ANNUAL REPORT

April 30, 2022

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^®
International High Yield Bond ETF	IHY^®
Investment Grade Floating Rate ETF	FLTR^®
J.P. Morgan EM Local Currency Bond ETF	EMLC^®
Moody’s Analytics^®BBB Corporate Bond ETF	MBBB
Moody’s Analytics^®IG Corporate Bond ETF	MIG
Mortgage REIT Income ETF	MORT^®
Preferred Securities ex Financials ETF	PFXF^®


	800.826.2333	vaneck.com


President’s Letter	1
Management Discussion	3
Performance Comparison
BDC Income ETF	6
China Bond ETF	7
Emerging Markets High Yield Bond ETF	8
Fallen Angel High Yield Bond ETF	9
Green Bond ETF	10
International High Yield Bond ETF	11
Investment Grade Floating Rate ETF	12
J.P. Morgan EM Local Currency Bond ETF	13
Moody’s Analytics BBB Corporate Bond ETF	14
Moody’s Analytics IG Corporate Bond ETF	15
Mortgage REIT Income ETF	16
Preferred Securities ex Financials ETF	17
About Fund Performance	18
Explanation of Expenses	19
Schedule of Investments
BDC Income ETF	21
China Bond ETF	22
Emerging Markets High Yield Bond ETF	25
Fallen Angel High Yield Bond ETF	42
Green Bond ETF	46
International High Yield Bond ETF	54
Investment Grade Floating Rate ETF	73
J.P. Morgan EM Local Currency Bond ETF	81
Moody’s Analytics BBB Corporate Bond ETF	87
Moody’s Analytics IG Corporate Bond ETF	91
Mortgage REIT Income ETF	96
Preferred Securities ex Financials ETF	97
Statements of Assets and Liabilities	101
Statements of Operations	104
Statements of Changes in Net Assets	107
Financial Highlights
BDC Income ETF	113
China Bond ETF	114
Emerging Markets High Yield Bond ETF	115
Fallen Angel High Yield Bond ETF	116
Green Bond ETF	117
International High Yield Bond ETF	118
Investment Grade Floating Rate ETF	119
J.P. Morgan EM Local Currency Bond ETF	120
Moody’s Analytics BBB Corporate Bond ETF	121
Moody’s Analytics IG Corporate Bond ETF	122
Mortgage REIT Income ETF	123
Preferred Securities ex Financials ETF	124
Notes to Financial Statements	125
Report of Independent Registered Public Accounting Firm	136
Tax Information	138
Board of Trustees and Officers	140
Approval of Investment Management Agreements	143
Funds’ Liquidity Risk Management Program	144

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2022.

VANECK ETF TRUST

PRESIDENT’S LETTER

April 30, 2022 (unaudited)

Dear Fellow Shareholders:

At the start of the year, we believed three themes¹would shape the investment world in 2022: sell growth, buy commodity equities and the Fed tightening will hurt—not crash—the markets. I discussed these themes in an October talk². While these thoughts seemed obvious, I had forgotten how much damage could be done to investment grade bonds and how far growth stocks could fall. This sell-off, while painful, has been orderly. But the market adjustments are probably not over, so we like to focus on the longer term trends of resource transition and blockchain disruption as the markets adjust to higher interest rates and higher commodity prices.

The Economy

The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.

While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is Will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.

Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.

Multi-Year Investment Themes

We continue to focus on two multi-year investment themes.

Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

As the economy and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.

The second theme is crypto, in particular, the use of blockchain in a large variety of industries and most especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course, as with all growth, there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 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

May 3, 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.

¹VanEck: 2022 Outlook Q&A: Crypto, Inflation and Energy Transition, December 31, 2021, https://www.vaneck.com/us/en/blogs/investment-outlook/2022-outlook-qa-crypto-inflation-and-energy-transition/

²Capital Link Inc.: 2021 Capital Link’s 20th Annual CEF & Global ETFs Forum - Keynote Address - Jan van Eck, October 6, 2021, https://www.youtube. com/watch?v=HQxm6B7umNA

VANECK ETF TRUST

MANAGEMENT DISCUSSION

April 30, 2022 (unaudited)

CORPORATE BOND

Fallen Angel Bonds

VanEck Fallen Angel High Yield Bond ETF, which lost 6.63% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds are bonds that have been downgraded from investment grade to “junk.” They offer a distinct value proposition that has, historically, provided long-term outperformance—contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by over 223 basis points annually.¹

Telecommunications sector bonds were the biggest detractors, followed by those in the energy sector (which is the ETF’s largest sector exposure) during the period under review. Just two sectors, basic industry and insurance contributed positively to performance and, then, only minimally.

Investment Grade Floating Rate Notes

Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. Short-term interest rates began to increase in December 2021 in anticipation of U.S. Federal Reserve rate hikes, with 3-month USD Libor rising to 1.33% on April 29, 2022 compared to 0.18% one year earlier. VanEck Investment Grade Floating Rate ETF lost 0.45% over this 12 month period. With 3-month USD Libor set to discontinue on June 30, 2023, the fund’s portfolio continues to reflect the ongoing transition in the marketplace towards alternative reference rates, particularly the Secured Overnight Funding Rate (“SOFR”). As of April 30, 2022 the portfolio had a weight of 63% in SOFR linked bonds.

Seven out of 11 sectors provided positive, albeit very small, returns, with the utilities sector contributing the most. The financial sector (the ETF’s largest sector exposure) detracted the most from performance.

Investment Grade Corporate Bonds

The U.S. investment grade corporate bond market is both large and diverse. Investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. Both ETFs track indices that use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while avoiding bonds with the highest probability of being downgraded to high yield. VanEck Moody’s Analytics IG Corporate Bond ETF selects from the broad investment grade universe, while VanEck Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market.

