NPORT-EX 2 NPORT_VGNB_28016100_0124.htm
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
January
31,
2024
(unaudited)
1
Par
(000's)
Value
CORPORATE
BONDS
:
87.8%
Argentina
:
0.1%
Genneia
SA
144A
8.75%,
09/02/27
$
80
$
79,039
Underline
Australia
:
1.3%
Bank
of
China
Ltd.
Reg
S
0.75%,
09/29/24
200
194,153
China
Construction
Bank
Corp.
Reg
S
4.50%,
05/31/26
200
198,616
FMG
Resources
August
2006
Pty
Ltd.
144A
6.12%,
04/15/32
300
297,146
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
144A
5.88%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.98%),
05/23/42
450
457,200
1,147,115
Bermuda
:
0.4%
Bacardi
Ltd.
/
Bacardi-
Martini
BV
144A
5.25%,
01/15/29
200
200,934
Investment
Energy
Resources
Ltd.
144A
6.25%,
04/26/29
200
190,370
391,304
Brazil
:
1.6%
Banco
BTG
Pactual
SA
144A
2.75%,
01/11/26
150
141,970
Banco
Nacional
de
Desenvolvimento
Economico
e
Social
Reg
S
4.75%,
05/09/24
200
199,067
FS
Luxembourg
Sarl
144A
10.00%,
12/15/25
200
209,560
Klabin
Austria
GmbH
144A
7.00%,
04/03/49
150
151,622
Klabin
Finance
SA
144A
4.88%,
09/19/27
140
134,436
Rumo
Luxembourg
Sarl
144A
5.25%,
01/10/28
200
192,531
Suzano
Austria
GmbH
144A
5.75%,
07/14/26
50
50,314
Suzano
International
Finance
BV
5.50%,
01/17/27 †
375
374,992
1,454,492
British
Virgin
Islands
:
0.3%
Amipeace
Ltd.
Reg
S
1.75%,
11/09/26
300
276,796
Underline
Canada
:
1.5%
Azure
Power
Solar
Energy
Private
Ltd.
144A
5.65%,
12/24/24
100
97,935
Par
(000’s)
Value
Canada
(continued)
Brookfield
Finance,
Inc.
2.72%,
04/15/31 †
$
250
$
214,032
Canadian
Imperial
Bank
of
Commerce
0.95%,
10/23/25
250
234,503
CDP
Financial,
Inc.
Reg
S
1.00%,
05/26/26
350
324,070
Liberty
Utilities
Finance
GP
1
144A
2.05%,
09/15/30
200
161,938
TransAlta
Corp.
7.75%,
11/15/29
200
210,434
Tucson
Electric
Power
Co.
1.50%,
08/01/30
150
122,405
1,365,317
Cayman
Islands
:
1.0%
Aldar
Investment
Properties
Sukuk
Ltd.
Reg
S
4.88%,
05/24/33
200
195,576
DP
World
Crescent
Ltd.
Reg
S
5.50%,
09/13/33
350
352,221
Hongkong
Land
Finance
Cayman
Islands
Co.
Ltd.
Reg
S
2.25%,
07/15/31
200
161,609
Saudi
Electricity
Global
Sukuk
Co.
5
Reg
S
1.74%,
09/17/25
200
189,249
898,655
Chile
:
1.0%
Colbun
SA
144A
3.15%,
01/19/32
150
128,262
Interchile
SA
144A
4.50%,
06/30/56
350
280,837
Inversiones
CMPC
SA
144A
4.38%,
04/04/27
100
96,880
Sociedad
Quimica
y
Minera
de
Chile
SA
144A
3.50%,
09/10/51
300
197,790
6.50%,
11/07/33 †
200
207,580
911,349
China
:
3.2%
China
Construction
Bank
Corp.
Reg
S
1.25%,
08/04/25
400
378,328
China
Merchants
Bank
Co.
Ltd.
Reg
S
1.20%,
09/10/25
400
376,623
ICBCIL
Finance
Co.
Ltd.
Reg
S
6.68%
(Term
SOFR
USD
3
Month+1.05%),
11/20/24
200
200,613
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
6.42%
(ICE
LIBOR
USD
3
Month+0.83%),
04/25/24
600
600,381
6.46%
(SOFR
Compound
Index+1.04%),
09/16/24
500
500,800
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
China
(continued)
Lenovo
Group
Ltd.
