| VANECK EMERGING MARKETS HIGH YIELD BOND ETF |
SCHEDULE OF INVESTMENTS
July 31, 2022 (unaudited)
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 95.7% | ||||||||
| Argentina: 2.8% | ||||||||
Capex SA 144A 6.88%, 05/15/24 | $ | 500 | $ | 468,513 | ||||
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27 | 537 | 371,561 | ||||||
Genneia SA 144A 8.75%, 09/02/27 | 550 | 493,222 | ||||||
| MercadoLibre, Inc. | ||||||||
| 2.38%, 01/14/26 † | 650 | 584,925 | ||||||
| 3.12%, 01/14/31 | 1,150 | 889,355 | ||||||
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 | 800 | 463,803 | ||||||
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 | 150 | 86,963 | ||||||
| Pampa Energia SA 144A | ||||||||
| 7.50%, 01/24/27 | 1,025 | 836,010 | ||||||
| 9.12%, 04/15/29 | 500 | 392,363 | ||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | 475 | 533,760 | ||||||
| Telecom Argentina SA 144A | ||||||||
| 8.00%, 07/18/26 | 625 | 547,990 | ||||||
| 8.50%, 08/06/25 | 625 | 570,409 | ||||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 | 550 | 446,913 | ||||||
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 | 250 | 203,143 | ||||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | 600 | 454,411 | ||||||
| YPF SA 144A | ||||||||
| 1.50%, 09/30/33 (s) | 975 | 471,388 | ||||||
| 2.50%, 06/30/29 (s) | 1,350 | 752,143 | ||||||
| 4.00%, 02/12/26 (s) | 1,250 | 990,663 | ||||||
| 6.95%, 07/21/27 | 1,125 | 629,171 | ||||||
| 7.00%, 12/15/47 | 825 | 417,165 | ||||||
| 8.50%, 07/28/25 | 1,800 | 1,152,000 | ||||||
| 8.50%, 06/27/29 | 637 | 362,756 | ||||||
| 8.75%, 04/04/24 | 1,033 | 769,254 | ||||||
| 12,887,881 | ||||||||
| Armenia: 0.1% | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 | 425 | 394,187 | ||||||
| Austria: 0.1% | ||||||||
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 | 300 | 260,252 | ||||||
| Par (000’s | ) | Value | ||||||
| Azerbaijan: 1.0% | ||||||||
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † | $ | 3,125 | $ | 3,282,950 | ||||
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | 1,250 | 1,220,469 | ||||||
| 4,503,419 | ||||||||
| Bahrain: 1.5% | ||||||||
BBK BSC Reg S 5.50%, 07/09/24 | 700 | 692,244 | ||||||
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 | 850 | 835,656 | ||||||
| Mumtalakat Sukuk Holding Co. Reg S | ||||||||
|
4.10%, 01/21/27 | 850 | 827,783 | ||||||
| 5.62%, 02/27/24 | 950 | 962,169 | ||||||
| Oil and Gas Holding Co. BSCC 144A | ||||||||
| 7.50%, 10/25/27 | 1,700 | 1,685,453 | ||||||
| 7.62%, 11/07/24 | 1,125 | 1,135,401 | ||||||
| 8.38%, 11/07/28 | 850 | 857,368 | ||||||
| 6,996,074 | ||||||||
| Barbados: 0.2% | ||||||||
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 | 900 | 842,819 | ||||||
| Bermuda: 0.9% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | 657 | 426,830 | ||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
| 8.75%, 05/25/24 | 2,050 | 1,919,661 | ||||||
| 13.00%, 12/31/25 | 597 | 510,166 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 1,175 | 1,082,916 | ||||||
| 3,939,573 | ||||||||
| Brazil: 8.9% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | 850 | 775,047 | ||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | 550 | 515,273 | ||||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | 650 | 632,125 | ||||||
Atento Luxco 1 SA 144A 8.00%, 02/10/26 | 400 | 252,156 | ||||||
Azul Investments LLP 144A 5.88%, 10/26/24 | 200 | 140,259 | ||||||
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 † | 400 | 305,786 | ||||||
| B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 | 500 | 420,755 | ||||||
| Banco Bradesco SA 144A | ||||||||
| 1 |
| VANECK EMERGING MARKETS HIGH YIELD BOND ETF |
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| 3.20%, 01/27/25 | $ | 625 | $ | 602,500 | ||||
| Banco BTG Pactual SA 144A | ||||||||
| 2.75%, 01/11/26 | 350 | 316,817 | ||||||
| 4.50%, 01/10/25 | 775 | 758,961 | ||||||
Banco Daycoval SA Reg S 4.25%, 12/13/24 | 300 | 291,626 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 4.62%, 01/15/25 | 750 | 740,145 | ||||||
| 4.75%, 03/20/24 | 550 | 551,031 | ||||||
| Banco Nacional de Desenvolvimento Economico e Social 144A | ||||||||
| 4.75%, 05/09/24 | 475 | 474,831 | ||||||
| 5.75%, 09/26/23 | 550 | 559,521 | ||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23 | 200 | 203,462 | ||||||
| Banco Votorantim SA 144A | ||||||||
| 4.38%, 07/29/25 | 550 | 527,945 | ||||||
| 4.50%, 09/24/24 | 250 | 246,552 | ||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | 1,450 | 1,323,466 | ||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | 425 | 441,649 | ||||||
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | 576 | 571,562 | ||||||
BRF GmbH 144A 4.35%, 09/29/26 | 375 | 343,806 | ||||||
| BRF SA 144A | ||||||||
| 4.88%, 01/24/30 | 500 | 439,495 | ||||||
| 5.75%, 09/21/50 | 625 | 468,958 | ||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | 750 | 791,272 | ||||||
| Centrais Eletricas Brasileiras SA 144A | ||||||||
| 3.62%, 02/04/25 | 350 | 338,609 | ||||||
| 4.62%, 02/04/30 | 575 | 509,953 | ||||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | 550 | 559,584 | ||||||
Cosan SA 144A 5.50%, 09/20/29 | 575 | 539,172 | ||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 † | 975 | 909,553 | ||||||
CSN Resources SA 144A 7.62%, 04/17/26 | 250 | 250,032 | ||||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | 775 | 772,202 | ||||||
| 5.40%, 02/01/27 | 600 | 587,505 | ||||||
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 | 500 | 504,588 | ||||||
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
ERO Copper Corp. 144A 6.50%, 02/15/30 † | $ | 350 | $ | 248,448 | ||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 550 | 563,063 | ||||||
| Globo Comunicacao e Participacoes SA 144A | ||||||||
| 4.88%, 01/22/30 | 300 | 241,945 | ||||||
| 5.50%, 01/14/32 | 350 | 282,240 | ||||||
Gol Finance SA 144A 7.00%, 01/31/25 | 500 | 268,775 | ||||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | 562 | 461,827 | ||||||
InterCement Financial Operations BV 144A 5.75%, 07/17/24 | 450 | 338,026 | ||||||
Itau Unibanco Holding SA 144A 3.25%, 01/24/25 | 325 | 314,031 | ||||||
