UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10325
VANECK VECTORS ETF TRUST
(Exact name of registrant as specified in charter)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 THIRD AVENUE, NEW YORK, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 293-2000
Date of fiscal year end: APRIL 30
Date of reporting period: APRIL 30, 2021
Item 1. | REPORTS TO SHAREHOLDERS |
ANNUAL REPORT April 30, 2021 |
VANECK VECTORS® | |
CEF Municipal Income ETF | XMPT® |
High Yield Muni ETF | HYD® |
Intermediate Muni ETF | ITM® |
Long Muni ETF | MLN® |
Muni Allocation ETF | MAAXTM |
Short High Yield Muni ETF | SHYD® |
Short Muni ETF | SMB® |
800.826.2333 | vaneck.com |
Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2021.
VANECK VECTORS ETFs
April 30, 2021 (unaudited)
Dear Fellow Shareholders:
The way we think about the financial markets—since no one knows the future for sure—is to identify potential scenarios. Last year, we said that roaring global growth would push interest rates to 1.5%-2.0% during 2021. This already happened in the first quarter! Now what?
The mainstream, high-probability scenario (“Goldilocks”) is that the rate increases pause and stock markets continue to make new highs. To support this idea of strong-but-tapering growth, the first major country that went through the COVID-19 cycle is now leveling off after its boom. Following some temporary weakness in February, China’s manufacturing PMI (Purchasing Managers’ Index) rose more than expected in March and the services PMI soared, only confirming that the recovery is getting more balanced. For updates on this, please follow Natalia Gurushina’s daily emails or our monthly China updates.
Another scenario is the “Wage Inflation” scenario. I like to distinguish between commodity price inflation and wage inflation. Commodity prices have been rallying strongly since last summer with almost all commodity prices at multi-year highs. But wage inflation is more important for financial markets. Wage inflation is the driver of a longer-lasting inflation and can be hard to extinguish. The level of stimulus from the U.S. Federal Reserve we saw in 2020 was unprecedented, as is the spending planned by the new Biden administration. We may find that we are witnessing a paradigm change in the “environment” of the financial markets and a new “dynamic” compared with the last 10 years. And a burst of commodity price inflation isn’t the concern in this “Wage Inflation” scenario, rather the concern is that investment consequences could endure not only through 2021, but also well into 2022. This, then, is the risk that wage inflation takes off, triggered by super-heated growth and rising rates. After all, the U.S. economy hasn’t seen GDP growth rates like this since the 1950s. My investment colleagues are divided on whether wage inflation is possible in an over-stimulated yet deflationary world. We’ll see in 2022.
The final scenario remains that, with this tremendous stimulus, we expect to see interest rates rise unexpectedly further in the second half of 2021. In fact, I believe there is a chance that 10-year U.S. interest rates can exceed 2.5% by the end of 2021—“Rate Surprise”—and that investors should have this scenario on their radar screens. This could lead to turbulence in financial markets. By definition, bonds will fall further. But again, this may be okay for equities.
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck Funds
PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
May 3, 2021
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
1 |
VANECK VECTORS ETFs
April 30, 2021 (unaudited)
Market Review
Following the immediate market impact sparked by the COVID-19 pandemic, monetary and fiscal stimulus implemented in most major economies resulted in a strong and sustained recovery in financial markets that began in April 2020. Short-term U.S. interest rates remained anchored near zero, while long-term rates began to move meaningfully upwards following the U.S. election results in late-2020 and into 2021. The U.S. dollar’s strength faded through most of the year following a sharp rally in March 2020, but found support later in the year as yields increased. Risk appetite returned following a wave of credit deterioration early in the pandemic, with spreads tightening to below pre-pandemic levels by April 2021 as the search for yield continued.
CEF Municipal Income ETF
The CEF Municipal Income ETF gained 24.38% over the 12 months under review due both to tightening municipal closed-end fund (CEF) discounts and price increases in the underlying bonds themselves. During the period the discount at which CEFs traded fluctuated hugely. Starting the fund’s fiscal year at –8.36% on May 1, 2020, the discount widened to –9.28% on May 19, 2020 and, thereafter, tightened in fits and starts to –2.71% on April 30, 2021—only a little more than its lowest of –2.59% on April 13, 2021.
High Yield Muni ETF/Short High Yield Muni ETF
In the High Yield Municipal Index ETF, the industrial revenue, healthcare and special tax sectors contributed the most to the fund’s gain of 15.84%. No one sector detracted from performance. In terms of state/U.S. territory, the top three contributing states to performance were California, Illinois and New Jersey. Also grouped by states/U.S. territories, municipal bonds from the Northern Mariana Islands, Maine, West Virginia and Oregon detracted the most from performance.
The industrial revenue and leasing sectors were the largest contributors to the 11.89% gain recorded by the Short High Yield Municipal Index ETF. Only the housing sector detracted from performance and then only minimally. Grouped by state/U.S. territory, Illinois was the greatest contributor to the fund’s total return, while municipal bonds from Tennessee and Oregon detracted the most from performance.
Intermediate Muni ETF
In terms of state/U.S. territory, municipal bonds from New York and California contributed the most to the fund’s positive total return of 7.59%. While neither any state nor U.S. territory detracted from performance, bonds from Montana contributed the least. The transportation and state sectors were the two largest contributing sectors to the fund’s performance.
Long Muni ETF
The healthcare and transportation sectors contributed most to the fund’s gain of 10.31% for the 12 month period. No one sector detracted from performance. In terms of state/U.S. territory, municipal bonds issued by New York and California contributed the most to performance and Minnesota was the only state or U.S. territory to detract from performance.
Muni Allocation ETF
The Municipal Allocation ETF returned +11.70% over the 12 month period versus +7.75% for the Bloomberg Barclays Municipal Bond Index. The largest contributors to performance were high yield, with a return of +12.48%, long-duration investment grade, with a return of +11.20%, and intermediate-term investment grade, with a return of +8.93%. The smallest contributors to performance were the Fund’s exposures to short-duration investment grade and short-duration high yield, which returned +2.61% and +12.15%, respectively.
Tactically, the Fund made one successful duration call. At the end of February, 2021, the Fund reduced its exposure to long-duration due to the rapid surge in interest rates, increased correlations between stocks and bonds and an uptick in the volatility of interest rates. The Fund cut duration on February 26, 2021 when the yield on the U.S. 10-year Treasury note was 1.40%. The yield on the U.S. 10-year Treasury note eventually reached a near-term high of 1.74%. The Fund added to duration on April 6, 2021 when the U.S. 10-year Treasury note yield was 1.66%. Since then, the U.S. 10-year Treasury note yield has been in the range of 1.50% to 1.60%.
Short Muni ETF
Among short municipal bonds, the transportation and state sectors contributed the greatest positive return to the fund, which overall gained 4.27% for the year. No one sector detracted from performance. In terms of state/U.S. territory, New York and California contributed the most to the total return of the fund. Three states detracted from performance, with Louisiana detracting the most, but then only minimally.
2 |
VANECK VECTORS CEF MUNICIPAL INCOME ETF
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Share Price | NAV | CEFMXTR1 | LBUSTRUU2 | |||||||||||||
One Year | 24.10 | % | 24.38 | % | 24.86 | % | (0.27 | )% | ||||||||
Five Year | 5.02 | % | 5.04 | % | 5.38 | % | 3.19 | % | ||||||||
Life* | 6.72 | % | 6.73 | % | 7.12 | % | 3.25 | % |
* | Commencement of Fund: 7/12/2011; First Day of Secondary Market Trading: 7/13/2011 |
1 | S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 10 for more information.
3 |
VANECK VECTORS HIGH YIELD MUNI ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Share Price | NAV | LMEHTR1 | LBUSTRUU2 | |||||||||||||
One Year | 19.13 | % | 15.84 | % | 19.54 | % | (0.27 | )% | ||||||||
Five Year | 4.09 | % | 4.07 | % | 6.11 | % | 3.19 | % | ||||||||
Ten Year | 5.84 | % | 5.86 | % | 7.39 | % | 3.39 | % |
1 | Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. The majority of the Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index.
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 10 for more information.
4 |
VANECK VECTORS INTERMEDIATE MUNI ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Share Price | NAV | LMT2TR1 | LBUSTRUU2 | |||||||||||||
One Year | 9.86 | % | 7.59 | % | 8.78 | % | (0.27 | )% | ||||||||
Five Year | 3.38 | % | 3.39 | % | 3.93 | % | 3.19 | % | ||||||||
Ten Year | 4.38 | % | 4.38 | % | 5.03 | % | 3.39 | % |
1 | Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 10 for more information.
5 |
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Share Price | NAV | LMT3TR1 | LBUSTRUU2 | |||||||||||||
One Year | 12.17 | % | 10.31 | % | 11.50 | % | (0.27 | )% | ||||||||
Five Year | 4.02 | % | 4.17 | % | 4.82 | % | 3.19 | % | ||||||||
Ten Year | 5.76 | % | 5.73 | % | 6.49 | % | 3.39 | % |
1 | Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index.
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 10 for more information.
6 |
VANECK VECTORS MUNI ALLOCATION ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Share Price | NAV | LMBITR1 | SPTR2 | |||||||||||||
One Year | 12.41 | % | 11.70 | % | 7.75 | % | 45.98 | % | ||||||||
Life* | 2.46 | % | 2.45 | % | 4.52 | % | 23.77 | % |
* | Commencement of Fund: 5/15/2019; First Day of Secondary Market Trading: 5/16/2019. |
1 | Bloomberg Barclays Municipal Bond Index (LMBITR) is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 10 for more information.
7 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Share Price | NAV | BMHYTR1 | LBUSTRUU2 | |||||||||||||
One Year | 17.61 | % | 11.89 | % | 12.78 | % | (0.27 | )% | ||||||||
Five Year | 3.09 | % | 3.04 | % | 4.27 | % | 3.19 | % | ||||||||
Life* | 3.23 | % | 3.17 | % | 4.80 | % | 3.42 | % |
* | Commencement of Fund: 1/13/2014; First Day of Secondary Market Trading: 1/14/2014. |
1 | Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 10 for more information.
8 |
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Share Price | NAV | LMT1TR1 | LBUSTRUU2 | |||||||||||||
One Year | 4.25 | % | 4.27 | % | 4.88 | % | (0.27 | )% | ||||||||
Five Year | 1.85 | % | 1.81 | % | 2.17 | % | 3.19 | % | ||||||||
Ten Year | 1.84 | % | 1.80 | % | 2.30 | % | 3.39 | % |
1 | Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index.
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 10 for more information.
9 |
VANECK VECTORS ETF TRUST
ABOUT FUND PERFORMANCE
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the Net Asset Value (NAV) of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund, except for a Fund with unitary fees, reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The LMEHTR Index, LMT2TR Index, LMT3TR Index, LMBITR Index, BMHYTR Index, LMT1TR Index and LBUSTRUU are published by Bloomberg Finance L.P. and its affiliates (Bloomberg). CEFMX Index is published by S-Network Global Indexes, LLC (S-Network).
Bloomberg and S-Network are referred to herein as the “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
10 |
VANECK VECTORS ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2020 to April 30, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Annualized Expense Ratio During Period | Expenses Paid During the Period* November 1, 2020 – April 30, 2021 | |||||
CEF Municipal Income ETF | ||||||||
Actual | $1,000.00 | $1,108.90 | 0.40% | $2.09 | ||||
Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
High Yield Muni ETF | ||||||||
Actual | $1,000.00 | $1,066.50 | 0.35% | $1.79 | ||||
Hypothetical** | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
Intermediate Muni ETF | ||||||||
Actual | $1,000.00 | $1,022.00 | 0.24% | $1.20 | ||||
Hypothetical** | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
Long Muni ETF | ||||||||
Actual | $1,000.00 | $1,036.50 | 0.24% | $1.21 | ||||
Hypothetical** | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
Muni Allocation ETF | ||||||||
Actual | $1,000.00 | $1,040.60 | 0.08% | $0.40 | ||||
Hypothetical** | $1,000.00 | $1,024.40 | 0.08% | $0.40 | ||||
Short High Yield Muni ETF | ||||||||
Actual | $1,000.00 | $1,048.30 | 0.35% | $1.78 | ||||
Hypothetical** | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
Short Muni ETF | ||||||||
Actual | $1,000.00 | $1,009.40 | 0.20% | $1.00 | ||||
Hypothetical** | $1,000.00 | $1,023.80 | 0.20% | $1.00 |
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2021) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). |
** | Assumes annual return of 5% before expenses. |
11 |
VANECK VECTORS CEF MUNICIPAL INCOME ETF
April 30, 2021
Number of Shares | Value | |||||||
CLOSED-END FUNDS: 100.3% (a) | ||||||||
143,285 | AllianceBernstein National Municipal Income Fund, Inc. | $ | 2,064,737 | |||||
43,161 | BlackRock Investment Quality Municipal Trust, Inc. | 828,691 | ||||||
49,102 | BlackRock Long-Term Municipal Advantage Trust | 648,146 | ||||||
191,988 | BlackRock Muni Intermediate Duration Fund, Inc. | 2,897,099 | ||||||
113,520 | BlackRock MuniAssets Fund, Inc. | 1,732,315 | ||||||
316,294 | BlackRock Municipal 2030 Target Term Trust | 8,223,644 | ||||||
119,111 | BlackRock Municipal Income Quality Trust | 1,879,572 | ||||||
139,505 | BlackRock Municipal Income Trust | 2,099,550 | ||||||
73,280 | BlackRock Municipal Income Trust II | 1,107,261 | ||||||
267,535 | BlackRock MuniHoldings Fund, Inc. | 4,368,846 | ||||||
187,258 | BlackRock MuniHoldings Investment Quality Fund | 2,698,388 | ||||||
111,910 | BlackRock MuniHoldings Quality Fund II, Inc. | 1,517,500 | ||||||
94,826 | BlackRock MuniVest Fund II, Inc. | 1,436,614 | ||||||
325,255 | BlackRock MuniVest Fund, Inc. | 3,060,650 | ||||||
211,782 | BlackRock MuniYield Fund, Inc. | 3,096,253 | ||||||
99,574 | BlackRock MuniYield Quality Fund II, Inc. | 1,386,070 | ||||||
346,129 | BlackRock MuniYield Quality Fund III, Inc. | 4,960,029 | ||||||
266,227 | BlackRock MuniYield Quality Fund, Inc. | 4,238,334 | ||||||
65,881 | BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 956,592 | ||||||
94,963 | BNY Mellon Municipal Income, Inc. | 848,969 | ||||||
245,018 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 1,950,343 | ||||||
224,309 | BNY Mellon Strategic Municipals, Inc. | 1,944,759 | ||||||
217,818 | DWS Municipal Income Trust | 2,589,856 | ||||||
359,087 | Eaton Vance Municipal Bond Fund | 4,833,311 | ||||||
26,900 | Eaton Vance Municipal Income 2028 Term Trust | 595,835 | ||||||
174,452 | Eaton Vance Municipal Income Trust | 2,395,226 | ||||||
62,884 | Eaton Vance National Municipal Opportunities Trust | 1,427,467 | ||||||
194,698 | Invesco Advantage Municipal Income Trust II | 2,344,164 | ||||||
145,345 | Invesco Municipal Income Opportunities Trust | 1,158,400 | ||||||
297,467 | Invesco Municipal Opportunity Trust | 4,012,830 | ||||||
246,243 | Invesco Municipal Trust | 3,275,032 | ||||||
260,717 | Invesco Quality Municipal Income Trust | 3,431,036 |
Number of Shares | Value | |||||||
CLOSED-END FUNDS: (continued) | ||||||||
242,694 | Invesco Trust for Investment Grade Municipals | $ | 3,332,189 | |||||
234,023 | Invesco Value Municipal Income Trust | 3,730,327 | ||||||
72,972 | MainStay MacKay DefinedTerm Municipal Opportunities Fund | 1,619,978 | ||||||
141,879 | MFS High Income Municipal Trust | 747,702 | ||||||
228,429 | MFS Municipal Income Trust | 1,576,160 | ||||||
54,124 | Neuberger Berman Municipal Fund, Inc. | 902,247 | ||||||
830,794 | Nuveen AMT-Free Municipal Credit Income Fund | 14,289,657 | ||||||
80,951 | Nuveen AMT-Free Municipal Value Fund | 1,355,929 | ||||||
942,555 | Nuveen AMT-Free Quality Municipal Income Fund | 14,185,453 | ||||||
76,536 | Nuveen Enhanced Municipal Value Fund | 1,318,715 | ||||||
167,943 | Nuveen Intermediate Duration Municipal Term Fund | 2,411,661 | ||||||
47,192 | Nuveen Intermediate Duration Quality Municipal Term Fund | 694,666 | ||||||
629,753 | Nuveen Municipal Credit Income Fund | 10,428,710 | ||||||
236,067 | Nuveen Municipal Credit Opportunities Fund | 3,491,431 | ||||||
261,031 | Nuveen Municipal High Income Opportunity Fund | 3,873,700 | ||||||
543,845 | Nuveen Municipal Value Fund, Inc. | 6,129,133 | ||||||
924,161 | Nuveen Quality Municipal Income Fund | 14,158,146 | ||||||
42,014 | Nuveen Select Tax-Free Income Portfolio | 713,818 | ||||||
53,379 | Nuveen Select Tax-Free Income Portfolio 2 | 845,523 | ||||||
63,098 | PIMCO Municipal Income Fund | 915,552 | ||||||
81,566 | PIMCO Municipal Income Fund III | 1,008,156 | ||||||
104,160 | Pioneer Municipal High Income Advantage Fund, Inc. | 1,261,378 | ||||||
101,364 | Pioneer Municipal High Income Fund, Inc. | 1,278,200 | ||||||
174,982 | Putnam Managed Municipal Income Trust | 1,445,351 | ||||||
122,818 | Putnam Municipal Opportunities Trust | 1,685,063 | ||||||
218,874 | Western Asset Managed Municipals Fund, Inc. | 2,884,759 | ||||||
42,518 | Western Asset Municipal Defined Opportunity Trust, Inc. | 900,956 | ||||||
Total Closed-End Funds: 100.3% (Cost: $167,029,305) | 177,192,079 | |||||||
Liabilities in excess of other assets: (0.3)% | (613,947 | ) | ||||||
NET ASSETS: 100.0% | $ | 176,578,132 |
See Notes to Financial Statements
12 |
Footnotes:
(a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov. |
Summary of Investments By Sector | % of Investments | Value | ||||||
Financials | 100.0 | % | $ | 177,192,079 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
Closed-End Funds | $ | 177,192,079 | $ | — | $ | — | $ | 177,192,079 |
See Notes to Financial Statements
13 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
MUNICIPAL BONDS: 98.5% | ||||||||
Alabama: 1.9% | ||||||||
$ | 615,000 | Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 06/01/21 (c) | $ | 615,825 | ||||
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging, Series 1 (RB) | ||||||||
500,000 | 5.25%, 06/01/25 | 517,637 | ||||||
2,000,000 | 5.75%, 06/01/26 (c) | 2,085,512 | ||||||
1,400,000 | 5.75%, 06/01/26 (c) | 1,484,421 | ||||||
5,900,000 | 6.00%, 06/01/26 (c) | 6,196,337 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) | ||||||||
4,025,000 | 5.75%, 10/01/29 (c) | 4,705,151 | ||||||
1,500,000 | 6.38%, 11/01/30 (p) | 1,895,622 | ||||||
Jefferson County, Sewer Revenue, Series D (RB) | ||||||||
10,000,000 | 6.00%, 10/01/23 (c) | 11,680,064 | ||||||
9,000,000 | 6.50%, 10/01/23 (c) | 10,620,192 | ||||||
Jefferson County, Sewer Revenue, Series E (RB) | ||||||||
60,000 | 0.00%, 10/01/23 (c) ^ | 23,941 | ||||||
100,000 | 0.00%, 10/01/23 (c) ^ | 47,096 | ||||||
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) | ||||||||
12,000,000 | 4.50%, 05/01/29 (c) | 13,719,436 | ||||||
10,000,000 | 5.25%, 05/01/29 (c) | 11,642,310 | ||||||
65,233,544 | ||||||||
Alaska: 0.2% | ||||||||
Northern Tobacco Securitization Corp., Series A (RB) | ||||||||
4,460,000 | 5.00%, 05/17/21 (c) | 4,516,093 | ||||||
760,000 | 5.00%, 05/17/21 (c) | 772,336 | ||||||
5,288,429 | ||||||||
American Samoa: 0.1% | ||||||||
American Samoa Economic Development Authority, Series A (RB) | ||||||||
250,000 | 6.50%, 09/01/28 | 301,433 | ||||||
1,000,000 | 6.63%, 09/01/25 (c) | 1,152,707 | ||||||
500,000 | 7.13%, 09/01/28 (c) | 620,634 | ||||||
2,074,774 | ||||||||
Arizona: 2.7% | ||||||||
200,000 | Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c) | 231,248 | ||||||
Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
2,940,000 | 6.00%, 07/01/27 (c) | 3,548,065 | ||||||
1,320,000 | 6.00%, 07/01/27 (c) | 1,620,169 |
Principal Amount | Value | |||||||
Arizona: (continued) | ||||||||
Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
$ | 250,000 | 5.13%, 07/01/26 (c) | $ | 282,083 | ||||
500,000 | 5.25%, 07/01/26 (c) | 559,204 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series D (RB) | ||||||||
515,000 | 5.00%, 07/01/27 (c) | 578,353 | ||||||
270,000 | 5.00%, 07/01/27 (c) | 303,864 | ||||||
500,000 | Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c) | 562,712 | ||||||
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) | ||||||||
300,000 | 5.00%, 07/15/27 (c) | 337,480 | ||||||
400,000 | 5.00%, 07/15/27 (c) | 456,080 | ||||||
Arizona Industrial Development Authority, Economic Development, Legacy Cares, Inc., Series A (RB) (AGM) | ||||||||
1,000,000 | 6.63%, 07/01/27 | 1,081,838 | ||||||
5,500,000 | 7.75%, 07/01/27 (c) | 6,097,456 | ||||||
Arizona Industrial Development Authority, Education Facility, Series A (RB) | ||||||||
1,000,000 | 4.00%, 12/15/29 (c) | 1,069,898 | ||||||
1,050,000 | 5.25%, 07/01/23 (c) | 1,140,225 | ||||||
2,100,000 | 5.50%, 07/01/23 (c) | 2,274,584 | ||||||
3,005,000 | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series B (RB) 5.13%, 07/01/29 (c) | 2,887,503 | ||||||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Third Tier, Series C (RB) | ||||||||
3,160,000 | 5.00%, 07/01/29 (c) | 2,825,501 | ||||||
1,420,000 | 5.00%, 07/01/29 (c) | 1,269,543 | ||||||
3,465,000 | 5.50%, 07/01/29 (c) | 3,135,659 | ||||||
1,000,000 | Arizona Industrial Development Authority, Kazen Education Project (RB) 5.70%, 07/01/26 (c) | 1,124,033 | ||||||
5,000,000 | Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) | 5,468,291 | ||||||
Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) | ||||||||
500,000 | 4.00%, 07/01/24 (c) | 525,065 | ||||||
500,000 | 5.00%, 07/01/24 (c) | 528,547 | ||||||
445,000 | Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) | 475,979 | ||||||
5,855,957 | Arizona Industrial Development Authority, Series A (RB) 3.63%, 05/20/33 | 6,723,901 |
See Notes to Financial Statements
14 |
Principal Amount | Value | |||||||
Arizona: (continued) | ||||||||
$ | 250,000 | Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c) | $ | 265,321 | ||||
Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB) | ||||||||
600,000 | 5.00%, 11/15/26 (c) | 603,154 | ||||||
700,000 | 5.25%, 11/15/26 (c) | 700,319 | ||||||
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
500,000 | 4.00%, 07/01/25 | 526,115 | ||||||
1,000,000 | 5.00%, 07/01/25 (c) | 1,087,395 | ||||||
900,000 | 5.00%, 07/01/25 (c) | 992,804 | ||||||
500,000 | 5.00%, 07/01/25 (c) | 543,903 | ||||||
750,000 | Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c) | 858,422 | ||||||
675,000 | Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c) | 722,742 | ||||||
750,000 | Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c) | 835,576 | ||||||
1,000,000 | Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c) | 1,030,178 | ||||||
1,000,000 | Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c) | 1,182,732 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) | ||||||||
125,000 | 5.00%, 07/01/29 (c) | 149,533 | ||||||
1,300,000 | 5.00%, 07/01/29 (c) | 1,558,868 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) | ||||||||
500,000 | 5.00%, 07/01/29 (c) | 568,770 | ||||||
500,000 | 5.00%, 07/01/29 (c) | 570,706 | ||||||
500,000 | 5.00%, 07/01/29 (c) | 582,093 | ||||||
1,750,000 | Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c) | 1,918,650 | ||||||
330,000 | Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 | 336,547 | ||||||
Pima County Industrial Development Authority, American Leadership Academy Project (RB) | ||||||||
1,250,000 | 4.13%, 06/15/22 (c) | 1,268,559 |
Principal Amount | Value | |||||||
Arizona: (continued) | ||||||||
$ | 2,000,000 | 4.75%, 06/15/22 (c) | $ | 2,034,913 | ||||
2,000,000 | 5.00%, 06/15/22 (c) | 2,035,495 | ||||||
500,000 | 5.00%, 06/15/25 (c) | 528,975 | ||||||
750,000 | 5.00%, 06/15/25 (c) | 792,434 | ||||||
1,250,000 | 5.63%, 06/15/25 (c) | 1,361,399 | ||||||
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | ||||||||
250,000 | 5.25%, 07/01/26 (c) | 267,320 | ||||||
250,000 | 5.38%, 07/01/26 (c) | 263,841 | ||||||
250,000 | 5.50%, 07/01/26 (c) | 264,333 | ||||||
5,520,000 | Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project (RB) 7.25%, 10/01/23 (c) | 6,117,225 | ||||||
Salt Verde Financial Corp. (RB) | ||||||||
7,590,000 | 5.00%, 12/01/37 | 10,681,287 | ||||||
290,000 | 5.25%, 12/01/23 | 323,185 | ||||||
305,000 | 5.25%, 12/01/24 | 351,803 | ||||||
265,000 | 5.25%, 12/01/25 | 315,028 | ||||||
215,000 | 5.25%, 12/01/27 | 268,326 | ||||||
245,000 | 5.25%, 12/01/28 | 311,598 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) | ||||||||
355,000 | 5.00%, 12/01/26 (c) | 363,439 | ||||||
250,000 | 5.00%, 12/01/26 (c) | 256,574 | ||||||
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) | ||||||||
600,000 | 6.13%, 10/01/27 (c) | 649,220 | ||||||
3,900,000 | 6.13%, 10/01/27 (c) | 4,231,174 | ||||||
92,827,237 | ||||||||
Arkansas: 0.4% | ||||||||
Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB) | ||||||||
815,000 | 4.00%, 12/01/27 (c) | 838,714 | ||||||
635,000 | 4.00%, 12/01/27 (c) | 657,928 | ||||||
12,095,000 | Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c) | 13,227,998 | ||||||
14,724,640 | ||||||||
California: 13.3% | ||||||||
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
2,055,000 | 5.00%, 10/01/26 (c) | 2,428,939 | ||||||
5,000,000 | 5.00%, 10/01/26 (c) | 5,892,716 | ||||||
3,000,000 | 5.00%, 10/01/26 (c) | 3,558,730 | ||||||
1,650,000 | 5.00%, 10/01/26 (c) | 1,954,225 | ||||||
Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
420,000 | 4.00%, 09/01/23 (c) | 447,629 | ||||||
615,000 | 4.00%, 09/01/23 (c) | 657,412 | ||||||
160,000 | 4.00%, 09/01/23 (c) | 171,653 | ||||||
Antelope Valley Healthcare District, Series A (RB) | ||||||||
300,000 | 5.00%, 03/01/26 (c) | 303,545 | ||||||
1,480,000 | 5.25%, 03/01/26 (c) | 1,535,962 | ||||||
See Notes to Financial Statements
15 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 500,000 | California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c) | $ | 551,243 | ||||
9,235,000 | California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c) | 9,858,581 | ||||||
19,650,000 | California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c) | 22,521,209 | ||||||
3,100,000 | California Community Housing Agency, Essential Housing, The Arbors, Series A (RB) 5.00%, 08/01/30 (c) | 3,575,401 | ||||||
5,250,000 | California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB) 5.00%, 08/01/29 (c) | 6,003,181 | ||||||
10,000,000 | California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c) | 10,647,390 | ||||||
8,250,000 | California Community Housing Agency, Workforce Housing, Series A (RB) 5.00%, 04/01/29 (c) | 9,323,158 | ||||||
30,000 | California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 06/01/21 (c) | 30,043 | ||||||
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) | ||||||||
4,115,000 | 5.00%, 05/17/21 (c) | 4,116,616 | ||||||
15,000 | 5.00%, 05/17/21 (c) | 15,006 | ||||||
2,965,000 | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series A (RB) 4.00%, 06/01/30 (c) | 3,438,859 | ||||||
18,250,000 | California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series D (RB) 0.00%, 05/17/21 (c) ^ | 1,612,163 | ||||||
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | ||||||||
250,000 | 4.00%, 08/15/27 (c) | 275,953 | ||||||
500,000 | 4.20%, 08/15/27 (c) | 560,624 | ||||||
80,000 | 4.25%, 11/15/22 (c) | 83,041 | ||||||
460,000 | 5.00%, 08/15/27 (c) | 546,694 | ||||||
990,000 | 5.00%, 08/15/27 (c) | 1,165,920 | ||||||
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
1,000,000 | 3.00%, 04/01/30 (c) | 1,051,568 | ||||||
1,715,000 | 4.00%, 04/01/30 (c) | 2,009,644 | ||||||
California Housing Finance Agency, Series A (RB) | ||||||||
998,825 | 3.50%, 11/20/35 | 1,162,440 | ||||||
979,680 | 4.00%, 03/20/33 | 1,148,854 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
California Municipal Finance Authority, California Baptist University, Series A (RB) | ||||||||
$ | 500,000 | 5.50%, 11/01/25 (c) | $ | 561,998 | ||||
1,000,000 | 6.13%, 11/01/23 (c) | 1,108,023 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) | ||||||||
150,000 | 4.00%, 11/15/28 (c) | 168,989 | ||||||
500,000 | 5.00%, 11/15/28 (c) | 601,279 | ||||||
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | ||||||||
250,000 | 5.00%, 07/01/27 (c) | 299,909 | ||||||
200,000 | 5.00%, 07/01/27 (c) | 240,770 | ||||||
3,500,000 | California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c) | 4,246,024 | ||||||
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) | ||||||||
500,000 | 5.00%, 10/01/27 (c) | 530,322 | ||||||
500,000 | 5.00%, 10/01/27 (c) | 532,655 | ||||||
500,000 | 5.00%, 10/01/27 (c) | 540,320 | ||||||
2,900,000 | California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.63%, 03/01/25 (c) | 2,995,162 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) | ||||||||
1,950,000 | 3.00%, 06/30/28 (c) | 2,123,708 | ||||||
650,000 | 3.25%, 06/30/28 (c) | 709,438 | ||||||
975,000 | 3.50%, 06/30/28 (c) | 1,071,773 | ||||||
2,040,000 | 4.00%, 06/30/28 (c) | 2,291,261 | ||||||
2,490,000 | 5.00%, 06/30/28 (c) | 3,010,176 | ||||||
2,040,000 | 5.00%, 06/30/28 (c) | 2,500,363 | ||||||
3,405,000 | 5.00%, 06/30/28 (c) | 4,096,790 | ||||||
500,000 | 5.00%, 06/30/28 (c) | 626,043 | ||||||
600,000 | 5.00%, 06/30/28 (c) | 754,003 | ||||||
1,035,000 | 5.00%, 06/30/28 (c) | 1,281,133 | ||||||
1,000,000 | 5.00%, 06/30/28 (c) | 1,219,567 | ||||||
700,000 | 5.00%, 06/30/28 (c) | 859,900 | ||||||
1,600,000 | California Municipal Finance Authority, LINXS APM Project, Series B (RB) (AGM) 5.00%, 06/01/28 (c) | 1,921,076 | ||||||
230,000 | California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c) | 261,981 | ||||||
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | ||||||||
500,000 | 5.00%, 07/01/26 (c) | 551,716 | ||||||
1,000,000 | 5.00%, 07/01/28 (c) | 1,127,253 | ||||||
130,000 | 5.00%, 07/01/28 (c) | 149,248 |
See Notes to Financial Statements
16 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 930,000 | California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c) | $ | 999,800 | ||||
1,500,000 | California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c) | 1,564,786 | ||||||
250,000 | California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) 4.00%, 11/15/28 (c) | 281,648 | ||||||
15,000,000 | California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB) 4.00%, 07/15/29 | 17,296,438 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) | ||||||||
1,000,000 | 7.00%, 07/01/22 (d) * | 650,000 | ||||||
10,500,000 | 7.50%, 07/01/22 (c) (d) * | 6,825,000 | ||||||
7,000,000 | 7.50%, 12/01/29 (c) (d) * | 2,135,000 | ||||||
1,000,000 | 7.50%, 07/01/32 | 927,365 | ||||||
6,635,000 | 8.00%, 07/01/27 (c) (d) * | 4,312,750 | ||||||
2,350,000 | California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB) 7.50%, 12/01/24 (c) | 2,438,923 | ||||||
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | ||||||||
300,000 | 5.00%, 07/01/27 (c) | 252,000 | ||||||
1,000,000 | 5.00%, 07/01/27 (c) | 840,000 | ||||||
310,000 | 5.00%, 07/01/27 | 260,400 | ||||||
485,000 | 5.00%, 07/01/27 (c) | 407,400 | ||||||
1,000,000 | California School Finance Authority Educational Facility, River Spring School, Series A (RB) 5.00%, 07/01/27 (c) | 1,088,184 | ||||||
400,000 | California School Finance Authority, Bright Star Schools Obligated Group (RB) 5.00%, 06/01/27 (c) | 442,480 | ||||||
2,000,000 | California School Finance Authority, River Springs Charter School Project, Series A (RB) 6.38%, 07/01/25 (c) | 2,257,768 | ||||||
California School Finance Authority, Rocketship Education Obligated Group, Series A (RB) | ||||||||
250,000 | 5.13%, 06/01/26 (c) | 275,945 | ||||||
250,000 | 5.25%, 06/01/26 (c) | 276,788 | ||||||
California Statewide Communities Development Authority, California Baptist University, Series A (RB) | ||||||||
2,500,000 | 3.50%, 11/01/27 | 2,719,501 | ||||||
1,000,000 | 5.00%, 11/01/27 (c) | 1,147,657 | ||||||
1,000,000 | 6.38%, 11/01/23 (c) | 1,103,764 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 250,000 | California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c) | $ | 262,670 | ||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
648,015 | 5.50%, 06/01/21 (c) | 615,615 | ||||||
123,983 | 5.75%, 06/01/21 (c) | 117,783 | ||||||
324,008 | 5.75%, 06/01/21 (c) | 307,807 | ||||||
18,184 | California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 06/01/21 (c) | 17,275 | ||||||
920,000 | California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c) | 1,084,976 | ||||||
385,000 | California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26 (c) | 453,326 | ||||||
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) | ||||||||
500,000 | 5.00%, 06/01/29 (c) | 565,487 | ||||||
435,000 | 5.00%, 06/01/29 (c) | 501,350 | ||||||
75,000 | California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.63%, 11/01/23 (c) | 81,176 | ||||||
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
350,000 | 5.00%, 06/01/26 (c) | 414,049 | ||||||
1,100,000 | 5.00%, 06/01/26 (c) | 1,293,828 | ||||||
1,595,000 | 5.00%, 06/01/26 (c) | 1,815,475 | ||||||
2,090,000 | 5.00%, 06/01/26 (c) | 2,358,429 | ||||||
1,740,000 | 5.25%, 12/01/24 (c) | 1,967,883 | ||||||
8,380,000 | 5.25%, 06/01/26 (c) | 9,445,857 | ||||||
1,000,000 | 5.25%, 06/01/28 (c) | 1,175,301 | ||||||
9,360,000 | 5.50%, 12/01/24 (c) | 10,488,141 | ||||||
6,500,000 | 5.50%, 06/01/28 (c) | 7,705,809 | ||||||
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) | ||||||||
3,230,000 | 5.00%, 06/01/26 (c) | 3,623,751 | ||||||
125,000 | 5.75%, 01/15/23 (c) | 130,324 | ||||||
3,170,000 | California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c) | 3,705,759 |
See Notes to Financial Statements
17 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB) | ||||||||
$ | 23,000,000 | 0.00%, 05/17/21 (c) ^ | $ | 2,204,230 | ||||
24,250,000 | 0.00%, 06/01/21 (c) ^ | 1,553,322 | ||||||
3,175,000 | 6.00%, 06/01/21 (c) | 3,203,655 | ||||||
900,000 | 6.00%, 06/01/21 (c) | 908,123 | ||||||
City of Dublin, Community Facilities District No. 2015-1 (ST) | ||||||||
500,000 | 5.00%, 09/01/26 (c) | 576,714 | ||||||
500,000 | 5.00%, 09/01/26 (c) | 579,237 | ||||||
500,000 | 5.00%, 09/01/26 (c) | 584,708 | ||||||
1,150,000 | 5.00%, 09/01/27 (c) | 1,360,524 | ||||||
1,840,000 | 5.00%, 09/01/27 (c) | 2,146,055 | ||||||
250,000 | City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) | 280,823 | ||||||
City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
1,000,000 | 4.00%, 09/01/23 (c) | 1,074,687 | ||||||
1,800,000 | 4.00%, 09/01/23 (c) | 1,924,312 | ||||||
250,000 | 4.00%, 09/01/23 (c) | 271,052 | ||||||
230,000 | 4.00%, 09/01/23 (c) | 250,245 | ||||||
250,000 | 4.00%, 09/01/23 (c) | 271,590 | ||||||
750,000 | City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c) | 857,607 | ||||||
6,000,000 | City of Oroville Hospital (RB) 5.25%, 04/01/29 (c) | 6,869,515 | ||||||
840,000 | City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c) | 948,727 | ||||||
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | ||||||||
500,000 | 3.75%, 09/01/27 (c) | 547,617 | ||||||
155,000 | 5.00%, 09/01/27 (c) | 184,433 | ||||||
135,000 | 5.00%, 09/01/27 (c) | 160,181 | ||||||
200,000 | City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c) | 226,931 | ||||||
1,050,000 | City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c) | 1,186,902 | ||||||
4,750,000 | CMFA Special Finance Agency, Essential Housing, Series A (RB) 4.00%, 04/01/31 (c) | 5,037,207 | ||||||
Compton Public Finance Authority (RB) | ||||||||
1,000,000 | 4.00%, 09/01/24 (c) | 1,071,345 | ||||||
1,585,000 | 4.50%, 09/01/24 (c) | 1,702,281 | ||||||
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A (RB) | ||||||||
1,000,000 | 3.50%, 10/01/31 (c) | 1,034,431 | ||||||
1,000,000 | 4.00%, 10/01/31 (c) | 1,071,697 | ||||||
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A (RB) | ||||||||
1,000,000 | 2.88%, 08/01/31 (c) | 996,167 | ||||||
5,000,000 | 3.13%, 08/01/31 (c) | 4,820,376 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 7,075,000 | CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A (RB) 4.00%, 10/01/31 (c) | $ | 7,565,802 | ||||
2,000,000 | CSCDA Community Improvement Authority, Oceanaire-Long Beach, Series A (RB) 4.00%, 09/01/31 (c) | 2,153,227 | ||||||
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) | ||||||||
3,450,000 | 4.00%, 08/01/31 (c) | 3,709,821 | ||||||
11,800,000 | 5.00%, 01/01/31 (c) | 13,754,931 | ||||||
5,085,000 | El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 5.50%, 07/01/26 (c) | 5,614,571 | ||||||
1,300,000 | Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c) | 1,503,548 | ||||||
Folsom Ranch Financing Authority (ST) | ||||||||
1,000,000 | 5.00%, 09/01/27 (c) | 1,160,562 | ||||||
2,000,000 | 5.00%, 09/01/27 (c) | 2,358,296 | ||||||
1,100,000 | 5.00%, 09/01/27 (c) | 1,315,955 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB) | ||||||||
2,650,000 | 4.00%, 01/15/31 (c) | 3,117,595 | ||||||
1,000,000 | 5.75%, 01/15/24 (c) | 1,150,680 | ||||||
2,860,000 | 6.00%, 01/15/24 (c) | 3,306,819 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) | ||||||||
100,000 | 3.95%, 07/15/27 (c) | 112,502 | ||||||
1,115,000 | 6.00%, 01/15/24 (c) | 1,289,197 | ||||||
350,000 | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c) | 391,243 | ||||||
6,525,000 | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 6,910,643 | ||||||
1,000,000 | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c) | 1,153,816 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
1,500,000 | 3.50%, 06/01/22 (c) | 1,526,833 | ||||||
2,585,000 | 5.00%, 06/01/27 | 3,201,561 | ||||||
3,000,000 | 5.00%, 06/01/27 (c) | 3,683,719 | ||||||
4,000,000 | 5.00%, 06/01/28 (c) | 4,924,165 | ||||||
3,815,000 | 5.25%, 06/01/22 (c) | 3,953,204 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB) | ||||||||
12,750,000 | 5.00%, 06/01/22 (c) | 13,173,964 | ||||||
14,585,000 | 5.30%, 06/01/22 (c) | 15,136,988 |
See Notes to Financial Statements
18 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 40,470,000 | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB) 0.00%, 05/17/21 (c) ^ | $ | 8,974,959 | ||||
Hastings Campus Housing Finance Authority, Series A (RB) | ||||||||
3,000,000 | 5.00%, 07/01/30 (c) | 3,438,441 | ||||||
4,350,000 | 5.00%, 07/01/30 (c) | 5,057,111 | ||||||
250,000 | Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c) | 258,211 | ||||||
9,410,000 | Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 05/17/21 (c) ^ | 1,667,264 | ||||||
51,150,000 | Inland Empire Tobacco Securitization Authority, Series D (RB) 0.00%, 05/17/21 (c) ^ | 4,255,122 | ||||||
25,000,000 | Inland Empire Tobacco Securitization Authority, Series E (RB) 0.00%, 05/17/21 (c) ^ | 1,598,737 | ||||||
50,500,000 | Inland Empire Tobacco Securitization Authority, Series F (RB) 0.00%, 05/17/21 (c) ^ | 2,596,877 | ||||||
1,000,000 | Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/27 (c) | 1,179,271 | ||||||
405,000 | Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c) | 457,445 | ||||||
47,000 | Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/21 (c) | 47,823 | ||||||
MSR Energy Authority, Series A (RB) | ||||||||
505,000 | 6.13%, 11/01/29 | 645,821 | ||||||
1,575,000 | 6.50%, 11/01/39 | 2,581,632 | ||||||
1,500,000 | 7.00%, 11/01/34 | 2,370,560 | ||||||
Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
975,000 | 4.25%, 08/15/25 (c) | 1,060,914 | ||||||
455,000 | 5.25%, 08/15/25 (c) | 517,085 | ||||||
250,000 | Palomar Health (RB) 5.00%, 11/01/26 (c) | 290,651 | ||||||
125,000 | Palomar Pomerado Health, Series A (GO) 0.00%, 08/01/25 ^ | 120,079 | ||||||
1,000,000 | Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c) | 1,115,216 | ||||||
750,000 | Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c) | 863,295 | ||||||
180,000 | Rancho Cordova Community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c) | 197,590 | ||||||
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (AGM) (ST) | ||||||||
500,000 | 5.00%, 09/01/26 (c) | 570,286 | ||||||
500,000 | 5.00%, 09/01/26 (c) | 567,416 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 500,000 | 5.00%, 09/01/26 (c) | $ | 575,949 | ||||
3,000,000 | 5.50%, 09/01/22 (c) | 3,169,049 | ||||||
River Islands Public Financing Authority, Phase 2 Public Improvements (ST) | ||||||||
1,000,000 | 4.00%, 09/01/26 (c) | 1,075,561 | ||||||
750,000 | 5.00%, 09/01/26 (c) | 859,826 | ||||||
500,000 | Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c) | 571,901 | ||||||
Sacramento County, Community Facilities District No. 2005-2 (ST) | ||||||||
495,000 | 5.00%, 09/01/26 (c) | 566,022 | ||||||
345,000 | 5.00%, 09/01/26 (c) | 397,426 | ||||||
3,120,000 | San Buenaventura, Community Memorial Health System (RB) 7.50%, 12/01/21 (c) | 3,225,186 | ||||||
San Diego County, Area No. 2, Series A (ST) | ||||||||
635,000 | 4.00%, 09/01/26 (c) | 697,415 | ||||||
665,000 | 4.00%, 09/01/26 (c) | 733,154 | ||||||
300,000 | San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c) | 347,508 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) | ||||||||
145,000 | 0.00%, 01/15/32 ^ | 115,099 | ||||||
105,000 | 0.00%, 01/15/36 ^ | 74,101 | ||||||
1,750,000 | 5.00%, 01/15/25 (c) | 1,962,845 | ||||||
3,780,000 | 5.00%, 01/15/25 (c) | 4,215,605 | ||||||
500,000 | 5.00%, 01/15/25 (c) | 572,732 | ||||||
2,300,000 | 5.00%, 01/15/25 (c) | 2,602,900 | ||||||
200,000 | San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c) | 223,728 | ||||||
1,815,000 | San Mateo Union High School District, Series A (GO) 5.00%, 09/01/23 (c) | 2,015,181 | ||||||
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) | ||||||||
500,000 | 5.00%, 03/01/26 (c) | 565,247 | ||||||
500,000 | 5.00%, 03/01/26 (c) | 568,543 | ||||||
9,000,000 | Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 06/01/21 (c) ^ | 3,902,035 | ||||||
8,015,000 | Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.00%, 05/17/21 (c) ^ | 910,217 | ||||||
18,050,000 | South California Tobacco Securitization Authority, Series C (RB) 0.00%, 05/17/21 (c) ^ | 3,719,818 | ||||||
1,035,000 | Thousand Oaks Community Facilities District No. 1994-1 (ST) 5.38%, 09/01/22 (c) | 1,080,804 | ||||||
2,250,000 | Tobacco Securitization Authority of Southern California, Series A (RB) 4.00%, 12/01/30 (c) | 2,626,264 |
See Notes to Financial Statements
19 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 10,485,000 | Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 05/17/21 (c) ^ | $ | 2,241,362 | ||||
16,440,000 | Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 05/17/21 (c) ^ | 2,859,168 | ||||||
Tustin Community Facilities District, Series A (ST) | ||||||||
100,000 | 5.00%, 09/01/25 (c) | 112,968 | ||||||
100,000 | 5.00%, 09/01/25 (c) | 113,574 | ||||||
750,000 | Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) | 842,365 | ||||||
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) | ||||||||
850,000 | 4.00%, 09/01/21 (d) * | 578,000 | ||||||
530,000 | 5.30%, 09/01/22 (c) (d) * | 360,400 | ||||||
445,000 | William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c) | 507,559 | ||||||
461,160,601 | ||||||||
Colorado: 3.4% | ||||||||
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) | ||||||||
500,000 | 5.00%, 12/01/23 (c) | 540,234 | ||||||
750,000 | 5.13%, 12/01/23 (c) | 806,942 | ||||||
2,010,000 | Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c) | 2,331,707 | ||||||
Aurora Adams County, Transport Metropolitan District No. 3, Series A (GO) | ||||||||
1,000,000 | 5.00%, 03/01/26 (c) | 1,098,469 | ||||||
500,000 | 5.00%, 03/01/26 (c) | 554,462 | ||||||
1,000,000 | Aviation Station North Metropolitan District No. 2, Series A (GO) 5.00%, 09/01/24 (c) | 1,074,063 | ||||||
1,000,000 | Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c) | 1,043,962 | ||||||
Brighton Crossing Metropolitan District No. 6 Series A-3 (GO) | ||||||||
1,000,000 | 5.00%, 12/01/25 (c) | 1,098,346 | ||||||
500,000 | 5.00%, 12/01/25 (c) | 554,500 | ||||||
500,000 | 5.00%, 12/01/25 (c) | 559,433 | ||||||
Broadway Station Metropolitan District No. 3, Series A (GO) | ||||||||
3,500,000 | 5.00%, 06/01/24 (c) | 3,840,341 | ||||||
1,250,000 | 5.00%, 06/01/24 (c) | 1,377,842 | ||||||
Centerra Metropolitan District No. 1 (TA) | ||||||||
500,000 | 5.00%, 12/01/22 (c) | 527,502 | ||||||
500,000 | 5.00%, 12/01/22 (c) | 529,651 | ||||||
500,000 | 5.00%, 12/01/22 (c) | 532,919 | ||||||
5,195,000 | City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c) | 5,550,441 |
Principal Amount | Value | |||||||
Colorado: (continued) | ||||||||
$ | 4,250,000 | City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c) | $ | 4,612,943 | ||||
1,035,000 | City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) | 1,068,058 | ||||||
1,000,000 | Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c) | 1,084,925 | ||||||
500,000 | Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c) | 550,238 | ||||||
2,000,000 | Colorado Health Facilities Authority, Capella of Grand Junction Project (RB) 5.00%, 12/01/26 (c) | 2,019,369 | ||||||
500,000 | Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c) | 555,049 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) | ||||||||
3,120,000 | 4.00%, 08/01/29 (c) | 3,584,761 | ||||||
1,400,000 | 4.00%, 08/01/29 (c) | 1,586,095 | ||||||
1,100,000 | 4.00%, 08/01/29 (c) | 1,273,625 | ||||||
1,270,000 | 4.00%, 08/01/29 (c) | 1,464,652 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
315,000 | 3.25%, 08/01/29 (c) | 334,203 | ||||||
7,000,000 | 4.00%, 08/01/29 (c) | 7,900,345 | ||||||
2,420,000 | 5.00%, 08/01/29 (c) | 2,982,388 | ||||||
1,160,000 | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 06/01/21 (c) | 1,126,823 | ||||||
Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB) | ||||||||
2,900,000 | 5.75%, 11/01/25 (c) | 2,563,788 | ||||||
3,835,000 | 6.00%, 11/01/25 (c) | 3,466,122 | ||||||
2,650,000 | Colorado Health Facilities Authority, Sunny Vista Living Center Project (RB) 6.13%, 12/01/25 (c) | 2,731,156 | ||||||
Colorado High Performance Transportation Enterprise (RB) | ||||||||
250,000 | 5.00%, 12/31/24 (c) | 286,385 | ||||||
350,000 | 5.00%, 12/31/24 (c) | 401,620 | ||||||
2,500,000 | Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c) | 2,715,063 | ||||||
1,000,000 | County of Larimer, Kinston Metropolitan District No. 5, Series A (GO) 5.13%, 12/01/25 (c) | 1,110,890 |
See Notes to Financial Statements
20 |
Principal Amount | Value | |||||||
Colorado: (continued) | ||||||||
Creekwalk Marketplace Business Improvement District, Series A (RB) | ||||||||
$ | 500,000 | 5.50%, 12/01/26 (c) | $ | 555,915 | ||||
500,000 | 5.75%, 12/01/26 (c) | 555,616 | ||||||
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) | ||||||||
1,000,000 | 5.63%, 12/01/23 (c) | 1,090,767 | ||||||
1,500,000 | 5.75%, 12/01/23 (c) | 1,629,765 | ||||||
Dominion Water and Sanitation District (RB) | ||||||||
895,000 | 5.25%, 12/01/21 (c) | 934,347 | ||||||
3,500,000 | 5.75%, 12/01/21 (c) | 3,652,533 | ||||||
485,000 | 6.00%, 12/01/21 (c) | 506,077 | ||||||
1,000,000 | Elbert County, Elbert and Highway 86 Commercial Metropolitan District, Series A (GO) 5.00%, 06/01/26 (c) | 1,076,713 | ||||||
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) | ||||||||
910,000 | 4.50%, 11/01/25 (c) | 934,182 | ||||||
2,345,000 | 5.25%, 11/01/25 (c) | 2,471,314 | ||||||
1,865,000 | 5.50%, 11/01/25 (c) | 1,980,543 | ||||||
1,000,000 | Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c) | 1,104,487 | ||||||
1,000,000 | Independence Metropolitan District No. 3, Series A (GO) 6.25%, 06/01/24 (c) | 1,084,835 | ||||||
1,000,000 | Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c) | 1,062,154 | ||||||
1,000,000 | Jefferson County, Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c) | 1,089,046 | ||||||
Lambertson Farms Metropolitan District No. 1 (GO) | ||||||||
500,000 | 5.75%, 12/15/23 (c) | 410,429 | ||||||
500,000 | 6.00%, 12/15/23 (c) | 420,965 | ||||||
Mirabelle Metropolitan District No. 2, Series A (GO) (SAW) | ||||||||
1,000,000 | 5.00%, 03/01/25 (c) | 1,079,112 | ||||||
700,000 | 5.00%, 03/01/25 (c) | 762,335 | ||||||
North Range Metropolitan District No. 3, Series A (GO) | ||||||||
1,000,000 | 5.00%, 12/01/25 (c) | 1,110,344 | ||||||
1,500,000 | 5.25%, 12/01/25 (c) | 1,664,690 | ||||||
Painted Prairie Public Improvement Authority (RB) | ||||||||
1,500,000 | 5.00%, 12/01/24 (c) | 1,631,726 | ||||||
1,000,000 | 5.00%, 12/01/24 (c) | 1,097,510 | ||||||
1,000,000 | Peak Metropolitan District No. 1, Series A (GO) 5.00%, 03/01/26 (c) | 1,094,212 | ||||||
4,030,000 | Pueblo Urban Renewal Authority Tax Increment, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c) | 4,511,784 |
Principal Amount | Value | |||||||
Colorado: (continued) | ||||||||
$ | 880,000 | Raindance Metropolitan District No. 2, Series A (GO) 5.00%, 12/01/24 (c) | $ | 953,709 | ||||
1,000,000 | Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c) | 1,038,667 | ||||||
500,000 | Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c) | 562,115 | ||||||
STC Metropolitan District No. 2, Series A (GO) | ||||||||
1,000,000 | 4.00%, 12/01/24 (c) | 1,083,130 | ||||||
1,000,000 | 5.00%, 12/01/24 (c) | 1,084,969 | ||||||
2,000,000 | 5.00%, 12/01/24 (c) | 2,188,538 | ||||||
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) | ||||||||
1,000,000 | 4.25%, 12/01/25 (c) | 1,112,413 | ||||||
1,000,000 | 5.00%, 12/01/22 (c) | 1,070,206 | ||||||
5,000,000 | 5.00%, 12/01/22 (c) | 5,307,245 | ||||||
500,000 | 5.00%, 12/01/22 (c) | 532,664 | ||||||
Velocity Metropolitan District No. 3 (GO) | ||||||||
500,000 | 5.13%, 12/01/23 (c) | 540,414 | ||||||
500,000 | 5.38%, 12/01/23 (c) | 540,928 | ||||||
1,500,000 | 5.50%, 12/01/23 (c) | 1,617,086 | ||||||
1,000,000 | Westerly Metropolitan District No. 4, Series A (GO) 5.00%, 03/01/26 (c) | 1,092,335 | ||||||
117,675,132 | ||||||||
Connecticut: 0.7% | ||||||||
630,000 | Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/11/21 (c) | 630,078 | ||||||
2,000,000 | Connecticut Airport Authority, Customer Facility, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c) | 2,240,840 | ||||||
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) | ||||||||
3,000,000 | 5.00%, 09/01/26 (c) | 3,293,136 | ||||||
2,500,000 | 5.00%, 09/01/26 (c) | 2,753,332 | ||||||
3,000,000 | Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c) | 3,133,845 | ||||||
2,000,000 | Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c) | 2,200,986 | ||||||
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB) | ||||||||
935,000 | 4.25%, 07/01/22 (c) | 967,096 | ||||||
655,000 | 4.50%, 07/01/22 (c) | 677,143 | ||||||
380,000 | 5.00%, 07/01/22 (c) | 396,131 |
See Notes to Financial Statements
21 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Connecticut: (continued) | ||||||||
$ | 470,000 | 5.00%, 07/01/22 (c) | $ | 488,404 | ||||
100,000 | 5.00%, 07/01/22 (c) | 104,112 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) | ||||||||
250,000 | 4.00%, 07/01/29 (c) | 268,381 | ||||||
250,000 | 4.00%, 07/01/29 (c) | 269,604 | ||||||
1,040,000 | Hartford Stadium Authority, Series A (RB) 4.00%, 02/01/25 (c) | 845,811 | ||||||
Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) | ||||||||
250,000 | 5.75%, 02/01/24 | 262,695 | ||||||
1,000,000 | 6.25%, 02/01/26 (c) | 1,099,403 | ||||||
Town of Hamden (RB) | ||||||||
2,720,000 | 5.00%, 01/01/26 (c) | 2,881,194 | ||||||
500,000 | 5.00%, 01/01/26 (c) | 536,395 | ||||||
23,048,586 | ||||||||
Delaware: 0.0% | ||||||||
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) | ||||||||
1,000,000 | 5.00%, 06/01/26 (c) | 1,076,878 | ||||||
250,000 | 5.00%, 06/01/26 (c) | 273,493 | ||||||
1,350,371 | ||||||||
District of Columbia: 1.0% | ||||||||
District of Columbia Tobacco Settlement Financing Corp. (RB) | ||||||||
29,055,000 | 0.00%, 06/01/21 (c) ^ | 6,194,357 | ||||||
39,000 | 6.50%, 05/15/33 | 43,302 | ||||||
District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | ||||||||
1,180,000 | 5.00%, 07/01/24 (c) | 1,245,104 | ||||||
250,000 | 5.00%, 07/01/24 (c) | 267,518 | ||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) | ||||||||
1,000,000 | 5.00%, 06/01/30 (c) | 1,160,425 | ||||||
500,000 | 5.00%, 06/01/30 (c) | 590,238 | ||||||
395,000 | District of Columbia, Provident Group - Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c) | 404,264 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) | ||||||||
13,825,000 | 0.00%, 10/01/37 ^ | 8,098,778 | ||||||
1,895,000 | 5.00%, 04/01/22 (c) | 1,965,198 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) | ||||||||
5,520,000 | 0.00%, 10/01/37 ^ | 3,728,404 | ||||||
7,750,000 | 4.00%, 10/01/29 (c) | 8,891,755 | ||||||
1,675,000 | 4.00%, 10/01/29 (c) | 1,901,805 | ||||||
250,000 | 4.00%, 10/01/29 (c) | 293,252 | ||||||
245,000 | 6.50%, 10/01/28 (c) | 328,532 | ||||||
35,112,932 |
Principal Amount | Value | |||||||
Florida: 5.2% | ||||||||
$ | 805,000 | Alachua County, Health Facilities Authority, East Ridge Retirement Village, Inc. (RB) 6.00%, 11/15/24 (c) | $ | 804,926 | ||||
300,000 | Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c) | 325,051 | ||||||
295,000 | Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c) | 314,353 | ||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) | ||||||||
500,000 | 5.00%, 07/15/26 (c) | 547,395 | ||||||
250,000 | 5.00%, 07/15/26 (c) | 276,234 | ||||||
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | ||||||||
500,000 | 4.50%, 01/01/29 (c) | 543,976 | ||||||
500,000 | 5.13%, 01/01/29 (c) | 561,285 | ||||||
500,000 | 5.25%, 01/01/29 (c) | 556,182 | ||||||
500,000 | 5.38%, 01/01/29 (c) | 558,563 | ||||||
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) | ||||||||
480,000 | 4.38%, 06/15/27 | 507,119 | ||||||
500,000 | 5.25%, 06/15/27 (c) | 553,657 | ||||||
1,000,000 | Capital Trust Agency, Educational Growth LLC Chatter School, Series A (RB) 5.00%, 07/01/31 (c) | 1,127,980 | ||||||
1,000,000 | Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c) | 277,500 | ||||||
1,000,000 | Capital Trust Agency, Senior Living Facilities, Elim Senior Housing, Inc. (RB) (AMBAC) 7.50%, 05/21/21 (c) | 301,832 | ||||||
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | ||||||||
2,200,000 | 4.00%, 12/01/28 | 2,397,126 | ||||||
3,700,000 | 5.25%, 12/01/28 (c) | 4,211,786 | ||||||
4,500,000 | 5.25%, 12/01/28 (c) | 5,181,411 | ||||||
2,250,000 | Capital Trust Agency, Wonderful Foundations Charter School Portfolio Projects, Series A-1 (RB) 5.00%, 07/01/30 (c) | 2,511,654 | ||||||
750,000 | City of Jacksonville, Educational Facilities, Series B (RB) 5.00%, 06/01/28 (c) | 876,178 | ||||||
500,000 | City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 | 620,398 |
See Notes to Financial Statements
22 |
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
$ | 230,000 | 4.00%, 06/01/25 (c) | $ | 245,212 | ||||
300,000 | 5.00%, 06/01/25 (c) | 334,471 | ||||||
460,000 | 5.00%, 06/01/25 (c) | 515,320 | ||||||
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) | ||||||||
590,000 | 7.00%, 05/15/24 (d) * | 401,200 | ||||||
460,000 | 8.13%, 05/15/24 (c) (d) * | 312,800 | ||||||
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) | ||||||||
550,000 | 4.00%, 02/15/30 (c) | 625,664 | ||||||
2,020,000 | 4.00%, 02/15/30 (c) | 2,306,403 | ||||||
23,750,000 | Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB) 7.38%, 01/01/24 (c) | 24,700,000 | ||||||
1,000,000 | Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.13%, 06/15/27 (c) | 1,071,065 | ||||||
360,000 | Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) 5.63%, 06/15/24 (c) | 349,156 | ||||||
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | ||||||||
1,000,000 | 5.75%, 06/15/24 (c) | 1,094,863 | ||||||
500,000 | 6.00%, 06/15/25 (c) | 569,045 | ||||||
3,000,000 | 6.13%, 06/15/22 (c) | 3,099,138 | ||||||
685,000 | 6.13%, 06/15/25 (c) | 771,845 | ||||||
1,000,000 | Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c) | 1,116,275 | ||||||
1,000,000 | Florida Development Finance Corp., The Mayflower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c) | 1,120,471 | ||||||
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
15,000,000 | 6.25%, 06/01/21 (c) (p) | 15,063,628 | ||||||
18,195,000 | 6.38%, 06/01/21 (c) (p) | 18,245,840 | ||||||
29,125,000 | 6.50%, 06/01/21 (c) (p) | 29,161,365 | ||||||
Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB) | ||||||||
2,710,000 | 4.50%, 06/01/28 (c) | 3,186,713 | ||||||
750,000 | 5.00%, 06/01/28 (c) | 878,839 | ||||||
FRERC Community Development District (AGM) (SA) | ||||||||
1,500,000 | 5.38%, 11/01/29 (c) | 1,607,666 | ||||||
2,450,000 | 5.50%, 11/01/29 (c) | 2,630,947 |
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
$ | 2,000,000 | Lake County, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c) | $ | 2,139,241 | ||||
3,500,000 | Lake County, Lakeside at Waterman Village Project, Series B-1 (RB) 4.25%, 05/15/22 (c) | 3,528,428 | ||||||
2,700,000 | Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB) 7.13%, 01/01/27 (c) | 2,436,576 | ||||||
500,000 | Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c) | 508,268 | ||||||
1,000,000 | Lee County Industrial Development Authority, Health Care Facility, Series A (RB) 5.75%, 12/01/22 (c) | 1,025,242 | ||||||
300,000 | Leon County Educational Facilities Authority, Heritage Grove Project (RB) (ACA) 5.13%, 06/01/21 (c) | 299,984 | ||||||
380,000 | Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c) | 419,009 | ||||||
250,000 | Miami World Center Community Development District (SA) 5.25%, 11/01/27 (c) | 277,969 | ||||||
665,000 | Miami-Dade County Industrial Development Authority, NCCD- Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c) | 672,296 | ||||||
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
500,000 | 5.00%, 10/01/25 (c) | 569,520 | ||||||
500,000 | 5.00%, 10/01/25 (c) | 573,603 | ||||||
1,000,000 | Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c) | 1,129,954 | ||||||
445,000 | Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c) | 464,255 | ||||||
Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
1,350,000 | 4.25%, 05/01/23 (c) | 1,408,415 | ||||||
1,480,000 | 5.00%, 05/01/23 (c) | 1,535,937 | ||||||
155,000 | North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c) | 187,409 | ||||||
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) | ||||||||
200,000 | 5.00%, 08/01/27 (c) | 224,858 | ||||||
200,000 | 5.00%, 08/01/27 (c) | 227,797 | ||||||
500,000 | Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) (AGM) 5.00%, 11/15/26 (c) | 577,545 |
See Notes to Financial Statements
23 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
$ | 310,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c) | $ | 332,541 | ||||
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) | ||||||||
2,500,000 | 5.00%, 04/01/29 (c) | 2,746,159 | ||||||
1,000,000 | 5.00%, 04/01/29 (c) | 1,118,192 | ||||||
185,000 | Palm Cost Park Community Development District (SA) 5.70%, 06/01/21 (c) | 185,206 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) | ||||||||
500,000 | 5.50%, 11/15/26 (c) | 488,039 | ||||||
1,000,000 | 5.75%, 11/15/26 (c) | 1,001,980 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) | ||||||||
3,600,000 | 4.25%, 05/15/22 (c) | 3,554,585 | ||||||
2,000,000 | 5.25%, 11/15/26 (c) | 1,965,101 | ||||||
785,000 | Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c) | 809,018 | ||||||
Village Community Development District No. 12 (SA) | ||||||||
245,000 | 3.25%, 05/01/26 | 258,031 | ||||||
2,410,000 | 3.63%, 05/01/26 (c) | 2,595,926 | ||||||
2,410,000 | 3.88%, 05/01/26 (c) | 2,558,660 | ||||||
965,000 | 4.25%, 05/01/28 (c) | 1,072,712 | ||||||
1,210,000 | 4.38%, 05/01/28 (c) | 1,344,861 | ||||||
Village Community Development District No. 13 (SA) | ||||||||
750,000 | 3.00%, 05/01/29 | 799,550 | ||||||
1,000,000 | 3.38%, 05/01/29 (c) | 1,080,149 | ||||||
2,885,000 | 3.55%, 05/01/29 (c) | 3,101,101 | ||||||
4,730,000 | 3.70%, 05/01/29 (c) | 5,034,728 | ||||||
180,715,377 | ||||||||
Georgia: 1.1% | ||||||||
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) | ||||||||
2,250,000 | 6.50%, 01/01/28 (c) | 1,458,021 | ||||||
2,000,000 | 6.75%, 01/01/28 (c) | 1,290,492 | ||||||
6,000,000 | 7.00%, 01/01/28 (c) | 3,876,020 | ||||||
1,000,000 | Burke County Development Authority, Series C (RB) (SAW) 4.13%, 02/01/28 (c) | 1,120,174 | ||||||
720,000 | Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c) | 806,525 | ||||||
Cobb County Development Authority, Provident Village at Creekside Project, Series A (RB) | ||||||||
1,000,000 | 6.00%, 07/01/23 (c) (d) * | 703,224 | ||||||
1,000,000 | 6.00%, 07/01/23 (c) (d) * | 753,020 |
Principal Amount | Value | |||||||
Georgia: (continued) | ||||||||
$ | 1,000,000 | DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB) 5.00%, 01/01/29 (c) | $ | 863,535 | ||||
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) | ||||||||
1,250,000 | 5.50%, 12/01/24 (c) | 1,240,788 | ||||||
1,500,000 | 5.75%, 12/01/24 (c) | 1,468,431 | ||||||
4,000,000 | 6.25%, 12/01/24 (c) | 3,872,264 | ||||||
1,000,000 | 6.50%, 12/01/24 (c) | 993,235 | ||||||
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG) | ||||||||
500,000 | 5.00%, 04/01/26 (c) | 509,460 | ||||||
500,000 | 5.00%, 04/01/26 (c) | 511,781 | ||||||
3,000,000 | GEO. L. Smith II Georgia World Congress Center Authority, Convention Center Hotel, Series A (RB) 4.00%, 01/01/31 (c) | 3,412,176 | ||||||
416,000 | Georgia Local Government (CP) (NATL) 4.75%, 06/01/28 | 468,158 | ||||||
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) | ||||||||
250,000 | 5.75%, 06/15/27 (c) | 272,801 | ||||||
1,000,000 | 6.00%, 06/15/27 (c) | 1,084,900 | ||||||
Marietta Development Authority, Life University, Inc. Project, Series A (RB) | ||||||||
1,000,000 | 5.00%, 11/01/27 (c) | 1,073,814 | ||||||
2,750,000 | 5.00%, 11/01/27 (c) | 3,006,046 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) | ||||||||
375,000 | 5.00%, 07/01/25 (c) | 423,973 | ||||||
1,000,000 | 5.00%, 07/01/28 (c) | 1,182,234 | ||||||
1,000,000 | Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c) | 1,003,524 | ||||||
500,000 | Oconee County Industrial Development Authority, Series A-3 (RB) 5.50%, 12/01/21 (c) | 494,799 | ||||||
3,850,000 | Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c) | 4,307,322 | ||||||
White County Development Authority, Truett McConnell University Project, Series A (RB) | ||||||||
500,000 | 5.13%, 10/01/26 (c) | 527,385 | ||||||
500,000 | 5.25%, 10/01/26 (c) | 522,784 | ||||||
37,246,886 | ||||||||
Guam: 0.5% | ||||||||
200,000 | A. B. Won Pat International Airport Authority, Series C (RB) 6.25%, 10/01/23 (c) | 215,369 |
See Notes to Financial Statements
24 |
Principal Amount | Value | |||||||
Guam: (continued) | ||||||||
$ | 500,000 | Guam Government Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30 | $ | 637,410 | ||||
Guam Government, Business Privilege Tax, Series A (RB) | ||||||||
500,000 | 5.00%, 01/01/22 (c) | 513,803 | ||||||
1,390,000 | 5.13%, 01/01/22 (c) | 1,430,160 | ||||||
Guam Government, Business Privilege Tax, Series B (RB) | ||||||||
1,280,000 | 5.00%, 01/01/22 (c) | 1,315,761 | ||||||
330,000 | 5.00%, 01/01/22 (c) | 339,264 | ||||||
Guam Government, Business Privilege Tax, Series D (RB) | ||||||||
600,000 | 4.00%, 11/15/25 (c) | 633,435 | ||||||
585,000 | 5.00%, 11/15/25 (c) | 655,655 | ||||||
500,000 | 5.00%, 11/15/25 (c) | 565,138 | ||||||
1,100,000 | 5.00%, 11/15/25 (c) | 1,240,281 | ||||||
Guam Government, Department of Education, John F. Kennedy Project, Series A (CP) | ||||||||
500,000 | 4.25%, 02/01/30 | 530,760 | ||||||
500,000 | 5.00%, 02/01/30 (c) | 542,673 | ||||||
620,000 | Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c) | 700,812 | ||||||
Guam Government, Waterworks Authority, Water and Wastewater System (RB) | ||||||||
1,375,000 | 5.00%, 07/01/26 (c) | 1,552,470 | ||||||
550,000 | 5.25%, 07/01/23 (c) | 608,273 | ||||||
1,000,000 | 5.50%, 07/01/23 (c) | 1,111,323 | ||||||
3,205,000 | Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c) | 3,905,449 | ||||||
Guam Power Authority, Series A (RB) | ||||||||
345,000 | 5.00%, 10/01/22 (c) | 358,655 | ||||||
500,000 | 5.00%, 10/01/27 (c) | 578,014 | ||||||
17,434,705 | ||||||||
Hawaii: 0.2% | ||||||||
1,775,000 | Kuakini, Hawaii Health System, Series A (RB) 6.38%, 06/01/21 (c) | 1,769,908 | ||||||
State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
1,400,000 | 6.25%, 07/01/23 (c) | 1,526,275 | ||||||
2,085,000 | 6.63%, 07/01/23 (c) | 2,269,126 | ||||||
5,565,309 | ||||||||
Idaho: 0.1% | ||||||||
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
450,000 | 3.50%, 09/01/26 (c) | 470,011 | ||||||
1,135,000 | 5.00%, 09/01/26 (c) | 1,264,056 | ||||||
Idaho Health Facilities Authority, Terraces of Boise Project, Series A (RB) | ||||||||
100,000 | 7.00%, 10/01/24 | 85,657 | ||||||
900,000 | 7.38%, 10/01/24 (c) | 772,235 | ||||||
2,591,959 |
Principal Amount | Value | |||||||
Illinois: 11.9% | ||||||||
$ | 435,000 | Board of Trustees of Northeastern Illinois University, Certificates of Participation, Capital Improvement Projects (CP) 4.00%, 10/01/22 (c) | $ | 376,573 | ||||
Chicago Board of Education, Series A (GO) | ||||||||
760,000 | 0.00%, 12/01/27 ^ | 675,900 | ||||||
390,000 | 0.00%, 12/01/28 ^ | 335,476 | ||||||
55,000 | 0.00%, 12/01/30 ^ | 44,151 | ||||||
6,230,000 | 5.00%, 12/01/21 (c) | 6,339,001 | ||||||
10,000,000 | 5.00%, 12/01/22 (c) | 10,433,255 | ||||||
300,000 | 5.00%, 12/01/23 | 333,154 | ||||||
1,000,000 | 5.00%, 12/01/25 | 1,181,570 | ||||||
250,000 | 5.00%, 12/01/28 (c) | 305,315 | ||||||
250,000 | 5.00%, 12/01/28 (c) | 301,279 | ||||||
100,000 | 5.00%, 12/01/30 (c) | 123,859 | ||||||
150,000 | 5.00%, 12/01/30 (c) | 186,528 | ||||||
145,000 | 5.00%, 12/01/30 (c) | 179,817 | ||||||
600,000 | 5.00%, 12/01/30 (c) | 748,961 | ||||||
7,850,000 | 5.00%, 12/01/30 (c) | 9,624,225 | ||||||
5,750,000 | 5.00%, 12/01/30 (c) | 7,066,202 | ||||||
1,600,000 | 5.00%, 12/01/30 (c) | 1,963,165 | ||||||
2,860,000 | 5.00%, 12/01/30 (c) | 3,525,720 | ||||||
100,000 | 5.00%, 12/01/30 (c) | 123,657 | ||||||
1,100,000 | 5.00%, 12/01/30 (c) | 1,344,394 | ||||||
435,000 | 5.25%, 12/01/21 (c) | 443,245 | ||||||
5,730,000 | 5.50%, 12/01/21 (c) | 5,849,449 | ||||||
145,000 | 5.50%, 12/01/25 | 173,631 | ||||||
355,000 | 5.50%, 12/01/26 | 417,588 | ||||||
175,000 | 5.50%, 12/01/26 | 215,402 | ||||||
2,500,000 | 5.50%, 12/01/30 | 3,331,462 | ||||||
14,210,000 | 7.00%, 12/01/25 (c) | 17,148,655 | ||||||
5,200,000 | 7.00%, 12/01/25 (c) | 6,519,135 | ||||||
2,250,000 | 7.00%, 12/01/27 (c) | 2,885,736 | ||||||
Chicago Board of Education, Series B (GO) | ||||||||
150,000 | 4.00%, 12/01/22 (c) | 154,984 | ||||||
100,000 | 5.00%, 12/01/21 | 102,664 | ||||||
3,235,000 | 5.00%, 12/01/22 (c) | 3,394,653 | ||||||
100,000 | 5.00%, 12/01/22 | 106,621 | ||||||
1,105,000 | 5.00%, 12/01/22 (c) | 1,160,121 | ||||||
1,500,000 | 5.00%, 12/01/27 | 1,811,511 | ||||||
500,000 | 5.00%, 12/01/29 (c) | 620,202 | ||||||
200,000 | 5.00%, 12/01/29 (c) | 245,018 | ||||||
100,000 | 5.00%, 12/01/30 (c) | 125,313 | ||||||
1,650,000 | 5.00%, 12/01/30 | 2,079,871 | ||||||
100,000 | 5.00%, 12/01/30 (c) | 123,657 | ||||||
1,100,000 | 6.50%, 12/01/26 (c) | 1,339,882 | ||||||
Chicago Board of Education, Series C (GO) | ||||||||
500,000 | 5.00%, 12/01/23 | 551,361 | ||||||
2,000,000 | 5.00%, 12/01/27 | 2,415,347 | ||||||
2,625,000 | 5.00%, 12/01/27 (c) | 3,109,661 | ||||||
3,485,000 | 5.25%, 12/01/24 (c) | 3,868,202 | ||||||
4,430,000 | 5.25%, 12/01/24 (c) | 4,897,097 | ||||||
1,160,000 | 6.00%, 12/01/24 (c) | 1,319,118 | ||||||
750,000 | Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/23 (c) | 800,744 |
See Notes to Financial Statements
25 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 2,415,000 | Chicago Board of Education, Series E (GO) 5.13%, 12/01/24 (c) | $ | 2,686,464 | ||||
1,100,000 | Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c) | 1,302,784 | ||||||
8,500,000 | Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c) | 9,796,825 | ||||||
400,000 | Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c) | 430,877 | ||||||
Chicago School Reform Board of Trustees, Series A (GO) | ||||||||
300,000 | 0.00%, 12/01/23 ^ | 292,661 | ||||||
355,000 | 0.00%, 12/01/25 ^ | 333,258 | ||||||
1,460,000 | 0.00%, 12/01/29 ^ | 1,213,395 | ||||||
Chicago School Reform Board of Trustees, Series B-1 (GO) | ||||||||
180,000 | 0.00%, 12/01/22 ^ | 177,748 | ||||||
1,165,000 | 0.00%, 12/01/24 ^ | 1,117,408 | ||||||
1,650,000 | 0.00%, 12/01/25 ^ | 1,548,947 | ||||||
1,630,000 | 0.00%, 12/01/26 ^ | 1,492,625 | ||||||
1,030,000 | 0.00%, 12/01/27 ^ | 916,023 | ||||||
690,000 | 0.00%, 12/01/28 ^ | 593,535 | ||||||
645,000 | 0.00%, 12/01/29 ^ | 536,055 | ||||||
1,025,000 | 0.00%, 12/01/30 ^ | 822,809 | ||||||
520,000 | 0.00%, 12/01/31 ^ | 403,436 | ||||||
100,000 | Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26 | 121,107 | ||||||
City of Chicago (GO) | ||||||||
345,000 | 0.00%, 01/01/28 ^ | 301,943 | ||||||
1,180,000 | 0.00%, 01/01/33 ^ | 867,336 | ||||||
290,000 | 0.00%, 01/01/34 ^ | 205,619 | ||||||
420,000 | City of Chicago, City Colleges of Chicago Capital Improvement Project, Series 1999 (GO) 0.00%, 01/01/30 ^ | 342,815 | ||||||
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
235,000 | 5.00%, 01/01/25 | 268,302 | ||||||
1,910,000 | 5.25%, 01/01/25 (c) | 2,158,255 | ||||||
945,000 | 5.25%, 01/01/25 (c) | 1,072,560 | ||||||
3,980,000 | 5.50%, 01/01/25 (c) | 4,459,756 | ||||||
855,000 | 5.50%, 01/01/25 (c) | 967,619 | ||||||
115,000 | 5.50%, 01/01/25 (c) | 130,515 | ||||||
1,585,000 | City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c) | 1,712,492 | ||||||
City of Chicago, Series A (GO) | ||||||||
140,000 | 0.00%, 01/01/29 ^ | 118,505 | ||||||
905,000 | 4.63%, 06/01/21 (c) | 906,599 | ||||||
4,160,000 | 5.00%, 06/01/21 (c) | 4,168,046 | ||||||
865,000 | 5.00%, 01/01/22 (c) | 882,965 | ||||||
3,540,000 | 5.00%, 01/01/22 (c) | 3,614,786 | ||||||
395,000 | 5.00%, 01/01/23 | 422,025 | ||||||
640,000 | 5.00%, 01/01/24 (c) | 691,898 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 1,920,000 | 5.00%, 01/01/24 (c) | $ | 2,073,761 | ||||
2,935,000 | 5.00%, 01/01/24 (c) | 3,166,673 | ||||||
200,000 | 5.00%, 01/01/27 | 238,561 | ||||||
1,000,000 | 5.00%, 01/01/27 | 1,192,803 | ||||||
2,775,000 | 5.00%, 01/01/29 | 3,431,629 | ||||||
2,000,000 | 5.00%, 01/01/29 (c) | 2,357,216 | ||||||
2,110,000 | 5.25%, 06/01/21 (c) | 2,114,776 | ||||||
3,340,000 | 5.25%, 01/01/24 (c) | 3,646,476 | ||||||
150,000 | 5.25%, 01/01/24 (c) | 164,277 | ||||||
1,120,000 | 5.25%, 01/01/24 (c) | 1,221,392 | ||||||
600,000 | 5.25%, 01/01/24 (c) | 653,405 | ||||||
1,150,000 | 5.25%, 01/01/24 (c) | 1,263,604 | ||||||
880,000 | 5.38%, 01/01/25 (c) | 998,274 | ||||||
905,000 | 5.50%, 01/01/25 (c) | 1,011,408 | ||||||
475,000 | 5.50%, 01/01/25 (c) | 534,534 | ||||||
1,320,000 | 5.50%, 01/01/25 (c) | 1,488,115 | ||||||
750,000 | 5.63%, 01/01/27 (c) | 902,966 | ||||||
1,000,000 | 5.63%, 01/01/27 (c) | 1,216,468 | ||||||
1,000,000 | 5.75%, 01/01/27 (c) | 1,204,227 | ||||||
1,180,000 | 5.75%, 01/01/27 (c) | 1,424,540 | ||||||
3,750,000 | 6.00%, 01/01/27 (c) | 4,550,837 | ||||||
870,000 | City of Chicago, Series B (GO) 5.00%, 01/01/23 | 929,524 | ||||||
City of Chicago, Series C (GO) | ||||||||
195,000 | 0.00%, 01/01/32 ^ | 142,740 | ||||||
1,800,000 | 5.00%, 01/01/22 (c) | 1,849,656 | ||||||
195,000 | 5.00%, 01/01/22 (c) | 199,962 | ||||||
110,000 | 5.00%, 01/01/22 (c) | 112,886 | ||||||
1,110,000 | 5.00%, 01/01/24 | 1,229,249 | ||||||
1,760,000 | 5.00%, 01/01/25 | 2,009,409 | ||||||
3,800,000 | 5.00%, 01/01/26 (c) | 4,285,652 | ||||||
250,000 | 5.00%, 01/01/26 (c) | 290,333 | ||||||
380,000 | 5.00%, 01/01/26 | 443,510 | ||||||
City of Chicago, Series D (GO) | ||||||||
1,045,000 | 5.50%, 01/01/25 (c) | 1,170,966 | ||||||
1,135,000 | 5.50%, 01/01/25 (c) | 1,267,135 | ||||||
520,000 | 5.50%, 01/01/25 (c) | 586,227 | ||||||
2,715,000 | 5.50%, 01/01/25 (c) | 3,055,282 | ||||||
City of Chicago, Series E (GO) | ||||||||
1,680,000 | 5.50%, 01/01/25 (c) | 1,870,780 | ||||||
915,000 | 5.50%, 01/01/25 (c) | 1,028,413 | ||||||
1,635,000 | City of Chicago, Series F (GO) 5.50%, 01/01/25 (c) | 1,837,655 | ||||||
1,020,000 | City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30 | 1,251,631 | ||||||
City of Harvey, Series A (GO) | ||||||||
465,000 | 5.50%, 06/01/21 (c) (d) * | 318,525 | ||||||
3,600,000 | 5.63%, 06/01/21 (c) (d) * | 2,466,000 | ||||||
625,000 | Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) | 690,164 | ||||||
Illinois Finance Authority, Admiral Lake Project (RB) | ||||||||
1,120,000 | 5.00%, 05/15/24 (c) | 1,127,511 | ||||||
390,000 | 5.13%, 05/15/24 (c) | 391,698 | ||||||
1,350,000 | 5.25%, 05/15/24 (c) | 1,331,211 | ||||||
2,000,000 | 5.50%, 05/15/24 (c) | 2,016,273 |
See Notes to Financial Statements
26 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 35,000 | Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 06/01/21 (c) | $ | 35,012 | ||||
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) | ||||||||
1,000,000 | 5.00%, 07/01/25 (c) | 932,533 | ||||||
1,000,000 | 5.00%, 07/01/25 (c) | 956,700 | ||||||
500,000 | Illinois Finance Authority, Clare Oaks, Series A (RB) 4.00%, 11/15/24 (c) | 503,585 | ||||||
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
615,000 | 4.75%, 05/15/23 (c) | 640,983 | ||||||
230,000 | 5.13%, 05/15/23 (c) | 240,019 | ||||||
750,000 | 5.25%, 05/15/23 (c) | 784,051 | ||||||
Illinois Finance Authority, Friendship Village of Schaumburg (RB) | ||||||||
6,500,000 | 5.00%, 02/15/27 (c) | 4,754,250 | ||||||
3,000,000 | 5.00%, 02/15/27 | 2,184,394 | ||||||
6,130,000 | 5.13%, 02/15/27 (c) | 4,494,743 | ||||||
100,000 | Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c) | 94,920 | ||||||
500,000 | Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c) | 557,551 | ||||||
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) | ||||||||
1,525,000 | 5.00%, 11/01/26 (c) | 1,701,490 | ||||||
4,210,000 | 5.00%, 11/01/26 (c) | 4,649,793 | ||||||
500,000 | 5.00%, 11/01/26 (c) | 563,294 | ||||||
500,000 | 5.00%, 11/01/26 (c) | 577,137 | ||||||
250,000 | 5.00%, 11/01/26 (c) | 287,029 | ||||||
6,750,000 | Illinois Finance Authority, Navistar International Corp. Project (RB) 4.75%, 08/01/30 (p) | 7,157,887 | ||||||
475,000 | Illinois Finance Authority, Roosevelt University (RB) 5.50%, 06/01/21 (c) | 475,973 | ||||||
Illinois Finance Authority, Roosevelt University, Series A (RB) | ||||||||
1,600,000 | 6.00%, 10/01/28 (c) | 1,945,676 | ||||||
8,000,000 | 6.13%, 10/01/28 (c) | 9,616,592 | ||||||
3,000,000 | 6.13%, 10/01/28 (c) | 3,586,453 | ||||||
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) | ||||||||
230,000 | 5.00%, 08/15/25 (c) | 261,424 | ||||||
525,000 | 5.00%, 08/15/25 (c) | 589,594 | ||||||
100,000 | Illinois Finance Authority, Uno Chapter School Network, Inc. Project, Series B (RB) 7.13%, 10/01/21 (c) | 101,697 | ||||||
2,695,000 | Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c) | 2,824,969 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
Illinois Sports Facilities Authority (RB) (AMBAC) | ||||||||
$ | 690,000 | 0.00%, 06/15/26 ^ | $ | 626,455 | ||||
1,000,000 | 5.00%, 06/15/24 (c) | 1,118,930 | ||||||
1,000,000 | 5.00%, 06/15/28 | 1,207,549 | ||||||
3,055,000 | 5.00%, 06/15/29 (c) | 3,690,728 | ||||||
1,000,000 | 5.00%, 06/15/29 | 1,219,857 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
840,000 | 0.00%, 06/15/29 ^ | 714,449 | ||||||
555,000 | 0.00%, 06/15/30 ^ | 456,027 | ||||||
475,000 | 0.00%, 12/15/30 ^ | 383,770 | ||||||
125,000 | 0.00%, 06/15/31 ^ | 99,364 | ||||||
190,000 | 0.00%, 06/15/34 ^ | 136,932 | ||||||
590,000 | 0.00%, 12/15/34 ^ | 418,073 | ||||||
185,000 | 0.00%, 06/15/37 ^ | 119,031 | ||||||
115,000 | 0.00%, 06/15/39 ^ | 68,452 | ||||||
1,500,000 | 0.00%, 06/15/40 ^ | 858,432 | ||||||
3,000,000 | 4.00%, 12/15/29 (c) | 3,368,978 | ||||||
3,210,000 | 5.00%, 06/15/22 (c) | 3,330,324 | ||||||
250,000 | 5.00%, 12/15/27 (c) | 294,546 | ||||||
5,625,000 | 5.00%, 12/15/29 (c) | 6,766,646 | ||||||
1,400,000 | 5.50%, 12/15/25 (c) | 1,613,894 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
1,080,000 | 0.00%, 06/15/28 ^ | 948,717 | ||||||
740,000 | 0.00%, 12/15/54 ^ | 240,861 | ||||||
290,000 | 5.00%, 06/15/22 (c) | 303,113 | ||||||
1,450,000 | 5.00%, 06/15/22 (c) | 1,518,892 | ||||||
3,765,000 | 5.00%, 06/15/22 (c) | 3,925,356 | ||||||
335,000 | 5.00%, 12/15/22 | 357,118 | ||||||
410,000 | 5.70%, 06/15/23 | 455,725 | ||||||
230,000 | Southwestern Illinois Development Authority (RB) 5.35%, 06/01/21 (c) | 152,503 | ||||||
1,500,000 | Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c) | 1,553,930 | ||||||
State of Illinois (RB) | ||||||||
100,000 | 3.00%, 06/15/26 (c) | 103,778 | ||||||
175,000 | 3.50%, 06/01/26 (c) | 188,605 | ||||||
935,000 | 3.50%, 06/01/26 (c) | 1,024,263 | ||||||
150,000 | 4.00%, 08/01/22 (c) | 156,108 | ||||||
660,000 | 4.00%, 05/01/24 | 724,782 | ||||||
500,000 | 4.00%, 01/01/26 (c) | 549,132 | ||||||
1,000,000 | 4.00%, 06/01/26 (c) | 1,098,606 | ||||||
360,000 | 4.00%, 06/01/26 (c) | 394,484 | ||||||
460,000 | 4.00%, 06/01/26 (c) | 499,612 | ||||||
270,000 | 4.00%, 06/01/26 (c) | 295,348 | ||||||
220,000 | 4.00%, 06/01/26 (c) | 241,896 | ||||||
160,000 | 4.13%, 03/01/22 (c) | 164,406 | ||||||
485,000 | 4.13%, 11/01/26 (c) | 542,403 | ||||||
305,000 | 5.00%, 03/01/22 (c) | 315,925 | ||||||
100,000 | 5.00%, 03/01/22 (c) | 103,599 | ||||||
250,000 | 5.00%, 03/01/22 (c) | 258,997 | ||||||
140,000 | 5.00%, 03/01/22 (c) | 144,836 |
See Notes to Financial Statements
27 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 55,000 | 5.00%, 06/01/22 | $ | 57,705 | ||||
100,000 | 5.00%, 07/01/22 | 105,286 | ||||||
1,465,000 | 5.00%, 08/01/22 | 1,547,810 | ||||||
1,830,000 | 5.00%, 08/01/22 (c) | 1,930,617 | ||||||
335,000 | 5.00%, 05/01/23 | 364,698 | ||||||
475,000 | 5.00%, 07/01/23 | 520,395 | ||||||
1,915,000 | 5.00%, 02/01/24 | 2,141,196 | ||||||
350,000 | 5.00%, 02/01/24 (c) | 388,140 | ||||||
375,000 | 5.00%, 02/01/24 (c) | 416,655 | ||||||
1,100,000 | 5.00%, 02/01/24 (c) | 1,226,616 | ||||||
1,105,000 | 5.00%, 02/01/24 | 1,235,520 | ||||||
585,000 | 5.00%, 04/01/24 (c) | 652,194 | ||||||
2,000,000 | 5.00%, 04/01/24 (c) | 2,213,567 | ||||||
100,000 | 5.00%, 05/01/24 (c) | 109,994 | ||||||
275,000 | 5.00%, 05/01/24 (c) | 303,691 | ||||||
1,025,000 | 5.00%, 05/01/24 (c) | 1,145,723 | ||||||
2,005,000 | 5.00%, 05/01/24 (c) | 2,231,750 | ||||||
175,000 | 5.00%, 05/01/24 (c) | 192,631 | ||||||
5,035,000 | 5.00%, 05/01/24 (c) | 5,515,863 | ||||||
200,000 | 5.00%, 11/01/24 | 227,680 | ||||||
2,750,000 | 5.00%, 02/01/26 | 3,261,031 | ||||||
125,000 | 5.00%, 06/01/26 | 149,287 | ||||||
1,040,000 | 5.00%, 06/01/26 (c) | 1,228,023 | ||||||
800,000 | 5.00%, 06/01/26 (c) | 950,319 | ||||||
500,000 | 5.00%, 02/01/27 | 604,408 | ||||||
1,615,500 | 5.13%, 05/15/26 (c) | 1,618,777 | ||||||
290,000 | 5.25%, 07/01/23 (c) | 314,664 | ||||||
510,000 | 5.25%, 07/01/23 (c) | 555,019 | ||||||
550,000 | 5.25%, 07/01/23 (c) | 599,843 | ||||||
700,000 | 5.25%, 02/01/24 (c) | 775,454 | ||||||
560,000 | 5.50%, 07/01/23 (c) | 607,760 | ||||||
1,165,000 | 5.50%, 07/01/23 (c) | 1,284,567 | ||||||
4,000,000 | 5.75%, 05/01/30 (c) | 5,134,796 | ||||||
500,000 | 6.00%, 05/01/25 | 601,505 | ||||||
880,000 | 6.00%, 05/01/26 | 1,091,927 | ||||||
State of Illinois, Series A (GO) | ||||||||
100,000 | 4.00%, 01/01/22 (c) | 102,070 | ||||||
320,000 | 4.00%, 01/01/22 (c) | 326,857 | ||||||
190,000 | 4.00%, 01/01/22 (c) | 194,390 | ||||||
110,000 | 5.00%, 04/01/23 (c) | 117,164 | ||||||
820,000 | 5.00%, 12/01/24 | 942,388 | ||||||
100,000 | 5.00%, 12/01/27 (c) | 118,948 | ||||||
270,000 | 5.00%, 05/01/28 (c) | 319,244 | ||||||
365,000 | 5.00%, 05/01/28 (c) | 430,641 | ||||||
1,000,000 | 5.00%, 05/01/28 (c) | 1,192,287 | ||||||
3,000,000 | 5.00%, 03/01/31 (c) | 3,823,674 | ||||||
1,500,000 | 5.00%, 03/01/31 (c) | 1,920,316 | ||||||
1,000,000 | 5.00%, 03/01/31 (c) | 1,229,401 | ||||||
215,000 | 5.25%, 05/01/22 | 225,321 | ||||||
5,425,000 | State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 6,465,786 | ||||||
State of Illinois, Series D (GO) | ||||||||
1,755,000 | 3.25%, 11/01/26 | 1,931,901 | ||||||
3,270,000 | 5.00%, 11/01/23 | 3,614,139 | ||||||
3,955,000 | 5.00%, 11/01/25 | 4,612,153 | ||||||
1,690,000 | 5.00%, 11/01/26 | 2,016,429 | ||||||
9,700,000 | 5.00%, 11/01/27 (c) | 11,659,543 | ||||||
7,000,000 | 5.00%, 11/01/27 | 8,490,783 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 500,000 | Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c) | $ | 524,790 | ||||
360,000 | Village of Bridgeview (GO) 5.00%, 12/01/22 (c) | 344,629 | ||||||
Village of Bridgeview, Series A (GO) | ||||||||
1,175,000 | 5.50%, 06/01/21 (c) | 1,174,919 | ||||||
1,600,000 | 5.50%, 06/01/24 (c) | 1,601,505 | ||||||
Will County Community High School District No. 210, Series B (GO) | ||||||||
90,000 | 0.00%, 01/01/29 ^ | 74,753 | ||||||
245,000 | 0.00%, 01/01/31 ^ | 188,306 | ||||||
540,000 | 0.00%, 01/01/33 ^ | 385,669 | ||||||
412,865,157 | ||||||||
Indiana: 0.8% | ||||||||
City of Anderson, Anderson University (RB) | ||||||||
215,000 | 4.75%, 10/01/22 (c) | 216,994 | ||||||
1,000,000 | 6.00%, 10/01/22 (c) | 1,023,621 | ||||||
2,065,000 | 6.00%, 10/01/22 (c) | 2,113,777 | ||||||
1,000,000 | City of Rockport, Indiana Steel Corp. Project, Series A (RB) 7.00%, 02/01/22 (c) | 1,024,512 | ||||||
600,000 | City of Valparaiso, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24 | 643,272 | ||||||
1,105,000 | Indiana Finance Authority, Earlham College Project (RB) 5.00%, 10/01/23 (c) | 1,153,068 | ||||||
50,000 | Indiana Finance Authority, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c) | 52,591 | ||||||
Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB) | ||||||||
765,000 | 5.13%, 06/01/21 (c) | 767,185 | ||||||
725,000 | 5.50%, 06/01/21 (c) | 726,399 | ||||||
600,000 | 5.50%, 06/01/21 (c) | 601,161 | ||||||
250,000 | Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) 5.00%, 07/01/23 (c) | 272,123 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
1,000,000 | 3.00%, 11/01/30 | 1,050,457 | ||||||
3,500,000 | 3.00%, 11/01/30 | 3,676,599 | ||||||
1,620,000 | 5.00%, 06/01/22 (c) | 1,672,305 | ||||||
11,000,000 | Indiana Finance Authority, Res Polyflow Indiana Project (RB) 7.00%, 03/01/26 (c) | 10,383,300 | ||||||
1,370,000 | Indiana Finance Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c) | 1,419,256 | ||||||
26,796,620 |
See Notes to Financial Statements
28 |
Principal Amount | Value | |||||||
Iowa: 1.4% | ||||||||
$ | 25,000 | City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | $ | 24,408 | ||||
1,500,000 | Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c) | 1,280,347 | ||||||
5,195,000 | Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) 5.25%, 12/01/23 (c) | 5,694,898 | ||||||
8,550,000 | Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/22 (c) (p) | 9,453,140 | ||||||
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) | ||||||||
1,000,000 | 5.00%, 11/15/26 (c) | 1,152,265 | ||||||
505,000 | 5.00%, 05/15/27 (c) | 578,306 | ||||||
5,960,000 | 5.00%, 05/15/27 (c) | 6,792,832 | ||||||
Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
2,225,000 | 4.00%, 10/01/25 | 2,299,138 | ||||||
3,615,000 | 5.00%, 10/01/25 (c) | 3,799,918 | ||||||
990,000 | 5.00%, 10/01/25 (c) | 1,051,393 | ||||||
1,000,000 | Tobacco Settlement Authority, Series A (RB) 4.00%, 06/01/31 (c) | 1,142,422 | ||||||
Tobacco Settlement Authority, Series B (RB) | ||||||||
550,000 | 4.00%, 06/01/31 (c) | 631,516 | ||||||
180,000 | 5.60%, 05/06/21 (c) | 180,055 | ||||||
Tobacco Settlement Authority, Series C (RB) | ||||||||
3,190,000 | 5.38%, 05/06/21 (c) | 3,190,938 | ||||||
5,585,000 | 5.50%, 05/06/21 (c) | 5,586,681 | ||||||
4,650,000 | 5.63%, 05/06/21 (c) | 4,651,432 | ||||||
800,000 | Tobacco Settlement Authority, Series D (RB) 0.00%, 05/06/21 (c) ^ | 171,013 | ||||||
47,680,702 | ||||||||
Kansas: 0.5% | ||||||||
250,000 | City of Hutchinson, Hutchinson Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c) | 273,693 | ||||||
255,000 | City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c) | 265,348 | ||||||
250,000 | City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c) | 263,510 | ||||||
1,000,000 | Kansas Development Finance Authority, Village Shalom Project, Series A (RB) 5.25%, 11/15/23 (c) | 1,026,235 | ||||||
2,500,000 | Overland Park Development Corp., Overland Park Convention Center Hotel (RB) 5.00%, 03/01/29 (c) | 2,574,466 | ||||||
2,550,000 | Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c) | 1,441,241 |
Principal Amount | Value | |||||||
Kansas: (continued) | ||||||||
$ | 900,000 | Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c) | $ | 937,330 | ||||
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) | ||||||||
365,000 | 5.00%, 09/01/25 (c) | 368,109 | ||||||
4,565,000 | 5.75%, 09/01/25 (c) | 4,611,841 | ||||||
2,125,000 | 6.00%, 09/01/25 (c) | 2,146,664 | ||||||
10,000,000 | Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^ | 3,150,773 | ||||||
17,059,210 | ||||||||
Kentucky: 0.6% | ||||||||
1,000,000 | Christian County, Jennie Stuart Medical Center (RB) 5.50%, 02/01/26 (c) | 1,105,968 | ||||||
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
250,000 | 5.00%, 05/15/26 (c) | 252,986 | ||||||
350,000 | 5.00%, 05/15/26 (c) | 359,220 | ||||||
545,000 | 5.00%, 05/15/26 (c) | 568,092 | ||||||
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
400,000 | 5.38%, 11/15/22 (c) | 405,055 | ||||||
250,000 | 5.50%, 11/15/22 (c) | 252,071 | ||||||
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) | ||||||||
7,365,000 | 4.25%, 07/01/25 (c) | 8,023,627 | ||||||
2,585,000 | 5.00%, 07/01/25 (c) | 2,884,614 | ||||||
1,525,000 | 5.00%, 07/01/25 (c) | 1,692,366 | ||||||
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | ||||||||
175,000 | 5.00%, 06/01/26 | 202,106 | ||||||
990,000 | 5.00%, 06/01/27 (c) | 1,111,742 | ||||||
750,000 | 5.25%, 06/01/27 (c) | 854,889 | ||||||
500,000 | Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c) | 562,538 | ||||||
Kentucky Economic Development Finance Authority, Rosedale Green Project (RB) | ||||||||
515,000 | 5.50%, 11/15/25 (c) | 525,524 | ||||||
500,000 | 5.75%, 11/15/25 (c) | 508,947 | ||||||
265,000 | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/23 | 291,661 |
See Notes to Financial Statements
29 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Kentucky: (continued) | ||||||||
$ | 335,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c) | $ | 369,617 | ||||
Louisville and Jefferson County, Metro Government, Catholic Health Initiatives, Series A (RB) | ||||||||
150,000 | 5.00%, 06/01/22 (c) | 157,728 | ||||||
220,000 | 5.00%, 06/01/22 (c) | 231,334 | ||||||
20,360,085 | ||||||||
Louisiana: 0.7% | ||||||||
Calcasieu Parish Memorial Hospital Service District (RB) | ||||||||
500,000 | 5.00%, 12/01/29 (c) | 542,922 | ||||||
1,000,000 | 5.00%, 12/01/29 (c) | 1,107,509 | ||||||
City of Shreveport, Water and Sewer Revenue, Series C (RB) | ||||||||
1,470,000 | 4.00%, 12/01/28 (c) | 1,707,606 | ||||||
3,235,000 | 4.00%, 12/01/28 (c) | 3,771,416 | ||||||
100,000 | 5.00%, 12/01/25 | 119,795 | ||||||
345,000 | Louisiana Housing Finance Agency, Chateau Project, Series A (RB) 7.25%, 06/01/21 (c) | 316,882 | ||||||
1,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.63%, 06/01/25 (c) | 1,044,828 | ||||||
1,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Gomesa Project (RB) 4.00%, 11/01/30 (c) | 1,038,443 | ||||||
175,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c) | 137,561 | ||||||
1,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c) | 1,088,920 | ||||||
1,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, The Glen Retirement System Project, Series A (RB) 5.00%, 01/01/26 (c) | 936,019 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) | ||||||||
500,000 | 5.00%, 07/01/29 (c) | 514,475 | ||||||
500,000 | 5.00%, 07/01/29 (c) | 505,812 |
Principal Amount | Value | |||||||
Louisiana: (continued) | ||||||||
$ | 5,260,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | $ | 5,832,767 | ||||
1,647,254 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) * | 16 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) | ||||||||
2,259,041 | 7.50%, 07/01/23 (d) * | 23 | ||||||
1,389,436 | 8.38%, 07/01/24 (c) (d) * | 14 | ||||||
350,000 | Parish of St. Charles, Gulf Opportunity Zone, Valero Project (RB) 4.00%, 06/01/22 (p) | 363,492 | ||||||
Parish of St. James, NuStar Logistics, L.P. Project (RB) | ||||||||
750,000 | 5.85%, 06/01/25 (p) | 856,127 | ||||||
1,000,000 | 6.35%, 06/01/30 (c) | 1,292,015 | ||||||
3,000,000 | Parish of St. James, NuStar Logistics, L.P. Project, Series A (RB) 6.35%, 06/01/30 (c) | 3,876,044 | ||||||
25,052,686 | ||||||||
Maine: 0.3% | ||||||||
4,500,000 | Maine Finance Authority, Solid Disposal Facility (RB) 5.38%, 12/15/26 (c) (d) * | 2,475,000 | ||||||
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) | ||||||||
1,270,000 | 4.00%, 07/01/26 (c) | 1,295,697 | ||||||
2,710,000 | 5.00%, 07/01/23 (c) | 2,829,171 | ||||||
645,000 | 5.00%, 07/01/26 (c) | 697,982 | ||||||
1,000,000 | 5.00%, 07/01/26 (c) | 1,088,980 | ||||||
2,000,000 | Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 06/01/21 (c) | 2,002,683 | ||||||
10,389,513 | ||||||||
Maryland: 1.4% | ||||||||
1,000,000 | Anne Arundel County Consolidated Special Taxing District, The Village at Two Rivers Project (ST) 5.25%, 07/01/24 (c) | 1,041,510 | ||||||
City of Baltimore, Convention Center Hotel (RB) | ||||||||
1,500,000 | 5.00%, 09/01/27 (c) | 1,574,461 | ||||||
1,425,000 | 5.00%, 09/01/27 (c) | 1,495,887 | ||||||
3,000,000 | 5.00%, 09/01/27 (c) | 3,150,891 | ||||||
500,000 | 5.00%, 09/01/27 (c) | 524,760 | ||||||
655,000 | 5.00%, 09/01/27 (c) | 686,734 | ||||||
1,400,000 | 5.00%, 09/01/27 (c) | 1,467,713 | ||||||
1,000,000 | 5.00%, 09/01/27 (c) | 1,048,425 | ||||||
See Notes to Financial Statements
30 |
Principal Amount | Value | |||||||
Maryland: (continued) | ||||||||
$ | 500,000 | City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c) | $ | 545,757 | ||||
250,000 | City of Baltimore, Harbor Point Project (RB) 5.13%, 06/01/26 (c) | 270,303 | ||||||
2,000,000 | Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c) | 2,192,572 | ||||||
500,000 | Howard County, Series A (TA) 4.50%, 02/15/26 (c) | 524,961 | ||||||
7,785,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 06/01/21 (c) | 7,865,585 | ||||||
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | ||||||||
100,000 | 3.75%, 01/01/27 (c) | 108,313 | ||||||
470,000 | 4.38%, 01/01/27 (c) | 502,881 | ||||||
530,000 | 4.50%, 01/01/27 (c) | 567,366 | ||||||
Maryland Economic Development Corp., Port Covington Project (TA) | ||||||||
1,000,000 | 4.00%, 09/01/30 (c) | 1,103,036 | ||||||
500,000 | 4.00%, 09/01/30 (c) | 562,469 | ||||||
3,600,000 | Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c) | 3,690,543 | ||||||
3,820,000 | Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.00%, 11/30/21 (c) | 3,916,076 | ||||||
Maryland Economic Development Corp., Purple Line Light Rail Project, Series C (RB) | ||||||||
1,640,000 | 5.00%, 11/30/21 (c) | 1,681,247 | ||||||
1,500,000 | 5.00%, 11/30/21 (c) | 1,537,726 | ||||||
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) | ||||||||
400,000 | 4.00%, 07/01/26 (c) | 438,533 | ||||||
250,000 | 5.00%, 07/01/26 (c) | 294,055 | ||||||
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) | ||||||||
210,000 | 4.00%, 07/01/25 (c) | 230,020 | ||||||
145,000 | 4.25%, 07/01/25 (c) | 157,934 | ||||||
1,500,000 | 5.00%, 07/01/25 (c) | 1,697,097 | ||||||
500,000 | 5.00%, 07/01/25 (c) | 569,138 | ||||||
625,000 | 5.00%, 07/01/25 (c) | 718,241 | ||||||
750,000 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue, Series A (RB) 4.00%, 06/01/31 (c) | 842,163 | ||||||
Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB) | ||||||||
1,000,000 | 5.00%, 11/01/24 (c) | 1,039,281 | ||||||
2,705,000 | 5.00%, 11/01/24 (c) | 2,828,400 |
Principal Amount | Value | |||||||
Maryland: (continued) | ||||||||
Prince George’s County, Collington Episcopal Life Care Community, Inc. (RB) | ||||||||
$ | 1,000,000 | 5.25%, 04/01/27 (c) | $ | 1,031,686 | ||||
1,000,000 | 5.25%, 04/01/27 (c) | 1,048,000 | ||||||
500,000 | Prince George’s County, Maryland Chesapeake Lighthouse Chapter School project, Series A (RB) 7.00%, 11/01/25 (c) | 576,192 | ||||||
Prince George’s County, Suitland-Naylor Road Project (TA) | ||||||||
500,000 | 4.75%, 01/01/26 (c) | 540,017 | ||||||
500,000 | 5.00%, 01/01/26 (c) | 542,044 | ||||||
48,612,017 | ||||||||
Massachusetts: 1.0% | ||||||||
365,000 | Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | 403,002 | ||||||
1,220,000 | Commonwealth of Massachusetts (RB) 5.50%, 01/01/25 | 1,437,908 | ||||||
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) | ||||||||
285,000 | 4.00%, 07/01/25 (c) | 299,562 | ||||||
2,105,000 | 5.00%, 07/01/25 (c) | 2,375,224 | ||||||
1,000,000 | Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | 1,075,847 | ||||||
500,000 | Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c) | 559,076 | ||||||
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) | ||||||||
445,000 | 5.00%, 07/01/22 (c) | 469,968 | ||||||
1,035,000 | 5.00%, 10/01/26 (c) | 1,196,293 | ||||||
100,000 | Massachusetts Development Finance Agency, Lasell College Issue (RB) 6.00%, 07/01/21 (c) | 100,287 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) | ||||||||
2,000,000 | 5.00%, 07/01/27 (c) | 1,883,570 | ||||||
1,900,000 | 5.00%, 07/01/27 (c) | 1,808,868 | ||||||
1,000,000 | 5.00%, 07/01/27 (c) | 984,770 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) | ||||||||
350,000 | 5.25%, 07/01/24 (c) | 350,880 | ||||||
550,000 | 5.50%, 07/01/24 (c) | 550,754 | ||||||
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | ||||||||
500,000 | 5.00%, 11/15/25 (c) | 551,336 | ||||||
500,000 | 5.13%, 11/15/25 (c) | 549,025 | ||||||
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
1,000,000 | 4.00%, 10/01/22 (c) | 1,079,644 |
See Notes to Financial Statements
31 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Massachusetts: (continued) | ||||||||
$ | 3,820,000 | 5.00%, 10/01/22 (c) | $ | 4,171,991 | ||||
1,400,000 | 5.00%, 10/01/22 (c) | 1,531,095 | ||||||
1,930,000 | Massachusetts Development Finance Agency, Provident Commonwealth Education Resources Issue, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | 2,092,238 | ||||||
4,000,000 | Massachusetts Development Finance Agency, Provident Commonwealth Education Resources Issue, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c) | 4,361,189 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) | ||||||||
510,000 | 5.00%, 07/01/26 (c) | 604,787 | ||||||
190,000 | 5.00%, 07/01/26 (c) | 226,951 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB) | ||||||||
290,000 | 3.63%, 07/01/27 (c) | 314,598 | ||||||
1,550,000 | 4.00%, 07/01/27 (c) | 1,719,949 | ||||||
1,000,000 | Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c) | 1,227,484 | ||||||
1,510,000 | Massachusetts Educational Financing Authority, Series C (RB) 4.13%, 07/01/28 (c) | 1,591,133 | ||||||
33,517,429 | ||||||||
Michigan: 1.2% | ||||||||
290,000 | Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c) | 316,776 | ||||||
1,000,000 | City of Detroit, Series A (GO) 5.00%, 04/01/31 (c) | 1,211,459 | ||||||
425,000 | City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c) | 449,971 | ||||||
500,000 | Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c) | 539,835 | ||||||
Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB) | ||||||||
500,000 | 5.00%, 11/01/24 (c) | 527,460 | ||||||
500,000 | 5.00%, 11/01/24 (c) | 528,923 | ||||||
Grand Rapids Economic Development Corp., Clark Retirement Community, Inc., Series A (RB) (AGM) | ||||||||
3,000,000 | 5.50%, 04/01/26 (c) | 3,015,106 | ||||||
1,000,000 | 5.75%, 04/01/26 (c) | 1,001,197 | ||||||
2,000,000 | 5.75%, 04/01/26 (c) | 2,008,700 | ||||||
Michigan Finance Authority, Lawrence Technological University Project (RB) | ||||||||
2,000,000 | 5.00%, 02/01/27 (c) | 2,114,188 | ||||||
1,000,000 | 5.00%, 02/01/27 (c) | 1,074,129 | ||||||
900,000 | 5.25%, 02/01/27 (c) | 990,167 |
Principal Amount | Value | |||||||
Michigan: (continued) | ||||||||
Michigan Finance Authority, Presbyterian Villages of Michigan (RB) | ||||||||
$ | 670,000 | 4.75%, 11/15/25 | $ | 722,263 | ||||
250,000 | 5.25%, 11/15/25 (c) | 265,810 | ||||||
300,000 | 5.50%, 11/15/25 (c) | 318,474 | ||||||
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
110,000 | 5.00%, 07/01/23 | 119,518 | ||||||
3,575,000 | 5.00%, 07/01/24 (c) | 3,829,749 | ||||||
215,000 | 5.00%, 07/01/24 (c) | 231,655 | ||||||
165,000 | 5.00%, 07/01/24 (c) | 183,538 | ||||||
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) | ||||||||
795,000 | 5.00%, 07/01/24 (c) | 862,678 | ||||||
1,200,000 | 6.00%, 07/01/24 | 1,251,189 | ||||||
2,000,000 | 6.25%, 07/01/24 (c) | 2,134,591 | ||||||
4,030,000 | 6.75%, 07/01/24 (c) | 4,270,070 | ||||||
1,000,000 | Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 06/01/21 (c) | 1,001,471 | ||||||
100,000 | Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24 | 104,738 | ||||||
Michigan Strategic Fund, Canterbury Health Care, Inc. Project (RB) | ||||||||
1,000,000 | 5.00%, 07/01/24 (c) | 946,554 | ||||||
1,080,000 | 5.00%, 07/01/24 (c) | 1,009,878 | ||||||
Michigan Strategic Fund, Evangelical Homes Project (RB) | ||||||||
2,735,000 | 5.25%, 06/01/22 (c) | 2,800,724 | ||||||
2,000,000 | 5.50%, 06/01/22 (c) | 2,041,144 | ||||||
Michigan Strategic Fund, I-75 Improvement Project (RB) | ||||||||
1,250,000 | 5.00%, 12/31/28 (c) | 1,504,099 | ||||||
700,000 | 5.00%, 12/31/28 (c) | 872,712 | ||||||
600,000 | 5.00%, 12/31/28 (c) | 752,649 | ||||||
260,000 | Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 05/17/21 (c) ^ | 28,440 | ||||||
2,895,000 | Waterford Township Economic Development Corp., Canterbury Health Care, Inc. Project, Series A (RB) 5.00%, 07/01/24 (c) | 2,740,274 | ||||||
41,770,129 | ||||||||
Minnesota: 1.1% | ||||||||
135,000 | Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c) | 142,299 | ||||||
500,000 | City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 518,937 | ||||||
City of Apple Valley, Minnesota Senior Living LLC Project, Series B (RB) | ||||||||
1,000,000 | 5.00%, 01/01/22 (c) | 665,286 | ||||||
1,015,000 | 5.00%, 01/01/22 (c) | 695,823 |
See Notes to Financial Statements
32 |
Principal Amount | Value | |||||||
Minnesota: (continued) | ||||||||
City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB) | ||||||||
$ | 2,920,000 | 4.38%, 09/01/23 (c) | $ | 3,000,330 | ||||
940,000 | 4.50%, 09/01/23 (c) | 966,727 | ||||||
City of Bethel, The Lodge at the Lakes at Stillwater Project (RB) | ||||||||
500,000 | 5.00%, 06/01/23 (c) | 511,251 | ||||||
750,000 | 5.00%, 06/01/23 (c) | 768,282 | ||||||
350,000 | 5.00%, 06/01/23 (c) | 362,630 | ||||||
City of Blaine, Crest View Senior Communities Project, Series A (RB) | ||||||||
1,355,000 | 5.75%, 07/01/25 (c) | 1,280,881 | ||||||
1,055,000 | 6.13%, 07/01/25 (c) | 987,810 | ||||||
400,000 | 6.13%, 07/01/25 (c) | 378,548 | ||||||
2,000,000 | City of Brooklyn Center, Sanctuary at Brooklyn Center Project, Series A (RB) 5.50%, 11/01/21 (c) | 1,906,310 | ||||||
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) | ||||||||
245,000 | 5.50%, 07/01/25 (c) | 262,035 | ||||||
250,000 | 5.50%, 07/01/25 (c) | 269,482 | ||||||
500,000 | 5.75%, 07/01/25 (c) | 535,956 | ||||||
City of Crookston, Health Care Facilities, Riverview Health Project (RB) | ||||||||
2,000,000 | 5.00%, 05/01/29 (c) | 2,065,141 | ||||||
3,000,000 | 5.00%, 05/01/29 (c) | 3,140,112 | ||||||
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
500,000 | 5.25%, 07/01/25 (c) | 553,135 | ||||||
1,000,000 | 5.50%, 07/01/25 (c) | 1,106,907 | ||||||
500,000 | City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c) | 570,795 | ||||||
750,000 | City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c) | 808,503 | ||||||
115,000 | City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c) | 121,653 | ||||||
500,000 | City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c) | 530,096 | ||||||
2,000,000 | City of St. Louis, Minnesota Housing, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (p) | 2,119,911 | ||||||
1,000,000 | City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB) 5.00%, 05/01/23 (c) | 1,066,095 | ||||||
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) | ||||||||
325,000 | 5.75%, 09/01/26 (c) | 378,754 | ||||||
500,000 | 6.00%, 09/01/26 (c) | 587,542 |
Principal Amount | Value | |||||||
Minnesota: (continued) | ||||||||
City of Wayzata, Folkestone Senior Living Community (RB) | ||||||||
$ | 350,000 | 4.00%, 08/01/24 (c) | $ | 356,953 | ||||
500,000 | 5.00%, 08/01/24 (c) | 528,378 | ||||||
500,000 | City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c) | 508,031 | ||||||
990,000 | Duluth Economic Development Authority, Cambia Hills of East Bethel Project (RB) 5.63%, 12/01/23 (c) (d) * | 792,000 | ||||||
665,000 | Duluth Independent School District No. 709, Series A (CP) 4.20%, 03/01/27 (c) | 706,604 | ||||||
3,730,000 | Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c) | 3,880,098 | ||||||
1,000,000 | Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/21/21 (c) | 994,836 | ||||||
750,000 | Rice County, Educational Facilities, Shattuck-St. Mary’s School Project (RB) 5.00%, 08/01/22 | 768,780 | ||||||
2,500,000 | Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c) | 2,523,549 | ||||||
250,000 | Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c) | 266,155 | ||||||
37,626,615 | ||||||||
Mississippi: 0.0% | ||||||||
1,000,000 | Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c) | 1,148,858 | ||||||
Missouri: 1.1% | ||||||||
Boone County, Boone Hospital Center (RB) | ||||||||
410,000 | 3.00%, 08/01/26 (c) | 407,920 | ||||||
565,000 | 4.00%, 08/01/26 (c) | 583,999 | ||||||
1,000,000 | Cape Girardeau County Industrial Development Authority, South Eastern Health, Series A (RB) 5.00%, 03/01/27 (c) | 1,149,937 | ||||||
1,000,000 | Citizens Memorial Hospital District of Polk County (RB) 5.00%, 06/01/21 (c) | 1,001,360 | ||||||
340,000 | City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c) | 346,577 | ||||||
2,500,000 | City of Lees Summit, Summit Project (TA) 4.88%, 11/01/27 (c) | 2,488,497 |
See Notes to Financial Statements
33 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Missouri: (continued) | ||||||||
City of Liberty, Liberty Commons Project, Series A (TA) | ||||||||
$ | 500,000 | 5.75%, 06/01/25 (c) | $ | 518,494 | ||||
500,000 | 6.00%, 06/01/25 (c) | 521,008 | ||||||
City of St. Ann, Northwest Plaza Development Project, Series A (TA) | ||||||||
1,600,000 | 4.63%, 11/01/27 (c) | 1,627,363 | ||||||
1,625,000 | 5.38%, 11/01/27 (c) | 1,653,893 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) | ||||||||
250,000 | 4.38%, 11/15/26 (c) | 251,838 | ||||||
500,000 | 4.75%, 11/15/26 (c) | 509,361 | ||||||
Grandview Industrial Development Authority, Truman’s Marketplace Project, Series A (TA) | ||||||||
1,075,000 | 4.25%, 05/01/25 (c) | 1,074,461 | ||||||
930,000 | 5.00%, 05/01/25 (c) | 941,904 | ||||||
475,000 | Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c) | 520,298 | ||||||
I-470 Western Gateway Transportation Development District, Series A (RB) | ||||||||
400,000 | 4.50%, 12/01/26 (c) | 424,419 | ||||||
1,100,000 | 5.25%, 12/01/26 (c) | 1,163,562 | ||||||
Kansas City Industrial Development Authority, Kingswood Project (RB) | ||||||||
2,400,000 | 5.75%, 11/15/25 (c) (d) * | 841,200 | ||||||
4,910,000 | 6.00%, 11/15/25 (c) (d) * | 1,720,955 | ||||||
2,810,000 | 6.00%, 11/15/25 (c) (d) * | 984,905 | ||||||
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (AGM) (TA) | ||||||||
5,975,000 | 5.00%, 02/01/28 (c) | 6,397,561 | ||||||
4,500,000 | 5.00%, 02/01/28 (c) | 4,848,761 | ||||||
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) | ||||||||
1,000,000 | 5.25%, 05/15/27 (c) | 1,088,718 | ||||||
500,000 | 5.25%, 05/15/27 (c) | 556,675 | ||||||
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) | ||||||||
1,550,000 | 5.00%, 08/15/24 (c) | 1,699,319 | ||||||
2,000,000 | 5.00%, 08/15/25 (c) | 2,229,518 | ||||||
40,000 | Nevada City, Regional Medical Center (RB) (ACA) 4.30%, 06/01/21 (c) | 39,766 | ||||||
860,000 | Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c) | 887,528 | ||||||
500,000 | St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c) | 561,965 |
Principal Amount | Value | |||||||
Missouri: (continued) | ||||||||
$ | 150,000 | St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c) | $ | 160,874 | ||||
37,202,636 | ||||||||
Montana: 0.0% | ||||||||
500,000 | Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.13%, 07/01/28 (c) | 541,593 | ||||||
Nebraska: 0.1% | ||||||||
2,185,000 | Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/42 | 3,138,804 | ||||||
Nevada: 0.5% | ||||||||
City of Las Vegas, Special Improvement District No. 814 (SA) | ||||||||
560,000 | 4.00%, 06/01/29 (c) | 596,739 | ||||||
250,000 | 4.00%, 06/01/29 (c) | 267,788 | ||||||
10,000,000 | City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM) 0.00%, 07/01/38 (c) ^ | 1,632,262 | ||||||
1,570,000 | City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/21 (c) | 1,470,152 | ||||||
2,750,000 | City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) 2.75%, 06/15/28 | 2,832,940 | ||||||
175,000 | Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c) | 190,227 | ||||||
625,000 | �� | Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c) | 657,968 | |||||
North Las Vegas, Special Improvement District No. 64 (SA) | ||||||||
245,000 | 4.63%, 12/01/28 (c) | 272,495 | ||||||
500,000 | 4.63%, 12/01/28 (c) | 560,102 | ||||||
4,045,000 | State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 6.25%, 12/15/27 (c) | 4,003,498 | ||||||
2,125,000 | State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB) 6.95%, 08/15/28 (c) | 2,186,918 | ||||||
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
400,000 | 5.00%, 12/15/25 (c) | 443,864 | ||||||
500,000 | 5.00%, 12/15/25 (c) | 546,833 | ||||||
1,000,000 | 5.00%, 12/15/25 (c) | 1,115,207 | ||||||
1,000,000 | 5.13%, 12/15/25 (c) | 1,100,402 | ||||||
17,877,395 |
See Notes to Financial Statements
34 |
Principal Amount | Value | |||||||
New Hampshire: 0.5% | ||||||||
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | ||||||||
$ | 1,000,000 | 6.13%, 07/01/24 (c) (d) * | $ | 750,000 | ||||
1,500,000 | 6.13%, 07/01/24 (c) (d) * | 1,125,000 | ||||||
500,000 | 6.25%, 07/01/24 (c) (d) * | 375,000 | ||||||
New Hampshire National Finance Authority Resource Recovery, Covanta Project, Series B (RB) | ||||||||
1,000,000 | 3.75%, 07/01/25 (c) (p) | 1,037,816 | ||||||
4,000,000 | 4.63%, 07/01/23 (c) | 4,175,677 | ||||||
2,275,000 | New Hampshire National Finance Authority, Series A (RB) 3.63%, 07/01/25 (c) (p) | 2,359,007 | ||||||
New Hampshire National Finance Authority, Springpoint Senior Living Project (RB) | ||||||||
2,000,000 | 4.00%, 01/01/26 (c) | 2,191,072 | ||||||
975,000 | 4.00%, 01/01/26 (c) | 1,079,155 | ||||||
New Hampshire National Finance Authority, The Vista Project, Series A (RB) | ||||||||
1,600,000 | 5.63%, 07/01/25 (c) | 1,677,083 | ||||||
2,750,000 | 5.75%, 07/01/25 (c) | 2,889,500 | ||||||
17,659,310 | ||||||||
New Jersey: 8.2% | ||||||||
Atlantic City (GO) | ||||||||
115,000 | 5.00%, 11/01/22 | 117,363 | ||||||
65,000 | 5.00%, 12/01/23 (c) | 67,015 | ||||||
150,000 | Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) | 165,998 | ||||||
Casino Reinvestment Development Authority (RB) | ||||||||
2,450,000 | 5.25%, 11/01/24 (c) | 2,607,706 | ||||||
1,410,000 | 5.25%, 11/01/24 (c) | 1,507,939 | ||||||
1,815,000 | Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 1,903,726 | ||||||
470,000 | New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c) | 524,956 | ||||||
500,000 | New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project, Series A (RB) (SAW) 5.00%, 10/01/27 (c) | 502,363 | ||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
1,665,000 | 4.25%, 06/15/22 (c) | 1,711,748 | ||||||
535,000 | 5.00%, 06/15/22 (c) | 553,996 | ||||||
520,000 | 5.00%, 06/15/22 (c) | 539,197 | ||||||
1,150,000 | 5.00%, 06/15/22 (c) | 1,198,650 | ||||||
110,000 | 5.00%, 06/15/22 | 115,120 | ||||||
1,020,000 | 5.00%, 06/15/22 (c) | 1,066,626 | ||||||
160,000 | 5.00%, 06/15/22 (c) | 167,100 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
$ | 7,090,000 | 5.13%, 08/20/22 (c) | $ | 7,522,163 | ||||
9,075,000 | 5.25%, 08/20/22 (c) | 9,632,882 | ||||||
2,215,000 | 5.50%, 06/01/21 (c) | 2,222,731 | ||||||
60,000 | 5.50%, 06/20/23 (c) | 65,423 | ||||||
2,035,000 | 5.63%, 03/05/24 (c) | 2,283,989 | ||||||
285,000 | 5.63%, 03/05/24 (c) | 319,871 | ||||||
4,825,000 | 5.75%, 09/15/22 (c) | 5,019,585 | ||||||
New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB) | ||||||||
500,000 | 5.00%, 12/15/27 (c) | 595,931 | ||||||
1,130,000 | 5.00%, 12/15/27 (c) | 1,356,386 | ||||||
55,000 | New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 | 58,994 | ||||||
New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
655,000 | 4.88%, 01/01/24 (c) | 667,627 | ||||||
500,000 | 5.00%, 01/01/24 (c) | 505,419 | ||||||
2,000,000 | 5.25%, 01/01/24 (c) | 2,019,097 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
4,025,000 | 4.00%, 07/01/22 | 4,195,145 | ||||||
2,000,000 | 4.00%, 07/01/27 (c) | 2,241,353 | ||||||
1,640,000 | 4.00%, 07/01/27 (c) | 1,847,338 | ||||||
1,275,000 | 5.00%, 07/01/27 (c) | 1,502,029 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) | ||||||||
515,000 | 0.00%, 07/01/26 ^ | 482,606 | ||||||
1,000,000 | 0.00%, 07/01/27 ^ | 915,499 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) | ||||||||
1,115,000 | 4.00%, 11/01/27 | 1,321,669 | ||||||
780,000 | 5.00%, 11/01/27 | 973,417 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
120,000 | 4.00%, 11/01/25 | 137,608 | ||||||
4,000,000 | 5.00%, 11/01/22 | 4,282,712 | ||||||
500,000 | 5.00%, 11/01/24 | 577,870 | ||||||
2,000,000 | New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 2,517,691 | ||||||
1,000,000 | New Jersey Economic Development Authority, Provident Group - Rowan University Student Housing Project, Series A (RB) 5.00%, 01/01/25 (c) | 1,060,916 |
See Notes to Financial Statements
35 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | ||||||||
$ | 1,740,000 | 5.00%, 12/15/26 (c) | $ | 2,042,189 | ||||
305,000 | 5.00%, 12/15/26 (c) | 360,495 | ||||||
725,000 | 5.00%, 12/15/26 (c) | 859,059 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
1,830,000 | 4.75%, 12/15/26 (c) | 2,153,416 | ||||||
165,000 | 5.50%, 12/15/26 (c) | 203,720 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
3,500,000 | 4.00%, 06/15/27 (c) | 3,919,886 | ||||||
780,000 | 5.00%, 06/15/27 (c) | 946,568 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) | ||||||||
470,000 | 5.00%, 03/01/22 (c) | 488,216 | ||||||
435,000 | 5.00%, 03/01/22 (c) | 451,943 | ||||||
290,000 | 5.00%, 03/01/22 (c) | 301,253 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) | ||||||||
1,680,000 | 4.00%, 12/15/27 (c) | 1,878,433 | ||||||
685,000 | 5.00%, 09/01/22 (c) | 729,432 | ||||||
125,000 | 5.00%, 09/01/22 (c) | 131,884 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) | ||||||||
1,000,000 | 5.00%, 12/15/29 (c) | 1,212,897 | ||||||
1,485,000 | 5.00%, 12/15/29 (c) | 1,832,860 | ||||||
600,000 | 5.00%, 12/15/29 (c) | 743,426 | ||||||
500,000 | New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 581,873 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
320,000 | 4.00%, 03/01/23 (c) | 337,095 | ||||||
300,000 | 5.00%, 03/01/23 (c) | 324,932 | ||||||
230,000 | 5.00%, 03/01/23 (c) | 248,727 | ||||||
265,000 | 5.00%, 03/01/23 (c) | 286,066 | ||||||
1,275,000 | 5.00%, 03/01/23 (c) | 1,373,369 | ||||||
1,750,000 | 5.00%, 03/01/23 (c) | 1,898,500 | ||||||
970,000 | 5.00%, 03/01/23 (c) | 1,051,984 | ||||||
1,565,000 | 5.00%, 03/01/23 (c) | 1,698,715 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
140,000 | 5.00%, 06/15/24 (c) | 158,309 | ||||||
580,000 | 5.00%, 06/15/24 (c) | 653,776 | ||||||
920,000 | 5.00%, 06/15/24 (c) | 1,048,127 | ||||||
100,000 | 5.00%, 06/15/24 (c) | 113,800 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | ||||||||
580,000 | 4.00%, 12/15/30 (c) | 672,861 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 600,000 | 4.00%, 12/15/30 (c) | $ | 694,014 | ||||
2,715,000 | 4.00%, 12/15/30 (c) | 3,081,208 | ||||||
700,000 | 4.00%, 12/15/30 (c) | 825,960 | ||||||
2,290,000 | 4.00%, 12/15/30 (c) | 2,692,964 | ||||||
600,000 | 4.00%, 12/15/30 (c) | 699,001 | ||||||
120,000 | New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c) | 135,059 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
875,000 | 5.00%, 06/15/24 (c) | 981,231 | ||||||
2,500,000 | 5.00%, 06/15/24 (c) | 2,784,317 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
505,000 | 5.00%, 06/15/25 (c) | 577,029 | ||||||
630,000 | 5.00%, 06/15/25 (c) | 719,100 | ||||||
1,235,000 | 5.00%, 06/15/25 (c) | 1,413,249 | ||||||
680,000 | 5.00%, 06/15/25 (c) | 777,873 | ||||||
435,000 | 5.25%, 06/15/25 (c) | 510,189 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
220,000 | 4.00%, 06/15/24 | 244,110 | ||||||
595,000 | 4.25%, 06/15/25 (c) | 679,835 | ||||||
125,000 | 4.38%, 06/15/25 (c) | 142,583 | ||||||
1,000,000 | 5.00%, 06/15/22 | 1,052,800 | ||||||
1,000,000 | 5.00%, 06/15/23 | 1,098,696 | ||||||
1,080,000 | 5.00%, 06/15/24 | 1,231,714 | ||||||
105,000 | 5.00%, 06/15/25 (c) | 123,157 | ||||||
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
350,000 | 5.13%, 01/01/24 (c) | 390,323 | ||||||
1,000,000 | 5.25%, 01/01/24 (c) | 1,127,063 | ||||||
900,000 | 5.38%, 01/01/24 (c) | 1,008,077 | ||||||
500,000 | 5.50%, 01/01/24 (c) | 565,364 | ||||||
150,000 | New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB) 4.13%, 07/01/25 (c) | 151,106 | ||||||
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
550,000 | 5.00%, 06/15/22 | 579,040 | ||||||
515,000 | 5.00%, 06/15/23 | 565,828 | ||||||
1,090,000 | 5.00%, 06/15/24 | 1,243,118 | ||||||
330,000 | New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c) | 378,298 | ||||||
1,000,000 | New Jersey Educational Facilities Authority, Rider University, Series A (RB) 5.00%, 07/01/21 (c) | 1,002,059 |
See Notes to Financial Statements
36 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 2,490,000 | New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c) | $ | 2,595,598 | ||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) | ||||||||
940,000 | 5.00%, 04/01/28 (c) | 1,123,553 | ||||||
630,000 | 5.00%, 04/01/28 (c) | 751,409 | ||||||
500,000 | 5.00%, 04/01/28 (c) | 624,427 | ||||||
1,000,000 | 5.00%, 04/01/28 (c) | 1,198,161 | ||||||
170,000 | New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 6.00%, 07/01/21 (c) | 171,072 | ||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
270,000 | 0.00%, 12/15/25 ^ | 256,784 | ||||||
230,000 | 0.00%, 12/15/25 ^ | 218,742 | ||||||
575,000 | 0.00%, 12/15/26 ^ | 533,747 | ||||||
4,440,000 | 0.00%, 12/15/28 ^ | 3,890,413 | ||||||
1,450,000 | 0.00%, 12/15/28 ^ | 1,270,518 | ||||||
1,905,000 | 0.00%, 12/15/29 ^ | 1,616,710 | ||||||
3,210,000 | 0.00%, 12/15/30 ^ | 2,638,263 | ||||||
1,880,000 | 0.00%, 12/15/31 ^ | 1,497,216 | ||||||
3,020,000 | 0.00%, 12/15/32 ^ | 2,332,691 | ||||||
1,190,000 | 0.00%, 12/15/33 ^ | 890,357 | ||||||
705,000 | 0.00%, 12/15/33 ^ | 527,480 | ||||||
915,000 | 0.00%, 12/15/34 ^ | �� | 663,361 | |||||
1,265,000 | 0.00%, 12/15/34 ^ | 917,106 | ||||||
1,535,000 | 0.00%, 12/15/35 ^ | 1,076,599 | ||||||
1,780,000 | 0.00%, 12/15/37 ^ | 1,158,252 | ||||||
1,115,000 | 0.00%, 12/15/37 ^ | 725,534 | ||||||
605,000 | 0.00%, 12/15/38 ^ | 379,300 | ||||||
4,000,000 | 0.00%, 12/15/38 ^ | 2,507,766 | ||||||
930,000 | 0.00%, 12/15/40 ^ | 541,248 | ||||||
695,000 | 4.00%, 12/15/28 (c) | 815,476 | ||||||
2,295,000 | 4.00%, 12/15/29 (c) | 2,628,849 | ||||||
1,180,000 | 4.25%, 12/15/28 (c) | 1,366,127 | ||||||
360,000 | 5.00%, 06/15/21 (c) | 361,942 | ||||||
5,875,000 | 5.00%, 06/15/22 (c) | 6,141,730 | ||||||
1,100,000 | 5.00%, 06/15/24 | 1,254,523 | ||||||
600,000 | 5.00%, 12/15/26 | 735,861 | ||||||
200,000 | 5.00%, 12/15/28 | 254,190 | ||||||
