VANECK
J.P.
MORGAN
EM
LOCAL
CURRENCY
BOND
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Par
(000's)
Value
CORPORATE
BONDS
:
7.0%
Canada
:
0.0%
Export
Development
Canada
Reg
S
30.00%,
12/05/25
TRY
34,000
$
856,156
Underline
Cayman
Islands
:
0.2%
QNB
Finance
Ltd.
13.50%,
10/06/25
TRY
30,800
642,969
QNB
Finance
Ltd.
Reg
S
3.50%,
03/09/26
CNY
14,100
1,964,632
6.90%,
01/23/25
IDR
45,000,000
2,761,721
5,369,322
Colombia
:
0.0%
Empresas
Publicas
de
Medellin
ESP
Reg
S
7.62%,
09/10/24
COP
3,596,000
879,042
Underline
Germany
:
0.2%
Kreditanstalt
fuer
Wiederaufbau
0.62%,
07/25/25
PLN
16,000
3,845,169
Underline
Indonesia
:
0.4%
Perusahaan
Penerbit
SBSN
4.88%,
07/15/26
IDR
43,810,000
2,621,484
6.38%,
03/15/34
IDR
43,510,000
2,619,058
6.88%,
03/15/36
IDR
24,600,000
1,539,176
8.88%,
11/15/31
IDR
44,820,000
3,137,955
Perusahaan
Penerbit
SBSN
Indonesia
5.88%,
07/15/28
IDR
14,260,000
856,172
10,773,845
Luxembourg
:
0.6%
European
Investment
Bank
Reg
S
1.00%,
02/25/28
PLN
20,442
4,440,209
3.00%,
01/27/26
CZK
47,200
1,995,881
3.00%,
11/25/29
PLN
34,250
7,693,121
7.40%,
10/23/33
INR
78,000
963,570
15,092,781
South
Africa
:
0.2%
Eskom
Holdings
SOC
Ltd.
0.01%,
08/18/27
ZAR
82,555
2,863,813
7.50%,
09/15/33
ZAR
11,000
465,160
7.85%,
04/02/26
ZAR
24,350
1,312,996
Transnet
SOC
Ltd.
9.50%,
08/19/25
ZAR
21,000
1,142,218
Transnet
SOC
Ltd.
Reg
S
13.50%,
04/18/28
ZAR
5,150
301,278
6,085,465
Supranational
:
2.5%
European
Investment
Bank
7.75%,
01/30/25
MXN
57,900
3,056,322
8.12%,
12/21/26
ZAR
202,095
11,262,247
European
Investment
Bank
144A
5.75%,
01/24/25
IDR
51,750,000
3,168,542
Par
(000’s)
Value
Supranational
(continued)
European
Investment
Bank
Reg
S
2.75%,
08/25/26
PLN
55,008
$
13,311,175
8.00%,
05/05/27
ZAR
17,585
975,448
International
Finance
Corp.
7.00%,
07/20/27
MXN
251,700
12,486,714
7.50%,
01/18/28
MXN
117,900
5,924,142
7.75%,
01/18/30
MXN
160,110
7,995,230
8.00%,
07/27/27
ZAR
3,050
169,640
International
Finance
Corp.
Reg
S
8.38%,
05/31/29
MXN
239,210
12,005,198
70,354,658
United
Kingdom
:
1.5%
European
Bank
for
Reconstruction
&
Development
0.87%,
03/04/26
PLN
7,000
1,621,882
3.70%,
02/02/26
CZK
114,000
4,858,944
4.25%,
02/07/28
IDR
47,900,000
2,749,978
5.67%,
11/04/24
CZK
44,200
1,888,562
6.25%,
04/11/28
INR
117,000
1,376,749
6.50%,
05/19/25
PLN
6,100
1,545,382
30.00%,
08/25/25
TRY
117,100
3,181,573
European
Bank
for
Reconstruction
&
Development
Reg
S
0.37%,
12/22/24
PLN
15,870
3,928,659
3.01%,
03/13/28
PLN
19,450
4,549,941
5.08%,
12/15/25
MXN
339,790
16,894,948
42,596,618
United
States
:
1.4%
Inter-American
Development
Bank
7.35%,
10/06/30
INR
75,000
913,145
International
Bank
for
Reconstruction
&
Development
2.00%,
02/18/26
CNY
30,000
4,135,196
2.75%,
01/19/27
CNY
21,000
2,939,162
2.75%,
07/26/34
CNY
14,000
1,916,490
4.25%,
01/22/26
MXN
155,000
7,639,390
4.60%,
02/09/26
IDR
41,600,000
2,491,011
5.30%,
06/25/30
MXN
62,000
2,701,903
5.73%,
08/02/27
PLN
3,600
918,602
6.75%,
09/08/27
INR
77,000
916,664
7.25%,
01/21/27
MXN
217,350
10,987,138
8.50%,
04/06/26
MXN
17,500
910,191
International
Finance
Corp.