| 3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | 350 | 311,973 | ||||||
| 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 600 | 573,798 | ||||||
| 4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) † | 625 | 505,846 | ||||||
JSM Global Sarl 144A 4.75%, 10/20/30 | 275 | 214,283 | ||||||
| Klabin Austria GmbH 144A | ||||||||
| 3.20%, 01/12/31 | 400 | 327,325 | ||||||
| 5.75%, 04/03/29 | 575 | 578,769 | ||||||
| 7.00%, 04/03/49 | 528 | 510,731 | ||||||
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 | 475 | 413,980 | ||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | 1,200 | 980,268 | ||||||
MV24 Capital BV 144A 6.75%, 06/01/34 | 711 | 655,653 | ||||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | 750 | 636,593 | ||||||
| NBM US Holdings, Inc. 144A | ||||||||
| 6.62%, 08/06/29 | 400 | 391,000 | ||||||
| 7.00%, 05/14/26 | 550 | 552,860 | ||||||
| Nexa Resources SA 144A | ||||||||
| 5.38%, 05/04/27 | 550 | 524,079 | ||||||
| 6.50%, 01/18/28 | 325 | 325,226 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 † | 400 | 387,580 | ||||||
| 5.30%, 01/27/25 | 400 | 409,732 | ||||||
| 5.60%, 01/03/31 † | 825 | 809,597 | ||||||
| 5.62%, 05/20/43 | 250 | 220,540 | ||||||
| 5.75%, 02/01/29 | 340 | 342,647 | ||||||
| 6.00%, 01/27/28 † | 650 | 667,625 | ||||||
| 6.25%, 03/17/24 | 350 | 359,578 | ||||||
| 6.75%, 01/27/41 | 410 | 405,451 | ||||||
| 2 |
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| 6.75%, 06/03/50 | $ | 325 | $ | 303,713 | ||||
| 6.85%, 06/05/15 | 1,050 | 936,091 | ||||||
| 6.88%, 01/20/40 | 422 | 420,204 | ||||||
| 6.90%, 03/19/49 | 600 | 571,479 | ||||||
| 7.25%, 03/17/44 | 615 | 619,139 | ||||||
| 7.38%, 01/17/27 | 575 | 628,573 | ||||||
| 8.75%, 05/23/26 | 300 | 340,029 | ||||||
| Rede D’or Finance Sarl 144A | ||||||||
| 4.50%, 01/22/30 | 524 | 450,239 | ||||||
| 4.95%, 01/17/28 | 350 | 327,136 | ||||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | 465 | 485,285 | ||||||
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 | 447 | 475,422 | ||||||
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 | 306 | 317,651 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 450 | 428,625 | ||||||
Simpar Europe SA 144A 5.20%, 01/26/31 | 575 | 483,860 | ||||||
Tupy Overseas SA 144A 4.50%, 02/16/31 | 300 | 228,155 | ||||||
| Ultrapar International SA 144A | ||||||||
| 5.25%, 10/06/26 | 200 | 199,771 | ||||||
| 5.25%, 06/06/29 | 500 | 454,455 | ||||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 | 350 | 354,270 | ||||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | 550 | 542,545 | ||||||
XP, Inc. 144A 3.25%, 07/01/26 | 600 | 539,208 | ||||||
| 40,595,537 | ||||||||
| British Virgin Islands: 0.3% | ||||||||
Central China Real Estate Ltd. Reg S 7.65%, 08/27/23 | 200 | 71,873 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 7.00%, 05/02/25 | 700 | 112,294 | ||||||
| 7.38%, 04/09/24 | 750 | 163,125 | ||||||
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24 | 400 | 330,000 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.50%, 05/02/26 | 500 | 134,425 | ||||||
| 4.62%, 10/15/25 | 400 | 112,000 | ||||||
Studio City Co. Ltd. 144A 7.00%, 02/15/27 | 550 | 456,676 | ||||||
| 1,380,393 | ||||||||
| Cambodia: 0.2% | ||||||||
| NagaCorp Ltd. Reg S | ||||||||
| Par (000’s | ) | Value | ||||||
| Cambodia (continued) | ||||||||
| 7.95%, 07/06/24 | $ | 900 | $ | 811,125 | ||||
| Canada: 0.2% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 565 | 552,005 | ||||||
Frontera Energy Corp. 144A 7.88%, 06/21/28 | 750 | 611,572 | ||||||
| 1,163,577 | ||||||||
| Cayman Islands: 1.7% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | 1,300 | 1,176,045 | ||||||
Banco Bradesco SA 144A 4.38%, 03/18/27 | 350 | 337,440 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 3.25%, 09/30/26 | 550 | 508,302 | ||||||
| 4.88%, 01/11/29 | 350 | 326,944 | ||||||
CT Trust 144A 5.12%, 02/03/32 | 1,500 | 1,344,015 | ||||||
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 | 550 | 520,548 | ||||||
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 | 1,000 | 937,745 | ||||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 | 900 | 843,462 | ||||||
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 | 662 | 620,080 | ||||||
StoneCo Ltd. 144A 3.95%, 06/16/28 | 375 | 298,740 | ||||||
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24 | 800 | 785,640 | ||||||
| 7,698,961 | ||||||||
| Chile: 0.8% | ||||||||
Agrosuper SA 144A 4.60%, 01/20/32 † | 850 | 740,563 | ||||||
CAP SA 144A 3.90%, 04/27/31 | 450 | 353,880 | ||||||
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 | 735 | 397,397 | ||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | 750 | 704,666 | ||||||
| VTR Comunicaciones SpA 144A | ||||||||
| 4.38%, 04/15/29 | 600 | 394,208 | ||||||
| 5.12%, 01/15/28 | 867 | 634,507 | ||||||
VTR Finance NV 144A 6.38%, 07/15/28 | 825 | 506,009 | ||||||
| 3,731,230 | ||||||||
| China: 7.2% | ||||||||
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25 | 300 | 81,043 | ||||||
| 3 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) | $ | 4,450 | $ | 4,406,228 | ||||
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o) | 950 | 935,750 | ||||||
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o) | 650 | 448,970 | ||||||
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) | 840 | 863,112 | ||||||
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 | 850 | 754,014 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 5.95%, 09/29/24 | 300 | 54,000 | ||||||
| 6.00%, 02/04/26 | 400 | 63,360 | ||||||
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o) | 600 | 576,240 | ||||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| 4.38%, 04/12/27 † | 500 | 171,375 | ||||||
| 4.45%, 08/17/26 | 850 | 305,905 | ||||||
| 5.25%, 05/13/26 | 400 | 143,534 | ||||||
| 5.95%, 10/20/25 | 800 | 298,400 | ||||||
| 6.00%, 07/16/25 † | 750 | 287,722 | ||||||
| 6.45%, 11/07/24 | 800 | 314,000 | ||||||
| 6.55%, 03/28/24 † | 750 | 343,674 | ||||||
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o) | 500 | 503,315 | ||||||
| Country Garden Holdings Co. Ltd. Reg S | ||||||||
| 2.70%, 07/12/26 | 1,100 | 377,025 | ||||||