144A
6.54%,
07/27/32 †
$
200
$
213,626
Midea
Investment
Development
Co.
Ltd.
Reg
S
2.88%,
02/24/27
200
188,068
Rongshi
International
Finance
Ltd.
Reg
S
3.25%,
05/21/24
200
198,690
Wuhan
Metro
Group
Co.
Ltd.
Reg
S
2.96%,
09/24/24
200
196,495
2,853,624
Colombia
:
0.2%
Consorcio
Transmantaro
SA
144A
4.70%,
04/16/34
150
141,448
Underline
Dominican
Republic
:
0.1%
UEP
Penonome
II
SA
144A
6.50%,
10/01/38
88
67,573
Underline
France
:
0.8%
BNP
Paribas
SA
144A
1.68%
(SOFR+0.91%),
06/30/27
300
275,705
Electricite
de
France
SA
144A
3.62%,
10/13/25
450
441,357
717,062
Georgia
:
0.1%
Georgian
Railway
JSC
144A
4.00%,
06/17/28
100
91,725
Underline
Germany
:
2.4%
Bank
of
China
Ltd.
Reg
S
3.12%,
06/16/25
200
195,048
Kreditanstalt
fuer
Wiederaufbau
0.75%,
09/30/30
550
447,053
1.00%,
10/01/26
950
876,321
1.75%,
09/14/29 †
500
444,735
Landesbank
Baden-
Wuerttemberg
Reg
S
2.00%,
02/24/25
188
182,308
2,145,465
Hong
Kong
:
2.9%
Agricultural
Bank
of
China
Ltd.
Reg
S
2.00%,
03/01/25
300
290,748
Airport
Authority
Reg
S
1.75%,
01/12/27
300
278,202
China
Development
Bank
Reg
S
0.62%,
09/09/24
200
194,523
China
Water
Affairs
Group
Ltd.
Reg
S
4.85%,
05/18/26
200
172,495
ICBCIL
Finance
Co.
Ltd.
Reg
S
2.25%,
11/02/26
200
185,951
Par
(000’s)
Value
Hong
Kong
(continued)
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
2.95%,
06/01/25
$
200
$
194,868
Industrial
Bank
Co.
Ltd.
Reg
S
0.88%,
06/10/24
200
196,897
3.25%,
05/18/25
200
196,047
Link
Finance
Cayman
2009
Ltd.
Reg
S
2.88%,
07/21/26
200
190,183
MTR
Corp.
CI
Ltd.
Reg
S
2.50%,
11/02/26
200
188,794
MTR
Corp.
Ltd.
Reg
S
1.62%,
08/19/30
400
335,143
Yanlord
Land
HK
Co.
Ltd.
Reg
S
5.12%,
05/20/26
200
141,131
2,564,982
Hungary
:
0.2%
MVM
Energetika
Zrt
Reg
S
7.50%,
06/09/28
200
208,145
Underline
India
:
2.0%
Adani
Green
Energy
Ltd.
144A
4.38%,
09/08/24
250
244,540
Adani
Green
Energy
UP
Ltd.
/
Prayatna
Developers
Pvt
Ltd.
/
Parampujya
Solar
Energy
Reg
S
6.25%,
12/10/24
200
198,335
Adani
Renewable
Energy
RJ
Ltd./
Kodangal
Solar
Parks
Pvt
Ltd.
/
Wardha
Solar
Maharashtra
144A
4.62%,
10/15/39
175
142,819
Indian
Railway
Finance
Corp.
Ltd.
144A
3.57%,
01/21/32
100
88,857
Indian
Railway
Finance
Corp.
Ltd.
Reg
S
3.83%,
12/13/27
200
190,633
JSW
Hydro
Energy
Ltd.
144A
4.12%,
05/18/31
161
140,993
Power
Finance
Corp.
Ltd.
Reg
S
3.75%,
12/06/27
200
189,435
REC
Ltd.
144A
5.62%,
04/11/28
200
202,170
REC
Ltd.
