |||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | USD | 100 | 75,030 | |||||
KOC Holding AS 144A 6.50%, 03/11/25 | USD | 50 | 47,541 | |||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 | USD | 100 | 84,983 | |||||
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 | USD | 100 | 88,370 | |||||
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 | USD | 100 | 80,273 | |||||
Turkiye Is Bankasi AS 144A 6.12%, 04/25/24 | USD | 150 | 145,920 | |||||
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 | USD | 50 | 45,221 | |||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 | USD | 100 | 89,868 | |||||
6.50%, 01/08/26 | USD | 100 | 88,414 | |||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | USD | 100 | 70,332 | |||||
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | USD | 100 | 88,831 | |||||
995,341 | ||||||||
Ukraine: 0.2% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 | USD | 50 | 16,794 | |||||
6.75%, 10/27/27 | USD | 50 | 16,475 | |||||
Metinvest BV 144A 7.75%, 10/17/29 | USD | 100 | 41,350 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24 | EUR | 100 | 18,252 | |||||
92,871 | ||||||||
United Arab Emirates: 0.7% | ||||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) | USD | 200 | 194,289 |
See Notes to Financial Statements
56 |
Par (000’s | ) | Value | ||||||
United Arab Emirates (continued) | ||||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | USD | 100 | $ | 94,747 | ||||
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 | USD | 100 | 84,472 | |||||
373,508 | ||||||||
United Kingdom: 10.6% | ||||||||
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 | USD | 50 | 48,056 | |||||
B&M European Value Retail SA Reg S 3.62%, 07/15/25 | GBP | 100 | 99,160 | |||||
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 | EUR | 100 | 81,902 | |||||
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 | GBP | 200 | 188,236 | |||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | USD | 100 | 84,853 | |||||
British American Tobacco Plc Reg S | ||||||||
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o) | EUR | 100 | 74,407 | |||||
3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o) | EUR | 100 | 68,962 | |||||
British Telecommunications Plc Reg S | ||||||||
1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 | EUR | 100 | 84,007 | |||||
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26 | USD | 100 | 94,165 | |||||
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 | GBP | 100 | 74,262 | |||||
Co-operative Group Ltd. Reg S 5.12%, 05/17/24 | GBP | 100 | 107,456 | |||||
Deuce Finco Plc Reg S 5.50%, 06/15/27 | GBP | 100 | 88,594 | |||||
Drax Finco Plc 144A 6.62%, 11/01/25 | USD | 100 | 93,136 | |||||
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 | EUR | 100 | 71,166 | |||||
Heathrow Finance Plc Reg S 4.38%, 03/01/27 (s) | GBP | 100 | 92,943 | |||||
Iceland Bondco Plc Reg S 4.62%, 03/15/25 | GBP | 100 | 91,593 | |||||
INEOS Finance Plc Reg S 2.88%, 05/01/26 | EUR | 100 | 88,255 | |||||
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26 | EUR | 100 | 82,871 |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 | EUR | 100 | $ | 78,423 | ||||
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27 | EUR | 100 | 72,767 | |||||
Jaguar Land Rover Automotive Plc 144A | ||||||||
5.88%, 01/15/28 | USD | 100 | 74,210 | |||||
7.75%, 10/15/25 | USD | 100 | 92,480 | |||||
Jerrold Finco Plc Reg S 4.88%, 01/15/26 | GBP | 100 | 95,706 | |||||
Market Bidco Finco Plc Reg S 5.50%, 11/04/27 | GBP | 100 | 87,865 | |||||
Marks & Spencer Plc Reg S 6.00%, 06/12/25 | GBP | 100 | 107,278 | |||||
Motion Bondco DAC 144A 6.62%, 11/15/27 | USD | 100 | 83,798 | |||||
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 | USD | 100 | 97,341 | |||||
Nexi SpA Reg S 1.75%, 10/31/24 | EUR | 200 | 192,976 | |||||
NGG Finance Plc Reg S | ||||||||
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | EUR | 100 | 79,439 | |||||
5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 105,175 | |||||
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 | EUR | 100 | 79,676 | |||||
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 † | USD | 100 | 71,645 | |||||
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 | GBP | 100 | 100,860 | |||||
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 | EUR | 100 | 89,808 | |||||
Punch Finance Plc Reg S 6.12%, 06/30/26 | GBP | 100 | 100,763 | |||||
Rolls-Royce Plc Reg S | ||||||||
0.88%, 05/09/24 | EUR | 100 | 92,844 | |||||
1.62%, 05/09/28 | EUR | 100 | 74,257 | |||||
5.75%, 10/15/27 | GBP | 100 | 99,516 | |||||
Sherwood Financing Plc Reg S 4.50%, 11/15/26 | EUR | 100 | 69,827 | |||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | USD | 100 | 95,133 | |||||
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 | GBP | 100 | 104,197 | |||||
Summer BidCo BV Reg S 9.00%, 11/15/25 | EUR | 110 | 81,734 | |||||
TalkTalk Telecom Group Ltd. Reg S |
See Notes to Financial Statements
57 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
3.88%, 02/20/25 | GBP | 100 | $ | 91,676 | ||||
The Weir Group Plc 144A 2.20%, 05/13/26 | USD | 100 | 85,637 | |||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | USD | 100 | 85,339 | |||||
United Group BV Reg S 4.88%, 07/01/24 | EUR | 100 | 94,633 | |||||
UPC Holding BV 144A 5.50%, 01/15/28 | USD | 100 | 87,899 | |||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | USD | 100 | 63,268 | |||||
Victoria Plc Reg S 3.62%, 08/24/26 | EUR | 100 | 77,201 | |||||
Virgin Media Finance Plc 144A 5.00%, 07/15/30 | USD | 50 | 40,163 | |||||
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 | USD | 100 | 91,061 | |||||
Virgin Media Secured Finance Plc Reg S | ||||||||
4.25%, 01/15/30 | GBP | 100 | 92,108 | |||||
5.00%, 04/15/27 | GBP | 100 | 105,459 | |||||
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 | USD | 100 | 79,708 | |||||
Vmed O2 UK Financing I Plc Reg S | ||||||||
3.25%, 01/31/31 | EUR | 100 | 81,046 | |||||
4.00%, 01/31/29 | GBP | 100 | 94,275 | |||||
Vodafone Group Plc | ||||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 150 | 106,762 | |||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 200 | 190,446 | |||||
Vodafone Group Plc Reg S | ||||||||
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 | EUR | 125 | 120,005 | |||||
6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 191,964 | |||||
5,620,392 | ||||||||
United States: 3.5% | ||||||||
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | USD | 100 | 82,222 | |||||
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28 | USD | 100 | 87,208 | |||||
Cirsa Finance International Sarl 144A 6.25%, 12/20/23 | EUR | 127 | 126,041 | |||||
DEMIRE Deutsche Mittelstand Real Estate AG Reg S |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
1.88%, 10/15/24 | EUR | 100 | $ | 65,215 | ||||
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25 | EUR | 100 | 90,613 | |||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | USD | 100 | 51,244 | |||||
Garda World Security Corp. 144A 4.62%, 02/15/27 | USD | 75 | 66,807 | |||||
Guacolda Energia SA 144A 4.56%, 04/30/25 | USD | 100 | 31,744 | |||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 † | USD | 75 | 63,111 | |||||
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 | USD | 180 | 168,070 | |||||
Lottomatica SpA Reg S 6.25%, 07/15/25 | EUR | 100 | 94,070 | |||||
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 † | USD | 200 | 153,897 | |||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | USD | 100 | 69,660 | |||||
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 | USD | 50 | 39,930 | |||||
Q-Park Holding I BV Reg S 2.00%, 03/01/27 | EUR | 100 | 78,574 | |||||
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 † | USD | 25 | 24,714 | |||||
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26 | EUR | 100 | 78,944 | |||||
Sigma Holdco BV Reg S 5.75%, 05/15/26 | EUR | 100 | 60,587 | |||||
Stillwater Mining Co. 144A 4.00%, 11/16/26 | USD | 100 | 82,552 | |||||
Telesat Canada / Telesat LLC 144A | ||||||||
4.88%, 06/01/27 | USD | 50 | 22,059 | |||||
6.50%, 10/15/27 | USD | 50 | 17,507 | |||||
Verisure Holding AB Reg S 3.88%, 07/15/26 | EUR | 150 | 133,038 | |||||
Wynn Macau Ltd. 144A | ||||||||
5.12%, 12/15/29 | USD | 100 | 60,739 | |||||
5.50%, 01/15/26 † | USD | 100 | 69,500 | |||||
5.50%, 10/01/27 | USD | 50 | 32,354 | |||||
1,850,400 | ||||||||
Uzbekistan: 0.1% | ||||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | USD | 50 | 37,884 |
See Notes to Financial Statements
58 |
Par (000’s | ) | Value | ||||||
Zambia: 0.6% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.50%, 03/01/24 | USD | 100 | $ | 98,282 | ||||
6.88%, 03/01/26 | USD | 100 | 94,092 | |||||
6.88%, 10/15/27 | USD | 50 | 46,584 | |||||
7.50%, 04/01/25 | USD | 100 | 97,121 | |||||
336,079 | ||||||||
Total Corporate Bonds (Cost: $67,084,203) | 51,535,578 | |||||||
GOVERNMENT OBLIGATIONS: 0.2% | ||||||||
Turkey: 0.2% | ||||||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
6.12%, 05/03/24 | USD | 100 | 93,984 | |||||
8.25%, 01/24/24 | USD | 25 | 24,662 | |||||
Total Government Obligations (Cost: $121,671) | 118,646 |
Number of Shares | Value | ||||||||
COMMON STOCK: 0.0% (Cost: $5,620) | |||||||||
Canada: 0.0% | |||||||||
Secure Energy Services, Inc. (CAD) | 1,259 | $ | 6,599 | ||||||
Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $67,211,494) | 51,660,823 | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0% | |||||||||
Money Market Fund: 4.0% (Cost: $2,087,310) | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,087,310 | 2,087,310 | |||||||
Total Investments: 101.7% (Cost: $69,298,804) | 53,748,133 | ||||||||
Liabilities in excess of other assets: (1.7)% | (922,842) | ||||||||
NET ASSETS: 100.0% | $ | 52,825,291 |
Definitions:
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $2,200,550. |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
(o) | Perpetual Maturity — the date shown is the next call date |
∞ | 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. |
* | Non-income producing |
(d) | Security in default |
^ | 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 $20,706,809, or 39.2% of net assets. |
See Notes to Financial Statements
59 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
0.1 | % | $ | 56,292 | |||||
Basic Materials | 7.5 | 3,885,164 | ||||||
Consumer Cyclicals | 7.5 | 3,879,687 | ||||||
Consumer Non-Cyclicals | 4.3 | 2,204,724 | ||||||
Energy | 11.6 | 5,978,379 | ||||||
Financials | 31.1 | 16,094,530 | ||||||
Healthcare | 3.5 | 1,805,751 | ||||||
Industrials | 12.9 | 6,652,826 | ||||||
Institutions, Associations & Organizations | 0.4 | 225,154 | ||||||
Real Estate | 1.5 | 794,442 | ||||||
Technology | 12.9 | 6,645,646 | ||||||
Utilities | 6.7 | 3,438,228 | ||||||
100.0 | % | $ | 51,660,823 |
See Notes to Financial Statements
60 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds | ||||||||||||||||
Argentina | $ | — | $ | 487,530 | $ | — | $ | 487,530 | ||||||||
Australia | — | 416,401 | — | 416,401 | ||||||||||||
Austria | — | 89,482 | — | 89,482 | ||||||||||||
Belgium | — | 318,085 | — | 318,085 | ||||||||||||
Bermuda | — | 104,494 | — | 104,494 | ||||||||||||
Brazil | — | 3,694,950 | — | 3,694,950 | ||||||||||||
British Virgin Islands | — | 22,746 | — | 22,746 | ||||||||||||
Bulgaria | — | 88,035 | — | 88,035 | ||||||||||||
Burkina Faso | — | 16,787 | — | 16,787 | ||||||||||||
Canada | — | 3,907,379 | 0 | 3,907,379 | ||||||||||||
Cayman Islands | — | 255,557 | — | 255,557 | ||||||||||||
Chile | — | 207,974 | — | 207,974 | ||||||||||||
China | — | 1,210,591 | — | 1,210,591 | ||||||||||||
Colombia | — | 1,264,784 | — | 1,264,784 | ||||||||||||
Costa Rica | — | 68,059 | — | 68,059 | ||||||||||||
Cyprus | — | 131,080 | — | 131,080 | ||||||||||||
Czech Republic | — | 316,203 | — | 316,203 | ||||||||||||
Finland | — | 455,704 | — | 455,704 | ||||||||||||
France | — | 4,346,784 | — | 4,346,784 | ||||||||||||
Germany | — | 2,754,605 | — | 2,754,605 | ||||||||||||
Ghana | — | 148,973 | — | 148,973 | ||||||||||||
Greece | — | 512,569 | — | 512,569 | ||||||||||||
Guatemala | — | 88,202 | — | 88,202 | ||||||||||||
Hong Kong | — | 369,115 | — | 369,115 | ||||||||||||
Hungary | — | 89,314 | — | 89,314 | ||||||||||||
India | — | 957,882 | — | 957,882 | ||||||||||||
Indonesia | — | 381,167 | — | 381,167 | ||||||||||||
Ireland | — | 614,253 | — | 614,253 | ||||||||||||
Israel | — | 940,711 | — | 940,711 | ||||||||||||
Italy | — | 4,066,839 | — | 4,066,839 | ||||||||||||
Japan | — | 787,096 | — | 787,096 | ||||||||||||
Jersey, Channel Islands | — | 338,499 | — | 338,499 | ||||||||||||
Luxembourg | — | 2,746,695 | — | 2,746,695 | ||||||||||||
Malta | — | 41,631 | — | 41,631 | ||||||||||||
Mauritius | — | 313,717 | — | 313,717 | ||||||||||||
Mexico | — | 2,163,947 | — | 2,163,947 | ||||||||||||
Morocco | — | 228,129 | — | 228,129 | ||||||||||||
Netherlands | — | 1,845,609 | — | 1,845,609 | ||||||||||||
Nigeria | — | 78,755 | — | 78,755 | ||||||||||||
Norway | — | 181,387 | — | 181,387 | ||||||||||||
Oman | — | 306,410 | — | 306,410 | ||||||||||||
Peru | — | 343,047 | — | 343,047 | ||||||||||||
Poland | — | 154,772 | — | 154,772 | ||||||||||||
Portugal | — | 255,019 | — | 255,019 | ||||||||||||
Romania | — | 87,631 | — | 87,631 | ||||||||||||
Saudi Arabia | — | 191,638 | — | 191,638 | ||||||||||||
Singapore | — | 122,019 | — | 122,019 | ||||||||||||
South Africa | — | 386,223 | — | 386,223 | ||||||||||||
South Korea | — | 87,375 | — | 87,375 | ||||||||||||
Spain | — | 2,160,649 | — | 2,160,649 | ||||||||||||
Sweden | — | 594,613 | — | 594,613 | ||||||||||||
Switzerland | — | 210,041 | — | 210,041 | ||||||||||||
Tanzania | — | 33,733 | — | 33,733 | ||||||||||||
Thailand | — | 148,920 | — | 148,920 | ||||||||||||
Trinidad and Tobago | — | 95,293 | — | 95,293 |
See Notes to Financial Statements
61 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Turkey | $ | — | $ | 995,341 | $ | — | $ | 995,341 | ||||||||
Ukraine | — | 92,871 | — | 92,871 | ||||||||||||
United Arab Emirates | — | 373,508 | — | 373,508 | ||||||||||||
United Kingdom | — | 5,620,392 | — | 5,620,392 | ||||||||||||
United States | — | 1,850,400 | — | 1,850,400 | ||||||||||||
Uzbekistan | — | 37,884 | — | 37,884 | ||||||||||||
Zambia | — | 336,079 | — | 336,079 | ||||||||||||
Government Obligations * | — | 118,646 | — | 118,646 | ||||||||||||
Common Stock * | 6,599 | — | — | 6,599 | ||||||||||||
Money Market Fund | 2,087,310 | — | — | 2,087,310 | ||||||||||||
Total Investments | $ | 2,093,909 | $ | 51,654,224 | $ | 0 | $ | 53,748,133 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
