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: APRIL 30, 2023
Item 1. | Report to Shareholders |
![]() | ANNUAL REPORT April 30, 2023 |
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 report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2023.
VANECK ETFs
April 30, 2023 (unaudited)
Dear Fellow Shareholders:
Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This is still my view despite events in the last few months, discussed at the end of this letter.
Discussion
To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.
There are three things investors are facing, none of which is particularly positive for financial assets.
1. Monetary Policy: Tightening
Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.
A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.3 trillion in March.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.
Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.
Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.
2. Fiscal Tightening
A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.
3. Global Growth is at Low Levels
Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.
The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.
However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds
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VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.
Outlook
My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.
The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
May 17, 2023
PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.3 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Barron’s: The Fed’s Balance Sheet Is Shrinking Again. What That Means for Stocks., April 26, 2023, https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
3 https://www.vaneck.com/us/en/subscribe/
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VANECK ETFs
April 30, 2023 (unaudited) (unaudited)
CEF Muni Income ETF
The CEF Muni Income ETF lost 4.53% over the prior 12 months due both to the significant widening of municipal closed-end fund (CEF) discounts and price decreases in the underlying bonds themselves. During the period, the discount at which CEFs traded fluctuated hugely.
The fund is affected by the discount or premium of closed end funds to their NAV. Starting the fund’s fiscal year at a discount of 7.04% on May 2, 2022, the discount narrowed to a high of 3.11% on August 15, 2022. Thereafter, however, the discount then widened meaningfully to 12.41% on March 27, 2023 and ended the fiscal year on April 28 having narrowed a little to 10.80%.
High Yield Muni ETF/Short High Yield Muni ETF
In the High Yield Muni ETF, healthcare, industrial revenue and education sectors contributed the most to the fund’s loss of 3.11%. In terms of state/U.S. territory, California detracted by far the most from performance and Puerto Rico contributed the most positively to performance, but even then, only minimally.
The local and state sectors were the largest contributors to the 0.43% gain recorded by the Short High Yield Muni ETF, with the hospitals and pollution control sectors detracting the most from performance. In terms of state/U.S. territory, Illinois contributed the most positively to performance and Pennsylvania was the greatest detractor from the fund’s performance.
HIP Sustainable Muni ETF
The HIP Sustainable Muni ETF recorded a 1.74% gain over the 12 months period. The state, local and tax sectors contributed the most to performance, while only the toll & turnpike sector detracted from performance. In terms of state/U.S. territory, California, New York and Massachusetts contributed the most positively to performance and Arizona detracted the most, but then only minimally, to the fund’s performance.
Intermediate Muni ETF
In terms of state/U.S. territory, municipal bonds from California and New York contributed the most to the fund’s total return of 3.59%. Four states detracted from the fund’s total return but each only minimally. The state, local and tax sectors contributed the most to the fund’s performance. The health sector detracted, but only minimally.
Long Muni ETF
The tax, water & sewer and state sectors contributed most to the fund’s gain of 0.40% for the 12 month period. The health sector detracted the most from performance. In terms of state/U.S. territory, municipal bonds issued by California, New York and Illinois contributed the most to performance. Florida, Maryland, Michigan, Missouri and Pennsylvania detracted the most from performance.
Muni Allocation ETF
The Muni Allocation ETF returned 0.08% over the 12 month period versus 2.60% for the ICE US Broad Municipal Index. The largest contributors to the fund’s performance were intermediate- and short-term bonds. The greatest detractors from performance were high-yield and long-term bonds.
Short Muni ETF
Among short municipal bonds, the state, local, tax and refunded sectors contributed the most to the return of the fund, which overall gained 1.82% for the year. No one sector contributed negatively to performance. In terms of state/U.S. territory, California, New York and Texas contributed the most to the total return of the fund. While no state or U.S. territory detracted from performance, South Dakota contributed the least.
Returns based on funds’ net asset values (NAVs).
3 |
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||||||
Share Price | NAV | CEFMXTR1 | US002 | LBUSTRUU3 | ||||||||||||||||
One Year | (4.11 | )% | (4.53 | )% | (4.12 | )% | (0.57 | )% | (0.43 | )% | ||||||||||
Five Year | 1.23 | % | 1.23 | % | 1.65 | % | 1.19 | % | 1.18 | % | ||||||||||
Ten Year | 2.04 | % | 2.04 | % | 2.42 | % | 1.34 | % | 1.32 | % |
1 | S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market. |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
4 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||||||
Share Price | NAV | MHYX1 | US002 | LBUSTRUU3 | ||||||||||||||||
One Year | (2.47 | )% | (3.11 | )% | 0.22 | % | (0.57 | )% | (0.43 | )% | ||||||||||
Five Year | 0.21 | % | 0.15 | % | 2.91 | % | 1.19 | % | 1.18 | % | ||||||||||
Ten Year | 1.92 | % | 1.84 | % | 3.90 | % | 1.34 | % | 1.32 | % |
1 | ICE Broad High Yield Crossover Municipal Index (MHYX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. |
From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MHYX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE High Yield Crossover Municipal Bond Transition Index (MXYT), an interim index that gradually increased exposure to securities based on their weightings in MHYX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR). Index data prior to March 1, 2022 reflects that of the LMEHTR. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
5 |
VANECK HIP SUSTAINABLE MUNI ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||
Share Price | NAV | MUNI1 | ||||||||||
One Year | 1.62 | % | 1.74 | % | 2.60 | % | ||||||
Life* | (4.15 | )% | (4.12 | )% | (3.50 | )% |
* | Inception of Fund: 9/8/21; First Day of Secondary Market Trading: 9/9/21. |
1 | ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
6 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||||||
Share Price | NAV | MBNI1 | US002 | LBUSTRUU3 | ||||||||||||||||
One Year | 3.79 | % | 3.59 | % | 3.91 | % | (0.57 | )% | (0.43 | )% | ||||||||||
Five Year | 1.94 | % | 1.90 | % | 2.42 | % | 1.19 | % | 1.18 | % | ||||||||||
Ten Year | 1.96 | % | 1.98 | % | 2.58 | % | 1.34 | % | 1.32 | % |
1 | ICE Intermediate AMT-Free Broad National Municipal Index (MBNI) is comprised of intermediate maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. |
From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNI. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT), an interim index that gradually increased exposure to securities based on their weightings in MBNI and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR). Index data prior to March 1, 2022 reflects that of LMT2TR. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
7 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||||||
Share Price | NAV | MBNL1 | US002 | LBUSTRUU3 | ||||||||||||||||
One Year | 1.99 | % | 0.40 | % | 1.18 | % | (0.57 | )% | (0.43 | )% | ||||||||||
Five Year | 1.13 | % | 0.93 | % | 1.88 | % | 1.19 | % | 1.18 | % | ||||||||||
Ten Year | 1.95 | % | 1.86 | % | 2.78 | % | 1.34 | % | 1.32 | % |
1 | ICE Long AMT-Free Broad National Municipal Index (MBNL) is comprised of long maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. |
From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNL. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE Long AMT-Free Broad National Municipal Transition Index (MLBT), an interim index that gradually increased exposure to securities based on their weightings in MBNL and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR). Index data prior to March 1, 2022 reflects that of LMT3TR. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
8 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MUNI1 | LMBITR2 | |||||||||||||
One Year | (0.10 | )% | 0.08 | % | 2.60 | % | 2.87 | % | ||||||||
Life* | (1.74 | )% | (1.72 | )% | 0.88 | % | 0.83 | % |
* | Inception of Fund: 5/15/19; First Day of Secondary Market Trading: 5/16/19. |
1 | ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market. |
On September 1, 2022, MUNI replaced the Bloomberg Municipal Bond Index (LMBITR) as the primary performance benchmark index. The MUNI is more representative of broad tax-exempt market exposure. | |
2 | LMBITR is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
9 |
VANECK SHORT HIGH YIELD MUNI ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||||||
Share Price | NAV | MIHX1 | US002 | LBUSTRUU3 | ||||||||||||||||
One Year | 2.17 | % | 0.43 | % | 2.32 | % | (0.57 | )% | (0.43 | )% | ||||||||||
Five Year | 1.47 | % | 1.29 | % | 3.31 | % | 1.19 | % | 1.18 | % | ||||||||||
Life* | 1.87 | % | 1.78 | % | 3.63 | % | 1.69 | % | 1.65 | % |
* | Inception of Fund: 1/13/14; First Day of Secondary Market Trading: 1/14/14. |
1 | ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. |
From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MIHX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index (MXIT), an interim index that gradually increased exposure to securities based on their weightings in MIHX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR). Index data prior to March 1, 2022 reflects that of the BMHYTR. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
10 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||||||
Share Price | NAV | MBNS1 | US002 | LBUSTRUU3 | ||||||||||||||||
One Year | 1.71 | % | 1.82 | % | 2.14 | % | (0.57 | )% | (0.43 | )% | ||||||||||
Five Year | 1.21 | % | 1.18 | % | 1.45 | % | 1.19 | % | 1.18 | % | ||||||||||
Ten Year | 0.77 | % | 0.84 | % | 1.25 | % | 1.34 | % | 1.32 | % |
1 | ICE Short AMT-Free Broad National Municipal Index (MBNS) is comprised of short maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. |
From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNS. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT), an interim index that gradually increased exposure to securities based on their weightings in MBNS and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR). Index data prior to March 1, 2022 reflects that of LMT1TR. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 12 for more information.
11 |
VANECK ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees, if any. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
CEFMXTR is published by S-Network Global Indexes, LLC (“S-Network”). MHYX, MXYT, MBNI, MIBT, MBNL, MLBT, MIHX, MXIT, MBNS, MSBT, MUNI and US00 are published by ICE Data Indices, LLC (“ICE Data”) and its affiliates. LMEHTR, LMT2TR, LMT3TR, LMBITR, BMHYTR, LMT1TR and LBUSTRUU are published by Bloomberg Finance L.P. and its affiliates (“Bloomberg”). Bloomberg, ICE Data and S-Network are referred to herein as the “Index Providers”. Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
12 |
VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2022, to April 30, 2023.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio During Period | Expenses Paid During the Period November 1, 2022 - April 30, 2023(a) | |||||
CEF Muni Income ETF | ||||||||
Actual | $1,000.00 | $1,102.50 | 0.41% | $2.14 | ||||
Hypothetical (b) | $1,000.00 | $1,022.76 | 0.41% | $2.06 | ||||
High Yield Muni ETF | ||||||||
Actual | $1,000.00 | $1,070.10 | 0.35% | $1.80 | ||||
Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
HIP Sustainable Muni ETF | ||||||||
Actual | $1,000.00 | $1,065.80 | 0.24% | $1.23 | ||||
Hypothetical (b) | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
Intermediate Muni ETF | ||||||||
Actual | $1,000.00 | $1,075.90 | 0.24% | $1.24 | ||||
Hypothetical (b) | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
Long Muni ETF | ||||||||
Actual | $1,000.00 | $1,109.80 | 0.24% | $1.26 | ||||
Hypothetical (b) | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
Muni Allocation ETF | ||||||||
Actual | $1,000.00 | $1,073.50 | 0.08% | $0.41 | ||||
Hypothetical (b) | $1,000.00 | $1,024.40 | 0.08% | $0.40 | ||||
Short High Yield Muni ETF | ||||||||
Actual | $1,000.00 | $1,045.40 | 0.35% | $1.78 | ||||
Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 |
13 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio During Period | Expenses Paid During the Period November 1, 2022 - April 30, 2023(a) | |||||
Short Muni ETF | ||||||||
Actual | $1,000.00 | $1,028.80 | 0.20% | $1.01 | ||||
Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
(b) | Assumes annual return of 5% before expenses |
14 |
April 30, 2023
Number of Shares | Value | |||||||
CLOSED-END FUNDS: 99.9% (a) | ||||||||
Alliance Bernstein National Municipal Income Fund, Inc. | 219,889 | $ | 2,368,205 | |||||
Blackrock Investment Quality Municipal Trust, Inc. | 96,703 | 1,136,260 | ||||||
BlackRock Long-Term Municipal Advantage Trust | 70,466 | 714,525 | ||||||
BlackRock MuniAssets Fund, Inc. | 209,454 | 2,165,754 | ||||||
BlackRock Municipal 2030 Target Term Trust | 383,597 | 8,197,468 | ||||||
BlackRock Municipal Income Fund, Inc. | 554,575 | 6,372,067 | ||||||
BlackRock Municipal Income Quality Trust | 181,974 | 2,096,341 | ||||||
BlackRock Municipal Income Trust | 338,934 | 3,406,287 | ||||||
BlackRock Municipal Income Trust II | 334,309 | 3,516,931 | ||||||
BlackRock MuniHoldings Fund, Inc. | 396,404 | 4,681,531 | ||||||
BlackRock MuniHoldings Quality Fund II, Inc. | 168,980 | 1,671,212 | ||||||
BlackRock MuniVest Fund II, Inc. | 161,419 | 1,711,041 | ||||||
BlackRock MuniVest Fund, Inc. | 477,324 | 3,264,896 | ||||||
BlackRock MuniYield Fund, Inc. | 319,897 | 3,371,714 | ||||||
BlackRock MuniYield Quality Fund II, Inc. | 154,641 | 1,586,617 | ||||||
BlackRock MuniYield Quality Fund III, Inc. | 461,516 | 5,132,058 | ||||||
BlackRock MuniYield Quality Fund, Inc. | 498,173 | 5,883,423 | ||||||
BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 97,691 | 1,089,255 | ||||||
BNY Mellon Municipal Income, Inc. | 160,183 | 1,009,153 | ||||||
BNY Mellon Strategic Municipal Bond Fund, Inc. | 374,624 | 2,195,297 | ||||||
BNY Mellon Strategic Municipals, Inc. | 409,938 | 2,590,808 | ||||||
Delaware Investments National Municipal Income Fund | 83,206 | 866,175 | ||||||
DWS Municipal Income Trust | 302,431 | 2,628,125 | ||||||
Eaton Vance Municipal Bond Fund | 487,314 | 5,019,334 | ||||||
Eaton Vance Municipal Income 2028 Term Trust | 56,915 | 1,054,066 |
Number of Shares | Value | |||||||
Eaton Vance Municipal Income Trust | 268,973 | $ | 2,743,525 | |||||
Eaton Vance National Municipal Opportunities Trust | 72,070 | 1,255,459 | ||||||
Invesco Advantage Municipal Income Trust II | 297,517 | 2,555,671 | ||||||
Invesco Municipal Income Opportunities Trust | 171,942 | 1,108,166 | ||||||
Invesco Municipal Opportunity Trust | 456,074 | 4,360,067 | ||||||
Invesco Municipal Trust | 372,129 | 3,579,881 | ||||||
Invesco Quality Municipal Income Trust | 356,427 | 3,475,163 | ||||||
Invesco Trust for Investment Grade Municipals | 363,126 | 3,565,897 | ||||||
Invesco Value Municipal Income Trust | 315,534 | 3,836,893 | ||||||
MFS High Income Municipal Trust | 242,626 | 856,470 | ||||||
MFS Municipal Income Trust | 316,110 | 1,650,094 | ||||||
Neuberger Berman Municipal Fund, Inc. | 128,072 | 1,362,686 | ||||||
Nuveen AMT-Free Municipal Credit Income Fund | 1,402,172 | 16,545,630 | ||||||
Nuveen AMT-Free Municipal Value Fund | 96,315 | 1,332,036 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund | 1,472,445 | 16,358,864 | ||||||
Nuveen Dynamic Municipal Opportunities Fund | 231,667 | 2,462,620 | ||||||
Nuveen Municipal Credit Income Fund | 1,141,223 | 13,318,072 | ||||||
Nuveen Municipal Credit Opportunities Fund | 257,321 | 2,853,690 | ||||||
Nuveen Municipal High Income Opportunity Fund | 512,120 | 5,530,896 | ||||||
Nuveen Municipal Value Fund, Inc. | 958,956 | 8,438,813 | ||||||
Nuveen Quality Municipal Income Fund | 1,408,422 | 16,154,600 | ||||||
Nuveen Select Tax-Free Income Portfolio | 182,518 | 2,655,637 | ||||||
PIMCO Municipal Income Fund | 100,935 | 1,000,266 | ||||||
PIMCO Municipal Income Fund II | 248,364 | 2,272,531 | ||||||
PIMCO Municipal Income Fund III | 132,616 | 1,079,494 |
See Notes to Financial Statements
15 |
VANECK CEF MUNI INCOME ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||||
Pioneer Municipal High Income Advantage Fund, Inc. | 182,479 | $ | 1,476,255 | |||||
Pioneer Municipal High Income Fund Trust | 174,104 | 1,528,633 | ||||||
Pioneer Municipal High Income Opportunities Fund, Inc. | 126,553 | 1,351,586 | ||||||
Putnam Managed Municipal Income Trust | 181,915 | 1,100,586 | ||||||
Putnam Municipal Opportunities Trust | 126,330 | 1,299,936 | ||||||
Western Asset Managed Municipals Fund, Inc. | 325,313 | 3,292,168 | ||||||
Total Closed-End Funds: 99.9% (Cost: $248,479,329) | 204,130,828 | |||||||
Other assets less liabilities: 0.1% | 269,452 | |||||||
NET ASSETS: 100.0% | $ | 204,400,280 |
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. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Financials | 100.0 | % | $ | 204,130,828 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Closed-End Funds | $ | 204,130,828 | $ | — | $ | — | $ | 204,130,828 |
See Notes to Financial Statements
16 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.0% | ||||||||
Alabama: 2.2% | ||||||||
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) | ||||||||
5.25%, 06/01/25 | $ | 315 | $ | 309,945 | ||||
5.75%, 06/01/26 (c) | 2,000 | 1,699,099 | ||||||
5.75%, 06/01/26 (c) | 1,400 | 1,310,740 | ||||||
6.00%, 06/01/26 (c) | 5,900 | 5,048,672 | ||||||
Alabama State Port Authority Docks Facilities, Series A (RB) (AGM) 5.00%, 10/01/27 (c) | 1,000 | 1,052,552 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) | 1,180 | 1,298,985 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c) | 12,540 | 12,733,886 | ||||||
Jefferson County, Sewer Revenue, Series D (RB) | ||||||||
6.00%, 10/01/23 (c) | 10,000 | 10,575,833 | ||||||
6.50%, 10/01/23 (c) | 9,000 | 9,532,272 | ||||||
Jefferson County, Sewer Revenue, Series E (RB) | ||||||||
0.00%, 10/01/23 (c) ^ | 60 | 24,408 | ||||||
0.00%, 10/01/23 (c) ^ | 100 | 47,931 | ||||||
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/26 (c) | 1,350 | 1,344,462 | ||||||
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p) | 1,000 | 992,578 | ||||||
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p) | 13,500 | 12,177,689 | ||||||
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) | 3,204 | 2,938,738 | ||||||
61,087,790 | ||||||||
Alaska: 0.1% | ||||||||
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c) | 1,500 | 1,327,450 |
Par (000’s | ) | Value | ||||||
Alaska (continued) | ||||||||
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^ | $ | 3,000 | $ | 380,655 | ||||
1,708,105 | ||||||||
American Samoa: 0.2% | ||||||||
American Samoa Economic Development Authority, Series A (RB) | ||||||||
5.00%, 09/01/31 (c) | 4,250 | 4,225,716 | ||||||
6.50%, 09/01/28 | 250 | 267,527 | ||||||
6.62%, 09/01/25 (c) | 1,000 | 1,047,680 | ||||||
5,540,923 | ||||||||
Arizona: 2.5% | ||||||||
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c) | 1,000 | 893,856 | ||||||
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) | 500 | 471,193 | ||||||
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c) | 200 | 202,724 | ||||||
Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
6.00%, 07/01/27 (c) | 2,940 | 2,987,178 | ||||||
6.00%, 07/01/27 (c) | 1,320 | 1,358,971 | ||||||
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 09/01/27 (c) | 1,545 | 1,488,125 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
5.12%, 07/01/26 (c) | 250 | 250,091 | ||||||
5.25%, 07/01/26 (c) | 500 | 475,667 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series D (RB) | ||||||||
5.00%, 07/01/27 (c) | 270 | 247,998 | ||||||
5.00%, 07/01/27 (c) | 515 | 464,704 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c) | 500 | 459,256 |
See Notes to Financial Statements
17 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/28 (c) | $ | 1,000 | $ | 942,309 | ||||
Arizona Industrial Development Authority, Education Facility, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 1,500 | 1,177,825 | ||||||
5.25%, 07/01/23 (c) | 2,650 | 2,623,661 | ||||||
5.50%, 07/01/23 (c) | 2,100 | 1,997,554 | ||||||
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c) | 1,000 | 1,009,113 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.62%, 07/01/27 (d) * | 1,000 | 650,000 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) (d) * | 2,000 | 1,300,000 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c) | 500 | 487,034 | ||||||
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c) | 1,400 | 1,019,202 | ||||||
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG) 5.00%, 07/01/29 (c) | 6,990 | 7,256,303 | ||||||
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) | ||||||||
4.00%, 11/15/24 (c) | 250 | 235,025 | ||||||
5.00%, 11/15/24 (c) | 1,000 | 859,357 | ||||||
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/26 (c) | 1,340 | 1,103,854 | ||||||
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
4.00%, 07/01/25 | 315 | 309,482 | ||||||
5.00%, 07/01/25 (c) | 500 | 464,537 | ||||||
5.00%, 07/01/25 (c) | 900 | 902,866 | ||||||
5.00%, 07/01/25 (c) | 1,000 | 923,809 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c) | $ | 750 | $ | 755,036 | ||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c) | 2,320 | 2,119,613 | ||||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c) | 750 | 739,225 | ||||||
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c) | 5,830 | 4,839,632 | ||||||
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c) | 1,000 | 1,020,774 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) | ||||||||
5.00%, 07/01/29 (c) | 1,400 | 1,427,382 | ||||||
5.00%, 07/01/29 (c) | 1,300 | 1,330,729 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) | ||||||||
5.00%, 07/01/29 (c) | 500 | 481,187 | ||||||
5.00%, 07/01/29 (c) | 500 | 438,067 | ||||||
5.00%, 07/01/29 (c) | 1,990 | 1,776,856 | ||||||
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c) | 1,750 | 1,649,261 | ||||||
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 (d) * | 255 | 233,464 | ||||||
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/31 (c) | 5,000 | 3,828,471 | ||||||
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/24 (c) | 1,000 | 1,001,296 |
See Notes to Financial Statements
18 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/31 (c) | $ | 1,000 | $ | 781,114 | ||||
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/25 (c) | 1,250 | 1,251,022 | ||||||
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | ||||||||
5.25%, 07/01/26 (c) | 250 | 249,763 | ||||||
5.38%, 07/01/26 (c) | 250 | 237,704 | ||||||
5.50%, 07/01/26 (c) | 250 | 237,602 | ||||||
Pima County, Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/26 (c) | 1,000 | 1,009,047 | ||||||
Salt Verde Financial Corp. (RB) | ||||||||
5.00%, 12/01/37 | 9,605 | 9,964,241 | ||||||
5.25%, 12/01/24 | 305 | 309,206 | ||||||
5.25%, 12/01/25 | 265 | 271,565 | ||||||
5.25%, 12/01/27 | 215 | 224,864 | ||||||
5.25%, 12/01/28 | 245 | 258,908 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c) | 355 | 289,579 | ||||||
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) | ||||||||
6.00%, 10/01/27 (c) | 1,200 | 851,023 | ||||||
6.12%, 10/01/27 (c) | 600 | 366,158 | ||||||
70,504,483 | ||||||||
Arkansas: 0.9% | ||||||||
Arkansas Development Finance Authority, Big River Steel Project (RB) | ||||||||
4.50%, 09/01/26 (c) | 20,570 | 18,461,949 | ||||||
4.75%, 09/01/27 (c) | 5,000 | 4,665,380 | ||||||
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) 5.45%, 09/01/25 (c) | 3,000 | 2,995,391 | ||||||
26,122,720 | ||||||||
California: 12.1% | ||||||||
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
5.00%, 10/01/26 (c) | 5,000 | 5,135,156 | ||||||
5.00%, 10/01/26 (c) | 3,000 | 3,119,234 | ||||||
5.00%, 10/01/26 (c) | 1,650 | 1,708,024 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
5.00%, 10/01/26 (c) | $ | 2,230 | $ | 2,299,798 | ||||
Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
4.00%, 09/01/23 (c) | 615 | 574,098 | ||||||
4.00%, 09/01/23 (c) | 420 | 380,414 | ||||||
4.00%, 09/01/23 (c) | 160 | 158,552 | ||||||
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/27 (c) | 2,000 | 2,136,209 | ||||||
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/26 (c) | 1,480 | 1,517,334 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 08/01/29 (c) (p) | 1,000 | 1,061,434 | ||||||
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p) | 1,500 | 1,513,905 | ||||||
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c) | 1,695 | 1,711,295 | ||||||
California Community Housing Agency Senior Essential Housing, Series A-1 (RB) (AGM) 3.00%, 08/01/32 (c) | 3,000 | 1,937,815 | ||||||
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c) | 3,100 | 2,865,740 | ||||||
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c) | 11,735 | 9,060,609 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c) | 8,150 | 6,640,765 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/31 (c) | 4,000 | 2,666,217 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c) | 3,000 | 2,149,873 |
See Notes to Financial Statements
19 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c) | $ | 2,000 | $ | 1,375,801 | ||||
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c) | 3,000 | 2,488,408 | ||||||
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c) | 2,000 | 1,500,475 | ||||||
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c) | 4,500 | 3,715,685 | ||||||
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c) | 6,000 | 4,456,112 | ||||||
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 05/30/23 (c) | 15 | 15,232 | ||||||
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 05/15/23 (c) | 15 | 14,662 | ||||||
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c) | 1,170 | 1,085,782 | ||||||
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | ||||||||
4.00%, 08/15/27 (c) | 250 | 229,219 | ||||||
4.20%, 08/15/27 (c) | 500 | 498,552 | ||||||
5.00%, 08/15/27 (c) | 460 | 479,354 | ||||||
5.00%, 08/15/27 (c) | 990 | 1,014,397 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c) | 590 | 608,636 | ||||||
California Housing Finance Agency, Series A (RB) | ||||||||
3.50%, 11/20/35 | 969 | 918,496 | ||||||
4.00%, 03/20/33 | 3,782 | 3,777,085 | ||||||
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 11/01/31 (c) | 2,300 | 2,084,320 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/29 (c) | $ | 1,085 | $ | 1,234,083 | ||||
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c) | 1,000 | 772,333 | ||||||
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/31 (c) | 2,500 | 1,923,082 | ||||||
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL) 5.00%, 04/01/25 (c) | 1,910 | 1,787,502 | ||||||
California Municipal Finance Authority, California Baptist University, Series A (RB) | ||||||||
5.50%, 11/01/25 (c) | 500 | 504,284 | ||||||
6.12%, 11/01/23 (c) | 1,000 | 1,011,244 | ||||||
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c) | 1,000 | 886,463 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c) | 500 | 518,318 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) | 150 | 143,205 | ||||||
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) | ||||||||
3.00%, 05/15/31 (c) | 3,650 | 2,834,793 | ||||||
4.00%, 05/15/31 (c) | 5,000 | 4,714,271 | ||||||
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 | 1,462,695 | ||||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/27 (c) | 1,165 | 1,121,475 |
See Notes to Financial Statements
20 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | $ | 250 | $ | 265,422 | ||||
5.00%, 07/01/27 (c) | 200 | 212,367 | ||||||
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) | ||||||||
5.00%, 10/01/27 (c) | 500 | 444,708 | ||||||
5.00%, 10/01/27 (c) | 500 | 483,668 | ||||||
5.00%, 10/01/27 (c) | 500 | 456,295 | ||||||
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c) | 2,390 | 2,231,975 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
5.00%, 06/30/28 (c) | 500 | 533,060 | ||||||
5.00%, 06/30/28 | 65 | 69,292 | ||||||
5.00%, 06/30/28 (c) | 600 | 639,633 | ||||||
5.00%, 06/30/28 (c) | 2,490 | 2,538,616 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) | ||||||||
3.00%, 06/30/28 (c) | 1,950 | 1,877,924 | ||||||
5.00%, 06/30/28 (c) | 700 | 736,079 | ||||||
5.00%, 06/30/28 (c) | 1,000 | 1,034,386 | ||||||
5.00%, 06/30/28 (c) | 1,035 | 1,102,268 | ||||||
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c) | 230 | 227,062 | ||||||
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | ||||||||
5.00%, 07/01/26 (c) | 500 | 468,744 | ||||||
5.00%, 07/01/28 (c) | 1,000 | 894,126 | ||||||
5.00%, 07/01/28 (c) | 130 | 124,456 | ||||||
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/29 (c) | 2,000 | 1,949,920 | ||||||
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) | 250 | 238,676 | ||||||
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 19,000 | 18,529,915 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 07/01/23 (c) | $ | 1,500 | $ | 1,500,589 | ||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) | ||||||||
7.00%, 07/01/22 (d) * | 1,000 | 50,000 | ||||||
7.50%, 12/01/29 (c) (d) * | 7,000 | 350,000 | ||||||
7.50%, 05/30/23 (c) (d) * | 10,500 | 525,000 | ||||||
8.00%, 07/01/27 (c) (d) * | 6,635 | 331,750 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * | 1,000 | 130,000 | ||||||
California Pollution Control Financing Authority, Water Furnishing Poseidon Resources (Channelside) LP Desalination Project (RB) | ||||||||
5.00%, 07/01/23 (c) | 2,500 | 2,499,865 | ||||||
5.00%, 07/01/33 (c) | 1,000 | 1,046,183 | ||||||
5.00%, 07/01/33 (c) | 1,000 | 1,042,023 | ||||||
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/27 (c) | 400 | 361,568 | ||||||
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c) | 1,000 | 924,010 | ||||||
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | 300 | 289,957 | ||||||
5.00%, 07/01/27 (c) | 1,000 | 964,814 | ||||||
5.00%, 07/01/27 | 110 | 106,787 | ||||||
5.00%, 07/01/27 (c) | 485 | 469,446 | ||||||
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/26 (c) | 2,000 | 2,013,816 | ||||||
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/30 (c) | 1,000 | 897,048 | ||||||
California School Finance Authority, Hawking Steam Charter School Project (RB) 5.50%, 07/01/29 (c) | 1,000 | 982,554 | ||||||
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) 4.00%, 11/01/31 (c) | 2,700 | 1,999,025 |
See Notes to Financial Statements
21 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
4.00%, 11/01/31 (c) | $ | 1,000 | $ | 756,154 | ||||
California School Finance Authority, River Springs Charter School Project, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | 1,000 | 873,196 | ||||||
6.38%, 07/01/25 (c) | 4,425 | 4,767,599 | ||||||
California School Finance Authority, Rocketship Education, Series A (RB) | ||||||||
5.12%, 06/01/26 (c) | 250 | 231,592 | ||||||
5.25%, 06/01/26 (c) | 250 | 232,762 | ||||||
California Statewide Communities Development Authority, Baptist University, Series A (RB) | ||||||||
3.50%, 11/01/27 | 1,500 | 1,436,592 | ||||||
5.00%, 11/01/27 (c) | 1,000 | 995,222 | ||||||
6.38%, 11/01/23 (c) | 1,000 | 1,008,526 | ||||||
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c) | 250 | 228,143 | ||||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
5.50%, 05/30/23 (c) | 32 | 29,679 | ||||||
5.75%, 05/30/23 (c) | 6 | 5,678 | ||||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 05/30/23 (c) | 1 | 833 | ||||||
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) | ||||||||
5.00%, 05/15/26 (c) | 545 | 558,704 | ||||||
5.00%, 05/15/26 (c) | 385 | 397,557 | ||||||
California Statewide Communities Development Authority, John Muir Health, Series A (RB) 5.00%, 12/01/27 (c) | 2,305 | 2,380,023 | ||||||
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/29 (c) | 435 | 423,730 | ||||||
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c) | 75 | 75,227 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
5.00%, 06/01/26 (c) | $ | 1,595 | $ | 1,614,916 | ||||
5.00%, 06/01/26 (c) | 12,445 | 12,402,897 | ||||||
5.00%, 06/01/26 (c) | 350 | 361,077 | ||||||
5.25%, 12/01/24 (c) | 5,300 | 5,307,789 | ||||||
5.25%, 12/01/24 (c) | 1,740 | 1,777,023 | ||||||
5.25%, 06/01/26 (c) | 10,000 | 9,588,332 | ||||||
5.25%, 06/01/28 (c) | 1,000 | 972,927 | ||||||
5.50%, 12/01/24 (c) | 20,180 | 20,147,647 | ||||||
5.50%, 06/01/28 (c) | 7,500 | 7,464,277 | ||||||
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/28 (c) | 2,000 | 2,123,587 | ||||||
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) | ||||||||
5.00%, 06/01/26 (c) | 3,230 | 3,093,175 | ||||||
5.75%, 05/30/23 (c) | 125 | 124,996 | ||||||
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c) | 615 | 570,942 | ||||||
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c) | 3,170 | 3,194,442 | ||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 05/30/23 (c) | 3,175 | 3,226,723 | ||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/30/23 (c) | 900 | 914,659 | ||||||
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c) | 500 | 432,600 | ||||||
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) | 250 | 253,827 | ||||||
City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
4.00%, 09/01/23 (c) | 250 | 251,555 | ||||||
4.00%, 09/01/23 (c) | 230 | 232,396 |
See Notes to Financial Statements
22 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
4.00%, 09/01/23 (c) | $ | 250 | $ | 252,215 | ||||
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c) | 750 | 760,634 | ||||||
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c) | 2,500 | 2,148,348 | ||||||
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c) | 180 | 175,094 | ||||||
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c) | 810 | 825,453 | ||||||
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | ||||||||
3.75%, 09/01/27 (c) | 500 | 477,272 | ||||||
5.00%, 09/01/27 (c) | 155 | 163,507 | ||||||
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/27 (c) | 3,450 | 3,513,699 | ||||||
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c) | 200 | 204,641 | ||||||
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c) | 1,045 | 1,060,997 | ||||||
CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB) 4.00%, 04/01/31 (c) | 2,000 | 1,430,711 | ||||||
CMFA Special Finance Agency VII Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/31 (c) | 3,000 | 1,999,663 | ||||||
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB) 4.00%, 08/01/31 (c) | 1,985 | 1,531,394 | ||||||
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/31 (c) | 6,650 | 4,408,925 | ||||||
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 02/01/32 (c) | 1,000 | 786,474 | ||||||
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 02/01/32 (c) | 2,500 | 2,061,692 | ||||||
Compton Public Finance Authority (RB) | ||||||||
4.00%, 09/01/24 (c) | 1,000 | 982,403 | ||||||
4.50%, 09/01/24 (c) | 1,585 | 1,551,811 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
County of Los Angeles Community Facilities District No 2021-01 (ST) 5.00%, 09/01/29 (c) | $ | 1,000 | $ | 1,016,029 | ||||
CSCDA Community Improvement Authority Essential Housing, Acacia on Santa Rosa Creek, Series A (RB) (NATL) 4.00%, 10/01/31 (c) | 1,000 | 813,415 | ||||||
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c) | 1,000 | 754,623 | ||||||
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c) | 7,750 | 5,782,486 | ||||||
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c) | 3,000 | 2,469,612 | ||||||
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 12/01/31 (c) | 2,000 | 1,335,368 | ||||||
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB) | ||||||||
4.00%, 04/01/32 (c) | 1,000 | 695,176 | ||||||
4.00%, 05/01/32 (c) | 1,500 | 1,047,320 | ||||||
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/31 (c) | 1,000 | 734,922 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/31 (c) | 3,000 | 1,975,830 | ||||||
CSCDA Community Improvement Authority, Link-Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c) | 5,350 | 3,829,234 | ||||||
CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c) | 2,000 | 1,353,483 | ||||||
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c) | 2,500 | 1,893,085 |
See Notes to Financial Statements
23 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c) | $ | 2,000 | $ | 1,502,591 | ||||
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c) | 1,000 | 736,960 | ||||||
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c) | 1,000 | 722,491 | ||||||
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c) | 500 | 361,663 | ||||||
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 06/01/32 (c) | 2,000 | 1,498,718 | ||||||
Dublin Community Facilities District No 2015-1 (ST) | ||||||||
5.00%, 09/01/26 (c) | 500 | 510,873 | ||||||
5.00%, 09/01/26 (c) | 500 | 507,151 | ||||||
5.00%, 09/01/26 (c) | 500 | 519,740 | ||||||
5.00%, 09/01/27 (c) | 1,150 | 1,194,066 | ||||||
5.00%, 09/01/27 (c) | 485 | 494,337 | ||||||
Folsom Ranch Financing Authority (ST) | ||||||||
5.00%, 09/01/27 (c) | 1,100 | 1,155,625 | ||||||
5.00%, 09/01/27 (c) | 2,000 | 2,050,252 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 07/15/27 (c) | 100 | 90,873 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c) | 475 | 396,175 | ||||||
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) 5.00%, 12/01/31 (c) | 2,000 | 2,095,058 | ||||||
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 12/01/31 (c) ^ | 51,000 | 5,656,818 | ||||||
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c) | 250 | 197,468 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c) | $ | 405 | $ | 413,272 | ||||
Lammersville Joint Unified School District, Mountain House School Facilities (ST) 5.00%, 09/01/25 (c) | 1,000 | 1,023,543 | ||||||
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 05/30/23 (c) | 37 | 37,070 | ||||||
MSR Energy Authority, Series A (RB) | ||||||||
6.12%, 11/01/29 | 455 | 489,721 | ||||||
6.50%, 11/01/39 | 6,200 | 7,274,582 | ||||||
Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
4.25%, 08/15/25 (c) | 975 | 975,719 | ||||||
5.25%, 08/15/25 (c) | 455 | 463,511 | ||||||
Palm Desert California Improvement, Section 29 Assessment District No. 2004-02 (SA) 4.00%, 09/02/28 (c) | 1,200 | 1,149,812 | ||||||
Palomar Health (RB) 5.00%, 11/01/26 (c) | 250 | 261,895 | ||||||
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^ | 125 | 115,605 | ||||||
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c) | 1,000 | 1,011,648 | ||||||
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c) | 750 | 774,115 | ||||||
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/26 (c) | 500 | 508,830 | ||||||
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c) | 500 | 506,332 | ||||||
Roseville California Special Tax, The Ranch at Sierra Vista (ST) (AGM) 4.00%, 09/01/27 (c) | 1,000 | 864,582 | ||||||
Sacramento County, Community Facilities District No. 2005-2 (ST) | ||||||||
5.00%, 09/01/26 (c) | 495 | 502,424 | ||||||
5.00%, 09/01/26 (c) | 345 | 351,971 | ||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/31 (c) | 745 | 799,611 |
See Notes to Financial Statements
24 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
San Diego County, California Regional Airport, Series A (RB) 4.00%, 07/01/31 (c) | $ | 1,050 | $ | 1,036,365 | ||||
San Francisco California City & County Airport Commission International Airport, SFO Fuel Company LLC, Series A (RB) 5.00%, 01/01/29 (c) | 1,475 | 1,525,272 | ||||||
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/24 (c) | 4,750 | 4,771,525 | ||||||
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c) | 300 | 306,595 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c) | 500 | 518,990 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c) | 200 | 203,158 | ||||||
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c) | 2,000 | 1,879,595 | ||||||
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL) | ||||||||
0.00%, 01/15/25 ^ | 1,000 | 939,509 | ||||||
0.00%, 01/15/32 ^ | 145 | 103,925 | ||||||
0.00%, 01/15/36 ^ | 105 | 61,600 | ||||||
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 03/01/26 (c) | 500 | 507,502 | ||||||
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/23 (c) | 1,035 | 1,041,613 | ||||||
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c) | 4,500 | 4,124,133 | ||||||
Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Settlement, Series B-2 (RB) 0.00%, 12/01/30 (c) ^ | 20,000 | 3,382,952 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Tobacco Securitization Authority of Southern California, Series A (RB) 5.00%, 12/01/29 (c) | $ | 1,495 | $ | 1,549,155 | ||||
Tobacco Securitization Authority of Southern California, Series B (RB) 4.00%, 12/01/30 (c) | 1,205 | 1,181,694 | ||||||
Tustin Community Facilities District, Series A (ST) | ||||||||
5.00%, 09/01/25 (c) | 100 | 101,093 | ||||||
5.00%, 09/01/25 (c) | 100 | 101,509 | ||||||
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) | 750 | 762,998 | ||||||
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) | ||||||||
4.00%, 09/01/21 (d) * | 850 | 280,500 | ||||||
5.30%, 09/01/23 (c) (d) * | 530 | 174,900 | ||||||
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c) | 445 | 453,414 | ||||||
340,071,082 | ||||||||
Colorado: 3.0% | ||||||||
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 5.00%, 12/01/23 (c) | 500 | 487,589 | ||||||
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c) | 2,010 | 2,016,557 | ||||||
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 05/30/23 (c) | 1,000 | 1,002,738 | ||||||
Brighton Crossing Metropolitan District No. 6, Series A (GO) | ||||||||
5.00%, 12/01/25 (c) | 500 | 456,251 | ||||||
5.00%, 12/01/25 (c) | 500 | 477,928 | ||||||
Broadway Station Metropolitan District No. 3, Series A (GO) 5.00%, 06/01/24 (c) | 1,425 | 1,107,311 | ||||||
Centerra Metropolitan District No 1 in Larimer County, Colorado, Series A (GO) 5.00%, 12/01/25 (c) | 1,000 | 868,941 | ||||||
Centerra Metropolitan District No. 1 (TA) | ||||||||
5.00%, 05/30/23 (c) | 500 | 493,475 | ||||||
5.00%, 05/30/23 (c) | 500 | 453,766 | ||||||
5.00%, 05/30/23 (c) | 500 | 475,408 | ||||||
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c) | 10,195 | 10,206,163 |
See Notes to Financial Statements
25 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c) | $ | 2,250 | $ | 2,034,517 | ||||
Clear Creek Transit Metropolitan District No. 2, Colorado, Series A (GO) 5.00%, 12/01/26 (c) | 1,000 | 867,031 | ||||||
Colorado Bridge Enterprise, Central 70 Project (RB) 4.00%, 12/31/27 (c) | 2,700 | 2,415,944 | ||||||
Colorado Crossing Metropolitan District No. 2, Series A-2 (GO) 5.00%, 12/01/25 (c) | 3,000 | 2,619,580 | ||||||
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c) | 1,000 | 896,215 | ||||||
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c) | 500 | 458,860 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 510 | 499,511 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
3.25%, 08/01/29 (c) | 5 | 3,635 | ||||||
4.00%, 08/01/29 (c) | 4,735 | 4,294,470 | ||||||
5.00%, 08/01/29 (c) | 2,000 | 2,066,009 | ||||||
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 06/01/25 (c) | 1,000 | 1,010,895 | ||||||
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/32 (c) | 536 | 134,040 | ||||||
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) | ||||||||
5.00%, 12/31/24 (c) | 3,250 | 3,172,152 | ||||||
5.00%, 12/31/24 (c) | 350 | 344,578 | ||||||
Creekwalk Marketplace Business Improvement District, Series A (RB) | ||||||||
5.50%, 12/01/26 (c) | 500 | 446,685 | ||||||
5.75%, 12/01/26 (c) | 500 | 436,914 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/23 (c) | $ | 1,000 | $ | 1,002,972 | ||||
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) | ||||||||
4.50%, 11/01/25 (c) | 820 | 768,883 | ||||||
5.25%, 11/01/25 (c) | 2,345 | 2,259,736 | ||||||
5.50%, 11/01/25 (c) | 1,865 | 1,781,333 | ||||||
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c) | 1,000 | 963,380 | ||||||
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c) | 1,000 | 816,678 | ||||||
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/25 (c) | 1,000 | 801,990 | ||||||
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/24 (c) | 1,000 | 961,000 | ||||||
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c) | 540 | 460,517 | ||||||
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/26 (c) | 4,000 | 3,945,899 | ||||||
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38 | 2,000 | 2,397,831 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c) | 981 | 722,872 | ||||||
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c) | 5,750 | 4,042,138 | ||||||
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39 | 1,500 | 1,425,847 | ||||||
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40 | 1,615 | 1,517,089 | ||||||
Rocky Mountain Rail Park Metropolitan District, Series A (GO) | ||||||||
5.00%, 03/01/26 (c) | 2,000 | 1,152,260 | ||||||
5.00%, 03/01/26 (c) | 1,000 | 671,191 |
See Notes to Financial Statements
26 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Southglenn Metropolitan District (GO) 5.00%, 05/30/23 (c) | $ | 1,000 | $ | 936,843 | ||||
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c) | 1,200 | 1,127,471 | ||||||
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) 4.25%, 12/01/25 (c) | 1,000 | 786,783 | ||||||
Transport Metropolitan District No. 3 (GO) | ||||||||
5.00%, 03/01/26 (c) | 4,000 | 3,220,670 | ||||||
5.00%, 03/01/26 (c) | 4,200 | 3,767,859 | ||||||
Tree Farm Metropolitan District, Eagle County, Colorado (GO) 4.75%, 12/01/26 (c) | 2,000 | 1,712,647 | ||||||
Velocity Metropolitan District No. 3 (GO) | ||||||||
5.12%, 12/01/23 (c) | 500 | 498,036 | ||||||
5.38%, 12/01/23 (c) | 1,500 | 1,494,656 | ||||||
Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c) | 1,025 | 1,011,052 | ||||||
Windler Public Improvement Authority, Series A-1 (RB) (BAM) | ||||||||
4.00%, 09/01/26 (c) | 1,000 | 760,113 | ||||||
4.00%, 09/01/26 (c) | 1,000 | 693,148 | ||||||
4.12%, 09/01/26 (c) | 2,980 | 1,820,743 | ||||||
83,268,800 | ||||||||
Connecticut: 0.6% | ||||||||
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/09/23 (c) | 630 | 612,485 | ||||||
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) | ||||||||
5.00%, 09/01/26 (c) | 1,200 | 969,461 | ||||||
5.00%, 09/01/26 (c) | 3,500 | 2,943,617 | ||||||
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB) | ||||||||
5.00%, 07/01/29 (c) | 2,630 | 2,475,646 | ||||||
5.00%, 07/01/29 (c) | 1,100 | 1,057,023 | ||||||
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c) | 8,000 | 6,234,332 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c) | 2,000 | 1,715,275 |
Par (000’s | ) | Value | ||||||
Connecticut (continued) | ||||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
4.00%, 07/01/29 (c) | $ | 500 | $ | 461,639 | ||||
5.00%, 07/01/29 (c) | 1,000 | 1,031,228 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c) | 250 | 205,635 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c) | 250 | 196,411 | ||||||
17,902,752 | ||||||||
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 | 1,344,286 | ||||||
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) | ||||||||
4.00%, 06/01/32 (c) | 915 | 676,650 | ||||||
5.00%, 06/01/26 (c) | 1,000 | 914,299 | ||||||
5.00%, 06/01/26 (c) | 250 | 246,920 | ||||||
Delaware State Economic Development Authority (RB) 5.00%, 06/01/26 (c) | 1,100 | 982,870 | ||||||
4,165,025 | ||||||||
District of Columbia: 0.7% | ||||||||
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c) | 1,225 | 1,402,972 | ||||||
District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | ||||||||
5.00%, 07/01/24 (c) | 250 | 243,532 | ||||||
5.00%, 07/01/24 (c) | 1,180 | 1,046,581 | ||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) | ||||||||
5.00%, 06/01/30 (c) | 2,500 | 2,285,564 | ||||||
5.00%, 06/01/30 (c) | 500 | 482,169 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^ | 11,325 | 5,888,804 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 0.00%, 10/01/37 ^ | 2,020 | 1,103,087 |
See Notes to Financial Statements
27 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
District of Columbia (continued) | ||||||||
4.00%, 10/01/29 (c) | $ | 250 | $ | 253,545 | ||||
4.00%, 10/01/29 (c) | 7,315 | 7,060,363 | ||||||
6.50%, 10/01/28 (c) | 245 | 278,638 | ||||||
20,045,255 | ||||||||
Florida: 4.7% | ||||||||
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., at the University of Florida Project, Series B (RB) 5.00%, 12/01/24 (c) | 1,055 | 1,071,660 | ||||||
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series A (RB) 4.00%, 12/01/29 (c) | 1,000 | 898,627 | ||||||
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c) | 1,000 | 1,046,291 | ||||||
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/29 (c) | 2,150 | 2,123,041 | ||||||
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c) | 295 | 204,737 | ||||||
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c) | 7,200 | 6,563,632 | ||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c) | 1,335 | 1,291,252 | ||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c) | 500 | 459,290 | ||||||
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | ||||||||
4.50%, 01/01/29 (c) | 500 | 486,847 | ||||||
5.12%, 01/01/29 (c) | 500 | 479,537 | ||||||
5.25%, 01/01/29 (c) | 500 | 464,435 | ||||||
5.38%, 01/01/29 (c) | 500 | 467,445 | ||||||
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) | ||||||||
4.38%, 06/15/27 | 260 | 254,856 | ||||||
5.25%, 06/15/27 (c) | 500 | 475,063 | ||||||
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | ||||||||
4.00%, 12/01/28 | 2,200 | 2,054,217 | ||||||
5.25%, 12/01/28 (c) | 2,200 | 2,000,726 | ||||||
5.25%, 12/01/28 (c) | 2,000 | 1,903,291 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 07/01/30 (c) | $ | 2,250 | $ | 1,709,513 | ||||
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 3,000 | 3,271,574 | ||||||
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) | ||||||||
5.00%, 11/01/27 | 1,100 | 1,195,005 | ||||||
5.00%, 11/01/27 (c) | 2,500 | 2,725,755 | ||||||
5.00%, 11/01/27 (c) | 500 | 537,130 | ||||||
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
4.00%, 06/01/25 (c) | 230 | 223,472 | ||||||
5.00%, 06/01/25 (c) | 1,210 | 1,215,879 | ||||||
5.00%, 06/01/25 (c) | 300 | 299,635 | ||||||
Clay County, Florida (RB) 4.00%, 10/01/29 (c) | 1,100 | 1,087,591 | ||||||
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) | ||||||||
7.00%, 05/15/24 (d) * | 590 | 330,400 | ||||||
8.12%, 05/15/24 (c) (d) * | 460 | 257,600 | ||||||
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c) | 2,135 | 2,200,708 | ||||||
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c) | 1,645 | 1,721,616 | ||||||
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c) | 1,000 | 1,074,290 | ||||||
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 4.00%, 02/15/30 (c) | 2,000 | 1,787,933 | ||||||
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/01/32 (c) | 1,000 | 956,239 | ||||||
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/27 (c) | 2,225 | 2,214,338 | ||||||
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c) | 425 | 393,650 |
See Notes to Financial Statements
28 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB) | ||||||||
4.00%, 06/01/28 (c) | $ | 1,250 | $ | 786,429 | ||||
5.25%, 06/01/27 (c) | 1,000 | 843,881 | ||||||
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | ||||||||
5.75%, 06/15/24 (c) | 1,000 | 1,012,895 | ||||||
6.00%, 06/15/25 (c) | 500 | 505,100 | ||||||
6.12%, 06/15/25 (c) | 685 | 687,028 | ||||||
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/32 (c) | 1,000 | 913,744 | ||||||
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
6.38%, 01/01/26 (c) (p) | 9,695 | 9,219,518 | ||||||
6.50%, 01/01/29 (c) (p) | 9,750 | 9,201,603 | ||||||
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 3.00%, 06/01/24 (c) | 1,500 | 1,160,708 | ||||||
FRERC Community Development District (SA) (AGM) | ||||||||
5.38%, 11/01/29 (c) | 1,500 | 1,452,911 | ||||||
5.50%, 11/01/29 (c) | 2,450 | 2,330,232 | ||||||
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) | ||||||||
3.50%, 02/01/31 (c) | 1,500 | 1,176,413 | ||||||
4.00%, 02/01/31 (c) | 6,500 | 6,099,772 | ||||||
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c) | 2,000 | 1,716,616 | ||||||
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 05/30/23 (c) | 500 | 481,866 | ||||||
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c) | 1,000 | 838,410 | ||||||
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c) | 3,000 | 3,016,707 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 4.00%, 11/15/31 (c) | $ | 2,500 | $ | 2,276,640 | ||||
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c) | 1,880 | 1,893,202 | ||||||
Miami World Center Community Development District (SA) | ||||||||
5.12%, 11/01/27 (c) | 750 | 751,108 | ||||||
5.25%, 11/01/27 (c) | 250 | 246,738 | �� | |||||
Miami-Dade County Aviation, Series A (RB) (BAM-TCRS) 5.00%, 10/01/24 (c) | 3,000 | 3,025,989 | ||||||
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/29 (c) | 1,000 | 942,364 | ||||||
Miami-Dade County, Florida Expressway Authority Toll System, Series A (RB) 5.00%, 05/30/23 (c) | 2,450 | 2,456,815 | ||||||
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c) | 1,360 | 1,448,056 | ||||||
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
5.00%, 10/01/25 (c) | 500 | 510,467 | ||||||
5.00%, 10/01/25 (c) | 2,500 | 2,522,504 | ||||||
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c) | 1,000 | 1,005,598 | ||||||
Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
4.25%, 05/30/23 (c) | 705 | 704,833 | ||||||
5.00%, 05/30/23 (c) | 2,000 | 1,993,920 | ||||||
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c) | 155 | 164,141 | ||||||
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) | ||||||||
5.00%, 08/01/27 (c) | 200 | 192,021 | ||||||
5.00%, 08/01/27 (c) | 200 | 200,134 | ||||||
Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB) | ||||||||
0.00%, 10/01/29 (c) ^ | 2,905 | 1,118,420 | ||||||
0.00%, 10/01/29 (c) ^ | 1,250 | 512,519 |
See Notes to Financial Statements
29 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB) 5.00%, 06/01/25 (c) | $ | 3,230 | $ | 2,760,151 | ||||
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) | ||||||||
5.00%, 04/01/29 (c) | 1,000 | 961,733 | ||||||
5.00%, 04/01/29 (c) | 2,500 | 2,250,508 | ||||||
Palm Cost Park Community Development District (SA) 5.70%, 05/30/23 (c) | 155 | 155,075 | ||||||
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 | 5,000 | 5,045,388 | ||||||
Sawyer’s Landing Community Development District, Miami-Dade County, Florida (SA) 4.12%, 05/01/31 (c) | 1,055 | 887,381 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) | ||||||||
5.50%, 11/15/26 (c) | 500 | 387,898 | ||||||
5.75%, 11/15/26 (c) | 1,500 | 1,187,257 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/30/23 (c) | 2,600 | 2,403,071 | ||||||
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/25 (c) | 1,100 | 1,098,121 | ||||||
Village Community Development District No. 12 (SA) | ||||||||
3.25%, 05/01/26 | 195 | 192,360 | ||||||
3.62%, 05/01/26 (c) | 1,000 | 965,901 | ||||||
4.25%, 05/01/28 (c) | 920 | 834,562 | ||||||
Village Community Development District No. 13 (SA) | ||||||||
3.00%, 05/01/29 | 720 | 664,146 | ||||||
3.55%, 05/01/29 (c) | 2,780 | 2,301,882 | ||||||
130,952,011 | ||||||||
Georgia: 1.3% | ||||||||
Augusta, Georgia Development Authority, AU Health System, Inc. Project (RB) 5.00%, 01/01/29 (c) | 1,100 | 1,059,763 |
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c) | $ | 6,525 | $ | 5,975,213 | ||||
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c) | 2,000 | 1,831,483 | ||||||
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) | 1,250 | 1,219,505 | ||||||
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/27 (c) | 700 | 571,774 | ||||||
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c) | 2,250 | 1,823,377 | ||||||
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | 416 | 441,567 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/27 (c) | 2,680 | 2,663,353 | ||||||
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/27 (c) | 250 | 253,728 | ||||||
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 11/01/27 (c) (p) | 7,000 | 6,735,620 | ||||||
Marietta Development Authority, Life University, Inc. Project, Series A (RB) | ||||||||
5.00%, 11/01/27 (c) | 1,000 | 899,672 | ||||||
5.00%, 11/01/27 (c) | 5,000 | 4,805,543 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c) | 375 | 376,191 | ||||||
Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
5.00%, 01/01/25 (c) | 6,000 | 6,135,462 | ||||||
5.00%, 07/01/28 (c) | 1,250 | 1,263,487 | ||||||
White County Development Authority, Truett McConnell University Project, Series A (RB) | ||||||||
5.12%, 10/01/26 (c) | 500 | 446,048 | ||||||
5.25%, 10/01/26 (c) | 500 | 425,457 | ||||||
36,927,243 |
See Notes to Financial Statements
30 |
Par (000’s | ) | Value | ||||||
Guam: 0.9% | ||||||||
Guam Government (GO) 5.00%, 05/15/29 (c) | $ | 1,165 | $ | 1,219,152 | ||||
Guam Government (RB) | ||||||||
4.00%, 01/01/31 (c) | 1,000 | 975,032 | ||||||
5.00%, 12/01/26 (c) | 2,290 | 2,363,509 | ||||||
Guam Government, Business Privilege Tax, Series D (RB) | ||||||||
4.00%, 11/15/25 (c) | 600 | 537,997 | ||||||
5.00%, 11/15/25 (c) | 1,085 | 1,085,735 | ||||||
5.00%, 11/15/25 (c) | 1,100 | 1,110,719 | ||||||
5.00%, 11/15/25 (c) | 1,040 | 1,054,741 | ||||||
5.00%, 11/15/25 (c) | 5,805 | 5,906,516 | ||||||
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c) | 7,000 | 6,304,963 | ||||||
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) | ||||||||
4.25%, 02/01/30 | 500 | 502,770 | ||||||
5.00%, 02/01/30 (c) | 500 | 504,236 | ||||||
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30 | 750 | 808,012 | ||||||
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c) | 3,120 | 3,074,420 | ||||||
Guam Power Authority, Series A (RB) 5.00%, 10/01/27 (c) | 500 | 513,715 | ||||||
25,961,517 | ||||||||
Hawaii: 0.4% | ||||||||
Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB) 4.00%, 03/01/27 (c) | 5,000 | 4,803,763 | ||||||
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 05/30/23 (c) | 1,775 | 1,635,048 | ||||||
State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
6.25%, 07/01/23 (c) | 1,400 | 1,402,303 | ||||||
6.62%, 07/01/23 (c) | 2,085 | 2,090,165 | ||||||
9,931,279 | ||||||||
Idaho: 0.1% | ||||||||
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
3.50%, 09/01/26 (c) | 450 | 409,916 | ||||||
5.00%, 09/01/26 (c) | 1,135 | 1,142,338 | ||||||
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c) | 100 | 84,922 | ||||||
1,637,176 |
Par (000’s | ) | Value | ||||||
Illinois: 10.8% | ||||||||
Board of Education of the City of Chicago, Series A (GO) (AMBAC) 5.50%, 12/01/31 | $ | 1,285 | $ | 1,412,769 | ||||
Board of Education of the City of Chicago, Series C (GO) (AGM) 5.00%, 12/01/28 (c) | 500 | 538,112 | ||||||
Board of Education of the City of Chicago, Series H (GO) 5.00%, 12/01/27 (c) | 4,000 | 4,061,921 | ||||||
Chicago Board of Education, Series A (GO) | ||||||||
4.00%, 12/01/31 (c) | 6,250 | 5,386,042 | ||||||
4.00%, 12/01/31 (c) | 2,975 | 2,632,314 | ||||||
5.00%, 12/01/28 (c) | 1,265 | 1,321,069 | ||||||
5.00%, 12/01/28 (c) | 250 | 258,924 | ||||||
5.00%, 12/01/29 | 1,000 | 1,054,477 | ||||||
5.00%, 12/01/29 (c) | 1,195 | 1,254,218 | ||||||
5.00%, 12/01/30 (c) | 100 | 103,679 | ||||||
5.00%, 12/01/30 (c) | 6,350 | 6,416,937 | ||||||
5.00%, 12/01/30 (c) | 3,610 | 3,686,529 | ||||||
5.00%, 12/01/30 (c) | 6,990 | 7,181,532 | ||||||
5.00%, 12/01/30 (c) | 395 | 410,588 | ||||||
5.00%, 12/01/30 (c) | 6,000 | 6,088,607 | ||||||
5.00%, 12/01/30 (c) | 4,100 | 4,290,984 | ||||||
5.00%, 12/01/30 (c) | 5,575 | 5,849,874 | ||||||
5.00%, 12/01/31 (c) | 8,000 | 7,966,021 | ||||||
5.00%, 05/30/23 (c) | 13,755 | 13,703,398 | ||||||
7.00%, 12/01/25 (c) | 5,200 | 5,598,022 | ||||||
7.00%, 12/01/25 (c) | 14,210 | 14,983,671 | ||||||
7.00%, 12/01/27 (c) | 2,250 | 2,440,295 | ||||||
Chicago Board of Education, Series A (GO) (AGM) 5.00%, 12/01/28 (c) | 250 | 267,059 | ||||||
Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
5.50%, 12/01/25 | 145 | 149,041 | ||||||
5.50%, 12/01/26 | 175 | 181,902 | ||||||
Chicago Board of Education, Series A (GO) (NATL) | ||||||||
0.00%, 12/01/27 ^ | 760 | 639,364 | ||||||
0.00%, 12/01/28 ^ | 390 | 315,398 | ||||||
0.00%, 12/01/30 ^ | 55 | 40,752 | ||||||
5.50%, 12/01/26 | 355 | 371,278 | ||||||
Chicago Board of Education, Series B (GO) | ||||||||
4.00%, 12/01/31 (c) | 5,000 | 4,615,343 | ||||||
4.00%, 12/01/31 (c) | 5,000 | 4,590,315 | ||||||
4.00%, 12/01/31 (c) | 7,130 | 6,502,270 | ||||||
5.00%, 12/01/27 | 1,500 | 1,567,761 | ||||||
5.00%, 12/01/29 (c) | 200 | 208,251 | ||||||
5.00%, 12/01/30 (c) | 3,600 | 3,778,052 | ||||||
5.00%, 05/30/23 (c) | 3,235 | 3,241,892 | ||||||
5.00%, 05/30/23 (c) | 1,105 | 1,107,634 | ||||||
6.50%, 12/01/26 (c) | 4,000 | 4,204,391 |
See Notes to Financial Statements
31 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Series C (GO) | ||||||||
5.00%, 12/01/27 | $ | 2,000 | $ | 2,090,348 | ||||
5.00%, 12/01/27 (c) | 3,750 | 3,857,293 | ||||||
5.25%, 12/01/24 (c) | 8,485 | 8,582,938 | ||||||
5.25%, 12/01/24 (c) | 8,040 | 8,085,112 | ||||||
6.00%, 12/01/24 (c) | 1,160 | 1,190,440 | ||||||
Chicago Board of Education, Series D (GO) (AGM) | ||||||||
5.00%, 12/01/23 (c) | 5 | 4,927 | ||||||
5.00%, 12/01/28 (c) | 2,500 | 2,479,374 | ||||||
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c) | 2,415 | 2,441,215 | ||||||
Chicago Board of Education, Series G (GO) | ||||||||
5.00%, 12/01/27 (c) | 4,960 | 5,101,913 | ||||||
5.00%, 12/01/27 (c) | 3,000 | 2,984,197 | ||||||
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c) | 7,080 | 7,021,588 | ||||||
Chicago Midway International Airport, Series A (RB) 5.00%, 01/01/24 (c) | 2,500 | 2,523,944 | ||||||
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) | 2,500 | 2,513,563 | ||||||
Chicago O’Hare International Airport (RB) | ||||||||
5.00%, 07/01/28 (c) | 3,000 | 2,979,810 | ||||||
5.50%, 05/30/23 (c) | 400 | 400,654 | ||||||
5.75%, 05/30/23 (c) | 8,915 | 8,926,564 | ||||||
5.75%, 05/30/23 (c) | 1,585 | 1,587,137 | ||||||
Chicago O’Hare International Airport, Series B (RB) 4.00%, 05/30/23 (c) | 1,500 | 1,500,442 | ||||||
Chicago School Reform Board of Trustees, Series A (GO) (NATL) | ||||||||
0.00%, 12/01/25 ^ | 355 | 321,770 | ||||||
0.00%, 12/01/29 ^ | 1,460 | 1,131,256 | ||||||
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
0.00%, 12/01/24 ^ | 1,165 | 1,095,065 | ||||||
0.00%, 12/01/25 ^ | 1,650 | 1,495,549 | ||||||
0.00%, 12/01/26 ^ | 1,630 | 1,424,031 | ||||||
0.00%, 12/01/27 ^ | 1,030 | 866,506 | ||||||
0.00%, 12/01/28 ^ | 690 | 558,013 | ||||||
0.00%, 12/01/29 ^ | 645 | 499,767 | ||||||
0.00%, 12/01/31 ^ | 520 | 367,623 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26 | 100 | 105,140 | ||||||
City of Chicago, City Colleges (GO) (NATL) 0.00%, 01/01/28 ^ | 345 | 287,303 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
0.00%, 01/01/30 ^ | $ | 420 | $ | 321,852 | ||||
0.00%, 01/01/33 ^ | 985 | 656,695 | ||||||
0.00%, 01/01/34 ^ | 760 | 482,258 | ||||||
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25 | 235 | 240,371 | ||||||
City of Chicago, Series A (GO) | ||||||||
5.00%, 01/01/27 | 200 | 209,661 | ||||||
5.00%, 01/01/27 | 1,000 | 1,048,307 | ||||||
5.00%, 01/01/31 (c) | 3,000 | 3,243,574 | ||||||
5.00%, 01/01/31 (c) | 3,000 | 3,232,946 | ||||||
5.25%, 01/01/24 (c) | 1,810 | 1,819,988 | ||||||
5.50%, 01/01/29 (c) | 1,000 | 1,042,326 | ||||||
6.00%, 01/01/27 (c) | 5,000 | 5,325,073 | ||||||
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^ | 140 | 112,019 | ||||||
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 | 2,775 | 2,969,345 | ||||||
City of Chicago, Series B (GO) 5.25%, 01/01/25 (c) | 2,195 | 2,243,260 | ||||||
City of Chicago, Series C (GO) | ||||||||
0.00%, 01/01/32 ^ | 195 | 135,186 | ||||||
5.00%, 01/01/24 | 10 | 10,086 | ||||||
5.00%, 01/01/25 | 1,760 | 1,800,223 | ||||||
5.00%, 01/01/26 (c) | 250 | 257,200 | ||||||
5.00%, 01/01/26 | 380 | 393,772 | ||||||
City of Chicago, Series D (GO) 5.50%, 01/01/25 (c) | 5,000 | 5,091,012 | ||||||
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30 | 990 | 1,074,635 | ||||||
City of Harvey, Series A (GO) | ||||||||
5.50%, 05/30/23 (c) (d) * | 465 | 426,056 | ||||||
5.62%, 05/30/23 (c) (d) * | 3,600 | 3,298,500 | ||||||
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26 | 1,200 | 1,243,479 | ||||||
Illinois Finance Authority Student Housing and Academic Facility, CHF - Chicago, L.L.C. - University of Illinois at Chicago Project, Series A (RB) 5.00%, 08/15/27 (c) | 4,125 | 3,947,716 | ||||||
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c) | 1,000 | 786,956 | ||||||
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/24 (c) | 390 | 321,071 | ||||||
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 05/30/23 (c) | 35 | 33,395 |
See Notes to Financial Statements
32 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) | ||||||||
5.00%, 07/01/25 (c) | $ | 1,000 | $ | 951,315 | ||||
5.00%, 07/01/25 (c) | 1,340 | 1,101,634 | ||||||
Illinois Finance Authority, Christian Homes, Inc. (RB) 5.00%, 05/15/26 (c) | 1,875 | 1,721,966 | ||||||
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
4.75%, 05/15/23 (c) | 615 | 601,547 | ||||||
5.12%, 05/15/23 (c) | 230 | 223,681 | ||||||
5.25%, 05/15/23 (c) | 750 | 728,062 | ||||||
Illinois Finance Authority, Friendship Village of Schaumburg (RB) | ||||||||
5.00%, 02/15/27 (d) * | 3,000 | 1,350,000 | ||||||
5.00%, 02/15/27 (c) (d) * | 6,500 | 2,925,000 | ||||||
5.12%, 02/15/27 (c) (d) * | 6,130 | 2,758,500 | ||||||
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c) | 100 | 84,383 | ||||||
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/29 (c) | 175 | 160,558 | ||||||
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c) | 500 | 513,279 | ||||||
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) | ||||||||
5.00%, 11/01/26 (c) | 500 | 477,559 | ||||||
5.00%, 11/01/26 (c) | 5 | 4,544 | ||||||
5.00%, 11/01/26 (c) | 250 | 236,670 | ||||||
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 05/30/23 (c) | 475 | 460,669 | ||||||
Illinois Sports Facilities Authority (RB) | ||||||||
5.00%, 06/15/28 | 1,000 | 1,029,719 | ||||||
5.00%, 06/15/29 (c) | 3,055 | 3,134,274 | ||||||
5.00%, 06/15/29 | 1,000 | 1,031,545 | ||||||
5.00%, 06/15/30 | 1,000 | 1,023,852 | ||||||
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c) | 1,000 | 1,013,722 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 690 | 606,139 | ||||||
Illinois State, Series A (GO) | ||||||||
5.00%, 12/01/27 (c) | 500 | 534,344 | ||||||
5.00%, 05/01/28 (c) | 500 | 518,866 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
3.00%, 12/15/24 (c) | $ | 2,000 | $ | 1,967,072 | ||||
4.00%, 12/15/31 (c) | 75 | 68,824 | ||||||
5.00%, 12/15/29 (c) | 6,500 | 6,572,630 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) | ||||||||
0.00%, 12/15/30 ^ | 475 | 359,914 | ||||||
0.00%, 12/15/34 ^ | 590 | 369,765 | ||||||
0.00%, 06/15/30 ^ | 745 | 576,518 | ||||||
0.00%, 06/15/31 ^ | 125 | 92,692 | ||||||
0.00%, 06/15/34 ^ | 190 | 122,270 | ||||||
0.00%, 06/15/39 ^ | 115 | 55,946 | ||||||
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 05/30/23 (c) | 585 | 466,856 | ||||||
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB) 4.00%, 12/01/26 (c) | 2,000 | 2,028,900 | ||||||
Northern Illinois University Board of Trustees, Auxiliary Facilities System (RB) (BAM) 4.00%, 04/01/31 (c) | 1,200 | 1,160,573 | ||||||
State of Illinois (GO) | ||||||||
3.50%, 06/01/26 (c) | 175 | 173,166 | ||||||
4.00%, 01/01/26 (c) | 610 | 618,646 | ||||||
4.00%, 05/01/24 | 660 | 662,607 | ||||||
4.00%, 06/01/26 (c) | 460 | 454,883 | ||||||
4.00%, 06/01/26 (c) | 360 | 362,601 | ||||||
4.00%, 06/01/26 (c) | 270 | 271,062 | ||||||
4.00%, 08/08/23 (c) | 150 | 150,273 | ||||||
4.12%, 11/01/26 (c) | 600 | 612,926 | ||||||
4.12%, 08/08/23 (c) | 160 | 160,344 | ||||||
5.00%, 11/01/24 | 200 | 204,195 | ||||||
5.00%, 02/01/24 (c) | 375 | 379,105 | ||||||
5.00%, 02/01/24 (c) | 350 | 353,787 | ||||||
5.00%, 02/01/27 | 500 | 529,838 | ||||||
5.00%, 05/01/24 (c) | 175 | 177,106 | ||||||
5.00%, 05/01/24 (c) | 100 | 101,093 | ||||||
5.00%, 06/01/26 | 125 | 130,977 | ||||||
5.25%, 07/10/23 (c) | 510 | 511,821 | ||||||
5.25%, 07/10/23 (c) | 290 | 291,035 | ||||||
5.25%, 07/10/23 (c) | 550 | 551,964 | ||||||
5.50%, 07/10/23 (c) | 560 | 562,259 | ||||||
State of Illinois (RB) 3.00%, 06/15/26 (c) | 100 | 94,854 | ||||||
State of Illinois, Series A (GO) | ||||||||
4.00%, 08/08/23 (c) | 100 | 100,182 | ||||||
5.00%, 10/01/28 | 500 | 543,367 | ||||||
5.00%, 11/01/28 | 5 | 5,440 | ||||||
5.00%, 12/01/27 (c) | 100 | 105,969 | ||||||
5.00%, 05/01/28 (c) | 365 | 380,097 |
See Notes to Financial Statements
33 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
5.00%, 08/08/23 (c) | $ | 110 | $ | 110,489 | ||||
State of Illinois, Series D (GO) | ||||||||
5.00%, 11/01/25 | 250 | 259,305 | ||||||
5.00%, 11/01/26 | 2,000 | 2,111,772 | ||||||
5.00%, 11/01/27 | 2,975 | 3,190,620 | ||||||
5.00%, 11/01/27 (c) | 4,935 | 5,300,024 | ||||||
Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB) 6.00%, 03/01/30 (c) | 1,000 | 969,041 | ||||||
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c) | 500 | 463,505 | ||||||
Village of Bridgeview (GO) 5.00%, 05/30/23 (c) | 360 | 312,793 | ||||||
Will County Community High School District No. 210, Series B (GO) | ||||||||
0.00%, 01/01/29 ^ | 90 | 73,182 | ||||||
0.00%, 01/01/31 ^ | 245 | 184,088 | ||||||
0.00%, 01/01/33 ^ | 540 | 372,150 | ||||||
301,481,484 | ||||||||
Indiana: 0.8% | ||||||||
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 05/30/23 (c) | 215 | 205,182 | ||||||
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c) | 150 | 150,195 | ||||||
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30 | 1,500 | 1,364,922 | ||||||
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/27 (c) | 4,000 | 4,095,210 | ||||||
Indiana Finance Authority, Deaconess Health System, Series A (RB) 5.00%, 09/01/26 (c) | 1,000 | 1,069,105 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 | 7,000 | 7,011,385 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 | 3,500 | 3,184,819 |
Par (000’s | ) | Value | ||||||
Indiana (continued) | ||||||||
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | $ | 5,500 | $ | 5,419,825 | ||||
22,500,643 | ||||||||
Iowa: 0.8% | ||||||||
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | 1,025 | 1,012,673 | ||||||
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) | ||||||||
5.00%, 05/15/27 (c) | 4,000 | 2,970,892 | ||||||
5.00%, 05/15/27 (c) | 655 | 506,226 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 05/30/23 (c) | 7,655 | 7,382,950 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p) | 5,605 | 5,630,192 | ||||||
Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
4.00%, 10/01/25 | 1,660 | 1,602,185 | ||||||
5.00%, 10/01/25 (c) | 2,115 | 1,907,060 | ||||||
21,012,178 | ||||||||
Kansas: 0.6% | ||||||||
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c) | 250 | 232,586 | ||||||
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/27 (c) | 1,000 | 923,734 | ||||||
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c) | 3,000 | 2,169,195 | ||||||
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/25 (c) | 850 | 849,230 | ||||||
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c) | 250 | 231,359 | ||||||
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/28 (c) | 1,000 | 817,290 |
See Notes to Financial Statements
34 |
Par (000’s | ) | Value | ||||||
Kansas (continued) | ||||||||
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB) | ||||||||
6.25%, 12/01/29 (c) | $ | 1,000 | $ | 980,047 | ||||
6.50%, 12/01/29 (c) | 1,000 | 976,839 | ||||||
Wichita Kansas Health Care Facilities, Presbyterian Manors, Inc., Series IV-A (RB) 6.50%, 05/30/23 (c) | 2,995 | 2,983,889 | ||||||
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) | ||||||||
5.00%, 09/01/25 (c) | 295 | 282,463 | ||||||
5.75%, 09/01/25 (c) | 4,565 | 4,288,299 | ||||||
6.00%, 09/01/25 (c) | 2,125 | 1,996,172 | ||||||
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^ | 2,940 | 1,118,163 | ||||||
17,849,266 | ||||||||
Kentucky: 0.7% | ||||||||
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/26 (c) | 100 | 103,408 | ||||||
City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) 4.45%, 01/01/32 (c) | 2,250 | 2,116,450 | ||||||
Kentucky Economic Development Finance Authority Hospital, Series A (RB) 5.00%, 06/01/27 (c) | 1,315 | 1,356,691 | ||||||
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 05/30/23 (c) | 760 | 756,334 | ||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/27 (c) | 4,655 | 4,793,309 | ||||||
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
5.00%, 05/15/26 (c) | 350 | 296,630 | ||||||
5.00%, 05/15/26 (c) | 2,545 | 2,322,281 | ||||||
5.00%, 05/15/26 (c) | 250 | 186,550 | ||||||
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) 5.38%, 05/19/23 (c) | 400 | 363,605 |
Par (000’s | ) | Value | ||||||
Kentucky (continued) | ||||||||
5.50%, 05/19/23 (c) | $ | 250 | $ | 205,589 | ||||
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c) | 865 | 839,953 | ||||||
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | ||||||||
5.00%, 06/01/26 | 175 | 181,753 | ||||||
5.00%, 06/01/27 (c) | 990 | 996,568 | ||||||
5.25%, 06/01/27 (c) | 750 | 771,350 | ||||||
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c) | 500 | 503,831 | ||||||
Kentucky State Property and Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c) | 2,000 | 2,143,167 | ||||||
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 (c) | 1,045 | 1,099,121 | ||||||
19,036,590 | ||||||||
Louisiana: 0.9% | ||||||||
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/29 (c) | 3,800 | 3,429,879 | ||||||
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/25 | 100 | 104,789 | ||||||
Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c) | 2,075 | 1,926,359 | ||||||
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 | 423,382 | ||||||
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 | 789,354 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c) | 2,000 | 1,747,899 |
See Notes to Financial Statements
35 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/29 (c) | $ | 2,000 | $ | 1,784,431 | ||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 05/30/23 (c) | 175 | 141,115 | ||||||
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 | 381,470 | ||||||
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/33 (c) | 1,500 | 1,491,297 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) (SAW) 3.00%, 05/15/30 (c) | 1,250 | 915,297 | ||||||
Louisiana Public Facilities Authority, Series A (RB) 4.00%, 12/15/27 (c) | 1,940 | 1,863,211 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) * | 2,259 | 23 | ||||||
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) 8.38%, 07/01/24 (c) (d) * | 1,389 | 14 | ||||||
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/25 (c) | 2,160 | 2,175,276 | ||||||
Parish of St James, Nustar Logistics, LP Project (RB) | ||||||||
5.85%, 06/01/25 (p) | 750 | 769,564 | ||||||
6.35%, 06/01/30 (c) | 4,000 | 4,325,902 | ||||||
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c) | 1,000 | 1,081,476 |
Par (000’s | ) | Value | ||||||
Louisiana (continued) | ||||||||
Tangipahoa Parish, Louisiana Hospital Service, District No.1, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c) | $ | 1,530 | $ | 1,523,441 | ||||
24,874,195 | ||||||||
Maine: 0.3% | ||||||||
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) | ||||||||
4.00%, 07/01/26 (c) | 1,695 | 1,447,075 | ||||||
5.00%, 07/01/26 (c) | 1,000 | 993,106 | ||||||
5.00%, 07/01/26 (c) | 5,345 | 4,959,382 | ||||||
7,399,563 | ||||||||
Maryland: 1.6% | ||||||||
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/31 (c) | 1,000 | 960,754 | ||||||
City of Baltimore, Convention Center Hotel (RB) | ||||||||
5.00%, 09/01/27 (c) | 1,000 | 988,897 | ||||||
5.00%, 09/01/27 (c) | 1,000 | 1,018,464 | ||||||
5.00%, 09/01/27 (c) | 2,250 | 2,168,362 | ||||||
5.00%, 09/01/27 (c) | 2,000 | 1,885,095 | ||||||
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c) | 500 | 503,813 | ||||||
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c) | 250 | 250,419 | ||||||
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary’s University, Series A (RB) 5.00%, 09/01/27 (c) | 1,000 | 952,697 | ||||||
County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c) | 500 | 515,282 | ||||||
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/30 (c) | 2,000 | 1,749,005 | ||||||
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c) | 4,100 | 3,706,152 | ||||||
Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 (c) | 2,000 | 1,996,910 |
See Notes to Financial Statements
36 |
Par (000’s | ) | Value | ||||||
Maryland (continued) | ||||||||
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/30 (c) | $ | 2,000 | $ | 1,949,734 | ||||
Howard County, Series A (TA) 4.50%, 02/15/26 (c) | 2,500 | 2,272,054 | ||||||
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 05/30/23 (c) | 7,785 | 7,853,236 | ||||||
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | ||||||||
3.75%, 01/01/27 (c) | 100 | 97,090 | ||||||
4.38%, 01/01/27 (c) | 470 | 443,450 | ||||||
4.50%, 01/01/27 (c) | 530 | 485,960 | ||||||
Maryland Economic Development Corp., Port Covington Project (TA) | ||||||||
3.25%, 09/01/30 | 1,500 | 1,383,605 | ||||||
4.00%, 09/01/30 (c) | 3,250 | 2,686,221 | ||||||
4.00%, 09/01/30 (c) | 2,250 | 1,996,856 | ||||||
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.25%, 06/30/32 (c) | 3,085 | 3,132,536 | ||||||
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) | ||||||||
4.00%, 07/01/26 (c) | 400 | 362,582 | ||||||
5.00%, 07/01/26 (c) | 250 | 255,086 | ||||||
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) | ||||||||
4.00%, 07/01/25 (c) | 210 | 211,013 | ||||||
4.25%, 07/01/25 (c) | 145 | 145,286 | ||||||
5.00%, 07/01/25 (c) | 500 | 508,164 | ||||||
5.00%, 07/01/25 (c) | 1,500 | 1,517,431 | ||||||
5.00%, 07/01/25 (c) | 625 | 643,099 | ||||||
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c) | 750 | 676,802 | ||||||
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/27 (c) | 1,000 | 905,309 | ||||||
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c) | 500 | 502,328 | ||||||
44,723,692 |
Par (000’s | ) | Value | ||||||
Massachusetts: 1.4% | ||||||||
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | $ | 365 | $ | 355,136 | ||||
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) | ||||||||
4.00%, 07/01/25 (c) | 535 | 490,800 | ||||||
5.00%, 07/01/25 (c) | 2,120 | 2,143,719 | ||||||
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | 1,000 | 951,632 | ||||||
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c) | 500 | 507,727 | ||||||
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c) | 1,035 | 1,042,061 | ||||||
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c) | 2,400 | 1,963,267 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/27 (c) | 1,000 | 901,271 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c) | 350 | 322,404 | ||||||
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | ||||||||
5.00%, 11/15/25 (c) | 500 | 512,532 | ||||||
5.12%, 11/15/25 (c) | 500 | 508,368 | ||||||
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
4.00%, 05/19/23 (c) | 1,000 | 960,455 | ||||||
4.12%, 05/19/23 (c) | 2,500 | 2,154,595 | ||||||
5.00%, 05/19/23 (c) | 1,400 | 1,308,283 | ||||||
5.00%, 05/19/23 (c) | 14,550 | 13,060,850 | ||||||
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c) | 1,500 | 1,432,152 | ||||||
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c) | 5 | 4,010 |
See Notes to Financial Statements
37 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | $ | 1,930 | $ | 1,907,042 | ||||
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c) | 2,000 | 1,843,349 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) | ||||||||
5.00%, 07/01/26 (c) | 190 | 199,413 | ||||||
5.00%, 07/01/26 (c) | 510 | 513,568 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 4.00%, 01/01/29 (c) | 5,000 | 4,284,266 | ||||||
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c) | 1,250 | 1,304,697 | ||||||
38,671,597 | ||||||||
Michigan: 1.1% | ||||||||
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c) | 290 | 290,395 | ||||||
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/30 (c) | 250 | 257,544 | ||||||
City of Detroit, Michigan Unlimited Tax, Series A (GO) | ||||||||
5.00%, 04/01/31 (c) | 1,475 | 1,427,372 | ||||||
5.00%, 04/01/31 (c) | 135 | 132,520 | ||||||
Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF) 4.00%, 07/01/28 (c) | 1,000 | 808,169 | ||||||
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c) | 500 | 427,949 | ||||||
Flint Michigan Hospital Building Authority, Hurley Medical Center, Series A (RB) 5.25%, 07/01/23 (c) | 2,000 | 2,001,618 | ||||||
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/23 (c) | 395 | 389,538 | ||||||
Michigan Finance Authority, Mid Michigan Health Credit Group (RB) 5.00%, 06/01/24 (c) | 1,040 | 1,061,530 |
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Michigan Finance Authority, Presbyterian Villages of Michigan (RB) | ||||||||
5.25%, 11/15/25 (c) | $ | 250 | $ | 231,973 | ||||
5.50%, 11/15/25 (c) | 300 | 263,792 | ||||||
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
5.00%, 07/01/24 (c) | 215 | 215,756 | ||||||
5.00%, 07/01/24 (c) | 3,575 | 3,581,605 | ||||||
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c) | 2,235 | 2,281,546 | ||||||
Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30 | 9,000 | 9,392,647 | ||||||
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c) | 795 | 803,200 | ||||||
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 12/01/30 (c) ^ | 15,500 | 1,561,076 | ||||||
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24 | 100 | 99,596 | ||||||
Michigan Strategic Fund, Evangelical Homes Project (RB) | ||||||||
5.25%, 05/30/23 (c) | 1,000 | 911,374 | ||||||
5.50%, 05/30/23 (c) | 2,000 | 1,615,564 | ||||||
Michigan Strategic Fund, I-75 Improvement Project (RB) | ||||||||
5.00%, 12/31/28 (c) | 700 | 735,505 | ||||||
5.00%, 12/31/28 (c) | 1,250 | 1,252,539 | ||||||
5.00%, 12/31/28 (c) | 600 | 631,118 | ||||||
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 05/15/23 (c) ^ | 260 | 30,267 | ||||||
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/28 (c) | 1,000 | 827,230 | ||||||
31,231,423 | ||||||||
Minnesota: 0.7% | ||||||||
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c) | 135 | 127,953 | ||||||
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 500 | 473,869 | ||||||
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.50%, 07/01/25 (c) | 245 | 214,574 |
See Notes to Financial Statements
38 |
Par (000’s | ) | Value | ||||||
Minnesota (continued) | ||||||||
5.50%, 07/01/25 (c) | $ | 250 | $ | 230,364 | ||||
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/29 (c) | 3,000 | 2,615,655 | ||||||
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
5.25%, 07/01/25 (c) | 500 | 500,211 | ||||||
5.50%, 07/01/25 (c) | 2,860 | 2,863,804 | ||||||
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c) | 500 | 482,971 | ||||||
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c) | 115 | 110,726 | ||||||
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) * | 2,000 | 200,000 | ||||||
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) | ||||||||
4.00%, 07/01/25 (c) | 1,000 | 1,006,944 | ||||||
5.75%, 09/01/26 (c) | 325 | 325,966 | ||||||
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) | 2,000 | 2,043,113 | ||||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c) | 3,730 | 3,393,259 | ||||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/19/23 (c) | 975 | 812,105 | ||||||
Minnesota Higher Education Facilities Authority, Bethel University (RB) 5.00%, 05/01/27 (c) | 2,000 | 1,810,875 | ||||||
Rochester Minnesota Health Care and Housing, Samaritan Bethany, Inc., Project, Series A (RB) 5.00%, 08/01/25 (c) | 1,075 | 887,668 | ||||||
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c) | 250 | 213,156 | ||||||
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/28 (c) | 1,150 | 818,019 | ||||||
19,131,232 |
Par (000’s | ) | Value | ||||||
Mississippi: 0.3% | ||||||||
Mississippi Business Finance Corp., Enviva, Inc. Project, (RB) 7.75%, 07/15/32 (c) (p) | $ | 4,000 | $ | 4,039,531 | ||||
Mississippi Business Finance Corp., System Energy Resources Inc. Project (RB) 2.38%, 06/01/26 (c) | 2,250 | 1,429,146 | ||||||
Mississippi Development Bank, Magnolia Regional Health Center Project (RB) 4.00%, 10/01/31 (c) | 3,500 | 2,975,418 | ||||||
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c) | 1,000 | 1,016,697 | ||||||
9,460,792 | ||||||||
Missouri: 1.2% | ||||||||
Boone County, Boone Hospital Center (RB) | ||||||||
3.00%, 08/01/26 (c) | 410 | 294,119 | ||||||
4.00%, 08/01/26 (c) | 565 | 422,250 | ||||||
5.00%, 08/01/26 (c) | 1,000 | 934,898 | ||||||
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c) | 2,750 | 1,865,241 | ||||||
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c) | 1,000 | 1,036,729 | ||||||
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/23 (c) | 15 | 15,008 | ||||||
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c) | 500 | 463,393 | ||||||
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 05/30/23 (c) | 40 | 38,984 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c) | 250 | 201,056 | ||||||
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c) | 475 | 378,950 | ||||||
I-470 Western Gateway Transportation Development District, Series A (RB) | ||||||||
4.50%, 12/01/26 (c) | 300 | 295,128 | ||||||
5.25%, 12/01/26 (c) | 1,100 | 1,101,726 |
See Notes to Financial Statements
39 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Missouri (continued) | ||||||||
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46 | $ | 5,352 | $ | 3,997,173 | ||||
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c) | 4,475 | 3,267,624 | ||||||
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) | ||||||||
5.25%, 05/15/27 (c) | 1,500 | 1,337,918 | ||||||
5.25%, 05/15/27 (c) | 4,000 | 3,258,690 | ||||||
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) | ||||||||
5.00%, 08/15/24 (c) | 1,550 | 1,371,580 | ||||||
5.00%, 08/15/25 (c) | 2,430 | 2,253,780 | ||||||
5.00%, 08/15/25 (c) | 2,000 | 1,661,159 | ||||||
Lee’s Summit, Missouri Summit Fair Project (TA) 4.88%, 11/01/27 (c) | 2,500 | 2,257,593 | ||||||
Missouri State Health & Educational Facilities Authority, University of Health Sciences and Pharmacy in St. Louis, Series A (RB) 4.00%, 05/01/33 (c) | 2,000 | 1,760,605 | ||||||
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c) | 3,000 | 2,782,589 | ||||||
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c) | 1,000 | 724,106 | ||||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c) | 500 | 466,922 | ||||||
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c) | 150 | 142,463 | ||||||
University City of Missouri Industrial Development Authority of University City, Missouri, Series A (RB) 4.88%, 06/15/33 (c) | 1,000 | 1,001,135 | ||||||
33,330,819 |
Par (000’s | ) | Value | ||||||
Montana: 0.2% | ||||||||
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 05/30/23 (c) | $ | 2,000 | $ | 2,000,104 | ||||
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/31 (c) | 415 | 394,623 | ||||||
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) | ||||||||
4.12%, 07/01/28 (c) | 500 | 482,549 | ||||||
5.00%, 07/01/28 (c) | 1,270 | 1,278,698 | ||||||
4,155,974 | ||||||||
Nebraska: 0.1% | ||||||||
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | ||||||||
5.00%, 09/01/34 | 1,000 | 1,097,215 | ||||||
5.00%, 09/01/36 | 500 | 540,044 | ||||||
5.00%, 09/01/42 | 1,780 | 1,856,057 | ||||||
Central Plains Energy Project, Series G (RB) 5.00%, 10/01/29 (c) (p) | 235 | 246,134 | ||||||
3,739,450 | ||||||||
Nevada: 0.3% | ||||||||
City of Las Vegas, Special Improvement District No. 814 (SA) | ||||||||
4.00%, 06/01/29 (c) | 235 | 201,022 | ||||||
4.00%, 06/01/29 (c) | 540 | 444,024 | ||||||
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 05/30/23 (c) | 1,175 | 1,162,879 | ||||||
Clark County School District, Series A (GO) 5.00%, 06/15/26 | 2,000 | 2,130,037 | ||||||
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c) | 170 | 171,452 | ||||||
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c) | 625 | 572,643 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c) | 230 | 210,918 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c) | 480 | 450,963 | ||||||
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
5.00%, 12/15/25 (c) | 2,000 | 1,968,653 | ||||||
5.00%, 12/15/25 (c) | 500 | 443,879 |
See Notes to Financial Statements
40 |
Par (000’s | ) | Value | ||||||
Nevada (continued) | ||||||||
5.00%, 12/15/25 (c) | $ | 400 | $ | 382,018 | ||||
5.12%, 12/15/25 (c) | 1,000 | 918,538 | ||||||
9,057,026 | ||||||||
New Hampshire: 0.4% | ||||||||
National Finance Authority, Ascentria Care Alliance Project (RB) | ||||||||
5.00%, 07/01/28 (c) | 1,220 | 952,356 | ||||||
5.00%, 07/01/28 (c) | 2,000 | 1,517,535 | ||||||
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 07/01/23 (c) | 4,000 | 3,376,882 | ||||||
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 07/01/23 (c) | 3,375 | 2,945,500 | ||||||
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p) | 1,600 | 1,197,538 | ||||||
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c) | 1,600 | 1,449,336 | ||||||
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | ||||||||
6.12%, 07/01/24 (c) (d) * | 1,252 | 275,480 | ||||||
6.12%, 07/01/24 (c) (d) * | 835 | 183,653 | ||||||
6.25%, 07/01/24 (c) (d) * | 417 | 91,826 | ||||||
11,990,106 | ||||||||
New Jersey: 3.0% | ||||||||
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) | 150 | 151,433 | ||||||
Casino Reinvestment Development Authority (RB) | ||||||||
5.25%, 11/01/24 (c) | 8,450 | 8,523,843 | ||||||
5.25%, 11/01/24 (c) | 1,410 | 1,427,174 | ||||||
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c) | 65 | 64,969 | ||||||
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c) | 470 | 444,072 | ||||||
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
5.25%, 05/30/23 (c) | 1,645 | 1,655,955 | ||||||
5.50%, 06/20/23 (c) | 60 | 60,644 | ||||||
5.62%, 03/05/24 (c) | 2,035 | 2,065,327 | ||||||
5.62%, 03/05/24 (c) | 285 | 289,247 | ||||||
5.75%, 05/30/23 (c) | 4,800 | 4,813,776 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 | $ | 55 | $ | 54,995 | ||||
New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
4.88%, 01/01/24 (c) | 655 | 622,414 | ||||||
5.00%, 01/01/24 (c) | 500 | 454,740 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
4.00%, 07/01/27 (c) | 2,000 | 2,020,674 | ||||||
4.00%, 07/01/27 (c) | 1,640 | 1,672,060 | ||||||
5.00%, 07/01/27 (c) | 4,640 | 4,936,036 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^ | 515 | 461,570 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25 | 120 | 121,775 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | ||||||||
5.00%, 12/15/26 (c) | 725 | 765,302 | ||||||
5.00%, 12/15/26 (c) | 305 | 320,285 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
4.75%, 12/15/26 (c) | 2,545 | 2,734,728 | ||||||
5.50%, 12/15/26 (c) | 165 | 181,550 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 12/15/28 (c) | 2,880 | 3,009,226 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 05/31/23 (c) | 470 | 470,614 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 05/31/23 (c) | 125 | 125,163 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) | 600 | 644,914 |
See Notes to Financial Statements
41 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | $ | 500 | $ | 513,598 | ||||
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) 5.00%, 05/31/23 (c) | 15 | 15,020 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
5.00%, 06/15/24 (c) | 140 | 143,000 | ||||||
5.00%, 06/15/24 (c) | 100 | 102,142 | ||||||
5.00%, 06/15/24 (c) | 580 | 592,427 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | ||||||||
4.00%, 12/15/29 (c) | 205 | 194,635 | ||||||
4.00%, 12/15/30 (c) | 600 | 597,037 | ||||||
4.00%, 12/15/30 (c) | 700 | 721,550 | ||||||
4.00%, 12/15/30 (c) | 600 | 604,164 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c) | 620 | 633,284 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
5.00%, 06/15/25 (c) | 630 | 659,116 | ||||||
5.00%, 06/15/25 (c) | 680 | 711,427 | ||||||
5.25%, 06/15/25 (c) | 435 | 454,221 | ||||||
5.25%, 06/15/25 (c) | 1,055 | 1,109,151 | ||||||
5.25%, 06/15/25 (c) | 2,565 | 2,696,657 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
4.00%, 06/15/24 | 220 | 221,231 | ||||||
4.38%, 06/15/25 (c) | 420 | 429,453 | ||||||
5.00%, 06/15/25 (c) | 105 | 109,852 | ||||||
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
5.12%, 01/01/24 (c) | 350 | 352,609 | ||||||
5.25%, 01/01/24 (c) | 1,000 | 1,007,881 | ||||||
5.38%, 01/01/24 (c) | 900 | 903,209 | ||||||
5.50%, 01/01/24 (c) | 500 | 505,065 | ||||||
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c) | 150 | 136,088 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c) | $ | 330 | $ | 337,530 | ||||
New Jersey Educational Facilities Authority, Montclair State University Issue, Series A (RB) 5.00%, 07/01/24 (c) | 1,000 | 1,009,970 | ||||||
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c) | 490 | 420,631 | ||||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c) | 500 | 540,586 | ||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
0.00%, 12/15/25 ^ | 270 | 247,057 | ||||||
0.00%, 12/15/25 ^ | 230 | 210,456 | ||||||
0.00%, 12/15/33 ^ | 5 | 3,395 | ||||||
5.00%, 12/15/26 | 5 | 5,320 | ||||||
5.00%, 12/15/28 | 200 | 220,772 | ||||||
5.00%, 12/15/29 (c) | 385 | 412,023 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
4.75%, 06/15/25 (c) | 150 | 153,808 | ||||||
5.00%, 06/15/23 (c) | 135 | 135,323 | ||||||
5.00%, 06/15/23 (c) | 640 | 640,965 | ||||||
5.00%, 06/15/23 (c) | 200 | 200,419 | ||||||
5.00%, 06/15/23 (c) | 605 | 606,395 | ||||||
5.00%, 06/15/25 (c) | 340 | 346,434 | ||||||
5.25%, 06/15/23 (c) | 130 | 130,316 | ||||||
5.25%, 06/15/25 (c) | 505 | 518,739 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
0.00%, 12/15/24 ^ | 430 | 406,677 | ||||||
0.00%, 12/15/25 ^ | 250 | 229,051 | ||||||
0.00%, 12/15/28 ^ | 185 | 153,423 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^ | 365 | 271,501 | ||||||
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27 | 100 | 105,830 | ||||||
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/28 (c) | 360 | 377,016 |
See Notes to Financial Statements
42 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
5.00%, 06/01/28 (c) | $ | 13,290 | $ | 13,691,601 | ||||
5.25%, 06/01/28 (c) | 2,675 | 2,798,473 | ||||||
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c) | 9,155 | 9,117,360 | ||||||
84,796,374 | ||||||||
New Mexico: 0.3% | ||||||||
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) | 6,000 | 4,817,536 | ||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c) | 3,480 | 2,673,536 | ||||||
7,491,072 | ||||||||
New York: 10.3% | ||||||||
Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
0.00%, 07/15/32 ^ | 395 | 264,874 | ||||||
0.00%, 07/15/33 ^ | 370 | 236,383 | ||||||
0.00%, 07/15/47 ^ | 180 | 51,717 | ||||||
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
5.00%, 01/15/27 (c) | 4,050 | 4,049,689 | ||||||
5.00%, 07/15/26 | 345 | 355,359 | ||||||
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/25 (c) | 4,920 | 4,921,075 | ||||||
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | ||||||||
5.00%, 12/31/28 | 5,435 | 5,159,307 | ||||||
5.25%, 12/31/28 (c) | 9,700 | 8,938,068 | ||||||
5.50%, 12/31/28 (c) | 4,700 | 4,089,835 | ||||||
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) | ||||||||
5.75%, 06/01/30 (c) | 1,000 | 1,029,201 | ||||||
5.75%, 06/01/30 (c) | 1,000 | 1,009,779 | ||||||
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB) | ||||||||
5.25%, 07/01/32 (c) | 1,000 | 1,030,215 | ||||||
5.25%, 07/01/32 (c) | 1,000 | 1,023,265 | ||||||
5.25%, 07/01/32 (c) | 1,500 | 1,523,838 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c) | $ | 1,200 | $ | 1,195,024 | ||||
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c) | 4,000 | 3,445,029 | ||||||
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/30 (c) | 1,250 | 1,177,879 | ||||||
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c) | 1,000 | 1,044,068 | ||||||
Dutchess County Local Development Corp., Bard College Project, Series A (RB) | ||||||||
5.00%, 07/01/30 (c) | 1,000 | 1,004,836 | ||||||
5.00%, 07/01/30 (c) | 1,500 | 1,527,927 | ||||||
5.00%, 07/01/30 (c) | 8,370 | 8,303,035 | ||||||
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
5.00%, 07/01/26 (c) | 1,000 | 1,017,708 | ||||||
5.00%, 07/01/26 (c) | 3,000 | 2,920,735 | ||||||
Erie Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
5.00%, 05/30/23 (c) | 5 | 4,726 | ||||||
5.00%, 05/30/23 (c) | 2,000 | 1,839,417 | ||||||
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) | ||||||||
3.00%, 12/01/30 (c) | 5 | 3,769 | ||||||
5.00%, 12/01/30 (c) | 500 | 534,342 | ||||||
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/30 (c) | 1,100 | 1,092,012 | ||||||
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 05/15/23 (c) | 2,905 | 2,620,948 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series F (RB) 4.50%, 05/15/24 (c) | 2,500 | 2,446,445 | ||||||
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 05/30/23 (c) | 2,000 | 2,000,901 | ||||||
New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
3.75%, 06/01/26 (c) | 500 | 399,269 | ||||||
5.00%, 05/15/23 (c) | 785 | 714,595 | ||||||
5.00%, 05/15/23 (c) | 8,000 | 7,388,268 |
See Notes to Financial Statements
43 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 05/15/23 (c) ^ | $ | 5 | $ | 366 | ||||
New York Counties Tobacco Trust VI, Series A-2B (RB) 5.00%, 06/01/26 (c) | 1,270 | 1,208,019 | ||||||
New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
5.00%, 11/15/24 (c) | 2,025 | 1,967,744 | ||||||
5.15%, 11/15/24 (c) | 4,210 | 4,214,826 | ||||||
7.25%, 11/15/24 (c) | 7,000 | 7,086,500 | ||||||
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 | 6,328,818 | ||||||
New York Liberty Development Corp., Goldman Sachs Headquarters Issue (RB) 5.25%, 10/01/35 | 3,000 | 3,446,820 | ||||||
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35 | 480 | 532,578 | ||||||
