VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2022 (unaudited)
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 93.0% | ||||||||
| Argentina: 0.1% | ||||||||
| Genneia SA 144A 8.75%, 09/02/27 | $ | 100 | $ | 89,677 | ||||
| Australia: 1.3% | ||||||||
Bank of China Ltd./Sydney Reg S 0.75%, 09/29/24 | 200 | 189,757 | ||||||
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32 | 200 | 190,561 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 | 450 | 469,415 | ||||||
National Australia Bank Ltd. 3.62%, 06/20/23 | 225 | 225,991 | ||||||
| 1,075,724 | ||||||||
| Bermuda: 0.2% | ||||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 200 | 184,326 | ||||||
| Brazil: 2.1% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 † | 250 | 226,298 | ||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 | 250 | 249,911 | ||||||
| Fibria Overseas Finance Ltd. 5.50%, 01/17/27 | 375 | 379,363 | ||||||
| FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 200 | 204,750 | ||||||
| Klabin Austria GmbH 144A 7.00%, 04/03/49 | 150 | 145,094 | ||||||
| Klabin Finance SA 144A 4.88%, 09/19/27 | 240 | 235,632 | ||||||
| Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 250 | 238,125 | ||||||
| Suzano Austria GmbH 144A 5.75%, 07/14/26 | 50 | 51,063 | ||||||
| 1,730,236 | ||||||||
| British Virgin Islands: 0.6% | ||||||||
| Amipeace Ltd. Reg S 1.75%, 11/09/26 | 300 | 281,294 | ||||||
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 | 200 | 198,000 | ||||||
| 479,294 | ||||||||
| Canada: 1.7% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 100 | 97,700 | ||||||
| Bank of Nova Scotia | ||||||||
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 2.38%, 01/18/23 | $ | 225 | $ | 224,454 | ||||
Brookfield Finance, Inc. 2.72%, 04/15/31 | 250 | 218,709 | ||||||
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 | 250 | 229,696 | ||||||
CDP Financial, Inc. Reg S 1.00%, 05/26/26 | 350 | 323,185 | ||||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 † | 300 | 255,668 | ||||||
Tucson Electric Power Co. 1.50%, 08/01/30 † | 150 | 124,364 | ||||||
| 1,473,776 | ||||||||
| Cayman Islands: 0.4% | ||||||||
Hongkong Land Finance Cayman Islands Co. Ltd./ The Reg S 2.25%, 07/15/31 | 200 | 171,262 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 | 200 | 188,897 | ||||||
| 360,159 | ||||||||
| Chile: 1.5% | ||||||||
Colbun SA 144A 3.15%, 01/19/32 | 300 | 244,490 | ||||||
| Interchile SA 144A 4.50%, 06/30/56 | 500 | 428,507 | ||||||
| Inversiones CMPC SA 144A 4.38%, 04/04/27 † | 250 | 239,451 | ||||||
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33 | 196 | 105,973 | ||||||
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 | 300 | 226,113 | ||||||
| 1,244,534 | ||||||||
| China: 7.4% | ||||||||
| Bank of China Ltd. Reg S 0.95%, 09/21/23 | 450 | 438,794 | ||||||
2.38% (ICE LIBOR USD 3 Month+0.88%), 11/22/22 | 300 | 300,129 | ||||||
2.46% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 | 200 | 200,259 | ||||||
3.15% (United States Secured Overnight Financing Rate+0.95%), 10/17/22 | 200 | 200,300 | ||||||
Central China Real Estate Ltd. Reg S 7.50%, 07/14/25 | 200 | 57,957 | ||||||
China Construction Bank Corp. Reg S 1.00%, 08/04/23 | 200 | 195,793 | ||||||
| 1.25%, 08/04/25 | 200 | 187,654 | ||||||
3.42% (ICE LIBOR USD 3 Month+0.66%), 10/22/22 | 400 | 399,994 | ||||||
| 1 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
China Development Bank Reg S 2.75%, 11/16/22 | $ | 200 | $ | 199,903 | ||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 | 400 | 372,290 | ||||||
CIFI Holdings Group Co. Ltd. Reg S 5.95%, 10/20/25 | 400 | 149,200 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.53% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 | 400 | 395,816 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 2.25%, 09/16/22 | 200 | 199,787 | ||||||