1,000,000 | 5.00%, 12/15/28 (c) | 1,243,082 | ||||||
6,400,000 | 5.00%, 12/15/28 (c) | 7,903,661 | ||||||
385,000 | 5.00%, 12/15/29 (c) | 474,752 | ||||||
370,000 | 5.25%, 06/15/21 (c) | 372,099 | ||||||
100,000 | 5.25%, 12/15/23 | 112,741 | ||||||
205,000 | 5.50%, 12/15/23 | 232,452 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
525,000 | 3.75%, 12/15/28 (c) | 589,650 | ||||||
220,000 | 4.00%, 06/15/22 (c) | 227,431 | ||||||
5,100,000 | 4.00%, 12/15/30 (c) | 5,787,904 | ||||||
5,000,000 | 4.00%, 12/15/30 (c) | 5,705,357 | ||||||
695,000 | 4.25%, 06/15/24 (c) | 749,975 | ||||||
150,000 | 4.75%, 06/15/25 (c) | 168,947 | ||||||
1,375,000 | 4.75%, 06/15/25 (c) | 1,540,916 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 345,000 | 5.00%, 06/15/22 | $ | 363,216 | ||||
265,000 | 5.00%, 06/15/22 (c) | 278,319 | ||||||
425,000 | 5.00%, 06/15/22 (c) | 444,974 | ||||||
4,710,000 | 5.00%, 06/15/22 (c) | 4,926,347 | ||||||
1,940,000 | 5.00%, 06/15/22 (c) | 2,030,377 | ||||||
135,000 | 5.00%, 06/15/23 (c) | 147,876 | ||||||
640,000 | 5.00%, 06/15/23 (c) | 693,573 | ||||||
200,000 | 5.00%, 06/15/23 (c) | 219,418 | ||||||
1,115,000 | 5.00%, 06/15/23 (c) | 1,203,186 | ||||||
1,195,000 | 5.00%, 06/15/24 (c) | 1,325,309 | ||||||
1,620,000 | 5.00%, 06/15/24 (c) | 1,807,803 | ||||||
340,000 | 5.00%, 06/15/25 (c) | 385,922 | ||||||
665,000 | 5.00%, 06/15/25 (c) | 755,194 | ||||||
2,000,000 | 5.00%, 12/15/30 (c) | 2,467,316 | ||||||
130,000 | 5.25%, 06/15/23 (c) | 141,818 | ||||||
925,000 | 5.25%, 06/15/23 (c) | 1,011,890 | ||||||
505,000 | 5.25%, 06/15/25 (c) | 579,185 | ||||||
5,040,000 | 5.25%, 12/15/28 (c) | 6,200,312 | ||||||
New Jersey Transportation Trust Fund Authority, Series B (RB) | ||||||||
835,000 | 5.25%, 06/15/21 (c) | 839,541 | ||||||
5,000,000 | 5.50%, 06/15/21 (c) | 5,029,786 | ||||||
New Jersey Transportation Trust Fund Authority, Series BB (RB) | ||||||||
1,985,000 | 3.25%, 12/15/28 (c) | 2,105,382 | ||||||
5,000,000 | 3.50%, 12/15/28 (c) | 5,318,620 | ||||||
1,140,000 | 4.00%, 12/15/28 (c) | 1,310,016 | ||||||
505,000 | 5.00%, 12/15/28 (c) | 640,087 | ||||||
1,000,000 | 5.00%, 12/15/28 (c) | 1,260,843 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
430,000 | 0.00%, 12/15/24 ^ | 419,956 | ||||||
250,000 | 0.00%, 12/15/25 ^ | 239,956 | ||||||
985,000 | 0.00%, 12/15/26 ^ | 924,592 | ||||||
185,000 | 0.00%, 12/15/28 ^ | 164,443 | ||||||
365,000 | 0.00%, 12/15/31 ^ | 295,299 | ||||||
5,475,000 | 0.00%, 12/15/35 ^ | 3,924,087 | ||||||
2,245,000 | 5.25%, 12/15/24 (c) | 2,591,151 | ||||||
New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
325,000 | 5.00%, 12/15/24 | 377,187 | ||||||
1,470,000 | 5.00%, 12/15/24 (c) | 1,683,619 | ||||||
295,000 | 5.25%, 12/15/23 | 332,586 | ||||||
100,000 | Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) 5.25%, 01/01/27 | 117,035 | ||||||
South Jersey Port Corp., Marine Terminal, Series B (RB) | ||||||||
4,000,000 | 5.00%, 01/01/28 (c) | 4,658,789 | ||||||
1,000,000 | 5.00%, 01/01/28 (c) | 1,155,984 | ||||||
360,000 | 5.00%, 01/01/28 (c) | 426,643 | ||||||
750,000 | 5.00%, 01/01/28 (c) | 885,074 | ||||||
South Jersey Transportation Authority, Series A (RB) | ||||||||
3,000,000 | 5.00%, 11/01/30 (c) | 3,751,894 | ||||||
500,000 | 5.00%, 11/01/30 (c) | 637,001 |
See Notes to Financial Statements
37 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
$ | 9,400,000 | 5.00%, 06/01/28 (c) | $ | 11,149,424 | ||||
4,000,000 | 5.25%, 06/01/28 (c) | 4,838,933 | ||||||
Tobacco Settlement Financing Corp., Series B (RB) | ||||||||
1,705,000 | 3.20%, 06/01/27 | 1,748,376 | ||||||
8,510,000 | 5.00%, 06/01/28 (c) | 9,971,898 | ||||||
283,807,839 | ||||||||
New Mexico: 0.2% | ||||||||
5,480,000 | New Mexico Hospital Equipment Loan Council, La Vida Expansion Project, Series A (RB) 5.00%, 07/01/26 (c) | 6,102,336 | ||||||
1,000,000 | Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 06/01/21 (c) | 1,020,785 | ||||||
7,123,121 | ||||||||
New York: 8.4% | ||||||||
Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
395,000 | 0.00%, 07/15/32 ^ | 298,743 | ||||||
370,000 | 0.00%, 07/15/33 ^ | 271,630 | ||||||
180,000 | 0.00%, 07/15/47 ^ | 79,170 | ||||||
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
345,000 | 5.00%, 07/15/26 | 416,465 | ||||||
5,040,000 | 5.00%, 01/15/27 (c) | 5,876,773 | ||||||
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | ||||||||
5,700,000 | 5.00%, 12/31/28 | 6,277,816 | ||||||
9,700,000 | 5.25%, 12/31/28 (c) | 10,572,658 | ||||||
4,700,000 | 5.50%, 12/31/28 (c) | 5,070,779 | ||||||
250,000 | Build NYC Resource Corp., Metropolitan College of New York Project (RB) 5.25%, 11/01/24 (c) | 275,758 | ||||||
1,560,000 | Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 5.00%, 11/01/24 (c) | 1,682,572 | ||||||
5,700,000 | Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.63%, 12/01/28 (c) | 6,505,800 | ||||||
1,000,000 | Chautauqua Tobacco Asset Securitization Corp. (RB) 5.00%, 06/01/24 (c) | 1,031,904 | ||||||
Dutchess County Local Development Corp., Bard College Project, Series A (RB) | ||||||||
7,575,000 | 5.00%, 07/01/30 (c) | 9,007,025 | ||||||
1,000,000 | 5.00%, 07/01/30 (c) | 1,194,438 | ||||||
1,500,000 | 5.00%, 07/01/30 (c) | 1,814,774 | ||||||
Erie Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
1,295,000 | 5.00%, 06/01/21 (c) | 1,296,451 | ||||||
335,000 | 5.00%, 06/01/21 (c) | 335,377 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 20,250,000 | Erie Tobacco Asset Securitization Corp., Series C (RB) 0.00%, 06/01/21 (c) ^ | $ | 2,966,153 | ||||
10,000,000 | Erie Tobacco Asset Securitization Corp., Series D (RB) 0.00%, 06/01/21 (c) ^ | 997,649 | ||||||
500,000 | Monroe County Industrial Development Agency, Rochester Regional Health Project, Series A (RB) 5.00%, 12/01/30 (c) | 648,578 | ||||||
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) | ||||||||
1,650,000 | 4.00%, 01/01/26 (c) | 1,777,834 | ||||||
2,000,000 | 5.00%, 01/01/26 (c) | 2,174,341 | ||||||
1,230,000 | 5.00%, 01/01/26 (c) | 1,350,106 | ||||||
3,285,000 | Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 05/17/21 (c) | 3,367,372 | ||||||
Nassau County Tobacco Settlement Corp., Series A-3 (RB) | ||||||||
3,655,000 | 5.00%, 05/17/21 (c) | 3,703,396 | ||||||
3,905,000 | 5.13%, 05/17/21 (c) | 3,978,136 | ||||||
New Rochelle Industrial Development Agency (RB) | ||||||||
1,421,884 | 5.25%, 07/01/21 (c) (d) * | 28,438 | ||||||
65,098 | 5.50%, 07/01/19 (c) (d) * | 1,302 | ||||||
4,500,000 | New York City Housing Development Corp., Multi-Family Mortgage, Series F (RB) 4.50%, 05/15/24 (c) | 4,684,070 | ||||||
New York Counties Tobacco Trust IV (RB) | ||||||||
10,525,000 | 0.00%, 05/17/21 (c) ^ | 1,060,455 | ||||||
745,000 | 5.00%, 05/17/21 (c) | 751,564 | ||||||
New York Counties Tobacco Trust V (RB) | ||||||||
1,640,000 | 0.00%, 05/17/21 (c) ^ | 598,017 | ||||||
64,000,000 | 0.00%, 05/17/21 (c) ^ | 6,448,166 | ||||||
New York Counties Tobacco Trust VI (RB) | ||||||||
1,160,000 | 3.75%, 06/01/26 (c) | 1,173,354 | ||||||
5,500,000 | 5.00%, 06/01/26 (c) | 5,835,759 | ||||||
1,175,000 | New York Counties Tobacco Trust VI, Series C (RB) 2.45%, 06/01/26 (c) | 1,170,650 | ||||||
New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
22,275,000 | 5.00%, 11/15/24 (c) | 24,382,360 | ||||||
5,710,000 | 5.15%, 11/15/24 (c) | 6,382,237 | ||||||
3,700,000 | 5.38%, 11/15/24 (c) | 4,130,305 | ||||||
10,000,000 | 7.25%, 11/15/24 (c) | 11,112,218 | ||||||
255,000 | New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c) | 264,156 | ||||||
7,000,000 | New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 03/15/29 (c) | 7,009,757 |
See Notes to Financial Statements
38 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 480,000 | New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35 | $ | 622,548 | ||||
150,000 | New York State Dormitory Authority, Fit Student Housing Corp. (RB) 5.25%, 07/01/31 | 174,662 | ||||||
200,000 | New York State Dormitory Authority, Pace University, Series A (RB) 4.25%, 05/01/23 (c) | 207,594 | ||||||
1,370,000 | New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c) | 1,645,279 | ||||||
50,000 | New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 11/01/21 (c) | 50,321 | ||||||
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
8,640,000 | 5.00%, 08/01/21 (c) | 8,728,209 | ||||||
7,350,000 | 5.00%, 08/01/21 (c) | 7,427,662 | ||||||
3,250,000 | 5.25%, 08/01/30 (c) | 4,067,203 | ||||||
2,650,000 | 5.38%, 08/01/30 (c) | 3,277,569 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
8,665,000 | 4.00%, 10/01/30 | 10,261,895 | ||||||
3,000,000 | 4.38%, 10/01/30 (c) | 3,516,134 | ||||||
1,600,000 | 5.00%, 01/01/28 (c) | 1,963,676 | ||||||
160,000 | 5.00%, 01/01/28 (c) | 195,890 | ||||||
8,650,000 | 5.00%, 10/01/30 (c) | 11,046,593 | ||||||
8,500,000 | 5.00%, 10/01/30 (c) | 10,672,485 | ||||||
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
1,000,000 | 4.00%, 07/01/24 (c) | 1,092,233 | ||||||
420,000 | 5.00%, 07/01/24 (c) | 477,591 | ||||||
3,130,000 | 5.00%, 07/01/24 (c) | 3,526,981 | ||||||
230,000 | 5.00%, 07/01/24 (c) | 260,340 | ||||||
2,225,000 | 5.25%, 07/01/24 (c) | 2,518,600 | ||||||
1,000,000 | New York Transportation Development Corp., New York State Thruway Service Areas (RB) 4.00%, 10/31/31 (c) | 1,143,568 | ||||||
3,355,000 | New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) 5.00%, 01/01/23 | 3,603,768 | ||||||
4,000,000 | Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c) | 4,188,694 | ||||||
355,000 | Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c) | 362,581 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
Suffolk Tobacco Asset Securitization Corp., Series B (RB) | ||||||||
$ | 65,000 | 5.38%, 06/01/21 (c) | $ | 65,073 | ||||
4,150,000 | 6.00%, 06/01/21 (c) | 4,156,759 | ||||||
6,150,000 | Suffolk Tobacco Asset Securitization Corp., Series C (RB) 6.63%, 06/01/22 (c) | 6,331,931 | ||||||
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
550,000 | 5.00%, 01/01/26 (c) | 552,003 | ||||||
200,000 | 5.00%, 01/01/26 (c) | 200,481 | ||||||
945,000 | 5.00%, 01/01/26 (c) | 956,284 | ||||||
2,465,000 | 5.00%, 01/01/26 (c) | 2,483,158 | ||||||
1,500,000 | TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23 | 1,542,493 | ||||||
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) | ||||||||
13,285,000 | 5.00%, 06/01/27 (c) | 14,419,697 | ||||||
16,980,000 | 5.00%, 06/01/27 (c) | 18,586,198 | ||||||
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
855,000 | 4.00%, 09/15/24 (c) | 837,532 | ||||||
400,000 | 5.00%, 09/15/24 (c) | 396,010 | ||||||
180,000 | 5.25%, 09/15/24 (c) | 174,807 | ||||||
1,000,000 | 5.25%, 09/15/24 (c) | 1,001,004 | ||||||
3,390,000 | Westchester County Industrial Development Agency, Million Air Two LLC General Aviation Facilities Project, Series A (RB) 7.00%, 06/01/24 (c) | 3,623,201 | ||||||
255,000 | Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c) | 286,765 | ||||||
4,575,000 | Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c) | 4,795,312 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) | ||||||||
275,000 | 5.00%, 10/15/29 (c) | 310,296 | ||||||
315,000 | 5.00%, 10/15/29 (c) | 363,985 | ||||||
290,119,571 | ||||||||
North Carolina: 0.5% | ||||||||
1,000,000 | Columbus County Industrial Facilities and Pollution Control Financing Authority, Series C (RB) 2.10%, 10/01/24 (p) | 1,050,182 | ||||||
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | ||||||||
1,000,000 | 5.00%, 06/30/25 (c) | 1,115,443 | ||||||
1,430,000 | 5.00%, 06/30/25 (c) | 1,573,038 | ||||||
North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB) | ||||||||
245,000 | 4.75%, 03/01/22 (c) | 247,717 |
See Notes to Financial Statements
39 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
North Carolina: (continued) | ||||||||
$ | 1,330,000 | 5.00%, 03/01/22 (c) | $ | 1,343,312 | ||||
820,000 | 5.00%, 03/01/22 (c) | 829,476 | ||||||
150,000 | North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25 | 159,630 | ||||||
North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
550,000 | 4.70%, 07/01/25 (c) | 569,063 | ||||||
250,000 | 5.00%, 10/01/24 (c) | 270,511 | ||||||
250,000 | 5.00%, 10/01/24 (c) | 272,989 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) | ||||||||
165,000 | 5.00%, 10/01/24 (c) | 178,425 | ||||||
385,000 | 5.00%, 07/01/26 (c) | 426,329 | ||||||
250,000 | 5.00%, 07/01/26 (c) | 277,725 | ||||||
465,000 | North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c) | 500,322 | ||||||
1,225,000 | North Carolina Medical Care Commission, Wake Forest University (RB) 5.00%, 01/01/27 (c) | 1,373,723 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) | ||||||||
1,150,000 | 3.00%, 01/01/30 (c) | 1,221,535 | ||||||
1,250,000 | 4.00%, 01/01/30 (c) | 1,410,947 | ||||||
1,000,000 | 5.00%, 01/01/27 (c) | 1,202,461 | ||||||
100,000 | 5.00%, 01/01/29 (c) | 127,483 | ||||||
1,705,000 | 5.00%, 01/01/30 (c) | 2,079,513 | ||||||
16,229,824 | ||||||||
North Dakota: 0.2% | ||||||||
25,000 | City of Grand Forks, Altru Health System Obligated Group (RB) 4.00%, 12/01/21 (c) | 25,238 | ||||||
City of Williston, Eagle Crest Apartments LLC Project (RB) | ||||||||
615,000 | 6.25%, 09/01/23 (d) * | 370,538 | ||||||
1,285,000 | 7.75%, 09/01/23 (c) (d) * | 774,213 | ||||||
750,000 | County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB) 5.00%, 06/01/28 (c) | 857,833 | ||||||
Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB) | ||||||||
1,000,000 | 5.75%, 09/15/26 (c) | 954,879 | ||||||
3,500,000 | 6.38%, 09/15/26 (c) | 3,208,707 | ||||||
6,191,408 | ||||||||
Northern Mariana Islands: 0.1% | ||||||||
5,320,000 | Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM) 5.00%, 06/01/21 (c) | 4,907,968 |
Principal Amount | Value | |||||||
Ohio: 4.7% | ||||||||
$ | 500,000 | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group (RB) 5.25%, 11/15/26 (c) | $ | 584,618 | ||||
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
4,300,000 | 3.00%, 06/01/30 (c) | 4,420,637 | ||||||
4,000,000 | 4.00%, 06/01/30 (c) | 4,522,544 | ||||||
78,450,000 | Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c) | 88,191,733 | ||||||
25,000,000 | Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.00%, 06/01/30 (c) ^ | 3,902,717 | ||||||
1,000,000 | Cleveland-Cuyahoga County Port Authority, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28 | 1,086,404 | ||||||
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) | ||||||||
1,000,000 | 6.50%, 03/01/25 (c) | 1,075,655 | ||||||
4,000,000 | 6.50%, 03/01/25 (c) | 4,309,910 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
340,000 | 4.75%, 02/15/27 (c) | 377,166 | ||||||
1,750,000 | 5.25%, 02/15/27 (c) | 2,039,782 | ||||||
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) | ||||||||
550,000 | 3.00%, 11/15/29 (c) | 566,049 | ||||||
2,250,000 | 4.00%, 11/15/29 (c) | 2,495,489 | ||||||
3,940,000 | 4.00%, 11/15/29 (c) | 4,396,587 | ||||||
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project (RB) | ||||||||
1,000,000 | 5.00%, 12/01/29 (c) | 1,160,308 | ||||||
2,500,000 | 5.00%, 12/01/29 (c) | 2,923,646 | ||||||
400,000 | Franklin County, First Community Village Obligated Group (RB) 5.63%, 06/01/21 (c) | 400,569 | ||||||
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
490,000 | 5.00%, 02/15/23 (c) | 509,435 | ||||||
1,530,000 | 5.00%, 02/15/23 (c) | 1,588,658 | ||||||
490,000 | 5.00%, 02/15/23 (c) | 512,633 | ||||||
2,270,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) | 2,321,533 | ||||||
2,500,000 | Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/24 (c) (p) | 2,658,365 | ||||||
6,000,000 | Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c) | 6,647,135 |
See Notes to Financial Statements
40 |
Principal Amount | Value | |||||||
Ohio: (continued) | ||||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
$ | 4,000,000 | 2.88%, 02/01/26 | $ | 4,189,932 | ||||
4,500,000 | 3.25%, 09/01/29 | 4,829,260 | ||||||
Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) | ||||||||
500,000 | 4.25%, 01/15/28 (c) | 562,497 | ||||||
4,000,000 | 4.50%, 01/15/28 (c) | 4,529,929 | ||||||
1,100,000 | Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 06/01/21 (c) | 1,103,753 | ||||||
500,000 | Ohio Housing Finance Agency, Sanctuary at Springboro Project (RB) 5.45%, 10/01/25 (c) | 501,649 | ||||||
795,000 | Ohio Water Development Authority, United States Steel Corp. Project (RB) 6.60%, 11/01/21 (c) | 813,157 | ||||||
3,000,000 | Port of Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c) | 3,004,762 | ||||||
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
250,000 | 5.00%, 12/01/24 (c) | 265,824 | ||||||
245,000 | 5.00%, 12/01/24 (c) | 263,639 | ||||||
70,000 | 5.50%, 12/01/24 (c) | 76,225 | ||||||
710,000 | 5.75%, 12/01/22 (c) | 747,957 | ||||||
570,000 | 6.00%, 12/01/22 (c) | 588,136 | ||||||
4,000,000 | Southeastern Ohio Port Authority, Purecycle Project, Series A (RB) 7.00%, 12/01/27 (c) | 4,532,546 | ||||||
162,700,839 | ||||||||
Oklahoma: 0.9% | ||||||||
Comanche County Hospital Authority, Series A (RB) | ||||||||
300,000 | 4.25%, 07/01/22 (c) | 303,258 | ||||||
210,000 | 5.00%, 07/01/22 (c) | 216,650 | ||||||
Holdenville Public Works Authority, Series A (RB) (AGM) | ||||||||
780,000 | 4.30%, 11/01/24 (c) | 708,545 | ||||||
605,000 | 4.38%, 11/01/24 (c) | 542,172 | ||||||
Norman Regional Hospital Authority (RB) | ||||||||
340,000 | 3.25%, 09/01/29 (c) | 365,720 | ||||||
150,000 | 4.00%, 09/01/26 (c) | 164,579 | ||||||
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | ||||||||
825,000 | 5.00%, 04/01/22 (c) | 768,763 | ||||||
90,000 | 5.00%, 04/01/23 | 90,245 | ||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
700,000 | 5.00%, 08/15/28 (c) | 853,372 | ||||||
6,000,000 | 5.25%, 08/15/28 (c) | 7,275,499 | ||||||
2,900,000 | 5.25%, 08/15/28 (c) | 3,534,264 | ||||||
8,320,000 | 5.50%, 08/15/28 (c) | 10,194,512 | ||||||
1,300,000 | 5.50%, 08/15/28 (c) | 1,596,539 |
Principal Amount | Value | |||||||
Oklahoma: (continued) | ||||||||
$ | 1,000,000 | Oklahoma Development Finance Authority, Proton Center, Series A (RB) (AGM) 7.25%, 03/01/31 (c) | $ | 1,010,336 | ||||
375,000 | Rogers County Industrial Development Authority (RB) 3.63%, 04/01/25 (c) | 389,406 | ||||||
2,125,000 | Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 2,375,803 | ||||||
30,389,663 | ||||||||
Pennsylvania: 3.7% | ||||||||
Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
200,000 | 4.88%, 11/01/24 | 218,168 | ||||||
475,000 | 5.75%, 08/01/22 (c) | 492,078 | ||||||
500,000 | 6.75%, 12/01/21 (c) | 513,763 | ||||||
Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
2,000,000 | 5.00%, 05/01/27 (c) | 2,310,319 | ||||||
250,000 | 5.00%, 05/01/27 (c) | 293,075 | ||||||
1,000,000 | 5.00%, 05/01/28 | 1,201,352 | ||||||
500,000 | 5.00%, 05/01/28 (c) | 591,690 | ||||||
250,000 | 5.00%, 05/01/28 (c) | 297,990 | ||||||
1,000,000 | 5.38%, 05/01/28 (c) | 1,174,265 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, Series A (RB) | ||||||||
1,915,000 | 5.00%, 05/01/22 (c) | 1,985,240 | ||||||
150,000 | 5.00%, 05/01/22 (c) | 155,686 | ||||||
2,500,000 | 5.00%, 05/01/22 (c) | 2,585,083 | ||||||
Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
1,075,000 | 3.75%, 11/01/27 (c) | 1,010,903 | ||||||
4,845,000 | 4.00%, 11/01/27 (c) | 4,711,671 | ||||||
120,000 | 5.00%, 11/01/26 | 131,781 | ||||||
7,270,000 | 5.00%, 11/01/27 (c) | 7,333,052 | ||||||
500,000 | 5.00%, 11/01/27 (c) | 535,647 | ||||||
110,000 | 5.00%, 11/01/27 (c) | 116,214 | ||||||
1,195,000 | 5.00%, 11/01/27 (c) | 1,244,085 | ||||||
Berks County Municipal Authority, The Reading Hospital and Medical Center Project, Series A (RB) | ||||||||
305,000 | 4.25%, 05/01/22 (c) | 302,915 | ||||||
1,000,000 | 5.00%, 05/01/22 (c) | 1,002,547 | ||||||
860,000 | Berks County Municipal Authority, Tower Health Project, Series A (RB) 5.00%, 02/01/30 | 954,404 | ||||||
1,000,000 | Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 08/01/26 (c) (p) | 1,033,130 | ||||||
670,000 | Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 08/01/29 (c) (p) | 698,867 | ||||||
1,565,000 | Blythe Township Solid Waste Authority (RB) 7.75%, 12/01/27 (c) | 1,797,890 |
See Notes to Financial Statements
41 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
$ | 1,000,000 | Bucks County Industrial Development Authority Hospital (RB) 4.00%, 07/01/31 (c) | $ | 1,096,502 | ||||
1,000,000 | Chambersburg Area Municipal Authority Education Facility, Wilson College (RB) 6.00%, 10/01/24 (c) | 1,107,771 | ||||||
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) | ||||||||
430,000 | 5.00%, 11/01/27 (c) | 388,726 | ||||||
1,000,000 | 5.00%, 11/01/27 (c) | 930,858 | ||||||
3,650,000 | Chester County Health and Education Facilities Authority, Simpson Senior Services Project (RB) 5.00%, 12/01/25 (c) | 3,679,620 | ||||||
440,000 | Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c) | 449,660 | ||||||
1,250,000 | Chester County Industrial Development Authority, University Student Housing, LLC Project, Series A (RB) 5.00%, 08/01/23 (c) | 1,287,296 | ||||||
Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
400,000 | 5.00%, 03/01/28 (c) | 462,646 | ||||||
400,000 | 5.13%, 03/01/28 (c) | 461,424 | ||||||
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
1,440,000 | 6.00%, 06/01/26 (c) | 1,559,922 | ||||||
440,000 | 6.00%, 06/01/26 (c) | 478,039 | ||||||
400,000 | Cumberland County Municipal Authority, Asbury Pennsylvania (RB) 5.25%, 01/01/22 (c) | 406,702 | ||||||
430,000 | Cumberland County Municipal Authority, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c) | 458,928 | ||||||
Dauphin County General Authority, The Harrisburg University of Science and Technology Project (RB) | ||||||||
500,000 | 5.00%, 10/15/27 | 543,845 | ||||||
2,000,000 | 5.13%, 10/15/27 (c) | 2,003,310 | ||||||
1,000,000 | 6.25%, 10/15/28 (c) | 1,060,311 | ||||||
315,000 | Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c) | 320,761 | ||||||
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) | ||||||||
395,000 | 5.13%, 06/01/26 (c) | 434,428 | ||||||
720,000 | 5.25%, 05/21/21 (c) | 720,288 | ||||||
800,000 | 6.13%, 05/21/21 (c) | 800,545 |
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
Delaware River Port Authority, Port District Project (RB) | ||||||||
$ | 840,000 | 5.00%, 01/01/23 (c) | $ | 888,451 | ||||
1,080,000 | 5.00%, 01/01/23 (c) | 1,144,955 | ||||||
2,000,000 | Doylestown Hospital Authority, Series A (RB) 5.00%, 07/01/29 (c) | 2,316,051 | ||||||
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) | ||||||||
215,000 | 5.00%, 12/01/25 (c) | 228,347 | ||||||
500,000 | 5.00%, 12/01/25 (c) | 532,719 | ||||||
1,900,000 | 5.00%, 12/01/25 (c) | 2,019,181 | ||||||
1,000,000 | Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 5.00%, 07/01/26 (c) | 1,078,370 | ||||||
1,000,000 | Lancaster County Hospital Authority, Brethren Village Project (RB) 5.13%, 07/01/27 (c) | 1,097,988 | ||||||
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) | ||||||||
425,000 | 5.00%, 03/01/27 (c) | 459,858 | ||||||
310,000 | 5.00%, 03/01/27 (c) | 337,644 | ||||||
425,000 | 5.00%, 03/01/27 (c) | 467,150 | ||||||
1,000,000 | Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project, Series A (RB) 5.00%, 04/01/22 (c) | 1,021,837 | ||||||
1,100,000 | Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB) 5.25%, 07/01/22 (c) | 1,126,531 | ||||||
Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB) | ||||||||
635,000 | 4.25%, 01/15/25 (c) | 693,405 | ||||||
4,235,000 | 5.25%, 01/15/25 (c) | 4,706,985 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
150,000 | 5.00%, 01/01/25 (c) | 158,713 | ||||||
870,000 | 5.25%, 01/01/25 (c) | 913,269 | ||||||
820,000 | 5.38%, 01/01/25 (c) | 857,973 | ||||||
Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
300,000 | 5.63%, 07/01/25 (c) | 322,772 | ||||||
2,000,000 | 5.75%, 07/01/25 (c) | 2,141,443 | ||||||
590,000 | 6.00%, 07/01/25 (c) | 629,864 | ||||||
912,969 | Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) 5.25%, 06/01/26 | 547,781 |
See Notes to Financial Statements
42 |
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
$ | 2,000,000 | Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB) 6.40%, 09/01/25 (c) | $ | 1,809,125 | ||||
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | ||||||||
3,040,000 | 6.50%, 12/01/28 (c) | 1,793,600 | ||||||
6,470,000 | 6.75%, 12/01/28 (c) | 3,817,300 | ||||||
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
1,685,000 | 4.13%, 06/30/26 (c) | 1,879,678 | ||||||
45,000 | 5.00%, 12/31/22 | 48,426 | ||||||
125,000 | 5.00%, 12/31/23 | 139,726 | ||||||
550,000 | 5.00%, 12/31/24 | 636,775 | ||||||
1,105,000 | 5.00%, 12/31/25 | 1,319,837 | ||||||
575,000 | 5.00%, 06/30/26 (c) | 686,818 | ||||||
1,485,000 | 5.00%, 06/30/26 (c) | 1,794,707 | ||||||
500,000 | 5.00%, 06/30/26 (c) | 580,208 | ||||||
410,000 | 5.00%, 06/30/26 (c) | 485,096 | ||||||
Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB) | ||||||||
425,000 | 4.00%, 11/01/22 (c) | 428,000 | ||||||
250,000 | 5.00%, 11/01/22 (c) | 257,721 | ||||||
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) | ||||||||
2,995,000 | 5.00%, 11/01/22 (c) | 3,065,434 | ||||||
1,915,000 | 5.00%, 11/01/22 (c) | 1,965,661 | ||||||
1,000,000 | Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c) | 1,150,171 | ||||||
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
440,000 | 6.38%, 06/01/25 (c) | 470,048 | ||||||
440,000 | 6.50%, 06/01/25 (c) | 469,210 | ||||||
415,000 | 6.63%, 06/01/25 (c) | 443,502 | ||||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) | ||||||||
350,000 | 4.00%, 12/15/26 (c) | 378,858 | ||||||
355,000 | 5.00%, 12/15/26 (c) | 391,035 | ||||||
Philadelphia Authority for Industrial Development, Philadelphia Performing Arts: A String Theory Charter School Project (RB) | ||||||||
1,000,000 | 5.00%, 06/15/28 (c) | 1,152,244 | ||||||
500,000 | 5.00%, 06/15/28 (c) | 584,183 |
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
$ | 5,240,000 | Philadelphia Authority for Industrial Development, The University of the Arts (RB) 5.00%, 03/15/28 (c) | $ | 5,580,593 | ||||
2,000,000 | Philadelphia Authority for Industrial Development, University Square Apartments Project (RB) 5.50%, 12/01/26 (c) | 2,137,163 | ||||||
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) | ||||||||
2,500,000 | 5.00%, 07/01/27 (c) | 2,597,773 | ||||||
735,000 | 5.00%, 07/01/27 (c) | 789,249 | ||||||
2,000,000 | 5.00%, 07/01/27 (c) | 2,123,809 | ||||||
2,000,000 | 5.00%, 07/01/27 (c) | 2,101,424 | ||||||
1,000,000 | Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB) 5.00%, 07/01/27 (c) | 1,163,399 | ||||||
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
1,240,000 | 5.00%, 07/01/27 (c) | 1,450,246 | ||||||
220,000 | 5.00%, 07/01/27 (c) | 256,627 | ||||||
5,020,000 | 5.63%, 07/01/22 (c) | 5,272,679 | ||||||
2,190,000 | 5.63%, 07/01/22 (c) | 2,303,845 | ||||||
250,000 | Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c) | 256,491 | ||||||
1,650,000 | Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c) | 1,719,122 | ||||||
1,210,000 | Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c) | 1,227,077 | ||||||
129,761,544 | ||||||||
Puerto Rico: 3.8% | ||||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
25,000 | 4.00%, 07/01/22 | 26,088 | ||||||
5,365,000 | 5.00%, 07/01/22 (c) | 5,662,179 | ||||||
100,000 | 5.00%, 07/01/22 | 105,539 | ||||||
1,050,000 | 5.13%, 07/01/22 (c) | 1,109,721 | ||||||
5,520,000 | 5.25%, 07/01/22 (c) | 5,842,147 | ||||||
3,895,000 | 5.75%, 07/01/22 (c) | 4,145,461 | ||||||
4,425,000 | 6.00%, 07/01/22 (c) | 4,722,576 | ||||||
200,000 | 6.13%, 07/01/24 | 220,368 | ||||||
100,000 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.63%, 06/01/21 (c) | 103,500 |
See Notes to Financial Statements
43 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Puerto Rico: (continued) | ||||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) | ||||||||
$ | 100,000 | 5.13%, 04/01/22 (c) | $ | 101,575 | ||||
100,000 | 5.38%, 04/01/22 (c) | 101,750 | ||||||
20,000 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) 5.00%, 07/01/21 (c) | 20,175 | ||||||
80,064 | Puerto Rico Sales Tax Financing Corp. (RB) (AMBAC) 0.00%, 08/01/47 ^ | 24,273 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
2,127,000 | 0.00%, 07/01/24 ^ | 2,017,545 | ||||||
3,400,000 | 0.00%, 07/01/28 (c) ^ | 2,463,457 | ||||||
500,000 | 0.00%, 07/01/28 (c) ^ | 114,993 | ||||||
2,000,000 | 4.50%, 07/01/25 (c) | 2,187,240 | ||||||
6,662,000 | 4.55%, 07/01/28 (c) | 7,393,647 | ||||||
20,174,000 | 4.75%, 07/01/28 (c) | 22,441,558 | ||||||
25,714,000 | 5.00%, 07/01/28 (c) | 29,032,649 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
10,185,000 | 4.33%, 07/01/28 (c) | 11,158,712 | ||||||
14,358,000 | 4.33%, 07/01/28 (c) | 15,730,409 | ||||||
4,537,000 | 4.54%, 07/01/28 (c) | 4,978,872 | ||||||
11,034,000 | 4.78%, 07/01/28 (c) | 12,305,233 | ||||||
132,009,667 | ||||||||
Rhode Island: 0.4% | ||||||||
100,000 | Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) 5.00%, 09/01/26 | 115,768 | ||||||
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
250,000 | 5.00%, 05/15/23 | 271,267 | ||||||
690,000 | 5.00%, 05/15/26 (c) | 789,925 | ||||||
1,000,000 | 5.00%, 05/15/26 (c) | 1,148,231 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
24,580,000 | 0.00%, 05/17/21 (c) ^ | 3,987,075 | ||||||
1,650,000 | 5.00%, 06/01/25 (c) | 1,849,154 | ||||||
Tobacco Settlement Financing Corp., Series B (RB) | ||||||||
2,000,000 | 4.50%, 06/01/25 (c) | 2,166,135 | ||||||
2,000,000 | 5.00%, 06/01/25 (c) | 2,216,766 | ||||||
12,544,321 | ||||||||
South Carolina: 0.5% | ||||||||
800,000 | Berkeley County (SA) 4.38%, 11/01/29 (c) | 891,439 | ||||||
4,878,170 | Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^ | 577,671 |
Principal Amount | Value | |||||||
South Carolina: (continued) | ||||||||
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
$ | 500,000 | 5.00%, 11/01/24 (c) | $ | 554,712 | ||||
650,000 | 5.00%, 11/01/24 (c) | 724,717 | ||||||
500,000 | 5.00%, 11/01/24 (c) | 560,387 | ||||||
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | ||||||||
500,000 | 5.75%, 12/15/26 (c) | 563,107 | ||||||
500,000 | 5.75%, 12/15/26 (c) | 569,983 | ||||||
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) | ||||||||
1,750,000 | 5.00%, 04/01/25 (c) | 1,874,285 | ||||||
5,000,000 | 5.00%, 04/01/25 (c) | 5,360,808 | ||||||
1,000,000 | South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes, Series A (RB) (AGM) 5.00%, 04/01/24 (c) | 1,068,225 | ||||||
320,000 | South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c) | 324,109 | ||||||
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) | ||||||||
795,000 | 4.00%, 11/15/24 (c) | 815,682 | ||||||
350,000 | 4.00%, 11/15/24 (c) | 363,241 | ||||||
3,755,000 | 5.25%, 11/15/24 (c) | 4,026,702 | ||||||
18,275,068 | ||||||||
South Dakota: 0.0% | ||||||||
City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
750,000 | 5.00%, 11/01/26 (c) | 803,440 | ||||||
500,000 | 5.00%, 11/01/26 (c) | 509,607 | ||||||
1,313,047 | ||||||||
Tennessee: 0.9% | ||||||||
240,000 | Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) | 180,387 | ||||||
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) | ||||||||
2,000,000 | 5.00%, 12/01/26 (c) | 2,008,609 | ||||||
8,100,000 | 5.13%, 12/01/26 (c) | 8,063,024 | ||||||
310,000 | Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c) | 382,041 | ||||||
540,000 | Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) 5.00%, 10/01/24 (c) | 591,410 | ||||||
Knox County Health Educational and Housing Facility Board (RB) | ||||||||
295,000 | 4.00%, 09/01/26 (c) | 315,880 |
See Notes to Financial Statements
44 |
Principal Amount | Value | |||||||
Tennessee: (continued) | ||||||||
$ | 290,000 | 4.00%, 09/01/26 (c) | $ | 304,883 | ||||
380,000 | 5.00%, 04/01/27 (c) | 443,586 | ||||||
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) | ||||||||
635,000 | 4.75%, 07/01/27 | 634,221 | ||||||
1,100,000 | 5.50%, 07/01/27 (c) | 1,106,152 | ||||||
1,500,000 | 5.63%, 07/01/27 (c) | 1,510,454 | ||||||
Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB) | ||||||||
250,000 | 5.50%, 10/01/25 (c) | 255,043 | ||||||
5,755,000 | 5.75%, 10/01/25 (c) | 5,792,756 | ||||||
1,595,000 | 5.75%, 10/01/25 (c) | 1,632,241 | ||||||
Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | ||||||||
475,000 | 5.00%, 09/01/26 (c) | 438,277 | ||||||
205,000 | 5.38%, 09/01/23 (c) | 195,230 | ||||||
200,000 | 5.50%, 09/01/23 (c) | 188,562 | ||||||
4,200,000 | Tennessee Energy Acquisition Corp., Series B (RB) 5.63%, 09/01/26 | 5,162,113 | ||||||
160,000 | Tennessee Energy Acquisition Corp., Series C (RB) 5.00%, 02/01/23 | 172,565 | ||||||
200,000 | The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 231,568 | ||||||
29,609,002 | ||||||||
Texas: 4.6% | ||||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) (AGM) | ||||||||
800,000 | 5.00%, 01/01/23 | 817,654 | ||||||
715,000 | 5.00%, 01/01/26 | 744,291 | ||||||
500,000 | 5.00%, 01/01/27 (c) | 501,311 | ||||||
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
215,000 | 5.00%, 12/01/25 (c) | 224,558 | ||||||
610,000 | 5.00%, 12/01/25 (c) | 643,143 | ||||||
700,000 | 5.25%, 12/01/25 (c) | 766,206 | ||||||
5,550,000 | Brazoria County Industrial Development Corp., Gladieux Metal Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c) | 5,543,839 | ||||||
1,850,000 | Brazoria County Industrial Development Corp., Gladieux Metal Recycling, LLC Project, Series B (RB) (SBG) 7.00%, 03/01/26 (c) | 1,991,512 | ||||||
Central Texas Regional Mobility Authority, Senior Lien (RB) | ||||||||
200,000 | 5.00%, 01/01/26 (c) | 232,167 | ||||||
400,000 | 5.00%, 01/01/26 (c) | 464,547 | ||||||
850,000 | 5.00%, 01/01/26 (c) | 998,466 | ||||||
285,000 | 5.00%, 01/01/26 (c) | 331,423 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | ||||||||
$ | 1,305,000 | 5.00%, 01/01/23 (c) | $ | 1,410,926 | ||||
1,270,000 | 5.00%, 01/01/23 (c) | 1,373,085 | ||||||
565,000 | 5.00%, 07/01/25 (c) | 647,640 | ||||||
805,000 | 5.00%, 07/01/25 (c) | 923,116 | ||||||
120,000 | 5.00%, 07/01/25 (c) | 138,975 | ||||||
Central Texas Regional Mobility Authority, Senior Lien, Series B (RB) | ||||||||
4,000,000 | 4.00%, 01/01/31 (c) | 4,662,174 | ||||||
1,000,000 | 5.00%, 01/01/31 (c) | 1,267,359 | ||||||
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) | ||||||||
2,525,000 | 4.00%, 01/01/30 (c) | 2,908,306 | ||||||
1,635,000 | 5.00%, 01/01/30 (c) | 2,036,518 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien (RB) | ||||||||
360,000 | 5.00%, 01/01/23 (c) | 389,221 | ||||||
400,000 | 5.00%, 01/01/23 (c) | 432,468 | ||||||
775,000 | Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 896,186 | ||||||
City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB) | ||||||||
3,140,000 | 5.00%, 07/15/27 | 3,717,799 | ||||||
2,000,000 | 5.00%, 07/15/28 | 2,407,550 | ||||||
2,050,000 | City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c) | 2,082,405 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
3,630,000 | 4.75%, 07/01/24 | 3,810,913 | ||||||
1,000,000 | 5.00%, 07/15/28 | 1,177,316 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
650,000 | 5.00%, 07/15/25 (c) | 719,868 | ||||||
2,600,000 | 5.00%, 07/15/25 (c) | 2,907,809 | ||||||
Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
730,000 | 5.13%, 08/15/25 (c) | 836,686 | ||||||
610,000 | 5.50%, 08/15/25 (c) | 700,664 | ||||||
Clifton Higher Education Finance Corp., Series D (RB) | ||||||||
500,000 | 5.75%, 08/15/25 (c) | 581,449 | ||||||
500,000 | 6.00%, 08/15/25 (c) | 581,640 | ||||||
850,000 | Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c) | 878,868 | ||||||
2,265,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 2,319,923 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) | ||||||||
250,000 | 0.00%, 11/15/23 ^ | 239,152 |
See Notes to Financial Statements
45 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 675,000 | 0.00%, 11/15/23 ^ | $ | 667,703 | ||||
495,000 | 0.00%, 11/15/25 ^ | 449,461 | ||||||
590,000 | 0.00%, 11/15/27 ^ | 502,077 | ||||||
1,405,000 | 0.00%, 11/15/29 ^ | 1,105,113 | ||||||
115,000 | 0.00%, 11/15/30 ^ | 86,788 | ||||||
705,000 | 0.00%, 11/15/31 (c) ^ | 477,998 | ||||||
350,000 | 0.00%, 11/15/31 (c) ^ | 171,829 | ||||||
120,000 | 0.00%, 11/15/31 (c) ^ | 67,095 | ||||||
145,000 | 0.00%, 11/15/31 (c) ^ | 62,475 | ||||||
1,140,000 | 0.00%, 11/15/31 (c) ^ | 431,113 | ||||||
170,000 | 0.00%, 11/15/31 (c) ^ | 68,576 | ||||||
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) | ||||||||
335,000 | 0.00%, 11/15/24 (c) ^ | 159,474 | ||||||
100,000 | 0.00%, 11/15/24 (c) ^ | 60,603 | ||||||
675,000 | La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c) | 728,412 | ||||||
280,000 | Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 11/01/22 | 299,180 | ||||||
3,000,000 | Matagorda County Navigation District No. 1, Central Power and Light Company Project, Series A (RB) 2.60%, 11/01/29 | 3,227,560 | ||||||
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) | ||||||||
2,680,000 | 5.13%, 02/15/24 (c) | 2,090,400 | ||||||
700,000 | 5.13%, 02/15/24 (c) | 546,000 | ||||||
10,000,000 | Mission Economic Development Corp., Natgasoline Project (RB) 4.63%, 10/01/21 (c) | 10,612,715 | ||||||
1,000,000 | New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series A-1 (RB) 5.00%, 07/01/25 (c) | 895,373 | ||||||
235,000 | New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) | 155,475 | ||||||
5,935,000 | New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series A (RB) 7.25%, 12/01/25 (c) | 5,367,861 | ||||||
750,000 | New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series D (RB) 12.00%, 12/01/25 (c) | 533,973 | ||||||
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB) | ||||||||
1,030,000 | 4.00%, 07/01/26 (c) | 831,978 | ||||||
1,700,000 | 4.25%, 07/01/26 (c) | 1,266,074 | ||||||
1,000,000 | 5.00%, 07/01/26 (c) | 732,188 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 1,595,000 | New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c) | $ | 1,201,536 | ||||
230,000 | New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c) | 240,394 | ||||||
1,150,000 | New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB) 5.00%, 04/01/27 (c) | 1,432,694 | ||||||
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) | ||||||||
250,000 | 4.25%, 08/15/21 (c) | 251,153 | ||||||
1,000,000 | 5.00%, 08/15/21 (c) | 1,004,484 | ||||||
1,000,000 | 5.13%, 08/15/21 (c) | 1,004,801 | ||||||
250,000 | New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) | 273,077 | ||||||
100,000 | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW) 6.25%, 01/01/23 (c) | 105,715 | ||||||
New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) | ||||||||
1,610,000 | 5.00%, 11/15/24 (c) | 1,697,055 | ||||||
100,000 | 5.00%, 11/15/24 (c) | 107,542 | ||||||
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) | ||||||||
975,000 | 5.38%, 11/15/26 (c) | 913,030 | ||||||
750,000 | 5.50%, 11/15/26 (c) | 671,674 | ||||||
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
115,000 | 5.00%, 07/01/24 | 99,475 | ||||||
440,000 | 5.00%, 07/01/25 (c) | 378,400 | ||||||
100,000 | 5.00%, 07/01/25 (c) | 86,500 | ||||||
500,000 | 5.00%, 07/01/25 (c) | 432,500 | ||||||
200,000 | New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c) | 209,353 | ||||||
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation, Series A-1 (RB) | ||||||||
1,000,000 | 5.00%, 12/01/26 (c) | 1,086,326 | ||||||
2,045,000 | 5.00%, 12/01/26 (c) | 2,221,256 | ||||||
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) | ||||||||
250,000 | 5.00%, 01/01/26 (c) | 257,680 | ||||||
250,000 | 5.00%, 01/01/26 (c) | 258,498 |
See Notes to Financial Statements
46 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 1,050,000 | North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c) | $ | 1,190,451 | ||||
North East Texas Regional Mobility Authority, Series B (RB) | ||||||||
600,000 | 5.00%, 01/01/26 (c) | 677,404 | ||||||
400,000 | 5.00%, 01/01/26 (c) | 454,630 | ||||||
500,000 | Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c) | 550,908 | ||||||
10,260,000 | Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (SAW) 4.00%, 01/01/22 (c) | 10,634,083 | ||||||
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
400,000 | 5.00%, 08/15/26 (c) | 433,090 | ||||||
400,000 | 5.00%, 08/15/26 (c) | 440,219 | ||||||
2,425,000 | Red River Health Facilities Development Corp., MRC The Crossings Project, Series A (RB) 8.00%, 11/15/24 (c) | 2,705,868 | ||||||
9,900,000 | Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) (d) * | 2,475,000 | ||||||
125,000 | Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/24 (c) | 134,853 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series A (RB) | ||||||||
100,000 | 5.25%, 11/15/25 (c) (d) * | 45,250 | ||||||
800,000 | 5.50%, 11/15/25 (c) (d) * | 362,000 | ||||||
690,000 | Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB) 4.50%, 06/01/21 (c) (d) * | 312,225 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB) | ||||||||
3,850,000 | 6.63%, 05/15/27 (c) | 4,310,160 | ||||||
2,100,000 | 6.75%, 05/15/27 (c) | 2,333,057 | ||||||
535,000 | Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) | 434,148 | ||||||
2,180,000 | Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project (RB) 5.25%, 05/15/27 (c) | 1,999,310 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB) | ||||||||
$ | 1,100,000 | 5.00%, 11/15/25 (c) | $ | 978,996 | ||||
1,000,000 | 5.00%, 11/15/25 (c) | 988,055 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series B (RB) | ||||||||
100,000 | 4.00%, 11/15/25 | 97,530 | ||||||
1,405,000 | 5.00%, 11/15/25 (c) | 1,330,836 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) | ||||||||
250,000 | 5.00%, 12/31/25 (c) | 281,683 | ||||||
460,000 | 5.00%, 12/31/25 (c) | 519,780 | ||||||
230,000 | 5.00%, 12/31/25 (c) | 261,522 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | ||||||||
5,420,000 | 5.00%, 06/30/29 (c) | 6,524,761 | ||||||
515,000 | 7.00%, 09/01/23 (c) | 587,883 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) | ||||||||
500,000 | 4.00%, 12/31/29 (c) | 581,515 | ||||||
1,000,000 | 5.00%, 12/31/29 (c) | 1,259,439 | ||||||
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
7,100,000 | 5.00%, 08/15/24 (c) | 7,945,418 | ||||||
1,500,000 | 5.00%, 08/15/24 (c) | 1,670,122 | ||||||
600,000 | 5.00%, 08/15/24 (c) | 676,027 | ||||||
850,000 | 5.00%, 08/15/24 (c) | 955,115 | ||||||
Town of Westlake, Solana Public Improvement District (SA) | ||||||||
1,000,000 | 6.13%, 09/01/25 (c) | 1,038,856 | ||||||
1,000,000 | 6.25%, 09/01/25 (c) | 1,038,937 | ||||||
1,000,000 | 6.38%, 09/01/25 (c) | 1,040,242 | ||||||
4,980,000 | Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) * | 3,448,748 | ||||||
159,555,891 | ||||||||
Utah: 0.5% | ||||||||
5,000,000 | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area No. 2 (SA) 4.00%, 08/01/31 (c) | 5,155,260 | ||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) | ||||||||
2,500,000 | 4.50%, 08/01/30 (c) | 2,807,396 | ||||||
4,000,000 | 5.00%, 08/01/30 (c) | 4,498,059 |
See Notes to Financial Statements
47 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Utah: (continued) | ||||||||
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | ||||||||
$ | 1,500,000 | 5.25%, 06/15/27 (c) | $ | 1,682,746 | ||||
3,195,000 | 5.38%, 06/15/27 (c) | 3,544,294 | ||||||
17,687,755 | ||||||||
Vermont: 0.1% | ||||||||
1,100,000 | Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c) | 1,132,365 | ||||||
910,000 | Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 5.00%, 05/01/27 (c) | 977,604 | ||||||
2,109,969 | ||||||||
Virgin Islands: 0.9% | ||||||||
720,000 | Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) 4.25%, 06/01/21 (c) | 727,997 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
550,000 | 4.50%, 10/01/24 (c) | 475,314 | ||||||
1,700,000 | 5.00%, 10/01/24 (c) | 1,624,442 | ||||||
4,250,000 | 5.00%, 10/01/24 (c) | 3,935,450 | ||||||
180,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Cruzan Project, Series A (RB) 6.00%, 06/01/21 (c) | 180,412 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB) | ||||||||
240,000 | 6.63%, 06/01/21 (c) | 241,955 | ||||||
1,840,000 | 6.75%, 06/01/21 (c) | 1,854,988 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB) | ||||||||
4,365,000 | 5.00%, 06/01/21 (c) | 4,375,239 | ||||||
3,870,000 | 5.00%, 06/01/21 (c) | 3,879,077 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB) | ||||||||
130,000 | 4.50%, 06/01/21 (c) | 128,541 | ||||||
1,125,000 | 5.00%, 06/01/21 (c) | 1,127,639 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) | ||||||||
465,000 | 5.00%, 06/01/21 (c) | 458,070 | ||||||
970,000 | 5.00%, 06/01/21 (c) | 972,275 | ||||||
1,120,000 | 5.00%, 06/01/21 (c) | 1,122,627 | ||||||
3,180,000 | 5.25%, 06/01/21 (c) | 3,130,608 | ||||||
200,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 06/01/21 (c) | 199,293 | ||||||
Principal Amount | Value | |||||||
Virgin Islands: (continued) | ||||||||
Virgin Islands Water and Power Authority, Series A (RB) | ||||||||
$ | 65,000 | 5.00%, 06/01/21 (c) | $ | 63,807 | ||||
330,000 | 5.00%, 06/01/21 (c) | 325,871 | ||||||
Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
170,000 | 5.00%, 06/01/21 (c) | 164,050 | ||||||
5,560,000 | 5.00%, 06/01/21 (c) | 5,270,772 | ||||||
1,170,000 | 5.00%, 06/01/21 (c) | 1,141,653 | ||||||
1,070,000 | 5.00%, 06/01/21 (c) | 1,037,776 | ||||||
32,437,856 | ||||||||
Virginia: 1.4% | ||||||||
Albemarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
640,000 | 4.63%, 01/01/23 (c) | 650,234 | ||||||
1,000,000 | 5.00%, 01/01/23 (c) | 1,015,035 | ||||||
500,000 | Ballston Quarter Community Development Authority, Series A (TA) 5.50%, 03/01/27 (c) | 454,146 | ||||||
250,000 | Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) | 175,459 | ||||||
Cherry Hill Community Development Authority, Potomac Shores Project (SA) | ||||||||
200,000 | 5.15%, 03/01/25 (c) | 211,708 | ||||||
495,000 | 5.40%, 03/01/25 (c) | 523,825 | ||||||
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
1,000,000 | 5.00%, 11/01/23 | 1,112,947 | ||||||
1,000,000 | 5.00%, 07/01/26 (c) | 1,159,276 | ||||||
1,025,000 | 5.00%, 07/01/26 (c) | 1,184,076 | ||||||
380,000 | City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 07/15/22 (c) | 399,164 | ||||||
240,000 | City of Hopewell, Sewer System, Series A (RB) 5.00%, 07/15/21 (c) | 241,871 | ||||||
Farmville Industrial Development Authority, Longwood University Student Housing Projects, Series A (RB) | ||||||||
2,800,000 | 5.00%, 07/01/30 (c) | 3,287,076 | ||||||
3,655,000 | 5.00%, 07/01/30 (c) | 4,318,653 | ||||||
Hanover County, Economic Development Authority (RB) | ||||||||
500,000 | 5.00%, 07/01/24 (c) | 540,696 | ||||||
500,000 | 5.00%, 07/01/24 (c) | 541,171 | ||||||
Hanover County, Economic Development Authority, Series A (RB) | ||||||||
1,500,000 | 5.00%, 07/01/22 (c) | 1,534,879 | ||||||
1,500,000 | 5.00%, 07/01/22 (c) | 1,536,780 | ||||||
2,400,000 | Norfolk Redevelopment and Housing Authority, Series A (RB) 5.25%, 01/01/24 (c) | 2,552,364 |
See Notes to Financial Statements
48 |
Principal Amount | Value | |||||||
Virginia: (continued) | ||||||||
Peninsula Town Center Community Development Authority (RB) | ||||||||
$ | 3,850,000 | 5.00%, 09/01/27 (c) | $ | 4,190,798 | ||||
500,000 | 5.00%, 09/01/27 (c) | 545,786 | ||||||
3,000,000 | Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c) | 3,032,857 | ||||||
1,000,000 | Roanoke County Economic Development Authority, Series B (RB) 4.63%, 09/01/24 (c) (p) | 977,314 | ||||||
500,000 | Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) | 503,673 | ||||||
Virginia College Building Authority, Marymount University Project, Series A (RB) | ||||||||
2,400,000 | 5.00%, 07/01/25 (c) | 2,519,116 | ||||||
1,000,000 | 5.00%, 07/01/25 (c) | 1,061,911 | ||||||
Virginia College Building Authority, Marymount University Project, Series B (RB) | ||||||||
3,500,000 | 5.00%, 07/01/25 (c) | 3,673,710 | ||||||
2,300,000 | 5.25%, 07/01/25 (c) | 2,494,244 | ||||||
1,760,000 | Virginia College Building Authority, Regent University Project (RB) 5.00%, 06/01/21 (c) | 1,763,062 | ||||||
Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
760,000 | 5.50%, 07/01/22 (c) | 800,367 | ||||||
1,550,000 | 6.00%, 07/01/22 (c) | 1,644,030 | ||||||
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
1,070,000 | 5.00%, 01/01/22 (c) | 1,099,725 | ||||||
300,000 | 5.00%, 01/01/22 (c) | 308,415 | ||||||
2,000,000 | Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/23 (c) (p) | 2,090,602 | ||||||
1,000,000 | Wise County Industrial Development Authority, Solid Waste and Sewage Disposal, Virginia Electric and Power Company, Series A (RB) 0.75%, 09/02/25 (p) | 1,006,327 | ||||||
49,151,297 | ||||||||
Washington: 1.4% | ||||||||
1,000,000 | Greater Wenatchee Regional Events Center, Public Facilities District, Series A (RB) 5.50%, 09/01/22 (c) | 1,021,447 | ||||||
Kalispel Tribe Indians Priority, Series A (RB) | ||||||||
250,000 | 5.00%, 01/01/28 (c) | 288,109 | ||||||
250,000 | 5.25%, 01/01/28 (c) | 286,308 |
Principal Amount | Value | |||||||
Washington: (continued) | ||||||||
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO) | ||||||||
$ | 1,000,000 | 5.00%, 12/01/25 (c) | $ | 1,037,293 | ||||
500,000 | 5.75%, 12/01/25 (c) | 552,326 | ||||||
500,000 | 6.00%, 12/01/25 (c) | 553,733 | ||||||
250,000 | 6.25%, 12/01/25 (c) | 277,394 | ||||||
Klickitat County Public Hospital District No. 2 (RB) | ||||||||
1,230,000 | 5.00%, 12/01/27 (c) | 1,272,996 | ||||||
1,170,000 | 5.00%, 12/01/27 (c) | 1,227,244 | ||||||
1,415,000 | 5.00%, 12/01/27 (c) | 1,504,137 | ||||||
100,000 | Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 113,293 | ||||||
205,000 | Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | 243,283 | ||||||
Washington State Convention Center Public Facilities District (RB) | ||||||||
5,035,000 | 4.00%, 07/01/28 (c) | 5,468,245 | ||||||
1,000,000 | 4.00%, 07/01/31 | �� | 1,140,128 | |||||
475,000 | 5.00%, 07/01/28 (c) | 554,377 | ||||||
5,500,000 | 5.00%, 07/01/28 (c) | 6,379,930 | ||||||
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
1,000,000 | 5.00%, 07/01/24 (c) | 1,054,949 | ||||||
2,000,000 | 5.00%, 07/01/24 (c) | 2,112,975 | ||||||
150,000 | 5.00%, 07/01/24 (c) | 160,054 | ||||||
500,000 | Washington State Housing Finance Commission, Hearthstone Project, Series A (RB) 5.00%, 07/01/26 (c) | 514,817 | ||||||
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) | ||||||||
200,000 | 6.00%, 07/01/25 | 219,183 | ||||||
1,640,000 | 6.75%, 07/01/25 (c) | 1,797,924 | ||||||
2,000,000 | 7.00%, 07/01/25 (c) | 2,181,999 | ||||||
1,350,000 | Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB) 6.50%, 07/01/25 (c) | 1,478,025 | ||||||
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
150,000 | 3.75%, 07/01/26 | 152,094 | ||||||
825,000 | 5.00%, 01/01/25 (c) | 893,828 | ||||||
2,495,000 | 5.00%, 01/01/25 (c) | 2,668,086 | ||||||
1,500,000 | 5.00%, 01/01/25 (c) | 1,606,744 | ||||||
1,000,000 | Washington State Housing Finance Commission, Rockwood Retirement Communities Project (RB) 5.00%, 01/01/26 (c) | 1,033,993 |
See Notes to Financial Statements
49 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Washington: (continued) | ||||||||
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) | ||||||||
$ | 7,000,000 | 5.00%, 07/01/26 (c) | $ | 7,659,892 | ||||
1,250,000 | 5.00%, 07/01/26 (c) | 1,371,590 | ||||||
1,395,000 | 5.00%, 07/01/26 (c) | 1,535,598 | ||||||
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | ||||||||
1,250,000 | 5.00%, 07/01/26 (c) | 1,284,784 | ||||||
500,000 | 5.00%, 07/01/26 (c) | 515,077 | ||||||
50,161,855 | ||||||||
West Virginia: 0.5% | ||||||||
325,000 | Brooke County Commission, Bethany College, Series A (RB) 6.75%, 06/01/21 (c) | 318,979 | ||||||
2,250,000 | County Commission of Harrison County, Charles Point Economic Opportunity Development District, Series A (RB) 5.75%, 06/01/29 (c) | 2,543,547 | ||||||
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) | ||||||||
280,000 | 3.00%, 06/01/22 (c) | 283,487 | ||||||
760,000 | 4.00%, 06/01/22 (c) | 768,852 | ||||||
2,550,000 | Glenville State College Board of Governors (RB) 5.25%, 06/01/27 (c) | 2,657,872 | ||||||
Harrison County Building Commission, General Services Administration Building Project (RB) | ||||||||
700,000 | 3.13%, 10/01/27 (c) | 700,997 | ||||||
820,000 | 3.25%, 10/01/27 (c) | 816,132 | ||||||
1,000,000 | 3.50%, 10/01/27 (c) | 1,062,516 | ||||||
2,130,000 | Ohio County Development Authority, Ohio County Sports Complex Project (RB) 4.60%, 09/01/28 (c) | 2,133,814 | ||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) | ||||||||
1,500,000 | 4.13%, 01/01/25 (c) (p) | 1,540,179 | ||||||
5,000,000 | 5.00%, 01/01/25 (c) (p) | 5,283,379 | ||||||
18,109,754 | ||||||||
Wisconsin: 2.7% | ||||||||
Public Finance Authority, American Dream at Meadowlands Project (RB) | ||||||||
500,000 | 6.75%, 12/01/27 (c) | 573,497 | ||||||
9,000,000 | 7.00%, 12/01/27 (c) | 10,395,230 | ||||||
7,825,000 | Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31 | 8,751,480 | ||||||
1,000,000 | Public Finance Authority, American Preparatory Academy (RB) 5.38%, 07/15/27 (c) | 1,104,767 |
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
$ | 250,000 | Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.13%, 06/01/26 (c) | $ | 274,707 | ||||
Public Finance Authority, Cedars Obligated Group (RB) | ||||||||
455,000 | 4.25%, 05/01/27 (c) | 445,938 | ||||||
2,000,000 | 5.50%, 05/01/27 (c) | 2,030,980 | ||||||
Public Finance Authority, Charter Day School, Inc. Project, Series A (RB) | ||||||||
500,000 | 5.00%, 12/01/27 (c) | 558,470 | ||||||
500,000 | 5.00%, 12/01/27 (c) | 560,051 | ||||||
500,000 | 5.00%, 12/01/27 (c) | 572,241 | ||||||
Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
495,000 | 5.00%, 02/01/26 (c) | 532,307 | ||||||
500,000 | 5.13%, 02/01/26 (c) | 533,162 | ||||||
Public Finance Authority, Corvian Community School Project, Series A (RB) | ||||||||
540,000 | 4.25%, 06/15/24 (c) | 560,236 | ||||||
500,000 | 5.00%, 06/15/26 (c) | 535,789 | ||||||
500,000 | 5.00%, 06/15/26 (c) | 529,535 | ||||||
1,000,000 | 5.13%, 06/15/24 (c) | 1,041,509 | ||||||
1,000,000 | Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c) | 1,046,836 | ||||||
100,000 | Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/25 | 107,698 | ||||||
2,500,000 | Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c) | 2,635,428 | ||||||
5,790,000 | Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB) 7.00%, 01/01/32 (c) | 5,449,948 | ||||||
889,711 | Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) | 612,643 | ||||||
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) | ||||||||
500,000 | 6.25%, 01/01/28 (c) | 425,481 | ||||||
2,000,000 | 6.38%, 01/01/28 (c) | 1,663,626 | ||||||
1,000,000 | Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c) | 1,075,567 | ||||||
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) | ||||||||
1,250,000 | 5.00%, 06/15/26 (c) | 1,281,076 | ||||||
6,000,000 | 5.00%, 06/15/26 (c) | 6,238,166 |
See Notes to Financial Statements
50 |
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
Public Finance Authority, Penick Village (RB) | ||||||||
$ | 485,000 | 4.00%, 09/01/26 (c) | $ | 489,774 | ||||
500,000 | 5.00%, 09/01/26 (c) | 514,369 | ||||||
500,000 | 5.00%, 09/01/26 (c) | 516,116 | ||||||
500,000 | 5.00%, 09/01/26 (c) | 524,081 | ||||||
500,000 | Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.88%, 06/15/24 (c) | 512,296 | ||||||
300,000 | Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c) | 327,477 | ||||||
4,265,000 | Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c) | 4,302,276 | ||||||
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
1,950,000 | 5.00%, 10/01/29 (c) | 2,333,923 | ||||||
2,000,000 | 5.00%, 10/01/29 (c) | 2,417,463 | ||||||
1,250,000 | Public Finance Authority, Whitestone (RB) 5.00%, 03/01/28 (c) | 1,364,484 | ||||||
11,695,000 | Public Finance Authority, Wonderful Foundations Charter School Portfolio Projects, Series A-1 (RB) 5.00%, 07/01/30 (c) | 13,055,019 | ||||||
750,000 | Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c) | 810,304 |
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) | ||||||||
$ | 105,000 | 4.00%, 07/01/23 (c) | $ | 111,157 | ||||
2,315,000 | 4.13%, 07/01/23 (c) | 2,454,251 | ||||||
1,900,000 | 5.00%, 07/01/23 (c) | 2,076,083 | ||||||
1,150,000 | Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.25%, 02/01/23 (c) | 1,175,046 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) | ||||||||
2,725,000 | 5.00%, 11/01/26 (c) | 2,857,517 | ||||||
1,950,000 | 5.00%, 11/01/26 (c) | 2,095,034 | ||||||
3,950,000 | Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.13%, 02/01/23 (c) | 4,027,802 | ||||||
1,750,000 | Wisconsin Public Finance Authority, Continuing Care Retirement Community, The Glenridge on Palmer Ranch, Inc. Project, Series A (RB) 8.25%, 06/01/21 (c) | 1,791,174 | ||||||
93,292,014 | ||||||||
Total Municipal Bonds: 98.5% (Cost: $3,305,094,729) | 3,408,838,514 | |||||||
Other assets less liabilities: 1.5% | 52,483,850 | |||||||
NET ASSETS: 100.0% | $ | 3,461,322,364 |
Definitions: | |
ACA | Credit Agricole SA |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
CP | Certificate of Participation |
GO | General Obligation |
NATL | National Public Finance Guarantee Corp. |
RB | Revenue Bond |
SA | Special Assessment |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
SD CRED PROG | Special District Credit Enhancement Program |
ST | Special Tax |
TA | Tax Allocation |
XLCA | Syncora Guarantee, Inc. |
Footnotes: | |
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(d) | Security in default |
(p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
* | Non-income producing |
See Notes to Financial Statements
51 |
VANECK VECTORS HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments By Sector | % of Investments | Value | ||||||
Education | 9.9 | % | $ | 337,355,609 | ||||
Health Care | 19.1 | 651,717,398 | ||||||
Housing | 3.8 | 128,309,806 | ||||||
Industrial Revenue | 16.2 | 552,285,570 | ||||||
Leasing | 7.8 | 265,132,134 | ||||||
Local | 8.0 | 272,577,269 | ||||||
Power | 0.4 | 15,096,872 | ||||||
Solid Waste/Resource Recovery | 0.1 | 3,932,943 | ||||||
Special Tax | 11.6 | 395,676,885 | ||||||
State | 3.0 | 101,030,739 | ||||||
Tobacco | 10.2 | 348,720,117 | ||||||
Transportation | 8.0 | 272,286,151 | ||||||
Water & Sewer | 1.9 | 64,717,021 | ||||||
100.0 | % | $ | 3,408,838,514 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Total Municipal Bonds* | $ | — | $ | 3,408,838,514 | $ | — | $ | 3,408,838,514 |
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
52 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
MUNICIPAL BONDS: 98.7% | ||||||||
Alabama: 1.3% | ||||||||
Alabama Federal Aid Highway Finance Authority, Series A (RB) | ||||||||
$ | 340,000 | 5.00%, 09/01/26 (c) | $ | 414,863 | ||||
340,000 | 5.00%, 09/01/26 (c) | 412,078 | ||||||
10,000 | 5.00%, 09/01/26 (c) | 12,203 | ||||||
250,000 | 5.00%, 09/01/27 (c) | 311,143 | ||||||
460,000 | 5.00%, 09/01/27 (c) | 574,338 | ||||||
150,000 | 5.00%, 09/01/27 | 190,263 | ||||||
Alabama Public School and College Authority, Series A (RB) | ||||||||
2,000,000 | 4.00%, 11/01/30 (c) | 2,460,803 | ||||||
715,000 | 5.00%, 11/01/30 (c) | 955,549 | ||||||
525,000 | 5.00%, 11/01/30 (c) | 710,719 | ||||||
1,500,000 | 5.00%, 11/01/30 (c) | 2,021,120 | ||||||
1,750,000 | 5.00%, 11/01/30 (c) | 2,347,232 | ||||||
Auburn University, Series A (RB) | ||||||||
10,000 | 5.00%, 06/01/26 (c) | 12,134 | ||||||
25,000 | 5.00%, 06/01/26 (c) | 30,399 | ||||||
2,000,000 | Black Belt Energy Gas District, Series A (RB) 4.00%, 09/01/31 (c) (p) | 2,480,975 | ||||||
860,000 | Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c) | 932,845 | ||||||
County of Jefferson (RB) | ||||||||
1,250,000 | 4.00%, 03/15/27 (c) | 1,451,907 | ||||||
100,000 | 5.00%, 03/15/27 (c) | 122,470 | ||||||
250,000 | 5.00%, 03/15/27 (c) | 309,138 | ||||||
525,000 | 5.00%, 03/15/27 (c) | 644,920 | ||||||
800,000 | 5.00%, 03/15/27 (c) | 980,024 | ||||||
Lower Alabama Gas District, Series A (RB) | ||||||||
290,000 | 5.00%, 09/01/28 | 365,509 | ||||||
305,000 | 5.00%, 09/01/29 | 389,348 | ||||||
100,000 | 5.00%, 09/01/34 | 135,373 | ||||||
675,000 | State of Alabama, Series A (GO) 5.00%, 11/01/28 (c) | 867,184 | ||||||
UAB Medicine Finance Authority, Series B (RB) | ||||||||
150,000 | 5.00%, 09/01/26 (c) | 179,732 | ||||||
225,000 | 5.00%, 09/01/26 (c) | 271,024 | ||||||
280,000 | UAB Medicine Finance Authority, Series B-1 (RB) 5.00%, 03/01/27 (c) | 341,606 | ||||||
University of Alabama, Board of Trustee, Series A (RB) | ||||||||
415,000 | 3.00%, 07/01/29 (c) | 451,803 | ||||||
820,000 | 4.00%, 07/01/29 (c) | 971,795 | ||||||
Water Works Board of the City of Birmingham, Series A (RB) | ||||||||
595,000 | 5.00%, 01/01/27 (c) | 726,776 | ||||||
250,000 | 5.00%, 01/01/27 (c) | 305,359 | ||||||
775,000 | 5.00%, 01/01/27 (c) | 953,822 | ||||||
23,334,454 |
Principal Amount | Value | |||||||
Alaska: 0.2% | ||||||||
Alaska Housing Finance Corp., Series A (RB) | ||||||||
$ | 900,000 | 4.00%, 06/01/27 (c) | $ | 1,042,984 | ||||
125,000 | 4.00%, 06/01/27 (c) | 145,251 | ||||||
590,000 | 5.00%, 06/01/27 (c) | 721,013 | ||||||
305,000 | State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c) | 359,539 | ||||||
635,000 | State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c) | 744,037 | ||||||
130,000 | State of Alaska, Series A (GO) 5.00%, 08/01/25 (c) | 153,028 | ||||||
State of Alaska, Series B (GO) | ||||||||
205,000 | 5.00%, 08/01/25 (c) | 241,313 | ||||||
525,000 | 5.00%, 08/01/25 (c) | 619,201 | ||||||
250,000 | 5.00%, 08/01/25 (c) | 295,548 | ||||||
4,321,914 | ||||||||
Arizona: 1.0% | ||||||||
Arizona Transportation Board, Highway Revenue (RB) | ||||||||
1,050,000 | 5.00%, 07/01/26 (c) | 1,272,204 | ||||||
835,000 | 5.00%, 07/01/26 (c) | 1,014,534 | ||||||
City of Mesa, Utility System Revenue (RB) | ||||||||
1,590,000 | 4.00%, 07/01/26 (c) | 1,816,037 | ||||||
705,000 | 5.00%, 07/01/26 (c) | 857,779 | ||||||
270,000 | 5.00%, 07/01/26 (c) | 327,290 | ||||||
355,000 | City of Phoenix (GO) 5.00%, 07/01/26 (c) | 434,758 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | ||||||||
860,000 | 5.00%, 07/01/26 (c) | 1,050,764 | ||||||
120,000 | 5.00%, 07/01/26 (c) | 145,733 | ||||||
620,000 | 5.00%, 07/01/26 (c) | 754,008 | ||||||
150,000 | 5.00%, 07/01/26 (c) | 181,406 | ||||||
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
275,000 | 5.00%, 07/01/29 (c) | 330,063 | ||||||
1,000,000 | 5.00%, 07/01/29 (c) | 1,207,778 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) | ||||||||
250,000 | 5.00%, 07/01/27 (c) | 304,662 | ||||||
100,000 | 5.00%, 07/01/27 (c) | 122,471 | ||||||
250,000 | 5.00%, 07/01/27 (c) | 308,071 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) | ||||||||
550,000 | 5.00%, 07/01/27 (c) | 669,971 | ||||||
120,000 | 5.00%, 07/01/27 (c) | 148,354 | ||||||
320,000 | City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series B (RB) 5.00%, 07/01/26 | 392,809 |
See Notes to Financial Statements
53 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Arizona: (continued) | ||||||||
$ | 250,000 | Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c) | $ | 307,860 | ||||
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
20,000 | 3.13%, 01/01/27 (c) | 21,477 | ||||||
215,000 | 5.00%, 01/01/28 | 273,881 | ||||||
710,000 | 5.00%, 01/01/29 | 922,603 | ||||||
Maricopa County Special Health Care District, Series C (GO) | ||||||||
190,000 | 5.00%, 07/01/25 | 223,511 | ||||||
240,000 | 5.00%, 07/01/26 | 290,789 | ||||||
295,000 | 5.00%, 07/01/27 | 365,725 | ||||||
Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
1,150,000 | 5.00%, 01/01/27 (c) | 1,431,651 | ||||||
250,000 | 5.00%, 01/01/28 (c) | 311,975 | ||||||
2,000,000 | 5.00%, 01/01/28 (c) | 2,509,862 | ||||||
17,998,026 | ||||||||
Arkansas: 0.1% | ||||||||
305,000 | City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c) | 313,019 | ||||||
280,000 | City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c) | 353,823 | ||||||
1,000,000 | City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c) | 1,221,787 | ||||||
1,888,629 | ||||||||
California: 16.3% | ||||||||
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM) | ||||||||
125,000 | 3.00%, 10/01/26 (c) | 134,025 | ||||||
705,000 | 4.00%, 10/01/26 (c) | 794,912 | ||||||
815,000 | Alameda County Joint Powers Authority (RB) 5.00%, 12/01/26 (c) | 1,002,042 | ||||||
270,000 | Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c) | 293,461 | ||||||
1,085,000 | Bay Area Toll Authority, Series S-7 (RB) 4.00%, 04/01/27 (c) | 1,274,654 | ||||||
California Department of Water Resources, Central Valley Project Water System, Series AV (RB) | ||||||||
750,000 | 4.00%, 06/01/26 (c) | 866,136 | ||||||
725,000 | 4.00%, 06/01/26 (c) | 838,410 | ||||||
90,000 | California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c) | 102,854 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 310,000 | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) | $ | 378,103 | ||||
400,000 | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c) | 431,664 | ||||||
1,060,000 | California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) 4.00%, 04/01/30 (c) | 1,251,389 | ||||||
175,000 | California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c) | 195,226 | ||||||
140,000 | California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27 | 178,844 | ||||||
880,000 | California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 5.00%, 10/01/26 (c) | 1,060,921 | ||||||
750,000 | California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c) | 948,811 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
450,000 | 5.00%, 11/15/27 (c) | 563,783 | ||||||
825,000 | 5.00%, 11/15/27 (c) | 1,027,878 | ||||||
150,000 | 5.00%, 11/15/27 (c) | 187,257 | ||||||
California Infrastructure and Economic Development Bank, Clean Water State (RB) | ||||||||
100,000 | 5.00%, 10/01/25 | 120,432 | ||||||
100,000 | 5.00%, 10/01/25 | 120,432 | ||||||
550,000 | 5.00%, 04/01/26 (c) | 668,562 | ||||||
130,000 | 5.00%, 04/01/26 (c) | 157,251 | ||||||
935,000 | 5.00%, 04/01/26 (c) | 1,135,542 | ||||||
55,000 | 5.00%, 04/01/26 (c) | 66,737 | ||||||
150,000 | 5.00%, 10/01/26 | 186,474 | ||||||
170,000 | 5.00%, 04/01/27 (c) | 210,197 | ||||||
775,000 | 5.00%, 08/01/29 (c) | 1,003,429 | ||||||
840,000 | California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c) | 1,021,837 | ||||||
925,000 | California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c) | 1,113,562 | ||||||
515,000 | California State Educational Facilities Authority, Santa Clara University, Series B (RB) 5.00%, 04/01/27 (c) | 633,400 |
See Notes to Financial Statements
54 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
$ | 360,000 | 3.00%, 09/01/27 (c) | $ | 397,700 | ||||
500,000 | 3.00%, 09/01/27 (c) | 553,934 | ||||||
270,000 | 5.00%, 09/01/24 (c) | 311,472 | ||||||
California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB) | ||||||||
655,000 | 2.50%, 10/01/26 (c) | 706,611 | ||||||
500,000 | 4.00%, 10/01/26 (c) | 585,195 | ||||||
110,000 | California State Public Works Board, Department of Corrections and Rehabilitation, Series H (RB) 4.00%, 12/01/25 (c) | 125,434 | ||||||
330,000 | California State Public Works Board, Department of General Services, Series F (RB) 5.00%, 05/01/25 (c) | 389,602 | ||||||
California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
120,000 | 5.00%, 10/01/27 (c) | 150,598 | ||||||
340,000 | 5.00%, 10/01/27 (c) | 429,038 | ||||||
445,000 | 5.00%, 10/01/27 (c) | 562,573 | ||||||
California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
100,000 | 3.38%, 03/01/27 (c) | 111,387 | ||||||
425,000 | 4.00%, 11/01/26 (c) | 496,688 | ||||||
30,000 | 5.00%, 11/01/26 (c) | 37,001 | ||||||
45,000 | 5.00%, 11/01/26 (c) | 55,530 | ||||||
30,000 | 5.00%, 11/01/26 (c) | 37,056 | ||||||
400,000 | California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c) | 493,887 | ||||||
950,000 | California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c) | 1,226,610 | ||||||
California State University, Series A (RB) | ||||||||
910,000 | 3.00%, 05/01/26 (c) | 976,892 | ||||||
400,000 | 4.00%, 05/01/26 (c) | 457,092 | ||||||
35,000 | 5.00%, 11/01/25 (c) | 41,786 | ||||||
160,000 | 5.00%, 05/01/26 (c) | 195,429 | ||||||
220,000 | 5.00%, 05/01/26 (c) | 265,215 | ||||||
10,000 | 5.00%, 05/01/26 (c) | 12,066 | ||||||
225,000 | 5.00%, 05/01/27 (c) | 277,758 | ||||||
510,000 | 5.00%, 05/01/27 (c) | 632,719 | ||||||
1,500,000 | California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p) | 1,988,812 | ||||||
1,000,000 | California Statewide Communities Development Authority, Kaiser Permanente,, Series C-3 (RB) 5.00%, 11/01/29 (p) | 1,325,875 | ||||||
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) | ||||||||
1,000,000 | 5.00%, 01/01/28 (c) | 1,199,406 | ||||||
760,000 | 5.00%, 01/01/28 (c) | 915,750 | ||||||
315,000 | 5.00%, 01/01/28 (c) | 380,864 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 300,000 | Campbell Union High School District, Series B (GO) 5.00%, 08/01/26 (c) | $ | 363,281 | ||||
140,000 | Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c) | 160,880 | ||||||
480,000 | City and County of San Francisco, Multiple Capital Improvement Projects, Series R-1 (CP) 5.00%, 04/01/27 | 605,048 | ||||||
255,000 | City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c) | 272,600 | ||||||
15,000 | City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/25 (c) | 17,865 | ||||||
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
1,000,000 | 4.00%, 05/15/30 (c) | 1,217,991 | ||||||
1,400,000 | 5.00%, 05/15/31 (c) | 1,862,033 | ||||||
500,000 | 5.00%, 05/15/31 (c) | 671,338 | ||||||
405,000 | City of Los Angeles, Solid Waste Resources, Series A (RB) 4.00%, 02/01/28 (c) | 476,712 | ||||||
565,000 | City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c) | 703,526 | ||||||
200,000 | City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c) | 258,996 | ||||||
20,000 | Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c) | 23,338 | ||||||
250,000 | Corona-Norco Unified School District, Series A (GO) 4.00%, 08/01/26 (c) | 288,535 | ||||||
County of Sacramento, Airport System, Series E (RB) | ||||||||
275,000 | 5.00%, 07/01/27 | 345,419 | ||||||
150,000 | 5.00%, 07/01/28 (c) | 187,325 | ||||||
County of Santa Clara, Series C (GO) | ||||||||
245,000 | 3.00%, 08/01/27 (c) | 266,686 | ||||||
125,000 | 5.00%, 08/01/27 (c) | 157,944 | ||||||
525,000 | 5.00%, 08/01/27 (c) | 656,222 | ||||||
145,000 | Desert Community College District (GO) 5.00%, 08/01/27 (c) | 180,843 | ||||||
460,000 | East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/27 (c) | 574,075 | ||||||
East Bay Municipal Utility District, Water System, Series B (RB) | ||||||||
220,000 | 5.00%, 06/01/27 (c) | 275,568 | ||||||
145,000 | 5.00%, 06/01/27 (c) | 183,252 | ||||||
2,590,000 | East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c) | 2,816,337 |
See Notes to Financial Statements
55 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 1,070,000 | Eastern Municipal Water District Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c) | $ | 1,423,063 | ||||
Eastern Municipal Water District Financing Authority, Water and Wastewater, Series B (RB) | ||||||||
560,000 | 5.00%, 07/01/26 (c) | 680,089 | ||||||
145,000 | 5.00%, 07/01/26 (c) | 176,259 | ||||||
Eastern Municipal Water District, Water and Wastewater, Series A (RB) | ||||||||
625,000 | 5.00%, 07/01/26 (c) | 759,028 | ||||||
250,000 | 5.00%, 07/01/26 (c) | 303,188 | ||||||
435,000 | 5.00%, 07/01/26 (c) | 529,022 | ||||||
25,000 | 5.00%, 07/01/26 (c) | 30,574 | ||||||
100,000 | 5.00%, 07/01/26 (c) | 121,898 | ||||||
250,000 | El Camino Healthcare District (GO) 4.00%, 02/01/27 (c) | 285,646 | ||||||
250,000 | El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c) | 304,632 | ||||||
Fontana Redevelopment Agency Successor Agency (TA) | ||||||||
205,000 | 5.00%, 10/01/26 | 253,487 | ||||||
760,000 | 5.00%, 10/01/27 (c) | 944,741 | ||||||
220,000 | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c) | 258,337 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
1,420,000 | 5.00%, 06/01/27 (c) | 1,726,909 | ||||||
2,380,000 | 5.00%, 06/01/28 (c) | 2,915,661 | ||||||
1,000,000 | 5.00%, 06/01/28 (c) | 1,238,638 | ||||||
3,000,000 | Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c) | 3,087,743 | ||||||
1,600,000 | Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c) | 1,656,383 | ||||||
105,000 | Long Beach Unified School District (GO) 5.00%, 08/01/26 (c) | 129,513 | ||||||
Los Angeles Community College District, Series A (GO) | ||||||||
175,000 | 5.00%, 08/01/24 (c) | 202,128 | ||||||
265,000 | 5.00%, 08/01/24 (c) | 306,079 | ||||||
330,000 | 5.00%, 08/01/24 (c) | 381,155 | ||||||
170,000 | Los Angeles Community College District, Series G (GO) 5.00%, 08/01/24 (c) | 196,353 | ||||||
Los Angeles Community College District, Series I (GO) | ||||||||
775,000 | 2.13%, 08/01/26 (c) | 811,497 | ||||||
170,000 | 4.00%, 08/01/26 (c) | 198,759 | ||||||
25,000 | 4.00%, 08/01/26 | 29,601 | ||||||
135,000 | 4.00%, 08/01/26 (c) | 159,727 | ||||||
Los Angeles Community College District, Series J (GO) | ||||||||
750,000 | 4.00%, 08/01/27 (c) | 892,004 | ||||||
400,000 | 4.00%, 08/01/27 (c) | 476,239 | ||||||
100,000 | 5.00%, 08/01/27 (c) | 126,663 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
Los Angeles County Metropolitan Transportation Authority, Series A (RB) | ||||||||
$ | 50,000 | 4.00%, 07/01/26 (c) | $ | 58,015 | ||||
820,000 | 5.00%, 07/01/25 (c) | 979,150 | ||||||
165,000 | 5.00%, 06/01/26 (c) | 201,855 | ||||||
375,000 | 5.00%, 06/01/26 (c) | 459,183 | ||||||
115,000 | 5.00%, 06/01/26 (c) | 141,140 | ||||||
795,000 | 5.00%, 07/01/27 (c) | 1,000,998 | ||||||
285,000 | 5.00%, 07/01/27 (c) | 360,989 | ||||||
435,000 | Los Angeles County Public Works Financing Authority, Series B (RB) 5.00%, 12/01/25 (c) | 522,200 | ||||||
450,000 | Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c) | 586,258 | ||||||
Los Angeles Department of Water and Power, Series A (RB) | ||||||||
245,000 | 5.00%, 01/01/26 (c) | 295,632 | ||||||
155,000 | 5.00%, 01/01/26 (c) | 187,271 | ||||||
1,010,000 | 5.00%, 01/01/27 (c) | 1,251,588 | ||||||
500,000 | 5.00%, 01/01/28 (c) | 630,267 | ||||||
500,000 | 5.00%, 01/01/28 (c) | 631,341 | ||||||
115,000 | 5.00%, 01/01/28 (c) | 147,584 | ||||||
1,000,000 | 5.00%, 07/01/29 | 1,327,332 | ||||||
Los Angeles Department of Water and Power, Series B (RB) | ||||||||
180,000 | 5.00%, 06/01/25 (c) | 214,153 | ||||||
225,000 | 5.00%, 01/01/26 (c) | 271,845 | ||||||
35,000 | 5.00%, 01/01/26 (c) | 42,305 | ||||||
1,000,000 | 5.00%, 01/01/27 (c) | 1,236,690 | ||||||
275,000 | 5.00%, 01/01/27 (c) | 339,416 | ||||||
110,000 | 5.00%, 07/01/27 | 139,685 | ||||||
110,000 | 5.00%, 07/01/28 (c) | 140,994 | ||||||
Los Angeles Department of Water and Power, Series C (RB) | ||||||||
100,000 | 5.00%, 07/01/24 (c) | 114,903 | ||||||
250,000 | 5.00%, 07/01/24 (c) | 287,514 | ||||||
1,100,000 | 5.00%, 07/01/27 (c) | 1,394,459 | ||||||
500,000 | 5.00%, 07/01/27 (c) | 627,230 | ||||||
200,000 | 5.00%, 07/01/27 (c) | 250,452 | ||||||
1,420,000 | 5.00%, 07/01/29 (c) | 1,845,430 | ||||||
1,500,000 | 5.00%, 07/01/30 (c) | 1,989,131 | ||||||
1,125,000 | 5.00%, 07/01/30 (c) | 1,499,949 | ||||||
125,000 | Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/28 (c) | 159,214 | ||||||
Los Angeles Unified School District, Series A (GO) | ||||||||
1,580,000 | 4.00%, 07/01/29 (c) | 1,932,129 | ||||||
20,000 | 5.00%, 07/01/21 (c) | 20,155 | ||||||
175,000 | 5.00%, 07/01/21 (c) | 176,354 | ||||||
695,000 | 5.00%, 07/01/25 (c) | 823,866 | ||||||
135,000 | 5.00%, 07/01/25 (c) | 160,769 | ||||||
25,000 | 5.00%, 07/01/25 (c) | 29,681 | ||||||
120,000 | 5.00%, 07/01/26 | 147,716 | ||||||
820,000 | 5.00%, 07/01/27 | 1,037,314 | ||||||
250,000 | 5.00%, 07/01/28 | 324,006 | ||||||
1,720,000 | 5.00%, 07/01/29 (c) | 2,265,636 |
See Notes to Financial Statements
56 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
Los Angeles Unified School District, Series B (GO) | ||||||||
$ | 270,000 | 2.00%, 07/01/26 (c) | $ | 282,011 | ||||
780,000 | 3.00%, 07/01/26 (c) | 853,934 | ||||||
1,055,000 | 3.00%, 07/01/26 (c) | 1,146,772 | ||||||
885,000 | 5.00%, 07/01/26 (c) | 1,086,868 | ||||||
915,000 | 5.00%, 07/01/26 (c) | 1,119,528 | ||||||
Los Angeles Unified School District, Series B-1 (GO) | ||||||||
295,000 | 5.00%, 01/01/28 (c) | 369,030 | ||||||
585,000 | 5.00%, 01/01/28 (c) | 736,086 | ||||||
645,000 | 5.00%, 01/01/28 (c) | 816,976 | ||||||
Los Angeles Unified School District, Series C (GO) | ||||||||
1,880,000 | 3.00%, 07/01/30 (c) | 2,099,439 | ||||||
2,000,000 | 4.00%, 07/01/30 (c) | 2,458,028 | ||||||
Los Angeles Unified School District, Series RYQ (GO) | ||||||||
1,000,000 | 4.00%, 07/01/30 (c) | 1,223,038 | ||||||
3,675,000 | 5.00%, 07/01/29 | 4,867,740 | ||||||
Metropolitan Water District of Southern California, Series A (RB) | ||||||||
1,005,000 | 2.50%, 07/01/27 | 1,102,460 | ||||||
100,000 | 5.00%, 01/01/26 (c) | 119,392 | ||||||
100,000 | Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c) | 129,093 | ||||||
Monterey Peninsula Community College District (GO) | ||||||||
730,000 | 0.00%, 02/01/26 (c) ^ | 576,274 | ||||||
865,000 | 0.00%, 02/01/26 (c) ^ | 710,375 | ||||||
865,000 | 0.00%, 02/01/26 (c) ^ | 737,697 | ||||||
200,000 | Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/26 (c) | 243,660 | ||||||
Municipal Improvement Corp. of Los Angeles, Series B (RB) | ||||||||
615,000 | 5.00%, 11/01/26 (c) | 752,948 | ||||||
135,000 | 5.00%, 11/01/26 (c) | 166,097 | ||||||
265,000 | 5.00%, 11/01/26 (c) | 327,653 | ||||||
325,000 | Norman Y Mineta San Jose International Airport (RB) 4.00%, 03/01/31 (c) | 403,232 | ||||||
Northern California Transmission Agency Project, Series A (RB) | ||||||||
40,000 | 5.00%, 05/01/26 (c) | 48,501 | ||||||
45,000 | 5.00%, 05/01/26 (c) | 54,704 | ||||||
Oakland Unified School District (GO) | ||||||||
175,000 | 5.00%, 08/01/26 (c) | 212,353 | ||||||
625,000 | 5.00%, 08/01/26 (c) | 756,316 | ||||||
975,000 | 5.00%, 08/01/26 (c) | 1,188,185 | ||||||
385,000 | 5.00%, 08/01/26 (c) | 468,370 | ||||||
400,000 | Oakland Unified School District, Series C (GO) 5.00%, 08/01/27 (c) | 493,668 | ||||||
325,000 | Palm Springs Unified School District (GO) 4.00%, 08/01/26 (c) | 373,817 | ||||||
Principal Amount | Value | |||||||
California: (continued) | ||||||||
Palm Springs Unified School District, Series A (GO) (AGM) | ||||||||
$ | 1,265,000 | 1.25%, 08/01/29 (c) | $ | 1,231,723 | ||||
4,000,000 | 1.25%, 08/01/29 (c) | 3,960,064 | ||||||
3,000,000 | 1.50%, 08/01/29 (c) | 2,918,940 | ||||||
2,500,000 | 1.50%, 08/01/29 (c) | 2,459,812 | ||||||
3,000,000 | 1.75%, 08/01/29 (c) | 2,983,569 | ||||||
Palm Springs Unified School District, Series D (GO) | ||||||||
550,000 | 2.50%, 08/01/26 (c) | 577,413 | ||||||
160,000 | 3.00%, 08/01/26 (c) | 175,481 | ||||||
775,000 | Palomar Health, Series B (GO) 5.00%, 08/01/26 (c) | 914,228 | ||||||
260,000 | Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c) | 295,522 | ||||||
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB) | ||||||||
440,000 | 5.00%, 10/01/25 (c) | 524,149 | ||||||
475,000 | 5.00%, 10/01/25 (c) | 566,300 | ||||||
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) | ||||||||
100,000 | 4.00%, 11/01/26 (c) | 117,440 | ||||||
230,000 | 5.00%, 05/01/25 (c) | 271,541 | ||||||
1,215,000 | 5.00%, 11/01/26 (c) | 1,482,418 | ||||||
25,000 | 5.00%, 11/01/26 (c) | 30,608 | ||||||
170,000 | 5.00%, 11/01/26 (c) | 210,400 | ||||||
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) | ||||||||
785,000 | 5.00%, 11/01/27 (c) | 983,955 | ||||||
255,000 | 5.00%, 11/01/27 (c) | 323,590 | ||||||
650,000 | Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c) | 781,974 | ||||||
Regents of the University of California, Series AR (RB) | ||||||||
500,000 | 5.00%, 05/15/26 (c) | 608,923 | ||||||
750,000 | 5.00%, 05/15/26 (c) | 915,467 | ||||||
455,000 | Regents of the University of California, Series K (RB) 5.00%, 05/15/26 (c) | 554,372 | ||||||
170,000 | Riverside Community College District (GO) 5.00%, 08/01/25 (c) | 201,443 | ||||||
160,000 | Riverside County Public Financing Authority, Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects (TA) 3.00%, 10/01/25 (c) | 168,215 | ||||||
730,000 | Riverside County Transportation Commission, Series A (RB) 2.00%, 06/01/24 (c) | 746,011 | ||||||
250,000 | Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c) | 315,405 |
See Notes to Financial Statements
57 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 125,000 | Riverside Redevelopment Agency Successor Agency, Series A (AGM) (TA) 5.00%, 09/01/26 | $ | 154,045 | ||||
Sacramento City Financing Authority, Master Lease Program Facilities (RB) | ||||||||
110,000 | 5.00%, 12/01/25 (c) | 132,272 | ||||||
210,000 | 5.00%, 12/01/25 (c) | 253,577 | ||||||
Sacramento County Sanitation Districts Financing Authority, Series A (RB) | ||||||||
170,000 | 5.00%, 06/01/24 (c) | 194,276 | ||||||
250,000 | 5.00%, 06/01/24 (c) | 284,462 | ||||||
1,000,000 | Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/28 | 1,298,017 | ||||||
San Diego Association of Governments, South Bay Expressway, Series A (RB) | ||||||||
705,000 | 5.00%, 07/01/27 (c) | 863,458 | ||||||
500,000 | 5.00%, 07/01/27 (c) | 613,978 | ||||||
San Diego Community College District (GO) | ||||||||
855,000 | 5.00%, 08/01/26 (c) | 1,047,648 | ||||||
65,000 | 5.00%, 08/01/26 (c) | 79,834 | ||||||
535,000 | San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 682,781 | ||||||
San Diego County Regional Airport Authority, Series B (RB) | ||||||||
1,295,000 | 5.00%, 07/01/30 (c) | 1,679,305 | ||||||
2,075,000 | 5.00%, 07/01/30 (c) | 2,714,034 | ||||||
1,630,000 | 5.00%, 07/01/30 (c) | 2,151,900 | ||||||
San Diego County Regional Transportation Commission, Series A (RB) | ||||||||
700,000 | 5.00%, 04/01/26 (c) | 847,114 | ||||||
105,000 | 5.00%, 04/01/26 (c) | 127,180 | ||||||
75,000 | San Diego County Water Authority, Series A (RB) 5.00%, 05/01/25 (c) | 88,775 | ||||||
2,000,000 | San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c) | 2,520,188 | ||||||
150,000 | San Diego County, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c) | 173,126 | ||||||
San Diego Public Facilities Financing Authority (RB) | ||||||||
365,000 | 5.00%, 10/15/25 (c) | 432,119 | ||||||
445,000 | 5.00%, 10/15/25 (c) | 526,081 | ||||||
150,000 | 5.00%, 10/15/25 (c) | 178,081 | ||||||
410,000 | 5.00%, 10/15/25 (c) | 486,032 | ||||||
San Diego Public Facilities Financing Authority, Series A (RB) | ||||||||
210,000 | 5.00%, 05/15/26 (c) | 256,564 | ||||||
135,000 | 5.00%, 05/15/26 (c) | 165,311 | ||||||
185,000 | San Diego Public Facilities Financing Authority, Series B (RB) 5.00%, 08/01/26 | 228,190 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 555,000 | San Diego Regional Building Authority, Series A (RB) 5.00%, 10/15/25 (c) | $ | 656,171 | ||||
650,000 | San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c) | 817,144 | ||||||
San Diego Unified School District, Series R-5 (GO) | ||||||||
20,000 | 4.00%, 07/01/26 (c) | 23,305 | ||||||
520,000 | 5.00%, 07/01/26 (c) | 638,016 | ||||||
575,000 | San Diego Unified School District, Series SR-1 (GO) 4.00%, 07/01/26 (c) | 663,944 | ||||||
210,000 | San Francisco Bay Area Rapid Transit District, Series D (GO) 5.00%, 08/01/25 (c) | 249,912 | ||||||
San Francisco Bay Area Rapid Transit District, Series F-1 (GO) | ||||||||
900,000 | 5.00%, 08/01/28 | 1,173,832 | ||||||
140,000 | 5.00%, 08/01/29 (c) | 183,464 | ||||||
110,000 | 5.00%, 08/01/29 (c) | 145,364 | ||||||
140,000 | San Francisco Community College District (GO) 5.00%, 06/15/25 | 165,902 | ||||||
San Francisco County Transportation Authority (RB) | ||||||||
135,000 | 3.00%, 02/01/27 (c) | 148,447 | ||||||
500,000 | 3.00%, 02/01/27 (c) | 541,716 | ||||||
105,000 | 4.00%, 02/01/27 | 125,208 | ||||||
325,000 | 4.00%, 02/01/27 (c) | 382,068 | ||||||
2,000,000 | San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c) | 2,365,272 | ||||||
165,000 | San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c) | 203,551 | ||||||
San Joaquin County, Administration Building Project (CP) (AGM) | ||||||||
520,000 | 5.00%, 11/15/27 (c) | 655,511 | ||||||
500,000 | 5.00%, 11/15/27 (c) | 635,448 | ||||||
25,000 | San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c) | 29,636 | ||||||
230,000 | San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c) | 282,302 | ||||||
San Marcos Unified School District (GO) | ||||||||
400,000 | 4.00%, 08/01/27 (c) | 468,044 | ||||||
350,000 | 5.00%, 08/01/27 (c) | 435,543 | ||||||
515,000 | 5.00%, 08/01/27 (c) | 644,104 | ||||||
360,000 | 5.00%, 08/01/27 (c) | 449,923 | ||||||
770,000 | San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c) | 896,454 | ||||||
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
400,000 | 4.00%, 05/15/25 (c) | 449,202 | ||||||
760,000 | 4.00%, 05/15/25 (c) | 855,406 |
See Notes to Financial Statements
58 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
Santa Clara Unified School District (GO) | ||||||||
$ | 1,535,000 | 3.00%, 07/01/26 (c) | $ | 1,662,922 | ||||
100,000 | 3.00%, 07/01/26 (c) | 108,744 | ||||||
25,000 | Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c) | 29,986 | ||||||
500,000 | Sequoia Union High School District (GO) 3.00%, 07/01/26 (c) | 546,868 | ||||||
100,000 | Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29 | 132,641 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series AW (RB) | ||||||||
275,000 | 5.00%, 12/01/26 (c) | 338,772 | ||||||
50,000 | 5.00%, 12/01/26 (c) | 61,841 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) | ||||||||
100,000 | 5.00%, 12/01/27 (c) | 127,113 | ||||||
915,000 | 5.00%, 12/01/27 (c) | 1,165,063 | ||||||
365,000 | State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c) | 477,483 | ||||||
10,000 | State of California, Series CL (GO) 3.75%, 12/01/24 (c) | 10,340 | ||||||
State of California, Various Purpose (GO) | ||||||||
400,000 | 2.00%, 09/01/26 (c) | 426,127 | ||||||
150,000 | 3.00%, 09/01/26 (c) | 161,057 | ||||||
350,000 | 3.00%, 10/01/29 (c) | 388,236 | ||||||
1,575,000 | 3.13%, 04/01/29 (c) | 1,772,184 | ||||||
605,000 | 3.50%, 08/01/27 | 710,728 | ||||||
130,000 | 4.00%, 08/01/26 (c) | 150,756 | ||||||
700,000 | 4.00%, 08/01/26 (c) | 812,955 | ||||||
2,110,000 | 4.00%, 09/01/26 (c) | 2,463,395 | ||||||
600,000 | 4.00%, 11/01/27 | 726,672 | ||||||
100,000 | 4.00%, 11/01/27 (c) | 119,154 | ||||||
2,000,000 | 4.00%, 03/01/29 | 2,472,619 | ||||||
9,500,000 | 4.00%, 03/01/30 (c) | 11,534,151 | ||||||
2,000,000 | 4.00%, 03/01/30 (c) | 2,420,316 | ||||||
3,445,000 | 4.00%, 11/01/30 (c) | 4,258,115 | ||||||
345,000 | 5.00%, 09/01/23 (c) | 383,190 | ||||||
500,000 | 5.00%, 04/01/24 (c) | 565,170 | ||||||
30,000 | 5.00%, 09/01/25 (c) | 35,942 | ||||||
1,075,000 | 5.00%, 04/01/26 (c) | 1,303,245 | ||||||
1,050,000 | 5.00%, 08/01/26 (c) | 1,293,295 | ||||||
955,000 | 5.00%, 08/01/26 (c) | 1,172,395 | ||||||
600,000 | 5.00%, 08/01/26 (c) | 732,763 | ||||||
150,000 | 5.00%, 08/01/26 (c) | 184,320 | ||||||
1,165,000 | 5.00%, 08/01/26 (c) | 1,430,199 | ||||||
115,000 | 5.00%, 08/01/26 (c) | 139,389 | ||||||
190,000 | 5.00%, 08/01/26 (c) | 230,839 | ||||||
510,000 | 5.00%, 08/01/26 (c) | 625,504 | ||||||
915,000 | 5.00%, 08/01/26 (c) | 1,115,355 | ||||||
185,000 | 5.00%, 08/01/26 (c) | 227,866 | ||||||
390,000 | 5.00%, 09/01/26 (c) | 476,491 | ||||||
1,615,000 | 5.00%, 09/01/26 (c) | 1,981,689 | ||||||
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 2,260,000 | 5.00%, 09/01/26 (c) | $ | 2,767,827 | ||||
320,000 | 5.00%, 09/01/26 (c) | 392,657 | ||||||
770,000 | 5.00%, 09/01/26 (c) | 948,462 | ||||||
150,000 | 5.00%, 09/01/26 (c) | 184,765 | ||||||
250,000 | 5.00%, 09/01/26 (c) | 307,352 | ||||||
1,000,000 | 5.00%, 09/01/26 (c) | 1,230,587 | ||||||
125,000 | 5.00%, 09/01/26 (c) | 153,676 | ||||||
2,000,000 | 5.00%, 09/01/26 (c) | 2,461,175 | ||||||
1,920,000 | 5.00%, 08/01/27 (c) | 2,417,991 | ||||||
3,395,000 | 5.00%, 08/01/27 (c) | 4,283,603 | ||||||
950,000 | 5.00%, 08/01/27 (c) | 1,189,465 | ||||||
285,000 | 5.00%, 10/01/27 | 362,476 | ||||||
2,645,000 | 5.00%, 11/01/27 (c) | 3,327,228 | ||||||
1,000,000 | 5.00%, 11/01/27 (c) | 1,267,385 | ||||||
2,480,000 | 5.00%, 11/01/27 (c) | 3,148,867 | ||||||
1,020,000 | 5.00%, 11/01/27 (c) | 1,285,892 | ||||||
2,000,000 | 5.00%, 11/01/27 | 2,549,077 | ||||||
710,000 | 5.00%, 04/01/28 | 912,562 | ||||||
2,445,000 | 5.00%, 08/01/28 (c) | 3,111,142 | ||||||
275,000 | 5.00%, 08/01/28 (c) | 353,753 | ||||||
750,000 | 5.00%, 08/01/28 | 971,440 | ||||||
300,000 | 5.00%, 10/01/28 (c) | 388,964 | ||||||
400,000 | 5.00%, 11/01/28 | 520,997 | ||||||
150,000 | 5.00%, 04/01/29 (c) | 194,840 | ||||||
3,500,000 | 5.00%, 04/01/29 (c) | 4,514,584 | ||||||
1,735,000 | 5.00%, 04/01/29 | 2,279,912 | ||||||
2,340,000 | 5.00%, 10/01/29 (c) | 3,091,547 | ||||||
1,000,000 | 5.00%, 10/01/29 | 1,327,524 | ||||||
3,000,000 | 5.00%, 10/01/29 (c) | 3,955,076 | ||||||
2,590,000 | 5.00%, 04/01/30 | 3,466,013 | ||||||
1,000,000 | 5.00%, 11/01/30 | 1,354,632 | ||||||
1,610,000 | 5.00%, 11/01/30 (c) | 2,144,861 | ||||||
380,000 | 5.00%, 04/01/31 | 518,729 | ||||||
3,500,000 | 5.00%, 04/01/32 | 4,855,711 | ||||||
Stockton Unified School District (GO) | ||||||||
100,000 | 5.00%, 02/01/26 (c) | 119,736 | ||||||
100,000 | 5.00%, 02/01/26 (c) | 120,357 | ||||||
335,000 | Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c) | 398,874 | ||||||
Trustees of the California State University, Series A (RB) | ||||||||
250,000 | 4.00%, 05/01/26 (c) | 293,015 | ||||||
410,000 | 5.00%, 05/01/26 (c) | 497,850 | ||||||
750,000 | 5.00%, 05/01/26 (c) | 905,366 | ||||||
830,000 | 5.00%, 05/01/26 (c) | 1,011,037 | ||||||
Tuolumne Wind Project Authority, Series A (RB) | ||||||||
405,000 | 5.00%, 01/01/27 (c) | 502,915 | ||||||
125,000 | 5.00%, 01/01/27 | 156,454 | ||||||
Turlock Irrigation District (RB) | ||||||||
500,000 | 5.00%, 01/01/30 (c) | 648,897 | ||||||
1,000,000 | 5.00%, 01/01/30 (c) | 1,305,485 | ||||||
130,000 | University of California, Series AO (RB) 5.00%, 05/15/25 (c) | 153,967 | ||||||
10,000 | University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 12,195 | ||||||
385,000 | University of California, Series AY (RB) 5.00%, 05/15/27 (c) | 482,305 |
See Notes to Financial Statements
59 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
University of California, Series AZ (RB) | ||||||||
$ | 310,000 | 5.00%, 05/15/28 (c) | $ | 395,273 | ||||
275,000 | 5.00%, 05/15/28 (c) | 354,563 | ||||||
1,500,000 | University of California, Series BE (RB) 5.00%, 05/15/30 (c) | 1,989,543 | ||||||
1,170,000 | University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,478,847 | ||||||
West Basin Municipal Water District, Series A (RB) | ||||||||
155,000 | 5.00%, 02/01/26 (c) | 187,119 | ||||||
100,000 | 5.00%, 02/01/26 (c) | 121,035 | ||||||
20,000 | West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c) | 23,617 | ||||||
293,812,391 | ||||||||
Colorado: 1.6% | ||||||||
250,000 | Adams 12 Five Star Schools, Series B (GO) 5.00%, 12/15/26 (c) | 309,533 | ||||||
540,000 | Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c) | 664,893 | ||||||
Board of Governors of Colorado State University System (RB) | ||||||||
935,000 | 5.00%, 03/01/28 (c) | 1,171,552 | ||||||
510,000 | 5.00%, 03/01/28 (c) | 648,515 | ||||||
1,050,000 | Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 06/01/27 (c) | 1,251,046 | ||||||
1,000,000 | Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c) | 1,198,880 | ||||||
150,000 | City and County of Denver, Series A (RB) 5.00%, 08/01/26 (c) | 183,277 | ||||||
200,000 | City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^ | 134,087 | ||||||
City of Aurora, Water Revenue, First Lien (RB) | ||||||||
1,015,000 | 5.00%, 08/01/26 (c) | 1,236,083 | ||||||
500,000 | 5.00%, 08/01/26 (c) | 610,348 | ||||||
City of Colorado Springs, Utilities System, Series A-1 (RB) | ||||||||
100,000 | 5.00%, 11/15/27 (c) | 125,784 | ||||||
120,000 | 5.00%, 11/15/27 (c) | 151,439 | ||||||
110,000 | 5.00%, 11/15/27 (c) | 139,464 | ||||||
545,000 | Colorado Health Facilities Authority, Adventist Health System, Series B (RB) 5.00%, 05/15/26 (c) | 651,244 | ||||||
155,000 | Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c) | 194,604 | ||||||
115,000 | Colorado Higher Education, Series A (CP) 5.00%, 11/01/26 | 141,281 | ||||||
2,000,000 | Denver City and County School District No. 1 (GO) (SAW) 4.00%, 12/01/30 (c) | 2,470,131 |
Principal Amount | Value | |||||||
Colorado: (continued) | ||||||||
Denver Convention Center Hotel Authority (RB) | ||||||||
$ | 680,000 | 5.00%, 12/01/26 (c) | $ | 791,186 | ||||
570,000 | 5.00%, 12/01/26 (c) | 677,385 | ||||||
250,000 | 5.00%, 12/01/26 (c) | 299,117 | ||||||
295,000 | El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c) | 363,602 | ||||||
1,110,000 | Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c) | 1,437,474 | ||||||
Mesa County Valley School District No. 51 (GO) (SAW) | ||||||||
500,000 | 5.00%, 12/01/27 (c) | 631,756 | ||||||
500,000 | 5.00%, 12/01/27 (c) | 634,635 | ||||||
200,000 | 5.25%, 12/01/27 (c) | 255,110 | ||||||
500,000 | Pueblo City Schools (GO) (SAW) 3.00%, 12/15/29 (c) | 561,540 | ||||||
Regents of the University of Colorado, Series B-1 (RB) | ||||||||
600,000 | 2.75%, 06/01/26 (c) | 648,723 | ||||||
1,000,000 | 4.00%, 06/01/26 (c) | 1,137,534 | ||||||
540,000 | 4.00%, 06/01/26 (c) | 615,685 | ||||||
1,000,000 | Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39 | 1,306,150 | ||||||
Regional Transportation District, Series B (RB) | ||||||||
1,995,000 | 5.00%, 11/01/27 (c) | 2,473,686 | ||||||
100,000 | 5.00%, 11/01/27 (c) | 124,247 | ||||||
410,000 | State of Colorado, Series K (CP) 5.00%, 03/15/27 (c) | 499,835 | ||||||
190,000 | State of Colorado, Series M (CP) 5.00%, 03/15/28 (c) | 238,664 | ||||||
University of Colorado, Series A-2 (RB) | ||||||||
800,000 | 3.00%, 06/01/24 (c) | 837,193 | ||||||
500,000 | 4.00%, 06/01/28 (c) | 589,403 | ||||||
250,000 | 5.00%, 06/01/27 | 314,705 | ||||||
155,000 | 5.00%, 06/01/28 | 199,630 | ||||||
860,000 | University of Colorado, Series B-1 (RB) 2.25%, 06/01/26 (c) | 921,087 | ||||||
1,480,000 | Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c) | 1,932,338 | ||||||
28,772,846 | ||||||||
Connecticut: 2.1% | ||||||||
160,000 | City of Hartford, Series C (GO) (AGM) 4.00%, 07/15/25 (c) | 178,951 | ||||||
Connecticut Housing Finance Authority, Series A-1 (RB) | ||||||||
260,000 | 2.88%, 05/15/25 (c) | 273,773 | ||||||
270,000 | 3.65%, 11/15/26 (c) | 293,926 | ||||||
110,000 | 3.88%, 11/15/26 (c) | 120,748 | ||||||
500,000 | Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c) | 537,460 | ||||||
200,000 | Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c) | 212,442 |
See Notes to Financial Statements
60 |
Principal Amount | Value | |||||||
Connecticut: (continued) | ||||||||
$ | 335,000 | Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c) | $ | 420,448 | ||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
525,000 | 4.00%, 07/01/29 (c) | 602,256 | ||||||
315,000 | 4.00%, 07/01/29 (c) | 362,343 | ||||||
2,200,000 | 5.00%, 07/01/29 (c) | 2,761,671 | ||||||
1,000,000 | Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29 | 1,325,480 | ||||||
South Central Connecticut Regional Water Authority, Series B (RB) | ||||||||
310,000 | 4.00%, 08/01/26 (c) | 350,986 | ||||||
500,000 | 4.00%, 08/01/26 (c) | 566,919 | ||||||
25,000 | 5.00%, 08/01/26 (c) | 30,460 | ||||||
250,000 | State of Connecticut, Health & Educational Facilities Authority, Series F (RB) 4.00%, 07/01/26 (c) | 268,915 | ||||||
State of Connecticut, Series A (GO) | ||||||||
1,000,000 | 3.00%, 01/15/31 (c) | 1,114,282 | ||||||
1,655,000 | 4.00%, 01/15/31 | 2,058,065 | ||||||
680,000 | 5.00%, 04/15/27 (c) | 840,861 | ||||||
350,000 | 5.00%, 05/01/27 (c) | 430,992 | ||||||
1,000,000 | 5.00%, 04/15/28 (c) | 1,240,577 | ||||||
1,000,000 | 5.00%, 04/15/29 | 1,310,619 | ||||||
State of Connecticut, Series B (GO) | ||||||||
785,000 | 5.00%, 04/15/27 | 983,763 | ||||||
135,000 | 5.00%, 04/15/27 | 169,182 | ||||||
State of Connecticut, Series C (GO) | ||||||||
1,205,000 | 4.00%, 06/15/28 (c) | 1,404,603 | ||||||
850,000 | 4.00%, 06/01/30 (c) | 1,023,158 | ||||||
710,000 | State of Connecticut, Series D (GO) 4.00%, 08/15/26 (c) | 813,011 | ||||||
State of Connecticut, Series E (GO) | ||||||||
395,000 | 3.00%, 10/15/26 (c) | 428,735 | ||||||
400,000 | 5.00%, 09/15/27 | 506,723 | ||||||
1,335,000 | 5.00%, 09/15/28 (c) | 1,706,225 | ||||||
State of Connecticut, Special Tax Obligation, Series A (RB) | ||||||||
785,000 | 4.00%, 09/01/26 (c) | 896,734 | ||||||
200,000 | 5.00%, 09/01/26 (c) | 240,297 | ||||||
475,000 | 5.00%, 09/01/26 (c) | 573,166 | ||||||
190,000 | 5.00%, 01/01/28 (c) | 236,094 | ||||||
2,000,000 | 5.00%, 05/01/30 (c) | 2,586,578 | ||||||
State of Connecticut, Special Tax Obligation, Series B (RB) | ||||||||
335,000 | 5.00%, 09/01/26 (c) | 408,706 | ||||||
275,000 | 5.00%, 09/01/26 (c) | 337,116 | ||||||
1,025,000 | 5.00%, 10/01/28 | 1,324,929 | ||||||
State of Connecticut, State Revolving Fund, Series A (RB) | ||||||||
1,000,000 | 5.00%, 05/01/27 (c) | 1,233,068 | ||||||
275,000 | 5.00%, 02/01/29 (c) | 352,742 | ||||||
Principal Amount | Value | |||||||
Connecticut: (continued) | ||||||||
University of Connecticut, Series A (RB) | ||||||||
$ | 210,000 | 3.00%, 03/15/26 (c) | $ | 224,839 | ||||
265,000 | 5.00%, 03/15/26 (c) | 317,028 | ||||||
380,000 | 5.00%, 03/15/26 (c) | 455,712 | ||||||
280,000 | 5.00%, 03/15/26 (c) | 336,457 | ||||||
435,000 | 5.00%, 03/15/26 (c) | 521,647 | ||||||
745,000 | 5.00%, 01/15/27 (c) | 913,146 | ||||||
335,000 | 5.00%, 01/15/27 (c) | 411,792 | ||||||
460,000 | 5.00%, 01/15/27 | 569,091 | ||||||
1,000,000 | 5.00%, 04/15/28 (c) | 1,265,869 | ||||||
500,000 | 5.00%, 11/01/28 (c) | 628,123 | ||||||
730,000 | 5.00%, 11/01/28 (c) | 921,180 | ||||||
37,091,888 | ||||||||
Delaware: 0.5% | ||||||||
180,000 | Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c) | 195,900 | ||||||
State of Delaware (GO) | ||||||||
1,000,000 | 2.00%, 02/01/31 (c) | 1,036,890 | ||||||
1,000,000 | 2.00%, 02/01/31 (c) | 1,033,437 | ||||||
1,000,000 | 3.00%, 02/01/31 (c) | 1,161,798 | ||||||
505,000 | 3.13%, 03/01/27 (c) | 558,438 | ||||||
500,000 | 4.00%, 03/01/27 (c) | 587,492 | ||||||
State of Delaware, Series A (GO) | ||||||||
650,000 | 2.00%, 01/01/30 (c) | 669,667 | ||||||
500,000 | 5.00%, 02/01/28 | 643,128 | ||||||
500,000 | 5.00%, 02/01/28 (c) | 634,585 | ||||||
810,000 | 5.00%, 10/01/28 | 1,058,506 | ||||||
1,000,000 | 5.00%, 01/01/30 (c) | 1,332,556 | ||||||
8,912,397 | ||||||||
District of Columbia: 1.6% | ||||||||
2,250,000 | District of Columbia (RB) (SAW) 5.00%, 12/01/29 (c) | 2,903,323 | ||||||
District of Columbia, Georgetown University Issue (RB) | ||||||||
645,000 | 5.00%, 04/01/27 (c) | 773,848 | ||||||
105,000 | 5.00%, 04/01/27 (c) | 127,732 | ||||||
District of Columbia, Series A (GO) | ||||||||
250,000 | 5.00%, 06/01/26 (c) | 302,352 | ||||||
290,000 | 5.00%, 06/01/26 (c) | 350,247 | ||||||
210,000 | 5.00%, 06/01/26 (c) | 255,143 | ||||||
30,000 | 5.00%, 06/01/26 (c) | 36,349 | ||||||
2,500,000 | 5.00%, 06/01/27 (c) | 3,097,583 | ||||||
580,000 | 5.00%, 06/01/27 (c) | 719,172 | ||||||
170,000 | 5.00%, 06/01/27 (c) | 210,900 | ||||||
750,000 | 5.00%, 06/01/28 (c) | 946,255 | ||||||
1,000,000 | 5.00%, 09/01/29 (c) | 1,297,360 | ||||||
District of Columbia, Series C (RB) | ||||||||
225,000 | 5.00%, 10/01/27 | 286,489 | ||||||
1,000,000 | 5.00%, 05/01/30 (c) | 1,314,242 | ||||||
250,000 | 5.00%, 05/01/30 | 336,595 | ||||||
District of Columbia, Series D (GO) | ||||||||
500,000 | 4.00%, 06/01/27 (c) | 583,428 | �� | |||||
125,000 | 5.00%, 12/01/26 (c) | 155,689 | ||||||
20,000 | 5.00%, 12/01/26 (c) | 24,613 | ||||||
160,000 | 5.00%, 12/01/26 (c) | 197,695 | ||||||
1,500,000 | 5.00%, 06/01/27 (c) | 1,885,505 |
See Notes to Financial Statements
61 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
District of Columbia: (continued) | ||||||||
$ | 500,000 | 5.00%, 06/01/27 (c) | $ | 620,294 | ||||
25,000 | District of Columbia, Series E (GO) 5.00%, 12/01/26 (c) | 30,767 | ||||||
560,000 | Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28 | 727,122 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) | ||||||||
250,000 | 4.00%, 10/01/29 (c) | 293,252 | ||||||
250,000 | 4.00%, 10/01/29 (c) | 294,368 | ||||||
2,545,000 | Washington Convention and Sports Authority, Senior Lien, Series A (RB) 5.00%, 10/01/27 (c) | 3,138,603 | ||||||
Washington Metropolitan Area Transit Authority (RB) | ||||||||
175,000 | 5.00%, 07/01/27 (c) | 219,373 | ||||||
275,000 | 5.00%, 07/01/27 | 345,796 | ||||||
Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
140,000 | 5.00%, 07/01/27 (c) | 173,228 | ||||||
330,000 | 5.00%, 07/01/27 | 414,956 | ||||||
Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
810,000 | 5.00%, 07/01/27 (c) | 994,642 | ||||||
550,000 | 5.00%, 07/01/27 (c) | 676,924 | ||||||
300,000 | 5.00%, 07/01/27 (c) | 370,220 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
1,205,000 | 5.00%, 07/01/27 (c) | 1,483,079 | ||||||
880,000 | 5.00%, 07/01/27 (c) | 1,080,599 | ||||||
650,000 | 5.00%, 07/01/27 (c) | 804,273 | ||||||
240,000 | 5.00%, 07/01/27 | 301,786 | ||||||
555,000 | 5.00%, 07/01/27 (c) | 689,150 | ||||||
28,462,952 | ||||||||
Florida: 4.4% | ||||||||
490,000 | Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c) | 625,006 | ||||||
520,000 | Central Florida Expressway Authority (RB) 3.00%, 07/01/27 (c) | 564,296 | ||||||
Central Florida Expressway Authority, Series A (RB) | ||||||||
815,000 | 3.00%, 07/01/26 (c) | 882,073 | ||||||
395,000 | 3.25%, 07/01/26 (c) | 425,009 | ||||||
175,000 | City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c) | 219,252 | ||||||
City of Gainesville, Utilities System, Series A (RB) | ||||||||
500,000 | 5.00%, 10/01/27 (c) | 623,106 | ||||||
195,000 | 5.00%, 10/01/27 (c) | 243,497 | ||||||
City of Jacksonville, Series A (RB) | ||||||||
1,095,000 | 5.00%, 10/01/29 (c) | 1,437,519 | ||||||
1,000,000 | 5.00%, 10/01/29 | 1,316,179 | ||||||
City of Jacksonville, Series B (RB) | ||||||||
250,000 | 5.00%, 10/01/26 (c) | 307,481 | ||||||
585,000 | 5.00%, 10/01/27 | 737,746 | ||||||
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
$ | 210,000 | City of Jacksonville, Transportation Revenue (RB) 5.00%, 10/01/25 (c) | $ | 249,657 | ||||
540,000 | City of Lakeland, Lakeland Regional Health System (RB) 5.00%, 11/15/26 (c) | 653,903 | ||||||
560,000 | City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 691,777 | ||||||
City of Port St. Lucie, Utility System (RB) | ||||||||
500,000 | 4.00%, 09/01/26 (c) | 581,514 | ||||||
585,000 | 5.00%, 09/01/26 (c) | 716,107 | ||||||
County of Miami-Dade (RB) | ||||||||
565,000 | 0.00%, 10/01/26 (c) ^ | 441,358 | ||||||
400,000 | 0.00%, 10/01/26 (c) ^ | 299,352 | ||||||
640,000 | 5.00%, 10/01/26 | 780,678 | ||||||
690,000 | 5.00%, 10/01/26 (c) | 841,717 | ||||||
510,000 | 5.00%, 10/01/26 (c) | 625,588 | ||||||
1,115,000 | 5.00%, 10/01/26 (c) | 1,362,318 | ||||||
County of Miami-Dade, Aviation Revenue, Series A (RB) | ||||||||
750,000 | 5.00%, 10/01/26 (c) | 899,516 | ||||||
460,000 | 5.00%, 10/01/26 (c) | 558,335 | ||||||
100,000 | 5.00%, 10/01/26 (c) | 121,769 | ||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) | ||||||||
1,600,000 | 4.00%, 07/01/30 (c) | 1,957,163 | ||||||
100,000 | 5.00%, 07/01/25 (c) | 118,315 | ||||||
555,000 | 5.00%, 07/01/26 (c) | 671,825 | ||||||
520,000 | 5.00%, 07/01/26 (c) | 633,573 | ||||||
100,000 | 5.00%, 07/01/26 (c) | 122,925 | ||||||
280,000 | 5.00%, 07/01/26 (c) | 339,570 | ||||||
County of Miami-Dade, Capital Asset Acquisition, Series B (RB) | ||||||||
260,000 | 3.13%, 04/01/26 (c) | 278,804 | ||||||
520,000 | 5.00%, 04/01/26 (c) | 629,565 | ||||||
1,000,000 | County of Miami-Dade, Expressway Authority Toll System, Series 4B (RB) 5.00%, 07/01/24 (c) | 1,138,160 | ||||||
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) | ||||||||
25,000 | 5.00%, 07/01/26 (c) | 30,024 | ||||||
105,000 | 5.00%, 07/01/26 (c) | 126,512 | ||||||
250,000 | County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c) | 288,915 | ||||||
2,000,000 | County of Miami-Dade, Public Health Trust Program, Series A (GO) 5.00%, 07/01/30 (c) | 2,561,231 | ||||||
County of Miami-Dade, Water and Sewer System (RB) | ||||||||
800,000 | 5.00%, 10/01/27 (c) | 1,016,526 | ||||||
3,500,000 | 5.00%, 04/01/31 (c) | 4,736,779 | ||||||
County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
370,000 | 3.00%, 10/01/27 (c) | 402,583 | ||||||
605,000 | 5.00%, 10/01/25 (c) | 718,961 |
See Notes to Financial Statements
62 |
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
County of Orange, Water and Wastewater Utility System (RB) | ||||||||
$ | 1,000,000 | 5.00%, 10/01/30 (c) | $ | 1,332,307 | ||||
1,000,000 | 5.00%, 10/01/30 (c) | 1,333,361 | ||||||
125,000 | Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/27 | 157,094 | ||||||
Florida Department of Management Services, Series A (CP) | ||||||||
105,000 | 5.00%, 08/01/25 | 124,810 | ||||||
425,000 | 5.00%, 09/01/27 (c) | 537,677 | ||||||
175,000 | 5.00%, 11/01/27 | 221,519 | ||||||
500,000 | Florida Higher Educational Facilities Financial Authority, Nova Southeastern University Project (RB) 5.00%, 04/01/26 (c) | 573,048 | ||||||
Florida Housing Finance Corp., Series 1 (RB) | ||||||||
245,000 | 3.25%, 01/01/27 (c) | 261,474 | ||||||
445,000 | 3.60%, 01/01/27 (c) | 475,443 | ||||||
Florida Housing Finance Corp., Series 2 (RB) | ||||||||
1,000,000 | 2.10%, 01/01/30 (c) | 1,023,690 | ||||||
375,000 | 3.20%, 07/01/25 (c) | 390,022 | ||||||
Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) | ||||||||
635,000 | 3.00%, 10/01/26 (c) | 678,615 | ||||||
125,000 | 5.00%, 10/01/26 (c) | 152,389 | ||||||
195,000 | 5.00%, 10/01/26 (c) | 237,921 | ||||||
470,000 | 5.00%, 10/01/27 | 593,054 | ||||||
Hernando County School District, Series A (CP) (AGM) | ||||||||
245,000 | 3.00%, 07/01/26 (c) | 260,358 | ||||||
450,000 | 3.00%, 07/01/26 (c) | 479,405 | ||||||
470,000 | 3.00%, 07/01/26 (c) | 501,412 | ||||||
JEA Electric System, Series B (RB) | ||||||||
175,000 | 3.38%, 10/01/22 (c) | 178,812 | ||||||
885,000 | 5.00%, 10/01/27 (c) | 1,093,331 | ||||||
JEA Electric System, Series Three B (RB) | ||||||||
850,000 | 5.00%, 10/01/27 (c) | 1,061,331 | ||||||
610,000 | 5.00%, 10/01/27 (c) | 764,978 | ||||||
650,000 | 5.00%, 10/01/27 | 818,792 | ||||||
605,000 | Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c) | 760,480 | ||||||
160,000 | Manatee County School District (RB) (AGM) 5.00%, 04/01/27 (c) | 197,666 | ||||||
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) | ||||||||
815,000 | 5.00%, 02/01/24 (c) | 913,124 | ||||||
610,000 | 5.00%, 02/01/24 (c) | 682,555 | ||||||
860,000 | 5.00%, 02/01/24 (c) | 964,544 | ||||||
640,000 | 5.00%, 02/01/24 (c) | 720,044 | ||||||
145,000 | 5.00%, 02/01/24 (c) | 162,881 |
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (TA) | ||||||||
$ | 355,000 | 5.00%, 02/01/24 (c) | $ | 396,915 | ||||
320,000 | 5.00%, 02/01/24 (c) | 358,248 | ||||||
425,000 | 5.00%, 02/01/24 (c) | 476,169 | ||||||
420,000 | Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c) | 464,179 | ||||||
410,000 | Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c) | 495,081 | ||||||
310,000 | Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c) | 365,196 | ||||||
Orange County, Tourist Development Tax (RB) | ||||||||
100,000 | 5.00%, 10/01/25 (c) | 117,745 | ||||||
190,000 | 5.00%, 10/01/26 | 233,458 | ||||||
360,000 | 5.00%, 10/01/27 | 453,229 | ||||||
280,000 | 5.00%, 10/01/29 | 365,125 | ||||||
490,000 | 5.00%, 10/01/30 | 648,195 | ||||||
500,000 | Orange County, Tourist Development Tax, Series B (RB) 5.00%, 10/01/26 (c) | 605,430 | ||||||
120,000 | Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c) | 150,183 | ||||||
350,000 | Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c) | 413,557 | ||||||
Palm Beach County School Board, Series A (CP) | ||||||||
120,000 | 5.00%, 08/01/27 | 151,213 | ||||||
275,000 | 5.00%, 08/01/30 (c) | 361,466 | ||||||
695,000 | Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c) | 887,611 | ||||||
1,000,000 | Pasco County School Board, Series C (CP) (AGM) 5.00%, 08/01/30 (c) | 1,283,405 | ||||||
Polk County School District (RB) | ||||||||
100,000 | 5.00%, 10/01/29 (c) | 131,272 | ||||||
1,000,000 | 5.00%, 10/01/29 (c) | 1,320,230 | ||||||
175,000 | Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c) | 218,259 | ||||||
125,000 | School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c) | 135,999 | ||||||
720,000 | School Board of Miami-Dade County, Series B (CP) (AGM) 5.00%, 05/01/25 (c) | 843,172 | ||||||
School Board of Miami-Dade County, Series C (CP) | ||||||||
540,000 | 3.25%, 06/01/21 (c) | 540,662 | ||||||
265,000 | 3.25%, 06/01/21 (c) | 265,337 |
See Notes to Financial Statements
63 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
School Board of Miami-Dade County, Series D (CP) | ||||||||
$ | 265,000 | 5.00%, 02/01/26 (c) | $ | 317,711 | ||||
165,000 | 5.00%, 02/01/26 | 198,418 | ||||||
200,000 | School District of Broward County, Series A (CP) 5.00%, 07/01/26 (c) | 240,082 | ||||||
South Broward Hospital District (RB) | ||||||||
500,000 | 4.00%, 05/01/26 (c) | 557,740 | ||||||
435,000 | 5.00%, 05/01/26 (c) | 519,881 | ||||||
South Miami Health Facilities Authority (RB) | ||||||||
800,000 | 5.00%, 08/15/27 (c) | 980,151 | ||||||
710,000 | 5.00%, 08/15/27 (c) | 880,271 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) | ||||||||
650,000 | 4.00%, 06/01/28 (c) | 780,466 | ||||||
815,000 | 5.00%, 06/01/25 (c) | 967,087 | ||||||
795,000 | 5.00%, 06/01/28 (c) | 1,020,422 | ||||||
400,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/27 (c) | 504,704 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) | ||||||||
510,000 | 3.00%, 06/01/29 (c) | 580,040 | ||||||
500,000 | 4.00%, 06/01/26 (c) | 580,661 | ||||||
725,000 | 4.00%, 06/01/26 (c) | 840,532 | ||||||
780,000 | 4.00%, 06/01/27 (c) | 917,569 | ||||||
585,000 | 5.00%, 06/01/27 | 738,797 | ||||||
145,000 | 5.00%, 06/01/28 (c) | 186,878 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | ||||||||
10,000 | 5.00%, 06/01/26 (c) | 12,194 | ||||||
105,000 | 5.00%, 06/01/28 | 135,986 | ||||||
590,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 2.38%, 06/01/26 (c) | 624,022 | ||||||
135,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) 5.00%, 06/01/26 (c) | 164,624 | ||||||
1,000,000 | State of Florida, Department of Transportation Financing Corp. (RB) 3.00%, 07/01/30 (c) | 1,140,471 | ||||||
115,000 | State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c) | 146,489 | ||||||
880,000 | State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 | 1,170,123 |
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO) | ||||||||
$ | 600,000 | 3.00%, 07/01/27 (c) | $ | 654,431 | ||||
555,000 | 3.00%, 07/01/27 (c) | 616,232 | ||||||
40,000 | 5.00%, 07/01/26 (c) | 49,538 | ||||||
750,000 | State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series B (GO) 5.00%, 07/01/28 (c) | 973,905 | ||||||
580,000 | State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c) | 740,596 | ||||||
555,000 | State of Florida, Department of Transportation, Turnpike, Series B (RB) 2.63%, 07/01/25 (c) | 598,027 | ||||||
740,000 | State of Florida, Department of Transportation, Turnpike, Series C (RB) 5.00%, 07/01/26 (c) | 899,526 | ||||||
280,000 | Volusia County School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c) | 320,375 | ||||||
80,367,606 | ||||||||
Georgia: 2.1% | ||||||||
420,000 | Augusta, Water and Sewer (RB) 3.00%, 10/01/27 (c) | 462,223 | ||||||
500,000 | City of Atlanta, Airport Passenger Facility Charge (RB) 5.00%, 07/01/29 (c) | 637,286 | ||||||
200,000 | City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c) | 243,516 | ||||||
250,000 | Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c) | 300,574 | ||||||
750,000 | Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c) | 905,869 | ||||||
3,000,000 | County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c) | 3,370,151 | ||||||
Forsyth County School District (GO) | ||||||||
1,000,000 | 5.00%, 02/01/28 (c) | 1,260,184 | ||||||
1,000,000 | 5.00%, 02/01/28 (c) | 1,275,179 | ||||||
1,045,000 | 5.00%, 02/01/29 | 1,373,001 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) | ||||||||
225,000 | 5.00%, 02/15/27 (c) | 270,528 | ||||||
100,000 | 5.00%, 02/15/27 (c) | 122,070 | ||||||
925,000 | Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c) | 976,390 |
See Notes to Financial Statements
64 |
Principal Amount | Value | |||||||
Georgia: (continued) | ||||||||
Georgia State Road and Tollway Authority (RB) | ||||||||
$ | 2,000,000 | 5.00%, 06/01/30 (c) | $ | 2,661,945 | ||||
2,550,000 | 5.00%, 06/01/30 (c) | 3,406,583 | ||||||
500,000 | Georgia State Road and Tollway Authority, Highway Grant Anticipation (RB) 5.00%, 06/01/28 | 644,366 | ||||||
200,000 | Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/26 (c) | 240,766 | ||||||
500,000 | Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/29 (c) | 650,030 | ||||||
350,000 | Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) | 427,503 | ||||||
Richmond County Hospital Authority, University Health Services, Inc. Project (RB) | ||||||||
345,000 | 3.00%, 07/01/26 (c) | 368,500 | ||||||
835,000 | 5.00%, 07/01/26 (c) | 1,018,200 | ||||||
375,000 | 5.00%, 07/01/26 (c) | 450,244 | ||||||
250,000 | 5.00%, 07/01/26 (c) | 303,629 | ||||||
State of Georgia, Series A (GO) | ||||||||
985,000 | 2.50%, 02/01/26 (c) | 1,033,039 | ||||||
935,000 | 4.00%, 08/01/30 (c) | 1,165,520 | ||||||
680,000 | 5.00%, 02/01/26 (c) | 818,988 | ||||||
125,000 | 5.00%, 02/01/26 | 152,081 | ||||||
150,000 | 5.00%, 02/01/27 (c) | 186,437 | ||||||
1,200,000 | 5.00%, 02/01/27 (c) | 1,479,825 | ||||||
350,000 | 5.00%, 02/01/27 (c) | 433,905 | ||||||
2,815,000 | 5.00%, 08/01/28 | 3,657,633 | ||||||
2,500,000 | 5.00%, 08/01/29 | 3,319,418 | ||||||
State of Georgia, Series C (GO) | ||||||||
3,000,000 | 5.00%, 07/01/27 (c) | 3,768,030 | ||||||
130,000 | 5.00%, 07/01/27 | 164,722 | ||||||
37,548,335 | ||||||||
Hawaii: 1.1% | ||||||||
City and County of Honolulu, Rail Transit Project, Series B (GO) | ||||||||
1,275,000 | 5.00%, 03/01/30 (c) | 1,691,457 | ||||||
350,000 | 5.00%, 03/01/30 | 467,663 | ||||||
1,015,000 | City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c) | 1,258,912 | ||||||
City and County of Honolulu, Series C (GO) | ||||||||
750,000 | 4.00%, 08/01/29 (c) | 900,078 | ||||||
120,000 | 4.00%, 08/01/29 (c) | 144,966 | ||||||
1,000,000 | 5.00%, 10/01/29 | 1,325,625 | ||||||
City and County of Honolulu, Wastewater System, Series A (RB) | ||||||||
970,000 | 4.00%, 07/01/26 (c) | 1,107,940 | ||||||
1,015,000 | 5.00%, 07/01/26 (c) | 1,228,082 |
Principal Amount | Value | |||||||
Hawaii: (continued) | ||||||||
City and County of Honolulu, Wastewater System, Series B (RB) | ||||||||
$ | 100,000 | 4.00%, 07/01/26 (c) | $ | 113,994 | ||||
395,000 | 5.00%, 07/01/29 (c) | 515,445 | ||||||
175,000 | State of Hawaii, Department of Budget and Finance, Series A (RB) 5.00%, 07/01/25 | 207,051 | ||||||
295,000 | State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c) | 357,595 | ||||||
State of Hawaii, Series FB (GO) | ||||||||
150,000 | 3.00%, 04/01/26 (c) | 158,026 | ||||||
200,000 | 4.00%, 04/01/26 (c) | 231,016 | ||||||
State of Hawaii, Series FH (GO) | ||||||||
15,000 | 5.00%, 10/01/26 (c) | 18,440 | ||||||
375,000 | 5.00%, 10/01/26 (c) | 462,344 | ||||||
State of Hawaii, Series FK (GO) | ||||||||
690,000 | 5.00%, 05/01/27 (c) | 846,069 | ||||||
130,000 | 5.00%, 05/01/27 (c) | 159,789 | ||||||
State of Hawaii, Series FN (GO) | ||||||||
500,000 | 5.00%, 10/01/27 (c) | 627,137 | ||||||
105,000 | 5.00%, 10/01/27 (c) | 132,367 | ||||||
State of Hawaii, Series FT (GO) | ||||||||
295,000 | 4.00%, 01/01/28 (c) | 347,112 | ||||||
1,020,000 | 5.00%, 10/01/27 (c) | 1,275,047 | ||||||
150,000 | 5.00%, 01/01/28 (c) | 188,240 | ||||||
280,000 | 5.00%, 01/01/28 (c) | 354,680 | ||||||
1,150,000 | 5.00%, 01/01/28 (c) | 1,447,804 | ||||||
State of Hawaii, Series FW (GO) | ||||||||
1,300,000 | 5.00%, 01/01/28 | 1,656,992 | ||||||
1,180,000 | 5.00%, 01/01/29 | 1,535,366 | ||||||
University of Hawaii, Series E (RB) | ||||||||
285,000 | 5.00%, 10/01/26 (c) | 346,770 | ||||||
240,000 | 5.00%, 10/01/26 (c) | 292,019 | ||||||
19,398,026 | ||||||||
Idaho: 0.0% | ||||||||
500,000 | Ada and Boise Counties Independent School District (GO) 5.00%, 02/01/27 (c) | 612,659 | ||||||
Illinois: 4.0% | ||||||||
235,000 | Chicago Board of Education (ST) 5.75%, 04/01/27 (c) | 284,419 | ||||||
Chicago O’Hare International Airport, Series A (RB) | ||||||||
175,000 | 5.00%, 01/01/27 (c) | 213,207 | ||||||
1,000,000 | 5.00%, 01/01/30 (c) | 1,282,477 | ||||||