| 3.12%, 10/22/25 | 1,400 | 501,494 | ||||||
| 3.30%, 01/12/31 | 1,100 | 332,750 | ||||||
| 3.88%, 10/22/30 | 800 | 250,018 | ||||||
| eHi Car Services Ltd. Reg S | ||||||||
| 7.00%, 09/21/26 | 350 | 187,250 | ||||||
| 7.75%, 11/14/24 | 600 | 363,630 | ||||||
| ENN Clean Energy International Investment Ltd. 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 3.38%, 05/12/26 | $ | 1,200 | $ | 1,015,778 | ||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | 1,050 | 581,222 | ||||||
| 6.85%, 07/02/24 | 850 | 582,250 | ||||||
Glory Land Co. Ltd. Reg S 14.25%, 01/25/24 | 200 | 75,000 | ||||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 5.88%, 07/03/24 | 700 | 154,000 | ||||||
| 6.75%, 09/26/23 | 700 | 157,500 | ||||||
| 6.75%, 03/03/24 | 300 | 69,000 | ||||||
| Greentown China Holdings Ltd. Reg S | ||||||||
| 4.70%, 04/29/25 | 550 | 430,639 | ||||||
| 5.65%, 07/13/25 | 500 | 395,000 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) † | 9,900 | 9,512,095 | ||||||
| KWG Group Holdings Ltd. Reg S | ||||||||
| 5.88%, 11/10/24 | 600 | 76,303 | ||||||
| 5.95%, 08/10/25 | 400 | 50,405 | ||||||
| 6.00%, 08/14/26 | 550 | 64,825 | ||||||
| 6.30%, 02/13/26 | 700 | 82,580 | ||||||
| 7.40%, 03/05/24 | 800 | 109,778 | ||||||
| 7.40%, 01/13/27 | 200 | 24,550 | ||||||
| 7.88%, 09/01/23 | 650 | 100,877 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.80%, 12/15/24 | 600 | 215,520 | ||||||
| 6.80%, 08/05/23 | 500 | 247,375 | ||||||
| Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/30/25 † | 800 | 94,928 | ||||||
| 6.25%, 08/10/24 | 600 | 79,500 | ||||||
Radiance Holdings Group Co. Ltd. Reg S 7.80%, 03/20/24 | 200 | 113,880 | ||||||
| RKPF Overseas 2019 A Ltd. Reg S | ||||||||
| 6.00%, 09/04/25 | 600 | 233,278 | ||||||
| 6.70%, 09/30/24 | 550 | 269,637 | ||||||
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o) | 600 | 186,206 | ||||||
Seazen Group Ltd. Reg S 4.45%, 07/13/25 | 250 | 106,637 | ||||||
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23 | 500 | 502,475 | ||||||
Sunac China Holdings Ltd. Reg S 6.50%, 01/10/25 | 1,100 | 129,250 | ||||||
| 4 |
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 6.50%, 01/26/26 | $ | 900 | $ | 103,546 | ||||
| 6.65%, 08/03/24 | 900 | 108,000 | ||||||
| 7.00%, 07/09/25 | 800 | 92,054 | ||||||
| 7.50%, 02/01/24 | 800 | 96,000 | ||||||
| Times China Holdings Ltd. Reg S | ||||||||
| 5.55%, 06/04/24 | 600 | 79,390 | ||||||
| 5.75%, 01/14/27 | 200 | 20,455 | ||||||
| 6.20%, 03/22/26 | 600 | 60,000 | ||||||
| 6.75%, 07/08/25 | 600 | 68,674 | ||||||
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23 | 500 | 490,000 | ||||||
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | 1,100 | 708,812 | ||||||
Wens Foodstuffs Group Co. Ltd. Reg S 2.35%, 10/29/25 | 450 | 374,726 | ||||||
West China Cement Ltd. Reg S 4.95%, 07/08/26 | 1,050 | 739,725 | ||||||
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24 | 400 | 352,000 | ||||||
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 | 650 | 645,687 | ||||||
Yuzhou Group Holdings Co. Ltd. Reg S 6.35%, 01/13/27 | 200 | 16,046 | ||||||
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25 | 600 | 601,583 | ||||||
| 32,779,995 | ||||||||
| Colombia: 5.8% | ||||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 | 1,833 | 1,749,213 | ||||||
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31 | 600 | 492,333 | ||||||
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | 900 | 770,989 | ||||||
Cable Onda SA 144A 4.50%, 01/30/30 | 1,050 | 931,597 | ||||||
Canacol Energy Ltd. 144A 5.75%, 11/24/28 | 925 | 764,972 | ||||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | 1,600 | 1,541,738 | ||||||
| 4.62%, 11/02/31 † | 1,625 | 1,340,479 | ||||||
| 5.38%, 06/26/26 | 2,000 | 1,938,410 | ||||||
| 5.88%, 09/18/23 | 2,393 | 2,421,142 | ||||||
| Par (000’s | ) | Value | ||||||
| Colombia (continued) | ||||||||
| 5.88%, 05/28/45 † | $ | 2,625 | $ | 1,995,079 | ||||
| 5.88%, 11/02/51 | 975 | 715,708 | ||||||
| 6.88%, 04/29/30 | 2,625 | 2,506,875 | ||||||
| 7.38%, 09/18/43 | 1,108 | 993,330 | ||||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | 1,675 | 1,344,733 | ||||||
| 4.38%, 02/15/31 | 925 | 734,071 | ||||||
GCM Mining Corp. 144A 6.88%, 08/09/26 | 575 | 429,913 | ||||||
Geopark Ltd. 144A 5.50%, 01/17/27 | 750 | 646,326 | ||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | 1,725 | 1,366,993 | ||||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | 900 | 830,061 | ||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | 750 | 637,458 | ||||||
Orazul Energy Peru SA 144A 5.62%, 04/28/27 | 550 | 489,423 | ||||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 † | 900 | 859,244 | ||||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | 978 | 869,733 | ||||||
| 26,369,820 | ||||||||
| Costa Rica: 0.2% | ||||||||
| Instituto Costarricense de Electricidad 144A | ||||||||
| 6.38%, 05/15/43 | 900 | 649,515 | ||||||
| 6.75%, 10/07/31 | 450 | 425,277 | ||||||
| 1,074,792 | ||||||||
| Cyprus: 0.2% | ||||||||
| MHP Lux SA 144A | ||||||||
| 6.25%, 09/19/29 | 700 | 293,650 | ||||||
| 6.95%, 04/03/26 | 850 | 368,390 | ||||||
MHP SE 144A 7.75%, 05/10/24 | 850 | 373,838 | ||||||
| 1,035,878 | ||||||||
| Czech Republic: 0.1% | ||||||||
Energo-Pro AS 144A 8.50%, 02/04/27 | 650 | 623,009 | ||||||
| Dominican Republic: 0.1% | ||||||||
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 | 400 | 333,556 | ||||||
| El Salvador: 0.1% | ||||||||
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 | 425 | 424,150 | ||||||
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24 | 200 | 199,600 | ||||||
| 623,750 | ||||||||
| 5 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| France: 0.1% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 | $ | 500 | $ | 458,570 | ||||
| Georgia: 0.4% | ||||||||
Georgia Capital JSC Reg S 6.12%, 03/09/24 | 600 | 571,803 | ||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 850 | 722,500 | ||||||
Silknet JSC 144A 8.38%, 01/31/27 | 575 | 556,312 | ||||||
| 1,850,615 | ||||||||
| Ghana: 0.4% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † | 1,125 | 992,874 | ||||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | 1,300 | 1,076,465 | ||||||
