SEMI-ANNUAL REPORT
October 31, 2022
(unaudited)

BDC Income ETF	BIZD
China Bond ETF	CBON
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
Emerging Markets High Yield Bond ETF	9
Fallen Angel High Yield Bond ETF	24
Green Bond ETF	28
IG Floating Rate ETF	37
International High Yield Bond ETF	45
J.P. Morgan EM Local Currency Bond ETF	63
Moody’s Analytics BBB Corporate Bond ETF	69
Moody’s Analytics IG Corporate Bond ETF	73
Mortgage REIT Income ETF	78
Preferred Securities ex Financials ETF	79
Statements of Assets and Liabilities	83
Statements of Operations	86
Statements of Changes in Net Assets	89
Financial Highlights
BDC Income ETF	95
China Bond ETF	96
Emerging Markets High Yield Bond ETF	97
Fallen Angel High Yield Bond ETF	98
Green Bond ETF	99
IG Floating Rate ETF	100
International High Yield ETF	101
J.P. Morgan EM Local Currency Bond ETF	102
Moody’s Analytics BBB Corporate Bond ETF	103
Moody’s Analytics IG Corporate Bond ETF	104
Mortgage REIT Income ETF	105
Preferred Securities ex Financials ETF	106
Notes to Financial Statements	107
Approval of Investment Management Agreements	117

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. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2022.

VANECK ETF TRUST

PRESIDENT’S LETTER

October 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July, I said that Market Volatility Has One Final Act.¹Stocks and bonds historically do not perform well when the U.S. Federal Reserve (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. If we’re in the last, third act of the play, the third act may last a very long time.

There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon. But bond prices have dropped significantly, and so you will see at the end of the letter that we are bullish bonds.

1.	Monetary Policy: Tightening

The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0% or even negative.

Another component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet—one estimate indicates $279B net out through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big unknown.

Commodity prices and the Consumer Price Index (CPI) receive much focus, but I think what the Fed is really fighting is 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. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don’t reflect the price of commodities and, this year, we have seen services inflation increase from 3% to 6%. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

Last year when my colleagues and I spoke about inflation², I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds. And the latest data still shows a strong labor market with low unemployment.

2.	Fiscal Tightening

Inflation has caused real take-home pay to shrink over the past year. This should result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

3.	Global Growth Has Almost Stopped

Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.

Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)³Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.

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, 2022. 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 8, 2022

PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.

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

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, 2022 to October 31, 2022.

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, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
BDC Income ETF
Actual	$1,000.00	$929.10	0.42%	$2.04
Hypothetical (b)	$1,000.00	$1,023.09	0.42%	$2.14
China Bond ETF
Actual	$1,000.00	$923.90	0.67%	$3.25
Hypothetical (b)	$1,000.00	$1,021.83	0.67%	$3.41
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$878.20	0.40%	$1.89
Hypothetical (b)	$1,000.00	$1,023.19	0.40%	$2.04
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$942.40	0.35%	$1.71
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79
Green Bond ETF
Actual	$1,000.00	$936.10	0.20%	$0.98
Hypothetical (b)	$1,000.00	$1,024.20	0.20%	$1.02
IG Floating Rate ETF
Actual	$1,000.00	$1,000.60	0.14%	$0.71
Hypothetical (b)	$1,000.00	$1,024.50	0.14%	$0.71
International High Yield Bond ETF
Actual	$1,000.00	$889.60	0.40%	$1.91
Hypothetical (b)	$1,000.00	$1,023.19	0.40%	$2.04

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value May 1, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$916.10	0.30%	$1.45
Hypothetical (b)	$1,000.00	$1,023.69	0.30%	$1.53
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$925.70	0.25%	$1.21
Hypothetical (b)	$1,000.00	$1,023.95	0.25%	$1.28
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$925.80	0.20%	$0.97
Hypothetical (b)	$1,000.00	$1,024.20	0.20%	$1.02
Mortgage REIT Income ETF
Actual	$1,000.00	$842.70	0.42%	$1.95
Hypothetical (b)	$1,000.00	$1,023.09	0.42%	$2.14
Preferred Securities ex Financials ETF
Actual	$1,000.00	$903.10	0.40%	$1.92
Hypothetical (b)	$1,000.00	$1,023.19	0.40%	$2.04

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), 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, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.2%
Diversified Financials: 100.2%
Ares Capital Corp.		5,557,471	$	107,981,662
Bain Capital Specialty Finance, Inc. †		619,402		7,804,465
Barings BDC, Inc.		1,298,824		11,572,522
BlackRock TCP Capital Corp. †		780,583		9,234,297
Blackstone Secured Lending Fund		1,009,930		23,521,270
Capital Southwest Corp.		372,007		7,012,332
Carlyle Secured Lending, Inc. †		637,617		8,002,093
Fidus Investment Corp. †		310,391		5,850,870
FS KKR Capital Corp. †		3,619,106		69,486,835
Gladstone Investment Corp. †		448,683		5,788,011
Goldman Sachs BDC, Inc. †		1,297,639		20,061,499
Golub Capital BDC, Inc. †		1,785,015		23,151,645
Hercules Capital, Inc. †		1,719,318		24,981,691
Main Street Capital Corp. †		602,694		22,263,516
MidCap Financial Investment Corp. †		858,303		9,407,001
New Mountain Finance Corp. †		1,170,401		14,220,372
Newtek Business Services Corp. †		329,118		5,295,509
Oaktree Specialty Lending Corp. †		2,056,613		13,573,646
Owl Rock Capital Corp. †		4,599,398		54,594,854

	Number of Shares		Value
Diversified Financials (continued)
PennantPark Floating Rate Capital Ltd. †		575,963	$	6,381,670
PennantPark Investment Corp. †		813,192		4,838,492
Prospect Capital Corp. †		3,260,538		23,671,506
Sixth Street Specialty Lending, Inc. †		1,039,703		18,881,006
SLR Investment Corp.		621,696		8,411,547
TriplePoint Venture Growth BDC Corp. †		442,275		5,652,274
Total Common Stocks (Cost: $551,515,253)				511,640,585


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 19.7%
Money Market Fund: 19.7% (Cost: $100,626,266)
State Street Navigator Securities Lending Government Money Market Portfolio		100,626,266		100,626,266
Total Investments: 119.9% (Cost: $652,141,519)				612,266,851
Liabilities in excess of other assets: (19.9)%				(101,702,028)
NET ASSETS: 100.0%			$	510,564,823

Footnotes:

^†	Security fully or partially on loan. Total market value of securities on loan is $119,855,718.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Financials			100.0%			$	511,640,585

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	511,640,585	$	—	$	—	$	511,640,585
Money Market Fund		100,626,266		—		—		100,626,266
Total Investments	$	612,266,851	$	—	$	—	$	612,266,851

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 42.7%
Basic Materials: 6.8%
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25	CNY	20,000		$	2,774,303
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24	CNY	10,000			1,397,967
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25	CNY	10,000			1,392,654
					5,564,924
Consumer Cyclicals: 1.8%
Beijing Infrastructure Investment Co. Ltd. 3.09%, 09/01/24	CNY	6,000			829,361
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26	CNY	4,900			685,361
					1,514,722
Energy: 4.0%
PetroChina Co. Ltd. 3.50%, 01/19/26	CNY	3,490			489,872
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25	CNY	20,000			2,777,389
					3,267,261
Financials: 15.1%
Agricultural Development Bank of China 3.24%, 08/14/24	CNY	4,790			665,743
4.98%, 01/12/25	CNY	4,620			667,622
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.40%, 10/24/24	CNY	15,000			2,073,496
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27	CNY	20,000			2,905,447
China Development Bank 3.34%, 07/14/25	CNY	3,830			536,731
4.59%, 08/01/38	CNY	20,301			3,259,451
Chongqing Longhu Development Co. Ltd. 3.45%, 08/02/23	CNY	5,000			617,229
4.44%, 01/25/24	CNY	8,000			951,532
Cinda Investment Co. Ltd. 4.30%, 12/22/23	CNY	1,500			205,410
CITIC Securities Co. Ltd. 3.78%, 09/10/24	CNY	3,000			420,424
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24	CNY	200			27,729
					12,330,814
Industrials: 7.5%
Chengdu Xingcheng Investment Group Co. Ltd. 4.74%, 12/30/23 (o)	CNY	5,000			699,725
China Railway Group Ltd. 3.99%, 07/16/24	CNY	5,000			701,617
China State Railway Group Co. Ltd. 3.45%, 07/25/24	CNY	15,000			2,090,746

	Par (000’s		)	Value
Industrials (continued)
Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24	CNY	2,100		$	305,298
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26	CNY	10,000			1,388,924
Sichuan Development Holding Co. Ltd. 4.55%, 08/06/25	CNY	5,000			718,406
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23	CNY	15			2,060
Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30	CNY	2,000			281,110
					6,187,886
Real Estate: 1.8%
China Fortune Land Development Co. Ltd. 5.50%, 10/22/22 (d) *	CNY	1,000			34,276
7.00%, 03/03/21 (d) *	CNY	1,000			34,277
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25	CNY	10,000			1,374,524
					1,443,077
Technology: 0.4%
Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24	CNY	2,052			296,283

Utilities: 5.3%
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s)	CNY	15,000			2,092,253
China Yangtze Power Co. Ltd. 3.35%, 10/17/26	CNY	1,500			209,305
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24	CNY	5,000			699,861
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26	CNY	10,000			1,387,640
					4,389,059
Total Corporate Bonds (Cost: $39,070,358)					34,994,026

GOVERNMENT OBLIGATIONS: 49.5%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	2,930			399,650
2.96%, 04/17/30	CNY	4,000			549,102
3.63%, 07/19/26	CNY	2,700			383,382
3.74%, 07/12/29	CNY	6,240			900,786
3.75%, 01/25/29	CNY	5,150			741,536
3.79%, 10/26/30	CNY	1,110			161,122
3.85%, 01/06/27	CNY	5,110			734,828

See Notes to Financial Statements

	Par (000’s		)	Value
4.39%, 09/08/27	CNY	6,470		$	953,223
4.65%, 05/11/28	CNY	5,560			832,717

Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40	CNY	15,000			2,078,186
China Development Bank
3.18%, 04/05/26	CNY	4,850			679,136
3.30%, 03/03/26	CNY	5,550			779,883
3.39%, 02/03/27	CNY	10,042			1,420,972
3.41%, 06/07/31	CNY	1,640			232,455
3.45%, 09/20/29	CNY	4,800			681,457
3.48%, 01/08/29	CNY	4,460			633,494
3.65%, 05/21/29	CNY	7,150			1,025,941
3.66%, 03/01/31	CNY	1,170			168,672
3.70%, 10/20/30	CNY	4,150			599,169
4.04%, 04/10/27	CNY	6,160			891,488
4.04%, 07/06/28	CNY	2,720			397,154
China Government Bond
1.99%, 04/09/25	CNY	5,660			768,491
2.47%, 09/02/24	CNY	5,300			727,691
2.68%, 05/21/30	CNY	6,320			863,037
2.69%, 08/12/26	CNY	7,450			1,028,477
2.77%, 06/24/30	CNY	5,690			777,649
2.85%, 06/04/27	CNY	5,420			753,091
2.86%, 07/16/30	CNY	3,350			461,178
2.88%, 11/05/23	CNY	4,950			681,602
2.90%, 05/05/26	CNY	846			117,813
3.01%, 05/13/28	CNY	5,630			787,565
3.02%, 10/22/25	CNY	9,250			1,291,498
3.02%, 05/27/31	CNY	6,210			868,698
3.03%, 03/11/26	CNY	5,400			754,848

	Par (000’s		)	Value
3.25%, 06/06/26	CNY	6,030		$	849,782
3.27%, 11/19/30	CNY	6,330			899,621
3.27%, 08/22/46	CNY	500			2,574,548
3.28%, 12/03/27	CNY	6,150			872,525
3.29%, 05/23/29	CNY	2,680			381,648
3.74%, 09/22/35	CNY	3,900			582,657
Export-Import Bank of China
3.22%, 05/14/26	CNY	5,470			766,416
3.23%, 03/23/30	CNY	2,900			405,905
3.28%, 02/11/24	CNY	4,670			646,608
3.33%, 02/22/26	CNY	3,560			500,058
3.38%, 07/16/31	CNY	4,250			601,222
3.43%, 10/23/25	CNY	1,830			257,612
3.74%, 11/16/30	CNY	2,380			344,054
3.86%, 05/20/29	CNY	2,480			360,643
3.88%, 01/12/36	CNY	1,170			174,869
4.89%, 03/26/28	CNY	3,010			456,363
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 2.70%, 10/21/24	CNY	12,000			1,643,247
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25	CNY	5,000			684,144
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24	CNY	17,000			2,389,096
Total Government Obligations (Cost: $45,480,785)					40,517,009
Total Investments: 92.2% (Cost: $84,551,143)					75,511,035
Other assets less liabilities: 7.8%					6,358,232
NET ASSETS: 100.0%				$	81,869,267

Definitions:

CNY	Chinese Yuan

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity — the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Basic Materials		7.4	%	$	5,564,924
Consumer Cyclicals		2.0			1,514,722
Energy		4.3			3,267,261
Financials		40.7			30,694,874
Government Activity		21.2			16,042,419
Industrials		13.5			10,220,229
Real Estate		4.7			3,521,263
Technology		0.4			296,284
Utilities		5.8			4,389,059
		100.0	%	$	75,511,035

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	34,994,026	$	—	$	34,994,026
Government Obligations *		—		40,517,009		—		40,517,009
Total Investments	$	—	$	75,511,035	$	—	$	75,511,035

*	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, 2022 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 94.0%
Argentina: 3.3%
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27	$	439		$	267,515
Genneia SA 144A 8.75%, 09/02/27		550			510,890
MercadoLibre, Inc.
2.38%, 01/14/26		650			564,277
3.12%, 01/14/31 †		1,025			743,335
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25		800			509,756
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25		75			47,790
Pampa Energia SA 144A
7.50%, 01/24/27		925			765,428
9.12%, 04/15/29		450			372,384
Pan American Energy LLC 144A 9.12%, 04/30/27		425			459,669
Telecom Argentina SA 144A
8.00%, 07/18/26		575			497,225
8.50%, 08/06/25		575			538,352
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		550			479,985
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25		200			174,540
YPF Energia Electrica SA 144A 10.00%, 07/25/26		540			430,213
YPF SA 144A
1.50%, 09/30/33 (s)		850			461,295
2.50%, 06/30/29 (s)		1,125			708,941
4.00%, 02/12/26 (s)		1,150			1,012,000
6.95%, 07/21/27		1,225			746,221
7.00%, 12/15/47		775			405,794
8.50%, 03/23/25		516			411,025
8.50%, 07/28/25		1,675			1,209,735
8.50%, 06/27/29		587			358,070
8.75%, 04/04/24		858			743,898
					12,418,338
Armenia: 0.1%
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		425			402,471
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28		300			236,100
Azerbaijan: 1.0%
Southern Gas Corridor CJSC 144A

	Par (000’s		)	Value
Azerbaijan (continued)
6.88%, 03/24/26 †	$	2,925		$	2,884,094
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		1,050			1,025,503
					3,909,597
Bahrain: 1.6%
BBK BSC Reg S 5.50%, 07/09/24		700			682,111
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25		650			622,944
Mumtalakat Sukuk Holding Co. Reg S
4.10%, 01/21/27		650			617,789
5.62%, 02/27/24		950			946,977
Oil and Gas Holding Co. BSCC 144A
7.50%, 10/25/27		1,500			1,455,157
7.62%, 11/07/24		1,125			1,118,149
8.38%, 11/07/28		650			640,005
					6,083,132
Barbados: 0.2%
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 †		900			824,369
Bermuda: 0.8%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25		667			206,620
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A
8.75%, 05/25/24		1,750			1,497,378
13.00%, 12/31/25		597			406,901
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		975			822,822
					2,933,721
Brazil: 8.6%
Adecoagro SA 144A 6.00%, 09/21/27		750			679,841
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		550			486,458
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		550			522,926
Atento Luxco 1 SA 144A 8.00%, 02/10/26		400			158,740
Azul Investments LLP 144A 5.88%, 10/26/24		200			151,512
B2W Digital Lux Sarl 144A 4.38%, 12/20/30		400			275,515
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		500			399,015
Banco Bradesco SA 144A 3.20%, 01/27/25		525			495,553
Banco BTG Pactual SA 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Brazil (continued)
2.75%, 01/11/26	$	350		$	306,731
4.50%, 01/10/25		675			645,638
Banco Daycoval SA Reg S 4.25%, 12/13/24		300			288,026
Banco do Brasil SA 144A
4.62%, 01/15/25		650			632,011
4.75%, 03/20/24		550			541,005
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24		375			371,257
Banco Votorantim SA 144A
4.38%, 07/29/25		450			426,269
4.50%, 09/24/24		250			242,598
Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,250			959,344
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		425			404,912
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		516			496,867
BRF GmbH 144A 4.35%, 09/29/26		375			334,313
BRF SA 144A
4.88%, 01/24/30		375			294,157
5.75%, 09/21/50		500			337,515
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24		650			668,249
Centrais Eletricas Brasileiras SA 144A
3.62%, 02/04/25		350			329,964
4.62%, 02/04/30		475			407,804
Cosan Luxembourg SA 144A 7.00%, 01/20/27		350			344,540
Cosan SA 144A 5.50%, 09/20/29		575			510,496
CSN Inova Ventures 144A 6.75%, 01/28/28		775			665,581
CSN Resources SA 144A 7.62%, 04/17/26		250			239,698
Embraer Netherlands Finance BV
5.05%, 06/15/25		625			592,812
5.40%, 02/01/27		550			504,022
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		500			472,850
ERO Copper Corp. 144A 6.50%, 02/15/30		250			188,480
FS Luxembourg Sarl 144A 10.00%, 12/15/25		450			460,051
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30		300			235,628

	Par (000’s		)	Value
Brazil (continued)
5.50%, 01/14/32	$	350		$	266,377
Gol Finance SA 144A 7.00%, 01/31/25		500			218,598
Guara Norte Sarl 144A 5.20%, 06/15/34		562			441,626
InterCement Financial Operations BV 144A 5.75%, 07/17/24		450			313,245
Itau Unibanco Holding SA 144A
3.25%, 01/24/25		325			312,985
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31		350			301,518
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		550			510,634
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)		500			384,850
JSM Global Sarl 144A 4.75%, 10/20/30		275			190,861
Klabin Austria GmbH 144A
3.20%, 01/12/31 †		200			151,173
5.75%, 04/03/29		575			539,402
7.00%, 04/03/49		528			470,023
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26		375			305,079
MARB BondCo Plc 144A 3.95%, 01/29/31		875			649,989
MV24 Capital BV 144A 6.75%, 06/01/34		622			515,589
Natura Cosmeticos SA 144A 4.12%, 05/03/28		750			585,375
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		400			371,197
7.00%, 05/14/26		550			531,793
Nexa Resources SA 144A
5.38%, 05/04/27		450			411,804
6.50%, 01/18/28		325			300,365
Petrobras Global Finance BV
5.09%, 01/15/30 †		350			312,004
5.30%, 01/27/25		325			321,331
5.60%, 01/03/31 †		625			568,634
5.62%, 05/20/43		200			155,993
5.75%, 02/01/29		275			256,791
6.00%, 01/27/28 †		625			600,906
6.25%, 03/17/24		275			276,295
6.75%, 01/27/41		400			347,936
6.75%, 06/03/50		300			241,719
6.85%, 06/05/15		900			707,648
6.88%, 01/20/40		372			330,288
6.90%, 03/19/49		450			372,796
7.25%, 03/17/44		515			462,279
7.38%, 01/17/27		400			408,570
8.75%, 05/23/26		200			215,926
Rede D’or Finance Sarl 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Brazil (continued)
4.50%, 01/22/30	$	524		$	433,497
4.95%, 01/17/28		350			310,784
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24		412			416,949
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		266			274,462
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		298			299,806
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		450			402,750
Simpar Europe SA 144A 5.20%, 01/26/31		350			253,676
Tupy Overseas SA 144A 4.50%, 02/16/31		300			227,622
Ultrapar International SA 144A
5.25%, 10/06/26		200			193,171
5.25%, 06/06/29		300			283,197
Unigel Luxembourg SA 144A 8.75%, 10/01/26		350			338,764
Usiminas International Sarl 144A 5.88%, 07/18/26		550			511,987
XP, Inc. 144A 3.25%, 07/01/26		500			437,217
					32,805,859
British Virgin Islands: 0.3%
China SCE Group Holdings Ltd. Reg S
7.00%, 05/02/25		700			63,875
7.38%, 04/09/24		750			101,250
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24		400			314,000
New Metro Global Ltd. Reg S
4.50%, 05/02/26		500			70,625
4.62%, 10/15/25		400			62,400
Sino-Ocean Land Treasure Finance I Ltd. Reg S 6.00%, 07/30/24		1,000			177,850
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27		450			51,178
Studio City Co. Ltd. 144A 7.00%, 02/15/27 †		550			437,626
					1,278,804
Cambodia: 0.2%
NagaCorp Ltd. Reg S 7.95%, 07/06/24		700			609,000
Canada: 0.2%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		565			458,921

	Par (000’s		)	Value
Canada (continued)
Frontera Energy Corp. 144A 7.88%, 06/21/28	$	550		$	412,088
					871,009
Cayman Islands: 2.2%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		1,300			1,117,480
Banco Bradesco SA 144A 4.38%, 03/18/27		350			328,440
Banco do Brasil SA 144A
3.25%, 09/30/26		550			489,525
4.88%, 01/11/29		350			314,844
CT Trust 144A 5.12%, 02/03/32		1,300			1,041,525
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26		500			480,060
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31		550			514,965
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o)		800			774,040
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		900			854,910
Oryx Funding Ltd. 144A 5.80%, 02/03/31		900			790,556
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		558			480,474
StoneCo Ltd. 144A 3.95%, 06/16/28		375			279,905
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24		800			763,360
					8,230,084
Chile: 1.2%
Agrosuper SA 144A 4.60%, 01/20/32		650			530,821
CAP SA 144A 3.90%, 04/27/31		450			308,605
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33		735			358,347
Kenbourne Invest SA 144A 6.88%, 11/26/24		618			551,080
Latam Airlines Group SA 144A
13.38%, 10/15/27		600			590,514
13.38%, 10/15/29		1,000			996,395
VTR Comunicaciones SpA 144A
4.38%, 04/15/29		600			336,957
5.12%, 01/15/28		617			393,328
VTR Finance NV 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Chile (continued)
6.38%, 07/15/28	$	825		$	438,790
					4,504,837
China: 6.5%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25		300			63,637
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)		4,250			3,936,553
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			655,025
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		650			390,000
Chengdu Economic & Technological Investment Group Co. Ltd. Reg S 5.30%, 12/07/24		200			194,000
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)		840			844,200
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24		650			558,220
China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26		400			33,000
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o)		600			546,600
CIFI Holdings Group Co. Ltd. Reg S 4.38%, 04/12/27 †		500			35,125
4.45%, 08/17/26		650			48,606
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o)		550			548,281
Country Garden Holdings Co. Ltd. Reg S
2.70%, 07/12/26		1,500			138,560
3.12%, 10/22/25		2,000			198,335
3.30%, 01/12/31		1,300			102,216
3.88%, 10/22/30		800			63,026
4.20%, 02/06/26		800			78,411
4.80%, 08/06/30		500			39,760

	Par (000’s		)	Value
China (continued)
5.12%, 01/17/25	$	800		$	80,672
5.12%, 01/14/27		800			70,372
5.40%, 05/27/25		1,150			111,002
6.50%, 04/08/24		500			77,347
7.25%, 04/08/26		1,850			181,826
8.00%, 01/27/24		1,600			272,188
eHi Car Services Ltd. Reg S
7.00%, 09/21/26		350			169,750
7.75%, 11/14/24		600			301,713
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		1,200			977,328
Fortune Star BVI Ltd. Reg S
5.95%, 10/19/25		1,000			370,000
6.85%, 07/02/24		850			403,750
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24		200			75,000
Greenland Global Investment Ltd. Reg S
5.88%, 07/03/24		700			157,500
6.75%, 03/03/24		500			112,500
Greentown China Holdings Ltd. Reg S
4.70%, 04/29/25		750			345,375
5.65%, 07/13/25		300			133,950
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)		9,350			8,368,123
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25		400			396,219
New Metro Global Ltd. Reg S 4.80%, 12/15/24		600			158,280
Powerlong Real Estate Holdings Ltd. Reg S
5.95%, 04/30/25		500			41,232
6.25%, 08/10/24		600			66,000
Radiance Holdings Group Co. Ltd. Reg S 7.80%, 03/20/24		200			72,000
RKPF Overseas 2019 A Ltd. Reg S
6.00%, 09/04/25		600			243,975
6.70%, 09/30/24		750			454,312
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)		400			114,000
Times China Holdings Ltd. Reg S
5.55%, 06/04/24		600			53,342
5.75%, 01/14/27		200			11,861

See Notes to Financial Statements

	Par (000’s		)	Value
China (continued)
6.20%, 03/22/26	$	600		$	39,662
6.75%, 07/08/25		600			46,193
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		675			286,875
West China Cement Ltd. Reg S 4.95%, 07/08/26		800			456,520
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24		400			340,000
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23		650			628,875
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25		800			775,472
					24,866,769
Colombia: 5.6%
Aris Mining Corp. 144A 6.88%, 08/09/26		325			226,250
Banco de Bogota SA 144A 6.25%, 05/12/26		1,633			1,499,902
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31		600			409,701
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		900			732,501
Cable Onda SA 144A 4.50%, 01/30/30		850			697,263
Canacol Energy Ltd. 144A 5.75%, 11/24/28		700			527,373
Ecopetrol SA
4.12%, 01/16/25 †		1,800			1,661,593
4.62%, 11/02/31		1,875			1,296,099
5.38%, 06/26/26		2,225			2,025,940
5.88%, 05/28/45		2,950			1,801,772
5.88%, 11/02/51		1,100			656,100
6.88%, 04/29/30		2,900			2,391,630
7.38%, 09/18/43		1,283			942,646
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29		1,475			1,055,575
4.38%, 02/15/31		925			629,153
Geopark Ltd. 144A 5.50%, 01/17/27		750			612,505
Grupo Aval Ltd. 144A 4.38%, 02/04/30		1,525			1,061,278
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		700			641,117
Oleoducto Central SA 144A 4.00%, 07/14/27		750			612,053

	Par (000’s		)	Value
Colombia (continued)
Orazul Energy Peru SA 144A 5.62%, 04/28/27	$	550		$	469,219
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27		900			809,412
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		808			687,462
					21,446,544
Costa Rica: 0.2%
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43		700			476,410
6.75%, 10/07/31		450			396,675
					873,085
Cyprus: 0.3%
MHP Lux SA 144A
6.25%, 09/19/29		500			225,000
6.95%, 04/03/26		850			390,796
MHP SE 144A 7.75%, 05/10/24		750			361,275
					977,071
Czech Republic: 0.2%
Energo-Pro AS 144A 8.50%, 02/04/27		650			599,840
Dominican Republic: 0.1%
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		400			314,608
El Salvador: 0.1%
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24		425			419,197
France: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		500			440,223
Georgia: 0.4%
Georgia Capital JSC Reg S 6.12%, 03/09/24		600			563,017
Georgian Railway JSC 144A 4.00%, 06/17/28		650			495,677
Silknet JSC 144A 8.38%, 01/31/27		375			347,813
					1,406,507
Ghana: 0.4%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 †		925			774,687
Tullow Oil Plc 144A 7.00%, 03/01/25		1,050			684,842
					1,459,529
Greece: 0.2%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Greece (continued)
10.75%, 07/01/25	$	775		$	715,747
Guatemala: 0.5%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		525			469,611
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29		1,650			1,455,328
					1,924,939
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		375			336,188
Hong Kong: 4.4%
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25 †		650			128,072
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)		500			76,374
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)		950			165,179
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		1,000			762,500
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o)		850			688,500
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			678,507
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		850			559,921
4.85%, 01/27/28		650			398,937
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)		750			656,219
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o)		900			812,250
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		450			323,089
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		500			399,150

	Par (000’s		)	Value
Hong Kong (continued)
Easy Tactic Ltd. 7.50%, 07/11/28	$	353		$	28,251
Fortune Star BVI Ltd. Reg S
5.00%, 05/18/26		650			214,637
5.05%, 01/27/27		600			201,000
Franshion Brilliant Ltd. Reg S 4.88% (US Treasury Yield Curve Rate T 5 Year+2.75%), 06/21/24 (o)		200			124,252
6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o)		700			502,480
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24		600			227,457
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24		400			184,000
Li & Fung Ltd. Reg S
4.38%, 10/04/24		850			799,287
4.50%, 08/18/25		900			778,499
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25		1,400			1,000,260
5.25%, 04/26/26		800			509,374
5.38%, 12/04/29		1,700			952,850
5.62%, 07/17/27		970			590,871
5.75%, 07/21/28		1,150			667,000
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25		300			123,000
RKPF Overseas 2020 A Ltd. Reg S
5.12%, 07/26/26		600			175,650
5.20%, 01/12/26		700			217,439
Seaspan Corp. 144A 5.50%, 08/01/29		1,250			965,924
Seaspan Corp. 144A Reg S 6.50%, 04/29/26		400			385,200
Sino-Ocean Land Treasure IV Ltd. Reg S
3.25%, 05/05/26		500			62,511
4.75%, 08/05/29		800			80,970
4.75%, 01/14/30		850			83,432
Studio City Finance Ltd. 144A
5.00%, 01/15/29		1,600			691,392
6.00%, 07/15/25		650			312,592
6.50%, 01/15/28		875			367,923
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24		500			476,632
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		750			378,750
					16,750,331
India: 5.3%
ABJA Investment Co. Pte Ltd. Reg S

See Notes to Financial Statements

	Par (000’s		)	Value
India (continued)
5.95%, 07/31/24	$	1,500		$	1,473,278
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		1,100			830,500
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		850			773,202
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharash 144A 4.62%, 10/15/39		452			290,104
Bank of Baroda Reg S 3.88%, 04/04/24		450			438,756
Canara Bank Reg S 3.88%, 03/28/24		600			584,643
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		800			722,200
6.45%, 06/04/29		650			537,323
Future Retail Ltd. 144A 5.60%, 01/22/25		650			20,345
GMR Hyderabad International Airport Ltd. 144A
4.25%, 10/27/27		450			355,500
4.75%, 02/02/26		550			483,312
5.38%, 04/10/24		375			360,956
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		550			474,375
5.45%, 10/22/26		400			358,160
India Green Energy Holdings 144A 5.38%, 04/29/24		500			467,066
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		874			674,338
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		500			372,408
JSW Steel Ltd. 144A
3.95%, 04/05/27		650			473,217
5.05%, 04/05/32		850			535,764
JSW Steel Ltd. Reg S
5.38%, 04/04/25		500			434,375
5.95%, 04/18/24		750			702,375
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)		1,475			1,301,466
Periama Holdings LLC Reg S 5.95%, 04/19/26		1,150			938,205
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27		750			674,629
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 †		850			629,476

	Par (000’s		)	Value
India (continued)
Shriram Transport Finance Co. Ltd. 144A
4.15%, 07/18/25	$	500		$	432,755
4.40%, 03/13/24		1,100			1,026,619
Tata Motors Ltd. Reg S 5.88%, 05/20/25		400			382,000
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24		450			426,398
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)		550			342,375
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26		875			523,941
13.88%, 01/21/24		1,525			1,278,133
Vedanta Resources Ltd. 144A 6.12%, 08/09/24		1,475			876,795
					20,194,989
Indonesia: 2.4%
Adaro Indonesia PT 144A 4.25%, 10/31/24		1,200			1,125,709
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		400			168,000
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			344,000
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		600			447,660
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		800			693,225
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		400			369,500
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		573			555,173
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		825			779,446
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			395,000
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		950			762,269
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		850			756,265
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		775			743,729
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		600			489,000

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Indonesia (continued)
Saka Energi Indonesia PT 144A 4.45%, 05/05/24	$	650		$	606,358
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26		600			335,100
8.12%, 01/22/25		700			480,200
					9,051,536
Israel: 3.1%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25		875			835,071
6.50%, 06/30/27		875			820,312
6.75%, 06/30/30		800			716,812
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		900			739,692
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		3,975			3,365,792
4.10%, 10/01/46		2,298			1,396,348
6.00%, 04/15/24		1,417			1,403,368
6.75%, 03/01/28 †		1,425			1,346,518
7.12%, 01/31/25		1,150			1,141,157
					11,765,070
Kuwait: 0.3%
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26		800			659,820
4.50%, 02/23/27		750			597,802
					1,257,622
Luxembourg: 2.4%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		350			276,376
Aegea Finance Sarl 144A 6.75%, 05/20/29 †		300			276,600
AI Candelaria Spain SA 144A 7.50%, 12/15/28		475			400,940
Consolidated Energy Finance SA 144A 5.62%, 10/15/28		700			588,938
CSN Resources SA 144A
4.62%, 06/10/31		600			401,820
5.88%, 04/08/32 †		375			271,762
Energean Israel Finance Ltd. 144A Reg S
4.50%, 03/30/24		900			862,051
4.88%, 03/30/26		925			834,813
5.38%, 03/30/28		900			794,250
5.88%, 03/30/31		925			786,250
Gol Finance SA 144A 8.00%, 06/30/26		425			249,556
Kenbourne Invest SA 144A 4.70%, 01/22/28		725			531,639
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		1,200			918,888