62 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||||
CORPORATE BONDS: 4.3% | ||||||||||
Colombia: 0.0% | ||||||||||
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24 | COP | 3,596,000 | $ | 645,678 | ||||||
Mexico: 0.1% | ||||||||||
Petroleos Mexicanos Reg S 7.19%, 09/12/24 | MXN | 26,405 | 1,212,253 | |||||||
South Africa: 0.2% | ||||||||||
Eskom Holdings SOC Ltd. | ||||||||||
0.01%, 08/18/27 | ZAR | 82,205 | 2,128,401 | |||||||
7.50%, 09/15/33 | ZAR | 11,000 | 422,608 | |||||||
7.85%, 04/02/26 | ZAR | 24,350 | 1,252,633 | |||||||
Transnet SOC Ltd. | ||||||||||
9.50%, 08/19/25 | ZAR | 21,000 | 1,134,133 | |||||||
13.50%, 04/18/28 | ZAR | 4,950 | 298,616 | |||||||
5,236,391 | ||||||||||
Supranational: 3.0% | ||||||||||
European Bank for Reconstruction & Development 0.25%, 11/20/23 | PLN | 8,320 | 1,585,685 | |||||||
European Investment Bank | ||||||||||
7.75%, 01/30/25 | MXN | 25,200 | 1,201,929 | |||||||
8.12%, 12/21/26 | ZAR | 201,245 | 10,979,091 | |||||||
European Investment Bank 144A 5.75%, 01/24/25 | IDR | 51,750,000 | 3,246,423 | |||||||
European Investment Bank Reg S | ||||||||||
2.75%, 08/25/26 | PLN | 36,215 | 6,191,696 | |||||||
3.00%, 05/24/24 | PLN | 50,577 | 9,636,476 | |||||||
8.00%, 05/05/27 | ZAR | 17,510 | 939,504 | |||||||
Inter-American Development Bank | ||||||||||
7.50%, 12/05/24 | MXN | 244,925 | 11,438,635 | |||||||
7.88%, 03/14/23 | IDR | 19,170,000 | 1,232,362 | |||||||
Inter-American Development Bank Reg S 7.70%, 02/12/24 | MXN | 52,500 | 2,503,728 | |||||||
International Bank for Reconstruction & Development | ||||||||||
2.00%, 07/23/25 | PHP | 35,400 | 535,789 | |||||||
7.25%, 03/15/24 | IDR | 32,100,000 | 2,061,624 | |||||||
International Finance Corp. | ||||||||||
7.00%, 02/14/24 | BRL | 1,800 | 324,170 | |||||||
7.00%, 07/20/27 | MXN | 174,850 | 7,807,424 | |||||||
7.25%, 02/02/24 | MXN | 26,880 | 1,272,700 | |||||||
7.50%, 01/18/28 | MXN | 110,430 | 5,056,586 | |||||||
7.75%, 01/18/30 | MXN | 153,580 | 6,779,525 | |||||||
8.00%, 10/09/23 | IDR | 17,500,000 | 1,133,699 | |||||||
8.00%, 07/27/27 | ZAR | 2,970 | 158,152 |
Par (000’s | ) | Value | ||||||||
Supranational (continued) | ||||||||||
International Finance Corp. Reg S 8.38%, 05/31/29 | MXN | 115,840 | $ | 5,378,515 | ||||||
79,463,713 | ||||||||||
United Kingdom: 0.3% | ||||||||||
European Bank for Reconstruction & Development 12.50%, 02/09/23 | TRY | 8,100 | 413,029 | |||||||
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25 | MXN | 178,920 | 7,735,837 | |||||||
8,148,866 | ||||||||||
United States: 0.7% | ||||||||||
International Bank for Reconstruction & Development | ||||||||||
6.65%, 07/30/24 | MXN | 195,000 | 9,308,026 | |||||||
13.25%, 02/22/23 | TRY | 31,540 | 1,587,266 | |||||||
International Finance Corp. 5.75%, 03/02/23 | MXN | 115,610 | 5,729,267 | |||||||
16,624,559 | ||||||||||
Total Corporate Bonds (Cost: $136,290,713) | 111,331,460 | |||||||||
GOVERNMENT OBLIGATIONS: 93.1% | ||||||||||
Brazil: 9.7% | ||||||||||
Brazil Letras do Tesouro Nacional | ||||||||||
0.00%, 01/01/24 ^ | BRL | 367,460 | 60,840,129 | |||||||
0.00%, 07/01/24 ^ | BRL | 113,260 | 17,841,411 | |||||||
0.00%, 07/01/25 ^ | BRL | 165,070 | 23,497,225 | |||||||
0.00%, 01/01/26 ^ | BRL | 164,500 | 21,983,068 | |||||||
0.00%, 07/01/23 ^ | BRL | 261,500 | 45,822,628 | |||||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||||
10.00%, 01/01/25 | BRL | 146,125 | 26,923,849 | |||||||
10.00%, 01/01/27 | BRL | 154,190 | 27,852,240 | |||||||
10.00%, 01/01/29 | BRL | 98,240 | 17,335,422 | |||||||
10.00%, 01/01/31 | BRL | 52,660 | 9,095,373 | |||||||
10.00%, 01/01/33 | BRL | 17,190 | 2,978,273 | |||||||
Brazilian Government International Bond | ||||||||||
8.50%, 01/05/24 | BRL | 4,670 | 839,456 | |||||||
10.25%, 01/10/28 | BRL | 7,380 | 1,310,475 | |||||||
256,319,549 | ||||||||||
Chile: 3.4% | ||||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||||
2.50%, 03/01/25 | CLP | 22,475,000 | 21,419,610 | |||||||
4.50%, 03/01/26 | CLP | 14,565,000 | 14,352,513 | |||||||
5.00%, 03/01/35 | CLP | 16,500,000 | 15,460,593 | |||||||
6.00%, 01/01/43 | CLP | 13,585,000 | 13,809,730 | |||||||
Bonos de la Tesoreria de la Republica de Chile 144A Reg S |
See Notes to Financial Statements
63 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Chile (continued) | ||||||||||
2.30%, 10/01/28 | CLP | 3,920,000 | $ | 3,279,834 | ||||||
4.70%, 09/01/30 | CLP | 15,470,000 | 14,578,864 | |||||||
5.00%, 10/01/28 | CLP | 6,285,000 | 6,125,539 | |||||||
89,026,683 | ||||||||||
China: 10.3% | ||||||||||
Asian Infrastructure Investment Bank Reg S 4.50%, 11/03/23 | MXN | 277,750 | 13,009,430 | |||||||
China Government Bond | ||||||||||
1.99%, 04/09/25 | CNY | 86,650 | 11,815,747 | |||||||
2.18%, 08/25/25 | CNY | 29,500 | 4,041,174 | |||||||
2.24%, 05/25/25 | CNY | 3,700 | 507,734 | |||||||
2.26%, 02/24/25 | CNY | 28,960 | 3,977,741 | |||||||
2.36%, 07/02/23 | CNY | 47,860 | 6,584,438 | |||||||
2.37%, 01/20/27 | CNY | 18,410 | 2,520,079 | |||||||
2.47%, 09/02/24 | CNY | 53,000 | 7,308,314 | |||||||
2.48%, 04/15/27 | CNY | 18,120 | 2,488,205 | |||||||
2.50%, 07/25/27 | CNY | 8,720 | 1,198,638 | |||||||
2.60%, 09/01/32 | CNY | 19,440 | 2,653,544 | |||||||
2.62%, 09/25/29 | CNY | 14,400 | 1,968,867 | |||||||
2.68%, 05/21/30 | CNY | 63,520 | 8,711,507 | |||||||
2.69%, 08/12/26 | CNY | 45,650 | 6,329,207 | |||||||
2.69%, 08/15/32 | CNY | 42,800 | 5,878,183 | |||||||
2.75%, 06/15/29 | CNY | 8,730 | 1,204,641 | |||||||
2.75%, 02/17/32 | CNY | 47,160 | 6,476,916 | |||||||
2.76%, 05/15/32 | CNY | 28,320 | 3,901,666 | |||||||
2.80%, 03/24/29 | CNY | 40,870 | 5,660,265 | |||||||
2.84%, 04/08/24 | CNY | 56,420 | 7,819,034 | |||||||
2.85%, 06/04/27 | CNY | 107,800 | 15,043,104 | |||||||
2.88%, 11/05/23 | CNY | 62,040 | 8,579,611 | |||||||
2.89%, 11/18/31 | CNY | 34,580 | 4,807,074 | |||||||
2.91%, 10/14/28 | CNY | 52,370 | 7,306,299 | |||||||
2.94%, 10/17/24 | CNY | 43,320 | 6,043,784 | |||||||
3.01%, 05/13/28 | CNY | 53,360 | 7,496,602 | |||||||
3.02%, 10/22/25 | CNY | 72,820 | 10,211,109 | |||||||
3.02%, 05/27/31 | CNY | 56,270 | 7,905,408 | |||||||
3.03%, 03/11/26 | CNY | 53,490 | 7,509,458 | |||||||
3.12%, 12/05/26 | CNY | 62,420 | 8,805,346 | |||||||
3.13%, 11/21/29 | CNY | 46,240 | 6,545,355 | |||||||
3.19%, 04/11/24 | CNY | 46,780 | 6,540,201 | |||||||
3.22%, 12/06/25 | CNY | 42,740 | 6,030,680 | |||||||
3.25%, 06/06/26 | CNY | 59,590 | 8,434,011 | |||||||
3.25%, 11/22/28 | CNY | 41,240 | 5,882,393 | |||||||
3.27%, 11/19/30 | CNY | 65,890 | 9,404,723 | |||||||
3.28%, 12/03/27 | CNY | 58,120 | 8,281,300 | |||||||
3.29%, 10/18/23 | CNY | 27,470 | 3,824,032 | |||||||
3.29%, 05/23/29 | CNY | 60,330 | 8,628,431 | |||||||
3.32%, 04/15/52 | CNY | 6,280 | 896,431 | |||||||
3.53%, 10/18/51 | CNY | 15,280 | 2,255,269 | |||||||
3.72%, 04/12/51 | CNY | 37,290 | 5,658,738 | |||||||
3.81%, 09/14/50 | CNY | 71,340 | 10,999,173 | |||||||
271,143,862 | ||||||||||
Colombia: 3.9% | ||||||||||
Colombia Government International Bond 9.85%, 06/28/27 | COP | 4,334,000 | 770,796 | |||||||
Colombian TES 5.75%, 11/03/27 | COP | 51,250,000 | 7,619,469 |
Par (000’s | ) | Value | ||||||||
Colombia (continued) | ||||||||||
6.00%, 04/28/28 | COP | 78,658,100 | $ | 11,505,530 | ||||||
6.25%, 11/26/25 | COP | 49,110,000 | 8,378,517 | |||||||
6.25%, 07/09/36 | COP | 33,635,000 | 3,747,893 | |||||||
7.00%, 03/26/31 | COP | 74,931,000 | 10,299,758 | |||||||
7.00%, 06/30/32 | COP | 70,341,700 | 9,308,403 | |||||||
7.25%, 10/18/34 | COP | 69,218,500 | 8,877,439 | |||||||
7.25%, 10/26/50 | COP | 48,979,000 | 5,382,521 | |||||||
7.50%, 08/26/26 | COP | 75,288,700 | 12,779,581 | |||||||
7.75%, 09/18/30 | COP | 54,094,100 | 7,950,088 | |||||||
9.25%, 05/28/42 | COP | 41,510,000 | 5,889,857 | |||||||
10.00%, 07/24/24 | COP | 47,286,800 | 9,312,819 | |||||||
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 | COP | 12,300,000 | 2,253,732 | |||||||
104,076,403 | ||||||||||
Czech Republic: 4.7% | ||||||||||
Czech Republic Government Bond | ||||||||||
0.01%, 12/12/24 | CZK | 78,710 | 2,815,316 | |||||||
0.05%, 11/29/29 | CZK | 131,180 | 3,548,235 | |||||||
0.25%, 02/10/27 | CZK | 248,240 | 7,887,968 | |||||||
0.45%, 10/25/23 | CZK | 211,650 | 8,039,429 | |||||||
1.20%, 03/13/31 | CZK | 229,340 | 6,462,472 | |||||||
1.25%, 02/14/25 | CZK | 230,470 | 8,341,193 | |||||||
1.50%, 04/24/40 | CZK | 89,810 | 1,977,005 | |||||||
1.75%, 06/23/32 | CZK | 219,320 | 6,259,810 | |||||||
2.00%, 10/13/33 | CZK | 284,040 | 8,015,880 | |||||||
2.75%, 07/23/29 | CZK | 254,720 | 8,511,576 | |||||||
3.50%, 05/30/35 | CZK | 60,030 | 1,948,444 | |||||||
5.00%, 09/30/30 | CZK | 82,330 | 3,140,895 | |||||||
5.50%, 12/12/28 | CZK | 72,930 | 2,877,971 | |||||||
6.00%, 02/26/26 | CZK | 158,580 | 6,382,738 | |||||||
Czech Republic Government Bond Reg S | ||||||||||
0.95%, 05/15/30 | CZK | 273,430 | 7,787,599 | |||||||
1.00%, 06/26/26 | CZK | 272,370 | 9,208,346 | |||||||
2.40%, 09/17/25 | CZK | 278,430 | 10,176,893 | |||||||
2.50%, 08/25/28 | CZK | 270,190 | 9,109,556 | |||||||
4.20%, 12/04/36 | CZK | 139,470 | 4,797,156 | |||||||
5.70%, 05/25/24 | CZK | 153,150 | 6,141,618 | |||||||
123,430,100 | ||||||||||
Dominican Republic: 1.2% | ||||||||||
Dominican Republic International Bond 144A 9.75%, 06/05/26 | DOP | 1,083,600 | 19,186,035 | |||||||
Dominican Republic International Bond Reg S | ||||||||||
8.90%, 02/15/23 | DOP | 345,690 | 6,361,175 | |||||||
9.75%, 06/05/26 | DOP | 353,190 | 6,253,522 | |||||||
31,800,732 | ||||||||||
Egypt: 2.5% | ||||||||||
Egypt Government Bond | ||||||||||
13.54%, 01/14/25 | EGP | 68,196 | 2,508,873 | |||||||
14.06%, 01/12/26 | EGP | 271,850 | 9,673,983 |
See Notes to Financial Statements
64 |
Par (000’s | ) | Value | ||||||||
Egypt (continued) | ||||||||||
14.29%, 01/05/28 | EGP | 119,540 | $ | 4,052,232 | ||||||
14.35%, 09/10/24 | EGP | 177,305 | 6,739,605 | |||||||
14.37%, 10/20/25 | EGP | 268,459 | 9,722,554 | |||||||
14.40%, 09/10/29 | EGP | 77,310 | 2,582,449 | |||||||
14.48%, 04/06/26 | EGP | 202,700 | 7,249,750 | |||||||
14.53%, 09/14/24 | EGP | 209,260 | 7,987,149 | |||||||
14.56%, 07/06/26 | EGP | 88,089 | 3,147,824 | |||||||
14.56%, 10/13/27 | EGP | 157,120 | 5,412,194 | |||||||
14.66%, 10/06/30 | EGP | 91,730 | 3,057,029 | |||||||
16.10%, 05/07/29 | EGP | 82,280 | 3,162,244 | |||||||
65,295,886 | ||||||||||
Hungary: 3.7% | ||||||||||
Hungary Government Bond | ||||||||||
1.00%, 11/26/25 † | HUF | 4,063,960 | 7,134,554 | |||||||
1.50%, 08/23/23 † | HUF | 1,051,950 | 2,339,012 | |||||||
1.50%, 04/22/26 | 4,126,180 | 7,075,718 | ||||||||
1.50%, 08/26/26 † | HUF | 2,484,820 | 4,130,799 | |||||||
2.00%, 05/23/29 † | HUF | 2,928,980 | 4,289,959 | |||||||
2.25%, 04/20/33 † | HUF | 4,162,530 | 5,156,152 | |||||||
2.25%, 06/22/34 † | HUF | 1,265,950 | 1,521,000 | |||||||
2.50%, 10/24/24 | HUF | 3,377,830 | 6,674,921 | |||||||
2.75%, 12/22/26 | HUF | 2,993,270 | 5,103,891 | |||||||
3.00%, 06/26/24 | HUF | 2,485,570 | 5,110,708 | |||||||
3.00%, 10/27/27 | HUF | 3,967,400 | 6,582,074 | |||||||
3.00%, 08/21/30 | HUF | 3,757,160 | 5,647,847 | |||||||
3.00%, 10/27/38 | HUF | 2,874,220 | 3,327,209 | |||||||
3.00%, 04/25/41 | HUF | 1,575,330 | 1,720,905 | |||||||
3.25%, 10/22/31 † | HUF | 4,940,750 | 7,235,921 | |||||||
4.50%, 03/23/28 | HUF | 1,866,900 | 3,270,249 | |||||||
4.75%, 11/24/32 † | HUF | 1,767,210 | 2,851,371 | |||||||
5.50%, 06/24/25 | 3,792,710 | 7,646,049 | ||||||||
6.00%, 11/24/23 | HUF | 2,806,910 | 6,299,348 | |||||||
6.75%, 10/22/28 † | HUF | 2,072,060 | 4,084,424 | |||||||
97,202,111 | ||||||||||
Indonesia: 9.5% | ||||||||||
Indonesia Treasury Bond | ||||||||||
5.12%, 04/15/27 | IDR | 56,655,000 | 3,361,905 | |||||||
5.50%, 04/15/26 | IDR | 173,910,000 | 10,625,263 | |||||||
6.12%, 05/15/28 | IDR | 165,911,000 | 10,033,055 | |||||||
6.25%, 06/15/36 | IDR | 68,820,000 | 3,920,721 | |||||||
6.38%, 04/15/32 | IDR | 93,910,000 | 5,569,635 | |||||||
6.38%, 07/15/37 | IDR | 23,540,000 | 1,352,484 | |||||||
6.50%, 06/15/25 | IDR | 191,900,000 | 12,181,575 | |||||||
6.50%, 02/15/31 | IDR | 198,520,000 | 11,903,309 | |||||||
6.62%, 05/15/33 | IDR | 117,403,000 | 6,942,565 | |||||||
7.00%, 05/15/27 | IDR | 233,138,000 | 14,814,707 | |||||||
7.00%, 09/15/30 | IDR | 201,895,000 | 12,554,575 | |||||||
7.00%, 02/15/33 | IDR | 32,265,000 | 1,979,092 | |||||||
7.12%, 06/15/42 | IDR | 85,790,000 | 5,238,952 | |||||||
7.50%, 08/15/32 | IDR | 130,880,000 | 8,351,398 | |||||||
7.50%, 06/15/35 | IDR | 166,980,000 | 10,605,358 | |||||||
7.50%, 05/15/38 | IDR | 85,590,000 | 5,453,396 | |||||||
7.50%, 04/15/40 | IDR | 221,100,000 | 13,981,146 | |||||||
8.12%, 05/15/24 | IDR | 115,890,000 | 7,572,842 | |||||||
8.25%, 05/15/29 | IDR | 134,330,000 | 8,976,835 | |||||||
8.25%, 06/15/32 | IDR | 114,184,000 | 7,692,843 | |||||||
8.25%, 05/15/36 | IDR | 135,465,000 | 9,045,128 |
Par (000’s | ) | Value | ||||||||
Indonesia (continued) | ||||||||||
8.38%, 03/15/24 | IDR | 146,673,000 | $ | 9,599,312 | ||||||
8.38%, 09/15/26 | IDR | 192,517,000 | 12,816,775 | |||||||
8.38%, 03/15/34 | IDR | 195,514,000 | 13,254,088 | |||||||
8.38%, 04/15/39 | IDR | 76,360,000 | 5,181,807 | |||||||
8.75%, 05/15/31 | IDR | 89,877,000 | 6,203,083 | |||||||
9.00%, 03/15/29 | IDR | 126,882,000 | 8,777,574 | |||||||
9.50%, 07/15/31 | IDR | 47,101,000 | 3,399,667 | |||||||
10.50%, 08/15/30 | IDR | 29,352,000 | 2,191,643 | |||||||
11.00%, 09/15/25 | IDR | 27,392,000 | 1,936,222 | |||||||
Perusahaan Penerbit SBSN | ||||||||||
4.88%, 07/15/26 | IDR | 17,160,000 | 1,022,171 | |||||||
6.38%, 03/15/34 | IDR | 10,700,000 | 618,905 | |||||||
6.62%, 10/15/24 | IDR | 25,120,000 | 1,635,326 | |||||||
8.25%, 09/15/23 | IDR | 34,639,000 | 2,274,444 | |||||||
8.75%, 08/15/23 | IDR | 19,970,000 | 1,309,272 | |||||||
8.88%, 11/15/31 | IDR | 92,180,000 | 6,597,024 | |||||||
248,974,097 | ||||||||||
Malaysia: 7.3% | ||||||||||
Malaysia Government Bond | ||||||||||
2.63%, 04/15/31 | MYR | 31,069 | 5,690,904 | |||||||
3.48%, 06/14/24 | MYR | 39,703 | 8,403,479 | |||||||
3.50%, 05/31/27 | MYR | 25,789 | 5,315,342 | |||||||
3.58%, 07/15/32 | MYR | 12,385 | 2,459,516 | |||||||
3.73%, 06/15/28 | MYR | 35,957 | 7,369,515 | |||||||
3.76%, 05/22/40 | MYR | 39,205 | 7,166,886 | |||||||
3.80%, 08/17/23 | MYR | 15,428 | 3,288,566 | |||||||
3.83%, 07/05/34 | MYR | 27,990 | 5,475,068 | |||||||
3.88%, 03/14/25 | MYR | 17,034 | 3,609,293 | |||||||
3.88%, 08/15/29 | MYR | 31,789 | 6,518,145 | |||||||
3.90%, 11/30/26 | MYR | 37,076 | 7,815,286 | |||||||
3.90%, 11/16/27 | MYR | 24,859 | 5,186,510 | |||||||
3.91%, 07/15/26 | MYR | 17,375 | 3,667,022 | |||||||