Reg
S
3.88%,
07/07/27
200
190,963
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd.
other
9
Subsidiaries
144A
4.50%,
07/14/28
200
182,773
1,771,518
Indonesia
:
2.1%
Pertamina
Geothermal
Energy
PT
144A
3
Par
(000’s)
Value
Indonesia
(continued)
5.15%,
04/27/28
$
200
$
200,047
Perusahaan
Penerbit
SBSN
Indonesia
III
144A
2.30%,
06/23/25
350
337,332
3.55%,
06/09/51
275
207,535
3.90%,
08/20/24
250
249,031
4.70%,
06/06/32
500
493,313
Star
Energy
Geothermal
Darajat
II
/
Star
Energy
Geothermal
Salak
144A
4.85%,
10/14/38
400
367,642
1,854,900
Ireland
:
0.6%
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
Plc
144A
6.00%,
06/15/27
200
197,947
Bank
of
Ireland
Group
Plc
144A
6.25%
(US
Treasury
Yield
Curve
Rate
T 1
Year+2.65%),
09/16/26
350
353,868
551,815
Japan
:
3.9%
Central
Nippon
Expressway
Co.
Ltd.
Reg
S
0.89%,
12/10/25
200
185,237
Honda
Motor
Co.
Ltd.
2.27%,
03/10/25
200
194,435
2.97%,
03/10/32 †
600
540,144
Japan
Bank
for
International
Cooperation
1.62%,
01/20/27
200
184,981
4.38%,
10/05/27
200
200,562
Japan
Finance
Organization
for
Municipalities
144A
1.50%,
01/27/25
200
193,049
Marubeni
Corp.
Reg
S
1.58%,
09/17/26
200
182,963
Norinchukin
Bank
144A
1.28%,
09/22/26
400
363,956
2.08%,
09/22/31
200
164,070
NTT
Finance
Corp.
144A
4.24%,
07/25/25 †
200
198,152
4.37%,
07/27/27
250
248,062
Renesas
Electronics
Corp.
144A
1.54%,
11/26/24
150
144,906
Sumitomo
Mitsui
Financial
Group,
Inc.
2.47%,
01/14/29
200
179,266
Sumitomo
Mitsui
Trust
Bank
Ltd.
144A
1.55%,
03/25/26
375
349,113
Toyota
Motor
Credit
Corp.
2.15%,
02/13/30
200
175,645
3,504,541
Par
(000’s)
Value
Luxembourg
:
2.1%
European
Investment
Bank
1.62%,
05/13/31
$
500
$
426,832
3.75%,
02/14/33
1,300
1,269,681
FS
Luxembourg
Sarl
144A
8.88%,
02/12/31
200
197,530
1,894,043
Macao
:
0.8%
Bank
of
China
Ltd.
Reg
S
6.16%
(SOFR
Compound
Index+0.78%),
04/28/25
500
500,651
China
Construction
Bank
Corp.
Reg
S
5.85%
(SOFR
Compound
Index+0.50%),
12/21/24
200
199,976
700,627
Mauritius
:
0.8%
Diamond
II
Ltd.
144A
7.95%,
07/28/26
100
101,401
Greenko
Power
II
Ltd.
144A
4.30%,
12/13/28
90
81,911
Greenko
Wind
Projects
Mauritius
Ltd.
144A
5.50%,
04/06/25
200
198,020
India
Cleantech
Energy
144A
4.70%,
08/10/26
133
124,074
India
Green
Power
Holdings
144A
4.00%,
02/22/27
200
185,504
690,910
Mexico
:
0.2%
Coca-Cola
Femsa
SAB
de
CV
1.85%,
09/01/32
250
200,296
Underline
Netherlands
:
3.7%
ABN
AMRO
Bank
NV
144A
2.47%
(US
Treasury
Yield
Curve
Rate
T 1
Year+1.10%),
12/13/29
350
308,289
Cooperatieve
Rabobank
UA
144A
1.00%
(US
Treasury
Yield
Curve
Rate
T 1
Year+0.73%),
09/24/26
350
326,331
1.11%
(US
Treasury
Yield
Curve
Rate
T 1
Year+0.55%),
02/24/27
250
230,010
Greenko
Dutch
BV
144A
3.85%,
03/29/26
463
436,484
ING
Groep
NV
144A
1.40%
(US
Treasury
Yield
Curve
Rate
T 1
Year+1.10%),
07/01/26
450
426,259
4.62%,
01/06/26
300
298,536
Nederlandse
Waterschapsbank
NV
144A
1.00%,
05/28/30
100
82,590
2.38%,
03/24/26
350
336,223
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
Netherlands
(continued)
2.50%,
05/11/31 †
$
550
$
462,837
3.40%,
05/01/30
200
182,876
5.00%,
01/15/33
200
197,274
3,287,709
Norway
:
0.6%
Kommunalbanken
AS
144A
0.50%,
10/21/24
200
193,693
2.12%,
02/11/25
325
316,301
509,994
Pakistan
:
0.1%
Pakistan
Water
&
Power
Development
Authority
Reg
S
7.50%,
06/04/31
200
115,914
Underline
Portugal
:
0.4%
EDP
Finance
BV
144A
1.71%,
01/24/28
400
356,212
Underline
Qatar
:
0.2%
QNB
Finance
Ltd.