| 2,069,339 | ||||||||
| Greece: 0.2% | ||||||||
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 | 775 | 733,906 | ||||||
| Guatemala: 0.5% | ||||||||
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | 525 | 488,127 | ||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | 1,850 | 1,753,800 | ||||||
| 2,241,927 | ||||||||
| Honduras: 0.1% | ||||||||
Inversiones Atlantida SA 144A 7.50%, 05/19/26 | 575 | 531,921 | ||||||
| Hong Kong: 4.2% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
|
6.05%, 10/13/25 † | 650 | 172,385 | ||||||
| 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) | 500 | 97,527 | ||||||
| 8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) | 950 | 181,847 | ||||||
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) | 1,000 | 935,000 | ||||||
| 5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) | 1,100 | 1,031,250 | ||||||
| Par (000’s | ) | Value | ||||||
| Hong Kong (continued) | ||||||||
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) | $ | 1,250 | $ | 982,511 | ||||
| Champion Path Holdings Ltd. Reg S | ||||||||
| 4.50%, 01/27/26 | 850 | 539,537 | ||||||
| 4.85%, 01/27/28 | 850 | 507,165 | ||||||
| China CITIC Bank International Ltd. Reg S | ||||||||
3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) | 1,000 | 925,179 | ||||||
| 4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o) | 900 | 865,962 | ||||||
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 | 700 | 561,750 | ||||||
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 | 500 | 405,540 | ||||||
| Easy Tactic Ltd. | ||||||||
| 7.50%, 07/11/27 | 1,104 | 223,107 | ||||||
| 7.50%, 07/11/28 | 1,553 | 223,971 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.00%, 05/18/26 | 650 | 334,068 | ||||||
| 5.05%, 01/27/27 | 800 | 396,040 | ||||||
| Franshion Brilliant Ltd. Reg S | ||||||||
4.88% (US Treasury Yield Curve Rate T 5 Year+2.75%), 06/21/24 (o) | 200 | 124,802 | ||||||
| 6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o) | 900 | 759,470 | ||||||
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24 | 600 | 398,214 | ||||||
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24 | 200 | 113,033 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | 1,600 | 1,305,440 | ||||||
| 5.25%, 04/26/26 | 800 | 622,172 | ||||||
| 5.38%, 12/04/29 | 1,900 | 1,305,380 | ||||||
| 5.62%, 07/17/27 | 970 | 683,312 | ||||||
| 5.75%, 07/21/28 | 1,400 | 998,056 | ||||||
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 | 500 | 191,375 | ||||||
| RKPF Overseas 2020 A Ltd. Reg S | ||||||||
| 5.12%, 07/26/26 | 600 | 225,838 | ||||||
| 5.20%, 01/12/26 | 700 | 265,467 | ||||||
Seaspan Corp. 144A 5.50%, 08/01/29 | 1,250 | 981,400 | ||||||
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 | 400 | 386,000 | ||||||
| 6 |
| Par (000’s | ) | Value | ||||||
| Hong Kong (continued) | ||||||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | $ | 2,000 | $ | 1,025,254 | ||||
| 6.00%, 07/15/25 | 650 | 428,993 | ||||||
| 6.50%, 01/15/28 | 875 | 483,843 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 550 | 349,250 | ||||||
| 19,030,138 | ||||||||
| India: 5.6% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | 1,700 | 1,724,081 | ||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 1,300 | 1,222,975 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 | 850 | 832,490 | ||||||
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 | 459 | 331,424 | ||||||
Bank of Baroda Reg S 3.88%, 04/04/24 | 450 | 447,829 | ||||||
Canara Bank Reg S 3.88%, 03/28/24 | 600 | 596,223 | ||||||
| Delhi International Airport Ltd. 144A | ||||||||
| 6.12%, 10/31/26 | 800 | 733,704 | ||||||
| 6.45%, 06/04/29 | 850 | 692,750 | ||||||
Future Retail Ltd. 144A 5.60%, 01/22/25 | 650 | 75,790 | ||||||
| GMR Hyderabad International Airport Ltd. 144A | ||||||||
| 4.25%, 10/27/27 | 650 | 539,533 | ||||||
| 4.75%, 02/02/26 | 550 | 495,687 | ||||||
| 5.38%, 04/10/24 | 375 | 364,219 | ||||||
| HPCL-Mittal Energy Ltd. Reg S | ||||||||
| 5.25%, 04/28/27 | 550 | 483,313 | ||||||
| 5.45%, 10/22/26 | 600 | 556,680 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 † | 500 | 478,108 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 1,127 | 973,666 | ||||||
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29 | 750 | 625,199 | ||||||
| JSW Steel Ltd. 144A | ||||||||
| 3.95%, 04/05/27 | 850 | 722,520 | ||||||
| 5.05%, 04/05/32 | 850 | 666,935 | ||||||
| JSW Steel Ltd. Reg S | ||||||||
| 5.38%, 04/04/25 | 700 | 652,785 | ||||||
| 5.95%, 04/18/24 | 750 | 739,687 | ||||||
| Muthoot Finance Ltd. 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| India (continued) | ||||||||
| 4.40%, 09/02/23 | $ | 850 | $ | 825,605 | ||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) | 1,675 | 1,628,301 | ||||||
Periama Holdings LLC Reg S 5.95%, 04/19/26 | 1,150 | 1,072,375 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | 750 | 723,750 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † | 1,050 | 863,371 | ||||||
| Shriram Transport Finance Co. Ltd. 144A | ||||||||
| 4.15%, 07/18/25 | 700 | 620,486 | ||||||
| 4.40%, 03/13/24 † | 1,300 | 1,232,912 | ||||||
Tata Motors Ltd. Reg S 5.88%, 05/20/25 | 400 | 397,000 | ||||||
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 | 650 | 624,812 | ||||||
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o) | 800 | 559,360 | ||||||
| Vedanta Resources Finance II Plc 144A | ||||||||
| 9.25%, 04/23/26 | 875 | 553,440 | ||||||
| 13.88%, 01/21/24 | 1,725 | 1,495,759 | ||||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | 1,725 | 1,098,807 | ||||||
| 25,651,576 | ||||||||
| Indonesia: 2.3% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | 1,200 | 1,148,213 | ||||||
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 | 400 | 189,412 | ||||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) | 111 | 902 | ||||||
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 | 400 | 380,000 | ||||||
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 | 800 | 656,600 | ||||||
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 | 1,000 | 923,840 | ||||||
