NPORT-EX 2 NPORT_VHYM_66009875_0124.htm
VANECK
EMERGING
MARKETS
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
January
31,
2024
(unaudited)
1
Par
(000's)
Value
CORPORATE
BONDS
:
94.6%
Argentina
:
3.7%
Generacion
Mediterranea
SA
/
Central
Termica
Roca
SA
144A
9.88%,
12/01/27
$
397
$
355,226
MercadoLibre,
Inc.
2.38%,
01/14/26
600
560,848
3.12%,
01/14/31
900
757,351
MSU
Energy
SA
/
UGEN
SA
/
UENSA
SA
144A
6.88%,
02/01/25
775
639,950
Pampa
Energia
SA
144A
7.50%,
01/24/27
950
900,307
9.12%,
04/15/29
375
369,615
Pan
American
Energy
LLC
144A
9.12%,
04/30/27
400
428,106
Telecom
Argentina
SA
144A
8.00%,
07/18/26
575
545,300
Transportadora
de
Gas
del
Sur
SA
144A
6.75%,
05/02/25
700
670,472
YPF
Energia
Electrica
SA
144A
10.00%,
07/25/26
550
535,210
YPF
SA
144A
6.95%,
07/21/27
1,150
1,025,260
7.00%,
09/30/33 (s)
775
654,757
7.00%,
12/15/47
725
535,648
8.50%,
03/23/25
403
398,489
8.50%,
07/28/25
1,750
1,688,954
8.50%,
06/27/29
512
462,649
9.00%,
02/12/26 (s)
1,160
1,162,950
9.00%,
06/30/29 (s)
975
950,626
9.50%,
01/17/31
900
899,582
13,541,300
Austria
:
0.1%
Iochpe-Maxion
Austria
GmbH
/
Maxion
Wheels
de
Mexico
S
de
RL
de
CV
144A
5.00%,
05/07/28
300
270,750
Underline
Azerbaijan
:
1.1%
Southern
Gas
Corridor
CJSC
144A
6.88%,
03/24/26
2,850
2,890,784
State
Oil
Co.
of
the
Azerbaijan
Republic
Reg
S
6.95%,
03/18/30
1,075
1,111,281
4,002,065
Bahrain
:
0.8%
Bapco
Energies
BSCC
144A
7.50%,
10/25/27
1,500
1,572,142
8.38%,
11/07/28
650
708,995
Mumtalakat
Sukuk
Holding
Co.
Reg
S
4.10%,
01/21/27
600
569,846
2,850,983
Par
(000’s)
Value
Bermuda
:
0.4%
Digicel
Group
Holdings
Ltd.
144A
0.00%,
12/31/30 ^
$
168
$
46,473
0.00%,
12/31/30 ^
378
104,690
Digicel
Midco/DIFL
US
II
LLC
10.50%,
11/25/28
667
404,730
Investment
Energy
Resources
Ltd.
144A
6.25%,
04/26/29
1,000
951,850
1,507,743
Brazil
:
6.7%
Adecoagro
SA
144A
6.00%,
09/21/27
700
683,907
Amaggi
Luxembourg
International
Sarl
144A
5.25%,
01/28/28
500
487,057
Arcos
Dorados
Holdings,
Inc.
144A
5.88%,
04/04/27
550
544,950
B3
SA
-
Brasil
Bolsa
Balcao
144A
4.12%,
09/20/31
425
370,636
Banco
BTG
Pactual
SA
144A
2.75%,
01/11/26
350
331,263
Banco
Votorantim
SA
144A
4.38%,
07/29/25
400
389,279
Braskem
America
Finance
Co.
144A
7.12%,
07/22/41
375
318,005
Braskem
Idesa
SAPI
144A
7.45%,
11/15/29
1,275
898,738
Braskem
Netherlands
Finance
BV
144A
4.50%,
01/10/28
900
781,673
4.50%,
01/31/30
1,000
792,089
5.88%,
01/31/50 †
500
352,702
8.50%
(US
Treasury
Yield
Curve
Rate
T
5
Year+8.22%),
01/23/81
450
430,688
Brazil
Minas
SPE
via
State
of
Minas
Gerais
144A
5.33%,
02/15/28
403
397,384
BRF
SA
144A
4.88%,
01/24/30
425
376,583
5.75%,
09/21/50
400
291,850
Centrais
Eletricas
Brasileiras
SA
144A
3.62%,
02/04/25
350
341,081
4.62%,
02/04/30
475
431,266
Cosan
Luxembourg
SA
144A
5.50%,
09/20/29
525
497,505
7.00%,
01/20/27
250
252,451
CSN
Inova
Ventures
144A
6.75%,
01/28/28
825
791,593
Embraer
Netherlands
Finance
BV
5.40%,
02/01/27
375
371,871
VANECK
EMERGING
MARKETS
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
Brazil
(continued)
Embraer
Netherlands
Finance
BV
144A
6.95%,
01/17/28
$
325
$
336,031
ERO
Copper
Corp.
144A
6.50%,
02/15/30
250
228,385
FS
Luxembourg
Sarl
144A
10.00%,
12/15/25
300
314,340
Globo
Comunicacao
e
Participacoes
SA
144A
4.88%,
01/22/30
325
280,840
5.50%,
01/14/32
275
236,840
Gol
Finance
SA
144A
7.00%,
01/31/25
75
11,062
Klabin
Austria
GmbH
144A
3.20%,
01/12/31
325
271,095
5.75%,
04/03/29
525
526,657
7.00%,
04/03/49
478
483,170
MARB
BondCo
Plc
144A
3.95%,
01/29/31
800
640,675
MV24
Capital
BV
144A
6.75%,
06/01/34
585
549,377
Natura
Cosmeticos
SA
144A
4.12%,
05/03/28
300
276,424
NBM
US
Holdings,
Inc.