Chicago O’Hare International Airport, Series B (RB) | ||||||||
495,000 | 5.00%, 01/01/25 (c) | 575,638 | ||||||
470,000 | 5.00%, 01/01/27 (c) | 570,050 | ||||||
365,000 | 5.00%, 01/01/27 (c) | 442,767 | ||||||
135,000 | Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c) | 160,611 | ||||||
100,000 | City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c) | 121,328 | ||||||
City of Chicago, Series A (GO) (SAW) | ||||||||
200,000 | 5.00%, 01/01/29 | 247,325 | ||||||
390,000 | 5.50%, 01/01/29 (c) | 484,252 |
See Notes to Financial Statements
65 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 845,000 | 5.63%, 01/01/27 (c) | $ | 1,017,342 | ||||
340,000 | 5.63%, 01/01/27 (c) | 411,052 | ||||||
750,000 | City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c) | 905,270 | ||||||
City of Chicago, Water Revenue, Second Lien (RB) | ||||||||
1,140,000 | 5.00%, 11/01/27 (c) | 1,433,310 | ||||||
180,000 | 5.25%, 11/01/27 (c) | 227,540 | ||||||
City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) | ||||||||
405,000 | 5.00%, 11/01/26 (c) | 494,980 | ||||||
420,000 | 5.00%, 11/01/26 (c) | 513,520 | ||||||
City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) | ||||||||
15,000 | 5.00%, 03/01/25 (c) | 17,349 | ||||||
425,000 | 5.00%, 03/01/25 (c) | 495,414 | ||||||
1,000,000 | Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/27 | 1,260,333 | ||||||
210,000 | Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c) | 244,377 | ||||||
Cook County, Series A (GO) | ||||||||
325,000 | 5.00%, 11/15/26 (c) | 397,272 | ||||||
250,000 | 5.00%, 11/15/26 (c) | 306,475 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
165,000 | 4.00%, 01/01/26 (c) | 189,506 | ||||||
100,000 | 4.00%, 01/01/26 (c) | 116,329 | ||||||
750,000 | 4.00%, 01/01/31 (c) | 927,626 | ||||||
685,000 | 5.00%, 01/01/26 (c) | 826,562 | ||||||
135,000 | 5.00%, 01/01/26 | 163,176 | ||||||
435,000 | 5.00%, 01/01/27 (c) | 534,187 | ||||||
400,000 | 5.00%, 01/01/27 (c) | 496,540 | ||||||
140,000 | 5.00%, 01/01/27 (c) | 173,084 | ||||||
1,400,000 | 5.00%, 07/01/29 (c) | 1,830,708 | ||||||
1,155,000 | 5.00%, 07/01/29 (c) | 1,501,893 | ||||||
750,000 | 5.00%, 01/01/31 (c) | 1,003,155 | ||||||
Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
1,000,000 | 4.00%, 06/01/26 (c) | 1,102,460 | ||||||
160,000 | 4.00%, 06/01/26 (c) | 177,260 | ||||||
90,000 | 4.00%, 06/01/26 (c) | 99,448 | ||||||
250,000 | 5.00%, 06/01/26 (c) | 300,169 | ||||||
130,000 | 5.00%, 06/01/26 (c) | 157,161 | ||||||
1,365,000 | Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 5.00%, 08/15/30 (c) | 1,802,479 | ||||||
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) | ||||||||
1,325,000 | 3.00%, 01/15/28 (c) | 1,439,231 | ||||||
535,000 | 5.00%, 07/15/27 | 675,243 | ||||||
1,010,000 | Illinois Finance Authority, Presence Health Network, Series C (RB) 4.00%, 02/15/27 (c) | 1,151,429 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB) | ||||||||
$ | 125,000 | 5.00%, 05/15/25 (c) | $ | 144,297 | ||||
195,000 | 5.00%, 05/15/25 (c) | 227,370 | ||||||
500,000 | Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c) | 538,366 | ||||||
Illinois Housing Development Authority, Series C (RB) | ||||||||
540,000 | 2.80%, 10/01/28 (c) | 578,806 | ||||||
695,000 | 3.10%, 02/01/26 (c) | 729,097 | ||||||
Illinois State Toll Highway Authority, Series A (RB) | ||||||||
510,000 | 5.00%, 01/01/28 (c) | 637,057 | ||||||
175,000 | 5.00%, 01/01/29 | 226,205 | ||||||
1,000,000 | Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c) | 1,314,131 | ||||||
Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO) | ||||||||
215,000 | 5.00%, 01/01/24 (c) | 240,328 | ||||||
120,000 | 5.00%, 01/01/24 (c) | 134,272 | ||||||
Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) | ||||||||
190,000 | 5.00%, 01/01/24 (c) | 212,651 | ||||||
450,000 | 5.00%, 01/01/24 (c) | 503,267 | ||||||
410,000 | 5.00%, 01/01/24 (c) | 460,738 | ||||||
335,000 | 5.00%, 01/01/24 (c) | 375,412 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) | ||||||||
780,000 | 5.00%, 12/01/26 (c) | 963,281 | ||||||
115,000 | 5.00%, 12/01/26 (c) | 143,019 | ||||||
Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
1,235,000 | 4.00%, 12/01/26 (c) | 1,428,589 | ||||||
365,000 | 5.00%, 12/01/26 (c) | 448,298 | ||||||
990,000 | 5.00%, 12/01/26 (c) | 1,213,508 | ||||||
565,000 | Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/26 (c) | 674,758 | ||||||
Regional Transportation Authority of Illinois, Series A (RB) | ||||||||
500,000 | 5.00%, 07/01/27 (c) | 626,961 | ||||||
1,335,000 | 5.00%, 07/01/27 (c) | 1,679,904 | ||||||
Sales Tax Securitization Corp., Series A (RB) | ||||||||
250,000 | 5.00%, 01/01/28 (c) | 303,512 | ||||||
570,000 | 5.00%, 01/01/28 (c) | 690,127 | ||||||
250,000 | 5.00%, 01/01/28 (c) | 304,384 | ||||||
585,000 | 5.00%, 01/01/28 (c) | 723,105 | ||||||
1,150,000 | 5.00%, 01/01/28 (c) | 1,411,553 | ||||||
155,000 | 5.00%, 01/01/30 (c) | 194,647 | ||||||
State of Illinois (RB) | ||||||||
710,000 | 3.00%, 06/15/26 (c) | 736,820 | ||||||
680,000 | 3.00%, 06/15/26 (c) | 703,410 |
See Notes to Financial Statements
66 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 495,000 | 3.00%, 06/15/26 (c) | $ | 510,411 | ||||
320,000 | 3.00%, 06/15/26 (c) | 329,267 | ||||||
300,000 | 3.00%, 06/15/26 (c) | 308,697 | ||||||
685,000 | 3.50%, 06/01/26 (c) | 750,396 | ||||||
380,000 | 4.00%, 06/15/26 (c) | 427,830 | ||||||
360,000 | 4.13%, 11/01/26 (c) | 402,609 | ||||||
1,100,000 | 5.00%, 06/01/26 (c) | 1,306,688 | ||||||
370,000 | 5.00%, 06/01/26 (c) | 436,893 | ||||||
400,000 | 5.00%, 06/15/26 (c) | 472,169 | ||||||
305,000 | 5.00%, 11/01/26 (c) | 354,668 | ||||||
1,890,000 | 5.00%, 02/01/27 (c) | 2,261,786 | ||||||
800,000 | 5.50%, 05/01/30 | 1,037,015 | ||||||
State of Illinois, Series A (RB) | ||||||||
100,000 | 5.00%, 06/15/26 (c) | 118,042 | ||||||
1,000,000 | 5.00%, 12/01/27 (c) | 1,187,048 | ||||||
2,250,000 | 5.00%, 05/01/28 (c) | 2,689,401 | ||||||
1,000,000 | 5.00%, 03/01/31 (c) | 1,269,115 | ||||||
500,000 | 5.00%, 03/01/31 | 642,962 | ||||||
1,200,000 | 5.25%, 12/01/27 (c) | 1,463,247 | ||||||
State of Illinois, Series B (GO) | ||||||||
515,000 | 5.00%, 09/01/27 | 629,386 | ||||||
1,000,000 | 5.00%, 11/01/29 (c) | 1,252,738 | ||||||
4,105,000 | State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 4,892,544 | ||||||
State of Illinois, Series D (GO) | ||||||||
275,000 | 3.25%, 11/01/26 | 302,720 | ||||||
620,000 | 5.00%, 06/15/26 (c) | 723,470 | ||||||
2,910,000 | 5.00%, 11/01/27 (c) | 3,497,863 | ||||||
72,608,792 | ||||||||
Indiana: 0.7% | ||||||||
585,000 | Ball State University, Series R (RB) 5.00%, 07/01/27 | 731,202 | ||||||
15,000 | Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c) | 18,284 | ||||||
Indiana Finance Authority Highway, Series C (RB) | ||||||||
340,000 | 5.00%, 12/01/26 (c) | 421,796 | ||||||
160,000 | 5.00%, 12/01/26 (c) | 198,758 | ||||||
420,000 | 5.00%, 06/01/28 | 541,268 | ||||||
250,000 | Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27 | 317,362 | ||||||
Indiana Finance Authority, Series A (RB) | ||||||||
200,000 | 5.00%, 02/01/28 (c) | 253,336 | ||||||
220,000 | 5.00%, 02/01/29 (c) | 283,176 | ||||||
175,000 | 5.00%, 02/01/29 (c) | 225,819 | ||||||
130,000 | Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c) | 157,675 | ||||||
Indiana Finance Authority, Series C (RB) | ||||||||
610,000 | 5.00%, 02/01/28 (c) | 779,242 | ||||||
1,000,000 | 5.00%, 02/01/28 (c) | 1,281,983 | ||||||
Indiana Finance Authority, Series E (RB) | ||||||||
160,000 | 5.00%, 08/01/26 (c) | 197,610 | ||||||
100,000 | 5.00%, 08/01/26 (c) | 122,850 | ||||||
1,000,000 | 5.00%, 08/01/26 (c) | 1,226,762 | ||||||
105,000 | 5.00%, 02/01/29 (c) | 136,282 | ||||||
750,000 | 5.00%, 02/01/29 (c) | 965,374 | ||||||
935,000 | 5.00%, 06/01/29 | 1,229,492 |
Principal Amount | Value | |||||||
Indiana: (continued) | ||||||||
$ | 280,000 | Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c) | $ | 294,319 | ||||
250,000 | Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c) | 312,829 | ||||||
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) | ||||||||
1,715,000 | 5.00%, 02/01/29 (c) | 2,216,023 | ||||||
710,000 | 5.00%, 02/01/29 | 929,746 | ||||||
160,000 | Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c) | 185,090 | ||||||
185,000 | Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c) | 225,803 | ||||||
13,252,081 | ||||||||
Iowa: 0.2% | ||||||||
Iowa Finance Authority (RB) | ||||||||
110,000 | 5.00%, 08/01/26 | 135,745 | ||||||
1,000,000 | 5.00%, 08/01/27 (c) | 1,256,007 | ||||||
1,000,000 | 5.00%, 08/01/27 (c) | 1,268,732 | ||||||
1,000,000 | Southeast Polk Community School District, Series A (GO) 2.00%, 05/01/28 (c) | 1,010,701 | ||||||
125,000 | State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c) | 152,276 | ||||||
3,823,461 | ||||||||
Kansas: 0.4% | ||||||||
Butler County Unified School District No. 385 (GO) | ||||||||
300,000 | 4.00%, 09/01/27 (c) | 351,563 | ||||||
500,000 | 4.00%, 09/01/27 (c) | 590,668 | ||||||
500,000 | 5.00%, 09/01/27 (c) | 636,338 | ||||||
250,000 | 5.00%, 09/01/27 (c) | 318,169 | ||||||
210,000 | Johnson and Miami Counties Unified School District No. 230 (GO) 4.00%, 09/01/26 (c) | 241,661 | ||||||
750,000 | Johnson County, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c) | 888,637 | ||||||
380,000 | Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) 5.00%, 05/01/23 (c) | 415,308 | ||||||
125,000 | Seward County Unified School District No. 480, Series B (GO) 5.00%, 09/01/25 (c) | 149,511 | ||||||
State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) | ||||||||
775,000 | 5.00%, 09/01/27 (c) | 965,619 | ||||||
150,000 | 5.00%, 09/01/27 (c) | 186,489 | ||||||
400,000 | 5.00%, 09/01/27 | 504,822 | ||||||
630,000 | 5.00%, 09/01/27 (c) | 785,761 |
See Notes to Financial Statements
67 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Kansas: (continued) | ||||||||
$ | 295,000 | State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/25 (c) | $ | 351,588 | ||||
250,000 | Wyandotte County, Unified School District No. 500, Series A (GO) 4.00%, 09/01/26 (c) | 288,392 | ||||||
6,674,526 | ||||||||
Kentucky: 0.3% | ||||||||
695,000 | Kentucky Bond Development Corp., Saint Elizabeth Medical Center, Inc. (RB) 3.00%, 05/01/26 (c) | 734,642 | ||||||
200,000 | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/25 (c) | 238,418 | ||||||
Kentucky State Property and Building Commission No. 119 (RB) | ||||||||
1,000,000 | 5.00%, 05/01/28 (c) | 1,247,271 | ||||||
100,000 | 5.00%, 05/01/28 | 126,758 | ||||||
165,000 | Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/26 (c) | 199,021 | ||||||
380,000 | Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/27 | 473,160 | ||||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
975,000 | 4.00%, 10/01/26 (c) | 1,083,807 | ||||||
55,000 | 5.00%, 10/01/26 (c) | 66,426 | ||||||
290,000 | 5.00%, 10/01/26 (c) | 349,114 | ||||||
20,000 | Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 | 24,161 | ||||||
University of Kentucky, Series A (RB) | ||||||||
770,000 | 3.00%, 04/01/26 (c) | 814,572 | ||||||
500,000 | 4.00%, 04/01/26 (c) | 568,924 | ||||||
5,926,274 | ||||||||
Louisiana: 0.7% | ||||||||
250,000 | City of Shreveport, Water and Sewer Revenue, Series C (RB) 4.00%, 12/01/28 (c) | 291,454 | ||||||
Jefferson Sales Tax District, Series B (RB) (AGM) | ||||||||
500,000 | 4.00%, 12/01/29 (c) | 604,227 | ||||||
280,000 | 5.00%, 12/01/27 (c) | 351,073 | ||||||
620,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | 687,512 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) | ||||||||
200,000 | 3.25%, 10/01/27 (c) | 215,020 | ||||||
990,000 | 5.00%, 10/01/27 (c) | 1,203,871 |
Principal Amount | Value | |||||||
Louisiana: (continued) | ||||||||
$ | 295,000 | Louisiana Public Facilities Authority Hospital, Franciscan Missionaries of Our Lady Health System, Series A (RB) 5.00%, 07/01/25 (c) | $ | 342,419 | ||||
505,000 | Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project, Series B (RB) 3.50%, 06/01/21 (c) | 506,268 | ||||||
1,000,000 | Louisiana Public Facilities Authority, Tulane University, Series A (RB) (AGM) 5.00%, 04/01/30 (c) | 1,276,056 | ||||||
340,000 | Louisiana State Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/26 | 408,009 | ||||||
350,000 | State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB) 5.00%, 05/01/24 (c) | 399,972 | ||||||
State of Louisiana, Series A (GO) | ||||||||
150,000 | 3.50%, 04/01/27 (c) | 167,434 | ||||||
640,000 | 5.00%, 09/01/26 (c) | 780,505 | ||||||
565,000 | 5.00%, 04/01/27 (c) | 699,147 | ||||||
385,000 | 5.00%, 09/01/27 | 485,619 | ||||||
115,000 | 5.00%, 03/01/29 (c) | 148,073 | ||||||
930,000 | 5.00%, 03/01/30 (c) | 1,220,859 | ||||||
425,000 | 5.00%, 03/01/30 (c) | 551,437 | ||||||
910,000 | 5.00%, 03/01/30 (c) | 1,190,513 | ||||||
State of Louisiana, Series B (GO) | ||||||||
200,000 | 5.00%, 08/01/26 (c) | 243,723 | ||||||
205,000 | 5.00%, 08/01/26 (c) | 251,363 | ||||||
150,000 | 5.00%, 10/01/27 | 190,777 | ||||||
State of Louisiana, Series D (GO) | ||||||||
200,000 | 3.00%, 09/01/26 (c) | 216,888 | ||||||
100,000 | 5.00%, 09/01/26 (c) | 122,203 | ||||||
12,554,422 | ||||||||
Maryland: 3.4% | ||||||||
City of Baltimore, Consolidated Public Improvement, Series B (GO) | ||||||||
250,000 | 5.00%, 10/15/27 (c) | 316,532 | ||||||
280,000 | 5.00%, 10/15/27 | 356,668 | ||||||
County of Baltimore (GO) | ||||||||
1,925,000 | 4.00%, 03/01/29 (c) | 2,329,190 | ||||||
1,140,000 | 4.00%, 03/01/30 (c) | 1,403,031 | ||||||
1,250,000 | 5.00%, 03/01/28 | 1,608,240 | ||||||
325,000 | 5.00%, 03/01/30 (c) | 433,087 | ||||||
945,000 | 5.00%, 03/01/30 | 1,266,461 | ||||||
County of Montgomery, Series A (GO) | ||||||||
750,000 | 3.00%, 08/01/30 (c) | 870,794 | ||||||
20,000 | 5.00%, 12/01/24 (c) | 23,238 | ||||||
1,070,000 | County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c) | 1,279,286 | ||||||
15,000 | Maryland Economic Development Corp., College Park Projects (RB) (AGM) 5.00%, 06/01/26 (c) | 17,811 | ||||||
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) | ||||||||
250,000 | 5.00%, 05/01/26 (c) | 297,301 | ||||||
750,000 | 5.00%, 05/01/26 (c) | 896,595 | ||||||
250,000 | 5.00%, 05/01/26 (c) | 299,781 |
See Notes to Financial Statements
68 |
Principal Amount | Value | |||||||
Maryland: (continued) | ||||||||
$ | 1,000,000 | Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c) | $ | 1,259,868 | ||||
Maryland Transportation Authority (RB) | ||||||||
300,000 | 3.00%, 07/01/27 (c) | 329,112 | ||||||
510,000 | 3.00%, 07/01/27 (c) | 561,049 | ||||||
500,000 | 3.00%, 09/01/27 (c) | 555,867 | ||||||
2,000,000 | 3.00%, 07/01/31 (c) | 2,160,246 | ||||||
Prince George’s County, Series A (GO) (SAW) | ||||||||
1,000,000 | 4.00%, 07/15/28 (c) | 1,212,273 | ||||||
2,500,000 | 5.00%, 07/15/28 (c) | 3,159,683 | ||||||
1,000,000 | 5.00%, 07/15/28 | 1,299,617 | ||||||
1,150,000 | 5.00%, 07/15/28 (c) | 1,482,967 | ||||||
State of Maryland, Department of Transportation (RB) (SAW) | ||||||||
2,340,000 | 2.13%, 10/01/27 (c) | 2,470,670 | ||||||
1,000,000 | 3.00%, 11/01/24 (c) | 1,093,806 | ||||||
520,000 | 3.00%, 11/01/24 (c) | 564,333 | ||||||
855,000 | 3.13%, 05/01/25 (c) | 920,825 | ||||||
780,000 | 4.00%, 05/01/25 (c) | 881,661 | ||||||
750,000 | 4.00%, 05/01/28 (c) | 899,987 | ||||||
State of Maryland, State and Local Facilities Loan, First Series (GO) | ||||||||
350,000 | 3.00%, 06/01/24 (c) | 374,885 | ||||||
485,000 | 4.00%, 06/01/24 (c) | 539,598 | ||||||
2,385,000 | 5.00%, 03/15/28 | 3,069,538 | ||||||
1,000,000 | 5.00%, 03/15/28 (c) | 1,280,375 | ||||||
3,000,000 | 5.00%, 03/15/29 (c) | 3,889,886 | ||||||
State of Maryland, State and Local Facilities Loan, First Series A (GO) | ||||||||
250,000 | 3.13%, 03/15/28 (c) | 280,417 | ||||||
1,185,000 | 4.00%, 03/15/27 (c) | 1,393,353 | ||||||
2,000,000 | 5.00%, 03/01/28 | 2,571,645 | ||||||
680,000 | 5.00%, 03/15/28 | 875,172 | ||||||
1,000,000 | 5.00%, 03/15/29 | 1,315,509 | ||||||
5,500,000 | 5.00%, 03/15/30 (c) | 7,335,367 | ||||||
State of Maryland, State and Local Facilities Loan, Second Series (GO) | ||||||||
530,000 | 4.00%, 08/01/28 (c) | 641,736 | ||||||
125,000 | 5.00%, 08/01/27 | 158,387 | ||||||
1,000,000 | 5.00%, 08/01/28 (c) | 1,284,756 | ||||||
1,000,000 | State of Maryland, State and Local Facilities Loan, Second Series A (GO) 3.00%, 08/01/27 (c) | 1,113,762 | ||||||
2,000,000 | State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/28 | 2,597,037 | ||||||
Washington Suburban Sanitary District, Second Series (RB) | ||||||||
525,000 | 4.00%, 12/01/30 (c) | 661,161 | ||||||
750,000 | 5.00%, 06/01/26 (c) | 904,597 | ||||||
550,000 | 5.00%, 06/01/27 (c) | 686,696 | ||||||
61,223,856 |
Principal Amount | Value | |||||||
Massachusetts: 3.0% | ||||||||
$ | 100,000 | City of Boston, Series A (GO) 5.00%, 03/01/29 | $ | 131,711 | ||||
980,000 | Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c) | 1,112,511 | ||||||
Commonwealth of Massachusetts, Series B (GO) | ||||||||
600,000 | 5.00%, 07/01/26 (c) | 730,673 | ||||||
1,860,000 | 5.00%, 07/01/26 (c) | 2,254,563 | ||||||
155,000 | 5.00%, 07/01/26 (c) | 189,146 | ||||||
1,925,000 | 5.00%, 07/01/28 | 2,493,294 | ||||||
Commonwealth of Massachusetts, Series C (GO) | ||||||||
400,000 | 3.00%, 02/01/24 (c) | 421,809 | ||||||
350,000 | 5.00%, 05/01/23 (c) | 381,787 | ||||||
205,000 | 5.00%, 05/01/23 (c) | 223,833 | ||||||
495,000 | 5.00%, 05/01/27 | 622,739 | ||||||
1,000,000 | 5.00%, 05/01/30 | 1,339,260 | ||||||
2,665,000 | 5.00%, 05/01/31 | 3,637,978 | ||||||
Commonwealth of Massachusetts, Series D (GO) | ||||||||
2,000,000 | 4.00%, 11/01/30 (c) | 2,452,945 | ||||||
365,000 | 5.00%, 07/01/30 (c) | 480,324 | ||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
1,275,000 | 3.00%, 11/01/27 (c) | 1,403,883 | ||||||
100,000 | 5.00%, 11/01/27 (c) | 126,441 | ||||||
1,000,000 | 5.00%, 11/01/30 (c) | 1,342,089 | ||||||
440,000 | Commonwealth of Massachusetts, Series F (GO) 5.00%, 05/01/27 | 553,546 | ||||||
Commonwealth of Massachusetts, Series I (GO) | ||||||||
500,000 | 5.00%, 12/01/26 (c) | 614,547 | ||||||
10,000 | 5.00%, 12/01/26 (c) | 12,389 | ||||||
Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB) | ||||||||
450,000 | 4.00%, 12/01/27 (c) | 529,077 | ||||||
20,000 | 5.00%, 06/01/26 (c) | 24,372 | ||||||
Massachusetts Bay Transportation Authority, Series A (RB) | ||||||||
1,160,000 | 0.00%, 07/01/26 (c) ^ | 917,569 | ||||||
130,000 | 0.00%, 07/01/26 (c) ^ | 110,168 | ||||||
810,000 | 0.00%, 07/01/26 (c) ^ | 710,642 | ||||||
890,000 | 0.00%, 07/01/26 (c) ^ | 806,994 | ||||||
210,000 | 2.00%, 07/01/26 (c) | 220,797 | ||||||
1,000,000 | Massachusetts Clean Water Trust, Series 21 (RB) 5.00%, 08/01/28 (c) | 1,267,030 | ||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) | ||||||||
1,000,000 | 5.00%, 01/01/29 (c) | 1,273,996 | ||||||
1,000,000 | 5.00%, 01/01/29 | 1,308,915 | ||||||
255,000 | Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c) | 322,995 |
See Notes to Financial Statements
69 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Massachusetts: (continued) | ||||||||
$ | 2,905,000 | Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) 5.00%, 07/01/26 (c) | $ | 3,399,462 | ||||
530,000 | Massachusetts Development Finance Agency, Brandeis University, Series S-1 (RB) 5.00%, 10/01/27 | 664,622 | ||||||
Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) | ||||||||
910,000 | 3.00%, 07/01/26 (c) | 953,779 | ||||||
200,000 | 3.25%, 07/01/26 (c) | 210,853 | ||||||
1,860,000 | 5.00%, 07/01/26 (c) | 2,264,623 | ||||||
200,000 | 5.00%, 07/01/26 (c) | 242,302 | ||||||
130,000 | Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c) | 161,425 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
2,065,000 | 4.00%, 07/15/26 (c) | 2,401,095 | ||||||
700,000 | 5.00%, 07/15/26 (c) | 861,648 | ||||||
480,000 | 5.00%, 07/15/26 (c) | 584,186 | ||||||
750,000 | Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c) | 831,899 | ||||||
500,000 | Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 600,834 | ||||||
100,000 | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c) | 119,863 | ||||||
330,000 | Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/27 | 408,004 | ||||||
450,000 | Massachusetts Housing Finance Agency, Series 178 (RB) 3.70%, 06/01/25 (c) | 481,043 | ||||||
150,000 | Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c) | 159,990 | ||||||
125,000 | Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c) | 152,368 | ||||||
1,500,000 | Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c) | 1,978,758 | ||||||
Massachusetts Water Resources Authority, Series C (RB) | ||||||||
685,000 | 5.00%, 08/01/26 (c) | 832,103 | ||||||
2,115,000 | 5.00%, 08/01/27 (c) | 2,646,213 |
Principal Amount | Value | |||||||
Massachusetts: (continued) | ||||||||
University of Massachusetts Building Authority, Series 1 (RB) | ||||||||
$ | 1,220,000 | 5.00%, 05/01/29 (c) | $ | 1,573,344 | ||||
750,000 | 5.00%, 11/01/29 (c) | 979,218 | ||||||
475,000 | 5.00%, 11/01/29 (c) | 621,767 | ||||||
500,000 | 5.00%, 11/01/29 (c) | 656,742 | ||||||
1,020,000 | University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c) | 1,285,892 | ||||||
53,090,056 | ||||||||
Michigan: 0.9% | ||||||||
285,000 | Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c) | 343,367 | ||||||
340,000 | Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c) | 435,566 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
250,000 | 5.00%, 07/01/26 (c) | 301,921 | ||||||
250,000 | 5.00%, 07/01/26 (c) | 302,061 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
290,000 | 5.00%, 07/01/26 (c) | 351,534 | ||||||
570,000 | 5.00%, 07/01/26 (c) | 692,234 | ||||||
500,000 | 5.00%, 07/01/26 (c) | 607,505 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | ||||||||
1,025,000 | 5.00%, 07/01/26 (c) | 1,242,491 | ||||||
30,000 | 5.00%, 07/01/26 (c) | 36,552 | ||||||
130,000 | Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c) | 156,999 | ||||||
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) | ||||||||
155,000 | 5.00%, 07/01/26 (c) | 189,382 | ||||||
875,000 | 5.00%, 07/01/26 (c) | 1,071,086 | ||||||
1,000,000 | Michigan Finance Authority, 2006 Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30 (c) | 1,272,214 | ||||||
Michigan Finance Authority, Clean Water, Series B (RB) | ||||||||
110,000 | 5.00%, 10/01/25 | 132,208 | ||||||
100,000 | 5.00%, 10/01/26 | 123,893 | ||||||
140,000 | Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c) | 149,956 | ||||||
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) | ||||||||
725,000 | 5.00%, 10/01/24 (c) | 832,964 | ||||||
150,000 | 5.00%, 11/15/26 (c) | 184,598 |
See Notes to Financial Statements
70 |
Principal Amount | Value | |||||||
Michigan: (continued) | ||||||||
Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | ||||||||
$ | 105,000 | 5.00%, 06/01/22 (c) | $ | 110,526 | ||||
75,000 | 5.00%, 06/01/27 (c) | 92,467 | ||||||
260,000 | 5.00%, 12/01/27 (c) | 320,610 | ||||||
Michigan State Building Authority, Series I (RB) | ||||||||
5,000 | 5.00%, 10/15/25 (c) | 6,008 | ||||||
25,000 | 5.00%, 10/15/25 (c) | 30,040 | ||||||
10,000 | 5.00%, 10/15/25 (c) | 11,912 | ||||||
540,000 | 5.00%, 10/15/26 (c) | 657,121 | ||||||
120,000 | 5.00%, 10/15/26 (c) | 145,104 | ||||||
515,000 | 5.00%, 10/15/26 (c) | 626,087 | ||||||
570,000 | 5.00%, 10/15/26 (c) | 692,275 | ||||||
125,000 | 5.00%, 10/15/26 (c) | 151,667 | ||||||
100,000 | Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27 | 127,204 | ||||||
480,000 | Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 3.35%, 12/01/25 (c) | 511,342 | ||||||
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
1,370,000 | 3.10%, 06/01/26 (c) | 1,461,178 | ||||||
170,000 | 3.35%, 06/01/26 (c) | 180,977 | ||||||
410,000 | State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c) | 448,608 | ||||||
State of Michigan, Environmental Program, Series A (GO) | ||||||||
750,000 | 3.00%, 05/15/30 (c) | 846,744 | ||||||
10,000 | 5.00%, 12/01/25 (c) | 12,040 | ||||||
560,000 | Wayne County Airport Authority, Detroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c) | 719,283 | ||||||
15,577,724 | ||||||||
Minnesota: 1.4% | ||||||||
City of Maple Grove, Minnesota Health Care Facilities (RB) | ||||||||
180,000 | 3.38%, 05/01/27 (c) | 190,414 | ||||||
460,000 | 3.50%, 05/01/27 (c) | 488,609 | ||||||
125,000 | City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) | 155,748 | ||||||
520,000 | City of St. Cloud, Health Care, CentraCare Health System, Series A (RB) 3.00%, 05/01/26 (c) | 545,223 | ||||||
760,000 | County of Hennepin, First Lien, Sales Tax, Series A (RB) 5.00%, 12/15/23 (c) | 854,048 | ||||||
1,000,000 | County of Hennepin, Series B (GO) 5.00%, 12/15/28 (c) | 1,301,560 | ||||||
200,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 07/01/29 (c) | 254,827 |
Principal Amount | Value | |||||||
Minnesota: (continued) | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
$ | 325,000 | 5.00%, 01/01/27 (c) | $ | 393,873 | ||||
515,000 | 5.00%, 01/01/27 (c) | 626,805 | ||||||
125,000 | Minnesota Housing Finance Agency, Series A (RB) 3.30%, 07/01/25 (c) | 130,873 | ||||||
1,000,000 | Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 1,255,036 | ||||||
450,000 | Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG) 5.00%, 02/01/26 (c) | 543,013 | ||||||
500,000 | Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c) | 611,354 | ||||||
750,000 | Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG) 5.00%, 02/01/25 (c) | 877,060 | ||||||
State of Minnesota, State Trunk Highway, Series B (GO) | ||||||||
555,000 | 2.25%, 08/01/26 (c) | 581,419 | ||||||
500,000 | 3.00%, 08/01/26 (c) | 557,553 | ||||||
585,000 | 4.00%, 08/01/26 (c) | 688,163 | ||||||
100,000 | 5.00%, 08/01/28 | 130,261 | ||||||
120,000 | State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c) | 136,645 | ||||||
State of Minnesota, Various Purpose, Series A (GO) | ||||||||
1,025,000 | 5.00%, 08/01/27 | 1,302,366 | ||||||
400,000 | 5.00%, 10/01/27 (c) | 507,688 | ||||||
400,000 | 5.00%, 08/01/29 | 532,230 | ||||||
1,000,000 | 5.00%, 08/01/29 (c) | 1,302,021 | ||||||
1,000,000 | 5.00%, 08/01/29 (c) | 1,312,347 | ||||||
2,000,000 | 5.00%, 08/01/30 (c) | 2,650,606 | ||||||
2,000,000 | 5.00%, 08/01/30 (c) | 2,659,091 | ||||||
State of Minnesota, Various Purpose, Series D (GO) | ||||||||
925,000 | 2.25%, 08/01/26 (c) | 986,831 | ||||||
1,000,000 | 3.00%, 10/01/27 (c) | 1,123,402 | ||||||
1,000,000 | 3.00%, 10/01/27 (c) | 1,130,503 | ||||||
805,000 | University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 1,019,480 | ||||||
1,000,000 | Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c) | 1,097,023 | ||||||
25,946,072 | ||||||||
Mississippi: 0.4% | ||||||||
State of Mississippi, Series A (GO) | ||||||||
500,000 | 5.00%, 10/01/27 (c) | 623,646 | ||||||
405,000 | 5.00%, 10/01/27 (c) | 504,071 | ||||||
300,000 | 5.00%, 10/01/27 (c) | 373,653 | ||||||
430,000 | 5.00%, 10/01/27 (c) | 540,771 | ||||||
880,000 | 5.00%, 10/01/27 (c) | 1,100,651 | ||||||
650,000 | 5.00%, 10/01/27 (c) | 812,530 |
See Notes to Financial Statements
71 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Mississippi: (continued) | ||||||||
$ | 550,000 | 5.00%, 10/15/28 (c) | $ | 679,160 | ||||
1,000,000 | 5.00%, 10/15/28 (c) | 1,235,270 | ||||||
400,000 | 5.00%, 10/15/28 (c) | 495,196 | ||||||
State of Mississippi, Series B (GO) | ||||||||
295,000 | 4.00%, 10/01/29 (c) | 357,050 | ||||||
850,000 | 5.00%, 12/01/26 (c) | 1,041,254 | ||||||
155,000 | 5.00%, 12/01/26 (c) | 189,184 | ||||||
7,952,436 | ||||||||
Missouri: 0.6% | ||||||||
350,000 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District (RB) 5.00%, 10/01/27 | 442,385 | ||||||
City of Kansas City, Downtown Arena Project, Series E (RB) | ||||||||
450,000 | 3.00%, 04/01/25 (c) | 471,843 | ||||||
290,000 | 5.00%, 04/01/25 (c) | 337,739 | ||||||
350,000 | City of Kansas, Series C (RB) 5.00%, 09/01/27 (c) | 441,804 | ||||||
1,000,000 | Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 | 1,354,632 | ||||||
250,000 | Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c) | 315,486 | ||||||
15,000 | Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) | 17,138 | ||||||
Platte County Park Hill School District (GO) (SAW) | ||||||||
225,000 | 3.00%, 03/01/26 (c) | 242,323 | ||||||
105,000 | 3.00%, 03/01/26 (c) | 113,491 | ||||||
Springfield School District No. R-12 (GO) (SAW) | ||||||||
1,035,000 | 4.00%, 03/01/28 (c) | 1,245,492 | ||||||
615,000 | 4.00%, 03/01/28 (c) | 745,024 | ||||||
1,415,000 | 4.00%, 03/01/29 (c) | 1,701,645 | ||||||
650,000 | 4.00%, 03/01/29 (c) | 784,322 | ||||||
450,000 | 5.00%, 03/01/29 (c) | 575,769 | ||||||
St. Louis County, Series A (RB) | ||||||||
1,045,000 | 2.00%, 12/01/28 (c) | 1,052,247 | ||||||
1,000,000 | 4.00%, 12/01/28 (c) | 1,229,026 | ||||||
11,070,366 | ||||||||
Montana: 0.0% | ||||||||
150,000 | Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29 | 194,531 | ||||||
Nebraska: 0.4% | ||||||||
Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
1,000,000 | 5.00%, 09/01/27 | 1,231,465 | ||||||
1,280,000 | 5.00%, 09/01/32 | 1,691,546 | ||||||
300,000 | 5.00%, 09/01/34 | 404,444 | ||||||
Douglas County Hospital Authority No. 2 (RB) | ||||||||
500,000 | 3.00%, 05/15/26 (c) | 524,845 | ||||||
115,000 | 4.00%, 05/15/26 (c) | 130,632 |
Principal Amount | Value | |||||||
Nebraska: (continued) | ||||||||
Omaha Public Power District, Electric System, Series A (RB) | ||||||||
$ | 100,000 | 5.00%, 12/01/27 (c) | $ | 124,961 | ||||
1,125,000 | 5.00%, 02/01/29 (c) | 1,453,660 | ||||||
Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB) | ||||||||
1,295,000 | 3.00%, 07/01/26 (c) | 1,368,711 | ||||||
560,000 | 3.13%, 07/01/26 (c) | 591,922 | ||||||
7,522,186 | ||||||||
Nevada: 1.1% | ||||||||
525,000 | Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 05/01/26 (c) | 638,067 | ||||||
300,000 | Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c) | 363,876 | ||||||
Clark County School District, Series A (GO) (AGM) | ||||||||
915,000 | 5.00%, 06/15/30 (c) | 1,196,523 | ||||||
1,000,000 | 5.00%, 06/15/30 (c) | 1,320,948 | ||||||
Clark County School District, Series B (GO) | ||||||||
250,000 | 4.00%, 11/01/26 (c) | 286,812 | ||||||
155,000 | 4.00%, 11/01/26 (c) | 178,261 | ||||||
1,000,000 | 5.00%, 06/15/29 | 1,308,691 | ||||||
Clark County School District, Series C (GO) | ||||||||
200,000 | 5.00%, 12/15/25 (c) | 237,467 | ||||||
1,050,000 | 5.00%, 12/15/27 (c) | 1,284,181 | ||||||
630,000 | Clark County Water Reclamation District (GO) 3.00%, 07/01/26 (c) | 699,715 | ||||||
Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) | ||||||||
1,200,000 | 5.00%, 07/01/29 (c) | 1,537,023 | ||||||
470,000 | 5.00%, 07/01/29 (c) | 606,160 | ||||||
1,000,000 | Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c) | 1,191,994 | ||||||
Clark County, Limited Tax, Series A (GO) | ||||||||
150,000 | 5.00%, 06/01/28 (c) | 187,487 | ||||||
1,110,000 | 5.00%, 06/01/28 (c) | 1,405,261 | ||||||
Clark County, Limited Tax, Series C (GO) | ||||||||
270,000 | 3.00%, 07/01/27 (c) | 292,525 | ||||||
500,000 | 3.00%, 07/01/27 (c) | 542,592 | ||||||
305,000 | 3.00%, 07/01/27 (c) | 331,770 | ||||||
275,000 | Clark County, McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c) | 354,668 | ||||||
Las Vegas Valley Water District, Series A (GO) | ||||||||
500,000 | 4.00%, 02/01/27 (c) | 576,478 | ||||||
190,000 | 5.00%, 06/01/26 (c) | 232,226 | ||||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
325,000 | 3.38%, 06/01/28 (c) | 363,319 | ||||||
1,000,000 | 4.00%, 06/01/27 (c) | 1,155,877 | ||||||
760,000 | 4.00%, 06/01/28 (c) | 894,268 |
See Notes to Financial Statements
72 |
Principal Amount | Value | |||||||
Nevada: (continued) | ||||||||
$ | 760,000 | 4.00%, 06/01/28 (c) | $ | 896,923 | ||||
795,000 | 5.00%, 06/01/27 (c) | 981,026 | ||||||
Truckee Meadows Water Authority (RB) | ||||||||
355,000 | 5.00%, 07/01/26 (c) | 429,326 | ||||||
30,000 | 5.00%, 07/01/26 (c) | 36,366 | ||||||
19,529,830 | ||||||||
New Jersey: 5.2% | ||||||||
500,000 | Board of Education of the Toms River Regional School District (GO) 3.00%, 07/15/26 (c) | 532,842 | ||||||
410,000 | City of Newark, Series A (GO) (AGM) (SAW) 5.00%, 10/01/27 | 506,090 | ||||||
250,000 | City of Ocean City (GO) 2.25%, 09/15/26 (c) | 261,448 | ||||||
County of Hudson (GO) | ||||||||
685,000 | 2.00%, 11/15/28 (c) | 697,582 | ||||||
2,000,000 | 2.00%, 11/15/28 (c) | 2,041,641 | ||||||
265,000 | 2.13%, 11/15/28 (c) | 271,394 | ||||||
600,000 | County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c) | 653,606 | ||||||
335,000 | New Brunswick Parking Authority, Series A (RB) 3.00%, 09/01/26 (c) | 353,595 | ||||||
275,000 | New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c) | 315,654 | ||||||
755,000 | New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) 3.13%, 07/01/27 (c) | 821,755 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) | ||||||||
755,000 | 4.00%, 11/01/27 | 894,942 | ||||||
260,000 | 5.00%, 11/01/29 (c) | 329,151 | ||||||
1,000,000 | New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 1,258,845 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | ||||||||
380,000 | 5.50%, 12/15/26 (c) | 461,962 | ||||||
1,000,000 | 5.50%, 12/15/26 (c) | 1,250,042 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
420,000 | 4.75%, 12/15/26 (c) | 494,227 | ||||||
275,000 | 5.50%, 12/15/26 (c) | 337,681 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
935,000 | 5.00%, 06/15/27 (c) | 1,123,578 | ||||||
615,000 | 5.00%, 06/15/27 (c) | 737,106 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 340,000 | 5.00%, 06/15/27 (c) | $ | 410,121 | ||||
245,000 | 5.00%, 06/15/27 | 303,142 | ||||||
250,000 | 5.00%, 06/15/27 (c) | 303,387 | ||||||
1,250,000 | New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) | 1,561,844 | ||||||
1,080,000 | New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 1,252,986 | ||||||
New Jersey Economic Development Authority, State House Project, Series B (RB) | ||||||||
1,290,000 | 4.00%, 12/15/28 (c) | 1,541,845 | ||||||
315,000 | 5.00%, 06/15/26 | 381,159 | ||||||
315,000 | 5.00%, 12/15/28 (c) | 393,016 | ||||||
230,000 | New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c) | 260,614 | ||||||
400,000 | New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB) 5.00%, 07/01/26 (c) | 483,628 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
6,000,000 | 2.00%, 03/01/31 (c) | 6,096,333 | ||||||
1,975,000 | 2.00%, 03/01/31 (c) | 2,013,314 | ||||||
1,000,000 | 2.00%, 03/01/31 (c) | 1,023,305 | ||||||
500,000 | New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c) | 626,860 | ||||||
1,000,000 | New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB) 5.00%, 07/01/26 (c) | 1,185,645 | ||||||
1,000,000 | New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/27 (c) | 1,240,643 | ||||||
New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB) | ||||||||
1,585,000 | 3.00%, 07/01/26 (c) | 1,686,886 | ||||||
360,000 | 3.38%, 07/01/27 (c) | 392,810 | ||||||
1,590,000 | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 4.00%, 07/01/26 (c) | 1,805,784 | ||||||
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) | ||||||||
115,000 | 3.00%, 07/01/26 (c) | 121,749 |
See Notes to Financial Statements
73 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 150,000 | 3.13%, 07/01/26 (c) | $ | 159,349 | ||||
970,000 | New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c) | 1,070,780 | ||||||
New Jersey State Turnpike Authority, Series B (RB) | ||||||||
2,900,000 | 5.00%, 01/01/28 (c) | 3,562,497 | ||||||
1,080,000 | 5.00%, 01/01/28 (c) | 1,330,346 | ||||||
115,000 | 5.00%, 01/01/28 (c) | 142,065 | ||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
2,330,000 | 4.00%, 12/15/28 (c) | 2,733,897 | ||||||
435,000 | 5.00%, 06/15/26 (c) | 516,349 | ||||||
500,000 | 5.00%, 12/15/27 | 625,668 | ||||||
1,000,000 | 5.00%, 12/15/28 (c) | 1,234,947 | ||||||
1,100,000 | 5.00%, 12/15/28 (c) | 1,367,390 | ||||||
500,000 | 5.00%, 12/15/28 | 635,475 | ||||||
1,395,000 | 5.00%, 12/15/28 (c) | 1,737,863 | ||||||
780,000 | New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c) | 883,478 | ||||||
New Jersey Turnpike Authority, Series A (RB) | ||||||||
135,000 | 4.00%, 01/01/27 (c) | 153,576 | ||||||
105,000 | 5.00%, 01/01/26 (c) | 125,202 | ||||||
30,000 | 5.00%, 01/01/26 (c) | 35,742 | ||||||
1,625,000 | 5.00%, 01/01/27 (c) | 1,977,784 | ||||||
270,000 | 5.00%, 01/01/27 (c) | 326,867 | ||||||
New Jersey Turnpike Authority, Series E (RB) | ||||||||
200,000 | 5.00%, 01/01/28 (c) | 247,070 | ||||||
115,000 | 5.00%, 01/01/28 (c) | 144,234 | ||||||
New Jersey Turnpike Authority, Series G (RB) (AGM) | ||||||||
2,130,000 | 4.00%, 01/01/28 (c) | 2,473,807 | ||||||
1,000,000 | 5.00%, 01/01/28 (c) | 1,223,539 | ||||||
250,000 | State of New Jersey, Series A (GO) 3.00%, 06/01/32 | 283,790 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
3,000,000 | 2.00%, 12/01/29 (c) | 3,119,287 | ||||||
3,000,000 | 2.00%, 12/01/29 (c) | 2,949,414 | ||||||
3,000,000 | 2.00%, 12/01/29 (c) | 2,958,305 | ||||||
625,000 | 5.00%, 06/01/27 | 779,585 | ||||||
400,000 | 5.00%, 06/01/27 (c) | 495,541 | ||||||
5,000,000 | 5.00%, 12/01/29 (c) | 6,340,888 | ||||||
5,000,000 | 5.00%, 12/01/29 (c) | 6,373,762 | ||||||
5,000,000 | 5.00%, 12/01/29 (c) | 6,394,105 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
360,000 | 5.00%, 06/01/27 | 447,407 | ||||||
250,000 | 5.00%, 06/01/28 (c) | 308,635 | ||||||
225,000 | 5.00%, 06/01/28 (c) | 276,162 | ||||||
2,000,000 | 5.00%, 06/01/28 (c) | 2,479,118 | ||||||
195,000 | 5.00%, 06/01/28 (c) | 243,766 | ||||||
500,000 | 5.00%, 06/01/28 (c) | 621,935 | ||||||
93,207,837 |
Principal Amount | Value | |||||||
New York: 14.6% | ||||||||
$ | 1,555,000 | Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 4.00%, 01/15/27 (c) | $ | 1,736,304 | ||||
500,000 | City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c) | 539,150 | ||||||
City of New York, Series A (GO) | ||||||||
485,000 | 4.00%, 08/01/26 (c) | 558,671 | ||||||
380,000 | 5.00%, 08/01/25 (c) | 452,398 | ||||||
1,810,000 | 5.00%, 08/01/26 (c) | 2,198,012 | ||||||
540,000 | 5.00%, 08/01/27 (c) | 678,335 | ||||||
550,000 | 5.00%, 08/01/27 | 690,006 | ||||||
1,000,000 | City of New York, Series A-1 (GO) 5.00%, 08/01/29 | 1,307,385 | ||||||
City of New York, Series B-1 (GO) | ||||||||
250,000 | 4.00%, 12/01/26 (c) | 286,577 | ||||||
395,000 | 5.00%, 12/01/26 (c) | 483,936 | ||||||
100,000 | 5.00%, 10/01/27 (c) | 123,833 | ||||||
1,125,000 | 5.00%, 10/01/29 (c) | 1,455,977 | ||||||
500,000 | 5.00%, 10/01/29 (c) | 650,296 | ||||||
1,000,000 | 5.00%, 11/01/30 | 1,333,349 | ||||||
920,000 | 5.25%, 10/01/27 (c) | 1,156,488 | ||||||
City of New York, Series C (GO) | ||||||||
225,000 | 5.00%, 02/01/27 (c) | 278,125 | ||||||
275,000 | 5.00%, 08/01/27 | 345,003 | ||||||
City of New York, Series C and D (GO) | ||||||||
110,000 | 5.00%, 02/01/26 (c) | 132,737 | ||||||
1,250,000 | 5.00%, 02/01/28 (c) | 1,549,762 | ||||||
820,000 | 5.00%, 02/01/28 (c) | 1,039,061 | ||||||
City of New York, Series C-1 (GO) (SBG) | ||||||||
1,000,000 | 5.00%, 08/01/28 | 1,282,284 | ||||||
2,000,000 | 5.00%, 08/01/30 | 2,653,591 | ||||||
1,565,000 | City of New York, Series D-1 (GO) 5.00%, 03/01/30 (c) | 2,002,200 | ||||||
540,000 | City of New York, Series E (GO) 5.00%, 08/01/26 (c) | 655,760 | ||||||
City of New York, Series E-1 (GO) | ||||||||
1,015,000 | 5.00%, 03/01/28 (c) | 1,266,503 | ||||||
1,000,000 | 5.25%, 03/01/28 (c) | 1,259,946 | ||||||
1,500,000 | 5.25%, 03/01/28 (c) | 1,901,989 | ||||||
250,000 | City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c) | 310,620 | ||||||
2,000,000 | City of New York, Series I-A (GO) 4.00%, 10/01/30 (c) | 2,393,704 | ||||||
400,000 | City of New York, Series L (GO) 5.00%, 04/01/29 (c) | 513,280 | ||||||
1,865,000 | City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c) | 2,466,649 | ||||||
City of New York, Series L-6 (GO) | ||||||||
175,000 | 5.00%, 04/01/28 | 222,765 | ||||||
1,000,000 | 5.00%, 04/01/29 (c) | 1,293,852 | ||||||
County of Nassau, Series C (GO) | ||||||||
1,000,000 | 5.00%, 04/01/26 (c) | 1,177,808 | ||||||
600,000 | 5.00%, 10/01/27 (c) | 737,459 | ||||||
310,000 | 5.00%, 10/01/27 | 389,840 | ||||||
345,000 | County of Westchester, Series A (GO) 4.00%, 12/01/26 (c) | 410,435 |
See Notes to Financial Statements
74 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
$ | 325,000 | 3.00%, 07/01/26 (c) | $ | 347,936 | ||||
205,000 | 3.00%, 07/01/26 (c) | 214,024 | ||||||
300,000 | 4.00%, 07/01/26 (c) | 327,654 | ||||||
275,000 | 5.00%, 07/01/26 (c) | 326,274 | ||||||
500,000 | 5.00%, 07/01/26 (c) | 582,430 | ||||||
300,000 | 5.00%, 07/01/26 (c) | 352,096 | ||||||
100,000 | 5.00%, 07/01/26 (c) | 117,014 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
1,700,000 | 5.00%, 02/15/27 (c) | 2,065,552 | ||||||
460,000 | 5.00%, 02/15/27 (c) | 556,916 | ||||||
3,025,000 | 5.00%, 02/15/27 (c) | 3,702,123 | ||||||
1,030,000 | 5.00%, 02/15/27 (c) | 1,255,500 | ||||||
Long Island Power Authority, Electric System (RB) | ||||||||
750,000 | 5.00%, 09/01/27 (c) | 932,908 | ||||||
500,000 | 5.00%, 09/01/27 (c) | 621,884 | ||||||
305,000 | 5.00%, 09/01/27 (c) | 379,962 | ||||||
450,000 | Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c) | 488,116 | ||||||
40,000 | Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) | 48,894 | ||||||
Metropolitan Transportation Authority, Series A (RB) | ||||||||
340,000 | 4.00%, 11/15/26 (c) | 381,176 | ||||||
125,000 | 5.25%, 11/15/26 (c) | 154,196 | ||||||
155,000 | Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/27 (c) | 191,676 | ||||||
Metropolitan Transportation Authority, Series B (RB) | ||||||||
215,000 | 4.00%, 11/15/26 (c) | 240,608 | ||||||
1,825,000 | 4.00%, 11/15/26 (c) | 2,034,425 | ||||||
310,000 | 5.00%, 11/15/26 (c) | 378,405 | ||||||
865,000 | 5.00%, 11/15/27 | 1,086,220 | ||||||
380,000 | 5.00%, 11/15/28 | 485,254 | ||||||
380,000 | 5.00%, 11/15/28 | 485,254 | ||||||
Metropolitan Transportation Authority, Series B-1 (RB) | ||||||||
225,000 | 5.00%, 11/15/26 (c) | 269,740 | ||||||
470,000 | 5.00%, 11/15/26 (c) | 564,663 | ||||||
Metropolitan Transportation Authority, Series B-2 (RB) | ||||||||
15,000 | 5.00%, 11/15/26 (c) | 18,204 | ||||||
1,185,000 | 5.00%, 11/15/27 (c) | 1,464,429 | ||||||
200,000 | 5.00%, 11/15/27 (c) | 248,292 | ||||||
400,000 | 5.00%, 11/15/27 | 507,190 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
1,240,000 | 4.00%, 05/15/28 (c) | 1,429,350 | ||||||
395,000 | 4.00%, 05/15/28 (c) | 451,803 | ||||||
410,000 | 4.00%, 05/15/28 (c) | 467,651 | ||||||
155,000 | 5.00%, 11/15/26 (c) | 189,203 | ||||||
900,000 | 5.00%, 11/15/26 (c) | 1,092,784 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 1,175,000 | 5.00%, 11/15/26 (c) | $ | 1,408,025 | ||||
500,000 | 5.00%, 11/15/27 | 627,873 | ||||||
470,000 | 5.00%, 05/15/28 (c) | 587,214 | ||||||
810,000 | 5.00%, 05/15/28 (c) | 992,331 | ||||||
1,445,000 | 5.00%, 05/15/28 (c) | 1,784,518 | ||||||
1,260,000 | 5.00%, 05/15/28 (c) | 1,589,663 | ||||||
2,540,000 | 5.00%, 05/15/28 (c) | 3,116,569 | ||||||
1,035,000 | Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ | 770,483 | ||||||
Metropolitan Transportation Authority, Series D (RB) | ||||||||
265,000 | 3.13%, 11/15/26 (c) | 279,907 | ||||||
400,000 | 4.00%, 11/15/26 (c) | 450,449 | ||||||
1,115,000 | 5.00%, 11/15/26 (c) | 1,346,563 | ||||||
1,805,000 | 5.00%, 11/15/26 (c) | 2,171,259 | ||||||
535,000 | 5.00%, 05/15/28 (c) | 656,443 | ||||||
1,060,000 | 5.00%, 05/15/28 (c) | 1,304,489 | ||||||
1,085,000 | 5.00%, 05/15/28 (c) | 1,346,479 | ||||||
1,100,000 | New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c) | 1,117,295 | ||||||
1,000,000 | New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.10%, 05/01/29 (c) | 993,527 | ||||||
600,000 | New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 5.00%, 07/15/21 (c) | 605,506 | ||||||
New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW) | ||||||||
135,000 | 5.00%, 07/15/25 (c) | 160,856 | ||||||
1,010,000 | 5.00%, 07/15/28 (c) | 1,284,531 | ||||||
New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW) | ||||||||
500,000 | 5.00%, 07/15/28 (c) | 631,251 | ||||||
100,000 | 5.00%, 07/15/28 (c) | 127,181 | ||||||
415,000 | 5.25%, 07/15/28 (c) | 529,736 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
2,000,000 | 3.00%, 11/01/30 (c) | 2,161,546 | ||||||
3,000,000 | 5.00%, 11/01/30 (c) | 3,925,902 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
630,000 | 4.00%, 05/01/26 (c) | 724,579 | ||||||
880,000 | 5.00%, 05/01/26 (c) | 1,059,900 | ||||||
160,000 | 5.00%, 05/01/26 (c) | 192,709 | ||||||
450,000 | 5.00%, 05/01/26 (c) | 542,484 | ||||||
280,000 | 5.00%, 05/01/26 (c) | 338,615 | ||||||
725,000 | 5.00%, 05/01/26 (c) | 874,002 | ||||||
260,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.00%, 08/01/24 (c) | 297,944 |
See Notes to Financial Statements
75 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
$ | 115,000 | 4.00%, 08/01/27 (c) | $ | 132,909 | ||||
895,000 | 5.00%, 08/01/26 (c) | 1,086,349 | ||||||
540,000 | 5.00%, 08/01/26 (c) | 655,451 | ||||||
530,000 | 5.00%, 08/01/26 (c) | 645,442 | ||||||
690,000 | 5.00%, 08/01/26 (c) | 838,707 | ||||||
350,000 | 5.00%, 08/01/27 (c) | 434,584 | ||||||
125,000 | 5.00%, 08/01/27 (c) | 156,555 | ||||||
1,000,000 | 5.00%, 08/01/27 (c) | 1,243,677 | ||||||
500,000 | 5.00%, 08/01/28 (c) | 625,627 | ||||||
1,000,000 | 5.00%, 08/01/30 (c) | 1,329,559 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
20,000 | 5.00%, 11/01/25 (c) | 24,055 | ||||||
2,280,000 | 5.00%, 05/01/27 (c) | 2,819,228 | ||||||
610,000 | 5.00%, 05/01/27 (c) | 751,663 | ||||||
4,500,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/30 (c) | 5,878,840 | ||||||
100,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c) | 110,134 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
155,000 | 5.00%, 02/01/25 (c) | 180,316 | ||||||
915,000 | 5.00%, 02/01/27 (c) | 1,126,246 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F (RB) | ||||||||
685,000 | 4.00%, 02/01/26 (c) | 779,170 | ||||||
715,000 | 5.00%, 02/01/26 (c) | 857,590 | ||||||
830,000 | 5.00%, 02/01/26 (c) | 994,666 | ||||||
6,000,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 | 7,525,915 | ||||||
250,000 | New York City Trust for Cultural Resources, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/26 | 305,374 | ||||||
New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | ||||||||
745,000 | 4.00%, 10/01/26 (c) | 857,681 | ||||||
850,000 | 4.00%, 10/01/26 (c) | 989,276 | ||||||
1,000,000 | New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) | 1,315,728 | ||||||
New York City Water and Sewer System, Series BB (RB) | ||||||||
310,000 | 5.00%, 06/15/27 (c) | 381,891 | ||||||
595,000 | 5.00%, 06/15/27 (c) | 747,444 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 1,865,000 | New York City Water and Sewer System, Series DD (RB) 5.00%, 06/15/31 | $ | 2,563,148 | ||||
215,000 | New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c) | 264,440 | ||||||
500,000 | New York City Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c) | 644,670 | ||||||
New York State Dormitory Authority, Columbia University (RB) | ||||||||
170,000 | 5.00%, 04/01/26 (c) | 207,107 | ||||||
510,000 | 5.00%, 04/01/26 (c) | 622,154 | ||||||
115,000 | New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28 | 150,668 | ||||||
25,000 | New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27 | 31,958 | ||||||
New York State Dormitory Authority, Cornell University, Series A (RB) | ||||||||
200,000 | 4.00%, 07/01/26 (c) | 229,933 | ||||||
230,000 | 5.00%, 07/01/26 (c) | 280,234 | ||||||
New York State Dormitory Authority, Cornell University, Series D (RB) | ||||||||
110,000 | 5.00%, 07/01/33 | 156,968 | ||||||
1,100,000 | 5.00%, 07/01/34 | 1,591,687 | ||||||
800,000 | New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c) | 918,582 | ||||||
1,000,000 | New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c) | 1,181,442 | ||||||
315,000 | New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27 | 388,063 | ||||||
250,000 | New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c) | 304,792 | ||||||
20,000 | New York State Dormitory Authority, New York State University, Series B (RB) 5.00%, 07/01/25 (c) | 23,233 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
260,000 | 5.00%, 07/01/26 (c) | 316,491 | ||||||
200,000 | 5.00%, 07/01/27 (c) | 247,362 | ||||||
250,000 | 5.00%, 07/01/27 (c) | 310,201 | ||||||
250,000 | 5.00%, 07/01/27 (c) | 313,651 | ||||||
385,000 | 5.00%, 07/01/28 (c) | 489,811 | ||||||
100,000 | 5.00%, 07/01/29 (c) | 131,173 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
200,000 | 5.00%, 10/01/26 (c) | 241,959 |
See Notes to Financial Statements
76 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 1,325,000 | 5.00%, 10/01/26 (c) | $ | 1,610,768 | ||||
370,000 | 5.00%, 10/01/26 (c) | 451,549 | ||||||
635,000 | 5.00%, 10/01/27 (c) | 802,318 | ||||||
100,000 | 5.00%, 10/01/27 (c) | 124,581 | ||||||
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) | ||||||||
850,000 | 2.00%, 07/01/29 (c) | 875,094 | ||||||
525,000 | 4.00%, 07/01/27 (c) | 606,793 | ||||||
1,330,000 | 5.00%, 07/01/27 | 1,677,885 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
475,000 | 4.00%, 02/15/27 (c) | 544,455 | ||||||
195,000 | 5.00%, 03/15/25 (c) | 227,837 | ||||||
150,000 | 5.00%, 03/15/25 (c) | 175,950 | ||||||
1,040,000 | 5.00%, 08/15/26 (c) | 1,273,310 | ||||||
1,375,000 | 5.00%, 02/15/27 (c) | 1,695,795 | ||||||
1,000,000 | 5.00%, 02/15/27 (c) | 1,224,589 | ||||||
595,000 | 5.00%, 02/15/27 (c) | 727,792 | ||||||
3,910,000 | 5.00%, 03/15/29 (c) | 4,943,847 | ||||||
100,000 | 5.00%, 03/15/29 | 130,181 | ||||||
1,500,000 | 5.00%, 03/15/29 (c) | 1,910,446 | ||||||
1,645,000 | 5.00%, 03/15/29 (c) | 2,089,707 | ||||||
3,000,000 | 5.00%, 03/15/30 | 3,965,074 | ||||||
4,000,000 | 5.00%, 03/15/31 (c) | 5,320,414 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
420,000 | 5.00%, 02/15/27 | 523,041 | ||||||
2,000,000 | 5.00%, 08/15/27 (c) | 2,486,838 | ||||||
640,000 | 5.00%, 08/15/27 (c) | 805,743 | ||||||
385,000 | New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) | 435,403 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
940,000 | 5.00%, 08/15/26 (c) | 1,144,873 | ||||||
315,000 | 5.00%, 08/15/26 (c) | 384,933 | ||||||
540,000 | 5.00%, 08/15/26 (c) | 661,142 | ||||||
2,000,000 | 5.00%, 02/15/30 (c) | 2,601,640 | ||||||
115,000 | 5.00%, 02/15/30 (c) | 150,367 | ||||||
320,000 | New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 02/15/25 (c) | 374,305 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
115,000 | 5.00%, 03/15/24 (c) | 130,232 | ||||||
340,000 | 5.00%, 03/15/24 (c) | 385,138 | ||||||
60,000 | 5.00%, 09/15/26 (c) | 73,242 | ||||||
140,000 | 5.00%, 09/15/26 (c) | 171,227 | ||||||
2,380,000 | 5.00%, 09/15/26 (c) | 2,916,487 | ||||||
250,000 | 5.00%, 01/01/27 (c) | 296,771 | ||||||
1,405,000 | 5.00%, 03/15/27 (c) | 1,720,301 | ||||||
515,000 | 5.00%, 03/15/27 (c) | 634,418 | ||||||
305,000 | 5.00%, 03/15/27 (c) | 376,984 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 1,000,000 | 5.00%, 03/15/27 (c) | $ | 1,226,711 | ||||
New York State Dormitory Authority, State Sales Tax, Series B (RB) | ||||||||
170,000 | 5.00%, 09/15/25 (c) | 202,307 | ||||||
120,000 | 5.00%, 09/15/25 (c) | 143,780 | ||||||
750,000 | New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c) | 937,072 | ||||||
2,560,000 | New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/27 (c) | 3,203,861 | ||||||
1,000,000 | New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c) | 1,224,192 | ||||||
385,000 | New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c) | 461,227 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
1,415,000 | 5.00%, 06/15/26 (c) | 1,721,849 | ||||||
765,000 | 5.00%, 06/15/26 (c) | 932,185 | ||||||
500,000 | 5.00%, 06/15/26 (c) | 610,681 | ||||||
150,000 | 5.00%, 06/15/27 (c) | 186,187 | ||||||
405,000 | 5.00%, 06/15/27 (c) | 509,731 | ||||||
1,250,000 | New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/29 (c) | 1,616,949 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | ||||||||
495,000 | 3.00%, 06/15/27 (c) | 542,740 | ||||||
500,000 | 5.00%, 06/15/27 (c) | 621,566 | ||||||
1,000,000 | 5.00%, 06/15/27 (c) | 1,244,679 | ||||||
500,000 | 5.00%, 06/15/27 | 633,469 | ||||||
1,000,000 | New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c) | 1,004,627 | ||||||
New York State Thruway Authority, Series A (RB) | ||||||||
600,000 | 5.00%, 01/01/26 (c) | 719,318 | ||||||
650,000 | 5.00%, 01/01/26 (c) | 780,069 | ||||||
800,000 | New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) | 933,071 | ||||||
New York State Thruway Authority, Series L (RB) | ||||||||
1,120,000 | 3.50%, 01/01/28 (c) | 1,236,984 | ||||||
1,500,000 | 5.00%, 01/01/28 (c) | 1,874,729 | ||||||
1,300,000 | 5.00%, 01/01/28 (c) | 1,619,147 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
325,000 | 5.00%, 03/15/27 (c) | 399,508 | ||||||
750,000 | 5.00%, 03/15/27 (c) | 927,977 |
See Notes to Financial Statements
77 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
$ | 1,000,000 | 4.00%, 09/15/30 (c) | $ | 1,194,918 | ||||
1,000,000 | 4.00%, 09/15/30 (c) | 1,210,402 | ||||||
350,000 | 5.00%, 09/15/27 (c) | 438,122 | ||||||
2,000,000 | 5.00%, 09/15/27 (c) | 2,496,421 | ||||||
250,000 | 5.00%, 09/15/30 (c) | 327,370 | ||||||
1,000,000 | New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c) | 1,287,484 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | ||||||||
1,000,000 | 5.00%, 12/01/30 (c) | 1,293,340 | ||||||
750,000 | 5.00%, 12/01/30 (c) | 976,278 | ||||||
300,000 | Port Authority of New York and New Jersey, Series 198 (RB) 5.00%, 11/15/26 (c) | 367,116 | ||||||
Port Authority of New York and New Jersey, Series 205 (RB) | ||||||||
2,500,000 | 5.00%, 11/15/27 (c) | 3,112,891 | ||||||
1,000,000 | 5.00%, 11/15/27 (c) | 1,250,645 | ||||||
840,000 | 5.00%, 11/15/27 (c) | 1,059,510 | ||||||
Port Authority of New York and New Jersey, Series 209 (RB) | ||||||||
500,000 | 5.00%, 07/15/28 (c) | 626,447 | ||||||
255,000 | 5.00%, 07/15/28 | 327,075 | ||||||
500,000 | Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c) | 631,693 | ||||||
500,000 | Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c) | 644,596 | ||||||
Port Authority of New York and New Jersey, Series 222 (RB) | ||||||||
3,500,000 | 4.00%, 07/15/30 (c) | 4,179,914 | ||||||
2,000,000 | 4.00%, 07/15/30 (c) | 2,400,134 | ||||||
1,000,000 | 5.00%, 07/15/30 (c) | 1,297,146 | ||||||
470,000 | State of New York Mortgage Agency, Series 192 (RB) 3.80%, 10/01/24 (c) | 499,869 | ||||||
615,000 | State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c) | 645,186 | ||||||
735,000 | State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c) | 762,267 | ||||||
460,000 | State of New York Mortgage Agency, Series 205 (RB) 3.13%, 10/01/26 (c) | 490,890 | ||||||
825,000 | State of New York Mortgage Agency, Series 208 (RB) 3.60%, 04/01/27 (c) | 901,529 | ||||||
10,000 | Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c) | 11,306 | ||||||
20,000 | Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c) | 24,202 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
$ | 1,550,000 | 5.00%, 05/15/27 (c) | $ | 1,901,520 | ||||
1,070,000 | 5.00%, 05/15/27 (c) | 1,308,517 | ||||||
1,255,000 | 5.00%, 05/15/27 (c) | 1,530,875 | ||||||
1,000,000 | 5.00%, 05/15/27 (c) | 1,254,400 | ||||||
1,035,000 | 5.00%, 05/15/27 (c) | 1,279,814 | ||||||
1,350,000 | 5.00%, 05/15/27 (c) | 1,661,246 | ||||||
1,000,000 | 5.00%, 11/15/31 | 1,365,088 | ||||||
Triborough Bridge and Tunnel Authority, Series C (RB) | ||||||||
1,565,000 | 5.00%, 11/15/27 | 1,990,829 | ||||||
500,000 | 5.00%, 11/15/28 | 650,089 | ||||||
1,000,000 | Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/30 (c) | 1,315,534 | ||||||
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
500,000 | 5.00%, 06/01/27 (c) | 605,695 | ||||||
845,000 | 5.00%, 06/01/27 (c) | 1,018,354 | ||||||
1,140,000 | 5.00%, 06/01/27 (c) | 1,385,597 | ||||||
130,000 | 5.00%, 06/01/27 (c) | 160,920 | ||||||
285,000 | 5.00%, 06/01/27 (c) | 350,895 | ||||||
200,000 | Utility Debt Securitization Authority (RB) 5.00%, 12/15/25 (c) | 241,398 | ||||||
Utility Debt Securitization Authority, Series A (RB) | ||||||||
140,000 | 5.00%, 06/15/23 (c) | 154,273 | ||||||
360,000 | 5.00%, 06/15/25 (c) | 427,253 | ||||||
310,000 | 5.00%, 12/15/25 (c) | 374,166 | ||||||
425,000 | 5.00%, 06/15/26 (c) | 520,762 | ||||||
610,000 | 5.00%, 06/15/26 (c) | 741,938 | ||||||
500,000 | 5.00%, 06/15/26 (c) | 605,903 | ||||||
1,135,000 | Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c) | 1,384,325 | ||||||
263,649,757 | ||||||||
North Carolina: 2.0% | ||||||||
450,000 | Cape Fear Public Utility Authority, Water and Sewer System (RB) 4.00%, 08/01/26 (c) | 523,386 | ||||||
100,000 | Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c) | 111,699 | ||||||
250,000 | City of Charlotte (GO) 5.00%, 06/01/27 | 316,237 | ||||||
590,000 | County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c) | 652,139 | ||||||
County of Mecklenburg, Series A (GO) | ||||||||
900,000 | 4.00%, 04/01/27 (c) | 1,061,963 | ||||||
1,000,000 | 4.00%, 04/01/27 (c) | 1,184,303 | ||||||
250,000 | County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) | 258,725 | ||||||
County of New Hanover, New Hanover Regional Medical Center (RB) | ||||||||
1,300,000 | 5.00%, 10/01/27 (c) | 1,640,405 | ||||||
590,000 | 5.00%, 10/01/27 | 744,491 |
See Notes to Financial Statements
78 |
Principal Amount | Value | |||||||
North Carolina: (continued) | ||||||||
$ | 1,000,000 | County of Union, Enterprise Systems (RB) 4.00%, 06/01/31 (c) | $ | 1,268,330 | ||||
County of Wake, Series A (RB) | ||||||||
150,000 | 3.13%, 08/01/28 (c) | 168,345 | ||||||
500,000 | 5.00%, 12/01/26 (c) | 617,064 | ||||||
130,000 | North Carolina Capital Facilities Finance Agency, Wake Forest University (RB) 5.00%, 07/01/26 (c) | 157,961 | ||||||
10,000 | North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c) | 11,301 | ||||||
365,000 | North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 5.00%, 06/01/27 | 456,998 | ||||||
1,000,000 | North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) | 1,296,481 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
500,000 | 5.00%, 01/01/27 (c) | 597,024 | ||||||
945,000 | 5.00%, 01/01/27 (c) | 1,158,723 | ||||||
380,000 | 5.00%, 01/01/29 (c) | 484,437 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
800,000 | 4.00%, 01/01/28 (c) | 942,504 | ||||||
360,000 | 4.00%, 01/01/28 (c) | 424,947 | ||||||
890,000 | 4.00%, 01/01/28 (c) | 1,053,501 | ||||||
1,500,000 | State of North Carolina (RB) 5.00%, 03/01/28 | 1,919,533 | ||||||
625,000 | State of North Carolina, Department of State Treasurer, Series B (GO) 2.13%, 06/01/29 (c) | 646,812 | ||||||
2,500,000 | State of North Carolina, Grant Anticipation (RB) 5.00%, 03/01/29 (c) | 3,231,503 | ||||||
State of North Carolina, Series A (GO) | ||||||||
1,000,000 | 3.00%, 06/01/28 (c) | 1,118,214 | ||||||
380,000 | 3.00%, 06/01/28 (c) | 422,381 | ||||||
1,440,000 | 5.00%, 05/01/28 | 1,855,602 | ||||||
1,140,000 | 5.00%, 06/01/28 (c) | 1,461,116 | ||||||
1,000,000 | 5.00%, 05/01/29 (c) | 1,297,916 | ||||||
1,100,000 | 5.00%, 06/01/30 (c) | 1,479,634 | ||||||
State of North Carolina, Series B (RB) | ||||||||
800,000 | 3.00%, 05/01/27 (c) | 886,614 | ||||||
420,000 | 5.00%, 06/01/26 (c) | 513,219 | ||||||
2,355,000 | 5.00%, 05/01/27 | 2,961,149 | ||||||
215,000 | 5.00%, 05/01/27 | 270,338 | ||||||
880,000 | 5.00%, 05/01/27 (c) | 1,095,196 | ||||||
1,200,000 | 5.00%, 05/01/28 | 1,546,335 | ||||||
35,836,526 | ||||||||
Principal Amount | Value | |||||||
North Dakota: 0.1% | ||||||||
$ | 410,000 | County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c) | $ | 480,659 | ||||
305,000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.55%, 07/01/27 (c) | 331,663 | ||||||
390,000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c) | 422,128 | ||||||
100,000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F (RB) 3.35%, 01/01/27 (c) | 108,262 | ||||||
North Dakota Public Finance Authority, Series A (RB) | ||||||||
365,000 | 5.00%, 10/01/24 (c) | 421,113 | ||||||
300,000 | 5.00%, 10/01/24 (c) | 346,452 | ||||||
2,110,277 | ||||||||
Ohio: 3.0% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
3,000,000 | 5.00%, 06/01/30 (c) | 3,840,670 | ||||||
2,000,000 | 5.00%, 06/01/30 (c) | 2,573,596 | ||||||
500,000 | City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB) 5.00%, 04/01/28 (c) | 619,371 | ||||||
City of Columbus, Series 1 (GO) | ||||||||
200,000 | 4.00%, 10/01/27 (c) | 236,218 | ||||||
250,000 | 5.00%, 10/01/27 (c) | 317,720 | ||||||
750,000 | 5.00%, 10/01/27 (c) | 949,066 | ||||||
City of Columbus, Various Purpose, Series A (GO) | ||||||||
960,000 | 3.00%, 08/15/25 (c) | 1,031,449 | ||||||
380,000 | 4.00%, 08/15/25 (c) | 434,614 | ||||||
1,000,000 | 5.00%, 04/01/30 | 1,342,259 | ||||||
1,245,000 | City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c) | 1,623,775 | ||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
1,030,000 | 5.00%, 02/01/28 (c) | 1,286,869 | ||||||
115,000 | 5.00%, 02/01/28 (c) | 145,636 | ||||||
1,250,000 | 5.00%, 12/01/29 | 1,645,562 | ||||||
1,000,000 | 5.00%, 06/01/30 (c) | 1,318,958 | ||||||
County of Butler (RB) | ||||||||
400,000 | 4.00%, 11/15/27 (c) | 458,536 | ||||||
1,805,000 | 5.00%, 11/15/27 (c) | 2,212,737 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
100,000 | 5.00%, 02/15/27 (c) | 118,977 | ||||||
250,000 | 5.00%, 02/15/27 (c) | 301,218 | ||||||
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) | ||||||||
145,000 | 5.00%, 11/01/27 (c) | 177,690 | ||||||
125,000 | 5.00%, 11/01/27 (c) | 153,611 | ||||||
120,000 | 5.00%, 11/01/27 (c) | 148,124 |
See Notes to Financial Statements
79 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Ohio: (continued) | ||||||||
$ | 340,000 | County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/26 (c) | $ | 411,807 | ||||
1,000,000 | County of Hamilton, Sewer System, Series A (RB) 5.00%, 12/01/29 (c) | 1,315,945 | ||||||
355,000 | County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) 5.00%, 11/15/27 | 441,600 | ||||||
165,000 | County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c) | 173,589 | ||||||
Cuyahoga Community College District (GO) | ||||||||
500,000 | 4.00%, 06/01/26 (c) | 566,777 | ||||||
350,000 | 4.00%, 06/01/26 (c) | 397,654 | ||||||
20,000 | Kent State University (RB) 5.00%, 05/01/26 (c) | 24,149 | ||||||
1,000,000 | Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) | 1,129,200 | ||||||
Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
500,000 | 5.00%, 02/15/28 (c) | 622,085 | ||||||
500,000 | 5.00%, 02/15/28 (c) | 624,016 | ||||||
500,000 | 5.00%, 02/15/28 (c) | 626,909 | ||||||
1,020,000 | Ohio Water Development Authority, Fresh Water (RB) 5.00%, 03/01/28 (c) | 1,312,195 | ||||||
125,000 | Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c) | 153,343 | ||||||
Ohio Water Development Authority, Fresh Water, Series B (RB) | ||||||||
1,000,000 | 5.00%, 12/01/26 (c) | 1,234,976 | ||||||
200,000 | 5.00%, 12/01/26 (c) | 247,737 | ||||||
Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
960,000 | 5.00%, 06/01/27 (c) | 1,190,603 | ||||||
2,000,000 | 5.00%, 12/01/27 | 2,558,839 | ||||||
1,000,000 | 5.00%, 12/01/27 | 1,279,419 | ||||||
1,000,000 | 5.00%, 06/01/30 (c) | 1,331,019 | ||||||
Ohio Water Development Authority, Water Pollution Control, Series B (RB) | ||||||||
20,000 | 5.00%, 12/01/25 (c) | 24,140 | ||||||
40,000 | 5.00%, 12/01/25 (c) | 48,341 | ||||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
760,000 | 4.00%, 01/01/28 (c) | 892,323 | ||||||
480,000 | 5.00%, 03/15/24 (c) | 542,252 | ||||||
130,000 | 5.00%, 01/01/28 (c) | 162,671 | ||||||
135,000 | 5.00%, 01/01/28 (c) | 170,800 | ||||||
140,000 | 5.00%, 01/01/28 (c) | 176,254 | ||||||
425,000 | 5.00%, 01/01/28 (c) | 541,509 | ||||||
770,000 | 5.00%, 01/01/28 | 983,748 | ||||||
State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB) | ||||||||
805,000 | 5.00%, 04/01/28 (c) | 1,007,787 | ||||||
640,000 | 5.00%, 04/01/28 (c) | 803,627 | ||||||
615,000 | 5.00%, 04/01/28 (c) | 774,566 |
Principal Amount | Value | |||||||
Ohio: (continued) | ||||||||
State of Ohio, Common Schools, Series A (GO) | ||||||||
$ | 660,000 | 5.00%, 03/15/23 (c) | $ | 717,461 | ||||
500,000 | 5.00%, 03/15/24 (c) | 566,225 | ||||||
25,000 | 5.00%, 03/15/24 (c) | 28,235 | ||||||
395,000 | State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/27 | 500,225 | ||||||
165,000 | State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c) | 176,658 | ||||||
550,000 | State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/26 (c) | 668,149 | ||||||
1,000,000 | State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c) | 1,238,980 | ||||||
1,000,000 | State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/28 | 1,289,399 | ||||||
State of Ohio, Infrastructure Project, Series 1 (RB) | ||||||||
200,000 | 5.00%, 12/15/30 | 271,609 | ||||||
750,000 | 5.00%, 12/15/31 | 1,038,943 | ||||||
225,000 | State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c) | 273,666 | ||||||
100,000 | State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c) | 125,905 | ||||||
500,000 | State of Ohio, Parks and Recreation Improvement, Series C (RB) 5.00%, 12/01/26 (c) | 611,357 | ||||||
2,225,000 | The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29 | 2,939,760 | ||||||
100,000 | Village of Bluffton, Blanchard Valley Health System (RB) 4.00%, 12/01/27 (c) | 112,716 | ||||||
53,265,824 | ||||||||
Oklahoma: 0.4% | ||||||||
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) | ||||||||
330,000 | 3.00%, 09/01/26 (c) | 363,783 | ||||||
1,405,000 | 5.00%, 09/01/26 (c) | 1,715,304 | ||||||
Grand River Dam Authority, Series A (RB) | ||||||||
130,000 | 5.00%, 12/01/26 (c) | 160,348 | ||||||
100,000 | 5.00%, 12/01/26 (c) | 123,507 | ||||||
410,000 | 5.00%, 12/01/26 (c) | 507,875 | ||||||
155,000 | Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c) | 178,114 | ||||||
565,000 | Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c) | 686,331 |
See Notes to Financial Statements
80 |
Principal Amount | Value | |||||||
Oklahoma: (continued) | ||||||||
Oklahoma Turnpike Authority, Series E (RB) | ||||||||
$ | 300,000 | 5.00%, 01/01/27 (c) | $ | 367,905 | ||||
155,000 | 5.00%, 01/01/27 (c) | 191,502 | ||||||
530,000 | Tulsa County Industrial Authority (RB) 5.00%, 09/01/25 (c) | 629,554 | ||||||
Tulsa Public Facilities Authority (RB) | ||||||||
1,075,000 | 4.00%, 10/01/26 (c) | 1,266,045 | ||||||
250,000 | 4.00%, 10/01/26 | 293,205 | ||||||
6,483,473 | ||||||||
Oregon: 1.1% | ||||||||
Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A | ||||||||
700,000 | 5.00%, 08/15/30 (c) | 918,041 | ||||||
720,000 | 5.00%, 08/15/30 (c) | 947,183 | ||||||
410,000 | City of Eugene, Electric Utility System Revenue, Series A (RB) 4.00%, 08/01/26 (c) | 472,464 | ||||||
1,285,000 | Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c) | 1,619,845 | ||||||
Hillsboro School District No. 1J (GO) (SBG) | ||||||||
590,000 | 5.00%, 06/15/27 (c) | 722,893 | ||||||
1,000,000 | 5.00%, 06/15/27 (c) | 1,236,489 | ||||||
375,000 | Medford School District No. 549C (GO) (SBG) 5.00%, 06/15/25 (c) | 442,865 | ||||||
1,045,000 | Metro Oregon, Series A (GO) 5.00%, 06/01/30 (c) | 1,401,367 | ||||||
Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | ||||||||
1,010,000 | 0.00%, 06/15/27 (c) ^ | 722,949 | ||||||
1,215,000 | 0.00%, 06/15/27 (c) ^ | 912,799 | ||||||
500,000 | Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c) | 581,833 | ||||||
1,280,000 | Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c) | 1,460,490 | ||||||
Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB) | ||||||||
195,000 | 5.00%, 10/01/26 (c) | 230,152 | ||||||
430,000 | 5.00%, 10/01/26 (c) | 508,718 | ||||||
120,000 | Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/27 (c) | 149,625 | ||||||
115,000 | Portland Community College District (GO) 5.00%, 06/15/26 (c) | 140,522 | ||||||
Salem-Keizer School District No. 24J (GO) (SBG) | ||||||||
475,000 | 4.00%, 06/15/28 (c) | 561,112 | ||||||
545,000 | 5.00%, 06/15/28 (c) | 696,437 | ||||||
125,000 | Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c) | 153,744 |
Principal Amount | Value | |||||||
Oregon: (continued) | ||||||||
$ | 690,000 | State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB) 5.00%, 04/01/27 (c) | $ | 857,360 | ||||
1,000,000 | State of Oregon, Department of Transportation, Series A (RB) 5.00%, 11/15/30 (c) | 1,327,366 | ||||||
450,000 | State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c) | 527,125 | ||||||
305,000 | State of Oregon, Housing and Community Services Department, Series C (RB) (AGM) 3.55%, 07/01/27 (c) | 329,459 | ||||||
905,000 | State of Oregon, Housing and Community Services Department, Series D (RB) 3.80%, 01/01/28 (c) | 1,000,447 | ||||||
145,000 | State of Oregon, Seismic Project and Article XI-Q, Series A (GO) 5.00%, 05/01/27 (c) | 179,174 | ||||||
10,000 | State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c) | 12,099 | ||||||
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) | ||||||||
570,000 | 3.25%, 04/01/28 (c) | 619,556 | ||||||
405,000 | 5.00%, 10/01/26 | 496,428 | ||||||
19,228,542 | ||||||||
Pennsylvania: 4.2% | ||||||||
Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
100,000 | 5.00%, 04/01/27 | 123,428 | ||||||
1,120,000 | 5.00%, 04/01/28 (c) | 1,383,728 | ||||||
1,000,000 | 5.00%, 04/01/28 (c) | 1,257,234 | ||||||
290,000 | 5.00%, 07/15/28 | 372,200 | ||||||
810,000 | 5.00%, 07/15/29 (c) | 1,042,007 | ||||||
360,000 | 5.00%, 07/15/29 (c) | 468,370 | ||||||
100,000 | Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) 4.00%, 12/01/26 (c) | 115,926 | ||||||
City of Philadelphia (GO) (AGM) | ||||||||
380,000 | 5.00%, 08/01/27 (c) | 472,127 | ||||||
320,000 | 5.00%, 08/01/27 | 403,013 | ||||||
880,000 | City of Philadelphia, Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c) | 1,066,684 | ||||||
City of Philadelphia, Series A (RB) | ||||||||
1,000,000 | 4.00%, 07/01/30 (c) | 1,197,570 | ||||||
750,000 | 5.00%, 08/01/27 (c) | 935,708 | ||||||
100,000 | 5.00%, 08/01/27 (c) | 123,616 | ||||||
750,000 | 5.00%, 08/01/27 (c) | 931,830 | ||||||
City of Philadelphia, Series B (GO) | ||||||||
415,000 | 5.00%, 02/01/28 | 525,656 | ||||||
1,500,000 | 5.00%, 08/01/29 (c) | 1,904,198 | ||||||
100,000 | 5.00%, 08/01/29 (c) | 128,478 | ||||||
300,000 | 5.00%, 08/01/29 (c) | 391,418 |
See Notes to Financial Statements
81 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
Commonwealth Financing Authority, Series A (RB) | ||||||||
$ | 800,000 | 5.00%, 06/01/28 | $ | 1,009,012 | ||||
1,000,000 | 5.00%, 06/01/29 | 1,281,838 | ||||||
250,000 | 5.00%, 06/01/30 (c) | 329,681 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | ||||||||
415,000 | 5.00%, 06/01/28 (c) | 511,258 | ||||||
265,000 | 5.00%, 06/01/28 (c) | 328,837 | ||||||
775,000 | 5.00%, 06/01/28 (c) | 965,612 | ||||||
Commonwealth of Pennsylvania, First Series (GO) | ||||||||
510,000 | 3.00%, 01/01/27 (c) | 550,952 | ||||||
900,000 | 3.00%, 05/01/30 (c) | 995,517 | ||||||
600,000 | 4.00%, 01/01/27 (c) | 696,297 | ||||||
500,000 | 5.00%, 02/01/26 (c) | 602,307 | ||||||
255,000 | 5.00%, 07/15/27 | 321,315 | ||||||
1,300,000 | 5.00%, 07/15/28 | 1,675,806 | ||||||
Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
1,055,000 | 3.00%, 09/15/26 (c) | 1,127,153 | ||||||
395,000 | 3.00%, 09/15/26 (c) | 429,214 | ||||||
170,000 | 4.00%, 09/15/26 (c) | 195,419 | ||||||
610,000 | 4.00%, 09/15/26 (c) | 709,362 | ||||||
400,000 | 5.00%, 09/15/26 (c) | 492,061 | ||||||
430,000 | 5.00%, 01/15/27 (c) | 534,793 | ||||||
695,000 | County of Allegheny, Series C-75 (GO) 5.00%, 11/01/26 (c) | 856,778 | ||||||
750,000 | County of Chester, Series A (GO) 4.00%, 07/15/26 (c) | 875,058 | ||||||
Dauphin County General Authority, Pinnacle Health System Project, Series A (RB) | ||||||||
605,000 | 4.00%, 06/01/26 (c) | 679,303 | ||||||
20,000 | 4.00%, 06/01/26 (c) | 22,643 | ||||||
475,000 | 5.00%, 06/01/26 (c) | 558,238 | ||||||
1,750,000 | Geisinger Authority Health System, Series A (RB) 5.00%, 04/01/30 (c) | 2,265,031 | ||||||
2,000,000 | Geisinger Authority Health System, Series C (RB) 5.00%, 10/01/29 (c) (p) | 2,593,195 | ||||||
630,000 | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c) | 790,861 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC (RB) | ||||||||
100,000 | 4.00%, 09/15/26 (c) | 114,321 | ||||||
215,000 | 4.00%, 09/15/26 (c) | 246,266 | ||||||
385,000 | 5.00%, 09/15/26 (c) | 466,045 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | ||||||||
1,000,000 | 3.38%, 11/15/27 (c) | 1,107,076 | ||||||
205,000 | 4.00%, 11/15/27 (c) | 238,790 | ||||||
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
$ | 125,000 | Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c) | $ | 147,850 | ||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) | ||||||||
775,000 | 4.00%, 06/15/26 (c) | 880,528 | ||||||
785,000 | 5.00%, 06/15/26 (c) | 947,581 | ||||||
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | ||||||||
150,000 | 3.13%, 08/15/27 (c) | 164,468 | ||||||
725,000 | 4.00%, 08/15/26 (c) | 841,007 | ||||||
1,000,000 | 5.00%, 08/15/27 (c) | 1,258,776 | ||||||
270,000 | 5.00%, 08/15/27 (c) | 335,993 | ||||||
275,000 | 5.00%, 08/15/27 (c) | 343,923 | ||||||
425,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) | 447,083 | ||||||
700,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c) | 735,108 | ||||||
590,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c) | 626,885 | ||||||
1,730,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c) | 1,862,975 | ||||||
300,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c) | 319,704 | ||||||
20,000 | Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c) | 24,288 | ||||||
Pennsylvania Turnpike Commission (RB) | ||||||||
720,000 | 3.00%, 06/01/26 (c) | 761,708 | ||||||
550,000 | 5.00%, 12/01/25 (c) | 655,068 | ||||||
430,000 | 5.00%, 12/01/25 (c) | 513,145 | ||||||
1,000,000 | 5.00%, 12/01/27 | 1,241,577 | ||||||
300,000 | 5.00%, 12/01/27 (c) | 371,995 | ||||||
250,000 | 5.00%, 12/01/27 (c) | 311,297 | ||||||
450,000 | Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB) 5.00%, 12/01/26 (c) | 554,563 | ||||||
Pennsylvania Turnpike Commission, Second Series (RB) | ||||||||
965,000 | 3.00%, 06/01/26 (c) | 1,018,564 | ||||||
690,000 | 4.00%, 06/01/26 (c) | 774,399 | ||||||
Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
750,000 | 5.00%, 12/01/26 (c) | 922,616 | ||||||
15,000 | 5.00%, 12/01/26 (c) | 18,297 | ||||||
110,000 | 5.00%, 12/01/26 (c) | 136,691 |
See Notes to Financial Statements
82 |
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
$ | 310,000 | 5.00%, 12/01/26 (c) | $ | 381,651 | ||||
500,000 | 5.00%, 12/01/29 (c) | 652,105 | ||||||
Pennsylvania Turnpike Commission, Series A-2 (RB) | ||||||||
790,000 | 5.00%, 06/01/26 (c) | 948,571 | ||||||
175,000 | 5.00%, 12/01/27 (c) | 220,987 | ||||||
100,000 | 5.00%, 12/01/27 (c) | 127,378 | ||||||
510,000 | Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c) | 622,804 | ||||||
760,000 | Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c) | 934,515 | ||||||
205,000 | Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c) | 251,311 | ||||||
110,000 | Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c) | 127,640 | ||||||
10,000 | Philadelphia Authority for Industrial Development, Temple University, Second Series (RB) 5.00%, 04/01/25 (c) | 11,650 | ||||||
Philadelphia Gas Works Co., Fourteenth Series (RB) | ||||||||
680,000 | 5.00%, 10/01/26 (c) | 822,261 | ||||||
970,000 | 5.00%, 10/01/26 (c) | 1,174,068 | ||||||
735,000 | 5.00%, 10/01/26 (c) | 890,492 | ||||||
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
1,460,000 | 5.00%, 09/01/31 | 1,968,210 | ||||||
2,000,000 | 5.00%, 09/01/32 | 2,746,196 | ||||||
2,000,000 | 5.00%, 09/01/33 | 2,793,224 | ||||||
170,000 | Reading School District of Berks County (GO) (AGM) (SAW) 5.00%, 03/01/27 (c) | 206,335 | ||||||
School District of Philadelphia, Series A (GO) (SAW) | ||||||||
410,000 | 5.00%, 09/01/28 (c) | 515,665 | ||||||
450,000 | 5.00%, 09/01/28 (c) | 569,833 | ||||||
250,000 | 5.00%, 09/01/28 (c) | 317,607 | ||||||
485,000 | School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c) | 586,073 | ||||||
220,000 | School District of the City of Erie, Series A (GO) (AGM) (SAW) 5.00%, 04/01/29 (c) | 278,222 | ||||||
845,000 | Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c) | 1,052,744 | ||||||
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (AGM) (SAW) | ||||||||
260,000 | 5.00%, 12/01/26 (c) | 315,539 | ||||||
2,750,000 | 5.00%, 12/01/26 (c) | 3,340,754 | ||||||
880,000 | 5.00%, 12/01/26 (c) | 1,079,212 | ||||||
765,000 | Westmoreland County Municipal Authority (RB) 5.00%, 08/15/25 (c) | 906,903 | ||||||
76,471,269 |
Principal Amount | Value | |||||||
Rhode Island: 0.2% | ||||||||
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) | ||||||||
$ | 380,000 | 5.00%, 06/15/26 (c) | $ | 459,849 | ||||
230,000 | 5.00%, 06/15/26 (c) | 279,618 | ||||||
Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) | ||||||||
880,000 | 4.00%, 05/15/26 (c) | 1,007,830 | ||||||
110,000 | 5.00%, 05/15/26 (c) | 133,841 | ||||||
1,000,000 | Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c) | 1,018,320 | ||||||
345,000 | State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c) | 380,255 | ||||||
250,000 | State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c) | 311,930 | ||||||
180,000 | State of Rhode Island and Providence Plantations, Series D (GO) 5.00%, 08/01/24 (c) | 206,772 | ||||||
3,798,415 | ||||||||
South Carolina: 0.4% | ||||||||
Aiken County Consolidated School District, Series A (GO) | ||||||||
535,000 | 4.00%, 04/01/29 (c) | 639,481 | ||||||
1,000,000 | 4.00%, 04/01/29 (c) | 1,198,627 | ||||||
185,000 | County of York (GO) (SAW) 5.00%, 04/01/24 (c) | 210,324 | ||||||
Lancaster County School District (GO) | ||||||||
325,000 | 3.25%, 03/01/27 (c) | 362,436 | ||||||
1,000,000 | 4.00%, 03/01/27 (c) | 1,185,309 | ||||||
100,000 | Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c) | 123,527 | ||||||
250,000 | Lexington County School District No. 2 (GO) 3.00%, 03/01/26 (c) | 270,411 | ||||||
1,000,000 | South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c) | 1,193,253 | ||||||
South Carolina Transportation Infrastructure Bank, Series A (RB) | ||||||||
655,000 | 2.25%, 10/01/25 (c) | 666,161 | ||||||
100,000 | 5.00%, 10/01/28 (c) | 125,925 | ||||||
York County, South Carolina Fort Mill School District No. 4, Series B (GO) | ||||||||
500,000 | 3.00%, 03/01/27 (c) | 547,750 | ||||||
325,000 | 3.00%, 03/01/27 (c) | 356,923 | ||||||
6,880,127 | ||||||||
South Dakota: 0.1% | ||||||||
South Dakota Health and Educational Facilities Authority (RB) | ||||||||
1,075,000 | 4.00%, 09/01/27 (c) | 1,215,620 | ||||||
255,000 | 5.00%, 09/01/27 (c) | 309,328 | ||||||
100,000 | 5.00%, 09/01/27 (c) | 120,892 | ||||||
400,000 | South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c) | 430,247 | ||||||
2,076,087 |
See Notes to Financial Statements
83 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Tennessee: 1.2% | ||||||||
$ | 250,000 | Chattanooga Health, Educational and Housing Facility Board, Series A-1 (RB) 5.00%, 08/01/28 | $ | 316,770 | ||||
300,000 | County of Hamilton, Series A (GO) 5.00%, 04/01/28 | 386,289 | ||||||
Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | ||||||||
810,000 | 5.00%, 07/01/23 (c) | 873,027 | ||||||
915,000 | 5.00%, 07/01/23 (c) | 986,198 | ||||||
550,000 | 5.00%, 07/01/23 (c) | 592,796 | ||||||
Knox County Health Educational and Housing Facility Board (RB) | ||||||||
700,000 | 5.00%, 04/01/27 (c) | 827,995 | ||||||
490,000 | 5.00%, 04/01/27 (c) | 582,690 | ||||||
Memphis-Shelby County Industrial Development Board, Series B (RB) | ||||||||
150,000 | 5.00%, 11/01/26 (c) | 182,500 | ||||||
720,000 | 5.00%, 11/01/26 (c) | 883,414 | ||||||
Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
915,000 | 2.50%, 07/01/26 (c) | 976,759 | ||||||
580,000 | 4.00%, 07/01/26 (c) | 671,102 | ||||||
545,000 | 4.00%, 07/01/26 (c) | 631,648 | ||||||
590,000 | 4.00%, 07/01/27 (c) | 704,971 | ||||||
275,000 | 4.00%, 07/01/27 (c) | 325,735 | ||||||
335,000 | 4.00%, 07/01/27 | 402,441 | ||||||
235,000 | 5.00%, 07/01/26 (c) | 285,524 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB) | ||||||||
130,000 | 5.00%, 07/01/26 (c) | 156,491 | ||||||
600,000 | 5.00%, 07/01/26 (c) | 725,412 | ||||||
Shelby County, Public Improvement, Series B (GO) | ||||||||
1,000,000 | 4.00%, 04/01/30 (c) | 1,227,707 | ||||||
3,000,000 | 4.00%, 04/01/30 (c) | 3,696,112 | ||||||
1,000,000 | 4.00%, 04/01/30 (c) | 1,225,100 | ||||||
200,000 | Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/27 (c) | 242,388 | ||||||
State of Tennessee, Series A (GO) | ||||||||
500,000 | 5.00%, 08/01/26 (c) | 608,557 | ||||||
800,000 | 5.00%, 08/01/26 (c) | 980,621 | ||||||
460,000 | Tennessee Housing Development Agency, Series 2 (RB) 3.50%, 07/01/27 (c) | 499,722 | ||||||
170,000 | Tennessee Housing Development Agency, Series 2B (RB) 3.70%, 07/01/26 (c) | 183,531 | ||||||
Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB) | ||||||||
285,000 | 5.00%, 11/01/27 (c) | 355,877 |
Principal Amount | Value | |||||||
Tennessee: (continued) | ||||||||
$ | 395,000 | 5.00%, 11/01/27 (c) | $ | 490,895 | ||||
365,000 | 5.00%, 11/01/27 | 464,409 | ||||||
750,000 | 5.00%, 11/01/27 (c) | 943,506 | ||||||
21,430,187 | ||||||||
Texas: 8.9% | ||||||||
Aldine Independent School District, Series A (GO) | ||||||||
910,000 | 4.00%, 02/15/27 (c) | 1,058,258 | ||||||
675,000 | 4.00%, 02/15/27 (c) | 783,479 | ||||||
140,000 | 5.00%, 02/15/25 (c) | 163,529 | ||||||
700,000 | 5.00%, 02/15/27 (c) | 867,327 | ||||||
880,000 | 5.00%, 02/15/27 (c) | 1,092,967 | ||||||
Alvin Independent School District, Series A (GO) | ||||||||
500,000 | 5.00%, 02/15/26 (c) | 601,956 | ||||||
645,000 | 5.00%, 02/15/26 (c) | 779,908 | ||||||
Arlington Independent School District (GO) | ||||||||
500,000 | 4.00%, 02/15/29 (c) | 608,217 | ||||||
1,000,000 | 4.00%, 02/15/29 (c) | 1,218,935 | ||||||
2,000,000 | 5.00%, 02/15/29 | 2,619,268 | ||||||
Austin Independent School District (GO) | ||||||||
500,000 | 4.00%, 08/01/26 (c) | 578,518 | ||||||
100,000 | 4.00%, 08/01/26 (c) | 116,037 | ||||||
500,000 | Austin Independent School District, Series B (GO) 5.00%, 08/01/26 (c) | 615,564 | ||||||
100,000 | Austin Independent School District, Series C (GO) 5.00%, 08/01/26 (c) | 122,416 | ||||||
315,000 | Beaumont Independent School District (GO) 3.00%, 02/15/26 (c) | 341,657 | ||||||
Bexar County Hospital District (GO) | ||||||||
385,000 | 3.00%, 02/15/26 (c) | 413,155 | ||||||
250,000 | 4.00%, 02/15/26 (c) | 284,049 | ||||||
115,000 | 4.00%, 02/15/26 (c) | 131,703 | ||||||
1,315,000 | 5.00%, 02/15/26 (c) | 1,577,649 | ||||||
305,000 | 5.00%, 02/15/28 | 388,957 | ||||||
250,000 | Board of Regents of the University of North Texas System, Series A (RB) 5.00%, 04/15/27 | 312,472 | ||||||
575,000 | Board of Regents of the University of Texas System, Series A (RB) 5.00%, 07/01/25 (c) | 677,452 | ||||||
Board of Regents of the University of Texas System, Series B (RB) | ||||||||
125,000 | 5.00%, 07/01/26 (c) | 151,523 | ||||||
500,000 | 5.00%, 08/15/29 | 662,999 | ||||||
200,000 | Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25 | 238,972 | ||||||
520,000 | Board of Regents of the University of Texas System, Series E (RB) 5.00%, 08/15/27 | 658,817 | ||||||
Board of Regents of the University of Texas System, Series J (RB) | ||||||||
215,000 | 5.00%, 08/15/25 | 256,895 | ||||||
25,000 | 5.00%, 08/15/26 (c) | 30,623 |
See Notes to Financial Statements
84 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
Central Texas Regional Mobility Authority, Senior Lien (RB) | ||||||||
$ | 250,000 | 5.00%, 01/01/26 (c) | $ | 292,990 | ||||
625,000 | 5.00%, 01/01/26 (c) | 734,166 | ||||||
City of Arlington, Senior Lien Special Tax (AGM) (ST) | ||||||||
305,000 | 5.00%, 02/15/25 (c) | 354,389 | ||||||
150,000 | 5.00%, 02/15/25 (c) | 174,718 | ||||||
100,000 | City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c) | 120,045 | ||||||
15,000 | City of Austin, Public Improvement (GO) 5.00%, 09/01/25 (c) | 17,978 | ||||||
City of Austin, Water and Wastewater System (RB) | ||||||||
360,000 | 5.00%, 11/15/26 (c) | 448,474 | ||||||
995,000 | 5.00%, 11/15/26 (c) | 1,235,232 | ||||||
2,180,000 | 5.00%, 11/15/26 (c) | 2,702,313 | ||||||
235,000 | 5.00%, 11/15/27 (c) | 297,804 | ||||||
500,000 | City of Dallas (GO) 5.00%, 02/15/27 (c) | 619,724 | ||||||
City of Dallas, Series A (GO) | ||||||||
600,000 | 3.00%, 02/15/29 (c) | 654,365 | ||||||
2,600,000 | 5.00%, 02/15/30 | 3,417,401 | ||||||
City of Dallas, Series B (GO) | ||||||||
415,000 | 3.00%, 02/15/29 (c) | 452,602 | ||||||
500,000 | 4.00%, 02/15/29 (c) | 592,642 | ||||||
City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
600,000 | 5.00%, 10/01/26 (c) | 738,313 | ||||||
565,000 | 5.00%, 10/01/26 (c) | 695,583 | ||||||
900,000 | 5.00%, 10/01/26 (c) | 1,110,704 | ||||||
City of Dallas, Waterworks and Sewer System, Series C (RB) | ||||||||
1,000,000 | 5.00%, 10/01/30 (c) | 1,329,181 | ||||||
1,000,000 | 5.00%, 10/01/30 (c) | 1,338,831 | ||||||
City of Denton, Utility System (RB) | ||||||||
1,000,000 | 5.00%, 12/01/26 (c) | 1,197,726 | ||||||
965,000 | 5.00%, 12/01/26 (c) | 1,164,217 | ||||||
City of El Paso (GO) | ||||||||
110,000 | 4.00%, 08/15/26 (c) | 127,306 | ||||||
100,000 | 4.00%, 08/15/26 (c) | 116,013 | ||||||
125,000 | 5.00%, 08/15/25 (c) | 149,122 | ||||||
455,000 | City of El Paso, Water and Sewer (RB) 5.00%, 03/01/24 (c) | 515,801 | ||||||
235,000 | City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c) | 296,819 | ||||||
City of Houston, Airport System, Series D (RB) | ||||||||
1,000,000 | 5.00%, 07/01/28 (c) | 1,243,227 | ||||||
125,000 | 5.00%, 07/01/28 (c) | 157,445 | ||||||
4,500,000 | City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c) | 6,007,285 | ||||||
City of Houston, Combined Utility System, First Lien, Series B (RB) | ||||||||
105,000 | 5.00%, 11/15/26 (c) | 129,193 | ||||||
220,000 | 5.00%, 11/15/26 (c) | 271,227 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 555,000 | 5.00%, 11/15/26 | $ | 688,657 | ||||
285,000 | 5.00%, 11/15/27 | 362,964 | ||||||
1,500,000 | City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c) | 1,846,651 | ||||||
City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
750,000 | 5.00%, 11/15/28 (c) | 959,047 | ||||||
1,000,000 | 5.00%, 11/15/28 (c) | 1,280,340 | ||||||
City of Houston, Public Improvement, Series A (GO) | ||||||||
2,000,000 | 4.00%, 03/01/27 (c) | 2,260,714 | ||||||
500,000 | 5.00%, 03/01/27 (c) | 614,004 | ||||||
520,000 | 5.00%, 03/01/27 (c) | 637,186 | ||||||
1,000,000 | 5.00%, 03/01/27 (c) | 1,236,667 | ||||||
1,000,000 | 5.00%, 03/01/29 (c) | 1,297,820 | ||||||
1,000,000 | 5.00%, 03/01/29 (c) | 1,284,999 | ||||||
City of Houston, Series A (GO) | ||||||||
535,000 | 5.00%, 03/01/26 (c) | 633,986 | ||||||
180,000 | 5.00%, 03/01/26 (c) | 215,852 | ||||||
515,000 | 5.00%, 03/01/26 (c) | 618,015 | ||||||
105,000 | City of Lubbock (GO) 5.00%, 02/15/25 (c) | 122,646 | ||||||
205,000 | City of San Antonio (GO) 5.00%, 08/01/28 (c) | 262,682 | ||||||
City of San Antonio, Electric and Gas Systems (RB) | ||||||||
500,000 | 4.00%, 08/01/26 (c) | 574,922 | ||||||
1,000,000 | 4.00%, 02/01/30 | 1,237,401 | ||||||
125,000 | 5.00%, 08/01/26 (c) | 152,118 | ||||||
110,000 | 5.00%, 08/01/26 (c) | 133,546 | ||||||
1,000,000 | 5.00%, 08/01/27 (c) | 1,243,337 | ||||||
100,000 | 5.00%, 08/01/27 (c) | 124,015 | ||||||
City of San Antonio, General Improvement (GO) | ||||||||
350,000 | 5.00%, 02/01/24 (c) | 396,013 | ||||||
325,000 | 5.00%, 08/01/29 (c) | 426,742 | ||||||
Collin County Community College District (GO) | ||||||||
500,000 | 3.25%, 08/15/27 (c) | 555,172 | ||||||
925,000 | 4.00%, 08/15/27 (c) | 1,087,937 | ||||||
190,000 | Colorado River Municipal Water District (RB) 5.00%, 01/01/28 | 241,328 | ||||||
Conroe Independent School District (GO) | ||||||||
665,000 | 5.00%, 02/15/27 (c) | 820,165 | ||||||
100,000 | 5.00%, 02/15/28 (c) | 125,827 | ||||||
320,000 | Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c) | 384,772 | ||||||
County of Bexar (GO) | ||||||||
520,000 | 4.00%, 06/15/25 (c) | 590,480 | ||||||
150,000 | 4.00%, 06/15/25 (c) | 169,938 | ||||||
290,000 | 5.00%, 06/15/26 (c) | 353,377 | ||||||
880,000 | 5.00%, 06/15/26 (c) | 1,071,327 | ||||||
County of Dallas (GO) | ||||||||
250,000 | 5.00%, 08/15/26 (c) | 308,277 | ||||||
260,000 | 5.00%, 08/15/26 (c) | 321,373 |
See Notes to Financial Statements
85 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 615,000 | County of Denton (GO) 4.00%, 07/15/25 (c) | $ | 702,241 | ||||
750,000 | County of Denton, Series A (GO) 4.00%, 07/15/28 (c) | 909,640 | ||||||
County of Fort Bend, Series B (GO) | ||||||||
500,000 | 4.00%, 03/01/26 (c) | 574,962 | ||||||
20,000 | 5.00%, 03/01/26 (c) | 24,143 | ||||||
County of Harris, Toll Road, Senior Lien, Series A (RB) | ||||||||
670,000 | 5.00%, 08/15/26 (c) | 810,617 | ||||||
160,000 | 5.00%, 08/15/26 (c) | 193,764 | ||||||
120,000 | 5.00%, 08/15/26 (c) | 144,019 | ||||||
675,000 | 5.00%, 08/15/26 (c) | 815,505 | ||||||
195,000 | 5.00%, 08/15/26 (c) | 238,179 | ||||||
115,000 | 5.00%, 08/15/26 | 141,605 | ||||||
695,000 | 5.00%, 08/15/26 (c) | 842,463 | ||||||
190,000 | 5.00%, 08/15/26 (c) | 230,752 | ||||||
190,000 | County of Harris, Toll Road, Senior Lien, Series B (RB) 5.00%, 08/15/25 (c) | 224,802 | ||||||
County of Harris, Unlimited Tax Road, Series A (GO) | ||||||||
645,000 | 5.00%, 10/01/25 (c) | 769,597 | ||||||
395,000 | 5.00%, 10/01/25 (c) | 472,257 | ||||||
Cypress-Fairbanks Independent School District (GO) | ||||||||
360,000 | 3.00%, 02/15/26 (c) | 393,627 | ||||||
125,000 | 5.00%, 02/15/26 (c) | 150,228 | ||||||
Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
500,000 | 3.00%, 02/15/31 (c) | 580,275 | ||||||
1,805,000 | 5.00%, 02/15/29 (c) | 2,339,070 | ||||||
835,000 | Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c) | 1,090,344 | ||||||
Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
185,000 | 5.00%, 12/01/24 (c) | 214,889 | ||||||
165,000 | 5.00%, 12/01/25 (c) | 197,415 | ||||||
130,000 | 5.00%, 12/01/25 (c) | 155,734 | ||||||
545,000 | 5.00%, 12/01/25 (c) | 655,345 | ||||||
Dallas County Hospital District (GO) | ||||||||
285,000 | 5.00%, 08/15/27 | 358,683 | ||||||
575,000 | 5.00%, 08/15/28 | 740,720 | ||||||
540,000 | Dallas County Utility and Reclamation District (GO) 5.00%, 02/15/28 | 678,106 | ||||||
1,000,000 | Dallas Independent School District (GO) 4.00%, 02/15/30 (c) | 1,241,856 | ||||||
Eagle Mountain and Saginaw Independent School District (GO) | ||||||||
335,000 | 4.00%, 02/15/26 (c) | 386,205 | ||||||
10,000 | 5.00%, 02/15/26 (c) | 12,076 | ||||||
250,000 | El Paso County Hospital District (GO) 4.00%, 08/15/27 (c) | 271,205 | ||||||
115,000 | El Paso Independent School District (GO) 5.00%, 08/15/24 (c) | 132,917 | ||||||
Fort Bend Independent School District (GO) | ||||||||
635,000 | 4.00%, 08/15/27 (c) | 752,787 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 100,000 | 5.00%, 08/15/27 (c) | $ | 125,948 | ||||
255,000 | 5.00%, 08/15/27 (c) | 319,323 | ||||||
110,000 | Fort Bend Independent School District, Series E (GO) 5.00%, 02/15/26 | 133,471 | ||||||
500,000 | Fort Worth Independent School District (GO) 5.00%, 02/15/26 (c) | 602,742 | ||||||
Frisco Independent School District (GO) | ||||||||
500,000 | 4.00%, 02/15/27 (c) | 583,450 | ||||||
880,000 | 4.00%, 02/15/27 (c) | 1,029,510 | ||||||
1,350,000 | 4.00%, 08/15/30 (c) | 1,680,385 | ||||||
2,000,000 | 5.00%, 02/15/29 (c) | 2,554,330 | ||||||
Garland Independent School District (GO) | ||||||||
165,000 | 4.00%, 02/15/25 (c) | 186,493 | ||||||
120,000 | 5.00%, 02/15/25 (c) | 140,364 | ||||||
200,000 | Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c) | 252,408 | ||||||
250,000 | Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c) | 297,542 | ||||||
480,000 | Harris County Flood Control District, Series A (GO) 5.00%, 10/01/25 (c) | 574,346 | ||||||
Harris County Hospital District (RB) | ||||||||
365,000 | 3.00%, 02/15/26 (c) | 383,525 | ||||||
570,000 | 3.13%, 02/15/26 (c) | 599,109 | ||||||
100,000 | 4.00%, 02/15/26 (c) | 110,366 | ||||||
100,000 | 4.00%, 02/15/26 (c) | 110,221 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB) | ||||||||
385,000 | 3.00%, 05/15/26 (c) | 401,973 | ||||||
730,000 | 3.00%, 05/15/26 (c) | 758,661 | ||||||
210,000 | 4.00%, 05/15/26 (c) | 234,776 | ||||||
245,000 | 5.00%, 11/15/27 | 301,126 | ||||||
640,000 | Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B-3 (RB) 5.00%, 09/01/26 (c) (p) | 786,732 | ||||||
Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
950,000 | 4.00%, 11/15/27 (c) | 1,111,923 | ||||||
300,000 | 5.00%, 11/15/27 (c) | 377,312 | ||||||
850,000 | 5.00%, 11/15/27 (c) | 1,064,719 | ||||||
330,000 | Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29 | 434,650 | ||||||
Harris County, Flood Control District, Series A (GO) | ||||||||
275,000 | 5.00%, 10/01/25 (c) | 329,319 | ||||||
630,000 | 5.00%, 10/01/25 (c) | 756,272 | ||||||
210,000 | 5.00%, 10/01/27 (c) | 263,740 | ||||||
250,000 | 5.00%, 10/01/27 (c) | 317,617 | ||||||
400,000 | Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c) | 479,009 |
See Notes to Financial Statements
86 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 260,000 | Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 02/15/28 (c) | $ | 325,922 | ||||
Hays Consolidated Independent School District (GO) | ||||||||
800,000 | 4.00%, 02/15/27 (c) | 920,822 | ||||||
500,000 | 4.00%, 02/15/27 (c) | 576,911 | ||||||
Houston Independent School District, Limited Tax School House (GO) | ||||||||
540,000 | 5.00%, 02/15/27 (c) | 664,745 | ||||||
750,000 | 5.00%, 02/15/27 (c) | 927,384 | ||||||
900,000 | 5.00%, 02/15/27 | 1,125,115 | ||||||
Houston Independent School District, Limited Tax School House, Series A (GO) | ||||||||
215,000 | 4.00%, 02/15/26 (c) | 245,685 | ||||||
350,000 | 4.00%, 02/15/26 (c) | 400,836 | ||||||
270,000 | 5.00%, 02/15/26 (c) | 326,331 | ||||||
400,000 | 5.00%, 02/15/26 (c) | 482,193 | ||||||
135,000 | 5.00%, 02/15/26 (c) | 161,964 | ||||||
605,000 | Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c) | 770,948 | ||||||
210,000 | Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c) | 239,338 | ||||||
120,000 | Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c) | 147,481 | ||||||
100,000 | Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c) | 116,970 | ||||||
400,000 | Lewisville Independent School District, Series A (GO) 4.00%, 08/15/25 (c) | 458,966 | ||||||
Lewisville Independent School District, Series B (GO) | ||||||||
550,000 | 5.00%, 08/15/25 (c) | 653,562 | ||||||
145,000 | 5.00%, 08/15/25 (c) | 173,255 | ||||||
400,000 | Lone Star College System (GO) 5.00%, 02/15/26 (c) | 476,364 | ||||||
Lower Colorado River Authority (RB) | ||||||||
1,000,000 | 5.00%, 05/15/30 | 1,316,187 | ||||||
750,000 | 5.00%, 05/15/30 (c) | 964,901 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
320,000 | 5.00%, 05/15/26 (c) | 384,428 | ||||||
275,000 | 5.00%, 05/15/26 (c) | 333,386 | ||||||
90,000 | Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c) | 111,773 | ||||||
100,000 | Montgomery Independent School District (GO) 5.00%, 02/15/25 (c) | 116,806 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) | ||||||||
250,000 | 4.00%, 08/15/27 (c) | 287,844 | ||||||
250,000 | 5.00%, 08/15/27 (c) | 308,528 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | North Harris County Regional Water Authority (RB) | |||||||
250,000 | 5.00%, 12/15/26 (c) | $ | 307,828 | |||||
205,000 | 5.00%, 12/15/26 (c) | 253,817 | ||||||
245,000 | 5.00%, 12/15/26 (c) | 304,259 | ||||||
North Texas Municipal Water District, Water System (RB) | ||||||||
500,000 | 5.00%, 09/01/26 (c) | 610,009 | ||||||
715,000 | 5.00%, 09/01/26 (c) | 867,316 | ||||||
400,000 | 5.00%, 09/01/26 (c) | 488,709 | ||||||
45,000 | 5.00%, 09/01/26 (c) | 54,953 | ||||||
North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
500,000 | 5.00%, 01/01/26 (c) | 591,101 | ||||||
295,000 | 5.00%, 01/01/26 (c) | 350,819 | ||||||
425,000 | 5.00%, 01/01/26 (c) | 504,974 | ||||||
575,000 | 5.00%, 01/01/26 (c) | 681,334 | ||||||
640,000 | 5.00%, 01/01/26 (c) | 764,538 | ||||||
460,000 | 5.00%, 01/01/26 (c) | 547,039 | ||||||
635,000 | 5.00%, 01/01/26 (c) | 754,491 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) | ||||||||
450,000 | 4.00%, 01/01/27 (c) | 509,303 | ||||||
185,000 | 5.00%, 01/01/26 (c) | 221,715 | ||||||
875,000 | 5.00%, 01/01/26 (c) | 1,039,681 | ||||||
880,000 | Northside Independent School District (GO) 5.00%, 08/15/27 (c) | 1,096,218 | ||||||
105,000 | Northwest Independent School District (GO) 5.00%, 02/15/25 (c) | 123,598 | ||||||
545,000 | Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c) | 647,301 | ||||||
100,000 | Plano Independent School District, Series A (GO) 5.00%, 02/15/26 (c) | 121,232 | ||||||
740,000 | Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c) | 991,361 | ||||||
500,000 | San Antonio Independent School District (GO) 4.00%, 08/15/28 (c) | 596,638 | ||||||
San Antonio Water System, Junior Lien, Series A (RB) | ||||||||
500,000 | 5.00%, 05/15/28 (c) | 630,942 | ||||||
500,000 | 5.00%, 05/15/30 (c) | 667,283 | ||||||
Socorro Independent School District, Series B (GO) | ||||||||
225,000 | 4.00%, 08/15/27 (c) | 264,073 | ||||||
780,000 | 5.00%, 08/15/27 (c) | 976,754 | ||||||
800,000 | 5.00%, 08/15/27 (c) | 999,395 | ||||||
45,000 | Spring Independent School District (GO) 5.00%, 08/15/25 (c) | 53,494 | ||||||
15,000 | State of Texas, Finance Authority (GO) 5.00%, 10/01/26 | 18,575 | ||||||
130,000 | State of Texas, Finance Authority, Series A (GO) 5.00%, 10/01/27 (c) | 163,332 |
See Notes to Financial Statements
87 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
State of Texas, Transportation Commission, Highway Improvement (GO) | ||||||||
$ | 70,000 | 5.00%, 04/01/26 (c) | $ | 84,561 | ||||
125,000 | 5.00%, 04/01/26 (c) | 151,136 | ||||||
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) | ||||||||
400,000 | 5.00%, 04/01/26 (c) | 483,635 | ||||||
500,000 | 5.00%, 04/01/26 (c) | 605,351 | ||||||
150,000 | State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c) | 187,115 | ||||||
State of Texas, Transportation Commission, Mobility Fund, Series B (GO) | ||||||||
240,000 | 5.00%, 10/01/27 (c) | 299,383 | ||||||
465,000 | 5.00%, 10/01/27 (c) | 581,629 | ||||||
105,000 | State of Texas, Water Infrastructure Fund, Series B-1 (GO) 5.00%, 08/01/21 (c) | 106,248 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB) | ||||||||
80,000 | 5.00%, 05/15/26 (c) | 96,121 | ||||||
855,000 | 5.00%, 05/15/26 (c) | 1,030,178 | ||||||
140,000 | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 5.00%, 07/01/28 | 177,866 | ||||||
440,000 | Tarrant Regional Water Control and Improvement District (RB) 5.00%, 03/01/25 (c) | 518,573 | ||||||
820,000 | Tarrant Regional Water District (RB) 2.00%, 03/01/30 (c) | 862,700 | ||||||
Texas A&M University, Series D (RB) | ||||||||
10,000 | 4.00%, 05/15/26 (c) | 11,571 | ||||||
110,000 | 4.00%, 05/15/26 (c) | 128,639 | ||||||
100,000 | Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c) | 124,510 | ||||||
775,000 | Texas Department of Housing and Community Affairs, Series A (RB) 2.70%, 09/01/28 (c) | 815,637 | ||||||
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) | ||||||||
1,150,000 | 4.00%, 12/31/30 (c) | 1,343,711 | ||||||
1,000,000 | 4.00%, 12/31/30 (c) | 1,172,453 | ||||||
545,000 | Texas Public Finance Authority (GO) 5.00%, 10/01/26 (c) | 676,861 | ||||||
Texas State University System, Board of Regents, Series A (RB) (FHA) | ||||||||
650,000 | 4.00%, 03/15/29 (c) | 768,389 | ||||||
160,000 | 5.00%, 03/15/25 (c) | 187,595 | ||||||
100,000 | 5.00%, 03/15/27 (c) | 123,917 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
Texas Water Development Board (RB) | ||||||||
$ | 500,000 | 3.00%, 10/15/30 (c) | $ | 573,172 | ||||
250,000 | 3.00%, 10/15/30 (c) | 283,687 | ||||||
950,000 | 3.00%, 10/15/30 (c) | 1,083,389 | ||||||
250,000 | 3.00%, 10/15/30 (c) | 287,859 | ||||||
2,000,000 | 4.00%, 10/15/30 (c) | 2,515,304 | ||||||
370,000 | 5.00%, 10/15/26 (c) | 463,211 | ||||||
600,000 | 5.00%, 10/15/26 (c) | 746,381 | ||||||
1,000,000 | 5.00%, 08/01/27 (c) | 1,258,999 | ||||||
Texas Water Development Board, Series A (RB) | ||||||||
45,000 | 4.00%, 10/15/25 (c) | 51,572 | ||||||
400,000 | 4.00%, 10/15/27 (c) | 475,418 | ||||||
180,000 | 4.00%, 04/15/28 (c) | 215,018 | ||||||
600,000 | 4.00%, 04/15/28 (c) | 719,378 | ||||||
165,000 | 5.00%, 10/15/25 (c) | 198,648 | ||||||
250,000 | 5.00%, 10/15/27 (c) | 316,687 | ||||||
200,000 | 5.00%, 10/15/27 (c) | 251,986 | ||||||
Texas Water Development Board, Series B (RB) | ||||||||
120,000 | 4.00%, 10/15/28 (c) | 144,556 | ||||||
1,000,000 | 4.00%, 10/15/28 (c) | 1,210,629 | ||||||
1,000,000 | 5.00%, 10/15/28 (c) | 1,290,721 | ||||||
Trinity River Authority, Regional Wastewater System (RB) | ||||||||
285,000 | 5.00%, 08/01/27 (c) | 356,039 | ||||||
670,000 | 5.00%, 08/01/27 (c) | 843,529 | ||||||
University of North Texas, Series A (RB) | ||||||||
140,000 | 5.00%, 04/15/27 (c) | 172,320 | ||||||
75,000 | 5.00%, 04/15/27 (c) | 92,742 | ||||||
165,000 | 5.00%, 04/15/27 (c) | 205,396 | ||||||
Via Metropolitan Transit Authority, Sales Tax (RB) | ||||||||
645,000 | 5.00%, 01/15/27 (c) | 784,137 | ||||||
135,000 | 5.00%, 01/15/27 (c) | 165,161 | ||||||
159,908,270 | ||||||||
Utah: 0.4% | ||||||||
395,000 | Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c) | 465,664 | ||||||
State of Utah (GO) | ||||||||
1,140,000 | 5.00%, 01/01/27 (c) | 1,420,166 | ||||||
250,000 | 5.00%, 01/01/29 (c) | 322,431 | ||||||
State of Utah, Series B (GO) | ||||||||
750,000 | 5.00%, 07/01/28 | 973,232 | ||||||
1,275,000 | 5.00%, 01/01/29 (c) | 1,668,684 | ||||||
365,000 | University of Utah, Series A (RB) 5.00%, 08/01/27 (c) | 453,913 | ||||||
Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
130,000 | 0.00%, 06/15/26 (c) ^ | 96,367 | ||||||
865,000 | 3.00%, 06/15/26 (c) | 941,413 | ||||||
850,000 | 4.00%, 06/15/26 (c) | 963,902 | ||||||
7,305,772 | ||||||||
Virginia: 2.3% | ||||||||
650,000 | Arlington County, Series B (GO) 5.00%, 08/15/26 (c) | 804,582 | ||||||
1,520,000 | City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/26 (c) | 1,825,387 |
See Notes to Financial Statements
88 |
Principal Amount | Value | |||||||
Virginia: (continued) | ||||||||
$ | 1,020,000 | Commonwealth of Virginia, Series A (GO) 2.00%, 06/01/31 (c) | $ | 1,045,362 | ||||
County of Arlington (GO) | ||||||||
1,990,000 | 4.00%, 06/15/29 (c) | 2,415,880 | ||||||
1,130,000 | 5.00%, 08/15/27 (c) | 1,425,025 | ||||||
County of Fairfax, Public Improvement, Series A (GO) | ||||||||
375,000 | 2.00%, 04/01/31 (c) | 394,292 | ||||||
750,000 | 5.00%, 04/01/28 (c) | 958,599 | ||||||
1,755,000 | 5.00%, 04/01/29 (c) | 2,297,508 | ||||||
155,000 | Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/26 (c) | 186,178 | ||||||
550,000 | Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c) | 656,841 | ||||||
1,500,000 | Loudoun County Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c) | 1,687,736 | ||||||
750,000 | Loudoun County, Series A (GO) (SAW) 5.00%, 12/01/29 (c) | 1,002,147 | ||||||
Virginia Beach Development Authority, Series A (RB) (AGM) | ||||||||
1,000,000 | 3.00%, 04/15/30 (c) | 1,112,214 | ||||||
1,000,000 | 3.00%, 04/15/30 (c) | 1,115,821 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
1,500,000 | 4.00%, 02/01/30 (c) | 1,825,686 | ||||||
130,000 | 5.00%, 02/01/26 | 157,686 | ||||||
110,000 | 5.00%, 02/01/26 (c) | 133,196 | ||||||
2,500,000 | 5.00%, 02/01/28 | 3,202,351 | ||||||
250,000 | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/28 | 320,235 | ||||||
110,000 | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c) | 120,359 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
450,000 | 5.00%, 02/01/28 (c) | 567,752 | ||||||
880,000 | 5.00%, 02/01/28 (c) | 1,115,551 | ||||||
120,000 | 5.00%, 02/01/28 (c) | 153,203 | ||||||
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) | ||||||||
775,000 | 3.00%, 09/01/27 (c) | 854,307 | ||||||
1,020,000 | 5.00%, 09/01/26 (c) | 1,252,794 | ||||||
970,000 | 5.00%, 09/01/26 (c) | 1,190,241 |
Principal Amount | Value | |||||||
Virginia: (continued) | ||||||||
$ | 20,000 | 5.00%, 09/01/26 (c) | $ | 24,581 | ||||
30,000 | 5.00%, 09/01/26 (c) | 36,872 | ||||||
Virginia Commonwealth Transportation Board (RB) | ||||||||
100,000 | 5.00%, 05/15/26 (c) | 122,062 | ||||||
20,000 | 5.00%, 09/15/26 (c) | 24,532 | ||||||
400,000 | 5.00%, 05/15/27 (c) | 501,137 | ||||||
Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
180,000 | 4.00%, 11/15/27 (c) | 212,047 | ||||||
250,000 | 5.00%, 05/15/27 | 315,177 | ||||||
120,000 | 5.00%, 11/15/27 (c) | 151,151 | ||||||
800,000 | 5.00%, 11/15/27 (c) | 999,127 | ||||||
Virginia Public Building Authority, Series A (RB) | ||||||||
695,000 | 3.00%, 08/01/26 (c) | 758,094 | ||||||
400,000 | 3.00%, 08/01/28 (c) | 443,748 | ||||||
1,050,000 | 3.13%, 08/01/28 (c) | 1,170,737 | ||||||
250,000 | 4.00%, 08/01/27 (c) | 293,641 | ||||||
325,000 | 5.00%, 08/01/26 | 400,685 | ||||||
870,000 | 5.00%, 08/01/28 | 1,127,579 | ||||||
700,000 | 5.00%, 08/01/28 (c) | 896,334 | ||||||
1,000,000 | 5.00%, 08/01/30 (c) | 1,324,615 | ||||||
1,000,000 | Virginia Public Building Authority, Series A-2 (RB) 4.00%, 08/01/31 (c) | 1,250,868 | ||||||
Virginia Public School Authority (RB) (SAW) | ||||||||
30,000 | 5.00%, 08/01/26 (c) | 36,986 | ||||||
750,000 | 5.00%, 08/01/26 (c) | 925,532 | ||||||
575,000 | 5.00%, 08/01/26 (c) | 710,920 | ||||||
365,000 | Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c) | 435,730 | ||||||
560,000 | Virginia Resources Authority, Series C (RB) 4.00%, 11/01/26 (c) | 651,407 | ||||||
40,634,495 | ||||||||
Washington: 2.9% | ||||||||
600,000 | Auburn School District No. 408 of King and Pierce Counties (GO) (SBG) 4.00%, 06/01/26 (c) | 681,800 | ||||||
Central Puget Sound Regional Transit Authority, Series S-1 (RB) | ||||||||
590,000 | 5.00%, 11/01/25 (c) | 703,519 | ||||||
815,000 | 5.00%, 11/01/25 (c) | 971,411 | ||||||
110,000 | 5.00%, 11/01/25 (c) | 131,218 | ||||||
110,000 | 5.00%, 11/01/26 (c) | 136,074 | ||||||
City of Seattle, Drainage and Wastewater System (RB) | ||||||||
640,000 | 4.00%, 04/01/26 (c) | 730,728 | ||||||
500,000 | 4.00%, 07/01/27 (c) | 583,043 | ||||||
915,000 | City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c) | 1,068,422 | ||||||
City of Seattle, Water System Improvement (RB) | ||||||||
115,000 | 4.00%, 02/01/27 (c) | 133,447 | ||||||
20,000 | 5.00%, 08/01/26 | 24,634 | ||||||
500,000 | 5.00%, 02/01/27 (c) | 611,468 |
See Notes to Financial Statements
89 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Washington: (continued) | ||||||||
$ | 750,000 | County of King (GO) 5.00%, 01/01/29 (c) | $ | 961,472 | ||||
Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
185,000 | 5.00%, 07/01/26 (c) | 225,616 | ||||||
400,000 | 5.00%, 07/01/27 (c) | 495,264 | ||||||
125,000 | 5.00%, 07/01/28 (c) | 159,425 | ||||||
1,000,000 | 5.00%, 07/01/29 (c) | 1,293,126 | ||||||
1,000,000 | 5.00%, 07/01/30 (c) | 1,316,965 | ||||||
655,000 | Energy Northwest, Project 1 Electric, Series A (RB) 5.00%, 07/01/27 (c) | 824,223 | ||||||
130,000 | Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/26 (c) | 159,133 | ||||||
Energy Northwest, Project 3 Electric, Series C (RB) | ||||||||
270,000 | 5.00%, 07/01/28 | 349,273 | ||||||
1,000,000 | 5.00%, 07/01/30 (c) | 1,321,193 | ||||||
760,000 | FYI Properties (RB) 5.00%, 06/01/27 | 935,308 | ||||||
Grant and Douglas Counties School District No. 144-101 (GO) (SBG) | ||||||||
125,000 | 4.00%, 06/01/26 (c) | 142,576 | ||||||
520,000 | 4.00%, 06/01/26 (c) | 596,322 | ||||||
880,000 | King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c) | 1,031,005 | ||||||
King County School District No. 401 (GO) (SBG) | ||||||||
690,000 | 3.13%, 12/01/26 (c) | 750,755 | ||||||
700,000 | 5.00%, 12/01/26 (c) | 859,750 | ||||||
515,000 | King County School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c) | 636,330 | ||||||
635,000 | King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c) | 728,201 | ||||||
835,000 | King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c) | 1,035,577 | ||||||
840,000 | King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c) | 993,461 | ||||||
570,000 | King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c) | 663,760 | ||||||
500,000 | King County, Washington Limited Tax, Series E (GO) 5.00%, 12/01/25 (c) | 601,989 | ||||||
Kitsap County School District No. 401 (GO) (SBG) | ||||||||
250,000 | 4.00%, 06/01/26 (c) | 284,083 | ||||||
15,000 | 4.00%, 06/01/26 (c) | 17,336 | ||||||
845,000 | Pasco School District No. 1, Franklin County (GO) (SBG) 5.00%, 12/01/27 (c) | 1,067,667 | ||||||
Pierce County School District No. 403 (GO) (SBG) | ||||||||
200,000 | 5.00%, 06/01/29 (c) | 256,851 |
Principal Amount | Value | |||||||
Washington: (continued) | ||||||||
$ | 500,000 | 5.00%, 06/01/29 (c) | $ | 649,202 | ||||
175,000 | Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c) | 202,092 | ||||||
Port of Seattle, Intermediate Lien (RB) | ||||||||
30,000 | 5.00%, 02/01/26 (c) | 36,014 | ||||||
130,000 | 5.00%, 02/01/26 (c) | 156,330 | ||||||
Port of Tacoma, Series A (GO) | ||||||||
110,000 | 5.00%, 12/01/26 (c) | 135,171 | ||||||
500,000 | 5.00%, 12/01/26 (c) | 615,949 | ||||||
Puyallup School District No. 3 (GO) (SBG) | ||||||||
565,000 | 5.00%, 06/01/27 (c) | 698,964 | ||||||
100,000 | 5.00%, 06/01/27 (c) | 124,399 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) | ||||||||
825,000 | 5.00%, 08/01/26 (c) | 1,004,224 | ||||||
1,000,000 | 5.00%, 06/01/30 (c) | 1,341,021 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) | ||||||||
135,000 | 5.00%, 08/01/26 (c) | 164,872 | ||||||
835,000 | 5.00%, 08/01/26 (c) | 1,026,048 | ||||||
State of Washington, Series A (GO) | ||||||||
115,000 | 5.00%, 08/01/26 (c) | 139,785 | ||||||
755,000 | 5.00%, 08/01/26 (c) | 918,150 | ||||||
State of Washington, Series C (GO) | ||||||||
175,000 | 5.00%, 02/01/25 (c) | 204,861 | ||||||
1,545,000 | 5.00%, 08/01/27 | 1,956,577 | ||||||
880,000 | 5.00%, 08/01/27 (c) | 1,096,852 | ||||||
170,000 | 5.00%, 02/01/28 (c) | 215,504 | ||||||
State of Washington, Series D (GO) | ||||||||
100,000 | 5.00%, 02/01/27 (c) | 122,689 | ||||||
880,000 | 5.00%, 08/01/27 (c) | 1,097,993 | ||||||
State of Washington, Series E (GO) | ||||||||
1,000,000 | 5.00%, 06/01/31 (c) | 1,355,947 | ||||||
750,000 | 5.00%, 06/01/31 (c) | 1,019,822 | ||||||
State of Washington, Various Purpose, Series A (GO) | ||||||||
580,000 | 5.00%, 08/01/26 (c) | 712,704 | ||||||
245,000 | 5.00%, 08/01/26 (c) | 299,212 | ||||||
495,000 | 5.00%, 08/01/26 (c) | 602,534 | ||||||
200,000 | 5.00%, 08/01/26 (c) | 244,254 | ||||||
500,000 | 5.00%, 08/01/27 (c) | 623,211 | ||||||
500,000 | 5.00%, 08/01/27 (c) | 622,547 | ||||||
1,000,000 | State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c) | 1,341,875 | ||||||
25,000 | State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c) | 30,402 | ||||||
State of Washington, Various Purpose, Series R-B (GO) | ||||||||
105,000 | 5.00%, 01/01/26 (c) | 126,538 | ||||||
145,000 | 5.00%, 08/01/26 (c) | 178,429 | ||||||
State of Washington, Various Purpose, Series R-C (GO) | ||||||||
360,000 | 5.00%, 01/01/25 (c) | 419,359 | ||||||
880,000 | 5.00%, 08/01/27 (c) | 1,095,684 | ||||||
420,000 | 5.00%, 08/01/27 (c) | 524,042 | ||||||
1,000,000 | 5.00%, 08/01/27 (c) | 1,255,898 |
See Notes to Financial Statements
90 |
Principal Amount | Value | |||||||
Washington: (continued) | ||||||||
$ | 720,000 | State of Washington, Various Purpose, Series R-E (GO) 5.00%, 01/01/25 (c) | $ | 841,294 | ||||
1,250,000 | University of Washington, Series C (RB) 5.00%, 04/01/30 | 1,684,145 | ||||||
2,000,000 | Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) 5.00%, 02/15/28 (c) | 2,458,153 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) | ||||||||
225,000 | 5.00%, 10/01/28 (c) | 283,367 | ||||||
250,000 | 5.00%, 10/01/28 (c) | 318,027 | ||||||
130,000 | 5.00%, 10/01/28 | 168,040 | ||||||
760,000 | Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | 903,900 | ||||||
52,498,506 | ||||||||
West Virginia: 0.3% | ||||||||
270,000 | State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c) | 337,726 | ||||||
State of West Virginia, Series A (GO) | ||||||||
500,000 | 5.00%, 06/01/29 (c) | 644,857 | ||||||
1,000,000 | 5.00%, 06/01/29 (c) | 1,307,334 | ||||||
State of West Virginia, Series B (GO) | ||||||||
200,000 | 5.00%, 06/01/28 (c) | 255,313 | ||||||
675,000 | 5.00%, 06/01/28 (c) | 865,987 | ||||||
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) | ||||||||
1,055,000 | 3.00%, 06/01/26 (c) | 1,104,183 | ||||||
240,000 | 4.00%, 06/01/26 (c) | 265,623 | ||||||
240,000 | 5.00%, 06/01/26 (c) | 286,665 | ||||||
5,067,688 | ||||||||
Wisconsin: 1.6% | ||||||||
1,000,000 | City of Madison, Series A (GO) 2.00%, 10/01/27 (c) | 1,050,487 | ||||||
City of Milwaukee, Series N4 (GO) | ||||||||
200,000 | 5.00%, 04/01/26 | 241,387 | ||||||
100,000 | 5.00%, 04/01/27 | 124,012 | ||||||
1,500,000 | 5.00%, 04/01/28 | 1,904,818 | ||||||
350,000 | Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c) | 377,521 | ||||||
Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB) | ||||||||
165,000 | 5.00%, 03/01/26 (c) | 197,431 | ||||||
180,000 | 5.00%, 03/01/26 (c) | 215,344 | ||||||
390,000 | 5.00%, 03/01/26 (c) | 466,564 | ||||||
1,155,000 | Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 | 1,280,101 |
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
$ | 375,000 | Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 3.00%, 06/01/26 (c) | $ | 397,453 | ||||
1,000,000 | State of West Virginia, Series B (GO) 5.00%, 05/01/28 | 1,289,399 | ||||||
State of Wisconsin, Environmental Improvement Fund, Series A (RB) | ||||||||
185,000 | 5.00%, 06/01/25 (c) | 218,124 | ||||||
100,000 | 5.00%, 06/01/25 (c) | 117,772 | ||||||
220,000 | 5.00%, 06/01/25 (c) | 260,074 | ||||||
185,000 | 5.00%, 06/01/25 (c) | 218,781 | ||||||
150,000 | 5.00%, 06/01/25 (c) | 177,390 | ||||||
State of Wisconsin, General Fund Annual Appropriation, Series B (RB) | ||||||||
10,000 | 5.00%, 05/01/26 (c) | 12,066 | ||||||
20,000 | 5.00%, 05/01/26 (c) | 24,154 | ||||||
State of Wisconsin, Series 1 (GO) | ||||||||
15,000 | 5.00%, 05/01/25 (c) | 17,709 | ||||||
460,000 | 5.00%, 05/01/27 (c) | 570,057 | ||||||
250,000 | 5.00%, 05/01/27 (c) | 311,815 | ||||||
655,000 | 5.00%, 05/01/27 (c) | 821,249 | ||||||
State of Wisconsin, Series 2 (GO) | ||||||||
510,000 | 5.00%, 05/01/26 (c) | 622,647 | ||||||
150,000 | 5.00%, 05/01/26 (c) | 182,470 | ||||||
635,000 | 5.00%, 11/01/26 | 787,456 | ||||||
315,000 | 5.00%, 11/01/26 | 390,628 | ||||||
660,000 | 5.00%, 05/01/27 (c) | 827,518 | ||||||
State of Wisconsin, Series 3 (GO) | ||||||||
145,000 | 5.00%, 11/01/22 (c) | 155,588 | ||||||
500,000 | 5.00%, 05/01/27 (c) | 618,337 | ||||||
450,000 | 5.00%, 05/01/27 (c) | 557,664 | ||||||
295,000 | 5.00%, 05/01/27 (c) | 369,158 | ||||||
State of Wisconsin, Series A (GO) | ||||||||
100,000 | 4.00%, 05/01/26 (c) | 114,835 | ||||||
930,000 | 5.00%, 05/01/25 (c) | 1,095,541 | ||||||
250,000 | 5.00%, 05/01/25 (c) | 294,500 | ||||||
890,000 | 5.00%, 05/01/25 (c) | 1,047,261 | ||||||
160,000 | 5.00%, 05/01/26 | 194,899 | ||||||
400,000 | 5.00%, 05/01/28 | 515,760 | ||||||
210,000 | State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c) | 247,380 | ||||||
500,000 | State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c) | 552,050 | ||||||
500,000 | Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c) | 564,008 | ||||||
2,705,000 | Wisconsin Center District, Series C (RB) (AGM) 0.00%, 12/15/30 (c) ^ | 2,187,098 | ||||||
565,000 | Wisconsin Department of Transportation, Series 1 (RB) 5.00%, 07/01/24 (c) | 642,488 | ||||||
Wisconsin Department of Transportation, Series 2 (RB) | ||||||||
480,000 | 5.00%, 07/01/27 (c) | 596,234 | ||||||
115,000 | 5.00%, 07/01/27 (c) | 143,655 | ||||||
Wisconsin Department of Transportation, Series A (RB) | ||||||||
940,000 | 5.00%, 07/01/24 (c) | 1,073,051 | ||||||
510,000 | 5.00%, 07/01/24 (c) | 583,226 |
See Notes to Financial Statements
91 |
VANECK VECTORS INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
$ | 140,000 | 5.00%, 07/01/24 (c) | $ | 160,149 | ||||
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
1,000,000 | 4.00%, 05/15/26 (c) | 1,134,101 | ||||||
1,500,000 | 4.00%, 05/15/26 (c) | 1,692,015 | ||||||
290,000 | 5.00%, 05/15/26 (c) | 352,233 | ||||||
35,000 | 5.00%, 05/15/26 (c) | 42,344 | ||||||
100,000 | 5.00%, 05/15/26 (c) | 120,809 | ||||||