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 | 600 | 565,860 | ||||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | 573 | 559,685 | ||||||
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 | 1,025 | 998,606 | ||||||
| 7 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Indonesia (continued) | ||||||||
Jababeka International BV 144A 6.50%, 10/05/23 | $ | 665 | $ | 303,519 | ||||
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 | 500 | 390,000 | ||||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | 950 | 839,116 | ||||||
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 | 850 | 793,220 | ||||||
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | 775 | 735,142 | ||||||
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 | 600 | 512,940 | ||||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | 650 | 591,871 | ||||||
| Theta Capital Pte Ltd. Reg S | ||||||||
| 6.75%, 10/31/26 † | 600 | 418,800 | ||||||
| 8.12%, 01/22/25 | 700 | 551,544 | ||||||
| 10,559,270 | ||||||||
| Israel: 3.1% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 6.12%, 06/30/25 | 1,025 | 1,008,600 | ||||||
| 6.50%, 06/30/27 | 1,025 | 983,701 | ||||||
| 6.75%, 06/30/30 | 900 | 851,510 | ||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | 975 | 894,465 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 3.15%, 10/01/26 | 4,600 | 4,161,321 | ||||||
| 4.10%, 10/01/46 | 2,623 | 1,853,934 | ||||||
| 6.00%, 04/15/24 | 1,592 | 1,607,912 | ||||||
| 6.75%, 03/01/28 † | 1,650 | 1,657,322 | ||||||
| 7.12%, 01/31/25 | 1,300 | 1,337,173 | ||||||
| 14,355,938 | ||||||||
| Kazakhstan: 0.3% | ||||||||
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | 1,375 | 1,169,513 | ||||||
| Kuwait: 0.3% | ||||||||
| Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
| 4.23%, 10/29/26 | 800 | 652,104 | ||||||
| 4.50%, 02/23/27 | 750 | 592,476 | ||||||
| 1,244,580 | ||||||||
| Luxembourg: 2.4% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 | 350 | 293,172 | ||||||
Aegea Finance Sarl 144A 6.75%, 05/20/29 | 400 | 388,660 | ||||||
AI Candelaria Spain SA 144A 7.50%, 12/15/28 | 475 | 444,177 | ||||||
| Par (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | $ | 900 | $ | 735,637 | ||||
| CSN Resources SA 144A | ||||||||
| 4.62%, 06/10/31 † | 600 | 453,852 | ||||||
| 5.88%, 04/08/32 | 375 | 299,816 | ||||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 4.50%, 03/30/24 | 1,000 | 954,500 | ||||||
| 4.88%, 03/30/26 | 1,075 | 986,984 | ||||||
| 5.38%, 03/30/28 | 1,000 | 885,300 | ||||||
| 5.88%, 03/30/31 | 1,075 | 917,513 | ||||||
Gol Finance SA 144A 8.00%, 06/30/26 | 525 | 348,245 | ||||||
Hidrovias International Finance SARL 144A 4.95%, 02/08/31 | 375 | 297,425 | ||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | 725 | 518,245 | ||||||
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 | 1,450 | 1,165,329 | ||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | 850 | 702,495 | ||||||
Movida Europe SA 144A 5.25%, 02/08/31 | 550 | 464,750 | ||||||
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 † | 475 | 440,902 | ||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 | 475 | 448,331 | ||||||
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31 | 189 | 177,166 | ||||||
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 † | 200 | 164,040 | ||||||
| 11,086,539 | ||||||||
| Macao: 0.2% | ||||||||
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 | 1,200 | 951,864 | ||||||
| Mauritius: 2.4% | ||||||||
Axian Telecom 144A 7.38%, 02/16/27 | 725 | 669,762 | ||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | 626 | 549,671 | ||||||
CA Magnum Holdings 144A 5.38%, 10/31/26 | 1,725 | 1,526,573 | ||||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | 686 | 552,658 | ||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | 1,491 | 1,280,862 | ||||||
| Greenko Wind Projects Mauritius Ltd. 144A | ||||||||
| 8 |
| Par (000’s | ) | Value | ||||||
| Mauritius (continued) | ||||||||
| 5.50%, 04/06/25 | $ | 1,075 | $ | 998,675 | ||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | 1,500 | 1,337,805 | ||||||
India Airport Infra 144A 6.25%, 10/25/25 | 825 | 734,902 | ||||||
India Clean Energy Holdings 144A 4.50%, 04/18/27 | 500 | 378,750 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 535 | 452,434 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 700 | 563,500 | ||||||
India Toll Roads 144A 5.50%, 08/19/24 | 350 | 331,889 | ||||||
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 | 1,075 | 934,670 | ||||||
| Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) † | 625 | 524,288 | ||||||
| 10,836,439 | ||||||||
| Mexico: 7.2% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 | 850 | 811,372 | ||||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | 693 | 481,635 | ||||||
| Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 | 750 | 654,419 | ||||||
Braskem Idesa SAPI 144A 6.99%, 02/20/32 | 1,975 | 1,708,197 | ||||||
| Cemex SAB de CV 144A | ||||||||
3.88%, 07/11/31 | 2,625 | 2,112,823 | ||||||
| 5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | 1,625 | 1,360,515 | ||||||
| 5.20%, 09/17/30 | 1,350 | 1,217,956 | ||||||
| 5.45%, 11/19/29 | 1,500 | 1,376,250 | ||||||
| 7.38%, 06/05/27 | 1,625 | 1,651,650 | ||||||
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 | 900 | 621,171 | ||||||
Cydsa SAB de CV 144A 6.25%, 10/04/27 | 650 | 562,500 | ||||||
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 | 500 | 394,466 | ||||||
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 | 450 | 342,127 | ||||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | 800 | 741,296 | ||||||
Metalsa SAPI de CV 144A 3.75%, 05/04/31 | 600 | 431,589 | ||||||
| Par (000’s | ) | Value | ||||||
| Mexico (continued) | ||||||||
Mexarrend SAPI de CV 144A 10.25%, 07/24/24 | $ | 600 | $ | 259,113 | ||||
Nemak SAB de CV 144A 3.62%, 06/28/31 | 825 | 644,651 | ||||||
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 | 800 | 514,487 | ||||||
| Petroleos Mexicanos | ||||||||
| 4.50%, 01/23/26 | 325 | 294,778 | ||||||
| 4.62%, 09/21/23 | 225 | 223,911 | ||||||
| 4.88%, 01/18/24 † | 300 | 300,300 | ||||||
| 5.35%, 02/12/28 | 650 | 545,321 | ||||||