The indices of both funds significantly outperformed the broad market in 2021, their first full year of performance since being launched. In the first four months of the 2022, they also continued to outperform the market, but the overall market declined significantly.

VanEck Moody’s Analytics IG Corporate Bond ETF was down 10.15%. While the leisure sector provided a small positive contribution to the fund’s return, all other sectors detracted from performance, with the banking sector (the ETF’s largest sector exposure) detracting the most. VanEck Moody’s Analytics BBB Corporate Bond ETF was down 10.96% with the banking sector (the ETF’s largest sector exposure) detracting the most from performance. The insurance sector made a small positive contribution to the fund’s return.

EQUITY INCOME

Business Development Companies (BDCs)

BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. VanEck BDC Income ETF returned 8.23% for the 12 month period, with the fund benefiting from a stable growth environment, elevated middle-market deal activity and muted defaults and non-accruals.

VANECK ETF TRUST

MANAGEMENT DISCUSSION (unaudited) (continued)

While companies across the range of capitalizations contributed to fund returns, those in the very smallest and the very largest ranges contributed the most and those in the ranges in between contributed less.

Mortgage REITs

Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. The yield curve has been a major concern for mortgage REIT investors throughout the 12 month period ending April 30, 2022. The flattening, or even inverted, yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Rising rates have put pressure on mortgage backed securities, leading to book value declines for many mortgage REITs. VanEck Mortgage REIT Income ETF returned -14.74% for the 12 month period.

While companies across the range of capitalizations detracted from performance, those with the largest capitalizations detracted the most.

Preferred Securities ex Financials

Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index, which excludes financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.

Over the 12 month period ending April 30, 2020, VanEck Preferred Securities ex Financials ETF registered a loss of 3.61%. The technology and electronics, healthcare and energy sectors contributed most positively to the fund’s performance, while the utility, real estate and telecommunications sectors detracted the most.

INTERNATIONAL BOND

China Onshore Bonds

Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $20.6 trillion.²While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

VanEck China Bond ETF, recorded a gain of 1.02% over the 12 month period ending April 30, 2022. All sectors, except for the financial sector, contributed positively to performance, with the utilities, industrial and energy sectors contributing the most.

Emerging Markets Local Currency Bonds

Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East and Asia.

Following a significant decline toward the end of the last fiscal year, VanEck J.P. Morgan EM Local Currency Bond ETF, recorded a loss of 14.53% over the 12 month period.

While bonds denominated in Brazilian real, Indonesian rupiah and Chinese renminbi contributed the most positively to the fund’s total return, of other bonds denominated in Russian rubles were by far the greatest detractors from performance. Russian bonds lost nearly all value following the country’s invasion of Ukraine in February 2022. Russia was removed from the ETF’s index at the end of March.

Emerging Markets High Yield Bonds

Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.

VanEck Emerging Markets High Yield Bond ETF lost 12.84% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Argentinian bonds were by far the greatest contributors. Issuers from Russia and China, followed by Ukraine, were the greatest detractors from performance. Real estate bonds, followed by those from the basic industry and telecommunications sectors, detracted by far the most from total return. The local authority sector was the sole sector to contribute positively to performance.

International High Yield Bonds

Non U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.

Over the period, VanEck International High Yield Bond ETF had a negative return of 15.07%. Bonds from real estate issuers, followed by those from the telecommunications and basic industry sectors, detracted the most from the fund’s total return. No sector contributed positively to performance. All currency groups detracted from performance, with bonds denominated in U.S. dollars and Euro detracting the most and those in Canadian dollars the least. Argentinian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese, French and Italian issuers detracted the most from performance.

Green Bonds

Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 and, in 2021, global issuance reached nearly $550 billion. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.

VanEck Green Bond ETF had a negative return of 9.30% for the 12 month period, having been impacted significantly by rising interest rates. From a country of risk perspective, only issuers from Argentina and Turkey contributed positively to total return. Bonds from the U.S. and China detracted the most from performance. Financial-, utilities- and real estate-related bonds were the greatest detractors from returns. No one sector contributed positively to performance.

Returns based on funds’ net asset values (NAVs).

All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.

¹ Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofAML US High Yield Index from 12/31/2003 to 4/30/2022. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.

² The Bank for International Settlements: Debt securities statistics, September 2021

VANECK BDC INCOME ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBIZDTG¹	SPTR²
One Year	8.14%	8.23%	8.83%	0.21%
Five Year	7.21%	7.19%	7.23%	13.66%
Life*	7.11%	7.10%	7.15%	13.68%


*	Commencement of Fund: 2/11/13; First Day of Secondary Market Trading: 2/12/13.

¹	MVIS® US Business Development Companies Index (MVBIZDTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of business development companies (BDCs). To be eligible for the MVBIZDTG and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act.

²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

See “About Fund Performance” on page 18 for more information.

VANECK CHINA BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	CHQU01TR¹	LBUSTRUU²
One Year	0.30%	1.02%	2.08%	(8.51)%
Five Year	4.96%	4.70%	5.62%	1.20%
Life*	2.34%	2.40%	3.31%	1.57%


*	Commencement of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14.

¹	ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index.

	As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	EMLH¹	LBUSTRUU²
One Year	(14.13)%	(12.84)%	(14.14)%	(8.51)%
Five Year	0.68%	0.88%	0.86%	1.20%
Life*	3.47%	3.56%	3.93%	1.70%


*	Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12.

¹	ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets.

	Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the EMLH. All Index history reflects a blend of the performance of the aforementioned Indexes.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	H0CF¹	LBUSTRUU²
One Year	(7.59)%	(6.63)%	(6.16)%	(8.51)%
Five Year	4.36%	4.60%	5.14%	1.20%
Ten Year	6.87%	7.12%	8.04%	1.73%


¹	ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers.

	Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK GREEN BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	SPGRUSST¹	LBUSTRUU²
One Year	(10.01)%	(9.30)%	(9.13)%	(8.51)%
Five Year	0.53%	0.71%	1.25%	1.20%
Life*	1.16%	1.24%	1.77%	1.43%


*	Commencement of Fund: 3/3/17; First Day of Secondary Market Trading: 3/4/17.

¹	S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to provide a broad measure of the performance of the investable, U.S. dollar-denominated “green” bond market. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index.

	Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the SPGUSST. All Index history reflects a blend of the performance of the aforementioned Indexes.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK INTERNATIONAL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	HXUS¹	LBUSTRUU²
One Year	(15.71)%	(15.07)%	(15.67)%	(8.51)%
Five Year	1.10%	1.20%	1.51%	1.20%
Ten Year	3.27%	3.41%	3.95%	1.73%


¹	ICE BofA ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK INVESTMENT GRADE FLOATING RATE ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVFLTR¹	LBUSTRUU²
One Year	(0.61)%	(0.45)%	(0.29)%	(8.51)%
Five Year	1.78%	1.82%	2.04%	1.20%
Ten Year	1.85%	1.70%	2.04%	1.73%


¹	MVIS® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes with outstanding issue sizes greater than or equal to $500 million, issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	GBIEMCOR¹	LBUSTRUU²
One Year	(14.55)%	(14.53)%	(14.70)%	(8.51)%
Five Year	(2.11)%	(2.03)%	(1.65)%	1.20%
Ten Year	(1.97)%	(1.90)%	(1.36)%	1.73%


¹	J.P. Morgan GBI-EMG Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBI¹	LBUSTRUU²
One Year	(11.23)%	(10.96)%	(11.34)%	(8.51)%
Life*	(8.25)%	(8.09)%	(8.42)%	(7.53)%


*	Commencement of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20.

¹	MVIS® Moody’s Analytics® BBB Investment Grade Corporate Bond Index (MVBI) is designed to track the performance of U.S. dollar-denominated BBB rated corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVCI¹	LBUSTRUU²
One Year	(10.32)%	(10.15)%	(10.34)%	(8.51)%
Life*	(8.05)%	(7.94)%	(8.16)%	(7.53)%


*	Commencement of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20.

¹	MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index (MVCI) is designed to track the performance of U.S. dollar-denominated investment grade corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK MORTGAGE REIT INCOME ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVMORTTG¹	SPTR²
One Year	(14.70)%	(14.74)%	(14.52)%	0.21%
Five Year	(1.01)%	(1.03)%	(0.78)%	13.66%
Ten Year	4.28%	4.30%	4.67%	13.67%


¹	MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity.

²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	PFAN¹	SPTR²
One Year	(4.20)%	(3.61)%	(3.32)%	0.21%
Five Year	4.56%	4.67%	4.89%	13.66%
Life*	5.28%	5.32%	5.40%	14.30%


*	Commencement of Fund: 7/16/12; First Day of Secondary Market Trading: 7/17/12.

¹	ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN) is a rules-based index designed to track the performance of exchange-listed U.S. dollar denominated hybrid debt, preferred stock and convertible preferred stock publicly issued by non-financial corporations in the U.S. domestic market. It includes both rated and unrated securities, and securities with either a fixed or floating rate coupon or dividend.

	Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021, forward, the index data reflects that of PFAN. All Index history reflects a blend of the performance of the aforementioned Indexes.

²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 18 for more information.

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

MVBIZDTG, MVFLTR, MVMORTTG, MVBI and MVCI are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. CHQU01TR is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). GBIEMCOR is published by JPMorgan Securities Inc. (J.P. Morgan). EMLH, HOCF and HXUS are published by ICE Data Indices, LLC. SPGRUSST is published by S&P Dow Jones Indices (S&P). PFAN is published by Wells Fargo & Company, LLC (Wells Fargo).

The LBUSTRUU is a broad-based benchmark published by Bloomberg Index Services Limited (Bloomberg). SPTR is a broad-based benchmark published by S&P.

MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, Wells Fargo, and Bloomberg do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

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, November 1, 2021 to April 30, 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 November 1, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2021 - April 30, 2022(a)
BDC Income ETF
Actual	$1,000.00	$993.70	0.41%	$2.03
Hypothetical (b)	$1,000.00	$1,022.76	0.41%	$2.06
China Bond ETF
Actual	$1,000.00	$980.40	0.50%	$2.46
Hypothetical (b)	$1,000.00	$1,022.32	0.50%	$2.51
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$880.60	0.40%	$1.87
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$891.30	0.35%	$1.64
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
Green Bond ETF
Actual	$1,000.00	$907.30	0.20%	$0.95
Hypothetical (b)	$1,000.00	$1,023.80	0.20%	$1.00
International High Yield Bond ETF
Actual	$1,000.00	$874.50	0.40%	$1.86
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01
Investment Grade Floating Rate ETF
Actual	$1,000.00	$992.10	0.14%	$0.69
Hypothetical (b)	$1,000.00	$1,024.10	0.14%	$0.70

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2021 - April 30, 2022(a)
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$883.50	0.30%	$1.40
Hypothetical (b)	$1,000.00	$1,023.31	0.30%	$1.51
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$870.90	0.25%	$1.16
Hypothetical (b)	$1,000.00	$1,023.55	0.25%	$1.25
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$878.40	0.20%	$0.93
Hypothetical (b)	$1,000.00	$1,023.80	0.20%	$1.00
Mortgage REIT Income ETF
Actual	$1,000.00	$826.40	0.41%	$1.86
Hypothetical (b)	$1,000.00	$1,022.76	0.41%	$2.06
Preferred Securities ex Financials ETF
Actual	$1,000.00	$908.90	0.40%	$1.89
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01


^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 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

