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, 2020
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| Item 1. | REPORT TO SHAREHOLDERS |
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ANNUAL
REPORT
April 30, 2020 |
VANECK VECTORS®
| AMT-Free Intermediate Municipal Index ETF | ITM® |
| AMT-Free Long Municipal Index ETF | MLN® |
| AMT-Free Short Municipal Index ETF | SMB® |
| High-Yield Municipal Index ETF | HYD® |
| Short High-Yield Municipal Index ETF | SHYD® |
| CEF Municipal Income ETF | XMPT® |
| Municipal Allocation ETF | MAAXTM |
| 800.826.2333 | vaneck.com |
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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, 2020.
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VANECK VECTORS ETFs
April 30, 2020 (unaudited)
Dear Fellow Shareholders:
The story for the last decade was simple and familiar—slower global economic growth was combated by expansive monetary policy. After the shock of the COVID-19 virus, we are returning to this investment theme. Thus we believe investors should be comfortable maintaining their strategic allocations to stocks and bonds, given the central bank’s aggressive support of the financial markets.
Why do we have this view? First, we believe that we are in a global recession, not a depression. Two indicators of global recession are copper and oil. When China slowed at the end of 2015, copper and oil fell hard. Since oil and copper haven’t fallen below those 2015-2016 lows and in fact have been rallying from those lows, the chance of a depression seems low.
So our base case is that markets will feel like the recovery after the global financial crisis—lower interest rates, asset price inflation and weak job recovery (due to different factors-varied industry impact not increased regulation). No guarantee, of course, that there will not be a re-test of lows or new lows, but financial markets will likely lead the economic recovery.
Our assumptions regarding this outlook is that: the virus new case curve has flattened, mitigation steps like shutdowns can be local to deal with additional outbreaks and a COVID-19 vaccine happens this year. A vaccine is the biggest factor with early development a positive and later availability (or none) a negative.
The investing outlook sometimes does change suddenly, as now. To get our quarterly investment outlooks, please subscribe to “Investment Outlook” on vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find performance discussions and financial statements for each of the funds for the 12 month period ended April 30, 2020. 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 Vectors ETF Trust
May 27, 2020
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.
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VANECK VECTORS ETFs
April 30, 2020 (unaudited)
Market Review
All funds were adversely affected by both the wide market sell off in late-February and ensuing market volatility, sparked by the evolving COVID-19 pandemic – both domestically in the U.S. and internationally. However, remedial measures, both financial and fiscal, taken by central governments around the world in response to the crisis (including the asset purchasing program of the U.S. Federal Reserve), resulted in positive a “bounce back” in markets in April.
AMT-Free Intermediate Municipal Index ETF
Municipal bonds from California and Texas contributed the most to the Fund’s positive total return of 2.40%. Illinois detracted by far the most from performance. The state and local sectors were the two largest contributing sectors to the Fund’s performance.
AMT-Free Long Municipal Index ETF
The local general obligation, water & sewer and education sectors contributed most to the Fund’s gain of 1.75% for the 12 month period. Only three sectors detracted from performance: hospital, transportation and industrial revenue/pollution control revenue. Municipal bonds issued by California and Texas contributed the most to performance and those issued by North Carolina and Ohio detracted the most from performance.
AMT-Free Short Municipal Index ETF
Among short municipal bonds, the state sector contributed the greatest positive return to the Fund, which overall gained 1.66% for the year. The local general obligation and special tax sectors also contributed positively to return. In terms of state/U.S. territory, Texas and California contributed the most to the total return of the Fund. Only four states detracted from performance, with New York detracting by far the most.
Short High-Yield Municipal Index ETF/High-Yield Municipal Index ETF
While the taxable and hospital sectors was by far the largest negative contributors to the 3.44% loss recorded by the Short High-Yield Municipal Index ETF, three sectors (prerefunded, electric and industrial revenue/pollution control revenue) made positive, if very small, contributions to performance. Grouped by state/U.S. territory, Florida and New York were by far the greatest detractors from the Fund’s total return, while municipal bonds from Ohio contributed the most positively to performance.
In the High-Yield Municipal Index ETF, the hospital and taxable sectors contributed the most negatively to the Fund’s loss of 6.86%. Two sectors, prerefunded and insured, contributed positively to performance, but then only minimally. Municipal bonds from three states and one U.S. territory contributed positively. Grouped by states/U.S. territories municipal bonds from all other issuers detracted from performance with the greatest detractors being Florida and New York.
CEF Municipal Income ETF
The CEF Municipal Income ETF lost 3.17% over the 12 months under review due both to widening municipal closed-end fund (CEF) discounts and price declines in the underlying bonds themselves. During the period the discount at which CEFs traded fluctuated hugely, not least because of events in the market starting towards the end of February 2020.
Starting the Fund’s fiscal year at –6.70% on May 1, 2019, the discount tightened in fits and starts to –4.35% on February 22, 2020. Thereafter, through until March 30, 2020, it was subject to wild, rapid and extreme movements. Having widened precipitously to an extreme of –19.59% on March 18, 2020, after some further, violent movements and as the market started to display some stability, it ended the fiscal year, on April 30, 2020, having tightened to –8.78%.
Municipal Allocation ETF
The Municipal Allocation ETF commenced on May 15, 2019 and had, therefore, not traded for a full 12 months by April 30, 2020. However, in the period in which it did trade before its fiscal year end, the Fund was down 6.13%. The VanEck Vectors AMT-Free Short Municipal Index ETF made a small positive contribution to total return. This was, however, outweighed by the negative contributions of the Fund’s other four municipal bond ETF holdings. The VanEck Vectors High-Yield Municipal Index ETF detracted by far the most from performance, followed by the VanEck Vectors AMT-Free Long Municipal Index ETF, the VanEck Vectors Short High-Yield Municipal Index ETF and the VanEck Vectors AMT-Free Intermediate Municipal Index ETF.
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VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||||||
| Share Price | NAV | LMT2TR1 | ||||||||||
| One Year | 0.43 | % | 2.40 | % | 2.66 | % | ||||||
| Five Year | 2.67 | % | 3.16 | % | 3.61 | % | ||||||
| Ten Year | 3.72 | % | 3.94 | % | 4.54 | % | ||||||
| 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. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds and is calculated using a market value weighting methodology. To be included in the Index, a bond must be rated investment grade (in accordance with the Index Provider’s methodology). |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal years. The result is compared with the Fund’s benchmark. |
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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.
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VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||||||
| Share Price | NAV | LMT3TR1 | ||||||||||
| One Year | (0.26 | )% | 1.75 | % | 1.91 | % | ||||||
| Five Year | 3.31 | % | 3.69 | % | 4.24 | % | ||||||
| Ten Year | 4.38 | % | 4.58 | % | 5.30 | % | ||||||
| 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. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds, and is calculated using a market value weighting methodology. To be included in the Index, bonds must be rated investment grade (in accordance with the Index Provider’s methodology). |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal years. The result is compared with the Fund’s benchmark. |
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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.
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VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||||||
| Share Price | NAV | LMT1TR1 | ||||||||||
| One Year | 1.94 | % | 1.66 | % | 1.90 | % | ||||||
| Five Year | 1.46 | % | 1.35 | % | 1.73 | % | ||||||
| Ten Year | 1.65 | % | 1.64 | % | 2.13 | % | ||||||
| 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. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds and is calculated using a market value weighting methodology. To be included in the Index, bonds must be rated investment grade (in accordance with the Index Provider’s methodology). |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal years. The result is compared with the Fund’s benchmark. |
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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.
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VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||||||
| Share Price | NAV | LMEHTR1 | ||||||||||
| One Year | (9.18 | )% | (6.86 | )% | (4.41 | )% | ||||||
| Five Year | 1.83 | % | 2.35 | % | 3.98 | % | ||||||
| Ten Year | 3.93 | % | 4.23 | % | 5.69 | % | ||||||
| 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. The Index is calculated using a market value weighting methodology and tracks the high yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a targeted 25% weight in triple-B rated investment grade municipal bonds (in accordance with the Index Provider’s methodology). |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal years. The result is compared with the Fund’s benchmark. |
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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.
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VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||||||
| Share Price | NAV | BMHYTR1 | ||||||||||
| One Year | (7.71 | )% | (3.44 | )% | (1.76 | )% | ||||||
| Five Year | 0.24 | % | 1.18 | % | 2.63 | % | ||||||
| Life* | 1.12 | % | 1.85 | % | 3.59 | % | ||||||
| * | 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. The majority of the Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector, and is calculated using a market value weighting methodology. The Index tracks the high yield municipal bond market with a targeted 65% weight in non-investment grade municipal bonds, a targeted 25% weight in triple-B rated investment grade municipal bonds and a targeted 10% weight in single-A rated investment grade municipal bonds (in accordance with the Index Provider’s methodology). |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
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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.
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VANECK VECTORS CEF MUNICIPAL INCOME ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||||||
| Share Price | NAV | CEFMXTR1 | ||||||||||
| One Year | (3.12 | )% | (3.17 | )% | (2.71 | )% | ||||||
| Five Year | 2.92 | % | 3.02 | % | 3.36 | % | ||||||
| Life* | 4.91 | % | 4.89 | % | 5.27 | % | ||||||
| * | 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. The Index is divided into four main closed-end fund segments including: leveraged municipal fixed income closed-end funds; unleveraged municipal fixed income closed-end funds; leveraged high yield municipal fixed income closed-end funds; and unleveraged high yield municipal fixed income closed-end funds. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
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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.
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VANECK VECTORS MUNICIPAL ALLOCATION ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||||||
| Share Price | NAV | LMBITR1 | ||||||||||
| Life* | (6.70 | )% | (6.13 | )% | 1.21 | % | ||||||
| * | 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
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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.
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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 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 Intermediate Index, Long Index, Short Index, High Yield Index, Short High-Yield Index and Bloomberg Barclays Municipal Bond Index 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.
Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for the most recently completed year and the most recently completed quarter(s) since that year can be found at www.vaneck.com.
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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, 2019 to April 30, 2020.
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.
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Beginning
Account Value November 1, 2019 |
Ending
Account Value April 30, 2020 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period* November 1, 2019 – April 30, 2020 |
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| AMT- Free Intermediate Municipal Index ETF | ||||||||||
| Actual | $1,000.00 | $ | 985.40 | 0.24% | $1.18 | |||||
| Hypothetical** | $1,000.00 | $ | 1,023.67 | 0.24% | $1.21 | |||||
| AMT-Free Long Municipal Index ETF | ||||||||||
| Actual | $1,000.00 | $ | 971.00 | 0.24% | $1.18 | |||||
| Hypothetical** | $1,000.00 | $ | 1,023.67 | 0.24% | $1.21 | |||||
| AMT-Free Short Municipal Index ETF | ||||||||||
| Actual | $1,000.00 | $ | 995.60 | 0.20% | $0.99 | |||||
| Hypothetical** | $1,000.00 | $ | 1,023.87 | 0.20% | $1.01 | |||||
| High-Yield Municipal Index ETF | ||||||||||
| Actual | $1,000.00 | $ | 890.80 | 0.35% | $1.65 | |||||
| Hypothetical** | $1,000.00 | $ | 1,023.12 | 0.35% | $1.76 | |||||
| Short High-Yield Municipal Index ETF | ||||||||||
| Actual | $1,000.00 | $ | 933.30 | 0.35% | $1.68 | |||||
| Hypothetical** | $1,000.00 | $ | 1,023.12 | 0.35% | $1.76 | |||||
| CEF Municipal Income ETF | ||||||||||
| Actual | $1,000.00 | $ | 904.70 | 0.40% | $1.89 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.87 | 0.40% | $2.01 | |||||
| Municipal Allocation ETF | ||||||||||
| Actual | $1,000.00 | $ | 909.00 | 0.08% | $0.38 | |||||
| Hypothetical** | $1,000.00 | $ | 1,024.47 | 0.08% | $0.40 | |||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2020) 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. |
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VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
April 30, 2019
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Principal
Amount |
Value | |||||||
| MUNICIPAL BONDS: 98.8% | ||||||||
| Alabama: 0.8% | ||||||||
| Alabama Federal Aid Highway Finance Authority (RB) | ||||||||
| $ | 540,000 | 4.00%, 09/01/24 (c) | $ | 587,444 | ||||
| 345,000 | 5.00%, 09/01/24 (c) | 393,662 | ||||||
| 400,000 | 5.00%, 09/01/24 (c) | 458,308 | ||||||
| Alabama Federal Aid Highway Finance Authority, Series A (RB) | ||||||||
| 340,000 | 5.00%, 09/01/26 (c) | 400,455 | ||||||
| 340,000 | 5.00%, 09/01/26 (c) | 395,223 | ||||||
| 10,000 | 5.00%, 09/01/26 (c) | 11,731 | ||||||
| 250,000 | 5.00%, 09/01/27 (c) | 299,630 | ||||||
| 460,000 | 5.00%, 09/01/27 (c) | 557,244 | ||||||
| 150,000 | 5.00%, 09/01/27 | 185,748 | ||||||
| 100,000 |
Alabama Federal Aid Highway Finance Authority, Series B (RB)
5.00%, 09/01/25 |
118,262 | ||||||
| 540,000 |
Alabama Public School and College Authority, Series B (RB)
5.00%, 07/01/24 (c) |
625,471 | ||||||
| Auburn University, Series A (RB) | ||||||||
| 10,000 | 5.00%, 06/01/26 (c) | 11,939 | ||||||
| 25,000 | 5.00%, 06/01/26 (c) | 29,983 | ||||||
| 860,000 |
Board of Trustees of the University of Alabama, Series B (RB)
3.00%, 07/01/27 (c) |
893,832 | ||||||
| County of Jefferson (RB) | ||||||||
| 100,000 | 5.00%, 03/15/27 (c) | 117,699 | ||||||
| 600,000 | 5.00%, 03/15/27 (c) | 723,360 | ||||||
| 525,000 | 5.00%, 03/15/27 (c) | 636,268 | ||||||
| Infirmary Health System Special Care Facilities, Financing Authority of Mobile, Series A (RB) | ||||||||
| 530,000 | 3.00%, 02/01/26 (c) | 537,309 | ||||||
| 260,000 | 3.00%, 02/01/26 (c) | 266,284 | ||||||
| Lower Alabama Gas District, Series A (RB) | ||||||||
| 305,000 | 5.00%, 09/01/29 | 358,964 | ||||||
| 375,000 | 5.00%, 09/01/31 | 447,742 | ||||||
| 100,000 | 5.00%, 09/01/34 | 120,498 | ||||||
| 675,000 |
State of Alabama, Series A (GO)
5.00%, 11/01/28 (c) |
836,116 | ||||||
| UAB Medicine Finance Authority, Series B (RB) | ||||||||
| 150,000 | 5.00%, 09/01/26 (c) | 173,009 | ||||||
| 225,000 | 5.00%, 09/01/26 (c) | 262,892 | ||||||
| 280,000 |
UAB Medicine Finance Authority, Series B-1 (RB)
5.00%, 03/01/27 (c) |
330,621 | ||||||
| University of Alabama, Board of Trustee, Series A (RB) | ||||||||
| 415,000 | 3.00%, 07/01/29 (c) | 422,864 | ||||||
| 820,000 | 4.00%, 07/01/29 (c) | 927,559 | ||||||
| Water Works Board of the City of Birmingham, Series A (RB) | ||||||||
| 595,000 | 5.00%, 01/01/27 (c) | 707,687 | ||||||
| 250,000 | 5.00%, 01/01/27 (c) | 298,948 | ||||||
| 775,000 | 5.00%, 01/01/27 (c) | 944,190 | ||||||
| 13,080,942 | ||||||||
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Principal
Amount |
Value | |||||||
| Alaska: 0.3% | ||||||||
| Alaska Housing Finance Corp., Series A (RB) | ||||||||
| $ | 900,000 | 4.00%, 06/01/27 (c) | $ | 990,396 | ||||
| 125,000 | 4.00%, 06/01/27 (c) | 138,361 | ||||||
| 15,000 | 5.00%, 06/01/25 (c) | 17,153 | ||||||
| 590,000 | 5.00%, 06/01/27 (c) | 689,197 | ||||||
| Matanuska-Susitna Borough, Goose Creek Correctional Center Project (RB) | ||||||||
| 415,000 | 5.00%, 09/01/25 (c) | 476,084 | ||||||
| 300,000 | 5.25%, 09/01/25 (c) | 354,393 | ||||||
| 500,000 |
State of Alaska, International Airports
System, Series B (RB)
5.00%, 10/01/25 (c) |
562,280 | ||||||
| 130,000 |
State of Alaska, Series A (GO)
5.00%, 08/01/25 (c) |
150,288 | ||||||
| State of Alaska, Series B (GO) | ||||||||
| 205,000 | 5.00%, 08/01/25 (c) | 236,992 | ||||||
| 525,000 | 5.00%, 08/01/25 (c) | 609,210 | ||||||
| 4,224,354 | ||||||||
| Arizona: 1.3% | ||||||||
| Arizona Transportation Board, Highway Revenue (RB) | ||||||||
| 150,000 | 5.00%, 07/01/24 (c) | 170,889 | ||||||
| 110,000 | 5.00%, 07/01/24 (c) | 125,557 | ||||||
| 25,000 | 5.00%, 07/01/24 (c) | 28,814 | ||||||
| 1,050,000 | 5.00%, 07/01/26 (c) | 1,254,687 | ||||||
| 835,000 | 5.00%, 07/01/26 (c) | 1,002,109 | ||||||
| 35,000 |
Arizona Water Infrastructure Finance
Authority, Series A (RB)
5.00%, 10/01/24 (c) |
40,628 | ||||||
| 750,000 |
Board of Regents, Arizona State
University, Series A (RB)
5.00%, 07/01/25 (c) |
886,957 | ||||||
| 240,000 |
Board of Regents, Arizona State
University, Series B (RB)
5.00%, 07/01/25 (c) |
285,408 | ||||||
| Board of Regents, University of Arizona (RB) | ||||||||
| 215,000 | 3.00%, 06/01/26 (c) | 220,674 | ||||||
| 165,000 | 5.00%, 06/01/26 (c) | 193,166 | ||||||
| 30,000 |
City of Chandler (GO)
5.00%, 07/01/24 (c) |
34,669 | ||||||
| 450,000 |
City of Glendale, Water and Sewer
Revenue, Senior Lien (RB)
5.00%, 07/01/25 (c) |
530,203 | ||||||
| City of Mesa, Utility System Revenue (RB) | ||||||||
| 1,590,000 | 4.00%, 07/01/26 (c) | 1,767,635 | ||||||
| 705,000 | 5.00%, 07/01/26 (c) | 852,070 | ||||||
| 270,000 | 5.00%, 07/01/26 (c) | 325,442 | ||||||
| 355,000 |
City of Phoenix (GO)
5.00%, 07/01/26 (c) |
427,434 | ||||||
| City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | ||||||||
| 860,000 | 5.00%, 07/01/26 (c) | 1,041,666 | ||||||
| 120,000 | 5.00%, 07/01/26 (c) | 144,016 | ||||||
| 620,000 | 5.00%, 07/01/26 (c) | 749,747 | ||||||
| 150,000 | 5.00%, 07/01/26 (c) | 179,436 | ||||||
See Notes to Financial Statements
| 12 |
|
|
|
Principal
Amount |
Value | |||||||
| Arizona: (continued) | ||||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) | ||||||||
| $ | 250,000 | 5.00%, 07/01/27 (c) | $ | 286,953 | ||||
| 100,000 | 5.00%, 07/01/27 (c) | 115,801 | ||||||
| 250,000 | 5.00%, 07/01/27 (c) | 293,668 | ||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) | ||||||||
| 550,000 | 5.00%, 07/01/27 (c) | 631,499 | ||||||
| 120,000 | 5.00%, 07/01/27 (c) | 141,516 | ||||||
| 260,000 | City of Phoenix Civic Improvement Corp., Subordinated Excise Tax Revenue, Series A (RB) 5.00%, 07/01/25 (c) | 308,477 | ||||||
| 320,000 | City of Phoenix Civic Improvement Corp., Subordinated Excise Tax Revenue, Series B (RB) 5.00%, 07/01/26 | 390,128 | ||||||
| 250,000 |
Maricopa County High School District No. 210 (GO)
5.00%, 07/01/27 (c) |
299,078 | ||||||
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 20,000 | 3.13%, 01/01/27 (c) | 20,146 | ||||||
| 215,000 | 5.00%, 01/01/28 | 257,979 | ||||||
| 710,000 | 5.00%, 01/01/29 | 864,205 | ||||||
| Maricopa County Special Health Care District, Series C (GO) | ||||||||
| 190,000 | 5.00%, 07/01/25 | 225,217 | ||||||
| 240,000 | 5.00%, 07/01/26 | 291,012 | ||||||
| 120,000 | 5.00%, 07/01/27 | 148,067 | ||||||
| 25,000 |
Pima County, Sewer System (RB)
5.00%, 07/01/25 |
29,703 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 2,000,000 | 5.00%, 06/01/25 (c) | 2,328,020 | ||||||
| 130,000 | 5.00%, 01/01/26 | 156,885 | ||||||
| 1,150,000 | 5.00%, 01/01/27 (c) | 1,419,364 | ||||||
| 250,000 | 5.00%, 01/01/28 (c) | 305,803 | ||||||
| 2,000,000 | 5.00%, 01/01/28 (c) | 2,470,440 | ||||||
| 100,000 |
University of Arizona (RB)
5.00%, 06/01/26 (c) |
117,711 | ||||||
| 21,362,879 | ||||||||
| Arkansas: 0.1% | ||||||||
| 770,000 |
City of Little Rock, Sewer Revenue (RB)
4.70%, 04/01/25 (c) |
886,678 | ||||||
| 375,000 |
State of Arkansas, Federal Highway Grant Anticipation (GO)
5.00%, 10/01/24 (c) |
434,194 | ||||||
| 1,320,872 | ||||||||
| California: 15.6% | ||||||||
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM) | ||||||||
| 125,000 | 3.00%, 10/01/26 (c) | 121,435 | ||||||
| 705,000 | 4.00%, 10/01/26 (c) | 721,349 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 815,000 |
Alameda County Joint Powers Authority (RB)
5.00%, 12/01/26 (c) |
$ | 989,133 | ||||
| Anaheim Housing and Public Improvements Authority, Series A (RB) | ||||||||
| 135,000 | 5.00%, 10/01/21 (c) | 142,904 | ||||||
| 245,000 | 5.00%, 10/01/21 (c) | 259,345 | ||||||
| 25,000 | 5.00%, 10/01/21 (c) | 26,464 | ||||||
| 45,000 | 5.00%, 10/01/21 (c) | 47,635 | ||||||
| 270,000 |
Anaheim Housing and Public Improvements Authority, Series B (RB)
5.00%, 04/01/23 (c) |
294,068 | ||||||
| 100,000 |
Bay Area Toll Authority, Series A (RB)
2.63%, 10/01/25 (c) (p) |
105,721 | ||||||
| 935,000 |
Bay Area Toll Authority, Series S-7 (RB)
4.00%, 04/01/27 (c) |
1,034,456 | ||||||
| California Department of Water Resources, Central Valley Project Water System, Series AV (RB) | ||||||||
| 750,000 | 4.00%, 06/01/26 (c) | 836,070 | ||||||
| 725,000 | 4.00%, 06/01/26 (c) | 817,234 | ||||||
| 100,000 |
California Health Facilities Financing Authority, Adventist Health System West, Series A (RB)
4.00%, 03/01/26 (c) |
108,345 | ||||||
| California Health Facilities Financing Authority, Cedars-Sinai Medical Center (RB) | ||||||||
| 110,000 | 5.00%, 11/15/25 (c) | 127,463 | ||||||
| 100,000 | 5.00%, 11/15/25 (c) | 116,916 | ||||||
| 310,000 |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB)
5.00%, 08/15/26 (c) |
358,078 | ||||||
| 400,000 |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB)
3.00%, 08/15/26 (c) |
404,768 | ||||||
| 175,000 |
California Health Facilities Financing Authority, El Camino Hospital (RB)
3.75%, 02/01/27 (c) |
187,161 | ||||||
| 140,000 |
California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB)
5.00%, 11/01/27 |
170,992 | ||||||
| 160,000 |
California Health Facilities Financing Authority, Lucile Salter Packard Children Hospital, Series
A (RB)
5.00%, 08/15/26 (c) |
181,186 | ||||||
| 45,000 |
California Health Facilities Financing Authority, Providence Health & Services, Series A
(RB)
5.00%, 10/01/24 (c) |
51,608 | ||||||
| California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) | ||||||||
| 300,000 | 2.00%, 10/01/25 (c) (p) | 298,146 | ||||||
| 880,000 | 5.00%, 10/01/26 (c) | 1,018,890 | ||||||
See Notes to Financial Statements
| 13 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 750,000 |
California Health Facilities Financing Authority, Stanford Health Care, Series A
(RB)
5.00%, 11/15/27 (c) |
$ | 896,910 | ||||
| California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/15/27 (c) | 575,360 | ||||||
| 150,000 | 5.00%, 11/15/27 (c) | 173,288 | ||||||
| California Infrastructure and Economic Development Bank, Clean Water State (RB) | ||||||||
| 100,000 | 5.00%, 10/01/25 | 120,589 | ||||||
| 100,000 | 5.00%, 10/01/25 | 120,589 | ||||||
| 130,000 | 5.00%, 04/01/26 (c) | 155,280 | ||||||
| 550,000 | 5.00%, 04/01/26 (c) | 670,494 | ||||||
| 935,000 | 5.00%, 04/01/26 (c) | 1,136,259 | ||||||
| 55,000 | 5.00%, 04/01/26 (c) | 66,525 | ||||||
| 150,000 | 5.00%, 10/01/26 | 185,796 | ||||||
| 170,000 | 5.00%, 04/01/27 (c) | 206,186 | ||||||
| 840,000 |
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27 (c) |
953,425 | ||||||
| 925,000 |
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c) |
1,051,281 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
| 360,000 | 3.00%, 09/01/27 (c) | 376,315 | ||||||
| 500,000 | 3.00%, 09/01/27 (c) | 527,780 | ||||||
| 270,000 | 5.00%, 09/01/24 (c) | 309,725 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB) | ||||||||
| 655,000 | 2.50%, 10/01/26 (c) | 684,416 | ||||||
| 400,000 | 4.00%, 10/01/26 (c) | 446,740 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series H (RB) | ||||||||
| 270,000 | 3.00%, 12/01/25 (c) | 289,324 | ||||||
| 520,000 | 3.25%, 12/01/25 (c) | 561,028 | ||||||
| 345,000 | 3.38%, 12/01/25 (c) | 366,245 | ||||||
| 110,000 | 4.00%, 12/01/25 (c) | 118,477 | ||||||
| 100,000 | 5.00%, 12/01/25 (c) | 118,169 | ||||||
| California State Public Works Board, Department of General Services, Series F (RB) | ||||||||
| 75,000 | 5.00%, 05/01/25 (c) | 86,429 | ||||||
| 600,000 | 5.00%, 05/01/25 (c) | 696,408 | ||||||
| 330,000 | 5.00%, 05/01/25 (c) | 383,882 | ||||||
| California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 120,000 | 5.00%, 10/01/27 (c) | 145,177 | ||||||
| 340,000 | 5.00%, 10/01/27 (c) | 413,668 | ||||||
| 445,000 | 5.00%, 10/01/27 (c) | 544,484 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
| $ | 100,000 | 3.38%, 03/01/27 (c) | $ | 106,968 | ||||
| 425,000 | 4.00%, 11/01/26 (c) | 465,974 | ||||||
| 45,000 | 5.00%, 11/01/26 (c) | 53,682 | ||||||
| 30,000 | 5.00%, 11/01/26 (c) | 35,611 | ||||||
| 30,000 | 5.00%, 11/01/26 (c) | 35,971 | ||||||
| 160,000 | 5.00%, 03/01/27 | 194,237 | ||||||
| 400,000 |
California State Public Works Board, Various Capital Projects, Series D (RB)
5.00%, 10/01/26 (c) |
477,720 | ||||||
| 950,000 |
California State Public Works Board, Various Correctional Facilities, Series C (RB)
5.00%, 11/01/28 (c) |
1,175,615 | ||||||
| California State University, Series A (RB) | ||||||||
| 910,000 | 3.00%, 05/01/26 (c) | 947,938 | ||||||
| 400,000 | 4.00%, 05/01/26 (c) | 439,592 | ||||||
| 50,000 | 5.00%, 11/01/25 | 59,755 | ||||||
| 300,000 | 5.00%, 11/01/25 (c) | 352,959 | ||||||
| 35,000 | 5.00%, 11/01/25 (c) | 41,299 | ||||||
| 15,000 | 5.00%, 11/01/25 (c) | 17,778 | ||||||
| 450,000 | 5.00%, 11/01/25 (c) | 535,954 | ||||||
| 110,000 | 5.00%, 11/01/25 | 131,461 | ||||||
| 220,000 | 5.00%, 05/01/26 (c) | 259,835 | ||||||
| 160,000 | 5.00%, 05/01/26 (c) | 193,211 | ||||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,867 | ||||||
| 225,000 | 5.00%, 05/01/27 (c) | 269,251 | ||||||
| 510,000 | 5.00%, 05/01/27 (c) | 614,611 | ||||||
| 1,640,000 | 5.00%, 05/01/27 (c) | 1,987,844 | ||||||
| 525,000 |
California State Veterans, Series CL (GO)
3.50%, 12/01/24 (c) |
556,710 | ||||||
| 270,000 |
California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB)
4.13%, 03/01/26 (c) |
289,305 | ||||||
| California Statewide Communities Development Authority, Enloe Medical Center (RB) | ||||||||
| 635,000 | 3.00%, 02/15/26 (c) | 684,124 | ||||||
| 450,000 | 3.25%, 02/15/26 (c) | 478,791 | ||||||
| 725,000 | 5.00%, 02/15/26 (c) | 878,598 | ||||||
| 735,000 | 5.00%, 02/15/26 (c) | 887,520 | ||||||
| 500,000 |
California Statewide Communities Development Authority, Huntington Memorial Hospital, Series B (RB)
5.00%, 07/01/24 (c) |
550,610 | ||||||
| 100,000 |
California Statewide Communities Development Authority, Irvine East Campus Apartments (RB)
5.00%, 05/15/26 |
110,142 | ||||||
| 2,000,000 |
California Statewide Communities Development Authority, Kaiser Permanente, Series C-1 (RB)
5.00%, 11/01/29 (p) |
2,537,340 | ||||||
See Notes to Financial Statements
| 14 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 1,500,000 |
California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB)
5.00%, 11/01/29 (p) |
$ | 1,903,005 | ||||
| 1,000,000 |
California Statewide Communities Development Authority, Kaiser Permanente,, Series C-3 (RB)
5.00%, 11/01/29 (p) |
1,268,670 | ||||||
| California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) | ||||||||
| 760,000 | 5.00%, 01/01/28 (c) | 852,652 | ||||||
| 315,000 | 5.00%, 01/01/28 (c) | 357,585 | ||||||
| 300,000 |
Campbell Union High School District, Series B (GO)
5.00%, 08/01/26 (c) |
358,956 | ||||||
| 140,000 |
Chabot-Las Positas Community College District (GO)
4.00%, 08/01/26 (c) |
152,900 | ||||||
| 255,000 |
City and County of San Francisco, Series B (CP)
3.00%, 10/01/25 (c) |
264,897 | ||||||
| City and County of San Francisco, Series R-1 (GO) | ||||||||
| 40,000 | 5.00%, 06/15/23 (c) | 44,759 | ||||||
| 45,000 | 5.00%, 06/15/23 (c) | 50,383 | ||||||
| City of Bakersfield, Wastewater Revenue, Series A (RB) | ||||||||
| 240,000 | 5.00%, 09/15/20 (c) | 243,866 | ||||||
| 520,000 | 5.00%, 09/15/25 (c) | 617,916 | ||||||
| 15,000 | 5.00%, 09/15/25 (c) | 17,722 | ||||||
| 405,000 |
City of Los Angeles, Solid Waste Resources, Series A (RB)
4.00%, 02/01/28 (c) |
467,896 | ||||||
| City of Los Angeles, Wastewater System, Series A (RB) | ||||||||
| 30,000 | 5.00%, 06/01/25 (c) | 35,499 | ||||||
| 250,000 | 5.00%, 06/01/27 (c) | 303,675 | ||||||
| 200,000 | City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c) | 250,642 | ||||||
| 625,000 |
Coast Community College District (GO)
0.00%, 08/01/25 (c) ^ |
383,650 | ||||||
| 20,000 |
Contra Costa Transportation Authority (RB)
5.00%, 03/01/25 (c) |
23,110 | ||||||
| 30,000 |
Contra Costa Water District (RB)
5.00%, 10/01/24 (c) |
35,091 | ||||||
| 250,000 |
Corona-Norco Unified School District, Series A (GO)
4.00%, 08/01/26 (c) |
278,703 | ||||||
| County of Sacramento, Airport System, Series E (RB) | ||||||||
| 275,000 | 5.00%, 07/01/27 | 326,199 | ||||||
| 150,000 | 5.00%, 07/01/28 (c) | 174,410 | ||||||
| County of Santa Clara, Series C (GO) | ||||||||
| 245,000 | 3.00%, 08/01/27 (c) | 255,410 | ||||||
| 125,000 | 5.00%, 08/01/27 (c) | 155,986 | ||||||
| 525,000 | 5.00%, 08/01/27 (c) | 632,961 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 620,000 |
Department of Airports of the City of Los Angeles, Series C (RB)
5.00%, 05/15/25 (c) |
$ | 708,034 | ||||
| 145,000 |
Desert Community College District (GO)
5.00%, 08/01/27 (c) |
174,818 | ||||||
| 15,000 |
East Bay Municipal Utility District, Wastewater System, Series A (RB)
5.00%, 06/01/25 |
17,863 | ||||||
| East Bay Municipal Utility District, Water System, Series A (RB) | ||||||||
| 175,000 | 4.00%, 06/01/25 (c) | 192,922 | ||||||
| 315,000 | 5.00%, 06/01/24 (c) | 361,774 | ||||||
| 20,000 | 5.00%, 06/01/25 | 23,818 | ||||||
| 460,000 | 5.00%, 06/01/27 (c) | 553,477 | ||||||
| East Bay Municipal Utility District, Water System, Series B (RB) | ||||||||
| 220,000 | 5.00%, 06/01/27 (c) | 268,543 | ||||||
| 145,000 | 5.00%, 06/01/27 (c) | 181,046 | ||||||
| 2,590,000 |
East Side Union High School District, Series B (GO) (AGM)
3.00%, 08/01/27 (c) |
2,683,758 | ||||||
| Eastern Municipal Water District, Financing Authority, Series B (RB) | ||||||||
| 560,000 | 5.00%, 07/01/26 (c) | 669,166 | ||||||
| 145,000 | 5.00%, 07/01/26 (c) | 173,925 | ||||||
| Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB) | ||||||||
| 625,000 | 5.00%, 07/01/26 (c) | 746,837 | ||||||
| 250,000 | 5.00%, 07/01/26 (c) | 298,090 | ||||||
| 435,000 | 5.00%, 07/01/26 (c) | 521,774 | ||||||
| 25,000 | 5.00%, 07/01/26 (c) | 30,330 | ||||||
| 100,000 | 5.00%, 07/01/26 (c) | 120,534 | ||||||
| 250,000 |
El Camino Healthcare District (GO)
4.00%, 02/01/27 (c) |
280,680 | ||||||
| El Dorado Irrigation District, Series C (RB) | ||||||||
| 250,000 | 5.00%, 03/01/26 (c) | 294,530 | ||||||
| 520,000 | 5.00%, 03/01/26 (c) | 618,649 | ||||||
| 30,000 |
Emeryville Redevelopment Agency Successor Agency (AGM) (TA)
5.00%, 09/01/24 (c) |
34,467 | ||||||
| Fontana Redevelopment Agency Successor Agency (TA) | ||||||||
| 205,000 | 5.00%, 10/01/26 | 241,826 | ||||||
| 760,000 | 5.00%, 10/01/27 (c) | 877,709 | ||||||
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | ||||||||
| 395,000 | 3.25%, 06/01/25 (c) | 408,430 | ||||||
| 330,000 | 3.25%, 06/01/25 (c) | 339,207 | ||||||
| 220,000 | 5.00%, 06/01/25 (c) | 249,066 | ||||||
| 265,000 | 5.00%, 06/01/25 (c) | 297,179 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 810,000 | 5.00%, 06/01/26 | 928,867 | ||||||
| 1,420,000 | 5.00%, 06/01/27 (c) | 1,636,919 | ||||||
See Notes to Financial Statements
| 15 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 2,380,000 | 5.00%, 06/01/28 (c) | $ | 2,736,595 | ||||
| 1,000,000 | 5.00%, 06/01/28 (c) | 1,164,480 | ||||||
| Imperial Irrigation District, Electric System, Series C (RB) | ||||||||
| 215,000 | 5.00%, 05/01/26 (c) | 249,293 | ||||||
| 1,045,000 | 5.00%, 05/01/26 (c) | 1,214,865 | ||||||
| 135,000 | 5.00%, 05/01/26 (c) | 157,441 | ||||||
| 105,000 |
Long Beach Unified School District
(GO)
5.00%, 08/01/26 (c) |
126,672 | ||||||
| Los Angeles Community College District, Series A (GO) | ||||||||
| 530,000 | 5.00%, 08/01/24 (c) | 605,228 | ||||||
| 755,000 | 5.00%, 08/01/24 (c) | 858,828 | ||||||
| 175,000 | 5.00%, 08/01/24 (c) | 198,452 | ||||||
| 330,000 | 5.00%, 08/01/24 (c) | 381,100 | ||||||
| 710,000 | 5.00%, 08/01/24 (c) | 817,721 | ||||||
| 265,000 | 5.00%, 08/01/24 (c) | 303,907 | ||||||
| Los Angeles Community College District, Series G (GO) | ||||||||
| 720,000 | 4.00%, 08/01/24 (c) | 794,326 | ||||||
| 170,000 | 5.00%, 08/01/24 (c) | 196,325 | ||||||
| Los Angeles Community College District, Series I (GO) | ||||||||
| 775,000 | 2.13%, 08/01/26 (c) | 789,702 | ||||||
| 170,000 | 4.00%, 08/01/26 (c) | 188,182 | ||||||
| 25,000 | 4.00%, 08/01/26 | 29,098 | ||||||
| 135,000 | 4.00%, 08/01/26 (c) | 156,682 | ||||||
| Los Angeles Community College District, Series J (GO) | ||||||||
| 750,000 | 4.00%, 08/01/27 (c) | 844,612 | ||||||
| 400,000 | 4.00%, 08/01/27 (c) | 452,636 | ||||||
| 100,000 | 5.00%, 08/01/27 (c) | 124,761 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 50,000 | 4.00%, 07/01/26 (c) | 56,523 | ||||||
| 820,000 | 5.00%, 07/01/25 (c) | 971,987 | ||||||
| 165,000 | 5.00%, 06/01/26 (c) | 195,956 | ||||||
| 375,000 | 5.00%, 06/01/26 (c) | 447,262 | ||||||
| 115,000 | 5.00%, 06/01/26 (c) | 138,711 | ||||||
| 795,000 | 5.00%, 07/01/27 (c) | 966,458 | ||||||
| Los Angeles County Public Works Financing Authority, Series B (RB) | ||||||||
| 15,000 | 5.00%, 12/01/25 (c) | 17,664 | ||||||
| 435,000 | 5.00%, 12/01/25 (c) | 516,589 | ||||||
| 320,000 |
Los Angeles County Public Works
Financing Authority, Series D (RB)
5.00%, 12/01/25 (c) |
372,381 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 735,000 | 3.25%, 01/01/25 (c) | 775,403 | ||||||
| 25,000 | 5.00%, 01/01/25 (c) | 28,770 | ||||||
| 30,000 | 5.00%, 01/01/25 (c) | 35,008 | ||||||
| 580,000 | 5.00%, 01/01/25 (c) | 672,551 | ||||||
| 245,000 | 5.00%, 01/01/26 (c) | 292,853 | ||||||
| 155,000 | 5.00%, 01/01/26 (c) | 186,022 | ||||||
| 30,000 | 5.00%, 01/01/26 (c) | 36,314 | ||||||
| 1,010,000 | 5.00%, 01/01/27 (c) | 1,216,222 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 500,000 | 5.00%, 01/01/28 (c) | $ | 611,640 | ||||
| 500,000 | 5.00%, 01/01/28 (c) | 614,825 | ||||||
| 115,000 | 5.00%, 01/01/28 (c) | 145,093 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 180,000 | 5.00%, 06/01/25 (c) | 213,772 | ||||||
| 125,000 | 5.00%, 01/01/26 (c) | 150,018 | ||||||
| 35,000 | 5.00%, 01/01/26 (c) | 42,132 | ||||||
| 1,000,000 | 5.00%, 01/01/27 (c) | 1,201,400 | ||||||
| 275,000 | 5.00%, 01/01/27 (c) | 328,867 | ||||||
| 110,000 | 5.00%, 07/01/27 | 137,760 | ||||||
| 110,000 | 5.00%, 07/01/28 (c) | 136,795 | ||||||
| Los Angeles Department of Water and Power, Series C (RB) | ||||||||
| 250,000 | 5.00%, 07/01/24 (c) | 288,908 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 115,387 | ||||||
| 1,100,000 | 5.00%, 07/01/27 (c) | 1,360,249 | ||||||
| 500,000 | 5.00%, 07/01/27 (c) | 604,820 | ||||||
| 200,000 | 5.00%, 07/01/27 (c) | 240,958 | ||||||
| Los Angeles Department of Water and Power, Series D (RB) | ||||||||
| 245,000 | 5.00%, 07/01/24 (c) | 277,896 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 113,211 | ||||||
| 640,000 | 5.00%, 07/01/24 (c) | 735,104 | ||||||
| 125,000 | 5.00%, 07/01/28 (c) | 153,691 | ||||||
| 185,000 |
Los Angeles Department of Water and Power, Series E (RB)
5.00%, 07/01/24 (c) |
209,202 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 1,580,000 | 4.00%, 07/01/29 (c) | 1,812,118 | ||||||
| 20,000 | 5.00%, 07/01/21 (c) | 20,863 | ||||||
| 175,000 | 5.00%, 07/01/21 (c) | 182,515 | ||||||
| 25,000 | 5.00%, 07/01/25 (c) | 29,374 | ||||||
| 695,000 | 5.00%, 07/01/25 (c) | 815,089 | ||||||
| 135,000 | 5.00%, 07/01/25 (c) | 159,135 | ||||||
| 120,000 | 5.00%, 07/01/26 | 144,876 | ||||||
| 550,000 | 5.00%, 07/01/27 | 675,713 | ||||||
| Los Angeles Unified School District, Series B (GO) | ||||||||
| 270,000 | 2.00%, 07/01/26 (c) | 270,599 | ||||||
| 780,000 | 3.00%, 07/01/26 (c) | 817,222 | ||||||
| 855,000 | 3.00%, 07/01/26 (c) | 887,729 | ||||||
| 885,000 | 5.00%, 07/01/26 (c) | 1,064,991 | ||||||
| 915,000 | 5.00%, 07/01/26 (c) | 1,096,335 | ||||||
| Los Angeles Unified School District, Series B-1 (GO) | ||||||||
| 585,000 | 5.00%, 01/01/28 (c) | 709,546 | ||||||
| 375,000 | 5.00%, 01/01/28 (c) | 460,312 | ||||||
| Metropolitan Water District of Southern California, Series A (RB) | ||||||||
| 430,000 | 2.50%, 07/01/26 | 458,156 | ||||||
| 1,005,000 | 2.50%, 07/01/27 | 1,066,868 | ||||||
| 100,000 | 5.00%, 01/01/26 (c) | 118,813 | ||||||
| 100,000 |
Metropolitan Water District of Southern California, Series B (RB)
5.00%, 07/01/28 (c) |
126,170 | ||||||
See Notes to Financial Statements
| 16 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| Monterey Peninsula Community College District (GO) | ||||||||
| $ | 730,000 | 0.00%, 02/01/26 (c) ^ | $ | 530,097 | ||||
| 865,000 | 0.00%, 02/01/26 (c) ^ | 655,532 | ||||||
| 865,000 | 0.00%, 02/01/26 (c) ^ | 683,436 | ||||||
| 200,000 |
Municipal Improvement Corp. of Los
Angeles, Series A (RB)
5.00%, 11/01/26 (c) |
233,006 | ||||||
| Municipal Improvement Corp. of Los Angeles, Series B (RB) | ||||||||
| 135,000 | 5.00%, 11/01/26 (c) | 160,418 | ||||||
| 615,000 | 5.00%, 11/01/26 (c) | 727,490 | ||||||
| 275,000 | 5.00%, 11/01/26 | 326,961 | ||||||
| 265,000 | 5.00%, 11/01/26 (c) | 315,962 | ||||||
| Northern California Transmission Agency Project, Series A (RB) | ||||||||
| 20,000 | 5.00%, 05/01/26 (c) | 23,418 | ||||||
| 40,000 | 5.00%, 05/01/26 (c) | 47,408 | ||||||
| 45,000 | 5.00%, 05/01/26 (c) | 53,630 | ||||||
| Oakland Unified School District (GO) | ||||||||
| 175,000 | 5.00%, 08/01/26 (c) | 204,208 | ||||||
| 625,000 | 5.00%, 08/01/26 (c) | 724,687 | ||||||
| 385,000 | 5.00%, 08/01/26 (c) | 452,367 | ||||||
| 525,000 | 5.00%, 08/01/26 | 619,983 | ||||||
| 975,000 | 5.00%, 08/01/26 (c) | 1,150,110 | ||||||
| Oakland Unified School District, Series A (GO) | ||||||||
| 335,000 | 5.00%, 08/01/25 (c) | 380,979 | ||||||
| 400,000 | 5.00%, 08/01/25 (c) | 458,428 | ||||||
| 400,000 |
Oakland Unified School District,
Series C (GO)
5.00%, 08/01/27 (c) |
460,384 | ||||||
| 325,000 |
Palm Springs Unified School District
(GO)
4.00%, 08/01/26 (c) |
363,844 | ||||||
| Palm Springs Unified School District, Series D (GO) | ||||||||
| 550,000 | 2.50%, 08/01/26 (c) | 562,276 | ||||||
| 160,000 | 3.00%, 08/01/26 (c) | 171,264 | ||||||
| 775,000 |
Palomar Health, Series B (GO)
5.00%, 08/01/26 (c) |
886,801 | ||||||
| 350,000 |
Pittsburg Successor Agency, Los
Medanos Community, Series A (AGM) (TA)
5.00%, 09/01/26 (c) |
417,914 | ||||||
| 260,000 |
Placentia-Yorba Linda Unified School
District, Series A (CP) (AGM)
4.00%, 10/01/25 (c) |
289,419 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB) | ||||||||
| 440,000 | 5.00%, 10/01/25 (c) | 521,431 | ||||||
| 475,000 | 5.00%, 10/01/25 (c) | 563,725 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) | ||||||||
| $ | 100,000 | 4.00%, 11/01/26 (c) | $ | 113,741 | ||||
| 55,000 | 5.00%, 05/01/25 (c) | 64,732 | ||||||
| 235,000 | 5.00%, 05/01/25 (c) | 277,081 | ||||||
| 230,000 | 5.00%, 05/01/25 (c) | 271,186 | ||||||
| 250,000 | 5.00%, 05/01/25 (c) | 294,503 | ||||||
| 155,000 | 5.00%, 11/01/25 | 185,241 | ||||||
| 1,215,000 | 5.00%, 11/01/26 (c) | 1,459,361 | ||||||
| 25,000 | 5.00%, 11/01/26 (c) | 30,216 | ||||||
| 170,000 | 5.00%, 11/01/26 (c) | 207,932 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) | ||||||||
| 785,000 | 5.00%, 11/01/27 (c) | 953,296 | ||||||
| 255,000 | 5.00%, 11/01/27 (c) | 319,377 | ||||||
| 300,000 |
Rancho Cucamonga Redevelopment Agency
(AGM) (TA)
5.00%, 09/01/24 (c) |
341,643 | ||||||
| 650,000 |
Regents of the University of California,
Medical Center Pooled Revenue, Series L (RB)
5.00%, 05/15/26 (c) |
747,383 | ||||||
| Regents of the University of California, Series AO (RB) | ||||||||
| 190,000 | 5.00%, 05/15/25 (c) | 220,930 | ||||||
| 510,000 | 5.00%, 05/15/25 (c) | 593,558 | ||||||
| 605,000 | 5.00%, 05/15/25 (c) | 713,743 | ||||||
| Regents of the University of California, Series AR (RB) | ||||||||
| 500,000 | 5.00%, 05/15/26 (c) | 593,225 | ||||||
| 750,000 | 5.00%, 05/15/26 (c) | 898,387 | ||||||
| Regents of the University of California, Series I (RB) | ||||||||
| 150,000 | 5.00%, 05/15/25 (c) | 174,813 | ||||||
| 480,000 | 5.00%, 05/15/25 (c) | 564,998 | ||||||
| 455,000 | Regents of the University of California, Series K (RB) | |||||||
| 5.00%, 05/15/26 (c) | 543,575 | |||||||
| 170,000 |
Riverside Community College District
(GO)
5.00%, 08/01/25 (c) |
199,500 | ||||||
| 20,000 |
Riverside County Public Financing
Authority, Capital Facilities Project (RB)
5.00%, 11/01/25 |
23,937 | ||||||
| 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) |
164,339 | ||||||
| 730,000 |
Riverside County Transportation
Commission, Series A (RB)
2.00%, 06/01/24 (c) |
735,037 | ||||||
| 125,000 |
Riverside Redevelopment Agency Successor
Agency, Series A (AGM) (TA)
5.00%, 09/01/26 |
151,178 | ||||||
See Notes to Financial Statements
| 17 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| Sacramento City Financing Authority, Master Lease Program Facilities (RB) | ||||||||
| $ | 650,000 | 3.38%, 12/01/25 (c) | $ | 706,153 | ||||
| 210,000 | 5.00%, 12/01/25 (c) | 253,132 | ||||||
| 10,000 | 5.00%, 12/01/25 (c) | 11,994 | ||||||
| Sacramento County Sanitation Districts Financing Authority, Series A (RB) | ||||||||
| 170,000 | 5.00%, 06/01/24 (c) | 196,270 | ||||||
| 250,000 | 5.00%, 06/01/24 (c) | 287,445 | ||||||
| 15,000 | 5.00%, 06/01/24 (c) | 17,292 | ||||||
| 20,000 |
Sacramento Municipal Utility District (RB)
5.00%, 07/01/25 |
23,873 | ||||||
| 1,000,000 |
Sacramento Municipal Utility District, Series D (RB)
5.00%, 08/15/28 |
1,277,240 | ||||||
| San Diego Association of Governments, South Bay Expressway, Series A (RB) | ||||||||
| 705,000 | 5.00%, 07/01/27 (c) | 810,454 | ||||||
| 500,000 | 5.00%, 07/01/27 (c) | 582,955 | ||||||
| San Diego Community College District (GO) | ||||||||
| 855,000 | 5.00%, 08/01/26 (c) | 1,036,576 | ||||||
| 65,000 | 5.00%, 08/01/26 (c) | 79,674 | ||||||
| San Diego County Regional Transportation Commission, Series A (RB) | ||||||||
| 700,000 | 5.00%, 04/01/26 (c) | 832,209 | ||||||
| 105,000 | 5.00%, 04/01/26 (c) | 125,484 | ||||||
| San Diego County Water Authority, Series A (RB) | ||||||||
| 100,000 | 5.00%, 05/01/25 (c) | 118,013 | ||||||
| 75,000 | 5.00%, 05/01/25 (c) | 88,749 | ||||||
| 500,000 | 5.00%, 05/01/26 (c) | 593,345 | ||||||
| 165,000 | 5.00%, 05/01/26 (c) | 196,424 | ||||||
| 150,000 | 5.00%, 05/01/26 (c) | 179,514 | ||||||
| 100,000 |
San Diego County Water Authority, Series B (RB)
5.00%, 05/01/26 (c) |
117,486 | ||||||
| 150,000 |
San Diego County, Edgemoor and RCS Refunding, Series A (CP)
5.00%, 10/15/24 (c) |
173,816 | ||||||
| San Diego Public Facilities Financing Authority (RB) | ||||||||
| 365,000 | 5.00%, 10/15/25 (c) | 425,141 | ||||||
| 445,000 | 5.00%, 10/15/25 (c) | 516,107 | ||||||
| 150,000 | 5.00%, 10/15/25 (c) | 176,052 | ||||||
| 410,000 | 5.00%, 10/15/25 (c) | 479,630 | ||||||
| San Diego Public Facilities Financing Authority, Series A (RB) | ||||||||
| 95,000 | 5.00%, 05/15/26 (c) | 114,891 | ||||||
| 135,000 | 5.00%, 05/15/26 (c) | 163,963 | ||||||
| 185,000 |
San Diego Public Facilities Financing Authority, Series B (RB)
5.00%, 08/01/26 |
225,646 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| San Diego Regional Building Authority, Series A (RB) | ||||||||
| $ | 555,000 | 5.00%, 10/15/25 (c) | $ | 633,927 | ||||
| 325,000 | 5.00%, 10/15/25 (c) | 368,758 | ||||||
| 520,000 |
San Diego Unified School District,
Dedicated Unlimited Valorem Property Tax, Series R-5 (GO)
5.00%, 07/01/26 (c) |
628,477 | ||||||
| 510,000 |
San Diego Unified School District,
Series F (GO)
5.00%, 07/01/25 (c) |
597,847 | ||||||
| San Diego Unified School District, Series I (GO) | ||||||||
| 115,000 | 0.00%, 07/01/25 (c) ^ | 68,737 | ||||||
| 220,000 | 0.00%, 07/01/25 (c) ^ | 137,819 | ||||||
| 650,000 | 5.00%, 07/01/27 (c) | 790,127 | ||||||
| 40,000 |
San Diego Unified School District,
Series R-4 (GO)
5.00%, 07/01/25 (c) |
47,151 | ||||||
| San Diego Unified School District, Series R-5 (GO) | ||||||||
| 20,000 | 4.00%, 07/01/26 (c) | 22,702 | ||||||
| 50,000 | 5.00%, 07/01/26 | 60,496 | ||||||
| 575,000 |
San Diego Unified School District,
Series SR-1 (GO)
4.00%, 07/01/26 (c) |
639,958 | ||||||
| 210,000 |
San Francisco Bay Area Rapid Transit
District, Series D (GO)
5.00%, 08/01/25 (c) |
249,470 | ||||||
| San Francisco Bay Area Rapid Transit District, Series F-1 (GO) | ||||||||
| 140,000 | 5.00%, 08/01/29 (c) | 174,058 | ||||||
| 110,000 | 5.00%, 08/01/29 (c) | 138,922 | ||||||
| San Francisco Community College District (GO) | ||||||||
| 120,000 | 5.00%, 06/15/25 (c) | 140,130 | ||||||
| 665,000 | 5.00%, 06/15/25 (c) | 777,977 | ||||||
| 140,000 | 5.00%, 06/15/25 | 164,237 | ||||||
| San Francisco County Transportation Authority (RB) | ||||||||
| 135,000 | 3.00%, 02/01/27 (c) | 142,069 | ||||||
| 500,000 | 3.00%, 02/01/27 (c) | 514,075 | ||||||
| 105,000 | 4.00%, 02/01/27 | 123,498 | ||||||
| 325,000 | 4.00%, 02/01/27 (c) | 379,301 | ||||||
| San Francisco Unified School District, Proposition A (GO) | ||||||||
| 500,000 | 3.00%, 06/15/24 (c) | 526,585 | ||||||
| 445,000 | 3.25%, 06/15/24 (c) | 464,967 | ||||||
| 165,000 |
San Joaquin County Transportation
Authority (RB)
5.00%, 03/01/27 (c) |
197,160 | ||||||
| San Joaquin County, Administration Building Project (CP) (AGM) | ||||||||
| 520,000 | 5.00%, 11/15/27 (c) | 650,062 | ||||||
| 500,000 | 5.00%, 11/15/27 (c) | 629,550 | ||||||
| 25,000 |
San Joaquin Delta Community College
District, Series A (GO)
5.00%, 08/01/25 (c) |
29,476 | ||||||
See Notes to Financial Statements
| 18 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 25,000 |
San Jose Evergreen Community
College District, Series A (GO)
5.00%, 09/01/24 (c) |
$ | 28,951 | ||||
| 230,000 |
San Jose Redevelopment Agency, Series
A (TA)
5.00%, 08/01/27 (c) |
272,230 | ||||||
| San Marcos Unified School District (GO) | ||||||||
| 400,000 | 4.00%, 08/01/27 (c) | 452,472 | ||||||
| 350,000 | 5.00%, 08/01/27 (c) | 419,436 | ||||||
| 515,000 | 5.00%, 08/01/27 (c) | 629,067 | ||||||
| 360,000 | 5.00%, 08/01/27 (c) | 437,432 | ||||||
| 300,000 |
San Mateo County Transit District,
Series A (RB)
5.00%, 06/01/25 (c) |
351,921 | ||||||
| 20,000 |
San Mateo Joint Powers Financing
Authority, Maple Street Correctional Center, Series A (RB)
5.00%, 06/15/24 (c) |
22,891 | ||||||
| 770,000 |
San Mateo Union High School District,
Series C (GO)
4.00%, 09/01/26 (c) |
859,343 | ||||||
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
| 400,000 | 4.00%, 05/15/25 (c) | 437,440 | ||||||
| 760,000 | 4.00%, 05/15/25 (c) | 836,304 | ||||||
| Santa Clara Unified School District (GO) | ||||||||
| 1,535,000 | 3.00%, 07/01/26 (c) | 1,583,306 | ||||||
| 100,000 | 3.00%, 07/01/26 (c) | 103,800 | ||||||
| 25,000 |
Santa Clara Valley Water District,
Series A (RB)
5.00%, 12/01/25 (c) |
29,528 | ||||||
| 500,000 |
Sequoia Union High School District
(GO)
3.00%, 07/01/26 (c) |
532,480 | ||||||
| 20,000 |
Southern California Public Power
Authority, APEX Power Project, Series A (RB)
5.00%, 07/01/21 (c) |
20,918 | ||||||
| 100,000 |
Southern California Public Power
Authority, Milford Wind Corridor Phase I Project (RB)
5.00%, 07/01/29 |
129,136 | ||||||
| 120,000 |
State of California (GO)
4.00%, 09/01/26 (c) |
133,624 | ||||||
| 470,000 |
State of California, Department
of Water Resources, Central Valley Project, Series AS (RB)
5.00%, 12/01/24 (c) |
551,098 | ||||||
| State of California, Department of Water Resources, Central Valley Project, Series AW (RB) | ||||||||
| 275,000 | 5.00%, 12/01/26 (c) | 331,089 | ||||||
| 50,000 | 5.00%, 12/01/26 (c) | 60,579 | ||||||
| State of California, Department of Water Resources, Central Valley Project, Series AX (RB) | ||||||||
| 100,000 | 5.00%, 12/01/27 (c) | 121,812 | ||||||
| 915,000 | 5.00%, 12/01/27 (c) | 1,125,020 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 365,000 |
State of California,
Department of Water Resources, Central Valley Project, Series BA (RB) (AGM)
5.00%, 06/01/29 (c) |
$ | 454,779 | ||||
| 100,000 |
State of California, Series CL (GO)
3.75%, 12/01/24 (c) |
105,771 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 150,000 | 3.00%, 09/01/26 (c) | 152,669 | ||||||
| 645,000 | 3.00%, 09/01/26 (c) | 667,446 | ||||||
| 350,000 | 3.00%, 10/01/29 (c) | 358,792 | ||||||
| 1,575,000 | 3.13%, 04/01/29 (c) | 1,675,091 | ||||||
| 605,000 | 3.50%, 08/01/27 | 681,472 | ||||||
| 105,000 | 4.00%, 02/01/25 (c) | 113,027 | ||||||
| 130,000 | 4.00%, 08/01/26 (c) | 142,866 | ||||||
| 700,000 | 4.00%, 08/01/26 (c) | 771,295 | ||||||
| 1,000,000 | 4.00%, 09/01/26 (c) | 1,152,900 | ||||||
| 645,000 | 4.00%, 09/01/26 (c) | 714,260 | ||||||
| 950,000 | 4.00%, 09/01/26 (c) | 1,057,853 | ||||||
| 250,000 | 4.00%, 09/01/26 (c) | 275,725 | ||||||
| 1,810,000 | 4.00%, 09/01/26 (c) | 2,015,489 | ||||||
| 650,000 | 4.00%, 09/01/26 (c) | 719,797 | ||||||
| 545,000 | 4.00%, 09/01/26 | 625,322 | ||||||
| 100,000 | 4.00%, 11/01/27 (c) | 113,164 | ||||||
| 600,000 | 4.00%, 11/01/27 | 698,748 | ||||||
| 115,000 | 5.00%, 09/01/21 (c) | 120,966 | ||||||
| 140,000 | 5.00%, 09/01/21 (c) | 147,015 | ||||||
| 330,000 | 5.00%, 09/01/21 (c) | 346,942 | ||||||
| 390,000 | 5.00%, 09/01/21 (c) | 410,128 | ||||||
| 355,000 | 5.00%, 09/01/21 (c) | 373,513 | ||||||
| 345,000 | 5.00%, 09/01/23 (c) | 385,624 | ||||||
| 500,000 | 5.00%, 04/01/24 (c) | 560,905 | ||||||
| 265,000 | 5.00%, 08/01/24 (c) | 301,210 | ||||||
| 25,000 | 5.00%, 10/01/24 (c) | 28,822 | ||||||
| 205,000 | 5.00%, 10/01/24 (c) | 236,342 | ||||||
| 710,000 | 5.00%, 10/01/24 (c) | 818,552 | ||||||
| 250,000 | 5.00%, 02/01/25 (c) | 286,810 | ||||||
| 630,000 | 5.00%, 02/01/25 (c) | 720,292 | ||||||
| 25,000 | 5.00%, 02/01/25 (c) | 29,015 | ||||||
| 950,000 | 5.00%, 02/01/25 (c) | 1,094,552 | ||||||
| 20,000 | 5.00%, 02/01/25 (c) | 23,222 | ||||||
| 520,000 | 5.00%, 02/01/25 (c) | 602,727 | ||||||
| 560,000 | 5.00%, 02/01/25 (c) | 647,427 | ||||||
| 400,000 | 5.00%, 03/01/25 (c) | 460,588 | ||||||
| 330,000 | 5.00%, 03/01/25 (c) | 384,311 | ||||||
| 420,000 | 5.00%, 03/01/25 (c) | 488,914 | ||||||
| 450,000 | 5.00%, 03/01/25 (c) | 523,606 | ||||||
| 875,000 | 5.00%, 08/01/25 (c) | 1,012,970 | ||||||
| 195,000 | 5.00%, 08/01/25 | 229,806 | ||||||
| 915,000 | 5.00%, 08/01/25 (c) | 1,075,290 | ||||||
| 765,000 | 5.00%, 08/01/25 (c) | 888,953 | ||||||
| 340,000 | 5.00%, 08/01/25 (c) | 398,252 | ||||||
| 405,000 | 5.00%, 08/01/25 (c) | 476,620 | ||||||
| 30,000 | 5.00%, 09/01/25 (c) | 35,377 | ||||||
| 115,000 | 5.00%, 09/01/25 | 135,807 | ||||||
| 370,000 | 5.00%, 09/01/25 (c) | 430,547 | ||||||
| 25,000 | 5.00%, 09/01/25 | 29,523 | ||||||
| 480,000 | 5.00%, 09/01/25 (c) | 565,229 | ||||||
| 420,000 | 5.00%, 09/01/25 (c) | 495,281 | ||||||
| 135,000 | 5.00%, 10/01/25 | 159,752 | ||||||
See Notes to Financial Statements
| 19 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 850,000 | 5.00%, 04/01/26 (c) | $ | 1,006,723 | ||||
| 115,000 | 5.00%, 08/01/26 (c) | 134,352 | ||||||
| 150,000 | 5.00%, 08/01/26 (c) | 179,948 | ||||||
| 1,050,000 | 5.00%, 08/01/26 (c) | 1,263,916 | ||||||
| 185,000 | 5.00%, 08/01/26 (c) | 222,690 | ||||||
| 600,000 | 5.00%, 08/01/26 (c) | 710,286 | ||||||
| 190,000 | 5.00%, 08/01/26 (c) | 222,663 | ||||||
| 995,000 | 5.00%, 08/01/26 | 1,201,025 | ||||||
| 165,000 | 5.00%, 08/01/26 (c) | 194,522 | ||||||
| 510,000 | 5.00%, 08/01/26 (c) | 608,185 | ||||||
| 955,000 | 5.00%, 08/01/26 (c) | 1,141,511 | ||||||
| 1,165,000 | 5.00%, 08/01/26 (c) | 1,392,524 | ||||||
| 1,000,000 | 5.00%, 09/01/26 | 1,209,420 | ||||||
| 390,000 | 5.00%, 09/01/26 (c) | 460,570 | ||||||
| 835,000 | 5.00%, 09/01/26 (c) | 995,420 | ||||||
| 320,000 | 5.00%, 09/01/26 (c) | 381,478 | ||||||
| 2,260,000 | 5.00%, 09/01/26 (c) | 2,679,569 | ||||||
| 15,000 | 5.00%, 09/01/26 | 18,141 | ||||||
| 475,000 | 5.00%, 09/01/26 | 574,474 | ||||||
| 2,000,000 | 5.00%, 09/01/26 (c) | 2,394,460 | ||||||
| 250,000 | 5.00%, 09/01/26 (c) | 298,633 | ||||||
| 770,000 | 5.00%, 09/01/26 (c) | 925,324 | ||||||
| 150,000 | 5.00%, 09/01/26 (c) | 180,258 | ||||||
| 1,000,000 | 5.00%, 09/01/26 (c) | 1,197,230 | ||||||
| 2,640,000 | 5.00%, 09/01/26 (c) | 3,098,674 | ||||||
| 125,000 | 5.00%, 09/01/26 (c) | 149,316 | ||||||
| 930,000 | 5.00%, 04/01/27 | 1,139,176 | ||||||
| 2,070,000 | 5.00%, 08/01/27 (c) | 2,544,113 | ||||||
| 950,000 | 5.00%, 08/01/27 (c) | 1,156,805 | ||||||
| 1,920,000 | 5.00%, 08/01/27 (c) | 2,347,085 | ||||||
| 1,000,000 | 5.00%, 11/01/27 (c) | 1,230,110 | ||||||
| 1,020,000 | 5.00%, 11/01/27 (c) | 1,247,684 | ||||||
| 2,480,000 | 5.00%, 11/01/27 (c) | 3,062,453 | ||||||
| 2,645,000 | 5.00%, 11/01/27 (c) | 3,226,926 | ||||||
| 710,000 | 5.00%, 04/01/28 | 886,975 | ||||||
| 1,445,000 | 5.00%, 08/01/28 (c) | 1,753,507 | ||||||
| 450,000 | 5.00%, 08/01/28 | 565,582 | ||||||
| 150,000 | 5.00%, 04/01/29 (c) | 186,749 | ||||||
| 3,500,000 | 5.00%, 04/01/29 (c) | 4,294,920 | ||||||
| 3,000,000 | 5.00%, 10/01/29 (c) | 3,787,770 | ||||||
| 1,000,000 | 5.00%, 10/01/29 | 1,280,200 | ||||||
| 1,300,000 | 5.00%, 10/01/29 (c) | 1,652,742 | ||||||
| 2,590,000 | 5.00%, 04/01/30 | 3,335,065 | ||||||
| 380,000 | 5.00%, 04/01/31 | 495,828 | ||||||
| 3,500,000 | 5.00%, 04/01/32 | 4,609,535 | ||||||
| 250,000 | 5.25%, 08/01/25 (c) | 296,795 | ||||||
| 425,000 | 5.25%, 08/01/25 (c) | 502,431 | ||||||
| Stockton Unified School District (GO) | ||||||||
| 100,000 | 5.00%, 02/01/26 (c) | 116,531 | ||||||
| 100,000 | 5.00%, 02/01/26 (c) | 118,141 | ||||||
| 335,000 |
Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA)
5.00%, 09/01/25 (c) |
391,139 | ||||||
| Trustees of the California State University, Series A (RB) | ||||||||
| 250,000 | 4.00%, 05/01/26 (c) | 287,960 | ||||||
| 410,000 | 5.00%, 05/01/26 (c) | 493,275 | ||||||
| 750,000 | 5.00%, 05/01/26 (c) | 894,255 | ||||||
| 830,000 | 5.00%, 05/01/26 (c) | 1,000,698 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| Tuolumne Wind Project Authority, Series A (RB) | ||||||||
| $ | 405,000 | 5.00%, 01/01/27 (c) | $ | 501,321 | ||||
| 125,000 | 5.00%, 01/01/27 | 155,205 | ||||||
| University of California, Series AO (RB) | ||||||||
| 20,000 | 5.00%, 05/15/25 (c) | 23,361 | ||||||
| 130,000 | 5.00%, 05/15/25 (c) | 153,228 | ||||||
| 10,000 |
University of California, Series AR (RB)
5.00%, 05/15/26 (c) |
11,928 | ||||||
| 385,000 |
University of California, Series AY (RB)
5.00%, 05/15/27 (c) |
470,401 | ||||||
| University of California, Series AZ (RB) | ||||||||
| 310,000 | 5.00%, 05/15/28 (c) | 380,661 | ||||||
| 275,000 | 5.00%, 05/15/28 (c) | 346,162 | ||||||
| 335,000 |
University of California, Series I (RB)
5.00%, 05/15/25 (c) |
394,677 | ||||||
| 1,170,000 |
University of California, Series O (RB)
5.00%, 05/15/28 (c) |
1,415,864 | ||||||
| West Basin Municipal Water District, Series A (RB) | ||||||||
| 155,000 | 5.00%, 02/01/26 (c) | 186,411 | ||||||
| 100,000 | 5.00%, 02/01/26 (c) | 120,634 | ||||||
| 20,000 |
West Contra Costa Unified School District, Series A (GO)
5.00%, 08/01/25 (c) |
23,383 | ||||||
| 500,000 |
Yosemite Community College District (GO)
5.00%, 08/01/25 (c) |
588,970 | ||||||
| 246,832,757 | ||||||||
| Colorado: 1.9% | ||||||||
| 250,000 |
Adams 12 Five Star Schools, Series B (GO)
5.00%, 12/15/26 (c) |
306,143 | ||||||
| 540,000 |
Adams and Arapahoe Joint School District No. 28J, Series
A (GO) (SAW)
5.00%, 12/01/26 (c) |
653,875 | ||||||
| Adams and Weld Counties, School District No. 27J (GO) (SAW) | ||||||||
| 365,000 | 4.00%, 12/01/25 (c) | 405,749 | ||||||
| 160,000 | 5.00%, 12/01/25 (c) | 189,728 | ||||||
| Board of Governors of Colorado State University System (RB) | ||||||||
| 935,000 | 5.00%, 03/01/28 (c) | 1,150,377 | ||||||
| 510,000 | 5.00%, 03/01/28 (c) | 639,117 | ||||||
| 1,050,000 |
Boulder Valley School District No. RE-2, Series B (GO) (SAW)
4.00%, 06/01/27 (c) |
1,227,051 | ||||||
| 150,000 |
City and County of Denver, Series A (RB)
5.00%, 08/01/26 (c) |
179,381 | ||||||
| 200,000 |
City and County of Denver, Series A-2 (RB)
0.00%, 08/01/26 (c) ^ |
127,522 | ||||||
| City of Aurora, Water Revenue, First Lien (RB) | ||||||||
| 1,015,000 | 5.00%, 08/01/26 (c) | 1,210,489 | ||||||
| 500,000 | 5.00%, 08/01/26 (c) | 598,915 | ||||||
See Notes to Financial Statements
| 20 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| City of Colorado Springs, Utilities System, Series A-1 (RB) | ||||||||
| $ | 100,000 | 5.00%, 11/15/27 (c) | $ | 123,259 | ||||
| 120,000 | 5.00%, 11/15/27 (c) | 148,792 | ||||||
| 110,000 | 5.00%, 11/15/27 (c) | 137,158 | ||||||
| 1,000,000 |
Colorado Health Facilities Authority, AdventHealth Obligated Group, Series B (RB)
5.00%, 11/19/26 (p) |
1,191,490 | ||||||
| 545,000 |
Colorado Health Facilities Authority, Adventist Health System, Series B (RB)
5.00%, 05/15/26 (c) |
622,314 | ||||||
| 2,255,000 |
Colorado Health Facilities Authority, Adventist Health System, Series C (RB)
5.00%, 11/15/26 (p) |
2,686,201 | ||||||
| 155,000 |
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
5.00%, 08/01/29 (c) |
169,398 | ||||||
| 2,000,000 |
Colorado Health Facilities Authority, CommonSpirit Health, Series B-2 (RB)
5.00%, 02/01/26 (c) (p) |
2,263,460 | ||||||
| Colorado Health Facilities Authority, NCMC, Inc. Project (RB) | ||||||||
| 280,000 | 3.25%, 05/15/26 (c) | 313,989 | ||||||
| 160,000 | 4.00%, 05/15/26 (c) | 186,595 | ||||||
| 115,000 |
Colorado Higher Education, Series A (CP)
5.00%, 11/01/26 |
140,739 | ||||||
| 295,000 |
El Paso County School District N0. 20 (GO) (SAW)
5.00%, 12/15/26 (c) |
358,342 | ||||||
| Garfield Pitkin and Eagle Counties School District No. Re-1 (GO) | ||||||||
| 565,000 | 5.00%, 12/15/25 (c) | 673,271 | ||||||
| 975,000 | 5.00%, 12/15/25 (c) | 1,165,330 | ||||||
| 1,110,000 |
Jefferson County School District R-1 (GO)
5.00%, 12/15/28 (c) |
1,411,398 | ||||||
| Mesa County Valley School District No. 51 (GO) (SAW) | ||||||||
| 500,000 | 5.00%, 12/01/27 (c) | 620,495 | ||||||
| 500,000 | 5.00%, 12/01/27 (c) | 623,965 | ||||||
| 200,000 | 5.25%, 12/01/27 (c) | 252,602 | ||||||
| Park Creek Metropolitan District, Series A (RB) | ||||||||
| 105,000 | 5.00%, 12/01/25 (c) | 120,748 | ||||||
| 560,000 | 5.00%, 12/01/25 (c) | 648,458 | ||||||
| 250,000 | 5.00%, 12/01/25 (c) | 290,063 | ||||||
| Regents of the University of Colorado, Series B-1 (RB) | ||||||||
| 600,000 | 2.75%, 06/01/26 (c) | 637,164 | ||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 1,117,950 | ||||||
| 540,000 | 4.00%, 06/01/26 (c) | 605,005 | ||||||
| Regional Transportation District, Series B (RB) | ||||||||
| 1,995,000 | 5.00%, 11/01/27 (c) | 2,370,599 | ||||||
| 100,000 | 5.00%, 11/01/27 (c) | 119,225 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 410,000 |
State of Colorado, Series K (CP)
5.00%, 03/15/27 (c) |
$ | 494,923 | ||||
| 190,000 |
State of Colorado, Series M (CP)
5.00%, 03/15/28 (c) |
235,173 | ||||||
| University of Colorado, Series A-2 (RB) | ||||||||
| 800,000 | 3.00%, 06/01/24 (c) | 820,560 | ||||||
| 500,000 | 4.00%, 06/01/28 (c) | 567,105 | ||||||
| 450,000 | 5.00%, 06/01/26 | 544,531 | ||||||
| 250,000 | 5.00%, 06/01/27 | 309,808 | ||||||
| 155,000 | 5.00%, 06/01/28 | 196,253 | ||||||
| 25,000 |
University of Colorado, Series B (RB)
5.00%, 06/01/24 (c) |
28,820 | ||||||
| University of Colorado, Series B-1 (RB) | ||||||||
| 860,000 | 2.25%, 06/01/26 (c) | 897,711 | ||||||
| 30,000 | 5.00%, 06/01/25 | 35,483 | ||||||
| 29,816,724 | ||||||||
| Connecticut: 2.4% | ||||||||
| 160,000 |
City of Hartford, Series C (GO) (AGM)
4.00%, 07/15/25 (c) |
170,098 | ||||||
| Connecticut Housing Finance Authority, Series A-1 (RB) | ||||||||
| 260,000 | 2.88%, 05/15/25 (c) | 269,511 | ||||||
| 350,000 | 3.65%, 11/15/26 (c) | 369,750 | ||||||
| 200,000 | 3.88%, 11/15/26 (c) | 213,134 | ||||||
| 500,000 |
Connecticut Housing Finance Authority, Series D-1 (RB)
3.20%, 11/15/26 (c) |
524,305 | ||||||
| 200,000 |
Connecticut Housing Finance Authority, Series F-1 (RB)
3.05%, 05/15/26 (c) |
207,866 | ||||||
| 250,000 |
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB)
4.00%, 07/01/26 (c) |
221,490 | ||||||
| Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
| 525,000 | 4.00%, 07/01/29 (c) | 552,720 | ||||||
| 2,200,000 | 5.00%, 07/01/29 (c) | 2,548,304 | ||||||
| 140,000 |
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB)
3.13%, 06/01/26 (c) |
140,888 | ||||||
| 20,000 |
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series A (RB)
5.00%, 07/01/24 (c) |
22,521 | ||||||
| 225,000 |
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series A-2 (RB)
2.00%, 07/01/26 (p) |
230,432 | ||||||
See Notes to Financial Statements
| 21 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Connecticut: (continued) | ||||||||
| $ | 305,000 |
Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB)
5.00%, 09/01/24 (c) |
$ | 341,170 | ||||
| South Central Connecticut Regional Water Authority, Series B (RB) | ||||||||
| 310,000 | 4.00%, 08/01/26 (c) | 333,529 | ||||||
| 500,000 | 4.00%, 08/01/26 (c) | 539,810 | ||||||
| 25,000 | 5.00%, 08/01/26 (c) | 30,110 | ||||||
| State of Connecticut, Series A (GO) | ||||||||
| 100,000 | 3.25%, 03/15/25 (c) | 97,924 | ||||||
| 230,000 | 3.25%, 03/15/26 (c) | 222,445 | ||||||
| 680,000 | 5.00%, 03/15/25 (c) | 756,044 | ||||||
| 755,000 | 5.00%, 03/15/25 (c) | 852,705 | ||||||
| 110,000 | 5.00%, 03/15/26 (c) | 123,943 | ||||||
| 780,000 | 5.00%, 03/15/26 (c) | 898,061 | ||||||
| 740,000 | 5.00%, 04/15/26 | 855,529 | ||||||
| 680,000 | 5.00%, 04/15/27 (c) | 791,948 | ||||||
| 350,000 | 5.00%, 05/01/27 (c) | 422,170 | ||||||
| State of Connecticut, Series B (GO) | ||||||||
| 30,000 | 4.00%, 11/15/24 (c) | 31,450 | ||||||
| 290,000 | 5.00%, 06/15/25 (c) | 323,657 | ||||||
| 625,000 | 5.00%, 06/15/25 (c) | 707,756 | ||||||
| 575,000 | 5.00%, 06/15/25 (c) | 652,613 | ||||||
| 585,000 | 5.00%, 05/15/26 | 677,366 | ||||||
| 785,000 | 5.00%, 04/15/27 | 921,708 | ||||||
| 100,000 | 5.00%, 04/15/27 | 117,415 | ||||||
| 705,000 |
State of Connecticut, Series C (GO)
4.00%, 06/15/28 (c) |
739,749 | ||||||
| 710,000 |
State of Connecticut, Series D (GO)
4.00%, 08/15/26 (c) |
747,445 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 395,000 | 3.00%, 10/15/26 (c) | 371,987 | ||||||
| 100,000 | 5.00%, 08/01/25 (c) | 113,515 | ||||||
| 400,000 | 5.00%, 09/15/27 | 472,820 | ||||||
| 520,000 | 5.00%, 09/15/28 (c) | 613,605 | ||||||
| State of Connecticut, Series F (GO) | ||||||||
| 335,000 | 3.25%, 11/15/25 (c) | 329,114 | ||||||
| 770,000 | 5.00%, 11/15/24 (c) | 863,986 | ||||||
| 420,000 | 5.00%, 11/15/25 (c) | 473,579 | ||||||
| 400,000 | 5.00%, 11/15/25 (c) | 454,952 | ||||||
| 290,000 | 5.00%, 11/15/25 (c) | 331,818 | ||||||
| 100,000 | 5.00%, 09/15/26 | 116,495 | ||||||
| State of Connecticut, Special Tax Obligation, Series A (RB) | ||||||||
| 785,000 | 4.00%, 09/01/26 (c) | 818,111 | ||||||
| 470,000 | 5.00%, 09/01/24 (c) | 530,719 | ||||||
| 590,000 | 5.00%, 08/01/25 (c) | 662,918 | ||||||
| 795,000 | 5.00%, 08/01/25 (c) | 887,045 | ||||||
| 255,000 | 5.00%, 08/01/25 (c) | 287,586 | ||||||
| 55,000 | 5.00%, 08/01/25 (c) | 63,227 | ||||||
| 520,000 | 5.00%, 08/01/25 (c) | 596,669 | ||||||
| 335,000 | 5.00%, 08/01/25 (c) | 383,314 | ||||||
| 100,000 | 5.00%, 09/01/25 | 115,429 | ||||||
| 200,000 | 5.00%, 09/01/26 (c) | 226,264 | ||||||
| 10,000 | 5.00%, 09/01/26 | 11,712 | ||||||
| 475,000 | 5.00%, 09/01/26 (c) | 540,631 | ||||||
| 190,000 | 5.00%, 01/01/28 (c) | 218,591 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Connecticut: (continued) | ||||||||
| State of Connecticut, Special Tax Obligation, Series B (RB) | ||||||||
| $ | 335,000 | 5.00%, 09/01/26 (c) | $ | 390,201 | ||||
| 100,000 | 5.00%, 09/01/26 (c) | 116,800 | ||||||
| 470,000 | 5.00%, 10/01/26 | 551,348 | ||||||
| 1,025,000 | 5.00%, 10/01/28 | 1,225,346 | ||||||
| 260,000 |
State of Connecticut, Special Tax Obligation, Series C (RB)
5.00%, 10/01/26 |
305,001 | ||||||
| State of Connecticut, State Revolving Fund, Series A (RB) | ||||||||
| 125,000 | 3.13%, 03/01/25 (c) | 131,456 | ||||||
| 1,000,000 | 5.00%, 05/01/27 (c) | 1,209,240 | ||||||
| 275,000 | 5.00%, 02/01/29 (c) | 342,848 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 210,000 | 3.00%, 03/15/26 (c) | 213,272 | ||||||
| 200,000 | 5.00%, 02/15/25 (c) | 229,454 | ||||||
| 860,000 | 5.00%, 02/15/25 (c) | 992,208 | ||||||
| 375,000 | 5.00%, 02/15/25 (c) | 431,527 | ||||||
| 770,000 | 5.00%, 01/15/26 | 886,609 | ||||||
| 265,000 | 5.00%, 03/15/26 (c) | 310,527 | ||||||
| 280,000 | 5.00%, 03/15/26 (c) | 332,206 | ||||||
| 435,000 | 5.00%, 03/15/26 (c) | 510,525 | ||||||
| 380,000 | 5.00%, 03/15/26 (c) | 447,131 | ||||||
| 745,000 | 5.00%, 01/15/27 (c) | 862,449 | ||||||
| 335,000 | 5.00%, 01/15/27 (c) | 391,595 | ||||||
| 460,000 | 5.00%, 01/15/27 | 539,373 | ||||||
| 500,000 | 5.00%, 11/01/28 (c) | 579,910 | ||||||
| 500,000 | 5.00%, 11/01/28 (c) | 584,590 | ||||||
| 37,723,269 | ||||||||
| Delaware: 0.4% | ||||||||
| 180,000 |
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB)
3.00%, 07/01/27 (c) |
187,558 | ||||||
| Delaware Transportation Authority (RB) | ||||||||
| 30,000 | 4.00%, 07/01/25 | 33,955 | ||||||
| 20,000 | 5.00%, 07/01/25 | 23,674 | ||||||
| 220,000 | 5.00%, 07/01/26 (c) | 266,328 | ||||||
| State of Delaware (GO) | ||||||||
| 505,000 | 3.13%, 03/01/27 (c) | 527,361 | ||||||
| 500,000 | 4.00%, 03/01/27 (c) | 577,410 | ||||||
| 800,000 | 5.00%, 03/01/26 | 973,136 | ||||||
| State of Delaware, Series A (GO) | ||||||||
| 650,000 | 2.00%, 01/01/30 (c) | 592,423 | ||||||
| 545,000 | 2.13%, 03/01/26 (c) | 558,603 | ||||||
| 100,000 | 5.00%, 02/01/27 | 124,571 | ||||||
| 500,000 | 5.00%, 02/01/28 | 637,565 | ||||||
| 500,000 | 5.00%, 02/01/28 (c) | 630,850 | ||||||
| 810,000 | 5.00%, 10/01/28 | 1,047,451 | ||||||
| 6,180,885 | ||||||||
| District of Columbia: 1.6% | ||||||||
| 130,000 |
District of Columbia, Children’s Hospital Obligated Group (RB)
5.00%, 01/15/26 (c) |
146,697 | ||||||
| District of Columbia, Georgetown University Issue (RB) | ||||||||
| 645,000 | 5.00%, 04/01/27 (c) | 726,451 | ||||||
| 105,000 | 5.00%, 04/01/27 (c) | 119,855 | ||||||
See Notes to Financial Statements
| 22 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| District of Columbia: (continued) | ||||||||
| District of Columbia, Series A (GO) | ||||||||
| $ | 30,000 | 5.00%, 06/01/25 | $ | 35,645 | ||||
| 420,000 | 5.00%, 06/01/25 (c) | 488,662 | ||||||
| 20,000 | 5.00%, 12/01/25 | 24,084 | ||||||
| 290,000 | 5.00%, 06/01/26 (c) | 343,122 | ||||||
| 10,000 | 5.00%, 06/01/26 | 12,192 | ||||||
| 210,000 | 5.00%, 06/01/26 (c) | 253,434 | ||||||
| 30,000 | 5.00%, 06/01/26 (c) | 36,011 | ||||||
| 250,000 | 5.00%, 06/01/26 (c) | 297,220 | ||||||
| 2,500,000 | 5.00%, 06/01/27 (c) | 3,005,550 | ||||||
| 170,000 | 5.00%, 06/01/27 (c) | 206,217 | ||||||
| 580,000 | 5.00%, 06/01/27 (c) | 699,567 | ||||||
| 750,000 | 5.00%, 06/01/28 (c) | 917,557 | ||||||
| 1,000,000 | 5.00%, 09/01/29 (c) | 1,249,560 | ||||||
| District of Columbia, Series C (GO) | ||||||||
| 280,000 | 5.00%, 06/01/24 (c) | 318,111 | ||||||
| 225,000 | 5.00%, 10/01/27 | 283,064 | ||||||
| District of Columbia, Series D (GO) | ||||||||
| 500,000 | 4.00%, 06/01/27 (c) | 566,195 | ||||||
| 100,000 | 5.00%, 06/01/24 (c) | 114,678 | ||||||
| 20,000 | 5.00%, 12/01/26 (c) | 24,204 | ||||||
| 125,000 | 5.00%, 12/01/26 (c) | 154,079 | ||||||
| 160,000 | 5.00%, 12/01/26 (c) | 195,640 | ||||||
| 1,500,000 | 5.00%, 06/01/27 (c) | 1,864,860 | ||||||
| 500,000 | 5.00%, 06/01/27 (c) | 606,520 | ||||||
| 25,000 |
District of Columbia, Series E (GO)
5.00%, 12/01/26 (c) |
30,255 | ||||||
| 195,000 |
District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series A (RB)
5.00%, 04/01/26 (c) |
228,948 | ||||||
| District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series B (RB) | ||||||||
| 400,000 | 5.00%, 10/01/25 (c) | 471,288 | ||||||
| 410,000 | 5.00%, 10/01/25 (c) | 487,761 | ||||||
| 430,000 | 5.00%, 04/01/26 (c) | 508,023 | ||||||
| 100,000 | 5.00%, 04/01/26 (c) | 118,763 | ||||||
| District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series C (RB) | ||||||||
| 100,000 | 5.00%, 10/01/24 (c) | 115,196 | ||||||
| 200,000 | 5.00%, 10/01/24 (c) | 231,692 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) | ||||||||
| 250,000 | 4.00%, 10/01/29 (c) | 253,108 | ||||||
| 250,000 | 4.00%, 10/01/29 (c) | 254,160 | ||||||
| 2,545,000 |
Washington Convention and Sports Authority, Senior Lien, Series A (RB)
5.00%, 10/01/27 (c) |
2,625,117 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| District of Columbia: (continued) | ||||||||
| Washington Metropolitan Area Transit Authority (RB) | ||||||||
| $ | 175,000 | 5.00%, 07/01/27 (c) | $ | 214,473 | ||||
| 275,000 | 5.00%, 07/01/27 | 339,320 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
| 140,000 | 5.00%, 07/01/27 (c) | 167,283 | ||||||
| 330,000 | 5.00%, 07/01/27 | 407,184 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
| 810,000 | 5.00%, 07/01/27 (c) | 949,855 | ||||||
| 550,000 | 5.00%, 07/01/27 (c) | 648,741 | ||||||
| 300,000 | 5.00%, 07/01/27 (c) | 355,590 | ||||||
| Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
| 950,000 | 5.00%, 07/01/27 (c) | 1,120,553 | ||||||
| 880,000 | 5.00%, 07/01/27 (c) | 1,031,941 | ||||||
| 650,000 | 5.00%, 07/01/27 (c) | 776,672 | ||||||
| 240,000 | 5.00%, 07/01/27 | 296,134 | ||||||
| 555,000 | 5.00%, 07/01/27 (c) | 668,575 | ||||||
| 24,989,807 | ||||||||
| Florida: 4.2% | ||||||||
| 490,000 |
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB)
5.00%, 12/01/29 (c) |
545,140 | ||||||
| 10,000 |
Brevard County School District, Series C (CP)
5.00%, 07/01/25 (c) |
11,550 | ||||||
| 120,000 |
Broward County. Florida Water & Sewer Utility, Series A (RB)
5.00%, 10/01/25 (c) |
142,345 | ||||||
| 520,000 |
Central Florida Expressway Authority (RB)
3.00%, 07/01/27 (c) |
530,639 | ||||||
| Central Florida Expressway Authority, Series A (RB) | ||||||||
| 815,000 | 3.00%, 07/01/26 (c) | 830,681 | ||||||
| 395,000 | 3.25%, 07/01/26 (c) | 402,643 | ||||||
| Central Florida Expressway Authority, Series B (RB) | ||||||||
| 30,000 | 5.00%, 07/01/25 | 34,492 | ||||||
| 115,000 | 5.00%, 07/01/26 | 134,917 | ||||||
| 175,000 |
City of Cape Coral, Water and Sewer (RB)
5.00%, 10/01/27 (c) |
215,122 | ||||||
| City of Gainesville, Utilities System, Series A (RB) | ||||||||
| 200,000 | 5.00%, 10/01/26 | 243,994 | ||||||
| 500,000 | 5.00%, 10/01/27 (c) | 602,825 | ||||||
| 195,000 | 5.00%, 10/01/27 (c) | 236,878 | ||||||
| 585,000 |
City of Jacksonville, Series B (RB)
5.00%, 10/01/27 |
719,731 | ||||||
| City of Jacksonville, Transportation Revenue (RB) | ||||||||
| 600,000 | 3.00%, 10/01/25 (c) | 627,036 | ||||||
| 310,000 | 3.00%, 10/01/25 (c) | 325,081 | ||||||
| 450,000 | 3.25%, 10/01/25 (c) | 470,668 | ||||||
| 210,000 | 5.00%, 10/01/25 (c) | 246,118 | ||||||
See Notes to Financial Statements
| 23 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 295,000 |
City of Lakeland, Department of Electric Utilities (RB)
5.00%, 04/01/26 (c) |
$ | 353,103 | ||||
| 540,000 |
City of Lakeland, Lakeland Regional Health System (RB)
5.00%, 11/15/26 (c) |
616,426 | ||||||
| 375,000 | City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/26 | 452,212 | ||||||
| City of Port St. Lucie, Utility System Revenue (RB) | ||||||||
| 500,000 | 4.00%, 09/01/26 (c) | 557,285 | ||||||
| 585,000 | 5.00%, 09/01/26 (c) | 704,767 | ||||||
| 680,000 |
City of Tallahassee, Energy System Revenue (RB)
5.00%, 10/01/23 (c) |
759,982 | ||||||
| 100,000 |
County of Lee, Transportation Facilities (RB) (AGM)
5.00%, 10/01/24 (c) |
115,289 | ||||||
| County of Miami-Dade (RB) | ||||||||
| 565,000 | 0.00%, 10/01/26 (c) ^ | 401,822 | ||||||
| 400,000 | 0.00%, 10/01/26 (c) ^ | 271,852 | ||||||
| 640,000 | 5.00%, 10/01/26 | 777,280 | ||||||
| 280,000 | 5.00%, 10/01/26 (c) | 331,965 | ||||||
| 510,000 | 5.00%, 10/01/26 (c) | 615,585 | ||||||
| 115,000 | 5.00%, 10/01/26 (c) | 136,878 | ||||||
| County of Miami-Dade, Aviation Revenue, Series A (RB) | ||||||||
| 750,000 | 5.00%, 10/01/26 (c) | 842,010 | ||||||
| 460,000 | 5.00%, 10/01/26 (c) | 531,912 | ||||||
| 100,000 | 5.00%, 10/01/26 (c) | 116,321 | ||||||
| 290,000 |
County of Miami-Dade, Aviation Revenue, Series B (RB)
5.00%, 10/01/24 (c) |
326,656 | ||||||
| County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
| 200,000 | 5.00%, 07/01/25 | 233,260 | ||||||
| 100,000 | 5.00%, 07/01/25 (c) | 118,425 | ||||||
| 55,000 | 5.00%, 07/01/25 | 64,147 | ||||||
| 280,000 | 5.00%, 07/01/26 (c) | 339,147 | ||||||
| 555,000 | 5.00%, 07/01/26 (c) | 671,145 | ||||||
| 520,000 | 5.00%, 07/01/26 (c) | 632,242 | ||||||
| 100,000 | 5.00%, 07/01/26 (c) | 122,446 | ||||||
| 575,000 | 5.00%, 07/01/26 (c) | 702,155 | ||||||
| County of Miami-Dade, Building Better Communities Program, Series B (GO) | ||||||||
| 125,000 | 4.00%, 07/01/24 (c) | 134,414 | ||||||
| 555,000 | 4.00%, 07/01/24 (c) | 598,656 | ||||||
| 275,000 | 5.00%, 07/01/24 (c) | 318,403 | ||||||
| 520,000 |
County of Miami-Dade, Capital Asset Acquisition, Series B (RB)
5.00%, 04/01/26 (c) |
620,474 | ||||||
| 400,000 |
County of Miami-Dade, Educational Facilities Authority, Series A (RB)
5.00%, 04/01/25 (c) |
437,692 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| County of Miami-Dade, Expressway Authority Toll System, Series A (RB) | ||||||||
| $ | 25,000 | 5.00%, 07/01/26 (c) | $ | 28,231 | ||||
| 105,000 | 5.00%, 07/01/26 (c) | 120,689 | ||||||
| County of Miami-Dade, Expressway Authority Toll System, Series B (RB) | ||||||||
| 130,000 | 5.00%, 07/01/24 (c) | 144,245 | ||||||
| 275,000 | 5.00%, 07/01/24 (c) | 305,481 | ||||||
| 250,000 |
County of Miami-Dade, Florida Transit System (RB)
4.00%, 07/01/26 (c) |
272,115 | ||||||
| County of Miami-Dade, Water and Sewer System (RB) | ||||||||
| 250,000 | 5.00%, 10/01/25 (c) | 295,410 | ||||||
| 270,000 | 5.00%, 10/01/25 | 320,741 | ||||||
| 800,000 | 5.00%, 10/01/27 (c) | 999,624 | ||||||
| County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
| 370,000 | 3.00%, 10/01/27 (c) | 387,305 | ||||||
| 605,000 | 5.00%, 10/01/25 (c) | 697,541 | ||||||
| 125,000 |
Florida Department of Environmental Protection, Series A (RB)
5.00%, 07/01/27 |
155,579 | ||||||
| Florida Department of Management Services, Series A (CP) | ||||||||
| 105,000 | 5.00%, 08/01/25 | 125,028 | ||||||
| 425,000 | 5.00%, 09/01/27 (c) | 529,478 | ||||||
| 175,000 | 5.00%, 11/01/27 | 216,780 | ||||||
| 500,000 |
Florida Higher Educational Facilities Financial Authority, Nova Southeastern University Project (RB)
5.00%, 04/01/26 (c) |
536,825 | ||||||
| 435,000 |
Florida Housing Finance Corp., Series 1 (RB)
3.25%, 01/01/27 (c) |
458,751 | ||||||
| Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) | ||||||||
| 635,000 | 3.00%, 10/01/26 (c) | 673,646 | ||||||
| 125,000 | 5.00%, 10/01/26 (c) | 146,308 | ||||||
| 195,000 | 5.00%, 10/01/26 (c) | 229,903 | ||||||
| 470,000 | 5.00%, 10/01/27 | 588,651 | ||||||
| 145,000 |
Florida Municipal Power Agency, All-Requirements Power Supply, Series B (RB)
5.00%, 10/01/25 (c) |
171,753 | ||||||
| 400,000 |
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB)
5.00%, 07/01/25 (c) |
474,800 | ||||||
| Florida State Department of Transportation, Turnpike Enterprise, Series B (RB) | ||||||||
| 265,000 | 5.00%, 07/01/25 (c) | 313,537 | ||||||
| 110,000 | 5.00%, 07/01/25 (c) | 130,570 | ||||||
| 815,000 |
Halifax Hospital Medical Center (RB)
3.38%, 06/01/26 (c) |
841,047 | ||||||
See Notes to Financial Statements
| 24 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Hernando County School District, Series A (CP) (AGM) | ||||||||
| $ | 245,000 | 3.00%, 07/01/26 (c) | $ | 253,884 | ||||
| 450,000 | 3.00%, 07/01/26 (c) | 467,766 | ||||||
| 470,000 | 3.00%, 07/01/26 (c) | 490,191 | ||||||
| JEA Electric System, Series B (RB) | ||||||||
| 175,000 | 3.38%, 10/01/22 (c) | 177,860 | ||||||
| 695,000 | 5.00%, 10/01/27 (c) | 836,266 | ||||||
| JEA Electric System, Series Three B (RB) | ||||||||
| 850,000 | 5.00%, 10/01/27 (c) | 1,021,844 | ||||||
| 610,000 | 5.00%, 10/01/27 (c) | 737,478 | ||||||
| 650,000 | 5.00%, 10/01/27 | 803,783 | ||||||
| 15,000 |
JEA Water and Sewer System, Series A (RB)
5.00%, 04/01/24 (c) |
17,188 | ||||||
| 605,000 |
Lee Memorial Health System, Series A-1 (RB)
5.00%, 04/01/29 (c) |
697,958 | ||||||
| Manatee County School District (RB) (AGM) | ||||||||
| 290,000 | 5.00%, 10/01/26 | 356,787 | ||||||
| 160,000 | 5.00%, 04/01/27 (c) | 195,608 | ||||||
| Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) | ||||||||
| 815,000 | 5.00%, 02/01/24 (c) | 916,793 | ||||||
| 610,000 | 5.00%, 02/01/24 (c) | 683,822 | ||||||
| 860,000 | 5.00%, 02/01/24 (c) | 969,753 | ||||||
| 640,000 | 5.00%, 02/01/24 (c) | 723,424 | ||||||
| 145,000 | 5.00%, 02/01/24 (c) | 163,392 | ||||||
| 425,000 |
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (TA)
5.00%, 02/01/24 (c) |
477,589 | ||||||
| 420,000 |
Orange County Health Facilities Authority (RB)
5.00%, 08/01/23 (c) |
429,223 | ||||||
| 410,000 |
Orange County School Board, Series C (CP)
5.00%, 08/01/26 (c) |
487,096 | ||||||
| 310,000 |
Orange County School Board, Series D (CP)
5.00%, 08/01/25 (c) |
362,601 | ||||||
| Orange County, Tourist Development Tax (RB) | ||||||||
| 100,000 | 5.00%, 10/01/25 (c) | 117,425 | ||||||
| 190,000 | 5.00%, 10/01/26 | 229,207 | ||||||
| 360,000 | 5.00%, 10/01/27 | 443,758 | ||||||
| 490,000 | 5.00%, 10/01/30 | 633,100 | ||||||
| 120,000 |
Orlando Utilities Commission, Series A (RB)
5.00%, 10/01/27 (c) |
147,448 | ||||||
| 10,000 |
Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB)
5.00%, 11/15/26 (c) |
10,476 | ||||||
| Palm Beach County School Board, Series A (CP) | ||||||||
| 125,000 | 5.00%, 08/01/26 | 152,548 | ||||||
| 120,000 | 5.00%, 08/01/27 | 149,825 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 695,000 |
Palm Beach County School Board, Series C (CP)
5.00%, 08/01/28 (c) |
$ | 878,626 | ||||
| 100,000 |
Polk County, School District (RB)
5.00%, 10/01/29 (c) |
127,742 | ||||||
| 175,000 |
Reedy Creek Improvement District, Series A (GO)
5.00%, 06/01/27 (c) |
215,395 | ||||||
| 200,000 |
School Board of Duval County, Series B (CP)
5.00%, 07/01/25 (c) |
233,044 | ||||||
| 125,000 |
School Board of Miami-Dade County (GO)
3.25%, 03/15/27 (c) |
132,494 | ||||||
| 720,000 |
School Board of Miami-Dade County, Series B (CP) (AGM)
5.00%, 05/01/25 (c) |
846,259 | ||||||
| School Board of Miami-Dade County, Series C (CP) | ||||||||
| 540,000 | 3.25%, 02/01/21 (c) | 544,061 | ||||||
| 265,000 | 3.25%, 02/01/21 (c) | 267,189 | ||||||
| School Board of Miami-Dade County, Series D (CP) | ||||||||
| 140,000 | 4.00%, 02/01/26 (c) | 152,034 | ||||||
| 165,000 | 5.00%, 02/01/26 | 195,926 | ||||||
| 265,000 | 5.00%, 02/01/26 (c) | 314,990 | ||||||
| 200,000 |
School District of Broward County, Series A (CP)
5.00%, 07/01/26 (c) |
237,314 | ||||||
| South Broward Hospital District (RB) | ||||||||
| 500,000 | 4.00%, 05/01/26 (c) | 542,035 | ||||||
| 435,000 | 5.00%, 05/01/26 (c) | 510,151 | ||||||
| South Florida Water Management District (CP) | ||||||||
| 400,000 | 3.00%, 04/01/26 (c) | 421,184 | ||||||
| 150,000 | 5.00%, 04/01/26 (c) | 177,218 | ||||||
| South Miami Health Facilities Authority (RB) | ||||||||
| 800,000 | 5.00%, 08/15/27 (c) | 903,376 | ||||||
| 710,000 | 5.00%, 08/15/27 (c) | 815,556 | ||||||
| State of Florida, Board of Education, Lottery Revenue, Series A (RB) | ||||||||
| 100,000 | 5.00%, 07/01/25 | 119,363 | ||||||
| 255,000 | 5.00%, 07/01/26 | 312,576 | ||||||
| 100,000 |
State of Florida, Board of Education, Lottery Revenue, Series B (RB)
5.00%, 07/01/26 |
122,579 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) | ||||||||
| 650,000 | 4.00%, 06/01/28 (c) | 752,700 | ||||||
| 525,000 | 5.00%, 06/01/24 (c) | 605,902 | ||||||
| 815,000 | 5.00%, 06/01/25 (c) | 967,470 | ||||||
| 795,000 | 5.00%, 06/01/28 (c) | 997,677 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) | ||||||||
| 10,000 | 3.00%, 06/01/24 (c) | 10,618 | ||||||
| 125,000 | 5.00%, 06/01/24 (c) | 144,263 | ||||||
| 400,000 | 5.00%, 06/01/27 (c) | 497,908 | ||||||
See Notes to Financial Statements
| 25 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| $ | 500,000 | 3.00%, 06/01/24 (c) | $ | 524,495 | ||||
| 250,000 | 3.00%, 06/01/24 (c) | 263,053 | ||||||
| 510,000 | 3.00%, 06/01/29 (c) | 540,330 | ||||||
| 725,000 | 4.00%, 06/01/26 (c) | 818,655 | ||||||
| 500,000 | 4.00%, 06/01/26 (c) | 567,060 | ||||||
| 780,000 | 4.00%, 06/01/27 (c) | 896,353 | ||||||
| 20,000 | 5.00%, 06/01/24 (c) | 23,082 | ||||||
| 585,000 | 5.00%, 06/01/27 | 733,900 | ||||||
| 145,000 | 5.00%, 06/01/28 (c) | 182,967 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | ||||||||
| 20,000 | 4.00%, 06/01/26 | 23,293 | ||||||
| 10,000 | 5.00%, 06/01/26 (c) | 12,179 | ||||||
| 105,000 | 5.00%, 06/01/28 | 134,786 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | ||||||||
| 590,000 | 2.38%, 06/01/26 (c) | 611,193 | ||||||
| 500,000 | 3.00%, 06/01/25 (c) | 532,250 | ||||||
| 200,000 | 4.00%, 06/01/25 (c) | 220,720 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) | ||||||||
| 35,000 | 5.00%, 06/01/25 (c) | 41,605 | ||||||
| 135,000 | 5.00%, 06/01/26 (c) | 164,414 | ||||||
| 115,000 |
State of Florida, Department of Transportation Financing Corp., Series B (RB)
5.00%, 07/01/28 (c) |
143,408 | ||||||
| 880,000 |
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB)
5.00%, 07/01/30 |
1,131,328 | ||||||
| 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) | 631,068 | ||||||
| 555,000 | 3.00%, 07/01/27 (c) | 596,614 | ||||||
| 40,000 | 5.00%, 07/01/26 (c) | 48,846 | ||||||
| 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) |
943,785 | ||||||
| 555,000 |
State of Florida, Department of Transportation, Turnpike Revenue, Series B (RB)
2.63%, 07/01/25 (c) |
583,427 | ||||||
| 580,000 |
State of Florida, Department of Transportation, Turnpike, Series A (RB)
5.00%, 07/01/28 (c) |
714,896 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 740,000 |
State of Florida, Department of Transportation, Turnpike, Series C (RB)
5.00%, 07/01/26 (c) |
$ | 889,539 | ||||
| Tampa Bay, Water Utility System, Series A (RB) | ||||||||
| 110,000 | 4.00%, 10/01/25 (c) | 124,130 | ||||||
| 15,000 | 5.00%, 10/01/25 | 17,966 | ||||||
| Volusia County School Board, Master Lease Program, Series B (CP) | ||||||||
| 280,000 | 5.00%, 08/01/24 (c) | 318,755 | ||||||
| 15,000 | 5.00%, 08/01/24 (c) | 17,089 | ||||||
| 66,038,778 | ||||||||
| Georgia: 1.7% | ||||||||
| 420,000 |
Augusta, Water and Sewer Revenue (RB)
3.00%, 10/01/27 (c) |
444,175 | ||||||
| 500,000 |
City of Atlanta, Airport Passenger Facility Charge (RB)
5.00%, 07/01/29 (c) |
592,025 | ||||||
| City of Atlanta, Public Improvement (GO) | ||||||||
| 630,000 | 4.50%, 12/01/24 (c) | 713,834 | ||||||
| 25,000 | 4.88%, 12/01/24 (c) | 29,051 | ||||||
| 330,000 | 5.00%, 12/01/24 (c) | 384,532 | ||||||
| City of Atlanta, Water and Wastewater (RB) | ||||||||
| 200,000 | 4.00%, 11/01/29 (c) | 230,388 | ||||||
| 690,000 | 5.00%, 05/01/25 (c) | 792,748 | ||||||
| 125,000 | 5.00%, 05/01/25 (c) | 146,721 | ||||||
| 295,000 | 5.00%, 05/01/25 (c) | 342,758 | ||||||
| 30,000 | 5.00%, 05/01/25 (c) | 34,715 | ||||||
| 250,000 |
Clarke County Hospital Authority, Series A (RB)
5.00%, 07/01/26 (c) |
286,603 | ||||||
| 750,000 |
Cobb County Kennestone Hospital Authority, Series A (RB)
5.00%, 04/01/27 (c) |
839,257 | ||||||
| 25,000 |
County of Forsyth, Series B (GO)
5.00%, 03/01/25 (c) |
29,498 | ||||||
| Forsyth County School District (GO) | ||||||||
| 1,000,000 | 5.00%, 02/01/28 (c) | 1,252,330 | ||||||
| 1,000,000 | 5.00%, 02/01/28 (c) | 1,267,890 | ||||||
| Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) | ||||||||
| 225,000 | 5.00%, 02/15/27 (c) | 249,734 | ||||||
| 100,000 | 5.00%, 02/15/27 (c) | 114,209 | ||||||
| 925,000 |
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)
2.90%, 12/01/25 (c) |
951,381 | ||||||
| 190,000 |
Glynn-Brunswick Memorial Hospital Authority (RB)
5.00%, 08/01/25 (c) |
205,622 | ||||||
| 15,000 |
Henry County School District (GO) (SAW)
5.00%, 08/01/25 |
17,886 | ||||||
See Notes to Financial Statements
| 26 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Georgia: (continued) | ||||||||
| Metropolitan Atlanta Rapid Transit Authority, Series B (RB) | ||||||||
| $ | 300,000 | 5.00%, 07/01/26 (c) | $ | 351,729 | ||||
| 30,000 | 5.00%, 07/01/26 (c) | 35,461 | ||||||
| Metropolitan Atlanta Rapid Transit Authority, Series C (RB) | ||||||||
| 495,000 | 5.00%, 07/01/26 (c) | 590,708 | ||||||
| 235,000 | 5.00%, 07/01/26 (c) | 280,515 | ||||||
| 420,000 | 5.00%, 07/01/26 | 503,782 | ||||||
| Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
| 110,000 | 5.00%, 01/01/25 (c) | 119,009 | ||||||
| 200,000 | 5.00%, 07/01/26 (c) | 219,920 | ||||||
| 1,090,000 | 5.00%, 07/01/26 (c) | 1,201,954 | ||||||
| 500,000 |
Private Colleges and Universities Authority, Emory University, Series A (RB)
5.00%, 09/01/29 (c) |
633,175 | ||||||
| Richmond County Hospital Authority, University Health Services, Inc. Project (RB) | ||||||||
| 345,000 | 3.00%, 07/01/26 (c) | 349,799 | ||||||
| 835,000 | 5.00%, 07/01/26 (c) | 970,963 | ||||||
| 375,000 | 5.00%, 07/01/26 (c) | 430,954 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 985,000 | 2.50%, 02/01/26 (c) | 995,008 | ||||||
| 125,000 | 5.00%, 02/01/26 | 151,641 | ||||||
| 1,190,000 | 5.00%, 02/01/26 (c) | 1,439,757 | ||||||
| 680,000 | 5.00%, 02/01/26 (c) | 817,727 | ||||||
| 600,000 | 5.00%, 07/01/26 | 735,876 | ||||||
| 1,200,000 | 5.00%, 02/01/27 (c) | 1,452,084 | ||||||
| 1,000,000 | 5.00%, 02/01/27 | 1,244,980 | ||||||
| 350,000 | 5.00%, 02/01/27 (c) | 432,698 | ||||||
| 150,000 | 5.00%, 02/01/27 (c) | 184,422 | ||||||
| State of Georgia, Series C (GO) | ||||||||
| 3,000,000 | 5.00%, 07/01/27 (c) | 3,720,300 | ||||||
| 130,000 | 5.00%, 07/01/27 | 163,515 | ||||||
| 610,000 |
State of Georgia, Series E (GO)
5.00%, 12/01/25 |
736,752 | ||||||
| 26,688,086 | ||||||||
| Hawaii: 1.3% | ||||||||
| 35,000 |
City and County of Honolulu, Board of Water Supply, Series A (RB)
5.00%, 07/01/24 (c) |
39,851 | ||||||
| 675,000 |
City and County of Honolulu, Series A (GO)
5.00%, 10/01/25 (c) |
798,761 | ||||||
| City and County of Honolulu, Series B (GO) | ||||||||
| 10,000 | 5.00%, 10/01/25 (c) | 11,782 | ||||||
| 760,000 | 5.00%, 10/01/25 (c) | 903,701 | ||||||
| 890,000 | 5.00%, 10/01/25 (c) | 1,060,844 | ||||||
| 1,015,000 | 5.00%, 09/01/27 (c) | 1,231,246 | ||||||
| City and County of Honolulu, Series C (GO) | ||||||||
| 750,000 | 4.00%, 08/01/29 (c) | 851,707 | ||||||
| 120,000 | 4.00%, 08/01/29 (c) | 136,348 | ||||||
| 1,000,000 | 5.00%, 10/01/29 | 1,290,220 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Hawaii: (continued) | ||||||||
| City and County of Honolulu, Wastewater System, Series A (RB) | ||||||||
| $ | 970,000 | 4.00%, 07/01/26 (c) | $ | 1,067,776 | ||||
| 1,015,000 | 5.00%, 07/01/26 (c) | 1,203,069 | ||||||
| 100,000 |
City and County of Honolulu, Wastewater System, Series B (RB)
4.00%, 07/01/26 (c) |
109,806 | ||||||
| 175,000 |
State of Hawaii, Department of Budget and Finance, Series A (RB)
5.00%, 07/01/25 |
198,898 | ||||||
| 295,000 |
State of Hawaii, Series B (RB)
5.00%, 07/01/26 (c) |
352,891 | ||||||
| 25,000 |
State of Hawaii, Series EQ (GO)
5.00%, 08/01/24 (c) |
28,339 | ||||||
| 50,000 |
State of Hawaii, Series ET (GO)
5.00%, 10/01/25 |
59,598 | ||||||
| State of Hawaii, Series EY (GO) | ||||||||
| 120,000 | 5.00%, 10/01/25 (c) | 143,035 | ||||||
| 1,085,000 | 5.00%, 10/01/25 (c) | 1,292,647 | ||||||
| 500,000 |
State of Hawaii, Series EZ (GO)
5.00%, 10/01/25 (c) |
595,690 | ||||||
| State of Hawaii, Series FB (GO) | ||||||||
| 150,000 | 3.00%, 04/01/26 (c) | 153,750 | ||||||
| 200,000 | 4.00%, 04/01/26 (c) | 227,828 | ||||||
| 130,000 |
State of Hawaii, Series FE (GO)
5.00%, 10/01/25 |
154,955 | ||||||
| State of Hawaii, Series FH (GO) | ||||||||
| 15,000 | 5.00%, 10/01/26 (c) | 18,228 | ||||||
| 375,000 | 5.00%, 10/01/26 (c) | 457,489 | ||||||
| State of Hawaii, Series FK (GO) | ||||||||
| 690,000 | 5.00%, 05/01/27 (c) | 823,287 | ||||||
| 130,000 | 5.00%, 05/01/27 (c) | 155,503 | ||||||
| State of Hawaii, Series FN (GO) | ||||||||
| 500,000 | 5.00%, 10/01/27 (c) | 612,635 | ||||||
| 105,000 | 5.00%, 10/01/27 (c) | 130,118 | ||||||
| State of Hawaii, Series FT (GO) | ||||||||
| 295,000 | 4.00%, 01/01/28 (c) | 335,356 | ||||||
| 250,000 | 5.00%, 01/01/26 | 299,433 | ||||||
| 1,020,000 | 5.00%, 10/01/27 (c) | 1,242,748 | ||||||
| 150,000 | 5.00%, 01/01/28 (c) | 182,877 | ||||||
| 1,150,000 | 5.00%, 01/01/28 (c) | 1,410,808 | ||||||
| 1,300,000 |
State of Hawaii, Series FW (GO)
5.00%, 01/01/28 |
1,631,825 | ||||||
| 160,000 |
State of Hawaii, Series HI (GO)
5.00%, 10/01/26 |
195,195 | ||||||
| University of Hawaii, Series E (RB) | ||||||||
| 285,000 | 5.00%, 10/01/26 (c) | 345,163 | ||||||
| 240,000 | 5.00%, 10/01/26 (c) | 289,850 | ||||||
| 20,043,257 | ||||||||
| Idaho: 0.0% | ||||||||
| 500,000 |
Ada and Boise Counties Independent School District (GO)
5.00%, 02/01/27 (c) |
600,570 | ||||||
| Idaho Health Facilities Authority, Trinity Health Group, Series D (RB) | ||||||||
| 115,000 | 5.00%, 06/01/22 (c) | 124,869 | ||||||
| 185,000 | 5.00%, 06/01/22 (c) | 200,877 | ||||||
| 926,316 | ||||||||
See Notes to Financial Statements
| 27 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Illinois: 4.1% | ||||||||
| $ | 235,000 |
Chicago Board of Education (ST)
5.75%, 04/01/27 (c) |
$ | 245,232 | ||||
| 175,000 |
Chicago O’Hare International Airport, Series A (RB)
5.00%, 01/01/27 (c) |
199,600 | ||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 580,000 | 5.00%, 01/01/25 (c) | 627,299 | ||||||
| 510,000 | 5.00%, 01/01/25 (c) | 554,824 | ||||||
| 135,000 | 5.00%, 01/01/25 (c) | 146,314 | ||||||
| 610,000 | 5.00%, 01/01/25 (c) | 668,621 | ||||||
| 315,000 | 5.00%, 01/01/25 (c) | 349,341 | ||||||
| 470,000 | 5.00%, 01/01/27 (c) | 527,768 | ||||||
| 100,000 | 5.00%, 01/01/27 (c) | 111,927 | ||||||
| 135,000 |
Chicago O’Hare International Airport, Series C (RB)
5.00%, 01/01/26 (c) |
149,992 | ||||||
| 500,000 |
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/26 |
591,590 | ||||||
| 100,000 |
City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST)
5.75%, 04/01/27 (c) |
104,512 | ||||||
| 750,000 |
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
5.50%, 01/01/25 (c) |
768,855 | ||||||
| City of Chicago, Series A (GO) (SAW) | ||||||||
| 200,000 | 5.00%, 01/01/29 | 203,422 | ||||||
| 920,000 | 5.50%, 01/01/25 (c) | 936,928 | ||||||
| 2,000,000 | 5.50%, 01/01/29 (c) | 2,052,640 | ||||||
| 845,000 | 5.63%, 01/01/27 (c) | 876,451 | ||||||
| 340,000 | 5.63%, 01/01/27 (c) | 354,212 | ||||||
| 510,000 |
City of Chicago, Series C (GO)
5.00%, 01/01/26 (c) |
503,819 | ||||||
| 100,000 |
City of Chicago, Series E (GO)
5.50%, 01/01/25 (c) |
101,555 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) | ||||||||
| 1,010,000 | 5.00%, 11/01/27 (c) | 1,097,708 | ||||||
| 180,000 | 5.25%, 11/01/27 (c) | 213,026 | ||||||
| City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) | ||||||||
| 405,000 | 5.00%, 11/01/26 (c) | 432,410 | ||||||
| 420,000 | 5.00%, 11/01/26 (c) | 450,673 | ||||||
| City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) | ||||||||
| 15,000 | 5.00%, 03/01/25 (c) | 17,115 | ||||||
| 420,000 | 5.00%, 03/01/25 (c) | 481,102 | ||||||
| 425,000 | 5.00%, 03/01/25 (c) | 491,512 | ||||||
| 1,000,000 |
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO)
5.00%, 12/01/27 |
1,248,940 | ||||||
| 210,000 |
Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO)
5.00%, 01/01/25 (c) |
244,230 | ||||||
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 325,000 |
Cook County, Series A (GO)
5.00%, 11/15/26 (c) |
$ | 333,794 | ||||
| Illinois Finance Authority, Advocate Health Care Network (RB) | ||||||||
| 225,000 | 5.00%, 08/01/24 (c) | 262,793 | ||||||
| 250,000 | 5.00%, 08/01/24 (c) | 278,823 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 165,000 | 4.00%, 01/01/26 (c) | 186,858 | ||||||
| 100,000 | 4.00%, 01/01/26 (c) | 114,936 | ||||||
| 135,000 | 5.00%, 01/01/26 | 162,756 | ||||||
| 685,000 | 5.00%, 01/01/26 (c) | 820,856 | ||||||
| 175,000 | 5.00%, 01/01/27 (c) | 209,886 | ||||||
| 140,000 | 5.00%, 01/01/27 (c) | 170,934 | ||||||
| 400,000 | 5.00%, 01/01/27 (c) | 493,908 | ||||||
| 1,000,000 | 5.00%, 07/01/29 (c) | 1,252,360 | ||||||
| Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
| 90,000 | 4.00%, 06/01/26 (c) | 95,729 | ||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 1,055,420 | ||||||
| 160,000 | 4.00%, 06/01/26 (c) | 171,506 | ||||||
| 325,000 | 5.00%, 12/01/25 | 371,540 | ||||||
| 250,000 | 5.00%, 06/01/26 (c) | 277,490 | ||||||
| 130,000 | 5.00%, 06/01/26 (c) | 148,528 | ||||||
| Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) | ||||||||
| 1,325,000 | 3.00%, 01/15/28 (c) | 1,367,705 | ||||||
| 535,000 | 5.00%, 07/15/27 | 650,517 | ||||||
| 260,000 |
Illinois Finance Authority, Northwestern University (RB)
5.00%, 12/01/28 |
333,185 | ||||||
| 100,000 |
Illinois Finance Authority, OSF Healthcare System, Series A (RB)
5.00%, 11/15/25 (c) |
109,816 | ||||||
| 1,010,000 |
Illinois Finance Authority, Presence Health Network, Series C (RB)
4.00%, 02/15/27 (c) |
1,070,650 | ||||||
| Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB) | ||||||||
| 100,000 | 5.00%, 05/15/25 (c) | 108,767 | ||||||
| 125,000 | 5.00%, 05/15/25 (c) | 138,409 | ||||||
| 195,000 | 5.00%, 05/15/25 (c) | 220,297 | ||||||
| 190,000 |
Illinois Finance Authority, University of Chicago, Series A (RB)
5.00%, 10/01/24 (c) |
219,137 | ||||||
| 500,000 |
Illinois Housing Development Authority, Series B (RB)
3.45%, 04/01/27 (c) |
531,635 | ||||||
| Illinois Housing Development Authority, Series C (RB) | ||||||||
| 540,000 | 2.80%, 10/01/28 (c) | 550,179 | ||||||
| 355,000 | 3.10%, 02/01/26 (c) | 364,972 | ||||||
| 170,000 |
Illinois Municipal Electric Agency, Power Supply System, Series A (RB)
5.00%, 08/01/25 (c) |
194,791 | ||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| 290,000 | 4.00%, 01/01/26 (c) | 308,070 | ||||||
See Notes to Financial Statements
| 28 |
|
|
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 555,000 | 5.00%, 01/01/26 (c) | $ | 638,594 | ||||
| 775,000 | 5.00%, 01/01/26 (c) | 884,190 | ||||||
| 510,000 | 5.00%, 01/01/28 (c) | 601,759 | ||||||
| 175,000 | 5.00%, 01/01/29 | 217,525 | ||||||
| 345,000 |
Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/24 (c) |
385,268 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO) | ||||||||
| 215,000 | 5.00%, 01/01/24 (c) | 241,232 | ||||||
| 120,000 | 5.00%, 01/01/24 (c) | 134,869 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) | ||||||||
| 190,000 | 5.00%, 01/01/24 (c) | 213,760 | ||||||
| 450,000 | 5.00%, 01/01/24 (c) | 505,417 | ||||||
| 410,000 | 5.00%, 01/01/24 (c) | 463,148 | ||||||
| 335,000 | 5.00%, 01/01/24 (c) | 377,659 | ||||||
| 700,000 |
Kendall, Kane, and Will Counties Community Unit School District No. 308 (GO)
5.00%, 02/01/26 (c) |
782,201 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) | ||||||||
| 425,000 | 5.00%, 12/01/26 (c) | 490,237 | ||||||
| 115,000 | 5.00%, 12/01/26 (c) | 133,714 | ||||||
| 340,000 | 5.00%, 12/01/26 | 410,285 | ||||||
| Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
| 1,140,000 | 4.00%, 12/01/26 (c) | 1,239,089 | ||||||
| 45,000 | 5.00%, 12/01/25 | 53,308 | ||||||
| 380,000 | 5.00%, 12/01/26 (c) | 455,415 | ||||||
| Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 565,000 | 5.00%, 06/01/26 (c) | 669,949 | ||||||
| 450,000 | 5.00%, 06/01/26 | 534,996 | ||||||
| Regional Transportation Authority of Illinois, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/27 (c) | 609,570 | ||||||
| 465,000 | 5.00%, 07/01/27 (c) | 569,885 | ||||||
| Sales Tax Securitization Corp., Series A (RB) | ||||||||
| 100,000 | 5.00%, 01/01/26 | 110,897 | ||||||
| 250,000 | 5.00%, 01/01/28 (c) | 275,123 | ||||||
| 570,000 | 5.00%, 01/01/28 (c) | 625,005 | ||||||
| 250,000 | 5.00%, 01/01/28 (c) | 276,765 | ||||||
| 585,000 | 5.00%, 01/01/28 (c) | 659,482 | ||||||
| 800,000 | 5.00%, 01/01/28 (c) | 896,504 | ||||||
| 155,000 | 5.00%, 01/01/30 (c) | 172,331 | ||||||
| State of Illinois (RB) | ||||||||
| 710,000 | 3.00%, 06/15/26 (c) | 576,144 | ||||||
| 300,000 | 3.00%, 06/15/26 (c) | 230,625 | ||||||
| 495,000 | 3.00%, 06/15/26 (c) | 387,436 | ||||||
| 680,000 | 3.00%, 06/15/26 (c) | 541,824 | ||||||
| 320,000 | 3.00%, 06/15/26 (c) | 246,000 | ||||||
| 720,000 | 3.50%, 06/01/26 (c) | 648,576 | ||||||
| 1,120,000 | 3.50%, 06/01/26 (c) | 982,632 | ||||||
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 745,000 | 4.00%, 01/01/26 (c) | $ | 672,511 | ||||
| 1,135,000 | 4.00%, 06/01/26 (c) | 1,004,736 | ||||||
| 740,000 | 4.00%, 06/01/26 (c) | 658,933 | ||||||
| 1,085,000 | 4.00%, 06/01/26 (c) | 978,344 | ||||||
| 380,000 | 4.00%, 06/15/26 (c) | 375,679 | ||||||
| 855,000 | 4.13%, 11/01/26 (c) | 776,229 | ||||||
| 605,000 | 5.00%, 01/01/26 (c) | 574,986 | ||||||
| 575,000 | 5.00%, 01/01/26 (c) | 555,364 | ||||||
| 130,000 | 5.00%, 01/01/26 (c) | 124,450 | ||||||
| 185,000 | 5.00%, 01/01/26 (c) | 180,371 | ||||||
| 1,050,000 | 5.00%, 06/01/26 (c) | 1,021,209 | ||||||
| 400,000 | 5.00%, 06/15/26 (c) | 417,388 | ||||||
| 1,010,000 | 5.00%, 02/01/27 | 984,245 | ||||||
| 1,890,000 | 5.00%, 02/01/27 (c) | 1,830,919 | ||||||
| 880,000 | 6.00%, 05/01/26 | 905,872 | ||||||
| State of Illinois, Series A (RB) | ||||||||
| 235,000 | 5.00%, 06/15/26 | 247,159 | ||||||
| 100,000 | 5.00%, 06/15/26 (c) | 104,347 | ||||||
| 1,000,000 | 5.00%, 05/01/28 (c) | 939,660 | ||||||
| 260,000 | 5.00%, 10/01/28 | 251,329 | ||||||
| 1,200,000 | 5.25%, 12/01/27 (c) | 1,157,496 | ||||||
| 1,770,000 |
State of Illinois, Series C (GO)
5.00%, 11/01/27 (c) |
1,705,218 | ||||||
| State of Illinois, Series D (RB) | ||||||||
| 500,000 | 5.00%, 06/15/26 (c) | 511,760 | ||||||
| 1,055,000 | 5.00%, 11/01/26 | 1,029,680 | ||||||
| 400,000 | 5.00%, 11/01/27 | 388,008 | ||||||
| 2,450,000 | 5.00%, 11/01/27 (c) | 2,367,753 | ||||||
| 30,000 |
University of Illinois, Series A (RB)
4.00%, 04/01/25 (c) |
31,312 | ||||||
| 64,364,237 | ||||||||
| Indiana: 1.1% | ||||||||
| 585,000 |
Ball State University, Series R (RB)
5.00%, 07/01/27 |
719,603 | ||||||
| 15,000 |
Carmel Local Public Improvement Bond Bank (RB)
5.00%, 07/15/26 (c) |
17,940 | ||||||
| Indiana Finance Authority Highway, Series C (RB) | ||||||||
| 340,000 | 5.00%, 12/01/26 (c) | 416,877 | ||||||
| 160,000 | 5.00%, 12/01/26 (c) | 196,598 | ||||||
| 420,000 | 5.00%, 06/01/28 | 535,450 | ||||||
| Indiana Finance Authority, Series A (RB) | ||||||||
| 200,000 | 5.00%, 02/01/28 (c) | 247,522 | ||||||
| 220,000 | 5.00%, 02/01/29 (c) | 272,859 | ||||||
| 175,000 | 5.00%, 02/01/29 (c) | 218,176 | ||||||
| 130,000 |
Indiana Finance Authority, Series B (RB)
5.00%, 02/01/26 (c) |
156,884 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
| 610,000 | 5.00%, 02/01/28 (c) | 765,062 | ||||||
| 1,000,000 | 5.00%, 02/01/28 (c) | 1,262,020 | ||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
| 150,000 | 5.00%, 02/01/26 | 181,413 | ||||||
| 160,000 | 5.00%, 08/01/26 (c) | 195,858 | ||||||
| 100,000 | 5.00%, 08/01/26 (c) | 121,546 | ||||||
| 1,000,000 | 5.00%, 08/01/26 (c) | 1,209,220 | ||||||
| 105,000 | 5.00%, 02/01/29 (c) | 132,162 | ||||||
| 750,000 | 5.00%, 02/01/29 (c) | 930,202 | ||||||
| 2,015,000 | 5.00%, 06/01/29 | 2,594,816 | ||||||
See Notes to Financial Statements
| 29 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Indiana: (continued) | ||||||||
| $ | 125,000 |
Indiana Finance Authority, Stadium Project, Series A (RB)
5.00%, 08/01/25 (c) |
$ | 142,481 | ||||
| 300,000 |
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB)
2.85%, 07/01/25 (c) |
307,863 | ||||||
| Indiana Municipal Power Agency, Series A (RB) | ||||||||
| 1,330,000 | 5.00%, 07/01/26 (c) | 1,569,161 | ||||||
| 250,000 | 5.00%, 01/01/28 (c) | 303,153 | ||||||
| 205,000 |
Indiana Municipal Power Agency, Series C (RB)
5.00%, 07/01/26 (c) |
248,784 | ||||||
| 15,000 |
Indiana University, Series W-2 (RB)
5.00%, 08/01/24 (c) |
17,438 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Series A (RB) | ||||||||
| 1,325,000 | 5.00%, 02/01/29 (c) | 1,656,979 | ||||||
| 1,715,000 | 5.00%, 02/01/29 (c) | 2,164,793 | ||||||
| 160,000 |
Indianapolis Local Public Improvement Bond Bank, Series C (RB)
4.00%, 01/01/28 (c) |
180,805 | ||||||
| 20,000 |
IPS Multi-School Building Corp. (RB)
5.00%, 01/15/25 (c) |
23,293 | ||||||
| 185,000 |
Trustees of the Indiana State University, Series A (RB)
5.00%, 06/01/26 (c) |
224,825 | ||||||
| 140,000 |
Zionsville Community Schools Building Corp., Series B (RB)
3.00%, 07/15/24 (c) |
147,536 | ||||||
| 17,161,319 | ||||||||
| Iowa: 0.2% | ||||||||
| Iowa Finance Authority (RB) | ||||||||
| 110,000 | 5.00%, 08/01/26 | 135,056 | ||||||
| 1,000,000 | 5.00%, 08/01/27 (c) | 1,230,330 | ||||||
| 1,000,000 | 5.00%, 08/01/27 (c) | 1,250,730 | ||||||
| 120,000 |
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/27 (c) |
112,364 | ||||||
| 700,000 |
PEFA, Inc. (RB)
5.00%, 06/01/26 (c) (p) |
789,082 | ||||||
| 125,000 |
State of Iowa, IJob Program, Series A (RB)
5.00%, 06/01/26 (c) |
150,880 | ||||||
| 130,000 |
State of Iowa, Prison Infrastructure Fund, Series A (RB)
5.00%, 06/15/26 |
157,628 | ||||||
| 3,826,070 | ||||||||
| Kansas: 0.7% | ||||||||
| Butler County Unified School District No. 385 (GO) | ||||||||
| 300,000 | 4.00%, 09/01/27 (c) | 341,235 | ||||||
| 500,000 | 4.00%, 09/01/27 (c) | 578,560 | ||||||
| 500,000 | 5.00%, 09/01/27 (c) | 605,310 | ||||||
| 250,000 | 5.00%, 09/01/27 (c) | 304,600 | ||||||
| 540,000 |
City of Wichita, Series 811 (GO)
3.00%, 06/01/23 (c) |
564,424 | ||||||
|
Principal
Amount |
Value | |||||||
| Kansas: (continued) | ||||||||
| $ | 750,000 |
County of Johnson, Internal Improvement, Series A (GO)
4.00%, 09/01/27 (c) |
$ | 851,497 | ||||
| 210,000 |
Johnson and Miami Counties Unified School District No. 230 (GO)
4.00%, 09/01/26 (c) |
234,910 | ||||||
| 300,000 |
Johnson County Unified School District No. 512, Series A (GO)
4.00%, 10/01/25 (c) |
330,267 | ||||||
| Kansas Development Finance Authority, National Bio and Agro-Defense Facility, Series G (RB) | ||||||||
| 225,000 | 5.00%, 04/01/23 (c) | 249,039 | ||||||
| 140,000 | 5.00%, 04/01/23 (c) | 154,067 | ||||||
| 10,000 | 5.00%, 04/01/23 (c) | 11,017 | ||||||
| 380,000 |
Kansas Development Finance Authority, State of Kansas Projects, Series A (RB)
5.00%, 05/01/23 (c) |
421,659 | ||||||
| 125,000 |
Seward County Unified School District No. 480, Series B (GO)
5.00%, 09/01/25 (c) |
147,324 | ||||||
| State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) | ||||||||
| 110,000 | 5.00%, 09/01/24 (c) | 125,133 | ||||||
| 740,000 | 5.00%, 09/01/24 (c) | 852,251 | ||||||
| 775,000 | 5.00%, 09/01/27 (c) | 912,710 | ||||||
| 150,000 | 5.00%, 09/01/27 (c) | 176,115 | ||||||
| 400,000 | 5.00%, 09/01/27 | 486,060 | ||||||
| 630,000 | 5.00%, 09/01/27 (c) | 745,290 | ||||||
| State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) | ||||||||
| 120,000 | 5.00%, 09/01/25 (c) | 139,422 | ||||||
| 720,000 | 5.00%, 09/01/25 (c) | 826,402 | ||||||
| 280,000 | 5.00%, 09/01/25 (c) | 325,794 | ||||||
| 555,000 | 5.00%, 09/01/25 (c) | 648,934 | ||||||
| 295,000 | 5.00%, 09/01/25 (c) | 344,259 | ||||||
| 250,000 |
Wyandotte County, Unified School District No. 500, Series A (GO)
4.00%, 09/01/26 (c) |
279,498 | ||||||
| 10,655,777 | ||||||||
| Kentucky: 0.7% | ||||||||
| 125,000 |
Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series A (RB)
5.00%, 08/01/25 (c) |
136,913 | ||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) | ||||||||
| 1,020,000 | 5.00%, 11/01/26 (c) | 1,148,877 | ||||||
| 1,885,000 | 5.00%, 11/01/26 (c) | 2,136,176 | ||||||
| 450,000 | 5.00%, 11/01/26 | 512,599 | ||||||
| Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | ||||||||
| 20,000 | 5.00%, 09/01/25 (c) | 23,352 | ||||||
| 80,000 | 5.00%, 09/01/25 | 93,713 | ||||||
See Notes to Financial Statements
| 30 |
|
|
|
Principal
Amount |
Value | |||||||
| Kentucky: (continued) | ||||||||
| $ | 695,000 |
Kentucky Bond Development Corp., Saint Elizabeth Medical Center, Inc. (RB)
3.00%, 05/01/26 (c) |
$ | 714,495 | ||||
| 200,000 |
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB)
5.00%, 09/01/25 (c) |
232,410 | ||||||
| 100,000 |
Kentucky State Property and Building Commission No. 119 (RB)
5.00%, 05/01/28 |
115,558 | ||||||
| 165,000 |
Kentucky Turnpike Authority, Series A (RB)
5.00%, 07/01/26 (c) |
184,097 | ||||||
| Kentucky Turnpike Authority, Series B (RB) | ||||||||
| 800,000 | 5.00%, 07/01/26 | 907,760 | ||||||
| 380,000 | 5.00%, 07/01/27 | 436,886 | ||||||
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
| 975,000 | 4.00%, 10/01/26 (c) | 1,013,473 | ||||||
| 55,000 | 5.00%, 10/01/26 (c) | 62,724 | ||||||
| 290,000 | 5.00%, 10/01/26 (c) | 326,572 | ||||||
| 105,000 |
Louisville and Jefferson County, Metro Government, Water System (RB)
3.00%, 11/15/25 (c) |
109,678 | ||||||
| 20,000 |
Paducah Electric Plant Board, Series A (RB) (AGM)
5.00%, 10/01/26 |
24,087 | ||||||
| 125,000 |
Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series B (RB)
5.00%, 07/01/26 |
141,838 | ||||||
| University of Kentucky, Series A (RB) | ||||||||
| 770,000 | 3.00%, 04/01/26 (c) | 789,258 | ||||||
| 500,000 | 4.00%, 04/01/26 (c) | 561,885 | ||||||
| 745,000 |
University of Kentucky, Series B (RB)
5.00%, 04/01/25 (c) |
874,883 | ||||||
| 10,547,234 | ||||||||
| Louisiana: 0.8% | ||||||||
| 250,000 |
City of Shreveport, Water and Sewer Revenue, Series C (RB)
4.00%, 12/01/28 (c) |
282,160 | ||||||
| Jefferson Sales Tax District, Series B (RB) (AGM) | ||||||||
| 500,000 | 4.00%, 12/01/29 (c) | 569,385 | ||||||
| 280,000 | 5.00%, 12/01/27 (c) | 339,520 | ||||||
| 620,000 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)
3.50%, 11/01/27 (c) |
578,131 | ||||||
| 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) | 203,554 | ||||||
| 990,000 | 5.00%, 10/01/27 (c) | 1,142,302 | ||||||
|
Principal
Amount |
Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 295,000 |
Louisiana Public Facilities Authority (RB)
5.00%, 07/01/25 (c) |
$ | 325,845 | ||||
| 505,000 |
Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project, Series B (RB)
3.50%, 06/01/21 (c) |
510,484 | ||||||
| Louisiana Public Facilities Authority, Hurricane Recovery Program (RB) | ||||||||
| 700,000 | 5.00%, 06/01/24 (c) | 798,812 | ||||||
| 535,000 | 5.00%, 06/01/24 (c) | 610,959 | ||||||
| 340,000 |
Louisiana State Citizens Property Insurance Corp., Series A (RB)
5.00%, 06/01/26 |
413,413 | ||||||
| 350,000 |
State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB)
5.00%, 05/01/24 (c) |
399,150 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
| 150,000 | 3.50%, 04/01/27 (c) | 161,478 | ||||||
| 760,000 | 5.00%, 05/01/25 (c) | 876,288 | ||||||
| 760,000 | 5.00%, 03/01/26 | 904,643 | ||||||
| 640,000 | 5.00%, 09/01/26 (c) | 758,746 | ||||||
| 565,000 | 5.00%, 04/01/27 (c) | 680,944 | ||||||
| 115,000 | 5.00%, 03/01/29 (c) | 142,707 | ||||||
| State of Louisiana, Series B (GO) | ||||||||
| 200,000 | 5.00%, 08/01/26 (c) | 238,276 | ||||||
| 205,000 | 5.00%, 08/01/26 (c) | 245,012 | ||||||
| 875,000 | 5.00%, 10/01/26 | 1,051,426 | ||||||
| 150,000 | 5.00%, 10/01/27 | 184,077 | ||||||
| State of Louisiana, Series C (GO) | ||||||||
| 100,000 | 5.00%, 08/01/24 (c) | 113,881 | ||||||
| 710,000 | 5.00%, 08/01/24 (c) | 810,451 | ||||||
| State of Louisiana, Series D (GO) | ||||||||
| 200,000 | 3.00%, 09/01/26 (c) | 211,476 | ||||||
| 100,000 | 5.00%, 09/01/26 (c) | 119,326 | ||||||
| 12,672,446 | ||||||||
| Maine: 0.0% | ||||||||
| 480,000 |
Maine Turnpike Authority (RB)
5.00%, 07/01/25 (c) |
564,768 | ||||||
| Maryland: 2.9% | ||||||||
| City of Baltimore, Consolidated Public Improvement, Series B (GO) | ||||||||
| 250,000 | 5.00%, 10/15/26 | 307,010 | ||||||
| 250,000 | 5.00%, 10/15/27 (c) | 312,627 | ||||||
| 280,000 | 5.00%, 10/15/27 | 352,117 | ||||||
| City of Baltimore, Convention Center Hotel (RB) | ||||||||
| 110,000 | 5.00%, 09/01/27 (c) | 95,193 | ||||||
| 125,000 | 5.00%, 09/01/27 (c) | 108,171 | ||||||
| County of Baltimore (GO) | ||||||||
| 1,925,000 | 4.00%, 03/01/29 (c) | 2,215,482 | ||||||
| 330,000 | 5.00%, 03/01/26 | 399,967 | ||||||
| 1,250,000 | 5.00%, 03/01/28 | 1,585,225 | ||||||
| 525,000 | County of Harford, Series B (GO) | |||||||
| 3.00%, 07/01/24 (c) | 559,099 | |||||||
| County of Montgomery, Series A (GO) | ||||||||
| 385,000 | 5.00%, 11/01/24 (c) | 444,336 | ||||||
| 675,000 | 5.00%, 11/01/24 (c) | 781,900 | ||||||
| 20,000 | 5.00%, 12/01/24 (c) | 23,267 | ||||||
See Notes to Financial Statements
| 31 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 350,000 |
County of Montgomery, Series B (GO)
5.00%, 11/01/24 (c) |
$ | 407,603 | ||||
| 1,070,000 |
County of Montgomery, Series C (GO)
4.00%, 10/01/27 (c) |
1,247,502 | ||||||
| 15,000 |
Maryland Economic Development Corp., College Park Projects (RB) (AGM)
5.00%, 06/01/26 (c) |
17,732 | ||||||
| 255,000 |
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue (RB)
4.00%, 07/01/25 (c) |
269,017 | ||||||
| 550,000 |
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue (RB)
5.00%, 02/15/25 (c) |
611,402 | ||||||
| 750,000 |
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/25 (c) |
790,140 | ||||||
| Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) | ||||||||
| 750,000 | 5.00%, 05/01/26 (c) | 878,182 | ||||||
| 250,000 | 5.00%, 05/01/26 (c) | 288,618 | ||||||
| 240,000 | 5.00%, 05/01/26 | 284,506 | ||||||
| 250,000 | 5.00%, 05/01/26 (c) | 293,458 | ||||||
| 1,000,000 |
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB)
5.00%, 05/01/28 (c) |
1,197,580 | ||||||
| Maryland Water Quality Financing Administration (RB) | ||||||||
| 375,000 | 2.80%, 03/01/24 (c) | 393,510 | ||||||
| 655,000 | 3.00%, 03/01/24 (c) | 680,800 | ||||||
| Prince George’s County, Series A (GO) | ||||||||
| 140,000 | 4.00%, 09/01/24 (c) | 155,684 | ||||||
| 1,000,000 | 4.00%, 07/15/28 (c) | 1,183,780 | ||||||
| 1,000,000 | 5.00%, 07/15/28 | 1,277,890 | ||||||
| 1,150,000 | 5.00%, 07/15/28 (c) | 1,460,833 | ||||||
| State of Maryland, Department of Transportation (RB) (SAW) | ||||||||
| 2,340,000 | 2.13%, 10/01/27 (c) | 2,279,815 | ||||||
| 520,000 | 3.00%, 11/01/24 (c) | 543,338 | ||||||
| 500,000 | 3.00%, 09/01/27 (c) | 531,970 | ||||||
| 855,000 | 3.13%, 05/01/25 (c) | 897,553 | ||||||
| 780,000 | 4.00%, 05/01/25 (c) | 878,147 | ||||||
| 750,000 | 4.00%, 05/01/28 (c) | 880,680 | ||||||
| 295,000 | 5.00%, 11/01/24 (c) | 342,430 | ||||||
| 200,000 |
State of Maryland, Department of Transportation, Second Issue (RB)
3.13%, 06/01/23 (c) |
206,682 | ||||||
| 435,000 |
State of Maryland, Department of Transportation, Third Issue (RB)
3.00%, 12/15/23 (c) |
450,686 | ||||||
| State of Maryland, State and Local Facilities Loan, First Series (GO) | ||||||||
| 350,000 | 3.00%, 06/01/24 (c) | 365,739 | ||||||
| 485,000 | 4.00%, 06/01/24 (c) | 536,560 | ||||||
|
Principal
Amount |
Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 420,000 | 5.00%, 06/01/24 (c) | $ | 483,416 | ||||
| 2,385,000 | 5.00%, 03/15/28 | 3,043,498 | ||||||
| 3,000,000 | 5.00%, 03/15/29 (c) | 3,825,180 | ||||||
| State of Maryland, State and Local Facilities Loan, First Series A (GO) | ||||||||
| 405,000 | 3.00%, 03/01/23 (c) | 420,066 | ||||||
| 250,000 | 3.13%, 03/15/28 (c) | 266,230 | ||||||
| 1,185,000 | 4.00%, 03/15/27 (c) | 1,371,626 | ||||||
| 680,000 | 5.00%, 03/15/28 | 867,748 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series (GO) | ||||||||
| 530,000 | 4.00%, 08/01/28 (c) | 619,543 | ||||||
| 125,000 | 5.00%, 08/01/27 | 157,244 | ||||||
| 1,000,000 | 5.00%, 08/01/28 (c) | 1,270,180 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series A (GO) | ||||||||
| 350,000 | 2.75%, 08/01/23 (c) | 364,682 | ||||||
| 1,000,000 | 3.00%, 08/01/27 (c) | 1,069,430 | ||||||
| 215,000 | 4.00%, 08/01/23 (c) | 231,873 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series B (GO) | ||||||||
| 100,000 | 3.00%, 08/01/22 (c) | 103,092 | ||||||
| 880,000 | 5.00%, 08/01/26 | 1,080,446 | ||||||
| State of Maryland, Transportation Authority (RB) | ||||||||
| 300,000 | 3.00%, 07/01/27 (c) | 315,234 | ||||||
| 510,000 | 3.00%, 07/01/27 (c) | 540,044 | ||||||
| Washington Suburban Sanitary District (GO) | ||||||||
| 500,000 | 3.00%, 06/01/24 (c) | 528,045 | ||||||
| 115,000 | 3.00%, 06/01/24 (c) | 121,843 | ||||||
| 560,000 | 3.00%, 06/01/24 (c) | 593,320 | ||||||
| Washington Suburban Sanitary District, Second Series (GO) | ||||||||
| 750,000 | 5.00%, 06/01/26 (c) | 888,540 | ||||||
| 550,000 | 5.00%, 06/01/27 (c) | 679,860 | ||||||
| 45,377,371 | ||||||||
| Massachusetts: 3.5% | ||||||||
| 100,000 |
City of Boston, Series A (GO)
5.00%, 03/01/29 |
129,292 | ||||||
| Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) | ||||||||
| 980,000 | 5.00%, 06/01/24 (c) | 1,092,004 | ||||||
| 15,000 | 5.00%, 06/01/25 (c) | 17,541 | ||||||
| 20,000 | 5.00%, 06/01/25 (c) | 23,298 | ||||||
| Commonwealth of Massachusetts, Rail Enhancement Program, Series A (RB) | ||||||||
| 145,000 | 3.00%, 06/01/25 (c) | 152,543 | ||||||
| 745,000 | 5.00%, 06/01/25 (c) | 852,019 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 290,000 | 3.00%, 03/01/24 (c) | 297,740 | ||||||
| 850,000 | 5.00%, 03/01/24 (c) | 958,919 | ||||||
| 1,445,000 | 5.00%, 07/01/25 (c) | 1,708,395 | ||||||
| 160,000 | 5.00%, 07/01/25 (c) | 188,342 | ||||||
| 275,000 | 5.00%, 07/01/26 (c) | 334,185 | ||||||
| 1,000,000 | 5.00%, 07/01/26 | 1,219,150 | ||||||
See Notes to Financial Statements
| 32 |
|
|
|
Principal
Amount |
Value | |||||||
| Massachusetts: (continued) | ||||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| $ | 600,000 | 5.00%, 07/01/26 (c) | $ | 721,992 | ||||
| 1,860,000 | 5.00%, 07/01/26 (c) | 2,215,781 | ||||||
| 155,000 | 5.00%, 07/01/26 (c) | 187,694 | ||||||
| 1,155,000 | 5.00%, 07/01/28 | 1,474,866 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
| 400,000 | 3.00%, 02/01/24 (c) | 416,240 | ||||||
| 350,000 | 5.00%, 05/01/23 (c) | 385,546 | ||||||
| 205,000 | 5.00%, 05/01/23 (c) | 226,519 | ||||||
| 2,665,000 | 5.00%, 05/01/31 | 3,546,342 | ||||||
| 100,000 |
Commonwealth of Massachusetts, Series D (GO)
3.00%, 09/01/25 (c) |
103,878 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 1,275,000 | 3.00%, 11/01/27 (c) | 1,335,894 | ||||||
| 250,000 | 5.00%, 11/01/26 | 307,350 | ||||||
| 100,000 | 5.00%, 11/01/27 (c) | 123,339 | ||||||
| 420,000 |
Commonwealth of Massachusetts, Series F (GO)
3.00%, 11/01/22 (c) |
435,103 | ||||||
| Commonwealth of Massachusetts, Series I (GO) | ||||||||
| 500,000 | 5.00%, 12/01/26 (c) | 602,720 | ||||||
| 10,000 | 5.00%, 12/01/26 (c) | 12,282 | ||||||
| Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB) | ||||||||
| 450,000 | 4.00%, 12/01/27 (c) | 502,888 | ||||||
| 105,000 | 5.00%, 06/01/26 | 127,057 | ||||||
| 20,000 | 5.00%, 06/01/26 (c) | 24,137 | ||||||
| Massachusetts Bay Transportation Authority, Series A (RB) | ||||||||
| 810,000 | 0.00%, 07/01/26 (c) ^ | 663,552 | ||||||
| 130,000 | 0.00%, 07/01/26 (c) ^ | 102,951 | ||||||
| 1,160,000 | 0.00%, 07/01/26 (c) ^ | 858,319 | ||||||
| 890,000 | 0.00%, 07/01/26 (c) ^ | 752,762 | ||||||
| 210,000 | 2.00%, 07/01/26 (c) | 215,699 | ||||||
| 475,000 | 4.00%, 07/01/25 (c) | 517,465 | ||||||
| 800,000 |
Massachusetts Clean Water Trust, Series 18 (RB)
5.00%, 02/01/24 (c) |
906,160 | ||||||
| Massachusetts Clean Water Trust, Series 19 (RB) | ||||||||
| 500,000 | 5.00%, 02/01/26 (c) | 593,770 | ||||||
| 1,100,000 | 5.00%, 02/01/26 (c) | 1,311,805 | ||||||
| 940,000 | 5.00%, 02/01/26 (c) | 1,130,726 | ||||||
| 1,000,000 |
Massachusetts Clean Water Trust, Series 21 (RB)
5.00%, 08/01/28 (c) |
1,236,390 | ||||||
| Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) | ||||||||
| 1,000,000 | 5.00%, 01/01/29 (c) | 1,230,270 | ||||||
| 1,000,000 | 5.00%, 01/01/29 | 1,279,660 | ||||||
|
Principal
Amount |
Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 910,000 |
Massachusetts Development Finance Agency, Beth Israel Lahey Health Inc., Series I (RB)
3.00%, 07/01/26 (c) |
$ | 912,075 | ||||
| 255,000 |
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB)
5.00%, 07/01/29 (c) |
293,888 | ||||||
| 2,905,000 |
Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB)
5.00%, 07/01/26 (c) |
3,161,831 | ||||||
| 530,000 |
Massachusetts Development Finance Agency, Brandeis University, Series S-1 (RB)
5.00%, 10/01/27 |
643,012 | ||||||
| Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) | ||||||||
| 200,000 | 3.25%, 07/01/26 (c) | 201,150 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,145,110 | ||||||
| 200,000 | 5.00%, 07/01/26 (c) | 228,412 | ||||||
| 130,000 |
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG)
5.00%, 07/01/28 (c) |
148,347 | ||||||
| Massachusetts Development Finance Agency, Harvard University, Series A (RB) | ||||||||
| 2,065,000 | 4.00%, 07/15/26 (c) | 2,303,776 | ||||||
| 700,000 | 5.00%, 07/15/26 (c) | 858,445 | ||||||
| 480,000 | 5.00%, 07/15/26 (c) | 571,349 | ||||||
| Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB) | ||||||||
| 1,000,000 | 5.00%, 08/15/25 (c) | 1,110,190 | ||||||
| 125,000 | 5.00%, 08/15/25 (c) | 141,399 | ||||||
| Massachusetts Development Finance Agency, Partners Healthcare System, Series Q (RB) | ||||||||
| 100,000 | 3.13%, 07/01/26 (c) | 102,175 | ||||||