5.02%,
02/11/28
MXN
40,000
1,822,195
12.00%,
11/03/27
COP
7,100,000
1,861,940
40,153,027
Total
Corporate
Bonds
(Cost:
$213,990,636)
196,006,083
VANECK
J.P.
MORGAN
EM
LOCAL
CURRENCY
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000's)
Value
GOVERNMENT
OBLIGATIONS
:
90.5%
Brazil
:
6.6%
Brazil
Letras
do
Tesouro
Nacional
0.00%,
07/01/25
^
BRL
129,520
$
20,796,436
0.00%,
01/01/26
^
BRL
203,050
30,718,433
0.00%,
07/01/26
^
BRL
229,810
32,854,917
0.00%,
07/01/27
^
BRL
108,490
13,840,821
0.00%,
01/01/28
^
BRL
62,280
7,491,134
0.00%,
01/01/30
^
BRL
43,330
4,139,079
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.00%,
01/01/35
BRL
21,230
3,395,825
Brazil
Notas
do
Tesouro
Nacional,
Series
F
10.00%,
01/01/27
BRL
140,340
24,179,886
10.00%,
01/01/29
BRL
147,520
24,748,255
10.00%,
01/01/31
BRL
75,490
12,387,274
10.00%,
01/01/33
BRL
71,220
11,527,791
186,079,851
Chile
:
4.3%
Bonos
de
la
Tesoreria
de
la
Republica
de
Chile
2.50%,
03/01/25
CLP
10,310,000
10,876,321
4.50%,
03/01/26
CLP
6,170,000
6,610,784
5.00%,
03/01/35
CLP
16,065,000
16,131,191
6.00%,
01/01/43
CLP
13,795,000
14,713,353
Bonos
de
la
Tesoreria
de
la
Republica
de
Chile
144A
Reg
S
2.30%,
10/01/28
CLP
4,230,000
3,947,955
4.70%,
09/01/30
CLP
16,290,000
16,553,785
5.00%,
10/01/28
CLP
6,095,000
6,355,845
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos
0.01%,
05/06/27
CLP
10,485,000
9,508,192
0.01%,
04/01/29
CLP
11,380,000
9,298,882
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos
144A
Reg
S
6.00%,
04/01/33
CLP
14,420,000
15,673,885
6.20%,
10/01/40
CLP
4,725,000
5,157,161
7.00%,
05/01/34
CLP
4,050,000
4,693,002
119,520,356
China
:
9.4%
Asian
Infrastructure
Investment
Bank
Reg
S
5.00%,
03/05/26
MXN
55,650
2,734,902
30.00%,
09/29/27
TRY
17,000
522,617
China
Government
Bond
1.99%,
04/09/25
CNY
40,340
5,601,020
2.05%,
04/15/29
CNY
5,770
806,099
2.18%,
08/25/25
CNY
32,760
4,566,034
2.18%,
08/15/26
CNY
7,300
1,021,802
2.24%,
05/25/25
CNY
15,880
2,210,239
2.27%,
05/25/34
CNY
5,690
797,619
2.28%,
11/25/25
CNY
19,640
2,745,608
2.28%,
03/25/31
CNY
8,540
1,204,195
2.30%,
05/15/26
CNY
25,890
3,628,895
Par
(000’s)
Value
China
(continued)
2.35%,
02/25/34
CNY
11,140
$
1,567,672
2.37%,
01/20/27
CNY
14,920
2,099,207
2.37%,
01/15/29
CNY
26,650
3,773,743
2.39%,
11/15/26
CNY
44,360
6,238,592
2.40%,
07/15/28
CNY
12,110
1,713,975
2.44%,
10/15/27
CNY
26,900
3,805,114
2.46%,
02/15/26
CNY
2,120
297,428
2.47%,
07/25/54
CNY
5,680
800,962
2.48%,
04/15/27
CNY
33,690
4,761,073
2.48%,
09/25/28
CNY
5,570
791,514
2.50%,
