VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Par
(000's)
Value
CORPORATE
BONDS
:
88.3%
Argentina
:
0.1%
Genneia
SA
144A
8.75%,
09/02/27
$
70
$
70,642
Underline
Australia
:
1.2%
Bank
of
China
Ltd.
Reg
S
0.75%,
09/29/24
200
198,582
China
Construction
Bank
Corp.
Reg
S
4.50%,
05/31/26
200
199,316
FMG
Resources
August
2006
Pty
Ltd.
144A
6.12%,
04/15/32
300
297,344
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
144A
5.88%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.98%),
05/23/42
450
455,026
1,150,268
Bermuda
:
0.4%
Bacardi
Ltd.
/
Bacardi-
Martini
BV
144A
5.25%,
01/15/29
200
201,342
Investment
Energy
Resources
Ltd.
144A
6.25%,
04/26/29
200
193,079
394,421
Brazil
:
1.1%
Banco
BTG
Pactual
SA
144A
2.75%
(Term
SOFR
USD
3
Month+1.85%),
01/11/26
†
150
143,418
Klabin
Austria
GmbH
144A
7.00%,
04/03/49
150
153,173
Klabin
Finance
SA
144A
4.88%,
09/19/27
140
136,417
Rumo
Luxembourg
Sarl
144A
5.25%,
01/10/28
200
193,944
Suzano
Austria
GmbH
144A
5.75%,
07/14/26
50
50,361
Suzano
International
Finance
BV
5.50%,
01/17/27
†
375
375,694
1,053,007
British
Virgin
Islands
:
0.4%
Amipeace
Ltd.
Reg
S
1.75%,
11/09/26
300
280,532
Five
Holding
Ltd.
144A
9.38%,
10/03/28
125
126,250
406,782
Canada
:
1.5%
Azure
Power
Solar
Energy
Private
Ltd.
144A
5.65%
(Term
SOFR
USD
3
Month+1.85%),
12/24/24
100
100,108
Brookfield
Finance,
Inc.
2.72%,
04/15/31
250
217,466
Par
(000’s)
Value
Canada
(continued)
3.62%,
02/15/52
$
100
$
71,820
Canadian
Imperial
Bank
of
Commerce
0.95%,
10/23/25
250
238,399
CDP
Financial,
Inc.
Reg
S
1.00%,
05/26/26
350
328,830
Liberty
Utilities
Finance
GP
1
144A
2.05%,
09/15/30
200
168,303
TransAlta
Corp.
7.75%,
11/15/29
200
209,969
Tucson
Electric
Power
Co.
1.50%,
08/01/30
150
125,346
1,460,241
Cayman
Islands
:
1.5%
Adib
Sukuk
Co.
II
Ltd.
Reg
S
5.70%,
11/15/28
200
204,960
Aldar
Investment
Properties
Sukuk
Ltd.
Reg
S
4.88%,
05/24/33
200
195,674
CK
Hutchison
International
24
Ltd.
144A
5.38%,
04/26/29
300
309,140
DP
World
Crescent
Ltd.
Reg
S
5.50%,
09/13/33
350
356,272
Hongkong
Land
Finance
Cayman
Islands
Co.
Ltd.
Reg
S
2.25%,
07/15/31
200
167,163
Saudi
Electricity
Global
Sukuk
Co.
5
Reg
S
1.74%,
09/17/25
200
192,094
1,425,303
Chile
:
1.9%
AES
Andes
SA
144A
6.30%,
03/15/29
†
175
178,119
8.15%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.83%),
06/10/55
200
204,575
Colbun
SA
144A
3.15%,
01/19/32
150
127,995
Engie
Energia
Chile
SA
144A
6.38%,
04/17/34
200
204,426
Interchile
SA
144A
4.50%,
06/30/56
350
293,991
Inversiones
CMPC
SA
144A
4.38%,
04/04/27
250
243,066
6.12%,
06/23/33
200
205,210
Sociedad
Quimica
y
Minera
de
Chile
SA
144A
3.50%,
09/10/51
300
201,713
6.50%,
11/07/33
200
209,312
1,868,407
China
:
1.9%
China
Construction
Bank
Corp.
Reg
S
1.25%,
08/04/25
400
385,191
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
China
(continued)
China
Merchants
Bank
Co.
Ltd.
Reg
S
1.20%,
09/10/25
$
400
$
383,421
ICBCIL
Finance
Co.
Ltd.
Reg
S
6.64%
(Term
SOFR
USD
3
Month+1.05%),
11/20/24
200
200,283
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
6.41%
(SOFR
Compound
Index+1.04%),
09/16/24
500
500,163
Lenovo
Group
Ltd.