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31 | 150 | 159,149 | ||||||
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/26 (c) | 1,550 | 1,606,850 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27 | 2,500 | 2,491,707 | ||||||
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 07/01/25 (c) | 2,500 | 2,533,172 | ||||||
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c) | 2,500 | 2,553,752 | ||||||
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c) | 1,370 | 1,448,362 | ||||||
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/32 (c) | 1,000 | 1,007,670 | ||||||
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) 2.25%, 08/01/26 | 1,625 | 1,520,671 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 05/19/23 (c) | $ | 10,640 | $ | 10,653,074 | ||||
5.00%, 05/19/23 (c) | 12,520 | 12,529,076 | ||||||
5.25%, 08/01/30 (c) | 2,810 | 2,904,307 | ||||||
5.38%, 08/01/30 (c) | 2,000 | 2,023,145 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
4.00%, 01/01/28 (c) | 2,750 | 2,653,332 | ||||||
4.00%, 10/01/30 | 8,665 | 8,544,461 | ||||||
4.38%, 10/01/30 (c) | 22,050 | 21,033,305 | ||||||
5.00%, 01/01/28 (c) | 610 | 639,757 | ||||||
5.00%, 01/01/28 (c) | 1,300 | 1,362,973 | ||||||
5.00%, 01/01/28 (c) | 5,230 | 5,479,619 | ||||||
5.00%, 01/01/28 (c) | 1,600 | 1,677,980 | ||||||
5.00%, 10/01/30 (c) | 18,300 | 18,785,230 | ||||||
5.00%, 10/01/30 (c) | 16,150 | 17,050,453 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 | 5,765 | 5,044,701 | ||||||
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
4.00%, 07/01/24 (c) | 1,000 | 1,000,323 | ||||||
5.00%, 07/01/24 (c) | 2,230 | 2,261,379 | ||||||
5.00%, 07/01/24 (c) | 10,130 | 10,064,764 | ||||||
5.00%, 07/01/24 (c) | 420 | 426,413 | ||||||
5.00%, 07/01/24 (c) | 1,515 | 1,518,157 | ||||||
5.25%, 07/01/24 (c) | 7,580 | 7,589,215 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) | ||||||||
5.00%, 12/01/32 (c) | 1,000 | 1,036,032 | ||||||
5.00%, 12/01/32 (c) | 1,000 | 1,052,021 | ||||||
5.00%, 12/01/32 (c) | 1,000 | 1,041,069 | ||||||
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c) | 2,250 | 1,931,593 | ||||||
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c) | 355 | 279,950 | ||||||
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^ | 10,515 | 1,176,141 | ||||||
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) 5.00%, 01/01/26 (c) | 200 | 148,079 |
See Notes to Financial Statements
44 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series B (RB) 5.00%, 12/16/24 | $ | 10,000 | $ | 10,281,592 | ||||
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) 5.00%, 06/01/27 (c) | 18,780 | 17,655,628 | ||||||
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
4.00%, 09/15/24 (c) | 525 | 495,364 | ||||||
5.00%, 09/15/24 (c) | 400 | 319,831 | ||||||
5.25%, 09/15/24 (c) | 180 | 128,966 | ||||||
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c) | 3,000 | 2,892,760 | ||||||
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/27 (c) | 200 | 205,009 | ||||||
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c) | 4,575 | 4,576,002 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c) | 275 | 244,789 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c) | 315 | 294,844 | ||||||
289,471,876 | ||||||||
North Carolina: 0.5% | ||||||||
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | ||||||||
5.00%, 06/30/25 (c) | 1,000 | 1,004,000 | ||||||
5.00%, 06/30/25 (c) | 1,430 | 1,377,380 | ||||||
North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB) | ||||||||
5.00%, 10/01/24 (c) | 1,000 | 1,001,578 | ||||||
5.00%, 10/01/24 (c) | 1,770 | 1,758,609 | ||||||
North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 01/01/30 (c) | 205 | 199,005 | ||||||
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25 | 90 | 90,331 |
Par (000’s | ) | Value | ||||||
North Carolina (continued) | ||||||||
North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
4.70%, 07/01/25 (c) | $ | 550 | $ | 486,703 | ||||
5.00%, 10/01/24 (c) | 250 | 242,804 | ||||||
5.00%, 10/01/24 (c) | 250 | 231,551 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c) | 165 | 161,397 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/26 (c) | 385 | 328,619 | ||||||
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c) | 465 | 433,339 | ||||||
North Carolina Turnpike Authority, Monroe Expressway Toll, Series A (RB) 5.00%, 07/01/26 (c) | 5,120 | 5,171,774 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c) | 1,000 | 1,057,666 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 100 | 110,818 | ||||||
13,655,574 | ||||||||
North Dakota: 0.2% | ||||||||
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/31 (c) | 1,000 | 880,096 | ||||||
City of Williston, Eagle Crest Apartments LLC Project (RB) | ||||||||
6.25%, 09/01/23 (d) * | 615 | 276,750 | ||||||
7.75%, 09/01/23 (c) (d) * | 1,285 | 578,250 | ||||||
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 06/15/26 (c) (d) * | 5,500 | 3,025,000 | ||||||
Ward County, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c) | 1,000 | 856,059 | ||||||
5,616,155 | ||||||||
Ohio: 3.8% | ||||||||
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB) | ||||||||
5.25%, 11/15/26 (c) | 3,000 | 3,049,512 | ||||||
5.25%, 11/15/26 (c) | 500 | 510,684 | ||||||
American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB) 5.00%, 02/15/24 (c) | 1,585 | 1,593,366 |
See Notes to Financial Statements
45 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c) | $ | 46,645 | $ | 43,543,765 | ||||
Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.00%, 06/01/30 (c) ^ | 21,500 | 2,630,878 | ||||||
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/27 (c) | 1,000 | 870,922 | ||||||
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28 | 800 | 813,999 | ||||||
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/25 (c) | 3,800 | 3,015,221 | ||||||
County of Butler (RB) 5.00%, 11/15/27 (c) | 1,035 | 1,098,366 | ||||||
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 06/01/24 (c) | 1,805 | 1,833,112 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
4.75%, 02/15/27 (c) | 340 | 331,733 | ||||||
5.00%, 02/15/27 (c) | 2,010 | 1,992,581 | ||||||
5.25%, 02/15/27 (c) | 4,250 | 4,304,297 | ||||||
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) | ||||||||
4.00%, 11/15/29 (c) | 2,250 | 2,015,749 | ||||||
4.00%, 11/15/29 (c) | 3,940 | 3,636,577 | ||||||
Cuyahoga County, Ohio Hospital, The Metrohealth System (RB) | ||||||||
5.00%, 02/15/27 (c) | 5,000 | 4,958,950 | ||||||
5.50%, 02/15/27 (c) | 1,225 | 1,249,725 | ||||||
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) | ||||||||
5.00%, 05/30/23 (c) | 1,750 | 1,557,046 | ||||||
5.00%, 05/30/23 (c) | 490 | 490,189 | ||||||
5.00%, 05/30/23 (c) | 4,030 | 3,542,765 | ||||||
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p) | 2,225 | 1,975,060 | ||||||
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c) | 13,565 | 12,540,651 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 06/01/27 (p) | $ | 1,000 | $ | 1,002,609 | ||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 2,750 | 2,570,258 | ||||||
Ohio University, A State University of Ohio, Series A (RB) 5.00%, 06/01/27 (c) | 1,250 | 1,312,001 | ||||||
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
5.00%, 12/01/24 (c) | 1,240 | 1,021,990 | ||||||
5.00%, 12/01/24 (c) | 245 | 225,924 | ||||||
5.50%, 12/01/24 (c) | 70 | 62,847 | ||||||
Washington County, Ohio Hospital Facilities, Memorial Health System (RB) 6.75%, 12/01/32 (c) | 2,235 | 2,243,114 | ||||||
105,993,891 | ||||||||
Oklahoma: 1.2% | ||||||||
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/26 (c) | 1,000 | 1,010,043 | ||||||
Holdenville Public Works Authority, Series A (RB) 4.38%, 11/01/24 (c) | 605 | 412,014 | ||||||
Norman Regional Hospital Authority (RB) | ||||||||
3.25%, 09/01/29 (c) | 340 | 263,872 | ||||||
4.00%, 09/01/26 (c) | 2,365 | 2,148,567 | ||||||
4.00%, 09/01/29 (c) | 2,000 | 1,692,534 | ||||||
5.00%, 09/01/29 (c) | 3,200 | 3,192,112 | ||||||
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | ||||||||
5.00%, 04/01/23 (d) * | 90 | 45,000 | ||||||
5.00%, 05/30/23 (c) (d) * | 825 | 412,500 | ||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
5.00%, 08/15/28 (c) | 700 | 678,001 | ||||||
5.25%, 08/15/28 (c) | 2,900 | 2,760,838 | ||||||
5.25%, 08/15/28 (c) | 8,000 | 7,412,333 | ||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM) | ||||||||
5.50%, 08/15/28 (c) | 6,290 | 5,808,264 | ||||||
5.50%, 08/15/28 (c) | 1,300 | 1,223,151 |
See Notes to Financial Statements
46 |
Par (000’s | ) | Value | ||||||
Oklahoma (continued) | ||||||||
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c) | $ | 375 | $ | 336,356 | ||||
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 4,455 | 4,490,718 | ||||||
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 06/01/23 (c) | 2,100 | 2,100,634 | ||||||
33,986,937 | ||||||||
Oregon: 0.0% | ||||||||
Multnomah County, Oregon Hospital Facilities Authority, PArkview Project, Series A (RB) (AGM) 4.00%, 12/01/28 (c) | 1,000 | 828,244 | ||||||
Pennsylvania: 4.3% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
5.00%, 05/01/27 (c) | 2,000 | 1,959,644 | ||||||
5.00%, 05/01/27 (c) | 250 | 254,298 | ||||||
5.00%, 05/01/28 | 785 | 803,236 | ||||||
5.00%, 05/01/28 (c) | 250 | 254,631 | ||||||
5.00%, 05/01/28 | 1,000 | 1,024,850 | ||||||
5.38%, 05/01/28 (c) | 4,000 | 4,007,799 | ||||||
Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
5.00%, 11/01/24 | 500 | 375,674 | ||||||
5.00%, 11/01/26 | 120 | 79,177 | ||||||
5.00%, 11/01/27 (c) | 110 | 68,118 | ||||||
5.00%, 11/01/27 (c) | 1,000 | 619,660 | ||||||
5.00%, 11/01/27 (c) | 470 | 291,388 | ||||||
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 05/19/23 (c) | 1,000 | 618,758 | ||||||
Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c) | 3,425 | 1,724,566 | ||||||
Berks County Municipal Authority, Tower Health Project, Series A (RB) | ||||||||
5.00%, 02/01/27 | 1,000 | 649,783 | ||||||
5.00%, 02/01/30 | 860 | 532,989 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) | 6,000 | 3,898,700 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) | 670 | 415,235 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Bucks County Industrial Development Authority Hospital (RB) 4.00%, 07/01/31 (c) | $ | 1,000 | $ | 773,516 | ||||
Butler County Hospital Authority, Butler Health System Project, Series A (RB) 5.00%, 07/01/25 (c) | 1,465 | 1,419,060 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c) | 1,000 | 962,159 | ||||||
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c) | 430 | 344,516 | ||||||
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c) | 440 | 385,193 | ||||||
Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
5.00%, 03/01/28 (c) | 1,300 | 1,270,548 | ||||||
5.12%, 03/01/28 (c) | 1,989 | 1,858,903 | ||||||
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24 | 1,500 | 1,506,331 | ||||||
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c) | 185 | 174,749 | ||||||
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
6.00%, 06/01/26 (c) | 440 | 449,666 | ||||||
6.00%, 06/01/26 (c) | 345 | 350,363 | ||||||
Cumberland County Municipal Authority (RB) 5.00%, 01/01/25 (c) | 3,000 | 2,573,785 | ||||||
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
5.00%, 10/15/27 | 500 | 495,080 | ||||||
6.25%, 10/15/28 (c) | 3,200 | 3,215,975 | ||||||
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c) | 395 | 368,904 |
See Notes to Financial Statements
47 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 | $ | 1,000 | $ | 1,128,721 | ||||
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c) | 1,000 | 952,498 | ||||||
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/26 (c) | 1,000 | 940,300 | ||||||
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) | ||||||||
5.00%, 12/01/25 (c) | 215 | 166,325 | ||||||
5.00%, 12/01/25 (c) | 500 | 397,191 | ||||||
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c) | 1,000 | 922,595 | ||||||
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) | ||||||||
5.00%, 03/01/27 (c) | 425 | 337,740 | ||||||
5.00%, 03/01/27 (c) | 310 | 253,957 | ||||||
5.00%, 03/01/27 (c) | 425 | 363,412 | ||||||
McCandless Industrial Development Authority, LA Roche University Project, Series A (RB) 6.75%, 12/01/32 (c) | 1,000 | 952,467 | ||||||
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/26 (c) | 5,150 | 4,902,391 | ||||||
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) | 2,000 | 1,830,789 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/32 (c) | 4,800 | 4,970,884 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
5.00%, 01/01/25 (c) | 150 | 145,364 | ||||||
5.25%, 01/01/25 (c) | 870 | 791,539 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
5.62%, 07/01/25 (c) | $ | 300 | $ | 277,036 | ||||
5.75%, 07/01/25 (c) | 2,000 | 1,765,890 | ||||||
6.00%, 07/01/25 (c) | 590 | 492,238 | ||||||
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/26 (c) | 1,000 | 896,179 | ||||||
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | ||||||||
6.50%, 12/01/28 (c) (d) * | 3,040 | 1,159,000 | ||||||
6.75%, 12/01/28 (c) (d) * | 6,470 | 2,466,688 | ||||||
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB) | ||||||||
5.25%, 12/31/32 (c) | 8,000 | 8,294,019 | ||||||
5.50%, 12/31/32 (c) | 3,000 | 3,290,090 | ||||||
5.50%, 12/31/32 (c) | 2,000 | 2,166,583 | ||||||
5.75%, 12/31/32 (c) | 2,000 | 2,184,941 | ||||||
6.00%, 12/31/32 (c) | 1,000 | 1,118,931 | ||||||
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
5.00%, 12/31/24 | 550 | 557,938 | ||||||
5.00%, 12/31/25 | 1,105 | 1,132,524 | ||||||
5.00%, 06/30/26 (c) | 575 | 593,683 | ||||||
5.00%, 06/30/26 (c) | 500 | 502,553 | ||||||
5.00%, 06/30/26 (c) | 1,485 | 1,531,369 | ||||||
5.00%, 06/30/26 (c) | 410 | 423,088 | ||||||
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) | ||||||||
5.00%, 05/30/23 (c) | 1,000 | 825,356 | ||||||
5.00%, 05/30/23 (c) | 1,915 | 1,690,568 | ||||||
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series A (RB) 5.25%, 03/01/25 (c) | 3,825 | 3,862,267 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) (BAM) 4.00%, 12/01/31 (c) | 2,840 | 2,883,191 |
See Notes to Financial Statements
48 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c) | $ | 1,000 | $ | 1,031,394 | ||||
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
6.38%, 06/01/25 (c) | 440 | 420,817 | ||||||
6.50%, 06/01/25 (c) | 440 | 422,084 | ||||||
6.62%, 06/01/25 (c) | 415 | 400,571 | ||||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c) | 355 | 344,280 | ||||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c) | 350 | 334,394 | ||||||
Philadelphia Authority for Industrial Development, LA Salle University (RB) 4.00%, 11/01/27 (c) | 2,000 | 1,419,412 | ||||||
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB) | ||||||||
5.00%, 06/15/28 (c) | 1,000 | 961,207 | ||||||
5.00%, 06/15/28 (c) | 500 | 502,212 | ||||||
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/25 (c) | 3,000 | 3,099,099 | ||||||
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/25 (c) | 5,695 | 5,780,335 | ||||||
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/27 (c) | 735 | 673,459 | ||||||
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/27 (c) | 1,000 | 1,038,939 | ||||||
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB) 5.00%, 07/01/27 (c) | 1,240 | 1,292,013 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
5.00%, 07/01/27 (c) | $ | 220 | $ | 228,945 | ||||
Philadelphia, Pennsylvania Hospital & Higher Education Facilities Authority, Temple University Health System Obligation Group (RB) (AGM) 5.00%, 07/01/32 (c) | 2,470 | 2,692,759 | ||||||
Reading Pennsylvania School District (GO) (AGM) 5.00%, 03/01/27 (c) | 1,535 | 1,634,318 | ||||||
School District of Philadelphia, Series A (GO) (AGM-CR FGIC ST AID WITHHLDG) 5.00%, 06/01/24 | 1,010 | 1,026,386 | ||||||
Scranton Pennsylvania (GO) 5.00%, 05/15/24 (c) | 1,000 | 1,002,006 | ||||||
Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c) | 220 | 217,071 | ||||||
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/26 (c) | 1,500 | 1,423,908 | ||||||
The School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 | 3,000 | 3,181,786 | ||||||
120,024,954 | ||||||||
Puerto Rico: 8.2% | ||||||||
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^ | 80 | 21,877 | ||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 7,365 | 6,260,560 | ||||||
4.00%, 07/01/32 (c) | 2,040 | 1,734,086 | ||||||
5.00%, 07/01/30 (c) | 2,000 | 1,999,864 | ||||||
5.00%, 07/01/30 (c) | 15,000 | 14,488,830 | ||||||
5.00%, 07/01/30 | 7,500 | 7,603,155 | ||||||
5.00%, 07/01/32 (c) | 4,290 | 4,246,804 | ||||||
6.12%, 07/01/24 | 105 | 106,228 | ||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | ||||||||
5.00%, 07/01/29 | 3,000 | 3,047,489 | ||||||
5.00%, 07/01/31 (c) | 3,500 | 3,511,400 | ||||||
5.00%, 07/01/31 (c) | 2,000 | 1,979,862 | ||||||
Puerto Rico Commonwealth Highway and Transportation Authority, Series A (RB) 5.00%, 07/01/32 (c) | 10,000 | 9,658,031 | ||||||
Puerto Rico Commonwealth, Series A-1 (GO) | ||||||||
4.00%, 07/01/31 (c) | 8,260 | 6,957,043 | ||||||
4.00%, 07/01/31 (c) | 5,425 | 4,415,180 | ||||||
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) 4.00%, 07/01/31 (c) | 13,570 | 12,447,312 |
See Notes to Financial Statements
49 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Puerto Rico (continued) | ||||||||
4.00%, 07/01/31 (c) | $ | 15,073 | $ | 13,519,660 | ||||
4.00%, 07/01/31 (c) | 13,000 | 11,389,669 | ||||||
5.62%, 07/01/27 | 4,000 | 4,173,495 | ||||||
5.75%, 07/01/31 | 10,055 | 10,784,242 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 05/30/23 (c) | 100 | 101,455 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 07/01/23 (c) | 20 | 19,773 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
0.00%, 07/01/24 ^ | 5,772 | 5,490,022 | ||||||
4.50%, 07/01/25 (c) | 5,000 | 5,014,244 | ||||||
5.00%, 07/01/28 (c) | 31,530 | 30,445,459 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c) | 6,662 | 6,380,363 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c) | 23,559 | 22,088,120 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
4.33%, 07/01/28 (c) | 12,303 | 11,470,176 | ||||||
4.33%, 07/01/28 (c) | 26,108 | 24,340,676 | ||||||
4.55%, 07/01/28 (c) | 6,432 | 6,160,086 | ||||||
229,855,161 | ||||||||
Rhode Island: 0.3% | ||||||||
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) | ||||||||
5.00%, 09/01/26 (c) | 3,750 | 3,559,247 | ||||||
5.00%, 09/01/26 | 100 | 100,356 | ||||||
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c) | 500 | 494,287 | ||||||
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
5.00%, 05/15/26 (c) | 690 | 695,385 | ||||||
5.00%, 05/15/26 (c) | 1,000 | 1,026,064 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c) | 1,650 | 1,663,621 |
Par (000’s | ) | Value | ||||||
Rhode Island (continued) | ||||||||
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/25 (c) | $ | 2,000 | $ | 1,984,660 | ||||
9,523,620 | ||||||||
South Carolina: 0.5% | ||||||||
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c) | 800 | 658,814 | ||||||
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/27 (c) | 1,000 | 1,060,975 | ||||||
SCAGO Educational Facilities Corp. for Pickens School District (RB) 5.00%, 06/01/25 (c) | 1,425 | 1,476,064 | ||||||
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
5.00%, 11/01/24 (c) | 500 | 516,398 | ||||||
5.00%, 11/01/24 (c) | 650 | 655,002 | ||||||
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | ||||||||
5.75%, 12/15/26 (c) | 500 | 504,343 | ||||||
5.75%, 12/15/26 (c) | 500 | 508,604 | ||||||
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/25 (c) | 3,000 | 2,534,276 | ||||||
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 | 839,796 | ||||||
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/30/23 (c) | 320 | 260,238 | ||||||
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) | ||||||||
4.00%, 11/15/24 (c) | 255 | 246,063 | ||||||
5.25%, 11/15/24 (c) | 2,000 | 1,840,055 | ||||||
South Carolina Ports Authority (RB) 5.25%, 07/01/25 (c) | 1,515 | 1,573,670 | ||||||
South Carolina State Ports Authority, Series A (RB) 5.00%, 07/01/29 (c) | 2,250 | 2,367,898 | ||||||
15,042,196 |
See Notes to Financial Statements
50 |
Par (000’s | ) | Value | ||||||
South Dakota: 0.1% | ||||||||
City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
5.00%, 11/01/26 (c) | $ | 750 | $ | 644,425 | ||||
5.00%, 11/01/26 (c) | 500 | 426,824 | ||||||
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB) | ||||||||
4.00%, 08/01/31 (c) | 1,100 | 866,008 | ||||||
4.00%, 08/01/31 (c) | 1,550 | 1,261,703 | ||||||
3,198,960 | ||||||||
Tennessee: 0.7% | ||||||||
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) * | 740 | 444,000 | ||||||
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/26 (c) | 2,000 | 1,884,789 | ||||||
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c) | 310 | 320,232 | ||||||
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c) | 6,180 | 6,198,203 | ||||||
Knox County Health Educational and Housing Facility Board (RB) | ||||||||
4.00%, 09/01/26 (c) | 290 | 245,282 | ||||||
4.00%, 09/01/26 (c) | 295 | 275,159 | ||||||
5.00%, 04/01/27 (c) | 645 | 669,215 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB) 5.25%, 10/01/29 (c) | 2,450 | 2,358,347 | ||||||
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26 | 7,000 | 7,264,537 | ||||||
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 | 197,222 | ||||||
19,856,986 |
Par (000’s | ) | Value | ||||||
Texas: 5.8% | ||||||||
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 | $ | 998,666 | ||||
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) 6.75%, 02/15/30 (c) | 5 | 4,912 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/27 (c) | 500 | 515,145 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27 | 280 | 287,442 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) | ||||||||
5.00%, 01/01/26 | 715 | 714,551 | ||||||
5.00%, 01/01/27 (c) | 500 | 503,441 | ||||||
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
5.00%, 12/01/25 (c) | 215 | 199,405 | ||||||
5.00%, 12/01/25 (c) | 610 | 583,165 | ||||||
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c) | 4,215 | 3,812,123 | ||||||
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c) | 1,850 | 1,718,068 | ||||||
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) | 2,700 | 2,458,713 | ||||||
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) | 7,000 | 7,363,306 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) | ||||||||
4.00%, 01/01/30 (c) | 5,690 | 5,116,192 | ||||||
4.00%, 01/01/30 (c) | 1,500 | 1,368,095 |
See Notes to Financial Statements
51 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(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) | $ | 5,000 | $ | 5,015,669 | ||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
4.00%, 07/15/29 (c) | 4,645 | 4,030,749 | ||||||
5.00%, 07/15/25 (c) | 2,650 | 2,648,356 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | ||||||||
5.00%, 07/15/27 | 5,590 | 5,648,036 | ||||||
5.00%, 07/15/28 | 2,500 | 2,537,954 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28 | 1,000 | 1,015,182 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24 | 5,010 | 5,013,722 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c) | 4,335 | 4,355,582 | ||||||
City of New Braunfels, Utility System (RB) 4.00%, 07/01/28 (c) | 445 | 426,152 | ||||||
Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
5.12%, 08/15/25 (c) | 730 | 732,048 | ||||||
5.50%, 08/15/25 (c) | 610 | 613,714 | ||||||
Clifton Higher Education Finance Corp., Series D (RB) | ||||||||
5.75%, 08/15/25 (c) | 500 | 508,720 | ||||||
6.00%, 08/15/25 (c) | 500 | 506,108 | ||||||
Comal Independent School District (GO) 4.00%, 05/30/23 (c) | 3,275 | 3,276,650 | ||||||
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/31 (c) | 2,035 | 1,653,615 | ||||||
Dallas County Flood Control District No. 1 (GO) 5.00%, 05/30/23 (c) | 850 | 850,272 | ||||||
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/37 (c) | 1,000 | 1,030,783 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
El Paso County Hospital District (GO) 5.00%, 08/15/23 (c) | $ | 4,680 | $ | 4,679,298 | ||||
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 05/30/23 (c) | 2,265 | 2,252,047 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) | ||||||||
0.00%, 11/15/25 ^ | 495 | 449,803 | ||||||
0.00%, 11/15/27 ^ | 590 | 498,882 | ||||||
0.00%, 11/15/29 ^ | 1,405 | 1,098,934 | ||||||
0.00%, 11/15/30 ^ | 115 | 86,120 | ||||||
0.00%, 11/15/31 (c) ^ | 170 | 63,924 | ||||||
0.00%, 11/15/31 (c) ^ | 145 | 58,584 | ||||||
0.00%, 11/15/31 (c) ^ | 120 | 64,553 | ||||||
0.00%, 11/15/31 (c) ^ | 350 | 162,359 | ||||||
0.00%, 11/15/31 (c) ^ | 705 | 470,587 | ||||||
0.00%, 11/15/31 (c) ^ | 1,140 | 400,598 | ||||||
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL) | ||||||||
0.00%, 11/15/24 (c) ^ | 335 | 164,211 | ||||||
0.00%, 11/15/24 (c) ^ | 100 | 62,580 | ||||||
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 05/30/23 (c) | 3,000 | 3,000,456 | ||||||
Lower Colorado River Authority (RB) 5.00%, 05/30/23 (c) | 1,000 | 999,948 | ||||||
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30 | 1,035 | 1,042,225 | ||||||
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) | ||||||||
5.12%, 02/15/24 (c) (d) * | 1,035 | 31,039 | ||||||
5.12%, 02/15/24 (c) (d) * | 265 | 7,945 | ||||||
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 05/19/23 (c) | 11,500 | 11,237,138 | ||||||
Montgomery County Toll Road Authority (RB) 5.00%, 09/15/25 (c) | 1,000 | 1,003,047 | ||||||
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) (d) * | 235 | 105,750 |
See Notes to Financial Statements
52 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c) | $ | 1,595 | $ | 717,750 | ||||
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c) | 230 | 186,382 | ||||||
New Hope Cultural Education Facilities Finance Corp., CHF - Collegiate Housing College Station I, L.L.C - Texas A&M University Project, Series A (RB) (AGM) 5.00%, 04/01/24 (c) | 1,105 | 1,110,273 | ||||||
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center (RB) 4.00%, 08/15/31 (c) | 2,315 | 1,811,460 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 05/30/23 (c) | 190 | 191,474 | ||||||
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/26 (c) | 750 | 617,367 | ||||||
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) | 440 | 374,000 | ||||||
5.00%, 07/01/25 (c) | 100 | 85,000 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c) | 1,000 | 806,820 | ||||||
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB) | ||||||||
5.00%, 12/01/26 (c) | 1,000 | 869,166 | ||||||
5.00%, 12/01/26 (c) | 2,045 | 1,811,934 | ||||||
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c) | 2,800 | 2,009,211 | ||||||
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) 5.00%, 01/01/26 (c) | 250 | 184,086 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
5.00%, 01/01/26 (c) | $ | 250 | $ | 179,780 | ||||
5.50%, 01/01/25 (c) | 1,000 | 906,872 | ||||||
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/26 (c) | 400 | 402,371 | ||||||
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c) | 2,825 | 2,707,747 | ||||||
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
5.00%, 08/15/26 (c) | 400 | 366,039 | ||||||
5.00%, 08/15/26 (c) | 400 | 384,202 | ||||||
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c) | 1,000 | 1,010,198 | ||||||
San Antonio Education Facilities Corp., University of Incarnate Word Project, Series A (RB) 4.00%, 04/01/31 (c) | 1,000 | 812,397 | ||||||
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 05/30/23 (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 | 112,700 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) * | 535 | 294,250 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
5.00%, 12/15/29 | 1,375 | 1,440,813 | ||||||
5.00%, 12/15/31 | 2,920 | 3,073,750 | ||||||
5.00%, 12/15/32 | 3,425 | 3,617,965 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28 | 925 | 963,611 | ||||||
Texas Private Activity Bond Surface Transportation Corp. Toll, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project (RB) 5.00%, 12/31/25 (c) | 1,650 | 1,641,876 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) 5.00%, 12/31/25 (c) | 230 | 232,096 |
See Notes to Financial Statements
53 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
5.00%, 12/31/25 (c) | $ | 2,000 | $ | 2,001,123 | ||||
5.00%, 12/31/25 (c) | 460 | 461,584 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB) | ||||||||
4.00%, 12/31/30 (c) | 1,700 | 1,627,487 | ||||||
4.00%, 12/31/30 (c) | 3,175 | 3,058,904 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | ||||||||
5.00%, 06/30/29 (c) | 9,505 | 9,538,851 | ||||||
6.75%, 09/01/23 (c) | 5,000 | 5,041,118 | ||||||
7.00%, 09/01/23 (c) | 515 | 519,909 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c) | 500 | 479,068 | ||||||
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
5.00%, 08/15/24 (c) | 600 | 612,614 | ||||||
5.00%, 08/15/24 (c) | 6,735 | 6,834,076 | ||||||
Town of Westlake, Solana Public Improvement District (SA) | ||||||||
6.12%, 09/01/25 (c) | 1,000 | 997,757 | ||||||
6.25%, 09/01/25 (c) | 1,000 | 997,572 | ||||||
6.38%, 09/01/25 (c) | 1,000 | 998,272 | ||||||
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) * | 4,980 | 3,635,400 | ||||||
161,744,639 | ||||||||
Utah: 0.2% | ||||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/30 (c) | 2,000 | 1,627,342 | ||||||
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | ||||||||
5.25%, 06/15/27 (c) | 1,500 | 1,460,543 | ||||||
5.38%, 06/15/27 (c) | 2,195 | 2,050,296 | ||||||
5,138,181 | ||||||||
Vermont: 0.0% | ||||||||
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL) 4.00%, 05/01/28 (c) | 500 | 420,925 |
Par (000’s | ) | Value | ||||||
Virgin Islands: 0.5% | ||||||||
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) | ||||||||
5.00%, 10/01/28 | $ | 1,000 | $ | 1,019,487 | ||||
5.00%, 10/01/32 (c) | 5,000 | 4,922,793 | ||||||
5.00%, 10/01/32 | 4,010 | 4,069,946 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 05/30/23 (c) | 720 | 727,474 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/24 (c) | 550 | 380,804 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/24 (c) | 1,000 | 898,328 | ||||||
Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
5.00%, 05/30/23 (c) | 1,070 | 1,026,958 | ||||||
5.00%, 05/30/23 (c) | 1,170 | 1,129,831 | ||||||
5.00%, 05/30/23 (c) | 170 | 162,645 | ||||||
5.00%, 05/30/23 (c) | 65 | 63,339 | ||||||
14,401,605 | ||||||||
Virginia: 1.6% | ||||||||
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) (d) * | 250 | 143,408 | ||||||
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/25 (c) | 200 | 200,158 | ||||||
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
5.00%, 07/01/26 (c) | 8,000 | 8,166,641 | ||||||
5.00%, 07/01/26 (c) | 1,025 | 1,043,128 | ||||||
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 05/30/23 (c) | 380 | 380,215 | ||||||
City of Hopewell, Sewer System, Series A (RB) 5.00%, 05/30/23 (c) | 240 | 240,132 | ||||||
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) | ||||||||
5.00%, 07/01/30 (c) | 1,000 | 945,977 | ||||||
5.00%, 07/01/30 (c) | 1,500 | 1,448,489 | ||||||
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26 | 1,395 | 1,492,407 |
See Notes to Financial Statements
54 |
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/27 (c) | $ | 2,500 | $ | 2,553,143 | ||||
Peninsula Town Center Community Development Authority (RB) 5.00%, 09/01/27 (c) | 500 | 491,931 | ||||||
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (d) (p) * | 1,000 | 790,745 | ||||||
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) (d) * | 500 | 337,919 | ||||||
Roanoke Economic Development Authority, Residential Care Facility, Series A (RB) 5.38%, 09/01/26 (c) (d) * | 3,500 | 2,255,012 | ||||||
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | 1,300 | 1,312,331 | ||||||
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM) 4.00%, 12/01/26 (c) | 1,000 | 870,821 | ||||||
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
4.00%, 01/01/32 (c) | 3,925 | 3,398,524 | ||||||
4.00%, 01/01/32 (c) | 1,000 | 910,076 | ||||||
4.00%, 01/01/32 (c) | 1,000 | 908,463 | ||||||
4.00%, 01/01/32 (c) | 1,250 | 1,149,616 | ||||||
5.00%, 01/01/32 (c) | 500 | 542,012 | ||||||
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/32 (c) | 2,000 | 2,007,935 | ||||||
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 06/30/27 (c) | 12,220 | 12,062,267 | ||||||
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) | 1,000 | 918,192 | ||||||
44,569,542 |
Par (000’s | ) | Value | ||||||
Washington: 1.4% | ||||||||
Kalispel Tribe Indians Priority, Series A (RB) | ||||||||
5.00%, 01/01/28 (c) | $ | 250 | $ | 258,090 | ||||
5.25%, 01/01/28 (c) | 250 | 258,086 | ||||||
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) | ||||||||
5.75%, 12/01/25 (c) | 500 | 514,131 | ||||||
6.00%, 12/01/25 (c) | 500 | 515,428 | ||||||
6.25%, 12/01/25 (c) | 250 | 256,930 | ||||||
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 100 | 94,128 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) | ||||||||
5.00%, 08/15/27 (c) | 205 | 212,228 | ||||||
5.00%, 08/15/27 (c) | 3,000 | 3,044,546 | ||||||
Washington State Convention Center Public Facilities District, Series B (RB) | ||||||||
3.00%, 07/01/31 (c) | 2,500 | 1,592,954 | ||||||
3.00%, 07/01/31 (c) | 3,000 | 2,073,835 | ||||||
3.00%, 07/01/31 (c) | 1,000 | 889,055 | ||||||
3.00%, 07/01/31 (c) | 4,400 | 2,803,599 | ||||||
4.00%, 07/01/31 (c) | 3,745 | 3,208,583 | ||||||
4.00%, 07/01/31 (c) | 5,945 | 4,913,789 | ||||||
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
5.00%, 07/01/24 (c) | 150 | 131,492 | ||||||
5.00%, 07/01/24 (c) | 2,150 | 1,676,650 | ||||||
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/28 (c) | 1,000 | 785,766 | ||||||
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
5.00%, 01/01/25 (c) | 2,495 | 1,819,126 | ||||||
5.00%, 01/01/25 (c) | 2,125 | 1,762,284 | ||||||
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 | 1,944 | 1,826,292 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 07/01/26 (c) | 7,000 | 5,001,922 | ||||||
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) 5.00%, 07/01/26 (c) | 500 | 415,476 |
See Notes to Financial Statements
55 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
5.00%, 07/01/26 (c) | $ | 1,250 | $ | 1,013,146 | ||||
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 2,700 | 2,612,514 | ||||||
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) | 1,000 | 997,639 | ||||||
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) 3.75%, 07/01/26 | 1,115 | 1,057,427 | ||||||
39,735,116 | ||||||||
West Virginia: 0.3% | ||||||||
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.00%, 05/30/23 (c) | 760 | 698,518 | ||||||
Harrison County Building Commission, General Services Administration Building Project (RB) | ||||||||
3.12%, 10/01/27 (c) | 700 | 490,361 | ||||||
3.25%, 10/01/27 (c) | 820 | 563,571 | ||||||
3.50%, 10/01/27 (c) | 1,000 | 853,219 | ||||||
Monongalia County Commission Excise Tax District, Series A (RB) 4.12%, 06/01/31 (c) | 2,500 | 2,224,676 | ||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p) | 1,900 | 1,903,776 | ||||||
West Virginia Economic Development Authority, West Virginia Lottery (RB) 4.00%, 06/15/27 (c) | 1,600 | 1,652,129 | ||||||
8,386,250 | ||||||||
Wisconsin: 2.6% | ||||||||
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c) | 1,000 | 801,516 | ||||||
Public Finance Authority Refunding, Searstone CCRC Project, Series A (RB) 5.51%, 06/01/23 (c) | 1,000 | 1,041,435 | ||||||
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c) | 250 | 220,922 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c) | $ | 5,250 | $ | 4,088,771 | ||||
Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
5.00%, 02/01/26 (c) | 495 | 473,804 | ||||||
5.12%, 02/01/26 (c) | 500 | 463,562 | ||||||
Public Finance Authority, Corvian Community School Project, Series A (RB) | ||||||||
4.25%, 06/15/24 (c) | 460 | 438,946 | ||||||
5.00%, 06/15/26 (c) | 500 | 442,821 | ||||||
5.00%, 06/15/26 (c) | 500 | 471,430 | ||||||
Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB) 5.00%, 12/01/27 (c) | 1,390 | 1,297,483 | ||||||
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c) | 1,000 | 842,312 | ||||||
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) | ||||||||
5.00%, 02/01/32 (c) | 3,500 | 3,452,248 | ||||||
5.75%, 02/01/32 (c) | 1,000 | 997,529 | ||||||
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) | ||||||||
5.00%, 09/01/24 (c) | 1,500 | 1,357,864 | ||||||
5.00%, 09/01/25 | 75 | 74,539 | ||||||
Public Finance Authority, Living Community First Mortgage (RB) | ||||||||
4.25%, 05/01/27 (c) | 415 | 367,904 | ||||||
5.00%, 03/01/28 (c) | 1,250 | 1,139,021 | ||||||
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) * | 890 | 516,753 | ||||||
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 | 3,003,606 |
See Notes to Financial Statements
56 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 5.00%, 06/15/26 (c) | $ | 1,000 | $ | 868,384 | ||||
Public Finance Authority, Penick Village (RB) | ||||||||
4.00%, 09/01/26 (c) | 425 | 375,193 | ||||||
5.00%, 09/01/26 (c) | 500 | 417,644 | ||||||
5.00%, 09/01/26 (c) | 500 | 382,389 | ||||||
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/27 (c) | 1,405 | 1,440,941 | ||||||
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c) | 1,920 | 1,496,510 | ||||||
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/25 (c) | 1,000 | 1,015,914 | ||||||
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) | ||||||||
4.00%, 07/01/31 (c) | 500 | 391,285 | ||||||
4.00%, 09/01/31 (c) | 1,500 | 1,162,186 | ||||||
4.25%, 07/01/31 (c) | 1,765 | 1,294,379 | ||||||
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/31 (c) | 1,060 | 801,214 | ||||||
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c) | 300 | 306,257 | ||||||
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c) | 4,265 | 3,240,440 | ||||||
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
5.00%, 10/01/29 (c) | 2,000 | 1,942,346 | ||||||
5.00%, 10/01/29 (c) | 1,950 | 1,829,348 | ||||||
Public Finance Authority, UNC Health Southeastern, Series A (RB) 4.00%, 02/01/31 (c) | 2,000 | 1,750,886 | ||||||
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/31 (c) | 1,000 | 847,858 | ||||||
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 05/30/23 (c) | 9,000 | 8,999,342 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Wisconsin, Roseman University of Health Science (RB) 4.00%, 04/01/32 (c) | $ | 1,250 | $ | 957,802 | ||||
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c) | 5,545 | 4,213,000 | ||||||
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c) | 7,930 | 7,921,955 | ||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/23 (c) | 105 | 79,910 | ||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/23 (c) | 850 | 630,518 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) | ||||||||
5.00%, 11/01/26 (c) | 500 | 381,148 | ||||||
5.00%, 11/01/26 (c) | 1,950 | 1,656,641 | ||||||
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/29 (c) | 260 | 246,720 | ||||||
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 05/19/23 (c) | 3,950 | 3,797,476 | ||||||
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM) 5.00%, 02/15/30 (c) | 1,500 | 1,672,659 | ||||||
71,920,311 |
See Notes to Financial Statements
57 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Wyoming: 0.1% | ||||||||
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 05/15/29 (c) | $ | 3,000 | $ | 2,629,481 | ||||
Total Municipal Bonds: 98.0% (Cost: $3,009,793,329) | 2,743,760,241 | |||||||
Other assets less liabilities: 2.0% | 56,605,243 | |||||||
NET ASSETS: 100.0% | $ | 2,800,365,484 |
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 |
(d) | Security in default |
(p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
* | Non-income producing |
^ | Zero Coupon Bond |
Summary of Investments by Sector | % of Investments | Value | ||||||
Industrial Development Revenue | 13.8 | % | $ | 377,683,715 | ||||
Tax | 12.1 | 330,741,793 | ||||||
Hospitals | 11.8 | 325,051,175 | ||||||
Local GO | 9.9 | 270,459,610 | ||||||
Education | 9.3 | 256,291,276 | ||||||
Health | 6.8 | 186,462,022 | ||||||
Tobacco | 5.5 | 151,439,256 | ||||||
Toll & Turnpike | 4.8 | 132,016,546 | ||||||
Leasing COPS & Appropriations | 4.0 | 110,609,624 | ||||||
Multi-Family Housing | 3.3 | 89,397,769 | ||||||
Utilities | 3.2 | 88,522,109 | ||||||
State GO | 3.1 | 85,325,917 | ||||||
Airport | 3.1 | 84,648,816 | ||||||
Power | 2.9 | 79,744,460 | ||||||
Miscellaneous | 1.9 | 50,915,823 | ||||||
Water & Sewer | 1.7 | 47,826,545 | ||||||
Transportation | 1.5 | 41,013,871 | ||||||
Refunded | 0.7 | 18,562,087 | ||||||
Unassigned | 0.3 | 8,880,192 | ||||||
Pollution Control | 0.3 | 8,167,635 | ||||||
100.0 | % | $ | 2,743,760,241 |
See Notes to Financial Statements
58 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 2,743,760,241 | $ | — | $ | 2,743,760,241 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
59 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 97.6% | ||||||||
Arizona: 1.8% | ||||||||
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c) | $ | 400 | $ | 328,743 | ||||
California: 31.0% | ||||||||
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c) | 275 | 229,711 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/27 (c) | 300 | 287,350 | ||||||
California Statewide Communities Development Authority, Cottage Health System (RB) 5.00%, 11/01/24 (c) | 300 | 308,763 | ||||||
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31 | 475 | 495,641 | ||||||
El Dorado Irrigation District, Series C (RB) 4.00%, 03/01/26 (c) | 250 | 257,824 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c) | 250 | 261,815 | ||||||
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/25 (c) | 250 | 263,422 | ||||||
Regents of the University of California Medical Center, Series P (RB) 4.00%, 05/15/32 (c) | 250 | 237,802 | ||||||
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 (c) | 370 | 401,474 | ||||||
State of California, Various Purpose (GO) | ||||||||
5.00%, 10/01/28 (c) | 500 | 565,216 | ||||||
5.00%, 02/01/25 (c) | 410 | 427,145 | ||||||
5.00%, 04/01/27 | 250 | 272,518 | ||||||
5.00%, 08/01/27 | 300 | 329,578 | ||||||
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c) | 250 | 276,052 | ||||||
University of California, Series BB (RB) 5.00%, 05/15/29 (c) | 250 | 270,035 | ||||||
University of California, Series BH (RB) 4.00%, 05/15/31 (c) | 280 | 279,827 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/28 (c) | $ | 720 | $ | 520,919 | ||||
5,685,092 | ||||||||
Connecticut: 4.3% | ||||||||
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c) | 250 | 257,982 | ||||||
State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 08/01/25 (c) | 250 | 262,105 | ||||||
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/26 | 250 | 269,219 | ||||||
789,306 | ||||||||
Hawaii: 2.9% | ||||||||
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) | 510 | 524,835 | ||||||
Massachusetts: 8.2% | ||||||||
City of Boston, Series A (GO) 5.00%, 11/01/32 (c) | 500 | 611,138 | ||||||
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/24 (c) | 250 | 255,913 | ||||||
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24 | 360 | 371,156 | ||||||
Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW) 5.00%, 07/01/23 | 255 | 255,682 | ||||||
1,493,889 | ||||||||
Nevada: 2.7% | ||||||||
Las Vegas Valley Water District, Series A (GO) 4.00%, 12/01/31 (c) | 250 | 247,133 | ||||||
Truckee Meadows Water Authority (RB) 5.00%, 07/01/23 | 250 | 250,735 | ||||||
497,868 | ||||||||
New York: 27.1% | ||||||||
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c) | 250 | 269,003 | ||||||
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) | 500 | 520,156 | ||||||
Long Island Power Authority, Electric System, Series C (RB) 5.25%, 09/01/29 | 255 | 291,807 | ||||||
Metropolitan Transportation Authority, Series B (RB) 4.25%, 05/30/23 (c) | 330 | 322,624 |
See Notes to Financial Statements
60 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
4.25%, 05/30/23 (c) | $ | 240 | $ | 237,680 | ||||
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24 | 250 | 258,028 | ||||||
New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB) 4.00%, 12/15/31 (c) | 250 | 247,528 | ||||||
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/25 (c) | 400 | 412,114 | ||||||
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c) | 300 | 304,234 | ||||||
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c) | 250 | 256,052 | ||||||
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c) | 250 | 265,587 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/25 (c) | 250 | 259,811 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/27 (c) | 275 | 292,218 | ||||||
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/30 (c) | 250 | 274,135 | ||||||
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/27 (c) | 500 | 519,670 | ||||||
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Series C (RB) 4.00%, 11/15/31 (c) | 250 | 244,943 | ||||||
4,975,590 | ||||||||
North Carolina: 1.6% | ||||||||
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 | 265 | 301,652 |
Par (000’s | ) | Value | ||||||
Ohio: 2.1% | ||||||||
Franklin County, Ohio Hospital Facilities (RB) 5.00%, 05/15/23 (c) | $ | 375 | $ | 375,233 | ||||
Oregon: 1.4% | ||||||||
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c) | 250 | 260,007 | ||||||
Pennsylvania: 3.2% | ||||||||
Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
4.00%, 12/01/31 (c) | 250 | 240,132 | ||||||
5.00%, 06/01/31 (c) | 330 | 351,104 | ||||||
591,236 | ||||||||
South Dakota: 1.4% | ||||||||
South Dakota Housing Development Authority, Series A (RB) 4.55%, 11/01/31 (c) | 250 | 252,510 | ||||||
Washington: 6.9% | ||||||||
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/31 (c) | 250 | 241,298 | ||||||
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/26 (c) | 250 | 263,296 | ||||||
King County, Washington School District No. 414 (GO) 4.00%, 12/01/30 | 250 | 259,131 | ||||||
Port of Seattle, First Lien 5.00%, 09/01/24 | 250 | 254,591 | ||||||
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c) | 250 | 253,944 | ||||||
1,272,260 | ||||||||
Wisconsin: 3.0% | ||||||||
State of Wisconsin, Department of Transportation (RB) 5.00%, 07/01/27 (c) | 265 | 291,408 | ||||||
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/23 (c) | 250 | 250,088 | ||||||
541,496 | ||||||||
Total Municipal Bonds: 97.6% (Cost: $19,018,407) | 17,889,717 | |||||||
Other assets less liabilities: 2.4% | 439,278 | |||||||
NET ASSETS: 100.0% | $ | 18,328,995 |
Definitions:
BAM | Build America Assurance Co. |
GO | General Obligation |
RB | Revenue Bond |
SAW | State Aid Withholding |
See Notes to Financial Statements
61 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes:
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
Summary of Investments by Sector | % of Investments | Value | ||||||
State GO | 15.4 | % | $ | 2,753,591 | ||||
Tax | 15.2 | 2,712,152 | ||||||
Local GO | 13.6 | 2,434,043 | ||||||
Hospitals | 8.7 | 1,562,285 | ||||||
Water & Sewer | 8.0 | 1,435,212 | ||||||
Transportation | 7.5 | 1,334,566 | ||||||
Education | 6.4 | 1,144,192 | ||||||
Power | 5.9 | 1,053,261 | ||||||
Refunded | 5.3 | 945,811 | ||||||
Airport | 5.0 | 897,114 | ||||||
Toll & Turnpike | 3.3 | 591,236 | ||||||
Miscellaneous | 1.5 | 260,007 | ||||||
Utilities | 1.4 | 257,824 | ||||||
Leasing COPS & Appropriations | 1.4 | 255,913 | ||||||
Single Family Housing | 1.4 | 252,510 | ||||||
100.0 | % | $ | 17,889,717 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 17,889,717 | $ | — | $ | 17,889,717 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
62 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.6% | ||||||||
Alabama: 0.9% | ||||||||
Alabama Public School and College Authority, Series A (RB) | ||||||||
4.00%, 11/01/30 (c) | $ | 2,000 | $ | 2,089,720 | ||||
5.00%, 11/01/30 (c) | 525 | 613,775 | ||||||
5.00%, 11/01/30 (c) | 2,015 | 2,330,968 | ||||||
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/29 (c) (p) | 3,500 | 3,394,000 | ||||||
Black Belt Energy Gas District, Series B (RB) 5.25%, 12/01/30 (c) (p) | 1,000 | 1,091,710 | ||||||
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c) | 860 | 848,256 | ||||||
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34 | 2,500 | 2,605,768 | ||||||
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p) | 3,000 | 2,977,735 | ||||||
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) | 150 | 159,125 | ||||||
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/29 (c) | 820 | 854,974 | ||||||
16,966,031 | ||||||||
Alaska: 0.1% | ||||||||
Alaska Housing Finance Corp., Series B (RB) 2.15%, 12/01/30 (c) | 1,040 | 839,283 | ||||||
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c) | 305 | 318,439 | ||||||
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c) | 635 | 659,249 | ||||||
1,816,971 | ||||||||
Arizona: 1.3% | ||||||||
Arizona Transportation Board, Highway (RB) | ||||||||
5.00%, 07/01/26 (c) | 835 | 894,091 | ||||||
5.00%, 07/01/26 (c) | 1,050 | 1,124,307 | ||||||
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/26 (c) | 1,550 | 1,598,924 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | ||||||||
5.00%, 07/01/26 (c) | 860 | 920,050 | ||||||
5.00%, 07/01/26 (c) | 620 | 663,097 |
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 | $ | 943,048 | ||||
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,135,817 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series B (RB) 4.00%, 07/01/24 (c) | 1,725 | 1,746,397 | ||||||
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
5.00%, 07/01/29 (c) | 1,000 | 1,108,750 | ||||||
5.00%, 07/01/29 (c) | 1,275 | 1,401,763 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) 5.00%, 07/01/27 (c) | 550 | 595,544 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c) | 1,150 | 899,284 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c) | 1,500 | 1,172,979 | ||||||
Maricopa County, Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
3.12%, 01/01/27 (c) | 20 | 19,982 | ||||||
4.00%, 01/01/27 (c) | 1,500 | 1,502,809 | ||||||
5.00%, 01/01/27 (c) | 605 | 636,066 | ||||||
Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
5.00%, 01/01/28 (c) | 2,380 | 2,644,371 | ||||||
5.00%, 01/01/32 | 1,000 | 1,201,095 | ||||||
5.00%, 06/01/25 (c) | 1,000 | 1,042,304 | ||||||
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37 | 1,600 | 1,659,842 | ||||||
22,910,520 | ||||||||
Arkansas: 0.1% | ||||||||
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c) | 1,000 | 1,089,949 |
See Notes to Financial Statements
63 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Arkansas (continued) | ||||||||
Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c) | $ | 1,000 | $ | 780,433 | ||||
1,870,382 | ||||||||
California: 17.4% | ||||||||
Alvin Independent School District, Unlimited Tax School House (RB) 5.00%, 10/01/27 (c) | 1,000 | 1,097,742 | ||||||
Bay Area Toll Authority, Series S-7 (RB) | ||||||||
3.25%, 04/01/27 (c) | 1,270 | 1,225,534 | ||||||
4.00%, 04/01/27 (c) | 1,735 | 1,814,698 | ||||||
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p) | 7,000 | 7,064,889 | ||||||
California Community Choice, Financing Authority Clean Energy Project, Series C (RB) 5.25%, 10/01/31 (c) (p) | 1,500 | 1,566,995 | ||||||
California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p) | 2,000 | 2,285,926 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) | 310 | 332,983 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c) | 400 | 386,652 | ||||||
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
4.00%, 04/01/30 (c) | 500 | 494,814 | ||||||
4.00%, 04/01/30 (c) | 1,060 | 1,058,698 | ||||||
California Health Facilities Financing Authority, Series A (RB) 3.75%, 05/30/23 (c) | 1,100 | 1,100,153 | ||||||
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c) | 750 | 829,522 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
5.00%, 11/15/27 (c) | 1,575 | 1,704,325 | ||||||
5.00%, 11/15/27 (c) | 450 | 492,148 | ||||||
California Housing Finance Agency, Series A (RB) 3.50%, 11/20/35 | 1,212 | 1,148,120 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Housing Finance Agency, Series A (RB) (FHLMC COLL) 3.75%, 03/25/35 | $ | 6,227 | $ | 6,144,935 | ||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c) | 840 | 887,959 | ||||||
California State Public Works Board, Coalinga State Hospital, Series E (RB) 5.00%, 06/01/23 (c) | 3,325 | 3,329,316 | ||||||
California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) 5.00%, 09/01/24 (c) | 2,200 | 2,249,914 | ||||||
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
3.00%, 09/01/27 (c) | 360 | 360,405 | ||||||
3.00%, 09/01/27 (c) | 500 | 502,727 | ||||||
California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/27 (c) | 340 | 376,132 | ||||||
California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
4.00%, 11/01/26 (c) | 1,000 | 1,039,200 | ||||||
4.00%, 11/01/26 (c) | 425 | 440,105 | ||||||
5.00%, 11/01/26 (c) | 30 | 32,492 | ||||||
California State Public Works Board, Various Judicial Council Project, Series A (RB) 5.00%, 06/01/23 (c) | 1,000 | 1,001,380 | ||||||
California State University, Series A (RB) | ||||||||
5.00%, 11/01/25 (c) | 2,035 | 2,151,264 | ||||||
5.00%, 05/01/26 (c) | 1,510 | 1,625,542 | ||||||
5.00%, 05/01/27 (c) | 510 | 559,303 | ||||||
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) | ||||||||
3.00%, 04/01/31 (c) | 1,000 | 838,594 | ||||||
4.00%, 04/01/31 (c) | 1,400 | 1,367,134 | ||||||
4.00%, 04/01/31 (c) | 1,000 | 967,853 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p) | 2,000 | 2,285,926 |
See Notes to Financial Statements
64 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c) | $ | 3,000 | $ | 2,544,584 | ||||
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) | ||||||||
4.00%, 10/01/25 (c) | 2,000 | 2,069,168 | ||||||
4.00%, 10/01/25 (c) | 2,000 | 2,027,805 | ||||||
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c) | 255 | 256,147 | ||||||
City of Bakersfield, Wastewater, Series A (RB) 5.00%, 09/15/25 (c) | 15 | 15,919 | ||||||
City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c) | 1,400 | 1,030,208 | ||||||
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
4.00%, 05/15/30 (c) | 1,000 | 1,055,741 | ||||||
5.00%, 05/15/31 (c) | 1,400 | 1,611,093 | ||||||
City of Los Angeles, Wastewater System, Series A (RB) | ||||||||
5.00%, 06/01/23 (c) | 2,000 | 2,001,989 | ||||||
5.00%, 06/01/27 (c) | 565 | 623,699 | ||||||
City of San Jose, California Airport, Series B (RB) (BAM) 4.00%, 03/01/31 (c) | 325 | 350,349 | ||||||
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 02/01/25 (c) ^ | 1,250 | 625,392 | ||||||
County of Sacramento, Regional County Sanitation District, Series A (RB) 5.00%, 06/01/24 (c) | 3,000 | 3,063,392 | ||||||
County of Santa Clara, Series C (GO) | ||||||||
5.00%, 08/01/27 (c) | 125 | 138,870 | ||||||
5.00%, 08/01/27 (c) | 525 | 579,138 | ||||||
Desert Community College District (GO) 5.00%, 08/01/27 (c) | 145 | 160,694 | ||||||
East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/25 (c) | 1,000 | 1,054,130 | ||||||
East Bay Municipal Utility District, Water System, Series B (RB) 5.00%, 06/01/27 (c) | 220 | 243,762 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c) | $ | 2,590 | $ | 2,434,867 | ||||
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM-TCRS) 4.00%, 07/01/26 (c) | 1,150 | 1,181,927 | ||||||
Fontana Redevelopment Agency Successor Agency (TA) 5.00%, 10/01/27 (c) | 760 | 836,414 | ||||||
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c) | 1,500 | 1,367,622 | ||||||
Kern High School District, Series C (GO) (AGM) | ||||||||
2.00%, 08/01/30 (c) | 3,000 | 2,711,264 | ||||||
2.00%, 08/01/30 (c) | 1,600 | 1,476,564 | ||||||
Los Angeles Community College District, Series J (GO) | ||||||||
4.00%, 08/01/27 (c) | 400 | 423,658 | ||||||
4.00%, 08/01/27 (c) | 750 | 793,519 | ||||||
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/32 (c) | 1,000 | 1,195,389 | ||||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB) | ||||||||
4.00%, 06/01/30 (c) | 1,045 | 1,097,157 | ||||||
4.00%, 06/01/30 (c) | 1,695 | 1,761,168 | ||||||
4.00%, 06/01/30 (c) | 1,000 | 1,067,737 | ||||||
4.00%, 06/01/31 (c) | 1,000 | 1,037,734 | ||||||
4.00%, 06/01/31 (c) | 1,460 | 1,531,587 | ||||||
5.00%, 06/01/30 (c) | 1,000 | 1,161,376 | ||||||
5.00%, 07/01/27 (c) | 795 | 880,827 | ||||||
5.00%, 07/01/31 (c) | 2,530 | 2,916,975 | ||||||
5.00%, 07/01/31 (c) | 1,060 | 1,229,648 | ||||||
5.00%, 07/01/31 (c) | 900 | 1,053,783 | ||||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series B (RB) 5.00%, 07/01/23 (c) | 2,000 | 2,005,347 | ||||||
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) | ||||||||
4.00%, 12/01/30 (c) | 1,250 | 1,277,020 | ||||||
4.00%, 12/01/30 (c) | 1,500 | 1,544,147 | ||||||
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/30 (c) | 1,900 | 1,956,338 | ||||||
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/29 | 1,000 | 1,155,828 |
See Notes to Financial Statements
65 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Los Angeles Department of Water and Power, Series B (RB) | ||||||||
5.00%, 01/01/27 (c) | $ | 275 | $ | 300,688 | ||||
5.00%, 07/01/23 (c) | 1,000 | 1,002,757 | ||||||
5.00%, 07/01/23 (c) | 1,500 | 1,503,960 | ||||||
Los Angeles Department of Water and Power, Series C (RB) | ||||||||
5.00%, 07/01/24 (c) | 1,000 | 1,024,280 | ||||||
5.00%, 07/01/30 (c) | 1,125 | 1,321,397 | ||||||
5.00%, 07/01/30 (c) | 1,500 | 1,717,265 | ||||||
Los Angeles Department of Water and Power, Series D (RB) | ||||||||
5.00%, 07/01/24 (c) | 2,000 | 2,048,329 | ||||||
5.00%, 07/01/28 (c) | 125 | 140,830 | ||||||
5.00%, 07/01/28 (c) | 2,000 | 2,198,661 | ||||||
5.00%, 07/01/32 (c) | 1,000 | 1,153,073 | ||||||
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/26 (c) | 2,000 | 2,063,226 | ||||||
Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO) 4.00%, 07/01/30 (c) | 1,605 | 1,652,483 | ||||||
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) | ||||||||
4.00%, 01/01/32 (c) | 1,500 | 1,570,108 | ||||||
5.00%, 01/01/32 (c) | 1,300 | 1,529,413 | ||||||
Los Angeles Unified School District, Series A (GO) | �� | |||||||
4.00%, 07/01/29 (c) | 1,580 | 1,701,656 | ||||||
5.00%, 07/01/25 (c) | 695 | 732,323 | ||||||
5.00%, 07/01/29 (c) | 1,720 | 1,986,079 | ||||||
5.00%, 07/01/30 | 500 | 589,267 | ||||||
Los Angeles Unified School District, Series B (GO) | ||||||||
2.00%, 07/01/26 (c) | 270 | 251,974 | ||||||
5.00%, 07/01/26 (c) | 915 | 988,961 | ||||||
Los Angeles Unified School District, Series B-1 (GO) | ||||||||
5.00%, 01/01/28 (c) | 645 | 720,860 | ||||||
5.00%, 01/01/28 (c) | 585 | 652,248 | ||||||
5.00%, 01/01/28 (c) | 295 | 324,653 | ||||||
Los Angeles Unified School District, Series C (GO) | ||||||||
3.00%, 07/01/30 (c) | 1,880 | 1,770,977 | ||||||
4.00%, 07/01/30 (c) | 2,000 | 2,099,274 | ||||||
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c) | 1,000 | 1,039,579 | ||||||
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/31 (c) | 1,000 | 1,074,205 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/26 (c) | $ | 615 | $ | 670,822 | ||||
Oakland Unified School District (GO) 5.00%, 08/01/26 (c) | 625 | 672,234 | ||||||
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/31 (c) | 1,055 | 1,095,323 | ||||||
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c) | 1,500 | 1,501,611 | ||||||
Palomar Health (RB) 5.00%, 11/01/26 (c) | 1,725 | 1,755,392 | ||||||
Palomar Health, Series B (GO) 4.00%, 08/01/26 (c) | 1,000 | 1,002,189 | ||||||
Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c) | 2,000 | 2,006,625 | ||||||
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) 5.00%, 11/01/27 (c) | 785 | 871,957 | ||||||
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/26 (c) | 650 | 698,444 | ||||||
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c) | 560 | 609,404 | ||||||
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c) | 1,000 | 1,022,742 | ||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 535 | 607,393 | ||||||
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/30 (c) | 2,075 | 2,419,376 | ||||||
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c) | 2,000 | 2,180,438 | ||||||
San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c) | 650 | 718,456 | ||||||
San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c) | 20 | 20,948 | ||||||
San Francisco Bay Area Rapid Transit District, Series F-1 (GO) 5.00%, 08/01/29 (c) | 140 | 160,611 |
See Notes to Financial Statements
66 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
San Francisco City & County Public Utilities Commission Wastewater (RB) | ||||||||
5.00%, 10/01/32 (c) | $ | 1,000 | $ | 1,160,243 | ||||
5.00%, 10/01/32 (c) | 1,000 | 1,191,076 | ||||||
5.00%, 10/01/32 (c) | 1,500 | 1,740,365 | ||||||
San Francisco County Transportation Authority (RB) | ||||||||
3.00%, 02/01/27 (c) | 500 | 498,827 | ||||||
3.00%, 02/01/27 (c) | 135 | 136,841 | ||||||
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c) | 2,000 | 2,118,467 | ||||||
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c) | 230 | 252,846 | ||||||
San Marcos Unified School District (GO) | ||||||||
4.00%, 08/01/27 (c) | 400 | 418,642 | ||||||
5.00%, 08/01/27 (c) | 350 | 384,173 | ||||||
Santa Clara County Financing Authority, Capital Facilities, Series A (RB) | ||||||||
4.00%, 05/01/31 (c) | 840 | 880,639 | ||||||
5.00%, 05/01/31 (c) | 3,855 | 4,589,920 | ||||||
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
3.00%, 05/15/25 (c) | 1,000 | 948,363 | ||||||
4.00%, 05/15/25 (c) | 400 | 410,248 | ||||||
4.00%, 05/15/25 (c) | 1,510 | 1,556,861 | ||||||
Santa Clara Unified School District (GO) | ||||||||
3.00%, 07/01/26 (c) | 1,535 | 1,479,952 | ||||||
3.00%, 07/01/26 (c) | 2,000 | 1,962,900 | ||||||
3.00%, 07/01/26 (c) | 395 | 387,673 | ||||||
Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c) | 25 | 26,625 | ||||||
State of California (GO) 4.00%, 04/01/31 (c) | 2,000 | 2,152,686 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/27 (c) | 915 | 1,025,086 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c) | 365 | 419,115 | ||||||
State of California, Series CL (GO) 3.75%, 12/01/24 (c) | 10 | 9,810 | ||||||
State of California, Various Purpose (GO) | ||||||||
3.00%, 10/01/29 (c) | 350 | 327,973 | ||||||
3.00%, 10/01/29 (c) | 2,000 | 1,969,134 | ||||||
3.12%, 04/01/29 (c) | 1,575 | 1,553,868 | ||||||
4.00%, 10/01/29 (c) | 2,000 | 2,046,540 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
4.00%, 11/01/30 (c) | $ | 2,000 | $ | 2,064,714 | ||||
4.00%, 11/01/30 (c) | 2,945 | 3,158,320 | ||||||
4.00%, 03/01/30 (c) | 9,500 | 10,022,448 | ||||||
4.00%, 03/01/30 (c) | 2,000 | 2,080,699 | ||||||
4.00%, 04/01/31 (c) | 2,300 | 2,364,384 | ||||||
4.00%, 04/01/31 (c) | 1,795 | 1,948,906 | ||||||
4.00%, 08/01/26 (c) | 700 | 724,402 | ||||||
4.00%, 09/01/26 (c) | 2,960 | 3,026,423 | ||||||
4.00%, 09/01/26 (c) | 1,500 | 1,549,666 | ||||||
4.00%, 09/01/26 (c) | 1,815 | 1,881,311 | ||||||
5.00%, 10/01/28 (c) | 1,065 | 1,203,949 | ||||||
5.00%, 10/01/29 | 4,500 | 5,187,275 | ||||||
5.00%, 10/01/29 (c) | 2,340 | 2,697,483 | ||||||
5.00%, 10/01/29 (c) | 5,050 | 5,813,002 | ||||||
5.00%, 10/01/29 | 1,000 | 1,152,728 | ||||||
5.00%, 10/01/30 | 1,000 | 1,174,544 | ||||||
5.00%, 10/01/31 | 4,000 | 4,774,398 | ||||||
5.00%, 11/01/23 (c) | 2,000 | 2,019,244 | ||||||
5.00%, 11/01/27 (c) | 3,375 | 3,744,729 | ||||||
5.00%, 11/01/27 (c) | 1,020 | 1,131,753 | ||||||
5.00%, 11/01/27 (c) | 2,645 | 2,933,954 | ||||||
5.00%, 11/01/28 (c) | 3,135 | 3,459,331 | ||||||
5.00%, 11/01/30 | 1,360 | 1,599,826 | ||||||
5.00%, 11/01/30 (c) | 1,610 | 1,874,341 | ||||||
5.00%, 12/01/30 (c) | 2,000 | 2,286,915 | ||||||
5.00%, 03/01/30 (c) | 2,330 | 2,675,229 | ||||||
5.00%, 04/01/24 (c) | 500 | 509,656 | ||||||
5.00%, 04/01/26 (c) | 1,690 | 1,812,178 | ||||||
5.00%, 04/01/29 (c) | 3,000 | 3,361,817 | ||||||
5.00%, 04/01/29 (c) | 2,500 | 2,849,460 | ||||||
5.00%, 04/01/29 (c) | 3,500 | 3,952,260 | ||||||
5.00%, 04/01/30 | 2,910 | 3,386,562 | ||||||
5.00%, 04/01/32 | 4,270 | 5,138,431 | ||||||
5.00%, 04/01/33 (c) | 2,000 | 2,367,387 | ||||||
5.00%, 04/01/33 (c) | 2,000 | 2,311,001 | ||||||
5.00%, 05/01/24 (c) | 2,480 | 2,533,515 | ||||||
5.00%, 05/15/23 (c) | 3,000 | 3,001,795 | ||||||
5.00%, 08/01/24 (c) | 1,000 | 1,026,420 | ||||||
5.00%, 08/01/24 (c) | 1,000 | 1,026,793 | ||||||
5.00%, 08/01/26 (c) | 490 | 525,047 | ||||||
5.00%, 08/01/27 (c) | 2,250 | 2,483,463 | ||||||
5.00%, 08/01/28 (c) | 3,245 | 3,591,351 | ||||||
5.00%, 09/01/26 (c) | 1,095 | 1,184,691 | ||||||
5.00%, 09/01/29 | 1,000 | 1,150,864 | ||||||
State of California, Various Purpose (GO) (SAW) 5.00%, 06/01/26 (c) | 1,000 | 1,070,671 | ||||||
State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
4.00%, 05/01/31 (c) | 1,500 | 1,543,485 | ||||||
4.00%, 05/01/31 (c) | 2,000 | 2,066,759 | ||||||
University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 10 | 10,785 | ||||||
University of California, Series AY (RB) 5.00%, 05/15/27 (c) | 625 | 690,102 |
See Notes to Financial Statements
67 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
University of California, Series AZ (RB) 5.00%, 05/15/28 (c) | $ | 310 | $ | 350,405 | ||||
University of California, Series BE (RB) 5.00%, 05/15/30 (c) | 1,500 | 1,727,854 | ||||||
University of California, Series BN (RB) | ||||||||
5.00%, 05/15/33 (c) | 1,000 | 1,191,869 | ||||||
5.00%, 05/15/33 (c) | 1,000 | 1,208,673 | ||||||
5.00%, 05/15/33 (c) | 2,000 | 2,454,846 | ||||||
University of California, Series I (RB) 4.00%, 05/15/25 (c) | 2,160 | 2,203,438 | ||||||
University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,170 | 1,298,140 | ||||||
University of California, Series Q (RB) 4.00%, 05/15/31 (c) | 2,500 | 2,560,771 | ||||||
316,275,183 | ||||||||
Colorado: 1.7% | ||||||||
Adams 12 Five Star Schools, Series B (GO) 5.00%, 12/15/26 (c) | 1,000 | 1,059,496 | ||||||
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c) | 540 | 584,051 | ||||||
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW) | ||||||||
5.00%, 12/15/26 (c) | 2,000 | 2,130,256 | ||||||
5.00%, 12/15/26 (c) | 2,000 | 2,121,099 | ||||||
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c) | 1,000 | 1,056,224 | ||||||
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^ | 1,200 | 694,196 | ||||||
Colorado Health Facilities Authority, Advenhealth, Series A (RB) 4.00%, 11/15/29 (c) | 2,000 | 1,999,206 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 2,350 | 2,301,670 | ||||||
Denver City and County School District No. 1 (GO) (SAW) 5.00%, 12/01/30 (c) | 1,000 | 1,125,993 | ||||||
ElCounty of El Paso, School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c) | 295 | 317,146 | ||||||
Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c) | 1,110 | 1,258,676 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Pueblo City Schools No. 60 (GO) (SAW) | ||||||||
3.00%, 12/15/29 (c) | $ | 500 | $ | 454,489 | ||||
5.00%, 12/15/29 (c) | 1,010 | 1,145,858 | ||||||
5.00%, 12/15/29 (c) | 1,625 | 1,798,867 | ||||||
5.00%, 12/15/29 (c) | 1,085 | 1,195,848 | ||||||
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/26 (c) | 1,820 | 1,924,529 | ||||||
Regional Transportation District, Fastracks Project, Series B (RB) | ||||||||
5.00%, 11/01/27 (c) | 530 | 580,219 | ||||||
5.00%, 11/01/27 (c) | 1,995 | 2,175,209 | ||||||
State of Colorado, Series A (CP) | ||||||||
4.00%, 12/15/31 (c) | 1,540 | 1,565,324 | ||||||
4.00%, 12/15/31 (c) | 1,750 | 1,803,542 | ||||||
5.00%, 12/15/31 (c) | 1,000 | 1,166,414 | ||||||
University of Colorado, Series A-2 (RB) 3.00%, 06/01/24 (c) | 800 | 797,210 | ||||||
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c) | 2,165 | 2,416,359 | ||||||
31,671,881 | ||||||||
Connecticut: 2.3% | ||||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/31 (c) | 1,530 | 1,560,176 | ||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c) | 1,290 | 1,033,002 | ||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/26 (c) | 260 | 258,364 | ||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series F-1 (RB) 3.05%, 05/15/26 (c) | 140 | 136,141 | ||||||
Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c) | 335 | 366,944 | ||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
4.00%, 07/01/29 (c) | 625 | 598,541 | ||||||
4.00%, 07/01/29 (c) | 525 | 500,176 |
See Notes to Financial Statements
68 |
Par (000’s | ) | Value | ||||||
Connecticut (continued) | ||||||||
5.00%, 07/01/29 (c) | $ | 2,200 | $ | 2,328,810 | ||||
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29 | 1,120 | 1,298,019 | ||||||
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c) | 1,000 | 1,026,866 | ||||||
State of Connecticut (GO) 5.00%, 11/15/25 (c) | 1,525 | 1,600,940 | ||||||
State of Connecticut, Series A (GO) | ||||||||
3.00%, 01/15/31 (c) | 1,000 | 985,842 | ||||||
3.00%, 01/15/31 (c) | 2,200 | 2,183,041 | ||||||
3.00%, 01/15/31 (c) | 1,000 | 938,287 | ||||||
4.00%, 01/15/31 | 1,780 | 1,950,893 | ||||||
5.00%, 04/15/28 (c) | 1,000 | 1,082,952 | ||||||
State of Connecticut, Series A (GO) (SBG) 4.00%, 04/15/29 (c) | 1,000 | 1,026,009 | ||||||
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29 | 1,000 | 1,005,325 | ||||||
State of Connecticut, Series C (GO) | ||||||||
4.00%, 06/01/30 (c) | 1,950 | 2,096,230 | ||||||
4.00%, 06/01/30 (c) | 850 | 886,944 | ||||||
State of Connecticut, Series E (GO) | ||||||||
3.00%, 10/15/26 (c) | 395 | 391,448 | ||||||
5.00%, 08/15/23 (c) | 2,000 | 2,010,746 | ||||||
5.00%, 09/15/28 (c) | 1,665 | 1,865,405 | ||||||
State of Connecticut, Series F (GO) 5.00%, 11/15/25 (c) | 1,550 | 1,629,330 | ||||||
State of Connecticut, Special Tax, Series A (RB) | ||||||||
5.00%, 05/01/31 (c) | 1,500 | 1,736,582 | ||||||
5.00%, 05/01/31 | 1,650 | 1,949,222 | ||||||
5.00%, 09/01/24 (c) | 1,250 | 1,284,309 | ||||||
5.00%, 09/01/24 (c) | 1,300 | 1,335,774 | ||||||
5.00%, 09/01/24 (c) | 1,195 | 1,228,975 | ||||||
5.00%, 09/01/26 (c) | 475 | 508,406 | ||||||
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/30 (c) | 2,500 | 2,796,512 | ||||||
State of Connecticut, State Revolving Fund, Series A (RB) 5.00%, 05/01/27 (c) | 1,000 | 1,096,700 | ||||||
University of Connecticut, Series A (RB) 5.00%, 01/15/27 (c) | 745 | 804,850 | ||||||
41,501,761 | ||||||||
Delaware: 0.2% | ||||||||
Delaware Transportation Authority (RB) 5.00%, 09/01/30 (c) | 1,000 | 1,164,759 |
Par (000’s | ) | Value | ||||||
Delaware (continued) | ||||||||
State of Delaware (GO) | ||||||||
2.00%, 02/01/31 (c) | $ | 1,000 | $ | 848,843 | ||||
2.00%, 02/01/31 (c) | 1,000 | 797,964 | ||||||
State of Delaware, Series A (GO) | ||||||||
2.00%, 01/01/30 (c) | 650 | 524,235 | ||||||
5.00%, 05/01/33 (c) | 1,000 | 1,202,216 | ||||||
4,538,017 | ||||||||
District of Columbia: 1.6% | ||||||||
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c) | 2,250 | 2,554,630 | ||||||
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/27 (c) | 645 | 693,679 | ||||||
District of Columbia, Series A (GO) | ||||||||
5.00%, 01/01/33 (c) | 1,000 | 1,180,459 | ||||||
5.00%, 06/01/27 (c) | 1,500 | 1,642,823 | ||||||
5.00%, 06/01/27 (c) | 580 | 637,320 | ||||||
5.00%, 06/01/28 (c) | 750 | 831,411 | ||||||
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c) | 1,000 | 1,124,205 | ||||||
District of Columbia, Series C (GO) 5.00%, 06/01/24 (c) | 1,980 | 2,007,891 | ||||||
District of Columbia, Series C (RB) 5.00%, 05/01/30 (c) | 1,000 | 1,135,072 | ||||||
District of Columbia, Series D (GO) 5.00%, 06/01/24 (c) | 1,350 | 1,376,212 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c) | 250 | 253,545 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c) | 250 | 255,690 | ||||||
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/27 (c) | 2,545 | 2,780,951 | ||||||
Washington Metropolitan Area Transit Authority (RB) 5.00%, 07/01/27 (c) | 1,000 | 1,068,906 | ||||||
Washington Metropolitan Area Transit Authority, Series A (RB) | ||||||||
4.00%, 07/15/31 (c) | 4,000 | 4,287,123 | ||||||
5.00%, 07/15/30 (c) | 1,400 | 1,569,858 | ||||||
5.00%, 07/15/31 (c) | 2,000 | 2,269,195 |
See Notes to Financial Statements
69 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
District of Columbia (continued) | ||||||||
Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
5.00%, 07/01/27 (c) | $ | 810 | $ | 873,641 | ||||
5.00%, 07/01/27 (c) | 550 | 595,994 | ||||||
5.00%, 07/01/27 (c) | 300 | 326,615 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
5.00%, 07/01/27 (c) | 650 | 709,353 | ||||||
5.00%, 07/01/27 (c) | 880 | 949,140 | ||||||
5.00%, 07/01/27 (c) | 555 | 606,909 | ||||||
29,730,622 | ||||||||
Florida: 3.4% | ||||||||
Brevard County Health Facilities Authority, Health First, Inc. Project (RB) | ||||||||
5.00%, 04/01/24 (c) | 1,000 | 1,011,801 | ||||||
5.00%, 04/01/24 (c) | 2,510 | 2,539,620 | ||||||
Broward County, Florida School Board, Series B (CP) 5.00%, 07/01/25 (c) | 1,005 | 1,041,702 | ||||||
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c) | 2,000 | 2,046,625 | ||||||
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c) | 520 | 502,833 | ||||||
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/26 (c) | 1,250 | 1,280,511 | ||||||
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/27 (c) | 2,000 | 2,125,307 | ||||||
City of Gainesville, Utilities System, Series A (RB) | ||||||||
5.00%, 10/01/27 (c) | 1,045 | 1,140,360 | ||||||
5.00%, 10/01/27 (c) | 195 | 214,093 | ||||||
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c) | 1,095 | 1,253,133 | ||||||
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) | ||||||||
5.00%, 11/01/27 (c) | 560 | 601,724 | ||||||
5.00%, 11/01/27 (c) | 2,000 | 2,181,050 | ||||||
County of Miami-Dade (RB) | ||||||||
0.00%, 10/01/26 (c) ^ | 565 | 425,086 | ||||||
0.00%, 10/01/26 (c) ^ | 400 | 288,405 | ||||||
5.00%, 10/01/26 (c) | 2,005 | 2,108,179 | ||||||
5.00%, 10/01/26 (c) | 510 | 540,298 | ||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
5.00%, 07/01/26 (c) | 555 | 590,280 | ||||||
5.00%, 07/01/26 (c) | 280 | 298,323 | ||||||
5.00%, 07/01/26 (c) | 520 | 554,842 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c) | $ | 1,600 | $ | 1,651,463 | ||||
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/30 (c) | 1,500 | 1,507,579 | ||||||
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c) | 865 | 891,728 | ||||||
County of Miami-Dade, Water and Sewer System (RB) | ||||||||
4.00%, 04/01/31 (c) | 1,475 | 1,504,477 | ||||||
5.00%, 04/01/31 (c) | 3,500 | 4,112,303 | ||||||
County of Miami-Dade, Water and Sewer System, Series A (RB) 5.00%, 10/01/25 (c) | 1,500 | 1,555,841 | ||||||
County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
3.00%, 10/01/27 (c) | 370 | 354,788 | ||||||
5.00%, 10/01/25 (c) | 605 | 626,101 | ||||||
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c) | 2,000 | 2,010,362 | ||||||
Florida Housing Finance Corp., Series 2 (RB) 2.10%, 01/01/30 (c) | 950 | 794,714 | ||||||
JEA Electric System, Series A (RB) 5.00%, 10/01/23 (c) | 2,000 | 2,011,764 | ||||||
JEA Electric System, Series B (RB) | ||||||||
3.38%, 05/30/23 (c) | 520 | 513,672 | ||||||
5.00%, 10/01/27 (c) | 885 | 964,714 | ||||||
5.00%, 10/01/27 (c) | 850 | 933,256 | ||||||
5.00%, 10/01/27 (c) | 610 | 671,066 | ||||||
JEA Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c) | 1,360 | 1,369,263 | ||||||
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c) | 605 | 662,751 | ||||||
Orange County, Health Facilities Authority, Series A (RB) | ||||||||
5.00%, 10/01/26 (c) | 1,325 | 1,396,742 | ||||||
5.00%, 08/01/23 (c) | 420 | 433,635 | ||||||
Orange County, School Board, Series C (CP) 5.00%, 08/01/26 (c) | 410 | 429,453 | ||||||
Orange County, Tourist Development Tax (RB) 5.00%, 10/01/30 | 490 | 565,101 | ||||||
Palm Beach County, School Board, Series A (CP) 5.00%, 08/01/30 (c) | 275 | 316,401 |
See Notes to Financial Statements
70 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Palm Beach County, School Board, Series C (CP) 5.00%, 08/01/28 (c) | $ | 695 | $ | 778,273 | ||||
Palm Beach County, School Board, Series D (CP) 5.00%, 08/01/25 (c) | 2,000 | 2,084,683 | ||||||
Polk County, School District (RB) (SAW) 5.00%, 10/01/29 (c) | 1,000 | 1,141,917 | ||||||
Reedy Creek Improvement District, Series A (GO) | ||||||||
4.00%, 06/01/27 (c) | 1,000 | 1,041,649 | ||||||
5.00%, 06/01/26 (c) | 1,000 | 1,041,848 | ||||||
South Miami Health Facilities Authority, Baptist Health (RB) | ||||||||
5.00%, 08/15/27 (c) | 800 | 859,775 | ||||||
5.00%, 08/15/27 (c) | 710 | 763,565 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
4.00%, 06/01/27 (c) | 1,000 | 1,051,070 | ||||||
4.00%, 06/01/27 (c) | 780 | 822,423 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c) | 510 | 480,764 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | ||||||||
2.38%, 06/01/26 (c) | 590 | 552,641 | ||||||
3.00%, 06/01/25 (c) | 1,000 | 984,681 | ||||||
State of Florida, Department of Transportation Financing Corp. (RB) | ||||||||
3.00%, 07/01/30 (c) | 1,000 | 947,011 | ||||||
3.00%, 07/01/30 (c) | 1,000 | 998,717 | ||||||
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 | 880 | 1,020,086 | ||||||
Volusia County, School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c) | 1,320 | 1,344,932 | ||||||
61,935,381 | ||||||||
Georgia: 2.4% | ||||||||
Athens-Clarke County, Georgia Water and Sewerage (RB) 4.00%, 01/01/25 (c) | 1,450 | 1,478,919 | ||||||
City of Atlanta, Airport Passenger Facility Charge, Series C (RB) | ||||||||
5.00%, 07/01/29 (c) | 2,275 | 2,495,220 | ||||||
5.00%, 07/01/29 (c) | 800 | 896,505 | ||||||
City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c) | 1,450 | 1,487,281 |
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
5.00%, 05/01/25 (c) | $ | 1,000 | $ | 1,045,888 | ||||
Clarke County, Hospital Authority, Piedmont Healthcare, Inc. Project, Series A (RB) 5.00%, 07/01/26 (c) | 250 | 263,553 | ||||||
Clarke County, Nevada Airport System, Series A-2 (RB) 5.00%, 01/01/24 (c) | 1,705 | 1,723,471 | ||||||
Dekalb County, Water and Sewerage, Series B (RB) (AGM) 5.00%, 10/01/26 (c) | 1,530 | 1,630,141 | ||||||
Fulton County, Georgia Water and Sewerage, Series A (RB) | ||||||||
3.00%, 01/01/30 (c) | 3,000 | 2,738,814 | ||||||
5.00%, 05/30/23 (c) | 1,350 | 1,363,495 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 5.00%, 02/15/27 (c) | 225 | 239,029 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c) | 925 | 876,730 | ||||||
Georgia Municipal Electric Authority Project (RB) 5.00%, 05/24/23 (c) | 1,000 | 1,000,481 | ||||||
Main Street Natural Gas, Inc., Gas Supply, Series A (RB) | ||||||||
4.00%, 12/01/29 (c) (p) | 2,500 | 2,490,350 | ||||||
5.00%, 05/15/38 | 1,000 | 1,025,184 | ||||||
Main Street Natural Gas, Inc., Gas Supply, Series B (RB) 5.00%, 03/01/30 (c) (p) | 1,000 | 1,069,037 | ||||||
Private Colleges and Universities Authority, Emory University, Series B (RB) | ||||||||
4.00%, 10/01/26 (c) | 2,000 | 2,030,179 | ||||||
4.00%, 09/01/30 (c) | 350 | 367,873 | ||||||
State of Georgia, Road and Tollway Authority (RB) | ||||||||
5.00%, 06/01/30 (c) | 2,550 | 2,958,330 | ||||||
5.00%, 06/01/30 (c) | 2,000 | 2,318,504 | ||||||
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c) | 3,255 | 3,505,380 | ||||||
State of Georgia, Series A (GO) | ||||||||
4.00%, 08/01/30 (c) | 935 | 1,013,314 | ||||||
5.00%, 02/01/27 (c) | 2,000 | 2,184,130 | ||||||
5.00%, 02/01/27 (c) | 1,200 | 1,309,731 | ||||||
5.00%, 08/01/29 | 2,500 | 2,889,771 | ||||||
State of Georgia, Series C (GO) 5.00%, 07/01/27 (c) | 3,000 | 3,306,760 | ||||||
43,708,070 |
See Notes to Financial Statements
71 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Hawaii: 0.8% | ||||||||
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c) | $ | 1,930 | $ | 2,243,666 | ||||
City and County of Honolulu, Series A (GO) 4.00%, 09/01/28 (c) | 1,075 | 1,091,971 | ||||||
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c) | 1,015 | 1,112,855 | ||||||
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) | 970 | 998,216 | ||||||
City and County of Honolulu, Wastewater System, Series B (RB) 5.00%, 07/01/29 (c) | 875 | 976,565 | ||||||
State of Hawaii (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,142,858 | ||||||
State of Hawaii, Department of Budget and Finance, Series A (RB) 6.00%, 07/01/23 (c) | 1,000 | 1,004,235 | ||||||
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/30 (c) | 2,000 | 2,275,586 | ||||||
State of Hawaii, Series ET (GO) 3.00%, 10/01/25 (c) | 1,000 | 1,006,137 | ||||||
State of Hawaii, Series FK (GO) | ||||||||
3.25%, 05/01/27 (c) | 1,000 | 1,009,883 | ||||||
5.00%, 05/01/27 (c) | 690 | 746,876 | ||||||
State of Hawaii, Series FN (GO) 5.00%, 10/01/27 (c) | 500 | 550,108 | ||||||
State of Hawaii, Series FT (GO) | ||||||||
4.00%, 01/01/28 (c) | 295 | 310,509 | ||||||
5.00%, 01/01/28 (c) | 405 | 449,987 | ||||||
14,919,452 | ||||||||
Illinois: 5.4% | ||||||||
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/30 (c) | 1,000 | 1,122,065 | ||||||
Chicago O’Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/30 (c) | 1,000 | 1,024,067 | ||||||
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/27 (c) | 365 | 391,434 | ||||||
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c) | 135 | 141,987 | ||||||
Chicago O’Hare International Airport, Series D (RB) 4.12%, 01/01/25 (c) | 1,150 | 1,151,507 | ||||||
City of Chicago, Second Lien Water (RB) 5.00%, 11/01/27 (c) | 1,390 | 1,469,855 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
City of Chicago, Second Lien Water (RB) (AGM) | ||||||||
5.00%, 11/01/27 (c) | $ | 2,000 | $ | 2,119,634 | ||||
5.00%, 11/01/27 (c) | 1,420 | 1,523,344 | ||||||
City of Chicago, Series A (GO) | ||||||||
5.00%, 01/01/24 (c) | 1,250 | 1,252,007 | ||||||
5.00%, 01/01/24 (c) | 1,500 | 1,504,122 | ||||||
5.00%, 01/01/30 | 2,000 | 2,159,471 | ||||||
5.00%, 01/01/31 (c) | 1,000 | 1,082,597 | ||||||
5.00%, 01/01/31 (c) | 2,455 | 2,654,325 | ||||||
City of Chicago, Series B (GO) | ||||||||
4.00%, 01/01/30 | 358 | 358,872 | ||||||
4.00%, 01/01/32 (c) | 1,064 | 967,173 | ||||||
City of Chicago, Series C (GO) 5.00%, 01/01/26 (c) | 1,150 | 1,163,705 | ||||||
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c) | 750 | 774,340 | ||||||
Cook County, Series A (GO) 5.00%, 11/15/26 (c) | 325 | 345,370 | ||||||
Illinois Finance Authority, Carle Foundation, Series A (RB) | ||||||||
4.00%, 08/15/31 (c) | 1,500 | 1,482,452 | ||||||
4.00%, 08/15/31 (c) | 1,500 | 1,497,917 | ||||||
5.00%, 08/15/31 (c) | 1,000 | 1,130,062 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
4.00%, 01/01/31 (c) | 1,000 | 1,035,127 | ||||||
4.00%, 01/01/31 (c) | 1,600 | 1,692,876 | ||||||
5.00%, 01/01/26 (c) | 685 | 723,170 | ||||||
5.00%, 01/01/27 (c) | 700 | 757,189 | ||||||
5.00%, 01/01/31 (c) | 750 | 868,751 | ||||||
5.00%, 07/01/29 (c) | 2,560 | 2,847,989 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c) | 1,400 | 1,578,391 | ||||||
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/29 (c) | 1,435 | 1,543,947 | ||||||
Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
4.00%, 06/01/26 (c) | 90 | 91,137 | ||||||
4.00%, 06/01/26 (c) | 160 | 162,199 | ||||||
5.00%, 06/01/26 (c) | 250 | 260,879 | ||||||
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | ||||||||
5.00%, 08/15/30 (c) | 1,000 | 1,147,518 | ||||||
5.00%, 08/15/30 (c) | 1,365 | 1,572,048 | ||||||
5.00%, 08/15/30 (c) | 1,295 | 1,476,685 | ||||||
Illinois Finance Authority, Rush University Medical Center, Series A (RB) 5.00%, 05/15/25 (c) | 125 | 129,814 | ||||||
Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB) 4.12%, 08/15/25 (c) | 3,145 | 3,033,611 |
See Notes to Financial Statements
72 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Housing Development Authority, Series A (RB) 4.50%, 10/01/32 (c) | $ | 1,000 | $ | 1,018,937 | ||||
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c) | 420 | 422,628 | ||||||
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/27 (c) | 1,000 | 994,308 | ||||||
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33 | 1,000 | 1,216,904 | ||||||
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 08/01/25 (c) | 2,000 | 2,021,295 | ||||||
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 05/30/23 (c) | 1,135 | 1,135,973 | ||||||
Illinois State Toll Highway Authority, Series B (RB) | ||||||||
5.00%, 01/01/24 (c) | 5,000 | 5,044,274 | ||||||
5.00%, 01/01/26 (c) | 1,500 | 1,567,573 | ||||||
5.00%, 01/01/26 (c) | 1,000 | 1,033,927 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 5.00%, 12/01/26 (c) | 780 | 836,169 | ||||||
Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
4.00%, 12/01/26 (c) | 1,235 | 1,248,925 | ||||||
4.00%, 12/01/26 (c) | 1,500 | 1,500,278 | ||||||
5.00%, 12/01/26 (c) | 910 | 972,970 | ||||||
5.00%, 12/01/26 (c) | 990 | 1,053,305 | ||||||
Sales Tax Securitization Corp., Series A (RB) | ||||||||
5.00%, 01/01/28 (c) | 1,150 | 1,243,933 | ||||||
5.00%, 01/01/28 (c) | 570 | 613,306 | ||||||
5.00%, 01/01/33 (c) | 1,000 | 1,151,170 | ||||||
State of Illinois (GO) | ||||||||
3.50%, 06/01/26 (c) | 685 | 683,353 | ||||||
4.00%, 03/01/31 (c) | 1,000 | 982,291 | ||||||
4.00%, 07/01/32 (c) | 1,000 | 987,930 | ||||||
4.12%, 11/01/26 (c) | 360 | 367,756 | ||||||
5.00%, 11/01/26 (c) | 305 | 316,723 | ||||||
5.00%, 05/01/32 (c) | 1,000 | 1,096,919 | ||||||
5.00%, 07/01/32 (c) | 1,000 | 1,096,700 | ||||||
5.25%, 02/01/24 (c) | 1,320 | 1,336,232 | ||||||
5.50%, 07/10/23 (c) | 1,470 | 1,475,931 | ||||||
State of Illinois (RB) | ||||||||
3.00%, 06/15/26 (c) | 320 | 292,893 | ||||||
3.00%, 06/15/26 (c) | 680 | 639,679 | ||||||
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/31 (c) | 3,000 | 2,822,269 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, Sales Tax, Series C (RB) | ||||||||
5.00%, 06/15/30 | $ | 1,000 | $ | 1,096,562 | ||||
5.00%, 06/15/31 | 1,500 | 1,650,835 | ||||||
State of Illinois, Series A (GO) | ||||||||
4.00%, 03/01/31 (c) | 500 | 483,293 | ||||||
5.00%, 10/01/28 (c) | 2,500 | 2,694,446 | ||||||
5.00%, 12/01/27 (c) | 1,000 | 1,054,478 | ||||||
5.00%, 03/01/31 | 500 | 558,491 | ||||||
5.00%, 03/01/31 (c) | 1,000 | 1,105,809 | ||||||
5.00%, 05/01/28 (c) | 2,250 | 2,395,861 | ||||||
5.25%, 12/01/27 (c) | 1,200 | 1,296,860 | ||||||
State of Illinois, Series B (GO) 5.00%, 11/01/29 (c) | 1,000 | 1,099,797 | ||||||
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 4,105 | 4,395,511 | ||||||
State of Illinois, Series D (RB) 5.00%, 06/15/26 (c) | 620 | 648,256 | ||||||
97,892,387 | ||||||||
Indiana: 0.8% | ||||||||
City of Indianapolis, Indiana Water System, Series A (RB) 5.00%, 10/01/28 (c) | 1,720 | 1,891,695 | ||||||
Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c) | 1,000 | 904,414 | ||||||
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c) | 2,500 | 2,600,936 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 | 1,545 | 1,547,513 | ||||||
Indiana Finance Authority, Series A (RB) | ||||||||
5.00%, 02/01/28 (c) | 200 | 221,950 | ||||||
5.00%, 02/01/28 (c) | 1,310 | 1,459,167 | ||||||
Indiana Finance Authority, Series C (RB) 5.00%, 02/01/28 (c) | 610 | 679,460 | ||||||
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29 | 935 | 1,069,153 | ||||||
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c) | 20 | 19,914 | ||||||
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c) | 250 | 277,001 | ||||||
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) 5.00%, 02/01/29 (c) | 1,715 | 1,947,568 |
See Notes to Financial Statements
73 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Indiana (continued) | ||||||||
Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM) 4.00%, 06/01/31 (c) | $ | 2,000 | $ | 1,996,373 | ||||
14,615,144 | ||||||||
Iowa: 0.1% | ||||||||
Iowa Finance Authority (RB) 5.00%, 08/01/27 (c) | 1,000 | 1,103,143 | ||||||
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/31 (c) | 1,000 | 1,142,804 | ||||||
2,245,947 | ||||||||
Kansas: 0.3% | ||||||||
County of Butler, Unified School District No. 385 (GO) | ||||||||
4.00%, 09/01/27 (c) | 300 | 312,697 | ||||||
4.00%, 09/01/27 (c) | 500 | 523,179 | ||||||
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c) | 750 | 785,565 | ||||||
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB) 5.00%, 11/15/31 (p) | 2,450 | 2,808,233 | ||||||
State of Kansas, Department of Transportation (RB) 5.00%, 09/01/27 (c) | 1,165 | 1,280,605 | ||||||
5,710,279 | ||||||||
Kentucky: 0.6% | ||||||||
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 4.00%, 08/01/30 (c) (p) | 1,200 | 1,190,478 | ||||||
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/28 (c) | 3,285 | 3,595,907 | ||||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
4.00%, 10/01/26 (c) | 1,000 | 995,990 | ||||||
5.00%, 10/01/26 (c) | 290 | 305,206 | ||||||
5.00%, 10/01/26 (c) | 55 | 58,076 | ||||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB) 5.00%, 10/01/29 (c) (p) | 1,000 | 1,087,578 | ||||||
Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB) 4.00%, 05/30/23 (c) | 2,000 | 2,003,763 | ||||||
University of Kentucky, Series A (RB) | ||||||||
3.00%, 04/01/26 (c) | 770 | 737,374 | ||||||
4.00%, 04/01/26 (c) | 500 | 513,077 | ||||||
10,487,449 |
Par (000’s | ) | Value | ||||||
Louisiana: 0.9% | ||||||||
Ascension Parish-Wide School District (GO) 4.00%, 03/01/30 (c) | $ | 1,000 | $ | 1,011,742 | ||||
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c) | 615 | 691,199 | ||||||
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/29 (c) | 500 | 513,454 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB) 2.50%, 04/01/26 (c) | 1,455 | 1,204,653 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | 5,040 | 4,661,324 | ||||||
Louisville Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 10/15/32 (c) | 1,000 | 1,140,226 | ||||||
State of Louisiana, Series A (GO) | ||||||||
5.00%, 03/01/30 (c) | 930 | 1,080,671 | ||||||
5.00%, 03/01/31 (c) | 750 | 889,872 | ||||||
5.00%, 03/01/31 (c) | 1,000 | 1,133,142 | ||||||
5.00%, 04/01/33 (c) | 1,000 | 1,186,019 | ||||||
5.00%, 04/01/33 (c) | 1,000 | 1,203,081 | ||||||
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/30 (c) | 910 | 1,053,875 | ||||||
15,769,258 | ||||||||
Maryland: 2.3% | ||||||||
City of Baltimore, Wastewater Project, Series C (RB) 5.00%, 01/01/25 (c) | 1,500 | 1,537,939 | ||||||
County of Baltimore (GO) | ||||||||
4.00%, 03/01/30 (c) | 1,140 | 1,233,337 | ||||||
5.00%, 03/01/30 | 945 | 1,101,253 | ||||||
County of Baltimore (GO) (AGC) 4.00%, 03/01/29 (c) | 1,925 | 2,050,567 | ||||||
County of Baltimore (GO) (CA MTG INS) 4.00%, 03/01/29 (c) | 2,420 | 2,531,107 | ||||||
County of Montgomery, Series A (GO) 3.00%, 08/01/30 (c) | 750 | 753,775 | ||||||
County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c) | 1,070 | 1,136,465 | ||||||
Maryland Department of Transportation (RB) 3.00%, 09/01/27 (c) | 500 | 494,186 |
See Notes to Financial Statements
74 |
Par (000’s | ) | Value | ||||||
Maryland (continued) | ||||||||
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c) | $ | 250 | $ | 266,182 | ||||
Prince George’s County, Series A (GO) | ||||||||
5.00%, 07/15/28 (c) | 1,150 | 1,296,254 | ||||||
5.00%, 07/15/28 (c) | 2,500 | 2,760,324 | ||||||
Prince George’s County, Series A (GO) (SAW) 4.00%, 07/15/28 (c) | 1,000 | 1,072,529 | ||||||
State of Maryland (GO) 4.00%, 06/01/24 (c) | 1,500 | 1,514,946 | ||||||
State of Maryland State, Series A (GO) | ||||||||
3.25%, 08/01/23 (c) | 2,000 | 2,000,839 | ||||||
4.00%, 08/01/31 (c) | 1,000 | 1,065,926 | ||||||
5.00%, 08/01/30 (c) | 1,000 | 1,154,425 | ||||||
State of Maryland, Department of Transportation (RB) | ||||||||
2.12%, 10/01/29 (c) | 2,000 | 1,611,543 | ||||||
3.00%, 11/01/24 (c) | 520 | 518,115 | ||||||
3.12%, 05/01/25 (c) | 855 | 853,168 | ||||||
4.00%, 05/01/28 (c) | 750 | 802,415 | ||||||
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c) | 2,340 | 2,161,205 | ||||||
State of Maryland, State and Local Facilities Loan (GO) | ||||||||
4.00%, 08/01/28 (c) | 530 | 565,569 | ||||||
5.00%, 03/15/29 (c) | 3,000 | 3,412,970 | ||||||
5.00%, 08/01/28 (c) | 1,000 | 1,124,600 | ||||||
State of Maryland, State and Local Facilities Loan, Series A (GO) | ||||||||
3.00%, 08/01/27 (c) | 1,000 | 1,003,206 | ||||||
5.00%, 03/15/30 (c) | 3,500 | 4,071,802 | ||||||
5.00%, 08/01/31 (c) | 1,400 | 1,665,181 | ||||||
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/26 (c) | 1,650 | 1,766,527 | ||||||
41,526,355 | ||||||||
Massachusetts: 3.4% | ||||||||
City of Boston, Series A (GO) 5.00%, 11/01/32 (c) | 2,000 | 2,328,372 | ||||||
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/34 | 1,000 | 1,198,393 | ||||||
Commonwealth of Massachusetts Transportation Fund, Series A (RB) 5.00%, 06/01/24 (c) | 1,275 | 1,301,332 |
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c) | $ | 980 | $ | 998,366 | ||||
Commonwealth of Massachusetts, Series A (GO) 5.00%, 10/01/31 | 3,000 | 3,588,360 | ||||||
Commonwealth of Massachusetts, Series B (GO) | ||||||||
5.00%, 07/01/26 (c) | 1,860 | 1,994,173 | ||||||
5.00%, 07/01/26 (c) | 600 | 645,195 | ||||||
Commonwealth of Massachusetts, Series C (GO) | ||||||||
3.00%, 02/01/24 (c) | 400 | 395,758 | ||||||
5.00%, 05/01/30 | 1,000 | 1,167,716 | ||||||
5.00%, 05/30/23 (c) | 350 | 350,483 | ||||||
5.00%, 05/30/23 (c) | 2,000 | 2,003,042 | ||||||
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31 | 2,665 | 3,165,292 | ||||||
Commonwealth of Massachusetts, Series D (GO) | ||||||||
4.00%, 11/01/30 (c) | 2,000 | 2,083,180 | ||||||
4.00%, 05/01/28 (c) | 1,165 | 1,213,399 | ||||||
5.00%, 07/01/30 (c) | 365 | 415,578 | ||||||
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/30 (c) | 2,000 | 2,243,269 | ||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
3.00%, 11/01/27 (c) | 1,275 | 1,228,397 | ||||||
4.00%, 04/01/25 (c) | 1,000 | 1,006,326 | ||||||
4.00%, 04/01/25 (c) | 1,000 | 1,024,372 | ||||||
4.00%, 09/01/25 (c) | 3,000 | 3,015,108 | ||||||
5.00%, 11/01/30 (c) | 1,000 | 1,171,699 | ||||||
5.00%, 09/01/28 (c) | 1,010 | 1,105,890 | ||||||
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 05/01/24 (c) | 1,100 | 1,122,484 | ||||||
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c) | 500 | 542,251 | ||||||
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/31 (c) | 800 | 913,581 | ||||||
Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB) 5.00%, 07/01/33 (c) | 1,000 | 1,162,635 |
See Notes to Financial Statements
75 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c) | $ | 1,000 | $ | 1,125,412 | ||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c) | 255 | 280,162 | ||||||
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c) | 130 | 141,901 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
4.00%, 07/15/26 (c) | 2,000 | 2,049,337 | ||||||
5.00%, 07/15/26 (c) | 480 | 516,284 | ||||||
5.00%, 07/15/26 (c) | 6,300 | 6,790,336 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 01/01/28 (c) | 1,500 | 1,534,467 | ||||||
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 500 | 520,313 | ||||||
Massachusetts Development Finance Agency, Williams College, Series P (RB) 5.00%, 07/01/23 (c) | 1,500 | 1,504,035 | ||||||
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 08/15/25 (c) | 1,150 | 1,196,457 | ||||||
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30 | 2,000 | 2,383,769 | ||||||
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c) | 2,115 | 2,330,450 | ||||||
University of Massachusetts Building Authority (RB) | ||||||||
5.00%, 11/01/27 (c) | 1,020 | 1,126,713 | ||||||
5.00%, 11/01/29 (c) | 750 | 853,721 | ||||||
5.00%, 05/01/29 (c) | 1,220 | 1,373,747 | ||||||
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/29 (c) | 500 | 574,000 | ||||||
61,685,755 | ||||||||
Michigan: 1.0% | ||||||||
Detroit City School District (GO) (AGM Q-SBLF) 6.00%, 05/01/29 | 3,500 | 3,893,629 |
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | $ | 250 | $ | 265,694 | ||||
5.00%, 07/01/26 (c) | 250 | 264,635 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
5.00%, 07/01/26 (c) | 570 | 609,346 | ||||||
5.00%, 07/01/26 (c) | 290 | 309,681 | ||||||
5.00%, 07/01/26 (c) | 500 | 532,225 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | 30 | 32,167 | ||||||
5.00%, 07/01/26 (c) | 1,025 | 1,091,035 | ||||||
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/26 (c) | 2,000 | 2,000,448 | ||||||
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c) | 140 | 131,865 | ||||||
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) 5.00%, 10/01/24 (c) | 725 | 736,088 | ||||||
Michigan Finance Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/27 (c) | 75 | 80,981 | ||||||
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) | ||||||||
5.00%, 12/01/27 (c) | 585 | 626,067 | ||||||
5.00%, 12/01/27 (c) | 2,000 | 2,155,093 | ||||||
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/26 (c) | 570 | 610,684 | ||||||
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c) | 410 | 404,049 | ||||||
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/30 (c) | 750 | 689,320 | ||||||
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 06/01/26 (c) | 1,370 | 1,338,364 | ||||||
State of Michigan, Trunk Line, Series A (RB) 5.00%, 11/15/31 (c) | 1,900 | 2,229,924 | ||||||
18,001,295 |
See Notes to Financial Statements
76 |
Par (000’s | ) | Value | ||||||
Minnesota: 1.0% | ||||||||
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) | $ | 125 | $ | 134,723 | ||||
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/26 (c) | 1,000 | 1,074,714 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
5.00%, 01/01/24 (c) | 2,500 | 2,529,148 | ||||||
5.00%, 01/01/27 (c) | 325 | 349,665 | ||||||
5.00%, 01/01/27 (c) | 515 | 555,026 | ||||||
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/26 (c) | 1,500 | 1,590,070 | ||||||
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 1,000 | 1,106,064 | ||||||
State of Minnesota, Various Purpose, Series A (GO) | ||||||||
5.00%, 08/01/29 (c) | 1,000 | 1,128,432 | ||||||
5.00%, 08/01/29 (c) | 1,000 | 1,149,402 | ||||||
5.00%, 08/01/30 (c) | 2,000 | 2,294,077 | ||||||
5.00%, 08/01/30 (c) | 2,000 | 2,278,342 | ||||||
State of Minnesota, Various Purpose, Series D (GO) | ||||||||
2.25%, 08/01/26 (c) | 925 | 873,820 | ||||||
3.00%, 10/01/27 (c) | 1,000 | 1,003,923 | ||||||
3.00%, 10/01/27 (c) | 1,000 | 1,003,896 | ||||||
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c) | 1,000 | 992,359 | ||||||
18,063,661 | ||||||||
Mississippi: 0.1% | ||||||||
State of Mississippi, Series A (GO) 5.00%, 10/01/27 (c) | 430 | 474,558 | ||||||
State of Mississippi, Series A (RB) | ||||||||
5.00%, 10/15/28 (c) | 400 | 436,265 | ||||||
5.00%, 10/15/28 (c) | 550 | 587,418 | ||||||
5.00%, 10/15/28 (c) | 1,000 | 1,081,979 | ||||||
2,580,220 | ||||||||
Missouri: 0.5% | ||||||||
City of Springfield, Public Utility (RB) 4.00%, 08/01/25 (c) | 1,000 | 1,025,739 | ||||||
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/32 (c) | 1,000 | 1,128,173 | ||||||
Curators of the University of Missouri, Series A (RB) 5.00%, 11/01/24 (c) | 1,405 | 1,447,499 | ||||||
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 | 1,400 | 1,650,032 |
Par (000’s | ) | Value | ||||||
Missouri (continued) | ||||||||
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c) | $ | 250 | $ | 274,345 | ||||
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) | 685 | 703,161 | ||||||
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c) | 650 | 684,498 | ||||||
Springfield School District No. R-12 (GO) (SAW) | ||||||||
4.00%, 03/01/29 (c) | 1,415 | 1,478,085 | ||||||
5.00%, 03/01/29 (c) | 450 | 498,007 | ||||||
St. Louis School District, Board of Education (GO) (AGM) 5.00%, 04/01/32 (c) | 1,000 | 1,129,396 | ||||||