	Par (000’s		)	Value
Luxembourg (continued)
Minerva Luxembourg SA 144A 4.38%, 03/18/31	$	850		$	646,998
Movida Europe SA 144A 5.25%, 02/08/31		550			405,853
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 †		350			292,250
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26		475			430,913
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31		186			157,368
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 †		200			151,788
					9,279,053
Macao: 0.2%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27		1,200			903,096
Mauritius: 2.4%
Axian Telecom 144A 7.38%, 02/16/27		625			541,563
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		605			440,010
CA Magnum Holdings 144A 5.38%, 10/31/26		1,525			1,281,119
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		478			368,694
Greenko Power II Ltd. 144A 4.30%, 12/13/28		1,491			1,153,419
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		1,075			920,573
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		1,300			1,016,197
India Airport Infra 144A 6.25%, 10/25/25		625			554,225
India Clean Energy Holdings 144A 4.50%, 04/18/27		550			383,276
India Cleantech Energy 144A 4.70%, 08/10/26		521			398,450
India Green Power Holdings 144A 4.00%, 02/22/27		700			528,533
India Toll Roads 144A 5.50%, 08/19/24		600			558,571
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		875			622,563
Network i2i Ltd. 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Mauritius (continued)
3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) †	$	625		$	496,503
					9,263,696
Mexico: 6.6%
Alsea SAB de CV 144A 7.75%, 12/14/26		650			618,829
Axtel SAB de CV 144A 6.38%, 11/14/24		693			464,920
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31		750			634,313
Braskem Idesa SAPI 144A 6.99%, 02/20/32 †		1,775			1,191,549
Cemex SAB de CV 144A
3.88%, 07/11/31		1,775			1,355,656
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)		1,425			1,179,822
5.20%, 09/17/30		1,200			1,023,404
5.45%, 11/19/29		1,125			983,998
7.38%, 06/05/27		1,450			1,438,907
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31		900			566,964
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26		500			398,343
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26		450			357,716
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		600			516,921
Metalsa SAPI de CV 144A 3.75%, 05/04/31		350			242,445
Mexarrend SAPI de CV 144A 10.25%, 07/24/24		600			145,338
Nemak SAB de CV 144A 3.62%, 06/28/31		825			601,396
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25		600			252,124
Petroleos Mexicanos
4.25%, 01/15/25		175			163,137
4.50%, 01/23/26		325			286,941
4.88%, 01/18/24 †		225			219,286
5.35%, 02/12/28 †		550			439,300
5.50%, 06/27/44		175			99,733
5.62%, 01/23/46		175			98,410
5.95%, 01/28/31		1,025			740,536
6.35%, 02/12/48		425			245,025
6.38%, 01/23/45		325			191,396
6.49%, 01/23/27		425			371,004
6.50%, 03/13/27		1,075			944,695
6.50%, 01/23/29 †		325			261,644

	Par (000’s		)	Value
Mexico (continued)
6.50%, 06/02/41	$	425		$	268,619
6.62%, 06/15/35		750			522,097
6.62%, 06/15/38		125			82,001
6.70%, 02/16/32		1,840			1,394,554
6.75%, 09/21/47		1,525			921,238
6.84%, 01/23/30		650			519,899
6.88%, 10/16/25 †		250			240,615
6.88%, 08/04/26		675			625,650
6.95%, 01/28/60		1,050			631,893
7.69%, 01/23/50		2,200			1,437,163
8.75%, 06/02/29		525			468,468
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25		525			435,832
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28		900			619,131
7.50%, 11/12/25		850			720,253
Unifin Financiera SAB de CV 144A
7.00%, 01/15/25		600			56,250
7.25%, 09/27/23		285			29,212
8.38%, 01/27/28		825			82,500
9.88%, 01/28/29		875			87,500
					25,176,627
Mongolia: 0.1%
Mongolian Mining Corp./ Energy Resources LLC 144A 9.25%, 04/15/24		650			364,787
Morocco: 1.1%
OCP SA 144A
3.75%, 06/23/31		1,100			825,621
4.50%, 10/22/25		875			835,757
5.12%, 06/23/51		1,100			677,156
5.62%, 04/25/24		1,100			1,092,326
6.88%, 04/25/44		750			593,812
					4,024,672
Netherlands: 0.9%
Coruripe Netherlands BV 144A 10.00%, 02/10/27		250			208,126
Greenko Dutch BV 144A 3.85%, 03/29/26		1,289			1,012,061
Petrobras Global Finance BV 5.50%, 06/10/51 †		400			283,816
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27		1,150			1,016,313
5.12%, 05/09/29 †		1,150			989,644
					3,509,960
Nigeria: 0.8%
Access Bank Plc 144A 6.12%, 09/21/26		725			534,470
EBN Finance Co. BV 144A 7.12%, 02/16/26		450			359,856
Fidelity Bank Plc 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Nigeria (continued)
7.62%, 10/28/26	$	550		$	431,750
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		550			475,035
SEPLAT Energy Plc 144A 7.75%, 04/01/26		875			689,106
United Bank for Africa Plc 144A 6.75%, 11/19/26		475			406,125
					2,896,342
Oman: 1.4%
Bank Muscat SAOG Reg S 4.75%, 03/17/26		700			663,413
Lamar Funding Ltd. 144A 3.96%, 05/07/25		1,575			1,455,752
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		675			663,674
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		700			630,702
OQ SAOC 144A 5.12%, 05/06/28		1,100			995,876
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 †		1,025			1,009,062
					5,418,479
Panama: 0.4%
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)		475			384,235
Banistmo SA 144A 4.25%, 07/31/27		600			529,414
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29		600			532,320
					1,445,969
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		350			300,615
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		425			335,312
					635,927
Peru: 2.4%
Auna SAA 144A 6.50%, 11/20/25		375			293,012
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29		500			478,424
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		400			351,048
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29		500			486,942
Camposol SA 144A

	Par (000’s		)	Value
Peru (continued)
6.00%, 02/03/27	$	550		$	390,801
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		825			685,099
InRetail Consumer 144A 3.25%, 03/22/28		950			753,483
InRetail Shopping Malls 144A 5.75%, 04/03/28		525			466,043
Minsur SA 144A 4.50%, 10/28/31		750			605,415
Peru LNG Srl 144A 5.38%, 03/22/30		1,350			1,064,678
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,450			1,071,554
5.62%, 06/19/47		2,900			1,865,323
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		500			400,989
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		500			420,443
					9,333,254
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			343,996
Poland: 0.4%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25		650			567,054
3.88%, 11/15/29		1,200			955,356
					1,522,410
Qatar: 0.2%
QNB Finansbank AS 144A 6.88%, 09/07/24		925			927,859
Saudi Arabia: 0.5%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		650			604,191
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		900			862,371
6.88%, 02/26/27		600			554,400
					2,020,962
Singapore: 2.2%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		871			692,648
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		1,400			665,000
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		200			99,990

See Notes to Financial Statements

	Par (000’s		)	Value
Singapore (continued)
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26	$	600		$	583,500
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25 †		750			657,188
5.95%, 07/29/26		900			729,000
Inkia Energy Ltd. 144A 5.88%, 11/09/27		492			439,057
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28		500			384,247
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		800			739,948
Puma International Financing SA 144A
5.00%, 01/24/26		1,200			1,068,252
5.12%, 10/06/24		850			798,524
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		649			576,363
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		700			567,035
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24		600			357,000
					8,357,752
South Africa: 2.5%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28		1,525			1,373,964
7.12%, 02/11/25		1,875			1,759,312
8.45%, 08/10/28		575			506,292
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		800			673,872
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24		675			649,571
6.50%, 10/13/26		750			717,675
Sasol Financing USA LLC
5.88%, 03/27/24		2,050			2,006,479
6.50%, 09/27/28		1,250			1,106,686
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29		650			624,943
					9,418,794
South Korea: 0.2%
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)		850			742,688
Spain: 0.6%
AES Andres BV 144A 5.70%, 05/04/28		400			323,275

	Par (000’s		)	Value
Spain (continued)
AI Candelaria Spain SA 144A 5.75%, 06/15/33	$	1,000		$	652,130
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		550			511,149
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		725			507,699
International Airport Finance SA 144A 12.00%, 03/15/33		522			452,453
					2,446,706
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40		500			421,663
Thailand: 0.6%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		1,775			1,321,668
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		1,200			1,008,318
					2,329,986
Togo: 0.2%
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24		800			758,600
Trinidad and Tobago: 0.7%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29		800			843,600
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		600			552,366
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		525			447,468
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		900			857,633
					2,701,067
Turkey: 5.8%
Akbank TAS 144A
5.12%, 03/31/25		700			630,941
6.80%, 02/06/26 †		725			659,627
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31		850			706,025
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28		700			500,414

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Turkey (continued)
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	$	1,100		$	825,330
Coca-Cola Icecek AS 144A 4.50%, 01/20/29		700			564,305
KOC Holding AS 144A 6.50%, 03/11/25		1,100			1,045,891
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		500			399,142
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		550			506,138
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26		950			807,338
Turk Telekomunikasyon AS 144A
4.88%, 06/19/24		750			662,775
6.88%, 02/28/25		805			704,359
Turkcell Iletisim Hizmetleri AS 144A
5.75%, 10/15/25		675			601,165
5.80%, 04/11/28		750			602,047
Turkiye Is Bankasi AS 144A
6.12%, 04/25/24		1,825			1,775,360
7.85%, 12/10/23		555			557,970
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		1,250			1,106,841
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24		1,125			1,043,471
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		450			393,768
6.00%, 01/23/25		650			587,868
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26		975			906,253
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25		1,025			921,143
5.50%, 10/01/26		775			652,558
6.50%, 01/08/26		1,025			906,243
8.12%, 03/28/24		975			961,691
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		950			668,154
Yapi ve Kredi Bankasi AS 144A
5.85%, 06/21/24		650			621,652
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31		775			688,442
8.25%, 10/15/24		825			813,161
Zorlu Yenilenebilir Enerji AS 144A

	Par (000’s		)	Value
Turkey (continued)
9.00%, 06/01/26	$	400		$	289,144
					22,109,216
Ukraine: 0.4%
Kernel Holding SA 144A
6.50%, 10/17/24		350			117,561
6.75%, 10/27/27		400			131,800
Metinvest BV 144A
7.65%, 10/01/27		450			188,775
7.75%, 10/17/29		800			330,800
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26		700			123,812
NPC Ukrenergo 144A 6.88%, 11/09/28		1,100			172,988
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24		1,300			247,000
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25		600			322,050
					1,634,786
United Arab Emirates: 2.4%
Acwa Power Management and Investments One Ltd. 144A 5.95%, 12/15/39		1,248			1,093,434
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMTUSD6Y+3.66%), 1/22/2025 (o)		1,050			1,043,162
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)		2,350			2,282,898
Emirates NBD Bank PJSC Reg S 6.12% (CMTUSD6Y+3.66%), 3/20/2025 (o)		1,450			1,379,707
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		1,350			1,279,084
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)		550			506,990
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25		1,425			1,203,726
8.88%, 11/15/24		375			369,889
					9,158,890
United Kingdom: 1.6%
Bidvest Group UK Plc 144A 3.62%, 09/23/26		1,125			954,596
Endeavour Mining Plc 144A 5.00%, 10/14/26		775			606,437
IHS Holding Ltd. 144A 5.62%, 11/29/26		775			591,209

See Notes to Financial Statements

	Par (000’s		)	Value
United Kingdom (continued)
6.25%, 11/29/28	$	800		$	583,040
Tullow Oil Plc 144A 10.25%, 05/15/26		2,545			2,171,878
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25		1,650			1,043,930
					5,951,090
United States: 4.3%
AES Andes SA 144A
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		700			569,687
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79		800			657,777
AES Argentina Generacion SA 144A 7.75%, 02/02/24		450			350,424
Azul Investments LLP 144A 7.25%, 06/15/26 †		550			349,093
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27		421			365,462
Energuate Trust 144A 5.88%, 05/03/27		400			349,800
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,050			538,067
Guacolda Energia SA 144A 4.56%, 04/30/25		850			269,822
Kosmos Energy Ltd. 144A
7.50%, 03/01/28		650			510,432
7.75%, 05/01/27		725			586,568
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27		500			413,275
MGM China Holdings Ltd. 144A
5.25%, 06/18/25 †		750			597,622
5.38%, 05/15/24 †		1,125			970,538
5.88%, 05/15/26 †		1,075			827,196
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		1,100			766,260
Sasol Financing USA LLC
4.38%, 09/18/26		975			856,113
5.50%, 03/18/31 †		1,300			976,860
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28		900			604,683
Stillwater Mining Co. 144A
4.00%, 11/16/26		925			763,606
4.50%, 11/16/29		850			625,940
Wynn Macau Ltd. 144A
4.88%, 10/01/24 †		850			663,604
5.12%, 12/15/29		1,450			880,715
5.50%, 01/15/26 †		1,400			973,000
5.50%, 10/01/27		1,225			792,679

	Par (000’s		)	Value
United States (continued)
5.62%, 08/26/28	$	1,925		$	1,179,544
					16,438,767
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		550			506,787
Uzbekistan: 0.5%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400			344,880
Uzauto Motors AJ 144A 4.85%, 05/04/26		350			259,000
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		450			400,282
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		1,000			757,675
					1,761,837
Zambia: 1.7%
First Quantum Minerals Ltd. 144A
6.50%, 03/01/24		1,225			1,203,952
6.88%, 03/01/26		1,425			1,340,811
6.88%, 10/15/27		2,200			2,049,712
7.50%, 04/01/25		2,000			1,942,420
					6,536,895
Total Corporate Bonds (Cost: $470,121,292)					358,249,729

GOVERNMENT OBLIGATIONS: 2.0%
Argentina: 0.9%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		1,275			1,104,686
Provincia de Cordoba 144A
6.88%, 02/01/29		682			390,812
6.99%, 06/01/27 (s)		757			469,616
Provincia de Mendoza 144A 4.25%, 03/19/29 (s)		850			586,500
Provincia de Neuquen 144A 6.62%, 04/27/30 (s)		525			304,500
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		702			528,652
Provincia del Chubut Reg S 7.75%, 07/26/30 (s)		175			132,163
					3,516,929
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			203,398
Turkey: 0.9%
Istanbul Metropolitan Municipality 144A
6.38%, 12/09/25		900			742,849
10.75%, 04/12/27		350			313,845
Turkiye Ihracat Kredi Bankasi AS 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Turkey (continued)
5.75%, 07/06/26	$	1,025		$	862,794
6.12%, 05/03/24		650			610,897
8.25%, 01/24/24		825			813,841
					3,344,226
Ukraine: 0.0%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			150,716
Uzbekistan: 0.1%
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		600			527,250

Total Government Obligations (Cost: $10,174,907)					7,742,519
Total Investments Before Collateral for Securities Loaned: 96.0% (Cost: $480,296,199)					365,992,248

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7%
Money Market Fund: 3.7% (Cost: $14,202,551)
State Street Navigator Securities Lending Government Money Market Portfolio		14,202,551	$	14,202,551
Total Investments: 99.7% (Cost: $494,498,750)				380,194,799
Other assets less liabilities: 0.3%				1,160,401
NET ASSETS: 100.0%			$	381,355,200

Definitions:

LIBOR	London Interbank Offered Rate
USD	United States Dollar

Footnotes:

^†	Security fully or partially on loan. Total market value of securities on loan is $14,635,653.
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
(o)	Perpetual Maturity — the date shown is the next call date
*	Non-income producing
(d)	Security in default
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $249,075,819, or 65.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		10.2	%	$	37,250,897
Consumer Cyclicals		3.9			14,185,941
Consumer Non-Cyclicals		4.0			14,676,061
Energy		19.3			70,588,944
Financials		35.1			128,353,063
Government Activity		1.3			4,724,339
Healthcare		3.5			12,750,124
Industrials		8.9			32,810,834
Institutions, Associations & Organizations		0.1			402,471
Real Estate		1.9			7,016,371
Technology		3.5			12,825,756
Utilities		8.3			30,407,447
		100.0	%	$	365,992,248

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	358,249,729	$	—	$	358,249,729
Government Obligations *		—		7,742,519		—		7,742,519
Money Market Fund		14,202,551		—		—		14,202,551
Total Investments	$	14,202,551	$	365,992,248	$	—	$	380,194,799

*	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, 2022 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 98.0%
Australia: 1.6%
Buckeye Partners LP
3.95%, 12/01/26	$	16,686		$	14,680,593
4.12%, 12/01/27		11,128			9,682,084
4.35%, 10/15/24		8,345			7,957,371
5.60%, 10/15/44		8,358			6,196,830
5.85%, 11/15/43		11,102			8,345,948
					46,862,826
Canada: 1.8%
Bombardier, Inc. 144A 7.45%, 05/01/34		14,241			13,383,692
Methanex Corp.
4.25%, 12/01/24		8,339			8,081,033
5.25%, 12/15/29 †		19,489			16,715,640
5.65%, 12/01/44		8,359			5,788,607
TransAlta Corp. 6.50%, 03/15/40		8,954			7,716,977
					51,685,949
Finland: 0.4%
Nokia Oyj 6.62%, 05/15/39		14,080			12,863,488
France: 1.2%
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o)		41,712			36,742,849
Germany: 1.0%
Dresdner Funding Trust I 144A 8.15%, 06/30/31		27,828			28,558,485
Ireland: 2.1%
Perrigo Finance Unlimited Co.
3.90%, 12/15/24		19,490			18,609,734
4.38%, 03/15/26		19,489			18,307,869
4.40%, 06/15/30		20,848			17,469,999
4.90%, 12/15/44		8,454			5,565,848
					59,953,450
Italy: 4.8%
Intesa Sanpaolo SpA 144A 5.02%, 06/26/24		55,605			52,512,321
Telecom Italia Capital SA
6.00%, 09/30/34		27,805			20,358,265
6.38%, 11/15/33		27,760			21,370,342
7.20%, 07/18/36		27,823			21,736,301
7.72%, 06/04/38		27,778			22,151,150
					138,128,379
United Kingdom: 3.6%
Marks & Spencer Plc 144A 7.12%, 12/01/37		8,342			7,316,376
Rolls-Royce Plc 144A 3.62%, 10/14/25		27,803			24,597,311
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)		20,895			19,877,943
Vodafone Group Plc

	Par (000’s		)	Value
United Kingdom (continued)
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	$	55,445		$	52,796,393
					104,588,023
United States: 81.5%
Apache Corp.
4.25%, 01/15/30 †		16,118			14,375,879
4.38%, 10/15/28		9,046			8,095,908
4.75%, 04/15/43 †		11,888			8,931,217
5.10%, 09/01/40		37,040			30,076,110
5.25%, 02/01/42		11,137			8,978,705
5.35%, 07/01/49		10,777			8,331,532
6.00%, 01/15/37		12,354			11,134,413
Bath & Body Works, Inc. 6.95%, 03/01/33 †		9,692			7,993,962
Bed Bath & Beyond, Inc.
3.75%, 08/01/24		7,633			1,590,565
5.17%, 08/01/44		18,050			1,900,575
Brightsphere Investment Group, Inc. 4.80%, 07/27/26		8,316			7,469,348
Brinker International, Inc. 144A 5.00%, 10/01/24		10,369			10,072,538
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		9,823			9,942,841
Delta Air Lines, Inc.
2.90%, 10/28/24		25,028			23,693,257
3.75%, 10/28/29 †		13,172			10,865,059
4.38%, 04/19/28 †		11,407			10,191,527
Diversified Healthcare Trust
4.75%, 05/01/24		7,084			6,079,666
4.75%, 02/15/28		14,046			9,633,800
DPL, Inc. 4.35%, 04/15/29		11,809			10,113,405
Embarq Corp. 8.00%, 06/01/36		38,623			15,634,977
EnLink Midstream Partners LP
4.15%, 06/01/25		11,723			11,061,706
5.05%, 04/01/45		12,501			9,094,477
5.45%, 06/01/47		13,898			10,578,393
5.60%, 04/01/44		9,732			7,599,994
EQM Midstream Partners LP
4.00%, 08/01/24		8,366			7,934,398
4.12%, 12/01/26		13,925			12,325,138
5.50%, 07/15/28		23,658			21,185,266
6.50%, 07/15/48		15,300			11,803,491
FirstEnergy Corp.
1.60%, 01/15/26		8,362			7,292,717
2.05%, 03/01/25		8,358			7,723,055
2.25%, 09/01/30		12,533			9,664,259
2.65%, 03/01/30		16,690			13,529,832
3.40%, 03/01/50		23,672			14,759,374
4.40%, 07/15/27		41,719			39,247,984
5.35%, 07/15/47		16,874			13,959,354
7.38%, 11/15/31		21,087			23,506,733
Fluor Corp.

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
3.50%, 12/15/24 †	$	10,629		$	10,119,127
4.25%, 09/15/28 †		16,722			14,613,774
Ford Holdings LLC 9.30%, 03/01/30		4,956			5,567,050
Ford Motor Co.
4.35%, 12/08/26 †		25,319			23,595,536
4.75%, 01/15/43		33,779			23,583,653
5.29%, 12/08/46		21,904			16,267,882
6.62%, 10/01/28		7,561			7,468,680
7.40%, 11/01/46		6,746			6,220,993
7.45%, 07/16/31 †		18,043			18,128,253
Ford Motor Credit Co. LLC
3.66%, 09/08/24		12,671			12,029,594
3.81%, 01/09/24		12,666			12,247,933
3.81%, 11/02/27		12,653			10,897,796
4.06%, 11/01/24 †		25,321			24,336,520
4.13%, 08/04/25		23,624			22,019,458
4.27%, 01/09/27		15,202			13,760,774
4.39%, 01/08/26		20,259			18,742,293
4.54%, 08/01/26		12,661			11,682,051
4.69%, 06/09/25		10,142			9,631,908
5.11%, 05/03/29 †		25,092			22,476,034
5.58%, 03/18/24		25,319			24,972,070
Frontier Florida LLC 6.86%, 02/01/28 †		8,693			8,103,506
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26		14,680			12,880,149
Genworth Holdings, Inc. 6.50%, 06/15/34		8,333			6,928,598
Global Marine, Inc. 7.00%, 06/01/28		7,231			4,663,995
HB Fuller Co. 4.00%, 02/15/27		8,315			7,620,157
Hexcel Corp.
4.20%, 02/15/27		11,233			10,240,736
4.95%, 08/15/25		8,451			8,107,467
Hillenbrand, Inc. 5.00%, 09/15/26		10,662			10,085,046
Howmet Aerospace, Inc.
5.90%, 02/01/27		17,402			17,128,615
5.95%, 02/01/37		17,384			15,963,180
6.75%, 01/15/28		8,376			8,373,822
Las Vegas Sands Corp.
2.90%, 06/25/25		13,903			12,599,713
3.20%, 08/08/24		48,657			46,351,278
3.50%, 08/18/26		27,814			24,315,928
3.90%, 08/08/29		20,860			16,881,030
Lumen Technologies, Inc.
6.88%, 01/15/28		9,324			7,892,952
7.60%, 09/15/39 †		13,891			9,327,581
Macy’s Retail Holdings LLC
4.30%, 02/15/43		6,957			4,084,472
4.50%, 12/15/34 †		10,201			6,997,202
5.12%, 01/15/42		6,956			4,427,543
Mattel, Inc.
5.45%, 11/01/41		8,411			6,553,281
6.20%, 10/01/40		7,020			5,991,149

	Par (000’s		)	Value
United States (continued)
Murphy Oil Corp.
6.12%, 12/01/42	$	9,452		$	7,467,921
7.05%, 05/01/29		6,944			6,873,537
Navient Corp. 5.62%, 08/01/33 †		16,869			11,926,383
Newell Brands, Inc.
4.45%, 04/01/26		55,217			51,467,490
5.62%, 04/01/36		11,711			9,745,777
5.75%, 04/01/46		18,531			14,300,187
Nordstrom, Inc.
2.30%, 04/08/24		6,955			6,536,100
4.00%, 03/15/27 †		9,726			8,258,568
4.25%, 08/01/31 †		11,842			8,614,759
4.38%, 04/01/30		13,937			10,718,738
5.00%, 01/15/44 †		26,829			17,036,683
6.95%, 03/15/28 †		8,365			7,779,910
Occidental Petroleum Corp.
0.00%, 10/10/36 ^		24,148			12,541,867
2.90%, 08/15/24		17,629			17,001,936
3.40%, 04/15/26		7,833			7,414,013
3.50%, 08/15/29 †		7,948			7,224,454
4.10%, 02/15/47		3,995			3,171,504
4.20%, 03/15/48		8,142			6,475,145
4.30%, 08/15/39		5,407			4,457,396
4.40%, 04/15/46		11,413			9,309,960
4.40%, 08/15/49		7,700			6,232,046
4.62%, 06/15/45		8,237			6,768,639
5.55%, 03/15/26		23,581			23,968,082
6.20%, 03/15/40		20,103			19,384,921
6.45%, 09/15/36		46,546			46,247,640
6.60%, 03/15/46		29,477			29,079,060
6.95%, 07/01/24		13,133			13,474,524
7.50%, 05/01/31		23,591			25,415,410
7.88%, 09/15/31 †		13,235			14,421,055
7.95%, 06/15/39		8,926			9,671,619
Oceaneering International, Inc.
4.65%, 11/15/24		11,123			10,660,672
6.00%, 02/01/28		8,326			7,441,321
Ohio National Financial Services, Inc. 144A
6.05%, 01/24/30		11,855			10,704,682
6.62%, 05/01/31		6,975			6,569,752
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31		11,395			10,270,495
Pactiv LLC 7.95%, 12/15/25		7,850			7,320,367
Patterson-UTI Energy, Inc.
3.95%, 02/01/28 †		14,226			12,572,911
5.15%, 11/15/29		9,771			8,636,888
ProAssurance Corp. 5.30%, 11/15/23		7,611			7,533,695
Qwest Corp. 7.25%, 09/15/25		6,935			7,011,805
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S 4.62%, 04/16/29		27,915			20,010,791

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
4.62%, 04/06/31	$	9,900		$	6,717,290
Rockies Express Pipeline LLC 144A
3.60%, 05/15/25		11,137			10,372,723
4.80%, 05/15/30		9,749			8,251,505
4.95%, 07/15/29		15,301			13,444,791
6.88%, 04/15/40		13,915			11,381,156
7.50%, 07/15/38		6,961			6,085,445
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 †		13,913			10,107,168
7.50%, 10/15/27 †		8,328			6,915,612
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25 †		38,707			41,734,662
Safeway, Inc. 7.25%, 02/01/31		7,348			7,114,628
Seagate HDD Cayman
4.09%, 06/01/29		13,916			11,165,294
4.12%, 01/15/31		13,918			10,486,378
4.75%, 01/01/25		13,329			12,883,145
4.88%, 03/01/24		13,898			13,566,555
4.88%, 06/01/27		14,062			13,022,888
5.75%, 12/01/34 †		13,631			11,104,256
Sealed Air Corp. 144A 6.88%, 07/15/33		13,043			12,509,280
Service Properties Trust
3.95%, 01/15/28 †		11,163			8,221,103
4.35%, 10/01/24		22,950			21,104,820
4.38%, 02/15/30 †		11,120			7,938,679
4.50%, 03/15/25		9,753			8,644,035
4.65%, 03/15/24		9,749			9,197,332
4.75%, 10/01/26		12,515			10,190,495
4.95%, 02/15/27		11,142			9,036,496
4.95%, 10/01/29 †		11,829			8,597,407
5.25%, 02/15/26		9,761			8,457,565
Southeast Supply Header LLC 144A 4.25%, 06/15/24		11,273			10,199,472
Southwestern Energy Co. 5.70%, 01/23/25		11,371			11,187,155
Spirit AeroSystems, Inc.
3.85%, 06/15/26		8,437			7,605,829
4.60%, 06/15/28 †		19,535			14,027,400
Sprint Capital Corp.
6.88%, 11/15/28		68,780			71,083,442
8.75%, 03/15/32		55,478			65,189,146
Steelcase, Inc. 5.12%, 01/18/29		12,656			11,095,768
Tenet Healthcare Corp. 6.88%, 11/15/31		10,715			9,109,357
Toledo Hospital/The
4.98%, 11/15/45		7,600			4,668,300
5.33%, 11/15/28		8,928			5,932,924
6.01%, 11/15/48		11,138			7,406,770
Topaz Solar Farms LLC 144A

	Par (000’s		)	Value
United States (continued)
5.75%, 09/30/39	$	16,061		$	15,296,404
Transocean, Inc.
6.80%, 03/15/38		16,953			10,337,939
7.50%, 04/15/31		11,000			7,193,010
Travel + Leisure Co.
5.65%, 04/01/24		8,349			8,222,901
6.00%, 04/01/27		11,148			10,423,380
6.60%, 10/01/25		9,761			9,553,823
Trinity Industries, Inc. 4.55%, 10/01/24		11,825			11,228,310
Under Armour, Inc. 3.25%, 06/15/26		17,418			15,071,882
United States Cellular Corp. 6.70%, 12/15/33		15,236			14,530,802
United States Steel Corp. 6.65%, 06/01/37 †		7,625			6,371,495
Western Midstream Operating LP
3.35%, 02/01/25		20,331			19,368,632
3.95%, 06/01/25		11,117			10,555,647
4.30%, 02/01/30		33,378			29,423,541
4.50%, 03/01/28		11,149			10,244,482
4.65%, 07/01/26		13,206			12,531,437
4.75%, 08/15/28		11,141			10,298,128
5.30%, 03/01/48		19,484			15,776,000
5.45%, 04/01/44		16,685			13,580,560
5.50%, 08/15/48		9,740			7,893,536
5.50%, 02/01/50		27,821			21,719,732
Xerox Corp.
3.80%, 05/15/24		8,351			7,969,067
4.80%, 03/01/35		6,989			4,328,121
6.75%, 12/15/39		9,752			7,201,576
XPO CNW, Inc. 6.70%, 05/01/34		9,052			8,114,168
Yum! Brands, Inc.
3.88%, 11/01/23		9,048			8,901,694
5.35%, 11/01/43		7,686			6,120,861
6.88%, 11/15/37		9,071			8,901,236
					2,358,883,572
Total Corporate Bonds (Cost: $3,434,071,564)					2,838,267,021

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0%
Money Market Fund: 4.0% (Cost: $114,938,185)
State Street Navigator Securities Lending Government Money Market Portfolio		114,938,185			114,938,185
Total Investments: 102.0% (Cost: $3,549,009,749)					2,953,205,206
Liabilities in excess of other assets: (2.0)%					(58,227,857)
NET ASSETS: 100.0%				$	2,894,977,349

See Notes to Financial Statements

Definitions:

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $117,144,100.
(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 $352,491,536, or 12.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		2.6	%	$	74,349,420
Communications		0.3			8,103,506
Consumer Cyclicals		19.4			550,610,943
Consumer Non-Cyclicals		0.5			14,431,004
Energy		27.8			788,790,862
Financials		5.7			162,351,701
Healthcare		3.1			87,070,801
Industrials		15.0			427,526,923
Real Estate		3.8			107,101,399
Technology		15.3			433,673,924
Utilities		6.5			184,256,538
		100.0	%	$	2,838,267,021

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	2,838,267,021	$	—	$	2,838,267,021
Money Market Fund		114,938,185		—		—		114,938,185
Total Investments	$	114,938,185	$	2,838,267,021	$	—	$	2,953,205,206


*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 86.2%
Argentina: 0.1%
Genneia SA 144A 8.75%, 09/02/27	$	100		$	92,889
Australia: 1.3%
Bank of China Ltd. Reg S 0.75%, 09/29/24		200			185,305
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32		200			175,877
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42		450			430,289
National Australia Bank Ltd. 3.62%, 06/20/23		225			223,541
					1,015,012
Bermuda: 0.2%
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		200			168,784
Brazil: 1.7%
Banco BTG Pactual SA 144A 2.75%, 01/11/26		150			131,456
Fibria Overseas Finance Ltd. 5.50%, 01/17/27		375			361,554
FS Luxembourg Sarl 144A 10.00%, 12/15/25		200			204,467
Klabin Austria GmbH 144A 7.00%, 04/03/49		150			133,529
Klabin Finance SA 144A 4.88%, 09/19/27		240			226,845
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		200			179,000
Suzano Austria GmbH 144A 5.75%, 07/14/26		50			49,169
					1,286,020
British Virgin Islands: 0.6%
Amipeace Ltd. Reg S 1.75%, 11/09/26		300			266,383
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23		200			197,465
					463,848
Canada: 1.4%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		100			81,225
Bank of Nova Scotia 2.38%, 01/18/23		225			223,943
Brookfield Finance, Inc. 2.72%, 04/15/31		250			193,737
Canadian Imperial Bank of Commerce

