VANECK
FALLEN
ANGEL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Par
(000's)
Value
CORPORATE
BONDS
:
98.1%
Australia
:
3.3%
Buckeye
Partners
LP
3.95%,
12/01/26
$
32,684
$
31,522,545
4.12%,
12/01/27
21,789
20,500,468
5.60%,
10/15/44
16,355
13,567,598
5.85%,
11/15/43
21,775
19,336,111
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
144A
5.90%,
11/24/31
†
16,351
15,314,756
100,241,478
Canada
:
4.6%
Bombardier,
Inc.
144A
7.45%,
05/01/34
27,779
29,792,978
Methanex
Corp.
5.25%,
12/15/29
†
38,114
37,123,807
5.65%,
12/01/44
16,346
14,309,502
Rogers
Communications,
Inc.
144A
5.25%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.59%),
03/15/82
†
40,850
39,632,911
TransAlta
Corp.
6.50%,
03/15/40
16,356
16,679,342
137,538,540
Germany
:
2.0%
Dresdner
Funding
Trust
I
144A
8.15%,
06/30/31
54,364
59,589,349
Underline
Ireland
:
3.0%
Perrigo
Finance
Unlimited
Co.
4.38%,
03/15/26
38,125
37,303,435
4.90%,
06/15/30
40,844
38,598,263
4.90%,
12/15/44
†
16,535
13,478,732
89,380,430
Italy
:
3.5%
Telecom
Italia
Capital
SA
6.00%,
09/30/34
27,245
25,677,829
6.38%,
11/15/33
27,181
26,517,173
7.20%,
07/18/36
27,230
27,212,603
7.72%,
06/04/38
27,226
27,704,428
107,112,033
United
Kingdom
:
5.7%
Marks
&
Spencer
Plc
144A
7.12%,
12/01/37
16,335
17,753,660
Standard
Chartered
Plc
144A
7.01%
(ICE
LIBOR
USD
3
Month+1.46%),
07/30/37
(o)
40,800
41,588,582
Vodafone
Group
Plc
7.00%
(USD
Swap
Semi
30/360
5
Year+4.87%),
04/04/79
108,829
112,837,716
172,179,958
United
States
:
76.0%
Advance
Auto
Parts,
Inc.
1.75%,
10/01/27
19,065
16,926,814
Par
(000’s)
Value
United
States
(continued)
3.50%,
03/15/32
†
$
19,070
$
16,562,468
3.90%,
04/15/30
27,205
25,103,324
5.90%,
03/09/26
16,355
16,402,648
5.95%,
03/09/28
†
16,356
16,480,540
Banc
of
California
3.25%
(Term
SOFR
USD
3
Month+2.52%),
05/01/31
20,945
19,479,320
Bath
&
Body
Works,
Inc.
6.95%,
03/01/33
15,469
15,112,059
Brandywine
Operating
Partnership
LP
3.95%,
11/15/27
24,513
22,659,493
4.55%,
10/01/29
†
19,054
17,145,628
8.05%,
03/15/28
†
19,070
20,075,027
Brightsphere
Investment
Group,
Inc.
4.80%,
07/27/26
14,966
14,516,789
Constellation
Insurance,
Inc.
144A
6.62%,
05/01/31
†
13,634
13,395,803
6.80%,
01/24/30
23,160
22,970,892
Crane
NXT
Co.
4.20%,
03/15/48
19,045
13,529,637
Crown
Cork
&
Seal
Co.,
Inc.
7.38%,
12/15/26
19,072
19,893,603
Diversified
Healthcare
Trust
4.75%,
02/15/28
27,215
23,078,794
DPL,
Inc.
4.35%,
04/15/29
21,754
20,441,422
Embarq
Corp.
8.00%,
06/01/36
66,115
19,353,183
Entegris,
Inc.
144A
4.75%,
04/15/29
87,069
84,089,870
EQM
Midstream
Partners
LP
4.12%,
12/01/26
27,226
26,600,968
5.50%,
07/15/28
46,289
46,088,032
6.50%,
07/15/48
29,940
30,410,268
Fluor
Corp.
4.25%,
09/15/28
31,369
30,185,314
Frontier
Florida
LLC
6.86%,
02/01/28
†
16,333
16,608,933
Genting
New
York
LLC
/
GENNY
Capital,
Inc.
144A
3.30%,
02/15/26
28,599
27,546,504
Genworth
Holdings,
Inc.
6.50%,
06/15/34
14,284
13,764,345
Global
Marine,
Inc.
7.00%,
06/01/28
†
14,203
13,377,039
HB
Fuller
Co.
4.00%,
02/15/27
16,332
15,800,952
Hillenbrand,
Inc.
5.00%,
09/15/26
20,437
20,194,822
Hudson
Pacific
Properties
LP
3.25%,
01/15/30
†
21,768
16,599,391
3.95%,
11/01/27
21,770
19,157,898
4.65%,
04/01/29
†
27,217
22,982,118
5.95%,
02/15/28
19,049
17,207,844
Kohl's
Corp.
VANECK
FALLEN
ANGEL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
United
States
(continued)
4.62%,
05/01/31
†
$
27,243
$
22,141,747
5.55%,
07/17/45
23,260
15,260,653
Lumen
Technologies,
Inc.
7.60%,
09/15/39
19,340
8,281,589
Macy's
Retail
Holdings
LLC
4.30%,
02/15/43
13,604
9,789,307
4.50%,
12/15/34
†
19,954
16,984,749
5.12%,
01/15/42
†
13,608
11,044,070
Murphy
Oil
Corp.