10,018,935 | ||||||||
Montana: 0.1% | ||||||||
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 05/30/23 (c) | 1,000 | 1,000,052 | ||||||
Nebraska: 0.5% | ||||||||
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | ||||||||
5.00%, 09/01/32 | 1,280 | 1,386,726 | ||||||
5.00%, 09/01/34 | 3,300 | 3,620,811 | ||||||
5.00%, 09/01/35 | 2,000 | 2,179,543 | ||||||
Nebraska Public Power District, Series B (RB) 5.00%, 01/01/26 (c) | 1,000 | 1,036,687 | ||||||
8,223,767 | ||||||||
Nevada: 0.9% | ||||||||
Clark County, Limited Tax, Series B (GO) 4.00%, 11/01/26 (c) | 155 | 161,621 | ||||||
Clark County, Nevada Airport System, Series A-2 (RB) | ||||||||
5.00%, 07/01/24 (c) | 1,500 | 1,524,833 | ||||||
5.00%, 07/01/24 (c) | 2,500 | 2,553,623 | ||||||
5.00%, 07/01/24 (c) | 1,000 | 1,020,317 | ||||||
Clark County, Nevada Limited Tax, Flood Control (GO) 4.00%, 05/01/25 (c) | 1,675 | 1,703,904 | ||||||
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) | 470 | 529,551 | ||||||
Clark County, School District, Series A (GO) (AGM) | ||||||||
5.00%, 06/15/30 (c) | 1,000 | 1,150,149 | ||||||
5.00%, 06/15/30 (c) | 915 | 1,047,027 |
See Notes to Financial Statements
77 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Nevada (continued) | ||||||||
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c) | $ | 1,500 | $ | 1,290,071 | ||||
Clark County, School District, Series C (GO) 5.00%, 12/15/27 (c) | 1,050 | 1,145,793 | ||||||
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/31 (c) | 1,000 | 987,938 | ||||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 4.00%, 06/01/27 (c) | 1,000 | 1,037,995 | ||||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
3.38%, 06/01/28 (c) | 325 | 321,577 | ||||||
4.00%, 06/01/28 (c) | 760 | 798,365 | ||||||
4.00%, 06/01/28 (c) | 760 | 800,704 | ||||||
Truckee Meadows Water Authority (RB) 5.00%, 07/01/26 (c) | 355 | 377,456 | ||||||
16,450,924 | ||||||||
New Jersey: 4.1% | ||||||||
County of Camden, Board of Education of Township of Cherry Hill (GO) | ||||||||
4.00%, 08/01/29 (c) | 1,000 | 1,058,413 | ||||||
4.00%, 08/01/29 (c) | 1,500 | 1,550,161 | ||||||
4.00%, 08/01/29 (c) | 1,500 | 1,539,347 | ||||||
County of Hudson (GO) | ||||||||
2.00%, 11/15/28 (c) | 685 | 560,346 | ||||||
2.00%, 11/15/28 (c) | 2,000 | 1,691,102 | ||||||
2.12%, 11/15/28 (c) | 265 | 212,688 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c) | 755 | 748,393 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 260 | 288,279 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 1,000 | 1,105,937 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | 380 | 410,815 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) | 1,250 | 1,358,943 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
5.00%, 12/15/29 (c) | $ | 1,970 | $ | 2,126,215 | ||||
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 1,080 | 1,098,692 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 4.00%, 12/15/30 (c) | 1,000 | 1,002,549 | ||||||
New Jersey Economic Development Authority, State House Project, Series B (RB) 5.00%, 12/15/28 (c) | 315 | 344,576 | ||||||
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 4.00%, 09/01/24 (c) | 1,000 | 1,007,970 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
2.00%, 03/01/31 (c) | 2,000 | 1,501,604 | ||||||
2.00%, 03/01/31 (c) | 1,975 | 1,526,398 | ||||||
2.00%, 03/01/31 (c) | 1,000 | 803,573 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c) | 500 | 552,240 | ||||||
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB) 4.00%, 07/01/27 (c) | 1,000 | 1,008,844 | ||||||
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/27 (c) | 360 | 353,822 | ||||||
New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 07/01/23 (c) | 2,355 | 2,361,736 | ||||||
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c) | 1,000 | 1,118,463 | ||||||
New Jersey State Turnpike Authority, Series B (RB) | ||||||||
5.00%, 01/01/28 (c) | 1,080 | 1,186,165 | ||||||
5.00%, 01/01/28 (c) | 2,900 | 3,179,546 | ||||||
New Jersey State, COVID-19, Series A (GO) | ||||||||
4.00%, 06/01/31 | 1,000 | 1,092,506 | ||||||
4.00%, 06/01/32 | 1,135 | 1,249,815 |
See Notes to Financial Statements
78 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
4.00%, 12/15/28 (c) | $ | 2,830 | $ | 2,937,698 | ||||
5.00%, 12/15/28 (c) | 1,100 | 1,196,220 | ||||||
5.00%, 12/15/28 (c) | 1,000 | 1,071,945 | ||||||
5.00%, 12/15/28 (c) | 1,395 | 1,524,004 | ||||||
5.00%, 06/15/26 (c) | 435 | 459,596 | ||||||
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c) | 780 | 797,182 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
4.00%, 12/15/30 (c) | 1,000 | 1,002,549 | ||||||
4.75%, 06/15/25 (c) | 2,950 | 3,003,823 | ||||||
5.00%, 12/15/30 (c) | 1,200 | 1,301,601 | ||||||
5.00%, 06/15/23 (c) | 1,500 | 1,503,459 | ||||||
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c) | 1,720 | 1,770,352 | ||||||
New Jersey Turnpike Authority, Series A (RB) 5.00%, 07/01/24 (c) | 4,000 | 4,089,701 | ||||||
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c) | 3,000 | 3,256,948 | ||||||
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c) | 2,130 | 2,224,311 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 12/01/29 (c) | 3,000 | 2,697,021 | ||||||
2.00%, 12/01/29 (c) | 3,000 | 2,515,508 | ||||||
2.00%, 12/01/29 (c) | 3,000 | 2,366,845 | ||||||
5.00%, 12/01/29 (c) | 5,000 | 5,513,473 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
5.00%, 06/01/28 (c) | 2,755 | 2,990,408 | ||||||
5.00%, 06/01/28 (c) | 500 | 543,347 | ||||||
74,805,129 | ||||||||
New Mexico: 0.1% | ||||||||
State of New Mexico (GO) 5.00%, 03/01/33 | 1,000 | 1,223,252 | ||||||
New York: 18.4% | ||||||||
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c) | 500 | 480,956 | ||||||
City of New York, Series A (GO) | ||||||||
4.00%, 08/01/26 (c) | 485 | 500,289 | ||||||
4.00%, 08/01/31 (c) | 600 | 612,766 | ||||||
City of New York, Series A-1 (GO) | ||||||||
5.00%, 08/01/23 (c) | 3,365 | 3,375,749 | ||||||
5.00%, 08/01/29 | 1,000 | 1,145,883 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 09/01/32 (c) | $ | 2,000 | $ | 2,306,546 | ||||
City of New York, Series B-1 (GO) | ||||||||
4.00%, 10/01/29 (c) | 1,800 | 1,819,237 | ||||||
5.00%, 10/01/29 (c) | 1,125 | 1,286,749 | ||||||
5.00%, 10/01/29 (c) | 500 | 572,988 | ||||||
5.00%, 11/01/30 | 1,000 | 1,172,601 | ||||||
5.00%, 12/01/26 (c) | 395 | 426,941 | ||||||
5.25%, 10/01/27 (c) | 920 | 1,027,926 | ||||||
City of New York, Series C (GO) | ||||||||
5.00%, 02/01/25 (c) | 1,165 | 1,204,214 | ||||||
5.00%, 08/01/29 | 2,000 | 2,291,767 | ||||||
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c) | 1,565 | 1,751,733 | ||||||
City of New York, Series E (GO) | ||||||||
5.00%, 04/01/33 (c) | 1,000 | 1,164,667 | ||||||
5.00%, 08/01/26 (c) | 540 | 579,015 | ||||||
City of New York, Series E-1 (GO) | ||||||||
5.00%, 03/01/28 (c) | 2,000 | 2,150,548 | ||||||
5.00%, 03/01/28 (c) | 1,015 | 1,127,047 | ||||||
5.25%, 03/01/28 (c) | 1,000 | 1,122,922 | ||||||
5.25%, 03/01/28 (c) | 1,500 | 1,692,004 | ||||||
City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c) | 1,435 | 1,544,761 | ||||||
City of New York, Series J (GO) 5.00%, 08/01/24 (c) | 1,100 | 1,125,112 | ||||||
City of New York, Series L (GO) 5.00%, 04/01/29 (c) | 655 | 742,700 | ||||||
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c) | 1,865 | 2,182,643 | ||||||
City of New York, Series L-6 (GO) 5.00%, 04/01/29 (c) | 1,000 | 1,136,999 | ||||||
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/30 (c) | 865 | 684,230 | ||||||
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) | ||||||||
4.00%, 05/15/31 (c) | 1,000 | 1,099,577 | ||||||
5.00%, 05/15/31 (c) | 1,500 | 1,762,186 | ||||||
County of Nassau, Series C (GO) 5.00%, 10/01/27 (c) | 600 | 659,657 | ||||||
County of Suffolk, Public Improvement, Series C (GO) | ||||||||
4.00%, 09/01/30 (c) | 1,000 | 1,011,843 | ||||||
5.00%, 09/01/30 (c) | 1,500 | 1,712,314 | ||||||
County of Suffolk, Water Authority (RB) 4.00%, 06/01/25 (c) | 10 | 10,334 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c) | 1,400 | 1,509,071 |
See Notes to Financial Statements
79 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 02/15/27 (c) | $ | 460 | $ | 494,692 | ||||
5.00%, 02/15/27 (c) | 1,700 | 1,829,913 | ||||||
5.00%, 02/15/27 (c) | 1,000 | 1,078,695 | ||||||
Long Island Power Authority, Electric System (RB) | ||||||||
5.00%, 09/01/27 (c) | 305 | 335,450 | ||||||
5.00%, 09/01/27 (c) | 500 | 549,616 | ||||||
5.00%, 09/01/27 (c) | 750 | 823,457 | ||||||
Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c) | 450 | 414,126 | ||||||
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) | 2,000 | 2,117,937 | ||||||
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c) | 340 | 341,588 | ||||||
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/30 (p) | 4,935 | 5,384,050 | ||||||
Metropolitan Transportation Authority, Series B-2 (RB) | ||||||||
5.00%, 11/15/26 (c) | 15 | 16,078 | ||||||
5.00%, 11/15/27 (c) | 1,185 | 1,298,281 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
4.00%, 05/15/28 (c) | 395 | 396,800 | ||||||
4.00%, 05/15/28 (c) | 1,980 | 2,002,729 | ||||||
5.00%, 05/15/28 (c) | 1,445 | 1,549,151 | ||||||
5.00%, 05/15/28 (c) | 2,540 | 2,711,952 | ||||||
5.00%, 05/15/28 (c) | 470 | 504,338 | ||||||
5.00%, 05/15/28 (c) | 1,540 | 1,653,015 | ||||||
5.00%, 05/15/28 (c) | 810 | 861,027 | ||||||
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ | 1,035 | 675,972 | ||||||
Metropolitan Transportation Authority, Series D (RB) | ||||||||
3.12%, 11/15/26 (c) | 265 | 237,296 | ||||||
4.00%, 11/15/26 (c) | 400 | 401,863 | ||||||
5.00%, 05/15/28 (c) | 1,085 | 1,164,624 | ||||||
5.00%, 05/15/28 (c) | 535 | 571,218 | ||||||
5.00%, 05/15/28 (c) | 1,570 | 1,680,128 | ||||||
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/25 (c) | 2,000 | 2,087,993 | ||||||
Metropolitan Transportation Authority, Series E (RB) | ||||||||
5.00%, 11/15/23 (c) | 1,775 | 1,781,580 | ||||||
5.00%, 11/15/30 | 1,000 | 1,087,533 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AGC) 2.90%, 04/01/30 (c) | 1,000 | 863,102 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB) 3.70%, 11/15/23 (c) | $ | 2,000 | $ | 1,999,524 | ||||
New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c) | 1,100 | 905,445 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series F-1 (RB) (FHA 542(C)) 2.10%, 05/01/29 (c) | 2,000 | 1,549,620 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) | ||||||||
2.00%, 01/01/31 (c) | 1,250 | 892,340 | ||||||
4.00%, 01/01/31 (c) | 500 | 526,298 | ||||||
5.00%, 01/01/31 | 2,700 | 3,078,119 | ||||||
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) | ||||||||
4.00%, 09/01/30 (c) | 2,500 | 2,603,306 | ||||||
5.00%, 03/01/30 | 2,145 | 2,414,603 | ||||||
New York City Municipal Water Finance Authority, Series AA (RB) | ||||||||
5.00%, 12/15/29 (c) | 1,000 | 1,157,583 | ||||||
5.00%, 06/15/27 (c) | 960 | 1,033,335 | ||||||
New York City Municipal Water Finance Authority, Series BB (RB) 5.00%, 06/15/27 (c) | 310 | 340,408 | ||||||
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 12/15/26 (c) | 1,000 | 1,062,660 | ||||||
New York City Municipal Water Finance Authority, Series DD (RB) | ||||||||
5.00%, 06/15/23 (c) | 1,000 | 1,002,064 | ||||||
5.00%, 06/15/23 (c) | 4,500 | 4,509,286 | ||||||
5.00%, 06/15/33 (c) | 1,000 | 1,219,899 | ||||||
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/29 (c) | 500 | 571,653 | ||||||
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/33 (c) | 1,000 | 1,141,524 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/31 (c) | 1,400 | 1,257,864 |
See Notes to Financial Statements
80 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
4.00%, 07/15/31 (c) | $ | 1,375 | $ | 1,432,319 | ||||
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/28 (c) | 1,010 | 1,131,490 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) | ||||||||
5.00%, 07/15/28 (c) | 1,605 | 1,793,180 | ||||||
5.00%, 07/15/28 (c) | 1,000 | 1,103,879 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) | ||||||||
5.00%, 07/15/28 (c) | 500 | 558,623 | ||||||
5.25%, 07/15/28 (c) | 1,415 | 1,584,071 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
3.00%, 11/01/30 (c) | 2,000 | 1,786,149 | ||||||
5.00%, 11/01/30 (c) | 3,000 | 3,402,494 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
4.00%, 05/01/26 (c) | 630 | 653,327 | ||||||
5.00%, 11/01/31 (c) | 1,000 | 1,190,610 | ||||||
5.00%, 05/01/26 (c) | 280 | 298,477 | ||||||
5.00%, 05/01/26 (c) | 655 | 692,794 | ||||||
5.00%, 05/01/26 (c) | 880 | 932,853 | ||||||
5.00%, 05/01/26 (c) | 450 | 477,959 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c) | 2,000 | 2,127,057 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
4.00%, 11/01/29 (c) | 1,500 | 1,505,936 | ||||||
4.00%, 08/01/31 (c) | 1,190 | 1,195,731 | ||||||
5.00%, 05/01/24 (c) | 2,980 | 3,028,687 | ||||||
5.00%, 05/01/27 (c) | 1,065 | 1,156,529 | ||||||
5.00%, 08/01/24 (c) | 1,345 | 1,375,041 | ||||||
5.00%, 08/01/26 (c) | 690 | 738,075 | ||||||
5.00%, 08/01/26 (c) | 540 | 577,276 | ||||||
5.00%, 08/01/26 (c) | 895 | 955,920 | ||||||
5.00%, 08/01/26 (c) | 530 | 568,292 | ||||||
5.00%, 08/01/27 (c) | 350 | 380,056 | ||||||
5.00%, 08/01/27 (c) | 1,000 | 1,091,164 | ||||||
5.00%, 08/01/28 (c) | 780 | 868,874 | ||||||
5.00%, 08/01/30 (c) | 1,000 | 1,167,012 | ||||||
5.00%, 08/01/31 (c) | 1,000 | 1,178,027 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.00%, 05/01/27 (c) | 2,280 | 2,482,453 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 05/01/27 (c) | $ | 900 | $ | 976,079 | ||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
4.00%, 11/01/30 (c) | 1,690 | 1,697,576 | ||||||
5.00%, 11/01/30 (c) | 2,500 | 2,815,355 | ||||||
5.00%, 11/01/30 (c) | 1,400 | 1,636,276 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 05/01/32 (c) | 1,500 | 1,524,587 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
5.00%, 02/01/25 (c) | 1,195 | 1,230,690 | ||||||
5.00%, 02/01/26 (c) | 1,500 | 1,586,189 | ||||||
5.00%, 02/01/27 (c) | 1,190 | 1,288,462 | ||||||
5.00%, 02/01/27 (c) | 1,710 | 1,810,332 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 | 6,000 | 6,579,793 | ||||||
New York Liberty Development Corp., Goldman Sachs Headquarters Issue (RB) 5.25%, 10/01/35 | 1,000 | 1,148,940 | ||||||
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c) | 1,000 | 1,017,274 | ||||||
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/28 (c) | 1,000 | 988,924 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
5.00%, 07/01/25 (c) | 3,000 | 3,127,453 | ||||||
5.00%, 07/01/27 (c) | 1,140 | 1,243,760 | ||||||
5.00%, 07/01/28 (c) | 385 | 429,555 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/28 (c) | 1,250 | 1,354,573 | ||||||
New York State Dormitory Authority, Sales Tax, Series A (RB) | ||||||||
5.00%, 03/15/24 (c) | 2,150 | 2,181,653 | ||||||
5.00%, 03/15/24 (c) | 1,310 | 1,326,695 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/26 (c) | 1,200 | 1,284,545 |
See Notes to Financial Statements
81 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 10/01/26 (c) | $ | 1,325 | $ | 1,420,586 | ||||
New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
3.00%, 09/15/30 (c) | 3,120 | 2,738,666 | ||||||
4.00%, 02/15/27 (c) | 1,235 | 1,259,936 | ||||||
4.00%, 02/15/27 (c) | 475 | 488,396 | ||||||
4.00%, 02/15/27 (c) | 1,000 | 1,045,288 | ||||||
4.00%, 03/15/31 (c) | 2,795 | 2,851,057 | ||||||
4.00%, 03/15/31 (c) | 1,075 | 1,103,020 | ||||||
4.00%, 09/15/30 (c) | 1,135 | 1,162,201 | ||||||
5.00%, 02/15/27 (c) | 2,115 | 2,290,062 | ||||||
5.00%, 02/15/27 (c) | 595 | 644,251 | ||||||
5.00%, 03/15/29 (c) | 2,370 | 2,667,819 | ||||||
5.00%, 03/15/29 (c) | 3,910 | 4,328,347 | ||||||
5.00%, 03/15/29 (c) | 1,950 | 2,177,157 | ||||||
5.00%, 03/15/30 | 1,000 | 1,159,352 | ||||||
5.00%, 03/15/31 (c) | 4,000 | 4,669,199 | ||||||
5.00%, 08/15/26 (c) | 2,000 | 2,094,397 | ||||||
5.00%, 09/15/32 (c) | 2,000 | 2,261,635 | ||||||
5.25%, 09/15/28 (c) | 1,305 | 1,441,167 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
5.00%, 02/15/25 (c) | 1,095 | 1,133,305 | ||||||
5.00%, 08/15/27 (c) | 2,000 | 2,189,588 | ||||||
5.00%, 08/15/27 (c) | 2,270 | 2,452,547 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) | 385 | 391,399 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
5.00%, 02/15/30 (c) | 2,000 | 2,300,554 | ||||||
5.00%, 02/15/30 | 1,150 | 1,331,186 | ||||||
5.00%, 08/15/26 (c) | 940 | 998,184 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
4.00%, 03/15/32 (c) | 2,000 | 2,057,770 | ||||||
4.00%, 03/15/32 (c) | 1,500 | 1,533,328 | ||||||
5.00%, 09/15/25 (c) | 3,000 | 3,154,007 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
5.00%, 01/01/27 (c) | 250 | 260,963 | ||||||
5.00%, 03/15/24 (c) | 340 | 345,299 | ||||||
5.00%, 03/15/27 (c) | 1,000 | 1,082,281 | ||||||
5.00%, 03/15/27 (c) | 515 | 558,520 | ||||||
5.00%, 03/15/27 (c) | 2,110 | 2,281,301 | ||||||
5.00%, 03/15/27 (c) | 305 | 330,908 | ||||||
New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
5.00%, 03/15/28 (c) | 520 | 580,624 | ||||||
5.00%, 03/15/28 (c) | 1,970 | 2,177,167 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
5.00%, 06/15/24 (c) | $ | 2,000 | $ | 2,042,908 | ||||
5.00%, 06/15/26 (c) | 415 | 443,008 | ||||||
5.00%, 06/15/26 (c) | 765 | 818,049 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) | ||||||||
4.00%, 06/15/29 (c) | 1,530 | 1,569,183 | ||||||
5.00%, 06/15/29 (c) | 1,250 | 1,404,215 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | ||||||||
3.00%, 06/15/27 (c) | 495 | 503,266 | ||||||
5.00%, 06/15/27 (c) | 500 | 545,887 | ||||||
5.00%, 06/15/27 (c) | 1,000 | 1,093,054 | ||||||
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c) | 835 | 667,156 | ||||||
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c) | 525 | 526,038 | ||||||
New York State Thruway Authority, Series A (RB) | ||||||||
5.00%, 01/01/26 (c) | 600 | 630,751 | ||||||
5.00%, 01/01/26 (c) | 650 | 683,996 | ||||||
New York State Thruway Authority, Series B (RB) (AGM) | ||||||||
4.00%, 01/01/30 (c) | 3,155 | 3,152,038 | ||||||
4.00%, 01/01/30 (c) | 800 | 812,266 | ||||||
New York State Thruway Authority, Series K (RB) | ||||||||
5.00%, 01/01/25 (c) | 2,500 | 2,577,978 | ||||||
5.00%, 01/01/25 (c) | 4,335 | 4,477,352 | ||||||
New York State Thruway Authority, Series L (RB) 3.50%, 01/01/28 (c) | 1,120 | 1,076,619 | ||||||
New York State Thruway Authority, Series O (RB) 4.00%, 07/01/31 (c) | 2,000 | 1,981,105 | ||||||
New York State Thruway Authority, State Personal Income, Series A-1 (RB) | ||||||||
5.00%, 03/15/31 (c) | 2,000 | 2,333,053 | ||||||
5.00%, 03/15/31 (c) | 800 | 923,432 | ||||||
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 4.00%, 09/15/30 (c) | 500 | 499,983 |
See Notes to Financial Statements
82 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
5.00%, 03/15/27 (c) | $ | 750 | $ | 814,859 | ||||
5.00%, 05/19/23 (c) | 1,800 | 1,801,905 | ||||||
5.00%, 09/15/29 | 2,000 | 2,293,293 | ||||||
5.00%, 09/15/30 (c) | 1,475 | 1,660,808 | ||||||
New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
4.00%, 09/15/30 (c) | 1,000 | 1,064,835 | ||||||
4.00%, 09/15/30 (c) | 1,000 | 1,022,665 | ||||||
5.00%, 09/15/27 (c) | 4,295 | 4,711,345 | ||||||
5.00%, 09/15/27 (c) | 350 | 384,091 | ||||||
New York State Urban Development Corp., State Sales Tax, Series A (RB) | ||||||||
5.00%, 09/15/29 (c) | 1,000 | 1,133,033 | ||||||
5.00%, 09/15/31 (c) | 4,500 | 5,202,058 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | ||||||||
5.00%, 12/01/30 | 1,150 | 1,293,715 | ||||||
5.00%, 12/01/30 (c) | 1,000 | 1,088,414 | ||||||
5.00%, 12/01/30 (c) | 750 | 828,307 | ||||||
Port Authority of New York and New Jersey, Series 179 (RB) 5.00%, 12/01/23 (c) | 2,000 | 2,019,124 | ||||||
Port Authority of New York and New Jersey, Series 184 (RB) 5.00%, 09/01/24 (c) | 2,000 | 2,046,428 | ||||||
Port Authority of New York and New Jersey, Series 205 (RB) 5.00%, 11/15/27 (c) | 840 | 927,826 | ||||||
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/28 (c) | 500 | 546,998 | ||||||
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c) | 500 | 555,983 | ||||||
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c) | 500 | 557,099 | ||||||
Port Authority of New York and New Jersey, Series 222 (RB) | ||||||||
4.00%, 07/15/30 (c) | 2,600 | 2,727,216 | ||||||
4.00%, 07/15/30 (c) | 3,975 | 4,114,151 | ||||||
5.00%, 07/15/30 (c) | 1,000 | 1,158,289 | ||||||
5.00%, 07/15/30 (c) | 1,000 | 1,168,603 | ||||||
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c) | 615 | 601,066 | ||||||
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c) | 460 | 445,358 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax (RB) | ||||||||
5.00%, 11/15/31 | $ | 1,000 | $ | 1,203,704 | ||||
5.00%, 05/15/33 (c) | 1,000 | 1,206,633 | ||||||
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C-1A (RB) 5.00%, 11/15/31 (c) | 1,225 | 1,392,054 | ||||||
Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
5.00%, 11/15/31 | 1,000 | 1,194,315 | ||||||
5.00%, 05/15/27 (c) | 2,085 | 2,232,274 | ||||||
5.00%, 05/15/27 (c) | 1,070 | 1,167,040 | ||||||
5.00%, 05/15/27 (c) | 1,000 | 1,072,702 | ||||||
5.00%, 05/15/27 (c) | 1,255 | 1,364,444 | ||||||
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) | ||||||||
5.00%, 09/01/30 (c) | 500 | 542,527 | ||||||
5.00%, 09/01/30 (c) | 1,795 | 2,014,592 | ||||||
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
5.00%, 06/01/27 (c) | 845 | 875,940 | ||||||
5.00%, 06/01/27 (c) | 500 | 522,229 | ||||||
Utility Debt Securitization Authority (RB) | ||||||||
5.00%, 12/15/25 (c) | 2,830 | 2,964,253 | ||||||
5.00%, 12/15/27 (c) | 2,000 | 2,176,385 | ||||||
Utility Debt Securitization Authority, Series A (RB) | ||||||||
5.00%, 06/15/26 (c) | 610 | 652,300 | ||||||
5.00%, 06/15/26 (c) | 500 | 531,432 | ||||||
5.00%, 06/15/26 (c) | 2,000 | 2,137,451 | ||||||
Utility Debt Securitization Authority, Series E (RB) | ||||||||
5.00%, 12/15/23 (c) | 1,250 | 1,264,477 | ||||||
5.00%, 12/15/32 (c) | 2,000 | 2,404,230 | ||||||
Westchester County Local Development Corp., Pace University, Series A (RB) 5.00%, 05/01/24 (c) | 1,000 | 1,009,591 | ||||||
335,675,622 | ||||||||
North Carolina: 1.3% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series B (RB) 1.95%, 11/01/29 (p) | 1,500 | 1,354,921 | ||||||
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 12/01/31 (p) | 3,000 | 3,457,623 | ||||||
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c) | 900 | 948,177 | ||||||
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) | 250 | 234,938 |
See Notes to Financial Statements
83 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
North Carolina (continued) | ||||||||
County of Wake (RB) 3.00%, 03/01/31 (c) | $ | 1,500 | $ | 1,430,228 | ||||
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c) | 1,000 | 1,020,696 | ||||||
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/31 (c) | 1,000 | 1,033,400 | ||||||
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) | 1,000 | 1,127,450 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c) | 500 | 527,787 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 380 | 421,108 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
4.00%, 01/01/28 (c) | 890 | 933,203 | ||||||
4.00%, 01/01/28 (c) | 360 | 376,170 | ||||||
4.00%, 01/01/28 (c) | 800 | 832,533 | ||||||
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c) | 625 | 513,677 | ||||||
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/29 (c) | 1,500 | 1,698,418 | ||||||
State of North Carolina, Series A (GO) | ||||||||
3.00%, 06/01/28 (c) | 380 | 376,492 | ||||||
5.00%, 06/01/28 (c) | 1,140 | 1,285,395 | ||||||
5.00%, 06/01/30 (c) | 1,100 | 1,290,940 | ||||||
State of North Carolina, Series A (RB) 5.00%, 05/01/29 (c) | 1,000 | 1,139,894 | ||||||
State of North Carolina, Series B (RB) | ||||||||
3.00%, 05/01/27 (c) | 800 | 791,267 | ||||||
5.00%, 05/01/27 (c) | 880 | 964,035 | ||||||
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/31 (c) | 1,000 | 1,156,540 | ||||||
22,914,892 | ||||||||
Ohio: 2.0% | ||||||||
Akron Bath Copley Joint Township Hospital District, Summa Health (RB) | ||||||||
4.00%, 11/15/30 (c) | 1,000 | 974,195 | ||||||
4.00%, 11/15/30 (c) | 1,000 | 944,413 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | �� | |||||||
5.00%, 06/01/30 (c) | $ | 500 | $ | 545,271 | ||||
5.00%, 06/01/30 (c) | 3,000 | 3,260,177 | ||||||
5.00%, 06/01/30 (c) | 500 | 546,334 | ||||||
City of Columbus, Various Purpose (GO) 4.00%, 10/01/27 (c) | 200 | 210,290 | ||||||
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30 | 1,000 | 1,167,927 | ||||||
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c) | 1,245 | 1,418,382 | ||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
5.00%, 12/01/29 | 1,250 | 1,421,077 | ||||||
5.00%, 02/01/28 (c) | 1,030 | 1,126,485 | ||||||
5.00%, 06/01/30 (c) | 1,000 | 1,142,834 | ||||||
County of Butler, Ohio Hospital facilities, UC Health (RB) 4.00%, 11/15/27 (c) | 1,205 | 1,108,415 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c) | 100 | 104,103 | ||||||
County of Hamilton, Series A (RB) 4.00%, 12/01/26 (c) | 1,000 | 1,028,005 | ||||||
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) | 1,000 | 955,289 | ||||||
Ohio State University, Series A (RB) | ||||||||
5.00%, 12/01/29 | 2,225 | 2,575,971 | ||||||
5.00%, 06/01/23 (c) | 1,000 | 1,001,306 | ||||||
Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
5.00%, 02/15/28 (c) | 1,845 | 2,053,193 | ||||||
5.00%, 02/15/28 (c) | 500 | 556,156 | ||||||
5.00%, 02/15/28 (c) | 500 | 556,397 | ||||||
Ohio Water Development Authority, Drinking Water, Series A (RB) 5.00%, 06/01/31 (c) | 1,335 | 1,532,564 | ||||||
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) | 1,760 | 1,966,108 | ||||||
Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
5.00%, 06/01/27 (c) | 2,065 | 2,258,254 | ||||||
5.00%, 06/01/30 (c) | 1,970 | 2,216,441 | ||||||
5.00%, 06/01/30 (c) | 1,000 | 1,161,978 |
See Notes to Financial Statements
84 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c) | $ | 480 | $ | 487,191 | ||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
4.00%, 01/01/28 (c) | 760 | 789,430 | ||||||
5.00%, 01/01/28 (c) | 130 | 141,945 | ||||||
5.00%, 01/01/28 (c) | 135 | 148,179 | ||||||
5.00%, 01/01/28 (c) | 140 | 153,536 | ||||||
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c) | 165 | 162,512 | ||||||
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c) | 1,000 | 1,087,560 | ||||||
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31 | 1,225 | 1,465,000 | ||||||
36,266,918 | ||||||||
Oklahoma: 0.2% | ||||||||
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c) | 330 | 331,222 | ||||||
Grand River Dam Authority, Series A (RB) | ||||||||
4.00%, 12/01/26 (c) | 2,000 | 2,053,767 | ||||||
5.00%, 12/01/26 (c) | 515 | 553,722 | ||||||
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c) | 565 | 609,674 | ||||||
3,548,385 | ||||||||
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 | 805,031 | ||||||
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c) | 700 | 779,206 | ||||||
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c) | 2,350 | 2,148,183 | ||||||
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c) | 1,285 | 1,423,767 | ||||||
Hillsboro School District No. 1J (GO) (SBG) | ||||||||
5.00%, 06/15/27 (c) | 590 | 637,391 | ||||||
5.00%, 06/15/27 (c) | 1,000 | 1,091,286 |
Par (000’s | ) | Value | ||||||
Oregon (continued) | ||||||||
Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | ||||||||
0.00%, 06/15/27 (c) ^ | $ | 1,010 | $ | 680,190 | ||||
0.00%, 06/15/27 (c) ^ | 1,215 | 860,819 | ||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c) | 1,280 | 1,269,759 | ||||||
Portland Community College District (GO) 5.00%, 06/15/33 (c) | 1,000 | 1,180,856 | ||||||
Salem-Keizer School District No. 24J (GO) (SBG) | ||||||||
4.00%, 06/15/28 (c) | 740 | 772,283 | ||||||
4.00%, 06/15/30 (c) | 2,000 | 2,055,694 | ||||||
5.00%, 06/15/28 (c) | 545 | 609,807 | ||||||
State of Oregon, Department of Transportation, Highway User Tax, Series A (RB) | ||||||||
4.00%, 11/15/30 (c) | 3,000 | 3,064,613 | ||||||
5.00%, 11/15/29 (c) | 1,650 | 1,852,393 | ||||||
5.00%, 11/15/30 (c) | 1,000 | 1,141,640 | ||||||
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c) | 10 | 10,669 | ||||||
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 04/01/28 (c) | 570 | 552,227 | ||||||
20,935,814 | ||||||||
Pennsylvania: 3.9% | ||||||||
Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
5.00%, 04/01/28 (c) | 1,120 | 1,199,175 | ||||||
5.00%, 07/15/29 (c) | 360 | 401,887 | ||||||
5.00%, 07/15/29 (c) | 810 | 896,357 | ||||||
Allegheny County Sanitary Authority (RB) 5.00%, 12/01/25 (c) | 1,000 | 1,039,558 | ||||||
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c) | 380 | 411,752 | ||||||
City of Philadelphia, Gas Works (RB) | ||||||||
5.00%, 10/01/26 (c) | 880 | 928,775 | ||||||
5.00%, 10/01/26 (c) | 680 | 712,979 | ||||||
5.00%, 10/01/26 (c) | 735 | 775,251 | ||||||
5.00%, 10/01/26 (c) | 970 | 1,020,237 | ||||||
City of Philadelphia, Series A (GO) | ||||||||
4.00%, 05/01/31 (c) | 1,925 | 1,931,672 | ||||||
5.00%, 08/01/27 (c) | 750 | 816,739 | ||||||
5.00%, 08/01/27 (c) | 750 | 816,695 | ||||||
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c) | 1,000 | 1,020,113 |
See Notes to Financial Statements
85 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
City of Philadelphia, Series B (GO) 5.00%, 08/01/29 (c) | $ | 1,500 | $ | 1,637,468 | ||||
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/25 (c) | 1,595 | 1,645,829 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | ||||||||
5.00%, 06/01/28 (c) | 265 | 288,019 | ||||||
5.00%, 06/01/28 (c) | 775 | 847,763 | ||||||
Commonwealth of Pennsylvania (GO) | ||||||||
3.00%, 01/01/27 (c) | 510 | 509,772 | ||||||
3.00%, 09/15/26 (c) | 1,055 | 991,727 | ||||||
4.00%, 02/01/26 (c) | 1,500 | 1,535,773 | ||||||
4.00%, 05/15/31 (c) | 2,000 | 2,173,264 | ||||||
4.00%, 08/15/25 (c) | 1,500 | 1,527,844 | ||||||
4.00%, 09/15/26 (c) | 170 | 174,168 | ||||||
Geisinger Authority Health System, Series A (RB) 4.00%, 04/01/30 (c) | 1,000 | 988,324 | ||||||
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) | 2,000 | 2,201,725 | ||||||
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c) | 1,100 | 1,181,040 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC (RB) 5.00%, 09/15/26 (c) | 385 | 412,763 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | ||||||||
3.38%, 11/15/27 (c) | 1,000 | 1,001,266 | ||||||
4.00%, 11/15/27 (c) | 205 | 208,811 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c) | 125 | 131,287 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c) | 775 | 792,294 | ||||||
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/26 (c) | 1,000 | 1,037,104 | ||||||
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/25 (c) | 2,675 | 2,806,280 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | ||||||||
3.12%, 08/15/27 (c) | $ | 150 | $ | 149,475 | ||||
5.00%, 08/15/27 (c) | 270 | 293,923 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) | 425 | 409,434 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c) | 700 | 656,706 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c) | 315 | 315,641 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c) | 1,620 | 1,594,951 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c) | 300 | 292,240 | ||||||
Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/24 (c) | 1,000 | 1,029,289 | ||||||
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/27 (c) | 2,000 | 2,032,300 | ||||||
Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
5.00%, 12/01/26 (c) | 310 | 333,792 | ||||||
5.00%, 12/01/26 (c) | 750 | 801,651 | ||||||
5.00%, 12/01/29 (c) | 1,000 | 1,100,806 | ||||||
5.00%, 12/01/29 (c) | 500 | 561,697 | ||||||
5.00%, 12/01/32 (c) | 1,000 | 1,168,468 | ||||||
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 12/01/28 (c) | 1,250 | 1,356,559 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
5.00%, 12/01/25 (c) | 1,010 | 1,064,477 | ||||||
5.00%, 06/01/26 (c) | 2,650 | 2,758,995 | ||||||
5.00%, 06/01/31 (c) | 700 | 804,804 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c) | 510 | 549,928 | ||||||
Pennsylvania Turnpike Commission, Series B-2 (RB) (AGM) 5.00%, 06/01/27 (c) | 1,735 | 1,874,901 |
See Notes to Financial Statements
86 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) | ||||||||
4.00%, 07/01/27 (c) | $ | 1,355 | $ | 1,380,070 | ||||
4.00%, 07/01/27 (c) | 110 | 113,093 | ||||||
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
5.00%, 09/01/31 | 1,460 | 1,718,554 | ||||||
5.00%, 09/01/32 | 2,000 | 2,385,561 | ||||||
5.00%, 09/01/33 | 2,000 | 2,411,516 | ||||||
School District of Philadelphia, Series A (GO) (SAW) 5.00%, 09/01/28 (c) | 660 | 725,459 | ||||||
School District of Philadelphia, Series F (GO) (SAW) | ||||||||
5.00%, 09/01/26 (c) | 1,570 | 1,619,865 | ||||||
5.00%, 09/01/26 (c) | 485 | 508,895 | ||||||
5.00%, 09/01/26 (c) | 1,000 | 1,033,338 | ||||||
Southeastern Pennsylvania Transportation Authority, Capital Grant (RB) 5.00%, 06/01/27 (c) | 845 | 920,082 | ||||||
Sports and Exhibition Authority, Regional Asset District (RB) (AGM) 5.00%, 08/01/29 (c) | 1,000 | 1,129,890 | ||||||
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) | ||||||||
5.00%, 12/01/26 (c) | 1,750 | 1,855,804 | ||||||
5.00%, 12/01/26 (c) | 1,225 | 1,295,660 | ||||||
70,311,535 | ||||||||
Rhode Island: 0.3% | ||||||||
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 (c) | 380 | 401,443 | ||||||
Rhode Island Health and Educational Building Corp., Financing Program, Series F (RB) 4.00%, 05/15/31 (c) | 1,000 | 1,011,783 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) 2.05%, 04/01/30 (c) | 1,000 | 784,850 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM) 2.10%, 10/01/29 (c) | 1,000 | 826,904 | ||||||
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c) | 250 | 275,998 |
Par (000’s | ) | Value | ||||||
Rhode Island (continued) | ||||||||
State of Rhode Island, Series A (GO) 5.00%, 08/01/32 (c) | $ | 2,000 | $ | 2,279,167 | ||||
5,580,145 | ||||||||
South Carolina: 0.5% | ||||||||
Lancaster County School District (GO) 3.25%, 03/01/27 (c) | 325 | 324,855 | ||||||
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c) | 100 | 107,680 | ||||||
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,127,706 | ||||||
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/27 (c) | 1,000 | 1,077,295 | ||||||
South Carolina, Public Service Authority, Series A (RB) | ||||||||
4.00%, 12/01/31 (c) | 1,115 | 1,137,182 | ||||||
5.00%, 06/01/26 (c) | 1,500 | 1,537,612 | ||||||
South Carolina, Public Service Authority, Series A (RB) (SAW) 5.00%, 12/01/30 (c) | 3,000 | 3,322,949 | ||||||
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/27 (c) | 1,000 | 1,014,257 | ||||||
9,649,536 | ||||||||
South Dakota: 0.0% | ||||||||
South Dakota Health and Educational Facilities Authority (RB) | ||||||||
5.00%, 09/01/27 (c) | 255 | 273,262 | ||||||
5.00%, 09/01/27 (c) | 100 | 107,056 | ||||||
380,318 | ||||||||
Tennessee: 0.9% | ||||||||
Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | ||||||||
5.00%, 07/01/23 (c) | 915 | 915,913 | ||||||
5.00%, 07/01/23 (c) | 1,500 | 1,501,099 | ||||||
5.00%, 07/01/23 (c) | 810 | 810,768 | ||||||
5.00%, 07/01/23 (c) | 550 | 550,585 | ||||||
Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
4.00%, 07/01/26 (c) | 545 | 565,412 | ||||||
4.00%, 07/01/26 (c) | 580 | 600,676 | ||||||
4.00%, 07/01/27 (c) | 275 | 286,835 | ||||||
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 | 135,306 |
See Notes to Financial Statements
87 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Tennessee (continued) | ||||||||
Shelby County, Public Improvement, Series B (GO) | ||||||||
4.00%, 04/01/30 (c) | $ | 1,000 | $ | 1,075,965 | ||||
4.00%, 04/01/30 (c) | 3,000 | 3,237,722 | ||||||
4.00%, 04/01/30 (c) | 1,000 | 1,062,242 | ||||||
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 12/01/30 (c) (p) | 2,000 | 2,119,756 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) | 4,000 | 4,236,388 | ||||||
17,098,667 | ||||||||
Texas: 8.5% | ||||||||
Aldine Independent School District, Series A (GO) | ||||||||
4.00%, 02/15/27 (c) | 675 | 692,723 | ||||||
4.00%, 02/15/27 (c) | 910 | 937,217 | ||||||
Alvin Independent School District (GO) 3.38%, 02/15/28 (c) | 350 | 327,583 | ||||||
Arlington Independent School District (GO) | ||||||||
4.00%, 02/15/29 (c) | 500 | 523,398 | ||||||
4.00%, 02/15/29 (c) | 1,000 | 1,058,930 | ||||||
Austin Independent School District (GO) 5.00%, 02/01/33 (c) | 1,500 | 1,774,414 | ||||||
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30 | 2,500 | 2,922,205 | ||||||
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) | 850 | 971,332 | ||||||
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29 | 2,040 | 2,343,174 | ||||||
City of Austin, Water and Wastewater System (RB) 5.00%, 05/15/24 (c) | 1,065 | 1,083,622 | ||||||
City of Dallas (GO) 5.00%, 02/15/25 (c) | 1,055 | 1,094,857 | ||||||
City of Dallas, Series A (GO) 3.00%, 02/15/29 (c) | 600 | 555,528 | ||||||
City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
5.00%, 10/01/26 (c) | 600 | 642,071 | ||||||
5.00%, 10/01/26 (c) | 565 | 604,997 | ||||||
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/30 (c) | 1,000 | 1,159,562 | ||||||
City of Denton, Utility System (RB) 5.00%, 12/01/26 (c) | 965 | 1,031,647 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/28 (c) | $ | 1,000 | $ | 1,083,649 | ||||
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c) | 4,500 | 5,190,027 | ||||||
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c) | 1,500 | 1,536,087 | ||||||
City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
5.00%, 11/15/28 (c) | 1,000 | 1,115,651 | ||||||
5.00%, 11/15/28 (c) | 750 | 825,265 | ||||||
City of Houston, Public Improvement, Series A (GO) | ||||||||
5.00%, 03/01/29 (c) | 1,215 | 1,373,609 | ||||||
5.00%, 03/01/29 (c) | 1,000 | 1,127,564 | ||||||
City of Houston, Series A (GO) | ||||||||
5.00%, 03/01/26 (c) | 180 | 190,974 | ||||||
5.00%, 03/01/26 (c) | 515 | 546,996 | ||||||
5.00%, 03/01/27 (c) | 520 | 564,305 | ||||||
5.00%, 03/01/27 (c) | 500 | 543,559 | ||||||
City of Lubbock, Texas Electric Light and Power System (RB) 4.00%, 04/15/30 (c) | 1,550 | 1,552,309 | ||||||
City of San Antonio, Electric and Gas Systems (RB) | ||||||||
4.00%, 02/01/30 | 1,000 | 1,066,268 | ||||||
5.00%, 02/01/32 (c) | 1,000 | 1,176,295 | ||||||
City of San Antonio, Electric and Gas Systems, Series B (RB) 4.00%, 02/01/33 | 1,000 | 1,080,537 | ||||||
Conroe Independent School District (GO) 5.00%, 02/15/25 (c) | 1,430 | 1,478,760 | ||||||
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c) | 320 | 338,438 | ||||||
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/30 (c) | 1,000 | 1,093,776 | ||||||
County of Bexar, Hospital District (GO) | ||||||||
4.00%, 02/15/26 (c) | 115 | 116,953 | ||||||
5.00%, 02/15/26 (c) | 1,315 | 1,384,961 | ||||||
County of Collin, Community College District (GO) | ||||||||
3.25%, 08/15/27 (c) | 500 | 505,960 | ||||||
4.00%, 08/15/27 (c) | 925 | 965,739 | ||||||
County of El Paso, Hospital District (GO) 4.00%, 08/15/27 (c) | 250 | 245,112 |
See Notes to Financial Statements
88 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
4.00%, 11/15/27 (c) | $ | 950 | $ | 986,464 | ||||
5.00%, 11/15/27 (c) | 850 | 931,997 | ||||||
County of Harris, Flood Control District, Series A (GO) 5.00%, 10/01/25 (c) | 480 | 504,130 | ||||||
County of Harris, Flood Control District, Series A (RB) | ||||||||
4.00%, 10/01/27 (c) | 2,855 | 2,900,965 | ||||||
4.00%, 10/01/27 (c) | 1,000 | 1,011,139 | ||||||
5.00%, 10/01/27 (c) | 210 | 230,170 | ||||||
County of Harris, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c) | 1,100 | 1,123,379 | ||||||
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c) | 675 | 711,799 | ||||||
County of Harris, Unlimited Tax Road, Series A (GO) 5.00%, 10/01/25 (c) | 2,645 | 2,778,598 | ||||||
County of Tarrant, Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c) | 80 | 84,861 | ||||||
Cypress-Fairbanks Independent School District (GO) | ||||||||
4.00%, 02/15/25 (c) | 1,735 | 1,763,063 | ||||||
4.00%, 02/15/30 (c) | 1,275 | 1,309,215 | ||||||
Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
3.00%, 02/15/31 (c) | 500 | 495,079 | ||||||
4.00%, 02/15/31 (c) | 1,500 | 1,553,939 | ||||||
5.00%, 02/15/29 (c) | 1,805 | 2,040,907 | ||||||
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c) | 1,835 | 2,089,446 | ||||||
Dallas Fort Worth International Airport (RB) 4.12%, 11/01/23 (c) | 1,150 | 1,150,696 | ||||||
Dallas Independent School District (GO) | ||||||||
4.00%, 02/15/30 (c) | 1,000 | 1,089,776 | ||||||
5.00%, 02/15/32 (c) | 1,000 | 1,178,621 | ||||||
5.00%, 02/15/32 (c) | 1,500 | 1,694,272 | ||||||
5.00%, 02/15/32 (c) | 1,000 | 1,166,394 | ||||||
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 02/15/26 (c) | 335 | 344,525 | ||||||
Fort Bend Independent School District (GO) | ||||||||
5.00%, 08/15/27 (c) | 645 | 709,433 | ||||||
5.00%, 08/15/27 (c) | 2,000 | 2,199,899 | ||||||
Frisco Independent School District (GO) | ||||||||
4.00%, 08/15/30 (c) | 1,345 | 1,404,093 | ||||||
4.00%, 08/15/30 (c) | 1,350 | 1,451,912 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
5.00%, 02/15/29 (c) | $ | 2,000 | $ | 2,206,137 | ||||
Grand Parkway Transportation Corp., First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c) | 1,500 | 1,503,122 | ||||||
Houston Independent School District, Limited Tax School House (GO) | ||||||||
5.00%, 02/15/27 (c) | 540 | 582,216 | ||||||
5.00%, 02/15/27 (c) | 750 | 815,777 | ||||||
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c) | 605 | 677,672 | ||||||
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/27 (c) | 2,510 | 2,671,315 | ||||||
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c) | 120 | 129,663 | ||||||
Lone Star College System (GO) | ||||||||
4.00%, 02/15/26 (c) | 1,500 | 1,544,822 | ||||||
5.00%, 02/15/26 (c) | 400 | 420,952 | ||||||
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/31 (c) | 1,000 | 1,166,072 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/30 (c) | 1,250 | 1,377,966 | ||||||
North Texas Municipal Water District, Water System (RB) | ||||||||
5.00%, 09/01/26 (c) | 715 | 757,627 | ||||||
5.00%, 09/01/26 (c) | 45 | 48,303 | ||||||
North Texas Tollway Authority System, Series B (RB) | ||||||||
4.00%, 01/01/31 (c) | 2,000 | 2,068,083 | ||||||
4.00%, 01/01/31 (c) | 2,250 | 2,280,389 | ||||||
4.00%, 01/01/31 (c) | 1,975 | 2,093,319 | ||||||
5.00%, 01/01/24 (c) | 3,500 | 3,539,192 | ||||||
5.00%, 01/01/24 (c) | 3,325 | 3,361,126 | ||||||
5.00%, 01/01/27 (c) | 1,000 | 1,051,101 | ||||||
North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
4.12%, 01/01/32 (c) | 2,000 | 2,019,327 | ||||||
5.00%, 01/01/26 (c) | 1,195 | 1,253,066 | ||||||
5.00%, 01/01/26 (c) | 425 | 445,651 | ||||||
5.00%, 01/01/26 (c) | 1,675 | 1,756,369 | ||||||
5.00%, 01/01/26 (c) | 500 | 523,966 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c) | 450 | 460,509 | ||||||
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/27 (c) | 880 | 961,637 |
See Notes to Financial Statements
89 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Pflugerville Independent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/32 (c) | $ | 1,000 | $ | 1,151,249 | ||||
Plano Independent School District, Unlimited Tax (GO) | ||||||||
5.00%, 08/15/32 (c) | 1,000 | 1,182,169 | ||||||
5.00%, 08/15/32 (c) | 1,000 | 1,167,570 | ||||||
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c) | 1,000 | 1,151,560 | ||||||
San Antonio Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/28 (c) | 500 | 522,007 | ||||||
San Antonio Water System, Junior Lien, Series A (RB) 4.00%, 05/15/31 (c) | 1,150 | 1,171,527 | ||||||
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c) | 500 | 526,751 | ||||||
Texas A&M University, Financing System, Series C (RB) 4.00%, 05/15/26 (c) | 10 | 10,360 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
5.00%, 12/15/29 | 2,250 | 2,357,695 | ||||||
5.00%, 12/15/31 | 1,475 | 1,552,665 | ||||||
5.00%, 12/15/32 | 1,000 | 1,056,340 | ||||||
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) | 1,390 | 1,366,542 | ||||||
4.00%, 12/31/30 (c) | 1,150 | 1,115,606 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c) | 1,000 | 958,136 | ||||||
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c) | 1,570 | 1,601,010 | ||||||
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c) | 1,000 | 1,039,615 | ||||||
Texas Water Development Board (RB) | ||||||||
3.00%, 10/15/30 (c) | 950 | 895,850 | ||||||
3.00%, 10/15/30 (c) | 500 | 500,243 | ||||||
3.00%, 10/15/30 (c) | 750 | 732,794 | ||||||
4.00%, 10/15/30 (c) | 2,000 | 2,158,251 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Texas Water Development Board, Series A (RB) | ||||||||
4.00%, 10/15/25 (c) | $ | 1,000 | $ | 1,014,705 | ||||
4.00%, 10/15/27 (c) | 1,000 | 1,038,429 | ||||||
4.00%, 10/15/27 (c) | 400 | 417,241 | ||||||
4.00%, 10/15/27 (c) | 2,000 | 2,037,592 | ||||||
4.00%, 04/15/28 (c) | 600 | 628,560 | ||||||
5.00%, 10/15/27 (c) | 250 | 275,585 | ||||||
5.00%, 10/15/27 (c) | 200 | 219,960 | ||||||
Texas Water Development Board, Series B (RB) | ||||||||
4.00%, 10/15/28 (c) | 1,000 | 1,046,368 | ||||||
4.00%, 10/15/28 (c) | 3,000 | 3,067,894 | ||||||
5.00%, 10/15/28 (c) | 1,500 | 1,686,305 | ||||||
Texas Water Development Board, Series D (RB) 3.00%, 10/15/30 (c) | 500 | 461,250 | ||||||
Tomball Independent School District, Unlimited Tax (GO) | ||||||||
5.00%, 02/15/33 (c) | 1,000 | 1,167,246 | ||||||
5.00%, 02/15/33 (c) | 1,100 | 1,296,972 | ||||||
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/27 (c) | 670 | 733,562 | ||||||
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/32 (c) | 1,500 | 1,748,785 | ||||||
University of North Texas, Series A (RB) 5.00%, 04/15/27 (c) | 75 | 81,695 | ||||||
University of Texas, Board of Regents, Series A (RB) | ||||||||
4.00%, 08/15/24 (c) | 1,000 | 1,008,793 | ||||||
5.00%, 07/01/33 (c) | 1,000 | 1,153,215 | ||||||
University of Texas, Board of Regents, Series B (RB) 4.00%, 07/01/24 (c) | 1,250 | 1,266,380 | ||||||
154,014,682 | ||||||||
Utah: 0.5% | ||||||||
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/27 (c) | 395 | 411,909 | ||||||
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/31 (c) | 2,000 | 2,080,777 | ||||||
State of Utah, Series B (GO) 5.00%, 01/01/29 (c) | 1,275 | 1,455,661 | ||||||
University of Utah, Series A (RB) 5.00%, 08/01/27 (c) | 365 | 399,403 | ||||||
University of Utah, Series B (RB) 5.00%, 08/01/32 (c) | 2,220 | 2,544,590 | ||||||
Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
4.00%, 06/15/26 (c) | 850 | 881,821 | ||||||
4.00%, 06/15/26 (c) | 2,000 | 2,069,003 | ||||||
9,843,164 |
See Notes to Financial Statements
90 |
Par (000’s | ) | Value | ||||||
Vermont: 0.1% | ||||||||
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 06/01/26 (c) | $ | 1,000 | $ | 1,054,711 | ||||
Virginia: 1.5% | ||||||||
City of Richmond, Public Utility, Series A (RB) 5.00%, 01/15/26 (c) | 1,520 | 1,607,348 | ||||||
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c) | 375 | 325,397 | ||||||
County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
4.00%, 04/01/32 (c) | 1,000 | 1,072,931 | ||||||
4.00%, 04/01/32 (c) | 1,000 | 1,092,498 | ||||||
5.00%, 04/01/28 (c) | 750 | 842,065 | ||||||
5.00%, 04/01/29 (c) | 1,755 | 2,009,828 | ||||||
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/29 (c) | 1,500 | 1,389,210 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
3.00%, 02/01/31 (c) | 2,750 | 2,589,831 | ||||||
4.00%, 02/01/26 (c) | 2,000 | 2,076,190 | ||||||
4.00%, 02/01/30 (c) | 1,500 | 1,567,688 | ||||||
5.00%, 02/01/30 (c) | 1,950 | 2,224,005 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c) | 110 | 109,373 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
5.00%, 02/01/28 (c) | 880 | 974,375 | ||||||
5.00%, 02/01/28 (c) | 2,180 | 2,413,702 | ||||||
Virginia College Building Authority, Virginia Educational Facilities, Series A (RB) 3.00%, 02/01/31 (c) | 1,250 | 1,100,650 | ||||||
Virginia Commonwealth Transportation Board (RB) 4.00%, 05/15/26 (c) | 500 | 516,518 | ||||||
Virginia Commonwealth Transportation Board, Series A (RB) 5.00%, 11/15/27 (c) | 800 | 880,990 | ||||||
Virginia Public Building Authority, Series A (RB) 3.00%, 08/01/26 (c) | 695 | 690,978 |
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
3.12%, 08/01/28 (c) | $ | 1,050 | $ | 1,045,689 | ||||
5.00%, 08/01/30 (c) | 1,000 | 1,167,695 | ||||||
Virginia Public Building Authority, Series A-2 (RB) | ||||||||
4.00%, 08/01/31 (c) | 1,000 | 1,046,498 | ||||||
4.00%, 08/01/31 (c) | 1,000 | 1,069,234 | ||||||
Virginia State, Public Building Authority, Series A (RB) 4.00%, 08/01/27 (c) | 185 | 195,509 | ||||||
28,008,202 | ||||||||
Washington: 3.5% | ||||||||
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 07/01/31 (c) | 1,000 | 1,037,875 | ||||||
County of King, Limited Tax (GO) 4.00%, 07/01/27 (c) | 2,110 | 2,216,962 | ||||||
County of King, Limited Tax (GO) (SAW) 5.00%, 01/01/29 (c) | 1,000 | 1,138,922 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
5.00%, 07/01/27 (c) | 400 | 436,280 | ||||||
5.00%, 07/01/28 (c) | 695 | 776,142 | ||||||
5.00%, 07/01/30 (c) | 1,930 | 2,238,486 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) | ||||||||
5.00%, 07/01/29 (c) | 1,000 | 1,110,118 | ||||||
5.00%, 07/01/29 (c) | 500 | 549,866 | ||||||
5.00%, 07/01/30 (c) | 1,415 | 1,603,233 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series C (RB) | ||||||||
5.00%, 07/01/25 (c) | 1,250 | 1,306,049 | ||||||
5.00%, 07/01/28 (c) | 1,000 | 1,112,243 | ||||||
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/30 (c) | 1,545 | 1,482,906 | ||||||
King County School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/27 (c) | 880 | 919,565 | ||||||
King County School District No. 401 Highline (GO) (SBG) | ||||||||
3.12%, 12/01/26 (c) | 690 | 692,244 | ||||||
5.00%, 12/01/26 (c) | 700 | 752,632 | ||||||
King County School District No. 411 Issaquah (GO) (SBG) 4.00%, 06/01/26 (c) | 635 | 657,092 | ||||||
King County School District No. 414 Lake Washington (GO) (SBG) 5.00%, 06/01/27 (c) | 835 | 910,775 |
See Notes to Financial Statements
91 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
Kitsap County School District No. 401 Central Kitsap (GO) (SBG) | ||||||||
4.00%, 06/01/26 (c) | $ | 1,250 | $ | 1,285,635 | ||||
4.00%, 06/01/26 (c) | 1,000 | 1,023,210 | ||||||
4.00%, 06/01/26 (c) | 1,425 | 1,470,446 | ||||||
Pierce County School District No. 403 Bethel (GO) (SBG) | ||||||||
5.00%, 06/01/29 (c) | 500 | 570,762 | ||||||
5.00%, 06/01/29 (c) | 200 | 223,496 | ||||||
Puyallup School District No. 3 (GO) (SBG) 5.00%, 06/01/27 (c) | 970 | 1,051,377 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c) | 825 | 881,155 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c) | 1,000 | 1,167,895 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO) 4.00%, 07/01/23 (c) | 1,000 | 1,001,822 | ||||||
State of Washington, Series A (GO) 5.00%, 08/01/26 (c) | 755 | 801,802 | ||||||
State of Washington, Series C (GO) 5.00%, 08/01/27 (c) | 880 | 962,305 | ||||||
State of Washington, Series D (GO) 5.00%, 08/01/27 (c) | 880 | 962,676 | ||||||
State of Washington, Various Purpose, Series A (GO) | ||||||||
5.00%, 08/01/26 (c) | 580 | 619,479 | ||||||
5.00%, 08/01/26 (c) | 245 | 261,676 | ||||||
5.00%, 08/01/27 (c) | 500 | 542,575 | ||||||
5.00%, 08/01/27 (c) | 500 | 546,765 | ||||||
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c) | 2,175 | 2,534,616 | ||||||
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/27 (c) | 735 | 773,966 | ||||||
State of Washington, Various Purpose, Series R-C (GO) | ||||||||
5.00%, 08/01/27 (c) | 880 | 954,932 | ||||||
5.00%, 08/01/27 (c) | 420 | 459,459 | ||||||
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) | ||||||||
5.00%, 02/15/28 (c) | 1,815 | 1,877,814 | ||||||
5.00%, 02/15/28 (c) | 2,000 | 2,059,641 |
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 05/30/23 (c) | $ | 1,820 | $ | 1,819,999 | ||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) | ||||||||
4.00%, 10/01/30 (p) | 1,595 | 1,626,331 | ||||||
5.00%, 10/01/28 (c) | 250 | 266,130 | ||||||
5.00%, 10/01/28 (c) | 225 | 237,553 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | 760 | 793,845 | ||||||
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 | 1,682 | 1,579,743 | ||||||
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c) | 1,050 | 1,196,182 | ||||||
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/31 (c) | 2,000 | 2,259,001 | ||||||
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c) | 1,000 | 1,017,603 | ||||||
Washington State, Various Purpose, Series A (GO) | ||||||||
5.00%, 08/01/30 (c) | 1,000 | 1,122,202 | ||||||
5.00%, 08/01/31 (c) | 1,250 | 1,431,450 | ||||||
Washington State, Various Purpose, Series A-1 (GO) | ||||||||
5.00%, 08/01/23 (c) | 1,500 | 1,506,174 | ||||||
5.00%, 08/01/24 (c) | 1,500 | 1,534,800 | ||||||
Washington State, Various Purpose, Series C (GO) | ||||||||
5.00%, 01/01/25 (c) | 1,575 | 1,622,573 | ||||||
5.00%, 02/01/28 (c) | 1,145 | 1,242,754 | ||||||
5.00%, 02/01/28 (c) | 1,000 | 1,105,233 | ||||||
5.00%, 02/01/29 (c) | 1,080 | 1,183,024 | ||||||
5.00%, 02/01/30 (c) | 1,000 | 1,136,395 | ||||||
63,655,886 | ||||||||
West Virginia: 0.3% | ||||||||
State of West Virginia, Series A (GO) | ||||||||
5.00%, 06/01/29 (c) | 500 | 556,751 | ||||||
5.00%, 06/01/29 (c) | 1,000 | 1,146,725 | ||||||
State of West Virginia, Series B (GO) 5.00%, 06/01/28 (c) | 675 | 758,988 | ||||||
West Virginia Hospital Finance Authority, Huntington Hospital, Series A (RB) 4.00%, 01/01/29 (c) | 1,430 | 1,333,672 |
See Notes to Financial Statements
92 |
Par (000’s | ) | Value | ||||||
West Virginia (continued) | ||||||||
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/31 (c) | $ | 1,320 | $ | 1,511,523 | ||||
5,307,659 | ||||||||
Wisconsin: 1.1% | ||||||||
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c) | 350 | 345,583 | ||||||
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p) | 1,335 | 1,361,224 | ||||||
State of Wisconsin (GO) 5.00%, 05/01/27 (c) | 450 | 494,314 | ||||||
State of Wisconsin, Series A (GO) | ||||||||
4.00%, 05/01/28 (c) | 1,655 | 1,703,864 | ||||||
5.00%, 05/01/25 (c) | 2,000 | 2,079,687 | ||||||
5.00%, 05/01/25 (c) | 890 | 925,460 | ||||||
5.00%, 05/01/32 (c) | 1,000 | 1,172,467 | ||||||
5.00%, 05/01/32 (c) | 1,000 | 1,187,352 | ||||||
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c) | 1,500 | 1,520,154 | ||||||
Wisconsin Department of Transportation (RB) | ||||||||
5.00%, 07/01/27 (c) | 480 | 528,547 | ||||||
5.00%, 07/01/27 (c) | 115 | 126,711 | ||||||
Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/24 (c) | 940 | 961,193 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
5.00%, 07/01/24 (c) | $ | 510 | $ | 521,498 | ||||
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
4.00%, 05/15/26 (c) | 1,500 | 1,523,667 | ||||||
4.00%, 05/15/26 (c) | 1,875 | 1,872,641 | ||||||
5.00%, 05/15/26 (c) | 100 | 106,046 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c) | 500 | 514,488 | ||||||
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c) | 125 | 133,477 | ||||||
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 5.00%, 08/15/24 (c) | 2,500 | 2,561,583 | ||||||
19,639,956 | ||||||||
Wyoming: 0.2% | ||||||||
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 05/15/29 (c) | 4,500 | 3,944,222 | ||||||
Total Municipal Bonds: 98.6% (Cost: $1,864,845,781) | 1,795,974,394 | |||||||
Other assets less liabilities: 1.4% | 25,592,525 | |||||||
NET ASSETS: 100.0% | $ | 1,821,566,919 |
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 |
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 |
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
93 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
% of | ||||||||
Summary of Investments by Sector | Investments | Value | ||||||
State GO | 18.3 | % | $ | 328,662,297 | ||||
Local GO | 15.6 | 280,036,378 | ||||||
Tax | 14.5 | 260,213,989 | ||||||
Water & Sewer | 7.9 | 141,956,815 | ||||||
Hospitals | 6.6 | 118,657,362 | ||||||
Transportation | 6.2 | 111,245,759 | ||||||
Toll & Turnpike | 5.8 | 104,924,633 | ||||||
Education | 5.6 | 99,751,845 | ||||||
Power | 4.9 | 87,657,958 | ||||||
Leasing COPS & Appropriations | 4.4 | 78,718,467 | ||||||
Utilities | 3.2 | 56,942,534 | ||||||
Airport | 2.1 | 38,150,774 | ||||||
Miscellaneous | 1.4 | 25,809,047 | ||||||
Multi-Family Housing | 1.1 | 19,088,296 | ||||||
Single Family Housing | 0.7 | 12,992,014 | ||||||
Industrial Development Revenue | 0.6 | 11,502,848 | ||||||
Tobacco | 0.6 | 10,419,488 | ||||||
Pollution Control | 0.3 | 5,636,673 | ||||||
Health | 0.2 | 3,607,217 | ||||||
100.0 | % | $ | 1,795,974,394 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 1,795,974,394 | $ | — | $ | 1,795,974,394 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
94 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.4% | ||||||||
Arizona: 1.3% | ||||||||
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/29 (c) | $ | 500 | $ | 492,352 | ||||
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c) | 1,000 | 1,049,935 | ||||||
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/30 (c) | 750 | 823,747 | ||||||
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/31 (c) | 750 | 690,955 | ||||||
Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB) 5.00%, 01/01/33 (c) | 1,000 | 1,122,557 | ||||||
4,179,546 | ||||||||
California: 17.4% | ||||||||
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB) 5.00%, 08/01/23 (c) | 500 | 500,627 | ||||||
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/28 (c) | 995 | 1,047,628 | ||||||
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/29 (c) | 1,000 | 1,058,621 | ||||||
Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL) 5.00%, 10/01/25 (c) | 500 | 515,587 | ||||||
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c) | 1,350 | 1,252,826 | ||||||
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) 5.00%, 08/15/27 (c) | 1,000 | 1,019,456 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c) | $ | 750 | $ | 768,160 | ||||
California Health Facilities Financing Authority, Commonspririt Health, Series A (RB) 4.00%, 04/01/30 (c) | 1,000 | 949,764 | ||||||
California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) 4.00%, 11/01/27 (c) | 1,000 | 980,340 | ||||||
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/30 (c) | 750 | 704,530 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/26 (c) | 680 | 536,049 | ||||||
California Health Facilities Financing Authority, Series A (RB) 4.00%, 05/19/23 (c) | 1,000 | 924,940 | ||||||
California Health Facilities Financing Authority, Series B (RB) 4.00%, 11/15/26 (c) | 1,000 | 963,428 | ||||||
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/28 (c) | 500 | 534,726 | ||||||
California State Public Works Board, Air Resources Board, Series D (RB) 4.00%, 05/01/32 (c) | 500 | 491,646 | ||||||
California State Public Works Board, New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/31 (c) | 1,000 | 1,100,403 | ||||||
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/31 (c) | 840 | 829,130 | ||||||
Chaffey Joint Union High School District, Series C (GO) 5.25%, 02/01/27 (c) | 500 | 528,756 | ||||||
Chino Valley Unified School District, Series B (GO) (SBG) 5.00%, 08/01/30 (c) | 620 | 672,415 | ||||||
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/30 (c) | 750 | 744,470 |
See Notes to Financial Statements
95 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/27 (c) | $ | 1,210 | $ | 1,217,764 | ||||
El Dorado Irrigation District, Series A (CP) (AGM) | ||||||||
4.00%, 03/01/30 (c) | 630 | 630,985 | ||||||
4.00%, 03/01/30 (c) | 690 | 680,543 | ||||||
Fremont Union High School District, Series A (GO) 4.00%, 08/01/27 (c) | 500 | 497,205 | ||||||
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c) | 325 | 256,282 | ||||||
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/28 (c) | 1,000 | 995,443 | ||||||
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/30 (c) | 800 | 889,455 | ||||||
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,092,498 | ||||||
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/31 (c) | 500 | 546,407 | ||||||
Los Angeles Department of Water and Power, Series D (RB) | ||||||||
5.00%, 07/01/32 (c) | 500 | 556,925 | ||||||
5.00%, 07/01/32 (c) | 750 | 828,411 | ||||||
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 530 | 534,476 | ||||||
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/30 (c) | 500 | 501,313 | ||||||
Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) | 900 | 877,390 | ||||||
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c) | 500 | 389,492 | ||||||
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/26 (c) | 1,015 | 1,015,304 | ||||||
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) | 570 | 564,879 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/30 (c) | $ | 500 | $ | 483,652 | ||||
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/27 (c) | 610 | 640,271 | ||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 750 | 804,160 | ||||||
San Diego Public Facilities Financing Authority, Series A (RB) | ||||||||
4.00%, 04/15/33 (c) | 500 | 487,389 | ||||||
5.25%, 08/01/33 (c) | 500 | 574,912 | ||||||
San Diego Unified School District, Series I (GO) 4.00%, 07/01/27 (c) | 595 | 589,519 | ||||||
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/29 (c) | 600 | 471,434 | ||||||
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c) | 610 | 615,415 | ||||||
San Francisco City and County, International Airport, Series B (RB) 5.00%, 05/01/27 (c) | 700 | 731,299 | ||||||
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/31 (c) | 885 | 875,031 | ||||||
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c) | 750 | 740,719 | ||||||
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c) | 825 | 710,816 | ||||||
San Jose Financing Authority Wastewater, Series B (RB) 5.00%, 11/01/32 (c) | 1,500 | 1,673,158 | ||||||
San Mateo County Community College District (GO) 5.00%, 09/01/28 (c) | 1,570 | 1,714,823 | ||||||
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/29 (c) | 500 | 501,313 | ||||||
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c) | 1,000 | 718,992 |
See Notes to Financial Statements
96 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/33 (c) | $ | 500 | $ | 567,380 | ||||
Southwestern Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 750 | 738,402 | ||||||
State of California, Various Purpose (GO) | ||||||||
3.00%, 10/01/29 (c) | 500 | 390,805 | ||||||
3.00%, 12/01/30 (c) | 400 | 332,780 | ||||||
3.62%, 04/01/26 (c) | 645 | 583,255 | ||||||
4.00%, 10/01/29 (c) | 500 | 504,691 | ||||||
5.00%, 10/01/27 (c) | 660 | 707,632 | ||||||
5.00%, 10/01/28 (c) | 935 | 1,010,443 | ||||||
5.00%, 11/01/23 (c) | 1,000 | 1,006,564 | ||||||
5.00%, 11/01/27 (c) | 515 | 548,783 | ||||||
5.00%, 04/01/29 (c) | 1,000 | 1,081,434 | ||||||
5.00%, 09/01/31 (c) | 630 | 711,445 | ||||||
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c) | 875 | 966,181 | ||||||
University of California, Series BE (RB) 4.00%, 05/15/30 (c) | 1,000 | 1,018,410 | ||||||
University of California, Series BN (RB) | ||||||||
5.00%, 05/15/33 (c) | 1,000 | 1,152,730 | ||||||
5.00%, 05/15/33 (c) | 1,000 | 1,144,987 | ||||||
University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,000 | 1,064,873 | ||||||
Ventura Unified School District, Series A (GO) 4.00%, 08/01/32 (c) | 500 | 494,305 | ||||||
54,556,277 | ||||||||
Colorado: 2.4% | ||||||||
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/28 (c) | 1,050 | 1,005,721 | ||||||
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 06/01/25 (c) | 500 | 514,209 | ||||||
City of Colorado Springs CO Utilities System Revenue (RB) 5.00%, 11/15/30 (c) | 600 | 651,931 | ||||||
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/29 (c) | 685 | 662,626 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
3.25%, 08/01/29 (c) | 500 | 363,503 | ||||||
5.00%, 08/01/29 (c) | 1,000 | 1,033,004 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, Intermountain Healthcare, Series A (RB) (SAW) 5.00%, 05/15/32 (c) | $ | 690 | $ | 744,919 | ||||
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c) | 500 | 517,394 | ||||||
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) | ||||||||
5.00%, 12/31/24 (c) | 250 | 244,011 | ||||||
5.00%, 12/31/24 (c) | 250 | 246,127 | ||||||
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c) | 850 | 584,016 | ||||||
Weld County School District No. 6 (GO) (SAW) 4.00%, 06/01/31 (c) | 800 | 788,398 | ||||||
7,355,859 | ||||||||
Connecticut: 0.4% | ||||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB) 4.70%, 11/15/31 (c) | 500 | 509,868 | ||||||
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c) | 750 | 766,534 | ||||||
1,276,402 | ||||||||
Delaware: 0.2% | ||||||||
County of New Castle (GO) 4.00%, 04/01/27 (c) | 150 | 151,709 | ||||||
State of Delaware (GO) 4.00%, 05/01/33 (c) | 500 | 514,868 | ||||||
666,577 | ||||||||
District of Columbia: 1.4% | ||||||||
District of Columbia, Children’s Hospital (RB) 5.00%, 01/15/26 (c) | 500 | 508,950 | ||||||
District of Columbia, Income Tax, Series A (RB) 5.00%, 09/01/29 (c) | 750 | 814,727 | ||||||
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/30 (c) | 805 | 798,253 | ||||||
District of Columbia, Series A (RB) | ||||||||
2.62%, 03/01/30 (c) | 575 | 423,345 | ||||||
3.00%, 03/01/30 (c) | 275 | 235,605 |
See Notes to Financial Statements
97 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
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 | $ | 963,290 | ||||
Washington Metropolitan Area Transit Authority, Series A (RB) 3.00%, 07/15/31 (c) | 750 | 614,600 | ||||||
4,358,770 | ||||||||
Florida: 4.7% | ||||||||
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c) | 1,055 | 1,103,837 | ||||||
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c) | 845 | 830,028 | ||||||
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) | ||||||||
4.00%, 11/01/29 (c) | 1,000 | 915,134 | ||||||
5.00%, 11/01/29 (c) | 1,000 | 1,019,742 | ||||||
City of Lakeland, Florida Hospital, Regional Health Systems (RB) 5.00%, 11/15/24 (c) | 1,000 | 1,001,179 | ||||||
City of Orlando, Capital of Improvements, Series B (RB) 5.00%, 10/01/28 (c) | 1,000 | 1,069,444 | ||||||
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c) | 200 | 165,646 | ||||||
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c) | 180 | 150,893 | ||||||
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/32 (c) | 500 | 556,974 | ||||||
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c) | 500 | 523,288 | ||||||
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB) | ||||||||
4.00%, 09/01/31 (c) | 510 | 487,129 | ||||||
4.00%, 09/01/31 (c) | 1,000 | 963,457 | ||||||
County of Broward, School District (GO) 5.00%, 07/01/31 (c) | 665 | 727,626 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
County of Miami-Dade, Florida Transit System, Sales Surtax, Series A (RB) 4.00%, 07/01/30 (c) | $ | 500 | $ | 493,276 | ||||
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c) | 500 | 450,696 | ||||||
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c) | 330 | 200,027 | ||||||
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/30 (c) | 500 | 538,284 | ||||||
Fort Pierce Utilities Authority, Series A (RB) (AGM) 4.00%, 10/01/32 (c) | 1,000 | 951,953 | ||||||
Halifax Hospital Medical Center (RB) 4.00%, 06/01/26 (c) | 525 | 482,091 | ||||||
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c) | 500 | 316,475 | ||||||
South Broward Hospital District, Series A (RB) 3.00%, 05/01/31 (c) | 750 | 595,130 | ||||||
State of Florida, Department of Transportation, Turnpike System (RB) 5.00%, 07/01/32 (c) | 1,000 | 1,090,708 | ||||||
14,633,017 | ||||||||
Georgia: 2.3% | ||||||||
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/29 (c) | 660 | 652,629 | ||||||
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c) | 260 | 238,093 | ||||||
Clarke County Hospital Authority, Piedmont Healthcare, Inc., Series A (RB) 4.00%, 07/01/26 (c) | 1,000 | 983,724 | ||||||
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/30 (c) | 500 | 352,599 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/30 (c) | 630 | 594,212 |
See Notes to Financial Statements
98 |
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/25 (c) | $ | 215 | $ | 190,870 | ||||
Georgia State Road & Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/31 (c) | 500 | 388,381 | ||||||
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49 | 990 | 1,001,674 | ||||||
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/30 (c) | 1,000 | 798,761 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) 4.50%, 07/01/32 (c) | 500 | 491,713 | ||||||
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/28 (c) | 500 | 505,395 | ||||||
Private Colleges & Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) | 855 | 862,315 | ||||||
7,060,366 | ||||||||
Hawaii: 0.2% | ||||||||
City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c) | 750 | 752,034 | ||||||
Idaho: 0.2% | ||||||||
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/24 (c) | 500 | 502,841 | ||||||
Illinois: 4.5% | ||||||||
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c) | 890 | 849,690 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund (RB) 5.25%, 12/01/24 (c) | 750 | 761,152 | ||||||
City of Chicago, Series A (GO) 5.50%, 01/01/30 (c) | 750 | 793,256 | ||||||
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c) | 1,000 | 979,870 | ||||||
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c) | 500 | 494,460 | ||||||
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c) | 1,000 | 1,001,872 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Housing Development Authority (RB) 5.00%, 04/01/32 (c) | $ | 1,000 | $ | 1,035,084 | ||||
Illinois Housing Development Authority, Series G (RB) 4.85%, 04/01/32 (c) | 500 | 516,734 | ||||||
Illinois State Toll Highway Authority (RB) 4.00%, 01/01/32 (c) | 500 | 483,051 | ||||||
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,088,941 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/31 (c) | 500 | 483,106 | ||||||
Sales Tax Securitization Corp., Series A (RB) (BAM-TCRS) 4.00%, 01/01/28 (c) | 1,000 | 943,421 | ||||||
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c) | 750 | 821,730 | ||||||
State of Illinois, Series A (GO) | ||||||||
5.00%, 03/01/31 (c) | 1,250 | 1,312,669 | ||||||
5.00%, 05/01/28 (c) | 630 | 656,058 | ||||||
State of Illinois, Series B (GO) 5.50%, 05/01/32 (c) | 1,000 | 1,094,732 | ||||||
State of Illinois, Series C (GO) 4.00%, 11/01/29 (c) | 900 | 845,258 | ||||||
14,161,084 | ||||||||
Indiana: 0.6% | ||||||||
Indiana Finance Authority, CWA Authority Project (RB) 5.00%, 10/01/31 (c) | 300 | 333,054 | ||||||
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) | ||||||||
5.00%, 02/01/29 (c) | 1,000 | 1,044,021 | ||||||
5.00%, 02/01/29 (c) | 500 | 523,724 | ||||||
1,900,799 | ||||||||
Iowa: 0.3% | ||||||||
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p) | 500 | 502,247 | ||||||
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/30 (c) | 530 | 575,009 | ||||||
1,077,256 | ||||||||
Kentucky: 0.7% | ||||||||
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c) | 1,225 | 1,154,823 |
See Notes to Financial Statements
99 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Kentucky (continued) | ||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c) | $ | 750 | $ | 744,472 | ||||
Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) 3.25%, 11/15/26 (c) | 235 | 194,985 | ||||||
2,094,280 | ||||||||
Louisiana: 0.5% | ||||||||
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM) 4.00%, 12/01/28 (c) | 700 | 638,316 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c) | 230 | 222,761 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c) | 230 | 224,845 | ||||||
State of Louisiana, Series A (GO) 4.00%, 04/01/33 (c) | 500 | 505,949 | ||||||
1,591,871 | ||||||||
Maryland: 1.3% | ||||||||
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 03/01/30 (c) | 310 | 206,669 | ||||||
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/32 (c) | 500 | 427,320 | ||||||
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/31 (c) | 500 | 379,502 | ||||||
Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c) | 1,000 | 1,062,018 | ||||||
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,083,274 | ||||||
Washington Suburban Sanitary Commission (RB) 4.00%, 06/01/33 (c) | 1,000 | 998,932 | ||||||
4,157,715 |
Par (000’s | ) | Value | ||||||
Massachusetts: 4.0% | ||||||||
Commonwealth of Massachusetts Transportation, Series A (RB) | ||||||||
3.00%, 06/01/30 (c) | $ | 800 | $ | 622,864 | ||||
5.00%, 06/01/31 (c) | 500 | 557,529 | ||||||
Commonwealth of Massachusetts Transportation, Series B (RB) 5.00%, 06/01/30 (c) | 560 | 616,329 | ||||||
Commonwealth of Massachusetts, Series A (GO) | ||||||||
5.00%, 01/01/28 (c) | 1,000 | 1,061,421 | ||||||
5.00%, 04/01/27 (c) | 275 | 290,972 | ||||||
Commonwealth of Massachusetts, Series B (GO) 2.12%, 04/01/31 (c) | 1,300 | 796,452 | ||||||
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c) | 360 | 286,614 | ||||||
Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/30 (c) | 750 | 819,812 | ||||||
Commonwealth of Massachusetts, Series E (GO) 5.00%, 11/01/30 (c) | 605 | 663,638 | ||||||
Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 800 | 781,038 | ||||||
4.00%, 07/01/33 (c) | 1,000 | 974,208 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/28 (c) | 500 | 514,149 | ||||||
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) 5.00%, 07/01/25 (c) | 500 | 505,594 | ||||||
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series G (RB) 5.25%, 07/01/33 (c) | 1,000 | 1,050,828 | ||||||
Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB) 5.00%, 03/01/24 (c) | 1,900 | 1,915,937 | ||||||
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/29 (c) | 305 | 329,470 | ||||||
Massachusetts School Building Authority, Sales Tax, Series A (RB) 5.00%, 08/15/30 (c) | 750 | 808,032 | ||||||
12,594,887 |
See Notes to Financial Statements
100 |
Par (000’s | ) | Value | ||||||
Michigan: 2.1% | ||||||||
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) | $ | 390 | $ | 402,082 | ||||
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c) | 570 | 587,659 | ||||||
Michigan Finance Authority (RB) | ||||||||
5.00%, 05/15/25 (c) | 225 | 229,011 | ||||||
5.00%, 05/15/25 (c) | 275 | 286,604 | ||||||
Michigan Finance Authority, Henry Ford Health System, Series A (RB) | ||||||||
4.00%, 11/15/26 (c) | 225 | 210,727 | ||||||
4.00%, 11/02/29 (c) | 250 | 226,732 | ||||||
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/27 (c) | 500 | 519,201 | ||||||
Michigan State Building Authority, Facilities Program (RB) 5.00%, 10/15/25 (c) | 500 | 513,391 | ||||||
Michigan State Housing Development Authority (RB) 4.88%, 10/01/32 (c) | 1,000 | 1,024,647 | ||||||
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/24 (c) | 725 | 725,371 | ||||||
Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c) | 500 | 397,525 | ||||||
Michigan State University (RB) 5.00%, 02/15/29 (c) | 765 | 814,813 | ||||||
State of Michigan, Trunk Line, Series A (RB) 4.00%, 11/15/31 (c) | 620 | 608,249 | ||||||
6,546,012 | ||||||||
Minnesota: 0.8% | ||||||||
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c) | 530 | 376,249 | ||||||
Minnesota Housing Finance Agency Residential Housing, Series I (RB) | ||||||||
2.15%, 01/01/30 (c) | 890 | 636,219 | ||||||
3.00%, 01/01/30 (c) | 440 | 427,314 | ||||||
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 01/01/32 (c) | 500 | 526,081 |
Par (000’s | ) | Value | ||||||
Minnesota (continued) | ||||||||
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/31 (c) | $ | 500 | $ | 518,363 | ||||
2,484,226 | ||||||||
Missouri: 0.1% | ||||||||
Health and Educational Facilities Authority, Saint Louis University, Series A (RB) 5.00%, 04/01/29 (c) | 100 | 107,466 | ||||||
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c) | 190 | 175,224 | ||||||
282,690 | ||||||||
Nebraska: 0.8% | ||||||||
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/42 | 500 | 521,364 | ||||||
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/29 (c) | 550 | 550,160 | ||||||
Omaha Public Power District, Nebraska Electric System, Series A (RB) 4.00%, 08/01/30 (c) | 750 | 718,543 | ||||||
University of Nebraska Facilities Corp., Series A (RB) 4.00%, 07/15/31 (c) | 750 | 726,191 | ||||||
2,516,258 | ||||||||
Nevada: 0.4% | ||||||||
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c) | 390 | 399,086 | ||||||
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c) | 675 | 648,339 | ||||||
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c) | 275 | 288,490 | ||||||
1,335,915 | ||||||||
New Hampshire: 0.1% | ||||||||
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/31 (c) | 500 | 385,699 | ||||||
New Jersey: 3.4% | ||||||||
Hudson County Improvement Authority, Courthouse Project (RB) 4.00%, 10/01/30 (c) | 1,000 | 980,077 |
See Notes to Financial Statements
101 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) 2.00%, 03/01/31 (c) | $ | 500 | $ | 345,301 | ||||
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/31 (c) | 490 | 324,621 | ||||||
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 4.00%, 07/01/26 (c) | 800 | 797,111 | ||||||
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/31 (c) | 555 | 555,825 | ||||||
New Jersey Housing & Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 04/01/32 (c) | 500 | 499,145 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
4.25%, 06/15/24 (c) | 640 | 640,259 | ||||||
4.50%, 12/15/28 (c) | 910 | 917,844 | ||||||
5.00%, 06/15/25 (c) | 1,000 | 1,016,462 | ||||||
New Jersey Transportation Trust Fund Authority, Series BB (RB) | ||||||||
3.50%, 12/15/28 (c) | 365 | 312,411 | ||||||
4.00%, 12/15/28 (c) | 1,000 | 970,913 | ||||||
New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c) | 1,280 | 1,251,243 | ||||||
New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/25 (c) | 955 | 975,770 | ||||||
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/30 (c) | 500 | 520,668 | ||||||
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c) | 500 | 497,944 | ||||||
10,605,594 | ||||||||
New Mexico: 0.1% | ||||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c) | 175 | 165,372 |
Par (000’s | ) | Value | ||||||
New Mexico (continued) | ||||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c) | $ | 290 | $ | 255,174 | ||||
420,546 | ||||||||
New York: 20.9% | ||||||||
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c) | 1,000 | 1,007,463 | ||||||
City of New York, Series A (GO) | ||||||||
4.00%, 08/01/31 (c) | 1,000 | 972,870 | ||||||
4.00%, 08/01/31 (c) | 1,000 | 1,003,234 | ||||||
City of New York, Series C (GO) | ||||||||
4.00%, 08/01/30 (c) | 1,000 | 999,090 | ||||||
5.00%, 08/01/30 (c) | 500 | 546,622 | ||||||
City of New York, Series D (GO) (BAM) | ||||||||
4.00%, 03/01/30 (c) | 1,000 | 973,560 | ||||||
5.00%, 03/01/30 (c) | 1,000 | 1,088,503 | ||||||
City of New York, Series F (GO) 5.00%, 03/01/31 (c) | 1,000 | 1,083,775 | ||||||
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM) 4.00%, 04/01/30 (c) | 925 | 898,370 | ||||||
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c) | 900 | 860,146 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c) | 645 | 681,535 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) (AGM) 4.00%, 02/15/27 (c) | 1,000 | 978,281 | ||||||
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c) | 715 | 745,856 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) | ||||||||
4.00%, 05/15/27 (c) | 400 | 380,603 | ||||||
5.00%, 05/15/25 (c) | 590 | 593,274 | ||||||
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/26 (c) | 500 | 518,787 | ||||||
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c) | 1,000 | 968,301 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) 4.75%, 05/15/30 (c) | 1,000 | 1,020,359 | ||||||
Metropolitan Transportation Authority, Series D (RB) | ||||||||
4.00%, 05/15/28 (c) | 250 | 235,185 | ||||||
4.00%, 05/15/28 (c) | 1,245 | 1,187,757 |
See Notes to Financial Statements
102 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/23 (c) | $ | 600 | $ | 598,461 | ||||
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/30 (c) | 650 | 556,959 | ||||||
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/23 (c) | 1,000 | 996,682 | ||||||
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c) | 500 | 495,602 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 05/01/29 (c) | 800 | 558,159 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 02/01/29 (c) | 525 | 388,257 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 09/01/27 (c) | 560 | 426,099 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) | ||||||||
5.00%, 12/15/29 (c) | 1,000 | 1,071,138 | ||||||
5.00%, 12/15/31 (c) | 955 | 1,054,852 | ||||||
5.00%, 06/15/23 (c) | 1,000 | 1,002,063 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) | ||||||||
3.75%, 06/15/23 (c) | 710 | 657,331 | ||||||
4.00%, 06/15/24 (c) | 500 | 495,056 | ||||||
5.00%, 12/15/31 (c) | 1,000 | 1,089,994 | ||||||
5.00%, 06/15/24 (c) | 1,000 | 1,010,434 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) (FHA 542(C)) 5.00%, 06/15/31 (c) | 500 | 543,267 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 4.12%, 06/15/33 (c) | 1,000 | 992,537 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 12/15/27 (c) | 750 | 811,204 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) (SBG) 5.00%, 06/15/30 (c) | $ | 1,000 | $ | 1,099,859 | ||||
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) | ||||||||
3.00%, 07/15/29 (c) | 350 | 271,890 | ||||||
5.00%, 07/15/28 (c) | 500 | 533,413 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
4.00%, 11/01/30 (c) | 500 | 495,698 | ||||||
4.00%, 11/01/30 (c) | 775 | 771,219 | ||||||
4.00%, 05/01/29 (c) | 1,120 | 1,106,294 | ||||||
5.00%, 02/01/32 (c) | 565 | 623,920 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/30 (c) | 500 | 489,731 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
2.25%, 02/01/31 (c) | 650 | 393,119 | ||||||
4.00%, 02/01/27 (c) | 1,000 | 984,834 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) | ||||||||
4.00%, 02/01/32 (c) | 1,000 | 974,867 | ||||||
5.25%, 02/01/33 (c) | 1,000 | 1,127,199 | ||||||
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c) | 660 | 563,827 | ||||||
New York City Water and Sewer System, Series BB (RB) 4.00%, 12/15/30 (c) | 640 | 629,098 | ||||||
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c) | 800 | 870,154 | ||||||
New York Convention Center Development Corp., Series A (RB) | ||||||||
0.00%, 11/15/47 ^ | 230 | 71,756 | ||||||
0.00%, 11/15/54 ^ | 170 | 36,816 | ||||||
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/30 (c) | 620 | 605,750 | ||||||
New York State Dormitory Authority, New School, Series A (RB) | ||||||||
4.00%, 01/01/27 (c) | 475 | 455,911 | ||||||
5.00%, 01/01/27 (c) | 420 | 429,030 |
See Notes to Financial Statements
103 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
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 | $ | 432,224 | ||||
New York State Dormitory Authority, Personal Income Tax, Series A (RB) | ||||||||
3.00%, 09/15/30 (c) | 500 | 414,820 | ||||||
3.50%, 03/15/32 (c) | 1,000 | 853,223 | ||||||
5.00%, 03/15/31 (c) | 500 | 541,001 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/25 (c) | 730 | 748,610 | ||||||
New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c) | 250 | 265,000 | ||||||
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c) | 550 | 527,450 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) 4.00%, 03/15/27 (c) | 800 | 784,978 | ||||||
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c) | 1,000 | 1,070,202 | ||||||
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c) | 500 | 532,948 | ||||||
New York State Environmental Facilities Corp., Clean Water & Drinking Water, Series A (RB) 5.00%, 06/15/32 (c) | 1,000 | 1,106,898 | ||||||
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 10/01/29 (c) | 330 | 217,166 | ||||||
New York State Power Authority, Series A (RB) 4.00%, 05/15/30 (c) | 500 | 485,794 | ||||||
New York State Thruway Authority, Personal Income Tax, Series A (RB) 5.00%, 09/15/32 (c) | 1,000 | 1,098,199 | ||||||
New York State Thruway Authority, Personal Income Tax, Series C (RB) 4.12%, 09/15/32 (c) | 750 | 733,162 | ||||||
New York State Thruway Authority, Series A (RB) 5.00%, 01/01/26 (c) | 1,000 | 1,035,657 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/28 (c) | $ | 500 | $ | 535,147 | ||||
New York State Urban Development Corp., Personal Income Tax, Series C (RB) 3.00%, 09/15/30 (c) | 550 | 428,997 | ||||||
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 09/15/31 (c) | 1,000 | 776,292 | ||||||
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/30 (c) | 820 | 880,000 | ||||||
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c) | 925 | 888,293 | ||||||
Port Authority of New York & New Jersey (RB) | ||||||||
4.00%, 09/01/28 (c) | 1,000 | 999,970 | ||||||
5.00%, 12/01/23 (c) | 500 | 503,717 | ||||||
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) | 1,000 | 982,102 | ||||||
Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB) | ||||||||
4.00%, 11/15/32 (c) | 840 | 806,704 | ||||||
4.25%, 05/15/33 (c) | 1,000 | 985,552 | ||||||
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) 5.00%, 05/15/28 (c) | 500 | 527,249 | ||||||
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) | ||||||||
4.00%, 11/15/31 (c) | 750 | 727,445 | ||||||
5.00%, 11/15/31 (c) | 1,000 | 1,087,292 | ||||||
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 11/15/32 (c) | 500 | 515,882 | ||||||
Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
5.00%, 11/15/30 (c) | 750 | 798,852 | ||||||
5.00%, 11/15/30 (c) | 1,000 | 1,071,573 | ||||||
65,388,450 | ||||||||
North Carolina: 1.1% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB) 4.00%, 01/15/32 (c) | 600 | 603,937 |
See Notes to Financial Statements
104 |
Par (000’s | ) | Value | ||||||
North Carolina (continued) | ||||||||
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/31 (c) | $ | 500 | $ | 514,671 | ||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
5.00%, 01/01/30 (c) | 750 | 775,061 | ||||||
5.00%, 01/01/30 (c) | 500 | 520,977 | ||||||
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 | 800 | 910,649 | ||||||
3,325,295 | ||||||||
North Dakota: 0.3% | ||||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/32 (c) | 1,000 | 1,012,268 | ||||||
Ohio: 1.9% | ||||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
4.00%, 02/01/28 (c) | 510 | 496,512 | ||||||
5.00%, 11/01/24 (c) | 600 | 610,473 | ||||||
County of Franklin, Ohio Various purpose Sales Tax (RB) 5.00%, 06/01/28 (c) | 1,075 | 1,143,917 | ||||||
Cuyahoga County, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c) | 1,000 | 991,790 | ||||||
Hamilton County, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c) | 250 | 220,068 | ||||||
Ohio Higher Educational Facility Commission, Oberlin College Project (RB) 5.00%, 10/01/33 (c) | 500 | 547,641 | ||||||
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) | 500 | 547,143 | ||||||
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/29 (c) | 835 | 837,996 | ||||||
State of Ohio, Water Pollution Control, Series A (RB) 5.00%, 12/01/31 (c) | 500 | 554,890 | ||||||
5,950,430 | ||||||||
Oklahoma: 0.2% | ||||||||
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/27 (c) | 700 | 685,333 |
Par (000’s | ) | Value | ||||||
Oregon: 0.8% | ||||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) | ||||||||
2.00%, 06/15/30 (c) | $ | 550 | $ | 372,562 | ||||
3.25%, 06/15/27 (c) | 295 | 260,375 | ||||||
Oregon Health and Science University, Series A (RB) 4.00%, 01/01/32 (c) | 1,000 | 974,862 | ||||||
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c) | 935 | 759,396 | ||||||
2,367,195 | ||||||||
Pennsylvania: 4.5% | ||||||||
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/30 (c) | 645 | 594,554 | ||||||
City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) | ||||||||
5.00%, 10/01/27 (c) | 500 | 520,973 | ||||||
5.00%, 10/01/27 (c) | 500 | 519,888 | ||||||
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c) | 1,170 | 1,109,314 | ||||||
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c) | 280 | 288,251 | ||||||
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c) | 1,000 | 1,027,923 | ||||||
Lancaster County Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c) | 1,000 | 1,033,410 | ||||||
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) | 145 | 132,732 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) 2.28%, 10/01/30 (c) | 500 | 363,157 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 04/01/27 (c) | 260 | 235,609 | ||||||
Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/27 (c) | 155 | 164,165 |
See Notes to Financial Statements
105 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/28 (c) | $ | 290 | $ | 305,597 | ||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB) 4.00%, 12/01/31 (c) | 550 | 522,919 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise, Series A (RB) (BAM) 4.00%, 12/01/31 (c) | 1,000 | 967,249 | ||||||
Pennsylvania Turnpike Commission, Series A (RB) (AGM) 4.00%, 12/01/29 (c) | 570 | 559,479 | ||||||
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c) | 900 | 933,708 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
4.00%, 12/01/31 (c) | 1,000 | 1,000,697 | ||||||
4.00%, 12/01/31 (c) | 1,000 | 960,526 | ||||||
5.00%, 12/01/30 (c) | 800 | 852,492 | ||||||
Philadelphia Gas Works Co. (RB) 5.00%, 08/01/27 (c) | 805 | 829,948 | ||||||
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/29 (c) | 1,105 | 1,107,915 | ||||||
14,030,506 | ||||||||
Rhode Island: 0.2% | ||||||||
State of Rhode Island, Series A (GO) 4.12%, 08/01/32 (c) | 600 | 603,911 | ||||||
South Carolina: 1.5% | ||||||||
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 06/01/30 (c) | 1,355 | 1,337,788 | ||||||
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/28 (c) | 1,000 | 1,016,024 | ||||||
South Carolina Public Service Authority, Series A (RB) 4.00%, 06/01/32 (c) | 500 | 447,159 | ||||||
Spartanburg County, School District No. 4, Series A (GO) 5.25%, 03/01/32 (c) | 1,000 | 1,113,655 | ||||||
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/31 (c) | 820 | 893,987 | ||||||
4,808,613 |
Par (000’s | ) | Value | ||||||
South Dakota: 0.3% | ||||||||
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/27 (c) | $ | 750 | $ | 776,495 | ||||
Tennessee: 0.8% | ||||||||
City of Memphis (GO) 4.00%, 05/01/28 (c) | 665 | 656,566 | ||||||
Tennessee Housing Development Agency, Residential Finance Program (RB) | ||||||||
2.95%, 01/01/29 (c) | 335 | 310,995 | ||||||
3.60%, 01/01/27 (c) | 225 | 219,868 | ||||||
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c) | 185 | 180,052 | ||||||
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/27 (c) | 1,040 | 1,111,013 | ||||||
2,478,494 | ||||||||
Texas: 10.0% | ||||||||
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/31 (c) | 1,000 | 785,300 | ||||||
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/29 (c) | 675 | 664,121 | ||||||
Austin Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/01/33 (c) | 1,000 | 995,690 | ||||||
Board of Regents of the University of Texas System, Series A (RB) 3.00%, 08/15/31 (c) | 525 | 448,754 | ||||||
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c) | 650 | 650,757 | ||||||
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c) | 750 | 790,852 | ||||||
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/29 (c) | 1,375 | 1,470,942 | ||||||
City of El Paso (GO) 4.00%, 08/15/29 (c) | 950 | 938,664 | ||||||
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/30 (c) | 650 | 623,220 | ||||||
City of San Antonio, Texas Electric & Gas Systems (RB) 5.00%, 02/01/32 (c) | 500 | 542,371 |
See Notes to Financial Statements
106 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
City of San Antonio, Texas Electric & Gas Systems, Series A (RB) 5.00%, 02/01/31 (c) | $ | 1,000 | $ | 1,071,710 | ||||
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c) | 600 | 429,167 | ||||||
Dallas Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/32 (c) | 1,000 | 967,158 | ||||||
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/29 (c) | 1,000 | 962,792 | ||||||
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c) | 770 | 713,304 | ||||||
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c) | 640 | 670,687 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 06/01/25 (c) | 590 | 576,420 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/31 (c) | 1,145 | 992,454 | ||||||
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/29 (c) | 500 | 489,174 | ||||||
Harris County, Hospital District (RB) 4.00%, 02/15/26 (c) | 560 | 542,565 | ||||||
Harris County, Humble Independent School District (GO) 5.00%, 02/15/32 (c) | 1,000 | 1,101,895 | ||||||
Katy Independent School District (GO) 4.00%, 02/15/32 (c) | 750 | 738,353 | ||||||
Leander Independent School District, Series A (GO) | ||||||||
0.00%, 08/16/26 (c) ^ | 900 | 392,290 | ||||||
0.00%, 08/16/26 (c) ^ | 95 | 37,464 | ||||||
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB) 4.00%, 08/15/27 (c) | 555 | 555,408 | ||||||
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/28 (c) | 1,000 | 988,340 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/31 (c) | $ | 1,000 | $ | 984,424 | ||||
Permanent University Fund - University of Texas System (RB) 4.00%, 07/01/33 (c) | 500 | 506,748 | ||||||
Plano Independent School District, Unlimited Tax School Building (GO) | ||||||||
5.00%, 08/15/32 (c) | 1,000 | 1,115,502 | ||||||
5.00%, 08/15/32 (c) | 1,000 | 1,117,854 | ||||||
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c) | 900 | 968,696 | ||||||
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 07/01/32 (c) | 1,000 | 1,049,587 | ||||||
Texas Water Development Board (RB) 4.00%, 10/15/30 (c) | 500 | 494,039 | ||||||
Texas Water Development Board, Series A (RB) | ||||||||
4.00%, 10/15/29 (c) | 990 | 971,059 | ||||||
5.00%, 04/15/28 (c) | 840 | 894,478 | ||||||
Texas Water Development Board, Series B (RB) 4.00%, 10/15/28 (c) | 1,000 | 1,002,007 | ||||||
Tomball Independent School District (GO) | ||||||||
4.00%, 02/15/30 (c) | 1,000 | 1,000,662 | ||||||
5.00%, 02/15/33 (c) | 1,000 | 1,137,400 | ||||||
University of Houston, Series A (RB) 5.00%, 02/15/32 (c) | 500 | 539,379 | ||||||
Ysleta Independent School District (GO) 5.00%, 02/15/32 (c) | 500 | 547,156 | ||||||
31,468,843 | ||||||||
Utah: 0.8% | ||||||||
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c) | 360 | 378,518 | ||||||
University of Utah, Board of Higher Education (RB) | ||||||||
5.00%, 08/01/31 (c) | 1,160 | 1,280,422 | ||||||
5.00%, 08/01/32 (c) | 585 | 657,633 | ||||||
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/26 (c) | 210 | 167,140 | ||||||
2,483,713 |
See Notes to Financial Statements
107 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Virginia: 1.4% | ||||||||
Hampton Roads Transportation Accountability Commission, Hampton Roads Transportation, Series A (RB) | ||||||||
4.00%, 07/01/30 (c) | $ | 665 | $ | 671,003 | ||||
4.00%, 07/01/32 (c) | 600 | 577,632 | ||||||
5.00%, 07/01/30 (c) | 500 | 544,148 | ||||||
5.00%, 07/01/30 (c) | 625 | 682,080 | ||||||
Rector and Visitors of Virginia University, Series A (RB) 4.00%, 04/01/25 (c) | 500 | 500,919 | ||||||
University of Virginia, Series A (RB) 5.00%, 04/01/27 (c) | 1,000 | 1,067,910 | ||||||
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c) | 500 | 445,350 | ||||||
4,489,042 | ||||||||
Washington: 1.9% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB) 4.00%, 11/01/31 (c) | 1,000 | 991,423 | ||||||
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 4.00%, 07/01/31 (c) | 1,000 | 1,000,143 | ||||||
5.00%, 07/01/31 (c) | 600 | 669,818 | ||||||
5.00%, 07/01/31 (c) | 455 | 509,944 | ||||||
King County Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c) | 650 | 615,781 | ||||||
State of Washington, Series A (GO) 5.00%, 08/01/29 (c) | 1,000 | 1,093,932 | ||||||
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c) | 800 | 858,478 |
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c) | $ | 205 | $ | 183,041 | ||||
5,922,560 | ||||||||
West Virginia: 0.2% | ||||||||
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/31 (c) | 620 | 674,293 | ||||||
Wisconsin: 1.1% | ||||||||
Public Finance Authority, KU Campus Development Corp. (RB) 5.00%, 03/01/26 (c) | 800 | 813,704 | ||||||
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/25 (c) | 500 | 493,284 | ||||||
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c) | 1,000 | 998,985 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB) 4.00%, 08/15/27 (c) | 1,000 | 945,753 | ||||||
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB) | ||||||||
4.00%, 02/15/27 (c) | 115 | 97,287 | ||||||
4.00%, 02/15/27 (c) | 105 | 95,258 | ||||||
3,444,271 | ||||||||
Wyoming: 0.3% | ||||||||
Wyoming Community Development Authority (RB) 4.40%, 06/01/32 (c) | 1,000 | 1,003,709 | ||||||
Total Municipal Bonds: 98.4% (Cost: $326,087,728) | 308,409,942 | |||||||
Other assets less liabilities: 1.6% | 5,065,138 | |||||||
NET ASSETS: 100.0% | $ | 313,475,080 |
See Notes to Financial Statements
108 |
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 |
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 | ||||||
Hospitals | 16.0 | % | $ | 49,316,202 | ||||
Local GO | 14.3 | 44,218,500 | ||||||
Tax | 13.4 | 41,316,306 | ||||||
Water & Sewer | 9.8 | 30,346,488 | ||||||
Education | 8.3 | 25,633,673 | ||||||
Toll & Turnpike | 6.7 | 20,712,484 | ||||||
State GO | 6.5 | 20,070,507 | ||||||
Transportation | 5.6 | 17,132,306 | ||||||
Leasing COPS & Appropriations | 3.8 | 11,818,609 | ||||||
Single Family Housing | 3.4 | 10,627,084 | ||||||
Power | 3.2 | 9,934,814 | ||||||
Airport | 2.2 | 6,664,321 | ||||||
Utilities | 2.2 | 6,641,330 | ||||||
Multi-Family Housing | 1.1 | 3,520,057 | ||||||
Miscellaneous | 1.1 | 3,345,861 | ||||||
Tobacco | 0.9 | 2,732,872 | ||||||
Industrial Development Revenue | 0.7 | 1,996,290 | ||||||
Health | 0.5 | 1,540,744 | ||||||
Pollution Control | 0.2 | 554,890 | ||||||
Refunded | 0.1 | 286,604 | ||||||
100.0 | % | $ | 308,409,942 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 308,409,942 | $ | — | $ | 308,409,942 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
109 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Number of Shares | Value | |||||||
CLOSED-END FUNDS: 12.2% (a) | ||||||||
BlackRock MuniYield Quality Fund III, Inc. | 1,882 | $ | 20,928 | |||||
BNY Mellon Municipal Income, Inc. | 3,056 | 19,253 | ||||||
DWS Municipal Income Trust | 4,509 | 39,183 | ||||||
Eaton Vance New York Municipal Bond Fund | 2,238 | 21,664 | ||||||
MFS High Yield Municipal Trust | 6,033 | 19,245 | ||||||
MFS Investment Grade Municipal Trust | 2,806 | 20,652 | ||||||
MFS Municipal Income Trust | 3,849 | 20,092 | ||||||
Neuberger Berman California Municipal Fund, Inc. | 1,951 | 21,402 | ||||||
Nuveen Municipal Credit Income Fund | 1,814 | 21,169 | ||||||
Nuveen New Jersey Quality Municipal Income Fund | 1,739 | 20,190 | ||||||
Nuveen Pennsylvania Quality Municipal Income Fund | 1,776 | 20,140 | ||||||
Pioneer Municipal High Income Fund Trust | 2,172 | 19,070 |
Number of Shares | Value | |||||||
Western Asset Managed Municipals Fund, Inc. | 2,041 | $ | 20,655 | |||||
Total Closed-End Funds (Cost: $383,258) | 283,643 | |||||||
EXCHANGE TRADED FUNDS: 87.7% (a) | ||||||||
VanEck CEF Muni Income ETF ‡ | 4,196 | 90,172 | ||||||
