VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2022 (unaudited)
Par (000’s | ) | Value | ||||||||
CORPORATE BONDS: 97.7% | ||||||||||
Argentina: 0.8% | ||||||||||
Capex SA 144A 6.88%, 05/15/24 | USD | 25 | $ | 23,426 | ||||||
MercadoLibre, Inc. 3.12%, 01/14/31 | USD | 100 | 77,335 | |||||||
Pampa Energia SA 144A | ||||||||||
7.50%, 01/24/27 | USD | 50 | 40,781 | |||||||
9.12%, 04/15/29 | USD | 25 | 19,618 | |||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | USD | 15 | 16,855 | |||||||
Telecom Argentina SA 144A 8.00%, 07/18/26 | USD | 50 | 43,839 | |||||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | USD | 35 | 26,507 | |||||||
YPF SA 144A | ||||||||||
2.50%, 06/30/29 (s) | USD | 75 | 41,786 | |||||||
4.00%, 02/12/26 (s) | USD | 75 | 59,440 | |||||||
6.95%, 07/21/27 | USD | 50 | 27,963 | |||||||
7.00%, 12/15/47 | USD | 25 | 12,641 | |||||||
8.50%, 07/28/25 | USD | 75 | 48,000 | |||||||
8.50%, 06/27/29 | USD | 35 | 19,932 | |||||||
8.75%, 04/04/24 | USD | 53 | 39,115 | |||||||
497,238 | ||||||||||
Australia: 0.8% | ||||||||||
FMG Resources August 2006 Pty Ltd. 144A 4.38%, 04/01/31 | USD | 150 | 130,443 | |||||||
4.50%, 09/15/27 | USD | 25 | 23,106 | |||||||
5.12%, 05/15/24 | USD | 75 | 75,734 | |||||||
6.12%, 04/15/32 | USD | 100 | 95,281 | |||||||
Infrabuild Australia Pty Ltd. 144A 12.00%, 10/01/24 | USD | 30 | 28,240 | |||||||
Mineral Resources Ltd. 144A 8.12%, 05/01/27 | USD | 100 | 99,471 | |||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 | USD | 30 | 25,546 | |||||||
477,821 | ||||||||||
Austria: 0.2% | ||||||||||
ams-OSRAM AG 144A 7.00%, 07/31/25 † | USD | 100 | 94,607 | |||||||
Belgium: 0.6% | ||||||||||
La Financiere Atalian SASU Reg S 4.00%, 05/15/24 | EUR | 150 | 148,359 | |||||||
Ontex Group NV Reg S 3.50%, 07/15/26 | EUR | 100 | 87,218 | |||||||
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o) EUR | 150 | 151,816 | ||||||||
387,393 | ||||||||||
Bermuda: 0.2% | ||||||||||
Digicel Group Holdings Ltd. 144A |
Par (000’s | ) | Value | ||||||||
Bermuda (continued) | ||||||||||
8.00%, 04/01/25 | USD | 62 | $ | 40,316 | ||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A 8.75%, 05/25/24 | USD | 50 | 46,821 | |||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | USD | 50 | 46,082 | |||||||
133,219 | ||||||||||
Brazil: 6.7% | ||||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | USD | 50 | 45,591 | |||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | USD | 100 | 93,686 | |||||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | USD | 105 | 102,113 | |||||||
Azul Investments LLP 144A 5.88%, 10/26/24 | USD | 50 | 35,065 | |||||||
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 † | USD | 100 | 76,447 | |||||||
Banco Bradesco SA 144A 3.20%, 01/27/25 | USD | 100 | 96,400 | |||||||
Banco BTG Pactual SA 144A 4.50%, 01/10/25 | USD | 100 | 97,930 | |||||||
Banco do Brasil SA 144A | ||||||||||
4.62%, 01/15/25 | USD | 50 | 49,343 | |||||||
4.75%, 03/20/24 | USD | 50 | 50,094 | |||||||
Banco Votorantim SA 144A 4.38%, 07/29/25 | USD | 100 | 95,990 | |||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 † | USD | 200 | 182,547 | |||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 50 | 51,959 | |||||||
BRF SA 144A 4.75%, 05/22/24 | USD | 100 | 98,701 | |||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | USD | 100 | 105,503 | |||||||
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 | USD | 100 | 88,687 | |||||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | USD | 50 | 50,871 | |||||||
Cosan SA 144A 5.50%, 09/20/29 | USD | 50 | 46,884 | |||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 † | USD | 100 | 93,288 | |||||||
Embraer Netherlands Finance BV | ||||||||||
5.05%, 06/15/25 | USD | 100 | 99,639 | |||||||
5.40%, 02/01/27 | USD | 75 | 73,438 | |||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | USD | 50 | 51,187 |
1 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Brazil (continued) | ||||||||||
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 | USD | 100 | $ | 80,649 | ||||||
Gol Finance SA 144A 7.00%, 01/31/25 | USD | 100 | 53,755 | |||||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | USD | 94 | 76,971 | |||||||
Itau Unibanco Holding SA 144A | ||||||||||
3.25%, 01/24/25 | USD | 25 | 24,156 | |||||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 25 | 22,284 | |||||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 50 | 47,816 | |||||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 12/31/99 (o) | USD | 50 | 40,468 | |||||||
Klabin Austria GmbH 144A 5.75%, 04/03/29 | USD | 100 | 100,655 | |||||||
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 | USD | 100 | 87,154 | |||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | USD | 100 | 81,689 | |||||||
MV24 Capital BV 144A 6.75%, 06/01/34 | USD | 89 | 81,957 | |||||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | USD | 100 | 84,879 | |||||||
NBM US Holdings, Inc. 144A 7.00%, 05/14/26 | USD | 100 | 100,520 | |||||||
Nexa Resources SA 144A 6.50%, 01/18/28 | USD | 100 | 100,070 | |||||||
Petrobras Global Finance BV | ||||||||||
5.09%, 01/15/30 † | USD | 50 | 48,447 | |||||||
5.30%, 01/27/25 | USD | 50 | 51,217 | |||||||
5.60%, 01/03/31 † | USD | 100 | 98,133 | |||||||
5.75%, 02/01/29 | USD | 50 | 50,389 | |||||||
6.00%, 01/27/28 † | USD | 75 | 77,034 | |||||||
6.25%, 03/17/24 | USD | 50 | 51,368 | |||||||
6.75%, 01/27/41 | USD | 50 | 49,445 | |||||||
6.75%, 06/03/50 | USD | 50 | 46,725 | |||||||
6.85%, 06/05/15 | USD | 150 | 133,727 | |||||||
6.88%, 01/20/40 | USD | 75 | 74,681 | |||||||
6.90%, 03/19/49 | USD | 50 | 47,623 | |||||||
7.25%, 03/17/44 | USD | 95 | 95,639 | |||||||
7.38%, 01/17/27 | USD | 75 | 81,988 | |||||||
8.75%, 05/23/26 | USD | 50 | 56,672 | |||||||
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 | USD | 100 | 85,924 | |||||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | USD | 87 | 90,991 | |||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | USD | 100 | 95,250 |
Par (000’s | ) | Value | ||||||||
Brazil (continued) | ||||||||||
Ultrapar International SA 144A 5.25%, 06/06/29 | USD | 100 | $ | 90,891 | ||||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | USD | 100 | 98,644 | |||||||
4,093,174 | ||||||||||
Bulgaria: 0.2% | ||||||||||
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 | EUR | 100 | 94,905 | |||||||
Burkina Faso: 0.0% | ||||||||||
IAMGOLD Corp. 144A 5.75%, 10/15/28 | USD | 25 | 14,558 | |||||||
Canada: 6.8% | ||||||||||
1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||||
3.50%, 02/15/29 | USD | 65 | 59,304 | |||||||
3.88%, 01/15/28 | USD | 100 | 92,631 | |||||||
4.00%, 10/15/30 | USD | 175 | 152,486 | |||||||
4.38%, 01/15/28 | USD | 50 | 46,420 | |||||||
5.75%, 04/15/25 † | USD | 25 | 25,344 | |||||||
Air Canada 4.62%, 08/15/29 | CAD | 50 | 33,883 | |||||||
Air Canada 144A 4.62%, 08/15/29 | CAD | 125 | 84,262 | |||||||
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 | USD | 50 | 44,215 | |||||||
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 | USD | 25 | 22,195 | |||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | USD | 50 | 48,850 | |||||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 | USD | 50 | 41,671 | |||||||