| 115,000 | 5.00%, 07/01/26 | 136,088 | ||||||
| 300,000 | 5.00%, 07/01/26 (c) | 344,253 | ||||||
| 750,000 |
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB)
4.00%, 07/01/26 (c) |
689,865 | ||||||
| 500,000 |
Massachusetts Development Finance Agency, Suffolk University (RB)
5.00%, 07/01/27 (c) |
522,720 | ||||||
| 100,000 |
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c) |
108,666 | ||||||
| 330,000 |
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB)
5.00%, 07/01/27 |
387,615 | ||||||
See Notes to Financial Statements
| 33 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 500,000 |
Massachusetts Housing Finance Agency, Series 178 (RB)
3.70%, 06/01/25 (c) |
$ | 526,335 | ||||
| 150,000 |
Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA)
2.75%, 12/01/28 (c) |
150,458 | ||||||
| 800,000 |
Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB)
5.00%, 01/15/25 (c) |
925,872 | ||||||
| Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) | ||||||||
| 15,000 | 5.00%, 08/15/25 | 17,837 | ||||||
| 125,000 | 5.00%, 11/15/26 (c) | 147,818 | ||||||
| Massachusetts State College Building Authority, Series A (RB) | ||||||||
| 880,000 | 4.00%, 05/01/25 (c) | 988,240 | ||||||
| 500,000 | 5.00%, 05/01/25 (c) | 574,915 | ||||||
| 560,000 |
Massachusetts Water Pollution Abatement Trust (RB)
5.00%, 08/01/24 (c) |
649,488 | ||||||
| Massachusetts Water Resources Authority, Series C (RB) | ||||||||
| 685,000 | 5.00%, 08/01/26 (c) | 818,931 | ||||||
| 2,115,000 | 5.00%, 08/01/27 (c) | 2,602,148 | ||||||
| University of Massachusetts Building Authority, Series 1 (RB) | ||||||||
| 730,000 | 5.00%, 11/01/25 (c) | 869,591 | ||||||
| 750,000 | 5.00%, 11/01/29 (c) | 939,622 | ||||||
| 475,000 | 5.00%, 11/01/29 (c) | 597,531 | ||||||
| 500,000 | 5.00%, 11/01/29 (c) | 632,155 | ||||||
| 1,020,000 |
University of Massachusetts Building Authority, Series 3 (RB)
5.00%, 11/01/27 (c) |
1,255,712 | ||||||
| 56,229,604 | ||||||||
| Michigan: 1.3% | ||||||||
| 285,000 |
Board of Governors of Wayne State University, Series A (RB)
5.00%, 05/15/26 (c) |
339,218 | ||||||
| 340,000 |
Board of Trustees of Michigan State University, Series B (RB)
5.00%, 02/15/29 (c) |
419,179 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
| 250,000 | 5.00%, 07/01/26 (c) | 295,203 | ||||||
| 250,000 | 5.00%, 07/01/26 (c) | 296,323 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
| 290,000 | 5.00%, 07/01/26 (c) | 344,291 | ||||||
| 570,000 | 5.00%, 07/01/26 (c) | 678,175 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 596,500 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | ||||||||
| 1,025,000 | 5.00%, 07/01/26 (c) | 1,216,890 | ||||||
| 30,000 | 5.00%, 07/01/26 (c) | 35,926 | ||||||
|
Principal
Amount |
Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 130,000 |
Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB)
5.00%, 07/01/26 (c) |
$ | 153,505 | ||||
| Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) | ||||||||
| 155,000 | 5.00%, 07/01/26 (c) | 186,121 | ||||||
| 875,000 | 5.00%, 07/01/26 (c) | 1,054,104 | ||||||
| 365,000 | 5.00%, 07/01/26 | 435,682 | ||||||
| Michigan Finance Authority, Clean Water, Series B (RB) | ||||||||
| 110,000 | 5.00%, 10/01/25 | 132,198 | ||||||
| 100,000 | 5.00%, 10/01/26 | 123,377 | ||||||
| Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series C-3 (RB) (AGM) | ||||||||
| 750,000 | 5.00%, 07/01/24 (c) | 834,075 | ||||||
| 405,000 | 5.00%, 07/01/24 (c) | 451,939 | ||||||
| 560,000 | 5.00%, 07/01/24 (c) | 631,820 | ||||||
| 110,000 |
Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien, Series D-2 (RB) (AGM)
5.00%, 07/01/24 (c) |
123,919 | ||||||
| 140,000 |
Michigan Finance Authority, Henry Ford Health System (RB)
3.00%, 11/15/26 (c) |
134,645 | ||||||
| Michigan Finance Authority, Local Government Loan Program, Series C (RB) | ||||||||
| 500,000 | 5.00%, 07/01/25 (c) | 580,730 | ||||||
| 250,000 | 5.00%, 07/01/25 (c) | 291,038 | ||||||
| Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) | ||||||||
| 725,000 | 5.00%, 10/01/24 (c) | 822,875 | ||||||
| 150,000 | 5.00%, 11/15/26 (c) | 172,491 | ||||||
| Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | ||||||||
| 105,000 | 5.00%, 06/01/22 (c) | 113,784 | ||||||
| 75,000 | 5.00%, 06/01/27 (c) | 86,557 | ||||||
| 265,000 | 5.50%, 06/01/25 (c) | 308,542 | ||||||
| Michigan State Building Authority, Series I (RB) | ||||||||
| 15,000 | 5.00%, 10/15/25 (c) | 17,604 | ||||||
| 200,000 | 5.00%, 10/15/25 (c) | 235,062 | ||||||
| 360,000 | 5.00%, 10/15/25 (c) | 425,171 | ||||||
| 125,000 | 5.00%, 10/15/26 (c) | 147,983 | ||||||
| 120,000 | 5.00%, 10/15/26 (c) | 141,427 | ||||||
| 570,000 | 5.00%, 10/15/26 (c) | 677,080 | ||||||
| 540,000 | 5.00%, 10/15/26 (c) | 647,244 | ||||||
| 515,000 | 5.00%, 10/15/26 (c) | 614,508 | ||||||
| 100,000 |
Michigan State Hospital Finance Authority, Series B (RB)
5.00%, 12/01/26 |
118,889 | ||||||
| 100,000 |
Michigan State Hospital Finance Authority, Series C (RB)
5.00%, 12/01/27 |
120,368 | ||||||
See Notes to Financial Statements
| 34 |
|
|
|
Principal
Amount |
Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 480,000 |
Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB)
3.35%, 12/01/25 (c) |
$ | 504,912 | ||||
| Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
| 1,160,000 | 3.10%, 06/01/26 (c) | 1,208,906 | ||||||
| 170,000 | 3.35%, 06/01/26 (c) | 176,734 | ||||||
| 770,000 |
Regents of the University of Michigan (RB)
5.00%, 04/01/26 (c) |
908,184 | ||||||
| 410,000 |
State of Michigan, Environmental Program (GO)
3.00%, 05/01/26 (c) |
436,322 | ||||||
| State of Michigan, Environmental Program, Series A (GO) | ||||||||
| 500,000 | 5.00%, 12/01/25 (c) | 597,920 | ||||||
| 10,000 | 5.00%, 12/01/25 (c) | 11,988 | ||||||
| State of Michigan, Grant Anticipation (RB) | ||||||||
| 300,000 | 5.00%, 03/15/26 | 357,969 | ||||||
| 1,865,000 | 5.00%, 03/15/27 | 2,276,773 | ||||||
| 20,484,151 | ||||||||
| Minnesota: 1.3% | ||||||||
| City of Maple Grove, Minnesota Health Care Facilities (RB) | ||||||||
| 180,000 | 3.38%, 05/01/27 (c) | 181,606 | ||||||
| 460,000 | 3.50%, 05/01/27 (c) | 466,472 | ||||||
| City of Minneapolis, Fairview Health Services, Series A (RB) | ||||||||
| 880,000 | 5.00%, 11/15/25 (c) | 956,578 | ||||||
| 125,000 | 5.00%, 11/15/28 (c) | 137,428 | ||||||
| 520,000 |
City of St. Cloud, Health Care, CentraCare Health System, Series A (RB)
3.00%, 05/01/26 (c) |
521,581 | ||||||
| 335,000 |
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/25 (c) |
347,703 | ||||||
| 760,000 |
County of Hennepin, First Lien, Sales Tax, Series A (RB)
5.00%, 12/15/23 (c) |
819,432 | ||||||
| 200,000 |
Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB)
5.00%, 07/01/29 (c) |
236,696 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
| 135,000 | 4.00%, 01/01/26 | 148,407 | ||||||
| 120,000 | 5.00%, 01/01/26 | 138,976 | ||||||
| 515,000 | 5.00%, 01/01/27 (c) | 597,606 | ||||||
| 325,000 | 5.00%, 01/01/27 (c) | 375,307 | ||||||
| 750,000 |
Minnesota Public Facilities Authority, Series B (GO)
5.00%, 10/01/26 |
922,725 | ||||||
| 1,000,000 |
Regents of the University of Minnesota, Series B (RB)
5.00%, 12/01/27 (c) |
1,225,560 | ||||||
|
Principal
Amount |
Value | |||||||
| Minnesota: (continued) | ||||||||
| $ | 450,000 |
Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG)
5.00%, 02/01/26 (c) |
$ | 537,894 | ||||
| 500,000 |
Roseville Independent School District No. 623 (GO) (SD CRED PROG)
5.00%, 02/01/27 (c) |
603,310 | ||||||
| Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG) | ||||||||
| 750,000 | 5.00%, 02/01/25 (c) | 879,450 | ||||||
| 760,000 | 5.00%, 02/01/25 (c) | 892,711 | ||||||
| State of Minnesota, State Trunk Highway, Series B (GO) | ||||||||
| 555,000 | 2.25%, 08/01/26 (c) | 556,726 | ||||||
| 500,000 | 3.00%, 08/01/26 (c) | 542,865 | ||||||
| 570,000 | 3.25%, 08/01/25 (c) | 596,904 | ||||||
| 185,000 | 4.00%, 08/01/26 | 215,564 | ||||||
| 585,000 | 4.00%, 08/01/26 (c) | 675,921 | ||||||
| 100,000 | 5.00%, 08/01/28 | 128,258 | ||||||
| 120,000 |
State of Minnesota, State Trunk Highway, Series E (GO)
3.00%, 10/01/27 (c) |
131,982 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
| 1,025,000 | 5.00%, 08/01/27 | 1,286,980 | ||||||
| 400,000 | 5.00%, 10/01/27 (c) | 502,052 | ||||||
| 1,000,000 | 5.00%, 08/01/29 (c) | 1,269,170 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| 925,000 | 2.25%, 08/01/26 (c) | 944,527 | ||||||
| 1,000,000 | 3.00%, 10/01/27 (c) | 1,079,620 | ||||||
| 1,000,000 | 3.00%, 10/01/27 (c) | 1,093,340 | ||||||
| 805,000 |
University of Minnesota, Series B (RB)
5.00%, 12/01/27 (c) |
1,004,020 | ||||||
| 1,000,000 |
Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG)
3.00%, 02/01/28 (c) |
1,048,660 | ||||||
| 21,066,031 | ||||||||
| Mississippi: 0.6% | ||||||||
| 300,000 |
Mississippi Development Bank, Jackson Public School District, Series A (RB)
5.00%, 04/01/26 (c) |
353,244 | ||||||
| State of Mississippi, Series A (GO) | ||||||||
| 125,000 | 5.00%, 10/01/26 | 152,496 | ||||||
| 500,000 | 5.00%, 10/01/27 (c) | 607,380 | ||||||
| 405,000 | 5.00%, 10/01/27 (c) | 489,856 | ||||||
| 300,000 | 5.00%, 10/01/27 (c) | 361,695 | ||||||
| 430,000 | 5.00%, 10/01/27 (c) | 531,549 | ||||||
| 880,000 | 5.00%, 10/01/27 (c) | 1,081,670 | ||||||
| 650,000 | 5.00%, 10/01/27 (c) | 794,469 | ||||||
| 3,000,000 | 5.00%, 10/15/28 (c) | 3,320,190 | ||||||
| State of Mississippi, Series B (GO) | ||||||||
| 295,000 | 4.00%, 10/01/29 (c) | 334,117 | ||||||
| 850,000 | 5.00%, 12/01/26 (c) | 1,026,842 | ||||||
| 155,000 | 5.00%, 12/01/26 (c) | 184,611 | ||||||
See Notes to Financial Statements
| 35 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Mississippi: (continued) | ||||||||
| $ | 105,000 |
State of Mississippi, Series E (RB)
5.00%, 10/15/25 |
$ | 118,039 | ||||
| 9,356,158 | ||||||||
| Missouri: 0.7% | ||||||||
| City of Kansas City, Downtown Arena Project, Series E (RB) | ||||||||
| 450,000 | 3.00%, 04/01/25 (c) | 462,969 | ||||||
| 290,000 | 5.00%, 04/01/25 (c) | 331,003 | ||||||
| 570,000 |
City of Kansas City, Sanitary Sewer System Revenue, Series A (RB)
5.00%, 01/01/25 (c) |
665,743 | ||||||
| 100,000 |
City of Springfield, Public Utility (RB)
4.00%, 08/01/25 (c) |
111,611 | ||||||
| County of Jackson, Harry S. Truman Sports Complex Project (RB) | ||||||||
| 10,000 | 5.00%, 12/01/24 (c) | 10,693 | ||||||
| 195,000 | 5.00%, 12/01/24 (c) | 210,364 | ||||||
| 110,000 |
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series A (RB)
5.00%, 02/01/24 (c) |
108,749 | ||||||
| 180,000 |
Health and Educational Facilities Authority, Mercy Health, Series A (RB)
5.00%, 06/01/26 |
212,632 | ||||||
| Metropolitan St. Louis Sewer District, Wastewater System, Series B (RB) | ||||||||
| 490,000 | 5.00%, 05/01/25 (c) | 573,873 | ||||||
| 1,165,000 | 5.00%, 05/01/25 (c) | 1,368,957 | ||||||
| Missouri Joint Municipal Electric Utility Commission, Iatan 2 Project, Series A (RB) | ||||||||
| 310,000 | 5.00%, 01/01/24 (c) | 345,985 | ||||||
| 290,000 | 5.00%, 01/01/24 (c) | 325,661 | ||||||
| 215,000 | 5.00%, 01/01/24 (c) | 242,142 | ||||||
| 100,000 |
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Series A (RB)
5.00%, 01/01/25 (c) |
115,634 | ||||||
| 395,000 |
Missouri Joint Municipal Electric Utility Commission, Power Project, Series A (RB)
5.00%, 06/01/25 (c) |
459,831 | ||||||
| 15,000 |
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB)
4.00%, 06/01/26 (c) |
16,451 | ||||||
| 100,000 |
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB)
5.00%, 07/01/25 (c) |
117,762 | ||||||
| Platte County Park Hill School District (GO) (SAW) | ||||||||
| 225,000 | 3.00%, 03/01/26 (c) | 235,202 | ||||||
| 105,000 | 3.00%, 03/01/26 (c) | 110,290 | ||||||
| Springfield School District No. R-12 (GO) (SAW) | ||||||||
| 1,035,000 | 4.00%, 03/01/28 (c) | 1,219,789 | ||||||
|
Principal
Amount |
Value | |||||||
| Missouri: (continued) | ||||||||
| $ | 1,415,000 | 4.00%, 03/01/29 (c) | $ | 1,639,716 | ||||
| 650,000 | 4.00%, 03/01/29 (c) | 757,185 | ||||||
| 450,000 | 5.00%, 03/01/29 (c) | 558,450 | ||||||
| 400,000 |
St. Louis Land Clearance for Redevelopment Authority, Series A (RB)
4.25%, 06/01/26 |
418,568 | ||||||
| 10,619,260 | ||||||||
| Montana: 0.0% | ||||||||
| 150,000 |
Montana Facility Finance Authority, SCL Health System, Series A (RB)
5.00%, 01/01/29 |
185,775 | ||||||
| Nebraska: 0.4% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 220,000 | 5.00%, 09/01/26 | 247,665 | ||||||
| 1,000,000 | 5.00%, 09/01/27 | 1,140,070 | ||||||
| 300,000 | 5.00%, 09/01/32 | 359,598 | ||||||
| 100,000 |
City of Lincoln, Electric System, Series A (RB)
5.00%, 09/01/25 (c) |
116,590 | ||||||
| Douglas County Hospital Authority No. 2 (RB) | ||||||||
| 500,000 | 3.00%, 05/15/26 (c) | 503,065 | ||||||
| 115,000 | 4.00%, 05/15/26 (c) | 123,947 | ||||||
| 245,000 |
Douglas County School District No. 0001 (GO)
3.00%, 12/15/24 (c) |
254,112 | ||||||
| 260,000 |
Metropolitan Utilities District of Omaha, Water System (RB)
3.25%, 12/01/25 (c) |
275,577 | ||||||
| 175,000 |
Nebraska Investment Finance Authority, Series C (RB)
3.45%, 09/01/27 (c) |
183,722 | ||||||
| Omaha Public Power District, Electric System, Series A (RB) | ||||||||
| 100,000 | 5.00%, 12/01/27 (c) | 121,771 | ||||||
| 1,125,000 | 5.00%, 02/01/29 (c) | 1,435,759 | ||||||
| Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB) | ||||||||
| 1,295,000 | 3.00%, 07/01/26 (c) | 1,334,523 | ||||||
| 560,000 | 3.13%, 07/01/26 (c) | 576,134 | ||||||
| 315,000 | 5.00%, 01/01/25 (c) | 362,883 | ||||||
| 7,035,416 | ||||||||
| Nevada: 1.2% | ||||||||
| City of Las Vegas, Series C (GO) | ||||||||
| 125,000 | 5.00%, 03/01/26 (c) | 147,493 | ||||||
| 500,000 | 5.00%, 03/01/26 (c) | 597,620 | ||||||
| Clark County Limited Tax Bond Bank, Series A (GO) | ||||||||
| 120,000 | 5.00%, 11/01/25 | 143,131 | ||||||
| 525,000 | 5.00%, 05/01/26 (c) | 631,633 | ||||||
| 300,000 |
Clark County Limited Tax Bond Bank, Series B (GO)
5.00%, 11/01/26 (c) |
359,319 | ||||||
| 420,000 |
Clark County Limited Tax Flood Control (GO)
5.00%, 05/01/25 (c) |
490,997 | ||||||
See Notes to Financial Statements
| 36 |
|
Principal
Amount |
Value | |||||||
| Nevada: (continued) | ||||||||
| Clark County School District, Series B (GO) | ||||||||
| $ | 250,000 | 4.00%, 11/01/26 (c) | $ | 278,078 | ||||
| 155,000 | 4.00%, 11/01/26 (c) | 173,860 | ||||||
| 985,000 | 5.00%, 11/01/26 | 1,204,094 | ||||||
| Clark County School District, Series C (GO) | ||||||||
| 905,000 | 5.00%, 12/15/25 (c) | 1,035,302 | ||||||
| 200,000 | 5.00%, 12/15/25 (c) | 229,478 | ||||||
| 1,050,000 | 5.00%, 12/15/27 (c) | 1,214,766 | ||||||
| Clark County School District, Series D (GO) | ||||||||
| 200,000 | 4.00%, 12/15/25 (c) | 213,956 | ||||||
| 25,000 | 5.00%, 06/15/25 | 28,338 | ||||||
| 760,000 | 5.00%, 12/15/25 (c) | 866,415 | ||||||
| Clark County Water Reclamation District (GO) | ||||||||
| 630,000 | 3.00%, 07/01/26 (c) | 677,823 | ||||||
| 220,000 | 5.00%, 07/01/26 | 268,651 | ||||||
| 1,000,000 |
Clark County, Limited Tax (GO)
4.00%, 06/01/29 (c) |
1,121,880 | ||||||
| Clark County, Limited Tax, Series A (GO) | ||||||||
| 110,000 | 5.00%, 05/01/26 (c) | 131,157 | ||||||
| 150,000 | 5.00%, 06/01/28 (c) | 179,954 | ||||||
| 1,110,000 | 5.00%, 06/01/28 (c) | 1,364,667 | ||||||
| Clark County, Limited Tax, Series C (GO) | ||||||||
| 270,000 | 3.00%, 07/01/27 (c) | 277,077 | ||||||
| 500,000 | 3.00%, 07/01/27 (c) | 515,170 | ||||||
| 305,000 | 3.00%, 07/01/27 (c) | 316,184 | ||||||
| 200,000 |
County of Clark, Las Vegas McCarran International Airport Passenger Facility, Series E (RB)
5.00%, 07/01/29 (c) |
233,232 | ||||||
| Las Vegas Valley Water District, Series A (GO) | ||||||||
| 500,000 | 4.00%, 02/01/27 (c) | 557,430 | ||||||
| 190,000 | 5.00%, 06/01/26 (c) | 228,692 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
| 325,000 | 3.38%, 06/01/28 (c) | 344,214 | ||||||
| 1,000,000 | 4.00%, 06/01/27 (c) | 1,120,410 | ||||||
| 760,000 | 4.00%, 06/01/28 (c) | 863,360 | ||||||
| 760,000 | 4.00%, 06/01/28 (c) | 867,023 | ||||||
| 20,000 | 5.00%, 12/01/25 | 24,024 | ||||||
| 255,000 | 5.00%, 06/01/26 (c) | 309,063 | ||||||
| 910,000 | 5.00%, 06/01/26 (c) | 1,100,572 | ||||||
| 270,000 | 5.00%, 06/01/26 (c) | 324,624 | ||||||
| 795,000 | 5.00%, 06/01/27 (c) | 971,673 | ||||||
| Truckee Meadows Water Authority (RB) | ||||||||
| 355,000 | 5.00%, 07/01/26 (c) | 421,687 | ||||||
| 30,000 | 5.00%, 07/01/26 (c) | 35,790 | ||||||
| 19,868,837 | ||||||||
| New Jersey: 3.5% | ||||||||
| 500,000 |
Board of Education of the Toms River Regional School District (GO)
3.00%, 07/15/26 (c) |
514,305 | ||||||
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 600,000 |
County of Union, Technical School Bonds, Series A (GO)
3.00%, 09/01/25 (c) |
$ | 639,498 | ||||
| 335,000 |
New Brunswick Parking Authority, Series A (RB)
3.00%, 09/01/26 (c) |
346,243 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 755,000 | 3.13%, 07/01/27 (c) | 698,058 | ||||||
| 335,000 | 3.38%, 07/01/27 (c) | 307,734 | ||||||
| 615,000 | 4.00%, 07/01/27 (c) | 577,891 | ||||||
| 450,000 | 4.00%, 07/01/27 (c) | 426,703 | ||||||
| 365,000 | 5.00%, 07/01/27 (c) | 368,292 | ||||||
| 480,000 |
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
4.00%, 11/01/27 |
473,731 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
| 130,000 | 4.00%, 11/01/25 | 129,008 | ||||||
| 680,000 | 5.00%, 11/01/25 | 705,187 | ||||||
| 1,000,000 |
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM)
5.00%, 11/01/29 (c) |
1,010,370 | ||||||
| 380,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.50%, 12/15/26 (c) |
393,885 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
| 420,000 | 4.75%, 12/15/26 (c) | 429,950 | ||||||
| 275,000 | 5.50%, 12/15/26 (c) | 287,807 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
| 935,000 | 5.00%, 06/15/27 (c) | 943,499 | ||||||
| 615,000 | 5.00%, 06/15/27 (c) | 621,162 | ||||||
| 340,000 | 5.00%, 06/15/27 (c) | 343,730 | ||||||
| 245,000 | 5.00%, 06/15/27 | 254,575 | ||||||
| 250,000 | 5.00%, 06/15/27 (c) | 254,898 | ||||||
| 1,250,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
5.00%, 12/15/29 (c) |
1,262,087 | ||||||
| 1,080,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB)
4.00%, 12/15/29 (c) |
1,006,528 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
| 240,000 | 5.00%, 06/15/24 (c) | 242,899 | ||||||
| 640,000 | 5.00%, 06/15/24 (c) | 653,242 | ||||||
| 555,000 | 5.00%, 06/15/24 (c) | 568,337 | ||||||
See Notes to Financial Statements
| 37 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
| $ | 285,000 | 5.00%, 06/15/25 (c) | $ | 286,984 | ||||
| 180,000 | 5.00%, 06/15/25 (c) | 181,355 | ||||||
| 440,000 | 5.25%, 06/15/25 (c) | 456,064 | ||||||
| 100,000 | 5.25%, 06/15/25 (c) | 101,802 | ||||||
| 250,000 | 5.25%, 06/15/25 (c) | 254,863 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 830,000 | 4.25%, 06/15/25 (c) | 833,195 | ||||||
| 565,000 | 4.38%, 06/15/25 (c) | 569,887 | ||||||
| New Jersey Economic Development Authority, State House Project, Series B (RB) | ||||||||
| 1,290,000 | 4.00%, 12/15/28 (c) | 1,243,986 | ||||||
| 315,000 | 5.00%, 06/15/26 | 326,992 | ||||||
| 235,000 |
New Jersey Educational Facilities Authority, College of New Jersey, Series G (RB)
5.00%, 07/01/25 (c) |
262,937 | ||||||
| 230,000 |
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/24 (c) |
234,759 | ||||||
| 400,000 |
New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB)
5.00%, 07/01/26 (c) |
453,152 | ||||||
| 200,000 |
New Jersey Educational Facilities Authority, Princeton University, Series A (RB)
5.00%, 07/01/25 (c) |
236,084 | ||||||
| 1,000,000 |
New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB)
5.00%, 07/01/26 (c) |
1,098,000 | ||||||
| 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) |
1,199,400 | ||||||
| 20,000 |
New Jersey Health Care Facilities Financing Authority, Hospital Corp. (RB)
5.00%, 07/01/25 |
23,219 | ||||||
| 200,000 |
New Jersey Health Care Facilities Financing Authority, Hospital Corp., Series A (RB) (AGM)
5.00%, 07/01/25 (c) |
209,270 | ||||||
| New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB) | ||||||||
| 1,475,000 | 3.00%, 07/01/26 (c) | 1,478,363 | ||||||
| 360,000 | 3.38%, 07/01/27 (c) | 366,682 | ||||||
| 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) |
1,667,894 | ||||||
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) | ||||||||
| $ | 115,000 | 3.00%, 07/01/26 (c) | $ | 109,686 | ||||
| 150,000 | 3.13%, 07/01/26 (c) | 143,214 | ||||||
| 1,030,000 |
New Jersey Housing and Mortgage Finance Agency, Series A (RB)
3.75%, 10/01/27 (c) |
1,112,132 | ||||||
| New Jersey State Turnpike Authority, Series B (RB) | ||||||||
| 2,900,000 | 5.00%, 01/01/28 (c) | 3,360,926 | ||||||
| 1,080,000 | 5.00%, 01/01/28 (c) | 1,256,267 | ||||||
| 115,000 | 5.00%, 01/01/28 (c) | 134,575 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 1,330,000 | 4.00%, 12/15/28 (c) | 1,263,912 | ||||||
| 435,000 | 5.00%, 06/15/26 (c) | 463,897 | ||||||
| 500,000 | 5.00%, 12/15/27 | 519,805 | ||||||
| 1,100,000 | 5.00%, 12/15/28 (c) | 1,110,494 | ||||||
| 1,395,000 | 5.00%, 12/15/28 (c) | 1,407,820 | ||||||
| 500,000 | 5.00%, 12/15/28 | 518,240 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
| 780,000 | 4.10%, 06/15/26 (c) | 786,131 | ||||||
| 1,005,000 | 5.00%, 06/15/26 (c) | 1,088,184 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 265,000 | 4.25%, 06/15/25 (c) | 266,020 | ||||||
| 320,000 | 4.63%, 06/15/25 (c) | 322,195 | ||||||
| 655,000 | 4.75%, 06/15/25 (c) | 659,592 | ||||||
| 500,000 | 5.00%, 06/15/25 (c) | 516,245 | ||||||
| 435,000 | 5.25%, 06/15/25 (c) | 450,882 | ||||||
| 300,000 | 5.25%, 06/15/25 (c) | 312,183 | ||||||
| 170,000 |
New Jersey Transportation Trust Fund Authority, Series C (RB)
5.25%, 12/15/24 (c) |
173,016 | ||||||
| New Jersey Turnpike Authority, Series A (RB) | ||||||||
| 135,000 | 4.00%, 01/01/27 (c) | 142,964 | ||||||
| 285,000 | 5.00%, 07/01/24 (c) | 315,632 | ||||||
| 375,000 | 5.00%, 01/01/26 (c) | 421,065 | ||||||
| 105,000 | 5.00%, 01/01/26 (c) | 119,197 | ||||||
| 30,000 | 5.00%, 01/01/26 (c) | 33,904 | ||||||
| 1,625,000 | 5.00%, 01/01/27 (c) | 1,888,916 | ||||||
| 270,000 | 5.00%, 01/01/27 (c) | 308,680 | ||||||
| New Jersey Turnpike Authority, Series E (RB) | ||||||||
| 340,000 | 5.00%, 01/01/25 (c) | 378,332 | ||||||
| 150,000 | 5.00%, 01/01/27 | 176,372 | ||||||
| 200,000 | 5.00%, 01/01/28 (c) | 234,044 | ||||||
| 115,000 | 5.00%, 01/01/28 (c) | 136,973 | ||||||
| New Jersey Turnpike Authority, Series G (RB) (AGM) | ||||||||
| 2,130,000 | 4.00%, 01/01/28 (c) | 2,259,355 | ||||||
| 1,000,000 | 5.00%, 01/01/28 (c) | 1,150,940 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 130,000 | 5.00%, 06/01/25 (c) | 150,840 | ||||||
| 300,000 | 5.00%, 06/01/27 (c) | 360,423 | ||||||
| 625,000 | 5.00%, 06/01/27 | 755,812 | ||||||
See Notes to Financial Statements
| 38 |
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 225,000 |
The State University of New Jersey, Rutgers, Series M (RB)
5.00%, 05/01/26 (c) |
$ | 266,443 | ||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 360,000 | 5.00%, 06/01/27 | 422,122 | ||||||
| 1,250,000 | 5.00%, 06/01/28 (c) | 1,430,150 | ||||||
| 225,000 | 5.00%, 06/01/28 (c) | 254,185 | ||||||
| 2,000,000 | 5.00%, 06/01/28 (c) | 2,300,640 | ||||||
| 195,000 | 5.00%, 06/01/28 (c) | 227,173 | ||||||
| 500,000 | 5.00%, 06/01/28 (c) | 578,995 | ||||||
| 55,233,080 | ||||||||
| New Mexico: 0.2% | ||||||||
| Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System (RB) | ||||||||
| 500,000 | 2.85%, 07/01/25 (c) | 536,295 | ||||||
| 785,000 | 5.00%, 07/01/25 (c) | 934,825 | ||||||
| 285,000 |
Albuquerque Municipal School District No. 12 (GO) (SAW)
5.00%, 08/01/26 |
345,334 | ||||||
| 520,000 |
Regents of the University of New Mexico, Series A (RB)
2.50%, 06/01/26 (c) |
542,277 | ||||||
| 250,000 |
State of New Mexico, Series A (GO)
5.00%, 03/01/27 |
308,028 | ||||||
| 1,125,000 |
University of New Mexico, Series B (RB)
2.75%, 06/01/26 (c) |
1,182,971 | ||||||
| 3,849,730 | ||||||||
| New York: 14.1% | ||||||||
| 1,555,000 |
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM)
4.00%, 01/15/27 (c) |
1,662,746 | ||||||
| 500,000 |
City of New York Housing Development Corp., Series G-1 (RB)
3.10%, 11/01/25 (c) |
516,920 | ||||||
| 110,000 |
City of New York, Series 1 (GO)
5.00%, 08/01/26 |
130,327 | ||||||
| City of New York, Series A (GO) | ||||||||
| 485,000 | 4.00%, 08/01/26 (c) | 536,570 | ||||||
| 15,000 | 5.00%, 08/01/24 (c) | 17,202 | ||||||
| 380,000 | 5.00%, 08/01/25 (c) | 441,571 | ||||||
| 770,000 | 5.00%, 08/01/25 (c) | 906,167 | ||||||
| 130,000 | 5.00%, 08/01/26 | 154,023 | ||||||
| 1,810,000 | 5.00%, 08/01/26 (c) | 2,123,492 | ||||||
| 540,000 | 5.00%, 08/01/27 (c) | 657,504 | ||||||
| 225,000 | 5.00%, 08/01/27 | 271,784 | ||||||
| City of New York, Series B-1 (GO) | ||||||||
| 395,000 | 5.00%, 12/01/26 (c) | 466,139 | ||||||
| 100,000 | 5.00%, 10/01/27 (c) | 116,727 | ||||||
| 1,000,000 | 5.00%, 10/01/29 (c) | 1,230,020 | ||||||
| 500,000 | 5.00%, 10/01/29 (c) | 621,570 | ||||||
| 920,000 | 5.25%, 10/01/27 (c) | 1,115,482 | ||||||
| City of New York, Series C (GO) | ||||||||
| 735,000 | 5.00%, 08/01/26 | 870,821 | ||||||
| 225,000 | 5.00%, 02/01/27 (c) | 270,779 | ||||||
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| City of New York, Series C and D (GO) | ||||||||
| $ | 625,000 | 5.00%, 02/01/26 (c) | $ | 744,412 | ||||
| 500,000 | 5.00%, 02/01/26 (c) | 581,475 | ||||||
| 110,000 | 5.00%, 02/01/26 (c) | 129,296 | ||||||
| 500,000 | 5.00%, 08/01/26 | 592,395 | ||||||
| 1,250,000 | 5.00%, 02/01/28 (c) | 1,482,025 | ||||||
| 820,000 | 5.00%, 02/01/28 (c) | 1,009,928 | ||||||
| City of New York, Series E (GO) | ||||||||
| 185,000 | 5.00%, 08/01/26 | 219,186 | ||||||
| 540,000 | 5.00%, 08/01/26 (c) | 633,528 | ||||||
| 680,000 | 5.00%, 08/01/26 | 805,657 | ||||||
| City of New York, Series E-1 (GO) | ||||||||
| 1,015,000 | 5.00%, 03/01/28 (c) | 1,216,873 | ||||||
| 1,000,000 | 5.25%, 03/01/28 (c) | 1,201,700 | ||||||
| 1,500,000 | 5.25%, 03/01/28 (c) | 1,842,015 | ||||||
| 250,000 |
City of New York, Series F-1 (GO)
5.00%, 04/01/28 (c) |
296,373 | ||||||
| 20,000 |
City of New York, Series J (GO)
5.00%, 08/01/24 (c) |
22,628 | ||||||
| 400,000 |
City of New York, Series L (GO)
5.00%, 04/01/29 (c) |
489,220 | ||||||
| 175,000 |
City of New York, Series L-6 (GO)
5.00%, 04/01/28 |
213,826 | ||||||
| 280,000 |
City of New York, Subseries J-9 (GO)
5.00%, 08/01/26 |
331,741 | ||||||
| County of Nassau, Series B (GO) | ||||||||
| 135,000 | 5.00%, 04/01/24 (c) | 147,223 | ||||||
| 300,000 | 5.00%, 04/01/24 (c) | 332,706 | ||||||
| 600,000 |
County of Nassau, Series C (GO)
5.00%, 10/01/27 (c) |
690,618 | ||||||
| 105,000 |
County of Suffolk, Series A (GO) (AGM)
5.00%, 02/01/26 |
124,744 | ||||||
| 250,000 |
County of Suffolk, Series B (GO) (AGM)
5.00%, 10/15/26 |
301,853 | ||||||
| 500,000 |
County of Suffolk, Series C (GO)
5.00%, 05/01/24 (c) |
544,115 | ||||||
| 345,000 |
County of Westchester, Series A (GO)
4.00%, 12/01/26 (c) |
403,288 | ||||||
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
| 325,000 | 3.00%, 07/01/26 (c) | 332,693 | ||||||
| 100,000 | 3.00%, 07/01/26 (c) | 97,439 | ||||||
| 300,000 | 4.00%, 07/01/26 (c) | 317,028 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 556,175 | ||||||
| 1,000,000 | 5.00%, 07/01/26 | 1,155,000 | ||||||
| 275,000 | 5.00%, 07/01/26 (c) | 314,066 | ||||||
| 300,000 | 5.00%, 07/01/26 (c) | 339,339 | ||||||
| 100,000 | 5.00%, 07/01/26 (c) | 112,315 | ||||||
| Erie County Industrial Development Agency, City School District of the City of Buffalo Project, Series A (RB) (SAW) | ||||||||
| 770,000 | 5.00%, 11/01/25 (c) | 906,367 | ||||||
| 100,000 | 5.00%, 11/01/25 (c) | 117,883 | ||||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
| 460,000 | 5.00%, 02/15/27 (c) | 540,275 | ||||||
| 280,000 | 5.00%, 02/15/27 (c) | 333,900 | ||||||
See Notes to Financial Statements
| 39 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| Long Island Power Authority, Electric System (RB) | ||||||||
| $ | 750,000 | 5.00%, 09/01/27 (c) | $ | 876,667 | ||||
| 500,000 | 5.00%, 09/01/27 (c) | 587,445 | ||||||
| 305,000 | 5.00%, 09/01/27 (c) | 360,775 | ||||||
| 450,000 |
Long Island Power Authority, Electric System, Series A (RB)
3.00%, 09/01/28 (c) |
443,583 | ||||||
| 40,000 |
Long Island Power Authority, Electric System, Series B (RB)
5.00%, 09/01/26 (c) |
47,606 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 340,000 | 4.00%, 11/15/26 (c) | 321,786 | ||||||
| 160,000 | 4.00%, 11/15/26 | 173,523 | ||||||
| 205,000 | 5.25%, 11/15/26 (c) | 232,419 | ||||||
| 100,000 | 5.25%, 11/15/26 (c) | 114,080 | ||||||
| 1,605,000 | 5.25%, 11/15/26 (c) | 1,825,366 | ||||||
| 125,000 | 5.25%, 11/15/26 (c) | 142,954 | ||||||
| 290,000 | 5.25%, 11/15/26 (c) | 332,627 | ||||||
| Metropolitan Transportation Authority, Series A-1 (RB) | ||||||||
| 240,000 | 5.00%, 05/15/25 (c) | 241,054 | ||||||
| 845,000 | 5.00%, 05/15/26 (c) | 848,912 | ||||||
| Metropolitan Transportation Authority, Series A-2 (RB) | ||||||||
| 485,000 | 5.00%, 11/15/25 | 487,318 | ||||||
| 1,020,000 | 5.00%, 05/15/27 (c) | 1,025,386 | ||||||
| 155,000 | 5.00%, 05/15/27 (c) | 155,910 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 215,000 | 4.00%, 11/15/26 (c) | 202,805 | ||||||
| 30,000 | 5.00%, 11/15/25 | 30,143 | ||||||
| 250,000 | 5.00%, 11/15/26 | 251,378 | ||||||
| 310,000 | 5.00%, 11/15/26 (c) | 311,708 | ||||||
| 865,000 | 5.00%, 11/15/27 | 870,380 | ||||||
| 380,000 | 5.00%, 11/15/28 | 382,618 | ||||||
| Metropolitan Transportation Authority, Series B-1 (RB) | ||||||||
| 225,000 | 5.00%, 11/15/26 (c) | 250,238 | ||||||
| 470,000 | 5.00%, 11/15/26 (c) | 524,327 | ||||||
| Metropolitan Transportation Authority, Series B-2 (RB) | ||||||||
| 1,070,000 | 4.00%, 11/15/27 (c) | 1,151,095 | ||||||
| 15,000 | 5.00%, 11/15/26 (c) | 16,982 | ||||||
| 1,050,000 | 5.00%, 11/15/27 (c) | 1,196,307 | ||||||
| 200,000 | 5.00%, 11/15/27 (c) | 229,308 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 1,000,000 | 4.00%, 05/15/28 (c) | 948,670 | ||||||
| 395,000 | 4.00%, 05/15/28 (c) | 367,595 | ||||||
| 150,000 | 4.00%, 05/15/28 (c) | 140,903 | ||||||
| 1,110,000 | 5.00%, 11/15/25 (c) | 1,115,306 | ||||||
| 90,000 | 5.00%, 11/15/26 (c) | 90,396 | ||||||
| 155,000 | 5.00%, 11/15/26 (c) | 155,854 | ||||||
| 900,000 | 5.00%, 11/15/26 (c) | 904,959 | ||||||
| 360,000 | 5.00%, 11/15/27 | 362,239 | ||||||
| 2,000,000 | 5.00%, 05/15/28 (c) | 2,006,520 | ||||||
| 470,000 | 5.00%, 05/15/28 (c) | 473,083 | ||||||
| 625,000 | 5.00%, 05/15/28 (c) | 629,100 | ||||||
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| $ | 1,445,000 | 5.00%, 05/15/28 (c) | $ | 1,452,572 | ||||
| 2,540,000 | 5.00%, 05/15/28 (c) | 2,549,957 | ||||||
| 1,035,000 |
Metropolitan Transportation Authority, Series C-2 (RB)
0.00%, 11/15/33 ^ |
577,882 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 265,000 | 3.13%, 11/15/26 (c) | 235,198 | ||||||
| 400,000 | 4.00%, 11/15/26 (c) | 379,468 | ||||||
| 200,000 | 5.00%, 11/15/26 | 201,102 | ||||||
| 735,000 | 5.00%, 11/15/26 (c) | 739,050 | ||||||
| 1,530,000 | 5.00%, 11/15/26 (c) | 1,537,589 | ||||||
| 535,000 | 5.00%, 05/15/28 (c) | 537,097 | ||||||
| 1,085,000 | 5.00%, 05/15/28 (c) | 1,091,401 | ||||||
| Metropolitan Transportation Authority, Series D-1 (RB) | ||||||||
| 105,000 | 5.00%, 11/15/24 (c) | 105,378 | ||||||
| 145,000 | 5.00%, 11/15/25 (c) | 145,554 | ||||||
| 800,000 | 5.00%, 11/15/25 (c) | 803,824 | ||||||
| 280,000 | 5.00%, 11/15/25 (c) | 281,338 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 600,000 | 5.00%, 11/15/25 (c) | 601,428 | ||||||
| 260,000 | 5.00%, 11/15/25 (c) | 261,243 | ||||||
| 25,000 | 5.00%, 11/15/25 | 25,120 | ||||||
| 20,000 |
Nassau County Interim Finance Authority, Series A (RB)
5.00%, 11/15/25 |
24,223 | ||||||
| 200,000 |
Nassau County, New York General Improvement, Series A (GO)
5.00%, 04/01/24 (c) |
222,280 | ||||||
| Nassau County, New York General Improvement, Series B (GO) | ||||||||
| 375,000 | 5.00%, 04/01/24 (c) | 416,775 | ||||||
| 110,000 | 5.00%, 10/01/26 (c) | 126,405 | ||||||
| 265,000 |
New York City Housing Development Corp., Multi-Family Housing, Series G-1 (RB)
3.38%, 11/01/23 (c) |
276,647 | ||||||
| 310,000 |
New York City Housing Development Corp., Multi-Family Housing, Series H (RB)
2.95%, 05/01/25 (c) (p) |
328,274 | ||||||
| 955,000 |
New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB)
4.50%, 06/15/26 (c) |
1,083,782 | ||||||
| 355,000 |
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB)
5.00%, 06/15/24 (c) |
404,640 | ||||||
| 510,000 |
New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB)
5.00%, 06/15/25 (c) |
596,098 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
| 600,000 | 5.00%, 07/15/21 (c) | 625,644 | ||||||
| 415,000 | 5.00%, 01/15/25 (c) | 461,717 | ||||||
See Notes to Financial Statements
| 40 |
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW) | ||||||||
| $ | 100,000 | 3.50%, 07/15/25 (c) | $ | 107,665 | ||||
| 135,000 | 5.00%, 07/15/25 (c) | 156,136 | ||||||
| 1,010,000 | 5.00%, 07/15/28 (c) | 1,222,554 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW) | ||||||||
| 500,000 | 5.00%, 07/15/28 (c) | 594,970 | ||||||
| 100,000 | 5.00%, 07/15/28 (c) | 121,045 | ||||||
| 415,000 | 5.25%, 07/15/28 (c) | 496,772 | ||||||
| 200,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
5.00%, 08/01/24 (c) |
224,446 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 630,000 | 4.00%, 05/01/26 (c) | 691,091 | ||||||
| 680,000 | 5.00%, 08/01/25 (c) | 791,663 | ||||||
| 135,000 | 5.00%, 08/01/25 (c) | 156,874 | ||||||
| 435,000 | 5.00%, 08/01/25 (c) | 502,651 | ||||||
| 225,000 | 5.00%, 08/01/25 (c) | 257,931 | ||||||
| 380,000 | 5.00%, 05/01/26 (c) | 442,700 | ||||||
| 160,000 | 5.00%, 05/01/26 (c) | 184,354 | ||||||
| 880,000 | 5.00%, 05/01/26 (c) | 1,017,685 | ||||||
| 450,000 | 5.00%, 05/01/26 (c) | 522,324 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 260,000 | 5.00%, 08/01/24 (c) | 293,930 | ||||||
| 300,000 | 5.00%, 08/01/24 (c) | 338,496 | ||||||
| 10,000 | 5.00%, 08/01/24 (c) | 11,331 | ||||||
| 30,000 | 5.00%, 08/01/24 (c) | 33,955 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 115,000 | 4.00%, 08/01/27 (c) | 124,998 | ||||||
| 625,000 | 5.00%, 08/01/24 (c) | 703,025 | ||||||
| 785,000 | 5.00%, 11/01/25 (c) | 913,261 | ||||||
| 185,000 | 5.00%, 11/01/25 (c) | 216,280 | ||||||
| 450,000 | 5.00%, 11/01/25 (c) | 519,961 | ||||||
| 895,000 | 5.00%, 08/01/26 (c) | 1,044,304 | ||||||
| 300,000 | 5.00%, 08/01/26 (c) | 352,731 | ||||||
| 530,000 | 5.00%, 08/01/26 (c) | 629,317 | ||||||
| 540,000 | 5.00%, 08/01/26 (c) | 632,146 | ||||||
| 1,000,000 | 5.00%, 08/01/27 (c) | 1,185,280 | ||||||
| 350,000 | 5.00%, 08/01/27 (c) | 410,431 | ||||||
| 125,000 | 5.00%, 08/01/27 (c) | 151,478 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
| 100,000 | 5.00%, 05/01/25 (c) | 116,172 | ||||||
| 20,000 | 5.00%, 11/01/25 (c) | 23,485 | ||||||
| 2,025,000 | 5.00%, 05/01/27 (c) | 2,422,244 | ||||||
| 610,000 | 5.00%, 05/01/27 (c) | 714,426 | ||||||
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| $ | 100,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB)
3.50%, 05/01/27 (c) |
$ | 105,690 | ||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
| 100,000 | 3.00%, 02/01/26 (c) | 101,745 | ||||||
| 15,000 | 4.00%, 02/01/26 | 16,956 | ||||||
| 155,000 | 5.00%, 02/01/25 (c) | 175,855 | ||||||
| 500,000 | 5.00%, 02/01/26 (c) | 575,615 | ||||||
| 720,000 | 5.00%, 02/01/26 (c) | 839,023 | ||||||
| 565,000 | 5.00%, 02/01/26 (c) | 665,124 | ||||||
| 525,000 | 5.00%, 02/01/26 (c) | 614,276 | ||||||
| 915,000 | 5.00%, 02/01/27 (c) | 1,092,492 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F (RB) | ||||||||
| 685,000 | 4.00%, 02/01/26 (c) | 740,396 | ||||||
| 715,000 | 5.00%, 02/01/26 (c) | 836,586 | ||||||
| 830,000 | 5.00%, 02/01/26 (c) | 967,207 | ||||||
| New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | ||||||||
| 415,000 | 4.00%, 04/01/26 | 469,597 | ||||||
| 745,000 | 4.00%, 10/01/26 (c) | 826,905 | ||||||
| 850,000 | 4.00%, 10/01/26 (c) | 956,207 | ||||||
| 1,000,000 |
New York City Water and Sewer System, Series AA (RB)
5.00%, 12/15/29 (c) |
1,259,670 | ||||||
| New York City Water and Sewer System, Series BB (RB) | ||||||||
| 310,000 | 5.00%, 06/15/27 (c) | 371,033 | ||||||
| 595,000 | 5.00%, 06/15/27 (c) | 732,623 | ||||||
| 215,000 |
New York City Water and Sewer System, Series EE (RB)
5.00%, 06/15/27 (c) |
255,581 | ||||||
| New York City Water and Sewer System, Series FF (RB) | ||||||||
| 195,000 | 5.00%, 06/15/25 (c) | 227,397 | ||||||
| 140,000 | 5.00%, 06/15/25 (c) | 162,737 | ||||||
| 100,000 |
New York City Water and Sewer System, Series GG (RB)
5.00%, 06/15/25 (c) |
116,614 | ||||||
| New York City Water and Sewer System, Series HH (RB) | ||||||||
| 250,000 | 3.38%, 06/15/25 (c) | 265,845 | ||||||
| 25,000 | 5.00%, 06/15/25 (c) | 29,274 | ||||||
| 305,000 |
New York Convention Center Development Corp. (RB)
5.00%, 11/15/25 (c) |
327,109 | ||||||
| New York State Dormitory Authority, Columbia University (RB) | ||||||||
| 10,000 | 5.00%, 10/01/25 | 11,816 | ||||||
| 210,000 | 5.00%, 04/01/26 (c) | 255,203 | ||||||
| 170,000 | 5.00%, 04/01/26 (c) | 206,270 | ||||||
| 320,000 | 5.00%, 10/01/26 | 386,682 | ||||||
See Notes to Financial Statements
| 41 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| New York State Dormitory Authority, Columbia University, Series A (RB) | ||||||||
| $ | 105,000 | 5.00%, 10/01/25 | $ | 124,072 | ||||
| 115,000 | 5.00%, 10/01/28 | 144,339 | ||||||
| 25,000 |
New York State Dormitory Authority, Columbia University, Series B (RB)
5.00%, 10/01/27 |
30,817 | ||||||
| New York State Dormitory Authority, Cornell University, Series A (RB) | ||||||||
| 200,000 | 4.00%, 07/01/26 (c) | 220,458 | ||||||
| 130,000 | 5.00%, 07/01/26 | 157,803 | ||||||
| 230,000 | 5.00%, 07/01/26 (c) | 278,433 | ||||||
| 110,000 |
New York State Dormitory Authority, Cornell University, Series D (RB)
5.00%, 07/01/33 |
148,187 | ||||||
| 800,000 |
New York State Dormitory Authority, Fordham University (RB)
4.00%, 07/01/27 (c) |
849,784 | ||||||
| 770,000 |
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB)
5.00%, 07/01/25 (c) |
870,701 | ||||||
| 105,000 |
New York State Dormitory Authority, Long Island Jewish Obligated Group, Series A (RB)
5.00%, 05/01/25 (c) |
117,625 | ||||||
| 315,000 |
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)
5.00%, 08/01/27 |
341,384 | ||||||
| 170,000 |
New York State Dormitory Authority, New York NYU Hospitals Center, Series A (RB)
5.00%, 07/01/26 |
196,350 | ||||||
| New York State Dormitory Authority, New York State University, Series B (RB) | ||||||||
| 200,000 | 5.00%, 07/01/25 (c) | 231,116 | ||||||
| 20,000 | 5.00%, 07/01/25 (c) | 23,186 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
| 880,000 | 2.80%, 07/01/25 (c) | 939,884 | ||||||
| 30,000 | 5.00%, 07/01/25 | 35,676 | ||||||
| 20,000 | 5.00%, 07/01/25 (c) | 23,467 | ||||||
| 15,000 | 5.00%, 07/01/25 (c) | 17,756 | ||||||
| 160,000 | 5.00%, 07/01/25 (c) | 187,821 | ||||||
| 260,000 | 5.00%, 07/01/26 | 316,293 | ||||||
| 260,000 | 5.00%, 07/01/26 (c) | 308,175 | ||||||
| 200,000 | 5.00%, 07/01/27 (c) | 240,590 | ||||||
| 250,000 | 5.00%, 07/01/27 (c) | 302,588 | ||||||
| 250,000 | 5.00%, 07/01/27 (c) | 308,193 | ||||||
| 385,000 | 5.00%, 07/01/28 (c) | 476,145 | ||||||
| 100,000 | 5.00%, 07/01/29 (c) | 128,310 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
| 200,000 | 5.00%, 10/01/26 (c) | 233,962 | ||||||
| 1,325,000 | 5.00%, 10/01/26 (c) | 1,568,283 | ||||||
| 370,000 | 5.00%, 10/01/26 (c) | 442,616 | ||||||
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| $ | 635,000 | 5.00%, 10/01/27 (c) | $ | 794,976 | ||||
| 100,000 | 5.00%, 10/01/27 (c) | 123,623 | ||||||
| 55,000 |
New York State Dormitory Authority, School Districts Bond Financing Program, Series D (RB) (SAW)
5.00%, 10/01/25 (c) |
65,053 | ||||||
| New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) | ||||||||
| 850,000 | 2.00%, 07/01/29 (c) | 789,607 | ||||||
| 525,000 | 4.00%, 07/01/27 (c) | 578,713 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 475,000 | 4.00%, 02/15/27 (c) | 485,469 | ||||||
| 160,000 | 5.00%, 02/15/25 (c) | 182,774 | ||||||
| 15,000 | 5.00%, 02/15/25 (c) | 17,358 | ||||||
| 430,000 | 5.00%, 03/15/25 (c) | 494,285 | ||||||
| 195,000 | 5.00%, 03/15/25 (c) | 223,663 | ||||||
| 150,000 | 5.00%, 03/15/25 (c) | 173,943 | ||||||
| 520,000 | 5.00%, 03/15/25 (c) | 600,366 | ||||||
| 1,040,000 | 5.00%, 08/15/26 (c) | 1,244,079 | ||||||
| 715,000 | 5.00%, 02/15/27 (c) | 826,471 | ||||||
| 1,375,000 | 5.00%, 02/15/27 (c) | 1,633,671 | ||||||
| 300,000 | 5.00%, 02/15/27 (c) | 354,024 | ||||||
| 100,000 | 5.00%, 03/15/29 | 126,000 | ||||||
| 1,500,000 | 5.00%, 03/15/29 (c) | 1,822,005 | ||||||
| 1,645,000 | 5.00%, 03/15/29 (c) | 1,986,370 | ||||||
| 3,700,000 | 5.00%, 03/15/29 (c) | 4,447,955 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 545,000 | 5.00%, 02/15/25 (c) | 626,614 | ||||||
| 420,000 | 5.00%, 02/15/27 | 510,338 | ||||||
| 2,000,000 | 5.00%, 08/15/27 (c) | 2,403,920 | ||||||
| 640,000 | 5.00%, 08/15/27 (c) | 783,494 | ||||||
| 385,000 |
New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
5.00%, 03/15/24 (c) |
432,648 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 940,000 | 5.00%, 08/15/26 (c) | 1,107,893 | ||||||
| 315,000 | 5.00%, 08/15/26 (c) | 376,192 | ||||||
| 540,000 | 5.00%, 08/15/26 (c) | 646,321 | ||||||
| 2,000,000 | 5.00%, 02/15/30 (c) | 2,481,640 | ||||||
| 115,000 | 5.00%, 02/15/30 (c) | 143,965 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
| 510,000 | 5.00%, 02/15/25 (c) | 588,652 | ||||||
| 320,000 | 5.00%, 02/15/25 (c) | 370,310 | ||||||
| 955,000 | 5.00%, 09/15/25 (c) | 1,107,456 | ||||||
| 350,000 | 5.00%, 09/15/25 (c) | 406,843 | ||||||
| 315,000 | 5.00%, 09/15/25 (c) | 367,914 | ||||||
| 175,000 | 5.25%, 09/15/25 (c) | 205,062 | ||||||
See Notes to Financial Statements
| 42 |
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| $ | 115,000 | 5.00%, 03/15/24 (c) | $ | 129,186 | ||||
| 570,000 | 5.00%, 03/15/24 (c) | 638,047 | ||||||
| 775,000 | 5.00%, 03/15/24 (c) | 879,005 | ||||||
| 340,000 | 5.00%, 03/15/24 (c) | 383,302 | ||||||
| 20,000 | 5.00%, 03/15/25 (c) | 23,294 | ||||||
| 140,000 | 5.00%, 09/15/26 (c) | 164,913 | ||||||
| 25,000 | 5.00%, 09/15/26 (c) | 29,140 | ||||||
| 1,010,000 | 5.00%, 09/15/26 (c) | 1,211,768 | ||||||
| 2,380,000 | 5.00%, 09/15/26 (c) | 2,833,271 | ||||||
| 1,000,000 | 5.00%, 03/15/27 (c) | 1,171,160 | ||||||
| 1,405,000 | 5.00%, 03/15/27 (c) | 1,638,947 | ||||||
| 305,000 | 5.00%, 03/15/27 (c) | 364,478 | ||||||
| 515,000 | 5.00%, 03/15/27 (c) | 611,418 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series B (RB) | ||||||||
| 340,000 | 5.00%, 09/15/25 (c) | 394,278 | ||||||
| 680,000 | 5.00%, 09/15/25 (c) | 784,795 | ||||||
| 500,000 | 5.00%, 09/15/25 (c) | 576,230 | ||||||
| 120,000 | 5.00%, 09/15/25 (c) | 142,118 | ||||||
| 285,000 | 5.00%, 09/15/25 (c) | 334,792 | ||||||
| 170,000 | 5.00%, 09/15/25 (c) | 199,033 | ||||||
| 750,000 |
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/28 (c) |
886,725 | ||||||
| 2,560,000 |
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB)
5.00%, 07/01/27 (c) |
3,089,434 | ||||||
| New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) | ||||||||
| 950,000 | 5.00%, 08/01/26 | 1,022,561 | ||||||
| 1,000,000 | 5.00%, 08/01/28 (c) | 1,060,990 | ||||||
| 10,000 |
New York State Environmental Facilities Corp., Master Finance Program, Series B (RB)
5.00%, 05/15/24 (c) |
11,403 | ||||||
| New York State Environmental Facilities Corp., Master Finance Program, Series D (RB) | ||||||||
| 690,000 | 5.00%, 03/15/25 (c) | 811,819 | ||||||
| 110,000 | 5.00%, 03/15/25 (c) | 129,591 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 335,000 | 5.00%, 06/15/25 (c) | 390,657 | ||||||
| 15,000 | 5.00%, 06/15/25 (c) | 17,589 | ||||||
| 1,415,000 | 5.00%, 06/15/26 (c) | 1,694,604 | ||||||
| 765,000 | 5.00%, 06/15/26 (c) | 919,125 | ||||||
| 500,000 | 5.00%, 06/15/26 (c) | 601,705 | ||||||
| 150,000 | 5.00%, 06/15/27 (c) | 179,769 | ||||||
| 1,250,000 |
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB)
5.00%, 06/15/29 (c) |
1,553,675 | ||||||
See Notes to Financial Statements
| 43 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| Port Authority of New York and New Jersey, Series 205 (RB) | ||||||||
| $ | 2,500,000 | 5.00%, 11/15/27 (c) | $ | 2,916,500 | ||||
| 1,000,000 | 5.00%, 11/15/27 (c) | 1,182,170 | ||||||
| 840,000 | 5.00%, 11/15/27 (c) | 1,006,396 | ||||||
| 500,000 |
Port Authority of New York and New Jersey, Series 209 (RB)
5.00%, 07/15/28 (c) |
583,000 | ||||||
| 500,000 |
Port Authority of New York and New Jersey, Series 211 (RB)
5.00%, 09/01/28 (c) |
589,125 | ||||||
| 500,000 |
Port Authority of New York and New Jersey, Series 217 (RB)
5.00%, 11/01/29 (c) |
593,895 | ||||||
| Sales Tax Asset Receivable Corp., Series A (RB) | ||||||||
| 335,000 | 3.00%, 10/15/24 (c) | 356,540 | ||||||
| 360,000 | 5.00%, 10/15/24 (c) | 415,807 | ||||||
| 305,000 | 5.00%, 10/15/24 (c) | 353,281 | ||||||
| 130,000 | 5.00%, 10/15/24 (c) | 150,336 | ||||||
| 775,000 |
State of New York Mortgage Agency, Series 197 (RB)
2.60%, 04/01/25 (c) |
786,315 | ||||||
| 790,000 |
State of New York Mortgage Agency, Series 191 (RB)
3.45%, 04/01/24 (c) |
825,115 | ||||||
| 470,000 |
State of New York Mortgage Agency, Series 192 (RB)
3.80%, 10/01/24 (c) |
494,670 | ||||||
| 615,000 |
State of New York Mortgage Agency, Series 195 (RB)
3.00%, 04/01/25 (c) |
635,338 | ||||||
| 830,000 |
State of New York Mortgage Agency, Series 208 (RB)
3.60%, 04/01/27 (c) |
882,199 | ||||||
| 10,000 |
Suffolk County Water Authority (RB)
4.00%, 06/01/25 (c) |
11,073 | ||||||
| 20,000 |
Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 05/15/26 (c) |
23,603 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 115,000 | 5.00%, 11/15/25 | 137,232 | ||||||
| 1,070,000 | 5.00%, 05/15/27 (c) | 1,262,514 | ||||||
| 1,255,000 | 5.00%, 05/15/27 (c) | 1,473,445 | ||||||
| 1,550,000 | 5.00%, 05/15/27 (c) | 1,842,733 | ||||||
| 1,000,000 | 5.00%, 05/15/27 (c) | 1,227,670 | ||||||
| 1,035,000 | 5.00%, 05/15/27 (c) | 1,246,130 | ||||||
| 1,350,000 | 5.00%, 05/15/27 (c) | 1,615,882 | ||||||
| 1,000,000 | 5.00%, 11/15/31 | 1,297,190 | ||||||
| Triborough Bridge and Tunnel Authority, Series C (RB) | ||||||||
| 1,565,000 | 5.00%, 11/15/27 | 1,947,689 | ||||||
| 500,000 | 5.00%, 11/15/28 | 633,350 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/01/27 (c) | 548,185 | ||||||
| 845,000 | 5.00%, 06/01/27 (c) | 918,363 | ||||||
| 1,140,000 | 5.00%, 06/01/27 (c) | 1,258,184 | ||||||
| 130,000 | 5.00%, 06/01/27 (c) | 148,249 | ||||||
| 285,000 | 5.00%, 06/01/27 (c) | 322,537 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| $ | 1,210,000 | 3.00%, 12/15/25 (c) | $ | 1,272,702 | ||||
| 200,000 | 5.00%, 12/15/25 (c) | 238,326 | ||||||
| 1,685,000 | 5.00%, 12/15/25 (c) | 1,983,009 | ||||||
| Utility Debt Securitization Authority, Series A (RB) | ||||||||
| 140,000 | 5.00%, 06/15/23 (c) | 156,656 | ||||||
| 465,000 | 5.00%, 06/15/24 (c) | 534,238 | ||||||
| 360,000 | 5.00%, 06/15/25 (c) | 424,854 | ||||||
| 310,000 | 5.00%, 12/15/25 (c) | 369,405 | ||||||
| 425,000 | 5.00%, 06/15/26 (c) | 510,625 | ||||||
| 610,000 | 5.00%, 06/15/26 (c) | 725,449 | ||||||
| 500,000 | 5.00%, 06/15/26 (c) | 591,125 | ||||||
| 1,135,000 |
Utility Debt Securitization Authority, Series B (RB)
5.00%, 06/15/26 (c) |
1,357,085 | ||||||
| 222,804,765 | ||||||||
| North Carolina: 1.7% | ||||||||
| 450,000 |
Cape Fear Public Utility Authority, Water and Sewer System (RB)
4.00%, 08/01/26 (c) |
511,551 | ||||||
| 100,000 |
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB)
4.00%, 01/15/26 (c) |
109,488 | ||||||
| 590,000 |
County of Forsyth, Public Improvement, Series B (GO)
3.00%, 03/01/27 (c) |
626,409 | ||||||
| County of Guilford (GO) | ||||||||
| 135,000 | 4.00%, 03/01/26 | 156,466 | ||||||
| 1,000,000 | 5.00%, 03/01/27 | 1,247,580 | ||||||
| County of Mecklenburg, Series A (GO) | ||||||||
| 900,000 | 4.00%, 04/01/27 (c) | 1,043,631 | ||||||
| 1,000,000 | 4.00%, 04/01/27 (c) | 1,167,880 | ||||||
| County of Mecklenburg, Series B (GO) | ||||||||
| 250,000 | 2.00%, 12/01/26 (c) | 242,580 | ||||||
| 500,000 | 5.00%, 12/01/25 | 603,895 | ||||||
| 1,300,000 |
County of New Hanover, New Hanover Regional Medical Center (RB)
5.00%, 10/01/27 (c) |
1,520,909 | ||||||
| 1,000,000 |
County of Wake (RB)
5.00%, 09/01/29 (c) |
1,280,950 | ||||||
| County of Wake, Series A (RB) | ||||||||
| 150,000 | 3.13%, 08/01/28 (c) | 156,498 | ||||||
| 500,000 | 5.00%, 12/01/26 (c) | 606,660 | ||||||
| 130,000 |
North Carolina Capital Facilities Finance Agency, Wake Forest Univeristy (RB)
5.00%, 07/01/26 (c) |
156,971 | ||||||
| 25,000 |
North Carolina Medical Care Commission, Duke University Health System, Series A (RB)
5.00%, 06/01/26 |
29,690 | ||||||
| 10,000 |
North Carolina Medical Care Commission, Duke University Health System, Series D (RB)
4.00%, 06/01/26 (c) |
11,049 | ||||||
See Notes to Financial Statements
| 44 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| $ | 365,000 |
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB)
5.00%, 06/01/27 |
$ | 442,741 | ||||
| 135,000 |
North Carolina Medical Care Commission, Vidant Health (RB)
5.00%, 06/01/25 (c) |
150,655 | ||||||
| 1,000,000 |
North Carolina Municipal Power Agency No. 1, Series A (RB)
5.00%, 01/01/30 (c) |
1,220,060 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
| 500,000 | 5.00%, 01/01/27 (c) | 535,415 | ||||||
| 945,000 | 5.00%, 01/01/27 (c) | 1,100,755 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
| 800,000 | 4.00%, 01/01/28 (c) | 900,064 | ||||||
| 360,000 | 4.00%, 01/01/28 (c) | 406,541 | ||||||
| 890,000 | 4.00%, 01/01/28 (c) | 1,010,212 | ||||||
| 625,000 |
State of North Carolina, Department of State Treasurer, Series B (GO)
2.13%, 06/01/29 (c) |
580,694 | ||||||
| State of North Carolina, Grant Anticipation Revenue Vehicle (RB) | ||||||||
| 75,000 | 5.00%, 03/01/25 (c) | 87,294 | ||||||
| 415,000 | 5.00%, 03/01/26 | 497,822 | ||||||
| 2,500,000 | 5.00%, 03/01/29 (c) | 3,155,500 | ||||||
| State of North Carolina, Series A (GO) | ||||||||
| 380,000 | 3.00%, 06/01/28 (c) | 398,970 | ||||||
| 1,000,000 | 3.00%, 06/01/28 (c) | 1,062,570 | ||||||
| 500,000 | 5.00%, 06/01/26 | 611,890 | ||||||
| 1,140,000 | 5.00%, 06/01/28 (c) | 1,446,421 | ||||||
| State of North Carolina, Series B (RB) | ||||||||
| 800,000 | 3.00%, 05/01/27 (c) | 850,856 | ||||||
| 420,000 | 5.00%, 06/01/26 (c) | 512,623 | ||||||
| 215,000 | 5.00%, 05/01/27 | 265,936 | ||||||
| 880,000 | 5.00%, 05/01/27 (c) | 1,079,443 | ||||||
| 500,000 |
State of North Carolina, Series C (RB)
5.00%, 05/01/24 (c) |
569,065 | ||||||
| 26,357,734 | ||||||||
| North Dakota: 0.2% | ||||||||
| 410,000 |
County of Ward, North Dakota Health Care Facilities, Series C (RB)
5.00%, 06/01/28 (c) |
422,665 | ||||||
| 400,000 |
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB)
3.55%, 07/01/27 (c) |
423,636 | ||||||
| 450,000 |
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB)
(SAW) 3.55%, 01/01/28 (c) |
476,667 | ||||||
| 460,000 |
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F (RB)
3.35%, 01/01/27 (c) |
489,426 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| North Dakota: (continued) | ||||||||
| North Dakota Public Finance Authority, Series A (RB) | ||||||||
| $ | 365,000 | 5.00%, 10/01/24 (c) | $ | 421,652 | ||||
| 300,000 | 5.00%, 10/01/24 (c) | 347,679 | ||||||
| 2,581,725 | ||||||||
| Ohio: 2.5% | ||||||||
| 1,500,000 |
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
5.00%, 06/01/30 (c) |
1,764,540 | ||||||
| 500,000 |
City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB)
5.00%, 04/01/28 (c) |
613,980 | ||||||
| City of Columbus, Series 1 (GO) | ||||||||
| 250,000 | 4.00%, 04/01/27 | 294,035 | ||||||
| 200,000 | 4.00%, 10/01/27 (c) | 231,822 | ||||||
| 250,000 | 5.00%, 10/01/27 (c) | 313,962 | ||||||
| 750,000 | 5.00%, 10/01/27 (c) | 937,072 | ||||||
| 25,000 |
City of Columbus, Sewerage Revenue (RB)
5.00%, 12/01/24 (c) |
29,216 | ||||||
| City of Columbus, Various Purpose, Series A (GO) | ||||||||
| 300,000 | 3.00%, 07/01/25 (c) | 320,229 | ||||||
| 500,000 | 3.00%, 07/01/25 (c) | 537,185 | ||||||
| 750,000 | 3.00%, 07/01/25 (c) | 813,922 | ||||||
| 960,000 | 3.00%, 08/15/25 (c) | 1,009,315 | ||||||
| 750,000 | 3.10%, 07/01/25 (c) | 798,742 | ||||||
| 1,000,000 | 3.20%, 07/01/25 (c) | 1,063,180 | ||||||
| 380,000 | 4.00%, 08/15/25 (c) | 431,285 | ||||||
| 1,245,000 |
City of Columbus, Various Purpose, Series B (GO)
5.00%, 04/01/29 (c) |
1,579,295 | ||||||
| 10,000 |
Cleveland Municipal School District, Series A (GO) (SD CRED PROG)
5.00%, 06/01/23 (c) |
11,035 | ||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 1,030,000 | 5.00%, 02/01/28 (c) | 1,209,230 | ||||||
| 115,000 | 5.00%, 02/01/28 (c) | 136,692 | ||||||
| County of Butler (RB) | ||||||||
| 400,000 | 4.00%, 11/15/27 (c) | 413,976 | ||||||
| 1,805,000 | 5.00%, 11/15/27 (c) | 2,015,571 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 100,000 | 5.00%, 02/15/27 (c) | 106,845 | ||||||
| 250,000 | 5.00%, 02/15/27 (c) | 270,548 | ||||||
| 350,000 |
County of Cuyahoga, Various Purpose Sales Tax (RB)
3.13%, 12/01/24 (c) |
364,773 | ||||||
| County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) | ||||||||
| 125,000 | 5.00%, 11/01/27 (c) | 149,125 | ||||||
| 120,000 | 5.00%, 11/01/27 (c) | 143,994 | ||||||
| 145,000 |
County of Franklin, Series A (RB)
5.00%, 11/01/27 (c) |
171,934 | ||||||
See Notes to Financial Statements
| 45 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX 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) |
$ | 410,992 | ||||
| County of Hamilton, Sewer System Revenue, Series A (RB) | ||||||||
| 100,000 | 5.00%, 12/01/24 (c) | 115,274 | ||||||
| 375,000 | 5.00%, 12/01/24 (c) | 432,457 | ||||||
| 10,000 | 5.00%, 12/01/24 (c) | 11,571 | ||||||
| 165,000 |
County of Scioto, Southern Ohio Medical Center (RB)
3.38%, 02/15/26 (c) |
167,178 | ||||||
| Cuyahoga Community College District (GO) | ||||||||
| 500,000 | 4.00%, 06/01/26 (c) | 554,055 | ||||||
| 350,000 | 4.00%, 06/01/26 (c) | 389,830 | ||||||
| Dayton City School District (GO) (SD CRED PROG) | ||||||||
| 35,000 | 5.00%, 11/01/28 | 44,179 | ||||||
| 95,000 | 5.00%, 11/01/29 | 121,283 | ||||||
| 50,000 |
Franklin County Convention Facilities Authority, City of Columbus and County of Franklin Lessees (RB)
5.00%, 12/01/24 (c) |
57,757 | ||||||
| 20,000 |
Kent State University (RB)
5.00%, 05/01/26 (c) |
24,011 | ||||||
| 1,000,000 |
Northeast Ohio Regional Sewer District (RB)
3.00%, 11/15/29 (c) |
1,057,960 | ||||||
| Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
| 500,000 | 5.00%, 02/15/28 (c) | 604,650 | ||||||
| 500,000 | 5.00%, 02/15/28 (c) | 610,615 | ||||||
| 500,000 | 5.00%, 02/15/28 (c) | 615,965 | ||||||
| 1,020,000 |
Ohio Water Development Authority, Fresh Water (RB)
5.00%, 03/01/28 (c) |
1,287,832 | ||||||
| 125,000 |
Ohio Water Development Authority, Fresh Water, Series A (RB)
5.00%, 06/01/26 (c) |
151,664 | ||||||
| Ohio Water Development Authority, Fresh Water, Series B (RB) | ||||||||
| 140,000 | 5.00%, 06/01/26 (c) | 167,157 | ||||||
| 1,000,000 | 5.00%, 12/01/26 (c) | 1,209,490 | ||||||
| 200,000 | 5.00%, 12/01/26 (c) | 243,150 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
| 10,000 | 5.00%, 06/01/25 | 11,882 | ||||||
| 960,000 | 5.00%, 06/01/27 (c) | 1,170,259 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series B (RB) | ||||||||
| 20,000 | 5.00%, 12/01/25 (c) | 23,976 | ||||||
| 40,000 | 5.00%, 12/01/25 (c) | 48,048 | ||||||
| State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
| 760,000 | 4.00%, 01/01/28 (c) | 835,696 | ||||||
| 480,000 | 5.00%, 03/15/24 (c) | 546,355 | ||||||
| 165,000 | 5.00%, 01/01/27 | 198,432 | ||||||
| 130,000 | 5.00%, 01/01/28 (c) | 154,489 | ||||||
| 135,000 | 5.00%, 01/01/28 (c) | 163,300 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 425,000 | 5.00%, 01/01/28 (c) | $ | 518,895 | ||||
| 140,000 | 5.00%, 01/01/28 (c) | 168,421 | ||||||
| State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB) | ||||||||
| 700,000 | 5.00%, 04/01/25 (c) | 816,592 | ||||||
| 615,000 | 5.00%, 04/01/28 (c) | 755,189 | ||||||
| 805,000 | 5.00%, 04/01/28 (c) | 972,698 | ||||||
| 640,000 | 5.00%, 04/01/28 (c) | 777,920 | ||||||
| State of Ohio, Common Schools, Series A (GO) | ||||||||
| 660,000 | 5.00%, 03/15/23 (c) | 732,092 | ||||||
| 500,000 | 5.00%, 03/15/24 (c) | 572,375 | ||||||
| 25,000 | 5.00%, 03/15/24 (c) | 28,436 | ||||||
| 25,000 |
State of Ohio, Higher Education, Series A (GO)
5.00%, 08/01/25 |
29,853 | ||||||
| 395,000 |
State of Ohio, Higher Education, Series C (GO)
5.00%, 08/01/27 |
494,410 | ||||||
| 165,000 |
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB)
3.25%, 12/01/25 (c) |
170,346 | ||||||
| 550,000 |
State of Ohio, Highway Capital Improvement, Series S (GO)
5.00%, 05/01/26 (c) |
658,218 | ||||||
| 1,000,000 |
State of Ohio, Highway Capital Improvement, Series T (GO)
5.00%, 05/01/27 (c) |
1,201,240 | ||||||
| 1,000,000 |
State of Ohio, Highway Capital Improvement, Series U (GO)
5.00%, 05/01/28 |
1,268,470 | ||||||
| State of Ohio, Infrastructure Project, Series 1 (RB) | ||||||||
| 350,000 | 5.00%, 06/15/26 (c) | 423,699 | ||||||
| 200,000 | 5.00%, 12/15/30 | 256,874 | ||||||
| 750,000 | 5.00%, 12/15/31 | 972,637 | ||||||
| 225,000 |
State of Ohio, Major New State Infrastructure Improvement Bonds (RB)
5.00%, 06/15/26 (c) |
271,206 | ||||||
| 100,000 |
State of Ohio, Major New State Infrastructure Improvement Bonds, Series B (GO)
4.00%, 03/01/24 (c) |
110,062 | ||||||
| 30,000 |
State of Ohio, Miami University (RB)
5.00%, 09/01/25 |
35,209 | ||||||
| 100,000 |
State of Ohio, Parks and Recreation Improvement, Series A (RB)
5.00%, 12/01/27 (c) |
123,184 | ||||||
| 500,000 |
State of Ohio, Parks and Recreation Improvement, Series C (RB)
5.00%, 12/01/26 (c) |
604,055 | ||||||
| 100,000 |
Village of Bluffton, Blanchard Valley Health System (RB)
4.00%, 12/01/27 (c) |
106,341 | ||||||
| 39,229,432 | ||||||||
See Notes to Financial Statements
| 46 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Oklahoma: 0.3% | ||||||||
| Canadian County Educational Facilities Authority, Mustang Public Schools (RB) | ||||||||
| $ | 330,000 | 3.00%, 09/01/26 (c) | $ | 349,354 | ||||
| 1,150,000 | 5.00%, 09/01/26 (c) | 1,386,911 | ||||||
| Grand River Dam Authority, Series A (RB) | ||||||||
| 320,000 | 5.00%, 06/01/26 | 383,098 | ||||||
| 130,000 | 5.00%, 12/01/26 (c) | 156,051 | ||||||
| 100,000 | 5.00%, 12/01/26 (c) | 120,452 | ||||||
| 155,000 |
Oklahoma Capitol Improvement Authority (RB)
4.00%, 07/01/26 (c) |
171,892 | ||||||
| 15,000 |
Oklahoma Development Finance Authority, Integris Obligated Group, Series A (RB)
5.00%, 08/15/25 (c) |
16,707 | ||||||
| 565,000 |
Oklahoma Turnpike Authority, Series C (RB)
5.00%, 01/01/27 (c) |
663,807 | ||||||
| 100,000 |
Oklahoma Turnpike Authority, Series D (RB)
5.00%, 01/01/27 |
123,516 | ||||||
| Oklahoma Turnpike Authority, Series E (RB) | ||||||||
| 100,000 | 5.00%, 01/01/27 (c) | 121,531 | ||||||
| 155,000 | 5.00%, 01/01/27 (c) | 190,751 | ||||||
| 530,000 |
Tulsa County Industrial Authority (RB)
5.00%, 09/01/25 (c) |
628,018 | ||||||
| 30,000 |
University of Oklahoma, Series C (RB)
5.00%, 07/01/25 (c) |
33,440 | ||||||
| 4,345,528 | ||||||||
| Oregon: 0.9% | ||||||||
| 410,000 |
City of Eugene, Electric Utility System Revenue, Series A (RB)
4.00%, 08/01/26 (c) |
457,207 | ||||||
| 1,285,000 |
Corvallis School District No. 509J, Series B (GO) (SBG)
5.00%, 06/15/28 (c) |
1,576,322 | ||||||
| Hillsboro School District No. 1J (GO) (SBG) | ||||||||
| 590,000 | 5.00%, 06/15/27 (c) | 711,434 | ||||||
| 1,000,000 | 5.00%, 06/15/27 (c) | 1,229,750 | ||||||
| 375,000 |
Medford School District No. 549C (GO) (SBG)
5.00%, 06/15/25 (c) |
441,742 | ||||||
| Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | ||||||||
| 930,000 | 0.00%, 06/15/27 (c) ^ | 622,840 | ||||||
| 1,215,000 | 0.00%, 06/15/27 (c) ^ | 854,303 | ||||||
| 500,000 |
Multnomah and Clackamas Counties School District No. 7J (GO) (SBG)
4.00%, 06/01/27 (c) |
562,680 | ||||||
| 130,000 |
Multnomah County School District No. 7, Series B (GO) (SBG)
0.00%, 06/15/25 (c) ^ |
89,853 | ||||||
| 350,000 |
Oregon Health and Science University, Series B (RB)
5.00%, 07/01/26 (c) |
418,456 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Oregon: (continued) | ||||||||
| Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB) | ||||||||
| $ | 195,000 | 5.00%, 10/01/26 (c) | $ | 216,610 | ||||
| 430,000 | 5.00%, 10/01/26 (c) | 480,220 | ||||||
| 25,000 |
Oregon State Lottery, Department of Administrative Services, Series B (RB)
5.00%, 04/01/24 (c) |
28,667 | ||||||
| 120,000 |
Oregon State Lottery, Department of Administrative Services, Series C (RB)
5.00%, 04/01/27 (c) |
148,369 | ||||||
| 115,000 |
Portland Community College District (GO)
5.00%, 06/15/26 (c) |
138,990 | ||||||
| Salem-Keizer School District No. 24J (GO) (SBG) | ||||||||
| 475,000 | 4.00%, 06/15/28 (c) | 540,346 | ||||||
| 545,000 | 5.00%, 06/15/28 (c) | 678,187 | ||||||
| 125,000 |
Sherwood School District No. 88J, Series B (GO) (SBG)
5.00%, 06/15/27 (c) |
151,719 | ||||||
| 690,000 |
State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB)
5.00%, 04/01/27 (c) |
849,017 | ||||||
| 690,000 |
State of Oregon, Department of Administrative Services, Lottery Revenue, Series D (RB)
5.00%, 04/01/25 (c) |
811,371 | ||||||
| State of Oregon, Department of Transportation, Highway User Tax, Senior Lien, Series A (RB) | ||||||||
| 250,000 | 4.00%, 11/15/24 (c) | 270,943 | ||||||
| 745,000 | 5.00%, 11/15/24 (c) | 864,900 | ||||||
| 160,000 | 5.00%, 11/15/24 (c) | 184,152 | ||||||
| 450,000 |
State of Oregon, Higher Education, Series I (GO)
4.00%, 08/01/27 (c) |
514,008 | ||||||
| 145,000 |
State of Oregon, Seismic Project and Article XI-Q, Series A (GO)
5.00%, 05/01/27 (c) |
176,478 | ||||||
| 10,000 |
State of Oregon, Seismic Project and Article XI-Q, Series F (GO)
5.00%, 05/01/26 (c) |
12,057 | ||||||
| Tri-County Metropolitan Transportation District of Oregon, Series A (RB) | ||||||||
| 570,000 | 3.25%, 04/01/28 (c) | 594,276 | ||||||
| 235,000 | 5.00%, 10/01/26 | 285,889 | ||||||
| 350,000 |
Washington and Clackamas Counties, Tigard-Tualatin School District No. 23 (GO) (SBG)
5.00%, 06/15/26 |
426,678 | ||||||
| 14,337,464 | ||||||||
See Notes to Financial Statements
| 47 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: 4.6% | ||||||||
| Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
| $ | 100,000 | 5.00%, 04/01/27 | $ | 116,296 | ||||
| 120,000 | 5.00%, 04/01/28 (c) | 137,016 | ||||||
| 2,070,000 | 5.00%, 07/15/29 (c) | 2,404,119 | ||||||
| Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) | ||||||||
| 100,000 | 4.00%, 12/01/26 (c) | 110,602 | ||||||
| 290,000 | 5.00%, 12/01/25 (c) | 335,640 | ||||||
| 10,000 | 5.00%, 12/01/25 | 12,054 | ||||||
| 250,000 |
Berks County Industrial Development Authority, Tower Health Project (RB)
5.00%, 11/01/27 (c) |
265,480 | ||||||
| City of Philadelphia (GO) (AGM) | ||||||||
| 380,000 | 5.00%, 08/01/27 (c) | 463,300 | ||||||
| 320,000 | 5.00%, 08/01/27 | 399,034 | ||||||
| 880,000 |
City of Philadelphia, Gas Works, Series 14 (RB)
5.00%, 10/01/26 (c) |
1,048,001 | ||||||
| City of Philadelphia, Series A (GO) | ||||||||
| 745,000 | 5.00%, 08/01/25 (c) | 872,231 | ||||||
| 505,000 | 5.00%, 08/01/25 (c) | 595,420 | ||||||
| 100,000 | 5.00%, 08/01/27 (c) | 120,158 | ||||||
| 750,000 | 5.00%, 08/01/27 (c) | 911,557 | ||||||
| 750,000 | 5.00%, 08/01/27 (c) | 916,830 | ||||||
| City of Philadelphia, Series B (GO) | ||||||||
| 415,000 | 5.00%, 02/01/28 | 511,608 | ||||||
| 2,000,000 | 5.00%, 08/01/29 (c) | 2,443,240 | ||||||
| 100,000 | 5.00%, 08/01/29 (c) | 123,744 | ||||||
| 110,000 |
City of Philadelphia, Water and Wastewater Revenue (RB)
5.00%, 10/01/25 |
129,043 | ||||||
| 10,000 |
City of Philadelphia, Water and Wastewater Revenue, Series B (RB)
5.00%, 07/01/25 (c) |
11,636 | ||||||
| Commonwealth Financing Authority, Series A (RB) | ||||||||
| 200,000 | 5.00%, 06/01/25 (c) | 228,296 | ||||||
| 500,000 | 5.00%, 06/01/25 (c) | 572,035 | ||||||
| 800,000 | 5.00%, 06/01/28 | 999,120 | ||||||
| 880,000 | 5.00%, 06/01/29 | 1,117,037 | ||||||
| 250,000 | 5.00%, 06/01/30 (c) | 320,780 | ||||||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | ||||||||
| 415,000 | 5.00%, 06/01/28 (c) | 471,419 | ||||||
| 265,000 | 5.00%, 06/01/28 (c) | 305,439 | ||||||
| 775,000 | 5.00%, 06/01/28 (c) | 899,318 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 510,000 | 3.00%, 01/01/27 (c) | 544,450 | ||||||
| 600,000 | 4.00%, 01/01/27 (c) | 674,040 | ||||||
| 200,000 | 5.00%, 03/15/25 (c) | 234,586 | ||||||
| 230,000 | 5.00%, 03/15/25 (c) | 263,808 | ||||||
| 650,000 | 5.00%, 03/15/25 (c) | 754,084 | ||||||
| 500,000 | 5.00%, 02/01/26 (c) | 590,100 | ||||||
| 1,245,000 | 5.00%, 09/15/26 | 1,489,555 | ||||||
| 1,200,000 | 5.00%, 07/15/28 | 1,509,132 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Commonwealth of Pennsylvania, Second Series (GO) (AGM) | ||||||||
| $ | 395,000 | 3.00%, 09/15/26 (c) | $ | 416,140 | ||||
| 920,000 | 3.00%, 09/15/26 (c) | 960,204 | ||||||
| 350,000 | 4.00%, 08/15/25 (c) | 379,393 | ||||||
| 170,000 | 4.00%, 09/15/26 (c) | 186,944 | ||||||
| 610,000 | 4.00%, 09/15/26 (c) | 694,204 | ||||||
| 345,000 | 5.00%, 08/15/25 (c) | 399,924 | ||||||
| 1,225,000 | 5.00%, 09/15/26 | 1,482,054 | ||||||
| 430,000 | 5.00%, 01/15/27 (c) | 518,958 | ||||||
| 695,000 |
County of Allegheny, Series C-75 (GO)
5.00%, 11/01/26 (c) |
842,389 | ||||||
| 750,000 |
County of Chester, Series A (GO)
4.00%, 07/15/26 (c) |
863,647 | ||||||
| Dauphin County General Authority, Pinnacle Health System Project, Series A (RB) | ||||||||
| 450,000 | 4.00%, 06/01/26 (c) | 476,055 | ||||||
| 20,000 | 4.00%, 06/01/26 (c) | 21,333 | ||||||
| 475,000 | 5.00%, 06/01/26 (c) | 524,861 | ||||||
| 350,000 |
Lancaster County Hospital Authority, University of Pennsylvania Health System, Series B (RB)
5.00%, 08/15/26 |
412,286 | ||||||
| 525,000 |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB)
5.00%, 09/01/28 (c) |
587,244 | ||||||
| Pennsylvania Economic Development Financing Authority, UPMC (RB) | ||||||||
| 100,000 | 4.00%, 09/15/26 (c) | 103,760 | ||||||
| 215,000 | 4.00%, 09/15/26 (c) | 224,851 | ||||||
| 385,000 | 5.00%, 09/15/26 (c) | 440,067 | ||||||
| Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | ||||||||
| 1,000,000 | 3.38%, 11/15/27 (c) | 1,025,510 | ||||||
| 205,000 | 4.00%, 11/15/27 (c) | 218,054 | ||||||
| 700,000 | 5.00%, 08/01/24 (c) | 773,591 | ||||||
| 125,000 |
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB)
5.00%, 05/01/26 (c) |
137,169 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) | ||||||||
| 775,000 | 4.00%, 06/15/26 (c) | 830,017 | ||||||
| 785,000 | 5.00%, 06/15/26 (c) | 895,442 | ||||||
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | ||||||||
| 150,000 | 3.13%, 08/15/27 (c) | 156,510 | ||||||
| 725,000 | 4.00%, 08/15/26 (c) | 821,940 | ||||||
| 1,000,000 | 5.00%, 08/15/27 (c) | 1,198,050 | ||||||
| 270,000 | 5.00%, 08/15/27 (c) | 314,793 | ||||||
| 275,000 | 5.00%, 08/15/27 (c) | 325,817 | ||||||
See Notes to Financial Statements
| 48 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 425,000 |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB)
3.20%, 04/01/25 (c) |
$ | 441,974 | ||||
| 700,000 |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB)
2.80%, 10/01/25 (c) |
716,485 | ||||||
| 590,000 |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB)
3.65%, 04/01/26 (c) |
627,689 | ||||||
| 1,730,000 |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB)
3.45%, 10/01/26 (c) |
1,828,766 | ||||||
| 300,000 |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB)
3.20%, 10/01/26 (c) |
313,617 | ||||||
| 20,000 |
Pennsylvania State University, Series B (RB)
5.00%, 09/01/26 (c) |
23,891 | ||||||
| Pennsylvania Turnpike Commission (RB) | ||||||||
| 720,000 | 3.00%, 06/01/26 (c) | 733,270 | ||||||
| 210,000 | 5.00%, 12/01/25 | 250,753 | ||||||
| 430,000 | 5.00%, 12/01/25 (c) | 490,604 | ||||||
| 550,000 | 5.00%, 12/01/25 (c) | 625,977 | ||||||
| 110,000 | 5.00%, 12/01/26 (c) | 133,121 | ||||||
| 250,000 | 5.00%, 12/01/27 (c) | 294,665 | ||||||
| 880,000 | 5.00%, 12/01/27 | 1,038,963 | ||||||
| 300,000 | 5.00%, 12/01/27 (c) | 344,427 | ||||||
| 450,000 |
Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB)
5.00%, 12/01/26 (c) |
534,087 | ||||||
| Pennsylvania Turnpike Commission, Second Series (RB) | ||||||||
| 965,000 | 3.00%, 06/01/26 (c) | 977,236 | ||||||
| 690,000 | 4.00%, 06/01/26 (c) | 733,774 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 15,000 | 5.00%, 12/01/26 (c) | 17,020 | ||||||
| 750,000 | 5.00%, 12/01/26 (c) | 888,615 | ||||||
| 310,000 | 5.00%, 12/01/26 (c) | 374,514 | ||||||
| 500,000 | 5.00%, 12/01/29 (c) | 599,815 | ||||||
| 300,000 |
Pennsylvania Turnpike Commission, Series A-1 (RB)
5.00%, 06/01/25 (c) |
349,365 | ||||||
| Pennsylvania Turnpike Commission, Series A-2 (RB) | ||||||||
| 790,000 | 5.00%, 06/01/26 (c) | 895,765 | ||||||
| 175,000 | 5.00%, 12/01/27 (c) | 213,960 | ||||||
| 100,000 | 5.00%, 12/01/27 (c) | 123,195 | ||||||
| 510,000 |
Pennsylvania Turnpike Commission, Series B (RB)
(AGM) 5.00%, 06/01/27 (c) |
607,191 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 760,000 |
Pennsylvania Turnpike Commission, Series B-1 (RB)
5.00%, 06/01/27 (c) |
$ | 877,747 | ||||
| Pennsylvania Turnpike Commission, Series B-2 (RB) | ||||||||
| 205,000 | 5.00%, 06/01/27 (c) | 235,617 | ||||||
| 1,110,000 | 5.00%, 06/01/27 (c) | 1,296,003 | ||||||
| 430,000 |
Pennsylvania Turnpike Commission, Series C (RB)
5.00%, 12/01/24 (c) |
492,806 | ||||||
| 110,000 |
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB)
4.00%, 07/01/27 (c) |
120,780 | ||||||
| 330,000 |
Philadelphia Authority for Industrial Development, Temple University, First Series (RB)
5.00%, 04/01/25 (c) |
372,600 | ||||||
| 10,000 |
Philadelphia Authority for Industrial Development, Temple University, Second Series (RB)
5.00%, 04/01/25 (c) |
11,361 | ||||||
| Philadelphia Gas Works Co., Fourteenth Series (RB) | ||||||||
| 680,000 | 5.00%, 10/01/25 | 778,756 | ||||||
| 680,000 | 5.00%, 10/01/26 (c) | 802,604 | ||||||
| 970,000 | 5.00%, 10/01/26 (c) | 1,146,812 | ||||||
| 735,000 | 5.00%, 10/01/26 (c) | 872,871 | ||||||
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
| 1,460,000 | 5.00%, 09/01/31 | 1,909,622 | ||||||
| 2,000,000 | 5.00%, 09/01/32 | 2,638,780 | ||||||
| 2,000,000 | 5.00%, 09/01/33 | 2,664,080 | ||||||
| 170,000 |
Reading School District of Berks County (GO) (AGM) (SAW)
5.00%, 03/01/27 (c) |
197,943 | ||||||
| School District of Philadelphia, Series A (GO) (SAW) | ||||||||
| 410,000 | 5.00%, 09/01/28 (c) | 490,840 | ||||||
| 450,000 | 5.00%, 09/01/28 (c) | 547,074 | ||||||
| 250,000 | 5.00%, 09/01/28 (c) | 305,775 | ||||||
| 485,000 |
School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/26 (c) |
571,189 | ||||||
| 220,000 |
School District of the City of Erie, Series A (GO) (AGM) (SAW)
5.00%, 04/01/29 (c) |
267,012 | ||||||
| 845,000 |
Southeastern Pennsylvania Transportation Authority (RB)
5.00%, 06/01/27 (c) |
1,041,961 | ||||||
| State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (AGM) (SAW) | ||||||||
| 260,000 | 5.00%, 12/01/26 (c) | 304,905 | ||||||
| 880,000 | 5.00%, 12/01/26 (c) | 1,054,038 | ||||||
| 765,000 |
Westmoreland County Municipal Authority (RB)
5.00%, 08/15/25 (c) |
900,283 | ||||||
| 73,211,613 | ||||||||
See Notes to Financial Statements
| 49 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| 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) | $ | 448,533 | ||||
| 230,000 | 5.00%, 06/15/26 (c) | 274,119 | ||||||
| 125,000 | 5.00%, 06/15/26 | 149,619 | ||||||
| Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) | ||||||||
| 880,000 | 4.00%, 05/15/26 (c) | 999,548 | ||||||
| 110,000 | 5.00%, 05/15/26 (c) | 131,553 | ||||||
| 385,000 |
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM)
5.00%, 05/15/25 (c) |
447,066 | ||||||
| 345,000 |
State of Rhode Island and Providence Plantations, Series A (GO)
3.00%, 04/01/28 (c) |
357,951 | ||||||
| 250,000 |
State of Rhode Island and Providence Plantations, Series B (GO)
5.00%, 08/01/27 (c) |
302,828 | ||||||
| State of Rhode Island and Providence Plantations, Series D (GO) | ||||||||
| 180,000 | 5.00%, 08/01/24 (c) | 206,748 | ||||||
| 250,000 | 5.00%, 08/01/24 (c) | 287,483 | ||||||
| 3,605,448 | ||||||||
| South Carolina: 0.7% | ||||||||
| Aiken County Consolidated School District, Series A (GO) | ||||||||
| 535,000 | 4.00%, 04/01/29 (c) | 608,274 | ||||||
| 1,000,000 | 4.00%, 04/01/29 (c) | 1,142,210 | ||||||
| Charleston Educational Excellence Finance Corp. (RB) | ||||||||
| 150,000 | 5.00%, 12/01/24 (c) | 170,627 | ||||||
| 25,000 | 5.00%, 12/01/24 (c) | 28,903 | ||||||
| 185,000 |
County of York (GO) (SAW)
5.00%, 04/01/24 (c) |
212,289 | ||||||
| Greenwood Fifty Schools Facilities, Inc., Greenwood School District No. 50 (RB) | ||||||||
| 100,000 | 3.00%, 06/01/26 (c) | 101,625 | ||||||
| 135,000 | 3.13%, 06/01/26 (c) | 137,426 | ||||||
| 175,000 | 3.25%, 06/01/26 (c) | 178,434 | ||||||
| 250,000 | 5.00%, 06/01/26 (c) | 287,188 | ||||||
| 480,000 |
Kershaw County Public School District (RB)
3.38%, 12/01/25 (c) |
508,603 | ||||||
| Lancaster County School District (GO) | ||||||||
| 325,000 | 3.25%, 03/01/27 (c) | 342,771 | ||||||
| 1,000,000 | 4.00%, 03/01/27 (c) | 1,167,000 | ||||||
| 100,000 |
Lexington County Health Services District, Inc. (RB) (AGM)
5.00%, 11/01/27 (c) |
116,139 | ||||||
| 250,000 |
Lexington County School District No. 2 (GO)
3.00%, 03/01/26 (c) |
256,783 | ||||||
| 100,000 |
SCAGO Educational Facilities Corp. for Pickens School District (RB)
3.50%, 06/01/25 (c) |
105,760 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| South Carolina Public Service Authority, Series A (RB) | ||||||||
| $ | 140,000 | 3.13%, 06/01/26 (c) | $ | 132,705 | ||||
| 235,000 | 5.00%, 06/01/25 (c) | 257,464 | ||||||
| 200,000 | 5.00%, 06/01/26 (c) | 221,698 | ||||||
| 185,000 | 5.00%, 06/01/26 (c) | 203,163 | ||||||
| 205,000 | 5.00%, 06/01/26 (c) | 226,148 | ||||||
| 1,025,000 | 5.00%, 06/01/26 (c) | 1,120,130 | ||||||
| South Carolina Public Service Authority, Series C (RB) | ||||||||
| 110,000 | 5.00%, 12/01/24 (c) | 119,186 | ||||||
| 390,000 | 5.00%, 12/01/24 (c) | 424,807 | ||||||
| 1,000,000 |
South Carolina State, Clemson University, Series A (GO) (SAW)
4.00%, 10/01/27 (c) |
1,156,900 | ||||||
| South Carolina Transportation Infrastructure Bank, Series A (RB) | ||||||||
| 655,000 | 2.25%, 10/01/25 (c) | 618,733 | ||||||
| 100,000 | 5.00%, 10/01/28 (c) | 117,355 | ||||||
| York County, South Carolina Fort Mill School District No. 4, Series B (GO) | ||||||||
| 500,000 | 3.00%, 03/01/27 (c) | 518,575 | ||||||
| 325,000 | 3.00%, 03/01/27 (c) | 339,979 | ||||||
| 10,820,875 | ||||||||
| South Dakota: 0.1% | ||||||||
| South Dakota Health and Educational Facilities Authority (RB) | ||||||||
| 1,075,000 | 4.00%, 09/01/27 (c) | 1,151,626 | ||||||
| 255,000 | 5.00%, 09/01/27 (c) | 298,564 | ||||||
| 100,000 | 5.00%, 09/01/27 (c) | 116,091 | ||||||
| 1,566,281 | ||||||||
| Tennessee: 1.1% | ||||||||
| Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | ||||||||
| 810,000 | 5.00%, 07/01/23 (c) | 858,730 | ||||||
| 915,000 | 5.00%, 07/01/23 (c) | 972,306 | ||||||
| 550,000 | 5.00%, 07/01/23 (c) | 586,179 | ||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 700,000 | 5.00%, 04/01/27 (c) | 789,831 | ||||||
| 490,000 | 5.00%, 04/01/27 (c) | 558,776 | ||||||
| 150,000 |
Memphis-Shelby County Industrial Development Board (RB)
5.00%, 11/01/26 (c) |
180,287 | ||||||
| Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
| 915,000 | 2.50%, 07/01/26 (c) | 947,418 | ||||||
| 580,000 | 4.00%, 07/01/26 (c) | 651,908 | ||||||
| 545,000 | 4.00%, 07/01/26 (c) | 615,795 | ||||||
| 335,000 | 4.00%, 07/01/27 | 393,210 | ||||||
| 590,000 | 4.00%, 07/01/27 (c) | 687,733 | ||||||
| 275,000 | 4.00%, 07/01/27 (c) | 308,809 | ||||||
| 915,000 | 4.75%, 07/01/26 | 1,099,016 | ||||||
| 290,000 | 5.00%, 01/01/26 | 348,217 | ||||||
| 25,000 | 5.00%, 07/01/26 (c) | 29,468 | ||||||
| 235,000 | 5.00%, 07/01/26 (c) | 279,182 | ||||||
See Notes to Financial Statements
| 50 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Tennessee: (continued) | ||||||||
| 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) | $ | 143,393 | ||||
| 600,000 | 5.00%, 07/01/26 (c) | 678,678 | ||||||
| 400,000 |
Metropolitan Government of Nashville and Davidson County, Series C (GO)
5.00%, 07/01/25 (c) |
471,704 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) | ||||||||
| 100,000 | 5.00%, 05/01/26 | 116,072 | ||||||
| 200,000 | 5.00%, 05/01/27 (c) | 231,958 | ||||||
| State of Tennessee, Series A (GO) | ||||||||
| 435,000 | 5.00%, 08/01/25 (c) | 513,609 | ||||||
| 500,000 | 5.00%, 08/01/26 (c) | 595,940 | ||||||
| 800,000 | 5.00%, 08/01/26 (c) | 976,720 | ||||||
| 780,000 | 5.00%, 08/01/26 | 958,199 | ||||||
| 15,000 |
State of Tennessee, Series B (GO)
5.00%, 09/01/24 (c) |
17,481 | ||||||
| 495,000 |
Tennessee Housing Development Agency, Series 2 (RB)
3.50%, 07/01/27 (c) |
532,689 | ||||||
| 200,000 |
Tennessee Housing Development Agency, Series 2B (RB)
3.70%, 07/01/26 (c) |
212,392 | ||||||
| Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB) | ||||||||
| 285,000 | 5.00%, 11/01/27 (c) | 346,691 | ||||||
| 395,000 | 5.00%, 11/01/27 (c) | 476,927 | ||||||
| 365,000 | 5.00%, 11/01/27 | 456,524 | ||||||
| 750,000 | 5.00%, 11/01/27 (c) | 928,522 | ||||||
| Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series B (RB) | ||||||||
| 20,000 | 5.00%, 11/01/25 (c) | 23,949 | ||||||
| 40,000 | 5.00%, 11/01/25 | 47,827 | ||||||
| 17,036,140 | ||||||||
| Texas: 9.4% | ||||||||
| 250,000 |
Alamo Community College District (GO)
5.00%, 08/15/26 |
305,223 | ||||||
| Aldine Independent School District, Series A (GO) | ||||||||
| 910,000 | 4.00%, 02/15/27 (c) | 1,030,793 | ||||||
| 675,000 | 4.00%, 02/15/27 (c) | 762,271 | ||||||
| 140,000 | 5.00%, 02/15/25 (c) | 164,480 | ||||||
| 700,000 | 5.00%, 02/15/27 (c) | 857,976 | ||||||
| 880,000 | 5.00%, 02/15/27 (c) | 1,083,518 | ||||||
| Allen Independent School District (GO) | ||||||||
| 185,000 | 4.00%, 02/15/26 (c) | 204,826 | ||||||
| 135,000 | 5.00%, 02/15/26 | 162,180 | ||||||
| 400,000 | 5.00%, 02/15/26 (c) | 470,308 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 500,000 |
Alvin Independent School District, Series A (GO)
5.00%, 02/15/26 (c) |
$ | 592,500 | ||||
| 1,000,000 |
Arlington Independent School District (GO)
4.00%, 02/15/29 (c) |
1,170,440 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) | ||||||||
| 145,000 | 5.00%, 01/01/27 (c) | 138,027 | ||||||
| 375,000 | 5.00%, 01/01/27 (c) | 367,871 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) | ||||||||
| 500,000 | 5.00%, 01/01/27 (c) | 452,530 | ||||||
| 500,000 | 5.00%, 01/01/27 (c) | 462,820 | ||||||
| Austin Independent School District (GO) | ||||||||
| 500,000 | 4.00%, 08/01/26 (c) | 560,550 | ||||||
| 100,000 | 4.00%, 08/01/26 (c) | 112,297 | ||||||
| 500,000 |
Austin Independent School District, Series B (GO)
5.00%, 08/01/26 (c) |
604,520 | ||||||
| 100,000 |
Austin Independent School District, Series C (GO)
5.00%, 08/01/26 (c) |
119,718 | ||||||
| 315,000 |
Beaumont Independent School District (GO)
3.00%, 02/15/26 (c) |
337,223 | ||||||
| Bexar County Hospital District (GO) | ||||||||
| 385,000 | 3.00%, 02/15/26 (c) | 404,096 | ||||||
| 115,000 | 4.00%, 02/15/26 (c) | 128,656 | ||||||
| 350,000 | 5.00%, 02/15/26 | 420,896 | ||||||
| 1,105,000 | 5.00%, 02/15/26 (c) | 1,317,978 | ||||||
| 305,000 | 5.00%, 02/15/28 | 384,358 | ||||||
| 250,000 |
Birdville Independent School District, Series B (GO)
5.00%, 02/15/25 (c) |
291,185 | ||||||
| 545,000 |
Board of Regents of Texas A&M University System, Series A (RB)
5.50%, 07/01/25 (c) |
661,096 | ||||||
| 250,000 |
Board of Regents of the University of North Texas System, Series A (RB)
5.00%, 04/15/27 |
308,905 | ||||||
| 575,000 |
Board of Regents of the University of Texas System, Series A (RB)
5.00%, 07/01/25 (c) |
665,994 | ||||||
| Board of Regents of the University of Texas System, Series B (RB) | ||||||||
| 55,000 | 5.00%, 07/01/25 | 65,255 | ||||||
| 125,000 | 5.00%, 07/01/26 (c) | 150,423 | ||||||
| 200,000 |
Board of Regents of the University of Texas System, Series D (RB)
5.00%, 08/15/25 |
238,280 | ||||||
| Board of Regents of the University of Texas System, Series E (RB) | ||||||||
| 270,000 | 5.00%, 08/15/26 | 330,005 | ||||||
| 520,000 | 5.00%, 08/15/27 | 651,035 | ||||||
| Board of Regents of the University of Texas System, Series J (RB) | ||||||||
| 215,000 | 5.00%, 08/15/25 | 256,151 | ||||||
| 25,000 | 5.00%, 08/15/26 (c) | 30,287 | ||||||
See Notes to Financial Statements
| 51 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 745,000 |
Board of Regents, Texas State University
System, Series A (RB)
5.00%, 03/15/25 (c) |
$ | 876,530 | ||||
| 330,000 |
Burleson Independent School District (GO)
3.50%, 02/01/26 (c) |
353,638 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien (RB) | ||||||||
| 250,000 | 5.00%, 01/01/26 (c) | 270,423 | ||||||
| 625,000 | 5.00%, 01/01/26 (c) | 677,856 | ||||||
| 60,000 | 5.00%, 01/01/26 (c) | 65,726 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | ||||||||
| 100,000 | 5.00%, 07/01/25 (c) | 107,210 | ||||||
| 400,000 | 5.00%, 07/01/25 (c) | 431,776 | ||||||
| 30,000 |
Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c) |
31,717 | ||||||
| 150,000 |
City of Arlington, Senior Lien Special Tax (AGM) (ST)
5.00%, 02/15/25 (c) |
174,183 | ||||||
| 100,000 |
City of Austin, Airport System, Series A (RB)
5.00%, 11/15/26 (c) |
112,737 | ||||||
| 35,000 |
City of Austin, Electric Utility, Series A (RB)
5.00%, 11/15/25 |
41,849 | ||||||
| 15,000 |
City of Austin, Public Improvement (GO)
5.00%, 09/01/25 (c) |
17,935 | ||||||
| City of Austin, Water and Wastewater System (RB) | ||||||||
| 995,000 | 5.00%, 11/15/26 (c) | 1,185,264 | ||||||
| 360,000 | 5.00%, 11/15/26 (c) | 430,549 | ||||||
| 235,000 | 5.00%, 11/15/27 (c) | 293,602 | ||||||
| City of Dallas (GO) | ||||||||
| 405,000 | 5.00%, 02/15/24 (c) | 456,848 | ||||||
| 420,000 | 5.00%, 02/15/25 (c) | 479,371 | ||||||
| 420,000 | 5.00%, 02/15/25 (c) | 483,311 | ||||||
| 500,000 | 5.00%, 02/15/27 (c) | 600,940 | ||||||
| 600,000 |
City of Dallas, Series A (GO)
3.00%, 02/15/29 (c) |
610,026 | ||||||
| City of Dallas, Series B (GO) | ||||||||
| 415,000 | 3.00%, 02/15/29 (c) | 421,935 | ||||||
| 500,000 | 4.00%, 02/15/29 (c) | 553,665 | ||||||
| City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
| 540,000 | 5.00%, 10/01/25 (c) | 631,179 | ||||||
| 600,000 | 5.00%, 10/01/26 (c) | 711,570 | ||||||
| 565,000 | 5.00%, 10/01/26 (c) | 672,638 | ||||||
| 900,000 | 5.00%, 10/01/26 (c) | 1,074,411 | ||||||
| 965,000 |
City of Denton, Utility System (RB)
5.00%, 12/01/26 (c) |
1,163,153 | ||||||
| City of El Paso (GO) | ||||||||
| 110,000 | 4.00%, 08/15/26 (c) | 122,489 | ||||||
| 100,000 | 4.00%, 08/15/26 (c) | 111,854 | ||||||
| 125,000 |
City of El Paso (GO)
5.00%, 08/15/25 (c) |
149,208 | ||||||
| 455,000 |
City of El Paso, Water and Sewer (RB)
5.00%, 03/01/24 (c) |
519,892 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 130,000 |
City of Fort Worth (GO)
5.00%, 03/01/26 |
$ | 156,670 | ||||
| 545,000 |
City of Fort Worth, Series A (GO)
5.00%, 03/01/25 (c) |
635,808 | ||||||
| 135,000 |
City of Houston, Airport System, Series B (RB)
5.00%, 07/01/28 (c) |
159,922 | ||||||
| 125,000 |
City of Houston, Airport System, Series D (RB)
5.00%, 07/01/28 (c) |
147,346 | ||||||
| City of Houston, Combined Utility System, First Lien, Series B (RB) | ||||||||
| 105,000 | 5.00%, 11/15/26 (c) | 126,366 | ||||||
| 180,000 | 5.00%, 11/15/26 (c) | 213,325 | ||||||
| 555,000 | 5.00%, 11/15/26 | 680,630 | ||||||
| 220,000 | 5.00%, 11/15/26 (c) | 266,130 | ||||||
| 285,000 | 5.00%, 11/15/27 | 357,222 | ||||||
| City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
| 45,000 | 5.00%, 11/15/24 (c) | 52,566 | ||||||
| 750,000 | 5.00%, 11/15/28 (c) | 916,522 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 650,000 | 5.00%, 03/01/24 (c) | 738,777 | ||||||
| 800,000 | 5.00%, 03/01/24 (c) | 909,264 | ||||||
| 535,000 | 5.00%, 03/01/26 (c) | 619,097 | ||||||
| 180,000 | 5.00%, 03/01/26 (c) | 209,900 | ||||||
| 515,000 | 5.00%, 03/01/26 (c) | 601,808 | ||||||
| 520,000 | 5.00%, 03/01/27 (c) | 617,334 | ||||||
| 500,000 | 5.00%, 03/01/27 (c) | 596,385 | ||||||
| 105,000 |
City of Lubbock (GO)
5.00%, 02/15/25 (c) |
122,828 | ||||||
| 205,000 |
City of San Antonio (GO)
5.00%, 08/01/28 (c) |
255,278 | ||||||
| City of San Antonio, Electric and Gas Systems (RB) | ||||||||
| 500,000 | 4.00%, 08/01/26 (c) | 547,290 | ||||||
| 1,000,000 | 4.00%, 02/01/30 | 1,204,840 | ||||||
| 100,000 | 5.00%, 02/01/26 (c) | 117,927 | ||||||
| 30,000 | 5.00%, 02/01/26 | 36,153 | ||||||
| 110,000 | 5.00%, 08/01/26 (c) | 132,051 | ||||||
| 125,000 | 5.00%, 08/01/26 (c) | 151,599 | ||||||
| 935,000 | 5.00%, 08/01/26 (c) | 1,138,895 | ||||||
| 1,000,000 | 5.00%, 08/01/27 (c) | 1,210,310 | ||||||
| 100,000 | 5.00%, 08/01/27 (c) | 120,633 | ||||||
| 125,000 |
City of San Antonio, Electric and Gas Systems, Series A (RB)
5.00%, 02/01/26 |
150,639 | ||||||
| 350,000 |
City of San Antonio, General Improvement (GO)
5.00%, 02/01/24 (c) |
396,172 | ||||||
| 535,000 |
City of San Antonio, Water System, Series A (RB)
5.00%, 05/15/26 (c) |
632,734 | ||||||
| 125,000 |
Clear Creek Independent School District, Series A (GO)
5.00%, 02/15/25 (c) |
148,264 | ||||||
| Collin County Community College District (GO) | ||||||||
| 500,000 | 3.25%, 08/15/27 (c) | 537,800 | ||||||
| 925,000 | 4.00%, 08/15/27 (c) | 1,068,680 | ||||||
| 1,085,000 | 5.00%, 08/15/27 (c) | 1,347,103 | ||||||
See Notes to Financial Statements
| 52 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 190,000 |
Colorado River Municipal Water District (RB)
5.00%, 01/01/28 |
$ | 238,655 | ||||
| Conroe Independent School District (GO) | ||||||||
| 35,000 | 5.00%, 02/15/25 (c) | 40,766 | ||||||
| 665,000 | 5.00%, 02/15/27 (c) | 816,307 | ||||||
| 100,000 | 5.00%, 02/15/28 (c) | 122,778 | ||||||
| 320,000 |
Corpus Christi Independent School District (GO)
4.00%, 08/15/28 (c) |
371,533 | ||||||
| County of Bexar (GO) | ||||||||
| 150,000 | 4.00%, 06/15/25 (c) | 169,872 | ||||||
| 520,000 | 4.00%, 06/15/25 (c) | 589,716 | ||||||
| 880,000 | 5.00%, 06/15/26 (c) | 1,055,586 | ||||||
| 260,000 |
County of Dallas (GO)
5.00%, 08/15/26 (c) |
318,133 | ||||||
| 615,000 |
County of Denton (GO)
4.00%, 07/15/25 (c) |
688,382 | ||||||
| 750,000 |
County of Denton, Series A (GO)
4.00%, 07/15/28 (c) |
877,987 | ||||||
| County of Fort Bend, Series B (GO) | ||||||||
| 500,000 | 4.00%, 03/01/26 (c) | 566,535 | ||||||
| 20,000 | 5.00%, 03/01/26 (c) | 23,991 | ||||||
| County of Harris, Toll Road, Senior Lien, Series A (RB) | ||||||||
| 670,000 | 5.00%, 08/15/26 (c) | 798,399 | ||||||
| 160,000 | 5.00%, 08/15/26 (c) | 191,502 | ||||||
| 120,000 | 5.00%, 08/15/26 (c) | 141,200 | ||||||
| 675,000 | 5.00%, 08/15/26 (c) | 801,704 | ||||||
| 195,000 | 5.00%, 08/15/26 (c) | 236,110 | ||||||
| 115,000 | 5.00%, 08/15/26 | 139,707 | ||||||
| 695,000 | 5.00%, 08/15/26 (c) | 835,974 | ||||||
| 190,000 | 5.00%, 08/15/26 (c) | 228,540 | ||||||
| County of Harris, Toll Road, Senior Lien, Series B (RB) | ||||||||
| 160,000 | 5.00%, 08/15/25 (c) | 186,261 | ||||||
| 335,000 | 5.00%, 08/15/25 (c) | 389,066 | ||||||
| 190,000 | 5.00%, 08/15/25 (c) | 224,341 | ||||||
| 600,000 | 5.00%, 08/15/25 (c) | 706,770 | ||||||
| County of Harris, Unlimited Tax Road, Series A (GO) | ||||||||
| 395,000 | 5.00%, 10/01/25 (c) | 471,737 | ||||||
| 645,000 | 5.00%, 10/01/25 (c) | 769,930 | ||||||
| 25,000 | 5.00%, 10/01/25 | 29,886 | ||||||
| 365,000 | 5.00%, 10/01/25 (c) | 436,963 | ||||||
| 250,000 |
County of Montgomery (GO)
5.00%, 03/01/26 (c) |
299,893 | ||||||
| Cypress-Fairbanks Independent School District (GO) | ||||||||
| 360,000 | 3.00%, 02/15/26 (c) | 383,760 | ||||||
| 590,000 | 5.00%, 02/15/25 (c) | 685,716 | ||||||
| 125,000 | 5.00%, 02/15/26 (c) | 149,016 | ||||||
| 710,000 |
Cypress-Fairbanks Independent School District, Series C (GO)
5.00%, 02/15/24 (c) |
807,632 | ||||||
| 835,000 |
Dallas Area Rapid Transit, Senior Lien (RB)
5.00%, 12/01/29 (c) |
1,031,334 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
| $ | 185,000 | 5.00%, 12/01/24 (c) | $ | 215,930 | ||||
| 165,000 | 5.00%, 12/01/25 (c) | 195,269 | ||||||
| 560,000 | 5.00%, 12/01/25 (c) | 644,627 | ||||||
| 545,000 | 5.00%, 12/01/25 (c) | 651,411 | ||||||
| 130,000 | 5.00%, 12/01/25 (c) | 154,920 | ||||||
| 320,000 |
Dallas County Hospital District (GO)
5.00%, 08/15/28 |
401,053 | ||||||
| Dallas County Utility and Reclamation District (GO) | ||||||||
| 650,000 | 5.00%, 02/15/26 | 778,466 | ||||||
| 540,000 | 5.00%, 02/15/28 | 675,097 | ||||||
| 520,000 |
Dallas Independent School District (GO)
4.00%, 02/15/25 (c) |
575,370 | ||||||
| Dallas Independent School District, Series A (GO) | ||||||||
| 100,000 | 4.00%, 02/15/25 (c) | 110,939 | ||||||
| 10,000 | 5.00%, 08/15/24 (c) | 11,552 | ||||||
| 100,000 |
Dripping Springs Independent School District (GO)
5.00%, 02/15/24 (c) |
115,272 | ||||||
| Eagle Mountain and Saginaw Independent School District (GO) | ||||||||
| 335,000 | 4.00%, 02/15/26 (c) | 384,691 | ||||||
| 10,000 | 5.00%, 02/15/26 (c) | 12,063 | ||||||
| 250,000 |
El Paso County Hospital District (GO)
4.00%, 08/15/27 (c) |
255,543 | ||||||
| 115,000 |
El Paso Independent School District (GO)
5.00%, 08/15/24 (c) |
133,320 | ||||||
| 265,000 |
El Paso Independent School District, Series A (GO)
3.00%, 08/15/25 (c) |
280,463 | ||||||
| 315,000 |
Forney Independent School District (GO)
5.00%, 08/15/25 (c) |
371,583 | ||||||
| Fort Bend Independent School District (GO) | ||||||||
| 635,000 | 4.00%, 08/15/27 (c) | 729,418 | ||||||
| 100,000 | 5.00%, 08/15/27 (c) | 124,782 | ||||||
| 255,000 | 5.00%, 08/15/27 (c) | 316,264 | ||||||
| 110,000 |
Fort Bend Independent School District, Series E (GO)
5.00%, 02/15/26 |
131,673 | ||||||
| Fort Worth Independent School District (GO) | ||||||||
| 45,000 | 5.00%, 02/15/25 (c) | 52,550 | ||||||
| 290,000 | 5.00%, 02/15/25 (c) | 339,973 | ||||||
| 500,000 | 5.00%, 02/15/26 (c) | 598,515 | ||||||
| 750,000 | 5.00%, 02/15/26 | 903,315 | ||||||
| Frisco Independent School District (GO) | ||||||||
| 500,000 | 4.00%, 02/15/27 (c) | 568,555 | ||||||
| 880,000 | 4.00%, 02/15/27 (c) | 1,006,025 | ||||||
| Garland Independent School District (GO) | ||||||||
| 165,000 | 4.00%, 02/15/25 (c) | 181,929 | ||||||
| 120,000 | 5.00%, 02/15/25 (c) | 139,106 | ||||||
See Notes to Financial Statements
| 53 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 300,000 |
Garland Independent School District, Series A (GO)
5.00%, 02/15/25 (c) |
$ | 350,481 | ||||
| 200,000 |
Grand Parkway Transportation Corp., Series A (RB)
5.00%, 04/01/28 (c) |
247,890 | ||||||
| 250,000 |
Grapevine-Colleyville Independent School District (GO)
5.00%, 08/15/25 (c) |
294,073 | ||||||
| 480,000 |
Harris County Flood Control District, Series A (GO)
5.00%, 10/01/25 (c) |
564,456 | ||||||
| Harris County Hospital District (RB) | ||||||||
| 365,000 | 3.00%, 02/15/26 (c) | 364,467 | ||||||
| 570,000 | 3.13%, 02/15/26 (c) | 565,845 | ||||||
| 100,000 | 4.00%, 02/15/26 (c) | 104,918 | ||||||
| 100,000 | 4.00%, 02/15/26 (c) | 104,601 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB) | ||||||||
| 385,000 | 3.00%, 05/15/26 (c) | 387,822 | ||||||
| 730,000 | 3.00%, 05/15/26 (c) | 730,737 | ||||||
| 210,000 | 4.00%, 05/15/26 (c) | 230,276 | ||||||
| 330,000 | 5.00%, 05/15/26 (c) | 382,823 | ||||||
| 245,000 | 5.00%, 11/15/27 | 292,229 | ||||||
| 160,000 |
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB)
5.00%, 12/01/24 (c) |
180,568 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B-3 (RB) | ||||||||
| 10,000 | 5.00%, 12/01/24 (c) | 11,809 | ||||||
| 640,000 | 5.00%, 09/01/26 (c) (p) | 771,258 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
| 950,000 | 4.00%, 11/15/27 (c) | 1,047,840 | ||||||
| 300,000 | 5.00%, 11/15/27 (c) | 367,845 | ||||||
| 350,000 | 5.00%, 11/15/27 (c) | 426,485 | ||||||
| 300,000 |
Harris County, Cultural Education Facilities Finance
Corp., Texas Children’s Hospital (RB)
5.00%, 10/01/25 (c) |
350,115 | ||||||
| 330,000 |
Harris County, Cultural Education Facilities Finance
Corp., Texas Children’s Hospital, Series A (RB)
5.00%, 10/01/29 |
415,939 | ||||||
| Harris County, Flood Control District, Series A (GO) | ||||||||
| 275,000 | 5.00%, 10/01/25 (c) | 324,167 | ||||||
| 630,000 | 5.00%, 10/01/25 (c) | 744,074 | ||||||
| 210,000 | 5.00%, 10/01/27 (c) | 253,678 | ||||||
| 250,000 | 5.00%, 10/01/27 (c) | 310,225 | ||||||
| 400,000 |
Harris County, Flood Control District, Series B (GO)
5.00%, 10/01/25 (c) |
471,516 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Harris County, Houston Sports Authority, Senior Lien, Series A (RB) | ||||||||
| $ | 100,000 | 5.00%, 11/15/24 (c) | $ | 100,019 | ||||
| 445,000 | 5.00%, 11/15/24 (c) | 448,088 | ||||||
| 440,000 | 5.00%, 11/15/24 (c) | 462,576 | ||||||
| 260,000 |
Harris County, Toll Road, Senior Lien, Series A (RB)
5.00%, 02/15/28 (c) |
314,821 |
||||||
| Hays Consolidated Independent School District (GO) | ||||||||
| 800,000 | 4.00%, 02/15/27 (c) | 905,600 | ||||||
| 500,000 | 4.00%, 02/15/27 (c) | 567,735 | ||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 525,000 | 5.00%, 02/15/26 | 630,698 | ||||||
| 540,000 | 5.00%, 02/15/27 (c) | 648,124 | ||||||
| 750,000 | 5.00%, 02/15/27 (c) | 917,392 | ||||||
| 900,000 | 5.00%, 02/15/27 | 1,107,720 | ||||||
| Houston Independent School District, Limited Tax School House, Series A (GO) | ||||||||
| 215,000 | 4.00%, 02/15/26 (c) | 239,656 | ||||||
| 350,000 | 4.00%, 02/15/26 (c) | 391,972 | ||||||
| 270,000 | 5.00%, 02/15/26 (c) | 323,363 | ||||||
| 400,000 | 5.00%, 02/15/26 (c) | 477,340 | ||||||
| 135,000 | 5.00%, 02/15/26 (c) | 160,608 | ||||||
| 605,000 |
Houston
Independent School District, Maintenance Tax Notes (GO)
5.00%, 07/15/28 (c) |
749,196 |
||||||
| 100,000 |
Humble Independent School District, Series A (GO)
4.00%, 02/15/25 (c) |
111,869 |
||||||
| 210,000 |
Humble Independent School District, Series C (GO)
4.00%, 02/15/26 (c) |
232,264 |
||||||
| Katy Independent School District, Fort Bend, Harris and Waller Counties, Series A (GO) | ||||||||
| 315,000 | 4.00%, 02/15/25 (c) | 351,612 | ||||||
| 280,000 | 5.00%, 02/15/25 (c) | 327,541 | ||||||
| 120,000 |
Katy Independent
School District, Fort Bend, Harris and Waller Counties, Series D (GO)
5.00%, 02/15/27 (c) |
148,073 |
||||||
| 100,000 |
Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO)
5.00%, 02/15/25 (c) |
117,588 |
||||||
| 310,000 |
Leander Independent School District, Series D (GO)
0.00%, 08/15/24 (c) ^ |
170,869 |
||||||
| Lewisville Independent School District, Series A (GO) | ||||||||
| 100,000 | 4.00%, 08/15/25 (c) | 113,661 | ||||||
| 400,000 | 4.00%, 08/15/25 (c) | 453,332 | ||||||
| Lewisville Independent School District, Series B (GO) | ||||||||
| 550,000 | 5.00%, 08/15/25 (c) | 651,255 | ||||||
| 145,000 | 5.00%, 08/15/25 (c) | 172,263 | ||||||
| 195,000 | 5.00%, 08/15/25 | 231,009 | ||||||
See Notes to Financial Statements
| 54 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 400,000 |
Lone Star College System (GO)
5.00%, 02/15/26 (c) |
$ | 473,204 | ||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
| 320,000 | 5.00%, 05/15/26 (c) | 374,070 | ||||||
| 275,000 | 5.00%, 05/15/26 (c) | 329,233 | ||||||
| Lower Colorado River Authority, Series B (RB) | ||||||||
| 370,000 | 5.00%, 05/15/25 (c) | 428,874 | ||||||
| 380,000 | 5.00%, 05/15/25 (c) | 444,060 | ||||||
| 105,000 | 5.00%, 05/15/25 (c) | 123,146 | ||||||
| 500,000 |
Mansfield Independent School District (GO)
5.00%, 02/15/25 (c) |
583,885 | ||||||
| Metropolitan Transit Authority of Harris County, Series A (RB) | ||||||||
| 150,000 | 5.00%, 11/01/25 | 179,001 | ||||||
| 90,000 | 5.00%, 11/01/26 (c) | 111,405 | ||||||
| Montgomery Independent School District (GO) | ||||||||
| 500,000 | 4.00%, 02/15/25 (c) | 557,625 | ||||||
| 100,000 | 5.00%, 02/15/25 (c) | 116,777 | ||||||
| 470,000 | 5.00%, 02/15/25 (c) | 547,902 | ||||||
| 980,000 |
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB)
4.00%, 07/01/26 (c) |
810,921 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) | ||||||||
| 250,000 | 4.00%, 08/15/27 (c) | 274,928 | ||||||
| 250,000 | 5.00%, 08/15/27 (c) | 298,980 | ||||||
| North Harris County Regional Water Authority (RB) | ||||||||
| 45,000 | 5.00%, 12/15/25 | 53,704 | ||||||
| 250,000 | 5.00%, 12/15/26 (c) | 302,805 | ||||||
| 205,000 | 5.00%, 12/15/26 (c) | 249,448 | ||||||
| 245,000 | 5.00%, 12/15/26 (c) | 298,638 | ||||||
| North Texas Municipal Water District, Water System (RB) | ||||||||
| 150,000 | 3.00%, 09/01/25 (c) | 159,503 | ||||||
| 820,000 | 5.00%, 09/01/25 (c) | 962,385 | ||||||
| 530,000 | 5.00%, 09/01/25 (c) | 624,404 | ||||||
| 50,000 | 5.00%, 09/01/25 (c) | 58,878 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 599,040 | ||||||
| 715,000 | 5.00%, 09/01/26 (c) | 850,485 | ||||||
| 400,000 | 5.00%, 09/01/26 (c) | 482,428 | ||||||
| 45,000 | 5.00%, 09/01/26 (c) | 54,093 | ||||||
| North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
| 2,200,000 | 4.00%, 01/01/29 (c) | 2,397,032 | ||||||
| 410,000 | 5.00%, 01/01/24 (c) | 454,772 | ||||||
| 295,000 | 5.00%, 01/01/26 (c) | 338,920 | ||||||
| 425,000 | 5.00%, 01/01/26 (c) | 485,295 | ||||||
| 575,000 | 5.00%, 01/01/26 (c) | 653,499 | ||||||
| 500,000 | 5.00%, 01/01/26 (c) | 563,240 | ||||||
| 460,000 | 5.00%, 01/01/26 (c) | 528,485 | ||||||
| 635,000 | 5.00%, 01/01/26 (c) | 725,087 | ||||||
| 640,000 | 5.00%, 01/01/26 (c) | 739,469 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 100,000 |
North Texas Tollway Authority, First Tier,
Series B (RB)
4.00%, 01/01/25 (c) |
$ | 106,260 | ||||
| North Texas Tollway Authority, Second Tier, Series A (RB) | ||||||||
| 655,000 | 5.00%, 01/01/25 (c) | 730,377 | ||||||
| 560,000 | 5.00%, 01/01/25 (c) | 635,818 | ||||||
| North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) | ||||||||
| 450,000 | 4.00%, 01/01/27 (c) | 483,574 | ||||||
| 185,000 | 5.00%, 01/01/26 (c) | 214,641 | ||||||
| 875,000 | 5.00%, 01/01/26 (c) | 1,005,270 | ||||||
| 880,000 |
Northside Independent School District (GO)
5.00%, 08/15/27 (c) |
1,083,500 | ||||||
| Northwest Independent School District (GO) | ||||||||
| 25,000 | 5.00%, 02/15/25 (c) | 29,156 | ||||||
| 315,000 | 5.00%, 02/15/25 (c) | 368,005 | ||||||
| 105,000 | 5.00%, 02/15/25 (c) | 123,094 | ||||||
| Northwest Independent School District, Series A (GO) | ||||||||
| 545,000 | 4.00%, 08/15/28 (c) | 627,344 | ||||||
| 520,000 | 5.00%, 02/15/25 (c) | 609,606 | ||||||
| 270,000 |
Permanent University Fund, Texas A&M University System, Series A (RB)
5.25%, 07/01/25 (c) |
322,361 | ||||||
| 775,000 |
Pharr-San Juan-Alamo Independent School District (GO)
4.00%, 02/01/25 (c) |
851,399 | ||||||
| Plano Independent School District, Series A (GO) | ||||||||
| 600,000 | 5.00%, 02/15/26 (c) | 721,536 | ||||||
| 100,000 | 5.00%, 02/15/26 (c) | 120,689 | ||||||
| 500,000 |
San Antonio Independent School District (GO)
4.00%, 08/15/28 (c) |
576,305 | ||||||
| San Antonio Water System, Junior Lien, Series A (RB) | ||||||||
| 400,000 | 5.00%, 05/15/26 (c) | 477,108 | ||||||
| 650,000 | 5.00%, 05/15/26 (c) | 778,602 | ||||||
| 500,000 | 5.00%, 05/15/28 (c) | 615,645 | ||||||
| 200,000 |
San Antonio Water System, Junior Lien, Series B
(RB)
5.00%, 05/15/25 (c) |
230,156 | ||||||
| Socorro Independent School District, Series B (GO) | ||||||||
| 225,000 | 4.00%, 08/15/27 (c) | 256,104 | ||||||
| 780,000 | 5.00%, 08/15/27 (c) | 963,760 | ||||||
| 800,000 | 5.00%, 08/15/27 (c) | 982,808 | ||||||
| Spring Independent School District (GO) | ||||||||
| 45,000 | 5.00%, 08/15/25 (c) | 53,008 | ||||||
| 400,000 | 5.00%, 08/15/25 (c) | 473,640 | ||||||
| 15,000 |
State of Texas, Finance Authority (GO)
5.00%, 10/01/26 |
18,403 | ||||||
| State of Texas, Finance Authority, Series A (GO) | ||||||||
| 170,000 | 5.00%, 10/01/26 | 208,565 | ||||||
| 130,000 | 5.00%, 10/01/27 (c) | 161,530 | ||||||
See Notes to Financial Statements
| 55 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| State of Texas, Transportation Commission, Highway Improvement (GO) | ||||||||
| $ | 20,000 | 5.00%, 04/01/24 (c) | $ | 22,827 | ||||
| 125,000 | 5.00%, 04/01/26 (c) | 148,841 | ||||||
| 70,000 | 5.00%, 04/01/26 (c) | 83,004 | ||||||
| State of Texas, Transportation Commission, Highway Improvement, Series A (GO) | ||||||||
| 400,000 | 5.00%, 04/01/26 (c) | 476,292 | ||||||
| 500,000 | 5.00%, 04/01/26 (c) | 597,855 | ||||||
| State of Texas, Transportation Commission, Mobility Fund, Series A (GO) | ||||||||
| 180,000 | 5.00%, 10/01/24 (c) | 207,270 | ||||||
| 150,000 | 5.00%, 10/01/25 (c) | 178,881 | ||||||
| 915,000 | 5.00%, 10/01/25 (c) | 1,089,060 | ||||||
| 150,000 | 5.00%, 10/01/27 (c) | 183,164 | ||||||
| State of Texas, Transportation Commission, Mobility Fund, Series B (GO) | ||||||||
| 240,000 | 5.00%, 10/01/27 (c) | 293,062 | ||||||
| 465,000 | 5.00%, 10/01/27 (c) | 570,634 | ||||||
| 105,000 | State of Texas, Water Infrastructure Fund, Series B-1 (GO) | |||||||
| 5.00%, 08/01/21 (c) | 110,290 | |||||||
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB) | ||||||||
| 80,000 | 5.00%, 05/15/26 (c) | 93,234 | ||||||
| 855,000 | 5.00%, 05/15/26 (c) | 1,001,231 | ||||||
| 140,000 |
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB)
5.00%, 07/01/28 |
168,241 | ||||||
| 315,000 |
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
5.00%, 02/15/26 |
371,697 | ||||||
| Tarrant Regional Water Control and Improvement District (RB) | ||||||||
| 260,000 | 5.00%, 03/01/25 (c) | 303,982 | ||||||
| 70,000 | 5.00%, 03/01/25 (c) | 81,877 | ||||||
| 440,000 | 5.00%, 03/01/25 (c) | 515,104 | ||||||
| Texas A&M University, Series D (RB) | ||||||||
| 10,000 | 4.00%, 05/15/26 (c) | 11,374 | ||||||
| 110,000 | 4.00%, 05/15/26 (c) | 125,863 | ||||||
| 295,000 | 5.00%, 05/15/26 | 359,437 | ||||||
| Texas A&M University, Series E (RB) | ||||||||
| 25,000 | 5.00%, 05/15/25 | 29,668 | ||||||
| 100,000 | 5.00%, 05/15/27 (c) | 123,879 | ||||||
| 545,000 |
Texas Public Finance Authority (GO)
5.00%, 10/01/26 (c) |
667,505 | ||||||
| Texas State University System, Board of Regents, Series A (RB) | ||||||||
| 160,000 | 5.00%, 03/15/25 (c) | 188,496 | ||||||
| 10,000 | 5.00%, 03/15/26 | 12,038 | ||||||
| 100,000 | 5.00%, 03/15/27 (c) | 122,346 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 125,000 |
Texas Transportation Commission, Central
Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c) |
$ | 133,195 | ||||
| 995,000 |
Texas Transportation Commission, State Highway Fund, First Tier (RB)
5.00%, 10/01/26 |
1,221,402 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 125,000 | 5.00%, 04/15/26 | 152,058 | ||||||
| 600,000 | 5.00%, 10/15/26 (c) | 735,576 | ||||||
| 370,000 | 5.00%, 10/15/26 (c) | 455,918 | ||||||
| 1,000,000 | 5.00%, 08/01/27 (c) | 1,237,600 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 45,000 | 4.00%, 10/15/25 (c) | 50,229 | ||||||
| 400,000 | 4.00%, 10/15/27 (c) | 455,084 | ||||||
| 180,000 | 4.00%, 04/15/28 (c) | 203,314 | ||||||
| 600,000 | 4.00%, 04/15/28 (c) | 685,374 | ||||||
| 125,000 | 5.00%, 10/15/25 (c) | 148,204 | ||||||
| 1,040,000 | 5.00%, 10/15/25 (c) | 1,245,109 | ||||||
| 165,000 | 5.00%, 10/15/25 (c) | 197,253 | ||||||
| 250,000 | 5.00%, 10/15/27 (c) | 311,462 | ||||||
| 200,000 | 5.00%, 10/15/27 (c) | 247,118 | ||||||
| Texas Water Development Board, Series B (RB) | ||||||||
| 120,000 | 4.00%, 10/15/28 (c) | 135,899 | ||||||
| 1,000,000 | 4.00%, 10/15/28 (c) | 1,142,050 | ||||||
| 1,000,000 | 5.00%, 10/15/28 (c) | 1,256,480 | ||||||
| Trinity River Authority, Regional Wastewater System (RB) | ||||||||
| 180,000 | 5.00%, 08/01/26 | 218,106 | ||||||
| 285,000 | 5.00%, 08/01/27 (c) | 344,893 | ||||||
| 670,000 | 5.00%, 08/01/27 (c) | 824,033 | ||||||
| University of North Texas, Series A (RB) | ||||||||
| 140,000 | 5.00%, 04/15/27 (c) | 168,524 | ||||||
| 75,000 | 5.00%, 04/15/27 (c) | 91,914 | ||||||
| 165,000 | 5.00%, 04/15/27 (c) | 203,206 | ||||||
| 155,000 |
University of Texas, Series B (RB)
5.00%, 08/15/26 |
189,447 | ||||||
| 135,000 |
University of Texas, Series D (RB)
5.00%, 08/15/26 |
165,002 | ||||||
| 200,000 |
University of Texas, Series J (RB)
5.00%, 08/15/26 |
244,448 | ||||||
| Via Metropolitan Transit Authority, Sales Tax (RB) | ||||||||
| 275,000 | 5.00%, 01/15/27 (c) | 333,462 | ||||||
| 135,000 | 5.00%, 01/15/27 (c) | 164,519 | ||||||
| 148,292,077 | ||||||||
| Utah: 0.4% | ||||||||
| 395,000 |
Central Utah Water Conservancy District (RB)
4.00%, 10/01/27 (c) |
444,813 | ||||||
| State of Utah (GO) | ||||||||
| 1,140,000 | 5.00%, 01/01/27 (c) | 1,413,372 | ||||||
| 250,000 | 5.00%, 01/01/29 (c) | 314,135 | ||||||
| 365,000 |
University of Utah, Series A (RB)
5.00%, 08/01/27 (c) |
442,128 | ||||||
See Notes to Financial Statements
| 56 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Utah: (continued) | ||||||||
| $ | 1,000,000 |
University of Utah, Series B-1 (RB)
5.00%, 08/01/26 |
$ | 1,208,380 | ||||
| Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
| 130,000 | 0.00%, 06/15/26 (c) ^ | 89,898 | ||||||
| 735,000 | 3.00%, 06/15/26 (c) | 782,150 | ||||||
| 850,000 | 4.00%, 06/15/26 (c) | 940,856 | ||||||
| 255,000 |
Utah Transit Authority, Subordinated Sales Tax, Series A (RB)
5.00%, 06/15/25 (c) |
306,995 | ||||||
| 5,942,727 | ||||||||
| Vermont: 0.1% | ||||||||
| 1,100,000 |
Vermont Educational and Health Buildings Financing Agency, Series A (RB)
5.00%, 06/01/26 (c) |
1,224,872 | ||||||
| Virginia: 2.1% | ||||||||
| 650,000 |
Arlington County, Series B (GO)
5.00%, 08/15/26 (c) |
794,898 | ||||||
| City of Richmond, Public Utility Revenue, Series A (RB) | ||||||||
| 1,520,000 | 5.00%, 01/15/26 (c) | 1,821,370 | ||||||
| 20,000 | 5.00%, 01/15/26 | 24,026 | ||||||
| Commonwealth of Virginia, Series B (GO) (SAW) | ||||||||
| 500,000 | 5.00%, 06/01/25 (c) | 593,540 | ||||||
| 520,000 | 5.00%, 06/01/25 (c) | 615,872 | ||||||
| County of Arlington (GO) | ||||||||
| 1,990,000 | 4.00%, 06/15/29 (c) | 2,315,823 | ||||||
| 1,130,000 | 5.00%, 08/15/27 (c) | 1,417,269 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 15,000 | 5.00%, 10/01/24 (c) | 17,524 | ||||||
| 800,000 | 5.00%, 10/01/25 | 961,440 | ||||||
| 260,000 | 5.00%, 10/01/26 | 320,780 | ||||||
| 750,000 | 5.00%, 04/01/28 (c) | 938,475 | ||||||
| 1,755,000 | 5.00%, 04/01/29 (c) | 2,231,746 | ||||||
| 15,000 |
County of Fairfax, Public Improvement, Series B (GO) (SAW)
5.00%, 04/01/25 (c) |
17,946 | ||||||
| 25,000 |
County of Henrico, Water and Sewer Revenue (RB)
5.00%, 05/01/25 |
29,743 | ||||||
| 155,000 |
Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB)
5.00%, 05/15/26 (c) |
180,662 | ||||||
| 165,000 |
Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB)
5.00%, 05/15/26 |
195,764 | ||||||
| 550,000 |
Fairfax County Water Authority (RB)
4.00%, 04/01/27 (c) |
649,885 | ||||||
| 260,000 |
Hampton Roads Sanitation District, Series A (RB)
5.00%, 08/01/26 (c) |
323,843 | ||||||
| 200,000 |
Upper Occoquan Sewage Authority (RB)
5.00%, 07/01/25 (c) |
236,522 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| $ | 110,000 | 5.00%, 02/01/26 (c) | $ | 132,833 | ||||
| 130,000 | 5.00%, 02/01/26 | 156,026 | ||||||
| 110,000 |
Virginia College Building Authority, 21st Century
College and Equipment Programs Educational Facilities, Series C (RB)
3.00%, 02/01/27 (c) |
114,653 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
| 145,000 | 5.00%, 02/01/26 | 174,029 | ||||||
| 125,000 | 5.00%, 02/01/27 | 153,713 | ||||||
| 450,000 | 5.00%, 02/01/28 (c) | 554,679 | ||||||
| 880,000 | 5.00%, 02/01/28 (c) | 1,090,637 | ||||||
| 120,000 | 5.00%, 02/01/28 (c) | 149,648 | ||||||
| Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) | ||||||||
| 775,000 | 3.00%, 09/01/27 (c) | 815,424 | ||||||
| 1,040,000 | 5.00%, 09/01/26 (c) | 1,268,322 | ||||||
| 1,000,000 | 5.00%, 09/01/26 (c) | 1,217,500 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 15,000 | 5.00%, 05/15/24 (c) | 17,237 | ||||||
| 100,000 | 5.00%, 05/15/26 (c) | 121,390 | ||||||
| 1,000,000 | 5.00%, 05/15/26 | 1,202,960 | ||||||
| 20,000 | 5.00%, 09/15/26 (c) | 24,346 | ||||||
| 510,000 | 5.00%, 09/15/26 (c) | 624,995 | ||||||
| 400,000 | 5.00%, 05/15/27 (c) | 491,408 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 180,000 | 4.00%, 11/15/27 (c) | 203,362 | ||||||
| 120,000 | 5.00%, 11/15/27 (c) | 146,791 | ||||||
| 800,000 | 5.00%, 11/15/27 (c) | 972,128 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 125,000 | 3.00%, 08/01/24 (c) | 132,838 | ||||||
| 695,000 | 3.00%, 08/01/26 (c) | 736,999 | ||||||
| 400,000 | 3.00%, 08/01/28 (c) | 428,932 | ||||||
| 1,050,000 | 3.13%, 08/01/28 (c) | 1,131,963 | ||||||
| 250,000 | 4.00%, 08/01/27 (c) | 285,968 | ||||||
| 325,000 | 5.00%, 08/01/26 | 397,933 | ||||||
| 485,000 | 5.00%, 08/01/26 | 593,839 | ||||||
| 700,000 | 5.00%, 08/01/28 (c) | 880,215 | ||||||
| 1,000,000 | 5.00%, 08/01/30 (c) | 1,279,630 | ||||||
| Virginia Public Building Authority, Series B (RB) | ||||||||
| 25,000 | 5.00%, 08/01/25 | 29,825 | ||||||
| 15,000 | 5.00%, 08/01/26 | 18,326 | ||||||
| 400,000 |
Virginia Public Building Authority, Series C (RB)
4.00%, 08/01/24 (c) |
445,636 | ||||||
See Notes to Financial Statements
| 57 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Virginia Public School Authority (RB) (SAW) | ||||||||
| $ | 750,000 | 5.00%, 08/01/26 (c) | $ | 915,787 | ||||
| 30,000 | 5.00%, 08/01/26 (c) | 36,611 | ||||||
| 30,000 | 5.00%, 08/01/26 | 36,491 | ||||||
| 575,000 | 5.00%, 08/01/26 (c) | 703,650 | ||||||
| Virginia Public School Authority, Series A (RB) (SAW) | ||||||||
| 775,000 | 5.00%, 08/01/25 (c) | 913,330 | ||||||
| 365,000 | 5.00%, 08/01/25 (c) | 430,758 | ||||||
| 560,000 |
Virginia Resources Authority, Series C (RB)
4.00%, 11/01/26 (c) |
621,936 | ||||||
| 750,000 |
Virginia Small Business Financing Authority, Hampton University (RB)
5.25%, 10/01/24 (c) |
866,737 | ||||||
| 34,206,613 | ||||||||
| Washington: 3.8% | ||||||||
| 600,000 |
Auburn School District No. 408 of King and Pierce
Counties (GO) (SBG)
4.00%, 06/01/26 (c) |
659,814 | ||||||
| Central Puget Sound Regional Transit Authority, Series S-1 (RB) | ||||||||
| 590,000 | 5.00%, 11/01/25 (c) | 693,132 | ||||||
| 815,000 | 5.00%, 11/01/25 (c) | 953,265 | ||||||
| 830,000 | 5.00%, 11/01/25 (c) | 952,989 | ||||||
| 110,000 | 5.00%, 11/01/25 (c) | 129,798 | ||||||
| 15,000 | 5.00%, 11/01/25 | 18,023 | ||||||
| 110,000 | 5.00%, 11/01/26 (c) | 134,850 | ||||||
| City of Seattle, Drainage and Wastewater System (RB) | ||||||||
| 640,000 | 4.00%, 04/01/26 (c) | 708,570 | ||||||
| 500,000 | 4.00%, 07/01/27 (c) | 568,750 | ||||||
| 915,000 |
City of Seattle, Municipal Light and Power Improvement, Series A (RB)
4.00%, 01/01/28 (c) |
1,029,448 | ||||||
| 135,000 |
City of Seattle, Municipal Light and Power Improvement, Series B (RB)
5.00%, 04/01/26 (c) |
162,182 | ||||||
| City of Seattle, Water System Improvement (RB) | ||||||||
| 115,000 | 4.00%, 02/01/27 (c) | 131,649 | ||||||
| 400,000 | 5.00%, 05/01/25 (c) | 469,300 | ||||||
| 20,000 | 5.00%, 08/01/26 | 24,475 | ||||||
| 500,000 | 5.00%, 02/01/27 (c) | 608,860 | ||||||
| 15,000 |
City of Spokane, Water and Wastewater Revenue (RB)
5.00%, 12/01/24 (c) |
17,530 | ||||||
| 750,000 |
County of King (GO)
5.00%, 01/01/29 (c) |
926,280 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 195,000 | 5.00%, 07/01/20 (c) | 196,193 | ||||||
| 235,000 | 5.00%, 07/01/25 (c) | 276,501 | ||||||
| 185,000 | 5.00%, 07/01/26 (c) | 223,593 | ||||||
| 400,000 | 5.00%, 07/01/27 (c) | 480,000 | ||||||
| 125,000 | 5.00%, 07/01/28 (c) | 154,060 | ||||||
| 1,000,000 | 5.00%, 07/01/29 (c) | 1,235,370 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 715,000 |
Energy Northwest, Colombia Generating Station Electric, Series C (RB)
5.00%, 07/01/25 (c) |
$ | 834,291 | ||||
| Energy Northwest, Project 1 Electric, Series A (RB) | ||||||||
| 430,000 | 5.00%, 07/01/22 (c) | 465,935 | ||||||
| 340,000 | 5.00%, 07/01/25 (c) | 401,900 | ||||||
| 655,000 | 5.00%, 07/01/27 (c) | 810,222 | ||||||
| Energy Northwest, Project 3 Electric, Series A (RB) | ||||||||
| 105,000 | 5.00%, 07/01/25 | 124,174 | ||||||
| 130,000 | 5.00%, 07/01/25 (c) | 153,668 | ||||||
| 370,000 | 5.00%, 07/01/26 | 447,430 | ||||||
| 130,000 | 5.00%, 07/01/26 (c) | 157,461 | ||||||
| 270,000 |
Energy Northwest, Project 3 Electric, Series C (RB)
5.00%, 07/01/28 |
342,392 | ||||||
| 760,000 |
FYI Properties (RB)
5.00%, 06/01/27 |
941,815 | ||||||
| Grant and Douglas Counties School District No. 144-101 (GO) (SBG) | ||||||||
| 125,000 | 4.00%, 06/01/26 (c) | 136,825 | ||||||
| 520,000 | 4.00%, 06/01/26 (c) | 576,976 | ||||||
| 880,000 |
King County School District No. 210 (GO) (SBG)
4.00%, 12/01/27 (c) |
1,002,751 | ||||||
| King County School District No. 401 (GO) (SBG) | ||||||||
| 690,000 | 3.13%, 12/01/26 (c) | 724,755 | ||||||
| 700,000 | 5.00%, 12/01/26 (c) | 853,965 | ||||||
| King County School District No. 405 (GO) (SBG) | ||||||||
| 515,000 | 5.00%, 12/01/26 (c) | 628,274 | ||||||
| 360,000 | 5.00%, 12/01/26 | 444,258 | ||||||
| 635,000 |
King County School District No. 411 (GO) (SBG)
4.00%, 06/01/26 (c) |
713,061 | ||||||
| 835,000 |
King County School District No. 414 (GO) (SBG)
5.00%, 06/01/27 (c) |
1,016,638 | ||||||
| 840,000 |
King County, Washington Limited Tax (GO)
4.00%, 07/01/27 (c) |
974,249 | ||||||
| 570,000 |
King County, Washington Limited Tax, Series A (GO)
5.00%, 01/01/25 (c) |
663,189 | ||||||
| King County, Washington Limited Tax, Series E (GO) | ||||||||
| 460,000 | 4.00%, 12/01/25 (c) | 504,588 | ||||||
| 500,000 | 5.00%, 12/01/25 (c) | 599,410 | ||||||
| 445,000 |
King County, Washington Sewer Revenue, Series B (RB)
5.00%, 07/01/24 (c) |
513,668 | ||||||
| Kitsap County School District No. 401 (GO) (SBG) | ||||||||
| 250,000 | 4.00%, 06/01/26 (c) | 276,420 | ||||||
| 15,000 | 4.00%, 06/01/26 (c) | 17,103 | ||||||
See Notes to Financial Statements
| 58 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 345,000 |
Klickitat County Public Utility District No. 1 (RB)
5.00%, 06/01/25 (c) |
$ | 398,127 | ||||
| 845,000 |
Pasco School District No. 1, Franklin County (GO) (SBG)
5.00%, 12/01/27 (c) |
1,045,240 | ||||||
| Pierce County School District No. 10 (GO) (SBG) | ||||||||
| 560,000 | 5.00%, 12/01/25 (c) | 659,456 | ||||||
| 25,000 | 5.00%, 12/01/25 (c) | 29,557 | ||||||
| Pierce County School District No. 403 (GO) (SBG) | ||||||||
| 200,000 | 5.00%, 06/01/29 (c) | 247,256 | ||||||
| 500,000 | 5.00%, 06/01/29 (c) | 631,245 | ||||||
| 175,000 |
Pierce County School District No. 416 (GO) (SBG)
4.00%, 06/01/26 (c) |
195,234 | ||||||
| Port of Seattle, Intermediate Lien (RB) | ||||||||
| 30,000 | 5.00%, 02/01/26 (c) | 34,206 | ||||||
| 130,000 | 5.00%, 02/01/26 (c) | 150,115 | ||||||
| 395,000 |
Port of Seattle, Intermediate Lien, Series B (RB)
5.00%, 09/01/24 (c) |
444,979 | ||||||
| Port of Tacoma, Series A (GO) | ||||||||
| 110,000 | 5.00%, 12/01/26 (c) | 133,733 | ||||||
| 500,000 | 5.00%, 12/01/26 (c) | 611,025 | ||||||
| Puyallup School District No. 3 (GO) (SBG) | ||||||||
| 565,000 | 5.00%, 06/01/27 (c) | 680,198 | ||||||
| 100,000 | 5.00%, 06/01/27 (c) | 122,597 | ||||||
| 735,000 |
Snohomish County School District No. 201 (GO) (SBG)
5.00%, 12/01/25 (c) |
878,509 | ||||||
| 125,000 |
State of Washington, Motor Vehicle Fuel Tax, Series C (GO)
5.00%, 01/01/26 (c) |
147,180 | ||||||
| 825,000 |
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO)
5.00%, 08/01/26 (c) |
989,290 | ||||||
| State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) | ||||||||
| 135,000 | 5.00%, 08/01/26 (c) | 162,684 | ||||||
| 835,000 | 5.00%, 08/01/26 (c) | 1,011,218 | ||||||
| 720,000 |
State of Washington, Motor Vehicle Fuel Tax, Series R-C (GO)
5.00%, 01/01/26 (c) |
844,783 | ||||||
| 520,000 |
State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO)
5.00%, 01/01/25 (c) |
603,996 | ||||||
| 10,000 |
State of Washington, Motor Vehicle Fuel Tax, Series R-F (GO)
5.00%, 01/01/25 (c) |
11,729 | ||||||
| 545,000 |
State of Washington, Motor Vehicle Fuel Tax, Series R-H (GO)
5.00%, 01/01/25 (c) |
633,034 | ||||||
| State of Washington, Series A (GO) | ||||||||
| 115,000 | 5.00%, 08/01/26 (c) | 136,326 | ||||||
| 755,000 | 5.00%, 08/01/26 (c) | 897,461 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 150,000 |
State of Washington, Series B (GO)
5.00%, 01/01/26 (c) |
$ | 178,220 | ||||
| State of Washington, Series C (GO) | ||||||||
| 175,000 | 5.00%, 02/01/25 (c) | 205,648 | ||||||
| 720,000 | 5.00%, 02/01/25 (c) | 827,071 | ||||||
| 500,000 | 5.00%, 02/01/26 (c) | 599,185 | ||||||
| 1,545,000 | 5.00%, 08/01/27 | 1,932,610 | ||||||
| 880,000 | 5.00%, 08/01/27 (c) | 1,071,294 | ||||||
| 170,000 | 5.00%, 02/01/28 (c) | 212,089 | ||||||
| State of Washington, Series D (GO) | ||||||||
| 100,000 | 5.00%, 02/01/27 (c) | 120,019 | ||||||
| 110,000 | 5.00%, 02/01/27 | 135,984 | ||||||
| 880,000 | 5.00%, 08/01/27 (c) | 1,077,974 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 580,000 | 5.00%, 08/01/26 (c) | 702,403 | ||||||
| 245,000 | 5.00%, 08/01/26 (c) | 295,242 | ||||||
| 495,000 | 5.00%, 08/01/26 (c) | 593,574 | ||||||
| 200,000 | 5.00%, 08/01/26 (c) | 241,014 | ||||||
| 500,000 | 5.00%, 08/01/27 (c) | 608,690 | ||||||
| 500,000 | 5.00%, 08/01/27 (c) | 604,060 | ||||||
| 730,000 |
State of Washington, Various Purpose, Series A-1 (GO)
5.00%, 08/01/25 (c) |
854,268 | ||||||
| 20,000 |
State of Washington, Various Purpose, Series C (GO)
5.00%, 02/01/26 (c) |
24,041 | ||||||
| 25,000 |
State of Washington, Various Purpose, Series R-A (GO)
5.00%, 08/01/26 (c) |
29,717 | ||||||
| State of Washington, Various Purpose, Series R-B (GO) | ||||||||
| 20,000 | 5.00%, 01/01/26 (c) | 23,549 | ||||||
| 370,000 | 5.00%, 01/01/26 (c) | 437,625 | ||||||
| 105,000 | 5.00%, 01/01/26 (c) | 125,762 | ||||||
| 145,000 | 5.00%, 08/01/26 (c) | 176,374 | ||||||
| State of Washington, Various Purpose, Series R-C (GO) | ||||||||
| 360,000 | 5.00%, 01/01/25 (c) | 420,988 | ||||||
| 645,000 | 5.00%, 01/01/25 (c) | 755,863 | ||||||
| 880,000 | 5.00%, 08/01/27 (c) | 1,063,146 | ||||||
| 420,000 | 5.00%, 08/01/27 (c) | 514,487 | ||||||
| State of Washington, Various Purpose, Series R-E (GO) | ||||||||
| 630,000 | 5.00%, 01/01/25 (c) | 729,603 | ||||||
| 250,000 | 5.00%, 01/01/25 (c) | 287,700 | ||||||
| 720,000 | 5.00%, 01/01/25 (c) | 844,474 | ||||||
| 550,000 | 5.00%, 01/01/25 (c) | 641,003 | ||||||
| 220,000 |
Tacoma School District No. 10 (GO) (SBG)
5.00%, 12/01/25 (c) |
261,263 | ||||||
| 1,000,000 |
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-2 (RB)
5.00%, 08/01/29 (c) |
1,114,020 | ||||||
| 600,000 |
Washington Health Care Facilities Authority, Multicare Health System, Series B, (RB)
5.00%, 08/15/25 (c) |
694,884 | ||||||
See Notes to Financial Statements
| 59 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) | ||||||||
| $ | 195,000 | 5.00%, 10/01/25 | $ | 227,659 | ||||
| 225,000 | 5.00%, 10/01/28 (c) | 268,378 | ||||||
| 250,000 | 5.00%, 10/01/28 (c) | 304,643 | ||||||
| 130,000 | 5.00%, 10/01/28 | 160,417 | ||||||
| 760,000 |
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/27 (c) |
798,068 | ||||||
| Washington State Convention Center Public Facilities District (RB) | ||||||||
| 790,000 | 5.00%, 07/01/28 (c) | 823,054 | ||||||
| 520,000 | 5.00%, 07/01/28 (c) | 543,400 | ||||||
| Washington State University (RB) | ||||||||
| 325,000 | 5.00%, 04/01/25 (c) | 365,917 | ||||||