	Par (000’s		)	Value
Canada (continued)
0.95%, 10/23/25	$	250		$	219,318
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		300			222,381
Tucson Electric Power Co. 1.50%, 08/01/30		150			111,714
					1,052,318
Cayman Islands: 0.4%
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31		200			154,261
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25		200			180,375
					334,636
Chile: 1.4%
Colbun SA 144A 3.15%, 01/19/32		300			231,674
Interchile SA 144A 4.50%, 06/30/56		500			363,174
Inversiones CMPC SA 144A 4.38%, 04/04/27 †		250			231,450
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33		196			95,559
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 †		300			192,636
					1,114,493
China: 5.2%
Bank of China Ltd. Reg S 0.95%, 09/21/23		450			435,082
3.97% (ICE LIBOR USD 3 Month+0.83%), 06/07/23		200			200,195
China Construction Bank Corp. Reg S
1.00%, 08/04/23		200			194,480
1.25%, 08/04/25		200			181,919
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		400			358,118
ICBCIL Finance Co. Ltd. Reg S 4.03% (ICE LIBOR USD 3 Month+1.05%), 11/20/24		200			198,887
Industrial & Commercial Bank of China Ltd. Reg S 4.10% (ICE LIBOR USD 3 Month+0.83%), 06/14/23		200			200,214
4.26% (ICE LIBOR USD 3 Month+0.78%), 09/16/24		800			800,595
5.19% (ICE LIBOR USD 3 Month+0.83%), 04/25/24		400			400,883
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23		200			192,596

See Notes to Financial Statements

	Par (000’s		)	Value
China (continued)
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22	$	200		$	199,550
Lenovo Group Ltd. 144A 6.54%, 07/27/32		400			333,649
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24		200			194,977
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		200			190,897
					4,082,042
Colombia: 0.3%
Consorcio Transmantaro SA 144A 4.70%, 04/16/34		300			262,858
Dominican Republic: 0.1%
UEP Penonome II SA 144A 6.50%, 10/01/38		92			69,246
France: 0.9%
BNP Paribas SA 144A 1.68% (United States Secured Overnight Financing Rate+0.91%), 06/30/27		300			251,572
Electricite de France SA 144A 3.62%, 10/13/25		450			425,127
					676,699
Georgia: 0.1%
Georgian Railway JSC 144A 4.00%, 06/17/28		100			76,258
Germany: 2.7%
Kreditanstalt fuer Wiederaufbau
0.75%, 09/30/30		950			728,104
1.00%, 10/01/26		600			525,096
1.75%, 09/14/29		800			681,144
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25		188			175,312
					2,109,656
Hong Kong: 2.5%
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25		300			281,205
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26		200			176,993
Industrial & Commercial Bank of China Ltd. Reg S 1.62%, 10/28/26		300			266,568
Industrial Bank Co. Ltd. Reg S
0.88%, 06/10/24		200			187,650
3.25%, 05/18/25		200			192,076
Link Finance Cayman 2009 Ltd. Reg S

	Par (000’s		)	Value
Hong Kong (continued)
2.88%, 07/21/26	$	200		$	185,550
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		400			366,708
MTR Corp. Ltd. Reg S 1.62%, 08/19/30		200			155,949
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		200			101,000
					1,913,699
India: 2.6%
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		250			188,750
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24		200			181,930
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharash 144A 4.62%, 10/15/39		181			116,042
India Green Energy Holdings 144A 5.38%, 04/29/24		150			140,120
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32		200			156,529
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27		200			178,749
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		322			248,440
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27		200			175,523
REC Ltd. Reg S 3.88%, 07/07/27		200			178,025
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27		150			134,926
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 †		200			148,112
State Bank of India/London Reg S 4.50%, 09/28/23		200			198,179
					2,045,325
Indonesia: 0.4%
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38		400			298,351

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Ireland: 0.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27	$	200		$	192,222
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26		250			241,317
					433,539
Japan: 4.0%
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		200			174,610
Honda Motor Co. Ltd.
2.27%, 03/10/25		300			281,618
2.97%, 03/10/32 †		600			497,203
Marubeni Corp. Reg S 1.58%, 09/17/26		200			170,835
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23		250			243,702
Norinchukin Bank 144A
1.28%, 09/22/26		200			170,090
2.08%, 09/22/31		150			111,162
NTT Finance Corp. 144A
4.24%, 07/25/25		200			194,810
4.37%, 07/27/27		200			192,000
Renesas Electronics Corp. 144A 1.54%, 11/26/24		300			272,577
Sumitomo Mitsui Financial Group, Inc.
0.51%, 01/12/24		250			235,635
2.47%, 01/14/29		200			162,331
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26		175			153,536
Toyota Motor Credit Corp. 2.15%, 02/13/30		300			245,526
					3,105,635
Luxembourg: 0.8%
Bank of China Ltd. Reg S 1.40%, 04/28/26		200			178,973
European Investment Bank 1.62%, 05/13/31		500			411,004
					589,977
Macao: 0.3%
China Construction Bank Corp. Reg S 3.48% (United States Secured Overnight Financing Rate Compound Index+0.50%), 12/21/24		200			198,760
Mauritius: 0.7%
Azure Power Energy Ltd. 144A

	Par (000’s		)	Value
Mauritius (continued)
3.58%, 08/19/26	$	186		$	135,388
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		200			171,269
India Cleantech Energy 144A 4.70%, 08/10/26		142			108,668
India Green Power Holdings 144A 4.00%, 02/22/27		200			151,010
					566,335
Mexico: 0.2%
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		250			181,815
Netherlands: 3.5%
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29		350			272,309
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 †		350			302,341
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27		400			338,773
Greenko Dutch BV 144A 3.85%, 03/29/26		478			374,837
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 †		450			394,507
4.62%, 01/06/26		300			285,661
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/31		550			414,271
3.40%, 05/01/30		200			166,220
5.00%, 01/15/33		200			179,679
					2,728,598
Philippines: 0.2%
Bank of the Philippine Islands Reg S 2.50%, 09/10/24		200			188,055
Portugal: 0.4%
EDP Finance BV 144A 1.71%, 01/24/28		400			315,936
Qatar: 0.2%
QNB Finance Ltd. Reg S 1.62%, 09/22/25		200			179,050
Saudi Arabia: 0.6%
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26		250			220,275
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		300			242,062
					462,337

See Notes to Financial Statements

	Par (000’s		)	Value
Singapore: 1.4%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27	$	194		$	153,922
Greenko Investment Co. 144A 4.88%, 08/16/23		200			191,680
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		200			162,000
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24		450			418,129
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		203			180,113
					1,105,844
South Africa: 0.2%
Bank of China Ltd. Reg S 1.88%, 02/16/25		200			186,941
South Korea: 3.0%
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26		300			258,404
Kia Corp. 144A
1.75%, 10/16/26		400			340,048
2.38%, 02/14/25		200			184,249
Korea Electric Power Corp. 144A
2.50%, 06/24/24		350			335,348
3.62%, 06/14/25		200			191,084
5.38%, 04/06/26		200			198,220
Korea Water Resources Corp. Reg S 3.88%, 05/15/23		200			198,869
LG Chem Ltd. 144A
1.38%, 07/07/26		200			171,908
2.38%, 07/07/31		225			171,498
3.25%, 10/15/24		250			239,244
3.62%, 04/15/29		50			44,445
					2,333,317
Spain: 0.9%
Avangrid, Inc.
3.20%, 04/15/25		531			499,455
3.80%, 06/01/29		250			219,332
					718,787
Supranational: 6.6%
Asian Development Bank
1.75%, 08/14/26		275			248,729
2.12%, 03/19/25		150			141,886
2.38%, 08/10/27		150			137,104
3.12%, 09/26/28		250			233,445
Central American Bank for Economic Integration Reg S 3.76% (ICE LIBOR USD 3 Month+0.85%), 11/15/24		200			199,539

	Par (000’s		)	Value
Supranational (continued)
European Bank for Reconstruction & Development
1.50%, 02/13/25	$	300		$	280,342
1.62%, 09/27/24		500			473,007
European Investment Bank
0.75%, 09/23/30 †		600			460,936
1.62%, 10/09/29 †		380			320,877
2.12%, 04/13/26 †		300			277,702
2.38%, 05/24/27 †		500			459,753
2.50%, 10/15/24 †		450			433,038
European Investment Bank 144A 2.88%, 06/13/25		750			720,524
International Bank for Reconstruction & Development
2.12%, 03/03/25		430			407,288
3.12%, 11/20/25		75			72,023
International Finance Corp. 2.12%, 04/07/26		344			318,150
					5,184,343
Sweden: 0.4%
Swedbank AB 144A 1.54%, 11/16/26		350			301,350
Turkey: 0.2%
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		200			150,060
United Arab Emirates: 0.7%
MAF Sukuk Ltd. Reg S
3.93%, 02/28/30		200			176,272
4.64%, 05/14/29		200			182,950
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49		199			152,060
					511,282
United Kingdom: 2.1%
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28		200			169,792
Brookfield Finance I UK Plc 2.34%, 01/30/32		300			219,232
China Construction Bank Corp. Reg S 3.12%, 05/17/25		350			335,518
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24		200			194,606
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		300			227,760
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		200			183,900
Vmed O2 UK Financing I Plc 144A

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United Kingdom (continued)
4.75%, 07/15/31	$	400		$	323,992
					1,654,800
United States: 37.3%
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		200			162,768
AES Corp.
1.38%, 01/15/26		350			302,509
2.45%, 01/15/31		305			230,335
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26		200			179,399
Alexandria Real Estate Equities, Inc.
2.00%, 05/18/32		350			252,477
2.95%, 03/15/34		250			188,424
3.80%, 04/15/26		100			94,766
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46		388			326,304
Amgen, Inc. 3.00%, 02/22/29		200			174,780
Apple, Inc.
2.85%, 02/23/23 †		125			124,369
3.00%, 06/20/27		800			745,426
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 3.25%, 09/01/28		250			205,622
4.00%, 09/01/29		275			209,322
Arizona Public Service Co. 2.65%, 09/15/50		200			109,111
AvalonBay Communities, Inc.
1.90%, 12/01/28		100			81,576
2.05%, 01/15/32 †		250			190,207
Boston Properties LP
2.45%, 10/01/33 †		400			276,306
3.40%, 06/21/29		225			186,246
4.50%, 12/01/28		400			360,225
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24		550			538,076
Clearway Energy Operating LLC 144A
3.75%, 02/15/31		400			334,966
4.75%, 03/15/28		275			254,794
Dana, Inc. 4.25%, 09/01/30		200			160,480
Deutsche Bank AG 1.69%, 03/19/26		300			257,607
Dominion Energy, Inc. 2.25%, 08/15/31 †		350			270,618
DTE Electric Co. 1.90%, 04/01/28		150			126,212

	Par (000’s		)	Value
United States (continued)
3.25%, 04/01/51	$	200		$	134,516
3.95%, 03/01/49		290			223,150
Duke Energy Carolinas LLC 3.95%, 11/15/28		350			326,347
Duke Energy Progress LLC 3.45%, 03/15/29 †		300			269,309
Equinix, Inc.
1.00%, 09/15/25		300			263,315
1.55%, 03/15/28		100			79,832
2.50%, 05/15/31 †		550			419,513
3.90%, 04/15/32		350			294,986
ERP Operating LP 4.15%, 12/01/28		200			182,200
Evergy Kansas Central, Inc. 2.55%, 07/01/26		200			182,234
Fannie Mae-Aces
1.44%, 10/25/29		500			404,733
2.44%, 10/25/29		37			31,935
2.52%, 08/25/29		593			517,902
2.54%, 07/25/24		163			156,477
2.85%, 02/25/27		255			235,461
2.91%, 01/25/28		397			364,346
2.94%, 06/25/29		9			8,211
3.04%, 03/25/28		214			196,679
3.06%, 09/25/27		257			238,900
3.07%, 02/25/30		342			308,237
3.16%, 11/25/27		13			12,512
3.16%, 03/25/28		449			412,612
3.41%, 06/25/28		318			294,759
3.67%, 09/25/28		509			477,978
3.74%, 09/25/30		97			90,178
Federal Realty Investment Trust 1.25%, 02/15/26		200			173,828
Fifth Third Bancorp 1.71% (United States Secured Overnight Financing Rate+0.69%), 11/01/27		200			170,395
Ford Motor Co.
3.25%, 02/12/32		1,000			752,525
6.10%, 08/19/32		450			412,594
Freddie Mac Multifamily Structured Pass Through Certificates
1.30%, 06/25/30		30			23,291
2.88%, 04/25/26		285			266,915
General Motors Co.
5.40%, 10/15/29		200			185,595
5.60%, 10/15/32		650			590,679
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 †		250			238,675
Healthpeak Properties, Inc.
1.35%, 02/01/27 †		200			168,388
2.12%, 12/01/28		100			81,119
Host Hotels & Resorts LP 2.90%, 12/15/31		250			180,995

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
3.38%, 12/15/29	$	100		$	79,735
Interstate Power & Light Co.
3.50%, 09/30/49		150			102,599
4.10%, 09/26/28 †		250			234,445
Jabil, Inc. 4.25%, 05/15/27		200			185,622
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		300			230,468
JPMorgan Chase & Co. 0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24		325			310,320
0.77% (United States Secured Overnight Financing Rate+0.49%), 08/09/25		500			456,491
Kaiser Foundation Hospitals
2.81%, 06/01/41		600			402,516
3.15%, 05/01/27		80			73,517
Kilroy Realty LP
2.50%, 11/15/32		50			34,764
2.65%, 11/15/33		150			101,811
4.75%, 12/15/28		250			224,795
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29		200			162,293
Massachusetts Institute of Technology 3.96%, 07/01/38		200			175,549
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25		350			313,063
MidAmerican Energy Co.
2.70%, 08/01/52		200			120,050
3.10%, 05/01/27		225			207,433
3.15%, 04/15/50		200			130,913
3.65%, 04/15/29		150			137,003
3.65%, 08/01/48		400			289,451
3.95%, 08/01/47		275			209,689
4.25%, 07/15/49		275			220,309
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28		575			475,189
Northern States Power Co.
2.60%, 06/01/51		250			149,226
2.90%, 03/01/50		250			159,206
3.20%, 04/01/52		200			133,079
NSTAR Electric Co. 3.25%, 05/15/29		225			200,137
Owens Corning 3.95%, 08/15/29		225			197,675
PacifiCorp 2.90%, 06/15/52		200			122,374
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		250			225,421

	Par (000’s		)	Value
United States (continued)
PepsiCo, Inc.
2.88%, 10/15/49	$	250		$	169,833
3.90%, 07/18/32		500			463,528
Piedmont Operating Partnership LP 3.15%, 08/15/30		150			113,425
PNC Financial Services Group, Inc. 2.20%, 11/01/24		310			292,433
Prologis LP
1.25%, 10/15/30		375			274,832
1.75%, 02/01/31		200			151,141
2.88%, 11/15/29		75			62,847
Public Service Co. of Colorado
3.20%, 03/01/50		250			167,834
3.70%, 06/15/28		450			415,359
4.10%, 06/15/48		110			85,949
Public Service Co. of Oklahoma
2.20%, 08/15/31		300			231,782
3.15%, 08/15/51		150			92,684
Public Service Electric and Gas Co. 3.10%, 03/15/32 †		150			126,100
Regency Centers LP 3.75%, 06/15/24		125			120,911
Seattle Children’s Hospital 2.72%, 10/01/50		150			88,288
SK Battery America, Inc. Reg S
1.62%, 01/26/24		250			235,487
2.12%, 01/26/26		200			165,250
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41		600			468,182
Sonoco Products Co.
1.80%, 02/01/25		100			92,376
2.85%, 02/01/32		400			312,133
Southern Power Co. 4.15%, 12/01/25		500			486,429
Southwestern Public Service Co. 3.15%, 05/01/50		100			65,159
Sunnova Energy Corp. 144A 5.88%, 09/01/26 †		100			88,155
Toyota Auto Receivables Owner 0.26%, 11/17/25		204			194,286
UDR, Inc. 1.90%, 03/15/33		175			118,086
Union Electric Co. 2.62%, 03/15/51		275			160,302
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		200			183,410
Verizon Communications, Inc.

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
1.50%, 09/18/30	$	300		$	223,018
2.85%, 09/03/41		400			262,045
3.88%, 02/08/29		450			409,402
3.88%, 03/01/52		300			212,506
Vornado Realty LP 3.40%, 06/01/31		150			111,534
Welltower, Inc.
2.70%, 02/15/27		250			221,344
3.85%, 06/15/32		100			83,115
Wisconsin Electric Power Co. 4.75%, 09/30/32		250			238,025
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			152,622
					29,119,201
Total Corporate Bonds (Cost: $79,370,136)					67,278,096

GOVERNMENT OBLIGATIONS: 12.6%
Brazil: 0.2%
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		200			198,004
Canada: 0.4%
CDP Financial, Inc. Reg S 1.00%, 05/26/26		350			307,382
Chile: 1.3%
Chile Government International Bond
2.55%, 01/27/32		550			432,230
3.50%, 01/25/50		850			561,432
					993,662
Egypt: 0.3%
Egypt Government International Bond 144A 5.25%, 10/06/25		50			41,765
Egypt Government International Bond Reg S 5.25%, 10/06/25		200			167,059
					208,824
Hong Kong: 2.3%
Airport Authority Reg S 1.75%, 01/12/27		300			266,325
China Development Bank Reg S 0.62%, 09/09/24		200			185,413
Hong Kong Government International Bond 144A
0.62%, 02/02/26		400			354,833
1.38%, 02/02/31		400			315,705
2.38%, 02/02/51		200			118,674
2.50%, 05/28/24		250			241,881
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			319,306
					1,802,137

	Par (000’s		)	Value
Indonesia: 1.9%
Perusahaan Penerbit SBSN Indonesia III 144A
2.30%, 06/23/25	$	150		$	139,513
3.55%, 06/09/51		275			187,372
3.75%, 03/01/23		650			649,085
3.90%, 08/20/24		250			246,496
4.70%, 06/06/32		300			280,862
					1,503,328
Japan: 0.5%
Japan Bank for International Cooperation 1.62%, 01/20/27		200			176,332
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25		200			185,532
					361,864
Netherlands: 1.2%
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24		200			194,978
Nederlandse Waterschapsbank NV 144A
1.00%, 05/28/30		100			78,247
2.38%, 03/24/26		750			697,414
					970,639
Norway: 0.6%
Kommunalbanken AS 144A
0.50%, 10/21/24		200			184,471
2.12%, 02/11/25		325			307,683
					492,154
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		200			62,584
South Korea: 2.0%
Export-Import Bank of Korea 2.12%, 01/18/32		500			382,277
Export-Import Bank of Korea 144A 1.75%, 10/19/28		450			365,298
Korea Development Bank
0.40%, 06/19/24		200			185,876
0.75%, 01/25/25		200			181,645
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23		300			297,320
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25		200			186,559
					1,598,975
Sweden: 0.8%
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24		350			326,348

See Notes to Financial Statements

	Par (000’s		)	Value
Sweden (continued)
1.62%, 04/24/23	$	300		$	295,652
					622,000
United States: 1.0%
City of San Francisco CA Public Utilities Commission Water Revenue
2.83%, 11/01/41		100			70,498
3.30%, 11/01/39		100			77,636
3.47%, 11/01/43		100			72,561
Commonwealth of Massachusetts 3.28%, 06/01/46		150			108,006
District of Columbia Water & Sewer Authority 4.81%, 10/01/14		170			137,580
Metropolitan Transportation Authority 5.17%, 11/15/49		150			126,056
Tennessee Valley Authority 1.50%, 09/15/31		200			153,412
					745,749
Total Government Obligations (Cost: $11,778,765)					9,867,302

	Number of Shares		Value
PREFERRED SECURITIES: 0.1% (Cost: $173,320)
Canada: 0.1%
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 †		7,000	$	117,460

Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $91,322,221)				77,262,858


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $1,947,090)
State Street Navigator Securities Lending Government Money Market Portfolio		1,947,090		1,947,090
Total Investments: 101.4% (Cost: $93,269,311)				79,209,948
Liabilities in excess of other assets: (1.4)%				(1,125,127)
NET ASSETS: 100.0%				78,084,821

Definitions:

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,351,601.

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 $23,734,930, or 30.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Academic & Educational Services		0.2	%	$	175,549
Basic Materials		3.9			3,009,832
Consumer Cyclicals		5.0			3,861,069
Consumer Non-Cyclicals		1.1			815,176
Energy		1.3			1,011,669
Financials		38.7			29,879,677
Government Activity		7.5			5,815,521
Healthcare		1.0			739,101
Industrials		3.1			2,425,032
Mortgage Securities		5.6			4,367,429
Real Estate		7.8			6,055,541
Technology		5.1			3,915,595
Utilities		19.7			15,191,667
		100.0	%	$	77,262,858

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	67,278,096	$	—	$	67,278,096
Government Obligations *		—		9,867,302		—		9,867,302
Preferred Securities *		117,460		—		—		117,460
Money Market Fund		1,947,090		—		—		1,947,090
Total Investments	$	2,064,550	$	77,145,398	$	—	$	79,209,948

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par (000’s		)	Value
FLOATING RATE NOTES: 98.2%
Australia: 8.8%
ASB Bank Ltd. 144A 4.24% (ICE LIBOR USD 3 Month+0.97%), 06/14/23	$	1,575		$	1,577,033
Commonwealth Bank of Australia 144A 3.46% (United States Secured Overnight Financing Rate+0.40%), 07/07/25		22,892			22,523,899
3.49% (United States Secured Overnight Financing Rate+0.52%), 06/15/26		9,595			9,391,945
3.70% (United States Secured Overnight Financing Rate+0.74%), 03/14/25		12,450			12,382,899
Macquarie Bank Ltd. 144A 4.33% (United States Secured Overnight Financing Rate+1.31%), 03/21/25		9,600			9,599,929
Macquarie Group Ltd. 144A 4.06% (ICE LIBOR USD 3 Month+1.02%), 11/28/23		1,875			1,873,594
4.98% (ICE LIBOR USD 3 Month+1.35%), 03/27/24		2,805			2,801,338
National Australia Bank Ltd. 144A 3.44% (United States Secured Overnight Financing Rate+0.38%), 01/12/25		2,575			2,540,507
3.71% (United States Secured Overnight Financing Rate+0.65%), 01/12/27		9,600			9,413,521
3.78% (United States Secured Overnight Financing Rate+0.86%), 06/09/25		9,600			9,570,032
Westpac Banking Corp. 3.04% (United States Secured Overnight Financing Rate+0.30%), 11/18/24		3,825			3,767,195
3.63% (ICE LIBOR USD 3 Month+0.72%), 05/15/23		2,175			2,176,020
3.78% (ICE LIBOR USD 3 Month+0.77%), 02/26/24		1,450			1,452,404
3.80% (United States Secured Overnight Financing Rate+1.00%), 08/26/25		10,550			10,554,102
					99,624,418
Canada: 6.2%
Bank of Montreal

	Par (000’s		)	Value
Canada (continued)
3.24% (United States Secured Overnight Financing Rate Compound Index+0.27%), 09/15/23	$	1,894		$	1,884,474
3.26% (United States Secured Overnight Financing Rate Compound Index+0.35%), 12/08/23		1,750			1,738,297
3.38% (United States Secured Overnight Financing Rate Compound Index+0.32%), 07/09/24		2,810			2,763,252
3.62% (United States Secured Overnight Financing Rate Compound Index+0.71%), 03/08/24		2,550			2,533,858
Bank of Nova Scotia 3.23% (United States Secured Overnight Financing Rate+0.26%), 09/15/23		1,733			1,724,371
3.44% (United States Secured Overnight Financing Rate+0.38%), 07/31/24		3,300			3,258,031
3.50% (United States Secured Overnight Financing Rate Compound Index+0.45%), 04/15/24		3,311			3,278,723
3.52% (United States Secured Overnight Financing Rate Compound Index+0.55%), 09/15/23		4,615			4,599,885
Canadian Imperial Bank of Commerce 3.36% (United States Secured Overnight Financing Rate Compound Index+0.40%), 12/14/23 †		1,750			1,739,157
3.37% (United States Secured Overnight Financing Rate+0.34%), 06/22/23		1,459			1,455,681
3.48% (United States Secured Overnight Financing Rate Compound Index+0.42%), 10/18/24		3,556			3,492,151
3.91% (ICE LIBOR USD 3 Month+0.66%), 09/13/23		1,465			1,466,518
4.00% (United States Secured Overnight Financing Rate+0.94%), 04/07/25		12,475			12,350,080
Enbridge, Inc. 3.34% (United States Secured Overnight Financing Rate Compound Index+0.63%), 02/16/24		1,800			1,780,438

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Canada (continued)
Federation des Caisses Desjardins du Quebec 144A 3.21% (United States Secured Overnight Financing Rate+0.43%), 05/21/24	$	2,675		$	2,635,998
Royal Bank of Canada 3.36% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/19/24		2,031			2,011,742
3.40% (United States Secured Overnight Financing Rate Compound Index+0.34%), 10/07/24		2,541			2,494,619
3.42% (United States Secured Overnight Financing Rate Compound Index+0.36%), 07/29/24		3,319			3,275,286
3.51% (United States Secured Overnight Financing Rate Compound Index+0.45%), 10/26/23		2,903			2,890,419
Toronto-Dominion Bank 3.08% (United States Secured Overnight Financing Rate+0.22%), 06/02/23		2,317			2,309,334
3.23% (United States Secured Overnight Financing Rate+0.35%), 03/04/24		3,820			3,783,816
3.28% (United States Secured Overnight Financing Rate+0.35%), 09/10/24		4,587			4,521,015
3.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23		1,450			1,444,076
					69,431,221
Cayman Islands: 0.3%
MassMutual Global Funding II 144A 3.42% (United States Secured Overnight Financing Rate+0.36%), 04/12/24		3,125			3,095,450
China: 0.3%
Tencent Holdings Ltd. 144A 4.82% (ICE LIBOR USD 3 Month+0.91%), 04/11/24		3,700			3,689,436
France: 2.5%
Banque Federative du Credit Mutuel SA 144A

	Par (000’s		)	Value
France (continued)
3.03% (United States Secured Overnight Financing Rate Compound Index+0.41%), 02/04/25	$	13,522		$	13,207,819
BPCE SA 144A 4.48% (ICE LIBOR USD 3 Month+1.24%), 09/12/23		1,575			1,575,017
Societe Generale SA 144A 4.11% (United States Secured Overnight Financing Rate+1.05%), 01/21/26		14,500			13,867,815
					28,650,651
Germany: 0.3%
Bayer US Finance II LLC 144A 4.30% (ICE LIBOR USD 3 Month+1.01%), 12/15/23		3,725			3,707,154
Ireland: 0.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.73% (United States Secured Overnight Financing Rate+0.68%), 09/29/23		1,600			1,566,044
Japan: 4.0%
Mitsubishi UFJ Financial Group, Inc. 5.19% (ICE LIBOR USD 3 Month+0.86%), 07/26/23		4,921			4,922,563
Mizuho Financial Group, Inc. 3.63% (ICE LIBOR USD 3 Month+0.63%), 05/25/24		5,575			5,530,674
3.69% (United States Secured Overnight Financing Rate+0.96%), 05/22/26		14,375			13,997,024
4.24% (ICE LIBOR USD 3 Month+1.00%), 09/11/24		3,302			3,286,351
Sumitomo Mitsui Financial Group, Inc. 3.94% (United States Secured Overnight Financing Rate+0.88%), 01/14/27		9,600			9,357,496
4.88% (ICE LIBOR USD 3 Month+0.80%), 10/16/23		2,458			2,456,921
5.09% (ICE LIBOR USD 3 Month+0.86%), 07/19/23		1,450			1,451,142
Sumitomo Mitsui Trust Bank Ltd. 144A 3.40% (United States Secured Overnight Financing Rate+0.44%), 09/16/24		3,925			3,891,556
					44,893,727
Netherlands: 1.8%
Cooperatieve Rabobank UA

See Notes to Financial Statements

	Par (000’s		)	Value
Netherlands (continued)
3.36% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/12/24	$	2,300		$	2,283,170
ING Groep NV 4.69% (United States Secured Overnight Financing Rate Compound Index+1.64%), 03/28/26		9,625			9,483,761
4.74% (ICE LIBOR USD 3 Month+1.00%), 10/02/23		1,490			1,489,367
Shell International Finance BV 3.31% (ICE LIBOR USD 3 Month+0.40%), 11/13/23		1,575			1,574,144
Siemens Financieringsmaatschappij NV 144A 3.36% (United States Secured Overnight Financing Rate+0.43%), 03/11/24		5,200			5,185,545
					20,015,987
Norway: 1.0%
DNB Bank ASA 144A 3.88% (United States Secured Overnight Financing Rate Compound Index+0.83%), 03/28/25		11,575			11,480,072
Spain: 0.3%
Banco Santander SA 3.99% (United States Secured Overnight Financing Rate+1.24%), 05/24/24		3,315			3,305,856
Switzerland: 1.7%
Credit Suisse Group AG 144A 4.47% (ICE LIBOR USD 3 Month+1.20%), 12/14/23		1,450			1,377,999
4.48% (ICE LIBOR USD 3 Month+1.24%), 06/12/24		3,831			3,611,520
UBS AG 144A 3.01% (United States Secured Overnight Financing Rate+0.36%), 02/09/24		2,900			2,878,466
UBS Group AG 144A 4.26% (United States Secured Overnight Financing Rate+1.58%), 05/12/26		11,520			11,397,244
					19,265,229
United Kingdom: 9.1%
ANZ New Zealand Int’l Ltd./London 144A 3.34% (United States Secured Overnight Financing Rate+0.60%), 02/18/25		9,700			9,594,785

	Par (000’s		)	Value
United Kingdom (continued)
Barclays Plc 4.30% (ICE LIBOR USD 3 Month+1.38%), 05/16/24	$	7,680		$	7,587,470
HSBC Holdings Plc 3.33% (United States Secured Overnight Financing Rate+0.58%), 11/22/24		2,600			2,510,522
3.96% (ICE LIBOR USD 3 Month+1.00%), 05/18/24		10,120			9,974,093
4.31% (United States Secured Overnight Financing Rate+1.43%), 03/10/26		9,600			9,389,654
4.47% (ICE LIBOR USD 3 Month+1.23%), 03/11/25		9,600			9,464,504
4.62% (ICE LIBOR USD 3 Month+1.38%), 09/12/26		14,362			13,942,882
NatWest Group Plc 5.19% (ICE LIBOR USD 3 Month+1.55%), 06/25/24		3,900			3,886,086
NatWest Markets Plc 144A 4.48% (United States Secured Overnight Financing Rate+1.45%), 03/22/25		9,680			9,562,579
Standard Chartered Plc 144A 3.70% (United States Secured Overnight Financing Rate+0.93%), 11/23/25		9,650			9,291,774
4.79% (United States Secured Overnight Financing Rate+1.74%), 03/30/26		9,650			9,450,940
UBS AG 144A 3.10% (United States Secured Overnight Financing Rate+0.45%), 08/09/24		5,075			5,033,467
3.17% (United States Secured Overnight Financing Rate+0.32%), 06/01/23		2,900			2,893,944
					102,582,700
United States: 61.8%
American Electric Power Co., Inc. 4.92% (ICE LIBOR USD 3 Month+0.48%), 11/01/23		1,900			1,887,238
American Express Co. 2.84% (United States Secured Overnight Financing Rate Compound Index+0.23%), 11/03/23		1,741			1,728,753
3.27% (United States Secured Overnight Financing Rate Compound Index+0.65%), 11/04/26		9,588			9,309,401

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
3.33% (United States Secured Overnight Financing Rate Compound Index+0.72%), 05/03/24	$	2,550		$	2,539,946
3.55% (ICE LIBOR USD 3 Month+0.75%), 08/03/23		1,450			1,448,393
3.80% (United States Secured Overnight Financing Rate+0.93%), 03/04/25		9,625			9,599,709
Analog Devices, Inc. 3.30% (United States Secured Overnight Financing Rate+0.25%), 10/01/24 †		2,704			2,661,816
AT&T, Inc. 3.69% (United States Secured Overnight Financing Rate Compound Index+0.64%), 03/25/24		3,900			3,877,836
4.42% (ICE LIBOR USD 3 Month+1.18%), 06/12/24		8,299			8,328,113
Athene Global Funding 144A 3.49% (United States Secured Overnight Financing Rate Compound Index+0.70%), 05/24/24		7,708			7,555,547
Bank of America Corp. 3.30% (United States Secured Overnight Financing Rate+0.66%), 02/04/25		14,425			14,188,493
3.34% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24		6,340			6,244,710
3.60% (ICE LIBOR USD 3 Month+0.77%), 02/05/26		22,854			22,309,676
3.69% (United States Secured Overnight Financing Rate+1.05%), 02/04/28		9,608			9,195,160
3.75% (United States Secured Overnight Financing Rate+0.69%), 04/22/25		11,493			11,302,370
3.79% (United States Secured Overnight Financing Rate+0.73%), 10/24/24		2,563			2,532,516
3.95% (ICE LIBOR USD 3 Month+0.79%), 03/05/24		7,606			7,577,323
4.16% (United States Secured Overnight Financing Rate+1.10%), 04/25/25		9,650			9,620,471
4.39% (United States Secured Overnight Financing Rate+1.33%), 04/02/26 †		9,575			9,478,606

	Par (000’s		)	Value
United States (continued)
5.28% (ICE LIBOR USD 3 Month+0.96%), 07/23/24	$	2,545		$	2,540,543
BMW US Capital LLC 144A 3.06% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/12/24		3,875			3,834,262
3.58% (United States Secured Overnight Financing Rate Compound Index+0.53%), 04/01/24		3,879			3,863,148
Capital One Financial Corp. 3.60% (United States Secured Overnight Financing Rate+0.69%), 12/06/24		4,775			4,653,410
Caterpillar Financial Services Corp. 2.97% (United States Secured Overnight Financing Rate+0.24%), 05/17/24		2,537			2,520,878
3.14% (United States Secured Overnight Financing Rate+0.45%), 11/13/23		1,450			1,449,453
3.21% (United States Secured Overnight Financing Rate+0.27%), 09/13/24		3,812			3,769,886
CenterPoint Energy, Inc. 3.34% (United States Secured Overnight Financing Rate Compound Index+0.65%), 05/13/24		3,708			3,631,589
Charles Schwab Corp. 3.21% (United States Secured Overnight Financing Rate Compound Index+0.52%), 05/13/26		9,638			9,354,671
3.49% (United States Secured Overnight Financing Rate Compound Index+0.50%), 03/18/24		6,354			6,314,709
3.92% (United States Secured Overnight Financing Rate Compound Index+1.05%), 03/03/27		9,612			9,412,104
Chevron USA, Inc. 3.12% (ICE LIBOR USD 3 Month+0.20%), 08/11/23		1,575			1,571,469
Cigna Corp. 4.97% (ICE LIBOR USD 3 Month+0.89%), 07/15/23		2,150			2,150,496
Citigroup, Inc. 3.55% (ICE LIBOR USD 3 Month+0.55%), 08/25/36		9,935			8,032,876

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
3.73% (United States Secured Overnight Financing Rate+0.67%), 05/01/25	$	9,595		$	9,392,077
3.75% (United States Secured Overnight Financing Rate+0.69%), 01/25/26 †		9,652			9,361,051
4.04% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 †		7,605			7,605,575
4.09% (United States Secured Overnight Financing Rate+1.28%), 02/24/28		9,610			9,189,949
4.11% (ICE LIBOR USD 3 Month+1.02%), 06/01/24		5,055			5,046,241
4.16% (United States Secured Overnight Financing Rate+1.37%), 05/24/25		9,600			9,592,032
4.55% (United States Secured Overnight Financing Rate+1.53%), 03/17/26		9,590			9,546,613
4.99% (ICE LIBOR USD 3 Month+1.25%), 07/01/26		12,457			12,308,922
Comcast Corp. 4.71% (ICE LIBOR USD 3 Month+0.63%), 04/15/24		2,674			2,670,735
Credit Suisse AG 3.03% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/09/23		1,735			1,688,238
3.45% (United States Secured Overnight Financing Rate Compound Index+0.39%), 02/02/24		2,900			2,784,512
Daimler Trucks Finance North America LLC 144A 3.42% (United States Secured Overnight Financing Rate+0.50%), 06/14/23		1,475			1,470,429
4.06% (United States Secured Overnight Financing Rate+1.00%), 04/05/24		2,555			2,548,537
Deutsche Bank NY 3.14% (United States Secured Overnight Financing Rate+0.50%), 11/08/23		2,125			2,098,690
Dominion Energy, Inc. 3.82% (ICE LIBOR USD 3 Month+0.53%), 09/15/23		2,961			2,952,395
Duke Energy Corp.