500,000 | Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c) | 587,410 |
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
$ | 125,000 | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c) | $ | 151,724 | ||||
155,000 | Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/24 (c) | 177,064 | ||||||
29,075,009 | ||||||||
Total Municipal Bonds: 98.7% (Cost: $1,689,816,657) | 1,778,396,797 | |||||||
Other assets less liabilities: 1.3% | 22,950,167 | |||||||
NET ASSETS: 100.0% | $ | 1,801,346,964 |
Definitions: | |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
CP | Certificate of Participation |
FHA | Federal Housing Association |
GO | General Obligation |
RB | Revenue Bond |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
SD CRED PROG | Special District Credit Enhancement Program |
ST | Special Tax |
TA | Tax Allocation |
Footnotes: | |
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
Summary of Investments | ||||||||
By Sector | % of Investments | Value | ||||||
Education | 6.6 | % | $ | 117,117,387 | ||||
Health Care | 7.2 | 128,624,238 | ||||||
Housing | 1.6 | 28,696,898 | ||||||
Industrial Revenue | 1.0 | 17,124,531 | ||||||
Leasing | 6.4 | 113,237,279 | ||||||
Local | 19.2 | 341,749,095 | ||||||
Power | 3.8 | 68,516,999 | ||||||
Solid Waste/Resource Recovery | 0.1 | 1,113,125 | ||||||
Special Tax | 10.4 | 185,314,896 | ||||||
State | 20.8 | 369,460,050 | ||||||
Tobacco | 1.4 | 24,204,974 | ||||||
Transportation | 12.0 | 213,949,446 | ||||||
Water & Sewer | 9.5 | 169,287,879 | ||||||
100.0 | % | $ | 1,778,396,797 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Total Municipal Bonds* | $ | — | $ | 1,778,396,797 | $ | — | $ | 1,778,396,797 |
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
92 |
VANECK VECTORS LONG MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
MUNICIPAL BONDS: 98.8% | ||||||||
Alabama: 0.5% | ||||||||
$ | 210,000 | Tuscaloosa City Board of Education (RB) 4.00%, 08/01/26 (c) | $ | 239,652 | ||||
220,000 | UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) | 258,714 | ||||||
280,000 | UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c) | 313,244 | ||||||
260,000 | Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c) | 315,513 | ||||||
1,127,123 | ||||||||
Alaska: 0.1% | ||||||||
300,000 | Alaska Housing Finance Corp., Series A (RB) 3.70%, 06/01/27 (c) | 325,686 | ||||||
Arizona: 1.1% | ||||||||
1,000,000 | City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series A (RB) 5.00%, 07/01/29 (c) | 1,239,392 | ||||||
215,000 | City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 4.00%, 07/01/27 (c) | 245,512 | ||||||
325,000 | City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c) | 390,209 | ||||||
625,000 | Glendale Industrial Development Authority, Sun Health Services (RB) 5.00%, 11/15/26 (c) | 728,970 | ||||||
2,604,083 | ||||||||
Arkansas: 0.0% | ||||||||
100,000 | City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c) | 104,509 | ||||||
California: 15.5% | ||||||||
300,000 | Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series E (RB) 5.00%, 05/01/28 (c) | 367,259 | ||||||
500,000 | Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series F (RB) 5.00%, 05/01/29 (c) | 619,855 | ||||||
230,000 | Anaheim Elementary School District (GO) 3.00%, 08/01/26 (c) | 239,901 | ||||||
315,000 | Beverly Hills Unified School District (GO) 0.00%, 08/01/26 (c) ^ | 171,023 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 1,350,000 | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series A (RB) 4.00%, 06/01/30 (c) | $ | 1,565,754 | ||||
320,000 | California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c) | 356,848 | ||||||
750,000 | California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c) | 897,031 | ||||||
230,000 | California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford, Series A (RB) 4.00%, 11/15/27 (c) | 261,149 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) | ||||||||
570,000 | 3.00%, 10/01/26 (c) | 592,483 | ||||||
680,000 | 3.00%, 10/01/26 (c) | 713,351 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series B (RB) | ||||||||
300,000 | 4.00%, 11/15/26 (c) | 340,420 | ||||||
155,000 | 4.00%, 11/15/26 (c) | 175,035 | ||||||
160,000 | California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c) | 170,423 | ||||||
200,000 | California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c) | 222,553 | ||||||
250,000 | California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (SAW) 5.00%, 05/01/49 | 390,455 | ||||||
California State University, Series A (RB) | ||||||||
250,000 | 4.00%, 05/01/26 (c) | 282,431 | ||||||
410,000 | 5.00%, 05/01/26 (c) | 486,743 | ||||||
800,000 | 5.00%, 05/01/27 (c) | 985,961 | ||||||
330,000 | California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 5.00%, 03/01/28 (c) | 396,441 | ||||||
California Statewide Communities Development Authority, John Muir Health, Series A (RB) | ||||||||
150,000 | 4.00%, 08/15/26 (c) | 166,598 | ||||||
385,000 | 4.00%, 08/15/26 (c) | 428,958 | ||||||
20,000 | 4.00%, 08/15/26 (c) | 22,429 | ||||||
200,000 | California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c) | 208,124 |
See Notes to Financial Statements
93 |
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 455,000 | Centinela Valley Union High School District, Series B (GO) (AGM) 4.00%, 08/01/26 (c) | $ | 505,330 | ||||
300,000 | Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB) 3.38%, 06/01/26 (c) | 316,045 | ||||||
390,000 | Eastern Municipal Water District, Water and Wastewater, Series A (RB) 5.00%, 07/01/26 (c) | 461,689 | ||||||
170,000 | Elk Grove Unified School District (CP) 3.13%, 02/01/26 (c) | 177,896 | ||||||
300,000 | Fairfield-Suisun Unified School District (GO) 2.75%, 08/01/26 (c) | 312,235 | ||||||
130,000 | Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 147,902 | ||||||
325,000 | Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c) | 345,001 | ||||||
105,000 | Grossmont Union High School District, Series B (GO) 3.00%, 08/01/26 (c) | 109,647 | ||||||
185,000 | Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c) | 207,443 | ||||||
105,000 | Imperial Irrigation District, Electric System, Series B-2 (RB) 5.00%, 11/01/26 (c) | 126,298 | ||||||
140,000 | Irvine Unified School District Community Facilities District No. 09-1, Series A (ST) 4.00%, 09/01/29 (c) | 164,798 | ||||||
Livermore Valley Joint Unified School District (GO) | ||||||||
215,000 | 3.00%, 08/01/26 (c) | 224,255 | ||||||
250,000 | 4.00%, 08/01/26 (c) | 281,235 | ||||||
440,000 | Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c) | 551,861 | ||||||
Los Angeles Department of Water and Power, Series A (RB) | ||||||||
340,000 | 5.00%, 01/01/26 (c) | 405,415 | ||||||
300,000 | 5.00%, 01/01/26 (c) | 355,602 | ||||||
105,000 | 5.00%, 01/01/26 (c) | 124,989 | ||||||
500,000 | 5.00%, 01/01/27 (c) | 611,827 | ||||||
250,000 | 5.00%, 01/01/28 (c) | 309,855 | ||||||
775,000 | 5.00%, 01/01/29 (c) | 969,760 | ||||||
800,000 | 5.00%, 07/01/30 (c) | 1,042,864 | ||||||
275,000 | Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c) | 341,028 | ||||||
Los Angeles Unified School District, Series A (GO) | ||||||||
200,000 | 4.00%, 07/01/25 (c) | 220,482 | ||||||
335,000 | 5.00%, 07/01/25 (c) | 391,831 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 500,000 | Metropolitan Water District of Southern California, Series A (RB) 5.00%, 01/01/29 (c) | $ | 639,217 | ||||
530,000 | Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 616,697 | ||||||
100,000 | Montebello Unified School District, Series A (GO) 4.00%, 08/01/26 (c) | 109,447 | ||||||
380,000 | Oxnard School District, Series A (GO) 4.00%, 08/01/27 (c) | 433,298 | ||||||
110,000 | Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c) | 120,793 | ||||||
250,000 | Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 4.00%, 10/01/25 (c) | 281,663 | ||||||
325,000 | Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c) | 421,433 | ||||||
500,000 | Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c) | 535,624 | ||||||
265,000 | Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c) | 312,630 | ||||||
570,000 | Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) | 671,499 | ||||||
250,000 | Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c) | 303,781 | ||||||
750,000 | San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 935,019 | ||||||
San Diego Unified School District, Series I (GO) | ||||||||
240,000 | 3.13%, 07/01/27 (c) | 256,668 | ||||||
595,000 | 4.00%, 07/01/27 (c) | 686,383 | ||||||
610,000 | San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c) | 726,582 | ||||||
150,000 | San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c) | 169,750 | ||||||
825,000 | San Jose Evergreen Community College District (GO) 3.00%, 09/01/28 (c) | 897,113 | ||||||
1,000,000 | Santa Ana Unified School District, Series A (GO) 4.00%, 08/01/28 (c) | 1,144,164 | ||||||
250,000 | Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c) | 312,461 |
See Notes to Financial Statements
94 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 1,000,000 | Saugus Union School District School Facilities Improvement District No. 2014-1, Series C (GO) 2.38%, 08/01/30 (c) | $ | 998,130 | ||||
110,000 | State of California (GO) 4.00%, 10/01/29 (c) | 132,300 | ||||||
State of California, Various Purpose (GO) | ||||||||
500,000 | 3.00%, 10/01/29 (c) | 533,262 | ||||||
105,000 | 4.00%, 09/01/26 (c) | 119,780 | ||||||
515,000 | 5.00%, 11/01/27 (c) | 632,800 | ||||||
935,000 | 5.00%, 10/01/28 (c) | 1,172,923 | ||||||
1,000,000 | University of California, Series BE (RB) 4.00%, 05/15/30 (c) | 1,204,000 | ||||||
1,000,000 | University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,231,136 | ||||||
240,000 | Victor Valley Community College District (GO) 4.00%, 08/01/26 (c) | 268,776 | ||||||
235,000 | West Hollywood Public Financing Authority (RB) 4.00%, 04/01/26 (c) | 258,914 | ||||||
250,000 | West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c) | 294,347 | ||||||
35,187,103 | ||||||||
Colorado: 2.5% | ||||||||
550,000 | Board of Governors of Colorado State University System (RB) 4.00%, 03/01/28 (c) | 627,943 | ||||||
230,000 | City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c) | 263,579 | ||||||
750,000 | City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c) | 919,450 | ||||||
155,000 | Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB) 5.00%, 03/01/27 (c) | 186,369 | ||||||
320,000 | Colorado Health Facilities Authority, Adventist Health System Series A (RB) 4.00%, 05/15/28 (c) | 364,539 | ||||||
280,000 | Colorado Health Facilities Authority, Children Hospital, Series A (RB) 5.00%, 06/01/26 (c) | 323,951 | ||||||
500,000 | Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c) | 530,481 | ||||||
500,000 | Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c) | 630,244 | ||||||
Colorado High Performance Transportation Enterprise (RB) | ||||||||
250,000 | 5.00%, 12/31/24 (c) | 286,385 | ||||||
250,000 | 5.00%, 12/31/24 (c) | 286,871 | ||||||
160,000 | Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c) | 184,860 |
Principal Amount | Value | |||||||
Colorado: (continued) | ||||||||
$ | 850,000 | Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c) | $ | 849,924 | ||||
230,000 | University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c) | 268,634 | ||||||
5,723,230 | ||||||||
Connecticut: 0.4% | ||||||||
10,000 | Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c) | 10,547 | ||||||
300,000 | Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c) | 342,899 | ||||||
University of Connecticut, Series A (RB) | ||||||||
250,000 | 4.00%, 11/01/28 (c) | 291,164 | ||||||
250,000 | 5.00%, 02/15/30 (c) | 317,840 | ||||||
962,450 | ||||||||
Delaware: 0.1% | ||||||||
150,000 | County of New Castle (GO) 4.00%, 04/01/27 (c) | 168,989 | ||||||
115,000 | Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c) | 128,248 | ||||||
297,237 | ||||||||
District of Columbia: 1.4% | ||||||||
District of Columbia, Series A (RB) | ||||||||
575,000 | 2.63%, 03/01/30 (c) | 591,954 | ||||||
275,000 | 3.00%, 03/01/30 (c) | 303,079 | ||||||
100,000 | 4.00%, 04/15/29 (c) | 119,215 | ||||||
1,000,000 | 4.00%, 04/15/29 (c) | 1,178,251 | ||||||
750,000 | District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c) | 929,440 | ||||||
100,000 | District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series A (RB) 5.00%, 04/01/26 (c) | 118,567 | ||||||
3,240,506 | ||||||||
Florida: 4.7% | ||||||||
345,000 | Central Florida Expressway Authority (RB) 4.00%, 07/01/27 (c) | 395,806 | ||||||
500,000 | City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c) | 605,076 | ||||||
250,000 | City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c) | 314,171 | ||||||
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) | ||||||||
180,000 | 3.00%, 07/01/26 (c) | 190,152 | ||||||
200,000 | 3.25%, 07/01/26 (c) | 211,766 | ||||||
345,000 | City of Tampa, Baycare Health System, Series A (RB) 4.00%, 05/15/26 (c) | 378,884 |
See Notes to Financial Statements
95 |
VANECK VECTORS LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
$ | 275,000 | City of Tampa, Central and Lower Basin Stormwater Improvements (SA) 5.25%, 05/01/28 (c) | $ | 349,542 | ||||
900,000 | Collier County Water and Sewer District (RB) 3.00%, 07/01/29 (c) | 982,132 | ||||||
275,000 | County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c) | 333,189 | ||||||
1,000,000 | County of Broward, Port Facilities, Series A (RB) 5.00%, 09/01/29 (c) | 1,212,735 | ||||||
210,000 | County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c) | 239,046 | ||||||
County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
310,000 | 3.00%, 10/01/29 (c) | 331,857 | ||||||
140,000 | 3.13%, 10/01/27 (c) | 151,336 | ||||||
360,000 | 4.00%, 10/01/27 (c) | 422,692 | ||||||
80,000 | Florida Housing Finance Corp., Series 1 (RB) 3.20%, 07/01/28 (c) | 84,009 | ||||||
205,000 | Florida Housing Finance Corp., Series 2 (RB) 4.05%, 01/01/28 (c) | 224,078 | ||||||
125,000 | Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c) | 149,507 | ||||||
1,000,000 | Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 3.50%, 02/01/31 (c) | 1,072,221 | ||||||
265,000 | Orange County Health Facilities Authority, Orlando Hospital, Series B (RB) 4.00%, 10/01/26 (c) | 289,535 | ||||||
750,000 | Orlando Utilities Commission, Series A (RB) 2.38%, 04/01/31 (c) | 756,976 | ||||||
330,000 | Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c) | 358,824 | ||||||
300,000 | School District of Broward County (GO) 5.00%, 07/01/28 (c) | 372,429 | ||||||
145,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AGM) 3.00%, 06/01/29 (c) | 164,080 | ||||||
500,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 3.00%, 06/01/29 (c) | 566,856 | ||||||
500,000 | State of Florida, Department of Transportation, Turnpike, Series B (RB) 2.00%, 07/01/30 (c) | 493,335 | ||||||
10,650,234 |
Principal Amount | Value | |||||||
Georgia: 2.2% | ||||||||
$ | 260,000 | Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c) | $ | 291,245 | ||||
County of Fulton, Water and Sewerage, Series A (RB) | ||||||||
500,000 | 2.25%, 01/01/30 (c) | 502,050 | ||||||
900,000 | 2.38%, 01/01/30 (c) | 908,993 | ||||||
150,000 | County of Paulding, Water and Sewerage Revenue (RB) 3.00%, 12/01/26 (c) | 157,809 | ||||||
90,000 | Dahlonega Downtown Development Authority (RB) 3.13%, 07/01/23 (c) | 92,797 | ||||||
185,000 | Dalton-Whitfield County Joint Development Authority (RB) 4.00%, 02/15/28 (c) | 205,703 | ||||||
270,000 | Development Authority of Rockdale County, Piedmont Healthcare, Inc. Project, Series A (RB) (SAW) 4.00%, 07/01/29 (c) | 313,041 | ||||||
165,000 | Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) (SAW) 3.35%, 06/01/28 (c) | 178,308 | ||||||
230,000 | Georgia Housing and Finance Authority, Single Family Mortgage, Series A-1 (RB) 3.35%, 12/01/25 (c) | 241,106 | ||||||
150,000 | Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) 3.55%, 12/01/26 (c) | 159,633 | ||||||
215,000 | Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/25 (c) | 225,382 | ||||||
335,000 | Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c) | 426,833 | ||||||
1,000,000 | Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/30 (c) | 1,069,530 | ||||||
150,000 | Private Colleges and Universities Authority, Emory University, Series B (RB) 3.00%, 10/01/24 (c) | 154,869 | ||||||
4,927,299 | ||||||||
Hawaii: 0.5% | ||||||||
City and County of Honolulu, Series C (GO) | ||||||||
750,000 | 4.00%, 08/01/29 (c) | 884,991 | ||||||
200,000 | 5.00%, 08/01/29 (c) | 253,616 | ||||||
1,138,607 | ||||||||
Illinois: 3.8% | ||||||||
100,000 | Chicago Board of Education (ST) 6.00%, 04/01/27 (c) | 120,208 | ||||||
250,000 | Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/26 (c) | 293,539 |
See Notes to Financial Statements
96 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 890,000 | Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c) | $ | 1,011,888 | ||||
150,000 | Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c) | 180,721 | ||||||
Chicago O’Hare International Airport, Series D (RB) | ||||||||
150,000 | 5.00%, 01/01/27 (c) | 179,567 | ||||||
265,000 | 5.00%, 01/01/27 (c) | 319,557 | ||||||
250,000 | Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c) | 299,278 | ||||||
220,000 | Chicago Transit Authority, Second Lien (RB) (AGM) 5.00%, 12/01/26 (c) | 254,330 | ||||||
1,000,000 | City of Chicago, Series A (GO) 5.00%, 01/01/29 (c) | 1,188,966 | ||||||
160,000 | Cook County, Sales Tax (RB) 4.00%, 11/15/27 (c) | 181,751 | ||||||
500,000 | Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c) | 591,141 | ||||||
500,000 | Illinois Finance Authority, OSF Healthcare System, Series A (RB) 3.00%, 11/15/30 (c) | 522,789 | ||||||
170,000 | Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c) | 190,889 | ||||||
500,000 | �� | Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c) | 636,726 | |||||
165,000 | Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/26 (c) | 180,831 | ||||||
750,000 | State of Illinois (GO) 5.75%, 05/01/30 (c) | 962,774 | ||||||
State of Illinois, Series A (GO) | ||||||||
500,000 | 4.00%, 03/01/31 (c) | 573,182 | ||||||
250,000 | 5.00%, 05/01/28 (c) | 295,596 | ||||||
630,000 | 5.00%, 05/01/28 (c) | 743,299 | ||||||
8,727,032 | ||||||||
Iowa: 0.3% | ||||||||
Iowa Higher Education Loan Authority (RB) | ||||||||
300,000 | 5.00%, 12/01/26 (c) | 364,809 | ||||||
250,000 | 5.00%, 12/01/26 (c) | 304,008 | ||||||
668,817 | ||||||||
Kansas: 0.2% | ||||||||
270,000 | Lyon County Unified School District No. 253 (GO) 3.00%, 09/01/27 (c) | 285,663 | ||||||
150,000 | Sedgwick County Unified School District No. 260, Series B (GO) 4.00%, 10/01/26 (c) | 169,558 | ||||||
455,221 |
Principal Amount | Value | |||||||
Kentucky: 0.7% | ||||||||
$ | 920,000 | Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c) | $ | 1,020,022 | ||||
Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) | ||||||||
345,000 | 3.00%, 11/15/25 (c) | 361,481 | ||||||
235,000 | 3.25%, 11/15/26 (c) | 251,648 | ||||||
1,633,151 | ||||||||
Louisiana: 0.9% | ||||||||
230,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c) | 256,108 | ||||||
500,000 | Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project, Series A (RB) (AGM) 3.00%, 06/01/30 (c) | 527,213 | ||||||
Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB) | ||||||||
315,000 | 5.00%, 07/01/26 (c) | 358,438 | ||||||
340,000 | 5.00%, 07/01/26 (c) | 387,777 | ||||||
230,000 | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c) | 259,637 | ||||||
240,000 | New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c) | 286,344 | ||||||
2,075,517 | ||||||||
Maine: 0.3% | ||||||||
620,000 | Maine Health and Higher Educational Facilities Authority, MaineHealth, Series A (RB) 5.00%, 07/01/28 (c) | 759,563 | ||||||
Maryland: 0.9% | ||||||||
225,000 | City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c) | 262,068 | ||||||
250,000 | County of Baltimore (GO) 4.00%, 03/01/28 (c) | 293,718 | ||||||
220,000 | Maryland Health and Higher Educational Facilities Authority, Charlestown Community Issue, Series A (RB) 5.00%, 07/01/26 (c) | 250,119 | ||||||
260,000 | Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c) | 290,379 | ||||||
150,000 | Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c) | 165,062 |
See Notes to Financial Statements
97 |
VANECK VECTORS LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Maryland: (continued) | ||||||||
$ | 100,000 | Prince George’s County, Regional Medical Center (CP) 3.25%, 10/01/27 (c) | $ | 107,784 | ||||
275,000 | Prince George’s County, Series A (GO) 5.00%, 07/15/28 (c) | 345,897 | ||||||
270,000 | Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB) 4.00%, 06/01/27 (c) | 304,006 | ||||||
2,019,033 | ||||||||
Massachusetts: 3.5% | ||||||||
160,000 | Boston Water and Sewer Commission, Series B (RB) 3.00%, 11/01/23 (c) | 167,127 | ||||||
315,000 | Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c) | 392,581 | ||||||
Commonwealth of Massachusetts, Series A (GO) | ||||||||
275,000 | 5.00%, 04/01/27 (c) | 337,852 | ||||||
1,000,000 | 5.00%, 01/01/28 (c) | 1,240,361 | ||||||
200,000 | 5.00%, 01/01/28 (c) | 248,243 | ||||||
750,000 | Commonwealth of Massachusetts, Series B (GO) 2.50%, 03/01/30 (c) | 763,576 | ||||||
360,000 | Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c) | 384,584 | ||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
120,000 | 3.00%, 04/01/25 (c) | 126,644 | ||||||
440,000 | 4.00%, 04/01/25 (c) | 492,573 | ||||||
245,000 | Commonwealth of Massachusetts, Series G (GO) 3.00%, 09/01/26 (c) | 258,221 | ||||||
230,000 | Commonwealth of Massachusetts, Series J (GO) 4.00%, 12/01/26 (c) | 265,213 | ||||||
100,000 | Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/27 (c) | 122,673 | ||||||
700,000 | Massachusetts Clean Water Trust, Series 22 (RB) (AGM) 5.00%, 08/01/29 (c) | 899,557 | ||||||
200,000 | Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB) 5.00%, 12/01/26 (c) | 235,757 | ||||||
250,000 | Massachusetts Development Finance Agency, Medical Center, Series E (RB) 4.00%, 07/01/26 (c) | 268,633 | ||||||
250,000 | Massachusetts Development Finance Agency, Suffolk University (RB) 4.00%, 07/01/27 (c) | 281,831 | ||||||
250,000 | Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c) | 282,510 |
Principal Amount | Value | |||||||
Massachusetts: (continued) | ||||||||
$ | 850,000 | Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) 5.00%, 02/15/26 (c) | $ | 1,010,427 | ||||
150,000 | Massachusetts Water Resources Authority, Series D (RB) 3.00%, 08/01/26 (c) | 157,611 | ||||||
7,935,974 | ||||||||
Michigan: 2.3% | ||||||||
700,000 | Bloomfield Hills School District (GO) 4.00%, 05/01/30 (c) | 819,709 | ||||||
390,000 | Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) | 462,331 | ||||||
320,000 | Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c) | 379,349 | ||||||
225,000 | Michigan Finance Authority, Henry Ford Health System (RB) 4.00%, 11/15/26 (c) | 251,434 | ||||||
Michigan Finance Authority, Henry Ford Health System, Series A (RB) | ||||||||
250,000 | 4.00%, 11/02/29 (c) | 283,739 | ||||||
135,000 | 5.00%, 11/02/29 (c) | 167,597 | ||||||
150,000 | Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 4.00%, 06/01/27 (c) | 168,433 | ||||||
500,000 | Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c) | 528,868 | ||||||
470,000 | Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 4.00%, 06/01/28 (c) | 498,622 | ||||||
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
425,000 | 2.95%, 12/01/28 (c) | 449,063 | ||||||
145,000 | 3.50%, 06/01/26 (c) | 153,608 | ||||||
750,000 | Saginaw City School District (GO) (Q-SBLF) 4.00%, 05/01/31 (c) | 897,234 | ||||||
190,000 | Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c) | 230,754 | ||||||
5,290,741 | ||||||||
Minnesota: 0.7% | ||||||||
Minnesota Housing Finance Agency, Series I (RB) | ||||||||
995,000 | 2.15%, 01/01/30 (c) | 1,001,881 | ||||||
500,000 | 3.00%, 01/01/30 (c) | 547,517 | ||||||
1,549,398 | ||||||||
Missouri: 1.0% | ||||||||
315,000 | Health and Educational Facilities Authority, BJC Health System, Series C (RB) 4.00%, 07/01/26 (c) (p) | 348,439 |
See Notes to Financial Statements
98 |
Principal Amount | Value | |||||||
Missouri: (continued) | ||||||||
$ | 250,000 | Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series A (RB) 5.00%, 02/01/24 (c) | $ | 278,078 | ||||
350,000 | Health and Educational Facilities Authority, Mercy Health (RB) 3.00%, 06/01/30 (c) | 366,685 | ||||||
100,000 | Health and Educational Facilities Authority, Saint Louis University (RB) 5.00%, 04/01/29 (c) | 122,830 | ||||||
750,000 | Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB) 3.00%, 11/15/30 (c) | 781,882 | ||||||
250,000 | Missouri Housing Development Commission, First Place Homeowner Loan Program, Series C (RB) 3.05%, 05/01/29 (c) | 258,936 | ||||||
2,156,850 | ||||||||
Montana: 0.1% | ||||||||
220,000 | Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.13%, 07/01/28 (c) | 238,301 | ||||||
Nebraska: 0.4% | ||||||||
500,000 | Douglas County School District No. 0001 (GO) 2.00%, 03/30/31 (c) | 486,546 | ||||||
480,000 | Sarpy County Hospital Authority No. 1 (RB) 3.00%, 05/15/26 (c) | 496,692 | ||||||
983,238 | ||||||||
Nevada: 1.5% | ||||||||
390,000 | City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c) | 465,617 | ||||||
675,000 | City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c) | 796,894 | ||||||
120,000 | Clark County, Detention Center (GO) 3.00%, 06/01/29 (c) | 131,348 | ||||||
280,000 | Clark County, Limited Tax, Series C (GO) 3.00%, 07/01/29 (c) | 305,924 | ||||||
485,000 | Clark County, Stadium Improvement, Series A (GO) 5.00%, 06/01/28 (c) | 591,329 | ||||||
250,000 | County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c) | 310,428 | ||||||
275,000 | Las Vegas Convention and Visitors Authority, Series B (RB) 5.00%, 07/01/28 (c) | 327,699 | ||||||
200,000 | Las Vegas Convention and Visitors Authority, Series C (RB) 4.00%, 07/01/26 (c) | 216,685 | ||||||
100,000 | Las Vegas Redevelopment Agency (TA) 5.00%, 06/15/26 (c) | 112,534 |
Principal Amount | Value | |||||||
Nevada: (continued) | ||||||||
$ | 100,000 | Washoe County School District, Series C (GO) (AGM) 3.13%, 10/01/27 (c) | $ | 108,413 | ||||
3,366,871 | ||||||||
New Hampshire: 0.5% | ||||||||
265,000 | New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c) | 303,759 | ||||||
200,000 | New Hampshire Municipal Bond Bank, Series D (RB) 4.00%, 08/15/26 (c) | 226,388 | ||||||
500,000 | New Hampshire National Finance Authority, Springpoint Senior Living Project (RB) 4.00%, 01/01/26 (c) | 553,413 | ||||||
1,083,560 | ||||||||
New Jersey: 2.6% | ||||||||
Atlantic County Improvement Authority, Series A (RB) (AGM) | ||||||||
140,000 | 3.25%, 07/01/26 (c) | 146,861 | ||||||
165,000 | 4.00%, 07/01/26 (c) | 177,930 | ||||||
320,000 | New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c) | 381,668 | ||||||
55,000 | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/26 (c) | 65,843 | ||||||
500,000 | New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) 4.00%, 07/01/26 (c) | 550,809 | ||||||
790,000 | New Jersey Transportation Trust Fund Authority, Series A (RB) 4.25%, 12/15/28 (c) | 914,610 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
910,000 | 4.50%, 12/15/28 (c) | 1,054,005 | ||||||
250,000 | 5.00%, 12/15/30 (c) | 308,415 | ||||||
250,000 | 5.00%, 12/15/30 (c) | 314,063 | ||||||
365,000 | New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c) | 388,259 | ||||||
380,000 | New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c) | 435,323 | ||||||
100,000 | New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c) | 121,332 | ||||||
210,000 | New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c) | 238,757 | ||||||
400,000 | State of New Jersey, Various Purposes (GO) 5.00%, 12/01/27 (c) | 491,456 |
See Notes to Financial Statements
99 |
VANECK VECTORS LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 205,000 | Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c) | $ | 243,152 | ||||
5,832,483 | ||||||||
New Mexico: 0.4% | ||||||||
250,000 | New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c) | 285,517 | ||||||
235,000 | New Mexico Mortgage Finance Authority, Series C (RB) 3.60%, 07/01/28 (c) | 253,237 | ||||||
370,000 | New Mexico Mortgage Finance Authority, Series F (RB) 3.05%, 01/01/29 (c) | 387,712 | ||||||
926,466 | ||||||||
New York: 19.8% | ||||||||
1,000,000 | Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c) | 1,190,413 | ||||||
110,000 | Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 3.00%, 01/15/27 (c) | 112,177 | ||||||
City of New York, Series B-1 (GO) | ||||||||
110,000 | 3.00%, 10/01/29 (c) | 115,418 | ||||||
200,000 | 5.00%, 10/01/27 (c) | 246,031 | ||||||
250,000 | 5.00%, 10/01/29 (c) | 315,507 | ||||||
500,000 | City of New York, Series C (GO) 5.00%, 08/01/30 (c) | 632,993 | ||||||
City of New York, Series D-1 (GO) | ||||||||
470,000 | 4.00%, 12/01/28 (c) | 545,268 | ||||||
100,000 | 5.00%, 12/01/28 (c) | 124,759 | ||||||
1,000,000 | 5.00%, 03/01/30 (c) | 1,256,085 | ||||||
125,000 | County of Nassau, Series C (GO) 5.00%, 04/01/26 (c) | 145,928 | ||||||
255,000 | Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c) | 289,947 | ||||||
645,000 | Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c) | 765,165 | ||||||
330,000 | Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c) | 350,678 | ||||||
300,000 | Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c) | 365,742 | ||||||
715,000 | Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c) | 867,600 | ||||||
350,000 | Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/27 (c) | 425,411 | ||||||
1,000,000 | Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c) | 1,141,807 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 550,000 | 5.00%, 11/15/29 (c) | $ | 680,545 | ||||
Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
400,000 | 4.00%, 05/15/27 (c) | 442,746 | ||||||
500,000 | 4.00%, 05/15/28 (c) | 564,822 | ||||||
225,000 | 5.00%, 11/15/26 (c) | 265,343 | ||||||
370,000 | 5.25%, 11/15/26 (c) | 436,288 | ||||||
1,245,000 | Metropolitan Transportation Authority, Series D (RB) 4.00%, 05/15/28 (c) | 1,397,673 | ||||||
900,000 | Monroe County Industrial Development Agency, Rochester Regional Health Project, Series A (RB) 4.00%, 07/01/30 (c) | 1,044,059 | ||||||
145,000 | MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/23 (c) | 157,213 | ||||||
275,000 | New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 3.00%, 05/01/28 (c) | 282,772 | ||||||
275,000 | New York City Housing Development Corp., Multi-Family Housing, Series D (RB) 3.65%, 02/01/25 (c) | 291,780 | ||||||
500,000 | New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c) | 526,391 | ||||||
1,000,000 | New York City Housing Development Corp., Sustainable Development Bonds, Series C (RB) 2.75%, 02/01/29 (c) | 1,011,961 | ||||||
565,000 | New York City Housing Development Corp., Sustainable Development Bonds, Series J (RB) 3.05%, 09/01/27 (c) | 589,031 | ||||||
250,000 | New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) 3.75%, 11/01/25 (c) | 266,420 | ||||||
190,000 | New York City Municipal Water Finance Authority, Series CC-1 (RB) 4.00%, 12/15/26 (c) | 219,121 | ||||||
175,000 | New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 4.00%, 06/15/27 (c) | 201,407 | ||||||
350,000 | New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 3.00%, 07/15/29 (c) | 365,578 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
155,000 | 4.00%, 05/01/26 (c) | 172,080 | ||||||
225,000 | 5.00%, 05/01/26 (c) | 270,264 | ||||||
260,000 | 5.00%, 08/01/28 (c) | 319,698 |
See Notes to Financial Statements
100 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) | ||||||||
$ | 200,000 | 5.00%, 08/01/27 (c) | $ | 247,906 | ||||
1,000,000 | 5.00%, 05/01/29 (c) | 1,260,381 | ||||||
510,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c) | 632,234 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
400,000 | 4.00%, 08/01/27 (c) | 455,378 | ||||||
115,000 | 5.00%, 08/01/26 (c) | 139,061 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
1,120,000 | 4.00%, 05/01/29 (c) | 1,305,102 | ||||||
250,000 | 4.00%, 05/01/29 (c) | 294,144 | ||||||
500,000 | 4.00%, 11/01/30 (c) | 591,170 | ||||||
1,775,000 | 4.00%, 11/01/30 (c) | 2,106,324 | ||||||
420,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c) | 515,903 | ||||||
200,000 | New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) | 255,225 | ||||||
350,000 | New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c) | 371,595 | ||||||
660,000 | New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c) | 712,572 | ||||||
300,000 | New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/29 (c) | 378,065 | ||||||
New York Convention Center Development Corp., Series A (RB) | ||||||||
230,000 | 0.00%, 11/15/47 ^ | 104,847 | ||||||
170,000 | 0.00%, 11/15/54 ^ | 59,878 | ||||||
285,000 | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c) | 353,395 | ||||||
250,000 | New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47 | 386,868 | ||||||
405,000 | New York State Dormitory Authority, New York Columbia University, Series B (RB) (FHA) 5.00%, 04/01/28 (c) | 508,225 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
160,000 | 2.13%, 07/01/21 (c) | 160,202 | ||||||
375,000 | 4.00%, 07/01/26 (c) | 420,061 | ||||||
200,000 | 4.00%, 07/01/26 (c) | 223,164 | ||||||
600,000 | 5.00%, 07/01/28 (c) | 753,484 | ||||||
235,000 | 5.00%, 07/01/28 (c) | 294,506 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 400,000 | 5.00%, 07/01/28 (c) | $ | 500,446 | ||||
250,000 | New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c) | 311,134 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
500,000 | 3.00%, 09/15/30 (c) | 530,880 | ||||||
250,000 | 5.00%, 08/15/26 (c) | 298,056 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
800,000 | 4.00%, 03/15/27 (c) | 897,727 | ||||||
250,000 | 4.00%, 03/15/27 (c) | 280,980 | ||||||
150,000 | 5.00%, 03/15/27 (c) | 180,357 | ||||||
1,000,000 | New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c) | 1,235,539 | ||||||
New York State Dormitory Authority, The New School, Series A (RB) | ||||||||
225,000 | 4.00%, 01/01/27 (c) | 249,567 | ||||||
420,000 | 5.00%, 01/01/27 (c) | 490,846 | ||||||
500,000 | New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 4.00%, 06/15/29 (c) | 580,347 | ||||||
225,000 | New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c) | 244,273 | ||||||
195,000 | New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c) | 208,545 | ||||||
500,000 | New York State Power Authority (RB) 4.00%, 05/15/30 (c) | 584,223 | ||||||
500,000 | New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) | 584,826 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
950,000 | 3.00%, 09/15/30 (c) | 997,676 | ||||||
500,000 | 5.00%, 09/15/28 (c) | 617,506 | ||||||
550,000 | New York State Urban Development Corp., State Personal Income, Series C (RB) 3.00%, 09/15/30 (c) | 579,092 | ||||||
925,000 | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c) | 1,085,892 | ||||||
485,000 | Port Authority of New York and New Jersey, Series 212 (RB) 4.00%, 09/01/29 (c) | 572,552 | ||||||
700,000 | Port Authority of New York and New Jersey, Series 213 (RB) 5.00%, 09/01/29 (c) | 893,681 |
See Notes to Financial Statements
101 |
VANECK VECTORS LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 190,000 | State of New York Mortgage Agency, Series 203 (RB) 3.50%, 04/01/26 (c) | $ | 201,180 | ||||
Triborough Bridge and Tunnel Authority, Series C (RB) | ||||||||
1,000,000 | 3.00%, 11/15/29 (c) | 1,060,504 | ||||||
250,000 | 3.38%, 11/15/28 (c) | 275,104 | ||||||
550,000 | Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c) | 688,160 | ||||||
45,074,904 | ||||||||
North Carolina: 1.7% | ||||||||
500,000 | Board of Governors of the University of North Carolina (RB) 5.00%, 02/01/49 | 754,112 | ||||||
North Carolina Housing Finance Agency Home Ownership, Series 39-B (RB) | ||||||||
125,000 | 3.85%, 07/01/27 (c) | 137,023 | ||||||
295,000 | 4.00%, 07/01/27 (c) | 319,675 | ||||||
350,000 | North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c) | 385,197 | ||||||
220,000 | North Carolina Medical Care Commission, Novant Health, Series A (RB) 3.13%, 11/01/29 (c) | 233,009 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) | ||||||||
500,000 | 3.00%, 01/01/30 (c) | 531,102 | ||||||
500,000 | 5.00%, 01/01/30 (c) | 613,915 | ||||||
750,000 | 5.00%, 01/01/30 (c) | 914,742 | ||||||
3,888,775 | ||||||||
North Dakota: 0.5% | ||||||||
1,025,000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.75%, 07/01/27 (c) | 1,097,941 | ||||||
Ohio: 3.2% | ||||||||
American Municipal Power, Inc., Series A (RB) | ||||||||
190,000 | 4.00%, 02/15/26 (c) | 210,210 | ||||||
220,000 | 5.00%, 02/15/26 (c) | 259,963 | ||||||
440,000 | City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB) 4.00%, 12/01/27 (c) | 491,509 | ||||||
100,000 | City of Cleveland, Airport System Revenue, Series B (RB) 5.00%, 07/01/28 (c) | 121,068 | ||||||
375,000 | Columbus City School District (GO) 5.00%, 12/01/26 (c) | 452,169 | ||||||
510,000 | County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c) | 578,498 | ||||||
1,000,000 | County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48 | 1,485,283 |
Principal Amount | Value | |||||||
Ohio: (continued) | ||||||||
$ | 260,000 | County of Franklin, Trinity Health Credit Group (RB) 5.00%, 06/01/27 (c) | $ | 310,451 | ||||
1,000,000 | County of Ross, Adena Health System Obligated Group Project (RB) 5.00%, 12/01/29 (c) | 1,230,532 | ||||||
150,000 | Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c) | 163,396 | ||||||
250,000 | Gahanna-Jefferson City School District (GO) (AGM) 2.00%, 12/01/30 (c) | 234,667 | ||||||
250,000 | Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c) | 270,108 | ||||||
190,000 | North Royalton City School District (GO) 5.00%, 06/01/25 (c) | 218,052 | ||||||
350,000 | Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) | 387,887 | ||||||
150,000 | Ohio Housing Finance Agency, Series D (RB) 3.63%, 09/01/26 (c) | 158,585 | ||||||
500,000 | Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) | 641,241 | ||||||
7,213,619 | ||||||||
Oklahoma: 0.7% | ||||||||
250,000 | Edmond Public Works Authority (RB) 4.00%, 07/01/27 (c) | 287,122 | ||||||
750,000 | Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c) | 806,736 | ||||||
350,000 | Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/26 (c) | 389,676 | ||||||
1,483,534 | ||||||||
Oregon: 1.3% | ||||||||
190,000 | Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c) | 218,390 | ||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) | ||||||||
550,000 | 2.00%, 06/15/30 (c) | 538,598 | ||||||
295,000 | 3.25%, 06/15/27 (c) | 318,372 | ||||||
North Clackamas School District No. 12, Series A (GO) (SBG) | ||||||||
175,000 | 0.00%, 06/15/27 (c) ^ | 92,385 | ||||||
465,000 | 0.00%, 06/15/27 (c) ^ | 258,304 | ||||||
240,000 | Salem Hospital Facility Authority, Series A (RB) 4.00%, 05/15/26 (c) | 263,179 | ||||||
510,000 | Sherwood School District No. 88J, Series A (GO) (SBG) 0.00%, 06/15/28 (c) ^ | 190,779 | ||||||
935,000 | Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c) | 1,014,724 | ||||||
2,894,731 |
See Notes to Financial Statements
102 |
Principal Amount | Value | |||||||
Pennsylvania: 4.8% | ||||||||
$ | 685,000 | Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 06/01/28 (c) | $ | 851,618 | ||||
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) | ||||||||
180,000 | 4.00%, 10/01/27 (c) | 204,545 | ||||||
645,000 | 4.00%, 09/01/30 (c) | 751,622 | ||||||
210,000 | 4.00%, 09/01/30 (c) | 248,417 | ||||||
500,000 | Commonwealth of Pennsylvania, First Series (GO) 2.00%, 05/01/30 (c) | 503,638 | ||||||
1,170,000 | Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c) | 1,309,271 | ||||||
220,000 | County of Allegheny, Series C-77 (GO) 5.00%, 11/01/28 (c) | 273,627 | ||||||
Delaware County Authority, Commonwealth of Pennsylvania, Series A (RB) | ||||||||
140,000 | 3.75%, 04/01/27 (c) | 151,317 | ||||||
170,000 | 5.00%, 04/01/27 (c) | 204,260 | ||||||
280,000 | DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c) | 332,336 | ||||||
1,000,000 | Geisinger Authority Health System, Series A (RB) 5.00%, 04/01/30 (c) | 1,254,903 | ||||||
230,000 | Geisinger Authority, Health System, Series A-2 (RB) 4.00%, 02/15/27 (c) | 260,026 | ||||||
145,000 | Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) | 160,876 | ||||||
285,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 3.20%, 10/01/25 (c) | 295,965 | ||||||
175,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123 B (RB) 3.20%, 10/01/25 (c) | 181,365 | ||||||
260,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 125 B (RB) 3.65%, 04/01/27 (c) | 278,088 | ||||||
100,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 128 B (RB) 3.85%, 10/01/27 (c) | 109,913 | ||||||
Pennsylvania Turnpike Commission, Motor License, Third Series (RB) | ||||||||
250,000 | 4.00%, 12/01/27 (c) | 285,173 | ||||||
155,000 | 5.00%, 12/01/27 (c) | 189,458 | ||||||
290,000 | Pennsylvania Turnpike Commission, Oil Franchise Tax Senior, Series A (RB) (AGM) 5.00%, 12/01/28 (c) | 360,117 |
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
$ | 900,000 | 4.00%, 06/01/31 (c) | $ | 1,056,608 | ||||
220,000 | 5.00%, 12/01/29 (c) | 273,014 | ||||||
150,000 | Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c) | 182,297 | ||||||
700,000 | Pennsylvania Turnpike Commission, Series B-1 (RB) 5.25%, 06/01/27 (c) | 861,551 | ||||||
305,000 | Philadelphia Gas Works Co., Fifteenth Series (RB) 5.00%, 08/01/27 (c) | 363,563 | ||||||
10,943,568 | ||||||||
South Carolina: 0.1% | ||||||||
100,000 | Brookland-Cayce School District No. 2, Lexington County (GO) 3.00%, 03/01/26 (c) | 107,751 | ||||||
100,000 | Lexington County School District No. 2 (GO) 3.00%, 03/01/26 (c) | 107,727 | ||||||
215,478 | ||||||||
Tennessee: 0.9% | ||||||||
Sullivan County (GO) | ||||||||
250,000 | 3.75%, 05/01/26 (c) | 277,755 | ||||||
230,000 | 4.00%, 05/01/26 (c) | 259,446 | ||||||
280,000 | Tennessee Housing Development Agency, Series 1 (RB) 4.00%, 07/01/26 (c) | 300,415 | ||||||
Tennessee Housing Development Agency, Series 3 (RB) | ||||||||
500,000 | 2.95%, 01/01/29 (c) | 518,493 | ||||||
355,000 | 3.60%, 01/01/27 (c) | 378,308 | ||||||
275,000 | Tennessee Housing Development Agency, Series 4B (RB) 3.45%, 01/01/27 (c) | 293,147 | ||||||
2,027,564 | ||||||||
Texas: 10.1% | ||||||||
350,000 | Alvin Independent School District (GO) 3.38%, 02/15/28 (c) | 392,354 | ||||||
675,000 | Arlington Higher Education Finance Corp. (RB) 4.00%, 08/15/29 (c) | 781,062 | ||||||
150,000 | Board of Regents of the University of Houston System, Series C (RB) 4.00%, 02/15/26 (c) | 167,496 | ||||||
650,000 | Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c) | 762,496 | ||||||
250,000 | Central Texas Regional Mobility Authority, Senior Lien (RB) 5.00%, 01/01/26 (c) | 290,342 | ||||||
750,000 | Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c) | 934,183 | ||||||
285,000 | City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c) | 315,284 |
See Notes to Financial Statements
103 |
VANECK VECTORS LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 165,000 | City of Arlington, Senior Lien Special Tax, Series A (AGM) (ST) 4.00%, 02/15/28 (c) | $ | 188,285 | ||||
280,000 | City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c) | 335,906 | ||||||
500,000 | City of Austin, Electric Utility System, Series A (RB) 5.00%, 11/15/30 (c) | 643,716 | ||||||
1,375,000 | City of Austin, Electric Utility System, Series B (RB) 5.00%, 11/15/29 (c) | 1,734,724 | ||||||
295,000 | City of Corpus Christi, Utility System (RB) (SBG) 4.00%, 07/15/30 (c) | 349,976 | ||||||
120,000 | City of Denton (GO) 4.00%, 02/15/27 (c) | 135,100 | ||||||
City of El Paso (GO) | ||||||||
125,000 | 4.00%, 08/15/26 (c) | 139,802 | ||||||
950,000 | 4.00%, 08/15/29 (c) | 1,118,571 | ||||||
220,000 | City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c) | 277,253 | ||||||
265,000 | Cleburne Independent School District (GO) 5.00%, 02/15/26 (c) | 313,545 | ||||||
250,000 | College of the Mainland (GO) 3.75%, 08/15/28 (c) | 278,430 | ||||||
250,000 | Coppell Independent School District (GO) 4.00%, 08/15/28 (c) | 288,232 | ||||||
220,000 | County of Bexar (GO) 4.00%, 06/15/26 (c) | 249,315 | ||||||
500,000 | Crowley Independent School District (GO) 4.00%, 02/01/29 (c) | 593,627 | ||||||
600,000 | Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c) | 613,731 | ||||||
460,000 | Frisco Independent School District (GO) 4.00%, 02/15/27 (c) | 524,252 | ||||||
250,000 | Galena Park Independent School District (GO) 3.00%, 02/15/29 (c) | 274,799 | ||||||
640,000 | Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c) | 787,164 | ||||||
770,000 | Grand Parkway Transportation Corp., Series C (RB) 4.00%, 04/01/30 (c) | 895,662 | ||||||
195,000 | Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB) 3.13%, 07/01/26 (c) | 205,674 | ||||||
350,000 | Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/29 (c) | 380,293 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 340,000 | Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c) | $ | 403,441 | ||||
200,000 | Klein Independent School District (GO) 4.00%, 08/01/26 (c) | 227,123 | ||||||
Leander Independent School District, Series A (GO) | ||||||||
900,000 | 0.00%, 08/16/26 (c) ^ | 441,573 | ||||||
95,000 | 0.00%, 08/16/26 (c) ^ | 42,741 | ||||||
520,000 | New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB) 5.00%, 07/01/26 (c) | 540,062 | ||||||
250,000 | North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c) | 298,787 | ||||||
290,000 | North Texas Tollway Authority, First Tier, Series A (RB) 4.00%, 01/01/26 (c) | 322,223 | ||||||
500,000 | San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c) | 623,021 | ||||||
115,000 | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB) 4.00%, 05/15/26 (c) | 127,912 | ||||||
250,000 | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c) | 306,545 | ||||||
220,000 | Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) 4.00%, 08/15/26 (c) | 241,079 | ||||||
Tarrant Regional Water District (RB) | ||||||||
400,000 | 2.00%, 03/01/30 (c) | 389,821 | ||||||
750,000 | 2.00%, 03/01/30 (c) | 735,107 | ||||||
750,000 | 2.00%, 03/01/30 (c) | 742,359 | ||||||
485,000 | Texas Water Development Board (RB) 5.00%, 10/15/26 (c) | 588,753 | ||||||
Texas Water Development Board, Series A (RB) | ||||||||
500,000 | 3.00%, 10/15/29 (c) | 558,741 | ||||||
325,000 | 4.00%, 04/15/28 (c) | 378,701 | ||||||
840,000 | 5.00%, 04/15/28 (c) | 1,051,460 | ||||||
Texas Water Development Board, Series B (RB) | ||||||||
225,000 | 5.00%, 10/15/28 (c) | 283,642 | ||||||
110,000 | 5.00%, 10/15/28 (c) | 140,570 | ||||||
250,000 | West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c) | 264,988 | ||||||
230,000 | West Travis County Public Utility Agency (RB) 4.00%, 08/15/27 (c) | 257,265 | ||||||
22,937,188 |
See Notes to Financial Statements
104 |
Principal Amount | Value | |||||||
Utah: 0.6% | ||||||||
$ | 360,000 | Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c) | $ | 438,334 | ||||
250,000 | Utah County, IHC Health Services, Inc., Series A (RB) 5.00%, 05/15/30 (c) | 315,914 | ||||||
Utah County, IHC Health Services, Inc., Series B (RB) | ||||||||
210,000 | 3.00%, 05/15/26 (c) | 219,309 | ||||||
350,000 | 4.00%, 05/15/24 (c) | 374,884 | ||||||
1,348,441 | ||||||||
Vermont: 0.1% | ||||||||
220,000 | Vermont Educational and Health Buildings Financing Agency, Series B (RB) 5.00%, 06/01/26 (c) | 255,716 | ||||||
Virginia: 1.8% | ||||||||
260,000 | Chesapeake Bay Bridge and Tunnel District, First Tier (RB) (AGM) 5.00%, 07/01/26 (c) | 309,510 | ||||||
350,000 | Chesterfield Economic Development Authority, County Projects, Series F (RB) 2.00%, 04/01/30 (c) | 348,896 | ||||||
250,000 | Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c) | 285,126 | ||||||
Hampton Roads Transportation Accountability Commission, Series A (RB) | ||||||||
665,000 | 4.00%, 07/01/30 (c) | 799,644 | ||||||
500,000 | 5.00%, 07/01/30 (c) | 628,234 | ||||||
250,000 | Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c) | 282,829 | ||||||
380,000 | Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Series A (RB) 5.00%, 07/01/47 | 569,278 | ||||||
Virginia Commonwealth Transportation Board (RB) | ||||||||
105,000 | 3.00%, 05/15/26 (c) | 112,432 | ||||||
150,000 | 3.25%, 05/15/28 (c) | 167,108 | ||||||
500,000 | Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c) | 552,710 | ||||||
4,055,767 | ||||||||
Washington: 2.4% | ||||||||
450,000 | City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c) | 515,824 | ||||||
230,000 | City of Seattle, Municipal Light and Power Improvement, Series C (RB) 4.00%, 09/01/27 (c) | 265,346 |
Principal Amount | Value | |||||||
Washington: (continued) | ||||||||
$ | 500,000 | King and Snohomish Counties, Northshore School District No. 417 (GO) (SBG) 4.00%, 06/01/29 (c) | $ | 600,745 | ||||
590,000 | King County Housing Authority, Ballinger Commons Apartments (RB) 3.50%, 05/01/28 (c) | 654,117 | ||||||
150,000 | King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c) | 184,865 | ||||||
650,000 | King County Public Hospital District No. 2, EvergreenHealth, Series A (GO) 4.00%, 12/01/29 (c) | 750,959 | ||||||
340,000 | State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/26 (c) | 411,137 | ||||||
800,000 | State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c) | 989,890 | ||||||
475,000 | University of Washington, Series A (RB) 4.00%, 12/01/26 (c) | 540,910 | ||||||
100,000 | Washington Health Care Facilities Authority, CommonSpirit Health, Series A-2 (RB) 5.00%, 08/01/29 (c) | 124,880 | ||||||
205,000 | Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c) | 224,175 | ||||||
125,000 | Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c) | 137,294 | ||||||
5,400,142 | ||||||||
West Virginia: 0.5% | ||||||||
State of West Virginia, Series B (GO) | ||||||||
150,000 | 4.00%, 06/01/28 (c) | 175,087 | ||||||
100,000 | 5.00%, 06/01/28 (c) | 125,856 | ||||||
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) | ||||||||
160,000 | 3.25%, 06/01/26 (c) | 167,211 | ||||||
700,000 | 4.00%, 06/01/28 (c) | 772,862 | ||||||
1,241,016 | ||||||||
Wisconsin: 1.1% | ||||||||
750,000 | Public Finance Authority, Acts Retirement-Life Communities, Inc. Obligated Group, Series A (RB) 5.00%, 11/15/27 (c) | 904,279 | ||||||
250,000 | Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c) | 296,441 | ||||||
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
200,000 | 4.00%, 05/15/26 (c) | 222,076 | ||||||
410,000 | 4.50%, 05/15/26 (c) | 471,416 |
See Notes to Financial Statements
105 |
VANECK VECTORS LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
$ | 205,000 | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 4.00%, 04/01/27 (c) | $ | 231,166 | ||||
225,000 | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 3.50%, 02/15/26 (c) | 236,931 | ||||||
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB) |
Principal Amount | Value | |||||||
Wisconsin: (continued) | ||||||||
$ | 115,000 | 4.00%, 02/15/27 (c) | $ | 125,346 | ||||
105,000 | 4.00%, 02/15/27 (c) | 115,436 | ||||||
2,603,091 | ||||||||
Wyoming: 0.1% | ||||||||
160,000 | Wyoming Municipal Power Agency, Inc., Series A (RB) 5.00%, 01/01/27 (c) | 198,805 | ||||||
Total Municipal Bonds: 98.8% (Cost: $214,399,322) | 224,870,563 | |||||||
Other assets less liabilities: 1.2% | 2,783,153 | |||||||
NET ASSETS: 100.0% | $ | 227,653,716 |
Definitions:
AGM | Assured Guaranty Municipal Corp. |
CP | Certificate of Participation |
FHA | Federal Housing Association |
GO | General Obligation |
Q-SBLF | Qualified School Board Loan Fund |
RB | Revenue Bond |
SA | Special Assessment |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
SD CRED PROG | Special District Credit Enhancement Program |
ST | Special Tax |
TA | Tax Allocation |
Footnotes: |
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
See Notes to Financial Statements
106 |
Summary of Investments | ||||||||
By Sector | % of Investments | Value | ||||||
Education | 7.6 | % | $ | 17,135,724 | ||||
Health Care | 18.0 | 40,567,303 | ||||||
Housing | 6.0 | 13,535,509 | ||||||
Industrial Revenue | 0.7 | 1,480,579 | ||||||
Leasing | 3.4 | 7,588,862 | ||||||
Local | 15.5 | 34,761,009 | ||||||
Power | 4.8 | 10,830,638 | ||||||
Special Tax | 12.1 | 27,291,223 | ||||||
State | 6.2 | 14,008,649 | ||||||
Tobacco | 0.8 | 1,808,906 | ||||||
Transportation | 14.5 | 32,602,289 | ||||||
Water & Sewer | 10.4 | 23,259,872 | ||||||
100.0 | % | $ | 224,870,563 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
Total Municipal Bonds* | $ | — | $ | 224,870,563 | $ | — | $ | 224,870,563 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
107 |
VANECK VECTORS MUNI ALLOCATION ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Number of Shares | Value | |||||||
EXCHANGE TRADED FUNDS: 99.9% (a) | ||||||||
24,243 | VanEck Vectors High Yield Muni ETF ‡ | $ | 1,519,551 | |||||
28,474 | VanEck Vectors Intermediate Muni ETF ‡ | 1,470,825 | ||||||
80,484 | VanEck Vectors Long Muni ETF ‡ | 1,740,869 | ||||||
10,089 | VanEck Vectors Short High Yield Muni ETF ‡ | 253,940 | ||||||
Total Exchange Traded Funds (Cost: $4,695,763) | 4,985,185 | |||||||
Other assets less liabilities: 0.1% | 3,882 | |||||||
NET ASSETS: 100.0% | $ | 4,989,067 |
Footnotes:
(a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov. |
‡ | Affiliated issuer — as defined under the Investment Company Act of 1940. |
A summary of the Fund’s transactions in securities of affiliates for the period ended April 30, 2021 is set forth below:
Affiliates | Value 04/30/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 04/30/21 | ||||||||||||||||||||||
VanEck Vectors High Yield Muni ETF | $ | — | $ | 1,898,058 | $ | (523,937 | ) | $ | 23,480 | $ | 51,308 | $ | 121,950 | $ | 1,519,551 | ||||||||||||||
VanEck Vectors Intermediate Muni ETF | — | 2,339,639 | (962,213 | ) | 39,529 | * | 24,646 | 55,903 | 1,470,825 | ||||||||||||||||||||
VanEck Vectors Long Muni ETF | — | 3,034,868 | (1,421,889 | ) | 37,555 | ** | 36,974 | 93,612 | 1,740,869 | ||||||||||||||||||||
VanEck Vectors Short High Yield Muni ETF | — | 474,817 | (248,122 | ) | 9,287 | 7,486 | 17,958 | 253,940 | |||||||||||||||||||||
VanEck Vectors Short Muni ETF | 4,591,294 | 491,169 | (5,090,979 | ) | 34,143 | 7,734 | (25,627 | ) | — | ||||||||||||||||||||
$ | 4,591,294 | $ | 8,238,551 | $ | (8,247,140 | ) | $ | 143,994 | $ | 128,148 | $ | 263,796 | $ | 4,985,185 |
* | Includes $2,033 of capital gains distributions from the underlying affiliated investment company. |
** | Includes $3,277 of capital gains distributions from the underlying affiliated investment company. |
Summary of Investments | ||||||||
by Sector | % of Investments | Value | ||||||
Exchange Traded Funds | 100.0 | % | $ | 4,985,185 | ||||
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
Exchange Traded Funds | $ | 4,985,185 | $ | — | $ | — | $ | 4,985,185 |
See Notes to Financial Statements
108 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
MUNICIPAL BONDS: 98.5% | ||||||||
Alabama: 1.9% | ||||||||
$ | 500,000 | Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22 (c) | $ | 532,432 | ||||
Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
150,000 | 6.45%, 06/01/21 (c) | 150,201 | ||||||
150,000 | 6.45%, 06/01/21 (c) | 150,201 | ||||||
500,000 | Alabama Special Care Facilities Financing Authority, Methodist Home for Aging, Series 1 (RB) 5.50%, 06/01/26 (c) | 531,998 | ||||||
500,000 | Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) | 631,874 | ||||||
500,000 | Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 09/01/25 (c) (p) | 572,358 | ||||||
1,000,000 | Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 01/01/24 (c) (p) | 1,094,669 | ||||||
1,775,000 | Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) | 2,029,333 | ||||||
5,693,066 | ||||||||
American Samoa: 0.2% | ||||||||
American Samoa Economic Development Authority, Series A (RB) | ||||||||
400,000 | 6.00%, 09/01/23 | 423,613 | ||||||
250,000 | 6.50%, 09/01/28 | 301,433 | ||||||
725,046 | ||||||||
Arizona: 1.6% | ||||||||
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) | ||||||||
225,000 | 4.75%, 07/01/23 (c) | 242,894 | ||||||
200,000 | 5.00%, 07/01/26 | 221,366 | ||||||
500,000 | Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c) | 546,410 | ||||||
1,000,000 | Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) | 1,093,658 | ||||||
500,000 | Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) | 525,065 | ||||||
520,000 | Arizona Industrial Development Authority, Pinecrest Academy of Nevada- Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) | 569,243 |
Principal Amount | Value | |||||||
Arizona: (continued) | ||||||||
$ | 500,000 | Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25 | $ | 525,988 | ||||
240,000 | Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 | 266,139 | ||||||
250,000 | Pima County Industrial Development Authority, American Leadership Academy Project (RB) 4.13%, 06/15/22 (c) | 253,712 | ||||||
Salt Verde Financial Corp. (RB) | ||||||||
200,000 | 5.25%, 12/01/23 | 222,886 | ||||||
65,000 | 5.25%, 12/01/24 | 74,974 | ||||||
10,000 | 5.25%, 12/01/28 | 12,718 | ||||||
370,000 | 5.50%, 12/01/29 | 485,561 | ||||||
5,040,614 | ||||||||
California: 6.5% | ||||||||
250,000 | Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series A (RB) 5.00%, 05/01/23 | 273,525 | ||||||
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series H (RB) | ||||||||
500,000 | 5.00%, 05/01/26 | 606,037 | ||||||
500,000 | 5.00%, 05/01/27 | 621,703 | ||||||
500,000 | 5.00%, 05/01/29 | 645,676 | ||||||
Bay Area Toll Authority, Series S-4 (RB) | ||||||||
375,000 | 5.00%, 04/01/23 (c) | 410,099 | ||||||
265,000 | 5.25%, 04/01/23 (c) | 291,066 | ||||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
50,000 | 5.00%, 02/01/27 (c) | 61,595 | ||||||
50,000 | 5.00%, 02/01/27 | 61,741 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
610,000 | 5.00%, 06/30/27 | 755,769 | ||||||
220,000 | 5.00%, 06/30/28 | 278,615 | ||||||
2,210,000 | California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB) 4.00%, 07/15/29 | 2,548,342 | ||||||
1,000,000 | California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * | 650,000 | ||||||
400,000 | California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) 3.38%, 07/01/25 | 447,442 | ||||||
1,000,000 | California School Finance Authority, Grimmway Schools - Obligated Group, Series A (RB) 4.25%, 07/01/26 (c) | 1,084,234 |
See Notes to Financial Statements
109 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 50,000 | California Statewide Communities Development Authority, California Baptist University, Series A (RB) 3.00%, 11/01/22 | $ | 50,847 | ||||
59,512 | California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 06/01/21 (c) | 56,536 | ||||||
170,269 | California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 06/01/21 (c) | 161,756 | ||||||
200,000 | California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24 | 206,160 | ||||||
350,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c) | 414,049 | ||||||
250,000 | California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 | 265,132 | ||||||
500,000 | California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.63%, 12/01/23 (p) | 529,300 | ||||||
20,000 | City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23 | 20,193 | ||||||
500,000 | City of Oroville Hospital (RB) 5.00%, 04/01/29 (c) | 587,276 | ||||||
1,000,000 | Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c) | 1,073,995 | ||||||
250,000 | County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27 | 309,767 | ||||||
115,000 | County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28 | 147,565 | ||||||
580,000 | El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c) | 610,362 | ||||||
145,000 | Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 153,570 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
110,000 | 5.00%, 06/01/23 | 120,373 | ||||||
110,000 | 5.00%, 06/01/25 | 129,101 | ||||||
250,000 | 5.00%, 06/01/26 | 301,840 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 110,000 | Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 | $ | 135,820 | ||||
230,000 | Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24 | 263,024 | ||||||
265,000 | Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30 | 355,875 | ||||||
165,000 | Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c) | 175,816 | ||||||
290,000 | MSR Energy Authority, Series A (RB) 6.13%, 11/01/29 | 370,868 | ||||||
1,250,000 | Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p) | 1,386,161 | ||||||
380,000 | Oakland Unified School District (GO) 5.00%, 08/01/26 | 463,645 | ||||||
Palomar Health (RB) | ||||||||
250,000 | 5.00%, 11/01/25 | 291,099 | ||||||
90,000 | 5.00%, 11/01/26 (c) | 106,697 | ||||||
250,000 | Port of Oakland (RB) 5.00%, 11/01/23 | 277,445 | ||||||
110,000 | Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 | 126,975 | ||||||
110,000 | Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23 | 123,037 | ||||||
San Francisco Community College District (GO) | ||||||||
85,000 | 5.00%, 06/15/22 | 89,636 | ||||||
1,000,000 | 5.00%, 06/15/25 | 1,185,014 | ||||||
205,000 | 5.00%, 06/15/25 (c) | 243,112 | ||||||
120,000 | San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c) | 127,067 | ||||||
370,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) * | 251,600 | ||||||
100,000 | Westlands Water District, Series A (RB) (AGM) 5.00%, 09/01/22 (c) | 106,376 | ||||||
19,952,933 | ||||||||
Colorado: 2.3% | ||||||||
500,000 | Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c) | 540,194 | ||||||
1,000,000 | Aurora Adams County, Transport Metropolitan District No. 3, Series A (GO) 4.13%, 03/01/26 (c) | 1,086,567 | ||||||
295,000 | City and County of Denver, Airport System, Series A (RB) 5.00%, 12/01/28 (c) | 374,243 |
See Notes to Financial Statements
110 |
Principal Amount | Value | |||||||
Colorado: (continued) | ||||||||
$ | 400,000 | City and County of Denver, Airport System, Series D (RB) 5.00%, 11/15/22 (p) | $ | 428,815 | ||||
100,000 | Colorado Public Authority, Natural Gas Purchase (RB) 6.13%, 11/15/23 | 108,587 | ||||||
Denver Convention Center Hotel Authority (RB) | ||||||||
120,000 | 5.00%, 12/01/22 | 127,929 | ||||||
600,000 | 5.00%, 12/01/26 (c) | 717,880 | ||||||
1,345,000 | Dominion Water and Sanitation District (RB) 5.25%, 12/01/21 (c) | 1,404,130 | ||||||
645,000 | Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c) | 662,140 | ||||||
500,000 | Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c) | 541,017 | ||||||
140,000 | Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 | 175,961 | ||||||
200,000 | Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27 | 215,522 | ||||||
500,000 | STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c) | 541,565 | ||||||
6,924,550 | ||||||||
Connecticut: 1.3% | ||||||||
405,000 | City of Hartford, Series A (GO) 5.00%, 04/01/23 (c) | 440,775 | ||||||
250,000 | Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) 5.50%, 02/01/23 | 258,233 | ||||||
120,000 | State of Connecticut, Health & Educational Facilities Authority, Series F (RB) 4.00%, 07/01/26 (c) | 129,079 | ||||||
250,000 | State of Connecticut, Series B (GO) 5.00%, 04/15/28 | 321,028 | ||||||
100,000 | State of Connecticut, Series D (GO) 5.00%, 11/01/21 (c) | 102,358 | ||||||
305,000 | State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 01/01/23 (c) | 328,673 | ||||||
State of Connecticut, Special Tax Obligation, Series B (RB) | ||||||||
900,000 | 5.00%, 08/01/24 | 1,037,328 | ||||||
250,000 | 5.00%, 09/01/26 (c) | 306,469 | ||||||
500,000 | Town of Hamden (RB) 5.00%, 01/01/26 (c) | 548,137 | ||||||
380,000 | University of Connecticut, Series A (RB) 5.00%, 03/15/25 | 445,581 | ||||||
3,917,661 |
Principal Amount | Value | |||||||
Delaware: 0.2% | ||||||||
$ | 500,000 | Delaware Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | $ | 502,663 | ||||
District of Columbia: 0.6% | ||||||||
1,250,000 | District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.13%, 07/01/24 (c) | 1,307,110 | ||||||
500,000 | District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) 4.00%, 06/01/30 | 562,940 | ||||||
1,870,050 | ||||||||
Florida: 5.8% | ||||||||
500,000 | Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) 5.00%, 10/01/30 | 620,784 | ||||||
500,000 | Capital Trust Agency, Educational Growth Fund, LLC Chapter School Portfolio Project, Series A (RB) 3.38%, 07/01/31 | 519,664 | ||||||
500,000 | Capital Trust Agency, Senior Living Facilities, Elim Senior Housing, Inc. (RB) 5.00%, 08/01/24 (c) | 480,774 | ||||||
500,000 | City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 | 620,398 | ||||||
500,000 | Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c) | 642,491 | ||||||
470,000 | Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 4.00%, 09/15/27 (c) | 508,353 | ||||||
250,000 | Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.13%, 06/15/27 | 260,774 | ||||||
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
2,015,000 | 6.25%, 06/01/21 (c) (p) | 2,023,547 | ||||||
2,730,000 | 6.38%, 06/01/21 (c) (p) | 2,737,628 | ||||||
4,750,000 | 6.50%, 06/01/21 (c) (p) | 4,755,931 | ||||||
500,000 | Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 05/01/22 (c) | 539,009 | ||||||
110,000 | JEA Electric System, Series Three B (RB) 5.00%, 10/01/27 (c) | 137,947 | ||||||
315,000 | Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c) | 318,456 |
See Notes to Financial Statements
111 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Florida: (continued) | ||||||||
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
$ | 250,000 | 5.00%, 10/01/23 | $ | 276,258 | ||||
250,000 | 5.00%, 10/01/24 | 286,145 | ||||||
125,000 | Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24 | 131,063 | ||||||
500,000 | Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 | 561,327 | ||||||
120,000 | School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c) | 142,266 | ||||||
250,000 | School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25 | 296,612 | ||||||
415,000 | Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.00%, 11/15/26 (c) | 423,368 | ||||||
490,000 | Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 | 539,022 | ||||||
Village Community Development District No. 13 (SA) | ||||||||
500,000 | 2.63%, 05/01/24 | 509,818 | ||||||
250,000 | 3.00%, 05/01/29 | 266,517 | ||||||
17,598,152 | ||||||||
Georgia: 1.3% | ||||||||
250,000 | Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23 | 168,598 | ||||||
Burke County Development Authority (RB) | ||||||||
250,000 | 2.25%, 05/25/23 (p) | 259,498 | ||||||
250,000 | 2.93%, 03/12/24 (p) | 267,334 | ||||||
1,000,000 | Burke County Development Authority, Series E (RB) 3.25%, 02/03/25 (p) | 1,090,580 | ||||||
250,000 | Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) | 248,158 | ||||||
380,000 | Georgia Local Government (CP) (NATL) 4.75%, 06/01/28 | 427,644 | ||||||
Georgia State Road and Tollway Authority, Highway Grant Anticipation (RB) | ||||||||
300,000 | 5.00%, 06/01/25 | 355,715 | ||||||
250,000 | 5.00%, 06/01/28 | 322,183 | ||||||
Main Street Natural Gas, Inc., Series A-1 (RB) | ||||||||
130,000 | 5.50%, 09/15/23 | 145,559 | ||||||
135,000 | 5.50%, 09/15/25 | 162,330 |
Principal Amount | Value | |||||||
Georgia: (continued) | ||||||||
$ | 250,000 | Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 | $ | 274,914 | ||||
250,000 | White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c) | 264,776 | ||||||
3,987,289 | ||||||||
Guam: 1.0% | ||||||||
250,000 | Guam Government Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28 | 310,235 | ||||||
Guam Government, Business Privilege Tax, Series A (RB) | ||||||||
300,000 | 5.00%, 01/01/22 (c) | 308,282 | ||||||
110,000 | 5.00%, 01/01/22 (c) | 113,046 | ||||||
360,000 | Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c) | 413,857 | ||||||
250,000 | Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) 3.63%, 02/01/25 | 260,065 | ||||||
1,000,000 | Guam Government, Series A (RB) 5.00%, 12/01/24 | 1,136,339 | ||||||
500,000 | Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c) | 555,662 | ||||||
3,097,486 | ||||||||
Hawaii: 0.1% | ||||||||
295,000 | State of Hawaii Department of Transportation, United Airlines Inc. (RB) 5.63%, 06/01/21 (c) | 296,061 | ||||||
Illinois: 17.2% | ||||||||
Chicago Board of Education, Series A (GO) | ||||||||
250,000 | 0.00%, 12/01/22 ^ | 246,872 | ||||||
310,000 | 0.00%, 12/01/24 ^ | 297,336 | ||||||
310,000 | 0.00%, 12/01/26 ^ | 283,873 | ||||||
795,000 | 0.00%, 12/01/28 ^ | 683,856 | ||||||
500,000 | 4.00%, 12/01/22 | 525,295 | ||||||
200,000 | 5.00%, 12/01/28 (c) | 251,096 | ||||||
250,000 | 5.00%, 12/01/28 (c) | 306,315 | ||||||
900,000 | 5.00%, 12/01/30 (c) | 1,123,442 | ||||||
230,000 | 5.50%, 12/01/26 | 283,099 | ||||||
200,000 | 7.00%, 12/01/25 (c) | 250,736 | ||||||
Chicago Board of Education, Series B (GO) | ||||||||
1,000,000 | 5.00%, 12/01/29 (c) | 1,240,404 | ||||||
1,500,000 | 5.00%, 12/01/30 (c) | 1,879,695 | ||||||
2,000,000 | 5.00%, 12/01/30 | 2,521,056 | ||||||
350,000 | Chicago Board of Education, Series B-1 (GO) 0.00%, 12/01/23 ^ | 341,438 |
See Notes to Financial Statements
112 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 500,000 | Chicago Board of Education, Series C (GO) 5.00%, 12/01/27 | $ | 603,837 | ||||
260,000 | Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c) | 291,070 | ||||||
Chicago O’Hare International Airport, Series B (RB) | ||||||||
300,000 | 4.00%, 01/01/22 (c) | 306,129 | ||||||
190,000 | 5.00%, 01/01/25 (c) | 220,201 | ||||||
105,000 | 5.00%, 01/01/25 (c) | 122,313 | ||||||
575,000 | Chicago School Reform Board of Trustees, Series A (GO) 0.00%, 12/01/29 ^ | 477,878 | ||||||
Chicago School Reform Board of Trustees, Series B-1 (GO) | ||||||||
515,000 | 0.00%, 12/01/24 ^ | 493,961 | ||||||
560,000 | 0.00%, 12/01/25 ^ | 525,703 | ||||||
490,000 | 0.00%, 12/01/26 ^ | 448,703 | ||||||
1,515,000 | 0.00%, 12/01/28 ^ | 1,303,197 | ||||||
585,000 | 0.00%, 12/01/29 ^ | 486,189 | ||||||
190,000 | 0.00%, 12/01/30 ^ | 152,521 | ||||||
200,000 | Chicago Transit Authority (RB) 5.25%, 12/01/21 (c) | 205,943 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
115,000 | 5.00%, 06/01/24 | 130,701 | ||||||
1,000,000 | 5.00%, 06/01/25 | 1,175,066 | ||||||
100,000 | City of Chicago, Motor Fuel Tax (RB) (AGM) 5.00%, 01/01/24 (c) | 108,026 | ||||||
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
280,000 | 5.00%, 01/01/25 | 319,679 | ||||||
350,000 | 5.25%, 01/01/25 (c) | 395,492 | ||||||
City of Chicago, Series A (GO) | ||||||||
715,000 | 5.00%, 01/01/24 (c) | 783,499 | ||||||
500,000 | 5.00%, 01/01/30 | 627,107 | ||||||
270,000 | 5.25%, 01/01/24 (c) | 296,672 | ||||||
180,000 | 5.25%, 01/01/24 (c) | 197,133 | ||||||
City of Chicago, Series C (GO) | ||||||||
300,000 | 5.00%, 01/01/22 (c) | 307,633 | ||||||
455,000 | 5.00%, 01/01/23 | 486,131 | ||||||
400,000 | 5.00%, 01/01/24 | 442,973 | ||||||
1,090,000 | 5.00%, 01/01/25 | 1,244,463 | ||||||
City of Chicago, Water Revenue, Second Lien (RB) | ||||||||
100,000 | 5.00%, 11/01/22 (c) | 106,327 | ||||||
150,000 | 5.00%, 11/01/24 (c) | 171,386 | ||||||
100,000 | 5.00%, 11/01/24 (c) | 113,573 | ||||||
270,000 | 5.00%, 11/01/24 (c) | 307,273 | ||||||
100,000 | City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) 5.00%, 11/01/26 (c) | 122,267 | ||||||
240,000 | Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) | 264,359 | ||||||
500,000 | Cook County, Series A (GO) 5.25%, 11/15/21 (c) | 513,491 |
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 1,190,000 | Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 | $ | 866,476 | ||||
250,000 | Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) 5.00%, 11/01/26 (c) | 289,554 | ||||||
2,700,000 | Illinois Finance Authority, Navistar International Corp. Project (RB) 4.75%, 08/01/30 (p) | 2,863,155 | ||||||
100,000 | Illinois Finance Authority, Roosevelt University (RB) 5.40%, 06/01/21 (c) | 100,231 | ||||||
250,000 | Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c) | 245,557 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) | ||||||||
260,000 | 0.00%, 06/15/26 ^ | 236,056 | ||||||
395,000 | 5.00%, 06/15/28 | 476,982 | ||||||
545,000 | 5.00%, 06/15/29 | 664,822 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
215,000 | 0.00%, 12/15/22 ^ | 212,035 | ||||||
130,000 | 0.00%, 12/15/24 ^ | 124,521 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
115,000 | 0.00%, 06/15/28 ^ | 101,021 | ||||||
110,000 | 5.00%, 06/15/22 (c) | 115,226 | ||||||
970,000 | 5.00%, 06/15/22 (c) | 1,011,313 | ||||||
35,000 | 5.00%, 12/15/22 | 37,311 | ||||||
500,000 | 5.00%, 12/15/27 (c) | 608,550 | ||||||
330,000 | Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c) | 405,311 | ||||||
State of Illinois (GO) | ||||||||
620,000 | 3.50%, 06/01/26 (c) | 668,202 | ||||||
100,000 | 3.75%, 06/15/21 (c) | 100,288 | ||||||
290,000 | 4.00%, 03/01/22 (c) | 297,738 | ||||||
185,000 | 4.00%, 08/01/22 (c) | 192,533 | ||||||
430,000 | 4.00%, 06/15/26 (c) | 484,124 | ||||||
300,000 | 4.13%, 03/01/22 (c) | 308,262 | ||||||
100,000 | 4.13%, 11/01/26 (c) | 111,836 | ||||||
445,000 | 5.00%, 01/01/22 (c) | 457,926 | ||||||
655,000 | 5.00%, 05/01/22 | 684,823 | ||||||
180,000 | 5.00%, 06/15/22 | 187,927 | ||||||
750,000 | 5.00%, 08/01/22 | 792,394 | ||||||
195,000 | 5.00%, 08/01/22 | 206,217 | ||||||
920,000 | 5.00%, 08/01/22 (c) | 970,583 | ||||||
285,000 | 5.00%, 06/15/23 (c) | 309,661 | ||||||
525,000 | 5.00%, 06/15/23 | 567,096 | ||||||
190,000 | 5.00%, 06/15/23 (c) | 206,902 | ||||||
700,000 | 5.00%, 08/01/23 | 769,299 | ||||||
150,000 | 5.00%, 02/01/24 (c) | 167,266 | ||||||
500,000 | 5.00%, 02/01/24 | 559,059 | ||||||
120,000 | 5.00%, 02/01/24 | 134,174 | ||||||
100,000 | 5.00%, 05/01/24 (c) | 111,778 |
See Notes to Financial Statements
113 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 705,000 | 5.00%, 11/01/24 | $ | 802,571 | ||||
1,315,000 | 5.00%, 12/01/25 | 1,554,106 | ||||||
200,000 | 5.00%, 01/01/26 | 236,720 | ||||||
515,000 | 5.00%, 02/01/26 | 610,702 | ||||||
100,000 | 5.00%, 06/01/26 | 119,429 | ||||||
455,000 | 5.00%, 06/01/26 (c) | 540,494 | ||||||
500,000 | 5.00%, 02/01/27 | 604,408 | ||||||
275,000 | 5.25%, 07/01/23 (c) | 299,275 | ||||||
60,000 | 5.50%, 07/01/23 (c) | 66,065 | ||||||
500,000 | 5.50%, 07/01/23 (c) | 551,316 | ||||||
270,000 | 5.50%, 07/01/23 (c) | 297,834 | ||||||
600,000 | State of Illinois (GO) 5.00%, 02/01/27 (c) | 713,459 | ||||||
State of Illinois, Series A (GO) | ||||||||
100,000 | 4.00%, 01/01/22 (c) | 102,143 | ||||||
100,000 | 4.00%, 01/01/22 (c) | 102,104 | ||||||
50,000 | 4.00%, 01/01/22 (c) | 51,155 | ||||||
170,000 | 4.00%, 01/01/22 (c) | 173,757 | ||||||
500,000 | 5.00%, 03/01/29 | 624,973 | ||||||
500,000 | 5.00%, 03/01/30 | 634,374 | ||||||
State of Illinois, Series B (GO) | ||||||||
500,000 | 4.00%, 10/01/30 (c) | 585,401 | ||||||
600,000 | 5.00%, 09/01/27 | 733,265 | ||||||
315,000 | State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 375,433 | ||||||
State of Illinois, Series D (GO) | ||||||||
165,000 | 3.25%, 11/01/26 | 181,632 | ||||||
500,000 | 5.00%, 11/01/25 | 583,079 | ||||||
1,005,000 | 5.00%, 11/01/26 | 1,199,119 | ||||||
130,000 | 5.00%, 11/01/27 | 157,686 | ||||||
110,000 | 5.00%, 11/01/27 (c) | 132,222 | ||||||
52,664,340 | ||||||||
Indiana: 1.1% | ||||||||
290,000 | City of Anderson, Anderson University (RB) 4.75%, 10/01/22 (c) | 292,690 | ||||||
1,000,000 | Indiana Finance Authority, Environmental Improvement, Series A (RB) 4.13%, 12/01/26 | 1,088,951 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
1,000,000 | 3.00%, 11/01/30 | 1,050,457 | ||||||
1,000,000 | 3.00%, 11/01/30 | 1,050,457 | ||||||
3,482,555 | ||||||||
Iowa: 0.8% | ||||||||
270,000 | City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | 263,610 | ||||||
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
330,000 | 3.13%, 05/21/21 (c) | 336,654 | ||||||
500,000 | 5.25%, 12/01/23 (c) | 548,113 | ||||||
400,000 | Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c) | 440,263 | ||||||
880,000 | Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25 | 909,322 | ||||||
2,497,962 |
Principal Amount | Value | |||||||
Kansas: 0.2% | ||||||||
$ | 400,000 | City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c) | $ | 404,336 | ||||
295,000 | Kansas Development Finance Authority, Village Shalom Project, Series B (RB) 4.00%, 11/15/25 | 300,137 | ||||||
704,473 | ||||||||
Kentucky: 0.7% | ||||||||
140,000 | Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26 | 170,897 | ||||||
325,000 | Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/26 (c) | 396,876 | ||||||
Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | ||||||||
600,000 | 5.00%, 09/01/23 | 665,380 | ||||||
250,000 | 5.25%, 09/01/23 | 278,627 | ||||||
250,000 | 5.25%, 09/01/23 (c) | 278,379 | ||||||
100,000 | Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26 | 106,341 | ||||||
175,000 | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/25 (c) | 207,486 | ||||||
140,000 | Kentucky State Property and Building Commission No. 108, Series A (RB) 5.00%, 08/01/25 (c) | 164,755 | ||||||
2,268,741 | ||||||||
Louisiana: 2.0% | ||||||||
Calcasieu Parish Memorial Hospital Service District (RB) | ||||||||
1,025,000 | 5.00%, 12/01/27 | 1,154,845 | ||||||
150,000 | 5.00%, 12/01/29 | 171,079 | ||||||
1,000,000 | City of Alexandre Utilities, Series A (RB) 5.00%, 05/01/23 (c) | 1,097,048 | ||||||
20,000 | City of New Orleans, Sewerage Service (RB) 5.00%, 06/01/22 | 20,988 | ||||||
305,000 | City of New Orleans, Water System (RB) 5.00%, 12/01/25 (c) | 365,623 | ||||||
525,000 | City of Shreveport, Water & Sewer Revenue, Series C (RB) 5.00%, 12/01/26 | 647,392 | ||||||
600,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 5.50%, 11/15/25 | 645,651 | ||||||
329,665 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) * | 3 |
See Notes to Financial Statements
114 |
Principal Amount | Value | |||||||
Louisiana: (continued) | ||||||||
$ | 521,317 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) * | $ | 5 | ||||
275,000 | Louisiana State Citizens Property Insurance Corp. (RB) (AGM) 5.00%, 06/01/22 | 289,474 | ||||||
910,000 | Parish of St. Charles, Gulf Opportunity Zone, Valero Project (RB) 4.00%, 06/01/22 (p) | 945,079 | ||||||
500,000 | Parish of St. James, NuStar Logistics, L.P. Project (RB) 6.10%, 06/01/30 (p) | 636,006 | ||||||
5,973,193 | ||||||||
Maryland: 1.5% | ||||||||
200,000 | City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 | 215,378 | ||||||
150,000 | City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26 | 163,933 | ||||||
200,000 | County of Howard, Series A (TA) 4.00%, 02/15/26 (c) | 213,843 | ||||||
350,000 | Frederick County, Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 | 388,314 | ||||||
695,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 06/01/21 (c) | 702,194 | ||||||
245,000 | Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c) | 265,366 | ||||||
500,000 | Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30 | 550,236 | ||||||
1,500,000 | Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c) | 1,537,726 | ||||||
425,000 | Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 | 509,186 | ||||||
4,546,176 | ||||||||
Massachusetts: 0.7% | ||||||||
490,000 | Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | 554,232 | ||||||
310,000 | Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c) | 375,568 | ||||||
130,000 | Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 07/01/22 (c) | 137,294 | ||||||
250,000 | Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/22 (c) | 272,298 |
Principal Amount | Value | |||||||
Massachusetts: (continued) | ||||||||
$ | 335,000 | Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | $ | 414,260 | ||||
100,000 | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c) | 119,863 | ||||||
275,000 | Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c) | 310,644 | ||||||
2,184,159 | ||||||||
Michigan: 0.8% | ||||||||
500,000 | City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c) | 620,463 | ||||||
250,000 | Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c) | 264,042 | ||||||
500,000 | Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c) | 612,049 | ||||||
580,000 | Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) 5.00%, 07/01/24 (c) | 634,482 | ||||||
155,000 | Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c) | 195,519 | ||||||
2,326,555 | ||||||||
Minnesota: 0.7% | ||||||||
100,000 | City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 103,787 | ||||||
660,000 | City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.13%, 07/01/25 | 650,381 | ||||||
350,000 | City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c) | 378,138 | ||||||
640,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25 | 746,290 | ||||||
250,000 | Rice County, Educational Facilities, Shattuck-St. Mary’s School Project (RB) 5.00%, 08/01/22 | 256,260 | ||||||
120,000 | Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26 | 134,008 | ||||||
2,268,864 | ||||||||
Missouri: 1.2% | ||||||||
170,000 | City of St. Ann, Northwest Plaza Redevelopment, Series A (TA) 4.00%, 11/01/26 | 172,226 | ||||||
220,000 | Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c) | 221,640 |
See Notes to Financial Statements
115 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Missouri: (continued) | ||||||||
$ | 2,000,000 | Kansas City, Land Clearance Redevelopment Authority Project, Convention Center Hotel Project, Series B (AMBAC) (TA) 4.38%, 02/01/28 (c) | $ | 2,151,460 | ||||
430,000 | Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) 4.38%, 03/15/28 (c) | 412,280 | ||||||
500,000 | St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c) | 576,055 | ||||||
3,533,661 | ||||||||
Montana: 0.1% | ||||||||
220,000 | City of Forsyth, Rosebud County, Montana Pollution Control (RB) 2.00%, 08/01/23 | 225,670 | ||||||
Nebraska: 0.1% | ||||||||
Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
100,000 | 5.00%, 09/01/28 | 125,481 | ||||||
125,000 | 5.00%, 09/01/30 | 161,040 | ||||||
100,000 | Nebraska Public Power District (RB) 5.00%, 01/01/22 | 103,136 | ||||||
389,657 | ||||||||
Nevada: 1.3% | ||||||||
405,000 | City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/21 (c) | 379,243 | ||||||
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) | ||||||||
450,000 | 2.50%, 06/15/24 | 455,260 | ||||||
1,000,000 | 2.75%, 06/15/28 | 1,030,160 | ||||||
Clark County School District, Series B (GO) (AGM) | ||||||||
250,000 | 5.00%, 06/15/29 (c) | 325,779 | ||||||
250,000 | 5.00%, 06/15/29 | 327,173 | ||||||
115,000 | Clark County School District, Series C (GO) 5.00%, 12/15/25 (c) | 135,914 | ||||||
100,000 | County of Clark, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c) | 114,630 | ||||||
500,000 | State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 | 506,176 | ||||||
500,000 | State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c) | 552,961 | ||||||
3,827,296 | ||||||||
New Hampshire: 0.2% | ||||||||
250,000 | National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c) | 261,262 |
Principal Amount | Value | |||||||
New Hampshire: (continued) | ||||||||
$ | 290,000 | New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) * | $ | 217,500 | ||||
478,762 | ||||||||
New Jersey: 9.9% | ||||||||
240,000 | Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM) 0.00%, 11/01/22 ^ | 237,908 | ||||||
575,000 | Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 603,109 | ||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
345,000 | 4.25%, 06/15/22 (c) | 354,686 | ||||||
165,000 | 5.00%, 06/15/22 | 172,679 | ||||||
150,000 | 5.00%, 06/15/22 (c) | 156,857 | ||||||
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
175,000 | 5.13%, 08/20/22 (c) | 185,667 | ||||||
2,000,000 | 5.25%, 08/20/22 (c) | 2,122,949 | ||||||
300,000 | 5.75%, 09/15/22 (c) | 312,099 | ||||||
55,000 | New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24 | 55,717 | ||||||
260,000 | New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) 4.00%, 07/01/27 (c) | 292,871 | ||||||
210,000 | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27 | 248,924 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
500,000 | 4.00%, 11/01/25 | 573,369 | ||||||
115,000 | 5.00%, 11/01/25 | 136,954 | ||||||
110,000 | New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 140,288 | ||||||
115,000 | New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | 142,862 | ||||||
100,000 | New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) | 122,793 | ||||||
225,000 | New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 03/01/22 (c) | 233,730 | ||||||
145,000 | New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB) 5.50%, 09/01/23 | 162,578 |
See Notes to Financial Statements
116 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
$ | 655,000 | 5.00%, 03/01/23 (c) | $ | 705,534 | ||||
565,000 | 5.00%, 03/01/23 (c) | 611,955 | ||||||
640,000 | 5.00%, 03/01/23 (c) | 690,876 | ||||||
300,000 | 5.00%, 03/01/23 (c) | 325,632 | ||||||
200,000 | 5.00%, 03/01/23 (c) | 216,971 | ||||||
500,000 | 5.00%, 03/01/23 (c) | 542,260 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
325,000 | 5.00%, 06/15/24 (c) | 366,340 | ||||||
340,000 | 5.00%, 06/15/24 (c) | 386,921 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
440,000 | 4.25%, 06/15/25 (c) | 502,735 | ||||||
130,000 | 4.38%, 06/15/25 (c) | 148,286 | ||||||
345,000 | 5.00%, 06/15/25 (c) | 404,658 | ||||||
750,000 | New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c) | 896,422 | ||||||
175,000 | New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB) 4.13%, 07/01/25 (c) | 176,290 | ||||||
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
145,000 | 5.00%, 06/15/24 (c) | 165,011 | ||||||
175,000 | 5.00%, 06/15/24 (c) | 199,372 | ||||||
315,000 | New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24 | 363,042 | ||||||
500,000 | New Jersey State Turnpike Authority, Series A (RB) (AGM) | |||||||
5.25%, 01/01/26 | 608,047 | |||||||
New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
120,000 | 0.00%, 12/15/25 ^ | 114,126 | ||||||
360,000 | 0.00%, 12/15/26 ^ | 334,172 | ||||||
330,000 | 5.00%, 06/15/21 (c) | 331,780 | ||||||
500,000 | 5.00%, 12/15/24 | 580,287 | ||||||
500,000 | 5.00%, 12/15/25 | 597,670 | ||||||
500,000 | 5.00%, 06/15/26 (c) | 591,718 | ||||||
1,050,000 | 5.00%, 12/15/26 | 1,287,757 | ||||||
170,000 | 5.50%, 12/15/22 | 184,365 | ||||||
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
110,000 | 5.00%, 06/15/26 (c) | 131,243 | ||||||
845,000 | 5.00%, 06/15/26 (c) | 1,019,955 | ||||||
New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
535,000 | 4.00%, 06/15/22 (c) | 554,289 | ||||||
605,000 | 5.00%, 06/15/22 (c) | 634,511 | ||||||
200,000 | 5.00%, 06/15/22 | 210,560 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 205,000 | 5.00%, 06/15/22 (c) | $ | 215,700 | ||||
285,000 | 5.00%, 06/15/23 (c) | 312,670 | ||||||
275,000 | 5.00%, 06/15/25 (c) | 322,554 | ||||||
500,000 | 5.00%, 12/15/28 (c) | 627,774 | ||||||
100,000 | 5.25%, 06/15/25 (c) | 117,841 | ||||||
365,000 | 5.25%, 06/15/25 (c) | 426,098 | ||||||
100,000 | New Jersey Transportation Trust Fund Authority, Series B (RB) 5.25%, 06/15/21 (c) | 100,568 | ||||||
1,500,000 | New Jersey Transportation Trust Fund Authority, Series BB-1 (RB) 5.00%, 12/15/28 (c) | 1,883,321 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM) | ||||||||
290,000 | 0.00%, 12/15/29 ^ | 252,931 | ||||||
805,000 | 0.00%, 12/15/30 ^ | 673,698 | ||||||
New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
480,000 | 5.00%, 12/15/23 | 538,038 | ||||||
355,000 | 5.00%, 12/15/24 (c) | 406,588 | ||||||
130,000 | 5.25%, 12/15/23 | 146,564 | ||||||
120,000 | Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) 5.00%, 01/01/32 | 144,248 | ||||||
65,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 68,738 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
2,000,000 | 2.00%, 12/01/29 (c) | 2,079,524 | ||||||
80,000 | 3.00%, 06/01/26 | 89,145 | ||||||
110,000 | 4.00%, 06/01/23 (c) | 117,571 | ||||||
100,000 | 5.00%, 06/01/27 | 124,734 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
500,000 | 5.00%, 06/01/23 | 547,697 | ||||||
500,000 | 5.00%, 06/01/28 (c) | 625,040 | ||||||
150,000 | 5.00%, 06/01/28 (c) | 189,045 | ||||||
30,148,912 | ||||||||
New York: 8.5% | ||||||||
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
1,600,000 | 5.00%, 07/15/23 | 1,751,949 | ||||||
1,750,000 | 5.00%, 07/15/24 | 1,985,702 | ||||||
100,000 | 5.00%, 07/15/26 | 120,714 | ||||||
1,800,000 | 5.00%, 01/15/27 (c) | 2,155,797 | ||||||
100,000 | 5.00%, 01/15/27 (c) | 121,171 | ||||||
100,000 | 5.00%, 01/15/27 (c) | 121,911 | ||||||
740,000 | Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28 | 815,015 | ||||||
1,000,000 | Huntington Local Development Corp., Gurwin Independent Housing, Inc., Series B (RB) 4.00%, 07/01/27 | 1,020,770 | ||||||
250,000 | Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c) | 296,279 |
See Notes to Financial Statements
117 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 250,000 | Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c) | $ | 312,348 | ||||
500,000 | Metropolitan Transportation Authority, Series D (RB) 5.00%, 11/15/26 (c) | 599,159 | ||||||
Metropolitan Transportation Authority, Series D-1 (RB) | ||||||||
250,000 | 5.00%, 11/15/25 (c) | 292,250 | ||||||
250,000 | 5.00%, 11/15/25 (c) | 294,330 | ||||||
500,000 | Monroe County Industrial Development Agency, Rochester Regional Health Project, Series A (RB) 5.00%, 12/01/30 (c) | 648,578 | ||||||
105,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22 | 111,214 | ||||||
250,000 | New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/24 | 283,883 | ||||||
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
2,000,000 | 5.00%, 08/01/21 (c) | 2,020,419 | ||||||
760,000 | 5.00%, 08/01/21 (c) | 768,030 | ||||||
1,000,000 | 5.25%, 08/01/30 (c) | 1,251,447 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
2,000,000 | 4.00%, 10/01/30 | 2,368,585 | ||||||
780,000 | 5.00%, 01/01/28 (c) | 959,043 | ||||||
160,000 | 5.00%, 01/01/28 (c) | 196,368 | ||||||
500,000 | Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c) | 520,718 | ||||||
500,000 | Port Authority of New York and New Jersey, Consolidated Bonds (RB) 5.00%, 10/15/25 (c) | 598,295 | ||||||
25,000 | Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/21 (c) | 25,187 | ||||||
1,000,000 | Suffolk Tobacco Asset Securitization Corp., Series B (RB) 5.38%, 06/01/21 (c) | 1,001,126 | ||||||
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
1,130,000 | 5.00%, 01/01/26 (c) | 1,149,638 | ||||||
750,000 | 5.00%, 01/01/26 (c) | 765,873 | ||||||
665,000 | Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c) | 736,756 | ||||||
Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
120,000 | 4.00%, 05/15/23 (c) | 121,065 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 100,000 | 4.13%, 05/15/23 (c) | $ | 101,078 | ||||
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
1,500,000 | 5.00%, 06/01/23 | 1,542,493 | ||||||
70,000 | 5.00%, 06/01/27 | 87,280 | ||||||
70,000 | 5.00%, 06/01/27 (c) | 86,649 | ||||||
445,000 | Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | |||||||
4.00%, 09/15/24 (c) | 435,908 | |||||||
200,000 | Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) | |||||||
4.00%, 10/15/29 | 219,839 | |||||||
25,886,867 | ||||||||
North Carolina: 0.8% | ||||||||
125,000 | North Carolina Eastern Municipal Power Agency, Series B (RB) 6.00%, 01/01/25 | 150,092 | ||||||
265,000 | North Carolina Medical Care Commission, Retirement Facilities (RB) 5.13%, 07/01/23 | 271,390 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
750,000 | 5.00%, 02/01/24 | 845,340 | ||||||
350,000 | 5.00%, 01/01/25 | 407,294 | ||||||
500,000 | 5.00%, 01/01/29 (c) | 637,417 | ||||||
2,311,533 | ||||||||
North Dakota: 0.3% | ||||||||
1,000,000 | Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB) 5.75%, 09/15/26 (c) | 954,879 | ||||||
Ohio: 2.1% | ||||||||
500,000 | American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 | 645,683 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
250,000 | 5.00%, 02/15/25 | 286,543 | ||||||
50,000 | 5.00%, 02/15/26 | 58,904 | ||||||
110,000 | 5.00%, 02/15/27 (c) | 132,536 | ||||||
250,000 | 5.00%, 02/15/27 | 301,625 | ||||||
50,000 | County of Muskingum, Genesis HealthCare System (RB) 4.00%, 02/15/23 | 52,351 | ||||||
260,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) | 265,902 | ||||||
2,000,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 2,146,338 | ||||||
550,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series D (RB) 2.88%, 02/01/26 | 576,116 |
See Notes to Financial Statements
118 |
Principal Amount | Value | |||||||
Ohio: (continued) | ||||||||
$ | 2,000,000 | Port of Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c) | $ | 2,003,175 | ||||
6,469,173 | ||||||||
Oklahoma: 0.6% | ||||||||
250,000 | Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) 5.00%, 08/15/27 | 304,859 | ||||||
1,500,000 | Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 1,677,037 | ||||||
1,981,896 | ||||||||
Oregon: 0.3% | ||||||||
500,000 | Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) * | 107,500 | ||||||
500,000 | Port of Portland, International Airport Passenger Facility Charge, Series A (RB) 5.00%, 07/01/21 (c) | 503,781 | ||||||
325,000 | Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c) | 352,012 | ||||||
963,293 | ||||||||
Pennsylvania: 5.4% | ||||||||
500,000 | Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) 4.88%, 11/01/24 | 545,419 | ||||||
Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
550,000 | 5.00%, 05/01/22 | 571,179 | ||||||
555,000 | 5.00%, 05/01/23 | 596,905 | ||||||
1,250,000 | 5.00%, 05/01/27 | 1,492,079 | ||||||
250,000 | 5.00%, 05/01/28 | 303,256 | ||||||
1,000,000 | 5.00%, 05/01/28 | 1,201,352 | ||||||
Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
200,000 | 4.00%, 11/01/27 (c) | 204,239 | ||||||
1,000,000 | 5.00%, 11/01/25 | 1,088,857 | ||||||
400,000 | 5.00%, 11/01/26 | 439,269 | ||||||
425,000 | Berks County Municipal Authority, Tower Health Project, Series A (RB) | |||||||
5.00%, 02/01/31 | 473,158 | |||||||
1,500,000 | Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 08/01/26 (c) (p) | 1,549,695 | ||||||
500,000 | Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 08/01/29 (c) (p) | 521,543 | ||||||
80,000 | City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25 | 94,134 |
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
$ | 500,000 | Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23 | $ | 548,100 | ||||
Dauphin County General Authority, The Harrisburg University of Science and Technology Project (RB) | ||||||||
245,000 | 4.00%, 10/15/22 | 248,720 | ||||||
500,000 | 4.25%, 10/15/26 | 525,025 | ||||||
250,000 | 5.00%, 10/15/27 | 271,922 | ||||||
500,000 | 5.00%, 10/15/28 (c) | 527,304 | ||||||
250,000 | Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c) | 267,651 | ||||||
650,000 | Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 4.00%, 07/01/26 (c) | 683,366 | ||||||
1,000,000 | Geisinger Authority Health System, Series C (RB) 5.00%, 10/01/29 (c) (p) | 1,296,598 | ||||||
415,000 | Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB) (AMBAC) 4.00%, 01/15/25 (c) | 453,410 | ||||||
912,969 | Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) 5.25%, 06/01/26 | 547,781 | ||||||
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
125,000 | 5.00%, 12/31/23 | 139,726 | ||||||
130,000 | 5.00%, 06/30/26 | 157,570 | ||||||
100,000 | Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c) | 120,107 | ||||||
550,000 | Philadelphia Authority for Industrial Development, The Pavilion, Series A (RB) 3.00%, 12/01/21 (c) | 380,080 | ||||||
100,000 | Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26 | 121,155 | ||||||
200,000 | State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c) | 243,570 | ||||||
500,000 | Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c) | 520,946 | ||||||
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | ||||||||
115,000 | 5.00%, 07/01/26 | 134,572 | ||||||
275,000 | 5.00%, 07/01/27 (c) | 324,665 | ||||||
16,593,353 |
See Notes to Financial Statements
119 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Puerto Rico: 3.6% | ||||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
$ | 485,000 | 5.25%, 07/01/22 (c) | $ | 513,306 | ||||
780,000 | 6.13%, 07/01/24 | 859,435 | ||||||
185,000 | Puerto Rico Convention Center District Authority, Series A (RB) (CIFG) 5.00%, 06/01/21 (c) | 190,159 | ||||||
250,000 | Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 06/01/21 (c) | 256,972 | ||||||
1,000,000 | Puerto Rico Highway and Transportation Authority, Series CC (RB) (AGM) 5.25%, 07/01/32 | 1,206,702 | ||||||
100,000 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.63%, 06/01/21 (c) | 103,500 | ||||||
200,000 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) 5.00%, 06/01/21 (c) | 200,288 | ||||||
780,000 | Puerto Rico Municipal Finance Agency (RB) (AGM) 5.00%, 06/01/21 (c) | 801,753 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
1,605,013 | 0.00%, 07/01/24 ^ | 1,522,420 | ||||||
2,010,000 | 0.00%, 07/01/27 ^ | 1,793,369 | ||||||
3,751,000 | 0.00%, 07/01/28 (c) ^ | 2,932,106 | ||||||
808,000 | 0.00%, 07/01/28 (c) ^ | 680,679 | ||||||
11,060,689 | ||||||||
Rhode Island: 0.1% | ||||||||
155,000 | Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 | 189,136 | ||||||
115,000 | Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 | 126,047 | ||||||
315,183 | ||||||||
South Carolina: 0.7% | ||||||||
109,791 | Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^ | 55,588 | ||||||
500,000 | South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c) | 556,986 | ||||||
375,000 | South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) | 389,187 | ||||||
220,000 | South Carolina Public Service Authority, Series C (RB) 5.00%, 12/01/24 (c) | 252,674 |
Principal Amount | Value | |||||||
South Carolina: (continued) | ||||||||
$ | 755,000 | South Carolina State Ports Authority (RB) 5.25%, 07/01/25 (c) | $ | 902,401 | ||||
2,156,836 | ||||||||
Tennessee: 0.2% | ||||||||
500,000 | Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) | 446,448 | ||||||
25,000 | Clarksville Natural Gas Acquisition Corp. (RB) 5.00%, 12/15/21 | 25,720 | ||||||
220,000 | Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27 | 219,730 | ||||||
691,898 | ||||||||
Texas: 6.7% | ||||||||
250,000 | Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26 | 283,249 | ||||||
500,000 | Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) 5.00%, 01/01/27 (c) | 506,872 | ||||||
2,000,000 | Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) | 2,377,678 | ||||||
120,000 | Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 138,764 | ||||||
395,000 | City of Austin, Airport System (RB) 5.00%, 11/15/24 (c) | 453,308 | ||||||
180,000 | City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 | 224,373 | ||||||
250,000 | City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c) | 273,389 | ||||||
200,000 | City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c) | 203,161 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
1,000,000 | 4.75%, 07/01/24 | 1,049,838 | ||||||
1,500,000 | 5.00%, 07/15/28 | 1,765,974 | ||||||
Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
95,000 | 4.63%, 08/15/25 | 102,740 | ||||||
200,000 | 5.13%, 08/15/25 (c) | 229,229 | ||||||
1,065,000 | 6.00%, 03/01/24 (c) | 1,166,627 | ||||||
500,000 | Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c) | 584,237 | ||||||
335,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 343,123 |
See Notes to Financial Statements
120 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 315,000 | Harris County, Houston Sports Authority, Junior Lien, Series H (RB) 0.00%, 11/15/29 ^ | $ | 247,766 | ||||
105,000 | Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30 | 128,304 | ||||||
2,000,000 | Matagorda County Navigation District No. 1, Central Power and Light Company Project, Series A (RB) 2.60%, 11/01/29 | 2,151,707 | ||||||
895,000 | Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30 | 1,092,508 | ||||||
300,000 | Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) 5.00%, 02/15/26 (c) | 234,000 | ||||||
600,000 | New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB) 5.00%, 04/01/27 (c) | 747,492 | ||||||
1,000,000 | New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c) | 1,053,015 | ||||||
100,000 | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 4.00%, 08/15/21 (c) | 100,424 | ||||||
250,000 | New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) | 273,077 | ||||||
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
100,000 | 5.00%, 07/01/23 | 86,500 | ||||||
100,000 | 5.00%, 07/01/24 | 86,500 | ||||||
405,000 | North Texas Tollway Authority, First Tier, Series D (RB) 0.00%, 01/01/29 ^ | 365,389 | ||||||
185,000 | North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c) | 221,715 | ||||||
SA Energy Acquisition Public Facility Corp. (RB) | ||||||||
85,000 | 5.50%, 08/01/22 | 90,387 | ||||||
55,000 | 5.50%, 08/01/24 | 63,410 | ||||||
125,000 | 5.50%, 08/01/25 | 148,880 | ||||||
110,000 | 5.50%, 08/01/27 | 137,914 | ||||||
190,000 | Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB) 4.50%, 06/01/21 (c) (d) * | 85,975 | ||||||
230,000 | Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB) 5.00%, 11/15/25 (c) | 227,253 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 225,000 | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c) | $ | 240,365 | ||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB) | ||||||||
500,000 | 6.00%, 05/15/27 (c) | 559,105 | ||||||
250,000 | 6.25%, 11/15/27 (c) | 281,188 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | ||||||||
155,000 | 5.25%, 12/15/22 | 167,284 | ||||||
15,000 | 5.25%, 12/15/23 | 16,870 | ||||||
60,000 | 5.25%, 12/15/24 | 69,947 | ||||||
100,000 | 5.25%, 12/15/25 | 120,265 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
350,000 | 5.00%, 12/15/28 | 443,495 | ||||||
1,015,000 | 5.00%, 12/15/32 | 1,364,626 | ||||||
20,507,923 | ||||||||
Utah: 0.3% | ||||||||
700,000 | Utah Transit Authority Sales Tax, Series A (RB) 5.00%, 06/15/25 (c) | 833,146 | ||||||
Virgin Islands: 1.1% | ||||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
1,000,000 | 5.00%, 10/01/24 (c) | 955,554 | ||||||
300,000 | 5.00%, 10/01/24 | 293,359 | ||||||
500,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB) 5.00%, 06/01/21 (c) | 501,173 | ||||||
215,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB) 5.00%, 06/01/21 (c) | 215,504 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) | ||||||||
140,000 | 5.00%, 06/01/21 (c) | 137,913 | ||||||
25,000 | 5.00%, 06/01/21 (c) | 25,059 | ||||||
515,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 06/01/21 (c) | 513,180 | ||||||
Virgin Islands Water and Power Authority, Series A (RB) | ||||||||
75,000 | 5.00%, 06/01/21 (c) | 73,623 | ||||||
150,000 | 5.00%, 06/01/21 (c) | 148,123 | ||||||
Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
620,000 | 5.00%, 06/01/21 (c) | 598,300 | ||||||
55,000 | 5.00%, 06/01/21 (c) | 53,667 | ||||||
3,515,455 |
See Notes to Financial Statements
121 |
VANECK VECTORS SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Virginia: 1.2% | ||||||||
$ | 140,000 | Amherst Industrial Development Authority, Sweet Briar College (RB) 4.75%, 06/01/21 (c) | $ | 134,611 | ||||
500,000 | Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23 | 556,473 | ||||||
55,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 55,546 | ||||||
325,000 | Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c) | 348,405 | ||||||
500,000 | Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) | 511,357 | ||||||
1,525,000 | Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) | 1,511,057 | ||||||
500,000 | Virginia College Building Authority, Regent University Project (RB) 5.00%, 06/01/21 (c) | 500,870 | ||||||
3,618,319 | ||||||||
Washington: 2.3% | ||||||||
155,000 | King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 | 164,993 | ||||||
1,000,000 | Klickitat County Public Hospital District No. 2 (RB) 4.00%, 12/01/27 | 1,009,978 | ||||||
480,000 | Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 02/01/25 (c) (p) | 558,625 | ||||||
2,000,000 | Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 2,280,255 | ||||||
1,150,000 | Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25 | 1,260,300 | ||||||
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
250,000 | 3.75%, 07/01/26 | 253,491 | ||||||
500,000 | 4.00%, 01/01/25 (c) | 530,497 | ||||||
365,000 | 5.00%, 01/01/25 (c) | 399,721 | ||||||
500,000 | Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB) 2.38%, 07/01/21 (c) | 499,997 | ||||||
6,957,857 | ||||||||
West Virginia: 0.5% | ||||||||
100,000 | Brooke County Commission, Bethany College, Series A (RB) 5.75%, 06/01/21 (c) | 97,079 |
Principal Amount | Value | |||||||
West Virginia: (continued) | ||||||||
$ | 545,000 | County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 3.00%, 06/01/22 (c) | $ | 551,788 | ||||
680,000 | County of Ohio, West Virginia Tax Increment Refunding and Improvement, Highlands Project (TA) 4.75%, 06/01/22 (c) | 694,004 | ||||||
150,000 | West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26 | 181,911 | ||||||
1,524,782 | ||||||||
Wisconsin: 2.5% | ||||||||
1,275,000 | Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31 | 1,425,960 | ||||||
500,000 | Public Finance Authority, Cedars Obligated Group (RB) 4.25%, 05/01/27 (c) | 490,042 | ||||||
1,000,000 | Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c) | 1,113,778 | ||||||
Public Finance Authority, Friends Homes (RB) | ||||||||
205,000 | 4.00%, 09/01/24 | 217,221 | ||||||
500,000 | 4.00%, 09/01/26 (c) | 562,937 | ||||||
175,000 | Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 | 177,736 | ||||||
580,000 | Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c) | 585,709 | ||||||
250,000 | Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c) | 256,430 | ||||||
2,015,000 | Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 | 2,233,250 | ||||||
240,000 | Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22 | 246,912 | ||||||
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) | ||||||||
125,000 | 3.50%, 08/01/22 | 125,595 | ||||||
250,000 | 5.00%, 08/01/24 (c) | 270,101 | ||||||
7,705,671 | ||||||||
Total Municipal Bonds: 98.5% (Cost: $293,226,326) | 301,175,300 | |||||||
Other assets less liabilities: 1.5% | 4,536,888 | |||||||
NET ASSETS: 100.0% | $ | 305,712,188 |
See Notes to Financial Statements
122 |
Definitions: | |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
CIFG | CDC Ixis Financial Guaranty |
CP | Certificate of Participation |
FGIC | Financial Guaranty Insurance Co. |
GO | General Obligation |
NATL | National Public Finance Guarantee Corp. |
RB | Revenue Bond |
SA | Special Assessment |
SAW | State Aid Withholding |
SBG | School Board Guaranteed |
ST | Special Tax |
TA | Tax Allocation |
Footnotes:
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(d) | Security in default |
(p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond |
* | Non-income producing |
Summary of Investments By Sector | % of Investments | Value | ||||||
Education | 7.3 | % | $ | 21,984,067 | ||||
Health Care | 13.0 | 39,320,650 | ||||||
Housing | 0.1 | 380,080 | ||||||
Industrial Revenue | 22.8 | 68,572,817 | ||||||
Leasing | 9.7 | 29,181,218 | ||||||
Local | 9.3 | 28,183,728 | ||||||
Power | 1.8 | 5,435,931 | ||||||
Special Tax | 12.5 | 37,618,591 | ||||||
State | 7.1 | 21,299,172 | ||||||
Tobacco | 1.8 | 5,304,791 | ||||||
Transportation | 12.6 | 37,988,460 | ||||||
Water & Sewer | 2.0 | 5,905,795 | ||||||
100.0 | % | $ | 301,175,300 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Total Municipal Bonds* | $ | — | $ | 301,175,300 | $ | — | $ | 301,175,300 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
123 |
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
MUNICIPAL BONDS: 98.4% | ||||||||
Alabama: 3.0% | ||||||||
$ | 250,000 | Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22 | $ | 266,285 | ||||
125,000 | Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23 | 138,961 | ||||||
Black Belt Energy Gas District, Series A (RB) (SAW) | ||||||||
470,000 | 4.00%, 09/01/23 (c) (p) | 510,237 | ||||||
860,000 | 5.00%, 12/01/23 | 962,087 | ||||||
375,000 | County of Jefferson (RB) 5.00%, 09/15/22 | 399,610 | ||||||
County of Jefferson, Series A (GO) | ||||||||
290,000 | 5.00%, 04/01/24 | 329,063 | ||||||
340,000 | 5.00%, 04/01/25 | 399,704 | ||||||
1,000,000 | Industrial Development Board of the City of Mobile, Alabama Power Co. Barry Plant Project, Series A (RB) 1.00%, 06/26/25 (p) | 1,015,580 | ||||||
1,500,000 | Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 09/01/25 (c) (p) | 1,717,073 | ||||||
250,000 | Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 03/01/24 (c) (p) | 275,316 | ||||||
Tuscaloosa City Board of Education (RB) | ||||||||
1,055,000 | 5.00%, 08/01/26 (c) | 1,302,152 | ||||||
825,000 | 5.00%, 08/01/26 (c) | 1,018,271 | ||||||
450,000 | UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/23 | 499,702 | ||||||
8,834,041 | ||||||||
Alaska: 0.0% | ||||||||
125,000 | Alaska Railroad Corp., Series B (RB) 5.00%, 08/01/23 | 137,473 | ||||||
Arizona: 1.3% | ||||||||
250,000 | City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23 | 275,659 | ||||||
125,000 | City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/23 | 137,973 | ||||||
200,000 | City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) 5.00%, 07/01/24 | 229,738 | ||||||
400,000 | Gilbert Water Resource Municipal Property Corp. (RB) 5.00%, 07/01/25 | 475,988 | ||||||
700,000 | Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26 | 843,944 | ||||||
250,000 | Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24 | 285,471 |
Principal Amount | Value | |||||||
Arizona: (continued) | ||||||||
$ | 310,000 | Pima County (GO) 4.00%, 07/01/23 | $ | 335,497 | ||||
500,000 | Salt River Project Agricultural Improvement and Power District, Series A (RB) 5.00%, 01/01/26 | 604,871 | ||||||
500,000 | State of Arizona (RB) 5.00%, 07/01/23 | 552,120 | ||||||
3,741,261 | ||||||||
California: 13.4% | ||||||||
250,000 | Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c) | 272,728 | ||||||
400,000 | Bay Area Toll Authority, Series B (RB) 2.85%, 10/01/24 (c) (p) | 433,856 | ||||||
475,000 | Bay Area Toll Authority, Series G (RB) 2.00%, 10/01/23 (c) (p) | 493,307 | ||||||
250,000 | California Health Facilities Financing Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/22 (p) | 268,059 | ||||||
335,000 | California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p) | 356,313 | ||||||
1,105,000 | California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) (SAW) 5.00%, 10/01/25 (p) | 1,319,523 | ||||||
100,000 | California Infrastructure and Economic Development Bank, Clean Water State (RB) 5.00%, 10/01/24 | 116,186 | ||||||
770,000 | California State University Systemwide (RB) 5.00%, 11/01/24 | 897,370 | ||||||
100,000 | California Statewide Communities Development Authority, Southern California Edison Company, Series D (RB) 2.63%, 12/01/23 (p) | 105,860 | ||||||
405,000 | Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c) | 465,947 | ||||||
City and County of San Francisco, Series B (CP) | ||||||||
100,000 | 5.00%, 04/01/25 | 117,603 | ||||||
305,000 | 5.00%, 10/01/25 (c) | 364,130 | ||||||
500,000 | City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26 | 612,541 | ||||||
240,000 | County of Sacramento, Airport System, Series B (RB) 5.00%, 07/01/25 | 285,374 | ||||||
345,000 | County of San Bernardino, Arrowhead Project, Series A (CP) 5.00%, 10/01/26 | 423,911 |
See Notes to Financial Statements
124 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 225,000 | El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c) | $ | 274,169 | ||||
500,000 | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/22 | 525,912 | ||||||
1,000,000 | Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) 5.00%, 06/01/23 | 1,094,301 | ||||||
265,000 | Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24 | 306,274 | ||||||
500,000 | Los Angeles Community College District, Series J (GO) 3.00%, 08/01/23 | 532,147 | ||||||
250,000 | Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/23 | 276,519 | ||||||
Los Angeles Department of Water and Power, Series B (RB) | ||||||||
550,000 | 5.00%, 07/01/23 | 607,836 | ||||||
250,000 | 5.00%, 07/01/24 | 287,771 | ||||||
250,000 | Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/24 | 287,771 | ||||||
Los Angeles Unified School District, Series A (GO) | ||||||||
500,000 | 5.00%, 07/01/22 | 528,415 | ||||||
250,000 | 5.00%, 07/01/23 | 276,232 | ||||||
750,000 | 5.00%, 07/01/24 | 863,312 | ||||||
800,000 | 5.00%, 07/01/26 | 984,773 | ||||||
130,000 | Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23 | 143,641 | ||||||
1,250,000 | Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/25 | 1,490,890 | ||||||
450,000 | Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/23 (c) | 497,114 | ||||||
125,000 | Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/23 | 139,781 | ||||||
250,000 | Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/23 | 279,563 | ||||||
Northern California Energy Authority, Series A (RB) | ||||||||
1,000,000 | 4.00%, 07/01/24 (p) | 1,108,929 | ||||||
275,000 | 5.00%, 07/01/24 | 315,608 | ||||||
430,000 | Oakland Unified School District (GO) 5.00%, 08/01/23 | 474,434 | ||||||
350,000 | Oakland Unified School District, Series A (GO) 5.00%, 08/01/23 | 386,167 | ||||||
205,000 | Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c) | 211,517 |
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 930,000 | Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 2.13%, 04/01/23 (c) (p) | $ | 962,575 | ||||
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) | ||||||||
265,000 | 5.00%, 11/01/22 | 284,391 | ||||||
630,000 | 5.00%, 11/01/24 | 732,775 | ||||||
200,000 | Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series B (RB) 5.00%, 11/01/24 (c) | 233,006 | ||||||
250,000 | Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25 | 296,095 | ||||||
300,000 | Sacramento County, Airport System, Series B (RB) 5.00%, 07/01/23 | 331,272 | ||||||
485,000 | Sacramento Municipal Utility District, Series B (RB) 5.00%, 04/18/25 (c) (p) | 571,477 | ||||||
125,000 | Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/24 | 144,368 | ||||||
725,000 | Southern California Public Power Authority, Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c) | 817,404 | ||||||
325,000 | State of California (GO) 5.00%, 08/01/24 | 375,391 | ||||||
500,000 | State of California, Department of Water Resources, Central Valley Project, Series BB (RB) 5.00%, 12/01/26 | 625,253 | ||||||
1,215,000 | State of California, Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) 5.00%, 09/01/23 | 1,351,001 | ||||||
State of California, Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
450,000 | 5.00%, 10/01/22 | 480,891 | ||||||
275,000 | 5.00%, 10/01/26 | 340,208 | ||||||
320,000 | State of California, State Public Works Board, Various Capital Projects, Series C (RB) 5.00%, 03/01/25 | 376,475 | ||||||
State of California, Various Purpose (GO) | ||||||||
1,000,000 | 3.00%, 03/01/26 | 1,123,917 | ||||||
300,000 | 4.00%, 11/01/24 | 339,312 | ||||||
600,000 | 4.00%, 10/01/25 | 696,355 | ||||||
285,000 | 4.00%, 08/01/26 | 337,290 | ||||||
265,000 | 5.00%, 09/01/22 | 282,262 | ||||||
1,000,000 | 5.00%, 09/01/23 | 1,112,927 | ||||||
600,000 | 5.00%, 09/01/23 | 667,756 | ||||||
250,000 | 5.00%, 10/01/23 | 279,198 | ||||||
525,000 | 5.00%, 11/01/23 | 588,340 | ||||||
100,000 | 5.00%, 10/01/24 | 116,223 | ||||||
300,000 | 5.00%, 04/01/25 | 355,116 |
See Notes to Financial Statements
125 |
VANECK VECTORS SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
California: (continued) | ||||||||
$ | 1,500,000 | 5.00%, 08/01/25 | $ | 1,796,274 | ||||
300,000 | 5.00%, 09/01/25 | 360,278 | ||||||
835,000 | 5.00%, 10/01/25 | 1,005,609 | ||||||
500,000 | 5.00%, 11/01/25 | 603,849 | ||||||
460,000 | 5.00%, 12/01/25 | 557,083 | ||||||
295,000 | 5.00%, 08/01/26 | 364,388 | ||||||
935,000 | 5.00%, 09/01/26 | 1,157,799 | ||||||
915,000 | 5.00%, 11/01/26 | 1,138,605 | ||||||
480,000 | Tobacco Securitization Authority of Southern California, Series A-1 (RB) (AGM) 5.00%, 06/01/23 | 527,361 | ||||||
39,758,308 | ||||||||
Colorado: 1.6% | ||||||||