Baytex Energy Corp. 144A 8.75%, 04/01/27 † | USD | 40 | 40,804 | |||||||
Bombardier, Inc. 144A | ||||||||||
7.12%, 06/15/26 | USD | 75 | 69,840 | |||||||
7.50%, 12/01/24 | USD | 80 | 78,480 | |||||||
7.50%, 03/15/25 | USD | 107 | 104,439 | |||||||
7.88%, 04/15/27 | USD | 175 | 162,472 | |||||||
Brookfield Property Finance ULC | ||||||||||
3.93%, 08/24/25 | CAD | 50 | 36,935 | |||||||
3.93%, 01/15/27 | CAD | 50 | 36,006 | |||||||
4.30%, 03/01/24 | CAD | 75 | 57,260 | |||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 | USD | 125 | 112,656 |
2 |
Par (000’s | ) | Value | ||||||||
Canada (continued) | ||||||||||
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28 | USD | 50 | $ | 45,057 | ||||||
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 | CAD | 75 | 50,740 | |||||||
Eldorado Gold Corp. 144A 6.25%, 09/01/29 † | USD | 50 | 40,024 | |||||||
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | USD | 100 | 99,755 | |||||||
Empire Communities Corp. 144A 7.00%, 12/15/25 | USD | 25 | 21,874 | |||||||
Ensign Drilling, Inc. 144A 9.25%, 04/15/24 | USD | 50 | 46,607 | |||||||
Garda World Security Corp. 144A 9.50%, 11/01/27 | USD | 50 | 47,209 | |||||||
GFL Environmental, Inc. 144A | ||||||||||
3.50%, 09/01/28 † | USD | 50 | 45,338 | |||||||
3.75%, 08/01/25 | USD | 50 | 48,588 | |||||||
4.38%, 08/15/29 † | USD | 50 | 44,693 | |||||||
4.75%, 06/15/29 | USD | 50 | 46,061 | |||||||
5.12%, 12/15/26 | USD | 75 | 75,619 | |||||||
Gibson Energy, Inc. | ||||||||||
2.85%, 07/14/27 | CAD | 25 | 18,157 | |||||||
3.60%, 09/17/29 | CAD | 75 | 54,633 | |||||||
goeasy Ltd. 144A | ||||||||||
4.38%, 05/01/26 | USD | 25 | 21,495 | |||||||
5.38%, 12/01/24 | USD | 50 | 47,121 | |||||||
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 | USD | 50 | 41,494 | |||||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 | USD | 40 | 33,499 | |||||||
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 | CAD | 65 | 49,332 | |||||||
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 | CAD | 75 | 57,477 | |||||||
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 # (d) *∞ | USD | 256 | 0 | |||||||
Mattamy Group Corp. 144A | ||||||||||
4.62%, 03/01/30 | USD | 50 | 40,311 | |||||||
5.25%, 12/15/27 | USD | 25 | 21,992 | |||||||
MEG Energy Corp. 144A | ||||||||||
5.88%, 02/01/29 | USD | 50 | 47,579 | |||||||
7.12%, 02/01/27 | USD | 75 | 77,834 | |||||||
Mercer International, Inc. 5.12%, 02/01/29 | USD | 50 | 46,927 | |||||||
Methanex Corp. |
Par (000’s | ) | Value | ||||||||
Canada (continued) | ||||||||||
5.12%, 10/15/27 | USD | 50 | $ | 46,329 | ||||||
5.25%, 12/15/29 | USD | 75 | 66,306 | |||||||
New Gold, Inc. 144A 7.50%, 07/15/27 | USD | 50 | 39,377 | |||||||
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 | USD | 50 | 49,470 | |||||||
NOVA Chemicals Corp. 144A | ||||||||||
4.25%, 05/15/29 † | USD | 50 | 43,505 | |||||||
4.88%, 06/01/24 | USD | 75 | 73,538 | |||||||
5.25%, 06/01/27 | USD | 75 | 72,099 | |||||||
Open Text Corp. 144A | ||||||||||
3.88%, 02/15/28 | USD | 100 | 92,238 | |||||||
3.88%, 12/01/29 | USD | 50 | 45,118 | |||||||
Parkland Corp. 6.00%, 06/23/28 | CAD | 50 | 37,395 | |||||||
Parkland Corp. 144A | ||||||||||
4.50%, 10/01/29 | USD | 100 | 88,013 | |||||||
5.88%, 07/15/27 | USD | 75 | 73,248 | |||||||
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | CAD | 50 | 33,524 | |||||||
Precision Drilling Corp. 144A 7.12%, 01/15/26 | USD | 50 | 46,470 | |||||||
Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 | USD | 50 | 50,186 | |||||||
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 | EUR | 100 | 98,218 | |||||||
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 | USD | 50 | 46,043 | |||||||
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 | USD | 50 | 46,070 | |||||||
Taseko Mines Ltd. 144A 7.00%, 02/15/26 | USD | 25 | 20,021 | |||||||
Teine Energy Ltd. 144A 6.88%, 04/15/29 | USD | 50 | 46,604 | |||||||
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 | USD | 25 | 16,023 | |||||||
Terraform Global Operating LLC 144A 6.12%, 03/01/26 | USD | 50 | 48,185 | |||||||
Tervita Corp. 144A 11.00%, 12/01/25 | USD | 30 | 32,664 | |||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 | USD | 50 | 44,878 | |||||||
TransAlta Corp. 6.50%, 03/15/40 | USD | 25 | 24,011 | |||||||
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 | EUR | 100 | 95,035 | |||||||
Vermilion Energy, Inc. 144A 5.62%, 03/15/25 | USD | 25 | 24,552 |
3 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Canada (continued) | ||||||||||
Videotron Ltd. | ||||||||||
3.12%, 01/15/31 | CAD | 50 | $ | 29,706 | ||||||
4.50%, 01/15/30 | CAD | 75 | 50,510 | |||||||
5.62%, 06/15/25 | CAD | 75 | 58,359 | |||||||
Videotron Ltd. 144A 3.62%, 06/15/28 | CAD | 100 | 67,295 | |||||||
4,124,559 | ||||||||||
Cayman Islands: 0.4% | ||||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | USD | 100 | 90,465 | |||||||
Banco do Brasil SA 144A | ||||||||||
3.25%, 09/30/26 | USD | 50 | 46,209 | |||||||
4.88%, 01/11/29 † | USD | 50 | 46,707 | |||||||
CT Trust 144A 5.12%, 02/03/32 | USD | 100 | 89,601 | |||||||
272,982 | ||||||||||
Chile: 0.2% | ||||||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | USD | 50 | 46,978 | |||||||
VTR Comunicaciones SpA 144A 5.12%, 01/15/28 | USD | 100 | 73,184 | |||||||
120,162 | ||||||||||
China: 2.6% | ||||||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 12/31/99 (o) | USD | 200 | 198,033 | |||||||
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) | USD | 200 | 205,503 | |||||||
CIFI Holdings Group Co. Ltd. Reg S 6.00%, 07/16/25 | USD | 200 | 76,726 | |||||||
Country Garden Holdings Co. Ltd. Reg S 3.12%, 10/22/25 | USD | 200 | 71,642 | |||||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | USD | 200 | 169,296 | |||||||
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25 | USD | 200 | 110,709 | |||||||
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 | USD | 115 | 88,682 | |||||||
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/24 | USD | 200 | 44,000 | |||||||
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 12/31/99 (o) † | USD | 500 | 480,409 |
Par (000’s | ) | Value | ||||||||
China (continued) | ||||||||||
KWG Group Holdings Ltd. Reg S 5.88%, 11/10/24 | USD | 350 | $ | 44,510 | ||||||
Volvo Car AB Reg S 2.12%, 04/02/24 | EUR | 100 | 101,271 | |||||||
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 | USD | 200 | 14,500 | |||||||
1,605,281 | ||||||||||
Colombia: 2.3% | ||||||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 | USD | 100 | 95,429 | |||||||
Cable Onda SA 144A 4.50%, 01/30/30 | USD | 100 | 88,724 | |||||||
Ecopetrol SA | ||||||||||
4.12%, 01/16/25 | USD | 100 | 96,359 | |||||||
4.62%, 11/02/31 † | USD | 75 | 61,868 | |||||||
5.38%, 06/26/26 | USD | 100 | 96,921 | |||||||
5.88%, 09/18/23 | USD | 100 | 101,176 | |||||||
5.88%, 05/28/45 † | USD | 125 | 95,004 | |||||||
5.88%, 11/02/51 | USD | 50 | 36,703 | |||||||
6.88%, 04/29/30 | USD | 125 | 119,375 | |||||||
7.38%, 09/18/43 | USD | 50 | 44,825 | |||||||
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29 | USD | 75 | 60,212 | |||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | USD | 100 | 79,246 | |||||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | USD | 100 | 92,229 | |||||||
