SEMI-ANNUAL REPORT

October 31, 2023

(unaudited)

BDC Income ETF	BIZD
China Bond ETF	CBON
Dynamic High Income ETF	INC
Emerging Markets High Yield Bond ETF	HYEM
Fallen Angel High Yield Bond ETF	ANGL
Green Bond ETF	GRNB
IG Floating Rate ETF	FLTR
International High Yield Bond ETF	IHY
J.P. Morgan EM Local Currency Bond ETF	EMLC
Moody’s Analytics^®BBB Corporate Bond ETF	MBBB
Moody’s Analytics^®IG Corporate Bond ETF	MIG
Mortgage REIT Income ETF	MORT
Preferred Securities ex Financials ETF	PFXF


		800.826.2333	vaneck.com

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments
BDC Income ETF	5
China Bond ETF	6
Dynamic High Income ETF	8
Emerging Markets High Yield Bond ETF	10
Fallen Angel High Yield Bond ETF	25
Green Bond ETF	29
IG Floating Rate ETF	38
International High Yield Bond ETF	42
J.P. Morgan EM Local Currency Bond ETF	57
Moody’s Analytics BBB Corporate Bond ETF	64
Moody’s Analytics IG Corporate Bond ETF	68
Mortgage REIT Income ETF	73
Preferred Securities ex Financials ETF	74
Statements of Assets and Liabilities	77
Statements of Operations	81
Statements of Changes in Net Assets	85
Financial Highlights
BDC Income ETF	92
China Bond ETF	93
Dynamic High Income ETF	94
Emerging Markets High Yield Bond ETF	95
Fallen Angel High Yield Bond ETF	96
Green Bond ETF	97
IG Floating Rate ETF	98
International High Yield ETF	99
J.P. Morgan EM Local Currency Bond ETF	100
Moody’s Analytics BBB Corporate Bond ETF	101
Moody’s Analytics IG Corporate Bond ETF	102
Mortgage REIT Income ETF	103
Preferred Securities ex Financials ETF	104
Notes to Financial Statements	105
Approval of Investment Management Agreements	116

Certain information contained in this President’s Letter 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. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

October 31, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways.” The three major forces on markets—monetary policy, government spending and economic growth—were negative or muted coming into the year. This remains my view.

Discussion

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.

There are three things investors continue to face, none of which is particularly positive for financial assets.

1.	*Monetary Policy: Tightening*

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just under of $8 trillion toward the end of October 2023.¹

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

2.	*Fiscal Tightening*

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected. A political expert just commented that the next U.S. President will have to face the country’s big budget deficits in 2025. If this does happen, and I’m more positive on this than most, then I could see the Fed cut rates to offset the contractionary effects of smaller budget deficits. Again, more in 2025 than 2024.

3.	*Global Growth is at Low Levels*

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. Now after the 2022 and 2023 losses, bond investments are now offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.²) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.

This period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.

Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends,³ Episode 113, released on October 13, 2023.

My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin). Timing market moves is almost impossible, but the cycle will eventually turn in favor of these assets and they have rallied since we started discussing this several months ago.

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2023. 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 ETF Trust

November 9, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”⁴Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, October 26, 2023, https://www.federalreserve.gov/releases/h41/20231026/

2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.

3 https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

4 https://www.vaneck.com/us/en/subscribe/

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(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, May 1, 2023 to October 31, 2023.

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2023 - October 31, 2023(a)
BDC Income ETF
Actual	$1,000.00	$1,082.70	0.42%	$2.20
Hypothetical (b)	$1,000.00	$1,023.03	0.42%	$2.14
China Bond ETF
Actual	$1,000.00	$955.80	0.52%	$2.56
Hypothetical (b)	$1,000.00	$1,022.52	0.52%	$2.64
Dynamic High Income ETF
Actual	$1,000.00	$960.90	0.10%	$0.49
Hypothetical (b)	$1,000.00	$1,024.63	0.10%	$0.51
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$1,000.10	0.40%	$2.01
Hypothetical (b)	$1,000.00	$1,023.13	0.40%	$2.03
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$991.70	0.35%	$1.75
Hypothetical (b)	$1,000.00	$1,023.38	0.35%	$1.78
Green Bond ETF
Actual	$1,000.00	$964.60	0.21%	$1.04
Hypothetical (b)	$1,000.00	$1,024.08	0.21%	$1.07
IG Floating Rate ETF
Actual	$1,000.00	$1,037.30	0.14%	$0.72
Hypothetical (b)	$1,000.00	$1,024.43	0.14%	$0.71

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2023 - October 31, 2023(a)
International High Yield Bond ETF
Actual	$1,000.00	$989.00	0.40%	$2.00
Hypothetical (b)	$1,000.00	$1,023.13	0.40%	$2.03
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$974.40	0.30%	$1.49
Hypothetical (b)	$1,000.00	$1,023.63	0.30%	$1.53
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$953.40	0.25%	$1.23
Hypothetical (b)	$1,000.00	$1,023.88	0.25%	$1.27
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$952.40	0.20%	$0.98
Hypothetical (b)	$1,000.00	$1,024.13	0.20%	$1.02
Mortgage REIT Income ETF
Actual	$1,000.00	$945.40	0.43%	$2.10
Hypothetical (b)	$1,000.00	$1,022.97	0.43%	$2.19
Preferred Securities ex Financials ETF
Actual	$1,000.00	$937.70	0.41%	$2.00
Hypothetical (b)	$1,000.00	$1,023.08	0.41%	$2.08


^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2023), 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 the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Financial Services: 100.0%
Ares Capital Corp.		7,612,682	$	144,336,451
Bain Capital Specialty Finance, Inc. †		753,843		11,413,183
Barings BDC, Inc.		1,568,162		13,862,552
BlackRock TCP Capital Corp. †		977,547		10,264,244
Blackstone Secured Lending Fund †		1,212,195		33,177,777
Blue Owl Capital Corp. †		6,340,762		83,951,689
Capital Southwest Corp. †		676,055		14,629,830
Carlyle Secured Lending, Inc. †		859,564		11,690,070
CION Investment Corp. †		923,512		9,124,299
Fidus Investment Corp. †		406,963		7,357,891
FS KKR Capital Corp. †		4,815,429		91,252,380
Gladstone Investment Corp. †		573,574		7,685,892
Goldman Sachs BDC, Inc. †		1,742,800		23,858,932
Golub Capital BDC, Inc. †		2,320,860		33,420,384
Hercules Capital, Inc. †		2,077,486		31,993,284
Main Street Capital Corp. †		820,718		31,293,977
MidCap Financial Investment Corp. †		1,104,251		14,101,285
New Mountain Finance Corp. †		1,434,802		17,762,849
Oaktree Specialty Lending Corp. †		1,304,353		24,782,707

	Number of Shares		Value
Financial Services (continued)
PennantPark Floating Rate Capital Ltd. †		934,282	$	9,389,534
Prospect Capital Corp. †		4,991,096		25,654,233
Sixth Street Specialty Lending, Inc.		1,476,326		28,655,488
SLR Investment Corp. †		784,695		11,142,669
Trinity Capital, Inc. †		709,930		9,747,339
TriplePoint Venture Growth BDC Corp.		599,842		5,674,505
Total Common Stocks (Cost: $738,148,037)				706,223,444

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 12.4%
Money Market Fund: 12.4% (Cost: $87,578,849)
State Street Navigator Securities Lending Government Money Market Portfolio		87,578,849		87,578,849
Total Investments: 112.4% (Cost: $825,726,886)				793,802,293
Liabilities in excess of other assets: (12.4)%				(87,814,144	)
NET ASSETS: 100.0%			$	705,988,149

Footnotes:


†	Security fully or partially on loan. Total market value of securities on loan is $107,950,095.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments		Value
Financials		100.0%		$	706,223,444

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	706,223,444	$	—	$	—	$	706,223,444
Money Market Fund		87,578,849		—		—		87,578,849
Total Investments	$	793,802,293	$	—	$	—	$	793,802,293


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 69.5%
Basic Materials: 4.3%
China Chengtong Holdings Group Ltd. 3.53%, 10/28/26	CNY	10,000		$	1,371,670
Financials: 43.8%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	1,130			153,463
2.96%, 04/17/30	CNY	1,160			159,406
3.63%, 07/19/26	CNY	2,700			378,187
3.74%, 07/12/29	CNY	2,740			392,440
3.75%, 01/25/29	CNY	2,620			374,566
3.79%, 10/26/30	CNY	1,110			160,362
3.85%, 01/06/27	CNY	3,410			483,036
4.39%, 09/08/27	CNY	3,270			474,299
4.65%, 05/11/28	CNY	1,360			200,825
4.98%, 01/12/25	CNY	2,640			370,285
Central Huijin Investment Ltd. 2.87%, 04/20/26	CNY	10,000			1,364,929
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27	CNY	10,000			1,422,743
China Development Bank
2.77%, 10/24/32	CNY	3,810			515,290
3.18%, 04/05/26	CNY	4,850			670,734
3.34%, 07/14/25	CNY	3,830			529,363
3.41%, 06/07/31	CNY	1,640			231,849
3.45%, 09/20/29	CNY	4,800			678,837
3.48%, 01/08/29	CNY	4,460			630,406
3.65%, 05/21/29	CNY	1,950			278,203
3.66%, 03/01/31	CNY	1,170			167,871
3.70%, 10/20/30	CNY	4,150			596,620
4.04%, 04/10/27	CNY	1,760			251,146
4.04%, 07/06/28	CNY	2,720			392,845
China Reform Holdings Corp. Ltd. 2.65%, 09/06/27	CNY	10,000			1,343,491
Cinda Investment Co. Ltd. 4.30%, 12/22/23	CNY	1,000			136,431
Export-Import Bank of China
3.23%, 03/23/30	CNY	2,900			404,627
3.38%, 07/16/31	CNY	1,750			247,000
3.74%, 11/16/30	CNY	2,380			342,828
3.86%, 05/20/29	CNY	2,480			357,054
3.88%, 01/12/36	CNY	1,170			174,379
4.89%, 03/26/28	CNY	1,510			224,730
					14,108,245

	Par (000’s		)	Value
Industrials: 12.8%
China State Railway Group Co. Ltd.
2.76%, 10/14/27	CNY	10,000		$	1,361,982
3.53%, 01/29/26	CNY	10,000			1,388,055
Shandong Hi-Speed Group Co. Ltd. 3.41%, 03/16/26	CNY	10,000			1,372,682
					4,122,719
Real Estate: 0.2%
China Fortune Land Development Co. Ltd.
5.50%, 10/22/22 (d) *∞	CNY	1,000			35,787
7.00%, 03/03/21 (d) *∞	CNY	1,000			34,220
					70,007
Utilities: 8.4%
State Grid Corp. of China 2.88%, 08/30/27	CNY	10,000			1,362,205
State Power Investment Corp. Ltd. 2.82%, 07/04/26	CNY	10,000			1,359,566
					2,721,771
Total Corporate Bonds (Cost: $24,251,685)					22,394,412

GOVERNMENT OBLIGATIONS: 20.2%
China Government Bond
2.68%, 05/21/30	CNY	3,450			469,808
2.69%, 08/12/26	CNY	2,050			281,424
2.77%, 06/24/30	CNY	3,710			508,435
2.85%, 06/04/27	CNY	5,420			748,120
2.86%, 07/16/30	CNY	3,350			462,284
3.01%, 05/13/28	CNY	5,630			783,624
3.02%, 10/22/25	CNY	2,150			297,234
3.02%, 05/27/31	CNY	2,710			379,546
3.03%, 03/11/26	CNY	5,400			748,328
3.25%, 06/06/26	CNY	2,220			310,457
3.27%, 11/19/30	CNY	2,980			424,723
3.28%, 12/03/27	CNY	1,050			148,028
3.29%, 05/23/29	CNY	2,680			379,987
3.74%, 09/22/35	CNY	3,900			585,573
Total Government Obligations (Cost: $7,473,736)					6,527,571
Total Investments: 89.7% (Cost: $31,725,421)					28,921,983
Other assets less liabilities: 10.3%					3,310,241
NET ASSETS: 100.0%				$	32,232,224

Definitions:


CNY	Chinese Yuan

Footnotes:

(d)	Security in default
*	Non-income producing
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

See Notes to Financial Statements

Summary of Investments by Sector	% of Investments			Value
Financials		48.8	%	$	14,108,245
Government		22.6			6,527,571
Industrials		14.3			4,122,719
Utilities		9.4			2,721,771
Basic Materials		4.7			1,371,670
Real Estate		0.2			70,007
		100.0	%	$	28,921,983

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Basic Materials	$	—	$	1,371,670	$	—	$	1,371,670
Financials		—		14,108,245		—		14,108,245
Industrials		—		4,122,719		—		4,122,719
Real Estate		—		—		70,007		70,007
Utilities		—		2,721,771		—		2,721,771
Government Obligations *		—		6,527,571		—		6,527,571
Total Investments	$	—	$	28,851,976	$	70,007	$	28,921,983


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK DYNAMIC HIGH INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
GOVERNMENT OBLIGATIONS: 14.1%
United States Treasury Note
1.12%, 08/15/40		24		$	12,968
1.38%, 11/15/40		42			23,691
1.88%, 02/15/41		21			12,952
2.25%, 05/15/41		62			40,683
2.75%, 08/15/42		18			12,604
Total Government Obligations (Cost: $118,426)					102,898

	Number of Shares
EXCHANGE TRADED FUNDS: 85.8% (a)
VanEck BDC Income ETF ‡		3,996			59,421
VanEck Durable High Dividend ETF ‡		4,155			120,526

	Number of Shares		Value
VanEck Emerging Markets High Yield Bond ETF ‡		2,139	$	37,368
VanEck Energy Income ETF ‡		1,004		65,013
VanEck Fallen Angel High Yield Bond ETF ‡		5,418		144,822
VanEck International High Yield Bond ETF ‡		4,041		78,233
VanEck J.P. Morgan EM Local Currency Bond ETF ‡		1,578		37,399
VanEck Mortgage REIT Income ETF ‡		2,556		25,177
VanEck Preferred Securities ex Financials ETF ‡		3,795		60,113
Total Exchange Traded Funds (Cost: $637,360)				628,072
Total Investments: 99.9% (Cost: $755,786)				730,970
Other assets less liabilities: 0.1%				1,024
NET ASSETS: 100.0%			$	731,994

Footnotes:


(a)	Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector	% of Investments			Value
Exchange Traded Funds		85.9	%	$	628,072
Government		14.1			102,898
		100.0	%	$	730,970

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended October 31, 2023 were as follows:

	Value 4/30/2023		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 10/31/2023		Dividend Income

VanEck BDC Income ETF	$	38,788	$	20,233		$–		$–	$	457*	$	59,420	$	3,362
VanEck Durable High Dividend ETF		87,147		43,288		–		–		(9,909)		120,526		2,289
VanEck Emerging Markets High Yield Bond ETF		26,067		12,820		–		–		(1,519)		37,368		1,147
VanEck Energy Income ETF		41,775		21,167		–		–		2,735#		65,013		810
VanEck Fallen Angel High Yield Bond ETF		100,233		49,647		–		–		(5,057)		144,823		3,715
VanEck International High Yield Bond ETF		54,177		26,778		–		–		(2,722)		78,233		1,811
VanEck J.P. Morgan EM Local Currency Bond ETF		26,447		13,318		–		–		(1,398)^		37,399		–
VanEck Mortgage REIT Income ETF		18,744		9,764		–		–		(2,987)†		25,177		1,258
VanEck Preferred Securities ex Financials ETF		44,300		21,998		–		–		(6,185)		60,113		2,167
	$	437,678	$	219,013		$–		$–	$	(26,585)	$	628,072	$	16,559


*	Includes Return of Capital distribution reclassification of $58.
#	Includes Return of Capital distribution reclassification of $664.
^	Includes Return of Capital distribution reclassification of $968.
†	Includes Return of Capital distribution reclassification of $344.

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Government Obligations *	$	—	$	102,898	$	—	$	102,898
Exchange Traded Funds		628,072		—		—		628,072
Total Investments	$	628,072	$	102,898	$	—	$	730,970


*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 95.4%
Argentina: 3.5%
Agua y Saneamientos Argentinos SA Reg S 7.90%, 05/01/26	$	350		$	259,000
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27		339			288,976
MercadoLibre, Inc.
2.38%, 01/14/26		500			455,289
3.12%, 01/14/31		900			682,223
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25		700			486,152
Pampa Energia SA 144A
7.50%, 01/24/27		800			744,807
9.12%, 04/15/29		375			343,528
Pan American Energy LLC 144A 9.12%, 04/30/27		400			427,394
Telecom Argentina SA 144A 8.00%, 07/18/26		525			494,882
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		600			553,426
YPF Energia Electrica SA 144A 10.00%, 07/25/26		550			500,253
YPF SA 144A
6.95%, 07/21/27		1,025			775,665
7.00%, 09/30/33 (s)		775			584,521
7.00%, 12/15/47		725			462,949
8.50%, 03/23/25		403			376,861
8.50%, 07/28/25		1,450			1,337,214
8.50%, 06/27/29		512			394,741
9.00%, 02/12/26 (s)		923			900,928
9.00%, 06/30/29 (s)		975			861,265
					10,930,074
Armenia: 0.1%
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		425			419,687
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28		300			259,730
Azerbaijan: 1.1%
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26		2,550			2,518,089
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		850			831,062
					3,349,151
Bahrain: 1.0%
GFH Sukuk Ltd. Reg S

	Par (000’s		)	Value
Bahrain (continued)
7.50%, 01/28/25	$	650		$	644,312
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27		650			597,634
Oil and Gas Holding Co. BSCC 144A
7.50%, 10/25/27		1,300			1,310,508
8.38%, 11/07/28		650			676,030
					3,228,484
Bermuda: 0.4%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 (d) *		494			103,702
Digicel International Holdings Ltd. 144A 13.00%, 12/31/25		618			429,422
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		900			793,372
					1,326,496
Brazil: 7.6%
Adecoagro SA 144A 6.00%, 09/21/27		700			649,705
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		450			411,539
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		550			519,494
Atento Luxco 1 SA 144A 8.00%, 02/10/26 (d) *		400			1,020
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		400			326,377
Banco Bradesco SA 144A 3.20%, 01/27/25		425			407,678
Banco BTG Pactual SA 144A
2.75%, 01/11/26		300			276,752
4.50%, 01/10/25 †		625			607,738
Banco Daycoval SA Reg S 4.25%, 12/13/24		300			289,251
Banco do Brasil SA 144A 4.62%, 01/15/25		650			634,719
Banco Votorantim SA 144A 4.38%, 07/29/25		350			334,453
Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,200			760,148
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		375			366,446
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		378			367,053
BRF SA 144A
4.88%, 01/24/30		425			345,778
5.75%, 09/21/50		400			260,908

See Notes to Financial Statements

	Par (000’s		)	Value
Brazil (continued)
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24	$	450		$	449,215
Centrais Eletricas Brasileiras SA 144A
3.62%, 02/04/25		300			286,807
4.62%, 02/04/30		475			401,071
Cosan Luxembourg SA 144A
5.50%, 09/20/29		525			468,461
7.00%, 01/20/27		300			300,214
CSN Inova Ventures 144A 6.75%, 01/28/28		825			755,118
CSN Resources SA 144A 7.62%, 04/17/26		200			198,770
Embraer Netherlands Finance BV 5.40%, 02/01/27 †		275			265,921
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		300			298,970
ERO Copper Corp. 144A 6.50%, 02/15/30		250			211,933
FS Luxembourg Sarl 144A 10.00%, 12/15/25		350			357,573
Globo Comunicacao e Participacoes SA 144A
4.88%, 01/22/30		325			258,128
5.50%, 01/14/32		250			195,966
Itau Unibanco Holding SA 144A 3.25%, 01/24/25		325			313,535
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31		300			277,757
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		450			436,294
Klabin Austria GmbH 144A
3.20%, 01/12/31		275			210,859
5.75%, 04/03/29		425			402,981
7.00%, 04/03/49		478			435,592
MARB BondCo Plc 144A 3.95%, 01/29/31		750			551,135
MV24 Capital BV 144A 6.75%, 06/01/34		609			529,942
Natura Cosmeticos SA 144A 4.12%, 05/03/28 †		300			258,550
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		275			247,493
7.00%, 05/14/26		500			495,747
Nexa Resources SA 144A
5.38%, 05/04/27		425			388,319
6.50%, 01/18/28 †		325			305,427
Petrobras Global Finance BV
5.09%, 01/15/30		300			275,445
5.30%, 01/27/25		275			270,863
5.60%, 01/03/31		475			445,344
5.62%, 05/20/43		175			147,075

	Par (000’s		)	Value
Brazil (continued)
5.75%, 02/01/29	$	225		$	218,371
6.00%, 01/27/28 †		475			468,961
6.75%, 01/27/41		325			297,994
6.75%, 06/03/50		225			200,417
6.85%, 06/05/15		700			591,277
6.88%, 01/20/40		350			327,883
6.90%, 03/19/49		350			316,579
7.25%, 03/17/44 †		390			376,520
7.38%, 01/17/27		350			359,011
8.75%, 05/23/26		175			185,425
Rede D’or Finance Sarl 144A
4.50%, 01/22/30		449			366,497
4.95%, 01/17/28		350			313,065
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		249			258,464
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		263			265,075
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		300			274,377
Simpar Europe SA 144A 5.20%, 01/26/31		450			351,367
Tupy Overseas SA 144A 4.50%, 02/16/31		200			156,155
Ultrapar International SA 144A
5.25%, 10/06/26		300			286,992
5.25%, 06/06/29		150			136,725
Unigel Luxembourg SA 144A 8.75%, 10/01/26		200			71,500
Usiminas International Sarl 144A 5.88%, 07/18/26		450			423,952
XP, Inc. 144A 3.25%, 07/01/26		450			407,929
					23,654,100
British Virgin Islands: 0.3%
New Metro Global Ltd. Reg S
4.50%, 05/02/26		500			86,450
4.62%, 10/15/25		400			91,588
Studio City Co. Ltd. 144A 7.00%, 02/15/27		450			417,514
Wanda Properties Global Co. Ltd. Reg S
11.00%, 01/20/25		350			104,125
11.00%, 02/13/26		350			95,375
					795,052
Canada: 0.7%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		450			416,272
First Quantum Minerals Ltd. 144A 8.62%, 06/01/31		1,675			1,415,964
Frontera Energy Corp. 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Canada (continued)
7.88%, 06/21/28	$	550		$	413,075
					2,245,311
Cayman Islands: 3.2%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		1,150			1,035,242
Banco Bradesco SA 144A 4.38%, 03/18/27		350			330,832
Banco do Brasil SA 144A
3.25%, 09/30/26		450			411,141
4.88%, 01/11/29		275			253,909
Banco do Brasil SA/Cayman 144A 6.25%, 04/18/30 †		500			479,905
CT Trust 144A 5.12%, 02/03/32		1,075			829,011
Dar Al-Arkan Sukuk Co. Ltd. Reg S
7.75%, 02/07/26		500			493,555
8.00%, 02/25/29		800			787,280
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31		550			510,675
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31		500			485,471
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o)		600			592,959
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		750			695,721
Nogaholding Sukuk Ltd. Reg S 6.62%, 05/25/33		950			930,769
Oryx Funding Ltd. 144A 5.80%, 02/03/31		700			648,703
PD Sukuk Ltd. Reg S 8.75%, 09/23/25		400			399,600
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		434			351,075
StoneCo Ltd. 144A 3.95%, 06/16/28		250			196,325
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24		600			575,820
					10,007,993
Chile: 1.1%
Agrosuper SA 144A 4.60%, 01/20/32		625			500,545
CAP SA 144A 3.90%, 04/27/31		450			319,939
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33		436			222,647
Kenbourne Invest SA 144A

	Par (000’s		)	Value
Chile (continued)
6.88%, 11/26/24	$	400		$	302,594
Latam Airlines Group SA 144A
13.38%, 10/15/27		575			615,590
13.38%, 10/15/29		900			970,907
VTR Comunicaciones SpA 144A
4.38%, 04/15/29		600			258,643
5.12%, 01/15/28		500			224,190
VTR Finance NV 144A 6.38%, 07/15/28		400			71,000
					3,486,055
China: 5.7%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25		300			31,197
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)		3,750			3,567,489
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)		700			676,165
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		650			484,575
ChengDu JingKai GuoTou Investment Group Co. Ltd. Reg S 5.30%, 12/07/24		400			391,009
eHi Car Services Ltd. Reg S
7.00%, 09/21/26		550			349,747
7.75%, 11/14/24		400			329,600
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		1,000			916,819
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25		1,000			747,830
Fuqing Investment Management Ltd. Reg S 3.25%, 06/23/25		500			308,750
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 (d) *		200			14,000
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25		550			391,212
Industrial & Commercial Bank of China Ltd. Reg S

See Notes to Financial Statements

	Par (000’s		)	Value
China (continued)
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)	$	7,900		$	7,267,501
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25		400			400,121
New Metro Global Ltd. Reg S 4.80%, 12/15/24		600			189,000
Pingan Real Estate Capital Ltd. Reg S 3.45%, 07/29/26		300			160,492
Powerlong Real Estate Holdings Ltd. Reg S 5.95%, 04/30/25		900			76,500
RKPF Overseas 2019 A Ltd. Reg S 6.00%, 09/04/25		400			194,900
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)		400			84,656
West China Cement Ltd. Reg S 4.95%, 07/08/26		800			558,827
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25		600			588,750
					17,729,140
Colombia: 6.0%
Aris Mining Corp. 144A 6.88%, 08/09/26		450			370,915
Banco de Bogota SA 144A 6.25%, 05/12/26		1,350			1,274,746
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31		400			309,400
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		700			613,208
Canacol Energy Ltd. 144A 5.75%, 11/24/28		600			433,389
Ecopetrol SA
4.12%, 01/16/25		1,075			1,038,960
4.62%, 11/02/31		1,136			853,088
5.38%, 06/26/26		1,300			1,245,756
5.88%, 05/28/45		1,675			1,093,331
5.88%, 11/02/51		950			596,308
6.88%, 04/29/30		1,850			1,667,217
7.38%, 09/18/43		808			643,616
8.62%, 01/19/29		1,000			998,550
8.88%, 01/13/33		1,025			985,052

	Par (000’s		)	Value
Colombia (continued)
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29	$	1,400		$	1,095,830
4.38%, 02/15/31 †		700			518,993
Geopark Ltd. 144A 5.50%, 01/17/27		575			483,663
Grupo Aval Ltd. 144A 4.38%, 02/04/30		1,350			997,438
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		700			656,520
Oleoducto Central SA 144A 4.00%, 07/14/27		550			484,627
Orazul Energy Peru SA 144A 5.62%, 04/28/27		450			408,503
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30		850			671,997
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27		600			542,190
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		601			563,976
					18,547,273
Costa Rica: 0.3%
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43 †		575			448,902
6.75%, 10/07/31		450			421,875
					870,777
Cyprus: 0.3%
MHP Lux SA 144A
6.25%, 09/19/29		450			285,372
6.95%, 04/03/26		650			486,500
					771,872
Czech Republic: 0.2%
Energo-Pro AS 144A 8.50%, 02/04/27		650			619,119
Dominican Republic: 0.1%
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		400			345,476
France: 0.2%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		500			484,988
Georgia: 0.3%
Georgian Railway JSC 144A 4.00%, 06/17/28		575			494,557
Silknet JSC 144A 8.38%, 01/31/27		475			467,875
					962,432
Ghana: 0.4%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26		775			712,764
Tullow Oil Plc 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Ghana (continued)
7.00%, 03/01/25 †	$	775		$	612,482
					1,325,246
Greece: 0.2%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25		675			655,395
Guatemala: 0.5%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		450			408,211
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 †		1,400			1,234,044
					1,642,255
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		275			246,224
Hong Kong: 5.5%
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25		650			60,125
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		750			592,500
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o)		1,050			832,146
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		650			565,098
4.85%, 01/27/28		650			510,111
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)		750			691,837
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o)		900			854,846
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		500			400,336
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		500			430,098
Easy Tactic Ltd. 7.50%, 07/11/27		65			3,711
Fortune Star BVI Ltd. Reg S 5.00%, 05/18/26		550			365,892

	Par (000’s		)	Value
Hong Kong (continued)
5.05%, 01/27/27	$	600		$	366,285
Franshion Brilliant Ltd. Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o)		700			602,071
Li & Fung Ltd. Reg S 5.00%, 08/18/25		200			187,179
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25		1,250			1,182,225
5.25%, 04/26/26		700			640,985
5.38%, 12/04/29		1,450			1,154,281
5.62%, 07/17/27		750			652,933
5.75%, 07/21/28		1,150			977,071
Nanyang Commercial Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o)		800			769,660
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o)		400			391,311
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25		300			173,484
RKPF Overseas 2020 A Ltd. Reg S
5.12%, 07/26/26		750			219,577
5.20%, 01/12/26		600			187,200
Seaspan Corp. 144A 5.50%, 08/01/29		1,000			768,180
Studio City Finance Ltd. 144A
5.00%, 01/15/29 †		1,489			1,070,219
6.00%, 07/15/25		600			565,992
6.50%, 01/15/28		675			551,576
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24		500			481,200
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		550			281,220
Yuexiu REIT MTN Co. Ltd. Reg S 2.65%, 02/02/26		550			464,248
					16,993,597
Hungary: 0.2%
OTP Bank Nyrt Reg S 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33		750			743,231
India: 3.4%
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		650			623,194

See Notes to Financial Statements

	Par (000’s		)	Value
India (continued)
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39	$	438		$	305,084
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		800			760,960
6.45%, 06/04/29		600			546,225
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27		450			396,059
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		550			515,543
5.45%, 10/22/26		400			379,070
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		756			622,301
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		600			514,356
JSW Steel Ltd. 144A
3.95%, 04/05/27		650			561,347
5.05%, 04/05/32		625			482,311
JSW Steel Ltd. Reg S 5.38%, 04/04/25 †		500			485,627
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)		1,375			1,337,430
Periama Holdings LLC Reg S 5.95%, 04/19/26		950			895,764
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 †		800			654,704
Shriram Finance Ltd. 144A 4.15%, 07/18/25		450			426,000
Tata Motors Ltd. Reg S 5.88%, 05/20/25		400			390,256
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)		550			387,200
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 †		600			352,589
					10,636,020
Indonesia: 2.0%
Adaro Indonesia PT 144A 4.25%, 10/31/24		900			872,613
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞		111			902
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		400			379,755
Bukit Makmur Mandiri Utama PT 144A

	Par (000’s		)	Value
Indonesia (continued)
7.75%, 02/10/26 †	$	500		$	435,950
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		675			639,684
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		400			400,000
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		725			721,012
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			416,221
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		750			703,348
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		675			672,975
Nickel Industries Ltd. 144A 11.25%, 10/21/28		500			518,617
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		400			354,972
					6,116,049
Israel: 2.9%
Energian Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33		950			832,437
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25		750			698,176
6.50%, 06/30/27		750			661,564
6.75%, 06/30/30		725			616,654
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36		775			651,976
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		3,300			2,908,488
4.10%, 10/01/46		1,973			1,182,515
6.75%, 03/01/28 †		1,225			1,172,542
7.12%, 01/31/25		400			396,860
					9,121,212
Kuwait: 0.4%
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26		600			518,062
4.50%, 02/23/27		750			637,988
					1,156,050
Luxembourg: 2.4%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		344			310,279
Aegea Finance Sarl 144A
6.75%, 05/20/29		350			320,610
9.00%, 01/20/31		300			299,442
Consolidated Energy Finance SA 144A 5.62%, 10/15/28		700			575,907

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Luxembourg (continued)
Cosan Luxembourg SA 144A 7.50%, 06/27/30	$	200		$	195,365
CSN Resources SA 144A
4.62%, 06/10/31		525			391,759
5.88%, 04/08/32		275			217,734
Energian Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26		825			729,094
5.38%, 03/30/28		825			677,902
5.88%, 03/30/31		775			621,705
FORESEA Holding SA 144A 7.50%, 06/15/30		200			187,000
Hidrovias International Finance SARL 144A 4.95%, 02/08/31		250			192,931
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		1,063			756,901
Minerva Luxembourg SA 144A
4.38%, 03/18/31		750			582,412
8.88%, 09/13/33		600			589,920
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26		375			356,969
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31		174			140,430
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32		300			230,974
					7,377,334
Macao: 0.3%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27		1,000			880,160
Mauritius: 2.6%
Axian Telecom 144A 7.38%, 02/16/27 †		525			468,825
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		561			468,658
CA Magnum Holdings 144A 5.38%, 10/31/26		1,225			1,073,998
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		450			384,602
Diamond II Ltd. 144A 7.95%, 07/28/26		450			437,334
Greenko Power II Ltd. 144A 4.30%, 12/13/28		1,183			995,485
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		975			930,660
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		1,250			1,023,163
India Airport Infra 144A 6.25%, 10/25/25		475			460,339