2.57% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 | 400 | 400,575 | ||||||
2.78% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 | 800 | 800,580 | ||||||
| 2.88%, 10/12/22 | 300 | 299,859 | ||||||
3.61% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 | 400 | 401,352 | ||||||
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23 | 200 | 194,188 | ||||||
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 | 200 | 199,500 | ||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 | 200 | 199,621 | ||||||
Shanghai Pudong Development Bank Co. Ltd./London Reg S 3.51% (ICE LIBOR USD 3 Month+0.70%), 10/29/22 | 200 | 200,014 | ||||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 | 200 | 196,951 | ||||||
Yuzhou Group Holdings Co. Ltd. Reg S 6.35%, 01/13/27 | 200 | 16,046 | ||||||
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 | 200 | 14,500 | ||||||
| 6,221,062 | ||||||||
| Colombia: 0.3% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | 300 | 273,661 | ||||||
| Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 | 95 | 86,269 | ||||||
| France: 0.8% | ||||||||
| BNP Paribas SA 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| France (continued) | ||||||||
1.68% (United States Secured Overnight Financing Rate+0.91%), 06/30/27 | $ | 300 | $ | 268,234 | ||||
Electricite de France SA 144A 3.62%, 10/13/25 | 450 | 448,851 | ||||||
| 717,085 | ||||||||
| Georgia: 0.3% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 250 | 212,500 | ||||||
| Germany: 3.4% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 0.75%, 09/30/30 | 950 | 809,010 | ||||||
| 1.00%, 10/01/26 † | 600 | 555,533 | ||||||
| 1.75%, 09/14/29 | 1,250 | 1,166,138 | ||||||
| 2.00%, 09/29/22 | 150 | 149,884 | ||||||
Landesbank Baden-Wuerttemberg Reg S 2.00%, 02/24/25 | 188 | 181,690 | ||||||
| 2,862,255 | ||||||||
| Hong Kong: 2.7% | ||||||||
Agricultural Bank of China Ltd./Hong Kong Reg S 2.00%, 03/01/25 | 300 | 290,388 | ||||||
Airport Authority Reg S 1.75%, 01/12/27 | 300 | 282,295 | ||||||
China Development Bank/Hong Kong Reg S 0.62%, 09/09/24 | 200 | 190,094 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 | 200 | 187,210 | ||||||
Industrial & Commercial Bank of China Ltd./Hong Kong Reg S 1.62%, 10/28/26 | 300 | 281,553 | ||||||
Industrial Bank Co. Ltd. Reg S 0.88%, 06/10/24 | 200 | 191,333 | ||||||
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 | 200 | 195,718 | ||||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 | 400 | 389,120 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 | 200 | 171,467 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 200 | 127,000 | ||||||
| 2,306,178 | ||||||||
| India: 2.8% | ||||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 350 | 329,262 | ||||||
| Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S | ||||||||
| 2 |
| Par (000’s | ) | Value | ||||||
| India (continued) | ||||||||
| 6.25%, 12/10/24 | $ | 200 | $ | 195,880 | ||||
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 | 184 | 132,570 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 † | 150 | 143,432 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 | 200 | 174,278 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 | 200 | 193,861 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 322 | 278,190 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 | 200 | 189,746 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 | 200 | 190,266 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | 150 | 144,750 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | 200 | 164,451 | ||||||
State Bank of India/London Reg S 4.50%, 09/28/23 | 200 | 201,735 | ||||||
| 2,338,421 | ||||||||