3.96%, 09/15/25 | MYR | 29,801 | 6,314,746 | |||||||
4.06%, 09/30/24 | MYR | 16,842 | 3,607,221 | |||||||
4.07%, 06/15/50 | MYR | 41,204 | 7,548,311 | |||||||
4.18%, 07/15/24 | MYR | 11,220 | 2,408,877 | |||||||
4.25%, 05/31/35 | MYR | 23,711 | 4,813,493 | |||||||
4.50%, 04/30/29 | MYR | 9,080 | 1,944,644 | |||||||
4.70%, 10/15/42 | MYR | 11,020 | 2,296,906 | |||||||
4.76%, 04/07/37 | MYR | 37,019 | 7,920,950 | |||||||
Malaysia Government Investment Issue | ||||||||||
3.42%, 09/30/27 | MYR | 40,818 | 8,345,275 | |||||||
3.45%, 07/15/36 | MYR | 34,139 | 6,267,378 | |||||||
3.46%, 10/15/30 | MYR | 42,150 | 8,381,203 | |||||||
3.65%, 10/15/24 | MYR | 32,515 | 6,881,509 | |||||||
3.73%, 03/31/26 | MYR | 35,146 | 7,375,133 | |||||||
3.99%, 10/15/25 | MYR | 17,045 | 3,621,138 | |||||||
4.09%, 11/30/23 | MYR | 11,254 | 2,404,158 | |||||||
4.13%, 08/15/25 | MYR | 50,967 | 10,881,888 | |||||||
4.13%, 07/09/29 | MYR | 25,615 | 5,358,229 | |||||||
4.19%, 10/07/32 | MYR | 22,715 | 4,705,995 | |||||||
4.26%, 07/26/27 | MYR | 17,616 | 3,743,591 | |||||||
4.37%, 10/31/28 | MYR | 38,654 | 8,213,173 | |||||||
4.42%, 09/30/41 | MYR | 30,652 | 6,043,007 | |||||||
191,042,357 |
See Notes to Financial Statements
65 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Mexico: 5.3% | ||||||||||
Mexican Bonos | ||||||||||
5.00%, 03/06/25 | MXN | 129,879 | $ | 5,838,248 | ||||||
5.50%, 03/04/27 | MXN | 120,787 | 5,156,626 | |||||||
5.75%, 03/05/26 | MXN | 420,145 | 18,673,497 | |||||||
7.50%, 06/03/27 | MXN | 263,938 | 12,175,455 | |||||||
7.75%, 05/29/31 | MXN | 482,484 | 21,420,643 | |||||||
7.75%, 11/23/34 | MXN | 121,007 | 5,193,020 | |||||||
7.75%, 11/13/42 | MXN | 341,630 | 13,894,881 | |||||||
8.00%, 12/07/23 | MXN | 16,816 | 824,317 | |||||||
8.00%, 09/05/24 | MXN | 45,846 | 2,221,889 | |||||||
8.00%, 11/07/47 | MXN | 369,596 | 15,264,483 | |||||||
8.00%, 07/31/53 | MXN | 64,893 | 2,661,556 | |||||||
8.50%, 05/31/29 | MXN | 226,873 | 10,707,727 | |||||||
8.50%, 11/18/38 | MXN | 311,534 | 13,842,298 | |||||||
10.00%, 12/05/24 | MXN | 108,583 | 5,447,449 | |||||||
10.00%, 11/20/36 | MXN | 104,373 | 5,289,073 | |||||||
138,611,162 | ||||||||||
Peru: 3.5% | ||||||||||
Peru Government Bond | ||||||||||
5.35%, 08/12/40 | PEN | 30,159 | 5,364,428 | |||||||
5.40%, 08/12/34 | PEN | 41,156 | 7,980,317 | |||||||
5.70%, 08/12/24 | PEN | 23,703 | 5,804,156 | |||||||
5.94%, 02/12/29 | PEN | 59,330 | 13,361,359 | |||||||
6.15%, 08/12/32 | PEN | 55,770 | 11,930,137 | |||||||
6.35%, 08/12/28 | PEN | 55,378 | 12,922,219 | |||||||
6.90%, 08/12/37 | PEN | 53,164 | 11,463,015 | |||||||
6.95%, 08/12/31 | PEN | 53,700 | 12,394,568 | |||||||
8.20%, 08/12/26 | PEN | 44,045 | 11,410,692 | |||||||
92,630,891 | ||||||||||
Philippines: 1.2% | ||||||||||
Philippine Government International Bond 6.25%, 01/14/36 | PHP | 2,018,500 | 31,670,738 | |||||||
Poland: 4.7% | ||||||||||
Republic of Poland Government Bond | ||||||||||
0.25%, 10/25/26 | PLN | 65,188 | 10,010,426 | |||||||
0.75%, 04/25/25 | PLN | 56,672 | 9,856,000 | |||||||
1.25%, 10/25/30 | PLN | 65,694 | 8,308,559 | |||||||
1.75%, 04/25/32 | PLN | 53,343 | 6,477,049 | |||||||
2.25%, 10/25/24 | PLN | 68,434 | 12,786,223 | |||||||
2.50%, 04/25/24 | PLN | 10,048 | 1,943,580 | |||||||
2.50%, 07/25/26 | PLN | 53,635 | 9,117,337 | |||||||
2.50%, 07/25/27 | PLN | 61,136 | 9,891,748 | |||||||
2.75%, 04/25/28 | PLN | 67,686 | 10,885,851 | |||||||
2.75%, 10/25/29 | PLN | 90,576 | 13,573,159 | |||||||
3.25%, 07/25/25 † | PLN | 71,337 | 13,045,595 | |||||||
3.75%, 05/25/27 | PLN | 48,425 | 8,346,128 | |||||||
4.00%, 10/25/23 | PLN | 42,070 | 8,528,007 | |||||||
122,769,662 | ||||||||||
Romania: 3.9% | ||||||||||
Romania Government Bond | ||||||||||
2.50%, 10/25/27 | RON | 25,595 | 3,833,265 | |||||||
3.25%, 04/29/24 | RON | 33,000 | 6,152,616 | |||||||
3.25%, 06/24/26 | RON | 32,925 | 5,477,695 | |||||||
3.65%, 07/28/25 † | RON | 34,015 | 5,999,557 | |||||||
3.65%, 09/24/31 | RON | 36,835 | 5,053,956 |
Par (000’s | ) | Value | ||||||||
Romania (continued) | ||||||||||
3.70%, 11/25/24 | RON | 31,570 | $ | 5,755,845 | ||||||
4.00%, 10/25/23 † | RON | 31,235 | 6,043,807 | |||||||
4.15%, 01/26/28 | RON | 32,595 | 5,239,503 | |||||||
4.15%, 10/24/30 | RON | 34,670 | 5,085,950 | |||||||
4.25%, 06/28/23 | RON | 27,885 | 5,465,729 | |||||||
4.40%, 09/25/23 | RON | 31,740 | 6,185,539 | |||||||
4.50%, 06/17/24 † | RON | 34,660 | 6,538,327 | |||||||
4.75%, 02/24/25 | RON | 32,305 | 5,938,541 | |||||||
4.75%, 10/11/34 | RON | 27,665 | 3,804,080 | |||||||
4.85%, 04/22/26 | RON | 30,100 | 5,327,184 | |||||||
4.85%, 07/25/29 | RON | 20,865 | 3,303,837 | |||||||
5.00%, 02/12/29 | RON | 36,580 | 5,929,483 | |||||||
5.80%, 07/26/27 | RON | 37,930 | 6,688,376 | |||||||
6.70%, 02/25/32 | RON | 26,205 | 4,520,298 | |||||||
102,343,588 | ||||||||||
Serbia: 1.2% | ||||||||||
Serbia Treasury Bonds | ||||||||||
4.50%, 01/11/26 | RSD | 1,492,540 | 11,726,745 | |||||||
4.50%, 08/20/32 | RSD | 1,445,190 | 9,374,150 | |||||||
5.88%, 02/08/28 | RSD | 1,326,910 | 10,424,557 | |||||||
31,525,452 | ||||||||||
South Africa: 6.1% | ||||||||||
Republic of South Africa Government Bond | ||||||||||
6.25%, 03/31/36 | ZAR | 161,242 | 5,566,589 | |||||||
6.50%, 02/28/41 | ZAR | 146,388 | 4,830,737 | |||||||
7.00%, 02/28/31 | ZAR | 247,695 | 10,450,296 | |||||||
8.00%, 01/31/30 | ZAR | 520,680 | 24,330,512 | |||||||
8.25%, 03/31/32 | ZAR | 413,956 | 18,564,122 | |||||||
8.50%, 01/31/37 | ZAR | 392,412 | 16,442,750 | |||||||
8.75%, 01/31/44 | ZAR | 337,112 | 13,925,662 | |||||||
8.75%, 02/28/48 | ZAR | 552,579 | 22,724,078 | |||||||
8.88%, 02/28/35 | ZAR | 362,519 | 16,095,646 | |||||||
9.00%, 01/31/40 † | ZAR | 290,426 | 12,449,872 | |||||||
10.50%, 12/21/26 | ZAR | 279,837 | 15,980,504 | |||||||
161,360,768 | ||||||||||
Thailand: 6.9% | ||||||||||
Thailand Government Bond | ||||||||||
0.75%, 06/17/24 | THB | 390,056 | 10,090,925 | |||||||
0.75%, 09/17/24 | THB | 387,933 | 10,006,250 | |||||||
0.95%, 06/17/25 | THB | 367,953 | 9,404,531 | |||||||
1.00%, 06/17/27 | THB | 474,101 | 11,573,575 | |||||||
1.45%, 12/17/24 | THB | 373,201 | 9,713,938 | |||||||
1.58%, 12/17/35 | THB | 323,442 | 6,719,436 | |||||||
1.60%, 12/17/29 | THB | 321,369 | 7,720,033 | |||||||
1.60%, 06/17/35 | THB | 164,319 | 3,439,798 | |||||||
2.00%, 12/17/31 | THB | 299,099 | 7,162,365 | |||||||
2.00%, 06/17/42 | THB | 234,403 | 4,543,185 | |||||||
2.12%, 12/17/26 | THB | 373,414 | 9,648,562 | |||||||
2.40%, 12/17/23 | THB | 292,336 | 7,761,621 | |||||||
2.65%, 06/17/28 | THB | 50,215 | 1,309,158 | |||||||
2.88%, 12/17/28 | THB | 340,775 | 8,964,025 | |||||||
2.88%, 06/17/46 | THB | 272,996 | 5,778,393 | |||||||
3.30%, 06/17/38 | THB | 388,860 | 9,584,030 | |||||||
3.40%, 06/17/36 | THB | 292,283 | 7,470,906 | |||||||
3.62%, 06/16/23 | THB | 262,086 | 6,979,614 | |||||||
3.65%, 06/20/31 | THB | 305,008 | 8,332,482 |
See Notes to Financial Statements
66 |
Par (000’s | ) | Value | ||||||||
Thailand (continued) | ||||||||||
3.77%, 06/25/32 | THB | 555,631 | $ | 15,276,547 | ||||||
3.85%, 12/12/25 | THB | 314,396 | 8,700,578 | |||||||
4.88%, 06/22/29 | THB | 358,187 | 10,470,928 | |||||||
180,650,880 | ||||||||||
Turkey: 2.9% | ||||||||||
Turkey Government Bond | ||||||||||
8.00%, 03/12/25 | TRY | 96,073 | 4,632,476 | |||||||
9.00%, 07/24/24 | TRY | 130,708 | 6,594,104 | |||||||
10.40%, 03/20/24 | TRY | 50,286 | 2,578,783 | |||||||
10.50%, 08/11/27 | TRY | 130,582 | 7,201,949 | |||||||
10.60%, 02/11/26 | TRY | 167,230 | 8,400,649 | |||||||
11.00%, 02/24/27 | TRY | 108,229 | 5,931,305 | |||||||
11.70%, 11/13/30 | TRY | 247,307 | 14,988,988 | |||||||
12.40%, 03/08/28 | TRY | 65,867 | 3,937,241 | |||||||
12.60%, 10/01/25 | TRY | 283,376 | 15,324,291 | |||||||
16.20%, 06/14/23 | TRY | 118,722 | 6,485,614 | |||||||
76,075,400 | ||||||||||
Uruguay: 1.2% | ||||||||||
Uruguay Government International Bond 8.25%, 05/21/31 | UYU | 939,258 | 19,256,418 | |||||||
Uruguay Government International Bond 144A |
Par (000’s | ) | Value | ||||||||
Uruguay (continued) | ||||||||||
8.50%, 03/15/28 | UYU | 12,615 | $ | 275,573 | ||||||
Uruguay Government International Bond Reg S 8.50%, 03/15/28 | UYU | 565,706 | 12,357,775 | |||||||
31,889,766 | ||||||||||
Total Government Obligations (Cost: $3,116,724,630) | 2,447,840,087 | |||||||||
Total Investments Before Collateral for Securities Loaned: 97.4% (Cost: $3,253,015,343) | 2,559,171,547 | |||||||||
Number of Shares | ||||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3% | ||||||||||
Money Market Fund: 2.3% (Cost: $61,741,643) | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 61,741,643 | 61,741,643 | ||||||||
Total Investments: 99.7% (Cost: $3,314,756,986) | 2,620,913,190 | |||||||||
Other assets less liabilities: 0.3% | 8,408,873 | |||||||||
NET ASSETS: 100.0% | $ | 2,629,322,063 |
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 $56,277,142. |
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. |
See Notes to Financial Statements
67 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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 $46,692,268, or 1.8% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||
Energy | 0.0 | % | $ | 1,212,253 | |||
Financials | 4.2 | 106,490,871 | |||||
Government Activity | 95.6 | 2,445,586,355 | |||||
Industrials | 0.0 | 1,432,748 | |||||
Utilities | 0.2 | 4,449,320 | |||||
100.0 | % | $ | 2,559,171,547 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||
Corporate Bonds * | $ | — | $ | 111,331,460 | $ | — | $ | 111,331,460 | |||||||
Government Obligations * | — | 2,447,840,087 | — | 2,447,840,087 | |||||||||||
Money Market Fund | 61,741,643 | — | — | 61,741,643 | |||||||||||
Total Investments | $ | 61,741,643 | $ | 2,559,171,547 | $ | — | $ | 2,620,913,190 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
68 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 97.6% | ||||||||
Brazil: 1.2% | ||||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 | $ | 25 | $ | 20,602 | ||||
6.88%, 11/21/36 | 75 | 73,013 | ||||||
93,615 | ||||||||
Canada: 4.6% | ||||||||
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 | 40 | 35,841 | ||||||
Bank of Nova Scotia 4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 | 50 | 41,146 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 25 | 24,087 | ||||||
Canadian Pacific Railway Co. | ||||||||
1.75%, 12/02/26 | 75 | 65,254 | ||||||
6.12%, 09/15/15 | 25 | 22,703 | ||||||
CI Financial Corp. 3.20%, 12/17/30 | 25 | 18,112 | ||||||
Enbridge, Inc. 3.12%, 11/15/29 | 75 | 63,920 | ||||||
Fairfax Financial Holdings Ltd. 144A 5.62%, 08/16/32 | 25 | 22,671 | ||||||
Fortis, Inc. 3.06%, 10/04/26 | 50 | 45,107 | ||||||
Spectra Energy Partners LP 4.75%, 03/15/24 | 25 | 24,776 | ||||||
363,617 | ||||||||
China: 0.4% | ||||||||
Meituan 144A 3.05%, 10/28/30 | 50 | 29,245 | ||||||
Denmark: 1.2% | ||||||||
Danske Bank A/S 144A 3.77% (US Treasury Yield Curve Rate T 1 Year+1.45%), 03/28/25 | 50 | 47,681 | ||||||
4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28 | 50 | 44,085 | ||||||
91,766 | ||||||||
France: 8.1% | ||||||||
BNP Paribas SA 144A 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | 85 | 59,130 | ||||||
4.38%, 09/28/25 | 50 | 46,535 | ||||||
Credit Agricole SA 144A 4.38%, 03/17/25 | 100 | 93,899 | ||||||
Danone SA 144A 2.59%, 11/02/23 | 50 | 48,599 | ||||||
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | 50 | 40,982 | ||||||
2.62%, 01/22/25 | 50 | 45,882 |
Par (000’s | ) | Value | ||||||
France (continued) | ||||||||
3.00%, 01/22/30 | $ | 50 | $ | 38,124 | ||||
3.62%, 03/01/41 | 50 | 28,367 | ||||||
4.25%, 04/14/25 | 50 | 46,363 | ||||||
4.75%, 09/14/28 | 100 | 88,877 | ||||||
5.00%, 01/17/24 | 100 | 97,315 | ||||||
634,073 | ||||||||
Guernsey: 1.0% | ||||||||
Credit Suisse Group AG | ||||||||
4.55%, 04/17/26 | 50 | 43,897 | ||||||
4.88%, 05/15/45 | 50 | 33,399 | ||||||
77,296 | ||||||||
Italy: 1.9% | ||||||||
Enel Finance International NV 144A | ||||||||
3.62%, 05/25/27 | 125 | 108,792 | ||||||
6.00%, 10/07/39 | 50 | 40,812 | ||||||
149,604 | ||||||||
Mexico: 0.3% | ||||||||
America Movil SAB de CV 144A 5.38%, 04/04/32 | 25 | 21,218 | ||||||
Netherlands: 3.5% | ||||||||
ABN AMRO Bank NV 144A 3.32% (US Treasury Yield Curve Rate T 5 Year+1.90%), 03/13/37 | 50 | 34,390 | ||||||
Deutsche Telekom International Finance BV 8.75%, 06/15/30 | 75 | 85,918 | ||||||
Enel Finance International NV 144A 5.00%, 06/15/32 | 50 | 41,867 | ||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 33,632 | ||||||
3.68%, 01/21/30 | 50 | 36,842 | ||||||
4.99%, 01/19/52 | 75 | 46,679 | ||||||
279,328 | ||||||||
Norway: 0.3% | ||||||||
Yara International ASA 144A 4.75%, 06/01/28 | 25 | 22,533 | ||||||
Switzerland: 2.4% | ||||||||
Credit Suisse Group AG 144A 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | 50 | 34,349 | ||||||
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 125 | 96,657 | ||||||
4.28%, 01/09/28 | 75 | 61,587 | ||||||
192,593 | ||||||||
United Kingdom: 5.8% | ||||||||
Barclays Plc 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 175 | 128,285 |
See Notes to Financial Statements
69 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | $ | 50 | $ | 30,330 | ||||
3.81% (US Treasury Yield Curve Rate T 1 Year+1.70%), 03/10/42 | 50 | 29,627 | ||||||
4.84%, 05/09/28 | 50 | 42,419 | ||||||
5.20%, 05/12/26 | 100 | 91,752 | ||||||
5.25%, 08/17/45 | 50 | 39,480 | ||||||
Ferguson Finance Plc 144A 4.50%, 10/24/28 | 25 | 22,866 | ||||||
Standard Chartered Plc 144A 3.27% (US Treasury Yield Curve Rate T 5 Year+2.30%), 02/18/36 | 50 | 34,905 | ||||||
5.30%, 01/09/43 | 50 | 37,766 | ||||||
457,430 | ||||||||
United States: 66.9% | ||||||||
7-Eleven, Inc. 144A 0.80%, 02/10/24 | 50 | 47,166 | ||||||
Altria Group, Inc. | ||||||||
2.45%, 02/04/32 | 50 | 35,588 | ||||||
3.88%, 09/16/46 | 35 | 21,550 | ||||||
4.00%, 02/04/61 | 50 | 30,020 | ||||||
4.25%, 08/09/42 | 100 | 68,216 | ||||||
4.80%, 02/14/29 | 125 | 115,197 | ||||||
5.80%, 02/14/39 | 25 | 21,406 | ||||||
5.95%, 02/14/49 | 35 | 28,654 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 20,716 | ||||||
3.25%, 07/15/25 | 25 | 22,569 | ||||||
3.88%, 01/15/26 | 50 | 44,862 | ||||||
AT&T, Inc. | ||||||||
0.90%, 03/25/24 | 50 | 47,227 | ||||||
3.85%, 06/01/60 | 75 | 49,640 | ||||||
BAT Capital Corp. 2.79%, 09/06/24 | 50 | 47,296 | ||||||
Bayer US Finance II LLC 144A 3.88%, 12/15/23 | 50 | 49,043 | ||||||
Bayer US Finance LLC 144A 3.38%, 10/08/24 | 50 | 48,091 | ||||||
Becton Dickinson and Co. 3.36%, 06/06/24 | 75 | 72,826 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 | 50 | 43,372 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 | 25 | 23,545 | ||||||