Millicom International Cellular SA 144A | ||||||||||
5.12%, 01/15/28 | USD | 5 | 4,972 | |||||||
6.25%, 03/25/29 | USD | 54 | 51,432 | |||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | USD | 100 | 84,994 | |||||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 | USD | 50 | 44,493 | |||||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | USD | 100 | 95,471 | |||||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | USD | 85 | 75,629 | |||||||
1,425,062 | ||||||||||
Costa Rica: 0.1% | ||||||||||
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 | USD | 100 | 72,168 | |||||||
Cyprus: 0.2% | ||||||||||
MHP Lux SA 144A 6.95%, 04/03/26 | USD | 100 | 43,340 | |||||||
Vivion Investments Sarl Reg S 3.00%, 08/08/24 | EUR | 100 | 93,527 | |||||||
136,867 |
4 |
Par (000’s | ) | Value | ||||||||
Czech Republic: 0.4% | ||||||||||
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 12/31/99 (o) | EUR | 100 | $ | 71,795 | ||||||
Energo-Pro AS Reg S 4.50%, 05/04/24 | EUR | 100 | 96,798 | |||||||
EP Infrastructure AS Reg S 1.66%, 04/26/24 | EUR | 100 | 85,691 | |||||||
254,284 | ||||||||||
Finland: 0.8% | ||||||||||
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 12/31/99 (o) | EUR | 100 | 74,028 | |||||||
Nokia Oyj | ||||||||||
4.38%, 06/12/27 | USD | 150 | 148,109 | |||||||
6.62%, 05/15/39 | USD | 100 | 103,205 | |||||||
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 | EUR | 175 | 172,661 | |||||||
498,003 | ||||||||||
France: 8.1% | ||||||||||
Accor SA Reg S | ||||||||||
2.62% (EUR Swap Annual 5 Year+3.25%), 12/31/99 (o) | EUR | 100 | 86,843 | |||||||
3.00%, 02/04/26 | EUR | 100 | 100,837 | |||||||
Altice France SA 144A 5.12%, 07/15/29 | USD | 200 | 171,454 | |||||||
Altice France SA Reg S 5.88%, 02/01/27 | EUR | 100 | 96,371 | |||||||
Altice France SA/France 144A 5.50%, 10/15/29 | USD | 175 | 150,719 | |||||||
Banijay Entertainment SASU 144A 5.38%, 03/01/25 | USD | 100 | 95,547 | |||||||
CAB SELAS Reg S 3.38%, 02/01/28 | EUR | 100 | 89,157 | |||||||
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26 | EUR | 100 | 68,531 | |||||||
CGG SA 144A 8.75%, 04/01/27 † | USD | 100 | 91,887 | |||||||
Chrome Bidco SASU Reg S 3.50%, 05/31/28 | EUR | 100 | 90,912 | |||||||
Constellium SE 144A 3.75%, 04/15/29 † | USD | 100 | 85,375 | |||||||
eircom Finance DAC Reg S 3.50%, 05/15/26 | EUR | 100 | 95,591 | |||||||
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | USD | 300 | 284,391 | |||||||
Electricite de France SA Reg S | ||||||||||
3.38% (EUR Swap Annual 5 Year+3.97%), 12/31/99 (o) | EUR | 200 | 163,630 | |||||||
4.00% (EUR Swap Annual 6 Year+3.44%), 12/31/99 (o) | EUR | 100 | 98,382 | |||||||
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 100 | 101,176 |
Par (000’s | ) | Value | ||||||||
France (continued) | ||||||||||
Elis SA Reg S 1.62%, 04/03/28 | EUR | 100 | $ | 88,572 | ||||||
Faurecia SE Reg S | ||||||||||
2.38%, 06/15/27 | EUR | 100 | 84,333 | |||||||
2.62%, 06/15/25 | EUR | 100 | 97,674 | |||||||
3.12%, 06/15/26 | EUR | 100 | 94,915 | |||||||
Getlink SE Reg S 3.50%, 10/30/25 | EUR | 100 | 101,774 | |||||||
Iliad Holding SASU 144A | ||||||||||
6.50%, 10/15/26 | USD | 200 | 192,235 | |||||||
7.00%, 10/15/28 | USD | 100 | 96,219 | |||||||
Iliad Holding SASU Reg S | ||||||||||
5.12%, 10/15/26 | EUR | 100 | 98,816 | |||||||
5.62%, 10/15/28 | EUR | 100 | 95,798 | |||||||
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 12/31/99 (o) | EUR | 100 | 94,622 | |||||||
Loxam SAS Reg S 3.25%, 01/14/25 | EUR | 100 | 95,877 | |||||||
Matterhorn Telecom SA Reg S 3.12%, 09/15/26 | EUR | 100 | 93,995 | |||||||
Orano SA 4.88%, 09/23/24 | EUR | 100 | 104,492 | |||||||
Paprec Holding SA Reg S 4.00%, 03/31/25 | EUR | 100 | 96,102 | |||||||
Parts Europe SA Reg S 6.50%, 07/16/25 | EUR | 100 | 103,346 | |||||||
Picard Groupe SAS Reg S 3.88%, 07/01/26 | EUR | 100 | 92,866 | |||||||
Quatrim SASU Reg S 5.88%, 01/15/24 | EUR | 100 | 97,364 | |||||||
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 | EUR | 100 | 90,532 | |||||||
Renault SA Reg S | ||||||||||
1.00%, 11/28/25 | EUR | 50 | 47,742 | |||||||
1.25%, 06/24/25 | EUR | 100 | 94,122 | |||||||
2.00%, 09/28/26 | EUR | 100 | 88,837 | |||||||
2.38%, 05/25/26 | EUR | 100 | 94,133 | |||||||
Rexel SA Reg S 2.12%, 06/15/28 | EUR | 100 | 89,181 | |||||||
SPCM SA Reg S 2.62%, 02/01/29 | EUR | 100 | 84,503 | |||||||
SPIE SA Reg S 2.62%, 06/18/26 | EUR | 100 | 96,436 | |||||||
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25 | EUR | 100 | 105,817 | |||||||
Valeo Reg S | ||||||||||
1.00%, 08/03/28 | EUR | 100 | 85,241 | |||||||
3.25%, 01/22/24 | EUR | 100 | 102,522 | |||||||
Vallourec SA Reg S 8.50%, 06/30/26 | EUR | 100 | 97,974 | |||||||
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 12/31/99 (o) | EUR | 100 | 91,793 |
5 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
France (continued) | ||||||||||
2.50% (EUR Swap Annual 5 Year+2.84%), 12/31/99 (o) | EUR | 100 | $ | 85,638 | ||||||
Verallia SA Reg S 1.62%, 05/14/28 | EUR | 100 | 91,701 | |||||||
4,945,975 | ||||||||||
Germany: 5.8% | ||||||||||
ADLER Group SA Reg S | ||||||||||
2.75%, 11/13/26 | EUR | 100 | 55,527 | |||||||
3.25%, 08/05/25 | EUR | 100 | 60,294 | |||||||
Bayer AG Reg S | ||||||||||
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 200 | 189,170 | |||||||
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 99,913 | |||||||
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28 | EUR | 100 | 91,700 | |||||||
Commerzbank AG 144A 8.12%, 09/19/23 | USD | 50 | 51,276 | |||||||
Commerzbank AG Reg S | ||||||||||
4.00%, 03/23/26 | EUR | 50 | 52,015 | |||||||
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 99,929 | |||||||
CT Investment GmbH Reg S 5.50%, 04/15/26 | EUR | 100 | 87,078 | |||||||
Deutsche Bank AG | ||||||||||
3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32 | USD | 140 | 109,219 | |||||||
4.50%, 04/01/25 | USD | 150 | 145,984 | |||||||
4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32 | USD | 125 | 107,929 | |||||||
5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31 | USD | 25 | 22,863 | |||||||
Deutsche Bank AG Reg S | ||||||||||
2.75%, 02/17/25 | EUR | 75 | 77,194 | |||||||
5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31 | EUR | 100 | 106,186 | |||||||
Deutsche Lufthansa AG 0.25%, 09/06/24 | EUR | 150 | 146,730 | |||||||
Deutsche Lufthansa AG Reg S | ||||||||||
3.00%, 05/29/26 | EUR | 100 | 91,878 | |||||||
3.75%, 02/11/28 | EUR | 100 | 88,648 | |||||||
Douglas GmbH Reg S 6.00%, 04/08/26 | EUR | 100 | 85,760 | |||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | USD | 75 | 82,463 | |||||||
Gruenenthal GmbH Reg S 3.62%, 11/15/26 | EUR | 100 | 96,510 | |||||||
IHO Verwaltungs GmbH 144A 4.75%, 09/15/26 | USD | 200 | 172,878 |
Par (000’s | ) | Value | ||||||||
Germany (continued) | ||||||||||
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 12/31/99 (o) | EUR | 100 | $ | 92,856 | ||||||
Mahle GmbH Reg S 2.38%, 05/14/28 | EUR | 100 | 77,620 | |||||||
Mercer International, Inc. 5.50%, 01/15/26 | USD | 41 | 39,858 | |||||||
