VANECK
PREFERRED
SECURITIES
EX
FINANCIALS
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Number
of
Shares
Value
PREFERRED
SECURITIES:
100.2%
Automobiles
&
Auto
Parts
:
4.6%
Ford
Motor
Co.
6.00%,
12/01/59
1,249,873
$
28,997,054
6.20%,
06/01/59
1,171,756
27,712,029
6.50%,
08/15/62
937,405
22,994,545
79,703,628
Banking
Services
:
1.3%
SCE
Trust
VII
7.50%,
11/22/28†
859,288
22,487,567
Underline
Chemicals
:
4.7%
Albemarle
Corp.
7.25%,
03/01/27
1,796,693
80,348,111
Underline
Consumer
Goods
Conglomerates
:
0.4%
Brookfield
Infrastructure
Finance
ULC
5.00%,
05/24/81
390,585
6,690,721
Underline
Diversified
Retail
:
1.6%
Qurate
Retail,
Inc.
8.00%,
03/15/31†
496,706
18,383,089
QVC,
Inc.
6.25%,
11/26/68
781,483
9,033,943
27,417,032
Electric
Utilities
&
IPPs
:
26.9%
Brookfield
BRP
Holdings
Canada,
Inc.
4.62%,
04/30/26†
546,820
8,535,860
4.88%,
12/09/26
406,208
6,738,991
DTE
Energy
Co.
4.38%,
12/01/81†
437,457
8,622,277
5.25%,
12/01/77
624,936
14,423,523
Duke
Energy
Corp.
5.62%,
09/15/78†
781,171
19,412,099
5.75%,
06/15/24†
1,562,341
38,871,044
Entergy
Arkansas
LLC
4.88%,
09/01/66†
640,561
13,874,551
Entergy
Louisiana
LLC
4.88%,
09/01/66†
421,831
9,132,641
Entergy
Mississippi
LLC
4.90%,
10/01/66
406,208
9,046,252
Georgia
Power
Co.
5.00%,
10/01/77
421,831
10,364,388
NextEra
Energy
Capital
Holdings,
Inc.
5.65%,
03/01/79†
1,074,109
26,143,813
NextEra
Energy,
Inc.
6.93%,
09/01/25†
1,562,341
68,992,979
7.30%,
06/01/27*
1,560,709
81,234,903
SCE
Trust
III
8.59%
(Term
SOFR
USD
3
Month+3.25%)†
429,643
10,822,707
SCE
Trust
IV
5.38%
(Term
SOFR
USD
3
Month+3.39%),
09/15/25†
507,760
12,165,930
SCE
Trust
V
5.45%
(Term
SOFR
USD
3
Month+4.05%),
03/15/26†
468,703
11,361,361
SCE
Trust
VI
Number
of
Shares
Value
Electric
Utilities
&
IPPs
(continued)
5.00%
742,113
$
14,523,151
SCE
Trust
VIII
6.95%,
05/13/29*
546,820
13,856,419
Southern
Co.
4.20%,
10/15/60†
1,171,756
23,060,158
4.95%,
01/30/80†
1,562,341
33,996,540
5.25%,
12/01/77†
703,053
16,233,494
Tennessee
Valley
Authority
2.13%
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
30
Year+0.94%),
06/01/28†
400,740
8,948,524
460,361,605
Food
&
Tobacco
:
5.4%
CHS,
Inc.
6.75%,
09/30/24†
769,453
19,051,656
7.10%
656,184
16,627,703
7.50%,
01/21/25†
808,511
20,738,307
7.88%
838,196
22,044,555
8.00%
479,326
14,140,117
92,602,338
Investment
Banking
&
Investment
Services
:
1.5%
BrightSpring
Health
Services,
Inc.
6.75%,
02/01/27
312,468
15,051,584
KKR
Real
Estate
Finance
Trust,
Inc.
6.50%,
04/16/26
512,136
9,756,191
24,807,775
Machinery;
Equipment
&
Components
:
3.7%
Chart
Industries,
Inc.
6.75%,
12/15/25
314,421
19,563,275
RBC
Bearings,
Inc.
5.00%,
10/15/24
179,670
23,181,023
WESCO
International,
Inc.
10.62%
(US
Treasury
Yield
Curve
Rate
T
5
Year+10.32%),
06/22/25†
841,322
21,958,504
64,702,802
Multiline
Utilities
:
4.4%
Algonquin
Power
&
Utilities
Corp.
9.60%
(ICE
LIBOR
USD
3
Month+4.01%),
07/01/79
546,820
13,768,928
CMS
Energy
Corp.
5.88%,
10/15/78
437,457
10,494,593
5.88%,
03/01/79†
984,275
23,750,556
Sempra
5.75%,
07/01/79
1,183,473
27,823,450
75,837,527
Natural
Gas
Utilities
:
0.5%
Spire,
Inc.
5.90%,
08/15/24†
390,585
9,229,524
Underline
Office
Equipment
:
0.7%
Pitney
Bowes,
Inc.
6.70%,
03/07/43
663,995
12,224,148
Underline
VANECK
PREFERRED
SECURITIES
EX
FINANCIALS
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Number
of
Shares
Value
Oil
&
Gas
:
0.7%
NGL
Energy
Partners
LP
12.78%
(Term
SOFR
USD
3
Month+7.47%)
491,513
$
11,634,113
Underline
Professional
&
Commercial
Services
:
0.5%
BIP
Bermuda
Holdings
I
Ltd.