	Par (000’s		)	Value
Mauritius (continued)
India Clean Energy Holdings 144A 4.50%, 04/18/27	$	550		$	446,531
India Green Power Holdings 144A 4.00%, 02/22/27		550			473,693
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		800			495,042
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o)		575			520,369
					8,178,699
Mexico: 6.8%
Alsea SAB de CV 144A 7.75%, 12/14/26		650			645,832
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31		650			522,903
Braskem Idesa SAPI 144A 6.99%, 02/20/32		1,500			886,669
Cemex SAB de CV 144A 3.88%, 07/11/31		1,425			1,157,744
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)		1,300			1,203,605
5.20%, 09/17/30		925			838,977
5.45%, 11/19/29		975			909,121
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028 (o)		1,300			1,334,301
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31		475			346,066
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 †		450			392,063
Grupo Aeromexico SAB de CV 144A 8.50%, 03/17/27		950			881,888
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26		475			415,245
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		575			484,496
Metalsa Sapi De Cv 144A 3.75%, 05/04/31		450			338,462
Nemak SAB de CV 144A 3.62%, 06/28/31 †		675			499,940
Petroleos Mexicanos
4.25%, 01/15/25		125			119,988
4.50%, 01/23/26		250			224,921
5.35%, 02/12/28		450			363,513
5.50%, 06/27/44		150			80,544
5.62%, 01/23/46		150			79,616
5.95%, 01/28/31		850			608,728
6.35%, 02/12/48		350			193,234

See Notes to Financial Statements

	Par (000’s		)	Value
Mexico (continued)
6.38%, 01/23/45	$	275		$	155,694
6.49%, 01/23/27		350			310,187
6.50%, 03/13/27		875			772,595
6.50%, 01/23/29		250			201,464
6.50%, 06/02/41		375			222,093
6.62%, 06/15/35		625			412,629
6.62%, 06/15/38		125			77,311
6.70%, 02/16/32		1,500			1,106,956
6.75%, 09/21/47		1,225			694,959
6.84%, 01/23/30		500			389,687
6.88%, 10/16/25		200			192,165
6.88%, 08/04/26		550			508,181
6.95%, 01/28/60		850			481,986
7.69%, 01/23/50		1,775			1,097,321
8.75%, 06/02/29		400			354,030
10.00%, 02/07/33		450			398,206
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 †		375			337,438
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28		700			335,754
7.50%, 11/12/25 †		700			508,820
					21,085,332
Morocco: 0.9%
OCP SA 144A
3.75%, 06/23/31		925			730,868
4.50%, 10/22/25		750			719,085
5.12%, 06/23/51		925			596,038
6.88%, 04/25/44		725			596,505
					2,642,496
Netherlands: 1.5%
Coruripe Netherlands BV 144A 10.00%, 02/10/27		250			176,970
Embraer Netherlands Finance BV 144A 7.00%, 07/28/30		500			488,695
Greenko Dutch BV 144A 3.85%, 03/29/26		601			537,743
Greenko Dutch BV Reg S 3.85%, 03/29/26		450			402,469
Petrobras Global Finance BV 5.50%, 06/10/51 †		375			280,681
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27		975			886,459
5.12%, 05/09/29 †		975			851,945
7.88%, 09/15/29		575			567,725
8.12%, 09/15/31 †		475			470,878
					4,663,565
Nigeria: 0.9%
Access Bank Plc 144A 6.12%, 09/21/26		600			502,200
EBN Finance Co. BV 144A 7.12%, 02/16/26		450			389,473
Fidelity Bank Plc 144A

	Par (000’s		)	Value
Nigeria (continued)
7.62%, 10/28/26	$	500		$	439,025
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		450			428,625
SEPLAT Energy Plc 144A 7.75%, 04/01/26		900			762,120
United Bank for Africa Plc 144A 6.75%, 11/19/26		275			237,935
					2,759,378
Oman: 1.6%
Bank Muscat SAOG Reg S 4.75%, 03/17/26		700			669,395
Lamar Funding Ltd. 144A 3.96%, 05/07/25		1,375			1,310,986
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		575			555,986
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		700			657,605
OQ SAOC 144A 5.12%, 05/06/28		950			898,359
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28		825			824,619
					4,916,950
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			283,501
Panama: 0.5%
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)		425			376,644
Banistmo SA 144A 4.25%, 07/31/27		500			438,010
Global Bank Corp. 144A 5.25%, 04/16/29		500			440,903
Multibank, Inc. 144A 7.75%, 02/03/28		400			392,500
					1,648,057
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		400			364,915
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		425			345,436
					710,351
Peru: 2.1%
Auna SAA 144A 6.50%, 11/20/25		450			412,115
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		400			370,388

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Peru (continued)
Camposol SA 144A 6.00%, 02/03/27	$	550		$	324,291
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 †		725			631,966
InRetail Shopping Malls 144A 5.75%, 04/03/28		425			391,975
Minsur SA 144A 4.50%, 10/28/31 †		675			548,806
Peru LNG Srl 144A 5.38%, 03/22/30		1,150			882,090
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,300			871,901
5.62%, 06/19/47		2,500			1,378,964
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		400			327,204
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		550			264,553
					6,404,253
Philippines: 0.1%
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o)		400			363,000
Poland: 0.4%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25		525			481,882
3.88%, 11/15/29		1,000			786,320
					1,268,202
Saudi Arabia: 0.6%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		650			622,315
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		700			692,614
6.88%, 02/26/27		600			574,021
					1,888,950
Singapore: 2.3%
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27 †		600			594,231
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		624			579,677
GLP Pte Ltd. Reg S 3.88%, 06/04/25		1,250			775,000
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		1,300			380,510
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		200			58,629

	Par (000’s		)	Value
Singapore (continued)
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25	$	750		$	720,938
5.95%, 07/29/26		700			646,625
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28		500			462,262
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29		400			393,750
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		725			709,073
Puma International Financing SA 144A 5.00%, 01/24/26		1,000			898,077
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		568			539,949
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		500			453,731
					7,212,452
South Africa: 2.3%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28		1,325			1,202,471
7.12%, 02/11/25		1,600			1,572,477
8.45%, 08/10/28		650			617,417
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		550			483,312
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24		525			513,292
6.50%, 10/13/26		800			784,240
Sasol Financing USA LLC 6.50%, 09/27/28 †		950			841,724
Transnet SOC Ltd. 144A 8.25%, 02/06/28		1,250			1,185,252
					7,200,185
Spain: 0.8%
AES Espana BV 144A 5.70%, 05/04/28		400			352,474
AI Candelaria Spain SA 144A 5.75%, 06/15/33		825			564,123
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		550			522,640
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		675			445,703
International Airport Finance SA 144A 12.00%, 03/15/33		610			586,289
					2,471,229

See Notes to Financial Statements

	Par (000’s		)	Value
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40	$	475		$	411,342
Thailand: 0.7%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		1,625			1,323,233
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		1,000			883,248
					2,206,481
Trinidad and Tobago: 0.7%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29		600			624,300
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		525			481,701
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		325			273,416
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		750			721,275
					2,100,692
Turkey: 6.5%
Akbank TAS 144A
5.12%, 03/31/25		600			579,306
6.80%, 02/06/26 †		625			608,016
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31		650			608,892
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28		775			629,711
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		1,000			877,340
KOC Holding AS 144A 6.50%, 03/11/25		950			938,752
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		498			437,304
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		550			553,673
TC Ziraat Bankasi AS 144A
5.38%, 03/02/26		800			746,544
9.50%, 08/01/26		600			612,015
Turk Telekomunikasyon AS 144A 6.88%, 02/28/25		755			737,250
Turkcell Iletisim Hizmetleri AS 144A

	Par (000’s		)	Value
Turkey (continued)
5.75%, 10/15/25	$	675		$	648,907
5.80%, 04/11/28		575			524,440
Turkiye Ihracat Kredi Bankasi AS 144A
5.75%, 07/06/26		950			888,957
9.00%, 01/28/27		500			500,629
9.38%, 01/31/26		750			763,063
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		1,050			1,025,346
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		350			331,527
6.00%, 01/23/25		550			537,544
9.38%, 10/19/28		400			407,513
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26		825			798,658
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25		925			896,538
5.50%, 10/01/26		675			623,710
6.50%, 01/08/26		925			891,265
9.00%, 10/12/28		1,000			997,500
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		700			655,413
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28		1,000			999,850
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31		575			553,466
9.25%, 10/16/28		700			705,138
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26		300			277,355
					20,355,622
Ukraine: 0.7%
Kernel Holding SA 144A 6.75%, 10/27/27		400			254,416
Metinvest BV 144A
7.65%, 10/01/27		450			288,000
7.75%, 10/17/29		600			358,500
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/28		300			148,425
NPC Ukrenergo 144A 6.88%, 11/09/28		1,100			305,195
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/26		1,100			584,232
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25		400			297,956
					2,236,724

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United Arab Emirates: 2.6%
Alpha Star Holding VII Ltd. Reg S 7.75%, 04/27/26	$	900		$	883,779
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMT USD 6 Year+3.66%), 1/22/2025 (o)		1,050			1,040,343
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)		1,950			1,907,917
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o)		1,250			1,222,001
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		1,250			1,204,525
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)		550			526,360
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29		1,400			1,332,349
					8,117,274
United Kingdom: 2.6%
Allwyn Entertainment Financing UK Plc 144A 7.88%, 04/30/29		850			842,316
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 †		2,100			1,728,038
Bidvest Group UK Plc 144A 3.62%, 09/23/26		975			869,259
Endeavour Mining Plc 144A 5.00%, 10/14/26		575			508,610
IHS Holding Ltd. 144A
5.62%, 11/29/26		675			546,105
6.25%, 11/29/28		625			462,369
Tullow Oil Plc 144A 10.25%, 05/15/26		2,100			1,805,433
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25		1,600			1,165,065
					7,927,195
United States: 5.2%
ABRA Global Finance 144A 11.50%, 03/02/28		500			385,466
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		400			370,924
Azul Secured Finance LLP 144A
10.88%, 05/28/30		350			267,962
11.93%, 08/28/28		500			486,437
Energuate Trust 144A

	Par (000’s)		Value
United States (continued)
5.88%, 05/03/27	$	400	$	359,444
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,000		666,460
Kosmos Energy Ltd. 144A
7.50%, 03/01/28		550		482,207
7.75%, 05/01/27		600		540,030
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27		500		449,802
MGM China Holdings Ltd. 144A
5.25%, 06/18/25		658		626,771
5.88%, 05/15/26 †		1,000		933,700
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		850		772,650
Playtika Holding Corp. 144A 4.25%, 03/15/29		800		646,048
Sasol Financing USA LLC
4.38%, 09/18/26 †		825		724,519
5.50%, 03/18/31		1,075		824,883
Sasol Financing USA LLC 144A 8.75%, 05/03/29		1,275		1,212,423
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28		700		542,616
Stillwater Mining Co. 144A
4.00%, 11/16/26		825		712,429
4.50%, 11/16/29		750		571,472
Wynn Macau Ltd. 144A
5.12%, 12/15/29		1,375		1,080,823
5.50%, 01/15/26		1,325		1,231,939
5.50%, 10/01/27 †		1,000		871,001
5.62%, 08/26/28		1,725		1,448,720
				16,208,726
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		450		419,850
Uzbekistan: 0.7%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400		360,246
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		400		366,600
Uzauto Motors AJ 144A 4.85%, 05/04/26		400		350,520
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		450		427,162
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		850		670,441
				2,174,969

See Notes to Financial Statements

	Par (000’s		)	Value
Zambia: 1.3%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †	$	1,275		$	1,122,000
6.88%, 10/15/27		1,925			1,642,479
7.50%, 04/01/25		1,350			1,268,378
					4,032,857
Total Corporate Bonds (Cost: $351,952,024)					296,814,315

GOVERNMENT OBLIGATIONS: 1.5%
Argentina: 1.1%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		1,200			1,104,510
Provincia de Cordoba 144A
6.88%, 02/01/29		582			424,807
6.99%, 06/01/27 (s)		632			477,312
Provincia de Mendoza 144A 5.75%, 03/19/29 (s)		656			514,778
Provincia de Neuquen 144A 6.75%, 04/27/30 (s)		500			375,000
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		598			476,870
					3,373,277
Turkey: 0.4%
Istanbul Metropolitan Municipality 144A

	Par (000’s		)	Value
Turkey (continued)
6.38%, 12/09/25	$	750		$	702,852
10.75%, 04/12/27		475			485,925
					1,188,777
Ukraine: 0.0%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			238,205
Total Government Obligations (Cost: $5,843,954)					4,800,259
Total Investments Before Collateral for Securities Loaned: 96.9% (Cost: $357,795,978)					301,614,574

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%
Money Market Fund: 5.1% (Cost: $15,921,278)
State Street Navigator Securities Lending Government Money Market Portfolio		15,921,278			15,921,278
Total Investments: 102.0% (Cost: $373,717,256)					317,535,852
Liabilities in excess of other assets: (2.0)%					(6,236,912)
NET ASSETS: 100.0%				$	311,298,940

Definitions:

USD	United States Dollar

Footnotes:

(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
(d)	Security in default
†	Security fully or partially on loan. Total market value of securities on loan is $15,325,318.
(o)	Perpetual Maturity — the date shown is the next call date
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $210,025,352, or 67.5% of net assets.

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		30.9	%	$	93,276,629
Energy		20.4			61,580,152
Industrials		10.5			31,772,095
Basic Materials		10.4			31,418,553
Utilities		9.3			28,167,318
Consumer Cyclicals		4.3			13,057,455
Technology		4.1			12,257,678
Consumer Non-Cyclicals		3.6			10,918,959
Healthcare		3.4			10,181,065
Government		1.6			4,800,259
Real Estate		1.3			3,764,724
Institutions, Associations & Organizations		0.2			419,687
		100.0	%	$	301,614,574

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	10,930,074	$	—	$	10,930,074
Armenia		—		419,687		—		419,687
Austria		—		259,730		—		259,730
Azerbaijan		—		3,349,151		—		3,349,151
Bahrain		—		3,228,484		—		3,228,484
Bermuda		—		1,326,496		—		1,326,496
Brazil		—		23,654,100		—		23,654,100
British Virgin Islands		—		795,052		—		795,052
Canada		—		2,245,311		—		2,245,311
Cayman Islands		—		10,007,993		—		10,007,993
Chile		—		3,486,055		—		3,486,055
China		—		17,729,140		—		17,729,140
Colombia		—		18,547,273		—		18,547,273
Costa Rica		—		870,777		—		870,777
Cyprus		—		771,872		—		771,872
Czech Republic		—		619,119		—		619,119
Dominican Republic		—		345,476		—		345,476
France		—		484,988		—		484,988
Georgia		—		962,432		—		962,432
Ghana		—		1,325,246		—		1,325,246
Greece		—		655,395		—		655,395
Guatemala		—		1,642,255		—		1,642,255
Honduras		—		246,224		—		246,224
Hong Kong		—		16,993,597		—		16,993,597
Hungary		—		743,231		—		743,231
India		—		10,636,020		—		10,636,020
Indonesia		—		6,115,147		902		6,116,049
Israel		—		9,121,212		—		9,121,212
Kuwait		—		1,156,050		—		1,156,050
Luxembourg		—		7,377,334		—		7,377,334
Macao		—		880,160		—		880,160
Mauritius		—		8,178,699		—		8,178,699
Mexico		—		21,085,332		—		21,085,332
Morocco		—		2,642,496		—		2,642,496
Netherlands		—		4,663,565		—		4,663,565
Nigeria		—		2,759,378		—		2,759,378
Oman		—		4,916,950		—		4,916,950
Pakistan		—		283,501		—		283,501
Panama		—		1,648,057		—		1,648,057
Paraguay		—		710,351		—		710,351
Peru		—		6,404,253		—		6,404,253
Philippines		—		363,000		—		363,000
Poland		—		1,268,202		—		1,268,202
Saudi Arabia		—		1,888,950		—		1,888,950
Singapore		—		7,212,452		—		7,212,452
South Africa		—		7,200,185		—		7,200,185
Spain		—		2,471,229		—		2,471,229
Tanzania		—		411,342		—		411,342
Thailand		—		2,206,481		—		2,206,481
Trinidad and Tobago		—		2,100,692		—		2,100,692
Turkey		—		20,355,622		—		20,355,622
Ukraine		—		2,236,724		—		2,236,724
United Arab Emirates		—		8,117,274		—		8,117,274
United Kingdom		—		7,927,195		—		7,927,195
United States		—		16,208,726		—		16,208,726

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Uruguay	$	—	$	419,850	$	—	$	419,850
Uzbekistan		—		2,174,969		—		2,174,969
Zambia		—		4,032,857		—		4,032,857
Government Obligations *		—		4,800,259		—		4,800,259
Money Market Fund		15,921,278		—		—		15,921,278
Total Investments	$	15,921,278	$	301,613,672	$	902	$	317,535,852


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 98.3%
Australia: 2.4%
Buckeye Partners LP
3.95%, 12/01/26	$	20,973		$	19,137,234
4.12%, 12/01/27		14,017			12,193,388
5.60%, 10/15/44		10,537			7,083,498
5.85%, 11/15/43		13,988			9,898,958
Port of Newcastle Investments Financing Pty Ltd. 144A 5.90%, 11/24/31 †		10,545			8,825,743
					57,138,821
Canada: 3.9%
Bombardier, Inc. 144A 7.45%, 05/01/34		17,851			20,037,748
Methanex Corp.
4.25%, 12/01/24		10,501			10,264,596
5.25%, 12/15/29		24,579			21,760,418
5.65%, 12/01/44		10,551			7,806,084
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 †		26,259			23,140,996
TransAlta Corp. 6.50%, 03/15/40		10,643			9,405,336
					92,415,178
Germany: 1.6%
Dresdner Funding Trust I 144A 8.15%, 06/30/31		35,060			36,747,262
Ireland: 3.3%
Perrigo Finance Unlimited Co.
3.90%, 12/15/24		24,578			23,863,771
4.38%, 03/15/26		24,575			23,095,240
4.65%, 06/15/30		26,329			22,016,520
4.90%, 12/15/44 †		10,693			7,315,762
					76,291,293
Italy: 5.1%
Telecom Italia Capital SA
6.00%, 09/30/34		35,060			28,891,680
6.38%, 11/15/33		35,012			29,888,897
7.20%, 07/18/36		35,059			30,348,024
7.72%, 06/04/38		35,049			30,979,110
					120,107,711
United Kingdom: 5.7%
Marks & Spencer Plc 144A 7.12%, 12/01/37		10,519			9,599,251
Rolls-Royce Plc 144A 3.62%, 10/14/25		34,954			32,797,631
Standard Chartered Plc 144A 7.01%, 07/30/37 (o)		26,200			24,109,392
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79		70,020			67,765,489
					134,271,763

	Par (000’s		)	Value
United States: 76.3%
Associated Banc-Corp. 4.25%, 01/15/25	$	8,775		$	8,413,842
Bath & Body Works, Inc. 6.95%, 03/01/33 †		10,877			9,416,520
Brandywine Operating Partnership LP
3.95%, 11/15/27		15,800			13,105,423
4.55%, 10/01/29		12,300			9,425,701
7.80%, 03/15/28 †		12,300			11,096,534
Brightsphere Investment Group, Inc. 4.80%, 07/27/26		9,651			8,772,132
Constellation Insurance, Inc. 144A
6.62%, 05/01/31 †		8,754			7,594,597
6.80%, 01/24/30		14,864			12,734,274
Crane NXT Co. 4.20%, 03/15/48		12,384			7,504,723
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 †		12,363			12,563,281
Delta Air Lines, Inc.
3.75%, 10/28/29		16,629			14,155,436
4.38%, 04/19/28 †		14,390			13,232,756
Diversified Healthcare Trust 4.75%, 02/15/28		17,665			12,831,022
DPL, Inc. 4.35%, 04/15/29		13,989			11,424,131
Embarq Corp. 8.00%, 06/01/36		42,634			23,280,296
EnLink Midstream Partners LP
4.15%, 06/01/25		14,721			14,173,379
5.05%, 04/01/45		15,724			11,289,605
5.45%, 06/01/47		17,465			13,147,652
5.60%, 04/01/44		12,223			9,623,473
Entegris Escrow Corp. 144A 4.75%, 04/15/29		56,189			50,374,511
EQM Midstream Partners LP
4.12%, 12/01/26		17,566			16,312,041
5.50%, 07/15/28		29,809			27,848,509
6.50%, 07/15/48		19,232			16,282,525
First Republic Bank
4.38%, 08/01/46		9,339			35,021
4.62%, 02/13/47		10,345			38,789
FirstEnergy Corp.
1.60%, 01/15/26		10,492			9,460,771
2.05%, 03/01/25		10,537			9,926,976
2.25%, 09/01/30		15,752			12,170,323
2.65%, 03/01/30 †		21,068			17,014,165
3.40%, 03/01/50		29,836			18,077,121
4.15%, 07/15/27		52,436			48,578,095
5.10%, 07/15/47		21,201			17,603,339
7.38%, 11/15/31		16,212			17,501,648
Fluor Corp.
3.50%, 12/15/24		9,318			8,962,530
4.25%, 09/15/28		21,083			19,139,147
Ford Holdings LLC 9.30%, 03/01/30 †		4,873			5,227,365

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
Ford Motor Co.
4.35%, 12/08/26 †	$	24,576		$	23,186,223
4.75%, 01/15/43		32,684			22,744,688
5.29%, 12/08/46		21,341			15,526,406
6.62%, 10/01/28 †		7,290			7,211,596
7.40%, 11/01/46		6,552			6,155,064
7.45%, 07/16/31 †		17,554			17,727,902
Ford Motor Credit Co. LLC
3.81%, 11/02/27		12,344			11,018,186
4.06%, 11/01/24		23,650			23,045,516
4.13%, 08/04/25		22,947			21,894,794
4.27%, 01/09/27		14,784			13,694,252
4.39%, 01/08/26		19,686			18,681,169
4.54%, 08/01/26		12,334			11,612,550
4.69%, 06/09/25		9,867			9,541,056
5.11%, 05/03/29		24,348			22,183,383
Frontier Florida LLC 6.86%, 02/01/28 †		10,619			9,712,272
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26		18,474			16,489,528
Genworth Holdings, Inc. 6.50%, 06/15/34		9,651			8,389,596
Global Marine, Inc. 7.00%, 06/01/28		9,165			7,721,513
HB Fuller Co. 4.00%, 02/15/27		10,529			9,516,531
Hillenbrand, Inc. 5.00%, 09/15/26		13,132			12,610,003
Kohl’s Corp.
4.25%, 07/17/25 †		12,351			11,547,253
4.62%, 05/01/31 †		17,560			12,026,844
5.55%, 07/17/45		14,987			8,708,946
Las Vegas Sands Corp.
2.90%, 06/25/25		17,499			16,442,370
3.50%, 08/18/26		34,962			32,027,482
3.90%, 08/08/29		26,328			22,764,382
Lumen Technologies, Inc. 7.60%, 09/15/39		12,559			3,677,275
Macy’s Retail Holdings LLC
4.30%, 02/15/43		8,773			4,819,974
4.50%, 12/15/34 †		12,873			8,638,942
5.12%, 01/15/42		8,782			5,418,494
Murphy Oil Corp.
5.88%, 12/01/42		11,884			9,143,815
7.05%, 05/01/29		8,730			8,568,369
Navient Corp. 5.62%, 08/01/33		20,940			14,197,775
Newell Brands, Inc.
5.20%, 04/01/26		69,513			65,694,519
6.38%, 04/01/36		14,770			11,612,298
6.50%, 04/01/46		23,399			16,458,098
Nordstrom, Inc.
4.00%, 03/15/27		12,261			10,837,314
4.25%, 08/01/31 †		14,875			10,913,936
4.38%, 04/01/30 †		17,494			13,599,836
5.00%, 01/15/44		33,732			20,311,724
6.95%, 03/15/28 †		10,554			9,944,348

	Par (000’s		)	Value
United States (continued)
Oceaneering International, Inc.
4.65%, 11/15/24	$	8,300		$	8,326,425
6.00%, 02/01/28 †		10,485			9,631,521
Office Properties Income Trust
2.40%, 02/01/27		12,309			6,880,608
2.65%, 06/15/26		10,539			6,939,565
3.45%, 10/15/31		14,064			6,906,830
4.50%, 02/01/25		22,741			19,468,229
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 †		14,008			10,396,738
Qwest Corp. 7.25%, 09/15/25 †		8,764			8,403,171
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S
4.62%, 04/16/29		35,019			26,931,362
4.62%, 04/06/31		12,326			8,703,327
Rockies Express Pipeline LLC 144A
3.60%, 05/15/25		14,042			13,302,617
4.80%, 05/15/30		12,293			10,347,847
4.95%, 07/15/29		19,298			17,028,426
6.88%, 04/15/40		17,499			14,581,718
7.50%, 07/15/38		8,758			8,105,222
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28		17,550			14,972,875
7.50%, 10/15/27		10,547			10,398,341
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25		17,490			18,498,503
Safeway, Inc. 7.25%, 02/01/31		9,259			9,338,535
Seagate HDD Cayman
4.09%, 06/01/29		17,361			14,986,038
4.12%, 01/15/31		9,694			7,718,658
4.75%, 01/01/25		16,852			16,502,217
4.88%, 06/01/27		17,737			16,676,540
5.75%, 12/01/34		17,156			14,538,911
Sealed Air Corp. 144A 6.88%, 07/15/33 †		15,759			14,796,598
Service Properties Trust
3.95%, 01/15/28		14,055			10,521,604
4.38%, 02/15/30		14,028			9,691,312
4.50%, 03/15/25		12,294			11,493,107
4.75%, 10/01/26		15,807			13,454,341
4.95%, 02/15/27		14,050			11,711,106
4.95%, 10/01/29 †		14,935			10,782,154
5.25%, 02/15/26		12,254			10,971,006
Southwestern Energy Co. 5.70%, 01/23/25		13,756			13,603,154
Spirit AeroSystems, Inc.
3.85%, 06/15/26		10,572			9,778,628
4.60%, 06/15/28 †		24,533			19,432,489
Steelcase, Inc. 5.12%, 01/18/29 †		15,856			13,994,870
Tenet Healthcare Corp.

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
6.88%, 11/15/31	$	12,761		$	11,779,697
Toledo Hospital
4.98%, 11/15/45		9,596			5,603,430
5.33%, 11/15/28		11,211			8,618,456
6.01%, 11/15/48		14,017			9,391,390
Topaz Solar Farms LLC 144A 5.75%, 09/30/39		18,969			17,253,335
Transocean, Inc.
6.80%, 03/15/38		21,387			15,285,931
7.50%, 04/15/31 †		13,846			11,200,099
Travel + Leisure Co.
6.00%, 04/01/27		14,083			13,167,605
6.60%, 10/01/25 †		12,339			12,080,208
Under Armour, Inc. 3.25%, 06/15/26		21,006			19,150,927
United States Cellular Corp. 6.70%, 12/15/33 †		19,165			18,206,750
United States Steel Corp. 6.65%, 06/01/37 †		9,657			9,212,496
Valley National Bancorp 3.00% (Term SOFR USD 3 Month+2.36%), 06/15/31 †		10,620			8,498,823
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31 †		20,985			16,085,003

	Par (000’s		)	Value
United States (continued)
Xerox Corp.
4.80%, 03/01/35	$	8,858		$	5,398,617
6.75%, 12/15/39		12,363			8,060,341
XPO CNW, Inc. 6.70%, 05/01/34		10,484			9,708,656
Yum! Brands, Inc.
5.35%, 11/01/43		9,634			8,214,045
6.88%, 11/15/37		11,466			11,331,543
					1,792,415,820
Total Corporate Bonds (Cost: $2,676,554,304)					2,309,387,848

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.4%
Money Market Fund: 3.4% (Cost: $79,671,097)
State Street Navigator Securities Lending Government Money Market Portfolio		79,671,097			79,671,097
Total Investments: 101.7% (Cost: $2,756,225,401)					2,389,058,945
Liabilities in excess of other assets: (1.7)%					(39,407,418)
NET ASSETS: 100.0%				$	2,349,651,527

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $84,090,029.
(o)	Perpetual Maturity — the date shown is the next call date

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 $356,365,199, or 15.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Cyclicals		23.8	%	$	548,900,786
Technology		17.3			398,837,520
Energy		13.1			303,836,918
Financials		12.5			287,684,151
Industrials		9.0			207,433,696
Utilities		7.4			171,161,905
Real Estate		7.2			165,278,545
Healthcare		4.8			111,684,265
Basic Materials		3.7			85,920,004
Consumer Non-Cyclicals		0.8			18,937,786
Communications		0.4			9,712,272
		100.0	%	$	2,309,387,848

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	2,309,387,848	$	—	$	2,309,387,848
Money Market Fund		79,671,097		—		—		79,671,097
Total Investments	$	79,671,097	$	2,309,387,848	$	—	$	2,389,058,945

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 87.5%
Argentina: 0.1%
Genneia SA 144A 8.75%, 09/02/27	$	80		$	76,237
Australia: 1.1%
Bank of China Ltd. Reg S 0.75%, 09/29/24		200			191,444
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32		300			265,290
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42		450			428,120
					884,854
Bermuda: 0.5%
Bacardi Ltd. / Bacardi-Martini BV 144A 5.25%, 01/15/29		200			190,625
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		200			176,305
					366,930
Brazil: 1.7%
Banco BTG Pactual SA 144A 2.75%, 01/11/26		150			138,376
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		200			198,101
FS Luxembourg Sarl 144A 10.00%, 12/15/25		200			204,328
Klabin Austria GmbH 144A 7.00%, 04/03/49		150			136,692
Klabin Finance SA 144A 4.88%, 09/19/27		140			132,461
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		200			182,918
Suzano Austria GmbH 144A 5.75%, 07/14/26		50			48,981
Suzano International Finance BV 5.50%, 01/17/27		375			363,999
					1,405,856
British Virgin Islands: 0.3%
Amipeace Ltd. Reg S 1.75%, 11/09/26		300			270,062
Canada: 1.7%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		100			92,505
Brookfield Finance, Inc. 2.72%, 04/15/31 †		250			193,722

	Par (000’s		)	Value
Canada (continued)
Canadian Imperial Bank of Commerce 0.95%, 10/23/25	$	250		$	226,979
CDP Financial, Inc. Reg S 1.00%, 05/26/26		350			314,129
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		300			226,205
TransAlta Corp. 7.75%, 11/15/29		200			199,205
Tucson Electric Power Co. 1.50%, 08/01/30		150			112,076
					1,364,821
Cayman Islands: 0.8%
DP World Crescent Ltd. Reg S 5.50%, 09/13/33		350			330,567
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31		200			151,799
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25		200			185,187
					667,553
Chile: 0.8%
Colbun SA 144A 3.15%, 01/19/32		150			118,330
Interchile SA 144A 4.50%, 06/30/56		350			254,143
Inversiones CMPC SA 144A 4.38%, 04/04/27		100			93,793
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51		300			174,666
					640,932
China: 3.2%
China Construction Bank Corp. Reg S 1.25%, 08/04/25		200			185,373
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		400			368,418
ICBCIL Finance Co. Ltd. Reg S 6.69% (Term SOFR USD 3 Month+1.31%), 11/20/24		200			200,313
Industrial & Commercial Bank of China Ltd. Reg S 6.39% (SOFR Compound Index+1.04%), 09/16/24		500			501,322
6.47%, 04/25/24		600			600,741
Lenovo Group Ltd. 144A 6.54%, 07/27/32		200			193,833
Midea Investment Development Co. Ltd. Reg S 2.88%, 02/24/27		200			182,775

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
China (continued)
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24	$	200		$	197,129
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		200			194,439
					2,624,343
Colombia: 0.2%
Consorcio Transmantaro SA 144A 4.70%, 04/16/34		150			130,709
Dominican Republic: 0.1%
UEP Penonome II SA 144A 6.50%, 10/01/38		88			66,252
France: 0.9%
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27		300			264,877
Electricite de France SA 144A 3.62%, 10/13/25		450			432,593
					697,470
Georgia: 0.1%
Georgian Railway JSC 144A 4.00%, 06/17/28		100			86,010
Germany: 2.5%
Bank of China Ltd. Reg S 3.12%, 06/16/25		200			192,319
Kreditanstalt fuer Wiederaufbau
0.75%, 09/30/30		550			415,341
1.00%, 10/01/26		950			849,541
1.75%, 09/14/29		500			420,269
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25		188			179,168
					2,056,638
Hong Kong: 3.0%
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25		300			286,059
Airport Authority Reg S 1.75%, 01/12/27		300			268,328
China Development Bank Reg S 0.62%, 09/09/24		200			191,413
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		200			172,039
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26		200			181,169
Industrial & Commercial Bank of China Ltd. Reg S 2.95%, 06/01/25		200			192,020
Industrial Bank Co. Ltd. Reg S
0.88%, 06/10/24		200			194,020
3.25%, 05/18/25		200			193,343