Reg
S
1.62%,
09/22/25
200
187,879
Underline
Saudi
Arabia
:
0.5%
Saudi
Electricity
Global
Sukuk
Co.
5
Reg
S
2.41%,
09/17/30
500
430,500
Underline
Singapore
:
1.6%
Bank
of
China
Ltd.
Reg
S
0.80%,
04/28/24
200
197,917
Continuum
Energy
Levanter
Pte
Ltd.
144A
4.50%,
02/09/27
178
169,997
Greenko
Solar
Mauritius
Ltd.
144A
5.95%,
07/29/26
300
293,963
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
1.00%,
10/28/24
450
435,803
5.95%
(SOFR
Compound
Index+0.60%),
10/25/26
200
200,027
Star
Energy
Geothermal
Wayang
Windu
Ltd.
144A
6.75%,
04/24/33
81
81,152
1,378,859
South
Africa
:
0.2%
Bank
of
China
Ltd.
Reg
S
1.88%,
02/16/25
200
194,012
Underline
South
Korea
:
5.5%
Export-Import
Bank
of
Korea
2.12%,
01/18/32
550
457,031
Export-Import
Bank
of
Korea
144A
1.75%,
10/19/28
250
220,931
Hyundai
Capital
Services,
Inc.
144A
1.25%,
02/08/26
300
276,750
Kia
Corp.
144A
1.75%,
10/16/26
200
183,408
Par
(000’s)
Value
South
Korea
(continued)
2.38%,
02/14/25
$
200
$
194,233
Korea
Development
Bank
0.40%,
06/19/24
350
343,637
0.75%,
01/25/25
200
192,092
Korea
East-West
Power
Co.
Ltd.
144A
3.60%,
05/06/25 †
200
196,410
Korea
Electric
Power
Corp.
144A
2.50%,
06/24/24
250
247,010
3.62%,
06/14/25
200
196,400
5.38%,
04/06/26
200
202,250
Korea
Hydro
&
Nuclear
Power
Co.
Ltd.
144A
5.00%,
07/18/28
200
202,222
Korea
South-East
Power
Co.
Ltd.
Reg
S
2.12%,
02/03/25
200
194,089
Korea
Water
Resources
Corp.
Reg
S
3.50%,
04/27/25
200
196,260
LG
Chem
Ltd.
144A
1.38%,
07/07/26
200
182,985
2.38%,
07/07/31
225
185,705
3.25%,
10/15/24
250
246,223
3.62%,
04/15/29
50
46,816
LG
Energy
Solution
Ltd.
144A
5.62%,
09/25/26
200
201,498
5.75%,
09/25/28
100
102,217
SK
Hynix,
Inc.
144A
2.38%,
01/19/31
250
206,956
6.50%,
01/17/33
200
213,914
SK
On
Co.
Ltd.
Reg
S
5.38%,
05/11/26
200
200,874
4,889,911
Spain
:
0.6%
Avangrid
,
Inc.
3.20%,
04/15/25
331
322,407
3.80%,
06/01/29
250
235,390
557,797
Supranational
:
4.2%
European
Bank
for
Reconstruction
&
Development
1.50%,
02/13/25
100
96,686
1.62%,
09/27/24
500
488,839
European
Investment
Bank
0.75%,
09/23/30
600
488,504
1.62%,
10/09/29 †
380
335,063
2.12%,
04/13/26 †
300
287,039
2.38%,
05/24/27
650
617,177
European
Investment
Bank
144A
2.88%,
06/13/25
750
733,861
International
Bank
for
Reconstruction
&
Development
2.12%,
03/03/25
280
272,564
5
Par
(000’s)
Value
Supranational
(continued)
3.12%,
11/20/25
$
75
$
73,368
International
Finance
Corp.