144A
6.62%,
08/06/29
300
292,788
7.00%,
05/14/26
500
501,593
Nexa
Resources
SA
144A
5.38%,
05/04/27
475
463,808
6.50%,
01/18/28
325
327,515
Petrobras
Global
Finance
BV
5.09%,
01/15/30
300
288,550
5.60%,
01/03/31
600
583,585
5.62%,
05/20/43
175
157,688
5.75%,
02/01/29
225
224,428
6.00%,
01/27/28
600
605,628
6.75%,
01/27/41
400
395,832
6.75%,
06/03/50 †
225
216,991
6.85%,
06/05/15
850
789,652
6.88%,
01/20/40
425
429,394
6.90%,
03/19/49
350
343,206
7.25%,
03/17/44
500
514,167
7.38%,
01/17/27
400
418,978
8.75%,
05/23/26
175
186,063
Rede
D'or
Finance
Sarl
144A
4.50%,
01/22/30
499
441,746
4.95%,
01/17/28
300
284,715
Rio
Oil
Finance
Trust
Series
2014-3
144A
9.75%,
01/06/27
234
242,399
Rio
Oil
Finance
Trust
Series
2018-1
144A
8.20%,
04/06/28
253
259,708
Rumo
Luxembourg
Sarl
144A
5.25%,
01/10/28
350
336,929
Simpar
Europe
SA
144A
5.20%,
01/26/31
400
343,390
Tupy
Overseas
SA
144A
Par
(000’s)
Value
Brazil
(continued)
4.50%,
02/16/31
$
250
$
210,781
Ultrapar
International
SA
144A
5.25%,
10/06/26
300
296,035
5.25%,
06/06/29
200
192,415
Usiminas
International
Sarl
144A
5.88%,
07/18/26
500
490,593
XP,
Inc.
144A
3.25%,
07/01/26
500
464,586
24,590,630
British
Virgin
Islands
:
0.4%
Five
Holding
Ltd.
144A
9.38%,
10/03/28
500
499,375
New
Metro
Global
Ltd.
Reg
S
4.50%,
05/02/26
500
126,243
4.62%,
10/15/25
400
117,000
Studio
City
Co.
Ltd.
144A
7.00%,
02/15/27 †
500
495,000
Wanda
Properties
Global
Co.
Ltd.
Reg
S
11.00%,
02/13/26
350
248,622
1,486,240
Canada
:
0.6%
First
Quantum
Minerals
Ltd.
144A
8.62%,
06/01/31 †
1,825
1,694,969
Frontera
Energy
Corp.
144A
7.88%,
06/21/28
550
410,704
2,105,673
Cayman
Islands
:
3.2%
Arabian
Centres
Sukuk
II
Ltd.
144A
5.62%,
10/07/26
1,300
1,200,792
Banco
Bradesco
SA
144A
4.38%,
03/18/27
350
338,610
Banco
do
Brasil
SA
144A
3.25%,
09/30/26
550
520,520
4.88%,
01/11/29
350
337,845
6.25%,
04/18/30
500
510,021
CT
Trust
144A
5.12%,
02/03/32
1,225
1,079,011
Dar
Al-Arkan
Sukuk
Co.
Ltd.
Reg
S
7.75%,
02/07/26
500
505,351
8.00%,
02/25/29
800
821,200
Ittihad
International
Ltd.
144A
9.75%,
11/09/28
500
508,750
Kt21
T2
Co.
Ltd.
Reg
S
6.12%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.33%),
12/16/31
550
530,519
Liberty
Costa
Rica
Senior
Secured
Finance
144A
10.88%,
01/15/31
500
511,646
MAF
Global
Securities
Ltd.
Reg
S
3
Par
(000’s)
Value
Cayman
Islands
(continued)
7.88%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.89%),
12/31/99 (o)
$
600
$
620,361
Nogaholding
Sukuk
Ltd.
144A
5.25%,
04/08/29
750
727,781
Nogaholding
Sukuk
Ltd.
Reg
S
6.62%,
05/25/33
1,150
1,194,477
Oryx
Funding
Ltd.
144A
5.80%,
02/03/31
700
696,517
PD
Sukuk
Ltd.
Reg
S
8.75%,
09/23/25
400
411,852
Poinsettia
Finance
Ltd.
Reg
S
6.62%,
06/17/31
426
358,400
Rutas
2
&
7
Finance
Ltd.
144A
0.00%,
09/30/36 ^
650
439,026
StoneCo
Ltd.
144A
3.95%,
06/16/28
350
302,830
11,615,509
Chile
:
1.3%
Agrosuper
SA
144A
4.60%,
01/20/32 †
725
622,006
CAP
SA
144A
3.90%,
04/27/31
450
351,000
Falabella
SA
144A
3.38%,
01/15/32
1,000
755,294
3.75%,
10/30/27
500
446,163
Latam
Airlines
Group
SA
144A
13.38%,
10/15/27
575
644,572
13.38%,
10/15/29
1,100
1,266,393
VTR
Comunicaciones
SpA
144A
4.38%,
04/15/29
600
348,375
5.12%,
01/15/28
500
290,376
VTR
Finance
NV
144A
6.38%,
07/15/28
400
154,834
4,879,013
China
:
5.2%
Agile
Group
Holdings
Ltd.
Reg
S
5.50%,
04/21/25
300
52,191
Bank
of
Communications
Co.
Ltd.
Reg
S
3.80%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.35%),
12/31/99 (o)
3,975
3,850,675
Bank
of
Communications
Hong
Kong
Ltd.
Reg
S
3.73%
(US
Treasury
Yield
Curve
Rate
T
5
Year+2.52%),
12/31/99 (o)
700
685,230
eHi
Car
Services
Ltd.
Reg
S
7.00%,
09/21/26
550
435,068
ENN
Clean
Energy
International
Investment
Ltd.
144A
Par
(000’s)
Value
China
(continued)
3.38%,
05/12/26
$
800
$
756,057
Fortune
Star
BVI
Ltd.
Reg
S
5.95%,
10/19/25
1,000
907,500
Fuqing
Investment
Management
Ltd.
Reg
S
3.25%,
06/23/25
700
598,681
Glory
Health
Industry
Ltd.
Reg
S
14.25%,
01/25/24 (d)
*
200
14,000
Greentown
China
Holdings
Ltd.
Reg
S
4.70%,
04/29/25
550
498,072
Industrial
&
Commercial
Bank
of
China
Ltd.
Reg
S
3.20%
(US
Treasury
Yield
Curve
Rate
T
5
Year+2.37%),
12/31/99 (o)
8,700
8,253,971
Longfor
Group
Holdings
Ltd.
Reg
S
3.95%,
09/16/29
1,250
559,375
Mianyang
Investment
Holding
Group
Co.
Ltd.
Reg
S
6.70%,
08/08/25
400
400,373
Pingan
Real
Estate
Capital
Ltd.
Reg
S
3.45%,
07/29/26
300
223,359
RKPF
Overseas
2019
A
Ltd.