April 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Diversified Financials: 100.0%
Apollo Investment Corp. †		1,473,080	$	18,693,385
Ares Capital Corp.		4,267,287		86,497,908
Bain Capital Specialty Finance, Inc. †		1,208,119		18,580,870
Barings BDC, Inc.		2,000,551		20,365,609
BlackRock TCP Capital Corp. †		1,422,331		19,485,935
Capital Southwest Corp. †		589,097		13,672,941
Carlyle Secured Lending, Inc. †		1,183,972		16,587,448
Fidus Investment Corp. †		565,596		11,283,640
FS KKR Capital Corp.		2,533,150		53,069,493
Gladstone Capital Corp. †		844,642		9,840,079
Gladstone Investment Corp. †		817,573		12,705,084
Goldman Sachs BDC, Inc. †		1,476,686		27,717,396
Golub Capital BDC, Inc. †		2,092,306		31,217,206
Hercules Capital, Inc. †		1,857,087		31,199,062
Main Street Capital Corp. †		771,636		31,050,633
New Mountain Finance Corp. †		2,072,757		27,567,668
Newtek Business Services Corp. †		565,091		14,149,879
Oaktree Specialty Lending Corp. †		3,842,602		27,513,030

	Number of Shares		Value
Diversified Financials (continued)
Owl Rock Capital Corp. †		2,918,336	$	41,761,388
PennantPark Floating Rate Capital Ltd. †		906,118		12,051,369
PennantPark Investment Corp. †		1,535,227		11,360,680
Prospect Capital Corp. †		3,900,116		30,030,893
Sixth Street Specialty Lending, Inc.		1,224,520		27,355,777
SLR Investment Corp.		1,200,254		19,744,178
TriplePoint Venture Growth BDC Corp. †		717,736		11,304,342
Total Common Stocks (Cost: $606,204,356)				624,805,893

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 12.7% (Cost: $79,333,623)
Money Market Fund: 12.7%
State Street Navigator Securities Lending Government Money Market Portfolio		79,333,623		79,333,623
Total Investments: 112.7% (Cost: $685,537,979)				704,139,516
Liabilities in excess of other assets: (12.7)%				(79,109,264)
NET ASSETS: 100.0%			$	625,030,252

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $90,835,371.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments			Value
Financials		100.0%			$	624,805,893

The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	624,805,893	$	—	$	—	$	624,805,893
Money Market Fund		79,333,623		—		—		79,333,623
Total Investments	$	704,139,516	$	—	$	—	$	704,139,516

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2022

	Par (000’s		)	Value
CORPORATE BONDS: 74.6%
Basic Materials: 10.3%
Anshan Iron And Steel Group Co. Ltd. 4.28% (ChinaBond Government Security Yield Curve 3Y YTM+4.81%), 07/30/23 (o) (s)	CNY	15,000		$	2,294,826
ChemChina Petrochemical Co. Ltd. 4.00%, 11/06/24	CNY	20,000			3,035,184
China National Building Material Co. Ltd. 4.89%, 07/17/24	CNY	3,000			454,245
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25	CNY	20,000			3,032,663
Hesteel Co. Ltd. 4.08%, 11/26/24	CNY	10,000			1,533,386
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24	CNY	10,000			1,536,343
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25	CNY	10,000			1,522,309
					13,408,956
Consumer Cyclicals: 0.6%
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26	CNY	4,900			747,499
Energy: 2.8%
PetroChina Co. Ltd. 3.50%, 01/19/26	CNY	3,490			533,935
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25	CNY	20,000			3,034,699
					3,568,634
Financials: 41.4%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	6,300			937,579
2.96%, 04/17/30	CNY	10,340			1,537,244
3.28%, 05/13/22	CNY	1,205			181,493
3.52%, 05/24/31	CNY	10,000			1,549,219
3.63%, 07/19/26	CNY	2,700			418,272
3.74%, 07/12/29	CNY	7,600			1,190,629
3.75%, 01/25/29	CNY	5,150			807,910
3.79%, 10/26/30	CNY	1,110			174,860
3.85%, 01/06/27	CNY	10,230			1,603,214
4.39%, 09/08/27	CNY	9,500			1,531,547
4.65%, 05/11/28	CNY	5,560			911,538
Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23	CNY	19,600			2,983,817
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.70%, 10/24/24	CNY	15,000			2,271,216
Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24	CNY	2,052			328,819

	Par (000’s		)	Value
Financials (continued)
Beijing State-Owned Capital Operation Management Co. Ltd. 3.85%, 01/14/24	CNY	15,000		$	2,302,123
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27	CNY	20,000			3,168,797
China Development Bank
3.18%, 04/05/26	CNY	4,850			739,834
3.30%, 03/03/26	CNY	12,030			1,846,513
3.39%, 02/03/27	CNY	20,904			3,231,611
3.41%, 06/07/31	CNY	1,640			251,969
3.45%, 09/20/29	CNY	4,800			739,081
3.48%, 01/08/29	CNY	4,460			688,451
3.65%, 05/21/29	CNY	7,150			1,113,776
3.66%, 03/01/31	CNY	1,170			183,041
3.70%, 10/20/30	CNY	4,150			649,117
3.87%, 08/01/23	CNY	20,709			3,182,234
4.04%, 04/10/27	CNY	11,610			1,837,730
4.04%, 07/06/28	CNY	2,720			432,827
4.59%, 08/01/38	CNY	20,301			3,483,576
Chongqing Longhu Development Co. Ltd.
3.45%, 08/02/23	CNY	5,000			748,501
3.75%, 03/21/23	CNY	1,600			240,852
4.44%, 01/25/24	CNY	8,000			1,212,276
Cinda Investment Co. Ltd. 4.30%, 12/22/23	CNY	3,000			453,858
CITIC Securities Co. Ltd. 3.78%, 09/10/24	CNY	3,000			461,781
Export-Import Bank of China
3.22%, 05/14/26	CNY	5,470			835,494
3.23%, 03/23/30	CNY	8,240			1,248,452
3.28%, 02/11/24	CNY	4,670			712,951
3.33%, 02/22/26	CNY	9,610			1,473,038
3.38%, 07/16/31	CNY	4,250			651,085
3.43%, 10/23/25	CNY	1,830			281,538
3.74%, 11/16/30	CNY	2,380			373,804
3.86%, 05/20/29	CNY	5,780			911,633
3.88%, 01/12/36	CNY	1,170			187,295
4.89%, 03/26/28	CNY	3,010			498,524
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24	CNY	5,000			768,696
Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24	CNY	15,000			2,291,300
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24	CNY	200			30,466
					53,659,581
Industrials: 11.6%
China Railway Group Ltd. 3.99%, 07/16/24	CNY	5,000			771,790
China State Railway Group Co. Ltd. 3.45%, 07/25/24	CNY	15,000			2,297,997
Guangzhou Metro Group Co. Ltd.