| Indonesia: 2.3% | ||||||||
| Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
| 2.30%, 06/23/25 | 150 | 144,413 | ||||||
| 3.55%, 06/09/51 | 275 | 229,312 | ||||||
| 3.75%, 03/01/23 | 650 | 653,547 | ||||||
| 3.90%, 08/20/24 | 250 | 251,656 | ||||||
| 4.70%, 06/06/32 | 300 | 310,975 | ||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | 400 | 342,736 | ||||||
| 1,932,639 | ||||||||
| Ireland: 0.2% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27 | 200 | 206,010 | ||||||
| Japan: 2.8% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 | 200 | 182,734 | ||||||
Japan Bank for International Cooperation 1.62%, 01/20/27 | 200 | 187,940 | ||||||
| Par (000’s | ) | Value | ||||||
| Japan (continued) | ||||||||
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 | $ | 200 | $ | 192,556 | ||||
Marubeni Corp. Reg S 1.58%, 09/17/26 | 200 | 180,659 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 | 250 | 247,426 | ||||||
| Norinchukin Bank 144A | ||||||||
| 1.28%, 09/22/26 | 200 | 180,218 | ||||||
| 2.08%, 09/22/31 | 150 | 126,246 | ||||||
Renesas Electronics Corp. 144A 1.54%, 11/26/24 | 200 | 186,998 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 0.51%, 01/12/24 † | 250 | 239,203 | ||||||
| 2.47%, 01/14/29 † | 200 | 178,121 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 | 175 | 161,402 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 | 300 | 269,031 | ||||||
| 2,332,534 | ||||||||
| Luxembourg: 1.0% | ||||||||
Bank of China Ltd. Reg S 1.40%, 04/28/26 | 200 | 187,191 | ||||||
European Investment Bank 1.62%, 05/13/31 | 700 | 638,741 | ||||||
| 825,932 | ||||||||
| Macao: 0.2% | ||||||||
China Construction Bank Corp./Macau Reg S 2.39% (United States Secured Overnight Financing Rate Compound Index+0.50%), 12/21/24 | 200 | 198,825 | ||||||
| Mauritius: 0.8% | ||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | 193 | 169,129 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 | 200 | 185,800 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 146 | 123,391 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 200 | 161,000 | ||||||
| 639,320 | ||||||||
| Mexico: 0.2% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | 250 | 205,893 | ||||||
| Netherlands: 5.0% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 | 350 | 305,047 | ||||||
| 3 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Netherlands (continued) | ||||||||
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 † | $ | 350 | $ | 316,002 | ||||
| 1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 | 400 | 357,003 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 485 | 426,446 | ||||||
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 | 450 | 411,608 | ||||||
| 4.62%, 01/06/26 | 500 | 506,978 | ||||||
Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 | 200 | 199,017 | ||||||
| Nederlandse Waterschapsbank NV 144A | ||||||||
| 1.00%, 05/28/30 | 100 | 86,734 | ||||||
| 2.38%, 03/24/26 | 750 | 734,107 | ||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
| 2.50%, 05/11/31 † | 550 | 464,576 | ||||||
| 3.40%, 05/01/30 | 200 | 182,625 | ||||||
| 5.00%, 01/15/33 | 200 | 203,761 | ||||||
| 4,193,904 | ||||||||
| Norway: 0.6% | ||||||||
| Kommunalbanken AS 144A | ||||||||
| 0.50%, 10/21/24 | 200 | 189,311 | ||||||
| 2.12%, 02/11/25 | 325 | 318,530 | ||||||
| 507,841 | ||||||||
| Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 200 | 88,146 | ||||||
| Philippines: 0.2% | ||||||||
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 | 200 | 195,026 | ||||||
| Portugal: 0.4% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 | 400 | 347,877 | ||||||
| Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 | 200 | 186,913 | ||||||
| Saudi Arabia: 0.3% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 | 300 | 267,751 | ||||||