Reg
S
6.00%,
09/04/25
400
223,200
West
China
Cement
Ltd.
Reg
S
4.95%,
07/08/26
800
597,342
Zhangzhou
Transportation
Development
Group
Co.
Ltd.
Reg
S
4.98%,
06/01/25
800
788,087
18,843,181
Colombia
:
5.4%
Aris
Mining
Corp.
144A
6.88%,
08/09/26
450
393,877
Banco
de
Bogota
SA
144A
6.25%,
05/12/26
1,550
1,531,468
Canacol
Energy
Ltd.
144A
5.75%,
11/24/28
700
482,351
Ecopetrol
SA
4.62%,
11/02/31
1,136
936,215
5.38%,
06/26/26
1,300
1,284,799
5.88%,
05/28/45
1,675
1,246,985
5.88%,
11/02/51
700
502,390
6.88%,
04/29/30
1,850
1,809,961
7.38%,
09/18/43
758
703,001
8.38%,
01/19/36
1,400
1,418,725
8.62%,
01/19/29
1,050
1,111,221
8.88%,
01/13/33
1,600
1,690,596
Empresas
Publicas
de
Medellin
ESP
144A
4.25%,
07/18/29
1,400
1,207,983
4.38%,
02/15/31
775
632,935
VANECK
EMERGING
MARKETS
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
Colombia
(continued)
Geopark
Ltd.
144A
5.50%,
01/17/27
$
675
$
602,339
Grupo
Aval
Ltd.
144A
4.38%,
02/04/30
1,400
1,161,064
Grupo
de
Inversiones
Suramericana
SA
144A
5.50%,
04/29/26
750
732,968
Oleoducto
Central
SA
144A
4.00%,
07/14/27
550
509,448
Orazul
Energy
Peru
SA
144A
5.62%,
04/28/27
500
473,105
Telecomunicaciones
Digitales
SA
144A
4.50%,
01/30/30
850
747,205
Telefonica
Celular
del
Paraguay
SA
144A
5.88%,
04/15/27
700
679,401
Termocandelaria
Power
Ltd.
144A
7.88%,
01/30/29
35
34,333
19,892,370
Costa
Rica
:
0.3%
Instituto
Costarricense
de
Electricidad
144A
6.38%,
05/15/43 †
675
584,618
6.75%,
10/07/31
450
448,875
1,033,493
Cyprus
:
0.3%
MHP
Lux
SA
144A
6.25%,
09/19/29
450
321,750
6.95%,
04/03/26
775
631,362
953,112
Czech
Republic
:
0.3%
Energo-Pro
AS
144A
8.50%,
02/04/27
650
648,648
11.00%,
11/02/28
400
419,500
1,068,148
Dominican
Republic
:
0.1%
Empresa
Generadora
de
Electricidad
Haina
SA
144A
5.62%,
11/08/28
400
360,872
Underline
France
:
0.1%
Aeropuertos
Dominicanos
Siglo
XXI
SA
144A
6.75%,
03/30/29
500
501,945
Underline
Georgia
:
0.3%
Georgian
Railway
JSC
144A
4.00%,
06/17/28
775
710,872
Silknet
JSC
144A
8.38%,
01/31/27
475
479,750
1,190,622
Ghana
:
0.4%
Kosmos
Energy
Ltd.
144A
7.12%,
04/04/26 †
975
938,667
Tullow
Oil
Plc
144A
7.00%,
03/01/25
650
613,164
1,551,831
Par
(000’s)
Value
Greece
:
0.2%
Navios
South
American
Logistics,
Inc.
/
Navios
Logistics
Finance
US
Inc
144A
10.75%,
07/01/25
$
675
$
672,359
Underline
Guatemala
:
0.5%
Banco
Industrial
SA
144A
4.88%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.44%),
01/29/31
450
429,401
Central
American
Bottling
Corp.
/
CBC
Bottling
Holdco
SL
/
Beliv
Holdco
SL
144A
5.25%,
04/27/29
1,550
1,449,932
1,879,333
Honduras
:
0.1%
Inversiones
Atlantida
SA
144A
7.50%,
05/19/26
275
266,113
Underline
Hong
Kong
:
6.6%
Agile
Group
Holdings
Ltd.
Reg
S
6.05%,
10/13/25
650
99,093
Bank
of
East
Asia
Ltd.
Reg
S
5.83%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.53%),
12/31/99 (o)
1,000
900,625
CAS
Capital
No
1
Ltd.
Reg
S
4.00%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.64%),
12/31/99 (o)
1,050
913,521
Central
Plaza
Development
Ltd.
Reg
S
3.85%,
07/14/25
600
533,862
Champion
Path
Holdings
Ltd.
Reg
S
4.50%,
01/27/26
650
616,664
4.85%,
01/27/28
650
575,180
China
CITIC
Bank
International
Ltd.
Reg
S
3.25%
(US
Treasury
Yield
Curve
Rate
T
5
Year+2.53%),
12/31/99 (o)
750
712,915
4.80%
(US
Treasury
Yield
Curve
Rate
T
5
Year+2.10%),
12/31/99 (o)
900
885,351
China
Oil
&
Gas
Group
Ltd.
Reg
S
4.70%,
06/30/26
500
465,782
China
Water
Affairs
Group
Ltd.
Reg
S
4.85%,
05/18/26
500
431,237
Easy
Tactic
Ltd.
6.50%,
07/11/27
67
4,012
Fortune
Star
BVI
Ltd.
Reg
S
5.00%,
05/18/26
750
632,075
5.05%,
01/27/27
600
460,518
5
Par
(000’s)
Value
Hong
Kong
(continued)
Franshion
Brilliant
Ltd.
Reg
S
4.25%,
07/23/29
$
600
$
409,464
6.00%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.58%),
12/31/99 (o)
700
605,776
Huarong
Finance
2017
Co.
Ltd.
Reg
S
4.25%,
11/07/27
1,500
1,377,585
4.75%,
04/27/27
1,150
1,079,562
4.95%,
11/07/47
550
426,816
Huarong
Finance
2019
Co.
Ltd.
Reg
S
4.50%,
05/29/29
750
677,092
Li
&
Fung
Ltd.
Reg
S
5.00%,
08/18/25
400
386,994
Melco
Resorts
Finance
Ltd.
144A
4.88%,
06/06/25 †
1,500
1,459,687
5.25%,
04/26/26 †
800
765,500
5.38%,
12/04/29
1,450
1,296,796
5.62%,
07/17/27 †
750
706,469
5.75%,
07/21/28
1,150
1,077,227
Nanyang
Commercial
Bank
Ltd.