See Notes to Financial Statements

	Par (000’s		)	Value
Industrials (continued)
4.84%, 08/09/27	CNY	1,500		$	227,464
6.05%, 06/03/24 #	CNY	1,350			210,127
Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24	CNY	3,500			564,794
Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24	CNY	2,100			338,756
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 3.63%, 10/21/24	CNY	12,000			1,817,099
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25	CNY	5,000			758,544
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24	CNY	17,000			2,625,326
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26	CNY	10,000			1,539,049
Sichuan Development Holding Co. Ltd.
4.30%, 03/26/24	CNY	5,000			773,747
4.55%, 08/06/25	CNY	5,000			770,947
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 #	CNY	135			20,152
Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30	CNY	2,000			305,271
Xiamen C&D Corp. Ltd. 4.14% (ChinaBond Government Security Yield Curve 3Y YTM+4.29%), 12/17/22 (o) (s)	CNY	13,000			1,974,261
					14,995,324
Real Estate: 4.1%
Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40	CNY	15,000			2,267,797
China Fortune Land Development Co. Ltd.
5.50%, 10/22/22 (d) *	CNY	1,000			37,460
7.00%, 03/03/21 (d) *	CNY	1,000			37,829
China Vanke Co. Ltd. 3.55%, 09/26/24	CNY	10,000			1,511,929
COFCO Commercial Property Investment Co. Ltd.

	Par (000’s		)	Value
Real Estate (continued)
3.94%, 01/25/25	CNY	10,000		$	1,511,439
					5,366,454
Utilities: 3.8%
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s)	CNY	15,000			2,288,240
China Southern Power Grid Co. Ltd. 5.90%, 03/19/24	CNY	900			143,537
China Yangtze Power Co. Ltd. 3.35%, 10/17/26	CNY	1,500			226,185
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26	CNY	10,000			1,529,712
State Power Investment Corp. Ltd. 4.20%, 11/20/23	CNY	4,995			769,756
					4,957,430
Total Corporate Bonds (Cost: $98,953,467)					96,703,878

GOVERNMENT OBLIGATIONS: 18.7%
China Government Bond
1.99%, 04/09/25	CNY	5,660			840,874
2.68%, 05/21/30	CNY	6,320			936,714
2.69%, 08/12/26	CNY	7,450			1,125,212
2.77%, 06/24/30	CNY	5,690			846,639
2.85%, 06/04/27	CNY	9,140			1,387,507
2.86%, 07/16/30	CNY	9,520			1,425,972
2.90%, 05/05/26	CNY	846			128,898
3.01%, 05/13/28	CNY	12,180			1,855,968
3.02%, 10/22/25	CNY	9,250			1,415,692
3.02%, 05/27/31	CNY	6,210			943,968
3.03%, 03/11/26	CNY	9,070			1,388,387
3.25%, 06/06/26	CNY	6,030			931,998
3.27%, 11/19/30	CNY	18,270			2,840,022
3.27%, 08/22/46	CNY	32,966			4,952,608
3.28%, 12/03/27	CNY	6,150			955,012
3.29%, 05/23/29	CNY	6,080			944,814
3.52%, 04/25/46	CNY	4,000			615,549
3.74%, 09/22/35	CNY	3,900			632,415
Total Government Obligations (Cost: $24,833,463)					24,168,249
Total Investments: 93.3% (Cost: $123,786,930)					120,872,127
Other assets less liabilities: 6.7%					8,715,014
NET ASSETS: 100.0%				$	129,587,141

Definitions:

CNY	Chinese Yuan

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $230,279 which represents 0.2% of net assets.
(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		11.1	%	$	13,408,956
Consumer Cyclicals		0.6			747,499
Energy		3.0			3,568,634
Financials		44.4			53,659,581
Government Activity		20.0			24,168,249
Industrials		12.4			14,995,324
Real Estate		4.4			5,366,454
Utilities		4.1			4,957,430
		100.0	%	$	120,872,127

The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	96,703,878	$	—	$	96,703,878
Government Obligations *		—		24,168,249		—		24,168,249
Total Investments	$	—	$	120,872,127	$	—	$	120,872,127