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29 | EUR | 100 | 85,763 | |||||||
ProGroup AG Reg S 3.00%, 03/31/26 | EUR | 100 | 88,441 | |||||||
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | USD | 100 | 99,178 | |||||||
Schaeffler AG Reg S | ||||||||||
1.88%, 03/26/24 | EUR | 50 | 50,497 | |||||||
2.88%, 03/26/27 | EUR | 50 | 47,883 | |||||||
3.38%, 10/12/28 | EUR | 100 | 90,445 | |||||||
Tele Columbus AG Reg S 3.88%, 05/02/25 | EUR | 100 | 86,437 | |||||||
thyssenkrupp AG Reg S | ||||||||||
2.50%, 02/25/25 | EUR | 50 | 48,250 | |||||||
2.88%, 02/22/24 | EUR | 100 | 100,200 | |||||||
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 | EUR | 100 | 77,837 | |||||||
ZF Europe Finance BV Reg S | ||||||||||
2.00%, 02/23/26 | EUR | 100 | 91,648 | |||||||
3.00%, 10/23/29 | EUR | 100 | 84,646 | |||||||
ZF Finance GmbH Reg S 3.75%, 09/21/28 | EUR | 100 | 90,810 | |||||||
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 | USD | 175 | 166,793 | |||||||
3,540,306 | ||||||||||
Ghana: 0.3% | ||||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † | USD | 100 | 88,256 | |||||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | USD | 100 | 82,805 | |||||||
171,061 | ||||||||||
Greece: 1.0% | ||||||||||
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | EUR | 100 | 81,572 | |||||||
Ellaktor Value Plc Reg S 6.38%, 12/15/24 | EUR | 100 | 99,916 | |||||||
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 | EUR | 100 | 85,658 | |||||||
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 | EUR | 100 | 96,514 |
6 |
Par (000’s | ) | Value | ||||||||
Greece (continued) | ||||||||||
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 | EUR | 100 | $ | 91,308 | ||||||
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 | EUR | 100 | 82,454 | |||||||
Public Power Corp. SA Reg S 3.88%, 03/30/26 | EUR | 100 | 91,351 | |||||||
628,773 | ||||||||||
Guatemala: 0.2% | ||||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | USD | 100 | 94,800 | |||||||
Hong Kong: 0.7% | ||||||||||
Agile Group Holdings Ltd. Reg S 8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/31/99 (o) | USD | 200 | 38,284 | |||||||
Melco Resorts Finance Ltd. 144A | ||||||||||
4.88%, 06/06/25 | USD | 100 | 81,590 | |||||||
5.38%, 12/04/29 | USD | 100 | 68,704 | |||||||
5.62%, 07/17/27 | USD | 50 | 35,222 | |||||||
5.75%, 07/21/28 | USD | 50 | 35,645 | |||||||
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 | USD | 200 | 75,848 | |||||||
Studio City Finance Ltd. 144A | ||||||||||
5.00%, 01/15/29 | USD | 100 | 51,263 | |||||||
6.50%, 01/15/28 | USD | 100 | 55,296 | |||||||
441,852 | ||||||||||
Hungary: 0.1% | ||||||||||
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 | EUR | 100 | 93,245 | |||||||
India: 1.8% | ||||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | USD | 100 | 101,416 | |||||||
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 | USD | 100 | 81,500 | |||||||
JSW Steel Ltd. Reg S 5.95%, 04/18/24 | USD | 200 | 197,250 | |||||||
Muthoot Finance Ltd. 144A 4.40%, 09/02/23 | USD | 100 | 97,130 | |||||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 12/31/99 (o) | USD | 100 | 97,212 | |||||||
Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24 | USD | 200 | 189,679 |
Par (000’s | ) | Value | ||||||||
India (continued) | ||||||||||
Tata Motors Ltd. Reg S 5.75%, 10/30/24 | USD | 200 | $ | 199,660 | ||||||
Vedanta Resources Finance II Plc 144A 13.88%, 01/21/24 | USD | 100 | 86,711 | |||||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | USD | 50 | 31,849 | |||||||
1,082,407 | ||||||||||
Indonesia: 0.8% | ||||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | USD | 100 | 95,685 | |||||||
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 | 97,676 | |||||||
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | USD | 200 | 189,714 | |||||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | USD | 100 | 91,057 | |||||||
475,351 | ||||||||||
Ireland: 1.1% | ||||||||||
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | USD | 50 | 47,634 | |||||||
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 | EUR | 100 | 96,259 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 | EUR | 100 | 86,805 | |||||||
Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 | EUR | 100 | 90,447 | |||||||
C&W Senior Financing DAC 144A 6.88%, 09/15/27 | USD | 100 | 89,440 | |||||||
Cimpress Plc 144A 7.00%, 06/15/26 | USD | 100 | 83,707 | |||||||
Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 | EUR | 100 | 84,901 | |||||||
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 | GBP | 100 | 106,395 | |||||||
685,588 | ||||||||||
Israel: 1.8% | ||||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||||
6.12%, 06/30/25 | USD | 50 | 49,200 | |||||||
6.50%, 06/30/27 | USD | 50 | 47,985 |
7 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Israel (continued) | ||||||||||
6.75%, 06/30/30 | USD | 50 | $ | 47,306 | ||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | USD | 95 | 87,153 | |||||||
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 | EUR | 100 | 105,018 | |||||||
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24 | EUR | 100 | 97,097 | |||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||
3.15%, 10/01/26 | USD | 325 | 294,006 | |||||||
4.10%, 10/01/46 | USD | 125 | 88,350 | |||||||
6.00%, 04/15/24 † | USD | 100 | 101,000 | |||||||
6.75%, 03/01/28 † | USD | 100 | 100,444 | |||||||
7.12%, 01/31/25 | USD | 75 | 77,145 | |||||||
1,094,704 | ||||||||||
Italy: 7.6% | ||||||||||
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 12/31/99 (o) | EUR | 100 | 91,533 | |||||||
Atlantia SpA Reg S | ||||||||||
1.88%, 07/13/27 | EUR | 100 | 88,831 | |||||||
1.88%, 02/12/28 | EUR | 100 | 85,607 | |||||||
Autostrade per l’Italia SpA 5.88%, 06/09/24 | EUR | 100 | 108,042 | |||||||
Autostrade per l’Italia SpA Reg S | ||||||||||
1.75%, 06/26/26 | EUR | 100 | 95,973 | |||||||
1.88%, 09/26/29 | EUR | 100 | 86,744 | |||||||
2.00%, 12/04/28 | EUR | 100 | 89,405 | |||||||
4.38%, 09/16/25 | EUR | 50 | 52,394 | |||||||
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 | EUR | 100 | 98,551 | |||||||
Banca Monte dei Paschi di Siena SpA Reg S 3.62%, 09/24/24 | EUR | 150 | 136,835 | |||||||
Banca Popolare di Sondrio SPA Reg S 2.38%, 04/03/24 | EUR | 100 | 101,276 | |||||||
Banco BPM SpA Reg S | ||||||||||
1.75%, 01/28/25 | EUR | 100 | 97,544 | |||||||
2.50%, 06/21/24 | EUR | 100 | 100,856 | |||||||
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 97,085 | |||||||
BPER Banca Reg S | ||||||||||
1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 | EUR | 100 | 90,653 | |||||||
1.88%, 07/07/25 | EUR | 100 | 96,782 | |||||||
Esselunga SpA Reg S 0.88%, 10/25/23 | EUR | 100 | 101,044 | |||||||
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 | EUR | 100 | 83,723 | |||||||
Infrastrutture Wireless Italiane SpA Reg S 1.62%, 10/21/28 | EUR | 100 | 89,782 |
Par (000’s | ) | Value | ||||||||
Italy (continued) | ||||||||||
1.88%, 07/08/26 | EUR | 100 | $ | 96,265 | ||||||
Intesa Sanpaolo SpA 144A | ||||||||||
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | USD | 50 | 34,300 | |||||||
5.02%, 06/26/24 | USD | 125 | 121,118 | |||||||
5.71%, 01/15/26 | USD | 75 | 72,630 | |||||||