125,000 | Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 12/01/23 | 137,146 | ||||||
530,000 | City and County of Denver, Airport System, Series A (RB) 5.00%, 11/15/25 | 637,193 | ||||||
250,000 | City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/22 | 265,229 | ||||||
500,000 | City of Colorado, Springs Utilities System Revenue, Series A (RB) 5.00%, 11/15/25 | 602,872 | ||||||
530,000 | Colorado Health Facilities Authority Hospital, Adventist Health System, Series C (RB) 5.00%, 11/15/23 (p) | 594,029 | ||||||
500,000 | Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25 | 597,673 | ||||||
1,000,000 | Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24 | 1,169,000 | ||||||
250,000 | Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23 | 281,497 | ||||||
385,000 | State of Colorado, Series K (CP) 5.00%, 03/15/26 | 466,112 | ||||||
4,750,751 | ||||||||
Connecticut: 2.9% | ||||||||
215,000 | City of New Haven, Series A (GO) (AGM) 5.00%, 08/15/24 | 246,940 | ||||||
1,000,000 | Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/25 | 1,173,229 | ||||||
390,000 | Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p) | 422,816 | ||||||
State of Connecticut, Series A (GO) | ||||||||
375,000 | 5.00%, 04/15/23 | 410,350 | ||||||
265,000 | 5.00%, 04/15/23 | 289,981 | ||||||
State of Connecticut, Series B (GO) | ||||||||
375,000 | 4.00%, 05/15/23 | 404,260 |
Principal Amount | Value | |||||||
Connecticut: (continued) | ||||||||
$ | 250,000 | 5.00%, 01/15/23 | $ | 270,544 | ||||
275,000 | 5.00%, 06/01/26 | 337,509 | ||||||
300,000 | State of Connecticut, Series C (GO) 5.00%, 06/15/26 | 367,767 | ||||||
State of Connecticut, Series D (GO) | ||||||||
300,000 | 5.00%, 08/15/23 | 332,893 | ||||||
1,040,000 | 5.00%, 04/15/26 | 1,268,523 | ||||||
State of Connecticut, Series E (GO) | ||||||||
350,000 | 5.00%, 10/15/22 | 374,636 | ||||||
270,000 | 5.00%, 09/15/25 | 323,635 | ||||||
State of Connecticut, Special Tax Obligation, Series A (RB) | ||||||||
325,000 | 5.00%, 09/01/22 | 346,036 | ||||||
300,000 | 5.00%, 01/01/23 | 324,089 | ||||||
375,000 | 5.00%, 04/15/23 | 410,350 | ||||||
100,000 | 5.00%, 09/01/23 | 111,218 | ||||||
200,000 | State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/23 | 223,204 | ||||||
University of Connecticut, Series A (RB) | ||||||||
575,000 | 5.00%, 04/15/24 | 653,420 | ||||||
285,000 | 5.00%, 03/15/26 | 344,739 | ||||||
8,636,139 | ||||||||
Delaware: 0.7% | ||||||||
1,000,000 | Delaware Economic Development Authority, Delmarva Power and Light Co. Project, Series A (RB) (AGM) 1.05%, 07/01/25 (p) | 1,021,621 | ||||||
500,000 | Delaware Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | 502,663 | ||||||
500,000 | Delaware Transportation Authority (RB) 5.00%, 07/01/26 | 614,909 | ||||||
2,139,193 | ||||||||
District of Columbia: 1.3% | ||||||||
785,000 | District of Columbia Income Tax, Series C (RB) 5.00%, 10/01/26 | 972,559 | ||||||
440,000 | District of Columbia, Series A (GO) 5.00%, 06/01/22 | 463,257 | ||||||
120,000 | District of Columbia, Series B (GO) 5.00%, 06/01/25 | 142,823 | ||||||
District of Columbia, Series D (GO) | ||||||||
250,000 | 5.00%, 06/01/24 | 286,946 | ||||||
315,000 | 5.00%, 06/01/25 | 374,909 | ||||||
500,000 | District of Columbia, Series E (GO) 5.00%, 06/01/25 | 595,094 | ||||||
Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
225,000 | 5.00%, 07/01/24 | 257,688 | ||||||
100,000 | 5.00%, 07/01/25 | 118,587 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
300,000 | 5.00%, 07/01/25 | 355,762 | ||||||
300,000 | 5.00%, 07/01/26 | 367,058 | ||||||
3,934,683 |
See Notes to Financial Statements
126 |
Principal Amount | Value | |||||||
Florida: 2.4% | ||||||||
$ | 600,000 | City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/22 | $ | 641,011 | ||||
City of Jacksonville, Series B (RB) | ||||||||
265,000 | 5.00%, 10/01/24 | 305,740 | ||||||
1,020,000 | 5.00%, 10/01/25 | 1,216,546 | ||||||
280,000 | County of Miami-Dade (RB) 5.00%, 10/01/25 | 331,937 | ||||||
350,000 | County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/25 | 411,908 | ||||||
375,000 | Lee County School Board, Series A (CP) 5.00%, 08/01/24 | 430,381 | ||||||
710,000 | Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) 5.00%, 02/01/24 | 799,839 | ||||||
100,000 | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series B (RB) 5.00%, 10/01/22 | 106,615 | ||||||
340,000 | School District of Broward County, Series C (CP) 5.00%, 07/01/24 | 388,933 | ||||||
State of Florida, Board of Education, Lottery Revenue, Series A (RB) | ||||||||
450,000 | 5.00%, 07/01/23 | 497,217 | ||||||
650,000 | 5.00%, 07/01/24 | 747,759 | ||||||
130,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/23 | 143,192 | ||||||
150,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/23 | 165,221 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | ||||||||
225,000 | 5.00%, 06/01/23 | 247,831 | ||||||
100,000 | 5.00%, 06/01/24 | 114,679 | ||||||
180,000 | State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23 | 199,881 | ||||||
275,000 | State of Florida, Department of Transportation Financing Corp. (RB) 5.00%, 07/01/22 | 290,662 | ||||||
7,039,352 | ||||||||
Georgia: 3.2% | ||||||||
500,000 | Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p) | 521,291 | ||||||
500,000 | City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24 | 582,327 | ||||||
280,000 | County of Forsyth (GO) 5.00%, 09/01/25 | 335,859 | ||||||
500,000 | Main Street Natural Gas, Inc., Series A (RB) 4.00%, 06/01/23 (c) (p) | 539,803 |
Principal Amount | Value | |||||||
Georgia: (continued) | ||||||||
$ | 1,000,000 | Main Street Natural Gas, Inc., Series B (RB) 4.00%, 09/01/24 (c) (p) | $ | 1,118,109 | ||||
500,000 | Main Street Natural Gas, Inc., Series C (RB) 4.00%, 06/01/23 | 539,288 | ||||||
225,000 | Municipal Gas Authority of Georgia, Gas Portfolio IV Project, Series A (RB) 5.00%, 10/01/23 | 250,700 | ||||||
360,000 | Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/26 | 443,649 | ||||||
State of Georgia, Series A (GO) | ||||||||
160,000 | 5.00%, 02/01/23 | 173,639 | ||||||
250,000 | 5.00%, 02/01/25 | 293,883 | ||||||
350,000 | 5.00%, 08/01/25 | 418,640 | ||||||
1,500,000 | 5.00%, 02/01/26 (c) | 1,813,830 | ||||||
700,000 | 5.00%, 08/01/26 | 865,058 | ||||||
250,000 | State of Georgia, Series C (GO) 5.00%, 07/01/24 | 287,771 | ||||||
1,000,000 | State of Georgia, Series E (GO) 5.00%, 12/01/24 | 1,168,945 | ||||||
9,352,792 | ||||||||
Hawaii: 0.3% | ||||||||
700,000 | State of Hawaii, Series FE (GO) 5.00%, 10/01/23 | 781,035 | ||||||
110,000 | State of Hawaii, Series FN (GO) 5.00%, 10/01/24 | 127,520 | ||||||
100,000 | State of Hawaii, Series FT (GO) 5.00%, 01/01/23 | 108,047 | ||||||
1,016,602 | ||||||||
Illinois: 5.0% | ||||||||
500,000 | Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26 | 599,752 | ||||||
Chicago O’Hare International Airport, Series C (RB) | ||||||||
650,000 | 5.00%, 01/01/23 | 701,287 | ||||||
115,000 | 5.00%, 01/01/24 | 129,068 | ||||||
315,000 | 5.00%, 01/01/26 | 377,844 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
380,000 | 5.00%, 06/01/22 | 398,393 | ||||||
350,000 | 5.00%, 06/01/23 | 382,981 | ||||||
500,000 | City of Chicago, Series A (GO) 5.00%, 01/01/27 | 596,401 | ||||||
200,000 | Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25 | 239,591 | ||||||
300,000 | County of Cook, Series A (GO) 5.00%, 11/15/26 | 368,209 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
310,000 | 4.00%, 01/01/23 | 329,974 | ||||||
100,000 | 4.00%, 07/01/25 | 114,787 | ||||||
340,000 | 5.00%, 07/01/22 | 359,322 |
See Notes to Financial Statements
127 |
VANECK VECTORS SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Illinois: (continued) | ||||||||
$ | 250,000 | 5.00%, 01/01/23 | $ | 270,249 | ||||
155,000 | 5.00%, 01/01/24 | 174,667 | ||||||
500,000 | 5.00%, 07/01/24 | 574,516 | ||||||
600,000 | 5.00%, 01/01/25 | 701,317 | ||||||
250,000 | Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23 | 276,568 | ||||||
220,000 | Illinois State Toll Highway Authority Toll Highway , Series A (RB) 5.00%, 01/01/27 | 272,032 | ||||||
350,000 | Illinois State Toll Highway Authority Toll Highway , Series C (RB) 5.00%, 01/01/27 | 432,779 | ||||||
285,000 | Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/25 | 339,144 | ||||||
115,000 | Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/22 | 120,653 | ||||||
495,000 | Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24 | 561,887 | ||||||
370,000 | Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/23 | 397,076 | ||||||
State of Illinois (GO) | ||||||||
400,000 | 5.00%, 06/01/22 | 419,672 | ||||||
350,000 | 5.00%, 02/01/23 | 377,339 | ||||||
250,000 | 5.50%, 05/01/24 | 285,625 | ||||||
335,000 | 5.50%, 05/01/25 | 396,444 | ||||||
State of Illinois, Series B (GO) | ||||||||
130,000 | 5.00%, 12/01/24 | 149,403 | ||||||
400,000 | 5.00%, 09/01/25 | 470,154 | ||||||
395,000 | State of Illinois, Series C (RB) 5.00%, 06/15/22 | 412,396 | ||||||
State of Illinois, Series D (GO) | ||||||||
470,000 | 5.00%, 11/01/22 | 500,809 | ||||||
500,000 | 5.00%, 11/01/23 | 552,621 | ||||||
1,345,000 | 5.00%, 11/01/25 | 1,568,482 | ||||||
800,000 | 5.00%, 11/01/26 | 954,523 | ||||||
14,805,965 | ||||||||
Indiana: 0.9% | ||||||||
500,000 | City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25 | 597,552 | ||||||
Indiana Finance Authority Highway, Series C (RB) | ||||||||
250,000 | 5.00%, 12/01/23 | 280,914 | ||||||
575,000 | 5.00%, 12/01/24 | 671,023 | ||||||
260,000 | 5.00%, 12/01/25 | 313,952 | ||||||
Indiana Finance Authority, Series E (RB) | ||||||||
500,000 | 5.00%, 02/01/24 | 566,061 | ||||||
250,000 | 5.00%, 02/01/25 | 293,883 | ||||||
2,723,385 | ||||||||
Iowa: 0.8% | ||||||||
250,000 | Iowa Finance Authority (RB) 5.00%, 08/01/23 | 277,083 | ||||||
1,500,000 | PEFA, Inc. (RB) 5.00%, 06/01/26 (c) (p) | 1,817,395 |
Principal Amount | Value | |||||||
Iowa: (continued) | ||||||||
$ | 250,000 | State of Iowa, Prison Infrastructure Fund (RB) 5.00%, 06/15/23 | $ | 275,431 | ||||
2,369,909 | ||||||||
Kansas: 0.1% | ||||||||
350,000 | Johnson County Unified School District No. 233, Series B (GO) 5.00%, 09/01/22 | 372,654 | ||||||
Kentucky: 1.5% | ||||||||
Kentucky Public Energy Authority, Gas Supply, Series A (RB) | ||||||||
500,000 | 4.00%, 01/02/24 (c) (p) | 548,366 | ||||||
1,000,000 | 4.00%, 03/01/26 (c) (p) | 1,155,377 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series B (RB) | ||||||||
200,000 | 4.00%, 07/01/23 | 215,412 | ||||||
1,085,000 | 4.00%, 10/01/24 (c) (p) | 1,210,306 | ||||||
1,100,000 | Kentucky Public Energy Authority, Gas Supply, Series C (RB) 4.00%, 03/01/25 (c) (p) | 1,240,347 | ||||||
125,000 | Kentucky Turnpike Authority, Economic Development Road, Series B (RB) 5.00%, 07/01/24 | 142,735 | ||||||
4,512,543 | ||||||||
Louisiana: 0.5% | ||||||||
250,000 | East Baton Rouge Sewerage Commission, Series A (RB) 5.00%, 02/01/27 | 309,339 | ||||||
175,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project (RB) 5.00%, 10/01/22 | 186,704 | ||||||
590,000 | Louisiana State Citizens Property Insurance Corp. (RB) 5.00%, 06/01/23 | 643,025 | ||||||
335,000 | State of Louisiana, Series A (GO) 5.00%, 03/01/26 | 407,419 | ||||||
1,546,487 | ||||||||
Maryland: 3.6% | ||||||||
County of Baltimore, Maryland Certificates of Participation, Equipment Acquisition Program (CP) | ||||||||
295,000 | 5.00%, 03/01/25 | 347,432 | ||||||
1,125,000 | 5.00%, 03/01/26 | 1,367,597 | ||||||
210,000 | County of Montgomery, Consolidated Public Improvement, Series D (GO) 4.00%, 11/01/24 | 237,283 | ||||||
425,000 | County of Prince George’s, Consolidated Public Improvement, Series A (GO) 5.00%, 07/15/25 | 507,379 | ||||||
Maryland Department of Consolidated Transportation (RB) | ||||||||
500,000 | 5.00%, 05/01/23 | 548,419 | ||||||
250,000 | 5.00%, 10/01/26 | 310,034 | ||||||
500,000 | Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c) | 611,616 |
See Notes to Financial Statements
128 |
Principal Amount | Value | |||||||
Maryland: (continued) | ||||||||
$ | 320,000 | Maryland State Stadium Authority, Baltimore City Public Schools (RB) 5.00%, 05/01/23 | $ | 349,709 | ||||
165,000 | State of Maryland, Department of Transportation (RB) 5.00%, 09/01/24 | 190,939 | ||||||
790,000 | State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22 | 831,756 | ||||||
2,730,000 | State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24 | 3,105,880 | ||||||
250,000 | State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24 | 288,586 | ||||||
145,000 | State of Maryland, State and Local Facilities Loan, Second Series (GO) 5.00%, 08/01/22 | 153,852 | ||||||
500,000 | State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25 | 597,356 | ||||||
State of Maryland, State and Local Facilities Loan, Second Series B (GO) | ||||||||
550,000 | 5.00%, 08/01/24 | 634,889 | ||||||
500,000 | 5.00%, 08/01/25 | 597,356 | ||||||
10,680,083 | ||||||||
Massachusetts: 3.0% | ||||||||
860,000 | Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c) | 946,767 | ||||||
Commonwealth of Massachusetts, Series A (GO) | ||||||||
250,000 | 5.00%, 01/01/26 | 302,436 | ||||||
300,000 | 5.00%, 01/01/27 | 373,971 | ||||||
250,000 | Commonwealth of Massachusetts, Series B (GO) 5.00%, 07/01/22 | 264,238 | ||||||
300,000 | Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26 | 371,317 | ||||||
900,000 | Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/23 | 993,815 | ||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
750,000 | 3.00%, 12/01/25 | 837,726 | ||||||
250,000 | 5.00%, 09/01/26 | 308,682 | ||||||
275,000 | Massachusetts Department of Transportation, Metropolitan Highway System Series A (RB) 5.00%, 01/01/23 (c) (p) | 296,698 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
900,000 | 5.00%, 10/15/25 | 1,084,418 | ||||||
1,025,000 | 5.00%, 07/15/26 | 1,264,986 | ||||||
500,000 | 5.00%, 10/15/26 | 621,680 |
Principal Amount | Value | |||||||
Massachusetts: (continued) | ||||||||
$ | 250,000 | Massachusetts Development Finance Agency, Partners Healthcare System, Series S-4 (RB) 5.00%, 01/25/24 (p) | $ | 281,962 | ||||
450,000 | Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 5.00%, 04/01/26 | 547,981 | ||||||
Massachusetts Water Resources Authority, Series C (RB) | ||||||||
250,000 | 5.00%, 08/01/22 | 265,229 | ||||||
220,000 | 5.00%, 08/01/23 | 243,886 | ||||||
9,005,792 | ||||||||
Michigan: 1.0% | ||||||||
250,000 | Michigan State Building Authority, Series I (RB) 5.00%, 04/15/26 | 304,933 | ||||||
500,000 | Regents of University of Michigan, Series A (RB) 5.00%, 04/01/23 | 547,000 | ||||||
State of Michigan, Grant Anticipation (RB) | ||||||||
650,000 | 5.00%, 03/15/24 | 737,892 | ||||||
1,065,000 | 5.00%, 03/15/26 | 1,295,659 | ||||||
145,000 | Wayne County Airport Authority, Series C (RB) 5.00%, 12/01/23 | 162,611 | ||||||
3,048,095 | ||||||||
Minnesota: 1.7% | ||||||||
200,000 | Duluth Independent School District No. 709, Series A (CP) (SD CRED PROG) 5.00%, 02/01/25 | 230,336 | ||||||
1,000,000 | Metropolitan Council, Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 | 1,246,014 | ||||||
500,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25 | 583,039 | ||||||
480,000 | Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22 | 517,085 | ||||||
1,200,000 | State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24 | 1,385,635 | ||||||
State of Minnesota, Various Purpose, Series D (GO) | ||||||||
510,000 | 5.00%, 08/01/22 | 541,134 | ||||||
400,000 | 5.00%, 08/01/26 | 493,851 | ||||||
4,997,094 | ||||||||
Mississippi: 0.3% | ||||||||
400,000 | County of Warren, Mississippi Gulf Opportunity Zone, International Paper Company Project, Series A (RB) 1.38%, 06/16/25 (p) | 411,101 | ||||||
400,000 | County of Warren, Mississippi Gulf Opportunity Zone, International Paper Company Project, Series C (RB) 1.38%, 06/16/25 (c) (p) | 411,101 | ||||||
822,202 |
See Notes to Financial Statements
129 |
VANECK VECTORS SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Missouri: 0.9% | ||||||||
$ | 1,000,000 | City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23 | $ | 1,102,635 | ||||
150,000 | Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25 | 176,990 | ||||||
260,000 | Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB) 5.00%, 11/15/22 | 278,979 | ||||||
500,000 | Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25 | 600,135 | ||||||
500,000 | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c) | 595,999 | ||||||
2,754,738 | ||||||||
Nebraska: 1.2% | ||||||||
Central Plains Energy Project, Gas Project, Series A (RB) | ||||||||
500,000 | 5.00%, 10/01/23 (c) (p) | 556,603 | ||||||
350,000 | 5.00%, 01/01/24 | 392,717 | ||||||
Central Plains Energy Project, Gas Supply (RB) | ||||||||
825,000 | 2.50%, 05/01/25 (c) (p) | 886,938 | ||||||
1,500,000 | 4.00%, 05/01/25 (c) (p) | 1,706,610 | ||||||
3,542,868 | ||||||||
Nevada: 0.7% | ||||||||
100,000 | Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 11/01/23 | 111,905 | ||||||
250,000 | Clark County School District, Series A (GO) 5.00%, 06/15/23 | 274,871 | ||||||
250,000 | Clark County Water Reclamation District (GO) 5.00%, 07/01/22 | 264,208 | ||||||
300,000 | Clark County, McCarran International Airport, Series A (RB) 5.00%, 07/01/23 | 330,859 | ||||||
450,000 | Clark County, Series B (GO) 5.00%, 11/01/23 | 503,572 | ||||||
300,000 | Las Vegas Valley Water District, Series A (GO) 5.00%, 06/01/22 | 315,857 | ||||||
300,000 | State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24 | 350,449 | ||||||
2,151,721 | ||||||||
New Jersey: 3.2% | ||||||||
300,000 | City of Newark, Series A (GO) (AGM) (SAW) 5.00%, 10/01/26 | 362,762 | ||||||
435,000 | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/23 | 485,256 |
Principal Amount | Value | |||||||
New Jersey: (continued) | ||||||||
$ | 100,000 | 5.00%, 11/01/24 | $ | 115,574 | ||||
160,000 | New Jersey Economic Development Authority, Princeton University, Series B (RB) 5.00%, 07/01/22 | 169,112 | ||||||
1,000,000 | New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25 | 1,195,002 | ||||||
225,000 | New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/25 | 268,875 | ||||||
300,000 | New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. Issue (RB) 5.00%, 07/01/23 | 327,990 | ||||||
500,000 | New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/26 | 609,933 | ||||||
300,000 | New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated Group (RB) 5.00%, 07/01/26 | 365,863 | ||||||
500,000 | New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23 | 559,764 | ||||||
890,000 | New Jersey Sports and Exposition Authority, Series A (RB) 5.00%, 09/01/24 | 1,021,385 | ||||||
890,000 | New Jersey Transportation Trust Fund Authority, Series A (RB) 5.00%, 06/15/24 | 1,013,773 | ||||||
State of New Jersey, Various Purposes (GO) | ||||||||
500,000 | 2.00%, 06/01/25 | 528,955 | ||||||
500,000 | 2.00%, 06/01/26 | 530,987 | ||||||
800,000 | 5.00%, 06/01/22 | 841,481 | ||||||
675,000 | 5.00%, 06/01/24 | 770,945 | ||||||
290,000 | Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 | 317,664 | ||||||
9,485,321 | ||||||||
New Mexico: 1.0% | ||||||||
325,000 | New Mexico Finance Authority, Series D (RB) 5.00%, 06/01/22 | 342,178 | ||||||
1,165,000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 02/01/25 (c) (p) | 1,362,531 | ||||||
320,000 | State of New Mexico, Series A (GO) 5.00%, 03/01/23 | 348,336 | ||||||
State of New Mexico, Series B (RB) | ||||||||
505,000 | 4.00%, 07/01/23 | 546,536 | ||||||
340,000 | 5.00%, 03/01/23 | 370,107 | ||||||
2,969,688 |
See Notes to Financial Statements
130 |
Principal Amount | Value | |||||||
New York: 13.2% | ||||||||
$ | 270,000 | Build NYC Resource Corp., The Chapin School Ltd. Project (RB) 5.00%, 11/01/26 | $ | 335,154 | ||||
City of New York, Series A (GO) | ||||||||
250,000 | 4.00%, 08/01/23 | 271,138 | ||||||
670,000 | 5.00%, 08/01/22 | 710,727 | ||||||
100,000 | 5.00%, 08/01/23 | 110,690 | ||||||
965,000 | 5.00%, 08/01/24 | 1,109,201 | ||||||
500,000 | City of New York, Series B-1 (GO) 5.00%, 10/01/22 | 534,323 | ||||||
City of New York, Series C (GO) | ||||||||
750,000 | 5.00%, 08/01/24 | 862,073 | ||||||
850,000 | 5.00%, 08/01/25 | 1,009,971 | ||||||
City of New York, Series C and D (GO) | ||||||||
320,000 | 5.00%, 08/01/23 | 354,208 | ||||||
325,000 | 5.00%, 08/01/26 | 398,794 | ||||||
100,000 | City of New York, Series D-3 (GO) 5.00%, 08/01/23 (c) (p) | 109,840 | ||||||
255,000 | City of New York, Series E (GO) 5.00%, 08/01/24 | 293,105 | ||||||
100,000 | City of Yonkers, Series C (GO) 5.00%, 10/01/23 | 111,397 | ||||||
200,000 | County of Nassau, Series C (GO) 5.00%, 10/01/24 | 231,041 | ||||||
100,000 | Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/23 | 108,265 | ||||||
500,000 | Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/22 | 532,086 | ||||||
1,055,000 | Metropolitan Transportation Authority, Series A (RB) 5.00%, 11/15/24 | 1,224,981 | ||||||
1,500,000 | Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p) | 1,722,838 | ||||||
750,000 | Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p) | 847,544 | ||||||
Metropolitan Transportation Authority, Series B (RB) | ||||||||
290,000 | 5.00%, 11/15/23 | 324,022 | ||||||
250,000 | 5.00%, 11/15/23 | 279,329 | ||||||
390,000 | 5.00%, 11/15/24 | 452,837 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
500,000 | 5.00%, 11/15/23 | 558,659 | ||||||
875,000 | 5.00%, 11/15/25 | 1,048,970 | ||||||
235,000 | Metropolitan Transportation Authority, Series F (RB) 5.00%, 11/15/25 | 281,723 | ||||||
250,000 | Monroe County Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23 | 273,262 | ||||||
750,000 | New York City Industrial Development Agency Pilot, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27 | 926,914 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
$ | 250,000 | 5.00%, 07/15/24 | $ | 287,715 | ||||
315,000 | 5.00%, 07/15/26 | 386,840 | ||||||
1,000,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB) 5.00%, 11/01/22 | 1,073,332 | ||||||
320,000 | New York City Transitional Finance Authority, Future Tax, Series C-1 (RB) 5.00%, 05/01/23 | 350,920 | ||||||
350,000 | New York City Transitional Finance Authority, Future Tax, Series D-1 (RB) 5.00%, 11/01/25 | 420,786 | ||||||
500,000 | New York City Transitional Finance Authority, Series S-3 (RB) (SAW) 5.00%, 07/15/21 (c) | 504,719 | ||||||
265,000 | New York City Trust for Cultural Resources, Museum of Modern Art, Series E (RB) 4.00%, 04/01/25 | 300,620 | ||||||
430,000 | New York City Water and Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c) | 502,162 | ||||||
530,000 | New York City Water and Sewer System, Series CC-2 (RB) 5.00%, 12/15/21 (c) | 545,969 | ||||||
125,000 | New York State Dormitory Authority, Columbia University (RB) 5.00%, 10/01/24 | 145,233 | ||||||
700,000 | New York State Dormitory Authority, Cornell University, Series A (RB) 5.00%, 07/01/26 | 861,275 | ||||||
200,000 | New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center (RB) 5.00%, 07/01/26 | 245,734 | ||||||
300,000 | New York State Dormitory Authority, New York City Issue, Series 1 (RB) (SAW) 5.00%, 01/15/23 | 323,531 | ||||||
110,000 | New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24 | 126,318 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
250,000 | 5.00%, 10/01/22 | 266,978 | ||||||
365,000 | 5.00%, 10/01/23 | 403,151 | ||||||
385,000 | 5.00%, 10/01/25 | 458,630 | ||||||
805,000 | 5.00%, 02/15/26 | 975,279 | ||||||
400,000 | 5.00%, 10/01/26 | 490,299 | ||||||
300,000 | New York State Dormitory Authority, School Districts Bond Financing Program, Series B (RB) 5.00%, 10/01/24 | 346,452 |
See Notes to Financial Statements
131 |
VANECK VECTORS SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
$ | 1,000,000 | 5.00%, 02/15/23 | $ | 1,086,583 | ||||
455,000 | 5.00%, 02/15/25 | 534,002 | ||||||
430,000 | 5.00%, 03/15/26 | 522,309 | ||||||
435,000 | New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/26 | 527,014 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
1,070,000 | 5.00%, 02/15/23 | 1,162,643 | ||||||
250,000 | 5.00%, 02/15/25 | 293,408 | ||||||
1,000,000 | 5.00%, 02/15/25 | 1,173,631 | ||||||
1,260,000 | 5.00%, 08/15/26 (c) | 1,544,868 | ||||||
New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
445,000 | 5.00%, 03/15/23 | 485,331 | ||||||
290,000 | 5.00%, 03/15/23 | 316,283 | ||||||
475,000 | 5.00%, 03/15/24 | 539,862 | ||||||
100,000 | New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 03/15/23 | 109,063 | ||||||
New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
155,000 | 5.00%, 03/15/24 | 176,166 | ||||||
775,000 | 5.00%, 03/15/25 | 912,829 | ||||||
495,000 | New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 | 601,795 | ||||||
500,000 | New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25 | 587,962 | ||||||
250,000 | New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 02/01/22 (c) | 252,668 | ||||||
165,000 | New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24 | 185,419 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
790,000 | 5.00%, 03/15/23 | 861,598 | ||||||
500,000 | 5.00%, 03/15/25 | 588,500 | ||||||
Town of Oyster Bay, Public Improvement (GO) | ||||||||
500,000 | 4.00%, 03/01/24 | 550,740 | ||||||
250,000 | 4.00%, 03/01/26 | 290,053 | ||||||
530,000 | Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 | 595,169 | ||||||
500,000 | TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/22 | 524,951 | ||||||
285,000 | Utility Debt Securitization Authority (RB) 5.00%, 06/15/22 (c) | 300,529 |
Principal Amount | Value | |||||||
New York: (continued) | ||||||||
$ | 320,000 | Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c) | $ | 345,157 | ||||
39,107,568 | ||||||||
North Carolina: 1.5% | ||||||||
115,000 | Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/23 | 122,482 | ||||||
290,000 | County of Durham (GO) 4.00%, 10/01/24 | 326,678 | ||||||
375,000 | County of Wake (RB) 5.00%, 09/01/26 | 462,578 | ||||||
1,000,000 | North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 02/01/24 | 1,127,120 | ||||||
State of North Carolina, Department of State Treasurer, Series B (GO) | ||||||||
575,000 | 5.00%, 06/01/23 | 633,094 | ||||||
665,000 | 5.00%, 06/01/25 | 790,582 | ||||||
500,000 | State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/23 | 543,312 | ||||||
500,000 | State of North Carolina, Series A (GO) 5.00%, 06/01/24 | 573,393 | ||||||
4,579,239 | ||||||||
Ohio: 2.9% | ||||||||
530,000 | American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/23 | 575,292 | ||||||
260,000 | City of Cleveland, Airport System Revenue, Series B (RB) (AGM) 5.00%, 01/01/23 | 279,702 | ||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
100,000 | 5.00%, 08/01/25 | 118,866 | ||||||
410,000 | 5.00%, 08/01/26 | 502,618 | ||||||
County of Hamilton, Ohio Sales Tax, Series A (RB) | ||||||||
155,000 | 5.00%, 12/01/23 | 173,187 | ||||||
500,000 | 5.00%, 12/01/25 | 595,734 | ||||||
300,000 | Lancaster Port Authority, Gas Supply (RB) (SBG) 5.00%, 11/01/24 (c) (p) | 347,427 | ||||||
250,000 | Ohio Water Development Authority, Water Pollution Control Loan, Series B (RB) 5.00%, 06/01/26 | 306,544 | ||||||
1,325,000 | State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/25 | 1,548,215 | ||||||
460,000 | State of Ohio Turnpike, Series A (RB) 5.00%, 02/15/26 | 557,425 | ||||||
500,000 | State of Ohio University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/22 | 538,630 | ||||||
100,000 | State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25 | 119,961 |
See Notes to Financial Statements
132 |
Principal Amount | Value | |||||||
Ohio: (continued) | ||||||||
$ | 560,000 | State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23 | $ | 627,706 | ||||
200,000 | State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/22 | 209,773 | ||||||
675,000 | State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22 | 724,499 | ||||||
1,000,000 | State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23 | 1,097,048 | ||||||
115,000 | State of Ohio, Miami University (RB) 5.00%, 09/01/25 | 137,449 | ||||||
8,460,076 | ||||||||
Oklahoma: 0.5% | ||||||||
Oklahoma County Independent School District No. 89, Series A (GO) | ||||||||
500,000 | 0.05%, 07/01/22 | 499,653 | ||||||
450,000 | 1.25%, 07/01/24 | 463,876 | ||||||
350,000 | Tulsa Public Facilities Authority (RB) 3.00%, 06/01/25 | 384,349 | ||||||
1,347,878 | ||||||||
Oregon: 0.8% | ||||||||
City of Portland, Sewer System, Series A (RB) (AGM) | ||||||||
500,000 | 5.00%, 03/01/26 | 608,088 | ||||||
350,000 | 5.00%, 05/01/26 | 427,887 | ||||||
350,000 | Greater Albany School District No. 8J Linn (GO) (SBG) 5.00%, 06/15/26 | 429,458 | ||||||
500,000 | Multnomah County, School District No. 1, Portland Public School (GO) (SBG) 5.00%, 06/15/25 | 594,309 | ||||||
365,000 | State of Oregon, Series A (GO) 5.00%, 05/01/22 | 382,798 | ||||||
2,442,540 | ||||||||
Pennsylvania: 3.7% | ||||||||
300,000 | Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/25 | 356,078 | ||||||
City of Philadelphia, Series A (GO) | ||||||||
200,000 | 5.00%, 08/01/24 | 229,397 | ||||||
245,000 | 5.00%, 08/01/25 | 290,655 | ||||||
300,000 | 5.00%, 08/01/25 | 355,904 | ||||||
310,000 | City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/22 | 330,961 | ||||||
250,000 | Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23 | 274,050 | ||||||
315,000 | Commonwealth of Pennsylvania (GO) 5.00%, 01/01/27 | 391,279 | ||||||
Commonwealth of Pennsylvania, First Series (GO) | ||||||||
100,000 | 5.00%, 09/15/23 | 111,372 | ||||||
400,000 | 5.00%, 01/01/26 | 483,074 | ||||||
415,000 | 5.00%, 02/01/26 | 502,512 |
Principal Amount | Value | |||||||
Pennsylvania: (continued) | ||||||||
$ | Commonwealth of Pennsylvania, Second Series (GO) | |||||||
590,000 | 5.00%, 09/15/22 | $ | 629,308 | |||||
370,000 | 5.00%, 01/15/23 | 400,538 | ||||||
Delaware River Port Authority, Series B (RB) | ||||||||
350,000 | 5.00%, 01/01/25 | 408,266 | ||||||
1,170,000 | 5.00%, 01/01/26 | 1,407,598 | ||||||
270,000 | Lancaster County Hospital Authority, University of Pennsylvania Health System, Series B (RB) 5.00%, 08/15/22 | 286,962 | ||||||
330,000 | Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project, Series B (RB) 1.80%, 08/15/22 (p) | 336,193 | ||||||
600,000 | Lehigh County, Lehigh Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 | 735,830 | ||||||
500,000 | Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23 | 552,019 | ||||||
150,000 | Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23 | 167,260 | ||||||
310,000 | Pennsylvania Economic Development Financing Authority, UPMC (RB) 5.00%, 03/15/24 | 351,345 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) | ||||||||
175,000 | 5.00%, 06/15/23 | 192,410 | ||||||
100,000 | 5.00%, 06/15/25 | 118,142 | ||||||
350,000 | Pennsylvania State University, Series B (RB) 5.00%, 09/01/22 | 372,751 | ||||||
400,000 | Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24 | 457,687 | ||||||
660,000 | Philadelphia School District, Series F (GO) (SAW) | |||||||
5.00%, 09/01/25 | 772,736 | |||||||
School District of Philadelphia, Series F (GO) (SAW) | ||||||||
100,000 | 5.00%, 09/01/22 | 106,293 | ||||||
120,000 | 5.00%, 09/01/24 | 136,633 | ||||||
115,000 | Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/23 | 126,442 | ||||||
10,883,695 | ||||||||
Rhode Island: 0.5% | ||||||||
235,000 | Rhode Island Commerce Corp., Department of Transportation, Series A (RB) 5.00%, 06/15/22 | 247,653 | ||||||
1,000,000 | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) 5.00%, 05/15/23 | 1,085,066 | ||||||
1,332,719 |
See Notes to Financial Statements
133 |
VANECK VECTORS SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
South Carolina: 1.3% | ||||||||
$ | 510,000 | County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24 | $ | 593,974 | ||||
500,000 | County of Richland, Transportation Sales and Use Tax, Series A (GO) (SAW) 5.00%, 03/01/26 | 609,692 | ||||||
1,765,000 | Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 11/01/23 (c) (p) | 1,926,880 | ||||||
350,000 | State of South Carolina, Series B (GO) (SAW) 5.00%, 04/01/24 | 398,897 | ||||||
330,000 | York County, South Carolina Fort Mill School District No. 4, Series B (GO) 5.00%, 03/01/23 | 359,158 | ||||||
3,888,601 | ||||||||
Tennessee: 1.6% | ||||||||
Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
200,000 | 5.00%, 07/01/24 | 229,738 | ||||||
525,000 | 5.00%, 07/01/26 | 645,053 | ||||||
450,000 | Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/26 | 541,261 | ||||||
900,000 | Tennergy Corp., Series A (RB) 5.00%, 07/01/24 (c) (p) | 1,032,273 | ||||||
1,550,000 | Tennessee Energy Acquisition Corp. (RB) 4.00%, 08/01/25 (c) (p) | 1,765,859 | ||||||
560,000 | Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 02/01/23 (c) (p) | 597,893 | ||||||
4,812,077 | ||||||||
Texas: 7.9% | ||||||||
300,000 | Aldine Independent School District, Series A (GO) 5.00%, 02/15/23 | 326,200 | ||||||
500,000 | Austin Independent School District (GO) 5.00%, 08/01/26 | 615,855 | ||||||
Bexar County Hospital District (GO) | ||||||||
725,000 | 5.00%, 02/15/24 | 819,684 | ||||||
350,000 | 5.00%, 02/15/26 | 423,574 | ||||||
275,000 | Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23 | 305,218 | ||||||
1,000,000 | Brazosport Independent School District (GO) 5.00%, 02/15/23 | 1,086,771 | ||||||
750,000 | City of Austin, Electric Utility System, Series A (RB) 5.00%, 11/15/30 (c) | 963,413 | ||||||
City of Austin, Water and Wastewater System (RB) | ||||||||
290,000 | 5.00%, 11/15/22 | 311,820 | ||||||
790,000 | 5.00%, 11/15/25 | 951,748 | ||||||
310,000 | City of Denton, Utility System (RB) 5.00%, 12/01/26 | 383,034 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 105,000 | City of Fort Worth (GO) 5.00%, 03/01/24 | $ | 118,984 | ||||
City of Houston, Airport System, Series D (RB) | ||||||||
500,000 | 5.00%, 07/01/23 | 551,318 | ||||||
250,000 | 5.00%, 07/01/24 | 286,746 | ||||||
250,000 | City of Houston, Series A (GO) 5.00%, 03/01/23 | 272,234 | ||||||
630,000 | City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c) | 772,224 | ||||||
500,000 | City of San Antonio, General Improvement (GO) 5.00%, 08/01/25 | 596,191 | ||||||
Colorado River Municipal Water District (RB) | ||||||||
115,000 | 5.00%, 01/01/24 | 129,264 | ||||||
405,000 | 5.00%, 01/01/26 | 487,453 | ||||||
150,000 | Conroe Independent School District (GO) 5.00%, 02/15/23 | 162,959 | ||||||
125,000 | Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/24 | 141,549 | ||||||
375,000 | Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23 | 415,934 | ||||||
200,000 | Dallas Fort Worth International Airport, Series B (RB) 5.00%, 11/01/25 | 239,660 | ||||||
150,000 | Fort Worth Independent School District (GO) 5.00%, 02/15/24 | 169,903 | ||||||
325,000 | Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23 | 349,972 | ||||||
320,000 | Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB) 5.00%, 11/15/23 | 354,789 | ||||||
500,000 | Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24 | 578,157 | ||||||
320,000 | Harris County, Series A (GO) 5.00%, 10/01/22 | 342,297 | ||||||
500,000 | Hays Consolidated Independent School District, Series A (GO) 3.00%, 02/15/26 | 559,484 | ||||||
Houston Independent School District, Limited Tax School House (GO) | ||||||||
155,000 | 5.00%, 02/15/24 | 175,613 | ||||||
250,000 | 5.00%, 02/15/26 | 303,741 | ||||||
Houston Independent School District, Limited Tax School House, Series A (GO) | ||||||||
650,000 | 5.00%, 02/15/23 | 706,523 | ||||||
165,000 | 5.00%, 02/15/24 | 186,943 | ||||||
455,000 | Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26 | 558,113 |
See Notes to Financial Statements
134 |
Principal Amount | Value | |||||||
Texas: (continued) | ||||||||
$ | 250,000 | Judson Independent School District (GO) 5.00%, 02/01/25 | $ | 293,066 | ||||
290,000 | Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/24 | 337,309 | ||||||
160,000 | New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23 | 176,922 | ||||||
150,000 | North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/25 | 174,674 | ||||||
500,000 | Northside Independent School District (GO) 0.70%, 06/01/25 (p) | 502,602 | ||||||
Port of Houston Authority of Harris County, Series A-2 (GO) | ||||||||
500,000 | 5.00%, 10/01/24 | 579,449 | ||||||
500,000 | 5.00%, 10/01/25 | 599,245 | ||||||
570,000 | Round Rock Independent School District (GO) 5.00%, 08/01/26 | 701,742 | ||||||
300,000 | San Antonio Water System, Junior Lien, Series A (RB) 2.00%, 05/15/25 | 318,976 | ||||||
430,000 | State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c) | 496,217 | ||||||
State of Texas, Water Infrastructure Fund, Series B-3 (GO) | ||||||||
400,000 | 5.00%, 08/01/23 | 443,619 | ||||||
250,000 | 5.00%, 08/01/24 | 288,410 | ||||||
500,000 | 5.00%, 08/01/25 | 596,890 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) | ||||||||
250,000 | 5.00%, 02/15/24 | 282,500 | ||||||
250,000 | 5.00%, 02/15/25 | 292,734 | ||||||
Texas Water Development Board (RB) | ||||||||
350,000 | 5.00%, 08/01/23 | 388,167 | ||||||
225,000 | 5.00%, 08/01/25 | 269,125 | ||||||
340,000 | Texas Water Development Board, Series A (RB) 5.00%, 04/15/23 | 372,401 | ||||||
345,000 | Trinity River Authority, Regional Wastewater System (RB) 3.00%, 08/01/22 | 357,456 | ||||||
1,000,000 | University of Houston, Series A (RB) 5.00%, 02/15/26 | 1,211,793 | ||||||
23,330,665 | ||||||||
Utah: 1.4% | ||||||||
955,000 | Central Utah Water Conservancy District, Series B (RB) 5.00%, 10/01/25 | 1,145,948 | ||||||
State of Utah (GO) | ||||||||
500,000 | 5.00%, 07/01/23 | 552,693 | ||||||
300,000 | 5.00%, 07/01/25 | 358,088 | ||||||
290,000 | 5.00%, 07/01/25 | 346,152 |
Principal Amount | Value | |||||||
Utah: (continued) | ||||||||
$ | 500,000 | 5.00%, 07/01/26 | $ | 615,771 | ||||
100,000 | University of Utah, Series A (RB) 5.00%, 08/01/23 | 110,881 | ||||||
1,000,000 | Utah County, IHC Health Services, Inc., Series B-1 (RB) 5.00%, 02/01/24 (c) (p) | 1,148,692 | ||||||
4,278,225 | ||||||||
Virginia: 2.5% | ||||||||
240,000 | City of Alexandria, Series C (GO) (SAW) 5.00%, 07/01/23 | 265,183 | ||||||
500,000 | City of Richmond, Public Improvement, Series B (GO) 5.00%, 07/15/22 | 529,494 | ||||||
125,000 | City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25 | 146,659 | ||||||
350,000 | Commonwealth of Virginia, Series B (GO) 5.00%, 06/01/26 | 430,150 | ||||||
County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
275,000 | 4.00%, 10/01/23 | 300,649 | ||||||
285,000 | 4.00%, 10/01/24 | 321,045 | ||||||
500,000 | 4.00%, 10/01/25 | 578,631 | ||||||
700,000 | 4.00%, 10/01/25 | 809,418 | ||||||
300,000 | County of Henrico, Water and Sewer (RB) 5.00%, 05/01/25 | 355,494 | ||||||
125,000 | Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24 | 142,615 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) | ||||||||
235,000 | 5.00%, 02/01/24 | 265,633 | ||||||
350,000 | 5.00%, 02/01/27 | 437,315 | ||||||
250,000 | 5.00%, 02/01/27 | 312,368 | ||||||
250,000 | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23 | 271,265 | ||||||
Virginia Commonwealth Transportation Board (RB) | ||||||||
150,000 | 5.00%, 09/15/22 | 160,015 | ||||||
400,000 | 5.00%, 09/15/23 | 445,487 | ||||||
325,000 | 5.00%, 09/15/24 | 376,388 | ||||||
Virginia Public Building Authority, Series A (RB) | ||||||||
160,000 | 5.00%, 08/01/23 | 177,448 | ||||||
120,000 | 5.00%, 08/01/24 | 138,395 | ||||||
265,000 | 5.00%, 08/01/26 | 326,712 | ||||||
300,000 | Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26 | 369,863 | ||||||
300,000 | Virginia Public School Authority, Series B (RB) (SAW) 5.00%, 08/01/23 | 332,643 | ||||||
7,492,870 |
See Notes to Financial Statements
135 |
VANECK VECTORS SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Washington: 3.0% | ||||||||
$ | 400,000 | City of Seattle, Washington Municipal Light and Power, Series B (RB) 5.00%, 02/01/26 | $ | 484,977 | ||||
500,000 | Clark County Public Utility District No. 1 (RB) 5.00%, 01/01/26 | 602,305 | ||||||
100,000 | County of King (GO) 5.00%, 07/01/24 | 114,903 | ||||||
County of King, Series B (RB) | ||||||||
575,000 | 5.00%, 07/01/25 | 684,233 | ||||||
200,000 | 5.00%, 07/01/26 | 245,734 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
465,000 | 5.00%, 07/01/22 | 491,538 | ||||||
100,000 | 5.00%, 07/01/23 | 110,447 | ||||||
455,000 | 5.00%, 07/01/24 | 523,120 | ||||||
Energy Northwest, Project 3 Electric, Series C (RB) | ||||||||
450,000 | 5.00%, 07/01/24 | 517,372 | ||||||
1,375,000 | 5.00%, 07/01/25 | 1,636,210 | ||||||
200,000 | State of Washington, Series D (GO) 5.00%, 02/01/24 | 226,306 | ||||||
750,000 | State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24 | 865,230 | ||||||
800,000 | University of Washington, Series C (RB) (AGM) 5.00%, 04/01/26 | 977,670 | ||||||
1,000,000 | Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 02/01/24 (c) (p) | 1,124,740 | ||||||
270,000 | Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25 | 314,109 | ||||||
8,918,894 |
Principal | ||||||||
Amount | Value | |||||||
West Virginia: 0.2% | ||||||||
$ | 410,000 | State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23 | $ | 455,589 | ||||
Wisconsin: 1.9% | ||||||||
545,000 | City of Madison, Series A (GO) 4.00%, 10/01/22 | 574,985 | ||||||
City of Milwaukee, Series N2 (GO) | ||||||||
100,000 | 4.00%, 03/01/23 | 106,805 | ||||||
750,000 | 4.00%, 03/01/25 | 846,557 | ||||||
City of Milwaukee, Series N4 (GO) | ||||||||
225,000 | 5.00%, 04/01/24 | 254,396 | ||||||
125,000 | 5.00%, 04/01/25 | 146,261 | ||||||
750,000 | 5.00%, 04/01/26 | 905,201 | ||||||
500,000 | 5.00%, 04/01/26 | 603,468 | ||||||
500,000 | State of Wisconsin, Series 1 (GO) 5.00%, 11/01/22 | 536,666 | ||||||
State of Wisconsin, Series 2 (GO) | ||||||||
380,000 | 5.00%, 11/01/25 | 457,417 | ||||||
355,000 | 5.00%, 11/01/25 | 427,324 | ||||||
425,000 | State of Wisconsin, Series A (GO) 5.00%, 05/01/25 | 503,058 | ||||||
120,000 | Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24 | 137,925 | ||||||
5,500,063 | ||||||||
Total Municipal Bonds: 98.4% (Cost: $287,181,734) | 291,959,839 | |||||||
Other assets less liabilities: 1.6% | 4,855,083 | |||||||
NET ASSETS: 100.0% | $ | 296,814,922 |
Definitions: | |
AGM | Assured Guaranty Municipal Corp. |
CP | Certificate of Participation |
GO | General Obligation |
RB | Revenue Bond SAW State Aid Withholding |
SBG | School Board Guaranteed |
SD CRED PROG | Special District Credit Enhancement Program |
TA | Tax Allocation |
Footnotes: | |
(c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
(p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
See Notes to Financial Statements
136 |
Summary of Investments | ||||||||
By Sector | % of Investments | Value | ||||||
Education | 6.8 | % | $ | 19,892,945 | ||||
Health Care | 6.3 | 18,329,173 | ||||||
Housing | 0.1 | 252,668 | ||||||
Industrial Revenue | 10.1 | 29,429,018 | ||||||
Leasing | 6.1 | 17,780,008 | ||||||
Local | 15.8 | 46,108,497 | ||||||
Power | 4.9 | 14,333,607 | ||||||
Special Tax | 9.8 | 28,572,997 | ||||||
State | 21.4 | 62,431,132 | ||||||
Tobacco | 1.1 | 3,384,892 | ||||||
Transportation | 10.8 | 31,624,591 | ||||||
Water & Sewer | 6.8 | 19,820,311 | ||||||
100.0 | % | $ | 291,959,839 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows: | ||||||||||||||||
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Total Municipal Bonds* | $ | — | $ | 291,959,839 | $ | — | $ | 291,959,839 |
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
137 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2021
CEF Municipal Income ETF | High Yield Muni ETF | Intermediate Muni ETF | |||||||||||||
Assets: | |||||||||||||||
Investments, at value | |||||||||||||||
Unaffiliated issuers (1) | $ | 177,192,079 | $ | 3,408,838,514 | $ | 1,778,396,797 | |||||||||
Affiliated issuers (2) | — | — | — | ||||||||||||
Cash | 9 | 3,635,297 | 6,775,014 | ||||||||||||
Receivables: | |||||||||||||||
Investment securities sold | — | 2,361,046 | — | ||||||||||||
Shares of beneficial interest sold | — | 6,273,881 | — | ||||||||||||
Dividends and interest | 475,421 | 49,428,248 | 18,917,701 | ||||||||||||
Total assets | 177,667,509 | 3,470,536,986 | 1,804,089,512 | ||||||||||||
Liabilities: | |||||||||||||||
Payables: | |||||||||||||||
Investment securities purchased | 904,436 | 8,139,988 | 2,369,767 | ||||||||||||
Line of credit | 120,332 | — | — | ||||||||||||
Due to Adviser | 60,318 | 1,071,450 | 369,781 | ||||||||||||
Deferred Trustee fees | 4,195 | 3,184 | 3,000 | ||||||||||||
Accrued expenses | 96 | — | — | ||||||||||||
Total liabilities | 1,089,377 | 9,214,622 | 2,742,548 | ||||||||||||
NET ASSETS | $ | 176,578,132 | $ | 3,461,322,364 | $ | 1,801,346,964 | |||||||||
Shares outstanding | 6,075,000 | 55,396,401 | 34,898,916 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 29.07 | $ | 62.48 | $ | 51.62 | |||||||||
Net Assets consist of: | |||||||||||||||
Aggregate paid in capital | $ | 171,887,824 | $ | 3,430,387,389 | $ | 1,709,742,983 | |||||||||
Total distributable earnings (loss) | 4,690,308 | 30,934,975 | 91,603,981 | ||||||||||||
NET ASSETS | $ | 176,578,132 | $ | 3,461,322,364 | $ | 1,801,346,964 | |||||||||
(1) Cost of investments – Unaffiliated issuers | $ | 167,029,305 | $ | 3,305,094,729 | $ | 1,689,816,657 | |||||||||
(2) Cost of investments – Affiliated issuers | $ | — | $ | — | $ | — |
See Notes to Financial Statements
138 |
Long Muni ETF | Muni Allocation ETF | Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||
$ | 224,870,563 | $ | — | $ | 301,175,300 | $ | 291,959,839 | |||||||||||
— | 4,985,185 | — | — | |||||||||||||||
886,404 | 4,211 | 804,677 | 3,769,320 | |||||||||||||||
— | — | — | — | |||||||||||||||
— | — | — | 1,804,344 | |||||||||||||||
2,518,840 | — | 3,826,987 | 3,480,074 | |||||||||||||||
228,275,807 | 4,989,396 | 305,806,964 | 301,013,577 | |||||||||||||||
573,417 | — | — | 4,141,837 | |||||||||||||||
— | — | — | — | |||||||||||||||
47,157 | 329 | 94,776 | 55,185 | |||||||||||||||
1,517 | — | — | 1,600 | |||||||||||||||
— | — | — | 33 | |||||||||||||||
622,091 | 329 | 94,776 | 4,198,655 | |||||||||||||||
$ | 227,653,716 | $ | 4,989,067 | $ | 305,712,188 | $ | 296,814,922 | |||||||||||
10,500,000 | 200,000 | 12,200,000 | 16,450,000 | |||||||||||||||
$ | 21.68 | $ | 24.95 | $ | 25.06 | $ | 18.04 | |||||||||||
$ | 215,892,851 | $ | 5,416,478 | $ | 305,868,567 | $ | 291,867,122 | |||||||||||
11,760,865 | (427,411 | ) | (156,379 | ) | 4,947,800 | |||||||||||||
$ | 227,653,716 | $ | 4,989,067 | $ | 305,712,188 | $ | 296,814,922 | |||||||||||
$ | 214,399,322 | $ | — | $ | 293,226,326 | $ | 287,181,734 | |||||||||||
$ | — | $ | 4,695,763 | $ | — | $ | — |
See Notes to Financial Statements
139 |
VANECK VECTORS ETF TRUST
For the Year Ended April 30, 2021
CEF Municipal Income ETF | High Yield Muni ETF | Intermediate Muni ETF | |||||||||||||
Income: | |||||||||||||||
Interest | $ | 48 | $ | 127,006,942 | $ | 36,452,022 | |||||||||
Dividends – unaffiliated issuers | 7,247,980 | — | — | ||||||||||||
Dividends – affiliated issuers | — | — | — | ||||||||||||
Total income | 7,248,028 | 127,006,942 | 36,452,022 | ||||||||||||
Expenses: | |||||||||||||||
Management fees | 633,357 | 10,439,300 | 4,087,387 | ||||||||||||
Interest | 3,473 | — | 122 | ||||||||||||
Total expenses | 636,830 | 10,439,300 | 4,087,509 | ||||||||||||
Net investment income | 6,611,198 | 116,567,642 | 32,364,513 | ||||||||||||
Net realized gain (loss) on: | |||||||||||||||
Investments – unaffiliated issuers | (395,401 | ) | (40,667,669 | ) | 3,609,000 | ||||||||||
Investments – affiliated issuers | — | — | — | ||||||||||||
In-kind redemptions – unaffiliated issuers | 1,520,401 | (45,979,456 | ) | 22,163,251 | |||||||||||
Capital gain distributions from investment companies – unaffiliated issuers | 92,584 | — | — | ||||||||||||
Capital gain distributions from investment companies – affiliated issuers | — | — | — | ||||||||||||
Net realized gain (loss) | 1,217,584 | (86,647,125 | ) | 25,772,251 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
Investments – unaffiliated issuers | 25,470,232 | 390,659,103 | 60,943,861 | ||||||||||||
Investments – affiliated issuers | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 25,470,232 | 390,659,103 | 60,943,861 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 33,299,014 | $ | 420,579,620 | $ | 119,080,625 |
See Notes to Financial Statements
140 |
Long Muni ETF | Muni Allocation ETF | Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||
$ | 5,933,112 | $ | 9 | $ | 8,180,188 | $ | 3,394,902 | |||||||||||
— | — | — | — | |||||||||||||||
— | 128,148 | — | — | |||||||||||||||
5,933,112 | 128,157 | 8,180,188 | 3,394,902 | |||||||||||||||
529,294 | 3,920 | 860,132 | 465,944 | |||||||||||||||
1,052 | — | 1,594 | 694 | |||||||||||||||
530,346 | 3,920 | 861,726 | 466,638 | |||||||||||||||
5,402,766 | 124,237 | 7,318,462 | 2,928,264 | |||||||||||||||
1,427,746 | — | (3,886,900 | ) | 1,167,630 | ||||||||||||||
— | 138,684 | — | — | |||||||||||||||
1,419,597 | — | (2,760,437 | ) | 3,652 | ||||||||||||||
— | — | — | — | |||||||||||||||
— | 5,310 | — | — | |||||||||||||||
2,847,343 | 143,994 | (6,647,337 | ) | 1,171,282 | ||||||||||||||
12,170,970 | — | 26,083,232 | 4,643,506 | |||||||||||||||
— | 263,796 | — | — | |||||||||||||||
12,170,970 | 263,796 | 26,083,232 | 4,643,506 | |||||||||||||||
$ | 20,421,079 | $ | 532,027 | $ | 26,754,357 | $ | 8,743,052 |
See Notes to Financial Statements
141 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
CEF Municipal Income ETF | High Yield Muni ETF | |||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 6,611,198 | $ | 6,418,465 | $ | 116,567,642 | $ | 135,063,522 | ||||||||||||
Net realized gain (loss) | 1,217,584 | (1,348,736 | ) | (86,647,125 | ) | (73,112,724 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | 25,470,232 | (12,581,766 | ) | 390,659,103 | (329,370,475 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 33,299,014 | (7,512,037 | ) | 420,579,620 | (267,419,677 | ) | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (6,430,030 | ) | (6,488,575 | ) | (116,872,827 | ) | (130,789,239 | ) | ||||||||||||
Share transactions:** | ||||||||||||||||||||
Proceeds from sale of shares | 31,098,244 | 55,048,993 | 1,105,042,152 | 1,221,086,378 | ||||||||||||||||
Cost of shares redeemed | (23,775,486 | ) | (42,631,985 | ) | (517,793,142 | ) | (908,446,635 | ) | ||||||||||||
Increase (decrease) in net assets resulting from share transactions | 7,322,758 | 12,417,008 | 587,249,010 | 312,639,743 | ||||||||||||||||
Total increase (decrease) in net assets | 34,191,742 | (1,583,604 | ) | 890,955,803 | (85,569,173 | ) | ||||||||||||||
Net Assets, beginning of year | 142,386,390 | 143,969,994 | 2,570,366,561 | 2,655,935,734 | ||||||||||||||||
Net Assets, end of year | $ | 176,578,132 | $ | 142,386,390 | $ | 3,461,322,364 | $ | 2,570,366,561 | ||||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 1,100,000 | 2,050,000 | 18,300,000 | 18,950,000 | ||||||||||||||||
Shares redeemed | (875,000 | ) | (1,700,000 | ) | (8,700,000 | ) | (15,450,000 | ) | ||||||||||||
Net increase (decrease) | 225,000 | 350,000 | 9,600,000 | 3,500,000 |
* | Commencement of operations |
See Notes to Financial Statements
142 |
Intermediate Muni ETF | Long Muni ETF | Muni Allocation ETF | ||||||||||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | For the Period May 15, 2019* through April 30, 2020 | |||||||||||||||||||||||
$ | 32,364,513 | $ | 39,019,165 | $ | 5,402,766 | $ | 5,189,400 | $ | 124,237 | $ | 116,669 | |||||||||||||||||
25,772,251 | 21,694,749 | 2,847,343 | 1,034,127 | 143,994 | (833,509 | ) | ||||||||||||||||||||||
60,943,861 | (15,398,761 | ) | 12,170,970 | (5,040,336 | ) | 263,796 | 25,626 | |||||||||||||||||||||
119,080,625 | 45,315,153 | 20,421,079 | 1,183,191 | 532,027 | (691,214 | ) | ||||||||||||||||||||||
(34,896,906 | ) | (41,718,531 | ) | (5,817,215 | ) | (5,352,305 | ) | (135,120 | ) | (95,420 | ) | |||||||||||||||||
535,463,826 | 357,137,377 | 52,826,059 | 76,206,819 | — | 7,683,791 | |||||||||||||||||||||||
(399,980,004 | ) | (499,235,628 | ) | (39,574,236 | ) | (25,241,268 | ) | — | (2,304,997 | ) | ||||||||||||||||||
135,483,822 | (142,098,251 | ) | 13,251,823 | 50,965,551 | — | 5,378,794 | ||||||||||||||||||||||
219,667,541 | (138,501,629 | ) | 27,855,687 | 46,796,437 | 396,907 | 4,592,160 | ||||||||||||||||||||||
1,581,679,423 | 1,720,181,052 | 199,798,029 | 153,001,592 | 4,592,160 | — | |||||||||||||||||||||||
$ | 1,801,346,964 | $ | 1,581,679,423 | $ | 227,653,716 | $ | 199,798,029 | $ | 4,989,067 | $ | 4,592,160 | |||||||||||||||||
10,400,000 | 7,100,000 | 2,450,000 | 3,600,000 | — | 300,000 | |||||||||||||||||||||||
(7,800,000 | ) | (9,950,000 | ) | (1,850,000 | ) | (1,200,000 | ) | — | (100,000 | ) | ||||||||||||||||||
2,600,000 | (2,850,000 | ) | 600,000 | 2,400,000 | — | 200,000 |
See Notes to Financial Statements
143 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 7,318,462 | $ | 8,443,972 | $ | 2,928,264 | $ | 3,108,014 | ||||||||||||
Net realized gain (loss) | (6,647,337 | ) | (1,555,306 | ) | 1,171,282 | 824,500 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 26,083,232 | (20,189,964 | ) | 4,643,506 | (757,914 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 26,754,357 | (13,301,298 | ) | 8,743,052 | 3,174,600 | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (7,514,640 | ) | (7,999,685 | ) | (3,213,715 | ) | (3,177,000 | ) | ||||||||||||
Share transactions:** | ||||||||||||||||||||
Proceeds from sale of shares | 69,894,109 | 97,158,157 | 89,493,269 | 9,788,193 | ||||||||||||||||
Cost of shares redeemed | (46,687,411 | ) | (15,135,972 | ) | (1,805,548 | ) | (7,062,607 | ) | ||||||||||||
Increase in net assets resulting from share transactions | 23,206,698 | 82,022,185 | 87,687,721 | 2,725,586 | ||||||||||||||||
Total increase in net assets | 42,446,415 | 60,721,202 | 93,217,058 | 2,723,186 | ||||||||||||||||
Net Assets, beginning of year | 263,265,773 | 202,544,571 | 203,597,864 | 200,874,678 | ||||||||||||||||
Net Assets, end of year | $ | 305,712,188 | $ | 263,265,773 | $ | 296,814,922 | $ | 203,597,864 | ||||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 2,800,000 | 3,850,000 | 4,950,000 | 550,000 | ||||||||||||||||
Shares redeemed | (2,000,000 | ) | (650,000 | ) | (100,000 | ) | (400,000 | ) | ||||||||||||
Net increase | 800,000 | 3,200,000 | 4,850,000 | 150,000 |
See Notes to Financial Statements
144 |
VANECK VECTORS ETF TRUST
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(d) | The ratios represented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
# | On October 26, 2018, The Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split. |
(e) | Periods after November 1, 2019 reflect a unitary management fee structure. |
See Notes to Financial Statements
145 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
# | On October 26, 2018, The Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
146 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Calculated based upon average shares outstanding |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(g) | The ratios represented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
(h) | Periods after November 1, 2019 reflect a unitary management fee structure. |
See Notes to Financial Statements
147 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
148 |
VANECK VECTORS ETF TRUST
April 30, 2021
Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification | |
CEF Municipal Income ETF (“CEF Municipal”) | Diversified | |
High Yield Muni ETF1 (“High Yield”) | Diversified | |
Intermediate Muni ETF2 (“Intermediate”) | Diversified | |
Long Muni ETF3 (“Long”) | Diversified | |
Muni Allocation ETF4 (“Muni Allocation”) | Non-Diversified | |
Short High Yield Muni ETF5 (“Short High Yield”) | Diversified | |
Short Muni ETF6 (“Short”) | Diversified |
1 | Formerly known as High-Yield Municipal Index ETF |
2 | Formerly known as AMT-Free Intermediate Municipal Index ETF |
3 | Formerly known as AMT-Free Long Municipal Index ETF |
4 | Formerly known as Municipal Allocation ETF |
5 | Formerly known as Short High-Yield Municipal Index ETF |
6 | Formerly known as AMT-Free Short Municipal Index ETF |
Each Fund’s investment objective (except for Muni Allocation) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The investment objective of Muni Allocation is to maximize long-term after-tax return, consisting of capital appreciation and income exempt from federal income tax. The Funds (except CEF Municipal and Muni Allocation) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund’s respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Municipal seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The Muni Allocation is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck Vectors ETFs that invest in publicly traded municipal bonds.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services — Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. |
149 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: |
Level 1 — Quoted prices in active markets for identical securities. | |
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
D. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
E. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. |
150 |
The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented in the Statements of Operations. | |
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. | |
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
The management fee rates for the year ended April 30, 2021 are as follows:
Fund | Unitary Management Fee Rate | |
CEF Municipal | 0.40 | % |
High Yield | 0.35 | |
Intermediate | 0.24 | |
Long | 0.24 | |
Muni Allocation | 0.08 | |
Short High Yield | 0.35 | |
Short | 0.20 |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At April 30, 2021, the Adviser owned 13,600 shares of High Yield, 300,000 shares of Intermediate and 24,500 shares of Short High Yield.
Note 4—Capital Share Transactions—As of April 30, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
151 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 5—Investments—For the year ended April 30, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
CEF Municipal | $ | 18,946,258 | $ | 17,758,252 | $ | 31,104,894 | $ | 23,776,414 | ||||||||
High Yield | 745,833,701 | 259,464,976 | 615,159,885 | 501,495,911 | ||||||||||||
Intermediate | 202,071,698 | 98,602,400 | 455,262,940 | 405,219,498 | ||||||||||||
Long | 75,881,528 | 49,492,827 | 29,561,382 | 40,097,875 | ||||||||||||
Muni Allocation | 8,238,551 | 8,247,140 | — | — | ||||||||||||
Short High Yield | 82,205,730 | 33,854,899 | 23,414,564 | 47,389,381 | ||||||||||||
Short | 139,007,039 | 69,770,502 | 23,310,937 | 1,831,566 |
Note 6—Income Taxes—As of April 30, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
CEF Municipal | $ | 167,004,113 | $ | 10,707,506 | $ | (519,540 | ) | $ | 10,187,966 | |||||||
High Yield | 3,302,203,936 | 181,636,535 | (75,001,957 | ) | 106,634,578 | |||||||||||
Intermediate | 1,689,713,692 | 91,751,634 | (3,068,529 | ) | 88,683,105 | |||||||||||
Long | 214,396,410 | 10,905,367 | (431,214 | ) | 10,474,153 | |||||||||||
Muni Allocation | 4,709,105 | 290,638 | (14,558 | ) | 276,080 | |||||||||||
Short High Yield | 293,267,955 | 11,792,663 | (3,885,318 | ) | 7,907,345 | |||||||||||
Short | 287,569,893 | 4,910,126 | (520,180 | ) | 4,389,946 |
At April 30, 2021, the components of distributable earnings (loss) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Tax-Exempt Income | Undistributed Realized Gains / Accumulated Capital (Losses) | Other Temporary Differences | Net Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | |||||||||||||||
CEF Municipal | $ | 505,674 | $ | (5,996,190 | ) | $ | (7,142 | ) | $ | 10,187,966 | $ | 4,690,308 | ||||||||
High Yield | 13,143,323 | (88,660,025 | ) | (182,901 | ) | 106,634,578 | 30,934,975 | |||||||||||||
Intermediate | 3,019,428 | 25,589 | (124,141 | ) | 88,683,105 | 91,603,981 | ||||||||||||||
Long | 471,962 | 830,177 | (15,427 | ) | 10,474,153 | 11,760,865 | ||||||||||||||
Muni Allocation | 10,442 | (713,857 | ) | (76 | ) | 276,080 | (427,411 | ) | ||||||||||||
Short High Yield | 848,672 | (8,905,741 | ) | (6,655 | ) | 7,907,345 | (156,379 | ) | ||||||||||||
Short | 339,052 | 252,182 | (33,380 | ) | 4,389,946 | 4,947,800 |
The tax character of dividends paid to shareholders during the years ended April 30, 2021 and April 30, 2020 was as follows:
April 30, 2021 | April 30, 2020 | |||||||||||||||||||||||
Fund | Tax-Exempt Income | Ordinary Income | Long-Term Capital Gains | Tax-Exempt Income | Ordinary Income | Long-Term Capital Gains | ||||||||||||||||||
CEF Municipal | $ | 6,346,474 | $ | 83,556 | $ | — | $ | 6,401,122 | $ | 87,453 | $ | — | ||||||||||||
High Yield | 116,187,078 | 685,749 | — | 128,217,138 | 2,572,101 | — | ||||||||||||||||||
Intermediate | 32,472,877 | 21,496 | 2,402,533 | 39,297,148 | 157,745 | 2,263,638 | ||||||||||||||||||
Long | 5,373,134 | 4,311 | 439,770 | 5,122,752 | 14,744 | 214,809 | ||||||||||||||||||
Muni Allocation | 134,686 | 434 | — | 90,364 | 5,056 | — | ||||||||||||||||||
Short High Yield | 7,454,678 | 59,962 | — | 7,783,491 | 216,194 | — | ||||||||||||||||||
Short | 3,212,507 | 1,208 | — | 3,159,608 | 17,392 | — |
152 |
At April 30, 2021, the following Funds had capital loss carryforwards available to offset future capital gains:
Fund | Short-Term Capital Losses with No Expiration | Long-Term Capital Losses with No Expiration | Total | |||||||||
CEF Municipal | $ | (1,486,406 | ) | $ | (4,509,784 | ) | $ | (5,996,190 | ) | |||
High Yield | (30,927,276 | ) | (57,732,749 | ) | (88,660,025 | ) | ||||||
Muni Allocation | (713,857 | ) | — | (713,857 | ) | |||||||
Short High Yield | (1,758,615 | ) | (7,147,126 | ) | (8,905,741 | ) |
During the year ended April 30, 2021, Muni Allocation and Short utilized $131,965 and $914,941, respectively, of their capital loss carryover available from prior years.
During the year ended April 30, 2021, as a result of permanent book to tax differences primarily due to the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
CEF Municipal | $ | (1,506,769 | ) | $ | 1,506,769 | |||
High Yield | 45,979,458 | (45,979,458 | ) | |||||
Intermediate | (22,163,250 | ) | 22,163,250 | |||||
Long | (1,419,597 | ) | 1,419,597 | |||||
Short High Yield | 2,760,437 | (2,760,437 | ) | |||||
Short | (3,653 | ) | 3,653 |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2021, the Funds did not incur any interest or penalties.
Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.
High Yield and Short High Yield invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market. High Yield and Short High Yield may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
CEF Municipal invests in closed-end funds and Muni Allocation invests in ETFs that may trade at a discount or premium to their net asset value. These Funds are dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, CEF Municipal may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and
153 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010 for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Municipal and Muni Allocation Funds. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through these dates. Amounts accrued after these dates, including those from Short High Yield, are presented in “Due to Adviser”.
Note 9—Bank Line of Credit—The Funds participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2021, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
CEF Municipal | 245 | $ | 313,605 | 1.44 | % | |||||||
Intermediate | 1 | 313,867 | 1.43 | |||||||||
Long | 38 | 282,240 | 1.44 | |||||||||
Short High Yield | 34 | 408,105 | 1.40 | |||||||||
Short | 14 | 453,042 | 1.45 |
Outstanding loan balances as of April 30, 2021, if any, are reflected in the Statements of Assets and Liabilities.
Note 10—Share Split—In 2018, the Board of Trustees approved a 1 for 2 reverse share split for Intermediate Muni ETF and High Yield Muni ETF. On October 26, 2018 shares began trading on a split adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
Note 11—Recent Accounting Pronouncements—The Funds adopted all provisions of the Accounting Standards Update No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. Based on management’s evaluation, the adoption of the ASU 2018-13 had no material impact on the financial statements and related disclosures.
Note 12—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
154 |
VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Vectors CEF Municipal Income ETF, VanEck Vectors High Yield Muni ETF, VanEck Vectors Intermediate Muni ETF, VanEck Vectors Long Muni ETF, VanEck Vectors Muni Allocation ETF, VanEck Vectors Short High Yield Muni ETF and VanEck Vectors Short Muni ETF and the Board of Trustees of VanEck Vectors ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck Vectors CEF Municipal Income ETF, VanEck Vectors High Yield Muni ETF, VanEck Vectors Intermediate Muni ETF, VanEck Vectors Long Muni ETF, VanEck Vectors Muni Allocation ETF, VanEck Vectors Short High Yield Muni ETF and VanEck Vectors Short Muni ETF (collectively referred to as the “Funds”) (seven of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the series constituting VanEck Vectors ETF Trust) at April 30, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the VanEck Vectors ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
VanEck Vectors CEF Municipal Income ETF | For the year ended April 30, 2021 | For each of the two years in the period ended April 30, 2021 | For each of the five years in the period ended April 30, 2021 | |||
VanEck Vectors High Yield Muni ETF | ||||||
VanEck Vectors Intermediate Muni ETF | ||||||
VanEck Vectors Long Muni ETF | ||||||
VanEck Vectors Short High Yield Muni ETF | ||||||
VanEck Vectors Short Muni ETF | ||||||
VanEck Vectors Muni Allocation ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and for the period from May 15, 2019 (commencement of operations) through April 30, 2020 | For the year ended April 30, 2021 and for the period from May 15, 2019 (commencement of operations) through April 30, 2020 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
155 |
VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(continued)
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New York
June 23, 2021
156 |
VANECK VECTORS ETF TRUST
(unaudited)
The per share amounts of taxable vs. tax-exempt income paid by the funds during the taxable year ended April 30, 2021 are listed in the table below. The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022.
Additionally, all of the taxable ordinary income represents Qualified Interest Income (QII) for non-resident alien shareholders.
Please consult your tax advisor for proper treatment of this information.
Fund Name | Ticker Symbol | Payable Date | Tax-Exempt Interest Per Share | Taxable Ordinary Income Per Share | Long-Term Capital Gains Per Share | Total Distribution Per Share | ||||||||||||||||||
CEF Municipal | XMPT | 05/07/2020 | $ | 0.073121 | $ | 0.000879 | $ | — | $ | 0.074000 | ||||||||||||||
06/05/2020 | 0.092305 | 0.001295 | — | 0.093600 | ||||||||||||||||||||
07/08/2020 | 0.091911 | 0.001289 | — | 0.093200 | ||||||||||||||||||||
08/07/2020 | 0.090234 | 0.001266 | — | 0.091500 | ||||||||||||||||||||
09/08/2020 | 0.088854 | 0.001246 | — | 0.090100 | ||||||||||||||||||||
10/07/2020 | 0.089643 | 0.001257 | — | 0.090900 | ||||||||||||||||||||
11/06/2020 | 0.099406 | 0.001394 | — | 0.100800 | ||||||||||||||||||||
12/07/2020 | 0.092207 | 0.001293 | — | 0.093500 | ||||||||||||||||||||
01/05/2021 | 0.106802 | 0.001498 | — | 0.108300 | ||||||||||||||||||||
02/05/2021 | 0.090202 | 0.001198 | — | 0.091400 | ||||||||||||||||||||
03/05/2021 | 0.092275 | 0.001225 | — | 0.093500 | ||||||||||||||||||||
04/08/2021 | 0.094545 | 0.001255 | — | 0.095800 | ||||||||||||||||||||
CEF Municipal Total | $ | 1.101505 | $ | 0.015095 | $ | — | $ | 1.116600 | ||||||||||||||||
High Yield | HYD | 05/07/2020 | $ | 0.198284 | $ | 0.008716 | $ | — | $ | 0.207000 | ||||||||||||||
06/05/2020 | 0.214676 | 0.004724 | — | 0.219400 | ||||||||||||||||||||
07/08/2020 | 0.187306 | 0.000894 | — | 0.188200 | ||||||||||||||||||||
08/07/2020 | 0.190989 | 0.000911 | — | 0.191900 | ||||||||||||||||||||
09/08/2020 | 0.212188 | 0.001012 | — | 0.213200 | ||||||||||||||||||||
10/07/2020 | 0.208406 | 0.000994 | — | 0.209400 | ||||||||||||||||||||
11/06/2020 | 0.196562 | 0.000938 | — | 0.197500 | ||||||||||||||||||||
12/07/2020 | 0.186411 | 0.000889 | — | 0.187300 | ||||||||||||||||||||
01/05/2021 | 0.206316 | 0.000984 | — | 0.207300 | ||||||||||||||||||||
02/05/2021 | 0.194125 | 0.001775 | — | 0.195900 | ||||||||||||||||||||
03/05/2021 | 0.179954 | 0.001646 | — | 0.181600 | ||||||||||||||||||||
04/08/2021 | 0.192638 | 0.001762 | — | 0.194400 | ||||||||||||||||||||
High Yield Total | $ | 2.367855 | $ | 0.025245 | $ | — | $ | 2.393100 | ||||||||||||||||
Intermediate | ITM | 05/07/2020 | $ | 0.090811 | $ | 0.000289 | $ | — | $ | 0.091100 | ||||||||||||||
06/05/2020 | 0.094118 | 0.000082 | — | 0.094200 | ||||||||||||||||||||
07/08/2020 | 0.082037 | 0.000063 | — | 0.082100 | ||||||||||||||||||||
08/07/2020 | 0.088432 | 0.000068 | — | 0.088500 | ||||||||||||||||||||
09/08/2020 | 0.082837 | 0.000063 | — | 0.082900 | ||||||||||||||||||||
10/07/2020 | 0.078240 | 0.000060 | — | 0.078300 | ||||||||||||||||||||
11/06/2020 | 0.084635 | 0.000065 | — | 0.084700 | ||||||||||||||||||||
12/07/2020 | 0.076142 | 0.000058 | �� | — | 0.076200 | |||||||||||||||||||
01/05/2021 | 0.082437 | 0.000063 | 0.071400 | 0.153900 | ||||||||||||||||||||
02/05/2021 | 0.076052 | 0.000048 | — | 0.076100 | ||||||||||||||||||||
03/05/2021 | 0.067257 | 0.000043 | — | 0.067300 | ||||||||||||||||||||
04/08/2021 | 0.080249 | 0.000051 | — | 0.080300 | ||||||||||||||||||||
Intermediate Total | $ | 0.983247 | $ | 0.000953 | $ | 0.071400 | $ | 1.055600 |
157 |
VANECK VECTORS ETF TRUST
TAX INFORMATION
(unaudited) (continued)
Fund Name | Ticker Symbol | Payable Date | Tax-Exempt Interest Per Share | Taxable Ordinary Income Per Share | Long-Term Capital Gains Per Share | Total Distribution Per Share | ||||||||||||||||||
Long | MLN | 05/07/2020 | $ | 0.043720 | $ | 0.000080 | $ | — | $ | 0.043800 | ||||||||||||||
06/05/2020 | 0.047051 | 0.000049 | — | 0.047100 | ||||||||||||||||||||
07/08/2020 | 0.043955 | 0.000045 | — | 0.044000 | ||||||||||||||||||||
08/07/2020 | 0.047751 | 0.000049 | — | 0.047800 | ||||||||||||||||||||
09/08/2020 | 0.045354 | 0.000046 | — | 0.045400 | ||||||||||||||||||||
10/07/2020 | 0.042657 | 0.000043 | — | 0.042700 | ||||||||||||||||||||
11/06/2020 | 0.045753 | 0.000047 | — | 0.045800 | ||||||||||||||||||||
12/07/2020 | 0.042157 | 0.000043 | — | 0.042200 | ||||||||||||||||||||
01/05/2021 | 0.044055 | 0.000045 | 0.041100 | 0.085200 | ||||||||||||||||||||
02/05/2021 | 0.040880 | 0.000020 | — | 0.040900 | ||||||||||||||||||||
03/05/2021 | 0.035782 | 0.000018 | — | 0.035800 | ||||||||||||||||||||
04/08/2021 | 0.044878 | 0.000022 | — | 0.044900 | ||||||||||||||||||||
Long Total | $ | 0.523993 | $ | 0.000507 | $ | 0.041100 | $ | 0.565600 | ||||||||||||||||
Muni Allocation | MAAX | 05/07/2020 | $ | 0.103808 | $ | 0.002392 | $ | — | $ | 0.106200 | ||||||||||||||
06/05/2020 | 0.027950 | 0.001350 | — | 0.029300 | ||||||||||||||||||||
07/08/2020 | 0.043831 | 0.002169 | — | 0.046000 | ||||||||||||||||||||
08/07/2020 | 0.054884 | 0.002716 | — | 0.057600 | ||||||||||||||||||||
09/08/2020 | 0.057837 | 0.002863 | — | 0.060700 | ||||||||||||||||||||
10/07/2020 | 0.054979 | 0.002721 | — | 0.057700 | ||||||||||||||||||||
11/06/2020 | 0.052787 | 0.002613 | — | 0.055400 | ||||||||||||||||||||
12/07/2020 | 0.053550 | 0.002650 | — | 0.056200 | ||||||||||||||||||||
01/05/2021 | 0.049548 | 0.002452 | — | 0.052000 | ||||||||||||||||||||
02/05/2021 | 0.056300 | — | — | 0.056300 | ||||||||||||||||||||
03/05/2021 | 0.052800 | — | — | 0.052800 | ||||||||||||||||||||
04/08/2021 | 0.045400 | — | — | 0.045400 | ||||||||||||||||||||
Muni Allocation Total | $ | 0.653674 | $ | 0.021926 | $ | — | $ | 0.675600 | ||||||||||||||||
Short | SMB | 05/07/2020 | $ | 0.023553 | $ | 0.000047 | $ | — | $ | 0.023600 | ||||||||||||||
06/05/2020 | 0.024498 | 0.000002 | — | 0.024500 | ||||||||||||||||||||
07/08/2020 | 0.021600 | — | — | 0.021600 | ||||||||||||||||||||
08/07/2020 | 0.024800 | — | — | 0.024800 | ||||||||||||||||||||
09/08/2020 | 0.022600 | — | — | 0.022600 | ||||||||||||||||||||
10/07/2020 | 0.020700 | — | — | 0.020700 | ||||||||||||||||||||
11/06/2020 | 0.023200 | — | — | 0.023200 | ||||||||||||||||||||
12/07/2020 | 0.019900 | — | — | 0.019900 | ||||||||||||||||||||
01/05/2021 | 0.022200 | — | — | 0.022200 | ||||||||||||||||||||
02/05/2021 | 0.017772 | 0.000028 | — | 0.017800 | ||||||||||||||||||||
03/05/2021 | 0.014777 | 0.000023 | — | 0.014800 | ||||||||||||||||||||
04/08/2021 | 0.018871 | 0.000029 | — | 0.018900 | ||||||||||||||||||||
Short Total | $ | 0.254471 | $ | 0.000129 | $ | — | $ | 0.254600 | ||||||||||||||||
Short High Yield | SHYD | 05/07/2020 | $ | 0.052489 | $ | 0.003211 | $ | — | $ | 0.055700 | ||||||||||||||
06/05/2020 | 0.067615 | 0.002385 | — | 0.070000 | ||||||||||||||||||||
07/08/2020 | 0.055232 | 0.000668 | — | 0.055900 | ||||||||||||||||||||
08/07/2020 | 0.061061 | 0.000739 | — | 0.061800 | ||||||||||||||||||||
09/08/2020 | 0.063729 | 0.000771 | — | 0.064500 | ||||||||||||||||||||
10/07/2020 | 0.063037 | 0.000763 | — | 0.063800 | ||||||||||||||||||||
11/06/2020 | 0.063927 | 0.000773 | — | 0.064700 | ||||||||||||||||||||
12/07/2020 | 0.060765 | 0.000735 | — | 0.061500 | ||||||||||||||||||||
01/05/2021 | 0.064025 | 0.000775 | — | 0.064800 | ||||||||||||||||||||
02/05/2021 | 0.063121 | 0.000179 | — | 0.063300 | ||||||||||||||||||||
03/05/2021 | 0.063819 | 0.000181 | — | 0.064000 | ||||||||||||||||||||
04/08/2021 | 0.058434 | 0.000166 | — | 0.058600 | ||||||||||||||||||||
Short High Yield Total | $ | 0.737254 | $ | 0.011346 | $ | — | $ | 0.748600 |
158 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2021 (unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held Outside the Fund Complex3 During Past Five Years | |||||
Independent Trustees | ||||||||||
David H. Chow, 1957*† | Chairman Trustee | Since 2008 Since 2006 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 58 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. | |||||
Laurie A. Hesslein, 1959*† | Trustee | Since 2019 | Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 58 | Trustee, First Eagle Senior Loan Fund. Formerly, Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 69 | Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J. Sidebottom, 1962*† | Trustee | Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 58 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019. | 69 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee | ||||||||||
Jan F. van Eck, 19635 | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 69 | Director, National Committee on US- China Relations. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
159 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(continued)
Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Arian Neiron, 1979 | Vice President | Since 2018 | Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
160 |
VANECK VECTORS ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2020 to December 31, 2020 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted significant market volatility occurring during a portion of the Review Period and the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT Filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | Van Eck Associates Corporation | |
Distributor: | Van Eck Securities Corporation 666 Third Avenue, New York, NY 10017 vaneck.com | |
Account Assistance: | 800.826.2333 | MUNIAR |
ANNUAL REPORT April 30, 2021 |
VANECK VECTORS® | |
BDC Income ETF | BIZDTM |
ChinaAMC China Bond ETF | CBON® |
Emerging Markets Aggregate Bond ETF | EMAG® |
Emerging Markets High Yield Bond ETF | HYEM® |
Fallen Angel High Yield Bond ETF | ANGL® |
Green Bond ETF | GRNB® |
International High Yield Bond ETF | IHY® |
Investment Grade Floating Rate ETF | FLTR® |
J.P. Morgan EM Local Currency Bond ETF | EMLC® |
Moody’s Analytics® BBB Corporate Bond ETF | MBBB |
Moody’s Analytics® IG Corporate Bond ETF | MIG |
Mortgage REIT Income ETF | MORT® |
Preferred Securities ex Financials ETF | PFXF® |
800.826.2333 | vaneck.com |
Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2021.
VANECK VECTORS ETFs
April 30, 2021 (unaudited)
Dear Fellow Shareholders:
The way we think about the financial markets—since no one knows the future for sure—is to identify potential scenarios. Last year, we said that roaring global growth would push interest rates to 1.5%-2.0% during 2021. This already happened in the first quarter! Now what?
The mainstream, high-probability scenario (“Goldilocks”) is that the rate increases pause and stock markets continue to make new highs. To support this idea of strong-but-tapering growth, the first major country that went through the COVID-19 cycle is now leveling off after its boom. Following some temporary weakness in February, China’s manufacturing PMI (Purchasing Managers’ Index) rose more than expected in March and the services PMI soared, only confirming that the recovery is getting more balanced. For updates on this, please follow Natalia Gurushina’s daily emails or our monthly China updates.
Another scenario is the “Wage Inflation” scenario. I like to distinguish between commodity price inflation and wage inflation. Commodity prices have been rallying strongly since last summer with almost all commodity prices at multi-year highs. But wage inflation is more important for financial markets. Wage inflation is the driver of a longer-lasting inflation and can be hard to extinguish. The level of stimulus from the U.S. Federal Reserve we saw in 2020 was unprecedented, as is the spending planned by the new Biden administration. We may find that we are witnessing a paradigm change in the “environment” of the financial markets and a new “dynamic” compared with the last 10 years. And a burst of commodity price inflation isn’t the concern in this “Wage Inflation” scenario, rather the concern is that investment consequences could endure not only through 2021, but also well into 2022. This, then, is the risk that wage inflation takes off, triggered by super-heated growth and rising rates. After all, the U.S. economy hasn’t seen GDP growth rates like this since the 1950s. My investment colleagues are divided on whether wage inflation is possible in an over-stimulated yet deflationary world. We’ll see in 2022.
The final scenario remains that, with this tremendous stimulus, we expect to see interest rates rise unexpectedly further in the second half of 2021. In fact, I believe there is a chance that 10-year U.S. interest rates can exceed 2.5% by the end of 2021—“Rate Surprise”—and that investors should have this scenario on their radar screens. This could lead to turbulence in financial markets. By definition, bonds will fall further. But again, this may be okay for equities.
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for the funds for the twelve month period ended April 30, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck Funds
PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
May 3, 2021
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
1 |
VANECK VECTORS ETFs
April 30, 2021 (unaudited)
MARKET REVIEW
Following the immediate market impact sparked by the COVID-19 pandemic, monetary and fiscal stimulus implemented in most major economies resulted in a strong and sustained recovery in financial markets that began in April 2020. Short-term U.S. interest rates remained anchored near zero, while long-term rates began to move meaningfully upwards following the U.S. election results in late-2020 and into 2021. The U.S. dollar’s strength faded through most of the year following a sharp rally in March 2020, but found support later in the year as yields increased. Risk appetite returned following a wave of credit deterioration early in the pandemic, with spreads tightening to below pre-pandemic levels by April 2021 as the search for yield continued.
CORPORATE BOND
Fallen Angel Bonds
VanEck Vectors Fallen Angel High Yield Bond ETF, which gained 25.95% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds provide a distinct value proposition that sets them apart from the broad high yield market. Contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus have provided long term outperformance. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by over 240 basis points annually.1
While the energy sector (which is the ETF’s largest sector exposure) was by far the largest positive contributor to the performance of the fund during the period under review, all other sectors contributed positively to performance. The insurance sector contributed the least.
Investment Grade Floating Rate Notes
Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. In addition, as short term interest rates fall, portfolio securities reset to lower yields. This was seen over the last 12 months, as three month LIBOR rates dropped from 0.56% to under 0.20% by April 30, 2021. VanEck Vectors Investment Grade Floating Rate ETF gained 4.07% over this period.
All sectors provided positive returns, with the financial sector (the ETF’s largest sector exposure) contributing by far the most. The basic materials sector contributed the least.
Investment Grade Corporate Bonds
The U.S. investment grade corporate bond market is both large and diverse and, with the increase in corporate leverage over the past decade coinciding with lower overall spreads, investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. In particular, focusing on bonds that are priced attractively relative to their risk has provided significant outperformance historically. VanEck Vectors Moody’s Analytics IG Corporate Bond ETF selects the most attractively valued bonds from the broad investment grade universe, while VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market. Both ETFs track indices which use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while also avoiding bonds with the highest probability of being downgraded to high yield.
The Moody’s Analytics BBB Corporate Bond ETF commenced on December 1, 2020 and had, therefore, not traded for a full 12 months by April 30, 2021. However, in the period in which it did trade before its fiscal year end, the fund was down 0.30%.
The Moody’s Analytics IG Corporate Bond ETF commenced on December 1, 2020 and had, therefore, not traded for a full 12 months by April 30, 2021. However, in the period in which it did trade before its fiscal year end, the fund was down 0.97%.
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EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. The VanEck Vectors BDC Income ETF returned 73.81% for the 12 month period, with the Fund benefiting from improving credit conditions and liquidity on the heels of a promising COVID-19 vaccine rollout and the prospects of a reopening U.S. economy.
While companies across the range of capitalizations contributed to fund returns, those in mid-range contributed the most and the very largest the least.
Mortgage REITs
Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. Credit risk and liquidity were major concerns for mortgage REIT investors leading into the beginning of the 12 month period ending April 30, 2021. However, intervention from the U.S. Federal Reserve and improving credit conditions during the period led to a significant rebound by mortgage REITs from their lows of early-2021. The VanEck Vectors Mortgage REIT Income ETF returned 85.71% for the 12 month period.
While companies across the range of capitalizations contributed to fund returns, those with the smallest capitalization contributed the most.
Preferred Securities ex Financials
Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the Wells Fargo® Hybrid and Preferred Securities ex Financials Index, which excludes traditional financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.
Over the 12 month period ending April 30, 2020, the fund registered a gain of 20.78%. Utilities, financial and basic materials preferred securities contributed most positively to the fund’s performance, while only government preferred securities detracted from performance and, then, only minimally.
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $17.3 trillion.2 While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.
The VanEck Vectors ChinaAMC China Bond ETF, recorded a gain of 10.56% over the 12 month period ending April 30, 2021. All sectors contributed positively to performance, with the financial and industrial sectors contributing the most and the diversified and consumer non-cyclical sectors contributing the least.
Emerging Markets Local Currency Bonds
Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East and Asia.
Following a significant decline toward the end of the last fiscal year, the VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, recorded a gain of 11.42% over the 12 month period. Currency appreciation accounted for more than half of the total return over the period, adding to positive returns from local interest rates.
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VANECK VECTORS ETFs
MANAGEMENT DISCUSSION
(unaudited) (continued)
While bonds denominated in South African rand, Mexican peso and Indonesian rupiah contributed most to the fund’s total return, bonds denominated in Peruvian new sol and Turkish lira were the only detractors from performance.
Emerging Markets Aggregate Bonds
The diverse universe of emerging markets bonds includes sovereign and corporate bonds denominated in U.S. dollars, euros, or local emerging markets currencies.
In terms of currency, bonds denominated in U.S. dollars, euro and South African rand were the greatest positive contributors to the performance of the VanEck Vectors Emerging Markets Aggregate Bond ETF, which gained 11.31% overall during the 12 month period. Only three currencies detracted from performance: Turkish lira, Peruvian new sol and Nigerian naira. While all sectors contributed positively to performance, government sector bonds contributed by far the most. Bonds of issuers in the industrial sector contributed the least.
Emerging Markets High Yield Bonds
Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.
The VanEck Vectors Emerging Markets High Yield Bond ETF gained 21.53% over the 12 month period. Bonds from India, Mexico and Argentina were the greatest contributors to the fund’s total return in terms of country of risk, while issuers from Spain, Poland and the U.K. contributed the least. Energy bonds provided the greatest contribution to total return, while bonds issued by companies in the technology sector contributed the least.
International High Yield Bonds
Non U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.
Over the period, the VanEck Vectors International High Yield Bond ETF had a positive return of 21.30%. Bonds from financial and energy issuers contributed the most to the fund’s total return, while those from the diversified and government sectors contributed the least. All currency groups contributed to performance, with bonds denominated in U.S. dollars contributing the most and those in Canadian dollars the least. U.K., Canadian and Italian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chilean, Qatari and Polish issuers detracted the most from performance.
Green Bonds
Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 and, in 2020, cumulative issuance reached $1 trillion. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Vectors Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.
The VanEck Vectors Green Bond ETF had a positive return of 3.07% for the 12 month period. From a country of risk perspective, issuers from India, Brazil and China contributed most to total return, while bonds from the U.S., supranational issuers and Germany detracted the most from performance. Financial-, energy- and basic materials-related bonds made the greatest positive contributions to returns, while mortgage securities-, consumer, not-cyclical- and communications-related bonds detracted the most from performance.
Returns based on funds’ net asset values (NAVs).
† All fund assets referenced are Total Net Assets as of April 30, 2021, unless otherwise stated.
All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund.
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Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.
1 | Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofAML US High Yield Index from 12/31/2003 to 4/30/2021. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use. |
2 | The Bank for International Settlements: Debt securities statistics, 3rd Quarter 2020 |
5 |
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | MVBIZDTG1 | SPTR2 | ||||||||||||
One Year | 73.56% | 73.81% | 73.61% | 45.98% | ||||||||||||
Five Year | 10.65% | 10.61% | 10.45% | 17.42% | ||||||||||||
Life* | 6.98% | 6.96% | 6.94% | 15.43% |
* | Commencement of Fund: 2/11/13; First Day of Secondary Market Trading: 2/12/13. |
1 | MVIS® US Business Development Companies Index (MVBIZDTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of BDCs. To be eligible for the BDC Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
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VANECK VECTORS CHINAAMC CHINA BOND ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | CHQU01TR1 | LBUSTRUU2 | ||||||||||||
One Year | 10.52% | 10.56% | 9.51% | (0.27)% | ||||||||||||
Five Year | 3.43% | 3.20% | 3.97% | 3.19% | ||||||||||||
Life* | 2.66% | 2.61% | 3.50% | 3.22% |
* | Commencement of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14. |
1 | ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index. |
As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. | |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
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VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | MVEMAG1 | LBUSTRUU2 | ||||||||||||
One Year | 14.26% | 11.31% | 13.31% | (0.27)% | ||||||||||||
Five Year | 4.31% | 3.79% | 5.00% | 3.19% | ||||||||||||
Life* | 2.80% | 2.76% | 4.01% | 3.34% |
* | Commencement of Fund: 5/11/11; First Day of Secondary Market Trading: 5/12/11. |
1 | MVIS® EM Aggregate Bond Index (MVEMAG) is comprised of emerging market sovereign bonds and corporate bonds denominated in U.S. dollars, euros or local emerging market currencies. MVEMAG includes both investment grade and below investment grade rated securities. |
Effective December 10, 2013, Market Vectors® LatAm Aggregate Bond ETF (BONO) changed its name to VanEck Vectors Emerging Markets Aggregate Bond ETF (EMAG). The Fund’s investment objective changed to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVEMAG, from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Broad Latin America Bond Index (LATS). Performance data prior to December 9, 2013, reflects that of BONO and LATS. Performance data from December 10, 2013, and on, reflects that of EMAG and MVEMAG. All Index history reflects a blend of the performance of the aforementioned Indexes (MVEMAG and LATS). LATS is a trademark of Merrill Lynch, Pierce, Fenner & Smith Incorporation, which neither sponsors nor endorses EMAG and makes no warranty or representation as to the accuracy and/or completeness of this Index. | |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
8 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | EMLH1 | LBUSTRUU2 | ||||||||||||
One Year | 23.03% | 21.53% | 22.98% | (0.27)% | ||||||||||||
Five Year | 6.46% | 6.27% | 6.75% | 3.19% | ||||||||||||
Life* | 5.64% | 5.57% | 6.17% | 2.91% |
* | Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12. |
1 | ICE BOFA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets. |
Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
9 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | H0CF1 | LBUSTRUU2 | ||||||||||||
One Year | 24.33% | 25.95% | 27.19% | (0.27)% | ||||||||||||
Five Year | 9.15% | 9.22% | 9.84% | 3.19% | ||||||||||||
Life* | 8.81% | 8.81% | 9.81% | 2.96% |
* | Commencement of Fund: 4/10/12; First Day of Secondary Market Trading: 4/11/12. |
1 | ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers. |
Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
10 |
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | SPGRUSST1 | LBUSTRUU2 | ||||||||||||
One Year | 2.99% | 3.07% | 3.88% | (0.27)% | ||||||||||||
Life* | 4.05% | 3.95% | 4.57% | 3.98% |
* | Commencement of Fund: 3/3/17; First Day of Secondary Market Trading: 3/6/17. |
1 | S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to measure the performance of U.S. dollar-denominated, green-labeled bonds. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index. |
Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the S&P Green Bond U.S. Dollar Select Index. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
11 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | HXUS1 | LBUSTRUU2 | ||||||||||||
One Year | 23.96% | 21.30% | 23.55% | (0.27)% | ||||||||||||
Five Year | 6.36% | 6.19% | 6.92% | 3.19% | ||||||||||||
Life* | 5.66% | 5.63% | 6.35% | 3.03% |
* | Commencement of Fund: 4/2/12; First Day of Secondary Market Trading: 4/3/12. |
1 | ICE BOFA Global ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
12 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | MVFLTR1 | LBUSTRUU2 | ||||||||||||
One Year | 4.47% | 4.07% | 4.35% | (0.27)% | ||||||||||||
Five Year | 2.63% | 2.48% | 2.78% | 3.19% | ||||||||||||
Life* | 1.59% | 1.60% | 1.98% | 3.39% |
* | Commencement of Fund: 4/25/11; First Day of Secondary Market Trading: 4/26/11. |
1 | MVIS® US Investment Grade Floating Rate Index (MVFLTR) is designed to track the performance of U.S. investment grade floating rate notes with outstanding issue sizes of greater than or equal to $500 million. The Index is comprised of U.S. dollar-denominated floating rate notes issued by corporate entities or similar commercial entities that are public reporting companies in the United States. Index securities must have an investment grade rating (in accordance with the provider’s methodology). |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
13 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | GBIEMCOR1 | LBUSTRUU2 | ||||||||||||
One Year | 13.07% | 11.42% | 11.94% | (0.27)% | ||||||||||||
Five Year | 1.75% | 1.77% | 2.35% | 3.19% | ||||||||||||
Ten Year | (0.46)% | (0.38)% | 0.27% | 3.39% |
1 | J.P. Morgan GBI-EM Global Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer. |
2 | The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
14 |
VANECK VECTORS MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | MVMORTTG1 | SPTR2 | ||||||||||||
One Year | 85.97% | 85.71% | 86.68% | 45.98% | ||||||||||||
Five Year | 8.24% | 8.03% | 8.33% | 17.42% | ||||||||||||
Life* | 7.30% | 7.30% | 7.76% | 16.14% |
* | Commencement of Fund: 8/16/11; First Day of Secondary Market Trading: 8/17/11. |
1 | MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues from mortgage-related activity. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
15 |
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2021 (unaudited)
Average Annual Total Returns | ||||||||||||||||
Total Return | Share Price | NAV | WHPSL1 | SPTR2 | ||||||||||||
One Year | 21.29% | 20.78% | 21.18% | 45.98% | ||||||||||||
Five Year | 6.48% | 6.45% | 6.50% | 17.42% | ||||||||||||
Life* | 6.42% | 6.38% | 6.44% | 16.02% |
* | Commencement of Fund: 7/16/12; First Day of Secondary Market Trading: 7/17/12. |
1 | Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL) is designed to track the performance of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
16 |
VANECK VECTORS ETF TRUST
ABOUT FUND PERFORMANCE
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the Net Asset Value (NAV) of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
BDC Index, EM Aggregate Bond Index, Floating Rate Index and Mortgage REITs Index are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. ChinaBond Index is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). Emerging Markets Core Index and EM Investment Grade Plus Index are published by JPMorgan Securities Inc. (J.P. Morgan). Emerging Markets High Yield Index, Fallen Angel Index and International High Yield Index are published by ICE Data Indices, LLC (acquired from Merrill Lynch, Pierce, Fenner & Smith Incorporated (“BofAML Merrill Lynch”) on 10/23/2017). Green Bond Index is published by S&P Dow Jones Indices (S&P). Preferred Securities Index is published by Wells Fargo & Company, LLC (Wells Fargo).
The Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark published by Bloomberg Index Services Limited (Bloomberg). The S&P 500 Index is a broad-based benchmark published by S&P.
MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, Wells Fargo, and Bloomberg do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
17 |
VANECK VECTORS ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2020 to April 30, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
18 |
Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Annualized Expense Ratio During Period | Expenses Paid During the Period* – November 1, 2020 April 30, 2021 | |||||
BDC Income ETF | ||||||||
Actual | $1,000.00 | $1,554.40 | 0.40% | $2.53 | ||||
Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
ChinaAMC China Bond ETF | ||||||||
Actual | $1,000.00 | $1,055.00 | 0.50% | $2.55 | ||||
Hypothetical** | $1,000.00 | $1,022.32 | 0.50% | $2.51 | ||||
Emerging Markets Aggregate Bond ETF | ||||||||
Actual | $1,000.00 | $1,026.40 | 0.35% | $1.76 | ||||
Hypothetical** | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
Emerging Markets High Yield Bond ETF | ||||||||
Actual | $1,000.00 | $1,074.70 | 0.40% | $2.06 | ||||
Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
Fallen Angel High Yield Bond ETF | ||||||||
Actual | $1,000.00 | $1,107.80 | 0.35% | $1.83 | ||||
Hypothetical** | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
Green Bond ETF | ||||||||
Actual | $1,000.00 | $ 996.50 | 0.20% | $0.99 | ||||
Hypothetical** | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
International High Yield Bond ETF | ||||||||
Actual | $1,000.00 | $1,082.60 | 0.40% | $2.07 | ||||
Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
Investment Grade Floating Rate ETF | ||||||||
Actual | $1,000.00 | $1,008.00 | 0.14% | $0.70 | ||||
Hypothetical** | $1,000.00 | $1,024.10 | 0.14% | $0.70 | ||||
J.P. Morgan EM Local Currency Bond ETF | ||||||||
Actual | $1,000.00 | $1,040.50 | 0.30% | $1.52 | ||||
Hypothetical** | $1,000.00 | $1,023.31 | 0.30% | $1.51 | ||||
Moody’s Analytics BBB Corporate Bond ETF | ||||||||
Actual *** | $1,000.00 | $ 997.00 | 0.25% | $1.03 | ||||
Hypothetical** | $1,000.00 | $1,023.55 | 0.25% | $1.25 | ||||
Moody’s Analytics IG Corporate Bond ETF | ||||||||
Actual *** | $1,000.00 | $ 990.30 | 0.20% | $0.82 | ||||
Hypothetical** | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
Mortgage REIT Income ETF | ||||||||
Actual | $1,000.00 | $1,490.90 | 0.40% | $2.47 | ||||
Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
Preferred Securities ex Financials ETF | ||||||||
Actual | $1,000.00 | $1,113.40 | 0.40% | $2.10 | ||||
Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 |
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2021) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). |
** | Assumes annual return of 5% before expenses. |
*** | Expenses are equal to the Fund’s annualized expense ratio (for the period from December 2, 2020 (commencement of operations) to April 30, 2021), multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
19 |
April 30, 2021
Number of Shares | Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Diversified Financials: 99.9% | ||||||||
1,164,763 | Apollo Investment Corp. † | $ | 16,924,006 | |||||
1,986,883 | Ares Capital Corp. † | 38,247,498 | ||||||
814,166 | Bain Capital Specialty Finance, Inc. † | 13,002,231 | ||||||
925,021 | Barings BDC, Inc. | 9,601,718 | ||||||
1,120,731 | BlackRock TCP Capital Corp. | 16,385,087 | ||||||
362,314 | Capital Southwest Corp. † | 8,869,447 | ||||||
445,664 | Fidus Investment Corp. | 7,389,109 | ||||||
950,730 | FS KKR Capital Corp. † | 19,765,677 | ||||||
975,072 | FS KKR Capital Corp. II † | 19,959,724 | ||||||
630,314 | Gladstone Capital Corp. † | 6,952,363 | ||||||
644,205 | Gladstone Investment Corp. † | 9,167,037 | ||||||
1,014,862 | Goldman Sachs BDC, Inc. † | 19,870,998 | ||||||
1,314,644 | Golub Capital BDC, Inc. | 20,587,325 | ||||||
1,218,834 | Hercules Capital, Inc. † | 21,219,900 | ||||||
516,193 | Main Street Capital Corp. † | 21,984,660 | ||||||
1,352,739 | New Mountain Finance Corp. | 17,788,518 | ||||||
401,460 | Newtek Business Services Corp. † | 11,192,705 | ||||||
3,042,835 | Oaktree Specialty Lending Corp. | 20,265,281 | ||||||
1,441,906 | Owl Rock Capital Corp. | 20,835,542 | ||||||
714,584 | PennantPark Floating Rate Capital Ltd. † | 8,989,467 | ||||||
1,300,720 | PennantPark Investment Corp. † | 8,571,745 | ||||||
2,611,594 | Prospect Capital Corp. † | 21,023,332 | ||||||
778,940 | Sixth Street Specialty Lending, Inc. † | 17,354,783 | ||||||
655,920 | Solar Capital Ltd. | 12,114,842 | ||||||
1,067,980 | TCG BDC, Inc. † | 14,695,405 | ||||||
563,177 | TriplePoint Venture Growth BDC Corp. † | 9,022,095 | ||||||
Total Common Stocks (Cost: $363,391,579) | 411,780,495 |
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.7% (Cost: $31,604,946) | ||||||||
Money Market Fund: 7.7% | ||||||||
31,604,946 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 31,604,946 | |||||
Total Investments: 107.6% (Cost: $394,996,525) | 443,385,441 | |||||||
Liabilities in excess of other assets: (7.6)% | (31,425,148 | ) | ||||||
NET ASSETS: 100.0% | $411,960,293 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $44,959,053. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financial | 100.0 | % | $ | 411,780,495 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
Common Stocks* | $ | 411,780,495 | $ | — | $ | — | $ | 411,780,495 | ||||||||||
Money Market Fund | 31,604,946 | — | — | 31,604,946 | ||||||||||||||
Total | $ | 443,385,441 | $ | — | $ | — | $ | 443,385,441 |
* See Schedule of Investments for industry sector breakouts.
See Notes to Financial Statements
20 |
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 71.6% | ||||||||
Basic Materials: 6.1% | ||||||||
CNY | 6,000,000 | Aluminum Corp. of China Ltd. 3.50%, 09/05/22 | $ | 931,310 | ||||
15,000,000 | Anshan Iron And Steel Group Co. Ltd. 4.28% (China Bond Government Security Yield Curve 3Y YTM+4.81%) (o) | 2,293,081 | ||||||
5,000,000 | Beijing State-Owned Capital Operation & Management Center 3.85%, 01/14/24 | 780,669 | ||||||
1,000,000 | China Chengtong Holdings Group Ltd. 4.67%, 07/10/21 | 155,101 | ||||||
3,000,000 | China National Building Material Co. Ltd. 4.89%, 07/17/24 | 473,868 | ||||||
10,000,000 | Hesteel Co. Ltd. 4.08%, 11/26/24 | 1,518,573 | ||||||
1,294,000 | Jihua Group Corp. Ltd. 4.10%, 09/15/22 | 202,603 | ||||||
6,355,205 | ||||||||
Consumer Cyclicals: 5.4% | ||||||||
14,600,000 | Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23 | 2,226,194 | ||||||
Beijing Haidian State-Owned Assets Operation & Management Center | ||||||||
10,000,000 | 3.70%, 10/24/24 | 1,480,732 | ||||||
9,000,000 | 4.14%, 12/17/23 | 1,375,234 | ||||||
3,501,000 | Hangzhou Commerce Tourism Group Co. Ltd. 4.71%, 07/11/22 | 551,026 | ||||||
5,633,186 | ||||||||
Energy: 2.6% | ||||||||
1,200,000 | China Petroleum & Chemical Corp. 4.90%, 06/01/22 | 189,338 | ||||||
1,500,000 | PetroChina Co. Ltd. 3.50%, 01/19/26 | 231,473 | ||||||
15,000,000 | Yanzhou Coal Mining Co. Ltd. | |||||||
3.43%, 03/12/25 | 2,267,382 | |||||||
2,688,193 | ||||||||
Financials: 31.9% | ||||||||
4,900,000 | Beijing E-Town International Investment & Development Co. Ltd. 4.58%, 07/27/23 | 760,706 | ||||||
3,500,000 | Beijing Infrastructure Investment Co. Ltd. 4.20%, 08/20/23 | 543,498 | ||||||
15,000,000 | Beijing Public Housing Center 3.19%, 04/16/40 | 2,265,114 |
Principal Amount | Value | |||||||
Financials: (continued) | ||||||||
CNY | 500,000 | Beijing State-Owned Assets Management Co. Ltd. 4.68%, 08/01/22 | $ | 78,871 | ||||
China Development Bank | ||||||||
6,080,000 | 2.90%, 12/06/22 | 944,586 | ||||||
8,361,000 | 2.92%, 11/27/22 | 1,300,371 | ||||||
8,904,000 | 3.39%, 02/03/27 | 1,386,928 | ||||||
20,267,000 | 3.87%, 08/01/23 | 3,211,275 | ||||||
29,529,000 | 3.91%, 04/06/22 | 4,628,516 | ||||||
15,125,000 | 4.59%, 08/01/38 | 2,597,064 | ||||||
2,000,000 | China Everbright Ltd. 3.80%, 11/23/23 | 311,955 | ||||||
China Fortune Land Development Co. Ltd. | ||||||||
1,000,000 | 5.50%, 10/20/22 | 61,904 | ||||||
1,000,000 | 7.00%, 03/03/21 (d) # * | 61,665 | ||||||
1,000,000 | China Merchants Securities Co. Ltd. 5.08%, 05/26/25 | 162,786 | ||||||
Chongqing Longhu Development Co. Ltd. | ||||||||
1,600,000 | 3.75%, 03/21/23 | 249,102 | ||||||
8,000,000 | 4.44%, 01/25/24 | 1,263,537 | ||||||
3,000,000 | Cinda Investment Co. Ltd. 4.30%, 12/22/23 | 465,288 | ||||||
3,000,000 | CITIC Securities Co. Ltd. 3.78%, 09/10/24 | 468,265 | ||||||
15,000,000 | Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24 | 2,324,457 | ||||||
5,000,000 | Guangzhou City Construction & Development Co. Ltd. 3.60%, 09/27/24 | 778,272 | ||||||
1,500,000 | Nanchang Municipal Public Investment Holding Group Co. Ltd. 3.23%, 08/22/23 | 232,160 | ||||||
10,000,000 | Nanjing Yangzi State-Owned Investment Group Co. Ltd. 3.63%, 10/21/24 | 1,553,982 | ||||||
1,001,000 | Ping An Real Estate Co. Ltd. 3.28%, 08/05/23 | 154,791 | ||||||
5,000,000 | Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 | 775,763 | ||||||
15,000,000 | Shenwan Hongyuan Group Co. Ltd. 4.80%, 07/17/23 | 2,392,790 | ||||||
Sichuan Development Holding Co. Ltd. | ||||||||
5,000,000 | 4.30%, 03/26/24 | 788,833 | ||||||
5,000,000 | 4.55%, 08/06/25 | 792,641 | ||||||
5,000,000 | State Development & Investment Corp. Ltd. 3.79%, 06/03/23 | 781,809 | ||||||
10,000,000 | Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 | 1,550,497 |
See Notes to Financial Statements
21 |
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Financials: (continued) | ||||||||
CNY | 800,000 | Wuxi Guolian Development Group Co. Ltd. 4.88%, 05/09/23 | $ | 127,119 | ||||
33,014,545 | ||||||||
Industrials: 10.0% | ||||||||
10,000,000 | Beijing Capital Co Ltd 4.24%, 11/27/23 | 1,578,876 | ||||||
2,000,000 | Beijing Capital Land Ltd. 4.89%, 09/14/23 | 311,232 | ||||||
3,000,000 | Beijing Urban Construction Investment & Development Co. Ltd. 4.40%, 07/20/22 | 470,477 | ||||||
1,000,000 | China Merchants Expressway Network & Technology Holdings Co. Ltd. 4.78%, 08/07/22 | 157,866 | ||||||
5,000,000 | China Railway Group Ltd. 3.99%, 07/16/24 | 784,095 | ||||||
China State Railway Group Co. Ltd. | ||||||||
3,008,000 | 4.46%, 06/07/23 | 477,151 | ||||||
1,248,200 | 4.63%, 08/25/21 | 194,232 | ||||||
500,000 | Dalian Wanda Commercial Management Group Co. Ltd. 4.70%, 07/27/21 | 76,847 | ||||||
Guangzhou Metro Group Co. Ltd. | ||||||||
1,500,000 | 4.84%, 08/09/27 | 236,900 | ||||||
1,800,000 | 6.05%, 06/03/24 # | 290,337 | ||||||
500,000 | Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24 | 83,879 | ||||||
1,135,000 | Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23 | 181,959 | ||||||
759,600 | Nanjing State Owned Assets Investment & Management Holding Group Co. Ltd. 5.60%, 03/06/23 # | 121,148 | ||||||
1,000,000 | Power Construction Corp. of China Ltd. 5.20%, 10/29/22 | 159,348 | ||||||
1,000,000 | Seazen Holdings Co. Ltd. 5.90%, 03/20/24 | 154,879 | ||||||
17,000,000 | Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 | 2,664,832 | ||||||
540,000 | Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 # | 84,059 | ||||||
13,000,000 | Xiamen C&D Corp. Ltd. 4.14% (China Bond Government Security Yield Curve 3Y YTM+4.29%) (o) | 2,018,004 | ||||||
Principal Amount | Value | |||||||
Industrials: (continued) | ||||||||
CNY | 2,000,000 | Xiamen C&D, Inc. 3.50%, 10/15/21 | $ | 309,832 | ||||
10,355,953 | ||||||||
Real Estate: 2.9% | ||||||||
1,000,000 | Financial Street Holdings Co. Ltd. 4.74%, 08/20/21 | 155,479 | ||||||
10,000,000 | Gemdale Corp. 3.95%, 10/12/25 | 1,554,113 | ||||||
5,000,000 | Hefei Xingtai Finance Holding Group Co. Ltd. 4.10%, 06/14/22 | 779,896 | ||||||
3,000,000 | Shanghai Shimao Co. Ltd. 4.65%, 01/15/22 | 463,815 | ||||||
2,953,303 | ||||||||
Technology: 1.8% | ||||||||
7,000,000 | Anhui Provincial Investment Group Holdings Co. Ltd. 3.70%, 07/23/24 | 1,088,860 | ||||||
5,000,000 | Overseas Chinese Town Enterprises Co. Ltd. 4.40%, 07/25/23 | 775,960 | ||||||
1,864,820 | ||||||||
Utilities: 10.9% | ||||||||
China Datang Corp. Renewable Power Co. Ltd. | ||||||||
3,000,000 | 3.58%, 09/26/22 | 466,836 | ||||||
10,000,000 | 3.81% (China Bond Government Security Yield Curve 3Y YTM+3.91%) (o) | 1,556,419 | ||||||
15,000,000 | China Huaneng Group Co. Ltd. 3.55% (China Bond Government Security Yield Curve 5Y YTM+3.56%) (o) | 2,294,150 | ||||||
China Southern Power Grid Co. Ltd. | ||||||||
3,710,000 | 3.95%, 04/25/22 | 579,245 | ||||||
900,000 | 5.90%, 03/19/24 | 148,768 | ||||||
5,000,000 | Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 | 778,404 | ||||||
6,000,000 | Huaneng Power International, Inc. 5.17% (China Bond Government Security Yield Curve 5Y YTM+5.02%) (o) | 950,854 | ||||||
10,000,000 | Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 | 1,551,983 | ||||||
5,000,000 | Shenzhen Energy Group Co. Ltd. 3.60%, 11/20/22 | 779,007 | ||||||
6,750,000 | State Grid Corp. of China 5.14%, 12/08/21 | 1,057,965 | ||||||
See Notes to Financial Statements
22 |
Principal Amount | Value | |||||||
Utilities: (continued) | ||||||||
State Power Investment Corp. Ltd. | ||||||||
CNY | 2,000,000 | 3.57% (China Bond Government Security Yield Curve 3Y YTM+4.08%) (o) | $ | 309,529 | ||||
4,995,000 | 4.20%, 11/20/23 | 787,895 | ||||||
11,261,055 | ||||||||
Total Corporate Bonds (Cost: $72,938,545) | 74,126,260 | |||||||
GOVERNMENT OBLIGATIONS: 15.9% | ||||||||
China Government Bonds | ||||||||
846,000 | 2.90%, 05/05/26 | 130,187 | ||||||
500,000 | 3.27%, 08/22/46 | 72,267 | ||||||
32,966,000 | 3.27%, 08/22/46 | 4,764,726 | ||||||
61,831,000 | 3.40%, 04/17/23 | 9,707,171 | ||||||
4,000,000 | 3.52%, 04/25/46 | 603,063 | ||||||
7,541,000 | 4.26%, 07/31/21 | 1,171,961 | ||||||
Total Government Obligations (Cost: $16,171,655) | 16,449,375 | |||||||
Total Investments: 87.5% (Cost: $89,110,200) | 90,575,635 | |||||||
Other assets less liabilities: 12.5% | 12,927,717 | |||||||
NET ASSETS: 100.0% | $ | 103,503,352 |
See Notes to Financial Statements
23 |
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
CNY | Chinese Yuan |
Footnotes:
(d) | Security in default |
(o) | Perpetual Maturity — the date shown is the next call date |
* | Non-income producing |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $557,209 which represents 0.5% of net assets. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Basic Materials | 7.0 | % | $ | 6,355,205 | ||||
Consumer Cyclicals | 6.2 | 5,633,186 | ||||||
Energy | 3.0 | 2,688,193 | ||||||
Financials | 36.4 | 33,014,545 | ||||||
Government | 18.2 | 16,449,375 | ||||||
Industrials | 11.4 | 10,355,953 | ||||||
Real Estate | 3.3 | 2,953,303 | ||||||
Technology | 2.1 | 1,864,820 | ||||||
Utilities | 12.4 | 11,261,055 | ||||||
100.0 | % | $ | 90,575,635 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
Corporate Bonds* | $ | — | $ | 74,126,260 | $ | — | $ | 74,126,260 | ||||||||||
Government Obligations* | — | 16,449,375 | — | 16,449,375 | ||||||||||||||
Total | $ | — | $ | 90,575,635 | $ | — | $ | 90,575,635 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
24 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 36.2% | ||||||||
Argentina: 0.1% | ||||||||
USD | 25,000 | YPF SA Reg S 8.50%, 07/28/25 | $ | 18,176 | ||||
Bermuda: 0.1% | ||||||||
10,884 | Digicel Group 0.5 Ltd. 144A 8.00% 04/01/25 | 9,139 | ||||||
Brazil: 3.4% | ||||||||
50,000 | Banco do Brasil SA Reg S 9.00% (US Treasury Yield Curve Rate T 10 Year+6.36%), 06/18/24 (o) | 54,726 | ||||||
50,000 | Braskem Netherlands Finance BV Reg S 4.50%, 01/31/30 | 50,873 | ||||||
25,000 | Gerdau Trade, Inc. Reg S 4.88%, 10/24/27 | 27,976 | ||||||
50,000 | Itau Unibanco Holding SA Reg S 5.13%, 05/13/23 | 53,063 | ||||||
Petrobras Global Finance BV | ||||||||
50,000 | 6.00%, 01/27/28 † | 56,561 | ||||||
60,000 | 6.75%, 01/27/41 | 68,258 | ||||||
100,000 | Suzano Austria GmbH 6.00%, 01/15/29 | 117,075 | ||||||
75,000 | Vale Overseas Ltd. 6.88%, 11/21/36 | 102,010 | ||||||
530,542 | ||||||||
Chile: 1.7% | ||||||||
EUR | 100,000 | Corp. Nacional del Cobre de Chile Reg S 2.25%, 07/09/24 | 128,627 | |||||
USD | 100,000 | Empresa de Transporte de Pasajeros Metro SA Reg S 4.70%, 05/07/50 | 114,015 | |||||
25,000 | Empresa Nacional del Petroleo Reg S 5.25%, 11/06/29 | 28,006 | ||||||
270,648 | ||||||||
China / Hong Kong: 4.2% | ||||||||
100,000 | Alibaba Group Holding Ltd. 144A 3.60%, 11/28/24 | 108,556 | ||||||
100,000 | Bank of China Ltd. Reg S 5.00%, 11/13/24 | 111,769 | ||||||
100,000 | China Cinda Finance I Ltd. Reg S 4.25%, 04/23/25 | 106,687 | ||||||
100,000 | Export-Import Bank of China Reg S 3.63%, 07/31/24 | 109,450 | ||||||
200,000 | Huarong Finance II Co. Ltd. Reg S 5.50%, 01/16/25 | 157,000 | ||||||
50,000 | Tencent Holdings Ltd. Reg S 3.60%, 01/19/28 | 53,775 | ||||||
647,237 |
Principal Amount | Value | |||||||
Colombia: 0.9% | ||||||||
USD | 100,000 | Bancolombia SA 4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/27 † | $ | 101,885 | ||||
40,000 | Ecopetrol SA 5.38%, 06/26/26 | 44,938 | ||||||
146,823 | ||||||||
Czech Republic: 0.5% | ||||||||
EUR | 50,000 | CEZ AS Reg S 4.88%, 04/16/25 | 71,645 | |||||
India: 2.5% | ||||||||
USD | 50,000 | ICICI Bank Ltd. Reg S 4.00%, 03/18/26 | 53,803 | |||||
200,000 | Reliance Industries Ltd. 144A 4.13%, 01/28/25 | 217,928 | ||||||
100,000 | State Bank of India 144A 4.88%, 04/17/24 | 110,189 | ||||||
381,920 | ||||||||
Indonesia: 1.9% | ||||||||
70,000 | Pertamina Persero PT 144A 4.30%, 05/20/23 | 74,550 | ||||||
100,000 | Perusahaan Gas Negara Tbk PT Reg S 5.13%, 05/16/24 | 110,303 | ||||||
100,000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara Reg S 4.13%, 05/15/27 | 107,439 | ||||||
292,292 | ||||||||
Israel: 1.0% | ||||||||
10,000 | Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 | 10,069 | ||||||
EUR | 100,000 | Teva Pharmaceutical Finance Netherlands II BV Reg S 1.13%, 10/15/24 | 113,753 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
USD | 20,000 | 2.80%, 07/21/23 | 19,828 | |||||
20,000 | 3.15%, 10/01/26 | 18,805 | ||||||
162,455 | ||||||||
Kazakhstan: 0.4% | ||||||||
50,000 | KazMunayGas National Co. JSC 144A 5.75%, 04/19/47 | 60,245 | ||||||
Malaysia: 0.8% | ||||||||
100,000 | Petronas Capital Ltd. Reg S 4.55%, 04/21/50 | 118,970 | ||||||
Mexico: 4.2% | ||||||||
125,000 | America Movil SAB de CV 6.13%, 03/30/40 | 173,777 | ||||||
50,000 | Comision Federal de Electricidad Reg S 4.88%, 01/15/24 | 54,745 |
See Notes to Financial Statements
25 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Mexico: (continued) | ||||||||
Petróleos Mexicanos | ||||||||
USD | 75,000 | 6.50%, 03/13/27 | $ | 79,406 | ||||
50,000 | 6.50%, 06/02/41 † | 44,973 | ||||||
64,000 | 6.63%, 06/15/38 | 59,498 | ||||||
50,000 | 6.75%, 09/21/47 | 44,273 | ||||||
110,000 | Petróleos Mexicanos Reg S 5.50%, 02/24/25 | 143,489 | ||||||
35,000 | Southern Copper Corp. 7.50%, 07/27/35 | 50,200 | ||||||
650,361 | ||||||||
Netherlands: 0.3% | ||||||||
50,000 | Lukoil Securities BV 144A 3.88%, 05/06/30 | 52,603 | ||||||
Peru: 0.8% | ||||||||
125,000 | Banco de Credito del Peru Reg S 4.25%, 04/01/23 | 131,250 | ||||||
Philippines: 0.8% | ||||||||
100,000 | Power Sector Assets & Liabilities Management Corp. Reg S 7.39%, 12/02/24 | 122,500 | ||||||
Qatar: 0.7% | ||||||||
100,000 | Ooredoo International Finance Ltd. Reg S 3.25%, 02/21/23 | 104,588 | ||||||
Russia: 2.3% | ||||||||
60,000 | Gaz Capital SA Reg S 8.63%, 04/28/34 | 89,493 | ||||||
100,000 | Gazprom PJSC Via Gaz Capital SA Reg S 7.29%, 08/16/37 | 139,270 | ||||||
EUR | 100,000 | Vnesheconombank Via VEB Finance Plc Reg S 4.03%, 02/21/23 | 126,920 | |||||
355,683 | ||||||||
Saudi Arabia: 1.2% | ||||||||
USD | 75,000 | Saudi Arabian Oil Co. 144A 4.25%, 04/16/39 | 81,936 | |||||
100,000 | Saudi Electricity Global Sukuk Co. 2 144A 3.47%, 04/08/23 | 105,038 | ||||||
186,974 | ||||||||
South Africa: 0.7% | ||||||||
Anglo American Capital Plc Reg S | ||||||||
50,000 | 3.63%, 09/11/24 | 54,110 | ||||||
50,000 | 4.75%, 04/10/27 | 57,609 | ||||||
111,719 | ||||||||
Turkey: 1.0% | ||||||||
50,000 | Turkiye Garanti Bankasi AS Reg S 5.25%, 09/13/22 | 51,398 | ||||||