144A
6.54%,
07/27/32
200
214,962
Midea
Investment
Development
Co.
Ltd.
Reg
S
2.88%,
02/24/27
200
190,206
1,874,226
Colombia
:
0.1%
Consorcio
Transmantaro
SA
144A
4.70%,
04/16/34
150
142,629
Underline
Denmark
:
0.2%
Kommunekredit
Reg
S
5.12%,
11/01/27
200
204,523
Underline
Dominican
Republic
:
0.1%
UEP
Penonome
II
SA
144A
6.50%,
10/01/38
86
73,088
Underline
France
:
0.7%
BNP
Paribas
SA
144A
1.68%
(SOFR+0.91%),
06/30/27
†
300
280,900
Electricite
de
France
SA
144A
3.62%,
10/13/25
450
442,257
723,157
Georgia
:
0.1%
Georgian
Railway
JSC
144A
4.00%,
06/17/28
100
89,125
Underline
Germany
:
2.8%
Bank
of
China
Ltd.
Reg
S
3.12%,
06/16/25
200
196,523
Kreditanstalt
fuer
Wiederaufbau
0.75%,
09/30/30
550
453,532
1.00%,
10/01/26
1,050
980,234
1.75%,
09/14/29
505
453,253
4.38%,
02/28/34
450
459,352
Landesbank
Baden-
Wuerttemberg
Reg
S
2.00%,
02/24/25
188
184,417
2,727,311
Hong
Kong
:
3.0%
Agricultural
Bank
of
China
Ltd.
Reg
S
2.00%,
03/01/25
500
491,406
Airport
Authority
Reg
S
1.75%,
01/12/27
300
281,006
Par
(000’s)
Value
Hong
Kong
(continued)
China
Water
Affairs
Group
Ltd.
Reg
S
4.85%,
05/18/26
$
200
$
188,500
ICBCIL
Finance
Co.
Ltd.
Reg
S
2.25%,
11/02/26
200
188,604
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
2.95%,
06/01/25
200
196,688
Industrial
&
Commercial
Bank
of
China
Ltd./Hong
Kong
Reg
S
5.85%
(SOFR
Compound
Index+0.48%),
05/23/27
400
399,394
Industrial
Bank
Co.
Ltd.
Reg
S
3.25%,
05/18/25
200
197,361
Link
Finance
Cayman
2009
Ltd.
Reg
S
2.88%,
07/21/26
200
192,268
MTR
Corp.
CI
Ltd.
Reg
S
2.50%,
11/02/26
200
191,124
MTR
Corp.
Ltd.
Reg
S
1.62%,
08/19/30
400
342,584
Xiaomi
Best
Time
International
Ltd.
Reg
S
4.10%,
07/14/51
100
74,474
Yanlord
Land
HK
Co.
Ltd.
Reg
S
5.12%,
05/20/26
200
176,496
2,919,905
Hungary
:
0.2%
MVM
Energetika
Zrt
Reg
S
7.50%,
06/09/28
200
210,041
Underline
India
:
1.8%
Adani
Green
Energy
Ltd.
144A
4.38%,
09/08/24
250
249,034
Adani
Green
Energy
UP
Ltd.
/
Prayatna
Developers
Pvt
Ltd.
/
Parampujya
Solar
Energy
Pvt
Ltd.
144A
6.70%,
03/12/42
100
96,194
Adani
Renewable
Energy
RJ
Ltd.
/
Kodangal
Solar
Parks
Pvt
Ltd.
/
Wardha
Solar
Maharashtra
144A
4.62%
(Term
SOFR
USD
3
Month+1.85%),
10/15/39
173
143,057
Indian
Railway
Finance
Corp.
Ltd.
144A
3.57%,
01/21/32
†
100
90,390
Indian
Railway
Finance
Corp.
Ltd.
Reg
S
3.83%,
12/13/27
200
192,944
JSW
Hydro
Energy
Ltd.
144A
4.12%,
05/18/31
152
136,772
Power
Finance
Corp.
Ltd.
Reg
S
3
Par
(000’s)
Value
India
(continued)
3.75%,
12/06/27
$
200
$
191,306
REC
Ltd.
144A
5.62%,
04/11/28
200
203,291
REC
Ltd.
Reg
S
3.88%,
07/07/27
200
192,562
ReNew
Pvt
Ltd.