Intesa Sanpaolo SpA Reg S | ||||||||||
3.93%, 09/15/26 | EUR | 100 | 103,359 | |||||||
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | EUR | 100 | 104,243 | |||||||
6.62%, 09/13/23 | EUR | 100 | 106,020 | |||||||
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) | EUR | 100 | 102,678 | |||||||
Leonardo SpA 4.88%, 03/24/25 | EUR | 50 | 54,169 | |||||||
Leonardo SpA Reg S 1.50%, 06/07/24 | EUR | 100 | 100,960 | |||||||
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 12/31/99 (o) | EUR | 100 | 73,415 | |||||||
Saipem Finance International BV Reg S 3.75%, 09/08/23 † | EUR | 150 | 152,076 | |||||||
Telecom Italia Finance SA 7.75%, 01/24/33 | EUR | 100 | 107,433 | |||||||
Telecom Italia SpA/Milano 5.25%, 03/17/55 | EUR | 100 | 83,620 | |||||||
Telecom Italia SpA/Milano 144A 5.30%, 05/30/24 | USD | 100 | 97,363 | |||||||
Telecom Italia SpA/Milano Reg S | ||||||||||
1.62%, 01/18/29 | EUR | 100 | 75,869 | |||||||
2.38%, 10/12/27 | EUR | 100 | 86,796 | |||||||
2.75%, 04/15/25 | EUR | 100 | 97,195 | |||||||
2.88%, 01/28/26 | EUR | 100 | 94,446 | |||||||
3.00%, 09/30/25 | EUR | 100 | 96,797 | |||||||
3.62%, 05/25/26 | EUR | 100 | 97,693 | |||||||
4.00%, 04/11/24 | EUR | 100 | 101,868 | |||||||
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 12/31/99 (o) | EUR | 100 | 81,292 | |||||||
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 125 | 102,730 | |||||||
UniCredit SpA Reg S | ||||||||||
2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 188,654 | |||||||
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 175,752 | |||||||
UnipolSai Assicurazioni SpA Reg S |
8 |
Par (000’s | ) | Value | ||||||||
Italy (continued) | ||||||||||
5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) | EUR | 100 | $ | 102,984 | ||||||
Webuild SpA Reg S 1.75%, 10/26/24 | EUR | 100 | 95,341 | |||||||
4,599,726 | ||||||||||
Japan: 1.8% | ||||||||||
Rakuten Group, Inc. 144A | ||||||||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 12/31/99 (o) † | USD | 150 | 121,590 | |||||||
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 12/31/99 (o) † | USD | 150 | 121,500 | |||||||
SoftBank Group Corp. Reg S | ||||||||||
3.12%, 09/19/25 | EUR | 100 | 88,872 | |||||||
4.75%, 09/19/24 | USD | 200 | 188,500 | |||||||
5.00%, 04/15/28 | EUR | 100 | 87,198 | |||||||
5.12%, 09/19/27 | USD | 200 | 172,250 | |||||||
5.25%, 07/06/31 | USD | 200 | 161,404 | |||||||
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 12/31/99 (o) | USD | 200 | 173,300 | |||||||
1,114,614 | ||||||||||
Jersey, Channel Islands: 0.6% | ||||||||||
Atrium European Real Estate Ltd. Reg S 3.00%, 09/11/25 | EUR | 100 | 91,804 | |||||||
eG Global Finance Plc 144A 6.75%, 02/07/25 | USD | 200 | 191,596 | |||||||
Petrofac Ltd. 144A 9.75%, 11/15/26 | USD | 100 | 79,744 | |||||||
363,144 | ||||||||||
Kazakhstan: 0.1% | ||||||||||
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | USD | 100 | 85,056 | |||||||
Luxembourg: 5.7% | ||||||||||
ADLER Group SA Reg S 2.25%, 01/14/29 | EUR | 100 | 53,118 | |||||||
AI Candelaria Spain SA 144A 7.50%, 12/15/28 | USD | 75 | 70,133 | |||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 | USD | 100 | 88,263 | |||||||
Altice Financing SA 144A 5.00%, 01/15/28 | USD | 250 | 220,770 | |||||||
Altice Financing SA Reg S 3.00%, 01/15/28 | EUR | 100 | 86,599 | |||||||
Altice Finco SA Reg S 4.75%, 01/15/28 | EUR | 100 | 83,254 | |||||||
Altice France Holding SA 144A | ||||||||||
6.00%, 02/15/28 † | USD | 75 | 58,105 | |||||||
10.50%, 05/15/27 | USD | 50 | 47,371 |
Par (000’s | ) | Value | ||||||||
Luxembourg (continued) | ||||||||||
Altice France Holding SA Reg S | ||||||||||
4.00%, 02/15/28 | EUR | 100 | $ | 76,845 | ||||||
8.00%, 05/15/27 | EUR | 100 | 89,243 | |||||||
Altice France SA 144A | ||||||||||
5.50%, 01/15/28 | USD | 100 | 88,409 | |||||||
8.12%, 02/01/27 | USD | 100 | 98,887 | |||||||
Altice France SA Reg S 3.38%, 01/15/28 | EUR | 100 | 85,144 | |||||||
ARD Finance SA Reg S 5.00%, 06/30/27 | EUR | 100 | 76,823 | |||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||||
4.12%, 08/15/26 | USD | 150 | 133,156 | |||||||
5.25%, 08/15/27 † | USD | 125 | 95,460 | |||||||
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 | EUR | 100 | 78,411 | |||||||
Centurion Bidco SpA Reg S 5.88%, 09/30/26 | EUR | 100 | 93,905 | |||||||
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 | EUR | 100 | 90,259 | |||||||
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26 | EUR | 25 | 26,433 | |||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | USD | 100 | 81,738 | |||||||
CSN Resources SA 144A 4.62%, 06/10/31 † | USD | 100 | 75,642 | |||||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||||
4.50%, 03/30/24 | USD | 35 | 33,408 | |||||||
4.88%, 03/30/26 | USD | 35 | 32,134 | |||||||
5.38%, 03/30/28 | USD | 35 | 30,985 | |||||||
5.88%, 03/30/31 | USD | 35 | 29,873 | |||||||
Herens Midco Sarl Reg S 5.25%, 05/15/29 | EUR | 100 | 72,095 | |||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | USD | 50 | 35,741 | |||||||
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 | USD | 100 | 80,368 | |||||||
Millicom International Cellular SA 144A 4.50%, 04/27/31 † | USD | 100 | 82,003 | |||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | USD | 125 | 103,308 | |||||||
Movida Europe SA 144A 5.25%, 02/08/31 | USD | 100 | 84,500 | |||||||
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 | EUR | 200 | 190,098 | |||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 | USD | 50 | 47,193 |
9 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
Luxembourg (continued) | ||||||||||
Rossini Sarl Reg S 6.75%, 10/30/25 | EUR | 100 | $ | 102,792 | ||||||
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o) | EUR | 100 | 101,139 | |||||||
Sisal Group SpA Reg S 7.00%, 07/31/23 | EUR | 69 | 69,962 | |||||||
Summer BC Holdco A Sarl Reg S 9.25%, 10/31/27 | EUR | 90 | 80,729 | |||||||
Summer BC Holdco B SARL Reg S 5.75%, 10/31/26 | EUR | 100 | 95,119 | |||||||
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28 | EUR | 100 | 91,801 | |||||||
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 | EUR | 100 | 94,005 | |||||||
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 | USD | 100 | 96,126 | |||||||
3,451,347 | ||||||||||
Malta: 0.1% | ||||||||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30 | USD | 50 | 43,638 | |||||||
Mauritius: 0.4% | ||||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | USD | 48 | 42,282 | |||||||
HTA Group Ltd./Mauritius 144A 7.00%, 12/18/25 | USD | 100 | 88,782 | |||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | USD | 100 | 89,187 | |||||||
220,251 | ||||||||||
Mexico: 4.3% | ||||||||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | USD | 82 | 56,990 | |||||||
Cemex SAB de CV 144A | ||||||||||
3.88%, 07/11/31 | USD | 100 | 80,489 | |||||||
5.20%, 09/17/30 | USD | 75 | 67,664 | |||||||
5.45%, 11/19/29 | USD | 100 | 91,750 | |||||||
7.38%, 06/05/27 | USD | 100 | 101,640 | |||||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | USD | 50 | 46,331 | |||||||
Nemak SAB de CV 144A 3.62%, 06/28/31 | USD | 100 | 78,139 | |||||||
Petroleos Mexicanos | ||||||||||
4.25%, 01/15/25 | USD | 50 | 47,709 | |||||||