Reg
S
6.50%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.51%),
12/31/99 (o)
1,050
1,043,090
7.35%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.16%),
12/31/99 (o)
400
401,414
RKPF
Overseas
2019
A
Ltd.
Reg
S
5.90%,
03/05/25
300
193,356
RKPF
Overseas
2020
A
Ltd.
Reg
S
5.12%,
07/26/26
950
273,125
5.20%,
01/12/26
600
187,890
Seaspan
Corp.
144A
5.50%,
08/01/29
1,000
852,100
Studio
City
Finance
Ltd.
144A
5.00%,
01/15/29
1,489
1,272,470
6.00%,
07/15/25
600
592,167
6.50%,
01/15/28
675
626,511
Yanlord
Land
HK
Co.
Ltd.
Reg
S
5.12%,
05/20/26
750
529,241
Yuexiu
REIT
MTN
Co.
Ltd.
Reg
S
2.65%,
02/02/26
550
485,959
23,957,126
Hungary
:
0.3%
OTP
Bank
Nyrt
Reg
S
8.75%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.06%),
05/15/33
950
983,725
Underline
Par
(000’s)
Value
India
:
4.0%
Adani
Renewable
Energy
RJ
Ltd./
Kodangal
Solar
Parks
Pvt
Ltd.
/
Wardha
Solar
Maharashtra
144A
4.62%,
10/15/39
$
438
$
357,047
Delhi
International
Airport
Ltd.
144A
6.12%,
10/31/26
700
693,695
6.45%,
06/04/29
700
691,769
GMR
Hyderabad
International
Airport
Ltd.
144A
4.25%,
10/27/27
550
509,437
HPCL-Mittal
Energy
Ltd.
Reg
S
5.25%,
04/28/27
550
532,354
5.45%,
10/22/26
400
390,299
JSW
Hydro
Energy
Ltd.
144A
4.12%,
05/18/31
805
704,967
JSW
Infrastructure
Ltd.
144A
4.95%,
01/21/29
600
563,479
JSW
Steel
Ltd.
144A
3.95%,
04/05/27
750
700,758
5.05%,
04/05/32
725
643,722
JSW
Steel
Ltd.
Reg
S
5.38%,
04/04/25 †
500
495,201
Network
i2i
Ltd.
144A
5.65%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.28%),
12/31/99 (o)
1,375
1,362,969
Periama
Holdings
LLC
Reg
S
5.95%,
04/19/26
950
939,826
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd.
other
9
Subsidiaries
144A
4.50%,
07/14/28
850
776,786
Shriram
Finance
Ltd.
144A
4.15%,
07/18/25
550
530,871
6.62%,
04/22/27
1,000
1,008,125
Tata
Motors
Ltd.
Reg
S
5.88%,
05/20/25
400
397,700
UPL
Corp.
Ltd.
Reg
S
5.25%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.87%),
12/31/99 (o)
550
449,006
Vedanta
Resources
Finance
II
Plc
144A
9.25%,
04/23/26
600
484,299
13.88%,
01/21/27
1,300
1,227,038
Vedanta
Resources
Ltd.
144A
6.12%,
08/09/24
1,250
1,046,837
14,506,185
Indonesia
:
1.4%
Bakrie
Telecom
Pte
Ltd.
Reg
S
11.50%,
05/07/15 (d)
*
111
902
Bukit
Makmur
Mandiri
Utama
PT
144A
7.75%,
02/10/26 †
500
492,500
VANECK
EMERGING
MARKETS
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
Indonesia
(continued)
Cikarang
Listrindo
Tbk
PT
144A
4.95%,
09/14/26
$
675
$
654,250
Indika
Energy
Capital
IV
Pte
Ltd.
144A
8.25%,
10/22/25
825
827,325
Japfa
Comfeed
Indonesia
Tbk
PT
Reg
S
5.38%,
03/23/26
500
452,484
Medco
Bell
Pte
Ltd.
144A
6.38%,
01/30/27
750
723,519
Medco
Oak
Tree
Pte
Ltd.
144A
7.38%,
05/14/26
675
672,348
Nickel
Industries
Ltd.
144A
11.25%,
10/21/28
600
635,856
Pakuwon
Jati
Tbk
PT
Reg
S
4.88%,
04/29/28
600
560,932
5,020,116
Israel
:
2.9%
Energian
Israel
Finance
Ltd.
144A
Reg
S
8.50%,
09/30/33
1,150
1,082,555
Leviathan
Bond
Ltd.
144A
Reg
S
6.12%,
06/30/25
850
822,850
6.50%,
06/30/27
850
794,323
6.75%,
06/30/30
775
697,038
Teva
Pharmaceutical
Finance
Co.
LLC
6.15%,
02/01/36 †
850
815,639
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/26
3,550
3,305,464
4.10%,
10/01/46
2,123
1,455,272
6.75%,
03/01/28
1,325
1,359,318
7.12%,
01/31/25
250
252,000
10,584,459
Kuwait
:
0.4%
Kuwait
Projects
Co.
SPC
Ltd.
Reg
S
4.23%,
10/29/26
800
708,630
4.50%,
02/23/27
750
657,452
1,366,082
Luxembourg
:
2.8%
3R
Lux
SARL
144A
9.75%,
02/05/31
500
499,125
Acu
Petroleo
Luxembourg
Sarl
144A
7.50%,
01/13/32
436
418,426
Aegea
Finance
Sarl
144A
6.75%,
05/20/29
350
339,880
9.00%,
01/20/31
325
342,022
Consolidated
Energy
Finance
SA
144A
5.62%,
10/15/28
700
573,041
Cosan
Luxembourg
SA
144A
7.25%,
06/27/31
500
505,000
Par
(000’s)
Value
Luxembourg
(continued)
7.50%,
06/27/30
$
325
$
334,764
CSN
Resources
SA
144A
4.62%,
06/10/31
625
509,020
5.88%,
04/08/32
375
322,509
8.88%,
12/05/30
325
333,626
Energian
Israel
Finance
Ltd.