VanEck High Yield Muni ETF ‡ | 13,368 | 689,255 | ||||||
VanEck Intermediate Muni ETF ‡ | 14,882 | 688,888 | ||||||
VanEck Long Muni ETF ‡ | 23,888 | 429,984 | ||||||
VanEck Short High Yield Muni ETF ‡ | 5,549 | 124,963 | ||||||
Total Exchange Traded Funds (Cost: $2,176,525) | 2,023,262 | |||||||
Total Investments: 99.9% (Cost: $2,559,783) | 2,306,905 | |||||||
Other assets less liabilities: 0.1% | 1,292 | |||||||
NET ASSETS: 100.0% | $ | 2,308,197 |
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 April 30, 2023 were as follows:
Net Change in | ||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Value | Sales | Realized Gain | Dividend | Appreciation | Value | |||||||||||||||||||||||
4/30/2022 | Purchases | Proceeds | (Loss) | Income | (Depreciation) | 4/30/2023 | ||||||||||||||||||||||
VanEck CEF Muni Income ETF | $ | — | $ | 100,242 | $ | (4,412 | ) | $ | (499 | ) | $ | 1,764 | $ | (5,159 | ) | $ | 90,172 | |||||||||||
VanEck High Yield Muni ETF | 939,816 | 280,311 | (485,833 | ) | (32,072 | ) | 26,955 | (12,967 | ) | 689,255 | ||||||||||||||||||
VanEck Intermediate Muni ETF | 1,295,527 | 139,321 | (760,846 | ) | (56,331 | ) | 19,221 | 71,217 | 688,888 | |||||||||||||||||||
VanEck Long Muni ETF | 176,436 | 877,641 | (597,780 | ) | (52,081 | ) | 7,263 | 25,768 | 429,984 | |||||||||||||||||||
VanEck Short High Yield Muni ETF | 194,314 | — | (67,882 | ) | (2,990 | ) | 3,902 | 1,521 | 124,963 | |||||||||||||||||||
VanEck Short Muni ETF | 570,318 | 509,022 | (1,086,877 | ) | (7,699 | ) | 3,572 | 15,236 | — | |||||||||||||||||||
$ | 3,176,411 | $ | 1,906,537 | $ | (3,003,630 | ) | $ | (151,672 | ) | $ | 62,677 | $ | 95,616 | $ | 2,023,262 |
Summary of Investments by Sector | % of Investments | Value | ||||||
Exchange Traded Funds | 87.7 | % | $ | 2,023,262 | ||||
Financials | 12.3 | 283,643 | ||||||
100.0 | % | $ | 2,306,905 |
See Notes to Financial Statements
110 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Closed-End Funds | $ | 283,643 | $ | — | $ | — | $ | 283,643 | ||||||||
Exchange Traded Funds | 2,023,262 | — | — | 2,023,262 | ||||||||||||
Total Investments | $ | 2,306,905 | $ | — | $ | — | $ | 2,306,905 |
See Notes to Financial Statements
111 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.5% | ||||||||
Alabama: 2.5% | ||||||||
Alabama Special Care Facilities Financing Authority-Birmingham, Methodist Home (RB) 5.50%, 06/01/26 (c) | $ | 500 | $ | 476,581 | ||||
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p) | 2,100 | 2,094,608 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) | 390 | 429,326 | ||||||
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) | 1,000 | 1,000,107 | ||||||
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 04/01/24 (c) (p) | 2,100 | 2,103,032 | ||||||
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p) | 2,000 | 1,804,102 | ||||||
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) | 2,371 | 2,174,666 | ||||||
10,082,422 | ||||||||
American Samoa: 0.1% | ||||||||
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28 | 250 | 267,526 | ||||||
Arizona: 2.2% | ||||||||
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) | 500 | 471,193 | ||||||
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) | ||||||||
4.75%, 07/01/23 (c) | 1,195 | 1,183,841 | ||||||
5.00%, 07/01/26 | 150 | 150,703 | ||||||
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31 | 1,000 | 1,001,592 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c) (d) * | 500 | 325,000 |
Par (000’s | ) | Value | ||||||
Arizona (continued) | ||||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) (d) * | $ | 1,000 | $ | 650,000 | ||||
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) | 495 | 473,714 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c) | 500 | 487,034 | ||||||
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 | 469 | 438,753 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/29 (c) | 1,000 | 1,093,852 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c) | 500 | 543,880 | ||||||
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25 | 325 | 319,307 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 | 1,390 | 1,330,482 | ||||||
Salt Verde Financial Corp. (RB) | ||||||||
5.25%, 12/01/24 | 65 | 65,896 | ||||||
5.25%, 12/01/28 | 10 | 10,568 | ||||||
5.50%, 12/01/29 | 370 | 399,277 | ||||||
8,945,092 | ||||||||
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 | 2,121,223 | ||||||
California: 7.0% | ||||||||
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26 | 440 | 443,648 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 08/01/29 (c) (p) | 1,000 | 1,061,434 | ||||||
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33 | 1,896 | 1,893,446 |
See Notes to Financial Statements
112 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 11/15/28 (c) | $ | 1,340 | $ | 1,434,080 | ||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
5.00%, 02/01/27 (c) | 50 | 52,707 | ||||||
5.00%, 02/01/27 | 50 | 52,543 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
5.00%, 06/30/27 | 610 | 642,402 | ||||||
5.00%, 06/30/28 | 220 | 234,526 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c) | 260 | 276,898 | ||||||
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 6,625 | 6,461,089 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * | 1,000 | 50,000 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * | 1,360 | 176,800 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) | ||||||||
3.38%, 07/01/25 | 400 | 398,376 | ||||||
3.62%, 07/01/25 (c) | 2,000 | 1,985,042 | ||||||
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c) | 1,500 | 1,386,014 | ||||||
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27 | 1,000 | 957,728 | ||||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 05/30/23 (c) | 3 | 2,726 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c) | $ | 300 | $ | 307,543 | ||||
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c) | 350 | 361,077 | ||||||
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 | 250 | 249,066 | ||||||
City and County of San Francisco, Airport Commission, International Airport, Series H (RB) | ||||||||
5.00%, 05/01/26 | 500 | 523,144 | ||||||
5.00%, 05/01/27 | 500 | 531,479 | ||||||
5.00%, 05/01/29 | 500 | 546,874 | ||||||
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23 | 5 | 5,010 | ||||||
City of Oroville Hospital (RB) 5.00%, 04/01/29 (c) | 500 | 460,207 | ||||||
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c) | 1,000 | 979,061 | ||||||
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27 | 250 | 266,173 | ||||||
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28 | 115 | 129,162 | ||||||
County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC) 5.00%, 12/01/28 (c) | 520 | 575,749 | ||||||
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c) | 480 | 480,186 | ||||||
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 | 110 | 115,561 | ||||||
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24 | 230 | 234,044 | ||||||
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29 | 260 | 279,841 |
See Notes to Financial Statements
113 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p) | $ | 1,250 | $ | 1,258,517 | ||||
Oakland Unified School District (GO) 5.00%, 08/01/26 | 380 | 405,865 | ||||||
Palomar Health (RB) | ||||||||
5.00%, 11/01/25 | 250 | 258,484 | ||||||
5.00%, 11/01/26 (c) | 90 | 94,239 | ||||||
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 | 110 | 111,776 | ||||||
River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM) 5.00%, 09/01/29 (c) | 500 | 579,847 | ||||||
San Francisco Community College District (GO) | ||||||||
5.00%, 06/15/25 | 1,000 | 1,045,714 | ||||||
5.00%, 06/15/25 (c) | 205 | 214,914 | ||||||
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) * | 370 | 122,100 | ||||||
27,645,092 | ||||||||
Colorado: 1.8% | ||||||||
City and County of Broomfield, Arista Metropolitan District, Series A (GO) 4.38%, 12/01/23 (c) | 500 | 482,748 | ||||||
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c) | 295 | 320,292 | ||||||
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c) | 1,000 | 1,001,095 | ||||||
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/30/23 (c) | 1,000 | 879,234 | ||||||
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c) | 600 | 621,853 | ||||||
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c) | 580 | 543,844 | ||||||
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c) | 500 | 471,605 | ||||||
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 | 140 | 151,346 |
Par (000’s | ) | Value | ||||||
Colorado (continued) | ||||||||
Rocky Mountain Rail Park Metropolitan District (GO) 5.00%, 03/01/26 (c) | $ | 500 | $ | 426,882 | ||||
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27 | 200 | 187,290 | ||||||
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c) | 500 | 466,400 | ||||||
Transport Metropolitan District No. 3 (GO) 4.12%, 03/01/26 (c) | 1,000 | 908,187 | ||||||
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c) | 1,000 | 836,329 | ||||||
7,297,105 | ||||||||
Connecticut: 0.4% | ||||||||
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) | 120 | 111,200 | ||||||
Harbor Point Infrastructure Improvement District, Harbor Point Project (TA) 5.00%, 04/01/27 (c) | 900 | 914,335 | ||||||
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c) | 450 | 435,120 | ||||||
1,460,655 | ||||||||
Delaware: 0.2% | ||||||||
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | 1,000 | 912,310 | ||||||
District of Columbia: 0.1% | ||||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30 | 500 | 479,401 | ||||||
Florida: 4.3% | ||||||||
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31 | 1,540 | 1,448,312 | ||||||
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/24 (c) | 425 | 381,484 | ||||||
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/26 (c) | 535 | 487,579 |
See Notes to Financial Statements
114 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c) | $ | 500 | $ | 587,954 | ||||
City of Orlando, Florida Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 500 | 544,723 | ||||||
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 | 600 | 651,821 | ||||||
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c) | 290 | 298,925 | ||||||
County of Broward, School District, Series B (CP) 5.00%, 07/01/27 (c) | 315 | 345,506 | ||||||
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c) | 500 | 537,145 | ||||||
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c) | 315 | 308,014 | ||||||
County of Miami-Dade, School Board, Series D (CP) 5.00%, 02/01/26 (c) | 120 | 125,116 | ||||||
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 | 500 | 505,623 | ||||||
County of St. Lucie, School District, Sales Tax (RB) (AGM) 5.00%, 10/01/25 | 250 | 261,614 | ||||||
Florida Development Finance Corp. Education Facilities, Central School Project (RB) 5.00%, 08/15/32 | 500 | 498,493 | ||||||
Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/29 (c) | 500 | 507,650 | ||||||
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/27 (c) | 470 | 430,673 | ||||||
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27 | 145 | 138,740 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
6.38%, 01/01/26 (c) (p) | $ | 2,730 | $ | 2,596,110 | ||||
6.50%, 01/01/29 (c) (p) | 2,750 | 2,595,324 | ||||||
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 05/30/23 (c) | 500 | 469,135 | ||||||
JEA Electric System, Series B (RB) 5.00%, 10/01/27 (c) | 110 | 121,012 | ||||||
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) 5.00%, 10/01/24 | 250 | 254,030 | ||||||
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 | 2,000 | 2,018,155 | ||||||
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 | 470 | 466,823 | ||||||
Village Community Development District No. 13 (SA) | ||||||||
2.62%, 05/01/24 | 245 | 240,988 | ||||||
3.00%, 05/01/29 | 235 | 216,770 | ||||||
17,037,719 | ||||||||
Georgia: 1.3% | ||||||||
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23 | 250 | 112,500 | ||||||
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p) | 1,000 | 987,508 | ||||||
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) | 250 | 243,901 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB) 2.38%, 01/01/31 | 1,500 | 1,287,777 | ||||||
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | 380 | 403,354 |
See Notes to Financial Statements
115 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB) | ||||||||
5.00%, 06/01/25 | $ | 300 | $ | 313,062 | ||||
5.00%, 06/01/28 | 250 | 279,246 | ||||||
Main Street Natural Gas, Inc., Series A-1 (RB) 5.50%, 09/15/25 | 135 | 138,894 | ||||||
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 09/01/26 (c) (p) | 1,000 | 999,199 | ||||||
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 | 250 | 250,978 | ||||||
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c) | 225 | 216,392 | ||||||
5,232,811 | ||||||||
Guam: 1.2% | ||||||||
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c) | 360 | 368,572 | ||||||
Guam Government, Business Privilege Tax, Series F (RB) | ||||||||
5.00%, 01/01/30 | 1,000 | 1,063,091 | ||||||
5.00%, 01/01/31 | 1,000 | 1,069,837 | ||||||
Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25 | 190 | 185,238 | ||||||
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28 | 250 | 266,213 | ||||||
Guam Government, Series A (RB) 5.00%, 12/01/24 | 1,000 | 1,013,522 | ||||||
Guam Power Authority, Series A (RB) 5.00%, 10/01/32 (c) | 880 | 971,111 | ||||||
4,937,584 | ||||||||
Hawaii: 0.4% | ||||||||
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26 | 1,500 | 1,457,540 | ||||||
Illinois: 16.5% | ||||||||
Board of Education of the City of Chicago, Series A (GO) (AMBAC) 5.50%, 12/01/31 | 1,000 | 1,099,431 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Series A (GO) | ||||||||
5.00%, 12/01/29 | $ | 1,000 | $ | 1,054,477 | ||||
5.00%, 12/01/29 (c) | 1,000 | 1,049,555 | ||||||
5.00%, 12/01/30 (c) | 2,000 | 2,098,610 | ||||||
5.00%, 12/01/30 (c) | 1,500 | 1,569,872 | ||||||
7.00%, 12/01/25 (c) | 200 | 215,308 | ||||||
Chicago Board of Education, Series A (GO) (AGM) | ||||||||
5.00%, 12/01/28 (c) | 200 | 215,246 | ||||||
5.00%, 12/01/28 (c) | 250 | 261,482 | ||||||
Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/26 | 230 | 239,071 | ||||||
Chicago Board of Education, Series A (GO) (NATL) | ||||||||
0.00%, 12/01/28 ^ | 795 | 642,928 | ||||||
0.01%, 12/01/24 | 310 | 291,390 | ||||||
0.01%, 12/01/26 | 310 | 270,828 | ||||||
Chicago Board of Education, Series B (GO) | ||||||||
5.00%, 12/01/29 (c) | 1,250 | 1,312,064 | ||||||
5.00%, 12/01/29 (c) | 2,000 | 2,093,435 | ||||||
5.00%, 12/01/29 | 1,250 | 1,318,096 | ||||||
5.00%, 12/01/29 (c) | 1,950 | 2,035,397 | ||||||
5.00%, 12/01/29 (c) | 1,400 | 1,457,754 | ||||||
5.00%, 12/01/30 | 2,000 | 2,112,197 | ||||||
5.00%, 12/01/30 (c) | 2,000 | 2,098,918 | ||||||
5.00%, 05/30/23 (c) | 2,215 | 2,220,279 | ||||||
Chicago Board of Education, Series C (GO) | ||||||||
5.00%, 12/01/24 | 1,000 | 1,014,895 | ||||||
5.00%, 12/01/27 (c) | 1,560 | 1,617,005 | ||||||
5.00%, 12/01/27 | 500 | 522,587 | ||||||
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c) | 1,320 | 1,334,329 | ||||||
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) | 750 | 754,069 | ||||||
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c) | 260 | 263,145 | ||||||
Chicago O’Hare International Airport, Series B (RB) | ||||||||
4.00%, 05/30/23 (c) | 1,000 | 1,000,295 | ||||||
5.00%, 01/01/25 (c) | 190 | 195,784 | ||||||
5.00%, 01/01/25 (c) | 295 | 304,083 | ||||||
5.00%, 01/01/25 (c) | 105 | 108,254 | ||||||
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^ | 575 | 445,529 | ||||||
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
0.00%, 12/01/24 ^ | 515 | 484,085 | ||||||
0.00%, 12/01/25 ^ | 560 | 507,580 | ||||||
0.00%, 12/01/26 ^ | 490 | 428,083 |
See Notes to Financial Statements
116 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
0.00%, 12/01/28 ^ | $ | 1,515 | $ | 1,225,202 | ||||
0.00%, 12/01/29 ^ | 585 | 453,277 | ||||||
0.01%, 12/01/30 | 190 | 140,780 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
5.00%, 06/01/24 | 115 | 116,669 | ||||||
5.00%, 06/01/25 | 1,000 | 1,033,292 | ||||||
5.00%, 06/01/26 | 535 | 562,496 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB) 5.00%, 06/01/25 | 1,000 | 1,033,292 | ||||||
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25 | 280 | 286,399 | ||||||
City of Chicago, Second Lien Water (RB) | ||||||||
5.00%, 11/01/24 (c) | 270 | 275,720 | ||||||
5.00%, 11/01/24 (c) | 150 | 153,462 | ||||||
5.00%, 11/01/24 (c) | 100 | 102,060 | ||||||
5.00%, 05/30/23 (c) | 100 | 100,638 | ||||||
City of Chicago, Second Lien Water, Series A-1 (RB) 5.00%, 11/01/26 (c) | 100 | 104,580 | ||||||
City of Chicago, Series A (GO) | ||||||||
4.00%, 01/01/31 (c) | 500 | 498,838 | ||||||
5.00%, 01/01/30 | 1,500 | 1,619,300 | ||||||
5.25%, 01/01/24 (c) | 180 | 181,173 | ||||||
City of Chicago, Series C (GO) 5.00%, 01/01/25 | 1,090 | 1,114,911 | ||||||
Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) | 240 | 240,940 | ||||||
County of Cook, Series A (GO) 5.00%, 11/15/26 (c) | 500 | 532,028 | ||||||
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c) | 500 | 437,934 | ||||||
Illinois Finance Authority, Charter School, Art In Motion Project, Series A (RB) 4.00%, 07/01/31 | 1,000 | 874,679 | ||||||
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) * | 1,190 | 535,500 | ||||||
Illinois Finance Authority, Lutheran Life Communities, Series A (RB) 5.00%, 11/01/26 (c) | 250 | 240,813 | ||||||
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 05/30/23 (c) | 100 | 98,031 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c) | $ | 205 | $ | 198,270 | ||||
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c) | 785 | 818,238 | ||||||
Illinois Sports Facilities Authority (RB) | ||||||||
5.00%, 06/15/28 | 395 | 406,739 | ||||||
5.00%, 06/15/29 | 545 | 562,192 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 260 | 228,400 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) 0.00%, 12/15/24 ^ | 130 | 122,325 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c) | 500 | 524,963 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ | 115 | 96,000 | ||||||
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c) | 330 | 352,835 | ||||||
State of Illinois (GO) | ||||||||
3.50%, 06/01/26 (c) | 350 | 347,416 | ||||||
4.00%, 06/01/26 (c) | 1,000 | 1,013,364 | ||||||
4.00%, 08/08/23 (c) | 185 | 185,337 | ||||||
4.12%, 11/01/26 (c) | 100 | 102,155 | ||||||
4.12%, 08/08/23 (c) | 300 | 300,645 | ||||||
5.00%, 11/01/24 | 705 | 719,786 | ||||||
5.00%, 02/01/24 (c) | 150 | 151,607 | ||||||
5.00%, 02/01/27 (c) | 600 | 636,279 | ||||||
5.00%, 02/01/27 | 500 | 529,838 | ||||||
5.00%, 05/01/24 (c) | 100 | 101,427 | ||||||
5.25%, 07/10/23 (c) | 1,000 | 1,003,570 | ||||||
5.25%, 07/10/23 (c) | 275 | 275,982 | ||||||
5.50%, 07/10/23 (c) | 60 | 60,242 | ||||||
5.50%, 07/10/23 (c) | 270 | 271,090 | ||||||
5.50%, 07/10/23 (c) | 500 | 502,017 | ||||||
5.50%, 07/10/23 (c) | 1,400 | 1,405,648 | ||||||
State of Illinois (GO) (NATL) 6.00%, 11/01/26 | 2,000 | 2,106,626 | ||||||
State of Illinois, Sales Tax (RB) | ||||||||
4.00%, 06/15/26 (c) | 810 | 821,605 | ||||||
5.00%, 06/15/23 (c) | 285 | 285,458 | ||||||
5.00%, 06/15/23 (c) | 190 | 190,282 | ||||||
5.00%, 06/15/26 | 235 | 246,031 | ||||||
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/31 (c) | 500 | 470,378 |
See Notes to Financial Statements
117 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
State Of Illinois, Sales Tax, Series A (RB) (BAM) 4.00%, 06/15/30 | $ | 1,000 | $ | 1,045,763 | ||||
State of Illinois, Sales Tax, Series C (RB) 5.00%, 06/15/31 | 1,000 | 1,100,556 | ||||||
State of Illinois, Series A (GO) | ||||||||
4.00%, 08/08/23 (c) | 100 | 100,182 | ||||||
5.00%, 03/01/29 | 500 | 546,358 | ||||||
5.00%, 03/01/30 | 500 | 552,801 | ||||||
State of Illinois, Series B (GO) | ||||||||
4.00%, 10/01/30 (c) | 500 | 514,431 | ||||||
5.00%, 10/01/28 (c) | 1,000 | 1,080,877 | ||||||
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 315 | 337,293 | ||||||
State of Illinois, Series D (GO) 5.00%, 11/01/27 (c) | 460 | 494,025 | ||||||
65,407,106 | ||||||||
Indiana: 1.9% | ||||||||
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 05/30/23 (c) | 290 | 276,758 | ||||||
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30 | 1,000 | 909,948 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 | 3,015 | 3,019,904 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 | 1,000 | 909,948 | ||||||
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | 2,000 | 1,970,845 | ||||||
Indianapolis Local Public Improvement, Indianapolis Airport Authority Project, Series D (RB) 5.00%, 01/01/29 | 500 | 542,869 | ||||||
7,630,272 | ||||||||
Iowa: 0.7% | ||||||||
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | 945 | 933,635 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/32 (c) (p) | 1,000 | 985,105 |
Par (000’s | ) | Value | ||||||
Iowa (continued) | ||||||||
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c) | $ | 300 | $ | 298,455 | ||||
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25 | 755 | 728,705 | ||||||
2,945,900 | ||||||||
Kansas: 0.2% | ||||||||
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 05/19/23 (c) | 225 | 212,831 | ||||||
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c) | 600 | 555,261 | ||||||
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25 | 100 | 93,994 | ||||||
862,086 | ||||||||
Kentucky: 1.4% | ||||||||
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32 | 2,000 | 1,908,295 | ||||||
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c) | 140 | 146,207 | ||||||
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26 | 140 | 149,126 | ||||||
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB) | ||||||||
5.00%, 11/01/25 | 630 | 661,069 | ||||||
5.00%, 11/01/26 (c) | 325 | 349,006 | ||||||
Kentucky Asset Liability Commission Project, Federal Highway Trust, Series A (RB) 5.25%, 09/01/23 (c) | 250 | 251,399 | ||||||
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
5.00%, 05/15/26 (c) | 2,000 | 1,824,975 | ||||||
5.00%, 05/15/26 | 85 | 82,305 | ||||||
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) | 175 | 180,809 | ||||||
5,553,191 |
See Notes to Financial Statements
118 |
Par (000’s | ) | Value | ||||||
Louisiana: 1.9% | ||||||||
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27 | $ | 1,025 | $ | 1,015,082 | ||||
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29 | 150 | 148,467 | ||||||
City of New Orleans, Louisiana Water (RB) 5.00%, 12/01/25 (c) | 305 | 321,469 | ||||||
City of Shreveport, Water and Sewer, Series C (RB) (BAM) 5.00%, 12/01/26 | 525 | 560,408 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | 4,310 | 3,986,171 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) * | 330 | 3 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal , 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 | 1,618,618 | ||||||
7,650,223 | ||||||||
Maryland: 1.3% | ||||||||
City of Baltimore, Convention Center Hotel (RB) 5.00%, 09/01/27 (c) | 1,200 | 1,222,156 | ||||||
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 | 200 | 197,249 | ||||||
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 | 350 | 348,362 | ||||||
County of Howard, Series A (TA) 4.00%, 02/15/26 (c) | 200 | 196,486 | ||||||
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 05/30/23 (c) | 695 | 701,092 |
Par (000’s | ) | Value | ||||||
Maryland (continued) | ||||||||
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c) | $ | 155 | $ | 150,489 | ||||
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30 | 2,000 | 1,844,806 | ||||||
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 | 425 | 453,177 | ||||||
5,113,817 | ||||||||
Massachusetts: 0.6% | ||||||||
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | 490 | 492,500 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c) | 310 | 328,606 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB) 5.00%, 07/01/28 | 500 | 547,083 | ||||||
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 05/19/23 (c) | 250 | 247,303 | ||||||
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 335 | 352,755 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/26 (c) | 100 | 104,799 | ||||||
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c) | 275 | 280,390 | ||||||
2,353,436 | ||||||||
Michigan: 1.6% | ||||||||
City of Detroit, Michigan Unlimited Tax (GO) 5.00%, 04/01/26 | 1,000 | 1,024,843 | ||||||
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c) | 500 | 528,180 | ||||||
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c) | 250 | 231,941 |
See Notes to Financial Statements
119 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | $ | 1,000 | $ | 1,069,028 | ||||
5.00%, 07/01/26 (c) | 500 | 535,695 | ||||||
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31 | 500 | 441,292 | ||||||
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c) | 1,000 | 993,853 | ||||||
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c) | 155 | 163,149 | ||||||
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27 | 1,415 | 1,544,789 | ||||||
6,532,770 | ||||||||
Minnesota: 0.6% | ||||||||
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 100 | 94,774 | ||||||
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 | 415 | 269,750 | ||||||
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c) | 350 | 333,495 | ||||||
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c) | 1,000 | 914,689 | ||||||
Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB) 5.00%, 07/01/25 (c) | 500 | 519,861 | ||||||
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26 | 100 | 100,174 | ||||||
2,232,743 | ||||||||
Mississippi: 0.7% | ||||||||
Mississippi Business Finance Corp., Enviva, Inc. Project, (RB) 7.75%, 07/15/32 (c) (p) | 2,195 | 2,216,692 |
Par (000’s | ) | Value | ||||||
Mississippi (continued) | ||||||||
Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 08/02/27 (p) | $ | 500 | $ | 476,937 | ||||
2,693,629 | ||||||||
Missouri: 1.0% | ||||||||
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c) | 600 | 582,426 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/26 (c) | 220 | 191,031 | ||||||
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c) | 1,915 | 1,650,166 | ||||||
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/25 (c) | 125 | 115,935 | ||||||
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c) | 365 | 334,034 | ||||||
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c) | 500 | 453,634 | ||||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c) | 500 | 500,197 | ||||||
3,827,423 | ||||||||
Nebraska: 0.2% | ||||||||
Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
5.00%, 09/01/27 | 500 | 519,288 | ||||||
5.00%, 09/01/28 | 100 | 105,017 | ||||||
5.00%, 09/01/30 | 125 | 133,653 | ||||||
757,958 | ||||||||
Nevada: 1.1% | ||||||||
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 05/30/23 (c) | 305 | 301,854 | ||||||
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) | ||||||||
2.50%, 06/15/24 | 150 | 146,741 | ||||||
2.75%, 06/15/28 | 1,000 | 907,468 | ||||||
Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c) | 100 | 102,097 |
See Notes to Financial Statements
120 |
Par (000’s | ) | Value | ||||||
Nevada (continued) | ||||||||
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 | $ | 5 | $ | 4,168 | ||||
Clark County, School District, Series A (GO) 5.00%, 06/15/24 | 500 | 510,339 | ||||||
Clark County, School District, Series B (GO) (AGM) | ||||||||
5.00%, 06/15/29 | 250 | 284,407 | ||||||
5.00%, 06/15/29 (c) | 250 | 283,679 | ||||||
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30 | 250 | 288,695 | ||||||
Clark County, School District, Series C (GO) 5.00%, 12/15/25 (c) | 115 | 121,078 | ||||||
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 | 377 | 386,008 | ||||||
Tahoe Douglas Visitors Authority (RB) 5.00%, 07/01/30 (c) | 1,000 | 1,049,965 | ||||||
4,386,499 | ||||||||
New Hampshire: 0.1% | ||||||||
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c) | 250 | 237,145 | ||||||
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) * | 242 | 53,260 | ||||||
290,405 | ||||||||
New Jersey: 5.4% | ||||||||
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
5.25%, 05/30/23 (c) | 2,000 | 2,013,319 | ||||||
5.62%, 03/05/24 (c) | 1,000 | 1,014,903 | ||||||
5.75%, 05/30/23 (c) | 300 | 300,861 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
4.00%, 07/01/27 (c) | 760 | 774,857 | ||||||
5.00%, 07/01/27 (c) | 1,000 | 1,063,801 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27 | 380 | 392,062 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25 | 500 | 507,395 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
5.00%, 11/01/25 | $ | 115 | $ | 119,853 | ||||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 110 | 122,594 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | 115 | 124,751 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) | 100 | 110,030 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
5.00%, 05/31/23 (c) | 1,500 | 1,501,958 | ||||||
5.00%, 05/31/23 (c) | 35 | 35,046 | ||||||
5.00%, 05/31/23 (c) | 200 | 200,261 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
5.00%, 06/15/24 (c) | 500 | 510,713 | ||||||
5.00%, 06/15/24 (c) | 320 | 326,856 | ||||||
5.00%, 06/15/24 (c) | 340 | 347,285 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
5.00%, 06/15/24 (c) | 690 | 704,401 | ||||||
5.00%, 06/15/24 | 430 | 437,084 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
4.25%, 06/15/25 (c) | 440 | 448,227 | ||||||
4.38%, 06/15/25 (c) | 130 | 132,926 | ||||||
5.00%, 06/15/25 (c) | 345 | 360,944 | ||||||
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c) | 750 | 779,999 | ||||||
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c) | 175 | 158,770 | ||||||
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
5.00%, 06/15/24 (c) | 175 | 178,270 | ||||||
5.00%, 06/15/24 (c) | 145 | 147,750 |
See Notes to Financial Statements
121 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24 | $ | 315 | $ | 321,911 | ||||
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26 | 500 | 532,240 | ||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
0.00%, 12/15/25 ^ | 120 | 109,803 | ||||||
0.00%, 12/15/26 ^ | 360 | 318,832 | ||||||
0.00%, 12/15/32 ^ | 5 | 3,545 | ||||||
5.00%, 12/15/28 (c) | 205 | 225,553 | ||||||
5.00%, 06/15/24 | 300 | 304,942 | ||||||
5.00%, 06/15/26 (c) | 395 | 417,335 | ||||||
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 5.00%, 06/15/26 (c) | 110 | 116,247 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
5.00%, 06/15/23 (c) | 490 | 491,028 | ||||||
5.00%, 06/15/25 (c) | 275 | 285,185 | ||||||
5.25%, 06/15/25 (c) | 365 | 381,686 | ||||||
5.25%, 06/15/25 (c) | 100 | 104,782 | ||||||
5.25%, 06/15/25 (c) | 435 | 454,220 | ||||||
State of New Jersey, Covid-19 General Emergency, Series A (GO) | ||||||||
5.00%, 06/01/26 | 500 | 534,485 | ||||||
5.00%, 06/01/27 | 500 | 546,590 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 12/01/29 (c) | 2,000 | 1,798,014 | ||||||
3.00%, 06/01/26 | 80 | 79,705 | ||||||
5.00%, 06/01/27 | 100 | 109,318 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
5.00%, 06/01/28 (c) | 150 | 163,443 | ||||||
5.00%, 06/01/28 (c) | 640 | 696,520 | ||||||
5.00%, 06/01/28 | 655 | 712,668 | ||||||
21,522,968 | ||||||||
New Mexico: 0.8% | ||||||||
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 | 1,364,968 | ||||||
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series A (RB) 1.80%, 04/01/29 | 1,100 | 945,157 |
Par (000’s | ) | Value | ||||||
New Mexico (continued) | ||||||||
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29 | $ | 1,000 | $ | 859,234 | ||||
3,169,359 | ||||||||
New York: 12.4% | ||||||||
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
5.00%, 01/15/27 (c) | 100 | 103,091 | ||||||
5.00%, 01/15/27 (c) | 100 | 103,265 | ||||||
5.00%, 01/15/27 (c) | 1,800 | 1,849,417 | ||||||
5.00%, 07/15/24 | 1,750 | 1,772,510 | ||||||
5.00%, 07/15/26 | 100 | 103,003 | ||||||
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28 | 1,195 | 1,134,383 | ||||||
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 | 275 | 257,869 | ||||||
Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c) | 595 | 556,576 | ||||||
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26 | 250 | 265,250 | ||||||
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26 | 250 | 269,819 | ||||||
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
5.00%, 07/01/26 (c) | 275 | 280,164 | ||||||
5.00%, 07/01/26 (c) | 270 | 275,489 | ||||||
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27 | 1,000 | 950,142 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c) | 250 | 259,171 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c) | 250 | 268,265 | ||||||
Metropolitan Transportation Authority, Series D (RB) | ||||||||
5.00%, 11/15/26 (c) | 500 | 519,662 | ||||||
5.00%, 05/15/28 (c) | 560 | 601,097 |
See Notes to Financial Statements
122 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, Series D-1 (RB) | ||||||||
5.00%, 11/15/25 (c) | $ | 250 | $ | 257,997 | ||||
5.00%, 11/15/25 (c) | 250 | 258,548 | ||||||
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 5.00%, 12/01/30 (c) | 500 | 534,342 | ||||||
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 5.00%, 12/01/30 (c) | 1,060 | 1,120,362 | ||||||
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/26 (c) | 930 | 817,301 | ||||||
New York Convention Center Development Corp., Hotel Unit (RB) 5.00%, 11/15/25 (c) | 500 | 523,566 | ||||||
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/24 (c) | 1,000 | 1,001,146 | ||||||
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
5.00%, 08/01/24 | 250 | 251,375 | ||||||
5.00%, 08/01/28 (c) | 1,000 | 992,764 | ||||||
5.00%, 08/01/28 (c) | 945 | 934,533 | ||||||
5.00%, 08/01/28 (c) | 2,395 | 2,361,673 | ||||||
5.00%, 09/01/27 | 1,000 | 996,888 | ||||||
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/03/29 (p) | 1,000 | 881,970 | ||||||
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C)) 2.75%, 09/02/25 (c) (p) | 600 | 573,130 | ||||||
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
2.25%, 08/01/26 | 815 | 762,675 | ||||||
5.00%, 05/19/23 (c) | 620 | 620,449 | ||||||
5.00%, 05/19/23 (c) | 4,155 | 4,160,106 | ||||||
5.25%, 08/01/30 (c) | 865 | 894,030 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
4.00%, 10/01/30 | 4,380 | 4,319,070 | ||||||
5.00%, 01/01/28 (c) | 785 | 823,259 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
5.00%, 01/01/28 (c) | $ | 4,405 | $ | 4,619,885 | ||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) 5.00%, 01/01/28 (c) | 780 | 818,137 | ||||||
New York Transportation Development Corp., John F. Kennedy Interational Airport Project, Series A (RB) 5.00%, 12/01/24 | 2,050 | 2,083,061 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 | 2,000 | 1,750,113 | ||||||
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c) | 1,500 | 1,464,769 | ||||||
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
5.00%, 01/01/26 (c) | 1,130 | 866,623 | ||||||
5.00%, 01/01/26 (c) | 750 | 575,658 | ||||||
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c) | 665 | 679,106 | ||||||
Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
4.00%, 05/30/23 (c) | 120 | 115,134 | ||||||
4.12%, 05/30/23 (c) | 100 | 95,606 | ||||||
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) (BAM-TCRS) 5.00%, 08/15/24 | 1,800 | 1,838,055 | ||||||
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 | 1,152,808 | ||||||
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
5.00%, 06/01/27 | 70 | 73,441 | ||||||
5.00%, 06/01/27 (c) | 70 | 73,577 | ||||||
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c) | 275 | 259,477 |
See Notes to Financial Statements
123 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29 | $ | 200 | $ | 187,713 | ||||
49,307,520 | ||||||||
North Carolina: 0.3% | ||||||||
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25 | 125 | 130,765 | ||||||
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c) | 250 | 261,350 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25 | 350 | 359,425 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 500 | 554,090 | ||||||
1,305,630 | ||||||||
North Dakota: 0.4% | ||||||||
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c) (d) * | 3,000 | 1,650,000 | ||||||
Ohio: 1.9% | ||||||||
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 | 500 | 559,268 | ||||||
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/29 (c) | 1,000 | 961,993 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
5.00%, 02/15/25 | 250 | 255,545 | ||||||
5.00%, 02/15/26 | 50 | 51,564 | ||||||
5.00%, 02/15/27 | 350 | 365,647 | ||||||
5.00%, 02/15/27 (c) | 110 | 114,362 | ||||||
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 05/30/23 (c) | 1,860 | 1,860,517 | ||||||
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p) | 1,000 | 887,667 | ||||||
Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB) 2.40%, 10/01/29 (c) (p) | 500 | 440,898 |
Par (000’s | ) | Value | ||||||
Ohio (continued) | ||||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | $ | 2,000 | $ | 1,869,279 | ||||
7,366,740 | ||||||||
Oklahoma: 0.8% | ||||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
5.00%, 08/15/26 | 1,000 | 984,005 | ||||||
5.00%, 08/15/27 | 250 | 245,987 | ||||||
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 2,000 | 2,016,035 | ||||||
3,246,027 | ||||||||
Oregon: 0.0% | ||||||||
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) * | 500 | 5 | ||||||
Pennsylvania: 4.4% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
5.00%, 05/01/27 | 1,250 | 1,276,849 | ||||||
5.00%, 05/01/28 | 1,665 | 1,703,679 | ||||||
5.00%, 05/01/28 | 875 | 896,744 | ||||||
Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
4.00%, 11/01/27 (c) | 200 | 123,902 | ||||||
5.00%, 11/01/24 | 1,000 | 751,348 | ||||||
5.00%, 11/01/25 | 1,000 | 679,977 | ||||||
5.00%, 11/01/26 | 400 | 263,922 | ||||||
5.00%, 11/01/27 (c) | 1,065 | 659,938 | ||||||
Berks County Municipal Authority, Tower Health Project, Series A (RB) | ||||||||
5.00%, 02/01/30 | 800 | 495,804 | ||||||
5.00%, 02/01/31 | 425 | 263,338 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) | 1,500 | 974,675 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) | 500 | 309,877 | ||||||
City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25 | 80 | 83,140 | ||||||
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24 | 1,500 | 1,506,331 |
See Notes to Financial Statements
124 |
Par (000’s | ) | Value | ||||||
Pennsylvania (continued) | ||||||||
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
4.25%, 10/15/26 | $ | 1,750 | $ | 1,694,811 | ||||
5.00%, 10/15/27 | 250 | 247,540 | ||||||
5.00%, 10/15/28 (c) | 500 | 488,146 | ||||||
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c) | 250 | 238,124 | ||||||
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/26 (c) | 775 | 765,493 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25 | 720 | 704,009 | ||||||
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26 | 130 | 133,809 | ||||||
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c) | 100 | 106,133 | ||||||
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c) | 875 | 999,229 | ||||||
Philadelphia Authority for Industrial Development, University of the Arts (RB) | ||||||||
4.50%, 03/15/28 (c) | 675 | 654,974 | ||||||
4.50%, 03/15/28 (c) | 25 | 27,136 | ||||||
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31 | 575 | 547,063 | ||||||
Philadelphia Gas Works Co. (RB) 5.00%, 10/01/26 | 100 | 106,408 | ||||||
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c) | 200 | 212,092 | ||||||
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | ||||||||
5.00%, 07/01/26 | 115 | 119,064 | ||||||
5.00%, 07/01/27 (c) | 275 | 287,524 | ||||||
17,321,079 |
Par (000’s | ) | Value | ||||||
Puerto Rico: 5.5% | ||||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
5.00%, 07/01/30 | $ | 3,000 | $ | 3,041,262 | ||||
6.12%, 07/01/24 | 410 | 414,797 | ||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | ||||||||
5.00%, 07/01/28 | 1,000 | 1,017,219 | ||||||
5.00%, 07/01/31 (c) | 2,000 | 2,006,514 | ||||||
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) | ||||||||
4.00%, 07/01/31 (c) | 2,000 | 1,834,534 | ||||||
5.38%, 07/01/25 | 3,638 | 3,708,848 | ||||||
5.62%, 07/01/27 | 1,000 | 1,043,374 | ||||||
5.62%, 07/01/29 | 3,000 | 3,176,405 | ||||||
5.75%, 07/01/31 | 2,000 | 2,145,085 | ||||||
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 05/30/23 (c) | 250 | 251,573 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 05/30/23 (c) | 100 | 101,455 | ||||||
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 05/30/23 (c) | 780 | 784,908 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) 0.01%, 07/01/28 (c) | 2,000 | 1,361,111 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c) | 1,308 | 986,899 | ||||||
21,873,984 | ||||||||
Rhode Island: 0.5% | ||||||||
Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | ||||||||
5.00%, 05/15/30 (c) | 400 | 459,255 | ||||||
5.00%, 05/15/30 (c) | 250 | 285,794 | ||||||
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 | 155 | 165,126 | ||||||
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c) | 1,000 | 988,573 | ||||||
1,898,748 | ||||||||
South Carolina: 0.6% | ||||||||
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c) | 600 | 604,547 |
See Notes to Financial Statements
125 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) 5.25%, 07/01/25 (c) | $ | 755 | $ | 784,238 | ||||
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) | 305 | 294,311 | ||||||
South Carolina Public Service Authority, Series A (RB) | ||||||||
5.00%, 06/01/25 (c) | 290 | 300,427 | ||||||
5.00%, 06/01/26 (c) | 525 | 549,161 | ||||||
2,532,684 | ||||||||
Tennessee: 0.2% | ||||||||
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) * | 500 | 300,000 | ||||||
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27 | 105 | 87,671 | ||||||
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26 | 525 | 538,804 | ||||||
926,475 | ||||||||
Texas: 7.8% | ||||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) | ||||||||
5.00%, 01/01/27 (c) | 1,200 | 1,236,349 | ||||||
5.00%, 01/01/27 (c) | 1,155 | 1,191,416 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26 | 775 | 787,834 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c) | 500 | 504,389 | ||||||
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) | 50 | 57,137 | ||||||
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) | 2,465 | 2,244,714 | ||||||
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) | 750 | 844,146 | ||||||
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) | 1,000 | 1,051,901 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | $ | 120 | $ | 122,096 | ||||
Cities of Dallas & Fort Worth, Dallas/Forth Worth International Airport, Series A (RB) 5.00%, 11/01/23 (c) | 1,000 | 1,004,743 | ||||||
City of Austin, Texas Airport System (RB) | ||||||||
5.00%, 11/15/24 (c) | 395 | 401,804 | ||||||
5.00%, 11/15/25 | 625 | 648,459 | ||||||
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 | 180 | 191,573 | ||||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c) | 2,250 | 2,257,051 | ||||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27 | 250 | 252,552 | ||||||
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 05/30/23 (c) | 200 | 200,574 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | ||||||||
5.00%, 07/15/27 | 1,000 | 1,010,382 | ||||||
5.00%, 07/15/28 | 500 | 507,591 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28 | 1,500 | 1,522,773 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24 | 545 | 545,405 | ||||||
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 | 1,004,748 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27 | 1,750 | 1,768,169 |
See Notes to Financial Statements
126 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
4.62%, 08/15/25 | $ | 60 | $ | 59,465 | ||||
5.12%, 08/15/25 (c) | 200 | 200,561 | ||||||
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c) | 500 | 502,951 | ||||||
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 05/30/23 (c) | 335 | 333,084 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^ | 315 | 246,380 | ||||||
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 05/30/23 (c) | 1,000 | 1,000,152 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
5.00%, 05/15/25 (c) | 335 | 348,835 | ||||||
5.00%, 05/15/29 (c) | 200 | 224,066 | ||||||
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30 | 105 | 106,044 | ||||||
Matagorda County Navigation District No 1 (RB) 4.00%, 06/03/23 (c) | 2,100 | 2,063,892 | ||||||
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) * | 113 | 3,398 | ||||||
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 05/19/23 (c) | 3,200 | 3,126,856 | ||||||
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c) | 1,000 | 876,909 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 05/30/23 (c) | 185 | 186,435 | ||||||
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 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29 | $ | 405 | $ | 338,239 | ||||
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c) | 185 | 193,344 | ||||||
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 07/01/23 (c) | 550 | 437,263 | ||||||
SA Energy Acquisition Public Facility Corp. (RB) | ||||||||
5.50%, 08/01/24 | 55 | 55,792 | ||||||
5.50%, 08/01/25 | 125 | 128,456 | ||||||
5.50%, 08/01/27 | 110 | 116,178 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c) | 250 | 241,353 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c) | 275 | 260,340 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | ||||||||
5.25%, 12/15/23 | 15 | 15,104 | ||||||
5.25%, 12/15/24 | 60 | 61,178 | ||||||
5.25%, 12/15/25 | 100 | 103,152 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28 | 350 | 364,610 | ||||||
31,119,843 | ||||||||
Utah: 0.5% | ||||||||
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27 | 800 | 781,166 | ||||||
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31 | 1,000 | 1,116,391 | ||||||
1,897,557 | ||||||||
Virgin Islands: 0.9% | ||||||||
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) | ||||||||
5.00%, 10/01/28 | 585 | 596,400 | ||||||
5.00%, 10/01/32 | 1,000 | 1,014,949 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) | ||||||||
5.00%, 10/01/24 | 200 | 196,047 | ||||||
5.00%, 10/01/24 (c) | 1,000 | 898,328 |
See Notes to Financial Statements
127 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Virgin Islands (continued) | ||||||||
Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
5.00%, 05/30/23 (c) | $ | 55 | $ | 53,112 | ||||
5.00%, 05/30/23 (c) | 620 | 593,175 | ||||||
5.00%, 05/30/23 (c) | 75 | 73,084 | ||||||
5.00%, 05/30/23 (c) | 150 | 149,256 | ||||||
3,574,351 | ||||||||
Virginia: 1.1% | ||||||||
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 05/30/23 (c) | 140 | 132,271 | ||||||
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c) | 325 | 322,591 | ||||||
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) (d) * | 1,835 | 1,446,509 | ||||||
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) (d) * | 1,525 | 1,159,371 | ||||||
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | 710 | 716,735 | ||||||
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31 | 635 | 640,622 | ||||||
4,418,099 | ||||||||
Washington: 1.4% | ||||||||
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 | 110 | 110,171 | ||||||
Klickitat County, Public Hospital District No. 2 (RB) 4.00%, 12/01/27 | 750 | 720,519 | ||||||
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p) | 480 | 492,442 | ||||||
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 2,250 | 2,177,095 | ||||||
Washington State, Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c) | 250 | 248,449 |
Par (000’s | ) | Value | ||||||
Washington (continued) | ||||||||
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) | $ | 1,000 | $ | 997,638 | ||||
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
3.75%, 07/01/26 | 185 | 175,448 | ||||||
4.00%, 01/01/25 (c) | 500 | 468,677 | ||||||
5.00%, 01/01/25 (c) | 365 | 326,223 | ||||||
5,716,662 | ||||||||
West Virginia: 0.5% | ||||||||
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.75%, 05/30/23 (c) | 680 | 672,013 | ||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p) | 1,000 | 984,819 | ||||||
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26 | 150 | 158,839 | ||||||
1,815,671 | ||||||||
Wisconsin: 1.3% | ||||||||
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c) | 1,000 | 981,156 | ||||||
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c) | 455 | 403,364 | ||||||
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 | 475 | 459,314 | ||||||
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c) | 505 | 445,818 | ||||||
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c) | 150 | 143,219 | ||||||
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 | 1,505 | 1,540,916 |
See Notes to Financial Statements
128 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25 | $ | 1,050 | $ | 1,012,143 | ||||
4,985,930 | ||||||||
Total Municipal Bonds: 98.5% (Cost: $425,057,148) | 391,763,270 | |||||||
Other assets less liabilities: 1.5% | 5,846,801 | |||||||
NET ASSETS: 100.0% | $ | 397,610,071 |
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 |
(d) | Security in default |
(p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
* | Non-income producing |
^ | Zero Coupon Bond |
% of | ||||||||
Summary of Investments by Sector | Investments | Value | ||||||
Industrial Development Revenue | 18.6 | % | $ | 72,992,121 | ||||
Local GO | 11.8 | 46,145,956 | ||||||
Tax | 8.9 | 34,658,582 | ||||||
Hospitals | 7.4 | 28,976,009 | ||||||
State GO | 7.2 | 28,315,354 | ||||||
Education | 6.2 | 24,242,944 | ||||||
Utilities | 6.0 | 23,534,184 | ||||||
Leasing COPS & Appropriations | 5.6 | 21,739,073 | ||||||
Power | 5.5 | 21,460,722 | ||||||
Health | 5.4 | 21,259,680 | ||||||
Airport | 5.3 | 20,709,452 | ||||||
Transportation | 2.9 | 11,472,609 | ||||||
Water & Sewer | 2.4 | 9,381,383 | ||||||
Toll & Turnpike | 2.0 | 7,914,691 | ||||||
Miscellaneous | 2.0 | 7,759,711 | ||||||
Refunded | 0.9 | 3,510,767 | ||||||
Pollution Control | 0.6 | 2,396,736 | ||||||
Multi-Family Housing | 0.6 | 2,332,199 | ||||||
Tobacco | 0.4 | 1,719,649 | ||||||
Unassigned | 0.3 | 1,241,448 | ||||||
100.0 | % | $ | 391,763,270 |
See Notes to Financial Statements
129 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 391,763,270 | $ | — | $ | 391,763,270 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
130 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
MUNICIPAL BONDS: 98.6% | ||||||||
Alabama: 2.7% | ||||||||
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/27 (c) | $ | 1,000 | $ | 1,104,173 | ||||
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/25 (c) (p) | 1,000 | 1,001,562 | ||||||
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p) | 600 | 598,459 | ||||||
County of Jefferson (RB) 5.00%, 03/15/27 (c) | 525 | 562,209 | ||||||
Jefferson County, Series A (GO) 5.00%, 04/01/25 | 340 | 352,257 | ||||||
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) | 1,500 | 1,500,161 | ||||||
Tuscaloosa City Board of Education (RB) | ||||||||
5.00%, 08/01/26 (c) | 825 | 883,011 | ||||||
5.00%, 08/01/26 (c) | 1,055 | 1,129,184 | ||||||
7,131,016 | ||||||||
Alaska: 0.3% | ||||||||
Alaska Housing Finance Corp., Series A (RB) 4.00%, 06/01/25 (c) | 700 | 714,158 | ||||||
Arizona: 1.1% | ||||||||
City of Phoenix, Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23 | 250 | 250,631 | ||||||
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26 | 700 | 738,452 | ||||||
Maricopa County Special Health Care District, Series D (GO) 5.00%, 07/01/23 | 500 | 501,220 | ||||||
Pima County (GO) 4.00%, 07/01/23 | 310 | 310,401 | ||||||
Salt River Project Agricultural Improvement & Power District, Series A (RB) | ||||||||
5.00%, 01/01/26 | 500 | 529,711 | ||||||
5.00%, 01/01/27 | 500 | 542,794 | ||||||
2,873,209 | ||||||||
California: 17.7% | ||||||||
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/26 (c) (p) | 1,180 | 1,161,644 | ||||||
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p) | 385 | 381,417 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p) | $ | 725 | $ | 712,858 | ||||
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 08/01/28 (c) (p) | 500 | 505,316 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p) | 500 | 502,408 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p) | 335 | 323,764 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/25 (p) | 585 | 605,678 | ||||||
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/26 (c) (p) | 500 | 501,606 | ||||||
California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
5.00%, 10/01/26 | 885 | 956,345 | ||||||
5.00%, 10/01/27 (c) | 835 | 923,881 | ||||||
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 09/01/26 | 500 | 539,180 | ||||||
California Statewide Communities Development Authority, Cottage Health System (RB) 5.00%, 11/01/24 (c) | 900 | 926,289 | ||||||
City & County of San Francisco, Series R-1 (GO) 4.00%, 06/15/23 (c) | 1,000 | 1,001,924 | ||||||
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^ | 500 | 454,059 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | ||||||||
5.00%, 06/01/23 (c) | 500 | 500,772 | ||||||
5.00%, 06/01/25 (c) | 1,870 | 1,958,380 | ||||||
5.00%, 06/01/25 (c) | 1,000 | 1,047,262 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^ | 1,000 | 921,184 |
See Notes to Financial Statements
131 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24 | $ | 265 | $ | 271,804 | ||||
Los Angeles Community College District, Series C (GO) 5.00%, 08/01/26 | 500 | 539,686 | ||||||
Los Angeles Department of Water & Power, Series B (RB) | ||||||||
5.00%, 07/01/23 | 550 | 551,653 | ||||||
5.00%, 07/01/24 | 250 | 255,868 | ||||||
Los Angeles Unified School District, Series A (GO) | ||||||||
5.00%, 07/01/24 | 875 | 895,536 | ||||||
5.00%, 07/01/26 | 800 | 860,397 | ||||||
Metropolitan Water District of Southern California, Series B (RB) | ||||||||
5.00%, 07/01/23 (c) | 450 | 451,356 | ||||||
5.00%, 07/01/24 (c) | 1,000 | 1,023,644 | ||||||
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p) | 1,000 | 1,006,814 | ||||||
Oakland Unified School District, Series A (GO) | ||||||||
5.00%, 08/01/23 | 350 | 351,432 | ||||||
5.00%, 08/01/25 (c) | 1,000 | 1,051,473 | ||||||
Orange County Transportation Authority, I-405 Improvement Project (RB) | ||||||||
4.00%, 10/15/24 | 675 | 684,850 | ||||||
5.00%, 10/15/24 | 750 | 771,529 | ||||||
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series A (RB) 5.00%, 10/01/26 | 1,000 | 1,081,639 | ||||||
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series B (RB) 2.12%, 10/01/23 (c) (p) | 930 | 927,818 | ||||||
Regents of The University Of California, Limited Project, Series I (RB) 5.00%, 05/15/23 | 485 | 485,322 | ||||||
San Bernardino Community College District, Series A (GO) 4.00%, 08/16/27 (c) | 540 | 575,220 | ||||||
San Bernardino Community College District, Series B (GO) 4.00%, 08/01/23 (c) | 1,275 | 1,277,590 | ||||||
San Bernardino County, Capital Facilities, Project B (CP) 6.88%, 08/01/24 | 1,035 | 1,075,720 | ||||||
San Joaquin Hills, Agency Toll Road (RB) | ||||||||
0.00%, 01/01/24 ^ | 1,000 | 978,533 | ||||||
0.00%, 01/01/25 ^ | 500 | 476,140 |
Par (000’s | ) | Value | ||||||
California (continued) | ||||||||
Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c) | $ | 725 | $ | 734,376 | ||||
Southwestern Community College District, Series D (GO) 5.00%, 08/01/25 (c) | 500 | 525,736 | ||||||
State of California Department of Water Resources (RB) 5.00%, 12/01/26 | 500 | 543,825 | ||||||
State of California, Various Purpose (GO) | ||||||||
3.00%, 03/01/26 | 1,000 | 1,002,900 | ||||||
4.00%, 10/01/27 | 1,100 | 1,163,475 | ||||||
4.00%, 11/01/24 | 300 | 304,975 | ||||||
4.00%, 03/01/24 | 500 | 504,315 | ||||||
5.00%, 10/01/24 | 555 | 571,131 | ||||||
5.00%, 10/01/27 | 1,000 | 1,102,852 | ||||||
5.00%, 10/01/27 | 530 | 584,511 | ||||||
5.00%, 10/01/27 | 500 | 551,426 | ||||||
5.00%, 11/01/23 | 525 | 530,181 | ||||||
5.00%, 11/01/26 | 915 | 988,297 | ||||||
5.00%, 11/01/27 (c) | 1,000 | 1,108,145 | ||||||
5.00%, 11/01/28 | 910 | 1,028,871 | ||||||
5.00%, 12/01/27 | 500 | 553,562 | ||||||
5.00%, 04/01/24 | 300 | 305,548 | ||||||
5.00%, 04/01/27 | 750 | 817,552 | ||||||
5.00%, 08/01/24 | 325 | 333,506 | ||||||
5.00%, 08/01/25 | 1,000 | 1,048,790 | ||||||
5.00%, 08/01/27 | 1,305 | 1,433,664 | ||||||
5.00%, 09/01/23 | 1,000 | 1,006,408 | ||||||
5.00%, 09/01/25 | 300 | 315,250 | ||||||
5.00%, 09/01/26 | 1,000 | 1,075,706 | ||||||
47,652,993 | ||||||||
Colorado: 1.6% | ||||||||
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25 | 500 | 522,569 | ||||||
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24 | 1,000 | 1,033,225 | ||||||
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23 | 450 | 455,184 | ||||||
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28 | 1,000 | 1,128,432 | ||||||
State of Colorado, Series A (CP) 5.00%, 12/15/26 | 500 | 538,608 | ||||||
University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c) | 500 | 538,011 | ||||||
4,216,029 | ||||||||
Connecticut: 2.6% | ||||||||
State of Connecticut, Series C (GO) 5.00%, 06/15/26 | 300 | 320,432 |
See Notes to Financial Statements
132 |
Par (000’s | ) | Value | ||||||
Connecticut (continued) | ||||||||
State of Connecticut, Series D (GO) | ||||||||
5.00%, 04/15/26 | $ | 1,040 | $ | 1,106,536 | ||||
5.00%, 08/15/23 | 300 | 301,568 | ||||||
State of Connecticut, Series E (GO) 5.00%, 09/15/25 | 270 | 283,734 | ||||||
State of Connecticut, Special Tax Obligation, Series A (ST) 5.00%, 05/01/28 | 600 | 669,567 | ||||||
State of Connecticut, State Revolving Fund, Series B (RB) 5.00%, 06/01/26 | 275 | 294,726 | ||||||
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26 | 1,015 | 1,082,279 | ||||||
State of Connecticut, Transportation Infrastructure Purposes, Series B (RB) 5.00%, 10/01/24 | 535 | 549,799 | ||||||
University of Connecticut, Series A (RB) | ||||||||
5.00%, 04/15/24 | 575 | 585,354 | ||||||
5.00%, 04/15/26 | 550 | 585,510 | ||||||
5.00%, 04/15/28 (c) | 1,000 | 1,110,435 | ||||||
6,889,940 | ||||||||
Delaware: 0.5% | ||||||||
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | 500 | 456,155 | ||||||
Delaware Transportation Authority (RB) 5.00%, 07/01/26 | 500 | 536,959 | ||||||
State of Delaware, Series A (GO) 5.00%, 10/01/25 | 410 | 432,281 | ||||||
1,425,395 | ||||||||
District of Columbia: 1.0% | ||||||||
District of Columbia, Series C (RB) 5.00%, 10/01/26 | 785 | 847,482 | ||||||
District of Columbia, Series D (GO) 5.00%, 06/01/25 | 315 | 329,496 | ||||||
District of Columbia, Series E (GO) 5.00%, 06/01/25 | 500 | 523,010 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road (RB) (AGC) 6.50%, 10/01/26 (c) | 1,000 | 1,123,452 | ||||||
2,823,440 | ||||||||
Florida: 2.9% | ||||||||
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27 | 500 | 548,244 |
Par (000’s | ) | Value | ||||||
Florida (continued) | ||||||||
Central Florida Expressway Authority, Series B (RB) 5.00%, 07/01/26 | $ | 300 | $ | 320,289 | ||||
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/28 | 1,000 | 1,122,010 | ||||||
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26 | 250 | 269,592 | ||||||
Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/24 | 1,000 | 1,020,487 | ||||||
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c) | 655 | 683,668 | ||||||
Miami-Dade County, Florida Water And Sewer System Revenue Refunding Bonds, Series B (RB) 5.00%, 10/01/27 | 500 | 549,889 | ||||||
School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/25 (c) | 895 | 923,624 | ||||||
School District of Broward County, Series C (CP) 5.00%, 07/01/24 | 340 | 346,842 | ||||||
State of Florida, Board of Education, Lottery Revenue, Series A (RB) | ||||||||
5.00%, 07/01/23 | 450 | 451,293 | ||||||
5.00%, 07/01/24 | 650 | 664,654 | ||||||
State of Florida, Department Of Management Services, Series A (RB) 5.00%, 09/01/25 | 750 | 783,972 | ||||||
7,684,564 | ||||||||
Georgia: 3.5% | ||||||||
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24 | 500 | 515,570 | ||||||
Main Street Natural Gas, Inc., Series A (RB) | ||||||||
4.00%, 09/01/23 (c) (p) | 500 | 500,388 | ||||||
4.00%, 09/01/27 (c) (p) | 1,250 | 1,256,023 | ||||||
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p) | 1,500 | 1,507,619 | ||||||
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 09/01/26 (c) (p) | 2,000 | 1,998,399 | ||||||
State of Georgia, Series A (GO) | ||||||||
5.00%, 02/01/26 (c) | 680 | 726,320 | ||||||
5.00%, 08/01/26 | 700 | 753,289 | ||||||
State of Georgia, Series C (GO) 5.00%, 07/01/26 | 1,000 | 1,073,918 |
See Notes to Financial Statements
133 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Georgia (continued) | ||||||||
State of Georgia, Series E (GO) 5.00%, 12/01/24 | $ | 1,100 | $ | 1,136,524 | ||||
9,468,050 | ||||||||
Guam: 0.4% | ||||||||
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c) | 1,000 | 1,003,413 | ||||||
Hawaii: 0.5% | ||||||||
City & County of Honolulu, Rail Transit Project, Series E (GO) | ||||||||
5.00%, 03/01/26 | 785 | 833,900 | ||||||
5.00%, 03/01/27 | 500 | 544,102 | ||||||
1,378,002 | ||||||||
Illinois: 4.6% | ||||||||
Board of Trustees of the University of Illinois, Series A (RB) 5.00%, 04/01/25 | 500 | 519,824 | ||||||
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26 | 500 | 527,334 | ||||||
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 | 315 | 332,221 | ||||||
Chicago Park District, Series A (GO) (NATL) 5.50%, 01/01/24 (c) | 1,375 | 1,396,496 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
5.00%, 06/01/23 | 350 | 350,322 | ||||||
5.00%, 06/01/25 | 340 | 351,320 | ||||||
City of Chicago, Series A (GO) 5.00%, 01/01/27 | 500 | 524,153 | ||||||
Cook County, Series A (GO) 5.00%, 11/15/26 | 300 | 319,010 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
5.00%, 01/01/25 | 600 | 620,990 | ||||||
5.00%, 01/01/28 | 500 | 554,395 | ||||||
5.00%, 07/01/27 | 685 | 751,947 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24 | 500 | 511,446 | ||||||
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23 | 250 | 250,812 | ||||||
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27 | 415 | 449,913 | ||||||
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27 | 650 | 704,683 |
Par (000’s | ) | Value | ||||||
Illinois (continued) | ||||||||
Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/24 | $ | 550 | $ | 555,937 | ||||
State of Illinois (GO) (AGC) 5.50%, 05/01/25 | 335 | 347,785 | ||||||
State of Illinois, Series A (RB) 4.00%, 06/15/28 | 580 | 596,810 | ||||||
State of Illinois, Series D (GO) | ||||||||
5.00%, 11/01/23 | 500 | 503,433 | ||||||
5.00%, 11/01/25 | 1,345 | 1,395,061 | ||||||
5.00%, 11/01/26 | 800 | 844,709 | ||||||
12,408,601 | ||||||||
Indiana: 0.8% | ||||||||
Indiana Finance Authority Hospital, Series 2012A, Community Health Network Project (RB) 5.00%, 05/01/23 (c) | 1,000 | 1,000,000 | ||||||
Indiana Finance Authority, Indiana University Health, Series C (RB) 5.00%, 12/01/23 | 500 | 504,234 | ||||||
Indiana Finance Authority, Series C (RB) 5.00%, 12/01/24 | 575 | 593,641 | ||||||
2,097,875 | ||||||||
Iowa: 0.1% | ||||||||
Iowa Finance Authority (RB) 5.00%, 08/01/23 | 250 | 251,122 | ||||||
Kentucky: 1.3% | ||||||||
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 4.00%, 01/01/25 (c) (p) | 1,085 | 1,087,819 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p) | 1,100 | 1,101,829 | ||||||
Kentucky State Property & Building Commission (RB) 5.00%, 05/01/26 | 275 | 291,598 | ||||||
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p) | 1,000 | 1,046,858 | ||||||
3,528,104 | ||||||||
Louisiana: 0.8% | ||||||||
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p) | 500 | 514,059 | ||||||
Louisiana State Citizens Property Insurance Corp., Series 2 (RB) 5.00%, 06/01/23 | 590 | 590,800 |
See Notes to Financial Statements
134 |
Par (000’s | ) | Value | ||||||
Louisiana (continued) | ||||||||
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 07/01/26 (p) | $ | 750 | $ | 709,821 | ||||
State of Louisiana, Series A (GO) 5.00%, 03/01/26 | 335 | 355,397 | ||||||
2,170,077 | ||||||||
Maine: 0.2% | ||||||||
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25 | 500 | 522,596 | ||||||
Maryland: 3.0% | ||||||||
County of Montgomery, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/26 | 265 | 286,967 | ||||||
Department of Transportation of Maryland, Series B (RB) 5.00%, 12/01/23 | 500 | 505,502 | ||||||
Prince George’s County, Series A (GO) 5.00%, 07/15/25 | 425 | 445,837 | ||||||
State of Maryland, Department of Transportation (RB) | ||||||||
4.00%, 11/01/24 (c) | 500 | 510,911 | ||||||
5.00%, 10/01/26 | 595 | 642,156 | ||||||
5.00%, 05/01/23 | 500 | 500,000 | ||||||
State of Maryland, Series B (GO) | ||||||||
5.00%, 08/01/24 | 550 | 563,713 | ||||||
5.00%, 08/01/25 | 500 | 525,065 | ||||||
State of Maryland, State and Local Facilities Loan, First Series (GO) 4.00%, 06/01/24 (c) | 560 | 566,562 | ||||||
State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24 | 1,500 | 1,525,060 | ||||||
State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24 | 250 | 256,233 | ||||||
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/26 | 625 | 671,367 | ||||||
State of Maryland, State and Local Facilities Loan, Series A (GO) 5.00%, 03/15/29 | 1,000 | 1,143,102 | ||||||
8,142,475 | ||||||||
Massachusetts: 3.2% | ||||||||
Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c) | 860 | 861,996 |
Par (000’s | ) | Value | ||||||
Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts, Series A (GO) | ||||||||
5.00%, 01/01/26 | $ | 250 | $ | 264,855 | ||||
5.00%, 01/01/27 | 710 | 770,767 | ||||||
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26 | 400 | 431,566 | ||||||
Commonwealth of Massachusetts, Series D (GO) | ||||||||
5.00%, 07/01/23 | 900 | 902,675 | ||||||
5.00%, 07/01/27 | 250 | 274,745 | ||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
3.00%, 12/01/25 | 750 | 753,047 | ||||||
5.00%, 11/01/26 | 295 | 318,940 | ||||||
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26 | 250 | 269,175 | ||||||
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) 5.00%, 07/01/24 | 515 | 526,849 | ||||||
Massachusetts Development Finance Agency, Broad Institute (RB) 5.00%, 04/01/26 | 450 | 477,692 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26 | 500 | 541,014 | ||||||
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 12/01/24 (c) | 1,000 | 905,217 | ||||||
Massachusetts School Building Authority, Series A (RB) 5.00%, 05/15/23 (c) | 500 | 500,310 | ||||||
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/25 (c) | 775 | 810,950 | ||||||
8,609,798 | ||||||||
Michigan: 1.3% | ||||||||
City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c) | 1,000 | 1,013,139 | ||||||
Great Lakes Water Authority Water Supply System, Series A (RB) 5.00%, 07/01/24 | 590 | 601,126 | ||||||
State of Michigan, Grant Anticipation (RB) 5.00%, 03/15/24 | 650 | 659,570 |
See Notes to Financial Statements
135 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Michigan (continued) | ||||||||
5.00%, 03/15/26 | $ | 1,065 | $ | 1,130,889 | ||||
3,404,724 | ||||||||
Minnesota: 1.1% | ||||||||
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 | 1,000 | 1,085,144 | ||||||
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24 | 1,200 | 1,229,919 | ||||||
State of Minnesota, Various Purpose, Series D (GO) 5.00%, 08/01/26 | 570 | 612,655 | ||||||
2,927,718 | ||||||||
Missouri: 0.6% | ||||||||
City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23 | 1,000 | 1,002,109 | ||||||
Health & Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25 | 150 | 155,483 | ||||||
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c) | 500 | 522,956 | ||||||
1,680,548 | ||||||||
Nebraska: 0.2% | ||||||||
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 01/01/24 (c) (p) | 500 | 503,693 | ||||||
Nevada: 0.7% | ||||||||
Clark County (GO) 5.00%, 06/01/25 | 1,090 | 1,139,035 | ||||||
County of Clark, Nevada McCarran International Airport, Series A (RB) 5.00%, 07/01/23 | 300 | 300,817 | ||||||
County of Clark, Series B (GO) 5.00%, 11/01/23 | 450 | 454,285 | ||||||
1,894,137 | ||||||||
New Jersey: 4.1% | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
5.00%, 06/15/27 (c) | 615 | 677,626 | ||||||
5.00%, 06/15/27 (c) | 935 | 1,030,212 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) 5.25%, 06/15/25 (c) | 500 | 525,664 |
Par (000’s | ) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
5.00%, 06/15/23 | $ | 1,000 | $ | 1,001,706 | ||||
5.00%, 06/15/24 | 575 | 584,472 | ||||||
5.00%, 06/15/24 (c) | 500 | 509,484 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25 | 1,000 | 1,048,924 | ||||||
New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. (RB) 5.00%, 07/01/23 | 300 | 300,787 | ||||||
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23 | 500 | 504,925 | ||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
5.00%, 12/15/23 | 1,175 | 1,185,212 | ||||||
5.00%, 12/15/26 | 500 | 532,035 | ||||||
5.00%, 06/15/24 | 1,410 | 1,434,317 | ||||||
State of New Jersey, Covid-19 General Emergency, Series A (GO) 5.00%, 06/01/27 | 500 | 546,590 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 06/01/25 | 500 | 483,505 | ||||||
2.00%, 06/01/26 | 500 | 477,253 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 | 290 | 290,390 | ||||||
11,133,102 | ||||||||
New Mexico: 0.8% | ||||||||
State of New Mexico (GO) 5.00%, 03/01/24 | 500 | 508,384 | ||||||
State of New Mexico, Series A (RB) 5.00%, 07/01/27 | 840 | 920,701 | ||||||
State of New Mexico, Series B (GO) 5.00%, 03/01/25 | 250 | 260,329 | ||||||
State of New Mexico, Series B (RB) 5.00%, 07/01/26 | 535 | 572,861 | ||||||
2,262,275 | ||||||||
New York: 13.3% | ||||||||
City of New York, Series A (GO) | ||||||||
4.00%, 08/01/23 | 250 | 250,514 | ||||||
5.00%, 08/01/24 | 1,500 | 1,537,399 | ||||||
City of New York, Series C (GO) 5.00%, 08/01/24 | 750 | 768,699 | ||||||
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27 | 500 | 548,451 |
See Notes to Financial Statements
136 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
City of New York, Series C and D (GO) | ||||||||
5.00%, 08/01/23 | $ | 320 | $ | 321,437 | ||||
5.00%, 08/01/26 | 325 | 348,062 | ||||||
City of New York, Series E (GO) 5.00%, 08/01/24 | 255 | 261,358 | ||||||
City of New York, Series F-1 (GO) 5.00%, 03/01/27 | 410 | 445,383 | ||||||
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26 | 510 | 549,287 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p) | 2,000 | 2,023,617 | ||||||
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p) | 1,160 | 1,173,304 | ||||||
Metropolitan Transportation Authority, Series B (RB) | ||||||||
5.00%, 11/15/23 | 290 | 291,856 | ||||||
5.00%, 11/15/26 | 500 | 524,645 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/23 | 500 | 503,208 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p) | 305 | 281,816 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27 | 750 | 802,511 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27 | 440 | 484,824 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series F, Subseries F-1 (RB) 5.00%, 02/01/27 | 850 | 920,544 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
5.00%, 07/15/24 | 550 | 562,674 | ||||||
5.00%, 07/15/25 | 570 | 597,248 | ||||||
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26 | 1,000 | 1,076,634 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 05/01/23 | 575 | 575,000 |
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority, Series C (RB) 5.00%, 11/01/23 | $ | 700 | $ | 706,389 | ||||
New York City Water & Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c) | 700 | 707,288 | ||||||
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c) | 430 | 442,977 | ||||||
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26 | 700 | 753,511 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/27 | 500 | 543,668 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27 | 510 | 555,820 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/25 | 1,000 | 1,037,283 | ||||||
New York State Dormitory Authority, Series A (RB) 5.00%, 02/15/27 | 500 | 543,977 | ||||||
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28 | 640 | 712,095 | ||||||
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c) | 500 | 526,184 | ||||||
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/25 | 1,035 | 1,077,306 | ||||||
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 | 680 | 725,640 | ||||||
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25 | 500 | 523,278 | ||||||
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28 | 605 | 680,067 | ||||||
New York State Housing Finance Agency, Series A-2, Series B-2, Series C (RB) 2.50%, 05/01/27 (c) (p) | 975 | 937,315 |
See Notes to Financial Statements
137 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
New York (continued) | ||||||||
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 05/19/23 (c) | $ | 700 | $ | 686,283 | ||||
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 05/19/23 (c) | 750 | 690,141 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
5.00%, 03/15/25 | 495 | 514,517 | ||||||
5.00%, 03/15/26 (c) | 500 | 531,931 | ||||||
5.00%, 03/15/27 | 690 | 752,251 | ||||||
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25 | 500 | 519,714 | ||||||
Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 | 530 | 532,713 | ||||||
Town of Oyster Bay, Water District Notes (G.O. LTD NOTES) 5.00%, 03/08/24 | 1,000 | 1,014,675 | ||||||
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/26 (p) | 875 | 804,247 | ||||||
Triborough Bridge & Tunnel Authority, Series A (RB) | ||||||||
5.00%, 11/15/26 | 1,000 | 1,082,896 | ||||||
5.00%, 11/15/27 | 500 | 555,040 | ||||||
5.00%, 11/15/28 | 1,000 | 1,136,615 | ||||||
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 05/15/26 (p) | 1,000 | 1,053,502 | ||||||
Triborough Bridge & Tunnel Authority, Series C-1B (RB) 5.00%, 05/15/26 (p) | 500 | 526,602 | ||||||
35,722,396 | ||||||||
North Carolina: 2.1% | ||||||||
City of Charlotte, North Carolina Water & Sewer System (RB) 5.00%, 07/01/23 | 500 | 501,470 | ||||||
County of Guilford, Series B (GO) 5.00%, 05/01/24 | 500 | 509,897 | ||||||
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c) | 1,000 | 1,057,088 | ||||||
County of Wake (RB) 5.00%, 09/01/26 | 375 | 403,887 |
Par (000’s | ) | Value | ||||||
North Carolina (continued) | ||||||||
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/26 (p) | $ | 500 | $ | 527,508 | ||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 | 2,125 | 2,153,918 | ||||||
State of North Carolina, Series B (GO) 5.00%, 06/01/23 | 575 | 575,827 | ||||||
5,729,595 | ||||||||
Ohio: 2.7% | ||||||||
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28 | 1,000 | 1,098,681 | ||||||
City of Columbus, Various Purpose (GO) 5.00%, 10/01/27 (c) | 750 | 827,469 | ||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 08/01/26 | 410 | 436,987 | ||||||
Franklin County Convention Facilities Authority (RB) 5.00%, 12/01/24 (c) | 1,730 | 1,786,085 | ||||||
Lancaster Port Authority (RB) (SBG) 5.00%, 02/01/25 (c) (p) | 485 | 494,518 | ||||||
Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^ | 500 | 482,084 | ||||||
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23 | 560 | 565,839 | ||||||
State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/27 | 500 | 509,205 | ||||||
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23 | 1,000 | 1,000,000 | ||||||
7,200,868 | ||||||||
Oklahoma: 0.6% | ||||||||
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 5.00%, 09/01/26 (c) | 535 | 569,164 | ||||||
Oklahoma County Independent School District, Series A (GO) 3.00%, 07/01/27 | 1,000 | 1,006,708 | ||||||
1,575,872 |
See Notes to Financial Statements
138 |
Par (000’s | ) | Value | ||||||
Oregon: 0.9% | ||||||||
Beaverton School District 48J, Series B (GO) (SBG) 5.00%, 06/15/24 (c) | $ | 1,000 | $ | 1,020,316 | ||||
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26 | 350 | 374,379 | ||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25 | 500 | 523,489 | ||||||
State of Oregon, Article Xi-Q State Projects, Series A (GO) 5.00%, 05/01/23 | 500 | 500,000 | ||||||
2,418,184 | ||||||||
Pennsylvania: 3.2% | ||||||||
City of Philadelphia, Series A (GO) 5.00%, 08/01/25 | 300 | 313,101 | ||||||
Commonwealth of Pennsylvania, First Series (GO) | ||||||||
5.00%, 01/01/26 | 560 | 591,796 | ||||||
5.00%, 01/01/27 | 315 | 340,812 | ||||||
5.00%, 03/15/25 (c) | 500 | 519,993 | ||||||
5.00%, 06/15/29 | 500 | 510,435 | ||||||
Commonwealth of Pennsylvania, First Series (GO) (SBG) 5.00%, 07/15/26 | 1,000 | 1,070,174 | ||||||
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 | 600 | 632,557 | ||||||
Delaware River Port Authority, Series B (RB) 5.00%, 01/01/25 | 350 | 361,551 | ||||||
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p) | 500 | 508,908 | ||||||
Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23 | 500 | 502,210 | ||||||
Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25 | 660 | 687,775 | ||||||
University of Pittsburgh of the Commonwealth System (RB) 4.00%, 02/15/26 (c) | 500 | 517,050 | ||||||
Westmoreland County Municipal Authority (RB) 5.00%, 08/15/31 | 1,185 | 1,191,000 | ||||||
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c) | 765 | 792,374 | ||||||
8,539,736 |
Par (000’s | ) | Value | ||||||
Rhode Island: 0.4% | ||||||||
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM) 5.00%, 05/15/25 (c) | $ | 500 | $ | 519,749 | ||||
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/25 (c) | 500 | 511,331 | ||||||
1,031,080 | ||||||||
South Carolina: 0.9% | ||||||||
County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24 | 510 | 525,351 | ||||||
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p) | 1,765 | 1,768,178 | ||||||
2,293,529 | ||||||||
South Dakota: 0.2% | ||||||||
South Dakota Health And Educational Facilities Authority, Series A, Avera Health (RB) 5.00%, 07/01/24 (c) (p) | 535 | 541,217 | ||||||
Tennessee: 1.3% | ||||||||
Metropolitan Government of Nashville & Davidson County (GO) 5.00%, 07/01/26 | 525 | 562,979 | ||||||
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24 | 500 | 505,991 | ||||||
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p) | 1,775 | 1,775,638 | ||||||
Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 05/01/23 (c) (p) | 560 | 560,000 | ||||||
3,404,608 | ||||||||
Texas: 8.2% | ||||||||
Bexar County (GO) 5.00%, 06/15/26 (c) | 500 | 533,435 | ||||||
Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23 | 275 | 276,398 | ||||||
City of Denton, Utility System (RB) 5.00%, 12/01/26 | 310 | 332,105 | ||||||
City of Houston, Airport System, Series D (RB) | ||||||||
5.00%, 07/01/23 | 500 | 501,329 | ||||||
5.00%, 07/01/24 | 250 | 255,261 | ||||||
City of Houston, Series A (GO) 5.00%, 03/01/24 (c) | 750 | 761,151 |
See Notes to Financial Statements
139 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c) | $ | 630 | $ | 674,789 | ||||
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25 | 500 | 523,949 | ||||||
Comal Independent School District (GO) 5.00%, 02/01/26 | 775 | 823,335 | ||||||
Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO) 5.00%, 02/15/27 | 2,000 | 2,174,078 | ||||||
Dallas Area Rapid Transit, Series A (RB) 5.00%, 12/01/25 (c) | 1,000 | 1,052,974 | ||||||
Dallas County Hospital District (GO) 5.00%, 08/15/23 | 950 | 954,582 | ||||||
Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23 | 375 | 376,884 | ||||||
Dallas Fort Worth International Airport, Series B (RB) 5.00%, 11/01/25 | 200 | 210,406 | ||||||
Dallas Independent School District, Series A (GO) 4.00%, 02/15/25 (c) | 500 | 508,918 | ||||||
Denton Independent School District, Series A (GO) 5.00%, 08/15/25 (c) | 500 | 524,124 | ||||||
Dripping Springs Independent School District (GO) 4.00%, 02/15/24 (c) | 1,000 | 1,005,530 | ||||||
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27 | 1,000 | 1,101,724 | ||||||
Houston Independent School District, Limited Tax School House (GO) 5.00%, 02/15/26 | 250 | 264,951 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23 | 160 | 160,721 | ||||||
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/25 (c) | 1,000 | 1,052,005 | ||||||
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/26 (c) | 595 | 621,836 | ||||||
Pflugerville Independent School District (GO) 5.00%, 02/15/24 (c) | 500 | 506,805 | ||||||
Pflugerville Independent School District, Series A (GO) 5.00%, 02/15/24 | 1,000 | 1,015,211 |
Par (000’s | ) | Value | ||||||
Texas (continued) | ||||||||
State of Texas, Water Infrastructure Fund, Series B-3 (GO) | ||||||||
5.00%, 08/01/23 | $ | 400 | $ | 401,696 | ||||
5.00%, 08/01/24 | 250 | 256,233 | ||||||
Texas A&M University, Series D (RB) 5.00%, 05/15/26 | 820 | 876,882 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26 | 600 | 614,649 | ||||||
Texas Water Development Board (RB) | ||||||||
5.00%, 04/15/26 | 1,000 | 1,063,978 | ||||||
5.00%, 08/01/23 | 350 | 351,484 | ||||||
Texas Water Development Board, Series B (RB) 5.00%, 10/15/24 | 500 | 514,224 | ||||||
University of Houston, Series A (RB) 5.00%, 02/15/26 | 1,000 | 1,060,634 | ||||||
Ysleta Independent School District (GO) 5.00%, 08/15/25 (c) | 650 | 681,362 | ||||||
22,033,643 | ||||||||
Utah: 0.6% | ||||||||
County of Utah, IHL Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p) | 1,000 | 1,021,226 | ||||||
County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p) | 500 | 506,173 | ||||||
1,527,399 | ||||||||
Virginia: 2.2% | ||||||||
County of Fairfax, Public Improvement, Series A (GO) 4.00%, 10/01/24 | 285 | 289,008 | ||||||
County of Fairfax, Public Improvement, Series A (GO) (SAW) 4.00%, 10/01/23 | 275 | 275,906 | ||||||
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26 | 1,250 | 1,337,282 | ||||||
Rector And Visitors of The University Of Virginia, Series A (RB) 5.00%, 06/01/23 (c) | 1,000 | 1,001,389 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) | ||||||||
5.00%, 02/01/27 | 250 | 271,400 | ||||||
5.00%, 02/01/27 | 600 | 651,359 |
See Notes to Financial Statements
140 |
Par (000’s | ) | Value | ||||||
Virginia (continued) | ||||||||
Virginia Commonwealth Transportation Board (RB) | ||||||||
5.00%, 09/15/23 | $ | 400 | $ | 402,732 | ||||
5.00%, 09/15/24 | 325 | 333,831 | ||||||
5.00%, 09/15/26 (c) | 510 | 548,794 | ||||||
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) | 1,000 | 918,191 | ||||||
6,029,892 | ||||||||
Washington: 3.0% | ||||||||
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/25 (c) | 1,000 | 1,053,265 | ||||||
City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 02/01/26 | 400 | 424,073 | ||||||
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25 | 1,000 | 1,046,986 | ||||||
Energy Northwest Project Electric, Series C (RB) | ||||||||
5.00%, 07/01/24 | 540 | 552,112 | ||||||
5.00%, 07/01/25 | 1,375 | 1,439,607 | ||||||
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/27 (c) | 725 | 795,555 | ||||||
State of New Mexico, Series A (GO) 5.00%, 06/01/26 | 1,000 | 1,068,665 | ||||||
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24 | 750 | 768,235 | ||||||
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p) | 1,000 | 1,009,021 | ||||||
8,157,519 | ||||||||
West Virginia: 0.4% | ||||||||
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26 | 1,000 | 1,069,763 | ||||||
Wisconsin: 1.0% | ||||||||
City of Milwaukee, Series N4 (GO) | ||||||||
5.00%, 04/01/24 | 225 | 227,878 | ||||||
5.00%, 04/01/26 | 750 | 785,429 | ||||||
State of Wisconsin, Series 1 (RB) 5.00%, 07/01/29 | 500 | 501,428 | ||||||
State of Wisconsin, Series A (GO) 5.00%, 05/01/25 | 500 | 521,802 |
Par (000’s | ) | Value | ||||||
Wisconsin (continued) | ||||||||
5.00%, 05/01/25 (c) | $ | 500 | $ | 522,498 | ||||
Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24 | 120 | 122,733 | ||||||
2,681,768 | ||||||||
Total Municipal Bonds: 98.6% (Cost: $272,437,279) | 264,754,123 | |||||||
Other assets less liabilities: 1.4% | 3,827,867 | |||||||
NET ASSETS: 100.0% | $ | 268,581,990 |
See Notes to Financial Statements
141 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
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 |
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 | ||||||
State GO | 18.7 | % | $ | 49,458,806 | ||||
Refunded | 15.2 | 40,185,246 | ||||||
Local GO | 13.1 | 34,667,273 | ||||||
Tax | 8.7 | 23,104,322 | ||||||
Utilities | 6.9 | 18,282,643 | ||||||
Water & Sewer | 5.7 | 14,989,069 | ||||||
Transportation | 5.3 | 14,193,285 | ||||||
Education | 4.7 | 12,479,449 | ||||||
Leasing COPS & Appropriations | 4.2 | 11,032,324 | ||||||
Power | 4.1 | 10,909,273 | ||||||
Toll & Turnpike | 4.0 | 10,656,418 | ||||||
Hospitals | 3.9 | 10,300,517 | ||||||
Miscellaneous | 1.6 | 4,167,218 | ||||||
Multi-Family Housing | 1.3 | 3,500,772 | ||||||
Airport | 1.3 | 3,380,107 | ||||||
Tobacco | 0.6 | 1,722,905 | ||||||
Unassigned | 0.4 | 1,014,675 | ||||||
Industrial Development Revenue | 0.3 | 709,821 | ||||||
100.0 | % | $ | 264,754,123 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Municipal Bonds * | $ | — | $ | 264,754,123 | $ | — | $ | 264,754,123 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
142 |
STATEMENTS OF ASSETS AND LIABILITIES
April 30,2023
CEF Muni Income ETF | High Yield Muni ETF | HIP Sustainable Muni ETF | Intermediate Muni ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value | ||||||||||||||||
Unaffiliated issuers (1) | $ | 204,130,828 | $ | 2,743,760,241 | $ | 17,889,717 | $ | 1,795,974,394 | ||||||||
Cash | 415 | 19,269,881 | 175,508 | 7,811,586 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 534,505 | 763,056 | — | — | ||||||||||||
Shares of beneficial interest sold | 534,481 | — | — | — | ||||||||||||
Dividends and interest | 541,035 | 43,434,745 | 267,403 | 22,481,495 | ||||||||||||
Total assets | 205,741,264 | 2,807,227,923 | 18,332,628 | 1,826,267,475 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 534,505 | 6,037,216 | — | 4,335,140 | ||||||||||||
Shares of beneficial interest redeemed | 534,481 | — | — | — | ||||||||||||
Line of credit | 198,947 | — | — | — | ||||||||||||
Due to Adviser | 67,025 | 822,039 | 3,633 | 362,416 | ||||||||||||
Deferred Trustee fees | 4,195 | 3,184 | — | 3,000 | ||||||||||||
Accrued expenses | 1,831 | — | — | — | ||||||||||||
Total liabilities | 1,340,984 | 6,862,439 | 3,633 | 4,700,556 | ||||||||||||
NET ASSETS | $ | 204,400,280 | $ | 2,800,365,484 | $ | 18,328,995 | $ | 1,821,566,919 | ||||||||
Shares outstanding | 9,525,000 | 54,446,401 | 400,000 | 39,298,916 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 21.46 | $ | 51.43 | $ | 45.82 | $ | 46.35 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 264,321,732 | $ | 3,175,458,412 | $ | 19,518,631 | $ | 1,908,065,431 | ||||||||
Total distributable earnings (loss) | (59,921,452 | ) | (375,092,928 | ) | (1,189,636 | ) | (86,498,512 | ) | ||||||||
NET ASSETS | $ | 204,400,280 | $ | 2,800,365,484 | $ | 18,328,995 | $ | 1,821,566,919 | ||||||||
(1) Cost of investments - Unaffiliated issuers | $ | 248,479,329 | $ | 3,009,793,329 | $ | 19,018,407 | $ | 1,864,845,781 |
See Notes to Financial Statements
143 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
Long Muni ETF | Muni Allocation ETF | Short High Yield Muni ETF | Short Muni ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value | ||||||||||||||||
Unaffiliated issuers (1) | $ | 308,409,942 | $ | 283,643 | $ | 391,763,270 | $ | 264,754,123 | ||||||||
Affiliated issuers (2) | — | 2,023,262 | — | — | ||||||||||||
Cash | 5,605,568 | 830 | 11,667 | 342,944 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 742,802 | — | 17,968 | — | ||||||||||||
Dividends and interest | 3,949,705 | 614 | 5,933,181 | 3,531,027 | ||||||||||||
Total assets | 318,708,017 | 2,308,349 | 397,726,086 | 268,628,094 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 5,170,166 | — | — | — | ||||||||||||
Due to Adviser | 61,254 | 152 | 116,015 | 44,504 | ||||||||||||
Deferred Trustee fees | 1,517 | — | — | 1,600 | ||||||||||||
Total liabilities | 5,232,937 | 152 | 116,015 | 46,104 | ||||||||||||
NET ASSETS | $ | 313,475,080 | $ | 2,308,197 | $ | 397,610,071 | $ | 268,581,990 | ||||||||
Shares outstanding | 17,500,000 | 110,000 | 17,800,000 | 15,850,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 17.91 | $ | 20.98 | $ | 22.34 | $ | 16.95 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 343,521,044 | $ | 3,375,140 | $ | 443,519,863 | $ | 278,611,151 | ||||||||
Total distributable earnings (loss) | (30,045,964 | ) | (1,066,943 | ) | (45,909,792 | ) | (10,029,161 | ) | ||||||||
NET ASSETS | $ | 313,475,080 | $ | 2,308,197 | $ | 397,610,071 | $ | 268,581,990 | ||||||||
(1) Cost of investments - Unaffiliated issuers | $ | 326,087,728 | $ | 383,258 | $ | 425,057,148 | $ | 272,437,279 | ||||||||
(2) Cost of investments - Affiliated issuers | $ | — | $ | 2,176,525 | $ | — | $ | — |
See Notes to Financial Statements
144 |
VANECK ETF TRUST
For the Year Ended April 30, 2023
CEF Muni Income ETF | High Yield Muni ETF | HIP Sustainable Muni ETF | Intermediate Muni ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 7,721,201 | $ | — | $ | — | $ | — | ||||||||
Interest | 2,392 | 126,314,228 | 311,722 | 42,039,237 | ||||||||||||
Total income | 7,723,593 | 126,314,228 | 311,722 | 42,039,237 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 656,019 | 10,546,251 | 40,877 | 4,272,569 | ||||||||||||
Interest and taxes | 13,172 | 124 | 44 | 256 | ||||||||||||
Total expenses | 669,191 | 10,546,375 | 40,921 | 4,272,825 | ||||||||||||
Net investment income | 7,054,402 | 115,767,853 | 270,801 | 37,766,412 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (7,928,367 | ) | (32,881,848 | ) | (50,609 | ) | (19,049,840 | ) | ||||||||
In-kind redemptions | (2,151,624 | ) | (190,171,657 | ) | — | (22,135,827 | ) | |||||||||
Capital gain distributions from investment companies | 21,559 | — | — | — | ||||||||||||
Net realized loss | (10,058,432 | ) | (223,053,505 | ) | (50,609 | ) | (41,185,667 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (4,228,703 | ) | 23,487,727 | 152,910 | 74,928,897 | |||||||||||
Net change in unrealized appreciation (depreciation) | (4,228,703 | ) | 23,487,727 | 152,910 | 74,928,897 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (7,232,733 | ) | $ | (83,797,925 | ) | $ | 373,102 | $ | 71,509,642 |
See Notes to Financial Statements
145 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023
Long Muni ETF | Muni Allocation ETF | Short High Yield Muni ETF | Short Muni ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | — | $ | 14,737 | $ | — | $ | — | ||||||||
Dividends - affiliated issuers | — | 62,677 | — | — | ||||||||||||
Interest | 7,712,621 | — | 12,381,594 | 4,683,148 | ||||||||||||
Total income | 7,712,621 | 77,414 | 12,381,594 | 4,683,148 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 587,826 | 2,063 | 1,449,750 | 658,675 | ||||||||||||
Interest and taxes | 1,470 | 78 | 9,434 | 424 | ||||||||||||
Total expenses | 589,296 | 2,141 | 1,459,184 | 659,099 | ||||||||||||
Net investment income | 7,123,325 | 75,273 | 10,922,410 | 4,024,049 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (12,601,691 | ) | (3,819 | ) | (2,173,338 | ) | (614,352 | ) | ||||||||
Investments - affiliated issuers | — | (114,409 | ) | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | (3,811,621 | ) | (49,464 | ) | (4,626,681 | ) | (5,529,627 | ) | ||||||||
In-kind redemptions - affiliated issuers | — | (37,263 | ) | — | — | |||||||||||
Net realized loss | (16,413,312 | ) | (204,955 | ) | (6,800,019 | ) | (6,143,979 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
Investments - unaffiliated issuers | 11,529,092 | 27,845 | (1,990,336 | ) | 8,399,993 | |||||||||||
Investments - affiliated issuers | — | 95,616 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 11,529,092 | 123,461 | (1,990,336 | ) | 8,399,993 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,239,105 | $ | (6,221 | ) | $ | 2,132,055 | $ | 6,280,063 |
See Notes to Financial Statements
146 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
CEF Muni Income ETF | High Yield Muni ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,054,402 | $ | 8,141,777 | $ | 115,767,853 | $ | 122,609,689 | ||||||||
Net realized gain (loss) | (10,058,432 | ) | 6,852,427 | (223,053,505 | ) | (21,991,122 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (4,228,703 | ) | (50,282,573 | ) | 23,487,727 | (393,264,600 | ) | |||||||||
Net decrease in net assets resulting from operations | (7,232,733 | ) | (35,288,369 | ) | (83,797,925 | ) | (292,646,033 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (7,307,370 | ) | (7,955,563 | ) | (116,558,558 | ) | (124,522,449 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 108,726,605 | 157,298,802 | 1,884,282,300 | 985,416,843 | ||||||||||||
Cost of shares redeemed | (59,193,418 | ) | (121,225,806 | ) | (1,901,509,192 | ) | (1,011,621,866 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 49,533,187 | 36,072,996 | (17,226,892 | ) | (26,205,023 | ) | ||||||||||
Total increase (decrease) in net assets | 34,993,084 | (7,170,936 | ) | (217,583,375 | ) | (443,373,505 | ) | |||||||||
Net Assets, beginning of year | 169,407,196 | 176,578,132 | 3,017,948,859 | 3,461,322,364 | ||||||||||||
Net Assets, end of year | $ | 204,400,280 | $ | 169,407,196 | $ | 2,800,365,484 | $ | 3,017,948,859 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 4,975,000 | 5,375,000 | 36,250,000 | 15,900,000 | ||||||||||||
Shares redeemed | (2,650,000 | ) | (4,250,000 | ) | (36,500,000 | ) | (16,600,000 | ) | ||||||||
Net increase (decrease) | 2,325,000 | 1,125,000 | (250,000 | ) | (700,000 | ) |
See Notes to Financial Statements
147 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
HIP Sustainable Muni ETF | Intermediate Muni ETF | |||||||||||||||
Year Ended April 30, 2023 | Period Ended April 30, 2022 (a) | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 270,801 | $ | 29,000 | $ | 37,766,412 | $ | 30,794,618 | ||||||||
Net realized gain (loss) | (50,609 | ) | (3,603 | ) | (41,185,667 | ) | 13,113,951 | |||||||||
Net change in unrealized appreciation (depreciation) | 152,910 | (1,281,600 | ) | 74,928,897 | (232,378,068 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 373,102 | (1,256,203 | ) | 71,509,642 | (188,469,499 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (244,845 | ) | (61,690 | ) | (37,452,413 | ) | (31,094,619 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 4,502,190 | 15,016,441 | 529,630,220 | 471,684,955 | ||||||||||||
Cost of shares redeemed | — | — | (437,272,087 | ) | (358,316,244 | ) | ||||||||||
Increase in net assets resulting from share transactions | 4,502,190 | 15,016,441 | 92,358,133 | 113,368,711 | ||||||||||||
Total increase (decrease) in net assets | 4,630,447 | 13,698,548 | 126,415,362 | (106,195,407 | ) | |||||||||||
Net Assets, beginning of period | 13,698,548 | — | 1,695,151,557 | 1,801,346,964 | ||||||||||||
Net Assets, end of period | $ | 18,328,995 | $ | 13,698,548 | $ | 1,821,566,919 | $ | 1,695,151,557 | ||||||||
*Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
Shares sold | 100,000 | 300,000 | 11,650,000 | 9,250,000 | ||||||||||||
Shares redeemed | — | — | (9,450,000 | ) | (7,050,000 | ) | ||||||||||
Net increase | 100,000 | 300,000 | 2,200,000 | 2,200,000 |
(a) | For the period September 9, 2021 (commencement of operations) through April 30, 2022. |
See Notes to Financial Statements
148 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Long Muni ETF | Muni Allocation ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,123,325 | $ | 5,175,636 | $ | 75,273 | $ | 104,249 | ||||||||
Net realized gain (loss) | (16,413,312 | ) | 1,387,980 | (204,955 | ) | 103,659 | ||||||||||
Net change in unrealized appreciation (depreciation) | 11,529,092 | (39,678,118 | ) | 123,461 | (665,761 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 2,239,105 | (33,114,502 | ) | (6,221 | ) | (457,853 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (6,781,265 | ) | (5,985,800 | ) | (86,516 | ) | (97,504 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 121,166,375 | 80,649,182 | — | 501,848 | ||||||||||||
Cost of shares redeemed | (18,716,807 | ) | (53,634,924 | ) | (1,283,855 | ) | (1,250,769 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 102,449,568 | 27,014,258 | (1,283,855 | ) | (748,921 | ) | ||||||||||
Total increase (decrease) in net assets | 97,907,408 | (12,086,044 | ) | (1,376,592 | ) | (1,304,278 | ) | |||||||||
Net Assets, beginning of year | 215,567,672 | 227,653,716 | 3,684,789 | 4,989,067 | ||||||||||||
Net Assets, end of year | $ | 313,475,080 | $ | 215,567,672 | $ | 2,308,197 | $ | 3,684,789 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 6,800,000 | 3,750,000 | — | 20,000 | ||||||||||||
Shares redeemed | (1,050,000 | ) | (2,500,000 | ) | (60,000 | ) | (50,000 | ) | ||||||||
Net increase (decrease) | 5,750,000 | 1,250,000 | (60,000 | ) | (30,000 | ) |
See Notes to Financial Statements
149 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 10,922,410 | $ | 9,492,905 | $ | 4,024,049 | $ | 2,778,472 | ||||||||
Net realized loss | (6,800,019 | ) | (2,520,675 | ) | (6,143,979 | ) | (25,692 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (1,990,336 | ) | (39,252,516 | ) | 8,399,993 | (20,861,252 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 2,132,055 | (32,280,286 | ) | 6,280,063 | (18,108,472 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (11,315,025 | ) | (9,530,270 | ) | (4,788,660 | ) | (3,907,985 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 49,297,949 | 159,122,366 | 49,753,782 | 58,151,543 | ||||||||||||
Cost of shares redeemed | (60,769,201 | ) | (4,759,705 | ) | (110,242,493 | ) | (5,370,710 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (11,471,252 | ) | 154,362,661 | (60,488,711 | ) | 52,780,833 | ||||||||||
Total increase (decrease) in net assets | (20,654,222 | ) | 112,552,105 | (58,997,308 | ) | 30,764,376 | ||||||||||
Net Assets, beginning of year | 418,264,293 | 305,712,188 | 327,579,298 | 296,814,922 | ||||||||||||
Net Assets, end of year | $ | 397,610,071 | $ | 418,264,293 | $ | 268,581,990 | $ | 327,579,298 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 2,200,000 | 6,300,000 | 2,950,000 | 3,250,000 | ||||||||||||
Shares redeemed | (2,700,000 | ) | (200,000 | ) | (6,500,000 | ) | (300,000 | ) | ||||||||
Net increase (decrease) | (500,000 | ) | 6,100,000 | (3,550,000 | ) | 2,950,000 |
See Notes to Financial Statements
150 |
VANECK ETF TRUST
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
(d) | Periods after November 1, 2019 reflect a unitary management fee structure. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
151 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
152 |
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
153 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Amount represents less than $0.005 per share. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
154 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
155 |
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
156 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
157 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
158 |
VANECK ETF TRUST
April 30, 2023
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the 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.