| 405,000 | 5.00%, 04/01/25 (c) | 459,825 | ||||||
| 430,000 | 5.00%, 04/01/25 (c) | 495,270 | ||||||
| 59,629,703 | ||||||||
| West Virginia: 0.2% | ||||||||
| 270,000 |
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB)
5.00%, 09/01/27 (c) |
330,539 | ||||||
| 500,000 |
State of West Virginia, Series A (GO)
5.00%, 06/01/29 (c) |
621,560 | ||||||
| 200,000 |
State of West Virginia, Series B (GO)
5.00%, 06/01/28 (c) |
247,870 | ||||||
| West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) | ||||||||
| 1,055,000 | 3.00%, 06/01/26 (c) | 1,051,044 | ||||||
| 240,000 | 4.00%, 06/01/26 (c) | 251,316 | ||||||
| 240,000 | 5.00%, 06/01/26 (c) | 273,770 | ||||||
| 1,045,000 | 5.00%, 06/01/26 | 1,205,209 | ||||||
| 3,981,308 | ||||||||
| Wisconsin: 1.5% | ||||||||
| 155,000 |
City of Milwaukee, Series N2 (GO)
4.00%, 03/01/26 |
177,204 | ||||||
| City of Milwaukee, Series N4 (GO) | ||||||||
| 200,000 | 5.00%, 04/01/26 | 240,270 | ||||||
| 100,000 | 5.00%, 04/01/27 | 123,008 | ||||||
| 350,000 |
Middleton-Cross Plains Area School District, Series A (GO)
3.25%, 03/01/27 (c) |
366,229 | ||||||
| Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB) | ||||||||
| 165,000 | 5.00%, 03/01/26 (c) | 189,372 | ||||||
| 180,000 | 5.00%, 03/01/26 (c) | 207,446 | ||||||
| 390,000 | 5.00%, 03/01/26 (c) | 451,663 | ||||||
| Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) | ||||||||
| 375,000 | 3.00%, 06/01/26 (c) | 365,617 | ||||||
| 560,000 | 5.00%, 06/01/25 (c) | 617,921 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| State of Wisconsin, Environmental Improvement Fund, Series A (RB) | ||||||||
| $ | 185,000 | 5.00%, 06/01/25 (c) | $ | 216,524 | ||||
| 100,000 | 5.00%, 06/01/25 (c) | 116,827 | ||||||
| 220,000 | 5.00%, 06/01/25 (c) | 259,138 | ||||||
| 185,000 | 5.00%, 06/01/25 (c) | 218,709 | ||||||
| 150,000 | 5.00%, 06/01/25 (c) | 177,089 | ||||||
| State of Wisconsin, General Fund Annual Appropriation, Series B (RB) | ||||||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,905 | ||||||
| 20,000 | 5.00%, 05/01/26 (c) | 23,897 | ||||||
| State of Wisconsin, Series 1 (GO) | ||||||||
| 15,000 | 5.00%, 05/01/25 (c) | 17,822 | ||||||
| 460,000 | 5.00%, 05/01/27 (c) | 563,325 | ||||||
| 250,000 | 5.00%, 05/01/27 (c) | 309,483 | ||||||
| 405,000 | 5.00%, 05/01/27 (c) | 506,222 | ||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 510,000 | 5.00%, 05/01/26 (c) | 623,414 | ||||||
| 150,000 | 5.00%, 05/01/26 (c) | 182,388 | ||||||
| 635,000 | 5.00%, 11/01/26 | 782,891 | ||||||
| 315,000 | 5.00%, 11/01/26 | 388,363 | ||||||
| 500,000 | 5.00%, 05/01/27 (c) | 624,965 | ||||||
| State of Wisconsin, Series 3 (GO) | ||||||||
| 145,000 | 5.00%, 11/01/22 (c) | 160,489 | ||||||
| 385,000 | 5.00%, 11/01/22 (c) | 425,306 | ||||||
| 500,000 | 5.00%, 05/01/27 (c) | 608,780 | ||||||
| 450,000 | 5.00%, 05/01/27 (c) | 551,079 | ||||||
| 295,000 | 5.00%, 05/01/27 (c) | 367,189 | ||||||
| 40,000 |
State of Wisconsin, Series 4 (GO)
5.00%, 11/01/24 (c) |
46,694 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 100,000 | 4.00%, 05/01/26 (c) | 111,821 | ||||||
| 930,000 | 5.00%, 05/01/25 (c) | 1,078,456 | ||||||
| 250,000 | 5.00%, 05/01/25 (c) | 292,918 | ||||||
| 890,000 | 5.00%, 05/01/25 (c) | 1,029,303 | ||||||
| 160,000 | 5.00%, 05/01/26 | 193,211 | ||||||
| 210,000 |
State of Wisconsin, Series B (GO)
5.00%, 05/01/25 (c) |
246,051 | ||||||
| 500,000 |
State of Wisconsin, Series D (GO)
4.00%, 05/01/24 (c) |
548,355 | ||||||
| 500,000 |
Sun Prairie Area School District (GO)
4.00%, 03/01/25 (c) |
553,870 | ||||||
| Wisconsin Department of Transportation, Series 1 (RB) | ||||||||
| 565,000 | 5.00%, 07/01/24 (c) | 643,546 | ||||||
| 15,000 | 5.00%, 07/01/25 (c) | 17,772 | ||||||
| 500,000 | 5.00%, 07/01/26 | 610,240 | ||||||
| Wisconsin Department of Transportation, Series 2 (RB) | ||||||||
| 480,000 | 5.00%, 07/01/27 (c) | 586,728 | ||||||
| 115,000 | 5.00%, 07/01/27 (c) | 141,908 | ||||||
| Wisconsin Department of Transportation, Series A (RB) | ||||||||
| 940,000 | 5.00%, 07/01/24 (c) | 1,076,403 | ||||||
| 510,000 | 5.00%, 07/01/24 (c) | 586,454 | ||||||
| 140,000 | 5.00%, 07/01/24 (c) | 161,049 | ||||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 1,000,000 | 4.00%, 05/15/26 (c) | 1,072,380 | ||||||
See Notes to Financial Statements
| 60 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 1,500,000 | 4.00%, 05/15/26 (c) | $ | 1,593,345 | ||||
| 290,000 | 5.00%, 05/15/26 (c) | 339,062 | ||||||
| 35,000 | 5.00%, 05/15/26 (c) | 40,770 | ||||||
| 100,000 | 5.00%, 05/15/26 (c) | 115,928 | ||||||
| 500,000 |
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB)
4.00%, 08/15/27 (c) |
557,715 | ||||||
| 125,000 |
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB)
5.00%, 04/01/27 (c) |
144,373 | ||||||
| 795,000 |
Wisconsin Health and Educational Facilities Authority, Home Ownership, Series B (RB)
3.15%, 09/01/25 (c) |
812,347 | ||||||
| 155,000 |
Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB)
5.00%, 11/15/24 (c) |
173,935 | ||||||
| 800,000 |
Wisconsin Health and Educational Facilities Authority, ProHealth Care, Inc. Obligated Group (RB)
3.38%, 08/15/24 (c) |
833,400 | ||||||
| 23,482,569 | ||||||||
| Wyoming: 0.1% | ||||||||
| 1,000,000 |
County of Sweetwater, Idaho Power Company Project (RB)
1.70%, 07/15/26 |
994,811 | ||||||
|
Total Municipal Bonds: 98.8%
(Cost: $1,534,343,952) |
1,561,977,875 | |||||||
| Other assets less liabilities: 1.2% | 19,701,548 | |||||||
| NET ASSETS: 100.0% | $ | 1,581,679,423 | ||||||
See Notes to Financial Statements
| 61 |
|
|
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Definitions: | |
| ACA | Credit Agricole SA |
| AGM | Assured Guaranty Municipal 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 | 7.5 | % | $ | 117,416,618 | ||||
| Health Care | 8.3 | 129,231,874 | ||||||
| Housing | 1.4 | 22,547,174 | ||||||
| Industrial Revenue | 0.7 | 10,883,748 | ||||||
| Leasing | 5.6 | 87,999,515 | ||||||
| Local | 18.2 | 283,552,538 | ||||||
| Power | 5.3 | 82,386,100 | ||||||
| Solid Waste/Resource Recovery | 0.1 | 1,125,787 | ||||||
| Special Tax | 10.9 | 170,508,280 | ||||||
| State | 19.3 | 301,317,097 | ||||||
| Tobacco | 1.3 | 20,815,187 | ||||||
| Transportation | 12.0 | 187,918,574 | ||||||
| Water & Sewer | 9.4 | 146,275,383 | ||||||
| 100.0 | % | $ | 1,561,977,875 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level
1
Quoted Prices |
Level
2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 1,561,977,875 | $ | — | $ | 1,561,977,875 | |||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 62 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| MUNICIPAL BONDS: 97.7% | ||||||||
| Alabama: 1.2% | ||||||||
| $ | 235,000 |
Alabama Federal Aid Highway Finance Authority, Series A (RB)
4.00%, 09/01/27 (c) |
$ | 258,512 | ||||
| 260,000 |
Infirmary Health System, Special Care Facilities Financing Authority of Mobile, Series A (RB)
4.00%, 02/01/26 (c) |
253,016 | ||||||
| 485,000 |
Lower Alabama Gas District, Series A (RB)
5.00%, 09/01/46 |
605,421 | ||||||
| 105,000 |
State of Alabama, Series A (GO)
5.00%, 11/01/28 (c) |
127,530 | ||||||
| 210,000 |
Tuscaloosa City Board of Education (RB)
4.00%, 08/01/26 (c) |
225,576 | ||||||
| 220,000 |
UAB Medicine Finance Authority, Series B (RB)
5.00%, 09/01/26 (c) |
247,834 | ||||||
| 280,000 |
UAB Medicine Finance Authority, Series B2 (RB)
4.00%, 03/01/27 (c) |
295,428 | ||||||
| 260,000 |
Water Works Board of the City of Birmingham, Series B (RB)
5.00%, 01/01/27 (c) |
298,067 | ||||||
| 2,311,384 | ||||||||
| Arizona: 0.8% | ||||||||
| 500,000 |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series B (RB)
5.13%, 07/01/29 (c) |
441,580 | ||||||
| 215,000 |
City of Phoenix Civic Improvement Corp., Series D (RB)
4.00%, 07/01/27 (c) |
225,397 | ||||||
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 350,000 | 4.00%, 01/01/27 (c) | 361,956 | ||||||
| 270,000 | 5.00%, 01/01/27 (c) | 304,249 | ||||||
| 220,000 |
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 06/01/25 (c) |
250,897 | ||||||
| 1,584,079 | ||||||||
| Arkansas: 0.1% | ||||||||
| 120,000 |
City of Rogers, Sales and Use Tax, Series B (RB)
3.25%, 11/01/26 (c) |
124,588 | ||||||
| California: 16.3% | ||||||||
| 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) |
344,673 | ||||||
| 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) |
581,250 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 315,000 |
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM)
4.00%, 10/01/26 (c) |
$ | 319,608 | ||||
| 230,000 |
Anaheim Elementary School District (GO)
3.00%, 08/01/26 (c) |
232,220 | ||||||
| 315,000 |
Beverly Hills Unified School District (GO)
0.00%, 08/01/26 (c) ^ |
157,072 | ||||||
| 250,000 |
California Community College Financing Authority, Orange Coast College Project (RB)
5.25%, 05/01/28 (c) |
254,090 | ||||||
| 750,000 |
California Health Facilities Financing Authority, City of Hope (RB)
5.00%, 11/15/26 (c) |
832,687 | ||||||
| California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) | ||||||||
| 1,070,000 | 3.00%, 10/01/26 (c) | 1,031,544 | ||||||
| 680,000 | 3.00%, 10/01/26 (c) | 674,132 | ||||||
| California Health Facilities Financing Authority, Series A (RB) | ||||||||
| 350,000 | 4.00%, 03/01/26 (c) | 360,104 | ||||||
| 230,000 | 4.00%, 11/15/27 (c) | 238,354 | ||||||
| 250,000 | 5.00%, 11/15/25 (c) | 275,185 | ||||||
| California Health Facilities Financing Authority, Series B (RB) | ||||||||
| 300,000 | 4.00%, 11/15/26 (c) | 321,780 | ||||||
| 155,000 | 4.00%, 11/15/26 (c) | 161,707 | ||||||
| 215,000 |
California Infrastructure and Economic Development Bank, Academy of Motion Picture Arts and Sciences Obligated Group, Series A (RB)
4.00%, 11/01/23 (c) |
224,125 | ||||||
| 160,000 |
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
4.00%, 07/01/27 (c) |
156,174 | ||||||
| 200,000 |
California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB)
4.00%, 06/01/27 (c) |
211,390 | ||||||
| 350,000 |
California Public Finance Authority, Henry Mayo Newhall Hospital (RB)
5.00%, 10/15/26 (c) |
367,430 | ||||||
| 455,000 |
California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (SAW)
5.00%, 05/01/49 |
729,665 | ||||||
| California State University, Series A (RB) | ||||||||
| 305,000 | 3.13%, 05/01/26 (c) | 314,351 | ||||||
| 250,000 | 4.00%, 05/01/26 (c) | 266,903 | ||||||
| 330,000 |
California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB)
5.00%, 03/01/28 (c) |
367,227 | ||||||
See Notes to Financial Statements
| 63 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| California Statewide Communities Development Authority, John Muir Health, Series A (RB) | ||||||||
| $ | 150,000 | 4.00%, 08/15/26 (c) | $ | 154,328 | ||||
| 385,000 | 4.00%, 08/15/26 (c) | 397,274 | ||||||
| 20,000 | 4.00%, 08/15/26 (c) | 20,844 | ||||||
| 200,000 |
California Statewide Communities Development Authority, Marin General Hospital, Series A (RB)
4.00%, 08/01/23 (c) |
203,558 | ||||||
| 455,000 |
Centinela Valley Union High School District, Series B (GO) (AGM)
4.00%, 08/01/26 (c) |
484,780 | ||||||
| 170,000 |
City of Los Angeles, Department of Airports, Series C (RB)
5.00%, 05/15/29 (c) |
201,827 | ||||||
| 340,000 |
City of Los Angeles, Wastewater System, Series A (RB)
4.00%, 06/01/25 (c) |
367,159 | ||||||
| 970,000 |
City of San Jose, Disaster Preparedness, Public Safety and Infrastructure, Series A-1 (GO) (AGM)
5.00%, 03/01/29 (c) |
1,187,872 | ||||||
| 195,000 |
Cupertino Union School District, Series C (GO)
4.00%, 08/01/26 (c) |
211,910 | ||||||
| 300,000 |
Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB)
3.38%, 06/01/26 (c) |
310,248 | ||||||
| 290,000 |
East Bay Municipal Utility District, Water System, Series B (RB)
4.00%, 06/01/25 (c) |
311,150 | ||||||
| 390,000 |
Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB)
5.00%, 07/01/26 (c) |
454,104 | ||||||
| 170,000 |
Elk Grove Unified School District (CP)
3.13%, 02/01/26 (c) |
172,965 | ||||||
| 300,000 |
Fairfield-Suisun Unified School District (GO)
2.75%, 08/01/26 (c) |
294,228 | ||||||
| 130,000 |
Glendale Community College District, Series A (GO)
4.00%, 08/01/27 (c) |
141,224 | ||||||
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | ||||||||
| 530,000 | 5.00%, 06/01/25 (c) | 584,473 | ||||||
| 125,000 | 5.00%, 06/01/25 (c) | 138,839 | ||||||
| 105,000 |
Grossmont Union High School District, Series B (GO)
3.00%, 08/01/26 (c) |
106,107 | ||||||
| 185,000 |
Hayward Area Recreation and Park District, Series A (GO)
4.00%, 08/01/27 (c) |
199,708 | ||||||
| 105,000 |
Imperial Irrigation District, Electric System, Series B-2 (RB)
5.00%, 11/01/26 (c) |
120,415 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 140,000 |
Irvine Unified School District Community Facilities District No. 09-1, Series A (ST)
4.00%, 09/01/29 (c) |
$ | 147,176 | ||||
| 185,000 |
Kaweah Delta Health Care District, Series B (RB)
5.00%, 06/01/25 (c) |
201,352 | ||||||
| Livermore Valley Joint Unified School District (GO) | ||||||||
| 215,000 | 3.00%, 08/01/26 (c) | 217,075 | ||||||
| 250,000 | 4.00%, 08/01/26 (c) | 266,765 | ||||||
| 440,000 |
Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM)
5.00%, 07/01/28 (c) |
517,845 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 105,000 | 5.00%, 01/01/26 (c) | 120,514 | ||||||
| 340,000 | 5.00%, 01/01/26 (c) | 390,626 | ||||||
| 300,000 | 5.00%, 01/01/26 (c) | 341,415 | ||||||
| 500,000 | 5.00%, 01/01/27 (c) | 581,860 | ||||||
| 540,000 | 5.00%, 01/01/27 (c) | 638,658 | ||||||
| 250,000 | 5.00%, 01/01/28 (c) | 296,050 | ||||||
| Los Angeles Department of Water and Power, Series C (RB) | ||||||||
| 275,000 | 5.00%, 07/01/27 (c) | 323,595 | ||||||
| 1,000,000 | 5.00%, 07/01/29 (c) | 1,237,620 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 200,000 | 4.00%, 07/01/25 (c) | 215,362 | ||||||
| 335,000 | 5.00%, 07/01/25 (c) | 385,515 | ||||||
| 200,000 |
Marin Healthcare District, Series A (GO)
4.00%, 08/01/25 (c) |
218,340 | ||||||
| Metropolitan Water District of Southern California, Series A (RB) | ||||||||
| 345,000 | 5.00%, 07/01/25 (c) | 402,932 | ||||||
| 500,000 | 5.00%, 01/01/29 (c) | 614,740 | ||||||
| 530,000 |
Miracosta Community College District, Series A (GO)
4.00%, 08/01/27 (c) |
575,765 | ||||||
| 100,000 |
Montebello Unified School District, Series A (GO)
4.00%, 08/01/26 (c) |
105,651 | ||||||
| 110,000 |
Oakland Unified School District, Series A (GO)
5.00%, 08/01/25 (c) |
123,366 | ||||||
| 380,000 |
Oxnard School District, Series A (GO)
4.00%, 08/01/27 (c) |
410,210 | ||||||
| 110,000 |
Peralta Community College District, Series D (GO)
4.00%, 08/01/25 (c) |
118,669 | ||||||
| 250,000 |
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB)
4.00%, 10/01/25 (c) |
271,160 | ||||||
| 265,000 |
Regents of the University of California, Medical Center Pooled Revenue, Series L (RB)
5.00%, 05/15/26 (c) |
295,941 | ||||||
See Notes to Financial Statements
| 64 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 250,000 |
Regents of the University of California, Series AR (RB)
4.00%, 05/15/26 (c) |
$ | 274,177 | ||||
| 570,000 |
Riverside County, Perris Union High School District, Series A (GO) (AGM)
4.00%, 09/01/29 (c) |
615,440 | ||||||
| 625,000 |
Riverside County Public Financing Authority, Capital Facilities Project (RB)
4.13%, 11/01/25 (c) |
671,450 | ||||||
| 750,000 |
San Diego County Regional Airport Authority, Series A (RB)
5.00%, 07/01/29 (c) |
862,140 | ||||||
| 250,000 |
San Diego Unified School District, Series G (GO)
4.00%, 07/01/25 (c) |
268,248 | ||||||
| San Diego Unified School District, Series I (GO) | ||||||||
| 380,000 | 0.00%, 07/01/25 (c) ^ | 187,686 | ||||||
| 425,000 | 0.00%, 07/01/25 (c) ^ | 230,580 | ||||||
| 240,000 | 3.13%, 07/01/27 (c) | 243,348 | ||||||
| 595,000 | 4.00%, 07/01/27 (c) | 648,371 | ||||||
| 230,000 |
San Francisco Bay Area Rapid Transit District, Series E (GO)
4.00%, 08/01/27 (c) |
254,265 | ||||||
| 150,000 |
San Francisco Municipal Transportation Agency (RB)
4.00%, 03/01/27 (c) |
159,936 | ||||||
| 250,000 |
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
3.00%, 05/15/25 (c) |
251,808 | ||||||
| 250,000 |
Santa Monica Community College District, Series A (GO)
5.00%, 08/01/28 (c) |
297,725 | ||||||
| 110,000 |
State of California (GO)
4.00%, 10/01/29 (c) |
123,411 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 500,000 | 3.00%, 10/01/29 (c) | 495,100 | ||||||
| 105,000 | 4.00%, 09/01/26 (c) | 112,684 | ||||||
| 770,000 | 5.00%, 09/01/26 (c) | 886,062 | ||||||
| 515,000 | 5.00%, 11/01/27 (c) | 602,545 | ||||||
| 935,000 | 5.00%, 10/01/28 (c) | 1,110,630 | ||||||
| 240,000 |
Victor Valley Community College District (GO)
4.00%, 08/01/26 (c) |
258,766 | ||||||
| 235,000 |
West Hollywood Public Financing Authority (RB)
4.00%, 04/01/26 (c) |
252,200 | ||||||
| 250,000 |
West Valley-Mission Community College District, Series A (GO)
4.00%, 08/01/29 (c) |
280,267 | ||||||
| 32,589,725 | ||||||||
| Colorado: 2.7% | ||||||||
| 220,000 |
Adams and Weld Counties, School District No. 27J (GO) (SAW)
5.00%, 12/01/25 (c) |
259,714 | ||||||
| 550,000 |
Board of Governors of Colorado State University System (RB)
4.00%, 03/01/28 (c) |
602,833 | ||||||
|
Principal
Amount |
Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 230,000 |
City and County of Denver, Board of Water Commissioners, Series B (RB)
4.00%, 09/15/27 (c) |
$ | 253,343 | ||||
| 285,000 |
City and County of Denver, Series A (CP)
4.00%, 06/01/26 (c) |
286,508 | ||||||
| 120,000 |
City of Colorado Springs, Utilities System, Series A (RB)
4.00%, 11/15/25 (c) |
127,896 | ||||||
| 750,000 |
City of Loveland, Electric and Communications Enterprise, Series A (RB)
5.00%, 12/01/28 (c) |
890,655 | ||||||
| 155,000 |
Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB)
5.00%, 03/01/27 (c) |
175,575 | ||||||
| 320,000 |
Colorado Health Facilities Authority, Adventist Health System, Series A (RB)
4.00%, 05/15/28 (c) |
328,618 | ||||||
| 280,000 |
Colorado Health Facilities Authority, Children Hospital, Series A (RB)
5.00%, 06/01/26 (c) |
308,266 | ||||||
| 500,000 |
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c) |
434,075 | ||||||
| 500,000 |
Colorado Health Facilities Authority, Sanford, Series A (RB)
5.00%, 11/01/29 (c) |
549,575 | ||||||
| 225,000 |
Colorado Health Facilities Authority, Vail Valley Center Project (RB)
4.00%, 01/15/26 (c) |
231,885 | ||||||
| Colorado High Performance Transportation Enterprise (RB) | ||||||||
| 250,000 | 5.00%, 12/31/24 (c) | 232,215 | ||||||
| 250,000 | 5.00%, 12/31/24 (c) | 236,338 | ||||||
| 160,000 |
Denver Health and Hospital Authority, Series A (RB)
4.00%, 12/01/29 (c) |
161,586 | ||||||
| 230,000 |
University of Colorado, Series A-2 (RB)
4.00%, 06/01/28 (c) |
255,282 | ||||||
| 5,334,364 | ||||||||
| Connecticut: 0.9% | ||||||||
| 100,000 |
Connecticut Housing Finance Authority, Series A-1 (RB)
3.50%, 05/15/25 (c) |
103,017 | ||||||
| 300,000 |
Connecticut Housing Finance Authority, Series B-1 (RB)
4.00%, 05/15/27 (c) |
316,713 | ||||||
| 15,000 |
Connecticut Housing Finance Authority, Series C-1 (RB)
3.50%, 11/15/24 (c) |
15,514 | ||||||
| 250,000 |
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB)
5.00%, 06/01/26 (c) |
275,840 | ||||||
See Notes to Financial Statements
| 65 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Connecticut: (continued) | ||||||||
| $ | 230,000 |
State of Connecticut Health and Educational Facilities Authority, Quinnipiac University, Series L (RB)
4.13%, 07/01/25 (c) |
$ | 233,919 | ||||
| 215,000 |
State of Connecticut, State Revolving Fund, Series A (RB)
5.00%, 05/01/27 (c) |
256,691 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 250,000 | 4.00%, 11/01/28 (c) | 268,520 | ||||||
| 275,000 | 4.00%, 11/01/28 (c) | 296,244 | ||||||
| 1,766,458 | ||||||||
| Delaware: 0.1% | ||||||||
| 150,000 |
County of New Castle (GO)
4.00%, 04/01/27 (c) |
162,950 | ||||||
| 115,000 |
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB)
4.00%, 07/01/27 (c) |
124,229 | ||||||
| 287,179 | ||||||||
| District of Columbia: 1.9% | ||||||||
| District of Columbia, Children’s Hospital Obligated Group (RB) | ||||||||
| 375,000 | 4.00%, 01/15/26 (c) | 391,117 | ||||||
| 250,000 | 5.00%, 01/15/26 (c) | 272,010 | ||||||
| District of Columbia, Series A (RB) | ||||||||
| 275,000 | 3.00%, 03/01/30 (c) | 281,223 | ||||||
| 1,000,000 | 4.00%, 04/15/29 (c) | 1,113,830 | ||||||
| 100,000 | 4.00%, 04/15/29 (c) | 112,761 | ||||||
| 250,000 | 5.00%, 06/01/27 (c) | 297,312 | ||||||
| 750,000 |
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB)
5.00%, 04/01/28 (c) |
892,327 | ||||||
| District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series A (RB) | ||||||||
| 230,000 | 3.25%, 04/01/26 (c) | 236,093 | ||||||
| 100,000 | 5.00%, 04/01/26 (c) | 115,772 | ||||||
| 3,712,445 | ||||||||
| Florida: 4.5% | ||||||||
| 345,000 |
Central Florida Expressway Authority (RB)
4.00%, 07/01/27 (c) |
363,026 | ||||||
| 250,000 |
City of Jacksonville, Series A (RB)
5.25%, 10/01/27 (c) |
297,197 | ||||||
| 250,000 |
City of Miami Beach, Series A (RB)
4.00%, 09/01/25 (c) |
263,403 | ||||||
| City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) | ||||||||
| 180,000 | 3.00%, 07/01/26 (c) | 184,507 | ||||||
| 200,000 | 3.25%, 07/01/26 (c) | 205,702 | ||||||
| 255,000 |
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project, Series A (RB)
4.00%, 12/01/25 (c) |
247,373 | ||||||
| 345,000 |
City of Tampa, Baycare Health System, Series A (RB)
4.00%, 05/15/26 (c) |
363,188 | ||||||
|
Principal
Amount |
Value | |||||||
| Florida: (continued) | ||||||||
| $ | 900,000 |
Collier County Water and Sewer District (RB)
3.00%, 07/01/29 (c) |
$ | 926,037 | ||||
| 805,000 |
County of Miami-Dade (RB)
4.00%, 10/01/26 (c) |
861,889 | ||||||
| 260,000 |
County of Miami-Dade, Capital Asset Acquisition, Series B (RB)
3.13%, 04/01/26 (c) |
268,307 | ||||||
| County of Miami-Dade, Educational Facilities Authority, Series A (RB) | ||||||||
| 240,000 | 4.00%, 04/01/25 (c) | 242,350 | ||||||
| 465,000 | 5.00%, 04/01/25 (c) | 492,337 | ||||||
| 510,000 |
County of Miami-Dade, Florida Transit System (RB)
4.00%, 07/01/28 (c) |
556,165 | ||||||
| 210,000 |
County of Miami-Dade, Water and Sewer System, Series A (RB)
4.00%, 10/01/27 (c) |
227,514 | ||||||
| County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
| 140,000 | 3.13%, 10/01/27 (c) | 145,449 | ||||||
| 360,000 | 4.00%, 10/01/27 (c) | 399,863 | ||||||
| 100,000 |
Florida Housing Finance Corp., Series 1 (RB)
3.20%, 07/01/28 (c) |
102,231 | ||||||
| 125,000 |
Greater Orlando Aviation Authority, Airport Facilities, Series B (RB)
5.00%, 10/01/26 (c) |
138,441 | ||||||
| 260,000 |
Halifax Hospital Medical Center (RB)
3.75%, 06/01/26 (c) |
263,593 | ||||||
| 135,000 |
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (AGM) (TA)
5.00%, 02/01/24 (c) |
151,652 | ||||||
| 160,000 |
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (AGM) (TA)
5.00%, 02/01/24 (c) |
178,685 | ||||||
| 265,000 |
Orange County Health Facilities Authority, Orlando Hospital, Series B (RB)
4.00%, 10/01/26 (c) |
270,761 | ||||||
| 330,000 |
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB)
4.00%, 11/15/26 (c) |
247,342 | ||||||
| 355,000 |
Palm Beach County, Public Improvement, Professional Sports Franchise Facility Project, Series D (RB)
5.00%, 12/01/25 (c) |
390,578 | ||||||
| 300,000 |
School District of Broward County (GO)
5.00%, 07/01/28 (c) |
359,991 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 200,000 | 2.63%, 06/01/26 (c) | 204,390 | ||||||
| 145,000 | 3.00%, 06/01/29 (c) | 151,828 | ||||||
See Notes to Financial Statements
| 66 |
|
|
|
Principal
Amount |
Value | |||||||
| Florida: (continued) | ||||||||
| $ | 500,000 |
State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO)
3.00%, 06/01/29 (c) |
$ | 521,980 | ||||
| 9,025,779 | ||||||||
| Georgia: 2.5% | ||||||||
| 260,000 |
Burke County Development Authority, Series D (RB)
4.13%, 02/01/28 (c) |
262,694 | ||||||
| 150,000 |
County of Paulding, Water and Sewerage Revenue (RB)
3.00%, 12/01/26 (c) |
148,250 | ||||||
| 90,000 |
Dahlonega Downtown Development Authority (RB)
3.13%, 07/01/23 (c) |
90,721 | ||||||
| 185,000 |
Dalton-Whitfield County Joint Development Authority (RB)
4.00%, 02/15/28 (c) |
198,873 | ||||||
| 500,000 |
Development Authority for Fulton County, Piedmont Healthcare Inc., Series A (RB) (SAW)
3.00%, 07/01/29 (c) |
460,165 | ||||||
| 270,000 |
Development Authority of Rockdale County, Piedmont Healthcare, Inc. Project, Series A (RB) (SAW)
4.00%, 07/01/29 (c) |
273,910 | ||||||
| 115,000 |
Forsyth County School District (GO)
5.00%, 02/01/28 (c) |
139,489 | ||||||
| 350,000 |
Georgia Higher Education Facilities Authority, USG Real Estate Foundation I, LLC Project (RB)
4.13%, 06/15/25 (c) |
368,438 | ||||||
| 165,000 |
Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) (SAW)
3.35%, 06/01/28 (c) |
171,282 | ||||||
| 150,000 |
Georgia Housing and Finance Authority, Single Family Mortgage, Series A-1 (RB)
3.20%, 12/01/25 (c) |
153,828 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) | ||||||||
| 150,000 | 3.55%, 12/01/26 (c) | 154,085 | ||||||
| 345,000 | 4.05%, 12/01/27 (c) | 362,774 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) | ||||||||
| 115,000 | 3.35%, 12/01/25 (c) | 117,704 | ||||||
| 230,000 | 3.35%, 12/01/25 (c) | 235,407 | ||||||
| 335,000 |
Gwinnett County School District (GO) (SAW)
5.00%, 02/01/29 (c) |
413,303 | ||||||
| 1,100,000 |
Metropolitan Atlanta Rapid Transit Authority, Series C (RB)
3.50%, 07/01/27 (c) |
1,144,385 | ||||||
| 165,000 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
5.00%, 07/01/25 (c) |
167,454 | ||||||
|
Principal
Amount |
Value | |||||||
| Georgia: (continued) | ||||||||
| $ | 150,000 |
Private Colleges & Universities Authority, Series B (RB)
3.00%, 10/01/24 (c) |
$ | 149,606 | ||||
| 5,012,368 | ||||||||
| Hawaii: 0.9% | ||||||||
| 130,000 |
City and County of Honolulu, Series A (GO)
5.00%, 10/01/25 (c) |
149,598 | ||||||
| City and County of Honolulu, Series C (GO) | ||||||||
| 750,000 | 4.00%, 08/01/29 (c) | 828,630 | ||||||
| 200,000 | 5.00%, 08/01/29 (c) | 242,316 | ||||||
| 500,000 |
City and County of Honolulu, Wastewater System, Series A (RB) (FHA)
4.00%, 07/01/29 (c) |
547,295 | ||||||
| 1,767,839 | ||||||||
| Illinois: 4.2% | ||||||||
| 100,000 |
Chicago Board of Education (ST)
6.00%, 04/01/27 (c) |
103,552 | ||||||
| 250,000 |
Chicago Midway International Airport, Series B (RB)
5.00%, 01/01/26 (c) |
266,448 | ||||||
| 890,000 |
Chicago O’Hare International Airport, Series B (RB) (AGM)
4.00%, 01/01/29 (c) |
909,749 | ||||||
| 150,000 |
Chicago O’Hare International Airport, Series C (RB)
5.00%, 01/01/27 (c) |
164,858 | ||||||
| Chicago O’Hare International Airport, Series D (RB) | ||||||||
| 150,000 | 5.00%, 01/01/27 (c) | 162,905 | ||||||
| 265,000 | 5.00%, 01/01/27 (c) | 288,590 | ||||||
| 250,000 |
Chicago O’Hare International Airport, Series F (RB)
5.00%, 01/01/27 (c) |
271,507 | ||||||
| 220,000 |
Chicago Transit Authority, Second Lien (RB) (AGM)
5.00%, 12/01/26 (c) |
245,835 | ||||||
| 510,000 |
City of Chicago, O’Hare International Airport, Senior Lien, Series D (RB)
5.00%, 01/01/25 (c) |
540,906 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 01/01/29 (c) | 957,580 | ||||||
| 350,000 | 6.00%, 01/01/27 (c) | 364,360 | ||||||
| Cook County (RB) | ||||||||
| 150,000 | 4.00%, 11/15/27 (c) | 162,398 | ||||||
| 160,000 | 4.00%, 11/15/27 (c) | 172,410 | ||||||
| 230,000 |
Illinois Finance Authority, Advocate Health Care Network (RB)
4.13%, 05/01/25 (c) |
239,085 | ||||||
| 190,000 |
Illinois Finance Authority, Clean Water Initiative (RB)
5.00%, 07/01/29 (c) |
237,118 | ||||||
| 655,000 |
Illinois Finance Authority, DePaul University, Series A (RB)
3.00%, 10/01/26 (c) |
606,838 | ||||||
| 510,000 |
Illinois Finance Authority, Mercy Health Corp. (RB)
5.00%, 06/01/26 (c) |
550,443 | ||||||
See Notes to Financial Statements
| 67 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 300,000 |
Illinois Finance Authority, OSF Healthcare System, Series A (RB)
4.13%, 11/15/25 (c) |
$ | 312,939 | ||||
| Illinois Finance Authority, Presence Network, Series C (RB) | ||||||||
| 170,000 | 4.00%, 02/15/27 (c) | 176,292 | ||||||
| 10,000 | 4.00%, 02/15/27 (c) | 11,825 | ||||||
| 165,000 |
Illinois Finance Authority, University of Chicago, Series A (RB)
5.00%, 10/01/25 (c) |
185,584 | ||||||
| 370,000 |
Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/26 (c) |
412,979 | ||||||
| 165,000 |
Northern Illinois Municipal Power Agency, Series A (RB)
4.00%, 12/01/26 (c) |
172,866 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 630,000 | 5.00%, 05/01/28 (c) | 583,670 | ||||||
| 250,000 | 5.00%, 05/01/28 (c) | 232,093 | ||||||
| 8,332,830 | ||||||||
| Indiana: 0.2% | ||||||||
| 190,000 |
Indiana Municipal Power Agency, Series A (RB)
5.00%, 07/01/26 (c) |
216,454 | ||||||
| 120,000 |
Richmond Hospital Authority, Reid Hospital Project, Series A (RB)
5.00%, 01/01/25 (c) |
128,944 | ||||||
| 345,398 | ||||||||
| Iowa: 0.3% | ||||||||
| Iowa Higher Education Loan Authority (RB) | ||||||||
| 300,000 | 5.00%, 12/01/26 (c) | 355,854 | ||||||
| 250,000 | 5.00%, 12/01/26 (c) | 297,735 | ||||||
| 653,589 | ||||||||
| Kansas: 0.5% | ||||||||
| 180,000 |
Johnson County, Series A (GO)
4.00%, 09/01/27 (c) |
201,841 | ||||||
| 270,000 |
Lyon County Unified School District No. 253 (GO)
3.00%, 09/01/27 (c) |
270,086 | ||||||
| Sedgwick County Unified School District No. 260, Series B (GO) | ||||||||
| 150,000 | 4.00%, 10/01/26 (c) | 166,007 | ||||||
| 300,000 | 5.00%, 10/01/26 (c) | 347,892 | ||||||
| 985,826 | ||||||||
| Kentucky: 1.1% | ||||||||
| 600,000 |
Commonwealth of Kentucky, Series A (CP)
4.00%, 04/15/28 (c) |
639,474 | ||||||
| 920,000 |
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB)
4.00%, 09/01/28 (c) |
935,217 | ||||||
| Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) | ||||||||
| 345,000 | 3.00%, 11/15/25 (c) | 339,773 | ||||||
| 235,000 | 3.25%, 11/15/26 (c) | 237,413 | ||||||
|
Principal
Amount |
Value | |||||||
| Kentucky: (continued) | ||||||||
| $ | 140,000 |
University of Kentucky, Series A (RB)
3.25%, 04/01/25 (c) |
$ | 143,055 | ||||
| 2,294,932 | ||||||||
| 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) |
238,887 | ||||||
| Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB) | ||||||||
| 315,000 | 5.00%, 07/01/26 (c) | 352,031 | ||||||
| 340,000 | 5.00%, 07/01/26 (c) | 380,953 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) | ||||||||
| 230,000 | 4.00%, 05/15/27 (c) | 225,901 | ||||||
| 280,000 | 4.25%, 05/15/25 (c) | 291,553 | ||||||
| 240,000 |
New Orleans Aviation Board, North Terminal Project, Series A (RB)
5.00%, 01/01/27 (c) |
266,498 | ||||||
| 1,755,823 | ||||||||
| Maine: 0.5% | ||||||||
| 620,000 |
Maine Health and Higher Educational Facilities Authority, MaineHealth, Series A (RB)
5.00%, 07/01/28 (c) |
706,614 | ||||||
| 250,000 |
Maine Municipal Bond Bank, Series C (RB)
5.00%, 11/01/27 (c) |
298,215 | ||||||
| 1,004,829 | ||||||||
| Maryland: 1.1% | ||||||||
| 225,000 |
City of Baltimore, Water Projects, Series A (RB) (SAW)
4.00%, 07/01/29 (c) |
241,765 | ||||||
| 250,000 |
County of Baltimore (GO)
4.00%, 03/01/28 (c) |
275,232 | ||||||
| 220,000 |
Maryland Health and Higher Educational Facilities Authority, Charlestown Community Issue, Series A (RB)
5.00%, 07/01/26 (c) |
236,489 | ||||||
| 260,000 |
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB)
4.00%, 05/15/27 (c) |
260,520 | ||||||
| 270,000 |
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c) |
270,321 | ||||||
| 150,000 |
Maryland Health and Higher Educational Facilities Authority, Univeristy of Maryland Medical System Issue, Series D (RB)
4.00%, 01/01/28 (c) |
153,348 | ||||||
See Notes to Financial Statements
| 68 |
|
|
|
Principal
Amount |
Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 100,000 |
Prince George’s County, Regional Medical Center (CP)
3.25%, 10/01/27 (c) |
$ | 102,197 | ||||
| 270,000 |
Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB)
4.00%, 06/01/27 (c) |
276,898 | ||||||
| 390,000 |
Washington Suburban Sanitary District (GO)
4.00%, 06/01/24 (c) |
413,380 | ||||||
| 2,230,150 | ||||||||
| Massachusetts: 4.0% | ||||||||
| 160,000 |
Boston Water and Sewer Commission, Series B (RB)
3.00%, 11/01/23 (c) |
160,603 | ||||||
| 315,000 |
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB)
5.00%, 06/01/28 (c) |
372,739 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 430,000 | 5.00%, 03/01/24 (c) | 475,055 | ||||||
| 275,000 | 5.00%, 04/01/27 (c) | 322,550 | ||||||
| 200,000 | 5.00%, 01/01/28 (c) | 236,256 | ||||||
| 360,000 |
Commonwealth of Massachusetts, Series C (GO)
3.00%, 03/01/30 (c) |
363,092 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 120,000 | 3.00%, 04/01/25 (c) | 120,907 | ||||||
| 275,000 | 3.25%, 09/01/25 (c) | 282,114 | ||||||
| 440,000 | 4.00%, 04/01/25 (c) | 469,819 | ||||||
| 375,000 | 4.00%, 09/01/25 (c) | 405,165 | ||||||
| 295,000 | 4.00%, 09/01/25 (c) | 319,951 | ||||||
| 245,000 |
Commonwealth of Massachusetts, Series G (GO)
3.00%, 09/01/26 (c) |
246,659 | ||||||
| 230,000 |
Commonwealth of Massachusetts, Series J (GO)
4.00%, 12/01/26 (c) |
249,329 | ||||||
| 100,000 |
Massachusetts Bay Transportation Authority, Series A (RB)
5.00%, 07/01/27 (c) |
116,713 | ||||||
| 200,000 |
Massachusetts Development Finance Agency, Boston Student Housing Project (RB)
5.00%, 10/01/26 (c) |
200,014 | ||||||
| 200,000 |
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB)
5.00%, 12/01/26 (c) |
217,020 | ||||||
| 300,000 |
Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB)
5.00%, 08/15/25 (c) |
322,035 | ||||||
| 250,000 |
Massachusetts Development Finance Agency, Medical Center, Series E (RB)
4.00%, 07/01/26 (c) |
247,695 | ||||||
|
Principal
Amount |
Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 250,000 |
Massachusetts Development Finance Agency, Suffolk University (RB)
4.00%, 07/01/27 (c) |
$ | 229,568 | ||||
| 250,000 |
Massachusetts Development Finance Agency, The Broad Institute Issue (RB)
4.00%, 10/01/27 (c) |
269,263 | ||||||
| 600,000 |
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB)
3.63%, 07/01/27 (c) |
561,582 | ||||||
| 850,000 |
Massachusetts School Building Authority, Series A (RB)
5.00%, 02/15/26 (c) |
965,345 | ||||||
| 565,000 |
Massachusetts School Building Authority, Series C (RB)
5.00%, 08/15/25 (c) |
654,891 | ||||||
| 150,000 |
Massachusetts Water Resources Authority, Series D (RB)
3.00%, 08/01/26 (c) |
151,878 | ||||||
| 7,960,243 | ||||||||
| Michigan: 1.8% | ||||||||
| 390,000 |
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB)
5.00%, 07/01/26 (c) |
444,916 | ||||||
| 320,000 |
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB)
5.00%, 07/01/26 (c) |
371,597 | ||||||
| 225,000 |
Michigan Finance Authority, Henry Ford Health System (RB)
4.00%, 11/15/26 (c) |
227,104 | ||||||
| Michigan Finance Authority, Henry Ford Health System, Series A (RB) | ||||||||
| 250,000 | 4.00%, 11/02/29 (c) | 252,435 | ||||||
| 135,000 | 5.00%, 11/02/29 (c) | 147,917 | ||||||
| Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | ||||||||
| 410,000 | 4.00%, 06/01/25 (c) | 432,160 | ||||||
| 150,000 | 4.00%, 06/01/27 (c) | 153,833 | ||||||
| 750,000 |
Michigan State Housing Development Authority, Series A-1 (RB)
3.35%, 10/01/28 (c) |
757,087 | ||||||
| Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) | ||||||||
| 100,000 | 3.70%, 12/01/25 (c) | 104,754 | ||||||
| 545,000 | 4.00%, 06/01/28 (c) | 574,991 | ||||||
| 190,000 |
Wayne County Airport Authority, Series A (RB)
5.00%, 12/01/27 (c) |
213,533 | ||||||
| 3,680,327 | ||||||||
| Minnesota: 0.1% | ||||||||
| City of Apple Valley, Minnesota Senior Living LLC Project, Series A (RB) | ||||||||
| 175,000 | 4.25%, 01/01/22 (c) | 126,985 | ||||||
| 125,000 | 4.50%, 01/01/22 (c) | 82,329 | ||||||
See Notes to Financial Statements
| 69 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Minnesota: (continued) | ||||||||
| $ | 100,000 |
City of Apple Valley, Minnesota Senior Living LLC Project, Series B (RB)
5.00%, 01/01/22 (c) |
$ | 58,548 | ||||
| 267,862 | ||||||||
| Missouri: 0.4% | ||||||||
| 315,000 |
Health and Educational Facilities Authority, BJC Health System, Series C (RB)
4.00%, 07/01/26 (c) (p) |
336,294 | ||||||
| 235,000 |
Health and Educational Facilities Authority, Mercy Health, Series C (RB)
4.00%, 11/15/27 (c) |
254,590 | ||||||
| Health and Educational Facilities Authority, Saint Louis University (RB) | ||||||||
| 130,000 | 5.00%, 10/01/25 (c) | 148,664 | ||||||
| 100,000 | 5.00%, 04/01/29 (c) | 115,246 | ||||||
| 854,794 | ||||||||
| Montana: 0.1% | ||||||||
| 220,000 |
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.13%, 07/01/28 (c) |
225,867 | ||||||
| Nebraska: 0.5% | ||||||||
| 475,000 |
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 09/01/37 |
583,214 | ||||||
| 480,000 |
Sarpy County Hospital Authority No. 1 (RB)
3.00%, 05/15/26 (c) |
461,064 | ||||||
| 1,044,278 | ||||||||
| Nevada: 1.0% | ||||||||
| 390,000 |
City of Carson, Tahoe Regional Healthcare Project (RB)
5.00%, 09/01/27 (c) |
411,189 | ||||||
| 120,000 |
Clark County, Limited Tax (GO)
3.00%, 06/01/29 (c) |
121,536 | ||||||
| Clark County, Limited Tax, Series A (GO) | ||||||||
| 485,000 | 5.00%, 06/01/28 (c) | 561,664 | ||||||
| 125,000 | 5.00%, 06/01/28 (c) | 148,258 | ||||||
| 250,000 |
County of Washoe, Nevada Highway, Fuel Tax (RB)
5.00%, 02/01/29 (c) |
285,805 | ||||||
| 200,000 |
Las Vegas Convention and Visitors Authority, Series C (RB)
4.00%, 07/01/26 (c) |
178,812 | ||||||
| 100,000 |
Las Vegas Redevelopment Agency (TA)
5.00%, 06/15/26 (c) |
108,287 | ||||||
| 100,000 |
Washoe County School District, Series C (GO) (AGM)
3.13%, 10/01/27 (c) |
101,589 | ||||||
| 1,917,140 | ||||||||
| New Hampshire: 0.2% | ||||||||
| 265,000 |
New Hampshire Municipal Bond Bank, Series B (RB)
4.00%, 08/15/27 (c) |
291,102 | ||||||
|
Principal
Amount |
Value | |||||||
| New Hampshire: (continued) | ||||||||
| $ | 200,000 |
New Hampshire Municipal Bond Bank, Series D (RB)
4.00%, 08/15/26 (c) |
$ | 217,916 | ||||
| 509,018 | ||||||||
| New Jersey: 2.4% | ||||||||
| Atlantic County Improvement Authority, Series A (RB) (AGM) | ||||||||
| 140,000 | 3.25%, 07/01/26 (c) | 142,761 | ||||||
| 165,000 | 4.00%, 07/01/26 (c) | 173,281 | ||||||
| 180,000 |
Board of Education of the Toms River Regional School District (GO)
3.00%, 07/15/26 (c) |
183,247 | ||||||
| 165,000 |
New Jersey Educational Facilities Authority, Princeton University, Series I (RB)
4.00%, 07/01/27 (c) |
186,669 | ||||||
| 320,000 |
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
5.00%, 04/01/28 (c) |
312,768 | ||||||
| 55,000 |
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB)
5.00%, 07/01/26 (c) |
60,052 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 910,000 | 4.50%, 12/15/28 (c) | 863,217 | ||||||
| 485,000 | 4.75%, 06/15/25 (c) | 486,276 | ||||||
| 190,000 | 5.00%, 06/15/25 (c) | 186,981 | ||||||
| 365,000 |
New Jersey Transportation Trust Fund Authority, Series BB (RB)
3.50%, 12/15/28 (c) |
289,314 | ||||||
| 380,000 |
New Jersey Turnpike Authority, Series A (RB)
4.00%, 01/01/29 (c) |
395,565 | ||||||
| 100,000 |
New Jersey Turnpike Authority, Series B (RB)
5.00%, 01/01/28 (c) |
114,389 | ||||||
| 215,000 |
New Jersey Turnpike Authority, Series E (RB)
5.00%, 01/01/25 (c) |
233,019 | ||||||
| 210,000 |
New Jersey Turnpike Authority, Series G (RB)
4.00%, 01/01/28 (c) |
218,551 | ||||||
| Rutgers, State University of New Jersey, Series M (RB) | ||||||||
| 130,000 | 3.13%, 05/01/21 (c) | 130,293 | ||||||
| 125,000 | 3.13%, 05/01/21 (c) | 125,230 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 205,000 | 5.00%, 06/01/28 (c) | 214,127 | ||||||
| 405,000 | 5.00%, 06/01/28 (c) | 451,972 | ||||||
| 4,767,712 | ||||||||
| New Mexico: 0.3% | ||||||||
| 250,000 |
New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB)
4.00%, 08/01/29 (c) |
267,445 | ||||||
See Notes to Financial Statements
| 70 |
|
|
|
Principal
Amount |
Value | |||||||
| New Mexico: (continued) | ||||||||
| $ | 245,000 |
New Mexico Mortgage Finance Authority, Series C (RB)
3.60%, 07/01/28 (c) |
$ | 252,502 | ||||
| 519,947 | ||||||||
| New York: 16.4% | ||||||||
| 1,000,000 |
Battery Park City Authority, Series A (RB)
4.00%, 11/01/29 (c) |
1,115,410 | ||||||
| 110,000 |
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM)
3.00%, 01/15/27 (c) |
98,744 | ||||||
| Build NYC Resource Corp., New York Law School Project (RB) | ||||||||
| 240,000 | 4.00%, 01/01/26 (c) | 212,976 | ||||||
| 500,000 | 5.00%, 01/01/26 (c) | 491,155 | ||||||
| 100,000 |
City of New York, Series D-1 (GO)
5.00%, 12/01/28 (c) |
117,254 | ||||||
| City of New York, Subseries B-1 (GO) | ||||||||
| 110,000 | 3.00%, 10/01/29 (c) | 105,087 | ||||||
| 200,000 | 5.00%, 10/01/27 (c) | 230,960 | ||||||
| 125,000 |
County of Nassau, Series C (GO)
5.00%, 04/01/26 (c) |
137,564 | ||||||
| 255,000 |
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/26 (c) |
275,604 | ||||||
| 115,000 |
Dutchess County Local Development Corp., Marist College Project, Series A (RB)
5.00%, 07/01/25 (c) |
124,976 | ||||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
| 515,000 | 4.00%, 02/15/27 (c) | 545,745 | ||||||
| 645,000 | 5.00%, 02/15/27 (c) | 738,202 | ||||||
| 290,000 |
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB)
4.00%, 11/01/27 (c) |
257,323 | ||||||
| 300,000 |
Long Island Power Authority, Electric System (RB)
5.00%, 09/01/27 (c) |
338,181 | ||||||
| 715,000 |
Metropolitan Transportation Authority, Series A (RB) (AGM)
5.00%, 11/15/28 (c) |
796,496 | ||||||
| 1,000,000 |
Metropolitan Transportation Authority, Series C (RB) (AGM)
4.00%, 11/15/29 (c) |
1,000,780 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 225,000 | 5.00%, 11/15/26 (c) | 225,617 | ||||||
| 370,000 | 5.25%, 11/15/26 (c) | 376,123 | ||||||
| 350,000 |
Metropolitan Transportation Authority, Series C-2 (RB)
0.00%, 11/15/40 ^ |
130,512 | ||||||
| 250,000 |
Metropolitan Transportation Authority, Series D (RB)
4.00%, 05/15/28 (c) |
228,508 | ||||||
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| $ | 145,000 |
MTA Hudson Rail Yards Trust, Series A (RB)
5.00%, 11/15/23 (c) |
$ | 155,008 | ||||
| 500,000 |
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB)
4.00%, 06/15/29 (c) |
547,095 | ||||||
| 275,000 |
New York City Housing Development Corp., Multi-Family Housing, Series D (RB)
3.65%, 02/01/25 (c) |
282,131 | ||||||
| 500,000 |
New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB)
3.00%, 03/01/27 (c) |
506,560 | ||||||
| New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) | ||||||||
| 425,000 | 3.45%, 11/01/25 (c) | 440,852 | ||||||
| 250,000 | 3.75%, 11/01/25 (c) | 256,290 | ||||||
| 375,000 |
New York City Municipal Water Finance Authority, Series BB-2 (RB)
5.00%, 06/15/25 (c) |
424,102 | ||||||
| 190,000 |
New York City Municipal Water Finance Authority, Series CC-1 (RB)
4.00%, 12/15/26 (c) |
205,099 | ||||||
| 175,000 |
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB)
4.00%, 06/15/27 (c) |
189,306 | ||||||
| 230,000 |
New York City Transitional Finance Authority Building Aid, Subseries S-4A (RB) (SAW)
4.00%, 07/15/28 (c) |
253,419 | ||||||
| 235,000 |
New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
4.00%, 01/15/26 (c) |
250,785 | ||||||
| 145,000 |
New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW)
5.00%, 07/15/25 (c) |
160,782 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 155,000 | 4.00%, 05/01/26 (c) | 163,420 | ||||||
| 250,000 | 5.00%, 08/01/25 (c) | 285,387 | ||||||
| 100,000 | 5.00%, 05/01/26 (c) | 114,738 | ||||||
| 225,000 | 5.00%, 05/01/26 (c) | 256,946 | ||||||
| 260,000 | 5.00%, 08/01/28 (c) | 302,666 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) | ||||||||
| 200,000 | 5.00%, 08/01/27 (c) | 231,050 | ||||||
| 1,000,000 | 5.00%, 05/01/29 (c) | 1,189,950 | ||||||
| 510,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB)
5.00%, 08/01/27 (c) |
587,005 | ||||||
See Notes to Financial Statements
| 71 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX 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) | ||||||||
| $ | 400,000 | 4.00%, 08/01/27 (c) | $ | 425,588 | ||||
| 115,000 | 5.00%, 08/01/26 (c) | 131,867 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
| 1,120,000 | 4.00%, 05/01/29 (c) | 1,206,173 | ||||||
| 250,000 | 4.00%, 05/01/29 (c) | 272,145 | ||||||
| 420,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
5.00%, 05/01/27 (c) |
478,859 | ||||||
| 175,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-3 (RB)
3.00%, 02/01/26 (c) |
170,868 | ||||||
| 200,000 |
New York City Water and Sewer System, Series AA (RB)
5.00%, 12/15/29 (c) |
242,198 | ||||||
| 500,000 |
New York City Water and Sewer System, Series CC-1 (RB)
5.00%, 12/15/26 (c) |
586,425 | ||||||
| 500,000 |
New York City Water and Sewer System, Series CC-2 (RB)
4.00%, 12/15/29 (c) |
548,655 | ||||||
| 300,000 |
New York City Water and Sewer System, Series EE (RB)
5.00%, 06/15/29 (c) |
360,366 | ||||||
| 405,000 |
New York City Water and Sewer System, Series FF-2 (RB)
4.00%, 06/15/29 (c) |
449,757 | ||||||
| 270,000 |
New York Convention Center Development Corp. (RB)
5.00%, 11/15/25 (c) |
281,464 | ||||||
| New York Convention Center Development Corp., Series A (RB) | ||||||||
| 230,000 | 0.00%, 11/15/47 ^ | 83,872 | ||||||
| 170,000 | 0.00%, 11/15/54 ^ | 45,460 | ||||||
| 285,000 |
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB)
5.00%, 03/15/29 (c) |
335,938 | ||||||
| New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) | ||||||||
| 205,000 | 4.00%, 07/01/27 (c) | 221,541 | ||||||
| 300,000 | 4.00%, 07/01/29 (c) | 330,168 | ||||||
| 250,000 |
New York State Dormitory Authority, New York Columbia University, Series A (RB)
5.00%, 10/01/47 |
392,965 | ||||||
| 405,000 |
New York State Dormitory Authority, New York Columbia University, Series B (RB) (FHA)
5.00%, 04/01/28 (c) |
483,914 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
| 160,000 | 2.13%, 07/01/21 (c) | 159,574 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 375,000 | 4.00%, 07/01/26 (c) | $ | 399,656 | ||||
| 200,000 | 4.00%, 07/01/26 (c) | 212,464 | ||||||
| 600,000 | 5.00%, 07/01/28 (c) | 723,228 | ||||||
| 235,000 | 5.00%, 07/01/28 (c) | 282,360 | ||||||
| 400,000 | 5.00%, 07/01/28 (c) | 479,676 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 250,000 | 5.00%, 08/15/26 (c) | 289,052 | ||||||
| 170,000 | 5.00%, 03/15/29 (c) | 203,492 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 250,000 | 4.00%, 03/15/27 (c) | 263,050 | ||||||
| 800,000 | 4.00%, 03/15/27 (c) | 839,936 | ||||||
| 155,000 | 5.00%, 03/15/24 (c) | 172,154 | ||||||
| 150,000 | 5.00%, 03/15/27 (c) | 170,451 | ||||||
| New York State Dormitory Authority, The New School, Series A (RB) | ||||||||
| 225,000 | 4.00%, 01/01/27 (c) | 231,534 | ||||||
| 420,000 | 5.00%, 01/01/27 (c) | 464,255 | ||||||
| 225,000 |
New York State Housing Finance Agency, Series D (RB)
3.70%, 05/01/28 (c) |
233,701 | ||||||
| 195,000 |
New York State Housing Finance Agency, Series M (RB)
3.75%, 11/01/26 (c) |
201,265 | ||||||
| New York State Thruway Authority, Series B (RB) (AGM) | ||||||||
| 500,000 | 4.00%, 01/01/30 (c) | 528,665 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 115,000 | 5.00%, 09/15/25 (c) | 131,025 | ||||||
| 500,000 | 5.00%, 09/15/28 (c) | 583,650 | ||||||
| 450,000 |
Port Authority of New York and New Jersey, Series 194 (RB)
5.00%, 10/15/25 (c) |
505,638 | ||||||
| 485,000 |
Port Authority of New York and New Jersey, Series 212 (RB)
4.00%, 09/01/29 (c) |
519,750 | ||||||
| 700,000 |
Port Authority of New York and New Jersey, Series 213 (RB)
5.00%, 09/01/29 (c) |
824,425 | ||||||
| 190,000 |
State of New York Mortgage Agency, Series 203 (RB)
3.50%, 04/01/26 (c) |
195,571 | ||||||
| 300,000 |
Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 05/15/26 (c) |
346,818 | ||||||
| 130,000 |
Triborough Bridge and Tunnel Authority, Series B-3 (RB)
5.00%, 11/15/25 (c) |
149,371 | ||||||
| 1,000,000 |
Triborough Bridge and Tunnel Authority, Series C (RB)
3.00%, 11/15/29 (c) |
965,600 | ||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| 160,000 | 5.00%, 12/15/25 (c) | 186,989 | ||||||
| 550,000 | 5.00%, 12/15/27 (c) | 655,688 | ||||||
See Notes to Financial Statements
| 72 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 370,000 |
Westchester County Local Development Corp., Medical Center (RB)
3.75%, 11/01/25 (c) |
$ | 364,661 | ||||
| 32,681,730 | ||||||||
| North Carolina: 2.0% | ||||||||
| 100,000 |
North Carolina Agricultural and Technical State University, Series A (RB)
5.00%, 10/01/25 (c) |
109,559 | ||||||
| 265,000 |
North Carolina Capital Facilities Finance Agency, Duke University Project, Series B (RB)
5.00%, 10/01/25 (c) |
305,829 | ||||||
| North Carolina Housing Finance Agency Home Ownership, Series 39-B (RB) | ||||||||
| 140,000 | 3.85%, 07/01/27 (c) | 149,078 | ||||||
| 330,000 | 4.00%, 07/01/27 (c) | 346,797 | ||||||
| 350,000 |
North Carolina Medical Care Commission, Duke University Health System, Series D (RB)
4.00%, 06/01/26 (c) |
371,798 | ||||||
| North Carolina Medical Care Commission, Novant Health, Series A (RB) | ||||||||
| 220,000 | 3.13%, 11/01/29 (c) | 209,948 | ||||||
| 750,000 | 4.00%, 11/01/29 (c) | 779,692 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) | ||||||||
| 500,000 | 3.00%, 01/01/30 (c) | 461,340 | ||||||
| 500,000 | 5.00%, 01/01/30 (c) | 526,705 | ||||||
| 750,000 | 5.00%, 01/01/30 (c) | 783,855 | ||||||
| 4,044,601 | ||||||||
| Ohio: 3.5% | ||||||||
| American Municipal Power, Inc., Series A (RB) | ||||||||
| 190,000 | 4.00%, 02/15/26 (c) | 200,691 | ||||||
| 220,000 | 5.00%, 02/15/26 (c) | 249,099 | ||||||
| 440,000 |
City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB)
4.00%, 12/01/27 (c) |
448,963 | ||||||
| 100,000 |
City of Cleveland, Airport System Revenue, Series B (RB)
5.00%, 07/01/28 (c) |
111,853 | ||||||
| 100,000 |
Clermont County Port Authority, West Clermont Local School District Project (RB)
4.25%, 12/01/25 (c) |
105,756 | ||||||
| 375,000 |
Columbus City School District (GO)
5.00%, 12/01/26 (c) |
439,515 | ||||||
| 150,000 |
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 11/01/24 (c) |
161,091 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 1,000,000 |
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB)
5.00%, 11/01/48 |
$ | 1,336,260 | ||||
| 260,000 |
County of Franklin, Trinity Health Credit Group (RB)
5.00%, 06/01/27 (c) |
287,035 | ||||||
| 500,000 |
County of Montgomery, Ohio Hospital Facilities, Series A (RB)
3.00%, 11/15/29 (c) |
443,690 | ||||||
| 1,000,000 |
County of Ross, Adena Health System Obligated Group Project (RB)
5.00%, 12/01/29 (c) |
1,096,320 | ||||||
| 150,000 |
Euclid City School District, Series A (GO) (SD CRED PROG)
4.00%, 01/15/26 (c) |
158,135 | ||||||
| 250,000 |
Hamilton County, Life Enriching Communities Project (RB)
5.00%, 01/01/26 (c) |
228,105 | ||||||
| 190,000 |
North Royalton City School District (GO)
5.00%, 06/01/25 (c) |
217,373 | ||||||
| 350,000 |
Northeast Ohio Regional Sewer District (RB)
3.00%, 11/15/29 (c) |
360,605 | ||||||
| 215,000 |
Ohio Housing Finance Agency, Series D (RB)
3.63%, 09/01/26 (c) |
220,218 | ||||||
| 500,000 |
Ohio Water Development Authority, Fresh Water (RB)
5.00%, 12/01/29 (c) |
613,555 | ||||||
| 250,000 |
State of Ohio, Higher Education, Series A (GO)
5.00%, 02/01/26 (c) |
290,002 | ||||||
| 6,968,266 | ||||||||
| Oklahoma: 0.7% | ||||||||
| 250,000 |
Edmond Public Works Authority (RB)
4.00%, 07/01/27 (c) |
270,220 | ||||||
| 750,000 |
Norman Regional Hospital Authority (RB)
3.25%, 09/01/29 (c) |
684,277 | ||||||
| 350,000 |
Oklahoma Turnpike Authority, Series A (RB)
4.00%, 01/01/26 (c) |
375,249 | ||||||
| 110,000 |
University of Oklahoma, Series C (RB)
4.00%, 07/01/25 (c) |
115,179 | ||||||
| 1,444,925 | ||||||||
| Oregon: 1.7% | ||||||||
| 190,000 |
Lake Oswego School District No. 7J (GO) (SBG)
4.00%, 06/01/27 (c) |
209,325 | ||||||
| 295,000 |
Multnomah County School District No. 1J, Series B (GO) (SBG)
3.25%, 06/15/27 (c) |
302,045 | ||||||
| North Clackamas School District No. 12, Series A (GO) (SBG) | ||||||||
| 175,000 | 0.00%, 06/15/27 (c) ^ | 84,567 | ||||||
| 465,000 | 0.00%, 06/15/27 (c) ^ | 236,513 | ||||||
See Notes to Financial Statements
| 73 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Oregon: (continued) | ||||||||
| $ | 170,000 |
Oregon Health and Science University, Series B (RB)
4.00%, 07/01/26 (c) |
$ | 180,997 | ||||
| 240,000 |
Salem Hospital Facility Authority, Series A (RB)
4.00%, 05/15/26 (c) |
249,866 | ||||||
| 510,000 |
Sherwood School District No. 88J, Series A (GO) (SBG)
0.00%, 06/15/28 (c) ^ |
175,583 | ||||||
| State of Oregon, Higher Education, Series G (GO) | ||||||||
| 500,000 | 3.00%, 08/01/29 (c) | 516,520 | ||||||
| 500,000 | 3.00%, 08/01/29 (c) | 518,260 | ||||||
| 935,000 |
Tri-County Metropolitan Transportation District of Oregon, Series A (RB)
3.00%, 09/01/29 (c) |
950,633 | ||||||
| 3,424,309 | ||||||||
| Pennsylvania: 4.4% | ||||||||
| 685,000 |
Allegheny County Sanitary Authority, Sewer Revenue (RB)
5.00%, 06/01/28 (c) |
792,497 | ||||||
| 495,000 |
Berks County Industrial Development Authority, Tower Health Project (RB)
5.00%, 11/01/27 (c) |
496,346 | ||||||
| Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) | ||||||||
| 180,000 | 4.00%, 10/01/27 (c) | 189,576 | ||||||
| 210,000 | 4.00%, 09/01/30 (c) | 227,693 | ||||||
| 225,000 |
City of Philadelphia, Series B (GO)
5.00%, 08/01/29 (c) |
273,820 | ||||||
| 1,170,000 |
Commonwealth of Pennsylvania, Series A (CP) (FHA)
4.00%, 01/30/28 (c) |
1,256,252 | ||||||
| 220,000 |
County of Allegheny, Series C-77 (GO)
5.00%, 11/01/28 (c) |
262,427 | ||||||
| Delaware County Authority, Commonwealth of Pennsylvania, Series A (RB) | ||||||||
| 140,000 | 3.75%, 04/01/27 (c) | 145,762 | ||||||
| 170,000 | 5.00%, 04/01/27 (c) | 196,058 | ||||||
| 230,000 |
Geisinger Authority, Health System, Series A-2 (RB)
4.00%, 02/15/27 (c) |
246,689 | ||||||
| 610,000 |
General Authority of Southcentral Pennsylvania, WellSpan Health Obligated Group, Series A (RB)
4.00%, 06/01/29 (c) |
656,195 | ||||||
| 145,000 |
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB)
5.00%, 12/01/24 (c) |
139,539 | ||||||
| 110,000 |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB)
5.00%, 09/01/28 (c) |
121,261 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 115,000 |
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System (RB)
4.00%, 08/15/25 (c) |
$ | 120,203 | ||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123 B (RB) | ||||||||
| 195,000 | 3.20%, 10/01/25 (c) | 198,416 | ||||||
| 250,000 | 3.90%, 10/01/26 (c) | 265,110 | ||||||
| 260,000 |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 125 B (RB)
3.65%, 04/01/27 (c) |
269,084 | ||||||
| 100,000 |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 128 B (RB)
3.85%, 10/01/27 (c) |
106,071 | ||||||
| Pennsylvania Turnpike Commission, Motor License, Third Series (RB) | ||||||||
| 250,000 | 4.00%, 12/01/27 (c) | 265,808 | ||||||
| 155,000 | 5.00%, 12/01/27 (c) | 174,074 | ||||||
| 290,000 |
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior, Series A (RB) (AGM)
5.00%, 12/01/28 (c) |
336,855 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) (AGM) | ||||||||
| 125,000 | 4.00%, 12/01/26 (c) | 138,559 | ||||||
| 220,000 | 5.00%, 12/01/29 (c) | 247,773 | ||||||
| 150,000 |
Pennsylvania Turnpike Commission, Series A-1 (RB)
5.00%, 12/01/27 (c) |
168,159 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
| 230,000 | 5.00%, 12/01/25 (c) | 251,323 | ||||||
| 100,000 | 5.00%, 12/01/25 (c) | 115,112 | ||||||
| 125,000 | 5.00%, 12/01/25 (c) | 136,055 | ||||||
| 205,000 | 5.00%, 12/01/25 (c) | 225,545 | ||||||
| 100,000 |
Philadelphia Authority for Industrial Development, Temple University, First Series (RB)
5.00%, 04/01/25 (c) |
111,332 | ||||||
| 305,000 |
Philadelphia Gas Works Co., Fifteenth Series (RB)
5.00%, 08/01/27 (c) |
339,233 | ||||||
| 220,000 |
State College Area School District (GO) (SAW)
5.00%, 03/15/25 (c) |
251,786 | ||||||
| 8,724,613 | ||||||||
| Rhode Island: 0.2% | ||||||||
| 310,000 |
Rhode Island Health and Educational Building Corp., Brown University Issue, Series A (RB)
4.00%, 09/01/27 (c) |
342,972 | ||||||
| South Carolina: 0.7% | ||||||||
| 100,000 |
Brookland-Cayce School District No. 2, Lexington County (GO)
3.00%, 03/01/26 (c) |
102,376 | ||||||
See Notes to Financial Statements
| 74 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| $ | 100,000 |
Lexington County School District No. 2 (GO)
3.00%, 03/01/26 (c) |
$ | 102,537 | ||||
| 125,000 |
South Carolina Public Service Authority, Series A (RB)
4.00%, 06/01/25 (c) |
121,700 | ||||||
| 120,000 |
South Carolina Public Service Authority, Series C (RB)
4.00%, 12/01/24 (c) |
116,832 | ||||||
| 185,000 |
South Carolina Public Service Authority, Series E (RB)
5.25%, 12/01/25 (c) |
196,250 | ||||||
| 665,000 |
South Carolina Transportation Infrastructure Bank, Series A (RB)
3.00%, 10/01/25 (c) |
671,264 | ||||||
| 1,310,959 | ||||||||
| Tennessee: 1.1% | ||||||||
| 125,000 |
Metropolitan Nashville Airport Authority, Series A (RB)
5.00%, 07/01/25 (c) |
137,643 | ||||||
| Sullivan County (GO) | ||||||||
| 250,000 | 3.75%, 05/01/26 (c) | 262,355 | ||||||
| 230,000 | 4.00%, 05/01/26 (c) | 244,982 | ||||||
| Tennessee Housing Development Agency, Series 3 (RB) | ||||||||
| 500,000 | 2.95%, 01/01/29 (c) | 481,890 | ||||||
| 380,000 | 3.60%, 01/01/27 (c) | 393,722 | ||||||
| 585,000 |
Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series B (RB)
5.00%, 11/01/25 (c) |
668,749 | ||||||
| 2,189,341 | ||||||||
| Texas: 10.5% | ||||||||
| 190,000 |
Aldine Independent School District (GO)
3.13%, 02/15/25 (c) |
194,651 | ||||||
| 350,000 |
Alvin Independent School District (GO)
3.38%, 02/15/28 (c) |
369,120 | ||||||
| 500,000 |
Arlington Higher Education Finance Corp. (RB)
4.00%, 08/15/29 (c) |
551,570 | ||||||
| 55,000 |
Bexar County, Combined Venue Tax (RB) (AGM)
3.75%, 08/15/24 (c) |
56,954 | ||||||
| 150,000 |
Board of Regents of the University of Houston System, Series C (RB)
4.00%, 02/15/26 (c) |
161,061 | ||||||
| 650,000 |
Board of Regents of the University of Texas System, Series E (RB)
4.00%, 08/15/27 (c) |
705,770 | ||||||
| 250,000 |
Central Texas Regional Mobility Authority, Senior Lien (RB)
5.00%, 01/01/26 (c) |
266,710 | ||||||
| 250,000 |
Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
5.00%, 07/01/25 (c) |
265,605 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 165,000 |
City of Arlington, Senior Lien Special Tax, Series A (AGM) (ST)
4.00%, 02/15/28 (c) |
$ | 172,988 | ||||
| 280,000 |
City of Austin, Airport System, Series A (RB)
5.00%, 11/15/26 (c) |
311,424 | ||||||
| 260,000 |
City of Corpus Christi, Utility System, Series C (RB)
5.00%, 07/15/25 (c) |
297,926 | ||||||
| 120,000 |
City of Denton (GO)
4.00%, 02/15/27 (c) |
128,738 | ||||||
| City of El Paso (GO) | ||||||||
| 125,000 | 4.00%, 08/15/26 (c) | 135,583 | ||||||
| 950,000 | 4.00%, 08/15/29 (c) | 1,050,358 | ||||||
| 440,000 |
City of Houston, Combined Utility System, First Lien, Series B (RB)
4.00%, 11/15/26 (c) |
490,050 | ||||||
| 220,000 |
City of Houston, Combined Utility System, First Lien, Series D (RB)
5.00%, 11/15/28 (c) |
263,133 | ||||||
| 265,000 |
Cleburne Independent School District (GO)
5.00%, 02/15/26 (c) |
307,315 | ||||||
| 250,000 |
College of the Mainland (GO)
3.75%, 08/15/28 (c) |
265,525 | ||||||
| 150,000 |
Collin County Community College District (GO)
3.50%, 08/15/22 (c) |
153,585 | ||||||
| 250,000 |
Coppell Independent School District (GO)
4.00%, 08/15/28 (c) |
275,812 | ||||||
| 220,000 |
County of Bexar, Combined Venue Tax (GO)
4.00%, 06/15/26 (c) |
244,732 | ||||||
| 400,000 |
County of Travis, Series A (GO)
5.00%, 03/01/29 (c) |
489,076 | ||||||
| 500,000 |
Crowley Independent School District (GO)
4.00%, 02/01/29 (c) |
558,855 | ||||||
| 250,000 |
Cypress-Fairbanks Independent School District, Series A (GO)
4.00%, 02/15/29 (c) |
286,245 | ||||||
| Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
| 220,000 | 5.00%, 12/01/25 (c) | 248,061 | ||||||
| 175,000 | 5.00%, 12/01/25 (c) | 198,783 | ||||||
| Frisco Independent School District (GO) | ||||||||
| 1,000,000 | 3.00%, 08/15/29 (c) | 1,034,710 | ||||||
| 200,000 | 4.00%, 02/15/25 (c) | 216,788 | ||||||
| 460,000 | 4.00%, 02/15/27 (c) | 506,469 | ||||||
| 250,000 |
Galena Park Independent School District (GO)
3.00%, 02/15/29 (c) |
260,660 | ||||||
| 640,000 |
Grand Parkway Transportation Corp., Series A (RB)
5.00%, 04/01/28 (c) |
743,782 | ||||||
| 195,000 |
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB)
3.13%, 07/01/26 (c) |
187,978 | ||||||
See Notes to Financial Statements
| 75 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 350,000 |
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)
3.00%, 10/01/29 (c) |
$ | 352,999 | ||||
| 185,000 |
Harris County, Cultural Education Facilities Finance Corp., Thermal Utility Project (RB)
4.00%, 11/15/27 (c) |
200,422 | ||||||
| Harris County, Toll Road, Senior Lien, Series A (RB) | ||||||||
| 150,000 | 4.00%, 02/15/28 (c) | 167,328 | ||||||
| 340,000 | 5.00%, 08/15/26 (c) | 395,920 | ||||||
| 200,000 |
Klein Independent School District (GO)
4.00%, 08/01/26 (c) |
221,858 | ||||||
| 145,000 |
Klein Independent School District, Series A (GO)
4.00%, 08/01/25 (c) |
158,975 | ||||||
| Leander Independent School District, Series A (GO) | ||||||||
| 125,000 | 0.00%, 08/16/26 (c) ^ | 51,348 | ||||||
| 900,000 | 0.00%, 08/16/26 (c) ^ | 403,407 | ||||||
| 140,000 | 2.75%, 06/01/20 (c) | 140,035 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB) | ||||||||
| 800,000 | 5.00%, 07/01/26 (c) | 681,784 | ||||||
| 520,000 | 5.00%, 07/01/26 (c) | 454,225 | ||||||
| 250,000 |
North Fort Bend Water Authority, Series A (RB)
4.00%, 12/15/29 (c) |
282,400 | ||||||
| 290,000 |
North Texas Tollway Authority, First Tier, Series A (RB)
4.00%, 01/01/26 (c) |
306,814 | ||||||
| 185,000 |
North Texas Tollway Authority, First Tier, Series B (RB)
5.00%, 01/01/23 (c) |
195,615 | ||||||
| 250,000 |
San Antonio Independent School District (GO)
4.00%, 08/15/28 (c) |
284,802 | ||||||
| 500,000 |
San Jacinto College District, Series A (GO)
5.00%, 02/15/29 (c) |
575,450 | ||||||
| 145,000 |
San Jacinto College District, Series B (GO)
3.38%, 02/15/26 (c) |
149,678 | ||||||
| 325,000 |
State of Texas, Series D (GO)
4.00%, 05/15/25 (c) |
354,211 | ||||||
| 115,000 |
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB)
4.00%, 05/15/26 (c) |
120,086 | ||||||
| 250,000 |
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB)
5.00%, 01/01/29 (c) |
270,860 | ||||||
| 220,000 |
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
4.00%, 08/15/26 (c) |
231,955 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 485,000 |
Texas Water Development Board (RB)
5.00%, 10/15/26 (c) |
$ | 570,316 | ||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 500,000 | 3.00%, 10/15/29 (c) | 519,375 | ||||||
| 325,000 | 4.00%, 04/15/28 (c) | 357,503 | ||||||
| 265,000 | 5.00%, 10/15/25 (c) | 310,100 | ||||||
| 840,000 | 5.00%, 04/15/28 (c) | 1,004,732 | ||||||
| Texas Water Development Board, Series B (RB) | ||||||||
| 225,000 | 5.00%, 10/15/28 (c) | 268,925 | ||||||
| 110,000 | 5.00%, 10/15/28 (c) | 134,541 | ||||||
| 250,000 |
West Harris County Regional Water Authority (RB)
3.00%, 12/15/29 (c) |
232,608 | ||||||
| 230,000 |
West Travis County Public Utility Agency (RB)
4.00%, 08/15/27 (c) |
249,773 | ||||||
| 21,048,062 | ||||||||
| Utah: 0.5% | ||||||||
| 360,000 |
Salt Lake City, International Airport, Series B (RB)
5.00%, 07/01/28 (c) |
405,184 | ||||||
| Utah County, IHC Health Services, Inc., Series B (RB) | ||||||||
| 210,000 | 3.00%, 05/15/26 (c) | 209,727 | ||||||
| 350,000 | 4.00%, 05/15/24 (c) | 367,304 | ||||||
| 982,215 | ||||||||
| Vermont: 0.1% | ||||||||
| 220,000 |
Vermont Educational and Health Buildings Financing Agency, Series B (RB)
5.00%, 06/01/26 (c) |
237,446 | ||||||
| Virginia: 0.5% | ||||||||
| 260,000 |
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) (AGM)
5.00%, 07/01/26 (c) |
297,729 | ||||||
| 250,000 |
Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB)
4.00%, 05/15/28 (c) |
266,803 | ||||||
| 250,000 |
Norfolk Economic Development Authority, Series B (RB)
4.00%, 11/01/28 (c) |
267,463 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 105,000 | 3.00%, 05/15/26 (c) | 108,365 | ||||||
| 150,000 | 3.25%, 05/15/28 (c) | 158,639 | ||||||
| 1,098,999 | ||||||||
| Washington: 2.4% | ||||||||
| 210,000 |
Central Puget Sound Regional Transit Authority, Series S-1 (RB)
5.00%, 11/01/25 (c) |
235,788 | ||||||
| 450,000 |
City of Seattle, Municipal Light and Power Improvement, Series A (RB)
4.00%, 01/01/28 (c) |
480,897 | ||||||
| 230,000 |
City of Seattle, Municipal Light and Power Improvement, Series C (RB)
4.00%, 09/01/27 (c) |
254,603 | ||||||
See Notes to Financial Statements
| 76 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 590,000 |
County of King, Housing Authority, Ballinger Commons Apartments (RB)
3.50%, 05/01/28 (c) |
$ | 628,728 | ||||
| 500,000 |
King & Snohomish Counties, Northshore School District No. 417 (GO) (SBG)
4.00%, 06/01/29 (c) |
566,705 | ||||||
| 150,000 |
King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW)
5.00%, 12/01/28 (c) |
172,266 | ||||||
| 360,000 |
Port of Seattle (GO)
5.00%, 01/01/27 (c) |
424,512 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 340,000 | 5.00%, 08/01/26 (c) | 397,586 | ||||||
| 200,000 | 5.00%, 08/01/27 (c) | 239,162 | ||||||
| 475,000 |
University of Washington, Series A (RB)
4.00%, 12/01/26 (c) |
513,152 | ||||||
| 100,000 |
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-2 (RB)
5.00%, 08/01/29 (c) |
108,096 | ||||||
| 435,000 |
Washington Health Care Facilities Authority, MultiCare Health System, Series A (RB)
5.00%, 08/15/25 (c) |
474,624 | ||||||
| 205,000 |
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
4.00%, 08/15/27 (c) |
189,740 | ||||||
| 125,000 |
Washington State Convention Center Public Facilities District (RB)
4.00%, 07/01/28 (c) |
124,486 | ||||||
| 4,810,345 | ||||||||
| West Virginia: 0.6% | ||||||||
| 220,000 |
State of West Virginia, Series A (GO)
5.00%, 06/01/29 (c) |
271,572 | ||||||
| State of West Virginia, Series B (GO) | ||||||||
| 150,000 | 4.00%, 06/01/28 (c) | 162,096 | ||||||
| 100,000 | 5.00%, 06/01/28 (c) | 120,581 | ||||||
| 225,000 |
West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Series A (RB)
4.00%, 01/01/29 (c) |
229,597 | ||||||
| West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) | ||||||||
| 160,000 | 3.25%, 06/01/26 (c) | 157,166 | ||||||
| 200,000 | 4.00%, 06/01/28 (c) | 204,406 | ||||||
| 1,145,418 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: 0.8% | ||||||||
| $ | 250,000 |
Village of Mount Pleasant, Series A (TA)
5.00%, 04/01/28 (c) |
$ | 290,137 | ||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 275,000 | 4.00%, 05/15/26 (c) | 284,130 | ||||||
| 410,000 | 4.50%, 05/15/26 (c) | 442,796 | ||||||
| 205,000 |
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB)
4.00%, 04/01/27 (c) |
218,741 | ||||||
| 225,000 |
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB)
3.50%, 02/15/26 (c) |
216,056 | ||||||
| Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB) | ||||||||
| 115,000 | 4.00%, 02/15/27 (c) | 110,334 | ||||||
| 105,000 | 4.00%, 02/15/27 (c) | 101,777 | ||||||
| 1,663,971 | ||||||||
| Wyoming: 0.1% | ||||||||
| 90,000 |
Wyoming Community Development Authority Housing, Series 3 (RB)
3.70%, 06/01/24 (c) |
92,480 | ||||||
| 160,000 |
Wyoming Municipal Power Agency, Inc., Series A (RB)
5.00%, 01/01/27 (c) |
182,918 | ||||||
| 275,398 | ||||||||
|
Total
Municipal Bonds: 97.7%
(Cost: $196,960,073) |
195,260,343 | |||||||
| Other assets less liabilities: 2.3% | 4,537,686 | |||||||
| NET ASSETS: 100.0% | $ | 199,798,029 | ||||||
See Notes to Financial Statements
| 77 |
|
|
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| 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 |
| Summary of Investments | ||||||||
| By Sector | % of Investments | Value | ||||||
| Education | 8.8 | % | $ | 17,199,130 | ||||
| Health Care | 19.9 | 38,803,227 | ||||||
| Housing | 4.5 | 8,825,477 | ||||||
| Industrial Revenue | 0.9 | 1,780,767 | ||||||
| Leasing | 3.9 | 7,705,836 | ||||||
| Local | 15.3 | 29,775,388 | ||||||
| Power | 4.3 | 8,324,016 | ||||||
| Special Tax | 11.9 | 23,340,808 | ||||||
| State | 6.7 | 13,036,713 | ||||||
| Tobacco | 0.7 | 1,389,411 | ||||||
| Transportation | 12.5 | 24,386,363 | ||||||
| Water & Sewer | 10.6 | 20,693,207 | ||||||
| 100.0 | % | $ | 195,260,343 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Total Municipal Bonds* | $ | — | $ | 195,260,343 | $ | — | $ | 195,260,343 | ||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 78 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 98.9% | ||||||||
| Alabama: 2.4% | ||||||||
| $ | 250,000 |
Alabama Federal Aid Highway Finance Authority, Series A (RB)
5.00%, 09/01/22 |
$ | 272,095 | ||||
| 125,000 |
Alabama Federal Aid Highway Finance Authority, Series B (RB)
5.00%, 09/01/23 |
140,370 | ||||||
| 25,000 |
Alabama Public School and College Authority, Series B (RB)
5.00%, 01/01/23 |
27,467 | ||||||
| Black Belt Energy Gas District, Series A (RB) (SAW) | ||||||||
| 470,000 | 4.00%, 09/01/23 (c) (p) | 491,517 | ||||||
| 860,000 | 5.00%, 12/01/23 | 932,145 | ||||||
| 290,000 |
County of Jefferson, Series A (GO)
5.00%, 04/01/24 |
330,034 | ||||||
| 375,000 |
Jefferson County (RB)
5.00%, 09/15/22 |
408,289 | ||||||
| 1,500,000 |
Lower Alabama Gas District, Project No. 2 (RB) (SAW)
4.00%, 09/01/25 (c) (p) |
1,597,335 | ||||||
| 250,000 |
Southeast Alabama Gas Supply District, Series A (RB)
4.00%, 03/01/24 (c) (p) |
262,833 | ||||||
| 450,000 |
UAB Medicine Finance Authority, Series B (RB)
5.00%, 09/01/23 |
499,108 | ||||||
| 4,961,193 | ||||||||
| Alaska: 0.5% | ||||||||
| 750,000 |
Alaska Municipal Bond Bank Authority, Series 3 (RB)
4.00%, 12/01/21 |
778,710 | ||||||
| 125,000 |
Alaska Railroad Corp., Series B (RB)
5.00%, 08/01/23 |
139,253 | ||||||
| 917,963 | ||||||||
| Arizona: 1.5% | ||||||||
| 15,000 |
Arizona Health Facilities, Banner Health, Series A (RB)
5.00%, 01/01/23 |
16,254 | ||||||
| 225,000 |
Board of Regents of Arizona, University Projects, Series A (CP)
5.00%, 06/01/22 |
240,719 | ||||||
| 125,000 |
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
5.00%, 07/01/23 |
139,863 | ||||||
| 200,000 |
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB)
5.00%, 07/01/24 |
226,250 | ||||||
| 250,000 |
City of Phoenix Civic Improvement Corp., Series D (RB)
5.00%, 07/01/23 |
275,380 | ||||||
| 250,000 |
City of Tucson, Water System Revenue (RB)
5.00%, 07/01/21 |
261,930 | ||||||
| 700,000 |
Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
5.00%, 01/01/26 |
811,097 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| Pima County (GO) | ||||||||
| $ | 15,000 | 4.00%, 07/01/22 | $ | 15,968 | ||||
| 310,000 | 4.00%, 07/01/23 | 337,776 | ||||||
| State of Arizona (CP) | ||||||||
| 105,000 | 5.00%, 10/01/21 | 111,178 | ||||||
| 500,000 | 5.00%, 09/01/22 | 544,190 | ||||||
| 2,980,605 | ||||||||
| California: 12.4% | ||||||||
| 250,000 |
Anaheim Housing and Public Improvements Authority, Series B (RB)
5.00%, 04/01/23 (c) |
276,180 | ||||||
| 400,000 |
Bay Area Toll Authority, Series B (RB)
2.85%, 10/01/24 (c) (p) |
422,508 | ||||||
| 475,000 |
Bay Area Toll Authority, Series G (RB)
2.00%, 10/01/23 (c) (p) |
477,964 | ||||||
| 105,000 |
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) (SAW)
5.00%, 10/01/25 (p) |
120,365 | ||||||
| 100,000 |
California Infrastructure and Economic Development Bank, Clean Water State (RB)
5.00%, 10/01/24 |
117,158 | ||||||
| 325,000 |
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/22 |
342,287 | ||||||
| 720,000 |
California State Department of Water Resources, Power Supply Revenue, Series O (RB)
5.00%, 05/01/21 |
749,959 | ||||||
| 1,215,000 |
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
5.00%, 09/01/23 |
1,359,330 | ||||||
| 450,000 |
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 10/01/22 |
490,198 | ||||||
| 320,000 |
California State University, Series A (RB)
5.00%, 11/01/21 |
339,741 | ||||||
| 70,000 |
California State University, Series B-2 (RB)
4.00%, 05/01/21 (c) (p) |
71,905 | ||||||
| 100,000 |
California Statewide Communities Development Authority, Southern California Edison Company, Series D (RB)
2.63%, 12/01/23 (p) |
101,273 | ||||||
| 100,000 |
City and County of San Francisco, Series B (CP)
5.00%, 04/01/25 |
115,936 | ||||||
| 275,000 |
City of Bakersfield, Wastewater Revenue, Series A (RB)
5.00%, 09/15/21 |
290,400 | ||||||
| 275,000 |
Elk Grove Unified School District (GO)
5.00%, 08/01/21 |
288,956 | ||||||
See Notes to Financial Statements
| 79 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 500,000 |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
5.00%, 06/01/22 |
$ | 533,550 | ||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 700,000 | 5.00%, 06/01/21 | 722,470 | ||||||
| 1,000,000 | 5.00%, 06/01/23 | 1,086,190 | ||||||
| 500,000 |
Los Angeles Community College District, Series J (GO)
3.00%, 08/01/23 |
531,155 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 35,000 | 5.00%, 07/01/21 | 36,645 | ||||||
| 250,000 | 5.00%, 07/01/23 | 280,885 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 10,000 | 4.00%, 07/01/21 | 10,345 | ||||||
| 60,000 | 5.00%, 07/01/21 | 62,756 | ||||||
| 500,000 | 5.00%, 07/01/22 | 541,675 | ||||||
| 750,000 | 5.00%, 07/01/24 | 863,092 | ||||||
| 130,000 |
Los Angeles Unified School District, Series B (GO)
5.00%, 07/01/23 |
145,328 | ||||||
| 125,000 |
Municipal Improvement Corp. of Los Angeles, Series A (RB)
5.00%, 11/01/23 |
139,038 | ||||||
| 1,000,000 |
Northern California Energy Authority, Series A (RB)
4.00%, 07/01/24 (p) |
1,051,210 | ||||||
| Oakland Unified School District (GO) (AGM) | ||||||||
| 515,000 | 5.00%, 08/01/21 | 540,745 | ||||||
| 430,000 | 5.00%, 08/01/23 | 474,415 | ||||||
| 350,000 |
Oakland Unified School District, Series A (GO)
5.00%, 08/01/23 |
386,151 | ||||||
| 205,000 |
Orange County Water District, Series A (CP)
2.00%, 02/15/23 (c) |
211,335 | ||||||
| 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) |
943,876 | ||||||
| 265,000 |
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB)
5.00%, 11/01/22 |
290,257 | ||||||
| 240,000 |
Regents of the University of California, Medical Center Pooled Revenue, Series L (RB)
5.00%, 05/15/21 |
250,248 | ||||||
| 250,000 |
Riverside County Transportation Commission, Series B (RB)
5.00%, 06/01/25 |
293,670 | ||||||
| 300,000 |
Sacramento County, Airport System, Series B (RB)
5.00%, 07/01/23 |
329,775 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 15,000 |
Sacramento County, Sanitation District Financial Authority, Series A (RB)
5.00%, 12/01/21 |
$ | 15,977 | ||||
| 125,000 |
Sacramento Municipal Utility District, Series D (RB)
5.00%, 08/15/24 |
144,799 | ||||||
| 100,000 |
San Diego County Water Authority, Series A (RB)
5.00%, 05/01/23 |
111,714 | ||||||
| 25,000 |
San Diego Public Facilities Financing Authority (RB)
5.00%, 05/15/22 |
27,052 | ||||||
| 10,000 |
San Francisco State Building Authority, Civic Center Complex, Series A (RB)
5.00%, 12/01/21 |
10,641 | ||||||
| 285,000 |
San Francisco Unified School District, Proposition A (GO)
2.00%, 06/15/22 |
290,233 | ||||||
| 325,000 |
State of California (GO)
5.00%, 08/01/24 |
373,727 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 300,000 | 4.00%, 11/01/24 | 334,323 | ||||||
| 600,000 | 4.00%, 10/01/25 | 678,924 | ||||||
| 300,000 | 5.00%, 09/01/21 | 316,446 | ||||||
| 500,000 | 5.00%, 09/01/21 | 527,410 | ||||||
| 145,000 | 5.00%, 08/01/22 | 157,319 | ||||||
| 265,000 | 5.00%, 09/01/22 | 288,293 | ||||||
| 500,000 | 5.00%, 09/01/23 | 560,610 | ||||||
| 600,000 | 5.00%, 09/01/23 | 672,732 | ||||||
| 1,000,000 | 5.00%, 09/01/23 | 1,121,220 | ||||||
| 250,000 | 5.00%, 10/01/23 | 281,003 | ||||||
| 525,000 | 5.00%, 11/01/23 | 591,575 | ||||||
| 100,000 | 5.00%, 10/01/24 | 115,521 | ||||||
| 1,500,000 | 5.00%, 08/01/25 | 1,767,735 | ||||||
| 300,000 |
Stockton Unified School District (GO)
5.00%, 08/01/23 |
334,509 | ||||||
| Tobacco Securitization Authority of Southern California, Series A-1 (RB) (AGM) | ||||||||
| 250,000 | 5.00%, 06/01/21 | 258,200 | ||||||
| 480,000 | 5.00%, 06/01/23 | 522,168 | ||||||
| 500,000 |
University of California, Series AT (RB)
1.40%, 11/15/20 (c) (p) |
500,475 | ||||||
| 25,291,577 | ||||||||
| Colorado: 0.7% | ||||||||
| 125,000 |
Boulder Valley School District No. RE-2, Series B (GO) (SAW)
4.00%, 12/01/23 |
137,764 | ||||||
| 250,000 |
City of Aurora, Water Revenue, First Lien (RB)
5.00%, 08/01/22 |
272,230 | ||||||
| 500,000 |
Colorado Health Facilities Authority, Sanford, Series A (RB)
5.00%, 11/01/25 |
573,530 | ||||||
| 385,000 |
State of Colorado, Series K (CP)
5.00%, 03/15/26 |
462,266 | ||||||
| 1,445,790 | ||||||||
See Notes to Financial Statements
| 80 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Connecticut: 3.5% | ||||||||
| $ | 215,000 |
City of New Haven, Series A (GO) (AGM)
5.00%, 08/15/24 |
$ | 239,338 | ||||
| 1,000,000 |
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
5.00%, 07/01/25 |
1,126,680 | ||||||
| 390,000 |
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB)
5.00%, 02/01/23 (p) |
429,702 | ||||||
| State of Connecticut, Series A (GO) | ||||||||
| 280,000 | 5.00%, 03/15/23 | 304,618 | ||||||
| 265,000 | 5.00%, 04/15/23 | 288,903 | ||||||
| State of Connecticut, Series B (GO) | ||||||||
| 375,000 | 4.00%, 05/15/23 | 398,685 | ||||||
| 290,000 | 5.00%, 05/15/21 | 301,374 | ||||||
| 300,000 |
State of Connecticut, Series D (GO)
5.00%, 08/15/23 |
329,811 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 350,000 | 5.00%, 10/15/22 | 377,153 | ||||||
| 270,000 | 5.00%, 09/15/25 | 308,799 | ||||||
| State of Connecticut, Special Tax Obligation, Series A (RB) | ||||||||
| 305,000 | 5.00%, 01/01/22 | 322,827 | ||||||
| 325,000 | 5.00%, 09/01/22 | 351,071 | ||||||
| 300,000 | 5.00%, 01/01/23 | 326,718 | ||||||
| 375,000 | 5.00%, 04/15/23 | 408,825 | ||||||
| 300,000 | 5.00%, 08/01/23 | 331,989 | ||||||
| 100,000 | 5.00%, 09/01/23 | 110,913 | ||||||
| State of Connecticut, Special Tax Obligation, Series B (RB) | ||||||||
| 250,000 | 5.00%, 08/01/23 | 276,658 | ||||||
| 200,000 | 5.00%, 10/01/23 | 222,324 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 170,000 | 5.00%, 01/15/22 | 179,195 | ||||||
| 370,000 | 5.00%, 02/15/24 | 410,308 | ||||||
| 7,045,891 | ||||||||
| District of Columbia: 1.5% | ||||||||
| District of Columbia, Series A (GO) | ||||||||
| 1,020,000 | 5.00%, 06/01/21 | 1,065,308 | ||||||
| 440,000 | 5.00%, 06/01/22 | 476,670 | ||||||
| 120,000 |
District of Columbia, Series B (GO)
5.00%, 06/01/25 |
142,579 | ||||||
| 500,000 |
District of Columbia, Series E (GO)
5.00%, 06/01/25 |
594,080 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
| 225,000 | 5.00%, 07/01/24 | 258,435 | ||||||
| 100,000 | 5.00%, 07/01/25 | 117,987 | ||||||
| 300,000 |
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/25 |
353,961 | ||||||
| 3,009,020 | ||||||||
| Florida: 4.9% | ||||||||
| Citizens Property Insurance Corp., Series A-1 (RB) | ||||||||
| 300,000 | 5.00%, 12/01/21 (c) | 316,641 | ||||||
| 2,000,000 | 5.00%, 12/01/24 (c) | 2,294,980 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| City of Jacksonville, Series B (RB) | ||||||||
| $ | 265,000 | 5.00%, 10/01/24 | $ | 307,734 | ||||
| 750,000 | 5.00%, 10/01/25 | 890,092 | ||||||
| 280,000 |
County of Miami-Dade (RB)
5.00%, 10/01/25 |
331,979 | ||||||
| 495,000 |
County of Miami-Dade, Water and Sewer System (RB)
5.00%, 10/01/23 |
559,929 | ||||||
| 200,000 |
Hillsborough County (RB)
5.00%, 11/01/21 |
212,122 | ||||||
| 710,000 |
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA)
5.00%, 02/01/24 |
807,838 | ||||||
| 100,000 |
Orange County Health Facilities Authority, Orlando Health Obligated Group, Series B (RB)
5.00%, 10/01/22 |
107,277 | ||||||
| 300,000 |
Orange County, Tourist Development Tax (RB)
5.00%, 10/01/23 |
339,030 | ||||||
| 270,000 |
School District of Broward County, Series A (CP)
5.00%, 07/01/22 |
293,290 | ||||||
| 340,000 |
School District of Broward County, Series C (CP)
5.00%, 07/01/24 |
392,465 | ||||||
| 450,000 |
State of Florida, Board of Education, Lottery Revenue, Series A (RB)
5.00%, 07/01/23 |
505,746 | ||||||
| 1,150,000 |
State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
5.00%, 06/01/24 |
1,330,193 | ||||||
| 130,000 |
State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO)
5.00%, 06/01/23 |
145,708 | ||||||
| 125,000 |
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
5.00%, 06/01/22 |
135,471 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | ||||||||
| 275,000 | 5.00%, 06/01/21 | 287,548 | ||||||
| 150,000 | 5.00%, 06/01/23 | 168,125 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | ||||||||
| 225,000 | 5.00%, 06/01/23 | 252,187 | ||||||
| 100,000 | 5.00%, 06/01/24 | 115,669 | ||||||
| 180,000 |
State of Florida, Department of Management Services, Series A (RB)
5.00%, 09/01/23 |
202,509 | ||||||
| 9,996,533 | ||||||||
See Notes to Financial Statements
| 81 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Georgia: 2.3% | ||||||||
| $ | 500,000 |
Burke County Development Authority, Series F (RB)
3.00%, 02/01/23 (p) |
$ | 503,360 | ||||
| 290,000 |
Georgia State Road and Tollway Authority, Series B (RB)
5.00%, 06/01/21 |
303,009 | ||||||
| 500,000 |
Main Street Natural Gas, Inc., Series A (RB)
4.00%, 06/01/23 (c) (p) |
528,480 | ||||||
| 500,000 |
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 06/01/23 |
534,620 | ||||||
| 225,000 |
Municipal Gas Authority of Georgia, Gas Portfolio IV Project, Series A (RB)
5.00%, 10/01/23 |
253,708 | ||||||
| 730,000 |
Richmond County, Board of Education (GO) (SAW)
5.00%, 10/01/21 |
770,624 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 160,000 | 5.00%, 02/01/23 | 177,434 | ||||||
| 15,000 | 5.00%, 02/01/23 | 16,634 | ||||||
| 1,000,000 |
State of Georgia, Series E (GO)
5.00%, 12/01/24 |
1,174,500 | ||||||
| 460,000 |
State of Georgia, Series F (GO)
5.00%, 07/01/21 |
482,172 | ||||||
| 4,744,541 | ||||||||
| Hawaii: 0.6% | ||||||||
| 115,000 |
City and County of Honolulu, Wastewater System, Series A (RB)
5.00%, 07/01/24 |
132,341 | ||||||
| 120,000 |
State of Hawaii, Series EZ (GO)
5.00%, 10/01/23 |
135,526 | ||||||
| 700,000 |
State of Hawaii, Series FE (GO)
5.00%, 10/01/23 |
790,566 | ||||||
| 110,000 |
State of Hawaii, Series FN (GO)
5.00%, 10/01/24 |
127,739 | ||||||
| 100,000 |
State of Hawaii, Series FT (GO)
5.00%, 01/01/23 |
110,283 | ||||||
| 1,296,455 | ||||||||
| Illinois: 5.1% | ||||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 100,000 | 5.00%, 01/01/22 | 105,236 | ||||||
| 445,000 | 5.00%, 01/01/24 | 488,298 | ||||||
| Chicago O’Hare International Airport, Series C (RB) | ||||||||
| 250,000 | 5.00%, 01/01/22 | 263,090 | ||||||
| 100,000 | 5.00%, 01/01/22 | 105,236 | ||||||
| 650,000 | 5.00%, 01/01/23 | 698,022 | ||||||
| 115,000 | 5.00%, 01/01/24 | 126,190 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
| 380,000 | 5.00%, 06/01/22 | 406,866 | ||||||
| 350,000 | 5.00%, 06/01/23 | 385,455 | ||||||
| City of Springfield, Electric Revenue, Senior Lien (RB) | ||||||||
| 165,000 | 5.00%, 03/01/23 | 181,488 | ||||||
| 235,000 | 5.00%, 03/01/24 | 265,595 | ||||||
| 325,000 | 5.00%, 03/01/25 | 377,666 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 200,000 |
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO)
5.00%, 12/01/25 |
$ | 238,932 | ||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 310,000 | 4.00%, 01/01/23 | 334,031 | ||||||
| 100,000 | 4.00%, 07/01/25 | 113,988 | ||||||
| 340,000 | 5.00%, 07/01/22 | 369,022 | ||||||
| 250,000 | 5.00%, 01/01/23 | 275,918 | ||||||
| 155,000 | 5.00%, 01/01/24 | 176,582 | ||||||
| 500,000 | 5.00%, 07/01/24 | 578,255 | ||||||
| 600,000 | 5.00%, 01/01/25 | 704,022 | ||||||
| 250,000 |
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB)
5.00%, 07/15/23 |
277,150 | ||||||
| 115,000 |
Railsplitter Tobacco Settlement Authority (RB)
5.00%, 06/01/22 |
123,327 | ||||||
| 495,000 |
Regional Transportation Authority of Illinois, Series A (RB)
5.00%, 07/01/24 |
564,028 | ||||||
| 370,000 |
Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/23 |
391,619 | ||||||
| State of Illinois (GO) | ||||||||
| 575,000 | 5.00%, 06/01/21 | 576,167 | ||||||
| 400,000 | 5.00%, 06/01/22 | 399,960 | ||||||
| 350,000 | 5.00%, 02/01/23 | 348,964 | ||||||
| 130,000 | State of Illinois, Series B (GO) | |||||||
| 5.00%, 12/01/24 | 128,744 | |||||||
| State of Illinois, Series C (RB) | ||||||||
| 250,000 | 4.00%, 06/15/21 | 251,100 | ||||||
| 395,000 | 5.00%, 06/15/22 | 405,957 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 470,000 | 5.00%, 11/01/22 | 469,553 | ||||||
| 345,000 | 5.00%, 11/01/25 | 339,380 | ||||||
| 10,469,841 | ||||||||
| Indiana: 1.0% | ||||||||
| 500,000 |
City of Indianapolis, Water System, Series A (RB)
5.00%, 10/01/25 |
593,395 | ||||||
| 215,000 |
Indiana Finance Authority, Indiana University Health Obligated Group, Series A (RB)
5.00%, 12/01/23 |
240,854 | ||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
| 500,000 | 5.00%, 02/01/24 | 571,470 | ||||||
| 250,000 | 5.00%, 02/01/25 | 294,287 | ||||||
| 250,000 |
Indiana Municipal Power Agency, Series A (RB)
5.00%, 01/01/22 |
266,618 | ||||||
| 1,966,624 | ||||||||
| Iowa: 0.3% | ||||||||
| 250,000 |
Iowa Finance Authority (RB)
5.00%, 08/01/23 |
281,815 | ||||||
| 25,000 |
State of Iowa, IJob Program, Series A (RB)
5.00%, 06/01/22 |
27,067 | ||||||
See Notes to Financial Statements
| 82 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Iowa: (continued) | ||||||||
| $ | 250,000 |
State of Iowa, Prison Infrastructure Fund (RB)
5.00%, 06/15/23 |
$ | 280,153 | ||||
| 589,035 | ||||||||
| Kansas: 0.6% | ||||||||
| 350,000 |
Johnson County Unified School District No. 233, Series B (GO)
5.00%, 09/01/22 |
381,780 | ||||||
| 230,000 |
Kansas Development Finance Authority, National Bio and Agro-Defense Facility, Series G (RB)
5.00%, 04/01/22 |
247,390 | ||||||
| 535,000 |
State of Kansas, Department of Transportation, Highway Revenue, Series A (RB)
5.00%, 09/01/22 |
583,578 | ||||||
| 1,212,748 | ||||||||
| Kentucky: 1.3% | ||||||||
| 220,000 |
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB)
5.00%, 09/01/24 |
250,879 | ||||||
| Kentucky Public Energy Authority, Gas Supply, Series B (RB) | ||||||||
| 200,000 | 4.00%, 07/01/23 | 207,970 | ||||||
| 175,000 | 4.00%, 10/01/24 (c) (p) | 181,983 | ||||||
| 15,000 |
Kentucky State Property and Building Commission No. 108, Series B (RB)
5.00%, 08/01/21 |
15,647 | ||||||
| Kentucky State Property and Building Commission No. 112, Series B (RB) | ||||||||
| 570,000 | 5.00%, 11/01/22 | 613,651 | ||||||
| 320,000 | 5.00%, 11/01/23 | 350,912 | ||||||
| 20,000 |
Kentucky Turnpike Authority, Series A (RB)
5.00%, 07/01/21 |
20,732 | ||||||
| Kentucky Turnpike Authority, Series B (RB) | ||||||||
| 310,000 | 5.00%, 07/01/22 | 330,342 | ||||||
| 300,000 | 5.00%, 07/01/23 | 327,744 | ||||||
| 125,000 | 5.00%, 07/01/24 | 137,288 | ||||||
| 250,000 |
University of Kentucky, Series B (RB)
5.00%, 10/01/21 |
264,348 | ||||||
| 2,701,496 | ||||||||
| Louisiana: 0.7% | ||||||||
| 175,000 |
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project (RB)
5.00%, 10/01/22 |
189,676 | ||||||
| Louisiana State Citizens Property Insurance Corp. (RB) (AGM) | ||||||||
| 310,000 | 5.00%, 06/01/21 | 323,225 | ||||||
| 300,000 | 5.00%, 06/01/22 | 324,420 | ||||||
| 590,000 | 5.00%, 06/01/23 | 659,189 | ||||||
| 1,496,510 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Maryland: 3.0% | ||||||||
| $ | 35,000 |
Anne Arundel County (GO)
5.00%, 04/01/23 |
$ | 38,963 | ||||
| 320,000 |
Maryland State Stadium Authority, Baltimore City Public Schools (RB)
5.00%, 05/01/23 |
352,698 | ||||||
| 410,000 |
Montgomery County, Consolidated Public Improvement, Series B (GO)
5.00%, 12/01/23 |
466,978 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
| 15,000 | 5.00%, 02/01/23 | 16,544 | ||||||
| 165,000 | 5.00%, 09/01/24 | 191,532 | ||||||
| 40,000 |
State of Maryland, Department of Transportation, Second Issue (RB)
5.00%, 06/01/21 |
41,772 | ||||||
| 200,000 |
State of Maryland, Department of Transportation, Third Issue (RB)
5.00%, 12/15/23 |
227,308 | ||||||
| 790,000 |
State of Maryland, State and Local Facilities Loan, First Series (GO)
5.00%, 06/01/22 |
856,692 | ||||||
| State of Maryland, State and Local Facilities Loan, First Series A (GO) | ||||||||
| 30,000 | 5.00%, 03/01/23 | 33,369 | ||||||
| 2,730,000 | 5.00%, 03/15/24 | 3,139,691 | ||||||
| 145,000 |
State of Maryland, State and Local Facilities Loan, Second Series (GO)
5.00%, 08/01/22 |
158,165 | ||||||
| 500,000 |
State of Maryland, State and Local Facilities Loan, Second Series A (GO)
5.00%, 08/01/25 |
598,180 | ||||||
| 6,121,892 | ||||||||
| Massachusetts: 2.4% | ||||||||
| Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) | ||||||||
| 20,000 | 5.00%, 06/15/21 (c) | 20,904 | ||||||
| 860,000 | 5.00%, 06/15/23 (c) | 962,013 | ||||||
| 10,000 |
Commonwealth of Massachusetts, Series C (GO)
5.00%, 10/01/21 |
10,586 | ||||||
| 900,000 |
Commonwealth of Massachusetts, Series D (GO)
5.00%, 07/01/23 |
1,009,098 | ||||||
| 750,000 |
Commonwealth of Massachusetts, Series E (GO)
3.00%, 12/01/25 |
818,257 | ||||||
| 125,000 |
Massachusetts Bay Transportation Authority (RB)
4.00%, 12/01/21 |
131,106 | ||||||
| Massachusetts Development Finance Agency, Care Group, Series H-1 (RB) | ||||||||
| 480,000 | 5.00%, 07/01/21 | 495,720 | ||||||
| 500,000 | 5.00%, 07/01/22 | 532,370 | ||||||
| 325,000 |
Massachusetts Development Finance Agency, Care Group, Series I (RB)
5.00%, 07/01/21 |
335,644 | ||||||
See Notes to Financial Statements
| 83 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 10,000 |
Massachusetts Development Finance Agency, Harvard University, Series A (RB)
5.00%, 07/15/22 |
$ | 10,898 | ||||
| 30,000 |
Massachusetts Development Finance Agency, Healthcare System, Series Q (RB)
5.00%, 07/01/22 |
32,207 | ||||||
| Massachusetts State Water Resources Authority, Series C (RB) | ||||||||
| 250,000 | 5.00%, 08/01/22 | 272,230 | ||||||
| 220,000 | 5.00%, 08/01/23 | 247,546 | ||||||
| 4,878,579 | ||||||||
| Michigan: 0.9% | ||||||||
| 200,000 |
Michigan Finance Authority, Henry Ford Health System (RB)
5.00%, 11/15/21 |
211,836 | ||||||
| 100,000 |
Michigan State Building Authority, Series I (RB)
5.00%, 04/15/23 |
111,337 | ||||||
| 500,000 |
Michigan Strategic Fund, Detroit Edison Company Pollution Control Project, Series CC (RB)
1.45%, 09/01/21 (p) |
498,885 | ||||||
| 500,000 |
Regents of University of Michigan, Series A (RB)
5.00%, 04/01/23 |
555,090 | ||||||
| 35,000 |
Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB)
5.00%, 09/01/21 |
36,838 | ||||||
| 175,000 |
State of Michigan, Grant Anticipation (RB)
5.00%, 03/15/24 |
198,485 | ||||||
| 145,000 |
Wayne County Airport Authority, Series C (RB)
5.00%, 12/01/23 |
161,046 | ||||||
| 1,773,517 | ||||||||
| Minnesota: 2.0% | ||||||||
| 200,000 |
Duluth Independent School District No. 709, Series A (CP) ( SD CRED PROG)
5.00%, 02/01/25 |
231,818 | ||||||
| 480,000 |
Regents of University of Minnesota, Series B (RB)
5.00%, 12/01/22 |
527,674 | ||||||
| 370,000 |
Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG)
5.00%, 02/01/22 |
396,285 | ||||||
| 290,000 |
State of Minnesota, 911 Services Revenue (RB)
5.00%, 06/01/21 |
303,073 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
| 150,000 | 5.00%, 08/01/21 | 157,805 | ||||||
| 1,200,000 | 5.00%, 08/01/24 | 1,392,840 | ||||||
See Notes to Financial Statements
| 84 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Nevada: (continued) | ||||||||
| $ | 450,000 |
Clark County, Series B (GO)
5.00%, 11/01/23 |
$ | 508,711 | ||||
| 300,000 |
Las Vegas Valley Water District, Series A (GO)
5.00%, 06/01/22 |
324,162 | ||||||
| 300,000 |
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB)
5.00%, 12/01/24 |
351,033 | ||||||
| 2,113,592 | ||||||||
| New Jersey: 2.1% | ||||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
| 125,000 | 5.00%, 11/01/23 | 128,726 | ||||||
| 100,000 | 5.00%, 11/01/24 | 103,428 | ||||||
| 160,000 |
New Jersey Economic Development Authority, Princeton University, Series B (RB)
5.00%, 07/01/22 |
174,270 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 320,000 | 5.00%, 06/15/21 | 324,976 | ||||||
| 500,000 | 5.00%, 06/15/23 | 513,710 | ||||||
| 35,000 |
New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB)
5.00%, 07/01/20 |
35,237 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 100,000 | 5.00%, 06/15/21 | 102,961 | ||||||
| 890,000 | 5.00%, 06/15/24 | 954,347 | ||||||
| 120,000 |
New Jersey Turnpike Authority, Series C (RB)
5.00%, 01/01/22 |
127,607 | ||||||
| State of New Jersey, Series T (GO) | ||||||||
| 225,000 | 5.00%, 06/01/21 | 234,524 | ||||||
| 335,000 | 5.00%, 06/01/22 | 360,544 | ||||||
| 800,000 |
State of New Jersey, Various Purposes (GO)
5.00%, 06/01/22 |
861,000 | ||||||
| 290,000 |
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/23 |
315,198 | ||||||
| 4,236,528 | ||||||||
| New Mexico: 1.3% | ||||||||
| 415,000 |
Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB)
5.00%, 07/01/21 |
434,804 | ||||||
| 250,000 |
Farmington, Pollution Control, San Juan Project, Series B (RB)
1.88%, 10/01/21 (p) |
245,868 | ||||||
| 325,000 |
New Mexico Finance Authority, Series D (RB)
5.00%, 06/01/22 |
352,014 | ||||||
| 165,000 |
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG)
5.00%, 02/01/25 (c) (p) |
185,729 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New Mexico: (continued) | ||||||||
| $ | 320,000 |
State of New Mexico, Series A (GO)
5.00%, 03/01/23 |
$ | 354,800 | ||||
| State of New Mexico, Series B (RB) | ||||||||
| 505,000 | 4.00%, 07/01/23 | 548,607 | ||||||
| 340,000 | 5.00%, 03/01/23 | 376,975 | ||||||
| 160,000 |
State of New Mexico, Severance Tax, Series B (RB)
5.00%, 07/01/21 |
167,579 | ||||||
| 2,666,376 | ||||||||
| New York: 14.4% | ||||||||
| City of New York, Series A (GO) | ||||||||
| 250,000 | 4.00%, 08/01/23 | 268,793 | ||||||
| 670,000 | 5.00%, 08/01/22 | 721,496 | ||||||
| 375,000 | 5.00%, 08/01/22 | 403,822 | ||||||
| 100,000 | 5.00%, 08/01/23 | 110,663 | ||||||
| 230,000 | 5.00%, 08/01/24 | 261,025 | ||||||
| 500,000 |
City of New York, Series B-1 (GO)
5.00%, 10/01/22 |
541,065 | ||||||
| City of New York, Series C (GO) | ||||||||
| 750,000 | 5.00%, 08/01/24 | 851,167 | ||||||
| 750,000 | 5.00%, 08/01/25 | 870,705 | ||||||
| 320,000 |
City of New York, Series C and D (GO)
5.00%, 08/01/23 |
354,122 | ||||||
| 100,000 |
City of New York, Series D-3 (GO)
5.00%, 08/01/23 (c) (p) |
110,345 | ||||||
| 255,000 |
City of New York, Series E (GO)
5.00%, 08/01/24 |
289,397 | ||||||
| 100,000 |
City of Yonkers, Series C (GO)
5.00%, 10/01/23 |
111,868 | ||||||
| 100,000 |
County of Nassau, Series B (GO)
5.00%, 04/01/22 |
107,522 | ||||||
| County of Nassau, Series C (GO) | ||||||||
| 775,000 | 5.00%, 10/01/22 | 833,675 | ||||||
| 200,000 | 5.00%, 10/01/24 | 224,650 | ||||||
| 50,000 |
Erie County Industrial Development Agency, City School District of the City of Buffalo Project, Series A (RB) (SAW)
5.00%, 05/01/21 |
52,035 | ||||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
| 100,000 | 3.00%, 02/15/22 | 103,718 | ||||||
| 210,000 | 5.00%, 02/15/22 | 225,210 | ||||||
| 100,000 | 5.00%, 02/15/23 | 109,791 | ||||||
| 500,000 |
Long Island Power Authority, Electric System, Series B (RB)
5.00%, 09/01/22 |
539,870 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 1,125,000 | 4.00%, 11/15/25 | 1,209,206 | ||||||
| 30,000 | 5.00%, 11/15/22 | 31,881 | ||||||
| 500,000 |
Metropolitan Transportation Authority, Series A-1 (RB)
5.00%, 11/15/24 (p) |
514,675 | ||||||
| Metropolitan Transportation Authority, Series A-2 (RB) | ||||||||
| 15,000 | 5.00%, 11/15/21 | 15,022 | ||||||
| 750,000 | 5.00%, 05/15/24 (p) | 770,265 | ||||||
See Notes to Financial Statements
| 85 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| $ | 135,000 | 5.00%, 11/15/21 | $ | 135,194 | ||||
| 450,000 | 5.00%, 11/15/22 | 451,053 | ||||||
| 10,000 | 5.00%, 11/15/22 | 10,023 | ||||||
| 290,000 | 5.00%, 11/15/23 | 290,925 | ||||||
| 250,000 | 5.00%, 11/15/23 | 250,798 | ||||||
| 390,000 | 5.00%, 11/15/24 | 391,560 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 500,000 | 5.00%, 11/15/23 | 501,595 | ||||||
| 875,000 | 5.00%, 11/15/25 | 879,182 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 255,000 | 5.00%, 11/15/21 | 255,367 | ||||||
| 10,000 | 5.00%, 11/15/22 | 10,023 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 200,000 | 5.00%, 11/15/23 | 200,638 | ||||||
| 235,000 | 5.00%, 11/15/25 | 236,123 | ||||||
| 250,000 |
Monroe County Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW)
5.00%, 05/01/23 |
276,320 | ||||||
| 640,000 |
New York City Housing Development Corp., Multi-Family Housing, Series C-2 (RB)
2.20%, 11/01/20 (c) |
642,720 | ||||||
| 250,000 |
New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
5.00%, 07/15/24 |
285,835 | ||||||
| 1,000,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB)
5.00%, 11/01/22 |
1,090,650 | ||||||
| 310,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
5.00%, 11/01/21 |
329,266 | ||||||
| 60,000 |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
5.00%, 02/01/22 |
64,262 | ||||||
| 500,000 |
New York City Transitional Finance Authority, Series S-3 (RB) (SAW)
5.00%, 07/15/21 (c) |
522,775 | ||||||
| 530,000 |
New York City Water and Sewer System, Series CC-2 (RB)
5.00%, 12/15/21 (c) |
561,927 | ||||||
| 125,000 |
New York State Dormitory Authority, Columbia University (RB)
5.00%, 10/01/24 |
144,111 | ||||||
| 240,000 |
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB)
5.00%, 07/01/25 |
274,793 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 300,000 |
New York State Dormitory Authority,
New York City Issue, Series 1 (RB) (SAW) 5.00%, 01/15/23 |
$ | 326,487 | ||||
| 325,000 |
New York State Dormitory Authority, New York State University, Series A (RB)
5.00%, 07/01/22 |
353,109 | ||||||
| 110,000 |
New York State Dormitory Authority, New York University, Series A (RB)
5.00%, 07/01/24 |
127,023 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
| 250,000 | 5.00%, 10/01/22 | 273,835 | ||||||
| 365,000 | 5.00%, 10/01/23 | 412,355 | ||||||
| 300,000 |
New York State Dormitory Authority, School Districts Bond Financing Program, Series B (RB)
5.00%, 10/01/24 |
347,259 | ||||||
| 1,000,000 |
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 02/15/23 |
1,102,307 | ||||||
| 10,000 |
New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
5.00%, 03/15/23 |
11,037 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 770,000 | 5.00%, 02/15/22 | 821,659 | ||||||
| 815,000 | 5.00%, 02/15/23 | 897,233 | ||||||
| 1,000,000 | 5.00%, 02/15/25 | 1,161,860 | ||||||
| 350,000 |
New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
5.00%, 03/15/25 |
407,515 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 155,000 | 5.00%, 03/15/22 | 165,881 | ||||||
| 445,000 | 5.00%, 03/15/23 | 490,466 | ||||||
| 100,000 | 5.00%, 03/15/24 | 113,309 | ||||||
| 100,000 |
New York State Dormitory Authority, State Sales Tax, Series B (RB)
5.00%, 03/15/23 |
110,217 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
| 155,000 | 5.00%, 03/15/24 | 175,629 | ||||||
| 775,000 | 5.00%, 03/15/25 | 900,379 | ||||||
| 495,000 |
New York State Dormitory Authority, State Sales Tax, Series E (RB)
5.00%, 03/15/26 |
588,283 | ||||||
| 500,000 |
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB)
5.00%, 07/01/25 |
582,610 | ||||||
See Notes to Financial Statements
| 86 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 250,000 |
New York State Housing Finance Agency, Series I (RB) (SAW)
1.75%, 02/01/22 (c) |
$ | 250,615 | ||||
| 250,000 |
New York State Housing Finance Agency, Series M (RB)
2.00%, 05/01/21 |
251,940 | ||||||
| 165,000 |
New York State Thruway Authority, Series L (RB)
5.00%, 01/01/24 |
186,074 | ||||||
| 790,000 |
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/23 |
871,891 | ||||||
| 20,000 |
Sales Tax Asset Receivable Corp., Series A (RB)
5.00%, 10/15/22 |
22,012 | ||||||
| 75,000 |
Triborough Bridge and Tunnel Authority, Series C-1 (RB)
5.00%, 11/15/23 |
84,829 | ||||||
| 500,000 |
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/22 |
526,600 | ||||||
| 320,000 |
Utility Debt Securitization Authority, Series B (RB)
5.00%, 12/15/22 (c) |
352,310 | ||||||
| 29,351,852 | ||||||||
| North Carolina: 1.7% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) | ||||||||
| 115,000 | 4.00%, 01/15/23 | 122,352 | ||||||
| 105,000 | 5.00%, 01/15/22 | 112,123 | ||||||
| 340,000 |
City of Charlotte, Water and Sewer System (RB)
5.00%, 07/01/22 |
369,556 | ||||||
| 290,000 |
County of Durham (GO)
4.00%, 10/01/24 |
326,351 | ||||||
| 150,000 |
Mecklenburg County, Series A (GO)
5.00%, 09/01/21 |
158,285 | ||||||
| 350,000 |
Mecklenburg County, Series B (GO)
5.00%, 12/01/21 |
372,960 | ||||||
| 665,000 |
State of North Carolina, Department of State Treasurer, Series B (GO)
5.00%, 06/01/25 |
792,301 | ||||||
| 500,000 |
State of North Carolina, Grant Anticipation Revenue Vehicle (RB)
5.00%, 03/01/23 |
552,165 | ||||||
| 500,000 |
State of North Carolina, Series A (GO)
5.00%, 06/01/24 |
578,560 | ||||||
| 10,000 |
Wake County, Series A (RB)
5.00%, 12/01/20 |
10,252 | ||||||
| 3,394,905 | ||||||||
| Ohio: 3.8% | ||||||||
| 530,000 |
American Municipal Power, Inc., Series A (RB)
5.00%, 02/15/23 |
586,026 | ||||||
| 260,000 |
City of Cleveland, Airport System Revenue, Series B (RB) (AGM)
5.00%, 01/01/23 |
280,610 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| $ | 130,000 | 5.00%, 08/01/21 | $ | 136,266 | ||||
| 100,000 | 5.00%, 08/01/25 | 114,422 | ||||||
| County of Hamilton, Sales Tax, Series A (RB) | ||||||||
| 100,000 | 5.00%, 12/01/21 | 106,267 | ||||||
| 500,000 | 5.00%, 12/01/25 | 598,220 | ||||||
| 155,000 |
Hamilton County, Sales Tax Revenue, Series A (RB)
5.00%, 12/01/23 |
175,665 | ||||||
| 200,000 |
Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 06/01/24 |
230,992 | ||||||
| 1,325,000 |
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
5.00%, 01/01/25 |
1,526,731 | ||||||
| 100,000 |
State of Ohio, Common School, Series B (GO)
5.00%, 09/15/25 |
119,804 | ||||||
| 560,000 |
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB)
5.00%, 12/01/23 |
625,268 | ||||||
| 200,000 |
State of Ohio, Highway Capital Improvement, Series S (GO)
5.00%, 05/01/22 |
216,036 | ||||||
| 675,000 |
State of Ohio, Highway Capital Improvement, Series T (GO)
5.00%, 11/01/22 |
741,784 | ||||||
| 1,000,000 |
State of Ohio, Highway Capital Improvement, Series U (GO)
5.00%, 05/01/23 |
1,116,830 | ||||||
| 930,000 |
State of Ohio, Infrastructure Improvement, Series C (GO)
5.00%, 09/01/21 |
981,875 | ||||||
| 20,000 |
State of Ohio, Infrastructure Project, Series 1 (RB)
5.00%, 12/15/22 |
22,025 | ||||||
| 115,000 |
State of Ohio, Miami University (RB)
5.00%, 09/01/25 |
134,969 | ||||||
| 7,713,790 | ||||||||
| Oklahoma: 0.9% | ||||||||
| Oklahoma County Independent School District No. 89, Series A (GO) | ||||||||
| 500,000 | 0.05%, 07/01/22 | 486,510 | ||||||
| 450,000 | 1.25%, 07/01/24 | 446,098 | ||||||
| 500,000 |
Oklahoma Development Finance Authority, Integris Obligated Group, Series A (RB)
5.00%, 08/15/22 |
531,500 | ||||||
| 10,000 |
Oklahoma Water Resources Board, Clean Water Program (RB)
5.00%, 04/01/23 |
11,123 | ||||||
| 350,000 | Tulsa Public Facilities Authority (RB) 3.00%, 06/01/25 | 373,082 | ||||||
| 1,848,313 | ||||||||
See Notes to Financial Statements
| 87 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Oregon: 0.2% | ||||||||
| $ | 10,000 |
Oregon State Lottery, Department of Administrative Services, Series B (RB)
5.00%, 04/01/23 |
$ | 11,132 | ||||
| 365,000 |
State of Oregon, Series A (GO)
5.00%, 05/01/22 |
394,415 | ||||||
| 25,000 |
Washington County, Series B (GO)
5.00%, 03/01/23 |
27,756 | ||||||
| 433,303 | ||||||||
| Pennsylvania: 4.4% | ||||||||
| 385,000 |
Allegheny County Sanitary Authority, Sewer Revenue (RB)
5.00%, 12/01/22 |
423,446 | ||||||
| 500,000 |
City of Philadelphia, Gas Works Revenue, Thirteenth Series (RB)
5.00%, 08/01/21 |
521,880 | ||||||
| 200,000 |
City of Philadelphia, Series A (GO)
5.00%, 08/01/24 |
229,720 | ||||||
| 310,000 |
City of Philadelphia, Water and Wastewater Revenue (RB)
5.00%, 10/01/22 |
335,997 | ||||||
| 100,000 |
City of Philadelphia, Water and Wastewater Revenue, Series B (RB)
5.00%, 07/01/22 |
107,577 | ||||||
| 250,000 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
5.00%, 06/01/23 |
269,925 | ||||||
| 100,000 |
Commonwealth of Pennsylvania, First Series (GO)
5.00%, 09/15/23 |
111,971 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 380,000 | 5.00%, 01/15/22 | 404,977 | ||||||
| 250,000 | 5.00%, 08/15/22 | 270,933 | ||||||
| 590,000 | 5.00%, 09/15/22 | 641,076 | ||||||
| 370,000 | 5.00%, 01/15/23 | 406,171 | ||||||
| Delaware River Port Authority, Series B (RB) | ||||||||
| 350,000 | 5.00%, 01/01/25 | 406,192 | ||||||
| 870,000 | 5.00%, 01/01/26 | 1,035,230 | ||||||
| 270,000 |
Lancaster County Hospital Authority, University of Pennsylvania Health System, Series B (RB)
5.00%, 08/15/22 |
290,895 | ||||||
| 330,000 |
Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project, Series B (RB)
1.80%, 08/15/22 (p) |
325,862 | ||||||
| 500,000 |
Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB)
5.00%, 09/01/23 |
543,040 | ||||||
| 150,000 |
Northampton County, General Purpose Authority (RB)
5.00%, 11/01/23 |
167,115 | ||||||
| 310,000 |
Pennsylvania Economic Development Financing Authority, UPMC (RB)
5.00%, 03/15/24 |
343,579 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) | ||||||||
| $ | 175,000 | 5.00%, 06/15/23 | $ | 191,868 | ||||
| 100,000 | 5.00%, 06/15/25 | 114,917 | ||||||
| 350,000 |
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System (RB)
5.00%, 08/15/21 |
366,432 | ||||||
| Pennsylvania State University, Series B (RB) | ||||||||
| 315,000 | 5.00%, 09/01/21 | 332,268 | ||||||
| 350,000 | 5.00%, 09/01/22 | 381,780 | ||||||
| 400,000 |
Philadelphia Authority for Industrial Development (RB)
5.00%, 10/01/24 |
431,416 | ||||||
| School District of Philadelphia, Series F (GO) (SAW) | ||||||||
| 100,000 | 5.00%, 09/01/22 | 108,887 | ||||||
| 120,000 | 5.00%, 09/01/24 | 138,418 | ||||||
| 115,000 |
Southeastern Pennsylvania Transportation Authority (RB)
5.00%, 06/01/23 |
128,339 | ||||||
| 9,029,911 | ||||||||
| Rhode Island: 0.7% | ||||||||
| Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | ||||||||
| 25,000 | 5.00%, 06/15/21 | 26,088 | ||||||
| 235,000 | 5.00%, 06/15/22 | 253,795 | ||||||
| 1,000,000 |
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM)
4.00%, 05/15/23 |
1,081,300 | ||||||
| 1,361,183 | ||||||||
| South Carolina: 1.7% | ||||||||
| 510,000 |
County of Charleston, Series C (GO) (SAW)
5.00%, 11/01/24 |
597,292 | ||||||
| 500,000 |
County of York (GO) (SAW)
5.00%, 04/01/24 |
575,415 | ||||||
| 1,500,000 |
Patriots Energy Group Financing Agency, Series A (RB)
4.00%, 11/01/23 (c) (p) |
1,591,395 | ||||||
| 350,000 |
State of South Carolina, Series B (GO) (SAW)
5.00%, 04/01/24 |
402,790 | ||||||
| 330,000 |
York County, South Carolina Fort Mill School District No. 4, Series B (GO)
5.00%, 03/01/23 |
366,376 | ||||||
| 3,533,268 | ||||||||
| Tennessee: 0.7% | ||||||||
| 10,000 |
City of Chattanooga, Electric System, Series A (RB)
5.00%, 09/01/20 |
10,139 | ||||||
| 200,000 |
Metropolitan Government of Nashville and Davidson County (GO)
5.00%, 07/01/24 |
231,566 | ||||||
See Notes to Financial Statements
| 88 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Tennessee: (continued) | ||||||||
| $ | 500,000 |
Tennergy Corp., Series A (RB)
5.00%, 07/01/24 (c) (p) |
$ | 556,680 | ||||
| 560,000 |
Tennessee Energy Acquisition Corp., Series A (RB)
4.00%, 02/01/23 (c) (p) |
581,946 | ||||||
| 1,380,331 | ||||||||
| Texas: 7.8% | ||||||||
| 300,000 |
Aldine Independent School District, Series A (GO)
5.00%, 02/15/23 |
332,238 | ||||||
| 725,000 |
Bexar County Hospital District (GO)
5.00%, 02/15/24 |
827,870 | ||||||
| 250,000 |
Board of Regents of the University of North Texas System, Series A (RB)
5.00%, 04/15/22 |
269,488 | ||||||
| 10,000 |
Board of Regents of the University of Texas System, Series D (RB)
5.00%, 08/15/22 |
10,911 | ||||||
| 15,000 |
City of Austin, Electric Utility, Series A (RB)
5.00%, 11/15/22 |
16,458 | ||||||
| City of Austin, Water and Wastewater System (RB) | ||||||||
| 200,000 | 5.00%, 05/15/22 | 216,078 | ||||||
| 110,000 | 5.00%, 05/15/22 | 119,357 | ||||||
| 290,000 | 5.00%, 11/15/22 | 318,646 | ||||||
| 105,000 |
City of Fort Worth (GO)
5.00%, 03/01/24 |
120,102 | ||||||
| 350,000 |
City of Fort Worth, Series A (GO)
5.00%, 03/01/23 |
388,272 | ||||||
| 65,000 |
City of Frisco, Series A (GO)
5.00%, 02/15/22 |
69,672 | ||||||
| 250,000 |
City of Houston, Airport System, Series D (RB)
5.00%, 07/01/24 |
280,673 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 250,000 | 5.00%, 03/01/22 | 268,368 | ||||||
| 250,000 | 5.00%, 03/01/23 | 277,188 | ||||||
| City of San Antonio, Electric and Gas Systems (RB) | ||||||||
| 30,000 | 5.00%, 02/01/22 | 32,120 | ||||||
| 20,000 | 5.00%, 02/01/22 | 21,442 | ||||||
| 500,000 |
City of San Antonio, General Improvement (GO)
5.00%, 08/01/25 |
594,810 | ||||||
| 115,000 |
Colorado River Municipal Water District (RB)
5.00%, 01/01/24 |
130,747 | ||||||
| 150,000 |
Conroe Independent School District (GO)
5.00%, 02/15/23 |
165,813 | ||||||
| 125,000 |
Cypress-Fairbanks Independent School District (GO)
5.00%, 02/15/24 |
142,686 | ||||||
| 375,000 |
Dallas County, Combination Tax and Parking Garage (GO)
5.00%, 08/15/23 |
422,734 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Fort Worth Independent School District (GO) | ||||||||
| $ | 100,000 | 5.00%, 02/15/22 | $ | 107,262 | ||||
| 150,000 | 5.00%, 02/15/24 | 171,104 | ||||||
| 500,000 |
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)
5.00%, 10/01/24 |
572,525 | ||||||
| 320,000 |
Harris County, Series A (GO)
5.00%, 10/01/22 |
350,109 | ||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 440,000 | 5.00%, 02/15/22 | 471,627 | ||||||
| 155,000 | 5.00%, 02/15/24 | 176,685 | ||||||
| Houston Independent School District, Limited Tax School House, Series A (GO) | ||||||||
| 650,000 | 5.00%, 02/15/23 | 719,472 | ||||||
| 165,000 | 5.00%, 02/15/24 | 188,084 | ||||||
| 250,000 |
Judson Independent School District (GO)
5.00%, 02/01/25 |
294,035 | ||||||
| 290,000 |
Metropolitan Transit Authority of Harris County, Series A (RB)
5.00%, 11/01/24 |
337,009 | ||||||
| 160,000 |
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB)
5.00%, 08/15/23 |
177,789 | ||||||
| 150,000 |
North Texas Tollway Authority, First Tier, Series A (RB)
5.00%, 01/01/25 |
172,475 | ||||||
| 500,000 |
North Texas Tollway Authority, First Tier, Series B (RB)
5.00%, 01/01/25 (c) |
570,330 | ||||||
| 320,000 |
Northeast Independent School District (GO)
5.00%, 08/01/21 |
336,445 | ||||||
| 390,000 |
Northwest Independent School District, Series B (GO)
5.00%, 02/15/23 |
432,249 | ||||||
| 100,000 | Permanent University Fund, Texas A&M University System, Series A (RB) 5.75%, 07/01/24 | 118,778 | ||||||
| 425,000 |
Plano Independent School District (GO)
5.00%, 02/15/22 |
455,863 | ||||||
| 200,000 |
San Antonio Independent School District (GO)
5.00%, 02/15/25 |
235,992 | ||||||
| 430,000 |
State of Texas, Water Infrastructure Fund, Series B-2 (GO)
5.00%, 08/01/24 (c) |
498,133 | ||||||
| 500,000 |
State of Texas, Water Infrastructure Fund, Series B-3 (GO)
5.00%, 08/01/25 |
595,370 | ||||||
| 250,000 |
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
5.00%, 02/15/24 |
281,612 | ||||||
See Notes to Financial Statements
| 89 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 300,000 |
Tarrant Regional Water Control and Improvement District (RB)
5.00%, 03/01/22 |
$ | 321,984 | ||||
| 710,000 |
Texas Transportation Commission, State Highway Fund, First Tier (RB)
5.00%, 10/01/23 |
802,875 | ||||||
| 315,000 | Texas Transportation Commission, State Highway Fund, First Tier, Series B (RB) 4.00%, 10/01/21 (p) | 325,124 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 350,000 | 5.00%, 08/01/23 | 393,704 | ||||||
| 225,000 | 5.00%, 08/01/25 | 268,549 | ||||||
| 340,000 |
Texas Water Development Board, Series A (RB)
5.00%, 04/15/23 |
378,859 | ||||||
| 345,000 |
Trinity River Authority, Regional Wastewater System (RB)
3.00%, 08/01/22 |
360,653 | ||||||
| 360,000 |
University of Texas, Series D (RB)
5.00%, 08/15/21 |
379,127 | ||||||
| 275,000 |
University of Texas, Series H (RB)
5.00%, 08/15/23 |
309,911 | ||||||
| 15,829,407 | ||||||||
| Utah: 0.6% | ||||||||
| State of Utah (GO) | ||||||||
| 175,000 | 5.00%, 07/01/22 | 190,411 | ||||||
| 500,000 | 5.00%, 07/01/23 | 562,270 | ||||||
| 290,000 | 5.00%, 07/01/25 | 346,153 | ||||||
| 100,000 |
University of Utah, Series A (RB)
5.00%, 08/01/23 |
112,180 | ||||||
| 1,211,014 | ||||||||
| Virginia: 2.9% | ||||||||
| 240,000 |
City of Alexandria, Series C (GO) (SAW)
5.00%, 07/01/23 |
269,890 | ||||||
| 125,000 |
City of Richmond, Public Utility Revenue, Series A (RB)
5.00%, 01/15/25 |
146,333 | ||||||
| 1,000,000 |
County of Chesterfield, Series B (GO) (SAW)
5.00%, 01/01/23 |
1,105,890 | ||||||
| 125,000 |
Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB)
5.00%, 05/15/24 |
141,744 | ||||||
| 1,000,000 |
Louisa Industrial Development Authority, Virginia Electric and Power Company Project, Series A (RB) (SAW)
1.90%, 06/01/23 (p) |
1,012,090 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 365,000 | 5.00%, 02/01/22 | 390,798 | ||||||
| 60,000 | 5.00%, 02/01/23 | 66,348 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 250,000 |
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB)
5.00%, 02/01/22 |
$ | 267,670 | ||||
| 135,000 |
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)
5.00%, 02/01/24 |
153,764 | ||||||
| 250,000 |
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
5.00%, 02/01/23 |
276,450 | ||||||
| 125,000 |
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB)
5.00%, 09/01/22 |
136,350 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 150,000 | 5.00%, 09/15/22 | 164,202 | ||||||
| 400,000 | 5.00%, 09/15/23 | 452,540 | ||||||
| 325,000 | 5.00%, 09/15/24 | 377,832 | ||||||
| 175,000 |
Virginia Commonwealth Transportation Board, Series C (RB)
5.00%, 05/15/23 |
195,858 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 160,000 | 5.00%, 08/01/23 | 179,979 | ||||||
| 120,000 | 5.00%, 08/01/24 | 139,176 | ||||||
| 395,000 |
Virginia Resources Authority (RB)
5.00%, 10/01/22 |
433,256 | ||||||
| 5,910,170 | ||||||||
| Washington: 1.8% | ||||||||
| 25,000 |
Central Puget Sound Regional Transit Authority, Series S-1 (RB)
5.00%, 11/01/22 |
27,480 | ||||||
| 100,000 |
County of King (GO)
5.00%, 07/01/24 |
115,739 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 465,000 | 5.00%, 07/01/22 | 504,902 | ||||||
| 100,000 | 5.00%, 07/01/23 | 112,055 | ||||||
| 455,000 | 5.00%, 07/01/24 | 524,610 | ||||||
| 50,000 |
Port of Seattle, Series B (RB)
5.00%, 03/01/23 |
54,560 | ||||||
| 100,000 |
State of Washington, Certificates of Participation, State and Local Agency Real and Personal Property, Series A (CP)
5.00%, 07/01/21 |
104,321 | ||||||
| 200,000 |
State of Washington, Series D (GO)
5.00%, 02/01/24 |
228,270 | ||||||
| 750,000 |
State of Washington, Various Purpose, Series R-A (GO)
5.00%, 08/01/24 |
868,837 | ||||||
See Notes to Financial Statements
| 90 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 1,000,000 |
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB)
5.00%, 02/01/24 (c) (p) |
$ | 1,096,220 | ||||
| 3,636,994 | ||||||||
| West Virginia: 0.2% | ||||||||
| 410,000 |
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB)
5.00%, 09/01/23 |
461,557 | ||||||
| Wisconsin: 1.9% | ||||||||
| 545,000 |
City of Madison, Series A (GO)
4.00%, 10/01/22 |
583,346 | ||||||
| City of Milwaukee, Series N2 (GO) | ||||||||
| 100,000 | 4.00%, 03/01/23 | 107,636 | ||||||
| 750,000 | 4.00%, 03/01/25 | 841,965 | ||||||
| City of Milwaukee, Series N4 (GO) | ||||||||
| 225,000 | 5.00%, 04/01/24 | 256,523 | ||||||
| 125,000 | 5.00%, 04/01/25 | 146,468 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| State of Wisconsin, Series 1 (GO) | ||||||||
| $ | 125,000 | 5.00%, 11/01/21 | $ | 132,731 | ||||
| 210,000 | 5.00%, 11/01/21 | 222,989 | ||||||
| 500,000 | 5.00%, 11/01/22 | 549,080 | ||||||
| 310,000 | 5.00%, 05/01/25 (c) | 368,816 | ||||||
| 500,000 |
Wisconsin Department of Transportation, Series 1 (RB)
5.00%, 07/01/21 |
523,980 | ||||||
| 120,000 |
Wisconsin Department of Transportation, Series 2 (RB)
5.00%, 07/01/24 |
139,152 | ||||||
| 3,872,686 | ||||||||
|
Total
Municipal Bonds: 98.9%
(Cost: $201,302,606) |
201,437,205 | |||||||
| Other assets less liabilities: 1.1% | 2,160,659 | |||||||
| NET ASSETS: 100.0% | $ | 203,597,864 | ||||||
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
| 91 |
|
|
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments | ||||||||
| By Sector | % of Investments | Value | ||||||
| Education | 6.6 | % | $ | 13,368,715 | ||||
| Health Care | 6.4 | 12,855,931 | ||||||
| Housing | 0.6 | 1,145,275 | ||||||
| Industrial Revenue | 6.5 | 13,051,086 | ||||||
| Leasing | 4.8 | 9,696,285 | ||||||
| Local | 15.2 | 30,688,447 | ||||||
| Power | 3.5 | 6,995,552 | ||||||
| Solid Waste/Resource Recovery | 0.0 | 15,977 | ||||||
| Special Tax | 12.5 | 25,203,238 | ||||||
| State | 21.6 | 43,571,241 | ||||||
| Tobacco | 2.2 | 4,357,628 | ||||||
| Transportation | 12.9 | 25,960,955 | ||||||
| Water & Sewer | 7.2 | 14,526,875 | ||||||
| 100.0 | % | $ | 201,437,205 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Total Municipal Bonds* | $ | — | $ | 201,437,205 | $ | — | $ | 201,437,205 | ||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 92 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| MUNICIPAL BONDS: 97.8% | ||||||||
| Alabama: 2.1% | ||||||||
| $ | 615,000 |
Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
6.45%, 06/01/20 (c) |
$ | 604,422 | ||||
| Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) | ||||||||
| 550,000 | 5.25%, 06/01/25 | 548,042 | ||||||
| 1,910,000 | 5.75%, 06/01/26 (c) | 1,782,889 | ||||||
| 2,750,000 | 6.00%, 06/01/26 (c) | 2,642,722 | ||||||
| 10,150,000 |
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG)
5.75%, 10/01/29 (c) |
8,418,105 | ||||||
| Jefferson County, Sewer Revenue, Series D (RB) | ||||||||
| 9,000,000 | 6.00%, 10/01/23 (c) | 10,270,260 | ||||||
| 9,000,000 | 6.50%, 10/01/23 (c) | 10,366,470 | ||||||
| Jefferson County, Sewer Revenue, Series E (RB) | ||||||||
| 60,000 | 0.00%, 10/01/23 (c) ^ | 22,288 | ||||||
| 100,000 | 0.00%, 10/01/23 (c) ^ | 43,998 | ||||||
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) | ||||||||
| 11,500,000 | 4.50%, 05/01/29 (c) | 10,847,145 | ||||||
| 7,100,000 | 5.25%, 05/01/29 (c) | 7,061,589 | ||||||
| 52,607,930 | ||||||||
| Alaska: 0.2% | ||||||||
| Northern Tobacco Securitization Corp., Series A (RB) | ||||||||
| 4,360,000 | 5.00%, 05/18/20 (c) | 4,330,308 | ||||||
| 760,000 | 5.00%, 05/18/20 (c) | 761,604 | ||||||
| 5,091,912 | ||||||||
| American Samoa: 0.1% | ||||||||
| American Samoa Economic Development Authority, Series A (RB) | ||||||||
| 250,000 | 6.50%, 09/01/28 | 283,860 | ||||||
| 1,000,000 | 6.63%, 09/01/25 (c) | 1,098,450 | ||||||
| 500,000 | 7.13%, 09/01/28 (c) | 574,945 | ||||||
| 1,957,255 | ||||||||
| Arizona: 2.1% | ||||||||
| 200,000 |
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB)
5.00%, 01/01/27 (c) |
205,918 | ||||||
| Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