| Singapore: 1.6% | ||||||||
| Continuum Energy Levanter Pte Ltd. 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| Singapore (continued) | ||||||||
| 4.50%, 02/09/27 | $ | 197 | $ | 163,913 | ||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | 200 | 194,380 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | 400 | 367,000 | ||||||
Industrial & Commercial Bank of China Ltd./ Singapore Reg S 1.00%, 10/28/24 | 450 | 428,686 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 206 | 195,587 | ||||||
| 1,349,566 | ||||||||
| South Korea: 4.5% | ||||||||
Export-Import Bank of Korea 2.12%, 01/18/32 | 300 | 266,321 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 | 450 | 408,037 | ||||||
Export-Import Bank of Korea Reg S 2.86% (ICE LIBOR USD 3 Month+0.74%), 03/22/23 | 200 | 200,556 | ||||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 | 300 | 271,289 | ||||||
| Kia Corp. 144A | ||||||||
| 1.75%, 10/16/26 | 400 | 364,049 | ||||||
| 2.38%, 02/14/25 | 200 | 191,758 | ||||||
Korea Development Bank 0.40%, 06/19/24 | 200 | 189,344 | ||||||
Korea Development Bank/ The 0.75%, 01/25/25 | 200 | 187,307 | ||||||
Korea Electric Power Corp. 144A 2.50%, 06/24/24 | 350 | 344,287 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 | 300 | 301,389 | ||||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 | 200 | 192,452 | ||||||
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 | 200 | 201,084 | ||||||
| LG Chem Ltd. 144A | ||||||||
| 1.38%, 07/07/26 | 200 | 180,946 | ||||||
| 2.38%, 07/07/31 | 225 | 191,447 | ||||||
| 3.25%, 10/15/24 | 250 | 246,595 | ||||||
| 3.62%, 04/15/29 | 50 | 48,115 | ||||||
| 3,784,976 | ||||||||
| Spain: 0.9% | ||||||||
| Avangrid, Inc. | ||||||||
| 3.20%, 04/15/25 | 531 | 520,982 | ||||||
| 3.80%, 06/01/29 | 250 | 239,296 | ||||||
| 760,278 | ||||||||
| 4 |
| Par (000’s | ) | Value | ||||||
| Supranational: 6.0% | ||||||||
Central American Bank for Economic Integration Reg S 2.26% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 | $ | 200 | $ | 201,253 | ||||
| European Bank for Reconstruction & Development | ||||||||
| 1.50%, 02/13/25 | 300 | 289,601 | ||||||
| 1.62%, 09/27/24 | 500 | 485,918 | ||||||
| European Investment Bank | ||||||||
| 0.75%, 09/23/30 | 600 | 512,384 | ||||||
| 1.62%, 10/09/29 † | 380 | 352,041 | ||||||
| 2.12%, 04/13/26 | 300 | 292,032 | ||||||
| 2.38%, 05/24/27 † | 500 | 491,282 | ||||||
| 2.50%, 10/15/24 † | 450 | 445,746 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 | 750 | 749,716 | ||||||
| International Bank for Reconstruction & Development | ||||||||
| 2.12%, 03/03/25 | 430 | 422,297 | ||||||
| 3.12%, 11/20/25 | 75 | 75,518 | ||||||
International Finance Corp. 2.12%, 04/07/26 | 744 | 724,475 | ||||||
| 5,042,263 | ||||||||
| Sweden: 1.4% | ||||||||
| Kommuninvest I Sverige AB 144A | ||||||||
| 0.38%, 06/19/24 | 350 | 332,657 | ||||||
| 1.62%, 04/24/23 | 500 | 494,411 | ||||||
Swedbank AB 144A 1.54%, 11/16/26 | 350 | 317,966 | ||||||
| 1,145,034 | ||||||||
| Turkey: 0.2% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | 200 | 139,090 | ||||||
| United Arab Emirates: 0.7% | ||||||||
| MAF Sukuk Ltd. Reg S | ||||||||
| 3.93%, 02/28/30 | 200 | 192,655 | ||||||
| 4.64%, 05/14/29 | 200 | 200,993 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 | 200 | 169,027 | ||||||
| 562,675 | ||||||||
| United Kingdom: 2.4% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 | 200 | 183,173 | ||||||
Brookfield Finance I UK Plc 2.34%, 01/30/32 † | 300 | 250,696 | ||||||
China Construction Bank Corp./London Reg S 3.12%, 05/17/25 | 350 | 349,062 | ||||||
| NatWest Group Plc | ||||||||
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 | $ | 300 | $ | 295,224 | ||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 | 300 | 256,473 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 | 200 | 198,007 | ||||||