Fund | Index* |
CEF Muni | S-Network Municipal Bond Closed-End Fund Index |
High Yield | ICE Broad High Yield Crossover Municipal Index |
Intermediate | ICE Intermediate AMT-Free Broad National Municipal Index |
Long | ICE Long AMT-Free Broad National Municipal Index |
Short High Yield | ICE 1-12 Year Broad High Yield Crossover Municipal Index |
Short | ICE Short AMT-Free Broad National Municipal Index |
* | Refer to Note 10 for more information on indices throughout the year. |
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 objectives 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.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services — Investment Companies.
159 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The following summarizes the Funds’ significant accounting policies.
A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: |
Level 1 — Quoted prices in active markets for identical securities. | |
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. 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. | |
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. |
160 |
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, in 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, 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. | ||
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 using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. | ||
The Funds earn interest 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 year ended April 30, 2023, are as follows:
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 |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Fund | Unitary Management Fee Rate | |||
Short | 0.20 |
In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At April 30, 2023, the Adviser owned approximately 13% of HIP Sustainable.
Note 4—Capital Share Transactions—As of April 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of 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 year ended April 30, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-Kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
CEF Muni | $ | 24,407,304 | $ | 24,413,988 | $ | 108,748,349 | $ | 59,185,266 | ||||||||
High Yield | 866,174,145 | 330,104,487 | 1,287,699,288 | 1,818,751,232 | ||||||||||||
HIP Sustainable | 8,048,968 | 2,188,210 | — | — | ||||||||||||
Intermediate | 641,117,004 | 298,686,560 | 230,191,117 | 440,096,605 | ||||||||||||
Long | 159,590,753 | 78,684,634 | 43,867,674 | 18,688,032 | ||||||||||||
Muni Allocation | 1,906,535 | 1,917,482 | — | 1,283,899 | ||||||||||||
Short High Yield | 81,384,281 | 70,984,215 | 46,507,385 | 58,877,507 | ||||||||||||
Short | 107,211,865 | 61,484,201 | 2,462,353 | 110,006,131 |
During the year ended April 30, 2023, the High Yield, Intermediate, Long, Short High Yield and Short funds engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These transactions complied with Rule 17a-7 under the Act and aggregated to approximately $2 million of sales for High Yield, $5 million of purchases and $13 million of sales for Intermediate, $5 million of sales for Long, $2 million of purchases for Short High Yield and $13 million of purchases for Short.
Note 6—Income Taxes—As of April 30, 2023, 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:
162 |
Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
CEF Muni | $248,491,260 | $472,574 | $(44,833,006) | $(44,360,432) | ||||||||||||
High Yield | 3,008,461,858 | 23,311,783 | (288,013,400) | (264,701,617) | ||||||||||||
HIP Sustainable | 19,018,288 | 53,852 | (1,182,423) | (1,128,571) | ||||||||||||
Intermediate | 1,865,518,766 | 9,639,768 | (79,184,140) | (69,544,372) | ||||||||||||
Long | 326,062,863 | 1,733,288 | (19,386,209) | (17,652,921) | ||||||||||||
Muni Allocation | 2,559,783 | 7,467 | (260,345) | (252,878) | ||||||||||||
Short High Yield | 425,340,092 | 1,089,351 | (34,666,173) | (33,576,822) | ||||||||||||
Short | 273,672,314 | 333,092 | (9,251,283) | (8,918,191) |
At April 30 2023, the components of distributable earnings (loss) on a tax basis, for each Fund, we as follows:
Fund | Undistributed Tax-Exempt Income | (Accumulated Capital Losses)/ Undistributed Capital Gains | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | |||||||||||||||
CEF Muni | $484,464 | $(16,041,290 | ) | $(4,195 | ) | $(44,360,432 | ) | $(59,921,453 | ) | |||||||||||
High Yield | 9,658,990 | (120,047,117 | ) | (3,184 | ) | (264,701,617 | ) | (375,092,928 | ) | |||||||||||
HIP Sustainable | 37,976 | (99,040 | ) | – | (1,128,571 | ) | (1,189,635 | ) | ||||||||||||
Intermediate | 3,513,971 | (20,465,111 | ) | (3,000 | ) | (69,544,372 | ) | (86,498,512 | ) | |||||||||||
Long | 816,578 | (13,208,105 | ) | (1,517 | ) | (17,652,921 | ) | (30,045,965 | ) | |||||||||||
Muni Allocation | 5,944 | (820,009 | ) | – | (252,878 | ) | (1,066,943 | ) | ||||||||||||
Short High Yield | 877,967 | (13,210,936 | ) | – | (33,576,822 | ) | (45,909,791 | ) | ||||||||||||
Short | 355,762 | (1,465,132 | ) | (1,600 | ) | (8,918,191 | ) | (10,029,161 | ) |
The tax character of dividends paid to shareholders was as follows:
April 30, 2023 | April 30, 2022 | |||||||||||||||||||
Fund | Tax-Exempt Income | Ordinary Income* | Tax-Exempt Income | Ordinary Income* | Long-Term Capital Gains | |||||||||||||||
CEF Muni | $7,256,211 | $51,159 | $7,850,810 | $104,753 | $– | |||||||||||||||
High Yield | 115,016,067 | 1,542,491 | 123,477,189 | 1,045,260 | – | |||||||||||||||
HIP Sustainable | 231,881 | 12,964 | 61,690 | – | – | |||||||||||||||
Intermediate | 37,164,901 | 287,512 | 31,007,490 | 61,540 | 25,589 | |||||||||||||||
Long | 6,709,990 | 71,275 | 5,146,441 | 9,182 | 830,177 | |||||||||||||||
Muni Allocation | 85,852 | 664 | 96,923 | 581 | – | |||||||||||||||
Short High Yield | 11,247,035 | 67,990 | 9,511,759 | 18,511 | – | |||||||||||||||
Short | 4,709,425 | 79,235 | 3,452,059 | 33,602 | 422,324 |
*Includes short-term capital gains (if any).
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
At April 30 2023, 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 | $ | (6,236,418 | ) | $ | (9,804,872 | ) | $ | (16,041,290 | ) | |||
High Yield | (39,183,945 | ) | (80,863,172 | ) | (120,047,117 | ) | ||||||
HIP Sustainable | (46,340 | ) | (52,700 | ) | (99,040 | ) | ||||||
Intermediate | (4,121,023 | ) | (16,344,088 | ) | (20,465,111 | ) | ||||||
Long | (2,390,258 | ) | (10,817,847 | ) | (13,208,105 | ) | ||||||
Muni Allocation | (774,355 | ) | (45,654 | ) | (820,009 | ) | ||||||
Short High Yield | (3,942,367 | ) | (9,268,569 | ) | (13,210,936 | ) | ||||||
Short | (570,417 | ) | (894,715 | ) | (1,465,132 | ) |
During the year ended April 30, 2023, as a result of permanent book to tax differences primarily due to the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
CEF Muni | $ | 2,152,057 | $ | (2,152,057 | ) | |||
High Yield | 190,346,143 | (190,346,143 | ) | |||||
Intermediate | 22,153,736 | (22,153,736 | ) | |||||
Long | 3,811,621 | (3,811,621 | ) | |||||
Muni Allocation | 86,727 | (86,727 | ) | |||||
Short High Yield | 4,626,681 | (4,626,681 | ) | |||||
Short | 5,529,627 | (5,529,627 | ) |
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 year ended April 30, 2023, 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.
164 |
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.
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 which is 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 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. These fees are included in custody and accounting fees in the Statements of Operations. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2023, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
CEF Muni | 288 | $340,483 | 4.44 | % | ||||||||
Intermediate | 2 | 242,098 | 2.18 | |||||||||
Long | 21 | 640,375 | 3.61 | |||||||||
Short High Yield | 59 | 1,076,272 | 5.24 | |||||||||
Short | 14 | 181,367 | 3.25 |
Outstanding loan balances as of April 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.
Note 10—Other— In 2021, the Trustees 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 for each Fund have been implemented within a 9-month period in two phases. During the period from March 1, 2022 to November 30, 2022 (the “Transition”), each Fund
165 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
was seeking to replicate the index set forth under the “Transition Index” column of the table below (each, a “Transition Index”). Each Transition Index was an interim index that gradually increased 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”). Effective December 1, 2022, each Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of its New Index (as defined below).
Fund | Former Index | Transition Index (March 1, 2022 through November 30, 2022) | New Index (Effective 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 |
Note 11—Subsequent Event— On June 8, 2023, the Trustees approved the liquidation of the Muni Allocation, which is expected to happen on or about June 29, 2023. Shareholders who continue to hold shares of the Fund on the Fund’s liquidation date will receive a liquidating distribution, if any, with a value equal to their proportionate ownership interest in the Fund on that date.
Effective June 20, 2023, the Adviser has agreed to lower the unitary management fee rate for High Yield Muni from 0.35% to 0.32%, and for Short Muni from 0.20% to 0.07%.
166 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the eight funds listed in the table below.
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (eight of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations and of changes in net assets for the year ended April 30, 2023, including the related notes, and the financial highlights for the year ended April 30, 2023, (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for the year ended April 30, 2023, in conformity with accounting principles generally accepted in the United States of America.
Funds
VanEck CEF Muni Income ETF | VanEck Long Muni ETF | ||
VanEck High Yield Muni ETF | VanEck Muni Allocation ETF | ||
VanEck HIP Sustainable Muni ETF | VanEck Short High Yield Muni ETF | ||
VanEck Intermediate Muni ETF | VanEck Short Muni ETF |
The financial statements of the Funds as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
June 27, 2023
We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.
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VANECK ETF TRUST
(unaudited)
The per share amounts of taxable vs. tax-exempt income paid by the funds during the taxable year ended April 30, 2023 are listed in the table below. The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2023 income tax purposes will be sent to them in early 2024.
Additionally, all of the taxable ordinary income represents Qualified Interest Income (QII) for non-resident alien shareholders.
Please consult your tax advisor for proper treatment of this information.
Fund Name | Ticker Symbol | Tax-Exempt Interest Per Share | Tax-Exempt Interest as a Percentage of the Total Distribution | Taxable Ordinary Income Per Share | Taxable Income as a Percentage of the Total Distribution | Total Tax-Exempt + Ordinary Income Distribution Per Share | ||||||||||||||||
CEF Muni | XMPT | $ | 1.0105 | 99.22 | % | $ | 0.0079 | 0.78 | % | $ | 1.0184 | |||||||||||
High Yield | HYD | 2.0005 | 98.67 | 0.0269 | 1.33 | 2.0274 | ||||||||||||||||
HIP Sustainable | SMI | 0.6140 | 94.94 | 0.0327 | 5.06 | 0.6467 | ||||||||||||||||
Intermediate | ITM | 0.9538 | 99.25 | 0.0072 | 0.75 | 0.9610 | ||||||||||||||||
Long | MLN | 0.4909 | 99.06 | 0.0047 | 0.94 | 0.4956 | ||||||||||||||||
Muni Allocation | MAAX | 0.6943 | 99.24 | 0.0053 | 0.76 | 0.6996 | ||||||||||||||||
Short | SMB | 0.2426 | 98.22 | 0.0044 | 1.78 | 0.2470 | ||||||||||||||||
Short High Yield | SHYD | 0.6078 | 99.40 | 0.0037 | 0.60 | 0.6115 |
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2023 (unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held By Trustee During Past Five Years | |||||
Independent Trustees | ||||||||||
David H. Chow, 1957*† | Trustee Chairperson | Since 2006 2008 to 2022 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 70 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
Laurie A. Hesslein, 1959*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 70 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 82 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J. Sidebottom, 1962*† | Chairperson Trustee | Since 2022 Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 70 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 82 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee | ||||||||||
Jan F. van Eck, 19635 | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 82 | Director, National Committee on US- China Relations. | |||||
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 And Length of Time Served | Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. | |||
Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc. | |||
Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. | |||
Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
170 |
Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. | |||
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
171 |
VANECK ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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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 | MUNIAR |
![]() | ANNUAL REPORT April 30, 2023 |
BDC Income ETF | BIZD |
China Bond ETF | CBON |
Dynamic High Income ETF | INC |
Emerging Markets High Yield Bond ETF | HYEM |
Fallen Angel High Yield Bond ETF | ANGL |
Green Bond ETF | GRNB |
IG Floating Rate ETF | FLTR |
International High Yield Bond ETF | IHY |
J.P. Morgan EM Local Currency Bond ETF | EMLC |
Moody’s Analytics® BBB Corporate Bond ETF | MBBB |
Moody’s Analytics® IG Corporate Bond ETF | MIG |
Mortgage REIT Income ETF | MORT |
Preferred Securities ex Financials ETF | PFXF |
800.826.2333 | vaneck.com |
Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2023.
VANECK ETF TRUST
April 30, 2023 (unaudited)
Dear Fellow Shareholders:
Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This is still my view despite events in the last few months, discussed at the end of this letter.
Discussion
To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.
There are three things investors are facing, none of which is particularly positive for financial assets.
1. Monetary Policy: Tightening
Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.
A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.3 trillion in March.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.
Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.
Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.
2. Fiscal Tightening
A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.
3. Global Growth is at Low Levels
Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.
The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.
However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds
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VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.
Outlook
My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.
The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
May 17, 2023
PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.3 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Barron’s: The Fed’s Balance Sheet Is Shrinking Again. What That Means for Stocks., April 26, 2023, https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
3 https://www.vaneck.com/us/en/subscribe/
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VANECK ETF TRUST
April 30, 2023 (unaudited)
CORPORATE BOND
Fallen Angel Bonds
VanEck Fallen Angel High Yield Bond ETF, which gained 0.59% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds are bonds that have been downgraded from investment grade to “junk.” They offer a distinct value proposition that has, historically, provided long-term outperformance—contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by approximately 200 basis points annually.1
Energy sector bonds (which is the ETF’s largest sector exposure) were the biggest contributors, followed by those in the leisure sector, during the period under review. The banking and retail sectors detracted the most from performance.
Investment Grade Floating Rate Notes
Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. Short-term interest rates have increased by approximately 500 basis points since the beginning of 2022, coinciding with the Federal Reserve’s aggressive rate hikes over the period, with 3-month USD Libor rising to 5.30% on April 28, 2023 compared to 1.33% one year earlier. VanEck IG Floating Rate ETF (the re-named VanEck Investment Grade Floating Rate ETF) gained 3.61% over this 12 month period. With 3-month USD Libor set to discontinue on June 30, 2023, the fund’s portfolio continues to reflect the ongoing transition in the marketplace towards alternative reference rates, particularly the Secured Overnight Funding Rate (“SOFR”). As of April 30, 2023, the portfolio had a weight of approximately 75% in SOFR linked bonds.
All sectors provided positive returns, with the financial sector contributing the most. The real estate sector (the ETF’s smallest sector exposure) contributed the least to performance.
Investment Grade Corporate Bonds
The U.S. investment grade corporate bond market is both large and diverse. Investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. Both VanEck Moody’s Analytics IG Corporate Bond ETF and VanEck Moody’s Analytics BBB Corporate Bond ETF track indices that use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while avoiding bonds with the highest probability of being downgraded to high yield. VanEck Moody’s Analytics IG Corporate Bond ETF selects from the broad investment grade universe, while VanEck Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market.
VanEck Moody’s Analytics IG Corporate Bond ETF was up 1.22%. While the consumer goods sector provided the greatest contribution to the fund’s return, while the energy sector detracted the most. VanEck Moody’s Analytics BBB Corporate Bond ETF was up 1.70%, also with the consumer goods sector contributing the most to performance. The energy sector also detracted the most.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. VanEck BDC Income ETF lost 2.60% for the 12 month period, with the fund impacted negatively by recession fears and credit concerns in the US despite resiliency in terms of defaults and non-accruals.
While companies in the very largest market capitalization ranges contributed the most, those in the very smallest detracted the most.
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VANECK ETF TRUST
MANAGEMENT DISCUSSION (unaudited) (continued)
Mortgage REITs
Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. The yield curve has been a major concern for mortgage REIT investors throughout the 12 month period ending April 30, 2023. The inverted yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Widespread concerns in commercial real estate has also put pressure on the fund’s portfolio. VanEck Mortgage REIT Income ETF lost 16.95% for the 12 month period.
While companies across the range of capitalizations detracted from performance, those in the ranges between the largest and the smallest detracted the most.
Preferred Securities ex Financials
Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index, which excludes financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.
Over the 12 month period ending April 30, 2023, VanEck Preferred Securities ex Financials ETF registered a loss of 2.50%. The utility sector contributed most to the fund’s performance, while the technology and electronics sector detracted the most.
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $20.9 trillion.2 While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.
VanEck China Bond ETF, recorded a loss of 0.80% over the 12 month period ending April 30, 2023. Only the consumer cyclicals sector contributed positively to performance and then only minimally. The financial sector detracted the most.
Emerging Markets Local Currency Bonds
Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East and Asia.
Following a significant decline toward the end of the last fiscal year, VanEck J.P. Morgan EM Local Currency Bond ETF, recorded a gain of 5.13% over the 12 month period.
While bonds denominated in Mexican peso and Polish zloty contributed the most positively to the fund’s total return, of other bonds those denominated in Egyptian pounds were by far the greatest detractors from performance, reflecting the devaluation of the currency since moving to a flexible exchange rate following a financing agreement with the International Monetary Fund in 2022.
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Emerging Markets High Yield Bonds
Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.
VanEck Emerging Markets High Yield Bond ETF lost 0.56% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Turkish bonds and those from Macau were the greatest contributors. Issuers from China were the greatest detractors from performance. Leisure bonds contributed the most to total return, while the real estate sector detracted the most from performance.
International High Yield Bonds
Non U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.
Over the period, VanEck International High Yield Bond ETF gained 0.78%. Bonds from leisure sector, followed by those from the utility and banking sectors, contributed the most to the fund’s total return. The real estate sector detracted by far the most from performance. Bonds denominated Euro contributed the most, whilst those in U.S. dollars detracted the most. Italian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese issuers detracted the most from performance.
Green Bonds
Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 with the exception of 2022 amid global interest rate volatility, and the first three months of 2023 was the busiest quarter for issuance on record. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.
VanEck Green Bond ETF gained 0.41% for the 12 month period. From a country of risk perspective, issuers from Japan contributed the most positively to total return. Bonds from the U.S. detracted the most from performance. Financial-related bonds were the greatest contributors to returns and real estate-related bonds detracted the most from performance.
MULTI-ASSET INCOME
VanEck Dynamic High Income ETF seeks to provide high current income with consideration for capital appreciation by investing, under normal circumstances, in exchange-traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.
The fund traded for just short of six months. However, in the period in which it did trade before its fiscal year end, the fund was up 6.47% versus 9.58% for the ICE BofA Global High Yield Corporate & Sovereign Index. Fallen angel bonds made the greatest contribution to performance and only mortgage REITs detracted from performance.
Returns based on funds’ net asset values (NAVs).
All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.
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VANECK ETF TRUST
MANAGEMENT DISCUSSION (unaudited) (continued)
1 Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofA US High Yield Index from 12/31/2003 to 4/30/2023. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.
2 The Bank for International Settlements: Debt securities statistics, September 2022
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April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||
Share Price | NAV | MVBDCTRG1 | SPTR2 | |||||
One Year | (2.54)% | (2.60)% | (2.60)% | 2.66% | ||||
Five Year | 8.48% | 8.43% | 8.39% | 11.45% | ||||
Ten Year | 5.74% | 5.75% | 5.78% | 12.20% |
1 | MVIS® US Business Development Companies Index (MVBDCTRG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of business development companies (BDCs). To be eligible for the MVBDCTRG Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act. |
Index data prior to June 19, 2023 reflects that of the MVIS® US Business Development Companies Index (MVBIZDTG). From June 19, 2023 forward, the index data reflects that of the Fund’s underlying index MVBDCTRG. Index history which includes periods prior to June 19, 2023 links the performance of MVBIZDTG and MVBDCTRG and is not intended for third party use. | |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
7 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | CHQU01TR1 | US002 | LBUSTRUU3 | ||||||
One Year | (2.29)% | (0.80)% | (0.70)% | (0.57)% | (0.43)% | |||||
Five Year | 1.73% | 2.02% | 2.78% | 1.19% | 1.18% | |||||
Life* | 1.78% | 2.01% | 2.83% | 1.35% | 1.33% |
* | Inception of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14. |
1 | ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index. |
As of October 31, 2018, index data for the CHQU01TR for all periods presented reflect the stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
8 |
VANECK DYNAMIC HIGH INCOME ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||
Share Price | NAV | HG001 | ||||
Life* | 6.50% | 6.47% | 9.58% |
* | Inception of Fund: 11/1/22; First Day of Secondary Market Trading: 11/2/22. |
1 | The ICE BofA Global High Yield Corporate & Sovereign Index (HG00) tracks the performance of the below investment grade global debt markets denominated in the major developed market currencies. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | EMLH1 | US002 | LBUSTRUU3 | ||||||
One Year | 0.85% | (0.56)% | (0.10)% | (0.57)% | (0.43)% | |||||
Five Year | 0.73% | 0.51% | 0.50% | 1.19% | 1.18% | |||||
Ten Year | 2.23% | 2.19% | 2.49% | 1.34% | 1.32% |
1 | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets. |
Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the EMLH. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
10 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | H0CF1 | US002 | LBUSTRUU3 | ||||||
One Year | 1.67% | 0.59% | 0.93% | (0.57)% | (0.43)% | |||||
Five Year | 4.01% | 3.94% | 4.42% | 1.19% | 1.18% | |||||
Ten Year | 5.51% | 5.57% | 6.23% | 1.34% | 1.32% |
1 | ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers. |
Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
11 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | SPGRUSST1 | US002 | LBUSTRUU3 | ||||||
One Year | 1.07% | 0.41% | 0.29% | (0.57)% | (0.43)% | |||||
Five Year | (0.33)% | (0.32)% | (0.01)% | 1.19% | 1.18% | |||||
Life* | 1.14% | 1.11% | 1.52% | 1.14% | 1.13% |
* | Inception of Fund: 3/3/17; First Day of Secondary Market Trading: 3/4/17. |
1 | S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to provide a broad measure of the performance of the investable, U.S. dollar-denominated “green” bond market. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index. |
Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the SPGUSST. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
12 |
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | MVFLTR1 | US002 | LBUSTRUU3 | ||||||
One Year | 3.66% | 3.61% | 3.30% | (0.57)% | (0.43)% | |||||
Five Year | 2.00% | 2.02% | 2.13% | 1.19% | 1.18% | |||||
Ten Year | 1.67% | 1.68% | 1.95% | 1.34% | 1.32% |
1 | MVIS® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes with outstanding issue sizes greater than or equal to $500 million, issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating. |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
13 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | HXUS1 | US002 | LBUSTRUU3 | ||||||
One Year | 1.77% | 0.78% | 1.24% | (0.57)% | (0.43)% | |||||
Five Year | 0.34% | 0.20% | 0.43% | 1.19% | 1.18% | |||||
Ten Year | 1.98% | 1.96% | 2.47% | 1.34% | 1.32% |
1 | ICE BofA ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets. |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
14 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | GBIEMCOR1 | US002 | LBUSTRUU3 | ||||||
One Year | 5.34% | 5.13% | 5.73% | (0.57)% | (0.43)% | |||||
Five Year | (2.32)% | (2.39)% | (2.01)% | 1.19% | 1.18% | |||||
Ten Year | (2.32)% | (2.33)% | (1.84)% | 1.34% | 1.32% |
1 | J.P. Morgan GBI-EM Global Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer. |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
15 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | MVBI1 | US002 | LBUSTRUU3 | ||||||
One Year | 2.07% | 1.70% | 1.99% | (0.57)% | (0.43)% | |||||
Life* | (4.10)% | (4.15)% | (4.24)% | (4.70)% | (4.65)% |
* | Inception of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20. |
1 | MVIS® Moody’s Analytics® US BBB Corporate Bond Index (MVBI) is designed to track the performance of U.S. dollar-denominated BBB rated corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc. |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
16 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||||
Share Price | NAV | MVCI1 | US002 | LBUSTRUU3 | ||||||
One Year | 1.50% | 1.22% | 1.33% | (0.57)% | (0.43)% | |||||
Life* | (4.20)% | (4.25)% | (4.34)% | (4.70)% | (4.65)% |
* | Inception of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20. |
1 | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index (MVCI) is designed to track the performance of U.S. dollar-denominated investment grade corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc. |
2 | The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. |
On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure. | |
3 | LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
17 |
VANECK MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||
Share Price | NAV | MVMORTTG1 | SPTR2 | |||||
One Year | (17.17)% | (16.95)% | (16.72)% | 2.66% | ||||
Five Year | (4.77)% | (4.70)% | (4.46)% | 11.45% | ||||
Ten Year | (0.21)% | (0.17)% | 0.16% | 12.20% |
1 | MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
18 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2023 (unaudited)
Average Annual Total Return | ||||||||
Share Price | NAV | PFAN1 | SPTR2 | |||||
One Year | (2.25)% | (2.50)% | (1.75)% | 2.66% | ||||
Five Year | 3.96% | 4.03% | 4.45% | 11.45% | ||||
Ten Year | 4.17% | 4.19% | 4.33% | 12.20% |
1 | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN) is a rules-based index designed to track the performance of exchange-listed U.S. dollar denominated hybrid debt, preferred stock and convertible preferred stock publicly issued by non-financial corporations in the U.S. domestic market. It includes both rated and unrated securities, and securities with either a fixed or floating rate coupon or dividend. |
Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021, forward, the index data reflects that of PFAN. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. | ![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 20 for more information.
19 |
VANECK ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees, if any. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
MVBDCTRG, MVFLTR, MVMORTTG, MVBI and MVCI are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. CHQU01TR is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). GBIEMCOR is published by JPMorgan Securities Inc. (J.P. Morgan). EMLH, HOCF and HXUS are published by ICE Data Indices, LLC. SPGRUSST is published by S&P Dow Jones Indices (S&P). PFAN is published by Wells Fargo & Company, LLC (Wells Fargo).
MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, Wells Fargo, and Bloomberg do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
20 |
VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2022 to April 30, 2023.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio During Period | Expenses Paid During the Period November 1, 2022 - April 30, 2023(a) | |||||
BDC Income ETF | ||||||||
Actual | $1,000.00 | $1,048.30 | 0.43% | $2.18 | ||||
Hypothetical (b) | $1,000.00 | $1,022.66 | 0.43% | $2.16 | ||||
China Bond ETF | ||||||||
Actual | $1,000.00 | $1,073.70 | 0.54% | $2.78 | ||||
Hypothetical (b) | $1,000.00 | $1,022.12 | 0.54% | $2.71 | ||||
Dynamic High Income ETF | ||||||||
Actual (c) | $1,000.00 | $1,064.70 | 0.10% | $0.51 | ||||
Hypothetical (b) | $1,000.00 | $1,024.30 | 0.10% | $0.50 | ||||
Emerging Markets High Yield Bond ETF | ||||||||
Actual | $1,000.00 | $1,132.30 | 0.40% | $2.11 | ||||
Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
Fallen Angel High Yield Bond ETF | ||||||||
Actual | $1,000.00 | $1,067.50 | 0.35% | $1.79 | ||||
Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
Green Bond ETF | ||||||||
Actual | $1,000.00 | $1,072.60 | 0.20% | $1.03 | ||||
Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
IG Floating Rate ETF | ||||||||
Actual | $1,000.00 | $1,035.50 | 0.14% | $0.71 | ||||
Hypothetical (b) | $1,000.00 | $1,024.10 | 0.14% | $0.70 |
21 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio During Period | Expenses Paid During the Period November 1, 2022 - April 30, 2023(a) | |||||
International High Yield Bond ETF | ||||||||
Actual | $1,000.00 | $1,132.90 | 0.40% | $2.12 | ||||
Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
J.P. Morgan EM Local Currency Bond ETF | ||||||||
Actual | $1,000.00 | $1,148.00 | 0.30% | $1.60 | ||||
Hypothetical (b) | $1,000.00 | $1,023.31 | 0.30% | $1.51 | ||||
Moody’s Analytics BBB Corporate Bond ETF | ||||||||
Actual | $1,000.00 | $1,098.60 | 0.25% | $1.30 | ||||
Hypothetical (b) | $1,000.00 | $1,023.55 | 0.25% | $1.25 | ||||
Moody’s Analytics IG Corporate Bond ETF | ||||||||
Actual | $1,000.00 | $1,093.30 | 0.20% | $1.04 | ||||
Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
Mortgage REIT Income ETF | ||||||||
Actual | $1,000.00 | $985.60 | 0.44% | $2.17 | ||||
Hypothetical (b) | $1,000.00 | $1,022.61 | 0.44% | $2.21 | ||||
Preferred Securities ex Financials ETF | ||||||||
Actual | $1,000.00 | $1,079.50 | 0.41% | $2.11 | ||||
Hypothetical (b) | $1,000.00 | $1,022.76 | 0.41% | $2.06 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
(b) | Assumes annual return of 5% before expenses |
(c) | Expenses are equal to the Fund’s annualized expense ratio (for the period from November 2, 2022 (commencement of operations) to April 30, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
22 |
April 30, 2023
Number of Shares | Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Financial Services: 100.1% | ||||||||
Ares Capital Corp. | 6,323,954 | $ | 116,866,670 | |||||
Bain Capital Specialty Finance, Inc. † | 649,064 | 7,600,539 | ||||||
Barings BDC, Inc. | 1,367,941 | 10,423,710 | ||||||
BlackRock TCP Capital Corp. † | 841,677 | 8,450,437 | ||||||
Blackstone Secured Lending Fund † | 1,080,560 | 27,878,448 | ||||||
Capital Southwest Corp. † | 503,528 | 9,128,963 | ||||||
Carlyle Secured Lending, Inc. † | 686,621 | 9,660,757 | ||||||
CION Investment Corp. † | 807,570 | 7,655,764 | ||||||
Fidus Investment Corp. † | 346,703 | 6,500,681 | ||||||
FS KKR Capital Corp. † | 4,087,324 | 76,882,564 | ||||||
Gladstone Investment Corp. † | 487,444 | 6,731,602 | ||||||
Goldman Sachs BDC, Inc. † | 1,499,202 | 20,838,908 | ||||||
Golub Capital BDC, Inc. † | 2,018,293 | 27,206,590 | ||||||
Hercules Capital, Inc. † | 1,790,965 | 23,712,377 | ||||||
Main Street Capital Corp. † | 664,768 | 26,936,399 | ||||||
MidCap Financial Investment Corp. † | 953,633 | 10,795,125 | ||||||
New Mountain Finance Corp. † | 1,338,304 | 15,912,434 | ||||||
Oaktree Specialty Lending Corp. | 1,044,444 | 19,719,103 | ||||||
Owl Rock Capital Corp. † | 5,316,492 | 69,008,066 |
Number of Shares | Value | |||||||
Financial Services (continued) | ||||||||
PennantPark Floating Rate Capital Ltd. † | 680,436 | $ | 7,382,731 | |||||
Prospect Capital Corp. † | 3,746,296 | 25,512,276 | ||||||
Sixth Street Specialty Lending, Inc. | 1,126,556 | 20,593,444 | ||||||
SLR Investment Corp. † | 683,585 | 9,905,147 | ||||||
Trinity Capital, Inc. † | 508,812 | 6,187,154 | ||||||
TriplePoint Venture Growth BDC Corp. | 515,033 | 6,113,442 | ||||||
Total Common Stocks (Cost: $617,312,326) | 577,603,331 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 16.0% | ||||||||
Money Market Fund: 16.0% (Cost: $92,435,917) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 92,435,917 | 92,435,917 | ||||||
Total Investments: 116.1% (Cost: $709,748,243) | 670,039,248 | |||||||
Liabilities in excess of other assets: (16.1)% | (92,786,304) | |||||||
NET ASSETS: 100.0% | $ | 577,252,944 |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $141,163,568. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||
Financials | 100.0% | $ | 577,603,331 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks * | $ | 577,603,331 | $ | — | $ | — | $ | 577,603,331 | ||||||||
Money Market Fund | 92,435,917 | — | — | 92,435,917 | ||||||||||||
Total Investments | $ | 670,039,248 | $ | — | $ | — | $ | 670,039,248 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
23 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 74.7% | ||||||||
Basic Materials: 6.7% | ||||||||
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25 | CNY | 10,000 | $ | 1,455,277 | ||||
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25 | CNY | 10,000 | 1,458,961 | |||||
2,914,238 | ||||||||
Consumer Cyclicals: 1.7% | ||||||||
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26 | CNY | 4,900 | 723,889 | |||||
Energy: 4.5% | ||||||||
PetroChina Co. Ltd. 3.50%, 01/19/26 | CNY | 3,490 | 512,184 | |||||
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25 | CNY | 10,000 | 1,456,721 | |||||
1,968,905 | ||||||||
Financials: 40.4% | ||||||||
Agricultural Development Bank of China | ||||||||
2.25%, 04/22/25 | CNY | 2,930 | 420,566 | |||||
2.96%, 04/17/30 | CNY | 4,000 | 578,292 | |||||
3.24%, 08/14/24 | CNY | 2,400 | 350,004 | |||||
3.63%, 07/19/26 | CNY | 2,700 | 401,330 | |||||
3.74%, 07/12/29 | CNY | 2,740 | 414,160 | |||||
3.75%, 01/25/29 | CNY | 2,620 | 395,212 | |||||
3.79%, 10/26/30 | CNY | 1,110 | 169,142 | |||||
3.85%, 01/06/27 | CNY | 3,410 | 511,053 | |||||
4.39%, 09/08/27 | CNY | 3,270 | 502,497 | |||||
4.65%, 05/11/28 | CNY | 1,360 | 212,842 | |||||
4.98%, 01/12/25 | CNY | 2,640 | 396,587 | |||||
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.40%, 10/24/24 | CNY | 10,000 | 1,450,021 | |||||
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27 | CNY | 10,000 | 1,511,748 | |||||
China Development Bank | ||||||||
3.18%, 04/05/26 | CNY | 4,850 | 710,366 | |||||
3.30%, 03/03/26 | CNY | 5,550 | 816,076 | |||||
3.34%, 07/14/25 | CNY | 3,830 | 562,060 | |||||
3.39%, 02/03/27 | CNY | 42 | 6,206 | |||||
3.41%, 06/07/31 | CNY | 1,640 | 244,287 | |||||
3.45%, 09/20/29 | CNY | 4,800 | 714,393 | |||||
3.48%, 01/08/29 | CNY | 4,460 | 663,919 | |||||
3.65%, 05/21/29 | CNY | 1,950 | 293,250 | |||||
3.66%, 03/01/31 | CNY | 1,170 | 177,112 | |||||
3.70%, 10/20/30 | CNY | 4,150 | 629,161 | |||||
4.04%, 04/10/27 | CNY | 1,760 | 266,080 | |||||
4.04%, 07/06/28 | CNY | 2,720 | 415,489 | |||||
Chongqing Longhu Development Co. Ltd. | ||||||||
3.45%, 08/02/23 | CNY | 5,000 | 718,911 | |||||
4.44%, 01/25/24 | CNY | 8,000 | 1,148,547 | |||||
Cinda Investment Co. Ltd. 4.30%, 12/22/23 | CNY | 1,200 | 173,672 | |||||
Export-Import Bank of China |
Par (000’s | ) | Value | ||||||
Financials (continued) | ||||||||
3.22%, 05/14/26 | CNY | 1,970 | $ | 289,100 | ||||
3.23%, 03/23/30 | CNY | 2,900 | 426,312 | |||||
3.33%, 02/22/26 | CNY | 1,860 | 273,298 | |||||
3.38%, 07/16/31 | CNY | 1,750 | 259,998 | |||||
3.43%, 10/23/25 | CNY | 1,830 | 269,220 | |||||
3.74%, 11/16/30 | CNY | 2,380 | 361,699 | |||||
3.86%, 05/20/29 | CNY | 2,480 | 376,291 | |||||
3.88%, 01/12/36 | CNY | 1,170 | 183,286 | |||||
4.89%, 03/26/28 | CNY | 1,510 | 238,315 | |||||
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24 | CNY | 200 | 29,064 | |||||
17,559,566 | ||||||||
Industrials: 10.0% | ||||||||
China State Railway Group Co. Ltd. 3.45%, 07/25/24 | CNY | 14,800 | 2,159,067 | |||||
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 2.70%, 10/21/24 | CNY | 5,000 | 720,434 | |||||
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26 | CNY | 5,000 | 727,876 | |||||
Sichuan Development Holding Co. Ltd. 4.55%, 08/06/25 | CNY | 5,000 | 747,807 | |||||
4,355,184 | ||||||||
Real Estate: 4.2% | ||||||||
Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40 | CNY | 10,000 | 1,451,909 | |||||
China Fortune Land Development Co. Ltd. | ||||||||
5.50%, 10/22/22 | CNY | 1,000 | 39,902 | |||||
7.00%, 03/03/21 (d) * | CNY | 1,000 | 36,291 | |||||
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25 | CNY | 2,000 | 288,953 | |||||
1,817,055 | ||||||||
Utilities: 7.2% | ||||||||
Beijing Enterprises Group Co. Ltd. 2.75%, 12/29/49 (o) | CNY | 5,000 | 715,551 | |||||
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s) | CNY | 5,000 | 728,491 | |||||
China Yangtze Power Co. Ltd. 3.35%, 10/17/26 | CNY | 1,500 | 218,873 | |||||
Shandong Lucion Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 | CNY | 10,000 | 1,453,891 | |||||
3,116,806 | ||||||||
Total Corporate Bonds (Cost: $34,855,806) | 32,455,643 |
See Notes to Financial Statements
24 |
Par (000’s | ) | Value | ||||||
GOVERNMENT OBLIGATIONS: 20.2% | ||||||||
China Government Bond | ||||||||
1.99%, 04/09/25 | CNY | 3,510 | $ | 502,998 | ||||
2.47%, 09/02/24 | CNY | 5,300 | 767,346 | |||||
2.68%, 05/21/30 | CNY | 3,450 | 495,677 | |||||
2.69%, 08/12/26 | CNY | 2,050 | 297,703 | |||||
2.77%, 06/24/30 | CNY | 5,690 | 821,968 | |||||
2.85%, 06/04/27 | CNY | 5,420 | 790,894 | |||||
2.86%, 07/16/30 | CNY | 3,350 | 486,768 | |||||
2.90%, 05/05/26 | CNY | 846 | 123,823 | |||||
3.01%, 05/13/28 | CNY | 5,630 | 827,403 | |||||
3.02%, 10/22/25 | CNY | 2,150 | 315,253 |
Par (000’s | ) | Value | ||||||
3.02%, 05/27/31 | CNY | 2,710 | $ | 398,461 | ||||
3.03%, 03/11/26 | CNY | 5,400 | 793,006 | |||||
3.25%, 06/06/26 | CNY | 3,620 | 535,817 | |||||
3.27%, 11/19/30 | CNY | 2,980 | 447,780 | |||||
3.28%, 12/03/27 | CNY | 1,050 | 156,470 | |||||
3.29%, 05/23/29 | CNY | 2,680 | 402,238 | |||||
3.74%, 09/22/35 | CNY | 3,900 | 615,426 | |||||
Total Government Obligations (Cost: $9,486,226) | 8,779,031 | |||||||
Total Investments: 94.9% (Cost: $44,342,032) | 41,234,674 | |||||||
Other assets less liabilities: 5.1% | 2,199,072 | |||||||
NET ASSETS: 100.0% | $ | 43,433,746 |
Definitions:
CNY | Chinese Yuan |
Footnotes:
(d) | Security in default |
(o) | Perpetual Maturity — the date shown is the next call date |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
* | Non-income producing |
Summary of Investments by Sector | % of Investments | Value | ||||||
Financials | 42.6 | % | $ | 17,559,566 | ||||
Government | 21.3 | 8,779,031 | ||||||
Industrials | 10.6 | 4,355,184 | ||||||
Utilities | 7.5 | 3,116,806 | ||||||
Basic Materials | 7.1 | 2,914,238 | ||||||
Energy | 4.8 | 1,968,905 | ||||||
Real Estate | 4.4 | 1,817,055 | ||||||
Consumer Cyclicals | 1.7 | 723,889 | ||||||
100.0 | % | $ | 41,234,674 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 32,455,643 | $ | — | $ | 32,455,643 | ||||||||
Government Obligations * | — | 8,779,031 | — | 8,779,031 | ||||||||||||
Total Investments | $ | — | $ | 41,234,674 | $ | — | $ | 41,234,674 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
25 |
VANECK DYNAMIC HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
GOVERNMENT OBLIGATIONS: 16.0% | ||||||||
United States Treasury Note | ||||||||
1.12%, 08/15/40 | 16 | $ | 10,642 | |||||
1.38%, 11/15/40 | 28 | 19,394 | ||||||
1.88%, 02/15/41 | 14 | 10,525 | ||||||
2.25%, 05/15/41 | 41 | 32,715 | ||||||
2.75%, 08/15/42 | 12 | 10,270 | ||||||
Total Government Obligations (Cost: $78,090) | 83,546 | |||||||
Number of Shares | ||||||||
EXCHANGE TRADED FUNDS: 83.9% (a) | ||||||||
VanEck BDC Income ETF ‡ | 2,664 | 38,788 | ||||||
VanEck Durable High Dividend ETF ‡ | 2,770 | 87,147 |
Number of Shares | Value | |||||||
VanEck Emerging Markets High Yield Bond ETF ‡ | 1,426 | $ | 26,067 | |||||
VanEck Energy Income ETF ‡ | 669 | 41,775 | ||||||
VanEck Fallen Angel High Yield Bond ETF ‡ | 3,612 | 100,233 | ||||||
VanEck International High Yield Bond ETF ‡ | 2,694 | 54,177 | ||||||
VanEck J.P. Morgan EM Local Currency Bond ETF ‡ | 1,052 | 26,447 | ||||||
VanEck Mortgage REIT Income ETF ‡ | 1,704 | 18,744 | ||||||
VanEck Preferred Securities ex Financials ETF ‡ | 2,530 | 44,300 | ||||||
Total Exchange Traded Funds (Cost: $420,380) | 437,678 | |||||||
Total Investments: 99.9% (Cost: $498,470) | 521,224 | |||||||
Other assets less liabilities: 0.1% | 509 | |||||||
NET ASSETS: 100.0% | $ | 521,733 |
Footnotes:
(a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov. |
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Exchange Traded Funds | 84.0 | % | $ | 437,678 | ||||
Government | 16.0 | 83,546 | ||||||
100.0 | % | $ | 521,224 |
See Notes to Financial Statements
26 |
Transactions in securities of affiliates for the period ended April 30, 2023 were as follows:
Value 11/1/2022* | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 4/30/2023 | ||||||||||||||||||||||
VanEck BDC Income ETF | $– | $50,540 | $(10,737) | $(296) | $2,486 | $(606)# | $38,788 | |||||||||||||||||||||
VanEck Durable High Dividend ETF | – | 84,782 | – | – | 1,397 | 2,365 | 87,147 | |||||||||||||||||||||
VanEck Emerging Markets High Yield Bond ETF | – | 23,372 | – | – | 676 | 2,695 | 26,067 | |||||||||||||||||||||
VanEck Energy Income ETF | – | 53,007 | (10,802) | 112 | 376 | (542) | 41,775 | |||||||||||||||||||||
VanEck Fallen Angel High Yield Bond ETF | – | 95,936 | – | – | 2,074 | 4,297 | 100,233 | |||||||||||||||||||||
VanEck International High Yield Bond ETF | – | 49,098 | – | – | 1,094 | 5,361† | 54,177 | |||||||||||||||||||||
VanEck J.P. Morgan EM Local Currency Bond ETF | – | 23,807 | – | – | 191 | 3,198‡ | 26,447 | |||||||||||||||||||||
VanEck Mortgage REIT Income ETF | – | 38,220 | (15,454) | (2,135) | 1,450 | (1,443)^ | 18,744 | |||||||||||||||||||||
VanEck Preferred Securities ex Financials ETF | – | 47,212 | (5,101) | 216 | 1,528 | 1,973 | 44,300 | |||||||||||||||||||||
$– | $465,974 | $(42,094) | $(2,103) | $11,272 | $17,298 | $437,678 |
* | Commencement of operations. |
# | Includes Return of Capital distribution reclassification of $113. |
† | Includes Return of Capital distribution reclassification of $282. |
‡ | Includes Return of Capital distribution reclassification of $558. |
^ | Includes Return of Capital distribution reclassification of $444. |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Government Obligations * | $ | — | $ | 83,546 | $ | — | $ | 83,546 | ||||||||
Exchange Traded Funds | 437,678 | — | — | 437,678 | ||||||||||||
Total Investments | $ | 437,678 | $ | 83,546 | $ | — | $ | 521,224 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
27 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 95.7% | ||||||||
Argentina: 3.4% | ||||||||
Agua y Saneamientos Argentinos SA Reg S 7.90%, 05/01/26 | $ | 500 | $ | 385,000 | ||||
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27 | 470 | 342,025 | ||||||
Genneia SA 144A 8.75%, 09/02/27 | 495 | 473,898 | ||||||
MercadoLibre, Inc. | ||||||||
2.38%, 01/14/26 † | 650 | 590,474 | ||||||
3.12%, 01/14/31 | 1,150 | 892,418 | ||||||
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 | 875 | 613,388 | ||||||
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 | 75 | 52,576 | ||||||
Pampa Energia SA 144A | ||||||||
7.50%, 01/24/27 | 1,050 | 914,702 | ||||||
9.12%, 04/15/29 | 475 | 413,822 | ||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | 475 | 495,767 | ||||||
Telecom Argentina SA 144A | ||||||||
8.00%, 07/18/26 | 675 | 600,516 | ||||||
8.50%, 08/06/25 | 606 | 565,240 | ||||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 | 600 | 524,292 | ||||||
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 | 200 | 174,764 | ||||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | 650 | 559,653 | ||||||
YPF SA 144A | ||||||||
6.95%, 07/21/27 | 1,375 | 991,399 | ||||||
7.00%, 09/30/33 (s) | 875 | 575,681 | ||||||
7.00%, 12/15/47 | 825 | 506,890 | ||||||
8.50%, 03/23/25 | 588 | 537,571 | ||||||
8.50%, 07/28/25 | 1,850 | 1,543,054 | ||||||
8.50%, 06/27/29 | 612 | 456,230 | ||||||
8.75%, 04/04/24 | 306 | 289,415 | ||||||
9.00%, 02/12/26 (s) | 1,269 | 1,201,065 | ||||||
9.00%, 06/30/29 (s) | 1,225 | 978,400 | ||||||
14,678,240 | ||||||||
Armenia: 0.1% | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 | 425 | 415,438 | ||||||
Austria: 0.1% | ||||||||
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 | 300 | 258,657 |
Par (000’s | ) | Value | ||||||
Azerbaijan: 1.1% | ||||||||
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † | $ | 3,217 | $ | 3,312,995 | ||||
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | 1,250 | 1,299,913 | ||||||
4,612,908 | ||||||||
Bahrain: 1.4% | ||||||||
BBK BSC Reg S 5.50%, 07/09/24 | 700 | 693,343 | ||||||
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 | 850 | 842,562 | ||||||
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27 | 850 | 801,491 | ||||||
Oil and Gas Holding Co. BSCC 144A | ||||||||
7.50%, 10/25/27 | 1,700 | 1,745,858 | ||||||
7.62%, 11/07/24 | 1,125 | 1,145,413 | ||||||
8.38%, 11/07/28 | 850 | 898,875 | ||||||
6,127,542 | ||||||||
Barbados: 0.2% | ||||||||
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 † | 950 | 915,895 | ||||||
Bermuda: 0.8% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | 667 | 266,606 | ||||||
Digicel International Finance Ltd. / Digicel International Holdings Ltd. 144A | ||||||||
8.75%, 05/25/24 | 875 | 793,240 | ||||||
13.00%, 12/31/25 | 618 | 403,162 | ||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A 8.75%, 05/25/24 | 1,025 | 929,224 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 1,175 | 1,088,138 | ||||||
3,480,370 | ||||||||
Brazil: 8.5% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | 800 | 750,770 | ||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | 550 | 512,247 | ||||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | 650 | 635,680 | ||||||
Atento Luxco 1 SA 144A 8.00%, 02/10/26 | 400 | 107,200 | ||||||
Azul Investments LLP 144A 5.88%, 10/26/24 | 200 | 158,098 | ||||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 | 500 | 418,325 |
See Notes to Financial Statements
28 |
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
Banco Bradesco SA 144A 3.20%, 01/27/25 | $ | 625 | $ | 598,400 | ||||
Banco BTG Pactual SA 144A | ||||||||
2.75%, 01/11/26 | 450 | 410,850 | ||||||
4.50%, 01/10/25 | 775 | 753,044 | ||||||
Banco Daycoval SA Reg S 4.25%, 12/13/24 | 300 | 290,398 | ||||||
Banco do Brasil SA 144A 4.62%, 01/15/25 | 750 | 736,440 | ||||||
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24 | 375 | 372,593 | ||||||
Banco Votorantim SA 144A | ||||||||
4.38%, 07/29/25 | 450 | 434,157 | ||||||
4.50%, 09/24/24 | 350 | 339,936 | ||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | 1,400 | 1,108,994 | ||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | 525 | 522,798 | ||||||
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | 505 | 499,023 | ||||||
BRF GmbH 144A 4.35%, 09/29/26 | 375 | 326,748 | ||||||
BRF SA 144A | ||||||||
4.88%, 01/24/30 | 475 | 371,740 | ||||||
5.75%, 09/21/50 | 500 | 312,959 | ||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | 625 | 641,312 | ||||||
Centrais Eletricas Brasileiras SA 144A | ||||||||
3.62%, 02/04/25 | 450 | 429,869 | ||||||
4.62%, 02/04/30 | 575 | 496,167 | ||||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | 550 | 551,047 | ||||||
Cosan SA 144A 5.50%, 09/20/29 | 575 | 516,859 | ||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 † | 975 | 927,880 | ||||||
CSN Resources SA 144A 7.62%, 04/17/26 | 250 | 251,021 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 725 | 715,071 | ||||||
5.40%, 02/01/27 | 550 | 529,691 | ||||||
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 | 593 | 601,014 | ||||||
ERO Copper Corp. 144A 6.50%, 02/15/30 | 250 | 222,650 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 450 | 448,304 |
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
Globo Comunicacao e Participacoes SA 144A | ||||||||
4.88%, 01/22/30 | $ | 325 | $ | 260,756 | ||||
5.50%, 01/14/32 | 350 | 280,400 | ||||||
Gol Finance SA 144A 7.00%, 01/31/25 | 500 | 241,672 | ||||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | 660 | 562,944 | ||||||
InterCement Financial Operations BV 144A 5.75%, 07/17/24 | 550 | 377,732 | ||||||
Itau Unibanco Holding SA 144A 3.25%, 01/24/25 | 375 | 363,529 | ||||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | 400 | 376,000 | ||||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 650 | 623,669 | ||||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | 500 | 391,410 | ||||||
Klabin Austria GmbH 144A | ||||||||
3.20%, 01/12/31 † | 425 | 339,737 | ||||||
5.75%, 04/03/29 | 575 | 563,319 | ||||||
7.00%, 04/03/49 | 528 | 510,824 | ||||||
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26 | 425 | 159,460 | ||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | 1,050 | 772,232 | ||||||
MV24 Capital BV 144A 6.75%, 06/01/34 | 792 | 708,381 | ||||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 † | 775 | 647,040 | ||||||
NBM US Holdings, Inc. 144A | ||||||||
6.62%, 08/06/29 | 400 | 360,582 | ||||||
7.00%, 05/14/26 | 600 | 584,691 | ||||||
Nexa Resources SA 144A | ||||||||
5.38%, 05/04/27 | 600 | 565,219 | ||||||
6.50%, 01/18/28 † | 325 | 318,148 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30 † | 375 | 353,838 | ||||||
5.30%, 01/27/25 | 400 | 398,260 | ||||||
5.50%, 06/10/51 † | 475 | 375,864 | ||||||
5.60%, 01/03/31 † | 650 | 624,878 | ||||||
5.62%, 05/20/43 | 225 | 192,848 | ||||||
5.75%, 02/01/29 | 325 | 320,294 | ||||||
6.00%, 01/27/28 | 700 | 702,097 | ||||||
6.75%, 01/27/41 | 475 | 454,862 | ||||||
6.75%, 06/03/50 | 325 | 294,028 | ||||||
6.85%, 06/05/15 | 1,050 | 920,210 | ||||||
6.88%, 01/20/40 | 447 | 432,089 | ||||||
6.90%, 03/19/49 | 475 | 439,238 | ||||||
7.25%, 03/17/44 | 615 | 607,751 | ||||||
7.38%, 01/17/27 | 450 | 468,543 | ||||||
8.75%, 05/23/26 | 250 | 271,176 |
See Notes to Financial Statements
29 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
Rede D’or Finance Sarl 144A | ||||||||
4.50%, 01/22/30 † | $ | 624 | $ | 529,807 | ||||
4.95%, 01/17/28 | 350 | 319,107 | ||||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | 297 | 301,002 | ||||||
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 | 279 | 290,131 | ||||||
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 | 282 | 286,371 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 450 | 419,062 | ||||||
Simpar Europe SA 144A 5.20%, 01/26/31 | 450 | 333,409 | ||||||
Tupy Overseas SA 144A 4.50%, 02/16/31 | 300 | 237,401 | ||||||
Ultrapar International SA 144A | ||||||||
5.25%, 10/06/26 | 300 | 288,947 | ||||||
5.25%, 06/06/29 | 300 | 281,201 | ||||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 | 450 | 415,459 | ||||||
Usiminas International Sarl 144A | ||||||||
5.88%, 07/18/26 | 650 | 632,272 | ||||||
XP, Inc. 144A 3.25%, 07/01/26 | 600 | 533,007 | ||||||
36,722,182 | ||||||||
British Virgin Islands: 0.6% | ||||||||
China SCE Group Holdings Ltd. Reg S 7.00%, 05/02/25 | 700 | 252,000 | ||||||
New Metro Global Ltd. Reg S | ||||||||
4.50%, 05/02/26 | 700 | 408,842 | ||||||
4.62%, 10/15/25 | 400 | 254,890 | ||||||
Sino-Ocean Land Treasure Finance I Ltd. Reg S 6.00%, 07/30/24 | 1,000 | 406,431 | ||||||
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27 | 650 | 170,079 | ||||||
Studio City Co. Ltd. 144A 7.00%, 02/15/27 † | 550 | 522,393 | ||||||
Wanda Properties Global Co. Ltd. Reg S | ||||||||
11.00%, 01/20/25 | 750 | 459,557 | ||||||
11.00%, 02/13/26 | 350 | 213,422 | ||||||
2,687,614 | ||||||||
Cambodia: 0.2% | ||||||||
NagaCorp Ltd. Reg S 7.95%, 07/06/24 | 700 | 656,250 | ||||||
Canada: 0.2% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 565 | 483,640 |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
Frontera Energy Corp. 144A 7.88%, 06/21/28 | $ | 650 | $ | 502,085 | ||||
985,725 | ||||||||
Cayman Islands: 2.7% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | 1,500 | 1,401,069 | ||||||
Banco Bradesco SA 144A 4.38%, 03/18/27 | 450 | 433,738 | ||||||
Banco do Brasil SA 144A | ||||||||
3.25%, 09/30/26 | 650 | 605,029 | ||||||
4.88%, 01/11/29 | 450 | 427,162 | ||||||
6.25%, 04/18/30 | 500 | 497,750 | ||||||
CT Trust 144A | ||||||||
5.12%, 02/03/32 | 1,475 | 1,218,272 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26 | 700 | 709,067 | ||||||
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 | 550 | 514,877 | ||||||
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31 | 600 | 581,118 | ||||||
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o) | 1,000 | 1,017,745 | ||||||
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 | 1,100 | 1,053,667 | ||||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 | 900 | 876,749 | ||||||
PD Sukuk Ltd. Reg S 8.75%, 09/23/25 | 600 | 601,500 | ||||||
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 | 540 | 448,051 | ||||||
StoneCo Ltd. 144A 3.95%, 06/16/28 | 375 | 284,271 | ||||||
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24 | 800 | 761,840 | ||||||
11,431,905 | ||||||||
Chile: 1.1% | ||||||||
Agrosuper SA 144A 4.60%, 01/20/32 | 750 | 660,369 | ||||||
CAP SA 144A 3.90%, 04/27/31 | 450 | 346,564 | ||||||
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 | 726 | 320,756 | ||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | 618 | 408,656 | ||||||
Latam Airlines Group SA 144A 13.38%, 10/15/27 † | 700 | 732,005 |
See Notes to Financial Statements
30 |
Par (000’s | ) | Value | ||||||
Chile (continued) | ||||||||
13.38%, 10/15/29 † | $ | 1,100 | $ | 1,156,160 | ||||
VTR Comunicaciones SpA 144A | ||||||||
4.38%, 04/15/29 | 600 | 310,039 | ||||||
5.12%, 01/15/28 | 717 | 401,158 | ||||||
VTR Finance NV 144A 6.38%, 07/15/28 | 825 | 282,562 | ||||||
4,618,269 | ||||||||
China: 6.7% | ||||||||
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25 | 500 | 230,522 | ||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) † | 4,350 | 4,198,642 | ||||||
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o) | 700 | 677,250 | ||||||
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o) | 650 | 583,241 | ||||||
Chengdu Economic & Technological Investment Group Co. Ltd. Reg S 5.30%, 12/07/24 | 400 | 391,156 | ||||||
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 | 850 | 828,852 | ||||||
China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26 | 600 | 178,500 | ||||||
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o) | 600 | 586,140 | ||||||
Country Garden Holdings Co. Ltd. Reg S | ||||||||
2.70%, 07/12/26 | 1,200 | 552,900 | ||||||
3.12%, 10/22/25 | 1,500 | 756,098 | ||||||
3.30%, 01/12/31 | 1,100 | 430,781 | ||||||
3.88%, 10/22/30 | 700 | 283,765 | ||||||
5.63%, 12/15/26 | 400 | 189,190 | ||||||
eHi Car Services Ltd. Reg S | ||||||||
7.00%, 09/21/26 | 550 | 352,000 | ||||||
7.75%, 11/14/24 | 600 | 476,010 | ||||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | 1,200 | 1,072,889 | ||||||
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25 | 1,000 | 735,000 |
Par (000’s | ) | Value | ||||||
China (continued) | ||||||||
6.85%, 07/02/24 † | $ | 850 | $ | 739,738 | ||||
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 | 200 | 14,000 | ||||||
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/26 | 1,250 | 293,750 | ||||||
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25 | 750 | 697,687 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | 9,625 | 9,032,616 | ||||||
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25 | 400 | 404,466 | ||||||
New Metro Global Ltd. Reg S 4.80%, 12/15/24 | 600 | 449,301 | ||||||
Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
5.95%, 04/30/25 | 900 | 183,163 | ||||||
6.25%, 08/10/24 | 600 | 125,805 | ||||||
Qingdao Jiaozhou Bay Development Group Co. Ltd. Reg S 4.90%, 06/16/25 | 400 | 380,906 | ||||||
RKPF Overseas 2019 A Ltd. Reg S | ||||||||
6.00%, 09/04/25 | 600 | 436,545 | ||||||
6.70%, 09/30/24 | 550 | 504,965 | ||||||
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o) | 400 | 210,914 | ||||||
Times China Holdings Ltd. Reg S | ||||||||
5.75%, 01/14/27 | 500 | 66,043 | ||||||
6.20%, 03/22/26 | 600 | 79,156 | ||||||
6.75%, 07/08/25 | 800 | 105,408 | ||||||
Weifang Urban Construction & Development Investment Group Co. Ltd. Reg S 2.60%, 09/27/24 | 450 | 407,264 | ||||||
West China Cement Ltd. Reg S 4.95%, 07/08/26 | 1,000 | 788,960 | ||||||
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24 | 650 | 637,000 | ||||||
Zhangzhou Transportation Development Group Co. Ltd. Reg S |
See Notes to Financial Statements
31 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
China (continued) | ||||||||
4.98%, 06/01/25 | $ | 800 | $ | 779,212 | ||||
28,859,835 | ||||||||
Colombia: 5.6% | ||||||||
Aris Mining Corp. 144A 6.88%, 08/09/26 | 450 | 357,358 | ||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 | 1,883 | 1,830,775 | ||||||
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31 | 600 | 447,000 | ||||||
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | 900 | 766,197 | ||||||
Canacol Energy Ltd. 144A 5.75%, 11/24/28 | 750 | 599,546 | ||||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 | 1,600 | 1,536,306 | ||||||
4.62%, 11/02/31 | 1,925 | 1,445,414 | ||||||
5.38%, 06/26/26 | 2,175 | 2,062,133 | ||||||
5.88%, 05/28/45 | 3,075 | 2,010,173 | ||||||
5.88%, 11/02/51 † | 1,100 | 698,218 | ||||||
6.88%, 04/29/30 | 2,700 | 2,441,424 | ||||||
7.38%, 09/18/43 | 1,333 | 1,073,424 | ||||||
8.88%, 01/13/33 | 1,025 | 994,567 | ||||||
Empresas Publicas de Medellin ESP 144A | ||||||||
4.25%, 07/18/29 | 1,600 | 1,258,024 | ||||||
4.38%, 02/15/31 | 900 | 672,165 | ||||||
Geopark Ltd. 144A | ||||||||
5.50%, 01/17/27 | 750 | 623,645 | ||||||
Grupo Aval Ltd. 144A | ||||||||
4.38%, 02/04/30 | 1,725 | 1,321,885 | ||||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | 900 | 860,673 | ||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | 750 | 665,297 | ||||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 | 550 | 491,232 | ||||||
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30 | 950 | 779,855 | ||||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | 800 | 738,919 | ||||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | 775 | 684,364 | ||||||
24,358,594 | ||||||||
Costa Rica: 0.3% | ||||||||
Instituto Costarricense de Electricidad 144A | ||||||||
6.38%, 05/15/43 | 825 | 682,687 | ||||||
6.75%, 10/07/31 | 450 | 435,375 | ||||||
1,118,062 |
Par (000’s | ) | Value | ||||||
Cyprus: 0.3% | ||||||||
MHP Lux SA 144A | ||||||||
6.25%, 09/19/29 | $ | 600 | $ | 291,750 | ||||
6.95%, 04/03/26 | 850 | 444,125 | ||||||
MHP SE 144A 7.75%, 05/10/24 | 750 | 446,700 | ||||||
1,182,575 | ||||||||
Czech Republic: 0.1% | ||||||||
Energo-Pro AS 144A 8.50%, 02/04/27 | 650 | 624,000 | ||||||
Dominican Republic: 0.1% | ||||||||
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 | 400 | 363,180 | ||||||
Egypt: 0.4% | ||||||||
Egyptian Financial Co. for Sovereign Taskeek 144A 10.88%, 02/28/26 | 2,300 | 1,901,640 | ||||||
France: 0.1% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 | 500 | 491,730 | ||||||
Georgia: 0.3% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 850 | 731,259 | ||||||
Silknet JSC 144A 8.38%, 01/31/27 | 475 | 467,281 | ||||||
1,198,540 | ||||||||
Ghana: 0.4% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 | 1,125 | 1,006,853 | ||||||
Tullow Oil Plc 144A 7.00%, 03/01/25 † | 1,300 | 792,615 | ||||||
1,799,468 | ||||||||
Greece: 0.2% | ||||||||
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 | 775 | 762,872 | ||||||
Guatemala: 0.5% | ||||||||
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | 525 | 491,996 | ||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 † | 1,850 | 1,726,844 | ||||||
2,218,840 | ||||||||
Honduras: 0.1% | ||||||||
Inversiones Atlantida SA 144A 7.50%, 05/19/26 | 575 | 531,447 |
See Notes to Financial Statements
32 |
Par (000’s | ) | Value | ||||||
Hong Kong: 6.2% | ||||||||
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25 † | $ | 650 | $ | 272,594 | ||||
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) | 800 | 232,904 | ||||||
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) | 1,000 | 876,250 | ||||||
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) | 1,100 | 1,010,625 | ||||||
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) | 1,250 | 1,018,875 | ||||||
Champion Path Holdings Ltd. Reg S | ||||||||
4.50%, 01/27/26 | 650 | 576,875 | ||||||
4.85%, 01/27/28 | 850 | 707,625 | ||||||
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) | 1,000 | 929,312 | ||||||
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o) | 900 | 877,896 | ||||||
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 | 700 | 592,375 | ||||||
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 | 500 | 468,500 | ||||||
Easy Tactic Ltd. | ||||||||
7.50%, 07/11/25 | 800 | 163,748 | ||||||
7.50%, 07/11/27 | 1,726 | 293,463 | ||||||
7.50%, 07/11/28 | 1,281 | 186,937 | ||||||
Fortune Star BVI Ltd. Reg S | ||||||||
5.00%, 05/18/26 | 875 | 557,099 | ||||||
5.05%, 01/27/27 | 800 | 492,660 | ||||||
Franshion Brilliant Ltd. Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o) | 700 | 630,371 | ||||||
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24 | 800 | 728,476 | ||||||
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24 | 400 | 347,984 | ||||||
Li & Fung Ltd. Reg S 5.00%, 08/18/25 | 800 | 746,121 | ||||||
Melco Resorts Finance Ltd. 144A 4.88%, 06/06/25 † | 1,700 | 1,598,740 |
Par (000’s | ) | Value | ||||||
Hong Kong (continued) | ||||||||
5.25%, 04/26/26 | $ | 800 | $ | 743,048 | ||||
5.38%, 12/04/29 | 1,900 | 1,580,225 | ||||||
5.62%, 07/17/27 | 970 | 867,362 | ||||||
5.75%, 07/21/28 | 1,250 | 1,090,625 | ||||||
Nanyang Commercial Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o) | 1,050 | 1,002,837 | ||||||
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o) | 400 | 389,674 | ||||||
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 | 500 | 390,939 | ||||||
RKPF Overseas 2020 A Ltd. Reg S | ||||||||
5.12%, 07/26/26 | 750 | 427,827 | ||||||
5.20%, 01/12/26 | 900 | 574,586 | ||||||
Seaspan Corp. 144A 5.50%, 08/01/29 | 1,250 | 1,001,550 | ||||||
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 | 400 | 405,000 | ||||||
Sino-Ocean Land Treasure IV Ltd. Reg S | ||||||||
2.70%, 01/13/25 | 800 | 266,000 | ||||||
3.25%, 05/05/26 | 700 | 218,708 | ||||||
4.75%, 08/05/29 | 800 | 196,678 | ||||||
4.75%, 01/14/30 | 600 | 151,595 | ||||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 | 1,889 | 1,480,032 | ||||||
6.00%, 07/15/25 | 750 | 690,322 | ||||||
6.50%, 01/15/28 † | 875 | 755,316 | ||||||
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24 | 500 | 478,342 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 750 | 634,886 | ||||||
26,654,982 | ||||||||
Hungary: 0.3% | ||||||||
OTP Bank Nyrt Reg S 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33 | 1,150 | 1,115,500 | ||||||
India: 4.3% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | 1,700 | 1,696,600 | ||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 1,100 | 988,919 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 | 850 | 811,585 |
See Notes to Financial Statements
33 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
India (continued) | ||||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39 | $ | 445 | $ | 319,246 | ||||
Delhi International Airport Ltd. 144A | ||||||||
6.12%, 10/31/26 | 800 | 775,680 | ||||||
6.45%, 06/04/29 | 950 | 892,763 | ||||||
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27 | 650 | 573,625 | ||||||
HPCL-Mittal Energy Ltd. Reg S | ||||||||
5.25%, 04/28/27 | 750 | 708,750 | ||||||
5.45%, 10/22/26 | 400 | 383,000 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 974 | 812,670 | ||||||
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29 | 600 | 519,899 | ||||||
JSW Steel Ltd. 144A | ||||||||
3.95%, 04/05/27 | 850 | 747,896 | ||||||
5.05%, 04/05/32 | 850 | 685,406 | ||||||
JSW Steel Ltd. Reg S 5.38%, 04/04/25 | 700 | 680,225 | ||||||
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o) † | 825 | 731,181 | ||||||
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) | 1,675 | 1,608,000 | ||||||
Periama Holdings LLC Reg S 5.95%, 04/19/26 | 1,150 | 1,111,653 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | 30 | 27,990 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | 950 | 802,968 | ||||||
Shriram Finance Ltd. 144A 4.15%, 07/18/25 | 700 | 654,150 | ||||||
Tata Motors Ltd. Reg S 5.88%, 05/20/25 | 400 | 396,000 | ||||||
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 | 450 | 443,363 | ||||||
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o) | 550 | 416,548 | ||||||
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 | 875 | 580,724 | ||||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | 1,475 | 960,202 | ||||||
18,329,043 |
Par (000’s | ) | Value | ||||||
Indonesia: 2.0% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | $ | 1,250 | $ | 1,203,305 | ||||
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 | 400 | 181,000 | ||||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | 111 | 902 | ||||||
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 | 600 | 570,000 | ||||||
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 | 600 | 525,000 | ||||||
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 | 1,000 | 941,438 | ||||||
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 | 400 | 387,200 | ||||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | 573 | 558,539 | ||||||
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 | 825 | 819,218 | ||||||
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 | 500 | 415,000 | ||||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | 950 | 867,490 | ||||||
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 | 850 | 818,041 | ||||||
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 | 600 | 528,750 | ||||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | 650 | 631,407 | ||||||
8,447,290 | ||||||||
Israel: 3.6% | ||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
6.12%, 06/30/25 | 1,000 | 975,250 | ||||||
6.50%, 06/30/27 | 975 | 926,250 | ||||||
6.75%, 06/30/30 | 875 | 813,349 | ||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 | 1,050 | 962,690 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | 4,400 | 3,980,247 | ||||||
4.10%, 10/01/46 | 2,623 | 1,750,973 | ||||||
4.75%, 05/09/27 | 1,300 | 1,219,122 | ||||||
5.12%, 05/09/29 † | 1,325 | 1,230,694 | ||||||
6.75%, 03/01/28 † | 1,650 | 1,644,587 | ||||||
7.12%, 01/31/25 † | 575 | 588,758 | ||||||
7.88%, 09/15/29 † | 750 | 786,308 |
See Notes to Financial Statements
34 |
Par (000’s | ) | Value | ||||||
Israel (continued) | ||||||||
8.12%, 09/15/31 † | $ | 675 | $ | 713,634 | ||||
15,591,862 | ||||||||
Kuwait: 0.4% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
4.23%, 10/29/26 | 800 | 708,800 | ||||||
4.50%, 02/23/27 | 950 | 822,320 | ||||||
1,531,120 | ||||||||
Luxembourg: 2.2% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 | 447 | 390,409 | ||||||
Aegea Finance Sarl 144A 6.75%, 05/20/29 † | 450 | 415,454 | ||||||
AI Candelaria Spain SA 144A 7.50%, 12/15/28 | 541 | 502,468 | ||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | 800 | 703,988 | ||||||
CSN Resources SA 144A | ||||||||
4.62%, 06/10/31 | 700 | 540,650 | ||||||
5.88%, 04/08/32 † | 375 | 308,941 | ||||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||
4.88%, 03/30/26 | 1,023 | 947,554 | ||||||
5.38%, 03/30/28 | 1,000 | 896,585 | ||||||
5.88%, 03/30/31 | 1,025 | 895,594 | ||||||
Hidrovias International Finance SARL 144A 4.95%, 02/08/31 | 250 | 188,526 | ||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | 400 | 217,402 | ||||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 | 1,377 | 1,059,474 | ||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | 975 | 767,458 | ||||||
Movida Europe SA 144A 5.25%, 02/08/31 | 675 | 497,017 | ||||||
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 † | 450 | 402,186 | ||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 | 475 | 439,286 | ||||||
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31 | 180 | 149,350 | ||||||
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 | 300 | 242,769 | ||||||
9,565,111 | ||||||||
Macao: 0.2% | ||||||||
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 † | 1,100 | 1,006,225 | ||||||
Mauritius: 2.4% | ||||||||
Axian Telecom 144A |
Par (000’s | ) | Value | ||||||
Mauritius (continued) | ||||||||
7.38%, 02/16/27 | $ | 625 | $ | 570,000 | ||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | 583 | 451,461 | ||||||
CA Magnum Holdings 144A 5.38%, 10/31/26 | 1,525 | 1,344,628 | ||||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | 465 | 408,039 | ||||||
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27 | 186 | 163,215 | ||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | 1,695 | 1,473,374 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 | 1,175 | 1,121,428 | ||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | 1,625 | 1,433,006 | ||||||
India Airport Infra 144A 6.25%, 10/25/25 | 625 | 598,641 | ||||||
India Clean Energy Holdings 144A 4.50%, 04/18/27 | 550 | 447,938 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 504 | 445,343 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 700 | 612,548 | ||||||
India Toll Roads 144A 5.50%, 08/19/24 | 600 | 579,000 | ||||||
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 | 1,000 | 600,000 | ||||||
10,248,621 | ||||||||
Mexico: 7.1% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 | 775 | 770,452 | ||||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | 493 | 431,375 | ||||||
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 | 775 | 658,750 | ||||||
Braskem Idesa SAPI 144A 6.99%, 02/20/32 † | 2,025 | 1,450,406 | ||||||
Cemex SAB de CV 144A 3.88%, 07/11/31 | 1,700 | 1,424,464 | ||||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | 1,625 | 1,440,887 | ||||||
5.20%, 09/17/30 | 1,175 | 1,094,667 | ||||||
5.45%, 11/19/29 | 1,225 | 1,175,711 | ||||||
7.38%, 06/05/27 | 1,550 | 1,608,985 | ||||||
9.12% (US Treasury Yield Curve Rate T 5 Year+4.91%), 3/14/2028 (o) | 1,700 | 1,690,227 |
See Notes to Financial Statements
35 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Mexico (continued) | ||||||||
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 | $ | 600 | $ | 447,363 | ||||
Cydsa SAB de CV 144A 6.25%, 10/04/27 | 500 | 466,652 | ||||||
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 † | 600 | 528,450 | ||||||
Grupo Aeromexico SAB de CV 144A 8.50%, 03/17/27 | 1,250 | 1,119,286 | ||||||
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 | 475 | 417,606 | ||||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | 750 | 688,699 | ||||||
Metalsa Sapi De Cv 144A 3.75%, 05/04/31 † | 450 | 342,112 | ||||||
Nemak SAB de CV 144A 3.62%, 06/28/31 † | 825 | 617,306 | ||||||
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 | 200 | 107,000 | ||||||
Operadora de Servicios Mega SA de CV Sofom ER Reg S 8.25%, 02/11/25 | 400 | 214,000 | ||||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | 175 | 166,909 | ||||||
4.50%, 01/23/26 | 325 | 296,409 | ||||||
5.35%, 02/12/28 | 600 | 498,846 | ||||||
5.50%, 06/27/44 | 175 | 99,838 | ||||||
5.62%, 01/23/46 | 175 | 98,625 | ||||||
5.95%, 01/28/31 | 1,125 | 832,307 | ||||||
6.35%, 02/12/48 | 450 | 267,531 | ||||||
6.38%, 01/23/45 | 375 | 227,050 | ||||||
6.49%, 01/23/27 | 450 | 403,347 | ||||||
6.50%, 03/13/27 | 1,200 | 1,078,114 | ||||||
6.50%, 01/23/29 † | 400 | 339,045 | ||||||
6.50%, 06/02/41 | 475 | 302,929 | ||||||
6.62%, 06/15/35 | 825 | 573,922 | ||||||
6.62%, 06/15/38 | 125 | 83,487 | ||||||
6.70%, 02/16/32 | 1,940 | 1,494,814 | ||||||
6.75%, 09/21/47 | 1,600 | 987,229 | ||||||
6.84%, 01/23/30 | 700 | 566,204 | ||||||
6.88%, 10/16/25 † | 250 | 246,451 | ||||||
6.88%, 08/04/26 | 750 | 710,043 | ||||||
6.95%, 01/28/60 † | 1,150 | 706,326 | ||||||
7.69%, 01/23/50 | 2,275 | 1,518,022 | ||||||
8.75%, 06/02/29 | 550 | 505,610 | ||||||
Petroleos Mexicanos 144A 10.00%, 02/07/33 † | 475 | 441,524 | ||||||
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 † | 525 | 447,664 | ||||||
Total Play | ||||||||
Telecomunicaciones SA de CV 144A |
Par (000’s | ) | Value | ||||||
Mexico (continued) | ||||||||
6.38%, 09/20/28 | $ | 900 | $ | 593,633 | ||||
7.50%, 11/12/25 | 900 | 629,873 | ||||||
30,810,150 | ||||||||
Morocco: 0.9% | ||||||||
OCP SA 144A | ||||||||
3.75%, 06/23/31 | 1,200 | 1,008,750 | ||||||
4.50%, 10/22/25 | 1,075 | 1,047,806 | ||||||
5.12%, 06/23/51 | 1,225 | 907,253 | ||||||
6.88%, 04/25/44 | 950 | 877,619 | ||||||
3,841,428 | ||||||||
Netherlands: 0.4% | ||||||||
Coruripe Netherlands BV 144A 10.00%, 02/10/27 | 250 | 185,000 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 1,504 | 1,361,120 | ||||||
1,546,120 | ||||||||
Nigeria: 0.8% | ||||||||
Access Bank Plc 144A 6.12%, 09/21/26 | 725 | 576,882 | ||||||
EBN Finance Co. BV 144A 7.12%, 02/16/26 | 450 | 378,900 | ||||||
Fidelity Bank Plc 144A 7.62%, 10/28/26 | 800 | 664,000 | ||||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 | 550 | 504,070 | ||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | 1,075 | 862,601 | ||||||
United Bank for Africa Plc 144A 6.75%, 11/19/26 | 475 | 405,175 | ||||||
3,391,628 | ||||||||
Oman: 1.5% | ||||||||
Bank Muscat SAOG Reg S 4.75%, 03/17/26 | 900 | 869,778 | ||||||
Lamar Funding Ltd. 144A 3.96%, 05/07/25 | 1,675 | 1,611,392 | ||||||
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 | 875 | 858,525 | ||||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | 900 | 874,449 | ||||||
OQ SAOC 144A 5.12%, 05/06/28 | 1,300 | 1,249,631 | ||||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 | 1,025 | 1,072,121 | ||||||
6,535,896 | ||||||||
Pakistan: 0.0% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 650 | 213,850 | ||||||
Panama: 0.5% | ||||||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) | 625 | 530,622 |
See Notes to Financial Statements
36 |
Par (000’s | ) | Value | ||||||
Panama (continued) | ||||||||
Banistmo SA 144A 4.25%, 07/31/27 | $ | 700 | $ | 655,056 | ||||
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | 600 | 546,060 | ||||||
Multibank, Inc. 144A 7.75%, 02/03/28 | 500 | 502,200 | ||||||
2,233,938 | ||||||||
Paraguay: 0.2% | ||||||||
Banco Continental SAECA 144A 2.75%, 12/10/25 | 500 | 450,898 | ||||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 | 425 | 304,474 | ||||||
755,372 | ||||||||
Peru: 2.3% | ||||||||
Auna SAA 144A 6.50%, 11/20/25 | 450 | 354,733 | ||||||
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29 | 500 | 488,704 | ||||||
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 | 500 | 460,925 | ||||||
Camposol SA 144A 6.00%, 02/03/27 | 550 | 311,596 | ||||||
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 | 925 | 808,443 | ||||||
InRetail Consumer 144A 3.25%, 03/22/28 | 950 | 816,829 | ||||||
InRetail Shopping Malls 144A 5.75%, 04/03/28 | 525 | 494,264 | ||||||
Minsur SA 144A 4.50%, 10/28/31 † | 850 | 740,533 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 | 1,450 | 1,172,347 | ||||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | 1,600 | 1,194,544 | ||||||
5.62%, 06/19/47 | 3,250 | 2,064,398 | ||||||
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 | 500 | 426,912 | ||||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | 550 | 417,089 | ||||||
9,751,317 | ||||||||
Philippines: 0.1% | ||||||||
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o) | 600 | 549,620 |
Par (000’s | ) | Value | ||||||
Poland: 0.4% | ||||||||
Canpack SA / Canpack US LLC 144A | ||||||||
3.12%, 11/01/25 | $ | 700 | $ | 621,838 | ||||
3.88%, 11/15/29 | 1,200 | 963,778 | ||||||
1,585,616 | ||||||||
Qatar: 0.2% | ||||||||
QNB Finansbank AS 144A 6.88%, 09/07/24 | 1,025 | 1,024,773 | ||||||
Saudi Arabia: 0.5% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 | 850 | 829,600 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
6.75%, 02/15/25 | 900 | 893,892 | ||||||
6.88%, 02/26/27 | 600 | 593,265 | ||||||
2,316,757 | ||||||||
Singapore: 1.9% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 837 | 751,233 | ||||||
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) | 1,600 | 655,800 | ||||||
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) | 200 | 78,400 | ||||||
Greenko Solar Mauritius Ltd. 144A | ||||||||
5.55%, 01/29/25 | 750 | 720,937 | ||||||
5.95%, 07/29/26 | 900 | 847,575 | ||||||
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 † | 700 | 633,744 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | 1,000 | 967,606 | ||||||
Puma International Financing SA 144A | ||||||||
5.00%, 01/24/26 | 1,200 | 1,079,831 | ||||||
5.12%, 10/06/24 | 1,050 | 1,009,050 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 811 | 798,174 | ||||||
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 | 900 | 833,625 | ||||||
8,375,975 | ||||||||
South Africa: 2.3% | ||||||||
Eskom Holdings SOC Ltd. 144A | ||||||||
6.35%, 08/10/28 † | 1,625 | 1,534,000 | ||||||
7.12%, 02/11/25 | 2,075 | 2,029,869 | ||||||
8.45%, 08/10/28 | 775 | 744,857 | ||||||
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 | 800 | 710,328 |
See Notes to Financial Statements
37 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
South Africa (continued) | ||||||||
MTN Mauritius Investments Ltd. 144A | ||||||||
4.75%, 11/11/24 | $ | 675 | $ | 662,040 | ||||
6.50%, 10/13/26 † | 800 | 799,360 | ||||||
Sasol Financing USA LLC 6.50%, 09/27/28 † | 1,250 | 1,155,987 | ||||||
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 5 Year+3.75%), 05/31/29 | 650 | 640,185 | ||||||
Transnet SOC Ltd. 144A 8.25%, 02/06/28 | 1,600 | 1,587,352 | ||||||
9,863,978 | ||||||||
South Korea: 0.2% | ||||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) | 850 | 812,813 | ||||||
Spain: 0.7% | ||||||||
AES Espana BV 144A 5.70%, 05/04/28 † | 500 | 454,200 | ||||||
AI Candelaria Spain SA 144A 5.75%, 06/15/33 | 1,050 | 746,288 | ||||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | 650 | 628,426 | ||||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 | 775 | 579,041 | ||||||
International Airport Finance SA 144A 12.00%, 03/15/33 | 617 | 582,904 | ||||||
2,990,859 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 † | 475 | 467,406 | ||||||
Thailand: 0.7% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 1,975 | 1,696,525 | ||||||
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | 1,400 | 1,257,905 | ||||||
2,954,430 | ||||||||
Trinidad and Tobago: 0.6% | ||||||||
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29 | 800 | 829,696 | ||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | 600 | 536,010 |
Par (000’s | ) | Value | ||||||