07/25/27
CNY
18,080
2,560,936
2.52%,
08/25/33
CNY
41,120
5,874,464
2.54%,
12/25/30
CNY
32,740
4,683,619
2.55%,
10/15/28
CNY
32,830
4,677,766
2.57%,
05/20/54
CNY
20,040
2,898,501
2.60%,
09/15/30
CNY
34,620
4,964,431
2.60%,
09/01/32
CNY
27,380
3,936,872
2.62%,
04/15/28
CNY
34,490
4,913,409
2.62%,
09/25/29
CNY
30,420
4,362,431
2.62%,
06/25/30
CNY
21,300
3,055,999
2.64%,
01/15/28
CNY
25,910
3,691,204
2.67%,
05/25/33
CNY
24,480
3,535,193
2.67%,
11/25/33
CNY
43,510
6,286,014
2.68%,
05/21/30
CNY
53,680
7,722,183
2.69%,
08/12/26
CNY
59,690
8,445,567
2.69%,
08/15/32
CNY
28,640
4,144,307
2.75%,
06/15/29
CNY
29,140
4,202,819
2.75%,
02/17/32
CNY
32,250
4,684,696
2.76%,
05/15/32
CNY
25,610
3,721,602
2.79%,
12/15/29
CNY
28,690
4,149,430
2.80%,
03/24/29
CNY
32,040
4,621,102
2.80%,
03/25/30
CNY
30,310
4,381,164
2.80%,
11/15/32
CNY
32,990
4,812,878
2.85%,
06/04/27
CNY
47,560
6,797,063
2.88%,
02/25/33
CNY
43,060
6,329,254
2.89%,
11/18/31
CNY
26,790
3,927,752
2.91%,
10/14/28
CNY
45,600
6,591,609
3.00%,
10/15/53
CNY
17,390
2,711,398
3.01%,
05/13/28
CNY
43,950
6,362,831
3.02%,
10/22/25
CNY
42,090
5,935,234
3.02%,
05/27/31
CNY
48,940
7,224,570
3.03%,
03/11/26
CNY
21,530
3,052,524
3.12%,
12/05/26
CNY
27,190
3,895,259
3.12%,
10/25/52
CNY
23,610
3,739,283
3.13%,
11/21/29
CNY
31,030
4,570,823
3.19%,
04/15/53
CNY
11,960
1,927,110
3.22%,
12/06/25
CNY
19,050
2,699,561
3.25%,
06/06/26
CNY
33,180
4,740,492
3.25%,
11/22/28
CNY
27,870
4,098,577
3.27%,
11/19/30
CNY
44,590
6,676,728
3.28%,
12/03/27
CNY
34,920
5,086,991
3.29%,
05/23/29
CNY
33,540
4,968,945
3.32%,
04/15/52
CNY
17,770
2,911,049
3.53%,
10/18/51
CNY
16,480
2,788,679
3.72%,
04/12/51
CNY
19,110
3,323,700
3.81%,
09/14/50
CNY
34,860
6,122,655
264,496,984
3
Par
(000’s)
Value
Colombia
:
4.9%
Colombian
TES
5.75%,
11/03/27
COP
30,705,500
$
6,817,486
6.00%,
04/28/28
COP
72,949,100
15,987,508
6.25%,
11/26/25
COP
14,352,000
3,534,333
6.25%,
07/09/36
COP
33,170,000
5,658,780
7.00%,
03/26/31
COP
59,623,000
12,447,730
7.00%,
06/30/32
COP
53,997,200
10,883,793
7.25%,
10/18/34
COP
56,313,700
10,929,570
7.25%,
10/26/50
COP
66,059,200
10,522,615
7.50%,
08/26/26
COP
62,696,100
15,080,819
7.75%,
09/18/30
COP
43,763,100
9,690,222
9.25%,
05/28/42
COP
99,536,400
20,273,537
13.25%,
02/09/33
COP
54,537,000
15,319,783
137,146,176
Czech
Republic
:
5.3%
Czech
Republic
Government
Bond
0.05%,
11/29/29
CZK
127,870
4,530,584
0.25%,
02/10/27
CZK
121,010
4,731,577
1.20%,
03/13/31
CZK
262,060
9,577,549
1.50%,
04/24/40
CZK
118,760
3,615,886
1.75%,
06/23/32
CZK
253,700