| 2,940,000 | 6.00%, 07/01/27 (c) | 2,771,156 | ||||||
| 1,320,000 | 6.00%, 07/01/27 (c) | 1,299,065 | ||||||
| Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
| 250,000 | 5.13%, 07/01/26 (c) | 238,853 | ||||||
| 500,000 | 5.25%, 07/01/26 (c) | 461,940 | ||||||
|
Principal
Amount |
Value | |||||||
| Arizona: (continued) | ||||||||
| Arizona Industrial Development Authority, Basis School Project,Series D (RB) | ||||||||
| $ | 515,000 | 5.00%, 07/01/27 (c) | $ | 452,541 | ||||
| 270,000 | 5.00%, 07/01/27 (c) | 240,284 | ||||||
| 500,000 |
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM)
5.00%, 07/01/27 (c) |
444,970 | ||||||
| Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) | ||||||||
| 300,000 | 5.00%, 07/15/27 (c) | 269,100 | ||||||
| 400,000 | 5.00%, 07/15/27 (c) | 375,536 | ||||||
| Arizona Industrial Development Authority, Education Facility, Series A (RB) | ||||||||
| 1,050,000 | 5.25%, 07/01/23 (c) | 1,019,865 | ||||||
| 2,100,000 | 5.50%, 07/01/23 (c) | 1,990,947 | ||||||
| Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Third Tier, Series C (RB) | ||||||||
| 1,220,000 | 5.00%, 07/01/29 (c) | 1,092,046 | ||||||
| 2,160,000 | 5.00%, 07/01/29 (c) | 1,871,251 | ||||||
| 2,160,000 | 5.50%, 07/01/29 (c)ƒ | 1,995,667 | ||||||
| 1,000,000 |
Arizona Industrial Development Authority, Kazen Education Project (RB)
5.70%, 07/01/26 (c) |
995,740 | ||||||
| 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) | 464,285 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 444,655 | ||||||
| Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) | ||||||||
| 400,000 | 4.00%, 07/15/28 (c) | 305,368 | ||||||
| 445,000 | 4.00%, 07/15/28 (c) | 366,542 | ||||||
| 4,965,410 |
Arizona Industrial Development Authority, Series 2 (RB)
3.63%, 05/20/33 |
4,705,570 | ||||||
| Glendale Industrial Development Authority, Beatitudes Campus Project (RB) | ||||||||
| 250,000 | 4.00%, 11/15/24 (c) | 221,168 | ||||||
| 1,350,000 | 5.00%, 11/15/24 (c) | 1,033,452 | ||||||
| Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB) | ||||||||
| 600,000 | 5.00%, 11/15/26 (c) | 534,732 | ||||||
| 700,000 | 5.25%, 11/15/26 (c) | 601,020 | ||||||
See Notes to Financial Statements
| 93 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Arizona: (continued) | ||||||||
| Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
| $ | 500,000 | 4.00%, 07/01/25 | $ | 487,460 | ||||
| 1,000,000 | 5.00%, 07/01/25 (c) | 892,900 | ||||||
| 900,000 | 5.00%, 07/01/25 (c) | 860,301 | ||||||
| 500,000 | 5.00%, 07/01/25 (c) | 447,970 | ||||||
| Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/28 (c) | 529,940 | ||||||
| 1,000,000 | 5.00%, 07/01/28 (c) | 1,072,570 | ||||||
| 675,000 |
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB)
5.00%, 07/01/25 (c) |
632,745 | ||||||
| 750,000 |
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB)
5.00%, 07/01/26 (c) |
737,707 | ||||||
| 1,000,000 |
Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB)
5.25%, 07/01/22 (c) |
915,230 | ||||||
| 1,000,000 |
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)
6.00%, 07/01/28 (c) |
1,024,500 | ||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) | ||||||||
| 125,000 | 5.00%, 07/01/29 (c) | 139,550 | ||||||
| 1,300,000 | 5.00%, 07/01/29 (c) | 1,455,883 | ||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) | ||||||||
| 500,000 | 5.00%, 07/01/29 (c) | 458,765 | ||||||
| 500,000 | 5.00%, 07/01/29 (c) | 463,850 | ||||||
| 500,000 | 5.00%, 07/01/29 (c) | 483,045 | ||||||
| 750,000 |
Maricopa County Industrial Development Authority, Paradise School Project (RB)
5.00%, 07/01/26 (c) |
674,047 | ||||||
| 400,000 |
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB)
5.00%, 11/15/24 |
379,168 | ||||||
| Pima County Industrial Development Authority, American Leadership Academy Project (RB) | ||||||||
| 1,250,000 | 4.13%, 06/15/22 (c) | 1,113,125 | ||||||
| 2,000,000 | 4.75%, 06/15/22 (c) | 1,672,480 | ||||||
| 2,000,000 | 5.00%, 06/15/22 (c) | 1,617,620 | ||||||
| 500,000 | 5.00%, 06/15/25 (c) | 401,950 | ||||||
| 750,000 | 5.00%, 06/15/25 (c) (d) * | 598,215 | ||||||
| 1,250,000 | 5.63%, 06/15/25 (c) | 1,121,062 | ||||||
|
Principal
Amount |
Value | |||||||
| Arizona: (continued) | ||||||||
| Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | ||||||||
| $ | 250,000 | 5.25%, 07/01/26 (c) | $ | 225,795 | ||||
| 250,000 | 5.38%, 07/01/26 (c) | 214,110 | ||||||
| 250,000 | 5.50%, 07/01/26 (c) | 214,570 | ||||||
| 295,000 | 6.00%, 07/01/20 (c) | 293,929 | ||||||
| 1,000,000 | 6.00%, 07/01/20 (c) | 933,030 | ||||||
| 4,020,000 |
Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project (RB)
7.25%, 10/01/23 (c) |
2,986,337 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 290,000 | 5.25%, 12/01/23 | 320,450 | ||||||
| 305,000 | 5.25%, 12/01/24 | 343,991 | ||||||
| 265,000 | 5.25%, 12/01/25 | 304,154 | ||||||
| 215,000 | 5.25%, 12/01/27 | 254,597 | ||||||
| 245,000 | 5.25%, 12/01/28 | 292,932 | ||||||
| 315,000 | 5.50%, 12/01/29 | 386,823 | ||||||
| Tempe Industrial Development Authority, Friendship Village of Tempe (RB) | ||||||||
| 355,000 | 5.00%, 12/01/26 (c) | 279,225 | ||||||
| 250,000 | 5.00%, 12/01/26 (c) | 199,625 | ||||||
| Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) | ||||||||
| 600,000 | 6.13%, 10/01/27 (c) | 562,038 | ||||||
| 3,900,000 | 6.13%, 10/01/27 (c) | 3,689,907 | ||||||
| 54,083,267 | ||||||||
| Arkansas: 0.4% | ||||||||
| 12,620,000 |
Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/26 (c) |
11,074,176 | ||||||
| California: 13.5% | ||||||||
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
| 2,055,000 | 5.00%, 10/01/26 (c) | 2,191,719 | ||||||
| 5,000,000 | 5.00%, 10/01/26 (c) | 5,316,250 | ||||||
| 3,000,000 | 5.00%, 10/01/26 (c) | 3,219,600 | ||||||
| 1,650,000 | 5.00%, 10/01/26 (c) | 1,764,427 | ||||||
| Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
| 500,000 | 4.00%, 09/01/23 (c) | 502,430 | ||||||
| 750,000 | 4.00%, 09/01/23 (c) | 759,487 | ||||||
| 200,000 | 4.00%, 09/01/23 (c) | 205,144 | ||||||
| Antelope Valley Healthcare District, Series A (RB) | ||||||||
| 300,000 | 5.00%, 03/01/26 (c) | 300,552 | ||||||
| 230,000 | 5.25%, 03/01/26 (c) | 227,394 | ||||||
| 500,000 |
California Community College Financing Authority, Orange Coast College Project (RB)
5.25%, 05/01/28 (c) |
506,805 | ||||||
| 11,800,000 |
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB)
5.00%, 02/01/30 (c) |
11,221,328 | ||||||
See Notes to Financial Statements
| 94 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 2,000,000 |
California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB)
5.00%, 08/01/29 (c) |
$ | 1,902,600 | ||||
| 2,900,000 |
California Community Housing Agency, Workforce Housing, Series A (RB)
5.00%, 04/01/29 (c) |
2,759,553 | ||||||
| 30,000 |
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB)
5.88%, 06/01/20 (c) |
30,003 | ||||||
| 205,000 |
California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. (RB)
5.25%, 05/18/20 (c) |
180,999 | ||||||
| California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) | ||||||||
| 4,115,000 | 5.00%, 05/18/20 (c) | 3,692,307 | ||||||
| 15,000 | 5.00%, 05/18/20 (c) | 13,904 | ||||||
| 25,000 |
California County Tobacco Securitization Agency, Kern County Tobacco Funding Corp. (RB)
5.00%, 06/01/21 |
25,477 | ||||||
| California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.,Series A (RB) | ||||||||
| 1,200,000 | 5.45%, 05/18/20 (c) | 1,200,132 | ||||||
| 3,135,000 | 5.60%, 05/18/20 (c) | 3,135,345 | ||||||
| 8,190,000 | 5.70%, 05/18/20 (c) | 8,190,082 | ||||||
| 9,410,000 |
California County Tobacco Securitization Agency, Series C (RB)
0.00%, 05/18/20 (c) ^ |
1,331,985 | ||||||
| California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB) | ||||||||
| 1,120,000 | 5.13%, 06/01/20 (c) | 1,120,146 | ||||||
| 2,000,000 | 5.25%, 06/01/20 (c) | 2,000,260 | ||||||
| 25,850,000 |
California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series C (RB)
0.00%, 05/18/20 (c) ^ |
1,940,818 | ||||||
| 18,250,000 |
California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series D (RB)
0.00%, 05/18/20 (c) ^ |
981,302 | ||||||
| California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | ||||||||
| 250,000 | 4.00%, 08/15/27 (c) | 249,110 | ||||||
| 500,000 | 4.20%, 08/15/27 (c) | 513,210 | ||||||
| 80,000 | 4.25%, 11/15/22 (c) | 82,426 | ||||||
| 460,000 | 5.00%, 08/15/27 (c) | 503,820 | ||||||
| 990,000 | 5.00%, 08/15/27 (c) | 1,066,141 | ||||||
| 995,038 |
California Housing Finance Agency, Series A (RB)
4.00%, 03/20/33 |
958,292 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| California Municipal Finance Authority, California Baptist University, Series A (RB) | ||||||||
| $ | 500,000 | 5.50%, 11/01/25 (c) | $ | 507,800 | ||||
| 1,000,000 | 6.13%, 11/01/23 (c) | 1,071,640 | ||||||
| California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) | ||||||||
| 150,000 | 4.00%, 11/15/28 (c) | 140,391 | ||||||
| 500,000 | 5.00%, 11/15/28 (c) | 526,695 | ||||||
| California Municipal Finance Authority, CHF-Riverside II, LLC - UCR North District Phase I Student Housing Project (RB) (SBG) | ||||||||
| 1,250,000 | 5.00%, 11/15/29 (c) | 1,294,912 | ||||||
| 1,700,000 | 5.00%, 11/15/29 (c) | 1,763,886 | ||||||
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | ||||||||
| 250,000 | 5.00%, 07/01/27 (c) | 282,713 | ||||||
| 200,000 | 5.00%, 07/01/27 (c) | 227,304 | ||||||
| California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/27 (c) | 437,085 | ||||||
| 500,000 | 5.00%, 10/01/27 (c) | 447,265 | ||||||
| 500,000 | 5.00%, 10/01/27 (c) | 468,680 | ||||||
| California Municipal Finance Authority, Julian Charter School Project, Series A (RB) | ||||||||
| 320,000 | 5.00%, 03/01/25 | 316,874 | ||||||
| 2,900,000 | 5.63%, 03/01/25 (c) | 2,589,091 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) | ||||||||
| 1,950,000 | 3.00%, 06/30/28 (c) | 1,829,880 | ||||||
| 650,000 | 3.25%, 06/30/28 (c) | 608,556 | ||||||
| 975,000 | 3.50%, 06/30/28 (c) | 911,479 | ||||||
| 3,895,000 | 4.00%, 06/30/28 (c) | 3,537,828 | ||||||
| 3,405,000 | 5.00%, 06/30/28 (c) | 3,534,492 | ||||||
| 2,040,000 | 5.00%, 06/30/28 (c) | 2,176,823 | ||||||
| 2,490,000 | 5.00%, 06/30/28 (c) | 2,597,443 | ||||||
| 500,000 | 5.00%, 06/30/28 (c) | 552,410 | ||||||
| 500,000 | 5.00%, 06/30/28 (c) | 554,230 | ||||||
| 200,000 | 5.00%, 06/30/28 (c) | 214,294 | ||||||
| 1,035,000 | 5.00%, 06/30/28 (c) | 1,129,868 | ||||||
| 1,600,000 |
California Municipal Finance Authority, LINXS APM Project, Series B (RB) (AGM)
5.00%, 06/01/28 (c) |
1,660,096 | ||||||
| 230,000 |
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB)
5.25%, 11/01/26 (c) |
242,956 | ||||||
| California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/26 (c) | 479,180 | ||||||
| 1,000,000 | 5.00%, 07/01/28 (c) | 918,210 | ||||||
| 130,000 | 5.00%, 07/01/28 (c) | 124,600 | ||||||
See Notes to Financial Statements
| 95 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 930,000 |
California Municipal Finance Authority, Rocketship Education, Series A (RB)
7.00%, 06/01/22 (c) |
$ | 994,598 | ||||
| 1,500,000 |
California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB)
6.00%, 07/01/22 (c) |
1,542,570 | ||||||
| 250,000 |
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB)
4.00%, 11/15/28 (c) |
232,083 | ||||||
| 8,455,000 |
California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB)
4.00%, 07/15/29 |
8,263,579 | ||||||
| California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) | ||||||||
| 1,000,000 | 7.00%, 07/01/22 | 540,000 | ||||||
| 10,500,000 | 7.50%, 07/01/22 (c) | 5,670,000 | ||||||
| 7,000,000 | 7.50%, 12/01/29 (c) | 1,120,000 | ||||||
| 6,635,000 | 8.00%, 07/01/27 (c) | 3,582,900 | ||||||
| 7,650,000 |
California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB)
7.50%, 12/01/24 (c) |
6,830,379 | ||||||
| California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | ||||||||
| 300,000 | 5.00%, 07/01/27 (c) | 225,000 | ||||||
| 4,900,000 | 5.00%, 07/01/27 (c) | 3,675,000 | ||||||
| 345,000 | 5.00%, 07/01/27 | 258,750 | ||||||
| 485,000 | 5.00%, 07/01/27 (c) | 363,750 | ||||||
| 400,000 |
California School Finance Authority, Bright Star Schools Obligated Group (RB)
5.00%, 06/01/27 (c) |
375,768 | ||||||
| 2,000,000 |
California School Finance Authority, River Springs Charter School Project, Series A (RB)
6.38%, 07/01/25 (c) |
2,122,580 | ||||||
| California School Finance Authority, Rocketship Education Obligated Group, Series A (RB) | ||||||||
| 250,000 | 5.13%, 06/01/26 (c) | 229,953 | ||||||
| 250,000 | 5.25%, 06/01/26 (c) | 229,730 | ||||||
| 1,000,000 |
California Statewide Communities Development Authority, Baptist University, Series A (RB)
5.00%, 11/01/27 (c) |
980,630 | ||||||
| 250,000 |
California Statewide Communities Development Authority, College Housing (RB)
5.25%, 07/01/29 (c) |
237,823 | ||||||
| California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
| 1,960,000 | 5.50%, 06/01/20 (c) | 1,521,705 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 375,000 | 5.75%, 06/01/20 (c) | $ | 338,108 | ||||
| 980,000 | 5.75%, 06/01/20 (c) | 822,396 | ||||||
| 55,000 |
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB)
5.75%, 06/01/20 (c) |
48,939 | ||||||
| California Statewide Communities Development Authority, Independence Support, LLC Project (RB) | ||||||||
| 100,000 | 6.00%, 06/01/25 (d) * | 56,000 | ||||||
| 125,000 | 6.50%, 06/01/25 (c) (d) * | 70,000 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) | |||||||
| 5.00%, 09/02/28 (c) | 1,078,540 | |||||||
| 385,000 |
California Statewide Communities Development Authority, Irvine East Campus Apartments (RB)
5.00%, 05/15/26 (c) |
415,153 | ||||||
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/01/29 (c) | 457,405 | ||||||
| 435,000 | 5.00%, 06/01/29 (c) | 417,422 | ||||||
| 75,000 |
California Statewide Communities Development Authority, Lancer Plaza Project (RB)
5.63%, 11/01/23 (c) |
78,116 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
| 1,010,000 | 4.90%, 05/18/20 (c) | 1,031,048 | ||||||
| 1,100,000 | 5.00%, 06/01/26 (c) | 1,173,458 | ||||||
| 1,595,000 | 5.00%, 06/01/26 (c) | 1,609,610 | ||||||
| 350,000 | 5.00%, 06/01/26 (c) | 385,392 | ||||||
| 1,740,000 | 5.25%, 12/01/24 (c) | 1,776,070 | ||||||
| 7,380,000 | 5.25%, 06/01/26 (c) | 7,386,937 | ||||||
| 1,000,000 | 5.25%, 06/01/28 (c) | 998,270 | ||||||
| 7,940,000 | 5.50%, 12/01/24 (c) | 8,094,751 | ||||||
| 6,500,000 | 5.50%, 06/01/28 (c) | 6,596,590 | ||||||
| California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) | ||||||||
| 3,130,000 | 5.00%, 06/01/26 (c) | 3,076,790 | ||||||
| 125,000 | 5.75%, 01/15/23 (c) | 125,328 | ||||||
| 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) |
3,284,469 | ||||||
| California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB) | ||||||||
| 23,000,000 | 0.00%, 05/18/20 (c) ^ | 1,172,540 | ||||||
See Notes to Financial Statements
| 96 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 56,750,000 | 0.00%, 06/01/20 (c) ^ | $ | 2,240,490 | ||||
| 3,175,000 | 6.00%, 06/01/20 (c) | 3,183,382 | ||||||
| 900,000 | 6.00%, 06/01/20 (c) | 906,894 | ||||||
| 120,000 |
Cathedral City, California Public Financing Authority,
Series A (AMBAC) (TA)
4.50%, 06/01/20 (c) |
120,124 | ||||||
| 55,000 |
Chino Public Financing Authority (ST)
5.00%, 09/01/22 (c) |
57,181 | ||||||
| City of Dublin, Community Facilities District No. 2015-1 (ST) | ||||||||
| 500,000 | 5.00%, 09/01/26 (c) | 531,345 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 533,565 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 544,865 | ||||||
| 1,150,000 | 5.00%, 09/01/27 (c) | 1,257,674 | ||||||
| 1,840,000 | 5.00%, 09/01/27 (c) | 1,981,441 | ||||||
| 250,000 |
City of Fremont, Community Facilities District No. 1 (ST)
5.00%, 09/01/25 (c) |
263,413 | ||||||
| City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
| 1,000,000 | 4.00%, 09/01/23 (c) | 1,016,030 | ||||||
| 1,800,000 | 4.00%, 09/01/23 (c) | 1,812,888 | ||||||
| 250,000 | 4.00%, 09/01/23 (c) | 261,448 | ||||||
| 230,000 | 4.00%, 09/01/23 (c) | 242,972 | ||||||
| 250,000 | 4.00%, 09/01/23 (c) | 263,040 | ||||||
| 750,000 |
City of Irvine, Reassessment District No. 15-2 (SA)
5.00%, 09/02/25 (c) |
795,517 | ||||||
| 110,000 |
City of Marysville, Fremont-Rideout Health Group (RB)
5.25%, 01/01/21 (c) |
113,274 | ||||||
| 3,235,000 |
City of Oroville Hospital (RB)
5.25%, 04/01/29 (c) |
3,406,811 | ||||||
| 840,000 |
City of Rocklin, Community Facilities District No. 10 (ST)
5.00%, 09/01/25 (c) |
899,304 | ||||||
| City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | ||||||||
| 500,000 | 3.75%, 09/01/27 (c) | 483,825 | ||||||
| 155,000 | 5.00%, 09/01/27 (c) | 172,078 | ||||||
| 135,000 | 5.00%, 09/01/27 (c) | 149,301 | ||||||
| 200,000 |
City of Roseville, Westpark Community Facility District No. 1 (ST)
5.00%, 09/01/25 (c) |
215,790 | ||||||
| 225,000 |
City of San Buenaventura, Community Memorial Health System (RB)
6.50%, 12/01/21 |
241,072 | ||||||
| 1,060,000 |
City of San Clemente, Facilities District No. 2006-1 (ST)
5.00%, 09/01/25 (c) |
1,131,052 | ||||||
| 1,000,000 |
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c) |
915,590 | ||||||
| 1,300,000 |
Elk Grove Finance Authority (ST)
5.00%, 09/01/26 (c) |
1,392,001 | ||||||
| Folsom Ranch Financing Authority (ST) | ||||||||
| 1,000,000 | 5.00%, 09/01/27 (c) | 1,061,100 | ||||||
| 2,000,000 | 5.00%, 09/01/27 (c) | 2,159,120 | ||||||
| 1,100,000 | 5.00%, 09/01/27 (c) | 1,219,746 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB) | ||||||||
| $ | 1,000,000 | 5.75%, 01/15/24 (c) | $ | 1,076,650 | ||||
| 2,610,000 | 6.00%, 01/15/24 (c) | 3,098,174 | ||||||
| Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) | ||||||||
| 100,000 | 3.95%, 07/15/27 (c) | 102,130 | ||||||
| 1,115,000 | 6.00%, 01/15/24 (c) | 1,323,550 | ||||||
| 350,000 |
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB)
3.50%, 07/15/29 (c) |
330,316 | ||||||
| 6,525,000 |
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB)
5.50%, 07/15/22 (c) (p) |
6,782,803 | ||||||
| 1,000,000 |
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB)
6.50%, 01/15/24 (c) |
1,102,190 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 3,040,000 | 3.50%, 06/01/22 (c) | 2,999,051 | ||||||
| 2,630,000 | 5.00%, 06/01/25 | 2,966,903 | ||||||
| 400,000 | 5.00%, 06/01/27 | 465,596 | ||||||
| 4,000,000 | 5.00%, 06/01/28 (c) | 4,631,440 | ||||||
| 3,815,000 | 5.25%, 06/01/22 (c) | 3,743,202 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB) | ||||||||
| 12,750,000 | 5.00%, 06/01/22 (c) | 12,428,190 | ||||||
| 14,585,000 | 5.30%, 06/01/22 (c) | 14,703,868 | ||||||
| 84,470,000 |
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB)
0.00%, 05/18/20 (c) ^ |
15,224,028 | ||||||
| 250,000 |
Independent Cities Finance Authority, Mobil Home Park, Series A (RB)
3.75%, 10/15/26 (c) |
210,905 | ||||||
| 9,410,000 |
Inland Empire Tobacco Securitization Authority, Series C-2 (RB)
0.00%, 05/18/20 (c) ^ |
1,411,500 | ||||||
| 51,150,000 |
Inland Empire Tobacco Securitization Authority, Series D (RB)
0.00%, 05/18/20 (c) ^ |
3,106,851 | ||||||
| 25,000,000 |
Inland Empire Tobacco Securitization Authority, Series E (RB)
0.00%, 05/18/20 (c) ^ |
952,750 | ||||||
| 45,000,000 |
Inland Empire Tobacco Securitization Authority, Series F (RB)
0.00%, 05/18/20 (c) ^ |
1,270,350 | ||||||
| 1,000,000 |
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST)
5.00%, 09/01/27 (c) |
1,087,980 | ||||||
See Notes to Financial Statements
| 97 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 405,000 |
Lake Elsinore Public Financing Authority, Local Agency (ST)
5.00%, 09/01/25 (c) |
$ | 429,729 | ||||
| 49,000 |
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA)
6.00%, 09/02/21 (c) |
51,943 | ||||||
| MSR Energy Authority, Series A (RB) | ||||||||
| 170,000 | 6.13%, 11/01/29 | 207,777 | ||||||
| 1,575,000 | 6.50%, 11/01/39 | 2,258,991 | ||||||
| 1,500,000 | 7.00%, 11/01/34 | 2,115,000 | ||||||
| 805,000 |
MSR Energy Authority, Series B (RB)
6.50%, 11/01/39 |
1,154,595 | ||||||
| 3,850,000 |
MSR Energy Authority, Series C (RB)
6.50%, 11/01/39 |
5,521,978 | ||||||
| Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
| 975,000 | 4.25%, 08/15/25 (c) | 1,002,495 | ||||||
| 455,000 | 5.25%, 08/15/25 (c) | 489,316 | ||||||
| 250,000 |
Palomar Health (RB)
5.00%, 11/01/26 (c) |
279,413 | ||||||
| 125,000 |
Palomar Pomerado Health, Series A (GO)
0.00%, 08/01/25 ^ |
113,081 | ||||||
| 1,000,000 |
Perris Union High School District Financing Authority (ST)
5.00%, 03/01/25 (c) |
1,059,970 | ||||||
| 750,000 |
Poway Unified School District Public Financing Authority, Series A (ST)
5.00%, 09/01/25 (c) |
813,517 | ||||||
| 180,000 |
Rancho Cordova Community Facilities District No. 2003-1 (ST)
4.00%, 09/01/26 (c) |
183,449 | ||||||
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (AGM) (ST) | ||||||||
| 500,000 | 5.00%, 09/01/26 (c) | 524,955 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 527,955 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 536,620 | ||||||
| 3,000,000 | 5.50%, 09/01/22 (c) | 3,155,190 | ||||||
| River Islands Public Financing Authority, Phase 2 Public Improvements (ST) | ||||||||
| 1,000,000 | 4.00%, 09/01/26 (c) | 900,190 | ||||||
| 750,000 | 5.00%, 09/01/26 (c) | 791,460 | ||||||
| 500,000 |
Romoland School District No. 2004-1 (ST)
5.00%, 09/01/25 (c) |
538,750 | ||||||
| Sacramento County, Community Facilities District No. 2005-2 (ST) | ||||||||
| 495,000 | 5.00%, 09/01/26 (c) | 529,947 | ||||||
| 345,000 | 5.00%, 09/01/26 (c) | 372,203 | ||||||
| 3,120,000 |
San Buenaventura, Community Memorial Health System (RB)
7.50%, 12/01/21 (c) |
3,328,822 | ||||||
| San Diego County, Area No. 2, Series A (ST) | ||||||||
| 635,000 | 4.00%, 09/01/26 (c) | 624,624 | ||||||
| 665,000 | 4.00%, 09/01/26 (c) | 660,212 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 300,000 |
San Jacinto Unified School District Financing Authority (ST)
5.00%, 09/01/26 (c) |
$ | 327,495 | ||||
| San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) | ||||||||
| 145,000 | 0.00%, 01/15/32 ^ | 93,677 | ||||||
| 105,000 | 0.00%, 01/15/36 ^ | 55,698 | ||||||
| 1,750,000 | 5.00%, 01/15/25 (c) | 1,852,585 | ||||||
| 3,780,000 | 5.00%, 01/15/25 (c) | 3,988,240 | ||||||
| 500,000 | 5.00%, 01/15/25 (c) | 550,860 | ||||||
| 2,300,000 | 5.00%, 01/15/25 (c) | 2,475,996 | ||||||
| 200,000 |
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB)
5.25%, 01/15/25 (c) |
210,160 | ||||||
| 1,815,000 |
San Mateo Union High School District, Series A (GO)
5.00%, 09/01/23 (c) |
2,029,025 | ||||||
| Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) | ||||||||
| 500,000 | 5.00%, 03/01/26 (c) | 533,170 | ||||||
| 500,000 | 5.00%, 03/01/26 (c) | 535,310 | ||||||
| 9,000,000 | Silicon Valley Tobacco Securitization | |||||||
|
Authority, Series A (RB)
0.00%, 06/01/20 (c) ^ |
3,646,530 | |||||||
| 8,015,000 |
Silicon Valley Tobacco Securitization Authority, Series C (RB)
0.00%, 05/18/20 (c) ^ |
703,236 | ||||||
| 29,500,000 |
Silicon Valley Tobacco Securitization Authority, Series D (RB)
0.00%, 05/18/20 (c) ^ |
2,014,555 | ||||||
| 18,050,000 |
South California Tobacco Securitization Authority, Series C (RB)
0.00%, 05/18/20 (c) ^ |
2,643,964 | ||||||
| 1,035,000 |
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST)
5.38%, 09/01/22 (c) |
1,066,350 | ||||||
| 6,025,000 |
Tobacco Securitization Authority of Northern California, Series A-1 (RB)
5.50%, 05/18/20 (c) |
5,957,219 | ||||||
| 8,000,000 |
Tobacco Securitization Authority of Northern California, Series C (RB)
0.00%, 05/18/20 (c) ^ |
1,108,320 | ||||||
| 2,085,000 |
Tobacco Securitization Authority of Southern California, Series A-1 (RB)
5.38%, 05/18/20 (c) |
2,064,713 | ||||||
| Tobacco Securitization Authority of Southern California, Series B (RB) | ||||||||
| 10,485,000 | 0.00%, 05/18/20 (c) ^ | 1,784,232 | ||||||
| 15,000,000 | 0.00%, 05/18/20 (c) ^ | 2,887,500 | ||||||
| 250,000 |
Tobacco Securitization Authority of Southern California, Series B-1 (RB)
2.25%, 06/01/29 |
241,010 | ||||||
| 16,440,000 |
Tobacco Securitization Authority of Southern California, Series D (RB)
0.00%, 05/18/20 (c) ^ |
2,155,120 | ||||||
See Notes to Financial Statements
| 98 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| Tustin Community Facilities District, Series A (ST) | ||||||||
| $ | 100,000 | 5.00%, 09/01/25 (c) | $ | 104,966 | ||||
| 100,000 | 5.00%, 09/01/25 (c) | 106,653 | ||||||
| 750,000 |
Val Verde Unified School District (ST)
5.00%, 03/01/25 (c) |
800,985 | ||||||
| Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) | ||||||||
| 850,000 | 4.00%, 09/01/21 (d) * | 595,000 | ||||||
| 530,000 | 5.30%, 09/01/22 (c) (d) * | 371,000 | ||||||
| 445,000 |
William S. Hart Union High School District No. 2015-1 (ST)
5.00%, 09/01/26 (c) |
472,643 | ||||||
| 346,869,013 | ||||||||
| Colorado: 3.4% | ||||||||
| Arista Metropolitan District in the City and County of Broomfield, Series A (GO) | ||||||||
| 500,000 | 5.00%, 12/01/23 (c) | 476,080 | ||||||
| 750,000 | 5.13%, 12/01/23 (c) | 692,565 | ||||||
| 2,010,000 | Arkansas River Power Authority, | |||||||
|
Power Supply System, Series A (RB)
5.00%, 10/01/28 (c) |
2,047,808 | |||||||
| 1,000,000 |
Aviation Station North Metropolitan District No. 2, Series A (GO)
5.00%, 09/01/24 (c) |
870,890 | ||||||
| 1,000,000 |
Base Village Metropolitan District No. 2, Series A (GO)
5.75%, 12/01/21 (c) |
981,260 | ||||||
| Broadway Station Metropolitan District No. 3, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 835,040 | ||||||
| 500,000 | 5.00%, 06/01/24 (c) | 440,950 | ||||||
| Castle Oaks Metropolitan District No. 3 (GO) | ||||||||
| 500,000 | 5.00%, 12/01/20 (c) | 429,975 | ||||||
| 500,000 | 5.00%, 12/01/20 (c) | 454,720 | ||||||
| Centerra Metropolitan District No. 1 (TA) | ||||||||
| 500,000 | 5.00%, 12/01/22 (c) | 429,975 | ||||||
| 500,000 | 5.00%, 12/01/22 (c) | 458,310 | ||||||
| 500,000 | 5.00%, 12/01/22 (c) | 489,075 | ||||||
| 4,900,000 |
City and County of Denver, United Airlines, Inc. Project (RB)
5.00%, 10/01/23 (c) |
4,837,868 | ||||||
| 4,250,000 |
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB)
5.50%, 01/01/28 (c) |
4,573,382 | ||||||
| 1,035,000 |
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA)
5.00%, 12/01/22 (c) |
992,710 | ||||||
| 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) |
859,360 | ||||||
|
Principal
Amount |
Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 500,000 |
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB)
5.00%, 10/01/27 (c) |
$ | 447,720 | ||||
| 1,750,000 |
Colorado Health Facilities Authority, Capella of Grand Junction Project (RB)
5.00%, 12/01/26 (c) |
1,489,320 | ||||||
| Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) | ||||||||
| 105,000 | 5.00%, 01/01/24 (c) | 97,908 | ||||||
| 500,000 | 5.00%, 01/01/26 (c) | 468,725 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) | ||||||||
| 3,120,000 | 4.00%, 08/01/29 (c) | 3,111,202 | ||||||
| 1,400,000 | 4.00%, 08/01/29 (c) | 1,363,264 | ||||||
| 1,000,000 | 4.00%, 08/01/29 (c) | 1,006,600 | ||||||
| 270,000 | 4.00%, 08/01/29 (c) | 270,292 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
| 14,960,000 | 4.00%, 08/01/29 (c) | 14,287,099 | ||||||
| 2,420,000 | 5.00%, 08/01/29 (c) | 2,587,391 | ||||||
| 1,700,000 |
Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)
5.30%, 06/01/20 (c) |
1,308,184 | ||||||
| Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB) | ||||||||
| 2,100,000 | 5.75%, 11/01/25 (c) | 1,642,662 | ||||||
| 1,835,000 | 6.00%, 11/01/25 (c) | 1,471,890 | ||||||
| 730,000 |
Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series B (RB)
4.00%, 11/01/20 (c) |
658,073 | ||||||
| 2,650,000 |
Colorado Health Facilities Authority, Sunny Vista Living Center Project (RB)
6.13%, 12/01/25 (c) |
2,578,185 | ||||||
| Colorado High Performance Transportation Enterprise (RB) | ||||||||
| 250,000 | 5.00%, 12/31/24 (c) | 232,215 | ||||||
| 350,000 | 5.00%, 12/31/24 (c) | 330,873 | ||||||
| 2,500,000 |
Colorado International Center, Metropolitan District No. 14 (GO)
5.88%, 12/01/23 (c) |
2,243,925 | ||||||
| Copperleaf Metropolitan District No. 2 (GO) | ||||||||
| 500,000 | 5.25%, 12/01/20 (c) | 501,915 | ||||||
| 500,000 | 5.75%, 12/01/20 (c) | 493,385 | ||||||
|
Creekwalk Marketplace Business
Improvement District, Series A (RB) |
||||||||
| 500,000 | 5.50%, 12/01/26 (c) | 436,545 | ||||||
| 500,000 | 5.75%, 12/01/26 (c) | 426,185 | ||||||
|
Crowfoot Valley Ranch Metropolitan
District No. 2, Series A (GO) |
||||||||
| 1,000,000 | 5.63%, 12/01/23 (c) | 947,560 | ||||||
| 1,500,000 | 5.75%, 12/01/23 (c) | 1,381,935 | ||||||
See Notes to Financial Statements
| 99 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Colorado: (continued) | ||||||||
| Dominion Water and Sanitation District (RB) | ||||||||
| $ | 3,500,000 | 5.75%, 12/01/21 (c) | $ | 3,594,010 | ||||
| 500,000 | 6.00%, 12/01/21 (c) | 515,830 | ||||||
| Eaton Area Park and Recreation District (GO) | ||||||||
| 250,000 | 5.25%, 12/01/22 (c) | 251,243 | ||||||
| 310,000 | 5.50%, 12/01/22 (c) | 313,091 | ||||||
| 250,000 | 5.50%, 12/01/22 (c) | 255,030 | ||||||
| Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) | ||||||||
| 945,000 | 4.50%, 11/01/25 (c) | 873,860 | ||||||
| 2,345,000 | 5.25%, 11/01/25 (c) | 2,192,927 | ||||||
| 1,865,000 | 5.50%, 11/01/25 (c) | 1,747,020 | ||||||
| 1,000,000 |
Independence Metropolitan District No. 3, Series A (GO)
6.25%, 06/01/24 (c) |
986,290 | ||||||
| Lambertson Farms Metropolitan District No. 1 (GO) | ||||||||
| 500,000 | 5.75%, 12/15/23 (c) | 378,960 | ||||||
| 500,000 | 6.00%, 12/15/23 (c) | 379,480 | ||||||
| Mirabelle Metropolitan District No. 2, Series A (GO) (SAW) | ||||||||
| 1,000,000 | 5.00%, 03/01/25 (c) | 847,720 | ||||||
| 700,000 | 5.00%, 03/01/25 (c) | 624,372 | ||||||
| Painted Prairie Public Improvement Authority (RB) | ||||||||
| 1,500,000 | 5.00%, 12/01/24 (c) | 1,276,995 | ||||||
| 1,000,000 | 5.00%, 12/01/24 (c) | 901,490 | ||||||
| 1,000,000 |
Southglenn Metropolitan District (GO)
5.00%, 12/01/21 (c) |
886,940 | ||||||
| 500,000 |
Southlands Metropolitan District No. 1, Series A-1 (GO)
5.00%, 12/01/27 (c) |
485,420 | ||||||
| STC Metropolitan District No. 2, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 12/01/24 (c) | 881,180 | ||||||
| 2,000,000 | 5.00%, 12/01/24 (c) | 1,871,200 | ||||||
| Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) | ||||||||
| 5,000,000 | 5.00%, 12/01/22 (c) | 4,421,450 | ||||||
| 500,000 | 5.00%, 12/01/22 (c) | 460,730 | ||||||
| 1,000,000 | 5.00%, 12/01/22 (c) | 978,760 | ||||||
| Velocity Metropolitan District No. 3 (GO) | ||||||||
| 500,000 | 5.13%, 12/01/23 (c) | 481,410 | ||||||
| 500,000 | 5.38%, 12/01/23 (c) | 479,250 | ||||||
| 1,500,000 | 5.50%, 12/01/23 (c) | 1,401,900 | ||||||
| 87,139,579 | ||||||||
| Connecticut: 0.3% | ||||||||
| 630,000 |
Bridgeport Housing Authority,Energy Performance Equipment
(RB)
5.60%, 05/11/20 (c) |
623,278 | ||||||
| Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) | ||||||||
| 1,500,000 | 5.00%, 09/01/26 (c) | 1,307,925 | ||||||
| 1,000,000 | 5.00%, 09/01/26 (c) | 888,910 | ||||||
|
Principal
Amount |
Value | |||||||
| Connecticut: (continued) | ||||||||
| $ | 120,000 |
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB)
4.00%, 07/01/26 (c) |
$ | 106,315 | ||||
| 235,000 |
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series I (RB)
4.50%, 07/01/21 (c) |
238,396 | ||||||
| Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB) | ||||||||
| 935,000 | 4.25%, 07/01/22 (c) | 937,487 | ||||||
| 655,000 | 4.50%, 07/01/22 (c) | 643,636 | ||||||
| 380,000 | 5.00%, 07/01/22 (c) | 384,362 | ||||||
| 470,000 | 5.00%, 07/01/22 (c) | 472,571 | ||||||
| 100,000 | 5.00%, 07/01/22 (c) | 100,909 | ||||||
| Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) | ||||||||
| 250,000 | 4.00%, 07/01/29 (c) | 209,130 | ||||||
| 250,000 | 4.00%, 07/01/29 (c) | 214,503 | ||||||
| 1,040,000 |
Hartford Stadium Authority, Series A (RB)
4.00%, 02/01/25 (c) |
678,163 | ||||||
| Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) | ||||||||
| 250,000 | 5.75%, 02/01/24 | 255,618 | ||||||
| 1,000,000 | 6.25%, 02/01/26 (c) | 1,047,410 | ||||||
| Town of Hamden (RB) | ||||||||
| 250,000 | 5.00%, 01/01/26 (c) | 205,725 | ||||||
| 500,000 | 5.00%, 01/01/26 (c) | 435,915 | ||||||
| 8,750,253 | ||||||||
| Delaware: 0.0% | ||||||||
| Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/01/26 (c) | 444,090 | ||||||
| 250,000 | 5.00%, 06/01/26 (c) | 235,745 | ||||||
| 275,000 |
Delaware Economic Development Authority, Indian River Power, LLC Project (RB)
5.38%, 10/01/20 (c) |
274,172 | ||||||
| 954,007 | ||||||||
| District of Columbia: 1.2% | ||||||||
| District of Columbia Tobacco Settlement Financing Corp. (RB) | ||||||||
| 56,020,000 | 0.00%, 05/18/20 (c) ^ | 5,704,517 | ||||||
| 64,055,000 | 0.00%, 06/01/20 (c) ^ | 10,751,632 | ||||||
| 49,000 | 6.50%, 05/15/33 | 50,610 | ||||||
| District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | ||||||||
| 180,000 | 5.00%, 07/01/24 (c) | 155,120 | ||||||
| 250,000 | 5.00%, 07/01/24 (c) | 232,705 | ||||||
| 395,000 |
District of Columbia, Provident Group - Howard Properties, LLC Issue (RB)
5.00%, 10/01/22 (c) |
365,347 | ||||||
See Notes to Financial Statements
| 100 |
|
|
|
Principal
Amount |
Value | |||||||
| District of Columbia: (continued) | ||||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) | ||||||||
| $ | 825,000 | 0.00%, 10/01/37 ^ | $ | 390,539 | ||||
| 1,895,000 | 5.00%, 04/01/22 (c) | 1,937,656 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) | ||||||||
| 5,520,000 | 0.00%, 10/01/37 ^ | 2,613,058 | ||||||
| 250,000 | 4.00%, 10/01/29 (c) | 253,108 | ||||||
| 7,750,000 | 4.00%, 10/01/29 (c) | 7,584,072 | ||||||
| 245,000 | 6.50%, 10/01/28 (c) | 296,737 | ||||||
| 30,335,101 | ||||||||
| Florida: 5.0% | ||||||||
| Alachua County, Health Facilities Authority, East Ridge Retirement Village, Inc. (RB) | ||||||||
| 800,000 | 6.00%, 11/15/24 (c) | 606,976 | ||||||
| 1,000,000 | 6.25%, 11/15/24 (c) | 748,410 | ||||||
| 300,000 |
Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB)
8.00%, 10/01/22 (c) |
321,171 | ||||||
| 1,005,000 |
Alachua County, Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB)
8.13%, 11/15/21 (c) |
681,722 | ||||||
| 295,000 |
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB)
6.00%, 07/01/25 (c) |
225,191 | ||||||
| Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) | ||||||||
| 500,000 | 5.00%, 07/15/26 (c) | 452,780 | ||||||
| 250,000 | 5.00%, 07/15/26 (c) | 235,750 | ||||||
| Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | ||||||||
| 500,000 | 5.13%, 01/01/29 (c) | 454,240 | ||||||
| 500,000 | 5.25%, 01/01/29 (c) | 438,080 | ||||||
| 500,000 | 5.38%, 01/01/29 (c) | 440,410 | ||||||
| 500,000 |
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
5.25%, 06/15/27 (c) |
440,955 | ||||||
| 1,000,000 |
Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB)
6.00%, 07/01/25 (c) |
689,760 | ||||||
| Capital Trust Agency, First Mortgage, Tallahassee Tapestry Housing Project, Series A (RB) | ||||||||
| 315,000 | 7.00%, 12/01/25 (c) | 173,250 | ||||||
| 750,000 | 7.13%, 12/01/25 (c) | 412,500 | ||||||
| 6,000,000 |
Capital Trust Agency, Provision CARES Proton Therapy Center, Orlando Project, Series A (RB)
7.50%, 06/01/28 (c) |
6,108,000 | ||||||
|
Principal
Amount |
Value | |||||||
| Florida: (continued) | ||||||||
| $ | 1,000,000 |
Capital Trust Agency, Senior Living Facilities,
Elim Senior Housing, Inc. (RB) (AMBAC)
7.50%, 05/21/20 (c) |
$ | 762,650 | ||||
| Capital Trust Agency, Tapestry Walden, Series A (RB) | ||||||||
| 975,000 | 6.75%, 07/01/27 (c) | 587,720 | ||||||
| 650,000 | 7.00%, 07/01/27 (c) | 383,871 | ||||||
| Capital Trust Agency, Tuscan Gardens of Palm Coast Project, Series A (RB) | ||||||||
| 750,000 | 6.75%, 04/01/24 (c) | 546,862 | ||||||
| 500,000 | 7.00%, 04/01/22 (c) | 363,160 | ||||||
| 190,000 | 7.00%, 04/01/24 (c) | 133,694 | ||||||
| 500,000 | 7.00%, 04/01/24 (c) | 365,000 | ||||||
| Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | ||||||||
| 2,200,000 | 4.00%, 12/01/28 | 2,032,074 | ||||||
| 10,775,000 | 5.25%, 12/01/28 (c) | 9,146,790 | ||||||
| 2,500,000 | 5.25%, 12/01/28 (c) | 2,233,150 | ||||||
| 750,000 |
City of Jacksonville, Educational Facilities, Series
B (RB)
5.00%, 06/01/28 (c) |
577,155 | ||||||
| City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
| 230,000 | 4.00%, 06/01/25 (c) | 235,072 | ||||||
| 300,000 | 5.00%, 06/01/25 (c) | 314,337 | ||||||
| 460,000 | 5.00%, 06/01/25 (c) | 487,977 | ||||||
| Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) | ||||||||
| 590,000 | 7.00%, 05/15/24 (d) * | 472,000 | ||||||
| 460,000 | 8.13%, 05/15/24 (c) (d) * | 368,000 | ||||||
| Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) | ||||||||
| 1,595,000 | 4.00%, 02/15/30 (c) | 1,561,393 | ||||||
| 500,000 | 5.00%, 02/15/30 (c) | 561,175 | ||||||
| Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) | ||||||||
| 500,000 | 4.75%, 07/15/26 (c) | 434,835 | ||||||
| 1,000,000 | 6.13%, 06/15/27 (c) | 923,790 | ||||||
| Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) | ||||||||
| 360,000 | 5.63%, 06/15/24 (c) | 329,857 | ||||||
| 695,000 | 6.00%, 06/15/24 (c) | 599,570 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | ||||||||
| 1,000,000 | 5.75%, 06/15/24 (c) | 1,025,280 | ||||||
| 500,000 | 6.00%, 06/15/25 (c) | 515,690 | ||||||
| 2,000,000 | 6.13%, 06/15/22 (c) | 1,971,880 | ||||||
| 685,000 | 6.13%, 06/15/25 (c) | 700,228 | ||||||
See Notes to Financial Statements
| 101 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Florida: (continued) | ||||||||
| Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
| $ | 14,400,000 | 6.25%, 06/01/20 (c) (p) | $ | 12,573,360 | ||||
| 16,695,000 | 6.38%, 06/01/20 (c) (p) | 14,306,947 | ||||||
| 23,625,000 | 6.50%, 06/01/20 (c) (p) | 20,046,521 | ||||||
| Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB) | ||||||||
| 750,000 | 4.50%, 06/01/28 (c) | 628,545 | ||||||
| 1,750,000 | 4.75%, 06/01/28 (c) | 1,411,060 | ||||||
| 750,000 | 5.00%, 06/01/28 (c) | 589,575 | ||||||
| FRERC Community Development District (AGM) (SA) | ||||||||
| 500,000 | 5.38%, 11/01/29 (c) | 462,870 | ||||||
| 500,000 | 5.50%, 11/01/29 (c) | 458,300 | ||||||
| Highlands County Health Facilities Authority, Trousdale Foundation Properties, Series A (RB) | ||||||||
| 330,000 | 6.00%, 04/01/28 (c) | 193,080 | ||||||
| 610,000 | 6.25%, 04/01/28 (c) | 341,393 | ||||||
| 1,500,000 |
Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB)
7.13%, 01/01/27 (c) |
1,226,085 | ||||||
| 1,475,000 |
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB)
5.75%, 06/15/22 (c) |
1,334,860 | ||||||
| 300,000 |
Leon County Educational Facilities Authority, Heritage Grove Project (RB) (ACA)
5.13%, 06/01/20 (c) |
276,996 | ||||||
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) | ||||||||
| 420,000 | 4.25%, 06/01/20 (c) | 420,244 | ||||||
| 380,000 | 5.00%, 11/15/24 (c) | 401,432 | ||||||
| 250,000 |
Miami World Center Community Development District (SA)
5.25%, 11/01/27 (c) |
255,588 | ||||||
| Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) | ||||||||
| 1,900,000 | 5.00%, 06/01/25 (c) | 1,571,737 | ||||||
| 1,390,000 | 5.00%, 06/01/25 (c) | 1,092,679 | ||||||
| 665,000 | 5.00%, 06/01/25 (c) | 621,915 | ||||||
| 4,000,000 | 5.00%, 06/01/25 (c) | 3,470,200 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/25 (c) | 519,495 | ||||||
| 500,000 | 5.00%, 10/01/25 (c) | 525,160 | ||||||
| 1,000,000 |
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB)
5.00%, 10/01/25 (c) |
1,034,100 | ||||||
| 545,000 |
Midtown Miami Community Development District, Infrastructure Project, Series B (SA)
4.25%, 05/01/23 (c) |
552,139 | ||||||
|
Principal
Amount |
Value | |||||||
| Florida: (continued) | ||||||||
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
| $ | 1,650,000 | 4.25%, 05/01/23 (c) | $ | 1,671,615 | ||||
| 1,480,000 | 5.00%, 05/01/23 (c) | 1,494,711 | ||||||
| 155,000 |
North Broward Hospital District, Series B (RB)
5.00%, 01/01/28 (c) |
175,954 | ||||||
| Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) | ||||||||
| 200,000 | 5.00%, 08/01/27 (c) | 206,578 | ||||||
| 200,000 | 5.00%, 08/01/27 (c) | 209,194 | ||||||
| 890,000 |
Orange County Industrial Development Authority, Series
B (RB)
5.00%, 07/01/25 (c) |
133,500 | ||||||
| 500,000 |
Orlando, Florida Aviation Authority, JetBlue Airways
Corp. Project (RB)
5.00%, 05/15/23 (c) |
490,085 | ||||||
| 310,000 |
Palm Beach County Health Facilities Authority, Sinai
Residences of Boca Raton Project, Series A (RB)
7.50%, 06/01/22 (c) |
320,360 | ||||||
| Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) | ||||||||
| 2,500,000 | 5.00%, 04/01/29 (c) | 2,204,200 | ||||||
| 1,000,000 | 5.00%, 04/01/29 (c) | 931,620 | ||||||
| 190,000 |
Palm Cost Park Community Development District (SA)
5.70%, 06/01/20 (c) |
188,604 | ||||||
| Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) | ||||||||
| 500,000 | 5.50%, 11/15/26 (c) | 374,310 | ||||||
| 250,000 | 5.75%, 11/15/26 (c) | 188,730 | ||||||
| 600,000 |
Seminole County Industrial Development Authority, Retirement
Facility, Legacy Pointe at UCF Project, Series B-1 (RB)
4.25%, 05/15/22 (c) |
517,518 | ||||||
| 375,000 |
Sumter County, Florida Village Community Development
District No. 8 (SA)
6.13%, 06/01/20 (c) |
376,373 | ||||||
| 820,000 |
Sumter County, Florida Village Community Development
District No. 9 (SA)
5.50%, 05/01/22 (c) |
844,592 | ||||||
| Village Community Development District No. 12 (SA) | ||||||||
| 245,000 | 3.25%, 05/01/26 | 244,206 | ||||||
| 2,440,000 | 3.63%, 05/01/26 (c) | 2,391,176 | ||||||
| 2,445,000 | 3.88%, 05/01/26 (c) | 2,294,853 | ||||||
| 995,000 | 4.25%, 05/01/28 (c) | 990,115 | ||||||
| 1,245,000 | 4.38%, 05/01/28 (c) | 1,245,411 | ||||||
See Notes to Financial Statements
| 102 |
|
|
|
Principal
Amount |
Value | |||||||
| Florida: (continued) | ||||||||
| Village Community Development District No. 13 (SA) | ||||||||
| $ | 250,000 | 3.00%, 05/01/29 | $ | 238,280 | ||||
| 250,000 | 3.38%, 05/01/29 (c) | 233,900 | ||||||
| 250,000 | 3.55%, 05/01/29 (c) | 230,423 | ||||||
| 4,730,000 | 3.70%, 05/01/29 (c) | 4,246,878 | ||||||
| 1,000,000 |
Volusia County Industrial Development Authority, Woodland Towers Project, Series C (RB)
7.25%, 07/01/24 (c) |
677,980 | ||||||
| 127,497,852 | ||||||||
| Georgia: 1.0% | ||||||||
| Atlanta Development Authority, Senior Health Care Facilities, Series A-1 (RB) | ||||||||
| 1,750,000 | 6.50%, 01/01/28 (c) | 1,831,585 | ||||||
| 2,725,000 | 6.75%, 01/01/28 (c) | 2,797,458 | ||||||
| 6,000,000 | 7.00%, 01/01/28 (c) | 6,173,880 | ||||||
| 1,000,000 |
Burke County Development Authority, Series C (RB) (SAW)
4.13%, 02/01/28 (c) |
1,010,360 | ||||||
| 720,000 |
Burke County Development Authority, Series D (RB)
4.13%, 02/01/28 (c) |
727,459 | ||||||
| Cobb County Development Authority, Provident Village at Creekside Project, Series A (RB) | ||||||||
| 1,000,000 | 6.00%, 07/01/23 (c) | 716,410 | ||||||
| 1,000,000 | 6.00%, 07/01/23 (c) | 790,850 | ||||||
| 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) |
756,690 | ||||||
| Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) | ||||||||
| 250,000 | 5.50%, 12/01/24 (c) | 225,363 | ||||||
| 1,000,000 | 6.25%, 12/01/24 (c) | 839,320 | ||||||
| 1,000,000 | 6.50%, 12/01/24 (c) | 857,460 | ||||||
| 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) | 408,205 | ||||||
| 500,000 | 5.00%, 04/01/26 (c) | 421,915 | ||||||
| 416,000 |
Georgia Local Government (CP) (NATL)
4.75%, 06/01/28 |
460,325 | ||||||
| Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) | ||||||||
| 250,000 | 5.75%, 06/15/27 (c) | 231,515 | ||||||
| 500,000 | 5.88%, 06/15/27 (c) | 448,130 | ||||||
| 1,000,000 | 6.00%, 06/15/27 (c) | 894,820 | ||||||
| Marietta Development Authority, Life University, Inc. Project, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/01/27 (c) | 440,995 | ||||||
| 750,000 | 5.00%, 11/01/27 (c) | 698,640 | ||||||
|
Principal
Amount |
Value | |||||||
| Georgia: (continued) | ||||||||
| $ | 375,000 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
5.00%, 07/01/25 (c) |
$ | 380,576 | ||||
| 1,000,000 |
Oconee County Industrial Development Authority, Series A-1 (RB)
6.25%, 12/01/25 (c) |
848,460 | ||||||
| 3,850,000 |
Rockdale County Development Authority, Pratt Paper LLC Project (RB)
4.00%, 01/01/28 (c) |
3,652,764 | ||||||
| White County Development Authority, Truett McConnell University Project, Series A (RB) | ||||||||
| 500,000 | 5.13%, 10/01/26 (c) | 413,725 | ||||||
| 500,000 | 5.25%, 10/01/26 (c) | 395,620 | ||||||
| 26,422,525 | ||||||||
| Guam: 0.6% | ||||||||
| A. B. Won Pat International Airport Authority, Series C (RB) | ||||||||
| 635,000 | 5.00%, 10/01/21 | 627,209 | ||||||
| 200,000 | 6.25%, 10/01/23 (c) | 201,572 | ||||||
| Guam Government, Business Privilege Tax, Series A (RB) | ||||||||
| 500,000 | 5.00%, 01/01/22 (c) | 504,230 | ||||||
| 1,390,000 | 5.13%, 01/01/22 (c) | 1,342,698 | ||||||
| Guam Government, Business Privilege Tax, Series B (RB) | ||||||||
| 1,280,000 | 5.00%, 01/01/22 (c) | 1,250,586 | ||||||
| 330,000 | 5.00%, 01/01/22 (c) | 313,536 | ||||||
| Guam Government, Business Privilege Tax, Series D (RB) | ||||||||
| 235,000 | 4.00%, 11/15/25 (c) | 191,151 | ||||||
| 585,000 | 5.00%, 11/15/25 (c) | 562,542 | ||||||
| 500,000 | 5.00%, 11/15/25 (c) | 498,340 | ||||||
| 1,100,000 | 5.00%, 11/15/25 (c) | 1,082,642 | ||||||
| 1,100,000 |
Guam Government, Department of Education, John F. Kennedy Project, Series A (CP)
6.88%, 12/01/20 (c) |
1,115,708 | ||||||
| 620,000 |
Guam Government, Limited Obligation, Series A (RB)
5.00%, 12/01/26 (c) |
571,522 | ||||||
| Guam Government, Waterworks Authority, Water and Wastewater System (RB) | ||||||||
| 1,375,000 | 5.00%, 07/01/26 (c) | 1,377,819 | ||||||
| 500,000 | 5.25%, 07/01/23 (c) | 511,215 | ||||||
| 3,530,000 | 5.50%, 07/01/23 (c) | 3,596,540 | ||||||
| Guam Power Authority, Series A (RB) | ||||||||
| 345,000 | 5.00%, 10/01/22 (c) | 349,123 | ||||||
| 500,000 | 5.00%, 10/01/27 (c) | 507,155 | ||||||
| 14,603,588 | ||||||||
| Hawaii: 0.3% | ||||||||
| Kuakini, Hawaii Health System, Series A (RB) | ||||||||
| 985,000 | 6.30%, 06/01/20 (c) | 987,847 | ||||||
| 1,675,000 | 6.38%, 06/01/20 (c) | 1,675,452 | ||||||
See Notes to Financial Statements
| 103 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Hawaii: (continued) | ||||||||
| State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
| $ | 1,400,000 | 6.25%, 07/01/23 (c) | $ | 1,445,472 | ||||
| 2,085,000 | 6.63%, 07/01/23 (c) | 2,129,577 | ||||||
| 2,000,000 | 6.88%, 07/01/23 (c) | 2,032,240 | ||||||
| 8,270,588 | ||||||||
| Idaho: 0.1% | ||||||||
| Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
| 450,000 | 3.50%, 09/01/26 (c) | 442,665 | ||||||
| 1,135,000 | 5.00%, 09/01/26 (c) | 1,210,409 | ||||||
| Idaho Health Facilities Authority, Terraces of Boise Project, Series A (RB) | ||||||||
| 100,000 | 7.00%, 10/01/24 | 67,902 | ||||||
| 900,000 | 7.38%, 10/01/24 (c) | 609,660 | ||||||
| 1,775,000 | 8.00%, 10/01/24 (c) | 1,200,095 | ||||||
| 3,530,731 | ||||||||
| Illinois: 12.4% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 660,000 | 0.00%, 12/01/27 ^ | 504,082 | ||||||
| 390,000 | 0.00%, 12/01/28 ^ | 285,258 | ||||||
| 55,000 | 0.00%, 12/01/30 ^ | 36,641 | ||||||
| 6,175,000 | 5.00%, 12/01/21 (c) | 5,823,519 | ||||||
| 15,245,000 | 5.00%, 12/01/22 (c) | 14,296,456 | ||||||
| 300,000 | 5.00%, 12/01/23 | 332,538 | ||||||
| 100,000 | 5.00%, 12/01/25 | 115,681 | ||||||
| 250,000 | 5.00%, 12/01/28 (c) | 245,950 | ||||||
| 250,000 | 5.00%, 12/01/28 (c) | 292,500 | ||||||
| 435,000 | 5.25%, 12/01/21 (c) | 415,003 | ||||||
| 5,730,000 | 5.50%, 12/01/21 (c) | 5,662,558 | ||||||
| 145,000 | 5.50%, 12/01/25 | 156,881 | ||||||
| 175,000 | 5.50%, 12/01/26 | 191,020 | ||||||
| 355,000 | 5.50%, 12/01/26 | 383,230 | ||||||
| 5,200,000 | 7.00%, 12/01/25 (c) | 5,843,448 | ||||||
| 14,020,000 | 7.00%, 12/01/25 (c) | 15,111,878 | ||||||
| 1,250,000 | 7.00%, 12/01/27 (c) | 1,373,487 | ||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 150,000 | 4.00%, 12/01/22 (c) | 131,708 | ||||||
| 1,725,000 | 5.00%, 12/01/22 (c) | 1,692,673 | ||||||
| 1,105,000 | 5.00%, 12/01/22 (c) | 1,087,099 | ||||||
| 1,500,000 | 5.00%, 12/01/27 | 1,524,480 | ||||||
| 200,000 | 5.00%, 12/01/29 (c) | 196,760 | ||||||
| 1,100,000 | 6.50%, 12/01/26 (c) | 1,166,594 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 500,000 | 5.00%, 12/01/23 | 510,045 | ||||||
| 2,000,000 | 5.00%, 12/01/27 | 2,032,640 | ||||||
| 6,250,000 | 5.00%, 12/01/27 (c) | 6,278,500 | ||||||
| 250,000 | 5.00%, 12/01/27 (c) | 245,315 | ||||||
| 5,485,000 | 5.25%, 12/01/24 (c) | 5,437,884 | ||||||
| 4,430,000 | 5.25%, 12/01/24 (c) | 4,270,520 | ||||||
| 1,160,000 | 6.00%, 12/01/24 (c) | 1,204,022 | ||||||
| 750,000 |
Chicago Board of Education, Series D (GO) (AGM)
5.00%, 12/01/23 (c) |
690,555 | ||||||
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 2,190,000 |
Chicago Board of Education, Series E (GO)
5.13%, 12/01/24 (c) |
$ | 2,161,815 | ||||
| 2,000,000 |
Chicago Board of Education, Series F (GO)
5.00%, 12/01/20 (c) |
1,996,220 | ||||||
| 8,500,000 |
Chicago Board of Education, Series H (GO)
5.00%, 12/01/27 (c) |
7,826,290 | ||||||
| 400,000 |
Chicago O’Hare International Airport (RB)
5.50%, 01/01/23 (c) |
420,996 | ||||||
| Chicago School Reform Board of Trustees, Series A (GO) | ||||||||
| 160,000 | 0.00%, 12/01/21 ^ | 152,610 | ||||||
| 300,000 | 0.00%, 12/01/23 ^ | 267,339 | ||||||
| 355,000 | 0.00%, 12/01/25 ^ | 293,652 | ||||||
| 1,160,000 | 0.00%, 12/01/29 ^ | 810,318 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) | ||||||||
| 450,000 | 0.00%, 12/01/21 ^ | 429,215 | ||||||
| 180,000 | 0.00%, 12/01/22 ^ | 166,046 | ||||||
| 1,165,000 | 0.00%, 12/01/24 ^ | 1,001,166 | ||||||
| 1,650,000 | 0.00%, 12/01/25 ^ | 1,364,863 | ||||||
| 1,285,000 | 0.00%, 12/01/26 ^ | 1,021,742 | ||||||
| 950,000 | 0.00%, 12/01/27 ^ | 725,572 | ||||||
| 690,000 | 0.00%, 12/01/28 ^ | 504,687 | ||||||
| 645,000 | 0.00%, 12/01/29 ^ | 450,565 | ||||||
| 1,025,000 | 0.00%, 12/01/30 ^ | 682,855 | ||||||
| 520,000 | 0.00%, 12/01/31 ^ | 329,118 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
| 345,000 | 5.00%, 06/01/21 | 358,579 | ||||||
| 100,000 | 5.00%, 06/01/26 | 118,318 | ||||||
| City of Chicago (GO) | ||||||||
| 195,000 | 0.00%, 01/01/28 ^ | 139,893 | ||||||
| 375,000 | 0.00%, 01/01/33 ^ | 208,988 | ||||||
| 290,000 | 0.00%, 01/01/34 ^ | 153,158 | ||||||
| City of Chicago, Modern School Across Chicago Program, Series A (GO) | ||||||||
| 915,000 | 5.00%, 12/01/20 (c) | 918,440 | ||||||
| 500,000 | 5.00%, 12/01/20 (c) | 502,545 | ||||||
| City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
| 235,000 | 5.00%, 01/01/25 | 240,852 | ||||||
| 910,000 | 5.25%, 01/01/25 (c) | 923,186 | ||||||
| 945,000 | 5.25%, 01/01/25 (c) | 962,974 | ||||||
| 3,980,000 | 5.50%, 01/01/25 (c) | 4,026,566 | ||||||
| 855,000 | 5.50%, 01/01/25 (c) | 876,495 | ||||||
| 115,000 | 5.50%, 01/01/25 (c) | 118,271 | ||||||
| 1,585,000 |
City of Chicago, O’Hare International Airport, Senior Lien (RB)
5.75%, 01/01/23 (c) |
1,648,289 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 140,000 | 0.00%, 01/01/29 ^ | 96,064 | ||||||
| 905,000 | 4.63%, 01/01/21 (c) | 879,361 | ||||||
| 2,160,000 | 5.00%, 01/01/21 (c) | 2,082,283 | ||||||
See Notes to Financial Statements
| 104 |
|
|
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 865,000 | 5.00%, 01/01/22 (c) | $ | 860,390 | ||||
| 1,015,000 | 5.00%, 01/01/22 (c) | 1,014,898 | ||||||
| 395,000 | 5.00%, 01/01/23 | 401,964 | ||||||
| 640,000 | 5.00%, 01/01/24 (c) | 636,147 | ||||||
| 1,920,000 | 5.00%, 01/01/24 (c) | 1,896,730 | ||||||
| 2,935,000 | 5.00%, 01/01/24 (c) | 2,879,411 | ||||||
| 200,000 | 5.00%, 01/01/27 | 204,142 | ||||||
| 1,000,000 | 5.00%, 01/01/27 | 1,020,710 | ||||||
| 3,775,000 | 5.00%, 01/01/29 | 3,839,590 | ||||||
| 2,000,000 | 5.00%, 01/01/29 (c) | 1,874,780 | ||||||
| 2,110,000 | 5.25%, 01/01/21 (c) | 2,097,720 | ||||||
| 280,000 | 5.25%, 01/01/24 (c) | 282,335 | ||||||
| 150,000 | 5.25%, 01/01/24 (c) | 151,745 | ||||||
| 1,120,000 | 5.25%, 01/01/24 (c) | 1,123,808 | ||||||
| 600,000 | 5.25%, 01/01/24 (c) | 600,996 | ||||||
| 1,150,000 | 5.25%, 01/01/24 (c) | 1,167,560 | ||||||
| 880,000 | 5.38%, 01/01/25 (c) | 901,164 | ||||||
| 605,000 | 5.50%, 01/01/25 (c) | 609,380 | ||||||
| 475,000 | 5.50%, 01/01/25 (c) | 482,733 | ||||||
| 1,320,000 | 5.50%, 01/01/25 (c) | 1,344,288 | ||||||
| 500,000 | 5.63%, 01/01/27 (c) | 518,610 | ||||||
| 1,000,000 | 5.63%, 01/01/27 (c) | 1,046,990 | ||||||
| 1,000,000 | 5.75%, 01/01/27 (c) | 1,032,090 | ||||||
| 1,180,000 | 5.75%, 01/01/27 (c) | 1,221,477 | ||||||
| 6,505,000 | 6.00%, 01/01/27 (c) | 6,771,900 | ||||||
| 870,000 |
City of Chicago, Series B (GO)
5.00%, 01/01/23 |
885,338 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 695,000 | 0.00%, 01/01/30 ^ | 433,791 | ||||||
| 195,000 | 0.00%, 01/01/32 ^ | 108,779 | ||||||
| 195,000 | 5.00%, 01/01/22 (c) | 196,776 | ||||||
| 1,800,000 | 5.00%, 01/01/22 (c) | 1,819,674 | ||||||
| 415,000 | 5.00%, 01/01/22 | 420,640 | ||||||
| 110,000 | 5.00%, 01/01/22 (c) | 111,129 | ||||||
| 1,110,000 | 5.00%, 01/01/24 | 1,135,008 | ||||||
| 1,760,000 | 5.00%, 01/01/25 | 1,803,824 | ||||||
| 2,600,000 | 5.00%, 01/01/26 (c) | 2,517,658 | ||||||
| 250,000 | 5.00%, 01/01/26 (c) | 256,430 | ||||||
| 380,000 | 5.00%, 01/01/26 | 389,055 | ||||||
| City of Chicago, Series D (GO) | ||||||||
| 1,045,000 | 5.50%, 01/01/25 (c) | 1,057,226 | ||||||
| 1,135,000 | 5.50%, 01/01/25 (c) | 1,142,423 | ||||||
| 520,000 | 5.50%, 01/01/25 (c) | 529,568 | ||||||
| 2,715,000 | 5.50%, 01/01/25 (c) | 2,759,200 | ||||||
| City of Chicago, Series E (GO) | ||||||||
| 910,000 | 5.50%, 01/01/25 (c) | 913,513 | ||||||
| 915,000 | 5.50%, 01/01/25 (c) | 929,228 | ||||||
| 285,000 |
City of Chicago, Series F (GO)
5.50%, 01/01/25 (c) |
289,432 | ||||||
| 1,020,000 |
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC)
5.75%, 11/01/30 |
1,260,455 | ||||||
| City of Harvey, Series A (GO) | ||||||||
| 465,000 | 5.50%, 06/01/20 (c) (d) * | 318,525 | ||||||
| 3,600,000 | 5.63%, 06/01/20 (c) (d) * | 2,466,000 | ||||||
| 625,000 |
Cook County Community College District No. 508 (GO)
5.25%, 12/01/23 (c) |
635,950 | ||||||
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| Illinois Finance Authority, Admiral Lake Project (RB) | ||||||||
| $ | 1,020,000 | 5.00%, 05/15/24 (c) | $ | 899,977 | ||||
| 390,000 | 5.13%, 05/15/24 (c) | 333,528 | ||||||
| 1,300,000 | 5.25%, 05/15/24 (c) | 1,035,515 | ||||||
| 300,000 | 5.50%, 05/15/24 (c) | 248,871 | ||||||
| 15,000 |
Illinois Finance Authority, Central Baptist Village (RB)
5.38%, 06/01/20 (c) |
13,578 | ||||||
| Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/25 (c) | 804,380 | ||||||
| 1,000,000 | 5.00%, 07/01/25 (c) | 883,080 | ||||||
| 1,000,000 | 5.00%, 07/01/25 (c) | 939,160 | ||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
| 615,000 | 4.75%, 05/15/23 (c) | 555,462 | ||||||
| 230,000 | 5.13%, 05/15/23 (c) | 200,905 | ||||||
| 750,000 | 5.25%, 05/15/23 (c) | 658,897 | ||||||
| Illinois Finance Authority, Friendship Village of Schaumburg (RB) | ||||||||
| 7,500,000 | 5.00%, 02/15/27 (c) | 5,791,350 | ||||||
| 2,560,000 | 5.00%, 02/15/27 | 2,310,118 | ||||||
| 8,630,000 | 5.13%, 02/15/27 (c) | 6,186,761 | ||||||
| 100,000 |
Illinois Finance Authority, Greenfields of Geneva Project (RB)
7.10%, 11/01/27 (c) |
93,662 | ||||||
| 250,000 |
Illinois Finance Authority, Illinois Institute of Technology (RB)
5.00%, 09/01/29 (c) |
257,910 | ||||||
| 500,000 |
Illinois Finance Authority, Intrinsic School Project, Series A (RB)
6.00%, 12/01/25 (c) |
508,480 | ||||||
| Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) | ||||||||
| 450,000 | 5.00%, 11/01/26 (c) | 399,272 | ||||||
| 550,000 | 5.00%, 11/01/26 (c) | 467,016 | ||||||
| 500,000 | 5.00%, 11/01/26 (c) | 482,775 | ||||||
| 250,000 | 5.00%, 11/01/26 (c) | 239,173 | ||||||
| 1,000,000 |
Illinois Finance Authority, Montgomery Place (RB)
5.25%, 05/15/27 (c) |
847,600 | ||||||
| 1,555,000 |
Illinois Finance Authority, Navistar International Corp. Project (RB)
6.75%, 10/15/20 (c) |
1,544,706 | ||||||
| 1,000,000 |
Illinois Finance Authority, Norwegian American Hospital Inc. (RB)
7.75%, 09/15/20 (c) |
1,034,890 | ||||||
| Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) | ||||||||
| 715,000 | 6.20%, 06/01/20 (c) | 542,942 | ||||||
| 230,000 | 6.24%, 06/01/20 (c) | 164,250 | ||||||
| 315,000 | 6.33%, 06/01/20 (c) | 215,561 | ||||||
| 535,000 | 6.44%, 06/01/20 (c) | 363,533 | ||||||
| 537,508 |
Illinois Finance Authority, Park Place of Elmhurst Project, Series B (RB)
5.63%, 05/15/20 |
534,729 | ||||||
See Notes to Financial Statements
| 105 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 475,000 |
Illinois Finance Authority, Roosevelt University (RB)
5.50%, 06/01/20 (c) |
$ | 475,123 | ||||
| Illinois Finance Authority, Roosevelt University, Series A (RB) | ||||||||
| 1,500,000 | 6.00%, 10/01/28 (c) | 1,566,135 | ||||||
| 6,200,000 | 6.13%, 10/01/28 (c) | 6,364,238 | ||||||
| 8,000,000 | 6.13%, 10/01/28 (c) | 8,262,640 | ||||||
| Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) | ||||||||
| 230,000 | 5.00%, 08/15/25 (c) | 247,600 | ||||||
| 525,000 | 5.00%, 08/15/25 (c) | 551,171 | ||||||
| 100,000 |
Illinois Finance Authority, Uno Chapter School Network, Inc. Project, Series B (RB)
7.13%, 10/01/21 (c) |
102,986 | ||||||
| 2,695,000 |
Illinois Finance Authority, Westminster Village, Series A (RB) (AGM)
5.25%, 05/01/25 (c) |
2,403,617 | ||||||
| Illinois Sports Facilities Authority (RB) (AMBAC) | ||||||||
| 690,000 | 0.00%, 06/15/26 ^ | 535,647 | ||||||
| 1,000,000 | 5.00%, 06/15/24 (c) | 1,065,530 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
| 840,000 | 0.00%, 06/15/29 ^ | 605,329 | ||||||
| 555,000 | 0.00%, 06/15/30 ^ | 379,182 | ||||||
| 475,000 | 0.00%, 12/15/30 ^ | 316,526 | ||||||
| 125,000 | 0.00%, 06/15/31 ^ | 80,989 | ||||||
| 190,000 | 0.00%, 06/15/34 ^ | 105,370 | ||||||
| 590,000 | 0.00%, 12/15/34 ^ | 319,007 | ||||||
| 185,000 | 0.00%, 06/15/37 ^ | 86,841 | ||||||
| 115,000 | 0.00%, 06/15/39 ^ | 48,146 | ||||||
| 1,500,000 | 0.00%, 06/15/40 ^ | 592,095 | ||||||
| 3,000,000 | 4.00%, 12/15/29 (c) | 2,523,960 | ||||||
| 3,210,000 | 5.00%, 06/15/22 (c) | 3,029,694 | ||||||
| 250,000 | 5.00%, 12/15/27 (c) | 225,158 | ||||||
| 450,000 | 5.50%, 06/15/20 (c) | 452,115 | ||||||
| 1,400,000 | 5.50%, 12/15/25 (c) | 1,374,142 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
| 1,080,000 | 0.00%, 06/15/28 ^ | 812,862 | ||||||
| 740,000 | 0.00%, 12/15/54 ^ | 96,355 | ||||||
| 290,000 | 5.00%, 06/15/22 (c) | 290,560 | ||||||
| 1,450,000 | 5.00%, 06/15/22 (c) | 1,454,509 | ||||||
| 3,765,000 | 5.00%, 06/15/22 (c) | 3,723,321 | ||||||
| 335,000 | 5.00%, 12/15/22 | 340,718 | ||||||
| 410,000 | 5.70%, 06/15/23 | 440,102 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B-2 (RB) | ||||||||
| 3,500,000 | 5.00%, 06/15/20 (c) | 3,514,455 | ||||||
| 425,000 | 5.20%, 06/15/20 (c) | 426,853 | ||||||
| 265,000 | 5.25%, 06/15/20 (c) | 266,171 | ||||||
| 435,000 |
Northeastern Illinois University, Capital Improvement Project (CP)
4.00%, 10/01/22 (c) |
306,732 | ||||||
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 230,000 |
Southwestern Illinois Development Authority (RB)
5.35%, 06/01/20 (c) |
$ | 145,631 | ||||
| 445,000 |
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)
5.75%, 08/01/22 (c) |
371,740 | ||||||
| State of Illinois (RB) | ||||||||
| 100,000 | 3.00%, 06/15/26 (c) | 81,147 | ||||||
| 175,000 | 3.50%, 06/01/26 (c) | 153,536 | ||||||
| 935,000 | 3.50%, 06/01/26 (c) | 842,248 | ||||||
| 150,000 | 4.00%, 08/01/22 (c) | 142,352 | ||||||
| 500,000 | 4.00%, 01/01/26 (c) | 451,350 | ||||||
| 360,000 | 4.00%, 06/01/26 (c) | 320,562 | ||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 895,930 | ||||||
| 460,000 | 4.00%, 06/01/26 (c) | 402,758 | ||||||
| 270,000 | 4.00%, 06/01/26 (c) | 239,012 | ||||||
| 220,000 | 4.00%, 06/01/26 (c) | 198,374 | ||||||
| 160,000 | 4.13%, 03/01/22 (c) | 148,622 | ||||||
| 485,000 | 4.13%, 11/01/26 (c) | 440,317 | ||||||
| 155,000 | 5.00%, 06/01/20 (c) | 154,061 | ||||||
| 505,000 | 5.00%, 07/01/21 | 506,091 | ||||||
| 1,020,000 | 5.00%, 02/01/22 | 1,022,448 | ||||||
| 1,000,000 | 5.00%, 02/01/22 | 1,002,400 | ||||||
| 100,000 | 5.00%, 03/01/22 (c) | 94,993 | ||||||
| 305,000 | 5.00%, 03/01/22 (c) | 285,934 | ||||||
| 140,000 | 5.00%, 03/01/22 (c) | 138,200 | ||||||
| 250,000 | 5.00%, 03/01/22 (c) | 239,218 | ||||||
| 55,000 | 5.00%, 06/01/22 | 54,995 | ||||||
| 100,000 | 5.00%, 07/01/22 | 99,972 | ||||||
| 1,465,000 | 5.00%, 08/01/22 | 1,464,326 | ||||||
| 1,830,000 | 5.00%, 08/01/22 (c) | 1,814,756 | ||||||
| 335,000 | 5.00%, 05/01/23 | 333,744 | ||||||
| 250,000 | 5.00%, 07/01/23 | 248,918 | ||||||
| 1,100,000 | 5.00%, 02/01/24 (c) | 1,086,283 | ||||||
| 350,000 | 5.00%, 02/01/24 (c) | 341,075 | ||||||
| 375,000 | 5.00%, 02/01/24 (c) | 367,605 | ||||||
| 1,915,000 | 5.00%, 02/01/24 | 1,902,763 | ||||||
| 1,105,000 | 5.00%, 02/01/24 | 1,097,939 | ||||||
| 585,000 | 5.00%, 04/01/24 (c) | 569,550 | ||||||
| 2,000,000 | 5.00%, 04/01/24 (c) | 1,930,220 | ||||||
| 175,000 | 5.00%, 05/01/24 (c) | 165,720 | ||||||
| 1,025,000 | 5.00%, 05/01/24 (c) | 997,489 | ||||||
| 100,000 | 5.00%, 05/01/24 (c) | 93,966 | ||||||
| 275,000 | 5.00%, 05/01/24 (c) | 263,769 | ||||||
| 2,005,000 | 5.00%, 05/01/24 (c) | 1,940,860 | ||||||
| 2,750,000 | 5.00%, 02/01/26 | 2,695,770 | ||||||
| 800,000 | 5.00%, 06/01/26 (c) | 778,064 | ||||||
| 1,040,000 | 5.00%, 06/01/26 (c) | 1,006,418 | ||||||
| 125,000 | 5.00%, 06/01/26 | 122,290 | ||||||
| 510,000 | 5.25%, 07/01/23 (c) | 500,881 | ||||||
| 550,000 | 5.25%, 07/01/23 (c) | 541,018 | ||||||
| 290,000 | 5.25%, 07/01/23 (c) | 279,311 | ||||||
| 700,000 | 5.25%, 02/01/24 (c) | 687,918 | ||||||
| 560,000 | 5.50%, 07/01/23 (c) | 541,246 | ||||||
| 1,165,000 | 5.50%, 07/01/23 (c) | 1,170,778 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 100,000 | 4.00%, 01/01/22 (c) | 90,973 | ||||||
| 320,000 | 4.00%, 01/01/22 (c) | 302,285 | ||||||
See Notes to Financial Statements
| 106 |
|
|
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 190,000 | 4.00%, 01/01/22 (c) | $ | 185,545 | ||||
| 110,000 | 5.00%, 04/01/23 (c) | 102,592 | ||||||
| 100,000 | 5.00%, 12/01/27 (c) | 94,548 | ||||||
| 270,000 | 5.00%, 05/01/28 (c) | 250,660 | ||||||
| 365,000 | 5.00%, 05/01/28 (c) | 338,158 | ||||||
| 1,000,000 | 5.00%, 05/01/28 (c) | 937,150 | ||||||
| 215,000 | 5.25%, 05/01/22 | 216,026 | ||||||
| 6,425,000 |
State of Illinois, Series C (GO)
5.00%, 11/01/27 (c) |
6,189,845 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 1,755,000 | 3.25%, 11/01/26 | 1,678,131 | ||||||
| 3,270,000 | 5.00%, 11/01/23 | 3,252,375 | ||||||
| 1,225,000 | 5.00%, 11/01/25 | 1,205,045 | ||||||
| 1,690,000 | 5.00%, 11/01/26 | 1,649,440 | ||||||
| 16,275,000 | 5.00%, 11/01/27 (c) | 15,728,648 | ||||||
| 8,070,000 | 5.00%, 11/01/27 | 7,828,061 | ||||||
| 500,000 |
Village of Bolingbrook, Special Service Area No. 1 (ST)
5.25%, 03/01/28 (c) |
437,425 | ||||||
| 360,000 |
Village of Bridgeview (GO)
5.00%, 12/01/22 (c) |
330,818 | ||||||
| Village of Bridgeview, Series A (GO) | ||||||||
| 1,175,000 | 5.50%, 06/01/20 (c) | 1,109,564 | ||||||
| 4,260,000 | 5.50%, 06/01/24 (c) | 4,165,385 | ||||||
| Will County Community High School District No. 210, Series B (GO) | ||||||||
| 90,000 | 0.00%, 01/01/29 ^ | 62,651 | ||||||
| 245,000 | 0.00%, 01/01/31 ^ | 153,995 | ||||||
| 540,000 | 0.00%, 01/01/33 ^ | 303,183 | ||||||
| 318,690,467 | ||||||||
| Indiana: 0.9% | ||||||||
| Allen County, Storypoint Fort Wayne Project, Series A-1 (RB) | ||||||||
| 300,000 | 6.75%, 01/15/24 (c) | 278,979 | ||||||
| 2,225,000 | 6.88%, 01/15/24 (c) | 2,054,721 | ||||||
| Barrington of Carmel Project, Series A (RB) | ||||||||
| 829,307 | 7.13%, 11/15/22 (c) | 8,293 | ||||||
| 1,179,274 | 7.13%, 11/15/22 (c) | 11,793 | ||||||
| City of Anderson, Anderson University (RB) | ||||||||
| 215,000 | 4.75%, 10/01/22 (c) | 169,231 | ||||||
| 730,000 | 6.00%, 10/01/22 (c) | 569,327 | ||||||
| 1,000,000 |
City of Rockport, Indiana Steel Corp. Project, Series
A (RB)
7.00%, 02/01/22 (c) |
887,700 | ||||||
| 800,000 |
City of Valparaiso, Indiana Exempt Facilities Revenue,
Pratt Paper, LLC Project (RB)
5.88%, 01/01/24 |
815,672 | ||||||
| 200,000 |
County of Knox, Good Samaritian Hospital Project, Series
A (RB)
5.00%, 04/01/22 (c) |
204,226 | ||||||
| 500,000 |
Indiana Finance Authority, Baptist Healthcare System
(RB)
5.00%, 08/15/27 (c) |
523,435 | ||||||
| Indiana Finance Authority, Earlham College Project (RB) | ||||||||
| 1,105,000 | 5.00%, 10/01/23 (c) | 1,039,694 | ||||||
| 50,000 | 5.00%, 10/01/23 (c) | 49,978 | ||||||
|
Principal
Amount |
Value | |||||||
| Indiana: (continued) | ||||||||
| Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB) | ||||||||
| $ | 765,000 | 5.13%, 08/15/20 (c) | $ | 770,875 | ||||
| 725,000 | 5.50%, 08/15/20 (c) | 727,994 | ||||||
| 600,000 | 5.50%, 08/15/20 (c) | 605,334 | ||||||
| 250,000 |
Indiana Finance Authority, Ohio River Bridges East End
Crossing Project, Series A (RB)
5.00%, 07/01/23 (c) |
257,553 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 2,315,000 | 5.00%, 06/01/22 (c) | 2,352,434 | ||||||
| 1,620,000 | 5.00%, 06/01/22 (c) | 1,650,553 | ||||||
| 11,000,000 |
Indiana Finance Authority, Res Polyflow Indiana Project
(RB)
7.00%, 03/01/26 (c) |
8,876,340 | ||||||
| Indiana Finance Authority, United States Steel Corp. Project (RB) | ||||||||
| 320,000 | 5.75%, 08/01/22 (c) | 267,318 | ||||||
| 1,315,000 | 6.00%, 06/01/20 (c) | 1,173,782 | ||||||
| 500,000 |
Town of Chesterton, Economic Development,
StoryPoint Chesterton Project, Series A (RB)
6.38%, 01/15/24 (c) |
432,755 | ||||||
| 23,727,987 | ||||||||
| Iowa: 1.5% | ||||||||
| 25,000 |
City of Coralville, Marriott Hotel and Convention Center,
Series E (CP)
4.00%, 06/01/24 (c) |
23,344 | ||||||
| 1,500,000 |
Iowa Finance Authority, Drake West Village Project, Series
A (RB)
4.50%, 06/01/26 (c) |
1,160,970 | ||||||
| 5,195,000 |
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)
5.25%, 12/01/23 (c) |
5,209,858 | ||||||
| 9,300,000 |
Iowa Finance Authority, Iowa Fertilizer Co. Project,
Series B (RB)
5.25%, 12/01/22 (c) (p) |
9,111,489 | ||||||
| 4,960,000 |
Iowa Finance Authority, Lifespace Communities, Inc.,
Series A (RB)
5.00%, 05/15/27 (c) |
4,580,957 | ||||||
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
| 875,000 | 4.00%, 10/01/25 | 866,862 | ||||||
| 3,615,000 | 5.00%, 10/01/25 (c) | 3,291,277 | ||||||
| 990,000 | 5.00%, 10/01/25 (c) | 952,746 | ||||||
| 180,000 |
Tobacco Settlement Authority, Series B (RB)
5.60%, 06/01/20 (c) |
181,672 | ||||||
| Tobacco Settlement Authority, Series C (RB) | ||||||||
| 3,190,000 | 5.38%, 06/01/20 (c) | 3,219,635 | ||||||
| 5,585,000 | 5.50%, 06/01/20 (c) | 5,636,885 | ||||||
| 4,650,000 | 5.63%, 06/01/20 (c) | 4,693,198 | ||||||
| 800,000 |
Tobacco Settlement Authority, Series
D (RB)
0.00%, 06/01/20 (c) ^ |
143,848 | ||||||
| 39,072,741 | ||||||||
See Notes to Financial Statements
| 107 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Kansas: 0.4% | ||||||||
| $ | 255,000 |
City of Wichita, Health Care Facilities, Series II-A (RB)
5.25%, 12/01/26 (c) |
$ | 230,607 | ||||
| 250,000 |
City of Wichita, Health Care Facilities, Series III (RB)
5.00%, 05/15/26 (c) |
224,315 | ||||||
| 2,550,000 |
Overland Park, Prairiefire at LionsGate Project (RB)
6.00%, 12/15/22 (c) |
1,224,000 | ||||||
| 950,000 |
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB)
4.50%, 12/01/26 (c) |
829,074 | ||||||
| Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) | ||||||||
| 405,000 | 5.00%, 09/01/25 (c) | 367,396 | ||||||
| 3,500,000 | 5.75%, 09/01/25 (c) | 2,920,855 | ||||||
| 2,125,000 | 6.00%, 09/01/25 (c) | 1,756,397 | ||||||
| 10,000,000 |
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB)
0.00%, 09/01/34 ^ |
3,847,600 | ||||||
| 11,400,244 | ||||||||
| Kentucky: 0.8% | ||||||||
| 1,000,000 |
Christian County, Jennie Stuart Medical Center (RB)
5.50%, 02/01/26 (c) |
1,053,770 | ||||||
| Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB) | ||||||||
| 650,000 | 5.50%, 11/15/26 (c) | 459,160 | ||||||
| 780,000 | 6.00%, 11/15/26 (c) | 487,734 | ||||||
| 575,000 | 6.25%, 11/15/26 (c) | 346,622 | ||||||
| 750,000 | 6.38%, 11/15/26 (c) | 453,840 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
| 250,000 | 5.00%, 05/15/26 (c) | 200,045 | ||||||
| 350,000 | 5.00%, 05/15/26 (c) | 302,582 | ||||||
| 545,000 | 5.00%, 05/15/26 (c) | 494,511 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 400,000 | 5.38%, 11/15/22 (c) | 384,312 | ||||||
| 250,000 | 5.50%, 11/15/22 (c) | 226,523 | ||||||
| Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) | ||||||||
| 7,365,000 | 4.25%, 07/01/25 (c) | 6,687,788 | ||||||
| 1,585,000 | 5.00%, 07/01/25 (c) | 1,569,610 | ||||||
| 1,525,000 | 5.00%, 07/01/25 (c) | 1,452,608 | ||||||
|
Principal
Amount |
Value | |||||||
| Kentucky: (continued) | ||||||||
| Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | ||||||||
| $ | 175,000 | 5.00%, 06/01/26 | $ | 196,028 | ||||
| 990,000 | 5.00%, 06/01/27 (c) | 1,047,628 | ||||||
| 750,000 | 5.25%, 06/01/27 (c) | 805,095 | ||||||
| 500,000 |
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB)
5.00%, 06/01/27 (c) |
530,420 | ||||||
| Kentucky Economic Development Finance Authority, Rosedale Green Project (RB) | ||||||||
| 515,000 | 5.50%, 11/15/25 (c) | 434,773 | ||||||
| 500,000 | 5.75%, 11/15/25 (c) | 404,485 | ||||||
| 265,000 |
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB)
5.00%, 09/01/23 |
294,373 | ||||||
| 335,000 |
Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB)
5.75%, 07/01/23 (c) |
340,863 | ||||||
| Louisville and Jefferson County, Metro Government, Catholic Health Initiatives, Series A (RB) | ||||||||
| 150,000 | 5.00%, 06/01/22 (c) | 162,387 | ||||||
| 220,000 | 5.00%, 06/01/22 (c) | 238,168 | ||||||
| 1,220,000 |
Ohio County, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB)
6.00%, 07/15/20 (c) |
1,222,721 | ||||||
| 19,796,046 | ||||||||
| Louisiana: 0.8% | ||||||||
| Calcasieu Parish Memorial Hospital Service District (RB) | ||||||||
| 500,000 | 5.00%, 12/01/29 (c) | 529,660 | ||||||
| 1,000,000 | 5.00%, 12/01/29 (c) | 1,086,350 | ||||||
| City of Shreveport, Water and Sewer Revenue, Series C (RB) | ||||||||
| 470,000 | 4.00%, 12/01/28 (c) | 527,970 | ||||||
| 2,235,000 | 4.00%, 12/01/28 (c) | 2,522,510 | ||||||
| 100,000 | 5.00%, 12/01/25 | 118,521 | ||||||
| Jefferson Parish Hospital Service District No. 2 (RB) | ||||||||
| 500,000 | 5.63%, 07/01/21 (c) | 502,095 | ||||||
| 290,000 | 6.25%, 07/01/21 (c) | 294,159 | ||||||
| 3,490,000 | 6.38%, 07/01/21 (c) | 3,536,557 | ||||||
| 345,000 |
Louisiana Housing Finance Agency, Chateau Project, Series A (RB)
7.25%, 06/01/20 (c) |
290,921 | ||||||
| 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) |
829,320 | ||||||
See Notes to Financial Statements
| 108 |
|
|
|
Principal
Amount |
Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 175,000 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB)
4.25%, 12/01/22 (c) |
$ | 113,775 | ||||
| 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) |
997,440 | ||||||
| 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) |
765,980 | ||||||
| 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) | 430,580 | ||||||
| 500,000 | 5.00%, 07/01/29 (c) | 458,935 | ||||||
| 5,215,000 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)
3.50%, 11/01/27 (c) |
4,862,831 | ||||||
| 530,000 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A (RB)
6.50%, 08/01/20 (c) |
530,551 | ||||||
| 500,000 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-1 (RB)
6.50%, 11/01/20 (c) |
500,030 | ||||||
| 400,000 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-2 (RB)
6.50%, 11/01/20 (c) |
400,024 | ||||||
| 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 | ||||||
|
Principal
Amount |
Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 350,000 |
Parish of St Charles, Gulf Opportunity Zone, Valero Project (RB)
4.00%, 06/01/22 (p) |
$ | 357,161 | ||||
| 19,655,423 | ||||||||
| Maine: 0.5% | ||||||||
| 4,500,000 |
Maine Finance Authority, Solid Disposal Facility (RB)
5.38%, 12/15/26 (c) |
3,603,645 | ||||||
| 200,000 |
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB)
6.95%, 07/01/21 (c) |
207,166 | ||||||
| Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) | ||||||||
| 1,470,000 | 4.00%, 07/01/26 (c) | 1,405,981 | ||||||
| 530,000 | 4.00%, 07/01/26 (c) | 522,707 | ||||||
| 645,000 | 5.00%, 07/01/26 (c) | 671,716 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,051,400 | ||||||
| Maine Health and Higher Educational Facilities Authority, General Medical Center Issue (RB) | ||||||||
| 75,000 | 5.25%, 07/01/21 | 77,387 | ||||||
| 1,735,000 | 6.00%, 07/01/21 (c) | 1,797,026 | ||||||
| 2,220,000 | 6.75%, 07/01/21 (c) | 2,287,066 | ||||||
| 50,000 | 6.95%, 07/01/21 (c) | 51,623 | ||||||
| 55,000 | 7.50%, 07/01/21 (c) | 57,499 | ||||||
| 2,000,000 |
Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB)
6.88%, 06/01/20 (c) |
1,937,120 | ||||||
| 13,670,336 | ||||||||
| Maryland: 1.2% | ||||||||
| 1,000,000 |
Anne Arundel County Consolidated Special Taxing District, The Village at Two Rivers Project (ST)
5.25%, 07/01/24 (c) |
877,310 | ||||||
| City of Baltimore, Convention Center Hotel (RB) | ||||||||
| 915,000 | 5.00%, 09/01/27 (c) | 791,978 | ||||||
| 1,425,000 | 5.00%, 09/01/27 (c) | 1,233,238 | ||||||
| 5,115,000 | 5.00%, 09/01/27 (c) | 4,428,720 | ||||||
| 655,000 | 5.00%, 09/01/27 (c) | 566,791 | ||||||
| 400,000 | 5.00%, 09/01/27 (c) | 346,156 | ||||||
| 500,000 | 5.00%, 09/01/27 (c) | 432,800 | ||||||
| 500,000 |
City of Baltimore, East Baltimore Research Park Project, Series A (RB)
5.00%, 09/01/27 (c) |
482,935 | ||||||
| 250,000 |
City of Baltimore, Harbor Point Project (RB)
5.13%, 06/01/26 (c) |
230,760 | ||||||
| 2,000,000 |
Frederick County, Education Facilities Project, Series A (RB)
5.00%, 09/01/27 (c) |
1,793,700 | ||||||
| 2,600,000 |
Frederick County, Urbana Community Development Authority, Series B (ST)
5.50%, 07/01/20 (c) |
2,604,680 | ||||||
See Notes to Financial Statements
| 109 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 500,000 |
Howard County, Series A (TA)
4.50%, 02/15/26 (c) |
$ | 443,740 | ||||
| 5,785,000 |
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)
5.75%, 09/01/20 (c) |
5,812,768 | ||||||
| Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | ||||||||
| 100,000 | 3.75%, 01/01/27 (c) | 95,037 | ||||||
| 470,000 | 4.38%, 01/01/27 (c) | 419,405 | ||||||
| 530,000 | 4.50%, 01/01/27 (c) | 458,948 | ||||||
| 150,000 |
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)
5.00%, 11/30/21 (c) |
147,923 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) | ||||||||
| 400,000 | 4.00%, 07/01/26 (c) | 400,476 | ||||||
| 250,000 | 5.00%, 07/01/26 (c) | 269,998 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) | ||||||||
| 210,000 | 4.00%, 07/01/25 (c) | 221,239 | ||||||
| 145,000 | 4.25%, 07/01/25 (c) | 150,114 | ||||||
| 1,500,000 | 5.00%, 07/01/25 (c) | 1,571,835 | ||||||
| 500,000 | 5.00%, 07/01/25 (c) | 531,280 | ||||||
| 625,000 | 5.00%, 07/01/25 (c) | 677,200 | ||||||
| Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 11/01/24 (c) | 890,710 | ||||||
| 1,000,000 | 5.00%, 11/01/24 (c) | 911,880 | ||||||
| Prince George County, Collington Episcopal Life Care Community, Inc. (RB) | ||||||||
| 1,000,000 | 5.25%, 04/01/27 (c) | 861,220 | ||||||
| 1,000,000 | 5.25%, 04/01/27 (c) | 915,980 | ||||||
| Prince George’s County, Suitland-Naylor Road Project (TA) | ||||||||
| 500,000 | 4.75%, 01/01/26 (c) | 465,380 | ||||||
| 500,000 | 5.00%, 01/01/26 (c) | 461,105 | ||||||
| 29,495,306 | ||||||||
| Massachusetts: 0.8% | ||||||||
| Collegiate Charter School of Lowell (RB) | ||||||||
| 500,000 | 5.00%, 06/15/26 (c) | 425,450 | ||||||
| 365,000 | 5.00%, 06/15/26 (c) | 328,861 | ||||||
| Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) | ||||||||
| 285,000 | 4.00%, 07/01/25 (c) | 272,206 | ||||||
| 2,105,000 | 5.00%, 07/01/25 (c) | 2,198,062 | ||||||
| 500,000 |
Massachusetts Development Finance Agency, Emerson College (RB)
5.00%, 01/01/25 (c) |
526,135 | ||||||
|
Principal
Amount |
Value | |||||||
| Massachusetts: (continued) | ||||||||
| Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) | ||||||||
| $ | 445,000 | 5.00%, 07/01/22 (c) | $ | 485,210 | ||||
| 1,035,000 | 5.00%, 10/01/26 (c) | 1,079,546 | ||||||
| 100,000 |
Massachusetts Development Finance Agency, Lasell College Issue (RB)
6.00%, 07/01/21 (c) |
100,891 | ||||||
| Massachusetts Development Finance Agency, Lawrence General Hospital (RB) | ||||||||
| 2,000,000 | 5.00%, 07/01/27 (c) | 1,911,980 | ||||||
| 1,900,000 | 5.00%, 07/01/27 (c) | 1,805,323 | ||||||
| Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) | ||||||||
| 350,000 | 5.25%, 07/01/24 (c) | 376,674 | ||||||
| 550,000 | 5.50%, 07/01/24 (c) | 582,565 | ||||||
| Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | ||||||||
| 500,000 | 5.00%, 11/15/25 (c) | 435,540 | ||||||
| 500,000 | 5.13%, 11/15/25 (c) | 423,590 | ||||||
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
| 5,160,000 | 5.00%, 10/01/22 (c) | 4,676,921 | ||||||
| 1,000,000 | 5.00%, 10/01/22 (c) | 929,590 | ||||||
| Massachusetts Development Finance Agency, Provident Commonwealth Education Resources II Issue, UMass Dartmouth Student Housing Project (RB) | ||||||||
| 955,000 | 5.00%, 10/01/28 (c) | 837,841 | ||||||
| 825,000 | 5.00%, 10/01/28 (c) | 750,016 | ||||||
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) | ||||||||
| 510,000 | 5.00%, 07/01/26 (c) | 521,684 | ||||||
| 190,000 | 5.00%, 07/01/26 (c) | 205,533 | ||||||
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB) | ||||||||
| 290,000 | 3.63%, 07/01/27 (c) | 271,431 | ||||||
| 550,000 | 4.00%, 07/01/27 (c) | 505,048 | ||||||
| 1,510,000 |
Massachusetts Educational Financing Authority, Series C (RB)
4.13%, 07/01/28 (c) |
1,531,593 | ||||||
| 21,181,690 | ||||||||
| Michigan: 0.8% | ||||||||
| 290,000 |
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB)
5.00%, 02/15/27 (c) |
306,460 | ||||||
| 180,000 |
City of Flint Hospital Building Authority, Hurley Medical Center (RB)
7.38%, 07/01/20 (c) |
181,850 | ||||||
See Notes to Financial Statements
| 110 |
|
|
|
Principal
Amount |
Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 425,000 |
City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB)
4.75%, 07/01/23 (c) |
$ | 447,942 | ||||
| 2,630,000 |
Dearborn Economic Development Corp., Henry Ford Village, Inc. Project (RB)
7.00%, 06/01/20 (c) |
1,949,987 | ||||||
| 120,000 |
Detroit Local Development Finance Authority, Series A (TA)
5.50%, 06/01/20 (c) |
117,089 | ||||||
| 500,000 |
Flint Hospital Building Authority, Hurley Medical Center (RB)
4.00%, 07/01/30 (c) |
493,120 | ||||||
| Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/01/24 (c) | 404,170 | ||||||
| 500,000 | 5.00%, 11/01/24 (c) | 412,200 | ||||||
| Michigan Finance Authority, Lawrence Technological University Project (RB) | ||||||||
| 2,000,000 | 5.00%, 02/01/27 (c) | 1,783,760 | ||||||
| 900,000 | 5.25%, 02/01/27 (c) | 901,440 | ||||||
| Michigan Finance Authority, Presbyterian Villages of Michigan (RB) | ||||||||
| 785,000 | 4.75%, 11/15/25 | 786,123 | ||||||
| 250,000 | 5.25%, 11/15/25 (c) | 251,065 | ||||||
| 300,000 | 5.50%, 11/15/25 (c) | 299,586 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
| 110,000 | 5.00%, 07/01/23 | 118,107 | ||||||
| 3,020,000 | 5.00%, 07/01/24 (c) | 3,165,051 | ||||||
| 215,000 | 5.00%, 07/01/24 (c) | 226,700 | ||||||
| 165,000 | 5.00%, 07/01/24 (c) | 179,578 | ||||||
| Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) | ||||||||
| 795,000 | 5.00%, 07/01/24 (c) | 846,007 | ||||||
| 1,030,000 | 6.75%, 07/01/24 (c) | 1,004,744 | ||||||
| 1,000,000 |
Michigan Municipal Bond Authority, Series C (RB) (AMBAC)
4.75%, 06/01/20 (c) |
1,000,030 | ||||||
| 100,000 |
Michigan State Building Authority, Series F (RB)
4.00%, 10/01/24 |
101,695 | ||||||
| 500,000 |
Michigan Strategic Fund, Canterbury Health Care, Inc. Project (RB)
5.00%, 07/01/24 (c) |
392,595 | ||||||
| Michigan Strategic Fund, Evangelical Homes Project (RB) | ||||||||
| 1,735,000 | 5.25%, 06/01/22 (c) | 1,707,518 | ||||||
| 2,000,000 | 5.50%, 06/01/22 (c) | 1,937,020 | ||||||
| 700,000 |
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c) |
766,717 | ||||||
| 285,000 |
Michigan Tobacco Settlement Finance Authority, Series A (RB)
5.13%, 05/18/20 (c) |
285,177 | ||||||
|
Principal
Amount |
Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 1,455,000 |
Michigan Tobacco Settlement Finance Authority, Series B (RB)
0.00%, 05/18/20 (c) ^ |
$ | 89,977 | ||||
| 1,000,000 |
Waterford Township Economic Development Corp., Canterbury Health Care, Inc. Project, Series A (RB)
5.00%, 07/01/24 (c) |
802,890 | ||||||
| 20,958,598 | ||||||||
| Minnesota: 1.0% | ||||||||
| 135,000 |
Chippewa County, Chippewa County-Montevideo Hospital Project (RB)
4.00%, 03/01/26 (c) |
137,915 | ||||||
| 500,000 |
City of Anoka, Homestead at Anoka, Inc. Project (RB)
4.25%, 11/01/24 (c) |
464,660 | ||||||
| City of Apple Valley, Minnesota Senior Living LLC Project, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 585,480 | ||||||
| 1,015,000 | 5.00%, 01/01/22 (c) | 613,070 | ||||||
| City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB) | ||||||||
| 2,920,000 | 4.38%, 09/01/23 (c) | 2,564,782 | ||||||
| 940,000 | 4.50%, 09/01/23 (c) | 829,531 | ||||||
| City of Bethel, The Lodge at the Lakes at Stillwater Project (RB) | ||||||||
| 500,000 | 5.00%, 06/01/23 (c) | 445,435 | ||||||
| 750,000 | 5.00%, 06/01/23 (c) | 677,842 | ||||||
| 350,000 | 5.00%, 06/01/23 (c) | 332,794 | ||||||
| City of Blaine, Crest View Senior Communities Project, Series A (RB) | ||||||||
| 1,355,000 | 5.75%, 07/01/25 (c) | 1,089,786 | ||||||
| 1,055,000 | 6.13%, 07/01/25 (c) | 817,245 | ||||||
| 400,000 | 6.13%, 07/01/25 (c) | 316,004 | ||||||
| City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) | ||||||||
| 245,000 | 5.50%, 07/01/25 (c) | 233,512 | ||||||
| 250,000 | 5.50%, 07/01/25 (c) | 244,453 | ||||||
| 500,000 | 5.75%, 07/01/25 (c) | 498,595 | ||||||
| City of Crookston, Health Care Facilities, Riverview Health Project (RB) | ||||||||
| 2,000,000 | 5.00%, 05/01/29 (c) | 1,915,100 | ||||||
| 3,000,000 | 5.00%, 05/01/29 (c) | 2,917,830 | ||||||
| City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
| 500,000 | 5.25%, 07/01/25 (c) | 513,815 | ||||||
| 1,000,000 | 5.50%, 07/01/25 (c) | 1,029,280 | ||||||
| 500,000 |
City of Forest Lake, International Language Academy, Series A (RB) (SAW)
5.38%, 08/01/27 (c) |
495,160 | ||||||
| 750,000 |
City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB)
5.00%, 07/01/24 (c) |
665,587 | ||||||
See Notes to Financial Statements
| 111 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Minnesota: (continued) | ||||||||
| $ | 115,000 |
City of Maple Grove, Minnesota Health Care Facilities (RB)
3.38%, 05/01/27 (c) |
$ | 116,026 | ||||
| 500,000 |
City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB)
5.00%, 07/01/24 (c) |
462,275 | ||||||
| 1,000,000 |
City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB)
5.00%, 05/01/23 (c) |
941,620 | ||||||
| City of St. Paul, Housing and Redevelopment Authority, Series A (RB) | ||||||||
| 325,000 | 5.75%, 09/01/26 (c) | 337,873 | ||||||
| 500,000 | 6.00%, 09/01/26 (c) | 525,130 | ||||||
| City of Wayzata, Folkestone Senior Living Community (RB) | ||||||||
| 350,000 | 4.00%, 08/01/24 (c) | 296,324 | ||||||
| 500,000 | 5.00%, 08/01/24 (c) | 484,820 | ||||||
| 500,000 |
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB)
5.00%, 11/01/25 (c) |
439,345 | ||||||
| 665,000 |
Duluth Independent School District No. 709, Series A (CP)
4.20%, 03/01/27 (c) |
596,319 | ||||||
| 1,000,000 |
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB)
5.00%, 05/01/26 (c) |
885,940 | ||||||
| 750,000 |
Rice County Educational Facility, St. Mary’s School Project (RB)
5.00%, 08/01/22 |
755,400 | ||||||
| 2,500,000 |
Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB)
5.00%, 05/01/23 (c) |
2,280,825 | ||||||
| 250,000 |
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB)
4.00%, 08/01/26 (c) |
227,340 | ||||||
| 25,737,113 | ||||||||
| Mississippi: 0.0% | ||||||||
| 1,000,000 |
Mississippi Development Bank, Water
and Sewer System (RB) (AGM)
6.88%, 12/01/23 (c) |
1,150,910 | ||||||
| Missouri: 1.0% | ||||||||
| 565,000 |
Boone County, Boone Hospital Center (RB)
4.00%, 08/01/26 (c) |
530,309 | ||||||
| 1,000,000 |
Citizens Memorial Hospital District of Polk County (RB)
5.00%, 06/01/20 (c) |
1,000,610 | ||||||
| 450,000 |
City of Blue Springs, Adams Farm Project, Series A (TA)
4.00%, 06/01/24 (c) |
421,493 | ||||||
|
Principal
Amount |
Value | |||||||
| Missouri: (continued) | ||||||||
| City of Liberty, Liberty Commons Project, Series A (TA) | ||||||||
| $ | 500,000 | 5.75%, 06/01/25 (c) | $ | 437,690 | ||||
| 500,000 | 6.00%, 06/01/25 (c) | 427,220 | ||||||
| City of St. Ann, Northwest Plaza Development Project, Series A (TA) | ||||||||
| 1,500,000 | 4.63%, 11/01/27 (c) | 1,328,250 | ||||||
| 1,625,000 | 5.38%, 11/01/27 (c) | 1,386,255 | ||||||
| City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) | ||||||||
| 250,000 | 4.38%, 11/15/26 (c) | 218,975 | ||||||
| 500,000 | 4.75%, 11/15/26 (c) | 433,770 | ||||||
| City of St. Louis, Industrial Development Authority, Confluence Academy Project, Series A (RB) | ||||||||
| 1,150,000 | 5.25%, 06/01/20 (c) | 1,112,912 | ||||||
| 570,000 | 5.35%, 06/01/20 (c) | 496,088 | ||||||
| Grandview Industrial Development Authority, Truman’s Marketplace Project, Series A (TA) | ||||||||
| 1,095,000 | 4.25%, 05/01/25 (c) | 923,808 | ||||||
| 930,000 | 5.00%, 05/01/25 (c) | 862,073 | ||||||
| 1,000,000 |
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB)
4.00%, 02/01/29 (c) |
823,190 | ||||||
| I-470 Western Gateway Transportation Development District, Series A (RB) | ||||||||
| 500,000 | 4.50%, 12/01/26 (c) | 468,100 | ||||||
| 1,000,000 | 5.25%, 12/01/26 (c) | 869,900 | ||||||
| Kansas City Industrial Development Authority, Kingswood Project (RB) | ||||||||
| 2,400,000 | 5.75%, 11/15/25 (c) | 1,570,008 | ||||||
| 4,910,000 | 6.00%, 11/15/25 (c) | 3,077,195 | ||||||
| 2,810,000 | 6.00%, 11/15/25 (c) | 1,776,622 | ||||||
| Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (AGM) (TA) | ||||||||
| 2,800,000 | 5.00%, 02/01/28 (c) | 2,650,704 | ||||||
| 500,000 | 5.00%, 02/01/28 (c) | 490,125 | ||||||
| 500,000 |
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c) |
466,385 | ||||||
| Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) | ||||||||
| 480,000 | 5.00%, 08/15/24 (c) | 378,326 | ||||||
| 200,000 | 5.00%, 08/15/25 (c) | 165,332 | ||||||
| 40,000 |
Nevada City, Regional Medical Center (RB) (ACA)
4.30%, 06/01/20 (c) |
35,796 | ||||||
| 860,000 |
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA)
5.38%, 05/01/25 (c) |
757,419 | ||||||
See Notes to Financial Statements
| 112 |
|
|
|
Principal
Amount |
Value | |||||||
| Missouri: (continued) | ||||||||
| St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) | ||||||||
| $ | 500,000 | 5.00%, 09/01/25 (c) | $ | 444,830 | ||||
| 1,220,000 | 5.13%, 09/01/25 (c) | 1,037,281 | ||||||
| 750,000 | 5.25%, 09/01/25 (c) | 638,002 | ||||||
| 150,000 |
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB)
5.00%, 12/01/25 (c) |
134,109 | ||||||
| 25,362,777 | ||||||||
| Montana: 0.0% | ||||||||
| 500,000 |
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.13%, 07/01/28 (c) |
513,335 | ||||||
| Nebraska: 0.1% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 125,000 | 5.00%, 09/01/30 | 147,800 | ||||||
| 1,185,000 | 5.00%, 09/01/42 | 1,466,734 | ||||||
| 1,614,534 | ||||||||
| Nevada: 0.7% | ||||||||
| City of Las Vegas, Special Improvement District No. 814 (SA) | ||||||||
| 560,000 | 4.00%, 06/01/29 (c) | 458,354 | ||||||
| 250,000 | 4.00%, 06/01/29 (c) | 212,098 | ||||||
| 46,000,000 |
City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM)
0.00%, 07/01/38 (c) ^ |
4,933,040 | ||||||
| 915,000 |
City of Reno, Tax Increment Senior Lien, Series C (TA)
5.40%, 06/01/20 (c) |
801,787 | ||||||
| 1,000,000 |
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)
2.75%, 06/15/28 |
914,090 | ||||||
| 180,000 |
Clark County, Special Improvement District No. 159 (SA)
5.00%, 08/01/25 (c) |
180,904 | ||||||
| 625,000 |
Henderson Local Improvement District No. T-18 (SA)
4.00%, 09/01/26 (c) |
556,606 | ||||||
| North Las Vegas, Special Improvement District No. 64 (SA) | ||||||||
| 250,000 | 4.63%, 12/01/28 (c) | 221,983 | ||||||
| 500,000 | 4.63%, 12/01/28 (c) | 457,090 | ||||||
| 4,045,000 |
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)
6.25%, 12/15/27 (c) |
3,747,935 | ||||||
| 1,500,000 |
State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB)
6.95%, 08/15/28 (c) |
1,452,300 | ||||||
|
Principal
Amount |
Value | |||||||
| Nevada: (continued) | ||||||||
| State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
| $ | 1,250,000 | 5.00%, 12/15/25 (c) | $ | 1,169,387 | ||||
| 500,000 | 5.00%, 12/15/25 (c) | 445,710 | ||||||
| 1,000,000 | 5.00%, 12/15/25 (c) | 958,100 | ||||||
| 1,000,000 | 5.13%, 12/15/25 (c) | 916,690 | ||||||
| 17,426,074 | ||||||||
| New Hampshire: 0.2% | ||||||||
| New Hampshire Business Finance Authority, The Vista Project, Series A (RB) | ||||||||
| 1,600,000 | 5.63%, 07/01/25 (c) | 1,335,840 | ||||||
| 2,750,000 | 5.75%, 07/01/25 (c) | 2,293,225 | ||||||
| New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | ||||||||
| 1,000,000 | 6.13%, 07/01/24 (c) | 739,670 | ||||||
| 1,500,000 | 6.13%, 07/01/24 (c) | 1,228,905 | ||||||
| 500,000 | 6.25%, 07/01/24 (c) | 396,810 | ||||||
| 5,994,450 | ||||||||
| New Jersey: 7.9% | ||||||||
| Atlantic City (GO) | ||||||||
| 25,000 | 5.00%, 11/01/21 | 24,769 | ||||||
| 50,000 | 5.00%, 12/01/21 | 49,509 | ||||||
| 115,000 | 5.00%, 11/01/22 | 113,205 | ||||||
| 65,000 | 5.00%, 12/01/23 (c) | 63,149 | ||||||
| 150,000 |
Camden County, New Jersey Improvement Authority, Series A (RB)
5.00%, 02/15/24 (c) |
161,207 | ||||||
| Casino Reinvestment Development Authority (RB) | ||||||||
| 2,450,000 | 5.25%, 11/01/24 (c) | 2,315,005 | ||||||
| 1,410,000 | 5.25%, 11/01/24 (c) | 1,365,345 | ||||||
| 1,000,000 |
Essex County Improvement Authority, Covanta Project (RB)
5.25%, 07/01/20 (c) |
1,002,220 | ||||||
| 2,195,000 |
Gloucester County, Pollution Control Financing Authority, Series A (RB)
5.00%, 12/01/24 |
2,250,687 | ||||||
| 470,000 |
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB)
5.00%, 06/01/26 (c) |
457,827 | ||||||
| 500,000 |
New Jersey Economic Development Authority, Black Horse
EHT Urban Renewal LLC Project, Series A (RB) (SAW)
5.00%, 10/01/27 (c) |
384,175 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 1,665,000 | 4.25%, 06/15/22 (c) | 1,714,367 | ||||||
| 1,250,000 | 5.00%, 06/15/21 | 1,290,662 | ||||||
| 535,000 | 5.00%, 06/15/22 (c) | 557,775 | ||||||
| 520,000 | 5.00%, 06/15/22 (c) | 543,603 | ||||||
| 1,150,000 | 5.00%, 06/15/22 (c) | 1,208,742 | ||||||
| 110,000 | 5.00%, 06/15/22 | 116,328 | ||||||
| 1,020,000 | 5.00%, 06/15/22 (c) | 1,076,212 | ||||||
| 160,000 | 5.00%, 06/15/22 (c) | 168,475 | ||||||
See Notes to Financial Statements
| 113 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| $ | 705,000 | 5.13%, 08/20/22 (c) | $ | 702,469 | ||||
| 9,075,000 | 5.25%, 08/20/22 (c) | 9,001,674 | ||||||
| 2,215,000 | 5.50%, 06/01/20 (c) | 2,155,173 | ||||||
| 60,000 | 5.50%, 06/20/23 (c) | 59,282 | ||||||
| 285,000 | 5.63%, 03/05/24 (c) | 285,750 | ||||||
| 350,000 | 5.63%, 03/05/24 (c) | 350,924 | ||||||
| 2,795,000 | 5.75%, 09/15/22 (c) | 2,721,296 | ||||||
| New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB) | ||||||||
| 500,000 | 5.00%, 12/15/27 (c) | 489,280 | ||||||
| 1,130,000 | 5.00%, 12/15/27 (c) | 1,126,022 | ||||||
| 55,000 |
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA)
5.75%, 04/01/31 |
53,565 | ||||||
| New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
| 655,000 | 4.88%, 01/01/24 (c) | 604,912 | ||||||
| 500,000 | 5.00%, 01/01/24 (c) | 439,335 | ||||||
| 1,800,000 | 5.25%, 01/01/24 (c) | 1,522,242 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 980,000 | 3.38%, 07/01/27 (c) | 900,238 | ||||||
| 3,055,000 | 4.00%, 07/01/27 (c) | 2,870,661 | ||||||
| 1,640,000 | 4.00%, 07/01/27 (c) | 1,555,097 | ||||||
| 1,275,000 | 5.00%, 07/01/27 (c) | 1,286,500 | ||||||
| 515,000 |
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA)
0.00%, 07/01/26 ^ |
451,542 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) | ||||||||
| 985,000 | 4.00%, 11/01/27 | 972,136 | ||||||
| 780,000 | 5.00%, 11/01/27 | 810,849 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
| 120,000 | 4.00%, 11/01/25 | 119,084 | ||||||
| 4,000,000 | 5.00%, 11/01/22 | 4,098,600 | ||||||
| 500,000 | 5.00%, 11/01/24 | 517,140 | ||||||
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/27 (c) | 1,033,070 | ||||||
| 1,000,000 | 5.00%, 10/01/27 (c) | 1,051,740 | ||||||
| 745,000 |
New Jersey Economic Development Authority, Saint Barnabas Project, Series A (RB)
0.00%, 07/01/21 ^ |
736,693 | ||||||
|
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) | $ | 1,740,261 | ||||
| 205,000 | 5.00%, 12/15/26 (c) | 206,456 | ||||||
| 650,000 | 5.00%, 12/15/26 (c) | 655,661 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
| 1,730,000 | 4.75%, 12/15/26 (c) | 1,770,984 | ||||||
| 165,000 | 5.50%, 12/15/26 (c) | 173,595 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
| 3,500,000 | 4.00%, 06/15/27 (c) | 3,249,715 | ||||||
| 780,000 | 5.00%, 06/15/27 (c) | 795,280 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) | ||||||||
| 745,000 | 5.00%, 03/01/21 (c) | 753,612 | ||||||
| 845,000 | 5.25%, 03/01/21 (c) | 871,930 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB) | ||||||||
| 165,000 | 5.00%, 03/01/21 (c) | 169,922 | ||||||
| 360,000 | 5.25%, 03/01/21 (c) | 371,473 | ||||||
| 210,000 | 5.25%, 03/01/21 (c) | 216,693 | ||||||
| 105,000 | 5.25%, 03/01/21 (c) | 108,346 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) | ||||||||
| 470,000 | 5.00%, 03/01/22 (c) | 476,552 | ||||||
| 515,000 | 5.00%, 03/01/22 (c) | 555,376 | ||||||
| 290,000 | 5.00%, 03/01/22 (c) | 293,671 | ||||||
| 435,000 | 5.00%, 03/01/22 (c) | 442,325 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) | ||||||||
| 1,645,000 | 4.00%, 12/15/27 (c) | 1,470,104 | ||||||
| 685,000 | 5.00%, 09/01/22 (c) | 753,308 | ||||||
| 125,000 | 5.00%, 09/01/22 (c) | 125,466 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/29 (c) | 977,380 | ||||||
| 1,485,000 | 5.00%, 12/15/29 (c) | 1,493,078 | ||||||
| 600,000 | 5.00%, 12/15/29 (c) | 604,506 | ||||||
| 500,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB)
4.00%, 12/15/29 (c) |
467,895 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
| 3,050,000 | 5.00%, 03/01/22 | 3,122,986 | ||||||
| 265,000 | 5.00%, 03/01/23 (c) | 268,101 | ||||||
| 300,000 | 5.00%, 03/01/23 (c) | 305,199 | ||||||
| 155,000 | 5.00%, 03/01/23 (c) | 157,341 | ||||||
| 1,725,000 | 5.00%, 03/01/23 (c) | 1,761,535 | ||||||
See Notes to Financial Statements
| 114 |
|
|
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 865,000 | 5.00%, 03/01/23 (c) | $ | 885,154 | ||||
| 1,175,000 | 5.00%, 03/01/23 (c) | 1,185,798 | ||||||
| 650,000 | 5.00%, 03/01/23 (c) | 662,499 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
| 140,000 | 5.00%, 06/15/24 (c) | 142,188 | ||||||
| 580,000 | 5.00%, 06/15/24 (c) | 585,040 | ||||||
| 920,000 | 5.00%, 06/15/24 (c) | 947,048 | ||||||
| 100,000 | 5.00%, 06/15/24 (c) | 102,667 | ||||||
| 120,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB)
5.00%, 06/15/24 (c) |
120,812 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
| 875,000 | 5.00%, 06/15/24 (c) | 880,416 | ||||||
| 3,935,000 | 5.00%, 06/15/24 (c) | 3,941,257 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
| 405,000 | 5.00%, 06/15/25 (c) | 407,296 | ||||||
| 630,000 | 5.00%, 06/15/25 (c) | 633,118 | ||||||
| 1,235,000 | 5.00%, 06/15/25 (c) | 1,244,300 | ||||||
| 680,000 | 5.00%, 06/15/25 (c) | 684,733 | ||||||
| 435,000 | 5.25%, 06/15/25 (c) | 450,882 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 220,000 | 4.00%, 06/15/24 | 219,058 | ||||||
| 595,000 | 4.25%, 06/15/25 (c) | 597,291 | ||||||
| 125,000 | 4.38%, 06/15/25 (c) | 126,081 | ||||||
| 1,085,000 | 5.00%, 06/15/21 | 1,101,872 | ||||||
| 1,000,000 | 5.00%, 06/15/23 | 1,027,420 | ||||||
| 1,080,000 | 5.00%, 06/15/24 | 1,115,035 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 350,000 | 5.13%, 01/01/24 (c) | 357,399 | ||||||
| 900,000 | 5.38%, 01/01/24 (c) | 916,056 | ||||||
| 500,000 | 5.50%, 01/01/24 (c) | 524,565 | ||||||
| New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB) | ||||||||
| 150,000 | 4.13%, 07/01/25 (c) | 136,394 | ||||||
| 2,065,000 | 5.00%, 07/01/25 (c) | 1,965,426 | ||||||
| 550,000 |
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/22 |
561,935 | ||||||
| 265,000 |
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB)
5.00%, 09/01/24 (c) |
272,288 | ||||||
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) | ||||||||
| $ | 630,000 | 5.00%, 04/01/28 (c) | $ | 615,762 | ||||
| 940,000 | 5.00%, 04/01/28 (c) | 920,627 | ||||||
| 1,000,000 | 5.00%, 04/01/28 (c) | 981,760 | ||||||
| New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) | ||||||||
| 100,000 | 5.00%, 07/01/21 | 101,578 | ||||||
| 170,000 | 6.00%, 07/01/21 (c) | 174,663 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 230,000 | 0.00%, 12/15/25 ^ | 190,817 | ||||||
| 270,000 | 0.00%, 12/15/25 ^ | 224,003 | ||||||
| 575,000 | 0.00%, 12/15/26 ^ | 457,412 | ||||||
| 4,440,000 | 0.00%, 12/15/28 ^ | 3,239,291 | ||||||
| 870,000 | 0.00%, 12/15/28 ^ | 634,726 | ||||||
| 325,000 | 0.00%, 12/15/29 ^ | 226,398 | ||||||
| 2,210,000 | 0.00%, 12/15/30 ^ | 1,465,031 | ||||||
| 1,880,000 | 0.00%, 12/15/31 ^ | 1,184,795 | ||||||
| 1,590,000 | 0.00%, 12/15/32 ^ | 951,917 | ||||||
| 1,190,000 | 0.00%, 12/15/33 ^ | 676,908 | ||||||
| 705,000 | 0.00%, 12/15/33 ^ | 401,025 | ||||||
| 915,000 | 0.00%, 12/15/34 ^ | 496,150 | ||||||
| 765,000 | 0.00%, 12/15/34 ^ | 414,814 | ||||||
| 540,000 | 0.00%, 12/15/35 ^ | 277,328 | ||||||
| 1,115,000 | 0.00%, 12/15/37 ^ | 517,170 | ||||||
| 1,780,000 | 0.00%, 12/15/37 ^ | 825,617 | ||||||
| 10,475,000 | 0.00%, 12/15/38 ^ | 4,608,790 | ||||||
| 605,000 | 0.00%, 12/15/38 ^ | 266,188 | ||||||
| 1,500,000 | 0.00%, 12/15/39 ^ | 625,410 | ||||||
| 930,000 | 0.00%, 12/15/40 ^ | 366,653 | ||||||
| 695,000 | 4.00%, 12/15/28 (c) | 660,465 | ||||||
| 2,295,000 | 4.00%, 12/15/29 (c) | 2,106,994 | ||||||
| 1,000,000 | 4.25%, 12/15/28 (c) | 952,920 | ||||||
| 360,000 | 5.00%, 06/15/21 (c) | 362,754 | ||||||
| 5,875,000 | 5.00%, 06/15/22 (c) | 5,854,320 | ||||||
| 665,000 | 5.00%, 06/15/24 | 686,573 | ||||||
| 1,000,000 | 5.00%, 12/15/28 (c) | 1,009,540 | ||||||
| 5,900,000 | 5.00%, 12/15/28 (c) | 5,942,657 | ||||||
| 200,000 | 5.00%, 12/15/28 | 207,296 | ||||||
| 370,000 | 5.25%, 06/15/21 (c) | 371,909 | ||||||
| 100,000 | 5.25%, 06/15/21 (c) | 105,131 | ||||||
| 430,000 | 5.25%, 12/15/21 | 441,283 | ||||||
| 100,000 | 5.25%, 12/15/23 | 103,880 | ||||||
| 310,000 | 5.50%, 12/15/21 | 319,337 | ||||||
| 205,000 | 5.50%, 12/15/23 | 214,660 | ||||||
| 250,000 | 6.00%, 06/15/21 (c) | 264,790 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 525,000 | 3.75%, 12/15/28 (c) | 478,816 | ||||||
| 220,000 | 4.00%, 06/15/22 (c) | 211,895 | ||||||
| 695,000 | 4.25%, 06/15/24 (c) | 651,118 | ||||||
| 150,000 | 4.75%, 06/15/25 (c) | 151,052 | ||||||
| 1,375,000 | 4.75%, 06/15/25 (c) | 1,378,616 | ||||||
| 345,000 | 5.00%, 06/15/22 | 352,487 | ||||||
| 4,710,000 | 5.00%, 06/15/22 (c) | 4,719,043 | ||||||
| 265,000 | 5.00%, 06/15/22 (c) | 267,934 | ||||||
See Notes to Financial Statements
| 115 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 425,000 | 5.00%, 06/15/22 (c) | $ | 426,539 | ||||
| 1,940,000 | 5.00%, 06/15/22 (c) | 1,945,801 | ||||||
| 200,000 | 5.00%, 06/15/23 (c) | 204,120 | ||||||
| 135,000 | 5.00%, 06/15/23 (c) | 137,506 | ||||||
| 640,000 | 5.00%, 06/15/23 (c) | 642,304 | ||||||
| 1,115,000 | 5.00%, 06/15/23 (c) | 1,101,141 | ||||||
| 1,195,000 | 5.00%, 06/15/24 (c) | 1,180,146 | ||||||
| 1,620,000 | 5.00%, 06/15/24 (c) | 1,625,864 | ||||||
| 665,000 | 5.00%, 06/15/25 (c) | 654,433 | ||||||
| 340,000 | 5.00%, 06/15/25 (c) | 333,805 | ||||||
| 925,000 | 5.25%, 06/15/23 (c) | 940,272 | ||||||
| 130,000 | 5.25%, 06/15/23 (c) | 131,492 | ||||||
| 505,000 | 5.25%, 06/15/25 (c) | 510,691 | ||||||
| New Jersey Transportation Trust Fund Authority, Series B (RB) | ||||||||
| 3,750,000 | 5.00%, 06/15/21 (c) | 3,932,025 | ||||||
| 835,000 | 5.25%, 06/15/21 (c) | 838,332 | ||||||
| New Jersey Transportation Trust Fund Authority, Series BB (RB) | ||||||||
| 1,745,000 | 3.25%, 12/15/28 (c) | 1,387,415 | ||||||
| 9,095,000 | 3.50%, 12/15/28 (c) | 7,209,061 | ||||||
| 1,140,000 | 4.00%, 12/15/28 (c) | 1,062,446 | ||||||
| 1,000,000 | 5.00%, 12/15/28 (c) | 1,022,970 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
| 430,000 | 0.00%, 12/15/24 ^ | 373,227 | ||||||
| 250,000 | 0.00%, 12/15/25 ^ | 208,558 | ||||||
| 985,000 | 0.00%, 12/15/26 ^ | 788,680 | ||||||
| 185,000 | 0.00%, 12/15/28 ^ | 136,117 | ||||||
| 265,000 | 0.00%, 12/15/30 ^ | 185,071 | ||||||
| 365,000 | 0.00%, 12/15/31 ^ | 243,517 | ||||||
| 5,475,000 | 0.00%, 12/15/35 ^ | 2,859,483 | ||||||
| 2,245,000 | 5.25%, 12/15/24 (c) | 2,284,826 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 325,000 | 5.00%, 12/15/24 | 336,304 | ||||||
| 960,000 | 5.00%, 12/15/24 (c) | 967,210 | ||||||
| 295,000 | 5.25%, 12/15/23 | 306,446 | ||||||
| Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) | ||||||||
| 120,000 | 5.00%, 01/01/32 | 129,982 | ||||||
| 100,000 | 5.25%, 01/01/27 | 109,431 | ||||||
| South Jersey Port Corp., Marine Terminal, Series B (RB) | ||||||||
| 500,000 | 5.00%, 01/01/28 (c) | 492,640 | ||||||
| 2,000,000 | 5.00%, 01/01/28 (c) | 1,956,380 | ||||||
| 1,260,000 | 5.00%, 01/01/28 (c) | 1,256,056 | ||||||
| 360,000 | 5.00%, 01/01/28 (c) | 362,498 | ||||||
| 750,000 | 5.00%, 01/01/28 (c) | 750,600 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 4,800,000 | 5.00%, 06/01/28 (c) | 5,013,696 | ||||||
| 4,000,000 | 5.25%, 06/01/28 (c) | 4,273,680 | ||||||
| Tobacco Settlement Financing Corp., Series B (RB) | ||||||||
| 2,315,000 | 3.20%, 06/01/27 | 2,310,532 | ||||||
| 7,760,000 | 5.00%, 06/01/28 (c) | 7,811,682 | ||||||
| 204,034,597 | ||||||||
|
Principal
Amount |
Value | |||||||
| New Mexico: 0.1% | ||||||||
| $ | 500,000 |
Farmington, Pollution Control, San Juan Project, Series B (RB)
1.88%, 10/01/21 (p) |
$ | 491,735 | ||||
| 695,000 |
Farmington, Pollution Control, San Juan Project, Series F (RB)
6.25%, 06/01/20 (c) |
695,375 | ||||||
| 1,000,000 |
Winrock Town Center Tax Increment Development District No. 1 (TA)
5.75%, 06/01/20 (c) |
957,520 | ||||||
| 2,144,630 | ||||||||
| New York: 8.7% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
| 395,000 | 0.00%, 07/15/32 ^ | 217,301 | ||||||
| 370,000 | 0.00%, 07/15/33 ^ | 192,818 | ||||||
| 180,000 | 0.00%, 07/15/47 ^ | 42,145 | ||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 125,000 | 5.00%, 07/15/26 | 128,475 | ||||||
| 5,040,000 | 5.00%, 01/15/27 (c) | 4,856,393 | ||||||
| 760,000 |
Buffalo and Erie County Industrial Land Development Corp., Series A (RB)
5.00%, 08/01/27 (c) |
684,091 | ||||||
| Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | ||||||||
| 5,700,000 | 5.00%, 12/31/28 | 5,370,369 | ||||||
| 9,700,000 | 5.25%, 12/31/28 (c) | 8,925,552 | ||||||
| 4,700,000 | 5.50%, 12/31/28 (c) | 4,233,384 | ||||||
| 250,000 |
Build NYC Resource Corp., Metropolitan College of New York Project (RB)
5.25%, 11/01/24 (c) |
260,228 | ||||||
| 560,000 |
Build NYC Resource Corp., Pratt Paper, Inc. Project (RB)
5.00%, 11/01/24 (c) |
562,901 | ||||||
| 1,000,000 |
Chautauqua Tobacco Asset Securitization Corp. (RB)
5.00%, 06/01/24 (c) |
910,540 | ||||||
| Dutchess County Industrial Development Agency, Bard College Civic Facility, Series A (RB) | ||||||||
| 65,000 | 4.50%, 06/01/20 (c) | 61,403 | ||||||
| 1,480,000 | 5.00%, 06/01/20 (c) | 1,194,168 | ||||||
| Erie Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 1,295,000 | 5.00%, 06/01/20 (c) | 1,262,638 | ||||||
| 335,000 | 5.00%, 06/01/20 (c) | 328,303 | ||||||
| 25,000,000 |
Erie Tobacco Asset Securitization Corp., Series C (RB)
0.00%, 06/01/20 (c) ^ |
2,621,500 | ||||||
| 10,000,000 |
Erie Tobacco Asset Securitization Corp., Series D (RB)
0.00%, 06/01/20 (c) ^ |
582,900 | ||||||
| 7,500,000 |
Glen Cove Local Economic Assistance Corp., Garvies Point Public Improvement Project, Series B (RB)
0.00%, 01/01/45 ^ |
1,792,275 | ||||||
See Notes to Financial Statements
| 116 |
|
|
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) | ||||||||
| $ | 500,000 | 4.00%, 01/01/26 (c) | $ | 444,005 | ||||
| 230,000 | 5.00%, 01/01/26 (c) | 199,104 | ||||||
| 3,285,000 |
Nassau County Tobacco Settlement Corp., Series A-2 (RB)
5.25%, 05/18/20 (c) |
3,083,761 | ||||||
| Nassau County Tobacco Settlement Corp., Series A-3 (RB) | ||||||||
| 3,655,000 | 5.00%, 05/18/20 (c) | 3,205,764 | ||||||
| 3,905,000 | 5.13%, 05/18/20 (c) | 3,593,928 | ||||||
| New Rochelle Industrial Development Agency (RB) | ||||||||
| 2,075,000 | 5.25%, 07/01/20 (c) (d) * | 1,016,750 | ||||||
| 95,000 | 5.50%, 07/01/19 (c) (d) (e)* | 34,666 | ||||||
| 1,620,000 |
New York City Housing Development Corp., 8 Spruce Street, Class E (RB)
3.50%, 05/15/24 (c) |
1,681,074 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | ||||||||
| 1,520,000 | 4.75%, 06/01/20 (c) | 1,503,158 | ||||||
| 110,000 | 5.00%, 06/01/20 (c) | 108,790 | ||||||
| 650,000 | 5.00%, 06/01/20 (c) | 643,487 | ||||||
| 100,000 | 5.00%, 06/01/20 (c) | 100,284 | ||||||
| 825,000 | 5.00%, 06/01/20 (c) | 815,257 | ||||||
| 120,000 | 5.00%, 06/01/20 (c) | 118,628 | ||||||
| New York City Industrial Development Agency, Yankee Stadium LLC (RB) (FGIC) | ||||||||
| 1,500,000 | 4.50%, 06/01/20 (c) | 1,483,395 | ||||||
| 600,000 | 5.00%, 06/01/20 (c) | 593,784 | ||||||
| 155,000 | 5.00%, 06/01/20 (c) | 153,111 | ||||||
| New York Counties Tobacco Trust IV (RB) | ||||||||
| 408,700,000 | 0.00%, 05/18/20 (c) ^ | 10,658,896 | ||||||
| 10,525,000 | 0.00%, 05/18/20 (c) ^ | 539,827 | ||||||
| 745,000 | 5.00%, 05/18/20 (c) | 705,359 | ||||||
| New York Counties Tobacco Trust V (RB) | ||||||||
| 94,000,000 | 0.00%, 05/18/20 (c) ^ | 5,228,280 | ||||||
| 100,000,000 | 0.00%, 05/18/20 (c) ^ | 2,932,000 | ||||||
| 1,640,000 | 0.00%, 05/18/20 (c) ^ | 563,356 | ||||||
| 173,390,000 | 0.00%, 05/18/20 (c) ^ | 24,387,303 | ||||||
| New York Counties Tobacco Trust VI (RB) | ||||||||
| 1,160,000 | 3.75%, 06/01/26 (c) | 918,906 | ||||||
| 5,500,000 | 5.00%, 06/01/26 (c) | 5,154,435 | ||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 24,350,000 | 5.00%, 11/15/24 (c) | 23,353,354 | ||||||
| 1,460,000 | 5.15%, 11/15/24 (c) | 1,452,598 | ||||||
| 3,700,000 | 5.38%, 11/15/24 (c) | 3,652,381 | ||||||
| 255,000 |
New York Liberty Development Corp., 7 World Trade Center Project (RB)
5.00%, 03/15/22 (c) |
269,415 | ||||||
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| $ | 7,500,000 |
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB)
2.80%, 03/15/29 (c) |
$ | 6,974,850 | ||||
| 480,000 |
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC)
5.50%, 07/01/35 |
613,814 | ||||||
| 150,000 |
New York State Dormitory Authority, Fit Student Housing Corp. (RB)
5.25%, 07/01/31 |
168,821 | ||||||
| 400,000 |
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)
4.00%, 03/01/30 (c) |
381,256 | ||||||
| 300,000 |
New York State Dormitory Authority, Orange Regional Medical Center (RB)
5.00%, 06/01/27 (c) |
339,399 | ||||||
| 200,000 |
New York State Dormitory Authority, Pace Universtity, Series A (RB)
4.25%, 05/01/23 (c) |
200,988 | ||||||
| 25,000 |
New York State Dormitory Authority, St. Joseph’s College (RB)
5.25%, 07/01/20 (c) |
23,769 | ||||||
| 50,000 |
New York State Dormitory Authority, Yeshiva University, Series A (RB)
5.00%, 11/01/21 (c) |
48,565 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 5,640,000 | 5.00%, 08/01/21 (c) | 5,512,423 | ||||||
| 6,435,000 | 5.00%, 08/01/21 (c) | 6,299,608 | ||||||
| 6,990,000 | 5.00%, 08/01/21 | 6,955,050 | ||||||
| 160,000 |
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
5.00%, 01/01/28 (c) |
160,595 | ||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment | ||||||||
| Project, Series A (RB) | ||||||||
| 420,000 | 5.00%, 07/01/24 (c) | 438,942 | ||||||
| 3,130,000 | 5.00%, 07/01/24 (c) | 3,173,413 | ||||||
| 230,000 | 5.00%, 07/01/24 (c) | 237,618 | ||||||
| 2,225,000 | 5.25%, 07/01/24 (c) | 2,274,818 | ||||||
| New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/22 | 999,930 | ||||||
| 250,000 | 5.00%, 01/01/23 | 249,888 | ||||||
| 4,000,000 |
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB)
4.75%, 07/01/23 (c) |
3,615,520 | ||||||
See Notes to Financial Statements
| 117 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| $ | 580,000 |
Orange County Industrial Development Agency, The Glen Arden, Inc. Project (RB)
5.70%, 06/01/20 (c) |
$ | 488,093 | ||||
| 355,000 |
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB)
5.00%, 10/01/25 (c) |
276,421 | ||||||
| 110,000 |
Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB)
6.00%, 12/01/20 (c) |
110,891 | ||||||
| Suffolk Tobacco Asset Securitization Corp., Series B (RB) | ||||||||
| 65,000 | 5.38%, 06/01/20 (c) | 65,068 | ||||||
| 4,150,000 | 6.00%, 06/01/20 (c) | 4,151,203 | ||||||
| 6,150,000 |
Suffolk Tobacco Asset Securitization Corp., Series C (RB)
6.63%, 06/01/22 (c) |
6,273,922 | ||||||
| 50,000,000 |
Suffolk Tobacco Asset Securitization Corp., Series D (RB)
0.00%, 06/01/20 (c) ^ |
4,672,000 | ||||||
| Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
| 200,000 | 5.00%, 01/01/26 (c) | 171,144 | ||||||
| 1,950,000 | 5.00%, 01/01/26 (c) | 1,658,280 | ||||||
| 1,465,000 | 5.00%, 01/01/26 (c) | 1,320,756 | ||||||
| 550,000 | 5.00%, 01/01/26 (c) | 475,557 | ||||||
| 1,500,000 |
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/23 |
1,529,025 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) | ||||||||
| 9,900,000 | 5.00%, 06/01/27 (c) | 9,076,914 | ||||||
| 5,000,000 | 5.00%, 06/01/27 (c) | 4,617,150 | ||||||
| 5,000,000 |
Tuxedo Farms Local Development Corp. (RB)
6.55%, 05/01/27 (c) |
5,306,600 | ||||||
| Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
| 1,050,000 | 4.00%, 09/15/24 (c) | 959,794 | ||||||
| 400,000 | 5.00%, 09/15/24 (c) | 339,540 | ||||||
| 180,000 | 5.25%, 09/15/24 (c) | 144,153 | ||||||
| 1,000,000 | 5.25%, 09/15/24 (c) | 843,250 | ||||||
| 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) |
3,484,479 | ||||||
| 255,000 |
Westchester County Local Development Corp., Medical Center (RB)
5.00%, 11/01/25 (c) |
266,365 | ||||||
| 4,575,000 |
Westchester Tobacco Asset Securitization Corp., Series C (RB)
5.00%, 06/01/23 (c) |
4,271,494 | ||||||
See Notes to Financial Statements
| 118 |
|
|
|
Principal
Amount |
Value | |||||||
| North Dakota: (continued) | ||||||||
| $ | 750,000 |
County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB)
5.00%, 06/01/28 (c) |
$ | 745,402 | ||||
| Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB) | ||||||||
| 1,000,000 | 5.75%, 09/15/26 (c) | 854,750 | ||||||
| 3,500,000 | 6.38%, 09/15/26 (c) | 2,658,530 | ||||||
| 5,119,925 | ||||||||
| Northern Mariana Islands: 0.2% | ||||||||
| 6,000,000 |
Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM)
5.00%, 06/01/20 (c) |
5,377,020 | ||||||
| Ohio: 4.6% | ||||||||
| 500,000 |
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group (RB)
5.25%, 11/15/26 (c) |
555,030 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 3,000,000 | 3.00%, 06/01/30 (c) | 2,496,630 | ||||||
| 2,000,000 | 4.00%, 06/01/30 (c) | 2,006,540 | ||||||
| 32,500,000 |
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB)
5.00%, 06/01/30 (c) |
29,014,700 | ||||||
| 25,000,000 |
Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB)
0.00%, 06/01/30 (c) ^ |
2,646,250 | ||||||
| Butler County Port Authority, Senior Series A (RB) | ||||||||
| 1,250,000 | 6.25%, 01/15/24 (c) | 1,156,712 | ||||||
| 1,400,000 | 6.38%, 01/15/24 (c) | 1,244,558 | ||||||
| 890,000 | 6.50%, 01/15/24 (c) | 781,749 | ||||||
| Cleveland-Cuyahoga County Port Authority, Playhouse Square Foundation Project (RB) | ||||||||
| 750,000 | 5.25%, 12/01/28 (c) | 698,595 | ||||||
| 1,740,000 | 5.50%, 12/01/28 (c) | 1,573,256 | ||||||
| 900,000 | 5.50%, 12/01/28 (c) | 838,206 | ||||||
| 4,465,000 |
Columbus-Franklin County Finance Authority (RB) (SBG)
6.50%, 03/01/25 (c) |
4,476,788 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 405,000 | 4.00%, 02/15/27 (c) | 428,437 | ||||||
| 510,000 | 4.75%, 02/15/27 (c) | 483,883 | ||||||
| 570,000 | 5.25%, 02/15/27 (c) | 594,966 | ||||||
| County of Licking, Health Care Facilities, Series A (RB) | ||||||||
| 1,780,000 | 6.00%, 07/01/25 (c) | 1,347,674 | ||||||
| 1,500,000 | 6.13%, 07/01/25 (c) | 1,203,510 | ||||||
| 550,000 |
County of Montgomery, Ohio Hospital Facilities, Series A (RB)
3.00%, 11/15/29 (c) |
488,059 | ||||||
|
Principal
Amount |
Value | |||||||
| Ohio: (continued) | ||||||||
| County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) | ||||||||
| $ | 2,500,000 | 4.00%, 11/15/29 (c) | $ | 2,385,125 | ||||
| 4,440,000 | 4.00%, 11/15/29 (c) | 4,325,448 | ||||||
| 1,000,000 | 4.00%, 11/15/29 (c) | 972,440 | ||||||
| 2,825,000 |
County of Montgomery, Trousdale Foundation Properties, Series A (RB)
6.00%, 04/01/28 (c) |
1,652,879 | ||||||
| 750,000 |
Dayton-Montgomery County Port Authority, Storypoint Troy Project, Series 1 (RB)
7.00%, 01/15/25 (c) |
622,162 | ||||||
| 400,000 |
Franklin County, First Community Village Obligated Group (RB)
5.63%, 07/01/20 (c) |
392,596 | ||||||
| 890,000 |
Gallia County, Holzer Health System Obligated Group (RB)
8.00%, 07/01/22 (c) |
967,127 | ||||||
| Hamilton County, Life Enriching Communities Project (RB) | ||||||||
| 385,000 | 5.00%, 01/01/26 (c) | 351,282 | ||||||
| 570,000 | 5.00%, 01/01/26 (c) | 508,685 | ||||||
| 300,000 | 5.00%, 01/01/26 (c) | 299,976 | ||||||
| 250,000 | 5.00%, 01/01/26 (c) | 241,295 | ||||||
| Lake County, Port and Economic Development Authority, Tapestry Wickliffe, Series A (RB) | ||||||||
| 2,200,000 | 6.50%, 12/01/27 (c) | 1,651,408 | ||||||
| 5,000,000 | 6.75%, 12/01/27 (c) | 3,557,550 | ||||||
| Marion County, Health Care Facilities, United Church Homes, Inc. (RB) | ||||||||
| 1,000,000 | 5.00%, 12/01/26 (c) | 837,100 | ||||||
| 1,000,000 | 5.13%, 12/01/26 (c) | 794,070 | ||||||
| 4,865,000 |
Montgomery County, Trousdale Foundation Properties, Series A (RB)
6.25%, 04/01/28 (c) |
2,722,746 | ||||||
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 490,000 | 5.00%, 02/15/23 (c) | 490,853 | ||||||
| 1,530,000 | 5.00%, 02/15/23 (c) | 1,505,382 | ||||||
| 490,000 | 5.00%, 02/15/23 (c) | 499,981 | ||||||
| 2,270,000 |
Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB)
6.75%, 02/01/22 (c) |
2,030,243 | ||||||
| 1,000,000 |
Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB)
2.50%, 10/01/29 (p) |
953,660 | ||||||
| Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) | ||||||||
| 8,000,000 | 2.50%, 10/01/29 (p) | 7,581,440 | ||||||
| 2,500,000 | 2.60%, 10/01/24 (c) (p) | 2,397,625 | ||||||
See Notes to Financial Statements
| 119 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 12,000,000 |
Ohio Air Quality Development Authority, AMG Vanadium Project (RB)
5.00%, 07/01/29 (c) |
$ | 11,264,760 | ||||
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 4,000,000 | 2.88%, 02/01/26 | 3,754,800 | ||||||
| 5,500,000 | 3.25%, 09/01/29 | 5,052,905 | ||||||
| Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) | ||||||||
| 500,000 | 4.25%, 01/15/28 (c) | 489,215 | ||||||
| 4,000,000 | 4.50%, 01/15/28 (c) | 3,889,920 | ||||||
| 1,100,000 |
Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)
5.38%, 06/01/20 (c) |
1,085,337 | ||||||
| 795,000 |
Ohio Water Development Authority, United States Steel Corp. Project (RB)
6.60%, 11/01/21 (c) |
699,648 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| 250,000 | 5.00%, 12/01/24 (c) | 249,248 | ||||||
| 245,000 | 5.00%, 12/01/24 (c) | 246,771 | ||||||
| 70,000 | 5.50%, 12/01/24 (c) | 72,071 | ||||||
| 710,000 | 5.75%, 12/01/22 (c) | 749,078 | ||||||
| 570,000 | 6.00%, 12/01/22 (c) | 596,345 | ||||||
| 1,000,000 |
Toledo-Lucas County Port Authority, StoryPoint Waterville Project, Series A-1 (RB)
6.38%, 01/15/24 (c) |
865,510 | ||||||
| 118,792,224 | ||||||||
| Oklahoma: 1.2% | ||||||||
| Comanche County Hospital Authority, Series A (RB) | ||||||||
| 300,000 | 4.25%, 07/01/22 (c) | 293,352 | ||||||
| 210,000 | 5.00%, 07/01/22 (c) | 217,642 | ||||||
| Holdenville Public Works Authority, Series A (RB) (AGM) | ||||||||
| 780,000 | 4.30%, 11/01/24 (c) | 719,909 | ||||||
| 605,000 | 4.38%, 11/01/24 (c) | 556,751 | ||||||
| Norman Regional Hospital Authority (RB) | ||||||||
| 340,000 | 3.25%, 09/01/29 (c) | 310,206 | ||||||
| 150,000 | 4.00%, 09/01/26 (c) | 140,913 | ||||||
| Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | ||||||||
| 825,000 | 5.00%, 04/01/22 (c) | 655,669 | ||||||
| 135,000 | 5.00%, 04/01/23 | 127,760 | ||||||
| 1,225,000 | 5.13%, 04/01/22 (c) | 884,389 | ||||||
| Oklahoma Development Finance Authority, Inverness Village Community (RB) | ||||||||
| 115,995 | 5.25%, 06/01/20 (c) | 1,160 | ||||||
| 814,074 | 5.75%, 01/01/22 (c) | 8,141 | ||||||
| 421,800 | 6.00%, 01/01/22 (c) | 4,218 | ||||||
|
Principal
Amount |
Value | |||||||
| Oklahoma: (continued) | ||||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| $ | 700,000 | 5.00%, 08/15/28 (c) | $ | 730,639 | ||||
| 9,250,000 | 5.25%, 08/15/28 (c) | 9,559,597 | ||||||
| 2,900,000 | 5.25%, 08/15/28 (c) | 3,016,000 | ||||||
| 8,120,000 | 5.50%, 08/15/28 (c) | 8,452,758 | ||||||
| 1,300,000 | 5.50%, 08/15/28 (c) | 1,362,036 | ||||||
| 375,000 |
Rogers County Industrial Development Authority (RB)
3.63%, 04/01/25 (c) |
380,681 | ||||||
| 2,125,000 |
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)
5.00%, 06/01/25 (c) (p) |
2,084,837 | ||||||
| 29,506,658 | ||||||||
| Oregon: 0.4% | ||||||||
| Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) (SAW) | ||||||||
| 7,500,000 | 6.50%, 04/01/28 (c) (d) * | 5,032,500 | ||||||
| 8,500,000 | 6.50%, 04/01/28 (c) (d) * | 5,703,500 | ||||||
| 10,736,000 | ||||||||
| Pennsylvania: 3.4% | ||||||||
| Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 475,000 | 5.75%, 08/01/22 (c) | 396,801 | ||||||
| 500,000 | 6.75%, 12/01/21 (c) | 446,295 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 2,000,000 | 5.00%, 05/01/27 (c) | 1,932,700 | ||||||
| 250,000 | 5.00%, 05/01/27 (c) | 248,885 | ||||||
| 500,000 | 5.00%, 05/01/28 (c) | 483,145 | ||||||
| 250,000 | 5.00%, 05/01/28 (c) | 247,645 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, Series A (RB) | ||||||||
| 1,915,000 | 5.00%, 05/01/22 (c) | 1,982,274 | ||||||
| 150,000 | 5.00%, 05/01/22 (c) | 155,834 | ||||||
| 3,980,000 | 5.00%, 05/01/22 (c) | 4,102,982 | ||||||
| Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
| 440,000 | 3.75%, 11/01/27 (c) | 426,540 | ||||||
| 120,000 | 5.00%, 11/01/26 | 128,908 | ||||||
| 770,000 | 5.00%, 11/01/27 (c) | 777,276 | ||||||
| 110,000 | 5.00%, 11/01/27 (c) | 114,070 | ||||||
| 195,000 | 5.00%, 11/01/27 (c) | 200,216 | ||||||
| 1,170,000 |
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB)
5.00%, 08/01/29 (c) (p) |
1,339,369 | ||||||
| 1,000,000 |
Blythe Township Solid Waste Authority (RB)
7.75%, 12/01/27 (c) |
1,057,250 | ||||||
| Chester County Health and Education Facilities Authority, Immaculata University Project (RB) | ||||||||