4.50%, 01/23/26 | USD | 50 | 45,350 | |||||||
4.62%, 09/21/23 | USD | 50 | 49,758 | |||||||
4.88%, 01/18/24 † | USD | 50 | 50,050 | |||||||
5.35%, 02/12/28 | USD | 100 | 83,895 | |||||||
5.50%, 06/27/44 | USD | 50 | 31,810 |
Par (000’s | ) | Value | ||||||||
Mexico (continued) | ||||||||||
5.62%, 01/23/46 | USD | 50 | $ | 32,050 | ||||||
5.95%, 01/28/31 | USD | 150 | 116,895 | |||||||
6.35%, 02/12/48 | USD | 50 | 33,045 | |||||||
6.38%, 01/23/45 | USD | 75 | 50,442 | |||||||
6.49%, 01/23/27 | USD | 50 | 45,486 | |||||||
6.50%, 03/13/27 | USD | 150 | 135,829 | |||||||
6.50%, 01/23/29 † | USD | 50 | 43,028 | |||||||
6.50%, 06/02/41 | USD | 75 | 51,087 | |||||||
6.62%, 06/15/35 | USD | 100 | 73,500 | |||||||
6.62%, 06/15/38 | USD | 25 | 17,614 | |||||||
6.70%, 02/16/32 | USD | 100 | 80,392 | |||||||
6.75%, 09/21/47 | USD | 200 | 137,253 | |||||||
6.84%, 01/23/30 | USD | 75 | 63,956 | |||||||
6.88%, 10/16/25 | USD | 50 | 49,061 | |||||||
6.88%, 08/04/26 | USD | 100 | 95,724 | |||||||
6.95%, 01/28/60 | USD | 150 | 101,338 | |||||||
7.69%, 01/23/50 | USD | 300 | 219,481 | |||||||
Petroleos Mexicanos Reg S | ||||||||||
3.75%, 11/16/25 | GBP | 100 | 106,019 | |||||||
4.88%, 02/21/28 | EUR | 100 | 84,950 | |||||||
Petróleos Mexicanos Reg S 5.50%, 02/24/25 | EUR | 25 | 25,555 | |||||||
Total Play Telecomunicaciones SA de CV 144A | ||||||||||
6.38%, 09/20/28 † | USD | 50 | 39,292 | |||||||
7.50%, 11/12/25 | USD | 50 | 43,787 | |||||||
Unifin Financiera SAB de CV 144A | ||||||||||
7.00%, 01/15/25 | USD | 100 | 52,739 | |||||||
7.25%, 09/27/23 | USD | 100 | 61,720 | |||||||
2,591,818 | ||||||||||
Morocco: 0.4% | ||||||||||
OCP SA 144A | ||||||||||
5.62%, 04/25/24 | USD | 150 | 152,365 | |||||||
6.88%, 04/25/44 | USD | 100 | 85,977 | |||||||
238,342 | ||||||||||
Netherlands: 3.3% | ||||||||||
ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 12/31/99 (o) | EUR | 100 | 99,976 | |||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | USD | 97 | 85,289 | |||||||
Lincoln Financing SARL Reg S 3.62%, 04/01/24 | EUR | 150 | 150,701 | |||||||
Naturgy Finance BV Reg S 3.38% (EUR Swap Annual 9 Year+3.08%), 12/29/49 (o) | EUR | 100 | 95,909 | |||||||
Nobel Bidco BV Reg S 3.12%, 06/15/28 | EUR | 100 | 77,184 | |||||||
Petrobras Global Finance BV 5.50%, 06/10/51 † | USD | 100 | 83,052 | |||||||
PPF Telecom Group BV Reg S | ||||||||||
3.12%, 03/27/26 | EUR | 100 | 94,442 | |||||||
3.50%, 05/20/24 | EUR | 100 | 101,112 | |||||||
Repsol International Finance BV Reg S |
10 |
Par (000’s | ) | Value | ||||||||
Netherlands (continued) | ||||||||||
4.25% (EUR Swap Annual 5 Year+4.41%), 12/31/99 (o) | EUR | 100 | $ | 93,497 | ||||||
Selecta Group BV Reg S 8.00%, 04/01/26 | EUR | 52 | 49,158 | |||||||
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 12/31/99 (o) | EUR | 100 | 80,908 | |||||||
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 12/31/99 (o) | EUR | 175 | 176,839 | |||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||
4.75%, 05/09/27 | USD | 100 | 96,000 | |||||||
5.12%, 05/09/29 † | USD | 100 | 91,996 | |||||||
UPC Broadband Finco BV 144A 4.88%, 07/15/31 | USD | 100 | 88,641 | |||||||
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 | EUR | 100 | 82,415 | |||||||
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 12/31/99 (o) | EUR | 100 | 79,530 | |||||||
WP/AP Telecom Holdings IV BV Reg S 3.75%, 01/15/29 | EUR | 100 | 91,259 | |||||||
Ziggo Bond Co. BV 144A | ||||||||||
5.12%, 02/28/30 | USD | 50 | 42,691 | |||||||
6.00%, 01/15/27 | USD | 50 | 48,220 | |||||||
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 | EUR | 125 | 99,555 | |||||||
Ziggo BV 144A 4.88%, 01/15/30 | USD | 100 | 92,580 | |||||||
2,000,954 | ||||||||||
Nigeria: 0.1% | ||||||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | USD | 100 | 85,002 | |||||||
Norway: 0.2% | ||||||||||
Adevinta ASA Reg S 2.62%, 11/15/25 | EUR | 100 | 97,377 | |||||||
Oman: 0.7% | ||||||||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | USD | 225 | 216,328 | |||||||
OQ SAOC 144A 5.12%, 05/06/28 | USD | 100 | 95,415 | |||||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 | USD | 100 | 102,195 | |||||||
413,938 | ||||||||||
Panama: 0.1% | ||||||||||
Banistmo SA 144A 4.25%, 07/31/27 | USD | 100 | 93,789 | |||||||
Peru: 0.7% | ||||||||||
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | USD | 75 | 74,244 |
Par (000’s | ) | Value | ||||||||
Peru (continued) | ||||||||||
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 | USD | 25 | $ | 19,501 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 | USD | 100 | 83,750 | |||||||
Petroleos del Peru SA 144A | ||||||||||
4.75%, 06/19/32 | USD | 100 | 80,276 | |||||||
5.62%, 06/19/47 | USD | 150 | 105,932 | |||||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | USD | 100 | 87,621 | |||||||
451,324 | ||||||||||
Poland: 0.4% | ||||||||||
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 | USD | 100 | 82,596 | |||||||
Canpack SA / Canpack US LLC Reg S 2.38%, 11/01/27 | EUR | 100 | 87,817 | |||||||
Synthos SA Reg S 2.50%, 06/07/28 | EUR | 100 | 82,500 | |||||||
252,913 | ||||||||||
Portugal: 0.6% | ||||||||||
Banco Comercial Portugues SA Reg S 1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 | EUR | 100 | 85,110 | |||||||
EDP - Energias de Portugal SA Reg S | ||||||||||
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 | EUR | 100 | 88,252 | |||||||
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 200 | 204,389 | |||||||
377,751 | ||||||||||
Romania: 0.1% | ||||||||||
RCS & RDS SA Reg S 2.50%, 02/05/25 | EUR | 100 | 91,769 | |||||||
Singapore: 0.6% | ||||||||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | USD | 200 | 194,380 | |||||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | USD | 100 | 92,807 | |||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | USD | 82 | 78,235 | |||||||
365,422 | ||||||||||
South Africa: 0.8% | ||||||||||
Eskom Holdings SOC Ltd. 144A | ||||||||||
6.75%, 08/06/23 | USD | 100 | 99,350 | |||||||
7.12%, 02/11/25 | USD | 100 | 93,449 | |||||||
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22 | USD | 140 | 401 | |||||||
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 | USD | 100 | 98,650 | |||||||
Sasol Financing USA LLC |
11 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
South Africa (continued) | ||||||||||
5.88%, 03/27/24 | USD | 200 | $ | 200,310 | ||||||
492,160 | ||||||||||
South Korea: 0.2% | ||||||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 12/31/99 (o) | USD | 100 | 95,295 | |||||||
Spain: 4.0% | ||||||||||
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 | EUR | 100 | 101,227 | |||||||
Abengoa SA 0.00%, 03/31/27 (s) ^ | EUR | 100 | 511 | |||||||
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 | EUR | 100 | 96,938 | |||||||
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 | EUR | 100 | 82,311 | |||||||
Banco de Sabadell SA Reg S | ||||||||||
1.75%, 05/10/24 | EUR | 100 | 100,038 | |||||||
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 | EUR | 100 | 102,055 | |||||||
5.62%, 05/06/26 | EUR | 100 | 102,864 | |||||||
Cellnex Finance Co. SA Reg S | ||||||||||
1.25%, 01/15/29 | EUR | 100 | 84,936 | |||||||