| 5.50%, 06/27/44 | 250 | 159,049 | ||||||
| 5.62%, 01/23/46 | 225 | 144,225 | ||||||
| 5.95%, 01/28/31 | 1,250 | 974,125 | ||||||
| 6.35%, 02/12/48 | 575 | 380,018 | ||||||
| 6.38%, 01/23/45 | 375 | 252,208 | ||||||
| 6.49%, 01/23/27 | 525 | 477,600 | ||||||
| 6.50%, 03/13/27 | 1,275 | 1,154,544 | ||||||
| 6.50%, 01/23/29 † | 375 | 322,710 | ||||||
| 6.50%, 06/02/41 | 525 | 357,606 | ||||||
| 6.62%, 06/15/35 | 975 | 716,625 | ||||||
| 6.70%, 02/16/32 | 2,090 | 1,680,193 | ||||||
| 6.75%, 09/21/47 | 1,725 | 1,183,807 | ||||||
| 6.84%, 01/23/30 | 750 | 639,559 | ||||||
| 6.88%, 10/16/25 | 275 | 269,833 | ||||||
| 6.88%, 08/04/26 | 875 | 837,585 | ||||||
| 6.95%, 01/28/60 | 1,150 | 776,921 | ||||||
| 7.69%, 01/23/50 | 2,475 | 1,810,722 | ||||||
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 | 525 | 419,996 | ||||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
6.38%, 09/20/28 † | 1,100 | 864,424 | ||||||
| 7.50%, 11/12/25 | 850 | 744,383 | ||||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | 600 | 316,431 | ||||||
| 7.25%, 09/27/23 | 425 | 262,310 | ||||||
| 8.38%, 01/27/28 | 825 | 423,395 | ||||||
| 9.88%, 01/28/29 | 875 | 465,929 | ||||||
| 32,884,725 | ||||||||
| Mongolia: 0.3% | ||||||||
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23 | 825 | 798,197 | ||||||
Mongolian Mining Corp./ Energy Resources LLC 144A 9.25%, 04/15/24 | 850 | 541,828 | ||||||
| 1,340,025 | ||||||||
| Morocco: 1.1% | ||||||||
| OCP SA 144A | ||||||||
| 3.75%, 06/23/31 | 1,300 | 1,059,770 | ||||||
| 4.50%, 10/22/25 | 875 | 862,588 | ||||||
| 9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Morocco (continued) | ||||||||
| 5.12%, 06/23/51 | $ | 1,100 | $ | 779,432 | ||||
| 5.62%, 04/25/24 | 1,300 | 1,320,496 | ||||||
| 6.88%, 04/25/44 | 950 | 816,783 | ||||||
| 4,839,069 | ||||||||
| Netherlands: 1.0% | ||||||||
Coruripe Netherlands BV 144A 10.00%, 02/10/27 | 250 | 213,002 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 1,552 | 1,364,627 | ||||||
Petrobras Global Finance BV 5.50%, 06/10/51 † | 525 | 436,023 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 4.75%, 05/09/27 | 1,325 | 1,272,000 | ||||||
| 5.12%, 05/09/29 † | 1,275 | 1,172,949 | ||||||
| 4,458,601 | ||||||||
| Nigeria: 0.7% | ||||||||
Access Bank Plc 144A 6.12%, 09/21/26 | 725 | 539,291 | ||||||
EBN Finance Co. BV 144A 7.12%, 02/16/26 | 450 | 385,875 | ||||||
Fidelity Bank Plc 144A 7.62%, 10/28/26 | 750 | 593,475 | ||||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 | 550 | 523,859 | ||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | 1,075 | 913,771 | ||||||
United Bank for Africa Plc 144A 6.75%, 11/19/26 | 475 | 415,625 | ||||||
| 3,371,896 | ||||||||
| Oman: 1.8% | ||||||||
Bank Muscat SAOG Reg S 4.75%, 03/17/26 | 700 | 673,029 | ||||||
Lamar Funding Ltd. 144A 3.96%, 05/07/25 | 1,575 | 1,514,295 | ||||||
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 | 875 | 859,668 | ||||||
National Bank of Oman SAOG Reg S 5.62%, 09/25/23 | 700 | 701,460 | ||||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | 900 | 861,559 | ||||||
OQ SAOC 144A 5.12%, 05/06/28 | 1,300 | 1,240,396 | ||||||
| Oztel Holdings SPC Ltd. 144A | ||||||||
| 5.62%, 10/24/23 | 1,050 | 1,053,395 | ||||||
| 6.62%, 04/24/28 † | 1,425 | 1,456,273 | ||||||
| 8,360,075 | ||||||||
| Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 650 | 286,475 | ||||||
| Par (000’s | ) | Value | ||||||
| Panama: 0.4% | ||||||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) | $ | 675 | $ | 606,605 | ||||
Banistmo SA 144A 4.25%, 07/31/27 | 600 | 562,734 | ||||||
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | 600 | 566,940 | ||||||
| 1,736,279 | ||||||||
| Paraguay: 0.2% | ||||||||
Banco Continental SAECA 144A 2.75%, 12/10/25 | 550 | 477,136 | ||||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 | 425 | 343,179 | ||||||
| 820,315 | ||||||||
| Peru: 2.5% | ||||||||
Auna SAA 144A 6.50%, 11/20/25 | 575 | 513,517 | ||||||
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29 | 500 | 480,930 | ||||||
| Banco Internacional del Peru SAA Interbank 144A | ||||||||
4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 | 400 | 368,726 | ||||||
| 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | 600 | 593,952 | ||||||
Camposol SA 144A 6.00%, 02/03/27 | 550 | 448,957 | ||||||
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 | 825 | 711,785 | ||||||
Corp. Financiera de Desarrollo SA 144A 5.25% (ICE LIBOR USD 3 Month+5.61%), 07/15/29 | 475 | 453,537 | ||||||
InRetail Consumer 144A 3.25%, 03/22/28 | 950 | 790,029 | ||||||
InRetail Shopping Malls 144A 5.75%, 04/03/28 | 525 | 476,654 | ||||||
Minsur SA 144A 4.50%, 10/28/31 | 850 | 718,267 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 | 1,550 | 1,298,125 | ||||||
| Petroleos del Peru SA 144A | ||||||||
4.75%, 06/19/32 | 1,650 | 1,324,546 | ||||||
| 5.62%, 06/19/47 | 3,200 | 2,259,888 | ||||||
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 | 500 | 415,845 | ||||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | 700 | 613,344 | ||||||
| 11,468,102 | ||||||||
| 10 |
| Par (000’s | ) | Value | ||||||
| Philippines: 0.1% | ||||||||
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o) | $ | 400 | $ | 371,055 | ||||
| Poland: 0.4% | ||||||||
| Canpack SA / Canpack US LLC 144A | ||||||||
| 3.12%, 11/01/25 | 650 | 584,051 | ||||||
| 3.88%, 11/15/29 | 1,400 | 1,156,345 | ||||||
| 1,740,396 | ||||||||
| Qatar: 0.2% | ||||||||
QNB Finansbank AS 144A 6.88%, 09/07/24 | 1,125 | 1,123,140 | ||||||
| Saudi Arabia: 0.5% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 | 850 | 800,164 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
| 6.75%, 02/15/25 | 1,100 | 1,073,145 | ||||||
| 6.88%, 02/26/27 | 600 | 569,400 | ||||||
| 2,442,709 | ||||||||
| Singapore: 2.5% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 888 | 737,607 | ||||||
| GLP Pte Ltd. Reg S | ||||||||
|
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) | 1,700 | 1,368,500 | ||||||
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) | 200 | 160,412 | ||||||
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26 | 600 | 571,500 | ||||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | 775 | 753,223 | ||||||