	Par (000’s		)	Value
United States (continued)
3.18% (United States Secured Overnight Financing Rate+0.25%), 06/10/23	$	1,575		$	1,565,067
Florida Power & Light Co. 2.92% (United States Secured Overnight Financing Rate Compound Index+0.25%), 05/10/23		2,900			2,890,270
3.44% (United States Secured Overnight Financing Rate Compound Index+0.38%), 01/12/24		2,890			2,859,644
GA Global Funding Trust 144A 3.44% (United States Secured Overnight Financing Rate+0.50%), 09/13/24		2,675			2,593,426
General Electric Co. 3.21% (ICE LIBOR USD 3 Month+0.38%), 05/05/26		17,332			16,394,946
General Motors Financial Co., Inc. 3.93% (United States Secured Overnight Financing Rate+1.20%), 11/17/23		2,275			2,256,873
Goldman Sachs Group, Inc. 3.27% (United States Secured Overnight Financing Rate+0.54%), 11/17/23		1,449			1,442,152
3.49% (United States Secured Overnight Financing Rate+0.62%), 12/06/23		1,450			1,439,123
3.49% (United States Secured Overnight Financing Rate+0.58%), 03/08/24		3,569			3,525,484
3.76% (United States Secured Overnight Financing Rate+0.70%), 01/24/25		12,470			12,261,096
4.08% (ICE LIBOR USD 3 Month+1.17%), 05/15/26		22,576			22,300,082
4.64% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		5,191			5,207,430
6.12% (ICE LIBOR USD 3 Month+1.75%), 10/28/27		19,145			18,968,653
Hartford Financial Services Group, Inc. 144A 5.03% (ICE LIBOR USD 3 Month+2.12%), 02/12/47		9,447			7,832,791
John Deere Capital Corp. 3.18% (United States Secured Overnight Financing Rate+0.12%), 07/10/23		2,183			2,173,219

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
3.26% (United States Secured Overnight Financing Rate+0.20%), 10/11/24	$	3,058		$	3,019,656
JPMorgan Chase & Co. 3.39% (United States Secured Overnight Financing Rate+0.54%), 06/01/25		9,607			9,407,013
3.56% (United States Secured Overnight Financing Rate+0.58%), 03/16/24		6,340			6,290,041
3.62% (United States Secured Overnight Financing Rate+0.58%), 06/23/25		9,585			9,373,653
3.71% (United States Secured Overnight Financing Rate+0.92%), 02/24/26		14,350			14,001,681
3.80% (United States Secured Overnight Financing Rate+0.77%), 09/22/27		9,576			9,025,790
3.93% (United States Secured Overnight Financing Rate+0.97%), 06/14/25		9,600			9,487,500
3.94% (United States Secured Overnight Financing Rate+0.89%), 04/22/27		9,575			9,243,391
3.97% (United States Secured Overnight Financing Rate+1.18%), 02/24/28		14,300			13,856,759
4.38% (United States Secured Overnight Financing Rate+1.32%), 04/26/26		9,680			9,546,034
4.76% (ICE LIBOR USD 3 Month+0.85%), 01/10/25		2,600			2,583,313
5.05% (ICE LIBOR USD 3 Month+0.73%), 04/23/24		2,531			2,523,421
5.21% (ICE LIBOR USD 3 Month+0.89%), 07/23/24		5,078			5,070,105
Lincoln National Corp. 5.30% (ICE LIBOR USD 3 Month+2.36%), 05/17/66		10,564			8,213,947
MassMutual Global Funding II 144A 3.33% (United States Secured Overnight Financing Rate+0.27%), 10/21/24		2,635			2,600,968
Metropolitan Life Global Funding I 144A

	Par (000’s		)	Value
United States (continued)
3.35% (United States Secured Overnight Financing Rate+0.30%), 09/27/24	$	2,625		$	2,584,586
3.38% (United States Secured Overnight Financing Rate+0.32%), 01/07/24		1,890			1,874,577
Morgan Stanley 3.69% (United States Secured Overnight Financing Rate+0.62%), 01/24/25		22,775			22,361,091
3.70% (United States Secured Overnight Financing Rate+0.95%), 02/18/26		14,415			14,099,289
4.08% (ICE LIBOR USD 3 Month+1.22%), 05/08/24		8,870			8,881,436
4.22% (United States Secured Overnight Financing Rate+1.17%), 04/17/25		9,585			9,525,098
NextEra Energy Capital Holdings, Inc. 3.01% (United States Secured Overnight Financing Rate Compound Index+0.40%), 11/03/23		3,750			3,705,917
PPL Electric Utilities Corp. 3.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24		3,431			3,383,644
Public Storage 3.53% (United States Secured Overnight Financing Rate+0.47%), 04/23/24		3,699			3,669,047
Roche Holdings, Inc. 144A 3.26% (United States Secured Overnight Financing Rate+0.33%), 09/11/23		2,250			2,246,039
3.48% (United States Secured Overnight Financing Rate+0.56%), 03/10/25		14,475			14,373,612
Simon Property Group LP 3.49% (United States Secured Overnight Financing Rate Compound Index+0.43%), 01/11/24		1,581			1,567,384
Southern Co. 3.04% (United States Secured Overnight Financing Rate Compound Index+0.37%), 05/10/23		1,875			1,867,028
Starbucks Corp.

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
3.11% (United States Secured Overnight Financing Rate Compound Index+0.42%), 02/14/24	$	1,563		$	1,556,778
Thermo Fisher Scientific, Inc. 3.45% (United States Secured Overnight Financing Rate Compound Index+0.39%), 10/18/23		1,450			1,444,408
3.59% (United States Secured Overnight Financing Rate Compound Index+0.53%), 10/18/24		2,562			2,535,247
Toyota Motor Credit Corp. 3.23% (United States Secured Overnight Financing Rate+0.29%), 09/13/24		3,061			3,024,984
3.39% (United States Secured Overnight Financing Rate Compound Index+0.33%), 01/11/24		2,209			2,199,084
3.40% (United States Secured Overnight Financing Rate+0.35%), 06/13/23		2,172			2,170,289
3.70% (United States Secured Overnight Financing Rate Compound Index+0.65%), 12/29/23		1,900			1,901,139
3.80% (United States Secured Overnight Financing Rate+0.75%), 07/25/23		4,325			4,330,196
Truist Bank 3.26% (United States Secured Overnight Financing Rate+0.20%), 01/17/24		3,650			3,611,573
Truist Financial Corp. 3.32% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 †		19,174			18,767,079

	Par (000’s		)	Value
United States (continued)
Verizon Communications, Inc. 3.79% (United States Secured Overnight Financing Rate Compound Index+0.79%), 03/20/26	$	14,564		$	14,217,936
4.01% (ICE LIBOR USD 3 Month+1.10%), 05/15/25		22,463			22,461,616
Volkswagen Group of America Finance LLC 144A 3.84% (United States Secured Overnight Financing Rate+0.95%), 06/07/24		2,675			2,666,960
Warnermedia Holdings, Inc. 144A 4.75% (United States Secured Overnight Financing Rate Compound Index+1.78%), 03/15/24		2,675			2,668,325
Wells Fargo & Co. 4.38% (United States Secured Overnight Financing Rate+1.32%), 04/25/26		14,400			14,266,838
					698,656,295
Total Floating Rate Notes (Cost: $1,127,301,990)					1,109,964,240

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $9,619,357)
State Street Navigator Securities Lending Government Money Market Portfolio		9,619,357			9,619,357

Total Investments: 99.1% (Cost: $1,136,921,347)					1,119,583,597
Other assets less liabilities: 0.9%					10,197,857
NET ASSETS: 100.0%				$	1,129,781,454

Definitions:

LIBOR	London Interbank Offered Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $9,911,252.
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 $267,816,484, or 23.7% of net assets.

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Cyclicals		0.8	%	$	9,148,937
Consumer Non-Cyclicals		2.0			21,580,491
Energy		0.4			4,926,051
Financials		86.5			959,581,073
Healthcare		0.9			9,837,306
Industrials		1.5			17,003,671
Real Estate		0.5			5,236,431
Technology		5.2			57,907,488
Utilities		2.2			24,742,792
		100.0	%	$	1,109,964,240

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes ^*	$	—	$	1,109,964,240	$	—	$	1,109,964,240
Money Market Fund		9,619,357		—		—		9,619,357
Total Investments	$	9,619,357	$	1,109,964,240	$	—	$	1,119,583,597

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

		Par (000’s		)	Value
CORPORATE BONDS: 97.5%
Argentina: 0.9%
MercadoLibre, Inc. 3.12%, 01/14/31 †	USD		100		$	72,521
Pampa Energia SA 144A
7.50%, 01/24/27	USD		50			41,374
9.12%, 04/15/29	USD		25			20,688
Pan American Energy LLC 144A 9.12%, 04/30/27	USD		15			16,224
Telecom Argentina SA 144A 8.00%, 07/18/26	USD		50			43,237
YPF Energia Electrica SA 144A 10.00%, 07/25/26	USD		35			27,884
YPF SA 144A
2.50%, 06/30/29 (s)	USD		75			47,263
4.00%, 02/12/26 (s)	USD		50			44,000
6.95%, 07/21/27	USD		50			30,458
7.00%, 12/15/47	USD		25			13,090
8.50%, 03/23/25	USD		31			24,911
8.50%, 07/28/25	USD		75			54,167
8.50%, 06/27/29	USD		35			21,350
8.75%, 04/04/24	USD		35			30,363
						487,530
Australia: 0.8%
FMG Resources August 2006 Pty Ltd. 144A
4.38%, 04/01/31	USD		100			79,671
4.50%, 09/15/27	USD		25			22,433
5.12%, 05/15/24 †	USD		75			73,316
6.12%, 04/15/32	USD		100			87,939
Infrabuild Australia Pty Ltd. 144A 12.00%, 10/01/24	USD		30			27,906
Mineral Resources Ltd. 144A 8.12%, 05/01/27	USD		100			99,717
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30	USD		30			25,419
						416,401
Austria: 0.2%
ams-OSRAM AG 144A 7.00%, 07/31/25 †	USD		100			89,482
Belgium: 0.6%
La Financiere Atalian SASU Reg S 4.00%, 05/15/24	EUR		100			93,722
Ontex Group NV Reg S 3.50%, 07/15/26	EUR		100			77,221
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o)	EUR		150			147,142
						318,085
Bermuda: 0.2%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25	USD		63			19,516

		Par (000’s		)	Value
Bermuda (continued)
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A 8.75%, 05/25/24	USD		50		$	42,782
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	USD		50			42,196
						104,494
Brazil: 7.0%
Adecoagro SA 144A 6.00%, 09/21/27	USD		50			45,323
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD		100			88,447
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27	USD		105			99,831
Azul Investments LLP 144A 5.88%, 10/26/24	USD		50			37,878
B2W Digital Lux Sarl 144A 4.38%, 12/20/30	USD		100			68,879
Banco Bradesco SA 144A 3.20%, 01/27/25	USD		100			94,391
Banco BTG Pactual SA 144A 4.50%, 01/10/25	USD		100			95,650
Banco do Brasil SA 144A
4.62%, 01/15/25	USD		50			48,616
4.75%, 03/20/24	USD		50			49,182
Banco Votorantim SA 144A 4.38%, 07/29/25	USD		100			94,726
Braskem Idesa SAPI 144A 7.45%, 11/15/29	USD		200			153,495
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81	USD		50			47,637
BRF SA 144A 4.75%, 05/22/24	USD		100			97,013
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24	USD		100			102,807
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30	USD		100			85,854
Cosan Luxembourg SA 144A 7.00%, 01/20/27	USD		50			49,220
Cosan SA 144A 5.50%, 09/20/29	USD		50			44,391
CSN Inova Ventures 144A 6.75%, 01/28/28	USD		100			85,881
Embraer Netherlands Finance BV
5.05%, 06/15/25	USD		100			94,850
5.40%, 02/01/27	USD		75			68,730
FS Luxembourg Sarl 144A 10.00%, 12/15/25	USD		50			51,117

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Brazil (continued)
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30	USD		100		$	78,543
Gol Finance SA 144A 7.00%, 01/31/25	USD		100			43,720
Guara Norte Sarl 144A 5.20%, 06/15/34	USD		94			73,604
Itau Unibanco Holding SA 144A 3.25%, 01/24/25	USD		25			24,076
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31	USD		25			21,537
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29	USD		50			46,421
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)	USD		50			38,485
Klabin Austria GmbH 144A 5.75%, 04/03/29	USD		100			93,809
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26	USD		50			40,677
MARB BondCo Plc 144A 3.95%, 01/29/31	USD		100			74,284
MV24 Capital BV 144A 6.75%, 06/01/34	USD		89			73,656
Natura Cosmeticos SA 144A 4.12%, 05/03/28	USD		100			78,050
NBM US Holdings, Inc. 144A 7.00%, 05/14/26	USD		100			96,690
Nexa Resources SA 144A 6.50%, 01/18/28	USD		100			92,420
Petrobras Global Finance BV
5.09%, 01/15/30 †	USD		50			44,572
5.30%, 01/27/25	USD		50			49,436
5.60%, 01/03/31	USD		75			68,236
5.75%, 02/01/29	USD		50			46,689
6.00%, 01/27/28 †	USD		75			72,109
6.25%, 03/17/24	USD		50			50,235
6.75%, 01/27/41	USD		50			43,492
6.75%, 06/03/50	USD		50			40,286
6.85%, 06/05/15	USD		100			78,628
6.88%, 01/20/40	USD		75			66,590
6.90%, 03/19/49	USD		50			41,422
7.25%, 03/17/44	USD		50			44,882
7.38%, 01/17/27	USD		75			76,607
8.75%, 05/23/26	USD		50			53,982
Rede D’or Finance Sarl 144A 4.50%, 01/22/30	USD		100			82,728
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24	USD		77			78,178
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28	USD		100			89,500

		Par (000’s		)	Value
Brazil (continued)
Ultrapar International SA 144A 5.25%, 06/06/29	USD		100		$	94,399
Usiminas International Sarl 144A 5.88%, 07/18/26	USD		100			93,089
						3,694,950
British Virgin Islands: 0.0%
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27	USD		200			22,746
Bulgaria: 0.2%
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25	EUR		100			88,035
Burkina Faso: 0.0%
IAMGOLD Corp. 144A 5.75%, 10/15/28	USD		25			16,787
Canada: 7.4%
1011778 BC ULC / New Red Finance, Inc. 144A
3.50%, 02/15/29	USD		65			54,604
3.88%, 01/15/28	USD		100			88,082
4.00%, 10/15/30	USD		175			143,124
4.38%, 01/15/28	USD		50			43,971
5.75%, 04/15/25 †	USD		25			24,940
Air Canada 4.62%, 08/15/29	CAD		50			30,676
Air Canada 144A 4.62%, 08/15/29	CAD		125			76,518
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82	USD		50			40,375
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28	USD		25			21,409
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24	USD		50			40,612
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26	USD		50			45,546
Baytex Energy Corp. 144A 8.75%, 04/01/27 †	USD		40			40,958
Bombardier, Inc. 144A
7.12%, 06/15/26	USD		75			71,117
7.50%, 12/01/24	USD		30			29,890
7.50%, 03/15/25	USD		107			105,370
7.88%, 04/15/27 †	USD		175			166,524
Brookfield Property Finance ULC
3.93%, 08/24/25	CAD		50			34,046
3.93%, 01/15/27	CAD		50			32,740
4.30%, 03/01/24	CAD		25			17,776

See Notes to Financial Statements

		Par (000’s		)	Value
Canada (continued)
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27	USD		125		$	109,314
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28	USD		50			42,839
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28	CAD		75			42,875
Eldorado Gold Corp. 144A 6.25%, 09/01/29 †	USD		50			40,526
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76	USD		100			93,587
Empire Communities Corp. 144A 7.00%, 12/15/25	USD		25			21,585
Ensign Drilling, Inc. 144A 9.25%, 04/15/24	USD		50			45,310
Garda World Security Corp. 144A 9.50%, 11/01/27	USD		50			45,241
GFL Environmental, Inc. 144A
3.50%, 09/01/28	USD		50			42,522
3.75%, 08/01/25	USD		50			47,372
4.38%, 08/15/29	USD		50			42,424
4.75%, 06/15/29	USD		50			43,692
5.12%, 12/15/26	USD		75			71,508
Gibson Energy, Inc.
2.85%, 07/14/27	CAD		25			16,368
3.60%, 09/17/29	CAD		75			48,925
goeasy Ltd. 144A
4.38%, 05/01/26	USD		25			21,478
5.38%, 12/01/24	USD		50			46,732
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26	USD		50			43,989
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28	USD		40			29,858
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79	CAD		65			44,727
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79	CAD		75			51,851
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞	USD		256			0
Mattamy Group Corp. 144A
4.62%, 03/01/30	USD		50			39,107
5.25%, 12/15/27	USD		25			21,399
MEG Energy Corp. 144A

		Par (000’s		)	Value
Canada (continued)
5.88%, 02/01/29	USD		50		$	47,866
7.12%, 02/01/27	USD		75			76,427
Mercer International, Inc. 5.12%, 02/01/29	USD		50			41,185
Methanex Corp.
5.12%, 10/15/27	USD		50			45,723
5.25%, 12/15/29	USD		75			64,327
New Gold, Inc. 144A 7.50%, 07/15/27	USD		50			42,713
Northriver Midstream Finance LP 144A 5.62%, 02/15/26	USD		50			47,408
NOVA Chemicals Corp. 144A
4.25%, 05/15/29 †	USD		50			40,895
4.88%, 06/01/24	USD		75			73,107
5.25%, 06/01/27	USD		75			67,125
Open Text Corp. 144A
3.88%, 02/15/28	USD		100			85,797
3.88%, 12/01/29	USD		50			39,740
Parkland Corp. 6.00%, 06/23/28	CAD		50			34,175
Parkland Corp. 144A
4.50%, 10/01/29	USD		100			84,406
5.88%, 07/15/27	USD		75			70,567
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	CAD		50			29,688
Precision Drilling Corp. 144A 7.12%, 01/15/26	USD		50			49,188
Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25	USD		50			49,321
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25	EUR		100			92,052
Strathcona Resources Ltd. 144A 6.88%, 08/01/26	USD		50			42,416
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD		50			42,504
Taseko Mines Ltd. 144A 7.00%, 02/15/26	USD		25			20,840
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD		50			44,674
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26	USD		25			11,838
Terraform Global Operating LP 144A 6.12%, 03/01/26	USD		50			46,168
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26	USD		50			40,993
TransAlta Corp. 6.50%, 03/15/40	USD		25			21,546
Trivium Packaging Finance BV Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Canada (continued)
3.75%, 08/15/26	EUR		200		$	178,283
Vermilion Energy, Inc. 144A 5.62%, 03/15/25	USD		25			24,223
Videotron Ltd.
3.12%, 01/15/31	CAD		50			27,648
4.50%, 01/15/30	CAD		75			46,623
5.62%, 06/15/25	CAD		75			54,163
Videotron Ltd. 144A 3.62%, 06/15/28	CAD		100			62,243
						3,907,379
Cayman Islands: 0.5%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26	USD		100			85,960
Banco do Brasil SA 144A
3.25%, 09/30/26	USD		50			44,502
4.88%, 01/11/29	USD		50			44,978
CT Trust 144A 5.12%, 02/03/32	USD		100			80,117
						255,557
Chile: 0.4%
Kenbourne Invest SA 144A 6.88%, 11/26/24	USD		50			44,586
Latam Airlines Group SA 144A 13.38%, 10/15/29	USD		100			99,639
VTR Comunicaciones SpA 144A 5.12%, 01/15/28	USD		100			63,749
						207,974
China: 2.3%
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			185,250
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)	USD		200			201,000
CIFI Holdings Group Co. Ltd. Reg S 6.00%, 07/16/25	USD		200			14,784
Country Garden Holdings Co. Ltd. Reg S
3.30%, 01/12/31	USD		400			31,451
7.25%, 04/08/26	USD		200			19,657
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25	USD		200			74,000
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24	USD		119			95,750
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/24	USD		200			45,000
Industrial & Commercial Bank of China Ltd. Reg S

		Par (000’s		)	Value
China (continued)
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)	USD		500		$	447,493
Volvo Car AB Reg S 2.12%, 04/02/24	EUR		100			96,206
						1,210,591
Colombia: 2.4%
Avianca Midco 2 Plc 144A 9.00%, 12/01/28	USD		75			56,292
Banco de Bogota SA 144A 6.25%, 05/12/26	USD		100			91,849
Cable Onda SA 144A 4.50%, 01/30/30	USD		100			82,031
Ecopetrol SA
4.12%, 01/16/25 †	USD		100			92,311
4.62%, 11/02/31	USD		75			51,844
5.38%, 06/26/26	USD		100			91,054
5.88%, 05/28/45	USD		125			76,346
5.88%, 11/02/51	USD		50			29,823
6.88%, 04/29/30	USD		125			103,088
7.38%, 09/18/43	USD		50			36,736
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29	USD		75			53,673
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD		100			69,592
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26	USD		100			91,588
Millicom International Cellular SA 144A
5.12%, 01/15/28	USD		5			4,614
6.25%, 03/25/29	USD		54			47,381
Oleoducto Central SA 144A 4.00%, 07/14/27	USD		100			81,607
Orazul Energy Peru SA 144A 5.62%, 04/28/27	USD		50			42,656
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27	USD		100			89,935
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29	USD		85			72,364
						1,264,784
Costa Rica: 0.1%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD		100			68,059
Cyprus: 0.2%
MHP Lux SA 144A 6.95%, 04/03/26	USD		100			45,976
Vivion Investments Sarl Reg S 3.00%, 08/08/24	EUR		100			85,104
						131,080
Czech Republic: 0.6%
Allwyn International AS Reg S

See Notes to Financial Statements

		Par (000’s		)	Value
Czech Republic (continued)
3.88%, 02/15/27	EUR		100		$	86,026
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o)	EUR		100			52,202
Energo-Pro AS Reg S 4.50%, 05/04/24	EUR		100			92,293
EP Infrastructure AS Reg S 1.66%, 04/26/24	EUR		100			85,682
						316,203
Finland: 0.8%
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o)	EUR		100			62,365
Nokia Oyj
4.38%, 06/12/27	USD		150			138,150
6.62%, 05/15/39	USD		100			91,360
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25	EUR		175			163,829
						455,704
France: 8.2%
Accor SA Reg S 2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o)	EUR		100			75,934
3.00%, 02/04/26	EUR		100			93,159
Altice France SA 144A
5.12%, 07/15/29	USD		200			151,000
5.50%, 10/15/29	USD		175			133,774
Altice France SA Reg S 5.88%, 02/01/27	EUR		100			86,104
Atos SE Reg S 1.75%, 05/07/25	EUR		100			73,968
Banijay Entertainment SASU 144A 5.38%, 03/01/25	USD		100			92,811
CAB SELAS Reg S 3.38%, 02/01/28	EUR		100			77,647
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26	EUR		100			44,469
CGG SA 144A 8.75%, 04/01/27 †	USD		100			88,583
Chrome Bidco SASU Reg S 3.50%, 05/31/28	EUR		100			80,374
Constellium SE 144A 3.75%, 04/15/29 †	USD		100			78,327
eircom Finance DAC Reg S 3.50%, 05/15/26	EUR		100			88,210
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o)	USD		300			264,261
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o)	EUR		200			129,996

		Par (000’s		)	Value
France (continued)
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o)	EUR		100		$	87,343
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o)	EUR		100			91,221
Elis SA Reg S 1.62%, 04/03/28	EUR		100			82,524
Faurecia SE Reg S
2.38%, 06/15/27	EUR		100			81,372
2.62%, 06/15/25	EUR		100			93,338
3.12%, 06/15/26	EUR		100			92,167
Getlink SE Reg S 3.50%, 10/30/25	EUR		100			94,534
Iliad Holding SASU 144A
6.50%, 10/15/26	USD		200			185,538
7.00%, 10/15/28	USD		100			90,762
Iliad Holding SASU Reg S 5.12%, 10/15/26	EUR		100			92,238
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o)	EUR		100			88,405
Loxam SAS Reg S 3.25%, 01/14/25	EUR		100			91,566
Matterhorn Telecom SA Reg S 3.12%, 09/15/26	EUR		100			87,044
Paprec Holding SA Reg S 4.00%, 03/31/25	EUR		100			91,670
Picard Groupe SAS Reg S 3.88%, 07/01/26	EUR		100			85,729
Quatrim SASU Reg S 5.88%, 01/15/24	EUR		100			96,426
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30	EUR		100			86,328
Renault SA Reg S
1.00%, 11/28/25	EUR		50			45,525
1.25%, 06/24/25	EUR		100			90,006
2.00%, 09/28/26	EUR		100			84,096
2.38%, 05/25/26	EUR		100			87,999
Rexel SA Reg S 2.12%, 06/15/28	EUR		100			81,742
SPCM SA Reg S 2.62%, 02/01/29	EUR		100			76,585
SPIE SA Reg S 2.62%, 06/18/26	EUR		100			91,842
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25	EUR		100			98,074
Valeo Reg S
1.00%, 08/03/28	EUR		100			75,283
3.25%, 01/22/24	EUR		100			97,873
Vallourec SA Reg S 8.50%, 06/30/26	EUR		100			94,746
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o)	EUR		100			86,721

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
France (continued)
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o)	EUR		100		$	76,848
Verallia SA Reg S 1.62%, 05/14/28	EUR		100			82,622
						4,346,784
Germany: 5.2%
ADLER Group SA Reg S
2.75%, 11/13/26	EUR		100			42,993
3.25%, 08/05/25	EUR		100			45,328
Bayer AG Reg S 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79	EUR		200			178,475
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74	EUR		100			95,305
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28	EUR		100			83,770
Commerzbank AG Reg S
4.00%, 03/23/26	EUR		50			46,961
4.00%, 03/30/27	EUR		40			36,964
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30	EUR		100			90,746
CT Investment GmbH Reg S 5.50%, 04/15/26	EUR		100			82,059
Deutsche Lufthansa AG 0.25%, 09/06/24	EUR		150			140,482
Deutsche Lufthansa AG Reg S
3.00%, 05/29/26	EUR		100			87,445
3.75%, 02/11/28	EUR		100			82,914
Douglas GmbH Reg S 6.00%, 04/08/26	EUR		100			76,272
Dresdner Funding Trust I 144A 8.15%, 06/30/31	USD		75			76,969
Gruenenthal GmbH Reg S 3.62%, 11/15/26	EUR		100			88,294
IHO Verwaltungs GmbH 144A 4.75%, 09/15/26	USD		200			169,171
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o)	EUR		100			85,570
Mahle GmbH Reg S 2.38%, 05/14/28	EUR		100			70,841
Mercer International, Inc. 5.50%, 01/15/26	USD		41			38,485
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29	EUR		100			81,218
ProGroup AG Reg S 3.00%, 03/31/26	EUR		100			87,185
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75	USD		100			95,878
Schaeffler AG Reg S 1.88%, 03/26/24	EUR		50			48,033

		Par (000’s		)	Value
Germany (continued)
2.88%, 03/26/27	EUR		50		$	43,601
3.38%, 10/12/28	EUR		100			83,962
Tele Columbus AG Reg S 3.88%, 05/02/25	EUR		100			70,667
thyssenkrupp AG Reg S
2.50%, 02/25/25	EUR		50			45,947
2.88%, 02/22/24	EUR		100			96,836
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27	EUR		100			73,249
ZF Europe Finance BV Reg S
2.00%, 02/23/26	EUR		100			86,283
3.00%, 10/23/29	EUR		100			77,121
ZF Finance GmbH Reg S 3.75%, 09/21/28	EUR		100			81,591
ZF North America Capital, Inc. 144A 4.75%, 04/29/25	USD		175			163,990
						2,754,605
Ghana: 0.3%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 †	USD		100			83,750
Tullow Oil Plc 144A 7.00%, 03/01/25	USD		100			65,223
						148,973
Greece: 1.0%
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31	EUR		100			79,809
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27	EUR		100			81,339
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24	EUR		100			94,919
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26	EUR		100			85,717
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30	EUR		100			80,835
Public Power Corp. SA Reg S 3.88%, 03/30/26	EUR		100			89,950
						512,569
Guatemala: 0.2%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29	USD		100			88,202
Hong Kong: 0.7%
Agile Group Holdings Ltd. Reg S

See Notes to Financial Statements

		Par (000’s		)	Value
Hong Kong (continued)
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)	USD		200		$	34,775
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25	USD		100			71,447
5.38%, 12/04/29	USD		100			56,050
5.62%, 07/17/27	USD		50			30,457
5.75%, 07/21/28	USD		50			29,000
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26	USD		200			62,126
Studio City Finance Ltd. 144A
5.00%, 01/15/29	USD		100			43,212
6.50%, 01/15/28	USD		100			42,048
						369,115
Hungary: 0.2%
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29	EUR		100			89,314
India: 1.8%
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24	USD		100			98,218
Canara Bank Reg S 3.88%, 03/28/24	USD		200			194,881
Delhi International Airport Ltd. 144A 6.45%, 06/04/29	USD		100			82,665
JSW Steel Ltd. Reg S 5.95%, 04/18/24	USD		200			187,300
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)	USD		100			88,235
Tata Motors Ltd. Reg S 5.75%, 10/30/24	USD		200			193,049
Vedanta Resources Finance II Plc 144A 13.88%, 01/21/24	USD		100			83,812
Vedanta Resources Ltd. 144A 6.12%, 08/09/24	USD		50			29,722
						957,882
Indonesia: 0.7%
Adaro Indonesia PT 144A 4.25%, 10/31/24	USD		100			93,809
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			96,889
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25	USD		100			95,965
Saka Energi Indonesia PT 144A