1.50%, 06/08/28 | EUR | 100 | 88,718 | |||||||
2.00%, 09/15/32 | EUR | 100 | 80,815 | |||||||
2.00%, 02/15/33 | EUR | 100 | 79,030 | |||||||
Cellnex Telecom SA 1.88%, 06/26/29 | EUR | 100 | 87,184 | |||||||
Cellnex Telecom SA Reg S | ||||||||||
1.75%, 10/23/30 | EUR | 100 | 83,303 | |||||||
2.38%, 01/16/24 | EUR | 100 | 102,375 | |||||||
Grifols SA Reg S | ||||||||||
1.62%, 02/15/25 | EUR | 150 | 147,324 | |||||||
2.25%, 11/15/27 | EUR | 100 | 91,493 | |||||||
3.20%, 05/01/25 | EUR | 100 | 97,471 | |||||||
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 | EUR | 100 | 85,936 | |||||||
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 | EUR | 100 | 95,247 | |||||||
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 | EUR | 200 | 187,001 | |||||||
Repsol International Finance BV Reg S | ||||||||||
4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 | EUR | 125 | 127,901 | |||||||
Telefonica Europe BV Reg S 3.00% (EUR Swap Annual 5 Year+2.45%), 12/31/99 (o) | EUR | 100 | 99,874 |
Par (000’s | ) | Value | ||||||||
Spain (continued) | ||||||||||
3.88% (EUR Swap Annual 8 Year+2.97%), 12/31/99 (o) | EUR | 100 | $ | 95,470 | ||||||
4.38% (EUR Swap Annual 6 Year+4.11%), 12/31/99 (o) | EUR | 100 | 100,129 | |||||||
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) | EUR | 100 | 103,355 | |||||||
2,423,506 | ||||||||||
Sweden: 1.2% | ||||||||||
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/31/99 (o) | EUR | 100 | 69,843 | |||||||
Dometic Group AB Reg S 3.00%, 05/08/26 | EUR | 100 | 90,443 | |||||||
Fastighets AB Balder Reg S 2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81 | EUR | 100 | 70,356 | |||||||
Heimstaden AB Reg S 4.38%, 03/06/27 | EUR | 100 | 80,552 | |||||||
Heimstaden Bostad AB Reg S 2.62% (EUR Swap Annual 5 Year+3.15%), 12/31/99 (o) | EUR | 100 | 72,986 | |||||||
Intrum AB Reg S | ||||||||||
3.00%, 09/15/27 | EUR | 100 | 82,300 | |||||||
3.12%, 07/15/24 | EUR | 100 | 98,125 | |||||||
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 12/31/99 (o) | EUR | 100 | 51,598 | |||||||
Stena AB 144A 7.00%, 02/01/24 | USD | 100 | 97,727 | |||||||
713,930 | ||||||||||
Switzerland: 0.4% | ||||||||||
Dufry One BV Reg S 2.50%, 10/15/24 † | EUR | 125 | 124,431 | |||||||
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 | EUR | 100 | 94,174 | |||||||
218,605 | ||||||||||
Tanzania: 0.1% | ||||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | USD | 40 | 38,492 | |||||||
Trinidad and Tobago: 0.2% | ||||||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | USD | 100 | 96,453 | |||||||
Turkey: 1.9% | ||||||||||
Akbank TAS 144A | ||||||||||
5.12%, 03/31/25 | USD | 50 | 43,707 | |||||||
6.80%, 02/06/26 † | USD | 100 | 87,431 | |||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | USD | 100 | 69,545 | |||||||
KOC Holding AS 144A 6.50%, 03/11/25 | USD | 50 | 45,821 | |||||||
TC Ziraat Bankasi AS 144A |
12 |
Par (000’s | ) | Value | ||||||||
Turkey (continued) | ||||||||||
5.38%, 03/02/26 | USD | 100 | $ | 82,020 | ||||||
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 | USD | 100 | 86,515 | |||||||
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 | USD | 100 | 76,475 | |||||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||||
6.12%, 05/03/24 | USD | 100 | 92,299 | |||||||
8.25%, 01/24/24 | USD | 25 | 24,173 | |||||||
Turkiye Is Bankasi AS 144A 6.12%, 04/25/24 | USD | 150 | 139,722 | |||||||
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 | USD | 100 | 88,370 | |||||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||||
5.25%, 02/05/25 | USD | 100 | 86,625 | |||||||
6.50%, 01/08/26 | USD | 100 | 85,127 | |||||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | USD | 100 | 74,122 | |||||||
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | USD | 100 | 87,478 | |||||||
1,169,430 | ||||||||||
Ukraine: 0.2% | ||||||||||
Kernel Holding SA 144A | ||||||||||
6.50%, 10/17/24 | USD | 50 | 20,424 | |||||||
6.75%, 10/27/27 | USD | 50 | 18,975 | |||||||
Metinvest BV 144A 7.75%, 10/17/29 | USD | 100 | 39,800 | |||||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24 | EUR | 100 | 22,089 | |||||||
101,288 | ||||||||||
United Arab Emirates: 0.6% | ||||||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 12/31/99 (o) | USD | 200 | 200,750 | |||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | USD | 100 | 94,107 | |||||||
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 | USD | 100 | 78,255 | |||||||
373,112 | ||||||||||
United Kingdom: 10.9% | ||||||||||
Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23 | GBP | 100 | 118,727 | |||||||
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 | USD | 50 | 53,050 |
Par (000’s | ) | Value | ||||||||
United Kingdom (continued) | ||||||||||
B&M European Value Retail SA Reg S 3.62%, 07/15/25 | GBP | 100 | $ | 108,304 | ||||||
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 | EUR | 100 | 85,396 | |||||||
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 | GBP | 200 | 198,659 | |||||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | USD | 100 | 89,640 | |||||||
British American Tobacco Plc Reg S | ||||||||||
3.00% (EUR Swap Annual 5 Year+3.37%), 12/31/99 (o) | EUR | 100 | 81,239 | |||||||
3.75% (EUR Swap Annual 5 Year+3.95%), 12/31/99 (o) | EUR | 100 | 78,308 | |||||||
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 | EUR | 100 | 87,541 | |||||||
Connect Finco SARL / Connect US Finco LLC 144A 6.75%, 10/01/26 | USD | 200 | 195,872 | |||||||
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 | GBP | 100 | 97,900 | |||||||
Co-operative Group Ltd. Reg S 5.12%, 05/17/24 | GBP | 100 | 112,495 | |||||||
Deuce Finco Plc Reg S 5.50%, 06/15/27 | GBP | 100 | 103,400 | |||||||
Drax Finco Plc 144A 6.62%, 11/01/25 | USD | 100 | 99,181 | |||||||
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 | EUR | 100 | 88,182 | |||||||
Heathrow Finance Plc Reg S 4.38%, 03/01/27 (s) | GBP | 100 | 101,283 | |||||||
Iceland Bondco Plc Reg S 4.62%, 03/15/25 | GBP | 100 | 102,323 | |||||||
INEOS Finance Plc Reg S 2.88%, 05/01/26 | EUR | 100 | 94,444 | |||||||
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26 | EUR | 100 | 92,480 | |||||||
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 | EUR | 100 | 83,611 | |||||||
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27 | EUR | 100 | 77,124 | |||||||
Jaguar Land Rover Automotive Plc 144A | ||||||||||
5.88%, 01/15/28 | USD | 100 | 78,401 | |||||||
7.75%, 10/15/25 | USD | 100 | 95,941 | |||||||
Jerrold Finco Plc Reg S 4.88%, 01/15/26 | GBP | 100 | 105,370 |
13 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Par (000’s | ) | Value | ||||||||
United Kingdom (continued) | ||||||||||
Market Bidco Finco Plc Reg S 5.50%, 11/04/27 | GBP | 100 | $ | 102,524 | ||||||
Marks & Spencer Plc Reg S 6.00%, 06/12/25 | GBP | 150 | 179,286 | |||||||
Motion Bondco DAC 144A 6.62%, 11/15/27 † | USD | 100 | 80,313 | |||||||
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 | USD | 100 | 96,771 | |||||||
Nexi SpA Reg S 1.75%, 10/31/24 † | EUR | 200 | 195,249 | |||||||
NGG Finance Plc Reg S | ||||||||||
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | EUR | 100 | 84,873 | |||||||