2.12%,
04/07/26
344
329,118
3,722,219
Sweden
:
0.8%
Kommuninvest
I
Sverige
AB
144A
0.38%,
06/19/24
350
343,367
Swedbank
AB
144A
1.54%,
11/16/26
350
320,672
664,039
Turkey
:
0.2%
Aydem
Yenilenebilir
Enerji
AS
144A
7.75%,
02/02/27
200
188,679
Underline
United
Arab
Emirates
:
1.7%
Emirates
NBD
Bank
PJSC
Reg
S
5.88%,
10/11/28
200
207,215
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
6.28%
(SOFR
Compound
Index+0.93%),
01/19/26
400
402,256
MAF
Sukuk
Ltd.
Reg
S
3.93%,
02/28/30
200
187,131
4.64%,
05/14/29
200
195,190
Masdar
Abu
Dhabi
Future
Energy
Co.
Reg
S
4.88%,
07/25/33
200
196,284
MDGH
GMTN
RSC
Ltd.
144A
5.88%,
05/01/34
200
214,242
Sweihan
PV
Power
Co.
PJSC
144A
3.62%,
01/31/49
190
150,505
1,552,823
United
Kingdom
:
2.1%
Atlantica
Sustainable
Infrastructure
Plc
144A
4.12%,
06/15/28 †
200
185,355
Brookfield
Finance
I
UK
Plc
/
Brookfield
Finance,
Inc.
2.34%,
01/30/32
150
121,423
China
Construction
Bank
Corp.
Reg
S
3.12%,
05/17/25
350
342,035
China
Merchants
Bank
Co.
Ltd.
Reg
S
6.00%
(SOFR
Compound
Index+0.65%),
06/13/26
200
200,005
Niagara
Mohawk
Power
Corp.
144A
1.96%,
06/27/30
300
249,977
Shanghai
Pudong
Development
Bank
Co.
Ltd./London
Reg
S
3.25%,
07/14/25
200
195,197
Swire
Properties
MTN
Financing
Ltd.
Reg
S
Par
(000’s)
Value
United
Kingdom
(continued)
3.50%,
01/10/28
$
200
$
189,730
Vmed
O2
UK
Financing
I
Plc
144A
4.75%,
07/15/31
450
403,589
1,887,311
United
States
:
35.8%
AES
Andes
SA
144A
6.35%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.92%),
10/07/79
200
189,907
AES
Corp.
1.38%,
01/15/26
350
324,831
2.45%,
01/15/31
355
296,460
Alexandria
Real
Estate
Equities,
Inc.
2.00%,
05/18/32
350
277,334
2.95%,
03/15/34
311
258,073
3.80%,
04/15/26
100
97,737
Amgen,
Inc.
3.00%,
02/22/29
250
233,242
Apple,
Inc.
3.00%,
06/20/27
300
288,356
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
Plc
144A
3.25%,
09/01/28
200
175,009
4.00%,
09/01/29 †
305
247,557
Arizona
Public
Service
Co.
2.65%,
09/15/50
200
123,178
AvalonBay
Communities,
Inc.
1.90%,
12/01/28
100
88,311
2.05%,
01/15/32
250
208,594
Bank
of
America
Corp.
2.46%
(Term
SOFR
USD
3
Month+1.13%),
10/22/25
650
634,936
Bank
of
China
Ltd.
Reg
S
4.62%,
06/26/26
300
299,220
Boston
Properties
LP
2.45%,
10/01/33
400
304,587
3.40%,
06/21/29 †
225
202,227
4.50%,
12/01/28
575
549,642
6.50%,
01/15/34
300
314,518
Clearway
Energy
Operating
LLC
144A
3.75%,
02/15/31
350
303,699
4.75%,
03/15/28
275
262,066
Comcast
Corp.
4.65%,
02/15/33
300
299,574
Dana,
Inc.
4.25%,
09/01/30
125
109,408
Deutsche
Bank
AG
1.69%,
03/19/26
300
280,948
Dominion
Energy,
Inc.
2.25%,
08/15/31
250
206,293
DTE
Electric
Co.
1.90%,
04/01/28
150
136,101
3.25%,
04/01/51
200
144,275
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
United
States
(continued)
3.95%,
03/01/49
$
290
$
239,801
Duke
Energy
Carolinas
LLC
3.95%,
11/15/28
350
343,526
Duke
Energy
Progress
LLC
3.45%,
03/15/29
300
285,614
Equinix
,
Inc.