Brighthouse Financial, Inc. 4.70%, 06/22/47 | 25 | 17,398 | ||||||
Broadcom, Inc. 144A | ||||||||
3.19%, 11/15/36 | 50 | 34,176 | ||||||
4.93%, 05/15/37 | 75 | 61,963 | ||||||
Capital One Financial Corp. 5.25% (United States Secured Overnight Financing Rate+2.60%), 07/26/30 | 25 | 22,930 | ||||||
Carrier Global Corp. |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
2.72%, 02/15/30 | $ | 50 | $ | 41,153 | ||||
3.58%, 04/05/50 | 100 | 67,240 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
4.50%, 02/01/24 | 25 | 24,630 | ||||||
4.91%, 07/23/25 | 125 | 121,431 | ||||||
5.05%, 03/30/29 | 125 | 115,019 | ||||||
5.12%, 07/01/49 | 20 | 14,786 | ||||||
5.38%, 05/01/47 | 75 | 57,835 | ||||||
6.48%, 10/23/45 | 75 | 66,562 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 25 | 21,795 | ||||||
7.00%, 06/30/24 | 50 | 50,619 | ||||||
Conagra Brands, Inc. 4.85%, 11/01/28 | 50 | 47,349 | ||||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 | 25 | 19,734 | ||||||
Daimler Trucks Finance North America LLC 144A 1.12%, 12/14/23 | 25 | 23,830 | ||||||
Deutsche Bank AG 2.13% (United States Secured Overnight Financing Rate+1.87%), 11/24/26 | 150 | 126,212 | ||||||
3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 | 50 | 37,260 | ||||||
3.96% (United States Secured Overnight Financing Rate+2.58%), 11/26/25 | 100 | 92,353 | ||||||
Duke Energy Corp. 2.55%, 06/15/31 | 25 | 19,615 | ||||||
Enterprise Products Operating LLC 3.90%, 02/15/24 | 25 | 24,526 | ||||||
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52 | 50 | 29,086 | ||||||
Fresenius Medical Care US Finance III, Inc. 144A 2.38%, 02/16/31 | 50 | 34,890 | ||||||
GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26 | 50 | 47,791 | ||||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | 25 | 22,087 | ||||||
5.12%, 06/15/39 | 50 | 41,503 | ||||||
5.25%, 06/15/26 | 50 | 48,499 | ||||||
5.25%, 06/15/49 | 50 | 40,604 | ||||||
5.50%, 06/15/47 | 50 | 41,874 | ||||||
Keurig Dr Pepper, Inc. | ||||||||
0.75%, 03/15/24 | 50 | 47,120 | ||||||
4.05%, 04/15/32 | 50 | 43,834 |
See Notes to Financial Statements
70 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 | $ | 25 | $ | 21,169 | ||||
Kraft Heinz Foods Co. | ||||||||
3.00%, 06/01/26 | 50 | 46,184 | ||||||
5.00%, 06/04/42 | 25 | 21,671 | ||||||
5.20%, 07/15/45 | 50 | 43,795 | ||||||
6.88%, 01/26/39 | 25 | 25,786 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 40 | 41,901 | ||||||
L3Harris Technologies, Inc. 4.40%, 06/15/28 | 25 | 23,395 | ||||||
Lowe’s Cos, Inc. | ||||||||
3.38%, 09/15/25 | 25 | 23,761 | ||||||
4.45%, 04/01/62 | 25 | 18,217 | ||||||
McDonald’s Corp. | ||||||||
2.62%, 09/01/29 | 35 | 30,025 | ||||||
4.45%, 03/01/47 | 50 | 40,832 | ||||||
4.88%, 12/09/45 | 100 | 86,712 | ||||||
6.30%, 03/01/38 | 50 | 51,517 | ||||||
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 | 25 | 24,064 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 22,845 | ||||||
2.75%, 04/13/30 | 25 | 20,821 | ||||||
3.00%, 03/17/32 | 50 | 41,000 | ||||||
Netflix, Inc. | ||||||||
4.38%, 11/15/26 | 25 | 23,863 | ||||||
5.88%, 02/15/25 | 25 | 25,180 | ||||||
5.88%, 11/15/28 | 100 | 99,500 | ||||||
Northrop Grumman Corp. 2.93%, 01/15/25 | 25 | 23,846 | ||||||
Oracle Corp. | ||||||||
2.88%, 03/25/31 | 75 | 59,179 | ||||||
3.60%, 04/01/40 | 75 | 50,869 | ||||||
3.80%, 11/15/37 | 50 | 36,424 | ||||||
3.95%, 03/25/51 | 50 | 32,807 | ||||||
4.00%, 07/15/46 | 50 | 33,500 | ||||||
4.10%, 03/25/61 | 50 | 31,150 | ||||||
5.38%, 07/15/40 | 75 | 62,618 | ||||||
6.50%, 04/15/38 | 75 | 72,340 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 | 50 | 42,644 | ||||||
Pacific Gas and Electric Co. | ||||||||
2.50%, 02/01/31 | 100 | 74,832 | ||||||
3.25%, 02/16/24 | 25 | 24,170 | ||||||
Republic Services, Inc. 2.50%, 08/15/24 | 50 | 47,622 | ||||||
Reynolds American, Inc. 5.85%, 08/15/45 | 75 | 59,026 | ||||||
Roper Technologies, Inc. 1.75%, 02/15/31 | 25 | 18,393 | ||||||
Sempra Energy 4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52 | 25 | 18,859 | ||||||
Sherwin-Williams Co. |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.45%, 06/01/27 | $ | 50 | $ | 45,970 | ||||
4.50%, 06/01/47 | 25 | 19,827 | ||||||
Southern Co. 3.75% (US Treasury Yield Curve Rate T 5 Year+2.92%), 09/15/51 | 50 | 39,755 | ||||||
Synchrony Financial 3.95%, 12/01/27 | 50 | 43,038 | ||||||
Sysco Corp. 6.60%, 04/01/50 | 50 | 51,315 | ||||||
Time Warner Cable Enterprises LLC 8.38%, 07/15/33 | 50 | 52,937 | ||||||
Time Warner Cable LLC | ||||||||
6.55%, 05/01/37 | 25 | 22,339 | ||||||
7.30%, 07/01/38 | 100 | 93,529 | ||||||
T-Mobile USA, Inc. | ||||||||
3.38%, 04/15/29 | 75 | 65,033 | ||||||
3.50%, 04/15/25 | 150 | 143,182 | ||||||
3.75%, 04/15/27 | 155 | 143,078 | ||||||
3.88%, 04/15/30 | 60 | 53,127 | ||||||
Tyson Foods, Inc. 4.00%, 03/01/26 | 50 | 47,861 | ||||||
Verizon Communications, Inc. | ||||||||
0.85%, 11/20/25 | 25 | 21,976 | ||||||
1.45%, 03/20/26 † | 75 | 66,092 | ||||||
2.62%, 08/15/26 | 25 | 22,757 | ||||||
3.38%, 02/15/25 | 50 | 48,290 | ||||||
3.50%, 11/01/24 | 50 | 48,529 | ||||||
4.02%, 12/03/29 | 50 | 45,109 | ||||||
4.12%, 03/16/27 | 100 | 95,177 | ||||||
4.33%, 09/21/28 | 50 | 46,922 | ||||||
VICI Properties LP | ||||||||
5.12%, 05/15/32 | 75 | 66,623 | ||||||
5.62%, 05/15/52 | 25 | 20,506 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.75%, 02/15/27 | 50 | 43,920 | ||||||
4.25%, 12/01/26 | 50 | 45,607 | ||||||
4.62%, 12/01/29 | 50 | 43,594 | ||||||
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 | 50 | 46,557 | ||||||
5,245,855 | ||||||||
Total Corporate Bonds (Cost: $9,090,928) | 7,658,173 | |||||||
Total Investments: 97.6% (Cost: $9,090,928) | 7,658,173 | |||||||
Other assets less liabilities: 2.4% | 190,857 | |||||||
NET ASSETS: 100.0% | $ | 7,849,030 |
See Notes to Financial Statements
71 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $62,567. |
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 $2,030,015, or 25.9% of net assets. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Basic Materials | 3.3 | % | $ | 248,861 | ||||
Consumer Cyclicals | 10.3 | 790,060 | ||||||
Consumer Non-Cyclicals | 12.8 | 976,340 | ||||||
Energy | 2.5 | 194,320 | ||||||
Financials | 28.9 | 2,212,380 | ||||||
Healthcare | 5.2 | 399,418 | ||||||
Industrials | 6.3 | 482,109 | ||||||
Real Estate | 3.5 | 268,040 | ||||||
Technology | 24.3 | 1,864,307 | ||||||
Utilities | 2.9 | 222,338 | ||||||
100.0 | % | $ | 7,658,173 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 7,658,173 | $ | — | $ | 7,658,173 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
72 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 97.9% | ||||||||
Brazil: 0.8% | ||||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 | $ | 25 | $ | 20,602 | ||||
6.88%, 11/21/36 | 75 | 73,013 | ||||||
93,615 | ||||||||
Canada: 7.1% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 25 | 22,401 | ||||||
3.80%, 01/25/50 | 25 | 16,337 | ||||||
Bank of Nova Scotia | ||||||||
0.70%, 04/15/24 | 50 | 46,685 | ||||||
1.30%, 06/11/25 | 50 | 44,910 | ||||||
3.40%, 02/11/24 | 50 | 48,932 | ||||||
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 | 25 | 20,573 | ||||||
Brookfield Finance, Inc. | ||||||||
4.35%, 04/15/30 | 100 | 88,289 | ||||||
4.70%, 09/20/47 | 25 | 18,651 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
3.10%, 04/02/24 | 100 | 96,941 | ||||||
3.45%, 04/07/27 | 25 | 22,840 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 25 | 24,087 | ||||||
Canadian Pacific Railway Co. 6.12%, 09/15/15 | 75 | 68,110 | ||||||
CI Financial Corp. 4.10%, 06/15/51 | 50 | 28,187 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | 100 | 85,226 | ||||||
5.50%, 12/01/46 | 25 | 22,486 | ||||||
Fortis, Inc. 3.06%, 10/04/26 | 50 | 45,107 | ||||||
Suncor Energy, Inc. 6.80%, 05/15/38 | 75 | 75,011 | ||||||
Toronto-Dominion Bank | ||||||||
1.15%, 06/12/25 | 25 | 22,408 | ||||||
3.25%, 03/11/24 | 50 | 48,628 | ||||||
845,809 | ||||||||
China: 0.2% | ||||||||
Meituan 144A 3.05%, 10/28/30 | 50 | 29,245 | ||||||
Denmark: 1.5% | ||||||||
Danske Bank A/S 144A 1.23%, 06/22/24 | 50 | 46,066 | ||||||
1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26 | 100 | 85,050 | ||||||
4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28 | 50 | 44,085 | ||||||
175,201 | ||||||||
France: 6.9% | ||||||||
BNP Paribas SA 144A |
Par (000’s | ) | Value | ||||||
France (continued) | ||||||||
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | $ | 50 | $ | 34,783 | ||||
2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32 | 50 | 37,043 | ||||||
3.80%, 01/10/24 | 50 | 48,710 | ||||||
4.38%, 05/12/26 | 75 | 68,811 | ||||||
4.38% (USD Swap Semi 30/360 5 Year+1.48%), 03/01/33 | 100 | 84,747 | ||||||
4.40%, 08/14/28 | 100 | 88,628 | ||||||
Credit Agricole SA 144A | ||||||||
2.81%, 01/11/41 | 50 | 28,458 | ||||||
3.25%, 01/14/30 | 75 | 57,476 | ||||||
4.38%, 03/17/25 | 50 | 46,950 | ||||||
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | 100 | 81,965 | ||||||
3.00%, 01/22/30 | 100 | 76,248 | ||||||
4.25%, 04/14/25 | 150 | 139,087 | ||||||
5.00%, 01/17/24 | 50 | 48,657 | ||||||
841,563 | ||||||||
Germany: 0.8% | ||||||||
Deutsche Bank AG 3.70%, 05/30/24 | 50 | 48,313 | ||||||
E.ON International Finance BV 144A 6.65%, 04/30/38 | 50 | 46,975 | ||||||
95,288 | ||||||||
Guernsey: 1.2% | ||||||||
Credit Suisse Group AG | ||||||||
3.75%, 03/26/25 | 100 | 89,656 | ||||||
4.88%, 05/15/45 | 75 | 50,099 | ||||||
139,755 | ||||||||
India: 0.4% | ||||||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 | 50 | 48,101 | ||||||
Italy: 1.4% | ||||||||
Enel Finance International NV 144A | ||||||||
3.50%, 04/06/28 | 50 | 41,615 | ||||||
3.62%, 05/25/27 | 50 | 43,517 | ||||||
6.00%, 10/07/39 | 25 | 20,406 | ||||||
6.80%, 09/15/37 | 50 | 46,009 | ||||||
151,547 | ||||||||
Japan: 0.8% | ||||||||
Nomura Holdings, Inc. 2.65%, 01/16/25 | 50 | 46,827 | ||||||
NTT Finance Corp. 144A 0.58%, 03/01/24 | 50 | 47,041 | ||||||
93,868 | ||||||||
Mexico: 0.4% | ||||||||
America Movil SAB de CV 144A |
See Notes to Financial Statements
73 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
Mexico (continued) | ||||||||
5.38%, 04/04/32 | $ | 50 | $ | 42,435 | ||||
Netherlands: 1.3% | ||||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 33,632 | ||||||
3.68%, 01/21/30 | 50 | 36,842 | ||||||
4.03%, 08/03/50 | 50 | 26,864 | ||||||
4.99%, 01/19/52 | 100 | 62,239 | ||||||
159,577 | ||||||||
Panama: 0.3% | ||||||||
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30 | 50 | 39,473 | ||||||
Saudi Arabia: 3.0% | ||||||||
Saudi Arabian Oil Co. 144A | ||||||||
3.25%, 11/24/50 | 75 | 47,273 | ||||||
3.50%, 04/16/29 | 125 | 111,308 | ||||||
4.25%, 04/16/39 | 150 | 123,568 | ||||||
4.38%, 04/16/49 | 100 | 78,125 | ||||||
360,274 | ||||||||
Switzerland: 4.2% | ||||||||
Credit Suisse Group AG 144A 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | 50 | 34,349 | ||||||
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 150 | 115,988 | ||||||
UBS Group AG 144A 1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27 | 50 | 41,845 | ||||||
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 | 50 | 30,718 | ||||||
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27 | 100 | 93,005 | ||||||
4.75% (US Treasury Yield Curve Rate T 1 Year+1.75%), 05/12/28 | 50 | 45,856 | ||||||
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33 | 150 | 130,136 | ||||||
491,897 | ||||||||
Taiwan: 0.8% | ||||||||
TSMC Global Ltd. 144A | ||||||||
0.75%, 09/28/25 | 50 | 43,643 | ||||||
1.25%, 04/23/26 | 50 | 43,399 | ||||||
87,042 | ||||||||
United Kingdom: 8.6% | ||||||||
Barclays Plc | ||||||||
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 150 | 109,959 | ||||||
5.20%, 05/12/26 | 200 | 183,502 | ||||||
5.25%, 08/17/45 | 75 | 59,220 |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
Credit Agricole SA 144A 1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26 | $ | 50 | $ | 44,312 | ||||
4.12%, 01/10/27 † | 100 | 91,253 | ||||||
HSBC Holdings Plc 5.40% (United States Secured Overnight Financing Rate+2.87%), 08/11/33 | 50 | 43,420 | ||||||
Lloyds Banking Group Plc 4.55%, 08/16/28 | 75 | 66,989 | ||||||
Reckitt Benckiser Treasury Services Plc 144A 2.75%, 06/26/24 | 50 | 47,966 | ||||||
Sky Ltd. 144A 3.75%, 09/16/24 | 50 | 48,615 | ||||||
Standard Chartered Plc 144A 1.82% (US Treasury Yield Curve Rate T 1 Year+0.95%), 11/23/25 | 75 | 67,085 | ||||||
4.64% (US Treasury Yield Curve Rate T 1 | ||||||||
Year+3.85%), 04/01/31 | 75 | 63,529 | ||||||
5.20%, 01/26/24 | 100 | 98,105 | ||||||
5.30%, 01/09/43 | 125 | 94,415 | ||||||
1,018,370 | ||||||||
United States: 58.2% | ||||||||
7-Eleven, Inc. 144A 0.80%, 02/10/24 | 50 | 47,166 | ||||||
Altria Group, Inc. | ||||||||
2.45%, 02/04/32 | 75 | 53,383 | ||||||
3.40%, 02/04/41 | 25 | 15,331 | ||||||
4.25%, 08/09/42 | 100 | 68,216 | ||||||
4.80%, 02/14/29 | 100 | 92,158 | ||||||
5.38%, 01/31/44 | 25 | 20,042 | ||||||
5.80%, 02/14/39 | 50 | 42,813 | ||||||
5.95%, 02/14/49 | 60 | 49,122 | ||||||
Apple, Inc. | ||||||||
2.50%, 02/09/25 | 25 | 23,860 | ||||||
3.20%, 05/11/27 | 100 | 93,724 | ||||||
3.25%, 02/23/26 | 100 | 95,430 | ||||||
3.35%, 02/09/27 | 75 | 71,198 | ||||||
4.10%, 08/08/62 | 50 | 38,937 | ||||||
4.65%, 02/23/46 | 50 | 45,259 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 20,716 | ||||||
2.88%, 06/15/28 | 25 | 19,543 | ||||||
4.20%, 06/10/24 | 100 | 96,243 | ||||||
Astrazeneca Finance LLC 0.70%, 05/28/24 | 50 | 46,754 | ||||||
AT&T, Inc. | ||||||||
3.65%, 09/15/59 | 150 | 94,929 | ||||||
3.85%, 06/01/60 | 75 | 49,640 | ||||||
Bank of America Corp. |
See Notes to Financial Statements
74 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
2.55% (United States Secured Overnight Financing Rate+1.05%), 02/04/28 | $ | 50 | $ | 43,296 | ||||
4.38% (United States Secured Overnight Financing Rate+1.58%), 04/27/28 | 75 | 69,801 | ||||||
4.95% (United States Secured Overnight Financing Rate+2.04%), 07/22/28 | 50 | 47,732 | ||||||
Bayer US Finance II LLC 144A 3.88%, 12/15/23 | 70 | 68,660 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 | 25 | 15,020 | ||||||
3.70%, 07/15/30 | 50 | 44,919 | ||||||
4.25%, 10/15/50 | 50 | 38,701 | ||||||
5.15%, 11/15/43 | 25 | 22,165 | ||||||
6.12%, 04/01/36 | 100 | 101,514 | ||||||
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 | 110 | 88,768 | ||||||
Berkshire Hathaway, Inc. | ||||||||
3.12%, 03/15/26 | 125 | 118,549 | ||||||
4.50%, 02/11/43 | 50 | 42,878 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 | 25 | 21,686 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 | 50 | 47,090 | ||||||