	Par (000’s		)	Value
Hong Kong (continued)
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26	$	200		$	186,053
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		200			184,123
MTR Corp. Ltd. Reg S 1.62%, 08/19/30		400			312,326
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		200			102,262
					2,463,155
Hungary: 0.3%
MVM Energetika Zrt Reg S 7.50%, 06/09/28		200			200,363
India: 2.2%
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		250			232,580
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24		200			191,752
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39		175			122,033
India Green Energy Holdings 144A 5.38%, 04/29/24		150			147,140
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32		100			82,100
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27		200			184,720
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		168			138,289
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27		200			182,502
REC Ltd. 144A 5.62%, 04/11/28		200			194,615
REC Ltd. Reg S 3.88%, 07/07/27		200			183,923
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		200			163,676
					1,823,330
Indonesia: 0.7%
Pertamina Geothermal Energy PT 144A 5.15%, 04/27/28		200			193,108
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Indonesia (continued)
4.85%, 10/14/38	$	400		$	330,984
					524,092
Ireland: 0.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27		200			189,251
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26		350			347,083
					536,334
Japan: 3.6%
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		200			180,765
Honda Motor Co. Ltd.
2.27%, 03/10/25		200			191,235
2.97%, 03/10/32 †		600			494,193
Japan Bank for International Cooperation 1.62%, 01/20/27		200			178,746
Marubeni Corp. Reg S 1.58%, 09/17/26		200			177,704
Norinchukin Bank 144A
1.28%, 09/22/26		400			351,474
2.08%, 09/22/31		150			113,519
NTT Finance Corp. 144A
4.24%, 07/25/25		200			195,029
4.37%, 07/27/27		250			238,981
Renesas Electronics Corp. 144A 1.54%, 11/26/24		150			142,180
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29		200			166,727
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26		375			338,200
Toyota Motor Credit Corp. 2.15%, 02/13/30		200			162,268
					2,931,021
Luxembourg: 1.9%
European Investment Bank
1.62%, 05/13/31		500			396,552
3.75%, 02/14/33 †		1,300			1,179,256
					1,575,808
Macao: 1.0%
Bank of China Ltd. Reg S 6.12% (SOFR Compound Index+0.78%), 04/28/25		600			601,462
China Construction Bank Corp. Reg S 5.84% (SOFR Compound Index+0.50%), 12/21/24		200			199,727
					801,189

	Par (000’s		)	Value
Mauritius: 0.8%
Diamond II Ltd. 144A 7.95%, 07/28/26	$	100		$	97,185
Greenko Power II Ltd. 144A 4.30%, 12/13/28		93			78,077
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		200			190,905
India Cleantech Energy 144A 4.70%, 08/10/26		133			115,932
India Green Power Holdings 144A 4.00%, 02/22/27		200			172,252
					654,351
Mexico: 0.2%
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		250			182,504
Netherlands: 4.2%
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29		350			284,571
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26		350			318,073
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27		250			221,615
Greenko Dutch BV 144A 3.85%, 03/29/26		463			413,649
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26		450			413,338
4.62%, 01/06/26		300			290,556
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24		200			198,253
Nederlandse Waterschapsbank NV 144A
1.00%, 05/28/30		100			77,086
2.38%, 03/24/26		350			327,940
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/31		550			420,244
3.40%, 05/01/30		300			251,773
5.00%, 01/15/33		200			178,403
					3,395,501
Norway: 0.6%
Kommunalbanken AS 144A
0.50%, 10/21/24		200			190,335
2.12%, 02/11/25		325			311,272
					501,607

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31	$	200		$	87,231
Portugal: 0.4%
EDP Finance BV 144A 1.71%, 01/24/28		400			335,740
Qatar: 0.2%
QNB Finance Ltd. Reg S 1.62%, 09/22/25		200			183,571
Saudi Arabia: 0.5%
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		500			413,382
Singapore: 1.4%
Bank of China Ltd. Reg S 0.80%, 04/28/24		200			195,109
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		178			165,622
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		300			277,125
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24		450			430,150
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		81			77,136
					1,145,142
South Africa: 0.2%
Bank of China Ltd. Reg S 1.88%, 02/16/25		200			190,920
South Korea: 5.5%
Export-Import Bank of Korea
2.12%, 01/18/32		550			422,933
5.12%, 01/11/33		200			191,906
Export-Import Bank of Korea 144A 1.75%, 10/19/28		250			210,016
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26		300			269,256
Kia Corp. 144A
1.75%, 10/16/26		200			177,598
2.38%, 02/14/25 †		200			191,079
Korea Development Bank 0.40%, 06/19/24		350			338,362
Korea East-West Power Co. Ltd. 144A 3.60%, 05/06/25		200			193,709
Korea Electric Power Corp. 144A
2.50%, 06/24/24		350			342,445
3.62%, 06/14/25		200			193,498

	Par (000’s		)	Value
South Korea (continued)
Korea Hydro & Nuclear Power Co. Ltd. 144A 5.00%, 07/18/28	$	200		$	194,608
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25		200			191,029
Korea Water Resources Corp. Reg S 3.50%, 04/27/25		200			193,747
LG Chem Ltd. 144A
1.38%, 07/07/26		200			177,774
2.38%, 07/07/31		225			172,037
3.25%, 10/15/24		250			243,578
3.62%, 04/15/29		50			44,836
LG Energy Solution Ltd. 144A 5.62%, 09/25/26		200			198,362
SK Hynix, Inc. 144A
2.38%, 01/19/31		250			183,666
6.50%, 01/17/33		200			190,492
SK On Co. Ltd. Reg S 5.38%, 05/11/26		200			198,149
					4,519,080
Spain: 0.7%
Avangrid, Inc.
3.20%, 04/15/25		381			364,758
3.80%, 06/01/29		250			219,873
					584,631
Supranational: 4.4%
European Bank for Reconstruction & Development
1.50%, 02/13/25		100			95,132
1.62%, 09/27/24		500			482,595
European Investment Bank
0.75%, 09/23/30		600			453,658
1.62%, 10/09/29 †		380			316,848
2.12%, 04/13/26 †		300			280,123
2.38%, 05/24/27		650			596,906
European Investment Bank 144A 2.88%, 06/13/25		750			722,305
International Bank for Reconstruction & Development
2.12%, 03/03/25		280			268,246
3.12%, 11/20/25		75			72,066
International Finance Corp. 2.12%, 04/07/26		344			320,935
					3,608,814
Sweden: 0.8%
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24		350			338,458
Swedbank AB 144A 1.54%, 11/16/26		350			307,886
					646,344

See Notes to Financial Statements

	Par (000’s		)	Value
Turkey: 0.2%
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	$	200		$	175,468
United Arab Emirates: 1.3%
Industrial & Commercial Bank of China Ltd. Reg S 6.27% (SOFR Compound Index+0.93%), 01/19/26		400			402,360
MAF Sukuk Ltd. Reg S
3.93%, 02/28/30		200			176,053
4.64%, 05/14/29		200			185,400
Masdar Abu Dhabi Future Energy Co. Reg S 4.88%, 07/25/33		200			182,980
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49		194			144,667
					1,091,460
United Kingdom: 2.1%
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28		200			172,966
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32		150			109,279
China Construction Bank Corp. Reg S 3.12%, 05/17/25		350			337,580
China Merchants Bank Co. Ltd. Reg S 5.99% (SOFR Compound Index+0.65%), 06/13/26		200			200,380
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		300			230,005
Shanghai Pudong Development Bank Co. Ltd./London Reg S 3.25%, 07/14/25		200			192,600
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		200			182,915
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31		400			322,327
					1,748,052
United States: 36.5%
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		200			185,462
AES Corp.
1.38%, 01/15/26		350			311,174
2.45%, 01/15/31		505			379,748
Alexandria Real Estate Equities, Inc.
2.00%, 05/18/32		350			246,464
2.95%, 03/15/34		250			182,405

	Par (000’s		)	Value
United States (continued)
3.80%, 04/15/26	$	100		$	95,229
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46		388			338,948
Amgen, Inc. 3.00%, 02/22/29 †		250			219,622
Apple, Inc. 3.00%, 06/20/27		300			278,428
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A
3.25%, 09/01/28		200			163,124
4.00%, 09/01/29 †		200			150,275
Arizona Public Service Co. 2.65%, 09/15/50		200			102,421
AvalonBay Communities, Inc.
1.90%, 12/01/28		100			83,625
2.05%, 01/15/32		250			188,831
Bank of America Corp. 2.46% (Term SOFR USD 3 Month+1.13%), 10/22/25		650			624,891
Bank of China Ltd. Reg S 4.62%, 06/26/26		300			294,467
Boston Properties LP
2.45%, 10/01/33		400			260,178
3.40%, 06/21/29 †		225			182,226
4.50%, 12/01/28		575			506,011
6.50%, 01/15/34 †		400			365,489
Clearway Energy Operating LLC 144A
3.75%, 02/15/31		400			312,363
4.75%, 03/15/28		275			245,750
Comcast Corp. 4.65%, 02/15/33		300			271,619
Dana, Inc. 4.25%, 09/01/30		200			158,560
Deutsche Bank AG 1.69%, 03/19/26		300			270,512
Dominion Energy, Inc. 2.25%, 08/15/31		350			261,166
DTE Electric Co.
1.90%, 04/01/28		150			128,753
3.25%, 04/01/51		200			121,146
3.95%, 03/01/49		290			203,889
Duke Energy Carolinas LLC 3.95%, 11/15/28		350			323,935
Duke Energy Progress LLC 3.45%, 03/15/29 †		300			268,637
Equinix, Inc.
1.00%, 09/15/25		300			273,271
2.50%, 05/15/31		350			267,378
3.90%, 04/15/32		350			291,459
ERP Operating LP 4.15%, 12/01/28		200			184,985
Evergy Kansas Central, Inc. 2.55%, 07/01/26		100			92,511
Fannie Mae-Aces

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
1.44%, 10/25/29	$	300		$	238,644
2.44%, 10/25/29		37			31,629
2.52%, 08/25/29		236			203,469
2.62%, 07/25/24		111			108,449
2.82%, 02/25/27		205			190,813
2.94%, 06/25/29		8			7,540
3.00%, 01/25/28		379			346,007
3.06%, 09/25/27		248			229,825
3.13%, 03/25/28		206			187,989
3.17%, 03/25/28		380			349,189
3.17%, 02/25/30		321			284,594
3.20%, 11/25/27		13			11,812
3.41%, 06/25/28		317			292,848
3.67%, 09/25/28		493			456,355
3.87%, 09/25/30		90			81,377
Federal Realty OP LP 1.25%, 02/15/26 †		100			89,863
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27		200			170,522
Ford Motor Co.
3.25%, 02/12/32		1,150			868,864
6.10%, 08/19/32 †		250			231,426
Freddie Mac Multifamily Structured Pass Through Certificates
1.30%, 06/25/30		30			23,049
1.49%, 11/25/30		200			153,127
2.88%, 04/25/26		285			269,282
General Motors Co.
5.40%, 10/15/29 †		150			140,905
5.60%, 10/15/32 †		550			502,429
Hanwha Q Cells Americas Holdings Corp. 144A 5.00%, 07/27/28		200			193,198
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 †		150			145,915
Healthpeak OP LLC
1.35%, 02/01/27		200			172,378
2.12%, 12/01/28		100			82,490
Host Hotels & Resorts LP
2.90%, 12/15/31		250			186,983
3.38%, 12/15/29		100			82,449
Hyundai Capital America 144A 5.80%, 06/26/25		200			198,884
Interstate Power & Light Co.
3.50%, 09/30/49		150			93,684
4.10%, 09/26/28		350			324,405
Jabil, Inc. 4.25%, 05/15/27		200			187,749
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		200			152,013
JPMorgan Chase & Co.

	Par (000’s		)	Value
United States (continued)
0.77% (SOFR+0.49%), 08/09/25	$	450		$	429,934
Kaiser Foundation Hospitals
2.81%, 06/01/41		500			321,743
3.15%, 05/01/27		80			74,178
Kilroy Realty LP
2.50%, 11/15/32		50			33,133
2.65%, 11/15/33		150			98,163
4.75%, 12/15/28		100			88,100
Massachusetts Institute of Technology 3.96%, 07/01/38		200			166,435
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25		300			276,823
MidAmerican Energy Co.
2.70%, 08/01/52		200			107,401
3.10%, 05/01/27		425			390,222
3.15%, 04/15/50		200			119,970
3.65%, 04/15/29		150			135,325
3.65%, 08/01/48		400			270,874
3.95%, 08/01/47		125			89,058
4.25%, 07/15/49		275			203,408
5.35%, 01/15/34		200			192,429
New York State Electric & Gas Corp. 144A
2.15%, 10/01/31		200			147,152
5.85%, 08/15/33		200			192,289
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28		425			354,885
Northern States Power Co.
2.25%, 04/01/31		150			117,986
2.60%, 06/01/51		250			133,107
2.90%, 03/01/50		250			144,095
3.20%, 04/01/52		200			119,790
NSTAR Electric Co. 3.25%, 05/15/29		225			199,292
Oncor Electric Delivery Co. LLC 4.15%, 06/01/32		100			88,317
Owens Corning 3.95%, 08/15/29		125			110,920
PacifiCorp
2.90%, 06/15/52		200			104,402
5.35%, 12/01/53		200			159,293
5.50%, 05/15/54		450			367,008
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		250			218,171
PepsiCo, Inc.
2.88%, 10/15/49 †		250			152,144
3.90%, 07/18/32		500			443,409
PG&E Recovery Funding LLC 5.54%, 07/15/47		350			317,859
Piedmont Operating Partnership LP

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
3.15%, 08/15/30	$	150		$	104,673
PNC Financial Services Group, Inc. 2.20%, 11/01/24		160			153,863
4.76% (SOFR Compound Index+1.08%), 01/26/27		400			385,044
Prologis LP
1.25%, 10/15/30		275			201,261
1.75%, 02/01/31		200			149,653
Public Service Co. of Colorado
3.20%, 03/01/50		250			148,020
3.70%, 06/15/28		200			182,777
4.10%, 06/15/48		110			76,653
Public Service Co. of Oklahoma
2.20%, 08/15/31		300			226,037
3.15%, 08/15/51		150			85,172
Public Service Electric and Gas Co.
3.10%, 03/15/32		250			204,811
4.65%, 03/15/33		200			182,357
San Diego Gas & Electric Co. 4.95%, 08/15/28		100			96,463
SCE Recovery Funding LLC
4.70%, 06/15/40		150			136,335
5.11%, 12/15/47		200			170,596
Seattle Children’s Hospital 2.72%, 10/01/50		150			83,663
SK Battery America, Inc. Reg S 1.62%, 01/26/24		250			247,034
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41		600			456,433
Sonoco Products Co. 2.85%, 02/01/32 †		400			310,972
Southern Power Co. 4.15%, 12/01/25		350			338,032
Southwestern Public Service Co. 3.15%, 05/01/50		250			144,553
Sunnova Energy Corp. 144A 5.88%, 09/01/26		100			81,090
Tennessee Valley Authority 1.50%, 09/15/31		200			151,388
Toyota Auto Receivables Owner 0.26%, 11/17/25		101			98,512
UDR, Inc. 1.90%, 03/15/33		175			119,266
Union Electric Co. 2.62%, 03/15/51		275			146,339
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		200			190,420
Verizon Communications, Inc.

	Par (000’s		)	Value
United States (continued)
1.50%, 09/18/30	$	300		$	224,418
2.85%, 09/03/41		800			494,400
3.88%, 02/08/29		200			181,636
3.88%, 03/01/52		550			367,136
Vornado Realty LP 3.40%, 06/01/31		150			104,664
Welltower OP LLC
2.70%, 02/15/27		250			225,889
3.85%, 06/15/32		100			83,051
Wisconsin Electric Power Co. 4.75%, 09/30/32 †		250			230,339
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			148,722
ZF North America Capital, Inc. 144A
6.88%, 04/14/28		200			194,031
7.12%, 04/14/30		200			194,260
					29,812,385
Total Corporate Bonds (Cost: $81,996,617)					71,470,142

GOVERNMENT OBLIGATIONS: 10.6%
Cayman Islands: 2.8%
Gaci First Investment Co. Reg S
4.75%, 02/14/30		200			188,225
4.88%, 02/14/35		300			265,424
5.00%, 10/13/27		600			583,048
5.12%, 02/14/53		250			193,438
5.25%, 10/13/32		850			809,094
5.38%, 10/13/22		300			232,035
					2,271,264
Chile: 1.0%
Chile Government International Bond
2.55%, 01/27/32		350			276,232
3.50%, 01/25/50		850			539,760
					815,992
Egypt: 0.0%
Egypt Government International Bond 144A 5.25%, 10/06/25		50			38,042
Hong Kong: 3.3%
Hong Kong Government International Bond 144A
0.62%, 02/02/26		200			181,298
1.38%, 02/02/31		400			310,994
2.38%, 02/02/51		200			113,142
4.00%, 06/07/28		200			192,445
4.00%, 06/07/33		700			643,569
4.50%, 01/11/28		650			639,955
4.62%, 01/11/33		300			290,566
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			312,027
					2,683,996

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Indonesia: 1.3%
Perusahaan Penerbit SBSN Indonesia III 144A
2.30%, 06/23/25	$	150		$	141,783
3.55%, 06/09/51		275			179,173
3.90%, 08/20/24		250			246,887
4.70%, 06/06/32		500			464,025
					1,031,868
Israel: 0.7%
Israel Government International Bond 4.50%, 01/17/33		600			529,312
Japan: 0.2%
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25		200			189,916
Saudi Arabia: 0.3%
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26		300			266,649
Supranational: 1.0%
Asian Development Bank
1.75%, 08/14/26		275			252,111
2.12%, 03/19/25		150			143,567
2.38%, 08/10/27		150			137,079
3.12%, 09/26/28		100			92,110
Central American Bank for Economic Integration Reg S 6.48% (Term SOFR USD 3 Month+1.11%), 11/15/24		200			200,334
					825,201
Total Government Obligations (Cost: $9,843,504)					8,652,240

	Par (000’s		)	Value
MUNICIPAL BONDS: 0.5%
United States: 0.5%
Commonwealth of Massachusetts (GO) 3.28%, 06/01/46	$	150		$	105,476
District of Columbia Water & Sewer Authority (RB) 4.81%, 10/01/14		170			137,747
Metropolitan Transportation Authority (RB) 5.17%, 11/15/49		200			164,770
Total Municipal Bonds (Cost: $624,014)					407,993

		Number of Shares
PREFERRED SECURITIES: 0.1% (Cost: $173,320)
Canada: 0.1%
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80		7,000			103,670
Total Investments Before Collateral for Securities Loaned: 98.7% (Cost: $92,637,455)					80,634,045

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%
Money Market Fund: 2.0% (Cost: $1,607,387)
State Street Navigator Securities Lending Government Money Market Portfolio		1,607,387			1,607,387
Total Investments: 100.7% (Cost: $94,244,842)					82,241,432
Liabilities in excess of other assets: (0.7)%					(539,231)
NET ASSETS: 100.0%				$	81,702,201

Definitions:

GO	General Obligation
RB	Revenue Bond
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,858,933.

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 $24,982,548, or 30.6% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		34.5	%	$	27,816,120
Utilities		22.1			17,849,759
Government		11.2			9,060,233
Real Estate		7.3			5,928,165
Consumer Cyclicals		5.3			4,299,611
Technology		5.0			3,999,987
Mortgage Securities		4.7			3,804,948
Basic Materials		3.6			2,866,091
Industrials		2.8			2,237,257
Consumer Non-Cyclicals		1.2			968,682
Energy		1.2			937,552
Healthcare		0.9			699,205
Academic & Educational Services		0.2			166,435
		100.0	%	$	80,634,045

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	71,470,142	$	—	$	71,470,142
Government Obligations *		—		8,652,240		—		8,652,240
Municipal Bonds *		—		407,993		—		407,993
Preferred Securities *		103,670		—		—		103,670
Money Market Fund		1,607,387		—		—		1,607,387
Total Investments	$	1,711,057	$	80,530,375	$	—	$	82,241,432

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
FLOATING RATE NOTES: 98.5%
Australia: 9.7%
Australia & New Zealand Banking Group Ltd. 144A 5.98% (SOFR+0.64%), 10/03/25	$	7,000		$	7,007,282
6.09% (SOFR+0.75%), 07/03/25		5,400			5,415,486
Commonwealth Bank of Australia 144A 5.74% (SOFR+0.40%), 07/07/25		15,657			15,610,751
5.86% (SOFR+0.52%), 06/15/26		17,795			17,739,928
5.97% (SOFR+0.63%), 09/12/25		6,450			6,453,838
6.08% (SOFR+0.74%), 03/14/25		9,550			9,579,688
6.09% (SOFR+0.75%), 03/13/26		17,820			17,864,251
Macquarie Bank Ltd. 144A 6.65% (SOFR+1.31%), 03/21/25		5,525			5,570,273
National Australia Bank Ltd. 144A
5.72% (SOFR+0.38%), 01/12/25		2,300			2,293,425
5.99% (SOFR+0.65%), 01/12/27		17,650			17,538,798
6.10% (SOFR+0.76%), 05/13/25		6,400			6,420,288
6.20% (SOFR+0.86%), 06/09/25		7,025			7,050,510
Westpac Banking Corp. 5.64% (SOFR+0.30%), 11/18/24		3,665			3,658,400
6.34% (SOFR+1.00%), 08/26/25		5,999			6,042,200
					128,245,118
Canada: 2.2%
Bank of Montreal 5.66% (SOFR Compound Index+0.32%), 07/09/24		2,776			2,771,321
Bank of Nova Scotia 5.73% (SOFR+0.38%), 07/31/24		3,228			3,229,213
Canadian Imperial Bank of Commerce 5.76% (SOFR Compound Index+0.42%), 10/18/24		3,411			3,405,580
6.28% (SOFR+0.94%), 04/07/25		7,036			7,053,837
Federation des Caisses Desjardins du Quebec 144A 5.77% (SOFR+0.43%), 05/21/24		1,700			1,699,062
Royal Bank of Canada

	Par (000’s		)	Value
Canada (continued)
5.68% (SOFR Compound Index+0.34%), 10/07/24	$	2,467		$	2,460,277
5.70% (SOFR Compound Index+0.36%), 07/29/24		3,174			3,170,397
Toronto-Dominion Bank 5.69% (SOFR+0.35%), 09/10/24		4,441			4,431,345
					28,221,032
France: 2.3%
Banque Federative du Credit Mutuel SA 144A 5.75% (SOFR Compound Index+0.41%), 02/04/25		3,447			3,425,263
Credit Agricole SA 144A 6.63% (SOFR+1.29%), 07/05/26		18,800			18,953,283
Societe Generale SA 144A 6.39% (SOFR+1.05%), 01/21/26		8,175			8,130,901
					30,509,447
Japan: 6.0%
Mitsubishi UFJ Financial Group, Inc. 6.28% (SOFR+0.94%), 02/20/26		6,575			6,578,683
Mizuho Financial Group, Inc. 6.30% (SOFR+0.96%), 05/22/26		25,965			25,930,057
Sumitomo Mitsui Financial Group, Inc. 6.23% (SOFR+0.88%), 01/14/27		18,795			18,743,993
Sumitomo Mitsui Trust Bank Ltd. 144A
5.78% (SOFR+0.44%), 09/16/24		3,575			3,569,664
6.46% (SOFR+1.12%), 03/09/26		6,050			6,081,347
6.49% (SOFR+1.15%), 09/14/26		18,175			18,326,421
					79,230,165
Netherlands: 4.3%
ABN AMRO Bank NV 144A 7.12% (SOFR Compound Index+1.78%), 09/18/27		18,950			18,967,083
ING Groep NV
6.90% (SOFR+1.56%), 09/11/27		18,850			18,881,674
6.98% (SOFR Compound Index+1.64%), 03/28/26		18,840			18,960,574
					56,809,331
Norway: 0.5%
DNB Bank ASA 144A 6.17% (SOFR Compound Index+0.83%), 03/28/25		6,550			6,550,973
Singapore: 0.6%
DBS Group Holdings Ltd. 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Singapore (continued)
5.95% (SOFR+0.61%), 09/12/25	$	8,150		$	8,159,913
Spain: 0.2%
Banco Santander SA 6.58% (SOFR+1.24%), 05/24/24		3,000			3,012,555
Sweden: 1.4%
Svenska Handelsbanken AB 144A 6.59% (SOFR Compound Index+1.25%), 06/15/26		18,800			18,955,160
Switzerland: 1.7%
UBS Group AG 144A 6.92% (SOFR+1.58%), 05/12/26		22,444			22,584,049
United Kingdom: 11.0%
ANZ New Zealand Int’l Ltd. 144A 5.94% (SOFR+0.60%), 02/18/25		2,525			2,523,556
HSBC Holdings Plc 5.92% (SOFR+0.58%), 11/22/24		2,400			2,399,971
6.77% (SOFR+1.43%), 03/10/26		7,650			7,670,929
6.90% (Term SOFR USD 3 Month+1.49%), 03/11/25		5,375			5,389,686
6.91% (SOFR+1.57%), 08/14/27		24,805			24,893,136
7.05% (Term SOFR USD 3 Month+1.64%), 09/12/26		24,542			24,643,691
Lloyds Banking Group Plc 6.90% (SOFR Compound Index+1.56%), 08/07/27		18,775			18,810,590
NatWest Markets Plc 144A 6.79% (SOFR+1.45%), 03/22/25		5,530			5,568,844
Standard Chartered Plc 144A 6.27% (SOFR+0.93%), 11/23/25		6,194			6,157,329
7.08% (SOFR+1.74%), 03/30/26		18,068			18,155,564
7.27% (SOFR+1.93%), 07/06/27		18,850			18,931,310
UBS AG 6.27% (SOFR+0.93%), 09/11/25		5,350			5,346,661
UBS AG 144A 5.79% (SOFR+0.45%), 08/09/24		4,725			4,716,606
					145,207,873
United States: 58.6%
American Express Co. 5.99% (SOFR Compound Index+0.65%), 11/04/26		18,308			18,048,407
6.06% (SOFR Compound Index+0.72%), 05/03/24		1,950			1,951,708

	Par (000’s		)	Value
United States (continued)
6.27% (SOFR+0.93%), 03/04/25	$	3,445		$	3,452,468
American Honda Finance Corp. 5.94% (SOFR Compound Index+0.62%), 06/07/24		2,875			2,878,164
6.02% (SOFR Compound Index+0.67%), 01/10/25 †		3,425			3,425,703
Analog Devices, Inc. 5.59% (SOFR Compound Index+0.25%), 10/01/24		2,574			2,573,266
AT&T, Inc. 6.85% (Term SOFR USD 3 Month+1.44%), 06/12/24 †		7,780			7,819,361
Athene Global Funding 144A 6.04% (SOFR Compound Index+0.70%), 05/24/24		6,983			6,958,745
Bank of America Corp.
6.00% (SOFR+0.66%), 02/04/25		6,991			6,976,512
6.03% (SOFR+0.69%), 04/22/25		6,448			6,436,668
6.39% (SOFR+1.05%), 02/04/28		30,190			29,866,674
6.40% (Term SOFR USD 3 Month+1.03%), 02/05/26		21,071			21,069,633
6.45% (SOFR+1.10%), 04/25/25 †		5,450			5,458,765
6.68% (SOFR+1.33%), 04/02/26		17,605			17,660,067
6.69% (SOFR+1.35%), 09/15/27		18,550			18,488,267
Bank of America NA 6.36% (SOFR+1.02%), 08/18/26		15,400			15,469,825
BMW US Capital LLC 144A 5.72% (SOFR Compound Index+0.38%), 08/12/24		3,635			3,633,715
5.96% (SOFR Compound Index+0.62%), 08/11/25		6,500			6,514,256
Capital One Financial Corp. 6.03% (SOFR+0.69%), 12/06/24		4,432			4,381,041
Caterpillar Financial Services Corp.
5.59% (SOFR+0.24%), 05/17/24		1,950			1,949,990
5.61% (SOFR+0.27%), 09/13/24		3,730			3,729,580
CenterPoint Energy, Inc. 5.99% (SOFR Compound Index+0.65%), 05/13/24		3,200			3,199,142
Charles Schwab Corp. 5.86% (SOFR Compound Index+0.52%), 05/13/26		18,733			18,346,714
6.39% (SOFR Compound Index+1.05%), 03/03/27		18,762			18,518,550
Citibank NA

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
6.15% (SOFR+0.81%), 09/29/25	$	8,000		$	8,004,966
Citigroup, Inc. 6.01% (SOFR+0.67%), 05/01/25		5,344			5,327,252
6.04% (SOFR+0.69%), 01/25/26		5,977			5,926,019
6.20% (Term SOFR USD 3 Month+0.81%), 08/25/36		33,280			27,818,256
6.62% (SOFR+1.28%), 02/24/28		30,080			29,945,927
6.71% (SOFR+1.37%), 05/24/25		5,335			5,350,093
6.87% (SOFR+1.53%), 03/17/26		18,609			18,684,850
6.91% (Term SOFR USD 3 Month+1.51%), 07/01/26		24,371			24,488,844
Cooperatieve Rabobank UA 6.04% (SOFR Compound Index+0.70%), 07/18/25		7,125			7,137,511
GA Global Funding Trust 144A 5.84% (SOFR+0.50%), 09/13/24		2,425			2,397,362
General Electric Co. 6.01% (Term SOFR USD 3 Month+0.64%), 05/05/26		25,945			25,851,596
Goldman Sachs Group, Inc. 6.05% (SOFR+0.70%), 01/24/25		3,100			3,092,781
6.41% (SOFR+1.06%), 08/10/26		18,693			18,655,445
6.80% (Term SOFR USD 3 Month+1.43%), 05/15/26		25,631			25,834,484
7.40% (Term SOFR USD 3 Month+2.01%), 10/28/27		25,178			25,709,641
Hartford Financial Services Group, Inc. 144A 7.75% (Term SOFR USD 3 Month+2.39%), 02/12/47		18,783			16,104,537
Hyundai Capital America 144A 6.49% (SOFR+1.15%), 08/04/25		5,500			5,502,101
Jackson National Life Global Funding 144A 6.49% (SOFR+1.15%), 06/28/24		4,175			4,183,033
John Deere Capital Corp. 5.55% (SOFR+0.20%), 10/11/24		5,605			5,606,050
5.84% (SOFR+0.50%), 07/03/25		2,625			2,630,780
JPMorgan Chase & Co. 5.88% (SOFR+0.54%), 06/01/25		5,340			5,319,579
5.92% (SOFR+0.58%), 06/23/25		5,350			5,332,416

	Par (000’s		)	Value
United States (continued)
6.11% (SOFR+0.77%), 09/22/27	$	18,660		$	18,389,633
6.23% (SOFR+0.89%), 04/22/27		18,764			18,643,563
6.26% (SOFR+0.92%), 02/24/26		8,011			8,011,843
6.31% (SOFR+0.97%), 06/14/25		5,348			5,356,648
6.52% (Term SOFR USD 3 Month+1.11%), 01/10/25		2,502			2,504,460
6.52% (SOFR+1.18%), 02/24/28		37,380			37,154,763
6.67% (SOFR+1.32%), 04/26/26 †		19,100			19,217,015
Lincoln National Corp. 8.00%, 05/17/66		21,507			13,979,550
MassMutual Global Funding II 144A 5.61% (SOFR+0.27%), 10/21/24		2,535			2,532,015
Metropolitan Life Global Funding I 144A 5.64% (SOFR+0.30%), 09/27/24		2,505			2,503,208
Morgan Stanley
5.97% (SOFR+0.62%), 01/24/25		6,122			6,107,849
6.29% (SOFR+0.95%), 02/18/26		8,140			8,127,937
6.51% (SOFR+1.17%), 04/17/25		5,360			5,369,363
Morgan Stanley Bank NA 6.12% (SOFR+0.78%), 07/16/25		8,550			8,552,724
Roche Holdings, Inc. 144A 5.90% (SOFR+0.56%), 03/10/25		3,700			3,707,124
Toyota Motor Credit Corp.
5.63% (SOFR+0.29%), 09/13/24		4,500			4,494,367
5.83% (SOFR+0.52%), 08/22/24		6,800			6,804,552
5.87% (SOFR+0.55%), 10/16/24		8,500			8,506,815
5.93% (SOFR+0.62%), 06/13/24		10,275			10,286,710
Truist Financial Corp.
5.74% (SOFR+0.40%), 06/09/25		10,879			10,649,601
Verizon Communications, Inc.
6.13% (SOFR Compound Index+0.79%), 03/20/26		19,792			19,900,547
6.73% (Term SOFR USD 3 Month+1.36%), 05/15/25		9,725			9,833,676
Volkswagen Group of America Finance LLC 144A 6.27% (SOFR+0.93%), 09/12/25		5,450			5,457,938

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
6.29% (SOFR+0.95%), 06/07/24	$	2,460		$	2,464,859
Wells Fargo & Co.