| 1,600,000 | 4.25%, 11/01/27 (c) | 1,355,056 | ||||||
See Notes to Financial Statements
| 120 |
|
|
|
Principal
Amount |
Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 3,530,000 | 5.00%, 11/01/27 (c) | $ | 2,942,396 | ||||
| 1,000,000 | 5.00%, 11/01/27 (c) | 861,740 | ||||||
| 1,000,000 |
Chester County Health and Education Facilities Authority, Simpson Senior Services Project (RB)
5.00%, 12/01/25 (c) |
821,540 | ||||||
| 440,000 |
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB)
5.25%, 12/01/25 (c) |
386,703 | ||||||
| Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
| 400,000 | 5.00%, 03/01/28 (c) | 347,840 | ||||||
| 400,000 | 5.13%, 03/01/28 (c) | 330,948 | ||||||
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
| 1,440,000 | 6.00%, 06/01/26 (c) | 1,591,315 | ||||||
| 440,000 | 6.00%, 06/01/26 (c) | 487,630 | ||||||
| 400,000 |
Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group (RB)
5.25%, 01/01/22 (c) |
373,792 | ||||||
| 500,000 |
Cumberland County Municipal Authority, Diakon Lutheran Social Ministries Project (RB)
4.00%, 01/01/25 (c) |
473,950 | ||||||
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
| 500,000 | 5.00%, 10/15/27 | 492,665 | ||||||
| 4,950,000 | 5.13%, 10/15/27 (c) | 4,399,065 | ||||||
| 315,000 |
Delaware County Authority, Eastern University (RB)
5.25%, 10/01/22 (c) |
283,034 | ||||||
| Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) | ||||||||
| 395,000 | 5.13%, 06/01/26 (c) | 349,235 | ||||||
| 720,000 | 5.25%, 08/15/20 (c) | 668,081 | ||||||
| 800,000 | 6.13%, 08/15/20 (c) | 763,424 | ||||||
| Delaware River Port Authority, Port District Project (RB) | ||||||||
| 100,000 | 5.00%, 01/01/22 | 106,305 | ||||||
| 840,000 | 5.00%, 01/01/23 (c) | 858,866 | ||||||
| 1,080,000 | 5.00%, 01/01/23 (c) | 1,107,605 | ||||||
| 2,000,000 |
Doylestown Hospital Authority, Series A (RB)
5.00%, 07/01/29 (c) |
2,072,680 | ||||||
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) | ||||||||
| 215,000 | 5.00%, 12/01/25 (c) | 178,153 | ||||||
| 500,000 | 5.00%, 12/01/25 (c) | 421,470 | ||||||
| 1,700,000 |
Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB)
5.00%, 07/01/26 (c) |
1,647,997 | ||||||
|
Principal
Amount |
Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 1,000,000 |
Lancaster County Hospital Authority, Brethren Village Project (RB)
5.13%, 07/01/27 (c) |
$ | 897,090 | ||||
| Lancaster County Hospital Authority, Saint Anne’s Retirement Community Inc. (RB) | ||||||||
| 425,000 | 5.00%, 03/01/27 (c) | 381,421 | ||||||
| 310,000 | 5.00%, 03/01/27 (c) | 282,488 | ||||||
| 425,000 | 5.00%, 03/01/27 (c) | 394,188 | ||||||
| 1,100,000 |
Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB)
5.25%, 07/01/22 (c) |
924,902 | ||||||
| 205,000 |
Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB)
4.25%, 01/15/25 (c) |
214,848 | ||||||
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
| 150,000 | 5.00%, 01/01/25 (c) | 142,700 | ||||||
| 870,000 | 5.25%, 01/01/25 (c) | 784,061 | ||||||
| 820,000 | 5.38%, 01/01/25 (c) | 717,672 | ||||||
| Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
| 300,000 | 5.63%, 07/01/25 (c) | 287,985 | ||||||
| 590,000 | 6.00%, 07/01/25 (c) | 544,741 | ||||||
| Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) | ||||||||
| 1,000,000 | 5.25%, 06/01/26 | 941,370 | ||||||
| 3,000,000 | 5.75%, 06/01/26 (c) | 2,649,270 | ||||||
| 8,270,000 |
Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB)
6.40%, 09/01/25 (c) |
6,322,580 | ||||||
| Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | ||||||||
| 3,040,000 | 6.50%, 12/01/28 (c) | 2,701,587 | ||||||
| 5,470,000 | 6.75%, 12/01/28 (c) | 4,709,779 | ||||||
| Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 1,685,000 | 4.13%, 06/30/26 (c) | 1,542,466 | ||||||
| 45,000 | 5.00%, 12/31/22 | 46,386 | ||||||
| 125,000 | 5.00%, 12/31/23 | 130,191 | ||||||
| 550,000 | 5.00%, 12/31/24 | 577,912 | ||||||
| 1,105,000 | 5.00%, 12/31/25 | 1,171,731 | ||||||
| 575,000 | 5.00%, 06/30/26 (c) | 607,643 | ||||||
| 935,000 | 5.00%, 06/30/26 (c) | 994,746 | ||||||
| 500,000 | 5.00%, 06/30/26 (c) | 506,575 | ||||||
| 410,000 | 5.00%, 06/30/26 (c) | 429,491 | ||||||
See Notes to Financial Statements
| 121 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB) | ||||||||
| $ | 230,000 | 4.00%, 11/01/22 (c) | $ | 194,295 | ||||
| 250,000 | 5.00%, 11/01/22 (c) | 248,765 | ||||||
| 1,000,000 |
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB)
7.25%, 06/15/24 (c) |
1,078,810 | ||||||
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
| 440,000 | 6.38%, 06/01/25 (c) | 385,726 | ||||||
| 440,000 | 6.50%, 06/01/25 (c) | 385,211 | ||||||
| 415,000 | 6.63%, 06/01/25 (c) | 364,304 | ||||||
| 355,000 |
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB)
5.00%, 12/15/26 (c) |
318,272 | ||||||
| 2,000,000 |
Philadelphia Authority for Industrial Development, University Square Apartments Project (RB)
5.50%, 12/01/26 (c) |
1,901,880 | ||||||
| Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) | ||||||||
| 735,000 | 5.00%, 07/01/27 (c) | 691,488 | ||||||
| 2,500,000 | 5.00%, 07/01/27 (c) | 2,074,225 | ||||||
| 1,000,000 | 5.00%, 07/01/27 (c) | 860,700 | ||||||
| 1,000,000 |
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB)
5.00%, 07/01/27 (c) |
1,056,030 | ||||||
| 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) | 1,334,228 | ||||||
| 220,000 | 5.00%, 07/01/27 (c) | 234,995 | ||||||
| 2,020,000 | 5.63%, 07/01/22 (c) | 2,083,852 | ||||||
| 1,275,000 | 5.63%, 07/01/22 (c) | 1,323,947 | ||||||
| 750,000 |
Quakertown General Authority Health Facilities, USDA Loan Anticipation Notes, Series A (RB)
3.13%, 05/21/20 (c) |
729,262 | ||||||
| 250,000 |
Scranton Redevelopment Authority, Series A (RB)
5.00%, 05/15/24 (c) |
231,600 | ||||||
| Susquehanna Area Regional Airport Authority, Series A (RB) | ||||||||
| 1,650,000 | 5.00%, 01/01/23 (c) | 1,620,481 | ||||||
| 1,500,000 | 5.00%, 01/01/23 | 1,509,705 | ||||||
| 1,210,000 |
Susquehanna Area Regional Airport Authority, Series B (RB)
4.00%, 01/01/23 (c) |
1,145,047 | ||||||
| 86,038,326 | ||||||||
|
Principal
Amount |
Value | |||||||
| Puerto Rico: 3.7% | ||||||||
| $ | 76,800,000 |
Children’s Trust, Tobacco Settlement, Series B (RB)
0.00%, 06/01/20 (c) ^ |
$ | 1,998,336 | ||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 25,000 | 4.00%, 07/01/22 | 24,281 | ||||||
| 2,175,000 | 5.00%, 07/01/22 (c) | 2,071,687 | ||||||
| 100,000 | 5.00%, 07/01/22 | 99,250 | ||||||
| 950,000 | 5.13%, 07/01/22 (c) | 900,125 | ||||||
| 3,895,000 | 5.75%, 07/01/22 (c) | 3,846,312 | ||||||
| 1,000,000 | 6.00%, 06/01/20 (c) | 995,000 | ||||||
| 5,925,000 | 6.00%, 07/01/22 (c) | 5,865,750 | ||||||
| 240,000 | 6.13%, 07/01/24 | 246,000 | ||||||
| 100,000 |
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB)
6.63%, 06/01/20 (c) |
103,500 | ||||||
| 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) | 95,978 | ||||||
| 100,000 | 5.38%, 04/01/22 (c) | 94,756 | ||||||
| 20,000 |
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB)
5.00%, 07/01/20 (c) |
19,706 | ||||||
| Puerto Rico Sales Tax Financing Corp. (RB) | ||||||||
| 5,709,000 | 0.00%, 07/01/28 (c) ^ | 1,341,215 | ||||||
| 80,064 | 0.00%, 08/01/47 ^ | 21,701 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 1,812,000 | 0.00%, 07/01/24 ^ | 1,544,386 | ||||||
| 1,892,000 | 0.00%, 07/01/27 ^ | 1,427,438 | ||||||
| 9,113,000 | 0.00%, 07/01/28 (c) ^ | 4,957,928 | ||||||
| 3,794,000 | 4.50%, 07/01/25 (c) | 3,704,993 | ||||||
| 3,982,000 | 4.55%, 07/01/28 (c) | 3,675,466 | ||||||
| 8,123,000 | 4.75%, 07/01/28 (c) | 7,369,592 | ||||||
| 28,244,000 | 5.00%, 07/01/28 (c) | 26,537,215 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
| 9,500,000 | 4.33%, 07/01/28 (c) | 8,507,440 | ||||||
| 7,408,000 | 4.33%, 07/01/28 (c) | 6,634,012 | ||||||
| 6,237,000 | 4.54%, 07/01/28 (c) | 5,426,439 | ||||||
| 6,958,000 | 4.78%, 07/01/28 (c) | 6,294,624 | ||||||
| 93,803,130 | ||||||||
| 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 |
104,426 | ||||||
See Notes to Financial Statements
| 122 |
|
|
|
Principal
Amount |
Value | |||||||
| Rhode Island: (continued) | ||||||||
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
| $ | 250,000 | 5.00%, 05/15/23 | $ | 268,150 | ||||
| 690,000 | 5.00%, 05/15/26 (c) | 717,062 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 24,580,000 | 0.00%, 05/18/20 (c) ^ | 3,063,897 | ||||||
| 1,650,000 | 5.00%, 06/01/25 (c) | 1,704,384 | ||||||
| Tobacco Settlement Financing Corp., Series B (RB) | ||||||||
| 2,000,000 | 4.50%, 06/01/25 (c) | 1,970,300 | ||||||
| 2,000,000 | 5.00%, 06/01/25 (c) | 2,045,500 | ||||||
| 9,873,719 | ||||||||
| South Carolina: 0.5% | ||||||||
| 800,000 |
Berkeley County (SA)
4.38%, 11/01/29 (c) |
608,232 | ||||||
| 24,878,170 |
Connector 2000 Association, Inc., Series A-1 (RB)
0.00%, 04/01/26 (c) ^ |
1,779,784 | ||||||
| 1,000,000 |
South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes (RB)
5.00%, 04/01/25 (c) |
904,210 | ||||||
| South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
| 500,000 | 5.00%, 11/01/24 (c) | 540,335 | ||||||
| 650,000 | 5.00%, 11/01/24 (c) | 707,050 | ||||||
| 500,000 | 5.00%, 11/01/24 (c) | 548,780 | ||||||
| South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | ||||||||
| 500,000 | 5.75%, 12/15/26 (c) | 503,515 | ||||||
| 500,000 | 5.75%, 12/15/26 (c) | 509,315 | ||||||
| South Carolina Jobs-Economic Development Authority, Hilton Head Christian Academy (RB) | ||||||||
| 515,000 | 5.00%, 01/01/30 (c) | 408,472 | ||||||
| 800,000 | 5.00%, 01/01/30 (c) | 686,032 | ||||||
| 320,000 |
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB)
5.00%, 05/01/23 (c) |
256,966 | ||||||
| South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) | ||||||||
| 795,000 | 4.00%, 11/15/24 (c) | 674,486 | ||||||
| 400,000 | 4.00%, 11/15/24 (c) | 372,528 | ||||||
| 3,755,000 | 5.25%, 11/15/24 (c) | 3,434,210 | ||||||
| 11,933,915 | ||||||||
| South Dakota: 0.0% | ||||||||
| City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
| 750,000 | 5.00%, 11/01/26 (c) | 697,365 | ||||||
| 500,000 | 5.00%, 11/01/26 (c) | 424,715 | ||||||
| 1,122,080 | ||||||||
|
Principal
Amount |
Value | |||||||
| Tennessee: 0.8% | ||||||||
| Blount County, Health and Educational Facilities Board, Series A (RB) | ||||||||
| $ | 240,000 | 5.00%, 01/01/25 (c) | $ | 175,764 | ||||
| 1,150,000 | 5.00%, 01/01/25 (c) | 924,795 | ||||||
| 900,000 |
Board of the City of Franklin, Health and Educational Facilities, Series A (RB)
7.50%, 06/01/27 (c) |
792,954 | ||||||
| Bristol Industrial Development Board, Pinnacle Project, Series A (RB) | ||||||||
| 2,000,000 | 5.00%, 12/01/26 (c) | 1,733,500 | ||||||
| 8,100,000 | 5.13%, 12/01/26 (c) | 6,690,843 | ||||||
| 310,000 |
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB)
5.00%, 08/01/29 (c) |
331,443 | ||||||
| 120,000 |
Johnson City, Health and Educational Facilities Board, Series A (RB)
0.00%, 07/01/27 ^ |
101,759 | ||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 295,000 | 4.00%, 09/01/26 (c) | 297,215 | ||||||
| 290,000 | 4.00%, 09/01/26 (c) | 280,723 | ||||||
| 380,000 | 5.00%, 04/01/27 (c) | 416,130 | ||||||
| Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) | ||||||||
| 500,000 | 5.50%, 07/01/27 (c) | 481,690 | ||||||
| 1,000,000 | 5.63%, 07/01/27 (c) | 938,700 | ||||||
| 1,065,000 |
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB)
5.25%, 10/01/29 (c) |
1,111,477 | ||||||
| Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Trousdale Foundation Properties, Series A (RB) | ||||||||
| 300,000 | 6.00%, 04/01/28 (c) | 175,527 | ||||||
| 805,000 | 6.25%, 04/01/28 (c) | 450,526 | ||||||
| 2,000,000 |
Metropolitan Nashville Airport Authority, Series B (RB) (AGM)
5.00%, 07/01/30 (c) |
2,225,100 | ||||||
| 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) | 229,070 | ||||||
| 750,000 | 5.75%, 10/01/25 (c) | 628,350 | ||||||
| 1,320,000 | 5.75%, 10/01/25 (c) | 1,134,962 | ||||||
| 780,000 | 5.75%, 10/01/25 (c) | 679,903 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | ||||||||
| 475,000 | 5.00%, 09/01/26 (c) | 330,230 | ||||||
| 205,000 | 5.38%, 09/01/23 (c) | 142,225 | ||||||
| 200,000 | 5.50%, 09/01/23 (c) | 134,494 | ||||||
See Notes to Financial Statements
| 123 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Tennessee: (continued) | ||||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Village at Germantown (RB) | ||||||||
| $ | 280,000 | 5.25%, 12/01/22 (c) | $ | 262,410 | ||||
| 450,000 | 5.38%, 12/01/22 (c) | 423,819 | ||||||
| 70,000 |
Tennessee Energy Acquisition Corp., Series B (RB)
5.63%, 09/01/26 |
77,554 | ||||||
| 160,000 |
Tennessee Energy Acquisition Corp., Series C (RB)
5.00%, 02/01/23 |
169,120 | ||||||
| 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) |
201,320 | ||||||
| 21,541,603 | ||||||||
| Texas: 4.8% | ||||||||
| 115,000 |
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)
5.00%, 01/01/27 (c) |
111,940 | ||||||
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
| 215,000 | 5.00%, 12/01/25 (c) | 208,395 | ||||||
| 610,000 | 5.00%, 12/01/25 (c) | 615,142 | ||||||
| 700,000 | 5.25%, 12/01/25 (c) | 738,976 | ||||||
| 1,850,000 |
Brazoria County Industrial Development Corp., Gladieux Metal Recycling, LLC Project, Series B (RB) (SBG)
7.00%, 03/01/26 (c) |
1,786,101 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien (RB) | ||||||||
| 1,315,000 | 3.38%, 01/01/26 (c) | 1,159,435 | ||||||
| 250,000 | 5.00%, 01/01/22 | 265,933 | ||||||
| 400,000 | 5.00%, 01/01/26 (c) | 426,736 | ||||||
| 200,000 | 5.00%, 01/01/26 (c) | 212,002 | ||||||
| 850,000 | 5.00%, 01/01/26 (c) | 921,884 | ||||||
| 285,000 | 5.00%, 01/01/26 (c) | 305,765 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | ||||||||
| 1,305,000 | 5.00%, 01/01/23 (c) | 1,350,910 | ||||||
| 1,270,000 | 5.00%, 01/01/23 (c) | 1,325,664 | ||||||
| 565,000 | 5.00%, 07/01/25 (c) | 598,086 | ||||||
| 805,000 | 5.00%, 07/01/25 (c) | 855,248 | ||||||
| 120,000 | 5.00%, 07/01/25 (c) | 129,533 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien (RB) | ||||||||
| 360,000 | 5.00%, 01/01/23 (c) | 372,870 | ||||||
| 400,000 | 5.00%, 01/01/23 (c) | 417,532 | ||||||
| 25,000 |
Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 |
26,994 | ||||||
| 2,050,000 |
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB)
6.50%, 07/15/21 (c) |
2,083,681 | ||||||
|
Principal
Amount |
Value | |||||||
| Texas: (continued) | ||||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| $ | 7,630,000 | 4.75%, 07/01/24 | $ | 7,603,295 | ||||
| 1,000,000 | 5.00%, 07/15/28 | 995,660 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
| 2,000,000 | 5.00%, 07/15/25 (c) | 1,966,760 | ||||||
| 600,000 | 5.00%, 07/15/25 (c) | 595,230 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 730,000 | 5.13%, 08/15/25 (c) | 737,840 | ||||||
| 610,000 | 5.50%, 08/15/25 (c) | 616,063 | ||||||
| Clifton Higher Education Finance Corp., Series D (RB) | ||||||||
| 500,000 | 5.75%, 08/15/25 (c) | 512,745 | ||||||
| 500,000 | 6.00%, 08/15/25 (c) | 513,115 | ||||||
| 3,010,000 | 6.13%, 08/15/25 (c) | 3,071,434 | ||||||
| 850,000 |
Dallas County Flood Control District No. 1 (GO)
5.00%, 04/01/23 (c) |
876,256 | ||||||
| 2,265,000 |
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)
4.88%, 10/01/22 (c) |
2,127,650 | ||||||
| Harris County, Houston Sports Authority, Junior Lien, Series H (RB) | ||||||||
| 250,000 | 0.00%, 11/15/23 ^ | 225,853 | ||||||
| 675,000 | 0.00%, 11/15/23 ^ | 647,534 | ||||||
| 495,000 | 0.00%, 11/15/25 ^ | 416,889 | ||||||
| 590,000 | 0.00%, 11/15/27 ^ | 457,462 | ||||||
| 1,405,000 | 0.00%, 11/15/29 ^ | 995,499 | ||||||
| 115,000 | 0.00%, 11/15/30 ^ | 77,487 | ||||||
| 705,000 | 0.00%, 11/15/31 (c) ^ | 418,946 | ||||||
| 350,000 | 0.00%, 11/15/31 (c) ^ | 150,304 | ||||||
| 120,000 | 0.00%, 11/15/31 (c) ^ | 58,696 | ||||||
| 145,000 | 0.00%, 11/15/31 (c) ^ | 54,637 | ||||||
| 1,140,000 | 0.00%, 11/15/31 (c) ^ | 375,858 | ||||||
| 170,000 | 0.00%, 11/15/31 (c) ^ | 59,928 | ||||||
| Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) | ||||||||
| 335,000 | 0.00%, 11/15/24 (c) ^ | 148,820 | ||||||
| 100,000 | 0.00%, 11/15/24 (c) ^ | 56,620 | ||||||
| 675,000 |
La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB)
5.50%, 08/15/24 (c) |
676,465 | ||||||
| 280,000 |
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB)
5.00%, 11/01/22 |
279,675 | ||||||
| 105,000 |
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC)
4.55%, 05/01/30 |
116,921 | ||||||
| 175,000 |
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC)
4.40%, 05/01/30 |
192,638 | ||||||
See Notes to Financial Statements
| 124 |
|
|
|
Principal
Amount |
Value | |||||||
| Texas: (continued) | ||||||||
| Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) | ||||||||
| $ | 2,680,000 | 5.13%, 02/15/24 (c) | $ | 1,951,871 | ||||
| 700,000 | 5.13%, 02/15/24 (c) | 595,238 | ||||||
| 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) |
147,129 | ||||||
| 1,160,000 |
New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series A (RB)
7.25%, 12/01/25 (c) |
1,009,954 | ||||||
| 750,000 |
New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series D (RB)
12.00%, 12/01/25 (c) |
659,745 | ||||||
| 50,000 |
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB)
4.00%, 07/01/26 (c) |
41,374 | ||||||
| 230,000 |
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)
5.00%, 07/01/24 (c) |
193,145 | ||||||
| 1,500,000 |
New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing College Station I LLC, Series A (RB)
5.00%, 04/01/24 (c) |
1,513,545 | ||||||
| 465,000 |
New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Corpus Christi II, LLC (RB)
5.00%, 04/01/26 (c) |
421,722 | ||||||
| 3,070,000 |
New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus II, LLC, Series A (RB)
5.00%, 04/01/26 (c) |
2,566,029 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) | ||||||||
| 1,375,000 | 4.00%, 08/15/21 (c) | 1,294,494 | ||||||
| 250,000 | 4.25%, 08/15/21 (c) | 236,030 | ||||||
| 1,000,000 | 5.00%, 08/15/21 (c) | 864,940 | ||||||
| 1,000,000 | 5.13%, 08/15/21 (c) | 878,300 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) | ||||||||
| 250,000 | 5.25%, 02/15/23 (c) | 237,773 | ||||||
| 1,515,000 | 6.00%, 02/15/23 (c) | 1,389,816 | ||||||
| 2,950,000 |
New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project (RB)
5.00%, 01/01/24 (c) |
2,524,993 | ||||||
|
Principal
Amount |
Value | |||||||
| Texas: (continued) | ||||||||
| $ | 100,000 |
New Hope Cultural Education Facilities
Finance Corp., Morningside Ministries Project (RB) (SAW)
6.25%, 01/01/23 (c) |
$ | 102,967 | ||||
| New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) | ||||||||
| 1,610,000 | 5.00%, 11/15/24 (c) | 1,442,624 | ||||||
| 100,000 | 5.00%, 11/15/24 (c) | 95,688 | ||||||
| New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) | ||||||||
| 975,000 | 5.38%, 11/15/26 (c) | 759,681 | ||||||
| 750,000 | 5.50%, 11/15/26 (c) | 539,152 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 115,000 | 5.00%, 07/01/24 | 102,197 | ||||||
| 440,000 | 5.00%, 07/01/25 (c) | 343,785 | ||||||
| 100,000 | 5.00%, 07/01/25 (c) | 81,633 | ||||||
| 500,000 | 5.00%, 07/01/25 (c) | 420,690 | ||||||
| 200,000 |
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB)
5.25%, 10/01/25 (c) |
163,154 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) | ||||||||
| 250,000 | 5.00%, 01/01/26 (c) | 190,585 | ||||||
| 250,000 | 5.00%, 01/01/26 (c) | 193,428 | ||||||
| 2,000,000 |
Newark Higher Education Finance Corp., Series A (RB)
5.13%, 08/15/22 (c) |
1,742,200 | ||||||
| 1,050,000 |
North East Texas Regional Mobility Authority, Series A (RB)
5.00%, 01/01/26 (c) |
1,062,873 | ||||||
| North East Texas Regional Mobility Authority, Series B (RB) | ||||||||
| 600,000 | 5.00%, 01/01/26 (c) | 605,874 | ||||||
| 400,000 | 5.00%, 01/01/26 (c) | 408,044 | ||||||
| 500,000 |
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB)
8.00%, 02/01/26 (c) |
494,650 | ||||||
| Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (SAW) | ||||||||
| 2,250,000 | 3.63%, 01/01/22 (c) | 1,846,980 | ||||||
| 500,000 | 4.00%, 01/01/22 (c) | 372,135 | ||||||
| Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
| 400,000 | 5.00%, 08/15/26 (c) | 352,184 | ||||||
| 400,000 | 5.00%, 08/15/26 (c) | 376,176 | ||||||
See Notes to Financial Statements
| 125 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Texas: (continued) | ||||||||
| $ | 2,105,000 |
Red River Health Facilities Development Corp., MRC The Crossings Project, Series A (RB)
8.00%, 11/15/24 (c) |
$ | 2,222,080 | ||||
| 1,075,000 |
Sam Rayburn Municipal Power Agency, Power Supply System (RB)
5.00%, 10/01/21 |
1,128,116 | ||||||
| 9,900,000 |
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB)
8.00%, 07/01/22 (c) |
2,475,000 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) | ||||||||
| 2,000,000 | 5.00%, 05/15/24 (c) | 1,763,680 | ||||||
| 125,000 | 5.00%, 05/15/24 (c) | 116,444 | ||||||
| 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) * | 70,000 | ||||||
| 800,000 | 5.50%, 11/15/25 (c) (d) * | 560,000 | ||||||
| 690,000 |
Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB)
4.50%, 06/01/20 (c) (d) * |
483,000 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB) | ||||||||
| 4,850,000 | 6.63%, 05/15/27 (c) | 4,957,573 | ||||||
| 2,080,000 | 6.75%, 05/15/27 (c) | 2,100,738 | ||||||
| 1,000,000 | 6.75%, 05/15/27 (c) | 1,012,780 | ||||||
| 1,595,000 |
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB)
6.38%, 02/15/27 (c) |
1,423,697 | ||||||
| 2,180,000 |
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project (RB)
5.25%, 05/15/27 (c) |
1,435,617 | ||||||
| 1,000,000 |
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB)
5.00%, 11/15/25 (c) |
813,200 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series B (RB) | ||||||||
| 100,000 | 4.00%, 11/15/25 | 85,322 | ||||||
| 405,000 | 5.00%, 11/15/25 (c) | 290,247 | ||||||
| 891,899 |
Tarrant County Cultural Education Facilities Finance Corp., SQLC Senior Living Center at Corpus Christo, Inc., Series A (RB)
5.00%, 05/15/27 (c) (d) * |
8,919 | ||||||
|
Principal
Amount |
Value | |||||||
| Texas: (continued) | ||||||||
| $ | 2,746,954 |
Tarrant County Cultural Education Facilities Finance Corp., The Stayton at Museum Way (RB)
5.75%, 01/04/21 (c) |
$ | 2,153,310 | ||||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB) | ||||||||
| 1,490,000 | 5.00%, 12/15/21 | 1,539,453 | ||||||
| 1,265,000 | 5.00%, 12/15/22 (c) | 1,317,877 | ||||||
| 175,000 | 5.00%, 12/15/22 (c) | 181,015 | ||||||
| 1,280,000 | 5.00%, 12/15/22 (c) | 1,346,074 | ||||||
| 760,000 | 5.00%, 12/15/22 (c) | 796,845 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) | ||||||||
| 250,000 | 5.00%, 12/31/25 (c) | 240,508 | ||||||
| 460,000 | 5.00%, 12/31/25 (c) | 447,649 | ||||||
| 230,000 | 5.00%, 12/31/25 (c) | 228,521 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC Project, Senior Lien (RB) | ||||||||
| 150,000 | 7.00%, 06/30/20 (c) | 150,672 | ||||||
| 935,000 | 7.00%, 06/30/20 (c) | 938,946 | ||||||
| 1,095,000 | 7.50%, 06/30/20 (c) | 1,100,847 | ||||||
| 1,070,000 | 7.50%, 06/30/20 (c) | 1,075,757 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | ||||||||
| 4,810,000 | 5.00%, 06/30/29 (c) | 5,032,655 | ||||||
| 515,000 | 7.00%, 09/01/23 (c) | 572,448 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) | ||||||||
| 500,000 | 4.00%, 12/31/29 (c) | 492,505 | ||||||
| 1,000,000 | 5.00%, 12/31/29 (c) | 1,090,570 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
| 7,100,000 | 5.00%, 08/15/24 (c) | 7,370,723 | ||||||
| 1,500,000 | 5.00%, 08/15/24 (c) | 1,555,395 | ||||||
| 600,000 | 5.00%, 08/15/24 (c) | 630,498 | ||||||
| 850,000 | 5.00%, 08/15/24 (c) | 887,714 | ||||||
| Town of Westlake, Solana Public Improvement District (SA) | ||||||||
| 1,000,000 | 6.13%, 09/01/25 (c) | 924,180 | ||||||
| 1,000,000 | 6.25%, 09/01/25 (c) | 915,160 | ||||||
| 1,000,000 | 6.38%, 09/01/25 (c) | 918,640 | ||||||
| 4,980,000 |
Woodloch Health Facilities Development Corp., Series A-1 (RB)
6.75%, 06/01/20 (c) (d) * |
3,807,758 | ||||||
| 123,824,038 | ||||||||
| Utah: 0.2% | ||||||||
| Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | ||||||||
| 1,500,000 | 5.25%, 06/15/27 (c) | 1,391,160 | ||||||
| 3,195,000 | 5.38%, 06/15/27 (c) | 2,830,578 | ||||||
| 4,221,738 | ||||||||
See Notes to Financial Statements
| 126 |
|
|
|
Principal
Amount |
Value | |||||||
| Vermont: 0.1% | ||||||||
| $ | 1,100,000 |
Vermont Economic Development Authority, Wake Robin Corp. Project (RB)
5.40%, 05/01/22 (c) |
$ | 1,048,652 | ||||
| 910,000 |
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB)
5.00%, 05/01/27 (c) |
756,392 | ||||||
| 1,805,044 | ||||||||
| Virgin Islands: 1.2% | ||||||||
| 720,000 |
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB)
4.25%, 06/01/20 (c) |
727,654 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
| 550,000 | 4.50%, 10/01/24 (c) | 443,542 | ||||||
| 1,700,000 | 5.00%, 10/01/24 (c) | 1,519,562 | ||||||
| 4,250,000 | 5.00%, 10/01/24 (c) | 3,664,307 | ||||||
| 185,000 |
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Cruzan Project, Series A (RB)
6.00%, 06/01/20 (c) |
167,669 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB) | ||||||||
| 110,000 | 6.63%, 06/01/20 (c) | 105,030 | ||||||
| 1,840,000 | 6.75%, 06/01/20 (c) | 1,735,966 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB) | ||||||||
| 4,265,000 | 5.00%, 10/01/20 (c) | 3,946,319 | ||||||
| 3,870,000 | 5.00%, 10/01/20 (c) | 3,633,195 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB) | ||||||||
| 155,000 | 4.50%, 06/01/20 (c) | 145,813 | ||||||
| 1,125,000 | 5.00%, 06/01/20 (c) | 1,040,940 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) | ||||||||
| 1,295,000 | 5.00%, 06/01/20 (c) | 1,215,759 | ||||||
| 1,120,000 | 5.00%, 06/01/20 (c) | 1,000,115 | ||||||
| 465,000 | 5.00%, 10/01/20 (c) | 434,245 | ||||||
| 3,180,000 | 5.25%, 10/01/20 (c) | 2,942,613 | ||||||
| 295,000 |
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB)
5.00%, 06/01/20 (c) |
283,365 | ||||||
| Virgin Islands Water and Power Authority, Series A (RB) | ||||||||
| 315,000 | 4.00%, 07/01/21 | 303,251 | ||||||
| 330,000 | 5.00%, 06/01/20 (c) | 310,936 | ||||||
| 65,000 | 5.00%, 06/01/20 (c) | 60,179 | ||||||
| Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
| 170,000 | 5.00%, 06/01/20 (c) | 150,122 | ||||||
| 5,560,000 | 5.00%, 06/01/20 (c) | 4,708,542 | ||||||
|
Principal
Amount |
Value | |||||||
| Virgin Islands: (continued) | ||||||||
| $ | 1,170,000 | 5.00%, 06/01/20 (c) | $ | 1,063,729 | ||||
| 1,070,000 | 5.00%, 06/01/20 (c) | 959,255 | ||||||
| 30,562,108 | ||||||||
| Virginia: 1.5% | ||||||||
| Albemarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 640,000 | 4.63%, 01/01/23 (c) | 585,510 | ||||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 887,330 | ||||||
| 500,000 |
Ballston Quarter Community Development Authority, Series A (TA)
5.50%, 03/01/27 (c) |
411,955 | ||||||
| 250,000 |
Bristol Industrial Development Authority, Series B (RB)
6.35%, 11/01/24 (c) |
160,198 | ||||||
| Cherry Hill Community Development Authority, Potomac Shores Project (SA) | ||||||||
| 200,000 | 5.15%, 03/01/25 (c) | 189,074 | ||||||
| 495,000 | 5.40%, 03/01/25 (c) | 456,865 | ||||||
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
| 1,000,000 | 5.00%, 11/01/23 | 1,062,920 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,056,960 | ||||||
| 1,025,000 | 5.00%, 07/01/26 (c) | 1,079,632 | ||||||
| 650,000 |
Chesterfield Economic Development Authority, Brandermill Woods Project (RB)
4.13%, 01/01/22 (c) |
630,532 | ||||||
| 380,000 |
City of Chesapeake, Chesapeake Transportation System, Series A (RB)
5.00%, 07/15/22 (c) |
388,364 | ||||||
| 240,000 |
City of Hopewell, Sewer System, Series A (RB)
5.00%, 07/15/21 (c) |
249,458 | ||||||
| 3,000,000 |
City of Newport News, Economic Development Authority, Residential Care Facilities (RB)
5.00%, 12/01/25 (c) |
2,735,490 | ||||||
| 650,000 |
Economic Development Authority of the City of Newport News, Residential Care Facilities (RB)
3.13%, 12/01/25 (c) |
568,717 | ||||||
| 1,450,000 |
Fairfax County, Mosaic District Community Development Authority, Series A (SA)
6.63%, 03/01/21 (c) |
1,477,521 | ||||||
| Farmville Industrial Development Authority, Series A (RB) (AMBAC) | ||||||||
| 500,000 | 5.00%, 01/01/29 (c) | 513,130 | ||||||
| 500,000 | 5.00%, 01/01/29 (c) | 515,985 | ||||||
| 500,000 | 5.00%, 01/01/29 (c) | 519,140 | ||||||
| Hanover County, Economic Development Authority (RB) | ||||||||
| 500,000 | 5.00%, 07/01/24 (c) | 445,895 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 448,600 | ||||||
See Notes to Financial Statements
| 127 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Virginia: (continued) | ||||||||
| Hanover County, Economic Development Authority, Series A (RB) | ||||||||
| $ | 260,000 | 4.00%, 07/01/22 | $ | 253,952 | ||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,349,985 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,365,180 | ||||||
| 2,475,000 |
Henrico County Economic Development Authority, Residential Care Facilities, Series C (RB)
5.00%, 12/01/27 (c) |
2,170,278 | ||||||
| 1,000,000 |
Mosaic District Community Development Authority, Series A (SA)
6.88%, 03/01/21 (c) |
1,017,310 | ||||||
| Peninsula Town Center Community Development Authority (RB) | ||||||||
| 2,500,000 | 5.00%, 09/01/27 (c) | 2,426,300 | ||||||
| 500,000 | 5.00%, 09/01/27 (c) | 501,170 | ||||||
| 1,000,000 |
Riverside County Transportation Commission, Series A (RB)
5.38%, 09/01/26 (c) |
873,050 | ||||||
| 1,000,000 |
Roanoke County Economic Development Authority, Series B (RB)
4.63%, 09/01/24 (c) (p) |
913,510 | ||||||
| Roanoke Economic Development Authority, Residential Care Facility (RB) | ||||||||
| 500,000 | 5.00%, 09/01/27 (c) | 410,200 | ||||||
| 500,000 | 5.00%, 09/01/27 (c) | 431,160 | ||||||
| 500,000 | 5.13%, 09/01/27 (c) | 414,700 | ||||||
| Virginia College Building Authority, Marymount University Project, Series A (RB) | ||||||||
| 2,000,000 | 5.00%, 07/01/25 (c) | 1,718,720 | ||||||
| 1,000,000 | 5.00%, 07/01/25 (c) | 919,970 | ||||||
| 300,000 |
Virginia College Building Authority, Marymount University Project, Series B (RB)
5.25%, 07/01/25 (c) |
300,246 | ||||||
| 1,760,000 |
Virginia College Building Authority, Regent University Project (RB)
5.00%, 06/01/20 (c) |
1,596,778 | ||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
| 760,000 | 5.50%, 07/01/22 (c) | 754,604 | ||||||
| 1,550,000 | 6.00%, 07/01/22 (c) | 1,572,351 | ||||||
| Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 991,710 | ||||||
| 300,000 | 5.00%, 01/01/22 (c) | 298,731 | ||||||
| 1,450,000 | 5.00%, 01/01/22 (c) | 1,444,504 | ||||||
| 2,000,000 |
Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB)
5.00%, 07/01/23 (c) (p) |
1,894,720 | ||||||
| 38,002,405 | ||||||||
|
Principal
Amount |
Value | |||||||
| Washington: 1.0% | ||||||||
| $ | 1,000,000 |
Greater Wenatchee Regional Events Center, Public Facilities District, Series A (RB)
5.50%, 09/01/22 (c) |
$ | 930,710 | ||||
| Kalispel Tribe Indians Priority, Series A (RB) | ||||||||
| 250,000 | 5.00%, 01/01/28 (c) | 260,143 | ||||||
| 250,000 | 5.25%, 01/01/28 (c) | 256,800 | ||||||
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 12/01/25 (c) | 1,003,910 | ||||||
| 500,000 | 5.75%, 12/01/25 (c) | 528,275 | ||||||
| 500,000 | 6.00%, 12/01/25 (c) | 524,015 | ||||||
| 250,000 | 6.25%, 12/01/25 (c) | 260,605 | ||||||
| Klickitat County Public Hospital District No. 2 (RB) | ||||||||
| 1,230,000 | 5.00%, 12/01/27 (c) | 1,148,230 | ||||||
| 1,170,000 | 5.00%, 12/01/27 (c) | 1,142,177 | ||||||
| 1,415,000 | 5.00%, 12/01/27 (c) | 1,420,688 | ||||||
| 1,840,000 |
Washington Economic Development Finance Authority, Columbia Pulp I, LLC Project, Series A (RB)
7.50%, 01/01/28 (c) |
1,620,230 | ||||||
| 100,000 |
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c) |
97,376 | ||||||
| 205,000 |
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/27 (c) |
213,989 | ||||||
| Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 841,250 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 857,040 | ||||||
| 150,000 | 5.00%, 07/01/24 (c) | 137,808 | ||||||
| 500,000 |
Washington State Housing Finance Commission, Hearthstone Project, Series A (RB)
5.00%, 07/01/26 (c) |
401,250 | ||||||
| Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) | ||||||||
| 200,000 | 6.00%, 07/01/25 | 199,456 | ||||||
| 1,640,000 | 6.75%, 07/01/25 (c) | 1,626,011 | ||||||
| 2,000,000 | 7.00%, 07/01/25 (c) | 1,948,360 | ||||||
| Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB) | ||||||||
| 100,000 | 5.50%, 05/21/20 (c) | 98,306 | ||||||
| 1,350,000 | 6.50%, 07/01/25 (c) | 1,358,640 | ||||||
| 1,100,000 |
Washington State Housing Finance Commission, Mirabella Project, Series A (RB)
6.75%, 10/01/22 (c) |
1,109,108 | ||||||
See Notes to Financial Statements
| 128 |
|
|
|
Principal
Amount |
Value | |||||||
| Washington: (continued) | ||||||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| $ | 150,000 | 3.75%, 07/01/26 | $ | 137,540 | ||||
| 825,000 | 5.00%, 01/01/25 (c) | 757,630 | ||||||
| 2,495,000 | 5.00%, 01/01/25 (c) | 2,092,132 | ||||||
| 1,500,000 | 5.00%, 01/01/25 (c) | 1,283,820 | ||||||
| 1,000,000 |
Washington State Housing Finance Commission, Rockwood Retirement Communities Project (RB)
5.00%, 01/01/26 (c) |
785,260 | ||||||
| Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 827,250 | ||||||
| 250,000 | 5.00%, 07/01/26 (c) | 211,175 | ||||||
| Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | ||||||||
| 1,250,000 | 5.00%, 07/01/26 (c) | 1,019,162 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 416,035 | ||||||
| 25,514,381 | ||||||||
| West Virginia: 0.2% | ||||||||
| 325,000 |
Brooke County Commission, Bethany College, Series A (RB)
6.75%, 04/01/21 (c) |
306,904 | ||||||
| County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) | ||||||||
| 280,000 | 3.00%, 06/01/22 (c) | 267,537 | ||||||
| 760,000 | 4.00%, 06/01/22 (c) | 686,690 | ||||||
| West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | ||||||||
| 3,395,000 | 6.50%, 05/18/20 (c) (d) * | 1,867,250 | ||||||
| 2,230,000 | 6.50%, 05/18/20 (c) (d) * | 1,226,500 | ||||||
| 2,720,000 | 6.75%, 05/18/20 (c) (d) * | 1,496,000 | ||||||
| 5,850,881 | ||||||||
| Wisconsin: 2.8% | ||||||||
| Public Finance Authority, American Dream at Meadowlands Project (RB) | ||||||||
| 500,000 | 6.75%, 12/01/27 (c) | 462,505 | ||||||
| 12,060,000 | 7.00%, 12/01/27 (c) | 11,312,401 | ||||||
| 100,000 |
Public Finance Authority, American Dream at Meadowlands Project, Series A (RB)
6.75%, 08/01/31 |
92,288 | ||||||
| 1,000,000 |
Public Finance Authority, American Preparatory Academy (RB)
5.38%, 07/15/27 (c) |
903,990 | ||||||
| 250,000 |
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB)
5.13%, 06/01/26 (c) |
225,780 | ||||||
| Public Finance Authority, Cedars Obligated Group (RB) | ||||||||
| 455,000 | 4.25%, 05/01/27 (c) | 403,772 | ||||||
| 1,000,000 | 5.50%, 05/01/27 (c) | 874,060 | ||||||
| 2,500,000 | 5.75%, 05/01/27 (c) | 2,119,150 | ||||||
|
Principal
Amount |
Value | |||||||
| Wisconsin: (continued) | ||||||||
| Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
| $ | 495,000 | 5.00%, 02/01/26 (c) | $ | 460,721 | ||||
| 500,000 | 5.13%, 02/01/26 (c) | 443,550 | ||||||
| Public Finance Authority, Corvian Community School Project, Series A (RB) | ||||||||
| 580,000 | 4.25%, 06/15/24 (c) | 534,424 | ||||||
| 500,000 | 5.00%, 06/15/26 (c) | 444,595 | ||||||
| 500,000 | 5.00%, 06/15/26 (c) | 418,380 | ||||||
| 1,000,000 | 5.13%, 06/15/24 (c) | 859,660 | ||||||
| 1,000,000 |
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB)
5.88%, 10/01/29 (c) |
816,510 | ||||||
| 1,000,000 |
Public Finance Authority, Friends Homes (RB)
5.00%, 09/01/26 (c) |
855,370 | ||||||
| 100,000 |
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB)
5.00%, 09/01/25 |
100,558 | ||||||
| 4,500,000 |
Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB)
5.25%, 12/01/24 (c) |
4,386,870 | ||||||
| 7,790,000 |
Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB)
7.00%, 01/01/32 (c) |
7,122,475 | ||||||
| 417,991 |
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA)
3.75%, 03/15/28 (c) |
265,366 | ||||||
| Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) | ||||||||
| 500,000 | 6.25%, 01/01/28 (c) | 492,915 | ||||||
| 2,000,000 | 6.38%, 01/01/28 (c) | 1,924,980 | ||||||
| 1,000,000 |
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB)
5.25%, 05/15/25 (c) |
1,004,060 | ||||||
| 500,000 |
Public Finance Authority, National Gypsum Comp. (RB)
5.25%, 11/01/24 (c) |
501,185 | ||||||
| 5,000,000 |
Public Finance Authority, Nevada State College (RB)
5.00%, 05/01/29 (c) |
4,003,650 | ||||||
| Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) | ||||||||
| 1,250,000 | 5.00%, 06/15/26 (c) | 908,662 | ||||||
| 6,000,000 | 5.00%, 06/15/26 (c) | 4,811,340 | ||||||
| Public Finance Authority, Penick Village (RB) | ||||||||
| 500,000 | 4.00%, 09/01/26 (c) | 432,250 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 395,710 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 403,355 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 427,400 | ||||||
See Notes to Financial Statements
| 129 |
|
|
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 500,000 |
Public Finance Authority, Phoenix Academy Project, Series A (RB)
5.88%, 06/15/24 (c) |
$ | 433,120 | ||||
| 300,000 |
Public Finance Authority, Triad Educational Services, Inc., Series A (RB)
5.50%, 06/15/25 (c) |
278,457 | ||||||
| 5,265,000 |
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB)
7.38%, 01/01/30 (c) |
5,012,333 | ||||||
| Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
| 1,950,000 | 5.00%, 10/01/29 (c) | 1,903,746 | ||||||
| 2,000,000 | 5.00%, 10/01/29 (c) | 2,051,340 | ||||||
| 3,055,000 |
Public Finance Authority, Vista Grande Villa Project, Series A (RB)
6.50%, 07/01/25 (c) |
1,830,037 | ||||||
| 1,250,000 |
Public Finance Authority, Whitestone (RB)
5.00%, 03/01/28 (c) |
1,143,375 | ||||||
| 750,000 |
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB)
5.00%, 08/01/24 (c) |
714,862 | ||||||
| Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) | ||||||||
| 105,000 | 4.00%, 07/01/23 (c) | 87,941 | ||||||
| 130,000 | 4.13%, 07/01/23 (c) | 109,273 | ||||||
|
Principal
Amount |
Value | |||||||
| Wisconsin: (continued) | ||||||||
| Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) | ||||||||
| $ | 2,150,000 | 5.25%, 02/01/23 (c) | $ | 1,819,351 | ||||
| 1,975,000 | 5.38%, 02/01/23 (c) | 1,668,717 | ||||||
| 2,725,000 |
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
5.00%, 11/01/26 (c) |
2,261,750 | ||||||
| 3,950,000 |
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB)
5.13%, 02/01/23 (c) |
3,378,909 | ||||||
| 250,000 |
Wisconsin Health and Educational Facilities Authority, Wisconsin Illinois Senior Housing, Inc., Series A (RB)
5.25%, 08/01/25 (c) |
213,210 | ||||||
| 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) |
1,846,810 | ||||||
| 73,161,163 | ||||||||
|
Total Municipal Bonds: 97.8%
(Cost: $2,800,236,959) |
2,513,321,641 | |||||||
| Other assets less liabilities: 2.2% | 57,044,920 | |||||||
| NET ASSETS: 100.0% | $ | 2,570,366,561 | ||||||
Definitions:
| ACA | Credit Agricole SA |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| 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 |
| 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 of coupon payment |
| (e) | Security in default of principal |
| (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
| 130 |
|
|
| Summary of Investments | ||||||||
| By Sector | % of Investments | Value | ||||||
| Education | 7.6 | % | $ | 192,023,052 | ||||
| Health Care | 20.7 | 520,181,311 | ||||||
| Housing | 3.3 | 84,198,211 | ||||||
| Industrial Revenue | 15.7 | 395,722,909 | ||||||
| Leasing | 7.0 | 175,695,314 | ||||||
| Local | 8.1 | 202,717,525 | ||||||
| Power | 0.6 | 14,000,984 | ||||||
| Solid Waste/Resource Recovery | 0.1 | 2,177,303 | ||||||
| Special Tax | 11.3 | 283,828,976 | ||||||
| State | 3.0 | 76,202,552 | ||||||
| Tobacco | 12.9 | 323,995,856 | ||||||
| Transportation | 7.7 | 192,400,989 | ||||||
| Water & Sewer | 2.0 | 50,176,659 | ||||||
| 100.0 | % | $ | 2,513,321,641 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||||
| Total Municipal Bonds* | $ | — | $ | 2,513,321,641 | $ | — | $ | 2,513,321,641 | |||||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 131 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| MUNICIPAL BONDS: 98.5% | ||||||||
| Alabama: 0.9% | ||||||||
| $ | 500,000 |
Alabama Federal Aid Highway Finance Authority, Series A (RB)
5.00%, 09/01/22 (c) |
$ | 549,860 | ||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| 150,000 | 6.45%, 06/01/20 (c) | 147,420 | ||||||
| 150,000 | 6.45%, 06/01/20 (c) | 147,420 | ||||||
| 500,000 |
Lower Alabama Gas District, Project No. 2 (RB) (SAW)
4.00%, 09/01/25 (c) (p) |
532,445 | ||||||
| 1,000,000 |
Southeast Alabama Gas Supply District, Series A (RB)
4.00%, 01/01/24 (c) (p) |
1,048,520 | ||||||
| 2,425,665 | ||||||||
| American Samoa: 0.3% | ||||||||
| American Samoa Economic Development Authority, Series A (RB) | ||||||||
| 400,000 | 6.00%, 09/01/23 | 416,152 | ||||||
| 250,000 | 6.50%, 09/01/28 | 283,860 | ||||||
| 700,012 | ||||||||
| Arizona: 1.8% | ||||||||
| 125,000 |
Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
5.00%, 02/01/21 |
128,589 | ||||||
| Arizona Industrial Development Authority, Basis School Projects, Series A (RB) | ||||||||
| 250,000 | 4.75%, 07/01/23 (c) | 243,572 | ||||||
| 200,000 | 5.00%, 07/01/26 | 202,276 | ||||||
| 500,000 |
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB)
3.55%, 07/15/27 (c) |
453,590 | ||||||
| 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) |
464,285 | ||||||
| 520,000 |
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB)
4.00%, 07/15/28 (c) |
497,255 | ||||||
| 1,000,000 |
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/24 (c) |
884,670 | ||||||
| 500,000 |
Industrial Development Authority of the City of Chandler, Intel Corp. Project (RB)
2.40%, 08/14/23 (p) |
511,230 | ||||||
| 500,000 |
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25 |
487,460 | ||||||
|
Principal
Amount |
Value | |||||||
| Arizona: (continued) | ||||||||
| $ | 240,000 |
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
4.00%, 07/01/29 |
$ | 228,634 | ||||
| 250,000 |
Pima County Industrial Development Authority, American Leadership Academy Project (RB)
4.13%, 06/15/22 (c) |
222,625 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 65,000 | 5.25%, 12/01/21 | 68,336 | ||||||
| 200,000 | 5.25%, 12/01/23 | 221,000 | ||||||
| 65,000 | 5.25%, 12/01/24 | 73,310 | ||||||
| 10,000 | 5.25%, 12/01/28 | 11,956 | ||||||
| 4,698,788 | ||||||||
| California: 7.6% | ||||||||
| 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 |
272,855 | ||||||
| 195,000 |
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series C (RB)
5.00%, 05/01/21 (c) |
201,417 | ||||||
| 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 | 579,750 | ||||||
| 500,000 | 5.00%, 05/01/27 | 588,580 | ||||||
| 500,000 | 5.00%, 05/01/29 | 602,100 | ||||||
| 375,000 |
Bay Area Toll Authority, Series S-4 (RB)
5.00%, 04/01/23 (c) |
420,877 | ||||||
| 320,000 |
California Health Facilities Financing Authority, Catholic Healthcare West, Series E (RB)
5.63%, 06/01/20 (c) |
320,803 | ||||||
| 280,000 |
California Infrastructure and Economic Development Bank, The J. David Gladstone Institutes Project, Series A (RB)
5.00%, 10/01/21 (c) |
296,800 | ||||||
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
| 50,000 | 5.00%, 02/01/27 (c) | 57,180 | ||||||
| 50,000 | 5.00%, 02/01/27 | 58,333 | ||||||
| 500,000 |
California Municipal Finance Authority, Julian Charter School Project, Series A (RB)
5.00%, 03/01/25 |
495,115 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 545,000 | 5.00%, 06/30/27 | 606,291 | ||||||
| 220,000 | 5.00%, 06/30/28 | 245,936 | ||||||
See Notes to Financial Statements
| 132 |
|
|
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 400,000 |
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
3.88%, 07/01/28 |
$ | 387,584 | ||||
| 2,710,000 |
California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB)
4.00%, 07/15/29 |
2,648,646 | ||||||
| 1,000,000 |
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 |
540,000 | ||||||
| 400,000 |
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB)
3.38%, 07/01/25 |
411,352 | ||||||
| 735,000 |
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27 |
551,250 | ||||||
|
California Statewide Communities Development Authority, Baptist
University, Series A (RB) |
||||||||
| 100,000 | 3.00%, 11/01/22 | 98,162 | ||||||
| 500,000 | 3.50%, 11/01/27 | 481,310 | ||||||
| 180,000 |
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.75%, 06/01/20 (c) |
162,292 | ||||||
| 515,000 |
California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB)
5.50%, 06/01/20 (c) |
478,353 | ||||||
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) | ||||||||
| 500,000 | 3.00%, 06/01/29 | 449,475 | ||||||
| 200,000 | 5.00%, 07/01/24 | 205,830 | ||||||
| 350,000 |
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c) |
385,392 | ||||||
| 250,000 |
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB)
5.00%, 07/01/29 |
253,935 | ||||||
| 500,000 |
California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB)
2.63%, 12/01/23 (p) |
506,365 | ||||||
| 25,000 |
City of Modesto, Community Center Refinancing Project,
Series A (CP) (AMBAC)
5.00%, 11/01/23 |
24,850 | ||||||
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 500,000 |
City of Oroville Hospital (RB)
5.00%, 04/01/29 (c) |
$ | 560,840 | ||||
| 375,000 |
City of San Buenaventura, Community Memorial Health System (RB)
6.50%, 12/01/21 |
401,786 | ||||||
| 250,000 |
County of Sacramento, Airport System, Series C (RB)
5.00%, 07/01/27 |
289,540 | ||||||
| 115,000 |
County of Sacramento, Airport System, Series E (RB)
5.00%, 07/01/28 |
138,198 | ||||||
| 1,000,000 |
El Centro Financing Authority, El Centro Regional Medical Center Project (RB)
4.50%, 07/01/26 (c) |
972,040 | ||||||
| 145,000 |
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB)
5.50%, 07/15/22 (c) (p) |
150,729 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 110,000 | 5.00%, 06/01/23 | 119,481 | ||||||
| 110,000 | 5.00%, 06/01/25 | 124,091 | ||||||
| 250,000 | 5.00%, 06/01/26 | 286,687 | ||||||
| 110,000 |
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST)
5.00%, 09/01/26 |
128,126 | ||||||
| 230,000 |
Lake Elsinore Public Financing Authority, Local Agency (ST)
5.00%, 09/01/24 |
256,066 | ||||||
| 265,000 |
Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB)
5.50%, 11/15/30 |
329,732 | ||||||
| 160,000 |
Los Angeles Unified School District, Series A-2 (GO)
5.00%, 07/01/21 |
167,350 | ||||||
| 165,000 |
Los Angeles Unified School District, Series B (CP)
5.00%, 10/01/22 (c) |
177,385 | ||||||
| 1,250,000 |
Northern California Energy Authority, Series A (RB)
4.00%, 07/01/24 (p) |
1,314,012 | ||||||
| Palomar Health (RB) | ||||||||
| 250,000 | 5.00%, 11/01/25 | 285,372 | ||||||
| 90,000 | 5.00%, 11/01/26 (c) | 104,252 | ||||||
| 250,000 |
Port of Oakland (RB)
5.00%, 11/01/23 |
275,392 | ||||||
| 110,000 |
Poway Unified School District Public Financing Authority, Series A (ST)
5.00%, 09/01/24 |
122,466 | ||||||
| 110,000 |
Riverside County Public Financing Authority, Capital Facilities Project (RB)
5.00%, 11/01/23 |
124,675 | ||||||
| 200,000 |
Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC)
5.25%, 12/01/22 |
221,778 | ||||||
See Notes to Financial Statements
| 133 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| California: (continued) | ||||||||
| San Francisco Community College District (GO) | ||||||||
| $ | 85,000 | 5.00%, 06/15/22 | $ | 91,668 | ||||
| 205,000 | 5.00%, 06/15/25 (c) | 240,268 | ||||||
| 120,000 |
San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST)
5.00%, 08/01/22 (c) |
127,741 | ||||||
| 250,000 |
Tobacco Securitization Authority of Southern California, Series B-1 (RB)
2.25%, 06/01/29 |
241,010 | ||||||
| 370,000 |
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) * |
259,000 | ||||||
| 100,000 |
Westlands Water District, Series A (RB) (AGM)
5.00%, 09/01/22 (c) |
109,825 | ||||||
| 19,950,343 | ||||||||
| Colorado: 3.1% | ||||||||
| 500,000 |
Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
4.38%, 12/01/23 (c) |
483,925 | ||||||
| 295,000 |
City and County of Denver, Airport System, Series A (RB)
5.00%, 12/01/28 (c) |
354,322 | ||||||
| 1,000,000 |
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB)
3.75%, 07/01/26 |
932,380 | ||||||
| 200,000 |
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series B (RB)
4.00%, 12/01/22 (c) |
199,536 | ||||||
| 1,000,000 |
Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series B (RB)
4.00%, 11/01/20 (c) |
901,470 | ||||||
| 125,000 |
Colorado Public Authority, Natural Gas Purchase (RB)
6.13%, 11/15/23 |
134,079 | ||||||
| 120,000 |
Denver Convention Center Hotel Authority (RB)
5.00%, 12/01/22 |
122,615 | ||||||
| 2,500,000 |
Dominion Water and Sanitation District (RB)
5.25%, 12/01/21 (c) |
2,587,900 | ||||||
| 1,365,000 |
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c) |
1,262,243 | ||||||
| 500,000 |
Painted Prairie Public Improvement Authority (RB)
4.00%, 12/01/24 (c) |
455,105 | ||||||
| 140,000 |
Public Authority for Colorado Energy, Natural Gas Purchase (RB)
6.25%, 11/15/28 |
168,896 | ||||||
|
Principal
Amount |
Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 200,000 |
Southlands Metropolitan District No. 1, Series A-1 (GO)
3.50%, 12/01/27 |
$ | 192,162 | ||||
| 500,000 |
STC Metropolitan District No. 2, Series A (GO)
4.00%, 12/01/24 (c) |
458,430 | ||||||
| 8,253,063 | ||||||||
| Connecticut: 1.5% | ||||||||
| 405,000 |
City of Hartford, Series A (GO)
5.00%, 04/01/23 (c) |
439,745 | ||||||
| Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) | ||||||||
| 250,000 | 5.25%, 02/01/22 | 252,485 | ||||||
| 250,000 | 5.50%, 02/01/23 | 254,167 | ||||||
| State of Connecticut, Series B (GO) | ||||||||
| 200,000 | 5.00%, 04/15/22 (c) | 211,862 | ||||||
| 250,000 | 5.00%, 04/15/28 | 297,165 | ||||||
| State of Connecticut, Series D (GO) | ||||||||
| 250,000 | 5.00%, 10/01/20 (c) | 253,627 | ||||||
| 100,000 | 5.00%, 11/01/21 (c) | 105,161 | ||||||
| 250,000 |
State of Connecticut, Special Tax Obligation, Series B (RB)
5.00%, 09/01/26 (c) |
292,000 | ||||||
| 500,000 |
Town of Hamden (RB)
5.00%, 01/01/26 (c) |
476,740 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 815,000 | 5.00%, 02/15/21 (c) | 840,273 | ||||||
| 380,000 | 5.00%, 03/15/25 | 430,551 | ||||||
| 3,853,776 | ||||||||
| District of Columbia: 0.4% | ||||||||
| 1,250,000 |
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
4.13%, 07/01/24 (c) |
1,149,350 | ||||||
| Florida: 6.4% | ||||||||
| 500,000 |
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c) |
476,825 | ||||||
| 485,000 |
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27 |
474,393 | ||||||
| 1,000,000 |
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28 |
923,670 | ||||||
| 400,000 |
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.00%, 06/15/25 |
404,704 | ||||||
| 250,000 |
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB)
5.13%, 06/15/27 |
243,095 | ||||||
| Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
| 2,750,000 | 6.25%, 06/01/20 (c) (p) | 2,401,162 | ||||||
See Notes to Financial Statements
| 134 |
|
|
|
Principal
Amount |
Value | |||||||
| Florida: (continued) | ||||||||
| $ | 3,250,000 | 6.38%, 06/01/20 (c) (p) | $ | 2,785,120 | ||||
| 5,750,000 | 6.50%, 06/01/20 (c) (p) | 4,879,047 | ||||||
| 500,000 |
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)
5.00%, 05/01/22 (c) |
506,175 | ||||||
| 110,000 |
JEA Electric System, Series Three B (RB)
5.00%, 10/01/27 (c) |
132,988 | ||||||
| 315,000 |
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)
5.00%, 06/01/25 (c) |
294,591 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 250,000 | 5.00%, 10/01/23 | 265,660 | ||||||
| 250,000 | 5.00%, 10/01/24 | 268,505 | ||||||
| 250,000 |
Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA)
4.50%, 08/01/24 |
255,602 | ||||||
| 500,000 |
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 |
505,815 | ||||||
| 120,000 |
School Board of Miami-Dade County, Series D (CP)
5.00%, 02/01/26 (c) |
140,549 | ||||||
| 250,000 |
School District of St. Lucie County, Sales Tax (RB) (AGM)
5.00%, 10/01/25 |
295,695 | ||||||
| 415,000 |
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.00%, 11/15/26 (c) |
362,689 | ||||||
| 500,000 |
Village Community Development District No. 12 (SA) (SAW)
3.80%, 05/01/28 |
502,955 | ||||||
| Village Community Development District No. 13 (SA) | ||||||||
| 500,000 | 2.63%, 05/01/24 | 490,535 | ||||||
| 250,000 | 3.00%, 05/01/29 | 238,280 | ||||||
| 16,848,055 | ||||||||
| Georgia: 1.9% | ||||||||
| Atlanta Development Authority, Senior Health Care Facilities, Series A-1 (RB) | ||||||||
| 250,000 | 6.00%, 01/01/23 | 253,970 | ||||||
| 500,000 | 6.50%, 01/01/28 (c) | 523,310 | ||||||
| Burke County Development Authority (RB) | ||||||||
| 250,000 | 2.25%, 05/25/23 (p) | 246,290 | ||||||
| 250,000 | 2.93%, 03/12/24 (p) | 251,060 | ||||||
| 1,000,000 |
Burke County Development Authority, Series E (RB)
3.25%, 02/03/25 (p) |
1,015,810 | ||||||
| 250,000 |
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG)
5.50%, 12/01/24 (c) |
225,363 | ||||||
|
Principal
Amount |
Value | |||||||
| Georgia: (continued) | ||||||||
| Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG) | ||||||||
| $ | 400,000 | 3.00%, 04/01/24 | $ | 367,360 | ||||
| 500,000 | 4.00%, 04/01/26 (c) | 442,205 | ||||||
| 280,000 |
Georgia Local Government (CP) (NATL)
4.75%, 06/01/28 |
309,834 | ||||||
| 325,000 |
Greene County Development Authority, Glen-I, LLC Project, Series A (RB)
6.13%, 01/01/25 (d) * |
228,313 | ||||||
| Main Street Natural Gas, Inc., Series A-1 (RB) | ||||||||
| 130,000 | 5.50%, 09/15/23 | 143,221 | ||||||
| 135,000 | 5.50%, 09/15/25 | 155,436 | ||||||
| 250,000 |
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 |
251,030 | ||||||
| 500,000 |
Oconee County Industrial Development Authority, Series A-3 (RB)
5.50%, 12/01/21 (c) |
451,325 | ||||||
| 250,000 |
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.00%, 10/01/26 (c) |
239,027 | ||||||
| 5,103,554 | ||||||||
| Guam: 0.9% | ||||||||
| 480,000 |
A. B. Won Pat International Airport Authority, Series C (RB)
5.00%, 10/01/21 |
474,110 | ||||||
| Guam Government, Business Privilege Tax, Series A (RB) | ||||||||
| 300,000 | 5.00%, 01/01/22 (c) | 302,538 | ||||||
| 110,000 | 5.00%, 01/01/22 (c) | 110,402 | ||||||
| 360,000 |
Guam Government, Business Privilege Tax, Series D (RB)
5.00%, 11/15/25 (c) |
368,593 | ||||||
| 1,000,000 |
Guam Government, Series A (RB)
5.00%, 12/01/24 |
1,036,730 | ||||||
| 2,292,373 | ||||||||
| Hawaii: 0.0% | ||||||||
| 90,000 |
Kuakini, Hawaii Health System, Series A (RB)
6.30%, 06/01/20 (c) |
90,260 | ||||||
| Illinois: 16.2% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 250,000 | 0.00%, 12/01/22 ^ | 230,620 | ||||||
| 310,000 | 0.00%, 12/01/24 ^ | 266,405 | ||||||
| 310,000 | 0.00%, 12/01/26 ^ | 246,490 | ||||||
| 435,000 | 0.00%, 12/01/28 ^ | 318,172 | ||||||
| 500,000 | 4.00%, 12/01/22 | 497,095 | ||||||
| 200,000 | 5.00%, 12/01/28 (c) | 240,560 | ||||||
| 250,000 | 5.00%, 12/01/28 (c) | 251,580 | ||||||
| 230,000 | 5.50%, 12/01/26 | 251,054 | ||||||
| 200,000 | 7.00%, 12/01/25 (c) | 224,748 | ||||||
See Notes to Financial Statements
| 135 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 1,000,000 |
Chicago Board of Education, Series B (GO)
5.00%, 12/01/29 (c) |
$ | 1,005,510 | ||||
| 350,000 |
Chicago Board of Education, Series B-1 (GO)
0.00%, 12/01/23 ^ |
311,895 | ||||||
| 500,000 |
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27 |
508,160 | ||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 300,000 | 4.00%, 01/01/22 (c) | 305,337 | ||||||
| 105,000 | 5.00%, 01/01/25 (c) | 116,838 | ||||||
| 575,000 |
Chicago School Reform Board of Trustees, Series A (GO)
0.00%, 12/01/29 ^ |
401,666 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) | ||||||||
| 515,000 | 0.00%, 12/01/24 ^ | 442,576 | ||||||
| 560,000 | 0.00%, 12/01/25 ^ | 463,226 | ||||||
| 490,000 | 0.00%, 12/01/26 ^ | 389,614 | ||||||
| 1,515,000 | 0.00%, 12/01/28 ^ | 1,108,116 | ||||||
| 585,000 | 0.00%, 12/01/29 ^ | 408,652 | ||||||
| 190,000 | 0.00%, 12/01/30 ^ | 126,578 | ||||||
| 200,000 |
Chicago Transit Authority (RB)
5.25%, 12/01/21 (c) |
211,708 | ||||||
| 115,000 |
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/24 |
130,020 | ||||||
| 105,000 |
City of Chicago, Modern School Across Chicago Program, Series A (GO)
5.00%, 12/01/20 (c) |
105,395 | ||||||
| 100,000 |
City of Chicago, Motor Fuel Tax (RB) (AGM)
5.00%, 01/01/24 (c) |
108,940 | ||||||
| City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
| 280,000 | 5.00%, 01/01/25 | 286,972 | ||||||
| 350,000 | 5.25%, 01/01/25 (c) | 355,071 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 715,000 | 5.00%, 01/01/24 (c) | 727,398 | ||||||
| 500,000 | 5.00%, 01/01/30 | 507,740 | ||||||
| 270,000 | 5.25%, 01/01/24 (c) | 274,123 | ||||||
| 180,000 | 5.25%, 01/01/24 (c) | 182,093 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 300,000 | 5.00%, 01/01/22 (c) | 302,733 | ||||||
| 95,000 | 5.00%, 01/01/22 | 101,527 | ||||||
| 455,000 | 5.00%, 01/01/23 | 463,022 | ||||||
| 400,000 | 5.00%, 01/01/24 | 409,012 | ||||||
| 1,090,000 | 5.00%, 01/01/25 | 1,117,141 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) | ||||||||
| 100,000 | 5.00%, 11/01/22 (c) | 104,372 | ||||||
| 150,000 | 5.00%, 11/01/24 (c) | 159,371 | ||||||
| 100,000 | 5.00%, 11/01/24 (c) | 105,523 | ||||||
| 270,000 | 5.00%, 11/01/24 (c) | 285,946 | ||||||
| 100,000 |
City of Chicago, Water Revenue, Second Lien, Series A-1 (RB)
5.00%, 11/01/26 (c) |
107,303 | ||||||
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 240,000 |
Cook County Community College District No. 508 (GO)
5.25%, 12/01/23 (c) |
$ | 243,053 | ||||
| 500,000 |
Cook County, Series A (GO)
5.25%, 11/15/21 (c) |
511,085 | ||||||
| 1,190,000 |
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 |
1,073,844 | ||||||
| 250,000 |
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c) |
242,762 | ||||||
| 100,000 |
Illinois Finance Authority, Roosevelt University (RB)
5.40%, 06/01/20 (c) |
100,044 | ||||||
| 250,000 |
Illinois Finance Authority, Three Crowns Park (RB)
4.00%, 02/15/24 (c) |
221,308 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 75,000 | 5.25%, 06/01/21 | 78,105 | ||||||
| 70,000 | 5.38%, 06/01/21 | 72,991 | ||||||
| 260,000 |
Illinois Sports Facilities Authority (RB) (AMBAC)
0.00%, 06/15/26 ^ |
201,838 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
| 215,000 | 0.00%, 12/15/22 ^ | 200,073 | ||||||
| 130,000 | 0.00%, 12/15/24 ^ | 112,939 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
| 115,000 | 0.00%, 06/15/28 ^ | 86,555 | ||||||
| 110,000 | 5.00%, 06/15/22 (c) | 110,342 | ||||||
| 970,000 | 5.00%, 06/15/22 (c) | 959,262 | ||||||
| 35,000 | 5.00%, 12/15/22 | 35,597 | ||||||
| 500,000 | 5.00%, 12/15/27 (c) | 511,710 | ||||||
| 205,000 |
Northern Illinois Municipal Power Agency, Series A (RB)
5.00%, 12/01/26 (c) |
246,529 | ||||||
| 285,000 |
Southern Illinois University, Series A (RB)
5.25%, 04/01/21 |
294,496 | ||||||
| State of Illinois (RB) | ||||||||
| 100,000 | 3.75%, 06/15/21 (c) | 99,256 | ||||||
| 290,000 | 4.00%, 03/01/22 (c) | 273,412 | ||||||
| 185,000 | 4.00%, 08/01/22 (c) | 175,567 | ||||||
| 660,000 | 4.00%, 05/01/24 | 637,540 | ||||||
| 430,000 | 4.00%, 06/15/26 (c) | 425,111 | ||||||
| 300,000 | 4.13%, 03/01/22 (c) | 278,667 | ||||||
| 100,000 | 4.13%, 11/01/26 (c) | 90,787 | ||||||
| 540,000 | 5.00%, 06/01/20 (c) | 540,022 | ||||||
| 785,000 | 5.00%, 05/01/21 | 786,499 | ||||||
| 125,000 | 5.00%, 06/15/21 | 126,901 | ||||||
| 70,000 | 5.00%, 07/01/21 | 70,151 | ||||||
| 445,000 | 5.00%, 01/01/22 (c) | 433,866 | ||||||
| 200,000 | 5.00%, 02/01/22 | 200,480 | ||||||
| 655,000 | 5.00%, 05/01/22 | 655,052 | ||||||
See Notes to Financial Statements
| 136 |
|
|
|
Principal
Amount |
Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 180,000 | 5.00%, 06/15/22 | $ | 184,993 | ||||
| 920,000 | 5.00%, 08/01/22 (c) | 912,336 | ||||||
| 195,000 | 5.00%, 08/01/22 | 202,353 | ||||||
| 750,000 | 5.00%, 08/01/22 | 749,655 | ||||||
| 285,000 | 5.00%, 06/15/23 (c) | 294,003 | ||||||
| 190,000 | 5.00%, 06/15/23 (c) | 197,178 | ||||||
| 525,000 | 5.00%, 06/15/23 | 544,992 | ||||||
| 700,000 | 5.00%, 08/01/23 | 696,773 | ||||||
| 120,000 | 5.00%, 02/01/24 | 119,233 | ||||||
| 500,000 | 5.00%, 02/01/24 | 496,805 | ||||||
| 150,000 | 5.00%, 02/01/24 (c) | 148,130 | ||||||
| 100,000 | 5.00%, 05/01/24 (c) | 97,316 | ||||||
| 705,000 | 5.00%, 11/01/24 | 698,465 | ||||||
| 1,315,000 | 5.00%, 12/01/25 | 1,292,908 | ||||||
| 200,000 | 5.00%, 01/01/26 | 196,158 | ||||||
| 515,000 | 5.00%, 02/01/26 | 504,844 | ||||||
| 455,000 | 5.00%, 06/01/26 (c) | 442,524 | ||||||
| 100,000 | 5.00%, 06/01/26 | 97,832 | ||||||
| 1,000,000 | 5.00%, 02/01/27 | 974,500 | ||||||
| 275,000 | 5.25%, 07/01/23 (c) | 270,083 | ||||||
| 60,000 | 5.50%, 07/01/23 (c) | 60,121 | ||||||
| 500,000 | 5.50%, 07/01/23 (c) | 502,480 | ||||||
| 270,000 | 5.50%, 07/01/23 (c) | 272,198 | ||||||
| 500,000 | 6.00%, 05/01/25 | 514,870 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 220,000 | 4.00%, 06/01/20 (c) | 203,876 | ||||||
| 170,000 | 4.00%, 01/01/22 (c) | 164,647 | ||||||
| 100,000 | 4.00%, 01/01/22 (c) | 94,464 | ||||||
| 100,000 | 4.00%, 01/01/22 (c) | 91,452 | ||||||
| 105,000 | 4.00%, 01/01/22 | 103,589 | ||||||
| 50,000 | 4.00%, 01/01/22 (c) | 48,828 | ||||||
| 100,000 | 5.00%, 04/01/21 | 100,171 | ||||||
| 185,000 | 5.00%, 06/01/21 | 185,376 | ||||||
| 315,000 |
State of Illinois, Series C (GO)
5.00%, 11/01/27 (c) |
303,471 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 165,000 | 3.25%, 11/01/26 | 157,773 | ||||||
| 2,355,000 | 5.00%, 11/01/21 | 2,361,688 | ||||||
| 1,500,000 | 5.00%, 11/01/25 | 1,475,565 | ||||||
| 2,505,000 | 5.00%, 11/01/26 | 2,444,880 | ||||||
| 110,000 | 5.00%, 11/01/27 (c) | 106,307 | ||||||
| 130,000 | 5.00%, 11/01/27 | 126,103 | ||||||
| 42,695,086 | ||||||||
| Indiana: 0.1% | ||||||||
| 290,000 |
City of Anderson, Anderson University (RB)
4.75%, 10/01/22 (c) |
228,265 | ||||||
| 165,861 |
City of Carmel (RB)
7.00%, 11/15/22 (c) |
1,659 | ||||||
| 229,924 | ||||||||
| Iowa: 1.5% | ||||||||
| 270,000 |
City of Coralville, Marriott Hotel and Convention Center, Series E (CP)
4.00%, 06/01/24 (c) |
252,110 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
| 500,000 | 3.13%, 12/01/20 (c) | 491,785 | ||||||
| 500,000 | 5.25%, 12/01/23 (c) | 501,430 | ||||||
|
Principal
Amount |
Value | |||||||
| Iowa: (continued) | ||||||||
| Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) | ||||||||
| $ | 500,000 | 3.25%, 06/01/20 (c) | $ | 490,450 | ||||
| 450,000 | 5.00%, 03/01/24 (c) | 453,073 | ||||||
| 1,880,000 |
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25 |
1,862,516 | ||||||
| 4,051,364 | ||||||||
| Kansas: 0.7% | ||||||||
| 500,000 |
City of Goddard, Olympic Park Star Bond Project (RB)
3.60%, 12/01/22 (c) |
438,580 | ||||||
| 1,375,000 |
Kansas Development Finance Authority, Village Shalom Project, Series B (RB)
4.00%, 11/15/25 |
1,274,047 | ||||||
| 1,712,627 | ||||||||
| Kentucky: 0.6% | ||||||||
| 140,000 |
Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB)
5.00%, 08/01/26 |
158,885 | ||||||
| 325,000 |
Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB)
5.00%, 11/01/26 (c) |
366,064 | ||||||
| 500,000 |
Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB)
5.50%, 11/15/26 (c) |
353,200 | ||||||
| 100,000 |
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 |
95,779 | ||||||
| 175,000 |
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB)
5.00%, 09/01/25 (c) |
198,657 | ||||||
| 140,000 |
Kentucky State Property and Building Commission No. 108, Series A (RB)
5.00%, 08/01/25 (c) |
154,673 | ||||||
| 130,000 |
Kentucky Turnpike Authority,Series A (RB)
5.00%, 07/01/21 |
134,759 | ||||||
| 1,462,017 | ||||||||
| Louisiana: 1.1% | ||||||||
| Calcasieu Parish Memorial Hospital Service District (RB) | ||||||||
| 1,025,000 | 5.00%, 12/01/27 | 1,165,968 | ||||||
| 150,000 | 5.00%, 12/01/29 | 170,495 | ||||||
| 20,000 |
City of New Orleans, Sewerage Service (RB)
5.00%, 06/01/22 |
21,491 | ||||||
| 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 |
602,142 | ||||||
See Notes to Financial Statements
| 137 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 329,665 |
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB)
7.00%, 07/01/24 (d) * |
$ | 3 | ||||
| 521,317 |
Louisiana Public Facilities Authority, Solid Waste
Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB)
7.50%, 07/01/23 (d) * |
5 | ||||||
| 910,000 |
Parish of St Charles, Gulf Opportunity Zone, Valero Project (RB)
4.00%, 06/01/22 (p) |
928,619 | ||||||
| 80,000 |
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 05/15/21 |
81,812 | ||||||
| 2,970,535 | ||||||||
| Maryland: 1.2% | ||||||||
| 200,000 |
City of Baltimore, East Baltimore Research Park Project, Series A (RB)
4.00%, 09/01/27 |
195,640 | ||||||
| 250,000 |
City of Baltimore, Harbor Point Project (RB)
4.25%, 06/01/26 |
243,720 | ||||||
| 350,000 |
County of Frederick, Mount Saint Mary’s University, Series A (RB)
5.00%, 09/01/27 |
360,031 | ||||||
| 200,000 |
County of Howard, Series A (TA)
4.00%, 02/15/26 (c) |
193,920 | ||||||
| 695,000 |
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)
5.75%, 09/01/20 (c) |
698,336 | ||||||
| 245,000 |
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c) |
232,841 | ||||||
| 425,000 |
Maryland Economic Development Corp., Transportation Facilities, Series A (RB)
5.00%, 06/01/28 |
443,054 | ||||||
| 190,000 |
Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB)
5.00%, 07/01/24 |
220,035 | ||||||
| 500,000 |
Mayor and Council of Rockville, Ingleside at King Farm Project,Series C-1 (RB)
3.50%, 06/01/20 (c) |
465,435 | ||||||
| 3,053,012 | ||||||||
| Massachusetts: 1.4% | ||||||||
| 490,000 |
Collegiate Charter School of Lowell (RB)
5.00%, 06/15/26 (c) |
481,190 | ||||||
| 310,000 |
Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB)
5.00%, 07/01/26 (c) |
354,039 | ||||||
|
Principal
Amount |
Value | |||||||
| Massachusetts: (continued) | ||||||||
| Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) | ||||||||
| $ | 500,000 | 5.00%, 07/01/28 (c) | $ | 584,660 | ||||
| 500,000 | 5.00%, 07/01/28 (c) | 588,430 | ||||||
| 130,000 |
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)
5.00%, 07/01/22 (c) |
141,747 | ||||||
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
| 250,000 | 4.00%, 10/01/22 (c) | 238,847 | ||||||
| 500,000 | 4.00%, 10/01/22 (c) | 481,880 | ||||||
| 335,000 |
Massachusetts Development Finance Agency, Suffolk University (RB)
5.00%, 07/01/27 (c) |
364,209 | ||||||
| 100,000 |
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c) |
108,666 | ||||||
| 275,000 |
Massachusetts Educational Financing Authority (RB)
5.00%, 01/01/25 (c) |
308,245 | ||||||
| 3,651,913 | ||||||||
| Michigan: 0.6% | ||||||||
| 50,000 |
Detroit Water Supply System, Senior Lien, Series C (RB)
5.25%, 07/01/21 (c) |
52,570 | ||||||
| 250,000 |
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB)
4.00%, 11/01/24 (c) |
226,223 | ||||||
| 580,000 |
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/24 (c) |
624,411 | ||||||
| 155,000 |
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c) |
171,985 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 535,000 | 5.13%, 05/18/20 (c) | 535,332 | ||||||
| 60,000 | 5.25%, 05/18/20 (c) | 60,040 | ||||||
| 1,670,561 | ||||||||
| Minnesota: 0.4% | ||||||||
| 100,000 |
City of Anoka, Homestead at Anoka, Inc. Project (RB)
4.25%, 11/01/24 (c) |
92,932 | ||||||
| 180,000 |
City of Blaine, Senior Housing and Health Facility, Series A (RB)
5.13%, 07/01/25 |
163,474 | ||||||
| 350,000 |
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.25%, 07/01/25 (c) |
350,756 | ||||||
| 250,000 |
Rice County Educational Facility, St. Mary’s School Project (RB)
5.00%, 08/01/22 |
251,800 | ||||||
See Notes to Financial Statements
| 138 |
|
|
|
Principal
Amount |
Value | |||||||
| Minnesota: (continued) | ||||||||
| $ | 120,000 |
Saint Paul Housing and Redevelopment Authority, Series A (RB)
5.00%, 09/01/26 |
$ | 125,288 | ||||
| 984,250 | ||||||||
| Missouri: 0.5% | ||||||||
| 160,000 |
City of Liberty, Liberty Commons Project, Series A (TA)
5.13%, 06/01/25 |
152,466 | ||||||
| 235,000 |
City of St. Ann, Northwest Plaza Redevelopment, Series A (TA)
4.00%, 11/01/26 |
218,524 | ||||||
| 220,000 |
Industrial Development Authority of the City of St. Louis, Series A (RB)
3.88%, 11/15/26 (c) |
198,442 | ||||||
| 475,000 |
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB)
4.38%, 03/15/28 (c) |
345,087 | ||||||
| 500,000 |
St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB)
5.00%, 09/01/25 (c) |
483,440 | ||||||
| 1,397,959 | ||||||||
| Montana: 0.1% | ||||||||
| 220,000 |
City of Forsyth, Rosebud County, Montana Pollution Control (RB)
2.00%, 08/01/23 |
222,350 | ||||||
| Nebraska: 0.1% | ||||||||
| 100,000 |
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 09/01/28 |
115,509 | ||||||
| 100,000 |
Nebraska Public Power District (RB)
5.00%, 01/01/22 |
106,767 | ||||||
| 222,276 | ||||||||
| Nevada: 1.0% | ||||||||
| 455,000 |
City of Reno, Tax Increment Senior Lien, Series C (TA)
5.40%, 06/01/20 (c) |
398,703 | ||||||
| 500,000 |
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)
2.50%, 06/15/24 |
481,730 | ||||||
| Clark County School District, Series B (GO) (AGM) | ||||||||
| 250,000 | 5.00%, 06/15/29 (c) | 310,495 | ||||||
| 250,000 | 5.00%, 06/15/29 | 311,552 | ||||||
| 115,000 |
Clark County School District, Series C (GO)
5.00%, 12/15/25 (c) |
131,558 | ||||||
| 500,000 |
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)
5.88%, 12/15/27 |
491,105 | ||||||
|
Principal
Amount |
Value | |||||||
| Nevada: (continued) | ||||||||
| $ | 535,000 |
State of Nevada, Department of Business and Industry, Somerset
Academy, Series A (RB)
4.50%, 12/15/25 (c) |
$ | 519,522 | ||||
| 2,644,665 | ||||||||
| New Hampshire: 0.2% | ||||||||
| 250,000 |
New Hampshire Business Finance Authority, Covanta Project, Series A (RB)
4.00%, 07/01/23 (c) |
235,283 | ||||||
| 290,000 |
New Hampshire Health and Education Facilities Authority, Hillside Village,
Series A (RB)
5.25%, 07/01/24 (c) |
257,575 | ||||||
| 492,858 | ||||||||
| New Jersey: 11.9% | ||||||||
| 240,000 |
Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM)
0.00%, 11/01/22 ^ |
228,053 | ||||||
| 695,000 |
Gloucester County, Pollution Control Financing Authority, Series A (RB)
5.00%, 12/01/24 |
712,632 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 345,000 | 4.25%, 06/15/22 (c) | 355,229 | ||||||
| 165,000 | 5.00%, 06/15/22 | 174,492 | ||||||
| 150,000 | 5.00%, 06/15/22 (c) | 158,267 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 225,000 | 5.13%, 08/20/22 (c) | 224,192 | ||||||
| 2,000,000 | 5.25%, 08/20/22 (c) | 1,983,840 | ||||||
| 500,000 | 5.63%, 03/05/24 (c) | 501,315 | ||||||
| 300,000 | 5.75%, 09/15/22 (c) | 292,089 | ||||||
| 75,000 |
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.38%, 01/01/24 |
71,115 | ||||||
| 210,000 |
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
4.00%, 11/01/27 |
207,257 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
| 500,000 | 4.00%, 11/01/25 | 496,185 | ||||||
| 115,000 | 5.00%, 11/01/25 | 119,260 | ||||||
| 110,000 |
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series
A(RB) (AGM)
5.00%, 11/01/29 (c) |
112,490 | ||||||
| 115,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.50%, 12/15/26 (c) |
121,895 | ||||||
| 100,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
5.50%, 12/15/26 (c) |
104,657 | ||||||
See Notes to Financial Statements
| 139 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 500,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
5.25%, 03/01/21 (c) |
$ | 515,935 | ||||
| New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB) | ||||||||
| 520,000 | 5.25%, 03/01/21 (c) | 536,572 | ||||||
| 240,000 | 5.25%, 03/01/21 (c) | 247,649 | ||||||
| 225,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
5.00%, 03/01/22 (c) |
227,849 | ||||||
| 145,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB)
5.50%, 09/01/23 |
151,860 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
| 565,000 | 5.00%, 03/01/23 (c) | 574,791 | ||||||
| 370,000 | 5.00%, 03/01/23 (c) | 375,587 | ||||||
| 640,000 | 5.00%, 03/01/23 (c) | 647,488 | ||||||
| 655,000 | 5.00%, 03/01/23 (c) | 661,019 | ||||||
| 300,000 | 5.00%, 03/01/23 (c) | 306,990 | ||||||
| 200,000 | 5.00%, 03/01/23 (c) | 204,236 | ||||||
| 500,000 | 5.00%, 03/01/23 (c) | 509,615 | ||||||
| 340,000 |
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c) |
349,068 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 440,000 | 4.25%, 06/15/25 (c) | 441,694 | ||||||
| 130,000 | 4.38%, 06/15/25 (c) | 131,125 | ||||||
| 375,000 | 5.00%, 06/15/21 | 380,831 | ||||||
| 345,000 | 5.00%, 06/15/25 (c) | 356,209 | ||||||
| 750,000 |
New Jersey Economic Development Authority, State House Project, Series B (RB)
4.00%, 12/15/28 (c) |
723,247 | ||||||
| 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) |
159,126 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 145,000 | 5.00%, 06/15/24 (c) | 148,867 | ||||||
| 175,000 | 5.00%, 06/15/24 (c) | 180,145 | ||||||
| 315,000 |
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
5.00%, 10/01/24 |
322,100 | ||||||
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 75,000 |
New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB)
5.00%, 07/01/21 |
$ | 76,184 | ||||
| 500,000 |
New Jersey State Turnpike Authority, Series A (RB) (AGM)
5.25%, 01/01/26 |
597,225 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 120,000 | 0.00%, 12/15/25 ^ | 99,557 | ||||||
| 360,000 | 0.00%, 12/15/26 ^ | 286,380 | ||||||
| 2,325,000 | 0.00%, 12/15/30 ^ | 1,541,266 | ||||||
| 330,000 | 5.00%, 06/15/21 (c) | 332,524 | ||||||
| 500,000 | 5.00%, 12/15/24 | 517,390 | ||||||
| 500,000 | 5.00%, 12/15/25 | 518,665 | ||||||
| 500,000 | 5.00%, 06/15/26 (c) | 529,545 | ||||||
| 1,050,000 | 5.00%, 12/15/26 | 1,091,317 | ||||||
| 170,000 | 5.50%, 12/15/22 | 176,424 | ||||||
| 110,000 |
New Jersey Transportation Trust Fund Authority, Series A-1 (RB)
5.00%, 06/15/26 (c) |
118,208 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 235,000 | 4.00%, 06/15/22 (c) | 232,349 | ||||||
| 605,000 | 5.00%, 06/15/22 (c) | 610,064 | ||||||
| 200,000 | 5.00%, 06/15/22 | 204,340 | ||||||
| 205,000 | 5.00%, 06/15/22 (c) | 208,223 | ||||||
| 285,000 | 5.00%, 06/15/23 (c) | 290,871 | ||||||
| 275,000 | 5.00%, 06/15/25 (c) | 283,935 | ||||||
| 500,000 | 5.00%, 12/15/28 (c) | 508,255 | ||||||
| 100,000 | 5.25%, 06/15/25 (c) | 104,061 | ||||||
| 365,000 | 5.25%, 06/15/25 (c) | 376,063 | ||||||
| 100,000 |
New Jersey Transportation Trust Fund Authority, Series B (RB)
5.25%, 06/15/21 (c) |
101,034 | ||||||
| 1,500,000 |
New Jersey Transportation Trust Fund Authority, Series BB-1 (RB)
5.00%, 12/15/28 (c) |
1,524,765 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) | ||||||||
| 1,300,000 | 0.00%, 12/15/27 ^ | 1,028,404 | ||||||
| 1,415,000 | 0.00%, 12/15/28 ^ | 1,041,115 | ||||||
| 290,000 | 0.00%, 12/15/29 ^ | 216,859 | ||||||
| 540,000 | 0.00%, 12/15/30 ^ | 377,125 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 480,000 | 5.00%, 12/15/23 | 494,630 | ||||||
| 130,000 | 5.25%, 12/15/23 | 135,044 | ||||||
| 1,525,000 |
Pollution Control Financing Authority, Chambers Project, Series A (RB)
5.00%, 12/01/23 |
1,588,242 | ||||||
| State of New Jersey, Series T (GO) | ||||||||
| 300,000 | 5.00%, 06/01/21 | 312,699 | ||||||
| 250,000 | 5.00%, 06/01/22 | 269,062 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 80,000 | 3.00%, 06/01/26 | 84,635 | ||||||
| 110,000 | 4.00%, 06/01/23 (c) | 115,555 | ||||||
| 100,000 | 5.00%, 06/01/27 | 120,930 | ||||||
See Notes to Financial Statements
| 140 |
|
|
|
Principal
Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| $ | 500,000 | 5.00%, 06/01/23 | $ | 543,445 | ||||
| 500,000 | 5.00%, 06/01/28 (c) | 582,495 | ||||||
| 150,000 | 5.00%, 06/01/28 (c) | 176,499 | ||||||
| 31,430,355 | ||||||||
| New Mexico: 0.1% | ||||||||
| 250,000 |
Farmington, Pollution Control, San Juan Project, Series B (RB)
1.88%, 10/01/21 (p) |
245,867 | ||||||
| New York: 9.3% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 1,600,000 | 5.00%, 07/15/23 | 1,634,464 | ||||||
| 1,750,000 | 5.00%, 07/15/24 | 1,795,797 | ||||||
| 100,000 | 5.00%, 07/15/26 | 102,780 | ||||||
| 2,500,000 | 5.00%, 01/15/27 (c) | 2,535,300 | ||||||
| 100,000 | 5.00%, 01/15/27 (c) | 102,044 | ||||||
| 100,000 | 5.00%, 01/15/27 (c) | 102,566 | ||||||
| 1,250,000 |
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28 |
1,177,712 | ||||||
| 250,000 |
Metropolitan Transportation Authority, Series C-1 (RB)
5.00%, 05/15/28 (c) |
251,640 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 125,000 | 5.00%, 11/15/21 (c) | 133,189 | ||||||
| 150,000 | 5.00%, 11/15/21 (c) | 159,827 | ||||||
| 500,000 |
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB)
4.00%, 01/01/26 (c) |
444,005 | ||||||
| 25,000 |
New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
5.00%, 06/01/20 (c) |
25,071 | ||||||
| 105,000 |
New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB)
5.00%, 07/01/22 |
106,880 | ||||||
| 215,000 |
New York State Bridge Authority (RB)
4.00%, 01/01/21 |
219,392 | ||||||
| New York State Dormitory Authority, Medical Center Obligated Group (RB) | ||||||||
| 300,000 | 5.00%, 12/01/26 | 341,169 | ||||||
| 300,000 | 5.00%, 06/01/27 (c) | 341,889 | ||||||
| 750,000 |
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)
5.00%, 08/01/28 (c) |
807,825 | ||||||
| 250,000 |
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB)
5.00%, 08/01/24 |
265,657 | ||||||
|
Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| $ | 2,000,000 | 5.00%, 08/01/21 (c) | $ | 1,954,760 | ||||
| 1,560,000 | 5.00%, 08/01/21 (c) | 1,527,178 | ||||||
| 535,000 | 5.00%, 08/01/21 | 532,325 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 160,000 | 5.00%, 01/01/28 (c) | 160,682 | ||||||
| 230,000 | 5.00%, 01/01/28 (c) | 230,980 | ||||||
| 1,000,000 | 5.00%, 01/01/28 | 1,004,260 | ||||||
| New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) | ||||||||
| 35,000 | 5.00%, 01/01/21 | 35,005 | ||||||
| 50,000 | 5.00%, 01/01/22 | 49,997 | ||||||
| 500,000 |
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB)
3.50%, 07/01/23 (c) |
472,660 | ||||||
| 25,000 |
Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB)
5.00%, 07/01/21 (c) |
25,950 | ||||||
| 1,000,000 |
Suffolk Tobacco Asset Securitization Corp., Series B (RB)
5.38%, 06/01/20 (c) |
1,001,050 | ||||||
| Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
| 945,000 | 5.00%, 01/01/26 (c) | 867,415 | ||||||
| 1,000,000 | 5.00%, 01/01/26 (c) | 901,540 | ||||||
| 750,000 | 5.00%, 01/01/26 (c) | 703,110 | ||||||
| 1,130,000 | 5.00%, 01/01/26 (c) | 1,047,973 | ||||||
| 665,000 |
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM)
3.25%, 02/01/26 (c) |
692,065 | ||||||
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
| 120,000 | 4.00%, 05/15/23 (c) | 122,334 | ||||||
| 100,000 | 4.13%, 05/15/23 (c) | 102,198 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 70,000 | 5.00%, 06/01/27 (c) | 79,827 | ||||||
| 70,000 | 5.00%, 06/01/27 | 80,308 | ||||||
| 1,500,000 |
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/23 |
1,529,025 | ||||||
| 550,000 |
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
4.00%, 09/15/24 (c) |
502,749 | ||||||
| 200,000 |
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)
4.00%, 10/15/29 |
195,682 | ||||||
| 24,366,280 | ||||||||
See Notes to Financial Statements
| 141 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| North Carolina: 0.4% | ||||||||
| $ | 125,000 |
North Carolina Eastern Municipal Power Agency, Series B (RB)
6.00%, 01/01/25 |
$ | 153,056 | ||||
| 150,000 |
North Carolina Medical Care Commission, Baptist Hospital (RB)
5.25%, 06/01/20 (c) |
150,335 | ||||||
| 340,000 |
North Carolina Medical Care Commission, Retirement Facilities (RB)
5.13%, 07/01/23 |
336,614 | ||||||
| 350,000 |
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/25 |
375,399 | ||||||
| 1,015,404 | ||||||||
| North Dakota: 0.3% | ||||||||
| 1,000,000 |
Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB)
5.75%, 09/15/26 (c) |
854,750 | ||||||
| Northern Mariana Islands: 0.5% | ||||||||
| 1,500,000 |
Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM)
5.00%, 06/01/20 (c) |
1,344,255 | ||||||
| Ohio: 3.1% | ||||||||
| 500,000 |
American Municipal Power, Inc., Series A (RB)
5.00%, 02/15/29 |
629,480 | ||||||
| 90,000 |
City of Cleveland, Airport System Revenue, Series C (RB) (AMBAC)
5.25%, 01/01/21 |
92,033 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 250,000 | 5.00%, 02/15/25 | 275,585 | ||||||
| 50,000 | 5.00%, 02/15/26 | 55,787 | ||||||
| 110,000 | 5.00%, 02/15/27 (c) | 119,041 | ||||||
| 250,000 | 5.00%, 02/15/27 | 282,630 | ||||||
| 375,000 |
County of Licking, Health Care Facilities, Series A (RB)
5.10%, 07/01/25 |
340,324 | ||||||
| 50,000 |
County of Muskingum, Genesis HealthCare System (RB)
4.00%, 02/15/23 |
51,896 | ||||||
| 260,000 |
Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB)
6.75%, 02/01/22 (c) |
232,539 | ||||||
| 2,500,000 |
Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB)
2.50%, 10/01/29 (p) |
2,384,150 | ||||||
| 500,000 |
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB)
2.60%, 10/01/24 (c) (p) |
479,525 | ||||||
| 2,500,000 |
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)
3.25%, 09/01/29 |
2,296,775 | ||||||
|
Principal
Amount |
Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 550,000 |
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series D (RB)
2.88%, 02/01/26 |
$ | 516,285 | ||||
| 500,000 |
Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)
3.75%, 01/15/28 |
500,235 | ||||||
| 8,256,285 | ||||||||
| Oklahoma: 0.7% | ||||||||
| 210,900 |
Oklahoma Development Finance Authority, Inverness Village Community (RB)
5.75%, 01/01/22 (c) |
2,109 | ||||||
| 250,000 |
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/27 |
267,867 | ||||||
| 1,500,000 |
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)
5.00%, 06/01/25 (c) (p) |
1,471,650 | ||||||
| 1,741,626 | ||||||||
| Oregon: 1.3% | ||||||||
| 500,000 |
Clackamas County Hospital Facility Authority (RB)
3.20%, 05/21/20 (c) |
475,135 | ||||||
| Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) (SAW) | ||||||||
| 1,000,000 | 6.50%, 04/01/28 (c) (d) * | 671,000 | ||||||
| 1,500,000 | 6.50%, 04/01/28 (c) (d) * | 1,006,500 | ||||||
| 500,000 | 11.50%, 04/01/26 (c) (d) * | 412,310 | ||||||
| 500,000 |
Port of Portland, International Airport Passenger Facility Charge, Series A (RB)
5.00%, 07/01/21 (c) |
519,230 | ||||||
| 325,000 |
Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB)
5.00%, 11/15/24 (c) |
312,325 | ||||||
| 3,396,500 | ||||||||
| Pennsylvania: 4.3% | ||||||||
| 1,030,000 |
Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB)
4.88%, 11/01/24 |
919,440 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 850,000 | 5.00%, 05/01/22 | 865,784 | ||||||
| 750,000 | 5.00%, 05/01/23 | 768,187 | ||||||
| 1,250,000 | 5.00%, 05/01/27 | 1,305,625 | ||||||
| 250,000 | 5.00%, 05/01/28 | 257,330 | ||||||
| 200,000 |
Berks County Industrial Development Authority, Tower Health Project (RB)
4.00%, 11/01/27 (c) |
192,628 | ||||||
| 80,000 | City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25 | 91,324 | ||||||
See Notes to Financial Statements
| 142 |
|
|
|
Principal
Amount |
Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 500,000 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
5.00%, 06/01/23 |
$ | 539,850 | ||||
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
| 250,000 | 4.00%, 10/15/22 | 244,582 | ||||||
| 850,000 | 5.00%, 10/15/27 | 837,530 | ||||||
| 135,000 |
Delaware River Port Authority, Port District Project (RB)
5.00%, 01/01/22 |
143,512 | ||||||
| 240,000 |
Delaware River Port Authority, Series B (RB)
5.00%, 01/01/21 |
246,024 | ||||||
| 250,000 |
Doylestown Hospital Authority, Series A (RB) (SBG)
5.00%, 07/01/23 (c) |
265,365 | ||||||
| 100,000 |
Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB)
4.00%, 07/01/26 (c) |
101,874 | ||||||
| 530,000 |
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
4.00%, 01/01/25 |
501,438 | ||||||
| 1,000,000 |
Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB)
5.25%, 06/01/26 |
941,370 | ||||||
| Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 250,000 | 5.00%, 12/31/21 | 263,807 | ||||||
| 125,000 | 5.00%, 12/31/23 | 130,191 | ||||||
| 550,000 | 5.00%, 06/30/26 (c) | 585,145 | ||||||
| 130,000 | 5.00%, 06/30/26 | 138,418 | ||||||
| 100,000 |
Pennsylvania Turnpike Commission, Series A-2 (RB)
5.00%, 06/01/26 (c) |
113,931 | ||||||
| 350,000 |
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW)
4.00%, 12/15/26 (c) |
321,958 | ||||||
| 600,000 |
Philadelphia Authority for Industrial Development, The Pavilion, Series A (RB)
3.00%, 12/01/21 (c) |
461,886 | ||||||
| 100,000 |
Philadelphia Gas Works Co., Fourteenth Series (RB)
5.00%, 10/01/26 |
116,655 | ||||||
| 250,000 |
Quakertown General Authority Health Facilities, USDA Loan Anticipation Notes, Series A (RB)
3.13%, 05/21/20 (c) |
243,087 | ||||||
| 75,000 |
Redevelopment Authority of the City of Scranton, Series A (RB)
5.00%, 11/15/21 |
74,564 | ||||||
|
Principal
Amount |
Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 200,000 |
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW)
5.00%, 12/01/26 (c) |
$ | 238,596 | ||||
| The Hospitals and Higher Education, Facilities Authority of Philiadelphia (RB) | ||||||||
| 115,000 | 5.00%, 07/01/26 | 127,931 | ||||||
| 275,000 | 5.00%, 07/01/27 (c) | 300,880 | ||||||
| 11,338,912 | ||||||||
| Puerto Rico: 2.9% | ||||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/21 | 498,750 | ||||||
| 485,000 | 5.25%, 07/01/22 (c) | 480,756 | ||||||
| 950,000 | 6.13%, 07/01/24 | 973,750 | ||||||
| 185,000 |
Puerto Rico Convention Center District Authority, Series A (RB) (CIFG)
5.00%, 06/01/20 (c) |
186,186 | ||||||
| 250,000 |
Puerto Rico Electric Power Authority, Series UU (RB) (AGM)
5.00%, 06/01/20 (c) |
251,635 | ||||||
| 100,000 |
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB)
6.63%, 06/01/20 (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%, 06/01/20 (c) |
196,688 | ||||||
| 780,000 |
Puerto Rico Municipal Finance Agency (RB) (AGM)
5.00%, 06/01/20 (c) |
783,346 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 1,605,013 | 0.00%, 07/01/24 ^ | 1,367,969 | ||||||
| 2,610,000 | 0.00%, 07/01/27 ^ | 1,969,141 | ||||||
| 96,000 | 0.00%, 07/01/28 (c) ^ | 52,229 | ||||||
| 151,000 | 0.00%, 07/01/28 (c) ^ | 92,607 | ||||||
| 808,000 | 0.00%, 07/01/28 (c) ^ | 553,181 | ||||||
| 7,509,738 | ||||||||
| Rhode Island: 0.1% | ||||||||
| 155,000 |
Rhode Island Commerce Corp., Department of Transportation, Series B (RB)
5.00%, 06/15/26 |
185,527 | ||||||
| 115,000 |
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/23 |
122,076 | ||||||
| 307,603 | ||||||||
| South Carolina: 0.4% | ||||||||
| 109,791 |
Connector 2000 Association, Inc., Series A-1 (RB)
0.00%, 04/01/26 (c) ^ |
43,590 | ||||||
See Notes to Financial Statements
| 143 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| South Carolina: (continued) | ||||||||
| $ | 500,000 |
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.00%, 12/15/26 (c) |
$ | 509,100 | ||||
| 425,000 |
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/24 (c) |
395,811 | ||||||
| 220,000 |
South Carolina Public Service Authority, Series C (RB)
5.00%, 12/01/24 (c) |
237,481 | ||||||
| 1,185,982 | ||||||||
| Tennessee: 0.9% | ||||||||
| 500,000 |
Blount County, Health and Educational Facilities Board, Series A (RB)
5.00%, 01/01/25 (c) |
434,215 | ||||||
| 25,000 |
Clarksville Natural Gas Acquisition Corp. (RB)
5.00%, 12/15/21 |
26,141 | ||||||
| 2,000,000 |
Franklin Health and Educational Facilities Board, Provision CARES Proton Therapy Center, Nashville Project, Series A (RB)
6.50%, 06/01/27 |
1,782,060 | ||||||
| 225,000 |
Memphis-Shelby County Industrial Development Board, Series A (TA)
4.75%, 07/01/27 |
221,585 | ||||||
| 2,464,001 | ||||||||
| Texas: 5.6% | ||||||||
| 1,200,000 |
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)
5.00%, 01/01/26 |
1,187,856 | ||||||
| 120,000 |
Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 |
129,569 | ||||||
| 395,000 |
City of Austin, Airport System (RB)
5.00%, 11/15/24 (c) |
435,839 | ||||||
| 1,000,000 |
City of Houston, Airport System, Series A (RB)
5.00%, 07/01/21 |
1,036,850 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 1,000,000 | 4.75%, 07/01/24 | 996,500 | ||||||
| 1,500,000 | 5.00%, 07/15/28 | 1,493,490 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 100,000 | 4.63%, 08/15/25 | 100,671 | ||||||
| 200,000 | 5.13%, 08/15/25 (c) | 202,148 | ||||||
| 1,065,000 | 6.00%, 09/28/23 (c) | 1,109,464 | ||||||
| Clifton Higher Education Finance Corp., Series D (RB) | ||||||||
| 530,000 | 5.25%, 08/15/25 (c) | 545,699 | ||||||
| 500,000 | 5.25%, 08/15/25 (c) | 517,180 | ||||||
| 335,000 |
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)
4.88%, 10/01/22 (c) |
314,686 | ||||||
|
Principal
Amount |
Value | |||||||
| Texas: (continued) | ||||||||
| $ | 215,000 |
Harris County, Houston Sports Authority, Junior Lien, Series H (RB)
0.00%, 11/15/29 ^ |
$ | 152,336 | ||||
| 260,000 |
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC)
4.40%, 05/01/30 |
286,205 | ||||||
| 300,000 |
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB)
5.00%, 02/15/26 (c) |
252,510 | ||||||
| 600,000 |
New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB)
5.00%, 04/01/27 (c) |
579,066 | ||||||
| 100,000 |
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB)
4.00%, 08/15/21 (c) |
94,145 | ||||||
| 250,000 |
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)
5.25%, 02/15/23 (c) |
237,773 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 100,000 | 5.00%, 07/01/23 | 89,818 | ||||||
| 100,000 | 5.00%, 07/01/24 | 88,867 | ||||||
| 75,000 |
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB)
5.00%, 01/01/24 |
72,970 | ||||||
| 145,000 |
North Texas Tollway Authority, First Tier, Series D (RB)
0.00%, 01/01/29 ^ |
121,345 | ||||||
| 185,000 |
North Texas Tollway Authority, Second Tier, Series B (RB)
5.00%, 01/01/26 (c) |
214,641 | ||||||
| SA Energy Acquisition Public Facility Corp. (RB) | ||||||||
| 75,000 | 5.50%, 08/01/21 | 77,797 | ||||||
| 85,000 | 5.50%, 08/01/22 | 90,485 | ||||||
| 55,000 | 5.50%, 08/01/24 | 61,223 | ||||||
| 125,000 | 5.50%, 08/01/25 | 141,989 | ||||||
| 110,000 | 5.50%, 08/01/27 | 129,488 | ||||||
| 450,000 |
Sam Rayburn Municipal Power Agency, Power Supply System (RB)
5.00%, 10/01/21 |
472,234 | ||||||
| 190,000 |
Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB)
4.50%, 06/01/20 (c) (d) * |
133,000 | ||||||
| 800,000 |
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB)
5.00%, 11/15/25 (c) |
650,560 | ||||||
See Notes to Financial Statements
| 144 |
|
|
|
Principal
Amount |
Value | |||||||
| Texas: (continued) | ||||||||
| $ | 200,000 |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB)
4.00%, 05/15/24 (c) |
$ | 166,534 | ||||
| 500,000 |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB)
6.00%, 05/15/27 (c) |
508,080 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | ||||||||
| 240,000 | 5.25%, 12/15/21 | 251,623 | ||||||
| 155,000 | 5.25%, 12/15/22 | 166,687 | ||||||
| 15,000 | 5.25%, 12/15/23 | 16,508 | ||||||
| 60,000 | 5.25%, 12/15/24 | 67,390 | ||||||
| 100,000 | 5.25%, 12/15/25 | 114,461 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB) | ||||||||
| 115,000 | 5.00%, 12/15/21 | 118,817 | ||||||
| 70,000 | 5.00%, 12/15/22 (c) | 73,506 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,051,620 | ||||||
| 105,000 | 5.00%, 12/15/22 | 110,477 | ||||||
| 14,662,107 | ||||||||
| Vermont: 0.1% | ||||||||
| 150,000 |
Vermont Economic Development Authority, Recovery Zone Facility (RB)
5.00%, 12/15/20 |
153,026 | ||||||
| Virgin Islands: 1.3% | ||||||||
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 893,860 | ||||||
| 300,000 | 5.00%, 10/01/24 | 284,094 | ||||||
| 500,000 |
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB)
5.00%, 10/01/20 (c) |
469,405 | ||||||
| 270,000 |
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB)
5.00%, 06/01/20 (c) |
256,678 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) | ||||||||
| 30,000 | 5.00%, 06/01/20 (c) | 28,164 | ||||||
| 140,000 | 5.00%, 10/01/20 (c) | 130,740 | ||||||
| 750,000 |
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB)
5.00%, 06/01/20 (c) |
720,420 | ||||||
| Virgin Islands Water and Power Authority, Series A (RB) | ||||||||
| 440,000 | 4.00%, 07/01/21 | 423,588 | ||||||
| 150,000 | 5.00%, 06/01/20 (c) | 141,335 | ||||||
| 75,000 | 5.00%, 06/01/20 (c) | 69,437 | ||||||
| 55,000 |
Virgin Islands Water and Power Authority, Series B (RB)
5.00%, 06/01/20 (c) |
50,004 | ||||||
| 3,467,725 | ||||||||
|
Principal
Amount |
Value | |||||||
| Virginia: 0.9% | ||||||||
| $ | 140,000 |
Amherst Industrial Development Authority (RB)
4.75%, 06/01/20 (c) |
$ | 128,108 | ||||
| 500,000 |
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 11/01/23 |
531,460 | ||||||
| 75,000 |
Chesterfield Economic Development Authority, Brandermill Woods Project (RB)
4.13%, 01/01/22 (c) |
72,754 | ||||||
| Economic Development Authority of the City of Newport News, Residential Care Facilities (RB) | ||||||||
| 100,000 | 3.13%, 12/01/25 (c) | 87,495 | ||||||
| 125,000 | 5.00%, 12/01/24 | 125,198 | ||||||
| 325,000 |
Peninsula Town Center Community Development Authority (RB)
4.50%, 09/01/27 (c) |
326,547 | ||||||
| 500,000 |
Roanoke County Economic Development Authority, Series A (RB)
4.75%, 09/01/26 (c) |
461,200 | ||||||
| 250,000 |
Roanoke Economic Development Authority, Residential Care Facility (RB)
4.30%, 09/01/27 (c) |
218,148 | ||||||
| 500,000 |
Virginia College Building Authority, Regent University Project (RB)
5.00%, 06/01/20 (c) |
453,630 | ||||||
| 2,404,540 | ||||||||
| Washington: 1.1% | ||||||||
| 155,000 |
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.00%, 12/01/25 |
161,006 | ||||||
| 480,000 |
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB)
5.00%, 02/01/25 (c) (p) |
535,363 | ||||||
| 500,000 |
Washington State Housing Finance Commission, Hearthstone Project, Series B (RB)
3.13%, 06/01/20 (c) |
465,700 | ||||||
| 475,000 |
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB)
6.00%, 07/01/25 |
473,708 | ||||||
| 200,000 |
Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB)
5.50%, 05/21/20 (c) |
196,612 | ||||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 250,000 | 3.75%, 07/01/26 | 229,233 | ||||||
| 500,000 | 4.00%, 01/01/25 (c) | 476,070 | ||||||
See Notes to Financial Statements
| 145 |
|
|
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Washington: (continued) | ||||||||
| $ | 500,000 |
Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB)
2.38%, 07/01/21 (c) |
$ | 435,315 | ||||
| 2,973,007 | ||||||||
| West Virginia: 0.3% | ||||||||
| 100,000 |
Brooke County Commission, Bethany College, Series A (RB)
5.75%, 04/01/21 (c) |
93,574 | ||||||
| 370,000 |
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)
3.00%, 06/01/22 (c) |
353,531 | ||||||
| West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | ||||||||
| 65,000 | 6.25%, 05/18/20 (c) (d) * | 35,750 | ||||||
| 410,000 | 6.50%, 05/18/20 (c) (d) * | 225,500 | ||||||
| 150,000 |
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB)
5.00%, 06/01/26 |
172,997 | ||||||
| 881,352 | ||||||||
| Wisconsin: 2.5% | ||||||||
| 500,000 |
Public Finance Authority, Cedars Obligated Group (RB)
4.25%, 05/01/27 (c) |
443,705 | ||||||
| 1,000,000 |
Public Finance Authority, Celanese Corp., Series C (RB)
4.30%, 05/01/26 (c) |
914,260 | ||||||
| 500,000 |
Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/24 (c) |
460,710 | ||||||
| Public Finance Authority, Friends Homes (RB) | ||||||||
| 250,000 | 4.00%, 09/01/24 | 238,778 | ||||||
| 500,000 | 4.00%, 09/01/26 (c) | 448,870 | ||||||
|
Principal
Amount |
Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 175,000 |
Public Finance Authority, North Carolina
Charter Educational Foundation Project, Series A (RB)
4.10%, 06/15/26 |
$ | 159,521 | ||||
| 325,000 |
Public Finance Authority, North Carolina Leadership Academy,
Series A (RB)
4.00%, 06/15/26 (c) |
310,368 | ||||||
| 250,000 |
Public Finance Authority, Phoenix Academy Project, Series
A (RB)
5.00%, 06/15/24 (c) |
235,818 | ||||||
| 1,000,000 |
Public Finance Authority, Prime Healthcare Foundation,
Inc., Series A (RB)
5.00%, 12/01/27 |
1,084,440 | ||||||
| 420,000 |
Public Finance Authority, Senior Airport Facilities,
Series B (RB)
5.00%, 07/01/22 |
422,944 | ||||||
| 500,000 |
Public Finance Authority, Ultimate Medical Academy Project,
Series A (RB)
5.00%, 10/01/29 |
563,690 | ||||||
| 750,000 |
Public Finance Authority, Waste Management, Inc. Project,
Series A-1 (RB)
2.00%, 06/01/21 (p) |
745,020 | ||||||
| Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) | ||||||||
| 200,000 | 3.50%, 08/01/22 | 191,862 | ||||||
| 250,000 | 5.00%, 08/01/24 (c) | 238,288 | ||||||
| 6,458,274 | ||||||||
|
Total Municipal Bonds: 98.5%
(Cost: $277,418,482) |
259,284,225 | |||||||
| Other assets less liabilities: 1.5% | 3,981,548 | |||||||
| NET ASSETS: 100.0% | $ | 263,265,773 | ||||||
See Notes to Financial Statements
| 146 |
|
|
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default of coupon payment |
| (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 | 8.6 | % | $ | 22,204,089 | |||||
| Health Care | 15.3 | 39,717,029 | |||||||
| Housing | 1.8 | 4,563,329 | |||||||
| Industrial Revenue | 23.3 | 60,525,935 | |||||||
| Leasing | 10.1 | 26,275,211 | |||||||
| Local | 6.8 | 17,535,976 | |||||||
| Power | 1.7 | 4,336,980 | |||||||
| Solid Waste/Resource Recovery | 0.0 | 8 | |||||||
| Special Tax | 9.3 | 23,989,541 | |||||||
| State | 9.4 | 24,474,768 | |||||||
| Tobacco | 2.4 | 6,254,124 | |||||||
| Transportation | 9.2 | 23,919,678 | |||||||
| Water & Sewer | 2.1 | 5,487,557 | |||||||
| 100.0 | % | $ | 259,284,225 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||||
| Total Municipal Bonds* | $ | — | $ | 259,284,225 | $ | — | $ | 259,284,225 | ||||||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 147 |
|
|
VANECK VECTORS CEF MUNICIPAL INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Number
of Shares |
Value | |||||||
| CLOSED-END FUNDS: (continued) | ||||||||
| 306,294 | Invesco Municipal Opportunity Trust | $ | 3,451,933 | |||||
| 249,671 | Invesco Municipal Trust | 2,788,825 | ||||||
| 264,077 | Invesco Quality Municipal Income Trust | 2,999,915 | ||||||
| 265,981 | Invesco Trust for Investment Grade Municipals | 3,058,781 | ||||||
| 213,091 | Invesco Value Municipal Income Trust | 2,904,430 | ||||||
| 70,763 | MainStay MacKay DefinedTerm Municipal Opportunities Fund | 1,352,989 | ||||||
| 114,671 | MFS High Income Municipal Trust | 486,205 | ||||||
| 187,171 | MFS Municipal Income Trust | 1,094,950 | ||||||
| 60,031 | Neuberger Berman Municipal Fund, Inc. | 811,619 | ||||||
| 798,183 | Nuveen AMT-Free Municipal Credit Income Fund | 11,126,671 | ||||||
| 65,891 | Nuveen AMT-Free Municipal Value Fund | 954,761 | ||||||
| 864,620 | Nuveen AMT-Free Quality Municipal Income Fund | 11,162,244 | ||||||
| 91,581 | Nuveen Enhanced Municipal Value Fund | 1,179,563 | ||||||
| 151,824 | Nuveen Intermediate Duration Municipal Term Fund | 1,888,691 | ||||||
| 43,184 | Nuveen Intermediate Duration Quality Municipal Term Fund | 562,688 | ||||||
| 628,481 | Nuveen Municipal Credit Income Fund | 8,258,240 | ||||||
| 167,392 | Nuveen Municipal Credit Opportunities Fund | 1,853,029 | ||||||
| 238,468 | Nuveen Municipal High Income Opportunity Fund | 2,861,616 | ||||||
| 638,383 | Nuveen Municipal Value Fund, Inc. | 6,128,477 | ||||||
| 850,700 | Nuveen Quality Municipal Income Fund | 11,101,635 | ||||||
| 50,545 | Nuveen Select Tax-Free Income Portfolio | 739,473 | ||||||
| 60,465 | Nuveen Select Tax-Free Income2 Portfolio | 837,440 | ||||||
| 80,134 | PIMCO Municipal Income Fund III | 845,414 | ||||||
| 120,863 | Pioneer Municipal High Income Advantage Trust | 1,215,882 | ||||||
| 115,026 | Pioneer Municipal High Income Trust | 1,244,581 | ||||||
| 174,867 | Putnam Managed Municipal Income Trust | 1,168,112 | ||||||
| 124,214 | Putnam Municipal Opportunities Trust | 1,444,609 | ||||||
| 156,584 | Western Asset Managed Municipals Fund, Inc. | 1,791,321 | ||||||
| 36,903 | Western Asset Municipal Defined Opportunity Trust, Inc. | 687,134 | ||||||
|
Total Closed-End Funds
(Cost: $157,463,941) |
142,156,483 | |||||||
| Other assets less liabilities: 0.2% | 229,907 | |||||||
| NET ASSETS: 100.0% | $ | 142,386,390 | ||||||
See Notes to Financial Statements
| 148 |
|
|
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 | % | $142,156,483 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Closed-End Funds | $ | 142,156,483 | $ | — | $ | — | $ | 142,156,483 | |||||||||
See Notes to Financial Statements
| 149 |
|
|
VANECK VECTORS MUNICIPAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
Footnotes:
| (a) | The underlying fund’s shareholder report 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, 2020 is set forth below:
| Affiliates |
Value
05/15/19* |
Purchases |
Sales
Proceeds |
Realized
Gain (Loss) |
Dividend
Income |
Net Change in
Unrealized Appreciation (Depreciation) |
Value
04/30/20 |
||||||||||||||||||||||
| VanEck Vectors AMT-Free Intermediate Municipal Index ETF | $ | — | $ | 1,532,913 | $ | (1,447,942 | ) | $ | (84,048 | )** | $ | 16,183 | $ | — | $ | — | |||||||||||||
| VanEck Vectors AMT-Free Long Municipal Index ETF | — | 2,309,741 | (2,149,766 | ) | (158,787 | )*** | 30,143 | — | — | ||||||||||||||||||||
| VanEck Vectors AMT-Free Short Municipal Index ETF | — | 6,832,523 | (2,304,539 | ) | 37,684 | — | 25,626 | 4,591,294 | |||||||||||||||||||||
| VanEck Vectors High-Yield Municipal Index ETF | — | 3,087,349 | (2,569,165 | ) | (518,184 | ) | 60,565 | — | — | ||||||||||||||||||||
| VanEck Vectors Short High-Yield Municipal Index ETF | — | 769,470 | (659,296 | ) | (110,174 | ) | 11,755 | — | — | ||||||||||||||||||||
| $ | — | $ | 14,531,996 | $ | (9,130,708 | ) | $ | (833,509 | ) | $ | 118,646 | $ | 25,626 | $ | 4,591,294 | ||||||||||||||
| * | Commencement of operations. |
| ** | Includes $923 of capital gains distributions from the underlying affiliated investment company. |
| *** | Includes $1,188 of capital gains distributions from the underlying affiliated investment company. |
|
Summary of Investments
by Sector |
% of Investments | Value | ||||||
| Exchange Traded Fund | 100.0 | % | $4,591,294 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Exchange Traded Fund | $ | 4,591,294 | $ | — | $ | — | $ | 4,591,294 | |||||||||
See Notes to Financial Statements
| 150 |
|
|
[This page intentionally left blank.]
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2020
|
AMT-Free
Intermediate Municipal Index ETF |
AMT-Free Long
Municipal Index ETF |
AMT-Free Short
Municipal Index ETF |
|||||||||||||
| Assets: | |||||||||||||||
| Investments, at value | |||||||||||||||
| Unaffiliated issuers (1) | $ | 1,561,977,875 | $ | 195,260,343 | $ | 201,437,205 | |||||||||
| Affiliated issuers (2) | — | — | — | ||||||||||||
| Cash | 1,456,589 | 1,380,650 | 9 | ||||||||||||
| Receivables: | |||||||||||||||
| Investment securities sold | 6,386,687 | 789,596 | 2,782,835 | ||||||||||||
| Shares of beneficial interest sold | — | — | — | ||||||||||||
| Dividends and interest | 18,296,005 | 2,408,863 | 2,560,373 | ||||||||||||
| Prepaid expenses | — | — | — | ||||||||||||
| Total assets | 1,588,117,156 | 199,839,452 | 206,780,422 | ||||||||||||
| Liabilities: | |||||||||||||||
| Payables: | |||||||||||||||
| Investment securities purchased | 6,116,495 | — | 3,009,783 | ||||||||||||
| Line of credit | — | — | 137,593 | ||||||||||||
| Shares of beneficial interest redeemed | — | — | — | ||||||||||||
| Due to Adviser | 318,238 | 39,906 | 33,471 | ||||||||||||
| Deferred Trustee fees | 3,000 | 1,517 | 1,600 | ||||||||||||
| Accrued expenses | — | — | 111 | ||||||||||||
| Total liabilities | 6,437,733 | 41,423 | 3,182,558 | ||||||||||||
| NET ASSETS | $ | 1,581,679,423 | $ | 199,798,029 | $ | 203,597,864 | |||||||||
| Shares outstanding | 32,298,916 | 9,900,000 | 11,600,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 48.97 | $ | 20.18 | $ | 17.55 | |||||||||
| Net Assets consist of: | |||||||||||||||
| Aggregate paid in capital | $ | 1,552,095,911 | $ | 201,221,431 | $ | 204,175,748 | |||||||||
| Total distributable earnings (loss) | 29,583,512 | (1,423,402 | ) | (577,884 | ) | ||||||||||
| NET ASSETS | $ | 1,581,679,423 | $ | 199,798,029 | $ | 203,597,864 | |||||||||
| (1) Cost of investments-Unaffiliated issuers | $ | 1,534,343,952 | $ | 196,960,073 | $ | 201,302,606 | |||||||||
| (2) Cost of investments-Affiliated issuers | $ | — | $ | — | $ | — | |||||||||
See Notes to Financial Statements
| 152 |
|
|
|
High-Yield
Municipal Index ETF |
Short
High-Yield Municipal Index ETF |
CEF Municipal
Income ETF |
Municipal
Allocation ETF |
|||||||||||||||
| $ | 2,513,321,641 | $ | 259,284,225 | $ | 142,156,483 | $ | — | |||||||||||
| — | — | — | 4,591,294 | |||||||||||||||
| 23,814,871 | 119,308 | 151,083 | 9,755 | |||||||||||||||
| 18,117,795 | — | — | — | |||||||||||||||
| — | — | 1,215,378 | — | |||||||||||||||
| 42,075,286 | 3,942,017 | 416,743 | — | |||||||||||||||
| — | — | 2,012 | 992 | |||||||||||||||
| 2,597,329,593 | 263,345,550 | 143,941,699 | 4,602,041 | |||||||||||||||
| 903,686 | — | 1,215,333 | — | |||||||||||||||
| — | — | 283,562 | — | |||||||||||||||
| 25,249,637 | — | — | — | |||||||||||||||
| 806,525 | 79,777 | 46,533 | 417 | |||||||||||||||
| 3,184 | — | 4,195 | — | |||||||||||||||
| — | — | 5,686 | 9,464 | |||||||||||||||
| 26,963,032 | 79,777 | 1,555,309 | 9,881 | |||||||||||||||
| $ | 2,570,366,561 | $ | 263,265,773 | $ | 142,386,390 | $ | 4,592,160 | |||||||||||
| 45,796,401 | 11,400,000 | 5,850,000 | 200,000 | |||||||||||||||
| $ | 56.13 | $ | 23.09 | $ | 24.34 | $ | 22.96 | |||||||||||
| $ | 2,889,117,837 | $ | 285,422,306 | $ | 163,058,297 | $ | 5,416,478 | |||||||||||
| (318,751,276 | ) | (22,156,533 | ) | (20,671,907 | ) | (824,318 | ) | |||||||||||
| $ | 2,570,366,561 | $ | 263,265,773 | $ | 142,386,390 | $ | 4,592,160 | |||||||||||
| $ | 2,800,236,959 | $ | 277,418,482 | $ | 157,463,941 | $ | — | |||||||||||
| $ | — | $ | — | $ | — | $ | 4,565,667 | |||||||||||
See Notes to Financial Statements
| 153 |
|
|
VANECK VECTORS ETF TRUST
For the Year Ended April 30, 2020
|
AMT-Free
Intermediate Municipal Index ETF |
AMT-Free Long
Municipal Index ETF |
AMT-Free Short
Municipal Index ETF |
|||||||||||||
| Income: | |||||||||||||||
| Dividends | $ | 103,197 | $ | 7,485 | $ | 12,118 | |||||||||
| Interest | 43,228,233 | 5,640,628 | 3,499,886 | ||||||||||||
| Total income | 43,331,430 | 5,648,113 | 3,512,004 | ||||||||||||
| Expenses: | |||||||||||||||
| Management fees | 4,309,785 | 458,216 | 402,287 | ||||||||||||
| Interest | 2,480 | 497 | 1,703 | ||||||||||||
| Total expenses | 4,312,265 | 458,713 | 403,990 | ||||||||||||
| Net investment income | 39,019,165 | 5,189,400 | 3,108,014 | ||||||||||||
| Net realized gain (loss) on: | |||||||||||||||
| Investments | 2,972,632 | 28,942 | 771,912 | ||||||||||||
| In-kind redemptions | 18,722,117 | 1,005,185 | 52,588 | ||||||||||||
| Net realized gain (loss) | 21,694,749 | 1,034,127 | 824,500 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
| Investments | (15,398,761 | ) | (5,040,336 | ) | (757,914 | ) | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 45,315,153 | $ | 1,183,191 | $ | 3,174,600 | |||||||||
See Notes to Financial Statements
| 154 |
|
|
|
High-Yield
Municipal Index ETF |
Short
High-Yield Municipal Index ETF |
|||||||
| $ | 234,209 | $ | 17,779 | |||||
| 145,940,746 | 9,303,120 | |||||||
| 146,174,955 | 9,320,899 | |||||||
| 11,111,433 | 876,690 | |||||||
| — | 237 | |||||||
| 11,111,433 | 876,927 | |||||||
| 135,063,522 | 8,443,972 | |||||||
| (5,866,701 | ) | (129,347 | ) | |||||
| (67,246,023 | ) | (1,425,959 | ) | |||||
| (73,112,724 | ) | (1,555,306 | ) | |||||
| (329,370,475 | ) | (20,189,964 | ) | |||||
| $ | (267,419,677 | ) | $ | (13,301,298 | ) | |||
See Notes to Financial Statements
| 155 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2020 (continued)
|
CEF Municipal
Income ETF |
Municipal
Allocation ETF (a) |
|||||||||
| Income: | ||||||||||
| Dividends – unaffiliated issuers | $ | 7,062,543 | $ | 997 | ||||||
| Dividends – affiliated issuers | — | 118,646 | ||||||||
| Interest | 1,720 | 125 | ||||||||
| Total income | 7,064,263 | 119,768 | ||||||||
| Expenses: | ||||||||||
| Management fees | 638,959 | 3,095 | ||||||||
| Professional fees | 31,454 | 35,384 | ||||||||
| Custodian fees | 4,002 | 833 | ||||||||
| Fund accounting fees | 4,322 | 95 | ||||||||
| Reports to shareholders | 15,474 | 5,317 | ||||||||
| IOPV fees | 1,834 | 1,429 | ||||||||
| Trustees’ fees and expenses | 2,236 | 228 | ||||||||
| Registration fees | 4,053 | 1,523 | ||||||||
| Transfer agent fees | 1,158 | 1,155 | ||||||||
| Insurance | 1,155 | 496 | ||||||||
| Interest | 6,513 | — | ||||||||
| Other | 2,111 | 101 | ||||||||
| Total expenses | 713,271 | 49,656 | ||||||||
| Waiver of management fees | (67,473 | ) | (3,095 | ) | ||||||
| Expenses assumed by the Adviser | — | (43,462 | ) | |||||||
| Net expenses | 645,798 | 3,099 | ||||||||
| Net investment income | 6,418,465 | 116,669 | ||||||||
| Net realized gain (loss) on: | ||||||||||
| Investments – unaffiliated issuers | (1,306,952 | ) | — | |||||||
| Investments – affiliated issuers | — | (873,304 | ) | |||||||
| Capital gain distributions from investment companies – unaffiliated issuers | 77,275 | — | ||||||||
| Capital gain distributions from investment companies – affiliated issuers | — | 2,111 | ||||||||
| In-kind redemptions – unaffiliated issuers | (119,059 | ) | — | |||||||
| In-kind redemptions – affiliated issuers | — | 37,684 | ||||||||
| Net realized loss | (1,348,736 | ) | (833,509 | ) | ||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||
| Investments – unaffiliated issuers | (12,581,766 | ) | — | |||||||
| Investments – affiliated issuers | — | 25,626 | ||||||||
| Net change in unrealized appreciation (depreciation) | (12,581,766 | ) | 25,626 | |||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (7,512,037 | ) | $ | (691,214 | ) | ||||
| (a) | For the period May 15, 2019 (commencement of operations) through April 30, 2020. |
See Notes to Financial Statements
| 156 |
|
|
[This page intentionally left blank.]
| 157 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
|
AMT- Free Intermediate
Municipal Index ETF |
AMT-Free Long
Municipal Index ETF |
|||||||||||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 39,019,165 | $ | 39,302,092 | $ | 5,189,400 | $ | 4,493,371 | ||||||||||||
| Net realized gain (loss) | 21,694,749 | 558,035 | 1,034,127 | (517,877 | ) | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | (15,398,761 | ) | 73,777,750 | (5,040,336 | ) | 5,697,114 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 45,315,153 | 113,637,877 | 1,183,191 | 9,672,608 | ||||||||||||||||
| Distributions to shareholders | ||||||||||||||||||||
| Dividends and Distributions | (41,718,531 | ) | (39,306,781 | ) | (5,352,305 | ) | (4,518,275 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 357,137,377 | 375,018,774 | 76,206,819 | 26,897,181 | ||||||||||||||||
| Cost of shares redeemed | (499,235,628 | ) | (426,770,532 | ) | (25,241,268 | ) | (33,156,469 | ) | ||||||||||||
| Increase (decrease) in net assets resulting from share transactions | (142,098,251 | ) | (51,751,758 | ) | 50,965,551 | (6,259,288 | ) | |||||||||||||
| Total increase (decrease) in net assets | (138,501,629 | ) | 22,579,338 | 46,796,437 | (1,104,955 | ) | ||||||||||||||
| Net Assets, beginning of year | 1,720,181,052 | 1,697,601,714 | 153,001,592 | 154,106,547 | ||||||||||||||||
| Net Assets, end of year | $ | 1,581,679,423 | $ | 1,720,181,052 | $ | 199,798,029 | $ | 153,001,592 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 7,100,000 | 7,900,000 | 3,600,000 | 1,350,000 | ||||||||||||||||
| Shares redeemed | (9,950,000 | ) | (9,001,084 | ) | (1,200,000 | ) | (1,700,000 | ) | ||||||||||||
| Net increase (decrease) | (2,850,000 | ) | (1,101,084 | ) | 2,400,000 | (350,000 | ) | |||||||||||||
See Notes to Financial Statements
| 158 |
|
|
|
AMT-Free Short
Municipal Index ETF |
High-Yield
Municipal Index ETF |
Short High-Yield
Municipal Index ETF |
||||||||||||||||||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
|||||||||||||||||||||||
| $ | 3,108,014 | $ | 3,170,739 | $ | 135,063,522 | $ | 108,136,498 | $ | 8,443,972 | $ | 5,493,541 | |||||||||||||||||
| 824,500 | (1,041,127 | ) | (73,112,724 | ) | (12,121,310 | ) | (1,555,306 | ) | (1,833,671 | ) | ||||||||||||||||||
| (757,914 | ) | 5,337,459 | (329,370,475 | ) | 34,933,118 | (20,189,964 | ) | 4,661,696 | ||||||||||||||||||||
| 3,174,600 | 7,467,071 | (267,419,677 | ) | 130,948,306 | (13,301,298 | ) | 8,321,566 | |||||||||||||||||||||
| (3,177,000 | ) | (3,158,590 | ) | (130,789,239 | ) | (107,905,812 | ) | (7,999,685 | ) | (5,237,285 | ) | |||||||||||||||||
| 9,788,193 | 4,380,706 | 1,221,086,378 | 603,500,210 | 97,158,157 | 80,525,205 | |||||||||||||||||||||||
| (7,062,607 | ) | (27,681,850 | ) | (908,446,635 | ) | (407,349,929 | ) | (15,135,972 | ) | (15,601,955 | ) | |||||||||||||||||
| 2,725,586 | (23,301,144 | ) | 312,639,743 | 196,150,281 | 82,022,185 | 64,923,250 | ||||||||||||||||||||||
| 2,723,186 | (18,992,663 | ) | (85,569,173 | ) | 219,192,775 | 60,721,202 | 68,007,531 | |||||||||||||||||||||
| 200,874,678 | 219,867,341 | 2,655,935,734 | 2,436,742,959 | 202,544,571 | 134,537,040 | |||||||||||||||||||||||
| $ | 203,597,864 | $ | 200,874,678 | $ | 2,570,366,561 | $ | 2,655,935,734 | $ | 263,265,773 | $ | 202,544,571 | |||||||||||||||||
| 550,000 | 250,000 | 18,950,000 | 9,700,000 | 3,850,000 | 3,300,000 | |||||||||||||||||||||||
| (400,000 | ) | (1,600,000 | ) | (15,450,000 | ) | (6,603,599 | ) | (650,000 | ) | (650,000 | ) | |||||||||||||||||
| 150,000 | (1,350,000 | ) | 3,500,000 | 3,096,401 | 3,200,000 | 2,650,000 | ||||||||||||||||||||||
See Notes to Financial Statements
| 159 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
|
CEF Municipal
Income ETF |
Municipal
Allocation ETF |
||||||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
For the Period
May 15, 2019* through April 30, 2020 |
|||||||||||||
| Operations: | |||||||||||||||
| Net investment income | $ | 6,418,465 | $ | 5,476,289 | $ | 116,669 | |||||||||
| Net realized loss | (1,348,736 | ) | (800,801 | ) | (833,509 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | (12,581,766 | ) | 6,795,757 | 25,626 | |||||||||||
| Net increase (decrease) in net assets resulting from operations | (7,512,037 | ) | 11,471,245 | (691,214 | ) | ||||||||||
| Distributions to shareholders | |||||||||||||||
| Dividends and Distributions | (6,488,575 | ) | (5,350,340 | ) | (95,420 | ) | |||||||||
| Share transactions:** | |||||||||||||||
| Proceeds from sale of shares | 55,048,993 | 64,240,348 | 7,683,791 | ||||||||||||
| Cost of shares redeemed | (42,631,985 | ) | (21,267,448 | ) | (2,304,997 | ) | |||||||||
| Increase in net assets resulting from share transactions | 12,417,008 | 42,972,900 | 5,378,794 | ||||||||||||
| Total increase (decrease) in net assets | (1,583,604 | ) | 49,093,805 | 4,592,160 | |||||||||||
| Net Assets, beginning of period | 143,969,994 | 94,876,189 | — | ||||||||||||
| Net Assets, end of period | $ | 142,386,390 | $ | 143,969,994 | $ | 4,592,160 | |||||||||
| ** Shares of Common Stock Issued (no par value) | |||||||||||||||
| Shares sold | 2,050,000 | 2,550,000 | 300,000 | ||||||||||||
| Shares redeemed | (1,700,000 | ) | (850,000 | ) | (100,000 | ) | |||||||||
| Net increase | 350,000 | 1,700,000 | 200,000 | ||||||||||||
| * | Commencement of operations |
See Notes to Financial Statements
| 160 |
|
|
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 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 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
| 161 |
|
|
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 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 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
| 162 |
|
|
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 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 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. |
See Notes to Financial Statements
| 163 |
|
|
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 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 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. |
See Notes to Financial Statements
| 164 |
|
|
VANECK VECTORS ETF TRUST
April 30, 2020
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 | |
| AMT-Free Intermediate Municipal Index ETF (“Intermediate”) | Diversified | |
| AMT-Free Long Municipal Index ETF (“Long”) | Diversified | |
| AMT-Free Short Municipal Index ETF (“Short”) | Diversified | |
| High-Yield Municipal ETF (“High-Yield”) | Diversified | |
| Short High-Yield Municipal Index ETF (“Short High-Yield”) | Diversified | |
| CEF Municipal Income ETF (“CEF Municipal”) | Diversified | |
| Municipal Allocation ETF* (“Municipal Allocation”) | Non-Diversified |
| * | Fund commenced operations May 15, 2019 |
Each Fund’s investment objective (except for Municipal Allocation) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The investment objective of Municipal 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 Municipal 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 Municipal 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. 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 |
| 165 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| 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. | Dividends and 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. Dividend income is recorded on the ex-dividend date. 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. |
| The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented in the Statements of Operations. |
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| 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 (effective November 1, 2019, for CEF Municipal and Municipal Allocation) 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, 2020 are as follows:
| Fund |
Unitary
Management Fee Rate |
|||
| Intermediate | 0.24 | % | ||
| Long | 0.24 | |||
| Short | 0.20 | |||
| High-Yield | 0.35 | |||
| Short High-Yield | 0.35 | |||
| CEF Municipal* | 0.40 | |||
| Municipal Allocation** | 0.08 | |||
| * | Prior to November 1, 2019, when the Fund was in in a non-unitary management fee structure, the management fee and expense cap was 0.40% of daily net assets. Refer to the Statement of Operations for any amounts waived/assumed by the Adviser for that period. |
| ** | Prior to November 1, 2019, when the Fund was in in a non-unitary management fee structure, the management fee and expense cap was 0.08% of daily net assets. Refer to the Statement of Operations for any amounts waived/assumed by the Adviser for that period. |
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, 2020, the Adviser owned 13,600 shares of High-Yield and 24,500 shares of Short High-Yield.