144A
5.88%,
03/05/27
75
73,127
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd.
other
9
Subsidiaries
144A
4.50%,
07/14/28
200
184,265
1,752,942
Indonesia
:
0.6%
Pertamina
Geothermal
Energy
PT
144A
5.15%,
04/27/28
200
200,575
Star
Energy
Geothermal
Darajat
II
/
Star
Energy
Geothermal
Salak
144A
4.85%,
10/14/38
400
370,997
571,572
Ireland
:
1.4%
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
Plc
144A
6.00%
(Term
SOFR
USD
3
Month+1.85%),
06/15/27
200
198,993
Bank
of
Ireland
Group
Plc
144A
6.25%
(US
Treasury
Yield
Curve
Rate
T 1
Year+2.65%),
09/16/26
350
353,208
Smurfit
Kappa
Treasury
ULC
144A
5.20%,
01/15/30
300
305,125
5.78%,
04/03/54
500
511,079
1,368,405
Japan
:
3.3%
Central
Nippon
Expressway
Co.
Ltd.
Reg
S
0.89%,
12/10/25
200
188,879
Honda
Motor
Co.
Ltd.
2.27%,
03/10/25
200
196,559
2.97%,
03/10/32
†
600
538,649
Japan
Bank
for
International
Cooperation
1.62%,
01/20/27
200
187,380
4.38%,
10/05/27
250
250,660
Marubeni
Corp.
Reg
S
1.58%,
09/17/26
200
185,990
Norinchukin
Bank
144A
1.28%,
09/22/26
450
414,204
2.08%,
09/22/31
200
161,803
NTT
Finance
Corp.
144A
4.37%,
07/27/27
250
248,265
Renesas
Electronics
Corp.
144A
1.54%,
11/26/24
175
172,632
Par
(000’s)
Value
Japan
(continued)
Sumitomo
Mitsui
Financial
Group,
Inc.
2.47%,
01/14/29
$
200
$
182,158
Sumitomo
Mitsui
Trust
Bank
Ltd.
144A
1.55%,
03/25/26
375
355,626
Toyota
Motor
Credit
Corp.
2.15%,
02/13/30
200
176,809
3,259,614
Luxembourg
:
3.2%
European
Investment
Bank
1.62%,
05/13/31
500
429,903
3.75%,
02/14/33
1,400
1,362,651
4.38%,
10/10/31
600
609,590
FS
Luxembourg
Sarl
144A
8.88%,
02/12/31
200
196,422
Raizen
Fuels
Finance
SA
144A
6.45%,
03/05/34
500
517,885
3,116,451
Macao
:
0.7%
Bank
of
China
Ltd.
Reg
S
6.15%
(SOFR
Compound
Index+0.78%),
04/28/25
500
501,087
China
Construction
Bank
Corp.
Reg
S
5.87%
(SOFR
Compound
Index+0.50%),
12/21/24
200
199,868
700,955
Mauritius
:
0.9%
Clean
Renewable
Power
Mauritius
Pte
Ltd.
144A
4.25%,
03/25/27
87
82,295
Diamond
II
Ltd.
144A
7.95%,
07/28/26
100
101,642
Greenko
Power
II
Ltd.
144A
4.30%,
12/13/28
87
81,122
Greenko
Wind
Projects
Mauritius
Ltd.
144A
5.50%,
04/06/25
250
249,375
India
Clean
Energy
Holdings
144A
4.50%,
04/18/27
100
94,030
India
Cleantech
Energy
144A
4.70%,
08/10/26
128
123,007
India
Green
Power
Holdings
144A
4.00%,
02/22/27
187
176,349
907,820
Mexico
:
0.4%
Coca-Cola
Femsa
SAB
de
CV
1.85%,
09/01/32
250
200,333
Trust
Fibra
Uno
144A
7.38%,
02/13/34
†
200
199,768
400,101
Netherlands
:
3.6%
ABN
AMRO
Bank
NV
144A
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
Netherlands
(continued)
2.47%
(US
Treasury
Yield
Curve
Rate
T 1
Year+1.10%),
12/13/29
$
350
$
314,486
Alcoa
Nederland
Holding
BV
144A
7.12%,
03/15/31
200
206,590
Cooperatieve
Rabobank
UA
144A
1.00%
(US
Treasury
Yield
Curve
Rate
T 1
Year+0.73%),
09/24/26
350
334,077
1.11%
(US
Treasury
Yield
Curve
Rate
T 1
Year+0.55%),
02/24/27
250
235,114
Greenko
Dutch
BV
144A
3.85%,
03/29/26
455
435,664
ING
Groep
NV
144A
1.40%
(US
Treasury
Yield
Curve
Rate
T 1
Year+1.10%),
07/01/26
450
434,315
4.62%,
01/06/26
300
298,628
Nederlandse
Waterschapsbank
NV
144A
1.00%,
05/28/30
100
83,788
2.38%,
03/24/26
350
337,780
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
2.50%,
05/11/31
550
471,109
3.40%,
05/01/30
†
200
185,326
5.00%,
01/15/33
†
200
199,022
3,535,899
Norway
:
0.5%
Kommunalbanken
AS
144A
0.50%,
10/21/24
200
197,976
2.12%,
02/11/25
325
319,845
517,821
Pakistan
:
0.2%
Pakistan
Water
&
Power
Development
Authority
Reg
S
7.50%,
06/04/31
200
151,869
Underline
Portugal
:
0.4%
EDP
Finance
BV
144A
1.71%,
01/24/28
400
361,214
Underline
Qatar
:
0.2%
QNB
Finance
Ltd.