| Greenko Solar Mauritius Ltd. 144A | ||||||||
| 5.55%, 01/29/25 | 950 | 889,437 | ||||||
| 5.95%, 07/29/26 | 850 | 779,875 | ||||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | 1,066 | 989,324 | ||||||
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 | 700 | 603,155 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | 1,000 | 906,730 | ||||||
| Puma International Financing SA 144A | ||||||||
| 5.00%, 01/24/26 | 1,400 | 1,199,660 | ||||||
| 5.12%, 10/06/24 | 850 | 766,275 | ||||||
| Star Energy Geothermal Wayang Windu Ltd. 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| Singapore (continued) | ||||||||
| 6.75%, 04/24/33 | $ | 823 | $ | 782,351 | ||||
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 | 700 | 614,285 | ||||||
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 | 600 | 516,000 | ||||||
| 11,638,334 | ||||||||
| South Africa: 2.8% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| 6.35%, 08/10/28 | 1,725 | 1,647,547 | ||||||
| 6.75%, 08/06/23 | 1,400 | 1,390,900 | ||||||
| 7.12%, 02/11/25 | 2,175 | 2,032,524 | ||||||
| 8.45%, 08/10/28 | 875 | 783,125 | ||||||
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 | 800 | 714,900 | ||||||
| MTN Mauritius Investments Ltd. 144A | ||||||||
| 4.75%, 11/11/24 | 1,175 | 1,159,137 | ||||||
| 6.50%, 10/13/26 | 950 | 944,057 | ||||||
| Sasol Financing USA LLC | ||||||||
| 5.88%, 03/27/24 | 2,450 | 2,453,798 | ||||||
| 6.50%, 09/27/28 | 1,250 | 1,193,231 | ||||||
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29 | 650 | 630,208 | ||||||
| 12,949,427 | ||||||||
| South Korea: 0.2% | ||||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) | 850 | 810,008 | ||||||
| Spain: 0.6% | ||||||||
AES Andres BV 144A 5.70%, 05/04/28 | 400 | 338,457 | ||||||
AI Candelaria Spain SA 144A 5.75%, 06/15/33 | 1,000 | 752,465 | ||||||
AI Candelaria Spain SA Reg S 7.50%, 12/15/28 | 200 | 187,022 | ||||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | 550 | 521,923 | ||||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 | 850 | 687,522 | ||||||
International Airport Finance SA 144A 12.00%, 03/15/33 | 528 | 498,328 | ||||||
| 2,985,717 | ||||||||
| Switzerland: 0.1% | ||||||||
Consolidated Energy Finance SA 144A 6.50%, 05/15/26 | 650 | 608,553 | ||||||
| 11 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | $ | 500 | $ | 481,152 | ||||
| Thailand: 0.7% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 1,975 | 1,746,473 | ||||||
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | 1,400 | 1,260,518 | ||||||
| 3,006,991 | ||||||||
| Togo: 0.2% | ||||||||
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 | 800 | 762,112 | ||||||
| Trinidad and Tobago: 0.6% | ||||||||
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29 | 800 | 827,600 | ||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | 700 | 639,124 | ||||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | 525 | 484,130 | ||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | 1,000 | 964,525 | ||||||
| 2,915,379 | ||||||||
| Turkey: 5.8% | ||||||||
| Akbank TAS 144A | ||||||||
5.12%, 03/31/25 | 900 | 786,731 | ||||||
| 6.80%, 02/06/26 † | 725 | 633,872 | ||||||
| 6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 | 850 | 696,632 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 | 700 | 476,894 | ||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | 1,300 | 904,085 | ||||||
KOC Holding AS 144A 6.50%, 03/11/25 | 1,300 | 1,191,359 | ||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 | 500 | 415,800 | ||||||
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 | 550 | 501,666 | ||||||
| TC Ziraat Bankasi AS 144A | ||||||||
5.12%, 09/29/23 | 900 | 861,005 | ||||||
| 5.38%, 03/02/26 | 950 | 779,190 | ||||||
| Par (000’s | ) | Value | ||||||
| Turkey (continued) | ||||||||
| Turk Telekomunikasyon AS 144A | ||||||||
| 4.88%, 06/19/24 | $ | 750 | $ | 648,863 | ||||
| 6.88%, 02/28/25 | 805 | 696,856 | ||||||
| Turkcell Iletisim Hizmetleri AS 144A | ||||||||
| 5.75%, 10/15/25 | 875 | 749,175 | ||||||
| 5.80%, 04/11/28 | 750 | 573,563 | ||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 5.38%, 10/24/23 | 775 | 726,954 | ||||||
| 5.75%, 07/06/26 | 1,225 | 997,382 | ||||||
| 6.12%, 05/03/24 | 850 | 784,538 | ||||||
| 8.25%, 01/24/24 | 825 | 797,701 | ||||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | 2,025 | 1,886,247 | ||||||
| 7.85%, 12/10/23 | 555 | 540,914 | ||||||
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 | 1,250 | 1,106,763 | ||||||
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 | 1,125 | 1,004,992 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
| 5.88%, 01/14/26 | 450 | 377,702 | ||||||
| 6.00%, 01/23/25 | 650 | 574,402 | ||||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 | 1,175 | 1,040,956 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 | 1,225 | 1,061,156 | ||||||
| 5.50%, 10/01/26 | 775 | 623,264 | ||||||
| 6.50%, 01/08/26 | 1,225 | 1,042,811 | ||||||
| 8.12%, 03/28/24 | 975 | 930,365 | ||||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | 950 | 704,159 | ||||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
5.85%, 06/21/24 | 850 | 785,137 | ||||||
| 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | 775 | 677,954 | ||||||
| 8.25%, 10/15/24 | 825 | 784,917 | ||||||
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 | 400 | 277,712 | ||||||
| 26,641,717 | ||||||||
| Ukraine: 0.5% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | 350 | 142,968 | ||||||
| 6.75%, 10/27/27 | 400 | 151,800 | ||||||
| Metinvest BV 144A | ||||||||
| 7.65%, 10/01/27 | 650 | 257,439 | ||||||
| 7.75%, 10/17/29 | 800 | 318,400 | ||||||
| 8.50%, 04/23/26 | 800 | 319,760 | ||||||
| 12 |
| Par (000’s | ) | Value | ||||||
| Ukraine (continued) | ||||||||
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 | $ | 700 | $ | 144,971 | ||||
NPC Ukrenergo 144A 6.88%, 11/09/26 | 1,100 | 201,850 | ||||||
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28 | 1,400 | 253,371 | ||||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24 | 1,700 | 399,500 | ||||||
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 | 600 | 305,960 | ||||||