5.12%,
01/21/27†
468,703
8,197,616
Underline
Real
Estate
Operations
:
2.3%
Brookfield
Property
Preferred
LP
6.25%,
07/26/81
1,048,488
16,272,534
DigitalBridge
Group,
Inc.
7.12%†
453,704
10,231,025
7.15%†
502,606
11,338,791
37,842,350
Residential
&
Commercial
REITs
:
24.8%
AGNC
Investment
Corp.
6.12%
(ICE
LIBOR
USD
3
Month+4.70%),
04/15/25†
898,346
21,605,221
6.50%
(ICE
LIBOR
USD
3
Month+4.99%),
10/15/24†
628,843
15,576,441
10.67%
(Term
SOFR
USD
3
Month+5.37%)†
507,760
13,024,044
Annaly
Capital
Management,
Inc.
9.67%
(Term
SOFR
USD
3
Month+4.43%)
663,995
16,858,833
10.58%
(Term
SOFR
USD
3
Month+4.99%),
06/30/24†
691,336
17,788,075
10.59%
(Term
SOFR
USD
3
Month+5.25%)
1,124,887
28,808,356
Arbor
Realty
Trust,
Inc.
6.25%
(Term
SOFR
USD
3
Month+5.44%),
10/12/26†
443,079
8,427,363
Chimera
Investment
Corp.
7.75%
(ICE
LIBOR
USD
3
Month+4.74%),
09/30/25
406,208
9,021,880
11.38%
(Term
SOFR
USD
3
Month+6.05%)
507,760
12,577,215
Digital
Realty
Trust,
Inc.
5.20%,
10/10/24
539,009
11,626,424
Diversified
Healthcare
Trust
5.62%,
08/01/42‡
546,820
7,453,157
6.25%,
02/01/46
390,585
5,858,775
Franklin
BSP
Realty
Trust,
Inc.
7.50%†
403,397
8,632,696
Hudson
Pacific
Properties,
Inc.
4.75%,
11/26/26†
663,995
8,492,496
Kimco
Realty
Corp.
5.25%
408,709
8,938,466
MFA
Financial,
Inc.
6.50%
(ICE
LIBOR
USD
3
Month+5.34%),
03/31/25
429,643
9,929,050
PennyMac
Mortgage
Investment
Trust
6.75%,
08/24/26
390,585
7,538,291
Public
Storage
3.88%,
10/06/25†
441,362
7,459,018
4.00%,
06/16/26†
1,622,960
28,342,156
Number
of
Shares
Value
Residential
&
Commercial
REITs
(continued)
4.10%,
01/13/27
390,585
$
7,038,342
4.62%,
06/17/25
882,723
17,901,622
4.70%,
11/15/24†
404,334
8,349,497
4.88%,
09/12/24†
494,012
10,655,839
5.05%†
468,703
10,555,191
5.15%†
437,457
10,100,882
5.60%
445,268
10,993,667
Rithm
Capital
Corp.
6.38%
(ICE
LIBOR
USD
3
Month+4.97%),
02/15/25
621,188
14,753,215
7.00%
(US
Treasury
Yield
Curve
Rate
T
5
Year+6.22%),
11/15/26
726,490
17,014,396
7.12%
(ICE
LIBOR
USD
3
Month+5.64%),
08/15/24
439,800
10,981,806
RLJ
Lodging
Trust
1.95%†
502,918
12,522,658
Two
Harbors
Investment
Corp.
7.62%
(ICE
LIBOR
USD
3
Month+5.35%),
07/27/27
396,834
8,988,290
UMH
Properties,
Inc.
6.38%
460,891
11,010,686
Vornado
Realty
Trust
4.45%,
09/22/26
468,703
6,163,444
5.25%†
967,872
14,801,622
5.40%
468,703
7,353,950
427,143,064
Telecommunications
Services
:
16.2%
AT&T,
Inc.
4.75%,
02/18/25†
2,734,097
54,381,189
5.00%,
12/12/24
1,874,809
38,827,294
5.35%,
11/01/66
2,066,196
46,716,692
5.62%,
08/01/67†
1,288,931
30,457,440
Qwest
Corp.
6.50%,
09/01/56
1,527,189
16,371,466
6.75%,
06/15/57
1,031,146
11,445,721
Telephone
and
Data
Systems,
Inc.
6.00%,
09/30/26
1,078,015
18,606,539
6.62%,
03/31/26†
656,184
12,710,284
United
States
Cellular
Corp.
5.50%,
03/01/70
781,171
15,935,888
5.50%,
06/01/70
781,171
15,935,888
6.25%,
09/01/69
781,171
17,131,080
278,519,481
Total
Preferred
Securities
(Cost:
$1,790,400,957)
1,719,749,402
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
3.8%
Money
Market
Fund:
3.8%
3
FoototeRuleAboveBlank
Footnotes:
Number
of
Shares
Value
(Cost:
$65,998,480)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
65,998,480
$
65,998,480
Number
of
Shares
Value
Total
Investments:
104.0%
(Cost:
$1,856,399,437)
$
1,785,747,882
Liabilities
in
excess
of
other
assets:
(4.0)%
(67,981,610)
NET
ASSETS:
100.0%
$
1,717,766,272
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$69,402,808.
*
Non-income
producing
‡
Affiliated
issuer
–
as
defined
under
the
Investment
Company
Act
of
1940.