Broadcom, Inc. 144A 4.93%, 05/15/37 | 50 | 41,309 | ||||||
Capital One Financial Corp. 5.25% (United States Secured Overnight Financing Rate+2.60%), 07/26/30 | 50 | 45,860 | ||||||
Carrier Global Corp. 2.70%, 02/15/31 | 75 | 60,017 | ||||||
CDW LLC / CDW Finance Corp. 3.57%, 12/01/31 | 25 | 19,683 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
4.91%, 07/23/25 | 100 | 97,144 | ||||||
5.05%, 03/30/29 | 100 | 92,015 | ||||||
5.38%, 04/01/38 | 75 | 60,392 | ||||||
5.38%, 05/01/47 | 25 | 19,278 | ||||||
6.48%, 10/23/45 | 100 | 88,749 | ||||||
Chevron Corp. 1.55%, 05/11/25 | 75 | 69,231 | ||||||
Cisco Systems, Inc. 3.62%, 03/04/24 | 25 | 24,631 | ||||||
Comcast Corp. 3.70%, 04/15/24 | 50 | 49,091 | ||||||
Conagra Brands, Inc. |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
4.30%, 05/01/24 | $ | 50 | $ | 49,231 | ||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 | 25 | 19,734 | ||||||
Credit Suisse Group AG 0.49%, 02/02/24 | 50 | 45,757 | ||||||
Deutsche Bank AG | ||||||||
0.90%, 05/28/24 | 50 | 45,907 | ||||||
0.96%, 11/08/23 | 50 | 47,566 | ||||||
1.69%, 03/19/26 | 50 | 42,934 | ||||||
2.13% (United States Secured Overnight Financing Rate+1.87%), 11/24/26 | 100 | 84,141 | ||||||
3.04% (United States Secured Overnight Financing Rate+1.72%), 05/28/32 | 50 | 35,221 | ||||||
3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 | 50 | 37,260 | ||||||
DH Europe Finance II Sarl 2.60%, 11/15/29 | 50 | 42,539 | ||||||
DuPont de Nemours, Inc. 5.32%, 11/15/38 | 50 | 45,410 | ||||||
EMD Finance LLC 144A 3.25%, 03/19/25 | 50 | 47,675 | ||||||
Exxon Mobil Corp. 2.99%, 03/19/25 | 75 | 71,798 | ||||||
Fresenius Medical Care US Finance III, Inc. 144A 1.88%, 12/01/26 | 25 | 20,542 | ||||||
FS KKR Capital Corp. 3.40%, 01/15/26 | 25 | 22,027 | ||||||
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 | 75 | 72,406 | ||||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | 25 | 22,087 | ||||||
5.00%, 03/15/24 | 75 | 74,375 | ||||||
5.25%, 04/15/25 | 75 | 73,754 | ||||||
5.25%, 06/15/26 | 25 | 24,249 | ||||||
5.50%, 06/15/47 | 125 | 104,686 | ||||||
Home Depot, Inc. 5.95%, 04/01/41 | 50 | 50,894 | ||||||
Keurig Dr Pepper, Inc. 3.95%, 04/15/29 | 50 | 45,401 | ||||||
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 | 75 | 74,671 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 50 | 52,376 | ||||||
Marsh & McLennan Cos., Inc. 3.88%, 03/15/24 | 25 | 24,561 | ||||||
McDonald’s Corp. | ||||||||
3.60%, 07/01/30 | 25 | 22,437 | ||||||
3.80%, 04/01/28 | 75 | 70,021 | ||||||
4.70%, 12/09/35 | 50 | 45,617 |
See Notes to Financial Statements
75 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
4.88%, 12/09/45 | $ | 50 | $ | 43,356 | ||||
6.30%, 10/15/37 | 50 | 51,504 | ||||||
Merck & Co., Inc. 2.90%, 03/07/24 | 25 | 24,373 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 22,845 | ||||||
2.63%, 03/17/27 | 50 | 44,536 | ||||||
2.75%, 04/13/30 | 25 | 20,821 | ||||||
Nestle Holdings, Inc. 144A 3.50%, 09/24/25 | 75 | 72,276 | ||||||
Netflix, Inc. | ||||||||
4.88%, 04/15/28 | 75 | 71,290 | ||||||
5.88%, 11/15/28 | 50 | 49,750 | ||||||
Novartis Capital Corp. 3.40%, 05/06/24 | 50 | 49,049 | ||||||
Oracle Corp. | ||||||||
2.95%, 04/01/30 | 50 | 40,770 | ||||||
3.85%, 07/15/36 | 75 | 56,240 | ||||||
4.12%, 05/15/45 | 100 | 68,819 | ||||||
4.30%, 07/08/34 | 50 | 41,206 | ||||||
5.38%, 07/15/40 | 125 | 104,364 | ||||||
6.50%, 04/15/38 | 50 | 48,226 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 | 50 | 42,644 | ||||||
PepsiCo, Inc. | ||||||||
2.75%, 04/30/25 | 100 | 95,168 | ||||||
2.75%, 03/19/30 | 25 | 21,620 | ||||||
2.85%, 02/24/26 | 25 | 23,537 | ||||||
Philip Morris International, Inc. | ||||||||
2.88%, 05/01/24 | 50 | 48,240 | ||||||
3.38%, 08/15/29 | 75 | 64,213 | ||||||
4.38%, 11/15/41 | 65 | 47,089 | ||||||
6.38%, 05/16/38 | 50 | 46,671 | ||||||
Republic Services, Inc. 2.50%, 08/15/24 | 50 | 47,622 | ||||||
Roche Holdings, Inc. 144A 2.62%, 05/15/26 | 50 | 46,213 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 | 50 | 45,970 | ||||||
Synchrony Financial 3.95%, 12/01/27 | 25 | 21,519 | ||||||
Sysco Corp. 6.60%, 04/01/50 | 25 | 25,658 | ||||||
Thermo Fisher Scientific, Inc. 1.22%, 10/18/24 | 50 | 46,510 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 | 25 | 17,112 | ||||||
5.88%, 11/15/40 | 25 | 20,322 | ||||||
6.55%, 05/01/37 | 100 | 89,356 | ||||||
6.75%, 06/15/39 | 75 | 66,499 | ||||||
T-Mobile USA, Inc. | ||||||||
1.50%, 02/15/26 | 25 | 21,940 | ||||||
3.50%, 04/15/25 | 50 | 47,728 | ||||||
3.75%, 04/15/27 | 150 | 138,462 | ||||||
3.88%, 04/15/30 | 150 | 132,816 | ||||||
Tyson Foods, Inc. 4.00%, 03/01/26 | 25 | 23,931 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Unilever Capital Corp. 2.60%, 05/05/24 | $ | 25 | $ | 24,159 | ||||
Verizon Communications, Inc. | ||||||||
3.38%, 02/15/25 | 50 | 48,290 | ||||||
4.02%, 12/03/29 | 150 | 135,326 | ||||||
4.12%, 03/16/27 | 125 | 118,971 | ||||||
4.33%, 09/21/28 | 50 | 46,922 | ||||||
VICI Properties LP | ||||||||
4.75%, 02/15/28 | 50 | 45,625 | ||||||
5.12%, 05/15/32 | 50 | 44,415 | ||||||
5.62%, 05/15/52 | 25 | 20,506 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.50%, 02/15/25 | 50 | 46,553 | ||||||
4.25%, 12/01/26 | 75 | 68,411 | ||||||
5.62%, 05/01/24 | 50 | 49,416 | ||||||
Walmart, Inc. | ||||||||
2.85%, 07/08/24 | 25 | 24,291 | ||||||
3.30%, 04/22/24 | 50 | 49,004 | ||||||
Walt Disney Co. | ||||||||
1.75%, 01/13/26 | 100 | 90,527 | ||||||
6.20%, 12/15/34 | 25 | 26,119 | ||||||
6.65%, 11/15/37 | 25 | 27,114 | ||||||
Westinghouse Air Brake Technologies Corp. | ||||||||
3.45%, 11/15/26 | 50 | 45,021 | ||||||
4.95%, 09/15/28 | 25 | 23,279 | ||||||
6,862,134 | ||||||||
Total Corporate Bonds (Cost: $13,791,495) | 11,575,194 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0% | ||||||||
Money Market Fund: 0.0% (Cost: $121) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 121 | 121 | ||||||
Total Investments: 97.9% (Cost: $13,791,616) | 11,575,315 | |||||||
Other assets less liabilities: 2.1% | 249,289 | |||||||
NET ASSETS: 100.0% | $ | 11,824,604 |
See Notes to Financial Statements
76 |
Definitions:
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $86,691. |
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 $3,741,810, or 31.6% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 2.2 | % | $ | 253,770 | ||||
Consumer Cyclicals | 8.9 | 1,027,071 | ||||||
Consumer Non-Cyclicals | 14.2 | 1,637,879 | ||||||
Energy | 7.5 | 869,625 | ||||||
Financials | 36.2 | 4,190,843 | ||||||
Healthcare | 5.2 | 602,714 | ||||||
Industrials | 2.7 | 310,518 | ||||||
Real Estate | 3.0 | 347,331 | ||||||
Technology | 19.0 | 2,203,888 | ||||||
Utilities | 1.1 | 131,555 | ||||||
100.0 | % | $ | 11,575,194 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 11,575,194 | $ | — | $ | 11,575,194 | ||||||||
Money Market Fund | 121 | — | — | 121 | ||||||||||||
Total Investments | $ | 121 | $ | 11,575,194 | $ | — | $ | 11,575,315 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
77 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Real Estate Investment Trusts: 99.8% | ||||||||
AGNC Investment Corp. | 1,296,382 | $ | 10,656,260 | |||||
Annaly Capital Management, Inc. † | 1,091,388 | 20,245,247 | ||||||
Apollo Commercial Real Estate Finance, Inc. † | 540,442 | 6,085,377 | ||||||
Arbor Realty Trust, Inc. † | 566,635 | 7,802,564 | ||||||
Ares Commercial Real Estate Corp. † | 299,195 | 3,692,066 | ||||||
ARMOUR Residential REIT, Inc. † | 483,939 | 2,574,556 | ||||||
Blackstone Mortgage Trust, Inc. † | 422,349 | 10,541,831 | ||||||
BrightSpire Capital, Inc. † | 205,920 | 1,581,466 | ||||||
Broadmark Realty Capital, Inc. † | 644,303 | 3,749,844 | ||||||
Chimera Investment Corp. | 1,038,331 | 7,008,734 | ||||||
Dynex Capital, Inc. † | 242,201 | 2,891,880 | ||||||
Ellington Financial, Inc. † | 258,836 | 3,463,226 | ||||||
Franklin BSP Realty Trust, Inc. | 386,435 | 5,444,869 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 236,140 | 6,418,285 | ||||||
Invesco Mortgage Capital, Inc. † | 138,661 | 1,623,720 | ||||||
KKR Real Estate Finance Trust, Inc. † | 219,253 | 3,819,387 | ||||||
Ladder Capital Corp. | 592,530 | 6,322,295 |
Number of Shares | Value | |||||||
Real Estate Investment Trusts (continued) | ||||||||
MFA Financial, Inc. | 397,294 | $ | 3,957,048 | |||||
New York Mortgage Trust, Inc. † | 1,541,287 | 4,146,062 | ||||||
Orchid Island Capital, Inc. † | 181,357 | 1,826,265 | ||||||
PennyMac Mortgage Investment Trust † | 342,791 | 4,754,511 | ||||||
Ready Capital Corp. † | 519,408 | 6,295,225 | ||||||
Redwood Trust, Inc. † | 448,838 | 3,200,215 | ||||||
Rithm Capital Corp. | 1,088,083 | 9,172,540 | ||||||
Starwood Property Trust, Inc. † | 794,607 | 16,416,581 | ||||||
Two Harbors Investment Corp. † | 1,466,588 | 5,221,053 | ||||||
Total Common Stocks (Cost: $220,852,533) | 158,911,107 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.3% | ||||||||
Money Market Fund: 7.3% (Cost: $11,667,086) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 11,667,086 | 11,667,086 | ||||||
Total Investments: 107.1% (Cost: $232,519,619) | 170,578,193 | |||||||
Liabilities in excess of other assets: (7.1)% | (11,265,716) | |||||||
NET ASSETS: 100.0% | $ | 159,312,477 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $43,721,875. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 100.0 | % | $ | 158,911,107 |
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks * | $ | 158,911,107 | $ | — | $ | — | $ | 158,911,107 | ||||||||
Money Market Fund | 11,667,086 | — | — | 11,667,086 | ||||||||||||
Total Investments | $ | 170,578,193 | $ | — | $ | — | $ | 170,578,193 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
78 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2022 (unaudited)
Number of Shares | Value | |||||||
PREFERRED SECURITIES: 99.4% | ||||||||
Basic Materials: 2.2% | ||||||||
ArcelorMittal SA 5.50%, 05/18/23 | 374,101 | $ | 19,962,029 | |||||
Consumer Cyclicals: 7.5% | ||||||||
Aptiv Plc 5.50%, 06/15/23 | 176,898 | 18,906,858 | ||||||
Ford Motor Co. | ||||||||
6.00%, 12/01/59 † | 492,238 | 10,878,460 | ||||||
6.20%, 06/01/59 † | 461,473 | 10,540,043 | ||||||
6.50%, 08/15/62 † | 369,178 | 8,417,259 | ||||||
Paramount Global 5.75%, 04/01/24 † | 153,824 | 4,468,587 | ||||||
Qurate Retail, Inc. 8.00%, 03/15/31 | 194,865 | 9,396,390 | ||||||
QVC, Inc. 6.25%, 11/26/68 † | 307,772 | 4,804,321 | ||||||
67,411,918 | ||||||||
Consumer Non-Cyclicals: 4.2% | ||||||||
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 | 153,824 | 2,448,878 | ||||||
CHS, Inc. 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 | 303,034 | 7,403,120 | ||||||
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 258,425 | 6,473,546 | ||||||
7.50%, 01/21/25 | 318,416 | 8,176,923 | ||||||
7.88%, 09/26/23 † | 330,107 | 8,470,546 | ||||||
8.00%, 07/18/23 † | 188,773 | 5,117,636 | ||||||
38,090,649 | ||||||||
Energy: 5.0% | ||||||||
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 † | 369,178 | 8,767,977 | ||||||
Energy Transfer LP 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † | 276,884 | 6,202,202 | ||||||
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 † | 492,238 | 11,336,241 | ||||||
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 273,807 | 6,259,228 | ||||||
NGL Energy Partners LP 11.65% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 | 193,572 | 1,972,499 | ||||||
NuStar Energy LP 7.67% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 † | 236,889 | 5,031,522 | ||||||
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 | 247,657 | 6,169,136 | ||||||
45,738,805 | ||||||||
Healthcare: 4.8% | ||||||||
Becton Dickinson and Co. 6.00%, 06/01/23 | 461,473 | 22,492,194 | ||||||
Boston Scientific Corp. 5.50%, 06/01/23 | 154,778 | 17,031,771 | ||||||
Elanco Animal Health, Inc. |
Number of Shares | Value | |||||||
Healthcare (continued) | ||||||||
5.00%, 02/01/23 | 169,207 | $ | 3,516,122 | |||||
43,040,087 | ||||||||
Industrials: 6.4% | ||||||||
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 † | 184,589 | 3,221,078 | ||||||
Clarivate Plc 5.25%, 06/01/24 | 221,122 | 10,107,487 | ||||||
Crestwood Equity Partners LP 9.25% | 1,096,152 | 10,117,483 | ||||||
GFL Environmental, Inc. 6.00%, 03/15/23 | 179,944 | 10,976,584 | ||||||
RBC Bearings, Inc. 5.00%, 10/15/24 † | 70,759 | 8,655,241 | ||||||
Stanley Black & Decker, Inc. 5.25%, 11/15/22 † | 115,368 | 5,816,854 | ||||||
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 | 332,445 | 8,976,015 | ||||||
57,870,742 | ||||||||
Real Estate: 1.1% | ||||||||
Brookfield Property Preferred LP 6.25%, 07/26/81 † | 412,926 | 6,449,904 | ||||||
DigitalBridge Group, Inc. 7.12%, 09/22/22 | 193,819 | 3,605,034 | ||||||
10,054,938 | ||||||||
Real Estate Investment Trusts: 17.6% | ||||||||
AGNC Investment Corp. 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 † | 353,796 | 6,580,606 | ||||||
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 247,657 | 4,854,077 | ||||||
9.19% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 199,972 | 4,719,339 | ||||||
Annaly Capital Management, Inc. 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 † | 261,501 | 5,345,080 | ||||||
6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 272,269 | 5,668,641 | ||||||
6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 443,014 | 10,672,207 | ||||||
Arbor Realty Trust, Inc. 6.25% (United States Secured Overnight Financing Rate+5.44%), 10/12/26 † | 171,545 | 3,207,892 | ||||||
Chimera Investment Corp. 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | 159,977 | 2,719,609 | ||||||
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 † | 199,972 | 3,719,479 | ||||||
Digital Realty Trust, Inc. 5.20%, 10/10/24 | 212,277 | 4,101,192 | ||||||
DigitalBridge Group, Inc. 7.15%, 06/05/22 | 212,277 | 4,035,386 | ||||||
Diversified Healthcare Trust |
See Notes to Financial Statements
79 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares | Value | |||||||
Real Estate Investment Trusts (continued) | ||||||||
5.62%, 08/01/42 † | 215,354 | $ | 2,628,396 | |||||
6.25%, 02/01/46 | 153,824 | 1,962,794 | ||||||
Franklin BSP Realty Trust, Inc. 7.50% † | 158,870 | 2,703,967 | ||||||
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 † | 261,501 | 3,323,678 | ||||||
Kimco Realty Corp. 5.25%, 12/20/22 † | 162,746 | 3,196,331 | ||||||
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 | 201,694 | 3,580,069 | ||||||
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 † | 169,207 | 3,008,500 | ||||||
Pebblebrook Hotel Trust 5.70%, 07/27/26 | 153,824 | 2,544,249 | ||||||
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 | 153,824 | 2,616,546 | ||||||