Trinidad and Tobago (continued) | ||||||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | $ | 525 | $ | 443,071 | ||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | 900 | 878,414 | ||||||
2,687,191 | ||||||||
Turkey: 5.9% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | 800 | 758,080 | ||||||
6.80%, 02/06/26 † | 725 | 695,635 | ||||||
6.80% (US Treasury��Yield Curve Rate T 5 Year+6.01%), 06/22/31 | 850 | 771,303 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 † | 900 | 717,261 | ||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | 1,200 | 1,009,920 | ||||||
Coca-Cola Icecek AS 144A 4.50%, 01/20/29 | 800 | 709,056 | ||||||
KOC Holding AS 144A 6.50%, 03/11/25 | 1,200 | 1,185,019 | ||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 | 599 | 496,886 | ||||||
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 | 550 | 551,199 | ||||||
TC Ziraat Bankasi AS 144A | ||||||||
5.38%, 03/02/26 | 950 | 855,693 | ||||||
9.50%, 08/01/26 | 800 | 798,240 | ||||||
Turk Telekomunikasyon AS 144A | ||||||||
4.88%, 06/19/24 | 850 | 809,667 | ||||||
6.88%, 02/28/25 | 755 | 721,892 | ||||||
Turkcell Iletisim Hizmetleri AS 144A | ||||||||
5.75%, 10/15/25 | 775 | 733,778 | ||||||
5.80%, 04/11/28 | 850 | 754,729 | ||||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
5.75%, 07/06/26 | 1,400 | 1,266,728 | ||||||
6.12%, 05/03/24 | 650 | 636,373 | ||||||
9.38%, 01/31/26 | 850 | 849,141 | ||||||
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 | 1,250 | 1,183,737 | ||||||
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 | 1,125 | 1,076,105 | ||||||
Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
5.88%, 01/14/26 | 550 | 506,509 | ||||||
6.00%, 01/23/25 | 650 | 621,114 |
See Notes to Financial Statements
38 |
Par (000’s | ) | Value | ||||||
Turkey (continued) | ||||||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 | $ | 1,175 | $ | 1,145,085 | ||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 | 1,225 | 1,154,898 | ||||||
5.50%, 10/01/26 | 775 | 690,487 | ||||||
6.50%, 01/08/26 | 1,225 | 1,142,761 | ||||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | 1,050 | 914,833 | ||||||
Yapi ve Kredi Bankasi AS 144A 5.85%, 06/21/24 | 850 | 831,385 | ||||||
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | 775 | 734,313 | ||||||
8.25%, 10/15/24 | 825 | 827,248 | ||||||
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 | 500 | 428,050 | ||||||
25,577,125 | ||||||||
Ukraine: 0.5% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 | 350 | 224,875 | ||||||
6.75%, 10/27/27 | 500 | 296,250 | ||||||
Metinvest BV 144A | ||||||||
7.65%, 10/01/27 | 450 | 278,568 | ||||||
7.75%, 10/17/29 | 800 | 464,000 | ||||||
NPC Ukrenergo 144A 6.88%, 11/09/28 | 1,100 | 189,750 | ||||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/26 | 1,300 | 269,750 | ||||||
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 | 525 | 325,500 | ||||||
2,048,693 | ||||||||
United Arab Emirates: 2.3% | ||||||||
Acwa Power Management and Investments One Ltd. 144A 5.95%, 12/15/39 | 798 | 777,442 | ||||||
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMT USD 6 Year+3.66%), 1/22/2025 (o) | 1,250 | 1,253,047 | ||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) | 2,550 | 2,548,368 | ||||||
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o) | 1,650 | 1,633,619 | ||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | 1,550 | 1,512,571 | ||||||
MAF Global Securities Ltd. Reg S |
Par (000’s | ) | Value | ||||||
United Arab Emirates (continued) | ||||||||
6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) | $ | 550 | $ | 539,446 | ||||
Shelf Drilling Holdings Ltd. 144A | ||||||||
8.25%, 02/15/25 † | 1,425 | 1,298,510 | ||||||
8.88%, 11/15/24 † | 475 | 475,475 | ||||||
10,038,478 | ||||||||
United Kingdom: 1.6% | ||||||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | 1,425 | 1,299,301 | ||||||
Endeavour Mining Plc 144A 5.00%, 10/14/26 | 775 | 675,257 | ||||||
IHS Holding Ltd. 144A | ||||||||
5.62%, 11/29/26 | 775 | 650,473 | ||||||
6.25%, 11/29/28 | 775 | 618,063 | ||||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | 2,695 | 2,107,315 | ||||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 † | 1,900 | 1,360,400 | ||||||
6,710,809 | ||||||||
United States: 4.8% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 650 | 604,366 | ||||||
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 800 | 754,276 | ||||||
Azul Investments LLP 144A 7.25%, 06/15/26 | 450 | 318,354 | ||||||
Energuate Trust 144A 5.88%, 05/03/27 | 500 | 466,752 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | 1,134 | 719,239 | ||||||
Kosmos Energy Ltd. 144A | ||||||||
7.50%, 03/01/28 | 750 | 630,520 | ||||||
7.75%, 05/01/27 † | 600 | 519,190 | ||||||
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 † | 500 | 471,150 | ||||||
MGM China Holdings Ltd. 144A | ||||||||
5.25%, 06/18/25 | 758 | 724,705 | ||||||
5.38%, 05/15/24 | 1,325 | 1,304,966 | ||||||
5.88%, 05/15/26 | 1,275 | 1,225,804 | ||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | 1,100 | 957,704 | ||||||
Playtika Holding Corp. 144A 4.25%, 03/15/29 | 1,000 | 850,900 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 † | 1,025 | 930,873 | ||||||
5.50%, 03/18/31 | 1,300 | 1,079,238 |
See Notes to Financial Statements
39 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 | $ | 900 | $ | 667,260 | ||||
Stillwater Mining Co. 144A | ||||||||
4.00%, 11/16/26 | 1,025 | 924,355 | ||||||
4.50%, 11/16/29 † | 850 | 704,327 | ||||||
Wynn Macau Ltd. 144A | ||||||||
4.88%, 10/01/24 † | 1,075 | 1,038,199 | ||||||
5.12%, 12/15/29 † | 1,575 | 1,308,817 | ||||||
5.50%, 01/15/26 | 1,525 | 1,413,158 | ||||||
5.50%, 10/01/27 | 1,250 | 1,115,438 | ||||||
5.62%, 08/26/28 | 2,150 | 1,879,186 | ||||||
20,608,777 | ||||||||
Uruguay: 0.1% | ||||||||
Arcos Dorados BV 144A 6.12%, 05/27/29 | 550 | 524,803 | ||||||
Uzbekistan: 0.6% | ||||||||
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 | 400 | 365,020 | ||||||
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 | 600 | 556,500 | ||||||
Uzauto Motors AJ 144A 4.85%, 05/04/26 | 550 | 474,375 | ||||||
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 | 450 | 420,188 | ||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | 1,050 | 850,635 | ||||||
2,666,718 | ||||||||
Zambia: 1.4% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.88%, 03/01/26 † | 1,625 | 1,597,026 | ||||||
6.88%, 10/15/27 † | 2,425 | 2,356,553 | ||||||
7.50%, 04/01/25 | 2,200 | 2,196,920 | ||||||
6,150,499 | ||||||||
Total Corporate Bonds (Cost: $477,870,111) | 412,526,551 | |||||||
GOVERNMENT OBLIGATIONS: 1.3% | ||||||||
Argentina: 1.0% | ||||||||
Ciudad Autonoma De Buenos Aires 144A |
Par (000’s | ) | Value | ||||||
Argentina (continued) | ||||||||
7.50%, 06/01/27 | $ | 1,409 | $ | 1,207,111 | ||||
Provincia de Cordoba 144A | ||||||||
6.88%, 02/01/29 | 732 | 471,190 | ||||||
6.99%, 06/01/27 (s) | 832 | 590,308 | ||||||
Provincia de Mendoza 144A 5.75%, 03/19/29 (s) | 877 | 722,620 | ||||||
Provincia de Neuquen 144A 6.62%, 04/27/30 (s) | 575 | 408,250 | ||||||
Provincia del Chubut 144A 7.75%, 07/26/30 (s) | 654 | 538,243 | ||||||
Provincia del Chubut Reg S 7.75%, 07/26/30 (s) | 163 | 134,561 | ||||||
4,072,283 | ||||||||
Turkey: 0.3% | ||||||||
Istanbul Metropolitan Municipality 144A | ||||||||
6.38%, 12/09/25 | 900 | 815,391 | ||||||
10.75%, 04/12/27 | 550 | 545,930 | ||||||
1,361,321 | ||||||||
Ukraine: 0.0% | ||||||||
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30 | 1,000 | 145,521 | ||||||
Total Government Obligations (Cost: $6,869,908) | 5,579,125 | |||||||
Total Investments Before Collateral for Securities Loaned: 97.0% (Cost: $484,740,019) | 418,105,676 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6% | ||||||||
Money Market Fund: 7.6% (Cost: $32,767,820) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 32,767,820 | 32,767,820 | ||||||
Total Investments: 104.6% (Cost: $517,507,839) | 450,873,496 | |||||||
Liabilities in excess of other assets: (4.6)% | (19,860,684) | |||||||
NET ASSETS: 100.0% | $ | 431,012,812 |
Definitions:
LIBOR | London Interbank Offered Rate | |
USD | United States Dollar |
See Notes to Financial Statements
40 |
Footnotes:
(d) | Security in default |
(o) | Perpetual Maturity — the date shown is the next call date |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $34,385,345. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $284,192,599, or 65.9% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 32.6 | % | $ | 136,156,570 | ||||
Energy | 19.5 | 81,640,601 | ||||||
Basic Materials | 9.9 | 41,305,176 | ||||||
Industrials | 9.3 | 38,789,013 | ||||||
Utilities | 9.0 | 37,772,338 | ||||||
Technology | 4.6 | 19,127,691 | ||||||
Consumer Cyclicals | 4.2 | 17,716,405 | ||||||
Consumer Non-Cyclicals | 3.9 | 16,244,329 | ||||||
Healthcare | 3.4 | 14,080,660 | ||||||
Real Estate | 2.2 | 9,278,331 | ||||||
Government | 1.3 | 5,579,125 | ||||||
Institutions, Associations & Organizations | 0.1 | 415,437 | ||||||
100.0 | % | $ | 418,105,676 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 412,526,551 | $ | — | $ | 412,526,551 | ||||||||
Government Obligations * | — | 5,579,125 | — | 5,579,125 | ||||||||||||
Money Market Fund | 32,767,820 | — | — | 32,767,820 | ||||||||||||
Total Investments | $ | 32,767,820 | $ | 418,105,676 | $ | — | $ | 450,873,496 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
41 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 98.3% | ||||||||
Australia: 1.6% | ||||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 | $ | 15,733 | $ | 14,339,843 | ||||
4.12%, 12/01/27 | 10,504 | 9,450,029 | ||||||
4.35%, 10/15/24 | 7,880 | 7,687,953 | ||||||
5.60%, 10/15/44 | 7,884 | 5,690,910 | ||||||
5.85%, 11/15/43 | 10,509 | 8,101,073 | ||||||
45,269,808 | ||||||||
Canada: 2.6% | ||||||||
Bombardier, Inc. 144A 7.45%, 05/01/34 | 13,464 | 14,931,576 | ||||||
Methanex Corp. | ||||||||
4.25%, 12/01/24 † | 7,885 | 7,712,852 | ||||||
5.25%, 12/15/29 † | 18,362 | 17,255,445 | ||||||
5.65%, 12/01/44 | 7,887 | 6,588,261 | ||||||
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 | 19,750 | 17,864,863 | ||||||
TransAlta Corp. 6.50%, 03/15/40 | 7,979 | 7,464,753 | ||||||
71,817,750 | ||||||||
Germany: 1.0% | ||||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | 26,250 | 27,897,030 | ||||||
Ireland: 2.1% | ||||||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 18,360 | 17,781,010 | ||||||
4.38%, 03/15/26 | 18,343 | 17,665,717 | ||||||
4.40%, 06/15/30 | 19,676 | 17,789,414 | ||||||
4.90%, 12/15/44 | 7,962 | 5,796,095 | ||||||
59,032,236 | ||||||||
Italy: 5.2% | ||||||||
Intesa Sanpaolo SpA 144A 5.02%, 06/26/24 | 52,334 | 50,860,162 | ||||||
Telecom Italia Capital SA | ||||||||
6.00%, 09/30/34 | 26,244 | 22,409,305 | ||||||
6.38%, 11/15/33 | 26,211 | 23,470,373 | ||||||
7.20%, 07/18/36 | 26,235 | 23,743,226 | ||||||
7.72%, 06/04/38 | 26,209 | 24,533,988 | ||||||
145,017,054 | ||||||||
Japan: 5.6% | ||||||||
Nissan Motor Co. Ltd. 144A | ||||||||
3.52%, 09/17/25 † | 39,316 | 36,795,081 | ||||||
4.34%, 09/17/27 † | 65,529 | 60,086,468 | ||||||
4.81%, 09/17/30 | 65,525 | 57,674,082 | ||||||
154,555,631 | ||||||||
United Kingdom: 3.8% | ||||||||
Marks & Spencer Plc 144A 7.12%, 12/01/37 | 7,853 | 7,357,633 | ||||||
Rolls-Royce Plc 144A 3.62%, 10/14/25 | 26,269 | 24,955,550 | ||||||
Standard Chartered Plc 144A |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | $ | 19,700 | $ | 18,972,400 | ||||
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | 52,469 | 53,869,398 | ||||||
105,154,981 | ||||||||
United States: 76.4% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/30 † | 13,533 | 12,382,424 | ||||||
4.38%, 10/15/28 † | 8,515 | 7,986,716 | ||||||
4.75%, 04/15/43 † | 11,213 | 8,756,736 | ||||||
5.10%, 09/01/40 | 34,914 | 29,970,527 | ||||||
5.25%, 02/01/42 | 10,457 | 8,845,367 | ||||||
5.35%, 07/01/49 | 10,155 | 7,924,581 | ||||||
6.00%, 01/15/37 | 11,616 | 10,988,968 | ||||||
Bath & Body Works, Inc. 6.95%, 03/01/33 † | 9,104 | 8,041,737 | ||||||
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 | 7,318 | 6,834,192 | ||||||
Brinker International, Inc. 144A 5.00%, 10/01/24 † | 9,236 | 9,052,157 | ||||||
Crane NXT Co. 4.20%, 03/15/48 | 9,100 | 6,473,931 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 9,255 | 9,740,888 | ||||||
Delta Air Lines, Inc. 2.90%, 10/28/24 | 23,584 | 22,775,004 | ||||||
3.75%, 10/28/29 † | 12,416 | 11,122,357 | ||||||
4.38%, 04/19/28 † | 10,743 | 10,137,954 | ||||||
Diversified Healthcare Trust | ||||||||
4.75%, 05/01/24 | 6,185 | 5,652,609 | ||||||
4.75%, 02/15/28 | 13,189 | 8,154,347 | ||||||
DPL, Inc. 4.35%, 04/15/29 | 10,554 | 9,523,518 | ||||||
Embarq Corp. 8.00%, 06/01/36 | 37,860 | 16,321,635 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 † | 11,055 | 10,703,534 | ||||||
5.05%, 04/01/45 | 11,791 | 9,372,489 | ||||||
5.45%, 06/01/47 | 13,108 | 10,961,958 | ||||||
5.60%, 04/01/44 | 9,162 | 7,625,911 | ||||||
Entegris Escrow Corp. 144A 4.75%, 04/15/29 | 41,959 | 39,072,737 | ||||||
EQM Midstream Partners LP | ||||||||
4.00%, 08/01/24 † | 7,877 | 7,646,490 | ||||||
4.12%, 12/01/26 | 13,106 | 11,910,320 | ||||||
5.50%, 07/15/28 † | 22,284 | 20,333,671 | ||||||
6.50%, 07/15/48 | 14,436 | 10,949,573 | ||||||
First Republic Bank | ||||||||
4.38%, 08/01/46 | 10,489 | 1,691,351 | ||||||
4.62%, 02/13/47 | 10,500 | 1,640,625 | ||||||
FirstEnergy Corp. 1.60%, 01/15/26 | 7,872 | 7,239,822 |
See Notes to Financial Statements
42 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
2.05%, 03/01/25 | $ | 7,882 | $ | 7,466,049 | ||||
2.25%, 09/01/30 | 11,824 | 9,770,171 | ||||||
2.65%, 03/01/30 | 15,753 | 13,622,564 | ||||||
3.40%, 03/01/50 † | 22,252 | 15,618,790 | ||||||
4.15%, 07/15/27 | 39,335 | 38,309,733 | ||||||
5.10%, 07/15/47 | 15,884 | 14,678,087 | ||||||
7.38%, 11/15/31 | 17,224 | 19,615,983 | ||||||
Fluor Corp. | ||||||||
3.50%, 12/15/24 | 10,035 | 9,685,584 | ||||||
4.25%, 09/15/28 † | 15,781 | 14,631,670 | ||||||
Ford Holdings LLC 9.30%, 03/01/30 | 5,310 | 6,068,480 | ||||||
Ford Motor Co. | ||||||||
4.35%, 12/08/26 † | 26,961 | 26,219,508 | ||||||
4.75%, 01/15/43 | 35,947 | 27,051,149 | ||||||
5.29%, 12/08/46 | 23,388 | 18,940,929 | ||||||
6.62%, 10/01/28 † | 8,022 | 8,176,464 | ||||||
7.40%, 11/01/46 † | 7,163 | 7,307,263 | ||||||
7.45%, 07/16/31 † | 19,226 | 20,256,763 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.66%, 09/08/24 † | 13,492 | 13,041,128 | ||||||
3.81%, 11/02/27 | 13,504 | 12,128,962 | ||||||
4.06%, 11/01/24 | 27,000 | 26,274,696 | ||||||
4.13%, 08/04/25 | 25,177 | 23,869,485 | ||||||
4.27%, 01/09/27 | 16,189 | 15,013,429 | ||||||
4.39%, 01/08/26 | 21,576 | 20,523,803 | ||||||
4.54%, 08/01/26 | 13,505 | 12,755,463 | ||||||
4.69%, 06/09/25 | 10,757 | 10,418,556 | ||||||
5.11%, 05/03/29 † | 26,738 | 24,956,878 | ||||||
Frontier Florida LLC 6.86%, 02/01/28 | 7,934 | 7,184,594 | ||||||
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 | 13,870 | 12,615,283 | ||||||
Genworth Holdings, Inc. 6.50%, 06/15/34 | 7,204 | 6,429,069 | ||||||
Global Marine, Inc. 7.00%, 06/01/28 † | 6,853 | 5,568,063 | ||||||
HB Fuller Co. 4.00%, 02/15/27 † | 7,948 | 7,521,351 | ||||||
Hillenbrand, Inc. 5.00%, 09/15/26 | 9,926 | 9,667,825 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.90%, 02/01/27 † | 16,388 | 16,799,962 | ||||||
5.95%, 02/01/37 | 16,405 | 16,710,248 | ||||||
6.75%, 01/15/28 | 7,877 | 8,311,164 | ||||||
Kohl’s Corp. | ||||||||
4.25%, 07/17/25 † | 9,242 | 8,647,918 | ||||||
4.62%, 05/01/31 † | 13,124 | 8,964,787 | ||||||
5.55%, 07/17/45 | 11,199 | 6,538,368 | ||||||
Las Vegas Sands Corp. | ||||||||
2.90%, 06/25/25 | 13,109 | 12,427,450 | ||||||
3.20%, 08/08/24 | 45,867 | 44,435,004 | ||||||
3.50%, 08/18/26 | 26,210 | 24,654,717 | ||||||
3.90%, 08/08/29 | 19,666 | 17,963,172 | ||||||
Lumen Technologies, Inc. 7.60%, 09/15/39 | 9,275 | 3,569,762 | ||||||
Macy’s Retail Holdings LLC |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
4.30%, 02/15/43 | $ | 6,540 | $ | 3,980,963 | ||||
4.50%, 12/15/34 † | 9,609 | 6,902,001 | ||||||
5.12%, 01/15/42 † | 6,553 | 4,320,991 | ||||||
Mattel, Inc. | ||||||||
5.45%, 11/01/41 | 7,885 | 7,019,207 | ||||||
6.20%, 10/01/40 | 6,589 | 6,258,070 | ||||||
Murphy Oil Corp. | ||||||||
6.12%, 12/01/42 | 8,892 | 7,626,050 | ||||||
7.05%, 05/01/29 † | 6,545 | 6,677,595 | ||||||
Navient Corp. 5.62%, 08/01/33 | 15,606 | 11,719,045 | ||||||
Newell Brands, Inc. | ||||||||
4.70%, 04/01/26 | 52,023 | 49,736,069 | ||||||
5.88%, 04/01/36 | 11,068 | 9,408,907 | ||||||
6.00%, 04/01/46 | 17,502 | 13,651,560 | ||||||
Nissan Motor Acceptance Co. LLC 144A | ||||||||
1.12%, 09/16/24 | 13,116 | 12,199,208 | ||||||
1.85%, 09/16/26 | 26,213 | 22,381,064 | ||||||
2.00%, 03/09/26 | 20,975 | 18,494,067 | ||||||
2.45%, 09/15/28 | 9,190 | 7,385,715 | ||||||
2.75%, 03/09/28 | 15,747 | 13,111,033 | ||||||
Nordstrom, Inc. | ||||||||
4.00%, 03/15/27 † | 9,189 | 7,908,419 | ||||||
4.25%, 08/01/31 † | 11,151 | 8,293,389 | ||||||
4.38%, 04/01/30 † | 13,112 | 10,272,072 | ||||||
5.00%, 01/15/44 † | 25,317 | 15,863,632 | ||||||
6.95%, 03/15/28 † | 7,881 | 7,614,977 | ||||||
Occidental Petroleum Corp. | ||||||||
0.00%, 10/10/36 ^ | 17,851 | 9,324,534 | ||||||
2.90%, 08/15/24 | 17,148 | 16,644,020 | ||||||
3.40%, 04/15/26 | 7,439 | 7,047,297 | ||||||
3.50%, 08/15/29 † | 7,521 | 6,862,123 | ||||||
4.10%, 02/15/47 † | 6,770 | 5,295,223 | ||||||
4.20%, 03/15/48 | 7,966 | 6,227,112 | ||||||
4.40%, 04/15/46 | 11,123 | 8,972,417 | ||||||
4.40%, 08/15/49 † | 7,350 | 5,787,537 | ||||||
4.62%, 06/15/45 | 7,755 | 6,367,863 | ||||||
5.55%, 03/15/26 | 22,353 | 22,568,930 | ||||||
6.20%, 03/15/40 | 19,019 | 19,552,342 | ||||||
6.45%, 09/15/36 | 44,863 | 47,651,235 | ||||||
6.60%, 03/15/46 | 29,246 | 31,247,742 | ||||||
7.50%, 05/01/31 | 22,794 | 25,462,380 | ||||||
7.88%, 09/15/31 | 12,723 | 14,435,173 | ||||||
7.95%, 06/15/39 | 8,456 | 9,705,543 | ||||||
Oceaneering International, Inc. | ||||||||
4.65%, 11/15/24 | 10,480 | 10,325,944 | ||||||
6.00%, 02/01/28 | 7,853 | 7,470,228 | ||||||
Office Properties Income Trust | ||||||||
2.40%, 02/01/27 † | 9,197 | 5,905,724 | ||||||
2.65%, 06/15/26 | 7,894 | 5,530,901 | ||||||
3.45%, 10/15/31 | 10,505 | 5,422,004 | ||||||
4.25%, 05/15/24 | 8,680 | 8,198,438 | ||||||
4.50%, 02/01/25 | 17,054 | 14,516,742 | ||||||
Ohio National Financial Services, Inc. 144A |
See Notes to Financial Statements
43 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
6.62%, 05/01/31 † | $ | 6,634 | $ | 6,250,476 | ||||
6.80%, 01/24/30 | 11,217 | 10,661,827 | ||||||
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 | 10,503 | 7,518,191 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
3.95%, 02/01/28 † | 12,699 | 11,434,959 | ||||||
5.15%, 11/15/29 † | 9,096 | 8,130,726 | ||||||
Qwest Corp. 7.25%, 09/15/25 | 6,551 | 5,825,280 | ||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
4.62%, 04/16/29 | 26,309 | 21,140,377 | ||||||
4.62%, 04/06/31 | 9,286 | 7,269,333 | ||||||
Rockies Express Pipeline LLC 144A | ||||||||
3.60%, 05/15/25 | 10,499 | 9,964,984 | ||||||
4.80%, 05/15/30 | 9,191 | 8,198,727 | ||||||
4.95%, 07/15/29 | 14,416 | 13,331,196 | ||||||
6.88%, 04/15/40 | 13,120 | 11,435,589 | ||||||
7.50%, 07/15/38 | 6,573 | 6,032,961 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
3.70%, 03/15/28 † | 13,115 | 10,669,012 | ||||||
7.50%, 10/15/27 † | 7,879 | 7,464,732 | ||||||
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25 | 36,472 | 38,755,184 | ||||||
Safeway, Inc. 7.25%, 02/01/31 | 6,951 | 7,055,300 | ||||||
Seagate HDD Cayman | ||||||||
4.09%, 06/01/29 | 12,968 | 11,262,967 | ||||||
4.12%, 01/15/31 | 7,244 | 6,019,583 | ||||||
4.75%, 01/01/25 | 12,567 | 12,235,168 | ||||||
4.88%, 06/01/27 | 13,212 | 12,665,873 | ||||||
5.75%, 12/01/34 † | 12,838 | 11,410,222 | ||||||
Sealed Air Corp. 144A 6.88%, 07/15/33 | 11,861 | 12,612,039 | ||||||
Service Properties Trust | ||||||||
3.95%, 01/15/28 | 10,506 | 8,239,467 | ||||||
4.35%, 10/01/24 | 21,645 | 20,690,120 | ||||||
4.38%, 02/15/30 | 10,496 | 7,821,782 | ||||||
4.50%, 03/15/25 | 9,188 | 8,555,309 | ||||||
4.75%, 10/01/26 | 11,814 | 10,227,290 | ||||||
4.95%, 02/15/27 | 10,500 | 8,912,450 | ||||||
4.95%, 10/01/29 | 11,155 | 8,465,398 | ||||||
5.25%, 02/15/26 | 9,174 | 8,158,851 | ||||||
Southeast Supply Header LLC 144A 4.25%, 06/15/24 | 10,563 | 9,981,612 | ||||||
Southwestern Energy Co. 5.70%, 01/23/25 | 10,291 | 10,282,921 | ||||||
Spirit AeroSystems, Inc. | ||||||||
3.85%, 06/15/26 | 7,863 | 7,376,216 | ||||||
4.60%, 06/15/28 † | 18,319 | 15,561,247 | ||||||
Steelcase, Inc. 5.12%, 01/18/29 | 11,862 | 10,573,609 | ||||||
Tenet Healthcare Corp. 6.88%, 11/15/31 | 9,574 | 9,391,280 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Toledo Hospital | ||||||||
4.98%, 11/15/45 | $ | 7,197 | $ | 4,633,895 | ||||
5.33%, 11/15/28 | 8,427 | 7,405,226 | ||||||
6.01%, 11/15/48 † | 10,559 | 7,457,294 | ||||||
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 | 14,862 | 14,674,802 | ||||||
Transocean, Inc. | ||||||||
6.80%, 03/15/38 | 15,973 | 10,891,909 | ||||||
7.50%, 04/15/31 | 10,371 | 7,997,700 | ||||||
Travel + Leisure Co. | ||||||||
6.00%, 04/01/27 | 10,516 | 10,357,682 | ||||||
6.60%, 10/01/25 | 9,184 | 9,217,154 | ||||||
Trinity Industries, Inc. 4.55%, 10/01/24 | 10,590 | 10,337,534 | ||||||
Under Armour, Inc. 3.25%, 06/15/26 | 15,779 | 14,505,313 | ||||||
United States Cellular Corp. 6.70%, 12/15/33 † | 14,330 | 13,059,359 | ||||||
United States Steel Corp. 6.65%, 06/01/37 † | 7,268 | 6,880,616 | ||||||
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31 | 15,700 | 12,180,510 | ||||||
Western Digital Corp. | ||||||||
2.85%, 02/01/29 | 13,136 | 10,404,960 | ||||||
3.10%, 02/01/32 † | 13,137 | 9,546,223 | ||||||
Xerox Corp. | ||||||||
3.80%, 05/15/24 † | 7,085 | 6,939,332 | ||||||
4.80%, 03/01/35 | 6,551 | 4,329,069 | ||||||
6.75%, 12/15/39 | 9,183 | 6,997,761 | ||||||
XPO CNW, Inc. 6.70%, 05/01/34 | 7,932 | 7,277,880 | ||||||
Yum! Brands, Inc. | ||||||||
5.35%, 11/01/43 | 7,199 | 6,374,283 | ||||||
6.88%, 11/15/37 | 8,605 | 9,204,140 | ||||||
2,127,844,839 | ||||||||
Total Corporate Bonds (Cost: $3,087,035,189) | 2,736,589,329 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5% | ||||||||
Money Market Fund: 4.5% (Cost: $124,494,085) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 124,494,085 | 124,494,085 | ||||||
Total Investments: 102.8% (Cost: $3,211,529,274) | 2,861,083,414 | |||||||
Liabilities in excess of other assets: (2.8)% | (77,617,757) | |||||||
NET ASSETS: 100.0% | $ | 2,783,465,657 |
See Notes to Financial Statements
44 |
Definitions:
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $129,926,938. | |
(o) | Perpetual Maturity — the date shown is the next call date | |
^ | Zero Coupon Bond | |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. | |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $593,605,506, or 21.3% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Consumer Cyclicals | 28.6 | % | $ | 781,675,330 | ||||
Energy | 22.3 | 610,131,711 | ||||||
Technology | 12.3 | 335,551,084 | ||||||
Financials | 11.7 | 321,637,278 | ||||||
Industrials | 8.5 | 232,004,113 | ||||||
Utilities | 5.2 | 143,309,471 | ||||||
Real Estate | 4.9 | 134,451,433 | ||||||
Healthcare | 3.2 | 87,919,931 | ||||||
Basic Materials | 2.5 | 68,311,451 | ||||||
Consumer Non-Cyclicals | 0.5 | 14,412,933 | ||||||
Communications | 0.3 | 7,184,594 | ||||||
100.0 | % | $ | 2,736,589,329 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 2,736,589,329 | $ | — | $ | 2,736,589,329 | ||||||||
Money Market Fund | 124,494,085 | — | — | 124,494,085 | ||||||||||||
Total Investments | $ | 124,494,085 | $ | 2,736,589,329 | $ | — | $ | 2,861,083,414 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
45 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 92.0% | ||||||||
Argentina: 0.1% | ||||||||
Genneia SA 144A 8.75%, 09/02/27 | $ | 90 | $ | 86,163 | ||||
Australia: 1.4% | ||||||||
Bank of China Ltd. Reg S 0.75%, 09/29/24 | 200 | 189,425 | ||||||
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32 | 200 | 193,812 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 | 450 | 453,552 | ||||||
National Australia Bank Ltd. 3.62%, 06/20/23 | 225 | 224,565 | ||||||
1,061,354 | ||||||||
Bermuda: 0.2% | ||||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 200 | 185,215 | ||||||
Brazil: 1.9% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 | 150 | 136,950 | ||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 | 200 | 198,716 | ||||||
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 | 375 | 376,031 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 200 | 199,246 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 | 150 | 145,121 | ||||||
Klabin Finance SA 144A 4.88%, 09/19/27 | 140 | 135,811 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 200 | 186,250 | ||||||
Suzano Austria GmbH 144A 5.75%, 07/14/26 | 50 | 50,271 | ||||||
1,428,396 | ||||||||
British Virgin Islands: 0.4% | ||||||||
Amipeace Ltd. Reg S 1.75%, 11/09/26 | 300 | 273,759 | ||||||
Canada: 1.6% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 100 | 85,600 | ||||||
Brookfield Finance, Inc. 2.72%, 04/15/31 | 250 | 210,165 | ||||||
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 | 250 | 227,771 | ||||||
CDP Financial, Inc. Reg S |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
1.00%, 05/26/26 | $ | 350 | $ | 318,923 | ||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 | 300 | 240,019 | ||||||
Tucson Electric Power Co. 1.50%, 08/01/30 | 150 | 120,566 | ||||||
1,203,044 | ||||||||
Cayman Islands: 3.4% | ||||||||
Gaci First Investment Co. Reg S | ||||||||
5.00%, 10/13/27 | 600 | 614,075 | ||||||
5.12%, 02/14/53 | 250 | 233,785 | ||||||
5.25%, 10/13/32 † | 1,050 | 1,103,219 | ||||||
5.38%, 10/13/22 | 300 | 283,500 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31 | 200 | 168,096 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 | 200 | 187,480 | ||||||
2,590,155 | ||||||||
Chile: 1.1% | ||||||||
Colbun SA 144A 3.15%, 01/19/32 | 150 | 127,808 | ||||||
Interchile SA 144A 4.50%, 06/30/56 | 350 | 287,123 | ||||||
Inversiones CMPC SA 144A 4.38%, 04/04/27 | 100 | 96,889 | ||||||
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33 | 194 | 85,535 | ||||||
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 | 300 | 209,475 | ||||||
806,830 | ||||||||
China: 4.5% | ||||||||
Bank of China Ltd. Reg S 0.95%, 09/21/23 | 450 | 443,956 | ||||||
China Construction Bank Corp. Reg S 1.25%, 08/04/25 | 200 | 186,952 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 | 400 | 368,817 | ||||||
ICBCIL Finance Co. Ltd. Reg S 5.97% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 | 200 | 200,290 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 5.72% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 | 800 | 800,648 | ||||||
5.97% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 | 200 | 200,056 | ||||||
6.09% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 | 400 | 401,182 | ||||||
Industrial Bank Co. Ltd. Reg S |
See Notes to Financial Statements
46 |
Par (000’s | ) | Value | ||||||
China (continued) | ||||||||
1.12%, 11/06/23 | $ | 200 | $ | 196,471 | ||||
Lenovo Group Ltd. 144A 6.54%, 07/27/32 | 200 | 201,217 | ||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 | 200 | 196,725 | ||||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 | 200 | 193,617 | ||||||
3,389,931 | ||||||||
Colombia: 0.2% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | 150 | 138,905 | ||||||
Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 | 91 | 67,386 | ||||||
France: 0.9% | ||||||||
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27 | 300 | 268,272 | ||||||
Electricite de France SA 144A 3.62%, 10/13/25 | 450 | 440,961 | ||||||
709,233 | ||||||||
Georgia: 0.1% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 100 | 86,030 | ||||||
Germany: 3.0% | ||||||||
Bank of China Ltd. Reg S 3.12%, 06/16/25 | 200 | 194,138 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
0.75%, 09/30/30 | 950 | 782,346 | ||||||
1.00%, 10/01/26 † | 600 | 548,086 | ||||||
1.75%, 09/14/29 | 650 | 585,248 | ||||||
Landesbank Baden-Wuerttemberg Reg S 2.00%, 02/24/25 | 188 | 178,984 | ||||||
2,288,802 | ||||||||
Hong Kong: 3.2% | ||||||||
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25 | 300 | 286,127 | ||||||
Airport Authority Reg S 1.75%, 01/12/27 | 300 | 275,870 | ||||||
China Development Bank Reg S 0.62%, 09/09/24 | 200 | 189,998 | ||||||
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24 | 200 | 193,752 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 | 200 | 183,848 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 2.95%, 06/01/25 | 200 | 193,470 | ||||||
Industrial Bank Co. Ltd. Reg S |
Par (000’s | ) | Value | ||||||
Hong Kong (continued) | ||||||||
0.88%, 06/10/24 | $ | 200 | $ | 192,081 | ||||
3.25%, 05/18/25 | 200 | 195,023 | ||||||
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 | 200 | 190,259 | ||||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 | 400 | 376,712 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 | 200 | 168,370 | ||||||
2,445,510 | ||||||||
India: 2.6% | ||||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 250 | 224,754 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 | 200 | 190,961 | ||||||
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39 | 178 | 127,698 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 | 150 | 145,914 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 | 200 | 177,215 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 | 200 | 190,336 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 177 | 147,758 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 | 200 | 187,148 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 | 200 | 188,299 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | 200 | 169,046 | ||||||
State Bank of India Reg S 4.50%, 09/28/23 | 200 | 199,490 | ||||||
1,948,619 | ||||||||
Indonesia: 0.5% | ||||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | 400 | 346,294 | ||||||
Ireland: 0.6% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27 | 200 | 199,199 |
See Notes to Financial Statements
47 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par | ) | Value | ||||||
Ireland (continued) | ||||||||
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26 | $ | 250 | $ | 251,899 | ||||
451,098 | ||||||||
Japan: 4.0% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 | 200 | 181,162 | ||||||
Honda Motor Co. Ltd. | ||||||||
2.27%, 03/10/25 | 200 | 191,904 | ||||||
2.97%, 03/10/32 | 600 | 542,622 | ||||||
Japan Bank for International Cooperation 1.62%, 01/20/27 | 200 | 183,323 | ||||||
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 | 200 | 189,857 | ||||||
Marubeni Corp. Reg S 1.58%, 09/17/26 | 200 | 179,801 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 | 100 | 98,986 | ||||||
Norinchukin Bank 144A | ||||||||
1.28%, 09/22/26 | 200 | 178,217 | ||||||
2.08%, 09/22/31 | 150 | 123,242 | ||||||
NTT Finance Corp. 144A | ||||||||
4.24%, 07/25/25 | 200 | 197,522 | ||||||
4.37%, 07/27/27 | 200 | 200,374 | ||||||
Renesas Electronics Corp. 144A 1.54%, 11/26/24 | 150 | 140,115 | ||||||
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29 | 200 | 174,800 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 | 175 | 159,521 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 | 300 | 263,928 | ||||||
3,005,374 | ||||||||
Luxembourg: 1.8% | ||||||||
European Investment Bank | ||||||||
1.62%, 05/13/31 † | 500 | 435,883 | ||||||
3.75%, 02/14/33 | 900 | 915,396 | ||||||
1,351,279 | ||||||||
Macao: 0.7% | ||||||||
Bank of China Ltd. Reg S 5.62% (SOFR Compound Index+0.78%), 04/28/25 | 300 | 300,075 | ||||||
China Construction Bank Corp. Reg S 5.31% (SOFR Compound Index+0.50%), 12/21/24 | 200 | 199,529 | ||||||
499,604 | ||||||||
Mauritius: 0.6% | ||||||||
Greenko Wind Projects Mauritius Ltd. 144A |
Par | ) | Value | ||||||
Mauritius (continued) | ||||||||
5.50%, 04/06/25 | $ | 200 | $ | 190,881 | ||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 137 | 121,457 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 200 | 175,014 | ||||||
487,352 | ||||||||
Mexico: 0.3% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | 250 | 200,085 | ||||||
Netherlands: 4.5% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 | 350 | 299,178 | ||||||
Cooperatieve Rabobank UA 144A | ||||||||
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 | 350 | 315,152 | ||||||
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 | 250 | 222,336 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 470 | 425,350 | ||||||
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 | 450 | 412,582 | ||||||
4.62%, 01/06/26 | 300 | 296,302 | ||||||
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 | 200 | 196,312 | ||||||
Nederlandse Waterschapsbank NV 144A | ||||||||
1.00%, 05/28/30 | 100 | 82,851 | ||||||
2.38%, 03/24/26 | 350 | 334,824 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
2.50%, 05/11/31 | 550 | 454,726 | ||||||
3.40%, 05/01/30 | 200 | 179,869 | ||||||
5.00%, 01/15/33 | 200 | 195,756 | ||||||
3,415,238 | ||||||||
Norway: 0.7% | ||||||||
Kommunalbanken AS 144A | ||||||||
0.50%, 10/21/24 | 200 | 188,704 | ||||||
2.12%, 02/11/25 | 325 | 312,732 | ||||||
501,436 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 200 | 65,800 | ||||||
Portugal: 0.5% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 † | 400 | 346,969 |
See Notes to Financial Statements
48 |
Par (000’s | ) | Value | ||||||
Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 | $ | 200 | $ | 185,624 | ||||
Saudi Arabia: 0.3% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 | 300 | 263,189 | ||||||
Singapore: 1.1% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 186 | 166,941 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | 200 | 188,350 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24 | 450 | 428,713 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 81 | 79,817 | ||||||
863,821 | ||||||||
South Africa: 0.3% | ||||||||
Bank of China Ltd. Reg S 1.88%, 02/16/25 | 200 | 190,696 | ||||||
South Korea: 5.0% | ||||||||
Export-Import Bank of Korea | ||||||||
2.12%, 01/18/32 | 500 | 421,018 | ||||||
5.12%, 01/11/33 | 200 | 212,150 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 | 250 | 219,761 | ||||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 | 300 | 270,614 | ||||||
Kia Corp. 144A | ||||||||
1.75%, 10/16/26 | 200 | 178,673 | ||||||
2.38%, 02/14/25 | 200 | 190,349 | ||||||
Korea Development Bank | ||||||||
0.40%, 06/19/24 | 200 | 190,383 | ||||||
0.75%, 01/25/25 | 200 | 187,360 | ||||||
Korea Electric Power Corp. 144A | ||||||||
2.50%, 06/24/24 | 350 | 340,988 | ||||||
3.62%, 06/14/25 | 200 | 195,114 | ||||||
5.38%, 04/06/26 | 200 | 202,675 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 | 100 | 99,718 | ||||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 | 200 | 190,242 | ||||||
LG Chem Ltd. 144A | ||||||||
1.38%, 07/07/26 | 200 | 179,417 | ||||||
2.38%, 07/07/31 | 225 | 186,249 | ||||||
3.25%, 10/15/24 | 250 | 243,400 | ||||||
3.62%, 04/15/29 | 50 | 47,638 | ||||||
SK Hynix, Inc. 144A |
Par (000’s | ) | Value | ||||||
South Korea (continued) | ||||||||
2.38%, 01/19/31 | $ | 250 | $ | 188,093 | ||||
3,743,842 | ||||||||
Spain: 0.8% | ||||||||
Avangrid, Inc. | ||||||||
3.20%, 04/15/25 | 381 | 366,057 | ||||||
3.80%, 06/01/29 | 250 | 235,932 | ||||||
601,989 | ||||||||
Supranational: 5.2% | ||||||||
Central American Bank for Economic Integration Reg S 5.71% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 | 200 | 199,806 | ||||||
European Bank for Reconstruction & Development | ||||||||
1.50%, 02/13/25 | 100 | 95,393 | ||||||
1.62%, 09/27/24 | 500 | 480,519 | ||||||
European Investment Bank | ||||||||
0.75%, 09/23/30 | 600 | 493,007 | ||||||
1.62%, 10/09/29 | 380 | 337,703 | ||||||
2.12%, 04/13/26 † | 300 | 286,323 | ||||||
2.38%, 05/24/27 † | 500 | 476,323 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 | 750 | 732,453 | ||||||
International Bank for Reconstruction & Development | ||||||||
2.12%, 03/03/25 † | 430 | 414,379 | ||||||
3.12%, 11/20/25 † | 75 | 73,578 | ||||||
International Finance Corp. 2.12%, 04/07/26 | 344 | 327,779 | ||||||
3,917,263 | ||||||||
Sweden: 0.9% | ||||||||
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24 | 350 | 333,613 | ||||||
Swedbank AB 144A 1.54%, 11/16/26 † | 350 | 312,969 | ||||||
646,582 | ||||||||
Turkey: 0.2% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | 200 | 168,320 | ||||||
United Arab Emirates: 0.7% | ||||||||
MAF Sukuk Ltd. Reg S | ||||||||
3.93%, 02/28/30 | 200 | 190,251 | ||||||
4.64%, 05/14/29 | 200 | 198,282 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 | 195 | 162,204 | ||||||
550,737 | ||||||||
United Kingdom: 1.9% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 | 200 | 182,680 |
See Notes to Financial Statements
49 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32 | $ | 150 | $ | 122,423 | ||||
China Construction Bank Corp. Reg S 3.12%, 05/17/25 | 350 | 340,450 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 | 300 | 246,541 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 | 200 | 191,394 | ||||||
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31 | 400 | 341,309 | ||||||
1,424,797 | ||||||||
United States: 36.4% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 200 | 185,959 | ||||||
AES Corp. | ||||||||
1.38%, 01/15/26 | 150 | 136,056 | ||||||
2.45%, 01/15/31 | 305 | 250,555 | ||||||
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 | 200 | 184,093 | ||||||
Alexandria Real Estate Equities, Inc. | ||||||||
2.00%, 05/18/32 | 350 | 270,182 | ||||||
2.95%, 03/15/34 | 250 | 202,576 | ||||||
3.80%, 04/15/26 | 100 | 96,582 | ||||||
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46 | 388 | 345,495 | ||||||
Amgen, Inc. 3.00%, 02/22/29 † | 200 | 185,760 | ||||||
Apple, Inc. 3.00%, 06/20/27 | 300 | 290,244 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
3.25%, 09/01/28 | 200 | 175,352 | ||||||
4.00%, 09/01/29 | 200 | 163,133 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 | 200 | 126,543 | ||||||
AvalonBay Communities, Inc. | ||||||||
1.90%, 12/01/28 | 100 | 86,948 | ||||||
2.05%, 01/15/32 † | 250 | 203,571 | ||||||
Bank of America Corp. 2.46% (ICE LIBOR USD 3 Month+0.87%), 10/22/25 | 450 | 430,205 | ||||||
Boston Properties LP | ||||||||
2.45%, 10/01/33 | 400 | 288,059 | ||||||
3.40%, 06/21/29 | 225 | 191,235 | ||||||
4.50%, 12/01/28 | 200 | 182,221 | ||||||
Citigroup, Inc. |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
1.68% (SOFR+1.67%), 05/15/24 | $ | 350 | $ | 349,486 | ||||
Clearway Energy Operating LLC 144A | ||||||||
3.75%, 02/15/31 | 400 | 342,755 | ||||||
4.75%, 03/15/28 | 275 | 261,111 | ||||||
Dana, Inc. 4.25%, 09/01/30 | 200 | 162,178 | ||||||
Deutsche Bank AG 1.69%, 03/19/26 | 300 | 268,739 | ||||||
Dominion Energy, Inc. 2.25%, 08/15/31 | 350 | 291,160 | ||||||
DTE Electric Co. | ||||||||
1.90%, 04/01/28 | 150 | 134,077 | ||||||
3.25%, 04/01/51 | 200 | 150,176 | ||||||
3.95%, 03/01/49 | 290 | 247,868 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 | 350 | 345,279 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 | 300 | 284,326 | ||||||
Equinix, Inc. | ||||||||
1.00%, 09/15/25 | 300 | 272,493 | ||||||
2.50%, 05/15/31 | 350 | 289,271 | ||||||
3.90%, 04/15/32 | 350 | 319,049 | ||||||
ERP Operating LP 4.15%, 12/01/28 | 200 | 194,620 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 | 100 | 94,532 | ||||||
Fannie Mae-Aces | ||||||||
1.44%, 10/25/29 | 300 | 252,285 | ||||||
2.44%, 10/25/29 | 37 | 33,680 | ||||||
2.52%, 08/25/29 | 236 | 214,596 | ||||||
2.62%, 07/25/24 | 162 | 157,381 | ||||||
2.90%, 02/25/27 | 220 | 210,574 | ||||||
2.94%, 06/25/29 | 9 | 7,983 | ||||||
3.00%, 01/25/28 | 394 | 372,539 | ||||||
3.06%, 09/25/27 | 255 | 244,162 | ||||||
3.13%, 03/25/28 | 207 | 196,142 | ||||||
3.16%, 03/25/28 | 383 | 365,853 | ||||||
3.17%, 02/25/30 | 340 | 318,831 | ||||||
3.20%, 11/25/27 | 13 | 12,307 | ||||||
3.41%, 06/25/28 | 318 | 306,670 | ||||||
3.67%, 09/25/28 | 498 | 486,217 | ||||||
3.87%, 09/25/30 | 91 | 88,833 | ||||||
Federal Realty Investment Trust 1.25%, 02/15/26 † | 200 | 181,205 | ||||||
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27 | 200 | 173,675 | ||||||
Ford Motor Co. | ||||||||
3.25%, 02/12/32 | 850 | 659,954 | ||||||
6.10%, 08/19/32 † | 450 | 429,575 | ||||||
Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
1.30%, 06/25/30 | 30 | 24,873 | ||||||
2.88%, 04/25/26 | 285 | 273,867 |
See Notes to Financial Statements
50 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
General Motors Co. | ||||||||
5.40%, 10/15/29 | $ | 50 | $ | 49,459 | ||||
5.60%, 10/15/32 † | 650 | 637,267 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 | 100 | 97,323 | ||||||
Healthpeak OP LLC | ||||||||
1.35%, 02/01/27 | 200 | 176,394 | ||||||
2.12%, 12/01/28 † | 100 | 86,803 | ||||||
Host Hotels & Resorts LP | ||||||||
2.90%, 12/15/31 | 250 | 198,217 | ||||||
3.38%, 12/15/29 | 100 | 85,987 | ||||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 | 150 | 112,092 | ||||||
4.10%, 09/26/28 | 250 | 246,106 | ||||||
Jabil, Inc. 4.25%, 05/15/27 | 200 | 195,162 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 | 300 | 249,151 | ||||||
JPMorgan Chase & Co. 0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24 | 325 | 318,974 | ||||||
0.77% (SOFR+0.49%), 08/09/25 | 350 | 329,206 | ||||||
Kaiser Foundation Hospitals | ||||||||
2.81%, 06/01/41 † | 500 | 374,705 | ||||||
3.15%, 05/01/27 | 80 | 76,227 | ||||||
Kilroy Realty LP | ||||||||
2.50%, 11/15/32 | 50 | 33,914 | ||||||
2.65%, 11/15/33 | 150 | 99,519 | ||||||
4.75%, 12/15/28 | 100 | 88,663 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 | 200 | 188,622 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 | 200 | 184,147 | ||||||
MidAmerican Energy Co. | ||||||||
2.70%, 08/01/52 | 200 | 136,800 | ||||||
3.10%, 05/01/27 | 225 | 215,549 | ||||||
3.15%, 04/15/50 | 200 | 149,635 | ||||||
3.65%, 04/15/29 | 150 | 144,707 | ||||||
3.65%, 08/01/48 | 400 | 329,938 | ||||||
3.95%, 08/01/47 | 125 | 107,880 | ||||||
4.25%, 07/15/49 | 275 | 248,334 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 | 425 | 374,889 | ||||||
Northern States Power Co. | ||||||||
2.25%, 04/01/31 | 150 | 128,604 | ||||||
2.60%, 06/01/51 | 250 | 169,805 | ||||||
2.90%, 03/01/50 | 250 | 179,471 | ||||||
3.20%, 04/01/52 | 200 | 149,398 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 | 225 | 211,806 | ||||||
Owens Corning |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.95%, 08/15/29 | $ | 225 | $ | 214,111 | ||||
PacifiCorp | ||||||||
2.90%, 06/15/52 | 200 | 139,828 | ||||||
5.35%, 12/01/53 | 200 | 208,605 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | 250 | 232,807 | ||||||
PepsiCo, Inc. | ||||||||
2.88%, 10/15/49 † | 250 | 191,993 | ||||||
3.90%, 07/18/32 | 500 | 492,725 | ||||||
PG&E Recovery Funding LLC 5.54%, 07/15/47 | 200 | 212,822 | ||||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 | 150 | 113,448 | ||||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 | 160 | 152,782 | ||||||
Prologis LP | ||||||||
1.25%, 10/15/30 | 275 | 218,013 | ||||||
1.75%, 02/01/31 | 200 | 162,012 | ||||||
Public Service Co. of Colorado | ||||||||
3.20%, 03/01/50 | 250 | 187,264 | ||||||
3.70%, 06/15/28 | 200 | 195,366 | ||||||
4.10%, 06/15/48 | 110 | 95,694 | ||||||
Public Service Co. of Oklahoma | ||||||||
2.20%, 08/15/31 | 300 | 248,480 | ||||||
3.15%, 08/15/51 | 150 | 103,363 | ||||||
Public Service Electric and Gas Co. | ||||||||
3.10%, 03/15/32 | 150 | 135,304 | ||||||
4.65%, 03/15/33 | 200 | 202,526 | ||||||
Regency Centers LP 3.75%, 06/15/24 | 125 | 122,287 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 | 150 | 102,462 | ||||||
SK Battery America, Inc. Reg S 1.62%, 01/26/24 | 250 | 241,613 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 | 600 | 489,545 | ||||||
Sonoco Products Co. 2.85%, 02/01/32 | 400 | 339,872 | ||||||
Southern Power Co. 4.15%, 12/01/25 | 500 | 491,138 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 | 100 | 72,631 | ||||||
Sunnova Energy Corp. 144A 5.88%, 09/01/26 † | 100 | 90,763 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 | 200 | 165,570 | ||||||
Toyota Auto Receivables Owner |
See Notes to Financial Statements
51 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
0.26%, 11/17/25 | $ | 163 | $ | 157,258 | ||||
UDR, Inc. 1.90%, 03/15/33 | 175 | 131,277 | ||||||
Union Electric Co. 2.62%, 03/15/51 | 275 | 183,642 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 | 200 | 189,059 | ||||||
Verizon Communications, Inc. | ||||||||
1.50%, 09/18/30 † | 300 | 242,845 | ||||||
2.85%, 09/03/41 | 400 | 290,242 | ||||||
3.88%, 02/08/29 | 200 | 193,255 | ||||||
3.88%, 03/01/52 | 300 | 240,969 | ||||||
Vornado Realty LP 3.40%, 06/01/31 | 150 | 106,762 | ||||||
Welltower OP LLC | ||||||||
2.70%, 02/15/27 | 250 | 229,066 | ||||||
3.85%, 06/15/32 | 100 | 90,010 | ||||||
Wisconsin Electric Power Co. 4.75%, 09/30/32 | 250 | 252,389 | ||||||
Wisconsin Power and Light Co. 1.95%, 09/16/31 | 200 | 162,784 | ||||||
27,480,427 | ||||||||
Total Corporate Bonds (Cost: $77,004,655) | 69,417,148 | |||||||
GOVERNMENT OBLIGATIONS: 6.7% | ||||||||
Chile: 1.3% | ||||||||
Chile Government International Bond | ||||||||
2.55%, 01/27/32 | 350 | 304,728 | ||||||
3.50%, 01/25/50 | 850 | 657,880 | ||||||
962,608 | ||||||||
Egypt: 0.2% | ||||||||
Egypt Government International Bond 144A 5.25%, 10/06/25 | 50 | 34,547 | ||||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 | 200 | 138,190 | ||||||
172,737 | ||||||||
Hong Kong: 1.6% | ||||||||
Hong Kong Government International Bond 144A | ||||||||
0.62%, 02/02/26 | 200 | 182,256 | ||||||
1.38%, 02/02/31 | 400 | 334,693 | ||||||
2.38%, 02/02/51 | 200 | 137,344 | ||||||
2.50%, 05/28/24 | 250 | 245,424 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 | 400 | 340,078 | ||||||
1,239,795 | ||||||||
Indonesia: 1.2% | ||||||||
Perusahaan Penerbit SBSN Indonesia III 144A 2.30%, 06/23/25 | 150 | 143,574 |
Par (000’s | ) | Value | ||||||
Indonesia (continued) | ||||||||
3.55%, 06/09/51 | $ | 275 | $ | 215,833 | ||||
3.90%, 08/20/24 | 250 | 249,781 | ||||||
4.70%, 06/06/32 | 300 | 305,093 | ||||||
914,281 | ||||||||
Israel: 0.3% | ||||||||
Israel Government International Bond 4.50%, 01/17/33 | 200 | 200,511 | ||||||
Saudi Arabia: 0.3% | ||||||||
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 | 250 | 226,853 | ||||||
Supranational: 0.9% | ||||||||
Asian Development Bank | ||||||||
1.75%, 08/14/26 | 275 | 258,253 | ||||||
2.12%, 03/19/25 | 150 | 144,324 | ||||||
2.38%, 08/10/27 | 150 | 142,504 | ||||||
3.12%, 09/26/28 | 100 | 97,537 | ||||||
642,618 | ||||||||
United States: 0.9% | ||||||||
City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
2.83%, 11/01/41 | 100 | 77,938 | ||||||
3.30%, 11/01/39 | 100 | 85,191 | ||||||
3.47%, 11/01/43 | 100 | 82,010 | ||||||
Commonwealth of Massachusetts 3.28%, 06/01/46 | 150 | 121,885 | ||||||
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 | 170 | 165,664 | ||||||
Metropolitan Transportation Authority 5.17%, 11/15/49 | 150 | 142,476 | ||||||
675,164 | ||||||||
Total Government Obligations (Cost: $5,953,369) | 5,034,567 | |||||||
Number of Shares | ||||||||
PREFERRED SECURITIES: 0.1% (Cost: $173,320) | ||||||||
Canada: 0.1% | ||||||||
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 † | 7,000 | 114,030 | ||||||
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $83,131,344) | 74,565,745 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8% | ||||||||
Money Market Fund: 2.8% (Cost: $2,137,597) |
See Notes to Financial Statements
52 |
Number | Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,137,597 | $ | 2,137,597 |
Number | Value | |||||||
Total Investments: 101.6% (Cost: $85,268,941) | $ | 76,703,342 | ||||||
Liabilities in excess of other assets: (1.6)% | (1,243,476) | |||||||
NET ASSETS: 100.0% | $ | 75,459,866 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $6,034,699. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $20,826,707, or 27.6% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 40.0 | % | $ | 29,791,955 | ||||
Utilities | 20.7 | 15,414,906 | ||||||
Real Estate | 7.7 | 5,781,646 | ||||||
Government | 7.0 | 5,224,424 | ||||||
Mortgage Securities | 5.2 | 3,912,288 | ||||||
Consumer Cyclicals | 4.7 | 3,526,705 | ||||||
Technology | 4.3 | 3,210,392 | ||||||
Basic Materials | 3.7 | 2,741,671 | ||||||
Industrials | 3.5 | 2,583,997 | ||||||
Consumer Non-Cyclicals | 1.2 | 884,804 | ||||||
Healthcare | 1.0 | 739,153 | ||||||
Energy | 0.8 | 565,182 | ||||||
Academic & Educational Services | 0.2 | 188,622 | ||||||
100.0 | % | $ | 74,565,745 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 69,417,148 | $ | — | $ | 69,417,148 | ||||||||
Government Obligations * | — | 5,034,567 | — | 5,034,567 | ||||||||||||
Preferred Securities * | 114,030 | — | — | 114,030 | ||||||||||||
Money Market Fund | 2,137,597 | — | — | 2,137,597 | ||||||||||||
Total Investments | $ | 2,251,627 | $ | 74,451,715 | $ | — | $ | 76,703,342 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
53 |
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
FLOATING RATE NOTES: 98.5% | ||||||||
Australia: 9.1% | ||||||||
Commonwealth Bank of Australia 144A 5.24% (SOFR+0.40%), 07/07/25 | $ | 22,932 | $ | 22,733,831 | ||||
5.33% (SOFR+0.52%), 06/15/26 | 11,820 | 11,668,233 | ||||||
5.54% (SOFR+0.74%), 03/14/25 | 12,500 | 12,488,597 | ||||||
5.55% (SOFR+0.75%), 03/13/26 | 4,750 | 4,735,901 | ||||||
Macquarie Bank Ltd. 144A 6.13% (SOFR+1.31%), 03/21/25 | 3,825 | 3,842,933 | ||||||
National Australia Bank Ltd. 144A 5.22% (SOFR+0.38%), 01/12/25 | 3,700 | 3,682,440 | ||||||
5.49% (SOFR+0.65%), 01/12/27 | 12,325 | 12,207,007 | ||||||
5.65% (SOFR+0.86%), 06/09/25 | 12,325 | 12,323,142 | ||||||
Westpac Banking Corp. 5.03% (SOFR+0.30%), 11/18/24 | 5,550 | 5,525,867 | ||||||
5.73% (ICE LIBOR USD 3 Month+0.77%),02/26/24 | 1,575 | 1,580,686 | ||||||
5.76% (SOFR+1.00%), 08/26/25 | 13,550 | 13,620,316 | ||||||
104,408,953 | ||||||||
Canada: 4.3% | ||||||||
Bank of Montreal 5.14% (SOFR Compound Index+0.35%), 12/08/23 | 1,898 | 1,894,365 | ||||||
5.16% (SOFR Compound Index+0.32%), 07/09/24 | 4,085 | 4,061,102 | ||||||
5.50% (SOFR Compound Index+0.71%), 03/08/24 | 1,625 | 1,621,341 | ||||||
Bank of Nova Scotia 5.22% (SOFR+0.38%), 07/31/24 | 4,700 | 4,673,821 | ||||||
5.28% (SOFR Compound Index+0.45%), 04/15/24 | 2,171 | 2,162,167 | ||||||
Canadian Imperial Bank of Commerce 5.20% (SOFR Compound Index+0.40%), 12/14/23 | 1,880 | 1,874,591 | ||||||
5.26% (SOFR Compound Index+0.42%), 10/18/24 | 5,056 | 5,024,992 | ||||||
5.78% (SOFR+0.94%), 04/07/25 | 4,936 | 4,947,509 | ||||||
Enbridge, Inc. 5.36% (SOFR Compound Index+0.63%), 02/16/24 | 2,065 | 2,059,578 | ||||||
Federation des Caisses Desjardins du Quebec 144A 5.18% (SOFR+0.43%), 05/21/24 | 1,750 | 1,740,104 |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
Royal Bank of Canada 5.14% (SOFR Compound Index+0.30%), 01/19/24 | $ | 2,206 | $ | 2,200,140 | ||||
5.18% (SOFR Compound Index+0.34%), 10/07/24 | 3,691 | 3,664,651 | ||||||
5.20% (SOFR Compound Index+0.36%), 07/29/24 | 4,819 | 4,785,512 | ||||||
Toronto-Dominion Bank 5.13% (SOFR+0.35%), 03/04/24 | 2,370 | 2,361,782 | ||||||
5.15% (SOFR+0.35%), 09/10/24 | 6,637 | 6,587,438 | ||||||
49,659,093 | ||||||||
Cayman Islands: 0.2% | ||||||||
MassMutual Global Funding II 144A 5.20% (SOFR+0.36%), 04/12/24 | 1,955 | 1,951,002 | ||||||
China: 0.2% | ||||||||
Tencent Holdings Ltd. 144A 6.12% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 | 2,325 | 2,327,778 | ||||||
France: 2.0% | ||||||||
Banque Federative du Credit Mutuel SA 144A 5.10% (SOFR Compound Index+0.41%), 02/04/25 | 5,322 | 5,260,542 | ||||||
Societe Generale SA 144A 5.89% (SOFR+1.05%), 01/21/26 | 18,500 | 18,091,897 | ||||||
23,352,439 | ||||||||
Germany: 0.4% | ||||||||
Bayer US Finance II LLC 144A 5.88% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 | 4,125 | 4,117,151 | ||||||
Japan: 6.2% | ||||||||
Mitsubishi UFJ Financial Group, Inc. 5.67% (SOFR+0.94%), 02/20/26 | 14,900 | 14,737,458 | ||||||
Mizuho Financial Group, Inc. 5.59% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 | 3,600 | 3,599,857 | ||||||
5.69% (SOFR+0.96%), 05/22/26 | 17,915 | 17,735,023 | ||||||
6.15% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 4,477 | 4,479,664 | ||||||
Sumitomo Mitsui Financial Group, Inc. 5.72% (SOFR+0.88%), 01/14/27 | 12,320 | 12,058,688 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 5.24% (SOFR+0.44%), 09/16/24 | 5,525 | 5,491,916 |
See Notes to Financial Statements
54 |
Par (000’s | ) | Value | ||||||
Japan (continued) | ||||||||
5.90% (SOFR+1.12%), 03/09/26 | $ | 12,325 | $ | 12,329,887 | ||||
70,432,493 | ||||||||
Netherlands: 1.7% | ||||||||
Cooperatieve Rabobank UA 5.14% (SOFR Compound Index+0.30%), 01/12/24 | 2,475 | 2,467,578 | ||||||
ING Groep NV 6.48% (SOFR Compound Index+1.64%), 03/28/26 | 12,440 | 12,510,733 | ||||||
Shell International Finance BV 5.27% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 | 1,375 | 1,379,945 | ||||||
Siemens Financieringsmaatschappij NV 144A 5.23% (SOFR+0.43%), 03/11/24 | 3,275 | 3,273,172 | ||||||
19,631,428 | ||||||||
Norway: 0.4% | ||||||||
DNB Bank ASA 144A 5.67% (SOFR Compound Index+0.83%), 03/28/25 | 4,550 | 4,529,092 | ||||||
Spain: 0.2% | ||||||||
Banco Santander SA 5.98% (SOFR+1.24%), 05/24/24 | 2,200 | 2,202,367 | ||||||
Switzerland: 2.0% | ||||||||
Credit Suisse Group AG 144A 6.39% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 5,531 | 5,393,731 | ||||||
UBS AG 144A 5.07% (SOFR+0.36%), 02/09/24 | 3,150 | 3,140,541 | ||||||
UBS Group AG 144A 6.30% (SOFR+1.58%), 05/12/26 | 14,810 | 14,836,951 | ||||||
23,371,223 | ||||||||
United Kingdom: 8.2% | ||||||||
ANZ New Zealand Int’l Ltd. 144A 5.34% (SOFR+0.60%), 02/18/25 | 3,850 | 3,826,459 | ||||||
Barclays Plc 6.25% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | 4,855 | 4,854,901 | ||||||
HSBC Holdings Plc 5.32% (SOFR+0.58%), 11/22/24 | 3,500 | 3,451,665 | ||||||
5.92% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 7,095 | 7,096,791 | ||||||
6.22% (SOFR+1.43%), 03/10/26 | 12,150 | 12,153,133 | ||||||
6.38% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | 3,500 | 3,508,324 | ||||||
6.53% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 18,292 | 18,282,935 |
Par (000’s) | Value | |||||||
United Kingdom (continued) | ||||||||
NatWest Group Plc 6.68% (ICE LIBOR USD 3 Month+1.55%), 06/25/24 | $ | 5,620 | $ | 5,619,878 | ||||
NatWest Markets Plc 144A 6.28% (SOFR+1.45%), 03/22/25 | 3,780 | 3,770,893 | ||||||
Standard Chartered Plc 144A 5.68% (SOFR+0.93%), 11/23/25 | 12,344 | 12,154,867 | ||||||
6.58% (SOFR+1.74%), 03/30/26 | 12,350 | 12,399,995 | ||||||
UBS AG 144A 5.16% (SOFR+0.45%), 08/09/24 | 7,375 | 7,330,963 | ||||||
94,450,804 | ||||||||
United States: 63.6% | ||||||||
American Electric Power Co., Inc. 5.78% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 | 1,700 | 1,697,418 | ||||||
American Express Co. 4.92% (SOFR Compound Index+0.23%), 11/03/23 | 1,691 | 1,686,346 | ||||||
5.34% (SOFR Compound Index+0.65%), 11/04/26 | 12,338 | 12,142,238 | ||||||
5.41% (SOFR Compound Index+0.72%), 05/03/24 | 1,575 | 1,575,705 | ||||||
5.71% (SOFR+0.93%), 03/04/25 | 3,720 | 3,720,424 | ||||||
Analog Devices, Inc. 5.09% (SOFR+0.25%), 10/01/24 | 3,854 | 3,828,186 | ||||||
AT&T, Inc. 5.48% (SOFR Compound Index+0.64%), 03/25/24 | 2,375 | 2,371,162 | ||||||
6.33% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 11,874 | 11,948,659 | ||||||
Athene Global Funding 144A 5.45% (SOFR Compound Index+0.70%), 05/24/24 | 4,933 | 4,882,826 | ||||||
Bank of America Corp. 5.27% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 | 9,190 | 9,171,344 | ||||||
5.36% (SOFR+0.66%), 02/04/25 | 5,534 | 5,497,397 | ||||||
5.53% (SOFR+0.69%), 04/22/25 | 4,468 | 4,434,537 | ||||||
5.57% (SOFR+0.73%), 10/24/24 | 3,738 | 3,729,583 | ||||||
5.58% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 | 22,546 | 22,543,030 | ||||||
5.75% (SOFR+1.05%), 02/04/28 | 19,943 | 19,655,071 | ||||||
5.94% (SOFR+1.10%), 04/25/25 | 3,825 | 3,814,276 | ||||||
6.17% (SOFR+1.33%), 04/02/26 † | 12,325 | 12,343,650 |
See Notes to Financial Statements
55 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
6.23% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 | $ | 3,720 | $ | 3,720,757 | ||||
BMW US Capital LLC 144A 5.10% (SOFR Compound Index+0.38%), 08/12/24 | 5,610 | 5,579,068 | ||||||
5.37% (SOFR Compound Index+0.53%), 04/01/24 | 2,379 | 2,372,980 | ||||||
Capital One Financial Corp. 5.48% (SOFR+0.69%), 12/06/24 † | 6,757 | 6,616,222 | ||||||
Caterpillar Financial Services Corp. 4.98% (SOFR+0.24%), 05/17/24 | 1,962 | 1,956,011 | ||||||
5.07% (SOFR+0.27%), 09/13/24 | 5,016 | 4,994,071 | ||||||
5.17% (SOFR+0.45%), 11/13/23 | 1,360 | 1,360,597 | ||||||
CenterPoint Energy, Inc. 5.37% (SOFR Compound Index+0.65%), 05/13/24 | 2,283 | 2,272,932 | ||||||
Charles Schwab Corp. 5.24% (SOFR Compound Index+0.52%), 05/13/26 | 12,313 | 11,821,740 | ||||||
5.32% (SOFR Compound Index+0.50%), 03/18/24 | 3,948 | 3,907,014 | ||||||
5.83% (SOFR Compound Index+1.05%), 03/03/27 | 12,337 | 11,873,824 | ||||||
Citigroup, Inc. 5.51% (SOFR+0.67%), 05/01/25 | 12,309 | 12,212,200 | ||||||
5.51% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 12,880 | 10,318,128 | ||||||
5.53% (SOFR+0.69%), 01/25/26 | 12,477 | 12,296,823 | ||||||
5.98% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | 4,777 | 4,778,878 | ||||||
5.99% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 7,380 | 7,379,491 | ||||||
6.04% (SOFR+1.28%), 02/24/28 | 19,785 | 19,758,001 | ||||||
6.13% (SOFR+1.37%), 05/24/25 | 12,360 | 12,377,338 | ||||||
6.35% (SOFR+1.53%), 03/17/26 | 12,332 | 12,424,964 | ||||||
6.43% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 16,007 | 16,077,005 | ||||||
Comcast Corp. 5.89% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 | 1,749 | 1,752,715 | ||||||
Credit Suisse AG 5.23% (SOFR Compound Index+0.39%), 02/02/24 | 2,925 | 2,831,732 | ||||||
Daimler Truck Finance North America LLC 144A 5.84% (SOFR+1.00%), 04/05/24 | 1,735 | 1,733,030 | ||||||
Deutsche Bank NY |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
5.20% (SOFR+0.50%), 11/08/23 | $ | 2,075 | $ | 2,056,399 | ||||
Florida Power & Light Co. 5.22% (SOFR Compound Index+0.38%), 01/12/24 | 3,190 | 3,177,537 | ||||||
GA Global Funding Trust 144A 5.30% (SOFR+0.50%), 09/13/24 | 3,825 | 3,713,524 | ||||||
General Electric Co. 5.19% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 | 22,222 | 22,026,774 | ||||||
General Motors Financial Co., Inc. 5.93% (SOFR+1.20%), 11/17/23 | 2,175 | 2,173,373 | ||||||
Goldman Sachs Group, Inc. 5.54% (SOFR+0.70%), 01/24/25 | 4,495 | 4,472,872 | ||||||
6.03% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 22,831 | 22,807,081 | ||||||
6.55% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 5,496 | 5,520,690 | ||||||
7.02% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 21,995 | 22,397,031 | ||||||
Hartford Financial Services Group, Inc. 144A 6.99% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 | 12,372 | 10,114,110 | ||||||
Jackson National Life Global Funding 144A 5.99% (SOFR+1.15%), 06/28/24 | 6,400 | 6,378,100 | ||||||
John Deere Capital Corp. 5.04% (SOFR+0.20%), 10/11/24 | 4,575 | 4,544,513 | ||||||
JPMorgan Chase & Co. 5.31% (SOFR+0.54%), 06/01/25 | 12,340 | 12,223,167 | ||||||
5.41% (SOFR+0.58%), 06/23/25 | 12,335 | 12,206,287 | ||||||
5.60% (SOFR+0.77%), 09/22/27 | 12,251 | 12,046,559 | ||||||
5.67% (SOFR+0.92%), 02/24/26 | 18,436 | 18,342,384 | ||||||
5.72% (SOFR+0.89%), 04/22/27 † | 12,325 | 12,162,070 | ||||||
5.77% (SOFR+0.97%), 06/14/25 | 12,323 | 12,342,600 | ||||||
5.93% (SOFR+1.18%), 02/24/28 | 26,030 | 26,072,573 | ||||||
6.06% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 3,700 | 3,692,148 | ||||||
6.16% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 7,372 | 7,375,104 | ||||||
6.16% (SOFR+1.32%), 04/26/26 | 12,380 | 12,415,911 | ||||||
Lincoln National Corp. |
See Notes to Financial Statements
56 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
7.23% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 | $ | 14,257 | $ | 9,017,553 | ||||
MassMutual Global Funding II 144A 5.11% (SOFR+0.27%), 10/21/24 | 3,735 | 3,709,327 | ||||||
Metropolitan Life Global Funding I 144A 5.14% (SOFR+0.30%), 09/27/24 | 3,730 | 3,705,491 | ||||||
5.16% (SOFR+0.32%), 01/07/24 | 2,040 | 2,035,243 | ||||||
Morgan Stanley 5.46% (SOFR+0.62%), 01/24/25 | 7,850 | 7,772,087 | ||||||
5.70% (SOFR+0.95%), 02/18/26 | 18,490 | 18,373,080 | ||||||
6.00% (SOFR+1.17%), 04/17/25 | 4,910 | 4,915,135 | ||||||
6.06% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 5,570 | 5,570,370 | ||||||
NextEra Energy Capital Holdings, Inc. 5.09% (SOFR Compound Index+0.40%), 11/03/23 | 3,905 | 3,895,431 | ||||||
Public Storage 5.31% (SOFR+0.47%), 04/23/24 | 2,324 | 2,317,101 | ||||||
Roche Holdings, Inc. 144A 5.36% (SOFR+0.56%), 03/10/25 | 5,675 | 5,665,160 | ||||||
Starbucks Corp. 5.14% (SOFR Compound Index+0.42%), 02/14/24 | 1,663 | 1,662,217 | ||||||
Thermo Fisher Scientific, Inc. 5.37% (SOFR Compound Index+0.53%), 10/18/24 | 3,773 | 3,773,157 | ||||||
Toyota Motor Credit Corp. 5.09% (SOFR+0.29%), 09/13/24 | 4,440 | 4,407,289 | ||||||
5.17% (SOFR Compound Index+0.33%), 01/11/24 | 2,409 | 2,403,128 | ||||||
5.20% (SOFR+0.38%), 02/22/24 | 4,750 | 4,735,051 | ||||||
5.49% (SOFR Compound Index+0.65%), 12/29/23 | 2,050 | 2,049,325 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
5.56% (SOFR+0.75%), 12/11/23 | $ | 4,725 | $ | 4,731,128 | ||||
Truist Bank 5.04% (SOFR+0.20%), 01/17/24 | 3,950 | 3,903,819 | ||||||
Truist Financial Corp. 5.19% (SOFR+0.40%), 06/09/25 | 23,549 | 22,670,491 | ||||||
United Parcel Service, Inc. 4.44% (SOFR Compound Index+(0.35)%), 03/15/73 | 13,150 | 13,095,644 | ||||||
Verizon Communications, Inc. 5.61% (SOFR Compound Index+0.79%), 03/20/26 | 18,039 | 17,923,196 | ||||||
5.96% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 22,759 | 22,917,670 | ||||||
Volkswagen Group of America Finance LLC 144A 5.73% (SOFR+0.95%), 06/07/24 | 3,850 | 3,858,194 | ||||||
Warnermedia Holdings, Inc. 144A 6.59% (SOFR Compound Index+1.78%), 03/15/24 | 1,575 | 1,584,095 | ||||||
Wells Fargo & Co. 6.16% (SOFR+1.32%), 04/25/26 | 18,732 | 18,800,411 | ||||||
729,208,973 | ||||||||
Total Floating Rate Notes (Cost: $1,138,059,104) | 1,129,642,796 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% | ||||||||
Money Market Fund: 0.3% (Cost: $3,402,096) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,402,096 | 3,402,096 | ||||||
Total Investments: 98.8% (Cost: $1,141,461,200) | 1,133,044,892 | |||||||
Other assets less liabilities: 1.2% | 13,275,960 | |||||||
NET ASSETS: 100.0% | $ | 1,146,320,852 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
See Notes to Financial Statements
57 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $3,317,907. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $260,980,173, or 22.8% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 86.6 | % | $ | 977,946,981 | ||||
Technology | 5.9 | 66,342,539 | ||||||
Industrials | 2.6 | 29,358,372 | ||||||
Consumer Non-Cyclicals | 1.9 | 22,026,774 | ||||||
Utilities | 1.0 | 11,043,319 | ||||||
Consumer Cyclicals | 0.8 | 9,277,879 | ||||||
Healthcare | 0.7 | 7,890,308 | ||||||
Energy | 0.3 | 3,439,522 | ||||||
Real Estate | 0.2 | 2,317,102 | ||||||
100.0 | % | $ | 1,129,642,796 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Floating Rate Notes * | $ | — | $ | 1,129,642,796 | $ | — | $ | 1,129,642,796 | ||||||||
Money Market Fund | 3,402,096 | — | — | 3,402,096 | ||||||||||||
Total Investments | $ | 3,402,096 | $ | 1,129,642,796 | $ | — | $ | 1,133,044,892 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
58 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 97.9% | ||||||||
Argentina: 1.0% | ||||||||
MercadoLibre, Inc. 3.12%, 01/14/31 | USD | 100 | $ | 77,602 | ||||
Pampa Energia SA 144A | ||||||||
7.50%, 01/24/27 | USD | 50 | 43,557 | |||||
9.12%, 04/15/29 | USD | 50 | 43,560 | |||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | USD | 40 | 41,749 | |||||
Telecom Argentina SA 144A 8.00%, 07/18/26 | USD | 50 | 44,483 | |||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 | USD | 80 | 69,906 | |||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | USD | 35 | 30,135 | |||||
YPF SA 144A | ||||||||
6.95%, 07/21/27 | USD | 50 | 36,051 | |||||
7.00%, 12/15/47 | USD | 25 | 15,360 | |||||
8.50%, 03/23/25 | USD | 25 | 22,875 | |||||
8.50%, 07/28/25 | USD | 75 | 62,556 | |||||
8.50%, 06/27/29 | USD | 85 | 63,365 | |||||
9.00%, 02/12/26 (s) | USD | 46 | 43,675 | |||||
9.00%, 06/30/29 (s) | USD | 75 | 59,902 | |||||
654,776 | ||||||||
Australia: 1.0% | ||||||||
FMG Resources August 2006 Pty Ltd. 144A | ||||||||
4.38%, 04/01/31 | USD | 100 | 86,982 | |||||
4.50%, 09/15/27 | USD | 25 | 23,787 | |||||
5.12%, 05/15/24 | USD | 75 | 74,634 | |||||
6.12%, 04/15/32 | USD | 100 | 96,906 | |||||
Infrabuild Australia Pty Ltd. 144A 12.00%, 10/01/24 | USD | 30 | 28,703 | |||||
Mineral Resources Ltd. 144A | ||||||||
8.12%, 05/01/27 | USD | 100 | 100,974 | |||||
8.50%, 05/01/30 | USD | 100 | 101,858 | |||||
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 | USD | 30 | 26,693 | |||||
Perenti Finance Pty Ltd. 144A 6.50%, 10/07/25 | USD | 95 | 92,506 | |||||
633,043 | ||||||||
Austria: 0.1% | ||||||||
ams-OSRAM AG 144A 7.00%, 07/31/25 † | USD | 100 | 93,513 | |||||
Belgium: 0.4% | ||||||||
Azelis Finance NV Reg S 5.75%, 03/15/28 | EUR | 100 | 111,220 | |||||
La Financiere Atalian SASU Reg S 4.00%, 05/15/24 | EUR | 100 | 80,700 | |||||
Ontex Group NV Reg S |
Par (000’s | ) | Value | ||||||
Belgium (continued) | ||||||||
3.50%, 07/15/26 | EUR | 100 | $ | 98,062 | ||||
289,982 | ||||||||
Bermuda: 0.2% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | USD | 63 | 25,182 | |||||
Digicel International Finance Ltd. / Digicel International Holdings Ltd. 144A | ||||||||
8.75%, 05/25/24 | USD | 50 | 45,328 | |||||
13.00%, 12/31/25 | USD | 75 | 48,937 | |||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | USD | 50 | 46,304 | |||||
165,751 | ||||||||
Brazil: 5.9% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | USD | 50 | 46,923 | |||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | USD | 50 | 46,568 | |||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | USD | 105 | 102,687 | |||||
Azul Investments LLP 144A 5.88%, 10/26/24 | USD | 50 | 39,524 | |||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 | USD | 50 | 41,832 | |||||
Banco Bradesco SA 144A 3.20%, 01/27/25 | USD | 100 | 95,744 | |||||
Banco BTG Pactual SA 144A 4.50%, 01/10/25 | USD | 100 | 97,167 | |||||
Banco do Brasil SA 144A 4.62%, 01/15/25 | USD | 50 | 49,096 | |||||
Banco Votorantim SA 144A 4.38%, 07/29/25 | USD | 100 | 96,479 | |||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | USD | 200 | 158,428 | |||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 50 | 49,790 | |||||
BRF SA 144A 4.75%, 05/22/24 | USD | 100 | 97,180 | |||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | USD | 50 | 51,305 | |||||
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 | USD | 100 | 86,290 | |||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | USD | 50 | 50,095 | |||||
Cosan SA 144A 5.50%, 09/20/29 | USD | 50 | 44,944 | |||||
CSN Inova Ventures 144A 6.75%, 01/28/28 † | USD | 100 | 95,167 |
See Notes to Financial Statements
59 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | USD | 100 | $ | 98,631 | ||||
5.40%, 02/01/27 | USD | 75 | 72,231 | |||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | USD | 50 | 49,812 | |||||
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 | USD | 100 | 80,233 | |||||
Gol Finance SA 144A 7.00%, 01/31/25 | USD | 100 | 48,334 | |||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | USD | 91 | 77,647 | |||||
InterCement Financial Operations BV 144A 5.75%, 07/17/24 | USD | 50 | 34,339 | |||||
Itau Unibanco Holding SA 144A | ||||||||
3.25%, 01/24/25 | USD | 25 | 24,235 | |||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 25 | 23,500 | |||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 100 | 95,949 | |||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | USD | 50 | 39,141 | |||||
Klabin Austria GmbH 144A | ||||||||
5.75%, 04/03/29 | USD | 100 | 97,969 | |||||
7.00%, 04/03/49 | USD | 50 | 48,374 | |||||
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26 | USD | 50 | 18,760 | |||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | USD | 100 | 73,546 | |||||
MV24 Capital BV 144A 6.75%, 06/01/34 | USD | 86 | 76,582 | |||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | USD | 100 | 83,489 | |||||
NBM US Holdings, Inc. 144A 7.00%, 05/14/26 | USD | 100 | 97,449 | |||||
Nexa Resources SA 144A 6.50%, 01/18/28 | USD | 100 | 97,892 | |||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30 | USD | 50 | 47,178 | |||||
5.30%, 01/27/25 | USD | 100 | 99,565 | |||||
5.50%, 06/10/51 | USD | 50 | 39,565 | |||||
5.60%, 01/03/31 † | USD | 75 | 72,101 | |||||
5.62%, 05/20/43 | USD | 50 | 42,855 | |||||
5.75%, 02/01/29 | USD | 50 | 49,276 | |||||
6.00%, 01/27/28 | USD | 75 | 75,225 | |||||
6.75%, 01/27/41 | USD | 50 | 47,880 | |||||
6.75%, 06/03/50 | USD | 50 | 45,235 | |||||
6.85%, 06/05/15 | USD | 125 | 109,549 | |||||
6.88%, 01/20/40 | USD | 50 | 48,332 | |||||
6.90%, 03/19/49 | USD | 75 | 69,353 | |||||
7.25%, 03/17/44 | USD | 75 | 74,116 |
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
7.38%, 01/17/27 | USD | 50 | $ | 52,060 | ||||
8.75%, 05/23/26 | USD | 50 | 54,235 | |||||
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 † | USD | 100 | 84,905 | |||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | USD | 56 | 56,438 | |||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | USD | 100 | 93,125 | |||||
Ultrapar International SA 144A 5.25%, 06/06/29 | USD | 100 | 93,734 | |||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 | USD | 50 | 46,162 | |||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | USD | 50 | 48,636 | |||||
XP, Inc. 144A 3.25%, 07/01/26 | USD | 50 | 44,417 | |||||
3,881,274 | ||||||||
British Virgin Islands: 0.3% | ||||||||
New Metro Global Ltd. Reg S 4.50%, 05/02/26 | USD | 200 | 116,812 | |||||
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27 | USD | 200 | 52,332 | |||||
169,144 | ||||||||
Bulgaria: 0.2% | ||||||||
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 | EUR | 100 | 105,096 | |||||
Burkina Faso: 0.0% | ||||||||
IAMGOLD Corp. 144A 5.75%, 10/15/28 | USD | 25 | 19,773 | |||||
Canada: 7.3% | ||||||||
1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||
3.50%, 02/15/29 | USD | 65 | 58,500 | |||||
3.88%, 01/15/28 | USD | 125 | 117,416 | |||||
4.00%, 10/15/30 | USD | 175 | 152,929 | |||||
4.38%, 01/15/28 | USD | 100 | 93,610 | |||||
5.75%, 04/15/25 | USD | 25 | 25,082 | |||||
Air Canada 4.62%, 08/15/29 | CAD | 50 | 32,810 | |||||
Air Canada 144A | ||||||||
3.88%, 08/15/26 | USD | 50 | 46,347 | |||||
4.62%, 08/15/29 † | CAD | 125 | 81,737 | |||||
Algonquin Power & Utilities Corp. | ||||||||
4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 | USD | 50 | 40,494 | |||||
5.25% (Generic Canadian 5 Year+3.72%), 01/18/82 | CAD | 50 | 29,499 | |||||
AltaGas Ltd. 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 | CAD | 25 | 17,933 |
See Notes to Financial Statements
60 |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 | USD | 25 | $ | 22,414 | ||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | USD | 50 | 42,800 | |||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 | USD | 50 | 48,327 | |||||
Baytex Energy Corp. 144A | ||||||||
8.50%, 04/30/30 | USD | 50 | 50,322 | |||||
8.75%, 04/01/27 † | USD | 40 | 41,209 | |||||
Bombardier, Inc. 144A | ||||||||
7.12%, 06/15/26 | USD | 75 | 74,843 | |||||
7.50%, 03/15/25 | USD | 87 | 87,116 | |||||
7.50%, 02/01/29 | USD | 75 | 73,847 | |||||
7.88%, 04/15/27 | USD | 175 | 174,687 | |||||
Brookfield Property Finance ULC | ||||||||
3.93%, 08/24/25 | CAD | 50 | 33,725 | |||||
3.93%, 01/15/27 | CAD | 50 | 31,791 | |||||
7.12%, 02/13/28 | CAD | 75 | 52,183 | |||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 | USD | 100 | 91,764 | |||||
Capital Power Corp. 7.95% (Generic Canadian 5 Year+5.34%), 09/09/82 | CAD | 50 | 36,398 | |||||
Cascades, Inc. / Cascades USA, Inc. 144A 5.38%, 01/15/28 | USD | 25 | 23,750 | |||||
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 | CAD | 75 | 40,851 | |||||
Eldorado Gold Corp. 144A 6.25%, 09/01/29 | USD | 50 | 46,546 | |||||
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | USD | 75 | 71,712 | |||||
Empire Communities Corp. 144A 7.00%, 12/15/25 † | USD | 25 | 22,903 | |||||
Enerflex Ltd. 144A 9.00%, 10/15/27 | USD | 40 | 39,906 | |||||
Garda World Security Corp. 144A | ||||||||
6.00%, 06/01/29 | USD | 50 | 41,170 | |||||
9.50%, 11/01/27 | USD | 50 | 47,981 | |||||
GFL Environmental, Inc. 144A | ||||||||
3.50%, 09/01/28 | USD | 50 | 45,503 | |||||
3.75%, 08/01/25 | USD | 75 | 72,596 | |||||
4.25%, 06/01/25 | USD | 50 | 48,709 | |||||
4.38%, 08/15/29 | USD | 50 | 45,302 | |||||
4.75%, 06/15/29 | USD | 50 | 46,585 | |||||
5.12%, 12/15/26 | USD | 75 | 73,894 |
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
Gibson Energy, Inc. | ||||||||
2.85%, 07/14/27 | CAD | 25 | $ | 17,105 | ||||
3.60%, 09/17/29 | CAD | 75 | 51,492 | |||||
goeasy Ltd. 144A | ||||||||
4.38%, 05/01/26 | USD | 25 | 21,963 | |||||
5.38%, 12/01/24 | USD | 50 | 47,542 | |||||
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 | USD | 50 | 46,608 | |||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 | USD | 40 | 33,349 | |||||
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 | CAD | 65 | 45,936 | |||||
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30 | USD | 75 | 75,961 | |||||
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 | CAD | 75 | 53,090 | |||||
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32 | CAD | 25 | 17,671 | |||||
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞ | USD | 256 | 0 | |||||
Mattamy Group Corp. 144A | ||||||||
4.62%, 03/01/30 | USD | 50 | 43,891 | |||||
5.25%, 12/15/27 | USD | 25 | 23,296 | |||||
MEG Energy Corp. 144A | ||||||||
5.88%, 02/01/29 | USD | 50 | 48,059 | |||||
7.12%, 02/01/27 | USD | 25 | 25,658 | |||||
Mercer International, Inc. 5.12%, 02/01/29 | USD | 50 | 41,809 | |||||
Methanex Corp. | ||||||||
5.12%, 10/15/27 | USD | 75 | 71,722 | |||||
5.25%, 12/15/29 | USD | 75 | 70,480 | |||||
New Gold, Inc. 144A 7.50%, 07/15/27 | USD | 25 | 24,122 | |||||
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 | USD | 50 | 46,998 | |||||
NOVA Chemicals Corp. 144A | ||||||||
4.25%, 05/15/29 † | USD | 50 | 40,484 | |||||
4.88%, 06/01/24 | USD | 75 | 73,916 | |||||
5.00%, 05/01/25 | USD | 50 | 48,575 | |||||
5.25%, 06/01/27 | USD | 75 | 67,966 | |||||
Open Text Corp. 144A | ||||||||
3.88%, 02/15/28 | USD | 150 | 133,178 | |||||
3.88%, 12/01/29 | USD | 50 | 42,084 | |||||
Parkland Corp. 6.00%, 06/23/28 | CAD | 50 | 36,112 | |||||
Parkland Corp. 144A |
See Notes to Financial Statements
61 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Canada (continued) | ||||||||
4.50%, 10/01/29 | USD | 100 | $ | 87,738 | ||||
5.88%, 07/15/27 | USD | 100 | 97,509 | |||||
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | CAD | 50 | 30,636 | |||||
Precision Drilling Corp. 144A 7.12%, 01/15/26 | USD | 50 | 48,621 | |||||
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81 | CAD | 150 | 100,471 | |||||
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 | USD | 50 | 45,228 | |||||
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 | EUR | 100 | 106,581 | |||||
SNC-Lavalin Group, Inc. 7.00%, 06/12/26 | CAD | 50 | 37,562 | |||||
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 | USD | 50 | 42,340 | |||||
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 | USD | 75 | 66,508 | |||||
Taseko Mines Ltd. 144A 7.00%, 02/15/26 | USD | 25 | 23,087 | |||||
Teine Energy Ltd. 144A 6.88%, 04/15/29 | USD | 25 | 22,898 | |||||
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 | USD | 25 | 13,987 | |||||
Terraform Global Operating LP 144A 6.12%, 03/01/26 | USD | 25 | 24,000 | |||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 | USD | 50 | 44,566 | |||||
TransAlta Corp. | ||||||||
6.50%, 03/15/40 | USD | 25 | 23,389 | |||||
7.75%, 11/15/29 | USD | 50 | 52,565 | |||||
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 | EUR | 200 | 203,967 | |||||
Vermilion Energy, Inc. 144A | ||||||||
5.62%, 03/15/25 | USD | 25 | 24,624 | |||||
6.88%, 05/01/30 | USD | 25 | 23,224 | |||||
Videotron Ltd. | ||||||||
3.12%, 01/15/31 | CAD | 125 | 73,724 | |||||
4.50%, 01/15/30 | CAD | 75 | 49,465 | |||||
5.62%, 06/15/25 | CAD | 75 | 55,022 | |||||
Videotron Ltd. 144A 3.62%, 06/15/28 | CAD | 100 | 64,856 | |||||
4,836,826 | ||||||||
Cayman Islands: 0.9% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | USD | 100 | 93,405 |
Par (000’s | ) | Value | ||||||
Cayman Islands (continued) | ||||||||
Banco do Brasil SA 144A | ||||||||
3.25%, 09/30/26 | USD | 50 | $ | 46,541 | ||||
4.88%, 01/11/29 | USD | 50 | 47,462 | |||||
6.25%, 04/18/30 | USD | 100 | 99,550 | |||||
CT Trust 144A 5.12%, 02/03/32 | USD | 100 | 82,595 | |||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26 | USD | 200 | 202,590 | |||||
572,143 | ||||||||
Chile: 0.3% | ||||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | USD | 50 | 33,063 | |||||
Latam Airlines Group SA 144A 13.38%, 10/15/29 | USD | 100 | 105,105 | |||||
VTR Comunicaciones SpA 144A 5.12%, 01/15/28 | USD | 100 | 55,950 | |||||
194,118 | ||||||||
China: 2.2% | ||||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) | USD | 200 | 193,041 | |||||
Country Garden Holdings Co. Ltd. Reg S 3.30%, 01/12/31 | USD | 400 | 156,648 | |||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | USD | 200 | 178,815 | |||||
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25 | USD | 200 | 147,000 | |||||
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 | USD | 119 | 106,305 | |||||
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/26 | USD | 200 | 47,000 | |||||
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | USD | 500 | 469,227 | |||||
West China Cement Ltd. Reg S 4.95%, 07/08/26 | USD | 200 | 157,792 | |||||
1,455,828 | ||||||||
Colombia: 2.4% | ||||||||
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 | USD | 75 | 62,363 | |||||
Banco de Bogota SA 144A 6.25%, 05/12/26 | USD | 100 | 97,227 | |||||
Bancolombia SA |
See Notes to Financial Statements
62 |
Par (000’s | ) | Value | ||||||
Colombia (continued) | ||||||||
4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | USD | 50 | $ | 42,567 | ||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 | USD | 100 | 96,019 | |||||
4.62%, 11/02/31 | USD | 75 | 56,315 | |||||
5.38%, 06/26/26 | USD | 100 | 94,811 | |||||
5.88%, 05/28/45 | USD | 125 | 81,714 | |||||
5.88%, 11/02/51 | USD | 50 | 31,737 | |||||
6.88%, 04/29/30 | USD | 125 | 113,029 | |||||
7.38%, 09/18/43 | USD | 50 | 40,263 | |||||
8.88%, 01/13/33 | USD | 175 | 169,804 | |||||
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29 | USD | 75 | 58,970 | |||||
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 | USD | 25 | 21,403 | |||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | USD | 100 | 76,631 | |||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | USD | 100 | 95,630 | |||||
Millicom International Cellular SA 144A | ||||||||
5.12%, 01/15/28 | USD | 5 | 4,760 | |||||
6.25%, 03/25/29 | USD | 54 | 48,454 | |||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | USD | 100 | 88,706 | |||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 | USD | 50 | 44,658 | |||||
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30 | USD | 100 | 82,090 | |||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | USD | 100 | 92,365 | |||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | USD | 78 | 68,436 | |||||
1,567,952 | ||||||||
Costa Rica: 0.1% | ||||||||
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 | USD | 100 | 82,750 | |||||
Cyprus: 0.2% | ||||||||
MHP Lux SA 144A 6.95%, 04/03/26 | USD | 100 | 52,250 | |||||
Vivion Investments Sarl Reg S 3.00%, 08/08/24 | EUR | 100 | 80,883 | |||||
133,133 | ||||||||
Czech Republic: 0.5% | ||||||||
Allwyn International AS Reg S 3.88%, 02/15/27 | EUR | 100 | 103,042 | |||||
CPI Property Group SA Reg S |
Par (000’s | ) | Value | ||||||
Czech Republic (continued) | ||||||||
4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) | EUR | 100 | $ | 42,918 | ||||
Energo-Pro AS Reg S 4.50%, 05/04/24 | EUR | 100 | 107,201 | |||||
EP Infrastructure AS Reg S 1.70%, 07/30/26 | EUR | 100 | 95,891 | |||||
349,052 | ||||||||
Finland: 0.4% | ||||||||
Huhtamaki Oyj Reg S 4.25%, 06/09/27 | EUR | 100 | 108,219 | |||||
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 | EUR | 175 | 187,518 | |||||
295,737 | ||||||||
France: 8.7% | ||||||||
Accor SA Reg S | ||||||||
2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o) | EUR | 100 | 101,547 | |||||
3.00%, 02/04/26 | EUR | 100 | 106,615 | |||||
Altice France SA 144A | ||||||||
5.12%, 01/15/29 | USD | 75 | 55,495 | |||||
5.12%, 07/15/29 | USD | 200 | 148,050 | |||||
5.50%, 10/15/29 | USD | 175 | 131,159 | |||||
Altice France SA Reg S 5.88%, 02/01/27 | EUR | 100 | 95,986 | |||||
Atos SE Reg S 1.75%, 05/07/25 | EUR | 100 | 98,238 | |||||
Banijay Entertainment SASU 144A 5.38%, 03/01/25 | USD | 100 | 97,624 | |||||
CAB Selas Reg S 3.38%, 02/01/28 | EUR | 100 | 88,369 | |||||
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26 | EUR | 100 | 22,192 | |||||
CGG SA 144A 8.75%, 04/01/27 † | USD | 100 | 86,540 | |||||
Chrome Bidco SASU Reg S 3.50%, 05/31/28 | EUR | 100 | 89,582 | |||||
Constellium SE 144A 3.75%, 04/15/29 † | USD | 100 | 86,162 | |||||
eircom Finance DAC Reg S 3.50%, 05/15/26 | EUR | 100 | 104,534 | |||||
Electricite de France SA Reg S | ||||||||
3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) | EUR | 200 | 164,810 | |||||
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 200 | 211,866 | |||||
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o) | EUR | 100 | 102,055 | |||||
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 200 | 212,452 | |||||
6.00% (BPSWS13+4.23%), 12/29/49 (o) | GBP | 100 | 112,347 | |||||
Elis SA Reg S |
See Notes to Financial Statements
63 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
France (continued) | ||||||||
1.62%, 04/03/28 | EUR | 100 | $ | 97,848 | ||||
Emeria SASU Reg S 3.38%, 03/31/28 | EUR | 100 | 86,753 | |||||
Faurecia SE Reg S | ||||||||
2.38%, 06/15/27 | EUR | 100 | 95,763 | |||||
2.62%, 06/15/25 | EUR | 100 | 105,506 | |||||
2.75%, 02/15/27 | EUR | 100 | 98,324 | |||||
3.12%, 06/15/26 | EUR | 100 | 103,833 | |||||
Fnac Darty SA Reg S 2.62%, 05/30/26 | EUR | 100 | 105,066 | |||||