100,000 | Yapi ve Kredi Bankasi AS 144A 6.10%, 03/16/23 | 102,544 | ||||||
153,942 | ||||||||
Ukraine: 0.3% | ||||||||
50,000 | Metinvest BV 144A 7.75%, 04/23/23 | 52,750 |
Principal Amount | Value | |||||||
United Arab Emirates: 3.4% | ||||||||
USD | 100,000 | DAE Funding LLC Reg S 5.00%, 08/01/24 | $ | 102,813 | ||||
100,000 | DP World Ltd. Reg S 6.85%, 07/02/37 | 133,250 | ||||||
100,000 | Emirates Telecommunications Group Co. PJSC Reg S 2.75%, 06/18/26 | 136,380 | ||||||
150,000 | MDGH - GMTN BV 144A 3.70%, 11/07/49 | 156,167 | ||||||
528,610 | ||||||||
United Kingdom: 2.7% | ||||||||
50,000 | AngloGold Ashanti Holdings Plc 5.13%, 08/01/22 † | 52,400 | ||||||
150,000 | CK Hutchison Capital Securities 17 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+2.07%), 05/12/22 (o) | 152,962 | ||||||
200,000 | Swire Pacific MTN Financing Ltd. Reg S 4.50%, 10/09/23 | 216,861 | ||||||
422,223 | ||||||||
Zambia: 0.3% | ||||||||
50,000 | First Quantum Minerals Ltd. 144A 7.50%, 04/01/25 | 51,969 | ||||||
Total Corporate Bonds (Cost: $5,345,432) | 5,635,264 | |||||||
GOVERNMENT OBLIGATIONS: 62.1% | ||||||||
Angola: 0.3% | ||||||||
50,000 | Angolan Government International Bonds 144A 8.25%, 05/09/28 | 51,500 | ||||||
Argentina: 0.3% | ||||||||
EUR | 120,000 | Provincia de Buenos Aires Reg S 4.00%, 05/15/35 | 52,726 | |||||
Bahrain: 0.8% | ||||||||
Bahrain Government International Bonds 144A | ||||||||
USD | 64,000 | 6.13%, 08/01/23 | 69,219 | |||||
50,000 | 6.75%, 09/20/29 | 55,159 | ||||||
124,378 | ||||||||
Brazil: 4.6% | ||||||||
Brazil Government International Bonds | ||||||||
25,000 | 4.25%, 01/07/25 | 27,009 | ||||||
25,000 | 5.00%, 01/27/45 | 24,725 | ||||||
50,000 | 7.13%, 01/20/37 | 63,442 | ||||||
Brazil Letras do Tesouro Nacional | ||||||||
BRL | 250,000 | 0.00%, 07/01/22 ^ | 43,214 | |||||
440,000 | 0.00%, 07/01/23 ^ | 69,935 | ||||||
900,000 | 0.00%, 01/01/24 ^ | 136,788 | ||||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||
515,000 | 10.00%, 01/01/23 | 100,038 | ||||||
470,000 | 10.00%, 01/01/25 | 92,328 |
See Notes to Financial Statements
26 |
Principal Amount | Value | |||||||
Brazil: (continued) | ||||||||
BRL | 420,000 | 10.00%, 01/01/27 | $ | 82,393 | ||||
285,000 | 10.00%, 01/01/29 | 55,701 | ||||||
120,000 | 10.00%, 01/01/31 | 23,327 | ||||||
718,900 | ||||||||
Chile: 1.4% | ||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||
CLP | 25,000,000 | 4.50%, 03/01/26 | 37,937 | |||||
25,000,000 | 5.00%, 03/01/35 | 37,683 | ||||||
20,000,000 | 6.00%, 01/01/43 | 33,612 | ||||||
USD | 100,000 | Chile Government International Bonds 3.13%, 03/27/25 | 107,871 | |||||
217,103 | ||||||||
China / Hong Kong: 0.1% | ||||||||
CNY | 100,000 | China Government Bonds 2.94%, 10/17/24 | 15,513 | |||||
Colombia: 2.2% | ||||||||
Colombia Government International Bonds | ||||||||
USD | 25,000 | 4.00%, 02/26/24 | 26,689 | |||||
50,000 | 5.00%, 06/15/45 | 53,397 | ||||||
25,000 | 6.13%, 01/18/41 | 30,050 | ||||||
Colombian TES | ||||||||
COP | 70,000,000 | 5.75%, 11/03/27 | 18,283 | |||||
132,200,000 | 6.00%, 04/28/28 | 34,685 | ||||||
88,000,000 | 6.25%, 11/26/25 | 24,522 | ||||||
103,000,000 | 7.00%, 06/30/32 | 27,089 | ||||||
67,000,000 | 7.25%, 10/18/34 | 17,674 | ||||||
158,100,000 | 7.50%, 08/26/26 | 45,832 | ||||||
100,500,000 | 7.75%, 09/18/30 | 28,362 | ||||||
139,400,000 | 10.00%, 07/24/24 | 43,472 | ||||||
350,055 | ||||||||
Croatia: 0.6% | ||||||||
USD | 75,000 | Croatia Government International Bonds 144A 6.00%, 01/26/24 | 85,802 | |||||
Czech Republic: 1.3% | ||||||||
Czech Republic Government Bonds | ||||||||
CZK | 510,000 | 0.25%, 02/10/27 | 22,121 | |||||
470,000 | 1.25%, 02/14/25 | 21,898 | ||||||
460,000 | 2.00%, 10/13/33 | 21,721 | ||||||
430,000 | 2.75%, 07/23/29 | 21,747 | ||||||
Czech Republic Government Bonds Reg S | ||||||||
500,000 | 0.45%, 10/25/23 | 22,985 | ||||||
530,000 | 0.95%, 05/15/30 | 23,104 | ||||||
480,000 | 1.00%, 06/26/26 | 21,869 | ||||||
440,000 | 2.40%, 09/17/25 | 21,441 | ||||||
440,000 | 2.50%, 08/25/28 | 21,779 | ||||||
198,665 | ||||||||
Dominican Republic: 0.4% | ||||||||
Dominican Republic International Bonds Reg S | ||||||||
USD | 25,000 | 5.95%, 01/25/27 | 28,438 | |||||
25,000 | 6.85%, 01/27/45 | 28,500 | ||||||
56,938 | ||||||||
Principal Amount | Value | |||||||
Ecuador: 0.4% | ||||||||
Ecuador Government International Bonds 144A | ||||||||
USD | 4,391 | 0.00%, 07/31/30 ^ | $ | 2,415 | ||||
24,450 | 0.50%, 07/31/30 (s) | 20,538 | ||||||
49,530 | 0.50%, 07/31/35 (s) | 33,929 | ||||||
17,150 | 0.50%, 07/31/40 (s) | 10,290 | ||||||
67,172 | ||||||||
Egypt: 0.4% | ||||||||
50,000 | Egypt Government International Bond 144A 7.50%, 01/31/27 | 55,339 | ||||||
El Salvador: 0.2% | ||||||||
30,000 | El Salvador Government International Bonds Reg S 7.65%, 06/15/35 | 31,542 | ||||||
Hungary: 1.9% | ||||||||
Hungary Government Bonds | ||||||||
HUF | 7,400,000 | 1.75%, 10/26/22 | 25,190 | |||||
8,650,000 | 2.50%, 10/24/24 | 30,139 | ||||||
9,000,000 | 3.00%, 06/26/24 | 31,790 | ||||||
7,450,000 | 3.00%, 10/27/27 | 26,691 | ||||||
6,520,000 | 5.50%, 06/24/25 | 25,302 | ||||||
6,600,000 | 6.00%, 11/24/23 | 24,873 | ||||||
6,100,000 | 7.00%, 06/24/22 | 21,893 | ||||||
USD | 100,000 | Hungary Government International Bonds 5.38%, 03/25/24 | 113,562 | |||||
299,440 | ||||||||
Indonesia: 5.4% | ||||||||
Indonesia Government International Bonds Reg S | ||||||||
USD | 75,000 | 7.75%, 01/17/38 | 111,597 | |||||
100,000 | 8.50%, 10/12/35 | 157,979 | ||||||
Indonesia Treasury Bonds | ||||||||
IDR | 399,000,000 | 5.63%, 05/15/23 | 28,084 | |||||
487,000,000 | 6.13%, 05/15/28 | 33,563 | ||||||
210,000,000 | 6.50%, 06/15/25 | 15,059 | ||||||
598,000,000 | 6.63%, 05/15/33 | 41,184 | ||||||
526,000,000 | 7.00%, 05/15/27 | 38,342 | ||||||
560,000,000 | 7.00%, 09/15/30 | 40,098 | ||||||
210,000,000 | 7.50%, 06/15/35 | 15,038 | ||||||
499,000,000 | 8.13%, 05/15/24 | 37,417 | ||||||
550,000,000 | 8.25%, 05/15/29 | 42,354 | ||||||
345,000,000 | 8.25%, 06/15/32 | 26,311 | ||||||
425,000,000 | 8.25%, 05/15/36 | 32,403 | ||||||
610,000,000 | 8.38%, 03/15/24 | 45,819 | ||||||
559,000,000 | 8.38%, 09/15/26 | 43,212 | ||||||
628,000,000 | 8.38%, 03/15/34 | 48,229 | ||||||
393,000,000 | 8.75%, 05/15/31 | 31,247 | ||||||
480,000,000 | 9.00%, 03/15/29 | 38,461 | ||||||
214,000,000 | 10.50%, 08/15/30 | 18,738 | ||||||
845,135 | ||||||||
Israel: 2.7% | ||||||||
Israel Government Bonds | ||||||||
ILS | 70,000 | 0.50%, 04/30/25 | 21,671 | |||||
70,000 | 1.00%, 03/31/30 | 21,352 | ||||||
120,000 | 1.75%, 08/31/25 | 39,085 |
See Notes to Financial Statements
27 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Israel: (continued) | ||||||||
ILS | 110,000 | 2.00%, 03/31/27 | $ | 36,539 | ||||
100,000 | 3.75%, 03/31/24 | 33,948 | ||||||
65,000 | 3.75%, 03/31/47 | 25,928 | ||||||
125,000 | 4.25%, 03/31/23 | 41,567 | ||||||
90,000 | 5.50%, 01/31/42 | 44,459 | ||||||
100,000 | 6.25%, 10/30/26 | 40,272 | ||||||
Israel Government International Bonds | ||||||||
USD | 50,000 | 4.00%, 06/30/22 | 52,192 | |||||
50,000 | 4.50%, 01/30/43 | 61,150 | ||||||
418,163 | ||||||||
Jamaica: 0.4% | ||||||||
50,000 | Jamaica Government International Bonds 6.75%, 04/28/28 | 59,415 | ||||||
Kazakhstan: 0.4% | ||||||||
50,000 | Kazakhstan Government International Bonds Reg S 5.13%, 07/21/25 | 58,358 | ||||||
Kuwait: 0.3% | ||||||||
40,000 | Kuwait International Government Bonds 144A 3.50%, 03/20/27 | 44,358 | ||||||
Malaysia: 3.8% | ||||||||
Malaysia Government Bonds | ||||||||
MYR | 45,000 | 3.42%, 08/15/22 | 11,184 | |||||
125,000 | 3.48%, 03/15/23 | 31,283 | ||||||
50,000 | 3.50%, 05/31/27 | 12,598 | ||||||
130,000 | 3.73%, 06/15/28 | 33,184 | ||||||
70,000 | 3.80%, 09/30/22 | 17,516 | ||||||
28,000 | 3.80%, 08/17/23 | 7,078 | ||||||
90,000 | 3.83%, 07/05/34 | 21,920 | ||||||
180,000 | 3.84%, 04/15/33 | 44,041 | ||||||
64,000 | 3.89%, 08/15/29 | 16,385 | ||||||
175,000 | 3.89%, 03/15/27 | 45,253 | ||||||
92,000 | 3.90%, 11/16/27 | 23,785 | ||||||
60,000 | 3.91%, 07/15/26 | 15,469 | ||||||
147,000 | 3.96%, 09/15/25 | 37,879 | ||||||
125,000 | 4.06%, 09/30/24 | 32,119 | ||||||
123,000 | 4.18%, 07/15/24 | 31,663 | ||||||
130,000 | 4.23%, 06/30/31 | 33,845 | ||||||
125,000 | 4.39%, 04/15/26 | 33,053 | ||||||
125,000 | 4.50%, 04/15/30 | 33,376 | ||||||
60,000 | 4.64%, 11/07/33 | 15,775 | ||||||
133,000 | 4.74%, 03/15/46 | 34,257 | ||||||
130,000 | 4.76%, 04/07/37 | 34,172 | ||||||
35,000 | 4.89%, 06/08/38 | 9,250 | ||||||
88,000 | Malaysia Government Investment Issue 4.47%, 09/15/39 | 22,099 | ||||||
597,184 | ||||||||
Mexico: 5.4% | ||||||||
Mexican Bonos | ||||||||
MXN | 1,247,000 | 5.75%, 03/05/26 | 61,313 | |||||
859,000 | 6.50%, 06/09/22 | 43,377 | ||||||
1,190,100 | 7.50%, 06/03/27 | 62,679 |
Principal Amount | Value | |||||||
Mexico: (continued) | ||||||||
MXN | 697,000 | 7.75%, 05/29/31 | $ | 36,697 | ||||
477,000 | 7.75%, 11/23/34 | 24,779 | ||||||
762,000 | 7.75%, 11/13/42 | 37,646 | ||||||
906,000 | 8.00%, 12/07/23 | 47,971 | ||||||
968,000 | 8.00%, 09/05/24 | 51,532 | ||||||
756,000 | 8.00%, 11/07/47 | 38,010 | ||||||
1,170,000 | 8.50%, 05/31/29 | 64,679 | ||||||
735,000 | 8.50%, 11/18/38 | 39,575 | ||||||
1,095,000 | 10.00%, 12/05/24 | 61,964 | ||||||
430,000 | 10.00%, 11/20/36 | 26,503 | ||||||
Mexico Government International Bonds | ||||||||
USD | 77,000 | 4.00%, 10/02/23 | 83,653 | |||||
75,000 | 4.75%, 03/08/44 | 80,175 | ||||||
60,000 | 6.05%, 01/11/40 | 73,517 | ||||||
834,070 | ||||||||
Nigeria: 1.0% | ||||||||
NGN | 18,470,000 | Nigeria Government Bonds 16.39%, 01/27/22 | 46,084 | |||||
USD | 100,000 | Nigeria Government International Bonds 144A 6.50%, 11/28/27 | 105,940 | |||||
152,024 | ||||||||
Oman: 0.8% | ||||||||
Oman Government International Bonds 144A | ||||||||
75,000 | 5.63%, 01/17/28 | 79,047 | ||||||
50,000 | 6.75%, 01/17/48 | 50,013 | ||||||
129,060 | ||||||||
Panama: 0.6% | ||||||||
Panama Government International Bonds | ||||||||
20,000 | 3.88%, 03/17/28 | 22,047 | ||||||
35,000 | 6.70%, 01/26/36 | 47,086 | ||||||
19,400 | 7.13%, 01/29/26 | 24,140 | ||||||
93,273 | ||||||||
Peru: 2.0% | ||||||||
Peru Government Bonds | ||||||||
PEN | 52,000 | 5.35%, 08/12/40 | 12,177 | |||||
114,000 | 5.40%, 08/12/34 | 28,730 | ||||||
45,000 | 5.70%, 08/12/24 | 13,325 | ||||||
74,000 | 5.94%, 02/12/29 | 21,262 | ||||||
70,000 | 6.15%, 08/12/32 | 19,307 | ||||||
90,000 | 6.35%, 08/12/28 | 26,536 | ||||||
60,000 | 6.85%, 02/12/42 | 16,575 | ||||||
80,000 | 6.90%, 08/12/37 | 22,527 | ||||||
65,000 | 6.95%, 08/12/31 | 19,222 | ||||||
55,000 | 8.20%, 08/12/26 | 18,404 | ||||||
Peru Government International Bonds | ||||||||
USD | 62,000 | 7.35%, 07/21/25 | 76,253 | |||||
25,000 | 8.75%, 11/21/33 | 38,711 | ||||||
313,029 |
See Notes to Financial Statements
28 |
Principal Amount | Value | |||||||
Philippines: 1.1% | ||||||||
Philippine Government International Bonds | ||||||||
USD | 50,000 | 5.00%, 01/13/37 | $ | 62,776 | ||||
25,000 | 6.38%, 10/23/34 | 34,959 | ||||||
25,000 | 9.50%, 02/02/30 | 39,283 | ||||||
25,000 | 10.63%, 03/16/25 | 34,259 | ||||||
171,277 | ||||||||
Poland: 2.9% | ||||||||
Republic of Poland Government Bonds | ||||||||
PLN | 73,000 | 0.75%, 04/25/25 | 19,380 | |||||
74,000 | 1.25%, 10/25/30 | 18,756 | ||||||
118,000 | 2.25%, 10/25/24 | 33,048 | ||||||
154,000 | 2.50%, 01/25/23 | 42,338 | ||||||
108,000 | 2.50%, 04/25/24 | 30,327 | ||||||
175,000 | 2.50%, 07/25/26 | 49,935 | ||||||
175,000 | 2.50%, 07/25/27 | 49,877 | ||||||
130,000 | 2.75%, 04/25/28 | 37,559 | ||||||
144,000 | 2.75%, 10/25/29 | 41,525 | ||||||
130,000 | 3.25%, 07/25/25 | 37,932 | ||||||
135,000 | 4.00%, 10/25/23 | 39,023 | ||||||
120,000 | 5.75%, 09/23/22 | 34,185 | ||||||
50,000 | 5.75%, 04/25/29 | 17,503 | ||||||
451,388 | ||||||||
Qatar: 1.2% | ||||||||
Qatar Government International Bonds Reg S | ||||||||
USD | 100,000 | 6.40%, 01/20/40 | 143,941 | |||||
30,000 | 9.75%, 06/15/30 | 47,886 | ||||||
191,827 | ||||||||
Romania: 2.3% | ||||||||
Romania Government Bonds | ||||||||
RON | 60,000 | 3.25%, 04/29/24 | 15,064 | |||||
75,000 | 3.65%, 07/28/25 | 19,184 | ||||||
30,000 | 4.00%, 10/25/23 | 7,644 | ||||||
70,000 | 4.40%, 09/25/23 | 17,971 | ||||||
70,000 | 4.50%, 06/17/24 | 18,221 | ||||||
80,000 | 4.75%, 02/24/25 | 21,183 | ||||||
55,000 | 4.85%, 04/22/26 | 14,844 | ||||||
55,000 | 5.00%, 02/12/29 | 15,391 | ||||||
60,000 | 5.80%, 07/26/27 | 17,265 | ||||||
70,000 | 5.85%, 04/26/23 | 18,305 | ||||||
Romanian Government International Bonds Reg S | ||||||||
EUR | 25,000 | 2.75%, 10/29/25 | 33,383 | |||||
50,000 | 3.63%, 04/24/24 | 66,682 | ||||||
45,000 | 3.88%, 10/29/35 | 62,985 | ||||||
USD | 25,000 | 4.88%, 01/22/24 | 27,785 | |||||
355,907 | ||||||||
Russia: 3.1% | ||||||||
Russian Federal Bonds | ||||||||
RUB | 1,800,000 | 6.50%, 02/28/24 | 24,282 | |||||
2,190,000 | 6.90%, 05/23/29 | 29,255 | ||||||
1,200,000 | 7.00%, 08/16/23 | 16,380 | ||||||
2,000,000 | 7.05%, 01/19/28 | 27,145 | ||||||
2,300,000 | 7.10%, 10/16/24 | 31,494 | ||||||
1,800,000 | 7.15%, 11/12/25 | 24,723 | ||||||
2,200,000 | 7.25%, 05/10/34 | 29,778 |
Principal Amount | Value | |||||||
Russia: (continued) | ||||||||
RUB | 1,300,000 | 7.40%, 12/07/22 | $ | 17,775 | ||||
2,110,000 | 7.40%, 07/17/24 | 29,099 | ||||||
1,200,000 | 7.60%, 07/20/22 | 16,381 | ||||||
1,900,000 | 7.70%, 03/23/33 | 26,632 | ||||||
2,100,000 | 7.75%, 09/16/26 | 29,511 | ||||||
1,800,000 | 7.95%, 10/07/26 | 25,518 | ||||||
2,080,000 | 8.15%, 02/03/27 | 29,759 | ||||||
1,700,000 | 8.50%, 09/17/31 | 25,169 | ||||||
Russian Foreign Bonds Reg S | ||||||||
USD | 22,500 | 7.50%, 03/31/30 (s) | 26,021 | |||||
45,000 | 12.75%, 06/24/28 | 75,038 | ||||||
483,960 | ||||||||
Saudi Arabia: 1.7% | ||||||||
50,000 | Saudi Government International Bonds 144A 4.50%, 10/26/46 | 55,937 | ||||||
200,000 | Saudi Government International Bonds Reg S 3.25%, 10/26/26 | 215,369 | ||||||
271,306 | ||||||||
South Africa: 4.1% | ||||||||
Republic of South Africa Government Bonds | ||||||||
ZAR | 493,000 | 6.25%, 03/31/36 | 22,775 | |||||
700,000 | 7.00%, 02/28/31 | 40,082 | ||||||
480,000 | 7.75%, 02/28/23 | 34,844 | ||||||
930,000 | 8.00%, 01/31/30 | 59,296 | ||||||
600,000 | 8.25%, 03/31/32 | 36,438 | ||||||
700,000 | 8.50%, 01/31/37 | 39,182 | ||||||
720,000 | 8.75%, 01/31/44 | 39,652 | ||||||
1,175,000 | 8.75%, 02/28/48 | 64,534 | ||||||
550,000 | 8.88%, 02/28/35 | 32,636 | ||||||
547,000 | 9.00%, 01/31/40 | 31,234 | ||||||
1,245,000 | 10.50%, 12/21/26 | 98,081 | ||||||
Republic of South Africa Government International Bonds | ||||||||
USD | 50,000 | 4.30%, 10/12/28 | 50,329 | |||||
75,000 | 5.88%, 09/16/25 | 83,725 | ||||||
632,808 | ||||||||
Sri Lanka: 0.4% | ||||||||
Sri Lanka Government International Bonds 144A | ||||||||
50,000 | 5.75%, 04/18/23 | 36,544 | ||||||
40,000 | 6.85%, 11/03/25 | 26,919 | ||||||
63,463 | ||||||||
Thailand: 3.8% | ||||||||
Thailand Government Bonds | ||||||||
THB | 1,300,000 | 1.88%, 06/17/22 | 42,430 | |||||
1,300,000 | 2.00%, 12/17/22 | 42,782 | ||||||
1,400,000 | 2.13%, 12/17/26 | 47,268 | ||||||
730,000 | 2.40%, 12/17/23 | 24,535 | ||||||
894,000 | 2.88%, 12/17/28 | 31,478 | ||||||
1,350,000 | 3.40%, 06/17/36 | 49,767 | ||||||
1,033,000 | 3.63%, 06/16/23 | 35,351 | ||||||
1,300,000 | 3.65%, 06/20/31 | 48,984 | ||||||
1,089,000 | 3.78%, 06/25/32 | 41,407 |
See Notes to Financial Statements
29 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Thailand: (continued) | ||||||||
THB | 1,250,000 | 3.85%, 12/12/25 | $ | 45,346 | ||||
350,000 | 4.00%, 06/17/66 | 14,607 | ||||||
1,000,000 | 4.68%, 06/29/44 | 43,164 | ||||||
655,000 | 4.85%, 06/17/61 | 31,241 | ||||||
1,400,000 | 4.88%, 06/22/29 | 56,203 | ||||||
900,000 | Thailand Government Bonds Reg S 4.26%, 12/12/37 | 34,814 | ||||||
589,377 | ||||||||
Turkey: 2.4% | ||||||||
Turkey Government Bonds | ||||||||
TRY | 100,000 | 7.10%, 03/08/23 | 10,160 | |||||
100,000 | 8.00%, 03/12/25 | 8,876 | ||||||
145,000 | 9.00%, 07/24/24 | 13,902 | ||||||
130,000 | 10.50%, 08/11/27 | 11,437 | ||||||
118,000 | 10.60%, 02/11/26 | 10,950 | ||||||
100,000 | 10.70%, 08/17/22 | 11,222 | ||||||
62,000 | 12.20%, 01/18/23 | 6,972 | ||||||
110,000 | 12.40%, 03/08/28 | 10,483 | ||||||
Turkey Government International Bonds | ||||||||
USD | 75,000 | 5.75%, 05/11/47 | 61,975 | |||||
50,000 | 6.00%, 03/25/27 | 49,915 | ||||||
90,000 | 6.88%, 03/17/36 | 88,417 | ||||||
80,000 | 7.38%, 02/05/25 | 85,147 | ||||||
369,456 | ||||||||
United Arab Emirates: 0.8% | ||||||||
Abu Dhabi Government International Bonds 144A | ||||||||
50,000 | 2.50%, 10/11/22 | 51,563 | ||||||
65,000 | 3.13%, 10/11/27 | 70,729 | ||||||
122,292 |
Principal Amount | Value | |||||||
Uruguay: 0.6% | ||||||||
USD | 77,000 | Uruguay Government International Bonds 4.50%, 08/14/24 | $ | 83,645 | ||||
Uruguay Government International Bonds Reg S | ||||||||
UYU | 370,000 | 8.50%, 03/15/28 | 8,805 | |||||
300,000 | 9.88%, 06/20/22 | 7,086 | ||||||
99,536 | ||||||||
Total Government Obligations (Cost: $9,823,103) | 9,671,739 | |||||||
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $15,168,535) | 15,307,003 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $55,227) | ||||||||
Money Market Fund: 0.3% | ||||||||
55,227 | State Street Navigator Securities Lending Government Money Market Portfolio | 55,227 | ||||||
Total Investments: 98.6% (Cost: $15,223,762) | 15,362,230 | |||||||
Other assets less liabilities: 1.4% | 211,877 | |||||||
NET ASSETS: 100.0% | $ | 15,574,107 |
See Notes to Financial Statements
30 |
Definitions: | |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNY | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
EUR | Euro |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli Sheqel |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NGN | Nigerian Naira |
PEN | Peruvian Nuevo Sol |
PLN | Polish Zloty |
RON | Romanian Leu |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
USD | United States Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
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 |
^ | Zero Coupon Bond |
† | Security fully or partially on loan. Total market value of securities on loan is $241,488. |
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 to $2,088,855, or 13.4% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 4.5 | % | $ | 692,849 | ||||
Energy | 8.1 | 1,243,868 | ||||||
Financials | 13.5 | 2,057,951 | ||||||
Government | 63.2 | 9,671,739 | ||||||
Healthcare | 1.1 | 162,455 | ||||||
Industrials | 2.3 | 350,078 | ||||||
Real Estate | 1.4 | 216,861 | ||||||
Technology | 2.9 | 449,835 | ||||||
Utilities | 3.0 | 461,367 | ||||||
100.0 | % | $ | 15,307,003 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
Corporate Bonds* | $ | — | $ | 5,635,264 | $ | — | $ | 5,635,264 | ||||||||||||
Government Obligations* | — | 9,671,739 | — | 9,671,739 | ||||||||||||||||
Money Market Fund | 55,227 | — | — | 55,227 | ||||||||||||||||
Total | $ | 55,227 | $ | 15,307,003 | $ | — | $ | 15,362,230 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
31 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 97.5% | ||||||||
Argentina: 2.7% | ||||||||
$ | 610,285 | Aeropuertos Argentina 2000 SA 144A 9.38% 02/01/27 | $ | 496,256 | ||||
975,000 | Agua y Saneamientos Argentinos SA Reg S 6.63%, 02/01/23 | 485,063 | ||||||
1,100,000 | Arcor SAIC 144A 6.00%, 07/06/23 | 1,067,594 | ||||||
650,000 | Capex SA 144A 6.88%, 05/15/24 | 589,225 | ||||||
450,000 | Generacion Mediterranea SA 144A 9.63%, 07/27/23 | 299,468 | ||||||
150,000 | Generacion Mediterranea SA Reg S 9.63%, 07/27/23 | 99,823 | ||||||
700,000 | IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/23 | 622,563 | ||||||
50,000 | IRSA Propiedades Comerciales SA Reg S 8.75%, 03/23/23 | 44,469 | ||||||
MercadoLibre, Inc. | ||||||||
900,000 | 2.38%, 01/14/26 | 899,303 | ||||||
1,500,000 | 3.13%, 01/14/31 † | 1,436,730 | ||||||
1,025,000 | MSU Energy SA 144A 6.88%, 02/01/25 | 699,557 | ||||||
150,000 | MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 | 102,374 | ||||||
Pampa Energia SA 144A | ||||||||
850,000 | 7.38%, 07/21/23 | 797,164 | ||||||
1,375,000 | 7.50%, 01/24/27 | 1,128,263 | ||||||
650,000 | 9.13%, 04/15/29 | 550,875 | ||||||
Telecom Argentina SA 144A | ||||||||
850,000 | 8.00%, 07/18/26 | 760,053 | ||||||
825,000 | 8.50%, 08/06/25 | 760,477 | ||||||
1,085,000 | Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 | 942,615 | ||||||
850,000 | YPF Energia Electrica SA 144A 10.00%, 07/25/26 | 692,963 | ||||||
YPF SA 144A | ||||||||
600,000 | 1.50%, 09/30/33 (s) | 276,240 | ||||||
1,550,000 | 2.50%, 06/30/29 (s) | 852,516 | ||||||
1,600,000 | 4.00%, 02/12/26 (s) | 1,294,456 | ||||||
2,100,000 | 6.95%, 07/21/27 | 1,297,107 | ||||||
850,000 | 7.00%, 12/15/47 | 483,446 | ||||||
3,050,000 | 8.50%, 07/28/25 | 2,217,502 | ||||||
912,000 | 8.50%, 06/27/29 | 580,597 | ||||||
2,450,000 | 8.75%, 04/04/24 | 2,000,045 | ||||||
21,476,744 | ||||||||
Armenia: 0.1% | ||||||||
600,000 | Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 | 597,750 | ||||||
Azerbaijan: 1.3% | ||||||||
1,000,000 | Petkim Petrokimya Holding AS 144A 5.88%, 01/26/23 | 1,025,372 | ||||||
3,825,000 | Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † | 4,601,972 | ||||||
Principal Amount | Value | |||||||
Azerbaijan: (continued) | ||||||||
$ | 400,000 | Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26 | $ | 481,252 | ||||
State Oil Co. of the Azerbaijan Republic Reg S | ||||||||
2,150,000 | 4.75%, 03/13/23 | 2,281,623 | ||||||
1,700,000 | 6.95%, 03/18/30 | 2,112,437 | ||||||
10,502,656 | ||||||||
Bahrain: 1.3% | ||||||||
1,100,000 | BBK BSC Reg S 5.50%, 07/09/24 | 1,168,320 | ||||||
1,000,000 | GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 | 1,004,250 | ||||||
Mumtalakat Sukuk Holding Co. Reg S | ||||||||
1,000,000 | 4.10%, 01/21/27 | 1,017,910 | ||||||
1,400,000 | 5.63%, 02/27/24 | 1,498,710 | ||||||
Oil and Gas Holding Co. BSCC 144A | ||||||||
2,225,000 | 7.50%, 10/25/27 | 2,503,826 | ||||||
1,550,000 | 7.63%, 11/07/24 | 1,742,518 | ||||||
1,000,000 | 8.38%, 11/07/28 | 1,169,455 | ||||||
10,104,989 | ||||||||
Belarus: 0.1% | ||||||||
1,000,000 | Development Bank of the Republic of Belarus JSC 144A 6.75%, 05/02/24 | 981,000 | ||||||
Bermuda: 0.8% | ||||||||
48,757 | Digicel Group 0.5 Ltd. 10.00%, 04/01/24 | 47,751 | ||||||
663,931 | Digicel Group 0.5 Ltd. 144A 8.00% 04/01/25 | 557,503 | ||||||
1,950,000 | Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd. 144A 8.75%, 05/25/24 | 2,045,062 | ||||||
500,000 | Digicel International Finance Ltd. / Digicel international Holdings Ltd. 144A 13.00% 12/31/25 | 508,125 | ||||||
1,400,000 | Digicel Ltd. 144A 6.75%, 03/01/23 | 1,323,259 | ||||||
200,000 | Digicel Ltd. Reg S 6.75%, 03/01/23 | 189,037 | ||||||
1,600,000 | Eurochem Finance DAC 144A 5.50%, 03/13/24 | 1,746,848 | ||||||
6,417,585 | ||||||||
Brazil: 9.9% | ||||||||
900,000 | Adecoagro SA 144A 6.00%, 09/21/27 | 949,383 | ||||||
150,000 | Adecoagro SA Reg S 6.00%, 09/21/27 | 158,231 | ||||||
300,000 | Aegea Finance SARL 144A 5.75%, 10/10/24 | 313,716 | ||||||
800,000 | Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | 837,220 | ||||||
1,174,000 | Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | 1,240,290 | ||||||
400,000 | Atento Luxco 1 SA 144A 8.00%, 02/10/26 | 435,698 |
See Notes to Financial Statements
32 |
Principal Amount | Value | |||||||
Brazil: (continued) | ||||||||
$ | 300,000 | Azul Investments LLP 144A 5.88%, 10/26/24 | $ | 285,806 | ||||
400,000 | B2W Digital Lux Sarl 144A 4.38%, 12/20/30 | 395,200 | ||||||
Banco Bradesco SA 144A | ||||||||
750,000 | 2.85%, 01/27/23 † | 767,299 | ||||||
600,000 | 3.20%, 01/27/25 | 615,750 | ||||||
100,000 | Banco Bradesco SA Reg S 2.85%, 01/27/23 | 102,307 | ||||||
Banco BTG Pactual SA 144A | ||||||||
400,000 | 2.75%, 01/11/26 | 381,004 | ||||||
800,000 | 4.50%, 01/10/25 | 825,268 | ||||||
200,000 | 5.50%, 01/31/23 | 211,750 | ||||||
175,000 | 5.75%, 09/28/22 | 184,575 | ||||||
Banco BTG Pactual SA Reg S | ||||||||
300,000 | 5.50%, 01/31/23 | 317,625 | ||||||
100,000 | 5.75%, 09/28/22 | 105,472 | ||||||
350,000 | Banco Daycoval SA Reg S 4.25%, 12/13/24 | 357,000 | ||||||
1,650,000 | Banco do Brasil SA 3.88%, 10/10/22 | 1,706,389 | ||||||
Banco do Brasil SA 144A | ||||||||
1,050,000 | 4.63%, 01/15/25 † | 1,121,956 | ||||||
650,000 | 4.75%, 03/20/24 | 691,792 | ||||||
650,000 | 4.88%, 04/19/23 | 692,094 | ||||||
650,000 | 5.88%, 01/19/23 | 694,086 | ||||||
Banco Nacional de Desenvolvimento Economico e Social 144A | ||||||||
400,000 | 4.75%, 05/09/24 | 432,982 | ||||||
1,100,000 | 5.75%, 09/26/23 | 1,223,920 | ||||||
400,000 | Banco Safra SA 144A 4.13%, 02/08/23 | 415,742 | ||||||
Banco Votorantim SA 144A | ||||||||
400,000 | 4.00%, 09/24/22 | 413,320 | ||||||
500,000 | 4.38%, 07/29/25 | 523,270 | ||||||
300,000 | 4.50%, 09/24/24 † | 315,482 | ||||||
300,000 | 8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/07/22 (o) | 311,945 | ||||||
700,000 | Braskem America Finance Co. 144A 7.13%, 07/22/41 † | 817,226 | ||||||
675,000 | Braskem Finance Ltd. 6.45%, 02/03/24 | 751,710 | ||||||
2,000,000 | Braskem Idesa SAPI 144A 7.45%, 11/15/29 | 2,028,580 | ||||||
Braskem Netherlands Finance BV 144A | ||||||||
1,050,000 | 4.50%, 01/10/28 | 1,093,775 | ||||||
1,340,000 | 4.50%, 01/31/30 | 1,363,383 | ||||||
700,000 | 5.88%, 01/31/50 † | 732,102 | ||||||
650,000 | 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 † | 752,408 | ||||||
805,000 | Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | 872,427 | ||||||
400,000 | BRF GmbH 144A 4.35%, 09/29/26 | 414,024 | ||||||
BRF SA 144A | ||||||||
600,000 | 4.88%, 01/24/30 | 616,908 | ||||||
800,000 | 5.75%, 09/21/50 | 785,928 |
Principal Amount | Value | |||||||
Brazil: (continued) | ||||||||
$ | 400,000 | Caixa Economica Federal 144A 3.50%, 11/07/22 | $ | 413,278 | ||||
1,335,000 | Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 † | 1,541,878 | ||||||
Centrais Eletricas Brasileiras SA 144A | ||||||||
400,000 | 3.63%, 02/04/25 | 406,388 | ||||||
800,000 | 4.63%, 02/04/30 | 809,760 | ||||||
400,000 | Cielo USA, Inc. 144A 3.75%, 11/16/22 | 410,154 | ||||||
600,000 | Cosan Ltd. 144A 5.50%, 09/20/29 | 640,116 | ||||||
600,000 | Cosan Luxembourg SA 144A 7.00%, 01/20/27 | 639,867 | ||||||
1,050,000 | CSN Islands XI Corp. 144A | |||||||
6.75%, 01/28/28 | 1,142,521 | |||||||
200,000 | CSN Islands XI Corp. Reg S 6.75%, 01/28/28 | 217,623 | ||||||
CSN Resources SA 144A | ||||||||
800,000 | 7.63%, 02/13/23 | 831,000 | ||||||
500,000 | 7.63%, 04/17/26 † | 538,853 | ||||||
Embraer Netherlands Finance BV | ||||||||
900,000 | 5.05%, 06/15/25 | 948,375 | ||||||
700,000 | 5.40%, 02/01/27 | 737,625 | ||||||
700,000 | Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 | 789,250 | ||||||
400,000 | Embraer Overseas Ltd. 144A 5.70%, 09/16/23 | 425,040 | ||||||
300,000 | Embraer SA 5.15%, 06/15/22 | 310,331 | ||||||
500,000 | FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 546,738 | ||||||
Globo Comunicacao e Participacoes SA 144A | ||||||||
350,000 | 4.84%, 06/08/25 | 366,625 | ||||||
500,000 | 4.88%, 01/22/30 | 508,185 | ||||||
500,000 | Gol Finance SA 144A 7.00%, 01/31/25 | 460,300 | ||||||
700,000 | Guara Norte Sarl 144A 5.20%, 06/15/34 | 706,283 | ||||||
400,000 | InterCement Financial Operations BV 144A 5.75%, 07/17/24 | 380,584 | ||||||
Itau Unibanco Holding SA 144A | ||||||||
850,000 | 2.90%, 01/24/23 | 868,921 | ||||||
450,000 | 3.25%, 01/24/25 † | 463,523 | ||||||
400,000 | 3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | 388,940 | ||||||
800,000 | 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 809,688 | ||||||
625,000 | 4.63% (US Treasury Yield Curve Rate T 5 Year+3.22%), 02/27/25 (o) † | 597,619 | ||||||
1,625,000 | 5.13%, 05/13/23 | 1,724,531 | ||||||
1,250,000 | 5.50%, 08/06/22 | 1,308,500 | ||||||
400,000 | JSM Global SARL 144A 4.75%, 10/20/30 | 405,484 | ||||||
Klabin Austria GmbH 144A | ||||||||
400,000 | 3.20%, 01/12/31 | 381,840 | ||||||
650,000 | 5.75%, 04/03/29 | 723,476 | ||||||
700,000 | 7.00%, 04/03/49 | 860,412 |
See Notes to Financial Statements
33 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Brazil: (continued) | ||||||||
$ | 400,000 | Klabin Finance SA 144A 4.88%, 09/19/27 | $ | 437,708 | ||||
300,000 | Light Servicos de Eletricidade SA / Light Energia SA 144A 7.25%, 05/03/23 | 311,178 | ||||||
1,200,000 | MARB BondCo Plc 144A 3.95%, 01/29/31 | 1,141,902 | ||||||
400,000 | Minerva Luxembourg SA 144A 5.88%, 01/19/28 | 425,678 | ||||||
1,040,952 | MV24 Capital BV 144A 6.75%, 06/01/34 | 1,105,553 | ||||||
700,000 | Natura Cosmeticos SA 144A 5.38%, 02/01/23 † | 719,075 | ||||||
NBM US Holdings, Inc. 144A | ||||||||
550,000 | 6.63%, 08/06/29 † | 611,218 | ||||||
900,000 | 7.00%, 05/14/26 | 969,435 | ||||||
Nexa Resources SA 144A | ||||||||
700,000 | 5.38%, 05/04/27 | 751,142 | ||||||
500,000 | 6.50%, 01/18/28 | 558,615 | ||||||
Petrobras Global Finance BV | ||||||||
450,000 | 4.38%, 05/20/23 † | 477,950 | ||||||
1,800,000 | 5.09%, 01/15/30 | 1,904,427 | ||||||
425,000 | 5.30%, 01/27/25 | 471,754 | ||||||
1,125,000 | 5.60%, 01/03/31 | 1,216,125 | ||||||
250,000 | 5.63%, 05/20/43 | 265,296 | ||||||
500,000 | 5.75%, 02/01/29 | 559,425 | ||||||
1,000,000 | 6.00%, 01/27/28 † | 1,131,210 | ||||||
375,000 | 6.25%, 03/17/24 † | 420,889 | ||||||
400,000 | 6.75%, 01/27/41 | 455,054 | ||||||
800,000 | 6.75%, 06/03/50 † | 876,568 | ||||||
1,000,000 | 6.85%, 06/05/15 | 1,058,350 | ||||||
492,000 | 6.88%, 01/20/40 | 564,263 | ||||||
1,000,000 | 6.90%, 03/19/49 | 1,127,350 | ||||||
750,000 | 7.25%, 03/17/44 | 876,653 | ||||||
825,000 | 7.38%, 01/17/27 | 999,290 | ||||||
530,000 | 8.75%, 05/23/26 | 678,533 | ||||||
Rede D’or Finance SARL 144A | ||||||||
950,000 | 4.50%, 01/22/30 | 934,325 | ||||||
500,000 | 4.95%, 01/17/28 | 517,420 | ||||||
765,510 | Rio Oil Finance Trust 144A 9.25%, 07/06/24 | 851,630 | ||||||
483,293 | Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 | 569,078 | ||||||
480,000 | Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 | 549,605 | ||||||
Rumo Luxembourg SARL 144A | ||||||||
400,000 | 5.25%, 01/10/28 | 425,796 | ||||||
500,000 | 5.88%, 01/18/25 † | 527,875 | ||||||
500,000 | Simpar Europe SA 144A 5.20%, 01/26/31 | 505,065 | ||||||
300,000 | Tupy Overseas SA 144A 4.50%, 02/16/31 | 299,094 | ||||||
Ultrapar International SA 144A | ||||||||
500,000 | 5.25%, 10/06/26 | 546,155 | ||||||
700,000 | 5.25%, 06/06/29 | 738,423 | ||||||
500,000 | Unigel Luxembourg SA 144A 8.75%, 10/01/26 | 541,360 | ||||||
800,000 | Usiminas International SARL 144A 5.88%, 07/18/26 | 861,408 | ||||||
77,540,626 |
Principal Amount | Value | |||||||
British Virgin Islands: 1.0% | ||||||||
$ | 200,000 | Bright Scholar Education Holdings Ltd. Reg S 7.45%, 07/31/22 | $ | 208,500 | ||||
Central China Real Estate Ltd. Reg S | ||||||||
200,000 | 6.88%, 08/08/22 | 199,500 | ||||||
200,000 | 7.25%, 04/24/23 | 197,000 | ||||||
200,000 | 7.25%, 08/13/24 | 183,735 | ||||||
200,000 | 7.65%, 08/27/23 | 195,500 | ||||||
300,000 | 7.75%, 05/24/24 | 284,979 | ||||||
China Aoyuan Group Ltd. Reg S | ||||||||
400,000 | 6.20%, 03/24/26 | 378,024 | ||||||
400,000 | 6.35%, 02/08/24 | 399,500 | ||||||
China SCE Group Holdings Ltd. Reg S | ||||||||
400,000 | 7.00%, 05/02/25 | 404,989 | ||||||
400,000 | 7.25%, 04/19/23 | 414,500 | ||||||
400,000 | 7.38%, 04/09/24 | 417,500 | ||||||
Fantasia Holdings Group Co. Ltd. Reg S | ||||||||
200,000 | 9.25%, 07/28/23 | 187,500 | ||||||
200,000 | 9.88%, 10/19/23 | 187,326 | ||||||
400,000 | 10.88%, 01/09/23 | 399,000 | ||||||
400,000 | 11.88%, 06/01/23 | 401,000 | ||||||
200,000 | 12.25%, 10/18/22 | 204,000 | ||||||
200,000 | Health & Happiness H&H International Holdings Ltd. Reg S 5.63%, 10/24/24 | 208,229 | ||||||
400,000 | Hopson Development Holdings Ltd. Reg S 7.50%, 06/27/22 | 409,000 | ||||||
1,400,000 | Metalloinvest Finance DAC 144A 4.85%, 05/02/24 | 1,500,237 | ||||||
400,000 | Metalloinvest Finance DAC Reg S 4.85%, 05/02/24 | 428,639 | ||||||
200,000 | New Metro Global Ltd. Reg S 4.50%, 05/02/26 | 195,708 | ||||||
400,000 | Yingde Gases Investment Ltd. 144A 6.25%, 01/19/23 | 413,314 | ||||||
7,817,680 | ||||||||
Cambodia: 0.1% | ||||||||
800,000 | NagaCorp Ltd. Reg S 7.95%, 07/06/24 | 833,996 | ||||||
Canada: 0.3% | ||||||||
1,075,000 | Azure Power Energy Ltd. 144A 5.50%, 11/03/22 | 1,096,532 | ||||||
865,000 | Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 † | 918,544 | ||||||
650,000 | Sagicor Finance 2015 Ltd. 144A 8.88%, 08/11/22 | 667,124 | ||||||
2,682,200 | ||||||||
Cayman Islands: 0.8% | ||||||||
1,450,000 | Arabian Centres Sukuk II Ltd. 144A 5.63%, 10/07/26 | 1,498,104 | ||||||
1,250,000 | Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 | 1,298,812 | ||||||
1,150,000 | Oryx Funding Ltd 144A 5.80%, 02/03/31 | 1,220,708 | ||||||
700,000 | Poinsettia Finance Ltd. Reg S 6.63%, 06/17/31 | 675,248 |
See Notes to Financial Statements
34 |
Principal Amount | Value | |||||||
Cayman Islands: (continued) | ||||||||
Ronshine China Holdings Ltd. Reg S | ||||||||
$ | 400,000 | 7.35%, 12/15/23 | $ | 387,500 | ||||
200,000 | 8.10%, 06/09/23 | 199,000 | ||||||
400,000 | 8.75%, 10/25/22 | 403,512 | ||||||
500,000 | 8.95%, 01/22/23 | 507,500 | ||||||
6,190,384 | ||||||||
Chile: 0.5% | ||||||||
1,000,000 | Kenbourne Invest SA 144A 6.88%, 11/26/24 | 1,066,100 | ||||||
VTR Comunicaciones SpA 144A | ||||||||
700,000 | 4.38%, 04/15/29 | 705,600 | ||||||
1,239,000 | 5.13%, 01/15/28 | 1,300,950 | ||||||
1,125,000 | VTR Finance NV 144A 6.38%, 07/15/28 † | 1,218,133 | ||||||
4,290,783 | ||||||||
China / Hong Kong: 11.8% | ||||||||
Agile Group Holdings Ltd. Reg S | ||||||||
400,000 | 5.75%, 01/02/25 | 405,000 | ||||||
200,000 | 6.05%, 10/13/25 | 203,967 | ||||||
450,000 | 6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o) | 453,938 | ||||||
450,000 | 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 07/31/24 (o) | 459,813 | ||||||
400,000 | 8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/04/23 (o) | 417,032 | ||||||
200,000 | Anton Oilfield Services Group/ Hong Kong Reg S 7.50%, 12/02/22 | 190,000 | ||||||
2,000,000 | Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/25 (o) | 2,065,894 | ||||||
500,000 | Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 03/03/25 (o) | 510,775 | ||||||
Bank of East Asia Ltd. Reg S | ||||||||
1,300,000 | 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o) | 1,390,402 | ||||||
1,600,000 | 5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 09/19/24 (o) | 1,702,360 | ||||||
200,000 | CAR, Inc. Reg S 8.88%, 05/10/22 | 203,810 | ||||||
1,300,000 | CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 07/12/26 (o) | 1,303,250 | ||||||
400,000 | Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/24 (o) | 381,035 | ||||||
CFLD Cayman Investment Ltd. Reg S | ||||||||
200,000 | 6.90%, 01/13/23 | 68,000 | ||||||
200,000 | 7.13%, 04/08/22 | 68,000 | ||||||
200,000 | 8.05%, 01/13/25 | 68,000 | ||||||
500,000 | 8.60%, 04/08/24 | 175,000 | ||||||
200,000 | Chalieco Hong Kong Corp. Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 05/21/23 (o) | 201,750 | ||||||
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
$ | 1,203,000 | Champion Path Holdings Ltd. Reg S 4.50%, 01/27/26 | $ | 1,255,631 | ||||
1,050,000 | 4.85%, 01/27/28 | 1,106,021 | ||||||
200,000 | Changde Economic Construction Investment Group Co. Ltd. Reg S 6.60%, 08/15/22 | 201,200 | ||||||
400,000 | Chengdu Airport Xingcheng Investment Group Co. Ltd. Reg S 6.50%, 07/18/22 | 411,000 | ||||||
400,000 | China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/06/23 (o) | 435,986 | ||||||
China Evergrande Group Reg S | ||||||||
1,050,000 | 7.50%, 06/28/23 | 921,375 | ||||||
3,300,000 | 8.75%, 06/28/25 | 2,697,750 | ||||||
700,000 | 9.50%, 03/29/24 | 607,250 | ||||||
600,000 | 10.00%, 04/11/23 | 555,000 | ||||||
450,000 | 10.50%, 04/11/24 | 403,875 | ||||||
600,000 | 11.50%, 01/22/23 | 577,500 | ||||||
800,000 | 12.00%, 01/22/24 | 750,000 | ||||||
200,000 | China Hongqiao Group Ltd. Reg S 7.13%, 07/22/22 | 204,250 | ||||||
400,000 | China Oil & Gas Group Ltd. Reg S 5.50%, 01/25/23 | 412,500 | ||||||
300,000 | China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26 | 288,750 | ||||||
China South City Holdings Ltd. Reg S | ||||||||
200,000 | 10.75%, 04/11/23 | 176,750 | ||||||
200,000 | 10.88%, 06/26/22 | 187,750 | ||||||
900,000 | Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 07/15/24 (o) | 936,005 | ||||||
200,000 | Chongqing Hechuan City Construction Investment Group Co. Ltd. Reg S 6.30%, 07/18/22 | 199,013 | ||||||
CIFI Holdings Group Co. Ltd. Reg S | ||||||||
200,000 | 4.38%, 04/12/27 | 196,372 | ||||||
200,000 | 5.25%, 05/13/26 | 204,764 | ||||||
200,000 | 5.50%, 01/23/23 | 204,973 | ||||||
400,000 | 5.95%, 10/20/25 | 424,000 | ||||||
500,000 | 6.00%, 07/16/25 | 528,750 | ||||||
200,000 | 6.45%, 11/07/24 | 212,751 | ||||||
400,000 | 6.55%, 03/28/24 | 422,500 | ||||||
400,000 | 7.63%, 02/28/23 | 416,531 | ||||||
1,000,000 | CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 01/24/24 (o) | 1,077,130 | ||||||
600,000 | DaFa Properties Group Ltd. Reg S 12.38%, 07/30/22 | 570,750 | ||||||
Easy Tactic Ltd. Reg S | ||||||||
500,000 | 5.88%, 02/13/23 | 470,625 | ||||||
600,000 | 8.13%, 02/27/23 | 585,000 | ||||||
400,000 | 8.13%, 07/11/24 | 369,000 | ||||||
300,000 | 8.63%, 02/27/24 | 283,500 | ||||||
200,000 | 8.63%, 03/05/24 | 189,000 | ||||||
200,000 | 9.13%, 07/28/22 | 202,500 | ||||||
400,000 | 11.75%, 08/02/23 | 416,500 | ||||||
200,000 | 12.38%, 11/18/22 | 209,500 |
See Notes to Financial Statements
35 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
$ | 200,000 | eHi Car Services Ltd. Reg S 5.88%, 08/14/22 | $ | 198,750 | ||||
200,000 | Fantasia Holdings Group Co. Ltd. Reg S 7.95%, 07/05/22 | 195,750 | ||||||
Fortune Star BVI Ltd. Reg S | ||||||||
300,000 | 5.05%, 01/27/27 | 298,417 | ||||||
200,000 | 5.95%, 01/29/23 | 205,750 | ||||||
700,000 | 5.95%, 10/19/25 | 729,178 | ||||||
450,000 | 6.75%, 07/02/23 | 471,933 | ||||||
400,000 | 6.85%, 07/02/24 | 425,500 | ||||||
200,000 | Franshion Brilliant Ltd. Reg S 4.88% (US Treasury Yield Curve Rate T 5 Year+2.75%), 11/06/23 | 168,843 | ||||||
400,000 | Gemstones International Ltd. Reg S 12.00%, 03/10/23 | 396,000 | ||||||
200,000 | Golden Eagle Retail Group Ltd. 144A 4.63%, 05/21/23 | 204,050 | ||||||
Greenland Global Investment Ltd. Reg S | ||||||||
300,000 | 5.60%, 11/13/22 | 280,800 | ||||||
550,000 | 5.88%, 07/03/24 | 467,463 | ||||||
200,000 | 5.90%, 02/12/23 | 180,750 | ||||||
200,000 | 6.13%, 04/22/23 | 178,750 | ||||||
400,000 | 6.25%, 12/16/22 | 391,500 | ||||||
300,000 | 6.75%, 06/25/22 | 287,625 | ||||||
400,000 | 6.75%, 09/26/23 | 353,500 | ||||||
300,000 | 6.75%, 03/03/24 | 260,625 | ||||||
Greentown China Holdings Ltd. Reg S | ||||||||
200,000 | 4.70%, 04/29/25 | 200,400 | ||||||
200,000 | 5.65%, 07/13/25 | 207,000 | ||||||
200,000 | Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd. Reg S 7.00%, 09/30/22 | 190,000 | ||||||
400,000 | Haimen Zhongnan Investment Development International Co. Ltd. Reg S 10.88%, 06/18/22 | 410,500 | ||||||
Hejun Shunze Investment Co. Ltd. Reg S | ||||||||
200,000 | 10.40%, 03/09/23 | 125,003 | ||||||
200,000 | 11.00%, 06/04/22 | 134,000 | ||||||
200,000 | Hong Kong Red Star Macalline Universal Home Furnishings Ltd. Reg S 3.38%, 09/21/22 | 174,750 | ||||||
200,000 | Huai An Traffic Holding Co. Ltd. Reg S 6.00%, 09/19/22 | 200,183 | ||||||
Jiayuan International Group Ltd. Reg S | ||||||||
200,000 | 12.50%, 07/21/23 | 200,236 | ||||||
400,000 | 13.75%, 02/18/23 | 413,332 | ||||||
300,000 | Jingrui Holdings Ltd. Reg S 14.50%, 02/19/23 | 298,125 | ||||||
400,000 | Kaisa Group Holdings Ltd. 144A 11.95%, 10/22/22 | 422,850 | ||||||
Kaisa Group Holdings Ltd. Reg S | ||||||||
800,000 | 8.50%, 06/30/22 | 820,400 | ||||||
2,150,000 | 9.38%, 06/30/24 | 2,139,250 | ||||||
300,000 | 9.75%, 09/28/23 | 309,000 | ||||||
350,000 | 9.95%, 07/23/25 | 338,625 | ||||||
400,000 | 10.50%, 01/15/25 | 399,000 |
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
$ | 500,000 | 10.88%, 07/23/23 | $ | 523,750 | ||||
600,000 | 11.25%, 04/16/25 | 610,500 | ||||||
600,000 | 11.50%, 01/30/23 | 625,050 | ||||||
350,000 | 11.95%, 11/12/23 | 371,875 | ||||||
400,000 | Kunming Municipal Urban Construction Investment & Development Co. Ltd. Reg S 5.80%, 10/17/22 | 378,042 | ||||||
KWG Group Holdings Ltd. Reg S | ||||||||
300,000 | 6.30%, 02/13/26 | 304,893 | ||||||
200,000 | 7.40%, 03/05/24 | 211,500 | ||||||
200,000 | 7.40%, 01/13/27 | 205,768 | ||||||
400,000 | 7.88%, 09/01/23 | 413,000 | ||||||
KWG Property Holding Ltd. Reg S | ||||||||
500,000 | 5.88%, 11/10/24 | 511,250 | ||||||
500,000 | 6.00%, 09/15/22 | 508,125 | ||||||
700,000 | Lai Fung Bonds 2018 Ltd. Reg S 5.65%, 01/18/23 | 677,250 | ||||||
200,000 | Liang Shan International Development Ltd. Reg S 7.00%, 06/27/22 | 196,024 | ||||||
Logan Group Co. Ltd. Reg S | ||||||||
200,000 | 4.50%, 01/13/28 | 193,426 | ||||||
300,000 | 4.85%, 12/14/26 | 299,920 | ||||||
200,000 | 5.25%, 10/19/25 | 203,466 | ||||||
200,000 | 5.75%, 01/14/25 | 207,004 | ||||||
200,000 | 7.50%, 08/25/22 | 204,900 | ||||||
Logan Property Holdings Co. Ltd. Reg S | ||||||||
400,000 | 5.25%, 02/23/23 | 406,009 | ||||||
400,000 | 6.50%, 07/16/23 | 411,220 | ||||||
Melco Resorts Finance Ltd. 144A | ||||||||
2,250,000 | 4.88%, 06/06/25 | 2,311,537 | ||||||
1,050,000 | 5.25%, 04/26/26 | 1,098,888 | ||||||
2,425,000 | 5.38%, 12/04/29 | 2,586,384 | ||||||
1,391,000 | 5.63%, 07/17/27 | 1,475,155 | ||||||
1,800,000 | 5.75%, 07/21/28 | 1,938,447 | ||||||
Modern Land China Co. Ltd. Reg S | ||||||||
200,000 | 9.80%, 04/11/23 | 192,533 | ||||||
200,000 | 11.50%, 11/13/22 | 203,000 | ||||||
2,600,000 | Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (o) | 2,640,623 | ||||||
New Metro Global Ltd. Reg S | ||||||||
200,000 | 4.80%, 12/15/24 | 200,228 | ||||||
400,000 | 6.50%, 05/20/22 | 409,000 | ||||||
300,000 | 6.80%, 08/05/23 | 312,750 | ||||||
200,000 | Oriental Capital Co. Ltd. Reg S 7.00%, 10/17/22 | 193,500 | ||||||
Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
400,000 | 5.95%, 04/30/25 | 415,012 | ||||||
200,000 | 6.25%, 08/10/24 | 208,500 | ||||||
200,000 | 6.95%, 07/23/23 | 209,000 | ||||||
300,000 | 7.13%, 11/08/22 | 313,500 | ||||||
220,000 | Prime Bloom Holdings Ltd. Reg S 6.95%, 07/05/22 | 41,800 | ||||||
Redsun Properties Group Ltd. Reg S | ||||||||
200,000 | 7.30%, 01/13/25 | 193,754 | ||||||
400,000 | 9.70%, 04/16/23 | 418,500 |
See Notes to Financial Statements
36 |
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
$ | 250,000 | RKI Overseas Finance 2017 A Ltd. Reg S 7.00%, 06/23/22 (o) | $ | 224,375 | ||||
RKPF Overseas 2019 A Ltd. Reg S | ||||||||
600,000 | 6.00%, 09/04/25 | 624,025 | ||||||
400,000 | 6.70%, 09/30/24 | 424,618 | ||||||
200,000 | 7.88%, 02/01/23 | 208,529 | ||||||
250,000 | RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/24 (o) | 243,875 | ||||||
200,000 | RKPF Overseas 2020 A Ltd Reg S 5.20%, 01/12/26 | 201,463 | ||||||
Scenery Journey Ltd. Reg S | ||||||||
1,400,000 | 11.50%, 10/24/22 | 1,333,500 | ||||||
1,200,000 | 12.00%, 10/24/23 | 1,116,000 | ||||||
600,000 | 13.00%, 11/06/22 | 583,500 | ||||||
500,000 | 13.75%, 11/06/23 | 476,875 | ||||||
Seazen Group Ltd. Reg S | ||||||||
200,000 | 4.45%, 07/13/25 | 197,221 | ||||||
400,000 | 6.45%, 06/11/22 | 409,800 | ||||||
200,000 | Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23 | 200,744 | ||||||
850,000 | Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/22 | 862,994 | ||||||
550,000 | Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o) | 478,500 | ||||||
Studio City Finance Ltd. 144A | ||||||||
1,600,000 | 5.00%, 01/15/29 | 1,638,000 | ||||||
1,025,000 | 6.00%, 07/15/25 | 1,083,938 | ||||||
1,075,000 | 6.50%, 01/15/28 | 1,163,827 | ||||||
Sunac China Holdings Ltd. Reg S | ||||||||
700,000 | 5.95%, 04/26/24 | 709,136 | ||||||
400,000 | 6.50%, 07/09/23 | 412,513 | ||||||
400,000 | 6.50%, 01/10/25 | 409,750 | ||||||
200,000 | 6.50%, 01/26/26 | 201,463 | ||||||
600,000 | 6.65%, 08/03/24 | 619,500 | ||||||
600,000 | 7.00%, 07/09/25 | 618,000 | ||||||
400,000 | 7.25%, 06/14/22 | 413,800 | ||||||
400,000 | 7.50%, 02/01/24 | 421,000 | ||||||
600,000 | 7.95%, 08/08/22 | 619,200 | ||||||
400,000 | 7.95%, 10/11/23 | 422,800 | ||||||
500,000 | 8.35%, 04/19/23 | 523,500 | ||||||
Times China Holdings Ltd. Reg S | ||||||||
200,000 | 5.75%, 01/14/27 | 191,117 | ||||||
400,000 | 6.20%, 03/22/26 | 395,423 | ||||||
400,000 | 6.75%, 07/16/23 | 408,500 | ||||||
400,000 | 6.75%, 07/08/25 | 408,942 | ||||||
200,000 | Times Property Holdings Ltd. Reg S 6.60%, 03/02/23 | 203,300 | ||||||
200,000 | Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23 | 191,994 | ||||||
500,000 | Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | 496,438 | ||||||
Wanda Properties Overseas Ltd. Reg S | ||||||||
400,000 | 6.88%, 07/23/23 | 393,995 | ||||||
200,000 | 6.95%, 12/05/22 | 199,250 |
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
$ | 300,000 | Wealth Driven Ltd. Reg S 5.50%, 08/17/23 | $ | 302,625 | ||||
200,000 | Xinjiang Zhongtai Group Co. Ltd. Reg S 7.00%, 06/06/22 | 165,000 | ||||||
400,000 | Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 | 403,237 | ||||||
Yango Justice International Ltd. Reg S | ||||||||
200,000 | 7.50%, 04/15/24 | 201,750 | ||||||
200,000 | 8.25%, 11/25/23 | 203,493 | ||||||
200,000 | 9.25%, 04/15/23 | 207,000 | ||||||
200,000 | Yangzhou Economic & Technological Development Zone Development Corp. Reg S 5.50%, 06/27/22 | 204,250 | ||||||
200,000 | Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23 | 201,000 | ||||||
Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
300,000 | 5.38% (US Treasury Yield Curve Rate T 5 Year+8.53%), 09/29/22 | 272,625 | ||||||
200,000 | 6.35%, 01/13/27 | 166,736 | ||||||
400,000 | 7.38%, 01/13/26 | 337,483 | ||||||
200,000 | 7.70%, 02/20/25 | 176,246 | ||||||
200,000 | 7.85%, 08/12/26 | 168,750 | ||||||
200,000 | 8.38%, 10/30/24 | 183,752 | ||||||
500,000 | 8.50%, 02/04/23 | 489,375 | ||||||
Yuzhou Properties Co. Ltd. Reg S | ||||||||
500,000 | 6.00%, 10/25/23 | 456,875 | ||||||
400,000 | 8.30%, 05/27/25 | 357,010 | ||||||
400,000 | 8.50%, 02/26/24 | 375,500 | ||||||
400,000 | Zhangzhou Transportation Development Group Co. Ltd. Reg S 6.50%, 06/26/22 | 413,500 | ||||||
Zhenro Properties Group Ltd. Reg S | ||||||||
200,000 | 6.63%, 01/07/26 | 186,510 | ||||||
200,000 | 6.70%, 08/04/26 | 186,014 | ||||||
200,000 | 7.35%, 02/05/25 | 197,250 | ||||||
400,000 | 8.65%, 01/21/23 | 413,000 | ||||||
200,000 | 8.70%, 08/03/22 | 205,750 | ||||||
200,000 | 9.15%, 05/06/23 | 208,500 | ||||||
300,000 | Zhongliang Holdings Group Co. Ltd. Reg S 9.50%, 07/29/22 | 297,837 | ||||||
400,000 | Zoomlion HK SPV Co. Ltd. 144A 6.13%, 12/20/22 | 420,906 | ||||||
92,216,078 | ||||||||
Colombia: 2.9% | ||||||||
Banco Davivienda SA 144A | ||||||||
1,050,000 | 5.88%, 07/09/22 | 1,101,702 | ||||||
1,100,000 | 6.65% (US Treasury Yield Curve Rate T 10 Year+5.10%), 04/22/31 (o) † | 1,124,860 | ||||||
Banco de Bogota SA 144A | ||||||||
1,025,000 | 5.38%, 02/19/23 | 1,088,714 | ||||||
2,383,000 | 6.25%, 05/12/26 | 2,663,598 | ||||||
Bancolombia SA | ||||||||
1,200,000 | 4.63% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | 1,212,606 | ||||||
1,500,000 | 5.13%, 09/11/22 | 1,571,985 |
See Notes to Financial Statements
37 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Colombia: (continued) | ||||||||
$ | 1,300,000 | Cable Onda SA 144A 4.50%, 01/30/30 | $ | 1,381,529 | ||||
700,000 | Canacol Energy Ltd. 144A 7.25%, 05/03/25 | 737,156 | ||||||
700,000 | Frontera Energy Corp. 144A 9.70%, 06/25/23 | 695,058 | ||||||
1,000,000 | Geopark Ltd. 144A 5.50%, 01/17/27 † | 1,029,865 | ||||||
700,000 | Gilex Holding SARL 144A 8.50%, 05/02/23 | 725,760 | ||||||
Grupo Aval Ltd. 144A | ||||||||
2,200,000 | 4.38%, 02/04/30 | 2,211,638 | ||||||
2,125,000 | 4.75%, 09/26/22 | 2,212,656 | ||||||
500,000 | Multibank, Inc. 144A 4.38%, 11/09/22 | 513,083 | ||||||
200,000 | Multibank, Inc. Reg S 4.38%, 11/09/22 | 205,233 | ||||||
1,200,000 | Orazul Energy Egenor SCA 144A 5.63%, 04/28/27 | 1,216,500 | ||||||
1,300,000 | Telefónica Celular del Paraguay SA 144A 5.88%, 04/15/27 | 1,384,961 | ||||||
1,295,000 | Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | 1,405,703 | ||||||
22,482,607 | ||||||||
Costa Rica: 0.3% | ||||||||
1,000,000 | Banco Nacional de Costa Rica 144A 6.25%, 11/01/23 † | 1,062,440 | ||||||
1,100,000 | Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 | 957,000 | ||||||
2,019,440 | ||||||||
Croatia: 0.2% | ||||||||
1,200,000 | Hrvatska Elektroprivreda 144A 5.88%, 10/23/22 | 1,294,740 | ||||||
Cyprus: 0.8% | ||||||||
1,100,000 | Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25 | 1,114,782 | ||||||
800,000 | Eurotorg LLC Via Bonitron DAC 144A 9.00%, 10/22/25 | 875,160 | ||||||
MHP Lux SA 144A | ||||||||
800,000 | 6.25%, 09/19/29 | 778,576 | ||||||
1,150,000 | 6.95%, 04/03/26 | 1,180,946 | ||||||
1,125,000 | MHP SE 144A 7.75%, 05/10/24 † | 1,191,892 | ||||||
1,000,000 | TMK OAO Via TMK Capital SA Reg S 4.30%, 02/12/27 | 1,009,230 | ||||||
6,150,586 | ||||||||
Dominican Republic: 0.1% | ||||||||
650,000 | Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23 | 677,381 | ||||||
El Salvador: 0.1% | ||||||||
850,000 | Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 | 882,139 |
Principal Amount | Value | |||||||
France: 0.1% | ||||||||
$ | 600,000 | Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 | $ | 636,000 | ||||
Georgia: 0.4% | ||||||||
800,000 | Bank of Georgia JSC 144A 6.00%, 07/26/23 | 854,736 | ||||||
200,000 | Georgia Capital JSC 144A 6.13%, 03/09/24 | 203,040 | ||||||
1,100,000 | Georgian Railway JSC 144A 7.75%, 07/11/22 | 1,166,000 | ||||||
900,000 | TBC Bank JSC 144A 5.75%, 06/19/24 | 964,958 | ||||||
3,188,734 | ||||||||
Ghana: 0.5% | ||||||||
1,300,000 | Kosmos Energy Ltd. 144A 7.13%, 04/04/26 | 1,270,542 | ||||||
Tullow Oil Plc 144A | ||||||||
1,300,000 | 6.25%, 04/15/22 † | 1,283,750 | ||||||
1,700,000 | 7.00%, 03/01/25 | 1,485,375 | ||||||
4,039,667 | ||||||||
Greece: 0.1% | ||||||||
1,000,000 | Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc. 144A 10.75%, 07/01/25 | 1,105,000 | ||||||
Guatamala: 0.3% | ||||||||
800,000 | Banco Industrial SA/Guatemala 144A 4.88% (US Treasury Yield Curve | |||||||
Rate T 5 Year+4.44%), 01/29/31 | 825,236 | |||||||
1,441,000 | Central American Bottling Corp. 144A 5.75%, 01/31/27 | 1,520,284 | ||||||
2,345,520 | ||||||||
India: 6.2% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S | ||||||||
600,000 | 4.45%, 07/24/23 | 618,750 | ||||||
2,225,000 | 5.45%, 01/24/28 | 2,308,728 | ||||||
2,200,000 | 5.95%, 07/31/24 | 2,394,590 | ||||||
1,100,000 | Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.25%, 12/10/24 | 1,219,625 | ||||||
1,000,000 | Axis Bank Ltd. 144A 3.00%, 08/08/22 | 1,019,730 | ||||||
650,000 | Bank of Baroda Reg S 3.88%, 04/04/24 | 688,317 | ||||||
Canara Bank Reg S | ||||||||
1,300,000 | 3.25%, 08/10/22 | 1,330,387 | ||||||
900,000 | 3.88%, 03/28/24 | 949,879 | ||||||
Delhi International Airport Ltd. 144A | ||||||||
1,100,000 | 6.13%, 10/31/26 | 1,106,875 | ||||||
900,000 | 6.45%, 06/04/29 † | 894,893 | ||||||
200,000 | Delhi International Airport Ltd. Reg S 6.45%, 06/04/29 | 198,865 | ||||||
600,000 | Future Retail Ltd. 144A 5.60%, 01/22/25 | 480,654 |
See Notes to Financial Statements
38 |
Principal Amount | Value | |||||||
India: (continued) | ||||||||
GMR Hyderabad International Airport Ltd. 144A | ||||||||
$ | 700,000 | 4.25%, 10/27/27 | $ | 656,015 | ||||
600,000 | 4.75%, 02/02/26 | 590,285 | ||||||
800,000 | 5.38%, 04/10/24 | 821,945 | ||||||
HPCL-Mittal Energy Ltd. Reg S | ||||||||
800,000 | 5.25%, 04/28/27 | 826,750 | ||||||
600,000 | 5.45%, 10/22/26 | 627,750 | ||||||
900,000 | IIFL Finance Ltd. Reg S 5.88%, 04/20/23 | 869,625 | ||||||
700,000 | India Green Energy Holdings 144A 5.38%, 04/29/24 | 734,148 | ||||||
700,000 | Indiabulls Housing Finance Ltd. Reg S 6.38%, 05/28/22 | 662,375 | ||||||
JSW Steel Ltd. Reg S | ||||||||
800,000 | 5.38%, 04/04/25 | 847,977 | ||||||
1,000,000 | 5.95%, 04/18/24 | 1,074,785 | ||||||
600,000 | Manappuram Finance Ltd. Reg S 5.90%, 01/13/23 | 617,205 | ||||||
Muthoot Finance Ltd. 144A | ||||||||
1,250,000 | 4.40%, 09/02/23 | 1,265,437 | ||||||
1,000,000 | 6.13%, 10/31/22 | 1,036,350 | ||||||
2,200,000 | Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o) | 2,347,950 | ||||||
1,700,000 | Periama Holdings LLC/DE Reg S 5.95%, 04/19/26 | 1,813,441 | ||||||
ReNew Power Private Ltd. 144A | ||||||||
1,000,000 | 5.88%, 03/05/27 | 1,064,207 | ||||||
700,000 | 6.45%, 09/27/22 | 726,250 | ||||||
1,100,000 | ReNew Power Synthetic 144A 6.67%, 03/12/24 | 1,154,857 | ||||||
1,200,000 | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries 144A 4.50%, 07/14/28 | 1,195,233 | ||||||
Shriram Transport Finance Co. Ltd. 144A | ||||||||
1,400,000 | 4.40%, 03/13/24 † | 1,393,210 | ||||||
1,100,000 | 5.10%, 07/16/23 | 1,111,275 | ||||||
1,600,000 | 5.95%, 10/24/22 | 1,634,424 | ||||||
700,000 | Tata Motors Ltd. Reg S 5.88%, 05/20/25 | 747,250 | ||||||
700,000 | TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 | 723,975 | ||||||
1,000,000 | UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 02/27/25 (o) | 991,250 | ||||||
Vedanta Resources Finance II Plc 144A | ||||||||
800,000 | 8.00%, 04/23/23 | 768,304 | ||||||
1,400,000 | 9.25%, 04/23/26 | 1,267,000 | ||||||
2,150,000 | 13.88%, 01/21/24 | 2,361,237 | ||||||
Vedanta Resources Ltd. 144A | ||||||||
2,250,000 | 6.13%, 08/09/24 | 1,914,187 | ||||||
2,150,000 | 6.38%, 07/30/22 | 2,114,901 | ||||||
1,025,000 | 7.13%, 05/31/23 | 961,250 | ||||||
600,000 | Yes Bank Ifsc Banking Unit Branch Reg S 3.75%, 02/06/23 | 591,000 | ||||||
48,723,141 |
Principal Amount | Value | |||||||
Indonesia: 2.3% | ||||||||
$ | 700,000 | ABM Investama Tbk PT 144A 7.13%, 08/01/22 | $ | 651,350 | ||||
1,750,000 | Adaro Indonesia PT 144A 4.25%, 10/31/24 | 1,800,750 | ||||||
600,000 | APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 | 426,102 | ||||||
111,000 | Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | 1,457 | ||||||
600,000 | Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 | 611,928 | ||||||
900,000 | Bayan Resources Tbk PT 144A 6.13%, 01/24/23 | 943,997 | ||||||
900,000 | Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 | 936,442 | ||||||
1,200,000 | Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 | 1,233,600 | ||||||
800,000 | Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 | 835,904 | ||||||
1,200,000 | Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | 1,215,300 | ||||||
1,400,000 | Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 | 1,496,950 | ||||||
590,000 | Jababeka International BV 144A 6.50%, 10/05/23 | 567,994 | ||||||
1,250,000 | Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | 1,284,875 | ||||||
1,450,000 | Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 | 1,578,905 | ||||||
1,050,000 | Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | 1,119,079 | ||||||
1,300,000 | Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | 1,097,571 | ||||||
600,000 | SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/23 | 444,211 | ||||||
800,000 | Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26 | 810,934 | ||||||
1,000,000 | 8.13%, 01/22/25 † | 1,063,750 | ||||||
18,121,099 | ||||||||
Ireland: 0.2% | ||||||||
1,000,000 | Hacienda Investments Ltd Via DME Airport DAC 144A 5.35%, 02/08/28 | 1,038,410 | ||||||
600,000 | SCF Capital Designated Activity Co. 144A 3.85%, 04/26/28 | 602,539 | ||||||
1,640,949 | ||||||||
Israel: 3.6% | ||||||||
Leviathan Bond Ltd. Reg S 144A | ||||||||
1,050,000 | 5.75%, 06/30/23 | 1,105,939 | ||||||
1,300,000 | 6.13%, 06/30/25 | 1,426,750 | ||||||
1,350,000 | 6.50%, 06/30/27 | 1,503,319 | ||||||
1,150,000 | 6.75%, 06/30/30 | 1,294,026 | ||||||
1,425,000 | Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 | 1,434,797 | ||||||
1,350,000 | Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | 1,439,795 |
See Notes to Financial Statements
39 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Israel: (continued) | ||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
$ | 5,125,000 | 2.80%, 07/21/23 | $ | 5,080,822 | ||||
6,050,000 | 3.15%, 10/01/26 | 5,688,512 | ||||||
3,450,000 | 4.10%, 10/01/46 | 2,945,886 | ||||||
2,142,000 | 6.00%, 04/15/24 | 2,262,487 | ||||||
2,150,000 | 6.75%, 03/01/28 † | 2,346,187 | ||||||
1,700,000 | 7.13%, 01/31/25 | 1,856,306 | ||||||
28,384,826 | ||||||||
Jamaica: 0.0% | ||||||||
437,000 | Digicel Group Two Ltd. 144A 8.25%, 09/30/22 | 10,925 | ||||||
Kazakhstan: 1.1% | ||||||||
2,000,000 | Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | 2,690,000 | ||||||
KazMunayGas National Co. JSC 144A | ||||||||
2,100,000 | 4.75%, 04/19/27 | 2,397,194 | ||||||
2,700,000 | 5.75%, 04/19/47 | 3,253,216 | ||||||
8,340,410 | ||||||||
Kuwait: 0.4% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
1,000,000 | 4.23%, 10/29/26 | 985,000 | ||||||
1,100,000 | 4.50%, 02/23/27 | 1,083,583 | ||||||
1,100,000 | 5.00%, 03/15/23 | 1,136,962 | ||||||
3,205,545 | ||||||||
Luxembourg: 1.3% | ||||||||
1,625,000 | AI Candelaria Spain SLU 144A 7.50%, 12/15/28 | 1,856,684 | ||||||
Energean Israel Finance Ltd. Reg S 144A | ||||||||
1,335,000 | 4.50%, 03/30/24 | 1,371,526 | ||||||
1,335,000 | 4.88%, 03/30/26 | 1,380,811 | ||||||
1,350,000 | 5.38%, 03/30/28 | 1,399,059 | ||||||
1,335,000 | 5.88%, 03/30/31 | 1,380,951 | ||||||
400,000 | Hidrovias International Finance SARL 144A 4.95%, 02/08/31 | 406,580 | ||||||
1,150,000 | Kenbourne Invest SA 144A 4.70%, 01/22/28 † | 1,181,958 | ||||||
1,000,000 | Minerva Luxembourg SA 144A 4.38%, 03/18/31 | 975,390 | ||||||
400,000 | Movida Europe SA 144A 5.25%, 02/08/31 | 393,200 | ||||||
10,346,159 | ||||||||
Macao: 0.1% | ||||||||
500,000 | MGM China Holdings Ltd. 144A 4.75%, 02/01/27 | 518,750 | ||||||
Mauritius: 1.2% | ||||||||
900,000 | Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | 907,200 | ||||||
1,000,000 | Cliffton Ltd. 144A 6.25%, 10/25/25 | 999,250 | ||||||
IHS Netherlands Holdco BV 144A | ||||||||
1,000,000 | 7.13%, 03/18/25 | 1,048,750 | ||||||
1,850,000 | 8.00%, 09/18/27 | 2,021,125 | ||||||
200,000 | IHS Netherlands Holdco BV Reg S 8.00%, 09/18/27 | 218,500 |
Principal Amount | Value | |||||||
Mauritius: (continued) | ||||||||
$ | 950,000 | India Green Power Holdings 144A 4.00%, 02/22/27 | $ | 951,900 | ||||
600,000 | India Toll Roads 144A 5.50%, 08/19/24 | 575,250 | ||||||
1,300,000 | Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 | 1,374,750 | ||||||
1,000,000 | Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 03/03/26 (o) † | 1,006,025 | ||||||
9,102,750 | ||||||||
Mexico: 6.4% | ||||||||
Alpha Holding SA de CV 144A | ||||||||
850,000 | 9.00%, 02/10/25 | 214,625 | ||||||
500,000 | 10.00%, 12/19/22 | 117,505 | ||||||
1,018,000 | Axtel SAB de CV 144A 6.38%, 11/14/24 | 1,063,810 | ||||||
Cemex SAB de CV 144A | ||||||||
3,900,000 | 3.88%, 07/11/31 | 3,865,231 | ||||||
2,150,000 | 5.20%, 09/17/30 | 2,342,436 | ||||||
2,150,000 | 5.45%, 11/19/29 | 2,361,055 | ||||||
2,150,000 | 7.38%, 06/05/27 | 2,441,497 | ||||||
Credito Real SAB de CV SOFOM ER 144A | ||||||||
900,000 | 8.00%, 01/21/28 † | 880,875 | ||||||
900,000 | 9.50%, 02/07/26 † | 919,980 | ||||||
1,000,000 | Cydsa SAB de CV 144A 6.25%, 10/04/27 | 1,046,305 | ||||||
1,200,000 | Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) | 1,276,200 | ||||||
985,000 | Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | 1,036,481 | ||||||
800,000 | Metalsa SA de CV 144A 4.90%, 04/24/23 | 845,916 | ||||||
650,000 | Mexarrend SAPI de CV 144A 10.25%, 07/24/24 | 616,363 | ||||||
1,000,000 | Nemak SAB de CV 144A 4.75%, 01/23/25 | 1,035,180 | ||||||
100,000 | Nemak SAB de CV Reg S 4.75%, 01/23/25 | 103,518 | ||||||
1,000,000 | Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 | 984,000 | ||||||
Petróleos Mexicanos | ||||||||
475,000 | 3.50%, 01/30/23 | 484,975 | ||||||
325,000 | 4.25%, 01/15/25 † | 329,404 | ||||||
575,000 | 4.50%, 01/23/26 † | 579,313 | ||||||
375,000 | 4.63%, 09/21/23 | 389,563 | ||||||
425,000 | 4.88%, 01/18/24 † | 442,383 | ||||||
1,000,000 | 5.35%, 02/12/28 | 983,650 | ||||||
350,000 | 5.50%, 06/27/44 | 285,201 | ||||||
375,000 | 5.63%, 01/23/46 | 304,759 | ||||||
1,525,000 | 5.95%, 01/28/31 | 1,474,446 | ||||||
1,175,000 | 6.35%, 02/12/48 | 1,002,939 | ||||||
650,000 | 6.38%, 01/23/45 | 561,581 | ||||||
950,000 | 6.49%, 01/23/27 | 1,005,813 |
See Notes to Financial Statements
40 |
Principal Amount | Value | |||||||
Mexico: (continued) | ||||||||
$ | 2,200,000 | 6.50%, 03/13/27 | $ | 2,329,250 | ||||
825,000 | 6.50%, 01/23/29 | 840,675 | ||||||
650,000 | 6.50%, 06/02/41 | 584,652 | ||||||
1,100,000 | 6.63%, 06/15/35 | 1,064,663 | ||||||
200,000 | 6.63%, 06/15/38 | 185,931 | ||||||
2,425,000 | 6.75%, 09/21/47 | 2,147,240 | ||||||
1,800,000 | 6.84%, 01/23/30 | 1,851,750 | ||||||
1,175,000 | 6.88%, 08/04/26 | 1,278,694 | ||||||
1,525,000 | 6.95%, 01/28/60 | 1,351,691 | ||||||
3,275,000 | 7.69%, 01/23/50 | 3,157,919 | ||||||
625,000 | Petróleos Mexicanos 144A 6.88%, 10/16/25 | 683,100 | ||||||
700,000 | Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 | 613,767 | ||||||
1,200,000 | Total Play Telecomunicaciones SA de CV 144A 7.50%, 11/12/25 | 1,201,500 | ||||||
Unifin Financiera SAB de CV 144A | ||||||||
950,000 | 7.00%, 01/15/25 | 909,829 | ||||||
800,000 | 7.25%, 09/27/23 | 785,560 | ||||||
500,000 | 7.38%, 02/12/26 † | 472,500 | ||||||
900,000 | 8.38%, 01/27/28 | 849,159 | ||||||
950,000 | 9.88%, 01/28/29 | 939,607 | ||||||
100,000 | Unifin Financiera SAB de CV Reg S 7.38%, 02/12/26 | 94,500 | ||||||
50,336,991 | ||||||||
Mongolia: 0.2% | ||||||||
1,100,000 | Development Bank of Mongolia LLC 144A 7.25%, 10/23/23 | 1,186,326 | ||||||
800,000 | Mongolian Mining Corp. / Energy Resources LLC 144A 9.25%, 04/15/24 | 748,400 | ||||||
1,934,726 | ||||||||
Morocco: 0.9% | ||||||||
OCP SA 144A | ||||||||
2,250,000 | 4.50%, 10/22/25 | 2,407,536 | ||||||
2,650,000 | 5.63%, 04/25/24 | 2,892,721 | ||||||
1,250,000 | 6.88%, 04/25/44 | 1,511,569 | ||||||
200,000 | OCP SA Reg S 4.50%, 10/22/25 | 214,003 | ||||||
7,025,829 | ||||||||
Netherlands: 0.4% | ||||||||
1,900,000 | Greenko Dutch BV 144A 3.85%, 03/29/26 | 1,935,625 | ||||||
1,090,000 | Tecpetrol SA 144A 4.88%, 12/12/22 | 1,072,031 | ||||||
3,007,656 | ||||||||
Nigeria: 0.6% | ||||||||
700,000 | EBN Finance Co BV 144A 7.13%, 02/16/26 | 706,125 | ||||||
800,000 | Fidelity Bank Plc 144A 10.50%, 10/16/22 | 853,520 | ||||||
800,000 | First Bank of Nigeria Ltd Via FBN Finance Co. BV 144A 8.63%, 10/27/25 | 843,600 |
Principal Amount | Value | |||||||
Nigeria: (continued) | ||||||||
$ | 1,300,000 | SEPLAT Petroleum Development Co. Plc 144A 7.75%, 04/01/26 | $ | 1,335,750 | ||||
1,000,000 | United Bank for Africa Plc 144A 7.75%, 06/08/22 | 1,035,370 | ||||||
4,774,365 | ||||||||
Oman: 1.5% | ||||||||
2,150,000 | Bank Muscat SAOG Reg S 4.88%, 03/14/23 | 2,246,673 | ||||||
2,100,000 | Lamar Funding Ltd. 144A 3.96%, 05/07/25 | 2,129,660 | ||||||
350,000 | Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | 354,943 | ||||||
1,150,000 | Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 | 1,211,576 | ||||||
1,100,000 | National Bank of Oman SAOG Reg S 5.63%, 09/25/23 | 1,159,293 | ||||||
950,000 | OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | 994,460 | ||||||
Oztel Holdings SPC Ltd. 144A | ||||||||
1,300,000 | 5.63%, 10/24/23 | 1,391,702 | ||||||
1,800,000 | 6.63%, 04/24/28 | 2,012,107 | ||||||
11,500,414 | ||||||||
Panama: 0.7% | ||||||||
Aeropuerto Internacional de Tocumen SA 144A | ||||||||
300,000 | 5.63%, 05/18/36 | 321,000 | ||||||
1,932,497 | 6.00%, 11/18/48 | 2,076,913 | ||||||
875,000 | Aeropuerto Internacional de Tocumen SA Reg S 5.63%, 05/18/36 | 936,250 | ||||||
850,000 | Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | 888,250 | ||||||
1,000,000 | Industrial Senior Trust 144A 5.50%, 11/01/22 | 1,042,360 | ||||||
5,264,773 | ||||||||
Paraguay: 0.1% | ||||||||
600,000 | Banco Continental SAECA 144A | |||||||
2.75%, 12/10/25 | 588,048 | |||||||
Peru: 1.3% | ||||||||
600,000 | Auna SAA 144A 6.50%, 11/20/25 | 605,451 | ||||||
Banco Internacional del Peru SAA Interbank 144A | ||||||||
700,000 | 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 | 680,383 | ||||||
575,000 | 6.63% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | 600,401 | ||||||
800,000 | Camposol SA 144A 6.00%, 02/03/27 † | 819,116 | ||||||
1,250,000 | Hunt Oil Co. of Peru LLC 144A 6.38%, 06/01/28 | 1,276,562 | ||||||
1,300,000 | InRetail Consumer 144A 3.25%, 03/22/28 | 1,245,270 | ||||||
950,000 | Minsur SA 144A 6.25%, 02/07/24 | 1,014,738 |
See Notes to Financial Statements
41 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Peru: (continued) | ||||||||
$ | 700,000 | Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls 144A 5.75%, 04/03/28 | $ | 704,298 | ||||
1,600,000 | Peru LNG Srl 144A 5.38%, 03/22/30 | 1,344,696 | ||||||
300,000 | Peru LNG Srl Reg S 5.38%, 03/22/30 | 252,131 | ||||||
600,000 | San Miguel Industrias Pet SA 144A 4.50%, 09/18/22 | 606,813 | ||||||
1,100,000 | Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | 1,086,487 | ||||||
10,236,346 | ||||||||
Philippines: 0.1% | ||||||||
600,000 | Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 08/27/25 (o) | 619,319 | ||||||
Poland: 0.1% | ||||||||
900,000 | CANPACK SA / Eastern PA Land Investment Holding LLC 144A 3.13%, 11/01/25 † | 915,188 | ||||||
Qatar: 0.4% | ||||||||
QNB Finansbank AS 144A | ||||||||
1,480,000 | 4.88%, 05/19/22 | 1,506,628 | ||||||
1,600,000 | 6.88%, 09/07/24 † | 1,701,250 | ||||||
3,207,878 | ||||||||
Russia: 4.9% | ||||||||
700,000 | Borets Finance DAC 144A 6.00%, 09/17/26 | 720,741 | ||||||
950,000 | Celtic Resources Holdings DAC 144A 4.13%, 10/09/24 | 996,595 | ||||||
600,000 | Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A 4.50%, 09/19/24 | 620,676 | ||||||
Evraz Plc 144A | ||||||||
1,650,000 | 5.25%, 04/02/24 | 1,785,473 | ||||||
1,600,000 | 5.38%, 03/20/23 | 1,704,448 | ||||||
3,000,000 | Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o) | 3,063,000 | ||||||
600,000 | Global Ports Finance Plc 144A 6.50%, 09/22/23 | 663,000 | ||||||
Gtlk Europe Capital DAC Reg S | ||||||||
1,300,000 | 4.65%, 03/10/27 | 1,341,977 | ||||||
1,100,000 | 4.80%, 02/26/28 | 1,138,225 | ||||||
1,200,000 | 4.95%, 02/18/26 | 1,277,129 | ||||||
1,050,000 | 5.95%, 04/17/25 | 1,151,871 | ||||||
1,000,000 | GTLK Europe DAC Reg S 5.13%, 05/31/24 | 1,063,020 | ||||||
900,000 | Petropavlovsk 2016 Ltd. 144A 8.13%, 11/14/22 | 926,262 | ||||||
200,000 | Petropavlovsk 2016 Ltd. Reg S 8.13%, 11/14/22 | 205,836 | ||||||
600,000 | PJSC Koks via IMH Capital DAC 144A 5.90%, 09/23/25 | 641,112 | ||||||
Polyus Finance Plc 144A | ||||||||
950,000 | 4.70%, 01/29/24 | 1,011,988 | ||||||
1,600,000 | 5.25%, 02/07/23 | 1,688,195 |
Principal Amount | Value | |||||||
Russia: (continued) | ||||||||
$ | 200,000 | Polyus Finance Plc Reg S 4.70%, 01/29/24 | $ | 213,050 | ||||
4,275,000 | Sberbank of Russia Via SB Capital SA 144A 5.13%, 10/29/22 | 4,478,426 | ||||||
1,000,000 | SCF Capital Designated Activity Co. 144A 5.38%, 06/16/23 | 1,068,762 | ||||||
600,000 | Sovcombank Via SovCom Capital DAC 144A 3.40%, 01/26/25 | 602,508 | ||||||
VEON Holdings BV 144A | ||||||||
2,700,000 | 3.38%, 11/25/27 | 2,722,869 | ||||||
2,295,000 | 4.00%, 04/09/25 | 2,414,971 | ||||||
1,100,000 | 4.95%, 06/16/24 | 1,180,536 | ||||||
1,100,000 | 5.95%, 02/13/23 | 1,172,363 | ||||||
1,525,000 | 7.25%, 04/26/23 | 1,655,011 | ||||||
3,050,000 | VTB Bank SA 144A 6.95%, 10/17/22 | 3,230,877 | ||||||
38,738,921 | ||||||||
Saudi Arabia: 0.7% | ||||||||
700,000 | ADES International Holding Plc 144A 8.63%, 04/24/24 | 722,085 | ||||||
1,000,000 | Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 | 1,035,000 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
1,300,000 | 6.75%, 02/15/25 | 1,351,213 | ||||||
1,050,000 | 6.88%, 03/21/23 | 1,109,719 | ||||||
1,000,000 | 6.88%, 02/26/27 | 1,009,235 | ||||||
5,227,252 | ||||||||
Singapore: 1.7% | ||||||||
1,300,000 | Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 1,330,498 | ||||||
1,000,000 | Greenko Investment Co. 144A 4.88%, 08/16/23 | 1,029,450 | ||||||
900,000 | Greenko Mauritius Ltd. 144A 6.25%, 02/21/23 | 930,375 | ||||||
Greenko Solar Mauritius Ltd. 144A | ||||||||
1,050,000 | 5.55%, 01/29/25 | 1,082,025 | ||||||
1,150,000 | 5.95%, 07/29/26 | 1,237,112 | ||||||
100,000 | Greenko Solar Mauritius Ltd. Reg S 5.55%, 01/29/25 | 103,050 | ||||||
1,266,000 | Inkia Energy Ltd. 144A 5.88%, 11/09/27 | 1,286,572 | ||||||
1,200,000 | Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | 1,273,140 | ||||||
Puma International Financing SA 144A | ||||||||
1,500,000 | 5.00%, 01/24/26 | 1,514,430 | ||||||
1,300,000 | 5.13%, 10/06/24 | 1,323,452 | ||||||
1,197,045 | Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 1,359,161 | ||||||
Yanlord Land HK Co. Ltd. Reg S | ||||||||
200,000 | 6.75%, 04/23/23 | 207,627 | ||||||
400,000 | 6.80%, 02/27/24 | 420,033 | ||||||
13,096,925 |
See Notes to Financial Statements
42 |
Principal Amount | Value | |||||||
South Africa: 3.7% | ||||||||
$ | 800,000 | Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/28 $ | 844,000 | |||||
Eskom Holdings SOC Ltd. 144A | ||||||||
2,175,000 | 6.35%, 08/10/28 | 2,369,162 | ||||||
2,180,000 | 6.75%, 08/06/23 | 2,279,737 | ||||||
2,700,000 | 7.13%, 02/11/25 | 2,833,852 | ||||||
1,100,000 | 8.45%, 08/10/28 | 1,219,547 | ||||||
1,050,000 | FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/28 | 1,112,832 | ||||||
Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
1,050,000 | 5.13%, 05/15/24 | 1,149,860 | ||||||
1,150,000 | 6.13%, 05/15/29 † | 1,359,875 | ||||||
1,000,000 | Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23 | 1,071,500 | ||||||
MTN Mauritius Investments Ltd. 144A | ||||||||
1,550,000 | 4.76%, 11/11/24 | 1,648,324 | ||||||
1,100,000 | 6.50%, 10/13/26 | 1,250,770 | ||||||
2,200,000 | Sasol Financing International Ltd. 4.50%, 11/14/22 | 2,255,000 | ||||||
Sasol Financing USA LLC | ||||||||
3,200,000 | 5.88%, 03/27/24 | 3,418,720 | ||||||
1,550,000 | 6.50%, 09/27/28 | 1,723,623 | ||||||
800,000 | Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29 | 852,672 | ||||||
Stillwater Mining Co. 144A | ||||||||
800,000 | 6.13%, 06/27/22 | 805,540 | ||||||
800,000 | 7.13%, 06/27/25 | 835,072 | ||||||
2,200,000 | Transnet SOC Ltd. 144A 4.00%, 07/26/22 | 2,249,707 | ||||||
29,279,793 | ||||||||
South Korea: 0.5% | ||||||||
1,200,000 | SK Innovation Co. Ltd. Reg S 4.13%, 07/13/23 | 1,267,911 | ||||||
Woori Bank 144A | ||||||||
1,250,000 | 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | 1,302,937 | ||||||
1,050,000 | 5.25% (US Treasury Yield Curve Rate T 5 Year+3.35%), 05/16/22 (o) | 1,083,807 | ||||||
3,654,655 | ||||||||
Spain: 0.8% | ||||||||
750,000 | Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | 801,851 | ||||||
100,000 | Banco Bilbao Vizcaya Argentaria Colombia SA Reg S 4.88%, 04/21/25 † | 106,914 | ||||||
3,325,000 | BBVA Bancomer SA 144A 6.75%, 09/30/22 | 3,578,864 | ||||||
1,100,000 | Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 † | 1,164,399 | ||||||
798,147 | International Airport Finance SA 144A 12.00%, 03/15/33 | 806,950 | ||||||
6,458,978 |
Principal Amount | Value | |||||||
Switzerland: 0.3% | ||||||||
Consolidated Energy Finance SA 144A | ||||||||
$ | 700,000 | 6.50%, 05/15/26 † | $ | 696,500 | ||||
1,250,000 | 6.88%, 06/15/25 | 1,257,031 | ||||||
1,953,531 | ||||||||
Tanzania: 0.3% | ||||||||
AngloGold Ashanti Holdings Plc | ||||||||
1,575,000 | 5.13%, 08/01/22 † | 1,650,613 | ||||||
650,000 | 6.50%, 04/15/40 | 794,625 | ||||||
2,445,238 | ||||||||
Thailand: 0.6% | ||||||||
2,500,000 | Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 2,548,250 | ||||||
200,000 | Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 203,810 | ||||||
1,800,000 | Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | 1,841,995 | ||||||
4,594,055 | ||||||||
Togo: 0.1% | ||||||||
800,000 | Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 | 861,698 | ||||||
200,000 | Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24 | 215,424 | ||||||
1,077,122 | ||||||||
Trinidad and Tobago: 0.5% | ||||||||
800,000 | National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | 844,496 | ||||||
100,000 | National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36 | 105,562 | ||||||
700,000 | Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | 736,194 | ||||||
1,200,000 | Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | 1,238,400 | ||||||
1,063,000 | Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 | 1,196,438 | ||||||
100,000 | Trinidad Petroleum Holdings Ltd. Reg S 9.75%, 06/15/26 | 112,553 | ||||||
4,233,643 | ||||||||
Turkey: 7.8% | ||||||||
Akbank TAS 144A | ||||||||
750,000 | 5.00%, 10/24/22 | 764,128 | ||||||
1,000,000 | 5.13%, 03/31/25 | 997,993 | ||||||
900,000 | 6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/28 | 895,257 | ||||||
1,050,000 | 6.80%, 02/06/26 | 1,090,072 | ||||||
300,000 | Akbank TAS Reg S 5.00%, 10/24/22 | 305,651 | ||||||
1,000,000 | Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 11/01/22 | 1,015,040 | ||||||
1,100,000 | Arcelik AS 144A 5.00%, 04/03/23 | 1,141,459 |
See Notes to Financial Statements
43 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Turkey: (continued) | ||||||||
$ | 1,000,000 | Coca-Cola Icecek AS 144A 4.22%, 09/19/24 | $ | 1,048,950 | ||||
Fibabanka AS Reg S | ||||||||
650,000 | 6.00%, 01/25/23 | 652,470 | ||||||
700,000 | 7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27 | 699,646 | ||||||
KOC Holding AS 144A | ||||||||
1,325,000 | 5.25%, 03/15/23 | 1,366,645 | ||||||
1,575,000 | 6.50%, 03/11/25 | 1,688,872 | ||||||
400,000 | KOC Holding AS Reg S 5.25%, 03/15/23 | 412,572 | ||||||
400,000 | Odea Bank AS 144A 7.63% (USD ICE Swap Rate 11:00am NY 5 Year+5.72%), 08/01/27 | 309,264 | ||||||
650,000 | Roenesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23 | 621,751 | ||||||
TC Ziraat Bankasi AS 144A | ||||||||
1,300,000 | 5.13%, 05/03/22 | 1,317,265 | ||||||
1,100,000 | 5.13%, 09/29/23 | 1,116,929 | ||||||
1,200,000 | 5.38%, 03/02/26 | 1,159,090 | ||||||
Turk Telekomunikasyon AS 144A | ||||||||
1,000,000 | 4.88%, 06/19/24 | 1,038,162 | ||||||
1,060,000 | 6.88%, 02/28/25 | 1,160,965 | ||||||
Turkcell Iletisim Hizmetleri AS 144A | ||||||||
1,100,000 | 5.75%, 10/15/25 | 1,177,299 | ||||||
1,000,000 | 5.80%, 04/11/28 † | 1,050,251 | ||||||
Turkiye Garanti Bankasi AS 144A | ||||||||
1,550,000 | 5.25%, 09/13/22 | 1,593,338 | ||||||
1,100,000 | 5.88%, 03/16/23 | 1,142,889 | ||||||
1,550,000 | 6.13% (USD Swap Semi 30/360 5 Year+4.22%), 05/24/27 | 1,544,877 | ||||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
1,000,000 | 4.25%, 09/18/22 | 1,003,145 | ||||||
1,150,000 | 5.38%, 10/24/23 | 1,158,889 | ||||||
1,050,000 | 6.13%, 05/03/24 | 1,069,394 | ||||||
1,165,000 | 8.25%, 01/24/24 | 1,242,339 | ||||||
Turkiye Is Bankasi AS 144A | ||||||||
2,100,000 | 6.00%, 10/24/22 | 2,126,399 | ||||||
2,800,000 | 6.13%, 04/25/24 | 2,861,018 | ||||||
1,100,000 | 7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28 | 1,106,129 | ||||||
955,000 | 7.85%, 12/10/23 | 999,140 | ||||||
1,600,000 | Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 | 1,621,416 | ||||||
1,400,000 | Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 | 1,391,650 | ||||||
200,000 | Turkiye Petrol Rafinerileri AS Reg S 4.50%, 10/18/24 | 198,807 | ||||||
Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
600,000 | 5.88%, 01/14/26 † | 592,272 | ||||||
900,000 | 6.00%, 01/23/25 | 901,244 | ||||||
750,000 | Turkiye Sinai Kalkinma Bankasi AS Reg S 5.50%, 01/16/23 | 758,438 | ||||||
1,600,000 | Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 † | 1,770,643 | ||||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
1,600,000 | 5.25%, 02/05/25 † | 1,567,456 | ||||||
1,050,000 | 5.63%, 05/30/22 | 1,070,139 |
Principal Amount | Value | |||||||
Turkey: (continued) | ||||||||
$ | 1,450,000 | 5.75%, 01/30/23 † | $ | 1,471,750 | ||||
1,500,000 | 6.00%, 11/01/22 | 1,519,858 | ||||||
1,650,000 | 6.50%, 01/08/26 † | 1,656,112 | ||||||
1,250,000 | 8.13%, 03/28/24 | 1,332,887 | ||||||
1,500,000 | Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | 1,621,956 | ||||||
Yapi ve Kredi Bankasi AS 144A | ||||||||
2,125,000 | 5.50%, 12/06/22 | 2,139,535 | ||||||
1,025,000 | 5.85%, 06/21/24 | 1,040,375 | ||||||
1,030,000 | 6.10%, 03/16/23 | 1,056,203 | ||||||
1,100,000 | 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 † | 1,115,876 | ||||||
1,225,000 | 8.25%, 10/15/24 | 1,318,406 | ||||||
61,022,311 | ||||||||
Ukraine: 1.2% | ||||||||
Kernel Holding SA 144A | ||||||||
700,000 | 6.50%, 10/17/24 | 736,316 | ||||||
650,000 | 6.75%, 10/27/27 † | 686,563 | ||||||
Metinvest BV 144A | ||||||||
700,000 | 7.65%, 10/01/27 | 750,372 | ||||||
650,000 | 7.75%, 04/23/23 | 685,750 | ||||||
1,100,000 | 7.75%, 10/17/29 | 1,177,935 | ||||||
1,400,000 | 8.50%, 04/23/26 | 1,553,916 | ||||||
1,100,000 | NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.63%, 11/08/26 | 1,102,595 | ||||||
600,000 | NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.38%, 07/19/22 | 609,750 | ||||||
1,250,000 | Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24 | 1,285,000 | ||||||
800,000 | VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 | 816,200 | ||||||
9,404,397 | ||||||||
United Arab Emirates: 2.3% | ||||||||
800,000 | Alpha Star Holding V Ltd. Reg S 6.63%, 04/18/23 | 802,620 | ||||||
1,650,000 | DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 01/22/25 (o) | 1,813,218 | ||||||
3,250,000 | DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o) | 3,570,125 | ||||||
Emaar Sukuk Ltd. Reg S | ||||||||
1,600,000 | 3.64%, 09/15/26 | 1,650,856 | ||||||
1,100,000 | 3.88%, 09/17/29 | 1,119,816 | ||||||
2,150,000 | Emirates NBD Bank PJSC Reg S 6.13% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o) | 2,317,431 | ||||||
900,000 | Emirates REIT Sukuk Ltd. Reg S 5.13%, 12/12/22 | 573,417 | ||||||
2,000,000 | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.13%, 07/31/26 | 2,112,210 | ||||||
MAF Global Securities Ltd. Reg S | ||||||||
1,200,000 | 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o) † | 1,240,903 |
See Notes to Financial Statements
44 |
Principal Amount | Value | |||||||
United Arab Emirates: (continued) | ||||||||
$ | 800,000 | 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 03/20/26 (o) | $ | 867,945 | ||||
Shelf Drilling Holdings Ltd. 144A | ||||||||
1,900,000 | 8.25%, 02/15/25 | 1,447,562 | ||||||
600,000 | 8.88%, 11/15/24 | 618,387 | ||||||
18,134,490 | ||||||||
United Kingdom: 0.3% | ||||||||
2,600,000 | Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | 2,582,541 | ||||||
United States: 4.0% | ||||||||
550,000 | AES Argentina Generacion SA 144A 7.75%, 02/02/24 | 450,313 | ||||||
650,000 | AES El Salvador Trust II 144A 6.75%, 03/28/23 | 651,433 | ||||||
AES Gener SA 144A | ||||||||
950,000 | 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 1,013,826 | ||||||
1,200,000 | 7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 1,271,538 | ||||||
857,660 | Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 | 886,673 | ||||||
1,100,000 | Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25 | 868,057 | ||||||
800,000 | Energuate Trust 144A 5.88%, 05/03/27 † | 845,320 | ||||||
1,600,000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | 1,592,376 | ||||||
1,500,000 | Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 1,602,750 | ||||||
JBS Investments II GmbH 144A | ||||||||
700,000 | 5.75%, 01/15/28 | 744,772 | ||||||
950,000 | 7.00%, 01/15/26 | 1,012,748 | ||||||
1,000,000 | Kosmos Energy Ltd. 144A 7.50%, 03/01/28 | 955,000 | ||||||
1,200,000 | Marble II Pte Ltd. 144A 5.30%, 06/20/22 | 1,204,500 | ||||||
MGM China Holdings Ltd. 144A | ||||||||
400,000 | 5.25%, 06/18/25 | 418,000 | ||||||
600,000 | 5.38%, 05/15/24 | 618,063 | ||||||
500,000 | 5.88%, 05/15/26 | 526,170 | ||||||
1,450,000 | Mong Duong Finance Holdings BV 144A 5.13%, 05/07/29 | 1,464,739 | ||||||
Sasol Financing USA LLC | ||||||||
1,350,000 | 4.38%, 09/18/26 † | 1,383,277 | ||||||
1,900,000 | 5.50%, 03/18/31 | 1,934,181 | ||||||
1,400,000 | VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 10.50%, 06/01/24 | 1,510,250 | ||||||
Wynn Macau Ltd. 144A | ||||||||
1,525,000 | 4.88%, 10/01/24 | 1,553,052 | ||||||
2,175,000 | 5.13%, 12/15/29 | 2,216,923 | ||||||
2,000,000 | 5.50%, 01/15/26 | 2,105,000 | ||||||
1,500,000 | 5.50%, 10/01/27 | 1,575,750 | ||||||
2,900,000 | 5.63%, 08/26/28 | 3,055,918 | ||||||
31,460,629 |
Principal Amount | Value | |||||||
Uzbekistan: 0.3% | ||||||||
$ | 600,000 | Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 | $ | 622,128 | ||||
600,000 | National Bank of Uzbekistan Reg S 4.85%, 10/21/25 | 623,119 | ||||||
500,000 | Uzauto Motors AJ 144A 4.85%, 05/04/26 | 502,125 | ||||||
650,000 | Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 | 676,387 | ||||||
2,423,759 | ||||||||
Vietnam: 0.1% | ||||||||
600,000 | Vietnam Prosperity JSC Bank Reg S 6.25%, 07/17/22 | 615,750 | ||||||
Zambia: 1.8% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
1,825,000 | 6.50%, 03/01/24 | 1,874,485 | ||||||
2,136,000 | 6.88%, 03/01/26 | 2,247,873 | ||||||
3,200,000 | 6.88%, 10/15/27 | 3,516,000 | ||||||
3,000,000 | 7.50%, 04/01/25 | 3,118,125 | ||||||
3,450,000 | First Quantum Minerals Ltd. 144A 7.25%, 04/01/23 | 3,519,000 | ||||||
14,275,483 | ||||||||
Total Corporate Bonds (Cost: $754,812,522) | 764,959,845 | |||||||
GOVERNMENT OBLIGATIONS: 0.8% Argentina: 0.7% | ||||||||
1,925,000 | Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 | 1,496,707 | ||||||
Provincia de Cordoba 144A | ||||||||
932,201 | 3.00%, 06/01/27 (s) | 554,669 | ||||||
956,927 | 3.00%, 02/01/29 | 552,625 | ||||||
152,078 | Provincia de Cordoba Reg S 3.00%, 02/01/29 (s) | 87,825 | ||||||
1,125,000 | Provincia de Mendoza 144A 2.75%, 03/19/29 (s) | 666,563 | ||||||
Provincia de Neuquen 144A | ||||||||
725,000 | 2.50%, 04/27/30 (s) | 391,507 | ||||||
635,355 | 5.17%, 05/12/30 (s) | 555,942 | ||||||
75,000 | Provincia de Neuquen Reg S 2.50%, 04/27/30 (s) | 40,501 | ||||||
1,090,583 | Provincia del Chubut 144A 7.24%, 07/26/30 (s) | 774,314 | ||||||
5,120,653 | ||||||||
Turkey: 0.1% | ||||||||
1,200,000 | Istanbul Metropolitan Municipality 144A 6.38%, 12/09/25 | 1,168,140 | ||||||
Total Government Obligations (Cost: $7,168,276) | 6,288,793 | |||||||
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $761,980,798) | 771,248,638 |
See Notes to Financial Statements
45 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $14,533,630) | ||||||||
Money Market Fund: 1.9% | ||||||||
14,533,630 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 14,533,630 | |||||
Total Investments: 100.2% (Cost: $776,514,428) | 785,782,268 | |||||||
Liabilities in excess of other assets: (0.2)% | (1,375,218 | ) | ||||||
NET ASSETS: 100.0% | $ | 784,407,050 |
Footnotes: | |
(d) | Security in default |
(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 |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $32,047,729. |
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 to $517,047,094, or 65.9% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||||
Academic & Educational Services | 0.0 | % | $ | 208,500 | |||||
Basic Materials | 11.3 | 87,005,927 | |||||||
Consumer Cyclicals | 3.2 | 24,587,258 | |||||||
Consumer Non-Cyclicals | 4.3 | 32,857,178 | |||||||
Energy | 12.5 | 96,288,264 | |||||||
Financials | 42.3 | 326,325,766 | |||||||
Government | 0.8 | 6,288,793 | |||||||
Healthcare | 3.3 | 25,320,217 | |||||||
Industrials | 7.6 | 58,591,041 | |||||||
Real Estate | 5.8 | 44,664,676 | |||||||
Technology | 3.8 | 29,480,644 | |||||||
Utilities | 5.1 | 39,630,374 | |||||||
100.0 | % | $ | 771,248,638 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Corporate Bonds* | $ | — | $ | 764,959,845 | $ | — | $ | 764,959,845 | |||||||||
Government Obligations* | — | 6,288,793 | — | 6,288,793 | |||||||||||||
Money Market Fund | 14,533,630 | — | — | 14,533,630 | |||||||||||||
Total | $ | 14,533,630 | $ | 771,248,638 | $ | — | $ | 785,782,268 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
46 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 98.7% | ||||||||
Australia: 1.1% | ||||||||
Buckeye Partners LP | ||||||||
$ | 13,057,000 | 3.95%, 12/01/26 | $ | 13,073,321 | ||||
8,710,000 | 4.13%, 12/01/27 | 8,628,344 | ||||||
10,882,000 | 4.15%, 07/01/23 | 11,296,876 | ||||||
6,530,000 | 4.35%, 10/15/24 | 6,836,094 | ||||||
6,563,000 | 5.60%, 10/15/44 | 6,329,193 | ||||||
8,732,000 | 5.85%, 11/15/43 | 8,622,894 | ||||||
54,786,722 | ||||||||
Brazil: 0.2% | ||||||||
10,471,000 | Avon Products, Inc. 6.50%, 03/15/23 | 11,249,781 | ||||||
Canada: 1.1% | ||||||||
5,461,000 | Bombardier, Inc. 144A 7.45%, 05/01/34 † | 5,638,483 | ||||||
Methanex Corp. | ||||||||
6,527,000 | 4.25%, 12/01/24 † | 6,894,144 | ||||||
15,276,000 | 5.25%, 12/15/29 | 16,154,370 | ||||||
6,518,000 | 5.65%, 12/01/44 † | 6,646,893 | ||||||
TransAlta Corp. | ||||||||
8,713,000 | 4.50%, 11/15/22 | 9,080,384 | ||||||
6,539,000 | 6.50%, 03/15/40 | 7,503,503 | ||||||
51,917,777 | ||||||||
Cayman Islands: 0.2% | ||||||||
11,339,000 | Adani Abbot Point Terminal Pty Ltd. 144A 4.45%, 12/15/22 † | 10,682,850 | ||||||
China / Hong Kong: 0.4% | ||||||||
Ingram Micro, Inc. | ||||||||
6,577,000 | 5.00%, 08/10/22 | 6,803,135 | ||||||
10,914,000 | 5.45%, 12/15/24 | 12,484,845 | ||||||
19,287,980 | ||||||||
Finland: 0.3% | ||||||||
11,013,000 | Nokia Oyj 6.63%, 05/15/39 | 14,154,789 | ||||||
France: 1.7% | ||||||||
Electricite de France SA 144A | ||||||||
45,806,000 | 5.25% (USD Swap Semi 30/360 10 Year+3.71%), 01/29/23 (o) | 47,998,733 | ||||||
32,785,000 | 5.63% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | 35,325,837 | ||||||
83,324,570 | ||||||||
Germany: 2.1% | ||||||||
Deutsche Bank AG | ||||||||
32,681,000 | 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | 33,934,735 | ||||||
32,681,000 | 4.50%, 04/01/25 | 35,352,654 | ||||||
21,843,000 | Dresdner Funding Trust I 144A 8.15%, 06/30/31 | 31,161,770 | ||||||
100,449,159 |
Principal Amount | Value | |||||||
Italy: 3.1% | ||||||||
$ | 43,599,000 | Intesa Sanpaolo SpA 144A 5.02%, 06/26/24 | $ | 47,383,317 | ||||
Telecom Italia Capital SA | ||||||||
21,824,000 | 6.00%, 09/30/34 | 24,598,922 | ||||||
21,805,000 | 6.38%, 11/15/33 | 25,694,467 | ||||||
21,821,000 | 7.20%, 07/18/36 | 27,103,100 | ||||||
21,815,000 | 7.72%, 06/04/38 | 28,632,187 | ||||||
153,411,993 | ||||||||
Luxembourg: 1.7% | ||||||||
ArcelorMittal SA | ||||||||
16,331,000 | 3.60%, 07/16/24 | 17,405,108 | ||||||
10,924,000 | 4.25%, 07/16/29 | 11,885,163 | ||||||
16,333,000 | 4.55%, 03/11/26 | 18,146,091 | ||||||
9,455,000 | 7.00%, 03/01/41 | 13,145,969 | ||||||
14,958,000 | 7.25%, 10/15/39 | 21,120,785 | ||||||
81,703,116 | ||||||||
United Kingdom: 2.6% | ||||||||
Lloyds Banking Group Plc 144A | ||||||||
8,204,000 | 6.41%, 10/01/35 (o) (s) | 11,018,341 | ||||||
9,505,000 | 6.66%, 05/21/37 (o) (s) | 13,062,674 | ||||||
6,469,000 | Marks & Spencer Plc 144A 7.13%, 12/01/37 † | 7,541,819 | ||||||
21,963,000 | Rolls-Royce Plc 144A 3.63%, 10/14/25 † | 22,206,130 | ||||||
16,300,000 | Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) † | 21,964,250 | ||||||
43,939,000 | Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | 53,600,360 | ||||||
129,393,574 | ||||||||
United States: 84.2% | ||||||||
ADT Security Corp. | ||||||||
21,790,000 | 3.50%, 07/15/22 | 22,348,369 | ||||||
15,245,000 | 4.13%, 06/15/23 | 15,986,669 | ||||||
11,040,000 | Allegheny Technologies, Inc. 7.88%, 08/15/23 | 12,048,559 | ||||||
Apache Corp. | ||||||||
12,647,000 | 4.25%, 01/15/30 † | 12,707,832 | ||||||
12,064,000 | 4.25%, 01/15/44 | 11,260,538 | ||||||
21,665,000 | 4.38%, 10/15/28 | 22,124,840 | ||||||
24,526,000 | 4.75%, 04/15/43 † | 24,386,815 | ||||||
29,067,000 | 5.10%, 09/01/40 | 29,866,342 | ||||||
9,076,000 | 5.25%, 02/01/42 | 9,430,418 | ||||||
8,434,000 | 5.35%, 07/01/49 | 8,455,085 | ||||||
10,170,000 | 6.00%, 01/15/37 † | 11,492,100 | ||||||
Arconic, Inc. | ||||||||
13,596,000 | 5.90%, 02/01/27 | 15,703,380 | ||||||
13,651,000 | 5.95%, 02/01/37 | 16,418,058 | ||||||
6,542,000 | 6.75%, 01/15/28 | 7,850,400 |
See Notes to Financial Statements
47 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
Bed Bath & Beyond, Inc. | ||||||||
$ | 6,562,000 | 3.75%, 08/01/24 † | $ | 6,746,556 | ||||
14,727,000 | 5.17%, 08/01/44 † | 13,585,657 | ||||||
87,425,000 | Carnival Corp. 144A 11.50%, 04/01/23 | 100,578,091 | ||||||
6,974,000 | Carpenter Technology Corp. 4.45%, 03/01/23 | 7,279,283 | ||||||
11,310,000 | CDK Global, Inc. 5.00%, 10/15/24 | 12,461,923 | ||||||
CenturyLink, Inc. | ||||||||
9,249,000 | 6.88%, 01/15/28 † | 10,440,271 | ||||||
11,782,000 | 7.60%, 09/15/39 | 13,541,406 | ||||||
CF Industries, Inc. | ||||||||
16,381,000 | 3.45%, 06/01/23 | 17,153,364 | ||||||
16,376,000 | 4.95%, 06/01/43 | 19,124,057 | ||||||
16,372,000 | 5.15%, 03/15/34 | 19,206,321 | ||||||
16,371,000 | 5.38%, 03/15/44 | 20,045,962 | ||||||
5,698,000 | Cleveland-Cliffs, Inc. 6.25%, 10/01/40 | 5,777,744 | ||||||
21,787,000 | Continental Resources, Inc. 3.80%, 06/01/24 | 22,849,116 | ||||||
15,248,000 | Continental Resources, Inc. 4.90%, 06/01/44 | 16,024,123 | ||||||
7,980,000 | Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 9,724,109 | ||||||
DCP Midstream Operating LP | ||||||||
10,925,000 | 3.88%, 03/15/23 | 11,441,479 | ||||||
8,735,000 | 5.60%, 04/01/44 † | 8,997,050 | ||||||
6,565,000 | 8.13%, 08/16/30 | 8,557,871 | ||||||
DCP Midstream Operating LP 144A | ||||||||
6,581,000 | 6.45%, 11/03/36 | 7,456,405 | ||||||
9,821,000 | 6.75%, 09/15/37 | 11,392,360 | ||||||
Dell, Inc. | ||||||||
5,772,000 | 5.40%, 09/10/40 † | 6,619,301 | ||||||
8,443,000 | 6.50%, 04/15/38 | 10,617,072 | ||||||
6,562,000 | 7.10%, 04/15/28 | 8,300,930 | ||||||
Delta Air Lines, Inc. | ||||||||
19,623,000 | 2.90%, 10/28/24 | 19,806,027 | ||||||
13,074,000 | 3.75%, 10/28/29 † | 13,034,989 | ||||||
10,906,000 | 3.80%, 04/19/23 | 11,225,162 | ||||||
10,897,000 | 4.38%, 04/19/28 | 11,586,304 | ||||||
Diversified Healthcare Trust | ||||||||
5,438,000 | 4.75%, 05/01/24 | 5,628,330 | ||||||
10,891,000 | 4.75%, 02/15/28 | 10,914,688 | ||||||
9,087,000 | DPL, Inc. 4.35%, 04/15/29 | 9,866,983 | ||||||
31,268,000 | Embarq Corp. 8.00%, 06/01/36 | 36,456,768 | ||||||
21,807,000 | EMC Corp. 3.38%, 06/01/23 | 22,634,140 | ||||||
EnLink Midstream Partners LP | ||||||||
15,644,000 | 4.15%, 06/01/25 | 15,809,279 | ||||||
11,351,000 | 4.40%, 04/01/24 | 11,665,082 | ||||||
9,745,000 | 5.05%, 04/01/45 | 8,039,625 | ||||||
7,589,000 | 5.60%, 04/01/44 | 6,578,107 | ||||||
EPR Properties | ||||||||
10,932,000 | 3.75%, 08/15/29 | 10,642,175 | ||||||
6,540,000 | 4.50%, 04/01/25 | 6,887,237 | ||||||
9,818,000 | 4.50%, 06/01/27 | 10,119,523 | ||||||
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 9,804,000 | 4.75%, 12/15/26 † | $ | 10,312,479 | ||||
8,716,000 | 4.95%, 04/15/28 | 9,120,964 | ||||||
5,999,000 | 5.25%, 07/15/23 † | 6,259,622 | ||||||
EQM Midstream Partners LP | ||||||||
10,882,000 | 4.00%, 08/01/24 | 11,140,447 | ||||||
10,879,000 | 4.13%, 12/01/26 | 11,004,816 | ||||||
13,056,000 | 4.75%, 07/15/23 | 13,700,509 | ||||||
18,507,000 | 5.50%, 07/15/28 | 19,681,269 | ||||||
11,979,000 | 6.50%, 07/15/48 | 12,171,562 | ||||||
EQT Corp. | ||||||||
12,379,000 | 3.00%, 10/01/22 † | 12,626,580 | ||||||
27,262,000 | 3.90%, 10/01/27 | 28,457,166 | ||||||
21,756,000 | 7.63%, 02/01/25 | 25,073,790 | ||||||
16,362,000 | 8.50%, 02/01/30 | 20,943,360 | ||||||
FirstEnergy Corp. | ||||||||
6,529,000 | 1.60%, 01/15/26 | 6,356,587 | ||||||
6,534,000 | 2.05%, 03/01/25 | 6,590,097 | ||||||
9,786,000 | 2.25%, 09/01/30 | 9,234,809 | ||||||
13,074,000 | 2.65%, 03/01/30 | 12,799,790 | ||||||
10,917,000 | 3.35%, 07/15/22 | 11,139,288 | ||||||
18,501,000 | 3.40%, 03/01/50 | 17,158,584 | ||||||
32,705,000 | 4.40%, 07/15/27 | 35,849,420 | ||||||
18,555,000 | 4.75%, 03/15/23 | 19,686,212 | ||||||
21,740,000 | 5.35%, 07/15/47 | 25,254,859 | ||||||
32,689,000 | 7.38%, 11/15/31 | 44,281,643 | ||||||
10,869,000 | FirstEnergy Transmission LLC 144A 4.55%, 04/01/49 | 12,138,490 | ||||||
Fluor Corp. | ||||||||
10,997,000 | 3.50%, 12/15/24 † | 11,379,696 | ||||||
13,190,000 | 4.25%, 09/15/28 † | 13,616,037 | ||||||
4,788,000 | Ford Holdings LLC 9.30%, 03/01/30 | 6,394,374 | ||||||
Ford Motor Co. | ||||||||
24,282,000 | 4.35%, 12/08/26 | 25,708,567 | ||||||
32,351,000 | 4.75%, 01/15/43 | 32,672,084 | ||||||
21,055,000 | 5.29%, 12/08/46 | 22,219,447 | ||||||
4,211,000 | 6.38%, 02/01/29 | 4,768,958 | ||||||
10,354,000 | 6.63%, 10/01/28 | 12,173,715 | ||||||
6,405,000 | 7.40%, 11/01/46 | 7,979,509 | ||||||
29,028,000 | 7.45%, 07/16/31 | 37,394,740 | ||||||
Ford Motor Credit Co. LLC | ||||||||
14,577,000 | 2.98%, 08/03/22 | 14,829,547 | ||||||
24,276,000 | 3.09%, 01/09/23 | 24,766,511 | ||||||
16,198,000 | 3.10%, 05/04/23 | 16,582,387 | ||||||
20,239,000 | 3.35%, 11/01/22 | 20,740,624 | ||||||
9,728,000 | 3.55%, 10/07/22 | 9,959,040 | ||||||
12,162,000 | 3.66%, 09/08/24 | 12,686,608 | ||||||
12,166,000 | 3.81%, 01/09/24 | 12,637,432 | ||||||
12,161,000 | 3.82%, 11/02/27 | 12,482,902 | ||||||
24,276,000 | 4.06%, 11/01/24 | 25,589,574 | ||||||
22,663,000 | 4.13%, 08/04/25 | 23,909,465 | ||||||
14,572,000 | 4.14%, 02/15/23 | 15,138,632 | ||||||
16,187,000 | 4.25%, 09/20/22 | 16,748,527 | ||||||
14,584,000 | 4.27%, 01/09/27 | 15,342,149 | ||||||
16,203,000 | 4.38%, 08/06/23 | 17,139,371 | ||||||
19,429,000 | 4.39%, 01/08/26 | 20,776,790 | ||||||
12,146,000 | 4.54%, 08/01/26 | 13,056,950 | ||||||
9,735,000 | 4.69%, 06/09/25 | 10,477,294 | ||||||
24,057,000 | 5.11%, 05/03/29 | 26,319,801 | ||||||
24,276,000 | 5.58%, 03/18/24 | 26,502,837 |
See Notes to Financial Statements
48 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
Freeport-McMoRan, Inc. | ||||||||
$ | 21,728,000 | 3.88%, 03/15/23 | $ | 22,734,984 | ||||
15,936,000 | 4.55%, 11/14/24 | 17,430,000 | ||||||
16,325,000 | 5.40%, 11/14/34 | 19,676,849 | ||||||
40,632,000 | 5.45%, 03/15/43 | 49,672,620 | ||||||
Genworth Holdings, Inc. | ||||||||
8,368,000 | 4.80%, 02/15/24 † | 8,190,180 | ||||||
8,251,000 | 4.90%, 08/15/23 | 8,158,589 | ||||||
6,547,000 | 6.50%, 06/15/34 † | 6,541,468 | ||||||
5,599,000 | Global Marine, Inc. 7.00%, 06/01/28 | 3,177,433 | ||||||
25,725,000 | Goldman Sachs Capital I 6.35%, 02/15/34 | 35,398,816 | ||||||
6,855,000 | HB Fuller Co. 4.00%, 02/15/27 † | 7,105,379 | ||||||
6,753,000 | HCA, Inc. 7.69%, 06/15/25 | 8,077,567 | ||||||
Hexcel Corp. | ||||||||
8,715,000 | 4.20%, 02/15/27 † | 9,254,475 | ||||||
6,530,000 | 4.95%, 08/15/25 | 7,130,551 | ||||||
8,539,000 | Hillenbrand, Inc. 5.00%, 09/15/26 | 9,488,964 | ||||||
Kraft Heinz Foods Co. | ||||||||
41,667,000 | 3.00%, 06/01/26 | 44,087,161 | ||||||
13,737,000 | 3.50%, 06/06/22 † | 14,149,080 | ||||||
21,703,000 | 3.75%, 04/01/30 | 23,240,591 | ||||||
17,350,000 | 3.95%, 07/15/25 † | 19,229,004 | ||||||
9,562,000 | 4.00%, 06/15/23 | 10,203,611 | ||||||
65,064,000 | 4.38%, 06/01/46 | 69,876,007 | ||||||
23,981,000 | 4.63%, 01/30/29 | 27,047,736 | ||||||
10,856,000 | 4.63%, 10/01/39 | 12,141,908 | ||||||
32,621,000 | 4.88%, 10/01/49 | 37,504,607 | ||||||
21,829,000 | 5.00%, 07/15/35 | 25,532,791 | ||||||
43,044,000 | 5.00%, 06/04/42 | 49,788,386 | ||||||
43,611,000 | 5.20%, 07/15/45 | 51,701,141 | ||||||
17,117,000 | 6.50%, 02/09/40 | 22,662,722 | ||||||
9,540,000 | 6.75%, 03/15/32 | 12,612,620 | ||||||
19,164,000 | 6.88%, 01/26/39 | 26,346,174 | ||||||
20,264,000 | Kraft Heinz Foods Co. 144A 7.13%, 08/01/39 | 28,812,170 | ||||||
7,586,000 | L Brands, Inc. 6.95%, 03/01/33 | 8,913,550 | ||||||
6,395,000 | Mack-Cali Realty LP 3.15%, 05/15/23 † | 6,523,361 | ||||||
Macy’s Retail Holdings, Inc. | ||||||||
10,954,000 | 2.88%, 02/15/23 | 10,982,590 | ||||||
7,606,000 | 3.63%, 06/01/24 † | 7,701,455 | ||||||
5,413,000 | 4.30%, 02/15/43 | 4,260,031 | ||||||
7,956,000 | 4.50%, 12/15/34 † | 7,170,067 | ||||||
5,413,000 | 5.13%, 01/15/42 | 4,668,713 | ||||||
8,053,000 | Magellan Health, Inc. 4.90%, 09/22/24 | 8,802,936 | ||||||
Mattel, Inc. | ||||||||
5,460,000 | 3.15%, 03/15/23 † | 5,617,658 | ||||||
6,537,000 | 5.45%, 11/01/41 † | 7,474,929 | ||||||
5,458,000 | 6.20%, 10/01/40 | 6,645,115 | ||||||
9,939,000 | Michael Kors USA, Inc. 144A 4.50%, 11/01/24 | 10,541,552 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
Murphy Oil Corp. | ||||||||
$ | 7,604,000 | 6.38%, 12/01/42 † | $ | 7,147,760 | ||||
5,432,000 | 7.05%, 05/01/29 | 5,811,860 | ||||||
13,404,000 | Navient Corp. 5.63%, 08/01/33 | 12,567,925 | ||||||
Newell Brands, Inc. | ||||||||
5,474,000 | 4.00%, 06/15/22 | 5,651,905 | ||||||
23,847,000 | 4.35%, 04/01/23 | 25,164,785 | ||||||
43,597,000 | 4.70%, 04/01/26 | 48,665,151 | ||||||
9,155,000 | 5.88%, 04/01/36 | 11,418,116 | ||||||
14,525,000 | 6.00%, 04/01/46 | 18,587,642 | ||||||
8,875,000 | NortonLifeLock, Inc. 3.95%, 06/15/22 | 9,030,313 | ||||||
Occidental Petroleum Corp. | ||||||||
47,080,000 | 0.00%, 10/10/36 ^ | 24,010,800 | ||||||
12,989,000 | 2.70%, 08/15/22 | 13,086,417 | ||||||
19,037,000 | 2.70%, 02/15/23 | 19,125,808 | ||||||
61,770,000 | 2.90%, 08/15/24 | 61,692,787 | ||||||
15,464,000 | 3.00%, 02/15/27 | 14,791,084 | ||||||
20,610,000 | 3.20%, 08/15/26 | 20,120,512 | ||||||
23,691,000 | 3.40%, 04/15/26 | 23,458,591 | ||||||
15,419,000 | 3.50%, 06/15/25 | 15,515,369 | ||||||
30,910,000 | 3.50%, 08/15/29 | 29,557,687 | ||||||
15,473,000 | 4.10%, 02/15/47 | 12,901,697 | ||||||
20,564,000 | 4.20%, 03/15/48 | 17,355,193 | ||||||
15,459,000 | 4.30%, 08/15/39 | 13,676,886 | ||||||
24,652,000 | 4.40%, 04/15/46 | 21,766,360 | ||||||
15,438,000 | 4.40%, 08/15/49 | 13,382,816 | ||||||
12,837,000 | 4.50%, 07/15/44 † | 11,500,412 | ||||||
15,475,000 | 4.63%, 06/15/45 | 14,055,710 | ||||||
22,290,000 | 5.55%, 03/15/26 | 23,961,750 | ||||||
15,174,000 | 6.20%, 03/15/40 | 16,160,310 | ||||||
35,611,000 | 6.45%, 09/15/36 | 40,508,225 | ||||||
22,589,000 | 6.60%, 03/15/46 | 24,938,030 | ||||||
11,971,000 | 6.95%, 07/01/24 | 13,274,043 | ||||||
17,914,000 | 7.50%, 05/01/31 | 21,361,818 | ||||||
9,977,000 | 7.88%, 09/15/31 † | 12,153,532 | ||||||
6,632,000 | 7.95%, 06/15/39 | 8,107,620 | ||||||
Oceaneering International, Inc. | ||||||||
10,894,000 | 4.65%, 11/15/24 | 10,648,939 | ||||||
6,503,000 | 6.00%, 02/01/28 | 6,366,925 | ||||||
Ovintiv, Inc. | ||||||||
16,283,000 | 6.50%, 08/15/34 | 20,800,740 | ||||||
10,609,000 | 6.50%, 02/01/38 | 13,434,679 | ||||||
10,079,000 | 6.63%, 08/15/37 | 12,750,297 | ||||||
7,629,000 | 7.20%, 11/01/31 | 9,947,034 | ||||||
10,882,000 | 7.38%, 11/01/31 | 14,393,065 | ||||||
6,534,000 | 8.13%, 09/15/30 | 8,799,024 | ||||||
6,224,000 | Pactiv LLC 7.95%, 12/15/25 | 6,939,760 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
11,225,000 | 3.95%, 02/01/28 | 10,712,939 | ||||||
7,755,000 | 5.15%, 11/15/29 † | 7,808,830 | ||||||
6,022,000 | Pitney Bowes, Inc. 4.63%, 03/15/24 | 6,270,408 | ||||||
5,409,000 | Qwest Corp. 7.25%, 09/15/25 | 6,396,143 |
See Notes to Financial Statements
49 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 5,433,000 | Rite Aid Corp. 7.70%, 02/15/27 | $ | 5,351,614 | ||||
Rockies Express Pipeline LLC 144A | ||||||||
8,694,000 | 3.60%, 05/15/25 | 8,655,790 | ||||||
7,607,000 | 4.80%, 05/15/30 | 7,502,404 | ||||||
12,005,000 | 4.95%, 07/15/29 | 12,252,603 | ||||||
10,864,000 | 6.88%, 04/15/40 | 11,692,380 | ||||||
5,484,000 | 7.50%, 07/15/38 | 6,114,660 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
10,919,000 | 3.70%, 03/15/28 † | 10,385,443 | ||||||
6,564,000 | 7.50%, 10/15/27 † | 7,759,928 | ||||||
Royal Caribbean Cruises Ltd. 144A | ||||||||
21,798,000 | 10.88%, 06/01/23 | 25,051,351 | ||||||
50,565,000 | 11.50%, 06/01/25 | 58,639,725 | ||||||
5,980,000 | Safeway, Inc. 7.25%, 02/01/31 † | 6,958,089 | ||||||
Seagate HDD Cayman | ||||||||
10,433,000 | 4.75%, 01/01/25 | 11,368,162 | ||||||
10,878,000 | 4.88%, 03/01/24 | 11,761,837 | ||||||
10,980,000 | 4.88%, 06/01/27 | 12,236,386 | ||||||
10,666,000 | 5.75%, 12/01/34 | 12,224,836 | ||||||
Seagate HDD Cayman 144A | ||||||||
10,910,000 | 4.09%, 06/01/29 | 11,199,333 | ||||||
10,904,000 | 4.13%, 01/15/31 | 11,056,601 | ||||||
9,919,000 | Sealed Air Corp. 144A 6.88%, 07/15/33 | 12,404,949 | ||||||
Service Properties Trust | ||||||||
8,701,000 | 3.95%, 01/15/28 | 8,064,739 | ||||||
17,996,000 | 4.35%, 10/01/24 | 17,928,515 | ||||||
8,694,000 | 4.38%, 02/15/30 † | 8,106,546 | ||||||
2,324,000 | 4.50%, 06/15/23 | 2,375,148 | ||||||
7,627,000 | 4.50%, 03/15/25 | 7,514,349 | ||||||
16,399,000 | 4.65%, 03/15/24 | 16,552,741 | ||||||
9,829,000 | 4.75%, 10/01/26 | 9,602,835 | ||||||
8,746,000 | 4.95%, 02/15/27 | 8,604,577 | ||||||
9,250,000 | 4.95%, 10/01/29 | 8,955,156 | ||||||
10,915,000 | 5.00%, 08/15/22 | 11,083,746 | ||||||
7,617,000 | 5.25%, 02/15/26 | 7,650,324 | ||||||
8,954,000 | Southeast Supply Header LLC 144A 4.25%, 06/15/24 † | 8,970,789 | ||||||
18,661,000 | Southwestern Energy Co. 6.45%, 01/23/25 | 20,177,206 | ||||||
Spirit AeroSystems, Inc. | ||||||||
6,519,000 | 3.85%, 06/15/26 | 6,751,239 | ||||||
6,525,000 | 3.95%, 06/15/23 | 6,480,141 | ||||||
15,284,000 | 4.60%, 06/15/28 | 14,975,340 | ||||||
Sprint Capital Corp. | ||||||||
54,027,000 | 6.88%, 11/15/28 | 68,143,023 | ||||||
43,613,000 | 8.75%, 03/15/32 | 64,720,602 | ||||||
8,135,000 | Tenet Healthcare Corp. 6.88%, 11/15/31 | 9,099,486 | ||||||
13,839,107 | Topaz Solar Farms LLC 144A 5.75%, 09/30/39 | 16,095,206 | ||||||
Transocean, Inc. | ||||||||
13,100,000 | 6.80%, 03/15/38 | 6,274,966 | ||||||
8,460,000 | 7.50%, 04/15/31 | 4,499,663 | ||||||
7,652,000 | Travel + Leisure Co. 6.60%, 10/01/25 | 8,685,020 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 8,945,000 | Trinity Industries, Inc. 4.55%, 10/01/24 | $ | 9,470,519 | ||||
13,419,000 | Under Armour, Inc. 3.25%, 06/15/26 | 13,653,832 | ||||||
12,018,000 | United States Cellular Corp. 6.70%, 12/15/33 | 15,057,653 | ||||||
8,046,000 | United States Steel Corp. 6.65%, 06/01/37 † | 8,256,121 | ||||||
16,209,000 | Washington Prime Group LP 6.45%, 08/15/24 | 10,103,151 | ||||||
Western Midstream Operating LP | ||||||||
10,874,000 | 3.95%, 06/01/25 | 11,363,330 | ||||||
12,704,000 | 4.00%, 07/01/22 | 13,029,540 | ||||||
21,828,000 | 4.35%, 02/01/25 | 23,110,395 | ||||||
8,703,000 | 4.50%, 03/01/28 † | 9,290,453 | ||||||
10,869,000 | 4.65%, 07/01/26 | 11,657,002 | ||||||
8,711,000 | 4.75%, 08/15/28 † | 9,386,102 | ||||||
26,181,000 | 5.30%, 02/01/30 | 28,602,742 | ||||||
15,209,000 | 5.30%, 03/01/48 | 15,644,814 | ||||||
13,034,000 | 5.45%, 04/01/44 | 13,750,870 | ||||||
7,617,000 | 5.50%, 08/15/48 | 7,807,425 | ||||||
21,717,000 | 6.50%, 02/01/50 | 24,600,149 | ||||||
Wyndham Destinations, Inc. | ||||||||
8,705,000 | 3.90%, 03/01/23 | 9,004,234 | ||||||
6,523,000 | 5.65%, 04/01/24 | 7,117,539 | ||||||
8,708,000 | 6.00%, 04/01/27 | 9,764,629 | ||||||
Xerox Corp. | ||||||||
6,561,000 | 3.80%, 05/15/24 † | 6,847,125 | ||||||
21,801,000 | 4.38%, 03/15/23 | 22,874,699 | ||||||
5,475,000 | 4.80%, 03/01/35 | 5,443,765 | ||||||
7,666,000 | 6.75%, 12/15/39 | 8,509,260 | ||||||
6,790,000 | XPO CNW, Inc. 6.70%, 05/01/34 | 8,124,405 | ||||||
Yum! Brands, Inc. | ||||||||
7,070,000 | 3.88%, 11/01/23 † | 7,440,433 | ||||||
6,001,000 | 5.35%, 11/01/43 | 6,241,040 | ||||||
7,087,000 | 6.88%, 11/15/37 | 8,641,144 | ||||||
4,140,643,243 | ||||||||
Total Corporate Bonds (Cost: $4,538,608,305) | 4,851,005,554 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.3% (Cost: $66,462,727) | ||||||||
Money Market Fund: 1.3% | ||||||||
66,462,727 | State Street Navigator Securities Lending Government Money Market Portfolio | 66,462,727 | ||||||
Total Investments: 100.0% (Cost: $4,605,071,032) | 4,917,468,281 | |||||||
Liabilities in excess of other assets: (0.0)% | (2,052,047 | ) | ||||||
NET ASSETS: 100.0% | $ | 4,915,416,234 | ||||||
See Notes to Financial Statements
50 |
Definitions: | |
USD | United States Dollar |
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. |
^ | Zero Coupon Bond |
† | Security fully or partially on loan. Total market value of securities on loan is $124,439,962. |
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 to $614,539,063, or 12.5% of net assets. |
Summary of Investments by Sector | ||||||||
Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 7.3 | % | $ | 353,930,025 | ||||
Consumer Cyclicals | 19.8 | 958,755,983 | ||||||
Consumer Non-Cyclicals | 10.3 | 498,495,193 | ||||||
Energy | 27.6 | 1,340,766,953 | ||||||
Financials | 5.6 | 271,130,862 | ||||||
Healthcare | 0.5 | 25,979,989 | ||||||
Industrials | 5.5 | 269,508,467 | ||||||
Real Estate | 4.0 | 192,950,206 | ||||||
Technology | 13.0 | 629,222,657 | ||||||
Utilities | 6.4 | 310,265,219 | ||||||
100.0 | % | $ | 4,851,005,554 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 2 | Level 3 | ||||||||||||||||
Level 1 | Significant | Significant | |||||||||||||||
Quoted | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | Value | ||||||||||||||
Corporate Bonds* | $ | — | $ | 4,851,005,554 | $ | — | $ | 4,851,005,554 | |||||||||
Money Market Fund | 66,462,727 | — | — | 66,462,727 | |||||||||||||
Total | $ | 66,462,727 | $ | 4,851,005,554 | $ | — | $ | 4,917,468,281 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
51 |
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 93.1% | ||||||||
Australia: 0.4% | ||||||||
$ | 325,000 | National Australia Bank Ltd. 3.63%, 06/20/23 † | $ | 347,139 | ||||
Brazil: 2.9% | ||||||||
200,000 | Banco BTG Pactual SA 144A 2.75%, 01/11/26 | 190,502 | ||||||
250,000 | Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 | 270,614 | ||||||
325,000 | Fibria Overseas Finance Ltd. 5.50%, 01/17/27 | 371,637 | ||||||
300,000 | FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 328,042 | ||||||
150,000 | Klabin Austria GmbH 144A 7.00%, 04/03/49 | 184,374 | ||||||
465,000 | Klabin Finance SA 144A 4.88%, 09/19/27 | 508,836 | ||||||
250,000 | Rumo Luxembourg SARL 144A 5.25%, 01/10/28 | 266,123 | ||||||
250,000 | Suzano Austria GmbH 144A 5.75%, 07/14/26 | 293,158 | ||||||
2,413,286 | ||||||||
British Virgin Islands: 0.2% | ||||||||
200,000 | Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 | 202,060 | ||||||
Canada: 1.8% | ||||||||
400,000 | Azure Power Energy Ltd. 144A 5.50%, 11/03/22 | 408,012 | ||||||
225,000 | Bank of Nova Scotia 2.38%, 01/18/23 | 233,048 | ||||||
200,000 | Brookfield Finance, Inc. 2.72%, 04/15/31 | 200,991 | ||||||
250,000 | Canadian Imperial Bank of Commerce 0.95%, 10/23/25 | 249,608 | ||||||
300,000 | Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 | 284,958 | ||||||
150,000 | Tucson Electric Power Co. 1.50%, 08/01/30 | 140,385 | ||||||
1,517,002 | ||||||||
Cayman Islands: 0.2% | ||||||||
200,000 | Saudi Electricity Global Sukuk Co. 4 Reg S 1.74%, 09/17/25 | 201,769 | ||||||
Chile: 0.3% | ||||||||
250,000 | Inversiones CMPC SA 144A 4.38%, 04/04/27 | 277,961 | ||||||
China / Hong Kong: 12.1% | ||||||||
Bank of China Ltd. Reg S | ||||||||
250,000 | 0.95%, 09/21/23 | 251,081 | ||||||
200,000 | 0.96% (United States Secured Overnight Financing Rate+.95%), 10/17/22 | 200,760 | ||||||
200,000 | 1.01% (ICE LIBOR USD 3 Month+.83%), 06/07/23 | 200,873 |
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
$ | 300,000 | 1.06% (ICE LIBOR USD 3 Month+.88%), 11/22/22 | $ | 301,077 | ||||
450,000 | 2.25%, 07/12/21 | 451,237 | ||||||
200,000 | Capital Environment Holdings Ltd. Reg S 5.63%, 09/11/21 | 202,135 | ||||||
China Construction Bank Corp. Reg S | ||||||||
400,000 | 0.84% (ICE LIBOR USD 3 Month+.66%), 10/22/22 | 400,852 | ||||||
200,000 | 1.00%, 08/04/23 | 200,318 | ||||||
400,000 | 1.25%, 08/04/25 | 396,499 | ||||||
200,000 | China Development Bank Reg S 2.75%, 11/16/22 | 206,347 | ||||||
200,000 | China Everbright Bank Co. Ltd. Reg S 1.04% (ICE LIBOR USD 3 Month+.85%), 09/19/21 | 200,063 | ||||||
400,000 | China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 | 395,878 | ||||||
200,000 | CIFI Holdings Group Co. Ltd. Reg S 5.95%, 10/20/25 | 212,000 | ||||||
200,000 | ICBCIL Finance Co. Ltd. Reg S 1.23% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 | 198,377 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
400,000 | 0.86% (ICE LIBOR USD 3 Month+.67%), 09/16/22 | 400,602 | ||||||
275,000 | 0.90% (ICE LIBOR USD 3 Month+.72%), 04/25/22 | 275,194 | ||||||
600,000 | 0.97% (ICE LIBOR USD 3 Month+.78%), 09/16/24 | 602,067 | ||||||
500,000 | 1.01% (ICE LIBOR USD 3 Month+.83%), 04/25/24 | 502,247 | ||||||
400,000 | 1.01% (ICE LIBOR USD 3 Month+.83%), 06/14/23 | 401,562 | ||||||
200,000 | 2.25%, 09/16/22 | 203,912 | ||||||
300,000 | 2.88%, 10/12/22 | 308,224 | ||||||
Industrial Bank Co. Ltd. Reg S | ||||||||
200,000 | 1.03% (ICE LIBOR USD 3 Month+.85%), 11/20/21 | 200,134 | ||||||
200,000 | 1.13%, 11/06/23 | 199,862 | ||||||
200,000 | Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 | 203,000 | ||||||
200,000 | Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 | 208,293 | ||||||
Modern Land China Co. Ltd. Reg S | ||||||||
300,000 | 11.50%, 11/13/22 | 304,500 | ||||||
200,000 | 12.85%, 10/25/21 | 205,500 | ||||||
MTR Corp. Ltd. Reg S | ||||||||
400,000 | 1.63%, 08/19/30 | 378,876 | ||||||
400,000 | 2.50%, 11/02/26 | 423,946 | ||||||
200,000 | Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 | 211,424 |
See Notes to Financial Statements
52 |
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
$ | 200,000 | Shanghai Pudong Development Bank Co. Ltd. Reg S 0.88% (ICE LIBOR USD 3 Month+.70%), 10/29/22 | $ | 199,781 | ||||
200,000 | Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 | 206,817 | ||||||
200,000 | Yango Justice International Ltd. Reg S 7.50%, 02/17/25 | 195,246 | ||||||
Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
200,000 | 6.35%, 01/13/27 | 166,736 | ||||||
200,000 | 7.85%, 08/12/26 | 168,750 | ||||||
Zhenro Properties Group Ltd. Reg S | ||||||||
200,000 | 6.63%, 01/07/26 | 186,510 | ||||||
200,000 | 7.35%, 02/05/25 | 197,250 | ||||||
10,167,930 | ||||||||
Colombia: 0.4% | ||||||||
300,000 | Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | 324,864 | ||||||
Dominican Republic: 0.1% | ||||||||
98,597 | UEP Penonome II SA 144A 6.50%, 10/01/38 | 99,030 | ||||||
Finland: 0.2% | ||||||||
150,000 | Municipality Finance Plc 144A 1.38%, 09/21/21 | 150,691 | ||||||
France: 0.8% | ||||||||
600,000 | Electricite de France SA 144A 3.63%, 10/13/25 | 659,176 | ||||||
Germany: 3.9% | ||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
850,000 | 0.75%, 09/30/30 | 784,125 | ||||||
1,500,000 | 1.75%, 09/14/29 | 1,524,415 | ||||||
300,000 | 2.00%, 11/30/21 | 303,240 | ||||||
300,000 | 2.00%, 09/29/22 | 307,778 | ||||||
350,000 | Landesbank Baden-Wuerttemberg Reg S 2.38%, 05/31/22 | 357,966 | ||||||
3,277,524 | ||||||||
India: 2.8% | ||||||||
200,000 | Adani Green Energy Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energy Pvt. Ltd. Reg S 6.25%, 12/10/24 | 221,750 | ||||||
189,000 | Adani Renewable Energy RJ Ltd/ Kodangal Solar Parks Pvt Ltd/ Wardha Solar Maharash 144A 4.63%, 10/15/39 | 192,232 | ||||||
250,000 | India Green Energy Holdings 144A 5.38%, 04/29/24 | 262,196 | ||||||
200,000 | Indian Railway Finance Corp. Ltd. Reg S 3.84%, 12/13/27 | 215,350 | ||||||
200,000 | Power Finance Corp Ltd. Reg S 3.75%, 12/06/27 | 206,667 | ||||||
200,000 | REC Ltd. Reg S 3.88%, 07/07/27 | 208,077 | ||||||
100,000 | ReNew Power Private Ltd. 144A 5.88%, 03/05/27 | 106,421 |
Principal Amount | Value | |||||||
India: (continued) | ||||||||
$ | 500,000 | ReNew Power Synthetic 144A 6.67%, 03/12/24 | $ | 524,935 | ||||
200,000 | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries 144A 4.50%, 07/14/28 | 199,205 | ||||||
200,000 | State Bank of India Reg S 4.50%, 09/28/23 | 215,116 | ||||||
2,351,949 | ||||||||
Indonesia: 2.2% | ||||||||
Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
300,000 | 2.30%, 06/23/25 | 310,128 | ||||||
450,000 | 3.75%, 03/01/23 | 474,658 | ||||||
450,000 | 3.90%, 08/20/24 | 490,772 | ||||||
550,000 | Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | 609,848 | ||||||
1,885,406 | ||||||||
Japan: 1.5% | ||||||||
200,000 | Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 | 196,947 | ||||||
250,000 | Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 | 261,806 | ||||||
200,000 | Sumitomo Mitsui Financial Group, Inc. 0.51%, 01/12/24 | 199,679 | ||||||
225,000 | Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 | 228,019 | ||||||
350,000 | Toyota Motor Credit Corp. 2.15%, 02/13/30 | 352,089 | ||||||
1,238,540 | ||||||||
Mauritius: 0.2% | ||||||||
200,000 | India Green Power Holdings 144A 4.00%, 02/22/27 | 200,400 | ||||||
Mexico: 0.3% | ||||||||
300,000 | Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | 279,485 | ||||||
Netherlands: 4.6% | ||||||||
Cooperatieve Rabobank UA 144A | ||||||||
450,000 | 1.00% (US Treasury Yield Curve Rate T 1 Year+.73%), 09/24/26 | 446,504 | ||||||
500,000 | 1.11% (US Treasury Yield Curve Rate T 1 Year+.55%), 02/24/27 | 493,389 | ||||||
250,000 | Greenko Dutch BV 144A 3.85%, 03/29/26 | 254,688 | ||||||
ING Groep NV 144A | ||||||||
450,000 | 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 | 451,927 | ||||||
550,000 | 4.63%, 01/06/26 | 629,066 | ||||||
200,000 | Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 | 212,851 | ||||||
Nederlandse Waterschapsbank NV 144A | ||||||||
200,000 | 1.00%, 05/28/30 | 187,103 |
See Notes to Financial Statements
53 |
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Netherlands: (continued) | ||||||||
$ | 750,000 | 2.38%, 03/24/26 | $ | 800,905 | ||||
350,000 | 3.13%, 12/05/22 | 366,058 | ||||||
3,842,491 | ||||||||
Norway: 0.6% | ||||||||
475,000 | Kommunalbanken AS 144A 2.13%, 02/11/25 | 500,785 | ||||||
Philippines: 0.2% | ||||||||
200,000 | Bank of the Philippine Islands Reg S 2.50%, 09/10/24 | 207,850 | ||||||
Portugal: 0.5% | ||||||||
400,000 | EDP Finance BV 144A 1.71%, 01/24/28 | 390,075 | ||||||
Qatar: 0.2% | ||||||||
200,000 | QNB Finance Ltd. Reg S 1.63%, 09/22/25 | 200,257 | ||||||
Saudi Arabia: 0.3% | ||||||||
300,000 | Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 | 301,147 | ||||||
Singapore: 1.6% | ||||||||
250,000 | Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 255,865 | ||||||
200,000 | DBS Group Holdings Ltd. 144A 0.80% (ICE LIBOR USD 3 Month+.62%), 07/25/22 | 201,044 | ||||||
200,000 | Greenko Investment Co. 144A 4.88%, 08/16/23 | 205,890 | ||||||
400,000 | Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | 430,300 | ||||||
221,675 | Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 251,696 | ||||||
1,344,795 | ||||||||
South Korea: 4.7% | ||||||||
200,000 | Export-Import Bank of Korea Reg S 0.93% (ICE LIBOR USD 3 Month+.74%), 03/22/23 | 201,677 | ||||||
150,000 | Hanwha Energy USA Holdings Corp. 144A 2.38%, 07/30/22 | 153,340 | ||||||
300,000 | Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 | 294,632 | ||||||
300,000 | Kia Corp. 144A 1.75%, 10/16/26 | 301,206 | ||||||
Korea Development Bank | ||||||||
300,000 | 0.40%, 06/19/24 | 298,515 | ||||||
100,000 | 0.92% (ICE LIBOR USD 3 Month+.72%), 07/06/22 | 100,596 | ||||||
250,000 | Korea Electric Power Corp. 144A 2.50%, 06/24/24 | 264,458 | ||||||
250,000 | Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 | 267,510 | ||||||
200,000 | Korea Midland Power Co. Ltd. Reg S 3.38%, 01/22/22 | 204,108 | ||||||
Principal Amount | Value | |||||||
South Korea: (continued) | ||||||||
$ | 200,000 | Korea South-East Power Co. Ltd. Reg S 2.13%, 02/03/25 | $ | 206,369 | ||||
200,000 | Korea Southern Power Co. Ltd. 144A 0.75%, 01/27/26 | 194,626 | ||||||
200,000 | Korea Water Resources Corp. Reg S 3.88%, 05/15/23 | 213,685 | ||||||
LG Chem Ltd. 144A | ||||||||
250,000 | 3.25%, 10/15/24 | 270,012 | ||||||
250,000 | 3.63%, 04/15/29 | 272,132 | ||||||
200,000 | LG Display Co. Ltd. Reg S 3.88%, 11/15/21 | 203,500 | ||||||
500,000 | SK Hynix, Inc. 144A 2.38%, 01/19/31 | 480,879 | ||||||
3,927,245 | ||||||||
Spain: 1.3% | ||||||||
Avangrid, Inc. | ||||||||
625,000 | 3.20%, 04/15/25 | 673,997 | ||||||
350,000 | 3.80%, 06/01/29 † | 389,640 | ||||||
1,063,637 | ||||||||
Supranational: 10.4% | ||||||||
150,000 | African Development Bank 3.00%, 12/06/21 † | 152,550 | ||||||
Asian Development Bank | ||||||||
275,000 | 1.75%, 08/14/26 | 286,319 | ||||||
300,000 | 2.13%, 03/19/25 | 317,190 | ||||||
300,000 | 2.38%, 08/10/27 | 320,774 | ||||||
400,000 | 3.13%, 09/26/28 | 446,670 | ||||||
200,000 | Central American Bank for Economic Integration Reg S 1.04% (ICE LIBOR USD 3 Month+.85%), 11/15/24 | 202,188 | ||||||
European Bank for Reconstruction &Development | ||||||||
500,000 | 1.50%, 02/13/25 | 516,608 | ||||||
500,000 | 1.63%, 09/27/24 | 518,513 | ||||||
225,000 | 1.88%, 07/15/21 | 225,767 | ||||||
European Investment Bank | ||||||||
500,000 | 0.75%, 09/23/30 | 460,832 | ||||||
750,000 | 1.63%, 10/09/29 | 754,966 | ||||||
800,000 | 2.13%, 04/13/26 † | 848,759 | ||||||
700,000 | 2.38%, 05/24/27 | 752,343 | ||||||
300,000 | 2.50%, 10/15/24 † | 320,628 | ||||||
500,000 | European Investment Bank 144A 2.88%, 06/13/25 | 545,428 | ||||||
International Bank for Reconstruction & Development | ||||||||
430,000 | 2.13%, 03/03/25 | 454,416 | ||||||
375,000 | 3.13%, 11/20/25 | 412,752 | ||||||
International Finance Corp. | ||||||||