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31 | 500 | 453,090 | ||||||
| 1,985,725 | ||||||||
| United States: 35.3% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 200 | 171,277 | ||||||
| AES Corp. | ||||||||
| 1.38%, 01/15/26 | 350 | 316,214 | ||||||
| 2.45%, 01/15/31 | 305 | 258,183 | ||||||
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 | 200 | 187,541 | ||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.00%, 05/18/32 | 350 | 287,823 | ||||||
| 2.95%, 03/15/34 | 250 | 218,043 | ||||||
| 3.80%, 04/15/26 | 200 | 199,207 | ||||||
| Apple, Inc. | ||||||||
| 2.85%, 02/23/23 † | 125 | 124,858 | ||||||
| 3.00%, 06/20/27 † | 800 | 799,902 | ||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
| 3.25%, 09/01/28 † | 250 | 232,450 | ||||||
| 4.00%, 09/01/29 | 375 | 323,321 | ||||||
| Arizona Public Service Co. | ||||||||
| 2.65%, 09/15/50 | 200 | 133,545 | ||||||
| AvalonBay Communities, Inc. | ||||||||
| 1.90%, 12/01/28 | 100 | 89,204 | ||||||
| 2.05%, 01/15/32 † | 250 | 214,179 | ||||||
| Boston Properties LP | ||||||||
| 2.45%, 10/01/33 | 400 | 318,545 | ||||||
| 3.40%, 06/21/29 | 225 | 206,791 | ||||||
| 4.50%, 12/01/28 | 400 | 399,659 | ||||||
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 | 550 | 541,412 | ||||||
| Clearway Energy Operating LLC 144A | ||||||||
| 3.75%, 02/15/31 | 400 | 351,194 | ||||||
| 4.75%, 03/15/28 | 275 | 266,750 | ||||||
Dana, Inc. 4.25%, 09/01/30 | 200 | 166,784 | ||||||
| Deutsche Bank AG | ||||||||
| 5 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 1.69%, 03/19/26 | $ | 300 | $ | 273,925 | ||||
Dominion Energy, Inc. 2.25%, 08/15/31 | 350 | 301,763 | ||||||
| DTE Electric Co. | ||||||||
| 1.90%, 04/01/28 | 150 | 137,638 | ||||||
| 3.25%, 04/01/51 | 200 | 168,017 | ||||||
| 3.95%, 03/01/49 | 290 | 272,615 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 | 350 | 356,194 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 | 300 | 294,324 | ||||||
| Duke Realty LP | ||||||||
| 1.75%, 02/01/31 | 200 | 167,648 | ||||||
| 2.88%, 11/15/29 | 75 | 69,250 | ||||||
| Equinix, Inc. | ||||||||
| 1.00%, 09/15/25 | 300 | 273,726 | ||||||
| 1.55%, 03/15/28 † | 100 | 87,155 | ||||||
| 2.50%, 05/15/31 | 550 | 472,229 | ||||||
| 3.90%, 04/15/32 | 350 | 331,882 | ||||||
ERP Operating LP 4.15%, 12/01/28 | 200 | 199,928 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 | 200 | 192,629 | ||||||
| Fannie Mae-Aces | ||||||||
| 1.44%, 10/25/29 | 500 | 447,496 | ||||||
| 2.44%, 10/25/29 | 37 | 35,640 | ||||||
| 2.52%, 08/25/29 | 593 | 568,781 | ||||||
| 2.55%, 07/25/24 | 187 | 184,240 | ||||||
| 2.76%, 02/25/27 | 256 | 252,192 | ||||||
| 2.90%, 01/25/28 | 403 | 400,624 | ||||||
| 2.94%, 06/25/29 | 9 | 9,125 | ||||||
| 2.96%, 09/25/27 | 262 | 262,001 | ||||||
| 3.05%, 03/25/28 | 219 | 218,452 | ||||||
| 3.06%, 03/25/28 | 453 | 451,539 | ||||||
| 3.08%, 02/25/30 | 370 | 367,269 | ||||||
| 3.15%, 11/25/27 | 14 | 14,138 | ||||||
| 3.30%, 06/25/28 | 318 | 319,984 | ||||||
| 3.55%, 09/25/28 | 554 | 565,798 | ||||||
| 3.75%, 09/25/30 | 100 | 103,949 | ||||||
Federal Realty OP LP 1.25%, 02/15/26 | 200 | 181,813 | ||||||
Fifth Third Bancorp 1.71% (United States Secured Overnight Financing Rate+0.69%), 11/01/27 | 200 | 182,307 | ||||||
Ford Motor Co. 3.25%, 02/12/32 | 1,000 | 836,490 | ||||||
| Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
| 1.30%, 06/25/30 | 30 | 25,934 | ||||||
| 2.88%, 04/25/26 | 285 | 281,818 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 † | 250 | 244,383 | ||||||
Healthpeak Properties, Inc. 1.35%, 02/01/27 | 200 | 178,780 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 2.12%, 12/01/28 | $ | 100 | $ | 88,935 | ||||