9,379,147
1.95%,
07/30/37
CZK
87,970
3,011,782
2.00%,
10/13/33
CZK
248,660
9,159,991
2.75%,
07/23/29
CZK
233,290
9,568,340
3.00%,
03/03/33
CZK
42,690
1,717,545
3.50%,
05/30/35
CZK
155,430
6,429,359
4.50%,
11/11/32
CZK
133,450
5,985,217
4.90%,
04/14/34
CZK
130,060
6,022,645
5.00%,
09/30/30
CZK
241,580
11,086,983
5.50%,
12/12/28
CZK
164,270
7,535,657
5.75%,
03/29/29
CZK
112,340
5,226,521
6.00%,
02/26/26
CZK
40,550
1,785,320
6.20%,
06/16/31
CZK
58,380
2,867,229
Czech
Republic
Government
Bond
Reg
S
0.95%,
05/15/30
CZK
245,560
9,026,773
1.00%,
06/26/26
CZK
317,780
12,836,271
2.40%,
09/17/25
CZK
186,490
7,817,912
2.50%,
08/25/28
CZK
247,310
10,097,926
4.20%,
12/04/36
CZK
132,500
5,821,696
147,831,910
Dominican
Republic
:
1.2%
Dominican
Republic
International
Bond
144A
10.75%,
06/01/36
DOP
408,000
7,055,347
11.25%,
09/15/35
DOP
58,000
1,036,859
13.62%,
02/03/33
DOP
807,150
16,154,771
Dominican
Republic
International
Bond
Reg
S
11.25%,
09/15/35
DOP
354,000
6,328,418
13.62%,
02/03/33
DOP
124,680
2,495,418
33,070,813
Par
(000’s)
Value
Hungary
:
4.6%
Hungary
Government
Bond
1.00%,
11/26/25
HUF
3,620,250
$
9,338,862
1.50%,
04/22/26
HUF
3,313,920
8,471,014
1.50%,
08/26/26
HUF
2,040,370
5,140,156
2.00%,
05/23/29
HUF
3,211,980
7,404,000
2.25%,
04/20/33
HUF
4,179,360
8,494,391
2.25%,
06/22/34
HUF
1,156,250
2,242,837
2.75%,
12/22/26
HUF
2,504,800
6,404,282
3.00%,
10/27/27
HUF
3,422,820
8,613,223
3.00%,
08/21/30
HUF
3,414,160
7,986,326
3.00%,
10/27/38
HUF
2,617,280
4,932,380
3.00%,
04/25/41
HUF
1,641,940
2,944,478
3.25%,
10/22/31
HUF
4,143,530
9,550,829
4.50%,
03/23/28
HUF
1,733,510
4,542,793
4.75%,
11/24/32
HUF
3,605,600
8,994,378
5.50%,
06/24/25
HUF
2,630,750
7,203,046
6.75%,
10/22/28
HUF
5,163,220
14,592,438
7.00%,
10/24/35
HUF
1,256,900
3,615,225
9.50%,
10/21/26
HUF
2,479,870
7,302,430
127,773,088
India
:
1.8%
India
Government
Bond
5.79%,
05/11/30
INR
187,900
2,127,456
5.85%,
12/01/30
INR
186,500
2,111,604
6.10%,
07/12/31
INR
107,400
1,226,034
6.45%,
10/07/29
INR
243,700
2,868,386
6.54%,
01/17/32
INR
382,100
4,469,081
6.67%,
12/17/50
INR
100,100
1,145,913
6.99%,
12/15/51
INR
393,500
4,665,063
7.06%,
04/10/28
INR
114,800
1,380,492
7.10%,
04/18/29
INR
118,900
1,433,491
7.10%,
04/08/34
INR
210,900
2,549,077
7.16%,
09/20/50
INR
129,200
1,562,945
7.18%,
08/14/33
INR
128,900
1,561,524
7.18%,
07/24/37
INR
317,900
3,860,073
7.26%,
01/14/29
INR
248,300
3,011,791
7.26%,
08/22/32
INR
96,500
1,175,087
7.26%,
02/06/33
INR
175,000
2,133,347
7.30%,
06/19/53
INR
258,400
3,176,849
7.32%,