270,000 | 2.00%, 10/24/22 | 277,283 | ||||||
770,000 | 2.13%, 04/07/26 | 816,789 | ||||||
100,000 | Nordic Investment Bank 2.25%, 09/30/21 | 100,872 | ||||||
8,731,647 |
See Notes to Financial Statements
54 |
Principal Amount | Value | |||||||
Sweden: 1.1% | ||||||||
Kommuninvest I Sverige AB 144A | ||||||||
$ | 400,000 | 0.38%, 06/19/24 | $ | 399,075 | ||||
500,000 | 1.63%, 04/24/23 | 513,500 | ||||||
912,575 | ||||||||
United Arab Emirates: 1.0% | ||||||||
200,000 | First Abu Dhabi Bank PJSC Reg S 3.00%, 03/30/22 | 205,105 | ||||||
MAF Sukuk Ltd. Reg S | ||||||||
200,000 | 3.93%, 02/28/30 | 215,490 | ||||||
400,000 | 4.64%, 05/14/29 | 449,352 | ||||||
869,947 | ||||||||
United Kingdom: 1.0% | ||||||||
300,000 | Natwest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 | 309,852 | ||||||
300,000 | Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 | 290,197 | ||||||
200,000 | Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 | 214,218 | ||||||
814,267 | ||||||||
United States: 35.3% | ||||||||
AES Corp. 144A | ||||||||
450,000 | 1.38%, 01/15/26 | 442,890 | ||||||
400,000 | 2.45%, 01/15/31 | 386,860 | ||||||
200,000 | AES Gener SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 213,437 | ||||||
200,000 | Agricultural Bank of China Ltd./New York Reg S 1.25%, 01/19/26 | 198,320 | ||||||
Alexandria Real Estate Equities, Inc. | ||||||||
250,000 | 2.00%, 05/18/32 | 237,714 | ||||||
300,000 | 3.80%, 04/15/26 | 333,009 | ||||||
Apple, Inc. | ||||||||
100,000 | 2.85%, 02/23/23 | 104,331 | ||||||
1,050,000 | 3.00%, 06/20/27 | 1,153,311 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A | ||||||||
300,000 | 3.25%, 09/01/28 | 296,250 | ||||||
475,000 | 4.00%, 09/01/29 | 473,523 | ||||||
150,000 | Arizona Public Service Co. 2.65%, 09/15/50 | 137,452 | ||||||
1,025,000 | Bank of America Corp. 3.50% (ICE LIBOR USD 3 Month+.63%), 05/17/22 | 1,026,174 | ||||||
Boston Properties LP | ||||||||
350,000 | 2.55%, 04/01/32 | 338,797 | ||||||
350,000 | 3.40%, 06/21/29 | 374,797 | ||||||
550,000 | 4.50%, 12/01/28 | 633,034 | ||||||
750,000 | Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 | 767,213 | ||||||
Clearway Energy Operating LLC 144A | ||||||||
400,000 | 3.75%, 02/15/31 † | 394,776 | ||||||
425,000 | 4.75%, 03/15/28 | 445,997 | ||||||
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 400,000 | Deutsche Bank AG/New York NY 1.69%, 03/19/26 | $ | 401,743 | ||||
DTE Electric Co. | ||||||||
250,000 | 1.90%, 04/01/28 | 250,888 | ||||||
200,000 | 3.25%, 04/01/51 | 206,851 | ||||||
275,000 | 3.95%, 03/01/49 | 318,528 | ||||||
Duke Energy Carolinas LLC | ||||||||
50,000 | 3.35%, 05/15/22 | 51,578 | ||||||
350,000 | 3.95%, 11/15/28 | 398,129 | ||||||
350,000 | Duke Energy Florida LLC 2.50%, 12/01/29 | 361,283 | ||||||
350,000 | Duke Energy Progress LLC 3.45%, 03/15/29 | 384,396 | ||||||
Duke Realty LP | ||||||||
200,000 | 1.75%, 02/01/31 | 189,062 | ||||||
225,000 | 2.88%, 11/15/29 | 233,290 | ||||||
Equinix, Inc. | ||||||||
425,000 | 1.00%, 09/15/25 | 419,531 | ||||||
200,000 | 1.55%, 03/15/28 | 193,007 | ||||||
200,000 | ERP Operating LP 4.15%, 12/01/28 | 226,926 | ||||||
150,000 | Evergy Kansas Central, Inc. 2.55%, 07/01/26 | 157,635 | ||||||
Fannie Mae-ACES | ||||||||
37,200 | 2.44%, 10/25/29 | 39,489 | ||||||
464,000 | 2.52%, 08/25/29 | 494,669 | ||||||
198,196 | 2.64%, 07/25/24 | 208,710 | ||||||
335,591 | 2.89%, 02/25/27 | 364,762 | ||||||
10,000 | 2.94%, 04/25/29 | 10,973 | ||||||
415,000 | 3.00%, 01/25/28 | 454,834 | ||||||
275,000 | 3.06%, 09/25/27 | 301,595 | ||||||
450,000 | 3.15%, 03/25/28 | 497,322 | ||||||
225,000 | 3.15%, 03/25/28 | 247,549 | ||||||
388,000 | 3.19%, 02/25/30 | 432,238 | ||||||
15,000 | 3.20%, 11/25/27 | 16,002 | ||||||
200,000 | 3.44%, 06/25/28 | 224,687 | ||||||
1,165,000 | 3.67%, 09/25/28 | 1,327,250 | ||||||
15,000 | 3.82%, 09/25/30 | 17,388 | ||||||
200,000 | Federal Realty Investment Trust 1.25%, 02/15/26 | 199,516 | ||||||
Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
20,000 | 1.30%, 06/25/30 | 19,388 | ||||||
285,000 | 2.88%, 04/25/26 | 307,465 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A | ||||||||
300,000 | 5.25%, 07/15/24 | 310,479 | ||||||
300,000 | 6.00%, 04/15/25 | 318,000 | ||||||
350,000 | Host Hotels & Resorts LP 3.38%, 12/15/29 | 356,090 | ||||||
Interstate Power & Light Co. | ||||||||
150,000 | 3.50%, 09/30/49 | 157,317 | ||||||
150,000 | 3.60%, 04/01/29 | 165,516 | ||||||
250,000 | 4.10%, 09/26/28 | 283,483 | ||||||
300,000 | Johnson Controls International Plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 | 284,091 |
See Notes to Financial Statements
55 |
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 450,000 | JPMorgan Chase & Co. 0.65% (United States Secured Overnight Financing Rate+.60%), 09/16/24 | $ | 450,873 | ||||
280,000 | Kaiser Foundation Hospitals 3.15%, 05/01/27 | 308,171 | ||||||
350,000 | Kilroy Realty LP 4.75%, 12/15/28 | 401,845 | ||||||
150,000 | Massachusetts Institute of Technology 3.96%, 07/01/38 | 178,773 | ||||||
350,000 | Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 | 348,822 | ||||||
MidAmerican Energy Co. | ||||||||
275,000 | 3.10%, 05/01/27 | 300,596 | ||||||
200,000 | 3.15%, 04/15/50 | 205,338 | ||||||
400,000 | 3.65%, 04/15/29 | 448,367 | ||||||
200,000 | 3.65%, 08/01/48 | 221,094 | ||||||
300,000 | 3.95%, 08/01/47 | 344,776 | ||||||
425,000 | 4.25%, 07/15/49 | 512,779 | ||||||
Northern States Power Co. | ||||||||
100,000 | 2.60%, 06/01/51 | 92,305 | ||||||
250,000 | 2.90%, 03/01/50 | 244,382 | ||||||
200,000 | 3.20%, 04/01/52 | 206,096 | ||||||
200,000 | NSTAR Electric Co. 3.25%, 05/15/29 | 217,074 | ||||||
225,000 | Owens Corning 3.95%, 08/15/29 | 250,194 | ||||||
350,000 | Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | 355,250 | ||||||
150,000 | Piedmont Operating Partnership LP 3.15%, 08/15/30 | 147,984 | ||||||
310,000 | PNC Financial Services Group, Inc. 2.20%, 11/01/24 | 327,473 | ||||||
375,000 | Prologis LP 1.25%, 10/15/30 | 345,762 | ||||||
Public Service Co. of Colorado | ||||||||
250,000 | 3.20%, 03/01/50 | 256,052 | ||||||
550,000 | 3.70%, 06/15/28 | 611,301 | ||||||
360,000 | 4.10%, 06/15/48 | 420,792 | ||||||
125,000 | Regency Centers LP 3.75%, 06/15/24 | 134,159 | ||||||
150,000 | Seattle Children’s Hospital 2.72%, 10/01/50 | 139,055 | ||||||
SK Battery America, Inc. Reg S | ||||||||
250,000 | 1.63%, 01/26/24 | 250,465 | ||||||
200,000 | 2.13%, 01/26/26 | 196,831 | ||||||
700,000 | Southern Power Co. 4.15%, 12/01/25 | 784,072 | ||||||
100,000 | Southwestern Public Service Co. 3.15%, 05/01/50 | 100,815 | ||||||
150,000 | UDR, Inc. 1.90%, 03/15/33 | 137,940 | ||||||
275,000 | Union Electric Co. 2.63%, 03/15/51 | 253,904 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 200,000 | Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 | $ | 201,494 | ||||
Verizon Communications, Inc. | ||||||||
200,000 | 1.50%, 09/18/30 | 186,177 | ||||||
725,000 | 3.88%, 02/08/29 | 817,260 | ||||||
250,000 | Visa, Inc. 0.75%, 08/15/27 | 242,445 | ||||||
250,000 | Welltower, Inc. 2.70%, 02/15/27 | 264,264 | ||||||
29,694,525 | ||||||||
Total Corporate Bonds (Cost: $78,247,903) | 78,395,455 | |||||||
GOVERNMENT OBLIGATIONS: 5.6% | ||||||||
Chile: 2.1% | ||||||||
Chile Government International Bonds | ||||||||
650,000 | 2.55%, 01/27/32 | 665,931 | ||||||
1,050,000 | 3.50%, 01/25/50 | 1,090,110 | ||||||
1,756,041 | ||||||||
China / Hong Kong: 1.8% | ||||||||
Hong Kong Government International Bond 144A | ||||||||
500,000 | 0.63%, 02/02/26 | 492,097 | ||||||
500,000 | 1.38%, 02/02/31 | 478,911 | ||||||
200,000 | 2.38%, 02/02/51 | 186,243 | ||||||
350,000 | 2.50%, 05/28/24 | 371,099 | ||||||
1,528,350 | ||||||||
Egypt: 0.5% | ||||||||
200,000 | Egypt Government International Bond 144A 5.25%, 10/06/25 | 208,608 | ||||||
200,000 | Egypt Government International Bond Reg S 5.25%, 10/06/25 | 208,608 | ||||||
417,216 | ||||||||
United States: 1.2% | ||||||||
City of San Francisco Public Utilities Commission Water Revenue | ||||||||
100,000 | 2.83%, 11/01/41 | 101,970 | ||||||
100,000 | 3.30%, 11/01/39 | 106,771 | ||||||
250,000 | 3.47%, 11/01/43 | 264,908 | ||||||
100,000 | Commonwealth of Massachusetts 3.28%, 06/01/46 | 109,585 | ||||||
20,000 | District of Columbia Water & Sewer Authority 4.81%, 10/01/14 | 26,797 | ||||||
300,000 | Metropolitan Transportation Authority 5.18%, 11/15/49 | 380,364 | ||||||
990,395 | ||||||||
Total Government Obligations (Cost: $4,715,405) | 4,692,002 |
See Notes to Financial Statements
56 |
Number of Shares | Value | |||||||
PREFERRED SECURITIES: 0.2% (Cost: $173,320) | ||||||||
Canada: 0.2% | ||||||||
7,000 | Brookfield Finance, Inc. 4.63%, 10/16/80 † | $ | 173,600 | |||||
Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $83,136,628) | 83,261,057 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $107,102) | ||||||||
Money Market Fund: 0.1% | ||||||||
107,102 | State Street Navigator Securities Lending Government Money Market Portfolio | 107,102 | ||||||
Total Investments: 99.0% (Cost: $83,243,730) | 83,368,159 | |||||||
Other assets less liabilities: 1.0% | 830,430 | |||||||
NET ASSETS: 100.0% | $ | 84,198,589 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $1,815,563. |
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 to $23,410,073, or 27.8% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Academic & Educational Services | 0.2 | % | $ | 178,773 | ||||
Basic Materials | 3.6 | 2,947,883 | ||||||
Consumer Cyclicals | 1.0 | 846,032 | ||||||
Consumer Non-Cyclicals | 0.3 | 279,485 | ||||||
Energy | 1.6 | 1,282,899 | ||||||
Financials | 49.8 | 41,486,640 | ||||||
Government | 5.6 | 4,692,002 | ||||||
Healthcare | 0.6 | 447,226 | ||||||
Industrials | 5.1 | 4,273,450 | ||||||
Real Estate | 8.1 | 6,752,156 | ||||||
Technology | 4.0 | 3,341,243 | ||||||
Utilities | 20.1 | 16,733,268 | ||||||
100.0 | % | $ | 83,261,057 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
Corporate Bonds* | $ | — | $ | 78,395,455 | $ | — | $ | 78,395,455 | ||||||||||
Government Obligations* | — | 4,692,002 | — | 4,692,002 | ||||||||||||||
Preferred Securities* | 173,600 | — | — | 173,600 | ||||||||||||||
Money Market Fund | 107,102 | — | — | 107,102 | ||||||||||||||
Total | $ | 280,702 | $ | 83,087,457 | $ | — | $ | 83,368,159 |
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
57 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 98.8% | ||||||||
Argentina: 0.7% | ||||||||
USD | 50,000 | Arcor SAIC 144A 6.00%, 07/06/23 | $ | 48,527 | ||||
100,000 | MercadoLibre, Inc. 3.13%, 01/14/31 † | 95,782 | ||||||
Pampa Energia SA 144A | ||||||||
50,000 | 7.38%, 07/21/23 | 46,892 | ||||||
50,000 | 7.50%, 01/24/27 | 41,028 | ||||||
75,000 | Telecom Argentina SA 144A 8.00%, 07/18/26 | 67,064 | ||||||
35,000 | YPF Energia Electrica SA 144A 10.00%, 07/25/26 | 28,534 | ||||||
YPF SA 144A | ||||||||
75,000 | 2.50%, 06/30/29 (s) | 41,251 | ||||||
75,000 | 4.00%, 02/12/26 (s) | 60,678 | ||||||
100,000 | 6.95%, 07/21/27 | 61,767 | ||||||
150,000 | 8.50%, 07/28/25 | 109,057 | ||||||
75,000 | 8.75%, 04/04/24 | 61,226 | ||||||
661,806 | ||||||||
Australia: 0.4% | ||||||||
FMG Resources August 2006 Pty Ltd. 144A | ||||||||
150,000 | 4.38%, 04/01/31 | 156,016 | ||||||
25,000 | 4.50%, 09/15/27 | 27,210 | ||||||
75,000 | 5.13%, 05/15/24 † | 81,989 | ||||||
100,000 | Mineral Resources Ltd. 144A 8.13%, 05/01/27 | 111,004 | ||||||
50,000 | Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.75%, 04/30/26 | 51,507 | ||||||
427,726 | ||||||||
Austria: 0.3% | ||||||||
100,000 | ams AG 144A 7.00%, 07/31/25 | 106,769 | ||||||
EUR | 50,000 | Novomatic AG 1.63%, 09/20/23 | 57,761 | |||||
100,000 | Wienerberger AG Reg S 2.75%, 06/04/25 | 129,702 | ||||||
294,232 | ||||||||
Azerbaijan: 0.3% | ||||||||
USD | 200,000 | State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | 248,522 | |||||
Bahamas: 0.2% | ||||||||
EUR | 175,000 | Akelius Residential Property AB Reg S 3.88% (Euribor ICE Swap Rate 5 Year+3.49%), 10/05/78 | 223,568 | |||||
Bahrain: 0.1% | ||||||||
GBP | 100,000 | Mclaren Finance Plc Reg S 5.00%, 08/01/22 | 137,421 | |||||
Belgium: 0.4% | ||||||||
EUR | 150,000 | La Financiere Atalian SASU Reg S 4.00%, 05/15/24 | 177,182 | |||||
150,000 | Solvay Finance SACA Reg S 5.43% (EUR Swap Annual 5 Year+3.70%), 11/12/23 (o) | 199,476 | ||||||
376,658 |
Principal Amount | Value | |||||||
Bermuda: 0.2% | ||||||||
USD | 52,923 | Digicel Group 0.5 Ltd. 10.00%, 04/01/24 | $ | 51,831 | ||||
60,206 | Digicel Group 0.5 Ltd. 144A 8.00% 04/01/25 | 50,555 | ||||||
100,000 | Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd. 144A 8.75%, 05/25/24 | 104,875 | ||||||
207,261 | ||||||||
Brazil: 7.8% | ||||||||
150,000 | Adecoagro SA 144A 6.00%, 09/21/27 | 158,230 | ||||||
105,000 | Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | 110,929 | ||||||
Banco Bradesco SA 144A | ||||||||
100,000 | 2.85%, 01/27/23 † | 102,307 | ||||||
100,000 | 3.20%, 01/27/25 | 102,625 | ||||||
200,000 | Banco BTG Pactual SA 144A 5.50%, 01/31/23 | 211,750 | ||||||
200,000 | Banco do Brasil SA 3.88%, 10/10/22 | 206,835 | ||||||
Banco do Brasil SA 144A | ||||||||
100,000 | 4.63%, 01/15/25 | 106,853 | ||||||
150,000 | 5.88%, 01/19/23 | 160,174 | ||||||
100,000 | Banco Votorantim SA 144A 4.50%, 09/24/24 † | 105,161 | ||||||
50,000 | Braskem America Finance Co. 144A 7.13%, 07/22/41 † | 58,373 | ||||||
75,000 | Braskem Finance Ltd. 6.45%, 02/03/24 | 83,523 | ||||||
Braskem Netherlands Finance BV 144A | ||||||||
100,000 | 4.50%, 01/10/28 | 104,169 | ||||||
125,000 | 4.50%, 01/31/30 | 127,181 | ||||||
100,000 | 5.88%, 01/31/50 † | 104,586 | ||||||
50,000 | 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 † | 57,878 | ||||||
200,000 | BRF SA 144A 4.75%, 05/22/24 | 211,400 | ||||||
50,000 | Caixa Economica Federal 144A 3.50%, 11/07/22 | 51,660 | ||||||
200,000 | Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 † | 230,993 | ||||||
100,000 | Centrais Eletricas Brasileiras SA 144A 4.63%, 02/04/30 | 101,220 | ||||||
100,000 | Cosan Ltd. 144A 5.50%, 09/20/29 | 106,686 | ||||||
100,000 | Cosan Luxembourg SA 144A 7.00%, 01/20/27 | 106,644 | ||||||
200,000 | CSN Islands XI Corp. 144A 6.75%, 01/28/28 | 217,623 |
See Notes to Financial Statements
58 |
Principal Amount | Value | |||||||
Brazil: (continued) | ||||||||
USD | 100,000 | CSN Resources SA 144A 7.63%, 02/13/23 | $ | 103,875 | ||||
Embraer Netherlands Finance BV | ||||||||
100,000 | 5.05%, 06/15/25 | 105,375 | ||||||
125,000 | 5.40%, 02/01/27 | 131,719 | ||||||
100,000 | Embraer Overseas Ltd. 144A 5.70%, 09/16/23 | 106,260 | ||||||
100,000 | Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 | 101,637 | ||||||
100,000 | Guara Norte Sarl 144A 5.20%, 06/15/34 | 100,898 | ||||||
Itau Unibanco Holding SA 144A | ||||||||
125,000 | 2.90%, 01/24/23 | 127,782 | ||||||
100,000 | 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 101,211 | ||||||
200,000 | 5.13%, 05/13/23 | 212,250 | ||||||
100,000 | 5.50%, 08/06/22 | 104,680 | ||||||
200,000 | Klabin Austria GmbH 144A 5.75%, 04/03/29 | 222,608 | ||||||
100,000 | MARB BondCo Plc 144A 3.95%, 01/29/31 | 95,159 | ||||||
75,000 | Minerva Luxembourg SA 144A 5.88%, 01/19/28 † | 79,815 | ||||||
94,632 | MV24 Capital BV 144A 6.75%, 06/01/34 | 100,505 | ||||||
NBM US Holdings, Inc. 144A | ||||||||
100,000 | 6.63%, 08/06/29 † | 111,130 | ||||||
100,000 | 7.00%, 05/14/26 | 107,715 | ||||||
100,000 | Nexa Resources SA 144A 6.50%, 01/18/28 | 111,723 | ||||||
Petrobras Global Finance BV | ||||||||
EUR | 100,000 | 4.25%, 10/02/23 | 130,607 | |||||
USD | 75,000 | 4.38%, 05/20/23 | 79,658 | |||||
EUR | 100,000 | 4.75%, 01/14/25 | 134,679 | |||||
USD | 250,000 | 5.09%, 01/15/30 | 264,504 | |||||
150,000 | 5.30%, 01/27/25 | 166,501 | ||||||
100,000 | 5.75%, 02/01/29 | 111,885 | ||||||
150,000 | 6.00%, 01/27/28 † | 169,681 | ||||||
100,000 | 6.25%, 03/17/24 † | 112,237 | ||||||
100,000 | 6.75%, 01/27/41 | 113,763 | ||||||
125,000 | 6.75%, 06/03/50 † | 136,964 | ||||||
175,000 | 6.85%, 06/05/15 † | 185,211 | ||||||
100,000 | 6.88%, 01/20/40 | 114,687 | ||||||
150,000 | 6.90%, 03/19/49 | 169,102 | ||||||
100,000 | 7.25%, 03/17/44 | 116,887 | ||||||
150,000 | 7.38%, 01/17/27 | 181,689 | ||||||
100,000 | 8.75%, 05/23/26 | 128,025 | ||||||
200,000 | Rede D’or Finance SARL 144A 4.50%, 01/22/30 | 196,700 | ||||||
185,910 | Rio Oil Finance Trust 144A 9.25%, 07/06/24 | 206,824 | ||||||
100,000 | Ultrapar International SA 144A 5.25%, 10/06/26 | 109,231 | ||||||
100,000 | Usiminas International SARL 144A 5.88%, 07/18/26 | 107,676 | ||||||
7,787,653 |
Principal Amount | Value | |||||||
British Virgin Islands: 0.9% | ||||||||
USD | 200,000 | Central China Real Estate Ltd. Reg S 7.25%, 04/24/23 | $ | 197,000 | ||||
200,000 | China Aoyuan Property Group Ltd. Reg S 5.38%, 09/13/22 | 198,750 | ||||||
200,000 | China SCE Group Holdings Ltd. Reg S 7.38%, 04/09/24 | 208,750 | ||||||
200,000 | Fantasia Holdings Group Co. Ltd. Reg S 10.88%, 01/09/23 | 199,500 | ||||||
100,000 | Metalloinvest Finance DAC 144A 4.85%, 05/02/24 | 107,160 | ||||||
911,160 | ||||||||
Bulgaria: 0.1% | ||||||||
EUR | 100,000 | Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 | 129,876 | |||||
Burkina Faso: 0.0% | ||||||||
USD | 25,000 | IAMGOLD Corp. 144A 5.75%, 10/15/28 † | 26,032 | |||||
Canada: 5.2% | ||||||||
50,000 | ATS Automation Tooling Systems, Inc. 144A 4.13%, 12/15/28 | 50,469 | ||||||
50,000 | Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 | 53,274 | ||||||
75,000 | Baytex Energy Corp. 144A 5.63%, 06/01/24 | 70,266 | ||||||
Bombardier, Inc. 144A | ||||||||
125,000 | 6.00%, 10/15/22 | 125,187 | ||||||
150,000 | 6.13%, 01/15/23 | 157,429 | ||||||
100,000 | 7.50%, 12/01/24 | 101,625 | ||||||
125,000 | 7.50%, 03/15/25 | 124,922 | ||||||
150,000 | 7.88%, 04/15/27 | 149,812 | ||||||
150,000 | Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 144A 6.25%, 09/15/27 | 159,427 | ||||||
100,000 | Cascades, Inc. / Cascades USA, Inc. 144A 5.38%, 01/15/28 † | 104,353 | ||||||
100,000 | Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | 115,934 | ||||||
25,000 | Empire Communities Corp. 144A 7.00%, 12/15/25 | 26,818 | ||||||
50,000 | Ensign Drilling, Inc. 144A 9.25%, 04/15/24 | 40,406 | ||||||
50,000 | Fairstone Financial, Inc. 144A 7.88%, 07/15/24 | 52,526 | ||||||
GFL Environmental, Inc. 144A | ||||||||
150,000 | 3.50%, 09/01/28 | 144,769 | ||||||
50,000 | 3.75%, 08/01/25 † | 50,971 | ||||||
75,000 | 5.13%, 12/15/26 | 78,656 |
See Notes to Financial Statements
59 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Canada: (continued) | ||||||||
Gibson Energy, Inc. | ||||||||
CAD | 25,000 | 2.85%, 07/14/27 | $ | 20,846 | ||||
75,000 | 3.60%, 09/17/29 | 64,146 | ||||||
USD | 50,000 | goeasy Ltd. 144A 5.38%, 12/01/24 | 51,875 | |||||
100,000 | Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 † | 101,645 | ||||||
40,000 | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC 144A 6.00%, 09/15/28 | 41,383 | ||||||
CAD | 65,000 | Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 | 57,352 | |||||
USD | 25,000 | Intertape Polymer Group, Inc. 144A 7.00%, 10/15/26 | 26,308 | |||||
CAD | 75,000 | Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 | 66,986 | |||||
USD | 256,000 | Lightstream Resources Ltd. 144A 8.63%, 02/01/20 (d) # ∞ * | 0 | |||||
Mattamy Group Corp. 144A | ||||||||
50,000 | 4.63%, 03/01/30 | 50,605 | ||||||
50,000 | 5.25%, 12/15/27 | 52,531 | ||||||
MEG Energy Corp. 144A | ||||||||
50,000 | 5.88%, 02/01/29 | 51,315 | ||||||
150,000 | 7.13%, 02/01/27 | 160,354 | ||||||
Methanex Corp. | ||||||||
50,000 | 5.13%, 10/15/27 | 52,864 | ||||||
75,000 | 5.25%, 12/15/29 | 79,313 | ||||||
50,000 | New Gold, Inc. 144A 7.50%, 07/15/27 | 54,318 | ||||||
New Red Finance, Inc. 144A | ||||||||
40,000 | 3.50%, 02/15/29 | 39,053 | ||||||
50,000 | 3.88%, 01/15/28 | 50,736 | ||||||
250,000 | 4.00%, 10/15/30 | 244,076 | ||||||
93,000 | 4.25%, 05/15/24 | 94,332 | ||||||
100,000 | 4.38%, 01/15/28 | 101,495 | ||||||
25,000 | 5.75%, 04/15/25 | 26,552 | ||||||
50,000 | Norbord, Inc. 144A 5.75%, 07/15/27 | 54,610 | ||||||
50,000 | Northriver Midstream Finance LP 144A 5.63%, 02/15/26 | 51,625 | ||||||
Open Text Corp. 144A | ||||||||
100,000 | 3.88%, 02/15/28 | 101,378 | ||||||
100,000 | 5.88%, 06/01/26 | 103,250 | ||||||
CAD | 50,000 | Parkland Corp. 6.00%, 06/23/28 | 43,860 | |||||
50,000 | Parkland Fuel Corp. 5.63%, 05/09/25 | 41,937 | ||||||
USD | 50,000 | Parkland Fuel Corp. 144A 5.88%, 07/15/27 | 53,303 |
Principal Amount | Value | |||||||
Canada: (continued) | ||||||||
CAD | 50,000 | Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | $ | 39,990 | ||||
USD | 100,000 | Precision Drilling Corp. 144A 7.13%, 01/15/26 | 99,188 | |||||
100,000 | Quebecor Media, Inc. 5.75%, 01/15/23 | 107,125 | ||||||
CAD | 125,000 | Quebecor Media, Inc. 144A 6.63%, 01/15/23 | 109,262 | |||||
USD | 50,000 | Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 | 51,544 | |||||
50,000 | Rockpoint Gas Storage Canada Ltd. 144A 7.00%, 03/31/23 | 50,719 | ||||||
100,000 | Seven Generations Energy Ltd. 144A 6.75%, 05/01/23 | 100,313 | ||||||
EUR | 100,000 | SIG Combibloc Purchase Co. SARL Reg S 2.13%, 06/18/25 | 127,138 | |||||
CAD | 50,000 | SNC-Lavalin Group, Inc. 3.24%, 03/02/23 | 40,828 | |||||
USD | 100,000 | Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 | 102,140 | |||||
25,000 | Taseko Mines Ltd. 144A 7.00%, 02/15/26 | 26,037 | ||||||
100,000 | Teekay Offshore Partners LP / Teekay Offshore Finance Corp. 144A 8.50%, 07/15/23 | 91,309 | ||||||
50,000 | Terraform Global Operating LLC 144A 6.13%, 03/01/26 | 51,428 | ||||||
50,000 | Tervita Corp. 144A 11.00%, 12/01/25 | 56,759 | ||||||
TransAlta Corp. | ||||||||
25,000 | 4.50%, 11/15/22 † | 26,054 | ||||||
75,000 | 6.50%, 03/15/40 | 86,063 | ||||||
EUR | 200,000 | Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 | 247,471 | |||||
USD | 25,000 | Vermilion Energy, Inc. 144A 5.63%, 03/15/25 | 23,904 | |||||
Videotron Ltd. | ||||||||
CAD | 75,000 | 4.50%, 01/15/30 | 64,998 | |||||
150,000 | 5.63%, 06/15/25 | 136,678 | ||||||
50,000 | Videotron Ltd. Reg S 5.75%, 01/15/26 | 42,066 | ||||||
5,225,906 | ||||||||
Cayman Islands: 0.4% | ||||||||
USD | 100,000 | Adani Abbot Point Terminal Pty Ltd. 144A 4.45%, 12/15/22 † | 94,213 | |||||
200,000 | Ronshine China Holdings Ltd. Reg S 8.75%, 10/25/22 | 201,756 |
See Notes to Financial Statements
60 |
Principal Amount | Value | |||||||
Cayman Islands: (continued) | ||||||||
EUR | 100,000 | UPCB Finance VII Ltd. Reg S 3.63%, 06/15/29 | $ | 123,869 | ||||
419,838 | ||||||||
Chile: 0.2% | ||||||||
USD | 50,000 | Kenbourne Invest SA 144A 6.88%, 11/26/24 | 53,305 | |||||
100,000 | VTR Comunicaciones SpA 144A 5.13%, 01/15/28 † | 105,000 | ||||||
158,305 | ||||||||
China / Hong Kong: 9.1% | ||||||||
Agile Group Holdings Ltd. Reg S | ||||||||
200,000 | 6.88%, 03/07/23 (o) (s) | 201,750 | ||||||
200,000 | 8.38%, 12/04/23 (o) (s) | 208,516 | ||||||
400,000 | Bank of Communications Co. Ltd. Reg S 3.80%, 11/18/25 (o) (s) | 413,179 | ||||||
250,000 | Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o) | 267,385 | ||||||
200,000 | CFLD Cayman Investment Ltd. Reg S 8.60%, 04/08/24 | 70,000 | ||||||
China Evergrande Group Reg S | ||||||||
400,000 | 8.75%, 06/28/25 | 327,000 | ||||||
300,000 | 9.50%, 03/29/24 | 260,250 | ||||||
CIFI Holdings Group Co. Ltd. Reg S | ||||||||
200,000 | 6.00%, 07/16/25 | 211,500 | ||||||
200,000 | 6.55%, 03/28/24 | 211,250 | ||||||
200,000 | Easy Tactic Ltd. Reg S 5.88%, 02/13/23 | 188,250 | ||||||
200,000 | Fortune Star BVI Ltd. Reg S 6.75%, 07/02/23 | 209,748 | ||||||
214,762 | Global Aircraft Leasing Co. Ltd. 144A 7.25% 09/15/24 | 215,030 | ||||||
Greenland Global Investment Ltd. Reg S | ||||||||
200,000 | 5.88%, 07/03/24 | 169,987 | ||||||
200,000 | 6.75%, 09/26/23 | 176,750 | ||||||
200,000 | Greentown China Holdings Ltd. Reg S 5.65%, 07/13/25 | 207,000 | ||||||
Kaisa Group Holdings Ltd. Reg S | ||||||||
200,000 | 8.50%, 06/30/22 | 205,100 | ||||||
250,000 | 9.38%, 06/30/24 | 248,750 | ||||||
200,000 | 10.50%, 01/15/25 | 199,500 | ||||||
350,000 | KWG Property Holding Ltd. Reg S 5.88%, 11/10/24 | 357,875 | ||||||
200,000 | Logan Property Holdings Co. Ltd. Reg S 5.25%, 02/23/23 | 203,005 |
Principal Amount | Value | |||||||
China / Hong Kong: (continued) | ||||||||
Melco Resorts Finance Ltd. 144A | ||||||||
USD | 100,000 | 4.88%, 06/06/25 | $ | 102,735 | ||||
100,000 | 5.38%, 12/04/29 † | 106,655 | ||||||
100,000 | 5.75%, 07/21/28 | 107,691 | ||||||
200,000 | Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (o) | 203,125 | ||||||
200,000 | New Metro Global Ltd. Reg S 6.80%, 08/05/23 | 208,500 | ||||||
200,000 | Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24 | 208,500 | ||||||
250,000 | RKI Overseas Finance 2017 A Ltd. Reg S 7.00%, 06/23/22 (o) | 224,375 | ||||||
Scenery Journey Ltd. Reg S | ||||||||
200,000 | 13.00%, 11/06/22 | 194,500 | ||||||
200,000 | 13.75%, 11/06/23 | 190,750 | ||||||
200,000 | Seazen Group Ltd. Reg S 6.00%, 08/12/24 | 208,000 | ||||||
200,000 | Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/22 | 203,058 | ||||||
200,000 | Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o) | 174,000 | ||||||
Studio City Finance Ltd. 144A | ||||||||
100,000 | 5.00%, 01/15/29 | 102,375 | ||||||
100,000 | 6.50%, 01/15/28 | 108,263 | ||||||
Sunac China Holdings Ltd. Reg S | ||||||||
200,000 | 7.00%, 07/09/25 | 206,000 | ||||||
400,000 | 7.95%, 08/08/22 | 412,800 | ||||||
200,000 | Times China Holdings Ltd. Reg S 6.75%, 07/16/23 | 204,250 | ||||||
EUR | 100,000 | Volvo Car AB Reg S 2.13%, 04/02/24 | 125,490 | |||||
USD | 200,000 | Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | 198,575 | |||||
200,000 | Wealth Driven Ltd. Reg S 5.50%, 08/17/23 | 201,750 | ||||||
200,000 | Yango Justice International Ltd. Reg S 9.25%, 04/15/23 | 207,000 | ||||||
200,000 | Yuzhou Group Holdings Co. Ltd. Reg S 7.38%, 01/13/26 | 168,741 | ||||||
300,000 | Yuzhou Properties Co. Ltd. Reg S 6.00%, 10/25/23 | 274,125 | ||||||
200,000 | Zhenro Properties Group Ltd. Reg S 8.65%, 01/21/23 | 206,500 | ||||||
9,099,583 |
See Notes to Financial Statements
61 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Colombia: 1.0% | ||||||||
Banco de Bogota SA 144A | ||||||||
USD | 100,000 | 5.38%, 02/19/23 | $ | 106,216 | ||||
100,000 | 6.25%, 05/12/26 | 111,775 | ||||||
100,000 | Bancolombia SA 5.13%, 09/11/22 | 104,799 | ||||||
100,000 | Cable Onda SA 144A 4.50%, 01/30/30 | 106,271 | ||||||
50,000 | Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 | 42,665 | ||||||
Grupo Aval Ltd. 144A | ||||||||
100,000 | 4.38%, 02/04/30 | 100,529 | ||||||
100,000 | 4.75%, 09/26/22 | 104,125 | ||||||
Millicom International Cellular SA 144A | ||||||||
54,000 | 5.13%, 01/15/28 † | 57,066 | ||||||
90,000 | 6.25%, 03/25/29 | 100,767 | ||||||
100,000 | Orazul Energy Egenor SCA 144A 5.63%, 04/28/27 | 101,375 | ||||||
92,500 | Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | 100,407 | ||||||
1,035,995 | ||||||||
Curacao: 0.1% | ||||||||
31,629 | Nyrstar Holdings Plc Reg S 0.00%, 07/31/26 ^ | 20,855 | ||||||
11,000 | Trafigura Funding SA 144A 5.25%, 03/19/23 | 11,372 | ||||||
EUR | 34,000 | Trafigura Group Pte Ltd. Reg S 7.50% (EUR Swap Annual 5 Year+10.82%), 07/31/24 (o) | 44,328 | |||||
76,555 | ||||||||
Cyprus: 0.5% | ||||||||
USD | 200,000 | Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25 | 202,688 | |||||
200,000 | MHP Lux SA 144A 6.95%, 04/03/26 | 205,382 | ||||||
EUR | 100,000 | Vivion Investments SARL Reg S 3.00%, 08/08/24 † | 117,992 | |||||
526,062 | ||||||||
Czech Republic: 0.3% | ||||||||
100,000 | CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 07/16/25 (o) | 126,777 | ||||||
100,000 | Sazka Group AS Reg S 3.88%, 02/15/27 | 119,086 | ||||||
245,863 | ||||||||
Denmark: 0.2% | ||||||||
175,000 | DKT Finance ApS Reg S 7.00%, 06/17/23 | 215,444 | ||||||
Principal Amount | Value | |||||||
Finland: 0.7% | ||||||||
Nokia Oyj | ||||||||
USD | 100,000 | 3.38%, 06/12/22 | $ | 102,845 | ||||
100,000 | 4.38%, 06/12/27 | 109,500 | ||||||
100,000 | 6.63%, 05/15/39 | 128,528 | ||||||
EUR | 100,000 | Nokia Oyj Reg S 2.00%, 03/15/24 | 125,650 | |||||
175,000 | Teollisuuden Voima Oyj Reg S 2.13%, 02/04/25 | 219,558 | ||||||
686,081 | ||||||||
France: 6.6% | ||||||||
Accor SA Reg S | ||||||||
100,000 | 2.63% (EUR Swap Annual 5 Year+3.25%), 01/30/25 (o) | 116,630 | ||||||
100,000 | 3.00%, 02/04/26 | 127,629 | ||||||
USD | 200,000 | Altice France SA 144A 5.13%, 07/15/29 | 200,500 | |||||
Altice France SA Reg S | ||||||||
EUR | 100,000 | 2.50%, 01/15/25 | 118,965 | |||||
100,000 | 4.13%, 01/15/29 | 122,304 | ||||||
100,000 | 5.88%, 02/01/27 | 128,503 | ||||||
USD | 100,000 | Banijay Entertainment SASU 144A 5.38%, 03/01/25 | 103,563 | |||||
EUR | 100,000 | CAB SELAS Reg S 3.38%, 02/01/28 | 119,994 | |||||
Casino Guichard Perrachon SA Reg S | ||||||||
100,000 | 4.05%, 08/05/26 | 117,635 | ||||||
100,000 | 4.50%, 03/07/24 | 123,409 | ||||||
100,000 | CMA CGM SA Reg S 5.25%, 01/15/25 | 123,161 | ||||||
100,000 | eircom Finance DAC Reg S 3.50%, 05/15/26 | 123,328 | ||||||
USD | 250,000 | Electricite de France SA 144A 5.63% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | 269,375 | |||||
Electricite de France SA Reg S | ||||||||
EUR | 200,000 | 3.00% (EUR Swap Annual 5 Year+3.20%), 09/03/27 (o) | 253,344 | |||||
200,000 | 4.00% (EUR Swap Annual 6 Year+3.44%), 07/04/24 (o) | 259,949 | ||||||
100,000 | 5.00% (EUR Swap Annual 12 Year+3.04%), 01/22/26 (o) | 136,908 | ||||||
200,000 | 5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/25 (o) | 273,005 | ||||||
Elis SA Reg S | ||||||||
100,000 | 1.63%, 04/03/28 | 118,337 | ||||||
100,000 | 1.88%, 02/15/23 | 122,850 | ||||||
Faurecia SE Reg S | ||||||||
100,000 | 2.63%, 06/15/25 | 122,298 | ||||||
100,000 | 3.13%, 06/15/26 | 124,834 | ||||||
100,000 | 3.75%, 06/15/28 | 127,810 | ||||||
125,000 | Fnac Darty SA Reg S 1.88%, 05/30/24 | 151,795 |
See Notes to Financial Statements
62 |
Principal Amount | Value | |||||||
France: (continued) | ||||||||
EUR | 100,000 | Getlink SE Reg S 3.50%, 10/30/25 | $ | 125,376 | ||||
100,000 | La Poste SA Reg S 3.13% (EUR Swap Annual 5 Year+2.44%), 10/29/25 (o) | 127,241 | ||||||
Loxam SAS Reg S | ||||||||
100,000 | 2.88%, 04/15/26 | 118,488 | ||||||
100,000 | 3.25%, 01/14/25 | 120,371 | ||||||
100,000 | Matterhorn Telecom SA Reg S 3.13%, 09/15/26 | 120,425 | ||||||
150,000 | New AREVA Holding SA 4.88%, 09/23/24 | 204,891 | ||||||
100,000 | New AREVA Holding SA Reg S 3.13%, 03/20/23 | 125,937 | ||||||
100,000 | Paprec Holding SA Reg S 4.00%, 03/31/25 | 122,538 | ||||||
100,000 | Quatrim SASU Reg S 5.88%, 01/15/24 | 125,797 | ||||||
100,000 | RCI Banque SA Reg S 2.63% (EUR Swap Annual 5 Year+2.85%), 02/18/30 | 120,830 | ||||||
Renault SA Reg S | ||||||||
100,000 | 1.00%, 04/18/24 | 119,788 | ||||||
100,000 | 1.00%, 11/28/25 | 118,665 | ||||||
100,000 | 1.25%, 06/24/25 | 118,612 | ||||||
100,000 | 2.00%, 09/28/26 | 119,391 | ||||||
100,000 | Rexel SA Reg S 2.13%, 06/15/25 | 121,786 | ||||||
USD | 100,000 | SPCM SA 144A 4.88%, 09/15/25 | 102,658 | |||||
EUR | 100,000 | SPIE SA Reg S 2.63%, 06/18/26 | 125,624 | |||||
100,000 | Tereos Finance Groupe I SA Reg S 4.13%, 06/16/23 | 121,957 | ||||||
Unibail-Rodamco-Westfield SE Reg S | ||||||||
100,000 | 2.13% (EUR Swap Annual 5 Year+1.68%), 07/25/23 (o) | 117,379 | ||||||
100,000 | 2.88% (EUR Swap Annual 5 Year+2.11%), 01/25/26 (o) | 118,701 | ||||||
Valeo SA Reg S | ||||||||
100,000 | 0.38%, 09/12/22 | 120,928 | ||||||
100,000 | 1.63%, 03/18/26 | 124,845 | ||||||
100,000 | 3.25%, 01/22/24 | 130,062 | ||||||
Veolia Environnement SA Reg S | ||||||||
100,000 | 2.25% (EUR Swap Annual 5 Year+2.71%), 01/20/26 (o) | 123,448 | ||||||
100,000 | 2.50% (EUR Swap Annual 5 Year+2.84%), 01/20/29 (o) | 121,439 | ||||||
6,603,303 | ||||||||
Georgia: 0.1% | ||||||||
USD | 100,000 | Bank of Georgia JSC 144A 6.00%, 07/26/23 | 106,842 | |||||
Germany: 5.5% | ||||||||
ADLER Group SA Reg S | ||||||||
EUR | 100,000 | 2.75%, 11/13/26 | 123,150 | |||||
100,000 | 3.25%, 08/05/25 | 125,731 |
Principal Amount | Value | |||||||
Germany: (continued) | ||||||||
EUR | 100,000 | ADLER Real Estate AG Reg S 1.88%, 04/27/23 | $ | 121,928 | ||||
100,000 | Bertelsmann SE & Co. KGaA Reg S 3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75 | 125,039 | ||||||
100,000 | Cheplapharm Arzneimittel GmbH Reg S 3.50%, 02/11/27 | 121,584 | ||||||
Commerzbank AG Reg S | ||||||||
75,000 | 4.00%, 03/23/26 | 100,906 | ||||||
100,000 | 4.00%, 03/30/27 | 136,539 | ||||||
100,000 | Consus Real Estate AG Reg S 9.63%, 05/15/24 | 126,764 | ||||||
Deutsche Bank AG | ||||||||
USD | 140,000 | 3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32 | 138,893 | |||||
150,000 | 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | 155,754 | ||||||
250,000 | 4.50%, 04/01/25 | 270,437 | ||||||
125,000 | 4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32 | 135,202 | ||||||
25,000 | 5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31 | 28,740 | ||||||
EUR | 75,000 | Deutsche Bank AG Reg S 2.75%, 02/17/25 | 95,278 | |||||
150,000 | Deutsche Lufthansa AG 0.25%, 09/06/24 | 173,697 | ||||||
100,000 | Deutsche Lufthansa AG Reg S 3.00%, 05/29/26 | 120,682 | ||||||
USD | 150,000 | Dresdner Funding Trust I 144A 8.15%, 06/30/31 | 213,994 | |||||
200,000 | IHO Verwaltungs GmbH 144A 5.50% 09/15/26 | 205,632 | ||||||
EUR | 100,000 | IHO Verwaltungs GmbH Reg S 4.38% 05/15/25 | 122,812 | |||||
100,000 | Infineon Technologies AG Reg S 3.63% (EUR Swap Annual 5 Year+4.00%), 01/01/28 (o) | 131,929 | ||||||
200,000 | K+S AG Reg S 3.00%, 06/20/22 | 243,593 | ||||||
100,000 | KION Group AG Reg S 1.63%, 09/24/25 | 126,038 | ||||||
100,000 | LANXESS AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76 | 129,103 | ||||||
USD | 41,000 | Mercer International, Inc. 5.50%, 01/15/26 † | 42,108 | |||||
50,000 | Mercer International, Inc. 144A 5.13%, 02/01/29 | 51,750 | ||||||
EUR | 75,000 | Metro Wholesale & Food Reg S 1.50%, 03/19/25 | 93,737 |
See Notes to Financial Statements
63 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Germany: (continued) | ||||||||
EUR | 41,000 | Phoenix PIB Dutch Finance BV Reg S 3.63%, 07/30/21 | $ | 49,791 | ||||
130,000 | ProGroup AG Reg S 3.00%, 03/31/26 | 158,843 | ||||||
USD | 100,000 | RWE AG Reg S 6.63% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | 116,342 | |||||
Schaeffler AG Reg S | ||||||||
EUR | 100,000 | 1.88%, 03/26/24 | 125,002 | |||||
50,000 | 2.88%, 03/26/27 | 64,303 | ||||||
100,000 | 3.38%, 10/12/28 | 131,837 | ||||||
100,000 | Tele Columbus AG Reg S 3.88%, 05/02/25 | 123,030 | ||||||
thyssenkrupp AG Reg S | ||||||||
100,000 | 1.88%, 03/06/23 | 120,723 | ||||||
100,000 | 2.50%, 02/25/25 | 123,328 | ||||||
100,000 | 2.88%, 02/22/24 | 122,958 | ||||||
100,000 | TLG Finance SARL Reg S 3.38% (EUR Swap Annual 5 Year+3.98%), 09/23/24 (o) | 126,862 | ||||||
100,000 | WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 | 120,606 | ||||||
ZF Europe Finance BV Reg S | ||||||||
100,000 | 2.00%, 02/23/26 | 121,721 | ||||||
100,000 | 3.00%, 10/23/29 | 126,580 | ||||||
100,000 | ZF Finance GmbH Reg S 3.75%, 09/21/28 | 131,657 | ||||||
USD | 175,000 | ZF North America Capital, Inc. 144A 4.75%, 04/29/25 | 188,988 | |||||
EUR | 100,000 | ZF North America Capital, Inc. Reg S 2.75%, 04/27/23 | 125,681 | |||||
5,539,272 | ||||||||
Ghana: 0.2% | ||||||||
USD | 200,000 | Tullow Oil Plc 144A 7.00%, 03/01/25 | 174,750 | |||||
Greece: 0.6% | ||||||||
EUR | 100,000 | Crystal Almond SARL Reg S 4.25%, 10/15/24 | 123,170 | |||||
100,000 | Ellaktor Value Plc Reg S 6.38%, 12/15/24 | 112,730 | ||||||
200,000 | Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/24 | 148,559 | ||||||
100,000 | Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 | 124,408 | ||||||
100,000 | National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 | 125,131 | ||||||
633,998 |
Principal Amount | Value | |||||||
Guatamala: 0.1% | ||||||||
USD | 100,000 | Central American Bottling Corp. 144A 5.75%, 01/31/27 | $ | 105,502 | ||||
Hungary: 0.1% | ||||||||
EUR | 100,000 | OTP Bank Nyrt Reg S 2.88% (Euribor ICE Swap Rate 5 Year+3.20%), 07/15/29 | 123,552 | |||||
India: 2.2% | ||||||||
USD | 250,000 | ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | 272,112 | |||||
200,000 | Bank of Baroda Reg S 3.88%, 04/04/24 | 211,790 | ||||||
200,000 | Canara Bank Reg S 3.88%, 03/28/24 | 211,084 | ||||||
100,000 | Delhi International Airport Ltd. 144A 6.45%, 06/04/29 † | 99,433 | ||||||
Jaguar Land Rover Automotive Plc Reg S | ||||||||
EUR | 100,000 | 2.20%, 01/15/24 | 118,512 | |||||
GBP | 125,000 | 3.88%, 03/01/23 | 175,180 | |||||
USD | 200,000 | JSW Steel Ltd. Reg S 5.95%, 04/18/24 | 214,957 | |||||
100,000 | Muthoot Finance Ltd. 144A 4.40%, 09/02/23 | 101,235 | ||||||
100,000 | Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o) | 106,725 | ||||||
100,000 | ReNew Power Synthetic 144A 6.67%, 03/12/24 | 104,987 | ||||||
200,000 | Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24 | 199,030 | ||||||
200,000 | Tata Motors Ltd. Reg S 5.75%, 10/30/24 | 211,700 | ||||||
100,000 | Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 | 90,500 | ||||||
150,000 | Vedanta Resources Ltd. 144A 6.13%, 08/09/24 | 127,612 | ||||||
2,244,857 | ||||||||
Indonesia: 0.7% | ||||||||
100,000 | Adaro Indonesia PT 144A 4.25%, 10/31/24 | 102,900 | ||||||
150,000 | Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | 1,969 | ||||||
100,000 | Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | 101,275 | ||||||
200,000 | Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | 213,158 | ||||||
100,000 | Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | 84,429 |
See Notes to Financial Statements
64 |
Principal Amount | Value | |||||||
Indonesia: (continued) | ||||||||
USD | 200,000 | Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26 | $ | 202,734 | ||||
706,465 | ||||||||
Ireland: 0.9% | ||||||||
150,000 | AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | 159,937 | ||||||
EUR | 100,000 | AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 | 123,590 | |||||
GBP | 100,000 | Bank of Ireland Group Plc Reg S 3.13% (UK Govt Bonds 5 Year Note Generic Bid Yield+2.70%), 09/19/27 | 141,315 | |||||
USD | 200,000 | C&W Senior Financing DAC 144A 6.88%, 09/15/27 † | 212,501 | |||||
100,000 | Stars Group Holdings BV / Stars Group US Co-Borrower LLC 144A 7.00%, 07/15/26 | 104,810 | ||||||
GBP | 100,000 | Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 | 142,436 | |||||
884,589 | ||||||||
Israel: 1.9% | ||||||||
Leviathan Bond Ltd. Reg S 144A | ||||||||
USD | 50,000 | 5.75%, 06/30/23 | 52,664 | |||||
50,000 | 6.13%, 06/30/25 | 54,875 | ||||||
50,000 | 6.50%, 06/30/27 | 55,679 | ||||||
50,000 | 6.75%, 06/30/30 | 56,262 | ||||||
100,000 | Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 | 100,688 | ||||||
100,000 | Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | 106,651 | ||||||
EUR | 100,000 | Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 | 131,395 | |||||
Teva Pharmaceutical Finance Netherlands II BV Reg S | ||||||||
100,000 | 1.13%, 10/15/24 | 113,753 | ||||||
100,000 | 1.25%, 03/31/23 | 117,798 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
USD | 275,000 | 2.80%, 07/21/23 | 272,629 | |||||
325,000 | 3.15%, 10/01/26 | 305,581 | ||||||
200,000 | 4.10%, 10/01/46 † | 170,776 | ||||||
150,000 | 6.00%, 04/15/24 | 158,437 | ||||||
100,000 | 6.75%, 03/01/28 † | 109,125 | ||||||
100,000 | 7.13%, 01/31/25 | 109,194 | ||||||
1,915,507 | ||||||||
Principal Amount | Value | |||||||
Italy: 8.4% | ||||||||
EUR | 200,000 | Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/25 (o) | $ | 247,482 | ||||
Assicurazioni Generali SpA Reg S | ||||||||
125,000 | 4.60% (Euribor 3 Month ACT/360+4.50%), 11/21/25 (o) | 168,811 | ||||||
GBP | 50,000 | 6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/16/26 (o) | 79,248 | |||||
Atlantia SpA Reg S | ||||||||
EUR | 100,000 | 1.63%, 02/03/25 | 123,344 | |||||
100,000 | 1.88%, 07/13/27 | 124,154 | ||||||
Autostrade per l’Italia SpA | ||||||||
100,000 | 1.63%, 06/12/23 | 122,305 | ||||||
100,000 | 5.88%, 06/09/24 | 138,821 | ||||||
GBP | 50,000 | 6.25%, 06/09/22 | 72,530 | |||||
Autostrade per l’Italia SpA Reg S | ||||||||
EUR | 100,000 | 1.75%, 06/26/26 | 123,644 | |||||
125,000 | 1.75%, 02/01/27 | 154,369 | ||||||
100,000 | 1.88%, 09/26/29 | 122,743 | ||||||
50,000 | 4.38%, 09/16/25 | 68,830 | ||||||
100,000 | Azzurra Aeroporti SpA Reg S 2.13%, 05/30/24 | 122,473 | ||||||
100,000 | Banca IFIS SpA Reg S 4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/27 | 122,243 | ||||||
Banca Monte dei Paschi di Siena SpA Reg S | ||||||||
150,000 | 3.63%, 09/24/24 | 191,686 | ||||||
100,000 | 5.38% (EUR Swap Annual 5 Year+5.00%), 01/18/28 | 108,553 | ||||||
100,000 | Banca Popolare di Sondrio SCPA Reg S 2.38%, 04/03/24 | 126,657 | ||||||
Banco BPM SpA Reg S | ||||||||
100,000 | 1.75%, 04/24/23 | 123,884 | ||||||
100,000 | 2.50%, 06/21/24 | 127,548 | ||||||
100,000 | 4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/27 | 125,396 | ||||||
100,000 | BPER Banca Reg S 5.13% (EUR Swap Annual 5 Year+4.91%), 05/31/27 | 126,472 | ||||||
100,000 | Esselunga SpA Reg S 0.88%, 10/25/23 | 122,408 | ||||||
100,000 | Iccrea Banca SpA Reg S 1.50%, 10/11/22 | 122,282 | ||||||
100,000 | Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26 | 126,402 | ||||||
100,000 | International Design Group SPA Reg S 6.50%, 11/15/25 | 125,925 | ||||||
Intesa Sanpaolo SpA 144A | ||||||||
USD | 200,000 | 5.02%, 06/26/24 | 217,360 | |||||
150,000 | 5.71%, 01/15/26 | 168,345 | ||||||
Intesa Sanpaolo SpA Reg S | ||||||||
EUR | 100,000 | 2.86%, 04/23/25 | 127,819 | |||||
100,000 | 3.93%, 09/15/26 | 136,061 |
See Notes to Financial Statements
65 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Italy: (continued) | ||||||||
EUR | 150,000 | 4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/27 | $ | 190,156 | ||||
100,000 | 5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | 135,993 | ||||||
200,000 | 6.63%, 09/13/23 | 273,944 | ||||||
100,000 | Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (o) | 133,291 | ||||||
50,000 | Leonardo Finmeccanica SpA 4.88%, 03/24/25 | 69,349 | ||||||
100,000 | Leonardo SpA Reg S 1.50%, 06/07/24 | 123,400 | ||||||
100,000 | SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/25 (o) | 125,683 | ||||||
150,000 | Saipem Finance International BV Reg S 3.75%, 09/08/23 | 191,095 | ||||||
100,000 | Societa Cattolica Di Assicurazione SPA Reg S 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47 | 129,975 | ||||||
100,000 | Sofima Holding SPA 144A 3.75%, 01/15/28 | 121,150 | ||||||
100,000 | Telecom Italia Finance SA 7.75%, 01/24/33 | 178,747 | ||||||
Telecom Italia SpA | ||||||||
100,000 | 5.25%, 03/17/55 | 149,260 | ||||||
GBP | 100,000 | 5.88%, 05/19/23 | 151,058 | |||||
USD | 100,000 | Telecom Italia SpA 144A 5.30%, 05/30/24 | 109,345 | |||||
Telecom Italia SpA Reg S | ||||||||
EUR | 100,000 | 1.63%, 01/18/29 | 118,531 | |||||
100,000 | 2.38%, 10/12/27 | 126,020 | ||||||
100,000 | 2.50%, 07/19/23 | 126,030 | ||||||
200,000 | 2.88%, 01/28/26 | 256,880 | ||||||
100,000 | 3.00%, 09/30/25 | 129,709 | ||||||
150,000 | 3.63%, 05/25/26 | 200,864 | ||||||
200,000 | 4.00%, 04/11/24 | 260,515 | ||||||
UniCredit SpA Reg S | ||||||||
200,000 | 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | 242,082 | ||||||
200,000 | 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | 246,632 | ||||||
200,000 | 6.95%, 10/31/22 | 264,773 | ||||||
200,000 | Unipol Gruppo SpA Reg S 3.00%, 03/18/25 | 257,649 | ||||||
100,000 | UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (o) | 132,042 | ||||||
100,000 | Webuild SpA Reg S 1.75%, 10/26/24 | 119,268 | ||||||
8,431,236 |
Principal Amount | Value | |||||||
Japan: 1.6% | ||||||||
Rakuten Group, Inc. 144A | ||||||||
USD | 150,000 | 5.13% (US Treasury Yield Curve Rate T 5 Year+4.58%), 04/22/26 (o) | $ | 153,112 | ||||
150,000 | 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/31 (o) | 153,937 | ||||||
SoftBank Group Corp. Reg S | ||||||||
200,000 | 4.75%, 09/19/24 | 214,498 | ||||||
200,000 | 5.13%, 09/19/27 | 211,976 | ||||||
250,000 | 6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 07/19/23 (o) | 254,375 | ||||||
350,000 | 6.25%, 04/15/28 | 394,573 | ||||||
200,000 | 6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 07/19/27 (o) | 208,325 | ||||||
1,590,796 | ||||||||
Jersey, Channel Islands: 0.6% | ||||||||
200,000 | EG Global Finance Plc 144A 6.75%, 02/07/25 | 206,199 | ||||||
EUR | 100,000 | EG Global Finance Plc Reg S 4.38%, 02/07/25 | 116,979 | |||||
GBP | 100,000 | Shop Direct Funding Plc Reg S 7.75%, 11/15/22 | 140,630 | |||||
EUR | 100,000 | Walnut Bidco Plc Reg S 6.75%, 08/01/24 | 126,174 | |||||
589,982 | ||||||||
Kazakhstan: 0.4% | ||||||||
USD | 100,000 | Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | 134,500 | |||||
KazMunayGas National Co. JSC 144A | ||||||||
100,000 | 4.75%, 04/19/27 | 114,152 | ||||||
125,000 | 5.75%, 04/19/47 | 150,612 | ||||||
399,264 | ||||||||
Kuwait: 0.2% | ||||||||
200,000 | Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26 | 197,000 | ||||||
Liechtenstein: 0.1% | ||||||||
EUR | 100,000 | Louis Dreyfus Co BV Reg S 2.38%, 11/27/25 | 126,626 | |||||
Luxembourg: 5.4% | ||||||||
Altice Financing SA 144A | ||||||||
USD | 250,000 | 5.00%, 01/15/28 | 247,084 | |||||
200,000 | 7.50%, 05/15/26 | 208,040 | ||||||
EUR | 100,000 | Altice Finco SA Reg S 4.75%, 01/15/28 | 118,504 | |||||
100,000 | Altice France Holding SA Reg S 8.00%, 05/15/27 | 131,190 | ||||||
Altice France SA 144A | ||||||||
USD | 100,000 | 5.50%, 01/15/28 | 103,149 | |||||
840,000 | 7.38%, 05/01/26 | 871,962 | ||||||
300,000 | 8.13%, 02/01/27 | 329,250 | ||||||
EUR | 100,000 | Altice France SA Reg S 3.38%, 01/15/28 | 118,875 |
See Notes to Financial Statements
66 |
Principal Amount | Value | |||||||
Luxembourg: (continued) | ||||||||
ArcelorMittal SA | ||||||||
USD | 50,000 | 3.60%, 07/16/24 | $ | 53,289 | ||||
50,000 | 4.55%, 03/11/26 | 55,550 | ||||||
25,000 | 7.00%, 03/01/41 | 34,759 | ||||||
50,000 | 7.25%, 10/15/39 | 70,600 | ||||||
ArcelorMittal SA Reg S | ||||||||
EUR | 100,000 | 0.95%, 01/17/23 | 121,840 | |||||
100,000 | 1.00%, 05/19/23 | 122,336 | ||||||
100,000 | 1.75%, 11/19/25 | 126,254 | ||||||
100,000 | 2.25%, 01/17/24 | 126,237 | ||||||
200,000 | ARD Finance SA Reg S 5.75% 06/30/27 | 246,731 | ||||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
USD | 150,000 | 4.13%, 08/15/26 | 154,500 | |||||
125,000 | 5.25%, 08/15/27 | 127,917 | ||||||
100,000 | 6.00%, 02/15/25 | 103,277 | ||||||
EUR | 175,000 | Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.13%, 08/15/26 | 211,149 | |||||
100,000 | Centurion Bidco SpA Reg S 5.88%, 09/30/26 | 126,279 | ||||||
Energean Israel Finance Ltd. Reg S 144A | ||||||||
USD | 60,000 | 4.50%, 03/30/24 | 61,642 | |||||
60,000 | 4.88%, 03/30/26 | 62,059 | ||||||
60,000 | 5.38%, 03/30/28 | 62,180 | ||||||
60,000 | 5.88%, 03/30/31 | 62,065 | ||||||
EUR | 100,000 | Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/25 (o) | 127,772 | |||||
GBP | 100,000 | Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26 | 146,935 | |||||
USD | 50,000 | Kenbourne Invest SA 144A 4.70%, 01/22/28 † | 51,390 | |||||
125,000 | Minerva Luxembourg SA 144A 4.38%, 03/18/31 | 121,924 | ||||||
EUR | 100,000 | Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 | 121,133 | |||||
100,000 | Rossini SARL Reg S 6.75%, 10/30/25 | 127,599 | ||||||
100,000 | SES SA Reg S 5.63% (EUR Swap Annual 5 Year+5.40%), 01/29/24 (o) | 132,871 | ||||||
68,750 | Sisal Group SpA Reg S 7.00%, 07/31/23 | 84,102 | ||||||
100,000 | Summer BC Holdco B SARL Reg S 5.75%, 10/31/26 | 125,392 | ||||||
100,000 | TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 | 126,701 | ||||||
USD | 200,000 | Vertical US Newco, Inc. 144A 5.25%, 07/15/27 | 209,626 | |||||
5,432,163 | ||||||||
Principal Amount | Value | |||||||
Mauritius: 0.2% | ||||||||
USD | 200,000 | IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | $ | 218,500 | ||||
Mexico: 4.2% | ||||||||
82,000 | Axtel SAB de CV 144A 6.38%, 11/14/24 | 85,690 | ||||||
Cemex SAB de CV 144A | ||||||||
200,000 | 3.88%, 07/11/31 | 198,217 | ||||||
100,000 | 5.20%, 09/17/30 | 108,950 | ||||||
100,000 | 7.38%, 06/05/27 | 113,558 | ||||||
EUR | 150,000 | Cemex SAB de CV Reg S 2.75%, 12/05/24 | 183,269 | |||||
USD | 100,000 | Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26 | 102,220 | |||||
50,000 | Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) | 53,175 | ||||||
100,000 | Nemak SAB de CV 144A 4.75%, 01/23/25 | 103,518 | ||||||
Petróleos Mexicanos | ||||||||
75,000 | 3.50%, 01/30/23 | 76,575 | ||||||
50,000 | 4.50%, 01/23/26 † | 50,375 | ||||||
125,000 | 5.35%, 02/12/28 | 122,956 | ||||||
50,000 | 5.63%, 01/23/46 | 40,635 | ||||||
175,000 | 5.95%, 01/28/31 | 169,199 | ||||||
150,000 | 6.35%, 02/12/48 | 128,035 | ||||||
75,000 | 6.38%, 01/23/45 | 64,798 | ||||||
100,000 | 6.49%, 01/23/27 | 105,875 | ||||||
250,000 | 6.50%, 03/13/27 | 264,687 | ||||||
125,000 | 6.50%, 01/23/29 | 127,375 | ||||||
100,000 | 6.50%, 06/02/41 † | 89,947 | ||||||
150,000 | 6.63%, 06/15/35 | 145,181 | ||||||
275,000 | 6.75%, 09/21/47 | 243,501 | ||||||
200,000 | 6.84%, 01/23/30 | 205,750 | ||||||
125,000 | 6.88%, 08/04/26 | 136,031 | ||||||
200,000 | 6.95%, 01/28/60 | 177,271 | ||||||
350,000 | 7.69%, 01/23/50 † | 337,487 | ||||||
50,000 | Petróleos Mexicanos 144A 6.88%, 10/16/25 | 54,648 | ||||||
Petróleos Mexicanos Reg S | ||||||||
EUR | 100,000 | 2.75%, 04/21/27 | 110,981 | |||||
100,000 | 3.75%, 02/21/24 | 123,028 | ||||||
100,000 | 4.75%, 02/26/29 | 119,703 | ||||||
100,000 | 4.88%, 02/21/28 | 122,014 | ||||||
50,000 | 5.50%, 02/24/25 | 65,222 | ||||||
Unifin Financiera SAB de CV 144A | ||||||||
USD | 100,000 | 7.00%, 01/15/25 | 95,772 | |||||
100,000 | 7.25%, 09/27/23 | 98,195 | ||||||
4,223,838 | ||||||||
Morocco: 0.3% | ||||||||
OCP SA 144A | ||||||||
150,000 | 5.63%, 04/25/24 | 163,739 | ||||||
100,000 | 6.88%, 04/25/44 | 120,925 | ||||||
284,664 |
See Notes to Financial Statements
67 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Netherlands: 2.1% | ||||||||
EUR | 100,000 | ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 09/03/25 (o) | $ | 129,935 | ||||
USD | 100,000 | Greenko Dutch BV 144A 3.85%, 03/29/26 | 101,875 | |||||
EUR | 100,000 | Intertrust Group BV Reg S 3.38%, 11/15/25 | 123,625 | |||||
USD | 125,000 | Koninklijke KPN NV 144A 7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73 | 133,906 | |||||
EUR | 150,000 | Lincoln Financing SARL Reg S 3.63%, 04/01/24 | 183,242 | |||||
200,000 | OCI NV Reg S 3.13%, 11/01/24 | 246,846 | ||||||
PPF Telecom Group BV Reg S | ||||||||
100,000 | 3.13%, 03/27/26 | 129,234 | ||||||
100,000 | 3.50%, 05/20/24 | 128,520 | ||||||
USD | 55,000 | Tecpetrol SA 144A 4.88%, 12/12/22 | 54,093 | |||||
EUR | 175,000 | TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 03/01/24 (o) | 222,196 | |||||
100,000 | Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 07/20/28 (o) | 117,808 | ||||||
125,000 | Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 | 149,162 | ||||||
Ziggo BV 144A | ||||||||
USD | 100,000 | 4.88%, 01/15/30 | 102,899 | |||||
200,000 | 5.50%, 01/15/27 | 208,383 | ||||||
EUR | 80,000 | Ziggo BV Reg S 4.25%, 01/15/27 | 100,335 | |||||
2,132,059 | ||||||||
Norway: 0.3% | ||||||||
100,000 | Adevinta ASA Reg S 2.63%, 11/15/25 | 123,991 | ||||||
100,000 | Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/24 (o) | 125,368 | ||||||
249,359 | ||||||||
Oman: 0.5% | ||||||||
USD | 225,000 | Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | 228,178 | |||||
200,000 | Oztel Holdings SPC Ltd. 144A 5.63%, 10/24/23 | 214,108 | ||||||
442,286 | ||||||||
Panama: 0.1% | ||||||||
99,102 | Aeropuerto Internacional de Tocumen SA 144A 6.00%, 11/18/48 | 106,508 | ||||||
Peru: 0.3% | ||||||||
75,000 | Banco Internacional del Peru SAA Interbank 144A 6.63% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | 78,313 |
Principal Amount | Value | |||||||
Peru: (continued) | ||||||||
USD | 25,000 | Hudbay Minerals, Inc. 144A 6.13%, 04/01/29 | $ | 26,614 | ||||
100,000 | Peru LNG Srl 144A 5.38%, 03/22/30 | 84,044 | ||||||
100,000 | Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | 98,772 | ||||||
287,743 | ||||||||
Poland: 0.1% | ||||||||
EUR | 100,000 | CANPACK SA / Eastern PA Land Investment Holding LLC Reg S 2.38%, 11/01/27 | 122,848 | |||||
Portugal: 0.5% | ||||||||
100,000 | Banco Comercial Portugues SA Reg S 3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30 | 118,483 | ||||||
100,000 | Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 | 132,062 | ||||||
200,000 | EDP - Energias de Portugal SA Reg S 4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | 263,031 | ||||||
513,576 | ||||||||
Qatar: 0.2% | ||||||||
USD | 200,000 | QNB Finansbank AS 144A 4.88%, 05/19/22 | 203,598 | |||||
Romania: 0.1% | ||||||||
EUR | 100,000 | RCS & RDS SA Reg S 2.50%, 02/05/25 | 120,618 | |||||
Russia: 1.5% | ||||||||
USD | 200,000 | Evraz Plc 144A 5.38%, 03/20/23 | 213,056 | |||||
200,000 | Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o) | 204,200 | ||||||
200,000 | GTLK Europe DAC Reg S 5.13%, 05/31/24 | 212,604 | ||||||
100,000 | Polyus Finance Plc 144A 5.25%, 02/07/23 | 105,512 | ||||||
150,000 | Sberbank of Russia Via SB Capital SA 144A 5.13%, 10/29/22 | 157,138 | ||||||
100,000 | SCF Capital Designated Activity Co. 144A 5.38%, 06/16/23 | 106,876 | ||||||
VEON Holdings BV 144A | ||||||||
100,000 | 4.00%, 04/09/25 | 105,227 | ||||||
100,000 | 4.95%, 06/16/24 | 107,321 | ||||||
100,000 | 7.25%, 04/26/23 | 108,525 | ||||||
200,000 | VTB Bank SA 144A 6.95%, 10/17/22 | 211,861 | ||||||
1,532,320 |
See Notes to Financial Statements
68 |
Principal Amount | Value | |||||||
Saudi Arabia: 0.2% | ||||||||
USD | 200,000 | Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23 | $ | 211,375 | ||||
Singapore: 1.0% | ||||||||
200,000 | Greenko Investment Co. 144A 4.88%, 08/16/23 | 205,890 | ||||||
100,000 | Inkia Energy Ltd. 144A 5.88%, 11/09/27 | 101,625 | ||||||
100,000 | Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | 106,095 | ||||||
250,000 | Puma International Financing SA 144A 5.00%, 01/24/26 | 252,405 | ||||||
88,670 | Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 100,679 | ||||||
200,000 | Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 | 210,017 | ||||||
976,711 | ||||||||
South Africa: 1.2% | ||||||||
Eskom Holdings SOC Ltd. 144A | ||||||||
100,000 | 6.75%, 08/06/23 | 104,575 | ||||||
100,000 | 7.13%, 02/11/25 | 104,958 | ||||||
100,000 | Gold Fields Orogen Holdings BVI Ltd. 144A 5.13%, 05/15/24 † | 109,510 | ||||||
150,000 | MTN Mauritius Investments Ltd. 144A 4.76%, 11/11/24 | 159,515 | ||||||
EUR | 100,000 | Sappi Papier Holding GmbH Reg S 3.13%, 04/15/26 | 121,554 | |||||
100,000 | Sasol Financing International Ltd. 4.50%, 11/14/22 | 102,500 | ||||||
300,000 | Sasol Financing USA LLC 5.88%, 03/27/24 | 320,505 | ||||||
136,215 | South Africa Ltd. 144A 3.00% 12/31/22 | 463 | ||||||
100,000 | Stillwater Mining Co. 144A 7.13%, 06/27/25 | 104,384 | ||||||
100,000 | Transnet SOC Ltd. 144A 4.00%, 07/26/22 | 102,259 | ||||||
1,230,223 | ||||||||
South Korea: 0.1% | ||||||||
100,000 | Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | 104,235 | ||||||
Spain: 3.5% | ||||||||
100,000 | Abanca Corp. Bancaria SA Reg S 6.13% (EUR Swap Annual 5 Year+5.93%), 01/18/29 | 132,653 | ||||||
100,000 | Abengoa SA 0.00%, 03/31/27 (s) | 603 | ||||||
100,000 | ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 | 122,255 |
Principal Amount | Value | |||||||
Spain: (continued) | ||||||||
Banco de Sabadell SA Reg S | ||||||||
EUR | 100,000 | 1.75%, 05/10/24 | $ | 124,799 | ||||
100,000 | 5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 | 132,042 | ||||||
100,000 | 5.63%, 05/06/26 | 140,769 | ||||||
USD | 150,000 | BBVA Bancomer SA 144A 6.75%, 09/30/22 | 161,452 | |||||
EUR | 100,000 | Cellnex Telecom SA 1.88%, 06/26/29 | 122,476 | |||||
Cellnex Telecom SA Reg S | ||||||||
100,000 | 1.75%, 10/23/30 | 118,948 | ||||||
100,000 | 2.38%, 01/16/24 | 126,763 | ||||||
200,000 | Cellnex Telecom SAU Reg S 3.13%, 07/27/22 | 250,278 | ||||||
100,000 | El Corte Ingles SA Reg S 3.00%, 03/15/24 | 122,284 | ||||||
100,000 | Ferrovial Netherlands BV Reg S 2.12% (EUR Swap Annual 5 Year+2.13%), 02/14/23 (o) | 119,944 | ||||||
100,000 | Gestamp Funding Luxembourg SA Reg S 3.50%, 05/15/23 | 120,533 | ||||||
Grifols SA Reg S | ||||||||
100,000 | 2.25%, 11/15/27 | 122,637 | ||||||
100,000 | 3.20%, 05/01/25 | 121,442 | ||||||
125,000 | Grupo Antolin-Irausa SA Reg S 3.25%, 04/30/24 | 151,256 | ||||||
100,000 | Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 | 122,927 | ||||||
100,000 | Naturgy Finance BV Reg S 4.13% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (o) | 126,677 | ||||||
225,000 | Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 | 296,801 | ||||||
Telefonica Europe BV Reg S | ||||||||
100,000 | 2.63% (EUR Swap Annual 5 Year+2.33%), 03/07/23 (o) | 122,914 | ||||||
100,000 | 3.00% (EUR Swap Annual 5 Year+2.45%), 09/04/23 (o) | 124,079 | ||||||
100,000 | 3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o) | 129,851 | ||||||
200,000 | 4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/24 (o) | 261,844 | ||||||
100,000 | 5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/24 (o) | 134,524 | ||||||
3,510,751 | ||||||||
Sweden: 0.8% | ||||||||
100,000 | Dometic Group AB Reg S 3.00%, 05/08/26 | 127,422 | ||||||
100,000 | Heimstaden Bostad AB Reg S 3.38% (EUR Swap Annual 5 Year+3.91%), 01/15/26 (o) | 125,673 | ||||||
200,000 | Intrum AB Reg S 3.13%, 07/15/24 | 242,691 | ||||||
100,000 | Norican A/S Reg S 4.50%, 05/15/23 | 116,521 |
See Notes to Financial Statements
69 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Sweden: (continued) | ||||||||
EUR | 100,000 | Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 01/30/25 (o) | $ | 121,640 | ||||
USD | 100,000 | Stena AB 144A 7.00%, 02/01/24 † | 101,615 | |||||
835,562 | ||||||||
Switzerland: 0.6% | ||||||||
75,000 | Consolidated Energy Finance SA 144A 6.88%, 06/15/25 | 75,422 | ||||||
EUR | 125,000 | Dufry One BV Reg S 2.50%, 10/15/24 | 148,909 | |||||
100,000 | Holcim Finance Luxembourg SA Reg S 3.00% (Euribor ICE Swap Rate 5 Year+3.07%), 07/05/24 (o) | 126,491 | ||||||
100,000 | Peach Property Finance GmbH Reg S 4.38%, 11/15/25 | 126,373 | ||||||
100,000 | Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 | 119,372 | ||||||
596,567 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc | ||||||||
USD | 50,000 | 5.13%, 08/01/22 † | 52,400 | |||||
50,000 | 6.50%, 04/15/40 | 61,125 | ||||||
113,525 | ||||||||
Thailand: 0.2% | ||||||||
200,000 | Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 203,860 | ||||||
Trinidad and Tobago: 0.2% | ||||||||
100,000 | Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | 103,200 | ||||||
75,000 | Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 | 84,415 | ||||||
187,615 | ||||||||
Turkey: 2.2% | ||||||||
150,000 | Akbank TAS 144A 5.13%, 03/31/25 | 149,699 | ||||||
200,000 | KOC Holding AS 144A 5.25%, 03/15/23 | 206,286 | ||||||
200,000 | TC Ziraat Bankasi AS 144A 5.13%, 05/03/22 | 202,656 | ||||||
100,000 | Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 | 103,816 | ||||||
100,000 | Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 † | 105,025 | ||||||
200,000 | Turkiye Garanti Bankasi AS 144A 5.25%, 09/13/22 | 205,592 | ||||||
Turkiye Ihracat Kredi Bankasi AS 144A |
Principal Amount | Value | |||||||
Turkey: (continued) | ||||||||
USD | 100,000 | 6.13%, 05/03/24 | $ | 101,847 | ||||
100,000 | 8.25%, 01/24/24 | 106,638 | ||||||
Turkiye Is Bankasi AS 144A | ||||||||
100,000 | 6.00%, 10/24/22 | 101,257 | ||||||
150,000 | 6.13%, 04/25/24 | 153,269 | ||||||
100,000 | 7.85%, 12/10/23 | 104,622 | ||||||
100,000 | Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 † | 110,665 | ||||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
100,000 | 5.25%, 02/05/25 | 97,966 | ||||||
100,000 | 5.75%, 01/30/23 | 101,500 | ||||||
100,000 | 6.00%, 11/01/22 | 101,324 | ||||||
Yapi ve Kredi Bankasi AS 144A | ||||||||
100,000 | 5.50%, 12/06/22 | 100,684 | ||||||
50,000 | 5.85%, 06/21/24 | 50,750 | ||||||
50,000 | 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 † | 50,722 | ||||||
2,154,318 | ||||||||
Ukraine: 0.4% | ||||||||
Metinvest BV 144A | ||||||||
150,000 | 7.75%, 04/23/23 | 158,250 | ||||||
100,000 | 8.50%, 04/23/26 | 110,994 | ||||||
EUR | 100,000 | NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.13%, 07/19/24 | 121,975 | |||||
USD | 9,000 | Ukraine Railways Via Shortline Plc Reg S 9.88%, 09/15/21 | 9,103 | |||||
400,322 | ||||||||
United Arab Emirates: 1.0% | ||||||||
200,000 | DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o) | 219,700 | ||||||
200,000 | Emaar Sukuk Ltd. Reg S 3.64%, 09/15/26 | 206,357 | ||||||
200,000 | Emirates NBD Bank PJSC Reg S 6.13% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o) | 215,575 | ||||||
250,000 | NOVA Chemicals Corp. 144A 5.25%, 08/01/23 | 253,125 | ||||||
100,000 | Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 | 76,188 | ||||||
970,945 | ||||||||
United Kingdom: 8.1% | ||||||||
GBP | 100,000 | Amigo Luxembourg SA Reg S 7.63%, 01/15/24 | 118,379 | |||||
100,000 | Anglian Water Osprey Financing Plc Reg S 4.00%, 03/08/26 | 140,965 |
See Notes to Financial Statements
70 |
Principal Amount | Value | |||||||
United Kingdom: (continued) | ||||||||
GBP | 100,000 | Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23 | $ | 143,294 | ||||
USD | 50,000 | Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 | 54,370 | |||||
GBP | 200,000 | Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 | 278,260 | |||||
100,000 | Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/75 | 150,639 | ||||||
USD | 200,000 | Connect Finco SARL / Connect US Finco LLC 144A 6.75%, 10/01/26 | 209,190 | |||||
GBP | 100,000 | Co-Operative Group Ltd. Reg S 5.13%, 05/17/24 | 148,842 | |||||
USD | 100,000 | Drax Finco Plc 144A 6.63%, 11/01/25 | 103,438 | |||||
EUR | 100,000 | G4S International Finance Plc Reg S 1.88%, 05/24/25 | 120,500 | |||||
100,000 | Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 | 125,245 | ||||||
GBP | 100,000 | GKN Holdings Ltd. Reg S 4.63%, 05/12/32 | 149,460 | |||||
150,000 | Heathrow Finance Plc Reg S 6.25%, 03/03/25 | 230,268 | ||||||
100,000 | Iceland Bondco Plc Reg S 4.63%, 03/15/25 | 136,872 | ||||||
EUR | 200,000 | INEOS Group Holdings SA Reg S 5.38%, 08/01/24 | 243,672 | |||||
200,000 | INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 | 235,696 | ||||||
International Consolidated Airlines Group SA Reg S | ||||||||
100,000 | 0.50%, 07/04/23 | 116,362 | ||||||
100,000 | 1.50%, 07/04/27 | 109,410 | ||||||
GBP | 100,000 | Jerrold Finco Plc Reg S 4.88%, 01/15/26 | 142,412 | |||||
100,000 | Ladbrokes Group Finance Plc Reg S 5.13%, 09/16/22 | 145,222 | ||||||
Lloyds Banking Group Plc 144A | ||||||||
USD | 50,000 | 6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o) | 67,152 | |||||
50,000 | 6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o) | 68,715 | ||||||
EUR | 100,000 | Louvre Bidco SAS Reg S 4.25%, 09/30/24 | 121,075 | |||||
GBP | 150,000 | Marks & Spencer Plc Reg S 6.00%, 06/12/25 | 234,343 | |||||
USD | 200,000 | Motion Bondco DAC 144A 6.63%, 11/15/27 † | 203,000 | |||||
EUR | 200,000 | Nexi SpA Reg S 1.75%, 10/31/24 | 245,311 |
Principal Amount | Value | |||||||
United Kingdom: (continued) | ||||||||
NGG Finance Plc Reg S | ||||||||
EUR | 100,000 | 2.13% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | $ | 122,997 | ||||
GBP | 100,000 | 5.63% (GBP Swap 12 Year+3.48%), 06/18/73 | 155,680 | |||||
100,000 | Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 | 141,138 | ||||||
EUR | 100,000 | Playtech Plc Reg S 3.75%, 10/12/23 | 122,507 | |||||
Rolls-Royce Plc Reg S | ||||||||
100,000 | 0.88%, 05/09/24 | 116,846 | ||||||
200,000 | 1.63%, 05/09/28 | 221,770 | ||||||
GBP | 100,000 | 5.75%, 10/15/27 | 150,838 | |||||
USD | 100,000 | Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) † | 134,750 | |||||
GBP | 100,000 | Stonegate Pub Co Financing 2019 PLC Reg S 8.00%, 07/13/25 | 144,762 | |||||
EUR | 104,875 | Summer BidCo BV Reg S 9.75% 11/15/25 | 129,478 | |||||
USD | 200,000 | Telenet Finance Luxembourg Notes SARL 144A 5.50%, 03/01/28 | 212,300 | |||||
GBP | 100,000 | Travis Perkins Plc Reg S 4.50%, 09/07/23 | 148,241 | |||||
EUR | 100,000 | United Group BV Reg S 4.88%, 07/01/24 | 122,354 | |||||
USD | 100,000 | UPC Holding BV 144A 5.50%, 01/15/28 | 104,063 | |||||
200,000 | Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | 198,657 | ||||||
150,000 | Virgin Media Finance Plc 144A 5.00%, 07/15/30 | 149,749 | ||||||
Virgin Media Secured Finance Plc 144A | ||||||||
GBP | 125,000 | 5.50%, 08/15/26 † | 129,857 | |||||
100,000 | 5.50%, 05/15/29 | 107,050 | ||||||
100,000 | Virgin Media Secured Finance Plc Reg S 5.00%, 04/15/27 | 145,032 | ||||||
USD | 200,000 | Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 | 193,750 | |||||
GBP | 100,000 | Vmed O2 UK Financing I Plc Reg S 4.00%, 01/31/29 | 138,926 | |||||
USD | 175,000 | Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | 213,479 | |||||
Vodafone Group Plc Reg S | ||||||||
EUR | 300,000 | 3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 | 376,546 | |||||
USD | 200,000 | 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | 221,343 |
See Notes to Financial Statements
71 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
United Kingdom: (continued) | ||||||||
GBP | 100,000 | William Hill Plc Reg S 4.88%, 09/07/23 | $ | 148,882 | ||||
8,093,087 | ||||||||
United States: 3.6% | ||||||||
USD | 100,000 | AES Gener SA 144A 7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 105,961 | |||||
GBP | 44,545 | Cabot Financial Luxembourg SA Reg S 7.50%, 10/01/23 | 63,047 | |||||
EUR | 150,000 | Cirsa Finance International SARL 144A 6.25%, 12/20/23 | 183,457 | |||||
100,000 | Constellium SE Reg S 4.25%, 02/15/26 | 123,020 | ||||||
USD | 100,000 | Cott Holdings, Inc. 144A 5.50%, 04/01/25 | 102,897 | |||||
EUR | 100,000 | DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 | 118,080 | |||||
USD | 100,000 | Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25 | 78,914 | |||||
100,000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | 99,524 | ||||||
25,000 | Enstar Finance LLC 5.75% (US Treasury Yield Curve Rate T 5 Year+5.47%), 09/01/40 | 26,406 | ||||||
EUR | 150,000 | FCE Bank Plc Reg S 1.62%, 05/11/23 | 183,675 | |||||
USD | 100,000 | Garda World Security Corp. 144A 4.63%, 02/15/27 | 100,125 | |||||
EUR | 100,000 | IPD 3 BV Reg S 5.50%, 12/01/25 | 125,210 | |||||
USD | 50,000 | James Hardie International Finance DAC 144A 5.00%, 01/15/28 | 53,158 | |||||
JBS Investments II GmbH 144A | ||||||||
100,000 | 5.75%, 01/15/28 | 106,396 | ||||||
100,000 | 7.00%, 01/15/26 | 106,605 | ||||||
200,000 | LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 | 215,262 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
USD | 200,000 | MGM China Holdings Ltd. 144A 5.88%, 05/15/26 | $ | 210,468 | ||||
100,000 | Mong Duong Finance Holdings BV 144A 5.13%, 05/07/29 | 101,017 | ||||||
EUR | 100,000 | Nouryon Holding BV Reg S 6.50%, 10/01/26 | 126,557 | |||||
100,000 | Platin 1426 GmbH Reg S 5.38%, 06/15/23 | 121,663 | ||||||
100,000 | Q-Park Holding I BV Reg S 2.00%, 03/01/27 | 113,309 | ||||||
USD | 25,000 | Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 † | 25,531 | |||||
EUR | 100,000 | Sigma Holdco BV Reg S 5.75%, 05/15/26 | 117,203 | |||||
Telesat Canada / Telesat LLC 144A | ||||||||
USD | 50,000 | 4.88%, 06/01/27 | 48,875 | |||||
50,000 | 6.50%, 10/15/27 | 49,188 | ||||||
Verisure Holding AB Reg S | ||||||||
EUR | 150,000 | 3.50%, 05/15/23 | 182,534 | |||||
150,000 | 3.88%, 07/15/26 | 185,219 | ||||||
100,000 | Viridian Group FinanceCo Plc / Viridian Power & Energy Holdings DAC Reg S 4.00%, 09/15/25 | 121,927 | ||||||
Wynn Macau Ltd. 144A | ||||||||
USD | 100,000 | 5.13%, 12/15/29 | 101,928 | |||||
100,000 | 5.50%, 01/15/26 | 105,250 | ||||||
200,000 | 5.50%, 10/01/27 | 210,100 | ||||||
3,612,506 | ||||||||
Zambia: 0.5% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
100,000 | 6.88%, 03/01/26 | 105,237 | ||||||
200,000 | 7.50%, 04/01/25 | 207,875 | ||||||
200,000 | First Quantum Minerals Ltd. 144A 7.25%, 04/01/23 | 204,000 | ||||||
517,112 | ||||||||
Total Corporate Bonds (Cost: $94,908,713) | 99,083,882 |
See Notes to Financial Statements
72 |
Number of Shares | Value | |||||||
COMMON STOCK: 0.0% (Cost: $5,626) | ||||||||
Canada: 0.0% | ||||||||
988 | Tervita Corp. * † | $ | 4,216 | |||||
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $94,914,339) | 99,088,098 |
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2% (Cost: $2,171,152) | ||||||||
Money Market Fund: 2.2% | ||||||||
2,171,152 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 2,171,152 | |||||
Total Investments: 101.0% (Cost: $97,085,491) | 101,259,250 | |||||||
Liabilities in excess of other assets: (1.0)% | (986,059 | ) | ||||||
NET ASSETS: 100.0% | $ | 100,273,191 |
Definitions: | |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
USD | United States Dollar |
Footnotes: | |
(d) | Security in default |
(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 |
^ | Zero Coupon Bond |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $4,162,767. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
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 to $34,246,944, or 34.2% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 8.5 | % | $ | 8,400,151 | ||||
Consumer Cyclicals | 7.2 | 7,134,283 | ||||||
Consumer Non-Cyclicals | 3.7 | 3,692,015 | ||||||
Energy | 9.6 | 9,491,587 | ||||||
Financials | 33.5 | 33,203,173 | ||||||
Healthcare | 2.5 | 2,428,175 | ||||||
Industrials | 11.7 | 11,632,165 | ||||||
Real Estate | 7.0 | 6,961,051 | ||||||
Technology | 11.6 | 11,522,776 | ||||||
Utilities | 4.7 | 4,622,722 | ||||||
100.0 | % | $ | 99,088,098 |
See Notes to Financial Statements
73 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Corporate Bonds | ||||||||||||||||
Argentina | $ | — | $ | 661,806 | $ | — | $ | 661,806 | ||||||||
Australia | — | 427,726 | — | 427,726 | ||||||||||||
Austria | — | 294,232 | — | 294,232 | ||||||||||||
Azerbaijan | — | 248,522 | — | 248,522 | ||||||||||||
Bahamas | — | 223,568 | — | 223,568 | ||||||||||||
Bahrain | — | 137,421 | — | 137,421 | ||||||||||||
Belgium | — | 376,658 | — | 376,658 | ||||||||||||
Bermuda | — | 207,261 | — | 207,261 | ||||||||||||
Brazil | — | 7,787,653 | — | 7,787,653 | ||||||||||||
British Virgin Islands | — | 911,160 | — | 911,160 | ||||||||||||
Bulgaria | — | 129,876 | — | 129,876 | ||||||||||||
Burkina Faso | — | 26,032 | — | 26,032 | ||||||||||||
Canada | — | 5,225,906 | 0 | 5,225,906 | ||||||||||||
Cayman Islands | — | 419,838 | — | 419,838 | ||||||||||||
Chile | — | 158,305 | — | 158,305 | ||||||||||||
China / Hong Kong | — | 9,099,583 | — | 9,099,583 | ||||||||||||
Colombia | — | 1,035,995 | — | 1,035,995 | ||||||||||||
Curacao | — | 76,555 | — | 76,555 | ||||||||||||
Cyprus | — | 526,062 | — | 526,062 | ||||||||||||
Czech Republic | — | 245,863 | — | 245,863 | ||||||||||||
Denmark | — | 215,444 | — | 215,444 | ||||||||||||
Finland | — | 686,081 | — | 686,081 | ||||||||||||
France | — | 6,603,303 | — | 6,603,303 | ||||||||||||
Georgia | — | 106,842 | — | 106,842 | ||||||||||||
Germany | — | 5,539,272 | — | 5,539,272 | ||||||||||||
Ghana | — | 174,750 | — | 174,750 | ||||||||||||
Greece | — | 633,998 | — | 633,998 | ||||||||||||
Guatamala | — | 105,502 | — | 105,502 | ||||||||||||
Hungary | — | 123,552 | — | 123,552 | ||||||||||||
India | — | 2,244,857 | — | 2,244,857 | ||||||||||||
Indonesia | — | 706,465 | — | 706,465 | ||||||||||||
Ireland | — | 884,589 | — | 884,589 | ||||||||||||
Israel | — | 1,915,507 | — | 1,915,507 | ||||||||||||
Italy | — | 8,431,236 | — | 8,431,236 | ||||||||||||
Japan | — | 1,590,796 | — | 1,590,796 | ||||||||||||
Jersey, Channel Islands | — | 589,982 | — | 589,982 | ||||||||||||
Kazakhstan | — | 399,264 | — | 399,264 | ||||||||||||
Kuwait | — | 197,000 | — | 197,000 | ||||||||||||
Liechtenstein | — | 126,626 | — | 126,626 | ||||||||||||
Luxembourg | — | 5,432,163 | — | 5,432,163 | ||||||||||||
Mauritius | — | 218,500 | — | 218,500 | ||||||||||||
Mexico | — | 4,223,838 | — | 4,223,838 | ||||||||||||
Morocco | — | 284,664 | — | 284,664 | ||||||||||||
Netherlands | — | 2,132,059 | — | 2,132,059 | ||||||||||||
Norway | — | 249,359 | — | 249,359 | ||||||||||||
Oman | — | 442,286 | — | 442,286 | ||||||||||||
Panama | — | 106,508 | — | 106,508 | ||||||||||||
Peru | — | 287,743 | — | 287,743 | ||||||||||||
Poland | — | 122,848 | — | 122,848 | ||||||||||||
Portugal | — | 513,576 | — | 513,576 | ||||||||||||
Qatar | — | 203,598 | — | 203,598 | ||||||||||||
Romania | — | 120,618 | — | 120,618 | ||||||||||||
Russia | — | 1,532,320 | — | 1,532,320 | ||||||||||||
Saudi Arabia | — | 211,375 | — | 211,375 | ||||||||||||
Singapore | — | 976,711 | — | 976,711 | ||||||||||||
South Africa | — | 1,230,223 | — | 1,230,223 | ||||||||||||
South Korea | — | 104,235 | — | 104,235 | ||||||||||||
Spain | — | 3,510,751 | — | 3,510,751 | ||||||||||||
Sweden | — | 835,562 | — | 835,562 |
See Notes to Financial Statements
74 |
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Switzerland | $ | — | $ | 596,567 | $ | — | $ | 596,567 | ||||||||
Tanzania | — | 113,525 | — | 113,525 | ||||||||||||
Thailand | — | 203,860 | — | 203,860 | ||||||||||||
Trinidad and Tobago | — | 187,615 | — | 187,615 | ||||||||||||
Turkey | — | 2,154,318 | — | 2,154,318 | ||||||||||||
Ukraine | — | 400,322 | — | 400,322 | ||||||||||||
United Arab Emirates | — | 970,945 | — | 970,945 | ||||||||||||
United Kingdom | — | 8,093,087 | — | 8,093,087 | ||||||||||||
United States | — | 3,612,506 | — | 3,612,506 | ||||||||||||
Zambia | — | 517,112 | — | 517,112 | ||||||||||||
Common Stock* | 4,216 | — | — | 4,216 | ||||||||||||
Money Market Fund | 2,171,152 | — | — | 2,171,152 | ||||||||||||
Total | $ | 2,175,368 | $ | 99,083,882 | $ | 0 | $ | 101,259,250 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
75 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
FLOATING RATE NOTES: 99.8% | ||||||||
Australia: 4.1% | ||||||||
$ | 1,050,000 | ASB Bank Ltd. 144A 1.15% (ICE LIBOR USD 3 Month+.97%), 06/14/23 | $ | 1,066,486 | ||||
Australia & New Zealand Banking Group Ltd. 144A | ||||||||
1,025,000 | 0.67% (ICE LIBOR USD 3 Month+.49%), 11/21/22 | 1,031,967 | ||||||
590,000 | 0.89% (ICE LIBOR USD 3 Month+.71%), 05/19/22 | 593,971 | ||||||
Commonwealth Bank of Australia 144A | ||||||||
725,000 | 0.88% (ICE LIBOR USD 3 Month+.70%), 03/10/22 | 728,835 | ||||||
1,190,000 | 0.89% (ICE LIBOR USD 3 Month+.70%), 03/16/23 | 1,202,587 | ||||||
631,000 | Macquarie Bank Ltd. 144A 0.63% (ICE LIBOR USD 3 Month+.45%), 11/24/21 | 632,249 | ||||||
Macquarie Group Ltd. 144A | ||||||||
2,200,000 | 1.21% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 | 2,221,868 | ||||||
2,725,000 | 1.54% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 | 2,771,488 | ||||||
National Australia Bank Ltd. 144A | ||||||||
1,950,000 | 0.59% (ICE LIBOR USD 3 Month+.41%), 12/13/22 | 1,959,454 | ||||||
1,100,000 | 0.79% (ICE LIBOR USD 3 Month+.60%), 04/12/23 | 1,110,752 | ||||||
650,000 | 0.89% (ICE LIBOR USD 3 Month+.71%), 11/04/21 | 652,256 | ||||||
625,000 | 0.90% (ICE LIBOR USD 3 Month+.72%), 05/22/22 | 629,326 | ||||||
575,000 | 1.08% (ICE LIBOR USD 3 Month+.89%), 01/10/22 | 578,507 | ||||||
Westpac Banking Corp. | ||||||||
1,500,000 | 0.58% (ICE LIBOR USD 3 Month+.39%), 01/13/23 | 1,508,337 | ||||||
1,025,000 | 0.76% (ICE LIBOR USD 3 Month+.57%), 01/11/23 | 1,032,846 | ||||||
675,000 | 0.90% (ICE LIBOR USD 3 Month+.71%), 06/28/22 | 680,485 | ||||||
1,600,000 | 0.91% (ICE LIBOR USD 3 Month+.72%), 05/15/23 | 1,619,017 | ||||||
2,500,000 | 0.96% (ICE LIBOR USD 3 Month+.77%), 02/26/24 | 2,540,201 | ||||||
585,000 | 1.04% (ICE LIBOR USD 3 Month+.85%), 01/11/22 | 588,308 | ||||||
23,148,940 | ||||||||
Canada: 7.5% | ||||||||
Bank of Montreal | ||||||||
2,000,000 | 0.36% (United States Secured Overnight Financing Rate+.35%), 12/08/23 | 2,001,885 | ||||||
2,800,000 | 0.69% (United States Secured Overnight Financing Rate+.68%), 03/10/23 | 2,826,505 | ||||||
698,000 | 0.77% (ICE LIBOR USD 3 Month+.57%), 03/26/22 | 701,205 |
Principal Amount | Value | |||||||
Canada: (continued) | ||||||||
Bank of Nova Scotia | ||||||||
$ | 2,100,000 | 0.46% (United States Secured Overnight Financing Rate+.45%), 04/15/24 | $ | 2,101,460 | ||||
5,250,000 | 0.56% (United States Secured Overnight Financing Rate+.55%), 09/15/23 | 5,277,547 | ||||||
700,000 | 0.82% (ICE LIBOR USD 3 Month+.64%), 03/07/22 | 703,662 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
2,000,000 | 0.41% (United States Secured Overnight Financing Rate+.40%), 12/14/23 | 2,001,049 | ||||||
2,425,000 | 0.81% (United States Secured Overnight Financing Rate+.80%), 03/17/23 | 2,446,690 | ||||||
2,500,000 | 0.84% (ICE LIBOR USD 3 Month+.66%), 09/13/23 | 2,536,045 | ||||||
700,000 | 0.91% (ICE LIBOR USD 3 Month+.72%), 06/16/22 | 705,165 | ||||||
Enbridge, Inc. | ||||||||
950,000 | 0.41% (United States Secured Overnight Financing Rate+.40%), 02/17/23 | 951,461 | ||||||
1,000,000 | 0.69% (ICE LIBOR USD 3 Month+.50%), 02/18/22 | 1,002,973 | ||||||
1,025,000 | Rogers Communications, Inc. 0.79% (ICE LIBOR USD 3 Month+.60%), 03/22/22 | 1,028,542 | ||||||
Royal Bank of Canada | ||||||||
2,300,000 | 0.31% (United States Secured Overnight Financing Rate+.30%), 01/19/24 | 2,296,849 | ||||||
4,950,000 | 0.46% (United States Secured Overnight Financing Rate+.45%), 10/26/23 | 4,970,412 | ||||||
1,725,000 | 0.55% (ICE LIBOR USD 3 Month+.36%), 01/17/23 | 1,732,605 | ||||||
625,000 | 0.65% (ICE LIBOR USD 3 Month+.47%), 04/29/22 | 627,791 | ||||||
575,000 | 0.91% (ICE LIBOR USD 3 Month+.73%), 02/01/22 | 577,865 | ||||||
Toronto-Dominion Bank | ||||||||
1,150,000 | 0.25% (United States Secured Overnight Financing Rate+.24%), 01/06/23 | 1,151,027 | ||||||
2,500,000 | 0.37% (United States Secured Overnight Financing Rate+.35%), 03/04/24 | 2,504,999 | ||||||
1,650,000 | 0.46% (United States Secured Overnight Financing Rate+.45%), 09/28/23 | 1,657,029 | ||||||
1,975,000 | 0.49% (United States Secured Overnight Financing Rate+.48%), 01/27/23 | 1,984,606 | ||||||
41,787,372 |
See Notes to Financial Statements
76 |
Principal Amount | Value | |||||||
Cayman Islands: 0.4% | ||||||||
$ | 2,000,000 | MassMutual Global Funding II 144A 0.37% (United States Secured Overnight Financing Rate+.36%), 04/12/24 | $ | 2,003,851 | ||||
China / Hong Kong: 0.9% | ||||||||
Tencent Holdings Ltd. 144A | ||||||||
1,100,000 | 0.79% (ICE LIBOR USD 3 Month+.60%), 01/19/23 | 1,104,136 | ||||||
3,700,000 | 1.10% (ICE LIBOR USD 3 Month+.91%), 04/11/24 † | 3,715,355 | ||||||
4,819,491 | ||||||||
France: 1.2% | ||||||||
825,000 | BPCE SA 1.07% (ICE LIBOR USD 3 Month+.88%), 05/31/22 | 832,124 | ||||||
BPCE SA 144A | ||||||||
575,000 | 0.45% (United States Secured Overnight Financing Rate+.44%), 02/17/22 | 575,908 | ||||||
575,000 | 1.40% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 | 580,998 | ||||||
2,500,000 | 1.42% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | 2,550,997 | ||||||
550,000 | BPCE SA Reg S 0.45% (United States Secured Overnight Financing Rate+.44%), 02/17/22 | 550,869 | ||||||
1,825,000 | Credit Agricole SA 144A 1.20% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 | 1,851,396 | ||||||
6,942,292 | ||||||||
Germany: 2.4% | ||||||||
6,200,000 | Bayer US Finance II LLC 144A 1.19% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 | 6,284,135 | ||||||
1,050,000 | BMW Finance NV 144A 0.99% (ICE LIBOR USD 3 Month+.79%), 08/12/22 | 1,058,677 | ||||||
Daimler Finance North America LLC 144A | ||||||||
575,000 | 0.87% (ICE LIBOR USD 3 Month+.67%), 11/05/21 | 576,673 | ||||||
825,000 | 1.06% (ICE LIBOR USD 3 Month+.88%), 02/22/22 | 830,595 | ||||||
1,850,000 | 1.09% (ICE LIBOR USD 3 Month+.90%), 02/15/22 | 1,861,077 | ||||||
900,000 | Deutsche Bank AG 1.38% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 | 906,402 | ||||||
1,100,000 | Siemens Financieringsmaatschappij NV 144A 0.80% (ICE LIBOR USD 3 Month+.61%), 03/16/22 | 1,105,885 | ||||||
910,000 | Volkswagen Group of America Finance LLC 144A 1.14% (ICE LIBOR USD 3 Month+.94%), 11/12/21 | 913,993 | ||||||
13,537,437 |
Principal Amount | Value | |||||||
Japan: 7.5% | ||||||||
American Honda Finance Corp. | ||||||||
$ | 630,000 | 0.64% (ICE LIBOR USD 3 Month+.45%), 02/15/22 | $ | 632,005 | ||||
675,000 | 0.73% (ICE LIBOR USD 3 Month+.54%), 06/27/22 | 678,835 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
590,000 | 0.88% (ICE LIBOR USD 3 Month+.70%), 03/07/22 | 593,052 | ||||||
1,500,000 | 0.93% (ICE LIBOR USD 3 Month+.74%), 03/02/23 | 1,511,874 | ||||||
1,425,000 | 0.97% (ICE LIBOR USD 3 Month+.79%), 07/25/22 | 1,435,266 | ||||||
3,575,000 | 1.04% (ICE LIBOR USD 3 Month+.86%), 07/26/23 | 3,622,312 | ||||||
625,000 | 1.10% (ICE LIBOR USD 3 Month+.92%), 02/22/22 | 629,204 | ||||||
Mizuho Financial Group, Inc. | ||||||||
5,975,000 | 0.82% (ICE LIBOR USD 3 Month+.63%), 05/25/24 | 6,002,841 | ||||||
1,700,000 | 0.98% (ICE LIBOR USD 3 Month+.79%), 03/05/23 | 1,718,641 | ||||||
1,050,000 | 1.02% (ICE LIBOR USD 3 Month+.84%), 07/16/23 | 1,057,054 | ||||||
2,475,000 | 1.03% (ICE LIBOR USD 3 Month+.85%), 09/13/23 | 2,494,265 | ||||||
2,275,000 | 1.06% (ICE LIBOR USD 3 Month+.88%), 09/11/22 | 2,297,015 | ||||||
1,550,000 | 1.13% (ICE LIBOR USD 3 Month+.94%), 02/28/22 | 1,560,474 | ||||||
3,550,000 | 1.18% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 3,595,300 | ||||||
700,000 | Nissan Motor Acceptance Corp. 144A 1.08% (ICE LIBOR USD 3 Month+.89%), 01/13/22 | 702,301 | ||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||
1,025,000 | 0.93% (ICE LIBOR USD 3 Month+.74%), 10/18/22 | 1,032,418 | ||||||
1,050,000 | 0.93% (ICE LIBOR USD 3 Month+.74%), 01/17/23 | 1,058,134 | ||||||
675,000 | 0.97% (ICE LIBOR USD 3 Month+.78%), 07/12/22 | 679,913 | ||||||
4,200,000 | 0.98% (ICE LIBOR USD 3 Month+.80%), 10/16/23 † | 4,254,528 | ||||||
1,100,000 | 1.05% (ICE LIBOR USD 3 Month+.86%), 07/19/23 | 1,113,056 | ||||||
Toyota Motor Credit Corp. | ||||||||
2,350,000 | 0.24% (United States Secured Overnight Financing Rate+.23%), 12/13/21 † | 2,351,382 | ||||||
875,000 | 0.31% (United States Secured Overnight Financing Rate+.30%), 06/13/22 | 876,334 | ||||||
925,000 | 0.35% (ICE LIBOR USD 3 Month+.15%), 02/14/22 † | 925,853 | ||||||
1,325,000 | 0.66% (ICE LIBOR USD 3 Month+.48%), 09/08/22 † | 1,332,643 | ||||||
42,154,700 |
See Notes to Financial Statements
77 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Netherlands: 2.5% | ||||||||
Cooperatieve Rabobank UA | ||||||||
$ | 3,750,000 | 0.31% (United States Secured Overnight Financing Rate+.30%), 01/12/24 | $ | 3,754,057 | ||||
625,000 | 1.02% (ICE LIBOR USD 3 Month+.83%), 01/10/22 | 628,641 | ||||||
ING Groep NV | ||||||||
2,500,000 | 1.19% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 † | 2,539,412 | ||||||
1,190,000 | 1.34% (ICE LIBOR USD 3 Month+1.15%), 03/29/22 | 1,200,725 | ||||||
2,500,000 | Shell International Finance BV 0.59% (ICE LIBOR USD 3 Month+.40%), 11/13/23 | 2,516,218 | ||||||
3,300,000 | Siemens Financieringsmaatschappij NV 144A 0.44% (United States Secured Overnight Financing Rate+.43%), 03/11/24 | 3,321,453 | ||||||
13,960,506 | ||||||||
Norway: 0.2% | ||||||||
1,250,000 | DNB Bank ASA 144A 0.81% (ICE LIBOR USD 3 Month+.62%), 12/02/22 | 1,260,622 | ||||||
Singapore: 0.1% | ||||||||
675,000 | DBS Group Holdings Ltd. 144A 0.80% (ICE LIBOR USD 3 Month+.62%), 07/25/22 | 678,522 | ||||||
Spain: 0.5% | ||||||||
Banco Santander SA | ||||||||
1,000,000 | 1.27% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 | 1,013,059 | ||||||
1,000,000 | 1.31% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | 1,014,587 | ||||||
600,000 | 1.75% (ICE LIBOR USD 3 Month+1.56%), 04/11/22 | 607,131 | ||||||
2,634,777 | ||||||||
Sweden: 0.3% | ||||||||
1,075,000 | Skandinaviska Enskilda Banken AB 144A 0.83% (ICE LIBOR USD 3 Month+.65%), 12/12/22 | 1,083,570 | ||||||
675,000 | Swedbank AB 144A 0.88% (ICE LIBOR USD 3 Month+.70%), 03/14/22 | 678,465 | ||||||
1,762,035 | ||||||||
Switzerland: 4.1% | ||||||||
2,300,000 | Credit Suisse AG 0.46% (United States Secured Overnight Financing Rate+.45%), 02/04/22 | 2,299,252 | ||||||
Credit Suisse Group AG 144A | ||||||||
2,500,000 | 1.38% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | 2,525,769 | ||||||
4,100,000 | 1.42% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 4,153,682 | ||||||
UBS Group AG 144A | ||||||||
4,950,000 | 0.38% (United States Secured Overnight Financing Rate+.36%), 02/09/24 | 4,952,727 |
Principal Amount | Value | |||||||
Switzerland: (continued) | ||||||||
$ | 6,200,000 | 1.14% (ICE LIBOR USD 3 Month+.95%), 08/15/23 | $ | 6,260,217 | ||||
2,200,000 | 1.40% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 | 2,223,946 | ||||||
575,000 | 1.71% (ICE LIBOR USD 3 Month+1.53%), 02/01/22 | 581,510 | ||||||
22,997,103 | ||||||||
United Kingdom: 7.0% | ||||||||
Barclays Plc | ||||||||
8,175,000 | 1.57% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | 8,306,783 | ||||||
1,500,000 | 1.62% (ICE LIBOR USD 3 Month+1.43%), 02/15/23 | 1,511,350 | ||||||
1,500,000 | 1.81% (ICE LIBOR USD 3 Month+1.62%), 01/10/23 | 1,512,648 | ||||||
1,600,000 | BAT Capital Corp. 1.07% (ICE LIBOR USD 3 Month+.88%), 08/15/22 | 1,610,875 | ||||||
HSBC Holdings Plc | ||||||||
10,275,000 | 1.19% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 10,383,832 | ||||||
2,750,000 | 1.41% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | 2,800,197 | ||||||
3,800,000 | 1.56% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 3,903,813 | ||||||
600,000 | 1.69% (ICE LIBOR USD 3 Month+1.50%), 01/05/22 | 605,353 | ||||||
1,550,000 | Jackson National Life Global Funding 144A 0.61% (United States Secured Overnight Financing Rate+.60%), 01/06/23 | 1,556,911 | ||||||
1,000,000 | Reckitt Benckiser Treasury Services Plc 144A 0.75% (ICE LIBOR USD 3 Month+.56%), 06/24/22 | 1,005,770 | ||||||
Standard Chartered Plc 144A | ||||||||
1,650,000 | 1.26% (United States Secured Overnight Financing Rate+1.25%), 10/14/23 | 1,665,800 | ||||||
1,200,000 | 1.34% (ICE LIBOR USD 3 Month+1.15%), 01/20/23 | 1,207,268 | ||||||
2,900,000 | 1.38% (ICE LIBOR USD 3 Month+1.20%), 09/10/22 † | 2,909,645 | ||||||
38,980,245 | ||||||||
United States: 61.1% | ||||||||
3,150,000 | 7-Eleven, Inc. 144A 0.65% (ICE LIBOR USD 3 Month+.45%), 08/10/22 | 3,152,048 | ||||||
AbbVie, Inc. | ||||||||
875,000 | 0.64% (ICE LIBOR USD 3 Month+.46%), 11/19/21 | 876,293 | ||||||
1,500,000 | 0.83% (ICE LIBOR USD 3 Month+.65%), 11/21/22 | 1,509,701 | ||||||
3,000,000 | American Electric Power Co., Inc. 0.66% (ICE LIBOR USD 3 Month+.48%), 11/01/23 | 3,003,840 |
See Notes to Financial Statements
78 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
American Express Co. | ||||||||
$ | 1,175,000 | 0.80% (ICE LIBOR USD 3 Month+.60%), 11/05/21 | $ | 1,177,651 | ||||
1,085,000 | 0.80% (ICE LIBOR USD 3 Month+.62%), 05/20/22 | 1,090,362 | ||||||
2,500,000 | 0.93% (ICE LIBOR USD 3 Month+.75%), 08/03/23 | 2,530,690 | ||||||
1,100,000 | American Honda Finance Corp. 0.33% (ICE LIBOR USD 3 Month+.15%), 02/22/23 | 1,099,415 | ||||||
Apple, Inc. | ||||||||
895,000 | 0.55% (ICE LIBOR USD 3 Month+.35%), 05/11/22 | 898,134 | ||||||
1,200,000 | 0.69% (ICE LIBOR USD 3 Month+.50%), 02/09/22 | 1,204,675 | ||||||
AT&T, Inc. | ||||||||
2,500,000 | 0.65% (United States Secured Overnight Financing Rate+.64%), 03/25/24 | 2,504,187 | ||||||
8,375,000 | 1.36% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 8,558,161 | ||||||
725,000 | Athene Global Funding 144A 1.42% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 | 733,243 | ||||||
2,300,000 | Atmos Energy Corp. 0.57% (ICE LIBOR USD 3 Month+.38%), 03/09/23 | 2,301,418 | ||||||
Bank of America Corp. | ||||||||
3,000,000 | 0.70% (United States Secured Overnight Financing Rate+.69%), 04/22/25 | 3,009,689 | ||||||
2,500,000 | 0.74% (United States Secured Overnight Financing Rate+.73%), 10/24/24 | 2,513,050 | ||||||
1,150,000 | 0.85% (ICE LIBOR USD 3 Month+.65%), 06/25/22 | 1,151,033 | ||||||
7,350,000 | 0.97% (ICE LIBOR USD 3 Month+.77%), 02/05/26 | 7,403,703 | ||||||
7,425,000 | 0.98% (ICE LIBOR USD 3 Month+.79%), 03/05/24 | 7,491,572 | ||||||
2,750,000 | 1.13% (ICE LIBOR USD 3 Month+.96%), 07/23/24 † | 2,786,590 | ||||||
3,025,000 | 1.18% (ICE LIBOR USD 3 Month+1.00%), 04/24/23 | 3,048,668 | ||||||
1,525,000 | 1.35% (ICE LIBOR USD 3 Month+1.16%), 01/20/23 | 1,536,414 | ||||||
1,050,000 | 1.37% (ICE LIBOR USD 3 Month+1.18%), 10/21/22 | 1,055,157 | ||||||
2,500,000 | Bank of New York Mellon Corp. 1.24% (ICE LIBOR USD 3 Month+1.05%), 10/30/23 | 2,534,180 | ||||||
675,000 | Becton Dickinson and Co. 1.21% (ICE LIBOR USD 3 Month+1.03%), 06/06/22 | 681,015 | ||||||
2,500,000 | BMW US Capital LLC 144A 0.54% (United States Secured Overnight Financing Rate+.53%), 04/01/24 | 2,514,791 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
Caterpillar Financial Services Corp. | ||||||||
$ | 905,000 | 0.40% (ICE LIBOR USD 3 Month+.20%), 11/12/21 | $ | 906,227 | ||||
717,000 | 0.41% (ICE LIBOR USD 3 Month+.22%), 01/06/22 | 717,806 | ||||||
2,050,000 | CenterPoint Energy Resources Corp 0.68% (ICE LIBOR USD 3 Month+.50%), 03/02/23 | 2,050,559 | ||||||
4,300,000 | Charles Schwab Corp. 0.51% (United States Secured Overnight Financing Rate+.50%), 03/18/24 | 4,329,083 | ||||||
2,500,000 | Chevron USA, Inc. 0.40% (ICE LIBOR USD 3 Month+.20%), 08/11/23 | 2,506,672 | ||||||
1,500,000 | Cigna Corp. 1.07% (ICE LIBOR USD 3 Month+.89%), 07/15/23 | 1,518,883 | ||||||
1,850,000 | Citibank NA 0.78% (ICE LIBOR USD 3 Month+.60%), 05/20/22 | 1,859,223 | ||||||
Citigroup, Inc. | ||||||||
2,725,000 | 0.74% (ICE LIBOR USD 3 Month+.55%), 08/25/36 | 2,334,243 | ||||||
950,000 | 0.88% (United States Secured Overnight Financing Rate+.87%), 11/04/22 | 953,453 | ||||||
1,600,000 | 1.13% (ICE LIBOR USD 3 Month+.95%), 07/24/23 | 1,613,004 | ||||||
1,475,000 | 1.14% (ICE LIBOR USD 3 Month+.96%), 04/25/22 | 1,486,217 | ||||||
5,469,000 | 1.21% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 5,536,370 | ||||||
925,000 | 1.25% (ICE LIBOR USD 3 Month+1.07%), 12/08/21 | 929,971 | ||||||
8,150,000 | 1.29% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | 8,263,986 | ||||||
3,275,000 | 1.45% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 3,359,573 | ||||||
9,900,000 | 1.62% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | 10,052,623 | ||||||
2,475,000 | Comcast Corp. 0.81% (ICE LIBOR USD 3 Month+.63%), 04/15/24 | 2,504,273 | ||||||
700,000 | ConocoPhillips Co. 1.10% (ICE LIBOR USD 3 Month+.90%), 05/15/22 | 705,899 | ||||||
3,300,000 | Credit Suisse AG 0.40% (United States Secured Overnight Financing Rate+.39%), 02/02/24 | 3,288,958 | ||||||
4,975,000 | Dominion Energy, Inc. 0.71% (ICE LIBOR USD 3 Month+.53%), 09/15/23 | 4,979,881 | ||||||
925,000 | Duke Energy Progress LLC 0.37% (ICE LIBOR USD 3 Month+.18%), 02/18/22 | 924,927 |
See Notes to Financial Statements
79 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 1,250,000 | Equitable Financial Life Global Funding 144A 0.40% (United States Secured Overnight Financing Rate+.39%), 04/06/23 | $ | 1,250,689 | ||||
Exxon Mobil Corp. | ||||||||
1,525,000 | 0.52% (ICE LIBOR USD 3 Month+.33%), 08/16/22 † | 1,531,018 | ||||||
600,000 | 0.55% (ICE LIBOR USD 3 Month+.37%), 03/06/22 † | 602,193 | ||||||
6,300,000 | Florida Power & Light Co. 0.56% (ICE LIBOR USD 3 Month+.38%), 07/28/23 | 6,300,273 | ||||||
4,650,000 | General Electric Capital Corp. 0.58% (ICE LIBOR USD 3 Month+.38%), 05/05/26 | 4,530,623 | ||||||
General Motors Financial Co., Inc. | ||||||||
2,500,000 | 1.22% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 | 2,537,975 | ||||||
650,000 | 1.51% (ICE LIBOR USD 3 Month+1.31%), 06/30/22 | 657,098 | ||||||
625,000 | 1.74% (ICE LIBOR USD 3 Month+1.55%), 01/14/22 | 630,326 | ||||||
2,525,000 | Gilead Sciences, Inc. 0.71% (ICE LIBOR USD 3 Month+.52%), 09/29/23 | 2,527,770 | ||||||
Goldman Sachs Group, Inc. | ||||||||
1,400,000 | 0.42% (United States Secured Overnight Financing Rate+.41%), 01/27/23 | 1,399,864 | ||||||
1,650,000 | 0.56% (United States Secured Overnight Financing Rate+.54%), 11/17/23 | 1,651,183 | ||||||
2,300,000 | 0.59% (United States Secured Overnight Financing Rate+.58%), 03/08/24 | 2,302,964 | ||||||
5,175,000 | 0.93% (ICE LIBOR USD 3 Month+.75%), 02/23/23 | 5,216,451 | ||||||
2,425,000 | 0.97% (ICE LIBOR USD 3 Month+.78%), 10/31/22 | 2,431,777 | ||||||
1,700,000 | 1.18% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 | 1,713,765 | ||||||
1,600,000 | 1.24% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | 1,612,409 | ||||||
7,500,000 | 1.36% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 7,628,267 | ||||||
8,900,000 | 1.79% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 9,171,138 | ||||||
5,000,000 | 1.93% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 5,231,669 | ||||||
2,450,000 | Hartford Financial Services Group, Inc. 144A 2.32% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 | 2,358,195 | ||||||
Honeywell International, Inc. | ||||||||
1,100,000 | 0.41% (ICE LIBOR USD 3 Month+.23%), 08/19/22 | 1,100,777 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 1,350,000 | 0.56% (ICE LIBOR USD 3 Month+.37%), 08/08/22 † | $ | 1,355,421 | ||||
1,400,000 | Hyatt Hotels Corp. 3.19% (ICE LIBOR USD 3 Month+3.00%), 09/01/22 | 1,408,982 | ||||||
1,050,000 | Intel Corp. 0.55% (ICE LIBOR USD 3 Month+.35%), 05/11/22 | 1,052,816 | ||||||
1,300,000 | International Business Machines Corp. 0.77% (ICE LIBOR USD 3 Month+.58%), 11/06/21 † | 1,303,667 | ||||||
JPMorgan Chase & Co. | ||||||||
4,300,000 | 0.59% (United States Secured Overnight Financing Rate+.58%), 03/16/24 | 4,314,939 | ||||||
2,500,000 | 0.90% (United States Secured Overnight Financing Rate+.89%), 04/22/27 | 2,512,962 | ||||||
2,500,000 | 0.90% (ICE LIBOR USD 3 Month+.73%), 04/23/24 | 2,518,658 | ||||||
2,745,000 | 1.04% (ICE LIBOR USD 3 Month+.85%), 01/10/25 | 2,782,702 | ||||||
5,200,000 | 1.06% (ICE LIBOR USD 3 Month+.89%), 07/23/24 | 5,268,509 | ||||||
3,800,000 | 1.08% (ICE LIBOR USD 3 Month+.90%), 04/25/23 | 3,826,003 | ||||||
1,025,000 | 1.18% (ICE LIBOR USD 3 Month+1.00%), 01/15/23 | 1,031,162 | ||||||
3,100,000 | 1.19% (ICE LIBOR USD 3 Month+1.00%), 05/15/47 | 2,707,695 | ||||||
9,900,000 | 1.41% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 † | 10,043,243 | ||||||
3,250,000 | LYB International Finance III LLC 1.20% (ICE LIBOR USD 3 Month+1.00%), 10/01/23 | 3,257,667 | ||||||
725,000 | MassMutual Global Funding II 144A 0.35% (ICE LIBOR USD 3 Month+.15%), 01/07/22 | 725,536 | ||||||
1,100,000 | Met Tower Global Funding 144A 0.56% (United States Secured Overnight Financing Rate+.55%), 01/17/23 | 1,105,833 | ||||||
3,100,000 | Metropolitan Life Global Funding I 144A 0.33% (United States Secured Overnight Financing Rate+.32%), 01/07/24 | 3,107,956 | ||||||
1,975,000 | 0.58% (United States Secured Overnight Financing Rate+.57%), 01/13/23 | 1,986,340 | ||||||
Morgan Stanley | ||||||||
4,650,000 | 0.71% (United States Secured Overnight Financing Rate+.70%), 01/20/23 | 4,662,684 | ||||||
825,000 | 0.84% (United States Secured Overnight Financing Rate+.83%), 06/10/22 | 825,541 | ||||||
2,650,000 | 1.11% (ICE LIBOR USD 3 Month+.93%), 07/22/22 | 2,654,220 |
See Notes to Financial Statements
80 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 9,545,000 | 1.41% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | $ | 9,705,300 | ||||
11,023,000 | 1.58% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | 11,203,543 | ||||||
2,000,000 | MPLX LP 1.29% (ICE LIBOR USD 3 Month+1.10%), 09/09/22 | 2,001,059 | ||||||
New York Life Global Funding 144A | ||||||||
1,600,000 | 0.23% (United States Secured Overnight Financing Rate+.22%), 02/02/23 | 1,599,591 | ||||||
915,000 | 0.47% (ICE LIBOR USD 3 Month+.28%), 01/21/22 | 916,611 | ||||||
1,096,000 | 0.47% (ICE LIBOR USD 3 Month+.28%), 01/10/23 | 1,100,222 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
3,250,000 | 0.45% (ICE LIBOR USD 3 Month+.27%), 02/22/23 | 3,250,495 | ||||||
950,000 | 0.55% (United States Secured Overnight Financing Rate+.54%), 03/01/23 | 953,081 | ||||||
1,870,000 | ONE Gas, Inc. 0.79% (ICE LIBOR USD 3 Month+.61%), 03/11/23 | 1,870,566 | ||||||
1,050,000 | Otis Worldwide Corp. 0.64% (ICE LIBOR USD 3 Month+.45%), 04/05/23 | 1,049,706 | ||||||
1,700,000 | Pacific Gas and Electric Co. 1.57% (ICE LIBOR USD 3 Month+1.38%), 11/15/21 | 1,705,746 | ||||||
700,000 | 1.67% (ICE LIBOR USD 3 Month+1.48%), 06/16/22 | 700,560 | ||||||
PNC Bank NA | ||||||||
2,000,000 | 0.50% (ICE LIBOR USD 3 Month+.33%), 02/24/23 | 2,004,119 | ||||||
1,525,000 | 0.62% (ICE LIBOR USD 3 Month+.43%), 12/09/22 | 1,528,500 | ||||||
1,100,000 | 0.63% (ICE LIBOR USD 3 Month+.45%), 07/22/22 | 1,101,056 | ||||||
1,100,000 | 0.68% (ICE LIBOR USD 3 Month+.50%), 07/27/22 | 1,106,190 | ||||||
2,300,000 | Public Storage 0.48% (United States Secured Overnight Financing Rate+.47%), 04/23/24 | 2,302,524 | ||||||
1,050,000 | QUALCOMM, Inc. 0.92% (ICE LIBOR USD 3 Month+.73%), 01/30/23 | 1,061,201 | ||||||
1,200,000 | Southern California Edison Co. 0.45% (ICE LIBOR USD 3 Month+.27%), 12/03/21 | 1,200,036 | ||||||
750,000 | TD Ameritrade Holding Corp. 0.61% (ICE LIBOR USD 3 Month+.43%), 11/01/21 | 751,470 | ||||||
Toyota Motor Credit Corp. | ||||||||
1,400,000 | 0.23% (United States Secured Overnight Financing Rate+.22%), 03/28/22 | 1,401,071 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 1,400,000 | 0.33% (United States Secured Overnight Financing Rate+.32%), 04/06/23 | $ | 1,402,041 | ||||
2,500,000 | 0.34% (United States Secured Overnight Financing Rate+.33%), 01/11/24 | 2,505,834 | ||||||
1,150,000 | 0.35% (United States Secured Overnight Financing Rate+.34%), 10/14/22 | 1,152,932 | ||||||
Truist Bank | ||||||||
950,000 | 0.74% (United States Secured Overnight Financing Rate+.73%), 03/09/23 | 958,645 | ||||||
875,000 | 0.78% (ICE LIBOR USD 3 Month+.59%), 05/17/22 | 879,470 | ||||||
620,000 | TWDC Enterprises 18 Corp. 0.57% (ICE LIBOR USD 3 Month+.39%), 03/04/22 | 621,956 | ||||||
1,100,000 | United Parcel Service, Inc. 0.65% (ICE LIBOR USD 3 Month+.45%), 04/01/23 | 1,106,673 | ||||||
US Bank NA | ||||||||
1,625,000 | 0.37% (ICE LIBOR USD 3 Month+.18%), 01/21/22 | 1,626,471 | ||||||
1,290,000 | 0.59% (ICE LIBOR USD 3 Month+.40%), 12/09/22 | 1,296,183 | ||||||
900,000 | 0.62% (ICE LIBOR USD 3 Month+.44%), 05/23/22 | 903,733 | ||||||
2,875,000 | Valero Energy Corp. 1.33% (ICE LIBOR USD 3 Month+1.15%), 09/15/23 | 2,882,240 | ||||||
Verizon Communications, Inc. | ||||||||
2,500,000 | 0.51% (United States Secured Overnight Financing Rate+.50%), 03/22/24 | 2,511,652 | ||||||
1,900,000 | 0.80% (United States Secured Overnight Financing Rate+.79%), 03/20/26 | 1,932,552 | ||||||
1,400,000 | 1.19% (ICE LIBOR USD 3 Month+1.00%), 03/16/22 | 1,410,914 | ||||||
8,800,000 | 1.30% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 9,018,372 | ||||||
1,130,000 | Walt Disney Co. 0.58% (ICE LIBOR USD 3 Month+.39%), 09/01/22 | 1,135,506 | ||||||
Wells Fargo & Co. | ||||||||
1,175,000 | 1.29% (ICE LIBOR USD 3 Month+1.11%), 01/24/23 | 1,183,412 | ||||||
9,850,000 | 1.42% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 | 10,001,546 | ||||||
Wells Fargo Bank NA | ||||||||
1,200,000 | 0.81% (ICE LIBOR USD 3 Month+.62%), 05/27/22 | 1,200,482 | ||||||
2,000,000 | 0.85% (ICE LIBOR USD 3 Month+.66%), 09/09/22 † | 2,004,853 | ||||||
342,274,585 | ||||||||
Total Floating Rate Notes (Cost: $556,196,160) | 558,942,478 |
See Notes to Financial Statements
81 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% (Cost: $2,107,752) | ||||||||
Money Market Fund: 0.4% | ||||||||
2,107,752 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 2,107,752 | |||||
Total Investments: 100.2% (Cost: $558,303,912) | 561,050,230 | |||||||
Liabilities in excess of other assets: (0.2)% | (1,241,567 | ) | ||||||
NET ASSETS: 100.0% | $ | 559,808,663 |
Definitions: | |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $6,772,080. |
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 to $97,512,655, or 17.4% of net assets. |
Summary of Investments by Sector | % of | |||||||
Excluding Collateral for Securities Loaned | Investments | Value | ||||||
Consumer Cyclicals | 2.9 | % | $ | 16,037,456 | ||||
Consumer Non-Cyclicals | 2.9 | 16,177,082 | ||||||
Energy | 2.6 | 14,699,733 | ||||||
Financials | 75.6 | 422,733,383 | ||||||
Healthcare | 2.4 | 13,397,797 | ||||||
Industrials | 1.5 | 8,077,299 | ||||||
Real Estate | 0.4 | 2,302,524 | ||||||
Technology | 6.5 | 36,275,822 | ||||||
Utilities | 5.2 | 29,241,382 | ||||||
100.0 | % | $ | 558,942,478 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 2 | Level 3 | ||||||||||||||||
Level 1 | Significant | Significant | |||||||||||||||
Quoted | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | Value | ||||||||||||||
Floating Rate Notes* | $ | — | $ | 558,942,478 | $ | — | $ | 558,942,478 | |||||||||
Money Market Fund | 2,107,752 | — | — | 2,107,752 | |||||||||||||
Total | $ | 2,107,752 | $ | 558,942,478 | $ | — | $ | 561,050,230 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
82 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 5.9% | ||||||||
Colombia: 0.1% | ||||||||
COP | 3,596,000,000 | Empresas Públicas de Medellín ESP Reg S 7.63%, 09/10/24 | $ | 994,698 | ||||
12,300,000,000 | Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 | 3,524,343 | ||||||
4,519,041 | ||||||||
Germany: 0.0% | ||||||||
ZAR | 8,300,000 | Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23 | 599,980 | |||||
Indonesia: 0.6% | ||||||||
Perusahaan Penerbit SBSN | ||||||||
IDR | 41,960,000,000 | 6.50%, 05/15/23 | 3,008,633 | |||||
29,440,000,000 | 6.63%, 10/15/24 | 2,125,996 | ||||||
54,489,000,000 | 8.25%, 09/15/23 | 4,041,670 | ||||||
37,420,000,000 | 8.75%, 08/15/23 | 2,801,320 | ||||||
118,130,000,000 | 8.88%, 11/15/31 | 9,470,369 | ||||||
21,447,988 | ||||||||
Mexico: 0.1% | ||||||||
Petróleos Mexicanos Reg S | ||||||||
MXN | 28,330,000 | 7.19%, 09/12/24 | 1,326,572 | |||||
50,200,000 | 7.65%, 11/24/21 | 2,492,174 | ||||||
3,818,746 | ||||||||
Russia: 0.1% | ||||||||
RUB | 134,900,000 | RusHydro Via RusHydro Capital Markets DAC Reg S 8.13%, 09/28/22 | 1,858,850 | |||||
South Africa: 0.4% | ||||||||
Eskom Holdings Ltd. | ||||||||
ZAR | 82,330,000 | 0.00%, 08/18/27 ^ | 2,366,547 | |||||
11,000,000 | 7.50%, 09/15/33 | 554,707 | ||||||
25,350,000 | 7.85%, 04/02/26 | 1,715,592 | ||||||
Transnet Ltd. | ||||||||
21,000,000 | 9.50%, 08/19/25 | 1,507,293 | ||||||
85,800,000 | 10.80%, 11/06/23 | 6,468,617 | ||||||
5,000,000 | 13.50%, 04/18/28 | 415,619 | ||||||
13,028,375 | ||||||||
Supranational: 4.5% | ||||||||
European Bank for Reconstruction & Development | ||||||||
PLN | 7,400,000 | 0.20%, 12/23/22 | 1,950,574 | |||||
8,500,000 | 0.25%, 11/20/23 | 2,230,710 | ||||||
IDR | 67,170,000,000 | 6.25%, 07/25/22 | 4,714,664 | |||||
5,600,000,000 | 6.45%, 12/13/22 | 396,691 | ||||||
37,220,000,000 | 7.50%, 05/15/22 | 2,630,896 | ||||||
RUB | 62,000,000 | European Bank for Reconstruction & Development Reg S 6.00%, 07/24/23 | 833,672 | |||||
European Investment Bank | ||||||||
PLN | 41,000,000 | 4.25%, 10/25/22 | 11,459,419 | |||||
ZAR | 5,200,000 | 7.25%, 02/28/23 | 372,972 | |||||
MXN | 44,420,000 | 7.63%, 01/12/22 | 2,249,128 |
Principal Amount | Value | |||||||
Supranational: (continued) | ||||||||
MXN | 17,210,000 | 7.75%, 01/30/25 | $ | 908,625 | ||||
ZAR | 214,265,000 | 8.13%, 12/21/26 | 15,646,551 | |||||
IDR | 51,750,000,000 | European Investment Bank 144A 5.75%, 01/24/25 | 3,662,034 | |||||
European Investment Bank Reg S | ||||||||
PLN | 36,458,000 | 2.75%, 08/25/26 | 10,422,963 | |||||
47,602,000 | 3.00%, 05/24/24 | 13,502,475 | ||||||
IDR | 63,500,000,000 | 5.20%, 03/01/22 | 4,395,106 | |||||
ZAR | 17,500,000 | 8.00%, 05/05/27 | 1,266,043 | |||||
7,600,000 | 8.50%, 09/17/24 | 562,183 | ||||||
Inter-American Development Bank | ||||||||
MXN | 129,870,000 | 7.50%, 12/05/24 | 6,728,946 | |||||
IDR | 53,740,000,000 | 7.88%, 03/14/23 | 3,912,250 | |||||
MXN | 52,500,000 | Inter-American Development Bank Reg S 7.70%, 02/12/24 | 2,723,302 | |||||
International Bank for Reconstruction & Development | ||||||||
RUB | 160,000,000 | 5.00%, 01/28/25 | 2,128,503 | |||||
467,400,000 | 6.00%, 07/31/24 | 6,294,776 | ||||||
198,500,000 | 6.14%, 06/27/22 | 2,686,741 | ||||||
484,700,000 | 6.75%, 11/14/22 | 6,565,211 | ||||||
IDR | 32,100,000,000 | 7.25%, 03/15/24 | 2,348,926 | |||||
International Finance Corp. | ||||||||
RUB | 540,000,000 | 5.50%, 03/20/23 | 7,168,592 | |||||
37,300,000 | 6.38%, 04/11/22 | 500,335 | ||||||
537,100,000 | 6.50%, 02/04/26 | 7,379,771 | ||||||
BRL | 1,800,000 | 7.00%, 02/14/24 | 336,394 | |||||
MXN | 175,100,000 | 7.00%, 07/20/27 | 8,848,519 | |||||
2,500,000 | 7.25%, 02/02/24 | 128,999 | ||||||
104,600,000 | 7.50%, 01/18/28 | 5,411,337 | ||||||
122,880,000 | 7.75%, 01/18/30 | 6,399,237 | ||||||
IDR | 17,500,000,000 | 8.00%, 10/09/23 | 1,289,694 | |||||
ZAR | 3,000,000 | 8.00%, 07/27/27 | 211,108 | |||||
MXN | 50,500,000 | International Finance Corp. Reg S 8.38%, 05/31/29 | 2,717,931 | |||||
150,985,278 | ||||||||
United Kingdom: 0.1% | ||||||||
European Bank for Reconstruction & Development | ||||||||
RUB | 34,200,000 | 5.00%, 11/05/24 | 446,545 | |||||
TRY | 810,000 | 8.00%, 10/17/22 | 85,661 | |||||
8,100,000 | 12.50%, 02/09/23 | 872,713 | ||||||
5,400,000 | European Bank for Reconstruction & Development Reg S 10.00%, 09/28/22 | 589,363 | ||||||
1,994,282 | ||||||||
United States: 0.0% | ||||||||
1,000,000 | International Finance Corp. 8.80%, 10/11/22 | 109,902 | ||||||
Total Corporate Bonds (Cost: $215,794,927) | 198,362,442 |
See Notes to Financial Statements
83 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
GOVERNMENT OBLIGATIONS: 91.9% | ||||||||
Brazil: 8.6% | ||||||||
Brazil Government International Bonds | ||||||||
BRL | 6,490,000 | 8.50%, 01/05/24 | $ | 1,253,798 | ||||
9,540,000 | 10.25%, 01/10/28 | 1,891,066 | ||||||
Brazil Letras do Tesouro Nacional | ||||||||
148,010,000 | 0.00%, 07/01/22 ^ | 25,584,421 | ||||||
240,810,000 | 0.00%, 07/01/23 ^ | 38,275,143 | ||||||
492,880,000 | 0.00%, 01/01/24 ^ | 74,911,123 | ||||||
61,110,000 | 0.00%, 07/01/24 ^ | 8,886,426 | ||||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||
226,223,000 | 10.00%, 01/01/23 | 43,943,624 | ||||||
185,445,000 | 10.00%, 01/01/25 | 36,394,231 | ||||||
165,960,000 | 10.00%, 01/01/27 | 32,530,734 | ||||||
96,680,000 | 10.00%, 01/01/29 | 18,880,581 | ||||||
38,680,000 | 10.00%, 01/01/31 | 7,516,105 | ||||||
290,067,252 | ||||||||
Chile: 3.0% | ||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||
CLP | 16,510,000,000 | 2.50%, 03/01/25 | 23,274,706 | |||||
10,710,000,000 | 4.50%, 03/01/26 | 16,254,980 | ||||||
12,165,000,000 | 5.00%, 03/01/35 | 18,339,819 | ||||||
9,590,000,000 | 6.00%, 01/01/43 | 16,123,727 | ||||||
Bonos de la Tesoreria de la Republica de Chile Reg S 144A | ||||||||
3,030,000,000 | 2.30%, 10/01/28 | 3,907,878 | ||||||
5,425,000,000 | 4.00%, 03/01/23 | 7,994,021 | ||||||
9,830,000,000 | 4.70%, 09/01/30 | 14,770,826 | ||||||
100,665,957 | ||||||||
China / Hong Kong: 9.9% | ||||||||
China Government Bonds | ||||||||
CNY | 142,990,000 | 1.99%, 04/09/25 | 21,299,577 | |||||
114,300,000 | 2.36%, 07/02/23 | 17,519,754 | ||||||
177,960,000 | 2.68%, 05/21/30 | 26,354,937 | ||||||
177,680,000 | 2.85%, 06/04/27 | 27,063,720 | ||||||
104,940,000 | 2.88%, 11/05/23 | 16,268,847 | ||||||
95,450,000 | 2.94%, 10/17/24 | 14,799,576 | ||||||
146,080,000 | 3.02%, 10/22/25 | 22,637,829 | ||||||
21,290,000 | 3.03%, 03/11/26 | 3,300,307 | ||||||
109,700,000 | 3.12%, 12/05/26 | 17,059,235 | ||||||
103,730,000 | 3.13%, 11/21/29 | 15,935,775 | ||||||
133,710,000 | 3.19%, 04/11/24 | 20,898,264 | ||||||
92,090,000 | 3.22%, 12/06/25 | 14,399,792 | ||||||
136,750,000 | 3.25%, 06/06/26 | 21,406,265 | ||||||
80,450,000 | 3.25%, 11/22/28 | 12,522,608 | ||||||
110,880,000 | 3.27%, 11/19/30 | 17,283,132 | ||||||
87,380,000 | 3.28%, 12/03/27 | 13,626,365 | ||||||
94,680,000 | 3.29%, 10/18/23 | 14,853,355 | ||||||
120,970,000 | 3.29%, 05/23/29 | 18,813,808 | ||||||
123,140,000 | 3.81%, 09/14/50 | 19,477,774 | ||||||
335,520,920 | ||||||||
Colombia: 4.0% | ||||||||
Colombia Government International Bonds | ||||||||
COP | 2,825,000,000 | 4.38%, 03/21/23 | 772,818 | |||||
4,334,000,000 | 9.85%, 06/28/27 | 1,437,262 |
Principal Amount | Value | |||||||
Colombia: (continued) | ||||||||
Colombian TES | ||||||||
COP | 35,955,000,000 | 5.75%, 11/03/27 | $ | 9,390,731 | ||||
68,473,100,000 | 6.00%, 04/28/28 | 17,964,930 | ||||||
42,966,000,000 | 6.25%, 11/26/25 | 11,973,016 | ||||||
51,131,900,000 | 7.00%, 05/04/22 | 14,325,244 | ||||||
55,306,700,000 | 7.00%, 06/30/32 | 14,545,914 | ||||||
59,625,000,000 | 7.25%, 10/18/34 | 15,728,173 | ||||||
19,564,000,000 | 7.25%, 10/26/50 | 4,745,087 | ||||||
62,536,700,000 | 7.50%, 08/26/26 | 18,128,855 | ||||||
45,847,100,000 | 7.75%, 09/18/30 | 12,938,245 | ||||||
41,833,800,000 | 10.00%, 07/24/24 | 13,045,923 | ||||||
134,996,198 | ||||||||
Czech Republic: 4.0% | ||||||||
Czech Republic Government Bonds | ||||||||
CZK | 109,100,000 | 0.05%, 11/29/29 | 4,441,034 | |||||
265,200,000 | 0.25%, 02/10/27 | 11,502,973 | ||||||
216,680,000 | 1.20%, 03/13/31 | 9,568,449 | ||||||
258,520,000 | 2.00%, 10/13/33 | 12,207,306 | ||||||
233,950,000 | 2.75%, 07/23/29 | 11,831,881 | ||||||
Czech Republic Government Bonds Reg S | ||||||||
225,820,000 | 0.45%, 10/25/23 | 10,381,022 | ||||||
278,570,000 | 0.95%, 05/15/30 | 12,143,300 | ||||||
307,750,000 | 1.00%, 06/26/26 | 14,020,982 | ||||||
232,950,000 | 2.40%, 09/17/25 | 11,351,649 | ||||||
252,290,000 | 2.50%, 08/25/28 | 12,487,914 | ||||||
131,500,000 | 4.20%, 12/04/36 | 7,885,655 | ||||||
175,420,000 | 4.70%, 09/12/22 | 8,623,720 | ||||||
160,110,000 | 5.70%, 05/25/24 | 8,510,327 | ||||||
134,956,212 | ||||||||
Dominican Republic: 1.4% | ||||||||
DOP | 1,337,450,000 | Dominican Republic International Bonds 144A 9.75%, 06/05/26 | 26,012,498 | |||||
Dominican Republic International Bonds Reg S | ||||||||
926,050,000 | 8.90%, 02/15/23 | 16,982,192 | ||||||
241,700,000 | 9.75%, 06/05/26 | 4,700,902 | ||||||
47,695,592 | ||||||||
Hungary: 3.8% | ||||||||
Hungary Government Bonds | ||||||||
HUF | 3,072,150,000 | 1.00%, 11/26/25 | 10,024,769 | |||||
1,713,520,000 | 1.50%, 08/23/23 | 5,806,485 | ||||||
2,866,560,000 | 1.50%, 04/22/26 | 9,522,875 | ||||||
1,706,080,000 | 1.75%, 10/26/22 | 5,807,493 | ||||||
951,700,000 | 2.00%, 05/23/29 | 3,171,072 | ||||||
1,375,870,000 | 2.25%, 04/20/33 | 4,378,955 | ||||||
2,590,460,000 | 2.50%, 10/24/24 | 9,025,821 | ||||||
2,325,170,000 | 2.75%, 12/22/26 | 8,186,838 | ||||||
2,109,660,000 | 3.00%, 06/26/24 | 7,451,754 | ||||||
2,836,000,000 | 3.00%, 10/27/27 | 10,160,583 | ||||||
2,491,380,000 | 3.00%, 08/21/30 | 8,811,382 | ||||||
1,346,170,000 | 3.00%, 10/27/38 | 4,392,478 | ||||||
3,115,110,000 | 3.25%, 10/22/31 | 11,155,241 | ||||||
2,757,750,000 | 5.50%, 06/24/25 | 10,702,060 | ||||||
2,334,710,000 | 6.00%, 11/24/23 | 8,798,739 | ||||||
1,527,870,000 | 6.75%, 10/22/28 | 6,798,305 | ||||||
1,358,320,000 | 7.00%, 06/24/22 | 4,875,018 | ||||||
129,069,868 |
See Notes to Financial Statements
84 |
Principal Amount | Value | |||||||
Indonesia: 8.5% | ||||||||
Indonesia Treasury Bonds | ||||||||
IDR | 67,040,000,000 | 5.50%, 04/15/26 | $ | 4,613,670 | ||||
107,270,000,000 | 5.63%, 05/15/23 | 7,550,412 | ||||||
190,061,000,000 | 6.13%, 05/15/28 | 13,098,486 | ||||||
35,560,000,000 | 6.25%, 06/15/36 | 2,422,363 | ||||||
260,820,000,000 | 6.50%, 06/15/25 | 18,702,843 | ||||||
113,940,000,000 | 6.50%, 02/15/31 | 7,909,936 | ||||||
147,863,000,000 | 6.63%, 05/15/33 | 10,183,354 | ||||||
13,730,000,000 | 7.00%, 05/15/22 | 981,954 | ||||||
201,528,000,000 | 7.00%, 05/15/27 | 14,689,989 | ||||||
251,410,000,000 | 7.00%, 09/15/30 | 18,001,965 | ||||||
94,850,000,000 | 7.50%, 08/15/32 | 6,882,912 | ||||||
184,020,000,000 | 7.50%, 06/15/35 | 13,177,845 | ||||||
133,130,000,000 | 7.50%, 05/15/38 | 9,461,585 | ||||||
187,310,000,000 | 7.50%, 04/15/40 | 13,316,580 | ||||||
156,280,000,000 | 8.13%, 05/15/24 | 11,718,458 | ||||||
186,360,000,000 | 8.25%, 05/15/29 | 14,350,946 | ||||||
126,114,000,000 | 8.25%, 06/15/32 | 9,618,069 | ||||||
191,855,000,000 | 8.25%, 05/15/36 | 14,627,333 | ||||||
200,093,000,000 | 8.38%, 03/15/24 | 15,029,485 | ||||||
286,127,000,000 | 8.38%, 09/15/26 | 22,118,439 | ||||||
243,014,000,000 | 8.38%, 03/15/34 | 18,663,038 | ||||||
108,640,000,000 | 8.38%, 04/15/39 | 8,358,398 | ||||||
110,307,000,000 | 8.75%, 05/15/31 | 8,770,266 | ||||||
156,492,000,000 | 9.00%, 03/15/29 | 12,539,294 | ||||||
45,431,000,000 | 9.50%, 07/15/31 | 3,758,790 | ||||||
39,502,000,000 | 10.50%, 08/15/30 | 3,458,889 | ||||||
56,712,000,000 | 11.00%, 09/15/25 | 4,713,633 | ||||||
288,718,932 | ||||||||
Malaysia: 5.6% | ||||||||
Malaysia Government Bonds | ||||||||
MYR | 17,110,000 | 2.63%, 04/15/31 | 3,986,311 | |||||
14,140,000 | 3.48%, 06/14/24 | 3,565,861 | ||||||
34,935,000 | 3.48%, 03/15/23 | 8,742,884 | ||||||
30,397,000 | 3.50%, 05/31/27 | 7,659,087 | ||||||
29,575,000 | 3.73%, 06/15/28 | 7,549,426 | ||||||
18,418,000 | 3.76%, 04/20/23 | 4,635,933 | ||||||
33,242,000 | 3.76%, 05/22/40 | 7,697,691 | ||||||
19,351,000 | 3.80%, 08/17/23 | 4,891,686 | ||||||
35,738,000 | 3.83%, 07/05/34 | 8,704,212 | ||||||
39,557,000 | 3.89%, 08/15/29 | 10,127,032 | ||||||
25,625,000 | 3.90%, 11/16/27 | 6,624,938 | ||||||
18,434,000 | 3.90%, 11/30/26 | 4,796,906 | ||||||
21,994,000 | 3.91%, 07/15/26 | 5,670,368 | ||||||
49,176,000 | 3.96%, 09/15/25 | 12,671,826 | ||||||
20,824,000 | 4.06%, 09/30/24 | 5,350,734 | ||||||
25,033,000 | 4.07%, 06/15/50 | 5,834,453 | ||||||
21,725,000 | 4.18%, 07/15/24 | 5,592,455 | ||||||
24,390,000 | 4.76%, 04/07/37 | 6,411,125 | ||||||
Malaysia Government Investment Issue | ||||||||
13,329,000 | 3.15%, 05/15/23 | 3,317,537 | ||||||
31,404,000 | 3.42%, 09/30/27 | 7,821,916 | ||||||
35,654,000 | 3.47%, 10/15/30 | 8,683,552 | ||||||
20,990,000 | 3.66%, 10/15/24 | 5,332,099 | ||||||
30,472,000 | 3.73%, 03/31/26 | 7,801,128 | ||||||
13,675,000 | 3.73%, 03/31/22 | 3,395,331 | ||||||
4,973,000 | 3.95%, 04/14/22 | 1,237,857 | ||||||
24,507,000 | 4.09%, 11/30/23 | 6,256,658 | ||||||
26,225,000 | 4.13%, 08/15/25 | 6,808,094 | ||||||
23,325,000 | 4.13%, 07/09/29 | 6,025,077 |
Principal Amount | Value | |||||||
Malaysia: (continued) | ||||||||
MYR | 24,690,000 | 4.26%, 07/26/27 | $ | 6,459,953 | ||||
24,193,000 | 4.37%, 10/31/28 | 6,354,886 | ||||||
190,007,016 | ||||||||
Mexico: 7.6% | ||||||||
Mexican Bonos | ||||||||
MXN | 543,571,400 | 5.75%, 03/05/26 | 26,726,593 | |||||
489,217,000 | 6.50%, 06/09/22 | 24,704,242 | ||||||
394,664,600 | 6.75%, 03/09/23 | 20,183,889 | ||||||
335,811,500 | 7.50%, 06/03/27 | 17,686,150 | ||||||
267,357,700 | 7.75%, 05/29/31 | 14,076,545 | ||||||
148,191,100 | 7.75%, 11/23/34 | 7,698,101 | ||||||
337,677,400 | 7.75%, 11/13/42 | 16,682,739 | ||||||
439,235,900 | 8.00%, 12/07/23 | 23,256,893 | ||||||
366,411,500 | 8.00%, 09/05/24 | 19,506,228 | ||||||
339,267,700 | 8.00%, 11/07/47 | 17,057,474 | ||||||
395,544,700 | 8.50%, 05/31/29 | 21,866,289 | ||||||
361,732,400 | 8.50%, 11/18/38 | 19,477,091 | ||||||
357,565,900 | 10.00%, 12/05/24 | 20,234,035 | ||||||
128,190,100 | 10.00%, 11/20/36 | 7,900,898 | ||||||
257,057,167 | ||||||||
Peru: 3.0% | ||||||||
Peru Government Bonds | ||||||||
PEN | 25,605,000 | 5.35%, 08/12/40 | 5,996,194 | |||||
34,775,000 | 5.40%, 08/12/34 | 8,764,056 | ||||||
20,870,000 | 5.70%, 08/12/24 | 6,179,966 | ||||||
48,345,000 | 5.94%, 02/12/29 | 13,890,977 | ||||||
44,330,000 | 6.15%, 08/12/32 | 12,227,074 | ||||||
45,295,000 | 6.35%, 08/12/28 | 13,354,953 | ||||||
45,655,000 | 6.90%, 08/12/37 | 12,855,625 | ||||||
45,762,000 | 6.95%, 08/12/31 | 13,533,196 | ||||||
38,865,000 | 8.20%, 08/12/26 | 13,004,689 | ||||||
99,806,730 | ||||||||
Philippines: 1.4% | ||||||||
TRY | 9,400,000 | Asian Development Bank 12.00%, 05/13/22 | 1,046,447 | |||||
Philippine Government International Bonds | ||||||||
PHP | 684,200,000 | 3.90%, 11/26/22 | 14,405,026 | |||||
1,289,500,000 | 6.25%, 01/14/36 | 32,754,490 | ||||||
48,205,963 | ||||||||
Poland: 5.1% | ||||||||
Republic of Poland Government Bonds | ||||||||
PLN | 53,910,000 | 0.75%, 04/25/25 | 14,312,087 | |||||
52,045,000 | 1.25%, 10/25/30 | 13,191,015 | ||||||
71,353,000 | 2.25%, 04/25/22 | 19,260,725 | ||||||
51,711,000 | 2.25%, 10/25/24 | 14,482,693 | ||||||
56,757,000 | 2.50%, 01/25/23 | 15,603,850 | ||||||
11,046,000 | 2.50%, 04/25/24 | 3,101,806 | ||||||
42,612,000 | 2.50%, 07/25/26 | 12,158,933 | ||||||
62,005,000 | 2.50%, 07/25/27 | 17,672,279 | ||||||
56,774,000 | 2.75%, 04/25/28 | 16,403,023 | ||||||
60,752,000 | 2.75%, 10/25/29 | 17,519,059 | ||||||
53,467,000 | 3.25%, 07/25/25 | 15,601,039 | ||||||
42,723,000 | 4.00%, 10/25/23 | 12,349,592 | ||||||
2,883,000 | 5.75%, 09/23/22 | 821,292 | ||||||
172,477,393 |
See Notes to Financial Statements
85 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
Romania: 3.3% | ||||||||