Getlink SE Reg S 3.50%, 10/30/25 | EUR | 100 | 107,640 | |||||
Iliad Holding SASU 144A | ||||||||
6.50%, 10/15/26 | USD | 200 | 192,622 | |||||
7.00%, 10/15/28 | USD | 100 | 94,714 | |||||
Iliad Holding SASU Reg S | ||||||||
5.12%, 10/15/26 | EUR | 100 | 105,225 | |||||
5.62%, 10/15/28 | EUR | 100 | 101,126 | |||||
iliad SA Reg S 5.38%, 06/14/27 | EUR | 100 | 108,914 | |||||
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) | EUR | 100 | 102,124 | |||||
Loxam SAS Reg S | ||||||||
3.25%, 01/14/25 | EUR | 100 | 108,121 | |||||
3.75%, 07/15/26 | EUR | 100 | 104,294 | |||||
Matterhorn Telecom SA Reg S 3.12%, 09/15/26 | EUR | 100 | 101,872 | |||||
Paprec Holding SA Reg S 4.00%, 03/31/25 | EUR | 100 | 108,486 | |||||
Picard Groupe SAS Reg S 3.88%, 07/01/26 | EUR | 100 | 98,588 | |||||
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 | EUR | 100 | 101,995 | |||||
Renault SA Reg S | ||||||||
1.00%, 11/28/25 | EUR | 50 | 51,462 | |||||
1.25%, 06/24/25 | EUR | 100 | 103,089 | |||||
2.00%, 09/28/26 | EUR | 100 | 98,891 | |||||
2.38%, 05/25/26 | EUR | 100 | 101,225 | |||||
Rexel SA Reg S 2.12%, 06/15/28 | EUR | 100 | 97,448 | |||||
Solvay Finance SACA Reg S 5.87% (EUR Swap Annual 5 Year+5.22%), 12/29/49 (o) | EUR | 100 | 110,188 | |||||
SPCM SA Reg S 2.62%, 02/01/29 | EUR | 100 | 95,993 | |||||
SPIE SA Reg S 2.62%, 06/18/26 | EUR | 100 | 104,770 | |||||
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25 | EUR | 100 | 113,880 | |||||
Valeo Reg S | ||||||||
1.00%, 08/03/28 | EUR | 100 | 89,316 | |||||
5.38%, 05/28/27 | EUR | 100 | 110,765 | |||||
Vallourec SA Reg S 8.50%, 06/30/26 | EUR | 100 | 110,400 |
Par (000’s | ) | Value | ||||||
France (continued) | ||||||||
Veolia Environnement SA Reg S | ||||||||
2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) | EUR | 100 | $ | 99,829 | ||||
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) | EUR | 100 | 91,236 | |||||
Verallia SA Reg S 1.62%, 05/14/28 | EUR | 100 | 98,033 | |||||
5,720,962 | ||||||||
Germany: 5.7% | ||||||||
Agps Bondco Plc Reg S | ||||||||
5.50%, 11/13/26 | EUR | 100 | 43,194 | |||||
6.00%, 08/05/25 | EUR | 100 | 46,837 | |||||
Bayer AG Reg S | ||||||||
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 200 | 205,633 | |||||
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 107,374 | |||||
Bertelsmann SE & Co. KGaA Reg S 3.50% (EUR Swap Annual 5 Year+3.21%), 04/23/75 | EUR | 100 | 100,883 | |||||
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28 | EUR | 100 | 101,218 | |||||
Commerzbank AG Reg S | ||||||||
4.00%, 03/23/26 | EUR | 150 | 161,302 | |||||
4.00%, 03/30/27 | EUR | 140 | 150,607 | |||||
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 104,546 | |||||
CT Investment GmbH Reg S 5.50%, 04/15/26 | EUR | 100 | 98,052 | |||||
Deutsche Lufthansa AG 0.25%, 09/06/24 | EUR | 150 | 159,403 | |||||
Deutsche Lufthansa AG Reg S | ||||||||
3.00%, 05/29/26 | EUR | 100 | 103,962 | |||||
3.75%, 02/11/28 | EUR | 100 | 102,914 | |||||
Douglas GmbH Reg S 6.00%, 04/08/26 | EUR | 100 | 98,822 | |||||
Evonik Industries AG Reg S 1.38% (EUR Swap Annual 5 Year+1.84%), 09/02/81 | EUR | 100 | 92,550 | |||||
Gruenenthal GmbH Reg S 3.62%, 11/15/26 | EUR | 100 | 104,369 | |||||
IHO Verwaltungs GmbH 144A | ||||||||
4.75%, 09/15/26 | USD | 200 | 180,327 | |||||
6.00%, 05/15/27 | USD | 100 | 92,480 | |||||
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) | EUR | 100 | 100,934 | |||||
Mahle GmbH Reg S 2.38%, 05/14/28 | EUR | 100 | 84,594 | |||||
Mercer International, Inc. 5.50%, 01/15/26 † | USD | 41 | 39,413 | |||||
Nidda Healthcare Holding GmbH Reg S |
See Notes to Financial Statements
64 |
Par (000’s | ) | Value | ||||||
Germany (continued) | ||||||||
7.50%, 08/21/26 | EUR | 100 | $ | 107,602 | ||||
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29 | EUR | 100 | 95,552 | |||||
ProGroup AG Reg S 3.00%, 03/31/26 | EUR | 100 | 103,801 | |||||
Renk AG Reg S 5.75%, 07/15/25 | EUR | 100 | 108,427 | |||||
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | USD | 100 | 99,520 | |||||
Schaeffler AG Reg S | ||||||||
2.88%, 03/26/27 | EUR | 50 | 52,302 | |||||
3.38%, 10/12/28 | EUR | 100 | 99,933 | |||||
Tele Columbus AG Reg S 3.88%, 05/02/25 | EUR | 100 | 73,692 | |||||
thyssenkrupp AG Reg S 2.50%, 02/25/25 | EUR | 50 | 54,055 | |||||
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 | EUR | 100 | 93,142 | |||||
ZF Europe Finance BV Reg S | ||||||||
2.00%, 02/23/26 | EUR | 100 | 100,846 | |||||
3.00%, 10/23/29 | EUR | 100 | 92,807 | |||||
ZF Finance GmbH Reg S 3.00%, 09/21/25 | EUR | 100 | 105,027 | |||||
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 | USD | 275 | 269,016 | |||||
3,735,136 | ||||||||
Ghana: 0.2% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 | USD | 100 | 89,498 | |||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | USD | 100 | 60,970 | |||||
150,468 | ||||||||
Greece: 1.0% | ||||||||
Alpha Services and Holdings SA Reg S | ||||||||
4.25% (EUR Swap Annual 5 Year+4.50%), 02/13/30 | EUR | 100 | 89,338 | |||||
5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | EUR | 100 | 90,038 | |||||
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 | EUR | 100 | 94,877 | |||||
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 | EUR | 100 | 107,836 | |||||
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 | EUR | 100 | 101,833 | |||||
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 | EUR | 100 | 93,610 | |||||
Public Power Corp. SA Reg S |
Par (000’s | ) | Value | ||||||
Greece (continued) | ||||||||
4.38%, 03/30/26 | EUR | 100 | $ | 105,378 | ||||
682,910 | ||||||||
Guatemala: 0.1% | ||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | USD | 100 | 93,343 | |||||
Hong Kong: 1.7% | ||||||||
Agile Group Holdings Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) | USD | 200 | 58,226 | |||||
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) | USD | 250 | 219,062 | |||||
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) | USD | 250 | 232,328 | |||||
Easy Tactic Ltd. 7.50%, 07/11/27 | USD | 200 | 34,000 | |||||
Melco Resorts Finance Ltd. 144A | ||||||||
4.88%, 06/06/25 | USD | 100 | 94,044 | |||||
5.38%, 12/04/29 | USD | 100 | 83,170 | |||||
5.62%, 07/17/27 | USD | 50 | 44,709 | |||||
5.75%, 07/21/28 | USD | 50 | 43,625 | |||||
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 | USD | 200 | 127,686 | |||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 | USD | 100 | 78,350 | |||||
6.50%, 01/15/28 | USD | 100 | 86,322 | |||||
1,101,522 | ||||||||
Hungary: 0.2% | ||||||||
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 | EUR | 100 | 102,129 | |||||
India: 1.4% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | USD | 100 | 99,800 | |||||
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 | USD | 100 | 93,975 | |||||
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27 | USD | 200 | 176,500 | |||||
JSW Steel Ltd. Reg S 5.95%, 04/18/24 | USD | 200 | 198,400 | |||||
Network i2i Ltd. 144A |
See Notes to Financial Statements
65 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
India (continued) | ||||||||
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) | USD | 100 | $ | 96,000 | ||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | USD | 11 | 10,263 | |||||
Tata Motors Ltd. Reg S 5.75%, 10/30/24 | USD | 200 | 197,870 | |||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | USD | 50 | 32,549 | |||||
905,357 | ||||||||
Indonesia: 0.7% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | USD | 100 | 96,264 | |||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | USD | 150 | 1,219 | |||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | USD | 100 | 97,476 | |||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | USD | 200 | 182,630 | |||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | USD | 100 | 97,139 | |||||
474,728 | ||||||||
Ireland: 1.4% | ||||||||
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | USD | 50 | 47,034 | |||||
AerCap Holdings NV 5.88% (US Treasury Yield Curve Rate T 5 Year+4.54%), 10/10/79 | USD | 50 | 46,450 | |||||
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 | EUR | 100 | 103,552 | |||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 | EUR | 100 | 98,317 | |||||
Bank of Ireland Group Plc Reg S | ||||||||
1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 | EUR | 100 | 95,513 | |||||
2.38% (EUR Swap Annual 5 Year+2.80%), 10/14/29 | EUR | 100 | 104,952 | |||||
C&W Senior Financing DAC 144A 6.88%, 09/15/27 | USD | 100 | 87,611 | |||||
Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 | EUR | 100 | 93,711 | |||||
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 | GBP | 250 | 259,147 | |||||
936,287 |
Par (000’s | ) | Value | ||||||
Israel: 2.0% | ||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
6.12%, 06/30/25 | USD | 50 | $ | 48,762 | ||||
6.50%, 06/30/27 | USD | 50 | 47,500 | |||||
6.75%, 06/30/30 | USD | 50 | 46,477 | |||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 | USD | 75 | 68,764 | |||||
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 | EUR | 100 | 112,205 | |||||
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24 | EUR | 100 | 104,706 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | USD | 325 | 293,995 | |||||
4.10%, 10/01/46 | USD | 175 | 116,820 | |||||
4.75%, 05/09/27 | USD | 100 | 93,779 | |||||
5.12%, 05/09/29 † | USD | 100 | 92,883 | |||||
6.75%, 03/01/28 | USD | 100 | 99,672 | |||||
7.12%, 01/31/25 † | USD | 50 | 51,196 | |||||
7.88%, 09/15/29 † | USD | 75 | 78,631 | |||||
8.12%, 09/15/31 † | USD | 50 | 52,862 | |||||
1,308,252 | ||||||||
Italy: 7.7% | ||||||||
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) | EUR | 100 | 98,001 | |||||
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 | EUR | 100 | 107,632 | |||||
Banca IFIS SpA Reg S 6.12%, 01/19/27 | EUR | 100 | 110,681 | |||||
Banca Monte dei Paschi di Siena SpA Reg S 3.62%, 09/24/24 | EUR | 150 | 159,422 | |||||
Banco BPM SpA Reg S | ||||||||
1.75%, 01/28/25 | EUR | 100 | 105,203 | |||||
2.50%, 06/21/24 | EUR | 100 | 108,136 | |||||
3.25% (EUR Swap Annual 5 Year+3.80%), 01/14/31 | EUR | 100 | 99,484 | |||||
4.88%, 01/18/27 | EUR | 100 | 110,196 | |||||
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 107,476 | |||||
BPER Banca Reg S | ||||||||
1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 | EUR | 100 | 99,273 | |||||
1.88%, 07/07/25 | EUR | 100 | 104,548 | |||||
3.38% (Euribor 3 Month ACT/360+2.45%), 06/30/25 | EUR | 100 | 108,922 | |||||
Esselunga SpA Reg S 1.88%, 10/25/27 | EUR | 100 | 102,599 | |||||
Iccrea Banca SpA Reg S 2.12% (Euribor 3 Month ACT/360+2.28%), 01/17/27 | EUR | 100 | 99,625 | |||||
IMA Industria Macchine Automatiche SpA 144A |
See Notes to Financial Statements
66 |
Par (000’s | ) | Value | ||||||
Italy (continued) | ||||||||
3.75%, 01/15/28 | EUR | 100 | $ | 96,708 | ||||
Infrastrutture Wireless Italiane SpA Reg S | ||||||||
1.62%, 10/21/28 | EUR | 100 | 98,320 | |||||
1.88%, 07/08/26 | EUR | 100 | 103,918 | |||||
Intesa Sanpaolo SpA 144A | ||||||||
4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32 | USD | 75 | 56,916 | |||||
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | USD | 50 | 33,134 | |||||
5.02%, 06/26/24 | USD | 125 | 121,480 | |||||
5.71%, 01/15/26 | USD | 75 | 72,266 | |||||
Intesa Sanpaolo SpA Reg S | ||||||||
2.85%, 04/23/25 | EUR | 100 | 107,370 | |||||
2.92%, 10/14/30 | EUR | 100 | 90,416 | |||||
3.93%, 09/15/26 | EUR | 100 | 109,043 | |||||
4.38% (EUR Swap Annual 5 Year+4.75%), 07/12/29 | EUR | 100 | 109,018 | |||||
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) | EUR | 100 | 106,398 | |||||
Leonardo SpA 4.88%, 03/24/25 | EUR | 50 | 56,198 | |||||
Leonardo SpA Reg S 1.50%, 06/07/24 | EUR | 100 | 107,355 | |||||
Mundys SpA Reg S | ||||||||
1.88%, 07/13/27 | EUR | 100 | 97,242 | |||||
1.88%, 02/12/28 | EUR | 100 | 92,478 | |||||
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) | EUR | 100 | 84,448 | |||||
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) | EUR | 100 | 101,543 | |||||
Telecom Italia Capital SA | ||||||||
6.38%, 11/15/33 | USD | 150 | 134,316 | |||||
7.72%, 06/04/38 | USD | 100 | 93,609 | |||||
Telecom Italia Finance SA 7.75%, 01/24/33 | EUR | 100 | 117,228 | |||||
Telecom Italia SpA 5.25%, 03/17/55 | EUR | 100 | 89,340 | |||||
Telecom Italia SpA Reg S | ||||||||
1.62%, 01/18/29 | EUR | 100 | 85,563 | |||||
2.38%, 10/12/27 | EUR | 100 | 95,099 | |||||
2.75%, 04/15/25 | EUR | 100 | 104,743 | |||||
2.88%, 01/28/26 | EUR | 100 | 103,495 | |||||
3.00%, 09/30/25 | EUR | 100 | 104,411 | |||||
3.62%, 05/25/26 | EUR | 100 | 105,582 | |||||
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) | EUR | 100 | 92,493 | |||||
UniCredit SpA 144A |
Par (000’s | ) | Value | ||||||
Italy (continued) | ||||||||
5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 75 | $ | 63,979 | ||||
UniCredit SpA Reg S | ||||||||
2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 205,387 | |||||
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 189,742 | |||||
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) | EUR | 100 | 108,812 | |||||
Webuild SpA Reg S | ||||||||
1.75%, 10/26/24 | EUR | 100 | 104,521 | |||||
5.88%, 12/15/25 | EUR | 100 | 107,358 | |||||
5,071,127 | ||||||||
Japan: 2.4% | ||||||||
Nissan Motor Co. Ltd. 144A | ||||||||
3.52%, 09/17/25 | USD | 150 | 140,382 | |||||
4.34%, 09/17/27 | USD | 225 | 206,313 | |||||
4.81%, 09/17/30 | USD | 225 | 198,041 | |||||
Rakuten Group, Inc. 144A | ||||||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) | USD | 100 | 65,317 | |||||
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) | USD | 150 | 87,214 | |||||
10.25%, 11/30/24 | USD | 75 | 73,920 | |||||
SoftBank Group Corp. Reg S | ||||||||
3.12%, 09/19/25 | EUR | 100 | 101,178 | |||||
4.75%, 09/19/24 | USD | 200 | 192,000 | |||||
5.00%, 04/15/28 | EUR | 200 | 194,897 | |||||
5.12%, 09/19/27 | USD | 200 | 175,500 | |||||
6.88% (USD ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o) | USD | 200 | 178,300 | |||||
1,613,062 | ||||||||
Jersey, Channel Islands: 0.5% | ||||||||
eG Global Finance Plc 144A 6.75%, 02/07/25 | USD | 200 | 189,739 | |||||
G City Europe Ltd. Reg S 4.25%, 09/11/25 | EUR | 100 | 90,397 | |||||
Petrofac Ltd. 144A 9.75%, 11/15/26 | USD | 100 | 70,062 | |||||
350,198 | ||||||||
Kuwait: 0.3% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26 | USD | 200 | 177,200 | |||||
Luxembourg: 5.4% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 | USD | 50 | 43,379 | |||||
Agps Bondco Plc Reg S 5.00%, 01/14/29 | EUR | 100 | 38,723 | |||||
AI Candelaria Spain SA 144A |
See Notes to Financial Statements
67 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Luxembourg (continued) | ||||||||
7.50%, 12/15/28 | USD | 71 | $ | 65,539 | ||||
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 | USD | 100 | 91,266 | |||||
Altice Financing SA 144A 5.00%, 01/15/28 | USD | 250 | 202,682 | |||||
Altice Financing SA Reg S 3.00%, 01/15/28 | EUR | 100 | 85,836 | |||||
Altice Finco SA Reg S 4.75%, 01/15/28 | EUR | 100 | 79,260 | |||||
Altice France Holding SA 144A | ||||||||
6.00%, 02/15/28 † | USD | 75 | 46,262 | |||||
10.50%, 05/15/27 | USD | 150 | 110,920 | |||||
Altice France Holding SA Reg S | ||||||||
4.00%, 02/15/28 | EUR | 100 | 66,907 | |||||
8.00%, 05/15/27 | EUR | 100 | 79,360 | |||||
Altice France SA 144A | ||||||||
5.50%, 01/15/28 | USD | 100 | 78,825 | |||||
8.12%, 02/01/27 | USD | 100 | 89,383 | |||||
Altice France SA Reg S 3.38%, 01/15/28 | EUR | 100 | 84,770 | |||||
ARD Finance SA Reg S 5.00%, 06/30/27 | EUR | 100 | 85,036 | |||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
4.12%, 08/15/26 | USD | 150 | 141,536 | |||||
5.25%, 08/15/27 † | USD | 125 | 107,045 | |||||
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 | EUR | 100 | 87,768 | |||||
Centurion Bidco SpA Reg S 5.88%, 09/30/26 | EUR | 100 | 97,745 | |||||
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 | EUR | 100 | 99,092 | |||||
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27 | EUR | 100 | 97,354 | |||||
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26 | EUR | 26 | 24,355 | |||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | USD | 100 | 87,998 | |||||
CSN Resources SA 144A 4.62%, 06/10/31 | USD | 100 | 77,236 | |||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||
4.88%, 03/30/26 | USD | 35 | 32,419 | |||||
5.38%, 03/30/28 | USD | 85 | 76,210 | |||||
5.88%, 03/30/31 | USD | 35 | 30,581 | |||||
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) | EUR | 100 | 101,964 | |||||
Herens Midco Sarl Reg S |
Par (000’s | ) | Value | ||||||
Luxembourg (continued) | ||||||||
5.25%, 05/15/29 | EUR | 100 | $ | 74,803 | ||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | USD | 50 | 27,175 | |||||
Loarre Investments Sarl Reg S 6.50%, 05/15/29 | EUR | 100 | 104,332 | |||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 | USD | 97 | 74,349 | |||||
Millicom International Cellular SA 144A 4.50%, 04/27/31 † | USD | 100 | 77,485 | |||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | USD | 125 | 98,392 | |||||
Movida Europe SA 144A 5.25%, 02/08/31 | USD | 100 | 73,632 | |||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 | USD | 50 | 46,241 | |||||
Rossini Sarl Reg S 6.75%, 10/30/25 | EUR | 100 | 111,009 | |||||
SES SA Reg S 2.88% (EUR Swap Annual 5 Year+3.19%), 5/27/2026 (o) | EUR | 100 | 90,311 | |||||
Stena International SA 144A 6.12%, 02/01/25 | USD | 100 | 97,095 | |||||
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 | EUR | 100 | 96,396 | |||||
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28 | EUR | 100 | 100,419 | |||||
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 | EUR | 100 | 98,889 | |||||
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 | USD | 100 | 93,601 | |||||
3,573,580 | ||||||||
Malta: 0.1% | ||||||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A | ||||||||
6.38%, 02/01/30 | USD | 50 | 43,312 | |||||
7.88%, 05/01/27 | USD | 50 | 47,552 | |||||
90,864 | ||||||||
Mauritius: 0.6% | ||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | USD | 45 | 34,728 | |||||
CA Magnum Holdings 144A 5.38%, 10/31/26 | USD | 100 | 88,172 | |||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | USD | 143 | 124,511 | |||||
HTA Group Ltd. 144A 7.00%, 12/18/25 | USD | 100 | 94,427 | |||||
IHS Netherlands Holdco BV 144A |
See Notes to Financial Statements
68 |
Par (000’s | ) | Value | ||||||
Mauritius (continued) | ||||||||
8.00%, 09/18/27 | USD | 100 | $ | 88,185 | ||||
430,023 | ||||||||
Mexico: 4.2% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 | USD | 100 | 99,413 | |||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | USD | 82 | 71,750 | |||||
Cemex SAB de CV 144A 3.88%, 07/11/31 | USD | 75 | 62,844 | |||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | USD | 50 | 44,335 | |||||
5.20%, 09/17/30 | USD | 75 | 69,872 | |||||
5.45%, 11/19/29 | USD | 100 | 95,977 | |||||
7.38%, 06/05/27 | USD | 100 | 103,806 | |||||
9.12% (US Treasury Yield Curve Rate T 5 Year+4.91%), 3/14/2028 (o) | USD | 100 | 99,425 | |||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | USD | 50 | 45,913 | |||||
Nemak SAB de CV 144A 3.62%, 06/28/31 † | USD | 100 | 74,825 | |||||
Petroleos Mexicanos | ||||||||
4.25%, 01/15/25 | USD | 50 | 47,688 | |||||
4.50%, 01/23/26 | USD | 50 | 45,601 | |||||
5.35%, 02/12/28 | USD | 75 | 62,356 | |||||
5.50%, 06/27/44 | USD | 50 | 28,525 | |||||
5.62%, 01/23/46 | USD | 25 | 14,089 | |||||
5.95%, 01/28/31 | USD | 125 | 92,479 | |||||
6.35%, 02/12/48 | USD | 50 | 29,726 | |||||
6.38%, 01/23/45 | USD | 50 | 30,273 | |||||
6.49%, 01/23/27 | USD | 50 | 44,817 | |||||
6.50%, 03/13/27 | USD | 150 | 134,764 | |||||
6.50%, 01/23/29 † | USD | 100 | 84,761 | |||||
6.50%, 06/02/41 | USD | 50 | 31,887 | |||||
6.62%, 06/15/35 | USD | 100 | 69,566 | |||||
6.62%, 06/15/38 | USD | 25 | 16,697 | |||||
6.70%, 02/16/32 | USD | 325 | 250,420 | |||||
6.75%, 09/21/47 | USD | 200 | 123,404 | |||||
6.84%, 01/23/30 | USD | 75 | 60,665 | |||||
6.88%, 10/16/25 † | USD | 25 | 24,645 | |||||
6.88%, 08/04/26 | USD | 75 | 71,004 | |||||
6.95%, 01/28/60 | USD | 150 | 92,130 | |||||
7.69%, 01/23/50 | USD | 275 | 183,497 | |||||
8.75%, 06/02/29 | USD | 50 | 45,965 | |||||
Petroleos Mexicanos 144A 10.00%, 02/07/33 † | USD | 50 | 46,476 | |||||
Petroleos Mexicanos Reg S 3.75%, 11/16/25 | GBP | 100 | 113,662 | |||||
4.88%, 02/21/28 | EUR | 200 | 184,991 | |||||
5.50%, 02/24/25 | EUR | 25 | 27,646 | |||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 | USD | 50 | 32,980 | |||||
7.50%, 11/12/25 | USD | 50 | 34,993 | |||||
2,793,867 |
Par (000’s | ) | Value | ||||||
Morocco: 0.1% | ||||||||
OCP SA 144A 6.88%, 04/25/44 | USD | 100 | $ | 92,381 | ||||
Netherlands: 3.4% | ||||||||
Abertis Infraestructuras Finance BV Reg S 2.62% (EUR Swap Annual 5 Year+3.27%), 1/26/2027 (o) | EUR | 100 | 90,706 | |||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | USD | 94 | 85,070 | |||||
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o) | EUR | 100 | 104,582 | |||||
Nobel Bidco BV Reg S 3.12%, 06/15/28 | EUR | 100 | 82,518 | |||||
Phoenix PIB Dutch Finance BV Reg S 2.38%, 08/05/25 | EUR | 100 | 105,572 | |||||
PPF Telecom Group BV Reg S | ||||||||
3.12%, 03/27/26 | EUR | 100 | 104,536 | |||||
3.25%, 09/29/27 | EUR | 100 | 102,223 | |||||
Promontoria Holding 264 BV Reg S 6.38%, 03/01/27 | EUR | 100 | 111,394 | |||||
Saipem Finance International BV Reg S 2.62%, 01/07/25 | EUR | 100 | 106,507 | |||||
Selecta Group BV Reg S 8.00%, 04/01/26 | EUR | 53 | 50,635 | |||||
Telefonica Europe BV Reg S | ||||||||
2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) | EUR | 100 | 86,656 | |||||
2.88% (EUR Swap Annual 6 Year+2.87%), 2/24/2028 (o) | EUR | 100 | 92,393 | |||||
7.12% (EUR Swap Annual 6 Year+4.32%), 8/23/2028 (o) | EUR | 100 | 112,589 | |||||
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) | EUR | 175 | 190,048 | |||||
Teva Pharmaceutical Finance Netherlands II BV 4.38%, 05/09/30 | EUR | 100 | 93,245 | |||||
TMNL Holding BV Reg S 3.75%, 01/15/29 | EUR | 100 | 95,918 | |||||
UPC Broadband Finco BV 144A 4.88%, 07/15/31 | USD | 100 | 86,397 | |||||
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 | EUR | 100 | 87,123 | |||||
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) | EUR | 100 | 84,301 | |||||
Wizz Air Finance Co. BV Reg S 1.00%, 01/19/26 | EUR | 100 | 97,428 | |||||
Ziggo Bond Co. BV 144A 5.12%, 02/28/30 | USD | 50 | 40,675 |
See Notes to Financial Statements
69 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Netherlands (continued) | ||||||||
6.00%, 01/15/27 | USD | 50 | $ | 47,498 | ||||
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 | EUR | 125 | 105,828 | |||||
Ziggo BV 144A 4.88%, 01/15/30 | USD | 100 | 86,226 | |||||
2,250,068 | ||||||||
Nigeria: 0.1% | ||||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | USD | 100 | 80,242 | |||||
Norway: 0.3% | ||||||||
Adevinta ASA Reg S 2.62%, 11/15/25 | EUR | 100 | 105,288 | |||||
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) | EUR | 125 | 91,807 | |||||
197,095 | ||||||||
Oman: 0.5% | ||||||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | USD | 225 | 216,456 | |||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 | USD | 100 | 104,597 | |||||
321,053 | ||||||||
Panama: 0.1% | ||||||||
Banistmo SA 144A 4.25%, 07/31/27 | USD | 100 | 93,580 | |||||
Peru: 0.5% | ||||||||
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 | USD | 25 | 23,406 | |||||
Minsur SA 144A 4.50%, 10/28/31 | USD | 50 | 43,561 | |||||
Peru LNG Srl 144A 5.38%, 03/22/30 | USD | 100 | 80,851 | |||||
Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | USD | 75 | 55,994 | |||||
5.62%, 06/19/47 | USD | 150 | 95,280 | |||||
299,092 | ||||||||
Poland: 0.3% | ||||||||
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 | USD | 100 | 80,315 | |||||
Synthos SA Reg S 2.50%, 06/07/28 | EUR | 100 | 87,325 | |||||
167,640 | ||||||||
Portugal: 0.8% | ||||||||
Banco Comercial Portugues SA Reg S | ||||||||
1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 | EUR | 100 | 93,751 | |||||
1.75% (Euribor 3 Month ACT/360+2.00%), 04/07/28 | EUR | 100 | 90,186 | |||||
EDP - Energias de Portugal SA Reg S 1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 | EUR | 100 | 96,722 |
Par (000’s | ) | Value | ||||||
Portugal (continued) | ||||||||
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 200 | $ | 219,414 | ||||
500,073 | ||||||||
Romania: 0.2% | ||||||||
RCS & RDS SA Reg S 2.50%, 02/05/25 | EUR | 100 | 104,772 | |||||
Singapore: 0.4% | ||||||||
Puma International Financing SA 144A 5.00%, 01/24/26 | USD | 200 | 179,972 | |||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | USD | 81 | 79,817 | |||||
259,789 | ||||||||
South Africa: 0.5% | ||||||||
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25 | USD | 100 | 97,825 | |||||
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 | USD | 100 | 98,080 | |||||
Sasol Financing USA LLC 6.50%, 09/27/28 † | USD | 50 | 46,239 | |||||
Transnet SOC Ltd. 144A 8.25%, 02/06/28 | USD | 100 | 99,210 | |||||
341,354 | ||||||||
Spain: 3.6% | ||||||||
Abengoa Abenewco 2 SA Reg S 1.50%, 10/26/24 (d) * | USD | 64 | 2,157 | |||||
Abengoa SA 0.00%, 03/31/27 (s) ^ | EUR | 100 | 553 | |||||
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 | EUR | 100 | 103,798 | |||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | USD | 30 | 29,004 | |||||
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 | EUR | 100 | 87,426 | |||||
Banco de Sabadell SA Reg S | ||||||||
1.75%, 05/10/24 | EUR | 100 | 107,188 | |||||
2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26 | EUR | 100 | 104,357 | |||||
5.38% (EUR Swap Annual 1 Year+3.25%), 09/08/26 | EUR | 100 | 109,598 | |||||
5.62%, 05/06/26 | EUR | 100 | 106,604 | |||||
Cellnex Finance Co. SA Reg S | ||||||||
1.25%, 01/15/29 | EUR | 100 | 92,960 | |||||
1.50%, 06/08/28 | EUR | 100 | 96,573 | |||||
2.00%, 09/15/32 | EUR | 100 | 88,021 | |||||
2.00%, 02/15/33 | EUR | 100 | 87,172 | |||||
2.25%, 04/12/26 | EUR | 100 | 104,860 | |||||
Cellnex Telecom SA Reg S |
See Notes to Financial Statements
70 |
Par (000’s | ) | Value | ||||||
Spain (continued) | ||||||||
1.75%, 10/23/30 | EUR | 100 | $ | 90,954 | ||||
1.88%, 06/26/29 | EUR | 100 | 94,650 | |||||
Grifols Escrow Issuer SA 144A 4.75%, 10/15/28 | USD | 100 | 80,287 | |||||
Grifols SA Reg S | ||||||||
1.62%, 02/15/25 | EUR | 150 | 157,268 | |||||
3.20%, 05/01/25 | EUR | 100 | 102,647 | |||||
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 | EUR | 100 | 94,226 | |||||
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 | EUR | 100 | 104,580 | |||||
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 | EUR | 200 | 203,479 | |||||
Telefonica Europe BV Reg S | ||||||||
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) | EUR | 100 | 102,166 | |||||
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) | EUR | 100 | 107,971 | |||||
Unicaja Banco SA Reg S 2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29 | EUR | 100 | 97,312 | |||||
2,355,811 | ||||||||
Sweden: 1.1% | ||||||||
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) | EUR | 100 | 75,569 | |||||
Dometic Group AB Reg S 3.00%, 05/08/26 | EUR | 100 | 101,217 | |||||
Heimstaden AB Reg S 4.38%, 03/06/27 | EUR | 100 | 72,548 | |||||
Intrum AB Reg S | ||||||||
3.00%, 09/15/27 | EUR | 100 | 83,890 | |||||
3.12%, 07/15/24 | EUR | 52 | 54,881 | |||||
4.88%, 08/15/25 | EUR | 100 | 100,017 | |||||
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) | EUR | 100 | 42,366 | |||||
Verisure Holding AB Reg S 3.25%, 02/15/27 | EUR | 100 | 97,210 | |||||
Volvo Car AB Reg S 4.25%, 05/31/28 | EUR | 100 | 104,665 | |||||
732,363 | ||||||||
Switzerland: 0.4% | ||||||||
Dufry One BV Reg S 2.50%, 10/15/24 | EUR | 125 | 135,641 | |||||
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 | EUR | 100 | 104,682 | |||||
240,323 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc |
Par (000’s | ) | Value | ||||||
Tanzania (continued) | ||||||||
6.50%, 04/15/40 | USD | 40 | $ | 39,361 | ||||
Thailand: 0.3% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | USD | 200 | 171,800 | |||||
Trinidad and Tobago: 0.1% | ||||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | USD | 100 | 97,602 | |||||
Turkey: 1.8% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | USD | 50 | 47,380 | |||||
6.80%, 02/06/26 † | USD | 50 | 47,975 | |||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | USD | 100 | 84,160 | |||||
KOC Holding AS 144A 6.50%, 03/11/25 | USD | 50 | 49,376 | |||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 | USD | 100 | 90,073 | |||||
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 | USD | 100 | 95,255 | |||||
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 | USD | 100 | 88,791 | |||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
5.75%, 07/06/26 | USD | 100 | 90,481 | |||||
6.12%, 05/03/24 | USD | 100 | 97,903 | |||||
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 | USD | 50 | 47,778 | |||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 | USD | 100 | 97,454 | |||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 | USD | 100 | 94,277 | |||||
6.50%, 01/08/26 | USD | 100 | 93,287 | |||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | USD | 100 | 87,127 | |||||
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | USD | 100 | 94,750 | |||||
1,206,067 | ||||||||
Ukraine: 0.2% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 | USD | 50 | 32,125 | |||||
6.75%, 10/27/27 | USD | 50 | 29,625 | |||||
Metinvest BV 144A 7.75%, 10/17/29 | USD | 100 | 58,000 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S |
See Notes to Financial Statements
71 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Ukraine (continued) | ||||||||
7.12%, 07/19/26 | EUR | 100 | $ | 23,736 | ||||
143,486 | ||||||||
United Arab Emirates: 0.9% | ||||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) | USD | 200 | 199,872 | |||||
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o) | USD | 200 | 198,014 | |||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | USD | 100 | 97,585 | |||||
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 | USD | 100 | 91,124 | |||||
586,595 | ||||||||
United Kingdom: 10.8% | ||||||||
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 † | USD | 50 | 49,189 | |||||
B&M European Value Retail SA Reg S 3.62%, 07/15/25 | GBP | 100 | 119,239 | |||||
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 | EUR | 100 | 92,667 | |||||
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 | GBP | 200 | 207,074 | |||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | USD | 100 | 91,179 | |||||
British American Tobacco Plc Reg S | ||||||||
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o) | EUR | 100 | 90,145 | |||||
3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o) | EUR | 100 | 81,941 | |||||
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 | EUR | 100 | 99,713 | |||||
Canary Wharf Group Investment Holdings Plc Reg S 2.62%, 04/23/25 | GBP | 100 | 104,376 | |||||
Co.-operative Group Holdings 2011 Ltd. Reg S 7.50%, 07/08/26 | GBP | 100 | 118,797 | |||||
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26 | USD | 200 | 190,875 | |||||
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 | GBP | 100 | 96,613 | |||||
Deuce Finco Plc Reg S |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
5.50%, 06/15/27 | GBP | 100 | $ | 107,142 | ||||
Drax Finco Plc 144A 6.62%, 11/01/25 | USD | 100 | 97,645 | |||||
Energia Group NI FinanceCo Plc / Energia Group ROI Holdings DAC Reg S 4.75%, 09/15/24 | GBP | 100 | 123,421 | |||||
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 | EUR | 100 | 84,453 | |||||
Heathrow Finance Plc Reg S 3.88%, 03/01/27 (s) | GBP | 100 | 110,529 | |||||
Iceland Bondco Plc Reg S 4.62%, 03/15/25 | GBP | 100 | 113,962 | |||||
IHS Holding Ltd. 144A 5.62%, 11/29/26 | USD | 50 | 41,966 | |||||
INEOS Finance Plc 144A 6.75%, 05/15/28 † | USD | 100 | 98,903 | |||||
INEOS Finance Plc Reg S 2.88%, 05/01/26 | EUR | 100 | 102,352 | |||||
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26 | EUR | 100 | 99,785 | |||||
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 | EUR | 100 | 96,441 | |||||
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27 | EUR | 100 | 91,627 | |||||
Ithaca Energy North Sea Plc 144A 9.00%, 07/15/26 | USD | 100 | 96,372 | |||||
Jaguar Land Rover Automotive Plc 144A | ||||||||
5.88%, 01/15/28 | USD | 100 | 86,578 | |||||
7.75%, 10/15/25 | USD | 100 | 99,416 | |||||
Jerrold Finco Plc Reg S 4.88%, 01/15/26 | GBP | 100 | 110,952 | |||||
Kane Bidco Ltd. Reg S 6.50%, 02/15/27 | GBP | 100 | 111,591 | |||||
Market Bidco Finco Plc Reg S 5.50%, 11/04/27 | GBP | 100 | 94,707 | |||||
Marks & Spencer Plc Reg S 6.00%, 06/12/25 | GBP | 100 | 124,342 | |||||
Motion Bondco DAC 144A 6.62%, 11/15/27 | USD | 100 | 90,632 | |||||
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 | USD | 100 | 98,707 | |||||
Nexi SpA Reg S 1.75%, 10/31/24 | EUR | 200 | 215,310 | |||||
NGG Finance Plc Reg S | ||||||||
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | EUR | 100 | 93,641 | |||||
5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 122,148 | |||||
Nomad Foods Bondco Plc Reg S |
See Notes to Financial Statements
72 |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
2.50%, 06/24/28 | EUR | 100 | $ | 95,950 | ||||
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 † | USD | 100 | 78,248 | |||||
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 | GBP | 100 | 118,161 | |||||
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 | EUR | 100 | 105,261 | |||||
Punch Finance Plc Reg S 6.12%, 06/30/26 | GBP | 100 | 108,449 | |||||
Rolls-Royce Plc Reg S | ||||||||
0.88%, 05/09/24 | EUR | 100 | 106,524 | |||||
1.62%, 05/09/28 | EUR | 100 | 92,136 | |||||
4.62%, 02/16/26 | EUR | 100 | 108,596 | |||||
5.75%, 10/15/27 | GBP | 100 | 120,898 | |||||
Sherwood Financing Plc Reg S 4.50%, 11/15/26 | EUR | 100 | 95,084 | |||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | USD | 100 | 96,307 | |||||
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 | GBP | 100 | 114,415 | |||||
Summer BidCo BV Reg S 9.00%, 11/15/25 | EUR | 115 | 108,340 | |||||
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25 | GBP | 100 | 96,933 | |||||
Titan Global Finance Plc Reg S 2.75%, 07/09/27 | EUR | 100 | 104,342 | |||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | USD | 100 | 78,194 | |||||
United Group BV Reg S 4.88%, 07/01/24 | EUR | 100 | 109,762 | |||||
UPC Holding BV 144A 5.50%, 01/15/28 | USD | 100 | 89,621 | |||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | USD | 100 | 71,600 | |||||
Victoria Plc Reg S 3.62%, 08/24/26 | EUR | 100 | 88,930 | |||||
Virgin Media Finance Plc 144A 5.00%, 07/15/30 | USD | 50 | 42,180 | |||||
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 | USD | 100 | 91,911 | |||||
Virgin Media Secured Finance Plc Reg S | ||||||||
4.25%, 01/15/30 | GBP | 100 | 100,243 | |||||
5.00%, 04/15/27 | GBP | 100 | 116,537 | |||||
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 | USD | 100 | 83,004 |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
Vmed O2 UK Financing I Plc Reg S | ||||||||
3.25%, 01/31/31 | EUR | 100 | $ | 88,957 | ||||
4.00%, 01/31/29 | GBP | 100 | 102,354 | |||||
Vodafone Group Plc | ||||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 150 | 121,509 | |||||
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81 | USD | 150 | 113,841 | |||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 200 | 205,338 | |||||
Vodafone Group Plc Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 195,816 | |||||
7,103,871 | ||||||||
United States: 3.2% | ||||||||
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | USD | 100 | 94,285 | |||||
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 | EUR | 100 | 76,323 | |||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | USD | 100 | 63,425 | |||||
Garda World Security Corp. 144A 4.62%, 02/15/27 | USD | 50 | 45,998 | |||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A 7.00%, 12/31/27 | USD | 75 | 65,998 | |||||
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 | USD | 180 | 171,226 | |||||
Lottomatica SpA Reg S 6.25%, 07/15/25 | EUR | 100 | 111,841 | |||||
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 | USD | 200 | 192,283 | |||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | USD | 100 | 87,064 | |||||
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 | USD | 50 | 42,772 | |||||
Playtika Holding Corp. 144A 4.25%, 03/15/29 | USD | 50 | 42,545 | |||||
Q-Park Holding I BV Reg S 2.00%, 03/01/27 | EUR | 100 | 94,603 | |||||
Ritchie Bros Holdings, Inc. 144A |
See Notes to Financial Statements
73 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
7.75%, 03/15/31 | USD | 100 | $ | 106,375 | ||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 | USD | 50 | 45,408 | |||||
5.50%, 03/18/31 | USD | 50 | 41,509 | |||||
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26 | EUR | 100 | 101,998 | |||||
Sigma Holdco BV Reg S 5.75%, 05/15/26 | EUR | 100 | 88,171 | |||||
Stillwater Mining Co. 144A 4.00%, 11/16/26 | USD | 100 | 90,181 | |||||
Telesat Canada / Telesat LLC 144A | ||||||||
4.88%, 06/01/27 | USD | 50 | 26,810 | |||||
6.50%, 10/15/27 | USD | 50 | 18,022 | |||||
Verisure Holding AB Reg S 3.88%, 07/15/26 | EUR | 150 | 152,987 | |||||
Wynn Macau Ltd. 144A | ||||||||
5.12%, 12/15/29 † | USD | 200 | 166,199 | |||||
5.50%, 01/15/26 | USD | 100 | 92,666 | |||||
5.50%, 10/01/27 † | USD | 50 | 44,618 | |||||
ZF North America Capital, Inc. 144A 7.12%, 04/14/30 | USD | 50 | 51,655 | |||||
2,114,962 |
Par (000’s | ) | Value | ||||||
Uzbekistan: 0.1% | ||||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | USD | 50 | $ | 40,506 | ||||
Zambia: 0.4% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.88%, 03/01/26 † | USD | 100 | 98,279 | |||||
6.88%, 10/15/27 | USD | 100 | 97,177 | |||||
7.50%, 04/01/25 | USD | 100 | 99,860 | |||||
295,316 | ||||||||
Total Corporate Bonds (Cost: $73,082,017) | 64,646,108 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% | ||||||||
Money Market Fund: 2.5% (Cost: $1,677,588) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,677,588 | 1,677,588 | ||||||
Total Investments: 100.4% (Cost: $74,759,605) | 66,323,696 | |||||||
Liabilities in excess of other assets: (0.4)% | (265,266) | |||||||
NET ASSETS: 100.0% | $ | 66,058,430 |
Definitions:
CAD | Canadian Dollar |
EUR | Euro GBP British Pound |
LIBOR | London Interbank Offered Rate |
USD | United States Dollar |
Footnotes:
(d) | Security in default |
(o) | Perpetual Maturity — the date shown is the next call date |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
* | Non-income producing |
^ | Zero Coupon Bond |
† | Security fully or partially on loan. Total market value of securities on loan is $1,682,952. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $24,380,541, or 36.9% of net assets. |
See Notes to Financial Statements
74 |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||||
Financials | 30.5 | % | $ | 19,735,694 | |||||
Technology | 13.6 | 8,811,085 | |||||||
Industrials | 12.9 | 8,318,295 | |||||||
Energy | 10.5 | 6,800,248 | |||||||
Consumer Cyclicals | 8.6 | 5,583,484 | |||||||
Basic Materials | 7.9 | 5,074,907 | |||||||
Utilities | 6.7 | 4,303,060 | |||||||
Healthcare | 3.7 | 2,398,429 | |||||||
Consumer Non-Cyclicals | 3.7 | 2,375,803 | |||||||
Real Estate | 1.5 | 979,160 | |||||||
Institutions, Associations & Organizations | 0.4 | 265,943 | |||||||
100.0 | % | $ | 64,646,108 |
See Notes to Financial Statements
75 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds | ||||||||||||||||
Argentina | $ | — | $ | 654,776 | $ | — | $ | 654,776 | ||||||||
Australia | — | 633,043 | — | 633,043 | ||||||||||||
Austria | — | 93,513 | — | 93,513 | ||||||||||||
Belgium | — | 289,982 | — | 289,982 | ||||||||||||
Bermuda | — | 165,751 | — | 165,751 | ||||||||||||
Brazil | — | 3,881,274 | — | 3,881,274 | ||||||||||||
British Virgin Islands | — | 169,144 | — | 169,144 | ||||||||||||
Bulgaria | — | 105,096 | — | 105,096 | ||||||||||||
Burkina Faso | — | 19,773 | — | 19,773 | ||||||||||||
Canada | — | 4,836,826 | 0 | 4,836,826 | ||||||||||||
Cayman Islands | — | 572,143 | — | 572,143 | ||||||||||||
Chile | — | 194,118 | — | 194,118 | ||||||||||||
China | — | 1,455,828 | — | 1,455,828 | ||||||||||||
Colombia | — | 1,567,952 | — | 1,567,952 | ||||||||||||
Costa Rica | — | 82,750 | — | 82,750 | ||||||||||||
Cyprus | — | 133,133 | — | 133,133 | ||||||||||||
Czech Republic | — | 349,052 | — | 349,052 | ||||||||||||
Finland | — | 295,737 | — | 295,737 | ||||||||||||
France | — | 5,720,962 | — | 5,720,962 | ||||||||||||
Germany | — | 3,735,136 | — | 3,735,136 | ||||||||||||
Ghana | — | 150,468 | — | 150,468 | ||||||||||||
Greece | — | 682,910 | — | 682,910 | ||||||||||||
Guatemala | — | 93,343 | — | 93,343 | ||||||||||||
Hong Kong | — | 1,101,522 | — | 1,101,522 | ||||||||||||
Hungary | — | 102,129 | — | 102,129 | ||||||||||||
India | — | 905,357 | — | 905,357 | ||||||||||||
Indonesia | — | 474,728 | — | 474,728 | ||||||||||||
Ireland | — | 936,287 | — | 936,287 | ||||||||||||
Israel | — | 1,308,252 | — | 1,308,252 | ||||||||||||
Italy | — | 5,071,127 | — | 5,071,127 | ||||||||||||
Japan | — | 1,613,062 | — | 1,613,062 | ||||||||||||
Jersey, Channel Islands | — | 350,198 | — | 350,198 | ||||||||||||
Kuwait | — | 177,200 | — | 177,200 | ||||||||||||
Luxembourg | — | 3,573,580 | — | 3,573,580 | ||||||||||||
Malta | — | 90,864 | — | 90,864 | ||||||||||||
Mauritius | — | 430,023 | — | 430,023 | ||||||||||||
Mexico | — | 2,793,867 | — | 2,793,867 | ||||||||||||
Morocco | — | 92,381 | — | 92,381 | ||||||||||||
Netherlands | — | 2,250,068 | — | 2,250,068 | ||||||||||||
Nigeria | — | 80,242 | — | 80,242 | ||||||||||||
Norway | — | 197,095 | — | 197,095 | ||||||||||||
Oman | — | 321,053 | — | 321,053 | ||||||||||||
Panama | — | 93,580 | — | 93,580 | ||||||||||||
Peru | — | 299,092 | — | 299,092 | ||||||||||||
Poland | — | 167,640 | — | 167,640 | ||||||||||||
Portugal | — | 500,073 | — | 500,073 | ||||||||||||
Romania | — | 104,772 | — | 104,772 | ||||||||||||
Singapore | — | 259,789 | — | 259,789 | ||||||||||||
South Africa | — | 341,354 | — | 341,354 | ||||||||||||
Spain | — | 2,355,811 | — | 2,355,811 | ||||||||||||
Sweden | — | 732,363 | — | 732,363 | ||||||||||||
Switzerland | — | 240,323 | — | 240,323 | ||||||||||||
Tanzania | — | 39,361 | — | 39,361 | ||||||||||||
Thailand | — | 171,800 | — | 171,800 | ||||||||||||
Trinidad and Tobago | — | 97,602 | — | 97,602 |
See Notes to Financial Statements
76 |
Turkey | $ | — | $ | 1,206,067 | $ | — | $ | 1,206,067 | ||||||||
Ukraine | — | 143,486 | — | 143,486 | ||||||||||||
United Arab Emirates | — | 586,595 | — | 586,595 | ||||||||||||
United Kingdom | — | 7,103,871 | — | 7,103,871 | ||||||||||||
United States | — | 2,114,962 | — | 2,114,962 | ||||||||||||
Uzbekistan | — | 40,506 | — | 40,506 | ||||||||||||
Zambia | — | 295,316 | — | 295,316 | ||||||||||||
Money Market Fund | 1,677,588 | — | — | 1,677,588 | ||||||||||||
Total Investments | $ | 1,677,588 | $ | 64,646,108 | $ | 0 | $ | 66,323,696 |
See Notes to Financial Statements
77 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 4.6% | ||||||||
Cayman Islands: 0.1% | ||||||||
QNB Finance Ltd. 13.50%, 10/06/25 | TRY | 76,700 | $ | 2,278,925 | ||||
Colombia: 0.1% | ||||||||
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24 | COP | 3,596,000 | 714,520 | |||||
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 | COP | 12,300,000 | 2,431,794 | |||||
3,146,314 | ||||||||
Luxembourg: 0.1% | ||||||||
European Investment Bank 4.25%, 06/19/24 | MXN | 13,000 | 670,935 | |||||
European Investment Bank Reg S | ||||||||
8.00%, 03/04/24 | EGP | 23,400 | 682,561 | |||||
10.00%, 12/06/23 | EGP | 6,000 | 161,925 | |||||
10.00%, 01/18/24 | EGP | 72,000 | 1,960,147 | |||||
3,475,568 | ||||||||
Mexico: 0.0% | ||||||||
Petroleos Mexicanos Reg S 7.19%, 09/12/24 | MXN | 27,530 | 1,417,389 | |||||
South Africa: 0.2% | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
0.01%, 08/18/27 | ZAR | 85,355 | 2,462,556 | |||||
7.50%, 09/15/33 | ZAR | 11,000 | 438,997 | |||||
7.85%, 04/02/26 | ZAR | 24,350 | 1,276,579 | |||||
Transnet SOC Ltd. | ||||||||
9.50%, 08/19/25 | ZAR | 21,000 | 1,137,821 | |||||
13.50%, 04/18/28 | ZAR | 5,150 | 308,655 | |||||
5,624,608 | ||||||||
Supranational: 3.2% | ||||||||
European Bank for Reconstruction & Development 0.25%, 11/20/23 | PLN | 8,630 | 1,989,268 | |||||
European Investment Bank | ||||||||
7.75%, 01/30/25 | MXN | 25,600 | 1,355,273 | |||||
8.12%, 12/21/26 | ZAR | 208,895 | 11,241,799 | |||||
European Investment Bank 144A 5.75%, 01/24/25 | IDR | 51,750,000 | 3,531,717 | |||||
European Investment Bank Reg S | ||||||||
2.75%, 08/25/26 | PLN | 37,610 | 8,102,255 | |||||
3.00%, 05/24/24 | PLN | 52,512 | 12,208,261 | |||||
8.00%, 05/05/27 | ZAR | 18,185 | 971,922 | |||||
Inter-American Development Bank 7.50%, 12/05/24 | MXN | 401,085 | 21,071,470 |
Par (000’s | ) | Value | ||||||
Supranational (continued) | ||||||||
Inter-American Development Bank Reg S 7.70%, 02/12/24 | MXN | 54,300 | $ | 2,897,264 | ||||
International Bank for Reconstruction & Development | ||||||||
2.00%, 07/23/25 | PHP | 35,400 | 594,191 | |||||
7.25%, 03/15/24 | IDR | 39,600,000 | 2,729,485 | |||||
International Finance Corp. | ||||||||
7.00%, 02/14/24 | BRL | 1,800 | 350,412 | |||||
7.00%, 07/20/27 | MXN | 206,160 | 10,600,000 | |||||
7.25%, 02/02/24 | MXN | 27,780 | 1,486,713 | |||||
7.50%, 01/18/28 | MXN | 117,900 | 6,181,923 | |||||
7.75%, 01/18/30 | MXN | 159,430 | 8,306,905 | |||||
8.00%, 10/09/23 | IDR | 17,500,000 | 1,200,917 | |||||
8.00%, 07/27/27 | ZAR | 2,990 | 157,532 | |||||
International Finance Corp. Reg S 8.38%, 05/31/29 | MXN | 156,050 | 7,972,486 | |||||
102,949,793 | ||||||||
United Kingdom: 0.3% | ||||||||
European Bank for Reconstruction & Development 8.00%, 02/06/24 | TRY | 19,940 | 867,442 | |||||
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25 | MXN | 214,490 | 10,426,966 | |||||
11,294,408 | ||||||||
United States: 0.6% | ||||||||
International Bank for Reconstruction & Development | ||||||||
6.65%, 07/30/24 | MXN | 230,500 | 12,315,332 | |||||
7.25%, 01/21/27 | MXN | 111,000 | 5,738,908 | |||||
18,054,240 | ||||||||
Total Corporate Bonds (Cost: $162,573,734) | 148,241,245 | |||||||
GOVERNMENT OBLIGATIONS: 93.2% | ||||||||
Brazil: 8.7% | ||||||||
Brazil Letras do Tesouro Nacional | ||||||||
0.00%, 01/01/24 ^ | BRL | 398,380 | 73,216,531 | |||||
0.00%, 07/01/24 ^ | BRL | 131,820 | 22,964,354 | |||||
0.00%, 07/01/25 ^ | BRL | 161,060 | 25,205,571 | |||||
0.00%, 01/01/26 ^ | BRL | 261,090 | 38,658,254 | |||||
0.00%, 07/01/26 ^ | BRL | 118,770 | 16,642,618 | |||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||
10.00%, 01/01/25 | BRL | 151,995 | 29,405,733 | |||||
10.00%, 01/01/27 | BRL | 170,820 | 32,399,670 | |||||
10.00%, 01/01/29 | BRL | 120,330 | 22,121,280 | |||||
10.00%, 01/01/31 | BRL | 57,540 | 10,311,108 | |||||
10.00%, 01/01/33 | BRL | 33,760 | 5,934,746 |
See Notes to Financial Statements
78 |
Par (000’s | ) | Value | ||||||
Brazil (continued) | ||||||||
Brazilian Government International Bond | ||||||||
8.50%, 01/05/24 | BRL | 4,670 | $ | 907,611 | ||||
10.25%, 01/10/28 | BRL | 7,380 | 1,407,818 | |||||
279,175,294 | ||||||||
Chile: 3.5% | ||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||
2.50%, 03/01/25 | CLP | 21,355,000 | 24,573,483 | |||||
4.50%, 03/01/26 | CLP | 13,970,000 | 16,528,281 | |||||
5.00%, 03/01/35 | CLP | 15,755,000 | 18,990,121 | |||||
6.00%, 01/01/43 | CLP | 13,030,000 | 17,386,834 | |||||
Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
2.30%, 10/01/28 | CLP | 4,085,000 | 4,293,876 | |||||
4.70%, 09/01/30 | CLP | 14,900,000 | 17,659,889 | |||||
5.00%, 10/01/28 | CLP | 5,770,000 | 6,958,379 | |||||
Bonos de la Tesoreria de la Republica en pesos 144A Reg S 7.00%, 05/01/34 | CLP | 3,825,000 | 5,396,881 | |||||
111,787,744 | ||||||||
China: 10.5% | ||||||||
Asian Infrastructure Investment Bank Reg S | ||||||||
4.50%, 11/03/23 | MXN | 288,550 | 15,358,141 | |||||
5.00%, 03/05/26 | MXN | 33,130 | 1,614,644 | |||||
30.00%, 09/29/27 | TRY | 17,000 | 799,902 | |||||
China Government Bond | ||||||||
1.99%, 04/09/25 | CNY | 86,650 | 12,408,450 | |||||
2.18%, 08/25/25 | CNY | 43,070 | 6,180,425 | |||||
2.24%, 05/25/25 | CNY | 19,790 | 2,847,015 | |||||
2.26%, 02/24/25 | CNY | 33,710 | 4,855,647 | |||||
2.28%, 11/25/25 | CNY | 37,700 | 5,419,491 | |||||
2.37%, 01/20/27 | CNY | 21,820 | 3,128,976 | |||||
2.44%, 10/15/27 | CNY | 40,500 | 5,805,047 | |||||
2.46%, 02/15/26 | CNY | 34,790 | 5,022,511 | |||||
2.47%, 09/02/24 | CNY | 59,290 | 8,578,007 | |||||
2.48%, 04/15/27 | CNY | 33,690 | 4,844,743 | |||||
2.50%, 07/25/27 | CNY | 15,300 | 2,199,201 | |||||
2.60%, 09/01/32 | CNY | 39,520 | 5,600,413 | |||||
2.62%, 04/15/28 | CNY | 16,870 | 2,434,367 | |||||
2.62%, 09/25/29 | CNY | 41,360 | 5,925,501 | |||||
2.64%, 01/15/28 | CNY | 45,080 | 6,509,994 | |||||
2.68%, 05/21/30 | CNY | 66,970 | 9,614,999 | |||||
2.69%, 08/12/26 | CNY | 59,690 | 8,662,037 | |||||
2.69%, 08/15/32 | CNY | 44,330 | 6,329,129 | |||||
2.75%, 06/15/29 | CNY | 37,670 | 5,445,258 | |||||
2.75%, 02/17/32 | CNY | 46,050 | 6,614,846 | |||||
2.76%, 05/15/32 | CNY | 35,010 | 5,031,342 | |||||
2.79%, 12/15/29 | CNY | 47,010 | 6,797,533 | |||||
2.80%, 03/24/29 | CNY | 40,870 | 5,927,721 | |||||
2.80%, 03/25/30 | CNY | 15,820 | 2,290,324 | |||||
2.80%, 11/15/32 | CNY | 40,900 | 5,894,278 | |||||
2.84%, 04/08/24 | CNY | 56,420 | 8,195,775 | |||||
2.85%, 06/04/27 | CNY | 101,320 | 14,774,188 | |||||
2.88%, 02/25/33 | CNY | 29,540 | 4,293,097 |
Par (000’s | ) | Value | ||||||
China (continued) | ||||||||
2.89%, 11/18/31 | CNY | 35,940 | $ | 5,223,801 | ||||
2.91%, 10/14/28 | CNY | 51,630 | 7,537,479 | |||||
2.94%, 10/17/24 | CNY | 40,460 | 5,896,548 | |||||
3.01%, 05/13/28 | CNY | 53,360 | 7,836,358 | |||||
3.02%, 10/22/25 | CNY | 66,880 | 9,799,548 | |||||
3.02%, 05/27/31 | CNY | 60,320 | 8,862,727 | |||||
3.03%, 03/11/26 | CNY | 53,490 | 7,849,554 | |||||
3.12%, 12/05/26 | CNY | 62,420 | 9,198,756 | |||||
3.12%, 10/25/52 | CNY | 25,200 | 3,618,150 | |||||
3.13%, 11/21/29 | CNY | 46,240 | 6,851,475 | |||||
3.19%, 04/11/24 | CNY | 52,740 | 7,691,666 | |||||
3.19%, 04/15/53 | CNY | 4,100 | 595,715 | |||||
3.22%, 12/06/25 | CNY | 42,740 | 6,300,081 | |||||
3.25%, 06/06/26 | CNY | 53,220 | 7,871,770 | |||||
3.25%, 11/22/28 | CNY | 31,310 | 4,679,561 | |||||
3.27%, 11/19/30 | CNY | 63,930 | 9,599,373 | |||||
3.28%, 12/03/27 | CNY | 57,180 | 8,514,853 | |||||
3.29%, 05/23/29 | CNY | 56,380 | 8,455,954 | |||||
3.32%, 04/15/52 | CNY | 28,440 | 4,216,245 | |||||
3.53%, 10/18/51 | CNY | 18,680 | 2,870,585 | |||||
3.72%, 04/12/51 | CNY | 37,290 | 5,905,176 | |||||
3.81%, 09/14/50 | CNY | 56,800 | 9,141,380 | |||||
337,919,757 | ||||||||
Colombia: 3.9% | ||||||||
Colombia Government International Bond 9.85%, 06/28/27 | COP | 6,168,000 | 1,240,682 | |||||
Colombian TES | ||||||||
5.75%, 11/03/27 | COP | 51,005,000 | 8,842,939 | |||||
6.00%, 04/28/28 | COP | 75,029,100 | 12,909,337 | |||||
6.25%, 11/26/25 | COP | 49,557,000 | 9,495,642 | |||||
6.25%, 07/09/36 | COP | 30,975,000 | 4,157,505 | |||||
7.00%, 03/26/31 | COP | 86,828,000 | 14,285,486 | |||||
7.00%, 06/30/32 | COP | 76,636,700 | 12,097,662 | |||||
7.25%, 10/18/34 | COP | 70,297,500 | 10,748,705 | |||||
7.25%, 10/26/50 | COP | 55,447,000 | 7,367,939 | |||||
7.50%, 08/26/26 | COP | 76,773,700 | 14,782,386 | |||||
7.75%, 09/18/30 | COP | 56,634,100 | 9,874,668 | |||||
9.25%, 05/28/42 | COP | 54,265,000 | 9,229,747 | |||||
10.00%, 07/24/24 | COP | 36,292,800 | 7,704,140 | |||||
13.25%, 02/09/33 | COP | 14,134,000 | 3,234,170 | |||||
125,971,008 | ||||||||
Czech Republic: 4.9% | ||||||||
Czech Republic Government Bond | ||||||||
0.01%, 12/12/24 | CZK | 77,470 | 3,332,920 | |||||
0.05%, 11/29/29 | CZK | 128,820 | 4,487,899 | |||||
0.25%, 02/10/27 | CZK | 268,640 | 10,635,002 | |||||
1.20%, 03/13/31 | CZK | 226,800 | 8,296,995 | |||||
1.25%, 02/14/25 | CZK | 227,080 | 9,951,496 | |||||
1.50%, 04/24/40 | CZK | 99,530 | 3,004,411 | |||||
1.75%, 06/23/32 | CZK | 263,780 | 9,909,664 | |||||
1.95%, 07/30/37 | CZK | 66,390 | 2,288,110 | |||||
2.00%, 10/13/33 | CZK | 277,960 | 10,333,967 | |||||
2.75%, 07/23/29 | CZK | 274,950 | 11,589,756 | |||||
3.50%, 05/30/35 | CZK | 74,060 | 3,168,804 | |||||
5.00%, 09/30/30 | CZK | 190,160 | 9,207,066 | |||||
5.50%, 12/12/28 | CZK | 142,880 | 6,990,107 |
See Notes to Financial Statements
79 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Czech Republic (continued) | ||||||||
6.00%, 02/26/26 | CZK | 173,360 | $ | 8,383,464 | ||||
Czech Republic Government Bond Reg S | ||||||||
0.95%, 05/15/30 | CZK | 249,700 | 9,169,483 | |||||
1.00%, 06/26/26 | CZK | 272,730 | 11,339,092 | |||||
2.40%, 09/17/25 | CZK | 269,530 | 11,852,621 | |||||
2.50%, 08/25/28 | CZK | 259,330 | 10,917,926 | |||||
4.20%, 12/04/36 | CZK | 144,550 | 6,536,240 | |||||
5.70%, 05/25/24 | CZK | 144,280 | 6,791,790 | |||||
158,186,813 | ||||||||
Dominican Republic: 1.2% | ||||||||
Dominican Republic International Bond 144A | ||||||||
9.75%, 06/05/26 | DOP | 599,600 | 10,908,306 | |||||
13.62%, 02/03/33 | DOP | 815,450 | 17,691,330 | |||||
Dominican Republic International Bond Reg S 9.75%, 06/05/26 | DOP | 645,190 | 11,737,708 | |||||
40,337,344 | ||||||||
Egypt: 1.8% | ||||||||
Egypt Government Bond | ||||||||
13.54%, 01/14/25 | EGP | 68,196 | 1,872,632 | |||||
14.06%, 01/12/26 | EGP | 291,850 | 7,482,448 | |||||
14.29%, 01/05/28 | EGP | 119,540 | 2,777,475 | |||||
14.35%, 09/10/24 | EGP | 177,305 | 5,061,822 | |||||
14.37%, 10/20/25 | EGP | 290,169 | 7,612,217 | |||||
14.40%, 09/10/29 | EGP | 77,710 | 1,731,465 | |||||
14.48%, 04/06/26 | EGP | 241,890 | 6,163,788 | |||||
14.53%, 09/14/24 | EGP | 224,260 | 6,433,350 | |||||
14.56%, 07/06/26 | EGP | 92,989 | 2,355,975 | |||||
14.56%, 10/13/27 | EGP | 185,120 | 4,380,750 | |||||
14.66%, 10/06/30 | EGP | 109,730 | 2,419,414 | |||||
16.10%, 05/07/29 | EGP | 82,280 | 1,990,472 | |||||
Egypt Treasury Bills | ||||||||
0.00%, 07/25/23 ^ | EGP | 34,000 | 1,051,697 | |||||
0.00%, 08/15/23 ^ | EGP | 28,500 | 867,163 | |||||
0.01%, 05/02/23 | EGP | 84,400 | 2,731,392 | |||||
0.01%, 08/29/23 | EGP | 83,500 | 2,519,393 | |||||
57,451,453 | ||||||||
Hungary: 3.9% | ||||||||
Hungary Government Bond | ||||||||
1.00%, 11/26/25 | HUF | 4,372,460 | 10,266,967 | |||||
1.50%, 04/22/26 † | HUF | 3,698,080 | 8,598,110 | |||||
1.50%, 08/26/26 † | HUF | 2,482,320 | 5,666,782 | |||||
2.00%, 05/23/29 † | HUF | 2,861,250 | 6,042,499 | |||||
2.25%, 04/20/33 † | HUF | 4,026,680 | 7,600,609 | |||||
2.25%, 06/22/34 | HUF | 1,290,070 | 2,335,272 | |||||
2.50%, 10/24/24 † | HUF | 3,532,330 | 9,087,523 | |||||
2.75%, 12/22/26 | HUF | 2,986,970 | 7,021,996 | |||||
3.00%, 06/26/24 † | HUF | 2,406,870 | 6,374,144 | |||||
3.00%, 10/27/27 | HUF | 3,634,900 | 8,410,346 | |||||
3.00%, 08/21/30 † | HUF | 3,608,260 | 7,826,432 | |||||
3.00%, 10/27/38 | HUF | 2,763,270 | 4,818,493 | |||||
3.00%, 04/25/41 † | HUF | 1,685,080 | 2,820,718 |
Par (000’s | ) | Value | ||||||
Hungary (continued) | ||||||||
3.25%, 10/22/31 † | HUF | 4,778,180 | $ | 10,242,019 | ||||
4.50%, 03/23/28 | HUF | 1,971,500 | 4,887,217 | |||||
4.75%, 11/24/32 † | HUF | 2,538,910 | 6,017,945 | |||||
5.50%, 06/24/25 | HUF | 3,541,000 | 9,336,114 | |||||
6.75%, 10/22/28 | HUF | 2,995,730 | 8,141,967 | |||||
125,495,153 | ||||||||
Indonesia: 9.6% | ||||||||
Indonesia Treasury Bond | ||||||||
5.12%, 04/15/27 | IDR | 102,845,000 | 6,760,499 | |||||
5.50%, 04/15/26 | IDR | 185,640,000 | 12,449,396 | |||||
6.12%, 05/15/28 | IDR | 187,971,000 | 12,743,716 | |||||
6.25%, 06/15/36 | IDR | 76,780,000 | 5,021,841 | |||||
6.38%, 08/15/28 | IDR | 55,390,000 | 3,793,290 | |||||
6.38%, 04/15/32 | IDR | 182,110,000 | 12,285,535 | |||||
6.38%, 07/15/37 | IDR | 23,540,000 | 1,560,821 | |||||
6.50%, 06/15/25 | IDR | 190,230,000 | 13,052,086 | |||||
6.50%, 02/15/31 | IDR | 241,060,000 | 16,433,325 | |||||
6.62%, 05/15/33 | IDR | 125,773,000 | 8,578,885 | |||||
7.00%, 05/15/27 | IDR | 206,758,000 | 14,482,644 | |||||
7.00%, 09/15/30 | IDR | 235,635,000 | 16,508,906 | |||||
7.00%, 02/15/33 | IDR | 137,745,000 | 9,710,835 | |||||
7.12%, 06/15/38 | IDR | 24,040,000 | 1,674,615 | |||||
7.12%, 06/15/42 | IDR | 159,810,000 | 11,116,000 | |||||
7.12%, 06/15/43 | IDR | 37,390,000 | 2,606,735 | |||||
7.50%, 08/15/32 | IDR | 134,380,000 | 9,693,406 | |||||
7.50%, 06/15/35 | IDR | 203,510,000 | 14,662,292 | |||||
7.50%, 05/15/38 | IDR | 96,720,000 | 6,938,589 | |||||
7.50%, 04/15/40 | IDR | 181,300,000 | 13,017,019 | |||||
8.12%, 05/15/24 | IDR | 104,590,000 | 7,278,238 | |||||
8.25%, 05/15/29 | IDR | 162,300,000 | 12,073,483 | |||||
8.25%, 06/15/32 | IDR | 88,784,000 | 6,678,348 | |||||
8.25%, 05/15/36 | IDR | 124,785,000 | 9,500,587 | |||||
8.38%, 03/15/24 | IDR | 124,363,000 | 8,647,255 | |||||
8.38%, 09/15/26 | IDR | 187,947,000 | 13,634,037 | |||||
8.38%, 03/15/34 | IDR | 188,344,000 | 14,476,939 | |||||
8.38%, 04/15/39 | IDR | 75,760,000 | 5,856,449 | |||||
8.75%, 05/15/31 | IDR | 86,387,000 | 6,641,906 | |||||
9.00%, 03/15/29 | IDR | 127,322,000 | 9,763,783 | |||||
9.50%, 07/15/31 | IDR | 30,941,000 | 2,482,999 | |||||
10.50%, 08/15/30 | IDR | 28,912,000 | 2,409,333 | |||||
11.00%, 09/15/25 | IDR | 32,382,000 | 2,429,908 | |||||
Perusahaan Penerbit SBSN | ||||||||
4.88%, 07/15/26 | IDR | 26,690,000 | 1,743,388 | |||||
6.38%, 03/15/34 | IDR | 40,420,000 | 2,618,993 | |||||
6.62%, 10/15/24 | IDR | 45,410,000 | 3,109,854 | |||||
8.88%, 11/15/31 | IDR | 82,990,000 | 6,413,437 | |||||
308,849,372 | ||||||||
Malaysia: 7.6% | ||||||||
Malaysia Government Bond | ||||||||
2.63%, 04/15/31 | MYR | 29,980 | 6,175,847 | |||||
3.48%, 06/14/24 | MYR | 37,422 | 8,443,341 | |||||
3.50%, 05/31/27 | MYR | 27,199 | 6,088,383 | |||||
3.58%, 07/15/32 | MYR | 28,205 | 6,248,271 | |||||
3.73%, 06/15/28 | MYR | 36,896 | 8,343,596 | |||||
3.76%, 05/22/40 | MYR | 38,215 | 8,217,020 | |||||
3.83%, 07/05/34 | MYR | 29,232 | 6,500,262 |
See Notes to Financial Statements
80 |
Par (000’s | ) | Value | ||||||
Malaysia (continued) | ||||||||
3.88%, 03/14/25 | MYR | 28,204 | $ | 6,403,168 | ||||
3.88%, 08/15/29 | MYR | 30,386 | 6,880,990 | |||||
3.90%, 11/30/26 | MYR | 36,236 | 8,249,236 | |||||
3.90%, 11/16/27 | MYR | 34,419 | 7,844,792 | |||||
3.91%, 07/15/26 | MYR | 25,455 | 5,803,915 | |||||
3.96%, 09/15/25 | MYR | 33,816 | 7,698,565 | |||||
4.06%, 09/30/24 | MYR | 14,242 | 3,232,349 | |||||
4.07%, 06/15/50 | MYR | 43,475 | 9,403,223 | |||||
4.18%, 07/15/24 | MYR | 11,620 | 2,637,545 | |||||
4.25%, 05/31/35 | MYR | 23,946 | 5,486,038 | |||||
4.46%, 03/31/53 | MYR | 6,825 | 1,593,995 | |||||
4.50%, 04/30/29 | MYR | 14,944 | 3,507,098 | |||||
4.70%, 10/15/42 | MYR | 20,175 | 4,923,250 | |||||
4.76%, 04/07/37 | MYR | 37,928 | 9,150,864 | |||||
4.89%, 06/08/38 | MYR | 23,590 | 5,857,987 | |||||
4.92%, 07/06/48 | MYR | 20,175 | 5,036,163 | |||||
Malaysia Government Investment Issue | ||||||||
3.42%, 09/30/27 | MYR | 41,696 | 9,320,186 | |||||
3.45%, 07/15/36 | MYR | 35,001 | 7,415,156 | |||||
3.46%, 10/15/30 | MYR | 44,895 | 9,842,231 | |||||
3.60%, 07/31/28 | MYR | 6,815 | 1,535,091 | |||||
3.65%, 10/15/24 | MYR | 30,720 | 6,922,441 | |||||
3.73%, 03/31/26 | MYR | 41,356 | 9,362,027 | |||||
3.99%, 10/15/25 | MYR | 22,425 | 5,112,216 | |||||
4.13%, 08/15/25 | MYR | 37,235 | 8,491,674 | |||||
4.13%, 07/09/29 | MYR | 33,820 | 7,739,217 | |||||
4.19%, 10/07/32 | MYR | 32,050 | 7,372,594 | |||||
4.25%, 09/30/30 | MYR | 16,120 | 3,731,012 | |||||
4.26%, 07/26/27 | MYR | 15,886 | 3,663,118 | |||||
4.29%, 08/14/43 | MYR | 8,010 | 1,852,743 | |||||
4.37%, 10/31/28 | MYR | 36,749 | 8,552,893 | |||||
4.42%, 09/30/41 | MYR | 29,790 | 6,935,543 | |||||
4.66%, 03/31/38 | MYR | 14,305 | 3,466,484 | |||||
245,040,524 | ||||||||
Mexico: 5.5% | ||||||||
Mexican Bonos | ||||||||
5.00%, 03/06/25 | MXN | 193,664 | 9,775,636 | |||||
5.50%, 03/04/27 | MXN | 145,681 | 7,138,245 | |||||
5.75%, 03/05/26 | MXN | 385,412 | 19,369,974 | |||||
7.50%, 06/03/27 | MXN | 248,072 | 13,017,060 | |||||
7.50%, 05/26/33 | MXN | 174,280 | 8,817,038 | |||||
7.75%, 05/29/31 | MXN | 618,697 | 32,210,539 | |||||
7.75%, 11/23/34 | MXN | 131,117 | 6,683,236 | |||||
7.75%, 11/13/42 | MXN | 402,123 | 19,482,508 | |||||
8.00%, 12/07/23 | MXN | 3,251 | 176,514 | |||||
8.00%, 09/05/24 | MXN | 7,642 | 408,276 | |||||
8.00%, 11/07/47 | MXN | 383,132 | 18,897,893 | |||||
8.00%, 07/31/53 | MXN | 158,188 | 7,755,588 | |||||
8.50%, 05/31/29 | MXN | 83,791 | 4,575,532 | |||||
8.50%, 11/18/38 | MXN | 308,636 | 16,245,799 | |||||
10.00%, 12/05/24 | MXN | 120,433 | 6,601,740 | |||||
10.00%, 11/20/36 | MXN | 107,582 | 6,503,591 | |||||
177,659,169 | ||||||||
Peru: 3.5% | ||||||||
Peru Government Bond | ||||||||
5.35%, 08/12/40 | PEN | 30,724 | 6,537,579 | |||||
5.40%, 08/12/34 | PEN | 42,536 | 9,680,705 |
Par (000’s | ) | Value | ||||||
Peru (continued) | ||||||||
5.70%, 08/12/24 | PEN | 23,888 | $ | 6,378,859 | ||||
5.94%, 02/12/29 | PEN | 62,905 | 16,049,471 | |||||
6.15%, 08/12/32 | PEN | 63,990 | 15,802,454 | |||||
6.35%, 08/12/28 | PEN | 58,748 | 15,409,149 | |||||
6.90%, 08/12/37 | PEN | 60,549 | 15,387,146 | |||||
6.95%, 08/12/31 | PEN | 59,405 | 15,624,717 | |||||
8.20%, 08/12/26 | PEN | 44,260 | 12,469,735 | |||||
113,339,815 | ||||||||
Philippines: 1.2% | ||||||||
Philippine Government Bond 9.25%, 11/05/34 | PHP | 46,410 | 1,049,594 | |||||
Philippine Government International Bond 6.25%, 01/14/36 | PHP | 2,200,500 | 38,924,717 | |||||
39,974,311 | ||||||||
Poland: 5.0% | ||||||||
Republic of Poland Government Bond | ||||||||
0.01%, 10/25/25 | PLN | 7,655 | 1,612,356 | |||||
0.25%, 10/25/26 | PLN | 62,103 | 12,375,551 | |||||
0.75%, 04/25/25 | PLN | 58,102 | 12,709,769 | |||||
1.25%, 10/25/30 | PLN | 68,329 | 12,000,018 | |||||
1.75%, 04/25/32 | PLN | 69,690 | 12,110,726 | |||||
2.25%, 10/25/24 | PLN | 58,881 | 13,498,145 | |||||
2.50%, 04/25/24 | PLN | 2,288 | 534,762 | |||||
2.50%, 07/25/26 | PLN | 48,460 | 10,525,262 | |||||
2.50%, 07/25/27 | PLN | 59,337 | 12,523,761 | |||||
2.75%, 04/25/28 | PLN | 70,527 | 14,757,712 | |||||
2.75%, 10/25/29 | PLN | 87,741 | 17,689,448 | |||||
3.25%, 07/25/25 | PLN | 69,594 | 15,882,090 | |||||
3.75%, 05/25/27 | PLN | 60,065 | 13,335,762 | |||||
6.00%, 10/25/33 | PLN | 8,010 | 1,965,099 | |||||
7.50%, 07/25/28 | PLN | 32,325 | 8,329,949 | |||||
159,850,410 | ||||||||
Romania: 4.0% | ||||||||
Romania Government Bond | ||||||||
2.50%, 10/25/27 | RON | 33,170 | 6,158,872 | |||||
3.25%, 04/29/24 | RON | 29,775 | 6,475,538 | |||||
3.25%, 06/24/26 | RON | 39,025 | 7,863,104 | |||||
3.50%, 11/25/25 | RON | 28,965 | 5,996,853 | |||||
3.65%, 07/28/25 | RON | 35,025 | 7,372,252 | |||||
3.65%, 09/24/31 | RON | 37,540 | 6,554,819 | |||||
3.70%, 11/25/24 | RON | 34,300 | 7,376,312 | |||||
4.15%, 01/26/28 | RON | 33,255 | 6,581,645 | |||||
4.15%, 10/24/30 | RON | 35,415 | 6,554,762 | |||||
4.25%, 04/28/36 | RON | 23,195 | 3,841,705 | |||||
4.50%, 06/17/24 | RON | 34,925 | 7,663,892 | |||||
4.75%, 02/24/25 | RON | 33,975 | 7,373,443 | |||||
4.75%, 10/11/34 | RON | 37,320 | 6,694,884 | |||||
4.85%, 04/22/26 | RON | 34,415 | 7,295,177 | |||||
4.85%, 07/25/29 | RON | 38,150 | 7,549,947 | |||||
5.00%, 02/12/29 | RON | 33,605 | 6,762,580 | |||||
5.80%, 07/26/27 | RON | 38,320 | 8,193,916 | |||||
6.70%, 02/25/32 | RON | 38,800 | 8,346,001 | |||||
8.25%, 09/29/32 | RON | 22,725 | 5,388,708 | |||||
130,044,410 |
See Notes to Financial Statements
81 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
Serbia: 1.2% | ||||||||
Serbia Treasury Bonds | ||||||||
4.50%, 01/11/26 | RSD | 1,448,400 | $ | 13,327,942 | ||||
4.50%, 08/20/32 | RSD | 1,789,050 | 14,504,951 | |||||
5.88%, 02/08/28 | RSD | 1,319,910 | 12,596,031 | |||||
40,428,924 | ||||||||
South Africa: 5.9% | ||||||||
Republic of South Africa Government Bond | ||||||||
6.25%, 03/31/36 | ZAR | 179,398 | 6,437,576 | |||||
6.50%, 02/28/41 | ZAR | 160,783 | 5,380,018 | |||||
7.00%, 02/28/31 | ZAR | 279,151 | 12,388,984 | |||||
8.00%, 01/31/30 † | ZAR | 552,243 | 27,065,836 | |||||
8.25%, 03/31/32 | ZAR | 490,280 | 22,873,271 | |||||
8.50%, 01/31/37 | ZAR | 427,662 | 18,403,458 | |||||
8.75%, 01/31/44 | ZAR | 373,423 | 15,523,097 | |||||
8.75%, 02/28/48 | ZAR | 608,299 | 25,063,908 | |||||
8.88%, 02/28/35 | ZAR | 445,664 | 20,468,816 | |||||
9.00%, 01/31/40 | ZAR | 339,610 | 14,758,299 | |||||
10.50%, 12/21/26 | ZAR | 365,897 | 21,030,348 | |||||
189,393,611 | ||||||||
Thailand: 7.2% | ||||||||
Thailand Government Bond | ||||||||
0.75%, 06/17/24 | THB | 361,675 | 10,471,996 | |||||
0.75%, 09/17/24 | THB | 409,193 | 11,813,810 | |||||
0.95%, 06/17/25 | THB | 385,927 | 11,081,755 | |||||
1.00%, 06/17/27 | THB | 500,146 | 14,030,428 | |||||
1.45%, 12/17/24 | THB | 392,246 | 11,413,705 | |||||
1.58%, 12/17/35 | THB | 331,747 | 8,647,668 | |||||
1.60%, 12/17/29 | THB | 335,619 | 9,413,910 | |||||
1.60%, 06/17/35 | THB | 175,589 | 4,608,932 | |||||
2.00%, 12/17/31 | THB | 322,689 | 9,114,101 | |||||
2.00%, 06/17/42 | THB | 234,192 | 5,883,963 | |||||
2.12%, 12/17/26 | THB | 368,397 | 10,816,744 | |||||
2.35%, 06/17/26 | THB | 285,985 | 8,461,974 | |||||
2.40%, 12/17/23 | THB | 245,178 | 7,218,018 | |||||
2.65%, 06/17/28 | THB | 303,290 | 9,096,606 | |||||
2.88%, 12/17/28 | THB | 315,895 | 9,575,892 | |||||
2.88%, 06/17/46 | THB | 279,391 | 7,929,816 | |||||
3.30%, 06/17/38 | THB | 402,513 | 12,406,162 | |||||
3.35%, 06/17/33 | THB | 178,480 | 5,595,283 | |||||
3.39%, 06/17/37 | THB | 139,525 | 4,395,235 | |||||
3.40%, 06/17/36 | THB | 299,238 | 9,402,368 | |||||
3.45%, 06/17/43 | THB | 110,305 | 3,463,856 | |||||
3.65%, 06/20/31 | THB | 307,165 | 9,787,198 | |||||
3.77%, 06/25/32 | THB | 543,938 | 17,657,641 |
Par (000’s | ) | Value | ||||||
Thailand (continued) | ||||||||
3.85%, 12/12/25 | THB | 327,776 | $ | 10,058,981 | ||||
4.88%, 06/22/29 | THB | 345,668 | 11,651,545 | |||||
233,997,587 | ||||||||
Turkey: 2.8% | ||||||||
Turkey Government Bond | ||||||||
8.00%, 03/12/25 | TRY | 47,523 | 2,099,020 | |||||
9.00%, 07/24/24 | TRY | 141,398 | 6,648,849 | |||||
10.40%, 03/20/24 | TRY | 37,386 | 1,822,832 | |||||
10.50%, 08/11/27 | TRY | 456,889 | 18,582,608 | |||||
10.60%, 02/11/26 | TRY | 207,193 | 8,810,490 | |||||
11.00%, 02/24/27 | TRY | 142,564 | 6,025,612 | |||||
11.70%, 11/13/30 | TRY | 267,547 | 11,927,204 | |||||
12.40%, 03/08/28 | TRY | 82,707 | 4,035,784 | |||||
12.60%, 10/01/25 | TRY | 285,280 | 13,143,130 | |||||
16.90%, 09/02/26 | TRY | 329,240 | 16,573,520 | |||||
89,669,049 | ||||||||
Uruguay: 1.3% | ||||||||
Uruguay Government International Bond 8.25%, 05/21/31 | UYU | 1,069,887 | 24,927,264 | |||||
Uruguay Government International Bond 144A 8.50%, 03/15/28 | UYU | 20,605 | 500,534 | |||||
Uruguay Government International Bond Reg S 8.50%, 03/15/28 | UYU | 622,131 | 15,112,730 | |||||
40,540,528 | ||||||||
Total Government Obligations (Cost: $3,312,101,976) | 3,005,112,276 | |||||||
Total Investments Before Collateral for Securities Loaned: 97.8% (Cost: $3,474,675,710) | 3,153,353,521 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8% | ||||||||
Money Market Fund: 2.8% (Cost: $91,541,238) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 91,541,238 | 91,541,238 | ||||||
Total Investments: 100.6% (Cost: $3,566,216,948) | 3,244,894,759 | |||||||
Liabilities in excess of other assets: (0.6)% | (20,549,359 | ) | ||||||
NET ASSETS: 100.0% | $ | 3,224,345,400 |
See Notes to Financial Statements
82 |
Definitions: | |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNY | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
DOP | Dominican Peso |
EGP | Egyptian Pound |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian Leu |
RSD | Serbian Dinar |
THB | Thai Baht |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Footnotes: | |
^ | Zero Coupon Bond |
† | Security fully or partially on loan. Total market value of securities on loan is $87,798,667. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $66,940,912, or 2.1% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Government | 95.3 | % | $ | 3,005,112,276 | ||||
Financials | 4.5 | 140,484,727 | ||||||
Utilities | 0.2 | 4,892,653 | ||||||
Industrials | 0.0 | 1,446,476 | ||||||
Energy | 0.0 | 1,417,389 | ||||||
100.0 | % | $ | 3,153,353,521 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 148,241,245 | $ | — | $ | 148,241,245 | ||||||||
Government Obligations * | — | 3,005,112,276 | — | 3,005,112,276 | ||||||||||||
Money Market Fund | 91,541,238 | — | — | 91,541,238 | ||||||||||||
Total Investments | $ | 91,541,238 | $ | 3,153,353,521 | $ | — | $ | 3,244,894,759 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
83 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 98.3% | ||||||||
Bermuda: 0.2% | ||||||||
Arch Capital Group Ltd. 3.63%, 06/30/50 † | $ | 25 | $ | 18,997 | ||||
Canada: 5.8% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 40 | 37,915 | ||||||
3.80%, 01/25/50 | 25 | 18,651 | ||||||
Canadian Pacific Railway Co. 1.75%, 12/02/26 | 75 | 68,520 | ||||||
CI Financial Corp. | ||||||||
3.20%, 12/17/30 | 25 | 18,582 | ||||||
4.10%, 06/15/51 | 25 | 14,591 | ||||||
Emera US Finance LP 4.75%, 06/15/46 | 25 | 20,823 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | 75 | 68,224 | ||||||
3.40%, 08/01/51 | 50 | 35,383 | ||||||
5.50%, 12/01/46 | 25 | 24,446 | ||||||
5.70%, 03/08/33 | 50 | 51,946 | ||||||
Fairfax Financial Holdings Ltd. 144A 5.62%, 08/16/32 | 25 | 24,781 | ||||||
Fortis, Inc. 3.06%, 10/04/26 | 25 | 23,622 | ||||||
Open Text Corp. 144A 6.90%, 12/01/27 | 25 | 25,848 | ||||||
Rogers Communications, Inc. 144A 2.95%, 03/15/25 | 25 | 23,959 | ||||||
TransCanada PipeLines Ltd. 2.50%, 10/12/31 | 50 | 41,401 | ||||||
498,692 | ||||||||
France: 6.4% | ||||||||
BNP Paribas SA 144A 4.38%, 09/28/25 | 50 | 48,026 | ||||||
Credit Agricole SA 144A 4.38%, 03/17/25 | 50 | 48,629 | ||||||
Societe Generale SA 144A | ||||||||
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | 50 | 43,952 | ||||||
2.62%, 10/16/24 | 50 | 47,567 | ||||||
2.62%, 01/22/25 | 50 | 47,079 | ||||||
3.00%, 01/22/30 | 100 | 84,331 | ||||||
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 | 50 | 40,953 | ||||||
3.62%, 03/01/41 | 100 | 64,863 | ||||||
4.25%, 04/14/25 | 50 | 47,669 | ||||||
4.75%, 09/14/28 | 50 | 48,348 | ||||||
521,417 | ||||||||
Ireland: 0.4% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.85%, 10/29/41 | 50 | 37,628 |
Par (000’s | ) | Value | ||||||
Italy: 0.5% | ||||||||
UniCredit SpA 144A | ||||||||
3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 | $ | 50 | $ | 40,060 | ||||
Japan: 0.5% | ||||||||
Nomura Holdings, Inc. 1.65%, 07/14/26 | 50 | 44,341 | ||||||
Mexico: 0.7% | ||||||||
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51 | 50 | 37,863 | ||||||
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 | 25 | 22,850 | ||||||
60,713 | ||||||||
Netherlands: 3.6% | ||||||||
Deutsche Telekom International Finance BV 8.75%, 06/15/30 | 75 | 91,629 | ||||||
Enel Finance International NV 144A 5.00%, 06/15/32 | 50 | 47,595 | ||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 39,434 | ||||||
3.68%, 01/21/30 | 50 | 42,650 | ||||||
4.99%, 01/19/52 | 100 | 73,639 | ||||||
294,947 | ||||||||
Panama: 0.5% | ||||||||
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30 | 50 | 43,421 | ||||||
United Kingdom: 3.1% | ||||||||
Barclays Plc | ||||||||
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 162,681 | ||||||
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | 50 | 36,285 | ||||||
Ferguson Finance Plc 144A 4.50%, 10/24/28 | 25 | 24,314 | ||||||
Haleon UK Capital Plc 3.12%, 03/24/25 | 50 | 48,313 | ||||||
271,593 | ||||||||
United States: 76.6% | ||||||||
Alcon Finance Corp. 144A 3.00%, 09/23/29 | 50 | 45,335 | ||||||
Altria Group, Inc. | ||||||||
3.40%, 05/06/30 | 25 | 22,308 | ||||||
3.88%, 09/16/46 | 35 | 25,149 | ||||||
4.25%, 08/09/42 | 100 | 78,917 | ||||||
4.80%, 02/14/29 | 125 | 124,197 | ||||||
5.80%, 02/14/39 | 25 | 24,713 | ||||||
5.95%, 02/14/49 | 60 | 56,710 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 21,854 | ||||||
3.25%, 07/15/25 | 25 | 23,184 |
See Notes to Financial Statements
84 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
3.88%, 01/15/26 | $ | 50 | $ | 46,650 | ||||
AT&T, Inc. 3.85%, 06/01/60 | 75 | 55,496 | ||||||
BAT Capital Corp. 4.91%, 04/02/30 | 50 | 48,294 | ||||||
Bayer US Finance LLC 144A 3.38%, 10/08/24 | 50 | 48,812 | ||||||
Becton Dickinson & Co. 3.36%, 06/06/24 | 75 | 73,720 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 | 50 | 45,459 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 | 25 | 24,484 | ||||||
Brighthouse Financial, Inc. 4.70%, 06/22/47 | 25 | 18,912 | ||||||
Broadcom, Inc. 144A | ||||||||
3.19%, 11/15/36 | 50 | 38,092 | ||||||
4.93%, 05/15/37 | 75 | 68,517 | ||||||
Campbell Soup Co. 3.95%, 03/15/25 | 25 | 24,583 | ||||||
Carlisle Cos, Inc. 2.75%, 03/01/30 | 25 | 21,560 | ||||||
Centene Corp. 2.62%, 08/01/31 † | 50 | 40,996 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
2.25%, 01/15/29 | 25 | 20,986 | ||||||
4.91%, 07/23/25 | 125 | 123,868 | ||||||
5.05%, 03/30/29 | 125 | 121,175 | ||||||
5.12%, 07/01/49 | 20 | 15,651 | ||||||
5.38%, 05/01/47 | 75 | 61,444 | ||||||
6.48%, 10/23/45 | 75 | 69,562 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 50 | 46,825 | ||||||
5.12%, 06/30/27 | 50 | 50,260 | ||||||
Cheniere Energy, Inc. 4.62%, 10/15/28 | 25 | 23,853 | ||||||
Cigna Group 3.40%, 03/15/50 | 75 | 55,278 | ||||||
Conagra Brands, Inc. | ||||||||
4.85%, 11/01/28 | 50 | 49,985 | ||||||
5.30%, 11/01/38 | 25 | 24,709 | ||||||
Constellation Brands, Inc. 2.25%, 08/01/31 | 50 | 41,521 | ||||||
Corning, Inc. 5.45%, 11/15/79 | 25 | 23,517 | ||||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 | 25 | 20,940 | ||||||
Deutsche Bank AG | ||||||||
2.13% (SOFR+1.87%), 11/24/26 | 100 | 89,031 | ||||||
2.31% (SOFR+1.22%), 11/16/27 | 75 | 64,956 | ||||||
3.96% (SOFR+2.58%), 11/26/25 † | 100 | 95,625 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Duke Energy Corp. | ||||||||
2.55%, 06/15/31 | $ | 25 | $ | 21,079 | ||||
2.65%, 09/01/26 | 50 | 46,972 | ||||||
Equinix, Inc. 2.62%, 11/18/24 | 25 | 24,048 | ||||||
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52 | 50 | 33,607 | ||||||
FS KKR Capital Corp. 3.40%, 01/15/26 | 50 | 45,642 | ||||||
General Mills, Inc. 2.88%, 04/15/30 | 50 | 45,501 | ||||||
HCA, Inc. | ||||||||
3.50%, 07/15/51 | 25 | 17,465 | ||||||
4.12%, 06/15/29 | 75 | 71,142 | ||||||
5.12%, 06/15/39 | 50 | 47,062 | ||||||
5.25%, 04/15/25 | 75 | 75,202 | ||||||
5.25%, 06/15/26 | 25 | 25,101 | ||||||
5.25%, 06/15/49 | 50 | 45,336 | ||||||
5.50%, 06/15/47 | 50 | 47,092 | ||||||
HCA, Inc. 144A 4.62%, 03/15/52 | 25 | 20,767 | ||||||
Huntsman International LLC 4.50%, 05/01/29 | 25 | 23,515 | ||||||
International Flavors & Fragrances, Inc. 144A | ||||||||
1.83%, 10/15/27 | 50 | 42,639 | ||||||
2.30%, 11/01/30 | 25 | 20,334 | ||||||
3.27%, 11/15/40 | 25 | 17,877 | ||||||
J.M. Smucker Co. 3.50%, 03/15/25 | 25 | 24,424 | ||||||
Keurig Dr. Pepper, Inc. | ||||||||
3.95%, 04/15/29 | 50 | 48,320 | ||||||
4.05%, 04/15/32 † | 50 | 47,527 | ||||||
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 | 25 | 23,482 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.00%, 06/01/26 | 50 | 47,907 | ||||||
5.00%, 06/04/42 | 25 | 23,987 | ||||||
5.20%, 07/15/45 | 50 | 48,514 | ||||||
6.88%, 01/26/39 | 25 | 28,602 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 25 | 28,648 | ||||||
Lowe’s Cos, Inc. 4.45%, 04/01/62 | 25 | 20,572 | ||||||
McCormick & Co., Inc. 3.40%, 08/15/27 | 25 | 23,862 | ||||||
McDonald’s Corp. | ||||||||
3.62%, 09/01/49 | 50 | 39,754 | ||||||
4.45%, 03/01/47 | 50 | 45,775 | ||||||
4.60%, 09/09/32 † | 50 | 50,740 | ||||||
4.88%, 12/09/45 | 100 | 96,937 | ||||||
6.30%, 03/01/38 | 50 | 57,171 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 23,467 | ||||||
2.75%, 04/13/30 | 25 | 22,219 | ||||||
3.00%, 03/17/32 | 25 | 22,103 |
See Notes to Financial Statements
85 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Netflix, Inc. 5.88%, 02/15/25 | $ | 25 | $ | 25,391 | ||||
NextEra Energy Capital Holdings, Inc. | ||||||||
2.44%, 01/15/32 | 100 | 83,114 | ||||||
2.75%, 11/01/29 | 50 | 44,724 | ||||||
4.62%, 07/15/27 | 75 | 75,145 | ||||||
6.05%, 03/01/25 | 75 | 76,284 | ||||||
Northrop Grumman Corp. 2.93%, 01/15/25 | 25 | 24,256 | ||||||
Oracle Corp. | ||||||||
3.60%, 04/01/40 | 75 | 58,301 | ||||||
3.80%, 11/15/37 | 50 | 41,883 | ||||||
3.85%, 04/01/60 | 25 | 17,566 | ||||||
3.95%, 03/25/51 | 50 | 37,801 | ||||||
4.00%, 07/15/46 | 50 | 38,440 | ||||||
4.10%, 03/25/61 | 50 | 37,298 | ||||||
4.38%, 05/15/55 | 50 | 39,996 | ||||||
5.38%, 07/15/40 | 50 | 48,217 | ||||||
6.12%, 07/08/39 | 25 | 26,406 | ||||||
6.50%, 04/15/38 | 75 | 81,979 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 | 50 | 44,835 | ||||||
Pacific Gas and Electric Co. | ||||||||
2.50%, 02/01/31 | 100 | 81,085 | ||||||
3.25%, 06/01/31 | 50 | 42,339 | ||||||
3.45%, 07/01/25 | 50 | 47,770 | ||||||
3.50%, 08/01/50 | 50 | 32,669 | ||||||
3.75%, 07/01/28 | 50 | 46,253 | ||||||
4.50%, 07/01/40 | 100 | 81,406 | ||||||
4.95%, 07/01/50 | 50 | 40,747 | ||||||
6.75%, 01/15/53 | 25 | 25,642 | ||||||
Pernod Ricard International Finance LLC 144A 1.62%, 04/01/31 | 25 | 20,072 | ||||||
Republic Services, Inc. 2.50%, 08/15/24 | 50 | 48,465 | ||||||
Reynolds American, Inc. 5.85%, 08/15/45 | 75 | 67,908 | ||||||
Roper Technologies, Inc. 1.75%, 02/15/31 | 25 | 19,993 | ||||||
Sempra Energy | ||||||||
3.25%, 06/15/27 | 50 | 47,179 | ||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52 | 25 | 20,290 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 | 50 | 48,021 | ||||||
Southern Co. 3.25%, 07/01/26 | 50 | 47,945 | ||||||
Sprint Capital Corp. | ||||||||
6.88%, 11/15/28 | 50 | 53,949 | ||||||
8.75%, 03/15/32 | 25 | 30,580 | ||||||
Sprint LLC 7.62%, 02/15/25 | 150 | 154,709 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Sun Communities Operating LP 2.70%, 07/15/31 | $ | 25 | $ | 20,216 | ||||
Time Warner Cable Enterprises LLC 8.38%, 07/15/33 | 50 | 56,543 | ||||||
Time Warner Cable LLC | ||||||||
6.55%, 05/01/37 | 25 | 24,387 | ||||||
7.30%, 07/01/38 | 100 | 103,722 | ||||||
T-Mobile USA, Inc. | ||||||||
3.38%, 04/15/29 | 75 | 68,808 | ||||||
3.50%, 04/15/25 | 150 | 145,995 | ||||||
3.75%, 04/15/27 | 155 | 149,350 | ||||||
3.88%, 04/15/30 | 60 | 56,527 | ||||||
United Rentals North America, Inc. 144A 6.00%, 12/15/29 | 25 | 25,395 | ||||||
Verisk Analytics, Inc. 4.00%, 06/15/25 | 25 | 24,498 | ||||||
Verizon Communications, Inc. | ||||||||
0.85%, 11/20/25 | 25 | 22,795 | ||||||
1.45%, 03/20/26 | 75 | 69,117 | ||||||
2.55%, 03/21/31 | 50 | 42,592 | ||||||
2.62%, 08/15/26 | 25 | 23,663 | ||||||
3.88%, 02/08/29 | 25 | 24,157 | ||||||
4.02%, 12/03/29 | 50 | 48,036 | ||||||
4.12%, 03/16/27 | 100 | 99,119 | ||||||
4.33%, 09/21/28 | 50 | 49,494 | ||||||
4.50%, 08/10/33 | 50 | 48,327 | ||||||
VICI Properties LP | ||||||||
5.12%, 05/15/32 | 75 | 71,646 | ||||||
5.62%, 05/15/52 | 25 | 22,642 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.75%, 02/15/27 | 50 | 46,792 | ||||||
4.25%, 12/01/26 | 50 | 47,705 | ||||||
4.62%, 12/01/29 | 50 | 46,498 | ||||||
6,468,202 | ||||||||
Total Corporate Bonds (Cost: $8,784,609) | 8,300,011 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1% | ||||||||
Money Market Fund: 2.1% (Cost: $179,987) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 179,987 | 179,987 | ||||||
Total Investments: 100.4% (Cost: $8,964,596) | 8,479,998 | |||||||
Liabilities in excess of other assets: (0.4)% | (35,168 | ) | ||||||
NET ASSETS: 100.0% | $ | 8,444,830 |
See Notes to Financial Statements
86 |
Definitions: | |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $183,947. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,587,304, or 18.8% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Technology | 25.8 | % | $ | 2,145,250 | ||||
Financials | 17.9 | 1,486,254 | ||||||
Consumer Non-Cyclicals | 13.6 | 1,124,998 | ||||||
Utilities | 11.9 | 986,372 | ||||||
Consumer Cyclicals | 10.5 | 873,305 | ||||||
Healthcare | 7.4 | 613,308 | ||||||
Energy | 3.9 | 325,300 | ||||||
Industrials | 3.9 | 324,197 | ||||||
Real Estate | 3.4 | 279,548 | ||||||
Basic Materials | 1.7 | 141,479 | ||||||
100.0 | % | $ | 8,300,011 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 8,300,011 | $ | — | $ | 8,300,011 | ||||||||
Money Market Fund | 179,987 | — | — | 179,987 | ||||||||||||
Total Investments | $ | 179,987 | $ | 8,300,011 | $ | — | $ | 8,479,998 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
87 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Par (000’s | ) | Value | ||||||
CORPORATE BONDS: 98.4% | ||||||||
Bermuda: 0.1% | ||||||||
Arch Capital Group Ltd. 3.63%, 06/30/50 † | $ | 25 | $ | 18,997 | ||||
Canada: 6.5% | ||||||||
Alimentation Couche-Tard, Inc. 144A | ||||||||
3.55%, 07/26/27 | 50 | 47,393 | ||||||
3.80%, 01/25/50 | 25 | 18,651 | ||||||
Bank of Nova Scotia | ||||||||
1.30%, 06/11/25 | 50 | 46,190 | ||||||
1.95%, 02/02/27 | 75 | 68,341 | ||||||
2.45%, 02/02/32 | 50 | 41,623 | ||||||
Brookfield Finance, Inc. 4.35%, 04/15/30 | 100 | 94,900 | ||||||
Canadian Imperial Bank of Commerce 3.45%, 04/07/27 | 25 | 23,881 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 25 | 26,690 | ||||||
Canadian Pacific Railway Co. 6.12%, 09/15/15 | 75 | 80,168 | ||||||
CI Financial Corp. 4.10%, 06/15/51 | 50 | 29,182 | ||||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | 125 | 113,707 | ||||||
4.25%, 12/01/26 | 75 | 73,890 | ||||||
5.50%, 12/01/46 | 25 | 24,446 | ||||||
Fortis, Inc. 3.06%, 10/04/26 | 50 | 47,244 | ||||||
Open Text Corp. 144A 6.90%, 12/01/27 | 25 | 25,848 | ||||||
Toronto-Dominion Bank | ||||||||
1.15%, 06/12/25 | 25 | 23,108 | ||||||
1.20%, 06/03/26 | 50 | 44,635 | ||||||
829,897 | ||||||||
Denmark: 0.3% | ||||||||
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27 | 50 | 43,887 | ||||||
Finland: 0.4% | ||||||||
Nordea Bank Abp 144A 0.75%, 08/28/25 | 50 | 45,188 | ||||||
France: 4.9% | ||||||||
BNP Paribas SA 144A 4.38%, 05/12/26 | 75 | 71,976 | ||||||
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 | 100 | 100,578 | ||||||
Credit Agricole SA 144A 4.38%, 03/17/25 | 75 | 72,944 | ||||||
Societe Generale SA 144A 1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26 | 100 | 88,384 |
Par (000’s | ) | Value | ||||||
France (continued) | ||||||||
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | $ | 100 | $ | 87,905 | ||||
3.00%, 01/22/30 | 100 | 84,331 | ||||||
4.25%, 04/14/25 | 50 | 47,669 | ||||||
4.68%, 06/15/27 | 50 | 49,098 | ||||||
602,885 | ||||||||
Germany: 0.4% | ||||||||
Deutsche Bank AG 3.70%, 05/30/24 | 50 | 48,498 | ||||||
Guernsey: 1.2% | ||||||||
Credit Suisse Group AG | ||||||||