Effective November 4, 2019, State Street Bank and Trust Company is the Funds’ custodian and transfer agent. Prior to November 4, 2019, Bank of New York Mellon provided these services to the Funds.
For the year ended April 30, 2020, there were offsets to custodian fees under an expense offset agreement and these amounts are reflected in custody expense for CEF Municipal and Municipal Allocation in the Statements of Operations.
Note 4—Capital Share Transactions—As of April 30, 2020, 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”), consisting of 50,000 shares, or multiples thereof.
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
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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.
Note 5—Investments—For the year ended April 30, 2020, 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 | |||||||||||||||
| Intermediate | $ | 371,883,948 | $ | 126,643,612 | $ | 136,471,268 | $ | 498,489,414 | |||||||||||
| Long | 97,688,903 | 41,227,423 | 18,717,289 | 25,355,230 | |||||||||||||||
| Short | 79,335,853 | 66,656,565 | 2,740,984 | 6,580,187 | |||||||||||||||
| High-Yield | 1,467,273,609 | 368,339,590 | 13,357,912 | 804,898,069 | |||||||||||||||
| Short High-Yield | 138,203,138 | 40,612,693 | 877,838 | 15,224,790 | |||||||||||||||
| CEF Municipal | 16,981,698 | 15,579,462 | 53,680,182 | 42,681,199 | |||||||||||||||
| Municipal Allocation | 6,855,855 | 6,826,167 | 7,676,140 | 2,304,539 | |||||||||||||||
Note 6—Income Taxes—As of April 30, 2020, 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) |
|||||||||||||||
| Intermediate | $ | 1,534,267,473 | $ | 45,386,542 | $ | (17,676,140 | ) | $ | 27,710,402 | ||||||||||
| Long | 196,959,816 | 3,280,336 | (4,979,809 | ) | (1,699,473 | ) | |||||||||||||
| Short | 201,375,058 | 1,918,087 | (1,855,940 | ) | 62,147 | ||||||||||||||
| High-Yield | 2,797,054,890 | 26,165,425 | (309,898,674 | ) | (283,733,249 | ) | |||||||||||||
| Short High-Yield | 277,325,342 | 1,143,497 | (19,184,614 | ) | (18,041,117 | ) | |||||||||||||
| CEF Municipal | 157,425,510 | 24,088 | (15,293,113 | ) | (15,269,025 | ) | |||||||||||||
| Municipal Allocation | 4,591,039 | 26,323 | (26,068 | ) | 255 | ||||||||||||||
At April 30, 2020, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:
| Fund |
Undistributed
Tax-Exempt Income |
Accumulated
Capital Losses |
Post-October
Losses Deferred* |
Other
Temporary Differences |
Net Unrealized
Appreciation (Depreciation) |
Total
Distributable Earnings (Loss) |
|||||||||||||||||||||||
| Intermediate | $ | 3,075,040 | $ | — | $ | (1,082,345 | ) | $ | (119,585 | ) | $ | 27,710,402 | $ | 29,583,512 | |||||||||||||||
| Long | 448,540 | — | (159,146 | ) | (13,323 | ) | (1,699,473 | ) | (1,423,402 | ) | |||||||||||||||||||
| Short | 287,942 | (914,941 | ) | — | (13,032 | ) | 62,147 | (577,884 | ) | ||||||||||||||||||||
| High-Yield | 13,957,512 | (48,752,326 | ) | — | (223,213 | ) | (283,733,249 | ) | (318,751,276 | ) | |||||||||||||||||||
| Short High-Yield | 975,489 | (5,073,756 | ) | — | (17,149 | ) | (18,041,117 | ) | (22,156,533 | ) | |||||||||||||||||||
| CEF Municipal | 302,627 | (5,694,713 | ) | — | (10,796 | ) | (15,269,025 | ) | (20,671,907 | ) | |||||||||||||||||||
| Municipal Allocation | 21,494 | (845,822 | ) | — | (245 | ) | 255 | (824,318 | ) | ||||||||||||||||||||
| * | Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2019. These losses are deemed to arise on the first day of the Funds’ next taxable year. |
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The tax character of dividends paid to shareholders during the years ended April 30, 2020 and April 30, 2019 was as follows:
| April 30, 2020 | April 30, 2019 | |||||||||||||||||||||||
| Fund |
Tax-Exempt
Income |
Ordinary
Income |
Long-Term
Capital Gains |
Tax-Exempt
Income |
Ordinary
Income |
|||||||||||||||||||
| Intermediate | $ | 39,297,148 | $ | 157,745 | $ | 2,263,638 | $ | 39,219,343 | $ | 87,438 | ||||||||||||||
| Long | 5,122,752 | 14,744 | 214,809 | 4,510,425 | 7,850 | |||||||||||||||||||
| Short | 3,159,608 | 17,392 | — | 3,148,479 | 10,111 | |||||||||||||||||||
| High-Yield | 128,217,138 | 2,572,101 | — | 107,112,165 | 793,647 | |||||||||||||||||||
| Short High-Yield | 7,783,491 | 216,194 | — | 5,192,715 | 44,570 | |||||||||||||||||||
| CEF Municipal | 6,401,122 | 87,453 | — | 5,280,748 | 69,592 | |||||||||||||||||||
| Municipal Allocation | 90,364 | 5,056 | — | — | — | |||||||||||||||||||
At April 30, 2020, 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 | ||||||||||||
| Short | $ | (307,252 | ) | $ | (607,689 | ) | $ | (914,941 | ) | ||||||
| High-Yield | (13,227,918 | ) | (35,524,408 | ) | (48,752,326 | ) | |||||||||
| Short High-Yield | (1,175,566 | ) | (3,898,190 | ) | (5,073,756 | ) | |||||||||
| CEF Municipal | (1,482,521 | ) | (4,212,192 | ) | (5,694,713 | ) | |||||||||
| Municipal Allocation | (845,822 | ) | — | (845,822 | ) | ||||||||||
During the year ended April 30, 2020, Intermediate, Short and Short High-Yield utilized $1,791,941, $777,610 and $217,429 of their capital loss carryovers available from prior years.
During the year ended April 30, 2020, 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 |
||||||||
| Intermediate | $ | (18,722,119 | ) | $ | 18,722,119 | |||||
| Long | (1,005,186 | ) | 1,005,186 | |||||||
| Short | (52,588 | ) | 52,588 | |||||||
| High-Yield | 67,364,587 | (67,364,587 | ) | |||||||
| Short High-Yield | 1,425,958 | (1,425,958 | ) | |||||||
| CEF Municipal | 197,652 | (197,652 | ) | |||||||
| Municipal Allocation | (37,684 | ) | 37,684 | |||||||
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, 2020, 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
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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 that 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 Municipal 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.
A recent outbreak of respiratory disease caused by a novel coronavirus, which was first detected in China in December 2019 has subsequently spread internationally and has been declared a pandemic by the World Health Organization. The coronavirus 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, the market and the Funds. 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 Municipal 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”.
For the period May 1, 2019 to October 31, 2019, the expense for the Plan for CEF Municipal and Municipal Allocation, is included in “Trustees’ fees and expenses” in the Statement of Operations.
Note 9—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing for 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, 2020, the following Funds borrowed under this facility:
| Fund |
Days
Outstanding |
Average Daily
Loan Balance |
Average
Interest Rate |
||||||||||
| Intermediate | 4 | $ | 6,062,868 | 3.47 | % | ||||||||
| Long | 10 | 581,760 | 3.34 | ||||||||||
| Short | 78 | 294,849 | 2.84 | ||||||||||
| Short High-Yield | 17 | 834,888 | 2.97 | ||||||||||
| CEF Municipal | 284 | 259,753 | 3.18 | ||||||||||
As of April 30, 2020, outstanding loan balances, if any, are reflected in the Statements of Assets and Liabilities.
Note 10—Share Split—The Board of Trustees approved a 1 for 2 reverse share split for AMT-Free Intermediate Municipal Index ETF and High-Yield Municipal Index 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.
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Note 11—Recent Accounting Pronouncements—The Funds early adopted certain provisions of 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. The adoption of certain provisions of the ASU 2018-13 had no material effect on financial statements and related disclosures. Management evaluated the additional requirements, not yet adopted, and they are not expected to have a material impact to the financial statements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.
Effective May 1, 2019, the Funds adopted Accounting Standards Update ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (the “ASU 2017-08”), that shortened the amortization period for certain purchased callable debt securities held at premium to the earliest call date. The new guidance has not changed the accounting for purchased callable debt securities held at a discount. Based on management’s evaluation, the adoption of the ASU 2017-08 had no material effect on the financial statements and related disclosures.
Note 12—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Vectors AMT-Free Intermediate Municipal Index ETF, VanEck Vectors AMT-Free Long Municipal Index ETF, VanEck Vectors AMT-Free Short Municipal Index ETF, VanEck Vectors High-Yield Municipal Index ETF, VanEck Vectors Short High-Yield Municipal Index ETF, VanEck Vectors CEF Municipal Income ETF and VanEck Vectors Municipal Allocation 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 AMT-Free Intermediate Municipal Index ETF, VanEck Vectors AMT-Free Long Municipal Index ETF, VanEck Vectors AMT-Free Short Municipal Index ETF, VanEck Vectors High-Yield Municipal Index ETF, VanEck Vectors Short High-Yield Municipal Index ETF, VanEck Vectors CEF Municipal Income ETF and VanEck Vectors Municipal Allocation 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, 2020, 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, 2020, 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 AMT-Free Intermediate Municipal Index ETF | For the year ended April 30, 2020 | For each of the two years in the period ended April 30, 2020 | For each of the five years in the period ended April 30, 2020 | |||
| VanEck Vectors AMT-Free Long Municipal Index ETF | ||||||
| VanEck Vectors AMT-Free Short Municipal Index ETF | ||||||
| VanEck Vectors High-Yield Municipal Index ETF | ||||||
| VanEck Vectors Short High-Yield Municipal Index ETF | ||||||
| VanEck Vectors CEF Municipal Income ETF | ||||||
| VanEck Vectors Municipal Allocation ETF | For the period from May 15, 2019 (commencement of operations) through April 30, 2020 | For the period from May 15, 2019 (commencement of operations) through April 30, 2020 | 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.
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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, 2020, 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 29, 2020
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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, 2020 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 2020 income tax purposes will be sent to them in early 2021.
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 |
||||||||||||||
| Intermediate | ITM | 05/07/2019 | $ | 0.092595 | $ | 0.000205 | $ | — | $ | 0.092800 | ||||||||||
| 06/07/2019 | 0.092701 | 0.000399 | — | 0.093100 | ||||||||||||||||
| 07/08/2019 | 0.090893 | 0.000407 | — | 0.091300 | ||||||||||||||||
| 08/07/2019 | 0.093880 | 0.000420 | — | 0.094300 | ||||||||||||||||
| 09/09/2019 | 0.090993 | 0.000407 | — | 0.091400 | ||||||||||||||||
| 10/07/2019 | 0.088404 | 0.000396 | — | 0.088800 | ||||||||||||||||
| 11/07/2019 | 0.090595 | 0.000405 | — | 0.091000 | ||||||||||||||||
| 12/06/2019 | 0.089101 | 0.000399 | — | 0.089500 | ||||||||||||||||
| 01/06/2020 | 0.093183 | 0.000417 | 0.060700 | 0.154300 | ||||||||||||||||
| 02/07/2020 | 0.097989 | 0.000311 | — | 0.098300 | ||||||||||||||||
| 03/06/2020 | 0.080544 | 0.000256 | — | 0.080800 | ||||||||||||||||
| 04/07/2020 | 0.095198 | 0.000302 | — | 0.095500 | ||||||||||||||||
| Intermediate Total | $ | 1.096076 | $ | 0.004324 | $ | 0.060700 | $ | 1.161100 | ||||||||||||
| Long | MLN | 05/07/2019 | $ | 0.047241 | $ | 0.000059 | $ | — | $ | 0.047300 | ||||||||||
| 06/07/2019 | 0.050143 | 0.000157 | — | 0.050300 | ||||||||||||||||
| 07/08/2019 | 0.048135 | 0.000165 | — | 0.048300 | ||||||||||||||||
| 08/07/2019 | 0.050227 | 0.000173 | — | 0.050400 | ||||||||||||||||
| 09/09/2019 | 0.046042 | 0.000158 | — | 0.046200 | ||||||||||||||||
| 10/07/2019 | 0.046540 | 0.000160 | — | 0.046700 | ||||||||||||||||
| 11/07/2019 | 0.047437 | 0.000163 | — | 0.047600 | ||||||||||||||||
| 12/06/2019 | 0.046141 | 0.000159 | — | 0.046300 | ||||||||||||||||
| 01/06/2020 | 0.047437 | 0.000163 | 0.021700 | 0.069300 | ||||||||||||||||
| 02/07/2020 | 0.048112 | 0.000088 | — | 0.048200 | ||||||||||||||||
| 03/06/2020 | 0.044519 | 0.000081 | — | 0.044600 | ||||||||||||||||
| 04/07/2020 | 0.047114 | 0.000086 | — | 0.047200 | ||||||||||||||||
| Long Total | $ | 0.569088 | $ | 0.001612 | $ | 0.021700 | $ | 0.592400 | ||||||||||||
| Short | SMB | 05/07/2019 | $ | 0.023215 | $ | 0.000085 | $ | — | $ | 0.023300 | ||||||||||
| 06/07/2019 | 0.022545 | 0.000155 | — | 0.022700 | ||||||||||||||||
| 07/08/2019 | 0.022931 | 0.000169 | — | 0.023100 | ||||||||||||||||
| 08/07/2019 | 0.023625 | 0.000175 | — | 0.023800 | ||||||||||||||||
| 09/09/2019 | 0.023427 | 0.000173 | — | 0.023600 | ||||||||||||||||
| 10/07/2019 | 0.022434 | 0.000166 | — | 0.022600 | ||||||||||||||||
| 11/07/2019 | 0.023129 | 0.000171 | — | 0.023300 | ||||||||||||||||
| 12/06/2019 | 0.023824 | 0.000176 | — | 0.024000 | ||||||||||||||||
| 01/06/2020 | 0.024519 | 0.000181 | — | 0.024700 | ||||||||||||||||
| 02/07/2020 | 0.023353 | 0.000047 | — | 0.023400 | ||||||||||||||||
| 03/06/2020 | 0.021158 | 0.000042 | — | 0.021200 | ||||||||||||||||
| 04/07/2020 | 0.024351 | 0.000049 | — | 0.024400 | ||||||||||||||||
| Short Total | $ | 0.278511 | $ | 0.001589 | $ | — | $ | 0.280100 | ||||||||||||
| 174 |
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| Fund Name |
Ticker
Symbol |
Payable
Date |
Tax-Exempt
Interest Per Share |
Taxable
Ordinary Income Per Share |
Total
Distribution Per Share |
|||||||||||
| High-Yield | HYD | 05/07/2019 | $ | 0.217432 | $ | 0.000468 | $ | 0.217900 | ||||||||
| 06/07/2019 | 0.224838 | 0.001362 | 0.226200 | |||||||||||||
| 07/08/2019 | 0.215654 | 0.001746 | 0.217400 | |||||||||||||
| 08/07/2019 | 0.221209 | 0.001791 | 0.223000 | |||||||||||||
| 09/09/2019 | 0.232815 | 0.001885 | 0.234700 | |||||||||||||
| 10/07/2019 | 0.218035 | 0.001765 | 0.219800 | |||||||||||||
| 11/07/2019 | 0.207421 | 0.001679 | 0.209100 | |||||||||||||
| 12/06/2019 | 0.199485 | 0.001615 | 0.201100 | |||||||||||||
| 01/06/2020 | 0.218432 | 0.001768 | 0.220200 | |||||||||||||
| 02/07/2020 | 0.197967 | 0.007733 | 0.205700 | |||||||||||||
| 03/06/2020 | 0.194021 | 0.007579 | 0.201600 | |||||||||||||
| 04/07/2020 | 0.231940 | 0.009060 | 0.241000 | |||||||||||||
| High-Yield Total | $ | 2.579249 | $ | 0.038451 | $ | 2.617700 | ||||||||||
| Short High-Yield | SHYD | 05/07/2019 | $ | 0.064302 | $ | 0.000398 | $ | 0.064700 | ||||||||
| 06/07/2019 | 0.065815 | 0.000385 | 0.066200 | |||||||||||||
| 07/08/2019 | 0.067120 | 0.000380 | 0.067500 | |||||||||||||
| 08/07/2019 | 0.070402 | 0.000398 | 0.070800 | |||||||||||||
| 09/09/2019 | 0.071098 | 0.000402 | 0.071500 | |||||||||||||
| 10/07/2019 | 0.068612 | 0.000388 | 0.069000 | |||||||||||||
| 11/07/2019 | 0.066822 | 0.000378 | 0.067200 | |||||||||||||
| 12/06/2019 | 0.064535 | 0.000365 | 0.064900 | |||||||||||||
| 01/06/2020 | 0.071197 | 0.000403 | 0.071600 | |||||||||||||
| 02/07/2020 | 0.061159 | 0.003741 | 0.064900 | |||||||||||||
| 03/06/2020 | 0.058897 | 0.003603 | 0.062500 | |||||||||||||
| 04/07/2020 | 0.062289 | 0.003811 | 0.066100 | |||||||||||||
| Short High-Yield Total | $ | 0.792248 | $ | 0.014652 | $ | 0.806900 | ||||||||||
| CEF Municipal | XMPT | 05/07/2019 | $ | 0.093886 | $ | 0.000514 | $ | 0.094400 | ||||||||
| 06/07/2019 | 0.091129 | 0.001371 | 0.092500 | |||||||||||||
| 07/08/2019 | 0.091523 | 0.001377 | 0.092900 | |||||||||||||
| 08/07/2019 | 0.090144 | 0.001356 | 0.091500 | |||||||||||||
| 09/09/2019 | 0.114970 | 0.001730 | 0.116700 | |||||||||||||
| 10/07/2019 | 0.091917 | 0.001383 | 0.093300 | |||||||||||||
| 11/07/2019 | 0.105119 | 0.001581 | 0.106700 | |||||||||||||
| 12/06/2019 | 0.084725 | 0.001275 | 0.086000 | |||||||||||||
| 01/06/2020 | 0.084922 | 0.001278 | 0.086200 | |||||||||||||
| 02/07/2020 | 0.076644 | 0.000856 | 0.077500 | |||||||||||||
| 03/06/2020 | 0.080304 | 0.000896 | 0.081200 | |||||||||||||
| 04/07/2020 | 0.085051 | 0.000949 | 0.086000 | |||||||||||||
| CEF Municipal Total | $ | 1.090334 | $ | 0.014566 | $ | 1.104900 | ||||||||||
| Municipal Allocation | MAAX | 07/08/2019 | $ | 0.063226 | $ | 0.004574 | $ | 0.067800 | ||||||||
| 08/07/2019 | 0.062107 | 0.004493 | 0.066600 | |||||||||||||
| 09/09/2019 | 0.064252 | 0.004648 | 0.068900 | |||||||||||||
| 10/07/2019 | 0.064345 | 0.004655 | 0.069000 | |||||||||||||
| 11/07/2019 | 0.041218 | 0.002982 | 0.044200 | |||||||||||||
| 12/06/2019 | 0.060615 | 0.004385 | 0.065000 | |||||||||||||
| 01/06/2020 | 0.064158 | 0.004642 | 0.068800 | |||||||||||||
| 02/07/2020 | 0.049558 | 0.001142 | 0.050700 | |||||||||||||
| 03/06/2020 | 0.042129 | 0.000971 | 0.043100 | |||||||||||||
| 04/07/2020 | 0.060017 | 0.001383 | 0.061400 | |||||||||||||
| Municipal Allocation Total | $ | 0.571625 | $ | 0.033875 | $ | 0.605500 | ||||||||||
| 175 |
|
|
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2020 (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
By Trustee 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. | 55 | Director, Forward Management LLC and Audit Committee Chairman, May 2008 to June 2015; 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 present; President, July 2013 to June 2015, and Board Member of the CFA Society of Stamford, July 2009 to present; 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, CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 55 | Trustee, Eagle Growth and Income Opportunities Fund; Trustee, THL Credit Senior Loan Fund. | ||||
|
R. Alastair Short,
1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 66 | 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. | 55 | 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 | President and CEO, SmartBrief, LLC (business media company). | 66 | Director, Food and Friends, Inc. | ||||
| 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 | 55 | 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. |
| 176 |
|
|
|
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. | |||
|
Henry Glynn,
1983 |
Assistant Vice President | Since 2018 | Head of ETF Capital Markets Europe of Van Eck Switzerland AG. Formerly, Member of the Capital Markets team at Vanguard Group. | |||
|
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 | 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. |
| 177 |
|
|
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
(unaudited)
At a meeting held on December 3, 2019 (the “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”), considered and approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Sustainable Muni ETF (the “Fund”).
The Board’s approval of the 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. Some of the 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.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Fund, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses)
The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to the Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. In addition, because the Fund had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the 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 the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
| 178 |
|
|
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 December 1, 2018 to December 31, 2019 (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 prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. 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.” Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
| 179 |
|
|
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, 2020 |
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® |
| 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, 2020.
|
|
VANECK VECTORS ETFs
April 30, 2020 (unaudited)
Dear Fellow Shareholders:
The story for the last decade was simple and familiar—slower global economic growth was combated by expansive monetary policy. After the shock of the COVID-19 virus, we are returning to this investment theme. Thus we believe investors should be comfortable maintaining their strategic allocations to stocks and bonds, given the central bank’s aggressive support of the financial markets.
Why do we have this view? First, we believe that we are in a global recession, not a depression. Two indicators of global recession are copper and oil. When China slowed at the end of 2015, copper and oil fell hard. Since oil and copper haven’t fallen below those 2015-2016 lows and in fact have been rallying from those lows, the chance of a depression seems low.
So our base case is that markets will feel like the recovery after the global financial crisis—lower interest rates, asset price inflation and weak job recovery (due to different factors-varied industry impact not increased regulation). No guarantee, of course, that there will not be a re-test of lows or new lows, but financial markets will likely lead the economic recovery.
Our assumptions regarding this outlook is that: the virus new case curve has flattened, mitigation steps like shutdowns can be local to deal with additional outbreaks and a COVID-19 vaccine happens this year. A vaccine is the biggest factor with early development a positive and later availability (or none) a negative.
The investing outlook sometimes does change suddenly, as now. To get our quarterly investment outlooks, please subscribe to “Investment Outlook” on vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find performance discussions and financial statements for each of the funds for the 12 month period ended April 30, 2020. 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 Vectors ETF Trust
May 27, 2020
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 |
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|
VANECK VECTORS ETFs
April 30, 2020 (unaudited)
Market Review
All funds were adversely affected by both the wide market sell off in late-February and ensuing market volatility, sparked by the evolving COVID-19 pandemic—both domestically in the U.S. and internationally. However, remedial measures, both financial and fiscal, taken by central governments around the world in response to the crisis (including the asset purchasing program of the U.S. Federal Reserve), resulted in a positive “bounce back” in markets in April.
CORPORATE BOND
Fallen Angel Bonds
VanEck Vectors Fallen Angel High Yield Bond ETF 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 200 basis points annually.1
While the telecommunications sector was by far the largest positive contributor to the performance of the fund, which lost 2.38% during the period under review, its contribution was outweighed by that of the energy sector which detracted the most from total return.
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 fell 202 basis points overall to 0.56% by April 30, 2020. VanEck Vectors Investment Grade Floating Rate ETF returned 0.26% over this period.
The majority of sectors provided positive returns, with the financial sector contributing by far the most. Only the consumer cyclical and energy sectors detracted from performance, with the energy sector detracting by far the most.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. The VanEck Vectors BDC Income ETF, with a return of -27.77% for the 12 month period, significantly underperformed the broad U.S. equity markets, as measured by the S&P 500® Index, which returned 0.86%.2 Having tracked closely the performance of the S&P 500 Index from early May through September, thereafter the divergence between the two became steadily greater until both started to sell off in late February. From that point, however, the Fund suffered a very much steeper draw down than that of the index. This reflected, in addition to credit concerns, the illiquidity of the fund’s constituents’ underlying holdings.
While companies across the range of capitalizations detracted from Fund returns, the very largest and, at the opposite end of the spectrum, the smallest detracted least.
Mortgage REITs
Mortgage REITs 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. From the start of May, 2019 through the end of February, 2020, there was little movement in mortgage REITs, save from some incremental growth from end August through late February. Thereafter, however, with credit and liquidity concerns very much to the fore as the general market sold off, they experienced both a rapid and precipitous decline and the VanEck Vectors Mortgage REIT Income ETF finished the 12 month period showing a loss of 46.63%. Companies across the range of capitalizations detracted from fund returns.
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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, the VanEck Vectors Preferred Securities ex Financials ETF excludes traditional financial companies which have been more volatile than other sectors historically.
Over the 12 month period ending April 30, 2020, the fund registered a small loss of 0.54%. Telecommunications, electric utilities and gas utilities preferred securities contributed most positively to the fund’s performance, while REITS, auto manufacturers and pipeline preferred securities detracted the most from performance.
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the largest bond market among the emerging economies. The size of the market is now approximately $13.4 trillion.3 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.
The VanEck Vectors ChinaAMC China Bond ETF, recorded a small positive gain of 1.76% over the 12 month period ending April 30, 2020. Four sectors contributed positively to total return: government, industrial, consumer (non-cyclical) and utilities. All other sectors detracted from performance, with financial sector bonds, which have the highest weight in the portfolio, detracting the most.
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 from the end of February through late-March, the VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, recorded a loss of 5.79% over the 12 month period. Overall, total return was driven by currency depreciation over the period, which more than offset positive returns from local interest rates.
While bonds denominated in Turkish lira, Thai baht and Russian ruble contributed most to the fund’s total return, bonds denominated in Argentinian peso, South African rand and Brazilian real were the greatest detractors from performance. Argentina was removed from the index at the end of November 2019 following the implementation of restrictions on currency transactions and repatriation of capital out of the country.
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 Thai baht, Turkish lira and Israeli shekel were the greatest positive contributors to the performance of the VanEck Vectors Emerging Markets Aggregate Bond ETF, which lost 1.83% overall during the 12 month period. However, their positive contributions and those of bonds in six other currencies were outweighed by the negative contributions of bonds in 12 other currencies, of which those denominated in U.S. dollars, South African rand and Brazilian real were the greatest detractors from performance. Diversified, financial and industrial sector bonds contributed the most to total return, while bonds of issuers in the government, basic materials and energy sectors detracted the most.
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.
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VANECK VECTORS ETFs
MANAGEMENT DISCUSSION
(unaudited) (continued)
The VanEck Vectors Emerging Markets High Yield Bond ETF lost 6.27% over the 12 month period. Bonds from Argentina, India and Mexico issuers were the greatest detractors from the fund’s total return in terms of country of risk, while issuers from Turkey, Russia and Israel were the greatest positive contributors. Consumer (non-cyclical) bonds provided the greatest contribution to total return, while bonds issued by companies in the energy sector detracted the most.
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 negative return of 4.67%. Bonds from communications and government issuers contributed positive returns, while those from the energy and consumer cyclical sectors detracted the most from performance. All currency groups detracted from performance, with bonds denominated in Canadian dollars detracting the least while those denominated in U.S. dollars detracted the most from performance. Turkish, Chinese and Russian issuers provided the greatest positive contribution to total return in terms of country of risk, while U.K., Canadian and Indian 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). The green bond market has grown tremendously since 2013 and has also become more diverse as new types of issuers have entered the market.
Overall, the VanEck Vectors Green Bond ETF had a positive return of 6.17% for the 12 month period. From a country of risk perspective, U.S., French and supranational issuers contributed most to total return, while bonds issued by India, Chile and the United Arab Emirates were the largest detractors from performance. Government-, utilities- and financial-related bonds made the greatest positive contributions to returns, while energy-, industry- and basic material-related bonds detracted the most from performance.
The fund changed its benchmark to the S&P Green Bond U.S. Dollar Select Index during the period, which only includes U.S. dollar-denominated green bonds. This change has allowed investors to build a sustainable core fixed income portfolio without assuming currency risk or sacrificing yield potential.
Returns based on funds’ net asset values (NAVs).
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. 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 4/30/2020. 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 | S&P 500® Index consists of 500 widely held common stocks covering in the leading industries of the U.S. economy. |
| 3 | The Bank for International Settlements: Debt securities statistics, 3rd Quarter 2019 |
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April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | MVBIZDTG1 | |||
| One Year | (27.62)% | (27.77)% | (28.32)% | |||
| Five Year | (1.50)% | (1.56)% | (1.71)% | |||
| Life* | 0.04% | 0.00% | 0.00% | |||
| * | 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS CHINAAMC CHINA BOND ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | CHQU01TR1 | |||
| One Year | 2.20% | 1.76% | 3.83% | |||
| Five Year | 1.29% | 1.19% | 2.59% | |||
| Life* | 1.28% | 1.22% | 2.44% | |||
| * | 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | MVEMAG1 | |||
| One Year | (4.36)% | (1.83)% | (0.96)% | |||
| Five Year | 1.46% | 1.86% | 2.74% | |||
| Life* | 1.60% | 1.85% | 3.02% | |||
| * | 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | EMLH1 | |||
| One Year | (7.23)% | (6.27)% | (6.78)% | |||
| Five Year | 2.76% | 2.69% | 3.09% | |||
| Life* | 3.64% | 3.72% | 4.23% | |||
| * | Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12. |
| 1 | ICE BofAML 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||
|
Total
Return |
Share
Price |
NAV | H0CF1 | H0FA2 | ||||
| One Year | (1.42)% | (2.38)% | (2.10)% | (1.31)% | ||||
| Five Year | 5.22% | 5.03% | 5.55% | 5.72% | ||||
| Life* | 7.03% | 6.85% | 7.82% | 7.93% | ||||
| * | 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) tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market and that were rated investment grade at the point of issuance. Index constituents are market capitalization weighted, provided the total allocation to an individual issuer does not exceed 10%. |
| 2 | ICE BofAML US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. |
| Effective February 28, 2020, H0CF replaced H0FA as the Fund’s broad-based benchmark index. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||||
|
Total
Return |
Share
Price |
NAV | SPGRUSST1 | SPGRNSLT2 | ||||
| One Year | 6.45% | 6.17% | 6.41% | 2.73% | ||||
| Life* | 4.38% | 4.23% | 4.79% | 3.63% | ||||
| * | 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 provide a broad measure of the performance of the investable, U.S. dollar-denominated “green” bond market. 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. |
| 2 | S&P Green Bond Select Index (SPGRNSLT) is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of 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. |
| Effective September 1, 2019, SPGRUSST replaced SPGRNSLT as the Fund’s broad-based benchmark index. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | HXUS1 | |||
| One Year | (6.22)% | (4.67)% | (5.21)% | |||
| Five Year | 2.16% | 2.64% | 3.08% | |||
| Life* | 3.59% | 3.84% | 4.39% | |||
| * | Commencement of Fund: 4/2/12; First Day of Secondary Market Trading: 4/3/12. |
| 1 | ICE BofAML 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | MVFLTR1 | |||
| One Year | 0.02% | 0.26% | 0.48% | |||
| Five Year | 1.68% | 1.68% | 2.02% | |||
| Life* | 1.31% | 1.33% | 1.73% | |||
| * | 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 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 with at least one investment grade rating. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | GBIEMCOR1 | |||
| One Year | (7.29)% | (5.79)% | (5.09)% | |||
| Five Year | (1.20)% | (0.90)% | (0.26)% | |||
| Life* | (0.32)% | (0.16)% | 0.56% | |||
| * | Commencement of Fund: 7/22/10; First Day of Secondary Market Trading: 7/23/10. |
| 1 | J.P. Morgan GBI-EMG 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | MVMORTTG1 | |||
| One Year | (46.75)% | (46.63)% | (46.73)% | |||
| Five Year | (5.86)% | (5.85)% | (5.59)% | |||
| Life* | 0.73% | 0.75% | 1.17% | |||
| * | 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 (or, where applicable, have at least 50% of their assets) from mortgage-related activity. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2020 (unaudited)
| Average Annual Total Returns | ||||||
|
Total
Return |
Share Price | NAV | WHPSL1 | |||
| One Year | (0.59)% | (0.54)% | (0.22)% | |||
| Five Year | 3.20% | 3.27% | 3.26% | |||
| Life* | 4.65% | 4.66% | 4.68% | |||
| * | 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. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price since inception. The result is compared with the Fund’s benchmark. |
|
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 16 for more information.
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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 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 (formerly known as Merrill Lynch, Pierce, Fenner & Smith Incorporated (“BofAML Merrill Lynch”) prior to 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).
MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, and Wells Fargo do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.vaneck.com.
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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, 2019 to April 30, 2020.
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.
| 17 |
|
|
VANECK VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
|
Beginning
Account Value November 1, 2019 |
Ending
Account Value April 30, 2020 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period* November 1, 2019 – April 30, 2020 |
|||||||||||||
| BDC Income ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 699.10 | 0.40 | % | $ | 1.69 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.87 | 0.40 | % | $ | 2.01 | ||||||||
| ChinaAMC China Bond ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,041.20 | 0.50 | % | $ | 2.54 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.38 | 0.50 | % | $ | 2.51 | ||||||||
| Emerging Markets Aggregate Bond ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 923.30 | 0.35 | % | $ | 1.67 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.12 | 0.35 | % | $ | 1.76 | ||||||||
| Emerging Markets High Yield Bond ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 906.40 | 0.40 | % | $ | 1.90 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.87 | 0.40 | % | $ | 2.01 | ||||||||
| Fallen Angel High Yield Bond ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 941.00 | 0.35 | % | $ | 1.69 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.12 | 0.35 | % | $ | 1.76 | ||||||||
| Green Bond ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,022.20 | 0.20 | % | $ | 1.01 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.87 | 0.20 | % | $ | 1.01 | ||||||||
| International High Yield Bond ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 922.30 | 0.40 | % | $ | 1.91 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.87 | 0.40 | % | $ | 2.01 | ||||||||
| Investment Grade Floating Rate ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 984.80 | 0.14 | % | $ | 0.69 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,024.17 | 0.14 | % | $ | 0.70 | ||||||||
| J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 897.00 | 0.30 | % | $ | 1.41 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.37 | 0.30 | % | $ | 1.51 | ||||||||
| Mortgage REIT Income ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 518.80 | 0.41 | % | $ | 1.55 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.82 | 0.41 | % | $ | 2.06 | ||||||||
| Preferred Securities ex Financials ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 933.30 | 0.40 | % | $ | 1.92 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.87 | 0.40 | % | $ | 2.01 | ||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2020) 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 |
| 18 |
|
|
April 30, 2020
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $43,289,505. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Financial | 100.0 | % | $ | 168,975,255 | ||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Common Stocks* | $ | 168,975,255 | $ | — | $ | — | $ | 168,975,255 | ||||||||||
| Money Market Fund | 30,552,143 | — | — | 30,552,143 | ||||||||||||||
| Total | $ | 199,527,398 | $ | — | $ | — | $ | 199,527,398 | ||||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 19 |
|
|
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| CORPORATE BONDS: 65.5% | ||||||||
| Consumer, Cyclical: 1.6% | ||||||||
| CNY | 500,000 |
Sinochem International Corp.
3.61%, 06/06/21 |
$ | 72,069 | ||||
| Consumer, Non-cyclical: 7.1% | ||||||||
| 1,135,000 |
Jiangxi Ganyue Expressway Co. Ltd.
5.15%, 04/19/23 |
173,672 | ||||||
| 1,000,000 |
Port of Dalian Corp.
3.94%, 11/26/20 |
143,017 | ||||||
| 316,689 | ||||||||
| Energy: 4.0% | ||||||||
| 1,200,000 |
China Petroleum & Chemical Corp.
4.90%, 06/01/22 |
179,840 | ||||||
| Financial: 37.4% | ||||||||
| 1,000,000 |
China Chengtong Holdings Group Ltd.
4.67%, 07/10/21 |
146,098 | ||||||
| 3,400,000 |
China Development Bank Corp.
3.91%, 04/06/22 |
503,786 | ||||||
| China Fortune Land Development Co. Ltd. | ||||||||
| 1,000,000 | 5.10%, 10/20/22 | 144,631 | ||||||
| 1,000,000 | 7.00%, 03/03/21 | 145,679 | ||||||
| 1,000,000 |
China Merchants Securities Co. Ltd.
5.08%, 05/26/25 |
155,890 | ||||||
| 1,000,000 |
China Overseas Enterprise Development Group Co. Ltd.
3.85%, 11/19/22 |
143,292 | ||||||
| 500,000 |
Dalian Wanda Commercial Management Group Co. Ltd.
4.70%, 07/27/21 |
71,875 | ||||||
| 700,000 |
Financial Street Holdings Co. Ltd.
4.24%, 08/31/22 |
99,995 | ||||||
| 1,000,000 |
Seazen Holdings Co. Ltd.
5.90%, 03/20/24 |
144,229 | ||||||
| 800,000 |
Wuxi Guolian Development Group Co. Ltd.
4.88%, 05/09/23 |
120,782 | ||||||
| 1,676,257 | ||||||||
|
Principal
Amount |
Value | |||||||
| Industrial: 12.0% | ||||||||
| CNY | 1,248,200 |
China Railway Corp.
4.63%, 08/25/21 |
$ | 183,307 | ||||
| 500,000 |
Hubei Provincial Communications Investment Group Co. Ltd.
6.68%, 03/27/24 |
81,081 | ||||||
| 1,000,000 |
Power Construction Corp. of China Ltd.
5.20%, 10/29/22 |
151,482 | ||||||
| 810,000 |
Tianjin Infrastructure Construction & Investment Group Co. Ltd.
5.70%, 02/26/23 # |
121,236 | ||||||
| 537,106 | ||||||||
| Utilities: 3.4% | ||||||||
| 1,000,000 |
Huaneng Power International, Inc.
5.17% (ChinaBond Government Security Yield Curve 5Y YTM+5.02%), 09/25/22 |
150,083 | ||||||
|
Total Corporate Bonds
(Cost: $3,024,869) |
2,932,044 | |||||||
| GOVERNMENT OBLIGATIONS: 24.5% | ||||||||
| China Government Bonds | ||||||||
| 500,000 | 3.27%, 08/22/46 | 69,910 | ||||||
| 5,347,000 | 3.40%, 04/17/23 | 800,306 | ||||||
| 1,541,000 | 4.26%, 07/31/21 | 226,627 | ||||||
|
Total Government Obligations
(Cost: $1,177,901) |
1,096,843 | |||||||
|
Total Investments: 90.0%
(Cost: $4,202,770) |
4,028,887 | |||||||
| Other assets less liabilities: 10.0% | 449,516 | |||||||
| NET ASSETS: 100.0% | $ | 4,478,403 | ||||||
See Notes to Financial Statements
| 20 |
|
|
Definitions:
| CNY | Chinese Yuan |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $121,236 which represents 2.7% of net assets. |
|
Summary of Investments
by Sector |
% of Investments | Value | ||||||
| Consumer, Cyclical | 1.8 | % | $ | 72,069 | ||||
| Consumer, Non-cyclical | 7.9 | 316,689 | ||||||
| Energy | 4.5 | 179,840 | ||||||
| Financial | 41.6 | 1,676,257 | ||||||
| Government | 27.2 | 1,096,843 | ||||||
| Industrial | 13.3 | 537,106 | ||||||
| Utilities | 3.7 | 150,083 | ||||||
| 100.0 | % | $ | 4,028,887 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||||
| Corporate Bonds* | $ | — | $ | 2,932,044 | $ | — | $ | 2,932,044 | ||||||||||||
| Government Obligations* | — | 1,096,843 | — | 1,096,843 | ||||||||||||||||
| Total | $ | — | $ | 4,028,887 | $ | — | $ | 4,028,887 | ||||||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 21 |
|
|
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| CORPORATE BONDS: 34.2% | ||||||||
| Argentina: 0.1% | ||||||||
| USD | 25,000 |
YPF SA Reg S
8.50%, 07/28/25 |
$ | 12,308 | ||||
| Austria: 1.1% | ||||||||
| 64,000 |
JBS Investments GmbH Reg S
6.25%, 02/05/23 † |
63,908 | ||||||
| 100,000 |
Suzano Austria GmbH
6.00%, 01/15/29 |
99,540 | ||||||
| 163,448 | ||||||||
| Bermuda: 0.7% | ||||||||
| 101,431 |
Digicel Group Two Ltd. 144A
9.13%, 04/01/24 (d) * |
5,579 | ||||||
| 100,000 |
Ooredoo International Finance Ltd. Reg S
3.25%, 02/21/23 |
102,395 | ||||||
| 107,974 | ||||||||
| Brazil: 1.0% | ||||||||
| Banco do Brasil SA Reg S | ||||||||
| 50,000 | 5.88%, 01/26/22 | 51,647 | ||||||
| 50,000 | 8.50% (US Treasury Yield Curve Rate T 10 Year+7.78%), 10/20/20 (o) | 49,931 | ||||||
| 50,000 |
Itau Unibanco Holding SA Reg S
5.13%, 05/13/23 |
51,760 | ||||||
| 153,338 | ||||||||
| British Virgin Islands: 2.8% | ||||||||
| 100,000 |
China Cinda Finance I Ltd. Reg S
4.25%, 04/23/25 |
109,137 | ||||||
| 57,000 |
CNOOC Finance Ltd. Reg S
3.88%, 05/02/22 |
59,144 | ||||||
| 25,000 |
Gerdau Trade Inc. Reg S
4.88%, 10/24/27 † |
24,553 | ||||||
| 200,000 |
Huarong Finance II Co. Ltd. Reg S
5.50%, 01/16/25 |
214,092 | ||||||
| 406,926 | ||||||||
| Canada: 0.3% | ||||||||
| 50,000 |
First Quantum Minerals Ltd. 144A
7.50%, 04/01/25 |
44,385 | ||||||
| Cayman Islands: 4.9% | ||||||||
| 100,000 |
Alibaba Group Holding Ltd. 144A
3.60%, 11/28/24 |
108,080 | ||||||
| 75,000 |
CK Hutchison International 17 Ltd. Reg S
2.88%, 04/05/22 |
76,370 | ||||||
| 50,000 |
Comunicaciones Celulares SA Reg S
6.88%, 02/06/24 † |
50,250 | ||||||
| 75,000 |
Hutchison Whampoa International 11 Ltd. Reg S
4.63%, 01/13/22 |
78,339 | ||||||
| 100,000 |
Saudi Electricity Global Sukuk Co. 2 144A
3.47%, 04/08/23 |
103,197 | ||||||
|
Principal
Amount |
Value | |||||||
| Cayman Islands: (continued) | ||||||||
| USD | 200,000 |
Swire Pacific MTN Financing
Ltd. Reg S
4.50%, 10/09/23 |
$ | 216,854 | ||||
| 75,000 |
Vale Overseas
Ltd.
6.88%, 11/21/36 |
87,833 | ||||||
| 720,923 | ||||||||
| China / Hong Kong: 0.7% | ||||||||
| 100,000 |
Bank of China
Ltd. Reg S
5.00%, 11/13/24 |
109,118 | ||||||
| Colombia: 0.9% | ||||||||
| 100,000 |
Bancolombia SA
4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/27 |
88,586 | ||||||
| 40,000 |
Ecopetrol SA
5.38%, 06/26/26 † |
39,884 | ||||||
| 128,470 | ||||||||
| Curacao: 0.1% | ||||||||
| 10,000 |
Teva Pharmaceutical
Finance Co. BV
2.95%, 12/18/22 † |
9,545 | ||||||
| Czech Republic: 0.4% | ||||||||
| EUR | 50,000 |
CEZ AS Reg
S
4.88%, 04/16/25 |
64,203 | |||||
| France: 0.4% | ||||||||
| 50,000 |
mFinance France
SA Reg S
2.00%, 11/26/21 |
54,163 | ||||||
| India: 2.4% | ||||||||
| USD | 50,000 |
ICICI Bank Ltd. Reg S
4.00%, 03/18/26 |
48,000 | |||||
| 200,000 |
Reliance Industries Ltd. 144A
4.13%, 01/28/25 |
206,206 | ||||||
| 100,000 |
State Bank
of India 144A
4.88%, 04/17/24 |
104,323 | ||||||
| 358,529 | ||||||||
| Indonesia: 1.2% | ||||||||
| 70,000 |
Pertamina Persero PT 144A
4.30%, 05/20/23 |
71,397 | ||||||
| 100,000 |
Perusahaan
Listrik Negara PT Reg S
4.13%, 05/15/27 |
99,960 | ||||||
| 171,357 | ||||||||
| Ireland: 0.8% | ||||||||
| EUR | 100,000 |
Vnesheconombank
Via VEB Finance Plc Reg S
4.03%, 02/21/23 |
114,657 | |||||
| Luxembourg: 2.3% | ||||||||
| Gaz Capital SA Reg S | ||||||||
| USD | 100,000 | 6.51%, 03/07/22 | 106,387 | |||||
| 60,000 | 8.63%, 04/28/34 | 88,571 | ||||||
| 100,000 |
Gazprom PJSC
Via Gaz Capital SA Reg S
7.29%, 08/16/37 |
137,515 | ||||||
| 332,473 | ||||||||
See Notes to Financial Statements
| 22 |
|
|
|
Principal
Amount |
Value | |||||||
| Malaysia: 0.8% | ||||||||
| USD | 100,000 |
Petronas Capital Ltd. Reg S
7.88%, 05/22/22 |
$ | 111,438 | ||||
| Mexico: 4.1% | ||||||||
| 125,000 |
America Movil SAB de CV
6.13%, 03/30/40 |
170,612 | ||||||
| 100,000 |
Cemex SAB de CV 144A
5.70%, 01/11/25 |
90,090 | ||||||
| 50,000 |
Comision Federal de Electricidad Reg S
4.88%, 01/15/24 |
50,115 | ||||||
| Petróleos Mexicanos | ||||||||
| 75,000 | 6.50%, 03/13/27 | 61,200 | ||||||
| 50,000 | 6.50%, 06/02/41 | 33,868 | ||||||
| 64,000 | 6.63%, 06/15/38 † | 44,282 | ||||||
| 50,000 | 6.75%, 09/21/47 † | 35,100 | ||||||
| EUR | 110,000 |
Petróleos Mexicanos Reg S
5.50%, 02/24/25 |
109,767 | |||||
| 595,034 | ||||||||
| Netherlands: 3.4% | ||||||||
| USD | 100,000 |
Lukoil International Finance BV Reg S
6.66%, 06/07/22 |
107,665 | |||||
| 75,000 |
MDGH - GMTN BV Reg S
5.50%, 03/01/22 |
79,828 | ||||||
| 50,000 |
Metinvest BV 144A
7.75%, 04/23/23 † |
35,608 | ||||||
| Petrobras Global Finance BV | ||||||||
| 12,000 | 4.38%, 05/20/23 | 11,700 | ||||||
| 50,000 | 6.00%, 01/27/28 | 48,605 | ||||||
| 60,000 | 6.75%, 01/27/41 | 58,548 | ||||||
| EUR | 100,000 |
Teva Pharmaceutical Finance Netherlands II BV Reg S
1.13%, 10/15/24 |
94,928 | |||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| USD | 20,000 | 2.20%, 07/21/21 | 19,566 | |||||
| 20,000 | 2.80%, 07/21/23 | 18,479 | ||||||
| 20,000 | 3.15%, 10/01/26 | 17,526 | ||||||
| 492,453 | ||||||||
| Peru: 0.9% | ||||||||
| 125,000 |
Banco de Credito del Peru Reg S
4.25%, 04/01/23 † |
131,304 | ||||||
| Turkey: 1.0% | ||||||||
| 50,000 |
Turkiye Garanti Bankasi AS Reg S
5.25%, 09/13/22 |
49,365 | ||||||
| 100,000 |
Yapi ve Kredi Bankasi AS 144A
6.10%, 03/16/23 † |
98,066 | ||||||
| 147,431 | ||||||||
| United Arab Emirates: 1.6% | ||||||||
| 100,000 |
DP World Ltd. Reg S
6.85%, 07/02/37 |
109,562 | ||||||
| EUR | 100,000 |
Emirates Telecommunications Group Co. PJSC Reg S
2.75%, 06/18/26 |
122,039 | |||||
| 231,601 | ||||||||
|
Principal
Amount |
Value | |||||||
| United Kingdom: 1.4% | ||||||||
| Anglo American Capital Plc Reg S | ||||||||
| USD | 50,000 | 3.63%, 09/11/24 | $ | 50,108 | ||||
| 50,000 | 4.75%, 04/10/27 | 51,628 | ||||||
| 50,000 |
AngloGold Ashanti Holdings Plc
5.13%, 08/01/22 † |
51,805 | ||||||
| 25,000 |
DTEK Finance Plc
10.75%, 12/31/24 |
11,750 | ||||||
| 100,000 |
Vedanta Resources Plc Reg S
6.38%, 07/30/22 |
39,295 | ||||||
| 204,586 | ||||||||
| United States: 0.9% | ||||||||
| 100,000 |
DAE Funding LLC Reg S
5.00%, 08/01/24 † |
89,125 | ||||||
| 35,000 |
Southern Copper Corp.
7.50%, 07/27/35 |
44,595 | ||||||
| 133,720 | ||||||||
|
Total Corporate Bonds
(Cost: $5,108,387) |
4,999,384 | |||||||
| GOVERNMENT OBLIGATIONS: 64.1% | ||||||||
| Angola: 0.1% | ||||||||
| 50,000 |
Angolan Government International Bond 144A
8.25%, 05/09/28 |
22,251 | ||||||
| Argentina: 0.3% | ||||||||
| EUR | 120,000 |
Provincia de Buenos Aires Reg S
4.00%, 05/15/35 (s) |
37,919 | |||||
| Bahrain: 0.8% | ||||||||
| Bahrain Government International Bonds 144A | ||||||||
| USD | 64,000 | 6.13%, 08/01/23 | 64,562 | |||||
| 50,000 | 6.75%, 09/20/29 | 48,667 | ||||||
| 113,229 | ||||||||
| Brazil: 4.3% | ||||||||
| Brazil Government International Bonds | ||||||||
| 25,000 | 4.25%, 01/07/25 | 25,954 | ||||||
| 25,000 | 5.00%, 01/27/45 | 23,375 | ||||||
| 50,000 | 7.13%, 01/20/37 | 56,813 | ||||||
| Brazil Letras do Tesouro Nacional | ||||||||
| BRL | 240,000 | 0.00%, 04/01/21 ^ | 43,161 | |||||
| 220,000 | 0.00%, 07/01/21 ^ | 39,175 | ||||||
| 340,000 | 0.00%, 10/01/21 ^ | 59,800 | ||||||
| 200,000 | 0.00%, 01/01/22 ^ | 34,725 | ||||||
| 180,000 | 0.00%, 07/01/22 ^ | 30,316 | ||||||
| 370,000 | 0.00%, 07/01/23 ^ | 57,693 | ||||||
| 80,000 | 0.00%, 01/01/24 ^ | 11,979 | ||||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
| 415,000 | 10.00%, 01/01/23 | 85,941 | ||||||
| 370,000 | 10.00%, 01/01/25 | 77,857 | ||||||
| 240,000 | 10.00%, 01/01/27 | 50,709 | ||||||
| 175,000 | 10.00%, 01/01/29 | 37,241 | ||||||
| 634,739 | ||||||||
See Notes to Financial Statements
| 23 |
|
|
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Cayman Islands: 0.7% | ||||||||
| KSA Sukuk Ltd. 144A | ||||||||
| USD | 50,000 | 2.89%, 04/20/22 | $ | 51,142 | ||||
| 50,000 | 3.63%, 04/20/27 | 52,551 | ||||||
| 103,693 | ||||||||
| Chile: 2.9% | ||||||||
| Bonos de la Tesoreria de la Republica de Chile | ||||||||
| CLP | 25,000,000 | 4.50%, 03/01/26 | 34,075 | |||||
| 25,000,000 | 5.00%, 03/01/35 | 37,547 | ||||||
| 20,000,000 | 6.00%, 01/01/43 | 34,781 | ||||||
| USD | 100,000 |
Chile Government International Bonds
3.13%, 03/27/25 |
106,500 | |||||
| EUR | 100,000 |
Corp. Nacional del Cobre de Chile Reg S
2.25%, 07/09/24 |
111,002 | |||||
| USD | 100,000 |
Empresa Nacional del Petroleo Reg S
4.75%, 12/06/21 |
101,485 | |||||
| 425,390 | ||||||||
| China / Hong Kong: 0.8% | ||||||||
| CNY | 100,000 |
China Government Bonds
2.94%, 10/17/24 |
14,906 | |||||
| USD | 100,000 |
Export-Import Bank of China Reg S
3.63%, 07/31/24 |
107,786 | |||||
| 122,692 | ||||||||
| Colombia: 2.3% | ||||||||
| Colombia Government International Bonds | ||||||||
| 25,000 | 4.00%, 02/26/24 | 25,417 | ||||||
| 50,000 | 5.00%, 06/15/45 | 50,375 | ||||||
| 25,000 | 6.13%, 01/18/41 | 28,063 | ||||||
| Colombian TES | ||||||||
| COP | 132,200,000 | 6.00%, 04/28/28 | 32,204 | |||||
| 69,000,000 | 6.25%, 11/26/25 | 17,902 | ||||||
| 170,000,000 | 7.00%, 05/04/22 | 45,698 | ||||||
| 68,000,000 | 7.00%, 06/30/32 | 17,239 | ||||||
| 158,100,000 | 7.50%, 08/26/26 | 43,160 | ||||||
| 100,500,000 | 7.75%, 09/18/30 | 27,154 | ||||||
| 139,400,000 | 10.00%, 07/24/24 | 41,874 | ||||||
| 329,086 | ||||||||
| Croatia: 0.6% | ||||||||
| USD | 75,000 |
Croatia Government International Bonds 144A
6.00%, 01/26/24 |
83,864 | |||||
| Czech Republic: 1.3% | ||||||||
| Czech Republic Government Bonds | ||||||||
| CZK | 250,000 | 0.25%, 02/10/27 | 9,649 | |||||
| 110,000 | 0.75%, 02/23/21 | 4,472 | ||||||
| 460,000 | 2.00%, 10/13/33 | 20,162 | ||||||
| 430,000 | 2.75%, 07/23/29 | 19,796 | ||||||
| Czech Republic Government Bonds Reg S | ||||||||
| 250,000 | 0.45%, 10/25/23 | 10,096 | ||||||
| 420,000 | 0.95%, 05/15/30 | 16,556 | ||||||
| 380,000 | 1.00%, 06/26/26 | 15,408 | ||||||
|
Principal
Amount |
Value | |||||||
| Czech Republic: (continued) | ||||||||
| CZK | 440,000 | 2.40%, 09/17/25 | $ | 19,100 | ||||
| 440,000 | 2.50%, 08/25/28 | 19,789 | ||||||
| USD | 50,000 |
Czech Republic International Bonds
Reg S
3.88%, 05/24/22 |
59,201 | |||||
| 194,229 | ||||||||
| Dominican Republic: 0.4% | ||||||||
| Dominican Republic International Bonds Reg S | ||||||||
| 25,000 | 5.95%, 01/25/27 | 22,713 | ||||||
| 25,000 | 6.85%, 01/27/45 | 21,875 | ||||||
| 14,133 | 7.50%, 05/06/21 | 14,098 | ||||||
| 58,686 | ||||||||
| Ecuador: 0.2% | ||||||||
| 50,000 |
Ecuador Government International
Bonds 144A
7.95%, 06/20/24 |
15,813 | ||||||
| 50,000 |
Ecuador Government International
Bonds Reg S
7.88%, 01/23/28 |
14,688 | ||||||
| 30,501 | ||||||||
| Egypt: 0.3% | ||||||||
| 50,000 |
Egypt Government International Bonds
144A
7.50%, 01/31/27 |
48,835 | ||||||
| El Salvador: 0.2% | ||||||||
| 30,000 |
El Salvador Government International
Bonds Reg S
7.65%, 06/15/35 |
23,958 | ||||||
| Hungary: 1.8% | ||||||||
| Hungary Government Bonds | ||||||||
| HUF | 7,400,000 | 1.75%, 10/26/22 | 23,319 | |||||
| 2,600,000 | 2.50%, 10/27/21 | 8,258 | ||||||
| 5,500,000 | 3.00%, 06/26/24 | 18,199 | ||||||
| 7,450,000 | 3.00%, 10/27/27 | 25,346 | ||||||
| 6,520,000 | 5.50%, 06/24/25 | 24,360 | ||||||
| 6,600,000 | 6.00%, 11/24/23 | 23,872 | ||||||
| 6,100,000 | 7.00%, 06/24/22 | 21,341 | ||||||
| USD | 100,000 |
Hungary Government International
Bonds
5.38%, 03/25/24 |
111,627 | |||||
| 256,322 | ||||||||
| Indonesia: 5.7% | ||||||||
| Indonesia Government International Bonds Reg S | ||||||||
| 75,000 | 7.75%, 01/17/38 | 105,801 | ||||||
| 100,000 | 8.50%, 10/12/35 | 144,811 | ||||||
| Indonesia Treasury Bonds | ||||||||
| IDR | 579,000,000 | 5.63%, 05/15/23 | 37,659 | |||||
| 712,000,000 | 6.13%, 05/15/28 | 42,876 | ||||||
| 598,000,000 | 6.63%, 05/15/33 | 35,152 | ||||||
| 635,000,000 | 7.00%, 05/15/22 | 43,265 | ||||||
| 696,000,000 | 7.00%, 05/15/27 | 44,918 | ||||||
| 560,000,000 | 7.00%, 09/15/30 | 35,577 | ||||||
| 244,000,000 | 8.13%, 05/15/24 | 16,842 | ||||||
| 435,000,000 | 8.25%, 07/15/21 | 30,128 | ||||||
| 550,000,000 | 8.25%, 05/15/29 | 37,640 | ||||||
| 490,000,000 | 8.25%, 06/15/32 | 33,043 | ||||||
See Notes to Financial Statements
| 24 |
|
|
|
Principal
Amount |
Value | |||||||
| Indonesia: (continued) | ||||||||
| IDR | 425,000,000 | 8.25%, 05/15/36 | $ | 28,857 | ||||
| 610,000,000 | 8.38%, 03/15/24 | 42,505 | ||||||
| 559,000,000 | 8.38%, 09/15/26 | 38,801 | ||||||
| 628,000,000 | 8.38%, 03/15/34 | 42,841 | ||||||
| 268,000,000 | 8.75%, 05/15/31 | 18,882 | ||||||
| 480,000,000 | 9.00%, 03/15/29 | 34,430 | ||||||
| 214,000,000 | 10.50%, 08/15/30 | 16,775 | ||||||
| 830,803 | ||||||||
| Israel: 2.7% | ||||||||
| Israel Government Bonds | ||||||||
| ILS | 120,000 | 1.75%, 08/31/25 | 36,912 | |||||
| 110,000 | 2.00%, 03/31/27 | 34,711 | ||||||
| 100,000 | 3.75%, 03/31/24 | 32,645 | ||||||
| 125,000 | 4.25%, 03/31/23 | 40,214 | ||||||
| 130,000 | 5.50%, 01/31/22 | 40,978 | ||||||
| 120,000 | 5.50%, 01/31/42 | 59,924 | ||||||
| 100,000 | 6.25%, 10/30/26 | 39,309 | ||||||
| Israel Government International Bonds | ||||||||
| USD | 50,000 | 4.00%, 06/30/22 | 52,875 | |||||
| 50,000 | 4.50%, 01/30/43 | 60,498 | ||||||
| 398,066 | ||||||||
| Jamaica: 0.3% | ||||||||
| 50,000 |
Jamaica Government International Bonds
6.75%, 04/28/28 |
50,105 | ||||||
| Kazakhstan: 0.4% | ||||||||
| 50,000 |
Kazakhstan Government International Bonds Reg S
5.13%, 07/21/25 |
55,844 | ||||||
| Kuwait: 0.3% | ||||||||
| 40,000 |
Kuwait International Government Bonds 144A
3.50%, 03/20/27 |
43,982 | ||||||
| Malaysia: 3.9% | ||||||||
| Malaysia Government Bonds | ||||||||
| MYR | 85,000 | 3.42%, 08/15/22 | 20,215 | |||||
| 225,000 | 3.48%, 03/15/23 | 53,880 | ||||||
| 130,000 | 3.73%, 06/15/28 | 32,063 | ||||||
| 130,000 | 3.80%, 09/30/22 | 31,219 | ||||||
| 28,000 | 3.80%, 08/17/23 | 6,787 | ||||||
| 180,000 | 3.84%, 04/15/33 | 44,565 | ||||||
| 175,000 | 3.89%, 03/15/27 | 43,585 | ||||||
| 44,000 | 3.89%, 08/15/29 | 11,078 | ||||||
| 92,000 | 3.90%, 11/16/27 | 23,012 | ||||||
| 60,000 | 3.91%, 07/15/26 | 14,874 | ||||||
| 147,000 | 3.96%, 09/15/25 | 36,668 | ||||||
| 125,000 | 4.06%, 09/30/24 | 30,840 | ||||||
| 123,000 | 4.18%, 07/15/24 | 30,472 | ||||||
| 130,000 | 4.23%, 06/30/31 | 33,558 | ||||||
| 125,000 | 4.39%, 04/15/26 | 31,704 | ||||||
| 125,000 | 4.50%, 04/15/30 | 32,763 | ||||||
| 60,000 | 4.64%, 11/07/33 | 16,030 | ||||||
| 133,000 | 4.74%, 03/15/46 | 36,229 | ||||||
| 130,000 | 4.76%, 04/07/37 | 35,410 | ||||||
| 35,000 | 4.89%, 06/08/38 | 9,771 | ||||||
| 574,723 | ||||||||
|
Principal
Amount |
Value | |||||||
| Mexico: 5.5% | ||||||||
| Mexican Bonos | ||||||||
| MXN | 864,000 | 5.75%, 03/05/26 | $ | 36,016 | ||||
| 1,128,000 | 6.50%, 06/10/21 | 47,944 | ||||||
| 1,150,000 | 6.50%, 06/09/22 | 49,503 | ||||||
| 1,110,000 | 7.25%, 12/09/21 | 48,022 | ||||||
| 1,190,100 | 7.50%, 06/03/27 | 53,695 | ||||||
| 546,000 | 7.75%, 05/29/31 | 24,367 | ||||||
| 477,000 | 7.75%, 11/23/34 | 21,251 | ||||||
| 762,000 | 7.75%, 11/13/42 | 31,860 | ||||||
| 906,000 | 8.00%, 12/07/23 | 41,311 | ||||||
| 787,000 | 8.00%, 09/05/24 | 36,252 | ||||||
| 756,000 | 8.00%, 11/07/47 | 32,741 | ||||||
| 1,170,000 | 8.50%, 05/31/29 | 55,522 | ||||||
| 735,000 | 8.50%, 11/18/38 | 33,715 | ||||||
| 1,095,000 | 10.00%, 12/05/24 | 54,251 | ||||||
| 430,000 | 10.00%, 11/20/36 | 22,640 | ||||||
| Mexico Government International Bonds | ||||||||
| USD | 77,000 | 4.00%, 10/02/23 | 78,786 | |||||
| 75,000 | 4.75%, 03/08/44 | 69,638 | ||||||
| 60,000 | 6.05%, 01/11/40 | 65,626 | ||||||
| 803,140 | ||||||||
| Nigeria: 0.9% | ||||||||
| NGN | 18,470,000 |
Nigeria Government Bonds
16.39%, 01/27/22 |
50,143 | |||||
| USD | 100,000 |
Nigeria Government International Bonds 144A
6.50%, 11/28/27 |
76,250 | |||||
| 126,393 | ||||||||
| Oman: 0.6% | ||||||||
| Oman Government International Bonds 144A | ||||||||
| 75,000 | 5.63%, 01/17/28 | 57,478 | ||||||
| 50,000 | 6.75%, 01/17/48 | 35,469 | ||||||
| 92,947 | ||||||||
| Panama: 0.3% | ||||||||
| Panama Government International Bonds | ||||||||
| 20,000 | 3.88%, 03/17/28 | 21,625 | ||||||
| 19,400 | 7.13%, 01/29/26 | 23,418 | ||||||
| 45,043 | ||||||||
| Peru: 2.2% | ||||||||
| Peru Government Bonds | ||||||||
| PEN | 45,000 | 5.70%, 08/12/24 | 15,306 | |||||
| 90,000 | 6.35%, 08/12/28 | 30,992 | ||||||
| 60,000 | 6.85%, 02/12/42 | 20,027 | ||||||
| 60,000 | 6.90%, 08/12/37 | 20,372 | ||||||
| 65,000 | 6.95%, 08/12/31 | 22,861 | ||||||
| 55,000 | 8.20%, 08/12/26 | 20,796 | ||||||
| Peru Government Bonds Reg S 144A | ||||||||
| 52,000 | 5.35%, 08/12/40 | 14,695 | ||||||
| 44,000 | 5.40%, 08/12/34 | 13,439 | ||||||
| 74,000 | 5.94%, 02/12/29 | 24,736 | ||||||
| 70,000 | 6.15%, 08/12/32 | 23,043 | ||||||
See Notes to Financial Statements
| 25 |
|
|
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Peru: (continued) | ||||||||
| Peru Government International Bonds | ||||||||
| USD | 62,000 | 7.35%, 07/21/25 | $ | 78,031 | ||||
| 25,000 | 8.75%, 11/21/33 | 39,625 | ||||||
| 323,923 | ||||||||
| Philippines: 1.2% | ||||||||
| Philippine Government International Bonds | ||||||||
| 50,000 | 5.00%, 01/13/37 | 63,841 | ||||||
| 25,000 | 6.38%, 10/23/34 | 35,786 | ||||||
| 25,000 | 9.50%, 02/02/30 | 39,902 | ||||||
| 25,000 | 10.63%, 03/16/25 | 34,291 | ||||||
| 173,820 | ||||||||
| Poland: 3.2% | ||||||||
| Republic of Poland Government Bonds | ||||||||
| PLN | 125,000 | 1.75%, 07/25/21 | 30,698 | |||||
| 140,000 | 2.25%, 04/25/22 | 34,926 | ||||||
| 80,000 | 2.25%, 10/25/24 | 20,546 | ||||||
| 154,000 | 2.50%, 01/25/23 | 39,119 | ||||||
| 108,000 | 2.50%, 04/25/24 | 28,856 | ||||||
| 175,000 | 2.50%, 07/25/26 | 45,682 | ||||||
| 175,000 | 2.50%, 07/25/27 | 48,027 | ||||||
| 130,000 | 2.75%, 04/25/28 | 34,629 | ||||||
| 144,000 | 2.75%, 10/25/29 | 38,829 | ||||||
| 130,000 | 3.25%, 07/25/25 | 35,040 | ||||||
| 135,000 | 4.00%, 10/25/23 | 36,361 | ||||||
| 100,000 | 5.75%, 10/25/21 | 26,029 | ||||||
| 120,000 | 5.75%, 09/23/22 | 32,511 | ||||||
| 50,000 | 5.75%, 04/25/29 | 16,450 | ||||||
| 467,703 | ||||||||
| Qatar: 1.0% | ||||||||
| USD | 100,000 |
Qatar Government International Bonds
Reg S
6.40%, 01/20/40 |
142,055 | |||||
| Romania: 1.7% | ||||||||
| Romania Government Bonds | ||||||||
| RON | 80,000 | 3.25%, 03/22/21 | 18,180 | |||||
| 60,000 | 3.25%, 04/29/24 | 13,306 | ||||||
| 80,000 | 3.40%, 03/08/22 | 18,110 | ||||||
| 80,000 | 4.75%, 02/24/25 | 18,804 | ||||||
| 55,000 | 4.85%, 04/22/26 | 12,964 | ||||||
| 55,000 | 5.00%, 02/12/29 | 12,660 | ||||||
| 60,000 | 5.80%, 07/26/27 | 14,841 | ||||||
| 70,000 | 5.85%, 04/26/23 | 16,780 | ||||||
| 70,000 | 5.95%, 06/11/21 | 16,331 | ||||||
| Romanian Government International Bonds Reg S | ||||||||
| EUR | 25,000 | 2.75%, 10/29/25 | 27,850 | |||||
| 45,000 | 3.88%, 10/29/35 | 49,166 | ||||||
| USD | 25,000 | 4.88%, 01/22/24 | 26,563 | |||||
| 245,555 | ||||||||
| Russia: 3.7% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 1,800,000 | 6.50%, 02/28/24 | 25,227 | |||||
| 1,690,000 | 6.90%, 05/23/29 | 24,435 | ||||||
| 2,000,000 | 7.00%, 12/15/21 | 27,788 | ||||||
| 1,200,000 | 7.00%, 08/16/23 | 17,022 | ||||||
|
Principal
Amount |
Value | |||||||
| Russia: (continued) | ||||||||
| RUB | 2,000,000 | 7.05%, 01/19/28 | $ | 29,118 | ||||
| 2,300,000 | 7.10%, 10/16/24 | 32,984 | ||||||
| 900,000 | 7.25%, 05/10/34 | 13,433 | ||||||
| 2,400,000 | 7.40%, 12/07/22 | 34,127 | ||||||
| 1,310,000 | 7.40%, 07/17/24 | 18,951 | ||||||
| 1,930,000 | 7.50%, 08/18/21 | 26,833 | ||||||
| 1,200,000 | 7.60%, 07/20/22 | 17,028 | ||||||
| 2,600,000 | 7.70%, 03/23/33 | 40,061 | ||||||
| 2,100,000 | 7.75%, 09/16/26 | 31,497 | ||||||
| 1,800,000 | 7.95%, 10/07/26 | 27,251 | ||||||
| 2,080,000 | 8.15%, 02/03/27 | 31,982 | ||||||
| 1,700,000 | 8.50%, 09/17/31 | 27,539 | ||||||
| Russian Foreign Bonds Reg S | ||||||||
| USD | 29,500 | 7.50%, 03/31/30 (s) | 33,631 | |||||
| 45,000 | 12.75%, 06/24/28 | 75,956 | ||||||
| 534,863 | ||||||||
| Saudi Arabia: 1.8% | ||||||||
| 50,000 |
Saudi Government International Bonds 144A
4.50%, 10/26/46 |
52,005 | ||||||
| 200,000 |
Saudi Government International Bonds Reg S
3.25%, 10/26/26 |
206,760 | ||||||
| 258,765 | ||||||||
| South Africa: 3.3% | ||||||||
| Republic of South Africa Government Bonds | ||||||||
| ZAR | 493,000 | 6.25%, 03/31/36 | 16,901 | |||||
| 700,000 | 7.00%, 02/28/31 | 29,527 | ||||||
| 550,000 | 7.75%, 02/28/23 | 31,554 | ||||||
| 870,000 | 8.00%, 01/31/30 | 40,727 | ||||||
| 600,000 | 8.25%, 03/31/32 | 27,209 | ||||||
| 700,000 | 8.50%, 01/31/37 | 29,635 | ||||||
| 720,000 | 8.75%, 01/31/44 | 29,711 | ||||||
| 1,175,000 | 8.75%, 02/28/48 | 48,120 | ||||||
| 550,000 | 8.88%, 02/28/35 | 24,764 | ||||||
| 547,000 | 9.00%, 01/31/40 | 23,598 | ||||||
| 1,050,000 | 10.50%, 12/21/26 | 62,846 | ||||||
| Republic of South Africa Government International Bonds | ||||||||
| USD | 50,000 | 4.30%, 10/12/28 | 42,227 | |||||
| 75,000 | 5.88%, 09/16/25 | 75,088 | ||||||
| 481,907 | ||||||||
| Sri Lanka: 0.4% | ||||||||
| Sri Lanka Government International Bonds 144A | ||||||||
| 50,000 | 5.75%, 04/18/23 | 30,000 | ||||||
| 40,000 | 6.85%, 11/03/25 | 23,200 | ||||||
| 53,200 | ||||||||
| Thailand: 3.8% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 1,300,000 | 1.88%, 06/17/22 | 41,195 | |||||
| 1,300,000 | 2.00%, 12/17/22 | 41,525 | ||||||
| 1,400,000 | 2.13%, 12/17/26 | 46,189 | ||||||
| 445,000 | 2.40%, 12/17/23 | 14,530 | ||||||
| 389,000 | 2.88%, 12/17/28 | 13,684 | ||||||
| 1,350,000 | 3.40%, 06/17/36 | 52,834 | ||||||
See Notes to Financial Statements
| 26 |
|
|
|
Principal
Amount |
Value | |||||||
| Thailand: (continued) | ||||||||
| THB | 1,033,000 | 3.63%, 06/16/23 | $ | 34,741 | ||||
| 380,000 | 3.65%, 12/17/21 | 12,311 | ||||||
| 1,300,000 | 3.65%, 06/20/31 | 49,554 | ||||||
| 779,000 | 3.78%, 06/25/32 | 30,526 | ||||||
| 1,250,000 | 3.85%, 12/12/25 | 44,640 | ||||||
| 350,000 | 4.00%, 06/17/66 | 15,464 | ||||||
| 1,000,000 | 4.68%, 06/29/44 | 45,817 | ||||||
| 230,000 | 4.85%, 06/17/61 | 11,473 | ||||||
| 1,400,000 | 4.88%, 06/22/29 | 57,117 | ||||||
| 900,000 |
Thailand Government Bonds Reg S
4.26%, 12/12/37 |
37,198 | ||||||
| 548,798 | ||||||||
| Turkey: 2.7% | ||||||||
| Turkey Government International Bonds | ||||||||
| USD | 75,000 | 5.75%, 05/11/47 | 57,268 | |||||
| 50,000 | 6.00%, 03/25/27 | 46,056 | ||||||
| 90,000 | 6.88%, 03/17/36 | 81,562 | ||||||
| TRY | 100,000 | 7.10%, 03/08/23 | 13,191 | |||||
| USD | 80,000 | 7.38%, 02/05/25 | 81,515 | |||||
| TRY | 100,000 | 8.00%, 03/12/25 | 12,712 | |||||
| 100,000 | 9.20%, 09/22/21 | 14,454 | ||||||
| 130,000 | 10.50%, 08/11/27 | 17,855 | ||||||
| 118,000 | 10.60%, 02/11/26 | 16,477 | ||||||
| 100,000 | 10.70%, 08/17/22 | 14,736 | ||||||
| 130,000 | 11.00%, 03/02/22 | 19,195 | ||||||
| 42,000 | 12.20%, 01/18/23 | 6,327 | ||||||
| 110,000 | 12.40%, 03/08/28 | 16,596 | ||||||
| 397,944 | ||||||||
| United Arab Emirates: 0.8% | ||||||||
| Abu Dhabi Government International Bonds 144A | ||||||||
| USD | 50,000 | 2.50%, 10/11/22 | 51,124 | |||||
| 65,000 | 3.13%, 10/11/27 | 69,337 | ||||||
| 120,461 | ||||||||
|
Principal
Amount |
Value | |||||||
| Uruguay: 0.7% | ||||||||
| USD | 77,000 |
Uruguay Government International Bonds
4.50%, 08/14/24 |
$ | 82,857 | ||||
| Uruguay Government International Bonds Reg S | ||||||||
| UYU | 370,000 | 8.50%, 03/15/28 | 7,336 | |||||
| 300,000 | 9.88%, 06/20/22 | 6,704 | ||||||
| 96,897 | ||||||||
|
Total Government Obligations
(Cost: $10,183,256) |
9,352,331 | |||||||
|
Total Investments Before Collateral for Securities Loaned: 98.3%
(Cost: $15,291,643) |
14,351,715 | |||||||
|
Number
of Shares |
||||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7%
(Cost: $533,661) |
||||||||
| Money Market Fund: 3.7% | ||||||||
| 533,661 | State Street Navigator Securities Lending Government Money Market Portfolio | 533,661 | ||||||
|
Total Investments: 102.0%
(Cost: $15,825,304) |
14,885,376 | |||||||
| Liabilities in excess of other assets: (2.0)% | (291,977 | ) | ||||||
| NET ASSETS: 100.0% | $ | 14,593,399 | ||||||
See Notes to Financial Statements
| 27 |
|
|
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
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:
| (d) | Security in default of coupon payment |
| (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 |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $532,095. |
| 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 $1,769,374, or 12.1% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Basic Materials | 3.7 | % | $ | 529,350 | ||||
| Communications | 3.9 | 558,955 | ||||||
| Consumer, Non-cyclical | 2.3 | 333,514 | ||||||
| Diversified | 2.6 | 371,563 | ||||||
| Energy | 9.4 | 1,355,335 | ||||||
| Financial | 9.4 | 1,353,977 | ||||||
| Government | 65.2 | 9,352,331 | ||||||
| Industrial | 1.3 | 179,215 | ||||||
| Utilities | 2.2 | 317,475 | ||||||
| 100.0 | % | $ | 14,351,715 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||||
| Corporate Bonds* | $ | — | $ | 4,999,384 | $ | — | $ | 4,999,384 | ||||||||||||
| Government Obligations* | — | 9,352,331 | — | 9,352,331 | ||||||||||||||||
| Money Market Fund | 533,661 | — | — | 533,661 | ||||||||||||||||
| Total | $ | 533,661 | $ | 14,351,715 | $ | — | $ | 14,885,376 | ||||||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 28 |
|
|
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| CORPORATE BONDS: 93.8% | ||||||||
| Argentina: 2.7% | ||||||||
| $ | 350,000 |
Aeropuertos Argentina 2000 SA 144A
6.88%, 02/01/27 |
$ | 221,183 | ||||
| 350,000 |
AES Argentina Generacion SA 144A
7.75%, 02/02/24 |
204,085 | ||||||
| 475,000 |
Agua y Saneamientos Argentinos SA Reg S
6.63%, 02/01/23 |
119,843 | ||||||
| 475,000 |
Arcor SAIC 144A
6.00%, 07/06/23 |
382,071 | ||||||
| 350,000 |
Banco Macro SA 144A
6.75% (USD Swap Semi 30/360 5 Year+5.46%), 11/04/26 |
225,750 | ||||||
| 375,000 |
Capex SA 144A
6.88%, 05/15/24 |
250,241 | ||||||
| 375,000 |
Cia General de Combustibles SA 144A
9.50%, 11/07/21 |
232,500 | ||||||
| 300,000 |
Generacion Mediterranea SA 144A
9.63%, 07/27/23 |
128,448 | ||||||
| 600,000 |
Genneia SA 144A
8.75%, 01/20/22 |
334,890 | ||||||
| 425,000 |
IRSA Propiedades Comerciales SA 144A
8.75%, 03/23/23 |
218,093 | ||||||
| 550,000 |
MSU Energy SA
6.88%, 02/01/25 |
214,506 | ||||||
| Pampa Energia SA 144A | ||||||||
| 525,000 | 7.38%, 07/21/23 | 346,395 | ||||||
| 775,000 | 7.50%, 01/24/27 | 469,301 | ||||||
| 250,000 | 9.13%, 04/15/29 | 149,900 | ||||||
| 366,667 |
Pan American Energy LLC 144A
7.88%, 05/07/21 |
345,015 | ||||||
| 500,000 |
Tecpetrol SA 144A
4.88%, 12/12/22 |
394,900 | ||||||
| Telecom Argentina SA 144A | ||||||||
| 500,000 | 6.50%, 06/15/21 | 456,730 | ||||||
| 400,000 | 8.00%, 07/18/26 | 324,724 | ||||||
| 560,000 |
Transportadora de Gas del Sur SA 144A
6.75%, 05/02/25 |
414,770 | ||||||
| 450,000 |
YPF Energia Electrica SA 144A
10.00%, 07/25/26 |
209,682 | ||||||
| YPF SA 144A | ||||||||
| 1,050,000 | 6.95%, 07/21/27 | 474,715 | ||||||
| 850,000 | 7.00%, 12/15/47 | 380,928 | ||||||
| 1,505,000 | 8.50%, 07/28/25 | 740,911 | ||||||
| 525,000 | 8.50%, 06/27/29 | 247,853 | ||||||
| 1,550,000 | 8.75%, 04/04/24 | 828,955 | ||||||
| 8,316,389 | ||||||||
| Austria: 0.6% | ||||||||
| 200,000 |
BRF GmbH 144A
4.35%, 09/29/26 |
173,920 | ||||||
| 200,000 |
Eldorado Intl. Finance GmbH 144A
8.63%, 06/16/21 |
193,252 | ||||||
| 200,000 |
JBS Investments GmbH 144A
6.25%, 02/05/23 |
199,712 | ||||||
| JBS Investments II GmbH 144A | ||||||||
| 300,000 | 5.75%, 01/15/28 † | 293,895 | ||||||
| 500,000 | 7.00%, 01/15/26 | 520,975 | ||||||
|
Principal
Amount |
Value | |||||||
| Austria: (continued) | ||||||||
| Klabin Austria GmbH 144A | ||||||||
| $ | 300,000 | 5.75%, 04/03/29 | $ | 294,258 | ||||
| 175,000 | 7.00%, 04/03/49 | 170,625 | ||||||
| 1,846,637 | ||||||||
| Azerbaijan: 0.7% | ||||||||
| 2,175,000 |
Southern Gas Corridor CJSC 144A
6.88%, 03/24/26 |
2,278,426 | ||||||
| Bahrain: 0.8% | ||||||||
| 500,000 |
BBK BSC Reg S
5.50%, 07/09/24 |
475,312 | ||||||
| Oil and Gas Holding Co. BSCC 144A | ||||||||
| 975,000 | 7.50%, 10/25/27 | 929,375 | ||||||
| 450,000 | 7.63%, 11/07/24 | 442,674 | ||||||
| 600,000 | 8.38%, 11/07/28 | 589,564 | ||||||
| 2,436,925 | ||||||||
| Bermuda: 1.1% | ||||||||
| 200,000 |
China Oil & Gas Group Ltd. Reg S
5.50%, 01/25/23 |
189,782 | ||||||
| 400,000 |
Cosan Ltd. 144A
5.50%, 09/20/29 |
355,484 | ||||||
| 1,100,000 |
Digicel Group One Ltd. 144A
8.25%, 12/30/22 (d) * |
660,000 | ||||||
| Digicel Group Two Ltd. 144A | ||||||||
| 998,000 | 8.25%, 09/30/22 (d) * | 49,900 | ||||||
| 1,217,183 | 9.13%, 04/01/24 (d) * | 66,945 | ||||||
| 1,075,000 |
Digicel Ltd. 144A
6.75%, 03/01/23 |
475,795 | ||||||
| 400,000 |
Geopark Ltd. 144A
5.50%, 01/17/27 |
256,504 | ||||||
| 200,000 |
Hopson Development Holdings Ltd. Reg S
7.50%, 06/27/22 |
191,699 | ||||||
| 666,000 |
Inkia Energy Ltd. 144A
5.88%, 11/09/27 † |
630,202 | ||||||
| 750,000 |
Li & Fung Ltd. Reg S
5.25%, 11/03/21 (o) |
464,995 | ||||||
| 3,341,306 | ||||||||
| Brazil: 4.0% | ||||||||
| Banco Bradesco SA 144A | ||||||||
| 300,000 | 2.85%, 01/27/23 | 288,558 | ||||||
| 200,000 | 3.20%, 01/27/25 | 191,500 | ||||||
| 450,000 | 5.75%, 03/01/22 | 461,817 | ||||||
| Banco BTG Pactual SA 144A | ||||||||
| 200,000 | 4.50%, 01/10/25 | 188,000 | ||||||
| 175,000 | 5.75%, 09/28/22 | 172,079 | ||||||
| 300,000 |
Banco BTG Pactual SA Reg S
5.75%, 09/28/22 |
294,993 | ||||||
| 150,000 |
Banco Daycoval SA Reg S
4.25%, 12/13/24 |
141,348 | ||||||
| 775,000 |
Banco do Brasil SA
3.88%, 10/10/22 |
776,937 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 401,000 | 4.63%, 01/15/25 † | 393,233 | ||||||
| 300,000 | 4.75%, 03/20/24 | 296,445 | ||||||
| 200,000 | 4.88%, 04/19/23 | 202,000 | ||||||
| 530,000 | 5.88%, 01/26/22 | 547,463 | ||||||
| 300,000 | 5.88%, 01/19/23 | 307,443 | ||||||
See Notes to Financial Statements
| 29 |
|
|
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Brazil: (continued) | ||||||||
| $ | 50,000 |
Banco do Estado do Rio Grande do Sul SA 144A
7.38%, 02/02/22 |
$ | 51,478 | ||||
| 200,000 |
Banco do Estado do Rio Grande do Sul SA Reg S
7.38%, 02/02/22 |
205,910 | ||||||
| Banco Nacional de Desenvolvimento Economico e Social 144A | ||||||||
| 200,000 | 4.75%, 05/09/24 | 203,462 | ||||||
| 400,000 | 5.75%, 09/26/23 | 418,924 | ||||||
| 300,000 |
Banco Safra SA 144A
4.13%, 02/08/23 |
298,443 | ||||||
| Banco Votorantim SA 144A | ||||||||
| 200,000 | 4.00%, 09/24/22 | 199,750 | ||||||
| 200,000 | 4.50%, 09/24/24 | 197,500 | ||||||
| BRF SA 144A | ||||||||
| 100,000 | 3.95%, 05/22/23 | 94,981 | ||||||
| 350,000 | 4.75%, 05/22/24 | 333,746 | ||||||
| 200,000 | 4.88%, 01/24/30 | 173,600 | ||||||
| 200,000 |
Caixa Economica Federal 144A
3.50%, 11/07/22 |
197,410 | ||||||
| 535,000 |
Cemig Geracao e Transmissao SA 144A
9.25%, 12/05/24 |
560,145 | ||||||
| Centrais Eletricas Brasileiras SA 144A | ||||||||
| 200,000 | 3.63%, 02/04/25 | 182,380 | ||||||
| 200,000 | 4.63%, 02/04/30 | 173,150 | ||||||
| 200,000 | 5.75%, 10/27/21 | 205,910 | ||||||
| 300,000 |
CSN Resources SA 144A
7.63%, 04/17/26 † |
214,380 | ||||||
| 350,000 |
Globo Comunicacao e Participacoes SA 144A
4.84%, 06/08/25 |
325,434 | ||||||
| Itau Unibanco Holding SA 144A | ||||||||
| 500,000 | 2.90%, 01/24/23 | 483,630 | ||||||
| 200,000 | 3.25%, 01/24/25 † | 194,750 | ||||||
| 300,000 | 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 282,945 | ||||||
| 200,000 | 4.63% (US Treasury Yield Curve Rate T 5 Year+3.22%), 02/27/25 (o) | 164,000 | ||||||
| 800,000 | 5.13%, 05/13/23 † | 828,160 | ||||||
| 500,000 | 5.50%, 08/06/22 | 513,750 | ||||||
| 500,000 | 5.65%, 03/19/22 | 516,475 | ||||||
| 400,000 | 6.20%, 12/21/21 | 415,004 | ||||||
| 200,000 |
Light Servicos de Eletricidade SA / Light Energia SA
144A
7.25%, 05/03/23 |
185,212 | ||||||
| 300,000 |
Natura Cosmeticos SA 144A
5.38%, 02/01/23 † |
288,003 | ||||||
| 196,199 |
Prumo Participacoes e Investimentos SA 144A
7.50%, 12/31/31 |
180,503 | ||||||
| 12,350,851 | ||||||||
| British Virgin Islands: 4.0% | ||||||||
| 350,000 |
Arcos Dorados Holdings, Inc. 144A
6.63%, 09/27/23 |
347,309 | ||||||
| 516,000 |
Central American Bottling Corp. 144A
5.75%, 01/31/27 |
510,840 | ||||||
|
Principal
Amount |
Value | |||||||
| British Virgin Islands: (continued) | ||||||||
| $ | 200,000 |
Central Plaza Development Ltd. Reg S
5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/24 (o) |
$ | 193,505 | ||||
| 300,000 |
Champion Sincerity Holdings Ltd. Reg S
8.13% (US Treasury Yield Curve Rate T 3 Year+10.58%), 02/08/22 (o) |
296,702 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 700,000 | 5.75%, 01/13/22 | 641,674 | ||||||
| 200,000 | 8.13%, 02/27/23 | 181,785 | ||||||
| 200,000 | 8.13%, 07/11/24 | 173,152 | ||||||
| 1,000,000 |
Fortune Star BVI Ltd. Reg S
5.25%, 03/23/22 |
968,572 | ||||||
| 200,000 |
Franshion Brilliant Ltd. Reg S
5.75% (USD Swap Semi 30/360 5 Year+3.86%), 01/17/22 (o) |
169,996 | ||||||
| Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
| 550,000 | 5.13%, 05/15/24 | 564,575 | ||||||
| 550,000 | 6.13%, 05/15/29 | 582,945 | ||||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 350,000 | 5.88%, 07/03/24 | 319,160 | ||||||
| 300,000 | 6.75%, 06/25/22 | 294,047 | ||||||
| 200,000 | 6.75%, 09/26/23 | 191,280 | ||||||
| 250,000 |
Grupo Unicomer Co. Ltd. 144A
7.88%, 04/01/24 |
218,128 | ||||||
| 200,000 |
Haimen Zhongnan Investment Development International Co. Ltd. Reg S
10.88%, 06/18/22 |
199,000 | ||||||
| 500,000 |
Lai Fung Bonds 2018 Ltd. Reg S
5.65%, 01/18/23 |
433,004 | ||||||
| 425,000 |
LS Finance 2022 Ltd. Reg S
4.25%, 10/16/22 |
409,063 | ||||||
| 400,000 |
LS Finance 2025 Ltd. Reg S
4.50%, 06/26/25 |
364,011 | ||||||
| 200,000 |
New Metro Global Ltd. Reg S
6.50%, 05/20/22 |
195,041 | ||||||
| 220,000 |
Prime Bloom Holdings Ltd. Reg S
6.95%, 07/05/22 |
97,900 | ||||||
| 250,000 |
RKI Overseas Finance 2017 A Ltd. Reg S
7.00%, 06/23/22 (o) |
190,427 | ||||||
| 200,000 |
RKP Overseas Finance 2016 A Ltd. Reg S
7.95%, 02/17/22 (o) |
175,086 | ||||||
| RKPF Overseas 2019 A Ltd. Reg S | ||||||||
| 200,000 | 6.70%, 09/30/24 | 192,504 | ||||||
| 200,000 | 7.88%, 02/01/23 | 202,316 | ||||||
| 200,000 |
RongXingDa Development BVI Ltd. Reg S
8.00%, 04/24/22 |
177,225 | ||||||
| Scenery Journey Ltd. Reg S | ||||||||
| 600,000 | 13.00%, 11/06/22 | 549,172 | ||||||
| 500,000 | 13.75%, 11/06/23 | 462,503 | ||||||
| 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) |
159,994 | ||||||
See Notes to Financial Statements
| 30 |
|
|
|
Principal
Amount |
Value | |||||||
| British Virgin Islands: (continued) | ||||||||
| $ | 680,250 |
Star Energy Geothermal Wayang Windu Ltd.
144A
6.75%, 04/24/33 |
$ | 634,430 | ||||
| 900,000 |
Studio City Co. Ltd. 144A
7.25%, 11/30/21 † |
898,065 | ||||||
| 500,000 |
Studio City Finance Ltd. 144A
7.25%, 02/11/24 |
479,150 | ||||||
| 300,000 |
Wanda Properties International Co. Ltd. Reg S
7.25%, 01/29/24 |
258,825 | ||||||
| 200,000 |
Wanda Properties Overseas Ltd. Reg S
6.95%, 12/05/22 |
185,520 | ||||||
| 200,000 |
Yingde Gases Investment Ltd. 144A
6.25%, 01/19/23 |
196,743 | ||||||
| 200,000 |
Zhaojin Mining International Finance Ltd. Reg S
5.50%, 03/01/22 |
192,877 | ||||||
| 12,306,526 | ||||||||
| Canada: 1.9% | ||||||||
| 400,000 |
Canacol Energy Ltd. 144A
7.25%, 05/03/25 † |
382,924 | ||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| 750,000 | 6.50%, 03/01/24 † | 664,800 | ||||||
| 1,111,000 | 6.88%, 03/01/26 | 979,513 | ||||||
| 775,000 | 7.25%, 05/15/22 † | 728,926 | ||||||
| 1,700,000 | 7.25%, 04/01/23 | 1,551,760 | ||||||
| 1,477,000 | 7.50%, 04/01/25 | 1,311,133 | ||||||
| 500,000 |
Frontera Energy Corp. 144A
9.70%, 06/25/23 |
346,150 | ||||||
| 5,965,206 | ||||||||
| Cayman Islands: 12.8% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
| 200,000 | 6.70%, 03/07/22 | 200,012 | ||||||
| 200,000 |
8.38% (US Treasury Yield Curve
Rate T 5 Year+11.25%), 12/04/23 (o) |
191,450 | ||||||
| 200,000 | 8.50%, 07/18/21 | 205,264 | ||||||
| 500,000 |
Alpha Star Holding III Ltd. Reg S
6.25%, 04/20/22 |
384,846 | ||||||
| 400,000 |
Alpha Star Holding V Ltd. Reg S
6.63%, 04/18/23 |
290,351 | ||||||
| 600,000 |
Arabian Centres Sukuk Ltd. 144A
5.38%, 11/26/24 |
525,000 | ||||||
| 200,000 |
CAR, Inc. Reg S
8.88%, 05/10/22 |
101,508 | ||||||
| 200,000 |
Central China Real Estate Ltd. Reg S
7.25%, 04/24/23 |
189,585 | ||||||
| CFLD Cayman Investment Ltd. Reg S | ||||||||
| 200,000 | 7.13%, 04/08/22 | 192,608 | ||||||
| 200,000 | 8.60%, 04/08/24 | 180,000 | ||||||
| 300,000 | 9.00%, 07/31/21 | 300,102 | ||||||
| 200,000 |
China Aoyuan Group Ltd. Reg S
7.95%, 09/07/21 |
202,286 | ||||||
| 300,000 |
China Aoyuan Property Group Ltd. Reg S
7.50%, 05/10/21 |
302,690 | ||||||
| China Evergrande Group Reg S | ||||||||
| 850,000 | 7.50%, 06/28/23 | 666,502 | ||||||
| 900,000 | 8.25%, 03/23/22 | 801,056 | ||||||
| 1,600,000 | 8.75%, 06/28/25 | 1,278,654 | ||||||
|
Principal
Amount |
Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 200,000 | 9.50%, 04/11/22 | $ | 180,250 | ||||
| 500,000 | 9.50%, 03/29/24 | 407,500 | ||||||
| 500,000 |
China SCE Property Holdings Ltd. Reg S
5.88%, 03/10/22 |
479,406 | ||||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| 200,000 | 5.50%, 01/23/22 | 197,999 | ||||||
| 200,000 | 6.45%, 11/07/24 | 196,076 | ||||||
| 400,000 | 6.55%, 03/28/24 | 398,005 | ||||||
| 200,000 | 7.63%, 02/28/23 | 206,044 | ||||||
| 825,000 |
Comunicaciones Celulares SA Via Comcel Trust 144A
6.88%, 02/06/24 † |
829,125 | ||||||
| Country Garden Holdings Co. Ltd. Reg S | ||||||||
| 400,000 | 4.75%, 09/28/23 | 390,605 | ||||||
| 300,000 | 5.63%, 12/15/26 | 300,322 | ||||||
| 250,000 |
CSN Islands XI Corp. 144A
6.75%, 01/28/28 |
164,688 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
| 800,000 | 6.75%, 02/15/25 | 648,726 | ||||||
| 700,000 | 6.88%, 03/21/23 | 639,695 | ||||||
| 750,000 |
DIB Tier 1 Sukuk 3 Ltd. Reg S
6.25% (USD Swap Semi 30/360 6 Year+3.66%), 01/22/25 (o) |
729,004 | ||||||
| 200,000 |
eHi Car Services Ltd. Reg S
5.88%, 08/14/22 |
125,406 | ||||||
| 400,000 |
Emirates REIT Sukuk Ltd. Reg S
5.13%, 12/12/22 |
260,000 | ||||||
| 400,000 |
Energuate Trust 144A
5.88%, 05/03/27 |
378,000 | ||||||
| Ezdan Sukuk Co. Ltd. Reg S | ||||||||
| 400,000 | 4.38%, 05/18/21 † | 330,152 | ||||||
| 600,000 | 4.88%, 04/05/22 | 479,982 | ||||||
| Fantasia Holdings Group Co. Ltd. Reg S | ||||||||
| 300,000 | 7.38%, 10/04/21 | 286,630 | ||||||
| 200,000 | 10.88%, 01/09/23 | 192,029 | ||||||
| 600,000 |
Global A&T Electronics Ltd.
8.50%, 01/12/23 |
493,771 | ||||||
| 200,000 |
Golden Eagle Retail Group Ltd. 144A
4.63%, 05/21/23 |
187,460 | ||||||
| 200,000 |
Greenland Hong Kong Holdings Ltd. Reg S
6.00%, 07/17/21 |
183,339 | ||||||
| Grupo Aval Ltd. 144A | ||||||||
| 1,000,000 | 4.38%, 02/04/30 | 843,150 | ||||||
| 1,075,000 | 4.75%, 09/26/22 | 1,069,141 | ||||||
| 200,000 |
Guorui Properties Ltd. Reg S
13.50%, 02/27/22 |
172,420 | ||||||
| 400,000 |
Industrial Senior Trust 144A
5.50%, 11/01/22 |
403,300 | ||||||
| 400,000 |
Jiayuan International Group Ltd. Reg S
13.75%, 02/18/23 |
394,162 | ||||||
| 200,000 |
Kaisa Group Holdings Ltd. 144A
11.95%, 10/22/22 |
195,640 | ||||||
| Kaisa Group Holdings Ltd. Reg S | ||||||||
| 400,000 | 8.50%, 06/30/22 | 374,542 | ||||||
| 850,000 | 9.38%, 06/30/24 | 733,420 | ||||||
| 300,000 | 10.88%, 07/23/23 | 282,376 | ||||||
See Notes to Financial Statements
| 31 |
|
|
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 200,000 | 11.25%, 04/09/22 | $ | 198,000 | ||||
| 200,000 | 11.50%, 01/30/23 | 192,278 | ||||||
| 600,000 |
King Talent Management Ltd. Reg S
5.60% (US Treasury Yield Curve Rate T 5 Year+3.52%), 12/04/22 (o) |
520,464 | ||||||
| KWG Group Holdings Ltd. Reg S | ||||||||
| 200,000 | 7.88%, 08/09/21 | 202,875 | ||||||
| 200,000 | 7.88%, 09/01/23 | 198,084 | ||||||
| KWG Property Holding Ltd. Reg S | ||||||||
| 200,000 | 5.88%, 11/10/24 | 182,943 | ||||||
| 300,000 | 6.00%, 09/15/22 | 292,694 | ||||||
| 500,000 |
Lamar Funding Ltd. 144A
3.96%, 05/07/25 |
425,685 | ||||||
| 550,000 |
Lamar Funding Ltd. Reg S
3.96%, 05/07/25 |
468,253 | ||||||
| Latam Finance Ltd. 144A | ||||||||
| 700,000 | 6.88%, 04/11/24 | 294,000 | ||||||
| 900,000 | 7.00%, 03/01/26 | 377,640 | ||||||
| Logan Property Holdings Co. Ltd. Reg S | ||||||||
| 200,000 | 5.25%, 02/23/23 | 195,028 | ||||||
| 200,000 | 6.50%, 07/16/23 | 199,250 | ||||||
| MAF Global Securities Ltd. Reg S | ||||||||
| 550,000 | 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o) | 430,285 | ||||||
| 500,000 | 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 03/20/26 (o) | 383,361 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 1,000,000 | 4.88%, 06/06/25 | 971,753 | ||||||
| 600,000 | 5.25%, 04/26/26 | 588,240 | ||||||
| 900,000 | 5.38%, 12/04/29 | 846,853 | ||||||
| 700,000 | 5.63%, 07/17/27 | 686,431 | ||||||
| MGM China Holdings Ltd. 144A | ||||||||
| 200,000 | 5.38%, 05/15/24 | 196,040 | ||||||
| 200,000 | 5.88%, 05/15/26 | 198,940 | ||||||
| Mumtalakat Sukuk Holding Co. Reg S | ||||||||
| 500,000 | 4.00%, 11/25/21 | 476,500 | ||||||
| 1,000,000 | 5.63%, 02/27/24 | 994,085 | ||||||
| 300,000 |
NagaCorp Ltd. 144A
9.38%, 05/21/21 |
301,419 | ||||||
| 500,000 |
NMC Healthcare Sukuk Ltd. Reg S
5.95%, 11/21/23 † |
69,570 | ||||||
| 133,062 |
Odebrecht Offshore Drilling Finance Ltd. 144A
6.72%, 12/01/22 |
101,295 | ||||||
| 550,000 |
OmGrid Funding Ltd. 144A
5.20%, 05/16/27 |
467,066 | ||||||
| 200,000 |
Redsun Properties Group Ltd. Reg S
9.95%, 04/11/22 |
185,166 | ||||||
| Ronshine China Holdings Ltd. Reg S | ||||||||
| 200,000 | 8.75%, 10/25/22 | 200,250 | ||||||
| 200,000 | 8.95%, 01/22/23 | 200,536 | ||||||
| 200,000 | 11.25%, 08/22/21 | 207,533 | ||||||
| 350,000 |
Sagicor Finance 2015 Ltd. 144A
8.88%, 08/11/22 |
352,625 | ||||||
| 900,000 |
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25 |
283,500 | ||||||
| 450,000 |
Shimao Property Holdings Ltd. Reg S
4.75%, 07/03/22 |
454,158 | ||||||
|
Principal
Amount |
Value | |||||||
| Cayman Islands: (continued) | ||||||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| $ | 200,000 | 7.50%, 02/01/24 | $ | 193,557 | ||||
| 500,000 | 7.88%, 02/15/22 | 502,757 | ||||||
| 600,000 | 7.95%, 08/08/22 | 602,250 | ||||||
| 200,000 | 7.95%, 10/11/23 | 197,751 | ||||||
| 700,000 |
Termocandelaria Power Ltd. 144A
7.88%, 01/30/29 |
682,500 | ||||||
| 600,000 |
Times Property Holdings Ltd. Reg S
6.60%, 03/02/23 |
588,098 | ||||||
| 701,000 |
WTT Investment Ltd. 144A
5.50%, 11/21/22 |
702,434 | ||||||
| Wynn Macau Ltd. 144A | ||||||||
| 700,000 | 4.88%, 10/01/24 | 672,140 | ||||||
| 1,000,000 | 5.13%, 12/15/29 † | 971,250 | ||||||
| 700,000 | 5.50%, 10/01/27 | 676,060 | ||||||
| 200,000 |
Yankuang Group Cayman Ltd. Reg S
6.00%, 01/30/22 |
199,600 | ||||||
| Yuzhou Properties Co. Ltd. Reg S | ||||||||
| 300,000 | 6.00%, 01/25/22 | 288,375 | ||||||
| 200,000 | 6.00%, 10/25/23 | 177,250 | ||||||
| 200,000 | 7.90%, 05/11/21 | 204,498 | ||||||
| 400,000 | 8.30%, 05/27/25 | 352,012 | ||||||
| 200,000 | 8.50%, 02/26/24 | 187,000 | ||||||
| Zhenro Properties Group Ltd. Reg S | ||||||||
| 200,000 | 8.65%, 01/21/23 | 196,836 | ||||||
| 200,000 | 9.15%, 03/08/22 | 201,094 | ||||||
| 500,000 |
Zhongliang Holdings Group Co. Ltd. Reg S
11.50%, 09/26/21 |
476,547 | ||||||
| 39,579,088 | ||||||||
| Chile: 0.7% | ||||||||
| AES Gener SA 144A | ||||||||
| 350,000 | 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 327,691 | ||||||
| 600,000 | 7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 † | 574,162 | ||||||
| 500,000 |
Corp Group Banking SA 144A
6.75%, 03/15/23 |
192,500 | ||||||
| 500,000 |
Empresa Electrica Cochrane SpA 144A
5.50%, 05/14/27 |
484,700 | ||||||
| 500,000 |
Empresa Electrica Guacolda SA 144A
4.56%, 04/30/25 |
363,736 | ||||||
| 500,000 |
Geopark Ltd. 144A
6.50%, 09/21/24 |
363,850 | ||||||
| 2,306,639 | ||||||||
| China / Hong Kong: 2.9% | ||||||||
| 200,000 |
Agile Group Holdings Ltd. Reg S
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o) |
187,201 | ||||||
| 800,000 |
Bank of China Ltd. Reg S
3.60% (US Treasury Yield Curve Rate T 5 Year+2.45%), 03/04/25 (o) |
794,940 | ||||||
| 800,000 |
Bank of East Asia Ltd. Reg S
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 09/19/24 (o) |
758,216 | ||||||
| 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) |
195,188 | ||||||
See Notes to Financial Statements
| 32 |
|
|
|
Principal
Amount |
Value | |||||||
| China / Hong Kong: (continued) | ||||||||
| $ | 200,000 |
Chengdu Airport Xingcheng Investment Group Co. Ltd. Reg S
6.50%, 07/18/22 |
$ | 200,872 | ||||
| 200,000 |
Chengdu Economic & Technological Development Zone State-Owned Assets Investment Reg S
7.50%, 02/12/22 |
202,259 | ||||||
| 1,050,000 |
China Cinda Asset Management Co. Ltd. Reg S
4.45% (US Treasury Yield Curve Rate T 5 Year+3.29%), 09/30/21 (o) |
1,046,745 | ||||||
| China CITIC Bank International Ltd. Reg S | ||||||||
| 600,000 | 4.25% (US Treasury Yield Curve Rate T 5 Year+3.11%), 10/11/21 (o) | 589,492 | ||||||
| 200,000 | 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/06/23 (o) | 216,001 | ||||||
| 200,000 |
China South City Holdings Ltd. Reg S
11.50%, 02/12/22 |
160,220 | ||||||
| 400,000 |
Chong Hing Bank Ltd. Reg S
5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 07/15/24 (o) |
365,006 | ||||||
| 500,000 |
CMB Wing Lung Bank Ltd. Reg S
6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 01/24/24 (o) |
506,255 | ||||||
| 200,000 |
Fujian Zhanglong Group Co. Ltd. Reg S
5.88%, 08/26/22 |
200,380 | ||||||
| 200,000 |
Gemdale Ever Prosperity Investment Ltd. Reg S
6.00%, 09/06/21 |
201,564 | ||||||
| 450,000 |
ICBC Asia Ltd. Reg S
4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (o) |
447,745 | ||||||
| 1,300,000 |
Nanyang Commercial Bank Ltd. Reg S
5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (o) |
1,241,500 | ||||||
| 200,000 |
Union Life Insurance Co. Ltd. Reg S
3.00%, 09/19/21 |
164,014 | ||||||
| 200,000 |
Yango Justice International Ltd. Reg S
9.25%, 04/15/23 |
185,232 | ||||||
| Yanlord Land HK Co. Ltd. Reg S | ||||||||
| 200,000 | 5.88%, 01/23/22 | 197,801 | ||||||
| 200,000 | 6.75%, 04/23/23 | 196,785 | ||||||
| 400,000 |
Zensun Enterprises Ltd. Reg S
12.80%, 10/03/21 |
362,309 | ||||||
| 200,000 |
Zhangzhou Jiulongjiang Group Co. Ltd. Reg S
5.60%, 09/10/22 |
199,136 | ||||||
| 200,000 |
Zhangzhou Transportation Development Group Co. Ltd. Reg S
6.50%, 06/26/22 |
204,111 | ||||||
| 200,000 |
Zoomlion HK SPV Co. Ltd. 144A
6.13%, 12/20/22 |
193,410 | ||||||
| 9,016,382 | ||||||||
| Colombia: 1.4% | ||||||||
| 550,000 |
Banco Davivienda SA 144A
5.88%, 07/09/22 |
549,703 | ||||||
| Banco de Bogota SA 144A | ||||||||
| 775,000 | 5.38%, 02/19/23 | 780,580 | ||||||
| 833,000 | 6.25%, 05/12/26 | 836,840 | ||||||
|
Principal
Amount |
Value | |||||||
| Colombia: (continued) | ||||||||
| $ | 400,000 |
Banco GNB Sudameris SA 144A
6.50% (US Treasury Yield Curve Rate T 5 Year+4.56%), 04/03/27 |
$ | 352,844 | ||||
| Bancolombia SA | ||||||||
| 200,000 | 3.00%, 01/29/25 † | 185,756 | ||||||
| 300,000 | 4.63% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | 260,625 | ||||||
| 700,000 | 5.13%, 09/11/22 † | 704,872 | ||||||
| 800,000 |
Colombia Telecomunicaciones SA ESP 144A
5.38%, 09/27/22 |
790,528 | ||||||
| 4,461,748 | ||||||||
| Costa Rica: 0.4% | ||||||||
| 600,000 |
Banco Nacional de Costa Rica 144A
6.25%, 11/01/23 |
556,380 | ||||||
| Instituto Costarricense de Electricidad 144A | ||||||||
| 550,000 | 6.38%, 05/15/43 † | 347,881 | ||||||
| 500,000 | 6.95%, 11/10/21 | 465,630 | ||||||
| 1,369,891 | ||||||||
| Croatia: 0.2% | ||||||||
| 600,000 |
Hrvatska Elektroprivreda 144A
5.88%, 10/23/22 |
646,822 | ||||||
| Curacao: 0.3% | ||||||||
| 525,000 |
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22 † |
501,086 | ||||||
| 350,000 |
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21 † |
339,658 | ||||||
| 840,744 | ||||||||
| Dominican Republic: 0.2% | ||||||||
| 300,000 |
Aeropuertos Dominicanos Siglo XXI SA 144A
6.75%, 03/30/29 |
247,500 | ||||||
| 300,000 |
Banco de Reservas de la Republica Dominicana 144A
7.00%, 02/01/23 |
289,128 | ||||||
| 536,628 | ||||||||
| Georgia: 0.4% | ||||||||
| 400,000 |
Bank of Georgia JSC 144A
6.00%, 07/26/23 |
396,000 | ||||||
| 200,000 |
Georgia Capital JSC 144A
6.13%, 03/09/24 |
178,000 | ||||||
| 500,000 |
Georgian Railway JSC 144A
7.75%, 07/11/22 |
492,500 | ||||||
| 300,000 |
TBC Bank JSC 144A
5.75%, 06/19/24 |
284,250 | ||||||
| 1,350,750 | ||||||||
| India: 2.8% | ||||||||
| 600,000 |
Adani Green Energy UP Ltd. / Prayatna Developers Pvt
Ltd. / Parampujya Solar Energy Pvt Ltd. 144A
6.25%, 12/10/24 |
588,210 | ||||||
| Delhi International Airport Ltd. 144A | ||||||||
| 700,000 | 6.13%, 10/31/26 | 623,000 | ||||||
| 500,000 | 6.45%, 06/04/29 † | 440,000 | ||||||
| 600,000 |
Future Retail Ltd. 144A
5.60%, 01/22/25 |
163,656 | ||||||
See Notes to Financial Statements
| 33 |
|
|
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| India: (continued) | ||||||||
| GMR Hyderabad International Airport Ltd. 144A | ||||||||
| $ | 300,000 | 4.25%, 10/27/27 | $ | 242,245 | ||||
| 400,000 | 5.38%, 04/10/24 | 353,970 | ||||||
| 800,000 |
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27 |
684,595 | ||||||
| 500,000 |
Indiabulls Housing Finance Ltd. Reg S
6.38%, 05/28/22 |
285,248 | ||||||
| JSW Steel Ltd. Reg S | ||||||||
| 700,000 | 5.25%, 04/13/22 | 626,500 | ||||||
| 200,000 | 5.38%, 04/04/25 | 161,000 | ||||||
| 600,000 | 5.95%, 04/18/24 | 504,000 | ||||||
| 400,000 |
Manappuram Finance Ltd. Reg S
5.90%, 01/13/23 |
321,000 | ||||||
| Muthoot Finance Ltd. 144A | ||||||||
| 450,000 | 4.40%, 09/02/23 | 388,125 | ||||||
| 450,000 | 6.13%, 10/31/22 † | 409,298 | ||||||
| ReNew Power Private Ltd. 144A | ||||||||
| 500,000 | 5.88%, 03/05/27 | 409,344 | ||||||
| 400,000 | 6.45%, 09/27/22 † | 352,692 | ||||||
| 600,000 |
ReNew Power Synthetic 144A
6.67%, 03/12/24 |
525,000 | ||||||
| Shriram Transport Finance Co. Ltd. 144A | ||||||||
| 400,000 | 5.10%, 07/16/23 | 296,200 | ||||||
| 900,000 | 5.95%, 10/24/22 | 691,305 | ||||||
| 200,000 |
Shriram Transport Finance Co. Ltd. Reg S
5.70%, 02/27/22 |
157,500 | ||||||
| 400,000 |
Tata Motors Ltd. Reg S
5.88%, 05/20/25 |
331,752 | ||||||
| 200,000 |
Yes Bank Ifsc Banking Unit Branch Reg S
3.75%, 02/06/23 |
171,096 | ||||||
| 8,725,736 | ||||||||
| Indonesia: 0.9% | ||||||||
| 500,000 |
ABM Investama Tbk PT 144A
7.13%, 08/01/22 |
260,448 | ||||||
| 900,000 |
Adaro Indonesia PT 144A
4.25%, 10/31/24 |
803,430 | ||||||
| 200,000 |
Bank Tabungan Negara Persero Tbk PT Reg S
4.20%, 01/23/25 |
178,087 | ||||||
| 500,000 |
Bayan Resources Tbk PT 144A
6.13%, 01/24/23 |
398,433 | ||||||
| 360,000 |
Bukit Makmur Mandiri Utama PT 144A
7.75%, 02/13/22 |
232,195 | ||||||
| 320,000 |
Chandra Asri Petrochemical Tbk PT 144A
4.95%, 11/08/24 |
277,422 | ||||||
| 700,000 |
Saka Energi Indonesia PT 144A
4.45%, 05/05/24 |
607,403 | ||||||
| 2,757,418 | ||||||||
| Ireland: 3.2% | ||||||||
| 400,000 |
Borets Finance DAC 144A
6.50%, 04/07/22 |
380,000 | ||||||
| 400,000 |
Celtic Resources Holdings DAC 144A
4.13%, 10/09/24 |
403,808 | ||||||
|
Principal
Amount |
Value | |||||||
| Ireland: (continued) | ||||||||
| $ | 400,000 |
Chelyabinsk Pipe Plant Via Chelpipe Finance
DAC 144A
4.50%, 09/19/24 |
$ | 386,000 | ||||
| Credit Bank of Moscow Via CBOM Finance Plc 144A | ||||||||
| 600,000 | 4.70%, 01/29/25 | 571,503 | ||||||
| 450,000 | 5.55%, 02/14/23 | 453,514 | ||||||
| 350,000 | 5.88%, 11/07/21 | 354,937 | ||||||
| 300,000 | 7.12%, 06/25/24 | 314,498 | ||||||
| 700,000 |
Eurochem Finance DAC 144A
5.50%, 03/13/24 † |
750,326 | ||||||
| 400,000 |
Eurotorg LLC via Bonitron DAC 144A
8.75%, 10/30/22 |
395,000 | ||||||
| GTLK Europe Capital DAC Reg S | ||||||||
| 400,000 | 4.95%, 02/18/26 | 385,000 | ||||||
| 600,000 | 5.95%, 04/17/25 | 606,741 | ||||||
| GTLK Europe DAC Reg S | ||||||||
| 800,000 | 5.13%, 05/31/24 | 804,294 | ||||||
| 500,000 | 5.95%, 07/19/21 | 505,140 | ||||||
| 800,000 |
Hacienda Investments Ltd. Via DME Airport DAC Reg S
5.08%, 02/15/23 |
742,160 | ||||||
| 400,000 |
Koks OAO Via Koks Finance DAC 144A
7.50%, 05/04/22 |
375,724 | ||||||
| 900,000 |
Metalloinvest Finance DAC 144A
4.85%, 05/02/24 |
945,471 | ||||||
| 550,000 |
Mobile Telesystems OJSC Via MTS International Funding
DAC 144A
5.00%, 05/30/23 |
579,084 | ||||||
| 1,000,000 |
SCF Capital Designated Activity Co. 144A
5.38%, 06/16/23 |
1,033,819 | ||||||
| 9,987,019 | ||||||||
| Kazakhstan: 1.2% | ||||||||
| 476,206 |
Halyk Savings Bank of Kazakhstan JSC 144A
5.50%, 12/21/22 |
465,391 | ||||||
| KazMunayGas National Co. JSC 144A | ||||||||
| 500,000 | 3.88%, 04/19/22 | 494,855 | ||||||
| 400,000 | 4.40%, 04/30/23 | 397,800 | ||||||
| 1,000,000 | 4.75%, 04/19/27 | 973,200 | ||||||
| 1,300,000 | 5.75%, 04/19/47 | 1,307,306 | ||||||
| 3,638,552 | ||||||||
| Kuwait: 0.1% | ||||||||
| 300,000 |
Al Ahli Bank of Kuwait KSCP Reg S
7.25% (USD Swap Semi 30/360 5 Year+4.17%), 09/26/23 (o) |
276,109 | ||||||
| Luxembourg: 4.6% | ||||||||
| 600,000 |
Adecoagro SA 144A
6.00%, 09/21/27 |
515,046 | ||||||
| 200,000 |
Aegea Finance SARL 144A
5.75%, 10/10/24 |
196,540 | ||||||
| 240,000 |
Atento Luxco 1 SA 144A
6.13%, 08/10/22 |
153,900 | ||||||
| 300,000 |
Avation Capital SA 144A
6.50%, 05/15/21 |
254,175 | ||||||
See Notes to Financial Statements
| 34 |
|
|
|
Principal
Amount |
Value | |||||||
| Luxembourg: (continued) | ||||||||
| Consolidated Energy Finance SA 144A | ||||||||
| $ | 400,000 | 6.50%, 05/15/26 | $ | 313,840 | ||||
| 550,000 | 6.88%, 06/15/25 † | 426,938 | ||||||
| 300,000 |
Cosan Luxembourg SA 144A
7.00%, 01/20/27 |
304,500 | ||||||
| 400,000 |
CSN Resources SA 144A
7.63%, 02/13/23 |
316,080 | ||||||
| 300,000 |
Gilex Holding SARL 144A
8.50%, 05/02/23 |
250,443 | ||||||
| 300,000 |
Gol Finance SA 144A
7.00%, 01/31/25 |
153,000 | ||||||
| 300,000 |
Hidrovias International Finance SARL 144A
5.95%, 01/24/25 |
276,060 | ||||||
| 300,000 |
JSL Europe SA 144A
7.75%, 07/26/24 |
276,750 | ||||||
| 600,000 |
Kenbourne Invest SA 144A
6.88%, 11/26/24 † |
566,640 | ||||||
| Kernel Holding SA 144A | ||||||||
| 300,000 | 6.50%, 10/17/24 | 256,782 | ||||||
| 500,000 | 8.75%, 01/31/22 | 476,250 | ||||||
| 300,000 |
Klabin Finance SA 144A
4.88%, 09/19/27 |
287,355 | ||||||
| MHP Lux SA 144A | ||||||||
| 300,000 | 6.25%, 09/19/29 | 255,024 | ||||||
| 750,000 | 6.95%, 04/03/26 | 699,630 | ||||||
| Minerva Luxembourg SA 144A | ||||||||
| 200,000 | 5.88%, 01/19/28 † | 185,110 | ||||||
| 450,000 | 6.50%, 09/20/26 † | 439,695 | ||||||
| 300,000 |
Nexa Resources SA 144A
5.38%, 05/04/27 |
278,130 | ||||||
| Puma International Financing SA 144A | ||||||||
| 1,000,000 | 5.00%, 01/24/26 | 646,154 | ||||||
| 500,000 | 5.13%, 10/06/24 | 352,030 | ||||||
| Rede D’or Finance Sarl 144A | ||||||||
| 450,000 | 4.50%, 01/22/30 | 382,793 | ||||||
| 200,000 | 4.95%, 01/17/28 | 178,770 | ||||||
| Rumo Luxembourg Sarl 144A | ||||||||
| 100,000 | 5.88%, 01/18/25 | 98,620 | ||||||
| 300,000 | 7.38%, 02/09/24 | 316,560 | ||||||
| 2,150,000 |
Sberbank of Russia Via SB Capital SA 144A
5.13%, 10/29/22 |
2,228,883 | ||||||
| 400,000 |
TMK OAO Via TMK Capital SA Reg S
4.30%, 02/12/27 |
374,016 | ||||||
| 200,000 |
Tupy Overseas SA 144A
6.63%, 07/17/24 |
185,462 | ||||||
| Ultrapar International SA 144A | ||||||||
| 300,000 | 5.25%, 10/06/26 | 281,790 | ||||||
| 200,000 | 5.25%, 06/06/29 | 183,430 | ||||||
| 200,000 |
Unigel Luxembourg SA 144A
8.75%, 10/01/26 |
121,202 | ||||||
| 400,000 |
Usiminas International Sarl 144A
5.88%, 07/18/26 † |
356,104 | ||||||
| 1,465,000 |
VTB Bank OJSC Via VTB Capital SA 144A
6.95%, 10/17/22 |
1,531,606 | ||||||
| 14,119,308 | ||||||||
|
Principal
Amount |
Value | |||||||
| Malaysia: 0.2% | ||||||||
| $ | 500,000 |
Press Metal Labuan Ltd. Reg S
4.80%, 10/30/22 |
$ | 402,492 | ||||
| 300,000 |
SD International Sukuk Ltd. Reg S
6.30%, 05/09/22 |
284,250 | ||||||
| 686,742 | ||||||||
| Marshall Islands: 0.1% | ||||||||
| 325,000 |
Navios South American Logistics, Inc. / Navios Logistics
Finance US, Inc. 144A
7.25%, 05/01/22 |
291,541 | ||||||
| Mauritius: 2.3% | ||||||||
| 575,000 |
Azure Power Energy Ltd. 144A
5.50%, 11/03/22 |
553,437 | ||||||
| 400,000 |
Azure Power Solar Energy Private Ltd. 144A
5.65%, 12/24/24 |
370,000 | ||||||
| 500,000 |
Greenko Investment Co. 144A
4.88%, 08/16/23 |
452,694 | ||||||
| 500,000 |
Greenko Mauritius Ltd. 144A
6.25%, 02/21/23 |
468,750 | ||||||
| Greenko Solar Mauritius Ltd. 144A | ||||||||
| 500,000 | 5.55%, 01/29/25 | 452,512 | ||||||
| 600,000 | 5.95%, 07/29/26 | 528,305 | ||||||
| 300,000 |
HT Global IT Solutions Holdings Ltd. 144A
7.00%, 07/14/21 |
252,150 | ||||||
| 550,000 |
HTA Group Ltd. 144A
9.13%, 03/08/22 |
543,950 | ||||||
| MTN Mauritius Investments Ltd. 144A | ||||||||
| 900,000 | 4.76%, 11/11/24 | 837,000 | ||||||
| 500,000 | 5.37%, 02/13/22 | 488,725 | ||||||
| 500,000 | 6.50%, 10/13/26 | 484,850 | ||||||
| 500,000 |
Neerg Energy Ltd. 144A
6.00%, 02/13/22 |
460,239 | ||||||
| 1,000,000 |
Network i2i Ltd. 144A
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o) |
895,000 | ||||||
| 200,000 |
UPL Corp. Ltd. Reg S
5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 02/27/25 (o) |
156,500 | ||||||
| 6,944,112 | ||||||||
| Mexico: 7.2% | ||||||||
| 400,000 |
Aerovias de Mexico SA de CV 144A
7.00%, 02/05/25 |
154,000 | ||||||
| Alpha Holding SA de CV 144A | ||||||||
| 200,000 | 9.00%, 02/10/25 | 137,250 | ||||||
| 200,000 | 10.00%, 12/19/22 | 146,002 | ||||||
| 500,000 |
Axtel SAB de CV 144A
6.38%, 11/14/24 |
468,850 | ||||||
| 625,000 |
Banco Nacional de Comercio Exterior SNC 144A
3.80% (US Treasury Yield Curve Rate T 5 Year+3.00%), 08/11/26 |
601,319 | ||||||
| 1,050,000 |
BBVA Bancomer SA 144A
5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/18/33 |
914,865 | ||||||
| 900,000 |
Braskem Idesa SAPI 144A
7.45%, 11/15/29 † |
681,165 | ||||||
See Notes to Financial Statements
| 35 |
|
|
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Mexico: (continued) | ||||||||
| Cemex SAB de CV 144A | ||||||||
| $ | 1,075,000 | 5.45%, 11/19/29 † | $ | 890,261 | ||||
| 1,219,000 | 5.70%, 01/11/25 | 1,098,197 | ||||||
| 800,000 | 6.13%, 05/05/25 | 724,160 | ||||||
| 991,000 | 7.75%, 04/16/26 † | 931,144 | ||||||
| Credito Real SAB de CV SOFOM ER 144A | ||||||||
| 500,000 | 7.25%, 07/20/23 | 433,655 | ||||||
| 400,000 | 9.50%, 02/07/26 † | 358,384 | ||||||
| 600,000 |
Cydsa SAB de CV 144A
6.25%, 10/04/27 |
539,760 | ||||||
| 560,000 |
Elementia SAB de CV 144A
5.50%, 01/15/25 |
422,688 | ||||||
| 600,000 |
Grupo Bimbo SAB de CV 144A
5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) † |
604,440 | ||||||
| 585,000 |
Grupo KUO SAB De CV 144A
5.75%, 07/07/27 |
488,709 | ||||||
| 550,000 |
Grupo Posadas SAB de CV 144A
7.88%, 06/30/22 |
218,763 | ||||||
| 350,000 |
Metalsa SA de CV 144A
4.90%, 04/24/23 |
329,945 | ||||||
| 350,000 |
Mexarrend SAPI de CV 144A
10.25%, 07/24/24 |
196,875 | ||||||
| 600,000 |
Nemak SAB de CV 144A
4.75%, 01/23/25 |
530,250 | ||||||
| 400,000 |
Operadora de Servicios Mega SA de CV Sofom ER 144A
8.25%, 02/11/25 † |
263,180 | ||||||
| Petróleos Mexicanos | ||||||||
| 675,000 | 5.35%, 02/12/28 | 506,257 | ||||||
| 975,000 | 6.35%, 02/12/48 | 654,225 | ||||||
| 1,550,000 | 6.50%, 03/13/27 | 1,264,800 | ||||||
| 950,000 | 6.63%, 06/15/35 | 674,500 | ||||||
| 1,600,000 | 6.75%, 09/21/47 | 1,123,200 | ||||||
| 1,000,000 | 6.88%, 08/04/26 | 832,500 | ||||||
| Petróleos Mexicanos 144A | ||||||||
| 1,150,000 | 5.95%, 01/28/31 | 838,695 | ||||||
| 800,000 | 6.49%, 01/23/27 | 652,920 | ||||||
| 1,300,000 | 6.84%, 01/23/30 | 1,021,280 | ||||||
| 1,050,000 | 6.95%, 01/28/60 | 742,822 | ||||||
| 1,900,000 | 7.69%, 01/23/50 | 1,405,810 | ||||||
| 400,000 |
Sixsigma Networks Mexico SA de CV 144A
7.50%, 05/02/25 |
305,920 | ||||||
| 450,000 |
TV Azteca SAB de CV Reg S
8.25%, 08/09/24 |
259,785 | ||||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 300,000 | 7.00%, 01/15/25 | 136,125 | ||||||
| 500,000 | 7.25%, 09/27/23 | 245,075 | ||||||
| 300,000 | 7.38%, 02/12/26 | 137,580 | ||||||
| 500,000 | 8.38%, 01/27/28 | 223,250 | ||||||
| 22,158,606 | ||||||||
| Mongolia: 0.2% | ||||||||
| 400,000 |
Mongolian Mining Corp. / Energy Resources LLC 144A
9.25%, 04/15/24 |
241,093 | ||||||
| 300,000 |
Mongolian Mortgage Corp. HFC LLC 144A
9.75%, 01/29/22 |
236,251 | ||||||
| 477,344 | ||||||||
|
Principal
Amount |
Value | |||||||
| Netherlands: 8.3% | ||||||||
| $ | 470,000 |
Ajecorp BV 144A
6.50%, 05/14/22 |
$ | 413,389 | ||||
| 400,000 |
Ardshinbank CJSC Via Dilijan Finance BV 144A
6.50%, 01/28/25 |
344,697 | ||||||
| 1,100,000 |
Greenko Dutch BV 144A
5.25%, 07/24/24 |
986,667 | ||||||
| 850,000 |
GTH Finance BV 144A
7.25%, 04/26/23 |
931,013 | ||||||
| IHS Netherlands Holdco BV 144A | ||||||||
| 400,000 | 7.13%, 03/18/25 | 368,000 | ||||||
| 900,000 | 8.00%, 09/18/27 | 832,500 | ||||||
| 400,000 |
InterCement Financial Operations BV 144A
5.75%, 07/17/24 |
171,080 | ||||||
| 390,000 |
Jababeka International BV 144A
6.50%, 10/05/23 |
254,476 | ||||||
| 1,100,000 |
Kazakhstan Temir Zholy Finance BV 144A
6.95%, 07/10/42 |
1,269,152 | ||||||
| 600,000 |
Listrindo Capital BV 144A
4.95%, 09/14/26 |
580,380 | ||||||
| Metinvest BV 144A | ||||||||
| 850,000 | 7.75%, 04/23/23 † | 605,327 | ||||||
| 200,000 | 7.75%, 10/17/29 | 130,644 | ||||||
| 650,000 | 8.50%, 04/23/26 | 440,323 | ||||||
| 493,030 |
MV24 Capital BV 144A
6.75%, 06/01/34 |
417,651 | ||||||
| Nostrum Oil & Gas Finance BV 144A | ||||||||
| 250,000 | 7.00%, 02/16/25 | 55,000 | ||||||
| 850,000 | 8.00%, 07/25/22 | 204,000 | ||||||
| Petrobras Global Finance BV | ||||||||
| 275,000 | 4.38%, 05/20/23 | 268,125 | ||||||
| 400,000 | 5.30%, 01/27/25 | 391,076 | ||||||
| 175,000 | 5.63%, 05/20/43 | 157,500 | ||||||
| 400,000 | 5.75%, 02/01/29 | 383,500 | ||||||
| 550,000 | 6.00%, 01/27/28 † | 534,655 | ||||||
| 150,000 | 6.13%, 01/17/22 | 154,125 | ||||||
| 350,000 | 6.25%, 03/17/24 | 356,580 | ||||||
| 200,000 | 6.75%, 01/27/41 † | 195,160 | ||||||
| 450,000 | 6.85%, 06/05/15 † | 425,250 | ||||||
| 127,000 | 6.88%, 01/20/40 † | 125,730 | ||||||
| 425,000 | 6.90%, 03/19/49 | 415,438 | ||||||
| 300,000 | 7.25%, 03/17/44 † | 301,650 | ||||||
| 450,000 | 7.38%, 01/17/27 | 472,095 | ||||||
| 380,000 | 8.75%, 05/23/26 † | 421,800 | ||||||
| 758,000 |
Petrobras Global Finance BV 144A
5.09%, 01/15/30 † |
693,305 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 925,000 | 2.20%, 07/21/21 | 904,927 | ||||||
| 1,875,000 | 2.80%, 07/21/23 | 1,732,406 | ||||||
| 2,200,000 | 3.15%, 10/01/26 | 1,927,860 | ||||||
| 1,225,000 | 4.10%, 10/01/46 | 963,462 | ||||||
| 775,000 | 6.00%, 04/15/24 | 775,000 | ||||||
| 775,000 | 6.75%, 03/01/28 † | 800,691 | ||||||
| 600,000 |
Teva Pharmaceutical Finance Netherlands III BV 144A
7.13%, 01/31/25 † |
624,600 | ||||||
See Notes to Financial Statements
| 36 |
|
|
|
Principal
Amount |
Value | |||||||
| Netherlands: (continued) | ||||||||
| VEON Holdings BV 144A | ||||||||
| $ | 600,000 | 3.95%, 06/16/21 | $ | 608,994 | ||||
| 1,045,000 | 4.00%, 04/09/25 † | 1,083,738 | ||||||
| 600,000 | 4.95%, 06/16/24 | 637,428 | ||||||
| 500,000 | 5.95%, 02/13/23 | 535,065 | ||||||
| 450,000 | 7.50%, 03/01/22 † | 486,162 | ||||||
| 1,250,000 |
VTR Finance BV 144A
6.88%, 01/15/24 † |
1,250,512 | ||||||
| 25,631,133 | ||||||||
| Nigeria: 0.5% | ||||||||
| 200,000 |
Access Bank Plc 144A
10.50%, 10/19/21 |
196,020 | ||||||
| 400,000 |
Fidelity Bank Plc 144A
10.50%, 10/16/22 |
392,862 | ||||||
| 400,000 |
Seplat Petroleum Development Co. Plc 144A
9.25%, 04/01/23 |
330,000 | ||||||
| 600,000 |
United Bank for Africa Plc 144A
7.75%, 06/08/22 |
537,000 | ||||||
| 1,455,882 | ||||||||
| Oman: 0.6% | ||||||||
| Bank Muscat SAOG Reg S | ||||||||
| 400,000 | 3.75%, 05/03/21 | 376,912 | ||||||
| 500,000 | 4.88%, 03/14/23 | 440,575 | ||||||
| 550,000 |
Mazoon Assets Co. SAOC 144A
5.20%, 11/08/27 |
476,451 | ||||||
| 500,000 |
National Bank of Oman SAOG Reg S
5.63%, 09/25/23 |
460,125 | ||||||
| 1,754,063 | ||||||||
| Panama: 0.6% | ||||||||
| 375,000 |
AES El Salvador Trust II 144A
6.75%, 03/28/23 |
328,988 | ||||||
| 450,000 |
AES Panama SRL 144A
6.00%, 06/25/22 |
451,129 | ||||||
| 400,000 |
Avianca Holdings SA 144A
9.00%, 05/10/23 |
77,500 | ||||||
| 400,000 |
Banistmo SA 144A
3.65%, 09/19/22 |
389,824 | ||||||
| 700,000 |
Cable Onda SA 144A
4.50%, 01/30/30 |
668,255 | ||||||
| 1,915,696 | ||||||||
| Paraguay: 0.2% | ||||||||
| 500,000 |
Telefónica Celular del Paraguay SA 144A
5.88%, 04/15/27 |
490,000 | ||||||
| Peru: 1.3% | ||||||||
| 200,000 |
Banco Internacional del Peru SAA Interbank 144A
6.63% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 |
209,503 | ||||||
| 400,000 |
Camposol SA 144A
6.00%, 02/03/27 |
378,860 | ||||||
| 450,000 |
Hunt Oil Co. of Peru LLC 144A
6.38%, 06/01/28 |
350,843 | ||||||
| 500,000 |
Inretail Pharma SA 144A
5.38%, 05/02/23 |
506,150 | ||||||
| 400,000 |
Minsur SA 144A
6.25%, 02/07/24 |
422,720 | ||||||
|
Principal
Amount |
Value | |||||||
| Peru: (continued) | ||||||||
| $ | 500,000 |
Orazul Energy Egenor SCA 144A
5.63%, 04/28/27 |
$ | 485,005 | ||||
| 400,000 |
Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls 144A
5.75%, 04/03/28 |
367,960 | ||||||
| 1,000,000 |
Peru LNG Srl 144A
5.38%, 03/22/30 |
572,100 | ||||||
| 400,000 |
San Miguel Industrias Pet SA 144A
4.50%, 09/18/22 |
393,642 | ||||||
| 550,000 |
Volcan Cia Minera SAA 144A
5.38%, 02/02/22 |
415,641 | ||||||
| 4,102,424 | ||||||||
| Russia: 0.3% | ||||||||
| 400,000 |
Global Ports Finance Plc 144A
6.50%, 09/22/23 |
427,252 | ||||||
| 525,000 |
MHP SE 144A
7.75%, 05/10/24 |
514,416 | ||||||
| 941,668 | ||||||||
| Saint Lucia: 0.2% | ||||||||
| 550,000 |
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd. 144A
8.75%, 05/25/24 |
512,187 | ||||||
| Saudi Arabia: 0.2% | ||||||||
| 600,000 |
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.88%, 04/10/22 |
563,492 | ||||||
| Singapore: 1.9% | ||||||||
| ABJA Investment Co. Pte Ltd. Reg S | ||||||||
| 200,000 | 4.45%, 07/24/23 | 176,994 | ||||||
| 1,000,000 | 5.45%, 01/24/28 | 818,087 | ||||||
| 1,300,000 | 5.95%, 07/31/24 | 1,170,000 | ||||||
| 400,000 |
Alam Synergy Pte Ltd. Reg S
6.63%, 04/24/22 |
178,830 | ||||||
| 400,000 |
APL Realty Holdings Pte Ltd. Reg S
5.95%, 06/02/24 |
186,645 | ||||||
| 111,000 |
Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d) (e) * |
1,804 | ||||||
| 600,000 |
Indika Energy Capital III Pte Ltd. 144A
5.88%, 11/09/24 |
513,469 | ||||||
| 600,000 |
Marble II Pte Ltd. 144A
5.30%, 06/20/22 † |
552,381 | ||||||
| 700,000 |
Medco Bell Pte Ltd. 144A
6.38%, 01/30/27 |
422,603 | ||||||
| 700,000 |
Medco Oak Tree Pte Ltd. 144A
7.38%, 05/14/26 |
446,039 | ||||||
| 550,000 |
Medco Platinum Road Pte Ltd. 144A
6.75%, 01/30/25 |
343,750 | ||||||
| 400,000 |
SSMS Plantation Holdings Pte Ltd. Reg S
7.75%, 01/23/23 |
232,734 | ||||||
| 400,000 |
TBG Global Pte Ltd. Reg S
5.25%, 02/10/22 |
388,000 | ||||||
| 600,000 |
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26 |
420,091 | ||||||
| 5,851,427 | ||||||||
| South Africa: 1.8% | ||||||||
| 400,000 |
Absa Group Ltd. Reg S
6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/28 |
378,492 | ||||||
See Notes to Financial Statements
| 37 |
|
|
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| South Africa: (continued) | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| $ | 1,075,000 | 6.35%, 08/10/28 | $ | 966,137 | ||||
| 1,025,000 | 6.75%, 08/06/23 | 774,521 | ||||||
| 1,250,000 | 7.13%, 02/11/25 | 921,875 | ||||||
| 600,000 | 8.45%, 08/10/28 | 430,500 | ||||||
| 650,000 |
FirstRand Bank Ltd. Reg S
6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/28 |
622,238 | ||||||
| 400,000 |
Standard Bank Group Ltd. Reg S
5.95% (USD ICE Swap Rate 5 Year+3.75%), 05/31/29 |
378,296 | ||||||
| 1,000,000 |
Transnet SOC Ltd. 144A
4.00%, 07/26/22 |
930,634 | ||||||
| 5,402,693 | ||||||||
| South Korea: 0.5% | ||||||||
| Woori Bank 144A | ||||||||
| 500,000 | 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | 476,064 | ||||||
| 500,000 | 4.50% (US Treasury Yield Curve Rate T 5 Year+3.31%), 09/27/21 (o) | 497,495 | ||||||
| 500,000 | 5.25% (US Treasury Yield Curve Rate T 5 Year+3.35%), 05/16/22 (o) | 501,162 | ||||||
| 1,474,721 | ||||||||
| Spain: 0.3% | ||||||||
| 675,000 |
AI Candelaria Spain SLU 144A
7.50%, 12/15/28 |
617,355 | ||||||
| 500,000 |
International Airport Finance SA 144A
12.00%, 03/15/33 |
313,550 | ||||||
| 930,905 | ||||||||
| Thailand: 0.6% | ||||||||
| 1,200,000 |
Bangkok Bank PCL 144A
3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
1,075,989 | ||||||
| 800,000 |
Kasikornbank PCL Reg S
3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 |
708,586 | ||||||
| 1,784,575 | ||||||||
| Togo: 0.1% | ||||||||
| 500,000 |
Ecobank Transnational, Inc. 144A
9.50%, 04/18/24 |
470,075 | ||||||
| Trinidad and Tobago: 0.4% | ||||||||
| 300,000 |
Telecommunications Services of Trinidad & Tobago Ltd. 144A
8.88%, 10/18/29 |
266,625 | ||||||
| 500,000 |
Trinidad Generation Unlimited 144A
5.25%, 11/04/27 |
404,100 | ||||||
| 525,000 |
Trinidad Petroleum Holdings Ltd. 144A
9.75%, 06/15/26 † |
470,242 | ||||||
| 1,140,967 | ||||||||
| Turkey: 9.3% | ||||||||
| Akbank T.A.S. 144A | ||||||||
| 550,000 | 5.00%, 10/24/22 | 535,713 | ||||||
| 500,000 | 5.13%, 03/31/25 † | 458,849 | ||||||
| 300,000 |
6.80% (USD Swap Semi 30/360
5 Year+4.03%), 04/27/28 |
256,241 | ||||||
| 575,000 |
7.20% (USD Swap Semi 30/360
5 Year+5.03%), 03/16/27 |
527,879 | ||||||
|
Principal
Amount |
Value | |||||||
| Turkey: (continued) | ||||||||
| $ | 600,000 |
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A
3.38%, 11/01/22 |
$ | 574,457 | ||||
| 580,000 |
Arcelik AS 144A
5.00%, 04/03/23 |
559,007 | ||||||
| 600,000 |
Coca-Cola Icecek AS 144A
4.22%, 09/19/24 |
589,875 | ||||||
| Fibabanka AS Reg S | ||||||||
| 450,000 | 6.00%, 01/25/23 | 424,350 | ||||||
| 200,000 | 7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27 | 176,000 | ||||||
| KOC Holding AS 144A | ||||||||
| 725,000 | 5.25%, 03/15/23 | 714,096 | ||||||
| 725,000 | 6.50%, 03/11/25 | 714,197 | ||||||
| 500,000 |
KT Kira Sertifikalari Varlik Kiralama AS Reg S
5.14%, 11/02/21 |
491,292 | ||||||
| 500,000 |
Mersin Uluslararasi Liman Isletmeciligi AS 144A
5.38%, 11/15/24 † |
490,622 | ||||||
| 500,000 |
Petkim Petrokimya Holding AS 144A
5.88%, 01/26/23 |
475,138 | ||||||
| QNB Finansbank AS 144A | ||||||||
| 650,000 | 4.88%, 05/19/22 | 638,690 | ||||||
| 500,000 | 6.88%, 09/07/24 † | 501,250 | ||||||
| 250,000 |
Roenesans Gayrimenkul Yatirim AS 144A
7.25%, 04/26/23 |
211,694 | ||||||
| TC Ziraat Bankasi AS 144A | ||||||||
| 600,000 | 5.13%, 05/03/22 | 585,331 | ||||||
| 500,000 | 5.13%, 09/29/23 | 476,005 | ||||||
| 800,000 |
Tupras Turkiye Petrol Rafinerileri AS 144A
4.50%, 10/18/24 |
706,960 | ||||||
| Turk Telekomunikasyon AS 144A | ||||||||
| 400,000 | 4.88%, 06/19/24 | 377,836 | ||||||
| 560,000 | 6.88%, 02/28/25 | 560,308 | ||||||
| Turkcell Iletisim Hizmetleri AS 144A | ||||||||
| 400,000 | 5.75%, 10/15/25 | 386,900 | ||||||
| 500,000 | 5.80%, 04/11/28 † | 471,100 | ||||||
| Turkiye Garanti Bankasi AS 144A | ||||||||
| 750,000 | 5.25%, 09/13/22 | 740,475 | ||||||
| 500,000 | 5.88%, 03/16/23 | 493,202 | ||||||
| 750,000 |
6.13% (USD Swap Semi 30/360
5 Year+4.22%), 05/24/27 |
641,527 | ||||||
| 500,000 |
Turkiye Halk Bankasi AS 144A
5.00%, 07/13/21 |
482,976 | ||||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 775,000 | 5.00%, 06/25/21 | 777,623 | ||||||
| 600,000 | 5.38%, 10/06/21 | 602,250 | ||||||
| 680,000 | 5.50%, 04/21/22 † | 674,172 | ||||||
| 1,100,000 | 6.00%, 10/24/22 | 1,037,190 | ||||||
| 1,400,000 | 6.13%, 04/25/24 | 1,351,395 | ||||||
| 700,000 | 7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28 | 607,425 | ||||||
| 655,000 | 7.85%, 12/10/23 | 636,156 | ||||||
| 400,000 |
Turkiye Sinai Kalkinma Bankasi AS 144A
6.00%, 01/23/25 |
368,682 | ||||||
See Notes to Financial Statements
| 38 |
|
|
|
Principal
Amount |
Value | |||||||
| Turkey: (continued) | ||||||||
| Turkiye Sinai Kalkinma Bankasi AS Reg S | ||||||||
| $ | 200,000 | 4.88%, 05/18/21 | $ | 197,590 | ||||
| 350,000 | 5.50%, 01/16/23 | 333,375 | ||||||
| 400,000 | 7.63% (USD Swap Semi 30/360 5 Year+5.54%), 03/29/27 | 361,311 | ||||||
| 800,000 |
Turkiye Sise ve Cam Fabrikalari AS 144A
6.95%, 03/14/26 |
775,285 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 800,000 | 5.25%, 02/05/25 | 723,788 | ||||||
| 500,000 | 5.50%, 10/27/21 | 496,324 | ||||||
| 450,000 | 5.63%, 05/30/22 | 441,646 | ||||||
| 650,000 | 5.75%, 01/30/23 † | 626,116 | ||||||
| 700,000 | 6.00%, 11/01/22 | 656,460 | ||||||
| 650,000 | 8.13%, 03/28/24 | 657,111 | ||||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
| 1,175,000 | 5.50%, 12/06/22 | 1,074,391 | ||||||
| 400,000 | 5.75%, 02/24/22 | 399,500 | ||||||
| 750,000 | 5.85%, 06/21/24 | 713,709 | ||||||
| 430,000 | 6.10%, 03/16/23 † | 421,683 | ||||||
| 375,000 | 8.25%, 10/15/24 † | 383,700 | ||||||
| 28,578,852 | ||||||||
| Ukraine: 0.1% | ||||||||
| 400,000 |
VF Ukraine PAT via VFU Funding Plc 144A
6.20%, 02/11/25 |
372,000 | ||||||
| United Arab Emirates: 1.5% | ||||||||
| 300,000 |
ADES International Holding Plc 144A
8.63%, 04/24/24 † |
232,560 | ||||||
| 1,150,000 |
Emirates NBD Bank PJSC Reg S
6.13% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o) |
1,112,653 | ||||||
| 900,000 |
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A
7.13%, 07/31/26 |
864,000 | ||||||
| Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
| 400,000 | 4.23%, 10/29/26 | 355,864 | ||||||
| 400,000 | 4.50%, 02/23/27 | 355,459 | ||||||
| 500,000 | 5.00%, 03/15/23 | 484,948 | ||||||
| Oztel Holdings SPC Ltd. 144A | ||||||||
| 700,000 | 5.63%, 10/24/23 | 646,660 | ||||||
| 850,000 | 6.63%, 04/24/28 | 730,709 | ||||||
| 4,782,853 | ||||||||
| United Kingdom: 4.1% | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 825,000 | 5.13%, 08/01/22 † | 854,778 | ||||||
| 350,000 | 6.50%, 04/15/40 † | 371,480 | ||||||
| 1,600,062 |
DTEK Finance Plc
10.75%, 12/31/24 |
752,029 | ||||||
| Evraz Plc 144A | ||||||||
| 800,000 | 5.25%, 04/02/24 | 853,456 | ||||||
| 850,000 | 5.38%, 03/20/23 | 901,773 | ||||||
| 400,000 |
Evraz Plc Reg S
6.75%, 01/31/22 |
426,604 | ||||||
| 700,000 |
Liquid Telecommunications Financing Plc 144A
8.50%, 07/13/22 |
606,690 | ||||||
|
Principal
Amount |
Value | |||||||
| United Kingdom: (continued) | ||||||||
| MARB BondCo Plc 144A | ||||||||
| $ | 365,000 | 6.88%, 01/19/25 | $ | 352,298 | ||||
| 300,000 | 7.00%, 03/15/24 † | 294,750 | ||||||
| 400,000 |
NAK Naftogaz Ukraine via Kondor Finance Plc 144A
7.63%, 11/08/26 |
340,215 | ||||||
| 400,000 |
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S
7.38%, 07/19/22 |
364,500 | ||||||
| 700,000 |
Petra Diamonds US Treasury Plc 144A
7.25%, 05/01/22 |
238,000 | ||||||
| 500,000 |
Petropavlovsk 2016 Ltd. 144A
8.13%, 11/14/22 |
523,750 | ||||||
| Polyus Finance Plc 144A | ||||||||
| 550,000 | 4.70%, 03/28/22 | 569,937 | ||||||
| 450,000 | 4.70%, 01/29/24 | 474,407 | ||||||
| 800,000 | 5.25%, 02/07/23 | 846,768 | ||||||
| 1,100,000 |
Sasol Financing International Ltd.