Romania Government Bonds | ||||||||
RON | 30,100,000 | 3.25%, 04/29/24 | $ | 7,557,181 | ||||
26,590,000 | 3.40%, 03/08/22 | 6,572,346 | ||||||
26,370,000 | 3.50%, 12/19/22 | 6,588,909 | ||||||
29,475,000 | 3.65%, 07/28/25 | 7,539,326 | ||||||
26,585,000 | 3.65%, 09/24/31 | 6,729,668 | ||||||
20,295,000 | 3.70%, 11/25/24 | 5,185,520 | ||||||
25,690,000 | 4.00%, 10/25/23 | 6,545,943 | ||||||
20,315,000 | 4.15%, 01/26/28 | 5,372,458 | ||||||
31,060,000 | 4.25%, 06/28/23 | 7,907,027 | ||||||
23,915,000 | 4.40%, 09/25/23 | 6,139,647 | ||||||
27,915,000 | 4.50%, 06/17/24 | 7,266,238 | ||||||
27,880,000 | 4.75%, 02/24/25 | 7,382,281 | ||||||
26,935,000 | 4.85%, 04/22/26 | 7,269,447 | ||||||
26,105,000 | 5.00%, 02/12/29 | 7,304,994 | ||||||
29,100,000 | 5.80%, 07/26/27 | 8,373,434 | ||||||
27,620,000 | 5.85%, 04/26/23 | 7,222,605 | ||||||
110,957,024 | ||||||||
Russia: 4.9% | ||||||||
Russian Federal Bonds | ||||||||
RUB | 556,227,000 | 4.50%, 07/16/25 | 6,891,711 | |||||
725,611,000 | 5.70%, 05/17/28 | 9,121,364 | ||||||
845,075,000 | 6.00%, 10/06/27 | 10,851,115 | ||||||
671,623,000 | 6.10%, 07/18/35 | 8,151,127 | ||||||
498,242,000 | 6.50%, 02/28/24 | 6,721,393 | ||||||
725,570,000 | 6.90%, 05/23/29 | 9,692,516 | ||||||
374,113,000 | 7.00%, 08/16/23 | 5,106,688 | ||||||
774,345,000 | 7.05%, 01/19/28 | 10,509,876 | ||||||
530,140,000 | 7.10%, 10/16/24 | 7,259,306 | ||||||
440,677,000 | 7.15%, 11/12/25 | 6,052,791 | ||||||
700,023,000 | 7.25%, 05/10/34 | 9,475,212 | ||||||
110,026,000 | 7.40%, 12/07/22 | 1,504,385 | ||||||
606,574,000 | 7.40%, 07/17/24 | 8,365,331 | ||||||
73,433,000 | 7.60%, 07/20/22 | 1,002,423 | ||||||
866,991,000 | 7.65%, 04/10/30 | 12,119,772 | ||||||
672,003,000 | 7.70%, 03/23/33 | 9,419,253 | ||||||
604,855,000 | 7.70%, 03/16/39 | 8,544,286 | ||||||
698,438,000 | 7.75%, 09/16/26 | 9,814,902 | ||||||
613,808,000 | 7.95%, 10/07/26 | 8,701,863 | ||||||
706,784,000 | 8.15%, 02/03/27 | 10,112,211 | ||||||
482,476,000 | 8.50%, 09/17/31 | 7,143,161 | ||||||
166,560,686 | ||||||||
South Africa: 6.6% | ||||||||
Republic of South Africa Government Bonds | ||||||||
ZAR | 184,819,000 | 6.25%, 03/31/36 | 8,538,217 | |||||
159,299,779 | 6.50%, 02/28/41 | 6,954,507 | ||||||
238,386,000 | 7.00%, 02/28/31 | 13,649,991 | ||||||
122,499,722 | 7.75%, 02/28/23 | 8,892,429 | ||||||
481,678,040 | 8.00%, 01/31/30 | 30,711,234 | ||||||
353,301,388 | 8.25%, 03/31/32 | 21,456,165 | ||||||
367,029,700 | 8.50%, 01/31/37 | 20,544,348 | ||||||
328,458,364 | 8.75%, 01/31/44 | 18,088,938 | ||||||
563,913,223 | 8.75%, 02/28/48 | 30,971,600 | ||||||
322,574,441 | 8.88%, 02/28/35 | 19,140,691 | ||||||
255,247,900 | 9.00%, 01/31/40 | 14,574,863 | ||||||
379,192,789 | 10.50%, 12/21/26 | 29,872,786 | ||||||
223,395,769 | ||||||||
Supranational: 0.0% | ||||||||
PHP | 55,000,000 | International Bank for Reconstruction & Development 2.00%, 07/23/25 | 1,053,715 |
Principal Amount | Value | |||||||
Thailand: 6.9% | ||||||||
Thailand Government Bonds | ||||||||
THB | 228,741,000 | 0.75%, 06/17/24 | $ | 7,357,652 | ||||
326,005,000 | 0.95%, 06/17/25 | 10,491,327 | ||||||
494,778,000 | 1.45%, 12/17/24 | 16,266,838 | ||||||
161,464,000 | 1.59%, 12/17/35 | 4,852,048 | ||||||
387,167,000 | 1.60%, 12/17/29 | 12,393,580 | ||||||
189,703,000 | 1.60%, 06/17/35 | 5,704,111 | ||||||
274,118,000 | 1.88%, 06/17/22 | 8,946,876 | ||||||
342,948,000 | 2.00%, 12/17/22 | 11,286,100 | ||||||
430,315,000 | 2.13%, 12/17/26 | 14,528,704 | ||||||
369,991,000 | 2.40%, 12/17/23 | 12,435,056 | ||||||
350,904,000 | 2.88%, 12/17/28 | 12,355,413 | ||||||
331,263,000 | 2.88%, 06/17/46 | 10,964,887 | ||||||
479,773,000 | 3.30%, 06/17/38 | 17,448,003 | ||||||
355,583,000 | 3.40%, 06/17/36 | 13,108,281 | ||||||
367,578,000 | 3.63%, 06/16/23 | 12,579,236 | ||||||
368,377,000 | 3.65%, 06/20/31 | 13,880,559 | ||||||
457,668,000 | 3.78%, 06/25/32 | 17,401,890 | ||||||
403,283,000 | 3.85%, 12/12/25 | 14,629,782 | ||||||
824,000 | 4.75%, 12/20/24 | 30,209 | ||||||
414,157,000 | 4.88%, 06/22/29 | 16,626,229 | ||||||
233,286,781 | ||||||||
Turkey: 2.9% | ||||||||
Turkey Government International Bonds | ||||||||
TRY | 64,303,000 | 7.10%, 03/08/23 | 6,533,439 | |||||
61,931,000 | 8.00%, 03/12/25 | 5,497,011 | ||||||
36,887,000 | 8.50%, 09/14/22 | 4,008,103 | ||||||
79,038,000 | 9.00%, 07/24/24 | 7,577,811 | ||||||
28,471,000 | 10.40%, 03/20/24 | 2,891,049 | ||||||
72,603,000 | 10.50%, 08/11/27 | 6,387,348 | ||||||
100,253,000 | 10.60%, 02/11/26 | 9,303,507 | ||||||
56,380,000 | 10.70%, 08/17/22 | 6,326,772 | ||||||
55,655,000 | 11.00%, 03/02/22 | 6,409,856 | ||||||
58,381,000 | 11.00%, 02/24/27 | 5,312,164 | ||||||
107,071,000 | 11.70%, 11/13/30 | 9,380,979 | ||||||
69,042,000 | 12.20%, 01/18/23 | 7,764,311 | ||||||
41,117,000 | 12.40%, 03/08/28 | 3,918,313 | ||||||
78,249,000 | 12.60%, 10/01/25 | 7,969,281 | ||||||
57,454,000 | 16.20%, 06/14/23 | 6,792,002 | ||||||
96,071,946 | ||||||||
Uruguay: 1.4% | ||||||||
Uruguay Government International Bonds 144A | ||||||||
UYU | 243,127,000 | 8.50%, 03/15/28 | 5,785,968 | |||||
129,198,000 | 9.88%, 06/20/22 | 3,051,654 | ||||||
Uruguay Government International Bonds Reg S | ||||||||
693,058,000 | 8.50%, 03/15/28 | 16,493,484 | ||||||
915,197,000 | 9.88%, 06/20/22 | 21,616,936 | ||||||
46,948,042 | ||||||||
Total Government Obligations (Cost: $3,209,645,187) | 3,107,519,163 | |||||||
Total Investments: 97.8% (Cost: $3,425,440,114) | 3,305,881,605 | |||||||
Other assets less liabilities: 2.2% | 73,989,045 | |||||||
NET ASSETS: 100.0% | $ | 3,379,870,650 |
See Notes to Financial Statements
86 |
Definitions:
BRL | Brazilian Real |
CLP | Chilean Peso |
CNY | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
DOP | Dominican Peso |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian Leu |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Footnotes:
^ | Zero Coupon Bond |
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 to $65,184,879, or 1.9% of net assets. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Energy | 0.1 | % | $ | 3,818,746 | ||||
Financials | 5.5 | 180,520,623 | ||||||
Government | 94.0 | 3,107,519,163 | ||||||
Industrials | 0.2 | 8,391,529 | ||||||
Utilities | 0.2 | 5,631,544 | ||||||
100.0 | % | $ | 3,305,881,605 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 198,362,442 | $ | — | $ | 198,362,442 | |||||||||||
Government Obligations* | — | 3,107,519,163 | — | 3,107,519,163 | |||||||||||||||
Total | $ | — | $ | 3,305,881,605 | $ | — | $ | 3,305,881,605 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
87 |
VANECK VECTORS MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 98.9% | ||||||||
Canada: 5.4% | ||||||||
$ | 75,000 | Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 | $ | 82,131 | ||||
50,000 | Bank of Nova Scotia 4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) | 53,810 | ||||||
50,000 | Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 66,013 | ||||||
Enbridge, Inc. | ||||||||
75,000 | 3.13%, 11/15/29 | 78,754 | ||||||
50,000 | 5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/77 | 52,210 | ||||||
50,000 | Spectra Energy Partners LP 4.75%, 03/15/24 | 55,233 | ||||||
50,000 | Suncor Energy, Inc. 6.50%, 06/15/38 | 68,195 | ||||||
50,000 | TransCanada PipeLines Ltd. 7.63%, 01/15/39 | 75,169 | ||||||
531,515 | ||||||||
China / Hong Kong: 1.1% | ||||||||
100,000 | Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) | 108,025 | ||||||
Denmark: 1.5% | ||||||||
150,000 | Danske Bank A/S 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23 | 150,787 | ||||||
France: 5.0% | ||||||||
100,000 | BNP Paribas SA 144A 7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † | 106,125 | ||||||
100,000 | Credit Agricole SA 144A 4.38%, 03/17/25 | 110,132 | ||||||
Societe Generale SA 144A | ||||||||
50,000 | 3.00%, 01/22/30 | 51,000 | ||||||
100,000 | 4.75%, 09/14/28 | 115,094 | ||||||
100,000 | 5.00%, 01/17/24 | 109,256 | ||||||
491,607 | ||||||||
Germany: 1.4% | ||||||||
100,000 | Deutsche Bank AG 3.30%, 11/16/22 | 103,786 | ||||||
25,000 | E.ON International Finance BV 144A 6.65%, 04/30/38 | 35,560 | ||||||
139,346 | ||||||||
India: 0.5% | ||||||||
50,000 | Bharti Airtel Ltd. 144A 4.38%, 06/10/25 | 53,977 | ||||||
Italy: 2.9% | ||||||||
Enel Finance International NV 144A | ||||||||
200,000 | 3.63%, 05/25/27 | 218,142 | ||||||
50,000 | 6.00%, 10/07/39 | 67,593 | ||||||
285,735 | ||||||||
Luxembourg: 1.9% | ||||||||
50,000 | DH Europe Finance II SARL 3.25%, 11/15/39 | 51,793 | ||||||
100,000 | Gazprom OAO 144A 7.29%, 08/16/37 | 139,270 | ||||||
191,063 |
Principal Amount | Value | |||||||
Mexico: 1.2% | ||||||||
$ | 50,000 | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 | $ | 53,554 | ||||
50,000 | Southern Copper Corp. 6.75%, 04/16/40 | 69,875 | ||||||
123,429 | ||||||||
Netherlands: 2.0% | ||||||||
25,000 | Koninklijke Philips NV 6.88%, 03/11/38 | 37,483 | ||||||
50,000 | Lukoil Securities BV 144A 3.88%, 05/06/30 | 52,603 | ||||||
100,000 | Prosus NV 144A 3.68%, 01/21/30 | 104,690 | ||||||
194,776 | ||||||||
Saudi Arabia: 0.6% | ||||||||
50,000 | Motiva Enterprises LLC 144A 6.85%, 01/15/40 | 61,401 | ||||||
Spain: 1.9% | ||||||||
50,000 | Banco Santander SA 2.75%, 12/03/30 | 48,616 | ||||||
Santander Holdings USA, Inc. | ||||||||
50,000 | 4.40%, 07/13/27 | 55,710 | ||||||
75,000 | 4.50%, 07/17/25 | 83,406 | ||||||
187,732 | ||||||||
Switzerland: 1.4% | ||||||||
125,000 | Credit Suisse Group AG 144A 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 138,323 | ||||||
United Kingdom: 5.4% | ||||||||
Barclays Plc | ||||||||
200,000 | 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 199,045 | ||||||
100,000 | 5.20%, 05/12/26 | 113,719 | ||||||
200,000 | Standard Chartered Plc 144A 4.30%, 02/19/27 | 218,370 | ||||||
531,134 | ||||||||
United States: 66.7% | ||||||||
50,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 70,385 | ||||||
Altria Group, Inc. | ||||||||
100,000 | 4.25%, 08/09/42 | 101,549 | ||||||
125,000 | 4.80%, 02/14/29 | 142,323 | ||||||
Ares Capital Corp. | ||||||||
50,000 | 3.50%, 02/10/23 | 52,153 | ||||||
50,000 | 3.88%, 01/15/26 | 53,393 | ||||||
AT&T, Inc. | ||||||||
75,000 | 4.13%, 02/17/26 | 84,493 | ||||||
100,000 | 4.30%, 02/15/30 | 112,899 | ||||||
100,000 | 4.35%, 03/01/29 | 113,581 | ||||||
50,000 | 4.45%, 04/01/24 | 55,036 | ||||||
100,000 | 5.25%, 03/01/37 | 121,929 | ||||||
50,000 | Bank of America Corp. 7.75%, 05/14/38 | 77,392 | ||||||
75,000 | Becton Dickinson and Co. 3.36%, 06/06/24 | 80,817 |
See Notes to Financial Statements
88 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 50,000 | Brighthouse Financial, Inc. 4.70%, 06/22/47 | $ | 52,136 | ||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
100,000 | 4.46%, 07/23/22 | 104,059 | ||||||
125,000 | 4.91%, 07/23/25 | 142,247 | ||||||
125,000 | 5.05%, 03/30/29 | 144,967 | ||||||
75,000 | 5.38%, 05/01/47 | 88,146 | ||||||
50,000 | Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/25 | 57,273 | ||||||
50,000 | Discover Financial Services 4.10%, 02/09/27 | 55,887 | ||||||
50,000 | Dow Chemical Co. 9.40%, 05/15/39 | 85,527 | ||||||
50,000 | DuPont de Nemours, Inc. 2.17%, 05/01/23 | 50,198 | ||||||
50,000 | Enterprise Products Operating LLC 5.95%, 02/01/41 | 66,202 | ||||||
100,000 | Exelon Corp. 4.05%, 04/15/30 | 112,535 | ||||||
50,000 | Exelon Generation Co. LLC 3.25%, 06/01/25 | 53,798 | ||||||
35,000 | Fifth Third Bancorp 8.25%, 03/01/38 | 57,904 | ||||||
25,000 | FS KKR Capital Corp. 3.40%, 01/15/26 | 25,588 | ||||||
200,000 | GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 | 230,352 | ||||||
General Electric Co. | ||||||||
75,000 | 3.45%, 05/01/27 | 82,010 | ||||||
50,000 | 4.35%, 05/01/50 | 55,765 | ||||||
50,000 | 5.88%, 01/14/38 | 65,516 | ||||||
50,000 | 6.75%, 03/15/32 | 67,627 | ||||||
50,000 | GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26 | 56,660 | ||||||
HCA, Inc. | ||||||||
75,000 | 4.13%, 06/15/29 | 83,443 | ||||||
100,000 | 5.00%, 03/15/24 | 111,444 | ||||||
50,000 | 5.13%, 06/15/39 | 60,753 | ||||||
50,000 | 5.25%, 06/15/26 | 58,066 | ||||||
50,000 | 5.50%, 06/15/47 | 62,830 | ||||||
75,000 | Kinder Morgan Energy Partners LP 6.95%, 01/15/38 | 102,380 | ||||||
25,000 | Lowe’s Cos, Inc. 4.00%, 04/15/25 | 27,761 | ||||||
McDonald’s Corp. | ||||||||
50,000 | 3.60%, 07/01/30 | 55,191 | ||||||
50,000 | 4.45%, 03/01/47 | 58,861 | ||||||
50,000 | 4.88%, 12/09/45 | 61,938 | ||||||
50,000 | 6.30%, 03/01/38 | 70,298 | ||||||
50,000 | Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 | 52,039 | ||||||
25,000 | Mondelez International, Inc. 1.50%, 05/04/25 | 25,543 | ||||||
50,000 | NOV, Inc. 3.95%, 12/01/42 | 46,823 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
Oracle Corp. | ||||||||
$ | 125,000 | 2.50%, 04/01/25 | $ | 131,505 | ||||
75,000 | 2.88%, 03/25/31 | 76,311 | ||||||
75,000 | 3.60%, 04/01/40 | 76,884 | ||||||
50,000 | 3.80%, 11/15/37 | 53,137 | ||||||
50,000 | 4.00%, 07/15/46 | 52,313 | ||||||
75,000 | 6.50%, 04/15/38 | 103,800 | ||||||
50,000 | Owl Rock Capital Corp. 3.40%, 07/15/26 | 51,889 | ||||||
75,000 | Phillips 66 5.88%, 05/01/42 | 99,164 | ||||||
50,000 | Prudential Financial, Inc. 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 | 57,929 | ||||||
50,000 | Sherwin Williams Co. 3.45%, 06/01/27 | 55,038 | ||||||
50,000 | Stellantis NV 5.25%, 04/15/23 | 54,262 | ||||||
Synchrony Financial | ||||||||
50,000 | 3.95%, 12/01/27 | 54,427 | ||||||
50,000 | 4.25%, 08/15/24 | 54,634 | ||||||
Sysco Corp. | ||||||||
75,000 | 3.30%, 07/15/26 | 81,488 | ||||||
75,000 | 5.95%, 04/01/30 | 94,653 | ||||||
Thermo Fisher Scientific, Inc. | ||||||||
50,000 | 2.95%, 09/19/26 | 54,010 | ||||||
50,000 | 4.10%, 08/15/47 | 57,823 | ||||||
75,000 | 4.50%, 03/25/30 | 87,964 | ||||||
100,000 | Time Warner Cable LLC 7.30%, 07/01/38 | 142,202 | ||||||
Time Warner Entertainment Co. LP | ||||||||
75,000 | 8.38%, 03/15/23 | 85,649 | ||||||
50,000 | 8.38%, 07/15/33 | 73,969 | ||||||
T-Mobile USA, Inc. 144A | ||||||||
150,000 | 3.50%, 04/15/25 | 162,844 | ||||||
155,000 | 3.75%, 04/15/27 | 170,929 | ||||||
35,000 | 3.88%, 04/15/30 | 38,169 | ||||||
50,000 | Tyson Foods, Inc. 4.50%, 06/15/22 | 51,792 | ||||||
50,000 | Valero Energy Corp. 6.63%, 06/15/37 | 65,398 | ||||||
Verizon Communications, Inc. | ||||||||
50,000 | 3.38%, 02/15/25 | 54,575 | ||||||
50,000 | 3.50%, 11/01/24 | 54,356 | ||||||
50,000 | 4.02%, 12/03/29 | 56,587 | ||||||
100,000 | 4.13%, 03/16/27 | 114,139 | ||||||
100,000 | 4.33%, 09/21/28 | 115,361 | ||||||
100,000 | 5.15%, 09/15/23 | 110,781 | ||||||
ViacomCBS, Inc. | ||||||||
20,000 | 6.88%, 04/30/36 | 27,782 | ||||||
25,000 | 7.88%, 07/30/30 | 35,014 | ||||||
50,000 | Vistra Operations Co. LLC 144A 3.70%, 01/30/27 | 51,869 | ||||||
50,000 | Volkswagen Group of America Finance LLC 144A 2.70%, 09/26/22 | 51,560 | ||||||
Wells Fargo & Co. | ||||||||
50,000 | 4.65%, 11/04/44 | 58,587 | ||||||
100,000 | 5.38%, 11/02/43 | 127,345 |
See Notes to Financial Statements
89 |
VANECK VECTORS MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 50,000 | Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 | $ | 57,576 | ||||
6,601,432 | ||||||||
Total Corporate Bonds (Cost: $9,893,763) | 9,790,282 |
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1% (Cost: $106,163) | ||||||||
Money Market Fund: 1.1% | ||||||||
106,163 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 106,163 | |||||
Total Investments: 100.0% (Cost: $9,999,926) | 9,896,445 | |||||||
Liabilities in excess of other assets: (0.0)% | (3,513 | ) | ||||||
NET ASSETS: 100.0% | $ | 9,892,932 |
Definitions:
USD | United States Dollar |
Footnotes:
(o) | Perpetual Maturity — the date shown is the next call date |
† | Security fully or partially on loan. Total market value of securities on loan is $100,819. |
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 to $2,503,443, or 25.3% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 2.7 | % | $ | 260,638 | ||||
Consumer Cyclicals | 9.4 | 922,086 | ||||||
Consumer Non-Cyclicals | 8.2 | 798,605 | ||||||
Energy | 9.1 | 889,545 | ||||||
Financials | 33.0 | 3,235,614 | ||||||
Healthcare | 7.1 | 694,633 | ||||||
Industrials | 2.8 | 270,473 | ||||||
Real Estate | 0.6 | 56,660 | ||||||
Technology | 22.2 | 2,177,914 | ||||||
Utilities | 4.9 | 484,114 | ||||||
100.0 | % | $ | 9,790,282 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Corporate Bonds* | $ | — | $ | 9,790,282 | $ | — | $ | 9,790,282 | |||||||||
Money Market Fund | 106,163 | — | — | 106,163 | |||||||||||||
Total | $ | 106,163 | $ | 9,790,282 | $ | — | $ | 9,896,445 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
90 |
VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal Amount | Value | |||||||
CORPORATE BONDS: 99.0% | ||||||||
Australia: 0.4% | ||||||||
$ | 50,000 | Westpac Banking Corp. 4.11% (US Treasury Yield Curve Rate T 5 Year+2.00%), 07/24/34 | $ | 53,955 | ||||
Canada: 7.3% | ||||||||
100,000 | Alimentation Couche-Tard, Inc. 144A 2.95%, 01/25/30 | 102,864 | ||||||
Bank of Nova Scotia | ||||||||
50,000 | 3.40%, 02/11/24 | 53,861 | ||||||
100,000 | 4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) | 107,620 | ||||||
100,000 | Brookfield Finance, Inc. 4.35%, 04/15/30 | 113,961 | ||||||
100,000 | Canadian Imperial Bank of Commerce 3.10%, 04/02/24 | 106,867 | ||||||
50,000 | Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 66,013 | ||||||
Enbridge, Inc. | ||||||||
100,000 | 3.13%, 11/15/29 | 105,005 | ||||||
100,000 | 5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/77 | 104,421 | ||||||
75,000 | Suncor Energy, Inc. 6.80%, 05/15/38 | 103,992 | ||||||
75,000 | Toronto-Dominion Bank 3.25%, 03/11/24 | 80,732 | ||||||
100,000 | TransCanada PipeLines Ltd. 6.20%, 10/15/37 | 132,256 | ||||||
1,077,592 | ||||||||
China / Hong Kong: 1.5% | ||||||||
100,000 | Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) | 108,025 | ||||||
100,000 | Tencent Holdings Ltd. 144A 3.28%, 04/11/24 | 106,442 | ||||||
214,467 | ||||||||
Denmark: 1.4% | ||||||||
200,000 | Danske Bank A/S 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23 | 201,050 | ||||||
France: 4.5% | ||||||||
BNP Paribas SA 144A | ||||||||
50,000 | 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | 47,895 | ||||||
100,000 | 7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † | 106,125 | ||||||
100,000 | Credit Agricole SA 144A 3.25%, 01/14/30 | 103,817 | ||||||
Societe Generale SA 144A | ||||||||
100,000 | 3.00%, 01/22/30 | 102,000 | ||||||
200,000 | 4.25%, 04/14/25 | 217,114 | ||||||
75,000 | Total Capital International SA 3.70%, 01/15/24 | 81,511 | ||||||
658,462 |
Principal Amount | Value | |||||||
Germany: 1.5% | ||||||||
Deutsche Bank AG | ||||||||
$ | 100,000 | 3.30%, 11/16/22 | $ | 103,786 | ||||
50,000 | 3.70%, 05/30/24 | 53,677 | ||||||
50,000 | E.ON International Finance BV 144A 6.65%, 04/30/38 | 71,121 | ||||||
228,584 | ||||||||
Italy: 3.6% | ||||||||
Enel Finance International NV 144A | ||||||||
100,000 | 3.50%, 04/06/28 | 107,943 | ||||||
150,000 | 4.25%, 09/14/23 | 162,104 | ||||||
100,000 | 6.80%, 09/15/37 | 143,001 | ||||||
100,000 | Eni SpA 144A 4.75%, 09/12/28 | 115,781 | ||||||
528,829 | ||||||||
Japan: 0.6% | ||||||||
75,000 | Aviation Capital Group LLC 144A 5.50%, 12/15/24 | 84,330 | ||||||
Luxembourg: 0.7% | ||||||||
100,000 | Gazprom PJSC Via Gaz Capital SA 144A 4.95%, 02/06/28 | 110,750 | ||||||
Mexico: 1.4% | ||||||||
100,000 | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 | 107,108 | ||||||
75,000 | Southern Copper Corp. 6.75%, 04/16/40 | 104,812 | ||||||
211,920 | ||||||||
Saudi Arabia: 3.3% | ||||||||
50,000 | Motiva Enterprises LLC 144A 6.85%, 01/15/40 | 61,401 | ||||||
Saudi Arabian Oil Co. 144A | ||||||||
100,000 | 2.88%, 04/16/24 | 105,696 | ||||||
200,000 | 3.50%, 04/16/29 | 214,808 | ||||||
100,000 | 4.25%, 04/16/39 | 109,248 | ||||||
491,153 | ||||||||
South Africa: 0.8% | ||||||||
100,000 | Prosus NV 144A 4.85%, 07/06/27 | 112,829 | ||||||
Spain: 1.1% | ||||||||
Santander Holdings USA, Inc. | ||||||||
50,000 | 4.40%, 07/13/27 | 55,710 | ||||||
100,000 | 4.50%, 07/17/25 | 111,208 | ||||||
166,918 | ||||||||
Switzerland: 1.5% | ||||||||
200,000 | Credit Suisse Group AG 144A 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 221,317 | ||||||
United Kingdom: 9.5% | ||||||||
Barclays Plc | ||||||||
200,000 | 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 199,045 | ||||||
200,000 | 5.20%, 05/12/26 | 227,439 | ||||||
100,000 | Credit Agricole SA 144A 4.13%, 01/10/27 | 112,291 |
See Notes to Financial Statements
91 |
VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Principal Amount | Value | |||||||
United Kingdom: (continued) | ||||||||
$ | 50,000 | HSBC Holdings Plc 6.10%, 01/14/42 | $ | 70,711 | ||||
200,000 | Lloyds Banking Group Plc 4.55%, 08/16/28 | 230,971 | ||||||
100,000 | Natwest Group Plc 5.08% (ICE LIBOR USD 3 Month+1.91%), 01/27/30 | 116,712 | ||||||
50,000 | Sky Ltd. 144A 3.13%, 11/26/22 | 52,126 | ||||||
Standard Chartered Plc 144A | ||||||||
250,000 | 5.20%, 01/26/24 | 274,632 | ||||||
100,000 | 5.30%, 01/09/43 | 118,869 | ||||||
1,402,796 | ||||||||
United States: 59.9% | ||||||||
50,000 | Air Lease Corp. 3.75%, 06/01/26 | 54,221 | ||||||
50,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 70,385 | ||||||
Altria Group, Inc. | ||||||||
100,000 | 4.25%, 08/09/42 | 101,549 | ||||||
100,000 | 4.80%, 02/14/29 | 113,858 | ||||||
100,000 | 5.38%, 01/31/44 | 115,591 | ||||||
Apple, Inc. | ||||||||
75,000 | 2.85%, 05/11/24 | 80,014 | ||||||
50,000 | 3.00%, 02/09/24 | 53,397 | ||||||
100,000 | 3.20%, 05/11/27 | 110,121 | ||||||
100,000 | 3.25%, 02/23/26 | 110,004 | ||||||
75,000 | 3.35%, 02/09/27 | 83,060 | ||||||
25,000 | 4.65%, 02/23/46 | 31,983 | ||||||
100,000 | Ares Capital Corp. 4.20%, 06/10/24 | 107,931 | ||||||
AT&T, Inc. | ||||||||
50,000 | 3.40%, 05/15/25 | 54,468 | ||||||
100,000 | 3.80%, 02/15/27 | 111,340 | ||||||
150,000 | 4.30%, 02/15/30 | 169,349 | ||||||
100,000 | 5.25%, 03/01/37 | 121,929 | ||||||
Bank of America Corp. | ||||||||
125,000 | 4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51 | 140,588 | ||||||
100,000 | 4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48 | 117,593 | ||||||
50,000 | BBVA Bancomer SA 144A 4.38%, 04/10/24 | 54,532 | ||||||
50,000 | Becton Dickinson and Co. 3.36%, 06/06/24 | 53,878 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
100,000 | 3.70%, 07/15/30 | 112,475 | ||||||
50,000 | 4.25%, 10/15/50 | 59,175 | ||||||
75,000 | 6.13%, 04/01/36 | 102,918 | ||||||
110,000 | Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 | 129,740 | ||||||
100,000 | Berkshire Hathaway, Inc. 3.13%, 03/15/26 | 109,588 | ||||||
50,000 | Booking Holdings, Inc. 4.63%, 04/13/30 | 58,645 | ||||||
50,000 | Brighthouse Financial, Inc. 4.70%, 06/22/47 | 52,136 | ||||||
75,000 | Capital One Financial Corp. 3.75%, 07/28/26 | 82,316 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
$ | 100,000 | 4.46%, 07/23/22 | $ | 104,059 | ||||
100,000 | 4.91%, 07/23/25 | 113,798 | ||||||
100,000 | 5.05%, 03/30/29 | 115,973 | ||||||
75,000 | 5.38%, 04/01/38 | 89,427 | ||||||
50,000 | Chevron Corp. 2.90%, 03/03/24 | 53,247 | ||||||
50,000 | Chevron USA, Inc. 6.00%, 03/01/41 | 70,596 | ||||||
75,000 | DH Europe Finance II Sarl 2.60%, 11/15/29 | 77,321 | ||||||
50,000 | Discover Financial Services 4.10%, 02/09/27 | 55,887 | ||||||
50,000 | Dow Chemical Co. 9.40%, 05/15/39 | 85,527 | ||||||
50,000 | DuPont de Nemours, Inc. 5.32%, 11/15/38 | 63,431 | ||||||
40,000 | Enterprise Products Operating LLC 5.95%, 02/01/41 | 52,962 | ||||||
Exelon Generation Co. LLC | ||||||||
75,000 | 3.25%, 06/01/25 | 80,697 | ||||||
50,000 | 6.25%, 10/01/39 | 59,509 | ||||||
Exxon Mobil Corp. | ||||||||
100,000 | 1.57%, 04/15/23 | 102,538 | ||||||
150,000 | 2.99%, 03/19/25 | 161,582 | ||||||
50,000 | 3.48%, 03/19/30 | 54,778 | ||||||
50,000 | GE Capital Funding LLC 144A 4.40%, 05/15/30 | 56,918 | ||||||
General Electric Co. | ||||||||
150,000 | 4.50%, 03/11/44 | 170,973 | ||||||
125,000 | 6.88%, 01/10/39 | 179,963 | ||||||
75,000 | GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 | 84,828 | ||||||
HCA, Inc. | ||||||||
75,000 | 4.13%, 06/15/29 | 83,443 | ||||||
100,000 | 5.00%, 03/15/24 | 111,444 | ||||||
75,000 | 5.25%, 04/15/25 | 86,274 | ||||||
125,000 | 5.50%, 06/15/47 | 157,075 | ||||||
50,000 | Home Depot, Inc. 3.75%, 02/15/24 | 54,332 | ||||||
75,000 | Kinder Morgan Energy Partners LP 6.95%, 01/15/38 | 102,380 | ||||||
50,000 | KKR Group Finance Co III LLC 144A 5.13%, 06/01/44 | 62,514 | ||||||
50,000 | Marathon Petroleum Corp. 6.50%, 03/01/41 | 66,442 | ||||||
McDonald’s Corp. | ||||||||
50,000 | 4.70%, 12/09/35 | 60,242 | ||||||
50,000 | 6.30%, 10/15/37 | 70,434 | ||||||
Microsoft Corp. | ||||||||
110,000 | 2.70%, 02/12/25 | 118,141 | ||||||
50,000 | 2.88%, 02/06/24 | 53,245 | ||||||
100,000 | 3.30%, 02/06/27 | 111,013 | ||||||
50,000 | Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 | 52,039 | ||||||
25,000 | Mondelez International, Inc. 2.75%, 04/13/30 | 25,851 |
See Notes to Financial Statements
92 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 50,000 | ONEOK, Inc. 5.20%, 07/15/48 | $ | 57,289 | ||||
Oracle Corp. | ||||||||
50,000 | 2.95%, 04/01/30 | 51,801 | ||||||
75,000 | 3.85%, 07/15/36 | 80,565 | ||||||
100,000 | 4.13%, 05/15/45 | 106,539 | ||||||
50,000 | 4.30%, 07/08/34 | 56,729 | ||||||
75,000 | 5.38%, 07/15/40 | 93,628 | ||||||
50,000 | 6.50%, 04/15/38 | 69,200 | ||||||
100,000 | PepsiCo, Inc. 2.75%, 04/30/25 | 107,572 | ||||||
75,000 | Phillips 66 4.65%, 11/15/34 | 87,711 | ||||||
100,000 | Prudential Financial, Inc. 5.38% (ICE LIBOR USD 3 Month+3.03%), 05/15/45 | 110,262 | ||||||
Synchrony Financial | ||||||||
50,000 | 4.25%, 08/15/24 | 54,634 | ||||||
75,000 | 4.50%, 07/23/25 | 83,743 | ||||||
Sysco Corp. | ||||||||
50,000 | 3.30%, 07/15/26 | 54,325 | ||||||
100,000 | 6.60%, 04/01/40 | 142,039 | ||||||
Thermo Fisher Scientific, Inc. | ||||||||
50,000 | 2.95%, 09/19/26 | 54,010 | ||||||
100,000 | 4.50%, 03/25/30 | 117,286 | ||||||
Time Warner Cable LLC | ||||||||
100,000 | 6.55%, 05/01/37 | 132,968 | ||||||
75,000 | 6.75%, 06/15/39 | 102,392 | ||||||
75,000 | Time Warner Entertainment Co. LP 8.38%, 03/15/23 | 85,649 | ||||||
T-Mobile USA, Inc. 144A | ||||||||
50,000 | 3.50%, 04/15/25 | 54,282 | ||||||
150,000 | 3.75%, 04/15/27 | 165,415 | ||||||
200,000 | 3.88%, 04/15/30 | 218,110 | ||||||
75,000 | Valero Energy Corp. 7.50%, 04/15/32 | 101,852 | ||||||
Verizon Communications, Inc. | ||||||||
50,000 | 3.38%, 02/15/25 | 54,575 |
Principal Amount | Value | |||||||
United States: (continued) | ||||||||
$ | 150,000 | 4.02%, 12/03/29 | $ | 169,761 | ||||
125,000 | 4.13%, 03/16/27 | 142,673 | ||||||
100,000 | 5.15%, 09/15/23 | 110,781 | ||||||
ViacomCBS, Inc. | ||||||||
25,000 | 6.88%, 04/30/36 | 34,727 | ||||||
25,000 | 7.88%, 07/30/30 | 35,014 | ||||||
Walmart, Inc. | ||||||||
50,000 | 2.85%, 07/08/24 | 53,721 | ||||||
50,000 | 3.30%, 04/22/24 | 53,959 | ||||||
100,000 | Wells Fargo & Co 4.90%, 11/17/45 | 122,425 | ||||||
150,000 | Wells Fargo & Co. 5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51 | 195,094 | ||||||
50,000 | Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 | 57,576 | ||||||
8,829,974 | ||||||||
Total Corporate Bonds (Cost: $14,843,453) | 14,594,926 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% (Cost: $106,163) | ||||||||
Money Market Fund: 0.7% | ||||||||
106,163 | State Street Navigator Securities Lending Government Money Market Portfolio | 106,163 | ||||||
Total Investments: 99.7% (Cost: $14,949,616) | 14,701,089 | |||||||
Other assets less liabilities: 0.3% | 47,036 | |||||||
NET ASSETS: 100.0% | $ | 14,748,125 |
See Notes to Financial Statements
93 |
VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
USD | United States Dollar |
Footnotes:
(o) | Perpetual Maturity — the date shown is the next call date |
† | Security fully or partially on loan. Total market value of securities on loan is $100,819. |
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 to $4,044,497, or 27.4% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 1.7 | % | $ | 253,770 | ||||
Consumer Cyclicals | 5.4 | 788,777 | ||||||
Consumer Non-Cyclicals | 12.3 | 1,793,079 | ||||||
Energy | 14.5 | 2,111,509 | ||||||
Financials | 38.1 | 5,560,026 | ||||||
Healthcare | 4.5 | 663,410 | ||||||
Industrials | 1.7 | 241,157 | ||||||
Real Estate | 0.6 | 84,828 | ||||||
Technology | 19.8 | 2,887,043 | ||||||
Utilities | 1.4 | 211,327 | ||||||
100.0 | % | $ | 14,594,926 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Corporate Bonds* | $ | — | $ | 14,594,926 | $ | — | $ | 14,594,926 | |||||||||
Money Market Fund | 106,163 | — | — | 106,163 | |||||||||||||
Total | $ | 106,163 | $ | 14,594,926 | $ | — | $ | 14,701,089 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
94 |
VANECK VECTORS MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Number of Shares | Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Real Estate Investment Trusts: 100.0% | ||||||||
1,924,853 | AGNC Investment Corp. | $ | 34,512,614 | |||||
5,004,489 | Annaly Capital Management, Inc. | 45,440,760 | ||||||
776,300 | Apollo Commercial Real Estate Finance, Inc. | 11,807,523 | ||||||
810,631 | Arbor Realty Trust, Inc. | 14,331,956 | ||||||
288,911 | Ares Commercial Real Estate Corp. | 4,264,326 | ||||||
412,611 | ARMOUR Residential REIT, Inc. † | 5,128,755 | ||||||
519,912 | Blackstone Mortgage Trust, Inc. † | 16,891,941 | ||||||
781,120 | Broadmark Realty Capital, Inc. | 8,420,474 | ||||||
1,063,465 | Chimera Investment Corp. | 13,973,930 | ||||||
588,296 | Colony Credit Real Estate, Inc. | 5,112,292 | ||||||
209,975 | Dynex Capital, Inc. | 4,241,495 | ||||||
287,900 | Ellington Financial, Inc. | 5,164,926 | ||||||
254,801 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 13,351,572 | ||||||
1,517,837 | Invesco Mortgage Capital, Inc. † | 5,919,564 | ||||||
147,247 | KKR Real Estate Finance Trust, Inc. | 3,106,912 | ||||||
855,641 | Ladder Capital Corp. | 10,173,572 | ||||||
2,547,980 | MFA Financial, Inc. | 11,211,112 | ||||||
1,684,542 | New Residential Investment Corp. | 18,058,290 | ||||||
2,495,253 | New York Mortgage Trust, Inc. | 11,453,211 | ||||||
741,063 | Orchid Island Capital, Inc. † | 4,075,847 | ||||||
560,179 | PennyMac Mortgage Investment Trust | 11,231,589 | ||||||
389,135 | Ready Capital Corp. | 5,646,349 | ||||||
536,059 | Redwood Trust, Inc. | 5,955,616 | ||||||
1,045,793 | Starwood Property Trust, Inc. † | 27,002,375 | ||||||
1,763,934 | Two Harbors Investment Corp. | 13,758,685 | ||||||
Total Common Stocks (Cost: $271,001,745) | 310,235,686 |
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $5,860,627) | ||||||||
Money Market Fund: 1.9% | ||||||||
5,860,627 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 5,860,627 | |||||
Total Investments: 101.9% (Cost: $276,862,372) | 316,096,313 | |||||||
Liabilities in excess of other assets: (1.9)% | (5,812,139 | ) | ||||||
NET ASSETS: 100.0% | $ | 310,284,174 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $50,187,067. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 100.0 | % | $ | 310,235,686 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
Common Stocks* | $ | 310,235,686 | $ | — | $ | — | $ | 310,235,686 | ||||||||||
Money Market Fund | 5,860,627 | — | — | 5,860,627 | ||||||||||||||
Total | $ | 316,096,313 | $ | — | $ | — | $ | 316,096,313 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
95 |
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Number of Shares | Value | |||||||
PREFERRED SECURITIES: 100.5% | ||||||||
Basic Materials: 3.2% | ||||||||
437,679 | ArcelorMittal SA 5.50%, 05/18/23 | $ | 30,121,069 | |||||
Consumer Cyclicals: 7.0% | ||||||||
125,425 | Aptiv Plc 5.50%, 06/15/23 | 20,481,902 | ||||||
Ford Motor Co. | ||||||||
349,010 | 6.00%, 12/01/59 | 9,213,864 | ||||||
327,196 | 6.20%, 06/01/59 | 8,696,870 | ||||||
136,334 | Qurate Retail, Inc. 8.00%, 03/15/31 | 14,260,536 | ||||||
218,240 | QVC, Inc. 6.25%, 11/26/68 | 5,567,302 | ||||||
109,065 | ViacomCBS, Inc. 5.75%, 04/01/24 | 7,911,575 | ||||||
66,132,049 | ||||||||
Consumer Non-Cyclicals: 3.9% | ||||||||
CHS, Inc. | ||||||||
214,859 | 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 | 5,919,365 | ||||||
183,230 | 7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 † | 5,046,154 | ||||||
225,766 | 7.50%, 01/21/25 | 6,438,846 | ||||||
226,470 | 7.88%, 09/26/23 † | 6,440,807 | ||||||
133,845 | 8.00%, 07/18/23 † | 3,987,243 | ||||||
179,958 | International Flavors & Fragrances, Inc. 6.00%, 09/15/21 | 8,916,919 | ||||||
36,749,334 | ||||||||
Energy: 3.9% | ||||||||
328,807 | Blueknight Energy Partners LP 11.00%, Perpetual Maturity † | 2,630,456 | ||||||
261,757 | Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 † | 6,936,560 | ||||||
Energy Transfer LP | ||||||||
193,551 | 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 | 4,651,031 | ||||||
349,010 | 7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 † | 8,473,963 | ||||||
187,802 | 7.63% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 4,556,077 | ||||||
137,266 | NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 | 1,978,003 | ||||||
167,961 | NuStar Energy LP 7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 | 3,493,589 | ||||||
175,595 | NuStar Logistics LP 6.92% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 | 4,245,887 | ||||||
36,965,566 | ||||||||
Financials: 6.9% | ||||||||
Aspen Insurance Holdings Ltd. | ||||||||
109,065 | 5.63%, 10/01/24 | 2,836,781 | ||||||
109,065 | 5.63%, 01/01/27 † | 2,884,769 | ||||||
119,972 | 5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 † | 3,245,243 | ||||||
239,944 | Axis Capital Holdings Ltd. | |||||||
5.50%, 11/07/21 | 6,106,575 |
Number of Shares | Value | |||||||
Financials: (continued) | ||||||||
777,173 | Crestwood Equity Partners LP 9.25%, Perpetual Maturity | $ | 7,025,644 | |||||
109,065 | National Rural Utilities Cooperative Finance Corp. 5.50%, 05/15/64 † | 2,894,585 | ||||||
131,115 | PartnerRe Ltd. 7.25%, 05/03/21 | 3,317,210 | ||||||
Qwest Corp. | ||||||||
426,446 | 6.50%, 09/01/56 † | 10,882,902 | ||||||
287,933 | 6.75%, 06/15/57 † | 7,529,448 | ||||||
Reinsurance Group of America, Inc. | ||||||||
174,505 | 5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/56 † | 4,915,806 | ||||||
174,505 | 6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/42 † | 4,624,382 | ||||||
RenaissanceRe Holdings Ltd. | ||||||||
119,972 | 5.38%, 05/31/21 † | 3,048,489 | ||||||
109,065 | 5.75%, 06/30/23 † | 3,025,463 | ||||||
141,785 | SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † | 3,558,803 | ||||||
65,896,100 | ||||||||
Healthcare: 6.2% | ||||||||
225,766 | Avantor, Inc. 6.25%, 05/15/22 | 22,314,711 | ||||||
327,196 | Becton Dickinson and Co. 6.00%, 06/01/23 † | 18,071,035 | ||||||
109,747 | Boston Scientific Corp. 5.50%, 06/01/23 | 12,904,052 | ||||||
119,972 | Elanco Animal Health, Inc. 5.00%, 02/01/23 † | 5,707,068 | ||||||
58,996,866 | ||||||||
Industrials: 3.1% | ||||||||
162,508 | GFL Environmental, Inc. 6.00%, 03/15/23 | 12,443,238 | ||||||
81,799 | Stanley Black & Decker, Inc. 5.25%, 11/15/22 † | 9,980,296 | ||||||
235,707 | WESCO International, Inc. 10.63% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 | 7,481,340 | ||||||
29,904,874 | ||||||||
Real Estate: 17.1% | ||||||||
AGNC Investment Corp. | ||||||||
250,851 | 6.13% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 | 6,025,441 | ||||||
175,595 | 6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 4,395,143 | ||||||
141,785 | 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 | 3,648,128 | ||||||
117,245 | American Homes 4 Rent 6.50%, 06/01/21 | 2,961,609 | ||||||
Annaly Capital Management, Inc. | ||||||||
185,411 | 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 † | 4,648,254 | ||||||
193,046 | 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 4,996,030 | ||||||
314,109 | 6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 7,953,240 |
See Notes to Financial Statements
96 |
Number of Shares | Value | |||||||
Real Estate: (continued) | ||||||||
109,065 | Brookfield Property REIT, Inc. 6.38%, 06/01/21 | $ | 2,735,350 | |||||
112,654 | Capstead Mortgage Corp. 7.50%, 06/01/21 † | 2,838,881 | ||||||
Chimera Investment Corp. | ||||||||
113,428 | 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | 2,734,749 | ||||||
141,785 | 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | 3,516,268 | ||||||
Colony Capital, Inc. | ||||||||
137,423 | 7.13%, 09/22/22 | 3,428,704 | ||||||
125,425 | 7.13%, 06/01/21 | 3,114,303 | ||||||
150,510 | 7.15%, 06/05/22 † | 3,783,821 | ||||||
150,510 | Digital Realty Trust, Inc. 5.20%, 10/10/24 | 4,101,397 | ||||||
Diversified Healthcare Trust | ||||||||
152,692 | 5.63%, 08/01/42 † | 3,481,378 | ||||||
109,065 | 6.25%, 02/01/46 † | 2,662,277 | ||||||
125,425 | Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 | 3,013,963 | ||||||
115,391 | Kimco Realty Corp. 5.25%, 12/20/22 | 3,074,016 | ||||||
119,972 | MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 | 2,742,560 | ||||||
221,403 | Monmouth Real Estate Investment Corp. 6.13%, 09/15/21 | 5,656,847 | ||||||
150,510 | National Retail Properties, Inc. 5.20%, 10/11/21 | 3,883,158 | ||||||
New Residential Investment Corp. | ||||||||
175,595 | 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 † | 3,998,298 | ||||||
123,244 | 7.13% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 2,998,527 | ||||||
135,241 | Office Properties Income Trust 5.88%, 05/01/46 † | 3,401,311 | ||||||
141,785 | PS Business Parks, Inc. 4.88%, 11/04/24 † | 3,829,613 | ||||||
Public Storage | ||||||||
123,244 | 3.88%, 10/06/25 † | 3,118,073 | ||||||
246,488 | 4.63%, 06/17/25 | 6,603,414 | ||||||
112,883 | 4.70%, 11/15/24 † | 3,091,865 | ||||||
137,968 | 4.88%, 09/12/24 † | 3,802,398 | ||||||
152,692 | 4.90%, 10/14/21 | 3,939,454 | ||||||
141,785 | 4.95%, 07/20/21 | 3,597,085 | ||||||
130,879 | 5.05%, 08/09/22 † | 3,466,985 | ||||||
122,153 | 5.15%, 06/02/22 † | 3,256,599 | ||||||
124,335 | 5.60%, 03/11/24 † | 3,521,167 | ||||||
140,471 | RLJ Lodging Trust 1.95%, Perpetual Maturity | 3,916,331 | ||||||
Two Harbors Investment Corp. | ||||||||
128,697 | 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 | 3,138,920 | ||||||
125,425 | 7.63% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 | 3,118,066 | ||||||
162,194 | VEREIT, Inc. 6.70%, 06/01/21 | 4,118,106 |
Number of Shares | Value | |||||||
Real Estate: (continued) | ||||||||
Vornado Realty Trust | ||||||||
139,386 | 5.25%, 12/13/22 | $ | 3,675,609 | |||||
130,879 | 5.25%, 11/24/25 † | 3,480,073 | ||||||
130,879 | 5.40%, 06/01/21 | 3,370,134 | ||||||
130,879 | 5.70%, 06/01/21 | 3,353,120 | ||||||
162,190,665 | ||||||||
Technology: 10.5% | ||||||||
AT&T, Inc. | ||||||||
763,458 | 4.75%, 02/18/25 † | 19,414,737 | ||||||
523,514 | 5.00%, 12/12/24 † | 13,752,713 | ||||||
576,956 | 5.35%, 11/01/66 † | 15,225,869 | ||||||
359,916 | 5.63%, 08/01/67 | 9,717,732 | ||||||
185,411 | Pitney Bowes, Inc. 6.70%, 03/07/43 † | 4,626,004 | ||||||
36,428 | Sabre Corp. 6.50%, 09/01/23 | 6,897,642 | ||||||
Telephone & Data Systems, Inc. | ||||||||
183,230 | 6.63%, 03/31/26 | 5,047,986 | ||||||
130,879 | 7.00%, 03/15/60 † | 3,303,386 | ||||||
United States Cellular Corp. | ||||||||
218,131 | 5.50%, 03/01/70 | 5,579,791 | ||||||
218,131 | 6.25%, 09/01/69 | 5,780,471 | ||||||
149,202 | 6.95%, 05/15/60 † | 3,819,571 | ||||||
119,972 | 7.25%, 12/01/63 † | 3,037,691 | ||||||
130,879 | 7.25%, 12/01/64 † | 3,351,811 | ||||||
99,555,404 | ||||||||
Utilities: 38.7% | ||||||||
113,761 | AES Corp. 6.88%, 02/15/24 | 12,398,811 | ||||||
109,065 | Alabama Power Co. 5.00%, 10/01/22 † | 2,898,948 | ||||||
Algonquin Power & Utilities Corp. | ||||||||
152,692 | 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 | 4,232,622 | ||||||
125,425 | 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 | 3,461,730 | ||||||
American Electric Power Co., Inc. | ||||||||
175,595 | 6.13%, 03/15/22 | 8,813,113 | ||||||
185,411 | 6.13%, 08/15/23 | 9,528,271 | ||||||
152,692 | Brookfield BRP Holdings Canada, Inc. 4.63%, 04/30/26 | 3,756,223 | ||||||
213,223 | CenterPoint Energy, Inc. 7.00%, 09/01/21 † | 9,490,556 | ||||||
CMS Energy Corp. | ||||||||
122,153 | 5.88%, 10/15/78 † | 3,335,998 | ||||||
274,845 | 5.88%, 03/01/79 † | 7,566,483 | ||||||
Dominion Energy, Inc. | ||||||||
349,010 | 5.25%, 07/30/76 | 8,833,443 | ||||||
175,595 | 7.25%, 06/01/22 | 18,112,624 | ||||||
DTE Energy Co. | ||||||||
174,505 | 5.25%, 12/01/77 | 4,563,306 | ||||||
130,879 | 5.38%, 06/01/76 † | 3,311,239 | ||||||
122,153 | 6.00%, 12/15/76 | 3,197,966 | ||||||
283,570 | 6.25%, 11/01/22 | 14,388,342 | ||||||
Duke Energy Corp. | ||||||||
218,131 | 5.13%, 01/15/73 † | 5,669,225 | ||||||
218,131 | 5.63%, 09/15/78 † | 5,869,905 | ||||||
436,262 | 5.75%, 06/15/24 † | 12,210,973 |
See Notes to Financial Statements
97 |
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||||
Utilities: (continued) | ||||||||
178,867 | Entergy Arkansas, LLC 4.88%, 09/01/66 | $ | 4,557,531 | |||||
117,791 | Entergy Louisiana, LLC 4.88%, 09/01/66 † | 3,002,493 | ||||||
113,428 | Entergy Mississippi, LLC 4.90%, 10/01/66 † | 2,926,442 | ||||||
84,102 | Essential Utilities, Inc. 6.00%, 04/30/22 | 4,971,269 | ||||||
117,791 | Georgia Power Co. 5.00%, 10/01/77 † | 3,094,370 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
248,669 | 5.25%, 06/01/76 | 6,298,786 | ||||||
299,930 | 5.65%, 03/01/79 † | 8,479,021 | ||||||
NextEra Energy, Inc. | ||||||||
327,196 | 4.87%, 09/01/22 | 19,088,615 | ||||||
545,327 | 5.28%, 03/01/23 | 27,468,121 | ||||||
436,262 | 6.22%, 09/01/23 | 22,018,143 | ||||||
NiSource, Inc. | ||||||||
218,131 | 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 | 5,998,602 | ||||||
81,799 | 7.75%, 03/01/24 | 8,759,855 | ||||||
174,505 | PG&E Corp. 5.50%, 08/16/23 | 19,263,607 | ||||||
196,318 | PPL Capital Funding, Inc. 5.90%, 04/30/73 † | 5,006,109 | ||||||
119,972 | SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † | 3,047,289 | ||||||
130,879 | SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 | 3,338,723 | ||||||
207,224 | SCE Trust VI 5.00%, 06/26/22 † | 5,108,072 |
Number of Shares | Value | |||||||
Utilities: (continued) | ||||||||
330,468 | Sempra Energy 5.75%, 07/01/79 | $ | 9,048,214 | |||||
73,074 | South Jersey Industries, Inc. 8.75%, 04/01/24 | 3,872,191 | ||||||
Southern Co. | ||||||||
327,196 | 4.20%, 10/15/60 † | 8,232,251 | ||||||
436,262 | 4.95%, 01/30/80 † | 11,587,119 | ||||||
349,010 | 5.25%, 10/01/76 | 8,924,186 | ||||||
196,318 | 5.25%, 12/01/77 † | 5,243,654 | ||||||
376,276 | 6.75%, 08/01/22 | 19,716,862 | ||||||
109,065 | Spire, Inc. 5.90%, 08/15/24 † | 3,022,191 | ||||||
111,887 | Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 | 2,896,754 | ||||||
366,610,248 | ||||||||
Total Preferred Securities (Cost: $886,380,735) | 953,122,175 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6% (Cost: $14,817,293) | ||||||||
Money Market Fund: 1.6% | ||||||||
14,817,293 | State Street Navigator Securities Lending Government Money Market Portfolio | 14,817,293 | ||||||
Total Investments: 102.1% (Cost: $901,198,028) | 967,939,468 | |||||||
Liabilities in excess of other assets: (2.1)% | (20,044,276 | ) | ||||||
NET ASSETS: 100.0% | $ | 947,895,192 |
See Notes to Financial Statements
98 |
Definitions:
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $43,212,661. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 3.2 | % | $ | 30,121,069 | ||||
Consumer Cyclicals | 6.9 | 66,132,049 | ||||||
Consumer Non-Cyclicals | 3.9 | 36,749,334 | ||||||
Energy | 3.9 | 36,965,566 | ||||||
Financials | 6.9 | 65,896,100 | ||||||
Healthcare | 6.2 | 58,996,866 | ||||||
Industrials | 3.1 | 29,904,874 | ||||||
Real Estate | 17.0 | 162,190,665 | ||||||
Technology | 10.4 | 99,555,404 | ||||||
Utilities | 38.5 | 366,610,248 | ||||||
100.0 | % | $ | 953,122,175 |
The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
Preferred Securities* | $ | 953,122,175 | $ | — | $ | — | $ | 953,122,175 | ||||||||||
Money Market Fund | 14,817,293 | — | — | 14,817,293 | ||||||||||||||
Total | $ | 967,939,468 | $ | — | $ | — | $ | 967,939,468 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
99 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2021
BDC Income ETF | ChinaAMC China Bond ETF | Emerging Markets Aggregate Bond ETF | Emerging Markets High Yield Bond ETF | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Investments, at value | |||||||||||||||||||||
Unaffiliated issuers (1) (2) | $ | 411,780,495 | $ | 90,575,635 | $ | 15,307,003 | $ | 771,248,638 | |||||||||||||
Short-term investments held as collateral for securities loaned (3) | 31,604,946 | — | 55,227 | 14,533,630 | |||||||||||||||||
Cash | 38 | — | 32,827 | 10,875,360 | |||||||||||||||||
Cash denominated in foreign currency, at value (4) | — | 11,468,475 | (a) | 91,260 | — | ||||||||||||||||
Receivables: | |||||||||||||||||||||
Investment securities sold | — | — | — | 16,231,788 | |||||||||||||||||
Shares of beneficial interest sold | 13,833,571 | 5,320 | — | — | |||||||||||||||||
Due from Adviser | — | — | 7,996 | — | |||||||||||||||||
Due from custodian | — | 79,000 | — | — | |||||||||||||||||
Dividends and interest | 775,393 | 1,526,078 | 226,626 | 10,868,645 | |||||||||||||||||
Prepaid expenses | — | 312 | — | — | |||||||||||||||||
Total assets | 457,994,443 | 103,654,820 | 15,720,939 | 823,758,061 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Payables: | |||||||||||||||||||||
Investment securities purchased | 13,834,025 | — | — | 24,456,589 | |||||||||||||||||
Collateral for securities loaned | 31,604,946 | — | 55,227 | 14,533,630 | |||||||||||||||||
Line of credit | 403,824 | — | — | — | |||||||||||||||||
Shares of beneficial interest redeemed | — | — | — | — | |||||||||||||||||
Due to Adviser | 114,366 | 25,476 | — | 219,502 | |||||||||||||||||
Due to custodian | — | 55,169 | — | — | |||||||||||||||||
Deferred Trustee fees | 9,396 | 808 | 1,999 | 40,196 | |||||||||||||||||
Accrued expenses | 67,593 | 70,015 | 89,606 | 101,094 | |||||||||||||||||
Total liabilities | 46,034,150 | 151,468 | 146,832 | 39,351,011 | |||||||||||||||||
NET ASSETS | $ | 411,960,293 | $ | 103,503,352 | $ | 15,574,107 | $ | 784,407,050 | |||||||||||||
Shares outstanding | 24,575,000 | 4,300,000 | 750,000 | 33,200,000 | |||||||||||||||||
Net asset value, redemption and offering price per share | $ | 16.76 | $ | 24.07 | $ | 20.77 | $ | 23.63 | |||||||||||||
Net Assets consist of: | |||||||||||||||||||||
Aggregate paid in capital | $ | 423,660,689 | $ | 101,839,884 | $ | 17,438,095 | $ | 830,379,244 | |||||||||||||
Total distributable earnings (loss) | (11,700,396 | ) | 1,663,468 | (1,863,988 | ) | (45,972,194 | ) | ||||||||||||||
NET ASSETS | $ | 411,960,293 | $ | 103,503,352 | $ | 15,574,107 | $ | 784,407,050 | |||||||||||||
(1) | Value of securities on loan | $ | 44,959,053 | $ | — | $ | 241,488 | $ | 32,047,729 | ||||||||||||
(2) | Cost of investments – Unaffiliated issuers | $ | 363,391,579 | $ | 89,110,200 | $ | 15,168,535 | $ | 761,980,798 | ||||||||||||
(3) | Cost of short-term investments held as collateral for securities loaned | $ | 31,604,946 | $ | — | $ | 55,227 | $ | 14,533,630 | ||||||||||||
(4) | Cost of cash denominated in foreign currency | $ | — | $ | 11,444,572 | $ | 93,033 | $ | — |
(a) | Includes $93,838 of foreign investor minimum settlement reserve funds (See Note 2G) |
See Notes to Financial Statements
100 |
Fallen Angel High Yield Bond ETF | Green Bond ETF | International High Yield Bond ETF | Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||||||||||||||
$ | 4,851,005,554 | $ | 83,261,057 | $ | 99,088,098 | $ | 558,942,478 | $ | 3,305,881,605 | $ | 9,790,282 | $ | 14,594,926 | ||||||||||||||||||||
66,462,727 | 107,102 | 2,171,152 | 2,107,752 | — | 106,163 | 106,163 | |||||||||||||||||||||||||||
24,275,117 | 954,345 | 400,913 | 588,000 | 1,320,314 | 24,645 | 107,495 | |||||||||||||||||||||||||||
— | — | 546,111 | — | 2,051,764 | — | — | |||||||||||||||||||||||||||
63,314,522 | 2,465,109 | 2,104,885 | 92,057,415 | 84,108,605 | 1,061,847 | 1,407,845 | |||||||||||||||||||||||||||
46,681,048 | — | — | — | — | — | — | |||||||||||||||||||||||||||
— | 3,107 | — | — | — | — | — | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
58,992,311 | 540,006 | 1,380,551 | 682,917 | 63,065,916 | 99,886 | 128,722 | |||||||||||||||||||||||||||
— | — | — | — | 20,895 | — | — | |||||||||||||||||||||||||||
5,110,731,279 | 87,330,726 | 105,691,710 | 654,378,562 | 3,456,449,099 | 11,082,823 | 16,345,151 | |||||||||||||||||||||||||||
98,478,889 | 2,951,989 | 3,108,873 | 92,319,867 | 73,364,757 | 1,081,741 | 1,488,495 | |||||||||||||||||||||||||||
66,462,727 | 107,102 | 2,171,152 | 2,107,752 | — | 106,163 | 106,163 | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
28,980,747 | — | — | — | — | — | — | |||||||||||||||||||||||||||
1,107,674 | — | 20,873 | 39,795 | 855,731 | 1,987 | 2,368 | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
67,963 | 1,073 | 33,385 | 21,618 | 243,575 | — | — | |||||||||||||||||||||||||||
217,045 | 71,973 | 84,236 | 80,867 | 2,114,386 | — | — | |||||||||||||||||||||||||||
195,315,045 | 3,132,137 | 5,418,519 | 94,569,899 | 76,578,449 | 1,189,891 | 1,597,026 | |||||||||||||||||||||||||||
$ | 4,915,416,234 | $ | 84,198,589 | $ | 100,273,191 | $ | 559,808,663 | $ | 3,379,870,650 | $ | 9,892,932 | $ | 14,748,125 | ||||||||||||||||||||
152,650,000 | 3,100,000 | 3,900,000 | 22,100,000 | 108,522,682 | 400,000 | 600,000 | |||||||||||||||||||||||||||
$ | 32.20 | $ | 27.16 | $ | 25.71 | $ | 25.33 | $ | 31.14 | $ | 24.73 | $ | 24.58 | ||||||||||||||||||||
$ | 4,739,186,310 | $ | 84,162,816 | $ | 107,214,778 | $ | 558,120,392 | $ | 3,795,613,139 | $ | 10,000,000 | $ | 15,000,000 | ||||||||||||||||||||
176,229,924 | 35,773 | (6,941,587 | ) | 1,688,271 | (415,742,489 | ) | (107,068 | ) | (251,875 | ) | |||||||||||||||||||||||
$ | 4,915,416,234 | $ | 84,198,589 | $ | 100,273,191 | $ | 559,808,663 | $ | 3,379,870,650 | $ | 9,892,932 | $ | 14,748,125 | ||||||||||||||||||||
$ | 124,439,962 | $ | 1,815,563 | $ | 4,162,767 | $ | 6,772,080 | $ | — | $ | 100,819 | $ | 100,819 | ||||||||||||||||||||
$ | 4,538,608,305 | $ | 83,136,628 | $ | 94,914,339 | $ | 556,196,160 | $ | 3,425,440,114 | $ | 9,893,763 | $ | 14,843,453 | ||||||||||||||||||||
$ | 66,462,727 | $ | 107,102 | $ | 2,171,152 | $ | 2,107,752 | $ | — | $ | 106,163 | $ | 106,163 | ||||||||||||||||||||
$ | — | $ | — | $ | 542,351 | $ | — | $ | 2,047,580 | $ | — | $ | — |
See Notes to Financial Statements
101 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
(continued)
Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | ||||||||||
Assets: | |||||||||||
Investments, at value | |||||||||||
Unaffiliated issuers (1) (2) | $ | 310,235,686 | $ | 953,122,175 | |||||||
Short-term investments held as collateral for securities loaned (3) | 5,860,627 | 14,817,293 | |||||||||
Cash | 14 | 36,793 | |||||||||
Receivables: | |||||||||||
Investment securities sold | — | 18,073,226 | |||||||||
Shares of beneficial interest sold | — | 1,056,019 | |||||||||
Dividends and interest | 410,280 | 2,281,166 | |||||||||
Total assets | 316,506,607 | 989,386,672 | |||||||||
Liabilities: | |||||||||||
Payables: | |||||||||||
Investment securities purchased | — | 18,623,559 | |||||||||
Collateral for securities loaned | 5,860,627 | 14,817,293 | |||||||||
Line of credit | 202,954 | 7,664,737 | |||||||||
Due to Adviser | 65,722 | 267,350 | |||||||||
Deferred Trustee fees | 16,359 | 36,282 | |||||||||
Accrued expenses | 76,771 | 82,259 | |||||||||
Total liabilities | 6,222,433 | 41,491,480 | |||||||||
NET ASSETS | $ | 310,284,174 | $ | 947,895,192 | |||||||
Shares outstanding | 15,950,000 | 45,200,000 | |||||||||
Net asset value, redemption and offering price per share | $ | 19.45 | $ | 20.97 | |||||||
Net Assets consist of: | |||||||||||
Aggregate paid in capital | $ | 346,875,055 | $ | 933,324,975 | |||||||
Total distributable earnings (loss) | (36,590,881 | ) | 14,570,217 | ||||||||
NET ASSETS | $ | 310,284,174 | $ | 947,895,192 | |||||||
(1) | Value of securities on loan | $ | 50,187,067 | $ | 43,212,661 | ||||||
(2) | Cost of investments – Unaffiliated issuers | $ | 271,001,745 | $ | 886,380,735 | ||||||
(3) | Cost of short-term investments held as collateral for securities loaned | $ | 5,860,627 | $ | 14,817,293 |
See Notes to Financial Statements
102 |
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VANECK VECTORS ETF TRUST
For the Year Ended April 30, 2021
BDC Income ETF | ChinaAMC China Bond ETF | Emerging Markets Aggregate Bond ETF | Emerging Markets High Yield Bond ETF | |||||||||||||||||
Income: | ||||||||||||||||||||
Interest | $ | 311 | $ | 1,449,833 | $ | 728,345 | $ | 29,414,168 | ||||||||||||
Dividends | 27,442,860 | — | — | — | ||||||||||||||||
Securities lending income | 1,025,466 | — | 446 | 50,661 | ||||||||||||||||
Foreign taxes withheld | — | (1,066 | ) | (5,223 | ) | (5,169 | ) | |||||||||||||
Total income | 28,468,637 | 1,448,767 | 723,568 | 29,459,660 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 1,035,972 | 160,811 | 55,096 | 1,965,965 | ||||||||||||||||
Professional fees | 68,256 | 60,726 | 70,203 | 74,065 | ||||||||||||||||
Custody and accounting fees | 18,039 | 23,653 | 43,685 | 75,120 | ||||||||||||||||
Reports to shareholders | 23,947 | 2,541 | 901 | 31,926 | ||||||||||||||||
IOPV fees | 523 | 13,849 | 13,849 | 8,470 | ||||||||||||||||
Trustees’ fees and expenses | 9,796 | 1,774 | 1,211 | 16,136 | ||||||||||||||||
Registration fees | 7,029 | 7,009 | 7,020 | 7,080 | ||||||||||||||||
Insurance | 7,910 | 1,697 | 2,130 | 12,323 | ||||||||||||||||
Interest | 13,197 | 1,153 | 136 | 274 | ||||||||||||||||
Other | 4,699 | 1,676 | 1,457 | 7,308 | ||||||||||||||||
Total expenses | 1,189,368 | 274,889 | 195,688 | 2,198,667 | ||||||||||||||||
Waiver of management fees | (138,962 | ) | (71,206 | ) | (55,096 | ) | (227,753 | ) | ||||||||||||
Expenses assumed by the Adviser | — | — | (85,362 | ) | — | |||||||||||||||
Net expenses | 1,050,406 | 203,683 | 55,230 | 1,970,914 | ||||||||||||||||
Net investment income | 27,418,231 | 1,245,084 | 668,338 | 27,488,746 | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | (20,019,047 | ) | 74,173 | (107,248) | (b) | (10,418,604 | ) | |||||||||||||
In-kind redemptions | 7,955,801 | — | — | 1,068,155 | ||||||||||||||||
Capital gain distributions received | 362,781 | — | — | — | ||||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | 184,758 | 4,067 | — | ||||||||||||||||
Net realized gain (loss) | (11,700,465 | ) | 258,931 | (103,181 | ) | (9,350,449 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | 129,739,736 | 1,639,318 | 1,074,477 | (c) | 56,587,045 | |||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | 37,404 | 7,674 | — | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 129,739,736 | 1,676,722 | 1,082,151 | 56,587,045 | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 145,457,502 | $ | 3,180,737 | $ | 1,647,308 | $ | 74,725,342 |
(a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
(b) | Net of foreign taxes of $1,141 |
(c) | Net of foreign taxes of $3,918 |
(d) | Net of foreign taxes of $534,214 |
(e) | Net of foreign taxes of $1,413,277 |
See Notes to Financial Statements
104 |
Fallen Angel High Yield Bond ETF | Green Bond ETF | International High Yield Bond ETF | Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | Moody’s Analytics BBB Corporate Bond ETF(a) | Moody’s Analytics IG Corporate Bond ETF(a) | |||||||||||||||||||||||||||
$ | 174,231,610 | $ | 1,114,375 | $ | 4,925,944 | $ | 5,037,087 | $ | 175,309,235 | $ | 97,718 | $ | 140,362 | ||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
637,888 | 2,118 | 17,243 | 11,237 | — | — | — | |||||||||||||||||||||||||||
— | (317 | ) | (48 | ) | — | (2,219,124 | ) | — | — | ||||||||||||||||||||||||
174,869,498 | 1,116,176 | 4,943,139 | 5,048,324 | 173,090,111 | 97,718 | 140,362 | |||||||||||||||||||||||||||
13,474,169 | 176,324 | 400,413 | 1,648,059 | 8,952,123 | 10,228 | 12,227 | |||||||||||||||||||||||||||
97,053 | 93,371 | 71,852 | 75,199 | 120,465 | — | — | |||||||||||||||||||||||||||
38,546 | 26,031 | 48,520 | 32,076 | 688,771 | — | — | |||||||||||||||||||||||||||
574,543 | 9,296 | 9,909 | 12,289 | 221,668 | — | — | |||||||||||||||||||||||||||
13,849 | 8,469 | 8,470 | 13,849 | 13,849 | — | — | |||||||||||||||||||||||||||
90,530 | 1,597 | 2,993 | 13,832 | 126,379 | — | — | |||||||||||||||||||||||||||
34,345 | 7,051 | 7,057 | 7,850 | 26,752 | — | — | |||||||||||||||||||||||||||
31,737 | 2,262 | 5,027 | 14,761 | 51,973 | — | — | |||||||||||||||||||||||||||
3,115 | 102 | 1,258 | 3,806 | 61,651 | — | — | |||||||||||||||||||||||||||
39,911 | 2,014 | 2,716 | 8,734 | 79,433 | — | — | |||||||||||||||||||||||||||
14,397,798 | 326,517 | 558,215 | 1,830,455 | 10,343,064 | 10,228 | 12,227 | |||||||||||||||||||||||||||
(2,573,466 | ) | (176,324 | ) | (156,488 | ) | (1,167,598 | ) | (340,005 | ) | — | — | ||||||||||||||||||||||
— | (49,026 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
11,824,332 | 101,167 | 401,727 | 662,857 | 10,003,059 | 10,228 | 12,227 | |||||||||||||||||||||||||||
163,045,166 | 1,015,009 | 4,541,412 | 4,385,467 | 163,087,052 | 87,490 | 128,135 | |||||||||||||||||||||||||||
(32,293,574 | ) | (63,236 | ) | (1,747,161 | ) | 244,199 | (158,390,128 | )(d) | (15,478 | ) | (25,943 | ) | |||||||||||||||||||||
129,581,326 | — | 580,085 | 546,152 | 9,068,916 | — | — | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
— | — | 81,460 | — | (1,230,424 | ) | — | — | ||||||||||||||||||||||||||
97,287,752 | (63,236 | ) | (1,085,616 | ) | 790,351 | (150,551,636 | ) | (15,478 | ) | (25,943 | ) | ||||||||||||||||||||||
387,013,556 | (435,542 | ) | 15,160,147 | 13,202,820 | 324,035,650 | (e) | (103,480 | ) | (248,527 | ) | |||||||||||||||||||||||
— | — | 10,281 | — | 4,970,712 | — | — | |||||||||||||||||||||||||||
387,013,556 | (435,542 | ) | 15,170,428 | 13,202,820 | 329,006,362 | (103,480 | ) | (248,527 | ) | ||||||||||||||||||||||||
$ | 647,346,474 | $ | 516,231 | $ | 18,626,224 | $ | 18,378,638 | $ | 341,541,778 | $ | (31,468 | ) | $ | (146,335 | ) |
See Notes to Financial Statements
105 |
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
(continued)
Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||
Income: | ||||||||||
Interest | $ | 157 | $ | 783 | ||||||
Dividends | 12,389,441 | 41,798,161 | ||||||||
Securities lending income | 141,339 | 454,039 | ||||||||
Foreign taxes withheld | — | (22,985 | ) | |||||||
Total income | 12,530,937 | 42,229,998 | ||||||||
Expenses: | ||||||||||
Management fees | 840,540 | 3,142,918 | ||||||||
Professional fees | 71,232 | 80,850 | ||||||||
Custody and accounting fees | 18,255 | 27,743 | ||||||||
Reports to shareholders | 53,334 | 65,912 | ||||||||
IOPV fees | 3,387 | 523 | ||||||||
Trustees’ fees and expenses | 8,360 | 21,722 | ||||||||
Registration fees | 7,206 | 8,814 | ||||||||
Insurance | 7,527 | 20,060 | ||||||||
Interest | 17,094 | 35,593 | ||||||||
Other | 4,193 | 13,592 | ||||||||
Total expenses | 1,031,128 | 3,417,727 | ||||||||
Waiver of management fees | (172,617 | ) | (237,827 | ) | ||||||
Net expenses | 858,511 | 3,179,900 | ||||||||
Net investment income | 11,672,426 | 39,050,098 | ||||||||
Net realized loss on: | ||||||||||
Investments | (28,405,183 | ) | (7,969,874 | ) | ||||||
In-kind redemptions | 10,456,006 | 2,076,491 | ||||||||
Capital gain distributions received | — | 273,378 | ||||||||
Net realized loss | (17,949,177 | ) | (5,620,005 | ) | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||
Investments | 130,769,388 | 113,139,493 | ||||||||
Net Increase in Net Assets Resulting from Operations | $ | 124,492,637 | $ | 146,569,586 |
See Notes to Financial Statements
106 |
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VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
BDC Income ETF | ChinaAMC China Bond ETF | |||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 27,418,231 | $ | 21,567,462 | $ | 1,245,084 | $ | 174,642 | ||||||||||||
Net realized gain (loss) | (11,700,465 | ) | (15,333,020 | ) | 258,931 | (78,353 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | 129,739,736 | (74,503,250 | ) | 1,676,722 | (19,846 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 145,457,502 | (68,268,808 | ) | 3,180,737 | 76,443 | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (28,249,128 | ) | (21,186,560 | ) | (1,233,560 | ) | (156,654 | ) | ||||||||||||
Return of capital | (102,755 | ) | — | — | (18,386 | ) | ||||||||||||||
Total distributions | (28,351,883 | ) | (21,186,560 | ) | (1,233,560 | ) | (175,040 | ) | ||||||||||||
Share transactions**: | ||||||||||||||||||||
Proceeds from sale of shares | 167,364,489 | 101,879,369 | 97,077,772 | (a) | — | |||||||||||||||
Cost of shares redeemed | (42,308,818 | ) | (49,439,986 | ) | — | — | ||||||||||||||
Increase in net assets resulting from share transactions | 125,055,671 | 52,439,383 | 97,077,772 | — | ||||||||||||||||
Total increase (decrease) in net assets | 242,161,290 | (37,015,985 | ) | 99,024,949 | (98,597 | ) | ||||||||||||||
Net Assets, beginning of year | 169,799,003 | 206,814,988 | 4,478,403 | 4,577,000 | ||||||||||||||||
Net Assets, end of year | $ | 411,960,293 | $ | 169,799,003 | $ | 103,503,352 | $ | 4,478,403 | ||||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 11,800,000 | 6,750,000 | 4,100,000 | — | ||||||||||||||||
Shares redeemed | (3,025,000 | ) | (3,450,000 | ) | — | — | ||||||||||||||
Net increase | 8,775,000 | 3,300,000 | 4,100,000 | — |
(a) | Includes $79,000 for a reimbursement by the Adviser (See Note 3) |
See Notes to Financial Statements
108 |
Emerging Markets Aggregate Bond ETF | Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | ||||||||||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||||||||||||||||||||||
$ | 668,338 | $ | 705,316 | $ | 27,488,746 | $ | 19,644,282 | $ | 163,045,166 | $ | 70,986,954 | |||||||||||||||||
(103,181 | ) | (212,326 | ) | (9,350,449 | ) | (8,789,257 | ) | 97,287,752 | (101,499,902 | ) | ||||||||||||||||||
1,082,151 | (695,902 | ) | 56,587,045 | (38,751,872 | ) | 387,013,556 | (55,587,496 | ) | ||||||||||||||||||||
1,647,308 | (202,912 | ) | 74,725,342 | (27,896,847 | ) | 647,346,474 | (86,100,444 | ) | ||||||||||||||||||||
(573,293 | ) | (604,973 | ) | (25,900,330 | ) | (19,713,460 | ) | (155,216,155 | ) | (69,209,400 | ) | |||||||||||||||||
(93,307 | ) | (105,837 | ) | — | — | — | — | |||||||||||||||||||||
(666,600 | ) | (710,810 | ) | (25,900,330 | ) | (19,713,460 | ) | (155,216,155 | ) | (69,209,400 | ) | |||||||||||||||||
— | 949,367 | 446,230,645 | 122,700,933 | 3,595,864,787 | 1,381,802,023 | |||||||||||||||||||||||
— | — | (18,741,366 | ) | (28,453,692 | ) | (855,370,459 | ) | (519,616,958 | ) | |||||||||||||||||||
— | 949,367 | 427,489,279 | 94,247,241 | 2,740,494,328 | 862,185,065 | |||||||||||||||||||||||
980,708 | 35,645 | 476,314,291 | 46,636,934 | 3,232,624,647 | 706,875,221 | |||||||||||||||||||||||
14,593,399 | 14,557,754 | 308,092,759 | 261,455,825 | 1,682,791,587 | 975,916,366 | |||||||||||||||||||||||
$ | 15,574,107 | $ | 14,593,399 | $ | 784,407,050 | $ | 308,092,759 | $ | 4,915,416,234 | $ | 1,682,791,587 | |||||||||||||||||
— | 50,000 | 19,000,000 | 5,200,000 | 117,100,000 | 47,150,000 | |||||||||||||||||||||||
— | — | (800,000 | ) | (1,400,000 | ) | (27,150,000 | ) | (18,100,000 | ) | |||||||||||||||||||
— | 50,000 | 18,200,000 | 3,800,000 | 89,950,000 | 29,050,000 |
See Notes to Financial Statements
109 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Green Bond ETF | International High Yield Bond ETF | |||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 1,015,009 | $ | 604,222 | $ | 4,541,412 | $ | 5,673,344 | ||||||||||||
Net realized gain (loss) | (63,236 | ) | 411,300 | (1,085,616 | ) | (3,161,281 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | (435,542 | ) | 576,621 | 15,170,428 | (7,595,399 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 516,231 | 1,592,143 | 18,626,224 | (5,083,336 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (902,645 | ) | (518,700 | ) | (4,423,249 | ) | (5,231,217 | ) | ||||||||||||
Return of capital | — | (119,670 | ) | (264,741 | ) | (396,663 | ) | |||||||||||||
Total distributions | (902,645 | ) | (638,370 | ) | (4,687,990 | ) | (5,627,880 | ) | ||||||||||||
Share transactions**: | ||||||||||||||||||||
Proceeds from sale of shares | 52,359,723 | 8,084,836 | 10,278,340 | 9,904,641 | ||||||||||||||||
Cost of shares redeemed | — | (2,683,565 | ) | (12,776,583 | ) | (23,238,685 | ) | |||||||||||||
Increase (decrease) in net assets resulting from share transactions | 52,359,723 | 5,401,271 | (2,498,243 | ) | (13,334,044 | ) | ||||||||||||||
Total increase (decrease) in net assets | 51,973,309 | 6,355,044 | 11,439,991 | (24,045,260 | ) | |||||||||||||||
Net Assets, beginning of period | 32,225,280 | 25,870,236 | 88,833,200 | 112,878,460 | ||||||||||||||||
Net Assets, end of period | $ | 84,198,589 | $ | 32,225,280 | $ | 100,273,191 | $ | 88,833,200 | ||||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 1,900,000 | 300,000 | 400,000 | 400,000 | ||||||||||||||||
Shares redeemed | — | (100,000 | ) | (500,000 | ) | (1,000,000 | ) | |||||||||||||
Net increase (decrease) | 1,900,000 | 200,000 | (100,000 | ) | (600,000 | ) |
* | Commencement of operations |
See Notes to Financial Statements
110 |
Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | For the Period December 2, 2020* through April 30, 2021 | For the Period December 2, 2020* through April 30, 2021 | |||||||||||||||||||||||
$ | 4,385,467 | $ | 13,664,047 | $ | 163,087,052 | $ | 282,892,930 | $ 87,490 | $ 128,135 | |||||||||||||||||||
790,351 | (3,594,118 | ) | (150,551,636 | ) | (429,422,888 | ) | (15,478 | ) | (25,943 | ) | ||||||||||||||||||
13,202,820 | (9,868,517 | ) | 329,006,362 | (57,775,966 | ) | (103,480 | ) | (248,527 | ) | |||||||||||||||||||
18,378,638 | 201,412 | 341,541,778 | (204,305,924 | ) | (31,468 | ) | (146,335 | ) | ||||||||||||||||||||
(5,073,095 | ) | (14,425,000 | ) | (524,709 | ) | (70,848,577 | ) | (75,600 | ) | (105,540 | ) | |||||||||||||||||
— | — | (161,805,238 | ) | (210,852,975 | ) | — | — | |||||||||||||||||||||
(5,073,095 | ) | (14,425,000 | ) | (162,329,947 | ) | (281,701,552 | ) | (75,600 | ) | (105,540 | ) | |||||||||||||||||
125,423,479 | 44,286,437 | 690,250,396 | 512,534,822 | 10,000,000 | 15,000,000 | |||||||||||||||||||||||
(40,336,816 | ) | (110,153,612 | ) | (828,095,691 | ) | (2,019,935,636 | ) | — | — | |||||||||||||||||||
85,086,663 | (65,867,175 | ) | (137,845,295 | ) | (1,507,400,814 | ) | 10,000,000 | 15,000,000 | ||||||||||||||||||||
98,392,206 | (80,090,763 | ) | 41,366,536 | (1,993,408,290 | ) | 9,892,932 | 14,748,125 | |||||||||||||||||||||
461,416,457 | 541,507,220 | 3,338,504,114 | 5,331,912,404 | — | — | |||||||||||||||||||||||
$ | 559,808,663 | $ | 461,416,457 | $ | 3,379,870,650 | $ | 3,338,504,114 | $ 9,892,932 | $14,748,125 | |||||||||||||||||||
4,950,000 | 1,750,000 | 21,600,000 | 15,300,000 | 400,000 | 600,000 | |||||||||||||||||||||||
(1,600,000 | ) | (4,450,000 | ) | (26,800,000 | ) | (62,600,000 | ) | — | — | |||||||||||||||||||
3,350,000 | (2,700,000 | ) | (5,200,000 | ) | (47,300,000 | ) | 400,000 | 600,000 |
See Notes to Financial Statements
111 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||||||||
Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 11,672,426 | $ | 12,365,684 | $ | 39,050,098 | $ | 37,582,809 | ||||||||||||
Net realized loss | (17,949,177 | ) | (10,033,682 | ) | (5,620,005 | ) | (12,134,058 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 130,769,388 | (97,091,800 | ) | 113,139,493 | (43,552,343 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 124,492,637 | (94,759,798 | ) | 146,569,586 | (18,103,592 | ) | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (11,675,560 | ) | (12,368,685 | ) | (38,058,255 | ) | (38,840,821 | ) | ||||||||||||
Return of capital | (6,729,745 | ) | (2,747,765 | ) | — | — | ||||||||||||||
Total distributions | (18,405,305 | ) | (15,116,450 | ) | (38,058,255 | ) | (38,840,821 | ) | ||||||||||||
Share transactions**: | ||||||||||||||||||||
Proceeds from sale of shares | 118,718,711 | 83,580,336 | 183,940,174 | 211,329,479 | ||||||||||||||||
Cost of shares redeemed | (33,825,342 | ) | (29,272,023 | ) | (33,585,352 | ) | (49,472,034 | ) | ||||||||||||
Increase in net assets resulting from share transactions | 84,893,369 | 54,308,313 | 150,354,822 | 161,857,445 | ||||||||||||||||
Total increase (decrease) in net assets | 190,980,701 | (55,567,935 | ) | 258,866,153 | 104,913,032 | |||||||||||||||
Net Assets, beginning of year | 119,303,473 | 174,871,408 | 689,029,039 | 584,116,007 | ||||||||||||||||
Net Assets, end of year | $ | 310,284,174 | $ | 119,303,473 | $ | 947,895,192 | $ | 689,029,039 | ||||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 7,700,000 | 4,500,000 | 9,150,000 | 10,600,000 | ||||||||||||||||
Shares redeemed | (2,200,000 | ) | (1,450,000 | ) | (1,750,000 | ) | (2,950,000 | ) | ||||||||||||
Net increase | 5,500,000 | 3,050,000 | 7,400,000 | 7,650,000 |
* | Commencement of operations |
See Notes to Financial Statements
112 |
VANECK VECTORS ETF TRUST
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(d) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
113 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
114 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(d) | Commencement of operations |
(e) | Not Annualized |
(f) | Annualized |
(g) | Amount represents less than $0.005 per share. |
(h) | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
See Notes to Financial Statements
115 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
116 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(d) | Commencement of operations |
(e) | Not Annualized |
(f) | Annualized |
# | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
117 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Calculated based upon average shares outstanding |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
118 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
119 |
VANECK VECTORS ETF TRUST
April 30, 2021
Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification | |
BDC Income ETF (“BDC Income”) | Diversified | |
ChinaAMC China Bond ETF (“ChinaAMC China Bond”) | Non-Diversified | |
Emerging Markets Aggregate Bond ETF (“Emerging Markets Aggregate”) | Non-Diversified | |
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | Diversified | |
Fallen Angel High Yield Bond ETF (“Fallen Angel”) | Diversified | |
Green Bond ETF (“Green Bond”) | Non-Diversified | |
International High Yield Bond ETF (“International High Yield”) | Diversified | |
Investment Grade Floating Rate ETF (“Floating Rate”) | Non-Diversified | |
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | Non-Diversified | |
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | Non-Diversified | |
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | Non-Diversified | |
Mortgage REIT Income ETF (“Mortgage REIT”) | Non-Diversified | |
Preferred Securities ex Financials ETF (“Preferred Securities”) | Non-Diversified |
Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC China Bond. ChinaAMC China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. |
120 |
To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
Level 1 — Quoted prices in active markets for identical securities. | |
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations |
121 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at April 30, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
G. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Dividend income is recorded on the ex-dividend date. |
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
ChinaAMC China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at April 30, 2021. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2021, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
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The expense limitations and management fee rates for the year ended April 30, 2021, are as follows:
Fund | Expense Limitations | Management Fees | ||||||
BDC Income | 0.40 | % | 0.40 | % | ||||
ChinaAMC China Bond | 0.50 | 0.40 | ||||||
Emerging Markets Aggregate | 0.35 | 0.35 | ||||||
Emerging Markets High Yield | 0.40 | 0.40 | ||||||
Fallen Angel | 0.35 | 0.40 | ||||||
Floating Rate | 0.14 | 0.35 | ||||||
Green Bond | 0.20 | 0.35 | ||||||
International High Yield | 0.40 | 0.40 | ||||||
J.P. Morgan EM | 0.30 | 0.27 | ||||||
Mortgage REIT | 0.40 | 0.40 | ||||||
Preferred Securities | 0.40 | 0.40 |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
Moody’s Analytics BBB and Moody’s Analytics IG utilize a unitary management fee structure where the Adviser is responsible for all Fund expenses, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rate for Moody’s Analytics BB and Moody’s Analytics IG is 0.25% and 0.20%, respectively.
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
During the year ended April 30, 2021, the Adviser voluntarily reimbursed the ChinaAMC China Bond ETF $79,000 for capital share transaction losses. This amount is reflected in Proceeds from sale of shares in the Statements of Changes in Net Assets.
At April 30, 2021, the Adviser owned approximately 48%, 47%, 45%, and 2% of Moody’s Analytics IG, Moody’s Analytics BBB, Emerging Markets Aggregate and Floating Rate, respectively.
Note 4—Capital Share Transactions—As of April 30, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 5—Investments—For the year ended April 30, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-kind Capital Share Transactions | |||||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | |||||||||||||||
BDC Income | $ | 69,347,281 | $ | 68,021,531 | $ | 160,449,253 | $ | 35,515,652 | |||||||||||
ChinaAMC China Bond | 90,375,127 | 6,206,900 | — | — | |||||||||||||||
Emerging Markets Aggregate | 2,645,797 | 2,624,924 | — | — | |||||||||||||||
Emerging Markets High Yield | 219,965,528 | 155,025,742 | 378,645,937 | 18,842,519 | |||||||||||||||
Fallen Angel | 1,220,956,562 | 886,157,794 | 3,169,841,189 | 803,691,829 | |||||||||||||||
Floating Rate | 375,970,371 | 336,493,293 | 74,181,710 | 39,136,370 | |||||||||||||||
Green Bond | 27,181,837 | 12,827,934 | 37,304,478 | — | |||||||||||||||
International High Yield | 37,719,409 | 32,284,670 | 5,226,316 | 12,444,131 | |||||||||||||||
J.P. Morgan EM | 1,294,501,257 | 1,307,672,739 | 405,358,548 | 537,042,417 | |||||||||||||||
Moody’s Analytics BBB | 13,420,920 | 3,440,242 | — | — | |||||||||||||||
Moody’s Analytics IG | 19,082,575 | 4,115,692 | — | — | |||||||||||||||
Mortgage REIT | 65,826,022 | 64,377,005 | 116,255,324 | 31,141,461 | |||||||||||||||
Preferred Securities | 293,189,278 | 281,058,862 | 175,343,981 | 28,536,396 |
Note 6—Income Taxes—As of April 30, 2021, for Federal income tax purposes, the identified tax cost of investments owned, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments were as follows:
Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
BDC Income | $ | 399,330,845 | $ | 57,778,171 | $ | (13,723,575 | ) | $ | 44,054,596 | ||||||||||
ChinaAMC China Bond | 89,111,730 | 1,785,670 | (321,765 | ) | 1,463,905 | ||||||||||||||
Emerging Markets Aggregate | 15,230,254 | 992,992 | (861,016 | ) | 131,976 | ||||||||||||||
Emerging Markets High Yield | 777,462,252 | 21,459,064 | (13,139,048 | ) | 8,320,016 | ||||||||||||||
Fallen Angel | 4,612,867,055 | 329,225,383 | (24,624,157 | ) | 304,601,226 | ||||||||||||||
Floating Rate | 558,672,812 | 2,783,522 | (406,104 | ) | 2,377,418 | ||||||||||||||
Green Bond | 83,290,972 | 1,076,306 | (999,119 | ) | 77,187 | ||||||||||||||
International High Yield | 97,291,642 | 5,651,541 | (1,683,933 | ) | 3,967,608 | ||||||||||||||
J.P. Morgan EM | 3,507,067,496 | 89,775,545 | (290,961,436 | ) | (201,185,891 | ) | |||||||||||||
Moody’s Analytics BBB | 10,005,500 | 31,794 | (140,849 | ) | (109,055 | ) | |||||||||||||
Moody’s Analytics IG | 14,957,723 | 68,289 | (324,923 | ) | (256,634 | ) | |||||||||||||
Mortgage REIT | 279,322,768 | 56,013,346 | (19,239,801 | ) | 36,773,545 | ||||||||||||||
Preferred Securities | 908,366,062 | 73,208,751 | (13,635,345 | ) | 59,573,406 |
At April 30, 2021, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Ordinary Income | Accumulated Capital Losses | Post-October Losses Deferred* | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | |||||||||||||||||||||||
BDC Income | $ | — | $ | (55,745,598 | ) | $ | — | $ | (9,396 | ) | $ | 44,054,596 | $ | (11,700,398 | ) | ||||||||||||||
ChinaAMC China Bond | 351,077 | (186,348 | ) | — | (807 | ) | 1,499,546 | 1,663,468 | |||||||||||||||||||||
Emerging Markets Aggregate | — | (1,983,300 | ) | (4,171 | ) | (1,998 | ) | 125,481 | (1,863,988 | ) | |||||||||||||||||||
Emerging Markets High Yield | 3,752,244 | (58,004,257 | ) | — | (40,195 | ) | 8,320,014 | (45,972,194 | ) | ||||||||||||||||||||
Fallen Angel | 17,144,114 | (145,447,452 | ) | — | (67,964 | ) | 304,601,226 | 176,229,924 | |||||||||||||||||||||
Floating Rate | 351,529 | (1,019,059 | ) | — | (21,617 | ) | 2,377,418 | 1,688,271 | |||||||||||||||||||||
Green Bond | 136,157 | (176,498 | ) | — | (1,073 | ) | 77,187 | 35,773 | |||||||||||||||||||||
International High Yield | — | (10,889,649 | ) | — | (33,385 | ) | 3,981,447 | (6,941,587 | ) | ||||||||||||||||||||
J.P. Morgan EM | — | (168,565,493 | ) | (44,048,376 | ) | (243,576 | ) | (202,885,045 | ) | (415,742,490 | ) | ||||||||||||||||||
Moody’s Analytics BBB | 18,235 | (16,133 | ) | — | (115 | ) | (109,055 | ) | (107,068 | ) | |||||||||||||||||||
Moody’s Analytics IG | 28,474 | (23,543 | ) | — | (172 | ) | (256,634 | ) | (251,875 | ) | |||||||||||||||||||
Mortgage REIT | — | (73,348,067 | ) | — | (16,359 | ) | 36,773,545 | (36,590,881 | ) | ||||||||||||||||||||
Preferred Securities | 2,695,549 | (45,365,532 | ) | — | (2,333,206 | ) | 59,573,406 | 14,570,217 |
* | Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2020. These losses are deemed to arise on the first day of the Funds’ next taxable year. |
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The tax character of distributions paid to shareholders was as follows:
April 30, 2021 | April 30, 2020 | |||||||||||||||
Fund | Ordinary Income | Return of Capital | Ordinary Income | Return of Capital | ||||||||||||
BDC Income | $ | 28,249,128 | $ | 102,755 | $ | 21,186,560 | $ | — | ||||||||
ChinaAMC China Bond | 1,233,560 | — | 156,654 | 18,386 | ||||||||||||
Emerging Markets Aggregate | 573,293 | 93,307 | 604,973 | 105,837 | ||||||||||||
Emerging Markets High Yield | 25,900,330 | — | 19,713,460 | — | ||||||||||||
Fallen Angel | 155,216,155 | — | 69,209,400 | — | ||||||||||||
Floating Rate | 5,073,095 | — | 14,425,000 | — | ||||||||||||
Green Bond | 902,645 | — | 518,700 | 119,670 | ||||||||||||
International High Yield | 4,423,249 | 264,741 | 5,231,217 | 396,663 | ||||||||||||
J.P. Morgan EM | 524,709 | 161,805,238 | 70,848,577 | 210,852,975 | ||||||||||||
Moody’s Analytics BBB | 75,600 | — | — | — | ||||||||||||
Moody’s Analytics IG | 105,540 | — | — | — | ||||||||||||
Mortgage REIT | 11,675,560 | 6,729,745 | 12,368,685 | 2,747,765 | ||||||||||||
Preferred Securities | 38,058,255 | — | 38,840,820 | — |
At April 30, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
Fund | Short-Term Capital Losses with No Expiration | Long-Term Capital Losses with No Expiration | Total | ||||||||||||
BDC Income | $ | (15,292,216 | ) | $ | (40,453,382 | ) | $ | (55,745,598 | ) | ||||||
ChinaAMC China Bond | (166,013 | ) | (20,335 | ) | (186,348 | ) | |||||||||
Emerging Markets Aggregate | (1,603,018 | ) | (380,282 | ) | (1,983,300 | ) | |||||||||
Emerging Markets High Yield | (10,986,853 | ) | (47,017,404 | ) | (58,004,257 | ) | |||||||||
Fallen Angel | (59,502,467 | ) | (85,944,985 | ) | (145,447,452 | ) | |||||||||
Floating Rate | (652,541 | ) | (366,518 | ) | (1,019,059 | ) | |||||||||
Green Bond | (176,498 | ) | — | (176,498 | ) | ||||||||||
International High Yield | (521,673 | ) | (10,367,976 | ) | (10,889,649 | ) | |||||||||
J.P. Morgan EM | (57,138,194 | ) | (111,427,299 | ) | (168,565,493 | ) | |||||||||
Moody’s Analytics BBB | (16,133 | ) | — | (16,133 | ) | ||||||||||
Moody’s Analytics IG | (23,543 | ) | — | (23,543 | ) | ||||||||||
Mortgage REIT | (19,518,810 | ) | (53,829,257 | ) | (73,348,067 | ) | |||||||||
Preferred Securities | (12,267,153 | ) | (33,098,379 | ) | (45,365,532 | ) |
During the year ended April 30, 2021, Floating Rate utilized $172,580 of it’s capital loss carryforwards available from prior years.
During the year ended April 30, 2021, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||||
BDC Income | $ | (7,619,012 | ) | $ | 7,619,012 | |||||
ChinaAMC China Bond | 114 | (114 | ) | |||||||
Emerging Markets High Yield | (1,036,353 | ) | 1,036,353 | |||||||
Fallen Angel | (127,201,593 | ) | 127,201,593 | |||||||
Floating Rate | (540,943 | ) | 540,943 | |||||||
International High Yield | (580,085 | ) | 580,085 | |||||||
J.P. Morgan EM | 100,693,298 | (100,693,298 | ) | |||||||
Mortgage REIT | (10,421,302 | ) | 10,421,302 | |||||||
Preferred Securities | 842,734 | (842,734 | ) |
125 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2021, the Funds did not incur any interest or penalties.
Prior to November 2018, there were uncertainties in the Chinese tax rules governing the taxation of interest income on corporate bonds due to the lack of formal guidance from the PRC’s tax authorities. China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”),Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.
On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. It is unclear whether this exemption will be renewed.
Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to ChinaAMC China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, ChinaAMC China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, ChinaAMC China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for ChinaAMC China Bond and J.P. Morgan EM could be substantial.
Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds or in Funds holding bonds involve risks including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except BDC Income, ChinaAMC China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
126 |
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
ChinaAMC China Bond, Emerging Markets Aggregate, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
The Funds (except for BDC Income, ChinaAMC China Bond, Emerging Markets Aggregate, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.
Should the Chinese government impose restrictions on the ability of ChinaAMC China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution
127 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
The liabilities and expenses associated with the Plan (except for Moody’s Analytics BBB and Moody’s Analytics IG) are included in “Deferred Trustee fees” in the Statements of Assets and Liabilities, and “Trustees’ fees and expenses” in the Statements of Operations, respectively.
The Adviser is responsible for paying expenses associated with the Plan for Moody’s Analytics BBB and Moody’s Analytics IG.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at April 30, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.The following is a summary of the Funds’ securities on loan and related collateral as of April 30, 2021:
Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
BDC Income | $ | 44,959,053 | $ | 31,604,946 | $ | 15,102,330 | $ | 46,707,276 | ||||||||
Emerging Markets Aggregate | 241,488 | 55,227 | 193,759 | 248,986 | ||||||||||||
Emerging Markets High Yield | 32,047,729 | 14,533,630 | 18,552,612 | 33,086,242 | ||||||||||||
Fallen Angel | 124,439,962 | 66,462,727 | 63,272,432 | 129,735,159 | ||||||||||||
Floating Rate | 6,772,080 | 2,107,752 | 4,833,653 | 6,941,405 | ||||||||||||
Green Bond | 1,815,563 | 107,102 | 1,757,255 | 1,864,357 | ||||||||||||
International High Yield | 4,162,767 | 2,171,152 | 2,148,219 | 4,319,371 | ||||||||||||
Moody’s Analytics BBB | 100,819 | 106,163 | — | 106,163 | ||||||||||||
Moody’s Analytics IG | 100,819 | 106,163 | — | 106,163 | ||||||||||||
Mortgage REIT | 50,187,067 | 5,860,627 | 45,523,388 | 51,384,015 | ||||||||||||
Preferred Securities | 43,212,661 | 14,817,293 | 30,181,165 | 44,998,458 |
128 |
The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2021:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||||||||
Fund | Corporate Bonds | Equity Securities | ||||||||
BDC Income | $ | — | $ | 31,604,946 | ||||||
Emerging Markets Aggregate | 55,227 | — | ||||||||
Emerging Markets High Yield | 14,533,630 | — | ||||||||
Fallen Angel | 66,462,727 | — | ||||||||
Floating Rate | 2,107,752 | — | ||||||||
Green Bond | 107,102 | — | ||||||||
International High Yield | 2,171,152 | — | ||||||||
Moody’s Analytics BBB | 106,163 | — | ||||||||
Moody’s Analytics IG | 106,163 | — | ||||||||
Mortgage REIT | — | 5,860,627 | ||||||||
Preferred Securities | — | 14,817,293 |
* | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2021, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
BDC Income | 260 | $ | 1,158,723 | 1.43 | % | |||||||
ChinaAMC China Bond | 60 | 339,618 | 1.44 | |||||||||
Emerging Markets Aggregate | 1 | 230,564 | 1.45 | |||||||||
Emerging Markets High Yield | 9 | 444,484 | 1.44 | |||||||||
Fallen Angel | 29 | 2,351,438 | 1.44 | |||||||||
Floating Rate | 7 | 1,470,408 | 1.45 | |||||||||
Green Bond | 11 | 194,471 | 1.45 | |||||||||
International High Yield | 15 | 276,977 | 1.43 | |||||||||
J.P. Morgan EM | 73 | 5,437,331 | 1.43 | |||||||||
Mortgage REIT | 133 | 2,022,315 | 1.43 | |||||||||
Preferred Securities | 182 | 2,099,342 | 1.44 |
Outstanding loan balances as of April 30, 2021, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split—In 2018, the Board of Trustees approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
Note 12—Recent Accounting Pronouncements—The Funds adopted all provisions of the Accounting Standards Update No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. Based on management’s evaluation, the adoption of the ASU 2018-13 had no material impact on the financial statements and related disclosures.
Note 13—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective May 1, 2021, the Funds listed in the table below converted to a unitary management fee structure, pursuant to which the Adviser has agreed to pay all of the expenses of each Fund (excluding the fee payment under the
129 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses).
Fund | Unitary Management Fee Rate | |||
BDC Income | 0.40 | % | ||
Emerging Markets Aggregate | 0.35 | |||
Emerging Markets High Yield | 0.40 | |||
Fallen Angel | 0.35 | |||
Floating Rate | 0.14 | |||
Green Bond | 0.20 | |||
International High Yield | 0.40 | |||
Mortgage REIT | 0.40 | |||
Preferred Securities | 0.40 |
Effective June 1, 2021, the Board of Trustees approved changing the VanEck Vectors Preferred Securities ex Financials ETF benchmark index from the Wells Fargo® Hybrid and Preferred Securities ex Financials Index to the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. As a result of this change, they also approved changing the Fund’s investment objective and its principal investment strategy. The Fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index.
130 |
VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Vectors BDC Income ETF, VanEck Vectors ChinaAMC China Bond ETF, VanEck Vectors Emerging Markets Aggregate Bond ETF, VanEck Vectors Emerging Markets High Yield Bond ETF, VanEck Vectors Fallen Angel High Yield Bond ETF, VanEck Vectors Green Bond ETF, VanEck Vectors International High Yield Bond ETF, VanEck Vectors Investment Grade Floating Rate ETF, VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF , VanEck Vectors Moody’s Analytics IG Corporate Bond ETF, VanEck Vectors Mortgage REIT Income ETF and VanEck Vectors Preferred Securities ex Financials ETF and the Board of Trustees of VanEck Vectors ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck Vectors BDC Income ETF, VanEck Vectors ChinaAMC China Bond ETF, VanEck Vectors Emerging Markets Aggregate Bond ETF, VanEck Vectors Emerging Markets High Yield Bond ETF, VanEck Vectors Fallen Angel High Yield Bond ETF, VanEck Vectors Green Bond ETF, VanEck Vectors International High Yield Bond ETF, VanEck Vectors Investment Grade Floating Rate ETF, VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF, VanEck Vectors Moody’s Analytics IG Corporate Bond ETF, VanEck Vectors Mortgage REIT Income ETF and VanEck Vectors Preferred Securities ex Financials ETF (collectively referred to as the “Funds”) (thirteen of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (thirteen of the series constituting VanEck Vectors ETF Trust) at April 30, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the VanEck Vectors ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
VanEck Vectors BDC Income ETF | For the year ended April 30, 2021 | For each of the two years in the period ended April 30, 2021 | For each of the five years in the period ended April 30, 2021 | |||
VanEck Vectors ChinaAMC China Bond ETF | ||||||
VanEck Vectors Emerging Markets Aggregate Bond ETF | ||||||
VanEck Vectors Emerging Markets High Yield Bond ETF | ||||||
VanEck Vectors Fallen Angel High Yield Bond ETF | ||||||
VanEck Vectors International High Yield Bond ETF | ||||||
VanEck Vectors Investment Grade Floating Rate ETF | ||||||
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | ||||||
VanEck Vectors Mortgage REIT Income ETF | ||||||
VanEck Vectors Preferred Securities ex Financials ETF |
131 |
VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(continued)
Individual fund constituting the VanEck Vectors ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
VanEck Vectors Green Bond ETF | For the year ended April 30, 2021 | For each of the two years in the period ended April 30, 2021 | For each of the four years in the period ended April 30, 2021 and the period from March 3, 2017 (commencement of operations) through April 30, 2017 | |||
VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF | For the period December 2, 2020 (commencement of operations) through | For the period December 2, 2020 (commencement of operations) through April 30, 2021 | For the period December 2, 2020 (commencement of operations) through April 30, 2021 | |||
VanEck Vectors Moody’s Analytics IG Corporate Bond ETF | April 30, 2021 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment
companies since 1999.
New York, New York
June 23, 2021
132 |
VANECK VECTORS ETF TRUST
(unaudited)
RETURN OF CAPITAL, FOREIGN SOURCE INCOME & FOREIGN TAX CREDITS
The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022. Please consult your tax advisor regarding the appropriate treatment of these distributions.
The Funds listed below paid distributions during the taxable year ended April 30, 2021 that were considered to be a return of capital.
A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held at each of the respective record dates.
Additionally, the Funds below have qualified to “pass-through” the foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. These deductions or credits may be subject to limitations under the tax law. The information below is provided to assist you in computing your foreign tax credit.
Fund Name | Ticker Symbol | Payable Date | Total Distribution Paid Per Share | Income Dividends | Foreign Taxes Paid | Total Ordinary Income Dividends | Foreign Source Income as a % of Total Ordinary Income (a) | Return of Capital (Non Dividend) Distribution | |||||||||||||||||||||||||
Emerging Markets Aggregate | EMAG | 06/05/2020 | $ | 0.080300 | $ | 0.069547 | $ | 0.000633 | $ | 0.070180 | 100.00 | % | $ | 0.010753 | |||||||||||||||||||
07/08/2020 | 0.068000 | 0.058894 | 0.000536 | 0.059430 | 100.00 | % | 0.009106 | ||||||||||||||||||||||||||
08/07/2020 | 0.077400 | 0.067035 | 0.000610 | 0.067645 | 100.00 | % | 0.010365 | ||||||||||||||||||||||||||
09/08/2020 | 0.073600 | 0.063744 | 0.000580 | 0.064324 | 100.00 | % | 0.009856 | ||||||||||||||||||||||||||
10/07/2020 | 0.075300 | 0.065216 | 0.000593 | 0.065809 | 100.00 | % | 0.010084 | ||||||||||||||||||||||||||
11/06/2020 | 0.071500 | 0.061925 | 0.000563 | 0.062488 | 100.00 | % | 0.009575 | ||||||||||||||||||||||||||
12/07/2020 | 0.072700 | 0.062964 | 0.000573 | 0.063537 | 100.00 | % | 0.009736 | ||||||||||||||||||||||||||
01/05/2021 | 0.078600 | 0.068074 | 0.000619 | 0.068693 | 100.00 | % | 0.010526 | ||||||||||||||||||||||||||
02/05/2021 | 0.073000 | 0.061875 | 0.000946 | 0.062821 | 100.00 | % | 0.011125 | ||||||||||||||||||||||||||
03/05/2021 | 0.066600 | 0.056450 | 0.000863 | 0.057313 | 100.00 | % | 0.010150 | ||||||||||||||||||||||||||
04/08/2021 | 0.077800 | 0.065943 | 0.001008 | 0.066951 | 100.00 | % | 0.011857 | ||||||||||||||||||||||||||
04/30/2021 | 0.074000 | 0.062722 | 0.000959 | 0.063681 | 100.00 | % | 0.011278 | ||||||||||||||||||||||||||
Emerging Markets Aggregate Total | $ | 0.888800 | $ | 0.764389 | $ | 0.008483 | $ | 0.772872 | 100.00 | % | $ | 0.124411 | |||||||||||||||||||||
International High Yield | IHY | 06/05/2020 | $ | 0.108200 | $ | 0.102776 | $ | — | $ | 0.102776 | 100.00 | % | $ | 0.005424 | |||||||||||||||||||
07/08/2020 | 0.089300 | 0.084824 | — | 0.084824 | 100.00 | % | 0.004476 | ||||||||||||||||||||||||||
08/07/2020 | 0.103800 | 0.098597 | — | 0.098597 | 100.00 | % | 0.005203 | ||||||||||||||||||||||||||
09/08/2020 | 0.094000 | 0.089288 | — | 0.089288 | 100.00 | % | 0.004712 | ||||||||||||||||||||||||||
10/07/2020 | 0.096300 | 0.091473 | — | 0.091473 | 100.00 | % | 0.004827 | ||||||||||||||||||||||||||
11/06/2020 | 0.101600 | 0.096507 | — | 0.096507 | 100.00 | % | 0.005093 | ||||||||||||||||||||||||||
12/07/2020 | 0.102000 | 0.096887 | — | 0.096887 | 100.00 | % | 0.005113 | ||||||||||||||||||||||||||
01/05/2021 | 0.098800 | 0.093847 | 0.000026 | 0.093873 | 100.00 | % | 0.004953 | ||||||||||||||||||||||||||
02/05/2021 | 0.097100 | 0.090348 | — | 0.090348 | 100.00 | % | 0.006752 | ||||||||||||||||||||||||||
03/05/2021 | 0.085200 | 0.079275 | — | 0.079275 | 100.00 | % | 0.005925 | ||||||||||||||||||||||||||
04/08/2021 | 0.098500 | 0.091651 | — | 0.091651 | 100.00 | % | 0.006849 | ||||||||||||||||||||||||||
04/30/2021 | 0.095500 | 0.088859 | — | 0.088859 | 100.00 | % | 0.006641 | ||||||||||||||||||||||||||
International High Yield Total | $ | 1.170300 | $ | 1.104332 | $ | 0.000026 | $ | 1.104358 | 100.00 | % | $ | 0.065968 |
133 |
VANECK VECTORS ETF TRUST
TAX INFORMATION
(unaudited) (continued)
Fund Name | Ticker Symbol | Payable Date | Total Distribution Paid Per Share | Income Dividends | Foreign Taxes Paid | Total Ordinary Income Dividends | Foreign Source Income as a % of Total Ordinary Income (a) | Return of Capital (Non Dividend) Distribution | |||||||||||||||||||||||||
J.P. Morgan EM | EMLC | 06/05/2020 | $0.132800 | $ | 0.000639 | $ | 0.001955 | $ | 0.002594 | 100.00 | % | $ | 0.132161 | ||||||||||||||||||||
07/08/2020 | 0.147300 | 0.000710 | 0.002168 | 0.002878 | 100.00 | % | 0.146590 | ||||||||||||||||||||||||||
08/07/2020 | 0.153200 | 0.000738 | 0.002255 | 0.002993 | 100.00 | % | 0.152462 | ||||||||||||||||||||||||||
09/08/2020 | 0.124500 | 0.000599 | 0.001833 | 0.002432 | 100.00 | % | 0.123901 | ||||||||||||||||||||||||||
10/07/2020 | 0.109800 | 0.000529 | 0.001616 | 0.002145 | 100.00 | % | 0.109271 | ||||||||||||||||||||||||||
11/06/2020 | 0.131100 | 0.000631 | 0.001930 | 0.002561 | 100.00 | % | 0.130469 | ||||||||||||||||||||||||||
12/07/2020 | 0.121300 | 0.000584 | 0.001786 | 0.002370 | 100.00 | % | 0.120716 | ||||||||||||||||||||||||||
01/05/2021 | 0.129200 | 0.000622 | 0.001902 | 0.002524 | 100.00 | % | 0.128578 | ||||||||||||||||||||||||||
02/05/2021 | 0.125300 | — | 0.002698 | 0.002698 | 100.00 | % | 0.125300 | ||||||||||||||||||||||||||
03/05/2021 | 0.118000 | — | 0.002541 | 0.002541 | 100.00 | % | 0.118000 | ||||||||||||||||||||||||||
04/08/2021 | 0.136100 | — | 0.002931 | 0.002931 | 100.00 | % | 0.136100 | ||||||||||||||||||||||||||
04/30/2021 | 0.120500 | — | 0.002595 | 0.002595 | 100.00 | % | 0.120500 | ||||||||||||||||||||||||||
J.P. Morgan EM Total | $1.549100 | $ | 0.005052 | $ | 0.026210 | $ | 0.031262 | 100.00 | % | $ | 1.544048 |
(a) | To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated. |
134 |
FOREIGN SOURCE INCOME & FOREIGN TAX CREDITS
The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022. Please consult your tax advisor regarding the appropriate treatment of these distributions.
The Funds below have qualified to “pass-through” the foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. These deductions or credits may be subject to limitations under the tax law. The information below is provided to assist you in computing your foreign tax credit.
Fund Name | Ticker Symbol | Payable Date | Total Distribution Paid Per Share | Income Dividends | Foreign Taxes Paid | Total Ordinary Income Dividends | Foreign Source Income as a % of Total Ordinary Income (a) | |||||||||||||||||||||
ChinaAMC China Bond | CBON | 06/05/2020 | $ | 0.049700 | $ | 0.049700 | $ | — | $ | 0.049700 | 61.05 | % | ||||||||||||||||
07/08/2020 | 0.056600 | 0.056600 | — | 0.056600 | 61.05 | % | ||||||||||||||||||||||
08/07/2020 | 0.061200 | 0.061200 | — | 0.061200 | 61.05 | % | ||||||||||||||||||||||
09/08/2020 | 0.056000 | 0.056000 | — | 0.056000 | 61.05 | % | ||||||||||||||||||||||
10/07/2020 | 0.044600 | 0.044600 | — | 0.044600 | 61.05 | % | ||||||||||||||||||||||
11/06/2020 | 0.041600 | 0.041600 | — | 0.041600 | 61.05 | % | ||||||||||||||||||||||
12/07/2020 | 0.055900 | 0.055900 | — | 0.055900 | 61.05 | % | ||||||||||||||||||||||
01/05/2021 | 0.056100 | 0.056100 | 0.000068 | 0.056168 | 61.05 | % | ||||||||||||||||||||||
02/05/2021 | 0.066300 | 0.066300 | — | 0.066300 | 87.14 | % | ||||||||||||||||||||||
03/05/2021 | 0.046800 | 0.046800 | — | 0.046800 | 87.14 | % | ||||||||||||||||||||||
04/08/2021 | 0.063800 | 0.063800 | — | 0.063800 | 87.14 | % | ||||||||||||||||||||||
04/30/2021 | 0.053200 | 0.053200 | 0.000220 | 0.053420 | 87.14 | % | ||||||||||||||||||||||
ChinaAMC China Bond Total | $ | 0.651800 | $ | 0.651800 | $ | 0.000288 | $ | 0.652088 | 70.27 | % | ||||||||||||||||||
Emerging Markets High Yield | HYEM | 05/07/2020 | $ | 0.109400 | $ | 0.109400 | $ | — | $ | 0.109400 | 96.64 | % | ||||||||||||||||
06/05/2020 | 0.122700 | 0.122700 | — | 0.122700 | 96.64 | % | ||||||||||||||||||||||
07/08/2020 | 0.079000 | 0.079000 | — | 0.079000 | 96.64 | % | ||||||||||||||||||||||
08/07/2020 | 0.110600 | 0.110600 | — | 0.110600 | 96.64 | % | ||||||||||||||||||||||
09/08/2020 | 0.109400 | 0.109400 | — | 0.109400 | 96.64 | % | ||||||||||||||||||||||
10/07/2020 | 0.108000 | 0.108000 | — | 0.108000 | 96.64 | % | ||||||||||||||||||||||
11/06/2020 | 0.116300 | 0.116300 | — | 0.116300 | 96.64 | % | ||||||||||||||||||||||
12/07/2020 | 0.106700 | 0.106700 | — | 0.106700 | 96.64 | % | ||||||||||||||||||||||
01/05/2021 | 0.113900 | 0.113900 | 0.000085 | 0.113985 | 96.64 | % | ||||||||||||||||||||||
02/05/2021 | 0.076500 | 0.076500 | — | 0.076500 | 96.08 | % | ||||||||||||||||||||||
03/05/2021 | 0.097000 | 0.097000 | — | 0.097000 | 96.08 | % | ||||||||||||||||||||||
04/08/2021 | 0.108600 | 0.108600 | 0.000110 | 0.108710 | 96.08 | % | ||||||||||||||||||||||
Emerging Markets High Yield Total | $ | 1.258100 | $ | 1.258100 | $ | 0.000195 | $ | 1.258295 | 96.51 | % | ||||||||||||||||||
Green Bond | GRNB | 06/05/2020 | $ | 0.058500 | $ | 0.058500 | $ | — | $ | 0.058500 | 64.22 | % | ||||||||||||||||
07/08/2020 | 0.056500 | 0.056500 | — | 0.056500 | 64.22 | % | ||||||||||||||||||||||
08/07/2020 | 0.052100 | 0.052100 | — | 0.052100 | 64.22 | % | ||||||||||||||||||||||
09/08/2020 | 0.050300 | 0.050300 | — | 0.050300 | 64.22 | % | ||||||||||||||||||||||
10/07/2020 | 0.045800 | 0.045800 | — | 0.045800 | 64.22 | % | ||||||||||||||||||||||
11/06/2020 | 0.052200 | 0.052200 | — | 0.052200 | 64.22 | % | ||||||||||||||||||||||
12/07/2020 | 0.041900 | 0.041900 | — | 0.041900 | 64.22 | % | ||||||||||||||||||||||
01/05/2021 | 0.045500 | 0.045500 | 0.000024 | 0.045524 | 64.22 | % | ||||||||||||||||||||||
02/05/2021 | 0.037900 | 0.037900 | — | 0.037900 | 55.17 | % | ||||||||||||||||||||||
03/05/2021 | 0.035800 | 0.035800 | — | 0.035800 | 55.17 | % | ||||||||||||||||||||||
04/08/2021 | 0.041600 | 0.041600 | 0.000091 | 0.041691 | 55.17 | % | ||||||||||||||||||||||
Green Bond Total | $ | 0.518100 | $ | 0.518100 | $ | 0.000115 | $ | 0.518215 | 62.20 | % |
(a) | To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated. |
135 |
VANECK VECTORS ETF TRUST
TAX INFORMATION
(unaudited) (continued)
SECTION 163(j) INTEREST RELATED DIVIDENDS
The Funds listed below paid distributions during the taxable year ended April 30, 2021 that were considered to be Section 163(j) Interest Dividends and are thus eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. Please consult your tax advisor regarding the treatment of these distributions.
To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
To determine your share of interest dividends, multiply the total ordinary income amounts per share shown below times the number of shares you held on the record date of each distribution times the percentage indicated.
Fund Name | Ticker Symbol | Payable Date | Total Ordinary Income Distribution | Section 163(j)- Interest Dividends | Section 163(j)- Interest Dividends as a % of Taxable Income | ||||||||||||
ChinaAMC China Bond | CBON | Monthly | $ | 0.652088 | 0.458976 | 70.39 | % | ||||||||||
Emerging Markets Aggregate | EMAG | Monthly | 0.772872 | 0.772361 | 99.93 | % | |||||||||||
Emerging Markets High Yield | HYEM | Monthly | 1.258295 | 1.252413 | 99.53 | % | |||||||||||
Fallen Angel | ANGL | Monthly | 1.475300 | 1.468090 | 99.51 | % | |||||||||||
Floating Rate | FLTR | Monthly | 0.272800 | 0.272231 | 99.79 | % | |||||||||||
Green Bond | GRNB | Monthly | 0.518100 | 0.517151 | 99.82 | % | |||||||||||
International High Yield | IHY | Monthly | 1.104357 | 1.098909 | 99.51 | % | |||||||||||
J.P. Morgan EM | EMLC | Monthly | 0.031262 | 0.031262 | 100.00 | % | |||||||||||
Moody’s Analytics BBB | MBBB | Monthly | 0.189000 | 0.189000 | 100.00 | % | |||||||||||
Moody’s Analytics IG | MIG | Monthly | 0.175900 | 0.175900 | 100.00 | % |
136 |
QUALIFIED INTEREST INCOME FOR NON-U.S. SHAREHOLDERS
The Funds listed below paid distributions during the taxable year ended April 30, 2021 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation. Please consult your tax advisor for additional information regarding the treatment of these distributions.
Fund Name | Ticker Symbol | Payable Date | Total Ordinary Income Distribution Per Share | Qualified Interest Income Per Share (QII) | Qualified Interest Income (QII) as a Percentage of the Total Ordinary Income Distribution | |||||||||||||
Fallen Angel | ANGL | 05/07/2020 | $ | 0.107700 | $ | 0.080258 | 74.52 | % | ||||||||||
06/05/2020 | 0.131800 | 0.110973 | 84.20 | % | ||||||||||||||
07/08/2020 | 0.136900 | 0.115774 | 84.57 | % | ||||||||||||||
08/07/2020 | 0.134000 | 0.113322 | 84.57 | % | ||||||||||||||
09/08/2020 | 0.114200 | 0.096577 | 84.57 | % | ||||||||||||||
10/07/2020 | 0.127400 | 0.107740 | 84.57 | % | ||||||||||||||
11/06/2020 | 0.136300 | 0.115267 | 84.57 | % | ||||||||||||||
12/07/2020 | 0.118500 | 0.100214 | 84.57 | % | ||||||||||||||
01/05/2021 | 0.126700 | 0.107148 | 84.57 | % | ||||||||||||||
02/05/2021 | 0.117700 | 0.094177 | 80.01 | % | ||||||||||||||
03/05/2021 | 0.107100 | 0.085696 | 80.01 | % | ||||||||||||||
04/08/2021 | 0.117000 | 0.093617 | 80.01 | % | ||||||||||||||
Fallen Angel Total | $ | 1.475300 | $ | 1.220763 | 82.75 | % | ||||||||||||
Floating Rate | FLTR | 05/07/2020 | $ | 0.042000 | $ | 0.025890 | 61.64 | % | ||||||||||
06/05/2020 | 0.035800 | 0.021270 | 59.41 | % | ||||||||||||||
07/08/2020 | 0.027400 | 0.016249 | 59.30 | % | ||||||||||||||
08/07/2020 | 0.024800 | 0.014707 | 59.30 | % | ||||||||||||||
09/08/2020 | 0.019800 | 0.011742 | 59.30 | % | ||||||||||||||
10/07/2020 | 0.018600 | 0.011030 | 59.30 | % | ||||||||||||||
11/06/2020 | 0.019800 | 0.011742 | 59.30 | % | ||||||||||||||
12/07/2020 | 0.017700 | 0.010497 | 59.30 | % | ||||||||||||||
01/05/2021 | 0.017500 | 0.010378 | 59.30 | % | ||||||||||||||
02/05/2021 | 0.018000 | 0.010144 | 56.36 | % | ||||||||||||||
03/05/2021 | 0.015400 | 0.008679 | 56.36 | % | ||||||||||||||
04/08/2021 | 0.016000 | 0.009017 | 56.36 | % | ||||||||||||||
Floating Rate Total | $ | 0.272800 | $ | 0.161345 | 59.14 | % | ||||||||||||
Green Bond | GRNB | 06/05/2020 | $ | 0.058500 | $ | 0.021863 | 37.37 | % | ||||||||||
07/08/2020 | 0.056500 | 0.021115 | 37.37 | % | ||||||||||||||
08/07/2020 | 0.052100 | 0.019471 | 37.37 | % | ||||||||||||||
09/08/2020 | 0.050300 | 0.018798 | 37.37 | % | ||||||||||||||
10/07/2020 | 0.045800 | 0.017116 | 37.37 | % | ||||||||||||||
11/06/2020 | 0.052200 | 0.019508 | 37.37 | % | ||||||||||||||
12/07/2020 | 0.041900 | 0.015659 | 37.37 | % | ||||||||||||||
01/05/2021 | 0.045500 | 0.016995 | 37.35 | % | ||||||||||||||
02/05/2021 | 0.037900 | 0.014162 | 37.37 | % | ||||||||||||||
03/05/2021 | 0.035800 | 0.013378 | 37.37 | % | ||||||||||||||
04/08/2021 | 0.041600 | 0.015509 | 37.28 | % | ||||||||||||||
Green Bond Total | $ | 0.518100 | $ | 0.193574 | 37.36 | % | ||||||||||||
Moody’s Analytics BBB | MBBB | 01/05/2021 | $ | 0.047000 | $ | 0.032690 | 69.55 | % | ||||||||||
02/05/2021 | 0.050000 | 0.034398 | 68.80 | % | ||||||||||||||
03/05/2021 | 0.045100 | 0.031027 | 68.80 | % | ||||||||||||||
04/08/2021 | 0.046900 | 0.032265 | 68.80 | % | ||||||||||||||
Moody’s Analytics BBB Total | $ | 0.189000 | $ | 0.130380 | 68.98 | % | ||||||||||||
Moody’s Analytics IG | MIG | 01/05/2021 | $ | 0.044500 | $ | 0.027728 | 62.31 | % | ||||||||||
02/05/2021 | 0.047600 | 0.029400 | 61.76 | % | ||||||||||||||
03/05/2021 | 0.039100 | 0.024150 | 61.76 | % | ||||||||||||||
04/08/2021 | 0.044700 | 0.027608 | 61.76 | % | ||||||||||||||
Moody’s Analytics IG Total | $ | 0.175900 | $ | 0.108886 | 61.90 | % |
137 |
VANECK VECTORS ETF TRUST
TAX INFORMATION
(unaudited) (continued)
RETURN OF CAPITAL, QUALIFIED DIVIDEND INCOME, DIVIDENDS RECEIVED DEDUCTION & SECTION 199A
The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022. Please consult your tax advisor for additional information regarding the treatment of these distributions.
A portion of the distributions paid by BIZD and MORT are considered a return of capital. A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead, should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held on each of the respective record dates.
All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. The table below provides a summary of the per share QDI amounts for the taxable year ended April 30, 2021. This data is being provided for informational purposes only. If a fund pays more than one distribution during the year, the amount that will be reported in Box 1b of a shareholder’s 2021 Form 1099-DIV will be based on the QDI percentage specific to each distribution. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.
To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.
QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. The table below provides a summary of the percentage of total ordinary income qualifying for the dividends received deduction or DRD for the taxable year ended April 30, 2021. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the per share amounts shown below times DRD percentage indicated times the number of shares you held on the record date of each distribution.
The Section 199A amount represents the percentage of each Fund’s ordinary income distributions, that represent Qualfied Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A, enacted as part of the Tax Cuts and Jobs Act of 2017, allows a deduction of up to 20% on QBI for non-corporate taxpayers. Tax regulations issued January 18, 2020 enable a regulated investment company to flow-through QBI received from pass through entities such as real estate investment trusts, to its shareholders.
To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.
Fund Name | Ticker Symbol | Payable Date | Total Distribution Per Share | Return of Capital (Non Dividend) Distribution | Ordinary Income Dividends | Percent of Ordinary Income Dividends that are QDI Eligible | Percent of Ordinary Income Dividends that are DRD Eligible | Section 199A QBI as a Percent of Ordinary Income Dividends | |||||||||||||||||||||||
BDC Income | BIZD | 07/08/2020 | $ | 0.384700 | $ | — | $ | 0.384700 | 1.43 | % | — | — | |||||||||||||||||||
10/07/2020 | 0.360300 | — | 0.360300 | 0.91 | % | — | — | ||||||||||||||||||||||||
01/05/2021 | 0.324900 | — | 0.324900 | 0.91 | % | — | — | ||||||||||||||||||||||||
04/08/2021 | 0.370800 | 0.004382 | 0.366418 | 2.16 | %(b) | — | — | ||||||||||||||||||||||||
BDC Income Total | $ | 1.440700 | $ | 0.004382 | $ | 1.436318 | 1.37 | %(b) | — | — |
138 |
Fund Name | Ticker Symbol | Payable Date | Total Distribution Per Share | Return of Capital (Non Dividend) Distribution | Ordinary Income Dividends | Percent of Ordinary Income Dividends that are QDI Eligible | Percent of Ordinary Income Dividends that are DRD Eligible | Section 199A QBI as a Percent of Ordinary Income Dividends | ||||||||||||||||||||||
Mortgage REIT | MORT | 07/08/2020 | $ | 0.299700 | $ | 0.129488 | $ | 0.170212 | 4.82 | % | — | 68.13 | % | |||||||||||||||||
10/07/2020 | 0.337300 | 0.145734 | 0.191566 | 4.82 | % | — | 68.13 | % | ||||||||||||||||||||||
01/05/2021 | 0.353600 | 0.152776 | 0.200824 | 4.82 | % | — | 68.13 | % | ||||||||||||||||||||||
04/08/2021 | 0.327400 | 0.063345 | 0.264055 | 1.12 | %(b) | — | 50.98 | %(b) | ||||||||||||||||||||||
Mortgage REIT Total | $ | 1.318000 | $ | 0.491343 | $ | 0.826657 | 3.64 | %(b) | — | 62.65 | %(b) | |||||||||||||||||||
Preferred Securities | PFXF | 06/05/2020 | $ | 0.088100 | $ | — | $ | 0.088100 | 17.79 | % | 14.94 | % | 10.64 | % | ||||||||||||||||
07/08/2020 | 0.095200 | — | 0.095200 | 17.79 | % | 14.94 | % | 10.64 | % | |||||||||||||||||||||
08/07/2020 | 0.077500 | — | 0.077500 | 17.79 | % | 14.94 | % | 10.64 | % | |||||||||||||||||||||
09/08/2020 | 0.109100 | — | 0.109100 | 17.79 | % | 14.94 | % | 10.64 | % | |||||||||||||||||||||
10/07/2020 | 0.088300 | — | 0.088300 | 17.79 | % | 14.94 | % | 10.64 | % | |||||||||||||||||||||
11/06/2020 | 0.064800 | — | 0.064800 | 17.79 | % | 14.94 | % | 10.64 | % | |||||||||||||||||||||
12/07/2020 | 0.114800 | — | 0.114800 | 17.79 | % | 14.94 | % | 10.64 | % | |||||||||||||||||||||
01/05/2021 | 0.127100 | — | 0.127100 | 17.79 | % | 14.94 | % | 10.64 | % | |||||||||||||||||||||
02/05/2021 | 0.042500 | — | 0.042500 | 21.15 | %(b) | 17.04 | %(b) | 10.03 | %(b) | |||||||||||||||||||||
03/05/2021 | 0.082100 | — | 0.082100 | 21.15 | %(b) | 17.04 | %(b) | 10.03 | %(b) | |||||||||||||||||||||
04/08/2021 | 0.045300 | — | 0.045300 | 21.15 | %(b) | 17.04 | %(b) | 10.03 | %(b) | |||||||||||||||||||||
04/30/2021 | 0.024100 | — | 0.024100 | 21.15 | %(b) | 17.04 | %(b) | 10.03 | %(b) | |||||||||||||||||||||
Preferred Securities Total | $ | 0.958900 | $ | — | $ | 0.934800 | 18.40 | %(b) | 15.32 | %(b) | 10.53 | %(b) |
(b) | Amounts are estimated and subject to change. Shareholders should utilize the information on their 2021 Form 1099s received in 2022. |
139 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2021 (unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held Outside the Fund Complex3 During Past Five Years | |||||
Independent Trustees | ||||||||||
David H. Chow, 1957*† | Chairman Trustee | Since 2008 Since 2006 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 58 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. | |||||
Laurie A. Hesslein, 1959*† | Trustee | Since 2019 | Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 58 | Trustee, First Eagle Senior Loan Fund. Formerly, Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 69 | Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J. Sidebottom, 1962*† | Trustee | Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 58 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019. | 69 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee | ||||||||||
Jan F. van Eck, 19635 | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 69 | Director, National Committee on US- China Relations. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
140 |
Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Arian Neiron, 1979 | Vice President | Since 2018 | Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
141 |
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
April 30, 2021 (unaudited)
At a meeting held on June 11, 2020 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors BDC Income ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF (each, a “Fund” and together, the “Funds”).
Subsequent to the approval of the Investment Management Agreement at the Renewal Meeting, at a meeting held on February 24, 2021 (the “February Meeting”), the Board of the Trust, including all of the Independent Trustees, approved an amended and restated Investment Management Agreement (the “Amended and Restated Investment Management Agreement”) between the Trust and the Adviser to convert the Funds to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the Funds (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to or lower than the existing management fee rate for each Fund.
The Board’s approval of the Amended and Restated Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. In approving the Amended and Restated Investment Agreement, the Trustees also considered the information about the expenses of each Fund they received at the Renewal Meeting to approve the Investment Management Agreement, as well as additional information obtained at other meetings of the Board. A discussion regarding the factors the Board considered in the renewal of the Investment Management Agreement with respect to each Fund is available in the Trust’s semi-annual report for the period ended October 31, 2020. Some of the additional factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the Funds would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the February Meeting as part of their consideration of the Amended and Restated Investment Management Agreement.
In voting to approve the adoption of the Amended and Restated Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Amended and Restated Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Amended and Restated Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
142 |
VANECK VECTORS ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2020 to December 31, 2020 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted significant market volatility occurring during a portion of the Review Period and the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | Van Eck Associates Corporation | |
Distributor: | Van Eck Securities Corporation 666 Third Avenue, New York, NY 10017 vaneck.com | |
Account Assistance: | 800.826.2333 | INCOMEAR |
Item 2. | CODE OF ETHICS. |
(a) | The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. |
(b) | The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR. |
(c) | The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
(d) | The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
(e) | Not applicable. |
(f) | The Registrant’s Code of Ethics is attached as an Exhibit hereto. |
Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2). |
Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is April 30. | |
(a) | Audit Fees. The aggregate Audit Fees of Ernst & Young for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended April 30, 2021 and April 30, 2020, were $523,890 and $632,320, respectively. |
(b) | Audit-Related Fees. Not applicable. |
(c) | Tax Fees. The aggregate Tax Fees of Ernst & Young for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended April 30, 2021 and April 30, 2020, were $171,096 and $276,634, respectively. |
(d) | All Other Fees |
None. | |
(e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |
(f) | Not applicable. |
(g) | Not applicable. |
(h) | Not applicable. |
Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Messrs. Chow, Hesslein, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short is the Chairman of the Audit Committee. |
Item 6. | SCHEDULE OF INVESTMENTS. |
Information included in Item 1. |
Item 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
Item 8. | PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
Item 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable. |
Item 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None. |
Item 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
(a) Not applicable. |
(b) Not applicable. |
Item 13. | EXHIBITS. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VANECK VECTORS ETF TRUST
By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |
Date July 8, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Jan F. van Eck, CEO |
Date July 8, 2021
By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |
Date July 8, 2021