VANECK
FALLEN
ANGEL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2025
(unaudited)
Par
(000's)
Value
CORPORATE
BONDS:
97.9%
Australia
:
2.6%
Buckeye
Partners
LP
3.95%,
12/01/26
$
29,151
$
28,682,732
4.12%,
12/01/27
19,425
18,961,397
5.60%,
10/15/44
14,600
12,394,307
5.85%,
11/15/43
19,438
17,298,574
77,337,010
Canada
:
4.8%
Bombardier,
Inc.
144A
7.45%,
05/01/34
24,788
26,848,676
Methanex
Corp.
5.25%,
12/15/29
†
34,000
33,705,771
5.65%,
12/01/44
14,600
11,412,443
Rogers
Communications,
Inc.
144A
5.25%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.59%),
03/15/82
36,437
35,989,434
TransAlta
Corp.
6.50%,
03/15/40
14,615
14,187,974
Wilton
RE
Ltd.
144A
6.00%
(US
Treasury
Yield
Curve
Rate
T
5
Year+5.27%),
10/22/30
(o)
19,465
19,454,645
141,598,943
Germany
:
1.8%
Dresdner
Funding
Trust
I
144A
8.15%,
06/30/31
48,554
53,617,259
Underline
Ireland
:
2.4%
Aptiv
Swiss
Holdings
Ltd.
6.88%
(US
Treasury
Yield
Curve
Rate
T
5
Year+3.38%),
12/15/54
24,300
24,520,935
Perrigo
Finance
Unlimited
Co.
4.90%,
06/15/30
36,425
35,548,775
4.90%,
12/15/44
14,775
11,837,426
71,907,136
Italy
:
3.4%
Telecom
Italia
Capital
SA
6.00%,
09/30/34
24,275
24,118,936
6.38%,
11/15/33
24,250
25,126,856
7.20%,
07/18/36
24,275
25,498,290
7.72%,
06/04/38
24,275
26,204,320
100,948,402
Japan
:
5.6%
Nissan
Motor
Co.
Ltd.
144A
4.34%,
09/17/27
87,453
85,369,011
4.81%,
09/17/30
87,450
80,441,902
165,810,913
United
Kingdom
:
4.7%
Standard
Chartered
PLC
144A
7.01%,
07/30/37
(o)
36,400
37,641,240
Vodafone
Group
PLC
Par
(000’s)
Value
United
Kingdom
(continued)
7.00%
(USD
Swap
Semi
30/360
5
Year+4.87%),
04/04/79
$
97,147
$
101,668,513
139,309,753
United
States
:
72.6%
Advance
Auto
Parts,
Inc.
1.75%,
10/01/27
17,025
15,688,492
3.50%,
03/15/32
†
17,017
14,550,705
3.90%,
04/15/30
†
24,275
22,028,151
5.95%,
03/09/28
†
14,584
14,662,258
Bath
&
Body
Works,
Inc.
6.95%,
03/01/33
13,842
14,252,674
Brandywine
Operating
Partnership
LP
3.95%,
11/15/27
21,875
21,137,589
4.55%,
10/01/29
†
17,019
16,015,256
8.30%,
03/15/28
17,000
18,053,592
Celanese
US
Holdings
LLC
1.40%,
08/05/26
16,725
16,153,008
6.67%,
07/15/27
63,732
65,364,304
6.83%,
07/15/29
31,875
33,135,306
6.85%,
11/15/28
42,499
44,276,733
6.88%,
07/15/32
42,500
44,039,475
7.05%,
11/15/30
42,500
44,300,930
7.20%,
11/15/33
†
42,500
44,406,635
Crane
NXT
Co.
4.20%,
03/15/48
17,038
9,982,673
Crown
Cork
&
Seal
Co.,
Inc.
7.38%,
12/15/26
17,022
17,573,938
Diversified
Healthcare
Trust
4.75%,
02/15/28
24,325
22,541,462
DPL,
Inc.
4.35%,
04/15/29
19,430
18,963,361
Embarq
LLC
8.00%,
06/01/36
†
59,099
29,171,562
Entegris,
Inc.
144A
4.75%,
04/15/29
77,690
76,172,700
Fluor
Corp.
4.25%,
09/15/28
24,659
24,284,383
Frontier
Florida
LLC
6.86%,
02/01/28
14,607
15,247,063
Global
Marine,
Inc.
7.00%,
06/01/28
12,693
11,790,959
HB
Fuller
Co.
4.00%,
02/15/27
14,621
14,361,653
Hudson
Pacific
Properties
LP
3.25%,
01/15/30
19,450
15,561,239
3.95%,
11/01/27
19,425
18,375,846
4.65%,
04/01/29
†
24,300
21,212,469
5.95%,
02/15/28
†
17,000
16,301,125
Huntsman
International
LLC
2.95%,
06/15/31
19,500
16,414,215
4.50%,
05/01/29
36,500
34,713,027
5.70%,
10/15/34
17,000
15,680,776
Kohl's
Corp.
5.12%,
05/01/31
†
24,289
17,618,301
5.55%,
07/17/45
20,750
11,773,135
Lumen
Technologies,
Inc.
VANECK
FALLEN
ANGEL
HIGH
YIELD
BOND
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
United
States
(continued)
7.60%,
09/15/39
†
$
16,950
$
14,534,625
Macy's
Retail
Holdings
LLC
4.30%,
02/15/43
12,150
8,063,374
4.50%,
12/15/34
17,800
14,440,950
5.12%,
01/15/42
12,150
8,540,242
Murphy
Oil
Corp.
5.88%,
12/01/42
†
16,500
13,495,627
Navient
Corp.
5.62%,
08/01/33
†
28,889
26,056,858
Newell
Brands,
Inc.