11/13/30
INR
183,400
2,237,338
7.36%,
09/12/52
INR
94,400
1,169,803
7.37%,
10/23/28
INR
8,100
98,574
7.38%,
06/20/27
INR
82,000
992,826
7.41%,
12/19/36
INR
97,000
1,198,981
7.54%,
05/23/36
INR
190,600
2,376,061
7.72%,
06/15/49
INR
106,800
1,378,315
49,910,111
Indonesia
:
7.6%
Indonesia
Treasury
Bond
5.12%,
04/15/27
IDR
116,095,000
6,873,914
5.50%,
04/15/26
IDR
97,905,000
5,915,129
6.12%,
05/15/28
IDR
76,662,000
4,626,728
6.25%,
06/15/36
IDR
58,110,000
3,408,915
6.38%,
08/15/28
IDR
113,095,000
6,877,870
6.38%,
04/15/32
IDR
181,880,000
10,865,962
6.38%,
07/15/37
IDR
26,400,000
1,551,509
6.50%,
06/15/25
IDR
44,240,000
2,721,195
VANECK
J.P.
MORGAN
EM
LOCAL
CURRENCY
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
Indonesia
(continued)
6.50%,
02/15/31
IDR
192,227,000
$
11,599,942
6.62%,
05/15/33
IDR
112,083,000
6,735,375
6.62%,
02/15/34
IDR
112,760,000
6,797,049
6.88%,
04/15/29
IDR
127,158,000
7,871,401
7.00%,
05/15/27
IDR
121,288,000
7,546,188
7.00%,
09/15/30
IDR
182,015,000
11,327,396
7.00%,
02/15/33
IDR
163,518,000
10,109,757
7.12%,
06/15/38
IDR
92,070,000
5,709,642
7.12%,
06/15/42
IDR
127,232,000
7,843,074
7.12%,
06/15/43
IDR
82,840,000
5,130,119
7.50%,
08/15/32
IDR
54,350,000
3,483,247
7.50%,
06/15/35
IDR
150,410,000
9,616,028
7.50%,
05/15/38
IDR
71,599,000
4,566,632
7.50%,
04/15/40
IDR
146,802,000
9,397,444
8.25%,
05/15/29
IDR
125,711,000
8,199,544
8.25%,
06/15/32
IDR
53,204,000
3,519,253
8.25%,
05/15/36
IDR
103,045,000
6,975,057
8.38%,
09/15/26
IDR
154,792,000
9,873,587
8.38%,
03/15/34
IDR
162,588,000
10,998,151
8.38%,
04/15/39
IDR
60,773,000
4,180,453
8.75%,
05/15/31
IDR
73,557,000
4,973,962
9.00%,
03/15/29
IDR
103,832,000
6,950,210
9.50%,
07/15/31
IDR
30,011,000
2,104,582
10.50%,
08/15/30
IDR
47,802,000
3,458,956
11.00%,
09/15/25
IDR
31,232,000
2,014,365
213,822,636
Malaysia
:
7.9%
Malaysia
Government
Bond
2.63%,
04/15/31
MYR
34,001
6,946,172
3.50%,
05/31/27
MYR
28,587
6,244,217
3.52%,
04/20/28
MYR
15,937
3,478,267
3.58%,
07/15/32
MYR
20,956
4,514,726
3.73%,
06/15/28
MYR
27,210
5,975,810
3.76%,
05/22/40
MYR
32,163
6,839,641
3.83%,
07/05/34
MYR
20,243
4,449,657
3.88%,
03/14/25
MYR
18,181
3,973,641
3.88%,
08/15/29
MYR
28,937
6,399,772
3.90%,
11/30/26
MYR
25,326
5,591,316
3.90%,
11/16/27
MYR
28,035
6,197,649
3.91%,
07/15/26
MYR
21,867
4,815,293
3.96%,
09/15/25
MYR
28,023
6,149,453
4.07%,
06/15/50
MYR
28,042
6,044,783
4.18%,
05/16/44
MYR
1,395
310,405
4.25%,
05/31/35
MYR
18,898
4,282,123
4.46%,
03/31/53
MYR
18,653
4,272,733
4.50%,
04/30/29
MYR
12,163