1.00%,
09/15/25
300
281,232
2.50%,
05/15/31
400
339,900
3.90%,
04/15/32
350
324,138
ERP
Operating
LP
4.15%,
12/01/28
200
196,158
Evergy
Kansas
Central,
Inc.
2.55%,
07/01/26
100
95,147
Fannie
Mae-Aces
1.44%,
10/25/29
300
254,768
2.44%,
10/25/29
37
33,600
2.52%,
08/25/29
235
214,373
2.58%,
07/25/24
102
100,953
2.91%,
01/25/28
372
353,737
2.92%,
02/25/27
204
195,377
2.94%,
06/25/29
8
7,906
2.96%,
09/25/27
247
235,945
3.03%,
03/25/28
204
194,600
3.06%,
03/25/28
379
361,250
3.07%,
02/25/30
320
300,045
3.15%,
11/25/27
13
12,241
3.30%,
06/25/28
317
304,683
Federal
Realty
OP
LP
1.25%,
02/15/26
100
92,651
Fifth
Third
Bancorp
1.71%
(SOFR+0.69%),
11/01/27
200
181,261
Ford
Motor
Co.
3.25%,
02/12/32
1,150
952,587
6.10%,
08/19/32
250
250,631
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.30%,
06/25/30
30
24,972
1.49%,
11/25/30
400
333,018
2.88%,
04/25/26
285
275,186
General
Motors
Co.
5.40%,
10/15/29 †
150
152,418
5.60%,
10/15/32
550
558,047
Hanwha
Q
Cells
Americas
Holdings
Corp.
144A
5.00%,
07/27/28
200
201,711
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
144A
6.00%,
04/15/25 †
150
148,852
Healthpeak
OP
LLC
1.35%,
02/01/27
200
180,779
2.12%,
12/01/28
100
88,230
Host
Hotels
&
Resorts
LP
2.90%,
12/15/31
250
211,465
3.38%,
12/15/29
100
89,906
Hyundai
Capital
America
144A
Par
(000’s)
Value
United
States
(continued)
5.80%,
06/26/25
$
200
$
201,476
Interstate
Power
&
Light
Co.
3.50%,
09/30/49
150
109,186
4.10%,
09/26/28
350
340,848
Jabil,
Inc.
4.25%,
05/15/27
200
195,856
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
1.75%,
09/15/30
200
166,427
JPMorgan
Chase
&
Co.
0.77%
(SOFR+0.49%),
08/09/25
450
438,490
6.07%
(SOFR+1.33%),
10/22/27
500
515,167
Kaiser
Foundation
Hospitals
2.81%,
06/01/41
500
375,863
3.15%,
05/01/27
80
76,716
Kilroy
Realty
LP
2.50%,
11/15/32
50
38,327
2.65%,
11/15/33
150
113,568
4.75%,
12/15/28
100
96,340
Leeward
Renewable
Energy
Operations
LLC
144A
4.25%,
07/01/29
100
90,421
LYB
International
Finance
III
LLC
5.62%,
05/15/33
150
155,803
Massachusetts
Institute
of
Technology
3.96%,
07/01/38
200
186,018
Metropolitan
Life
Global
Funding
I
144A
0.95%,
07/02/25
300
284,306
MidAmerican
Energy
Co.
2.70%,
08/01/52
200
127,852
3.10%,
05/01/27
425
406,779
3.15%,
04/15/50
200
142,284
3.65%,
04/15/29
150
143,760
3.65%,
08/01/48
400
315,127
3.95%,
08/01/47
125
103,186
4.25%,
07/15/49
275
238,602
5.35%,
01/15/34 †
200
209,442
New
York
State
Electric
&
Gas
Corp.
144A
2.15%,
10/01/31
200
160,842
5.85%,
08/15/33
200
209,335
NextEra
Energy
Capital
Holdings,
Inc.
1.90%,
06/15/28
425
376,878
Northern
States
Power
Co.
2.25%,
04/01/31
150
128,429
2.60%,
06/01/51
250
160,426
2.90%,
03/01/50
250
171,767
3.20%,
04/01/52
200
144,288
NSTAR
Electric
Co.