4.50%, 11/14/22 |
778,250 | ||||||
| Tullow Oil Plc 144A | ||||||||
| 1,000,000 | 6.25%, 04/15/22 | 565,650 | ||||||
| 450,000 | 7.00%, 03/01/25 | 236,813 | ||||||
| 650,000 |
Ukraine Railways Via Rail Capital Markets Plc Reg S
8.25%, 07/09/24 |
557,440 | ||||||
| Vedanta Resources Finance II Plc 144A | ||||||||
| 500,000 | 8.00%, 04/23/23 | 191,875 | ||||||
| 600,000 | 9.25%, 04/23/26 | 249,000 | ||||||
| Vedanta Resources Ltd. 144A | ||||||||
| 1,450,000 | 6.13%, 08/09/24 | 518,810 | ||||||
| 550,000 | 6.38%, 07/30/22 | 216,123 | ||||||
| 400,000 | 7.13%, 05/31/23 | 152,960 | ||||||
| 850,000 | 8.25%, 06/07/21 | 458,362 | ||||||
| 12,696,718 | ||||||||
| United States: 2.6% | ||||||||
| 200,000 |
Azul Investments LLP 144A
5.88%, 10/26/24 † |
106,540 | ||||||
| 681,000 |
CEMEX Finance LLC 144A
6.00%, 04/01/24 |
634,556 | ||||||
| 200,000 |
Cielo USA, Inc. 144A
3.75%, 11/16/22 |
193,002 | ||||||
| JBS USA LUX SA / JBS USA Finance, Inc. 144A | ||||||||
| 400,000 | 5.75%, 06/15/25 | 407,004 | ||||||
| 350,000 | 5.88%, 07/15/24 | 358,103 | ||||||
| 300,000 | 6.75%, 02/15/28 | 323,532 | ||||||
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A | ||||||||
| 500,000 | 5.50%, 01/15/30 | 508,575 | ||||||
| 500,000 | 6.50%, 04/15/29 | 528,555 | ||||||
| 800,000 |
Kosmos Energy Ltd. 144A
7.13%, 04/04/26 † |
503,760 | ||||||
| NBM US Holdings, Inc. 144A | ||||||||
| 200,000 | 6.63%, 08/06/29 | 186,580 | ||||||
| 500,000 | 7.00%, 05/14/26 | 485,000 | ||||||
| 480,791 |
Rio Oil Finance Trust Series 2014-1 144A
9.25%, 07/06/24 |
457,862 | ||||||
| 115,245 |
Rio Oil Finance Trust Series 2014-3 144A
9.75%, 01/06/27 |
110,060 | ||||||
See Notes to Financial Statements
| 39 |
|
|
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| Sasol Financing USA LLC | ||||||||
| $ | 1,500,000 | 5.88%, 03/27/24 | $ | 1,011,750 | ||||
| 825,000 | 6.50%, 09/27/28 | 544,500 | ||||||
| Stillwater Mining Co. 144A | ||||||||
| 200,000 | 6.13%, 06/27/22 | 197,483 | ||||||
| 500,000 | 7.13%, 06/27/25 | 489,830 | ||||||
| 500,000 |
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 † |
468,250 | ||||||
| 500,000 |
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A
10.50%, 06/01/24 |
401,350 | ||||||
| 7,916,292 | ||||||||
| Uzbekistan: 0.1% | ||||||||
| 250,000 |
Uzbek Industrial and Construction Bank ATB Reg S
5.75%, 12/02/24 |
236,250 | ||||||
| Vietnam: 0.3% | ||||||||
| 600,000 |
Mong Duong Finance Holdings BV 144A
5.13%, 05/07/29 |
573,350 | ||||||
| 400,000 |
Vietnam Prosperity JSC Bank Reg S
6.25%, 07/17/22 |
360,255 | ||||||
| 933,605 | ||||||||
|
Total
Corporate Bonds
(Cost: $329,234,396) |
288,951,923 | |||||||
| GOVERNMENT OBLIGATIONS: 3.4% | ||||||||
| Argentina: 1.4% | ||||||||
| 900,000 |
City of Buenos Aires 144A
7.50%, 06/01/27 |
552,384 | ||||||
| 350,000 |
Province of Salta 144A
9.13%, 07/07/24 |
143,500 | ||||||
| Provincia de Buenos Aires 144A | ||||||||
| 875,000 | 6.50%, 02/15/23 | 247,188 | ||||||
| 2,050,000 | 7.88%, 06/15/27 | 558,625 | ||||||
| 1,530,000 | 9.13%, 03/16/24 | 436,065 | ||||||
| 500,000 | 9.63%, 04/18/28 | 152,500 | ||||||
| 700,000 | 9.95%, 06/09/21 | 196,000 | ||||||
| 100,000 |
Provincia de Buenos Aires Reg S
4.00%, 05/15/35 (s) |
30,750 | ||||||
| Provincia de Cordoba 144A | ||||||||
| 650,000 | 7.13%, 06/10/21 | 299,007 | ||||||
| 600,000 | 7.13%, 08/01/27 | 228,006 | ||||||
| 600,000 | 7.45%, 09/01/24 | 240,006 | ||||||
| 500,000 |
Provincia de Entre Rios 144A
8.75%, 02/08/25 |
201,250 | ||||||
| 325,000 |
Provincia de la Rioja 144A
9.75%, 02/24/25 |
107,250 | ||||||
| 600,000 |
Provincia de Mendoza 144A
8.38%, 05/19/24 |
252,000 | ||||||
| Provincia de Neuquen 144A | ||||||||
| 275,000 | 7.50%, 04/27/25 | 105,328 | ||||||
| 550,000 | 8.63%, 05/12/28 | 295,625 | ||||||
| 400,000 |
Provincia de Rio Negro 144A
7.75%, 12/07/25 |
138,000 | ||||||
| 400,000 |
Provincia del Chubut 144A
7.75%, 07/26/26 |
174,800 | ||||||
| 4,358,284 | ||||||||
|
Principal
Amount |
Value | |||||||
| Azerbaijan: 0.6% | ||||||||
| State Oil Co. of the Azerbaijan Republic Reg S | ||||||||
| $ | 1,050,000 | 4.75%, 03/13/23 | $ | 1,055,250 | ||||
| 700,000 | 6.95%, 03/18/30 | 737,478 | ||||||
| 1,792,728 | ||||||||
| Belarus: 0.2% | ||||||||
| 600,000 |
Development Bank of the Republic of Belarus JSC 144A
6.75%, 05/02/24 |
555,000 | ||||||
| Cayman Islands: 0.1% | ||||||||
| 480,000 |
Brazil Minas SPE via State of Minas Gerais 144A
5.33%, 02/15/28 |
480,413 | ||||||
| Mongolia: 0.2% | ||||||||
| 600,000 |
Development Bank of Mongolia LLC 144A
7.25%, 10/23/23 |
523,503 | ||||||
| Turkey: 0.8% | ||||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 550,000 | 4.25%, 09/18/22 | 524,952 | ||||||
| 500,000 | 5.00%, 09/23/21 | 499,825 | ||||||
| 400,000 | 5.38%, 10/24/23 | 381,728 | ||||||
| 500,000 | 6.13%, 05/03/24 | 477,650 | ||||||
| 450,000 | 8.25%, 01/24/24 | 462,377 | ||||||
| 2,346,532 | ||||||||
| Ukraine: 0.2% | ||||||||
| 650,000 |
Ukreximbank 144A
9.75%, 01/22/25 |
633,301 | ||||||
|
Total Government Obligations
(Cost: $17,726,494) |
10,689,761 | |||||||
|
Total Investments Before
Collateral for Securities Loaned: 97.2%
(Cost: $346,960,890) |
299,641,684 | |||||||
|
Number
of Shares |
||||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.9%
(Cost: $18,058,008) |
||||||||
| Money Market Fund: 5.9% | ||||||||
| 18,058,008 | State Street Navigator Securities Lending Government Money Market Portfolio | 18,058,008 | ||||||
|
Total Investments: 103.1%
(Cost: $365,018,898) |
317,699,692 | |||||||
| Liabilities in excess of other assets: (3.1)% | (9,606,933 | ) | ||||||
| NET ASSETS: 100.0% | $ | 308,092,759 | ||||||
See Notes to Financial Statements
| 40 |
|
|
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| (d) | Security in default of coupon payment |
| (e) | Security in default of principal |
| (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 $21,642,273. |
|
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 $207,579,758, or 67.4% of net assets. |
| Summary of Investments by Sector | ||||||||
| Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 10.6 | % | $ | 31,822,843 | ||||
| Communications | 7.0 | 20,843,996 | ||||||
| Consumer, Cyclical | 4.7 | 14,241,925 | ||||||
| Consumer, Non-cyclical | 8.8 | 26,520,766 | ||||||
| Diversified | 1.1 | 3,262,884 | ||||||
| Energy | 16.0 | 47,857,635 | ||||||
| Financial | 36.7 | 109,857,664 | ||||||
| Government | 3.6 | 10,689,761 | ||||||
| Industrial | 5.9 | 17,719,704 | ||||||
| Technology | 0.2 | 552,381 | ||||||
| Utilities | 5.4 | 16,272,125 | ||||||
| 100.0 | % | $ | 299,641,684 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 288,951,923 | $ | — | $ | 288,951,923 | |||||||||
| Government Obligations* | — | 10,689,761 | — | 10,689,761 | |||||||||||||
| Money Market Fund | 18,058,008 | — | — | 18,058,008 | |||||||||||||
| Total | $ | 18,058,008 | $ | 299,641,684 | $ | — | $ | 317,699,692 | |||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 41 |
|
|
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS: 98.5% | ||||||||
| Australia: 0.2% | ||||||||
| $ | 5,075,000 |
Adani Abbot Point Terminal Pty Ltd. 144A
4.45%, 12/15/22 |
$ | 4,042,090 | ||||
| Canada: 3.3% | ||||||||
| 2,529,000 |
Bombardier, Inc. 144A
7.45%, 05/01/34 |
1,588,338 | ||||||
| Cenovus Energy, Inc. | ||||||||
| 5,078,000 | 3.00%, 08/15/22 | 4,486,488 | ||||||
| 4,575,000 | 3.80%, 09/15/23 | 3,826,676 | ||||||
| 9,725,000 | 4.25%, 04/15/27 | 7,654,829 | ||||||
| 6,500,000 | 5.25%, 06/15/37 | 4,400,954 | ||||||
| 8,450,000 | 5.40%, 06/15/47 | 5,711,494 | ||||||
| 14,225,000 | 6.75%, 11/15/39 | 10,178,309 | ||||||
| Methanex Corp. | ||||||||
| 3,050,000 | 4.25%, 12/01/24 | 2,742,164 | ||||||
| 7,100,000 | 5.25%, 12/15/29 | 5,996,986 | ||||||
| 3,050,000 | 5.65%, 12/01/44 | 2,090,513 | ||||||
| TransAlta Corp. | ||||||||
| 4,050,000 | 4.50%, 11/15/22 | 3,963,938 | ||||||
| 3,050,000 | 6.50%, 03/15/40 | 2,672,563 | ||||||
| 55,313,252 | ||||||||
| Cayman Islands: 0.3% | ||||||||
| Noble Holding International Ltd. | ||||||||
| 3,124,000 | 5.25%, 03/15/42 | 44,908 | ||||||
| 2,250,000 | 6.05%, 03/01/41 | 25,313 | ||||||
| 2,908,000 | 6.20%, 08/01/40 | 43,184 | ||||||
| 2,783,000 | 7.95%, 04/01/25 | 37,710 | ||||||
| 2,488,000 | 8.95%, 04/01/45 | 27,990 | ||||||
| Transocean, Inc. | ||||||||
| 10,151,000 | 6.80%, 03/15/38 | 2,309,353 | ||||||
| 5,966,000 | 7.50%, 04/15/31 | 1,513,873 | ||||||
| 3,049,000 | 9.35%, 12/15/41 | 769,873 | ||||||
| 4,772,204 | ||||||||
| Finland: 0.3% | ||||||||
| 5,074,000 |
Nokia Oyj
6.63%, 05/15/39 |
5,404,297 | ||||||
| Germany: 1.7% | ||||||||
| Deutsche Bank AG | ||||||||
| 15,099,000 | 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | 13,608,954 | ||||||
| 15,106,000 | 4.50%, 04/01/25 | 14,326,141 | ||||||
| 27,935,095 | ||||||||
| Ireland: 0.2% | ||||||||
| 2,975,000 |
Smurfit Kappa Treasury Funding DAC
7.50%, 11/20/25 |
3,525,375 | ||||||
| Italy: 1.2% | ||||||||
| 20,300,000 |
Intesa Sanpaolo SpA 144A
5.02%, 06/26/24 |
20,325,872 | ||||||
| Liberia: 0.3% | ||||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 5,075,000 | 3.70%, 03/15/28 | 3,323,553 | ||||||
| 3,050,000 | 7.50%, 10/15/27 | 2,391,035 | ||||||
| 5,714,588 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Luxembourg: 2.7% | ||||||||
| Telecom Italia Capital SA | ||||||||
| $ | 10,154,000 | 6.00%, 09/30/34 | $ | 10,577,422 | ||||
| 10,150,000 | 6.38%, 11/15/33 † | 10,984,837 | ||||||
| 10,165,000 | 7.20%, 07/18/36 | 11,474,252 | ||||||
| 10,164,000 | 7.72%, 06/04/38 | 11,856,306 | ||||||
| 44,892,817 | ||||||||
| Sweden: 0.6% | ||||||||
| 10,142,000 |
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22 |
10,573,035 | ||||||
| United Kingdom: 3.8% | ||||||||
| 5,900,000 |
Barclays Bank Plc
6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (o) |
5,849,747 | ||||||
| Lloyds Banking Group Plc 144A | ||||||||
| 3,800,000 | 6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o) | 4,003,680 | ||||||
| 4,414,000 | 6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o) † | 4,893,360 | ||||||
| 3,050,000 |
Marks & Spencer Plc 144A
7.13%, 12/01/37 |
2,907,304 | ||||||
| 7,742,000 |
Royal Bank of Scotland Group Plc
7.65% (ICE LIBOR USD 3 Month+2.50%), 09/30/31 (o) † |
10,707,573 | ||||||
| 7,625,000 |
Standard Chartered Plc 144A
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) |
8,054,783 | ||||||
| Valaris Plc | ||||||||
| 2,925,000 | 4.50%, 10/01/24 | 252,281 | ||||||
| 2,975,000 | 4.75%, 01/15/24 | 348,968 | ||||||
| 5,940,000 | 4.88%, 06/01/22 | 769,527 | ||||||
| 3,200,000 | 5.20%, 03/15/25 | 272,000 | ||||||
| 3,757,000 | 5.40%, 12/01/42 | 445,580 | ||||||
| 9,850,000 | 5.75%, 10/01/44 | 872,710 | ||||||
| 3,757,000 | 5.85%, 01/15/44 | 445,580 | ||||||
| 20,300,000 |
Vodafone Group Plc
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 |
23,261,468 | ||||||
| 63,084,561 | ||||||||
| United States: 83.9% | ||||||||
| ADT Security Corp. | ||||||||
| 10,017,000 | 3.50%, 07/15/22 | 9,829,181 | ||||||
| 7,000,000 | 4.13%, 06/15/23 | 7,001,400 | ||||||
| 5,067,000 |
Allegheny Technologies, Inc.
7.88%, 08/15/23 |
4,672,230 | ||||||
| Arconic, Inc. | ||||||||
| 6,378,000 | 5.87%, 02/23/22 | 6,509,105 | ||||||
| 6,335,000 | 5.90%, 02/01/27 | 6,061,726 | ||||||
| 6,351,000 | 5.95%, 02/01/37 | 5,921,587 | ||||||
| 3,035,000 | 6.75%, 01/15/28 | 2,935,165 | ||||||
| 4,968,000 |
Avon Products, Inc.
7.00%, 03/15/23 † |
4,760,636 | ||||||
| Bed Bath & Beyond, Inc. | ||||||||
| 3,055,000 | 3.75%, 08/01/24 | 1,909,375 | ||||||
| 3,054,000 | 4.92%, 08/01/34 | 1,492,643 | ||||||
| 9,139,000 | 5.17%, 08/01/44 | 4,226,788 | ||||||
See Notes to Financial Statements
| 42 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| Buckeye Partners LP | ||||||||
| $ | 6,088,000 | 3.95%, 12/01/26 | $ | 5,547,690 | ||||
| 4,055,000 | 4.13%, 12/01/27 | 3,644,431 | ||||||
| 5,072,000 | 4.15%, 07/01/23 † | 4,774,020 | ||||||
| 3,034,000 | 4.35%, 10/15/24 | 2,810,243 | ||||||
| 3,051,000 | 5.60%, 10/15/44 | 2,185,279 | ||||||
| 4,068,000 | 5.85%, 11/15/43 | 2,995,065 | ||||||
| Carpenter Technology Corp. | ||||||||
| 3,055,000 | 4.45%, 03/01/23 | 2,994,951 | ||||||
| 2,537,000 | 5.20%, 07/15/21 | 2,566,689 | ||||||
| CBL & Associates LP | ||||||||
| 2,833,000 | 4.60%, 10/15/24 | 778,508 | ||||||
| 4,265,000 | 5.25%, 12/01/23 | 1,161,360 | ||||||
| 5,963,000 | 5.95%, 12/15/26 | 1,614,780 | ||||||
| 5,087,000 |
CDK Global, Inc.
5.00%, 10/15/24 |
5,296,584 | ||||||
| CenturyLink, Inc. | ||||||||
| 4,287,000 | 6.88%, 01/15/28 † | 4,467,483 | ||||||
| 5,469,000 | 7.60%, 09/15/39 † | 5,608,624 | ||||||
| CF Industries, Inc. | ||||||||
| 7,607,000 | 3.45%, 06/01/23 † | 7,749,631 | ||||||
| 7,627,000 | 4.95%, 06/01/43 † | 7,843,378 | ||||||
| 7,626,000 | 5.15%, 03/15/34 | 7,966,501 | ||||||
| 7,627,000 | 5.38%, 03/15/44 | 7,943,520 | ||||||
| 3,025,000 |
Cleveland-Cliffs, Inc.
6.25%, 10/01/40 |
1,629,265 | ||||||
| Continental Resources, Inc. | ||||||||
| 10,100,000 | 3.80%, 06/01/24 | 8,357,750 | ||||||
| 100,000 | 4.38%, 01/15/28 | 78,000 | ||||||
| 7,075,000 | 4.90%, 06/01/44 | 4,987,875 | ||||||
| 3,551,000 |
Crown Cork & Seal Co., Inc.
7.38%, 12/15/26 |
3,913,557 | ||||||
| DCP Midstream Operating LP | ||||||||
| 5,084,000 | 3.88%, 03/15/23 † | 4,251,241 | ||||||
| 3,562,000 | 4.95%, 04/01/22 | 3,266,532 | ||||||
| 4,054,000 | 5.60%, 04/01/44 | 2,142,944 | ||||||
| 3,058,000 | 8.13%, 08/16/30 | 2,406,952 | ||||||
| DCP Midstream Operating LP 144A | ||||||||
| 5,065,000 | 4.75%, 09/30/21 | 4,815,042 | ||||||
| 3,035,000 | 6.45%, 11/03/36 | 1,793,989 | ||||||
| 4,573,000 | 6.75%, 09/15/37 | 2,783,128 | ||||||
| Dell, Inc. | ||||||||
| 2,684,000 | 5.40%, 09/10/40 † | 2,559,462 | ||||||
| 3,941,000 | 6.50%, 04/15/38 | 4,077,950 | ||||||
| 3,043,000 | 7.10%, 04/15/28 † | 3,384,120 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 9,150,000 | 2.90%, 10/28/24 | 7,200,851 | ||||||
| 10,150,000 | 3.63%, 03/15/22 | 9,069,389 | ||||||
| 6,100,000 | 3.75%, 10/28/29 | 4,328,593 | ||||||
| 5,075,000 | 3.80%, 04/19/23 | 4,361,342 | ||||||
| 5,075,000 | 4.38%, 04/19/28 | 3,794,976 | ||||||
| Diversified Healthcare Trust | ||||||||
| 2,527,000 | 4.75%, 05/01/24 | 2,099,001 | ||||||
| 5,071,000 | 4.75%, 02/15/28 † | 4,356,240 | ||||||
| 3,036,000 | 6.75%, 12/15/21 | 2,906,619 | ||||||
| 4,050,000 |
DPL, Inc.
4.35%, 04/15/29 † |
3,949,878 | ||||||
| 9,950,000 |
Dresdner Funding Trust I 144A
8.15%, 06/30/31 † |
12,636,500 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| Edgewell Personal Care Co. | ||||||||
| $ | 6,091,000 | 4.70%, 05/19/21 † | $ | 6,157,696 | ||||
| 5,066,000 | 4.70%, 05/24/22 † | 5,171,829 | ||||||
| 14,989,000 |
Embarq Corp.
8.00%, 06/01/36 |
15,505,371 | ||||||
| 10,147,000 |
EMC Corp.
3.38%, 06/01/23 |
10,159,684 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 7,125,000 | 4.15%, 06/01/25 | 4,454,550 | ||||||
| 5,190,000 | 4.40%, 04/01/24 | 3,302,138 | ||||||
| 4,484,000 | 5.05%, 04/01/45 | 1,854,582 | ||||||
| 3,491,000 | 5.60%, 04/01/44 | 1,426,423 | ||||||
| EQM Midstream Partners LP | ||||||||
| 5,075,000 | 4.00%, 08/01/24 † | 4,596,174 | ||||||
| 5,070,000 | 4.13%, 12/01/26 | 4,363,496 | ||||||
| 11,175,000 | 4.75%, 07/15/23 | 10,539,701 | ||||||
| 8,625,000 | 5.50%, 07/15/28 | 7,784,321 | ||||||
| 5,575,000 | 6.50%, 07/15/48 | 4,505,436 | ||||||
| EQT Corp. | ||||||||
| 7,626,000 | 3.00%, 10/01/22 † | 7,235,167 | ||||||
| 12,701,000 | 3.90%, 10/01/27 | 10,748,221 | ||||||
| 2,530,000 | 4.88%, 11/15/21 | 2,469,913 | ||||||
| 10,150,000 | 6.13%, 02/01/25 † | 9,731,312 | ||||||
| 7,619,000 | 7.00%, 02/01/30 | 7,247,574 | ||||||
| 1,750,000 |
Ford Holdings LLC
9.30%, 03/01/30 |
1,618,750 | ||||||
| Ford Motor Co. | ||||||||
| 9,671,000 | 4.35%, 12/08/26 † | 7,736,800 | ||||||
| 11,819,000 | 4.75%, 01/15/43 | 7,623,255 | ||||||
| 8,425,000 | 5.29%, 12/08/46 | 5,707,937 | ||||||
| 1,550,000 | 6.38%, 02/01/29 | 1,294,715 | ||||||
| 3,775,000 | 6.63%, 10/01/28 | 3,161,563 | ||||||
| 2,350,000 | 7.40%, 11/01/46 | 1,938,750 | ||||||
| 11,299,000 | 7.45%, 07/16/31 | 9,519,407 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5,325,000 | 2.98%, 08/03/22 | 4,872,375 | ||||||
| 8,875,000 | 3.09%, 01/09/23 | 7,976,406 | ||||||
| 5,925,000 | 3.10%, 05/04/23 | 5,258,437 | ||||||
| 4,425,000 | 3.22%, 01/09/22 | 4,159,500 | ||||||
| 5,025,000 | 3.34%, 03/28/22 | 4,673,803 | ||||||
| 7,400,000 | 3.35%, 11/01/22 | 6,808,000 | ||||||
| 3,550,000 | 3.55%, 10/07/22 | 3,275,940 | ||||||
| 4,425,000 | 3.66%, 09/08/24 | 3,822,094 | ||||||
| 6,800,000 | 3.81%, 10/12/21 | 6,434,500 | ||||||
| 4,425,000 | 3.81%, 01/09/24 | 3,910,594 | ||||||
| 4,425,000 | 3.82%, 11/02/27 | 3,501,281 | ||||||
| 8,875,000 | 4.06%, 11/01/24 | 7,832,187 | ||||||
| 8,275,000 | 4.13%, 08/04/25 | 7,066,271 | ||||||
| 5,325,000 | 4.14%, 02/15/23 | 4,938,937 | ||||||
| 5,925,000 | 4.25%, 09/20/22 | 5,504,621 | ||||||
| 5,325,000 | 4.27%, 01/09/27 | 4,552,875 | ||||||
| 5,925,000 | 4.38%, 08/06/23 | 5,421,375 | ||||||
| 7,100,000 | 4.39%, 01/08/26 | 6,159,250 | ||||||
| 4,425,000 | 4.54%, 08/01/26 | 3,822,094 | ||||||
| 3,550,000 | 4.69%, 06/09/25 | 3,150,625 | ||||||
| 8,800,000 | 5.11%, 05/03/29 | 7,634,000 | ||||||
| 8,875,000 | 5.58%, 03/18/24 | 8,409,062 | ||||||
| 8,275,000 | 5.60%, 01/07/22 | 8,109,500 | ||||||
See Notes to Financial Statements
| 43 |
|
|
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| Freeport-McMoRan, Inc. | ||||||||
| $ | 8,186,000 | 3.55%, 03/01/22 † | $ | 8,285,460 | ||||
| 19,513,000 | 3.88%, 03/15/23 | 19,565,685 | ||||||
| 8,631,000 | 4.55%, 11/14/24 | 8,686,670 | ||||||
| 7,623,000 | 5.40%, 11/14/34 † | 7,209,833 | ||||||
| 18,951,000 | 5.45%, 03/15/43 | 17,564,734 | ||||||
| Genworth Holdings, Inc. | ||||||||
| 3,854,000 | 4.80%, 02/15/24 † | 3,280,718 | ||||||
| 3,809,000 | 4.90%, 08/15/23 | 3,299,546 | ||||||
| 3,003,000 | 6.50%, 06/15/34 † | 2,498,796 | ||||||
| 6,986,000 | 7.63%, 09/24/21 † | 6,676,171 | ||||||
| 3,040,000 |
Global Marine, Inc.
7.00%, 06/01/28 |
779,000 | ||||||
| 11,850,000 |
Goldman Sachs Capital I
6.35%, 02/15/34 |
15,097,256 | ||||||
| 3,050,000 |
H.B. Fuller Co.
4.00%, 02/15/27 |
2,849,615 | ||||||
| 2,954,000 |
HCA, Inc.
7.69%, 06/15/25 |
3,389,124 | ||||||
| 3,800,000 |
Hillenbrand, Inc.
4.50%, 09/15/26 |
3,485,110 | ||||||
| Ingram Micro, Inc. | ||||||||
| 3,043,000 | 5.00%, 08/10/22 | 2,850,832 | ||||||
| 5,067,000 | 5.45%, 12/15/24 | 4,852,004 | ||||||
| JC Penney Corp., Inc. | ||||||||
| 2,557,000 | 6.38%, 10/15/36 (d)* | 153,420 | ||||||
| 2,069,000 | 7.40%, 04/01/37 | 124,140 | ||||||
| 2,872,000 | 7.63%, 03/01/97 | 114,880 | ||||||
| Kraft Heinz Foods Co. | ||||||||
| 14,500,000 | 3.00%, 06/01/26 | 14,411,825 | ||||||
| 2,175,000 | 3.38%, 06/15/21 | 2,207,091 | ||||||
| 8,125,000 | 3.50%, 06/06/22 † | 8,353,817 | ||||||
| 3,210,000 | 3.50%, 07/15/22 | 3,283,902 | ||||||
| 14,500,000 | 3.95%, 07/15/25 | 15,191,969 | ||||||
| 6,075,000 | 4.00%, 06/15/23 | 6,319,477 | ||||||
| 21,650,000 | 4.38%, 06/01/46 | 20,656,984 | ||||||
| 7,975,000 | 4.63%, 01/30/29 | 8,408,141 | ||||||
| 7,244,000 | 5.00%, 07/15/35 | 7,782,346 | ||||||
| 14,325,000 | 5.00%, 06/04/42 | 14,579,896 | ||||||
| 14,500,000 | 5.20%, 07/15/45 | 14,899,795 | ||||||
| 5,706,000 | 6.50%, 02/09/40 | 6,669,168 | ||||||
| 3,175,000 | 6.75%, 03/15/32 † | 3,923,595 | ||||||
| 6,375,000 | 6.88%, 01/26/39 † | 7,674,958 | ||||||
| Kraft Heinz Foods Co. 144A | ||||||||
| 7,250,000 | 3.75%, 04/01/30 | 7,380,310 | ||||||
| 3,725,000 | 4.63%, 10/01/39 | 3,675,381 | ||||||
| 10,875,000 | 4.88%, 10/01/49 | 10,845,394 | ||||||
| 6,750,000 | 7.13%, 08/01/39 | 8,116,525 | ||||||
| L Brands, Inc. | ||||||||
| 3,542,000 | 6.95%, 03/01/33 † | 2,008,668 | ||||||
| 3,044,000 | 7.60%, 07/15/37 | 1,822,138 | ||||||
| Mack-Cali Realty LP | ||||||||
| 2,792,000 | 3.15%, 05/15/23 | 2,299,155 | ||||||
| 3,055,000 | 4.50%, 04/18/22 | 2,597,030 | ||||||
| Macy’s Retail Holdings, Inc. | ||||||||
| 6,488,000 | 2.88%, 02/15/23 | 4,687,580 | ||||||
| 5,088,000 | 3.63%, 06/01/24 | 3,622,020 | ||||||
| 4,565,000 | 3.88%, 01/15/22 | 3,780,368 | ||||||
| 2,544,000 | 4.30%, 02/15/43 | 1,488,240 | ||||||
| 3,721,000 | 4.50%, 12/15/34 | 2,144,226 | ||||||
| 2,534,000 | 5.13%, 01/15/42 | 1,495,060 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 4,049,000 |
Magellan Health, Inc.
4.90%, 09/22/24 |
$ | 3,972,271 | ||||
| Mattel, Inc. | ||||||||
| 2,550,000 | 3.15%, 03/15/23 † | 2,367,803 | ||||||
| 3,038,000 | 5.45%, 11/01/41 | 2,426,147 | ||||||
| 2,541,000 | 6.20%, 10/01/40 † | 2,184,879 | ||||||
| MDC Holdings, Inc. | ||||||||
| 2,545,000 | 5.50%, 01/15/24 † | 2,598,572 | ||||||
| 5,089,000 | 6.00%, 01/15/43 † | 4,933,531 | ||||||
| 4,575,000 |
Michael Kors USA, Inc. 144A
4.25%, 11/01/24 |
3,580,068 | ||||||
| 2,988,482 |
Midland Cogeneration Venture LP 144A
6.00%, 03/15/25 |
3,067,809 | ||||||
| Murphy Oil Corp. | ||||||||
| 2,633,000 | 4.00%, 06/01/22 † | 2,122,856 | ||||||
| 3,230,000 | 4.45%, 12/01/22 † | 2,612,521 | ||||||
| 3,545,000 | 5.88%, 12/01/42 | 2,086,587 | ||||||
| 2,531,000 | 7.05%, 05/01/29 | 1,637,810 | ||||||
| 2,580,000 |
Nabors Industries, Inc.
4.63%, 09/15/21 † |
1,649,523 | ||||||
| 6,042,000 |
Navient Corp.
5.63%, 08/01/33 † |
4,596,754 | ||||||
| Newell Brands, Inc. | ||||||||
| 2,540,000 | 4.00%, 06/15/22 | 2,568,575 | ||||||
| 14,148,000 | 4.35%, 04/01/23 | 14,503,398 | ||||||
| 20,305,000 | 4.70%, 04/01/26 † | 20,647,647 | ||||||
| 4,256,000 | 5.88%, 04/01/36 | 4,479,440 | ||||||
| 6,765,000 | 6.00%, 04/01/46 | 6,993,319 | ||||||
| 4,056,000 |
NortonLifeLock, Inc.
3.95%, 06/15/22 † |
4,153,750 | ||||||
| 2,550,000 |
NuStar Logistics LP
4.75%, 02/01/22 † |
2,389,478 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 18,400,000 | 0.00%, 10/10/36 ^ | 7,820,000 | ||||||
| 12,150,000 | 2.60%, 08/13/21 | 11,421,000 | ||||||
| 3,250,000 | 2.60%, 04/15/22 | 2,876,250 | ||||||
| 16,225,000 | 2.70%, 08/15/22 | 14,196,875 | ||||||
| 9,650,000 | 2.70%, 02/15/23 | 8,337,600 | ||||||
| 24,313,000 | 2.90%, 08/15/24 | 18,592,151 | ||||||
| 6,090,000 | 3.00%, 02/15/27 | 4,354,350 | ||||||
| 6,600,000 | 3.13%, 02/15/22 | 6,040,320 | ||||||
| 8,097,000 | 3.20%, 08/15/26 | 5,870,325 | ||||||
| 9,325,000 | 3.40%, 04/15/26 | 6,714,000 | ||||||
| 6,075,000 | 3.50%, 06/15/25 | 4,416,525 | ||||||
| 12,150,000 | 3.50%, 08/15/29 | 8,568,180 | ||||||
| 6,075,000 | 4.10%, 02/15/47 | 3,675,375 | ||||||
| 8,100,000 | 4.20%, 03/15/48 | 4,880,250 | ||||||
| 6,075,000 | 4.30%, 08/15/39 | 3,842,438 | ||||||
| 9,725,000 | 4.40%, 04/15/46 | 6,151,062 | ||||||
| 6,075,000 | 4.40%, 08/15/49 | 3,698,156 | ||||||
| 5,050,000 | 4.50%, 07/15/44 | 3,080,500 | ||||||
| 6,075,000 | 4.63%, 06/15/45 | 3,751,313 | ||||||
| 8,775,000 | 5.55%, 03/15/26 | 6,832,215 | ||||||
| 5,975,000 | 6.20%, 03/15/40 | 4,302,000 | ||||||
| 14,050,000 | 6.45%, 09/15/36 | 10,326,750 | ||||||
| 8,900,000 | 6.60%, 03/15/46 | 6,630,500 | ||||||
| 4,725,000 | 6.95%, 07/01/24 | 4,085,235 | ||||||
| 7,050,000 | 7.50%, 05/01/31 | 5,428,500 | ||||||
| 3,925,000 | 7.88%, 09/15/31 | 3,002,625 | ||||||
| 2,600,000 | 7.95%, 06/15/39 | 1,943,500 | ||||||
See Notes to Financial Statements
| 44 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| Oceaneering International, Inc. | ||||||||
| $ | 5,075,000 | 4.65%, 11/15/24 | $ | 2,658,031 | ||||
| 3,047,000 | 6.00%, 02/01/28 | 1,587,030 | ||||||
| 2,795,000 |
Owens & Minor, Inc.
4.38%, 12/15/24 † |
2,284,354 | ||||||
| 2,813,000 |
Pactiv LLC
7.95%, 12/15/25 |
2,981,217 | ||||||
| Pitney Bowes, Inc. | ||||||||
| 3,819,000 | 4.63%, 03/15/24 † | 2,891,747 | ||||||
| 2,781,000 | 5.70%, 04/01/23 | 2,290,293 | ||||||
| PulteGroup, Inc. | ||||||||
| 3,038,000 | 6.00%, 02/15/35 | 3,228,167 | ||||||
| 4,054,000 | 6.38%, 05/15/33 | 4,330,483 | ||||||
| 3,034,000 | 7.88%, 06/15/32 | 3,513,524 | ||||||
| Qwest Corp. | ||||||||
| 9,572,000 | 6.75%, 12/01/21 † | 10,019,924 | ||||||
| 2,528,000 | 7.25%, 09/15/25 † | 2,713,325 | ||||||
| 3,988,000 |
RBS Capital Trust II
6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (o) † |
5,471,935 | ||||||
| 2,225,000 |
Rite Aid Corp.
7.70%, 02/15/27 |
1,638,268 | ||||||
| Rockies Express Pipeline LLC 144A | ||||||||
| 4,050,000 | 3.60%, 05/15/25 | 3,675,375 | ||||||
| 3,550,000 | 4.80%, 05/15/30 | 3,053,000 | ||||||
| 5,575,000 | 4.95%, 07/15/29 | 4,989,625 | ||||||
| 5,075,000 | 6.88%, 04/15/40 | 4,485,031 | ||||||
| 2,550,000 | 7.50%, 07/15/38 | 2,250,375 | ||||||
| 5,703,409 |
Ruby Pipeline LLC 144A
6.50%, 04/01/22 |
5,305,792 | ||||||
| 2,652,000 |
Safeway, Inc.
7.25%, 02/01/31 † |
2,790,169 | ||||||
| Sealed Air Corp. 144A | ||||||||
| 10,000 | 4.88%, 12/01/22 | 10,321 | ||||||
| 4,578,000 | 6.88%, 07/15/33 | 5,091,194 | ||||||
| 9,421,000 |
Southwestern Energy Co.
6.20%, 01/23/25 † |
8,395,995 | ||||||
| Spirit AeroSystems, Inc. | ||||||||
| 3,040,000 | 3.85%, 06/15/26 | 2,785,400 | ||||||
| 3,040,000 | 3.95%, 06/15/23 | 2,641,000 | ||||||
| 7,115,000 | 4.60%, 06/15/28 † | 5,656,425 | ||||||
| Sprint Capital Corp. | ||||||||
| 25,119,000 | 6.88%, 11/15/28 | 30,368,871 | ||||||
| 20,293,000 | 8.75%, 03/15/32 | 28,606,027 | ||||||
| 3,662,000 |
Tenet Healthcare Corp.
6.88%, 11/15/31 |
3,193,630 | ||||||
| 6,631,855 |
Topaz Solar Farms LLC 144A
5.75%, 09/30/39 |
7,375,619 | ||||||
| 4,061,000 |
Trinity Industries, Inc.
4.55%, 10/01/24 |
3,742,719 | ||||||
| 6,099,000 |
Tupperware Brands Corp.
4.75%, 06/01/21 † |
2,470,095 | ||||||
| 6,088,000 |
Under Armour, Inc.
3.25%, 06/15/26 |
5,492,284 | ||||||
| 5,525,000 |
United States Cellular Corp.
6.70%, 12/15/33 |
5,860,920 | ||||||
| 3,543,000 |
United States Steel Corp.
6.65%, 06/01/37 † |
2,232,444 | ||||||
| 7,620,000 |
Washington Prime Group LP
6.45%, 08/15/24 † |
4,278,249 | ||||||
See Notes to Financial Statements
| 45 |
|
|
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| (d) | Security in default of coupon payment |
| (o) | Perpetual Maturity — the date shown is the next call date |
| ^ | Zero Coupon Bond |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $87,531,587. |
| 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 $140,745,905, or 8.4% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Basic Materials | 8.8 | % | $ | 145,543,227 | ||||
| Communications | 11.6 | 191,435,912 | ||||||
| Consumer, Cyclical | 21.2 | 350,976,553 | ||||||
| Consumer, Non-cyclical | 12.4 | 205,643,429 | ||||||
| Energy | 28.6 | 473,696,424 | ||||||
| Financial | 9.6 | 159,037,478 | ||||||
| Industrial | 3.2 | 53,818,246 | ||||||
| Technology | 3.8 | 63,136,768 | ||||||
| Utilities | 0.8 | 13,654,188 | ||||||
| 100.0 | % | $ | 1,656,942,225 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 1,656,942,225 | $ | — | $ | 1,656,942,225 | |||||||||
| Money Market Fund | 92,476,554 | — | — | 92,476,554 | |||||||||||||
| Total | $ | 92,476,554 | $ | 1,656,942,225 | $ | — | $ | 1,749,418,779 | |||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 46 |
|
|
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| CORPORATE BONDS: 67.0% | ||||||||
| Australia: 0.8% | ||||||||
| $ | 225,000 |
National Australia Bank Ltd.
3.63%, 06/20/23 † |
$ | 240,702 | ||||
| Austria: 0.8% | ||||||||
| 50,000 |
Klabin Austria GmbH 144A
7.00%, 04/03/49 |
48,750 | ||||||
| 200,000 |
Suzano Austria GmbH 144A
5.75%, 07/14/26 |
207,220 | ||||||
| 255,970 | ||||||||
| Brazil: 0.3% | ||||||||
| 100,000 |
Banco Nacional de Desenvolvimento Economico e Social Reg S
4.75%, 05/09/24 |
101,731 | ||||||
| British Virgin Islands: 2.2% | ||||||||
| 200,000 |
Beijing Capital Polaris Investment Co. Ltd. Reg S
4.25%, 03/26/21 |
203,177 | ||||||
| 200,000 |
LTC GB Ltd. Reg S
2.75%, 05/26/21 |
202,891 | ||||||
| 200,000 |
Rongshi International Finance Ltd. Reg S
3.25%, 05/21/24 |
210,391 | ||||||
| 90,700 |
Star Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33 |
84,591 | ||||||
| 701,050 | ||||||||
| Canada: 1.3% | ||||||||
| 125,000 |
Bank of Nova Scotia
2.38%, 01/18/23 † |
128,648 | ||||||
| 300,000 |
Toronto-Dominion Bank
1.85%, 09/11/20 |
301,219 | ||||||
| 429,867 | ||||||||
| Cayman Islands: 3.0% | ||||||||
| 175,000 |
Fibria Overseas Finance Ltd.
5.50%, 01/17/27 |
176,026 | ||||||
| 200,000 |
MAF Sukuk Ltd. Reg S
4.64%, 05/14/29 |
186,064 | ||||||
| Modern Land China Co. Ltd. Reg S | ||||||||
| 225,000 | 7.95%, 03/05/21 | 210,025 | ||||||
| 200,000 | 15.50%, 07/02/20 | 200,526 | ||||||
| 200,000 |
MTR Corp. Ltd. Reg S
2.50%, 11/02/26 |
206,941 | ||||||
| 979,582 | ||||||||
| Chile: 0.5% | ||||||||
| 150,000 |
Inversiones CMPC SA 144A
4.38%, 04/04/27 |
153,504 | ||||||
| China / Hong Kong: 11.3% | ||||||||
| 200,000 |
Agricultural Bank of China Ltd. Reg S
2.75%, 10/20/20 |
201,339 | ||||||
| Bank of China Ltd. Reg S | ||||||||
| 450,000 | 2.25%, 07/12/21 | 453,487 | ||||||
| 300,000 | 2.56% (ICE LIBOR USD 3 Month+.88%), 11/22/22 | 298,194 | ||||||
| 200,000 |
CGNPC International Ltd. Reg S
2.75%, 07/02/24 |
203,260 | ||||||
|
Principal
Amount |
Value | |||||||
| China / Hong Kong: (continued) | ||||||||
| $ | 400,000 |
China Construction Bank Corp. Reg S
1.76% (ICE LIBOR USD 3 Month+.66%), 10/22/22 |
$ | 395,840 | ||||
| 200,000 |
China Development Bank Reg S
2.75%, 11/16/22 |
206,504 | ||||||
| 200,000 |
ICBCIL Finance Co. Ltd. Reg S
2.74% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 |
198,378 | ||||||
| Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
| 300,000 | 1.47% (ICE LIBOR USD 3 Month+.73%), 06/14/21 | 300,678 | ||||||
| 200,000 | 1.52% (ICE LIBOR USD 3 Month+.78%), 09/16/24 | 196,168 | ||||||
| 200,000 | 1.57% (ICE LIBOR USD 3 Month+.83%), 06/14/23 | 197,020 | ||||||
| 275,000 | 1.71% (ICE LIBOR USD 3 Month+.72%), 04/25/22 | 273,969 | ||||||
| 300,000 | 1.82% (ICE LIBOR USD 3 Month+.83%), 04/25/24 | 296,989 | ||||||
| 200,000 | 2.08% (ICE LIBOR USD 3 Month+.77%), 10/12/20 | 200,228 | ||||||
| 200,000 |
Swire Properties MTN Financing Ltd. Reg S
3.50%, 01/10/28 |
215,545 | ||||||
| 3,637,599 | ||||||||
| Costa Rica: 0.3% | ||||||||
| 100,000 |
Banco Nacional de Costa Rica 144A
5.88%, 04/25/21 |
98,250 | ||||||
| France: 1.0% | ||||||||
| 300,000 |
Electricite de France SA 144A
3.63%, 10/13/25 |
327,729 | ||||||
| Germany: 5.0% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 500,000 | 1.75%, 09/14/29 | 539,165 | ||||||
| 580,000 | 2.00%, 11/30/21 | 595,222 | ||||||
| 250,000 | 2.00%, 09/29/22 | 259,708 | ||||||
| 200,000 |
Landesbank Baden-Wuerttemberg Reg S
2.38%, 05/31/22 |
206,586 | ||||||
| 1,600,681 | ||||||||
| India: 3.2% | ||||||||
| 200,000 |
Adani Green Energy Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energy Pvt. Ltd. Reg S
6.25%, 12/10/24 |
196,070 | ||||||
| 200,000 |
Indian Railway Finance Corp. Ltd. Reg S
3.84%, 12/13/27 |
198,416 | ||||||
| 200,000 |
REC Ltd. Reg S
3.88%, 07/07/27 |
183,879 | ||||||
| 100,000 |
ReNew Power Private Ltd. 144A
5.88%, 03/05/27 |
81,869 | ||||||
| 200,000 |
ReNew Power Synthetic 144A
6.67%, 03/12/24 |
175,000 | ||||||
| 200,000 |
State Bank of India Reg S
4.50%, 09/28/23 |
205,784 | ||||||
| 1,041,018 | ||||||||
See Notes to Financial Statements
| 47 |
|
|
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Japan: 0.6% | ||||||||
| $ | 100,000 |
Mitsubishi UFJ Financial Group, Inc.
2.53%, 09/13/23 |
$ | 101,439 | ||||
| 100,000 |
Sumitomo Mitsui Banking Corp.
2.45%, 10/20/20 |
100,531 | ||||||
| 201,970 | ||||||||
| Luxembourg: 0.7% | ||||||||
| 240,000 |
Klabin Finance SA 144A
4.88%, 09/19/27 |
229,884 | ||||||
| Mauritius: 2.0% | ||||||||
| 200,000 |
Azure Power Energy Ltd. 144A
5.50%, 11/03/22 |
192,500 | ||||||
| 200,000 |
Greenko Investment Co. 144A
4.88%, 08/16/23 |
181,078 | ||||||
| 200,000 |
Greenko Solar Mauritius Ltd. 144A
5.95%, 07/29/26 |
176,102 | ||||||
| 100,000 |
Neerg Energy Ltd. 144A
6.00%, 02/13/22 |
92,048 | ||||||
| 641,728 | ||||||||
| Netherlands: 3.6% | ||||||||
| 200,000 |
Greenko Dutch BV 144A
4.88%, 07/24/22 |
185,466 | ||||||
| 350,000 |
ING Groep NV 144A
4.63%, 01/06/26 |
393,170 | ||||||
| Nederlandse Waterschapsbank NV 144A | ||||||||
| 300,000 | 2.13%, 11/15/21 | 307,612 | ||||||
| 250,000 | 3.13%, 12/05/22 | 266,416 | ||||||
| 1,152,664 | ||||||||
| Singapore: 0.6% | ||||||||
| 200,000 |
DBS Group Holdings Ltd. 144A
1.61% (ICE LIBOR USD 3 Month+.62%), 07/25/22 |
196,401 | ||||||
| South Korea: 3.1% | ||||||||
| 50,000 |
Hyundai Capital Services, Inc. 144A
2.88%, 03/16/21 |
49,848 | ||||||
| 100,000 |
Korea Electric Power Corp. 144A
2.50%, 06/24/24 |
102,339 | ||||||
| 150,000 |
Korea Hydro & Nuclear Power Co. Ltd. 144A
3.75%, 07/25/23 |
159,582 | ||||||
| 200,000 |
Korea Midland Power Co. Ltd. Reg S
3.38%, 01/22/22 |
206,217 | ||||||
| 200,000 |
Korea Water Resources Corp. Reg S
3.88%, 05/15/23 |
213,361 | ||||||
| 250,000 |
LG Chem Ltd. 144A
3.63%, 04/15/29 |
257,880 | ||||||
| 989,227 | ||||||||
| United Arab Emirates: 1.1% | ||||||||
| 150,000 |
Axis Bank Ltd. 144A
2.88%, 06/01/21 |
148,253 | ||||||
| 200,000 |
First Abu Dhabi Bank PJSC Reg S
3.00%, 03/30/22 |
205,604 | ||||||
| 353,857 | ||||||||
| United States: 25.6% | ||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 100,000 | 3.80%, 04/15/26 † | 106,668 | ||||||
| 200,000 | 4.00%, 01/15/24 | 215,045 | ||||||
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| Apple, Inc. | ||||||||
| $ | 250,000 | 2.85%, 02/23/23 | $ | 264,106 | ||||
| 400,000 | 3.00%, 06/20/27 | 442,865 | ||||||
| Avangrid, Inc. | ||||||||
| 50,000 | 3.15%, 12/01/24 † | 53,128 | ||||||
| 100,000 | 3.20%, 04/15/25 | 105,590 | ||||||
| 300,000 | 3.80%, 06/01/29 | 326,142 | ||||||
| 575,000 |
Bank of America Corp.
3.50% (ICE LIBOR USD 3 Month+.63%), 05/17/22 |
586,062 | ||||||
| 450,000 |
Boston Properties LP
4.50%, 12/01/28 † |
510,072 | ||||||
| 150,000 |
Clearway Energy Operating LLC 144A
4.75%, 03/15/28 |
153,098 | ||||||
| 150,000 |
Digital Realty Trust LP
3.95%, 07/01/22 |
154,623 | ||||||
| 175,000 |
DTE Electric Co.
3.95%, 03/01/49 |
217,283 | ||||||
| 250,000 |
Duke Energy Carolinas LLC
3.95%, 11/15/28 |
293,161 | ||||||
| 250,000 |
Duke Energy Florida LLC
2.50%, 12/01/29 |
267,923 | ||||||
| 100,000 |
Duke Energy Progress LLC
3.45%, 03/15/29 † |
113,667 | ||||||
| 100,000 |
Duke Realty LP
2.88%, 11/15/29 † |
103,948 | ||||||
| 100,000 |
ERP Operating LP
4.15%, 12/01/28 |
113,274 | ||||||
| 100,000 |
Evergy Kansas Central, Inc.
2.55%, 07/01/26 |
105,768 | ||||||
| 100,000 |
Hanwha Energy USA Holdings Corp. 144A
2.38%, 07/30/22 |
102,560 | ||||||
| 100,000 |
HAT Holdings I LLC / HAT Holdings II LLC 144A
5.25%, 07/15/24 † |
99,760 | ||||||
| 200,000 |
Host Hotels & Resorts LP
3.38%, 12/15/29 |
172,096 | ||||||
| Interstate Power & Light Co. | ||||||||
| 100,000 | 3.50%, 09/30/49 † | 112,364 | ||||||
| 175,000 | 4.10%, 09/26/28 | 199,023 | ||||||
| 180,000 |
Kaiser Foundation Hospitals
3.15%, 05/01/27 † |
197,974 | ||||||
| 100,000 |
Kilroy Realty LP
4.75%, 12/15/28 |
106,253 | ||||||
| 100,000 |
Massachusetts Institute of Technology
3.96%, 07/01/38 |
127,589 | ||||||
| MidAmerican Energy Co. | ||||||||
| 100,000 | 3.10%, 05/01/27 | 108,262 | ||||||
| 200,000 | 3.15%, 04/15/50 | 226,969 | ||||||
| 100,000 | 3.65%, 08/01/48 | 119,956 | ||||||
| 200,000 | 3.95%, 08/01/47 | 250,513 | ||||||
| 325,000 | 4.25%, 07/15/49 | 434,483 | ||||||
| 150,000 |
Northern States Power Co.
2.90%, 03/01/50 |
164,493 | ||||||
| 100,000 |
NSTAR Electric Co.
3.25%, 05/15/29 |
112,813 | ||||||
| 125,000 |
Owens Corning
3.95%, 08/15/29 |
129,900 | ||||||
See Notes to Financial Statements
| 48 |
|
|
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| $ | 160,000 |
PNC Financial Services Group, Inc.
2.20%, 11/01/24 † |
$ | 166,458 | ||||
| Public Service Co. of Colorado | ||||||||
| 100,000 | 3.20%, 03/01/50 | 114,782 | ||||||
| 100,000 | 3.70%, 06/15/28 † | 115,459 | ||||||
| 135,000 | 4.10%, 06/15/48 | 172,466 | ||||||
| 75,000 |
Regency Centers LP
3.75%, 06/15/24 |
76,024 | ||||||
| 250,000 |
Southern Power Co.
4.15%, 12/01/25 |
273,995 | ||||||
| 150,000 |
Toyota Motor Credit Corp.
2.15%, 02/13/30 |
149,569 | ||||||
| 250,000 |
Verizon Communications, Inc.
3.88%, 02/08/29 |
289,652 | ||||||
| 100,000 |
Welltower, Inc.
2.70%, 02/15/27 |
97,031 | ||||||
| 8,252,867 | ||||||||
|
Total Corporate Bonds (Cost: $21,334,717) |
21,586,281 | |||||||
| GOVERNMENT OBLIGATIONS: 32.3% | ||||||||
| Canada: 0.6% | ||||||||
| 180,000 |
Export Development Canada
1.63%, 06/01/20 |
180,128 | ||||||
| Chile: 2.2% | ||||||||
| Chile Government International Bond | ||||||||
| 100,000 | 2.55%, 01/27/32 | 100,351 | ||||||
| 600,000 | 3.50%, 01/25/50 | 618,000 | ||||||
| 718,351 | ||||||||
| China / Hong Kong: 0.8% | ||||||||
| 250,000 |
Hong Kong Government International Bond 144A
2.50%, 05/28/24 |
263,744 | ||||||
| Finland: 0.1% | ||||||||
| 50,000 |
Municipality Finance Plc 144A
1.38%, 09/21/21 |
50,602 | ||||||
| Indonesia: 2.5% | ||||||||
| Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
| 100,000 | 3.75%, 03/01/23 | 102,464 | ||||||
| 275,000 | 3.90%, 08/20/24 | 284,375 | ||||||
| 400,000 | 4.45%, 02/20/29 | 430,472 | ||||||
| 817,311 | ||||||||
| Japan: 1.3% | ||||||||
| 400,000 |
Development Bank of Japan, Inc. Reg S
2.50%, 10/18/22 |
416,780 | ||||||
| Mexico: 0.5% | ||||||||
| 150,000 |
Nacional Financiera SNC 144A
3.38%, 11/05/20 |
149,540 | ||||||
| Norway: 0.7% | ||||||||
| 200,000 |
Kommunalbanken AS 144A
2.13%, 02/11/25 |
214,185 | ||||||
| South Korea: 0.8% | ||||||||
| 250,000 |
Export-Import Bank of Korea
2.13%, 02/11/21 |
251,685 | ||||||
|
Principal
Amount |
Value | |||||||
| Supranational: 13.0% | ||||||||
| $ | 150,000 |
African Development Bank
3.00%, 12/06/21 |
$ | 156,233 | ||||
| Asian Development Bank | ||||||||
| 300,000 | 1.88%, 08/10/22 | 310,174 | ||||||
| 200,000 | 2.13%, 03/19/25 | 214,849 | ||||||
| 100,000 | 2.38%, 08/10/27 | 111,260 | ||||||
| 100,000 | 3.13%, 09/26/28 | 118,635 | ||||||
| European Bank for Reconstruction & Development | ||||||||
| 50,000 | 1.50%, 02/13/25 | 52,003 | ||||||
| 150,000 | 1.63%, 09/27/24 | 156,589 | ||||||
| 125,000 | 1.88%, 07/15/21 | 126,924 | ||||||
| European Investment Bank | ||||||||
| 100,000 | 1.63%, 10/09/29 | 106,828 | ||||||
| 250,000 | 2.13%, 04/13/26 | 272,181 | ||||||
| 100,000 | 2.38%, 05/24/27 | 111,001 | ||||||
| 625,000 | 2.50%, 10/15/24 † | 680,283 | ||||||
| 500,000 |
European Investment Bank 144A
2.88%, 06/13/25 |
557,971 | ||||||
| International Bank for Reconstruction & Development | ||||||||
| 280,000 | 2.13%, 03/03/25 | 301,259 | ||||||
| 150,000 | 3.13%, 11/20/25 | 170,304 | ||||||
| International Finance Corp. | ||||||||
| 270,000 | 2.00%, 10/24/22 | 280,586 | ||||||
| 320,000 | 2.13%, 04/07/26 | 348,084 | ||||||
| 100,000 |
Nordic Investment Bank
2.25%, 09/30/21 |
102,593 | ||||||
| 4,177,757 | ||||||||
| Sweden: 1.5% | ||||||||
| Kommuninvest I Sverige AB 144A | ||||||||
| 200,000 | 1.63%, 04/24/23 | 206,852 | ||||||
| 175,000 | 1.88%, 06/01/21 | 177,665 | ||||||
| 100,000 |
Svensk Exportkredit AB
1.88%, 06/23/20 |
100,263 | ||||||
| 484,780 | ||||||||
| United States: 8.3% | ||||||||
| 250,000 |
City of San Francisco Public Utilities Commission Water Revenue
3.47%, 11/01/43 |
262,227 | ||||||
| 20,000 |
District of Columbia Water & Sewer Authority
4.81%, 10/01/14 |
25,851 | ||||||
| Fannie Mae-ACES | ||||||||
| 44,000 | 2.52%, 08/25/29 | 48,128 | ||||||
| 200,000 | 2.65%, 07/25/24 | 210,725 | ||||||
| 100,000 | 2.89%, 02/25/27 | 109,628 | ||||||
| 130,000 | 3.06%, 09/25/27 | 144,972 | ||||||
| 935,000 | 3.15%, 03/25/28 | 1,061,750 | ||||||
| 200,000 | 3.44%, 06/25/28 | 228,633 | ||||||
| 500,000 | 3.67%, 09/25/28 | 582,686 | ||||||
| 2,674,600 | ||||||||
|
Total Government Obligations
(Cost: $10,091,057) |
10,399,463 | |||||||
|
Total Investments Before Collateral for Securities Loaned: 99.3%
(Cost: $31,425,774) |
31,985,744 | |||||||
See Notes to Financial Statements
| 49 |
|
|
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
of Shares |
Value | |||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.4%
(Cost: $1,754,659) |
||||||||
| Money Market Fund: 5.4% | ||||||||
| $ | 1,754,659 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 1,754,659 | ||||
|
Total Investments: 104.7%
(Cost: $33,180,433) |
33,740,403 | |||||||
| Liabilities in excess of other assets: (4.7)% | (1,515,123 | ) | ||||||
| NET ASSETS: 100.0% | $ | 32,225,280 | ||||||
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $2,000,965. |
| 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 $6,908,780, or 21.4% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Basic Materials | 3.2 | % | $ | 1,024,514 | |||||
| Communications | 0.9 | 289,652 | |||||||
| Consumer, Cyclical | 2.5 | 812,859 | |||||||
| Consumer, Non-cyclical | 1.0 | 325,563 | |||||||
| Diversified | 0.6 | 203,177 | |||||||
| Energy | 3.8 | 1,201,615 | |||||||
| Financial | 34.8 | 11,116,844 | |||||||
| Government | 25.0 | 8,012,941 | |||||||
| Industrial | 1.2 | 385,591 | |||||||
| Mortgage Securities | 7.5 | 2,386,522 | |||||||
| Technology | 2.2 | 706,971 | |||||||
| Utilities | 17.3 | 5,519,495 | |||||||
| 100.0 | % | $ | 31,985,744 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Corporate Bonds* | $ | — | $ | 21,586,281 | $ | — | $ | 21,586,281 | ||||||||||
| Government Obligations* | — | 10,399,463 | — | 10,399,463 | ||||||||||||||
| Money Market Fund | 1,754,659 | — | — | 1,754,659 | ||||||||||||||
| Total | $ | 1,754,659 | $ | 31,985,744 | $ | — | $ | 33,740,403 | ||||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 50 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| CORPORATE BONDS: 97.5% | ||||||||
| Argentina: 0.7% | ||||||||
| USD | 75,000 |
Arcor SAIC 144A
6.00%, 07/06/23 |
$ | 60,327 | ||||
| 100,000 |
Genneia SA 144A
8.75%, 01/20/22 |
55,815 | ||||||
| Pampa Energia SA 144A | ||||||||
| 50,000 | 7.38%, 07/21/23 | 32,990 | ||||||
| 75,000 | 7.50%, 01/24/27 | 45,416 | ||||||
| 66,667 |
Pan American Energy LLC Reg S
7.88%, 05/07/21 |
62,730 | ||||||
| 100,000 |
Telecom Argentina SA 144A
8.00%, 07/18/26 |
81,181 | ||||||
| YPF SA 144A | ||||||||
| 170,000 | 6.95%, 07/21/27 | 76,859 | ||||||
| 25,000 | 7.00%, 12/15/47 | 11,204 | ||||||
| 150,000 | 8.50%, 07/28/25 | 73,845 | ||||||
| 200,000 | 8.75%, 04/04/24 | 106,962 | ||||||
| 607,329 | ||||||||
| Australia: 0.5% | ||||||||
| FMG Resources August 2006 Pty Ltd. 144A | ||||||||
| 25,000 | 4.50%, 09/15/27 † | 24,541 | ||||||
| 200,000 | 5.13%, 05/15/24 † | 203,980 | ||||||
| 100,000 |
Mineral Resources Ltd. 144A
8.13%, 05/01/27 |
103,455 | ||||||
| 100,000 |
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A
5.75%, 04/30/26 † |
94,710 | ||||||
| 50,000 |
Virgin Australia Holdings Ltd. 144A
7.88%, 10/15/21 |
8,750 | ||||||
| 435,436 | ||||||||
| Austria: 0.7% | ||||||||
| 50,000 |
JBS Investments GmbH 144A
6.25%, 02/05/23 |
49,928 | ||||||
| JBS Investments II GmbH 144A | ||||||||
| 100,000 | 5.75%, 01/15/28 † | 97,965 | ||||||
| 100,000 | 7.00%, 01/15/26 | 104,195 | ||||||
| 200,000 |
Klabin Austria GmbH 144A
5.75%, 04/03/29 |
196,172 | ||||||
| EUR | 100,000 |
Novomatic AG
1.63%, 09/20/23 |
98,902 | |||||
| 100,000 |
Sappi Papier Holding GmbH Reg S
3.13%, 04/15/26 |
93,018 | ||||||
| 640,180 | ||||||||
| Bahamas: 0.1% | ||||||||
| 100,000 |
Starfruit Finco BV / Starfruit US Holdco LLC Reg S
6.50%, 10/01/26 |
104,738 | ||||||
| Bermuda: 0.5% | ||||||||
| USD | 200,000 |
China Oil & Gas Group Ltd. Reg S
4.63%, 04/20/22 |
189,742 | |||||
| 51,000 |
Digicel Group One Ltd. 144A
8.25%, 12/30/22 (d) * |
30,600 | ||||||
| Digicel Group Two Ltd. 144A | ||||||||
| 49,000 | 8.25%, 09/30/22 (d) * | 2,450 | ||||||
| 405,728 | 9.13%, 04/01/24 (d) * | 22,315 | ||||||
|
Principal
Amount |
Value | |||||||
| Bermuda: (continued) | ||||||||
| USD | 200,000 |
Inkia Energy Ltd. 144A
5.88%, 11/09/27 † |
$ | 189,250 | ||||
| 434,357 | ||||||||
| Brazil: 3.3% | ||||||||
| Banco Bradesco SA 144A | ||||||||
| 100,000 | 2.85%, 01/27/23 | 96,186 | ||||||
| 100,000 | 3.20%, 01/27/25 | 95,750 | ||||||
| 100,000 | 5.75%, 03/01/22 | 102,626 | ||||||
| 200,000 |
Banco BTG Pactual SA 144A
5.50%, 01/31/23 |
196,212 | ||||||
| 350,000 |
Banco do Brasil SA
3.88%, 10/10/22 |
350,875 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 100,000 | 4.63%, 01/15/25 | 98,063 | ||||||
| 200,000 | 5.88%, 01/19/23 | 204,962 | ||||||
| 100,000 |
Banco Votorantim SA 144A
4.50%, 09/24/24 |
98,750 | ||||||
| 300,000 |
BRF SA 144A
4.75%, 05/22/24 |
286,068 | ||||||
| 100,000 |
Caixa Economica Federal 144A
3.50%, 11/07/22 |
98,705 | ||||||
| 200,000 |
Cemig Geracao e Transmissao SA 144A
9.25%, 12/05/24 |
209,400 | ||||||
| 250,000 |
Centrais Eletricas Brasileiras SA 144A
5.75%, 10/27/21 |
257,387 | ||||||
| Itau Unibanco Holding SA 144A | ||||||||
| 125,000 | 2.90%, 01/24/23 | 120,908 | ||||||
| 300,000 | 5.13%, 05/13/23 | 310,560 | ||||||
| 100,000 | 5.50%, 08/06/22 | 102,750 | ||||||
| 175,000 | 5.65%, 03/19/22 | 180,766 | ||||||
| 100,000 | 6.20%, 12/21/21 | 103,751 | ||||||
| 2,913,719 | ||||||||
| British Virgin Islands: 3.0% | ||||||||
| 100,000 |
Arcos Dorados Holdings, Inc. 144A
6.63%, 09/27/23 |
99,231 | ||||||
| 100,000 |
Central American Bottling Corp. 144A
5.75%, 01/31/27 |
99,000 | ||||||
| 200,000 |
Champion Sincerity Holdings Ltd. Reg S
8.13% (US Treasury Yield Curve Rate T 3 Year+10.58%), 02/08/22 (o) |
197,801 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 200,000 | 5.75%, 01/13/22 | 183,335 | ||||||
| 200,000 | 5.88%, 02/13/23 | 173,044 | ||||||
| 100,000 |
Fortune Star BVI Ltd. Reg S
5.25%, 03/23/22 |
96,857 | ||||||
| Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
| 100,000 | 5.13%, 05/15/24 | 102,650 | ||||||
| 100,000 | 6.13%, 05/15/29 | 105,990 | ||||||
| 200,000 |
Greenland Global Investment Ltd. Reg S
5.88%, 07/03/24 |
182,377 | ||||||
See Notes to Financial Statements
| 51 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| British Virgin Islands: (continued) | ||||||||
| USD | 250,000 |
RKI Overseas Finance 2017 A Ltd. Reg S
7.00%, 06/23/22 (o) |
$ | 190,427 | ||||
| Scenery Journey Ltd. Reg S | ||||||||
| 200,000 | 13.00%, 11/06/22 | 183,057 | ||||||
| 200,000 | 13.75%, 11/06/23 | 185,001 | ||||||
| 250,000 |
Sino-Ocean Land Treasure III Ltd. Reg S
4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o) |
199,993 | ||||||
| 200,000 |
Studio City Co. Ltd. 144A
7.25%, 11/30/21 † |
199,570 | ||||||
| 100,000 |
Studio City Finance Ltd. 144A
7.25%, 02/11/24 † |
95,830 | ||||||
| 200,000 |
Wanda Properties International Co. Ltd. Reg S
7.25%, 01/29/24 |
172,550 | ||||||
| 200,000 |
Wealth Driven Ltd. Reg S
5.50%, 08/17/23 |
196,099 | ||||||
| 2,662,812 | ||||||||
| Bulgaria: 0.2% | ||||||||
| EUR | 125,000 |
Bulgarian Energy Holding EAD Reg S
3.50%, 06/28/25 |
139,532 | |||||
| Canada: 6.3% | ||||||||
| USD | 100,000 |
Athabasca Oil Corp. 144A
9.88%, 02/24/22 |
14,705 | |||||
| 100,000 |
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP
144A
8.75%, 07/15/26 |
88,465 | ||||||
| 150,000 |
Baytex Energy Corp. 144A
5.63%, 06/01/24 |
56,595 | ||||||
| Bombardier, Inc. 144A | ||||||||
| 125,000 | 6.00%, 10/15/22 † | 94,531 | ||||||
| 150,000 | 6.13%, 01/15/23 | 108,030 | ||||||
| 100,000 | 7.50%, 12/01/24 | 66,958 | ||||||
| 200,000 | 7.50%, 03/15/25 | 130,625 | ||||||
| 250,000 | 7.88%, 04/15/27 | 163,450 | ||||||
| 100,000 | 8.75%, 12/01/21 | 83,565 | ||||||
| 200,000 |
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 144A
6.25%, 09/15/27 † |
183,930 | ||||||
| 100,000 |
Cascades, Inc. / Cascades USA, Inc. 144A
5.38%, 01/15/28 † |
101,075 | ||||||
| Cenovus Energy, Inc. | ||||||||
| 175,000 | 4.25%, 04/15/27 | 137,748 | ||||||
| 150,000 | 5.40%, 06/15/47 | 101,387 | ||||||
| 225,000 | 6.75%, 11/15/39 | 160,993 | ||||||
| 150,000 | Emera, Inc. | |||||||
|
6.75% (ICE LIBOR USD
3 Month+5.44%), 06/15/76 |
158,812 | |||||||
| 100,000 |
Ensign Drilling, Inc. 144A
9.25%, 04/15/24 |
29,645 | ||||||
| 50,000 |
Fairstone Financial, Inc. 144A
7.88%, 07/15/24 |
47,865 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Canada: (continued) | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| USD | 100,000 | 6.88%, 03/01/26 | $ | 88,165 | ||||
| 200,000 | 7.25%, 04/01/23 | 182,560 | ||||||
| 300,000 | 7.50%, 04/01/25 | 266,310 | ||||||
| 100,000 |
Garda World Security Corp. 144A
4.63%, 02/15/27 † |
96,875 | ||||||
| 75,000 |
GFL Environmental, Inc. 144A
7.00%, 06/01/26 |
78,615 | ||||||
| CAD | 75,000 |
Gibson Energy, Inc.
3.60%, 09/17/29 |
52,795 | |||||
| USD | 100,000 |
Hudbay Minerals, Inc. 144A
7.63%, 01/15/25 |
90,970 | |||||
| 50,000 |
IAMGOLD Corp. 144A
7.00%, 04/15/25 † |
50,759 | ||||||
| CAD | 50,000 |
Keyera Corp.
6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 |
34,115 | |||||
| USD | 256,000 |
Lightstream Resources Ltd. 144A
8.63%, 02/01/20 (d)(e)* |
1,755 | |||||
| 50,000 |
Mattamy Group Corp. 144A
5.25%, 12/15/27 |
47,188 | ||||||
| MEG Energy Corp. 144A | ||||||||
| 50,000 | 7.00%, 03/31/24 † | 35,760 | ||||||
| 200,000 | 7.13%, 02/01/27 | 139,250 | ||||||
| 150,000 |
Methanex Corp.
5.25%, 12/15/29 |
126,697 | ||||||
| 100,000 |
New Gold, Inc. 144A
6.25%, 11/15/22 |
100,125 | ||||||
| New Red Finance, Inc. 144A | ||||||||
| 50,000 | 3.88%, 01/15/28 | 48,728 | ||||||
| 180,000 | 4.25%, 05/15/24 | 180,880 | ||||||
| 350,000 | 5.00%, 10/15/25 | 353,570 | ||||||
| 50,000 |
Norbord, Inc. 144A
5.75%, 07/15/27 |
45,855 | ||||||
| 100,000 |
Northwest Acquisitions ULC / Dominion Finco, Inc. 144A
7.13%, 11/01/22 |
10,375 | ||||||
| 300,000 |
NOVA Chemicals Corp. 144A
5.25%, 08/01/23 |
284,625 | ||||||
| 150,000 |
Open Text Corp. 144A
5.88%, 06/01/26 |
158,197 | ||||||
| CAD | 50,000 |
Parkland Fuel Corp.
5.63%, 05/09/25 |
34,321 | |||||
| Parkland Fuel Corp. 144A | ||||||||
| USD | 50,000 | 5.88%, 07/15/27 † | 48,233 | |||||
| 100,000 | 6.00%, 04/01/26 | 96,715 | ||||||
| 150,000 |
Precision Drilling Corp. 144A
7.13%, 01/15/26 |
61,065 | ||||||
| 100,000 |
Quebecor Media, Inc.
5.75%, 01/15/23 |
105,913 | ||||||
| CAD | 125,000 |
Quebecor Media, Inc. 144A
6.63%, 01/15/23 |
95,434 | |||||
| USD | 50,000 |
Reliance Intermediate Holdings LP 144A
6.50%, 04/01/23 |
50,615 | |||||
| 50,000 |
Ritchie Bros Auctioneers,Inc. 144A
5.38%, 01/15/25 |
50,760 | ||||||
See Notes to Financial Statements
| 52 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Canada: (continued) | ||||||||
| USD | 50,000 |
Rockpoint Gas Storage Canada Ltd. 144A
7.00%, 03/31/23 |
$ | 38,865 | ||||
| 150,000 |
Seven Generations Energy Ltd. 144A
6.75%, 05/01/23 |
136,095 | ||||||
| CAD | 50,000 |
SNC-Lavalin Group, Inc.
3.24%, 03/02/23 |
34,997 | |||||
| 75,000 |
Sobeys, Inc.
4.70%, 08/08/23 |
56,317 | ||||||
| USD | 100,000 |
Superior Plus LP / Superior General Partner, Inc. 144A
7.00%, 07/15/26 |
99,540 | |||||
| 50,000 |
Telesat Canada / Telesat LLC 144A
6.50%, 10/15/27 |
47,358 | ||||||
| 100,000 |
Tervita Corp. 144A
7.63%, 12/01/21 |
66,565 | ||||||
| TransAlta Corp. | ||||||||
| 25,000 | 4.50%, 11/15/22 | 24,469 | ||||||
| 75,000 | 6.50%, 03/15/40 | 65,719 | ||||||
| Videotron Ltd. | ||||||||
| CAD | 75,000 | 4.50%, 01/15/30 | 53,832 | |||||
| 200,000 | 5.63%, 06/15/25 | 149,208 | ||||||
| 50,000 |
Videotron Ltd. Reg S
5.75%, 01/15/26 |
37,649 | ||||||
| 5,556,218 | ||||||||
| Cayman Islands: 10.5% | ||||||||
| USD | 200,000 |
Alpha Star Holding III Ltd. Reg S
6.25%, 04/20/22 |
153,938 | |||||
| 200,000 |
Central China Real Estate Ltd.Reg S
7.25%, 04/24/23 |
189,585 | ||||||
| CFLD Cayman Investment Ltd. Reg S | ||||||||
| 200,000 | 8.60%, 04/08/24 | 180,000 | ||||||
| 200,000 | 9.00%, 07/31/21 | 200,068 | ||||||
| 200,000 |
China Aoyuan Property Group Ltd. Reg S
5.38%, 09/13/22 |
193,000 | ||||||
| China Evergrande Group Reg S | ||||||||
| 200,000 | 6.25%, 06/28/21 | 191,750 | ||||||
| 200,000 | 8.25%, 03/23/22 | 178,012 | ||||||
| 600,000 | 8.75%, 06/28/25 | 479,495 | ||||||
| 200,000 | 9.50%, 04/11/22 | 180,250 | ||||||
| 300,000 | 9.50%, 03/29/24 | 244,500 | ||||||
| 200,000 |
China SCE Property Holdings Ltd. Reg S
5.88%, 03/10/22 |
191,762 | ||||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| 200,000 | 5.38% (US Treasury Yield Curve Rate T 5 Year+8.57%), 08/24/22 (o) | 176,226 | ||||||
| 200,000 | 5.50%, 01/23/22 | 197,999 | ||||||
| 100,000 |
Comunicaciones Celulares SA Via Comcel Trust 144A
6.88%, 02/06/24 † |
100,500 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| Country Garden Holdings Co.Ltd. Reg S | ||||||||
| USD | 200,000 | 4.75%, 07/25/22 | $ | 197,077 | ||||
| 200,000 | 4.75%, 09/28/23 | 195,302 | ||||||
| 200,000 |
CSN Islands XI Corp. 144A
6.75%, 01/28/28 |
131,750 | ||||||
| 200,000 |
Dar Al-Arkan Sukuk Co. Ltd.Reg S
6.88%, 03/21/23 |
182,770 | ||||||
| 200,000 |
Ezdan Sukuk Co. Ltd. Reg S
4.88%, 04/05/22 |
159,994 | ||||||
| 200,000 |
Fantasia Holdings Group Co.Ltd. Reg S
7.38%, 10/04/21 |
191,086 | ||||||
| 100,000 |
Global A&T Electronics Ltd.
8.50%, 01/12/23 |
82,295 | ||||||
| 200,000 |
Global Aircraft Leasing Co.Ltd. 144A
7.25% 09/15/24 |
122,190 | ||||||
| 100,000 |
Gran Tierra Energy International Holdings Ltd. 144A
6.25%, 02/15/25 |
22,441 | ||||||
| Grupo Aval Ltd. 144A | ||||||||
| 100,000 | 4.38%, 02/04/30 † | 84,315 | ||||||
| 100,000 | 4.75%, 09/26/22 | 99,455 | ||||||
| Kaisa Group Holdings Ltd. Reg S | ||||||||
| 200,000 | 8.50%, 06/30/22 | 187,271 | ||||||
| 450,000 | 9.38%, 06/30/24 | 388,281 | ||||||
| 200,000 | 11.25%, 04/09/22 | 198,000 | ||||||
| 350,000 |
KWG Property Holding Ltd. Reg S
5.88%, 11/10/24 |
320,150 | ||||||
| 225,000 |
Lamar Funding Ltd. Reg S
3.96%, 05/07/25 |
191,558 | ||||||
| Latam Finance Ltd. 144A | ||||||||
| 100,000 | 6.88%, 04/11/24 | 42,000 | ||||||
| 200,000 | 7.00%, 03/01/26 | 83,920 | ||||||
| 200,000 |
Logan Property Holdings Co. Ltd. Reg S
5.25%, 02/23/23 |
195,028 | ||||||
| 200,000 |
MAF Global Securities Ltd. Reg S
5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o) |
156,467 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 200,000 | 4.88%, 06/06/25 | 194,351 | ||||||
| 100,000 | 5.38%, 12/04/29 | 94,095 | ||||||
| 200,000 |
MGM China Holdings Ltd. 144A
5.88%, 05/15/26 |
198,940 | ||||||
| 400,000 |
Noble Holding International Ltd.
7.95%, 04/01/25 |
5,420 | ||||||
| 116,429 |
Odebrecht Offshore Drilling Finance Ltd. 144A
6.72%, 12/01/22 |
88,633 | ||||||
| 200,000 |
Redsun Properties Group Ltd. Reg S
9.95%, 04/11/22 |
185,166 | ||||||
See Notes to Financial Statements
| 53 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| USD | 200,000 |
Ronshine China Holdings Ltd. Reg S
8.75%, 10/25/22 |
$ | 200,250 | ||||
| 100,000 |
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25 |
31,500 | ||||||
| 200,000 |
Shimao Property Holdings Ltd. Reg S
4.75%, 07/03/22 |
201,848 | ||||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 200,000 | 7.35%, 07/19/21 | 200,996 | ||||||
| 400,000 | 7.95%, 08/08/22 | 401,500 | ||||||
| 200,000 |
Times China Holdings Ltd. Reg S
1.00%, 07/16/23 |
196,005 | ||||||
| EUR | 90,000 |
UPCB Finance IV Ltd. Reg S
4.00%, 01/15/27 |
100,384 | |||||
| 100,000 |
UPCB Finance VII Ltd. Reg S
3.63%, 06/15/29 |
108,737 | ||||||
| USD | 200,000 |
WTT Investment Ltd. 144A
5.50%, 11/21/22 |
200,409 | |||||
| 200,000 |
Wynn Macau Ltd. 144A
5.50%, 10/01/27 |
193,160 | ||||||
| 200,000 |
Yankuang Group Cayman Ltd.Reg S
6.00%, 01/30/22 |
199,600 | ||||||
| Yuzhou Properties Co. Ltd. Reg S | ||||||||
| 300,000 | 6.00%, 10/25/23 | 265,875 | ||||||
| 200,000 | 7.90%, 05/11/21 | 204,498 | ||||||
| 9,359,802 | ||||||||
| Chile: 0.2% | ||||||||
| 100,000 |
AES Gener SA 144A
7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 |
95,694 | ||||||
| 100,000 |
Empresa Electrica Guacolda SA 144A
4.56%, 04/30/25 |
72,747 | ||||||
| 168,441 | ||||||||
| China / Hong Kong: 2.2% | ||||||||
| 200,000 |
Agile Group Holdings Ltd. Reg S
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o) |
187,201 | ||||||
| 200,000 |
Bank of China Ltd. Reg S
3.60% (US Treasury Yield Curve Rate T 5 Year+2.45%), 03/04/25 (o) |
198,735 | ||||||
| 400,000 |
China Cinda Asset Management Co. Ltd. Reg S
4.45% (US Treasury Yield Curve Rate T 5 Year+3.29%), 09/30/21 (o) |
398,760 | ||||||
| 200,000 |
China CITIC Bank International Ltd. Reg S
4.25% (US Treasury Yield Curve Rate T 5 Year+3.11%), 10/11/21 (o) |
196,497 | ||||||
| 200,000 |
China South City Holdings Ltd. Reg S
6.75%, 09/13/21 |
158,107 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| China / Hong Kong: (continued) | ||||||||
| USD | 200,000 |
ICBC Asia Ltd. Reg S
4.25% (US Treasury Yield Curve Rate T 5 Year+3.13%), 07/21/21 (o) |
$ | 198,998 | ||||
| 200,000 |
Nanyang Commercial Bank Ltd. Reg S
5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (o) |
191,000 | ||||||
| 200,000 |
Yango Justice International Ltd. Reg S
10.25%, 03/18/22 |
198,036 | ||||||
| 200,000 |
Yanlord Land HK Co. Ltd. Reg S
5.88%, 01/23/22 |
197,801 | ||||||
| 1,925,135 | ||||||||
| Colombia: 0.6% | ||||||||
| 100,000 |
Banco Davivienda SA Reg S
5.88%, 07/09/22 |
99,946 | ||||||
| Banco de Bogota SA 144A | ||||||||
| 100,000 | 5.38%, 02/19/23 | 100,720 | ||||||
| 100,000 | 6.25%, 05/12/26 | 100,461 | ||||||
| 50,000 |
Banco GNB Sudameris SA 144A
7.50%, 07/30/22 |
49,143 | ||||||
| 80,000 |
Banco GNB Sudameris SA Reg S
7.50%, 07/30/22 |
78,628 | ||||||
| 150,000 |
Bancolombia SA
5.13%, 09/11/22 † |
151,044 | ||||||
| 579,942 | ||||||||
| Curacao: 0.2% | ||||||||
| 100,000 |
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22 † |
95,445 | ||||||
| 90,000 |
Teva
Pharmaceutical Finance IV BV
3.65%, 11/10/21 † |
87,341 | ||||||
| 182,786 | ||||||||
| Czech Republic: 0.1% | ||||||||
| EUR | 100,000 |
Energo-Pro AS Reg S
4.00%, 12/07/22 |
105,014 | |||||
| Denmark: 0.4% | ||||||||
| 275,000 |
DKT Finance ApS Reg S
7.00%, 06/17/23 |
298,732 | ||||||
| 100,000 |
Norican A/S Reg S
4.50%, 05/15/23 |
72,785 | ||||||
| 371,517 | ||||||||
| Finland: 0.6% | ||||||||
| Nokia Oyj | ||||||||
| USD | 100,000 | 3.38%, 06/12/22 | 101,375 | |||||
| 100,000 | 6.63%, 05/15/39 | 106,510 | ||||||
| EUR | 100,000 |
Nokia Oyj Reg S
2.00%, 03/15/24 |
109,781 | |||||
| 175,000 |
Teollisuuden Voima Oyj Reg S
2.13%, 02/04/25 |
186,954 | ||||||
| 504,620 | ||||||||
| France: 5.9% | ||||||||
| 100,000 |
Accor SA Reg S
2.63% (EUR Swap Annual 5 Year+3.25%), 01/30/25 (o) |
91,675 | ||||||
See Notes to Financial Statements
| 54 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| France: (continued) | ||||||||
| Altice France SA 144A | ||||||||
| USD | 100,000 | 5.50%, 01/15/28 † | $ | 101,455 | ||||
| 700,000 | 7.38%, 05/01/26 | 734,755 | ||||||
| 300,000 | 8.13%, 02/01/27 | 326,220 | ||||||
| Altice France SA Reg S | ||||||||
| EUR | 175,000 | 3.38%, 01/15/28 | 180,658 | |||||
| 100,000 | 5.88%, 02/01/27 | 114,240 | ||||||
| USD | 200,000 |
Banijay Entertainment SASU 144A
5.38%, 03/01/25 |
187,250 | |||||
| Casino Guichard Perrachon SA Reg S | ||||||||
| EUR | 100,000 | 1.87%, 06/13/22 | 104,876 | |||||
| 200,000 | 4.50%, 03/07/24 | 196,465 | ||||||
| 100,000 | 4.56%, 01/25/23 | 104,405 | ||||||
| 200,000 |
Constellium SE Reg S
4.25%, 02/15/26 |
199,388 | ||||||
| Elis SA Reg S | ||||||||
| 100,000 | 1.63%, 04/03/28 | 96,316 | ||||||
| 100,000 | 1.88%, 02/15/23 | 106,217 | ||||||
| Europcar Mobility Group Reg S | ||||||||
| 100,000 | 4.00%, 04/30/26 | 67,573 | ||||||
| 100,000 | 4.13%, 11/15/24 | 70,819 | ||||||
| Faurecia SE Reg S | ||||||||
| 100,000 | 2.63%, 06/15/25 | 103,506 | ||||||
| 100,000 | 3.13%, 06/15/26 | 104,734 | ||||||
| 125,000 |
Fnac Darty SA Reg S
1.88%, 05/30/24 |
132,417 | ||||||
| 100,000 |
Getlink SE Reg S
3.63%, 10/01/23 |
107,676 | ||||||
| 150,000 |
La Financiere Atalian SASU Reg S
4.00%, 05/15/24 |
104,512 | ||||||
| 100,000 |
La Poste SA Reg S
3.13% (EUR Swap Annual 5 Year+2.44%), 10/29/25 (o) |
109,333 | ||||||
| Loxam SAS Reg S | ||||||||
| 100,000 | 2.88%, 04/15/26 | 98,745 | ||||||
| 100,000 | 4.25%, 04/15/24 | 103,074 | ||||||
| 100,000 |
New AREVA Holding SA
4.88%, 09/23/24 |
116,976 | ||||||
| 100,000 |
New AREVA Holding SA Reg S
3.13%, 03/20/23 |
109,738 | ||||||
| 100,000 |
Nexans SA Reg S
3.25%, 05/26/21 |
111,020 | ||||||
| 100,000 |
Paprec Holding SA Reg S
4.00%, 03/31/25 |
90,209 | ||||||
| 100,000 |
Parts Europe SA Reg S
4.38%, 05/01/22 |
91,510 | ||||||
| 100,000 |
RCI Banque SA Reg S
2.63% (EUR Swap Annual 5 Year+2.85%), 02/18/30 |
99,058 | ||||||
| Renault SA Reg S | ||||||||
| 100,000 | 1.00%, 04/18/24 | 101,347 | ||||||
| 100,000 | 1.00%, 11/28/25 | 99,749 | ||||||
| 100,000 | 1.25%, 06/24/25 | 99,366 | ||||||
| 100,000 | 2.00%, 09/28/26 | 100,237 | ||||||
| 100,000 |
Rexel SA Reg S
2.13%, 06/15/25 |
107,478 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| France: (continued) | ||||||||
| EUR | 150,000 | Solvay Finance SA Reg S | ||||||
|
5.43% (EUR Swap Annual
5 Year+3.70%), 11/12/23 (o) |
$ | 176,113 | ||||||
| USD | 100,000 |
SPCM SA 144A
4.88%, 09/15/25 |
101,625 | |||||
| EUR | 100,000 |
SPIE SA Reg S
2.63%, 06/18/26 |
106,014 | |||||
| 100,000 |
Tereos Finance
Groupe I SA Reg S
4.13%, 06/16/23 |
78,165 | ||||||
| Vallourec SA Reg S | ||||||||
| 100,000 | 2.25%, 09/30/24 † | 54,217 | ||||||
| 125,000 | 6.63%, 10/15/22 | 72,988 | ||||||
| 5,262,119 | ||||||||
| Georgia: 0.2% | ||||||||
| USD | 200,000 |
Bank of Georgia JSC 144A
6.00%, 07/26/23 |
198,000 | |||||
| Germany: 3.9% | ||||||||
| ADLER Real Estate AG Reg S | ||||||||
| EUR | 100,000 | 1.50%, 12/06/21 | 106,425 | |||||
| 100,000 | 1.88%, 04/27/23 | 104,146 | ||||||
| 150,000 |
Commerzbank AG Reg S
4.00%, 03/23/26 |
164,975 | ||||||
| Deutsche Bank AG | ||||||||
| USD | 150,000 | 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | 135,197 | |||||
| 250,000 | 4.50%, 04/01/25 | 237,094 | ||||||
| EUR | 135,000 |
Deutsche Bank AG Reg S
2.75%, 02/17/25 |
144,485 | |||||
| 100,000 | Deutsche Pfandbriefbank AG Reg S | |||||||
|
2.88% (EUR Swap Annual
5 Year+2.75%), 06/28/27 |
101,267 | |||||||
| 150,000 |
Douglas GmbH Reg S
6.25%, 07/15/22 |
132,144 | ||||||
| 110,000 |
Hapag-Lloyd AG Reg S
5.13%, 07/15/24 |
119,820 | ||||||
| USD | 200,000 |
IHO Verwaltungs GmbH 144A
5.50% 09/15/26 |
171,160 | |||||
| IHO Verwaltungs GmbH Reg S | ||||||||
| EUR | 100,000 | 4.38% 05/15/25 | 98,542 | |||||
| 100,000 | 4.50% 09/15/26 | 99,739 | ||||||
| 100,000 | Infineon Technologies AG Reg S | |||||||
|
3.63% (EUR Swap Annual
5 Year+4.00%), 01/01/28 |
101,078 | |||||||
| 200,000 |
K+S AG Reg S
3.00%, 06/20/22 |
195,275 | ||||||
| 100,000 | LANXESS AG Reg S | |||||||
| 4.50% (EUR Swap Annual | ||||||||
| 5 Year+4.51%), 12/06/76 | 111,173 | |||||||
| 140,000 |
Metro Wholesale & Food Reg S
1.50%, 03/19/25 |
148,634 | ||||||
| 200,000 |
Nidda Healthcare Holding GmbH Reg S
3.50%, 09/30/24 |
213,743 | ||||||
| 100,000 |
Platin 1426 GmbH Reg S
5.38%, 06/15/23 |
95,006 | ||||||
See Notes to Financial Statements
| 55 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Germany: (continued) | ||||||||
| EUR | 130,000 |
ProGroup AG Reg S
3.00%, 03/31/26 |
$ | 133,543 | ||||
| USD | 100,000 |
RWE AG Reg S
6.63% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 |
107,235 | |||||
| EUR | 100,000 | Techem Verwaltungsgesellschaft | ||||||
| 675 mbH Reg S | ||||||||
| 2.00%, 07/15/25 | 104,053 | |||||||
| 100,000 |
Tele Columbus AG Reg S
3.88%, 05/02/25 |
92,477 | ||||||
| Thyssenkrupp AG Reg S | ||||||||
| 200,000 | 1.38%, 03/03/22 | 211,529 | ||||||
| 100,000 | 2.50%, 02/25/25 | 103,725 | ||||||
| 100,000 | 2.88%, 02/22/24 | 104,371 | ||||||
| 100,000 |
TUI AG Reg S
2.13%, 10/26/21 |
87,368 | ||||||
| 3,424,204 | ||||||||
| India: 0.9% | ||||||||
| USD | 200,000 |
Delhi
International Airport Ltd. Reg S
6.13%, 02/03/22 |
195,045 | |||||
| 200,000 |
GMR Hyderabad International Airport Ltd. 144A
5.38%, 04/10/24 |
176,985 | ||||||
| 200,000 |
JSW Steel Ltd. Reg S
5.95%, 04/18/24 |
168,000 | ||||||
| 100,000 |
ReNew Power Synthetic 144A
6.67%, 03/12/24 |
87,500 | ||||||
| 200,000 |
Tata Motors Ltd. Reg S
5.75%, 10/30/24 |
168,206 | ||||||
| 795,736 | ||||||||
| Indonesia: 0.4% | ||||||||
| 200,000 |
Adaro Indonesia PT 144A
4.25%, 10/31/24 |
178,540 | ||||||
| 200,000 |
Saka Energi Indonesia PT 144A
4.45%, 05/05/24 |
173,544 | ||||||
| 352,084 | ||||||||
| Ireland: 2.6% | ||||||||
| 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 |
124,212 | |||||
| USD | 200,000 |
C&W Senior Financing DAC 144A
6.88%, 09/15/27 † |
198,660 | |||||
| 200,000 |
Credit Bank of
Moscow Via CBOM Finance Plc 144A
5.55%, 02/14/23 |
201,562 | ||||||
| EUR | 200,000 |
eircom Finance DAC Reg S
3.50%, 05/15/26 |
220,155 | |||||
| USD | 200,000 |
GTLK Europe DAC Reg S
5.13%, 05/31/24 |
201,074 | |||||
| 150,000 |
James Hardie International Finance DAC 144A
5.00%, 01/15/28 |
143,190 | ||||||
| 200,000 |
LCPR Senior Secured Financing DAC 144A
6.75%, 10/15/27 |
206,930 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Ireland: (continued) | ||||||||
| USD | 100,000 |
Metalloinvest Finance DAC 144A
4.85%, 05/02/24 |
$ | 105,052 | ||||
| 200,000 |
Motion Bondco DAC 144A
6.63%, 11/15/27 † |
161,000 | ||||||
| 200,000 |
SCF Capital Designated Activity Co. 144A
5.38%, 06/16/23 |
206,764 | ||||||
| EUR | 300,000 |
Smurfit Kappa Acquisitions ULC Reg S
2.38%, 02/01/24 |
335,559 | |||||
| GBP | 150,000 |
Virgin Media Receivables Financing Notes I DAC Reg S
5.50%, 09/15/24 |
189,174 | |||||
| 2,293,332 | ||||||||
| Italy: 6.9% | ||||||||
| Atlantia SpA Reg S | ||||||||
| EUR | 100,000 | 1.63%, 02/03/25 | 99,853 | |||||
| 100,000 | 1.88%, 07/13/27 | 97,216 | ||||||
| Autostrade per l’Italia SpA | ||||||||
| 100,000 | 1.63%, 06/12/23 | 104,119 | ||||||
| 100,000 | 5.88%, 06/09/24 | 118,271 | ||||||
| Autostrade per l’Italia SpA Reg S | ||||||||
| 100,000 | 1.75%, 06/26/26 | 99,080 | ||||||
| 100,000 | 1.75%, 02/01/27 | 98,851 | ||||||
| 100,000 | 1.88%, 09/26/29 | 98,104 | ||||||
| 50,000 | 4.38%, 09/16/25 | 57,311 | ||||||
| 100,000 |
Banca IFIS SpA Reg S
4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/27 |
88,100 | ||||||
| 100,000 |
Banca Popolare di Sondrio SCPA Reg S
2.38%, 04/03/24 |
98,168 | ||||||
| Banco BPM SpA Reg S | ||||||||
| 100,000 | 1.75%, 04/24/23 | 103,813 | ||||||
| 100,000 | 2.00%, 03/08/22 | 106,579 | ||||||
| 100,000 | 2.50%, 06/21/24 | 104,595 | ||||||
| 100,000 | 4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/27 | 97,594 | ||||||
| 100,000 |
Iccrea Banca SpA Reg S
1.50%, 10/11/22 |
105,773 | ||||||
| 100,000 |
International Design Group SPA Reg S
6.50%, 11/15/25 |
93,799 | ||||||
| Intesa Sanpaolo SpA 144A | ||||||||
| USD | 100,000 | 5.02%, 06/26/24 | 100,127 | |||||
| 150,000 | 5.71%, 01/15/26 | 153,445 | ||||||
| Intesa Sanpaolo SpA Reg S | ||||||||
| EUR | 100,000 | 2.86%, 04/23/25 | 112,823 | |||||
| 100,000 | 3.93%, 09/15/26 | 115,660 | ||||||
| 200,000 | 6.63%, 09/13/23 | 244,600 | ||||||
| 100,000 |
Intesa Sanpaolo Vita SpA Reg S
4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (o) |
112,215 | ||||||
| Leonardo Finmeccanica SpA | ||||||||
| 100,000 | 4.88%, 03/24/25 | 120,260 | ||||||
| 100,000 | 5.25%, 01/21/22 | 114,456 | ||||||
| 100,000 |
Mediobanca Banca di Credito Finanziario SpA
5.75%, 04/18/23 |
118,430 | ||||||
See Notes to Financial Statements
| 56 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| Italy: (continued) | ||||||||
| EUR | 100,000 |
Nexi SpA Reg S
1.75%, 10/31/24 |
$ | 102,958 | ||||
| 100,000 |
Salini Impregilo SpA Reg S
3.75%, 06/24/21 |
107,374 | ||||||
| 68,750 |
Sisal Group SpA Reg S
7.00%, 07/31/23 |
69,471 | ||||||
| 100,000 |
Societa Cattolica di Assicurazioni SC Reg S
4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47 |
104,439 | ||||||
| Telecom Italia SpA | ||||||||
| 100,000 | 5.25%, 03/17/55 | 119,442 | ||||||
| GBP | 150,000 | 5.88%, 05/19/23 | 203,676 | |||||
| 200,000 |
Telecom Italia SpA 144A USD
5.30%, 05/30/24 |
209,248 | ||||||
| Telecom Italia SpA Reg S | ||||||||
| EUR | 100,000 | 2.38%, 10/12/27 | 106,702 | |||||
| 200,000 | 2.88%, 01/28/26 | 220,968 | ||||||
| 100,000 | 3.00%, 09/30/25 | 111,332 | ||||||
| 250,000 | 3.63%, 05/25/26 | 286,901 | ||||||
| 200,000 | 4.00%, 04/11/24 | 229,110 | ||||||
| 150,000 | 5.25%, 02/10/22 | 173,389 | ||||||
| 200,000 |
UniCredit SpA
6.95%, 10/31/22 |
238,081 | ||||||
| UniCredit SpA Reg S | ||||||||
| 200,000 |
2.00% (EUR Swap Annual
5 Year+2.40%), 09/23/29 |
193,121 | ||||||
| 200,000 |
2.73% (EUR Swap Annual
5 Year+2.80%), 01/15/32 |
191,664 | ||||||
| Unione di Banche Italiane SpA Reg S | ||||||||
| 100,000 |
4.25% (EUR Swap Annual
5 Year+4.18%), 05/05/26 |
110,764 | ||||||
| 150,000 |
4.45% (EUR Swap Annual
5 Year+4.24%), 09/15/27 † |
167,490 | ||||||
| 100,000 |
5.88% (EUR Swap Annual
5 Year+5.75%), 03/04/29 |
114,904 | ||||||
| 200,000 |
Unipol Gruppo SpA Reg S
3.00%, 03/18/25 |
222,754 | ||||||
| 100,000 |
UnipolSai Assicurazioni SpA Reg S
5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (o) |
110,240 | ||||||
| 6,157,270 | ||||||||
| Japan: 1.6% | ||||||||
| SoftBank Group Corp. Reg S | ||||||||
| USD | 200,000 | 4.75%, 09/19/24 | 191,997 | |||||
| EUR | 100,000 | 5.00%, 04/15/28 | 106,692 | |||||
| USD | 200,000 | 5.13%, 09/19/27 | 187,970 | |||||
| 200,000 | 5.38%, 07/30/22 | 200,290 | ||||||
| 250,000 | 6.00% (USD ICE Swap Rate 5 Year+4.23%), 07/19/23 (o) | 216,907 | ||||||
| 350,000 | 6.25%, 04/15/28 | 334,201 | ||||||
| 200,000 | 6.88% (USD ICE Swap Rate 5 Year+4.85%), 07/19/27 (o) | 175,100 | ||||||
| 1,413,157 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Kazakhstan: 0.4% | ||||||||
| KazMunayGas National Co. JSC 144A | ||||||||
| USD | 100,000 | 4.40%, 04/30/23 | $ | 99,450 | ||||
| 100,000 | 4.75%, 04/19/27 | 97,320 | ||||||
| 125,000 | 5.75%, 04/19/47 | 125,703 | ||||||
| 322,473 | ||||||||
| Luxembourg: 7.5% | ||||||||
| 150,000 |
Adecoagro SA 144A
6.00%, 09/21/27 |
128,762 | ||||||
| Altice Financing SA 144A | ||||||||
| 250,000 | 5.00%, 01/15/28 | 245,312 | ||||||
| 200,000 | 7.50%, 05/15/26 | 209,930 | ||||||
| EUR | 200,000 |
Altice Finco SA Reg S
4.75%, 01/15/28 |
187,848 | |||||
| 100,000 |
Altice France Holding SA Reg S
8.00%, 05/15/27 |
111,670 | ||||||
| GBP | 100,000 |
Amigo Luxembourg SA Reg S
7.63%, 01/15/24 |
73,175 | |||||
| EUR | 200,000 |
ARD Finance SA Reg S
5.75% 06/30/27 |
199,094 | |||||
| USD | 100,000 |
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc.
144A
6.00%, 02/15/25 |
100,712 | |||||
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S | ||||||||
| EUR | 175,000 | 2.13%, 08/15/26 | 184,998 | |||||
| 250,000 | 2.75%, 03/15/24 | 274,208 | ||||||
| GBP | 101,000 |
Cabot Financial Luxembourg SA Reg S
7.50%, 10/01/23 |
119,793 | |||||
| EUR | 150,000 |
Cirsa Finance International SARL 144A
6.25%, 12/20/23 |
135,179 | |||||
| 100,000 |
Codere Finance SA Reg S
6.75%, 11/01/21 |
42,987 | ||||||
| USD | 150,000 |
Consolidated Energy Finance SA 144A
6.88%, 06/15/25 † |
116,438 | |||||
| 100,000 |
Cosan Luxembourg SA 144A
7.00%, 01/20/27 |
101,500 | ||||||
| EUR | 100,000 |
CPI Property Group SA Reg S
4.38% (EUR Swap Annual 5 Year+4.15%), 08/09/23 (o) |
100,767 | |||||
| 100,000 |
Crystal Almond SARL Reg S
4.25%, 10/15/24 |
104,021 | ||||||
| USD | 100,000 |
CSN Resources SA 144A
7.63%, 02/13/23 |
79,020 | |||||
| EUR | 100,000 |
eDreams ODIGEO SA Reg S
5.50%, 09/01/23 |
74,754 | |||||
| 200,000 |
Garfunkelux Holdco 3 SA Reg S
7.50%, 08/01/22 † |
179,629 | ||||||
| 100,000 |
Gestamp Funding Luxembourg SA Reg S
3.50%, 05/15/23 |
100,050 | ||||||
See Notes to Financial Statements
| 57 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Luxembourg: (continued) | ||||||||
| EUR | 100,000 |
Holcim Finance Luxembourg SA Reg S
3.00% (Euribor ICE Swap Rate 5 Year+3.07%), 07/05/24 (o) |
$ | 107,633 | ||||
| 300,000 |
INEOS Group Holdings SA Reg S
5.38%, 08/01/24 |
322,153 | ||||||
| 200,000 |
Intralot Capital Luxembourg SA Reg S
5.25%, 09/15/24 |
51,356 | ||||||
| USD | 100,000 |
Kernel Holding SA 144A
8.75%, 01/31/22 |
95,250 | |||||
| EUR | 100,000 |
LHMC Finco 2 SARL Reg S
8.00% 10/02/25 |
52,993 | |||||
| 150,000 |
Lincoln Financing SARL Reg S
3.63%, 04/01/24 |
140,897 | ||||||
| Matterhorn Telecom SA Reg S | ||||||||
| 100,000 | 3.13%, 09/15/26 | 107,663 | ||||||
| 100,000 | 4.00%, 11/15/27 | 109,108 | ||||||
| USD | 200,000 |
MHP Lux SA 144A
6.95%, 04/03/26 |
186,568 | |||||
| Millicom International Cellular SA 144A | ||||||||
| 200,000 | 5.13%, 01/15/28 | 186,920 | ||||||
| 100,000 | 6.25%, 03/25/29 † | 98,465 | ||||||
| Minerva Luxembourg SA 144A | ||||||||
| 75,000 | 5.88%, 01/19/28 † | 69,416 | ||||||
| 150,000 | 6.50%, 09/20/26 | 146,565 | ||||||
| 250,000 |
Puma International Financing SA 144A
5.00%, 01/24/26 |
161,539 | ||||||
| 200,000 |
Rede D’or Finance SARL 144A
4.50%, 01/22/30 |
170,130 | ||||||
| EUR | 100,000 |
Rossini SARL Reg S
6.75%, 10/30/25 |
116,105 | |||||
| USD | 200,000 |
Rumo Luxembourg SARL 144A
7.38%, 02/09/24 |
211,040 | |||||
| 250,000 |
Sberbank of Russia Via SB Capital SA 144A
5.13%, 10/29/22 |
259,172 | ||||||
| EUR | 100,000 | SES SA Reg S | ||||||
| 4.63% (EUR Swap Annual 5 Year+4.66%), 01/02/22 (o) | 105,356 | |||||||
| 200,000 |
Summer BC Holdco B SARL Reg S
5.75%, 10/31/26 |
195,434 | ||||||
| 100,000 |
Telecom Italia Finance SA
7.75%, 01/24/33 |
153,806 | ||||||
| USD | 200,000 |
Telenet Finance Luxembourg Notes SARL 144A
5.50%, 03/01/28 |
207,000 | |||||
| EUR | 100,000 |
TLG Finance SARL Reg S
3.38% (EUR Swap Annual 5 Year+3.98%), 09/23/24 (o) |
102,821 | |||||
| USD | 11,000 |
Trafigura Funding SA 144A
5.25%, 03/19/23 |
9,958 | |||||
| 100,000 |
Ultrapar International SA 144A
5.25%, 10/06/26 |
93,930 | ||||||
|
Principal
Amount |
Value | |||||||
| Luxembourg: (continued) | ||||||||
| EUR | 100,000 |
Vivion Investments SARL Reg S
3.00%, 08/08/24 |
$ | 97,659 | ||||
| USD | 200,000 |
VTB Bank OJSC Via VTB Capital SA 144A
6.95%, 10/17/22 |
209,093 | |||||
| 6,637,877 | ||||||||
| Malta: 0.0% | ||||||||
| 32,000 |
Nyrstar Holdings Plc Reg S
0.00%, 07/31/26 ^ |
16,754 | ||||||
| Marshall Islands: 0.1% | ||||||||
| 100,000 |
Teekay Offshore Partners LP / Teekay Offshore Finance Corp. 144A
8.50%, 07/15/23 |
90,270 | ||||||
| Mauritius: 0.6% | ||||||||
| 200,000 |
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25 |
181,005 | ||||||
| 200,000 |
MTN Mauritius Investments Ltd. 144A
4.76%, 11/11/24 |
186,000 | ||||||
| 200,000 |
Network i2i Ltd. 144A
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o) |
179,000 | ||||||
| 546,005 | ||||||||
| Mexico: 4.2% | ||||||||
| 100,000 |
BBVA Bancomer SA 144A
5.13% (US Treasury Yield Curve Rate T 5 Year+2.65%), 01/18/33 |
87,130 | ||||||
| 200,000 |
Braskem Idesa SAPI 144A
7.45%, 11/15/29 |
151,370 | ||||||
| Cemex SAB de CV 144A | ||||||||
| 200,000 | 5.70%, 01/11/25 | 180,180 | ||||||
| 150,000 | 6.13%, 05/05/25 | 135,780 | ||||||
| 100,000 | 7.75%, 04/16/26 † | 93,960 | ||||||
| 100,000 |
Credito Real SAB de CV SOFOM ER 144A
9.50%, 02/07/26 † |
89,596 | ||||||
| 200,000 |
Nemak SAB de CV 144A
4.75%, 01/23/25 |
176,750 | ||||||
| Petróleos Mexicanos | ||||||||
| 175,000 | 5.35%, 02/12/28 | 131,252 | ||||||
| 200,000 | 6.35%, 02/12/48 | 134,200 | ||||||
| 350,000 | 6.50%, 03/13/27 | 285,600 | ||||||
| 125,000 | 6.50%, 01/23/29 | 97,938 | ||||||
| 200,000 | 6.63%, 06/15/35 | 142,000 | ||||||
| 350,000 | 6.75%, 09/21/47 | 245,700 | ||||||
| 200,000 | 6.88%, 08/04/26 | 166,500 | ||||||
| Petróleos Mexicanos 144A | ||||||||
| 225,000 | 5.95%, 01/28/31 | 164,092 | ||||||
| 175,000 | 6.49%, 01/23/27 | 142,826 | ||||||
| 300,000 | 6.84%, 01/23/30 | 235,680 | ||||||
| 200,000 | 6.95%, 01/28/60 | 141,490 | ||||||
| 450,000 | 7.69%, 01/23/50 | 332,955 | ||||||
See Notes to Financial Statements
| 58 |
|
|
|
Principal
Amount |
Value | |||||||
| Mexico: (continued) | ||||||||
| Petróleos Mexicanos Reg S | ||||||||
| EUR | 100,000 | 2.50%, 08/21/21 | $ | 104,075 | ||||
| 100,000 | 2.75%, 04/21/27 | 79,220 | ||||||
| 100,000 | 3.75%, 02/21/24 | 93,903 | ||||||
| 100,000 | 4.75%, 02/26/29 | 82,653 | ||||||
| 100,000 | 4.88%, 02/21/28 | 84,821 | ||||||
| 50,000 | 5.50%, 02/24/25 | 49,894 | ||||||
| Unifin Financiera SAB de CV 144A | ||||||||
| USD | 100,000 | 7.00%, 01/15/25 | 45,375 | |||||
| 100,000 | 7.25%, 09/27/23 | 49,015 | ||||||
| 3,723,955 | ||||||||
| Netherlands: 11.7% | ||||||||
| EUR | 125,000 |
Dufry One BV Reg S
2.50%, 10/15/24 |
113,669 | |||||
| USD | 200,000 |
Fiat Chrysler Automobiles NV
5.25%, 04/15/23 |
199,870 | |||||
| EUR | 200,000 |
Fiat Chrysler Automobiles NV Reg S
3.75%, 03/29/24 |
223,438 | |||||
| USD | 200,000 |
Greenko Dutch BV 144A
5.25%, 07/24/24 |
179,394 | |||||
| 100,000 |
GTH Finance BV 144A
7.25%, 04/26/23 |
109,531 | ||||||
| 200,000 |
IHS Netherlands Holdco BV 144A
8.00%, 09/18/27 |
185,000 | ||||||
| 114,000 |
Indo Energy Finance II BV 144A
6.38%, 01/24/23 |
99,608 | ||||||
| 200,000 |
InterCement Financial Operations BV 144A
5.75%, 07/17/24 |
85,540 | ||||||
| EUR | 100,000 |
Intertrust Group BV Reg S
3.38%, 11/15/25 |
109,916 | |||||
| 100,000 |
IPD 3 BV Reg S
4.50%, 07/15/22 |
106,840 | ||||||
| USD | 150,000 |
Kazakhstan Temir Zholy Finance BV 144A
6.95%, 07/10/42 |
173,066 | |||||
| 125,000 |
Koninklijke KPN NV 144A
7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73 † |
129,593 | ||||||
| Metinvest BV 144A | ||||||||
| 150,000 | 7.75%, 04/23/23 † | 106,823 | ||||||
| 100,000 | 8.50%, 04/23/26 | 67,742 | ||||||
| 197,212 |
MV24 Capital BV 144A
6.75%, 06/01/34 |
167,060 | ||||||
| EUR | 100,000 |
Naturgy Finance BV Reg S
4.13% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (o) |
111,704 | |||||
| USD | 100,000 |
Nostrum Oil & Gas Finance BV 144A
8.00%, 07/25/22 |
24,000 | |||||
| EUR | 225,000 |
OCI NV Reg S
5.00%, 04/15/23 |
248,069 | |||||
| Petrobras Global Finance BV | ||||||||
| USD | 150,000 | 4.38%, 05/20/23 | 146,250 | |||||
| EUR | 100,000 | 4.75%, 01/14/25 | 106,949 | |||||
| USD | 200,000 | 5.30%, 01/27/25 | 195,538 | |||||
|
Principal
Amount |
Value | |||||||
| Netherlands: (continued) | ||||||||
| USD | 150,000 | 5.75%, 02/01/29 | $ | 143,812 | ||||
| 250,000 | 6.00%, 01/27/28 † | 243,025 | ||||||
| 200,000 | 6.25%, 03/17/24 | 203,760 | ||||||
| 150,000 | 6.75%, 01/27/41 † | 146,370 | ||||||
| 275,000 | 6.85%, 06/05/15 † | 259,875 | ||||||
| 100,000 | 6.88%, 01/20/40 † | 99,000 | ||||||
| 150,000 | 6.90%, 03/19/49 † | 146,625 | ||||||
| 150,000 | 7.25%, 03/17/44 † | 150,825 | ||||||
| 325,000 | 7.38%, 01/17/27 | 340,957 | ||||||
| 44,000 | 8.38%, 05/23/21 | 46,266 | ||||||
| 175,000 | 8.75%, 05/23/26 † | 194,250 | ||||||
| 331,000 |
Petrobras Global Finance BV 144A
5.09%, 01/15/30 † |
302,749 | ||||||
| EUR | 41,000 |
Phoenix PIB Dutch Finance BV Reg S
3.63%, 07/30/21 |
45,489 | |||||
| 100,000 |
PPF Telecom Group BV Reg S
3.13%, 03/27/26 |
107,066 | ||||||
| 150,000 |
Saipem Finance International BV Reg S
3.75%, 09/08/23 |
162,325 | ||||||
| 125,000 |
Samvardhana Motherson Automotive Systems Group BV Reg S
1.80%, 07/06/24 |
107,122 | ||||||
| 125,000 |
Selecta Group BV Reg S
5.88%, 02/01/24 |
53,329 | ||||||
| 100,000 |
Sigma Holdco BV Reg S
5.75%, 05/15/26 |
105,423 | ||||||
| USD | 100,000 |
Stars Group Holdings BV / Stars Group US Co-Borrower LLC 144A
7.00%, 07/15/26 |
103,265 | |||||
| EUR | 100,000 |
Summer BidCo BV Reg S
9.75% 11/15/25 |
103,204 | |||||
| Telefonica Europe BV Reg S | ||||||||
| 100,000 | 2.63% (EUR Swap Annual 5 Year+2.33%), 03/07/23 (o) | 106,312 | ||||||
| 200,000 | 3.00% (EUR Swap Annual 5 Year+2.45%), 09/04/23 (o) | 213,162 | ||||||
| 100,000 | 3.75% (EUR Swap Annual 5 Year+3.86%), 03/15/22 (o) | 109,726 | ||||||
| 100,000 | 3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o) | 108,230 | ||||||
| 200,000 | 4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/24 (o) | 223,513 | ||||||
| 100,000 | 5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/24 (o) | 117,359 | ||||||
| 175,000 |
TenneT Holding BV Reg S
3.00% (EUR Swap Annual 5 Year+2.53%), 03/01/24 (o) |
195,966 | ||||||
| Teva Pharmaceutical Finance Netherlands II BV Reg S | ||||||||
| 100,000 | 1.13%, 10/15/24 | 94,928 | ||||||
| 100,000 | 1.25%, 03/31/23 | 100,832 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| USD | 175,000 | 2.20%, 07/21/21 | 171,202 | |||||
| 350,000 | 2.80%, 07/21/23 | 323,382 | ||||||
See Notes to Financial Statements
| 59 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Netherlands: (continued) | ||||||||
| USD | 350,000 | 3.15%, 10/01/26 | $ | 306,705 | ||||
| 250,000 | 4.10%, 10/01/46 † | 196,625 | ||||||
| 150,000 | 6.00%, 04/15/24 | 150,000 | ||||||
| 200,000 | 6.75%, 03/01/28 | 206,630 | ||||||
| 175,000 |
Teva Pharmaceutical Finance Netherlands III BV 144A
7.13%, 01/31/25 † |
182,175 | ||||||
| EUR | 200,000 |
Trivium Packaging Finance BV Reg S
3.75%, 08/15/26 |
216,292 | |||||
| 100,000 |
United Group BV Reg S
4.88%, 07/01/24 |
108,025 | ||||||
| USD | 100,000 |
UPC Holding BV 144A
5.50%, 01/15/28 |
97,345 | |||||
| VEON Holdings BV 144A | ||||||||
| 100,000 | 4.00%, 04/09/25 † | 103,707 | ||||||
| 100,000 | 7.50%, 03/01/22 † | 108,036 | ||||||
| 200,000 |
VTR Finance BV 144A
6.88%, 01/15/24 † |
200,082 | ||||||
| EUR | 100,000 |
VZ Vendor Financing BV Reg S
2.50%, 01/31/24 |
107,887 | |||||
| ZF Europe Finance BV Reg S | ||||||||
| 100,000 | 2.00%, 02/23/26 | 97,824 | ||||||
| 100,000 | 3.00%, 10/23/29 | 97,742 | ||||||
| USD | 314,000 |
Ziggo BV 144A
5.50%, 01/15/27 |
320,861 | |||||
| Ziggo BV Reg S | ||||||||
| EUR | 100,000 | 2.88%, 01/15/30 | 104,163 | |||||
| 90,000 | 4.25%, 01/15/27 | 101,534 | ||||||
| 10,424,582 | ||||||||
| Norway: 0.2% | ||||||||
| USD | 150,000 |
Aker BP ASA 144A
5.88%, 03/31/25 |
140,466 | |||||
| Panama: 0.2% | ||||||||
| 200,000 |
AES Panama SRL 144A
6.00%, 06/25/22 |
200,502 | ||||||
| Peru: 0.3% | ||||||||
| 100,000 |
Orazul Energy Egenor SCA 144A
5.63%, 04/28/27 |
97,001 | ||||||
| 200,000 |
Peru LNG Srl 144A
5.38%, 03/22/30 |
114,420 | ||||||
| 100,000 |
Volcan Cia Minera SAA 144A
5.38%, 02/02/22 |
75,571 | ||||||
| 286,992 | ||||||||
| Portugal: 0.5% | ||||||||
| EUR | 100,000 |
Banco Comercial Portugues SA Reg S
3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30 |
93,100 | |||||
| 100,000 |
Caixa Geral de Depositos SA Reg S
5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 |
106,491 | ||||||
| 200,000 |
EDP - Energias de Portugal SA Reg S
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 |
228,206 | ||||||
| 427,797 | ||||||||
|
Principal
Amount |
Value | |||||||
| Singapore: 0.8% | ||||||||
| USD | 250,000 |
ABJA Investment Co. Pte
Ltd. Reg S
5.95%, 07/31/24 |
$ | 225,000 | ||||
| 150,000 |
Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d) (e) * |
2,438 | ||||||
| 200,000 |
Marble II Pte Ltd. 144A
5.30%, 06/20/22 † |
184,127 | ||||||
| 200,000 |
Medco Platinum Road Pte Ltd. 144A
6.75%, 01/30/25 |
125,000 | ||||||
| 200,000 |
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26 |
140,030 | ||||||
| EUR | 34,000 |
Trafigura Group Pte Ltd. Reg S
7.50% (EUR Swap Annual 5 Year+10.82%), 07/31/24 (o) |
32,905 | |||||
| 709,500 | ||||||||
| South Africa: 0.4% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| USD | 100,000 | 6.75%, 08/06/23 | 75,563 | |||||
| 100,000 | 7.13%, 02/11/25 | 73,750 | ||||||
| 100,000 | 8.45%, 08/10/28 | 71,750 | ||||||
| 132,219 |
South Africa Ltd. 144A
3.00% 12/31/22 |
252 | ||||||
| 100,000 |
Transnet SOC Ltd. 144A
4.00%, 07/26/22 |
93,063 | ||||||
| 314,378 | ||||||||
| South Korea: 0.2% | ||||||||
| Woori Bank 144A | ||||||||
| 100,000 | 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | 95,213 | ||||||
| 100,000 | 4.50% (US Treasury Yield Curve Rate T 5 Year+3.31%), 09/27/21 (o) | 99,499 | ||||||
| 194,712 | ||||||||
| Spain: 1.6% | ||||||||
| EUR | 100,000 |
Abanca Corp. Bancaria SA Reg S
6.13% (EUR Swap Annual 5 Year+5.93%), 01/18/29 |
97,456 | |||||
| USD | 63,204 |
Abengoa Abenewco 2 SAU Reg S
1.25% 03/31/23 # |
0 | |||||
| EUR | 100,000 |
Abengoa SA
0.00%, 03/31/27 (d) (s) * |
549 | |||||
| Banco de Sabadell SA Reg S | ||||||||
| 100,000 | 1.75%, 05/10/24 | 100,936 | ||||||
| 100,000 | 5.63%, 05/06/26 | 104,291 | ||||||
| Bankia SA Reg S | ||||||||
| 100,000 | 1.13%, 11/12/26 | 100,402 | ||||||
| 100,000 | 3.38% (EUR Swap Annual 5 Year+3.35%), 03/15/27 | 108,316 | ||||||
| 100,000 | 3.75% (EUR Swap Annual 5 Year+3.62%), 02/15/29 | 105,657 | ||||||
| 200,000 |
Cellnex Telecom SAU Reg S
3.13%, 07/27/22 |
229,190 | ||||||
| 100,000 |
El Corte Ingles SA Reg S
3.00%, 03/15/24 |
106,918 | ||||||
See Notes to Financial Statements
| 60 |
|
|
|
Principal
Amount |
Value | |||||||
| Spain: (continued) | ||||||||
| EUR | 275,000 |
Grifols SA Reg S
3.20%, 05/01/25 |
$ | 301,545 | ||||
| 125,000 |
Grupo Antolin-Irausa SA Reg S
3.25%, 04/30/24 |
101,730 | ||||||
| Grupo Isolux Corsan SA | ||||||||
| 302 | 1.00%, 12/30/21 (d) * | 2 | ||||||
| 56,417 | 6.00%, 12/30/21 (d) * | 494 | ||||||
| 100,000 |
Obrascon Huarte Lain SA Reg S
5.50%, 03/15/23 |
47,682 | ||||||
| 1,405,168 | ||||||||
| Sweden: 1.4% | ||||||||
| 175,000 |
Akelius Residential Property AB Reg S
3.88% (Euribor ICE Swap Rate 5 Year+3.49%), 10/05/78 |
191,078 | ||||||
| 100,000 |
Dometic Group AB Reg S
3.00%, 05/08/26 |
96,770 | ||||||
| 300,000 |
Intrum AB Reg S
3.13%, 07/15/24 † |
267,462 | ||||||
| USD | 100,000 |
Stena AB 144A
7.00%, 02/01/24 † |
87,730 | |||||
| 100,000 |
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22 |
104,250 | ||||||
| EUR | 100,000 |
Telefonaktiebolaget LM Ericsson Reg S
1.88%, 03/01/24 |
110,437 | |||||
| 200,000 |
Verisure Midholding AB Reg S
5.75%, 12/01/23 |
212,254 | ||||||
| Volvo Car AB Reg S | ||||||||
| 100,000 | 2.00%, 01/24/25 | 103,415 | ||||||
| 100,000 | 3.25%, 05/18/21 | 110,215 | ||||||
| 1,283,611 | ||||||||
| Thailand: 0.2% | ||||||||
| USD | 200,000 |
Bangkok Bank PCL 144A
3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 |
179,332 | |||||
| Turkey: 3.1% | ||||||||
| Akbank T.A.S. 144A | ||||||||
| 125,000 | 5.00%, 10/24/22 | 121,753 | ||||||
| 150,000 | 5.13%, 03/31/25 † | 137,655 | ||||||
| 100,000 |
Arcelik AS 144A
5.00%, 04/03/23 |
96,381 | ||||||
| 200,000 |
KOC Holding AS 144A
5.25%, 03/15/23 |
196,992 | ||||||
| 200,000 |
QNB Finansbank AS 144A
4.88%, 05/19/22 |
196,520 | ||||||
| 200,000 |
TC Ziraat Bankasi AS 144A
5.13%, 05/03/22 |
195,110 | ||||||
| 100,000 |
Turk Telekomunikasyon AS 144A
4.88%, 06/19/24 |
94,459 | ||||||
| 200,000 |
Turkcell Iletisim Hizmetleri AS 144A
5.80%, 04/11/28 † |
188,440 | ||||||
| 200,000 |
Turkiye Garanti Bankasi AS 144A
5.25%, 09/13/22 |
197,460 | ||||||
|
Principal
Amount |
Value | |||||||
| Turkey: (continued) | ||||||||
| Turkiye Is Bankasi AS 144A | ||||||||
| USD | 100,000 | 5.38%, 10/06/21 | $ | 100,375 | ||||
| 200,000 | 6.00%, 10/24/22 | 188,580 | ||||||
| 250,000 | 6.13%, 04/25/24 | 241,320 | ||||||
| 200,000 |
Turkiye Sinai
Kalkinma Bankasi AS Reg S
5.50%, 01/16/23 |
190,500 | ||||||
| 100,000 |
Turkiye Sise
ve Cam Fabrikalari AS 144A
6.95%, 03/14/26 |
96,911 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 125,000 | 5.50%, 10/27/21 | 124,081 | ||||||
| 100,000 | 5.75%, 01/30/23 | 96,326 | ||||||
| 100,000 | 6.00%, 11/01/22 | 93,780 | ||||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
| 100,000 | 5.50%, 12/06/22 | 91,438 | ||||||
| 50,000 | 5.75%, 02/24/22 | 49,938 | ||||||
| 100,000 | 5.85%, 06/21/24 | 95,161 | ||||||
| 2,793,180 | ||||||||
| United Arab Emirates: 0.4% | ||||||||
| 200,000 |
Kuwait Projects
Co. SPC Ltd. Reg S
4.23%, 10/29/26 |
177,932 | ||||||
| 200,000 |
Oztel Holdings
SPC Ltd. 144A
5.63%, 10/24/23 |
184,760 | ||||||
| 362,692 | ||||||||
| United Kingdom: 8.3% | ||||||||
| GBP | 100,000 |
Anglian Water
Osprey Financing Plc Reg S
4.00%, 03/08/26 |
123,277 | |||||
| USD | 50,000 |
AngloGold Ashanti
Holdings Plc
6.50%, 04/15/40 † |
53,069 | |||||
| GBP | 100,000 |
Ardonagh Midco
3 Plc Reg S
8.38%, 07/15/23 |
114,287 | |||||
| 100,000 |
Arqiva Broadcast
Finance Plc Reg S
6.75%, 09/30/23 |
130,194 | ||||||
| USD | 100,000 |
Aston Martin
Capital Holdings Ltd. 144A
6.50%, 04/15/22 † |
77,300 | |||||
| 100,000 |
Barclays Bank
Plc
6.28% (ICE LIBOR USD 3 Month+1.55%), 12/15/34 (o) |
99,128 | ||||||
| GBP | 100,000 |
Boparan Finance
Plc Reg S
5.50%, 07/15/21 |
94,917 | |||||
| 100,000 |
Centrica Plc
Reg S
5.25% (GBP Swap 5 Year+3.61%), 04/10/75 |
123,192 | ||||||
| USD | 200,000 |
Connect Finco
SARL / Connect US Finco LLC 144A
6.75%, 10/01/26 |
191,630 | |||||
| GBP | 150,000 |
Co-operative
Group Holdings 2011 Ltd. Reg S
7.50%, 07/08/26 (s) |
204,086 | |||||
| USD | 150,000 |
Delphi Technologies
Plc 144A
5.00%, 10/01/25 |
141,187 | |||||
| 100,000 |
Drax Finco Plc
144A
6.63%, 11/01/25 |
102,520 | ||||||
See Notes to Financial Statements
| 61 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| United Kingdom: (continued) | ||||||||
| USD | 200,000 |
DTEK
Finance Plc
10.75%, 12/31/24 |
$ | 94,000 | ||||
| 200,000 |
eG Global Finance
Plc 144A
6.75%, 02/07/25 |
183,040 | ||||||
| EUR | 100,000 |
eG Global Finance
Plc Reg S
4.38%, 02/07/25 |
94,641 | |||||
| 100,000 |
Ellaktor Value
Plc Reg S
6.38%, 12/15/24 |
72,952 | ||||||
| USD | 300,000 |
Evraz Plc 144A
5.38%, 03/20/23 |
318,273 | |||||
| FCE Bank Plc Reg S | ||||||||
| EUR | 150,000 | 1.13%, 02/10/22 | 152,615 | |||||
| 150,000 | 1.62%, 05/11/23 | 148,050 | ||||||
| GBP | 150,000 |
Heathrow Finance
Plc Reg S
5.75%, 03/03/25 |
193,081 | |||||
| Jaguar Land Rover Automotive Plc Reg S | ||||||||
| EUR | 100,000 | 2.20%, 01/15/24 | 78,475 | |||||
| GBP | 125,000 | 3.88%, 03/01/23 | 120,656 | |||||
| 100,000 |
Jerrold Finco
Plc Reg S
6.13%, 01/15/24 |
117,388 | ||||||
| USD | 200,000 |
KCA Deutag Finance
Plc 144A
7.25%, 05/15/21 |
64,450 | |||||
| GBP | 100,000 |
Ladbrokes Group
Finance Plc Reg S
5.13%, 09/16/22 |
126,763 | |||||
| EUR | 100,000 |
LHC3 Plc Reg
S
9.00% 08/15/24 |
104,121 | |||||
| USD | 200,000 |
Liquid Telecommunications
Financing Plc 144A
8.50%, 07/13/22 |
173,340 | |||||
| Lloyds Banking Group Plc 144A | ||||||||
| 50,000 | 6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o) | 52,680 | ||||||
| 50,000 | 6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o) † | 55,430 | ||||||
| 200,000 |
MARB BondCo Plc
144A
6.88%, 01/19/25 |
193,040 | ||||||
| GBP | 150,000 |
Marks &
Spencer Plc Reg S
4.75%, 06/12/25 |
189,139 | |||||
| 100,000 |
Mclaren Finance
Plc Reg S
5.00%, 08/01/22 |
85,997 | ||||||
| EUR | 100,000 |
NAK Naftogaz
Ukraine via Kondor Finance Plc Reg S
7.13%, 07/19/24 |
96,441 | |||||
| USD | 60,000 |
Oschadbank 144A
9.38%, 03/10/23 (s) † |
58,050 | |||||
| 100,000 |
Petra Diamonds
US Treasury Plc 144A
7.25%, 05/01/22 |
34,000 | ||||||
| GBP | 100,000 |
Pinewood Finance
Co. Ltd. Reg S
3.25%, 09/30/25 |
125,839 | |||||
| EUR | 100,000 |
Playtech Plc
Reg S
3.75%, 10/12/23 |
100,905 | |||||
| USD | 200,000 |
Polyus Finance
Plc 144A
5.25%, 02/07/23 |
211,692 | |||||
| GBP | 100,000 |
Shop Direct Funding
Plc Reg S
7.75%, 11/15/22 |
92,114 | |||||
|
Principal
Amount |
Value | |||||||
| United Kingdom: (continued) | ||||||||
| USD | 100,000 |
Standard Chartered Plc
144A
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) |
$ | 105,637 | ||||
| GBP | 100,000 |
Stretford 79 Plc Reg S
6.75%, 07/15/24 |
114,294 | |||||
| EUR | 100,000 |
Titan Global Finance Plc Reg S
3.50%, 06/17/21 |
109,168 | |||||
| GBP | 100,000 |
Travis Perkins Plc Reg S
4.38%, 09/15/21 |
119,725 | |||||
| USD | 200,000 |
Tullow Oil Plc 144A
7.00%, 03/01/25 |
105,250 | |||||
| GBP | 100,000 |
Twinkle Pizza Plc Reg S
6.63%, 08/01/21 |
84,026 | |||||
| USD | 27,000 |
Ukraine Railways Via Shortline Plc
Reg S
9.88%, 09/15/21 |
25,935 | |||||
| 500,000 |
Valaris Plc
5.75%, 10/01/44 |
44,300 | ||||||
| 200,000 |
Vedanta Resources Finance II Plc
144A
9.25%, 04/23/26 |
83,000 | ||||||
| 300,000 |
Vedanta Resources Ltd. 144A
6.13%, 08/09/24 |
107,340 | ||||||
| EUR | 100,000 |
Virgin Media Finance Plc Reg S
4.50%, 01/15/25 |
111,447 | |||||
| USD | 100,000 |
Virgin Media Secured Finance Plc
144A
5.50%, 05/15/29 |
104,285 | |||||
| Virgin Media Secured Finance Plc Reg S | ||||||||
| GBP | 175,000 | 4.88%, 01/15/27 | 220,460 | |||||
| 200,000 | 5.00%, 04/15/27 | 253,847 | ||||||
| EUR | 100,000 |
Viridian Group FinanceCo Plc / Viridian
Power & Energy Reg S
4.00%, 09/15/25 |
105,238 | |||||
| USD | 225,000 |
Vodafone Group Plc
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 |
257,824 | |||||
| EUR | 400,000 |
Vodafone Group Plc Reg S
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 |
434,385 | |||||
| GBP | 150,000 |
William Hill Plc Reg S
4.88%, 09/07/23 |
183,515 | |||||
| 7,361,635 | ||||||||
| United States: 2.9% | ||||||||
| USD | 150,000 |
AerCap Global Aviation Trust 144A
6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 |
110,475 | |||||
| 100,000 |
Calfrac Holdings LP 144A
8.50%, 06/15/26 |
6,000 | ||||||
| 150,000 |
CEMEX Finance LLC 144A
6.00%, 04/01/24 † |
139,770 | ||||||
| EUR | 100,000 |
CGG Holding US, Inc. Reg S
7.88%, 05/01/23 |
102,958 | |||||
| USD | 100,000 |
Cott Holdings, Inc. 144A
5.50%, 04/01/25 |
101,020 | |||||
See Notes to Financial Statements
| 62 |
|
|
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| USD | 150,000 |
Dresdner Funding Trust I 144A
8.15%, 06/30/31 † |
$ | 190,500 | ||||
| JBS USA LUX SA / JBS USA Finance, Inc. 144A | ||||||||
| 100,000 | 5.75%, 06/15/25 | 101,751 | ||||||
| 100,000 | 6.75%, 02/15/28 | 107,844 | ||||||
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A | ||||||||
| 100,000 | 5.50%, 01/15/30 | 101,715 | ||||||
| 150,000 | 6.50%, 04/15/29 | 158,566 | ||||||
| 100,000 |
Kronos Acquisition Holdings, Inc. 144A
9.00%, 08/15/23 |
87,438 | ||||||
| Mercer International, Inc. | ||||||||
| 41,000 | 5.50%, 01/15/26 † | 36,646 | ||||||
| 100,000 | 6.50%, 02/01/24 | 93,980 | ||||||
| 160,000 |
Navios Maritime Holdings, Inc. / Navios Maritime Finance II US, Inc. 144A
7.38%, 01/15/22 |
63,400 | ||||||
| 100,000 |
NBM US Holdings, Inc. 144A
6.63%, 08/06/29 |
93,290 | ||||||
| 100,000 |
RBS Capital Trust II
6.43% (ICE LIBOR USD 3 Month+1.94%), 01/03/34 (o) † |
137,210 | ||||||
| 50,000 |
Resolute Forest Products, Inc.
5.88%, 05/15/23 |
41,635 | ||||||
| 227,040 |
Rio Oil Finance Trust Series 2014-1 144A
9.25%, 07/06/24 |
216,213 | ||||||
| 300,000 |
Sasol Financing USA LLC
5.88%, 03/27/24 |
202,350 | ||||||
| 100,000 |
Stillwater Mining Co. 144A
7.13%, 06/27/25 |
97,966 | ||||||
| 50,000 |
Terraform Global Operating LLC 144A
6.13%, 03/01/26 |
49,855 | ||||||
| 100,000 |
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 |
93,650 | ||||||
| 150,000 |
ZF North America Capital, Inc. 144A
4.75%, 04/29/25 |
140,182 | ||||||
| EUR | 100,000 |
ZF North America Capital, Inc. Reg S
2.75%, 04/27/23 |
105,012 | |||||
| 2,579,426 | ||||||||
|
Total Corporate Bonds
(Cost: $97,530,491) |
86,588,787 | |||||||
See Notes to Financial Statements
| 63 |
|
|
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Definitions: | |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
| Footnotes: | |
| (d) | Security in default of coupon payment |
| (e) | Security in default of principal |
| (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 $6,920,073. |
| # | 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 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 $33,165,433, or 37.3% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Basic Materials | 7.7 | % | $ | 6,719,691 | |||||
| Communications | 16.9 | 14,723,117 | |||||||
| Consumer, Cyclical | 10.4 | 9,031,403 | |||||||
| Consumer, Non-cyclical | 9.6 | 8,365,583 | |||||||
| Diversified | 0.5 | 418,265 | |||||||
| Energy | 11.6 | 10,117,292 | |||||||
| Financial | 30.2 | 26,315,658 | |||||||
| Government | 0.6 | 499,329 | |||||||
| Industrial | 7.5 | 6,513,042 | |||||||
| Technology | 0.7 | 651,147 | |||||||
| Utilities | 4.3 | 3,735,858 | |||||||
| 100.0 | % | $ | 87,090,385 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Corporate Bonds* | $ | — | $ | 86,588,787 | $ | — | $ | 86,588,787 | ||||||||||
| Government Obligations* | — | 499,329 | — | 499,329 | ||||||||||||||
| Common Stock* | 2,269 | — | — | 2,269 | ||||||||||||||
| Warrants* | — | — | 0 | 0 | ||||||||||||||
| Money Market Fund | 6,558,697 | — | — | 6,558,697 | ||||||||||||||
| Total | $ | 6,560,966 | $ | 87,088,116 | $ | 0 | $ | 93,649,082 | ||||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 64 |
|
|
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| FLOATING RATE NOTES: 99.3% | ||||||||
| Australia: 6.0% | ||||||||
| Australia & New Zealand Banking Group Ltd. 144A | ||||||||
| $ | 300,000 | 2.05% (ICE LIBOR USD 3 Month+.32%), 11/09/20 | $ | 299,526 | ||||
| 500,000 | 2.15% (ICE LIBOR USD 3 Month+.46%), 05/17/21 | 497,714 | ||||||
| 1,550,000 | 2.19% (ICE LIBOR USD 3 Month+.49%), 11/21/22 | 1,528,209 | ||||||
| 600,000 | 2.40% (ICE LIBOR USD 3 Month+.71%), 05/19/22 † | 596,486 | ||||||
| Commonwealth Bank of Australia 144A | ||||||||
| 2,400,000 | 1.44% (ICE LIBOR USD 3 Month+.70%), 03/16/23 | 2,376,966 | ||||||
| 750,000 | 1.60% (ICE LIBOR USD 3 Month+.70%), 03/10/22 | 746,468 | ||||||
| 775,000 | 1.83% (ICE LIBOR USD 3 Month+.83%), 09/06/21 | 775,542 | ||||||
| 1,575,000 | 2.07% (ICE LIBOR USD 3 Month+.82%), 06/04/24 | 1,535,091 | ||||||
| 1,800,000 |
Macquarie Group Ltd. 144A
2.62% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 † |
1,775,222 | ||||||
| National Australia Bank Ltd. 144A | ||||||||
| 3,125,000 | 1.18% (ICE LIBOR USD 3 Month+.41%), 12/13/22 | 3,074,361 | ||||||
| 400,000 | 1.66% (ICE LIBOR USD 3 Month+.35%), 01/12/21 | 399,373 | ||||||
| 1,575,000 | 1.91% (ICE LIBOR USD 3 Month+.60%), 04/12/23 | 1,549,065 | ||||||
| 550,000 | 2.20% (ICE LIBOR USD 3 Month+.89%), 01/10/22 | 550,702 | ||||||
| 575,000 | 2.31% (ICE LIBOR USD 3 Month+1.00%), 07/12/21 | 575,800 | ||||||
| 575,000 | 2.40% (ICE LIBOR USD 3 Month+.72%), 05/22/22 | 572,345 | ||||||
| 675,000 | 2.46% (ICE LIBOR USD 3 Month+.71%), 11/04/21 | 673,481 | ||||||
| Westpac Banking Corp. | ||||||||
| 350,000 | 1.33% (ICE LIBOR USD 3 Month+.34%), 01/25/21 | 348,452 | ||||||
| 2,350,000 | 1.70% (ICE LIBOR USD 3 Month+.39%), 01/13/23 | 2,317,790 | ||||||
| 1,600,000 | 1.88% (ICE LIBOR USD 3 Month+.57%), 01/11/23 | 1,579,870 | ||||||
| 600,000 | 2.08% (ICE LIBOR USD 3 Month+.71%), 06/28/22 | 597,763 | ||||||
| 600,000 | 2.16% (ICE LIBOR USD 3 Month+.85%), 01/11/22 | 599,905 | ||||||
| 2,400,000 | 2.41% (ICE LIBOR USD 3 Month+.72%), 05/15/23 † | 2,377,016 | ||||||
| 1,600,000 | 2.42% (ICE LIBOR USD 3 Month+.77%), 02/26/24 | 1,583,981 | ||||||
| 575,000 | 2.54% (ICE LIBOR USD 3 Month+.85%), 08/19/21 † | 575,586 | ||||||
| 27,506,714 | ||||||||
|
Principal
Amount |
Value | |||||||
| Canada: 4.5% | ||||||||
| Bank of Montreal | ||||||||
| $ | 625,000 | 1.30% (ICE LIBOR USD 3 Month+.40%), 09/10/21 | $ | 620,253 | ||||
| 350,000 | 1.50% (ICE LIBOR USD 3 Month+.40%), 01/22/21 | 348,929 | ||||||
| 475,000 | 1.77% (ICE LIBOR USD 3 Month+.46%), 04/13/21 | 474,321 | ||||||
| 600,000 | 1.80% (ICE LIBOR USD 3 Month+.57%), 03/26/22 | 594,722 | ||||||
| 625,000 | 2.43% (ICE LIBOR USD 3 Month+.79%), 08/27/21 | 626,311 | ||||||
| Bank of Nova Scotia | ||||||||
| 425,000 | 1.58% (ICE LIBOR USD 3 Month+.44%), 04/20/21 | 424,053 | ||||||
| 325,000 | 1.64% (ICE LIBOR USD 3 Month+.29%), 01/08/21 | 323,911 | ||||||
| 625,000 | 1.64% (ICE LIBOR USD 3 Month+.64%), 03/07/22 | 619,681 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
| 3,925,000 | 0.83% (United States Secured Overnight Financing Rate+.80%), 03/17/23 | 3,785,786 | ||||||
| 1,575,000 | 1.43% (ICE LIBOR USD 3 Month+.66%), 09/13/23 | 1,535,339 | ||||||
| 600,000 | 1.46% (ICE LIBOR USD 3 Month+.72%), 06/16/22 | 597,161 | ||||||
| 400,000 | 2.08% (ICE LIBOR USD 3 Month+.32%), 02/02/21 | 399,082 | ||||||
| Royal Bank of Canada | ||||||||
| 900,000 | 1.15% (ICE LIBOR USD 3 Month+.39%), 04/30/21 | 899,178 | ||||||
| 300,000 | 1.23% (ICE LIBOR USD 3 Month+.24%), 10/26/20 † | 299,452 | ||||||
| 600,000 | 1.31% (ICE LIBOR USD 3 Month+.47%), 04/29/22 | 592,132 | ||||||
| 400,000 | 1.39% (ICE LIBOR USD 3 Month+.40%), 01/25/21 † | 398,466 | ||||||
| 2,675,000 | 1.49% (ICE LIBOR USD 3 Month+.36%), 01/17/23 | 2,611,646 | ||||||
| 550,000 | 2.49% (ICE LIBOR USD 3 Month+.73%), 02/01/22 | 546,921 | ||||||
| Toronto-Dominion Bank | ||||||||
| 3,175,000 | 0.49% (United States Secured Overnight Financing Rate+.48%), 01/27/23 | 3,058,947 | ||||||
| 750,000 | 1.11% (ICE LIBOR USD 3 Month+.27%), 03/17/21 | 746,841 | ||||||
| 475,000 | 1.20% (ICE LIBOR USD 3 Month+.43%), 06/11/21 | 473,851 | ||||||
| 350,000 | 1.23% (ICE LIBOR USD 3 Month+.24%), 01/25/21 | 348,977 | ||||||
| 350,000 | 2.39% (ICE LIBOR USD 3 Month+1.00%), 04/07/21 | 350,996 | ||||||
| 20,676,956 | ||||||||
See Notes to Financial Statements
| 65 |
|
|
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Cayman Islands: 0.8% | ||||||||
| Tencent Holdings Ltd. 144A | ||||||||
| $ | 1,425,000 | 1.74% (ICE LIBOR USD 3 Month+.60%), 01/19/23 | $ | 1,386,183 | ||||
| 2,500,000 | 2.22% (ICE LIBOR USD 3 Month+.91%), 04/11/24 | 2,406,150 | ||||||
| 3,792,333 | ||||||||
| China / Hong Kong: 0.2% | ||||||||
| 675,000 |
AIA Group Ltd. 144A
1.64% (ICE LIBOR USD 3 Month+.52%), 09/20/21 |
665,921 | ||||||
| 325,000 |
Industrial & Commercial Bank of China Ltd.
2.48% (ICE LIBOR USD 3 Month+.75%), 11/08/20 |
324,715 | ||||||
| 990,636 | ||||||||
| France: 1.1% | ||||||||
| 800,000 |
BPCE SA
2.46% (ICE LIBOR USD 3 Month+.88%), 05/31/22 |
793,575 | ||||||
| BPCE SA 144A | ||||||||
| 1,650,000 | 2.02% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | 1,613,973 | ||||||
| 625,000 | 2.90% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 | 620,956 | ||||||
| 1,575,000 |
Credit Agricole SA 144A
2.04% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 |
1,534,024 | ||||||
| 300,000 |
Societe Generale SA 144A
2.68% (ICE LIBOR USD 3 Month+1.33%), 04/08/21 |
300,715 | ||||||
| 4,863,243 | ||||||||
| Germany: 0.5% | ||||||||
| Deutsche Bank AG | ||||||||
| 396,000 | 1.91% (ICE LIBOR USD 3 Month+.81%), 01/22/21 | 386,720 | ||||||
| 1,570,000 | 2.88% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 | 1,453,546 | ||||||
| 300,000 | 3.04% (ICE LIBOR USD 3 Month+1.29%), 02/04/21 | 293,537 | ||||||
| 2,133,803 | ||||||||
| Italy: 0.1% | ||||||||
| 575,000 |
UniCredit SpA 144A
5.21% (ICE LIBOR USD 3 Month+3.90%), 01/14/22 |
570,192 | ||||||
| Japan: 8.3% | ||||||||
| Mitsubishi UFJ Financial Group, Inc. | ||||||||
| 825,000 | 1.64% (ICE LIBOR USD 3 Month+.65%), 07/26/21 | 821,041 | ||||||
| 600,000 | 1.70% (ICE LIBOR USD 3 Month+.70%), 03/07/22 | 591,370 | ||||||
| 1,125,000 | 1.78% (ICE LIBOR USD 3 Month+.79%), 07/25/22 | 1,103,791 | ||||||
| 1,000,000 | 1.83% (ICE LIBOR USD 3 Month+1.06%), 09/13/21 | 998,729 | ||||||
| 5,225,000 | 1.85% (ICE LIBOR USD 3 Month+.86%), 07/26/23 | 5,077,044 | ||||||
|
Principal
Amount |
Value | |||||||
| Japan: (continued) | ||||||||
| $ | 2,375,000 | 2.32% (ICE LIBOR USD 3 Month+.74%), 03/02/23 | $ | 2,312,752 | ||||
| 600,000 | 2.60% (ICE LIBOR USD 3 Month+.92%), 02/22/22 | 595,386 | ||||||
| 425,000 | 3.46% (ICE LIBOR USD 3 Month+1.88%), 03/01/21 | 428,635 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 1,600,000 | 1.62% (ICE LIBOR USD 3 Month+.85%), 09/13/23 | 1,546,113 | ||||||
| 3,600,000 | 1.65% (ICE LIBOR USD 3 Month+.88%), 09/11/22 | 3,539,274 | ||||||
| 2,050,000 | 1.77% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 † | 1,971,712 | ||||||
| 1,125,000 | 1.91% (ICE LIBOR USD 3 Month+1.14%), 09/13/21 | 1,125,001 | ||||||
| 1,600,000 | 2.02% (ICE LIBOR USD 3 Month+.84%), 07/16/23 | 1,551,077 | ||||||
| 2,700,000 | 2.10% (ICE LIBOR USD 3 Month+.79%), 03/05/23 | 2,627,648 | ||||||
| 3,100,000 | 2.31% (ICE LIBOR USD 3 Month+.63%), 05/25/24 | 2,941,569 | ||||||
| 1,375,000 | 2.55% (ICE LIBOR USD 3 Month+.94%), 02/28/22 | 1,363,195 | ||||||
| 350,000 |
Mizuho Financial Group, Inc. 144A
2.79% (ICE LIBOR USD 3 Month+1.48%), 04/12/21 |
351,566 | ||||||
| 600,000 |
Sumitomo Mitsui Banking Corp.