		Par (000’s		)	Value
Indonesia (continued)
4.45%, 05/05/24	USD		100		$	93,286
						381,167
Ireland: 1.2%
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45	USD		50			45,697
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29	EUR		100			88,788
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26	EUR		100			81,334
Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31	EUR		100			80,598
C&W Senior Financing DAC 144A 6.88%, 09/15/27	USD		100			86,965
Cimpress Plc 144A 7.00%, 06/15/26	USD		100			59,969
Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31	EUR		100			78,282
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28	GBP		100			92,620
						614,253
Israel: 1.8%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25	USD		50			47,718
6.50%, 06/30/27	USD		50			46,875
6.75%, 06/30/30	USD		50			44,801
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	USD		95			78,079
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25	EUR		100			98,126
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24	EUR		100			90,688
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD		225			190,516
4.10%, 10/01/46	USD		125			75,955
6.00%, 04/15/24	USD		100			99,038
6.75%, 03/01/28 †	USD		100			94,492
7.12%, 01/31/25	USD		75			74,423
						940,711
Italy: 7.7%
Abertis Infraestructuras Finance BV Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Italy (continued)
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o)	EUR		100		$	82,346
Atlantia SpA Reg S
1.88%, 07/13/27	EUR		100			81,801
1.88%, 02/12/28	EUR		100			78,562
Autostrade per l’Italia SpA 5.88%, 06/09/24	EUR		100			101,669
Autostrade per l’Italia SpA Reg S
1.75%, 06/26/26	EUR		100			88,818
1.88%, 09/26/29	EUR		100			79,068
2.00%, 12/04/28	EUR		100			81,750
4.38%, 09/16/25	EUR		50			49,521
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24	EUR		100			92,967
Banca Monte dei Paschi di Siena SpA Reg S 3.62%, 09/24/24	EUR		150			139,257
Banca Popolare di Sondrio SPA Reg S 2.38%, 04/03/24	EUR		100			96,226
Banco BPM SpA Reg S
1.75%, 01/28/25	EUR		100			92,372
2.50%, 06/21/24	EUR		100			95,339
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30	EUR		100			91,345
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27	EUR		100			83,927
1.88%, 07/07/25	EUR		100			89,900
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28	EUR		100			81,518
Infrastrutture Wireless Italiane SpA Reg S
1.62%, 10/21/28	EUR		100			80,321
1.88%, 07/08/26	EUR		100			88,025
Intesa Sanpaolo SpA 144A 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32	USD		75			50,842
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42	USD		50			29,321
5.02%, 06/26/24	USD		125			118,048
5.71%, 01/15/26	USD		75			69,918
Intesa Sanpaolo SpA Reg S 3.93%, 09/15/26	EUR		100			95,469
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29	EUR		100			99,156
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o)	EUR		100			95,129
Leonardo SpA 4.88%, 03/24/25	EUR		50			50,184
Leonardo SpA Reg S

		Par (000’s		)	Value
Italy (continued)
1.50%, 06/07/24	EUR		100		$	95,457
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o)	EUR		100			71,715
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o)	EUR		100			84,973
Telecom Italia Finance SA 7.75%, 01/24/33	EUR		100			99,433
Telecom Italia SpA 5.25%, 03/17/55	EUR		100			70,237
Telecom Italia SpA 144A 5.30%, 05/30/24	USD		100			94,250
Telecom Italia SpA Reg S
1.62%, 01/18/29	EUR		100			71,727
2.38%, 10/12/27	EUR		100			80,306
2.75%, 04/15/25	EUR		100			90,723
3.00%, 09/30/25	EUR		100			89,741
3.62%, 01/19/24	EUR		100			96,371
3.62%, 05/25/26	EUR		100			88,457
4.00%, 04/11/24	EUR		100			96,416
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o)	EUR		100			78,978
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35	USD		75			55,948
UniCredit SpA Reg S 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29	EUR		200			176,659
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32	EUR		200			161,708
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o)	EUR		100			96,862
Webuild SpA Reg S 1.75%, 10/26/24	EUR		100			84,079
						4,066,839
Japan: 1.5%
Rakuten Group, Inc. 144A 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) †	USD		150			102,607
SoftBank Group Corp. Reg S
3.12%, 09/19/25	EUR		100			87,595
4.75%, 09/19/24	USD		200			188,500
5.00%, 04/15/28	EUR		100			81,894
5.12%, 09/19/27	USD		200			168,750
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o)	USD		200			157,750
						787,096

See Notes to Financial Statements

		Par (000’s		)	Value
Jersey, Channel Islands: 0.6%
eG Global Finance Plc 144A 6.75%, 02/07/25	USD		200		$	180,454
G City Europe Ltd. Reg S 3.00%, 09/11/25	EUR		100			83,686
Petrofac Ltd. 144A 9.75%, 11/15/26	USD		100			74,359
						338,499
Luxembourg: 5.2%
ADLER Group SA Reg S 2.25%, 01/14/29	EUR		100			42,051
AI Candelaria Spain SA 144A 7.50%, 12/15/28	USD		75			63,306
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26	USD		100			85,634
Altice Financing SA 144A 5.00%, 01/15/28	USD		250			198,333
Altice Financing SA Reg S 3.00%, 01/15/28	EUR		100			75,851
Altice Finco SA Reg S 4.75%, 01/15/28	EUR		100			69,118
Altice France Holding SA 144A
6.00%, 02/15/28 †	USD		75			48,684
10.50%, 05/15/27	USD		50			39,072
Altice France Holding SA Reg S
4.00%, 02/15/28	EUR		100			61,943
8.00%, 05/15/27	EUR		100			72,397
Altice France SA 144A
5.50%, 01/15/28	USD		100			79,269
8.12%, 02/01/27	USD		100			91,700
Altice France SA Reg S 3.38%, 01/15/28	EUR		100			76,294
ARD Finance SA Reg S 5.00%, 06/30/27	EUR		100			67,921
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
4.12%, 08/15/26	USD		150			129,308
5.25%, 08/15/27 †	USD		125			88,061
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28	EUR		100			75,979
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28	EUR		100			77,996
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26	EUR		26			23,705
Consolidated Energy Finance SA 144A 5.62%, 10/15/28	USD		100			84,134
CSN Resources SA 144A 4.62%, 06/10/31	USD		100			66,970
Energean Israel Finance Ltd. 144A Reg S 4.50%, 03/30/24	USD		35			33,524

		Par (000’s		)	Value
Luxembourg (continued)
4.88%, 03/30/26	USD		35		$	31,588
5.38%, 03/30/28	USD		35			30,887
5.88%, 03/30/31	USD		35			29,750
Herens Midco Sarl Reg S 5.25%, 05/15/29	EUR		100			64,391
Kenbourne Invest SA 144A 4.70%, 01/22/28	USD		50			36,665
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD		100			76,574
Millicom International Cellular SA 144A 4.50%, 04/27/31 †	USD		100			75,211
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD		125			95,147
Movida Europe SA 144A 5.25%, 02/08/31	USD		100			73,792
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24	EUR		100			92,776
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26	USD		50			45,359
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o)	EUR		100			97,343
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26	EUR		100			85,969
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28	EUR		100			86,054
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27	EUR		100			84,037
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27	USD		100			89,902
						2,746,695
Malta: 0.1%
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30	USD		50			41,631
Mauritius: 0.6%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26	USD		47			33,847
Greenko Power II Ltd. 144A 4.30%, 12/13/28	USD		147			113,451
HTA Group Ltd. 144A 7.00%, 12/18/25	USD		100			88,250
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27	USD		100			78,169
						313,717

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Mexico: 4.1%
Axtel SAB de CV 144A 6.38%, 11/14/24	USD	82		$	55,012
Cemex SAB de CV 144A
3.88%, 07/11/31	USD	75			57,281
5.20%, 09/17/30	USD	75			63,963
5.45%, 11/19/29	USD	100			87,466
7.38%, 06/05/27	USD	100			99,235
Grupo KUO SAB De CV 144A 5.75%, 07/07/27	USD	50			43,077
Nemak SAB de CV 144A 3.62%, 06/28/31	USD	100			72,896
Petroleos Mexicanos
4.25%, 01/15/25	USD	50			46,611
4.50%, 01/23/26	USD	50			44,145
4.88%, 01/18/24	USD	25			24,365
5.35%, 02/12/28 †	USD	75			59,905
5.50%, 06/27/44	USD	50			28,495
5.62%, 01/23/46	USD	50			28,117
5.95%, 01/28/31	USD	150			108,371
6.35%, 02/12/48	USD	50			28,827
6.38%, 01/23/45	USD	50			29,445
6.49%, 01/23/27	USD	50			43,648
6.50%, 03/13/27	USD	150			131,818
6.50%, 01/23/29 †	USD	50			40,253
6.50%, 06/02/41	USD	75			47,403
6.62%, 06/15/35	USD	100			69,613
6.62%, 06/15/38	USD	25			16,400
6.70%, 02/16/32	USD	100			75,791
6.75%, 09/21/47	USD	200			120,818
6.84%, 01/23/30	USD	75			59,988
6.88%, 10/16/25 †	USD	25			24,062
6.88%, 08/04/26	USD	100			92,689
6.95%, 01/28/60	USD	150			90,270
7.69%, 01/23/50	USD	275			179,645
Petroleos Mexicanos Reg S
3.75%, 11/16/25	GBP	100			96,652
4.88%, 02/21/28	EUR	100			76,629
Petróleos Mexicanos Reg S 5.50%, 02/24/25	EUR	25			24,668
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28	USD	50			34,396
7.50%, 11/12/25	USD	50			42,368
Unifin Financiera SAB de CV 144A
7.00%, 01/15/25	USD	100			9,375
7.25%, 09/27/23	USD	100			10,250
					2,163,947
Morocco: 0.4%
OCP SA 144A
5.62%, 04/25/24	USD	150			148,954
6.88%, 04/25/44	USD	100			79,175
					228,129
Netherlands: 3.5%
ELM BV for Firmenich International SA Reg S

	Par (000’s		)	Value
Netherlands (continued)
3.75% (EUR Swap Annual 5 Year+4.39%), 6/3/2025 (o)	EUR	100		$	90,954
Greenko Dutch BV 144A 3.85%, 03/29/26	USD	96			74,968
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o)	EUR	100			90,436
Lincoln Financing Sarl Reg S 3.62%, 04/01/24	EUR	100			96,260
Naturgy Finance BV Reg S 3.38% (EUR Swap Annual 9 Year+3.08%), 12/29/49 (o)	EUR	100			95,978
Nobel Bidco BV Reg S 3.12%, 06/15/28	EUR	100			59,302
Petrobras Global Finance BV 5.50%, 06/10/51 †	USD	50			35,477
PPF Telecom Group BV Reg S 3.12%, 03/27/26	EUR	100			90,551
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o)	EUR	100			85,154
Saipem Finance International BV Reg S 2.63%, 01/07/25	EUR	100			93,023
Selecta Group BV Reg S 8.00%, 04/01/26	EUR	52			42,821
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o)	EUR	100			73,675
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o)	EUR	175			166,836
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27	USD	100			88,375
5.12%, 05/09/29 †	USD	100			86,056
TMNL Holding BV Reg S 3.75%, 01/15/29	EUR	100			83,828
UPC Broadband Finco BV 144A 4.88%, 07/15/31	USD	100			84,221
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29	EUR	100			73,268
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o)	EUR	100			73,931
Ziggo Bond Co. BV 144A
5.12%, 02/28/30	USD	50			39,692
6.00%, 01/15/27	USD	50			45,105
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30	EUR	125			91,510
Ziggo BV 144A 4.88%, 01/15/30	USD	100			84,188
					1,845,609
Nigeria: 0.1%
SEPLAT Energy Plc 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Nigeria (continued)
7.75%, 04/01/26	USD	100		$	78,755
Norway: 0.3%
Adevinta ASA Reg S 2.62%, 11/15/25	EUR	100			92,164
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o)	EUR	125			89,223
					181,387
Oman: 0.6%
Lamar Funding Ltd. Reg S 3.96%, 05/07/25	USD	225			207,965
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 †	USD	100			98,445
					306,410
Peru: 0.6%
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29	USD	75			73,042
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29	USD	25			20,758
Peru LNG Srl 144A 5.38%, 03/22/30	USD	100			78,865
Petroleos del Peru SA 144A
4.75%, 06/19/32	USD	100			73,900
5.62%, 06/19/47	USD	150			96,482
					343,047
Poland: 0.3%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD	100			79,613
Synthos SA Reg S 2.50%, 06/07/28	EUR	100			75,159
					154,772
Portugal: 0.5%
Banco Comercial Portugues SA Reg S 1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27	EUR	100			76,194
EDP - Energias de Portugal SA Reg S
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81	EUR	100			82,026
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79	EUR	100			96,799
					255,019
Romania: 0.2%
RCS & RDS SA Reg S 2.50%, 02/05/25	EUR	100			87,631
Saudi Arabia: 0.4%
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.75%, 02/15/25	USD	200			191,638
Singapore: 0.2%
Inkia Energy Ltd. 144A 5.88%, 11/09/27	USD	56			49,974

	Par (000’s		)	Value
Singapore (continued)
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD	81		$	72,045
					122,019
South Africa: 0.7%
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25	USD	100			93,830
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22	USD	142			406
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24	USD	100			96,233
Sasol Financing USA LLC 5.88%, 03/27/24	USD	200			195,754
					386,223
South Korea: 0.2%
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)	USD	100			87,375
Spain: 4.1%
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29	EUR	100			96,065
Abengoa Abenewco 2 SA Reg S 1.50%, 10/26/24	USD	63			2,648
Abengoa SA 0.00%, 03/31/27 (s) ^	EUR	100			495
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25	EUR	100			90,249
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31,	EUR	100			74,281
Banco de Sabadell SA Reg S 1.75%, 05/10/24	EUR	100			94,339
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28	EUR	100			97,314
5.62%, 05/06/26	EUR	100			95,651
Cellnex Finance Co. SA Reg S
1.25%, 01/15/29	EUR	100			76,414
1.50%, 06/08/28	EUR	100			79,976
2.00%, 09/15/32	EUR	100			70,294
2.00%, 02/15/33	EUR	100			68,764
Cellnex Telecom SA 1.88%, 06/26/29	EUR	100			77,944
Cellnex Telecom SA Reg S
1.75%, 10/23/30	EUR	100			73,623
2.38%, 01/16/24	EUR	100			97,580
Grifols SA Reg S
1.62%, 02/15/25 †	EUR	150			135,655
3.20%, 05/01/25	EUR	100			88,128

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Spain (continued)
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30	EUR	100		$	81,045
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29	EUR	100			89,199
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27	EUR	200			174,346
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75	EUR	125			118,602
Telefonica Europe BV Reg S 3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o)	EUR	100			95,569
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o)	EUR	100			88,986
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o)	EUR	100			94,808
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o)	EUR	100			98,674
					2,160,649
Sweden: 1.1%
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o)	EUR	100			55,038
Dometic Group AB Reg S 3.00%, 05/08/26	EUR	100			85,993
Heimstaden AB Reg S 4.38%, 03/06/27	EUR	100			71,210
Intrum AB Reg S
3.00%, 09/15/27	EUR	100			75,485
3.12%, 07/15/24	EUR	100			93,350
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o)	EUR	100			34,778
Stena AB 144A 7.00%, 02/01/24	USD	100			94,451
Verisure Holding AB Reg S 3.25%, 02/15/27	EUR	100			84,308
					594,613
Switzerland: 0.4%
Dufry One BV Reg S 2.50%, 10/15/24	EUR	125			118,456
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25	EUR	100			91,585
					210,041
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40	USD	40			33,733

	Par (000’s		)	Value
Thailand: 0.3%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34	USD	200		$	148,920
Trinidad and Tobago: 0.2%
Trinidad Generation Unlimited 144A 5.25%, 11/04/27	USD	100			95,293
Turkey: 1.9%
Akbank TAS 144A
5.12%, 03/31/25	USD	50			45,067
6.80%, 02/06/26 †	USD	50			45,491
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	USD	100			75,030
KOC Holding AS 144A 6.50%, 03/11/25	USD	50			47,541
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26	USD	100			84,983
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24	USD	100			88,370
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28	USD	100			80,273
Turkiye Is Bankasi AS 144A 6.12%, 04/25/24	USD	150			145,920
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25	USD	50			45,221
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25	USD	100			89,868
6.50%, 01/08/26	USD	100			88,414
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25	USD	100			70,332
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31	USD	100			88,831
					995,341
Ukraine: 0.2%
Kernel Holding SA 144A
6.50%, 10/17/24	USD	50			16,794
6.75%, 10/27/27	USD	50			16,475
Metinvest BV 144A 7.75%, 10/17/29	USD	100			41,350
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24	EUR	100			18,252
					92,871
United Arab Emirates: 0.7%
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)	USD	200			194,289

See Notes to Financial Statements

	Par (000’s		)	Value
United Arab Emirates (continued)
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26	USD	100		$	94,747
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25	USD	100			84,472
					373,508
United Kingdom: 10.6%
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25	USD	50			48,056
B&M European Value Retail SA Reg S 3.62%, 07/15/25	GBP	100			99,160
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28	EUR	100			81,902
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26	GBP	200			188,236
Bidvest Group UK Plc 144A 3.62%, 09/23/26	USD	100			84,853
British American Tobacco Plc Reg S
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o)	EUR	100			74,407
3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o)	EUR	100			68,962
British Telecommunications Plc Reg S
1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80	EUR	100			84,007
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26	USD	100			94,165
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27	GBP	100			74,262
Co-operative Group Ltd. Reg S 5.12%, 05/17/24	GBP	100			107,456
Deuce Finco Plc Reg S 5.50%, 06/15/27	GBP	100			88,594
Drax Finco Plc 144A 6.62%, 11/01/25	USD	100			93,136
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25	EUR	100			71,166
Heathrow Finance Plc Reg S 4.38%, 03/01/27 (s)	GBP	100			92,943
Iceland Bondco Plc Reg S 4.62%, 03/15/25	GBP	100			91,593
INEOS Finance Plc Reg S 2.88%, 05/01/26	EUR	100			88,255
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26	EUR	100			82,871

	Par (000’s		)	Value
United Kingdom (continued)
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27	EUR	100		$	78,423
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27	EUR	100			72,767
Jaguar Land Rover Automotive Plc 144A
5.88%, 01/15/28	USD	100			74,210
7.75%, 10/15/25	USD	100			92,480
Jerrold Finco Plc Reg S 4.88%, 01/15/26	GBP	100			95,706
Market Bidco Finco Plc Reg S 5.50%, 11/04/27	GBP	100			87,865
Marks & Spencer Plc Reg S 6.00%, 06/12/25	GBP	100			107,278
Motion Bondco DAC 144A 6.62%, 11/15/27	USD	100			83,798
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25	USD	100			97,341
Nexi SpA Reg S 1.75%, 10/31/24	EUR	200			192,976
NGG Finance Plc Reg S
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82	EUR	100			79,439
5.62% (GBP Swap 12 Year+3.48%), 06/18/73	GBP	100			105,175
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28	EUR	100			79,676
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 †	USD	100			71,645
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25	GBP	100			100,860
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25	EUR	100			89,808
Punch Finance Plc Reg S 6.12%, 06/30/26	GBP	100			100,763
Rolls-Royce Plc Reg S
0.88%, 05/09/24	EUR	100			92,844
1.62%, 05/09/28	EUR	100			74,257
5.75%, 10/15/27	GBP	100			99,516
Sherwood Financing Plc Reg S 4.50%, 11/15/26	EUR	100			69,827
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)	USD	100			95,133
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25	GBP	100			104,197
Summer BidCo BV Reg S 9.00%, 11/15/25	EUR	110			81,734
TalkTalk Telecom Group Ltd. Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United Kingdom (continued)
3.88%, 02/20/25	GBP	100		$	91,676
The Weir Group Plc 144A 2.20%, 05/13/26	USD	100			85,637
Tullow Oil Plc 144A 10.25%, 05/15/26	USD	100			85,339
United Group BV Reg S 4.88%, 07/01/24	EUR	100			94,633
UPC Holding BV 144A 5.50%, 01/15/28	USD	100			87,899
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25	USD	100			63,268
Victoria Plc Reg S 3.62%, 08/24/26	EUR	100			77,201
Virgin Media Finance Plc 144A 5.00%, 07/15/30	USD	50			40,163
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29	USD	100			91,061
Virgin Media Secured Finance Plc Reg S
4.25%, 01/15/30	GBP	100			92,108
5.00%, 04/15/27	GBP	100			105,459
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31	USD	100			79,708
Vmed O2 UK Financing I Plc Reg S
3.25%, 01/31/31	EUR	100			81,046
4.00%, 01/31/29	GBP	100			94,275
Vodafone Group Plc
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81	USD	150			106,762
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	USD	200			190,446
Vodafone Group Plc Reg S
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79	EUR	125			120,005
6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78	USD	200			191,964
					5,620,392
United States: 3.5%
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79	USD	100			82,222
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28	USD	100			87,208
Cirsa Finance International Sarl 144A 6.25%, 12/20/23	EUR	127			126,041
DEMIRE Deutsche Mittelstand Real Estate AG Reg S

	Par (000’s		)	Value
United States (continued)
1.88%, 10/15/24	EUR	100		$	65,215
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25	EUR	100			90,613
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30	USD	100			51,244
Garda World Security Corp. 144A 4.62%, 02/15/27	USD	75			66,807
Guacolda Energia SA 144A 4.56%, 04/30/25	USD	100			31,744
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 †	USD	75			63,111
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD	180			168,070
Lottomatica SpA Reg S 6.25%, 07/15/25	EUR	100			94,070
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 †	USD	200			153,897
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD	100			69,660
Open Text Holdings, Inc. 144A 4.12%, 02/15/30	USD	50			39,930
Q-Park Holding I BV Reg S 2.00%, 03/01/27	EUR	100			78,574
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 †	USD	25			24,714
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26	EUR	100			78,944
Sigma Holdco BV Reg S 5.75%, 05/15/26	EUR	100			60,587
Stillwater Mining Co. 144A 4.00%, 11/16/26	USD	100			82,552
Telesat Canada / Telesat LLC 144A
4.88%, 06/01/27	USD	50			22,059
6.50%, 10/15/27	USD	50			17,507
Verisure Holding AB Reg S 3.88%, 07/15/26	EUR	150			133,038
Wynn Macau Ltd. 144A
5.12%, 12/15/29	USD	100			60,739
5.50%, 01/15/26 †	USD	100			69,500
5.50%, 10/01/27	USD	50			32,354
					1,850,400
Uzbekistan: 0.1%
Uzbekneftegaz JSC 144A 4.75%, 11/16/28	USD	50			37,884

See Notes to Financial Statements

	Par (000’s		)	Value
Zambia: 0.6%
First Quantum Minerals Ltd. 144A
6.50%, 03/01/24	USD	100		$	98,282
6.88%, 03/01/26	USD	100			94,092
6.88%, 10/15/27	USD	50			46,584
7.50%, 04/01/25	USD	100			97,121
					336,079
Total Corporate Bonds (Cost: $67,084,203)					51,535,578

GOVERNMENT OBLIGATIONS: 0.2%
Turkey: 0.2%
Turkiye Ihracat Kredi Bankasi AS 144A
6.12%, 05/03/24	USD	100			93,984
8.25%, 01/24/24	USD	25			24,662
Total Government Obligations (Cost: $121,671)					118,646

	Number of Shares		Value
COMMON STOCK: 0.0% (Cost: $5,620)
Canada: 0.0%
Secure Energy Services, Inc. (CAD)		1,259	$	6,599

Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $67,211,494)				51,660,823

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0%
Money Market Fund: 4.0% (Cost: $2,087,310)
State Street Navigator Securities Lending Government Money Market Portfolio		2,087,310		2,087,310
Total Investments: 101.7% (Cost: $69,298,804)				53,748,133
Liabilities in excess of other assets: (1.7)%				(922,842)
NET ASSETS: 100.0%			$	52,825,291

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
LIBOR	London Interbank Offered Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $2,200,550.
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
(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.
*	Non-income producing
(d)	Security in default
^	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 $20,706,809, or 39.2% 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
		0.1	%	$	56,292
Basic Materials		7.5			3,885,164
Consumer Cyclicals		7.5			3,879,687
Consumer Non-Cyclicals		4.3			2,204,724
Energy		11.6			5,978,379
Financials		31.1			16,094,530
Healthcare		3.5			1,805,751
Industrials		12.9			6,652,826
Institutions, Associations & Organizations		0.4			225,154
Real Estate		1.5			794,442
Technology		12.9			6,645,646
Utilities		6.7			3,438,228
		100.0	%	$	51,660,823

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	487,530	$	—	$	487,530
Australia		—		416,401		—		416,401
Austria		—		89,482		—		89,482
Belgium		—		318,085		—		318,085
Bermuda		—		104,494		—		104,494
Brazil		—		3,694,950		—		3,694,950
British Virgin Islands		—		22,746		—		22,746
Bulgaria		—		88,035		—		88,035
Burkina Faso		—		16,787		—		16,787
Canada		—		3,907,379		0		3,907,379
Cayman Islands		—		255,557		—		255,557
Chile		—		207,974		—		207,974
China		—		1,210,591		—		1,210,591
Colombia		—		1,264,784		—		1,264,784
Costa Rica		—		68,059		—		68,059
Cyprus		—		131,080		—		131,080
Czech Republic		—		316,203		—		316,203
Finland		—		455,704		—		455,704
France		—		4,346,784		—		4,346,784
Germany		—		2,754,605		—		2,754,605
Ghana		—		148,973		—		148,973
Greece		—		512,569		—		512,569
Guatemala		—		88,202		—		88,202
Hong Kong		—		369,115		—		369,115
Hungary		—		89,314		—		89,314
India		—		957,882		—		957,882
Indonesia		—		381,167		—		381,167
Ireland		—		614,253		—		614,253
Israel		—		940,711		—		940,711
Italy		—		4,066,839		—		4,066,839
Japan		—		787,096		—		787,096
Jersey, Channel Islands		—		338,499		—		338,499
Luxembourg		—		2,746,695		—		2,746,695
Malta		—		41,631		—		41,631
Mauritius		—		313,717		—		313,717
Mexico		—		2,163,947		—		2,163,947
Morocco		—		228,129		—		228,129
Netherlands		—		1,845,609		—		1,845,609
Nigeria		—		78,755		—		78,755
Norway		—		181,387		—		181,387
Oman		—		306,410		—		306,410
Peru		—		343,047		—		343,047
Poland		—		154,772		—		154,772
Portugal		—		255,019		—		255,019
Romania		—		87,631		—		87,631
Saudi Arabia		—		191,638		—		191,638
Singapore		—		122,019		—		122,019
South Africa		—		386,223		—		386,223
South Korea		—		87,375		—		87,375
Spain		—		2,160,649		—		2,160,649
Sweden		—		594,613		—		594,613
Switzerland		—		210,041		—		210,041
Tanzania		—		33,733		—		33,733
Thailand		—		148,920		—		148,920
Trinidad and Tobago		—		95,293		—		95,293

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Turkey	$	—	$	995,341	$	—	$	995,341
Ukraine		—		92,871		—		92,871
United Arab Emirates		—		373,508		—		373,508
United Kingdom		—		5,620,392		—		5,620,392
United States		—		1,850,400		—		1,850,400
Uzbekistan		—		37,884		—		37,884
Zambia		—		336,079		—		336,079
Government Obligations ^*		—		118,646		—		118,646
Common Stock ^*		6,599		—		—		6,599
Money Market Fund		2,087,310		—		—		2,087,310
Total Investments	$	2,093,909	$	51,654,224	$	0	$	53,748,133

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

		Par (000’s		)	Value
CORPORATE BONDS: 4.3%
Colombia: 0.0%
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24	COP		3,596,000		$	645,678
Mexico: 0.1%
Petroleos Mexicanos Reg S 7.19%, 09/12/24	MXN		26,405			1,212,253
South Africa: 0.2%
Eskom Holdings SOC Ltd.
0.01%, 08/18/27	ZAR		82,205			2,128,401
7.50%, 09/15/33	ZAR		11,000			422,608
7.85%, 04/02/26	ZAR		24,350			1,252,633
Transnet SOC Ltd.
9.50%, 08/19/25	ZAR		21,000			1,134,133
13.50%, 04/18/28	ZAR		4,950			298,616
						5,236,391
Supranational: 3.0%
European Bank for Reconstruction & Development 0.25%, 11/20/23	PLN		8,320			1,585,685
European Investment Bank
7.75%, 01/30/25	MXN		25,200			1,201,929
8.12%, 12/21/26	ZAR		201,245			10,979,091
European Investment Bank 144A 5.75%, 01/24/25	IDR		51,750,000			3,246,423
European Investment Bank Reg S
2.75%, 08/25/26	PLN		36,215			6,191,696
3.00%, 05/24/24	PLN		50,577			9,636,476
8.00%, 05/05/27	ZAR		17,510			939,504
Inter-American Development Bank
7.50%, 12/05/24	MXN		244,925			11,438,635
7.88%, 03/14/23	IDR		19,170,000			1,232,362
Inter-American Development Bank Reg S 7.70%, 02/12/24	MXN		52,500			2,503,728
International Bank for Reconstruction & Development
2.00%, 07/23/25	PHP		35,400			535,789
7.25%, 03/15/24	IDR		32,100,000			2,061,624
International Finance Corp.
7.00%, 02/14/24	BRL		1,800			324,170
7.00%, 07/20/27	MXN		174,850			7,807,424
7.25%, 02/02/24	MXN		26,880			1,272,700
7.50%, 01/18/28	MXN		110,430			5,056,586
7.75%, 01/18/30	MXN		153,580			6,779,525
8.00%, 10/09/23	IDR		17,500,000			1,133,699
8.00%, 07/27/27	ZAR		2,970			158,152

		Par (000’s		)	Value
Supranational (continued)
International Finance Corp. Reg S 8.38%, 05/31/29	MXN		115,840		$	5,378,515
						79,463,713
United Kingdom: 0.3%
European Bank for Reconstruction & Development 12.50%, 02/09/23	TRY		8,100			413,029
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25	MXN		178,920			7,735,837
						8,148,866
United States: 0.7%
International Bank for Reconstruction & Development
6.65%, 07/30/24	MXN		195,000			9,308,026
13.25%, 02/22/23	TRY		31,540			1,587,266
International Finance Corp. 5.75%, 03/02/23	MXN		115,610			5,729,267
						16,624,559
Total Corporate Bonds (Cost: $136,290,713)						111,331,460

GOVERNMENT OBLIGATIONS: 93.1%
Brazil: 9.7%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/24 ^	BRL		367,460			60,840,129
0.00%, 07/01/24 ^	BRL		113,260			17,841,411
0.00%, 07/01/25 ^	BRL		165,070			23,497,225
0.00%, 01/01/26 ^	BRL		164,500			21,983,068
0.00%, 07/01/23 ^	BRL		261,500			45,822,628
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL		146,125			26,923,849
10.00%, 01/01/27	BRL		154,190			27,852,240
10.00%, 01/01/29	BRL		98,240			17,335,422
10.00%, 01/01/31	BRL		52,660			9,095,373
10.00%, 01/01/33	BRL		17,190			2,978,273
Brazilian Government International Bond
8.50%, 01/05/24	BRL		4,670			839,456
10.25%, 01/10/28	BRL		7,380			1,310,475
						256,319,549
Chile: 3.4%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP		22,475,000			21,419,610
4.50%, 03/01/26	CLP		14,565,000			14,352,513
5.00%, 03/01/35	CLP		16,500,000			15,460,593
6.00%, 01/01/43	CLP		13,585,000			13,809,730
Bonos de la Tesoreria de la Republica de Chile 144A 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
Chile (continued)
2.30%, 10/01/28	CLP		3,920,000		$	3,279,834
4.70%, 09/01/30	CLP		15,470,000			14,578,864
5.00%, 10/01/28	CLP		6,285,000			6,125,539
						89,026,683
China: 10.3%
Asian Infrastructure Investment Bank Reg S 4.50%, 11/03/23	MXN		277,750			13,009,430
China Government Bond
1.99%, 04/09/25	CNY		86,650			11,815,747
2.18%, 08/25/25	CNY		29,500			4,041,174
2.24%, 05/25/25	CNY		3,700			507,734
2.26%, 02/24/25	CNY		28,960			3,977,741
2.36%, 07/02/23	CNY		47,860			6,584,438
2.37%, 01/20/27	CNY		18,410			2,520,079
2.47%, 09/02/24	CNY		53,000			7,308,314
2.48%, 04/15/27	CNY		18,120			2,488,205
2.50%, 07/25/27	CNY		8,720			1,198,638
2.60%, 09/01/32	CNY		19,440			2,653,544
2.62%, 09/25/29	CNY		14,400			1,968,867
2.68%, 05/21/30	CNY		63,520			8,711,507
2.69%, 08/12/26	CNY		45,650			6,329,207
2.69%, 08/15/32	CNY		42,800			5,878,183
2.75%, 06/15/29	CNY		8,730			1,204,641
2.75%, 02/17/32	CNY		47,160			6,476,916
2.76%, 05/15/32	CNY		28,320			3,901,666
2.80%, 03/24/29	CNY		40,870			5,660,265
2.84%, 04/08/24	CNY		56,420			7,819,034
2.85%, 06/04/27	CNY		107,800			15,043,104
2.88%, 11/05/23	CNY		62,040			8,579,611
2.89%, 11/18/31	CNY		34,580			4,807,074
2.91%, 10/14/28	CNY		52,370			7,306,299
2.94%, 10/17/24	CNY		43,320			6,043,784
3.01%, 05/13/28	CNY		53,360			7,496,602
3.02%, 10/22/25	CNY		72,820			10,211,109
3.02%, 05/27/31	CNY		56,270			7,905,408
3.03%, 03/11/26	CNY		53,490			7,509,458
3.12%, 12/05/26	CNY		62,420			8,805,346
3.13%, 11/21/29	CNY		46,240			6,545,355
3.19%, 04/11/24	CNY		46,780			6,540,201
3.22%, 12/06/25	CNY		42,740			6,030,680
3.25%, 06/06/26	CNY		59,590			8,434,011
3.25%, 11/22/28	CNY		41,240			5,882,393
3.27%, 11/19/30	CNY		65,890			9,404,723
3.28%, 12/03/27	CNY		58,120			8,281,300
3.29%, 10/18/23	CNY		27,470			3,824,032
3.29%, 05/23/29	CNY		60,330			8,628,431
3.32%, 04/15/52	CNY		6,280			896,431
3.53%, 10/18/51	CNY		15,280			2,255,269
3.72%, 04/12/51	CNY		37,290			5,658,738
3.81%, 09/14/50	CNY		71,340			10,999,173
						271,143,862
Colombia: 3.9%
Colombia Government International Bond 9.85%, 06/28/27	COP		4,334,000			770,796
Colombian TES 5.75%, 11/03/27	COP		51,250,000			7,619,469