	Par (000’s		)	Value
United States (continued)
6.67% (SOFR+1.32%), 04/25/26	$	26,242		$	26,382,100
					772,649,604
Total Floating Rate Notes (Cost: $1,302,967,027)					1,300,135,220
Total Investments: 98.5% (Cost: $1,302,967,027)					1,300,135,220
Other assets less liabilities: 1.5%					19,319,289
NET ASSETS: 100.0%				$	1,319,454,509

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $6,457,726.

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 $371,959,739, or 28.2% of net assets.

Summary of Investments by Sector	% of Investments			Value
Financials		91.9	%	$	1,195,401,326
Technology		3.1			40,126,849
Consumer Non-Cyclicals		2.0			25,851,596
Consumer Cyclicals		1.5			19,728,765
Industrials		1.2			15,827,541
Utilities		0.3			3,199,143
		100.0	%	$	1,300,135,220

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Floating Rate Notes *		$	—			$	1,300,135,220			$	—			$	1,300,135,220


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

		Par (000’s		)	Value
CORPORATE BONDS: 97.6%
Argentina: 1.0%
MercadoLibre, Inc. 3.12%, 01/14/31	USD		25		$	18,951
Pampa Energia SA 144A 7.50%, 01/24/27	USD		50			46,550
9.12%, 04/15/29	USD		25			22,902
Pan American Energy LLC 144A 9.12%, 04/30/27	USD		25			26,712
Telecom Argentina SA 144A 8.00%, 07/18/26	USD		25			23,566
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25	USD		25			23,059
YPF SA 144A
6.95%, 07/21/27	USD		50			37,837
7.00%, 09/30/33 (s)	USD		25			18,856
7.00%, 12/15/47	USD		25			15,964
8.50%, 03/23/25	USD		19			17,528
8.50%, 07/28/25	USD		50			46,111
9.00%, 02/12/26 (s)	USD		38			37,539
9.00%, 06/30/29 (s)	USD		25			22,084
						357,659
Australia: 0.7%
FMG Resources August 2006 Pty Ltd. 144A
4.38%, 04/01/31	USD		100			80,729
4.50%, 09/15/27	USD		25			22,540
Mineral Resources Ltd. 144A
8.12%, 05/01/27	USD		100			97,384
9.25%, 10/01/28	USD		25			25,031
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30	USD		30			26,059
						251,743
Austria: 0.3%
ams-OSRAM AG 144A 7.00%, 07/31/25	USD		100			98,254
Bermuda: 0.1%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 (d) *	USD		47			9,795
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	USD		50			44,076
						53,871
Brazil: 5.8%
Adecoagro SA 144A 6.00%, 09/21/27	USD		50			46,408
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD		50			45,727
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31	USD		50			40,797
Banco Bradesco SA 144A 3.20%, 01/27/25	USD		100			95,924

		Par (000’s		)	Value
Brazil (continued)
Banco BTG Pactual SA 144A 4.50%, 01/10/25	USD		100		$	97,238
Banco do Brasil SA 144A 4.62%, 01/15/25	USD		50			48,825
Braskem Idesa SAPI 144A 7.45%, 11/15/29	USD		75			47,509
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81	USD		50			48,859
BRF SA 144A 4.88%, 01/24/30	USD		100			81,360
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24	USD		50			49,913
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30	USD		100			84,436
Cosan Luxembourg SA 144A
5.50%, 09/20/29	USD		50			44,615
7.00%, 01/20/27	USD		50			50,036
Embraer Netherlands Finance BV 5.40%, 02/01/27 †	USD		25			24,175
FS Luxembourg Sarl 144A 10.00%, 12/15/25	USD		50			51,082
Itau Unibanco Holding SA 144A 3.25%, 01/24/25	USD		25			24,118
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31	USD		25			23,146
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29	USD		50			48,477
Klabin Austria GmbH 144A
5.75%, 04/03/29	USD		50			47,410
7.00%, 04/03/49	USD		50			45,564
MARB BondCo Plc 144A 3.95%, 01/29/31	USD		100			73,485
MV24 Capital BV 144A 6.75%, 06/01/34	USD		84			73,095
NBM US Holdings, Inc. 144A 7.00%, 05/14/26	USD		50			49,575
Nexa Resources SA 144A 6.50%, 01/18/28	USD		100			93,978
Petrobras Global Finance BV
5.09%, 01/15/30	USD		25			22,954
5.30%, 01/27/25	USD		25			24,624
5.60%, 01/03/31 †	USD		50			46,878
5.62%, 05/20/43	USD		25			21,011
5.75%, 02/01/29	USD		25			24,263
6.00%, 01/27/28	USD		50			49,364
6.75%, 01/27/41	USD		50			45,845
6.75%, 06/03/50	USD		25			22,269
6.85%, 06/05/15	USD		75			63,351
6.88%, 01/20/40	USD		25			23,420

See Notes to Financial Statements

		Par (000’s		)	Value
Brazil (continued)
6.90%, 03/19/49	USD		50		$	45,225
7.25%, 03/17/44 †	USD		50			48,272
7.38%, 01/17/27	USD		25			25,644
8.75%, 05/23/26	USD		25			26,489
Rede D’or Finance Sarl 144A 4.50%, 01/22/30	USD		100			81,625
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28	USD		50			45,729
Ultrapar International SA 144A 5.25%, 10/06/26	USD		50			47,832
Unigel Luxembourg SA 144A 8.75%, 10/01/26	USD		50			17,875
Usiminas International Sarl 144A 5.88%, 07/18/26	USD		50			47,106
XP, Inc. 144A 3.25%, 07/01/26	USD		50			45,325
						2,110,853
British Virgin Islands: 0.1%
New Metro Global Ltd. Reg S 4.50%, 05/02/26	USD		200			34,580
Bulgaria: 0.3%
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25	EUR		100			100,973
Burkina Faso: 0.1%
IAMGOLD Corp. 144A 5.75%, 10/15/28 †	USD		25			19,719
Canada: 7.7%
1011778 BC ULC / New Red Finance, Inc. 144A
3.50%, 02/15/29 †	USD		25			21,403
3.88%, 01/15/28	USD		75			67,025
4.00%, 10/15/30	USD		125			102,497
4.38%, 01/15/28	USD		25			22,533
5.75%, 04/15/25	USD		25			24,819
Air Canada 144A
3.88%, 08/15/26	USD		25			22,771
4.62%, 08/15/29	CAD		125			78,561
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82	USD		50			39,525
AltaGas Ltd. 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82	CAD		25			17,192
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28	USD		25			21,497
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26	USD		25			24,055
Baytex Energy Corp. 144A

		Par (000’s		)	Value
Canada (continued)
8.50%, 04/30/30	USD		50		$	49,569
Bombardier, Inc. 144A
7.12%, 06/15/26	USD		75			72,255
7.50%, 03/15/25	USD		37			36,998
7.50%, 02/01/29 †	USD		25			23,183
7.88%, 04/15/27	USD		100			96,335
Brookfield Property Finance ULC
3.93%, 08/24/25	CAD		50			33,257
3.93%, 01/15/27	CAD		50			31,217
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27	USD		75			65,323
Capital Power Corp. 7.95% (Generic Canadian 5 Year+5.34%), 09/09/82	CAD		25			17,178
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28	USD		25			22,623
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28	CAD		25			11,143
Eldorado Gold Corp. 144A 6.25%, 09/01/29	USD		25			21,468
Emera, Inc. 6.75%, 06/15/76	USD		50			47,209
Empire Communities Corp. 144A 7.00%, 12/15/25 †	USD		25			23,260
Enerflex Ltd. 144A 9.00%, 10/15/27	USD		40			36,441
First Quantum Minerals Ltd. 144A 8.62%, 06/01/31	USD		50			42,268
Garda World Security Corp. 144A
6.00%, 06/01/29 †	USD		50			38,166
9.50%, 11/01/27	USD		25			22,741
GFL Environmental, Inc. 144A
3.50%, 09/01/28	USD		25			21,435
3.75%, 08/01/25	USD		50			47,346
4.25%, 06/01/25	USD		50			48,118
4.38%, 08/15/29 †	USD		25			21,348
4.75%, 06/15/29 †	USD		25			21,910
5.12%, 12/15/26	USD		25			23,750
goeasy Ltd. 144A
4.38%, 05/01/26 †	USD		25			22,613
5.38%, 12/01/24 †	USD		25			24,529
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26	USD		50			46,587
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28	USD		40			32,882
Inter Pipeline Ltd.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Canada (continued)
6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79	CAD		25		$	16,569
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30	USD		50			49,172
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79	CAD		50			33,275
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32	CAD		25			16,550
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞	USD		256			0
Mattamy Group Corp. 144A
4.62%, 03/01/30	USD		25			20,441
5.25%, 12/15/27	USD		25			22,492
MEG Energy Corp. 144A
5.88%, 02/01/29	USD		25			23,386
7.12%, 02/01/27	USD		25			25,203
Mercer International, Inc. 5.12%, 02/01/29	USD		50			39,265
Methanex Corp.
5.12%, 10/15/27	USD		50			45,804
5.25%, 12/15/29	USD		50			44,266
New Gold, Inc. 144A 7.50%, 07/15/27	USD		25			23,483
Northriver Midstream Finance LP 144A 5.62%, 02/15/26	USD		25			23,664
NOVA Chemicals Corp. 144A
4.25%, 05/15/29 †	USD		50			37,028
5.00%, 05/01/25	USD		25			23,636
5.25%, 06/01/27	USD		25			21,157
Open Text Corp. 144A
3.88%, 02/15/28	USD		50			43,513
3.88%, 12/01/29	USD		50			40,952
Parkland Corp. 144A
4.50%, 10/01/29	USD		100			86,108
5.88%, 07/15/27	USD		50			47,921
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	CAD		50			28,676
Precision Drilling Corp. 144A 7.12%, 01/15/26	USD		50			49,313
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81	CAD		75			48,597
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82	USD		50			44,063
Secure Energy Services, Inc. 144A 7.25%, 12/30/26	CAD		20			14,182

		Par (000’s		)	Value
Canada (continued)
SNC-Lavalin Group, Inc. 7.00%, 06/12/26	CAD		25		$	18,033
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 †	USD		25			23,087
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD		50			42,698
Taseko Mines Ltd. 144A 7.00%, 02/15/26	USD		25			22,701
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD		25			23,177
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26	USD		25			15,979
Terraform Global Operating LP 144A 6.12%, 03/01/26	USD		25			24,056
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26	USD		50			46,552
TransAlta Corp. 7.75%, 11/15/29 †	USD		50			49,801
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26	EUR		100			95,951
Vermilion Energy, Inc. 144A
5.62%, 03/15/25 †	USD		25			24,401
6.88%, 05/01/30	USD		25			23,351
Videotron Ltd.
3.12%, 01/15/31	CAD		50			27,880
4.50%, 01/15/30	CAD		125			77,962
						2,827,375
Cayman Islands: 0.8%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26	USD		100			90,021
Banco do Brasil SA/Cayman 144A 6.25%, 04/18/30 †	USD		50			47,991
CT Trust 144A 5.12%, 02/03/32	USD		100			77,117
Oryx Funding Ltd. 144A 5.80%, 02/03/31	USD		100			92,672
						307,801
Chile: 0.3%
Latam Airlines Group SA 144A 13.38%, 10/15/29	USD		100			107,879
China: 1.3%
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)	USD		200			190,266
Industrial & Commercial Bank of China Ltd. Reg S

See Notes to Financial Statements

		Par (000’s		)	Value
China (continued)
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)	USD		300		$	275,981
						466,247
Colombia: 2.6%
Banco de Bogota SA 144A 6.25%, 05/12/26	USD		100			94,426
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29	USD		50			43,801
Ecopetrol SA
4.12%, 01/16/25	USD		50			48,324
4.62%, 11/02/31	USD		75			56,322
5.38%, 06/26/26	USD		50			47,914
5.88%, 05/28/45	USD		75			48,955
5.88%, 11/02/51	USD		50			31,385
6.88%, 04/29/30	USD		75			67,590
7.38%, 09/18/43	USD		50			39,828
8.62%, 01/19/29	USD		50			49,927
8.88%, 01/13/33	USD		100			96,103
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29	USD		75			58,705
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25	USD		25			23,265
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD		100			73,884
Millicom International Cellular SA 144A
5.12%, 01/15/28 †	USD		5			4,670
6.25%, 03/25/29	USD		54			47,013
Orazul Energy Peru SA 144A 5.62%, 04/28/27	USD		50			45,389
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30	USD		100			79,058
						956,559
Costa Rica: 0.2%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD		100			78,070
Cyprus: 0.1%
MHP Lux SA 144A 6.95%, 04/03/26	USD		50			37,423
Czech Republic: 0.6%
Allwyn International AS Reg S 3.88%, 02/15/27	EUR		100			97,793
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o)	EUR		100			35,650
EP Infrastructure AS Reg S 1.70%, 07/30/26	EUR		100			92,782
						226,225

		Par (000’s		)	Value
Finland: 0.2%
SBB Treasury Oyj Reg S 1.12%, 11/26/29	EUR		100		$	58,321
France: 9.3%
Altice France SA 144A
5.12%, 01/15/29	USD		75			51,842
5.12%, 07/15/29	USD		100			68,535
5.50%, 10/15/29	USD		50			34,432
Atos SE Reg S 1.75%, 05/07/25	EUR		100			70,176
CAB Selas Reg S 3.38%, 02/01/28	EUR		100			88,418
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26	EUR		100			1,732
Cerba Healthcare SACA Reg S 3.50%, 05/31/28	EUR		100			86,189
CGG SA 144A 8.75%, 04/01/27 †	USD		100			88,352
Constellium SE 144A 3.75%, 04/15/29	USD		100			82,438
eircom Finance DAC Reg S 3.50%, 05/15/26	EUR		100			98,814
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o)	EUR		200			163,147
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o)	EUR		100			101,325
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o)	EUR		100			103,588
6.00% (GBP OIS SONIA 13Y+4.23%), 1/29/2026 (o)	GBP		100			112,512
Elis SA Reg S 1.62%, 04/03/28	EUR		100			93,690
Emeria SASU Reg S 3.38%, 03/31/28	EUR		100			84,609
Eutelsat SA Reg S 2.25%, 07/13/27	EUR		100			85,953
Forvia SE Reg S
2.38%, 06/15/27	EUR		100			94,562
2.62%, 06/15/25	EUR		100			102,245
2.75%, 02/15/27	EUR		100			96,309
Getlink SE Reg S 3.50%, 10/30/25	EUR		100			103,383
Iliad Holding SASU 144A
6.50%, 10/15/26	USD		100			93,535
7.00%, 10/15/28	USD		100			90,576
Iliad Holding SASU Reg S 5.12%, 10/15/26	EUR		100			102,836
Loxam SAS Reg S 3.25%, 01/14/25	EUR		100			103,537
Matterhorn Telecom SA Reg S 3.12%, 09/15/26	EUR		100			98,993
Paprec Holding SA Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
France (continued)
4.00%, 03/31/25	EUR		100		$	104,573
Picard Groupe SAS Reg S 3.88%, 07/01/26	EUR		100			97,389
Renault SA Reg S
1.00%, 11/28/25	EUR		50			49,568
1.25%, 06/24/25	EUR		100			99,545
2.38%, 05/25/26	EUR		100			98,748
Rexel SA Reg S 2.12%, 06/15/28	EUR		100			93,828
SNF Group SACA Reg S 2.62%, 02/01/29	EUR		100			92,649
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25	EUR		100			107,288
Valeo SE Reg S 1.00%, 08/03/28	EUR		100			86,117
Vallourec SACA Reg S 8.50%, 06/30/26	EUR		100			105,832
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o)	EUR		100			96,583
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o)	EUR		100			86,732
						3,420,580
Germany: 5.2%
Agps Bondco Plc Reg S 6.00%, 08/05/25	EUR		100			42,984
Bayer AG Reg S 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79	EUR		100			92,355
5.38% (EUR Swap Annual 5 Year+4.46%), 03/25/82	EUR		100			96,891
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28	EUR		100			96,507
Commerzbank AG Reg S
4.00%, 03/23/26	EUR		150			154,427
4.00%, 03/30/27	EUR		50			51,473
Deutsche Lufthansa AG Reg S
3.00%, 05/29/26	EUR		100			100,549
3.75%, 02/11/28	EUR		100			98,827
Douglas GmbH Reg S 6.00%, 04/08/26	EUR		100			101,137
Gruenenthal GmbH Reg S 3.62%, 11/15/26	EUR		100			100,512
IHO Verwaltungs GmbH 144A
4.75%, 09/15/26	USD		100			93,050
6.00%, 05/15/27	USD		100			93,168
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o)	EUR		100			96,818
Mahle GmbH Reg S 2.38%, 05/14/28	EUR		100			80,883

		Par (000’s		)	Value
Germany (continued)
Nidda Healthcare Holding GmbH Reg S 7.50%, 08/21/26	EUR		100		$	106,256
Schaeffler AG Reg S
2.88%, 03/26/27	EUR		50			49,666
3.38%, 10/12/28	EUR		100			96,205
thyssenkrupp AG Reg S 2.50%, 02/25/25	EUR		50			51,718
ZF Europe Finance BV Reg S
2.00%, 02/23/26	EUR		100			97,254
3.00%, 10/23/29	EUR		100			88,986
ZF North America Capital, Inc. 144A 4.75%, 04/29/25	USD		125			120,738
						1,910,404
Ghana: 0.3%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26	USD		100			91,969
Greece: 1.4%
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31	EUR		100			98,878
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27	EUR		100			96,094
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26	EUR		100			100,866
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30	EUR		100			98,768
Public Power Corp. SA Reg S 4.38%, 03/30/26	EUR		100			102,990
						497,596
Guatemala: 0.2%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 †	USD		100			88,146
Hong Kong: 0.8%
Melco Resorts Finance Ltd. 144A
5.38%, 12/04/29	USD		100			79,606
5.62%, 07/17/27	USD		50			43,529
5.75%, 07/21/28	USD		50			42,481
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26	USD		200			62,400
Studio City Finance Ltd. 144A 5.00%, 01/15/29 †	USD		100			71,875
						299,891
India: 0.7%
Delhi International Airport Ltd. 144A

See Notes to Financial Statements

		Par (000’s		)	Value
India (continued)
6.45%, 06/04/29	USD		100		$	91,038
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)	USD		100			97,268
ReNew Pvt Ltd. 144A 5.88%, 03/05/27	USD		91			83,210
						271,516
Indonesia: 0.8%
Adaro Indonesia PT 144A 4.25%, 10/31/24	USD		100			96,957
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞	USD		150			1,218
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24	USD		100			97,923
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27	USD		100			93,780
						289,878
Ireland: 1.0%
AerCap Global Aviation Trust 144A 6.50% (Term SOFR USD 3 Month+4.56%), 06/15/45 †	USD		50			49,103
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 4.75%, 07/15/27	GBP		100			85,964
C&W Senior Financing DAC 144A 6.88%, 09/15/27	USD		100			86,077
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28	GBP		150			153,078
						374,222
Israel: 1.1%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25	USD		25			23,273
6.50%, 06/30/27	USD		25			22,052
6.75%, 06/30/30	USD		50			42,528
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	USD		25			21,031
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25	EUR		100			105,516
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD		125			110,170
4.10%, 10/01/46	USD		75			44,951
6.75%, 03/01/28 †	USD		50			47,859
						417,380
Italy: 7.6%
Abertis Infraestructuras Finance BV Reg S

		Par (000’s		)	Value
Italy (continued)
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o)	EUR		100		$	97,921
Banca Monte dei Paschi di Siena SpA Reg S 6.75% (Euribor 3 Month ACT/360+3.21%), 03/02/26	EUR		100			105,304
Banca Popolare di Sondrio SPA Reg S 1.25% (EUR Swap Annual 1 Year+1.60%), 07/13/27	EUR		100			95,433
Banco BPM SpA Reg S
0.88%, 07/15/26	EUR		100			95,638
4.88%, 01/18/27	EUR		100			104,407
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30	EUR		100			102,407
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27	EUR		100			97,555
1.88%, 07/07/25	EUR		100			100,979
Iccrea Banca SpA Reg S 2.12% (Euribor 3 Month ACT/360+2.28%), 01/17/27	EUR		100			98,019
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28	EUR		100			95,155
Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26	EUR		100			98,832
Intesa Sanpaolo SpA 144A 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32	USD		25			17,787
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42	USD		25			14,681
5.71%, 01/15/26	USD		75			71,172
Intesa Sanpaolo SpA Reg S
2.92%, 10/14/30	EUR		100			86,764
3.93%, 09/15/26	EUR		100			102,862
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/2024 (o)	EUR		100			103,118
Lottomatica SpA/Roma Reg S 7.12%, 06/01/28	EUR		100			107,587
Mundys SpA Reg S 1.88%, 02/12/28	EUR		100			90,927
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o)	EUR		100			80,439
Telecom Italia Capital SA
6.38%, 11/15/33	USD		25			21,342
7.72%, 06/04/38	USD		100			88,388
Telecom Italia SpA Reg S
1.62%, 01/18/29	EUR		100			82,383
2.38%, 10/12/27	EUR		100			90,845
3.00%, 09/30/25	EUR		100			99,953

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Italy (continued)
3.62%, 05/25/26	EUR		100		$	99,244
Telecom Italia SpA/Milano Reg S 6.88%, 02/15/28	EUR		100			105,304
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) EUR			100			90,939
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35	USD		75			61,561
UniCredit SpA Reg S 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32	EUR		200			185,834
Webuild SpA Reg S 5.88%, 12/15/25	EUR		100			105,025
						2,797,805
Japan: 1.7%
Rakuten Group, Inc. 144A 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) †	USD		100			72,796
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o)	USD		25			15,791
10.25%, 11/30/24 †	USD		75			75,938
SoftBank Group Corp. Reg S
5.00%, 04/15/28	EUR		100			96,610
5.12%, 09/19/27	USD		200			180,000
6.88% (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o)	USD		200			183,020
						624,155
Jersey, Channel Islands: 0.3%
eG Global Finance Plc 144A 6.75%, 02/07/25	USD		100			99,082
Luxembourg: 7.0%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32	USD		49			44,326
Adler Financing Sarl 12.50%, 06/30/25	EUR		75			83,951
Agps Bondco Plc Reg S 5.00%, 01/14/29	EUR		100			27,493
AI Candelaria Spain SA 144A 7.50%, 12/15/28	USD		66			59,578
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26	USD		100			92,615
Altice Financing SA 144A 5.00%, 01/15/28	USD		250			203,520
Altice Financing SA Reg S 3.00%, 01/15/28	EUR		100			86,404
Altice France Holding SA 144A

		Par (000’s		)	Value
Luxembourg (continued)
6.00%, 02/15/28	USD		75		$	32,962
10.50%, 05/15/27	USD		150			81,731
Altice France Holding SA Reg S 8.00%, 05/15/27	EUR		100			57,864
Altice France SA 144A
5.50%, 01/15/28	USD		100			74,396
8.12%, 02/01/27	USD		100			84,410
ARD Finance SA Reg S 5.00%, 06/30/27	EUR		100			62,664
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
4.12%, 08/15/26	USD		50			44,176
5.25%, 08/15/27	USD		125			91,074
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28	EUR		100			95,213
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27	EUR		100			96,269
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26	EUR		26			18,709
Consolidated Energy Finance SA 144A 5.62%, 10/15/28	USD		100			82,273
CSN Resources SA 144A 4.62%, 06/10/31	USD		100			74,621
Energian Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26	USD		35			30,931
5.38%, 03/30/28	USD		50			41,085
5.88%, 03/30/31	USD		35			28,077
Engineering - Ingegneria Informatica - SpA Reg S 5.88%, 09/30/26	EUR		100			94,080
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o)	EUR		100			97,833
Kenbourne Invest SA 144A 4.70%, 01/22/28	USD		50			25,802
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD		97			68,809
Millicom International Cellular SA 144A 4.50%, 04/27/31	USD		100			75,500
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD		100			77,655
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26	USD		50			47,596
Stena International SA 144A 6.12%, 02/01/25	USD		100			98,105
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26	EUR		100			95,793

See Notes to Financial Statements

		Par (000’s		)	Value
Luxembourg (continued)
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28	EUR		100		$	96,548
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27	EUR		100			96,029
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27	USD		100			91,146
						2,559,238
Malta: 0.2%
VistaJet Malta Finance Plc / Vista Management Holding, Inc. 144A
6.38%, 02/01/30	USD		50			33,398
7.88%, 05/01/27 †	USD		50			38,508
						71,906
Mauritius: 1.1%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26	USD		43			36,051
CA Magnum Holdings 144A 5.38%, 10/31/26	USD		100			87,673
Greenko Power II Ltd. 144A 4.30%, 12/13/28	USD		139			117,116
HTA Group Ltd. 144A 7.00%, 12/18/25	USD		100			96,912
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27	USD		100			81,853
						419,605
Mexico: 4.2%
Alsea SAB de CV 144A 7.75%, 12/14/26	USD		100			99,359
Cemex SAB de CV 144A 3.88%, 07/11/31	USD		50			40,623
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)	USD		50			46,293
5.20%, 09/17/30	USD		25			22,675
5.45%, 11/19/29	USD		25			23,311
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028 (o)	USD		50			51,319
Grupo KUO SAB De CV 144A 5.75%, 07/07/27	USD		50			42,130
Nemak SAB de CV 144A 3.62%, 06/28/31 †	USD		100			74,065
Petroleos Mexicanos
4.50%, 01/23/26	USD		25			22,492
5.35%, 02/12/28	USD		50			40,390
5.50%, 06/27/44	USD		25			13,424
5.62%, 01/23/46	USD		25			13,269
5.95%, 01/28/31	USD		100			71,615
6.35%, 02/12/48	USD		25			13,803
6.38%, 01/23/45	USD		25			14,154
6.49%, 01/23/27	USD		25			22,156
6.50%, 03/13/27	USD		100			88,297

		Par (000’s		)	Value
Mexico (continued)
6.50%, 01/23/29	USD		25		$	20,146
6.50%, 06/02/41	USD		25			14,806
6.62%, 06/15/35	USD		50			33,010
6.70%, 02/16/32	USD		150			110,696
6.75%, 09/21/47	USD		100			56,731
6.84%, 01/23/30	USD		50			38,969
6.88%, 10/16/25	USD		25			24,021
6.88%, 08/04/26	USD		50			46,198
6.95%, 01/28/60	USD		75			42,528
7.69%, 01/23/50	USD		175			108,187
8.75%, 06/02/29	USD		50			44,254
10.00%, 02/07/33 †	USD		50			44,245
Petroleos Mexicanos Reg S
3.75%, 11/16/25	GBP		100			105,795
4.88%, 02/21/28	EUR		100			85,067
5.50%, 02/24/25	EUR		25			26,250
Total Play Telecomunicaciones SA de CV 144A 6.38%, 09/20/28	USD		50			23,982
						1,524,260
Morocco: 0.2%
OCP SA 144A 6.88%, 04/25/44	USD		100			82,277
Netherlands: 4.6%
Citycon Treasury BV Reg S 1.25%, 09/08/26	EUR		100			89,986
Greenko Dutch BV 144A 3.85%, 03/29/26	USD		93			82,730
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o)	EUR		100			101,155
Petrobras Global Finance BV
5.50%, 06/10/51 †	USD		50			37,424
6.50%, 07/03/33 †	USD		75			69,950
PPF Telecom Group BV Reg S 3.25%, 09/29/27	EUR		100			98,120
Saipem Finance International BV Reg S 2.62%, 01/07/25	EUR		100			102,471
Selecta Group BV Reg S 8.00%, 04/01/26	EUR		53			53,397
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o)	EUR		100			82,945
6.13% (EUR Swap Annual 7 Year+3.35%), 2/3/2030 (o)	EUR		100			99,575
TenneT Holding BV Reg S 2.37% (EUR Swap Annual 5 Year+2.72%), 7/22/2025 (o)	EUR		100			100,519
Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/27	EUR		100			96,567
4.38%, 05/09/30	EUR		100			90,393
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27	USD		25			22,730
5.12%, 05/09/29 †	USD		25			21,845

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Netherlands (continued)
7.88%, 09/15/29	USD	25		$	24,684
8.12%, 09/15/31 †	USD	25			24,783
TMNL Holding BV Reg S 3.75%, 01/15/29	EUR	100			91,635
UPC Broadband Finco BV 144A 4.88%, 07/15/31	USD	100			79,927
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29	EUR	100			81,106
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o)	EUR	100			85,511
Ziggo Bond Co. BV 144A
5.12%, 02/28/30	USD	50			36,479
6.00%, 01/15/27	USD	50			45,850
Ziggo BV 144A 4.88%, 01/15/30	USD	100			79,956
					1,699,738
Nigeria: 0.2%
SEPLAT Energy Plc 144A 7.75%, 04/01/26	USD	100			84,680
Norway: 0.5%
Adevinta ASA Reg S 2.62%, 11/15/25	EUR	100			102,893
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o)	EUR	125			70,115
					173,008
Oman: 0.3%
OQ SAOC 144A 5.12%, 05/06/28	USD	100			94,564
Peru: 0.7%
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29	USD	25			22,401
Minsur SA 144A 4.50%, 10/28/31	USD	50			40,652
Peru LNG Srl 144A 5.38%, 03/22/30	USD	100			76,704
Petroleos del Peru SA 144A
4.75%, 06/19/32	USD	75			50,302
5.62%, 06/19/47	USD	150			82,738
					272,797
Poland: 0.4%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD	100			78,632
Synthos SA Reg S 2.50%, 06/07/28	EUR	100			82,147
					160,779
Portugal: 0.5%
EDP - Energias de Portugal SA Reg S 1.70% (EUR Swap Annual 5 Year+1.84%), 07/20/80	EUR	100			98,284

		Par (000’s	)	Value
Portugal (continued)
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81	EUR	100		$	94,170
					192,454
Romania: 0.3%
RCS & RDS SA Reg S 2.50%, 02/05/25	EUR	100			101,927
Singapore: 0.2%
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD	81			77,135
South Africa: 0.6%
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25	USD	100			98,280
Sasol Financing USA LLC 6.50%, 09/27/28	USD	50			44,301
Transnet SOC Ltd. 144A 8.25%, 02/06/28	USD	100			94,820
					237,401
Spain: 4.3%
Abanca Corp. Bancaria SA Reg S 4.62% (EUR Swap Annual 5 Year+5.01%), 04/07/30	EUR	100			100,691
Abengoa Abenewco 2 SA Reg S
1.50%, 10/26/24 (d) *∞	USD	64			797
1.50%, 10/26/24 (d) *∞	USD	63			11
Abengoa SA 0.00%, 03/31/27 (s) ^∞	EUR	100			530
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25	EUR	100			100,222
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25	USD	30			28,508
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31	EUR	100			88,733
Banco de Sabadell SA Reg S 2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26	EUR	100			102,196
5.38% (EUR Swap Annual 1 Year+3.25%), 09/08/26	EUR	100			105,971
Cellnex Finance Co. SA Reg S
1.25%, 01/15/29	EUR	100			87,866
1.50%, 06/08/28	EUR	100			90,917
2.00%, 09/15/32	EUR	100			81,704
2.00%, 02/15/33	EUR	100			80,647
Cellnex Telecom SA Reg S 1.75%, 10/23/30	EUR	100			85,051
Grifols SA 144A 4.75%, 10/15/28 †	USD	100			84,086
Grifols SA Reg S 1.62%, 02/15/25	EUR	150			152,624