| Host Hotels & Resorts LP | ||||||||
| 2.90%, 12/15/31 | 250 | 200,949 | ||||||
| 3.38%, 12/15/29 | 100 | 87,038 | ||||||
| Interstate Power & Light Co. | ||||||||
| 3.50%, 09/30/49 | 150 | 123,399 | ||||||
| 4.10%, 09/26/28 | 250 | 252,788 | ||||||
Jabil, Inc. 4.25%, 05/15/27 | 200 | 198,115 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 | 300 | 253,286 | ||||||
JPMorgan Chase & Co. 0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24 | 325 | 313,053 | ||||||
| 0.77% (United States Secured Overnight Financing Rate+0.49%), 08/09/25 | 500 | 467,080 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.81%, 06/01/41 | 600 | 475,495 | ||||||
| 3.15%, 05/01/27 | 80 | 79,393 | ||||||
| Kilroy Realty LP | ||||||||
| 2.50%, 11/15/32 | 50 | 40,131 | ||||||
| 2.65%, 11/15/33 | 150 | 119,638 | ||||||
| 4.75%, 12/15/28 | 250 | 249,024 | ||||||
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 | 200 | 166,492 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 | 200 | 205,112 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 † | 350 | 326,569 | ||||||
| MidAmerican Energy Co. | ||||||||
| 2.70%, 08/01/52 † | 200 | 151,525 | ||||||
| 3.10%, 05/01/27 | 225 | 221,829 | ||||||
| 3.15%, 04/15/50 | 200 | 162,920 | ||||||
| 3.65%, 04/15/29 | 150 | 150,169 | ||||||
| 3.65%, 08/01/48 | 400 | 352,550 | ||||||
| 3.95%, 08/01/47 | 275 | 255,092 | ||||||
| 4.25%, 07/15/49 | 275 | 267,315 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 | 575 | 515,694 | ||||||
| Northern States Power Co. | ||||||||
| 2.60%, 06/01/51 | 250 | 191,888 | ||||||
| 2.90%, 03/01/50 | 250 | 199,258 | ||||||
| 3.20%, 04/01/52 | 200 | 166,041 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 | 225 | 219,443 | ||||||
Owens Corning 3.95%, 08/15/29 | 225 | 214,739 | ||||||
PacifiCorp 2.90%, 06/15/52 | 200 | 153,855 | ||||||
| 6 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | $ | 250 | $ | 232,315 | ||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 | 150 | 127,550 | ||||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 | 310 | 301,805 | ||||||
Prologis LP 1.25%, 10/15/30 † | 375 | 309,186 | ||||||
| Public Service Co. of Colorado | ||||||||
| 3.20%, 03/01/50 | 250 | 206,272 | ||||||
| 3.70%, 06/15/28 † | 450 | 451,290 | ||||||
| 4.10%, 06/15/48 | 110 | 104,941 | ||||||
| Public Service Co. of Oklahoma | ||||||||
| 2.20%, 08/15/31 | 100 | 86,413 | ||||||
| 3.15%, 08/15/51 | 150 | 114,754 | ||||||
Public Service Electric and Gas Co. 3.10%, 03/15/32 † | 150 | 144,306 | ||||||
Regency Centers LP 3.75%, 06/15/24 | 125 | 124,258 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 | 150 | 107,398 | ||||||
| SK Battery America, Inc. Reg S | ||||||||
| 1.62%, 01/26/24 | 250 | 240,606 | ||||||
| 2.12%, 01/26/26 | 200 | 182,381 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 | 600 | 530,336 | ||||||
| Sonoco Products Co. | ||||||||
| 1.80%, 02/01/25 | 100 | 94,885 | ||||||
| 2.85%, 02/01/32 † | 200 | 173,522 | ||||||
Southern Power Co. 4.15%, 12/01/25 | 500 | 505,152 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 | 100 | 80,718 | ||||||
Sunnova Energy Corp. 144A 5.88%, 09/01/26 † | 200 | 188,245 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 | 200 | 175,212 | ||||||
Toyota Auto Receivables Owner 0.26%, 11/17/25 | 204 | 196,588 | ||||||
UDR, Inc. 1.90%, 03/15/33 | 175 | 136,341 | ||||||
Union Electric Co. 2.62%, 03/15/51 | 275 | 200,119 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 | 200 | 191,260 | ||||||
| Verizon Communications, Inc. | ||||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 1.50%, 09/18/30 | $ | 300 | $ | 250,170 | ||||
| 2.85%, 09/03/41 | 400 | 314,821 | ||||||
| 3.88%, 02/08/29 | 450 | 449,110 | ||||||
| 3.88%, 03/01/52 | 300 | 265,265 | ||||||