5.88%,
12/01/42
†
18,487
16,948,711
Navient
Corp.
5.62%,
08/01/33
32,330
26,958,606
Newell
Brands,
Inc.
5.70%,
04/01/26
107,987
107,812,672
6.88%,
04/01/36
22,872
21,925,571
7.00%,
04/01/46
36,305
31,936,555
Nordstrom,
Inc.
4.00%,
03/15/27
19,053
18,250,453
4.25%,
08/01/31
23,135
20,640,448
4.38%,
04/01/30
27,211
24,761,591
5.00%,
01/15/44
52,580
42,134,235
6.95%,
03/15/28
†
16,349
16,691,593
Oceaneering
International,
Inc.
6.00%,
02/01/28
16,329
16,273,755
Qwest
Corp.
7.25%,
09/15/25
13,608
13,550,297
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
Reg
S
4.62%,
04/16/29
54,529
49,552,345
4.62%,
04/06/31
19,101
16,708,982
Rockies
Express
Pipeline
LLC
144A
4.80%,
05/15/30
19,075
17,834,732
4.95%,
07/15/29
29,948
28,662,527
6.88%,
04/15/40
27,239
26,809,182
7.50%,
07/15/38
13,633
14,295,059
Royal
Caribbean
Cruises
Ltd.
3.70%,
03/15/28
27,220
25,671,193
7.50%,
10/15/27
16,352
17,302,591
Safeway,
Inc.
7.25%,
02/01/31
14,237
15,189,882
Seagate
HDD
Cayman
4.09%,
06/01/29
26,933
25,370,145
4.12%,
01/15/31
14,988
13,600,309
4.88%,
06/01/27
27,507
27,139,704
5.75%,
12/01/34
†
26,671
26,093,066
Sealed
Air
Corp.
144A
6.88%,
07/15/33
†
24,516
25,823,365
Service
Properties
Trust
3.95%,
01/15/28
†
21,782
18,796,507
4.38%,
02/15/30
†
21,786
16,323,750
4.75%,
10/01/26
24,522
23,512,905
4.95%,
02/15/27
†
21,780
20,425,299
4.95%,
10/01/29
23,135
18,462,026
5.25%,
02/15/26
19,059
18,802,513
Spirit
AeroSystems,
Inc.
3.85%,
06/15/26
16,332
15,690,164
Par
(000’s)
Value
United
States
(continued)
4.60%,
06/15/28
$
38,110
$
36,143,356
Steelcase,
Inc.
5.12%,
01/18/29
24,496
23,663,675
Tenet
Healthcare
Corp.
6.88%,
11/15/31
†
19,706
21,114,230
Toledo
Hospital
4.98%,
11/15/45
14,879
11,273,669
5.33%,
11/15/28
†
17,421
16,890,705
6.01%,
11/15/48
21,804
19,324,449
Topaz
Solar
Farms
LLC
144A
5.75%,
09/30/39
28,903
28,258,659
Transocean,
Inc.
6.80%,
03/15/38
†
33,206
28,526,379
7.50%,
04/15/31
†
21,554
20,811,103
Travel
+
Leisure
Co.
6.00%,
04/01/27
21,807
21,894,839
6.60%,
10/01/25
19,054
19,229,392
Under
Armour,
Inc.
3.25%,
06/15/26
32,677
31,171,548
United
States
Cellular
Corp.
6.70%,
12/15/33
†
29,635
31,767,505
United
States
Steel
Corp.
6.65%,
06/01/37
14,942
15,290,911
Valley
National
Bancorp
3.00%
(Term
SOFR
USD
3
Month+2.36%),
06/15/31
16,341
12,998,145
Vornado
Realty
LP
2.15%,
06/01/26
21,795
20,460,913
3.40%,
06/01/31
19,073
15,548,948
Walgreens
Boots
Alliance,
Inc.
3.20%,
04/15/30
†
27,215
22,466,305
3.45%,
06/01/26
78,740
75,091,322
4.10%,
04/15/50
†
34,860
22,938,170
4.50%,
11/18/34
†
16,526
13,160,946
4.65%,
06/01/46
†
16,255
11,051,248
4.80%,
11/18/44
†
35,900
26,970,396
Western
Alliance
Bancorp
3.00%
(Term
SOFR
USD
3
Month+2.25%),
06/15/31
†
32,679
29,330,383
Xerox
Corp.
4.80%,
03/01/35
†
13,615
9,311,911
6.75%,
12/15/39
19,052
14,997,332
XPO
CNW,
Inc.
6.70%,
05/01/34
16,322
17,164,607
Yum!
Brands,
Inc.
5.35%,
11/01/43
14,989
14,326,922
6.88%,
11/15/37
17,738
19,453,992
2,287,826,550
Total
Corporate
Bonds
(Cost:
$3,021,814,706)
2,953,868,338
3
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
5.5%
Money
Market
Fund:
5.5%
(Cost:
$165,215,633)
Number
of
Shares
(continued)
Value
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
165,215,633
$
165,215,633
Total
Investments:
103.6%
(Cost:
$3,187,030,339)
3,119,083,971
Liabilities
in
excess
of
other
assets:
(3.6)%
(107,684,110)
NET
ASSETS:
100.0%
$
3,011,399,861
Definitions:
LIBOR
London
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
USD
United
States
Dollar
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$179,080,096.
(o)
Perpetual
Maturity
—
the
date
shown
is
the
next
call
date
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.
These
securities
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.
These
securities
have
an
aggregate
value
of
$493,358,829,
or
16.4%
of
net
assets.