See Notes to Financial Statements

		Par (000’s	)	Value
Spain (continued)
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27	EUR	100		$	98,405
Telefonica Europe BV Reg S 3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o)	EUR	100			98,297
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o)	EUR	100			103,624
Unicaja Banco SA Reg S 2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29	EUR	100			97,621
					1,588,501
Sweden: 1.6%
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o)	EUR	100			75,330
Heimstaden AB Reg S 4.38%, 03/06/27	EUR	100			42,598
Intrum AB Reg S
3.00%, 09/15/27	EUR	100			74,448
4.88%, 08/15/25	EUR	100			95,091
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o)	EUR	100			17,863
Verisure Holding AB Reg S 3.25%, 02/15/27	EUR	100			95,791
Verisure Midholding AB Reg S 5.25%, 02/15/29	EUR	100			91,500
Volvo Car AB Reg S 4.25%, 05/31/28	EUR	100			100,974
					593,595
Switzerland: 0.3%
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25	EUR	100			101,929
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40	USD	40			34,639
Turkey: 2.2%
Akbank TAS 144A
5.12%, 03/31/25	USD	50			48,276
6.80%, 02/06/26 †	USD	50			48,641
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	USD	100			87,734
KOC Holding AS 144A 6.50%, 03/11/25	USD	50			49,408
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26	USD	100			93,318
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28	USD	100			91,207

		Par (000’s	)	Value
Turkey (continued)
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26	USD	100		$	93,574
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25	USD	50			48,868
Turkiye Vakiflar Bankasi TAO 144A 6.50%, 01/08/26	USD	100			96,353
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28	USD	50			49,992
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31	USD	100			96,255
					803,626
Ukraine: 0.4%
Kernel Holding SA 144A 6.75%, 10/27/27	USD	50			31,802
Metinvest BV 144A 7.75%, 10/17/29	USD	100			59,750
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/26	EUR	100			52,011
					143,563
United Arab Emirates: 0.5%
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26	USD	100			96,362
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29	USD	100			95,168
					191,530
United Kingdom: 11.0%
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 †	USD	50			49,501
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 †	USD	75			61,716
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28	EUR	100			87,995
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26	GBP	200			211,072
British American Tobacco Plc Reg S 3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o)	EUR	100			83,199
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80	EUR	100			97,366
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26	USD	100			93,329

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
United Kingdom (continued)
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27	GBP	100		$	94,660
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25	EUR	100			79,985
Heathrow Finance Plc Reg S 3.88%, 03/01/27 (s)	GBP	100			106,698
IHS Holding Ltd. 144A 5.62%, 11/29/26	USD	50			40,452
INEOS Finance Plc Reg S 2.88%, 05/01/26	EUR	100			99,118
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26	EUR	100			98,695
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27	EUR	100			92,819
Jaguar Land Rover Automotive Plc 144A 5.88%, 01/15/28	USD	100			90,103
Jaguar Land Rover Automotive Plc Reg S 4.50%, 07/15/28	EUR	100			96,585
Jerrold Finco Plc Reg S 4.88%, 01/15/26	GBP	100			113,152
Market Bidco Finco Plc Reg S 5.50%, 11/04/27	GBP	100			100,049
Marks & Spencer Plc Reg S 4.50%, 07/10/27	GBP	100			112,569
Motion Bondco DAC 144A 6.62%, 11/15/27 †	USD	100			89,584
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25	USD	100			99,092
NGG Finance Plc Reg S 5.62% (GBP Swap 12 Year+3.48%), 06/18/73	GBP	100			116,409
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28	EUR	100			91,894
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 †	USD	100			80,546
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25	GBP	100			115,035
Rolls-Royce Plc Reg S
1.62%, 05/09/28	EUR	100			90,065
4.62%, 02/16/26	EUR	100			104,500
Sherwood Financing Plc Reg S 4.50%, 11/15/26	EUR	100			91,644
Standard Chartered Plc 144A 7.01%, 07/30/37 (o)	USD	100			92,021
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25	GBP	100			110,894
Summer BidCo BV Reg S

		Par (000’s	)	Value
United Kingdom (continued)
9.00%, 11/15/25	EUR	121		$	125,822
Tullow Oil Plc 144A 10.25%, 05/15/26	USD	94			80,815
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25	USD	100			72,817
Victoria Plc Reg S 3.62%, 08/24/26 †	EUR	100			80,697
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29	USD	100			88,653
Virgin Media Secured Finance Plc Reg S 4.25%, 01/15/30	GBP	100			98,419
Vmed O2 UK Financing I Plc Reg S
3.25%, 01/31/31	EUR	100			87,795
4.00%, 01/31/29	GBP	100			100,872
Vodafone Group Plc 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81	USD	50			37,890
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81	USD	50			31,859
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	USD	125			120,975
Vodafone Group Plc Reg S 4.88% (GBP Swap 5 Year+3.27%), 10/03/78	GBP	100			115,134
8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86	GBP	100			120,705
					4,053,200
United States: 3.1%
Garda World Security Corp. 144A 4.62%, 02/15/27	USD	25			22,324
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 †	USD	50			42,559
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD	75			67,951
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 †	USD	100			93,370
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD	100			90,900
Open Text Holdings, Inc. 144A 4.12%, 02/15/30	USD	50			41,493
Playtika Holding Corp. 144A 4.25%, 03/15/29	USD	50			40,378
Q-Park Holding I BV Reg S 2.00%, 03/01/27	EUR	100			91,504

See Notes to Financial Statements

		Par (000’s	)	Value
United States (continued)
Ritchie Bros Holdings, Inc. 144A 7.75%, 03/15/31	USD	75		$	75,281
Sasol Financing USA LLC
4.38%, 09/18/26	USD	50			43,910
5.50%, 03/18/31	USD	50			38,367
Sigma Holdco BV Reg S 5.75%, 05/15/26	EUR	100			87,551
Stillwater Mining Co. 144A 4.00%, 11/16/26	USD	100			86,355
Telesat Canada / Telesat LLC 144A 6.50%, 10/15/27	USD	25			12,125
Wynn Macau Ltd. 144A
5.12%, 12/15/29	USD	75			58,954
5.50%, 01/15/26	USD	100			92,976
5.50%, 10/01/27 †	USD	50			43,550
ZF North America Capital, Inc. 144A
6.88%, 04/14/28	USD	50			48,508
7.12%, 04/14/30	USD	50			48,565
					1,126,621
Uzbekistan: 0.1%
Uzbekneftegaz JSC 144A

		Par (000’s	)	Value
Uzbekistan (continued)
4.75%, 11/16/28	USD	50		$	39,438
Zambia: 0.4%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †	USD	50			44,000
6.88%, 10/15/27	USD	100			85,324
					129,324
Total Corporate Bonds (Cost: $42,563,250)					35,833,911

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%
Money Market Fund: 5.1% (Cost: $1,872,582)
State Street Navigator Securities Lending Government Money Market Portfolio		1,872,582			1,872,582
Total Investments: 102.7% (Cost: $44,435,832)					37,706,493
Liabilities in excess of other assets: (2.7)%					(1,006,421)
NET ASSETS: 100.0%				$	36,700,072

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

(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
(d)	Security in default
†	Security fully or partially on loan. Total market value of securities on loan is $1,894,783.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
(o)	Perpetual Maturity — the date shown is the next call date
^	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 $14,792,181, or 40.3% of net assets.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		26.8	%	$	9,612,930
Technology		15.6			5,586,171
Industrials		13.8			4,929,173
Energy		12.7			4,547,304
Consumer Cyclicals		7.8			2,794,207
Utilities		7.2			2,574,054
Basic Materials		6.1			2,202,252
Healthcare		4.5			1,607,636
Consumer Non-Cyclicals		3.1			1,127,733
Real Estate		1.7			606,511
Institutions, Associations & Organizations		0.7			245,940
		100.0	%	$	35,833,911

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	357,659	$	—	$	357,659
Australia		—		251,743		—		251,743
Austria		—		98,254		—		98,254
Bermuda		—		53,871		—		53,871
Brazil		—		2,110,853		—		2,110,853
British Virgin Islands		—		34,580		—		34,580
Bulgaria		—		100,973		—		100,973
Burkina Faso		—		19,719		—		19,719
Canada		—		2,827,375		0		2,827,375
Cayman Islands		—		307,801		—		307,801
Chile		—		107,879		—		107,879
China		—		466,247		—		466,247
Colombia		—		956,559		—		956,559
Costa Rica		—		78,070		—		78,070
Cyprus		—		37,423		—		37,423
Czech Republic		—		226,225		—		226,225
Finland		—		58,321		—		58,321
France		—		3,420,580		—		3,420,580
Germany		—		1,910,404		—		1,910,404
Ghana		—		91,969		—		91,969
Greece		—		497,596		—		497,596
Guatemala		—		88,146		—		88,146
Hong Kong		—		299,891		—		299,891
India		—		271,516		—		271,516
Indonesia		—		288,660		1,218		289,878
Ireland		—		374,222		—		374,222
Israel		—		417,380		—		417,380
Italy		—		2,797,805		—		2,797,805
Japan		—		624,155		—		624,155
Jersey, Channel Islands		—		99,082		—		99,082
Luxembourg		—		2,559,238		—		2,559,238
Malta		—		71,906		—		71,906
Mauritius		—		419,605		—		419,605
Mexico		—		1,524,260		—		1,524,260
Morocco		—		82,277		—		82,277
Netherlands		—		1,699,738		—		1,699,738
Nigeria		—		84,680		—		84,680
Norway		—		173,008		—		173,008
Oman		—		94,564		—		94,564
Peru		—		272,797		—		272,797
Poland		—		160,779		—		160,779
Portugal		—		192,454		—		192,454
Romania		—		101,927		—		101,927
Singapore		—		77,135		—		77,135
South Africa		—		237,401		—		237,401
Spain		—		1,587,163		1,338		1,588,501
Sweden		—		593,595		—		593,595
Switzerland		—		101,929		—		101,929
Tanzania		—		34,639		—		34,639
Turkey		—		803,626		—		803,626
Ukraine		—		143,563		—		143,563
United Arab Emirates		—		191,530		—		191,530
United Kingdom		—		4,053,200		—		4,053,200
United States		—		1,126,621		—		1,126,621
Uzbekistan		—		39,438		—		39,438

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Zambia	$	—	$	129,324	$	—	$	129,324
Money Market Fund		1,872,582		—		—		1,872,582
Total Investments	$	1,872,582	$	35,831,355	$	2,556	$	37,706,493

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 6.0%
Canada: 0.0%
Export Development Canada Reg S 30.00%, 12/05/25	TRY	34,000		$	1,031,558
Cayman Islands: 0.1%
QNB Finance Ltd. 13.50%, 10/06/25	TRY	28,200			643,852
QNB Finance Ltd. Reg S 3.50%, 03/09/26	CNY	14,100			1,912,279
					2,556,131
Colombia: 0.1%
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24	COP	3,596,000			825,700
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24	COP	12,300,000			2,843,964
					3,669,664
Germany: 0.1%
Kreditanstalt fuer Wiederaufbau 0.62%, 07/25/25	PLN	15,000			3,231,016
Luxembourg: 0.4%
European Investment Bank 4.25%, 06/19/24	MXN	12,300			654,142
European Investment Bank Reg S
1.00%, 02/25/28	PLN	19,610			3,834,872
3.00%, 11/25/29	PLN	21,700			4,421,877
8.00%, 03/04/24	EGP	23,400			691,392
10.00%, 12/06/23	EGP	6,000			190,275
10.00%, 01/18/24	EGP	72,000			2,222,212
					12,014,770
Mexico: 0.1%
Petroleos Mexicanos Reg S 7.19%, 09/12/24	MXN	24,270			1,268,310
South Africa: 0.2%
Eskom Holdings SOC Ltd.
0.01%, 08/18/27	ZAR	82,555			2,321,170
7.50%, 09/15/33	ZAR	11,000			410,334
7.85%, 04/02/26	ZAR	24,350			1,240,040
Transnet SOC Ltd. 9.50%, 08/19/25	ZAR	21,000			1,097,979
Transnet SOC Ltd. Reg S 13.50%, 04/18/28	ZAR	5,150			281,223
					5,350,746
Supranational: 2.9%
European Investment Bank
7.75%, 01/30/25	MXN	22,600			1,192,193
8.12%, 12/21/26	ZAR	202,095			10,649,203
European Investment Bank 144A 5.75%, 01/24/25	IDR	51,750,000			3,237,804

	Par (000’s		)	Value
Supranational (continued)
European Investment Bank Reg S
2.75%, 08/25/26	PLN	43,172		$	9,563,612
8.00%, 05/05/27	ZAR	17,585			918,949
Inter-American Development Bank 7.50%, 12/05/24	MXN	387,765			20,663,044
Inter-American Development Bank Reg S 7.70%, 02/12/24	MXN	48,300			2,648,968
International Bank for Reconstruction & Development
2.00%, 07/23/25	PHP	35,400			579,520
7.25%, 03/15/24	IDR	39,600,000			2,498,278
International Finance Corp.
7.00%, 02/14/24	BRL	1,800			356,581
7.00%, 07/20/27	MXN	183,660			9,122,468
7.25%, 02/02/24	MXN	24,780			1,360,271
7.50%, 01/18/28	MXN	104,400			5,234,400
7.75%, 01/18/30	MXN	149,130			7,355,307
8.00%, 07/27/27	ZAR	3,050			153,871
International Finance Corp. Reg S 8.38%, 05/31/29	MXN	146,440			7,514,274
					83,048,743
United Kingdom: 1.0%
European Bank for Reconstruction & Development
0.87%, 03/04/26	PLN	7,000			1,485,939
6.50%, 05/19/25	PLN	6,100			1,464,678
8.00%, 06/24/24	PLN	4,000			958,234
30.00%, 08/25/25	TRY	107,500			3,483,798
European Bank for Reconstruction & Development Reg S
0.37%, 12/22/24	PLN	15,870			3,531,772
3.01%, 03/13/28	PLN	10,700			2,246,584
5.08%, 12/15/25	MXN	283,790			13,919,498
					27,090,503
United States: 1.1%
International Bank for Reconstruction & Development
2.00%, 02/18/26	CNY	30,000			4,025,471
2.75%, 01/19/27	CNY	21,000			2,883,144
4.25%, 01/22/26	MXN	136,300			6,588,123
4.75%, 04/22/27	PHP	102,400			1,731,451
6.65%, 07/30/24	MXN	200,500			10,841,527
7.25%, 01/21/27	MXN	99,750			5,030,211
International Finance Corp.

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
5.02%, 02/11/28	MXN	35,500		$	1,607,893
					32,707,820
Total Corporate Bonds (Cost: $189,898,049)					171,969,261

GOVERNMENT OBLIGATIONS: 90.7%
Brazil: 7.7%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/24 ^	BRL	113,490			20,969,634
0.00%, 07/01/25 ^	BRL	125,600			20,915,493
0.00%, 01/01/26 ^	BRL	194,720			30,733,430
0.00%, 07/01/26 ^	BRL	215,870			32,313,100
0.00%, 07/01/27 ^	BRL	48,110			6,433,531
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL	146,995			28,791,191
10.00%, 01/01/27	BRL	151,150			28,978,781
10.00%, 01/01/29	BRL	149,950			28,002,449
10.00%, 01/01/31	BRL	51,380			9,374,324
10.00%, 01/01/33	BRL	62,050			11,120,237
Brazilian Government International Bond 10.25%, 01/10/28	BRL	8,060			1,560,904
					219,193,074
Chile: 3.7%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP	21,735,000			22,827,358
4.50%, 03/01/26	CLP	13,855,000			14,671,773
5.00%, 03/01/35	CLP	15,745,000			15,564,777
6.00%, 01/01/43	CLP	12,970,000			13,811,548
Bonos de la Tesoreria de la Republica de Chile 144A Reg S
2.30%, 10/01/28	CLP	3,940,000			3,618,583
4.70%, 09/01/30	CLP	14,775,000			14,714,579
5.00%, 10/01/28	CLP	5,735,000			5,952,242
Bonos de la Tesoreria de la Republica en pesos 144A Reg S
6.00%, 04/01/33	CLP	10,120,000			10,830,960
7.00%, 05/01/34	CLP	3,700,000			4,257,437
					106,249,257
China: 9.7%
Asian Infrastructure Investment Bank Reg S
4.50%, 11/03/23	MXN	17,050			941,948
5.00%, 03/05/26	MXN	49,650			2,389,212
30.00%, 09/29/27	TRY	16,200			533,764
China Government Bond
1.99%, 04/09/25	CNY	60,600			8,237,728
2.18%, 08/25/25	CNY	32,760			4,462,757
2.18%, 08/15/26	CNY	7,300			991,574
2.24%, 05/25/25	CNY	15,880			2,167,511
2.26%, 02/24/25	CNY	30,200			4,124,106
2.28%, 11/25/25	CNY	38,250			5,216,240
2.30%, 05/15/26	CNY	32,200			4,394,546

	Par (000’s		)	Value
China (continued)
2.37%, 01/20/27	CNY	14,920		$	2,032,735
2.40%, 07/15/28	CNY	4,700			637,688
2.44%, 10/15/27	CNY	40,500			5,520,322
2.46%, 02/15/26	CNY	18,150			2,483,616
2.47%, 09/02/24	CNY	45,510			6,228,687
2.48%, 04/15/27	CNY	33,690			4,602,549
2.48%, 09/25/28	CNY	7,680			1,045,907
2.50%, 07/25/27	CNY	15,300			2,090,174
2.52%, 08/25/33	CNY	21,660			2,918,832
2.60%, 09/15/30	CNY	23,480			3,193,472
2.60%, 09/01/32	CNY	32,670			4,429,586
2.62%, 04/15/28	CNY	50,310			6,896,393
2.62%, 09/25/29	CNY	30,420			4,153,117
2.62%, 06/25/30	CNY	19,200			2,616,316
2.64%, 01/15/28	CNY	32,920			4,517,311
2.67%, 05/25/33	CNY	24,480			3,335,284
2.68%, 05/21/30	CNY	66,970			9,149,562
2.69%, 08/12/26	CNY	59,690			8,221,064
2.69%, 08/15/32	CNY	38,440			5,249,405
2.75%, 06/15/29	CNY	32,940			4,530,275
2.75%, 02/17/32	CNY	33,470			4,598,418
2.76%, 05/15/32	CNY	25,610			3,520,344
2.79%, 12/15/29	CNY	34,960			4,816,656
2.80%, 03/24/29	CNY	35,550			4,901,907
2.80%, 03/25/30	CNY	46,730			6,442,272
2.80%, 11/15/32	CNY	40,910			5,642,884
2.85%, 06/04/27	CNY	65,520			9,073,295
2.88%, 02/25/33	CNY	57,930			8,068,508
2.89%, 11/18/31	CNY	30,260			4,205,599
2.91%, 10/14/28	CNY	56,230			7,803,942
2.94%, 10/17/24	CNY	38,320			5,274,443
3.01%, 05/13/28	CNY	56,900			7,945,675
3.02%, 10/22/25	CNY	52,960			7,345,585
3.02%, 05/27/31	CNY	48,940			6,876,677
3.03%, 03/11/26	CNY	40,150			5,582,167
3.12%, 12/05/26	CNY	31,020			4,336,204
3.12%, 10/25/52	CNY	26,840			3,718,691
3.13%, 11/21/29	CNY	35,130			4,945,879
3.19%, 04/15/53	CNY	11,960			1,699,637
3.22%, 12/06/25	CNY	32,330			4,509,631
3.25%, 06/06/26	CNY	53,220			7,466,930
3.25%, 11/22/28	CNY	31,310			4,428,417
3.27%, 11/19/30	CNY	56,720			8,110,454
3.28%, 12/03/27	CNY	50,300			7,114,466
3.29%, 05/23/29	CNY	41,970			5,970,234
3.32%, 04/15/52	CNY	30,000			4,302,440
3.53%, 10/18/51	CNY	19,840			2,946,529
3.72%, 04/12/51	CNY	24,970			3,815,868
3.81%, 09/14/50	CNY	38,680			5,983,050
					278,758,483
Colombia: 4.5%
Colombia Government International Bond 9.85%, 06/28/27	COP	4,788,000			1,094,577
Colombian TES
5.75%, 11/03/27	COP	42,230,000			8,549,431
6.00%, 04/28/28	COP	69,679,100			13,958,011
6.25%, 11/26/25	COP	41,952,000			9,358,509

See Notes to Financial Statements

	Par (000’s		)	Value
Colombia (continued)
6.25%, 07/09/36	COP	25,445,000		$	3,960,108
7.00%, 03/26/31	COP	69,083,000			13,181,967
7.00%, 06/30/32	COP	59,281,700			10,846,787
7.25%, 10/18/34	COP	58,477,500			10,317,826
7.25%, 10/26/50	COP	53,912,000			8,194,151
7.50%, 08/26/26	COP	63,004,700			14,021,141
7.75%, 09/18/30	COP	47,089,100			9,548,581
9.25%, 05/28/42	COP	64,865,000			12,518,519
10.00%, 07/24/24	COP	15,200,800			3,671,631
13.25%, 02/09/33	COP	41,809,000			10,919,877
					130,141,116
Czech Republic: 5.4%
Czech Republic Government Bond
0.01%, 12/12/24	CZK	70,770			2,883,921
0.05%, 11/29/29	CZK	151,350			4,994,752
0.25%, 02/10/27	CZK	234,430			8,811,983
1.20%, 03/13/31	CZK	266,730			9,093,045
1.25%, 02/14/25	CZK	186,380			7,638,262
1.50%, 04/24/40	CZK	109,660			3,003,931
1.75%, 06/23/32	CZK	263,110			9,069,148
1.95%, 07/30/37	CZK	84,490			2,647,352
2.00%, 10/13/33	CZK	258,630			8,821,347
2.75%, 07/23/29	CZK	261,850			10,279,645
3.50%, 05/30/35	CZK	116,850			4,514,458
4.50%, 11/11/32	CZK	38,340			1,637,290
4.90%, 04/14/34	CZK	69,490			3,045,637
5.00%, 09/30/30	CZK	238,390			10,527,675
5.50%, 12/12/28	CZK	167,880			7,585,427
5.75%, 03/29/29	CZK	57,670			2,626,086
6.00%, 02/26/26	CZK	170,980			7,630,352
6.20%, 06/16/31	CZK	58,150			2,767,214
Czech Republic Government Bond Reg S
0.95%, 05/15/30	CZK	259,100			8,922,460
1.00%, 06/26/26	CZK	262,580			10,320,318
2.40%, 09/17/25	CZK	255,260			10,532,466
2.50%, 08/25/28	CZK	274,360			10,809,317
4.20%, 12/04/36	CZK	132,430			5,427,563
					153,589,649
Dominican Republic: 1.2%
Dominican Republic International Bond 144A
9.75%, 06/05/26	DOP	301,600			5,322,040
11.25%, 09/15/35	DOP	228,000			3,995,130
13.62%, 02/03/33	DOP	858,450			17,262,697
Dominican Republic International Bond Reg S
9.75%, 06/05/26	DOP	366,790			6,472,384
13.62%, 02/03/33	DOP	124,680			2,507,208
					35,559,459
Egypt: 1.7%
Egypt Government Bond
13.54%, 01/14/25	EGP	68,196			1,940,052
14.06%, 01/12/26	EGP	273,950			7,229,316

	Par (000’s		)	Value
Egypt (continued)
14.29%, 01/05/28	EGP	119,540		$	2,824,462
14.35%, 09/10/24	EGP	177,305			5,246,901
14.37%, 10/20/25	EGP	241,069			6,527,771
14.40%, 09/10/29	EGP	77,710			1,702,628
14.48%, 04/06/26	EGP	241,890			6,328,336
14.53%, 09/14/24	EGP	224,260			6,661,156
14.56%, 07/06/26	EGP	56,689			1,465,972
14.56%, 10/13/27	EGP	164,620			3,920,951
14.66%, 10/06/30	EGP	86,730			1,854,101
16.10%, 05/07/29	EGP	82,280			1,958,777
					47,660,423
Hungary: 4.2%
Hungary Government Bond
1.00%, 11/26/25	HUF	3,938,180			9,518,447
1.50%, 04/22/26	HUF	3,444,080			8,222,019
1.50%, 08/26/26	HUF	2,246,020			5,243,169
2.00%, 05/23/29	HUF	2,583,150			5,480,745
2.25%, 04/20/33 †	HUF	3,584,780			6,642,079
2.25%, 06/22/34	HUF	1,088,170			1,929,409
2.50%, 10/24/24	HUF	3,097,930			8,085,932
2.75%, 12/22/26	HUF	2,629,670			6,255,721
3.00%, 06/26/24	HUF	2,199,070			5,853,232
3.00%, 10/27/27	HUF	3,444,200			8,075,764
3.00%, 08/21/30	HUF	3,342,660			7,187,472
3.00%, 10/27/38	HUF	2,545,670			4,243,962
3.00%, 04/25/41	HUF	1,551,880			2,438,657
3.25%, 10/22/31 †	HUF	4,059,180			8,574,195
4.50%, 03/23/28	HUF	1,728,130			4,253,085
4.75%, 11/24/32	HUF	3,164,730			7,208,335
5.50%, 06/24/25	HUF	3,277,120			8,708,672
6.75%, 10/22/28	HUF	3,684,030			9,870,958
9.50%, 10/21/26	HUF	1,028,200			2,936,071
					120,727,924
Indonesia: 8.7%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR	141,275,000			8,389,521
5.50%, 04/15/26	IDR	167,850,000			10,219,355
6.12%, 05/15/28	IDR	169,531,000			10,284,240
6.25%, 06/15/36	IDR	69,870,000			4,086,196
6.38%, 08/15/28	IDR	91,570,000			5,613,353
6.38%, 04/15/32	IDR	201,060,000			12,097,648
6.38%, 07/15/37	IDR	26,400,000			1,604,101
6.50%, 06/15/25	IDR	157,440,000			9,840,768
6.50%, 02/15/31	IDR	216,870,000			13,137,667
6.62%, 05/15/33	IDR	124,333,000			7,534,963
6.62%, 02/15/34	IDR	12,580,000			761,434
7.00%, 05/15/27	IDR	143,688,000			9,027,514
7.00%, 09/15/30	IDR	217,305,000			13,568,669
7.00%, 02/15/33	IDR	163,525,000			10,215,448
7.12%, 06/15/38	IDR	65,680,000			4,117,683
7.12%, 06/15/42	IDR	148,630,000			9,292,346
7.12%, 06/15/43	IDR	50,030,000			3,141,119
7.50%, 08/15/32	IDR	92,730,000			5,917,849
7.50%, 06/15/35	IDR	194,710,000			12,513,534
7.50%, 05/15/38	IDR	86,250,000			5,562,677
7.50%, 04/15/40	IDR	182,070,000			11,728,815
8.25%, 05/15/29	IDR	156,850,000			10,358,024

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Indonesia (continued)
8.25%, 06/15/32	IDR	53,204,000		$	3,560,599
8.25%, 05/15/36	IDR	116,525,000			7,903,967
8.38%, 09/15/26	IDR	167,827,000			10,938,602
8.38%, 03/15/34	IDR	178,764,000			12,175,871
8.38%, 04/15/39	IDR	74,030,000			5,116,622
8.75%, 05/15/31	IDR	86,387,000			5,905,967
9.00%, 03/15/29	IDR	117,692,000			8,005,279
9.50%, 07/15/31	IDR	30,011,000			2,141,472
10.50%, 08/15/30	IDR	24,052,000			1,782,044
11.00%, 09/15/25	IDR	32,382,000			2,184,139
Perusahaan Penerbit SBSN
4.88%, 07/15/26	IDR	27,860,000			1,676,951
6.38%, 03/15/34	IDR	40,420,000			2,443,585
6.62%, 10/15/24	IDR	17,960,000			1,135,133
6.88%, 03/15/36	IDR	27,780,000			1,748,888
8.88%, 11/15/31	IDR	59,670,000			4,235,602
					249,967,645
Malaysia: 7.8%
Malaysia Government Bond
2.63%, 04/15/31	MYR	26,519			5,038,672
3.48%, 06/14/24	MYR	30,932			6,498,208
3.50%, 05/31/27	MYR	23,389			4,859,190
3.52%, 04/20/28	MYR	10,655			2,205,298
3.58%, 07/15/32	MYR	31,175			6,272,037
3.73%, 06/15/28	MYR	33,716			7,015,999
3.76%, 05/22/40	MYR	35,055			6,759,420
3.83%, 07/05/34	MYR	26,842			5,448,801
3.88%, 03/14/25	MYR	24,109			5,088,207
3.88%, 08/15/29	MYR	26,291			5,478,574
3.90%, 11/30/26	MYR	32,856			6,925,761
3.90%, 11/16/27	MYR	33,754			7,106,037
3.91%, 07/15/26	MYR	22,800			4,814,611
3.96%, 09/15/25	MYR	30,706			6,484,665
4.06%, 09/30/24	MYR	14,855			3,131,010
4.07%, 06/15/50	MYR	39,510			7,652,223
4.18%, 07/15/24	MYR	14,460			3,046,616
4.25%, 05/31/35	MYR	19,411			4,085,169
4.46%, 03/31/53	MYR	12,830			2,658,792
4.50%, 04/30/29	MYR	14,254			3,059,870
4.64%, 11/07/33	MYR	13,576			2,979,987
4.70%, 10/15/42	MYR	28,660			6,222,858
4.76%, 04/07/37	MYR	34,443			7,606,583
4.89%, 06/08/38	MYR	30,150			6,759,964
4.92%, 07/06/48	MYR	20,835			4,584,257
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR	34,116			7,050,949
3.45%, 07/15/36	MYR	28,171			5,404,716
3.46%, 10/15/30	MYR	41,490			8,347,930
3.60%, 07/31/28	MYR	13,220			2,744,630
3.65%, 10/15/24	MYR	25,924			5,443,375
3.73%, 03/31/26	MYR	36,816			7,714,770
3.99%, 10/15/25	MYR	29,194			6,168,623
4.07%, 09/30/26	MYR	21,890			4,630,758
4.13%, 08/15/25	MYR	26,390			5,601,209
4.13%, 07/09/29	MYR	28,666			6,036,099

	Par (000’s		)	Value
Malaysia (continued)
4.19%, 10/07/32	MYR	26,740		$	5,614,466
4.25%, 09/30/30	MYR	19,185			4,052,095
4.26%, 07/26/27	MYR	15,131			3,217,499
4.29%, 08/14/43	MYR	19,090			3,938,791
4.37%, 10/31/28	MYR	34,767			7,434,746
4.42%, 09/30/41	MYR	31,115			6,458,627
4.66%, 03/31/38	MYR	12,140			2,643,789
					224,285,881
Mexico: 5.2%
Mexican Bonos
5.00%, 03/06/25	MXN	10,043			516,091
5.50%, 03/04/27	MXN	363,252			17,418,313
5.75%, 03/05/26	MXN	35,734			1,780,600
7.00%, 09/03/26	MXN	48,668			2,462,785
7.50%, 06/03/27	MXN	321,977			16,338,003
7.50%, 05/26/33	MXN	265,772			12,314,461
7.75%, 05/29/31	MXN	550,757			26,596,365
7.75%, 11/23/34	MXN	124,446			5,803,808
7.75%, 11/13/42	MXN	380,141			16,824,516
8.00%, 09/05/24	MXN	5,323			286,911
8.00%, 05/24/35	MXN	39,797			1,886,808
8.00%, 11/07/47	MXN	332,122			14,937,842
8.00%, 07/31/53	MXN	214,913			9,576,979
8.50%, 05/31/29	MXN	75,177			3,873,143
8.50%, 11/18/38	MXN	270,532			13,092,342
10.00%, 12/05/24	MXN	5,407			295,555
10.00%, 11/20/36	MXN	92,179			5,059,715
					149,064,237
Peru: 3.8%
Peru Government Bond
5.35%, 08/12/40	PEN	29,504			5,990,306
5.40%, 08/12/34	PEN	45,126			9,830,460
5.70%, 08/12/24	PEN	14,438			3,747,651
5.94%, 02/12/29	PEN	58,905			14,727,959
6.15%, 08/12/32	PEN	64,450			15,373,643
6.35%, 08/12/28	PEN	38,063			9,789,725
6.90%, 08/12/37	PEN	60,209			14,598,132
6.95%, 08/12/31	PEN	60,735			15,445,976
8.20%, 08/12/26	PEN	23,385			6,368,652
Peru Government Bond 144A Reg S 7.30%, 08/12/33	PEN	54,090			13,829,043
					109,701,547
Philippines: 1.2%
Philippine Government Bond 9.25%, 11/05/34	PHP	46,410			958,255
Philippine Government International Bond 6.25%, 01/14/36	PHP	1,961,500			32,825,145
					33,783,400
Poland: 5.0%
Republic of Poland Government Bond
0.01%, 10/25/25	PLN	13,705			2,949,544
0.25%, 10/25/26	PLN	44,763			9,228,486
0.75%, 04/25/25	PLN	40,727			9,074,051
1.25%, 10/25/30	PLN	64,574			11,729,482