		Par (000’s		)	Value
Colombia (continued)
6.00%, 04/28/28	COP		78,658,100		$	11,505,530
6.25%, 11/26/25	COP		49,110,000			8,378,517
6.25%, 07/09/36	COP		33,635,000			3,747,893
7.00%, 03/26/31	COP		74,931,000			10,299,758
7.00%, 06/30/32	COP		70,341,700			9,308,403
7.25%, 10/18/34	COP		69,218,500			8,877,439
7.25%, 10/26/50	COP		48,979,000			5,382,521
7.50%, 08/26/26	COP		75,288,700			12,779,581
7.75%, 09/18/30	COP		54,094,100			7,950,088
9.25%, 05/28/42	COP		41,510,000			5,889,857
10.00%, 07/24/24	COP		47,286,800			9,312,819
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24	COP		12,300,000			2,253,732
						104,076,403
Czech Republic: 4.7%
Czech Republic Government Bond
0.01%, 12/12/24	CZK		78,710			2,815,316
0.05%, 11/29/29	CZK		131,180			3,548,235
0.25%, 02/10/27	CZK		248,240			7,887,968
0.45%, 10/25/23	CZK		211,650			8,039,429
1.20%, 03/13/31	CZK		229,340			6,462,472
1.25%, 02/14/25	CZK		230,470			8,341,193
1.50%, 04/24/40	CZK		89,810			1,977,005
1.75%, 06/23/32	CZK		219,320			6,259,810
2.00%, 10/13/33	CZK		284,040			8,015,880
2.75%, 07/23/29	CZK		254,720			8,511,576
3.50%, 05/30/35	CZK		60,030			1,948,444
5.00%, 09/30/30	CZK		82,330			3,140,895
5.50%, 12/12/28	CZK		72,930			2,877,971
6.00%, 02/26/26	CZK		158,580			6,382,738
Czech Republic Government Bond Reg S
0.95%, 05/15/30	CZK		273,430			7,787,599
1.00%, 06/26/26	CZK		272,370			9,208,346
2.40%, 09/17/25	CZK		278,430			10,176,893
2.50%, 08/25/28	CZK		270,190			9,109,556
4.20%, 12/04/36	CZK		139,470			4,797,156
5.70%, 05/25/24	CZK		153,150			6,141,618
						123,430,100
Dominican Republic: 1.2%
Dominican Republic International Bond 144A 9.75%, 06/05/26	DOP		1,083,600			19,186,035
Dominican Republic International Bond Reg S
8.90%, 02/15/23	DOP		345,690			6,361,175
9.75%, 06/05/26	DOP		353,190			6,253,522
						31,800,732
Egypt: 2.5%
Egypt Government Bond
13.54%, 01/14/25	EGP		68,196			2,508,873
14.06%, 01/12/26	EGP		271,850			9,673,983

See Notes to Financial Statements

		Par (000’s		)	Value
Egypt (continued)
14.29%, 01/05/28	EGP		119,540		$	4,052,232
14.35%, 09/10/24	EGP		177,305			6,739,605
14.37%, 10/20/25	EGP		268,459			9,722,554
14.40%, 09/10/29	EGP		77,310			2,582,449
14.48%, 04/06/26	EGP		202,700			7,249,750
14.53%, 09/14/24	EGP		209,260			7,987,149
14.56%, 07/06/26	EGP		88,089			3,147,824
14.56%, 10/13/27	EGP		157,120			5,412,194
14.66%, 10/06/30	EGP		91,730			3,057,029
16.10%, 05/07/29	EGP		82,280			3,162,244
						65,295,886
Hungary: 3.7%
Hungary Government Bond
1.00%, 11/26/25 †	HUF		4,063,960			7,134,554
1.50%, 08/23/23 †	HUF		1,051,950			2,339,012
1.50%, 04/22/26			4,126,180			7,075,718
1.50%, 08/26/26 †	HUF		2,484,820			4,130,799
2.00%, 05/23/29 †	HUF		2,928,980			4,289,959
2.25%, 04/20/33 †	HUF		4,162,530			5,156,152
2.25%, 06/22/34 †	HUF		1,265,950			1,521,000
2.50%, 10/24/24	HUF		3,377,830			6,674,921
2.75%, 12/22/26	HUF		2,993,270			5,103,891
3.00%, 06/26/24	HUF		2,485,570			5,110,708
3.00%, 10/27/27	HUF		3,967,400			6,582,074
3.00%, 08/21/30	HUF		3,757,160			5,647,847
3.00%, 10/27/38	HUF		2,874,220			3,327,209
3.00%, 04/25/41	HUF		1,575,330			1,720,905
3.25%, 10/22/31 †	HUF		4,940,750			7,235,921
4.50%, 03/23/28	HUF		1,866,900			3,270,249
4.75%, 11/24/32 †	HUF		1,767,210			2,851,371
5.50%, 06/24/25			3,792,710			7,646,049
6.00%, 11/24/23	HUF		2,806,910			6,299,348
6.75%, 10/22/28 †	HUF		2,072,060			4,084,424
						97,202,111
Indonesia: 9.5%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR		56,655,000			3,361,905
5.50%, 04/15/26	IDR		173,910,000			10,625,263
6.12%, 05/15/28	IDR		165,911,000			10,033,055
6.25%, 06/15/36	IDR		68,820,000			3,920,721
6.38%, 04/15/32	IDR		93,910,000			5,569,635
6.38%, 07/15/37	IDR		23,540,000			1,352,484
6.50%, 06/15/25	IDR		191,900,000			12,181,575
6.50%, 02/15/31	IDR		198,520,000			11,903,309
6.62%, 05/15/33	IDR		117,403,000			6,942,565
7.00%, 05/15/27	IDR		233,138,000			14,814,707
7.00%, 09/15/30	IDR		201,895,000			12,554,575
7.00%, 02/15/33	IDR		32,265,000			1,979,092
7.12%, 06/15/42	IDR		85,790,000			5,238,952
7.50%, 08/15/32	IDR		130,880,000			8,351,398
7.50%, 06/15/35	IDR		166,980,000			10,605,358
7.50%, 05/15/38	IDR		85,590,000			5,453,396
7.50%, 04/15/40	IDR		221,100,000			13,981,146
8.12%, 05/15/24	IDR		115,890,000			7,572,842
8.25%, 05/15/29	IDR		134,330,000			8,976,835
8.25%, 06/15/32	IDR		114,184,000			7,692,843
8.25%, 05/15/36	IDR		135,465,000			9,045,128

		Par (000’s		)	Value
Indonesia (continued)
8.38%, 03/15/24	IDR		146,673,000		$	9,599,312
8.38%, 09/15/26	IDR		192,517,000			12,816,775
8.38%, 03/15/34	IDR		195,514,000			13,254,088
8.38%, 04/15/39	IDR		76,360,000			5,181,807
8.75%, 05/15/31	IDR		89,877,000			6,203,083
9.00%, 03/15/29	IDR		126,882,000			8,777,574
9.50%, 07/15/31	IDR		47,101,000			3,399,667
10.50%, 08/15/30	IDR		29,352,000			2,191,643
11.00%, 09/15/25	IDR		27,392,000			1,936,222
Perusahaan Penerbit SBSN
4.88%, 07/15/26	IDR		17,160,000			1,022,171
6.38%, 03/15/34	IDR		10,700,000			618,905
6.62%, 10/15/24	IDR		25,120,000			1,635,326
8.25%, 09/15/23	IDR		34,639,000			2,274,444
8.75%, 08/15/23	IDR		19,970,000			1,309,272
8.88%, 11/15/31	IDR		92,180,000			6,597,024
						248,974,097
Malaysia: 7.3%
Malaysia Government Bond
2.63%, 04/15/31	MYR		31,069			5,690,904
3.48%, 06/14/24	MYR		39,703			8,403,479
3.50%, 05/31/27	MYR		25,789			5,315,342
3.58%, 07/15/32	MYR		12,385			2,459,516
3.73%, 06/15/28	MYR		35,957			7,369,515
3.76%, 05/22/40	MYR		39,205			7,166,886
3.80%, 08/17/23	MYR		15,428			3,288,566
3.83%, 07/05/34	MYR		27,990			5,475,068
3.88%, 03/14/25	MYR		17,034			3,609,293
3.88%, 08/15/29	MYR		31,789			6,518,145
3.90%, 11/30/26	MYR		37,076			7,815,286
3.90%, 11/16/27	MYR		24,859			5,186,510
3.91%, 07/15/26	MYR		17,375			3,667,022
3.96%, 09/15/25	MYR		29,801			6,314,746
4.06%, 09/30/24	MYR		16,842			3,607,221
4.07%, 06/15/50	MYR		41,204			7,548,311
4.18%, 07/15/24	MYR		11,220			2,408,877
4.25%, 05/31/35	MYR		23,711			4,813,493
4.50%, 04/30/29	MYR		9,080			1,944,644
4.70%, 10/15/42	MYR		11,020			2,296,906
4.76%, 04/07/37	MYR		37,019			7,920,950
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR		40,818			8,345,275
3.45%, 07/15/36	MYR		34,139			6,267,378
3.46%, 10/15/30	MYR		42,150			8,381,203
3.65%, 10/15/24	MYR		32,515			6,881,509
3.73%, 03/31/26	MYR		35,146			7,375,133
3.99%, 10/15/25	MYR		17,045			3,621,138
4.09%, 11/30/23	MYR		11,254			2,404,158
4.13%, 08/15/25	MYR		50,967			10,881,888
4.13%, 07/09/29	MYR		25,615			5,358,229
4.19%, 10/07/32	MYR		22,715			4,705,995
4.26%, 07/26/27	MYR		17,616			3,743,591
4.37%, 10/31/28	MYR		38,654			8,213,173
4.42%, 09/30/41	MYR		30,652			6,043,007
						191,042,357

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Mexico: 5.3%
Mexican Bonos
5.00%, 03/06/25	MXN		129,879		$	5,838,248
5.50%, 03/04/27	MXN		120,787			5,156,626
5.75%, 03/05/26	MXN		420,145			18,673,497
7.50%, 06/03/27	MXN		263,938			12,175,455
7.75%, 05/29/31	MXN		482,484			21,420,643
7.75%, 11/23/34	MXN		121,007			5,193,020
7.75%, 11/13/42	MXN		341,630			13,894,881
8.00%, 12/07/23	MXN		16,816			824,317
8.00%, 09/05/24	MXN		45,846			2,221,889
8.00%, 11/07/47	MXN		369,596			15,264,483
8.00%, 07/31/53	MXN		64,893			2,661,556
8.50%, 05/31/29	MXN		226,873			10,707,727
8.50%, 11/18/38	MXN		311,534			13,842,298
10.00%, 12/05/24	MXN		108,583			5,447,449
10.00%, 11/20/36	MXN		104,373			5,289,073
						138,611,162
Peru: 3.5%
Peru Government Bond
5.35%, 08/12/40	PEN		30,159			5,364,428
5.40%, 08/12/34	PEN		41,156			7,980,317
5.70%, 08/12/24	PEN		23,703			5,804,156
5.94%, 02/12/29	PEN		59,330			13,361,359
6.15%, 08/12/32	PEN		55,770			11,930,137
6.35%, 08/12/28	PEN		55,378			12,922,219
6.90%, 08/12/37	PEN		53,164			11,463,015
6.95%, 08/12/31	PEN		53,700			12,394,568
8.20%, 08/12/26	PEN		44,045			11,410,692
						92,630,891
Philippines: 1.2%
Philippine Government International Bond 6.25%, 01/14/36	PHP		2,018,500			31,670,738
Poland: 4.7%
Republic of Poland Government Bond
0.25%, 10/25/26	PLN		65,188			10,010,426
0.75%, 04/25/25	PLN		56,672			9,856,000
1.25%, 10/25/30	PLN		65,694			8,308,559
1.75%, 04/25/32	PLN		53,343			6,477,049
2.25%, 10/25/24	PLN		68,434			12,786,223
2.50%, 04/25/24	PLN		10,048			1,943,580
2.50%, 07/25/26	PLN		53,635			9,117,337
2.50%, 07/25/27	PLN		61,136			9,891,748
2.75%, 04/25/28	PLN		67,686			10,885,851
2.75%, 10/25/29	PLN		90,576			13,573,159
3.25%, 07/25/25 †	PLN		71,337			13,045,595
3.75%, 05/25/27	PLN		48,425			8,346,128
4.00%, 10/25/23	PLN		42,070			8,528,007
						122,769,662
Romania: 3.9%
Romania Government Bond
2.50%, 10/25/27	RON		25,595			3,833,265
3.25%, 04/29/24	RON		33,000			6,152,616
3.25%, 06/24/26	RON		32,925			5,477,695
3.65%, 07/28/25 †	RON		34,015			5,999,557
3.65%, 09/24/31	RON		36,835			5,053,956

		Par (000’s		)	Value
Romania (continued)
3.70%, 11/25/24	RON		31,570		$	5,755,845
4.00%, 10/25/23 †	RON		31,235			6,043,807
4.15%, 01/26/28	RON		32,595			5,239,503
4.15%, 10/24/30	RON		34,670			5,085,950
4.25%, 06/28/23	RON		27,885			5,465,729
4.40%, 09/25/23	RON		31,740			6,185,539
4.50%, 06/17/24 †	RON		34,660			6,538,327
4.75%, 02/24/25	RON		32,305			5,938,541
4.75%, 10/11/34	RON		27,665			3,804,080
4.85%, 04/22/26	RON		30,100			5,327,184
4.85%, 07/25/29	RON		20,865			3,303,837
5.00%, 02/12/29	RON		36,580			5,929,483
5.80%, 07/26/27	RON		37,930			6,688,376
6.70%, 02/25/32	RON		26,205			4,520,298
						102,343,588
Serbia: 1.2%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD		1,492,540			11,726,745
4.50%, 08/20/32	RSD		1,445,190			9,374,150
5.88%, 02/08/28	RSD		1,326,910			10,424,557
						31,525,452
South Africa: 6.1%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		161,242			5,566,589
6.50%, 02/28/41	ZAR		146,388			4,830,737
7.00%, 02/28/31	ZAR		247,695			10,450,296
8.00%, 01/31/30	ZAR		520,680			24,330,512
8.25%, 03/31/32	ZAR		413,956			18,564,122
8.50%, 01/31/37	ZAR		392,412			16,442,750
8.75%, 01/31/44	ZAR		337,112			13,925,662
8.75%, 02/28/48	ZAR		552,579			22,724,078
8.88%, 02/28/35	ZAR		362,519			16,095,646
9.00%, 01/31/40 †	ZAR		290,426			12,449,872
10.50%, 12/21/26	ZAR		279,837			15,980,504
						161,360,768
Thailand: 6.9%
Thailand Government Bond
0.75%, 06/17/24	THB		390,056			10,090,925
0.75%, 09/17/24	THB		387,933			10,006,250
0.95%, 06/17/25	THB		367,953			9,404,531
1.00%, 06/17/27	THB		474,101			11,573,575
1.45%, 12/17/24	THB		373,201			9,713,938
1.58%, 12/17/35	THB		323,442			6,719,436
1.60%, 12/17/29	THB		321,369			7,720,033
1.60%, 06/17/35	THB		164,319			3,439,798
2.00%, 12/17/31	THB		299,099			7,162,365
2.00%, 06/17/42	THB		234,403			4,543,185
2.12%, 12/17/26	THB		373,414			9,648,562
2.40%, 12/17/23	THB		292,336			7,761,621
2.65%, 06/17/28	THB		50,215			1,309,158
2.88%, 12/17/28	THB		340,775			8,964,025
2.88%, 06/17/46	THB		272,996			5,778,393
3.30%, 06/17/38	THB		388,860			9,584,030
3.40%, 06/17/36	THB		292,283			7,470,906
3.62%, 06/16/23	THB		262,086			6,979,614
3.65%, 06/20/31	THB		305,008			8,332,482

See Notes to Financial Statements

		Par (000’s		)	Value
Thailand (continued)
3.77%, 06/25/32	THB		555,631		$	15,276,547
3.85%, 12/12/25	THB		314,396			8,700,578
4.88%, 06/22/29	THB		358,187			10,470,928
						180,650,880
Turkey: 2.9%
Turkey Government Bond
8.00%, 03/12/25	TRY		96,073			4,632,476
9.00%, 07/24/24	TRY		130,708			6,594,104
10.40%, 03/20/24	TRY		50,286			2,578,783
10.50%, 08/11/27	TRY		130,582			7,201,949
10.60%, 02/11/26	TRY		167,230			8,400,649
11.00%, 02/24/27	TRY		108,229			5,931,305
11.70%, 11/13/30	TRY		247,307			14,988,988
12.40%, 03/08/28	TRY		65,867			3,937,241
12.60%, 10/01/25	TRY		283,376			15,324,291
16.20%, 06/14/23	TRY		118,722			6,485,614
						76,075,400
Uruguay: 1.2%
Uruguay Government International Bond 8.25%, 05/21/31	UYU		939,258			19,256,418
Uruguay Government International Bond 144A

		Par (000’s		)	Value
Uruguay (continued)
8.50%, 03/15/28	UYU		12,615		$	275,573
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU		565,706			12,357,775
						31,889,766
Total Government Obligations (Cost: $3,116,724,630)						2,447,840,087
Total Investments Before Collateral for Securities Loaned: 97.4% (Cost: $3,253,015,343)						2,559,171,547

			Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3%
Money Market Fund: 2.3% (Cost: $61,741,643)
State Street Navigator Securities Lending Government Money Market Portfolio			61,741,643			61,741,643
Total Investments: 99.7% (Cost: $3,314,756,986)						2,620,913,190
Other assets less liabilities: 0.3%						8,408,873
NET ASSETS: 100.0%					$	2,629,322,063

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 $56,277,142.

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.

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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 $46,692,268, or 1.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		0.0	%	$	1,212,253
Financials		4.2			106,490,871
Government Activity		95.6			2,445,586,355
Industrials		0.0			1,432,748
Utilities		0.2			4,449,320
		100.0	%	$	2,559,171,547

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds ^*	$	—	$	111,331,460	$	—	$	111,331,460
Government Obligations ^*		—		2,447,840,087		—		2,447,840,087
Money Market Fund		61,741,643		—		—		61,741,643
Total Investments	$	61,741,643	$	2,559,171,547	$	—	$	2,620,913,190

^*	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, 2022 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 97.6%
Brazil: 1.2%
Vale Overseas Ltd.
3.75%, 07/08/30	$	25		$	20,602
6.88%, 11/21/36		75			73,013
					93,615
Canada: 4.6%
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27		40			35,841
Bank of Nova Scotia 4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37		50			41,146
Canadian Natural Resources Ltd. 6.25%, 03/15/38		25			24,087
Canadian Pacific Railway Co.
1.75%, 12/02/26		75			65,254
6.12%, 09/15/15		25			22,703
CI Financial Corp. 3.20%, 12/17/30		25			18,112
Enbridge, Inc. 3.12%, 11/15/29		75			63,920
Fairfax Financial Holdings Ltd. 144A 5.62%, 08/16/32		25			22,671
Fortis, Inc. 3.06%, 10/04/26		50			45,107
Spectra Energy Partners LP 4.75%, 03/15/24		25			24,776
					363,617
China: 0.4%
Meituan 144A 3.05%, 10/28/30		50			29,245
Denmark: 1.2%
Danske Bank A/S 144A 3.77% (US Treasury Yield Curve Rate T 1 Year+1.45%), 03/28/25		50			47,681
4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28		50			44,085
					91,766
France: 8.1%
BNP Paribas SA 144A 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35		85			59,130
4.38%, 09/28/25		50			46,535
Credit Agricole SA 144A 4.38%, 03/17/25		100			93,899
Danone SA 144A 2.59%, 11/02/23		50			48,599
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		50			40,982
2.62%, 01/22/25		50			45,882

	Par (000’s		)	Value
France (continued)
3.00%, 01/22/30	$	50		$	38,124
3.62%, 03/01/41		50			28,367
4.25%, 04/14/25		50			46,363
4.75%, 09/14/28		100			88,877
5.00%, 01/17/24		100			97,315
					634,073
Guernsey: 1.0%
Credit Suisse Group AG
4.55%, 04/17/26		50			43,897
4.88%, 05/15/45		50			33,399
					77,296
Italy: 1.9%
Enel Finance International NV 144A
3.62%, 05/25/27		125			108,792
6.00%, 10/07/39		50			40,812
					149,604
Mexico: 0.3%
America Movil SAB de CV 144A 5.38%, 04/04/32		25			21,218
Netherlands: 3.5%
ABN AMRO Bank NV 144A 3.32% (US Treasury Yield Curve Rate T 5 Year+1.90%), 03/13/37		50			34,390
Deutsche Telekom International Finance BV 8.75%, 06/15/30		75			85,918
Enel Finance International NV 144A 5.00%, 06/15/32		50			41,867
Prosus NV 144A
3.06%, 07/13/31		50			33,632
3.68%, 01/21/30		50			36,842
4.99%, 01/19/52		75			46,679
					279,328
Norway: 0.3%
Yara International ASA 144A 4.75%, 06/01/28		25			22,533
Switzerland: 2.4%
Credit Suisse Group AG 144A 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32		50			34,349
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31		125			96,657
4.28%, 01/09/28		75			61,587
					192,593
United Kingdom: 5.8%
Barclays Plc 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		175			128,285

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United Kingdom (continued)
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42	$	50		$	30,330
3.81% (US Treasury Yield Curve Rate T 1 Year+1.70%), 03/10/42		50			29,627
4.84%, 05/09/28		50			42,419
5.20%, 05/12/26		100			91,752
5.25%, 08/17/45		50			39,480
Ferguson Finance Plc 144A 4.50%, 10/24/28		25			22,866
Standard Chartered Plc 144A 3.27% (US Treasury Yield Curve Rate T 5 Year+2.30%), 02/18/36		50			34,905
5.30%, 01/09/43		50			37,766
					457,430
United States: 66.9%
7-Eleven, Inc. 144A 0.80%, 02/10/24		50			47,166
Altria Group, Inc.
2.45%, 02/04/32		50			35,588
3.88%, 09/16/46		35			21,550
4.00%, 02/04/61		50			30,020
4.25%, 08/09/42		100			68,216
4.80%, 02/14/29		125			115,197
5.80%, 02/14/39		25			21,406
5.95%, 02/14/49		35			28,654
Ares Capital Corp.
2.15%, 07/15/26		25			20,716
3.25%, 07/15/25		25			22,569
3.88%, 01/15/26		50			44,862
AT&T, Inc.
0.90%, 03/25/24		50			47,227
3.85%, 06/01/60		75			49,640
BAT Capital Corp. 2.79%, 09/06/24		50			47,296
Bayer US Finance II LLC 144A 3.88%, 12/15/23		50			49,043
Bayer US Finance LLC 144A 3.38%, 10/08/24		50			48,091
Becton Dickinson and Co. 3.36%, 06/06/24		75			72,826
Berry Global, Inc. 1.57%, 01/15/26		50			43,372
Berry Global, Inc. 144A 4.88%, 07/15/26		25			23,545
Brighthouse Financial, Inc. 4.70%, 06/22/47		25			17,398
Broadcom, Inc. 144A
3.19%, 11/15/36		50			34,176
4.93%, 05/15/37		75			61,963
Capital One Financial Corp. 5.25% (United States Secured Overnight Financing Rate+2.60%), 07/26/30		25			22,930
Carrier Global Corp.

	Par (000’s		)	Value
United States (continued)
2.72%, 02/15/30	$	50		$	41,153
3.58%, 04/05/50		100			67,240
Charter Communications Operating LLC / Charter Communications Operating Capital
4.50%, 02/01/24		25			24,630
4.91%, 07/23/25		125			121,431
5.05%, 03/30/29		125			115,019
5.12%, 07/01/49		20			14,786
5.38%, 05/01/47		75			57,835
6.48%, 10/23/45		75			66,562
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		25			21,795
7.00%, 06/30/24		50			50,619
Conagra Brands, Inc. 4.85%, 11/01/28		50			47,349
CoStar Group, Inc. 144A 2.80%, 07/15/30		25			19,734
Daimler Trucks Finance North America LLC 144A 1.12%, 12/14/23		25			23,830
Deutsche Bank AG 2.13% (United States Secured Overnight Financing Rate+1.87%), 11/24/26		150			126,212
3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31		50			37,260
3.96% (United States Secured Overnight Financing Rate+2.58%), 11/26/25		100			92,353
Duke Energy Corp. 2.55%, 06/15/31		25			19,615
Enterprise Products Operating LLC 3.90%, 02/15/24		25			24,526
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52		50			29,086
Fresenius Medical Care US Finance III, Inc. 144A 2.38%, 02/16/31		50			34,890
GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26		50			47,791
HCA, Inc.
4.12%, 06/15/29		25			22,087
5.12%, 06/15/39		50			41,503
5.25%, 06/15/26		50			48,499
5.25%, 06/15/49		50			40,604
5.50%, 06/15/47		50			41,874
Keurig Dr Pepper, Inc.
0.75%, 03/15/24		50			47,120
4.05%, 04/15/32		50			43,834

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
Kinder Morgan Energy Partners LP 5.50%, 03/01/44	$	25		$	21,169
Kraft Heinz Foods Co.
3.00%, 06/01/26		50			46,184
5.00%, 06/04/42		25			21,671
5.20%, 07/15/45		50			43,795
6.88%, 01/26/39		25			25,786
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		40			41,901
L3Harris Technologies, Inc. 4.40%, 06/15/28		25			23,395
Lowe’s Cos, Inc.
3.38%, 09/15/25		25			23,761
4.45%, 04/01/62		25			18,217
McDonald’s Corp.
2.62%, 09/01/29		35			30,025
4.45%, 03/01/47		50			40,832
4.88%, 12/09/45		100			86,712
6.30%, 03/01/38		50			51,517
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24		25			24,064
Mondelez International, Inc.
1.50%, 05/04/25		25			22,845
2.75%, 04/13/30		25			20,821
3.00%, 03/17/32		50			41,000
Netflix, Inc.
4.38%, 11/15/26		25			23,863
5.88%, 02/15/25		25			25,180
5.88%, 11/15/28		100			99,500
Northrop Grumman Corp. 2.93%, 01/15/25		25			23,846
Oracle Corp.
2.88%, 03/25/31		75			59,179
3.60%, 04/01/40		75			50,869
3.80%, 11/15/37		50			36,424
3.95%, 03/25/51		50			32,807
4.00%, 07/15/46		50			33,500
4.10%, 03/25/61		50			31,150
5.38%, 07/15/40		75			62,618
6.50%, 04/15/38		75			72,340
Owl Rock Capital Corp. 3.40%, 07/15/26		50			42,644
Pacific Gas and Electric Co.
2.50%, 02/01/31		100			74,832
3.25%, 02/16/24		25			24,170
Republic Services, Inc. 2.50%, 08/15/24		50			47,622
Reynolds American, Inc. 5.85%, 08/15/45		75			59,026
Roper Technologies, Inc. 1.75%, 02/15/31		25			18,393
Sempra Energy 4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52		25			18,859
Sherwin-Williams Co.

	Par (000’s		)	Value
United States (continued)
3.45%, 06/01/27	$	50		$	45,970
4.50%, 06/01/47		25			19,827
Southern Co. 3.75% (US Treasury Yield Curve Rate T 5 Year+2.92%), 09/15/51		50			39,755
Synchrony Financial 3.95%, 12/01/27		50			43,038
Sysco Corp. 6.60%, 04/01/50		50			51,315
Time Warner Cable Enterprises LLC 8.38%, 07/15/33		50			52,937
Time Warner Cable LLC
6.55%, 05/01/37		25			22,339
7.30%, 07/01/38		100			93,529
T-Mobile USA, Inc.
3.38%, 04/15/29		75			65,033
3.50%, 04/15/25		150			143,182
3.75%, 04/15/27		155			143,078
3.88%, 04/15/30		60			53,127
Tyson Foods, Inc. 4.00%, 03/01/26		50			47,861
Verizon Communications, Inc.
0.85%, 11/20/25		25			21,976
1.45%, 03/20/26 †		75			66,092
2.62%, 08/15/26		25			22,757
3.38%, 02/15/25		50			48,290
3.50%, 11/01/24		50			48,529
4.02%, 12/03/29		50			45,109
4.12%, 03/16/27		100			95,177
4.33%, 09/21/28		50			46,922
VICI Properties LP
5.12%, 05/15/32		75			66,623
5.62%, 05/15/52		25			20,506
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			43,920
4.25%, 12/01/26		50			45,607
4.62%, 12/01/29		50			43,594
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28		50			46,557
					5,245,855
Total Corporate Bonds (Cost: $9,090,928)					7,658,173
Total Investments: 97.6% (Cost: $9,090,928)					7,658,173
Other assets less liabilities: 2.4%					190,857
NET ASSETS: 100.0%				$	7,849,030

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

USD	United States Dollar

Footnotes:

^†	Security fully or partially on loan. Total market value of securities on loan is $62,567.
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 $2,030,015, or 25.9% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		3.3	%	$	248,861
Consumer Cyclicals		10.3			790,060
Consumer Non-Cyclicals		12.8			976,340
Energy		2.5			194,320
Financials		28.9			2,212,380
Healthcare		5.2			399,418
Industrials		6.3			482,109
Real Estate		3.5			268,040
Technology		24.3			1,864,307
Utilities		2.9			222,338
		100.0	%	$	7,658,173

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Corporate Bonds *		$	—			$	7,658,173			$	—			$	7,658,173

^*	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, 2022 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 97.9%
Brazil: 0.8%
Vale Overseas Ltd.
3.75%, 07/08/30	$	25		$	20,602
6.88%, 11/21/36		75			73,013
					93,615
Canada: 7.1%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		25			22,401
3.80%, 01/25/50		25			16,337
Bank of Nova Scotia
0.70%, 04/15/24		50			46,685
1.30%, 06/11/25		50			44,910
3.40%, 02/11/24		50			48,932
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37		25			20,573
Brookfield Finance, Inc.
4.35%, 04/15/30		100			88,289
4.70%, 09/20/47		25			18,651
Canadian Imperial Bank of Commerce
3.10%, 04/02/24		100			96,941
3.45%, 04/07/27		25			22,840
Canadian Natural Resources Ltd. 6.25%, 03/15/38		25			24,087
Canadian Pacific Railway Co. 6.12%, 09/15/15		75			68,110
CI Financial Corp. 4.10%, 06/15/51		50			28,187
Enbridge, Inc.
3.12%, 11/15/29		100			85,226
5.50%, 12/01/46		25			22,486
Fortis, Inc. 3.06%, 10/04/26		50			45,107
Suncor Energy, Inc. 6.80%, 05/15/38		75			75,011
Toronto-Dominion Bank
1.15%, 06/12/25		25			22,408
3.25%, 03/11/24		50			48,628
					845,809
China: 0.2%
Meituan 144A 3.05%, 10/28/30		50			29,245
Denmark: 1.5%
Danske Bank A/S 144A 1.23%, 06/22/24		50			46,066
1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26		100			85,050
4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28		50			44,085
					175,201
France: 6.9%
BNP Paribas SA 144A

	Par (000’s		)	Value
France (continued)
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35	$	50		$	34,783
2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32		50			37,043
3.80%, 01/10/24		50			48,710
4.38%, 05/12/26		75			68,811
4.38% (USD Swap Semi 30/360 5 Year+1.48%), 03/01/33		100			84,747
4.40%, 08/14/28		100			88,628
Credit Agricole SA 144A
2.81%, 01/11/41		50			28,458
3.25%, 01/14/30		75			57,476
4.38%, 03/17/25		50			46,950
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		100			81,965
3.00%, 01/22/30		100			76,248
4.25%, 04/14/25		150			139,087
5.00%, 01/17/24		50			48,657
					841,563
Germany: 0.8%
Deutsche Bank AG 3.70%, 05/30/24		50			48,313
E.ON International Finance BV 144A 6.65%, 04/30/38		50			46,975
					95,288
Guernsey: 1.2%
Credit Suisse Group AG
3.75%, 03/26/25		100			89,656
4.88%, 05/15/45		75			50,099
					139,755
India: 0.4%
Reliance Industries Ltd. 144A 4.12%, 01/28/25		50			48,101
Italy: 1.4%
Enel Finance International NV 144A
3.50%, 04/06/28		50			41,615
3.62%, 05/25/27		50			43,517
6.00%, 10/07/39		25			20,406
6.80%, 09/15/37		50			46,009
					151,547
Japan: 0.8%
Nomura Holdings, Inc. 2.65%, 01/16/25		50			46,827
NTT Finance Corp. 144A 0.58%, 03/01/24		50			47,041
					93,868
Mexico: 0.4%
America Movil SAB de CV 144A

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Mexico (continued)
5.38%, 04/04/32	$	50		$	42,435
Netherlands: 1.3%
Prosus NV 144A
3.06%, 07/13/31		50			33,632
3.68%, 01/21/30		50			36,842
4.03%, 08/03/50		50			26,864
4.99%, 01/19/52		100			62,239
					159,577
Panama: 0.3%
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30		50			39,473
Saudi Arabia: 3.0%
Saudi Arabian Oil Co. 144A
3.25%, 11/24/50		75			47,273
3.50%, 04/16/29		125			111,308
4.25%, 04/16/39		150			123,568
4.38%, 04/16/49		100			78,125
					360,274
Switzerland: 4.2%
Credit Suisse Group AG 144A 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32		50			34,349
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31		150			115,988
UBS Group AG 144A 1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27		50			41,845
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43		50			30,718
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27		100			93,005
4.75% (US Treasury Yield Curve Rate T 1 Year+1.75%), 05/12/28		50			45,856
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33		150			130,136
					491,897
Taiwan: 0.8%
TSMC Global Ltd. 144A
0.75%, 09/28/25		50			43,643
1.25%, 04/23/26		50			43,399
					87,042
United Kingdom: 8.6%
Barclays Plc
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		150			109,959
5.20%, 05/12/26		200			183,502
5.25%, 08/17/45		75			59,220

	Par (000’s		)	Value
United Kingdom (continued)
Credit Agricole SA 144A 1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26	$	50		$	44,312
4.12%, 01/10/27 †		100			91,253
HSBC Holdings Plc 5.40% (United States Secured Overnight Financing Rate+2.87%), 08/11/33		50			43,420
Lloyds Banking Group Plc 4.55%, 08/16/28		75			66,989
Reckitt Benckiser Treasury Services Plc 144A 2.75%, 06/26/24		50			47,966
Sky Ltd. 144A 3.75%, 09/16/24		50			48,615
Standard Chartered Plc 144A 1.82% (US Treasury Yield Curve Rate T 1 Year+0.95%), 11/23/25		75			67,085
4.64% (US Treasury Yield Curve Rate T 1
Year+3.85%), 04/01/31		75			63,529
5.20%, 01/26/24		100			98,105
5.30%, 01/09/43		125			94,415
					1,018,370
United States: 58.2%
7-Eleven, Inc. 144A 0.80%, 02/10/24		50			47,166
Altria Group, Inc.
2.45%, 02/04/32		75			53,383
3.40%, 02/04/41		25			15,331
4.25%, 08/09/42		100			68,216
4.80%, 02/14/29		100			92,158
5.38%, 01/31/44		25			20,042
5.80%, 02/14/39		50			42,813
5.95%, 02/14/49		60			49,122
Apple, Inc.
2.50%, 02/09/25		25			23,860
3.20%, 05/11/27		100			93,724
3.25%, 02/23/26		100			95,430
3.35%, 02/09/27		75			71,198
4.10%, 08/08/62		50			38,937
4.65%, 02/23/46		50			45,259
Ares Capital Corp.
2.15%, 07/15/26		25			20,716
2.88%, 06/15/28		25			19,543
4.20%, 06/10/24		100			96,243
Astrazeneca Finance LLC 0.70%, 05/28/24		50			46,754
AT&T, Inc.
3.65%, 09/15/59		150			94,929
3.85%, 06/01/60		75			49,640
Bank of America Corp.