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2022

	Par (000’s		)	Value
CORPORATE BONDS: 96.2%
Argentina: 3.2%
Arcor SAIC 144A 6.00%, 07/06/23	$	1,825		$	1,831,908
Capex SA 144A 6.88%, 05/15/24		1,075			1,028,221
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.62%, 12/01/27		1,125			899,797
Genneia SA 144A 8.75%, 09/02/27		1,300			1,276,503
MercadoLibre, Inc.
2.38%, 01/14/26 †		1,425			1,288,001
3.12%, 01/14/31		2,550			2,066,367
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25		1,825			1,457,253
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25		300			239,549
Pampa Energia SA 144A
7.38%, 07/21/23		1,325			1,326,756
7.50%, 01/24/27		2,275			2,116,637
9.12%, 04/15/29		1,100			1,018,980
Pan American Energy LLC 144A 9.12%, 04/30/27		1,025			1,134,983
Pan American Energy LLC Reg S 9.12%, 04/30/27		50			55,365
Telecom Argentina SA 144A
8.00%, 07/18/26		1,325			1,257,213
8.50%, 08/06/25		1,375			1,333,695
Telecom Argentina SA Reg S 8.00%, 07/18/26		100			94,884
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		1,460			1,374,882
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25		250			235,425
YPF Energia Electrica SA 144A 10.00%, 07/25/26		1,450			1,358,432
YPF SA 144A
1.50%, 09/30/33 (s)		2,200			1,334,300
2.50%, 06/30/29 (s)		2,750			2,000,886
4.00%, 02/12/26 (s)		2,875			2,552,554
6.95%, 07/21/27		2,275			1,649,659
7.00%, 12/15/47		1,875			1,173,984
8.50%, 07/28/25		4,050			3,306,359
8.50%, 06/27/29		1,412			1,075,513
8.75%, 04/04/24		2,240			2,097,290
YPF SA Reg S 6.95%, 07/21/27		550			398,819
					36,984,215
Armenia: 0.1%
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		1,000			930,000

	Par (000’s		)	Value
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28	$	800		$	702,472
Klabin Austria GmbH Reg S
3.20%, 01/12/31		200			159,014
7.00%, 04/03/49 †		200			194,171
					1,055,657
Azerbaijan: 0.9%
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 †		6,575			7,020,312
Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26		750			800,796
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		2,650			2,875,382
					10,696,490
Bahrain: 1.4%
BBK BSC Reg S 5.50%, 07/09/24		1,800			1,841,274
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25		1,800			1,801,800
Mumtalakat Sukuk Holding Co. Reg S
4.10%, 01/21/27		1,800			1,789,146
5.62%, 02/27/24		2,200			2,267,430
Oil and Gas Holding Co. BSCC 144A
7.50%, 10/25/27		3,625			3,824,625
7.62%, 11/07/24		2,775			2,910,056
8.38%, 11/07/28		1,750			1,928,245
					16,362,576
Barbados: 0.2%
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28		2,000			1,952,990
Bermuda: 1.0%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25		1,657			1,384,114
Digicel Group Two Ltd. 144A 8.25%, 09/30/22		437			10,925
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A
8.75%, 05/25/24 †		4,400			4,349,444
13.00%, 12/31/25		1,210			1,190,308
Digicel Ltd. 144A 6.75%, 03/01/23		1,930			1,735,128
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		2,400			2,371,788
Investment Energy Resources Ltd. Reg S 6.25%, 04/26/29		200			197,649
					11,239,356

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Brazil: 8.5%
Adecoagro SA 144A 6.00%, 09/21/27	$	1,350		$	1,327,691
Adecoagro SA Reg S 6.00%, 09/21/27		450			442,564
Aegea Finance Sarl 144A 5.75%, 10/10/24		700			718,403
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		1,200			1,139,244
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		1,768			1,794,803
Atento Luxco 1 SA 144A 8.00%, 02/10/26 †		975			963,484
Azul Investments LLP 144A 5.88%, 10/26/24		400			356,094
B2W Digital Lux Sarl 144A 4.38%, 12/20/30		800			658,988
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		1,200			1,044,600
Banco Bradesco SA 144A 3.20%, 01/27/25		1,500			1,457,250
Banco BTG Pactual SA 144A
2.75%, 01/11/26		800			729,972
4.50%, 01/10/25		1,600			1,578,032
Banco Daycoval SA Reg S 4.25%, 12/13/24		750			740,666
Banco do Brasil SA 144A
4.62%, 01/15/25		1,650			1,651,897
4.75%, 03/20/24		1,325			1,336,647
Banco Nacional de Desenvolvimento Economico e Social 144A
4.75%, 05/09/24		800			818,708
5.75%, 09/26/23		1,600			1,658,096
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23		250			259,077
Banco Votorantim SA 144A
4.38%, 07/29/25		1,050			1,029,079
4.50%, 09/24/24		750			754,759
Braskem Idesa SAPI 144A 7.45%, 11/15/29		2,900			2,720,360
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		800			830,520
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		1,290			1,302,642
BRF GmbH 144A 4.35%, 09/29/26		900			853,830
BRF SA 144A
4.88%, 01/24/30 †		1,000			888,700
5.75%, 09/21/50		1,200			943,164

	Par (000’s		)	Value
Brazil (continued)
BRF SA Reg S
4.88%, 01/24/30	$	100		$	88,870
5.75%, 09/21/50		200			157,392
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24		1,800			1,936,332
Centrais Eletricas Brasileiras SA 144A
3.62%, 02/04/25 †		800			773,088
4.62%, 02/04/30		1,200			1,092,192
Centrais Eletricas Brasileiras SA Reg S 4.62%, 02/04/30		200			182,032
Cosan Luxembourg SA 144A 7.00%, 01/20/27		1,075			1,105,895
Cosan SA 144A 5.50%, 09/20/29		1,325			1,285,489
CSN Inova Ventures 144A 6.75%, 01/28/28 †		2,050			2,040,560
CSN Inova Ventures Reg S 6.75%, 01/28/28		400			398,158
CSN Resources SA 144A 7.62%, 04/17/26		500			517,872
Embraer Netherlands Finance BV
5.05%, 06/15/25		1,650			1,639,250
5.40%, 02/01/27		1,250			1,206,206
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		1,275			1,285,200
ERO Copper Corp. 144A 6.50%, 02/15/30		650			584,064
FS Luxembourg Sarl 144A 10.00%, 12/15/25		1,100			1,126,851
Globo Comunicacao e Participacoes SA 144A
4.88%, 01/22/30		600			517,050
5.50%, 01/14/32		700			608,397
Globo Comunicacao e Participacoes SA Reg S 4.88%, 01/22/30		200			172,350
Gol Finance SA 144A 7.00%, 01/31/25		1,000			856,305
Guara Norte Sarl 144A 5.20%, 06/15/34		1,343			1,185,787
InterCement Financial Operations BV 144A 5.75%, 07/17/24		1,200			1,030,836
Itau Unibanco Holding SA 144A 3.25%, 01/24/25		925			900,950
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31		850			764,745
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		1,350			1,287,758
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)		1,175			1,016,751