144A
Reg
S
4.88%,
03/30/26
875
808,413
5.38%,
03/30/28
825
722,164
5.88%,
03/30/31
850
709,415
FORESEA
Holding
SA
144A
7.50%,
06/15/30
200
184,682
FS
Luxembourg
Sarl
144A
8.88%,
02/12/31
300
296,295
Hidrovias
International
Finance
SARL
144A
4.95%,
02/08/31
250
205,282
MC
Brazil
Downstream
Trading
Sarl
144A
7.25%,
06/30/31
1,141
877,863
Minerva
Luxembourg
SA
144A
4.38%,
03/18/31 †
800
659,381
8.88%,
09/13/33
700
734,708
Petrorio
Luxembourg
Trading
Sarl
144A
6.12%,
06/09/26
400
393,930
Poinsettia
Finance
Ltd.
144A
6.62%,
06/17/31
171
143,360
Rumo
Luxembourg
Sarl
144A
4.20%,
01/18/32
300
252,255
10,165,161
Macao
:
0.3%
MGM
China
Holdings
Ltd.
144A
4.75%,
02/01/27
1,000
934,301
Underline
Mauritius
:
2.7%
Axian
Telecom
144A
7.38%,
02/16/27
525
496,781
Azure
Power
Energy
Ltd.
144A
3.58%,
08/19/26
561
516,561
CA
Magnum
Holdings
144A
5.38%,
10/31/26
1,425
1,339,251
Clean
Renewable
Power
Mauritius
Pte
Ltd.
144A
4.25%,
03/25/27
450
418,327
Diamond
II
Ltd.
144A
7.95%,
07/28/26
575
583,057
Greenko
Power
II
Ltd.
144A
4.30%,
12/13/28
1,328
1,208,184
Greenko
Wind
Projects
Mauritius
Ltd.
144A
5.50%,
04/06/25
1,175
1,163,367
IHS
Netherlands
Holdco
BV
144A
8.00%,
09/18/27
1,450
1,340,131
7
Par
(000’s)
Value
Mauritius
(continued)
India
Airport
Infra
144A
6.25%,
10/25/25
$
475
$
473,219
India
Clean
Energy
Holdings
144A
4.50%,
04/18/27
550
493,856
India
Green
Power
Holdings
144A
4.00%,
02/22/27
650
602,887
Liquid
Telecommunications
Financing
Plc
144A
5.50%,
09/04/26
800
503,187
Network
i2i
Ltd.
144A
3.98%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.39%),
12/31/99 (o)
725
683,310
9,822,118
Mexico
:
6.6%
Alsea
SAB
de
CV
144A
7.75%,
12/14/26
725
733,894
Banco
Nacional
de
Comercio
Exterior
SNC
144A
2.72%
(US
Treasury
Yield
Curve
Rate
T
5
Year+2.00%),
08/11/31
700
597,878
Braskem
Idesa
SAPI
144A
6.99%,
02/20/32
1,650
1,077,271
Cemex
SAB
de
CV
144A
3.88%,
07/11/31
1,550
1,382,195
5.12%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.53%),
12/31/99 (o)
1,400
1,334,352
5.20%,
09/17/30
1,000
974,961
5.45%,
11/19/29
1,050
1,043,672
9.12%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.16%),
12/31/99 (o)
1,400
1,492,359
CIBanco
SA
Institution
de
Banca
Multiple
Trust
144A
4.38%,
07/22/31
550
419,791
Electricidad
Firme
de
Mexico
Holdings
SA
de
CV
144A
4.90%,
11/20/26
500
463,703
Grupo
Aeromexico
SAB
de
CV
144A
8.50%,
03/17/27
950
911,176
Grupo
Axo
SAPI
de
CV
144A
5.75%,
06/08/26
475
444,212
KUO
SAB
De
CV
144A
5.75%,
07/07/27
625
563,692
Metalsa
Sapi
De
Cv
144A
3.75%,
05/04/31
450
367,438
Nemak
SAB
de
CV
144A
3.62%,
06/28/31 †
675
542,487
Petroleos
Mexicanos
4.50%,
01/23/26
250
235,619
5.35%,
02/12/28
475
416,837
5.50%,
06/27/44
150
90,051
5.62%,
01/23/46
150
88,773
5.95%,
01/28/31
900
710,883
Par
(000’s)
Value
Mexico
(continued)
6.35%,
02/12/48
$
375
$
231,818
6.38%,
01/23/45
275
173,515
6.49%,
01/23/27
375
352,752
6.50%,
03/13/27
975
914,904
6.50%,
01/23/29
300
266,537
6.50%,
06/02/41
375
252,896
6.62%,
06/15/35
650
489,672
6.62%,
06/15/38
125
86,644
6.70%,
02/16/32
1,650
1,348,224
6.75%,
09/21/47
1,300
830,303
6.84%,
01/23/30 †
550
472,598
6.88%,
10/16/25
225
223,380
6.88%,
08/04/26
600
585,587
6.95%,
01/28/60
850
545,709
7.69%,
01/23/50
1,950
1,364,478
8.75%,
06/02/29
450
434,970
10.00%,
02/07/33
450
445,308
Sixsigma
Networks
Mexico
SA
de
CV
144A
7.50%,
05/02/25 †
475
447,545
Total
Play
Telecomunicaciones
SA
de
CV
144A
6.38%,
09/20/28
800
349,700
7.50%,
11/12/25
800
469,556
24,177,340
Morocco
:
0.9%
OCP
SA
144A
3.75%,
06/23/31
1,125
953,848
4.50%,
10/22/25
750
729,660
5.12%,
06/23/51
925
670,894
6.88%,
04/25/44
925
855,858
3,210,260
Netherlands
:
1.9%
Braskem
Netherlands
Finance
BV
144A
7.25%,
02/13/33 †
675
602,723
8.50%,
01/12/31
625
596,081
Coruripe
Netherlands
BV
144A
10.00%,
02/10/27
175
141,043
Embraer
Netherlands
Finance
BV
144A
7.00%,
07/28/30
500
526,217
Greenko
Dutch
BV
144A
3.85%,
03/29/26
786
742,023
Greenko
Dutch
BV
Reg
S
3.85%,
03/29/26
278
261,891
Petrobras
Global
Finance
BV
5.50%,
06/10/51 †
325
269,957
6.50%,
07/03/33 †
575
571,482
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.75%,
05/09/27
1,075
1,040,063
5.12%,
05/09/29 †
1,075
1,037,168
7.88%,
09/15/29
650
701,912
8.12%,
09/15/31
550
604,783
7,095,343
VANECK
EMERGING
MARKETS
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
Nigeria
:
0.9%
Access
Bank
Plc
144A
6.12%,
09/21/26
$
600
$
553,442
EBN
Finance
Co.