See Notes to Financial Statements

		Par (000’s	)	Value
Poland (continued)
1.75%, 04/25/32	PLN	63,150		$	11,174,493
2.25%, 10/25/24	PLN	42,506			9,814,569
2.50%, 07/25/26	PLN	32,005			7,102,801
2.50%, 07/25/27	PLN	53,537			11,589,655
2.75%, 04/25/28	PLN	48,330			10,368,414
2.75%, 10/25/29	PLN	54,051			11,175,359
3.25%, 07/25/25	PLN	62,909			14,461,038
3.75%, 05/25/27	PLN	51,665			11,705,985
6.00%, 10/25/33 †	PLN	34,310			8,353,313
7.50%, 07/25/28	PLN	57,058			14,753,494
					143,480,684
Romania: 4.5%
Romania Government Bond
2.50%, 10/25/27	RON	27,180			5,000,464
3.25%, 06/24/26	RON	32,445			6,429,295
3.50%, 11/25/25	RON	25,385			5,143,420
3.65%, 07/28/25	RON	29,235			5,996,512
3.65%, 09/24/31	RON	32,850			5,685,989
3.70%, 11/25/24	RON	31,060			6,472,175
4.15%, 01/26/28	RON	31,520			6,138,707
4.15%, 10/24/30	RON	33,150			6,048,209
4.25%, 04/28/36	RON	24,670			4,042,659
4.50%, 06/17/24	RON	29,435			6,203,727
4.75%, 02/24/25	RON	31,015			6,488,998
4.75%, 10/11/34	RON	32,850			5,771,126
4.85%, 04/22/26	RON	31,285			6,443,381
4.85%, 07/25/29	RON	31,235			6,050,271
5.00%, 02/12/29	RON	30,065			5,886,384
5.80%, 07/26/27	RON	32,440			6,725,871
6.70%, 02/25/32	RON	35,995			7,536,689
7.20%, 05/31/27	RON	8,030			1,743,733
7.35%, 04/28/31	RON	9,090			1,980,975
7.90%, 02/24/38	RON	23,380			5,312,381
8.00%, 04/29/30	RON	18,600			4,169,124
8.25%, 09/29/32	RON	31,700			7,289,554
8.75%, 10/30/28	RON	23,650			5,448,447
					128,008,091
Serbia: 1.2%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD	1,220,180			10,909,263
4.50%, 08/20/32	RSD	1,577,110			12,527,213
5.88%, 02/08/28	RSD	1,255,830			11,587,094
					35,023,570
South Africa: 5.8%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR	160,783			5,307,574
6.50%, 02/28/41	ZAR	145,576			4,452,249
7.00%, 02/28/31	ZAR	281,448			11,883,573
8.00%, 01/31/30	ZAR	536,115			25,172,261
8.25%, 03/31/32	ZAR	462,620			20,295,736
8.50%, 01/31/37	ZAR	406,792			16,042,178
8.75%, 01/31/44	ZAR	363,418			13,668,729
8.75%, 02/28/48	ZAR	576,159			21,544,235
8.88%, 02/28/35	ZAR	429,309			18,234,356
9.00%, 01/31/40	ZAR	336,875			13,360,422
10.50%, 12/21/26	ZAR	271,958			14,964,504

	Par (000’s		)	Value
South Africa (continued)
11.62%, 03/31/53	ZAR	38,745		$	1,873,304
					166,799,121
Thailand: 7.2%
Thailand Government Bond
0.75%, 06/17/24	THB	297,325			8,189,405
0.75%, 09/17/24	THB	377,768			10,363,195
0.95%, 06/17/25	THB	309,557			8,400,662
1.00%, 06/17/27	THB	456,151			11,925,726
1.45%, 12/17/24	THB	352,106			9,688,455
1.58%, 12/17/35	THB	314,267			7,194,523
1.60%, 12/17/29	THB	305,004			7,838,630
1.60%, 06/17/35	THB	158,104			3,639,315
2.00%, 12/17/31	THB	355,757			9,079,518
2.00%, 06/17/42	THB	219,327			4,751,848
2.12%, 12/17/26	THB	344,182			9,420,359
2.25%, 03/17/27	THB	116,560			3,196,184
2.35%, 06/17/26	THB	319,500			8,828,887
2.40%, 03/17/29	THB	78,320			2,127,554
2.65%, 06/17/28	THB	404,251			11,148,572
2.88%, 12/17/28	THB	288,140			8,023,820
2.88%, 06/17/46	THB	245,491			5,840,235
3.30%, 06/17/38	THB	372,078			9,994,796
3.35%, 06/17/33	THB	279,023			7,862,675
3.39%, 06/17/37	THB	222,665			6,122,069
3.40%, 06/17/36	THB	280,348			7,720,321
3.45%, 06/17/43	THB	184,505			4,972,329
3.65%, 06/20/31	THB	268,655			7,736,039
3.77%, 06/25/32	THB	460,868			13,384,762
3.85%, 12/12/25	THB	297,916			8,508,658
4.88%, 06/22/29	THB	320,753			9,814,177
					205,772,714
Turkey: 1.0%
Turkiye Government Bond
9.00%, 07/24/24	TRY	20,443			630,066
10.50%, 08/11/27	TRY	243,434			5,171,072
10.60%, 02/11/26	TRY	113,288			2,770,862
11.00%, 02/24/27	TRY	32,279			698,227
11.70%, 11/13/30	TRY	142,594			2,882,850
12.40%, 03/08/28	TRY	303,291			6,591,891
12.60%, 10/01/25	TRY	27,225			704,375
16.90%, 09/02/26	TRY	163,753			4,352,431
17.80%, 07/13/33	TRY	158,280			3,942,629
					27,744,403
Uruguay: 1.2%
Uruguay Government International Bond
8.25%, 05/21/31	UYU	929,667			21,249,563
9.75%, 07/20/33	UYU	124,170			3,096,545
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU	25,635			611,945
Uruguay Government International Bond Reg S

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Uruguay (continued)
8.50%, 03/15/28	UYU	418,471		$	9,989,515
					34,947,568
Total Government Obligations (Cost: $2,983,673,184)					2,600,458,246
Total Investments Before Collateral for Securities Loaned: 96.7% (Cost: $3,173,571,233)					2,772,427,507

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%
Money Market Fund: 0.2% (Cost: $5,707,719)
State Street Navigator Securities Lending Government Money Market Portfolio		5,707,719	$	5,707,719
Total Investments: 96.9% (Cost: $3,179,278,952)				2,778,135,226
Other assets less liabilities: 3.1%				88,433,534
NET ASSETS: 100.0%			$	2,866,568,760

Definitions:

BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
EGP	Egyptian Pound
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
RSD	Serbian Dinar
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:

^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $5,563,243.

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 $83,632,460, or 2.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Government		93.8	%	$	2,600,458,246
Financials		5.9			164,524,505
Utilities		0.2			4,797,244
Industrials		0.1			1,379,202
Energy		0.0			1,268,310
		100.0	%	$	2,772,427,507

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	171,969,261	$	—	$	171,969,261
Government Obligations *		—		2,600,458,246		—		2,600,458,246
Money Market Fund		5,707,719		—		—		5,707,719
Total Investments	$	5,707,719	$	2,772,427,507	$	—	$	2,778,135,226


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 98.1%
Bermuda: 0.2%
Arch Capital Group Ltd. 3.63%, 06/30/50	$	25		$	15,906
Canada: 5.5%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		40			36,824
3.80%, 01/25/50		25			15,530
Canadian Pacific Railway Co. 1.75%, 12/02/26		75			66,719
CI Financial Corp.
3.20%, 12/17/30		25			18,304
4.10%, 06/15/51		25			13,312
Emera US Finance LP 4.75%, 06/15/46		50			34,990
Enbridge, Inc.
3.12%, 11/15/29		75			63,520
3.40%, 08/01/51		50			29,594
5.50%, 12/01/46		25			20,878
5.70%, 03/08/33 †		25			23,387
Fortis, Inc. 3.06%, 10/04/26		25			22,942
Toronto-Dominion Bank 8.12% (US Treasury Yield Curve Rate T 5 Year+4.08%), 10/31/82		50			49,178
TransCanada PipeLines Ltd. 4.62%, 03/01/34		50			42,321
					437,499
France: 6.4%
BNP Paribas SA 144A 4.38%, 09/28/25		75			71,834
Credit Agricole SA 144A 4.38%, 03/17/25		50			48,341
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		50			43,958
2.23% (US Treasury Yield Curve Rate T 1 Year+1.05%), 01/21/26		25			23,558
2.62%, 01/22/25		50			47,629
3.00%, 01/22/30		100			79,458
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33		50			37,590
3.62%, 03/01/41		100			57,646
4.25%, 04/14/25		50			47,908
4.75%, 09/14/28		50			46,522
					504,444
Germany: 0.6%
Deutsche Bank AG 4.50%, 04/01/25		50			47,812
India: 0.3%
Reliance Industries Ltd. 144A 4.12%, 01/28/25		25			24,429

	Par (000’s		)	Value
Italy: 1.4%
Intesa Sanpaolo SpA 144A
6.62%, 06/20/33	$	25		$	22,949
7.00%, 11/21/25		50			50,225
UniCredit SpA 144A 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32		50			37,496
					110,670
Mexico: 0.7%
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51		50			34,037
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		25			21,063
					55,100
Netherlands: 3.6%
Deutsche Telekom International Finance BV 8.75%, 06/15/30		75			84,058
Enel Finance International NV 144A 2.25%, 07/12/31		75			54,983
Prosus NV 144A
3.06%, 07/13/31		50			36,037
3.68%, 01/21/30		50			39,654
4.99%, 01/19/52		100			61,802
					276,534
Norway: 0.3%
Var Energi ASA 144A 8.00%, 11/15/32		25			25,814
United Kingdom: 1.4%
Barclays Plc 3.56% (US Treasury Yield Curve Rate T 5 Year+2.90%), 09/23/35		50			37,675
Ferguson Finance Plc 144A 4.50%, 10/24/28		25			23,265
Haleon UK Capital Plc 3.12%, 03/24/25		25			24,038
HSBC Holdings Plc 6.50%, 09/15/37		25			22,750
					107,728
United States: 77.7%
Alcon Finance Corp. 144A 3.00%, 09/23/29		50			42,473
Altria Group, Inc.
3.40%, 05/06/30		25			20,919
3.88%, 09/16/46		75			46,362
4.25%, 08/09/42		50			34,247
4.80%, 02/14/29		75			70,269
5.80%, 02/14/39		25			22,237
5.95%, 02/14/49 †		60			50,936
Ares Capital Corp.
2.15%, 07/15/26		25			21,965
3.25%, 07/15/25		25			23,451
3.88%, 01/15/26		50			46,772

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
Ashtead Capital, Inc. 144A 5.95%, 10/15/33	$	25		$	22,823
AT&T, Inc. 3.85%, 06/01/60		75			45,217
BAT Capital Corp. 4.91%, 04/02/30		50			45,105
Becton Dickinson & Co. 3.70%, 06/06/27		50			46,540
Berry Global, Inc. 1.57%, 01/15/26		50			45,186
Berry Global, Inc. 144A 4.88%, 07/15/26		25			23,883
Blue Owl Capital Corp. 3.40%, 07/15/26		50			44,628
Brighthouse Financial, Inc. 4.70%, 06/22/47		25			16,442
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27		50			46,749
Broadcom, Inc.
3.15%, 11/15/25		50			47,373
4.15%, 11/15/30		50			43,539
Broadcom, Inc. 144A
3.19%, 11/15/36		100			69,296
3.42%, 04/15/33		50			38,892
Campbell Soup Co. 3.95%, 03/15/25		25			24,311
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34		75			68,432
Carlisle Cos, Inc. 2.75%, 03/01/30		25			20,217
CBRE Services, Inc. 5.95%, 08/15/34		25			22,744
Centene Corp.
2.62%, 08/01/31		75			56,408
4.25%, 12/15/27		50			46,061
CF Industries, Inc. 144A 4.50%, 12/01/26		25			23,834
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,251
2.30%, 02/01/32		50			35,743
2.80%, 04/01/31		25			19,127
4.91%, 07/23/25		75			73,356
5.05%, 03/30/29		125			115,654
5.12%, 07/01/49		20			13,847
5.38%, 05/01/47		75			54,279
6.48%, 10/23/45		75			63,092
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		50			43,585
5.12%, 06/30/27		50			48,260
Cheniere Energy, Inc. 4.62%, 10/15/28		25			22,865
Cigna Group

	Par (000’s		)	Value
United States (continued)
3.40%, 03/15/50	$	75		$	46,422
Citizens Bank NA 4.58% (SOFR+2.00%), 08/09/28		50			44,362
Conagra Brands, Inc.
4.85%, 11/01/28		50			47,002
5.30%, 11/01/38		25			20,943
Constellation Brands, Inc. 2.25%, 08/01/31		50			38,024
Corning, Inc. 5.45%, 11/15/79		25			19,735
Deutsche Bank AG 2.13% (SOFR+1.87%), 11/24/26		100			90,317
2.55% (SOFR+1.32%), 01/07/28		25			21,646
3.96% (SOFR+2.58%), 11/26/25		50			48,226
Duke Energy Corp.
2.45%, 06/01/30		25			19,939
2.55%, 06/15/31		25			19,287
2.65%, 09/01/26		50			45,839
Equinix, Inc.
2.15%, 07/15/30		25			19,208
3.20%, 11/18/29		50			42,271
3.90%, 04/15/32 †		25			20,818
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52		50			28,135
Fiserv, Inc.
3.20%, 07/01/26		50			46,728
3.85%, 06/01/25		50			48,473
4.20%, 10/01/28		50			46,176
5.45%, 03/02/28		75			73,555
FS KKR Capital Corp. 3.40%, 01/15/26		25			22,876
General Mills, Inc.
2.88%, 04/15/30		50			41,356
4.00%, 04/17/25		25			24,338
4.95%, 03/29/33		25			22,720
HCA, Inc.
3.50%, 07/15/51		25			14,498
5.12%, 06/15/39		50			41,166
5.25%, 04/15/25		75			73,965
5.25%, 06/15/26		25			24,416
5.25%, 06/15/49		50			38,466
5.50%, 06/15/47 †		50			40,310
J M Smucker Co. 3.50%, 03/15/25		25			24,206
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		25			22,767
4.05%, 04/15/32		50			43,045
KeyCorp 2.55%, 10/01/29		50			37,371
Kinder Morgan Energy Partners LP 5.50%, 03/01/44		25			20,384
Kraft Heinz Foods Co.

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
3.00%, 06/01/26	$	50		$	46,739
5.00%, 06/04/42		25			20,619
5.20%, 07/15/45		50			41,349
6.88%, 01/26/39		25			25,282
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		25			25,551
Lowe’s Cos, Inc. 4.45%, 04/01/62		25			17,083
McDonald’s Corp.
2.12%, 03/01/30		150			120,639
3.62%, 09/01/49		100			66,337
Mondelez International, Inc.
1.50%, 05/04/25		25			23,420
2.75%, 04/13/30		25			20,600
3.00%, 03/17/32		25			20,088
NextEra Energy Capital Holdings, Inc.
2.44%, 01/15/32		100			75,019
2.75%, 11/01/29		50			41,504
4.62%, 07/15/27		75			71,503
6.05%, 03/01/25		25			24,993
Northrop Grumman Corp. 2.93%, 01/15/25		25			24,153
Oracle Corp.
3.60%, 04/01/40		75			51,531
3.80%, 11/15/37		50			36,819
3.85%, 04/01/60		75			45,057
3.95%, 03/25/51		50			32,485
4.00%, 07/15/46		50			33,622
4.10%, 03/25/61		50			31,389
4.38%, 05/15/55		50			33,859
6.12%, 07/08/39		25			23,377
6.50%, 04/15/38		75			73,229
Pacific Gas and Electric Co.
2.10%, 08/01/27		75			63,537
2.50%, 02/01/31		100			74,185
3.25%, 06/01/31		50			38,844
3.50%, 08/01/50		50			27,867
3.75%, 07/01/28		50			43,871
4.50%, 07/01/40		100			71,063
4.95%, 07/01/50		75			52,418
6.75%, 01/15/53		25			22,149
Republic Services, Inc. 3.95%, 05/15/28		50			46,660
Reynolds American, Inc. 5.85%, 08/15/45		75			58,675
Sempra 3.25%, 06/15/27		50			45,344
4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52		25			19,287
Sherwin-Williams Co. 3.45%, 06/01/27		50			46,333
Southern Co. 3.70%, 04/30/30		50			43,386
Sprint Capital Corp. 6.88%, 11/15/28		50			51,351
Sprint LLC

	Par (000’s		)	Value
United States (continued)
7.62%, 02/15/25	$	100		$	101,502
Time Warner Cable LLC
4.50%, 09/15/42		50			32,863
5.50%, 09/01/41		50			37,497
6.55%, 05/01/37		25			21,961
7.30%, 07/01/38		100			93,240
T-Mobile USA, Inc.
3.38%, 04/15/29		75			65,361
3.50%, 04/15/25		150			144,953
3.75%, 04/15/27		155			144,187
3.88%, 04/15/30		60			52,261
Tyson Foods, Inc. 4.55%, 06/02/47		25			17,861
United Rentals North America, Inc. 144A 6.00%, 12/15/29		25			24,073
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,227
Verizon Communications, Inc.
0.85%, 11/20/25		25			22,648
2.10%, 03/22/28		50			42,665
2.35%, 03/15/32		50			37,407
2.55%, 03/21/31		50			39,081
2.62%, 08/15/26		25			23,023
3.00%, 11/20/60		75			38,426
3.88%, 02/08/29		25			22,704
4.12%, 03/16/27		100			94,750
4.33%, 09/21/28		50			46,574
4.50%, 08/10/33		50			43,353
VICI Properties LP
5.12%, 05/15/32		50			43,255
5.62%, 05/15/52		25			19,597
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			45,038
4.25%, 12/01/26		50			46,194
4.62%, 12/01/29		50			43,296
Weyerhaeuser Co. 4.00%, 11/15/29		50			44,348
					6,109,922
Total Corporate Bonds (Cost: $8,591,357)					7,715,858

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
Money Market Fund: 0.3% (Cost: $19,775)
State Street Navigator Securities Lending Government Money Market Portfolio		19,775			19,775

See Notes to Financial Statements

	Number of Shares (continued)	Value
Total Investments: 98.4% (Cost: $8,611,132)		$	7,735,633
Other assets less liabilities: 1.6%			128,372
NET ASSETS: 100.0%		$	7,864,005

Definitions:

SOFR	Secured Overnight Financing Rate

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $126,950.

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 $1,393,905, or 17.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Technology		24.5	%	$	1,888,196
Financials		18.9			1,459,780
Utilities		11.6			892,004
Consumer Non-Cyclicals		11.4			881,111
Consumer Cyclicals		10.4			805,188
Industrials		6.6			507,304
Healthcare		6.1			470,724
Real Estate		4.5			346,768
Energy		4.2			325,547
Basic Materials		1.8			139,236
		100.0	%	$	7,715,858

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	7,715,858	$	—	$	7,715,858
Money Market Fund		19,775		—		—		19,775
Total Investments	$	19,775	$	7,715,858	$	—	$	7,735,633

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 98.4%
Bermuda: 0.1%
Arch Capital Group Ltd. 3.63%, 06/30/50	$	25		$	15,906
Canada: 7.3%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		50			46,030
3.80%, 01/25/50		25			15,530
Bank of Nova Scotia
1.30%, 06/11/25		50			46,386
1.95%, 02/02/27		75			66,207
2.45%, 02/02/32		100			75,025
Brookfield Finance, Inc. 4.35%, 04/15/30		100			88,429
Canadian Imperial Bank of Commerce 3.45%, 04/07/27		50			45,759
Canadian Natural Resources Ltd. 6.25%, 03/15/38		25			23,380
Canadian Pacific Railway Co. 6.12%, 09/15/15		75			67,588
CI Financial Corp. 4.10%, 06/15/51		50			26,624
Emera US Finance LP 3.55%, 06/15/26		25			23,439
Enbridge, Inc.
3.12%, 11/15/29		125			105,867
4.25%, 12/01/26		25			23,763
Fortis, Inc. 3.06%, 10/04/26		25			22,942
Royal Bank of Canada 1.40%, 11/02/26		50			43,922
Toronto-Dominion Bank
1.15%, 06/12/25		25			23,174
1.20%, 06/03/26		50			44,343
1.25%, 09/10/26		75			65,994
					854,402
Denmark: 0.4%
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27		50			43,432
Finland: 0.4%
Nordea Bank Abp 144A 0.75%, 08/28/25		50			45,600
France: 6.3%
BNP Paribas SA 144A
4.38%, 05/12/26		100			95,038
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 †		150			143,477
Credit Agricole SA 144A
2.02%, 01/11/27		50			44,117
4.38%, 03/17/25		50			48,341
5.51%, 07/05/33		75			70,277
Societe Generale SA 144A

		Par (000’s	)		Value
France (continued)
1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26	$	100		$	89,129
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		100			87,915
3.00%, 01/22/30		100			79,458
4.25%, 04/14/25		50			47,908
4.68%, 06/15/27		50			47,490
					753,150
Germany: 0.3%
Deutsche Bank AG 3.73% (SOFR+2.76%), 01/14/32		50			36,220
India: 0.7%
Adani Ports & Special Economic Zone Ltd. 144A 4.20%, 08/04/27		50			41,288
Reliance Industries Ltd. 144A 4.12%, 01/28/25		50			48,858
					90,146
Italy: 1.0%
Intesa Sanpaolo SpA 144A
6.62%, 06/20/33		50			45,897
7.78% (US Treasury Yield Curve Rate T 1 Year+3.90%), 06/20/54		25			21,702
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27		50			44,139
					111,738
Japan: 0.4%
Nomura Holdings, Inc. 2.65%, 01/16/25		50			47,762
Mexico: 0.4%
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		50			42,126
Netherlands: 1.3%
Prosus NV 144A
3.06%, 07/13/31		50			36,037
3.68%, 01/21/30		50			39,654
4.03%, 08/03/50		50			26,977
4.99%, 01/19/52		100			61,802
					164,470
Norway: 0.4%
Var Energi ASA 144A 8.00%, 11/15/32		50			51,629
Saudi Arabia: 2.8%
Saudi Arabian Oil Co. 144A
3.25%, 11/24/50		75			44,470
3.50%, 04/16/29		75			66,738
3.50%, 11/24/70		50			28,273
4.25%, 04/16/39		150			117,905

See Notes to Financial Statements

	Par (000’s		)	Value
Saudi Arabia (continued)
4.38%, 04/16/49	$	100		$	73,437
					330,823
Sweden: 0.4%
Skandinaviska Enskilda Banken AB 144A 1.40%, 11/19/25		25			22,832
Svenska Handelsbanken AB 144A 3.95%, 06/10/27		25			23,344
					46,176
Switzerland: 2.9%
UBS Group AG 144A
1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27		50			44,353
2.75% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/33		50			36,633
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43		50			30,982
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27		100			95,289
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33		150			129,720
					336,977
Taiwan: 0.8%
TSMC Global Ltd. 144A
0.75%, 09/28/25		50			45,549
1.25%, 04/23/26		50			45,002
					90,551
United Kingdom: 4.1%
Barclays Plc
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		100			75,936
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32		100			74,041
2.89% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/32		50			36,529
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42		100			61,396
4.38%, 01/12/26		50			47,738
5.25%, 08/17/45		50			40,369
Haleon UK Capital Plc 3.12%, 03/24/25		50			48,076
HSBC Holdings Plc 5.40% (SOFR+2.87%), 08/11/33 †		50			44,979
Standard Chartered Plc 144A 2.68% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/29/32		100			74,393
					503,457

	Par (000’s		)	Value
United States: 68.4%
Altria Group, Inc.
2.45%, 02/04/32	$	75		$	54,768
3.40%, 02/04/41		25			15,330
4.25%, 08/09/42		100			68,494
4.80%, 02/14/29 †		75			70,269
5.38%, 01/31/44 †		25			21,466
5.80%, 02/14/39		50			44,474
5.95%, 02/14/49 †		60			50,936
Apple, Inc.
1.12%, 05/11/25		50			46,934
2.05%, 09/11/26		100			91,708
3.20%, 05/11/27		100			93,539
3.25%, 08/08/29		50			45,169
3.35%, 02/09/27		50			47,154
4.10%, 08/08/62		50			36,702
Ares Capital Corp.
2.15%, 07/15/26		25			21,965
2.88%, 06/15/28		100			82,808
AT&T, Inc.
3.65%, 09/15/59		175			101,332
3.85%, 06/01/60		75			45,217
Berkshire Hathaway Energy Co.
2.85%, 05/15/51		25			13,793
3.80%, 07/15/48		50			32,990
4.25%, 10/15/50		50			35,059
4.45%, 01/15/49		50			36,671
5.15%, 11/15/43		25			21,079
6.12%, 04/01/36		75			73,045
Berkshire Hathaway Finance Corp.
2.85%, 10/15/50		125			71,902
3.85%, 03/15/52		50			34,896
4.20%, 08/15/48		110			84,331
Berry Global, Inc. 1.57%, 01/15/26		25			22,593
Berry Global, Inc. 144A 4.88%, 07/15/26		50			47,766
Blackstone Holdings Finance Co. LLC 144A 3.20%, 01/30/52		50			28,232
Blue Owl Capital Corp. 3.40%, 07/15/26		50			44,628
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27		75			70,124
Broadcom, Inc. 3.15%, 11/15/25		25			23,687
Broadcom, Inc. 144A
3.42%, 04/15/33		125			97,231
4.93%, 05/15/37		75			62,543
Cameron LNG LLC 144A 3.70%, 01/15/39		75			55,492
Campbell Soup Co. 3.95%, 03/15/25		25			24,311
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34		25			22,811

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
CF Industries, Inc. 144A 4.50%, 12/01/26	$	25		$	23,834
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,251
3.85%, 04/01/61		50			26,434
4.91%, 07/23/25		100			97,808
5.05%, 03/30/29		100			92,524
5.38%, 05/01/47		25			18,093
6.48%, 10/23/45		100			84,123
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		25			21,792
5.12%, 06/30/27		25			24,130
5.88%, 03/31/25		50			49,774
Cheniere Energy, Inc. 4.62%, 10/15/28		25			22,865
Citizens Bank NA 2.25%, 04/28/25		50			46,324
Conagra Brands, Inc. 4.85%, 11/01/28		25			23,501
Constellation Brands, Inc.
2.25%, 08/01/31		25			19,012
3.15%, 08/01/29 †		50			43,194
Corning, Inc. 5.45%, 11/15/79		25			19,735
Costco Wholesale Corp. 3.00%, 05/18/27		50			46,346
Credit Suisse AG
1.25%, 08/07/26		100			87,262
2.95%, 04/09/25		75			71,230
5.00%, 07/09/27		100			95,453
Deutsche Bank AG
1.69%, 03/19/26		50			45,085
2.13% (SOFR+1.87%), 11/24/26		100			90,317
2.55% (SOFR+1.32%), 01/07/28		75			64,937
3.96% (SOFR+2.58%), 11/26/25		50			48,226
Duke Energy Carolinas LLC 4.95%, 01/15/33		25			23,103
Duke Energy Corp. 2.65%, 09/01/26		100			91,678
EMD Finance LLC 144A 3.25%, 03/19/25		50			48,162
Entergy Louisiana LLC 4.00%, 03/15/33		50			42,044
Equinix, Inc. 3.20%, 11/18/29		50			42,271
Fiserv, Inc.
2.25%, 06/01/27		100			88,403
3.85%, 06/01/25		25			24,236
4.20%, 10/01/28		75			69,264
Florida Power & Light Co. 2.88%, 12/04/51		25			14,200

	Par (000’s		)	Value
United States (continued)
3.15%, 10/01/49	$	100		$	61,008
FS KKR Capital Corp. 3.40%, 01/15/26		25			22,876
General Mills, Inc.
2.88%, 04/15/30		75			62,035
4.00%, 04/17/25		25			24,338
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25		25			24,408
HCA, Inc.
4.12%, 06/15/29		100			88,784
5.25%, 04/15/25		75			73,965
5.25%, 06/15/26		25			24,416
5.50%, 06/15/47 †		125			100,774
Home Depot, Inc. 5.95%, 04/01/41		25			24,261
Huntington Bancshares, Inc. 2.55%, 02/04/30		50			38,502
ITC Holdings Corp. 144A 4.95%, 09/22/27		25			24,151
J M Smucker Co. 3.50%, 03/15/25		25			24,206
Jackson National Life Global Funding 144A 1.75%, 01/12/25		25			23,554
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		50			45,534
4.05%, 04/15/32		50			43,045
4.60%, 05/25/28		25			23,800
KeyCorp
2.25%, 04/06/27		75			62,270
2.55%, 10/01/29		50			37,371
Kinder Morgan Energy Partners LP 5.50%, 03/01/44		25			20,384
Kraft Heinz Foods Co. 3.00%, 06/01/26		50			46,739
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		75			76,652
Lowe’s Cos, Inc. 5.80%, 09/15/62		50			42,399
McCormick & Co., Inc. 3.40%, 08/15/27		25			22,900
McDonald’s Corp.
3.50%, 07/01/27		25			23,237
3.60%, 07/01/30		25			21,907
3.62%, 09/01/49		75			49,753
3.80%, 04/01/28		75			69,618
4.45%, 03/01/47		25			19,197
4.70%, 12/09/35		75			65,848
4.88%, 12/09/45		50			41,187
6.30%, 10/15/37		50			50,564
Meta Platforms, Inc. 4.65%, 08/15/62		50			37,734
Metropolitan Life Global Funding I 144A 1.88%, 01/11/27		75			65,693
Mondelez International, Inc.

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
2.62%, 03/17/27	$	50		$	45,264
2.62%, 09/04/50		25			13,630
2.75%, 04/13/30		25			20,600
Nestle Holdings, Inc. 144A 3.50%, 09/24/25		25			24,195
NextEra Energy Capital Holdings, Inc.
1.88%, 01/15/27		100			87,867
6.05%, 03/01/25		50			49,986
Oracle Corp.
3.85%, 07/15/36		75			57,239
4.12%, 05/15/45		100			69,324
4.30%, 07/08/34		50			41,695
4.38%, 05/15/55		50			33,859
5.38%, 07/15/40		100			85,166
6.50%, 04/15/38		50			48,819
Pacific Gas and Electric Co.
3.25%, 06/01/31		50			38,844
3.50%, 08/01/50		50			27,867
3.75%, 07/01/28		75			65,807
4.50%, 07/01/40		50			35,531
4.55%, 07/01/30		75			64,950
4.95%, 07/01/50		100			69,891
6.15%, 01/15/33		50			46,055
PepsiCo, Inc.
2.75%, 04/30/25		100			96,195
2.75%, 03/19/30		25			21,303
Philip Morris International, Inc.
0.88%, 05/01/26		50			44,516
3.38%, 08/15/29		75			65,304
4.12%, 03/04/43		50			35,859
4.38%, 11/15/41		65			48,906
5.38%, 02/15/33		25			23,108
5.62%, 11/17/29		25			24,474
5.75%, 11/17/32		50			47,801
Procter & Gamble Co. 2.45%, 11/03/26		25			23,161
Public Service Co. of Colorado 1.88%, 06/15/31		50			37,546
Republic Services, Inc. 3.95%, 05/15/28		25			23,330
San Diego Gas & Electric Co. 1.70%, 10/01/30		75			56,749
Sherwin-Williams Co. 3.45%, 06/01/27		50			46,333
Southern California Edison Co.
2.95%, 02/01/51		25			13,914
3.65%, 02/01/50		50			31,803
Southern Co. 3.25%, 07/01/26		50			46,752
Sprint Capital Corp. 6.88%, 11/15/28		25			25,675
Sprint LLC
7.62%, 02/15/25		150			152,253
7.62%, 03/01/26		25			25,694

	Par (000’s		)	Value
United States (continued)
Time Warner Cable LLC
4.50%, 09/15/42	$	25		$	16,431
5.88%, 11/15/40		25			19,738
6.55%, 05/01/37		100			87,844
6.75%, 06/15/39		75			65,446
T-Mobile USA, Inc.
1.50%, 02/15/26		25			22,679
3.00%, 02/15/41		25			15,790
3.50%, 04/15/25		50			48,318
3.75%, 04/15/27		150			139,535
3.88%, 04/15/30		125			108,877
United Rentals North America, Inc. 144A 6.00%, 12/15/29		50			48,147
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,227
Verizon Communications, Inc.
3.70%, 03/22/61		75			45,778
4.02%, 12/03/29		150			134,001
4.12%, 03/16/27		125			118,438
4.33%, 09/21/28		50			46,574
VICI Properties LP
4.75%, 02/15/28		50			46,094
5.12%, 05/15/32		50			43,255
5.62%, 05/15/52		25			19,597
VICI Properties LP / VICI Note Co., Inc. 144A
3.50%, 02/15/25		50			47,734
4.25%, 12/01/26		75			69,290
Vistra Operations Co. LLC 144A 4.30%, 07/15/29		25			21,767
Walt Disney Co. 6.20%, 12/15/34 †		25			25,378
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26		25			23,199
Weyerhaeuser Co. 4.00%, 04/15/30		50			43,746
					8,049,318
Total Corporate Bonds (Cost: $13,112,343)					11,613,883
Total Investments: 98.4% (Cost: $13,112,343)					11,613,883
Other assets less liabilities: 1.6%					188,953
NET ASSETS: 100.0%				$	11,802,836

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

SOFR	Secured Overnight Financing Rate

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $471,845.