2,757,041
4.64%,
11/07/33
MYR
29,435
6,868,263
4.70%,
10/15/42
MYR
29,908
7,092,691
4.76%,
04/07/37
MYR
30,164
7,151,923
4.89%,
06/08/38
MYR
31,670
7,624,420
4.92%,
07/06/48
MYR
20,722
5,066,773
Malaysia
Government
Investment
Issue
3.42%,
09/30/27
MYR
25,802
5,619,910
3.45%,
07/15/36
MYR
25,581
5,350,133
3.46%,
10/15/30
MYR
31,044
6,677,171
3.60%,
07/31/28
MYR
23,712
5,182,526
Par
(000’s)
Value
Malaysia
(continued)
3.73%,
03/31/26
MYR
31,154
$
6,824,264
3.99%,
10/15/25
MYR
26,384
5,793,143
4.07%,
09/30/26
MYR
33,397
7,377,215
4.12%,
11/30/34
MYR
16,390
3,683,246
4.13%,
08/15/25
MYR
14,734
3,236,005
4.13%,
07/09/29
MYR
24,513
5,472,943
4.19%,
10/07/32
MYR
24,444
5,476,932
4.25%,
09/30/30
MYR
25,497
5,724,484
4.26%,
07/26/27
MYR
14,615
3,258,161
4.29%,
08/14/43
MYR
26,148
5,872,061
4.37%,
10/31/28
MYR
26,975
6,068,409
4.42%,
09/30/41
MYR
23,963
5,478,212
4.47%,
09/15/39
MYR
33,240
7,686,546
4.66%,
03/31/38
MYR
11,615
2,733,290
220,561,420
Mexico
:
4.8%
Mexican
Bonos
5.00%,
03/06/25
MXN
46,459
2,420,458
5.50%,
03/04/27
MXN
86,961
4,198,886
5.75%,
03/05/26
MXN
12,192
608,667
7.00%,
09/03/26
MXN
138,573
6,967,588
7.50%,
06/03/27
MXN
160,373
8,117,433
7.50%,
05/26/33
MXN
361,306
16,818,217
7.75%,
05/29/31
MXN
448,667
21,744,227
7.75%,
11/23/34
MXN
193,368
9,059,333
7.75%,
11/13/42
MXN
393,023
17,190,226
8.00%,
05/24/35
MXN
29,484
1,377,339
8.00%,
11/07/47
MXN
314,465
13,850,031
8.00%,
07/31/53
MXN
288,788
12,554,347
8.50%,
03/01/29
MXN
34,055
1,738,239
8.50%,
05/31/29
MXN
49,885
2,554,244
8.50%,
11/18/38
MXN
242,779
11,661,518
10.00%,
11/20/36
MXN
89,619
4,907,923
135,768,676
Peru
:
4.2%
Peru
Government
Bond
5.35%,
08/12/40
PEN
36,939
8,158,434
5.40%,
08/12/34
PEN
54,450
13,063,330
5.94%,
02/12/29
PEN
44,417
12,125,424
6.15%,
08/12/32
PEN
67,150
17,559,588
6.35%,
08/12/28
PEN
24,350
6,763,073
6.90%,
08/12/37
PEN
65,089
17,044,678
6.95%,
08/12/31
PEN
63,307
17,607,935
8.20%,
08/12/26
PEN
13,232
3,763,793
Peru
Government
Bond
144A
Reg
S
7.30%,
08/12/33
PEN
56,748
15,801,949
7.60%,
08/12/39
PEN
23,400
6,444,997
118,333,201
Philippines
:
0.1%
Asian
Development
Bank
2.50%,
02/15/27
CNY
14,000
1,943,193
Underline
Poland
:
4.9%
Republic
of
Poland
Government
Bond
0.01%,
10/25/25
PLN
16,247
3,877,764
0.25%,
10/25/26
PLN
31,520
7,162,183
0.75%,
04/25/25
PLN
14,529
3,574,664
5
Par
(000’s)
Value
Poland
(continued)
1.25%,
10/25/30
PLN
64,078
$
12,807,664
1.75%,
04/25/32
PLN
63,987
12,573,805
2.50%,
07/25/26
PLN
13,619
3,277,797
2.50%,
07/25/27
PLN
49,754
11,677,010
2.75%,