BV
144A
7.12%,
02/16/26
450
423,364
Fidelity
Bank
Plc
144A
7.62%,
10/28/26
500
463,750
First
Bank
of
Nigeria
Ltd.
Via
FBN
Finance
Co.
BV
144A
8.62%,
10/27/25
450
448,448
SEPLAT
Energy
Plc
144A
7.75%,
04/01/26
900
839,850
United
Bank
for
Africa
Plc
144A
6.75%,
11/19/26
500
469,620
3,198,474
Oman
:
1.5%
Bank
Muscat
SAOG
Reg
S
4.75%,
03/17/26
700
686,885
Lamar
Funding
Ltd.
144A
3.96%,
05/07/25
1,375
1,336,573
Mazoon
Assets
Co.
SAOC
144A
5.20%,
11/08/27
700
689,129
OmGrid
Funding
Ltd.
144A
5.20%,
05/16/27
900
886,437
OQ
SAOC
144A
5.12%,
05/06/28
1,050
1,031,335
Oztel
Holdings
SPC
Ltd.
144A
6.62%,
04/24/28
975
1,010,844
5,641,203
Pakistan
:
0.1%
Pakistan
Water
&
Power
Development
Authority
Reg
S
7.50%,
06/04/31
650
376,722
Underline
Panama
:
0.5%
Banco
General
SA
144A
5.25%
(US
Treasury
Yield
Curve
Rate
T 10
Year+3.67%),
12/31/99 (o)
550
469,397
Banistmo
SA
144A
4.25%,
07/31/27
550
517,418
Global
Bank
Corp.
144A
5.25%
(ICE
LIBOR
USD
3
Month+3.30%),
04/16/29
500
461,633
Multibank,
Inc.
144A
7.75%,
02/03/28
400
407,750
1,856,198
Paraguay
:
0.2%
Banco
Continental
SAECA
144A
2.75%,
12/10/25
400
375,196
Frigorifico
Concepcion
SA
144A
7.70%,
07/21/28
425
375,392
750,588
Par
(000’s)
Value
Peru
:
2.1%
Banco
Internacional
del
Peru
SAA
Interbank
144A
4.00%
(US
Treasury
Yield
Curve
Rate
T 1
Year+3.71%),
07/08/30
$
400
$
382,283
7.62%
(US
Treasury
Yield
Curve
Rate
T 1
Year+3.65%),
01/16/34
425
444,389
Camposol
SA
144A
6.00%,
02/03/27
475
345,033
Cia
de
Minas
Buenaventura
SAA
144A
5.50%,
07/23/26
775
741,365
InRetail
Shopping
Malls
144A
5.75%,
04/03/28
525
510,925
Minsur
SA
144A
4.50%,
10/28/31 †
700
610,936
Peru
LNG
Srl
144A
5.38%,
03/22/30
1,325
1,091,842
Petroleos
del
Peru
SA
144A
4.75%,
06/19/32
1,350
996,758
5.62%,
06/19/47
2,750
1,766,436
San
Miguel
Industrias
PET
SA
/
NG
PET
R&P
Latin
America
SA
144A
3.50%,
08/02/28
525
454,511
Volcan
Cia
Minera
SAA
144A
4.38%,
02/11/26
550
320,947
7,665,425
Philippines
:
0.1%
Rizal
Commercial
Banking
Corp.
Reg
S
6.50%
(US
Treasury
Yield
Curve
Rate
T
5
Year+6.24%),
12/31/99 (o)
400
388,993
Underline
Poland
:
0.4%
Canpack
SA
/
Canpack
US
LLC
144A
3.12%,
11/01/25
525
502,202
3.88%,
11/15/29
1,150
1,014,725
1,516,927
Saudi
Arabia
:
0.4%
Dar
Al-Arkan
Sukuk
Co.
Ltd.
Reg
S
6.75%,
02/15/25
950
948,966
6.88%,
02/26/27
600
596,595
1,545,561
Singapore
:
1.8%
Continuum
Energy
Aura
Pte
Ltd.
144A
9.50%,
02/24/27 †
625
649,216
Continuum
Energy
Levanter
Pte
Ltd.
144A
4.50%,
02/09/27
713
679,989
GLP
Pte
Ltd.
Reg
S
3.88%,
06/04/25
1,450
1,136,800
9
Par
(000’s)
Value
Singapore
(continued)
4.50%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.73%),
12/31/99 (o)
$
1,300
$
514,410
4.60%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.73%),
12/31/99 (o)
200
73,808
Greenko
Solar
Mauritius
Ltd.
144A
5.95%,
07/29/26
700
685,912
Medco
Maple
Tree
Pte
Ltd.
144A
8.96%,
04/27/29
650
667,469
Puma
International
Financing
SA
144A
5.00%,
01/24/26
1,000
949,665
Star
Energy
Geothermal
Wayang
Windu
Ltd.
144A
6.75%,
04/24/33
649
649,220
TML
Holdings
Pte
Ltd.
Reg
S
4.35%,
06/09/26
700
669,389
6,675,878
South
Africa
:
2.1%
Eskom
Holdings
SOC
Ltd.
144A
6.35%,
08/10/28
1,400
1,360,611
7.12%,
02/11/25
1,700
1,694,985
8.45%,
08/10/28
675
676,292
Eskom
Holdings
SOC
Ltd.
Reg
S
4.31%,
07/23/27
750
698,749
MTN
Mauritius
Investments
Ltd.
144A
6.50%,
10/13/26 †
700
709,800
Sasol
Financing
USA
LLC
6.50%,
09/27/28 †
1,075
1,018,446
Transnet
SOC
Ltd.
144A
8.25%,
02/06/28
1,400
1,410,601
7,569,484
Spain
:
0.7%
AES
Espana
BV
144A
5.70%,
05/04/28
400
369,966
AI
Candelaria
Spain
SA
144A
5.75%,
06/15/33
825
638,188
Banco
Bilbao
Vizcaya
Argentaria
Colombia
SA
144A
4.88%,
04/21/25
550
543,488
Colombia
Telecomunicaciones
SA
ESP
144A
4.95%,
07/17/30
700
450,936
International
Airport
Finance
SA
144A
12.00%,
03/15/33
610
621,880
2,624,458
Tanzania
:
0.1%
AngloGold
Ashanti
Holdings
Plc
Par
(000’s)
Value
Tanzania
(continued)
6.50%,
04/15/40
$
425
$
422,722
Underline
Thailand
:
0.7%
Bangkok
Bank
PCL
144A
3.73%
(US
Treasury
Yield
Curve
Rate
T
5
Year+1.90%),
09/25/34
1,625
1,446,509
Kasikornbank
PCL
Reg
S
3.34%
(US
Treasury
Yield
Curve
Rate
T
5
Year+1.70%),
10/02/31
1,200
1,112,262
2,558,771
Trinidad
and
Tobago
:
0.7%
Heritage
Petroleum
Co.