3.25%,
05/15/29
225
212,973
7
Par
(000’s)
Value
United
States
(continued)
Oncor
Electric
Delivery
Co.
LLC
4.15%,
06/01/32
$
100
$
95,888
Owens
Corning
3.95%,
08/15/29
125
119,425
PacifiCorp
2.90%,
06/15/52
200
127,418
5.35%,
12/01/53
200
189,491
5.50%,
05/15/54
450
435,403
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
144A
4.50%,
08/15/28
250
233,222
PepsiCo,
Inc.
2.88%,
10/15/49
250
178,545
3.90%,
07/18/32
500
480,899
PG&E
Recovery
Funding
LLC
5.54%,
07/15/47
350
364,415
Piedmont
Operating
Partnership
LP
3.15%,
08/15/30
150
115,816
PNC
Financial
Services
Group,
Inc.
2.20%,
11/01/24
160
156,490
4.76%
(SOFR
Compound
Index+1.08%),
01/26/27
400
397,701
Prologis
LP
1.25%,
10/15/30 †
275
222,398
1.75%,
02/01/31
200
164,757
Public
Service
Co.
of
Colorado
3.20%,
03/01/50
250
175,715
3.70%,
06/15/28
200
193,666
4.10%,
06/15/48
110
89,294
Public
Service
Co.
of
Oklahoma
2.20%,
08/15/31
200
165,484
3.15%,
08/15/51
150
102,943
Public
Service
Electric
and
Gas
Co.
3.10%,
03/15/32
250
222,387
4.65%,
03/15/33
200
198,646
San
Diego
Gas
&
Electric
Co.
4.95%,
08/15/28
200
203,100
SCE
Recovery
Funding
LLC
5.11%,
12/15/47
200
196,291
Seattle
Children's
Hospital
2.72%,
10/01/50
150
97,358
SK
Battery
America,
Inc.
Reg
S
2.12%,
01/26/26
200
185,396
SLG
Office
Trust
2021-OVA
144A
2.59%,
07/15/41
600
504,811
Sonoco
Products
Co.
2.85%,
02/01/32 †
400
343,312
Southern
Power
Co.
4.15%,
12/01/25
350
345,627
Par
(000’s)
Value
United
States
(continued)
Southwestern
Public
Service
Co.
3.15%,
05/01/50
$
250
$
169,352
Sunnova
Energy
Corp.
144A
5.88%,
09/01/26
200
166,284
Tennessee
Valley
Authority
1.50%,
09/15/31
200
168,189
Toyota
Auto
Receivables
Owner
0.26%,
11/17/25
75
73,063
UDR,
Inc.
1.90%,
03/15/33
175
133,963
Union
Electric
Co.
2.62%,
03/15/51
275
174,078
Vena
Energy
Capital
Pte
Ltd.
Reg
S
3.13%,
02/26/25
200
194,325
Verizon
Communications,
Inc.
1.50%,
09/18/30
300
246,396
2.85%,
09/03/41
850
622,297
3.88%,
03/01/52
550
439,959
Vornado
Realty
LP
3.40%,
06/01/31
150
118,354
Welltower
OP
LLC
2.70%,
02/15/27
250
236,029
3.85%,
06/15/32
100
91,740
Wisconsin
Electric
Power
Co.
4.75%,
09/30/32 †
250
251,632
Wisconsin
Power
and
Light
Co.
1.95%,
09/16/31
200
161,912
ZF
North
America
Capital,
Inc.
144A
6.88%,
04/14/28
200
206,175
7.12%,
04/14/30
200
211,154
31,880,373
Total
Corporate
Bonds
(Cost:
$84,255,401)
78,286,972
GOVERNMENT
OBLIGATIONS
:
10.4%
Cayman
Islands
:
2.7%
Gaci
First
Investment
Co.