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 $3,007,214, or 25.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Financials		30.0	%	$	3,489,975
Technology		20.0			2,317,772
Consumer Non-Cyclicals		15.0			1,743,086
Utilities		8.9			1,029,236
Consumer Cyclicals		8.7			1,008,384
Energy		5.9			689,130
Industrials		4.5			523,278
Real Estate		2.9			336,395
Healthcare		2.9			336,101
Basic Materials		1.2			140,526
		100.0	%	$	11,613,883

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

		Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Corporate Bonds ^*		$	—		$	11,613,883		$	—		$	11,613,883

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Financial Services: 99.9%
AGNC Investment Corp. †		1,809,339	$	13,352,922
Annaly Capital Management, Inc.		1,360,613		21,239,169
Apollo Commercial Real Estate Finance, Inc.		775,536		7,724,339
Arbor Realty Trust, Inc. †		702,532		8,858,929
Ares Commercial Real Estate Corp. †		397,550		3,645,533
ARMOUR Residential REIT, Inc. †		300,520		4,378,576
Blackstone Mortgage Trust, Inc. †		498,715		9,949,364
BrightSpire Capital, Inc. †		827,900		4,685,914
Chimera Investment Corp.		1,416,314		6,798,307
Claros Mortgage Trust, Inc.		327,062		3,411,257
Dynex Capital, Inc. †		390,666		3,922,287
Ellington Financial, Inc. †		442,073		5,318,138
Franklin BSP Realty Trust, Inc.		499,622		6,300,233
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		461,849		7,916,092
KKR Real Estate Finance Trust, Inc.		237,449		2,478,968
Ladder Capital Corp.		835,693		8,448,856
MFA Financial, Inc.		696,804		6,194,588

	Number of Shares		Value
Financial Services (continued)
New York Mortgage Trust, Inc. †		577,671	$	4,500,057
Orchid Island Capital, Inc. †		370,361		2,325,867
PennyMac Mortgage Investment Trust †		468,691		5,928,941
Ready Capital Corp. †		935,725		8,823,887
Redwood Trust, Inc. †		684,605		4,299,319
Rithm Capital Corp.		1,432,567		13,365,850
Starwood Property Trust, Inc. †		883,450		15,681,237
Two Harbors Investment Corp.		531,908		6,175,452
Total Common Stocks (Cost: $264,095,862)				185,724,082

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 13.5%
Money Market Fund: 13.5% (Cost: $25,006,690)
State Street Navigator Securities Lending Government Money Market Portfolio		25,006,690		25,006,690
Total Investments: 113.4% (Cost: $289,102,552)				210,730,772
Liabilities in excess of other assets: (13.4)%				(24,839,721)
NET ASSETS: 100.0%			$	185,891,051

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $51,027,240.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Financials			100.0	%		$	185,724,082

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks ^*	$	185,724,083	$	—	$	—	$	185,724,082
Money Market Fund		25,006,690		—		—		25,006,690
Total Investments	$	210,730,773	$	—	$	—	$	210,730,772

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Number of Shares		Value
PREFERRED SECURITIES: 99.3%
Consumer Cyclicals: 5.9%
Ford Motor Co.
6.00%, 12/01/59 †		957,918	$	20,116,278
6.20%, 06/01/59		898,040		19,271,938
6.50%, 08/15/62		718,426		15,029,472
Paramount Global 5.75%, 04/01/24		299,351		4,654,908
Qurate Retail, Inc. 8.00%, 03/15/31		380,173		9,048,117
QVC, Inc. 6.25%, 11/26/68		598,935		4,977,150
				73,097,863
Consumer Non-Cyclicals: 6.0%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81		299,351		4,577,077
CHS, Inc.
6.75%, 09/30/24		589,718		13,946,831
7.10%, 03/31/24		502,905		12,436,841
7.50%, 01/21/25		619,654		15,615,281
7.88%, 09/26/23		639,135		16,349,073
8.00%, 07/18/23		365,480		10,646,432
				73,571,535
Energy: 6.8%
Energy Transfer LP
7.60%, 05/15/24		957,918		23,679,733
10.16%, 05/15/23		536,089		13,407,586
10.36%, 08/15/23		530,128		13,285,008
NGL Energy Partners LP 12.85% *		374,771		9,639,110
NuStar Energy LP 11.31% (Term SOFR USD 3 Month+5.90%)		458,660		11,512,366
NuStar Logistics LP 6.98% (Term SOFR USD 3 Month+7.00%), 01/15/43		479,492		12,457,202
				83,981,005
Financial Services: 10.2%
AGNC Investment Corp.
6.12%, 04/15/25		688,494		13,762,995
6.50%, 10/15/24		481,947		10,260,652
10.77% (Term SOFR USD 3 Month+5.37%)		387,157		9,427,273
Annaly Capital Management, Inc.
6.75%, 06/30/24		529,846		12,244,741
9.83%		506,316		11,726,278
10.63%		857,749		20,791,836
Chimera Investment Corp.
7.75%, 09/30/25		311,320		5,360,930
8.00%, 03/30/24		389,146		8,207,089
MFA Financial, Inc. 6.50%, 03/31/25		329,280		6,048,874
PennyMac Mortgage Investment Trust 6.75%, 08/24/26		299,351		4,912,350
Rithm Capital Corp. 6.38%, 02/15/25		476,076		9,226,353

	Number of Shares		Value
Financial Services (continued)
7.12%, 08/15/24		337,063	$	7,465,945
Two Harbors Investment Corp. 7.62%, 07/27/27		314,312		5,940,497
				125,375,813
Industrials: 6.6%
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27		359,216		5,496,005
Chart Industries, Inc. 6.75%, 12/15/25		240,969		11,846,036
Clarivate Plc 5.25%, 06/01/24		430,314		12,018,670
Crestwood Equity Partners LP 9.25%		2,133,149		20,563,556
RBC Bearings, Inc. 5.00%, 10/15/24		137,708		14,485,505
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		644,676		17,187,062
				81,596,834
Real Estate: 0.8%
Brookfield Property Preferred LP 6.25%, 07/26/81		803,564		9,642,768
Real Estate Investment Trusts: 15.2%
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26		339,585		5,932,550
Digital Realty Trust, Inc. 5.20%, 10/10/24		413,097		8,047,130
DigitalBridge Group, Inc.
7.12%		345,961		7,216,746
7.15%		383,252		8,052,125
Diversified Healthcare Trust
5.62%, 08/01/42		416,965		5,729,099
6.25%, 02/01/46		297,819		4,413,678
Franklin BSP Realty Trust, Inc. 7.50%		307,603		5,724,492
Hudson Pacific Properties, Inc. 4.75%, 11/26/26		508,894		5,363,743
Kimco Realty Corp. 5.25%		311,639		6,235,896
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26		392,507		6,397,864
Public Storage Operating Co.
3.88%, 10/06/25		338,264		5,158,526
4.00%, 06/16/26		1,243,838		19,629,785
4.10%, 01/13/27		299,351		4,834,519
4.62%, 06/17/25		676,517		12,515,564
4.70%, 11/15/24		309,881		5,704,909
4.88%, 09/12/24		378,616		7,443,591
5.05%		357,392		7,641,041
5.15%		333,570		7,041,663
5.60%, 03/11/24		341,260		7,572,559
Rithm Capital Corp.

See Notes to Financial Statements

	Number of Shares		Value
Real Estate Investment Trusts (continued)
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26		556,780	$	11,124,464
RLJ Lodging Trust 1.95%		385,442		9,096,431
UMH Properties, Inc. 6.38%		315,699		6,424,475
Vornado Realty Trust
4.45%, 09/22/26		359,216		4,285,447
5.25%, 11/24/25		739,833		10,429,505
5.40% †		357,392		5,078,540
				187,094,342
Technology: 15.8%
AT&T, Inc.
4.75%, 02/18/25		2,095,437		36,251,060
5.00%, 12/12/24		1,436,868		26,740,113
5.35%, 11/01/66		1,575,503		33,006,788
5.62%, 08/01/67		982,826		21,622,172
Pitney Bowes, Inc. 6.70%, 03/07/43		506,316		7,655,498
Qwest Corp.
6.50%, 09/01/56		1,164,493		14,078,720
6.75%, 06/15/57		786,255		9,843,913
Telephone and Data Systems, Inc.
6.00%, 09/30/26		826,202		10,616,696
6.62%, 03/31/26		502,905		7,417,849
United States Cellular Corp.
5.50%, 03/01/70		598,689		8,896,519
5.50%, 06/01/70 †		598,689		8,752,833
6.25%, 09/01/69		598,689		9,878,368
				194,760,529
Utilities: 32.0%
AES Corp. 6.88%, 02/15/24		312,217		18,820,441
Algonquin Power & Utilities Corp.
6.20%, 07/01/79		419,086		10,305,325
7.75%, 06/15/24		688,494		12,867,953
9.34%, 10/17/78		342,493		8,589,724
Brookfield BRP Holdings Canada, Inc.
4.62%, 04/30/26		419,086		5,728,906
4.88%, 12/09/26		311,320		4,445,650
CMS Energy Corp.
5.88%, 10/15/78		333,570		7,355,218
5.88%, 03/01/79		754,363		16,754,402
DTE Energy Co.
4.38%, 12/01/81 †		335,269		6,004,668
5.25%, 12/01/77		476,508		10,235,392
Duke Energy Corp.
5.62%, 09/15/78		595,657		13,146,150
5.75%, 06/15/24		1,197,390		27,468,127
Entergy Arkansas LLC 4.88%, 09/01/66		488,435		9,881,040

	Number of Shares		Value
Utilities (continued)
Entergy Louisiana LLC 4.88%, 09/01/66		321,658	$	6,561,823
Entergy Mississippi LLC 4.90%, 10/01/66		309,734		6,337,158
Georgia Power Co. 5.00%, 10/01/77		321,658		6,947,813
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79		823,206		18,258,709
NextEra Energy, Inc. 6.93%, 09/01/25		1,197,390		44,950,021
NiSource, Inc.
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24		598,689		14,967,225
7.75%, 03/01/24		258,186		26,203,297
SCE Trust III 5.75% (Term SOFR USD 3 Month+3.25%), 03/15/24		329,280		7,948,819
SCE Trust IV 5.38% (Term SOFR USD 3 Month+3.39%), 09/15/25		389,146		7,646,719
SCE Trust V 5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26		359,216		7,920,713
SCE Trust VI 5.00%		565,858		9,913,832
Sempra 5.75%, 07/01/79		907,023		20,408,017
Southern Co.
4.20%, 10/15/60		898,040		16,164,720
4.95%, 01/30/80 †		1,197,390		24,259,121
5.25%, 12/01/77		536,089		11,472,304
Spire, Inc. 5.90%, 08/15/24		299,351		6,612,663
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		305,561		6,645,952
				394,821,902
Total Preferred Securities (Cost: $1,467,508,178)				1,223,942,591

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $309,321)
State Street Navigator Securities Lending Government Money Market Portfolio		309,321		309,321
Total Investments: 99.3% (Cost: $1,467,817,499)				1,224,251,912
Other assets less liabilities: 0.7%				8,792,088
NET ASSETS: 100.0%			$	1,233,044,000

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $655,924.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Residential & Commercial REITs		23.7	%	$	290,803,420
Electric Utilities & IPPs		22.1			270,758,078
Telecommunications Services		15.3			187,105,031
Multiline Utilities		9.6			117,451,161
Oil & Gas Related Equipment and Services		6.1			74,341,895
Food & Tobacco		5.6			68,994,458
Automobiles & Auto Parts		4.5			54,417,688
Machinery; Equipment & Components		3.6			43,518,603
Professional & Commercial Services		3.1			38,078,231
Real Estate Operations		2.1			24,911,639
Diversified Retail		1.1			14,025,267
Oil & Gas		0.8			9,639,110
Office Equipment		0.6			7,655,498
Natural Gas Utilities		0.5			6,612,663
Investment Banking & Investment Services		0.5			6,397,864
Hotels & Entertainment Services		0.4			4,654,908
Consumer Goods Conglomerates		0.4			4,577,077
		100.0	%	$	1,223,942,591

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities ^*	$	1,223,942,591	$	—	$	—	$	1,223,942,591
Money Market Fund		309,321		—		—		309,321
Total Investments	$	1,224,251,912	$	—	$	—	$	1,224,251,912

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	BDC Income ETF			China Bond ETF			Dynamic High Income ETF			Emerging Markets High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	706,223,444		$	28,921,983		$	102,898		$	301,614,574
Affiliated issuers (3)		—			—			628,072			—
Short-term investments held as collateral for securities loaned (4)		87,578,849			—			—			15,921,278
Cash		5,619			44,215			—			4,292,361
Cash denominated in foreign currency, at value (5)		—			2,952,744	(a)		—			2,341
Receivables:
Investment securities sold		—			4,403			—			6,255,966
Dividends and interest		646,038			360,803			1,157			5,775,481
Prepaid expenses		—			827			—			—
Total assets		794,453,950			32,284,975			732,127			333,862,001
Liabilities:
Payables:
Investment securities purchased		—			—			—			6,488,812
Collateral for securities loaned		87,578,849			—			—			15,921,278
Line of credit		620,967			—			—			—
Due to Adviser		239,971			5,476			63			112,775
Due to custodian		—			—			70			—
Deferred Trustee fees		9,396			138			—			40,196
Accrued expenses		16,618			47,137			—			—
Total liabilities		88,465,801			52,751			133			22,563,061
NET ASSETS	$	705,988,149		$	32,232,224		$	731,994		$	311,298,940
Shares outstanding		47,425,000			1,500,000			30,000			17,700,000
Net asset value, redemption and offering price per share	$	14.89		$	21.49		$	24.40		$	17.59
Net Assets consist of:
Aggregate paid in capital	$	839,220,752		$	40,711,438		$	758,912		$	582,187,892
Total distributable earnings (loss)		(133,232,603	)		(8,479,214	)		(26,918	)		(270,888,952	)
NET ASSETS	$	705,988,149		$	32,232,224		$	731,994		$	311,298,940
(1) Value of securities on loan	$	107,950,095		$	—		$	—		$	15,325,318
(2) Cost of investments - Unaffiliated issuers	$	738,148,037		$	31,725,421		$	118,426		$	357,795,978
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	637,360		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	87,578,849		$	—		$	—		$	15,921,278
(5) Cost of cash denominated in foreign currency	$	—		$	2,968,190		$	—		$	2,369

(a)	Includes $35,911 on foreign investor minimum settlement reserve funds (see Note 2H).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,309,387,848		$	80,634,045		$	1,300,135,220		$	35,833,911
Short-term investments held as collateral for securities loaned (3)		79,671,097			1,607,387			—			1,872,582
Cash		6,695,245			183,354			6,289,188			265,168
Cash denominated in foreign currency, at value (4)		—			42			—			452,625
Receivables:
Investment securities sold		93,255,795			662,937			61,672,723			960,045
Shares of beneficial interest sold		8,024,130			—			7,571,990			—
Dividends and interest		38,006,788			769,702			12,193,863			661,707
Total assets		2,535,040,903			83,857,467			1,387,862,984			40,046,038
Liabilities:
Payables:
Investment securities purchased		99,620,818			533,184			68,236,063			1,427,456
Shares of beneficial interest redeemed		5,313,682			—			—			—
Collateral for securities loaned		79,671,097			1,607,387			—			1,872,582
Due to Adviser		715,816			13,622			150,794			12,440
Deferred Trustee fees		67,963			1,073			21,618			33,385
Accrued expenses		—			—			—			103
Total liabilities		185,389,376			2,155,266			68,408,475			3,345,966
NET ASSETS	$	2,349,651,527		$	81,702,201		$	1,319,454,509		$	36,700,072
Shares outstanding		87,850,000			3,650,000			52,300,000			1,900,000
Net asset value, redemption and offering price per share	$	26.75		$	22.38		$	25.23		$	19.32
Net Assets consist of:
Aggregate paid in capital	$	3,100,169,113		$	97,927,933		$	1,322,753,669		$	64,508,078
Total distributable earnings (loss)		(750,517,586	)		(16,225,732	)		(3,299,160	)		(27,808,006	)
NET ASSETS	$	2,349,651,527		$	81,702,201		$	1,319,454,509		$	36,700,072
(1) Value of securities on loan	$	84,090,029		$	4,858,933		$	6,457,726		$	1,894,783
(2) Cost of investments - Unaffiliated issuers	$	2,676,554,304		$	92,637,455		$	1,302,967,027		$	42,563,250
(3) Cost of short-term investments held as collateral for securities loaned	$	79,671,097		$	1,607,387		$	—		$	1,872,582
(4) Cost of cash denominated in foreign currency	$	—		$	43		$	—		$	456,762

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	J.P. Morgan EM Local Currency Bond ETF			Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,772,427,507		$	7,715,858		$	11,613,883		$	185,724,082
Short-term investments held as collateral for securities loaned (3)		5,707,719			19,775			—			25,006,690
Cash		5,435,343			46,711			69,143			481
Cash denominated in foreign currency, at value (4)		23,549,778			—			—			—
Receivables:
Investment securities sold		38,953,858			541,171			553,110			—
Shares of beneficial interest sold		192,326			—			—			983,543
Dividends and interest		58,609,909			96,378			134,780			402,762
Prepaid expenses		13,596			—			—			—
Total assets		2,904,890,036			8,419,893			12,370,916			212,117,558
Liabilities:
Payables:
Investment securities purchased		30,687,084			534,437			566,067			983,642
Collateral for securities loaned		5,707,719			19,775			—			25,006,690
Line of credit		—			—			—			137,786
Due to Adviser		628,117			1,676			2,013			64,704
Deferred Trustee fees		251,870			—			—			16,359
Accrued expenses		1,046,486			—			—			17,326
Total liabilities		38,321,276			555,888			568,080			26,226,507
NET ASSETS	$	2,866,568,760		$	7,864,005		$	11,802,836		$	185,891,051
Shares outstanding		120,222,682			400,000			600,000			18,900,000
Net asset value, redemption and offering price per share	$	23.84		$	19.66		$	19.67		$	9.84
Net Assets consist of:
Aggregate paid in capital	$	3,898,366,873		$	9,999,885		$	14,999,828		$	377,703,528
Total distributable earnings (loss)		(1,031,798,113	)		(2,135,880	)		(3,196,992	)		(191,812,477	)
NET ASSETS	$	2,866,568,760		$	7,864,005		$	11,802,836		$	185,891,051
(1) Value of securities on loan	$	5,563,243		$	126,950		$	471,845		$	51,027,240
(2) Cost of investments - Unaffiliated issuers	$	3,173,571,233		$	8,591,357		$	13,112,343		$	264,095,862
(3) Cost of short-term investments held as collateral for securities loaned	$	5,707,719		$	19,775		$	—		$	25,006,690
(4) Cost of cash denominated in foreign currency	$	23,580,732		$	—		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	Preferred Securities ex Financials ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,223,942,591
Short-term investments held as collateral for securities loaned (3)		309,321
Cash		5,348,320
Receivables:
Shares of beneficial interest sold		2,368,773
Dividends and interest		4,204,128
Total assets		1,236,173,133
Liabilities:
Payables:
Investment securities purchased		2,367,274
Collateral for securities loaned		309,321
Due to Adviser		416,256
Deferred Trustee fees		36,282
Total liabilities		3,129,133
NET ASSETS	$	1,233,044,000
Shares outstanding		77,850,000
Net asset value, redemption and offering price per share	$	15.84
Net Assets consist of:
Aggregate paid in capital	$	1,532,243,167
Total distributable earnings (loss)		(299,199,167	)
NET ASSETS	$	1,233,044,000
(1) Value of securities on loan	$	655,924
(2) Cost of investments - Unaffiliated issuers	$	1,467,508,178
(3) Cost of short-term investments held as collateral for securities loaned	$	309,321

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	BDC Income ETF			China Bond ETF			Dynamic High Income ETF			Emerging Markets High Yield Bond ETF
Income:
Dividends - unaffiliated issuers	$	37,051,506		$	—		$	—		$	—
Dividends - affiliated issuers		—			—			16,559			—
Interest		15,531			536,507			1,467			13,045,846
Securities lending income		1,640,922			—			—			127,692
Foreign taxes withheld		—			(365	)		—			933
Total income		38,707,959			536,142			18,026			13,174,471
Expenses:
Management fees		1,314,491			75,116			360			784,942
Professional fees		—			24,671			—			—
Custody and accounting fees		—			12,296			—			—
Reports to shareholders		—			7,505			—			—
Trustees’ fees and expenses		—			812			—			—
Registration fees		—			2,990			—			—
Insurance		—			1,475			—			—
Interest		61,886			3,597			—			—
Other		—			329			—			—
Total expenses		1,376,377			128,791			360			784,942
Waiver of management fees		—			(30,970	)		—			—
Net expenses		1,376,377			97,821			360			784,942
Net investment income		37,331,582			438,321			17,666			12,389,529

Net realized gain (loss) on:
Investments		(3,598,589	)		(2,466,707	)		—			(13,835,445	)
In-kind redemptions - unaffiliated issuers		3,998,520			—			—			(8,863,720	)
Capital gain distributions from investment companies		1,199,419			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(100,179	)		—			—
Net realized gain (loss)		1,599,350			(2,566,886	)		—			(22,699,165	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		7,784,403			309,333			(20,984	)		10,452,937
Investments - affiliated issuers		—			—			(26,585	)		—
Foreign currency translations and foreign denominated assets and liabilities		—			(33,517	)		—			(97	)
Net change in unrealized appreciation (depreciation)		7,784,403			275,816			(47,569	)		10,452,840
Net Increase (Decrease) in Net Assets Resulting from Operations	$	46,715,335		$	(1,852,749	)	$	(29,903	)	$	143,204

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Income:
Dividends	$	—		$	4,047		$	—		$	—
Interest		77,502,848			1,319,523			37,312,751			1,401,281
Securities lending income		978,768			8,328			7,620			12,082
Foreign taxes withheld		—			130			—			(906	)
Total income		78,481,616			1,332,028			37,320,371			1,412,457
Expenses:
Management fees		4,692,419			76,602			815,380			97,371
Interest		25,092			2,010			2,600			103
Total expenses		4,717,511			78,612			817,980			97,474
Net investment income		73,764,105			1,253,416			36,502,391			1,314,983

Net realized gain (loss) on:
Investments		(77,711,269	)		(537,905	)		(303,764	)		(827,750	)
In-kind redemptions		(5,953,656	)		—			194,217			(2,619,981	)
Foreign currency transactions and foreign denominated assets and liabilities		—			—			—			2,302
Net realized loss		(83,664,925	)		(537,905	)		(109,547	)		(3,445,429	)

Net change in unrealized appreciation (depreciation) on:
Investments		(16,720,597	)		(3,437,811	)		5,584,501			1,706,569
Foreign currency translations and foreign denominated assets and liabilities		—			(1	)		—			(32,444	)
Net change in unrealized appreciation (depreciation)		(16,720,597	)		(3,437,812	)		5,584,501			1,674,125
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(26,621,417	)	$	(2,722,301	)	$	41,977,345		$	(456,321	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	J.P. Morgan EM Local Currency Bond ETF			Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF
Income:
Dividends	$	—		$	—		$	—		$	9,232,272
Interest		107,917,813			203,535			295,729			4,978
Securities lending income		44,213			240			459			132,411
Foreign taxes withheld		(1,986,425	)		—			—			—
Total income		105,975,601			203,775			296,188			9,369,661
Expenses:
Management fees		4,409,863			10,293			12,357			409,304
Professional fees		27,291			—			—			—
Custody and accounting fees		414,384			—			—			—
Reports to shareholders		159,579			—			—			—
Trustees’ fees and expenses		23,797			—			—			—
Registration fees		8,021			—			—			—
Insurance		22,537			—			—			—
Interest		10,150			—			—			30,083
Other		12,668			—			—			—
Total expenses		5,088,290			10,293			12,357			439,387
Waiver of management fees		(178,291	)		—			—			—
Net expenses		4,909,999			10,293			12,357			439,387
Net investment income		101,065,602			193,482			283,831			8,930,274

Net realized gain (loss) on:
Investments (1)		(101,545,002	)		(190,205	)		(182,694	)		(6,232,086	)
In-kind redemptions		3,063,070			—			—			782,980
Capital gain distributions from investment companies		—			—			—			528,825
Foreign currency transactions and foreign denominated assets and liabilities		(609,394	)		—			—			—
Net realized loss		(99,091,326	)		(190,205	)		(182,694	)		(4,920,281	)

Net change in unrealized appreciation (depreciation) on:
Investments (2)		(78,879,495	)		(390,902	)		(698,885	)		(14,966,897	)
Foreign currency translations and foreign denominated assets and liabilities		(2,482,198	)		—			—			—
Net change in unrealized appreciation (depreciation)		(81,361,693	)		(390,902	)		(698,885	)		(14,966,897	)
Net Decrease in Net Assets Resulting from Operations	$	(79,387,417	)	$	(387,625	)	$	(597,748	)	$	(10,956,904	)
(1) Net of foreign taxes	$	(202,799	)	$	—		$	—		$	—
(2) Net of foreign taxes	$	942,042		$	—		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	Preferred Securities ex Financials ETF
Income:
Dividends	$	43,884,635
Interest		278,613
Securities lending income		665,070
Foreign taxes withheld		(108,729	)
Total income		44,719,589
Expenses:
Management fees		2,375,830
Interest		45,689
Total expenses		2,421,519
Net investment income		42,298,070

Net realized gain (loss) on:
Investments		10,560,422
In-kind redemptions		560,565
Capital gain distributions from investment companies		1,570,625
Net realized gain		12,691,612

Net change in unrealized appreciation (depreciation) on:
Investments		(135,837,002	)
Net change in unrealized appreciation (depreciation)		(135,837,002	)
Net Decrease in Net Assets Resulting from Operations	$	(80,847,320	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	37,331,582		$	59,049,435		$	438,321		$	2,055,010
Net realized gain (loss)		1,599,350			(23,904,976	)		(2,566,886	)		(5,715,883	)
Net change in unrealized appreciation (depreciation)		7,784,403			(58,310,532	)		275,816			(75,243	)
Net increase (decrease) in net assets resulting from operations		46,715,335			(23,166,073	)		(1,852,749	)		(3,736,116	)
Distributions to shareholders from:
Distributable earnings		(37,331,582	)		(59,501,743	)		(620,020	)		—
Return of capital		(645,776	)		(1,673,017	)		—			(1,816,350	)
Total distributions		(37,977,358	)		(61,174,760	)		(620,020	)		(1,816,350	)

Share transactions*:
Proceeds from sale of shares		161,530,226			184,695,569			—			—
Cost of shares redeemed		(41,532,998	)		(148,132,044	)		(8,728,753	)		(80,600,929	)
Increase (decrease) in net assets resulting from share transactions		119,997,228			36,563,525			(8,728,753	)		(80,600,929	)
Total increase (decrease) in net assets		128,735,205			(47,777,308	)		(11,201,522	)		(86,153,395	)
Net Assets, beginning of period		577,252,944			625,030,252			43,433,746			129,587,141
Net Assets, end of period	$	705,988,149		$	577,252,944		$	32,232,224		$	43,433,746
*Shares of Common Stock Issued (no par value)
Shares sold		10,450,000			12,250,000			—			—
Shares redeemed		(2,725,000	)		(9,850,000	)		(400,000	)		(3,600,000	)
Net increase (decrease)		7,725,000			2,400,000			(400,000	)		(3,600,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Dynamic High Income ETF						Emerging Markets High Yield Bond ETF
	Period Ended October 31, 2023			Period Ended April 30, 2023 (a)			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	17,666		$	11,730		$	12,389,529		$	32,407,182
Net realized loss		—			(2,103	)		(22,699,165	)		(153,601,452	)
Net change in unrealized appreciation (depreciation)		(47,569	)		22,754			10,452,840			74,160,121
Net increase (decrease) in net assets resulting from operations		(29,903	)		32,381			143,204			(47,034,149	)
Distributions to shareholders from:
Distributable earnings		(17,666	)		(11,730	)		(13,313,390	)		(37,523,220	)
Return of capital		(1,805	)		(1,494	)		—			—
Total distributions		(19,471	)		(13,224	)		(13,313,390	)		(37,523,220	)

Share transactions*:
Proceeds from sale of shares		259,635			502,576			—			49,753,232
Cost of shares redeemed		—			—			(106,543,686	)		(685,821,304	)
Increase (decrease) in net assets resulting from share transactions		259,635			502,576			(106,543,686	)		(636,068,072	)
Total increase (decrease) in net assets		210,261			521,733			(119,713,872	)		(720,625,441	)
Net Assets, beginning of period		521,733			—			431,012,812			1,151,638,253
Net Assets, end of period	$	731,994		$	521,733		$	311,298,940		$	431,012,812
*Shares of Common Stock Issued (no par value)
Shares sold		10,000			20,000			—			2,700,000
Shares redeemed		—			—			(6,000,000	)		(38,000,000	)
Net increase (decrease)		10,000			20,000			(6,000,000	)		(35,300,000	)

(a)	For the period November 2, 2022 (commencement of operations) through April 30, 2023.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fallen Angel High Yield Bond ETF						Green Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	73,764,105		$	141,495,726		$	1,253,416		$	2,135,125
Net realized loss		(83,664,925	)		(207,540,159	)		(537,905	)		(3,775,617	)
Net change in unrealized appreciation (depreciation)		(16,720,597	)		45,359,290			(3,437,812	)		1,503,619
Net decrease in net assets resulting from operations		(26,621,417	)		(20,685,143	)		(2,722,301	)		(136,873	)
Distributions to shareholders from:
Distributable earnings		(75,372,215	)		(148,186,700	)		(1,202,475	)		(2,159,765	)

Share transactions*:
Proceeds from sale of shares		690,647,014			1,920,657,258			10,167,111			—
Cost of shares redeemed		(1,022,467,512	)		(2,794,164,212	)		—			(17,574,625	)
Increase (decrease) in net assets resulting from share transactions		(331,820,498	)		(873,506,954	)		10,167,111			(17,574,625	)
Total increase (decrease) in net assets		(433,814,130	)		(1,042,378,797	)		6,242,335			(19,871,263	)
Net Assets, beginning of period		2,783,465,657			3,825,844,454			75,459,866			95,331,129
Net Assets, end of period	$	2,349,651,527		$	2,783,465,657		$	81,702,201		$	75,459,866
*Shares of Common Stock Issued (no par value)
Shares sold		25,100,000			69,550,000			450,000			—
Shares redeemed		(37,600,000	)		(101,400,000	)		—			(750,000	)
Net increase (decrease)		(12,500,000	)		(31,850,000	)		450,000			(750,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	IG Floating Rate ETF						International High Yield Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	36,502,391		$	44,136,995		$	1,314,983		$	2,966,234
Net realized loss		(109,547	)		(4,106,028	)		(3,445,429	)		(6,221,536	)
Net change in unrealized appreciation (depreciation)		5,584,501			(1,621,240	)		1,674,125			3,305,546
Net increase (decrease) in net assets resulting from operations		41,977,345			38,409,727			(456,321	)		50,244
Distributions to shareholders from:
Distributable earnings		(35,135,985	)		(39,541,190	)		(1,179,680	)		(2,745,823	)
Return of capital		—			—			—			(324,327	)
Total distributions		(35,135,985	)		(39,541,190	)		(1,179,680	)		(3,070,150	)