See Notes to Financial Statements

	Par (000’s		)	Value
Brazil (continued)
5.12%, 05/13/23	$	2,800		$	2,851,800
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23		300			305,550
JSM Global Sarl 144A 4.75%, 10/20/30		900			770,909
Klabin Austria GmbH 144A
3.20%, 01/12/31		600			477,042
5.75%, 04/03/29 †		1,275			1,255,996
7.00%, 04/03/49		1,003			973,768
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26		1,000			931,970
MARB BondCo Plc 144A 3.95%, 01/29/31		2,500			2,081,225
MV24 Capital BV 144A 6.75%, 06/01/34		1,806			1,714,975
Natura Cosmeticos SA 144A 4.12%, 05/03/28		1,400			1,257,228
Natura Cosmeticos SA Reg S 4.12%, 05/03/28		300			269,406
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		850			868,925
7.00%, 05/14/26		1,700			1,754,833
Nexa Resources SA 144A
5.38%, 05/04/27		1,200			1,153,512
6.50%, 01/18/28		850			851,628
Oi Movel SA Reg S 8.75%, 07/30/26		1,400			1,429,946
Petrobras Global Finance BV
5.09%, 01/15/30 †		1,575			1,529,924
5.30%, 01/27/25		950			984,271
5.50%, 06/10/51		1,350			1,109,612
5.60%, 01/03/31		1,825			1,793,519
5.75%, 02/01/29		815			826,271
6.00%, 01/27/28		1,625			1,669,923
6.25%, 03/17/24		750			781,740
6.75%, 01/27/41		985			967,181
6.75%, 06/03/50		825			765,881
6.85%, 06/05/15		2,375			2,095,937
6.88%, 01/20/40		897			888,595
6.90%, 03/19/49		1,150			1,085,675
7.25%, 03/17/44		1,165			1,164,435
7.38%, 01/17/27		1,325			1,451,902
8.75%, 05/23/26 †		600			693,099
Rede D’or Finance Sarl 144A
4.50%, 01/22/30		1,299			1,136,885
4.95%, 01/17/28		700			658,137
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24		711			744,064
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		695			767,464
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		672			722,004
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		850			832,575

	Par (000’s		)	Value
Brazil (continued)
Simpar Europe SA 144A 5.20%, 01/26/31	$	1,000		$	821,265
Tupy Overseas SA 144A 4.50%, 02/16/31		400			334,874
Ultrapar International SA 144A 5.25%, 06/06/29		800			778,532
Unigel Luxembourg SA 144A 8.75%, 10/01/26		700			726,176
Usiminas International Sarl 144A 5.88%, 07/18/26		1,200			1,201,392
XP, Inc. 144A 3.25%, 07/01/26 †		1,350			1,241,210
					98,480,906
British Virgin Islands: 0.5%
Central China Real Estate Ltd. Reg S 7.65%, 08/27/23		1,200			504,600
China SCE Group Holdings Ltd. Reg S
7.00%, 05/02/25		1,300			819,000
7.38%, 04/09/24		1,450			1,000,500
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24		1,000			935,000
New Metro Global Ltd. Reg S
4.50%, 05/02/26		1,300			789,750
4.62%, 10/15/25		1,000			622,500
Studio City Co. Ltd. 144A 7.00%, 02/15/27		1,200			1,130,256
					5,801,606
Cambodia: 0.2%
NagaCorp Ltd. Reg S 7.95%, 07/06/24		1,950			1,784,250
Canada: 0.3%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		1,265			1,273,071
First Quantum Minerals Ltd. Reg S 6.50%, 03/01/24		300			300,776
Frontera Energy Corp. 144A 7.88%, 06/21/28		1,500			1,361,377
					2,935,224
Cayman Islands: 1.7%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		3,150			2,982,656
Banco Bradesco SA 144A 4.38%, 03/18/27 †		750			733,223
Banco BTG Pactual SA Reg S 4.50%, 01/10/25		200			197,254
Banco do Brasil SA 144A
3.25%, 09/30/26		1,325			1,230,534
4.88%, 01/11/29 †		800			777,308
CT Trust 144A 5.12%, 02/03/32		3,200			2,986,032

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Cayman Islands (continued)
Emaar Sukuk Ltd. Reg S 3.70%, 07/06/31	$	900		$	873,725
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31		1,200			1,203,000
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		2,250			2,300,681
Oryx Funding Ltd. 144A 5.80%, 02/03/31		2,300			2,273,182
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		1,534			1,393,409
StoneCo Ltd. 144A 3.95%, 06/16/28		800			658,984
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24		1,600			1,604,000
					19,213,988
Chile: 0.9%
AES Andes SA Reg S 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79		100			97,194
Agrosuper SA 144A 4.60%, 01/20/32		1,900			1,714,750
CAP SA 144A 3.90%, 04/27/31		1,100			935,264
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33		1,388			1,086,153
Kenbourne Invest SA 144A 6.88%, 11/26/24		1,850			1,767,009
VTR Comunicaciones SpA 144A
4.38%, 04/15/29		1,400			1,187,774
5.12%, 01/15/28		1,742			1,569,620
VTR Finance NV 144A 6.38%, 07/15/28		1,925			1,759,960
					10,117,724
China: 8.0%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25		700			234,675
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)		8,500			8,453,193
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)		1,500			1,475,625
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		1,400			1,204,140
Chalieco Hong Kong Corp. Ltd. Reg S