Reg
S
4.75%,
02/14/30
200
196,754
4.88%,
02/14/35
300
285,762
5.00%,
10/13/27
600
600,597
5.12%,
02/14/53
250
213,562
5.25%,
10/13/32
850
859,884
5.38%,
10/13/22
300
254,143
2,410,702
Chile
:
1.0%
Chile
Government
International
Bond
2.55%,
01/27/32
350
300,661
3.50%,
01/25/50
850
630,336
930,997
VANECK
GREEN
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
China
:
0.3%
New
Development
Bank
Reg
S
5.12%,
04/26/26
$
300
$
301,171
Underline
Egypt
:
0.1%
Egypt
Government
International
Bond
144A
5.25%,
10/06/25
50
44,090
Underline
Hong
Kong
:
3.0%
Hong
Kong
Government
International
Bond
144A
0.62%,
02/02/26
200
185,638
1.38%,
02/02/31
400
331,592
2.38%,
02/02/51
200
129,763
4.00%,
06/07/28
200
199,317
4.00%,
06/07/33
700
689,507
4.50%,
01/11/28
450
456,619
4.62%,
01/11/33
300
309,800
Hong
Kong
Government
International
Bond
Reg
S
1.75%,
11/24/31
400
337,124
2,639,360
Israel
:
0.6%
Israel
Government
International
Bond
4.50%,
01/17/33
600
561,564
Underline
Saudi
Arabia
:
0.3%
Arab
Petroleum
Investments
Corp.
144A
1.48%,
10/06/26
300
273,845
Underline
South
Korea
:
0.2%
Export-Import
Bank
of
Korea
5.12%,
01/11/33
200
206,093
Underline
Supranational
:
1.0%
Asian
Development
Bank
1.75%,
08/14/26
275
259,371
2.12%,
03/19/25
150
145,812
2.38%,
08/10/27
150
142,002
3.12%,
09/26/28
100
96,292
Central
American
Bank
for
Economic
Integration
Reg
S
6.49%
(Term
SOFR
USD
3
Month+1.11%),
11/15/24
200
200,216
843,693
United
States
:
1.2%
Aligned
Data
Centers
Issuer
LLC
144A
Par
(000’s)
Value
United
States
(continued)
1.94%,
08/15/46
$
388
$
351,389
Fannie
Mae-Aces
3.55%,
09/25/28
491
475,949
3.74%,
09/25/30
89
85,675
SCE
Recovery
Funding
LLC
Par
(000’s)
Value
United
States
(continued)
4.70%,
06/15/40
$
145
$
142,789
1,055,802
Total
Government
Obligations
(Cost:
$9,868,374)
9,267,317
MUNICIPAL
BONDS
:
0.6%
United
States
:
0.6%
Commonwealth
of
Massachusetts
(GO)
3.28%,
06/01/46
150
121,716
District
of
Columbia
Water
&
Sewer
Authority
(RB)
4.81%,
10/01/14
170
165,517
Metropolitan
Transportation
Authority
(RB)
5.17%,
11/15/49
200
193,733
Underline
Total
Municipal
Bonds
(Cost:
$623,749)
480,966
Number
of
Shares
PREFERRED
SECURITIES
:
0.1%
(Cost:
$173,320)
Canada
:
0.1%
Brookfield
Finance,
Inc.
(USD)
4.62%,
10/16/80
†
7,000
123,270
Underline
Total
Investments
Before
Collateral
for
Securities
Loaned:
98.9%
(Cost:
$94,920,844)
88,158,525
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
1.7%
Money
Market
Fund:
1.7%
(Cost:
$1,524,547)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
1,524,547
1,524,547
Total
Investments:
100.6%
(Cost:
$96,445,391)
89,683,072
Liabilities
in
excess
of
other
assets:
(0.6)%
(502,428)
NET
ASSETS:
100.0%
$
89,180,644
9
FootnoteRuleAboveBlank
Footnotes:
Definitions:
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
RB
Revenue
Bond
SOFR
Secured
Overnight
Financing
Rate
USD
United
States
Dollar
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$3,489,467.
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.
These
securities
have
an
aggregate
value
of
$27,186,995,
or
30.5%
of
net
assets.
Summary
of
Investments
by
Sector
Excluding
Collateral
for
Securities
Loaned
%
of
Investments
Value
Financials
35.4
%
$
31,185,060
Utilities
21.6
19,074,130
Government
11.3
9,966,648
Real
Estate
7.4
6,488,994
Consumer
Cyclicals
4.9
4,352,000
Technology
4.7
4,161,039
Mortgage
Securities
4.7
4,115,664
Basic
Materials
4.1
3,595,833
Industrials
2.5
2,203,463
Consumer
Non-Cyclicals
1.2
1,060,674
Energy
1.1
985,823
Healthcare
0.9
783,179
Academic
&
Educational
Services
0.2
186,018
100.0
%
$
88,158,525