Reg
S
1.62%,
09/22/25
200
191,823
Underline
Saudi
Arabia
:
0.6%
Arab
Petroleum
Investments
Corp.
144A
5.43%,
05/02/29
175
179,993
Saudi
Electricity
Global
Sukuk
Co.
5
Reg
S
2.41%,
09/17/30
500
432,721
612,714
Singapore
:
1.6%
Continuum
Energy
Aura
Pte
Ltd.
144A
Par
(000’s)
Value
Singapore
(continued)
9.50%,
02/24/27
$
100
$
103,314
Greenko
Solar
Mauritius
Ltd.
144A
5.95%,
07/29/26
300
299,044
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
1.00%,
10/28/24
250
247,459
5.97%
(SOFR
Compound
Index+0.60%),
10/25/26
800
801,197
Star
Energy
Geothermal
Wayang
Windu
Ltd.
144A
6.75%,
04/24/33
157
158,678
1,609,692
South
Africa
:
0.2%
Bank
of
China
Ltd.
Reg
S
1.88%,
02/16/25
200
196,571
Underline
South
Korea
:
5.6%
Export-Import
Bank
of
Korea
2.12%,
01/18/32
550
461,403
5.12%,
01/11/33
200
205,324
Export-Import
Bank
of
Korea
144A
1.75%,
10/19/28
250
224,686
Hyundai
Capital
Services,
Inc.
144A
1.25%,
02/08/26
300
283,084
Kia
Corp.
144A
1.75%,
10/16/26
200
186,992
2.38%,
02/14/25
200
196,826
Korea
Development
Bank
0.75%,
01/25/25
200
195,999
Korea
East-West
Power
Co.
Ltd.
144A
3.60%,
05/06/25
200
197,757
Korea
Electric
Power
Corp.
144A
3.62%,
06/14/25
75
74,126
4.88%,
01/31/27
450
451,954
5.38%,
04/06/26
200
201,698
Korea
Hydro
&
Nuclear
Power
Co.
Ltd.
144A
5.00%,
07/18/28
200
201,868
Korea
Water
Resources
Corp.
Reg
S
3.50%,
04/27/25
200
197,841
LG
Chem
Ltd.
144A
1.38%,
07/07/26
200
186,702
2.38%,
07/07/31
225
190,672
3.25%,
10/15/24
250
248,912
3.62%,
04/15/29
50
47,453
LG
Energy
Solution
Ltd.
144A
5.50%,
07/02/34
400
400,555
5.62%,
09/25/26
200
201,680
5.75%,
09/25/28
100
102,219
POSCO
144A
4.88%,
01/23/27
150
149,808
SK
Hynix,
Inc.
144A
2.38%,
01/19/31
325
274,922
5
Par
(000’s)
Value
South
Korea
(continued)
6.50%,
01/17/33
$
200
$
216,187
SK
On
Co.
Ltd.
Reg
S
5.38%,
05/11/26
400
402,386
5,501,054
Spain
:
0.6%
Avangrid,
Inc.
3.20%,
04/15/25
331
325,757
3.80%,
06/01/29
†
250
237,899
563,656
Supranational
:
3.6%
European
Bank
for
Reconstruction
&
Development
1.50%,
02/13/25
100
98,089
1.62%,
09/27/24
300
298,227
European
Investment
Bank
0.75%,
09/23/30
600
496,197
1.62%,
10/09/29
380
338,251
2.12%,
04/13/26
†
300
289,089
2.38%,
05/24/27
650
620,354
European
Investment
Bank
144A
2.88%,
06/13/25
750
737,816
International
Bank
for
Reconstruction
&
Development
2.12%,
03/03/25
280
275,323
3.12%,
11/20/25
†
75
73,649
International
Finance
Corp.