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
2.55% (United States Secured Overnight Financing Rate+1.05%), 02/04/28	$	50		$	43,296
4.38% (United States Secured Overnight Financing Rate+1.58%), 04/27/28		75			69,801
4.95% (United States Secured Overnight Financing Rate+2.04%), 07/22/28		50			47,732
Bayer US Finance II LLC 144A 3.88%, 12/15/23		70			68,660
Berkshire Hathaway Energy Co.
2.85%, 05/15/51		25			15,020
3.70%, 07/15/30		50			44,919
4.25%, 10/15/50		50			38,701
5.15%, 11/15/43		25			22,165
6.12%, 04/01/36		100			101,514
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48		110			88,768
Berkshire Hathaway, Inc.
3.12%, 03/15/26		125			118,549
4.50%, 02/11/43		50			42,878
Berry Global, Inc. 1.57%, 01/15/26		25			21,686
Berry Global, Inc. 144A 4.88%, 07/15/26		50			47,090
Broadcom, Inc. 144A 4.93%, 05/15/37		50			41,309
Capital One Financial Corp. 5.25% (United States Secured Overnight Financing Rate+2.60%), 07/26/30		50			45,860
Carrier Global Corp. 2.70%, 02/15/31		75			60,017
CDW LLC / CDW Finance Corp. 3.57%, 12/01/31		25			19,683
Charter Communications Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/25		100			97,144
5.05%, 03/30/29		100			92,015
5.38%, 04/01/38		75			60,392
5.38%, 05/01/47		25			19,278
6.48%, 10/23/45		100			88,749
Chevron Corp. 1.55%, 05/11/25		75			69,231
Cisco Systems, Inc. 3.62%, 03/04/24		25			24,631
Comcast Corp. 3.70%, 04/15/24		50			49,091
Conagra Brands, Inc.

	Par (000’s		)	Value
United States (continued)
4.30%, 05/01/24	$	50		$	49,231
CoStar Group, Inc. 144A 2.80%, 07/15/30		25			19,734
Credit Suisse Group AG 0.49%, 02/02/24		50			45,757
Deutsche Bank AG
0.90%, 05/28/24		50			45,907
0.96%, 11/08/23		50			47,566
1.69%, 03/19/26		50			42,934
2.13% (United States Secured Overnight Financing Rate+1.87%), 11/24/26		100			84,141
3.04% (United States Secured Overnight Financing Rate+1.72%), 05/28/32		50			35,221
3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31		50			37,260
DH Europe Finance II Sarl 2.60%, 11/15/29		50			42,539
DuPont de Nemours, Inc. 5.32%, 11/15/38		50			45,410
EMD Finance LLC 144A 3.25%, 03/19/25		50			47,675
Exxon Mobil Corp. 2.99%, 03/19/25		75			71,798
Fresenius Medical Care US Finance III, Inc. 144A 1.88%, 12/01/26		25			20,542
FS KKR Capital Corp. 3.40%, 01/15/26		25			22,027
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25		75			72,406
HCA, Inc.
4.12%, 06/15/29		25			22,087
5.00%, 03/15/24		75			74,375
5.25%, 04/15/25		75			73,754
5.25%, 06/15/26		25			24,249
5.50%, 06/15/47		125			104,686
Home Depot, Inc. 5.95%, 04/01/41		50			50,894
Keurig Dr Pepper, Inc. 3.95%, 04/15/29		50			45,401
Kinder Morgan Energy Partners LP 6.95%, 01/15/38		75			74,671
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		50			52,376
Marsh & McLennan Cos., Inc. 3.88%, 03/15/24		25			24,561
McDonald’s Corp.
3.60%, 07/01/30		25			22,437
3.80%, 04/01/28		75			70,021
4.70%, 12/09/35		50			45,617

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)
4.88%, 12/09/45	$	50		$	43,356
6.30%, 10/15/37		50			51,504
Merck & Co., Inc. 2.90%, 03/07/24		25			24,373
Mondelez International, Inc.
1.50%, 05/04/25		25			22,845
2.63%, 03/17/27		50			44,536
2.75%, 04/13/30		25			20,821
Nestle Holdings, Inc. 144A 3.50%, 09/24/25		75			72,276
Netflix, Inc.
4.88%, 04/15/28		75			71,290
5.88%, 11/15/28		50			49,750
Novartis Capital Corp. 3.40%, 05/06/24		50			49,049
Oracle Corp.
2.95%, 04/01/30		50			40,770
3.85%, 07/15/36		75			56,240
4.12%, 05/15/45		100			68,819
4.30%, 07/08/34		50			41,206
5.38%, 07/15/40		125			104,364
6.50%, 04/15/38		50			48,226
Owl Rock Capital Corp. 3.40%, 07/15/26		50			42,644
PepsiCo, Inc.
2.75%, 04/30/25		100			95,168
2.75%, 03/19/30		25			21,620
2.85%, 02/24/26		25			23,537
Philip Morris International, Inc.
2.88%, 05/01/24		50			48,240
3.38%, 08/15/29		75			64,213
4.38%, 11/15/41		65			47,089
6.38%, 05/16/38		50			46,671
Republic Services, Inc. 2.50%, 08/15/24		50			47,622
Roche Holdings, Inc. 144A 2.62%, 05/15/26		50			46,213
Sherwin-Williams Co. 3.45%, 06/01/27		50			45,970
Synchrony Financial 3.95%, 12/01/27		25			21,519
Sysco Corp. 6.60%, 04/01/50		25			25,658
Thermo Fisher Scientific, Inc. 1.22%, 10/18/24		50			46,510
Time Warner Cable LLC
4.50%, 09/15/42		25			17,112
5.88%, 11/15/40		25			20,322
6.55%, 05/01/37		100			89,356
6.75%, 06/15/39		75			66,499
T-Mobile USA, Inc.
1.50%, 02/15/26		25			21,940
3.50%, 04/15/25		50			47,728
3.75%, 04/15/27		150			138,462
3.88%, 04/15/30		150			132,816
Tyson Foods, Inc. 4.00%, 03/01/26		25			23,931

	Par (000’s		)	Value
United States (continued)
Unilever Capital Corp. 2.60%, 05/05/24	$	25		$	24,159
Verizon Communications, Inc.
3.38%, 02/15/25		50			48,290
4.02%, 12/03/29		150			135,326
4.12%, 03/16/27		125			118,971
4.33%, 09/21/28		50			46,922
VICI Properties LP
4.75%, 02/15/28		50			45,625
5.12%, 05/15/32		50			44,415
5.62%, 05/15/52		25			20,506
VICI Properties LP / VICI Note Co., Inc. 144A
3.50%, 02/15/25		50			46,553
4.25%, 12/01/26		75			68,411
5.62%, 05/01/24		50			49,416
Walmart, Inc.
2.85%, 07/08/24		25			24,291
3.30%, 04/22/24		50			49,004
Walt Disney Co.
1.75%, 01/13/26		100			90,527
6.20%, 12/15/34		25			26,119
6.65%, 11/15/37		25			27,114
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26		50			45,021
4.95%, 09/15/28		25			23,279
					6,862,134
Total Corporate Bonds (Cost: $13,791,495)					11,575,194

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $121)
State Street Navigator Securities Lending Government Money Market Portfolio		121			121
Total Investments: 97.9% (Cost: $13,791,616)					11,575,315
Other assets less liabilities: 2.1%					249,289
NET ASSETS: 100.0%				$	11,824,604

See Notes to Financial Statements

Definitions:

USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $86,691.
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 $3,741,810, or 31.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		2.2	%	$	253,770
Consumer Cyclicals		8.9			1,027,071
Consumer Non-Cyclicals		14.2			1,637,879
Energy		7.5			869,625
Financials		36.2			4,190,843
Healthcare		5.2			602,714
Industrials		2.7			310,518
Real Estate		3.0			347,331
Technology		19.0			2,203,888
Utilities		1.1			131,555
		100.0	%	$	11,575,194

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds ^*	$	—	$	11,575,194	$	—	$	11,575,194
Money Market Fund		121		—		—		121
Total Investments	$	121	$	11,575,194	$	—	$	11,575,315

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Real Estate Investment Trusts: 99.8%
AGNC Investment Corp.		1,296,382	$	10,656,260
Annaly Capital Management, Inc. †		1,091,388		20,245,247
Apollo Commercial Real Estate Finance, Inc. †		540,442		6,085,377
Arbor Realty Trust, Inc. †		566,635		7,802,564
Ares Commercial Real Estate Corp. †		299,195		3,692,066
ARMOUR Residential REIT, Inc. †		483,939		2,574,556
Blackstone Mortgage Trust, Inc. †		422,349		10,541,831
BrightSpire Capital, Inc. †		205,920		1,581,466
Broadmark Realty Capital, Inc. †		644,303		3,749,844
Chimera Investment Corp.		1,038,331		7,008,734
Dynex Capital, Inc. †		242,201		2,891,880
Ellington Financial, Inc. †		258,836		3,463,226
Franklin BSP Realty Trust, Inc.		386,435		5,444,869
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		236,140		6,418,285
Invesco Mortgage Capital, Inc. †		138,661		1,623,720
KKR Real Estate Finance Trust, Inc. †		219,253		3,819,387
Ladder Capital Corp.		592,530		6,322,295

	Number of Shares		Value
Real Estate Investment Trusts (continued)
MFA Financial, Inc.		397,294	$	3,957,048
New York Mortgage Trust, Inc. †		1,541,287		4,146,062
Orchid Island Capital, Inc. †		181,357		1,826,265
PennyMac Mortgage Investment Trust †		342,791		4,754,511
Ready Capital Corp. †		519,408		6,295,225
Redwood Trust, Inc. †		448,838		3,200,215
Rithm Capital Corp.		1,088,083		9,172,540
Starwood Property Trust, Inc. †		794,607		16,416,581
Two Harbors Investment Corp. †		1,466,588		5,221,053
Total Common Stocks (Cost: $220,852,533)				158,911,107

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.3%
Money Market Fund: 7.3% (Cost: $11,667,086)
State Street Navigator Securities Lending Government Money Market Portfolio		11,667,086		11,667,086
Total Investments: 107.1% (Cost: $232,519,619)				170,578,193
Liabilities in excess of other assets: (7.1)%				(11,265,716)
NET ASSETS: 100.0%			$	159,312,477

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $43,721,875.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Financials			100.0	%		$	158,911,107

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	158,911,107	$	—	$	—	$	158,911,107
Money Market Fund		11,667,086		—		—		11,667,086
Total Investments	$	170,578,193	$	—	$	—	$	170,578,193

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Number of Shares		Value
PREFERRED SECURITIES: 99.4%
Basic Materials: 2.2%
ArcelorMittal SA 5.50%, 05/18/23		374,101	$	19,962,029
Consumer Cyclicals: 7.5%
Aptiv Plc 5.50%, 06/15/23		176,898		18,906,858
Ford Motor Co.
6.00%, 12/01/59 †		492,238		10,878,460
6.20%, 06/01/59 †		461,473		10,540,043
6.50%, 08/15/62 †		369,178		8,417,259
Paramount Global 5.75%, 04/01/24 †		153,824		4,468,587
Qurate Retail, Inc. 8.00%, 03/15/31		194,865		9,396,390
QVC, Inc. 6.25%, 11/26/68 †		307,772		4,804,321
				67,411,918
Consumer Non-Cyclicals: 4.2%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81		153,824		2,448,878
CHS, Inc. 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24		303,034		7,403,120
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24		258,425		6,473,546
7.50%, 01/21/25		318,416		8,176,923
7.88%, 09/26/23 †		330,107		8,470,546
8.00%, 07/18/23 †		188,773		5,117,636
				38,090,649
Energy: 5.0%
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 †		369,178		8,767,977
Energy Transfer LP 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 †		276,884		6,202,202
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 †		492,238		11,336,241
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23		273,807		6,259,228
NGL Energy Partners LP 11.65% (ICE LIBOR USD 3 Month+7.21%), 07/01/22		193,572		1,972,499
NuStar Energy LP 7.67% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 †		236,889		5,031,522
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43		247,657		6,169,136
				45,738,805
Healthcare: 4.8%
Becton Dickinson and Co. 6.00%, 06/01/23		461,473		22,492,194
Boston Scientific Corp. 5.50%, 06/01/23		154,778		17,031,771
Elanco Animal Health, Inc.

	Number of Shares		Value
Healthcare (continued)
5.00%, 02/01/23		169,207	$	3,516,122
				43,040,087
Industrials: 6.4%
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 †		184,589		3,221,078
Clarivate Plc 5.25%, 06/01/24		221,122		10,107,487
Crestwood Equity Partners LP 9.25%		1,096,152		10,117,483
GFL Environmental, Inc. 6.00%, 03/15/23		179,944		10,976,584
RBC Bearings, Inc. 5.00%, 10/15/24 †		70,759		8,655,241
Stanley Black & Decker, Inc. 5.25%, 11/15/22 †		115,368		5,816,854
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		332,445		8,976,015
				57,870,742
Real Estate: 1.1%
Brookfield Property Preferred LP 6.25%, 07/26/81 †		412,926		6,449,904
DigitalBridge Group, Inc. 7.12%, 09/22/22		193,819		3,605,034
				10,054,938
Real Estate Investment Trusts: 17.6%
AGNC Investment Corp. 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 †		353,796		6,580,606
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24		247,657		4,854,077
9.19% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 †		199,972		4,719,339
Annaly Capital Management, Inc. 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 †		261,501		5,345,080
6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24		272,269		5,668,641
6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22		443,014		10,672,207
Arbor Realty Trust, Inc. 6.25% (United States Secured Overnight Financing Rate+5.44%), 10/12/26 †		171,545		3,207,892
Chimera Investment Corp. 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25		159,977		2,719,609
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 †		199,972		3,719,479
Digital Realty Trust, Inc. 5.20%, 10/10/24		212,277		4,101,192
DigitalBridge Group, Inc. 7.15%, 06/05/22		212,277		4,035,386
Diversified Healthcare Trust

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Real Estate Investment Trusts (continued)
5.62%, 08/01/42 †		215,354	$	2,628,396
6.25%, 02/01/46		153,824		1,962,794
Franklin BSP Realty Trust, Inc. 7.50% †		158,870		2,703,967
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 †		261,501		3,323,678
Kimco Realty Corp. 5.25%, 12/20/22 †		162,746		3,196,331
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26		201,694		3,580,069
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 †		169,207		3,008,500
Pebblebrook Hotel Trust 5.70%, 07/27/26		153,824		2,544,249
PennyMac Mortgage Investment Trust 6.75%, 08/24/26		153,824		2,616,546
PS Business Parks, Inc. 4.88%, 11/04/24		199,972		2,519,647
Public Storage
3.88%, 10/06/25 †		173,821		2,706,393
4.00%, 11/19/26 †		639,170		10,354,833
4.10%, 01/13/27 †		153,824		2,530,405
4.62%, 06/17/25		347,643		6,466,160
4.70%, 11/15/24 †		159,239		3,004,840
4.88%, 09/12/24 †		194,557		3,826,936
5.05%, 08/09/22 †		184,589		3,817,301
5.15%, 06/02/22 †		172,283		3,623,111
5.60%, 03/11/24 †		175,360		4,003,469
Rithm Capital Corp. 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25		247,657		3,992,231
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 †		286,113		5,021,283
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24		173,821		3,031,438
RLJ Lodging Trust 1.95%		198,126		4,469,723
Two Harbors Investment Corp. 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 †		181,513		3,307,167
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27		176,898		3,159,398
Vornado Realty Trust
4.45%, 09/22/26 †		184,589		2,532,561
5.25%, 12/13/22 †		381,176		6,012,299
5.40% †		184,589		3,042,027
				158,609,260
Technology: 12.9%
AT&T, Inc.
4.75%, 02/18/25 †		1,076,770		18,649,656
5.00%, 12/12/24 †		738,357		13,873,728
5.35%, 11/01/66 †		813,730		17,478,920
5.62%, 08/01/67 †		507,620		11,355,459

	Number of Shares		Value
Technology (continued)
Pitney Bowes, Inc. 6.70%, 03/07/43 †		261,501	$	4,252,006
Qwest Corp.
6.50%, 09/01/56 †		601,453		10,314,919
6.75%, 06/15/57 †		406,096		7,309,728
Sabre Corp. 6.50%, 09/01/23 †		50,608		4,032,446
Telephone and Data Systems, Inc.
6.00%, 09/30/26		424,555		7,514,624
6.62%, 03/31/26		258,425		5,191,758
United States Cellular Corp.
5.50%, 03/01/70 †		307,649		5,251,569
5.50%, 06/01/70		307,649		5,260,798
6.25%, 09/01/69 †		307,649		5,986,850
				116,472,461
Utilities: 37.7%
AES Corp. 6.88%, 02/15/24		160,439		15,804,846
Algonquin Power & Utilities Corp. 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79		215,354		4,882,075
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78		176,898		3,971,360
7.75%, 06/15/24		353,796		13,323,957
American Electric Power Co., Inc. 6.12%, 08/15/23 †		261,501		13,001,830
Brookfield BRP Holdings Canada, Inc.
4.62%, 04/30/26		215,354		3,137,708
4.88%, 12/09/26		159,977		2,380,458
CMS Energy Corp.
5.88%, 10/15/78 †		172,283		3,750,601
5.88%, 03/01/79		387,637		8,446,610
DTE Energy Co.
4.38%, 12/01/81		172,283		2,959,822
5.25%, 12/01/77 †		246,119		5,286,636
Duke Energy Corp.
5.62%, 09/15/78 †		307,649		7,288,205
5.75%, 06/15/24		615,297		14,539,468
Entergy Arkansas LLC 4.88%, 09/01/66 †		252,272		5,267,439
Entergy Louisiana LLC 4.88%, 09/01/66 †		166,130		3,588,408
Entergy Mississippi LLC 4.90%, 10/01/66 †		159,977		3,357,917
Georgia Power Co. 5.00%, 10/01/77 †		166,130		3,643,231
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 †		423,017		10,190,480
NextEra Energy, Inc.
5.28%, 03/01/23		769,121		38,025,342
6.22%, 09/01/23		615,297		29,688,080
6.93%, 09/01/25 *		615,297		28,611,310

See Notes to Financial Statements

	Number of Shares		Value
Utilities (continued)
NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24		307,649	$	7,602,007
7.75%, 03/01/24 †		132,673		13,528,666
PG&E Corp. 5.50%, 08/16/23		246,119		33,009,480
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24		169,207		3,272,463
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 †		199,972		3,587,498
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26		184,589		3,540,417
SCE Trust VI 5.00%, 06/26/22		292,266		5,012,362
Sempra Energy 5.75%, 07/01/79 †		466,088		10,123,431
South Jersey Industries, Inc. 8.75%, 04/01/24		103,062		7,111,278
Southern Co. 4.20%, 10/15/60 †		461,473		8,237,293

	Number of Shares		Value
Utilities (continued)
4.95%, 01/30/80 †		615,297	$	11,764,479
5.25%, 12/01/77 †		276,884		5,917,011
Spire, Inc. 5.90%, 08/15/24 †		153,824		3,522,570
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		157,516		3,403,921
				340,778,659
Total Preferred Securities (Cost: $1,055,690,115)				898,029,548

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8%
Money Market Fund: 3.8% (Cost: $34,003,512)
State Street Navigator Securities Lending Government Money Market Portfolio		34,003,512		34,003,512
Total Investments: 103.2% (Cost: $1,089,693,627)				932,033,060
Liabilities in excess of other assets: (3.2)%				(29,266,504)
NET ASSETS: 100.0%			$	902,766,556

Definitions:

LIBOR	London Interbank Offered Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $46,857,399.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		2.2	%	$	19,962,029
Consumer Cyclicals		7.5			67,411,918
Consumer Non-Cyclicals		4.2			38,090,649
Energy		5.1			45,738,805
Healthcare		4.8			43,040,087
Industrials		6.4			57,870,742
Real Estate		18.8			168,664,198
Technology		13.0			116,472,461
Utilities		38.0			340,778,659
		100.0	%	$	898,029,548

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities *	$	898,029,548	$	—	$	—	$	898,029,548
Money Market Fund		34,003,512		—		—		34,003,512
Total Investments	$	932,033,060	$	—	$	—	$	932,033,060

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

	BDC Income ETF			China Bond ETF			Emerging Markets High Yield Bond ETF			Fallen Angel High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	511,640,585		$	75,511,035		$	365,992,248		$	2,838,267,021
Short-term investments held as collateral for securities loaned (3)		100,626,266			—			14,202,551			114,938,185
Cash		1,982			478,791			6,769,121			11,762,861
Cash denominated in foreign currency, at value (4)		—			3,282,269	(a)		—			—
Receivables:
Investment securities sold		—			3,442,407			7,796,874			40,377,536
Shares of beneficial interest sold		4,418,088			—			—			12,001,372
Dividends and interest		2,700,416			1,415,393			7,522,636			46,035,762
Prepaid expenses		—			2,530			—			—
Total assets		619,387,337			84,132,425			402,283,430			3,063,382,737
Liabilities:
Payables:
Investment securities purchased		4,418,522			—			6,554,047			52,537,838
Shares of beneficial interest redeemed		—			2,165,442			—			—
Collateral for securities loaned		100,626,266			—			14,202,551			114,938,185
Line of credit		3,592,971			—			—			—
Due to Adviser		161,053			30,560			131,433			861,235
Deferred Trustee fees		9,396			956			40,196			67,963
Accrued expenses		14,306			66,200			3			167
Total liabilities		108,822,514			2,263,158			20,928,230			168,405,388
NET ASSETS	$	510,564,823		$	81,869,267		$	381,355,200		$	2,894,977,349
Shares outstanding		34,675,000			3,800,000			23,000,000			108,650,000
Net asset value, redemption and offering price per share	$	14.72		$	21.54		$	16.58		$	26.64
Net Assets consist of:
Aggregate paid in capital	$	637,200,853		$	94,298,351		$	789,662,184		$	3,739,021,459
Total distributable earnings (loss)		(126,636,030	)		(12,429,084	)		(408,306,984	)		(844,044,110	)
NET ASSETS	$	510,564,823		$	81,869,267		$	381,355,200		$	2,894,977,349
(1) Value of securities on loan	$	119,855,718		$	—		$	14,635,653		$	117,144,100
(2) Cost of investments - Unaffiliated issuers	$	551,515,253		$	84,551,143		$	480,296,199		$	3,434,071,564
(3) Cost of short-term investments held as collateral for securities loaned	$	100,626,266		$	—		$	14,202,551		$	114,938,185
(4) Cost of cash denominated in foreign currency	$	—		$	3,491,333		$	—		$	—

(a)	Includes $64,871 on foreign investor minimum settlement reserve funds (see Note 2G).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

	Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF			J.P. Morgan EM Local Currency Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	77,262,858		$	1,109,964,240		$	51,660,823		$	2,559,171,547
Short-term investments held as collateral for securities loaned (3)		1,947,090			9,619,357			2,087,310			61,741,643
Cash		369,176			22,558,516			240,767			23,233
Cash denominated in foreign currency, at value (4)		12			—			77,795			1,412,356
Receivables:
Investment securities sold		2,212,447			54,974,790			1,219,229			61,846,681
Dividends and interest		632,872			6,221,511			892,598			56,140,604
Prepaid expenses		—			—			—			18,811
Total assets		82,424,455			1,203,338,414			56,178,522			2,740,354,875
Liabilities:
Payables:
Investment securities purchased		2,378,159			63,780,712			1,214,750			44,005,886
Collateral for securities loaned		1,947,090			9,619,357			2,087,310			61,741,643
Line of credit		—			—			—			3,626,819
Due to Adviser		13,312			133,986			17,786			545,787
Deferred Trustee fees		1,073			21,618			33,385			221,203
Accrued expenses		—			1,287			—			891,474
Total liabilities		4,339,634			73,556,960			3,353,231			111,032,812
NET ASSETS	$	78,084,821		$	1,129,781,454		$	52,825,291		$	2,629,322,063
Shares outstanding		3,500,000			45,500,000			2,900,000			116,122,682
Net asset value, redemption and offering price per share	$	22.31		$	24.83		$	18.22		$	22.64
Net Assets consist of:
Aggregate paid in capital	$	96,396,775		$	1,149,105,611		$	87,318,345		$	3,947,886,502
Total distributable earnings (loss)		(18,311,954	)		(19,324,157	)		(34,493,054	)		(1,318,564,439	)
NET ASSETS	$	78,084,821		$	1,129,781,454		$	52,825,291		$	2,629,322,063
(1) Value of securities on loan	$	5,351,601		$	9,911,252		$	2,200,550		$	56,277,142
(2) Cost of investments - Unaffiliated issuers	$	91,322,221		$	1,127,301,990		$	67,211,494		$	3,253,015,343
(3) Cost of short-term investments held as collateral for securities loaned	$	1,947,090		$	9,619,357		$	2,087,310		$	61,741,643
(4) Cost of cash denominated in foreign currency	$	13		$	—		$	77,952		$	1,319,315

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

	Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF			Preferred Securities ex Financials ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	7,658,173		$	11,575,194		$	158,911,107		$	898,029,548
Short-term investments held as collateral for securities loaned (3)		—			121			11,667,086			34,003,512
Cash		101,437			102,279			130,489			4,977,590
Receivables:
Investment securities sold		1,244,415			1,575,084			—			22,847,832
Dividends and interest		96,197			128,798			346,020			2,695,891
Total assets		9,100,222			13,381,476			171,054,702			962,554,373
Liabilities:
Payables:
Investment securities purchased		1,249,524			1,554,739			—			25,436,683
Collateral for securities loaned		—			121			11,667,086			34,003,512
Due to Adviser		1,668			2,012			49,101			307,597
Deferred Trustee fees		—			—			16,360			36,282
Accrued expenses		—			—			9,678			3,743
Total liabilities		1,251,192			1,556,872			11,742,225			59,787,817
NET ASSETS	$	7,849,030		$	11,824,604		$	159,312,477		$	902,766,556
Shares outstanding		400,000			600,000			13,200,000			53,650,000
Net asset value, redemption and offering price per share	$	19.62		$	19.71		$	12.07		$	16.83
Net Assets consist of:
Aggregate paid in capital	$	9,999,885		$	14,999,828		$	320,418,405		$	1,113,087,476
Total distributable earnings (loss)		(2,150,855	)		(3,175,224	)		(161,105,928	)		(210,320,920	)
NET ASSETS	$	7,849,030		$	11,824,604		$	159,312,477		$	902,766,556
(1) Value of securities on loan	$	62,567		$	86,691		$	43,721,875		$	46,857,399
(2) Cost of investments - Unaffiliated issuers	$	9,090,928		$	13,791,495		$	220,852,533		$	1,055,690,115
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	121		$	11,667,086		$	34,003,512

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

	BDC Income ETF			China Bond ETF			Emerging Markets High Yield Bond ETF			Fallen Angel High Yield Bond ETF
Income:
Dividends	$	28,713,673		$	—		$	—		$	—
Interest		11,322			1,676,018			20,679,758			76,768,889
Securities lending income		756,394			—			105,486			758,607
Foreign taxes withheld		—			(379	)		—			—
Total income		29,481,389			1,675,639			20,785,244			77,527,496
Expenses:
Management fees		1,099,712			220,985			1,295,488			5,637,600
Professional fees		—			18,685			—			—
Custody and accounting fees		—			13,961			—			—
Reports to shareholders		—			6,725			—			—
Trustees’ fees and expenses		—			1,178			—			—
Registration fees		—			3,586			—			—
Insurance		—			1,455			—			—
Interest and taxes		43,717			100,066			—			10,527
Other		—			4,243			—			—
Total expenses		1,143,429			370,884			1,295,488			5,648,127
Net investment income		28,337,960			1,304,755			19,489,756			71,879,369

Net realized gain (loss) on:
Investments		(27,246,084	)		(2,448,441	)		(28,754,764	)		(30,210,782	)
In-kind redemptions		9,293,188			—			(112,549,330	)		(50,489,221	)
Capital gain distributions from investment companies		217,166			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(390,610	)		(2	)		—
Net realized loss		(17,735,730	)		(2,839,051	)		(141,304,096	)		(80,700,003	)

Net change in unrealized appreciation (depreciation) on:
Investments		(58,142,646	)		(6,133,605	)		26,490,434			(199,999,392	)
Foreign currency translations and foreign denominated assets and liabilities		—			(243,717	)		9			—
Net change in unrealized appreciation (depreciation)		(58,142,646	)		(6,377,322	)		26,490,443			(199,999,392	)
Net Decrease in Net Assets Resulting from Operations	$	(47,540,416	)	$	(7,911,618	)	$	(95,323,897	)	$	(208,820,026	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

	Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF			J.P. Morgan EM Local Currency Bond ETF
Income:
Dividends	$	4,047		$	—		$	14		$	—
Interest		1,093,839			15,020,419			1,526,319			91,422,248
Securities lending income		16,387			10,974			11,774			70,963
Foreign taxes withheld		—			—			(2	)		(2,362,091	)
Total income		1,114,273			15,031,393			1,538,105			89,131,120
Expenses:
Management fees		83,533			780,978			121,971			3,953,742
Professional fees		—			—			—			22,449
Custody and accounting fees		—			—			—			368,813
Reports to shareholders		—			—			—			160,730
Trustees’ fees and expenses		—			—			—			77,831
Registration fees		—			—			—			14,219
Insurance		—			—			—			20,908
Interest		488			7,217			355			28,140
Other		—			—			—			16,912
Total expenses		84,021			788,195			122,326			4,663,744
Waiver of management fees		—			—			—			(242,558	)
Net expenses		84,021			788,195			122,326			4,421,186
Net investment income		1,030,252			14,243,198			1,415,779			84,709,934

Net realized gain (loss) on:
Investments		(1,477,615	)		(3,315,744	)		(2,221,943	)		(152,632,306	) (a)
In-kind redemptions		(991,811	)		86,532			(2,459,542	)		(7,607,416	)
Foreign currency transactions and foreign denominated assets and liabilities		—			—			(71,009	)		(4,756,818	)
Net realized loss		(2,469,426	)		(3,229,212	)		(4,752,494	)		(164,996,540	)

Net change in unrealized appreciation (depreciation) on:
Investments		(3,990,146	)		(10,542,681	)		(3,871,067	)		(173,210,232	) (b)
Foreign currency translations and foreign denominated assets and liabilities		—			—			25,674			(1,399,413	)
Net change in unrealized appreciation (depreciation)		(3,990,146	)		(10,542,681	)		(3,845,393	)		(174,609,645	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,429,320	)	$	471,305		$	(7,182,108	)	$	(254,896,251	)