04/25/28
PLN
29,911
6,951,830
2.75%,
10/25/29
PLN
49,284
11,078,825
3.25%,
07/25/25
PLN
49,254
12,263,296
3.75%,
05/25/27
PLN
45,031
10,971,289
4.75%,
07/25/29
PLN
29,170
7,219,646
5.00%,
10/25/34
PLN
4,400
1,078,064
6.00%,
10/25/33
†
PLN
72,502
19,125,843
7.50%,
07/25/28
PLN
47,821
13,054,282
136,693,962
Romania
:
4.9%
Romania
Government
Bond
2.50%,
10/25/27
RON
24,385
4,747,156
3.25%,
06/24/26
RON
29,485
6,112,421
3.50%,
11/25/25
RON
22,985
4,855,193
3.65%,
07/28/25
RON
25,750
5,485,655
3.65%,
09/24/31
RON
29,600
5,374,700
4.15%,
01/26/28
RON
28,725
5,891,739
4.15%,
10/24/30
RON
27,440
5,261,940
4.25%,
04/28/36
RON
23,180
4,048,822
4.75%,
10/11/34
RON
29,185
5,452,542
4.85%,
04/22/26
RON
28,545
6,099,797
4.85%,
07/25/29
RON
29,700
6,075,896
5.00%,
02/12/29
RON
29,460
6,079,651
5.80%,
07/26/27
RON
31,050
6,687,750
6.30%,
04/25/29
RON
13,370
2,911,686
6.70%,
02/25/32
RON
29,820
6,503,486
7.10%,
07/31/34
RON
12,790
2,845,198
7.20%,
10/28/26
RON
28,390
6,309,887
7.20%,
05/31/27
RON
22,940
5,115,616
7.20%,
10/30/33
RON
28,010
6,307,408
7.35%,
04/28/31
RON
28,180
6,413,546
7.90%,
02/24/38
RON
26,430
6,311,773
8.00%,
04/29/30
RON
30,925
7,186,546
8.25%,
09/29/32
RON
31,025
7,401,320
8.75%,
10/30/28
RON
31,700
7,508,060
136,987,788
Serbia
:
1.2%
Serbia
Treasury
Bonds
4.50%,
01/11/26
RSD
826,880
7,698,066
4.50%,
08/20/32
RSD
1,259,230
11,145,446
5.88%,
02/08/28
RSD
855,330
8,350,915
7.00%,
10/26/31
RSD
671,170
6,877,179
34,071,606
South
Africa
:
6.0%
Republic
of
South
Africa
Government
Bond
6.25%,
03/31/36
ZAR
134,193
5,108,795
6.50%,
02/28/41
ZAR
110,045
3,870,358
7.00%,
02/28/31
ZAR
264,318
12,560,781
8.00%,
01/31/30
ZAR
459,845
23,818,538
8.25%,
03/31/32
ZAR
411,415
20,340,933
8.50%,
01/31/37
ZAR
391,726
17,583,378
8.75%,
01/31/44
ZAR
347,687
14,957,748
Par
(000’s)
Value
South
Africa
(continued)
8.75%,
02/28/48
ZAR
548,352
$
23,540,750
8.88%,
02/28/35
ZAR
420,080
20,209,353
9.00%,
01/31/40
ZAR
329,243
14,857,445
10.50%,
12/21/26
ZAR
132,884
7,640,841
11.62%,
03/31/53
ZAR
56,786
3,161,567
167,650,487
Thailand
:
7.0%
Thailand
Government
Bond
0.95%,
06/17/25
THB
292,944
8,119,817
1.00%,
06/17/27
THB
417,055
11,283,905
1.58%,
12/17/35
THB
268,572
6,750,772
1.60%,
12/17/29
THB
260,187
7,013,484
1.60%,
06/17/35
THB
135,089
3,412,509
2.00%,
12/17/31
THB
401,247
10,910,112
2.00%,
06/17/42
THB
209,406
5,133,520
2.12%,
12/17/26
THB
320,441
8,950,167
2.25%,
03/17/27
THB
305,240
8,559,527
2.35%,
06/17/26
THB
291,307
8,179,543
2.40%,
11/17/27
THB
87,860
2,474,691
2.40%,