PS Business Parks, Inc. 4.88%, 11/04/24 | 199,972 | 2,519,647 | ||||||
Public Storage | ||||||||
3.88%, 10/06/25 † | 173,821 | 2,706,393 | ||||||
4.00%, 11/19/26 † | 639,170 | 10,354,833 | ||||||
4.10%, 01/13/27 † | 153,824 | 2,530,405 | ||||||
4.62%, 06/17/25 | 347,643 | 6,466,160 | ||||||
4.70%, 11/15/24 † | 159,239 | 3,004,840 | ||||||
4.88%, 09/12/24 † | 194,557 | 3,826,936 | ||||||
5.05%, 08/09/22 † | 184,589 | 3,817,301 | ||||||
5.15%, 06/02/22 † | 172,283 | 3,623,111 | ||||||
5.60%, 03/11/24 † | 175,360 | 4,003,469 | ||||||
Rithm Capital Corp. 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 | 247,657 | 3,992,231 | ||||||
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 † | 286,113 | 5,021,283 | ||||||
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 173,821 | 3,031,438 | ||||||
RLJ Lodging Trust 1.95% | 198,126 | 4,469,723 | ||||||
Two Harbors Investment Corp. 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 † | 181,513 | 3,307,167 | ||||||
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 | 176,898 | 3,159,398 | ||||||
Vornado Realty Trust | ||||||||
4.45%, 09/22/26 † | 184,589 | 2,532,561 | ||||||
5.25%, 12/13/22 † | 381,176 | 6,012,299 | ||||||
5.40% † | 184,589 | 3,042,027 | ||||||
158,609,260 | ||||||||
Technology: 12.9% | ||||||||
AT&T, Inc. | ||||||||
4.75%, 02/18/25 † | 1,076,770 | 18,649,656 | ||||||
5.00%, 12/12/24 † | 738,357 | 13,873,728 | ||||||
5.35%, 11/01/66 † | 813,730 | 17,478,920 | ||||||
5.62%, 08/01/67 † | 507,620 | 11,355,459 |
Number of Shares | Value | |||||||
Technology (continued) | ||||||||
Pitney Bowes, Inc. 6.70%, 03/07/43 † | 261,501 | $ | 4,252,006 | |||||
Qwest Corp. | ||||||||
6.50%, 09/01/56 † | 601,453 | 10,314,919 | ||||||
6.75%, 06/15/57 † | 406,096 | 7,309,728 | ||||||
Sabre Corp. 6.50%, 09/01/23 † | 50,608 | 4,032,446 | ||||||
Telephone and Data Systems, Inc. | ||||||||
6.00%, 09/30/26 | 424,555 | 7,514,624 | ||||||
6.62%, 03/31/26 | 258,425 | 5,191,758 | ||||||
United States Cellular Corp. | ||||||||
5.50%, 03/01/70 † | 307,649 | 5,251,569 | ||||||
5.50%, 06/01/70 | 307,649 | 5,260,798 | ||||||
6.25%, 09/01/69 † | 307,649 | 5,986,850 | ||||||
116,472,461 | ||||||||
Utilities: 37.7% | ||||||||
AES Corp. 6.88%, 02/15/24 | 160,439 | 15,804,846 | ||||||
Algonquin Power & Utilities Corp. 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 | 215,354 | 4,882,075 | ||||||
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 | 176,898 | 3,971,360 | ||||||
7.75%, 06/15/24 | 353,796 | 13,323,957 | ||||||
American Electric Power Co., Inc. 6.12%, 08/15/23 † | 261,501 | 13,001,830 | ||||||
Brookfield BRP Holdings Canada, Inc. | ||||||||
4.62%, 04/30/26 | 215,354 | 3,137,708 | ||||||
4.88%, 12/09/26 | 159,977 | 2,380,458 | ||||||
CMS Energy Corp. | ||||||||
5.88%, 10/15/78 † | 172,283 | 3,750,601 | ||||||
5.88%, 03/01/79 | 387,637 | 8,446,610 | ||||||
DTE Energy Co. | ||||||||
4.38%, 12/01/81 | 172,283 | 2,959,822 | ||||||
5.25%, 12/01/77 † | 246,119 | 5,286,636 | ||||||
Duke Energy Corp. | ||||||||
5.62%, 09/15/78 † | 307,649 | 7,288,205 | ||||||
5.75%, 06/15/24 | 615,297 | 14,539,468 | ||||||
Entergy Arkansas LLC 4.88%, 09/01/66 † | 252,272 | 5,267,439 | ||||||
Entergy Louisiana LLC 4.88%, 09/01/66 † | 166,130 | 3,588,408 | ||||||
Entergy Mississippi LLC 4.90%, 10/01/66 † | 159,977 | 3,357,917 | ||||||
Georgia Power Co. 5.00%, 10/01/77 † | 166,130 | 3,643,231 | ||||||
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 † | 423,017 | 10,190,480 | ||||||
NextEra Energy, Inc. | ||||||||
5.28%, 03/01/23 | 769,121 | 38,025,342 | ||||||
6.22%, 09/01/23 | 615,297 | 29,688,080 | ||||||
6.93%, 09/01/25 * | 615,297 | 28,611,310 |
See Notes to Financial Statements
80 |
Number of Shares | Value | |||||||
Utilities (continued) | ||||||||
NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 | 307,649 | $ | 7,602,007 | |||||
7.75%, 03/01/24 † | 132,673 | 13,528,666 | ||||||
PG&E Corp. 5.50%, 08/16/23 | 246,119 | 33,009,480 | ||||||
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 | 169,207 | 3,272,463 | ||||||
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † | 199,972 | 3,587,498 | ||||||
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 | 184,589 | 3,540,417 | ||||||
SCE Trust VI 5.00%, 06/26/22 | 292,266 | 5,012,362 | ||||||
Sempra Energy 5.75%, 07/01/79 † | 466,088 | 10,123,431 | ||||||
South Jersey Industries, Inc. 8.75%, 04/01/24 | 103,062 | 7,111,278 | ||||||
Southern Co. 4.20%, 10/15/60 † | 461,473 | 8,237,293 |
Number of Shares | Value | |||||||
Utilities (continued) | ||||||||
4.95%, 01/30/80 † | 615,297 | $ | 11,764,479 | |||||
5.25%, 12/01/77 † | 276,884 | 5,917,011 | ||||||
Spire, Inc. 5.90%, 08/15/24 † | 153,824 | 3,522,570 | ||||||
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 | 157,516 | 3,403,921 | ||||||
340,778,659 | ||||||||
Total Preferred Securities (Cost: $1,055,690,115) | 898,029,548 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8% | ||||||||
Money Market Fund: 3.8% (Cost: $34,003,512) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 34,003,512 | 34,003,512 | ||||||
Total Investments: 103.2% (Cost: $1,089,693,627) | 932,033,060 | |||||||
Liabilities in excess of other assets: (3.2)% | (29,266,504) | |||||||
NET ASSETS: 100.0% | $ | 902,766,556 |
Definitions:
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $46,857,399. |
* | Non-income producing |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 2.2 | % | $ | 19,962,029 | ||||
Consumer Cyclicals | 7.5 | 67,411,918 | ||||||
Consumer Non-Cyclicals | 4.2 | 38,090,649 | ||||||
Energy | 5.1 | 45,738,805 | ||||||
Healthcare | 4.8 | 43,040,087 | ||||||
Industrials | 6.4 | 57,870,742 | ||||||
Real Estate | 18.8 | 168,664,198 | ||||||
Technology | 13.0 | 116,472,461 | ||||||
Utilities | 38.0 | 340,778,659 | ||||||
100.0 | % | $ | 898,029,548 |
See Notes to Financial Statements
81 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Preferred Securities * | $ | 898,029,548 | $ | — | $ | — | $ | 898,029,548 | ||||||||
Money Market Fund | 34,003,512 | — | — | 34,003,512 | ||||||||||||
Total Investments | $ | 932,033,060 | $ | — | $ | — | $ | 932,033,060 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
82 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 511,640,585 | $ | 75,511,035 | $ | 365,992,248 | $ | 2,838,267,021 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 100,626,266 | — | 14,202,551 | 114,938,185 | ||||||||||||
Cash | 1,982 | 478,791 | 6,769,121 | 11,762,861 | ||||||||||||
Cash denominated in foreign currency, at value (4) | — | 3,282,269 | (a) | — | — | |||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 3,442,407 | 7,796,874 | 40,377,536 | ||||||||||||
Shares of beneficial interest sold | 4,418,088 | — | — | 12,001,372 | ||||||||||||
Dividends and interest | 2,700,416 | 1,415,393 | 7,522,636 | 46,035,762 | ||||||||||||
Prepaid expenses | — | 2,530 | — | — | ||||||||||||
Total assets | 619,387,337 | 84,132,425 | 402,283,430 | 3,063,382,737 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 4,418,522 | — | 6,554,047 | 52,537,838 | ||||||||||||
Shares of beneficial interest redeemed | — | 2,165,442 | — | — | ||||||||||||
Collateral for securities loaned | 100,626,266 | — | 14,202,551 | 114,938,185 | ||||||||||||
Line of credit | 3,592,971 | — | — | — | ||||||||||||
Due to Adviser | 161,053 | 30,560 | 131,433 | 861,235 | ||||||||||||
Deferred Trustee fees | 9,396 | 956 | 40,196 | 67,963 | ||||||||||||
Accrued expenses | 14,306 | 66,200 | 3 | 167 | ||||||||||||
Total liabilities | 108,822,514 | 2,263,158 | 20,928,230 | 168,405,388 | ||||||||||||
NET ASSETS | $ | 510,564,823 | $ | 81,869,267 | $ | 381,355,200 | $ | 2,894,977,349 | ||||||||
Shares outstanding | 34,675,000 | 3,800,000 | 23,000,000 | 108,650,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 14.72 | $ | 21.54 | $ | 16.58 | $ | 26.64 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 637,200,853 | $ | 94,298,351 | $ | 789,662,184 | $ | 3,739,021,459 | ||||||||
Total distributable earnings (loss) | (126,636,030 | ) | (12,429,084 | ) | (408,306,984 | ) | (844,044,110 | ) | ||||||||
NET ASSETS | $ | 510,564,823 | $ | 81,869,267 | $ | 381,355,200 | $ | 2,894,977,349 | ||||||||
(1) Value of securities on loan | $ | 119,855,718 | $ | — | $ | 14,635,653 | $ | 117,144,100 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 551,515,253 | $ | 84,551,143 | $ | 480,296,199 | $ | 3,434,071,564 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 100,626,266 | $ | — | $ | 14,202,551 | $ | 114,938,185 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | — | $ | 3,491,333 | $ | — | $ | — |
(a) | Includes $64,871 on foreign investor minimum settlement reserve funds (see Note 2G). |
See Notes to Financial Statements
83 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
Green Bond ETF | IG Floating Rate ETF | International High Yield Bond ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 77,262,858 | $ | 1,109,964,240 | $ | 51,660,823 | $ | 2,559,171,547 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 1,947,090 | 9,619,357 | 2,087,310 | 61,741,643 | ||||||||||||
Cash | 369,176 | 22,558,516 | 240,767 | 23,233 | ||||||||||||
Cash denominated in foreign currency, at value (4) | 12 | — | 77,795 | 1,412,356 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 2,212,447 | 54,974,790 | 1,219,229 | 61,846,681 | ||||||||||||
Dividends and interest | 632,872 | 6,221,511 | 892,598 | 56,140,604 | ||||||||||||
Prepaid expenses | — | — | — | 18,811 | ||||||||||||
Total assets | 82,424,455 | 1,203,338,414 | 56,178,522 | 2,740,354,875 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 2,378,159 | 63,780,712 | 1,214,750 | 44,005,886 | ||||||||||||
Collateral for securities loaned | 1,947,090 | 9,619,357 | 2,087,310 | 61,741,643 | ||||||||||||
Line of credit | — | — | — | 3,626,819 | ||||||||||||
Due to Adviser | 13,312 | 133,986 | 17,786 | 545,787 | ||||||||||||
Deferred Trustee fees | 1,073 | 21,618 | 33,385 | 221,203 | ||||||||||||
Accrued expenses | — | 1,287 | — | 891,474 | ||||||||||||
Total liabilities | 4,339,634 | 73,556,960 | 3,353,231 | 111,032,812 | ||||||||||||
NET ASSETS | $ | 78,084,821 | $ | 1,129,781,454 | $ | 52,825,291 | $ | 2,629,322,063 | ||||||||
Shares outstanding | 3,500,000 | 45,500,000 | 2,900,000 | 116,122,682 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 22.31 | $ | 24.83 | $ | 18.22 | $ | 22.64 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 96,396,775 | $ | 1,149,105,611 | $ | 87,318,345 | $ | 3,947,886,502 | ||||||||
Total distributable earnings (loss) | (18,311,954 | ) | (19,324,157 | ) | (34,493,054 | ) | (1,318,564,439 | ) | ||||||||
NET ASSETS | $ | 78,084,821 | $ | 1,129,781,454 | $ | 52,825,291 | $ | 2,629,322,063 | ||||||||
(1) Value of securities on loan | $ | 5,351,601 | $ | 9,911,252 | $ | 2,200,550 | $ | 56,277,142 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 91,322,221 | $ | 1,127,301,990 | $ | 67,211,494 | $ | 3,253,015,343 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 1,947,090 | $ | 9,619,357 | $ | 2,087,310 | $ | 61,741,643 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | 13 | $ | — | $ | 77,952 | $ | 1,319,315 |
See Notes to Financial Statements
84 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2022 (unaudited)
Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 7,658,173 | $ | 11,575,194 | $ | 158,911,107 | $ | 898,029,548 | ||||||||
Short-term investments held as collateral for securities loaned (3) | — | 121 | 11,667,086 | 34,003,512 | ||||||||||||
Cash | 101,437 | 102,279 | 130,489 | 4,977,590 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 1,244,415 | 1,575,084 | — | 22,847,832 | ||||||||||||
Dividends and interest | 96,197 | 128,798 | 346,020 | 2,695,891 | ||||||||||||
Total assets | 9,100,222 | 13,381,476 | 171,054,702 | 962,554,373 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 1,249,524 | 1,554,739 | — | 25,436,683 | ||||||||||||
Collateral for securities loaned | — | 121 | 11,667,086 | 34,003,512 | ||||||||||||
Due to Adviser | 1,668 | 2,012 | 49,101 | 307,597 | ||||||||||||
Deferred Trustee fees | — | — | 16,360 | 36,282 | ||||||||||||
Accrued expenses | — | — | 9,678 | 3,743 | ||||||||||||
Total liabilities | 1,251,192 | 1,556,872 | 11,742,225 | 59,787,817 | ||||||||||||
NET ASSETS | $ | 7,849,030 | $ | 11,824,604 | $ | 159,312,477 | $ | 902,766,556 | ||||||||
Shares outstanding | 400,000 | 600,000 | 13,200,000 | 53,650,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 19.62 | $ | 19.71 | $ | 12.07 | $ | 16.83 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 9,999,885 | $ | 14,999,828 | $ | 320,418,405 | $ | 1,113,087,476 | ||||||||
Total distributable earnings (loss) | (2,150,855 | ) | (3,175,224 | ) | (161,105,928 | ) | (210,320,920 | ) | ||||||||
NET ASSETS | $ | 7,849,030 | $ | 11,824,604 | $ | 159,312,477 | $ | 902,766,556 | ||||||||
(1) Value of securities on loan | $ | 62,567 | $ | 86,691 | $ | 43,721,875 | $ | 46,857,399 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 9,090,928 | $ | 13,791,495 | $ | 220,852,533 | $ | 1,055,690,115 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | — | $ | 121 | $ | 11,667,086 | $ | 34,003,512 |
See Notes to Financial Statements
85 |
VANECK ETF TRUST
For the Period Ended October 31, 2022 (unaudited)
BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 28,713,673 | $ | — | $ | — | $ | — | ||||||||
Interest | 11,322 | 1,676,018 | 20,679,758 | 76,768,889 | ||||||||||||
Securities lending income | 756,394 | — | 105,486 | 758,607 | ||||||||||||
Foreign taxes withheld | — | (379 | ) | — | — | |||||||||||
Total income | 29,481,389 | 1,675,639 | 20,785,244 | 77,527,496 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,099,712 | 220,985 | 1,295,488 | 5,637,600 | ||||||||||||
Professional fees | — | 18,685 | — | — | ||||||||||||
Custody and accounting fees | — | 13,961 | — | — | ||||||||||||
Reports to shareholders | — | 6,725 | — | — | ||||||||||||
Trustees’ fees and expenses | — | 1,178 | — | — | ||||||||||||
Registration fees | — | 3,586 | — | — | ||||||||||||
Insurance | — | 1,455 | — | — | ||||||||||||
Interest and taxes | 43,717 | 100,066 | — | 10,527 | ||||||||||||
Other | — | 4,243 | — | — | ||||||||||||
Total expenses | 1,143,429 | 370,884 | 1,295,488 | 5,648,127 | ||||||||||||
Net investment income | 28,337,960 | 1,304,755 | 19,489,756 | 71,879,369 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (27,246,084 | ) | (2,448,441 | ) | (28,754,764 | ) | (30,210,782 | ) | ||||||||
In-kind redemptions | 9,293,188 | — | (112,549,330 | ) | (50,489,221 | ) | ||||||||||