3.75%, 03/26/25 | 100 | 93,489 | ||||||
4.88%, 05/15/45 | 75 | 63,974 | ||||||
157,463 | ||||||||
India: 1.1% | ||||||||
Adani Ports & Special Economic Zone Ltd. 144A 4.20%, 08/04/27 | 50 | 42,076 | ||||||
Bharti Airtel Ltd. 144A 4.38%, 06/10/25 | 50 | 49,216 | ||||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 | 50 | 49,147 | ||||||
140,439 | ||||||||
Italy: 0.5% | ||||||||
Enel Finance International NV 144A 6.00%, 10/07/39 | 25 | 25,034 | ||||||
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27 | 50 | 44,276 | ||||||
69,310 | ||||||||
Japan: 0.7% | ||||||||
Nomura Holdings, Inc. | ||||||||
1.65%, 07/14/26 | 50 | 44,341 | ||||||
2.65%, 01/16/25 | 50 | 47,452 | ||||||
91,793 | ||||||||
Mexico: 0.4% | ||||||||
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 | 50 | 45,700 | ||||||
Netherlands: 1.5% | ||||||||
Prosus NV 144A | ||||||||
3.06%, 07/13/31 | 50 | 39,434 | ||||||
3.68%, 01/21/30 | 50 | 42,650 | ||||||
4.03%, 08/03/50 | 50 | 31,917 | ||||||
4.99%, 01/19/52 | 100 | 73,639 | ||||||
187,640 | ||||||||
Norway: 0.4% | ||||||||
DNB Bank ASA 144A 0.86% (US Treasury Yield Curve Rate T 1 Year+0.33%), 09/30/25 | 50 | 46,848 | ||||||
Panama: 0.3% | ||||||||
AES Panama Generation Holdings SRL 144A |
See Notes to Financial Statements
88 |
Par (000’s | ) | Value | ||||||
Panama (continued) | ||||||||
4.38%, 05/31/30 | $ | 50 | $ | 43,421 | ||||
Saudi Arabia: 3.0% | ||||||||
Saudi Arabian Oil Co. 144A | ||||||||
3.25%, 11/24/50 | 75 | 54,047 | ||||||
3.50%, 04/16/29 | 75 | 70,967 | ||||||
3.50%, 11/24/70 | 50 | 34,128 | ||||||
4.25%, 04/16/39 | 150 | 138,023 | ||||||
4.38%, 04/16/49 | 100 | 88,590 | ||||||
385,755 | ||||||||
Switzerland: 2.4% | ||||||||
UBS Group AG 144A 1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27 | 50 | 44,244 | ||||||
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 | 50 | 35,735 | ||||||
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27 | 100 | 96,451 | ||||||
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33 | 150 | 141,714 | ||||||
318,144 | ||||||||
Taiwan: 0.8% | ||||||||
TSMC Global Ltd. 144A | ||||||||
0.75%, 09/28/25 | 50 | 45,499 | ||||||
1.25%, 04/23/26 | 50 | 45,477 | ||||||
90,976 | ||||||||
United Kingdom: 7.3% | ||||||||
Barclays Plc 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 100 | 81,340 | ||||||
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32 | 100 | 79,704 | ||||||
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | 100 | 72,571 | ||||||
4.38%, 01/12/26 | 50 | 48,754 | ||||||
5.25%, 08/17/45 | 50 | 47,003 | ||||||
5.50% (US Treasury Yield Curve Rate T 1 Year+2.65%), 08/09/28 | 50 | 49,904 | ||||||
Credit Agricole SA 144A 1.91% (SOFR+1.68%), 06/16/26 | 50 | 46,308 | ||||||
3.25%, 10/04/24 | 50 | 48,496 | ||||||
4.12%, 01/10/27 | 100 | 97,009 | ||||||
Ferguson Finance Plc 144A 4.50%, 10/24/28 | 50 | 48,628 | ||||||
HSBC Holdings Plc 5.40% (SOFR+2.87%), 08/11/33 | 50 | 49,601 | ||||||
Lloyds Banking Group Plc 4.55%, 08/16/28 | 50 | 48,279 |
Par (000’s | ) | Value | ||||||
United Kingdom (continued) | ||||||||
Reckitt Benckiser Treasury Services Plc 144A 2.75%, 06/26/24 | $ | 50 | $ | 48,772 | ||||
Sky Ltd. 144A 3.75%, 09/16/24 | 50 | 49,111 | ||||||
Standard Chartered Plc 144A 4.30% (ICE LIBOR USD 3 Month+1.91%), 05/21/30 | 75 | 69,540 | ||||||
UBS AG 144A 0.70%, 08/09/24 | 25 | 23,475 | ||||||
908,495 | ||||||||
United States: 66.2% | ||||||||
Alphabet, Inc. 2.00%, 08/15/26 | 50 | 47,222 | ||||||
Altria Group, Inc. | ||||||||
2.45%, 02/04/32 | 75 | 59,718 | ||||||
3.40%, 02/04/41 | 25 | 17,706 | ||||||
4.25%, 08/09/42 | 100 | 78,917 | ||||||
4.80%, 02/14/29 | 100 | 99,357 | ||||||
5.38%, 01/31/44 | 25 | 22,934 | ||||||
5.80%, 02/14/39 | 50 | 49,426 | ||||||
5.95%, 02/14/49 | 60 | 56,710 | ||||||
Apple, Inc. | ||||||||
1.40%, 08/05/28 | 150 | 132,022 | ||||||
2.05%, 09/11/26 | 100 | 93,878 | ||||||
4.10%, 08/08/62 | 50 | 44,411 | ||||||
Ares Capital Corp. | ||||||||
2.15%, 07/15/26 | 25 | 21,854 | ||||||
2.88%, 06/15/28 † | 25 | 21,029 | ||||||
4.20%, 06/10/24 | 100 | 97,504 | ||||||
AT&T, Inc. | ||||||||
3.65%, 09/15/59 | 175 | 123,938 | ||||||
3.85%, 06/01/60 | 75 | 55,496 | ||||||
Bayer US Finance LLC 144A 3.38%, 10/08/24 | 25 | 24,406 | ||||||
Becton Dickinson & Co. 3.36%, 06/06/24 | 25 | 24,573 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 | 25 | 17,314 | ||||||
4.25%, 10/15/50 | 50 | 43,745 | ||||||
4.45%, 01/15/49 | 50 | 45,488 | ||||||
5.15%, 11/15/43 | 25 | 25,133 | ||||||
6.12%, 04/01/36 | 100 | 112,192 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
2.85%, 10/15/50 | 75 | 53,898 | ||||||
4.20%, 08/15/48 | 110 | 101,929 | ||||||
Berkshire Hathaway, Inc. 4.50%, 02/11/43 | 50 | 48,710 | ||||||
Berry Global, Inc. 1.57%, 01/15/26 | 25 | 22,730 | ||||||
Berry Global, Inc. 144A 4.88%, 07/15/26 | 50 | 48,968 | ||||||
Blackstone Holdings Finance Co. LLC 144A | ||||||||
3.20%, 01/30/52 | 50 | 31,950 | ||||||
6.20%, 04/22/33 | 25 | 26,096 |
See Notes to Financial Statements
89 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Broadcom, Inc. 144A 4.93%, 05/15/37 | $ | 50 | $ | 45,678 | ||||
Cameron LNG LLC 144A | ||||||||
3.30%, 01/15/35 | 25 | 21,689 | ||||||
3.70%, 01/15/39 | 75 | 63,653 | ||||||
CF Industries, Inc. 144A 4.50%, 12/01/26 | 25 | 24,568 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
2.25%, 01/15/29 | 25 | 20,986 | ||||||
3.85%, 04/01/61 | 50 | 30,653 | ||||||
4.91%, 07/23/25 | 100 | 99,094 | ||||||
5.05%, 03/30/29 | 100 | 96,940 | ||||||
5.38%, 05/01/47 | 25 | 20,481 | ||||||
6.48%, 10/23/45 | 100 | 92,749 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 | 25 | 23,412 | ||||||
5.12%, 06/30/27 | 50 | 50,260 | ||||||
5.88%, 03/31/25 | 50 | 50,405 | ||||||
Cheniere Energy, Inc. 4.62%, 10/15/28 | 25 | 23,853 | ||||||
Conagra Brands, Inc. 4.30%, 05/01/24 | 50 | 49,514 | ||||||
Constellation Brands, Inc. 3.15%, 08/01/29 | 50 | 45,978 | ||||||
Corning, Inc. 5.45%, 11/15/79 | 25 | 23,517 | ||||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 | 25 | 20,940 | ||||||
Deutsche Bank AG 0.90%, 05/28/24 | 50 | 47,214 | ||||||
1.69%, 03/19/26 | 50 | 44,790 | ||||||
2.13% (SOFR+1.87%), 11/24/26 | 100 | 89,031 | ||||||
3.04% (SOFR+1.72%), 05/28/32 † | 50 | 39,918 | ||||||
3.55% (SOFR+3.04%), 09/18/31 | 50 | 42,067 | ||||||
3.96% (SOFR+2.58%), 11/26/25 † | 50 | 47,812 | ||||||
DH Europe Finance II Sarl 2.60%, 11/15/29 | 50 | 45,165 | ||||||
Duke Energy Carolinas LLC 4.95%, 01/15/33 | 25 | 25,702 | ||||||
Duke Energy Corp. 2.65%, 09/01/26 | 100 | 93,945 | ||||||
EMD Finance LLC 144A 3.25%, 03/19/25 | 50 | 48,505 | ||||||
Fiserv, Inc. 2.75%, 07/01/24 | 75 | 72,897 | ||||||
Florida Power & Light Co. 3.15%, 10/01/49 | 100 | 75,663 | ||||||
FS KKR Capital Corp. 3.40%, 01/15/26 | 25 | 22,821 | ||||||
General Mills, Inc. |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
4.00%, 04/17/25 | $ | 25 | $ | 24,703 | ||||
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 | 75 | 73,689 | ||||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | 175 | 166,000 | ||||||
5.25%, 04/15/25 | 75 | 75,202 | ||||||
5.25%, 06/15/26 | 25 | 25,101 | ||||||
5.50%, 06/15/47 | 125 | 117,730 | ||||||
Home Depot, Inc. 5.95%, 04/01/41 | 50 | 56,164 | ||||||
HSBC USA, Inc. 3.50%, 06/23/24 | 50 | 49,111 | ||||||
International Flavors & Fragrances, Inc. 144A | ||||||||
1.23%, 10/01/25 | 25 | 22,477 | ||||||
2.30%, 11/01/30 | 50 | 40,668 | ||||||
3.47%, 12/01/50 | 50 | 34,374 | ||||||
J.M. Smucker Co. 3.50%, 03/15/25 | 25 | 24,424 | ||||||
Jackson National Life Global Funding 144A 1.75%, 01/12/25 | | | 25 | | | | 23,389 | |
Keurig Dr. Pepper, Inc. | ||||||||
3.95%, 04/15/29 | 50 | 48,320 | ||||||
4.05%, 04/15/32 † | 50 | 47,527 | ||||||
4.60%, 05/25/28 | 50 | 50,292 | ||||||
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 | 25 | 23,482 | ||||||
Kraft Heinz Foods Co. 3.00%, 06/01/26 | 50 | 47,907 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 50 | 57,296 | ||||||
Lowe’s Cos, Inc. 5.80%, 09/15/62 | 50 | 50,397 | ||||||
McCormick & Co., Inc. 3.40%, 08/15/27 | 25 | 23,862 | ||||||
McDonald’s Corp. | ||||||||
3.50%, 07/01/27 | 25 | 24,335 | ||||||
3.60%, 07/01/30 | 25 | 23,832 | ||||||
3.62%, 09/01/49 | 75 | 59,631 | ||||||
3.80%, 04/01/28 | 75 | 73,920 | ||||||
4.45%, 03/01/47 | 25 | 22,888 | ||||||
4.70%, 12/09/35 | 50 | 50,034 | ||||||
4.88%, 12/09/45 | 50 | 48,469 | ||||||
6.30%, 10/15/37 | 50 | 57,233 | ||||||
Meta Platforms, Inc. 4.65%, 08/15/62 | 50 | 44,371 | ||||||
Metropolitan Life Global Funding I 144A 1.88%, 01/11/27 | 75 | 67,611 | ||||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | 25 | 23,467 | ||||||
2.62%, 03/17/27 | 50 | 46,874 | ||||||
2.62%, 09/04/50 | 25 | 16,739 | ||||||
2.75%, 04/13/30 | 25 | 22,219 | ||||||
Morgan Stanley |
See Notes to Financial Statements
90 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
1.79% (SOFR+1.03%), 02/13/32 | $ | 75 | $ | 59,251 | ||||
1.93% (SOFR+1.02%), 04/28/32 | 75 | 59,707 | ||||||
Nestle Holdings, Inc. 144A 3.50%, 09/24/25 | 75 | 73,518 | ||||||
NextEra Energy Capital Holdings, Inc. 6.05%, 03/01/25 | 75 | 76,284 | ||||||
Oracle Corp. | ||||||||
3.85%, 07/15/36 | 75 | 64,192 | ||||||
4.12%, 05/15/45 | 100 | 78,927 | ||||||
4.30%, 07/08/34 | 50 | 46,134 | ||||||
4.38%, 05/15/55 | 50 | 39,996 | ||||||
5.38%, 07/15/40 | 100 | 96,434 | ||||||
6.50%, 04/15/38 | 50 | 54,653 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 | 50 | 44,835 | ||||||
Pacific Gas and Electric Co. 3.25%, 06/01/31 | 50 | 42,339 | ||||||
3.50%, 08/01/50 | 50 | 32,669 | ||||||
3.75%, 07/01/28 | 75 | 69,380 | ||||||
4.50%, 07/01/40 | 50 | 40,703 | ||||||
4.55%, 07/01/30 | 75 | 69,758 | ||||||
4.95%, 07/01/50 | 100 | 81,494 | ||||||
6.15%, 01/15/33 | 50 | 50,779 | ||||||
PepsiCo, Inc. | ||||||||
2.38%, 10/06/26 | 25 | 23,719 | ||||||
2.75%, 04/30/25 | 100 | 97,114 | ||||||
2.75%, 03/19/30 | 25 | 22,958 | ||||||
Philip Morris International, Inc. | ||||||||
2.88%, 05/01/24 | 50 | 48,982 | ||||||
3.38%, 08/15/29 | 75 | 69,638 | ||||||
4.12%, 03/04/43 | 50 | 41,337 | ||||||
4.38%, 11/15/41 | 65 | 56,516 | ||||||
5.62%, 11/17/29 | 25 | 26,127 | ||||||
5.75%, 11/17/32 | 50 | 52,562 | ||||||
6.38%, 05/16/38 | 50 | 55,382 | ||||||
Procter & Gamble Co. 2.45%, 11/03/26 | 50 | 47,571 | ||||||
Public Service Co. of Colorado 1.88%, 06/15/31 | 50 | 41,401 | ||||||
Public Service Enterprise Group, Inc. 2.88%, 06/15/24 | 25 | 24,350 | ||||||
Republic Services, Inc. 2.50%, 08/15/24 | 50 | 48,465 | ||||||
San Diego Gas & Electric Co. 1.70%, 10/01/30 | 75 | 61,825 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 | 50 | 48,021 | ||||||
Southern Co. 3.25%, 07/01/26 | 50 | 47,945 | ||||||
Sprint Capital Corp. 6.88%, 11/15/28 | 50 | 53,949 | ||||||
8.75%, 03/15/32 | 25 | 30,580 |
Par (000’s | ) | Value | ||||||
United States (continued) | ||||||||
Sprint LLC 7.62%, 02/15/25 | $ | 150 | $ | 154,709 | ||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 | 25 | 19,067 | ||||||
5.88%, 11/15/40 | 25 | 22,263 | ||||||
6.55%, 05/01/37 | 100 | 97,549 | ||||||
6.75%, 06/15/39 | 75 | 72,986 | ||||||
T-Mobile USA, Inc. | ||||||||
1.50%, 02/15/26 | 25 | 22,920 | ||||||
3.00%, 02/15/41 | 25 | 18,597 | ||||||
3.30%, 02/15/51 | 50 | 35,718 | ||||||
3.50%, 04/15/25 | 50 | 48,665 | ||||||
3.75%, 04/15/27 | 150 | 144,533 | ||||||
3.88%, 04/15/30 | 125 | 117,764 | ||||||
United Rentals North America, Inc. 144A 6.00%, 12/15/29 | 50 | 50,789 | ||||||
Verisk Analytics, Inc. 4.00%, 06/15/25 | 25 | 24,498 | ||||||
Verizon Communications, Inc. | ||||||||
3.70%, 03/22/61 | 75 | 55,830 | ||||||
4.02%, 12/03/29 | 150 | 144,108 | ||||||
4.12%, 03/16/27 | 125 | 123,899 | ||||||
4.33%, 09/21/28 | 50 | 49,494 | ||||||
VICI Properties LP | ||||||||
4.75%, 02/15/28 | 50 | 48,268 | ||||||
5.12%, 05/15/32 | 50 | 47,764 | ||||||
5.62%, 05/15/52 | 25 | 22,642 | ||||||
VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
3.50%, 02/15/25 | 50 | 48,103 | ||||||
4.25%, 12/01/26 | 75 | 71,557 | ||||||
5.62%, 05/01/24 | 50 | 49,803 | ||||||
Walt Disney Co. 6.20%, 12/15/34 | 25 | 28,596 | ||||||
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 | 50 | 47,703 | ||||||
Weyerhaeuser Co. 4.00%, 04/15/30 † | 50 | 47,307 | ||||||
8,407,519 | ||||||||
Total Corporate Bonds (Cost: $13,282,431) | 12,482,855 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7% | | | | | | |||
Money Market Fund: 1.7% (Cost: $214,133) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 214,133 | 214,133 |
See Notes to Financial Statements
91 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares (continued) | Value | |||
Total Investments: 100.1% (Cost: $13,496,564) | $ | 12,696,988 | ||
Liabilities in excess of other assets: (0.1)% | (13,323) | |||
NET ASSETS: 100.0% | $ | 12,683,665 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $208,434. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,439,462, or 27.1% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 28.1 | % | $ | 3,510,249 | ||||
Technology | 19.1 | 2,390,752 | ||||||
Consumer Non-Cyclicals | 16.6 | 2,075,242 | ||||||
Consumer Cyclicals | 8.9 | 1,117,379 | ||||||
Utilities | 8.1 | 1,010,245 | ||||||
Energy | 6.3 | 787,013 | ||||||
Industrials | 4.5 | 557,040 | ||||||
Healthcare | 3.9 | 481,516 | ||||||
Real Estate | 3.3 | 409,133 | ||||||
Basic Materials | 1.2 | 144,286 | ||||||
100.0 | % | $ | 12,482,855 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds * | $ | — | $ | 12,482,855 | $ | — | $ | 12,482,855 | ||||||||
Money Market Fund | 214,133 | — | — | 214,133 | ||||||||||||
Total Investments | $ | 214,133 | $ | 12,482,855 | $ | — | $ | 12,696,988 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
92 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Number of Shares | Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Financial Services: 99.8% | ||||||||
AGNC Investment Corp. | 1,605,158 | $ | 15,907,116 | |||||
Annaly Capital Management, Inc. † | 1,215,666 | 24,289,007 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 691,401 | 6,996,978 | ||||||
Arbor Realty Trust, Inc. † | 699,627 | 8,024,722 | ||||||
Ares Commercial Real Estate Corp. † | 378,279 | 3,256,982 | ||||||
ARMOUR Residential REIT, Inc. † | 1,088,647 | 5,552,100 | ||||||
Blackstone Mortgage Trust, Inc. † | 507,267 | 9,252,550 | ||||||
BrightSpire Capital, Inc. | 514,293 | 2,931,470 | ||||||
Broadmark Realty Capital, Inc. † | 823,382 | 4,042,805 | ||||||
Chimera Investment Corp. † | 1,309,173 | 7,436,103 | ||||||
Claros Mortgage Trust, Inc. | 304,349 | 3,640,014 | ||||||
Dynex Capital, Inc. † | 372,924 | 4,422,879 | �� | |||||
Ellington Financial, Inc. † | 375,135 | 4,790,474 | ||||||
Franklin BSP Realty Trust, Inc. † | 449,920 | 5,682,489 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 340,874 | 9,674,004 | ||||||
KKR Real Estate Finance Trust, Inc. † | 306,951 | 3,296,654 |
Number of Shares | Value | |||||||
Financial Services (continued) | ||||||||
Ladder Capital Corp. | 742,950 | $ | 6,946,582 | |||||
MFA Financial, Inc. | 491,113 | 5,249,998 | ||||||
New York Mortgage Trust, Inc. † | 523,862 | 5,385,301 | ||||||
Orchid Island Capital, Inc. † | 247,204 | 2,645,083 | ||||||
PennyMac Mortgage Investment Trust † | 435,061 | 5,407,808 | ||||||
Ready Capital Corp. † | 583,645 | 6,262,511 | ||||||
Redwood Trust, Inc. † | 607,263 | 3,813,612 | ||||||
Rithm Capital Corp. | 1,400,179 | 11,425,461 | ||||||
Starwood Property Trust, Inc. † | 867,711 | 15,523,350 | ||||||
Two Harbors Investment Corp. | 523,792 | 7,296,422 | ||||||
Total Common Stocks (Cost: $252,557,358) | 189,152,475 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1% | ||||||||
Money Market Fund: 8.1% (Cost: $15,312,549) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 15,312,549 | 15,312,549 | ||||||
Total Investments: 107.9% (Cost: $267,869,907) | 204,465,024 | |||||||
Liabilities in excess of other assets: (7.9)% | (15,032,547) | |||||||
NET ASSETS: 100.0% | $ | 189,432,477 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $50,909,349. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||||
Financials | 100.0 | % | $ | 189,152,475 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks * | $ | 189,152,475 | $ | — | $ | — | $ | 189,152,475 | ||||||||
Money Market Fund | 15,312,549 | — | — | 15,312,549 | ||||||||||||
Total Investments | $ | 204,465,024 | $ | — | $ | — | $ | 204,465,024 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
93 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2023
Number of Shares | Value | |||||||
PREFERRED SECURITIES: 100.0% | ||||||||
Basic Materials: 2.9% | ||||||||
ArcelorMittal SA 5.50%, 05/18/23 | 450,266 | $ | 30,266,881 | |||||
Consumer Cyclicals: 7.5% | ||||||||
Aptiv Plc 5.50%, 06/15/23 | 211,569 | 23,947,495 | ||||||
Ford Motor Co. | ||||||||
6.00%, 12/01/59 † | 595,610 | 14,497,147 | ||||||
6.20%, 06/01/59 † | 558,384 | 14,015,438 | ||||||
6.50%, 08/15/62 | 446,707 | 10,761,172 | ||||||
Paramount Global 5.75%, 04/01/24 † | 186,129 | 5,924,486 | ||||||
Qurate Retail, Inc. 8.00%, 03/15/31 † | 236,345 | 7,243,974 | ||||||
QVC, Inc. 6.25%, 11/26/68 | 372,404 | 3,310,672 | ||||||
79,700,384 | ||||||||
Consumer Non-Cyclicals: 4.5% | ||||||||
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 | 186,129 | 3,212,586 | ||||||
CHS, Inc. 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 | 366,673 | 9,196,159 | ||||||
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 312,696 | 7,754,861 | ||||||
7.50%, 01/21/25 † | 385,285 | 10,175,377 | ||||||
7.88%, 09/26/23 | 399,431 | 10,449,115 | ||||||
8.00%, 07/18/23 † | 228,417 | 6,799,974 | ||||||
47,588,072 | ||||||||
Energy: 4.7% | ||||||||
Energy Transfer LP 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † | 335,030 | 8,013,918 | ||||||
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 † | 595,610 | 13,770,503 | ||||||
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 331,307 | 7,782,401 | ||||||
NGL Energy Partners LP 12.47% (ICE LIBOR USD 3 Month+7.21%) | 234,224 | 5,548,766 | ||||||
NuStar Energy LP 10.94% (ICE LIBOR USD 3 Month+5.64%) | 286,637 | 6,612,716 | ||||||
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 | 299,666 | 7,653,470 | ||||||
49,381,774 | ||||||||
Financial Services: 7.8% | ||||||||
AGNC Investment Corp. 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 † | 428,095 | 8,745,981 | ||||||
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 299,666 | 6,457,802 | ||||||
10.41% (ICE LIBOR USD 3 Month+5.11%) | 241,966 | 5,998,337 |
Number of Shares | Value | |||||||
Financial Services (continued) | ||||||||
Annaly Capital Management, Inc. 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 329,447 | $ | 7,880,372 | |||||
9.33% (ICE LIBOR USD 3 Month+4.17%) † | 316,418 | 7,590,868 | ||||||
10.16% (ICE LIBOR USD 3 Month+4.99%) | 536,048 | 13,369,037 | ||||||
Chimera Investment Corp. 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 † | 193,574 | 3,710,814 | ||||||
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | 241,966 | 4,907,070 | ||||||
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 † | 204,741 | 3,754,950 | ||||||
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 | 186,129 | 3,419,190 | ||||||
Rithm Capital Corp. 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 | 296,018 | 5,488,174 | ||||||
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 209,582 | 4,321,581 | ||||||
Two Harbors Investment Corp. 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 † | 187,227 | 3,557,313 | ||||||
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 | 199,405 | 3,788,695 | ||||||
82,990,184 | ||||||||
Healthcare: 4.8% | ||||||||
Becton Dickinson & Co. 6.00%, 06/01/23 | 554,430 | 28,031,981 | ||||||
Boston Scientific Corp. 5.50%, 06/01/23 | 185,333 | 23,301,918 | ||||||
51,333,899 | ||||||||
Industrials: 5.2% | ||||||||
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 † | 223,355 | 3,841,706 | ||||||
Chart Industries, Inc. 6.75%, 12/15/25 | 149,836 | 8,401,304 | ||||||
Clarivate Plc 5.25%, 06/01/24 | 267,559 | 10,702,360 | ||||||
Crestwood Equity Partners LP 9.25% | 1,326,349 | 12,069,776 | ||||||
RBC Bearings, Inc. 5.00%, 10/15/24 † | 85,619 | 9,460,043 | ||||||
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 | 400,773 | 10,901,026 | ||||||
55,376,215 | ||||||||
Real Estate: 0.7% | ||||||||
Brookfield Property Preferred LP 6.25%, 07/26/81 † | 499,642 | 7,504,623 |
See Notes to Financial Statements
94 |
Number of Shares | Value | |||||||
Real Estate Investment Trusts: 11.4% | ||||||||
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26 | 211,143 | $ | 3,847,025 | |||||
Digital Realty Trust, Inc. 5.20%, 10/10/24 | 256,856 | 5,722,752 | ||||||
DigitalBridge Group, Inc. 7.12% † | 216,209 | 4,460,392 | ||||||
7.15% | 239,514 | 4,910,037 | ||||||
Diversified Healthcare Trust 5.62%, 08/01/42 | 260,582 | 2,991,481 | ||||||
6.25%, 02/01/46 † | 186,129 | 2,343,364 | ||||||
Franklin BSP Realty Trust, Inc. 7.50% | 192,234 | 3,790,854 | ||||||
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 | 316,418 | 2,942,687 | ||||||
Kimco Realty Corp. 5.25% † | 195,062 | 4,463,019 | ||||||
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 | 244,052 | 3,968,286 | ||||||
Public Storage 3.88%, 10/06/25 † | 210,325 | 3,928,871 | ||||||
4.00%, 11/19/26 † | 773,403 | 14,736,855 | ||||||
4.10%, 01/13/27 | 186,129 | 3,575,538 | ||||||
4.62%, 06/17/25 | 420,652 | 9,157,594 | ||||||
4.70%, 11/15/24 | 192,680 | 4,204,278 | ||||||
4.88%, 09/12/24 † | 235,416 | 5,409,860 | ||||||
5.05% † | 223,355 | 5,461,030 | ||||||
5.15% † | 208,463 | 5,134,444 | ||||||
5.60%, 03/11/24 † | 212,185 | 5,436,180 | ||||||
Rithm Capital Corp. 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 | 346,199 | 6,913,594 | ||||||
RLJ Lodging Trust 1.95% | 239,658 | 5,790,137 | ||||||
Vornado Realty Trust 4.45%, 09/22/26 | 223,355 | 2,450,204 | ||||||
5.25% † | 461,227 | 5,717,796 | ||||||
5.40% † | 223,355 | 2,975,089 | ||||||
120,331,367 | ||||||||
Technology: 13.9% | ||||||||
AT&T, Inc. 4.75%, 02/18/25 † | 1,302,900 | 27,204,552 | ||||||
5.00%, 12/12/24 † | 893,414 | 19,887,396 | ||||||
5.35%, 11/01/66 | 984,617 | 23,355,115 | ||||||
5.62%, 08/01/67 † | 614,222 | 15,392,403 | ||||||
Coherent Corp. 6.00%, 07/01/23 | 42,810 | 6,824,770 | ||||||
Pitney Bowes, Inc. 6.70%, 03/07/43 † | 316,418 | 4,739,942 | ||||||
Qwest Corp. 6.50%, 09/01/56 | 727,761 | 9,693,777 | ||||||
6.75%, 06/15/57 | 491,378 | 6,820,327 | ||||||
Sabre Corp. 6.50%, 09/01/23 | 61,236 | 3,668,036 |
Number of Shares | Value | |||||||
Technology (continued) | ||||||||
Telephone and Data Systems, Inc. | ||||||||
6.00%, 09/30/26 | 513,714 | $ | 6,899,179 | |||||
6.62%, 03/31/26 | 312,696 | 4,681,059 | ||||||
United States Cellular Corp. | ||||||||
5.50%, 03/01/70 | 372,256 | 5,632,233 | ||||||
5.50%, 06/01/70 † | 372,256 | 5,676,904 | ||||||
6.25%, 09/01/69 | 372,256 | 6,250,178 | ||||||
146,725,871 | ||||||||
Utilities: 36.6% | ||||||||
AES Corp. 6.88%, 02/15/24 | 194,131 | 17,473,731 | ||||||
Algonquin Power & Utilities Corp. 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 | 260,582 | 5,962,116 | ||||||
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 † | 214,048 | 4,957,352 | ||||||
7.75%, 06/15/24 | 428,095 | 12,958,436 | ||||||
American Electric Power Co., Inc. 6.12%, 08/15/23 | 316,418 | 16,086,691 | ||||||
Brookfield BRP Holdings Canada, Inc. 4.62%, 04/30/26 | 260,582 | 4,200,582 | ||||||
4.88%, 12/09/26 † | 193,574 | 3,133,963 | ||||||
CMS Energy Corp. 5.88%, 10/15/78 | 208,463 | 5,184,475 | ||||||
5.88%, 03/01/79 | 469,043 | 11,646,338 | ||||||
DTE Energy Co. 4.38%, 12/01/81 † | 208,463 | 4,506,970 | ||||||
5.25%, 12/01/77 † | 297,804 | 7,108,582 | ||||||
Duke Energy Corp. 5.62%, 09/15/78 † | 372,256 | 9,325,013 | ||||||
5.75%, 06/15/24 † | 744,515 | 19,171,261 | ||||||
Entergy Arkansas LLC 4.88%, 09/01/66 † | 305,251 | 7,130,663 | ||||||
Entergy Louisiana LLC 4.88%, 09/01/66 † | 201,018 | 4,776,188 | ||||||
Entergy Mississippi LLC 4.90%, 10/01/66 | 193,574 | 4,607,061 | ||||||
Georgia Power Co. 5.00%, 10/01/77 † | 201,018 | 5,025,450 | ||||||
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 † | 511,852 | 13,144,359 | ||||||
NextEra Energy, Inc. 6.22%, 09/01/23 | 744,515 | 36,540,796 | ||||||
6.93%, 09/01/25 | 744,515 | 35,245,340 | ||||||
NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 † | 372,256 | 9,287,787 | ||||||
7.75%, 03/01/24 | 160,535 | 17,021,526 | ||||||
PG&E Corp. 5.50%, 08/16/23 | 297,804 | 44,637,842 | ||||||
SCE Trust III |
See Notes to Financial Statements
95 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||||
Utilities (continued) | ||||||||
5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † | 204,741 | $ | 4,381,457 | |||||
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 | 241,966 | 4,924,008 | ||||||
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 | 223,355 | 4,976,349 | ||||||
SCE Trust VI 5.00% | 353,644 | 6,998,615 | ||||||
Sempra Energy 5.75%, 07/01/79 | 563,971 | 13,896,246 | ||||||
South Jersey Industries, Inc. 8.75%, 04/01/24 † | 108,735 | 7,633,197 | ||||||
Southern Co. 4.20%, 10/15/60 | 558,384 | 11,318,444 | ||||||
4.95%, 01/30/80 † | 744,515 | 17,190,851 | ||||||
5.25%, 12/01/77 † | 335,030 | 8,362,349 | ||||||
Spire, Inc. 5.90%, 08/15/24 † | 186,129 | 4,748,151 |
Number of Shares | Value | |||||||
Utilities (continued) | ||||||||
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 | 188,767 | $ | 4,190,627 | |||||
387,752,816 | ||||||||
Total Preferred Securities (Cost: $1,166,680,671) | 1,058,952,086 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7% | ||||||||
Money Market Fund: 3.7% (Cost: $39,388,693) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 39,388,693 | 39,388,693 | ||||||
Total Investments: 103.7% (Cost: $1,206,069,364) | 1,098,340,779 | |||||||
Liabilities in excess of other assets: (3.7)% | (38,696,383) | |||||||
NET ASSETS: 100.0% | $ | 1,059,644,396 |
Definitions:
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $39,470,761. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||||
Electric Utilities & IPPs | 27.8 | % | $ | 294,457,192 | |||||
Residential & Commercial REITs | 18.8 | 199,353,265 | |||||||
Telecommunications Services | 12.4 | 131,493,123 | |||||||
Multiline Utilities | 7.7 | 80,914,276 | |||||||
Automobiles & Auto Parts | 6.0 | 63,221,252 | |||||||
Healthcare Equipment & Supplies | 4.8 | 51,333,899 | |||||||
Food & Tobacco | 4.2 | 44,375,486 | |||||||
Oil & Gas Related Equipment and Services | 4.2 | 43,833,008 | |||||||
Metals & Mining | 2.9 | 30,266,881 | |||||||
Machinery; Equipment & Components | 2.7 | 28,762,373 | |||||||
Professional & Commercial Services | 2.5 | 26,613,842 | |||||||
Natural Gas Utilities | 1.1 | 12,381,348 | |||||||
Diversified Retail | 1.0 | 10,554,646 | |||||||
Real Estate Operations | 0.7 | 7,504,623 | |||||||
Electronic Equipment & Parts | 0.6 | 6,824,770 | |||||||
Hotels & Entertainment Services | 0.5 | 5,924,486 | |||||||
Oil & Gas | 0.5 | 5,548,766 | |||||||
Office Equipment | 0.5 | 4,739,942 | |||||||
Investment Banking & Investment Services | 0.4 | 3,968,286 | |||||||
Software & IT Services | 0.4 | 3,668,036 | |||||||
Consumer Goods Conglomerates | 0.3 | 3,212,586 | |||||||
100.0 | % | $ | 1,058,952,086 |
See Notes to Financial Statements
96 |
The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Preferred Securities | ||||||||||||||||
Basic Materials | $ | 30,266,881 | $ | — | $ | — | $ | 30,266,881 | ||||||||
Consumer Cyclicals | 79,700,384 | — | — | 79,700,384 | ||||||||||||
Consumer Non-Cyclicals | 47,588,072 | — | — | 47,588,072 | ||||||||||||
Energy | 49,381,774 | — | — | 49,381,774 | ||||||||||||
Financials | 3,968,286 | — | — | 3,968,286 | ||||||||||||
Healthcare | 51,333,899 | — | — | 51,333,899 | ||||||||||||
Industrials | 55,376,215 | — | — | 55,376,215 | ||||||||||||
Real Estate | 206,857,888 | — | — | 206,857,888 | ||||||||||||
Technology | 146,725,871 | — | — | 146,725,871 | ||||||||||||
Utilities | 380,119,619 | 7,633,197 | — | 387,752,816 | ||||||||||||
Money Market Fund | 39,388,693 | — | — | 39,388,693 | ||||||||||||
Total Investments | $ | 1,090,707,582 | $ | 7,633,197 | $ | — | $ | 1,098,340,779 |
See Notes to Financial Statements
97 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
BDC Income ETF | China Bond ETF | Dynamic High Income ETF | Emerging Markets High Yield Bond ETF | ||||||||||||||
Assets: | |||||||||||||||||
Investments, at value (1) | |||||||||||||||||
Unaffiliated issuers (2) | $ | 577,603,331 | $ | 41,234,674 | $ | 83,546 | $ | 418,105,676 | |||||||||
Affiliated issuers (3) | — | — | 437,678 | — | |||||||||||||
Short-term investments held as collateral for securities loaned (4) | 92,435,917 | — | — | 32,767,820 | |||||||||||||
Cash | 9,439 | — | 1,254 | 5,748,047 | |||||||||||||
Cash denominated in foreign currency, at value (5) | — | 1,395,399 | (a) | — | 2,121 | ||||||||||||
Receivables: | |||||||||||||||||
Investment securities sold | — | 48,685 | 4,129 | 8,690,503 | |||||||||||||
Shares of beneficial interest sold | 1,453,933 | — | — | — | |||||||||||||
Dividends and interest | 663,745 | 562,770 | 763 | 7,754,655 | |||||||||||||
Due from custodian | — | 267,322 | — | — | |||||||||||||
Prepaid expenses | — | 994 | — | — | |||||||||||||
Total assets | 672,166,365 | 43,509,844 | 527,370 | 473,068,822 | |||||||||||||
Liabilities: | |||||||||||||||||
Payables: | |||||||||||||||||
Investment securities purchased | 1,453,981 | — | 5,594 | 9,106,155 | |||||||||||||
Collateral for securities loaned | 92,435,917 | — | — | 32,767,820 | |||||||||||||
Line of credit | 811,771 | — | — | — | |||||||||||||
Due to Adviser | 186,475 | 11,730 | 43 | 141,839 | |||||||||||||
Due to custodian | — | 7,420 | — | — | |||||||||||||
Deferred Trustee fees | 9,395 | 1,266 | — | 40,196 | |||||||||||||
Accrued expenses | 15,882 | 55,682 | — | — | |||||||||||||
Total liabilities | 94,913,421 | 76,098 | 5,637 | 42,056,010 | |||||||||||||
NET ASSETS | $ | 577,252,944 | $ | 43,433,746 | $ | 521,733 | $ | 431,012,812 | |||||||||
Shares outstanding | 39,700,000 | 1,900,000 | 20,000 | 23,700,000 | |||||||||||||
Net asset value, redemption and offering price per share | $ | 14.54 | $ | 22.86 | $ | 26.09 | $ | 18.19 | |||||||||
Net Assets consist of: | |||||||||||||||||
Aggregate paid in capital | $ | 719,869,300 | $ | 49,440,191 | $ | 501,082 | $ | 688,731,578 | |||||||||
Total distributable earnings (loss) | (142,616,356 | ) | (6,006,445 | ) | 20,651 | (257,718,766 | ) | ||||||||||
NET ASSETS | $ | 577,252,944 | $ | 43,433,746 | $ | 521,733 | $ | 431,012,812 | |||||||||
(1) | Value of securities on loan | $ | 141,163,568 | $ | — | $ | — | $ | 34,385,345 | ||||||||
(2) | Cost of investments - Unaffiliated issuers | $ | 617,312,326 | $ | 44,342,032 | $ | 78,090 | $ | 484,740,019 | ||||||||
(3) | Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 420,380 | $ | — | ||||||||
(4) | Cost of short-term investments held as collateral for securities loaned | $ | 92,435,917 | $ | — | $ | — | $ | 32,767,820 | ||||||||
(5) | Cost of cash denominated in foreign currency | $ | — | $ | 1,387,460 | $ | — | $ | 2,052 |
(a) | Includes $44,609 on foreign investor minimum settlement reserve funds (see Note 2H). |
See Notes to Financial Statements
98 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
Fallen Angel High Yield Bond ETF | Green Bond ETF | IG Floating Rate ETF | International High Yield Bond ETF | ||||||||||||||
Assets: | |||||||||||||||||
Investments, at value (1) | |||||||||||||||||
Unaffiliated issuers (2) | $ | 2,736,589,329 | $ | 74,565,745 | $ | 1,129,642,796 | $ | 64,646,108 | |||||||||
Short-term investments held as collateral for securities loaned (3) | 124,494,085 | 2,137,597 | 3,402,096 | 1,677,588 | |||||||||||||
Cash | 13,463,718 | 363,903 | 6,534,000 | 98,629 | |||||||||||||
Cash denominated in foreign currency, at value (4) | — | 7 | — | 298,491 | |||||||||||||
Receivables: | |||||||||||||||||
Investment securities sold | 154,963,464 | 502,463 | 35,952,223 | 1,700,253 | |||||||||||||
Shares of beneficial interest sold | 27,689,970 | — | — | — | |||||||||||||
Dividends and interest | 39,876,801 | 576,136 | 8,953,217 | 1,206,685 | |||||||||||||
Total assets | 3,097,077,367 | 78,145,851 | 1,184,484,332 | 69,627,754 | |||||||||||||
Liabilities: | |||||||||||||||||
Payables: | |||||||||||||||||
Investment securities purchased | 177,164,652 | 534,957 | 34,604,984 | 1,836,634 | |||||||||||||
Shares of beneficial interest redeemed | 11,084,556 | — | — | — | |||||||||||||
Collateral for securities loaned | 124,494,085 | 2,137,597 | 3,402,096 | 1,677,588 | |||||||||||||
Due to Adviser | 794,138 | 12,358 | 133,213 | 21,717 | |||||||||||||
Deferred Trustee fees | 67,963 | 1,073 | 21,618 | 33,385 | |||||||||||||
Accrued expenses | 6,316 | — | 1,569 | — | |||||||||||||
Total liabilities | 313,611,710 | 2,685,985 | 38,163,480 | 3,569,324 | |||||||||||||
NET ASSETS | $ | 2,783,465,657 | $ | 75,459,866 | $ | 1,146,320,852 | $ | 66,058,430 | |||||||||
Shares outstanding | 100,350,000 | 3,200,000 | 45,700,000 | 3,300,000 | |||||||||||||
Net asset value, redemption and offering price per share | $ | 27.74 | $ | 23.58 | $ | 25.08 | $ | 20.02 | |||||||||
Net Assets consist of: | |||||||||||||||||
Aggregate paid in capital | $ | 3,431,989,611 | $ | 87,760,822 | $ | 1,156,461,372 | $ | 92,230,435 | |||||||||
Total distributable earnings (loss) | (648,523,954 | ) | (12,300,956 | ) | (10,140,520 | ) | (26,172,005 | ) | |||||||||
NET ASSETS | $ | 2,783,465,657 | $ | 75,459,866 | $ | 1,146,320,852 | $ | 66,058,430 | |||||||||
(1) | Value of securities on loan | $ | 129,926,938 | $ | 6,034,699 | $ | 3,317,907 | $ | 1,682,952 | ||||||||
(2) | Cost of investments - Unaffiliated issuers | $ | 3,087,035,189 | $ | 83,131,344 | $ | 1,138,059,104 | $ | 73,082,017 | ||||||||
(3) | Cost of short-term investments held as collateral for securities loaned | $ | 124,494,085 | $ | 2,137,597 | $ | 3,402,096 | $ | 1,677,588 | ||||||||
(4) | Cost of cash denominated in foreign currency | $ | — | $ | 7 | $ | — | $ | 294,541 |
See Notes to Financial Statements
99 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
J.P. Morgan EM Local Currency Bond ETF | Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | Mortgage REIT Income ETF | ||||||||||||||
Assets: | |||||||||||||||||
Investments, at value (1) | |||||||||||||||||
Unaffiliated issuers (2) | $ | 3,153,353,521 | $ | 8,300,011 | $ | 12,482,855 | $ | 189,152,475 | |||||||||
Short-term investments held as collateral for securities loaned (3) | 91,541,238 | 179,987 | 214,133 | 15,312,549 | |||||||||||||
Cash | 1,285,849 | 49,914 | 99,100 | 183,741 | |||||||||||||
Cash denominated in foreign currency, at value (4) | 6,888,023 | — | — | — | |||||||||||||
Receivables: | |||||||||||||||||
Investment securities sold | 72,572,653 | 742,302 | 772,727 | — | |||||||||||||
Dividends and interest | 65,702,341 | 98,360 | 141,488 | 373,143 | |||||||||||||
Prepaid expenses | 13,689 | — | — | — | |||||||||||||
Total assets | 3,391,357,314 | 9,370,574 | 13,710,303 | 205,021,908 | |||||||||||||
Liabilities: | |||||||||||||||||
Payables: | |||||||||||||||||
Investment securities purchased | 42,844,879 | 744,029 | 810,428 | — | |||||||||||||
Shares of beneficial interest redeemed | 29,649,031 | — | — | — | |||||||||||||
Collateral for securities loaned | 91,541,238 | 179,987 | 214,133 | 15,312,549 | |||||||||||||
Line of credit | — | — | — | 193,417 | |||||||||||||
Due to Adviser | 778,030 | 1,728 | 2,077 | 55,504 | |||||||||||||
Deferred Trustee fees | 258,607 | — | — | 16,359 | |||||||||||||
Accrued expenses | 1,940,129 | — | — | 11,602 | |||||||||||||
Total liabilities | 167,011,914 | 925,744 | 1,026,638 | 15,589,431 | |||||||||||||
NET ASSETS | $ | 3,224,345,400 | $ | 8,444,830 | $ | 12,683,665 | $ | 189,432,477 | |||||||||
Shares outstanding | 128,322,682 | 400,000 | 600,000 | 17,200,000 | |||||||||||||
Net asset value, redemption and offering price per share | $ | 25.13 | $ | 21.11 | $ | 21.14 | $ | 11.01 | |||||||||
Net Assets consist of: | |||||||||||||||||
Aggregate paid in capital | $ | 4,090,910,368 | $ | 9,999,885 | $ | 14,999,828 | $ | 361,357,777 | |||||||||
Total distributable earnings (loss) | (866,564,968 | ) | (1,555,055 | ) | (2,316,163 | ) | (171,925,300 | ) | |||||||||
NET ASSETS | $ | 3,224,345,400 | $ | 8,444,830 | $ | 12,683,665 | $ | 189,432,477 | |||||||||
(1) | Value of securities on loan | $ | 87,798,667 | $ | 183,947 | $ | 208,434 | $ | 50,909,349 | ||||||||
(2) | Cost of investments - Unaffiliated issuers | $ | 3,474,675,710 | $ | 8,784,609 | $ | 13,282,431 | $ | 252,557,358 | ||||||||
(3) | Cost of short-term investments held as collateral for securities loaned | $ | 91,541,238 | $ | 179,987 | $ | 214,133 | $ | 15,312,549 | ||||||||
(4) | Cost of cash denominated in foreign currency | $ | 6,885,993 | $ | — | $ | — | $ | — |
See Notes to Financial Statements
100 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2023
Preferred Securities ex Financials ETF | ||||
Assets: | ||||
Investments, at value (1) | ||||
Unaffiliated issuers (2) | $ | 1,058,952,086 | ||
Short-term investments held as collateral for securities loaned (3) | 39,388,693 | |||
Cash | 4,485,080 | |||
Receivables: | ||||
Investment securities sold | 839,316 | |||
Shares of beneficial interest sold | 3,473,016 | |||
Dividends and interest | 3,068,604 | |||
Total assets | 1,110,206,795 | |||
Liabilities: | ||||
Payables: | ||||
Investment securities purchased | 10,774,891 | |||
Collateral for securities loaned | 39,388,693 | |||
Due to Adviser | 342,277 | |||
Deferred Trustee fees | 36,282 | |||
Accrued expenses | 20,256 | |||
Total liabilities | 50,562,399 | |||
NET ASSETS | $ | 1,059,644,396 | ||
Shares outstanding | 60,500,000 | |||
Net asset value, redemption and offering price per share | $ | 17.51 | ||
Net Assets consist of: | ||||
Aggregate paid in capital | $ | 1,235,177,953 | ||
Total distributable earnings (loss) | (175,533,557 | ) | ||
NET ASSETS | $ | 1,059,644,396 | ||
(1) Value of securities on loan | $ | 39,470,761 | ||
(2) Cost of investments - Unaffiliated issuers | $ | 1,166,680,671 | ||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 39,388,693 |
See Notes to Financial Statements
101 |
VANECK ETF TRUST
For the Year Ended April 30, 2023
BDC Income ETF | China Bond ETF | Dynamic High Income ETF (a) | Emerging Markets High Yield Bond ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 59,355,749 | $ | — | $ | — | $ | — | ||||||||
Dividends - affiliated issuers | — | — | 11,272 | — | ||||||||||||
Interest | 22,979 | 2,469,335 | 716 | 34,301,109 | ||||||||||||
Securities lending income | 1,987,210 | — | — | 240,024 | ||||||||||||
Foreign taxes withheld | — | (1,423 | ) | — | — | |||||||||||
Total income | 61,365,938 | 2,467,912 | 11,988 | 34,541,133 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 2,197,290 | 326,972 | 258 | 2,133,780 | ||||||||||||
Professional fees | — | 32,580 | — | — | ||||||||||||
Custody and accounting fees | — | 20,805 | — | — | ||||||||||||
Reports to shareholders | — | 12,838 | — | — | ||||||||||||
Trustees’ fees and expenses | — | 2,764 | — | — | ||||||||||||
Registration fees | — | 7,673 | — | — | ||||||||||||
Insurance | — | 3,712 | — | — | ||||||||||||
Interest and taxes | 119,213 | 4,188 | — | 171 | ||||||||||||
Other | — | 7,372 | — | — | ||||||||||||
Total expenses | 2,316,503 | 418,904 | 258 | 2,133,951 | ||||||||||||
Waiver of management fees | — | (6,002 | ) | — | — | |||||||||||
Net expenses | 2,316,503 | 412,902 | 258 | 2,133,951 | ||||||||||||
Net investment income | 59,049,435 | 2,055,010 | 11,730 | 32,407,182 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (37,784,544 | ) | (5,235,932 | ) | — | (39,073,684 | ) | |||||||||
Investments - affiliated issuers | — | — | (2,103 | ) | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 11,750,495 | — | — | (114,527,770 | ) | |||||||||||
Capital gain distributions from investment companies | 2,129,073 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (479,951 | ) | — | 2 | |||||||||||
Net realized loss | (23,904,976 | ) | (5,715,883 | ) | (2,103 | ) | (153,601,452 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (58,310,532 | ) | (197,968 | ) | 5,456 | 74,160,043 | ||||||||||
Investments - affiliated issuers | — | — | 17,298 | — | ||||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | 122,725 | — | 78 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (58,310,532 | ) | (75,243 | ) | 22,754 | 74,160,121 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (23,166,073 | ) | $ | (3,736,116 | ) | $ | 32,381 | $ | (47,034,149 | ) |
(a) | For the period November 2, 2022 (commencement of operations) through April 30, 2023. |
See Notes to Financial Statements
102 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023
Fallen Angel High Yield Bond ETF | Green Bond ETF | IG Floating Rate ETF | International High Yield Bond ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | 8,094 | $ | — | $ | 14 | ||||||||
Interest | 150,155,425 | 2,262,452 | 45,651,146 | 3,187,325 | ||||||||||||
Securities lending income | 1,944,073 | 22,696 | 58,519 | 22,229 | ||||||||||||
Foreign taxes withheld | — | — | — | (108 | ) | |||||||||||
Total income | 152,099,498 | 2,293,242 | 45,709,665 | 3,209,460 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 10,586,530 | 157,689 | 1,564,521 | 242,537 | ||||||||||||
Interest and taxes | 17,242 | 428 | 8,149 | 689 | ||||||||||||
Total expenses | 10,603,772 | 158,117 | 1,572,670 | 243,226 | ||||||||||||
Net investment income | 141,495,726 | 2,135,125 | 44,136,995 | 2,966,234 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (133,086,519 | ) | (1,967,650 | ) | (4,850,420 | ) | (3,589,569 | ) | ||||||||
In-kind redemptions | (74,453,640 | ) | (1,807,967 | ) | 744,392 | (2,590,832 | ) | |||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | — | — | (41,135 | ) | |||||||||||
Net realized loss | (207,540,159 | ) | (3,775,617 | ) | (4,106,028 | ) | (6,221,536 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 45,359,290 | 1,503,619 | (1,621,240 | ) | 3,243,696 | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | — | — | 61,850 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 45,359,290 | 1,503,619 | (1,621,240 | ) | 3,305,546 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (20,685,143 | ) | $ | (136,873 | ) | $ | 38,409,727 | $ | 50,244 |
See Notes to Financial Statements
103 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023
J.P. Morgan EM Local Currency Bond ETF | Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | Mortgage REIT Income ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends | $ | — | $ | — | $ | — | $ | 17,502,735 | ||||||||
Interest | 187,229,790 | 332,264 | 464,794 | 5,150 | ||||||||||||
Securities lending income | 183,678 | 1,788 | 4,086 | 151,136 | ||||||||||||
Foreign taxes withheld | (4,682,086 | ) | — | — | — | |||||||||||
Total income | 182,731,382 | 334,052 | 468,880 | 17,659,021 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 7,993,895 | 20,792 | 25,043 | 726,235 | ||||||||||||
Professional fees | 55,230 | — | — | — | ||||||||||||
Custody and accounting fees | 628,304 | — | — | — | ||||||||||||
Reports to shareholders | 293,987 | — | — | — | ||||||||||||
Trustees’ fees and expenses | 158,714 | — | — | — | ||||||||||||
Registration fees | 34,638 | — | — | — | ||||||||||||
Insurance | 44,157 | — | — | — | ||||||||||||
Interest and taxes | 65,156 | 58 | 58 | 46,834 | ||||||||||||
Other | 29,945 | — | — | — | ||||||||||||
Total expenses | 9,304,026 | 20,850 | 25,101 | 773,069 | ||||||||||||
Waiver of management fees | (356,765 | ) | — | — | — | |||||||||||
Net expenses | 8,947,261 | 20,850 | 25,101 | 773,069 | ||||||||||||
Net investment income | 173,784,121 | 313,202 | 443,779 | 16,885,952 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments (1) | (225,359,071 | ) | (879,505 | ) | (1,334,692 | ) | (26,078,236 | ) | ||||||||
In-kind redemptions | (4,402,732 | ) | — | — | 1,052,298 | |||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (5,893,789 | ) | — | — | — | |||||||||||
Net realized loss | (235,655,592 | ) | (879,505 | ) | (1,334,692 | ) | (25,025,938 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments (2) | 198,001,123 | 702,133 | 1,037,261 | (27,385,519 | ) | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | 3,335,902 | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 201,337,025 | 702,133 | 1,037,261 | (27,385,519 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 139,465,554 | $ | 135,830 | $ | 146,348 | $ | (35,525,505 | ) | |||||||
(1) Net of foreign taxes | $ | (222,850 | ) | $ | — | $ | — | $ | — | |||||||
(2) Net of foreign taxes | $ | (835,250 | ) | $ | — | $ | — | $ | — |
See Notes to Financial Statements
104 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023
Preferred Securities ex Financials ETF | ||||
Income: | ||||
Dividends | $ | 64,404,171 | ||
Interest | 83,028 | |||
Securities lending income | 1,722,837 | |||
Foreign taxes withheld | (168,214 | ) | ||
Total income | 66,041,822 | |||
Expenses: | ||||
Management fees | 3,952,219 | |||
Interest and taxes | 65,292 | |||
Total expenses | 4,017,511 | |||
Net investment income | 62,024,311 | |||
Net realized gain (loss) on: | ||||
Investments | (15,636,197 | ) | ||
In-kind redemptions | 4,979,384 | |||
Net realized loss | (10,656,813 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (76,072,758 | ) | ||
Net change in unrealized appreciation (depreciation) | (76,072,758 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (24,705,260 | ) |
See Notes to Financial Statements
105 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
BDC Income ETF | China Bond ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 59,049,435 | $ | 43,156,676 | $ | 2,055,010 | $ | 3,505,616 | ||||||||
Net realized gain (loss) | (23,904,976 | ) | 19,570,650 | (5,715,883 | ) | 183,640 | ||||||||||
Net change in unrealized appreciation (depreciation) | (58,310,532 | ) | (29,787,379 | ) | (75,243 | ) | (4,527,783 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (23,166,073 | ) | 32,939,947 | (3,736,116 | ) | (838,527 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (59,501,743 | ) | (42,704,368 | ) | — | (4,150,280 | ) | |||||||||
Return of capital | (1,673,017 | ) | — | (1,816,350 | ) | (44,520 | ) | |||||||||
Total distributions | (61,174,760 | ) | (42,704,368 | ) | (1,816,350 | ) | (4,194,800 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 184,695,569 | 334,820,169 | — | 91,337,821 | ||||||||||||
Cost of shares redeemed | (148,132,044 | ) | (111,985,789 | ) | (80,600,929 | ) | (60,220,705 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 36,563,525 | 222,834,380 | (80,600,929 | ) | 31,117,116 | |||||||||||
Total increase (decrease) in net assets | (47,777,308 | ) | 213,069,959 | (86,153,395 | ) | 26,083,789 | ||||||||||
Net Assets, beginning of year | 625,030,252 | 411,960,293 | 129,587,141 | 103,503,352 | ||||||||||||
Net Assets, end of year | $ | 577,252,944 | $ | 625,030,252 | $ | 43,433,746 | $ | 129,587,141 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 12,250,000 | 19,225,000 | — | 3,700,000 | ||||||||||||
Shares redeemed | (9,850,000 | ) | (6,500,000 | ) | (3,600,000 | ) | (2,500,000 | ) | ||||||||
Net increase (decrease) | 2,400,000 | 12,725,000 | (3,600,000 | ) | 1,200,000 |
See Notes to Financial Statements
106 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Dynamic High Income ETF | Emerging Markets High Yield Bond ETF | |||||||||||
Period Ended April 30, 2023 (a) | Year Ended April 30, 2023 | Year Ended April 30, 2022 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 11,730 | $ | 32,407,182 | $ | 64,361,459 | ||||||
Net realized loss | (2,103 | ) | (153,601,452 | ) | (92,945,941 | ) | ||||||
Net change in unrealized appreciation (depreciation) | 22,754 | 74,160,121 | (150,062,233 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 32,381 | (47,034,149 | ) | (178,646,715 | ) | |||||||
Distributions to shareholders from: | ||||||||||||
Distributable earnings | (11,730 | ) | (37,523,220 | ) | (63,324,700 | ) | ||||||
Return of capital | (1,494 | ) | — | — | ||||||||
Total distributions | (13,224 | ) | (37,523,220 | ) | (63,324,700 | ) | ||||||
Share transactions*: | ||||||||||||
Proceeds from sale of shares | 502,576 | 49,753,232 | 672,209,046 | |||||||||
Cost of shares redeemed | — | (685,821,304 | ) | (63,006,428 | ) | |||||||
Increase (decrease) in net assets resulting from share transactions | 502,576 | (636,068,072 | ) | 609,202,618 | ||||||||
Total increase (decrease) in net assets | 521,733 | (720,625,441 | ) | 367,231,203 | ||||||||
Net Assets, beginning of period | — | 1,151,638,253 | 784,407,050 | |||||||||
Net Assets, end of period | $ | 521,733 | $ | 431,012,812 | $ | 1,151,638,253 | ||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||
Shares sold | 20,000 | 2,700,000 | 28,600,000 | |||||||||
Shares redeemed | — | (38,000,000 | ) | (2,800,000 | ) | |||||||
Net increase (decrease) | 20,000 | (35,300,000 | ) | 25,800,000 |
(a) For the period November 2, 2022 (commencement of operations) through April 30, 2023.
See Notes to Financial Statements
107 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Fallen Angel High Yield Bond ETF | Green Bond ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 141,495,726 | $ | 180,386,770 | $ | 2,135,125 | $ | 2,007,447 | ||||||||
Net realized gain (loss) | (207,540,159 | ) | 238,934,423 | (3,775,617 | ) | (1,668,817 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 45,359,290 | (708,202,399 | ) | 1,503,619 | (10,193,647 | ) | ||||||||||
Net decrease in net assets resulting from operations | (20,685,143 | ) | (288,881,206 | ) | (136,873 | ) | (9,855,017 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (148,186,700 | ) | (188,041,825 | ) | (2,159,765 | ) | (2,002,035 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 1,920,657,258 | 2,049,188,613 | — | 22,989,592 | ||||||||||||
Cost of shares redeemed | (2,794,164,212 | ) | (2,661,837,362 | ) | (17,574,625 | ) | — | |||||||||
Increase (decrease) in net assets resulting from share transactions | (873,506,954 | ) | (612,648,749 | ) | (17,574,625 | ) | 22,989,592 | |||||||||
Total increase (decrease) in net assets | (1,042,378,797 | ) | (1,089,571,780 | ) | (19,871,263 | ) | 11,132,540 | |||||||||
Net Assets, beginning of year | 3,825,844,454 | 4,915,416,234 | 95,331,129 | 84,198,589 | ||||||||||||
Net Assets, end of year | $ | 2,783,465,657 | $ | 3,825,844,454 | $ | 75,459,866 | $ | 95,331,129 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 69,550,000 | 63,250,000 | — | 850,000 | ||||||||||||
Shares redeemed | (101,400,000 | ) | (83,700,000 | ) | (750,000 | ) | — | |||||||||
Net increase (decrease) | (31,850,000 | ) | (20,450,000 | ) | (750,000 | ) | 850,000 |
See Notes to Financial Statements
108 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
IG Floating Rate ETF | International High Yield Bond ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 44,136,995 | $ | 4,345,673 | $ | 2,966,234 | $ | 4,287,712 | ||||||||
Net realized loss | (4,106,028 | ) | (452,629 | ) | (6,221,536 | ) | (3,710,828 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (1,621,240 | ) | (9,541,387 | ) | 3,305,546 | (15,906,510 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 38,409,727 | (5,648,343 | ) | 50,244 | (15,329,626 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (39,541,190 | ) | (4,310,490 | ) | (2,745,823 | ) | (4,424,650 | ) | ||||||||
Return of capital | — | — | (324,327 | ) | — | |||||||||||
Total distributions | (39,541,190 | ) | (4,310,490 | ) | (3,070,150 | ) | (4,424,650 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 331,514,195 | 591,005,339 | 11,761,829 | 15,502,482 | ||||||||||||
Cost of shares redeemed | (318,579,661 | ) | (6,337,388 | ) | (22,099,405 | ) | (16,605,485 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 12,934,534 | 584,667,951 | (10,337,576 | ) | (1,103,003 | ) | ||||||||||
Total increase (decrease) in net assets | 11,803,071 | 574,709,118 | (13,357,482 | ) | (20,857,279 | ) | ||||||||||
Net Assets, beginning of year | 1,134,517,781 | 559,808,663 | 79,415,912 | 100,273,191 | ||||||||||||
Net Assets, end of year | $ | 1,146,320,852 | $ | 1,134,517,781 | $ | 66,058,430 | $ | 79,415,912 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 13,250,000 | 23,400,000 | 600,000 | 600,000 | ||||||||||||
Shares redeemed | (12,800,000 | ) | (250,000 | ) | (1,100,000 | ) | (700,000 | ) | ||||||||
Net increase (decrease) | 450,000 | 23,150,000 | (500,000 | ) | (100,000 | ) |
See Notes to Financial Statements
109 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
J.P. Morgan EM Local Currency Bond ETF | Moody’s Analytics BBB Corporate Bond ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 173,784,121 | $ | 174,168,592 | $ | 313,202 | $ | 221,068 | ||||||||
Net realized loss | (235,655,592 | ) | (315,225,088 | ) | (879,505 | ) | (195,230 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 201,337,025 | (402,051,015 | ) | 702,133 | (1,083,250 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 139,465,554 | (543,107,511 | ) | 135,830 | (1,057,412 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (23,143,273 | ) | (88,822,978 | ) | (299,760 | ) | (226,760 | ) | ||||||||
Return of capital | (149,840,524 | ) | (81,656,280 | ) | — | — | ||||||||||
Total distributions | (172,983,797 | ) | (170,479,258 | ) | (299,760 | ) | (226,760 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 459,045,576 | 727,013,716 | — | — | ||||||||||||
Cost of shares redeemed | (274,639,215 | ) | (319,840,315 | ) | — | — | ||||||||||
Increase in net assets resulting from share transactions | 184,406,361 | 407,173,401 | — | — | ||||||||||||
Total increase (decrease) in net assets | 150,888,118 | (306,413,368 | ) | (163,930 | ) | (1,284,172 | ) | |||||||||
Net Assets, beginning of year | 3,073,457,282 | 3,379,870,650 | 8,608,760 | 9,892,932 | ||||||||||||
Net Assets, end of year | $ | 3,224,345,400 | $ | 3,073,457,282 | $ | 8,444,830 | $ | 8,608,760 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 18,400,000 | 24,600,000 | — | — | ||||||||||||
Shares redeemed | (11,400,000 | ) | (11,800,000 | ) | — | — | ||||||||||
Net increase | 7,000,000 | 12,800,000 | — | — |
See Notes to Financial Statements
110 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Moody’s Analytics IG Corporate Bond ETF | Mortgage REIT Income ETF | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 443,779 | $ | 311,484 | $ | 16,885,952 | $ | 12,587,387 | ||||||||
Net realized gain (loss) | (1,334,692 | ) | (186,082 | ) | (25,025,938 | ) | 20,578,763 | |||||||||
Net change in unrealized appreciation (depreciation) | 1,037,261 | (1,588,310 | ) | (27,385,519 | ) | (75,253,305 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 146,348 | (1,462,908 | ) | (35,525,505 | ) | (42,087,155 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (430,440 | ) | (317,460 | ) | (16,885,952 | ) | (12,587,387 | ) | ||||||||
Return of capital | — | — | (5,467,268 | ) | (12,142,443 | ) | ||||||||||
Total distributions | (430,440 | ) | (317,460 | ) | (22,353,220 | ) | (24,729,830 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | — | 61,069,628 | 65,857,830 | ||||||||||||
Cost of shares redeemed | — | — | (24,680,759 | ) | (98,402,686 | ) | ||||||||||
Increase (decrease) in net assets resulting from share transactions | — | — | 36,388,869 | (32,544,856 | ) | |||||||||||
Total decrease in net assets | (284,092 | ) | (1,780,368 | ) | (21,489,856 | ) | (99,361,841 | ) | ||||||||
Net Assets, beginning of year | 12,967,757 | 14,748,125 | 210,922,333 | 310,284,174 | ||||||||||||
Net Assets, end of year | $ | 12,683,665 | $ | 12,967,757 | $ | 189,432,477 | $ | 210,922,333 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | — | 5,250,000 | 3,400,000 | ||||||||||||
Shares redeemed | — | — | (1,900,000 | ) | (5,500,000 | ) | ||||||||||
Net increase (decrease) | — | — | 3,350,000 | (2,100,000 | ) |
See Notes to Financial Statements
111 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Preferred Securities ex Financials ETF | ||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||
Operations: | ||||||||
Net investment income | $ | 62,024,311 | $ | 49,350,029 | ||||
Net realized gain (loss) | (10,656,813 | ) | 7,379,453 | |||||
Net change in unrealized appreciation (depreciation) | (76,072,758 | ) | (98,397,267 | ) | ||||
Net decrease in net assets resulting from operations | (24,705,260 | ) | (41,667,785 | ) | ||||
Distributions to shareholders from: | ||||||||
Distributable earnings | (62,856,300 | ) | (55,455,503 | ) | ||||
Return of capital | — | (932,857 | ) | |||||
Total distributions | (62,856,300 | ) | (56,388,360 | ) | ||||
Share transactions*: | ||||||||
Proceeds from sale of shares | 232,255,280 | 200,215,786 | ||||||
Cost of shares redeemed | (87,347,038 | ) | (47,757,119 | ) | ||||
Increase in net assets resulting from share transactions | 144,908,242 | 152,458,667 | ||||||
Total increase in net assets | 57,346,682 | 54,402,522 | ||||||
Net Assets, beginning of year | 1,002,297,714 | 947,895,192 | ||||||
Net Assets, end of year | $ | 1,059,644,396 | $ | 1,002,297,714 | ||||
*Shares of Common Stock Issued (no par value) | ||||||||
Shares sold | 13,000,000 | 9,500,000 | ||||||
Shares redeemed | (4,850,000 | ) | (2,350,000 | ) | ||||
Net increase | 8,150,000 | 7,150,000 |
See Notes to Financial Statements
112 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Amount represents less than $0.005 per share. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
113 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
114 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
(a) | For the period November 2, 2022 (commencement of operations) through April 30, 2023. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
115 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
116 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
117 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
118 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
119 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
120 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
121 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
(a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
122 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
(a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
123 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
124 |
VANECK ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year: |
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
125 |
VANECK ETF TRUST
April 30, 2023
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification | |
BDC Income ETF (“BDC Income”) | Diversified | |
China Bond ETF (“China Bond”) | Non-Diversified | |
Dynamic High Income ETF (Dynamic Income”) | Non-Diversified | |
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | Diversified | |
Fallen Angel High Yield Bond ETF (“Fallen Angel”) | Diversified | |
Green Bond ETF (“Green Bond”) | Diversified | |
IG Floating Rate ETF (“Floating Rate”)* | Non-Diversified | |
International High Yield Bond ETF (“International High Yield”) | Diversified | |
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | Non-Diversified | |
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | Non-Diversified | |
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | Non-Diversified | |
Mortgage REIT Income ETF (“Mortgage REIT”) | Non-Diversified | |
Preferred Securities ex Financials ETF (“Preferred Securities”) | Non-Diversified |
*Formerly known as Investment Grade Floating Rate ETF.
Each Fund’s investment objective, except Dynamic High Income ETF, is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below. The investment objective of Dynamic High Income ETF is to provide high current income with consideration for capital appreciation.
Fund | Index |
BDC Income | MVIS® US Business Development Companies Index |
China Bond | ChinaBond China High Quality Bond Index |
Emerging Markets High Yield | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index |
Fallen Angel | ICE US Fallen Angel High Yield 10% Constrained Index |
Green Bond | S&P Green Bond U.S. Dollar Select Index |
Floating Rate | MVIS® US Investment Grade Floating Rate Index |
International High Yield | ICE BofA Global ex-US Issuers High Yield Constrained Index |
J.P. Morgan EM | J.P. Morgan GBI-EM Global Core Index |
Moody’s Analytics BBB | MVIS® Moody’s Analytics® US BBB Corporate Bond Index |
Moody’s Analytics IG | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index |
Mortgage REIT | MVIS® US Mortgage REITs Index |
Preferred Securities | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities |
Index |
The Funds (except BDC Income, Dynamic Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. Dynamic High Income ETF is an actively managed exchange-traded fund that
126 |
seeks to achieve its investment objective by investing in exchange traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons
127 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. |
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of April 30, 2023. |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at April 30, |
128 |
2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
G. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. |
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at April 30, 2023.
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2023, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The expense limitations and management fee rates for the year ended April 30, 2023 are as follows:
Fund | Management Fees | Expense Limitations | ||||||
China Bond | 0.40 | % | 0.50 | % | ||||
J.P. Morgan EM | 0.27 | 0.30 |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
Fund | Unitary Management Fee Rate | |||
BDC Income | 0.40 | % | ||
Dynamic Income | 0.10 | |||
Emerging Markets High Yield | 0.40 | |||
Fallen Angel | 0.35 | |||
Floating Rate | 0.14 | |||
Green Bond | 0.20 | |||
International High Yield | 0.40 | |||
Moody’s Analytics BBB | 0.25 |
129 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Fund | Unitary Management Fee Rate | |||
Moody’s Analytics IG | 0.20 | |||
Mortgage REIT | 0.40 | |||
Preferred Securities | 0.40 |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At April 30, 2023, the Adviser owned approximately 82% and 47% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.
Note 4—Capital Share Transactions—As of April 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the year ended April 30, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-Kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
BDC Income | $ | 153,931,266 | $ | 152,797,456 | $ | 184,594,979 | $ | 148,261,800 | ||||||||
China Bond | 7,653,473 | 81,640,065 | — | — | ||||||||||||
Dynamic Income | 88,835 | 42,094 | 455,228 | — | ||||||||||||
Emerging Markets High Yield | 121,362,889 | 112,887,972 | 35,512,695 | 665,569,815 | ||||||||||||
Fallen Angel | 933,684,246 | 923,848,964 | 1,836,919,764 | 2,685,212,673 | ||||||||||||
Floating Rate | 602,891,187 | 608,646,216 | 289,241,324 | 283,878,044 | ||||||||||||
Green Bond | 15,787,742 | 16,791,653 | — | 16,297,596 | ||||||||||||
International High Yield | 16,854,178 | 13,152,305 | 7,624,886 | 21,630,303 | ||||||||||||
J.P. Morgan EM | 1,010,571,313 | 846,962,360 | 141,351,526 | 159,315,955 | ||||||||||||
Moody’s Analytics BBB | 7,488,330 | 7,426,288 | — | — | ||||||||||||
Moody’s Analytics IG | 10,452,686 | 10,367,587 | — | — | ||||||||||||
Mortgage REIT | 35,257,852 | 36,539,956 | 61,056,373 | 24,676,036 | ||||||||||||
Preferred Securities | 250,823,025 | 269,488,431 | 170,168,527 | 82,067,943 |
Note 6—Income Taxes—As of April 30, 2023, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
130 |
Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
BDC Income | $715,497,468 | $7,676,790 | $(53,135,010 | ) | $(45,458,220 | ) | ||||||||||
China Bond | 44,342,035 | 9,687 | (3,117,048 | ) | (3,107,361 | ) | ||||||||||
Dynamic Income | 498,470 | 25,805 | (3,051 | ) | 22,754 | |||||||||||
Emerging Markets High Yield | 520,264,394 | 1,170,263 | (70,267,794 | ) | (69,097,531 | ) | ||||||||||
Fallen Angel | 3,226,914,491 | 6,096,296 | (371,927,373 | ) | (365,831,077 | ) | ||||||||||
Floating Rate | 1,142,019,993 | 1,990,982 | (10,966,083 | ) | (8,975,101 | ) | ||||||||||
Green Bond | 85,318,798 | 357,994 | (8,973,450 | ) | (8,615,456 | ) | ||||||||||
International High Yield | 74,994,822 | 596,265 | (9,267,391 | ) | (8,671,126 | ) | ||||||||||
J.P. Morgan EM | 3,676,680,793 | 81,704,707 | (513,490,741 | ) | (431,786,034 | ) | ||||||||||
Moody’s Analytics BBB | 8,980,243 | 156,227 | (656,472 | ) | (500,245 | ) | ||||||||||
Moody’s Analytics IG | 13,499,743 | 158,696 | (961,451 | ) | (802,755 | ) | ||||||||||
Mortgage REIT | 268,856,570 | 2,733,254 | (67,124,800 | ) | (64,391,546 | ) | ||||||||||
Preferred Securities | 1,213,402,486 | 40,256,681 | (155,318,388 | ) | (115,061,707 | ) |
At April 30, 2023, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Ordinary Income | (Accumulated Capital Losses)/ Undistributed Capital Gains | Post-October Losses Deferred* | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | ||||||||||||||||||
BDC Income | $– | $ | (97,148,742 | ) | $– | $ | (9,396 | ) | $ | (45,458,220 | ) | $ | (142,616,358 | ) | ||||||||||
China Bond | – | (3,278 | ) | (2,899,947 | ) | (1,266 | ) | (3,101,953 | ) | (6,006,444 | ) | |||||||||||||
Dynamic Income | – | (2,103 | ) | – | – | 22,754 | 20,651 | |||||||||||||||||
Emerging Markets High Yield | 2,115,373 | (190,694,468 | ) | – | (40,195 | ) | (69,097,463 | ) | (257,716,753 | ) | ||||||||||||||
Fallen Angel | 11,721,344 | (294,346,257 | ) | – | (67,963 | ) | (365,831,077 | ) | (648,523,953 | ) | ||||||||||||||
Floating Rate | 5,690,344 | (6,834,146 | ) | – | (21,617 | ) | (8,975,101 | ) | (10,140,520 | ) | ||||||||||||||
Green Bond | 191,712 | (3,876,139 | ) | – | (1,073 | ) | (8,615,456 | ) | (12,300,956 | ) | ||||||||||||||
International High Yield | – | (17,311,425 | ) | (178,612 | ) | (33,385 | ) | (8,648,583 | ) | (26,172,005 | ) | |||||||||||||
J.P. Morgan EM | – | (390,163,851 | ) | (43,707,011 | ) | (258,607 | ) | (432,435,498 | ) | (866,564,967 | ) | |||||||||||||
Moody’s Analytics BBB | 31,875 | (1,086,686 | ) | – | – | (500,244 | ) | (1,555,055 | ) | |||||||||||||||
Moody’s Analytics IG | 45,239 | (1,558,647 | ) | – | – | (802,755 | ) | (2,316,163 | ) | |||||||||||||||
Mortgage REIT | – | (107,517,395 | ) | – | (16,359 | ) | (64,391,546 | ) | (171,925,300 | ) | ||||||||||||||
Preferred Securities | 7,833,016 | (65,204,508 | ) | – | (3,100,357 | ) | (115,061,707 | ) | (175,533,556 | ) |
* Post-October losses represent certain ordinary, specified and / or capital losses incurred after October 31, 2022. These losses are deemed to arise on the first day of the funds’ next taxable year.
The tax character of distributions paid to shareholders was as follows:
April 30, 2023 | April 30, 2022 | |||||||||||||||
Fund | Ordinary Income* | Return of Capital | Ordinary Income* | Return of Capital | ||||||||||||
BDC Income | $59,501,743 | $1,673,017 | $42,704,368 | $– | ||||||||||||
China Bond | – | 1,816,350 | 4,150,280 | 44,520 | ||||||||||||
Dynamic Income | 11,730 | 1,494 | – | – | ||||||||||||
Emerging Markets High Yield | 37,523,220 | – | 63,324,700 | – | ||||||||||||
Fallen Angel | 148,186,700 | – | 188,041,825 | – | ||||||||||||
Floating Rate | 39,541,190 | – | 4,310,490 | – | ||||||||||||
Green Bond | 2,159,765 | – | 2,002,035 | – | ||||||||||||
International High Yield | 2,745,823 | 324,327 | 4,424,650 | – | ||||||||||||
J.P. Morgan EM | 23,143,273 | 149,840,524 | 88,822,978 | 81,656,280 | ||||||||||||
Moody’s Analytics BBB | 299,760 | – | 226,760 | – | ||||||||||||
Moody’s Analytics IG | 430,440 | – | 317,460 | – | ||||||||||||
Mortgage REIT | 16,885,952 | 5,467,268 | 12,587,387 | 12,142,443 | ||||||||||||
Preferred Securities | 62,856,300 | – | 55,455,503 | 932,857 |
* Includes short-term capital gains (if any).
131 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
At April 30, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
Fund | Short-Term Capital Losses with No Expiration | Long-Term Capital Losses with No Expiration | Total | |||||||||
BDC Income | $ | (40,506,943 | ) | $ | (56,641,799 | ) | $ | (97,148,742 | ) | |||
China Bond | (3,278 | ) | – | (3,278 | ) | |||||||
Dynamic Income | (2,103 | ) | – | (2,103 | ) | |||||||
Emerging Markets High Yield | (81,332,811 | ) | (109,361,657 | ) | (190,694,468 | ) | ||||||
Fallen Angel | (111,381,375 | ) | (182,964,882 | ) | (294,346,257 | ) | ||||||
Floating Rate | (5,467,384 | ) | (1,366,762 | ) | (6,834,146 | ) | ||||||
Green Bond | (1,557,581 | ) | (2,318,558 | ) | (3,876,139 | ) | ||||||
International High Yield | (2,340,022 | ) | (14,971,403 | ) | (17,311,425 | ) | ||||||
J.P. Morgan EM | (113,988,972 | ) | (276,174,879 | ) | (390,163,851 | ) | ||||||
Moody’s Analytics BBB | (315,325 | ) | (771,361 | ) | (1,086,686 | ) | ||||||
Moody’s Analytics IG | (250,007 | ) | (1,308,640 | ) | (1,558,647 | ) | ||||||
Mortgage REIT | (22,675,713 | ) | (84,841,682 | ) | (107,517,395 | ) | ||||||
Preferred Securities | (25,152,834 | ) | (40,051,674 | ) | (65,204,508 | ) |
During the year ended April 30, 2023, China Bond utilized $58,775 of its capital loss carryforward available from prior years.
During the year ended April 30, 2023, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
BDC Income | $ | (9,575,764 | ) | $ | 9,575,764 | |||
China Bond | 1,078,277 | (1,078,277 | ) | |||||
Emerging Markets High Yield | 115,643,740 | (115,643,740 | ) | |||||
Fallen Angel | 78,570,118 | (78,570,118 | ) | |||||
Floating Rate | (681,805 | ) | 681,805 | |||||
Green Bond | 1,816,961 | (1,816,961 | ) | |||||
International High Yield | 2,600,470 | (2,600,470 | ) | |||||
J.P. Morgan EM | 9,754,072 | (9,754,072 | ) | |||||
Mortgage REIT | (528,760 | ) | 528,760 | |||||
Preferred Securities | (2,609,407 | ) | 2,609,407 |
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital.
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2023, the Funds did not incur any interest or penalties.
132 |
China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.
On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.
Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.
Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about
133 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Dynamic High Income ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
134 |
The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs continue to be provided on a representative basis until June 30, 2023 when alternatives to LIBOR, such as the Secured Overnight Financing Rate (SOFR) will replace LIBOR.
Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Dynamic Income, Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at April 30, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and
135 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of April 30, 2023:
Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
BDC Income | $ | 141,163,568 | $ | 92,435,917 | $ | 51,818,720 | $ | 144,254,637 | ||||||||
Emerging Markets High Yield | 34,385,345 | 32,767,820 | 2,916,268 | 35,684,088 | ||||||||||||
Fallen Angel | 129,926,938 | 124,494,085 | 12,759,082 | 137,253,167 | ||||||||||||
Floating Rate | 3,317,907 | 3,402,096 | – | 3,402,096 | ||||||||||||
Green Bond | 6,034,699 | 2,137,597 | 4,054,715 | 6,192,312 | ||||||||||||
International High Yield | 1,682,952 | 1,677,588 | 80,037 | 1,757,625 | ||||||||||||
J.P. Morgan EM | 87,798,667 | 91,541,238 | – | 91,541,238 | ||||||||||||
Moody’s Analytics BBB | 183,947 | 179,987 | 9,361 | 189,348 | ||||||||||||
Moody’s Analytics IG | 208,434 | 214,133 | – | 214,133 | ||||||||||||
Mortgage REIT | 50,909,349 | 15,312,549 | 36,451,955 | 51,764,504 | ||||||||||||
Preferred Securities | 39,470,761 | 39,388,693 | 1,054,539 | 40,443,232 |
The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2023:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||||||||||
Fund | Corporate Bonds | Equity Securities | Government Obligations | |||||||||
BDC Income | $ | – | $ | 92,435,917 | $ | – | ||||||
Emerging Markets High Yield | 32,767,820 | – | – | |||||||||
Fallen Angel | 124,494,085 | – | – | |||||||||
Green Bond | 2,124,565 | 13,032 | – | |||||||||
International High Yield | 1,677,588 | – | – | |||||||||
J.P. Morgan EM | – | – | 91,541,238 | |||||||||
Moody’s Analytics BBB | 179,987 | – | – | |||||||||
Moody’s Analytics IG | 214,133 | – | – | |||||||||
Mortgage REIT | – | 15,312,549 | – | |||||||||
Preferred Securities | – | 39,388,693 | – |
* Remaining contractual maturity: overnight and continuous
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2023, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
BDC Income | 301 | $2,786,856 | 4.50 | % | ||||||||
China Bond | 13 | 1,795,926 | 3.28 | |||||||||
Fallen Angel | 13 | 12,625,306 | 2.60 | |||||||||
Floating Rate | 9 | 10,028,313 | 3.57 | |||||||||
Green Bond | 4 | 146,679 | 4.06 | |||||||||
International High Yield | 31 | 149,303 | 4.45 | |||||||||
J.P. Morgan EM | 131 | 4,364,976 | 4.21 | |||||||||
Mortgage REIT | 221 | 1,469,200 | 4.86 | |||||||||
Preferred Securities | 112 | 2,688,790 | 4.64 |
Outstanding loan balances as of April 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.
136 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the thirteen funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (thirteen of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Funds |
VanEck BDC Income ETF (1) | VanEck International High Yield Bond ETF (1) |
VanEck China Bond ETF (1) | VanEck J.P. Morgan EM Local Currency Bond ETF (1) |
VanEck Dynamic High Income ETF (2) | VanEck Moody’s Analytics BBB Corporate Bond ETF (1) |
VanEck Emerging Markets High Yield Bond ETF (1) | VanEck Moody’s Analytics IG Corporate Bond ETF (1) |
VanEck Fallen Angel High Yield Bond ETF (1) | VanEck Mortgage REIT Income ETF (1) |
VanEck Green Bond ETF (1) | VanEck Preferred Securities ex Financials ETF (1) |
VanEck IG Floating Rate ETF (1) |
(1) Statement of operations, statement of changes in net assets, and financial highlights for the year ended April 30, 2023.
(2) Statement of operations, statement of changes in net assets, and financial highlights for the period November 2, 2022 (commencement of operations) through April 30, 2023.
The financial statements of the Funds (other than VanEck Dynamic High Income ETF) as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the
137 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)
custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
June 27, 2023
We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.
138 |
VANECK ETF TRUST
(unaudited)
The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2023 income tax purposes will be sent to them in early 2024. Please consult your tax advisor regarding the appropriate treatment of these distributions.
Fund Name | Ticker Symbol | Payable | Total Distribution Per Share | Return of Capital (a) | Income Dividends | Foreign Taxes Paid (b) | Total Ordinary Income Dividends | Foreign Source Income as % of Total Ordinary Income (b) | ||||||||||||||||||||||
China Bond | CBON | Monthly | $ | 0.5068 | $ | 0.5068 | $ | — | $ | — | $ | — | — | % | ||||||||||||||||
Emerging Markets High Yield | HYEM | Monthly | 1.1801 | — | 1.1801 | — | 1.1801 | 95.58 | ||||||||||||||||||||||
Fallen Angel | ANGL | Monthly | 1.3382 | — | 1.3382 | — | 1.3382 | — | ||||||||||||||||||||||
Floating Rate | FLTR | Monthly | 0.8770 | — | 0.8770 | — | 0.8770 | — | ||||||||||||||||||||||
Green Bond | GRNB | Monthly | 0.6361 | — | 0.6361 | — | 0.6361 | 56.29 | ||||||||||||||||||||||
International High Yield | IHY | Monthly | 0.9943 | 0.1045 | 0.8898 | 0.0000 | (c) | 0.8898 | 100.00 | |||||||||||||||||||||
J.P. Morgan EM | EMLC | Monthly | 1.4186 | 1.2373 | 0.1813 | 0.0382 | 0.2195 | 100.00 | ||||||||||||||||||||||
Moody’s Analytics BBB | MBBB | Monthly | 0.7494 | — | 0.7494 | — | 0.7494 | — | ||||||||||||||||||||||
Moody’s Analytics IG | MIG | Monthly | 0.7174 | — | 0.7174 | — | 0.7174 | — |
Fund | Ticker | Payable | Section 163(j) - Interest Dividends as a % of the Total Ordinary Income Distributions (d) | Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (e) | ||||||||||||
Emerging Markets High Yield | HYEM | Monthly | 98.86 | % | – | % | ||||||||||
Fallen Angel | ANGL | Monthly | 93.48 | % | 76.21 | % | ||||||||||
Floating Rate | FLTR | Monthly | 99.13 | % | 63.69 | % | ||||||||||
Green Bond | GRNB | Monthly | 92.28 | % | 35.16 | % | ||||||||||
International High Yield | IHY | Monthly | 99.31 | % | – | % | ||||||||||
J.P. Morgan EM | EMLC | Monthly | 99.90 | % | – | % | ||||||||||
Moody’s Analytics BBB | MBBB | Monthly | 95.28 | % | 63.30 | % | ||||||||||
Moody’s Analytics IG | MIG | Monthly | 95.32 | % | 57.59 | % |
(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(c) Amount represents less than $0.0001 per share.
(d) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
(e) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
139 |
VANECK ETF TRUST
TAX INFORMATION
(unaudited) (continued)
Fund Name | Ticker Symbol | Payable | Total Distribution Per Share | Return of Capital (a) | Income Dividends | Foreign Taxes Paid (b) | Total Ordinary Income Dividends | Foreign Source Income as % of Total Ordinary Income (b) | ||||||||||||||||||||
BDC Income | BIZD | Quarterly | $ | 1.6741 | $ | 0.0424 | $ | 1.6317 | $ | — | $ | 1.6317 | — | % | ||||||||||||||
Dynamic Income | INC | Quarterly | 0.6612 | 0.0747 | 0.5865 | 0.0020 | .05885 | 16.44 | ||||||||||||||||||||
Mortgage REIT | MORT | Quarterly | 1.6098 | 0.3954 | 1.2144 | — | 1.2144 | — | ||||||||||||||||||||
Preferred Securities | PFXF | Monthly | 1.1353 | — | 1.1353 | — | 1.1353 | — |
Fund | Ticker | Payable | Percent of Ordinary Income Dividends that are QDI Eligible (c) | Percent of Ordinary Income Dividends that are DRD Eligible (d) | Section 199A QBI as a Percent of Ordinary Income Dividends (e) (f) | Section 163(j) - Interest Dividends as a % of the Total Ordinary Income Distributions (g) | Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (h) | |||||||||||||||||
BDC Income | BIZD | Quarterly | 1.21 | % | 0.05 | % | 0.58 | % | 52.43 | % | 41.35 | % | ||||||||||||
Dynamic Income | INC | Quarterly | 19.02 | % | 18.33 | % | 9.23 | % | 49.37 | % | 24.96 | % | ||||||||||||
Mortgage REIT | MORT | Quarterly | 2.50 | % | – | % | 62.65 | % | – | % | – | % | ||||||||||||
Preferred Securities | PFXF | Monthly | 27.29 | % | 25.85 | % | 14.21 | % | 46.54 | % | 38.27 | % |
(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(c) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.
To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.
(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(e) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions that represent Qualified Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers.
To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.
(f) Amounts are estimated and subject to change. Shareholders should utilize the information on their 2023 Form 1099s received in 2024.
(g) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
(h) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
140 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2023 (unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held By Trustee During Past Five Years | |||||
Independent Trustees | ||||||||||
David H. Chow, 1957*† | Trustee Chairperson | Since 2006 2008 to 2022 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 70 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
Laurie A. Hesslein, 1959*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 70 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 82 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J. Sidebottom, 1962*† | Chairperson Trustee | Since 2022 Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 70 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 82 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee | ||||||||||
Jan F. van Eck, 19635 | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 82 | Director, National Committee on US-China Relations. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
141 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 And Length of Time Served | Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. | |||
Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc. | |||
Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. | |||
Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. |
142 |
Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
143 |
VANECK ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
144 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | VanEck Associates Corporation | |
Distributor: | VanEck Securities Corporation | |
666 Third Avenue, New York, NY 10017 | ||
vaneck.com | ||
Account Assistance: | 800.826.2333 | INCOMEAR |
Item 2. | CODE OF ETHICS. |
(a) | The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. |
(b) | The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR. |
(c) | The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
(d) | The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
(e) | Not applicable. |
(f) | The Registrant’s Code of Ethics is attached as an Exhibit hereto. |
Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2). |
Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is April 30. | |
(a) | Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended April 30, 2023 and April 30, 2022, were $450,180 and $0, respectively. |
(b) | Audit-Related Fees. Not applicable. |
(c) | Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended April 30, 2023 and April 30, 2022, were $183,250 and $0, respectively. |
(d) | All Other Fees |
None. | |
(e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |
(f) | Not applicable. |
(g) | Not applicable. |
(h) | Not applicable. |
Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short served as Chairman of the Audit Committee until December 1, 2022. Since such date, Ms. Hesslein is the Chairwoman of the Audit Committee. |
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 MANAGER 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. |
None. |
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(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. |
(a) Not applicable. |
(b) Not applicable. |
Item 13. | EXHIBITS. |
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 and CFO |
Date July 7, 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, CEO |
Date July 7, 2023
By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |
Date July 7, 2023