03/17/29
THB
284,887
8,015,146
2.65%,
06/17/28
THB
372,837
10,592,606
2.80%,
06/17/34
THB
122,615
3,506,814
2.88%,
12/17/28
THB
260,747
7,484,998
2.88%,
06/17/46
THB
244,774
6,517,402
3.30%,
06/17/38
THB
334,395
9,916,880
3.35%,
06/17/33
THB
343,006
10,222,337
3.39%,
06/17/37
THB
318,568
9,543,007
3.40%,
06/17/36
THB
257,273
7,712,385
3.45%,
06/17/43
THB
294,630
8,749,107
3.65%,
06/20/31
THB
249,936
7,550,553
3.77%,
06/25/32
THB
314,461
9,613,066
3.85%,
12/12/25
THB
227,239
6,504,147
4.88%,
06/22/29
THB
286,706
8,979,439
195,695,934
Turkey
:
2.6%
Turkiye
Government
Bond
8.00%,
03/12/25
TRY
19,055
478,527
10.50%,
08/11/27
TRY
179,694
3,408,229
10.60%,
02/11/26
TRY
76,668
1,622,536
11.00%,
02/24/27
TRY
48,539
963,262
11.70%,
11/13/30
TRY
113,994
2,098,415
12.40%,
03/08/28
TRY
305,776
6,044,336
12.60%,
10/01/25
TRY
169,599
3,918,504
16.90%,
09/02/26
TRY
157,823
3,622,592
17.30%,
07/19/28
TRY
355,865
7,991,013
17.80%,
07/13/33
TRY
223,225
4,793,448
26.20%,
10/05/33
TRY
655,710
19,551,250
31.08%,
11/08/28
TRY
564,860
17,780,677
72,272,789
Uruguay
:
1.2%
Uruguay
Government
International
Bond
8.25%,
05/21/31
UYU
738,745
17,139,617
9.75%,
07/20/33
UYU
426,230
10,671,615
VANECK
J.P.
MORGAN
EM
LOCAL
CURRENCY
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
FootnoteRuleAboveBlank
Footnotes:
Par
(000’s)
Value
Uruguay
(continued)
Uruguay
Government
International
Bond
144A
8.50%,
03/15/28
UYU
33,605
$
819,859
Uruguay
Government
International
Bond
Reg
S
8.50%,
03/15/28
UYU
223,686
5,457,252
34,088,343
Total
Government
Obligations
(Cost:
$2,697,189,753)
2,533,719,324
Total
Investments
Before
Collateral
for
Securities
Loaned:
97.5%
(Cost:
$2,911,180,389)
2,729,725,407
Number
of
Shares
Value
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN
:
0.1%
Money
Market
Fund:
0.1%
(Cost:
$2,532,609)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
2,532,609
$
2,532,609
Total
Investments:
97.6%
(Cost:
$2,913,712,998)
2,732,258,016
Other
assets
less
liabilities:
2.4%
66,192,619
NET
ASSETS:
100.0%
$
2,798,450,635
Definitions:
BRL
Brazilian
Real
CLP
Chilean
Peso
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
DOP
Dominican
Peso
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RON
Romanian
Leu
RSD
Serbian
Dinar
THB
Thai
Baht
TRY
Turkish
Lira
USD
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
^
Zero
Coupon
Bond
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$2,367,582.
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
$102,863,957,
or
3.7%
of
net
assets.