5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 117,099 | |||||||
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 | EUR | 100 | 85,527 | |||||||
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 † | USD | 100 | 76,743 | |||||||
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 | GBP | 100 | 110,738 | |||||||
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 | EUR | 100 | 96,472 | |||||||
Playtech Plc Reg S 3.75%, 10/12/23 | EUR | 100 | 100,033 | |||||||
Punch Finance Plc Reg S 6.12%, 06/30/26 | GBP | 100 | 108,072 | |||||||
Rolls-Royce Plc Reg S | ||||||||||
0.88%, 05/09/24 | EUR | 100 | 98,010 | |||||||
1.62%, 05/09/28 | EUR | 100 | 82,055 | |||||||
5.75%, 10/15/27 | GBP | 100 | 115,222 | |||||||
Sherwood Financing Plc Reg S 4.50%, 11/15/26 | EUR | 100 | 84,786 | |||||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | USD | 100 | 105,179 | |||||||
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 | GBP | 100 | 115,742 | |||||||
Summer BidCo BV Reg S 9.00%, 11/15/25 | EUR | 110 | 91,727 | |||||||
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25 | GBP | 100 | 108,061 | |||||||
The Weir Group Plc 144A 2.20%, 05/13/26 | USD | 100 | 88,615 | |||||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | USD | 100 | 93,883 | |||||||
United Group BV Reg S 4.88%, 07/01/24 | EUR | 100 | 98,066 | |||||||
UPC Holding BV 144A 5.50%, 01/15/28 | USD | 100 | 91,470 |
Par (000’s | ) | Value | ||||||||
United Kingdom (continued) | ||||||||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | USD | 100 | $ | 73,494 | ||||||
Victoria Plc Reg S 3.62%, 08/24/26 | EUR | 100 | 87,710 | |||||||
Virgin Media Finance Plc 144A 5.00%, 07/15/30 | USD | 50 | 42,469 | |||||||
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 | USD | 100 | 95,184 | |||||||
Virgin Media Secured Finance Plc Reg S | ||||||||||
4.25%, 01/15/30 | GBP | 100 | 105,688 | |||||||
5.00%, 04/15/27 | GBP | 100 | 115,606 | |||||||
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 | USD | 100 | 87,810 | |||||||
Vmed O2 UK Financing I Plc Reg S | ||||||||||
3.25%, 01/31/31 | EUR | 100 | 87,497 | |||||||
4.00%, 01/31/29 | GBP | 100 | 107,023 | |||||||
Vodafone Group Plc | ||||||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 150 | 121,775 | |||||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 200 | 210,735 | |||||||
Vodafone Group Plc Reg S | ||||||||||
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 | EUR | 125 | 124,764 | |||||||
6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 196,437 | |||||||
William Hill Ltd. Reg S 4.88%, 09/07/23 | GBP | 100 | 123,059 | |||||||
6,614,638 | ||||||||||
United States: 3.7% | ||||||||||
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | USD | 100 | 91,337 | |||||||
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28 | USD | 100 | 91,316 | |||||||
Cirsa Finance International Sarl 144A 6.25%, 12/20/23 | EUR | 127 | 126,583 | |||||||
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 | EUR | 100 | 85,935 | |||||||
Deutsche Bank AG/New York NY 3.74% (United States Secured Overnight Financing Rate+2.26%), 01/07/33 | USD | 125 | 95,236 |
14 |
Par (000’s | ) | Value | ||||||||
United States (continued) | ||||||||||
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25 | EUR | 100 | $ | 92,890 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | USD | 100 | 68,247 | |||||||
Gamma Bidco SpA Reg S 6.25%, 07/15/25 | EUR | 100 | 98,906 | |||||||
Garda World Security Corp. 144A 4.62%, 02/15/27 | USD | 75 | 67,791 | |||||||
Guacolda Energia SA 144A 4.56%, 04/30/25 | USD | 100 | 34,692 | |||||||
IPD 3 BV Reg S 5.50%, 12/01/25 | EUR | 100 | 93,319 | |||||||
James Hardie International Finance DAC 144A 5.00%, 01/15/28 | USD | 50 | 46,335 | |||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 | USD | 75 | 57,020 | |||||||
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 | USD | 180 | 175,256 | |||||||
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 | USD | 200 | 165,756 | |||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | USD | 100 | 82,250 | |||||||
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 | USD | 50 | 46,321 | |||||||
Q-Park Holding I BV Reg S 2.00%, 03/01/27 | EUR | 100 | 83,832 | |||||||
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 | USD | 25 | 24,724 | |||||||
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26 | EUR | 100 | 85,013 | |||||||
Sigma Holdco BV Reg S 5.75%, 05/15/26 | EUR | 100 | 64,323 | |||||||
Stillwater Mining Co. 144A 4.00%, 11/16/26 | USD | 100 | 86,135 | |||||||
Telesat Canada / Telesat LLC 144A | ||||||||||
4.88%, 06/01/27 | USD | 50 | 29,570 | |||||||
6.50%, 10/15/27 | USD | 50 | 20,871 | |||||||
Verisure Holding AB Reg S 3.88%, 07/15/26 | EUR | 150 | 141,872 | |||||||
Wynn Macau Ltd. 144A | ||||||||||
5.12%, 12/15/29 † | USD | 100 | 76,752 | |||||||
5.50%, 01/15/26 | USD | 100 | 82,313 | |||||||
5.50%, 10/01/27 | USD | 50 | 39,475 | |||||||
2,254,070 |
Par (000’s | ) | Value | ||||||||
Uzbekistan: 0.1% | ||||||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | USD | 50 | $ | 35,471 | ||||||
Zambia: 0.6% | ||||||||||
First Quantum Minerals Ltd. 144A | ||||||||||
6.50%, 03/01/24 | USD | 100 | 99,360 | |||||||
6.88%, 03/01/26 | USD | 100 | 96,595 | |||||||
6.88%, 10/15/27 | USD | 50 | 47,738 | |||||||
7.50%, 04/01/25 | USD | 100 | 99,683 | |||||||
343,376 | ||||||||||
Total Corporate Bonds (Cost: $72,662,488) | 59,464,346 | |||||||||
Number | ||||||||||
of Shares | ||||||||||
COMMON STOCK: 0.0% (Cost: $5,620) | ||||||||||
Canada: 0.0% | ||||||||||
Secure Energy Services, Inc. (CAD) | 1,259 | 6,308 | ||||||||
Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $72,668,108) | 59,470,654 | |||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.0% (Cost: $3,014,467) | ||||||||||
Money Market Fund: 5.0% | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,014,467 | 3,014,467 | ||||||||
Total Investments: 102.7% (Cost: $75,682,575) | 62,485,121 | |||||||||
Liabilities in excess of other assets: (2.7)% | (1,625,016) | |||||||||
NET ASSETS: 100.0% | $ | 60,860,105 |
15 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
USD | United States Dollar |
Footnotes:
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
† | Security fully or partially on loan. Total market value of securities on loan is $3,419,496. |
(o) | Perpetual Maturity — the date shown is the next call date |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
∞ | 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. |
(d) | Security in default |
* | Non-income producing |
^ | 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 $23,313,509, or 38.3% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 6.8 | % | $ | 4,036,034 | ||||
Consumer Cyclicals | 7.9 | 4,710,796 | ||||||
Consumer Non-Cyclicals | 3.9 | 2,300,043 | ||||||
Energy | 11.9 | 7,067,519 | ||||||
Financials | 32.2 | 19,178,938 | ||||||
Healthcare | 3.6 | 2,126,870 | ||||||
Industrials | 12.4 | 7,348,293 | ||||||
Institutions, Associations & Organizations | 0.4 | 245,971 | ||||||
Real Estate | 1.9 | 1,132,478 | ||||||
Technology | 12.3 | 7,346,473 | ||||||
Utilities | 6.7 | 3,977,239 | ||||||
100.0 | % | $ | 59,470,654 |
16 |