2.12%,
04/07/26
344
331,314
3,558,309
Sweden
:
0.2%
Swedbank
AB
144A
1.54%,
11/16/26
250
232,586
Underline
Turkey
:
0.2%
Aydem
Yenilenebilir
Enerji
AS
144A
7.75%
(Term
SOFR
USD
3
Month+1.85%),
02/02/27
200
197,321
Underline
United
Arab
Emirates
:
2.0%
Commercial
Bank
of
Dubai
PSC
Reg
S
5.32%,
06/14/28
200
200,940
Emirates
NBD
Bank
PJSC
Reg
S
5.88%,
10/11/28
200
207,819
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
6.30%
(SOFR
Compound
Index+0.93%),
01/19/26
400
402,281
MAF
Sukuk
Ltd.
Reg
S
3.93%,
02/28/30
415
389,361
4.64%,
05/14/29
200
195,678
Masdar
Abu
Dhabi
Future
Energy
Co.
Reg
S
4.88%,
07/25/33
200
196,279
MDGH
GMTN
RSC
Ltd.
144A
5.88%,
05/01/34
200
212,882
Par
(000’s)
Value
United
Arab
Emirates
(continued)
Sweihan
PV
Power
Co.
PJSC
144A
3.62%,
01/31/49
$
189
$
153,132
1,958,372
United
Kingdom
:
1.8%
Atlantica
Sustainable
Infrastructure
Plc
144A
4.12%
(Term
SOFR
USD
3
Month+1.85%),
06/15/28
100
99,034
Brookfield
Finance
I
UK
Plc
/
Brookfield
Finance,
Inc.
2.34%,
01/30/32
150
124,741
China
Construction
Bank
Corp.
Reg
S
3.12%,
05/17/25
350
344,712
China
Merchants
Bank
Co.
Ltd.
Reg
S
6.02%
(SOFR
Compound
Index+0.65%),
06/13/26
200
200,333
Niagara
Mohawk
Power
Corp.
144A
1.96%,
06/27/30
300
256,617
Shanghai
Pudong
Development
Bank
Co.
Ltd./London
Reg
S
3.25%,
07/14/25
200
196,812
Swire
Properties
MTN
Financing
Ltd.
Reg
S
3.50%,
01/10/28
200
191,561
Vmed
O2
UK
Financing
I
Plc
144A
4.75%,
07/15/31
450
386,937
1,800,747
United
States
:
37.5%
AES
Andes
SA
144A
6.35%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.92%),
10/07/79
200
197,665
AES
Corp.
1.38%,
01/15/26
350
331,621
2.45%,
01/15/31
†
355
298,968
5.45%,
06/01/28
†
200
201,994
Alexandria
Real
Estate
Equities,
Inc.
2.00%,
05/18/32
350
280,981
2.95%,
03/15/34
311
259,067
3.80%,
04/15/26
150
147,211
Aligned
Data
Centers
Issuer
LLC
144A
1.94%,
08/15/46
388
363,081
American
Homes
4
Rent
LP
5.50%,
02/01/34
200
201,399
Amgen,
Inc.
3.00%
(Term
SOFR
USD
3
Month+1.85%),
02/22/29
250
233,894
Apple,
Inc.
3.00%
(Term
SOFR
USD
3
Month+1.85%),
06/20/27
300
289,524
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
United
States
(continued)
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
Plc
144A
3.25%
(Term
SOFR
USD
3
Month+1.85%),
09/01/28
$
200
$
178,284
4.00%
(Term
SOFR
USD
3
Month+1.85%),
09/01/29
†
305
259,401
Arizona
Public
Service
Co.
2.65%,
09/15/50
200
121,120
AvalonBay
Communities,
Inc.
1.90%,
12/01/28
100
89,828
2.05%,
01/15/32
250
209,611
Bank
of
America
Corp.
2.46%
(Term
SOFR
USD
3
Month+1.13%),
10/22/25
650
645,334
Bank
of
China
Ltd.
Reg
S
4.62%,
06/26/26
300
299,109
Boston
Properties
LP
2.45%,
10/01/33
400
307,173
3.40%,
06/21/29
†
225
204,433
4.50%,
12/01/28
575
552,664
6.50%,
01/15/34
†
300
314,774
CenterPoint
Energy
Houston
Electric
LLC
5.30%,
04/01/53
100
97,975
Clearway
Energy
Operating
LLC
144A
3.75%,
02/15/31
350
310,267
4.75%,
03/15/28
275
264,198
Comcast
Corp.