1.55% (ICE LIBOR USD 3 Month+.37%), 10/16/20 |
599,809 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 1,600,000 | 1.87% (ICE LIBOR USD 3 Month+.74%), 01/17/23 | 1,556,335 | ||||||
| 1,575,000 | 1.88% (ICE LIBOR USD 3 Month+.74%), 10/18/22 | 1,544,805 | ||||||
| 2,700,000 | 1.98% (ICE LIBOR USD 3 Month+.80%), 10/16/23 † | 2,607,930 | ||||||
| 1,550,000 | 2.00% (ICE LIBOR USD 3 Month+.86%), 07/19/23 | 1,501,670 | ||||||
| 600,000 | 2.09% (ICE LIBOR USD 3 Month+.78%), 07/12/22 † | 590,737 | ||||||
| 600,000 | 2.28% (ICE LIBOR USD 3 Month+1.14%), 10/19/21 | 600,378 | ||||||
| 575,000 | 2.42% (ICE LIBOR USD 3 Month+1.11%), 07/14/21 | 575,346 | ||||||
| 38,522,913 | ||||||||
| Netherlands: 1.9% | ||||||||
| ABN AMRO Bank NV 144A | ||||||||
| 500,000 | 1.55% (ICE LIBOR USD 3 Month+.41%), 01/19/21 | 499,875 | ||||||
| 1,225,000 | 2.21% (ICE LIBOR USD 3 Month+.57%), 08/27/21 | 1,219,956 | ||||||
| 675,000 |
BMW Finance NV 144A
2.50% (ICE LIBOR USD 3 Month+.79%), 08/12/22 |
649,891 | ||||||
| Cooperatieve Rabobank UA | ||||||||
| 500,000 | 1.42% (ICE LIBOR USD 3 Month+.43%), 04/26/21 | 500,116 | ||||||
| 600,000 | 2.14% (ICE LIBOR USD 3 Month+.83%), 01/10/22 | 597,386 | ||||||
See Notes to Financial Statements
| 66 |
|
|
|
Principal
Amount |
Value | |||||||
| Netherlands: (continued) | ||||||||
| ING Groep NV | ||||||||
| $ | 1,600,000 | 2.45% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 | $ | 1,546,683 | ||||
| 1,125,000 | 2.52% (ICE LIBOR USD 3 Month+1.15%), 03/29/22 | 1,114,782 | ||||||
| 1,550,000 |
Shell International Finance BV
2.11% (ICE LIBOR USD 3 Month+.40%), 11/13/23 |
1,514,356 | ||||||
| 975,000 |
Siemens Financieringsmaatschappij NV 144A
1.35% (ICE LIBOR USD 3 Month+.61%), 03/16/22 |
959,282 | ||||||
| 8,602,327 | ||||||||
| New Zealand: 0.3% | ||||||||
| 1,600,000 |
ASB Bank Ltd. 144A
1.71% (ICE LIBOR USD 3 Month+.97%), 06/14/23 |
1,583,005 | ||||||
| Norway: 0.5% | ||||||||
| DNB Bank ASA 144A | ||||||||
| 300,000 | 1.82% (ICE LIBOR USD 3 Month+.37%), 10/02/20 | 300,201 | ||||||
| 1,900,000 | 2.20% (ICE LIBOR USD 3 Month+.62%), 12/02/22 | 1,868,472 | ||||||
| 2,168,673 | ||||||||
| Singapore: 0.6% | ||||||||
| 1,550,000 |
BOC Aviation Ltd. 144A
2.36% (ICE LIBOR USD 3 Month+1.12%), 09/26/23 |
1,542,907 | ||||||
| 900,000 |
DBS Group Holdings Ltd. 144A
1.61% (ICE LIBOR USD 3 Month+.62%), 07/25/22 |
883,803 | ||||||
| 300,000 |
United Overseas Bank Ltd. 144A
1.52% (ICE LIBOR USD 3 Month+.48%), 04/23/21 † |
297,969 | ||||||
| 2,724,679 | ||||||||
| Spain: 0.8% | ||||||||
| Banco Santander SA | ||||||||
| 1,550,000 | 2.43% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | 1,495,089 | ||||||
| 1,625,000 | 2.77% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 † | 1,564,795 | ||||||
| 575,000 | 2.87% (ICE LIBOR USD 3 Month+1.56%), 04/11/22 | 570,812 | ||||||
| 3,630,696 | ||||||||
| Sweden: 0.5% | ||||||||
| 800,000 |
Skandinaviska Enskilda Banken AB 144A
2.12% (ICE LIBOR USD 3 Month+.43%), 05/17/21 |
797,198 | ||||||
| 800,000 |
Svenska Handelsbanken AB
2.15% (ICE LIBOR USD 3 Month+.47%), 05/24/21 |
797,368 | ||||||
| 575,000 |
Swedbank AB 144A
1.44% (ICE LIBOR USD 3 Month+.70%), 03/14/22 |
570,661 | ||||||
| 2,165,227 | ||||||||
|
Principal
Amount |
Value | |||||||
| Switzerland: 2.7% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| $ | 1,650,000 | 1.94% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | $ | 1,599,981 | ||||
| 2,450,000 | 2.02% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 2,356,875 | ||||||
| 600,000 |
UBS AG 144A
2.06% (ICE LIBOR USD 3 Month+.48%), 12/01/20 |
599,691 | ||||||
| UBS Group AG 144A | ||||||||
| 3,900,000 | 2.64% (ICE LIBOR USD 3 Month+.95%), 08/15/23 | 3,822,059 | ||||||
| 3,025,000 | 2.90% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 | 3,002,523 | ||||||
| 600,000 | 3.09% (ICE LIBOR USD 3 Month+1.78%), 04/14/21 | 605,723 | ||||||
| 550,000 | 3.29% (ICE LIBOR USD 3 Month+1.53%), 02/01/22 | 551,001 | ||||||
| 12,537,853 | ||||||||
| United Kingdom: 9.5% | ||||||||
| 650,000 |
Barclays Bank Plc
1.77% (ICE LIBOR USD 3 Month+.46%), 01/11/21 |
648,768 | ||||||
| Barclays Plc | ||||||||
| 2,400,000 | 2.94% (ICE LIBOR USD 3 Month+1.62%), 01/10/23 | 2,353,519 | ||||||
| 4,773,000 | 3.07% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | 4,525,360 | ||||||
| 2,375,000 | 3.12% (ICE LIBOR USD 3 Month+1.43%), 02/15/23 | 2,322,568 | ||||||
| 1,225,000 | 3.84% (ICE LIBOR USD 3 Month+2.11%), 08/10/21 | 1,227,229 | ||||||
| 650,000 |
BP Capital Markets Plc
1.93% (ICE LIBOR USD 3 Month+.25%), 11/24/20 |
644,959 | ||||||
| 653,000 |
Credit Suisse Group Funding Guernsey Ltd.
3.43% (ICE LIBOR USD 3 Month+2.29%), 04/16/21 |
659,410 | ||||||
| 500,000 |
GlaxoSmithKline Capital Plc
2.05% (ICE LIBOR USD 3 Month+.35%), 05/14/21 |
498,886 | ||||||
| HSBC Holdings Plc | ||||||||
| 2,200,000 | 1.43% (ICE LIBOR USD 3 Month+.65%), 09/11/21 | 2,184,010 | ||||||
| 1,175,000 | 2.29% (ICE LIBOR USD 3 Month+.60%), 05/18/21 | 1,174,929 | ||||||
| 6,250,000 | 2.69% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 6,115,610 | ||||||
| 1,400,000 | 2.87% (ICE LIBOR USD 3 Month+1.50%), 01/05/22 | 1,402,208 | ||||||
| 600,000 | 3.24% (ICE LIBOR USD 3 Month+2.24%), 03/08/21 | 604,412 | ||||||
| 600,000 | 3.34% (ICE LIBOR USD 3 Month+1.66%), 05/25/21 | 602,083 | ||||||
| 600,000 |
Lloyds Bank Plc
2.23% (ICE LIBOR USD 3 Month+.49%), 05/07/21 |
595,810 | ||||||
See Notes to Financial Statements
| 67 |
|
|
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| United Kingdom: (continued) | ||||||||
| $ | 300,000 |
Lloyds Banking Group Plc
2.00% (ICE LIBOR USD 3 Month+.80%), 06/21/21 |
$ | 297,963 | ||||
| 850,000 |
Reckitt Benckiser Treasury Services Plc 144A
1.76% (ICE LIBOR USD 3 Month+.56%), 06/24/22 |
833,847 | ||||||
| Royal Bank of Scotland Group Plc | ||||||||
| 2,325,000 | 2.77% (ICE LIBOR USD 3 Month+1.55%), 06/25/24 | 2,215,112 | ||||||
| 4,423,000 | 3.16% (ICE LIBOR USD 3 Month+1.47%), 05/15/23 | 4,281,623 | ||||||
| Santander UK Plc | ||||||||
| 475,000 | 2.20% (ICE LIBOR USD 3 Month+.62%), 06/01/21 | 472,794 | ||||||
| 600,000 | 2.35% (ICE LIBOR USD 3 Month+.66%), 11/15/21 | 594,808 | ||||||
| Standard Chartered Plc 144A | ||||||||
| 4,725,000 | 2.10% (ICE LIBOR USD 3 Month+1.20%), 09/10/22 | 4,667,379 | ||||||
| 1,950,000 | 2.29% (ICE LIBOR USD 3 Month+1.15%), 01/20/23 | 1,897,767 | ||||||
| 3,200,000 |
Vodafone Group Plc
2.17% (ICE LIBOR USD 3 Month+.99%), 01/16/24 |
3,120,526 | ||||||
| 43,941,580 | ||||||||
| United States: 61.0% | ||||||||
| AbbVie, Inc. 144A | ||||||||
| 500,000 | 2.05% (ICE LIBOR USD 3 Month+.35%), 05/21/21 | 497,361 | ||||||
| 922,000 | 2.15% (ICE LIBOR USD 3 Month+.46%), 11/19/21 | 914,747 | ||||||
| 2,375,000 | 2.35% (ICE LIBOR USD 3 Month+.65%), 11/21/22 | 2,332,937 | ||||||
| American Express Co. | ||||||||
| 525,000 | 2.22% (ICE LIBOR USD 3 Month+.53%), 05/17/21 | 522,462 | ||||||
| 1,100,000 | 2.31% (ICE LIBOR USD 3 Month+.62%), 05/20/22 | 1,087,505 | ||||||
| 1,225,000 | 2.34% (ICE LIBOR USD 3 Month+.60%), 11/05/21 | 1,214,705 | ||||||
| 1,623,000 | 2.51% (ICE LIBOR USD 3 Month+.75%), 08/03/23 | 1,580,569 | ||||||
| American Honda Finance Corp. | ||||||||
| 600,000 | 1.12% (ICE LIBOR USD 3 Month+.35%), 06/11/21 | 594,463 | ||||||
| 600,000 | 1.81% (ICE LIBOR USD 3 Month+.54%), 06/27/22 | 587,518 | ||||||
| 600,000 | 2.14% (ICE LIBOR USD 3 Month+.45%), 02/15/22 | 588,103 | ||||||
| Apple, Inc. | ||||||||
| 925,000 | 2.08% (ICE LIBOR USD 3 Month+.35%), 05/11/22 | 921,325 | ||||||
| 1,225,000 | 2.23% (ICE LIBOR USD 3 Month+.50%), 02/09/22 † | 1,227,105 | ||||||
| 350,000 | 2.81% (ICE LIBOR USD 3 Month+1.13%), 02/23/21 | 352,778 | ||||||
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| AT&T, Inc. | ||||||||
| $ | 9,575,000 | 1.96% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 † | $ | 9,390,826 | ||||
| 1,675,000 | 2.17% (ICE LIBOR USD 3 Month+.95%), 07/15/21 | 1,673,023 | ||||||
| 900,000 | 2.33% (ICE LIBOR USD 3 Month+.75%), 06/01/21 | 896,959 | ||||||
| 600,000 |
Athene Global Funding 144A
2.67% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 |
578,582 | ||||||
| 300,000 |
Aviation Capital Group LLC 144A
2.53% (ICE LIBOR USD 3 Month+.95%), 06/01/21 |
278,032 | ||||||
| Bank of America Corp. | ||||||||
| 600,000 | 1.42% (ICE LIBOR USD 3 Month+.38%), 01/23/22 | 588,778 | ||||||
| 650,000 | 1.77% (ICE LIBOR USD 3 Month+.66%), 07/21/21 † | 648,202 | ||||||
| 1,050,000 | 1.87% (ICE LIBOR USD 3 Month+.65%), 06/25/22 | 1,037,192 | ||||||
| 1,600,000 | 2.00% (ICE LIBOR USD 3 Month+.96%), 07/23/24 | 1,572,517 | ||||||
| 4,750,000 | 2.02% (ICE LIBOR USD 3 Month+1.00%), 04/24/23 | 4,709,907 | ||||||
| 925,000 | 2.08% (ICE LIBOR USD 3 Month+.65%), 10/01/21 † | 920,822 | ||||||
| 4,750,000 | 2.10% (ICE LIBOR USD 3 Month+.79%), 03/05/24 | 4,642,519 | ||||||
| 1,600,000 | 2.29% (ICE LIBOR USD 3 Month+1.18%), 10/21/22 | 1,596,472 | ||||||
| 2,375,000 | 2.30% (ICE LIBOR USD 3 Month+1.16%), 01/20/23 | 2,367,841 | ||||||
| 4,775,000 | 2.51% (ICE LIBOR USD 3 Month+.77%), 02/05/26 | 4,562,547 | ||||||
| 350,000 | 2.56% (ICE LIBOR USD 3 Month+1.42%), 04/19/21 † | 351,894 | ||||||
| Bank of America NA | ||||||||
| 1,000,000 | 1.31% (ICE LIBOR USD 3 Month+.32%), 07/26/21 † | 993,065 | ||||||
| 1,100,000 | 2.03% (ICE LIBOR USD 3 Month+.35%), 05/24/21 | 1,093,515 | ||||||
| 800,000 |
Bank of New York Mellon
1.53% (ICE LIBOR USD 3 Month+.28%), 06/04/21 |
795,697 | ||||||
| 2,325,000 |
BAT Capital Corp.
2.57% (ICE LIBOR USD 3 Month+.88%), 08/15/22 |
2,233,691 | ||||||
| Bayer US Finance II LLC 144A | ||||||||
| 3,900,000 | 1.75% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 | 3,768,908 | ||||||
| 775,000 | 1.85% (ICE LIBOR USD 3 Month+.63%), 06/25/21 | 761,940 | ||||||
| BMW US Capital LLC 144A | ||||||||
| 500,000 | 1.72% (ICE LIBOR USD 3 Month+.41%), 04/12/21 | 491,515 | ||||||
| 925,000 | 2.21% (ICE LIBOR USD 3 Month+.50%), 08/13/21 | 901,815 | ||||||
See Notes to Financial Statements
| 68 |
|
|
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| Bristol-Myers Squibb Co. 144A | ||||||||
| $ | 475,000 | 1.89% (ICE LIBOR USD 3 Month+.20%), 11/16/20 | $ | 474,938 | ||||
| 600,000 | 2.07% (ICE LIBOR USD 3 Month+.38%), 05/16/22 | 597,492 | ||||||
| 1,575,000 |
Capital One NA
1.91% (ICE LIBOR USD 3 Month+1.15%), 01/30/23 |
1,519,481 | ||||||
| Caterpillar Financial Services Corp. | ||||||||
| 775,000 | 0.97% (ICE LIBOR USD 3 Month+.23%), 03/15/21 | 772,381 | ||||||
| 350,000 | 1.30% (ICE LIBOR USD 3 Month+.30%), 03/08/21 | 348,388 | ||||||
| 910,000 | 1.91% (ICE LIBOR USD 3 Month+.20%), 11/12/21 | 896,924 | ||||||
| 500,000 | 2.08% (ICE LIBOR USD 3 Month+.39%), 05/17/21 | 496,881 | ||||||
| Cigna Corp. | ||||||||
| 975,000 | 1.49% (ICE LIBOR USD 3 Month+.65%), 09/17/21 | 958,799 | ||||||
| 2,325,000 | 2.11% (ICE LIBOR USD 3 Month+.89%), 07/15/23 | 2,254,611 | ||||||
| Citibank NA | ||||||||
| 500,000 | 1.61% (ICE LIBOR USD 3 Month+.57%), 07/23/21 | 497,434 | ||||||
| 800,000 | 2.06% (ICE LIBOR USD 3 Month+.35%), 02/12/21 | 797,569 | ||||||
| 640,000 | 2.22% (ICE LIBOR USD 3 Month+.53%), 02/19/22 | 634,015 | ||||||
| 1,825,000 | 2.29% (ICE LIBOR USD 3 Month+.60%), 05/20/22 | 1,810,838 | ||||||
| Citigroup, Inc. | ||||||||
| 1,525,000 | 1.95% (ICE LIBOR USD 3 Month+.96%), 04/25/22 | 1,513,745 | ||||||
| 2,400,000 | 1.97% (ICE LIBOR USD 3 Month+.95%), 07/24/23 | 2,368,292 | ||||||
| 925,000 | 2.07% (ICE LIBOR USD 3 Month+1.07%), 12/08/21 | 924,530 | ||||||
| 1,700,000 | 2.23% (ICE LIBOR USD 3 Month+.55%), 08/25/36 | 1,311,281 | ||||||
| 3,175,000 | 2.60% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 3,114,037 | ||||||
| 2,050,000 | 2.68% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 † | 1,989,091 | ||||||
| 650,000 | 2.75% (ICE LIBOR USD 3 Month+1.38%), 03/30/21 | 653,562 | ||||||
| 4,775,000 | 2.79% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | 4,693,013 | ||||||
| 925,000 | 2.95% (ICE LIBOR USD 3 Month+1.19%), 08/02/21 | 924,679 | ||||||
| 6,350,000 | 3.01% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | 6,361,363 | ||||||
| Comcast Corp. | ||||||||
| 750,000 | 1.76% (ICE LIBOR USD 3 Month+.33%), 10/01/20 | 750,472 | ||||||
| 1,600,000 | 1.85% (ICE LIBOR USD 3 Month+.63%), 04/15/24 | 1,576,880 | ||||||
| 1,125,000 | 1.87% (ICE LIBOR USD 3 Month+.44%), 10/01/21 | 1,123,333 | ||||||
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| $ | 600,000 |
ConocoPhillips Co.
2.59% (ICE LIBOR USD 3 Month+.90%), 05/15/22 |
$ | 579,936 | ||||
| 450,000 |
Consolidated Edison Co. of New York, Inc.
1.62% (ICE LIBOR USD 3 Month+.40%), 06/25/21 |
445,044 | ||||||
| 750,000 |
Constellation Brands, Inc.
2.39% (ICE LIBOR USD 3 Month+.70%), 11/15/21 † |
738,211 | ||||||
| 1,000,000 |
Credit Suisse AG
1.27% (United States Secured Overnight Financing Rate+.45%), 02/04/22 |
972,684 | ||||||
| 650,000 |
CVS Health Corp.
1.72% (ICE LIBOR USD 3 Month+.72%), 03/09/21 |
648,737 | ||||||
| Daimler Finance North America LLC 144A | ||||||||
| 725,000 | 2.13% (ICE LIBOR USD 3 Month+.45%), 02/22/21 | 708,044 | ||||||
| 425,000 | 2.30% (ICE LIBOR USD 3 Month+.55%), 05/04/21 | 413,648 | ||||||
| 575,000 | 2.41% (ICE LIBOR USD 3 Month+.67%), 11/05/21 | 555,406 | ||||||
| 800,000 | 2.56% (ICE LIBOR USD 3 Month+.88%), 02/22/22 | 755,197 | ||||||
| 1,700,000 | 2.59% (ICE LIBOR USD 3 Month+.90%), 02/15/22 | 1,610,235 | ||||||
| 350,000 |
Dominion Energy Gas Holdings LLC
1.34% (ICE LIBOR USD 3 Month+.60%), 06/15/21 |
346,938 | ||||||
| 300,000 |
Duke Energy Corp. 144A
2.20% (ICE LIBOR USD 3 Month+.50%), 05/14/21 |
299,095 | ||||||
| 300,000 |
DuPont de Nemours, Inc.
2.40% (ICE LIBOR USD 3 Month+.71%), 11/15/20 |
299,076 | ||||||
| Exxon Mobil Corp. | ||||||||
| 575,000 | 1.37% (ICE LIBOR USD 3 Month+.37%), 03/06/22 | 569,892 | ||||||
| 2,293,000 | 2.02% (ICE LIBOR USD 3 Month+.33%), 08/16/22 † | 2,270,963 | ||||||
| 1,125,000 |
Florida Power & Light Co.
2.14% (ICE LIBOR USD 3 Month+.40%), 05/06/22 |
1,115,297 | ||||||
| 350,000 |
General Dynamics Corp.
2.11% (ICE LIBOR USD 3 Month+.38%), 05/11/21 |
348,784 | ||||||
| General Electric Co. | ||||||||
| 1,925,000 | 1.74% (ICE LIBOR USD 3 Month+1.00%), 03/15/23 | 1,832,794 | ||||||
| 3,000,000 | 2.12% (ICE LIBOR USD 3 Month+.38%), 05/05/26 | 2,536,972 | ||||||
| 550,000 |
General Mills, Inc.
1.72% (ICE LIBOR USD 3 Month+.54%), 04/16/21 |
547,160 | ||||||
See Notes to Financial Statements
| 69 |
|
|
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| General Motors Financial Co., Inc. | ||||||||
| $ | 325,000 | 2.17% (ICE LIBOR USD 3 Month+.85%), 04/09/21 | $ | 312,274 | ||||
| 575,000 | 2.68% (ICE LIBOR USD 3 Month+1.31%), 06/30/22 | 522,107 | ||||||
| 625,000 | 2.86% (ICE LIBOR USD 3 Month+1.55%), 01/14/22 | 582,578 | ||||||
| 600,000 |
Goldman Sachs Bank USA
1.18% (United States Secured Overnight Financing Rate+.60%), 05/24/21 |
595,608 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 3,975,000 | 1.54% (ICE LIBOR USD 3 Month+.78%), 10/31/22 | 3,916,290 | ||||||
| 2,400,000 | 2.02% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 † | 2,358,109 | ||||||
| 1,925,000 | 2.10% (ICE LIBOR USD 3 Month+1.11%), 04/26/22 | 1,916,455 | ||||||
| 600,000 | 2.35% (ICE LIBOR USD 3 Month+1.36%), 04/23/21 † | 601,907 | ||||||
| 2,375,000 | 2.36% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | 2,337,228 | ||||||
| 7,975,000 | 2.43% (ICE LIBOR USD 3 Month+.75%), 02/23/23 | 7,816,491 | ||||||
| 3,125,000 | 2.64% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 3,035,824 | ||||||
| 1,400,000 | 2.86% (ICE LIBOR USD 3 Month+1.17%), 11/15/21 | 1,398,230 | ||||||
| 4,650,000 | 2.86% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 4,482,900 | ||||||
| 5,678,000 | 3.21% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 5,677,016 | ||||||
| 400,000 | 3.45% (ICE LIBOR USD 3 Month+1.77%), 02/25/21 | 402,220 | ||||||
| 1,500,000 |
Hartford Financial Services Group, Inc. 144A
3.82% (ICE LIBOR USD 3 Month+2.12%), 02/12/67 |
1,172,618 | ||||||
| Hewlett Packard Enterprise Co. | ||||||||
| 350,000 | 1.46% (ICE LIBOR USD 3 Month+.68%), 03/12/21 † | 346,738 | ||||||
| 853,000 | 2.09% (ICE LIBOR USD 3 Month+.72%), 10/05/21 | 838,585 | ||||||
| 1,900,000 |
Honeywell International, Inc.
2.10% (ICE LIBOR USD 3 Month+.37%), 08/08/22 |
1,884,897 | ||||||
| 425,000 |
Hyundai Capital America 144A
2.29% (ICE LIBOR USD 3 Month+.94%), 07/08/21 |
411,392 | ||||||
| IBM Credit LLC | ||||||||
| 400,000 | 1.40% (ICE LIBOR USD 3 Month+.26%), 01/20/21 | 399,529 | ||||||
| 450,000 | 2.08% (ICE LIBOR USD 3 Month+.47%), 11/30/20 | 450,425 | ||||||
| 950,000 |
Intel Corp.
2.08% (ICE LIBOR USD 3 Month+.35%), 05/11/22 |
945,752 | ||||||
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| International Business Machines Corp. | ||||||||
| $ | 900,000 | 2.11% (ICE LIBOR USD 3 Month+.40%), 05/13/21 | $ | 899,887 | ||||
| 1,225,000 | 2.32% (ICE LIBOR USD 3 Month+.58%), 11/06/21 † | 1,223,425 | ||||||
| Jackson National Life Global Funding 144A | ||||||||
| 2,475,000 | 0.62% (United States Secured Overnight Financing Rate+.60%), 01/06/23 | 2,373,264 | ||||||
| 350,000 | 1.25% (ICE LIBOR USD 3 Month+.48%), 06/11/21 | 346,118 | ||||||
| 350,000 | 1.52% (ICE LIBOR USD 3 Month+.30%), 10/15/20 | 348,963 | ||||||
| 342,000 |
John Deere Capital Corp.
1.02% (ICE LIBOR USD 3 Month+.24%), 03/12/21 |
340,293 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 1,200,000 | 1.50% (ICE LIBOR USD 3 Month+.61%), 06/18/22 | 1,190,160 | ||||||
| 1,600,000 | 1.77% (ICE LIBOR USD 3 Month+.73%), 04/23/24 | 1,565,418 | ||||||
| 3,900,000 | 1.89% (ICE LIBOR USD 3 Month+.90%), 04/25/23 † | 3,867,358 | ||||||
| 3,175,000 | 1.93% (ICE LIBOR USD 3 Month+.89%), 07/23/24 † | 3,124,697 | ||||||
| 350,000 | 2.05% (ICE LIBOR USD 3 Month+1.21%), 10/29/20 † | 350,955 | ||||||
| 500,000 | 2.10% (ICE LIBOR USD 3 Month+1.10%), 06/07/21 † | 501,408 | ||||||
| 1,575,000 | 2.16% (ICE LIBOR USD 3 Month+.85%), 01/10/25 † | 1,524,306 | ||||||
| 1,575,000 | 2.22% (ICE LIBOR USD 3 Month+1.00%), 01/15/23 | 1,567,150 | ||||||
| 6,225,000 | 2.25% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 | 6,221,191 | ||||||
| 600,000 | 2.26% (ICE LIBOR USD 3 Month+.68%), 06/01/21 | 599,930 | ||||||
| 1,970,000 | 2.69% (ICE LIBOR USD 3 Month+1.00%), 05/15/77 | 1,527,518 | ||||||
| 500,000 | 3.06% (ICE LIBOR USD 3 Month+1.48%), 03/01/21 † | 502,892 | ||||||
| 350,000 |
Marriott International, Inc.
2.18% (ICE LIBOR USD 3 Month+.60%), 12/01/20 |
344,147 | ||||||
| 650,000 |
McDonald’s Corp.
1.32% (ICE LIBOR USD 3 Month+.43%), 10/28/21 |
642,954 | ||||||
| 1,550,000 |
Met Tower Global Funding 144A
0.58% (United States Secured Overnight Financing Rate+.55%), 01/17/23 |
1,496,861 | ||||||
| Metropolitan Life Global Funding I 144A | ||||||||
| 750,000 | 0.53% (United States Secured Overnight Financing Rate+.50%), 05/28/21 | 739,250 | ||||||
| 3,150,000 | 0.59% (United States Secured Overnight Financing Rate+.57%), 01/13/23 | 3,043,683 | ||||||
See Notes to Financial Statements
| 70 |
|
|
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| $ | 650,000 | 1.58% (ICE LIBOR USD 3 Month+.23%), 01/08/21 | $ | 649,149 | ||||
| Morgan Stanley | ||||||||
| 2,175,000 | 2.03% (ICE LIBOR USD 3 Month+.93%), 07/22/22 | 2,159,408 | ||||||
| 3,250,000 | 2.32% (ICE LIBOR USD 3 Month+1.18%), 01/20/22 | 3,241,909 | ||||||
| 7,750,000 | 2.42% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | 7,752,075 | ||||||
| 625,000 | 2.51% (ICE LIBOR USD 3 Month+1.40%), 04/21/21 | 627,224 | ||||||
| 5,425,000 | 2.95% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 5,365,000 | ||||||
| MPLX LP | ||||||||
| 1,125,000 | 1.90% (ICE LIBOR USD 3 Month+.90%), 09/09/21 | 1,058,657 | ||||||
| 3,175,000 | 2.10% (ICE LIBOR USD 3 Month+1.10%), 09/09/22 | 2,818,321 | ||||||
| 900,000 |
NBCUniversal Enterprise, Inc. 144A
1.83% (ICE LIBOR USD 3 Month+.40%), 04/01/21 |
900,162 | ||||||
| New York Life Global Funding 144A | ||||||||
| 875,000 | 1.39% (ICE LIBOR USD 3 Month+.28%), 01/21/22 | 863,229 | ||||||
| 500,000 | 1.59% (ICE LIBOR USD 3 Month+.16%), 10/01/20 | 499,600 | ||||||
| 1,575,000 | 2.01% (ICE LIBOR USD 3 Month+.28%), 01/10/23 | 1,540,636 | ||||||
| 625,000 |
Nissan Motor Acceptance Corp. 144A
2.20% (ICE LIBOR USD 3 Month+.89%), 01/13/22 |
562,964 | ||||||
| 1,600,000 |
Otis Worldwide Corp. 144A
2.09% (ICE LIBOR USD 3 Month+.45%), 04/05/23 |
1,557,865 | ||||||
| 300,000 |
Phillips 66
2.25% (ICE LIBOR USD 3 Month+.60%), 02/26/21 |
294,108 | ||||||
| PNC Bank NA | ||||||||
| 500,000 | 1.21% (ICE LIBOR USD 3 Month+.31%), 06/10/21 | 496,518 | ||||||
| 2,350,000 | 1.43% (ICE LIBOR USD 3 Month+.43%), 12/09/22 | 2,304,669 | ||||||
| 1,550,000 | 1.49% (ICE LIBOR USD 3 Month+.50%), 07/27/22 | 1,529,770 | ||||||
| 1,200,000 | 1.55% (ICE LIBOR USD 3 Month+.45%), 07/22/22 | 1,184,405 | ||||||
| 1,625,000 |
QUALCOMM, Inc.
1.49% (ICE LIBOR USD 3 Month+.73%), 01/30/23 |
1,601,400 | ||||||
| 575,000 |
Regions Bank
2.21% (ICE LIBOR USD 3 Month+.50%), 08/13/21 |
568,205 | ||||||
| Sempra Energy | ||||||||
| 525,000 | 1.19% (ICE LIBOR USD 3 Month+.45%), 03/15/21 | 516,696 | ||||||
| 475,000 | 1.72% (ICE LIBOR USD 3 Month+.50%), 01/15/21 | 470,203 | ||||||
| 350,000 |
Southern Power Co. 144A
1.67% (ICE LIBOR USD 3 Month+.55%), 12/20/20 |
349,015 | ||||||
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| $ | 700,000 |
TD Ameritrade Holding Corp.
2.19% (ICE LIBOR USD 3 Month+.43%), 11/01/21 † |
$ | 693,831 | ||||
| 500,000 |
The Charles Schwab Corp.
2.02% (ICE LIBOR USD 3 Month+.32%), 05/21/21 |
495,992 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 925,000 | 0.43% (United States Secured Overnight Financing Rate+.40%), 10/23/20 | 919,627 | ||||||
| 762,000 | 1.47% (ICE LIBOR USD 3 Month+.15%), 10/09/20 | 760,090 | ||||||
| 1,875,000 | 1.48% (ICE LIBOR USD 3 Month+.48%), 09/08/22 | 1,837,578 | ||||||
| 450,000 | 1.59% (ICE LIBOR USD 3 Month+.28%), 04/13/21 | 447,639 | ||||||
| 950,000 | 1.68% (ICE LIBOR USD 3 Month+.29%), 10/07/21 | 938,869 | ||||||
| 1,250,000 | 1.83% (ICE LIBOR USD 3 Month+.12%), 08/13/21 | 1,236,519 | ||||||
| 800,000 |
Truist Bank
2.28% (ICE LIBOR USD 3 Month+.59%), 05/17/22 |
792,835 | ||||||
| 600,000 |
TWDC Enterprises 18 Corp.
1.64% (ICE LIBOR USD 3 Month+.39%), 03/04/22 |
596,990 | ||||||
| 1,550,000 |
United Parcel Service, Inc.
1.88% (ICE LIBOR USD 3 Month+.45%), 04/01/23 |
1,530,839 | ||||||
| US Bank NA | ||||||||
| 1,500,000 | 1.29% (ICE LIBOR USD 3 Month+.18%), 01/21/22 | 1,484,326 | ||||||
| 600,000 | 1.31% (ICE LIBOR USD 3 Month+.32%), 04/26/21 | 598,742 | ||||||
| 1,900,000 | 1.40% (ICE LIBOR USD 3 Month+.40%), 12/09/22 † | 1,871,268 | ||||||
| 350,000 | 1.99% (ICE LIBOR USD 3 Month+.29%), 05/21/21 | 348,882 | ||||||
| 550,000 | 2.06% (ICE LIBOR USD 3 Month+.31%), 02/04/21 | 549,202 | ||||||
| 800,000 | 2.12% (ICE LIBOR USD 3 Month+.44%), 05/23/22 | 792,919 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1,325,000 | 1.74% (ICE LIBOR USD 3 Month+1.00%), 03/16/22 | 1,327,050 | ||||||
| 5,350,000 | 2.79% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 † | 5,322,946 | ||||||
| Volkswagen Group of America | ||||||||
| Finance LLC 144A | ||||||||
| 600,000 | 2.06% (ICE LIBOR USD 3 Month+.86%), 09/24/21 | 583,024 | ||||||
| 750,000 | 2.48% (ICE LIBOR USD 3 Month+.77%), 11/13/20 | 742,825 | ||||||
| 850,000 | 2.65% (ICE LIBOR USD 3 Month+.94%), 11/12/21 | 823,528 | ||||||
| 325,000 |
Vulcan Materials Co.
2.23% (ICE LIBOR USD 3 Month+.65%), 03/01/21 |
320,072 | ||||||
See Notes to Financial Statements
| 71 |
|
|
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| United States: (continued) | ||||||||
| $ | 550,000 |
Walmart, Inc.
1.43% (ICE LIBOR USD 3 Month+.23%), 06/23/21 |
$ | 549,262 | ||||
| Walt Disney Co. | ||||||||
| 600,000 | 1.83% (ICE LIBOR USD 3 Month+.25%), 09/01/21 | 596,851 | ||||||
| 1,575,000 | 1.97% (ICE LIBOR USD 3 Month+.39%), 09/01/22 | 1,565,851 | ||||||
| Wells Fargo & Co. | ||||||||
| 6,000,000 | 1.99% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 | 5,979,766 | ||||||
| 1,300,000 | 2.02% (ICE LIBOR USD 3 Month+1.02%), 07/26/21 | 1,298,947 | ||||||
| 3,875,000 | 2.13% (ICE LIBOR USD 3 Month+1.11%), 01/24/23 | 3,855,455 | ||||||
| 750,000 | 2.59% (ICE LIBOR USD 3 Month+1.34%), 03/04/21 | 752,135 | ||||||
| 2,200,000 | 2.66% (ICE LIBOR USD 3 Month+.93%), 02/11/22 | 2,185,589 | ||||||
| Wells Fargo Bank NA | ||||||||
| 475,000 | 1.53% (ICE LIBOR USD 3 Month+.31%), 01/15/21 | 474,127 | ||||||
| 1,400,000 | 1.54% (ICE LIBOR USD 3 Month+.50%), 07/23/21 | 1,393,386 | ||||||
| 1,100,000 | 1.61% (ICE LIBOR USD 3 Month+.51%), 10/22/21 | 1,093,645 | ||||||
| 3,125,000 | 1.66% (ICE LIBOR USD 3 Month+.66%), 09/09/22 | 3,097,258 | ||||||
| 900,000 | 2.08% (ICE LIBOR USD 3 Month+.38%), 05/21/21 | 895,145 | ||||||
| 1,075,000 | 2.26% (ICE LIBOR USD 3 Month+.62%), 05/27/22 | 1,065,276 | ||||||
| 281,712,454 | ||||||||
|
Total Floating Rate Notes
(Cost: $468,579,786) |
458,123,284 | |||||||
See Notes to Financial Statements
| 72 |
|
|
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $12,017,753. |
| 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 $93,030,135, or 20.2% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Basic Materials | 0.1 | % | $ | 299,076 | |||||
| Communications | 7.1 | 32,634,202 | |||||||
| Consumer, Cyclical | 4.4 | 20,073,212 | |||||||
| Consumer, Non-cyclical | 3.9 | 18,062,265 | |||||||
| Energy | 2.1 | 9,751,192 | |||||||
| Financial | 77.5 | 354,819,462 | |||||||
| Industrial | 2.1 | 9,734,638 | |||||||
| Technology | 2.0 | 9,206,949 | |||||||
| Utilities | 0.8 | 3,542,288 | |||||||
| 100.0 | % | $ | 458,123,284 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Floating Rate Notes* | $ | — | $ | 458,123,284 | $ | — | $ | 458,123,284 | ||||||||||
| Money Market Fund | 10,221,068 | — | — | 10,221,068 | ||||||||||||||
| Total | $ | 10,221,068 | $ | 458,123,284 | $ | — | $ | 468,344,352 | ||||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 73 |
|
|
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Principal
Amount |
Value | |||||||
| CORPORATE BONDS: 0.6% | ||||||||
| Colombia: 0.2% | ||||||||
| COP | 3,596,000,000 |
Empresas Públicas de Medellín ESP Reg S
7.63%, 09/10/24 |
$ | 935,459 | ||||
| 19,450,000,000 |
Financiera de Desarrollo Territorial SA Findeter Reg S
7.88%, 08/12/24 |
5,117,828 | ||||||
| 6,053,287 | ||||||||
| Ireland: 0.0% | ||||||||
| RUB | 134,900,000 |
RusHydro Via RusHydro Capital Markets DAC Reg S
8.13%, 09/28/22 |
1,897,206 | |||||
| Mexico: 0.1% | ||||||||
| Petróleos Mexicanos Reg S | ||||||||
| MXN | 28,330,000 | 7.19%, 09/12/24 | 925,668 | |||||
| 50,200,000 | 7.65%, 11/24/21 | 2,029,652 | ||||||
| 2,955,320 | ||||||||
| South Africa: 0.3% | ||||||||
| Eskom Holdings Ltd. | ||||||||
| ZAR | 82,330,000 | 0.00%, 08/18/27 ^ | 1,486,109 | |||||
| 11,000,000 | 7.50%, 09/15/33 | 407,913 | ||||||
| 25,350,000 | 7.85%, 04/02/26 | 1,268,145 | ||||||
| Transnet Ltd. | ||||||||
| 21,000,000 | 9.50%, 08/19/25 | 1,117,660 | ||||||
| 85,800,000 | 10.80%, 11/06/23 | 5,155,070 | ||||||
| 5,000,000 | 13.50%, 04/18/28 | 316,662 | ||||||
| 9,751,559 | ||||||||
|
Total Corporate Bonds
(Cost: $38,756,564) |
20,657,372 | |||||||
| GOVERNMENT OBLIGATIONS: 97.4% | ||||||||
| Brazil: 9.7% | ||||||||
| Brazil Government International Bonds | ||||||||
| BRL | 6,200,000 | 8.50%, 01/05/24 | 1,196,867 | |||||
| 10,920,000 | 10.25%, 01/10/28 | 2,173,591 | ||||||
| 5,480,000 | 12.50%, 01/05/22 | 1,129,164 | ||||||
| Brazil Letras do Tesouro Nacional | ||||||||
| 199,869,000 | 0.00%, 07/01/21 ^ | 35,590,554 | ||||||
| 188,730,000 | 0.00%, 01/01/22 ^ | 32,768,230 | ||||||
| 171,390,000 | 0.00%, 07/01/22 ^ | 28,865,467 | ||||||
| 316,610,000 | 0.00%, 07/01/23 ^ | 49,368,149 | ||||||
| 79,970,000 | 0.00%, 01/01/24 ^ | 11,975,002 | ||||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
| 284,243,000 | 10.00%, 01/01/23 | 58,861,539 | ||||||
| 232,205,000 | 10.00%, 01/01/25 | 48,860,994 | ||||||
| 162,620,000 | 10.00%, 01/01/27 | 34,359,124 | ||||||
| 92,740,000 | 10.00%, 01/01/29 | 19,735,503 | ||||||
| 324,884,184 | ||||||||
| Chile: 3.0% | ||||||||
| Bonos de la Tesoreria de la Republica de Chile | ||||||||
| CLP | 14,840,000,000 | 4.50%, 03/01/26 | 20,227,568 | |||||
| 16,810,000,000 | 5.00%, 03/01/35 | 25,247,348 | ||||||
| 13,260,000,000 | 6.00%, 01/01/43 | 23,060,435 | ||||||
|
Principal
Amount |
Value | |||||||
| Chile: (continued) | ||||||||
| Bonos de la Tesoreria de la Republica de Chile Reg S 144A | ||||||||
| CLP | 10,180,000,000 | 4.00%, 03/01/23 | $ | 13,245,689 | ||||
| 12,530,000,000 | 4.70%, 09/01/30 | 17,730,246 | ||||||
| 99,511,286 | ||||||||
| China / Hong Kong: 1.9% | ||||||||
| China Government Bonds | ||||||||
| CNY | 11,200,000 | 1.99%, 04/09/25 | 1,602,334 | |||||
| 45,400,000 | 2.94%, 10/17/24 | 6,774,182 | ||||||
| 36,700,000 | 3.12%, 12/05/26 | 5,465,241 | ||||||
| 49,700,000 | 3.13%, 11/21/29 | 7,414,653 | ||||||
| 57,700,000 | 3.19%, 04/11/24 | 8,655,294 | ||||||
| 42,500,000 | 3.22%, 12/06/25 | 6,387,633 | ||||||
| 57,600,000 | 3.25%, 06/06/26 | 8,663,875 | ||||||
| 37,300,000 | 3.25%, 11/22/28 | 5,580,137 | ||||||
| 35,530,000 | 3.29%, 10/18/23 | 5,341,644 | ||||||
| 57,400,000 | 3.29%, 05/23/29 | 8,619,849 | ||||||
| 64,504,842 | ||||||||
| Colombia: 4.2% | ||||||||
| Colombia Government International Bonds | ||||||||
| COP | 3,750,000,000 | 4.38%, 03/21/23 | 914,729 | |||||
| 5,626,000,000 | 9.85%, 06/28/27 | 1,645,214 | ||||||
| Colombian TES | ||||||||
| 14,500,000,000 | 5.75%, 11/03/27 | 3,515,950 | ||||||
| 87,508,100,000 | 6.00%, 04/28/28 | 21,316,768 | ||||||
| 56,131,000,000 | 6.25%, 11/26/25 | 14,562,905 | ||||||
| 93,323,900,000 | 7.00%, 05/04/22 | 25,086,333 | ||||||
| 53,281,700,000 | 7.00%, 06/30/32 | 13,507,837 | ||||||
| 33,300,000,000 | 7.25%, 10/18/34 | 8,565,413 | ||||||
| 80,761,700,000 | 7.50%, 08/26/26 | 22,047,151 | ||||||
| 50,202,100,000 | 7.75%, 09/18/30 | 13,564,098 | ||||||
| 52,083,800,000 | 10.00%, 07/24/24 | 15,645,259 | ||||||
| 140,371,657 | ||||||||
| Czech Republic: 3.9% | ||||||||
| Czech Republic Government Bonds | ||||||||
| CZK | 304,660,000 | 0.25%, 02/10/27 | 11,758,540 | |||||
| 292,660,000 | 2.00%, 10/13/33 | 12,827,367 | ||||||
| 278,320,000 | 2.75%, 07/23/29 | 12,812,968 | ||||||
| Czech Republic Government Bonds Reg S | ||||||||
| 269,620,000 | 0.45%, 10/25/23 | 10,888,071 | ||||||
| 252,930,000 | 0.95%, 05/15/30 | 9,970,255 | ||||||
| 292,360,000 | 1.00%, 06/26/26 | 11,854,260 | ||||||
| 297,270,000 | 2.40%, 09/17/25 | 12,904,119 | ||||||
| 289,980,000 | 2.50%, 08/25/28 | 13,041,902 | ||||||
| 314,260,000 | 3.85%, 09/29/21 | 13,361,018 | ||||||
| 216,380,000 | 4.70%, 09/12/22 | 9,615,077 | ||||||
| 219,720,000 | 5.70%, 05/25/24 | 10,692,650 | ||||||
| 129,726,227 | ||||||||
| Dominican Republic: 2.5% | ||||||||
| DOP | 2,564,550,000 |
Dominican Republic International Bonds 144A
9.75%, 06/05/26 |
38,376,387 | |||||
See Notes to Financial Statements
| 74 |
|
|
|
Principal
Amount |
Value | |||||||
| Dominican Republic: (continued) | ||||||||
| Dominican Republic International Bonds Reg S | ||||||||
| DOP | 2,301,850,000 | 8.90%, 02/15/23 | $ | 37,396,321 | ||||
| 420,500,000 | 9.75%, 06/05/26 | 6,292,438 | ||||||
| 82,065,146 | ||||||||
| Germany: 0.0% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| MXN | 10,725,000 | 7.75%, 03/01/21 | 457,189 | |||||
| ZAR | 8,300,000 | 7.75%, 06/06/23 | 488,713 | |||||
| 945,902 | ||||||||
| Hungary: 3.4% | ||||||||
| Hungary Government Bonds | ||||||||
| HUF | 3,432,750,000 | 1.75%, 10/26/22 | 10,817,251 | |||||
| 1,577,550,000 | 2.50%, 10/27/21 | 5,010,363 | ||||||
| 3,465,860,000 | 2.50%, 10/24/24 | 11,346,914 | ||||||
| 3,076,610,000 | 2.75%, 12/22/26 | 10,253,271 | ||||||
| 2,933,150,000 | 3.00%, 06/26/24 | 9,705,363 | ||||||
| 3,689,130,000 | 3.00%, 10/27/27 | 12,551,171 | ||||||
| 2,508,680,000 | 3.00%, 08/21/30 | 8,601,941 | ||||||
| 1,193,500,000 | 3.25%, 10/22/31 | 4,184,797 | ||||||
| 3,665,820,000 | 5.50%, 06/24/25 | 13,696,284 | ||||||
| 2,959,810,000 | 6.00%, 11/24/23 | 10,705,412 | ||||||
| 1,986,730,000 | 6.75%, 10/22/28 | 8,600,352 | ||||||
| 2,074,630,000 | 7.00%, 06/24/22 | 7,258,085 | ||||||
| 112,731,204 | ||||||||
| Indonesia: 8.9% | ||||||||
| Indonesia Treasury Bonds | ||||||||
| IDR | 156,350,000,000 | 5.63%, 05/15/23 | 10,169,319 | |||||
| 256,241,000,000 | 6.13%, 05/15/28 | 15,430,445 | ||||||
| 131,600,000,000 | 6.50%, 06/15/25 | 8,574,127 | ||||||
| 204,183,000,000 | 6.63%, 05/15/33 | 12,002,529 | ||||||
| 71,017,000,000 | 7.00%, 05/15/22 | 4,838,705 | ||||||
| 270,098,000,000 | 7.00%, 05/15/27 | 17,431,535 | ||||||
| 151,120,000,000 | 7.00%, 09/15/30 | 9,600,590 | ||||||
| 114,150,000,000 | 7.50%, 08/15/32 | 7,264,928 | ||||||
| 68,190,000,000 | 7.50%, 06/15/35 | 4,368,744 | ||||||
| 163,500,000,000 | 7.50%, 05/15/38 | 10,332,101 | ||||||
| 168,600,000,000 | 8.13%, 05/15/24 | 11,637,650 | ||||||
| 61,973,000,000 | 8.25%, 07/15/21 | 4,292,281 | ||||||
| 235,440,000,000 | 8.25%, 05/15/29 | 16,112,801 | ||||||
| 104,014,000,000 | 8.25%, 06/15/32 | 7,014,215 | ||||||
| 249,605,000,000 | 8.25%, 05/15/36 | 16,947,970 | ||||||
| 328,193,000,000 | 8.38%, 03/15/24 | 22,868,709 | ||||||
| 328,967,000,000 | 8.38%, 09/15/26 | 22,834,180 | ||||||
| 327,414,000,000 | 8.38%, 03/15/34 | 22,335,688 | ||||||
| 135,350,000,000 | 8.38%, 04/15/39 | 9,210,169 | ||||||
| 157,987,000,000 | 8.75%, 05/15/31 | 11,130,782 | ||||||
| 241,742,000,000 | 9.00%, 03/15/29 | 17,339,768 | ||||||
| 73,461,000,000 | 9.50%, 07/15/31 | 5,412,162 | ||||||
| 57,342,000,000 | 10.50%, 08/15/30 | 4,494,803 | ||||||
| 43,762,000,000 | 11.00%, 09/15/25 | 3,368,571 | ||||||
| Perusahaan Penerbit SBSN | ||||||||
| 77,559,000,000 | 8.25%, 09/15/23 | 5,457,807 | ||||||
| 70,410,000,000 | 8.75%, 08/15/23 | 4,941,480 | ||||||
| 181,630,000,000 | 8.88%, 11/15/31 | 12,924,730 | ||||||
| 298,336,789 | ||||||||
|
Principal
Amount |
Value | |||||||
| Malaysia: 5.4% | ||||||||
| Malaysia Government Bonds | ||||||||
| MYR | 19,630,000 | 3.48%, 06/14/24 | $ | 4,729,418 | ||||
| 29,237,000 | 3.62%, 11/30/21 | 6,930,805 | ||||||
| 33,681,000 | 3.73%, 06/15/28 | 8,307,059 | ||||||
| 25,023,000 | 3.76%, 04/20/23 | 6,035,074 | ||||||
| 27,113,000 | 3.80%, 08/17/23 | 6,572,328 | ||||||
| 18,230,000 | 3.83%, 07/05/34 | 4,583,584 | ||||||
| 37,791,000 | 3.89%, 08/15/29 | 9,514,438 | ||||||
| 24,434,000 | 3.90%, 11/30/26 | 6,082,938 | ||||||
| 32,924,000 | 3.90%, 11/16/27 | 8,235,205 | ||||||
| 29,655,000 | 3.91%, 07/15/26 | 7,351,617 | ||||||
| 30,643,000 | 3.95%, 04/14/22 | 7,337,098 | ||||||
| 34,144,000 | 3.96%, 09/15/25 | 8,516,861 | ||||||
| 29,808,000 | 4.06%, 09/30/24 | 7,354,269 | ||||||
| 32,603,000 | 4.09%, 11/30/23 | 7,992,158 | ||||||
| 39,627,000 | 4.13%, 08/15/25 | 9,877,937 | ||||||
| 36,697,000 | 4.16%, 07/15/21 | 8,717,370 | ||||||
| 31,529,000 | 4.18%, 07/15/24 | 7,811,049 | ||||||
| 1,874,000 | 4.25%, 05/31/35 | 483,252 | ||||||
| 36,950,000 | 4.26%, 07/26/27 | 9,413,001 | ||||||
| 35,188,000 | 4.37%, 10/31/28 | 9,075,321 | ||||||
| 33,019,000 | 4.76%, 04/07/37 | 8,993,962 | ||||||
| Malaysia Government Investment Issue | ||||||||
| 29,215,000 | 3.66%, 10/15/24 | 7,105,014 | ||||||
| 18,785,000 | 3.73%, 03/31/22 | 4,478,034 | ||||||
| 20,955,000 | 3.73%, 03/31/26 | 5,149,822 | ||||||
| 37,898,000 | 4.13%, 07/09/29 | 9,629,275 | ||||||
| 180,276,889 | ||||||||
| Mexico: 8.5% | ||||||||
| Mexican Bonos | ||||||||
| MXN | 432,202,400 | 5.75%, 03/05/26 | 18,016,541 | |||||
| 346,804,400 | 6.50%, 06/10/21 | 14,740,563 | ||||||
| 658,636,000 | 6.50%, 06/09/22 | 28,351,627 | ||||||
| 192,273,000 | 6.75%, 03/09/23 | 8,389,999 | ||||||
| 429,189,000 | 7.25%, 12/09/21 | 18,567,988 | ||||||
| 408,858,300 | 7.50%, 06/03/27 | 18,447,048 | ||||||
| 327,395,000 | 7.75%, 05/29/31 | 14,610,810 | ||||||
| 207,459,700 | 7.75%, 11/23/34 | 9,242,804 | ||||||
| 443,592,300 | 7.75%, 11/13/42 | 18,547,226 | ||||||
| 515,330,500 | 8.00%, 12/07/23 | 23,497,642 | ||||||
| 306,307,000 | 8.00%, 09/05/24 | 14,109,548 | ||||||
| 360,221,000 | 8.00%, 11/07/47 | 15,600,550 | ||||||
| 455,839,100 | 8.50%, 05/31/29 | 21,631,777 | ||||||
| 395,773,900 | 8.50%, 11/18/38 | 18,154,237 | ||||||
| 597,701,200 | 10.00%, 12/05/24 | 29,612,693 | ||||||
| 195,638,000 | 10.00%, 11/20/36 | 10,300,780 | ||||||
| 281,821,833 | ||||||||
| Peru: 3.4% | ||||||||
| Peru Government Bonds | ||||||||
| PEN | 20,580,000 | 5.70%, 08/12/24 | 7,000,071 | |||||
| 44,210,000 | 6.35%, 08/12/28 | 15,224,155 | ||||||
| 44,950,000 | 6.90%, 08/12/37 | 15,262,307 | ||||||
| 44,167,000 | 6.95%, 08/12/31 | 15,533,994 | ||||||
| 38,200,000 | 8.20%, 08/12/26 | 14,443,698 | ||||||
| Peru Government Bonds Reg S 144A | ||||||||
| 25,240,000 | 5.35%, 08/12/40 | 7,132,614 | ||||||
| 31,300,000 | 5.40%, 08/12/34 | 9,560,300 | ||||||
See Notes to Financial Statements
| 75 |
|
|
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| Peru: (continued) | ||||||||
| PEN | 43,560,000 | 5.94%, 02/12/29 | $ | 14,560,987 | ||||
| 41,735,000 | 6.15%, 08/12/32 | 13,738,295 | ||||||
| 112,456,421 | ||||||||
| Philippines: 2.5% | ||||||||
| Philippine Government International Bonds | ||||||||
| PHP | 1,402,500,000 | 3.90%, 11/26/22 | 27,030,379 | |||||
| 5,500,000 | 4.95%, 01/15/21 | 108,994 | ||||||
| 2,550,500,000 | 6.25%, 01/14/36 | 57,207,853 | ||||||
| 84,347,226 | ||||||||
| Poland: 6.6% | ||||||||
| Republic of Poland Government Bonds | ||||||||
| PLN | 79,106,000 | 1.75%, 07/25/21 | 19,427,335 | |||||
| 75,079,000 | 2.25%, 04/25/22 | 18,730,280 | ||||||
| 51,264,000 | 2.25%, 10/25/24 | 13,165,997 | ||||||
| 83,765,000 | 2.50%, 01/25/23 | 21,277,893 | ||||||
| 31,849,000 | 2.50%, 04/25/24 | 8,509,703 | ||||||
| 66,040,000 | 2.50%, 07/25/26 | 17,239,157 | ||||||
| 84,887,000 | 2.50%, 07/25/27 | 23,296,379 | ||||||
| 78,951,000 | 2.75%, 04/25/28 | 21,030,574 | ||||||
| 78,965,000 | 2.75%, 10/25/29 | 21,292,680 | ||||||
| 89,376,000 | 3.25%, 07/25/25 | 24,090,386 | ||||||
| 67,163,000 | 4.00%, 10/25/23 | 18,089,807 | ||||||
| 30,986,000 | 5.75%, 10/25/21 | 8,065,369 | ||||||
| 25,394,000 | 5.75%, 09/23/22 | 6,879,912 | ||||||
| 221,095,472 | ||||||||
| Romania: 3.0% | ||||||||
| Romania Government Bonds | ||||||||
| RON | 35,920,000 | 3.25%, 04/29/24 | 7,965,915 | |||||
| 31,405,000 | 3.40%, 03/08/22 | 7,109,337 | ||||||
| 33,640,000 | 3.50%, 12/19/22 | 7,597,085 | ||||||
| 25,430,000 | 3.65%, 09/24/31 | 5,127,193 | ||||||
| 31,965,000 | 4.00%, 10/27/21 | 7,307,249 | ||||||
| 34,605,000 | 4.25%, 06/28/23 | 7,948,441 | ||||||
| 31,000,000 | 4.50%, 06/17/24 | 7,200,794 | ||||||
| 34,490,000 | 4.75%, 02/24/25 | 8,106,731 | ||||||
| 34,505,000 | 4.85%, 04/22/26 | 8,133,193 | ||||||
| 35,585,000 | 5.00%, 02/12/29 | 8,191,057 | ||||||
| 33,580,000 | 5.80%, 07/26/27 | 8,305,976 | ||||||
| 33,640,000 | 5.85%, 04/26/23 | 8,064,197 | ||||||
| 32,520,000 | 5.95%, 06/11/21 | 7,586,881 | ||||||
| 98,644,049 | ||||||||
| Russia: 5.2% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 774,958,000 | 6.50%, 02/28/24 | 10,861,123 | |||||
| 1,061,908,000 | 6.90%, 05/23/29 | 15,353,697 | ||||||
| 25,135,000 | 7.00%, 12/15/21 | 349,226 | ||||||
| 78,382,000 | 7.00%, 01/25/23 | 1,104,256 | ||||||
| 526,366,000 | 7.00%, 08/16/23 | 7,466,409 | ||||||
| 934,139,000 | 7.05%, 01/19/28 | 13,600,258 | ||||||
| 646,360,000 | 7.10%, 10/16/24 | 9,269,457 | ||||||
| 276,064,000 | 7.15%, 11/12/25 | 3,996,015 | ||||||
| 902,392,000 | 7.25%, 05/10/34 | 13,469,054 | ||||||
| 98,961,000 | 7.40%, 12/07/22 | 1,407,164 | ||||||
| 973,761,000 | 7.40%, 07/17/24 | 14,087,182 | ||||||
| 54,109,000 | 7.50%, 08/18/21 | 752,278 | ||||||
| 222,503,000 | 7.60%, 07/20/22 | 3,157,354 | ||||||
|
Principal
Amount |
Value | |||||||
| Russia: (continued) | ||||||||
| RUB | 475,707,000 | 7.65%, 04/10/30 | $ | 7,210,637 | ||||
| 922,418,000 | 7.70%, 03/23/33 | 14,212,587 | ||||||
| 614,300,000 | 7.70%, 03/16/39 | 9,694,599 | ||||||
| 689,232,000 | 7.75%, 09/16/26 | 10,337,536 | ||||||
| 814,208,000 | 7.95%, 10/07/26 | 12,326,734 | ||||||
| 945,161,000 | 8.15%, 02/03/27 | 14,532,975 | ||||||
| 686,231,000 | 8.50%, 09/17/31 | 11,116,434 | ||||||
| 174,304,975 | ||||||||
| South Africa: 5.7% | ||||||||
| Republic of South Africa Government Bonds | ||||||||
| ZAR | 262,244,000 | 6.25%, 03/31/36 | 8,990,436 | |||||
| 240,621,000 | 6.50%, 02/28/41 | 7,881,337 | ||||||
| 293,659,000 | 7.00%, 02/28/31 | 12,386,765 | ||||||
| 214,027,000 | 7.75%, 02/28/23 | 12,278,728 | ||||||
| 462,539,000 | 8.00%, 01/31/30 | 21,652,545 | ||||||
| 349,301,588 | 8.25%, 03/31/32 | 15,840,053 | ||||||
| 390,850,000 | 8.50%, 01/31/37 | 16,546,703 | ||||||
| 417,522,164 | 8.75%, 01/31/44 | 17,229,246 | ||||||
| 655,600,000 | 8.75%, 02/28/48 | 26,848,721 | ||||||
| 339,119,000 | 8.88%, 02/28/35 | 15,268,815 | ||||||
| 288,339,000 | 9.00%, 01/31/40 | 12,439,051 | ||||||
| 398,775,346 | 10.50%, 12/21/26 | 23,867,893 | ||||||
| 191,230,293 | ||||||||
| Supranational: 5.8% | ||||||||
| RUB | 901,000,000 |
Asian Development Bank
7.00%, 03/14/22 |
12,550,856 | |||||
| European Bank for Reconstruction and Development | ||||||||
| IDR | 6,700,000,000 | 6.25%, 12/22/21 | 442,673 | |||||
| 67,170,000,000 | 6.25%, 07/25/22 | 4,423,737 | ||||||
| 5,600,000,000 | 6.45%, 12/13/22 | 369,016 | ||||||
| 16,200,000,000 | 7.50%, 05/15/22 | 1,085,667 | ||||||
| RUB | 62,000,000 |
European Bank for Reconstruction and Development Reg S
6.00%, 07/24/23 |
880,775 | |||||
| European Investment Bank | ||||||||
| BRL | 2,120,000 | 0.00%, 08/27/21 ^ | 373,550 | |||||
| PLN | 34,160,000 | 4.25%, 10/25/22 | 9,010,003 | |||||
| BRL | 2,045,000 | 7.25%, 11/08/22 | 407,595 | |||||
| ZAR | 5,200,000 | 7.25%, 02/28/23 | 301,657 | |||||
| MXN | 44,420,000 | 7.63%, 01/12/22 | 1,933,473 | |||||
| 17,210,000 | 7.75%, 01/30/25 | 789,152 | ||||||
| ZAR | 214,265,000 | 8.13%, 12/21/26 | 12,528,056 | |||||
| IDR | 42,500,000,000 |
European Investment Bank 144A
5.75%, 01/24/25 |
2,710,371 | |||||
| European Investment Bank Reg S | ||||||||
| PLN | 17,492,000 | 2.25%, 05/25/21 | 4,290,939 | |||||
| 35,358,000 | 2.75%, 08/25/26 | 9,374,634 | ||||||
| 48,952,000 | 3.00%, 05/24/24 | 12,909,241 | ||||||
| MXN | 111,400,000 | 4.75%, 01/19/21 | 4,645,815 | |||||
| IDR | 92,800,000,000 | 5.20%, 03/01/22 | 6,008,761 | |||||
| ZAR | 17,500,000 | 8.00%, 05/05/27 | 1,031,418 | |||||
| 7,600,000 | 8.50%, 09/17/24 | 461,812 | ||||||
| TRY | 30,020,000 | 8.75%, 09/18/21 | 4,177,477 | |||||
See Notes to Financial Statements
| 76 |
|
|
|
Principal
Amount |
Value | |||||||
| Supranational: (continued) | ||||||||
| Inter-American Development Bank | ||||||||
| IDR | 123,980,000,000 | 6.25%, 06/15/21 | $ | 8,194,015 | ||||
| MXN | 37,000,000 | 7.25%, 06/10/21 | 1,576,548 | |||||
| 129,870,000 | 7.50%, 12/05/24 | 5,839,896 | ||||||
| IDR | 54,040,000,000 | 7.88%, 03/14/23 | 3,725,218 | |||||
| MXN | 52,500,000 |
Inter-American Development Bank Reg S
7.70%, 02/12/24 |
2,355,885 | |||||
| International Bank for Reconstruction & Development | ||||||||
| PLN | 15,200,000 | 1.63%, 12/30/21 | 3,741,930 | |||||
| RUB | 160,000,000 | 5.00%, 01/28/25 | 2,189,581 | |||||
| 535,000,000 | 6.00%, 07/31/24 | 7,702,104 | ||||||
| 198,500,000 | 6.14%, 06/27/22 | 2,777,061 | ||||||
| 541,500,000 | 6.75%, 11/14/22 | 7,649,961 | ||||||
| IDR | 31,850,000,000 | 7.25%, 03/15/24 | 2,184,000 | |||||
| 43,944,800,000 | 7.45%, 08/20/21 | 2,946,148 | ||||||
| MXN | 11,000,000 | 8.00%, 07/01/21 | 471,693 | |||||
| IDR | 27,500,000,000 | 8.40%, 10/12/21 | 1,871,571 | |||||
| MXN | 41,770,000 |
International Bank for Reconstruction & Development Reg S
7.13%, 02/09/21 |
1,769,918 | |||||
| International Finance Corp. | ||||||||
| RUB | 136,000,000 | 5.25%, 03/22/22 | 1,869,917 | |||||
| 540,000,000 | 5.50%, 03/20/23 | 7,533,474 | ||||||
| 315,000,000 | 6.38%, 04/11/22 | 4,424,464 | ||||||
| 480,000,000 | 6.50%, 02/04/26 | 7,159,553 | ||||||
| BRL | 3,700,000 | 7.00%, 02/14/24 | 739,701 | |||||
| MXN | 175,100,000 | 7.00%, 07/20/27 | 7,848,466 | |||||
| 2,500,000 | 7.25%, 02/02/24 | 112,024 | ||||||
| 97,100,000 | 7.50%, 01/18/28 | 4,410,852 | ||||||
| 106,780,000 | 7.75%, 01/18/30 | 4,936,591 | ||||||
| IDR | 7,100,000,000 | 8.00%, 10/09/23 | 492,609 | |||||
| ZAR | 3,000,000 | 8.00%, 07/27/27 | 168,273 | |||||
| International Finance Corp. Reg S | ||||||||
| RUB | 396,100,000 | 6.25%, 06/07/21 | 5,454,488 | |||||
| MXN | 50,500,000 | 8.38%, 05/31/29 | 2,386,077 | |||||
| 193,238,696 | ||||||||
| Sweden: 0.1% | ||||||||
| RUB | 103,400,000 |
Svensk Exportkredit AB
6.12%, 08/10/21 |
1,398,751 | |||||
| 65,000,000 |
Svensk Exportkredit AB Reg S
6.00%, 06/16/21 |
878,855 | ||||||
| 2,277,606 | ||||||||
| Thailand: 8.4% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 343,705,000 | 1.45%, 12/17/24 | 10,902,356 | |||||
| 171,785,000 | 1.60%, 12/17/29 | 5,523,075 | ||||||
| 103,510,000 | 1.60%, 06/17/35 | 3,309,912 | ||||||
| 445,747,000 | 1.88%, 06/17/22 | 14,124,871 | ||||||
| 520,061,000 | 2.00%, 12/17/22 | 16,611,894 | ||||||
| 575,623,000 | 2.13%, 12/17/26 | 18,991,138 | ||||||
| 509,920,000 | 2.40%, 12/17/23 | 16,649,459 | ||||||
|
Principal
Amount |
Value | |||||||
| Thailand: (continued) | ||||||||
| THB | 460,839,000 | 2.88%, 12/17/28 | $ | 16,210,780 | ||||
| 454,633,000 | 2.88%, 06/17/46 | 16,244,064 | ||||||
| 456,037,000 | 3.30%, 06/17/38 | 18,003,962 | ||||||
| 562,774,000 | 3.40%, 06/17/36 | 22,024,921 | ||||||
| 499,728,000 | 3.63%, 06/16/23 | 16,806,226 | ||||||
| 628,608,000 | 3.65%, 12/17/21 | 20,365,138 | ||||||
| 492,218,000 | 3.65%, 06/20/31 | 18,762,726 | ||||||
| 617,955,000 | 3.78%, 06/25/32 | 24,215,124 | ||||||
| 518,571,000 | 3.85%, 12/12/25 | 18,519,084 | ||||||
| 824,000 | 4.75%, 12/20/24 | 29,941 | ||||||
| 563,702,000 | 4.88%, 06/22/29 | 22,997,751 | ||||||
| 280,292,422 | ||||||||
| Turkey: 2.8% | ||||||||
| Turkey Government International Bonds | ||||||||
| TRY | 53,941,000 | 7.10%, 03/08/23 | 7,115,473 | |||||
| 47,584,000 | 8.00%, 03/12/25 | 6,048,842 | ||||||
| 25,471,000 | 8.50%, 09/14/22 | 3,594,984 | ||||||
| 48,873,000 | 9.00%, 07/24/24 | 6,586,790 | ||||||
| 19,422,000 | 9.20%, 09/22/21 | 2,807,222 | ||||||
| 31,069,000 | 9.50%, 01/12/22 | 4,487,325 | ||||||
| 24,502,000 | 10.40%, 03/20/24 | 3,477,500 | ||||||
| 60,353,000 | 10.50%, 08/11/27 | 8,289,417 | ||||||
| 70,232,000 | 10.60%, 02/11/26 | 9,807,058 | ||||||
| 57,586,000 | 10.70%, 08/17/22 | 8,486,098 | ||||||
| 56,536,000 | 11.00%, 03/02/22 | 8,347,543 | ||||||
| 52,509,000 | 11.00%, 02/24/27 | 7,377,329 | ||||||
| 47,579,000 | 12.20%, 01/18/23 | 7,167,993 | ||||||
| 34,080,000 | 12.40%, 03/08/28 | 5,141,621 | ||||||
| 33,362,000 | 16.20%, 06/14/23 | 5,510,613 | ||||||
| 94,245,808 | ||||||||
| Uruguay: 2.5% | ||||||||
| Uruguay Government International Bonds 144A | ||||||||
| UYU | 278,083,000 | 8.50%, 03/15/28 | 5,513,298 | |||||
| 129,198,000 | 9.88%, 06/20/22 | 2,887,328 | ||||||
| Uruguay Government International Bonds Reg S | ||||||||
| 1,610,940,000 | 8.50%, 03/15/28 | 31,938,638 | ||||||
| 1,980,234,000 | 9.88%, 06/20/22 | 44,254,433 | ||||||
| 84,593,697 | ||||||||
|
Total Government Obligations
(Cost: $3,678,810,867) |
3,251,902,624 | |||||||
|
Total Investments: 98.0%
(Cost: $3,717,567,431) |
3,272,559,996 | |||||||
| Other assets less liabilities: 2.0% | 65,944,118 | |||||||
| NET ASSETS: 100.0% | $ | 3,338,504,114 | ||||||
See Notes to Financial Statements
| 77 |
|
|
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| 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 $125,455,515, or 3.8% of net assets. |
| % of | ||||||||
| Summary of Investments by Sector | Investments | Value | ||||||
| Energy | 0.1 | % | $ | 2,955,320 | ||||
| Financial | 0.1 | 5,117,828 | ||||||
| Government | 99.4 | 3,251,902,624 | ||||||
| Industrial | 0.2 | 6,589,392 | ||||||
| Utilities | 0.2 | 5,994,832 | ||||||
| 100.0 | % | $ | 3,272,559,996 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 20,657,372 | $ | — | $ | 20,657,372 | |||||||||
| Government Obligations* | — | 3,251,902,624 | — | 3,251,902,624 | |||||||||||||
| Total | $ | — | $ | 3,272,559,996 | $ | — | $ | 3,272,559,996 | |||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 78 |
|
|
VANECK VECTORS MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $21,796,755. |
| Summary of Investments by Sector | % of | |||||||
| Excluding Collateral for Securities Loaned | Investments | Value | ||||||
| Financials | 93.6 | % | $ | 111,529,302 | ||||
| Real Estate | 6.4 | 7,680,288 | ||||||
| 100.0 | % | $ | 119,209,590 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Common Stocks* | $ | 119,209,590 | $ | — | $ | — | $ | 119,209,590 | |||||||||
| Money Market Fund | 8,403,640 | — | — | 8,403,640 | |||||||||||||
| Total | $ | 127,613,230 | $ | — | $ | — | $ | 127,613,230 | |||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 79 |
|
|
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2020
|
Number
of Shares |
Value | |||||||
| PREFERRED SECURITIES: 100.0% | ||||||||
| Basic Materials: 1.2% | ||||||||
| 172,219 |
International Flavors & Fragrances, Inc.
6.00%, 09/15/21 |
$ | 8,189,013 | |||||
| Communications: 15.4% | ||||||||
| AT&T, Inc. | ||||||||
| 730,628 | 4.75%, 02/18/25 | 16,811,750 | ||||||
| 501,002 | 5.00%, 12/12/24 † | 12,610,220 | ||||||
| 552,146 | 5.35%, 11/01/66 | 14,228,802 | ||||||
| 344,439 | 5.63%, 08/01/67 † | 9,096,634 | ||||||
| 313,126 |
eBay, Inc.
6.00%, 02/01/56 † |
8,147,539 | ||||||
| Qwest Corp. | ||||||||
| 323,564 | 6.13%, 06/01/53 † | 7,273,719 | ||||||
| 408,108 | 6.50%, 09/01/56 † | 9,468,106 | ||||||
| 171,176 | 6.63%, 09/15/55 † | 3,996,960 | ||||||
| 275,551 | 6.75%, 06/15/57 † | 6,577,402 | ||||||
| 208,751 | 6.88%, 10/01/54 † | 4,939,049 | ||||||
| 125,250 |
Telephone & Data Systems, Inc.
7.00%, 03/15/60 |
3,068,625 | ||||||
| United States Cellular Corp. | ||||||||
| 142,786 | 6.95%, 05/15/60 | 3,582,501 | ||||||
| 114,813 | 7.25%, 12/01/63 † | 2,850,807 | ||||||
| 125,250 | 7.25%, 12/01/64 | 3,216,420 | ||||||
| 105,868,534 | ||||||||
| Consumer, Cyclical: 2.2% | ||||||||
| Ford Motor Co. | ||||||||
| 334,001 | 6.00%, 12/01/59 | 5,664,657 | ||||||
| 313,126 | 6.20%, 06/01/59 † | 5,554,855 | ||||||
| 208,855 |
QVC, Inc.
6.25%, 11/26/68 † |
4,116,532 | ||||||
| 15,336,044 | ||||||||
| Consumer, Non-cyclical: 6.2% | ||||||||
| 216,057 |
Avantor, Inc.
6.25%, 05/15/22 |
12,440,562 | ||||||
| CHS, Inc. | ||||||||
| 205,620 | 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 † | 5,206,298 | ||||||
| 175,351 | 7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 † | 4,611,731 | ||||||
| 216,057 | 7.50%, 01/21/25 † | 5,684,460 | ||||||
| 216,731 | 7.88%, 09/26/23 † | 5,836,566 | ||||||
| 128,090 | 8.00%, 07/18/23 † | 3,455,868 | ||||||
| 114,813 |
Elanco Animal Health, Inc.
5.00%, 02/01/23 † |
5,281,398 | ||||||
| 42,516,883 | ||||||||
| Energy: 6.2% | ||||||||
| Algonquin Power & Utilities Corp. | ||||||||
| 146,126 | 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 † | 3,993,624 | ||||||
| 120,032 | 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 † | 3,312,883 | ||||||
| 314,667 |
Blueknight Energy Partners LP
11.00%, Perpetual Maturity |
1,727,522 | ||||||
| 743,752 |
Crestwood Equity Partners LP
9.25%, Perpetual Maturity |
5,131,889 | ||||||
| 250,501 |
Enbridge, Inc.
6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 † |
5,889,279 | ||||||
|
Number
of Shares |
Value | |||||||
| Energy: (continued) | ||||||||
| Energy Transfer Operating LP | ||||||||
| 187,876 | 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 | $ | 3,937,881 | |||||
| 334,001 | 7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 | 7,064,121 | ||||||
| 185,788 | 7.63% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 3,892,259 | ||||||
| 131,363 |
NGL Energy Partners LP
9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 |
2,223,976 | ||||||
| 160,738 |
NuStar Energy LP
7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 |
2,587,882 | ||||||
| 168,044 |
NuStar Logistics LP
7.95% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 |
3,206,280 | ||||||
| 42,967,596 | ||||||||
| Finance - Other Services: 0.4% | ||||||||
| 104,375 |
National Rural Utilities Cooperative Finance Corp.
5.50%, 05/15/64 |
2,863,006 | ||||||
| Government: 0.4% | ||||||||
| 114,148 |
Tennessee Valley Authority
3.55% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 † |
3,027,205 | ||||||
| Industrial: 1.2% | ||||||||
| 161,782 |
GFL Environmental, Inc.
6.00%, 03/15/23 |
7,928,936 | ||||||
| Real Estate Investment Trusts: 21.2% | ||||||||
| AGNC Investment Corp. | ||||||||
| 240,063 | 6.13% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 | 5,223,771 | ||||||
| 168,044 | 6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 3,772,588 | ||||||
| 135,688 | 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 3,120,824 | ||||||
| 112,204 |
American Homes 4 Rent
6.50%, 05/24/21 † |
2,821,931 | ||||||
| Annaly Capital Management, Inc. | ||||||||
| 177,438 | 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 | 3,894,764 | ||||||
| 184,744 | 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 4,149,350 | ||||||
| 300,601 | 6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 † | 6,769,535 | ||||||
| 192,051 | 7.50%, 06/01/20 † | 4,699,488 | ||||||
| 104,375 |
Brookfield Property REIT, Inc.
6.38%, 06/01/20 |
1,617,813 | ||||||
| 107,809 |
Capstead Mortgage Corp.
7.50%, 06/01/20 |
2,403,063 | ||||||
| Chimera Investment Corp. | ||||||||
| 108,550 | 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | 1,915,908 | ||||||
| 135,688 | 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | 2,404,391 | ||||||
See Notes to Financial Statements
| 80 |
|
|
|
Number
of Shares |
Value | |||||||
| Reinsurance: 4.5% | ||||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 104,375 | 5.63%, 10/01/24 † | $ | 2,482,037 | |||||
| 104,375 | 5.63%, 01/01/27 | 2,492,475 | ||||||
| 114,813 | 5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 † | 2,778,475 | ||||||
| 229,626 |
Axis Capital Holdings Ltd.
5.50%, 11/07/21 † |
5,653,392 | ||||||
| 122,681 |
PartnerRe Ltd.
7.25%, 04/29/21 † |
3,167,623 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 167,001 | 5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/56 † | 4,261,866 | ||||||
| 167,001 | 6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/42 † | 4,230,135 | ||||||
| RenaissanceRe Holdings Ltd. | ||||||||
| 114,813 | 5.38%, 06/01/20 † | 2,896,732 | ||||||
| 104,375 | 5.75%, 06/30/23 † | 2,696,006 | ||||||
| 30,658,741 | ||||||||
| Technology: 0.4% | ||||||||
| 177,438 |
Pitney Bowes, Inc.
6.70%, 03/07/43 † |
3,014,672 | ||||||
| Utilities: 40.7% | ||||||||
| 104,375 |
Alabama Power Co.
5.00%, 10/01/22 † |
2,787,856 | ||||||
| 168,044 |
American Electric Power Co., Inc.
6.13%, 03/15/22 † |
8,536,635 | ||||||
| 204,054 |
CenterPoint Energy, Inc.
7.00%, 09/01/21 † |
6,905,187 | ||||||
| CMS Energy Corp. | ||||||||
| 116,900 | 5.88%, 10/15/78 † | 3,128,244 | ||||||
| 263,026 | 5.88%, 03/01/79 † | 7,227,954 | ||||||
| Dominion Energy, Inc. | ||||||||
| 334,001 | 5.25%, 07/30/76 † | 8,553,766 | ||||||
| 168,044 | 7.25%, 06/01/22 | 16,506,962 | ||||||
| DTE Energy Co. | ||||||||
| 167,001 | 5.25%, 12/01/77 † | 4,265,206 | ||||||
| 125,250 | 5.38%, 06/01/76 † | 3,148,785 | ||||||
| 116,900 | 6.00%, 12/15/76 | 3,075,639 | ||||||
| 271,376 | 6.25%, 11/01/22 | 11,343,517 | ||||||
| Duke Energy Corp. | ||||||||
| 208,751 | 5.13%, 01/15/73 † | 5,266,788 | ||||||
| 208,751 | 5.63%, 09/15/78 | 5,650,890 | ||||||
| 417,502 | 5.75%, 06/15/24 † | 11,518,880 | ||||||
| 171,176 |
Entergy Arkansas, LLC
4.88%, 09/01/66 |
4,364,988 | ||||||
| 112,725 |
Entergy Louisiana, LLC
4.88%, 09/01/66 |
2,898,160 | ||||||
| 108,550 |
Entergy Mississippi, LLC
4.90%, 10/01/66 † |
2,810,359 | ||||||
| 112,725 |
Georgia Power Co.
5.00%, 10/01/77 † |
2,991,721 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 187,876 | 5.00%, 01/15/73 † | 4,700,658 | ||||||
| 208,751 | 5.13%, 11/15/72 † | 5,275,138 | ||||||
| 237,976 | 5.25%, 06/01/76 † | 6,120,743 | ||||||
| 287,032 | 5.65%, 03/01/79 † | 7,635,051 | ||||||
See Notes to Financial Statements
| 81 |
|
|
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
of Shares |
Value | |||||||
| Utilities: (continued) | ||||||||
| NextEra Energy, Inc. | ||||||||
| 313,126 | 4.87%, 09/01/22 | $ | 15,011,260 | |||||
| 521,877 | 5.28%, 03/01/23 | 22,539,868 | ||||||
| 208,751 |
NiSource, Inc.
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 † |
5,755,265 | ||||||
| 187,876 |
PPL Capital Funding, Inc.
5.90%, 04/30/73 † |
4,721,324 | ||||||
| 167,001 |
SCE Trust II
5.10%, 06/01/20 † |
3,911,163 | ||||||
| 114,813 |
SCE Trust III
5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † |
2,755,512 | ||||||
| 135,688 |
SCE Trust IV
5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 |
2,968,853 | ||||||
| 125,250 |
SCE Trust V
5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 † |
2,960,910 | ||||||
| 198,313 |
SCE Trust VI
5.00%, 06/26/22 † |
4,368,835 | ||||||
| Sempra Energy | ||||||||
| 316,257 | 5.75%, 07/01/79 | 8,048,741 | ||||||
| 180,048 | 6.00%, 01/15/21 | 18,420,711 | ||||||
| Southern Co. | ||||||||
| 417,502 | 4.95%, 01/30/80 † | 10,299,774 | ||||||
| 334,001 | 5.25%, 10/01/76 † | 8,533,726 | ||||||
| 187,876 | 5.25%, 12/01/77 † | 4,905,442 | ||||||
| 417,502 | 6.25%, 10/15/75 † | 10,708,926 | ||||||
| 360,095 | 6.75%, 08/01/22 | 17,046,897 | ||||||
| 104,375 |
Spire, Inc.
5.90%, 08/15/24 |
2,789,944 | ||||||
| 280,460,278 | ||||||||
|
Total Preferred Securities
(Cost: $735,400,463) |
689,002,410 | |||||||
|
Number
Of Shares |
Value | |||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.6%
(Cost: $25,140,110) |
||||||||
| Money Market Fund: 3.6% | ||||||||
| 25,140,110 | State Street Navigator Securities Lending Government Money Market Portfolio 0.00%, | $ | 25,140,110 | |||||
|
Total Investments: 103.6%
(Cost: $760,540,573) |
714,142,520 | |||||||
| Liabilities in excess of other assets: (3.6)% | (25,113,481 | ) | ||||||
| NET ASSETS: 100.0% | $ | 689,029,039 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $25,621,546. |
See Notes to Financial Statements
| 82 |
|
|
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Basic Materials | 1.2 | % | $ | 8,189,013 | ||||
| Communications | 15.4 | 105,868,534 | ||||||
| Consumer, Cyclical | 2.2 | 15,336,044 | ||||||
| Consumer, Non-cyclical | 6.2 | 42,516,883 | ||||||
| Energy | 6.2 | 42,967,596 | ||||||
| Financial | 0.4 | 2,863,006 | ||||||
| Government | 0.4 | 3,027,205 | ||||||
| Industrial | 1.2 | 7,928,936 | ||||||
| Real Estate Investment Trusts | 21.2 | 146,171,502 | ||||||
| Reinsurance | 4.5 | 30,658,741 | ||||||
| Technology | 0.4 | 3,014,672 | ||||||
| Utilities | 40.7 | 280,460,278 | ||||||
| 100.0 | % | $ | 689,002,410 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2020 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Preferred Securities* | $ | 689,002,410 | $ | — | $ | — | $ | 689,002,410 | ||||||||||
| Money Market Fund | 25,140,110 | — | — | 25,140,110 | ||||||||||||||
| Total | $ | 714,142,520 | $ | — | $ | — | $ | 714,142,520 | ||||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 83 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2020
|
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) | $ | 168,975,255 | $ | 4,028,887 | $ | 14,351,715 | $ | 299,641,684 | |||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 30,552,143 | — | 533,661 | 18,058,008 | |||||||||||||||||
| Cash | 250,559 | 11,438 | 54,314 | 4,903,096 | |||||||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 422,010 | (a) | 47,479 | — | ||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Investment securities sold | 2,686,262 | — | — | 14,481,163 | |||||||||||||||||
| Shares of beneficial interest sold | 543,257 | — | — | — | |||||||||||||||||
| Due from Adviser | — | 12,359 | 15,578 | — | |||||||||||||||||
| Dividends and interest | 694,644 | 83,736 | 220,992 | 5,411,611 | |||||||||||||||||
| Prepaid expenses | 1,411 | 261 | 308 | 1,646 | |||||||||||||||||
| Total assets | 203,703,531 | 4,558,691 | 15,224,047 | 342,497,208 | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payables: | |||||||||||||||||||||
| Investment securities purchased | 542,977 | — | — | 16,132,226 | |||||||||||||||||
| Collateral for securities loaned | 30,552,143 | — | 533,661 | 18,058,008 | |||||||||||||||||
| Line of credit | — | — | — | — | |||||||||||||||||
| Shares of beneficial interest redeemed | 2,686,618 | — | — | — | |||||||||||||||||
| Due to Adviser | 38,961 | — | — | 72,367 | |||||||||||||||||
| Deferred Trustee fees | 16,110 | 284 | 971 | 21,370 | |||||||||||||||||
| Accrued expenses | 67,719 | 80,004 | 96,016 | 120,478 | |||||||||||||||||
| Total liabilities | 33,904,528 | 80,288 | 630,648 | 34,404,449 | |||||||||||||||||
| NET ASSETS | $ | 169,799,003 | $ | 4,478,403 | $ | 14,593,399 | $ | 308,092,759 | |||||||||||||
| Shares outstanding | 15,800,000 | 200,000 | 750,000 | 15,000,000 | |||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 10.75 | $ | 22.39 | $ | 19.46 | $ | 20.54 | |||||||||||||
| Net Assets consist of: | |||||||||||||||||||||
| Aggregate paid in capital | $ | 291,088,761 | $ | 4,762,226 | $ | 17,531,402 | $ | 401,853,612 | |||||||||||||
| Total distributable earnings (loss) | (121,289,758 | ) | (283,823 | ) | (2,938,003 | ) | (93,760,853 | ) | |||||||||||||
| NET ASSETS | $ | 169,799,003 | $ | 4,478,403 | $ | 14,593,399 | $ | 308,092,759 | |||||||||||||
| (1) | Value of securities on loan | $ | 43,289,505 | $ | — | $ | 532,095 | $ | 21,642,273 | ||||||||||||
| (2) | Cost of investments | $ | 250,326,074 | $ | 4,202,770 | $ | 15,291,643 | $ | 346,960,890 | ||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 30,552,143 | $ | — | $ | 533,661 | $ | 18,058,008 | ||||||||||||
| (4) | Cost of cash denominated in foreign currency | $ | — | $ | 423,637 | $ | 49,017 | $ | — | ||||||||||||
| (a) | Includes $611 of foreign investor minimum settlement reserve funds (See Note 2H) |
See Notes to Financial Statements
| 84 |
|
|
|
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 |
Mortgage REIT
Income ETF |
Preferred
Securities ex Financials ETF |
|||||||||||||||||||||||||||
| $ | 1,656,942,225 | $ | 31,985,744 | $ | 87,090,385 | $ | 458,123,284 | $ | 3,272,559,996 | $ | 119,209,590 | $ | 689,002,410 | ||||||||||||||||||||
| 92,476,554 | 1,754,659 | 6,558,697 | 10,221,068 | — | 8,403,640 | 25,140,110 | |||||||||||||||||||||||||||
| 12,564,680 | 57,872 | 433,719 | 1,924,864 | 3,717,978 | 20 | 4,008,826 | |||||||||||||||||||||||||||
| — | — | 138,949 | — | 4,167,191 | — | — | |||||||||||||||||||||||||||
| 517,546,072 | 213,632 | 4,734,340 | 3,710,515 | 189,145,760 | — | 22,429,568 | |||||||||||||||||||||||||||
| — | — | — | — | 4,570 | 5,336,810 | — | |||||||||||||||||||||||||||
| — | 14,424 | — | — | — | — | — | |||||||||||||||||||||||||||
| 24,308,618 | 255,081 | 1,412,495 | 1,296,496 | 66,030,876 | 398,918 | 2,584,776 | |||||||||||||||||||||||||||
| 4,545 | 337 | 911 | 3,064 | 21,190 | 1,276 | 6,968 | |||||||||||||||||||||||||||
| 2,303,842,694 | 34,281,749 | 100,369,496 | 475,279,291 | 3,535,647,561 | 133,350,254 | 743,172,658 | |||||||||||||||||||||||||||
| 528,023,142 | 251,399 | 4,823,773 | 3,491,326 | 195,038,755 | 5,367,858 | 28,694,783 | |||||||||||||||||||||||||||
| 92,476,554 | 1,754,659 | 6,558,697 | 10,221,068 | — | 8,403,640 | 25,140,110 | |||||||||||||||||||||||||||
| — | — | — | — | — | 159,020 | — | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 425,826 | — | 1,137 | 36,009 | 898,670 | 26,755 | 202,308 | |||||||||||||||||||||||||||
| 87,663 | 1,687 | 7,362 | 32,655 | 306,106 | 13,223 | 49,215 | |||||||||||||||||||||||||||
| 37,922 | 48,724 | 145,327 | 81,776 | 899,916 | 76,285 | 57,203 | |||||||||||||||||||||||||||
| 621,051,107 | 2,056,469 | 11,536,296 | 13,862,834 | 197,143,447 | 14,046,781 | 54,143,619 | |||||||||||||||||||||||||||
| $ | 1,682,791,587 | $ | 32,225,280 | $ | 88,833,200 | $ | 461,416,457 | $ | 3,338,504,114 | $ | 119,303,473 | $ | 689,029,039 | ||||||||||||||||||||
| 62,700,000 | 1,200,000 | 4,000,000 | 18,750,000 | 113,722,682 | 10,450,000 | 37,800,000 | |||||||||||||||||||||||||||
| $ | 26.84 | $ | 26.85 | $ | 22.21 | $ | 24.61 | $ | 29.36 | $ | 11.42 | $ | 18.23 | ||||||||||||||||||||
| $ | 1,871,490,389 | $ | 31,803,093 | $ | 109,397,677 | $ | 472,492,786 | $ | 4,195,956,970 | $ | 258,290,129 | $ | 783,812,887 | ||||||||||||||||||||
| (188,698,802 | ) | 422,187 | (20,564,477 | ) | (11,076,329 | ) | (857,452,856 | ) | (138,986,656 | ) | (94,783,848 | ) | |||||||||||||||||||||
| $ | 1,682,791,587 | $ | 32,225,280 | $ | 88,833,200 | $ | 461,416,457 | $ | 3,338,504,114 | $ | 119,303,473 | $ | 689,029,039 | ||||||||||||||||||||
| $ | 87,531,587 | $ | 2,000,965 | $ | 6,920,073 | $ | 12,017,753 | $ | — | $ | 21,796,755 | $ | 25,621,546 | ||||||||||||||||||||
| $ | 1,731,558,534 | $ | 31,425,774 | $ | 98,076,773 | $ | 468,579,786 | $ | 3,717,567,431 | $ | 210,745,039 | $ | 735,400,463 | ||||||||||||||||||||
| $ | 92,476,554 | $ | 1,754,659 | $ | 6,558,697 | $ | 10,221,068 | $ | — | $ | 8,403,640 | $ | 25,140,110 | ||||||||||||||||||||
| $ | — | $ | — | $ | 137,812 | $ | — | $ | 4,094,768 | $ | — | $ | — | ||||||||||||||||||||
See Notes to Financial Statements
| 85 |
|
|
VANECK VECTORS ETF TRUST
For the Year Ended April 30, 2020
|
BDC Income
ETF |
ChinaAMC
China Bond ETF |
Emerging
Markets Aggregate Bond ETF |
Emerging
Markets High Yield Bond ETF |
|||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 21,833,973 | $ | 83 | $ | 396 | $ | 16,887 | ||||||||||||
| Interest | 1,826 | 196,798 | 764,432 | 20,816,852 | ||||||||||||||||
| Securities lending income | 611,110 | — | 511 | 80,091 | ||||||||||||||||
| Foreign taxes withheld | — | — | (7,666 | ) | — | |||||||||||||||
| Total income | 22,446,909 | 196,881 | 757,673 | 20,913,830 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 866,413 | 17,787 | 51,998 | 1,268,560 | ||||||||||||||||
| Professional fees | 71,186 | 80,876 | 80,288 | 77,100 | ||||||||||||||||
| Custodian fees | 5,671 | 2,528 | 25,178 | 35,418 | ||||||||||||||||
| Fund accounting fees | 26,365 | 20,887 | 26,855 | 46,577 | ||||||||||||||||
| Reports to shareholders | 34,571 | 14,170 | 15,749 | 29,784 | ||||||||||||||||
| IOPV fees | 4,982 | 11,546 | 11,546 | 11,546 | ||||||||||||||||
| Trustees’ fees and expenses | 5,768 | 161 | 564 | 12,086 | ||||||||||||||||
| Registration fees | 7,036 | 4,985 | 4,995 | 5,723 | ||||||||||||||||
| Transfer agent fees | 2,393 | 2,393 | 2,393 | 2,393 | ||||||||||||||||
| Insurance | 4,690 | 1,268 | 1,330 | 5,204 | ||||||||||||||||
| Interest | 12,305 | — | 349 | — | ||||||||||||||||
| Other | 3,166 | 509 | 807 | 1,192 | ||||||||||||||||
| Total expenses | 1,044,546 | 157,110 | 222,052 | 1,495,583 | ||||||||||||||||
| Waiver of management fees | (165,099 | ) | (17,787 | ) | (51,998 | ) | (226,035 | ) | ||||||||||||
| Expenses assumed by the Adviser | — | (117,084 | ) | (117,697 | ) | — | ||||||||||||||
| Net expenses | 879,447 | 22,239 | 52,357 | 1,269,548 | ||||||||||||||||
| Net investment income | 21,567,462 | 174,642 | 705,316 | 19,644,282 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (19,360,854 | ) | (76,414 | ) | (203,385 | )(a) | (5,547,493 | ) | ||||||||||||
| Capital gain distributions received | 190,262 | — | — | — | ||||||||||||||||
| In-kind redemptions | 3,837,572 | — | — | (3,241,764 | ) | |||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (1,939 | ) | (8,941 | ) | — | ||||||||||||||
| Net realized gain (loss) | (15,333,020 | ) | (78,353 | ) | (212,326 | ) | (8,789,257 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (74,503,250 | ) | (17,313 | ) | (689,551 | )(b) | (38,751,872 | ) | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (2,533 | ) | (6,351 | ) | — | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (74,503,250 | ) | (19,846 | ) | (695,902 | ) | (38,751,872 | ) | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (68,268,808 | ) | $ | 76,443 | $ | (202,912 | ) | $ | (27,896,847 | ) | |||||||||
| (a) | Net of foreign taxes of $530 |
| (b) | Net of foreign taxes of $193 |
| (c) | Net of foreign taxes of $596,851 |
| (d) | Net of foreign taxes of $315,649 |
See Notes to Financial Statements
| 86 |
|
|
|
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 |
Mortgage REIT
Income ETF |
Preferred
Securities ex Financials ETF |
|||||||||||||||||||||||||||
| $ | 62,596 | $ | 1,949 | $ | 3,415 | $ | 7,552 | $ | 67,462 | $ | 13,090,865 | $ | 39,920,864 | ||||||||||||||||||||
| 74,873,063 | 666,460 | 6,063,897 | 14,354,111 | 301,195,478 | 832 | 9,085 | |||||||||||||||||||||||||||
| 696,834 | 629 | 44,903 | 11,062 | 309,535 | 39,994 | 471,345 | |||||||||||||||||||||||||||
| — | — | — | — | (4,652,882 | ) | — | — | ||||||||||||||||||||||||||
| 75,632,493 | 669,038 | 6,112,215 | 14,372,725 | 296,919,593 | 13,131,691 | 40,401,294 | |||||||||||||||||||||||||||
| 5,297,274 | 97,108 | 439,036 | 1,770,125 | 12,637,396 | 738,169 | 2,779,281 | |||||||||||||||||||||||||||
| 72,210 | 64,425 | 77,407 | 61,655 | 89,909 | 75,395 | 79,952 | |||||||||||||||||||||||||||
| 47,859 | 19,644 | 69,276 | 40,618 | 2,645,013 | 1,913 | 11,369 | |||||||||||||||||||||||||||
| 56,289 | 24,244 | 42,105 | 43,833 | 186,386 | 25,942 | 40,265 | |||||||||||||||||||||||||||
| 120,285 | 5,636 | 20,700 | 48,790 | 929,285 | 32,649 | 62,815 | |||||||||||||||||||||||||||
| 11,546 | 11,210 | 11,546 | 11,546 | 11,546 | 4,620 | 4,967 | |||||||||||||||||||||||||||
| 47,603 | 1,036 | 5,353 | 16,483 | 126,218 | 4,759 | 22,581 | |||||||||||||||||||||||||||
| 19,275 | 1,907 | 5,483 | 7,897 | 23,160 | 6,391 | 11,238 | |||||||||||||||||||||||||||
| 2,397 | 2,392 | 2,393 | 2,393 | 2,393 | 2,393 | 2,393 | |||||||||||||||||||||||||||
| 11,344 | 1,375 | 3,169 | 8,666 | 48,957 | 4,484 | 12,641 | |||||||||||||||||||||||||||
| 3,026 | 344 | 163 | 594 | 2,175 | 27,472 | 38,648 | |||||||||||||||||||||||||||
| 19,640 | 1,803 | 2,895 | 9,595 | 97,857 | 2,397 | 8,377 | |||||||||||||||||||||||||||
| 5,708,748 | 231,124 | 679,526 | 2,022,195 | 16,800,295 | 926,584 | 3,074,527 | |||||||||||||||||||||||||||
| (1,063,209 | ) | (97,108 | ) | (240,655 | ) | (1,313,517 | ) | (2,773,632 | ) | (160,577 | ) | (256,042 | ) | ||||||||||||||||||||
| — | (69,200 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
| 4,645,539 | 64,816 | 438,871 | 708,678 | 14,026,663 | 766,007 | 2,818,485 | |||||||||||||||||||||||||||
| 70,986,954 | 604,222 | 5,673,344 | 13,664,047 | 282,892,930 | 12,365,684 | 37,582,809 | |||||||||||||||||||||||||||
| (122,475,634 | ) | (24,850 | ) | (1,708,034 | ) | (837,733 | ) | (434,007,205 | )(c) | (12,266,242 | ) | (7,191,772 | ) | ||||||||||||||||||||
| — | — | — | — | — | 1,137,573 | 395,875 | |||||||||||||||||||||||||||
| 20,975,732 | 486,303 | (1,408,752 | ) | (2,756,385 | ) | 22,511,708 | 1,094,987 | (5,338,161 | ) | ||||||||||||||||||||||||
| — | (50,153 | ) | (44,495 | ) | — | (17,927,391 | ) | — | — | ||||||||||||||||||||||||
| (101,499,902 | ) | 411,300 | (3,161,281 | ) | (3,594,118 | ) | (429,422,888 | ) | (10,033,682 | ) | (12,134,058 | ) | |||||||||||||||||||||
| (55,587,496 | ) | 576,526 | (7,585,087 | ) | (9,868,517 | ) | (57,139,955 | )(d) | (97,091,800 | ) | (43,552,343 | ) | |||||||||||||||||||||
| — | 95 | (10,312 | ) | — | (636,011 | ) | — | — | |||||||||||||||||||||||||
| (55,587,496 | ) | 576,621 | (7,595,399 | ) | (9,868,517 | ) | (57,775,966 | ) | (97,091,800 | ) | (43,552,343 | ) | |||||||||||||||||||||
| $ | (86,100,444 | ) | $ | 1,592,143 | $ | (5,083,336 | ) | $ | 201,412 | $ | (204,305,924 | ) | $ | (94,759,798 | ) | $ | (18,103,592 | ) | |||||||||||||||
See Notes to Financial Statements
| 87 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | ChinaAMC China Bond ETF | |||||||||||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 21,567,462 | $ | 19,246,145 | $ | 174,642 | $ | 150,533 | ||||||||||||
| Net realized loss | (15,333,020 | ) | (5,257,411 | ) | (78,353 | ) | (54,170 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (74,503,250 | ) | 9,446,120 | (19,846 | ) | (195,992 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | (68,268,808 | ) | 23,434,854 | 76,443 | (99,629 | ) | ||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| Dividends and Distributions | (21,186,560 | ) | (18,917,640 | ) | (156,654 | ) | (75,947 | ) | ||||||||||||
| Return of capital | — | — | (18,386 | ) | (75,613 | ) | ||||||||||||||
| Total Dividends and Distributions | (21,186,560 | ) | (18,917,640 | ) | (175,040 | ) | (151,560 | ) | ||||||||||||
| Share transactions**: | ||||||||||||||||||||
| Proceeds from sale of shares | 101,879,369 | 59,854,177 | — | — | ||||||||||||||||
| Cost of shares redeemed | (49,439,986 | ) | (35,482,112 | ) | — | — | ||||||||||||||
| Increase (decrease) in net assets resulting from share transactions | 52,439,383 | 24,372,065 | — | — | ||||||||||||||||
| Total increase (decrease) in net assets | (37,015,985 | ) | 28,889,279 | (98,597 | ) | (251,189 | ) | |||||||||||||
| Net Assets, beginning of year | 206,814,988 | 177,925,709 | 4,577,000 | 4,828,189 | ||||||||||||||||
| Net Assets, end of year | $ | 169,799,003 | $ | 206,814,988 | $ | 4,478,403 | $ | 4,577,000 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 6,750,000 | 3,650,000 | — | — | ||||||||||||||||
| Shares redeemed | (3,450,000 | ) | (2,200,000 | ) | — | — | ||||||||||||||
| Net increase (decrease) | 3,300,000 | 1,450,000 | — | — | ||||||||||||||||
See Notes to Financial Statements
| 88 |
|
|
|
Emerging Markets
Aggregate Bond ETF |
Emerging Markets
High Yield Bond ETF |
Fallen Angel
High Yield Bond ETF |
||||||||||||||||||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
|||||||||||||||||||||||
| $ | 705,316 | $ | 857,111 | $ | 19,644,282 | $ | 16,670,176 | $ | 70,986,954 | $ | 58,811,261 | |||||||||||||||||
| (212,326 | ) | (396,797 | ) | (8,789,257 | ) | (7,194,136 | ) | (101,499,902 | ) | (4,231,620 | ) | |||||||||||||||||
| (695,902 | ) | 408,143 | (38,751,872 | ) | (1,919,555 | ) | (55,587,496 | ) | (12,960,329 | ) | ||||||||||||||||||
| (202,912 | ) | 868,457 | (27,896,847 | ) | 7,556,485 | (86,100,444 | ) | 41,619,312 | ||||||||||||||||||||
| (604,973 | ) | (396,164 | ) | (19,713,460 | ) | (17,159,220 | ) | (69,209,400 | ) | (57,221,575 | ) | |||||||||||||||||
| (105,837 | ) | (424,256 | ) | — | — | — | — | |||||||||||||||||||||
| (710,810 | ) | (820,420 | ) | (19,713,460 | ) | (17,159,220 | ) | (69,209,400 | ) | (57,221,575 | ) | |||||||||||||||||
| 949,367 | 16,223,578 | 122,700,933 | 4,642,504 | 1,381,802,023 | 211,481,227 | |||||||||||||||||||||||
| — | (16,706,509 | ) | (28,453,692 | ) | (105,262,054 | ) | (519,616,958 | ) | (443,069,325 | ) | ||||||||||||||||||
| 949,367 | (482,931 | ) | 94,247,241 | (100,619,550 | ) | 862,185,065 | (231,588,098 | ) | ||||||||||||||||||||
| 35,645 | (434,894 | ) | 46,636,934 | (110,222,285 | ) | 706,875,221 | (247,190,361 | ) | ||||||||||||||||||||
| 14,557,754 | 14,992,648 | 261,455,825 | 371,678,110 | 975,916,366 | 1,223,106,727 | |||||||||||||||||||||||
| $ | 14,593,399 | $ | 14,557,754 | $ | 308,092,759 | $ | 261,455,825 | $ | 1,682,791,587 | $ | 975,916,366 | |||||||||||||||||
| 50,000 | 800,000 | 5,200,000 | 200,000 | 47,150,000 | 7,450,000 | |||||||||||||||||||||||
| — | (800,000 | ) | (1,400,000 | ) | (4,600,000 | ) | (18,100,000 | ) | (15,700,000 | ) | ||||||||||||||||||
| 50,000 | — | 3,800,000 | (4,400,000 | ) | 29,050,000 | (8,250,000 | ) | |||||||||||||||||||||
See Notes to Financial Statements
| 89 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Green Bond ETF |
International
High Yield Bond ETF |
|||||||||||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year
Ended
|
Year Ended
April 30, 2019 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 604,222 | $ | 297,923 | $ | 5,673,344 | $ | 6,483,850 | ||||||||||||
| Net realized gain (loss) | 411,300 | (234,572 | ) | (3,161,281 | ) | (2,805,333 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) | 576,621 | (238,117 | ) | (7,595,399 | ) | (2,601,796 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | 1,592,143 | (174,766 | ) | (5,083,336 | ) | 1,076,721 | ||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| Dividends and Distributions | (518,700 | ) | (250,504 | ) | (5,231,217 | ) | (6,138,316 | ) | ||||||||||||
| Return of capital | (119,670 | ) | (43,266 | ) | (396,663 | ) | (272,224 | ) | ||||||||||||
| Total Dividends and Distributions | (638,370 | ) | (293,770 | ) | (5,627,880 | ) | (6,410,540 | ) | ||||||||||||
| Share transactions**: | ||||||||||||||||||||
| Proceeds from sale of shares | 8,084,836 | 9,085,096 | 9,904,641 | 14,757,781 | ||||||||||||||||
| Cost of shares redeemed | (2,683,565 | ) | — | (23,238,685 | ) | (67,903,985 | ) | |||||||||||||
| Increase (decrease) in net assets resulting from share transactions | 5,401,271 | 9,085,096 | (13,334,044 | ) | (53,146,204 | ) | ||||||||||||||
| Total increase (decrease) in net assets | 6,355,044 | 8,616,560 | (24,045,260 | ) | (58,480,023 | ) | ||||||||||||||
| Net Assets, beginning of year | 25,870,236 | 17,253,676 | 112,878,460 | 171,358,483 | ||||||||||||||||
| Net Assets, end of year | $ | 32,225,280 | $ | 25,870,236 | $ | 88,833,200 | $ | 112,878,460 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 300,000 | 350,000 | 400,000 | 600,000 | ||||||||||||||||
| Shares redeemed | (100,000 | ) | — | (1,000,000 | ) | (2,800,000 | ) | |||||||||||||
| Net increase (decrease) | 200,000 | 350,000 | (600,000 | ) | (2,200,000 | ) | ||||||||||||||
| (a) | Share activity has been adjusted to reflect the 1 for 2 reverse share split which took place on October 26, 2018 (See Note 11). |
See Notes to Financial Statements
| 90 |
|
|
|
Investment Grade
Floating Rate ETF |
J.P. Morgan EM
Local Currency Bond ETF (a) |
Mortgage REIT Income ETF | ||||||||||||||||||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
|||||||||||||||||||||||
| $ | 13,664,047 | $ | 16,691,838 | $ | 282,892,930 | $ | 300,418,671 | $ | 12,365,684 | $ | 10,683,000 | |||||||||||||||||
| (3,594,118 | ) | (1,582,030 | ) | (429,422,888 | ) | (295,066,252 | ) | (10,033,682 | ) | (5,658,405 | ) | |||||||||||||||||
| (9,868,517 | ) | (2,144,191 | ) | (57,775,966 | ) | (340,630,530 | ) | (97,091,800 | ) | 11,882,468 | ||||||||||||||||||
| 201,412 | 12,965,617 | (204,305,924 | ) | (335,278,111 | ) | (94,759,798 | ) | 16,907,063 | ||||||||||||||||||||
| (14,425,000 | ) | (16,008,835 | ) | (70,848,577 | ) | (187,663,587 | ) | (12,368,685 | ) | (10,684,627 | ) | |||||||||||||||||
| — | — | (210,852,975 | ) | (113,204,112 | ) | (2,747,765 | ) | (185,563 | ) | |||||||||||||||||||
| (14,425,000 | ) | (16,008,835 | ) | (281,701,552 | ) | (300,867,699 | ) | (15,116,450 | ) | (10,870,190 | ) | |||||||||||||||||
| 44,286,437 | 379,873,713 | 512,534,822 | 1,498,892,254 | 83,580,336 | 43,069,583 | |||||||||||||||||||||||
| (110,153,612 | ) | (212,522,242 | ) | (2,019,935,636 | ) | (1,175,872,435 | ) | (29,272,023 | ) | (5,967,010 | ) | |||||||||||||||||
| (65,867,175 | ) | 167,351,471 | (1,507,400,814 | ) | 323,019,819 | 54,308,313 | 37,102,573 | |||||||||||||||||||||
| (80,090,763 | ) | 164,308,253 | (1,993,408,290 | ) | (313,125,991 | ) | (55,567,935 | ) | 43,139,446 | |||||||||||||||||||
| 541,507,220 | 377,198,967 | 5,331,912,404 | 5,645,038,395 | 174,871,408 | 131,731,962 | |||||||||||||||||||||||
| $ | 461,416,457 | $ | 541,507,220 | $ | 3,338,504,114 | $ | 5,331,912,404 | $ | 119,303,473 | $ | 174,871,408 | |||||||||||||||||
| 1,750,000 | 15,050,000 | 15,300,000 | 44,600,000 | 4,500,000 | 1,850,000 | |||||||||||||||||||||||
| (4,450,000 | ) | (8,500,000 | ) | (62,600,000 | ) | (33,877,318 | ) | (1,450,000 | ) | (250,000 | ) | |||||||||||||||||
| (2,700,000 | ) | 6,550,000 | (47,300,000 | ) | 10,722,682 | 3,050,000 | 1,600,000 | |||||||||||||||||||||
See Notes to Financial Statements
| 91 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
|
Preferred Securities
ex Financials ETF |
||||||||||
|
Year Ended
April 30, 2020 |
Year Ended
April 30, 2019 |
|||||||||
| Operations: | ||||||||||
| Net investment income | $ | 37,582,809 | $ | 31,486,896 | ||||||
| Net realized loss | (12,134,058 | ) | (15,492,893 | ) | ||||||
| Net change in unrealized appreciation (depreciation) | (43,552,343 | ) | 22,841,710 | |||||||
| Net increase (decrease) in net assets resulting from operations | (18,103,592 | ) | 38,835,713 | |||||||
| Distributions to shareholders: | ||||||||||
| Dividends and Distributions | (38,840,821 | ) | (32,627,855 | ) | ||||||
| Share transactions**: | ||||||||||
| Proceeds from sale of shares | 211,329,479 | 115,390,399 | ||||||||
| Cost of shares redeemed | (49,472,034 | ) | (35,730,391 | ) | ||||||
| Increase in net assets resulting from share transactions | 161,857,445 | 79,660,008 | ||||||||
| Total increase in net assets | 104,913,032 | 85,867,866 | ||||||||
| Net Assets, beginning of year | 584,116,007 | 498,248,141 | ||||||||
| Net Assets, end of year | $ | 689,029,039 | $ | 584,116,007 | ||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||
| Shares sold | 10,600,000 | 6,000,000 | ||||||||
| Shares redeemed | (2,950,000 | ) | (1,950,000 | ) | ||||||
| Net increase | 7,650,000 | 4,050,000 | ||||||||
See Notes to Financial Statements
| 92 |
|
|
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 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
| 93 |
|
|
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 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
| 94 |
|
|
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 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 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. |
See Notes to Financial Statements
| 95 |
|
|
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 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
| 96 |
|
|
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 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 11). Per share data prior to October 26, 2018 has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
| 97 |
|
|
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 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
| 98 |
|
|
VANECK VECTORS ETF TRUST
April 30, 2020
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 (“Investment Grade”) | Non-Diversified | |
| J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | 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 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. 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 |
| 99 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| 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. | Dividends and 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 on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| 100 |
|
|
| 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. | Warrants—The Funds may invest in warrants whose values are linked to indices or underlying instruments. The Funds may use these warrants to gain exposure to markets that might be difficult to invest in through conventional securities. Warrants may be more volatile than their linked indices or underlying instruments. Potential losses are limited to the amount of the original investment. Warrants are obligations of the issuer and are not secured by any collateral. Warrants may be exercised by the Funds during the exercise period. If not exercised prior to the last day of the exercise period, the warrants will be automatically exercised on that day. Warrants held at April 30, 2020, if any, are reflected in the Schedules of Investments. |
| G. | 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 derivative instruments and 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 held in the form of money market fund investments, if any, at April 30, 2020 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). |
| H. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date. 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. |
| 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. | |
| At April 30, 2020, ChinaAMC China Bond included $611 in cash denominated in foreign currency, at value on the Statements of Assets and Liabilities which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
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, 2020, 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, offering costs, and taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below.
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The expense limitations and management fee rates for the year ended April 30, 2020 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 | ||||||
| Green Bond* | 0.20 | 0.35 | ||||||
| International High Yield | 0.40 | 0.40 | ||||||
| Investment Grade | 0.14 | 0.35 | ||||||
| J.P. Morgan EM | 0.30 | 0.27 | ||||||
| Mortgage REIT | 0.40 | 0.40 | ||||||
| Preferred Securities | 0.40 | 0.40 | ||||||
| * | Effective September 1, 2019 the expense limitation for Green Bond was reduced from 0.30% to 0.20% |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At April 30, 2020, the Adviser owned approximately 45%, 8%, and 1% of Emerging Markets Aggregate, Green Bond, and Investment Grade respectively.
Effective November 4, 2019, State Street Bank and Trust Company is the Funds’ custodian, securities lending agent and transfer agent. Prior to November 4, 2019, Bank of New York Mellon provided these services to the Funds.
For the year ended April 30, 2020, there were offsets to custodian fees under an expense offset agreement and these amounts are reflected in custody expense in the Statements of Operations.
Note 4—Capital Share Transactions—As of April 30, 2020, 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”), or multiples thereof, as follows:
| Fund | Creation Units | |||
| BDC Income | 50,000 | |||
| ChinaAMC China Bond | 100,000 | |||
| Emerging Markets Aggregate | 50,000 | |||
| Emerging Markets High Yield | 200,000 | |||
| Fallen Angel | 50,000 | |||
| Green Bond | 50,000 | |||
| International High Yield | 200,000 | |||
| Investment Grade | 50,000 | |||
| J.P. Morgan EM | 100,000 | |||
| Mortgage REIT | 50,000 | |||
| Preferred Securities | 50,000 | |||
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.
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|
Note 5—Investments—For the year ended April 30, 2020, 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 | ||||||||||||
| BDC Income | $ | 48,801,602 | $ | 47,919,691 | $ | 99,708,039 | $ | 47,655,863 | ||||||||
| ChinaAMC China Bond | 883,562 | 1,179,762 | — | — | ||||||||||||
| Emerging Markets Aggregate | 2,658,008 | 1,721,254 | 1,004 | — | ||||||||||||
| Emerging Markets High Yield | 200,921,810 | 85,055,751 | 4,607,789 | 29,195,956 | ||||||||||||
| Fallen Angel | 1,603,420,993 | 890,232,808 | 679,444,336 | 534,724,225 | ||||||||||||
| Green Bond | 31,014,274 | 23,025,712 | 500,629 | 3,156,144 | ||||||||||||
| International High Yield | 48,481,173 | 39,154,900 | 489,826 | 22,976,231 | ||||||||||||
| Investment Grade | 219,229,295 | 202,199,864 | 29,099,767 | 112,533,403 | ||||||||||||
| J.P. Morgan EM | 1,778,312,469 | 2,124,853,812 | 271,993,750 | 1,402,466,235 | ||||||||||||
| Mortgage REIT | 32,192,611 | 29,691,864 | 71,353,752 | 17,049,933 | ||||||||||||
| Preferred Securities | 310,976,575 | 312,108,966 | 210,321,207 | 48,433,135 | ||||||||||||
During the year ended April 30, 2020, certain Funds engaged in purchases and sales of investments with funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These purchase and sale transactions complied with Rule 17a-7 under the Act and aggregated as follows: Emerging Markets High Yield sales of $212,876, Fallen Angel purchases of $119,599, International High Yield sales of $119,599 and J.P. Morgan EM sales of $432,838.
Note 6—Income Taxes—As of April 30, 2020, 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 | $ | 282,652,477 | $ | 3,521,016 | $ | (86,646,095 | ) | $ | (83,125,079 | ) | ||||||
| ChinaAMC China Bond | 4,202,770 | 5,074 | (178,957 | ) | (173,883 | ) | ||||||||||
| Emerging Markets Aggregate | 15,833,292 | 555,907 | (1,503,823 | ) | (947,916 | ) | ||||||||||
| Emerging Markets High Yield | 365,380,750 | 2,037,204 | (49,718,262 | ) | (47,681,058 | ) | ||||||||||
| Fallen Angel | 1,831,259,447 | 30,959,177 | (112,799,845 | ) | (81,840,668 | ) | ||||||||||
| Green Bond | 33,184,488 | 967,597 | (411,682 | ) | 555,915 | |||||||||||
| International High Yield | 104,783,752 | 626,712 | (11,761,382 | ) | (11,134,670 | ) | ||||||||||
| Investment Grade | 479,015,617 | 257,092 | (10,928,357 | ) | (10,671,265 | ) | ||||||||||
| J.P. Morgan EM | 3,788,015,128 | 45,400,236 | (560,855,368 | ) | (515,455,132 | ) | ||||||||||
| Mortgage REIT | 220,586,047 | 5,071,989 | (98,044,806 | ) | (92,972,817 | ) | ||||||||||
| Preferred Securities | 766,805,825 | 7,492,401 | (60,155,706 | ) | (52,663,305 | ) | ||||||||||
At April 30, 2020, 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 | $ | 791,739 | $ | (38,940,307 | ) | $ | — | $ | (16,111 | ) | $ | (83,125,079 | ) | $ | (121,289,758 | ) | ||||||||
| ChinaAMC China Bond | — | (44,899 | ) | (62,994 | ) | (284 | ) | (175,646 | ) | (283,823 | ) | |||||||||||||
| Emerging Markets Aggregate | — | (1,954,579 | ) | (24,288 | ) | (970 | ) | (958,166 | ) | (2,938,003 | ) | |||||||||||||
| Emerging Markets High Yield | 1,650,334 | (47,708,759 | ) | — | (21,370 | ) | (47,681,058 | ) | (93,760,853 | ) | ||||||||||||||
| Fallen Angel | 7,096,605 | (113,867,077 | ) | — | (87,664 | ) | (81,840,666 | ) | (188,698,802 | ) | ||||||||||||||
| Green Bond | — | — | (132,041 | ) | (1,687 | ) | 555,915 | 422,187 | ||||||||||||||||
| International High Yield | — | (8,924,171 | ) | (501,831 | ) | (7,363 | ) | (11,131,112 | ) | (20,564,477 | ) | |||||||||||||
| Investment Grade | 819,230 | (1,191,639 | ) | — | (32,655 | ) | (10,671,265 | ) | (11,076,329 | ) | ||||||||||||||
| J.P. Morgan EM | — | (167,939,331 | ) | (168,495,696 | ) | (306,105 | ) | (520,711,723 | ) | (857,452,855 | ) | |||||||||||||
| Mortgage REIT | — | (46,000,616 | ) | — | (13,223 | ) | (92,972,817 | ) | (138,986,656 | ) | ||||||||||||||
| Preferred Securities | 611,409 | (40,503,072 | ) | — | (2,228,880 | ) | (52,663,305 | ) | (94,783,848 | ) | ||||||||||||||
| * | Post-October losses represent certain ordinary specified and /or capital losses incurred after October 31, 2019. These losses are deemed to arise on the first day of the Funds’ next taxable year. |
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|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The tax character of dividends paid to shareholders was as follows:
| April 30, 2020 | April 30, 2019 | |||||||||||||||
| Fund |
Ordinary
Income |
Return
of Capital |
Ordinary
Income |
Return
of Capital |
||||||||||||
| BDC Income | $ | 21,186,560 | $ | — | $ | 18,917,640 | $ | — | ||||||||
| ChinaAMC China Bond | 156,654 | 18,386 | 75,947 | 75,613 | ||||||||||||
| Emerging Markets Aggregate | 604,973 | 105,837 | 396,164 | 424,256 | ||||||||||||
| Emerging Markets High Yield | 19,713,460 | — | 17,159,220 | — | ||||||||||||
| Fallen Angel | 69,209,400 | — | 57,221,575 | — | ||||||||||||
| Green Bond | 518,700 | 119,670 | 250,504 | 43,266 | ||||||||||||
| International High Yield | 5,231,217 | 396,663 | 6,138,316 | 272,224 | ||||||||||||
| Investment Grade | 14,425,000 | — | 16,008,835 | — | ||||||||||||
| J.P. Morgan EM | 70,848,577 | 210,852,975 | 187,663,587 | 113,204,112 | ||||||||||||
| Mortgage REIT | 12,368,685 | 2,747,765 | 10,684,627 | 185,563 | ||||||||||||
| Preferred Securities | 38,840,820 | — | 32,627,855 | — | ||||||||||||
At April 30, 2020, 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 | |||||||||
| BDC Income | $ | (11,393,066 | ) | $ | (27,547,241 | ) | $ | (38,940,307 | ) | |||
| ChinaAMC China Bond | (26,183 | ) | (18,716 | ) | (44,899 | ) | ||||||
| Emerging Markets Aggregate | (1,617,568 | ) | (337,011 | ) | (1,954,579 | ) | ||||||
| Emerging Markets High Yield | (10,137,637 | ) | (37,571,122 | ) | (47,708,759 | ) | ||||||
| Fallen Angel | (45,845,939 | ) | (68,021,138 | ) | (113,867,077 | ) | ||||||
| International High Yield | (782,218 | ) | (8,141,953 | ) | (8,924,171 | ) | ||||||
| Investment Grade | (584,121 | ) | (607,518 | ) | (1,191,639 | ) | ||||||
| J.P. Morgan EM | (55,911,420 | ) | (112,027,911 | ) | (167,939,331 | ) | ||||||
| Mortgage REIT | (11,073,830 | ) | (34,926,786 | ) | (46,000,616 | ) | ||||||
| Preferred Securities | (10,716,855 | ) | (29,786,217 | ) | (40,503,072 | ) | ||||||
During the year ended April 30, 2020, Green Bond and Preferred Securities utilized $147,348 and $272,082, respectively of their capital loss carryforwards available from prior years.
During the year ended April 30, 2020, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the following 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 | $ | (3,293,734 | ) | $ | 3,293,734 | |||
| Emerging Markets High Yield | 3,283,558 | (3,283,558 | ) | |||||
| Fallen Angel | (15,609,482 | ) | 15,609,482 | |||||
| Green Bond | (486,218 | ) | 486,218 | |||||
| International High Yield | 1,411,098 | (1,411,098 | ) | |||||
| Investment Grade | 2,771,872 | (2,771,872 | ) | |||||
| J.P. Morgan EM | 39,716,795 | (39,716,795 | ) | |||||
| Mortgage REIT | (973,276 | ) | 973,276 | |||||
| Preferred Securities | 5,733,078 | (5,733,078 | ) | |||||
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.
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|
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, 2020, 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”) and Renminbi Qualified Foreign Institutional Investors (“RQFIIs”).
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.
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 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) 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 its shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, such as the Sub-Adviser, and begin collecting WHT, ChinaAMC China Bond could be subject to WHT liability. The impact of any such tax liability on ChinaAMC China Bond’s return could be substantial. ChinaAMC China Bond may also be liable to the Sub-Adviser for any tax that is imposed on the Sub-Adviser by the PRC with respect to its investments.
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, Investment Grade, 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.
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, Investment Grade and J.P. Morgan EM 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.
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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.
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. This may require the Fund to account for the distribution that has been deferred or suspended for tax purposes 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.
Investment Grade, Green Bond, Preferred Securities and International High Yield 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 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.
As a result of certain events the United States and the EU have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Funds.
A recent outbreak of respiratory disease caused by a novel coronavirus, which was first detected in China in December 2019, has subsequently spread internationally and has been declared a pandemic by the World Health Organization. The coronavirus 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, the market and the Funds. 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 expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
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
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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 plus accrued interest on the 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, and 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, 2020 are 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, 2020:
| Fund |
Market Value
of Securities on Loan |
Cash
Collateral |
Non-Cash
Collateral |
Total
Collateral |
||||||||||||
| BDC Income | $ | 43,289,505 | $ | 30,552,143 | $ | 15,398,184 | $ | 45,950,327 | ||||||||
| Emerging Markets Aggregate | 532,095 | 533,661 | 8,850 | 542,511 | ||||||||||||
| Emerging Markets High Yield | 21,642,273 | 18,058,008 | 4,416,112 | 22,474,120 | ||||||||||||
| Fallen Angel | 87,531,587 | 92,476,554 | 1,016,302 | 93,492,856 | ||||||||||||
| Green Bond | 2,000,965 | 1,754,659 | 296,211 | 2,050,870 | ||||||||||||
| International High Yield | 6,920,073 | 6,558,697 | 479,146 | 7,037,843 | ||||||||||||
| Investment Grade | 12,017,753 | 10,221,068 | 2,076,642 | 12,297,710 | ||||||||||||
| Mortgage REIT | 21,796,755 | 8,403,640 | 15,170,664 | 23,574,304 | ||||||||||||
| Preferred Securities | 25,621,546 | 25,140,110 | 1,095,875 | 26,235,985 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2020:
|
Gross Amount of Recognized Liabilities
for Securities
Lending Transactions* in the Statements of Assets and Liabilities |
||||||||||||
| Fund | Corporate Bonds | Equity Securities |
Foreign Government
Obligations |
|||||||||
| BDC Income | $ | — | $ | 30,552,143 | $ | — | ||||||
| Emerging Markets Aggregate | 533,661 | — | — | |||||||||
| Emerging Markets High Yield | 18,058,008 | — | — | |||||||||
| Fallen Angel | 92,476,554 | — | — | |||||||||
| Green Bond | 1,096,429 | — | 658,230 | |||||||||
| International High Yield | 6,558,697 | — | — | |||||||||
| Investment Grade | 10,221,068 | — | — | |||||||||
| Mortgage REIT | — | 8,403,640 | — | |||||||||
| Preferred Securities | — | 25,140,110 | — | |||||||||
| * | Remaining contractual maturity: overnight and continuous |
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|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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 for 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, 2020, the following Funds borrowed under this Facility:
| Fund |
Days
Outstanding |
Average Daily
Loan Balance |
Average
Interest Rate |
|||||||||
| BDC Income | 252 | $ | 540,664 | 3.21 | % | |||||||
| Emerging Markets Aggregate | 3 | 70,142 | 2.95 | |||||||||
| Fallen Angel | 9 | 4,482,852 | 2.97 | |||||||||
| Green Bond | 4 | 785,600 | 3.12 | |||||||||
| International High Yield | 4 | 402,931 | 3.64 | |||||||||
| Investment Grade | 5 | 1,364,473 | 2.97 | |||||||||
| J.P. Morgan EM | 16 | 2,743,137 | 2.88 | |||||||||
| Mortgage REIT | 276 | 1,136,240 | 3.20 | |||||||||
| Preferred Securities | 197 | 2,205,896 | 3.16 | |||||||||
Outstanding loan balances as of April 30, 2020, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split—The Board of Trustees of the Trust 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 early adopted certain provisions of 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. The adoption of certain provisions of the ASU 2018-13 had no material effect on financial statements and related disclosures. Management evaluated the additional requirements, not yet adopted, and they are not expected to have a material impact to the financial statements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.
Effective May 1, 2019, the Funds adopted Accounting Standards Update ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (the “ASU 2017-08”), that shortened the amortization period for certain purchased callable debt securities held at premium to the earliest call date. The new guidance has not changed the accounting for purchased callable debt securities held at a discount. Based on management’s evaluation, the adoption of the ASU 2017-08 had no material effect on the financial statements and related disclosures.
Note 13—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
| 108 |
|
|
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 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 Mortgage REIT Income ETF and VanEck Vectors Preferred Securities ex Financials ETF (collectively referred to as the “Funds”) (eleven of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2020, 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 (eleven of the series constituting VanEck Vectors ETF Trust) at April 30, 2020, 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, 2020 | For each of the two years in the period ended April 30, 2020 | For each of the five years in the period ended April 30, 2020 | |||
| 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 | For the year ended April 30, 2020 | For each of the two years in the period ended April 30, 2020 | For each of the three years in the period ended April 30, 2020 and the period from March 3, 2017 (commencement of operations) through April 30, 2017 | |||
| VanEck Vectors International High Yield Bond ETF | For the year ended April 30, 2020 | For each of the two years in the period ended April 30, 2020 | For each of the five years in the period ended April 30, 2020 | |||
| 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 |
| 109 |
|
|
VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(continued)
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, 2020, 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 29, 2020
| 110 |
|
|
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 2020 income tax purposes will be sent to them in early 2021. 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, 2020 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 |
|||||||||||||||||||||||||
| ChinaAMC China Bond | CBON | 06/07/2019 | $ | 0.096600 | $ | 0.096600 | $ | — | $ | 0.096600 | 100.00 | % | $ | — | |||||||||||||||||||
| 07/08/2019 | 0.047700 | 0.047700 | — | 0.047700 | 100.00 | % | — | ||||||||||||||||||||||||||
| 08/07/2019 | 0.073800 | 0.073800 | — | 0.073800 | 100.00 | % | — | ||||||||||||||||||||||||||
| 09/09/2019 | 0.071500 | 0.071500 | — | 0.071500 | 100.00 | % | — | ||||||||||||||||||||||||||
| 10/07/2019 | 0.091400 | 0.091400 | — | 0.091400 | 100.00 | % | — | ||||||||||||||||||||||||||
| 11/07/2019 | 0.070600 | 0.070600 | — | 0.070600 | 100.00 | % | — | ||||||||||||||||||||||||||
| 12/06/2019 | 0.084800 | 0.084800 | — | 0.084800 | 100.00 | % | — | ||||||||||||||||||||||||||
| 01/06/2020 | 0.070000 | 0.070000 | — | 0.070000 | 100.00 | % | — | ||||||||||||||||||||||||||
| 02/07/2020 | 0.070900 | 0.046355 | — | 0.046355 | 100.00 | % | 0.024545 | ||||||||||||||||||||||||||
| 03/06/2020 | 0.064900 | 0.042430 | — | 0.042430 | 100.00 | % | 0.022470 | ||||||||||||||||||||||||||
| 04/07/2020 | 0.066400 | 0.043410 | — | 0.043410 | 100.00 | % | 0.022990 | ||||||||||||||||||||||||||
| 04/30/2020 | 0.066600 | 0.043545 | — | 0.043545 | 100.00 | % | 0.023055 | ||||||||||||||||||||||||||
| ChinaAMC China Bond Total | $ | 0.875200 | $ | 0.782140 | $ | — | $ | 0.782140 | 100.00 | % | $ | 0.093060 | |||||||||||||||||||||
| Emerging Markets Aggregate | EMAG | 06/07/2019 | $ | 0.093200 | $ | 0.093200 | $ | — | $ | 0.093200 | 100.00 | % | $ | — | |||||||||||||||||||
| 07/08/2019 | 0.077000 | 0.077000 | — | 0.077000 | 100.00 | % | — | ||||||||||||||||||||||||||
| 08/07/2019 | 0.086900 | 0.086900 | — | 0.086900 | 100.00 | % | — | ||||||||||||||||||||||||||
| 09/09/2019 | 0.087600 | 0.087600 | — | 0.087600 | 100.00 | % | — | ||||||||||||||||||||||||||
| 10/07/2019 | 0.084100 | 0.084100 | — | 0.084100 | 100.00 | % | — | ||||||||||||||||||||||||||
| 11/07/2019 | 0.084800 | 0.084800 | — | 0.084800 | 100.00 | % | — | ||||||||||||||||||||||||||
| 12/06/2019 | 0.086200 | 0.086200 | — | 0.086200 | 100.00 | % | — | ||||||||||||||||||||||||||
| 01/06/2020 | 0.088500 | 0.088500 | — | 0.088500 | 100.00 | % | — | ||||||||||||||||||||||||||
| 02/07/2020 | 0.087600 | 0.047114 | 0.003136 | 0.050250 | 100.00 | % | 0.040486 | ||||||||||||||||||||||||||
| 03/06/2020 | 0.082000 | 0.044102 | 0.002935 | 0.047037 | 100.00 | % | 0.037898 | ||||||||||||||||||||||||||
| 04/07/2020 | 0.084900 | 0.045662 | 0.003039 | 0.048701 | 100.00 | % | 0.039238 | ||||||||||||||||||||||||||
| 04/30/2020 | 0.067800 | 0.036465 | 0.002427 | 0.038892 | 100.00 | % | 0.031335 | ||||||||||||||||||||||||||
| Emerging Markets Aggregate Total | $ | 1.010600 | $ | 0.861643 | $ | 0.011537 | $ | 0.873180 | 100.00 | % | $ | 0.148957 | |||||||||||||||||||||
| 111 |
|
|
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 |
|||||||||||||||||||||||||
| Emerging Markets High Yield | HYEM | 05/07/2019 | $ | 0.116800 | $ | 0.116800 | $ | — | $ | 0.116800 | 96.84 | % | $ | — | |||||||||||||||||||
| 06/07/2019 | 0.141500 | 0.141500 | — | 0.141500 | 96.84 | % | — | ||||||||||||||||||||||||||
| 07/08/2019 | 0.118400 | 0.118400 | — | 0.118400 | 96.84 | % | — | ||||||||||||||||||||||||||
| 08/07/2019 | 0.121800 | 0.121800 | — | 0.121800 | 96.84 | % | — | ||||||||||||||||||||||||||
| 09/09/2019 | 0.121300 | 0.121300 | — | 0.121300 | 96.84 | % | — | ||||||||||||||||||||||||||
| 10/07/2019 | 0.121500 | 0.121500 | — | 0.121500 | 96.84 | % | — | ||||||||||||||||||||||||||
| 11/07/2019 | 0.120600 | 0.120600 | — | 0.120600 | 96.84 | % | — | ||||||||||||||||||||||||||
| 12/06/2019 | 0.114900 | 0.114900 | — | 0.114900 | 96.84 | % | — | ||||||||||||||||||||||||||
| 01/06/2020 | 0.122300 | 0.122300 | — | 0.122300 | 96.84 | % | — | ||||||||||||||||||||||||||
| 02/07/2020 | 0.112000 | 0.112000 | — | 0.112000 | 97.80 | % | — | ||||||||||||||||||||||||||
| 03/06/2020 | 0.109400 | 0.109400 | — | 0.109400 | 97.80 | % | — | ||||||||||||||||||||||||||
| 04/07/2020 | 0.131800 | 0.131800 | — | 0.131800 | 97.80 | % | — | ||||||||||||||||||||||||||
| Emerging Markets High Yield Total | $ | 1.452300 | $ | 1.452300 | $ | — | $ | 1.452300 | 97.07 | % | $ | — | |||||||||||||||||||||
| Green Bond | GRNB | 05/07/2019 | $ | 0.027500 | $ | 0.027500 | $ | — | $ | 0.027500 | 97.29 | % | $ | — | |||||||||||||||||||
| 06/07/2019 | 0.029100 | 0.029100 | — | 0.029100 | 97.29 | % | — | ||||||||||||||||||||||||||
| 07/08/2019 | 0.028200 | 0.028200 | — | 0.028200 | 97.29 | % | — | ||||||||||||||||||||||||||
| 08/07/2019 | 0.027100 | 0.027100 | — | 0.027100 | 97.29 | % | — | ||||||||||||||||||||||||||
| 09/09/2019 | 0.027000 | 0.027000 | — | 0.027000 | 97.29 | % | — | ||||||||||||||||||||||||||
| 10/07/2019 | 0.057500 | 0.057500 | — | 0.057500 | 97.29 | % | — | ||||||||||||||||||||||||||
| 11/07/2019 | 0.059700 | 0.059700 | — | 0.059700 | 97.29 | % | — | ||||||||||||||||||||||||||
| 12/06/2019 | 0.059000 | 0.059000 | — | 0.059000 | 97.29 | % | — | ||||||||||||||||||||||||||
| 01/06/2020 | 0.060800 | 0.060800 | — | 0.060800 | 97.29 | % | — | ||||||||||||||||||||||||||
| 02/07/2020 | 0.056100 | 0.030522 | — | 0.030522 | 97.78 | % | 0.025578 | ||||||||||||||||||||||||||
| 03/06/2020 | 0.051300 | 0.027910 | — | 0.027910 | 97.78 | % | 0.023390 | ||||||||||||||||||||||||||
| 04/07/2020 | 0.058600 | 0.031882 | — | 0.031882 | 97.78 | % | 0.026718 | ||||||||||||||||||||||||||
| 04/30/2020 | 0.057400 | 0.031229 | 0.031229 | 97.78 | % | 0.026171 | |||||||||||||||||||||||||||
| Green Bond Total | $ | 0.599300 | $ | 0.497443 | $ | — | $ | 0.497443 | 97.41 | % | $ | 0.101857 | |||||||||||||||||||||
| International High Yield | IHY | 06/07/2019 | $ | 0.136800 | $ | 0.136800 | $ | — | $ | 0.136800 | 100.00 | % | $ | — | |||||||||||||||||||
| 07/08/2019 | 0.066700 | 0.066700 | — | 0.066700 | 100.00 | % | — | ||||||||||||||||||||||||||
| 08/07/2019 | 0.104600 | 0.104600 | — | 0.104600 | 100.00 | % | — | ||||||||||||||||||||||||||
| 09/09/2019 | 0.108400 | 0.108400 | — | 0.108400 | 100.00 | % | — | ||||||||||||||||||||||||||
| 10/07/2019 | 0.113700 | 0.113700 | — | 0.113700 | 100.00 | % | — | ||||||||||||||||||||||||||
| 11/07/2019 | 0.112200 | 0.112200 | — | 0.112200 | 100.00 | % | — | ||||||||||||||||||||||||||
| 12/06/2019 | 0.097500 | 0.097500 | — | 0.097500 | 100.00 | % | — | ||||||||||||||||||||||||||
| 01/06/2020 | 0.105000 | 0.105000 | — | 0.105000 | 100.00 | % | — | ||||||||||||||||||||||||||
| 02/07/2020 | 0.102400 | 0.080225 | — | 0.080225 | 100.00 | % | 0.022175 | ||||||||||||||||||||||||||
| 03/06/2020 | 0.096600 | 0.075681 | — | 0.075681 | 100.00 | % | 0.020919 | ||||||||||||||||||||||||||
| 04/07/2020 | 0.102500 | 0.080303 | — | 0.080303 | 100.00 | % | 0.022197 | ||||||||||||||||||||||||||
| 04/30/2020 | 0.111200 | 0.087119 | — | 0.087119 | 100.00 | % | 0.024081 | ||||||||||||||||||||||||||
| International High Yield Total | $ | 1.257600 | $ | 1.168228 | $ | — | $ | 1.168228 | 100.00 | % | $ | 0.089372 | |||||||||||||||||||||
| J.P. Morgan EM | EMLC | 06/07/2019 | $ | 0.189600 | $ | 0.063709 | $ | 0.002511 | $ | 0.066220 | 100.00 | % | $ | 0.125891 | |||||||||||||||||||
| 07/08/2019 | 0.170000 | 0.057123 | 0.002251 | 0.059374 | 100.00 | % | 0.112877 | ||||||||||||||||||||||||||
| 08/07/2019 | 0.181500 | 0.060987 | 0.002404 | 0.063391 | 100.00 | % | 0.120513 | ||||||||||||||||||||||||||
| 09/09/2019 | 0.190800 | 0.064112 | 0.002527 | 0.066639 | 100.00 | % | 0.126688 | ||||||||||||||||||||||||||
| 10/07/2019 | 0.184600 | 0.062028 | 0.002445 | 0.064473 | 100.00 | % | 0.122572 | ||||||||||||||||||||||||||
| 11/07/2019 | 0.181200 | 0.060886 | 0.002400 | 0.063286 | 100.00 | % | 0.120314 | ||||||||||||||||||||||||||
| 12/06/2019 | 0.164300 | 0.055207 | 0.002176 | 0.057383 | 100.00 | % | 0.109093 | ||||||||||||||||||||||||||
| 01/06/2020 | 0.159300 | 0.053527 | 0.002110 | 0.055637 | 100.00 | % | 0.105773 | ||||||||||||||||||||||||||
| 02/07/2020 | 0.167200 | — | 0.005799 | 0.005799 | 100.00 | % | 0.167200 | ||||||||||||||||||||||||||
| 03/06/2020 | 0.146600 | — | 0.005084 | 0.005084 | 100.00 | % | 0.146600 | ||||||||||||||||||||||||||
| 04/07/2020 | 0.142700 | — | 0.004949 | 0.004949 | 100.00 | % | 0.142700 | ||||||||||||||||||||||||||
| 04/30/2020 | 0.123000 | — | 0.004266 | 0.004266 | 100.00 | % | 0.123000 | ||||||||||||||||||||||||||
| J.P. Morgan EM Total | $ | 2.000800 | $ | 0.477579 | $ | 0.038922 | $ | 0.516501 | 100.00 | % | $ | 1.523221 | |||||||||||||||||||||
| (a) | To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated. |
| 112 |
|
|
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 2020 income tax purposes will be sent to them in early 2021. Please consult your tax advisor for additional information regarding the treatment of these distributions.
A portion of the distributions paid by 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, 2020. 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 2020 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, 2020. 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 Qualified 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. Proposed regulations issued January 18, 2019 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.
| 113 |
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|
VANECK VECTORS ETF TRUST
TAX INFORMATION
(unaudited) (continued)
| 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 | 07/08/2019 | $ | 0.386100 | $ | — | $ | 0.386100 | 0.59 | % | — | — | |||||||||||||||||||
| 10/07/2019 | 0.367100 | — | 0.367100 | 0.64 | % | — | — | ||||||||||||||||||||||||
| 01/06/2020 | 0.366400 | — | 0.366400 | 0.64 | % | — | — | ||||||||||||||||||||||||
| 04/07/2020 | 0.356200 | — | 0.356200 | 0.79 | %(b) | — | — | ||||||||||||||||||||||||
| BDC Income Total | $ | 1.475800 | $ | — | $ | 1.475800 | 0.66 | %(b) | — | — | |||||||||||||||||||||
| Mortgage REIT | MORT | 07/08/2019 | $ | 0.364800 | $ | 0.053116 | $ | 0.311684 | 2.54 | % | — | 64.75 | % | ||||||||||||||||||
| 10/07/2019 | 0.384600 | 0.055999 | 0.328601 | 2.54 | % | — | 64.75 | % | |||||||||||||||||||||||
| 01/06/2020 | 0.638800 | 0.093011 | 0.545789 | 2.54 | % | — | 64.75 | % | |||||||||||||||||||||||
| 04/07/2020 | 0.368000 | 0.112060 | 0.255940 | 4.83 | %(b) | — | 95.17 | %(b) | |||||||||||||||||||||||
| Mortgage REIT Total | $ | 1.756200 | $ | 0.314186 | $ | 1.442014 | 2.95 | %(b) | — | 70.15 | %(b) | ||||||||||||||||||||
| Preferred Securities | PFXF | 06/07/2019 | $ | 0.095900 | $ | — | $ | 0.095900 | 23.52 | % | 20.66 | % | 20.18 | % | |||||||||||||||||
| 07/08/2019 | 0.107900 | — | 0.107900 | 23.52 | % | 20.66 | % | 20.18 | % | ||||||||||||||||||||||
| 08/07/2019 | 0.065600 | — | 0.065600 | 23.52 | % | 20.66 | % | 20.18 | % | ||||||||||||||||||||||
| 09/09/2019 | 0.096700 | — | 0.096700 | 23.52 | % | 20.66 | % | 20.18 | % | ||||||||||||||||||||||
| 10/07/2019 | 0.104400 | — | 0.104400 | 23.52 | % | 20.66 | % | 20.18 | % | ||||||||||||||||||||||
| 11/07/2019 | 0.078600 | — | 0.078600 | 23.52 | % | 20.66 | % | 20.18 | % | ||||||||||||||||||||||
| 12/06/2019 | 0.079900 | — | 0.079900 | 23.52 | % | 20.66 | % | 20.18 | % | ||||||||||||||||||||||
| 01/06/2020 | 0.152000 | — | 0.152000 | 23.52 | % | 20.66 | % | 20.18 | % | ||||||||||||||||||||||
| 02/07/2020 | 0.049800 | — | 0.049800 | 22.92 | %(b) | 19.56 | %(b) | 6.60 | %(b) | ||||||||||||||||||||||
| 03/06/2020 | 0.098100 | — | 0.098100 | 22.92 | %(b) | 19.56 | %(b) | 6.60 | %(b) | ||||||||||||||||||||||
| 04/07/2020 | 0.085100 | — | 0.085100 | 22.92 | %(b) | 19.56 | %(b) | 6.60 | %(b) | ||||||||||||||||||||||
| Preferred Securities Total | $ | 1.014000 | $ | — | $ | 1.014000 | 23.38 | %(b) | 20.41 | %(b) | 15.54 | %(b) | |||||||||||||||||||
| (b) | Amounts are estimated and subject to change. Shareholders should utilize the information on their 2020 Form 1099s received in 2021. |
| 114 |
|
|
QUALIFIED INTEREST INCOME & QUALIFIED SHORT-TERM CAPITAL GAINS FOR NON-U.S. SHAREHOLDERS
The Funds listed below paid distributions during the taxable year ended April 30, 2020 that were considered to be Qualified Interest Income (“QII”) and Qualified Short-Term Capital Gains (“QSTG”) 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 |
Qualified
Short- term Capital Gains (QSTG) Per Share |
|||||||||||||||||
| Fallen Angel | ANGL | 05/07/2019 | $ | 0.134700 | $ | 0.106833 | 79.31 | % | $ | — | |||||||||||||
| 06/07/2019 | 0.131900 | 0.100652 | 76.31 | % | — | ||||||||||||||||||
| 07/08/2019 | 0.127000 | 0.096890 | 76.29 | % | — | ||||||||||||||||||
| 08/07/2019 | 0.132700 | 0.101239 | 76.29 | % | — | ||||||||||||||||||
| 09/09/2019 | 0.128200 | 0.097806 | 76.29 | % | — | ||||||||||||||||||
| 10/07/2019 | 0.128600 | 0.098111 | 76.29 | % | — | ||||||||||||||||||
| 11/07/2019 | 0.131100 | 0.100018 | 76.29 | % | — | ||||||||||||||||||
| 12/06/2019 | 0.132200 | 0.100857 | 76.29 | % | — | ||||||||||||||||||
| 01/06/2020 | 0.130500 | 0.099560 | 76.29 | % | — | ||||||||||||||||||
| 02/07/2020 | 0.113000 | 0.084208 | 74.52 | % | — | ||||||||||||||||||
| 03/06/2020 | 0.112300 | 0.083686 | 74.52 | % | — | ||||||||||||||||||
| 04/07/2020 | 0.139100 | 0.103658 | 74.52 | % | — | ||||||||||||||||||
| Fallen Angel Total | $ | 1.541300 | $ | 1.173518 | 76.14 | % | $ | — | |||||||||||||||
| Investment Grade | FLTR | 05/07/2019 | $ | 0.066400 | $ | 0.044584 | 67.14 | % | $ | — | |||||||||||||
| 06/07/2019 | 0.074400 | 0.047092 | 63.30 | % | — | ||||||||||||||||||
| 07/08/2019 | 0.065000 | 0.041136 | 63.29 | % | — | ||||||||||||||||||
| 08/07/2019 | 0.065600 | 0.041515 | 63.29 | % | — | ||||||||||||||||||
| 09/09/2019 | 0.064300 | 0.040693 | 63.29 | % | — | ||||||||||||||||||
| 10/07/2019 | 0.060500 | 0.038288 | 63.29 | % | — | ||||||||||||||||||
| 11/07/2019 | 0.058200 | 0.036832 | 63.29 | % | — | ||||||||||||||||||
| 12/06/2019 | 0.052500 | 0.033225 | 63.29 | % | — | ||||||||||||||||||
| 01/06/2020 | 0.053900 | 0.034111 | 63.29 | % | — | ||||||||||||||||||
| 02/07/2020 | 0.052500 | 0.032362 | 61.64 | % | — | ||||||||||||||||||
| 03/06/2020 | 0.048500 | 0.029897 | 61.64 | % | — | ||||||||||||||||||
| 04/07/2020 | 0.051300 | 0.031623 | 61.64 | % | — | ||||||||||||||||||
| Investment Grade Total | $ | 0.713100 | $ | 0.451358 | 63.30 | % | $ | — | |||||||||||||||
| Green Bond | GRNB | 05/07/2019 | $ | 0.027500 | $ | 0.005642 | 20.51 | % | $ | — | |||||||||||||
| 06/07/2019 | 0.029100 | 0.005970 | 20.51 | % | — | ||||||||||||||||||
| 07/08/2019 | 0.028200 | 0.005785 | 20.51 | % | — | ||||||||||||||||||
| 08/07/2019 | 0.027100 | 0.005560 | 20.51 | % | — | ||||||||||||||||||
| 09/09/2019 | 0.027000 | 0.005539 | 20.51 | % | — | ||||||||||||||||||
| 10/07/2019 | 0.057500 | 0.011796 | 20.51 | % | — | ||||||||||||||||||
| 11/07/2019 | 0.059700 | 0.012247 | 20.51 | % | — | ||||||||||||||||||
| 12/06/2019 | 0.059000 | 0.012104 | 20.51 | % | — | ||||||||||||||||||
| 01/06/2020 | 0.060800 | 0.012473 | 20.51 | % | — | ||||||||||||||||||
| 02/07/2020 | 0.030522 | 0.017228 | 56.44 | % | 0.013294 | ||||||||||||||||||
| 03/06/2020 | 0.027910 | 0.015754 | 56.45 | % | 0.012156 | ||||||||||||||||||
| 04/07/2020 | 0.031882 | 0.017996 | 56.45 | % | 0.013886 | ||||||||||||||||||
| 04/30/2020 | 0.031229 | 0.017627 | 56.44 | % | 0.013602 | ||||||||||||||||||
| Green Bond Total | $ | 0.497443 | $ | 0.145721 | 29.29 | % | $ | 0.052938 | |||||||||||||||
| 115 |
|
|
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2020 (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
By Trustee 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. | 55 | Director, Forward Management LLC and Audit Committee Chairman, May 2008 to June 2015; 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 present; President, July 2013 to June 2015, and Board Member of the CFA Society of Stamford, July 2009 to present; 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, CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 55 | Trustee, Eagle Growth and Income Opportunities Fund; Trustee, THL Credit Senior Loan Fund. | |||||
| R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 66 | 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. | 55 | 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 | President and CEO, SmartBrief, LLC (business media company). | 66 | Director, Food and Friends, Inc. | |||||
| 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 | 55 | 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. |
| 116 |
|
|
|
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. | |||
| Henry Glynn, 1983 | Assistant Vice President | Since 2018 | Head of ETF Capital Markets Europe of Van Eck Switzerland AG. Formerly, Member of the Capital Markets team at Vanguard Group. | |||
| 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 | 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. |
| 117 |
|
|
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 December 1, 2018 to December 31, 2019 (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 prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. 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.” Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
| 118 |
|
|
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 and Governance Committees, 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, 2020 and April 30, 2019, were $532,320 and $438,820, 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, 2020 and April 30, 2019, were $276,634 and $361,083, 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. |
| 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, 2020
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, 2020
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |
Date July 8, 2020