VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2022 (unaudited)
| Par (000’s |
) | Value | |||||||
| CORPORATE BONDS: 55.3% | |||||||||
| Basic Materials: 9.4% | |||||||||
| Anshan Iron And Steel Group Co. Ltd. 4.28% (ChinaBond Government Security Yield Curve 3Y YTM+4.81%), 07/30/23 (o) (s) | CNY | 13,000 | $ | 1,957,935 | |||||
| ChemChina Petrochemical Co. Ltd. 4.00%, 11/06/24 | CNY | 20,000 | 2,978,258 | ||||||
| Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25 | CNY | 20,000 | 3,002,272 | ||||||
| Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 | CNY | 10,000 | 1,518,560 | ||||||
| Zijin Mining Group Co. Ltd. 3.51%, 02/21/25 | CNY | 10,000 | 1,507,837 | ||||||
| 10,964,862 | |||||||||
| Consumer Cyclicals: 1.4% | |||||||||
| Beijing Infrastructure Investment Co. Ltd. 3.09%, 09/01/24 | CNY | 6,000 | 899,015 | ||||||
| Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26 | CNY | 4,900 | 742,879 | ||||||
| 1,641,894 | |||||||||
| Energy: 3.0% | |||||||||
| PetroChina Co. Ltd. 3.50%, 01/19/26 | CNY | 3,490 | 529,621 | ||||||
| Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25 | CNY | 20,000 | 3,008,684 | ||||||
| 3,538,305 | |||||||||
| Financials: 21.2% | |||||||||
| Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23 | CNY | 9,600 | 1,449,856 | ||||||
| Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.70%, 10/24/24 | CNY | 15,000 | 2,229,111 | ||||||
| Beijing State-Owned Capital Operation Management Co. Ltd. 3.85%, 01/14/24 | CNY | 15,000 | 2,270,080 | ||||||
| China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27 | CNY | 20,000 | 3,152,171 | ||||||
| China Development Bank | |||||||||
| 3.39%, 02/03/27 | CNY | 20,904 | 3,189,525 | ||||||
| 3.87%, 08/01/23 | CNY | 20,709 | 3,126,213 | ||||||
| 4.59%, 08/01/38 | CNY | 20,301 | 3,476,805 | ||||||
| Chongqing Longhu Development Co. Ltd. | |||||||||
| 3.45%, 08/02/23 | CNY | 5,000 | 739,330 | ||||||
| 3.75%, 03/21/23 | CNY | 1,600 | 237,259 | ||||||
| 4.44%, 01/25/24 | CNY | 8,000 | 1,196,278 | ||||||
| Cinda Investment Co. Ltd. 4.30%, 12/22/23 | CNY | 1,500 | 223,854 | ||||||
| Par (000’s | ) | Value | |||||||
| Financials (continued) | |||||||||
| CITIC Securities Co. Ltd. 3.78%, 09/10/24 | CNY | 3,000 | $ | 456,503 | |||||
| Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24 | CNY | 15,000 | 2,260,351 | ||||||
| Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24 | CNY | 200 | 30,122 | ||||||
| Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 | CNY | 5,000 | 745,498 | ||||||
| 24,782,956 | |||||||||
| Industrials: 10.1% | |||||||||
| China Railway Group Ltd. 3.99%, 07/16/24 | CNY | 5,000 | 762,339 | ||||||
| China State Railway Group Co. Ltd. 3.45%, 07/25/24 | CNY | 15,000 | 2,267,841 | ||||||
| Guangzhou Metro Group Co. Ltd. 6.05%, 06/03/24 # | CNY | 900 | 139,298 | ||||||
| Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24 | CNY | 3,500 | 554,109 | ||||||
| Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24 | CNY | 2,100 | 333,182 | ||||||
| Nanjing Yangzi State-Owned Investment Group Co. Ltd. 3.63%, 10/21/24 | CNY | 12,000 | 1,784,263 | ||||||
| Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 | CNY | 17,000 | 2,595,085 | ||||||
| Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26 | CNY | 10,000 | 1,508,910 | ||||||
| Sichuan Development Holding Co. Ltd. | |||||||||
| 4.30%, 03/26/24 | CNY | 5,000 | 762,792 | ||||||
| 4.55%, 08/06/25 | CNY | 5,000 | 779,545 | ||||||
| Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 # | CNY | 135 | 19,899 | ||||||
| Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30 | CNY | 2,000 | 302,124 | ||||||
| 11,809,387 | |||||||||
| Real Estate: 4.5% | |||||||||
| Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40 | CNY | 15,000 | 2,249,882 | ||||||
| China Fortune Land Development Co. Ltd. | |||||||||
| 5.50%, 10/22/22 (d) * | CNY | 1,000 | 36,844 | ||||||
| 7.00%, 03/03/21 (d) * | CNY | 1,000 | 37,207 | ||||||
| China Vanke Co. Ltd. 3.55%, 09/26/24 | CNY | 10,000 | 1,484,549 | ||||||
| 1 |
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | |||||||
| Real Estate (continued) | |||||||||
| COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25 | CNY | 10,000 | $ | 1,498,266 | |||||
| 5,306,748 | |||||||||
| Technology: 0.3% | |||||||||
| Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24 | CNY | 2,052 | 323,391 | ||||||
| Utilities: 5.4% | |||||||||
| China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s) | CNY | 15,000 | 2,265,938 | ||||||
| China Southern Power Grid Co. Ltd. 5.90%, 03/19/24 | CNY | 900 | 140,839 | ||||||
| China Yangtze Power Co. Ltd. 3.35%, 10/17/26 | CNY | 1,500 | 225,435 | ||||||
| Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 | CNY | 5,000 | 759,519 | ||||||
| Par (000’s |
) | Value | |||||||
| Utilities (continued) | |||||||||
| Guangzhou Development District Holding Group Co. Ltd. 4.75%, 07/23/23 | CNY | 4,000 | $ | 598,988 | |||||
| Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 | CNY | 10,000 | 1,510,520 | ||||||
| State Power Investment Corp. Ltd. 4.20%, 11/20/23 | CNY | 4,995 | 758,448 | ||||||
| 6,259,687 | |||||||||
| Total Corporate Bonds (Cost: $66,285,042) |
64,627,230 | ||||||||
| GOVERNMENT OBLIGATIONS: 2.5% | |||||||||
| China Government Bond | |||||||||
| 2.90%, 05/05/26 | CNY | 846 | 127,327 | ||||||
| 3.27%, 08/22/46 | CNY | 500 | 2,727,129 | ||||||
| Total Government Obligations (Cost: $2,671,845) | 2,854,456 | ||||||||
| Total Investments: 57.8% (Cost: $68,956,887) | 67,481,686 | ||||||||
| Other assets less liabilities: 42.2% | 49,309,725 | ||||||||
| NET ASSETS: 100.0% | $ | 116,791,411 | |||||||
| Definitions: | |
| CNY | Chinese Yuan |
| Footnotes: | |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $159,197 which represents 0.1% of net assets. |
| (d) | Security in default |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Basic Materials | 16.3 | % | $ | 10,964,862 | ||||
| Consumer Cyclicals | 2.4 | 1,641,894 | ||||||
| Energy | 5.2 | 3,538,305 | ||||||
| Financials | 36.7 | 24,782,956 | ||||||
| Government Activity | 4.2 | 2,854,456 | ||||||
| Industrials | 17.5 | 11,809,387 | ||||||
| Real Estate | 7.9 | 5,306,748 | ||||||
| Technology | 0.5 | 323,391 | ||||||
| Utilities | 9.3 | 6,259,687 | ||||||
| 100.0 | % | $ | 67,481,686 | |||||
| 2 |