4.65%,
02/15/33
300
296,416
Constellation
Energy
Generation
LLC
5.75%,
03/15/54
300
299,145
Dana,
Inc.
4.25%,
09/01/30
125
110,512
Deutsche
Bank
AG
1.69%,
03/19/26
300
285,001
Dominion
Energy,
Inc.
2.25%,
08/15/31
300
252,038
DTE
Electric
Co.
1.90%,
04/01/28
150
136,552
3.25%,
04/01/51
200
140,622
3.95%,
03/01/49
†
290
234,182
Duke
Energy
Carolinas
LLC
3.95%,
11/15/28
†
450
441,149
Duke
Energy
Progress
LLC
3.45%,
03/15/29
300
286,183
Equinix,
Inc.
1.00%,
09/15/25
300
286,730
1.55%,
03/15/28
50
44,623
2.50%,
05/15/31
400
343,674
3.90%,
04/15/32
350
326,460
ERP
Operating
LP
1.85%,
08/01/31
75
62,306
4.15%,
12/01/28
200
196,185
Evergy
Kansas
Central,
Inc.
Par
(000’s)
Value
United
States
(continued)
2.55%,
07/01/26
$
115
$
110,648
Fannie
Mae-Aces
1.44%,
10/25/29
300
257,966
2.44%,
10/25/29
37
33,846
2.52%,
08/25/29
235
215,996
2.83%,
02/25/27
202
194,482
2.91%,
01/25/28
369
353,380
2.94%,
06/25/29
8
7,737
2.96%,
09/25/27
245
234,783
3.03%,
03/25/28
203
194,573
3.06%,
03/25/28
359
343,981
3.07%,
02/25/30
318
298,864
3.15%,
11/25/27
13
12,262
3.30%,
06/25/28
316
304,317
3.54%,
09/25/28
474
460,232
3.74%,
09/25/30
88
85,656
Federal
Realty
OP
LP
1.25%,
02/15/26
150
141,480
Fifth
Third
Bancorp
1.71%
(SOFR+0.69%),
11/01/27
200
185,947
Ford
Motor
Co.
3.25%,
02/12/32
1,150
965,760
6.10%,
08/19/32
250
253,104
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.30%,
06/25/30
30
25,390
1.49%,
11/25/30
400
338,539
2.88%,
04/25/26
285
276,787
General
Motors
Co.
5.40%,
10/15/29
150
152,151
5.60%,
10/15/32
550
561,250
Hanwha
Q
Cells
Americas
Holdings
Corp.
144A
5.00%,
07/27/28
200
202,462
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
144A
3.75%,
09/15/30
125
109,827
Healthpeak
OP
LLC
1.35%,
02/01/27
†
200
183,570
2.12%,
12/01/28
100
89,600
Host
Hotels
&
Resorts
LP
2.90%,
12/15/31
†
250
213,851
3.38%,
12/15/29
100
91,319
Hyundai
Capital
America
144A
5.80%,
06/26/25
200
200,923
Interstate
Power
&
Light
Co.
3.50%,
09/30/49
300
217,508
4.10%,
09/26/28
350
341,526
Jabil,
Inc.
4.25%,
05/15/27
200
196,446
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
1.75%,
09/15/30
†
200
169,763
JPMorgan
Chase
&
Co.
7
Par
(000’s)
Value
United
States
(continued)
0.77%
(SOFR+0.49%),
08/09/25
$
200
$
199,789
6.07%
(SOFR+1.33%),
10/22/27
700
718,298
Kaiser
Foundation
Hospitals
2.81%,
06/01/41
500
372,078
3.15%,
05/01/27
105
101,727
Kilroy
Realty
LP
2.50%,
11/15/32
50
38,619
2.65%,
11/15/33
175
132,529
4.75%,
12/15/28
100
96,706
Leeward
Renewable
Energy
Operations
LLC
144A
4.25%,
07/01/29
100
91,059
LYB
International
Finance
III
LLC
5.62%,
05/15/33
150
156,057
Massachusetts
Institute
of
Technology
3.96%,
07/01/38
200
187,964
Metropolitan
Life
Global
Funding
I
144A
0.95%,
07/02/25
300
289,088
MidAmerican
Energy
Co.
2.70%,
08/01/52
200
125,027
3.10%,
05/01/27
425
409,653
3.15%,
04/15/50
200
138,637
3.65%,
04/15/29
150
144,512
3.65%,
08/01/48
400
308,268
3.95%,
08/01/47
175
140,618
4.25%,
07/15/49
275
232,386
5.35%,
01/15/34
300
311,487
Nature
Conservancy/The
3.96%,
03/01/52
117
99,179
New
York
State
Electric
&
Gas
Corp.