Capital gain distributions from investment companies | 217,166 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (390,610 | ) | (2 | ) | — | ||||||||||
Net realized loss | (17,735,730 | ) | (2,839,051 | ) | (141,304,096 | ) | (80,700,003 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (58,142,646 | ) | (6,133,605 | ) | 26,490,434 | (199,999,392 | ) | |||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | (243,717 | ) | 9 | — | |||||||||||
Net change in unrealized appreciation (depreciation) | (58,142,646 | ) | (6,377,322 | ) | 26,490,443 | (199,999,392 | ) | |||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (47,540,416 | ) | $ | (7,911,618 | ) | $ | (95,323,897 | ) | $ | (208,820,026 | ) |
See Notes to Financial Statements
86 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (unaudited)
Green Bond ETF | IG Floating Rate ETF | International High Yield Bond ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 4,047 | $ | — | $ | 14 | $ | — | ||||||||
Interest | 1,093,839 | 15,020,419 | 1,526,319 | 91,422,248 | ||||||||||||
Securities lending income | 16,387 | 10,974 | 11,774 | 70,963 | ||||||||||||
Foreign taxes withheld | — | — | (2 | ) | (2,362,091 | ) | ||||||||||
Total income | 1,114,273 | 15,031,393 | 1,538,105 | 89,131,120 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 83,533 | 780,978 | 121,971 | 3,953,742 | ||||||||||||
Professional fees | — | — | — | 22,449 | ||||||||||||
Custody and accounting fees | — | — | — | 368,813 | ||||||||||||
Reports to shareholders | — | — | — | 160,730 | ||||||||||||
Trustees’ fees and expenses | — | — | — | 77,831 | ||||||||||||
Registration fees | — | — | — | 14,219 | ||||||||||||
Insurance | — | — | — | 20,908 | ||||||||||||
Interest | 488 | 7,217 | 355 | 28,140 | ||||||||||||
Other | — | — | — | 16,912 | ||||||||||||
Total expenses | 84,021 | 788,195 | 122,326 | 4,663,744 | ||||||||||||
Waiver of management fees | — | — | — | (242,558 | ) | |||||||||||
Net expenses | 84,021 | 788,195 | 122,326 | 4,421,186 | ||||||||||||
Net investment income | 1,030,252 | 14,243,198 | 1,415,779 | 84,709,934 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (1,477,615 | ) | (3,315,744 | ) | (2,221,943 | ) | (152,632,306 | ) (a) | ||||||||
In-kind redemptions | (991,811 | ) | 86,532 | (2,459,542 | ) | (7,607,416 | ) | |||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | — | (71,009 | ) | (4,756,818 | ) | ||||||||||
Net realized loss | (2,469,426 | ) | (3,229,212 | ) | (4,752,494 | ) | (164,996,540 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (3,990,146 | ) | (10,542,681 | ) | (3,871,067 | ) | (173,210,232 | ) (b) | ||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | — | 25,674 | (1,399,413 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (3,990,146 | ) | (10,542,681 | ) | (3,845,393 | ) | (174,609,645 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (5,429,320 | ) | $ | 471,305 | $ | (7,182,108 | ) | $ | (254,896,251 | ) |
(a) | Net of foreign taxes of $130,199 |
(b) | Net of foreign taxes of $475,002 |
See Notes to Financial Statements
87 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (unaudited)
Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | — | $ | 5,977,095 | $ | 29,714,986 | ||||||||
Interest | 143,300 | 202,121 | 1,391 | 23,737 | ||||||||||||
Securities lending income | 1,590 | 3,845 | 77,425 | 882,025 | ||||||||||||
Foreign taxes withheld | — | — | — | (75,419 | ) | |||||||||||
Total income | 144,890 | 205,966 | 6,055,911 | 30,545,329 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 10,501 | 12,670 | 380,730 | 2,008,400 | ||||||||||||
Interest | — | — | 15,509 | 17,465 | ||||||||||||
Total expenses | 10,501 | 12,670 | 396,239 | 2,025,865 | ||||||||||||
Net investment income | 134,389 | 193,296 | 5,659,672 | 28,519,464 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (520,815 | ) | (767,324 | ) | (15,710,363 | ) | (5,756,970 | ) | ||||||||
In-kind redemptions | — | — | 329,026 | 4,247,735 | ||||||||||||
Capital gain distributions from investment companies | — | — | 536,864 | 432,420 | ||||||||||||
Net realized loss | (520,815 | ) | (767,324 | ) | (14,844,473 | ) | (1,076,815 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (246,024 | ) | (379,465 | ) | (23,178,694 | ) | (125,112,639 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (246,024 | ) | (379,465 | ) | (23,178,694 | ) | (125,112,639 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (632,450 | ) | $ | (953,493 | ) | $ | (32,363,495 | ) | $ | (97,669,990 | ) |
See Notes to Financial Statements
88 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
BDC Income ETF | China Bond ETF | |||||||||||||||
Period Ended October 31, 2022 | Year Ended April 30, 2022 | Period Ended October 31, 2022 | Year Ended April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 28,337,960 | $ | 43,156,676 | $ | 1,304,755 | $ | 3,505,616 | ||||||||
Net realized gain (loss) | (17,735,730 | ) | 19,570,650 | (2,839,051 | ) | 183,640 | ||||||||||
Net change in unrealized appreciation (depreciation) | (58,142,646 | ) | (29,787,379 | ) | (6,377,322 | ) | (4,527,783 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (47,540,416 | ) | 32,939,947 | (7,911,618 | ) | (838,527 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (28,722,838 | ) | (42,704,368 | ) | (1,168,860 | ) | (4,150,280 | ) | ||||||||
Return of capital | — | — | — | (44,520 | ) | |||||||||||
Total distributions | (28,722,838 | ) | (42,704,368 | ) | (1,168,860 | ) | (4,194,800 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 81,859,788 | 334,820,169 | — | 91,337,821 | ||||||||||||
Cost of shares redeemed | (120,061,963 | ) | (111,985,789 | ) | (38,637,396 | ) | (60,220,705 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (38,202,175 | ) | 222,834,380 | (38,637,396 | ) | 31,117,116 | ||||||||||
Total increase (decrease) in net assets | (114,465,429 | ) | 213,069,959 | (47,717,874 | ) | 26,083,789 | ||||||||||
Net Assets, beginning of period | 625,030,252 | 411,960,293 | 129,587,141 | 103,503,352 | ||||||||||||
Net Assets, end of period | $ | 510,564,823 | $ | 625,030,252 | $ | 81,869,267 | $ | 129,587,141 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 5,350,000 | 19,225,000 | — | 3,700,000 | ||||||||||||
Shares redeemed | (7,975,000 | ) | (6,500,000 | ) | (1,700,000 | ) | (2,500,000 | ) | ||||||||
Net increase (decrease) | (2,625,000 | ) | 12,725,000 | (1,700,000 | ) | 1,200,000 |
See Notes to Financial Statements
89 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||||
Period Ended October 31, 2022 | Year Ended April 30, 2022 | Period Ended October 31, 2022 | Year Ended April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 19,489,756 | $ | 64,361,459 | $ | 71,879,369 | $ | 180,386,770 | ||||||||
Net realized gain (loss) | (141,304,096 | ) | (92,945,941 | ) | (80,700,003 | ) | 238,934,423 | |||||||||
Net change in unrealized appreciation (depreciation) | 26,490,443 | (150,062,233 | ) | (199,999,392 | ) | (708,202,399 | ) | |||||||||
Net decrease in net assets resulting from operations | (95,323,897 | ) | (178,646,715 | ) | (208,820,026 | ) | (288,881,206 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (24,177,950 | ) | (63,324,700 | ) | (77,001,855 | ) | (188,041,825 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 3,437,814 | 672,209,046 | 945,539,451 | 2,049,188,613 | ||||||||||||
Cost of shares redeemed | (654,219,020 | ) | (63,006,428 | ) | (1,590,584,675 | ) | (2,661,837,362 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (650,781,206 | ) | 609,202,618 | (645,045,224 | ) | (612,648,749 | ) | |||||||||
Total increase (decrease) in net assets | (770,283,053 | ) | 367,231,203 | (930,867,105 | ) | (1,089,571,780 | ) | |||||||||
Net Assets, beginning of period | 1,151,638,253 | 784,407,050 | 3,825,844,454 | 4,915,416,234 | ||||||||||||
Net Assets, end of period | $ | 381,355,200 | $ | 1,151,638,253 | $ | 2,894,977,349 | $ | 3,825,844,454 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 200,000 | 28,600,000 | 34,200,000 | 63,250,000 | ||||||||||||
Shares redeemed | (36,200,000 | ) | (2,800,000 | ) | (57,750,000 | ) | (83,700,000 | ) | ||||||||
Net increase (decrease) | (36,000,000 | ) | 25,800,000 | (23,550,000 | ) | (20,450,000 | ) |
See Notes to Financial Statements
90 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Green Bond ETF | International High Yield Bond ETF | |||||||||||||||
Period Ended October 31, 2022 | Year Ended April 30, 2022 | Period Ended October 31, 2022 | Year Ended April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,030,252 | $ | 2,007,447 | $ | 1,415,779 | $ | 4,287,712 | ||||||||
Net realized loss | (2,469,426 | ) | (1,668,817 | ) | (4,752,494 | ) | (3,710,828 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (3,990,146 | ) | (10,193,647 | ) | (3,845,393 | ) | (15,906,510 | ) | ||||||||
Net decrease in net assets resulting from operations | (5,429,320 | ) | (9,855,017 | ) | (7,182,108 | ) | (15,329,626 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (1,061,355 | ) | (2,002,035 | ) | (1,234,050 | ) | (4,424,650 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | 22,989,592 | — | 15,502,482 | ||||||||||||
Cost of shares redeemed | (10,755,633 | ) | — | (18,174,463 | ) | (16,605,485 | ) | |||||||||
Increase (decrease) in net assets resulting from share transactions | (10,755,633 | ) | 22,989,592 | (18,174,463 | ) | (1,103,003 | ) | |||||||||
Total increase (decrease) in net assets | (17,246,308 | ) | 11,132,540 | (26,590,621 | ) | (20,857,279 | ) | |||||||||
Net Assets, beginning of period | 95,331,129 | 84,198,589 | 79,415,912 | 100,273,191 | ||||||||||||
Net Assets, end of period | $ | 78,084,821 | $ | 95,331,129 | $ | 52,825,291 | $ | 79,415,912 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | 850,000 | — | 600,000 | ||||||||||||
Shares redeemed | (450,000 | ) | — | (900,000 | ) | (700,000 | ) | |||||||||
Net increase (decrease) | (450,000 | ) | 850,000 | (900,000 | ) | (100,000 | ) |
See Notes to Financial Statements
91 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
IG Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
Period Ended October 31, 2022 | Year Ended April 30, 2022 | Period Ended October 31, 2022 | Year Ended April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 14,243,198 | $ | 4,345,673 | $ | 84,709,934 | $ | 174,168,592 | ||||||||
Net realized loss | (3,229,212 | ) | (452,629 | ) | (164,996,540 | ) | (315,225,088 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (10,542,681 | ) | (9,541,387 | ) | (174,609,645 | ) | (402,051,015 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 471,305 | (5,648,343 | ) | (254,896,251 | ) | (543,107,511 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (11,468,210 | ) | (4,310,490 | ) | (71,026,867 | ) | (88,822,978 | ) | ||||||||
Return of capital | — | — | — | (81,656,280 | ) | |||||||||||
Total distributions | (11,468,210 | ) | (4,310,490 | ) | (71,026,867 | ) | (170,479,258 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 147,915,919 | 591,005,339 | 50,771,821 | 727,013,716 | ||||||||||||
Cost of shares redeemed | (141,655,341 | ) | (6,337,388 | ) | (168,983,922 | ) | (319,840,315 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 6,260,578 | 584,667,951 | (118,212,101 | ) | 407,173,401 | |||||||||||
Total increase (decrease) in net assets | (4,736,327 | ) | 574,709,118 | (444,135,219 | ) | (306,413,368 | ) | |||||||||
Net Assets, beginning of period | 1,134,517,781 | 559,808,663 | 3,073,457,282 | 3,379,870,650 | ||||||||||||
Net Assets, end of period | $ | 1,129,781,454 | $ | 1,134,517,781 | $ | 2,629,322,063 | $ | 3,073,457,282 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 5,950,000 | 23,400,000 | 2,000,000 | 24,600,000 | ||||||||||||
Shares redeemed | (5,700,000 | ) | (250,000 | ) | (7,200,000 | ) | (11,800,000 | ) | ||||||||
Net increase (decrease) | 250,000 | 23,150,000 | (5,200,000 | ) | 12,800,000 |
See Notes to Financial Statements
92 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||
Period Ended October 31, 2022 | Year Ended April 30, 2022 | Period Ended October 31, 2022 | Year Ended April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 134,389 | $ | 221,068 | $ | 193,296 | $ | 311,484 | ||||||||
Net realized loss | (520,815 | ) | (195,230 | ) | (767,324 | ) | (186,082 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (246,024 | ) | (1,083,250 | ) | (379,465 | ) | (1,588,310 | ) | ||||||||
Net decrease in net assets resulting from operations | (632,450 | ) | (1,057,412 | ) | (953,493 | ) | (1,462,908 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (127,280 | ) | (226,760 | ) | (189,660 | ) | (317,460 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | — | — | — | ||||||||||||
Cost of shares redeemed | — | — | — | — | ||||||||||||
Increase in net assets resulting from share transactions | — | — | — | — | ||||||||||||
Total decrease in net assets | (759,730 | ) | (1,284,172 | ) | (1,143,153 | ) | (1,780,368 | ) | ||||||||
Net Assets, beginning of period | 8,608,760 | 9,892,932 | 12,967,757 | 14,748,125 | ||||||||||||
Net Assets, end of period | $ | 7,849,030 | $ | 8,608,760 | $ | 11,824,604 | $ | 12,967,757 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | — | — | — | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
Net increase | — | — | — | — |
See Notes to Financial Statements
93 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||||
Period Ended October 31, 2022 | Year Ended April 30, 2022 | Period Ended October 31, 2022 | Year Ended April 30, 2022 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,659,672 | $ | 12,587,387 | $ | 28,519,464 | $ | 49,350,029 | ||||||||
Net realized gain (loss) | (14,844,473 | ) | 20,578,763 | (1,076,815 | ) | 7,379,453 | ||||||||||
Net change in unrealized appreciation (depreciation) | (23,178,694 | ) | (75,253,305 | ) | (125,112,639 | ) | (98,397,267 | ) | ||||||||
Net decrease in net assets resulting from operations | (32,363,495 | ) | (42,087,155 | ) | (97,669,990 | ) | (41,667,785 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (5,659,672 | ) | (12,587,387 | ) | (27,288,340 | ) | (55,455,503 | ) | ||||||||
Return of capital | (4,097,678 | ) | (12,142,443 | ) | — | (932,857 | ) | |||||||||
Total distributions | (9,757,350 | ) | (24,729,830 | ) | (27,288,340 | ) | (56,388,360 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 9,474,722 | 65,857,830 | 101,632,430 | 200,215,786 | ||||||||||||
Cost of shares redeemed | (18,963,733 | ) | (98,402,686 | ) | (76,205,258 | ) | (47,757,119 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (9,489,011 | ) | (32,544,856 | ) | 25,427,172 | 152,458,667 | ||||||||||