| Vornado Realty LP | ||||||||
| 2.15%, 06/01/26 | 200 | 180,559 | ||||||
| 3.40%, 06/01/31 | 150 | 127,101 | ||||||
| Welltower, Inc. | ||||||||
| 2.70%, 02/15/27 † | 250 | 236,263 | ||||||
| 3.85%, 06/15/32 | 100 | 94,421 | ||||||
Wisconsin Power and Light Co. 1.95%, 09/16/31 † | 200 | 171,489 | ||||||
| 29,702,425 | ||||||||
| Total Corporate Bonds (Cost: $86,698,126) | 78,255,800 | |||||||
| GOVERNMENT OBLIGATIONS: 5.7% | ||||||||
| Chile: 1.4% | ||||||||
| Chile Government International Bond | ||||||||
| 2.55%, 01/27/32 | 550 | 486,485 | ||||||
| 3.50%, 01/25/50 | 850 | 682,947 | ||||||
| 1,169,432 | ||||||||
| Egypt: 0.2% | ||||||||
Egypt Government International Bond 144A 5.25%, 10/06/25 | 50 | 39,261 | ||||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 | 200 | 157,044 | ||||||
| 196,305 | ||||||||
| Hong Kong: 1.8% | ||||||||
| Hong Kong Government International Bond 144A | ||||||||
| 0.62%, 02/02/26 | 400 | 371,194 | ||||||
| 1.38%, 02/02/31 | 200 | 174,885 | ||||||
| 2.38%, 02/02/51 | 200 | 145,713 | ||||||
| 2.50%, 05/28/24 | 450 | 445,831 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 | 400 | 357,672 | ||||||
| 1,495,295 | ||||||||
| Saudi Arabia: 0.3% | ||||||||
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 | 250 | 229,889 | ||||||
| South Korea: 0.2% | ||||||||
Korea Electric Power Corp. 144A 3.62%, 06/14/25 | 200 | 199,351 | ||||||
| Supranational: 1.0% | ||||||||
| Asian Development Bank | ||||||||
| 1.75%, 08/14/26 | 275 | 263,142 | ||||||
| 2.12%, 03/19/25 | 150 | 147,096 | ||||||
| 2.38%, 08/10/27 | 150 | 146,806 | ||||||
| 7 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Supranational (continued) | ||||||||
| 3.12%, 09/26/28 | $ | 250 | $ | 253,832 | ||||
| 810,876 | ||||||||
| United States: 0.8% | ||||||||
| City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
| 2.83%, 11/01/41 | 100 | 81,704 | ||||||
| 3.30%, 11/01/39 | 100 | 89,388 | ||||||
| 3.47%, 11/01/43 | 100 | 85,813 | ||||||
Commonwealth of Massachusetts 3.28%, 06/01/46 | 150 | 126,706 | ||||||
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 | 170 | 170,845 | ||||||
Metropolitan Transportation Authority 5.17%, 11/15/49 | 150 | 154,792 | ||||||
| 709,248 | ||||||||
| Total Government Obligations (Cost: $5,580,244) | 4,810,396 | |||||||
| Number of Shares | Value | |||||||
| PREFERRED SECURITIES: 0.2% (Cost: $173,320) | ||||||||
| Canada: 0.2% | ||||||||
| Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 † | 7,000 | $ | 135,030 | |||||
| Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $92,451,690) |
83,201,226 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% (Cost: $2,085,221) |
||||||||
| Money Market Fund: 2.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 2,085,221 | 2,085,221 | ||||||
| Total Investments: 101.4% (Cost: $94,536,911) | 85,286,447 | |||||||
| Liabilities in excess of other assets: (1.4)% | (1,168,825) | |||||||
| NET ASSETS: 100.0% | $ | 84,117,622 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $5,578,784. |
| 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 $25,012,201, or 29.7% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Academic & Educational Services | 0.2 | % | $ | 205,112 | ||||
| Basic Materials | 3.8 | 3,164,569 | ||||||
| Consumer Cyclicals | 2.5 | 2,045,109 | ||||||
| Consumer Non-Cyclicals | 0.3 | 205,892 | ||||||
| Energy | 1.4 | 1,137,974 | ||||||
| Financials | 42.5 | 35,396,813 | ||||||
| Government Activity | 7.5 | 6,200,948 | ||||||
| Healthcare | 0.8 | 662,287 | ||||||
| Industrials | 3.3 | 2,744,553 | ||||||
| Mortgage Securities | 5.4 | 4,508,981 | ||||||
| Real Estate | 8.6 | 7,145,536 | ||||||
| Technology | 4.1 | 3,440,201 | ||||||
| Utilities | 19.6 | 16,343,251 | ||||||
| 100.0 | % | $ | 83,201,226 | |||||
| 8 |