144A
2.15%,
10/01/31
200
164,437
5.85%,
08/15/33
200
208,372
NextEra
Energy
Capital
Holdings,
Inc.
1.90%,
06/15/28
425
383,115
NiSource,
Inc.
5.00%,
06/15/52
†
100
91,542
Northern
States
Power
Co.
2.25%,
04/01/31
150
129,097
2.60%,
06/01/51
250
154,715
2.90%,
03/01/50
250
165,264
3.20%,
04/01/52
200
138,710
5.40%,
03/15/54
200
199,357
NSTAR
Electric
Co.
3.25%,
05/15/29
225
212,581
Oglethorpe
Power
Corp.
144A
5.80%,
06/01/54
100
100,917
Oncor
Electric
Delivery
Co.
LLC
4.15%,
06/01/32
150
143,289
Owens
Corning
Par
(000’s)
Value
United
States
(continued)
3.95%,
08/15/29
$
125
$
120,141
PacifiCorp
2.90%,
06/15/52
300
183,062
5.35%,
12/01/53
200
186,074
5.50%,
05/15/54
†
450
427,866
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
144A
4.50%,
08/15/28
250
236,076
PepsiCo,
Inc.
2.88%,
10/15/49
250
172,464
3.90%,
07/18/32
500
479,181
PG&E
Recovery
Funding
LLC
5.54%,
07/15/47
350
362,253
Piedmont
Operating
Partnership
LP
3.15%,
08/15/30
150
124,056
PNC
Financial
Services
Group,
Inc.
2.20%,
11/01/24
185
183,388
4.76%
(SOFR
Compound
Index+1.08%),
01/26/27
400
397,848
Prologis
LP
1.25%,
10/15/30
275
225,514
1.75%,
02/01/31
200
166,443
Public
Service
Co.
of
Colorado
3.20%,
03/01/50
250
170,025
3.70%,
06/15/28
302
291,582
4.10%,
06/15/48
135
107,116
Public
Service
Co.
of
Oklahoma
2.20%,
08/15/31
200
166,056
3.15%,
08/15/51
250
165,886
Public
Service
Electric
and
Gas
Co.
3.10%,
03/15/32
250
223,082
4.65%,
03/15/33
200
197,427
RWE
Finance
US
LLC
144A
5.88%,
04/16/34
597
615,015
San
Diego
Gas
&
Electric
Co.
4.95%,
08/15/28
200
202,548
SCE
Recovery
Funding
LLC
4.70%,
06/15/40
142
140,307
5.11%,
12/15/47
200
195,626
Seattle
Children's
Hospital
2.72%,
10/01/50
150
98,553
SK
Battery
America,
Inc.
Reg
S
2.12%,
01/26/26
626
593,013
SLG
Office
Trust
2021-OVA
144A
2.59%,
07/15/41
600
502,719
Sonoco
Products
Co.
2.85%,
02/01/32
†
400
343,531
Southern
Power
Co.
4.15%,
12/01/25
350
346,485
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
United
States
(continued)
Southwestern
Public
Service
Co.
3.15%,
05/01/50
$
250
$
164,877
5.15%,
06/01/52
100
90,734
Sunnova
Energy
Corp.
144A
5.88%,
09/01/26
†
200
166,245
UDR,
Inc.
1.90%,
03/15/33
175
136,381
Union
Electric
Co.
2.62%,
03/15/51
200
122,540
Vena
Energy
Capital
Pte
Ltd.
Reg
S
3.13%,
02/26/25
200
197,270
Verizon
Communications,
Inc.
1.50%,
09/18/30
†
300
251,132
2.85%,
09/03/41
900
648,223
3.88%,
03/01/52
†
300
234,662
5.50%,
02/23/54
†
500
501,683
Vornado
Realty
LP
2.15%,
06/01/26
75
70,409
3.40%,
06/01/31
150
122,285
Welltower
OP
LLC
2.70%,
02/15/27
†
250
238,430
3.85%,
06/15/32
100
92,431
Wisconsin
Electric
Power
Co.
4.75%,
09/30/32
†
250
250,897
Wisconsin
Power
and
Light
Co.
1.95%,
09/16/31
200
164,224
WP
Carey,
Inc.
2.45%,
02/01/32
100
82,931
ZF
North
America
Capital,
Inc.
144A
6.75%,
04/23/30
300
306,079
6.88%,
04/14/28
200
205,142
6.88%,
04/23/32
150
155,185
7.12%,
04/14/30
200
207,789
36,845,243
Total
Corporate
Bonds
(Cost:
$91,734,586)
86,705,827
GOVERNMENT
OBLIGATIONS
:
9.8%
Cayman
Islands
:
2.5%
Gaci
First
Investment
Co.