Ltd.
144A
9.00%,
08/12/29
800
847,600
National
Gas
Co.
of
Trinidad
&
Tobago
Ltd.
144A
6.05%,
01/15/36
525
486,953
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
144A
8.88%,
10/18/29
325
300,952
Trinidad
Generation
Unlimited
144A
5.25%,
11/04/27
850
834,975
2,470,480
Turkey
:
7.1%
Akbank
TAS
144A
5.12%,
03/31/25
825
815,719
6.80%,
02/06/26 †
625
627,375
6.80%
(US
Treasury
Yield
Curve
Rate
T
5
Year+6.01%),
06/22/31
650
640,165
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
144A
3.38%,
06/29/28
775
673,354
Arcelik
AS
Reg
S
8.50%,
09/25/28
700
727,860
Aydem
Yenilenebilir
Enerji
AS
144A
7.75%,
02/02/27
1,000
943,393
KOC
Holding
AS
144A
6.50%,
03/11/25
1,050
1,052,016
Limak
Iskenderun
Uluslararasi
Liman
Isletmeciligi
AS
144A
9.50%,
07/10/36
496
456,268
Mersin
Uluslararasi
Liman
Isletmeciligi
AS
144A
8.25%,
11/15/28 †
800
827,000
Pegasus
Hava
Tasimaciligi
AS
144A
9.25%,
04/30/26
550
564,960
QNB
Finansbank
AS
Reg
S
10.75%
(US
Treasury
Yield
Curve
Rate
T
5
Year+6.24%),
11/15/33
450
488,255
VANECK
EMERGING
MARKETS
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
10
Par
(000’s)
Value
Turkey
(continued)
TAV
Havalimanlari
Holding
AS
144A
8.50%,
12/07/28
$
575
$
589,369
TC
Ziraat
Bankasi
AS
144A
5.38%,
03/02/26
800
776,108
8.00%,
01/16/29
600
604,053
9.50%,
08/01/26
750
790,955
Turk
Telekomunikasyon
AS
144A
6.88%,
02/28/25
755
752,117
Turkcell
Iletisim
Hizmetleri
AS
144A
5.75%,
10/15/25
675
666,822
5.80%,
04/11/28
675
643,093
Turkiye
Ihracat
Kredi
Bankasi
AS
144A
5.75%,
07/06/26
950
925,119
9.00%,
01/28/27
800
830,718
9.38%,
01/31/26
750
784,278
Turkiye
Sinai
Kalkinma
Bankasi
AS
144A
5.88%,
01/14/26
550
540,005
9.38%,
10/19/28
400
426,380
Turkiye
Sise
ve
Cam
Fabrikalari
AS
144A
6.95%,
03/14/26
975
978,715
Turkiye
Vakiflar
Bankasi
TAO
144A
5.25%,
02/05/25
1,125
1,115,606
5.50%,
10/01/26
675
649,363
6.50%,
01/08/26 †
1,125
1,116,246
9.00%,
10/12/28
1,000
1,046,958
Ulker
Biskuvi
Sanayi
AS
144A
6.95%,
10/30/25
900
885,836
Yapi
ve
Kredi
Bankasi
AS
144A
7.88%
(US
Treasury
Yield
Curve
Rate
T
5
Year+7.42%),
01/22/31
600
603,381
9.25%,
10/16/28
1,200
1,266,960
9.25%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.28%),
01/17/34 †
800
805,000
Ziraat
Katilim
Varlik
Kiralama
AS
Reg
S
9.38%,
11/12/26
700
739,431
Zorlu
Yenilenebilir
Enerji
AS
144A
9.00%,
06/01/26
400
392,000
25,744,878
Ukraine
:
0.8%
Kernel
Holding
SA
144A
6.75%,
10/27/27
400
271,249
Metinvest
BV
144A
7.65%,
10/01/27
450
315,000
7.75%,
10/17/29
700
470,501
NAK
Naftogaz
Ukraine
via
Kondor
Finance
Plc
144A
7.62%,
11/08/28
650
343,938
Par
(000’s)
Value
Ukraine
(continued)
NPC
Ukrenergo
144A
6.88%,
11/09/28
$
1,100
$
315,700
State
Agency
of
Roads
of
Ukraine
144A
6.25%,
06/24/30
1,000
256,998
Ukraine
Railways
Via
Rail
Capital
Markets
Plc
Reg
S
8.25%,
07/09/26
1,100
635,250
VF
Ukraine
PAT
via
VFU
Funding
Plc
144A
6.20%,
02/11/25
400
319,142
2,927,778
United
Arab
Emirates
:
2.2%
Alpha
Star
Holding
VII
Ltd.
Reg
S
7.75%,
04/27/26
900
911,774
Alpha
Star
Holding
VIII
Ltd.
Reg
S
8.38%,
04/12/27
200
206,000
DP
World
Salaam
Reg
S
6.00%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.75%),
12/31/99 (o)
2,150
2,136,562
Emirates
NBD
Bank
PJSC
Reg
S
6.12%
(CMT
USD
6
Year+3.66%),
12/31/99 (o)
1,450
1,446,126
GEMS
Menasa
Cayman
Ltd.
/
GEMS
Education
Delaware
LLC
144A
7.12%,
07/31/26
1,250
1,239,031
MAF
Global
Securities
Ltd.
Reg
S
6.38%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.54%),
12/31/99 (o)
550
543,469
Shelf
Drilling
Holdings
Ltd.
144A
9.62%,
04/15/29
1,600
1,553,440
8,036,402
United
Kingdom
:
3.0%
Allwyn
Entertainment
Financing
UK
Plc
144A
7.88%,
04/30/29
1,050
1,087,537
Avianca
Midco
2
Plc
144A
9.00%,
12/01/28
225
202,221
9.00%,
12/01/28
2,200
1,977,269
Bidvest
Group
UK
Plc
144A
3.62%,
09/23/26
1,125
1,050,064
Endeavour
Mining
Plc
144A
5.00%,
10/14/26 †
775
716,807
IHS
Holding
Ltd.