| 2,496,019 | ||||||||
| United Arab Emirates: 1.9% | ||||||||
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 1/22/2025 (o) | 1,250 | 1,267,500 | ||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) | 2,350 | 2,358,812 | ||||||
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o) | 1,650 | 1,630,299 | ||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | 1,550 | 1,458,651 | ||||||
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) | 550 | 524,810 | ||||||
| Shelf Drilling Holdings Ltd. 144A | ||||||||
| 8.25%, 02/15/25 | 1,425 | 1,115,134 | ||||||
| 8.88%, 11/15/24 | 575 | 567,893 | ||||||
| 8,923,099 | ||||||||
| United Kingdom: 1.7% | ||||||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | 1,325 | 1,187,730 | ||||||
Endeavour Mining Plc 144A 5.00%, 10/14/26 | 775 | 634,252 | ||||||
| IHS Holding Ltd. 144A | ||||||||
| 5.62%, 11/29/26 | 775 | 646,985 | ||||||
| 6.25%, 11/29/28 | 800 | 657,072 | ||||||
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26 | 543 | 524,207 | ||||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | 2,845 | 2,670,986 | ||||||
| Vedanta Resources Finance II Plc 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 8.95%, 03/11/25 | $ | 1,850 | $ | 1,359,648 | ||||
| 7,680,880 | ||||||||
| United States: 4.4% | ||||||||
| AES Andes SA 144A | ||||||||
| 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 800 | 685,108 | ||||||
| 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 900 | 822,033 | ||||||
AES Argentina Generacion SA 144A 7.75%, 02/02/24 | 575 | 444,222 | ||||||
Azul Investments LLP 144A 7.25%, 06/15/26 † | 550 | 372,589 | ||||||
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 | 567 | 492,908 | ||||||
Energuate Trust 144A 5.88%, 05/03/27 | 400 | 382,008 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | 1,050 | 716,593 | ||||||
Guacolda Energia SA 144A 4.56%, 04/30/25 | 1,050 | 364,266 | ||||||
| Kosmos Energy Ltd. 144A | ||||||||
| 7.50%, 03/01/28 | 650 | 530,384 | ||||||
| 7.75%, 05/01/27 | 725 | 616,366 | ||||||
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 | 500 | 440,000 | ||||||
| MGM China Holdings Ltd. 144A | ||||||||
| 5.25%, 06/18/25 † | 825 | 699,692 | ||||||
| 5.38%, 05/15/24 † | 1,200 | 1,074,130 | ||||||
| 5.88%, 05/15/26 | 1,275 | 1,056,696 | ||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | 1,100 | 904,750 | ||||||
| Sasol Financing USA LLC | ||||||||
| 4.38%, 09/18/26 | 975 | 885,485 | ||||||
| 5.50%, 03/18/31 | 1,300 | 1,063,055 | ||||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 | 900 | 654,930 | ||||||
| Stillwater Mining Co. 144A | ||||||||
| 4.00%, 11/16/26 | 1,125 | 969,019 | ||||||
| 4.50%, 11/16/29 | 850 | 675,878 | ||||||
| Wynn Macau Ltd. 144A | ||||||||
| 4.88%, 10/01/24 | 1,050 | 879,522 | ||||||
| 5.12%, 12/15/29 † | 1,650 | 1,266,408 | ||||||
| 5.50%, 01/15/26 | 1,625 | 1,337,578 | ||||||
| 5.50%, 10/01/27 | 1,225 | 967,135 | ||||||
| 5.62%, 08/26/28 | 2,125 | 1,662,791 | ||||||
| 19,963,546 | ||||||||
| Uruguay: 0.1% | ||||||||
| Arcos Dorados BV 144A | ||||||||
| 13 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Uruguay (continued) | ||||||||
| 6.12%, 05/27/29 | $ | 550 | $ | 523,336 | ||||
| Uzbekistan: 0.5% | ||||||||
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 | 400 | 349,660 | ||||||
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 | 400 | 353,000 | ||||||
Uzauto Motors AJ 144A 4.85%, 05/04/26 | 600 | 474,000 | ||||||
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 | 450 | 406,800 | ||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | 1,200 | 851,304 | ||||||
| 2,434,764 | ||||||||
| Zambia: 1.6% | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| 6.50%, 03/01/24 | 1,425 | 1,415,880 | ||||||
| 6.88%, 03/01/26 | 1,625 | 1,569,671 | ||||||
| 6.88%, 10/15/27 | 2,400 | 2,291,412 | ||||||
| 7.50%, 04/01/25 | 2,200 | 2,193,037 | ||||||
| 7,470,000 | ||||||||
| Total Corporate Bonds (Cost: $549,151,526) | 438,351,859 | |||||||
| GOVERNMENT OBLIGATIONS: 1.1% | ||||||||
| Argentina: 0.8% | ||||||||
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 | 1,500 | 1,203,334 | ||||||
| Provincia de Cordoba 144A | ||||||||
| 5.00%, 02/01/29 | 782 | 445,698 | ||||||
| 6.99%, 06/01/27 (s) | 882 | 506,163 | ||||||
Provincia de Mendoza 144A 4.25%, 03/19/29 (s) | 1,000 | 597,530 | ||||||
Provincia de Neuquen 144A 4.62%, 04/27/30 (s) | 525 | 278,250 | ||||||
Provincia del Chubut 144A 7.75%, 07/26/30 (s) | 714 | 514,815 | ||||||
Provincia del Chubut Reg S 7.75%, 07/26/30 (s) | 268 | 193,056 | ||||||
| 3,738,846 | ||||||||
| Turkey: 0.3% | ||||||||
| Istanbul Metropolitan Municipality 144A | ||||||||
| 6.38%, 12/09/25 | 900 | 718,924 | ||||||
| 10.75%, 04/12/27 | 550 | 494,367 | ||||||
| 1,213,291 | ||||||||
| Total Government Obligations (Cost: $6,115,851) | 4,952,137 | |||||||
| Total Investments Before Collateral for Securities Loaned: 96.8% (Cost: $555,267,377) | 443,303,996 | |||||||
| Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.0% (Cost: $22,895,262) | ||||||||
| Money Market Fund: 5.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 22,895,262 | $ | 22,895,262 | |||||
| Total Investments: 101.8% (Cost: $578,162,639) | 466,199,258 | |||||||
| Liabilities in excess of other assets: (1.8)% | (8,272,101) | |||||||
| NET ASSETS: 100.0% | $ | 457,927,157 | ||||||
| 14 |
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $25,374,970. |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (d) | Security in default |
| 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 $302,125,996, or 66.0% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||
| Basic Materials | 10.8 | % | $ | 47,631,306 | ||
| Consumer Cyclicals | 3.9 | 17,358,942 | ||||
| Consumer Non-Cyclicals | 3.6 | 15,791,797 | ||||
| Energy | 18.7 | 83,042,785 | ||||
| Financials | 34.7 | 153,800,209 | ||||
| Government Activity | 1.1 | 4,952,137 | ||||
| Healthcare | 3.5 | 15,577,968 | ||||
| Industrials | 9.0 | 39,814,896 | ||||
| Real Estate | 2.7 | 12,034,572 | ||||
| Technology | 3.9 | 17,406,596 | ||||
| Utilities | 8.1 | 35,892,788 | ||||
| 100.0 | % | $ | 443,303,996 | |||
| 15 |