6.88%,
04/01/36
†
20,396
19,509,782
7.00%,
04/01/46
32,350
27,815,209
Nissan
Motor
Acceptance
Co.
LLC
144A
1.85%,
09/16/26
35,000
33,606,818
2.45%,
09/15/28
12,250
11,078,099
2.75%,
03/09/28
20,992
19,474,074
5.30%,
09/13/27
14,000
13,905,570
5.55%,
09/13/29
10,500
10,247,358
6.95%,
09/15/26
10,550
10,716,489
7.05%,
09/15/28
†
24,500
25,259,868
Nordstrom,
Inc.
4.00%,
03/15/27
17,022
16,737,595
4.25%,
08/01/31
†
20,650
18,099,143
4.38%,
04/01/30
24,300
22,154,743
5.00%,
01/15/44
46,925
31,791,687
6.95%,
03/15/28
14,575
15,028,738
Oceaneering
International,
Inc.
6.00%,
02/01/28
14,580
14,676,782
Prospect
Capital
Corp.
3.36%,
11/15/26
†
14,575
13,986,562
3.44%,
10/15/28
14,575
13,174,707
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
Reg
S
4.62%,
04/16/29
48,635
43,297,902
4.62%,
04/06/31
17,050
14,137,855
Rockies
Express
Pipeline
LLC
144A
4.80%,
05/15/30
17,000
16,370,308
4.95%,
07/15/29
26,730
26,233,856
6.88%,
04/15/40
24,300
24,480,719
7.50%,
07/15/38
12,150
12,510,843
Safeway,
Inc.
7.25%,
02/01/31
12,730
13,700,522
Sealed
Air
Corp.
144A
6.88%,
07/15/33
21,889
23,417,071
Service
Properties
Trust
3.95%,
01/15/28
†
19,450
18,150,756
4.38%,
02/15/30
†
19,450
16,500,071
4.75%,
10/01/26
21,864
21,530,362
4.95%,
02/15/27
19,425
18,972,023
4.95%,
10/01/29
†
20,650
18,183,556
Spirit
AeroSystems,
Inc.
4.60%,
06/15/28
†
34,030
33,507,463
Steelcase,
Inc.
5.12%,
01/18/29
21,892
21,590,648
Tenet
Healthcare
Corp.
Par
(000’s)
Value
United
States
(continued)
6.88%,
11/15/31
$
17,600
$
18,766,349
Toledo
Hospital
4.98%,
11/15/45
13,275
10,803,195
5.33%,
11/15/28
†
15,550
15,578,479
6.01%,
11/15/48
19,435
17,904,494
Topaz
Solar
Farms
LLC
144A
5.75%,
09/30/39
24,190
23,789,217
Transocean,
Inc.
6.80%,
03/15/38
29,600
22,234,336
7.50%,
04/15/31
†
19,225
16,756,766
Travel
+
Leisure
Co.
6.00%,
04/01/27
19,450
19,610,813
United
States
Cellular
Corp.
6.70%,
12/15/33
†
24,375
25,668,094
United
States
Steel
Corp.
6.65%,
06/01/37
13,340
14,018,219
VF
Corp.
2.80%,
04/23/27
24,294
23,216,474
2.95%,
04/23/30
36,450
30,935,337
6.00%,
10/15/33
13,450
12,416,211
6.45%,
11/01/37
13,950
12,377,030
Vornado
Realty
LP
3.40%,
06/01/31
17,025
14,936,356
Walgreens
Boots
Alliance,
Inc.
3.20%,
04/15/30
†
24,275
23,582,143
4.10%,
04/15/50
31,075
26,641,617
4.50%,
11/18/34
†
14,725
14,607,109
4.65%,
06/01/46
14,500
13,932,869
4.80%,
11/18/44
32,017
31,376,660
Warnermedia
Holdings,
Inc.
4.28%,
03/15/32
14,250
11,364,375
Whirlpool
Corp.
2.40%,
05/15/31
14,600
12,233,441
4.50%,
06/01/46
24,300
18,156,530
4.60%,
05/15/50
†
24,300
18,121,018
4.70%,
05/14/32
†
14,575
13,315,398
4.75%,
02/26/29
†
34,000
33,237,958
5.15%,
03/01/43
†
12,146
10,253,713
5.50%,
03/01/33
†
14,575
13,948,202
5.75%,
03/01/34
†
14,575
13,944,050
Xerox
Corp.
4.80%,
03/01/35
12,175
6,349,506
6.75%,
12/15/39
17,038
8,842,040
XPO
CNW,
Inc.
6.70%,
05/01/34
14,575
15,173,887
Yum!
Brands,
Inc.
5.35%,
11/01/43
13,375
12,609,258
6.88%,
11/15/37
†
15,798
17,009,786
2,154,494,780
Total
Corporate
Bonds
(Cost:
$2,913,751,261)
2,905,024,196
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
6.8%
Money
Market
Fund:
6.8%
(Cost:
$201,316,947)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4.25%(a)
201,316,947
$
201,316,947
Total
Investments:
104.7%
(Cost:
$3,115,068,208)
3,106,341,143
Liabilities
in
excess
of
other
assets:
(4.7)%
(139,835,828)
NET
ASSETS:
100.0%
$
2,966,505,315
Definitions:
USD
United
States
Dollar
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$202,107,643.
(o)
Perpetual
Maturity
—
the
date
shown,
if
applicable,
is
the
next
call
date
(a)
Rate
shown
is
7-day
yield
as
of
period
end.
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.
These
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
144A
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended,
or
otherwise
restricted.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
unless
otherwise
noted.
These
securities
have
an
aggregate
value
of
$666,625,157,
or
22.5%
of
net
assets.