144A
5.62%,
11/29/26
675
611,568
6.25%,
11/29/28
625
529,425
Tullow
Oil
Plc
144A
10.25%,
05/15/26
2,100
1,935,528
Vedanta
Resources
Finance
II
Plc
144A
13.88%,
12/09/28
1,800
1,563,597
11
Par
(000’s)
Value
United
Kingdom
(continued)
WE
Soda
Investments
Holding
Plc
144A
9.50%,
10/06/28 †
$
1,400
$
1,433,695
11,107,711
United
States
:
5.0%
ABRA
Global
Finance
144A
11.50%,
03/02/28
614
461,792
AES
Andes
SA
144A
6.35%
(US
Treasury
Yield
Curve
Rate
T
5
Year+4.92%),
10/07/79
400
379,814
Azul
Secured
Finance
LLP
144A
10.88%,
05/28/30
350
291,116
11.93%,
08/28/28
550
560,713
Energuate
Trust
144A
5.88%,
05/03/27
500
476,745
EnfraGen
Energia
Sur
SA
/
EnfraGen
Spain
SA
/
Prime
Energia
SpA
144A
5.38%,
12/30/30
1,000
783,438
Kosmos
Energy
Ltd.
144A
7.50%,
03/01/28
550
509,333
7.75%,
05/01/27 †
600
567,486
Mercury
Chile
Holdco
LLC
144A
6.50%,
01/24/27
500
465,984
MGM
China
Holdings
Ltd.
144A
5.25%,
06/18/25
658
642,014
5.88%,
05/15/26
1,100
1,077,819
Mong
Duong
Finance
Holdings
BV
144A
5.12%,
05/07/29
876
823,075
Playtika
Holding
Corp.
144A
4.25%,
03/15/29
850
730,613
Sasol
Financing
USA
LLC
4.38%,
09/18/26
825
771,988
5.50%,
03/18/31
1,175
987,598
Sasol
Financing
USA
LLC
144A
8.75%,
05/03/29
1,400
1,426,090
SierraCol
Energy
Andina
LLC
144A
6.00%,
06/15/28
858
723,590
Stillwater
Mining
Co.
144A
4.00%,
11/16/26
925
820,475
4.50%,
11/16/29
750
591,712
Wynn
Macau
Ltd.
144A
5.12%,
12/15/29
1,375
1,224,338
5.50%,
01/15/26
1,375
1,336,665
5.50%,
10/01/27 †
1,000
940,902
5.62%,
08/26/28
1,925
1,792,803
18,386,103
Uruguay
:
0.1%
Arcos
Dorados
BV
144A
6.12%,
05/27/29
550
544,858
Underline
Par
(000’s)
Value
Uzbekistan
:
0.5%
Ipoteka-Bank
ATIB
Reg
S
5.50%,
11/19/25
$
400
$
378,328
National
Bank
of
Uzbekistan
Reg
S
4.85%,
10/21/25
400
378,500
Uzauto
Motors
AJ
144A
4.85%,
05/04/26
400
359,960
Uzbekneftegaz
JSC
144A
4.75%,
11/16/28
950
795,735
1,912,523
Zambia
:
1.3%
First
Quantum
Minerals
Ltd.
144A
6.88%,
03/01/26 †
1,375
1,311,253
6.88%,
10/15/27
2,075
1,880,977
7.50%,
04/01/25
1,450
1,434,152
4,626,382
Total
Corporate
Bonds
(Cost:
$378,833,355)
345,434,020
GOVERNMENT
OBLIGATIONS
:
2.4%
Argentina
:
1.8%
Ciudad
Autonoma
De
Buenos
Aires
144A
7.50%,
06/01/27
1,250
1,212,519
Provincia
de
Buenos
Aires/
Government
Bonds
144A
6.38%,
09/01/37 (s)
7,225
2,837,027
Provincia
de
Cordoba
144A
6.88%,
02/01/29
582
445,174
6.99%,
06/01/27 (s)
757
620,905
Provincia
de
Mendoza
144A
5.75%,
03/19/29 (s)
719
595,811
Provincia
de
Neuquen
144A
6.75%,
04/27/30 (s)
500
415,000
Provincia
del
Chubut
144A
7.75%,
07/26/30 (s)
620
531,888
6,658,324
Turkey
:
0.6%
Istanbul
Metropolitan
Municipality
144A
6.38%,
12/09/25
750
730,617
10.50%,
12/06/28
1,000
1,058,690
10.75%,
04/12/27
475
504,184
2,293,491
Total
Government
Obligations
(Cost:
$8,884,310)
8,951,815
Total
Investments
Before
Collateral
for
Securities
Loaned:
97.0%
(Cost:
$387,717,665)
354,385,835
VANECK
EMERGING
MARKETS
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
12
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
4.2%
Money
Market
Fund:
4.2%
(Cost:
$15,330,840)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
15,330,840
$
15,330,840
Total
Investments:
101.2%
(Cost:
$403,048,505)
369,716,675
Liabilities
in
excess
of
other
assets:
(1.2)%
(4,516,526)
NET
ASSETS:
100.0%
$
365,200,149
Definitions:
LIBOR
London
Interbank
Offered
Rate
USD
United
States
Dollar
(s)
The
rate
shown
reflects
the
rate
in
effect
at
the
end
of
the
reporting
period.
Coupon
adjusts
periodically
based
upon
a
predetermined
schedule
^
Zero
Coupon
Bond
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$14,691,731.
(o)
Perpetual
Maturity
—
the
date
shown
is
the
next
call
date
*
Non-income
producing
(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.
These
securities
have
an
aggregate
value
of
$248,621,699,
or
68.1%
of
net
assets.
Summary
of
Investments
by
Sector
Excluding
Collateral
for
Securities
Loaned
%
of
Investments
Value
Financials
30.3
%
$
107,578,369
Energy
20.3
72,013,898
Basic
Materials
11.4
40,425,064
Industrials
10.0
35,302,258
Utilities
8.1
28,634,407
Consumer
Cyclicals
4.8
16,964,546
Technology
4.1
14,440,472
Consumer
Non-Cyclicals
3.5
12,512,664
Healthcare
3.2
11,298,080
Government
2.6
9,208,813
Real
Estate
1.7
6,007,264
100.0
%
$
354,385,835