Reg
S
4.75%,
02/14/30
200
197,222
4.88%,
02/14/35
300
289,581
5.00%,
10/13/27
600
600,752
5.12%,
02/14/53
250
219,820
5.25%,
10/13/32
850
857,575
5.38%,
10/13/22
300
259,194
2,424,144
Chile
:
0.9%
Chile
Government
International
Bond
2.55%,
01/27/32
350
299,773
Par
(000’s)
Value
Chile
(continued)
3.50%,
01/25/50
$
850
$
625,303
925,076
China
:
0.3%
New
Development
Bank
Reg
S
5.12%,
04/26/26
300
299,370
Underline
Egypt
:
0.1%
Egypt
Government
International
Bond
144A
5.25%
(Term
SOFR
USD
3
Month+1.85%),
10/06/25
150
146,144
Underline
Hong
Kong
:
2.6%
Hong
Kong
Government
International
Bond
144A
0.62%,
02/02/26
200
188,972
2.38%,
02/02/51
200
129,253
4.00%,
06/07/28
200
199,631
4.00%,
06/07/33
700
690,609
4.25%,
06/07/26
200
199,509
4.50%,
01/11/28
450
456,471
4.62%,
01/11/33
300
309,414
Hong
Kong
Government
International
Bond
Reg
S
1.75%,
11/24/31
400
338,581
2,512,440
Indonesia
:
1.0%
Perusahaan
Penerbit
SBSN
Indonesia
III
144A
2.30%,
06/23/25
350
340,764
3.55%,
06/09/51
275
203,448
4.70%,
06/06/32
500
488,693
1,032,905
Israel
:
0.6%
Israel
Government
International
Bond
4.50%,
01/17/33
600
551,733
Underline
Japan
:
0.2%
Japan
Finance
Organization
for
Municipalities
144A
1.50%,
01/27/25
200
196,378
Underline
Saudi
Arabia
:
0.3%
Arab
Petroleum
Investments
Corp.
144A
1.48%,
10/06/26
300
278,589
Underline
South
Korea
:
0.2%
Korea
Electric
Power
Corp.
144A
5.50%,
04/06/28
200
205,790
Underline
Supranational
:
0.9%
Asian
Development
Bank
1.75%,
08/14/26
275
261,420
2.12%,
03/19/25
150
147,301
2.38%
(Term
SOFR
USD
3
Month+1.85%),
08/10/27
150
142,643
3.12%,
09/26/28
125
120,738
9
FootnoteRuleAboveBlank
Footnotes:
Par
(000’s)
Value
Supranational
(continued)
Central
American
Bank
for
Economic
Integration
Reg
S
6.44%
(Term
SOFR
USD
3
Month+1.11%),
11/15/24
$
200
$
200,244
872,346
Turkey
:
0.2%
Istanbul
Metropolitan
Municipality
144A
10.50%,
12/06/28
200
216,315
Underline
Total
Government
Obligations
(Cost:
$10,261,126)
9,661,230
MUNICIPAL
BONDS
:
0.5%
United
States
:
0.5%
Commonwealth
of
Massachusetts
(GO)
3.28%,
06/01/46
150
120,254
District
of
Columbia
Water
&
Sewer
Authority
(RB)
4.81%,
10/01/14
170
159,084
Tennessee
Valley
Authority
1.50%,
09/15/31
†
200
167,832
Underline
Total
Municipal
Bonds
(Cost:
$597,161)
447,170
Number
of
Shares
Value
PREFERRED
SECURITIES
:
0.1%
(Cost:
$173,320)
Canada
:
0.1%
Brookfield
Finance,
Inc.
(USD)
4.62%,
10/16/80
†
7,000
$
115,920
Underline
Total
Investments
Before
Collateral
for
Securities
Loaned:
98.7%
(Cost:
$102,766,193)
96,930,147
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
1.2%
Money
Market
Fund:
1.2%
(Cost:
$1,168,024)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
1,168,024
1,168,024
Total
Investments:
99.9%
(Cost:
$103,934,217)
98,098,171
Other
assets
less
liabilities:
0.1%
120,067
NET
ASSETS:
100.0%
$
98,218,238
Definitions:
GO
General
Obligation
RB
Revenue
Bond
SOFR
Secured
Overnight
Financing
Rate
USD
United
States
Dollar
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$5,520,839.
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
$32,199,590,
or
32.8%
of
net
assets.