Share transactions*:
Proceeds from sale of shares		294,787,109			331,514,195			—			11,761,829
Cost of shares redeemed		(128,494,812	)		(318,579,661	)		(27,722,357	)		(22,099,405	)
Increase (decrease) in net assets resulting from share transactions		166,292,297			12,934,534			(27,722,357	)		(10,337,576	)
Total increase (decrease) in net assets		173,133,657			11,803,071			(29,358,358	)		(13,357,482	)
Net Assets, beginning of period		1,146,320,852			1,134,517,781			66,058,430			79,415,912
Net Assets, end of period	$	1,319,454,509		$	1,146,320,852		$	36,700,072		$	66,058,430
*Shares of Common Stock Issued (no par value)
Shares sold		11,700,000			13,250,000			—			600,000
Shares redeemed		(5,100,000	)		(12,800,000	)		(1,400,000	)		(1,100,000	)
Net increase (decrease)		6,600,000			450,000			(1,400,000	)		(500,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	J.P. Morgan EM Local Currency Bond ETF						Moody’s Analytics BBB Corporate Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	101,065,602		$	173,784,121		$	193,482		$	313,202
Net realized loss		(99,091,326	)		(235,655,592	)		(190,205	)		(879,505	)
Net change in unrealized appreciation (depreciation)		(81,361,693	)		201,337,025			(390,902	)		702,133
Net increase (decrease) in net assets resulting from operations		(79,387,417	)		139,465,554			(387,625	)		135,830
Distributions to shareholders from:
Distributable earnings		(85,845,728	)		(23,143,273	)		(193,200	)		(299,760	)
Return of capital		—			(149,840,524	)		—			—
Total distributions		(85,845,728	)		(172,983,797	)		(193,200	)		(299,760	)

Share transactions*:
Proceeds from sale of shares		203,858,865			459,045,576			—			—
Cost of shares redeemed		(396,402,360	)		(274,639,215	)		—			—
Increase (decrease) in net assets resulting from share transactions		(192,543,495	)		184,406,361			—			—
Total increase (decrease) in net assets		(357,776,640	)		150,888,118			(580,825	)		(163,930	)
Net Assets, beginning of period		3,224,345,400			3,073,457,282			8,444,830			8,608,760
Net Assets, end of period	$	2,866,568,760		$	3,224,345,400		$	7,864,005		$	8,444,830
*Shares of Common Stock Issued (no par value)
Shares sold		8,000,000			18,400,000			—			—
Shares redeemed		(16,100,000	)		(11,400,000	)		—			—
Net increase (decrease)		(8,100,000	)		7,000,000			—			—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics IG Corporate Bond ETF						Mortgage REIT Income ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	283,831		$	443,779		$	8,930,274		$	16,885,952
Net realized loss		(182,695	)		(1,334,692	)		(4,920,281	)		(25,025,938	)
Net change in unrealized appreciation (depreciation)		(698,885	)		1,037,261			(14,966,897	)		(27,385,519	)
Net increase (decrease) in net assets resulting from operations		(597,749	)		146,348			(10,956,904	)		(35,525,505	)
Distributions to shareholders from:
Distributable earnings		(283,080	)		(430,440	)		(8,930,273	)		(16,885,952	)
Return of capital		—			—			(2,438,062	)		(5,467,268	)
Total distributions		(283,080	)		(430,440	)		(11,368,335	)		(22,353,220	)

Share transactions*:
Proceeds from sale of shares		—			—			22,766,819			61,069,628
Cost of shares redeemed		—			—			(3,983,006	)		(24,680,759	)
Increase in net assets resulting from share transactions		—			—			18,783,813			36,388,869
Total decrease in net assets		(880,829	)		(284,092	)		(3,541,426	)		(21,489,856	)
Net Assets, beginning of period		12,683,665			12,967,757			189,432,477			210,922,333
Net Assets, end of period	$	11,802,836		$	12,683,665		$	185,891,051		$	189,432,477
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			2,050,000			5,250,000
Shares redeemed		—			—			(350,000	)		(1,900,000	)
Net increase		—			—			1,700,000			3,350,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Preferred Securities ex Financials ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)
Operations:
Net investment income	$	42,298,070		$	62,024,311
Net realized gain (loss)		12,691,612			(10,656,813	)
Net change in unrealized appreciation (depreciation)		(135,837,002	)		(76,072,758	)
Net decrease in net assets resulting from operations		(80,847,320	)		(24,705,260	)
Distributions to shareholders from:
Distributable earnings		(42,818,290	)		(62,856,300	)

Share transactions*:
Proceeds from sale of shares		302,207,170			232,255,280
Cost of shares redeemed		(5,141,956	)		(87,347,038	)
Increase in net assets resulting from share transactions		297,065,214			144,908,242
Total increase in net assets		173,399,604			57,346,682
Net Assets, beginning of period		1,059,644,396			1,002,297,714
Net Assets, end of period	$	1,233,044,000		$	1,059,644,396
*Shares of Common Stock Issued (no par value)
Shares sold		17,650,000			13,000,000
Shares redeemed		(300,000	)		(4,850,000	)
Net increase		17,350,000			8,150,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC Income ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$14.54			$16.76			$16.76			$10.75			$16.55			$16.10
Net investment income (a)		0.87			1.63			1.44			1.43			1.54			1.59
Net realized and unrealized gain (loss) on investments		0.34			(2.18	)		(0.06	)		6.02			(5.86	)		0.41
Total from investment operations		1.21			(0.55	)		1.38			7.45			(4.32	)		2.00
Distributions from:
Net investment income		(0.85	)		(1.63	)		(1.38	)		(1.44	)		(1.48	)		(1.55	)
Return of capital		(0.01	)		(0.04	)		—			—	(b)		—			—
Total distributions		(0.86	)		(1.67	)		(1.38	)		(1.44	)		(1.48	)		(1.55	)
Net asset value, end of period		$14.89			$14.54			$16.76			$16.76			$10.75			$16.55
Total return (c)		8.27	%(d)		(2.60	)%		8.23	%		73.81	%		(27.77	)%		13.27	%

Ratios to average net assets
Gross expenses (e)		0.42	%(f)		0.42	%		0.41	%		0.46	%		0.48	%		0.47	%
Net expenses (e)		0.42	%(f)		0.42	%		0.41	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest and taxes (e)		0.40	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		11.36	%(f)		10.75	%		8.34	%		10.57	%		9.95	%		9.73	%
Supplemental data
Net assets, end of period (in millions)		$706			$577			$625			$412			$170			$207
Portfolio turnover rate (g)		5	%(d)		28	%		29	%		26	%		22	%		13	%

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Periods after April 30, 2021 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	China Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$22.86			$23.56			$24.07			$22.39			$22.89			$24.14
Net investment income (a)		0.26			0.57			0.66			0.73			0.87			0.75
Net realized and unrealized gain (loss) on investments		(1.26	)		(0.76	)		(0.40	)		1.60			(0.49	)		(1.24	)
Total from investment operations		(1.00	)		(0.19	)		0.26			2.33			0.38			(0.49	)
Distributions from:
Net investment income		(0.37	)		—			(0.76	)		(0.65	)		(0.79	)		(0.38	)
Return of capital		—			(0.51	)		(0.01	)		—			(0.09	)		(0.38	)
Total distributions		(0.37	)		(0.51	)		(0.77	)		(0.65	)		(0.88	)		(0.76	)
Net asset value, end of period		$21.49			$22.86			$23.56			$24.07			$22.39			$22.89
Total return (b)		(4.42	)%(c)		(0.80	)%		1.02	%		10.56	%		1.76	%		(1.98	)%

Ratios to average net assets
Gross expenses		0.69	%(d)		0.51	%		0.52	%		0.68	%		3.53	%		2.25	%
Net expenses		0.52	%(d)		0.51	%		0.51	%		0.50	%		0.50	%		0.50	%
Net expenses excluding interest and taxes		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.33	%(d)		2.51	%		2.69	%		3.07	%		3.93	%		3.29	%
Supplemental data
Net assets, end of period (in millions)		$32			$43			$130			$104			$4			$5
Portfolio turnover rate (e)		33	%(c)		10	%		60	%		17	%		21	%		22	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Dynamic High Income ETF
	Period Ended October 31, 2023			Period Ended April 30, 2023(a)
	(unaudited)
Net asset value, beginning of period		$26.09			$25.13
Net investment income (b)		0.63			0.59
Net realized and unrealized gain (loss) on investments		(1.63	)		1.03
Total from investment operations		(1.00	)		1.62
Distributions from:
Net investment income		(0.63	)		(0.59	)
Return of capital		(0.06	)		(0.07	)
Total distributions		(0.69	)		(0.66	)
Net asset value, end of period		$24.40			$26.09
Total return (c)		(3.91	)%(d)		6.47	%(d)

Ratios to average net assets
Expenses		0.10	%(e)		0.10	%(e)
Net investment income		4.91	%(e)		4.55	%(e)
Supplemental data
Net assets, end of period (in millions)		$1			$1
Portfolio turnover rate (f)		0	%(d)		8	%(d)

(a)	For the period November 2, 2022 (commencement of operations) through April 30, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Emerging Markets High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$18.19			$19.52			$23.63			$20.54			$23.34			$23.83
Net investment income (a)		0.57			1.10			1.20			1.29			1.42			1.33
Net realized and unrealized gain (loss) on investments		(0.57	)		(1.25	)		(4.11	)		3.06			(2.77	)		(0.46	)
Total from investment operations		—			(0.15	)		(2.91	)		4.35			(1.35	)		0.87
Distributions from:
Net investment income		(0.60	)		(1.18	)		(1.20	)		(1.26	)		(1.45	)		(1.36	)
Net asset value, end of period		$17.59			$18.19			$19.52			$23.63			$20.54			$23.34
Total return (b)		0.01	%(c)		(0.56	)%		(12.84	)%		21.53	%		(6.27	)%		3.93	%

Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.45	%		0.47	%		0.46	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		6.31	%(e)		6.08	%		5.39	%		5.58	%		6.19	%		5.81	%
Supplemental data
Net assets, end of period (in millions)		$311			$431			$1,152			$784			$308			$261
Portfolio turnover rate (f)		10	%(c)		21	%		34	%		31	%		28	%		27	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Fallen Angel High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$27.74			$28.94			$32.20			$26.84			$29.00			$29.19
Net investment income (a)		0.76			1.29			1.19			1.49			1.54			1.64
Net realized and unrealized gain (loss) on investments		(0.98	)		(1.15	)		(3.22	)		5.35			(2.16	)		(0.24	)
Total from investment operations		(0.22	)		0.14			(2.03	)		6.84			(0.62	)		1.40
Distributions from:
Net investment income		(0.77	)		(1.34	)		(1.23	)		(1.48	)		(1.54	)		(1.59	)
Net asset value, end of period		$26.75			$27.74			$28.94			$32.20			$26.84			$29.00
Total return (b)		(0.83	)%(c)		0.60	%		(6.63	)%		25.95	%		(2.38	)%		5.04	%

Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.43	%		0.43	%		0.45	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		5.50	%(e)		4.68	%		3.70	%		4.83	%		5.35	%		5.76	%
Supplemental data
Net assets, end of period (in millions)		$2,350			$2,783			$3,826			$4,915			$1,683			$976
Portfolio turnover rate (f)		37	%(c)		31	%		44	%		27	%		68	%		29	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$23.58			$24.13			$27.16			$26.85			$25.87			$26.54
Net investment income (a)		0.38			0.63			0.55			0.55			0.58			0.34
Net realized and unrealized gain (loss) on investments		(1.21	)		(0.54	)		(3.03	)		0.28	(b)		1.00			(0.68	)
Total from investment operations		(0.83	)		0.09			(2.48	)		0.83			1.58			(0.34	)
Distributions from:
Net investment income		(0.37	)		(0.64	)		(0.55	)		(0.52	)		(0.50	)		(0.29	)
Return of capital		—			—			—			—			(0.10	)		(0.04	)
Total distributions		(0.37	)		(0.64	)		(0.55	)		(0.52	)		(0.60	)		(0.33	)
Net asset value, end of period		$22.38			$23.58			$24.13			$27.16			$26.85			$25.87
Total return (c)		(3.54	)%(d)		0.41	%		(9.30	)%		3.07	%		6.17	%		(1.25	)%

Ratios to average net assets
Gross expenses (e)		0.21	%(f)		0.20	%		0.20	%		0.65	%		0.83	%		1.02	%
Net expenses (e)		0.21	%(f)		0.20	%		0.20	%		0.20	%		0.23	%		0.33	%
Net expenses excluding interest and taxes (e)		0.20	%(f)		0.20	%		N/A			N/A			N/A			N/A
Net investment income		3.27	%(f)		2.71	%		2.07	%		2.01	%		2.17	%		1.32	%
Supplemental data
Net assets, end of period (in millions)		$82			$75			$95			$84			$32			$26
Portfolio turnover rate (g)		9	%(d)		20	%		19	%		25	%		83	%		28	%

(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Periods after April 30, 2021 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	IG Floating Rate ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$25.08			$25.07			$25.33			$24.61			$25.25			$25.32
Net investment income (a)		0.79			0.98			0.14			0.23			0.68			0.77
Net realized and unrealized gain (loss) on investments		0.14			(0.09	)		(0.25	)		0.76			(0.61	)		(0.10	)
Total from investment operations		0.93			0.89			(0.11	)		0.99			0.07			0.67
Distributions from:
Net investment income		(0.78	)		(0.88	)		(0.15	)		(0.27	)		(0.71	)		(0.74	)
Net asset value, end of period		$25.23			$25.08			$25.07			$25.33			$24.61			$25.25
Total return (b)		3.73	%(c)		3.61	%		(0.45	)%		4.07	%		0.26	%		2.71	%

Ratios to average net assets
Gross expenses (d)		0.14	%(e)		0.14	%		0.14	%		0.39	%		0.40	%		0.40	%
Net expenses (d)		0.14	%(e)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		6.27	%(e)		3.95	%		0.56	%		0.93	%		2.70	%		3.05	%
Supplemental data
Net assets, end of period (in millions)		$1,319			$1,146			$1,135			$560			$461			$542
Portfolio turnover rate (f)		39	%(c)		55	%		78	%		72	%		40	%		30	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	International High Yield Bond ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$20.02			$20.90			$25.71			$22.21			$24.54			$25.20
Net investment income (a)		0.54			0.96			1.02			1.13			1.26			1.13
Net realized and unrealized gain (loss) on investments		(0.76	)		(0.85	)		(4.78	)		3.54			(2.33	)		(0.65	)
Total from investment operations		(0.22	)		0.11			(3.76	)		4.67			(1.07	)		0.48
Distributions from:
Net investment income		(0.48	)		(0.89	)		(1.05	)		(1.10	)		(1.17	)		(1.08	)
Return of capital		—			(0.10	)		—			(0.07	)		(0.09	)		(0.06	)
Total distributions		(0.48	)		(0.99	)		(1.05	)		(1.17	)		(1.26	)		(1.14	)
Net asset value, end of period		$19.32			$20.02			$20.90			$25.71			$22.21			$24.54
Total return (b)		(1.10	)%(c)		0.78	%		(15.07	)%		21.30	%		(4.67	)%		2.08	%

Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.56	%		0.62	%		0.54	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.40	%(e)		4.89	%		4.21	%		4.54	%		5.17	%		4.66	%
Supplemental data
Net assets, end of period (in millions)		$37			$66			$79			$100			$89			$113
Portfolio turnover rate (f)		14	%(c)		22	%		25	%		33	%		37	%		32	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	J.P. Morgan EM Local Currency Bond ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$25.13			$25.33			$31.14			$29.36			$33.11			$37.56
Net investment income (a)		0.78			1.43			1.47			1.55			2.00			2.14
Net realized and unrealized gain (loss) on investments		(1.41	)		(0.21	)		(5.84	)		1.78			(3.75	)		(4.45	)
Total from investment operations		(0.63	)		1.22			(4.37	)		3.33			(1.75	)		(2.31	)
Distributions from:
Net investment income		(0.66	)		(0.18	)		(0.77	)		(0.01	)		(0.48	)		(1.36	)
Return of capital		—			(1.24	)		(0.67	)		(1.54	)		(1.52	)		(0.78	)
Total distributions		(0.66	)		(1.42	)		(1.44	)		(1.55	)		(2.00	)		(2.14	)
Net asset value, end of period		$23.84			$25.13			$25.33			$31.14			$29.36			$33.11
Total return (b)		(2.56	)%(c)		5.16	%		(14.56	)%		11.40	%		(5.79	)%		(6.05	)%

Ratios to average net assets
Gross expenses		0.31	%(d)		0.31	%		0.32	%		0.31	%		0.36	%		0.41	%
Net expenses		0.30	%(d)		0.30	%		0.30	%		0.30	%		0.30	%		0.31	%
Net investment income		6.19	%(d)		5.87	%		5.00	%		4.92	%		6.05	%		6.35	%
Supplemental data
Net assets, end of period (in millions)		$2,867			$3,224			$3,073			$3,380			$3,339			$5,332
Portfolio turnover rate (e)		20	%(c)		29	%		33	%		40	%		39	%		36	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

100

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
				Year Ended April 30,

	Period Ended October 31, 2023			2023			2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.11			$21.52			$24.73			$25.00
Net investment income (b)		0.48			0.78			0.55			0.22
Net realized and unrealized loss on investments		(1.45	)		(0.44	)		(3.19	)		(0.30	)
Total from investment operations		(0.97	)		0.34			(2.64	)		(0.08	)
Distributions from:
Net investment income		(0.48	)		(0.75	)		(0.57	)		(0.19	)
Net asset value, end of period		$19.66			$21.11			$21.52			$24.73
Total return (c)		(4.66	)%(d)		1.70	%		(10.96	)%		(0.32	)%(d)

Ratios to average net assets
Expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%(e)
Net investment income		4.70	%(e)		3.75	%		2.26	%		2.14	%(e)
Supplemental data
Net assets, end of period (in millions)		$8			$8			$9			$10
Portfolio turnover rate (f)		30	%(d)		91	%		48	%		35	%(d)

(a)	For the period December 2, 2020 (commencement of operations) through April 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

101

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
				Year Ended April 30,

	Period Ended October 31, 2023			2023			2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.14			$21.61			$24.58			$25.00
Net investment income (b)		0.47			0.74			0.52			0.21
Net realized and unrealized loss on investments		(1.47	)		(0.49	)		(2.96	)		(0.45	)
Total from investment operations		(1.00	)		0.25			(2.44	)		(0.24	)
Distributions from:
Net investment income		(0.47	)		(0.72	)		(0.53	)		(0.18	)
Net asset value, end of period		$19.67			$21.14			$21.61			$24.58
Total return (c)		(4.76	)%(d)		1.22	%		(10.15	)%		(0.97	)%(d)

Ratios to average net assets
Expenses		0.20	%(e)		0.20	%		0.20	%		0.20	%(e)
Net investment income		4.59	%(e)		3.53	%		2.13	%		2.10	%(e)
Supplemental data
Net assets, end of period (in millions)		$12			$13			$13			$15
Portfolio turnover rate (f)		28	%(d)		84	%		53	%		28	%(d)

(a)	For the period December 2, 2020 (commencement of operations) through April 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

102

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Mortgage REIT Income ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$11.01			$15.23			$19.45			$11.42			$23.63			$22.71
Net investment income (a)		0.50			1.21			0.76			0.86			1.45			1.68
Net realized and unrealized gain (loss) on investments		(1.04	)		(3.82	)		(3.44	)		8.49			(11.90	)		0.94
Total from investment operations		(0.54	)		(2.61	)		(2.68	)		9.35			(10.45	)		2.62
Distributions from:
Net investment income		(0.50	)		(1.21	)		(0.79	)		(0.83	)		(1.45	)		(1.67	)
Return of capital		(0.13	)		(0.40	)		(0.75	)		(0.49	)		(0.31	)		(0.03	)
Total distributions		(0.63	)		(1.61	)		(1.54	)		(1.32	)		(1.76	)		(1.70	)
Net asset value, end of period		$9.84			$11.01			$15.23			$19.45			$11.42			$23.63
Total return (b)		(5.46	)%(c)		(16.95	)%		(14.74	)%		85.71	%		(46.63	)%		12.00	%

Ratios to average net assets
Gross expenses (d)		0.43	%(e)		0.43	%		0.41	%		0.49	%		0.50	%		0.49	%
Net expenses (d)		0.43	%(e)		0.43	%		0.41	%		0.41	%		0.41	%		0.42	%
Net expenses excluding interest and taxes (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		8.73	%(e)		9.30	%		4.15	%		5.55	%		6.70	%		7.19	%
Supplemental data
Net assets, end of period (in millions)		$186			$189			$211			$310			$119			$175
Portfolio turnover rate (f)		6	%(c)		19	%		12	%		31	%		16	%		35	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

103

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Preferred Securities ex Financials ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$17.51			$19.15			$20.97			$18.23			$19.37			$19.09
Net investment income (a)		0.61			1.12			1.01			0.98			1.06			1.13
Net realized and unrealized gain (loss) on investments		(1.66	)		(1.62	)		(1.68	)		2.72			(1.12	)		0.32
Total from investment operations		(1.05	)		(0.50	)		(0.67	)		3.70			(0.06	)		1.45
Distributions from:
Net investment income		(0.62	)		(1.14	)		(1.13	)		(0.96	)		(1.08	)		(1.17	)
Return of capital		—			—			(0.02	)		—			—			—
Total distributions		(0.62	)		(1.14	)		(1.15	)		(0.96	)		(1.08	)		(1.17	)
Net asset value, end of period		$15.84			$17.51			$19.15			$20.97			$18.23			$19.37
Total return (b)		(6.23	)%(c)		(2.50	)%		(3.61	)%		20.78	%		(0.54	)%		7.90	%

Ratios to average net assets
Gross expenses (d)		0.41	%(e)		0.41	%		0.40	%		0.43	%		0.44	%		0.46	%
Net expenses (d)		0.41	%(e)		0.41	%		0.40	%		0.40	%		0.41	%		0.41	%
Net expenses excluding interest and taxes (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		7.12	%(e)		6.28	%		4.79	%		4.97	%		5.41	%		5.92	%
Supplemental data
Net assets, end of period (in millions)		$1,233			$1,060			$1,002			$948			$689			$584
Portfolio turnover rate (f)		13	%(c)		27	%		37	%		36	%		45	%		31	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

104

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2023 (unaudited)

Note 1—Fund Organization—VanEck 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
China Bond ETF (“China Bond”)		Non-Diversified
Dynamic High Income ETF (Dynamic Income”)		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”)		Diversified
IG Floating Rate ETF (“Floating Rate”)		Non-Diversified
International High Yield Bond ETF (“International High Yield”)		Diversified
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”)		Non-Diversified
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”)		Non-Diversified
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”)		Non-Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)		Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)		Non-Diversified

Each Fund’s investment objective, except Dynamic High Income ETF, is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below. The investment objective of Dynamic High Income ETF is to provide high current income with consideration for capital appreciation.

Fund		Index

BDC Income		MVIS^®US Business Development Companies Index
China Bond		ChinaBond China High Quality Bond Index
Emerging Markets High Yield		ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index
Fallen Angel		ICE US Fallen Angel High Yield 10% Constrained Index
Green Bond		S&P Green Bond U.S. Dollar Select Index
Floating Rate		MVIS^®US Investment Grade Floating Rate Index
International High Yield		ICE BofA Global ex-US Issuers High Yield Constrained Index
J.P. Morgan EM		J.P. Morgan GBI-EM Global Core Index
Moody’s Analytics BBB		MVIS^®Moody’s Analytics^®US BBB Corporate Bond Index
Moody’s Analytics IG		MVIS^®Moody’s Analytics^®US Investment Grade Corporate Bond Index
Mortgage REIT		MVIS^®US Mortgage REITs Index
Preferred Securities		ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index

The Funds (except BDC Income, Dynamic 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 China Bond. 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. Dynamic High Income ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing in exchange traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.

105

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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. 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).

	Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service 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. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the 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.

106

	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.

	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 and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

C.	Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.

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) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of October 31, 2023.

E.	Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.

F.	Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2023 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).

107

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

G.	Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

	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.

	China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at October 31, 2023.

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, 2023, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The expense limitations and management fee rates for the period ended October 31, 2023 are as follows:

Fund	Management Fees			Expense Limitations
China Bond		0.40	%		0.50	%
J.P. Morgan EM		0.27			0.30

Refer to the Statements of Operations for amounts waived/assumed by the Adviser.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

108

Fund	Unitary Management Fee Rate
BDC Income		0.40	%
Dynamic Income		0.10
Emerging Markets High Yield		0.40
Fallen Angel		0.35
Floating Rate		0.14
Green Bond		0.20
International High Yield		0.40
Moody’s Analytics BBB		0.25
Moody’s Analytics IG		0.20
Mortgage REIT		0.40
Preferred Securities		0.40

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 October 31, 2023, the Adviser owned approximately 82% and 37% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.

Note 4—Capital Share Transactions—As of October 31, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5—Investments—For the period ended October 31, 2023, 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	$	32,063,649	$	31,410,633	$	161,407,425	$	41,529,070
China Bond		11,580,412		21,675,473		—		—
Dynamic Income		40,336		—		219,013		—
Emerging Markets High Yield		37,848,800		43,580,116		336,103		98,266,013
Fallen Angel		957,257,596		960,970,148		649,052,978		972,804,456
Floating Rate		483,924,826		439,705,598		192,410,001		94,098,839
Green Bond		7,649,332		6,498,625		8,399,242		—
International High Yield		6,660,366		6,580,505		—		27,217,806
J.P. Morgan EM		627,606,091		630,525,417		24,263,845		231,849,116

109

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

			In-Kind Capital Share Transactions
Fund	Purchases	Sales	Purchases	Sales
Moody’s Analytics BBB	2,394,670	2,411,614	—	—
Moody’s Analytics IG	3,353,412	3,370,145	—	—
Mortgage REIT	12,751,815	11,241,089	22,749,312	4,315,352
Preferred Securities	222,236,527	144,314,500	262,974,964	4,503,882

Note 6—Income Taxes—As of October 31, 2023, for Federal income tax purposes, the identified tax 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)
BDC Income	$	831,476,111	$	5,678,568	$	(43,352,386	)	$	(37,673,818	)
China Bond		31,725,424		2,012		(2,805,453	)		(2,803,441	)
Dynamic Income		755,786		8,667		(33,483	)		(24,816	)
Emerging Markets High Yield		376,473,812		1,157,531		(60,095,491	)		(58,937,960	)
Fallen Angel		2,771,610,618		422,099		(382,973,772	)		(382,551,673	)
Floating Rate		1,303,525,819		2,189,963		(5,580,562	)		(3,390,599	)
Green Bond		94,294,700		20,935		(12,074,203	)		(12,053,268	)
International High Yield		44,671,049		285,112		(7,249,668	)		(6,964,556	)
J.P. Morgan EM		3,289,742,797		16,062,910		(527,670,481	)		(511,607,571	)
Moody’s Analytics BBB		8,626,780		4,499		(895,646	)		(891,147	)
Moody’s Analytics IG		13,115,522		4,319		(1,505,958	)		(1,501,639	)
Mortgage REIT		290,089,215		76,141		(79,434,584	)		(79,358,443	)
Preferred Securities		1,475,150,621		5,794,446		(256,693,155	)		(250,898,709	)

The tax character of current year distributions will be determined at the end of the current fiscal year.

At April 30, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
BDC Income	$	(40,506,943	)	$	(56,641,799	)	$	(97,148,742	)
China Bond		(3,278	)		–			(3,278	)
Dynamic Income		(2,103	)		–			(2,103	)
Emerging Markets High Yield		(81,332,811	)		(109,361,657	)		(190,694,468	)
Fallen Angel		(111,381,375	)		(182,964,882	)		(294,346,257	)
Floating Rate		(5,467,384	)		(1,366,762	)		(6,834,146	)
Green Bond		(1,557,581	)		(2,318,558	)		(3,876,139	)
International High Yield		(2,340,022	)		(14,971,403	)		(17,311,425	)
J.P. Morgan EM		(113,988,972	)		(276,174,879	)		(390,163,851	)
Moody’s Analytics BBB		(315,325	)		(771,361	)		(1,086,686	)
Moody’s Analytics IG		(250,007	)		(1,308,640	)		(1,558,647	)
Mortgage REIT		(22,675,713	)		(84,841,682	)		(107,517,395	)
Preferred Securities		(25,152,834	)		(40,051,674	)		(65,204,508	)

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2023 to October 31, 2023, the net realized gains (losses) from foreign currency translations were as follows:

China Bond	$	(2,643,375	)
International High Yield		(722,437	)
J.P. Morgan EM		(67,829,656	)

110

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2023, the Funds did not incur any interest or penalties.

China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.

On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.

Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.

Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing

111

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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.

Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.

China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.

Dynamic High Income ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds.

Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.

Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.

Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have

112

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.

Should the Chinese government impose restrictions on the ability of 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.

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 was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Dynamic Income, Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and 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 requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if

113

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

any, at October 31, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	107,950,095	$	87,578,849	$	23,353,174	$	110,932,023
Emerging Markets High Yield		15,325,318		15,921,278		–		15,921,278
Fallen Angel		84,090,029		79,671,097		12,903,197		92,574,294
Floating Rate		6,457,726		–		6,589,621		6,589,621
Green Bond		4,858,933		1,607,387		3,393,710		5,001,097
International High Yield		1,853,193		1,872,582		100,797		1,973,379
J.P. Morgan EM		5,563,243		5,707,719		–		5,707,719
Moody’s Analytics BBB		126,950		19,775		112,860		132,635
Moody’s Analytics IG		471,845		–		490,355		490,355
Mortgage REIT		51,027,240		25,006,690		26,883,682		51,890,372
Preferred Securities		655,924		309,321		356,585		665,906

The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2023:

Gross Amount of Recognized Liabilities for Securities Lending
Transactions* in the Statements of Assets and Liabilities

Fund

Corporate Bonds

Equity Securities

Government
Obligations

BDC Income ETF

–

87,578,849

–

Emerging Markets High Yield Bond ETF

15,921,278

–

Fallen Angel High Yield Bond ETF

79,671,097

–

Green Bond ETF

1,607,387

–

International High Yield Bond ETF

1,872,582

–

J.P. Morgan EM Local Currency Bond ETF

–

5,707,719

Moody’s Analytics BBB Corporate Bond ETF

19,775

–

Mortgage REIT Income ETF

–

25,006,690

–

Preferred Securities ex Financials ETF

–

309,321

–

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		117		$2,835,390		6.53	%
China Bond		4		2,154,561		6.42
Fallen Angel		4		143,960		6.43
J.P. Morgan EM		8		4,033,690		6.59
Mortgage REIT		64		2,557,332		6.60
Preferred Securities		46		5,045,514		6.47

Outstanding loan balances as of October 31, 2023, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—New Regulatory Requirements—On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual

114

shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.

In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.

The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery).

These rules are effective January 24, 2023, and the compliance date is July 24, 2024.

Note 12—Subsequent Event Review—Effective on or about January 12, 2024, China Asset Management (Hong Kong) Limited will no longer serve as a sub-adviser to the China Bond ETF.

115

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2023 (unaudited)

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, IG Floating Rate ETF (formerly, VanEck Investment Grade Floating Rate ETF), International High Yield Bond ETF, J.P. Morgan EM Local Currency Bond ETF, Moody’s Analytics BBB Corporate Bond ETF, Moody’s Analytics IG Corporate Bond ETF, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF, (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of the Agreements 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 preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) of the Adviser and the Sub-Adviser (with respect to the China Fund) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to each Fund except the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

116

The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had management fees above the average and below the median of its peer group of funds, the VanEck Green Bond ETF had management fees below the average and above the median of its peer group of funds, each of the China Fund and the VanEck Moody’s Analytics IG Corporate Bond ETF had management fees below the average and equal to the median of its respective peer group of funds, and each of the VanEck BDC Income ETF, International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had management fees above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, the VanEck Moody’s Analytics IG Corporate Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds, each of the VanEck BDC Income ETF and Green Bond ETF had a total expense ratio below the average and above the median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio above the average and below the median of its peer group of funds, each of the China Fund, VanEck International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefit.

The Trustees also considered information provided by the Adviser and Sub-Adviser (with respect to the China Fund) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China

117

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2023 (unaudited) (continued)

Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser and the profits earned by the Sub-Adviser with respect to the China Fund, if any, were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Agreements.

In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.

VanEck 15(c) Disclosure: Dynamic High Income ETF

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 preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

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 Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and 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 managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds.

118

The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had slightly underperformed one of its benchmarks for the period since its inception on November 1, 2022 through December 31, 2022, a relatively short period. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that the Fund had management fees below the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

In voting to approve the continuation of 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, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.

119

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 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:	VanEck Associates Corporation
Distributor:	VanEck Securities Corporation 666 Third Avenue, New York, NY 10017 vaneck.com
Account Assistance:	800.826.2333	INCOMESAR