(a)	Net of foreign taxes of $130,199
(b)	Net of foreign taxes of $475,002

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

	Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF			Preferred Securities ex Financials ETF
Income:
Dividends	$	—		$	—		$	5,977,095		$	29,714,986
Interest		143,300			202,121			1,391			23,737
Securities lending income		1,590			3,845			77,425			882,025
Foreign taxes withheld		—			—			—			(75,419	)
Total income		144,890			205,966			6,055,911			30,545,329
Expenses:
Management fees		10,501			12,670			380,730			2,008,400
Interest		—			—			15,509			17,465
Total expenses		10,501			12,670			396,239			2,025,865
Net investment income		134,389			193,296			5,659,672			28,519,464

Net realized gain (loss) on:
Investments		(520,815	)		(767,324	)		(15,710,363	)		(5,756,970	)
In-kind redemptions		—			—			329,026			4,247,735
Capital gain distributions from investment companies		—			—			536,864			432,420
Net realized loss		(520,815	)		(767,324	)		(14,844,473	)		(1,076,815	)

Net change in unrealized appreciation (depreciation) on:
Investments		(246,024	)		(379,465	)		(23,178,694	)		(125,112,639	)
Net change in unrealized appreciation (depreciation)		(246,024	)		(379,465	)		(23,178,694	)		(125,112,639	)
Net Decrease in Net Assets Resulting from Operations	$	(632,450	)	$	(953,493	)	$	(32,363,495	)	$	(97,669,990	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	28,337,960		$	43,156,676		$	1,304,755		$	3,505,616
Net realized gain (loss)		(17,735,730	)		19,570,650			(2,839,051	)		183,640
Net change in unrealized appreciation (depreciation)		(58,142,646	)		(29,787,379	)		(6,377,322	)		(4,527,783	)
Net increase (decrease) in net assets resulting from operations		(47,540,416	)		32,939,947			(7,911,618	)		(838,527	)
Distributions to shareholders from:
Distributable earnings		(28,722,838	)		(42,704,368	)		(1,168,860	)		(4,150,280	)
Return of capital		—			—			—			(44,520	)
Total distributions		(28,722,838	)		(42,704,368	)		(1,168,860	)		(4,194,800	)

Share transactions*:
Proceeds from sale of shares		81,859,788			334,820,169			—			91,337,821
Cost of shares redeemed		(120,061,963	)		(111,985,789	)		(38,637,396	)		(60,220,705	)
Increase (decrease) in net assets resulting from share transactions		(38,202,175	)		222,834,380			(38,637,396	)		31,117,116
Total increase (decrease) in net assets		(114,465,429	)		213,069,959			(47,717,874	)		26,083,789
Net Assets, beginning of period		625,030,252			411,960,293			129,587,141			103,503,352
Net Assets, end of period	$	510,564,823		$	625,030,252		$	81,869,267		$	129,587,141
*Shares of Common Stock Issued (no par value)
Shares sold		5,350,000			19,225,000			—			3,700,000
Shares redeemed		(7,975,000	)		(6,500,000	)		(1,700,000	)		(2,500,000	)
Net increase (decrease)		(2,625,000	)		12,725,000			(1,700,000	)		1,200,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Emerging Markets High Yield Bond ETF						Fallen Angel High Yield Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	19,489,756		$	64,361,459		$	71,879,369		$	180,386,770
Net realized gain (loss)		(141,304,096	)		(92,945,941	)		(80,700,003	)		238,934,423
Net change in unrealized appreciation (depreciation)		26,490,443			(150,062,233	)		(199,999,392	)		(708,202,399	)
Net decrease in net assets resulting from operations		(95,323,897	)		(178,646,715	)		(208,820,026	)		(288,881,206	)
Distributions to shareholders from:
Distributable earnings		(24,177,950	)		(63,324,700	)		(77,001,855	)		(188,041,825	)

Share transactions*:
Proceeds from sale of shares		3,437,814			672,209,046			945,539,451			2,049,188,613
Cost of shares redeemed		(654,219,020	)		(63,006,428	)		(1,590,584,675	)		(2,661,837,362	)
Increase (decrease) in net assets resulting from share transactions		(650,781,206	)		609,202,618			(645,045,224	)		(612,648,749	)
Total increase (decrease) in net assets		(770,283,053	)		367,231,203			(930,867,105	)		(1,089,571,780	)
Net Assets, beginning of period		1,151,638,253			784,407,050			3,825,844,454			4,915,416,234
Net Assets, end of period	$	381,355,200		$	1,151,638,253		$	2,894,977,349		$	3,825,844,454
*Shares of Common Stock Issued (no par value)
Shares sold		200,000			28,600,000			34,200,000			63,250,000
Shares redeemed		(36,200,000	)		(2,800,000	)		(57,750,000	)		(83,700,000	)
Net increase (decrease)		(36,000,000	)		25,800,000			(23,550,000	)		(20,450,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Green Bond ETF						International High Yield Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	1,030,252		$	2,007,447		$	1,415,779		$	4,287,712
Net realized loss		(2,469,426	)		(1,668,817	)		(4,752,494	)		(3,710,828	)
Net change in unrealized appreciation (depreciation)		(3,990,146	)		(10,193,647	)		(3,845,393	)		(15,906,510	)
Net decrease in net assets resulting from operations		(5,429,320	)		(9,855,017	)		(7,182,108	)		(15,329,626	)
Distributions to shareholders from:
Distributable earnings		(1,061,355	)		(2,002,035	)		(1,234,050	)		(4,424,650	)

Share transactions*:
Proceeds from sale of shares		—			22,989,592			—			15,502,482
Cost of shares redeemed		(10,755,633	)		—			(18,174,463	)		(16,605,485	)
Increase (decrease) in net assets resulting from share transactions		(10,755,633	)		22,989,592			(18,174,463	)		(1,103,003	)
Total increase (decrease) in net assets		(17,246,308	)		11,132,540			(26,590,621	)		(20,857,279	)
Net Assets, beginning of period		95,331,129			84,198,589			79,415,912			100,273,191
Net Assets, end of period	$	78,084,821		$	95,331,129		$	52,825,291		$	79,415,912
*Shares of Common Stock Issued (no par value)
Shares sold		—			850,000			—			600,000
Shares redeemed		(450,000	)		—			(900,000	)		(700,000	)
Net increase (decrease)		(450,000	)		850,000			(900,000	)		(100,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	IG Floating Rate ETF						J.P. Morgan EM Local Currency Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	14,243,198		$	4,345,673		$	84,709,934		$	174,168,592
Net realized loss		(3,229,212	)		(452,629	)		(164,996,540	)		(315,225,088	)
Net change in unrealized appreciation (depreciation)		(10,542,681	)		(9,541,387	)		(174,609,645	)		(402,051,015	)
Net increase (decrease) in net assets resulting from operations		471,305			(5,648,343	)		(254,896,251	)		(543,107,511	)
Distributions to shareholders from:
Distributable earnings		(11,468,210	)		(4,310,490	)		(71,026,867	)		(88,822,978	)
Return of capital		—			—			—			(81,656,280	)
Total distributions		(11,468,210	)		(4,310,490	)		(71,026,867	)		(170,479,258	)

Share transactions*:
Proceeds from sale of shares		147,915,919			591,005,339			50,771,821			727,013,716
Cost of shares redeemed		(141,655,341	)		(6,337,388	)		(168,983,922	)		(319,840,315	)
Increase (decrease) in net assets resulting from share transactions		6,260,578			584,667,951			(118,212,101	)		407,173,401
Total increase (decrease) in net assets		(4,736,327	)		574,709,118			(444,135,219	)		(306,413,368	)
Net Assets, beginning of period		1,134,517,781			559,808,663			3,073,457,282			3,379,870,650
Net Assets, end of period	$	1,129,781,454		$	1,134,517,781		$	2,629,322,063		$	3,073,457,282
*Shares of Common Stock Issued (no par value)
Shares sold		5,950,000			23,400,000			2,000,000			24,600,000
Shares redeemed		(5,700,000	)		(250,000	)		(7,200,000	)		(11,800,000	)
Net increase (decrease)		250,000			23,150,000			(5,200,000	)		12,800,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics BBB Corporate Bond ETF						Moody’s Analytics IG Corporate Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	134,389		$	221,068		$	193,296		$	311,484
Net realized loss		(520,815	)		(195,230	)		(767,324	)		(186,082	)
Net change in unrealized appreciation (depreciation)		(246,024	)		(1,083,250	)		(379,465	)		(1,588,310	)
Net decrease in net assets resulting from operations		(632,450	)		(1,057,412	)		(953,493	)		(1,462,908	)
Distributions to shareholders from:
Distributable earnings		(127,280	)		(226,760	)		(189,660	)		(317,460	)

Share transactions*:
Proceeds from sale of shares		—			—			—			—
Cost of shares redeemed		—			—			—			—
Increase in net assets resulting from share transactions		—			—			—			—
Total decrease in net assets		(759,730	)		(1,284,172	)		(1,143,153	)		(1,780,368	)
Net Assets, beginning of period		8,608,760			9,892,932			12,967,757			14,748,125
Net Assets, end of period	$	7,849,030		$	8,608,760		$	11,824,604		$	12,967,757
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			—			—
Shares redeemed		—			—			—			—
Net increase		—			—			—			—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Mortgage REIT Income ETF						Preferred Securities ex Financials ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	5,659,672		$	12,587,387		$	28,519,464		$	49,350,029
Net realized gain (loss)		(14,844,473	)		20,578,763			(1,076,815	)		7,379,453
Net change in unrealized appreciation (depreciation)		(23,178,694	)		(75,253,305	)		(125,112,639	)		(98,397,267	)
Net decrease in net assets resulting from operations		(32,363,495	)		(42,087,155	)		(97,669,990	)		(41,667,785	)
Distributions to shareholders from:
Distributable earnings		(5,659,672	)		(12,587,387	)		(27,288,340	)		(55,455,503	)
Return of capital		(4,097,678	)		(12,142,443	)		—			(932,857	)
Total distributions		(9,757,350	)		(24,729,830	)		(27,288,340	)		(56,388,360	)

Share transactions*:
Proceeds from sale of shares		9,474,722			65,857,830			101,632,430			200,215,786
Cost of shares redeemed		(18,963,733	)		(98,402,686	)		(76,205,258	)		(47,757,119	)
Increase (decrease) in net assets resulting from share transactions		(9,489,011	)		(32,544,856	)		25,427,172			152,458,667
Total increase (decrease) in net assets		(51,609,856	)		(99,361,841	)		(99,531,158	)		54,402,522
Net Assets, beginning of period		210,922,333			310,284,174			1,002,297,714			947,895,192
Net Assets, end of period	$	159,312,477		$	210,922,333		$	902,766,556		$	1,002,297,714
*Shares of Common Stock Issued (no par value)
Shares sold		750,000			3,400,000			5,500,000			9,500,000
Shares redeemed		(1,400,000	)		(5,500,000	)		(4,200,000	)		(2,350,000	)
Net increase (decrease)		(650,000	)		(2,100,000	)		1,300,000			7,150,000

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, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$16.76			$16.76			$10.75			$16.55			$16.10			$19.17
Net investment income (a)		0.80			1.44			1.43			1.54			1.59			1.52
Net realized and unrealized gain (loss) on investments		(2.02)			(0.06)			6.02			(5.86)			0.41			(3.04)
Total from investment operations		(1.22)			1.38			7.45			(4.32)			2.00			(1.52)
Distributions from:
Net investment income		(0.82)			(1.38)			(1.44)			(1.48)			(1.55)			(1.55)
Return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.82)			(1.38)			(1.44)			(1.48)			(1.55)			(1.55)
Net asset value, end of period		$14.72			$16.76			$16.76			$10.75			$16.55			$16.10
Total return (c)		(7.09)	%(d)		8.23	%		73.81	%		(27.77)	%		13.27	%		(8.08)	%

Ratios to average net assets
Gross expenses (e)		0.42	%(f)		0.41	%		0.46	%		0.48	%		0.47	%		0.49	%
Net expenses (e)		0.42	%(f)		0.41	%		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		10.31	%(f)		8.34	%		10.57	%		9.95	%		9.73	%		8.85	%
Supplemental data
Net assets, end of period (in millions)		$511			$625			$412			$170			$207			$178
Portfolio turnover rate (g)		21	%(d)		29	%		26	%		22	%		13	%		19	%

(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, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$23.56			$24.07			$22.39			$22.89			$24.14			$22.16
Net investment income (a)		0.27			0.66			0.73			0.87			0.75			0.74
Net realized and unrealized gain (loss) on investments		(2.05)			(0.40)			1.60			(0.49)			(1.24)			2.07
Total from investment operations		(1.78)			0.26			2.33			0.38			(0.49)			2.81
Distributions from:
Net investment income		(0.24)			(0.76)			(0.65)			(0.79)			(0.38)			—
Return of capital		—			(0.01)			—			(0.09)			(0.38)			(0.83)
Total distributions		(0.24)			(0.77)			(0.65)			(0.88)			(0.76)			(0.83)
Net asset value, end of period		$21.54			$23.56			$24.07			$22.39			$22.89			$24.14
Total return (b)		(7.61)	%(c)		1.02	%		10.56	%		1.76	%		(1.98)	%		12.94	%

Ratios to average net assets
Gross expenses		0.67	%(d)		0.52	%		0.68	%		3.53	%		2.25	%		2.59	%
Net expenses		0.67	%(d)		0.51	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses excluding interest		0.49	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.36	%(d)		2.70	%		3.07	%		3.93	%		3.29	%		3.21	%
Supplemental data
Net assets, end of period (in millions)		$82			$130			$104			$4			$5			$5
Portfolio turnover rate (e)		6	%(c)		60	%		17	%		21	%		22	%		39	%

(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:

	Emerging Markets High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$19.52			$23.63			$20.54			$23.34			$23.83			$24.86
Net investment income (a)		0.55			1.20			1.29			1.42			1.33			1.33
Net realized and unrealized gain (loss) on investments		(2.88)			(4.11)			3.06			(2.77)			(0.46)			(1.01)
Total from investment operations		(2.33)			(2.91)			4.35			(1.35)			0.87			0.32
Distributions from:
Net investment income		(0.61)			(1.20)			(1.26)			(1.45)			(1.36)			(1.35)
Net asset value, end of period		$16.58			$19.52			$23.63			$20.54			$23.34			$23.83
Total return (b)		(12.18)	%(c)		(12.84)	%		21.53	%		(6.27)	%		3.93	%		1.28	%

Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.45	%		0.47	%		0.46	%		0.45	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		6.02	%(e)		5.39	%		5.58	%		6.19	%		5.81	%		5.43	%
Supplemental data
Net assets, end of period (in millions)		$381			$1,152			$784			$308			$261			$372
Portfolio turnover rate (f)		10	%(c)		34	%		31	%		28	%		27	%		40	%

(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, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$28.94			$32.20			$26.84			$29.00			$29.19			$29.65
Net investment income (a)		0.62			1.19			1.49			1.54			1.64			1.54
Net realized and unrealized gain (loss) on investments		(2.27)			(3.22)			5.35			(2.16)			(0.24)			(0.40)
Total from investment operations		(1.65)			(2.03)			6.84			(0.62)			1.40			1.14
Distributions from:
Net investment income		(0.65)			(1.23)			(1.48)			(1.54)			(1.59)			(1.51)
Net realized capital gains		—			—			—			—			—			(0.09)
Total distributions		(0.65)			(1.23)			(1.48)			(1.54)			(1.59)			(1.60)
Net asset value, end of period		$26.64			$28.94			$32.20			$26.84			$29.00			$29.19
Total return (b)		(5.76)	%(c)		(6.63)	%		25.95	%		(2.38)	%		5.04	%		3.86	%

Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.35	%		0.43	%		0.43	%		0.45	%		0.44	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		4.46	%(e)		3.70	%		4.83	%		5.35	%		5.76	%		5.16	%
Supplemental data
Net assets, end of period (in millions)		$2,895			$3,826			$4,915			$1,683			$976			$1,223
Portfolio turnover rate (f)		11	%(c)		44	%		27	%		68	%		29	%		20	%

(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, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$24.13			$27.16			$26.85			$25.87			$26.54			$25.44
Net investment income (a)		0.29			0.55			0.55			0.58			0.34			0.29
Net realized and unrealized gain (loss) on investments		(1.81)			(3.03)			0.28	(b)		1.00			(0.68)			1.16
Total from investment operations		(1.52)			(2.48)			0.83			1.58			(0.34)			1.45
Distributions from:
Net investment income		(0.30)			(0.55)			(0.52)			(0.50)			(0.29)			(0.35)
Net realized capital gains		—			—			—			—			—			—	(c)
Return of capital		—			—			—			(0.10)			(0.04)			—
Total distributions		(0.30)			(0.55)			(0.52)			(0.60)			(0.33)			(0.35)
Net asset value, end of period		$22.31			$24.13			$27.16			$26.85			$25.87			$26.54
Total return (d)		(6.39)	%(e)		(9.30)	%		3.07	%		6.17	%		(1.25)	%		5.72	%

Ratios to average net assets
Gross expenses (f)		0.20	%(g)		0.20	%		0.65	%		0.83	%		1.02	%		1.56	%
Net expenses (f)		0.20	%(g)		0.20	%		0.20	%		0.23	%		0.33	%		0.40	%
Net investment income		2.47	%(g)		2.07	%		2.01	%		2.17	%		1.32	%		1.10	%
Supplemental data
Net assets, end of period (in millions)		$78			$95			$84			$32			$26			$17
Portfolio turnover rate (h)		11	%(e)		19	%		25	%		83	%		28	%		26	%

(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)	Amount represents less than $0.005 per share.
(d)	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.
(e)	Not Annualized
(f)	Periods after April 30, 2021 reflect a unitary management fee structure.
(g)	Annualized
(h)	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, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$25.07			$25.33			$24.61			$25.25			$25.32			$25.14
Net investment income (a)		0.32			0.14			0.23			0.68			0.77			0.52
Net realized and unrealized gain (loss) on investments		(0.30)			(0.25)			0.76			(0.61)			(0.10)			0.13
Total from investment operations		0.02			(0.11)			0.99			0.07			0.67			0.65
Distributions from:
Net investment income		(0.26)			(0.15)			(0.27)			(0.71)			(0.74)			(0.47)
Net asset value, end of period		$24.83			$25.07			$25.33			$24.61			$25.25			$25.32
Total return (b)		0.06	%(c)		(0.45)	%		4.07	%		0.26	%		2.71	%		2.59	%

Ratios to average net assets
Gross expenses (d)		0.14	%(e)		0.14	%		0.39	%		0.40	%		0.40	%		0.41	%
Net expenses (d)		0.14	%(e)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		2.55	%(e)		0.56	%		0.93	%		2.70	%		3.05	%		2.06	%
Supplemental data
Net assets, end of period (in millions)		$1,130			$1,135			$560			$461			$542			$377
Portfolio turnover rate (f)		29	%(c)		78	%		72	%		40	%		30	%		28	%

(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

100

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, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$20.90			$25.71			$22.21			$24.54			$25.20			$24.90
Net investment income (a)		0.45			1.02			1.13			1.26			1.13			1.07
Net realized and unrealized gain (loss) on investments		(2.73)			(4.78)			3.54			(2.33)			(0.65)			0.39
Total from investment operations		(2.28)			(3.76)			4.67			(1.07)			0.48			1.46
Distributions from:
Net investment income		(0.40)			(1.05)			(1.10)			(1.17)			(1.08)			(1.02)
Return of capital		—			—			(0.07)			(0.09)			(0.06)			(0.14)
Total distributions		(0.40)			(1.05)			(1.17)			(1.26)			(1.14)			(1.16)
Net asset value, end of period		$18.22			$20.90			$25.71			$22.21			$24.54			$25.20
Total return (b)		(11.04)	%(c)		(15.07)	%		21.30	%		(4.67)	%		2.08	%		5.91	%

Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.56	%		0.62	%		0.54	%		0.52	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		4.64	%(e)		4.21	%		4.54	%		5.17	%		4.66	%		4.19	%
Supplemental data
Net assets, end of period (in millions)		$53			$79			$100			$89			$113			$171
Portfolio turnover rate (f)		9	%(c)		25	%		33	%		37	%		32	%		41	%

(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

101

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	J.P. Morgan EM Local Currency Bond ETF(a)
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$25.33			$31.14			$29.36			$33.11			$37.56			$37.24
Net investment income (b)		0.70			1.47			1.55			2.00			2.14			2.18
Net realized and unrealized gain (loss) on investments		(2.80)			(5.84)			1.78			(3.75)			(4.45)			0.40
Total from investment operations		(2.10)			(4.37)			3.33			(1.75)			(2.31)			2.58
Distributions from:
Net investment income		(0.59)			(0.77)			(0.01)			(0.48)			(1.36)			(1.98)
Return of capital		—			(0.67)			(1.54)			(1.52)			(0.78)			(0.28)
Total distributions		(0.59)			(1.44)			(1.55)			(2.00)			(2.14)			(2.26)
Net asset value, end of period		$22.64			$25.33			$31.14			$29.36			$33.11			$37.56
Total return (c)		(8.39)	%(d)		(14.56)	%		11.40	%		(5.79)	%		(6.05)	%		7.05	%

Ratios to average net assets
Gross expenses		0.32	%(e)		0.32	%		0.31	%		0.36	%		0.41	%		0.46	%
Net expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.31	%		0.44	%
Net investment income		5.78	%(e)		5.00	%		4.92	%		6.05	%		6.35	%		5.69	%
Supplemental data
Net assets, end of period (in millions)		$2,629			$3,073			$3,380			$3,339			$5,332			$5,645
Portfolio turnover rate (f)		14	%(d)		33	%		40	%		39	%		36	%		28	%

(a)	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(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:

	Moody’s Analytics BBB Corporate Bond ETF

	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.52			$24.73			$25.00
Net investment income (b)		0.34			0.55			0.22
Net realized and unrealized loss on investments		(1.92)			(3.19)			(0.30)
Total from investment operations		(1.58)			(2.64)			(0.08)
Distributions from:
Net investment income		(0.32)			(0.57)			(0.19)
Net asset value, end of period		$19.62			$21.52			$24.73
Total return (c)		(7.43)	%(d)		(10.96)	%		(0.32)	%(d)

Ratios to average net assets
Expenses		0.25	%(e)		0.25	%		0.25	%(e)
Net investment income		3.20	%(e)		2.26	%		2.14	%(e)
Supplemental data
Net assets, end of period (in millions)		$8			$9			$10
Portfolio turnover rate (f)		46	%(d)		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

103

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF

	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.61			$24.58			$25.00
Net investment income (b)		0.32			0.52			0.21
Net realized and unrealized loss on investments		(1.90)			(2.96)			(0.45)
Total from investment operations		(1.58)			(2.44)			(0.24)
Distributions from:
Net investment income		(0.32)			(0.53)			(0.18)
Net asset value, end of period		$19.71			$21.61			$24.58
Total return (c)		(7.42)	%(d)		(10.15)	%		(0.97)	%(d)

Ratios to average net assets
Expenses		0.20	%(e)		0.20	%		0.20	%(e)
Net investment income		3.05	%(e)		2.13	%		2.10	%(e)
Supplemental data
Net assets, end of period (in millions)		$12			$13			$15
Portfolio turnover rate (f)		36	%(d)		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

104

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Mortgage REIT Income ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$15.23			$19.45			$11.42			$23.63			$22.71			$24.49
Net investment income (a)		0.42			0.76			0.86			1.45			1.68			1.70
Net realized and unrealized gain (loss) on investments		(2.84)			(3.44)			8.49			(11.90)			0.94			(1.59)
Total from investment operations		(2.42)			(2.68)			9.35			(10.45)			2.62			0.11
Distributions from:
Net investment income		(0.43)			(0.79)			(0.83)			(1.45)			(1.67)			(1.81)
Return of capital		(0.31)			(0.75)			(0.49)			(0.31)			(0.03)			(0.08)
Total distributions		(0.74)			(1.54)			(1.32)			(1.76)			(1.70)			(1.89)
Net asset value, end of period		$12.07			$15.23			$19.45			$11.42			$23.63			$22.71
Total return (b)		(15.73)	%(c)		(14.74)	%		85.71	%		(46.63)	%		12.00	%		0.32	%

Ratios to average net assets
Gross expenses (d)		0.42	%(e)		0.41	%		0.49	%		0.50	%		0.49	%		0.49	%
Net expenses (d)		0.42	%(e)		0.41	%		0.41	%		0.41	%		0.42	%		0.41	%
Net expenses excluding interest (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.95	%(e)		4.15	%		5.55	%		6.70	%		7.19	%		7.13	%
Supplemental data
Net assets, end of period (in millions)		$159			$211			$310			$119			$175			$132
Portfolio turnover rate (f)		11	%(c)		12	%		31	%		16	%		35	%		21	%

(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

105

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, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$19.15			$20.97			$18.23			$19.37			$19.09			$20.12
Net investment income (a)		0.52			1.01			0.98			1.06			1.13			1.10
Net realized and unrealized gain (loss) on investments		(2.34)			(1.68)			2.72			(1.12)			0.32			(0.98)
Total from investment operations		(1.82)			(0.67)			3.70			(0.06)			1.45			0.12
Distributions from:
Net investment income		(0.50)			(1.13)			(0.96)			(1.08)			(1.17)			(1.14)
Return of capital		—			(0.02)			—			—			—			(0.01)
Total distributions		(0.50)			(1.15)			(0.96)			(1.08)			(1.17)			(1.15)
Net asset value, end of period		$16.83			$19.15			$20.97			$18.23			$19.37			$19.09
Total return (b)		(9.69)	%(c)		(3.61)	%		20.78	%		(0.54)	%		7.90	%		0.57	%

Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.43	%		0.44	%		0.46	%		0.45	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.68	%(e)		4.79	%		4.97	%		5.41	%		5.92	%		5.57	%
Supplemental data
Net assets, end of period (in millions)		$903			$1,002			$948			$689			$584			$498
Portfolio turnover rate (f)		20	%(c)		37	%		36	%		45	%		31	%		47	%

(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

106

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2022 (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
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

*	Formerly known as Investment Grade Floating Rate ETF

Each Fund’s investment objective 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.

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, 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 Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”). China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.

Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

107

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.

The following summarizes the Funds’ significant accounting policies.

A.	Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Board has designated the Adviser as valuation designee under Rule 2a-5 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 of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

	Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

	The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

	Level 1 — Quoted prices in active markets for identical securities.

	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

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	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.

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, 2022 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

G.	Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. 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.

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(unaudited) (continued)

	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, 2022.

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, 2022 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 is responsible for all Fund expenses, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Fund	Unitary Management Fee Rate
BDC Income		0.40	%
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, 2022, the Adviser owned approximately 82%, 47%, and 1% of Moody’s Analytics BBB, Moody’s Analytics IG, and Floating Rate, respectively.

Note 4—Capital Share Transactions—As of October 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually

110

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 a designated portfolio of securities (“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, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
BDC Income	$	114,523,119	$	112,915,142	$	81,748,509	$	120,183,265
China Bond		6,505,311		43,134,932		—		—
Emerging Markets High Yield		63,703,733		66,783,292		—		635,864,576
Fallen Angel		362,072,304		368,742,633		907,125,609		1,528,265,832
Floating Rate		321,406,048		335,093,870		138,067,250		132,084,125
Green Bond		9,461,252		10,051,590		—		9,918,577
International High Yield		5,686,340		5,527,186		—		17,788,090
J.P. Morgan EM		404,908,594		447,054,990		16,421,897		94,732,442
Moody’s Analytics BBB		3,737,346		3,725,871		—		—
Moody’s Analytics IG		4,503,025		4,482,211		—		—
Mortgage REIT		21,793,683		21,110,826		9,471,762		18,960,764
Preferred Securities		187,598,804		209,078,259		70,539,679		71,818,740

Note 6—Income Taxes—As of October 31, 2022, 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		$656,335,972		$1,101,288		$(45,170,409)		$(44,069,121)
China Bond		84,554,111		26,145		(9,069,221)		(9,043,076)
Emerging Markets High Yield		497,595,539		620,130		(118,020,870)		(117,400,740)
Fallen Angel		3,556,012,477		303,626		(603,110,897)		(602,807,271)
Floating Rate		1,137,357,374		79,497		(17,853,274)		(17,773,777)
Green Bond		93,336,992		6,560		(14,133,604)		(14,127,044)
International High Yield		69,564,687		251,427		(16,067,981)		(15,816,554)
J.P. Morgan EM		3,415,389,862		1,294,168		(795,770,840)		(794,476,672)
Moody’s Analytics BBB		9,100,098		42		(1,441,967)		(1,441,925)
Moody’s Analytics IG		13,802,904		3,094		(2,230,683)		(2,227,589)
Mortgage REIT		234,215,846		537,764		(64,175,417)		(63,637,653)
Preferred Securities		1,099,931,777		19,811,425		(187,710,142)		(167,898,717)

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

At April 30, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

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NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
BDC Income	$	(18,155,626	)	$	(47,067,148	)	$	(65,222,774	)
China Bond		(61,125	)		–			(61,125	)
Emerging Markets High Yield		(72,038,699	)		(79,474,583	)		(151,513,282	)
Fallen Angel		(90,029,009	)		(80,464,559	)		(170,493,568	)
Floating Rate		(1,567,781	)		(344,507	)		(1,912,288	)
Green Bond		(1,405,720	)		(465,030	)		(1,870,750	)
International High Yield		(1,834,947	)		(12,285,660	)		(14,120,607	)
J.P. Morgan EM		(96,709,968	)		(212,254,024	)		(308,963,992	)
Moody’s Analytics BBB		(119,563	)		(92,643	)		(212,206	)
Moody’s Analytics IG		(93,293	)		(121,221	)		(214,514	)
Mortgage REIT		(20,523,318	)		(60,729,815	)		(81,253,133	)
Preferred Securities		(12,780,240	)		(28,403,787	)		(41,184,027	)

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, 2022 to October 31, 2022, the net realized gains (losses) from foreign currency translations were as follows:

China Bond	$	(3,019,389	)
International High Yield		(1,223,146	)
J.P. Morgan EM		(81,576,032	)

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, 2022, the Funds did not incur any interest or penalties.

Prior to November 2018, there were uncertainties in the Chinese tax rules governing the taxation of interest income on corporate bonds due to the lack of formal guidance from the PRC’s tax authorities. China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/ arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.

On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. 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

112

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 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.

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.

Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result. Russia and Ukraine have experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe.

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.

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.

Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.

The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.

Should the Chinese government impose restrictions on the ability of 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.

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

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,

114

disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on 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. 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 any, at October 31, 2022 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, 2022:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	119,855,718	$	100,626,266	$	22,849,675	$	123,475,941
Emerging Markets High Yield		14,635,653		14,202,551		1,158,956		15,361,507
Fallen Angel		117,144,100		114,938,185		7,087,762		122,025,947
Floating Rate		9,911,252		9,619,357		512,064		10,131,421
Green Bond		5,351,601		1,947,090		3,555,432		5,502,522
International High Yield		2,200,550		2,087,310		189,050		2,276,360
J.P. Morgan EM		56,277,142		61,741,643		–		61,741,643
Moody’s Analytics BBB		62,567		–		64,210		64,210
Moody’s Analytics IG		86,691		121		90,921		91,042
Mortgage REIT		43,721,875		11,667,086		33,960,982		45,628,068
Preferred Securities		46,857,399		34,003,512		14,711,530		48,715,042

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2022:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Corporate Bonds		Equity Securities
BDC Income	$	–	$	100,626,266
Emerging Markets High Yield		14,202,551		–
Fallen Angel		114,938,185		–
Floating Rate		9,619,357		–
Green Bond		1,947,090		–
International High Yield		2,087,310		–
J.P. Morgan EM		61,741,643		–
Moody’s Analytics IG		121		–
Mortgage REIT		–		11,667,086
Preferred Securities		–		34,003,512

*	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, 2022, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		152		$2,816,659		3.36	%
China Bond		9		2,540,595		2.43
Fallen Angel		12		10,651,442		2.31
Floating Rate		7		12,654,045		2.86
Green Bond		3		102,987		3.68
International High Yield		17		154,648		3.24
J.P. Morgan EM		16		12,264,324		2.09
Mortgage REIT		91		1,481,939		3.62
Preferred Securities		45		2,434,451		3.03

Outstanding loan balances as of October 31, 2022, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Share Split— In 2018, the Board of Trustees approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.

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VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited)

At a meeting held on June 7, 2022 (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, International High Yield Bond ETF, IG Floating Rate ETF (formerly, Investment Grade Floating Rate ETF), J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond 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 6, 2022. 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 index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability 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 seeks to track a different index 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 6, 2022 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.

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VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited) (continued)

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 ETFs. 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, and each of the VanEck BDC Income ETF, Green Bond ETF, International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage Rate 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 Green Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds, the VanEck BDC Income ETF had a total expense ratio below the average and above the median of its peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio equal to the average and below the median of its peer group of funds, each of the China Fund and VanEck International High Yield Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, and each of VanEck Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had a total expense ratio above than 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 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 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 about the overall profitability of the Adviser and its 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 volatility of the asset classes in which certain of the Funds invest, 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 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

118

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 were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 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 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 6, 2022. At that meeting, the Trustees received materials from the Adviser. 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 6, 2022 meeting regarding the proposed 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 proposed to be involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the 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).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

119

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited) (continued)

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.

120

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