Total increase (decrease) in net assets | (51,609,856 | ) | (99,361,841 | ) | (99,531,158 | ) | 54,402,522 | |||||||||
Net Assets, beginning of period | 210,922,333 | 310,284,174 | 1,002,297,714 | 947,895,192 | ||||||||||||
Net Assets, end of period | $ | 159,312,477 | $ | 210,922,333 | $ | 902,766,556 | $ | 1,002,297,714 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 750,000 | 3,400,000 | 5,500,000 | 9,500,000 | ||||||||||||
Shares redeemed | (1,400,000 | ) | (5,500,000 | ) | (4,200,000 | ) | (2,350,000 | ) | ||||||||
Net increase (decrease) | (650,000 | ) | (2,100,000 | ) | 1,300,000 | 7,150,000 |
See Notes to Financial Statements
94 |
VANECK ETF TRUST
For a share outstanding throughout each period:
(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) | Not Annualized |
(e) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(f) | Annualized |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
95 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
96 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
97 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
98 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Amount represents less than $0.005 per share. |
(d) | 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. |
(e) | Not Annualized |
(f) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(g) | Annualized |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
99 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
100 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
101 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(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
102 |
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
103 |
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
104 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
105 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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) | Not Annualized |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
106 |
VANECK ETF TRUST
October 31, 2022 (unaudited)
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 |
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 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.
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, 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 Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”). China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. 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.
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.
107 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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. 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. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. 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. The Board has designated the Adviser as valuation designee under Rule 2a-5 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 of Rule 2a-5. 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 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. | |
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). |
108 |
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. |
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 October 31, 2022 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 as earned. 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. |
109 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 October 31, 2022. |
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 period ended October 31, 2022 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 is responsible for all Fund expenses, excluding 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 | % | ||
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 | |||
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 October 31, 2022, the Adviser owned approximately 82%, 47%, and 1% of Moody’s Analytics BBB, Moody’s Analytics IG, and Floating Rate, respectively.
Note 4—Capital Share Transactions—As of October 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually
110 |
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 a designated portfolio of securities (“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 period ended October 31, 2021, 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 | $ | 114,523,119 | $ | 112,915,142 | $ | 81,748,509 | $ | 120,183,265 | ||||||||
China Bond | 6,505,311 | 43,134,932 | — | — | ||||||||||||
Emerging Markets High Yield | 63,703,733 | 66,783,292 | — | 635,864,576 | ||||||||||||
Fallen Angel | 362,072,304 | 368,742,633 | 907,125,609 | 1,528,265,832 | ||||||||||||
Floating Rate | 321,406,048 | 335,093,870 | 138,067,250 | 132,084,125 | ||||||||||||
Green Bond | 9,461,252 | 10,051,590 | — | 9,918,577 | ||||||||||||
International High Yield | 5,686,340 | 5,527,186 | — | 17,788,090 | ||||||||||||
J.P. Morgan EM | 404,908,594 | 447,054,990 | 16,421,897 | 94,732,442 | ||||||||||||
Moody’s Analytics BBB | 3,737,346 | 3,725,871 | — | — | ||||||||||||
Moody’s Analytics IG | 4,503,025 | 4,482,211 | — | — | ||||||||||||
Mortgage REIT | 21,793,683 | 21,110,826 | 9,471,762 | 18,960,764 | ||||||||||||
Preferred Securities | 187,598,804 | 209,078,259 | 70,539,679 | 71,818,740 |
Note 6—Income Taxes—As of October 31, 2022, 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:
Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
BDC Income | $656,335,972 | $1,101,288 | $(45,170,409) | $(44,069,121) | ||||||||||||
China Bond | 84,554,111 | 26,145 | (9,069,221) | (9,043,076) | ||||||||||||
Emerging Markets High Yield | 497,595,539 | 620,130 | (118,020,870) | (117,400,740) | ||||||||||||
Fallen Angel | 3,556,012,477 | 303,626 | (603,110,897) | (602,807,271) | ||||||||||||
Floating Rate | 1,137,357,374 | 79,497 | (17,853,274) | (17,773,777) | ||||||||||||
Green Bond | 93,336,992 | 6,560 | (14,133,604) | (14,127,044) | ||||||||||||
International High Yield | 69,564,687 | 251,427 | (16,067,981) | (15,816,554) | ||||||||||||
J.P. Morgan EM | 3,415,389,862 | 1,294,168 | (795,770,840) | (794,476,672) | ||||||||||||
Moody’s Analytics BBB | 9,100,098 | 42 | (1,441,967) | (1,441,925) | ||||||||||||
Moody’s Analytics IG | 13,802,904 | 3,094 | (2,230,683) | (2,227,589) | ||||||||||||
Mortgage REIT | 234,215,846 | 537,764 | (64,175,417) | (63,637,653) | ||||||||||||
Preferred Securities | 1,099,931,777 | 19,811,425 | (187,710,142) | (167,898,717) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
111 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Fund | Short-Term Capital Losses with No Expiration | Long-Term Capital Losses with No Expiration | Total | |||||||||
BDC Income | $ | (18,155,626 | ) | $ | (47,067,148 | ) | $ | (65,222,774 | ) | |||
China Bond | (61,125 | ) | – | (61,125 | ) | |||||||
Emerging Markets High Yield | (72,038,699 | ) | (79,474,583 | ) | (151,513,282 | ) | ||||||
Fallen Angel | (90,029,009 | ) | (80,464,559 | ) | (170,493,568 | ) | ||||||
Floating Rate | (1,567,781 | ) | (344,507 | ) | (1,912,288 | ) | ||||||
Green Bond | (1,405,720 | ) | (465,030 | ) | (1,870,750 | ) | ||||||
International High Yield | (1,834,947 | ) | (12,285,660 | ) | (14,120,607 | ) | ||||||
J.P. Morgan EM | (96,709,968 | ) | (212,254,024 | ) | (308,963,992 | ) | ||||||
Moody’s Analytics BBB | (119,563 | ) | (92,643 | ) | (212,206 | ) | ||||||
Moody’s Analytics IG | (93,293 | ) | (121,221 | ) | (214,514 | ) | ||||||
Mortgage REIT | (20,523,318 | ) | (60,729,815 | ) | (81,253,133 | ) | ||||||
Preferred Securities | (12,780,240 | ) | (28,403,787 | ) | (41,184,027 | ) |
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. For the period May 1, 2022 to October 31, 2022, the net realized gains (losses) from foreign currency translations were as follows:
China Bond | $ | (3,019,389 | ) | |
International High Yield | (1,223,146 | ) | ||
J.P. Morgan EM | (81,576,032 | ) |
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 period ended October 31, 2022, the Funds did not incur any interest or penalties.
Prior to November 2018, there were uncertainties in the Chinese tax rules governing the taxation of interest income on corporate bonds due to the lack of formal guidance from the PRC’s tax authorities. 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
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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.
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.
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. 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. Russia and Ukraine have experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe.
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.
113 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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.
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”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.
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.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
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,
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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 in which the Adviser is responsible for paying all the expenses of a Fund 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. 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 October 31, 2022 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2022:
Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
BDC Income | $ | 119,855,718 | $ | 100,626,266 | $ | 22,849,675 | $ | 123,475,941 | ||||||||
Emerging Markets High Yield | 14,635,653 | 14,202,551 | 1,158,956 | 15,361,507 | ||||||||||||
Fallen Angel | 117,144,100 | 114,938,185 | 7,087,762 | 122,025,947 | ||||||||||||
Floating Rate | 9,911,252 | 9,619,357 | 512,064 | 10,131,421 | ||||||||||||
Green Bond | 5,351,601 | 1,947,090 | 3,555,432 | 5,502,522 | ||||||||||||
International High Yield | 2,200,550 | 2,087,310 | 189,050 | 2,276,360 | ||||||||||||
J.P. Morgan EM | 56,277,142 | 61,741,643 | – | 61,741,643 | ||||||||||||
Moody’s Analytics BBB | 62,567 | – | 64,210 | 64,210 | ||||||||||||
Moody’s Analytics IG | 86,691 | 121 | 90,921 | 91,042 | ||||||||||||
Mortgage REIT | 43,721,875 | 11,667,086 | 33,960,982 | 45,628,068 | ||||||||||||
Preferred Securities | 46,857,399 | 34,003,512 | 14,711,530 | 48,715,042 |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2022:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||||||
Fund | Corporate Bonds | Equity Securities | ||||||
BDC Income | $ | – | $ | 100,626,266 | ||||
Emerging Markets High Yield | 14,202,551 | – | ||||||
Fallen Angel | 114,938,185 | – | ||||||
Floating Rate | 9,619,357 | – | ||||||
Green Bond | 1,947,090 | – | ||||||
International High Yield | 2,087,310 | – | ||||||
J.P. Morgan EM | 61,741,643 | – | ||||||
Moody’s Analytics IG | 121 | – | ||||||
Mortgage REIT | – | 11,667,086 | ||||||
Preferred Securities | – | 34,003,512 |
* | 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 period ended October 31, 2022, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
BDC Income | 152 | $2,816,659 | 3.36 | % | ||||||||
China Bond | 9 | 2,540,595 | 2.43 | |||||||||
Fallen Angel | 12 | 10,651,442 | 2.31 | |||||||||
Floating Rate | 7 | 12,654,045 | 2.86 | |||||||||
Green Bond | 3 | 102,987 | 3.68 | |||||||||
International High Yield | 17 | 154,648 | 3.24 | |||||||||
J.P. Morgan EM | 16 | 12,264,324 | 2.09 | |||||||||
Mortgage REIT | 91 | 1,481,939 | 3.62 | |||||||||
Preferred Securities | 45 | 2,434,451 | 3.03 |
Outstanding loan balances as of October 31, 2022, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— In 2018, the Board of Trustees approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2022 (unaudited)
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, IG Floating Rate ETF (formerly, Investment Grade Floating Rate ETF), J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub- Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to each Fund except the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
117 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2022 (unaudited) (continued)
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had management fees above the average and below the median of its peer group of funds, and each of the VanEck BDC Income ETF, Green Bond ETF, International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage Rate Income ETF had management fees above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, the VanEck Green Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds, the VanEck BDC Income ETF had a total expense ratio below the average and above the median of its peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio equal to the average and below the median of its peer group of funds, each of the China Fund and VanEck International High Yield Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, and each of VanEck Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had a total expense ratio above than the average and median of its respective peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefit.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing
118 |
with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Dynamic High Income ETF
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Dynamic High Income ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreement.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2022 (unaudited) (continued)
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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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 | INCOMESAR |
Item 2. | CODE OF ETHICS. |
Not applicable.
Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
Item 6. | SCHEDULE OF INVESTMENTS. |
Information included in Item 1.
Item 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
Item 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
Item 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
Item 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
Item 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
Item 13. | EXHIBITS. |
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VANECK ETF TRUST
By | (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer |
Date | January 6, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | (Signature and Title) /s/ Jan F. van Eck, Chief Executive Officer |
Date | January 6, 2023 |
By | (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer |
Date | January 6, 2023 |