	Par (000’s		)	Value
China (continued)
5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 5/21/2023 (o)	$	1,000		$	1,007,500
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)		1,740			1,827,056
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24		1,400			1,369,410
China SCE Group Holdings Ltd. Reg S
5.95%, 09/29/24		1,100			684,860
6.00%, 02/04/26		1,000			610,000
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o)		1,400			1,403,500
CIFI Holdings Group Co. Ltd. Reg S
4.38%, 04/12/27 †		1,100			822,250
4.45%, 08/17/26		1,300			997,750
5.25%, 05/13/26		1,000			770,000
5.95%, 10/20/25		1,550			1,226,050
6.00%, 07/16/25 †		1,650			1,305,150
6.45%, 11/07/24		1,550			1,283,400
6.55%, 03/28/24 †		1,650			1,403,325
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o)		1,500			1,561,875
Easy Tactic Ltd. Reg S
8.12%, 07/11/24		1,000			220,000
8.62%, 02/27/24		900			195,975
8.62%, 03/05/24		1,000			217,750
eHi Car Services Ltd. Reg S
7.00%, 09/21/26		950			646,000
7.75%, 11/14/24		1,400			1,095,500
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		2,500			2,297,090
Fortune Star BVI Ltd. Reg S
5.95%, 10/19/25		2,000			1,826,000
6.75%, 07/02/23		2,050			1,998,750
6.85%, 07/02/24		1,900			1,803,100
Glory Land Co. Ltd. Reg S 14.25%, 01/25/24		200			101,000
Golden Eagle Retail Group Ltd. 144A 4.62%, 05/21/23		1,000			983,105
Greenland Global Investment Ltd. Reg S
5.88%, 07/03/24		1,900			1,083,000
6.75%, 09/26/23		1,400			882,000
6.75%, 03/03/24		700			427,000
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25		1,400			1,316,000

See Notes to Financial Statements

	Par (000’s		)	Value
China (continued)
5.65%, 07/13/25	$	900		$	850,500
Guangzhou Fineland Real Estate Development Co. Ltd. Reg S 13.60%, 07/27/23		400			408,000
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)		18,700			17,832,196
Jinke Properties Group Co. Ltd. Reg S 6.85%, 05/28/24		600			198,000
KWG Group Holdings Ltd. Reg S
5.88%, 11/10/24		1,500			575,250
5.95%, 08/10/25		1,000			365,000
6.00%, 08/14/26		1,150			405,662
6.30%, 02/13/26		1,300			465,075
7.40%, 03/05/24		1,100			467,500
7.40%, 01/13/27		600			208,500
7.88%, 09/01/23		1,900			894,900
Logan Group Co. Ltd. Reg S
4.25%, 07/12/25 †		600			172,500
4.70%, 07/06/26		900			261,000
New Metro Global Ltd. Reg S
4.80%, 12/15/24 †		1,200			801,000
6.80%, 08/05/23		900			648,000
Powerlong Real Estate Holdings Ltd. Reg S
5.95%, 04/30/25 †		1,500			522,450
6.25%, 08/10/24		1,200			516,000
6.95%, 07/23/23 †		1,000			475,000
Radiance Holdings Group Co. Ltd. Reg S 7.80%, 03/20/24		600			428,082
Redsun Properties Group Ltd. Reg S 7.30%, 01/13/25		600			117,000
RKPF Overseas 2019 A Ltd. Reg S
6.00%, 09/04/25		1,200			919,031
6.70%, 09/30/24		1,550			1,268,675
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)		1,000			650,000
Seazen Group Ltd. Reg S 4.45%, 07/13/25		850			567,375
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23		800			809,000
Sunac China Holdings Ltd. Reg S
5.95%, 04/26/24 †		2,400			573,600
6.50%, 07/09/23		1,500			393,750
6.50%, 01/10/25		1,850			430,125
6.50%, 01/26/26		1,400			306,600

	Par (000’s		)	Value
China (continued)
6.65%, 08/03/24	$	1,400		$	336,000
7.00%, 07/09/25		1,700			382,500
7.50%, 02/01/24		1,500			363,750
7.95%, 10/11/23		2,000			525,000
Times China Holdings Ltd. Reg S
5.55%, 06/04/24		1,300			689,000
5.75%, 01/14/27		800			322,200
6.20%, 03/22/26		1,300			565,500
6.75%, 07/16/23		1,450			806,200
6.75%, 07/08/25		1,400			651,000
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23		800			784,000
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		1,700			1,436,373
Wanda Properties Overseas Ltd. Reg S 6.88%, 07/23/23		1,200			1,038,000
Wealth Driven Ltd. Reg S 5.50%, 08/17/23		1,100			1,086,250
Wens Foodstuffs Group Co. Ltd. Reg S 2.35%, 10/29/25		1,050			855,750
West China Cement Ltd. Reg S 4.95%, 07/08/26		1,800			1,631,790
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24		1,000			835,000
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23		1,400			1,411,900
Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23		1,200			1,214,460
Yinchuan Tonglian Capital Investment Operation Co. Ltd. Reg S 4.45%, 06/10/23		800			723,996
Yuzhou Group Holdings Co. Ltd. Reg S
6.00%, 10/25/23		1,400			206,500
6.35%, 01/13/27		1,000			140,000
7.38%, 01/13/26		1,300			162,500
8.30%, 05/27/25		1,000			135,250
8.38%, 10/30/24		800			110,000
Zhenro Properties Group Ltd. Reg S
6.63%, 01/07/26		800			76,000
9.15%, 05/06/23		600			60,000
					91,810,719
Colombia: 5.6%
Banco de Bogota SA 144A 6.25%, 05/12/26		3,858			3,831,052
Banco de Bogota SA Reg S 6.25%, 05/12/26		200			198,603

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Colombia (continued)
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31	$	1,350		$	1,235,230
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		2,100			1,960,959
Cable Onda SA 144A 4.50%, 01/30/30		1,900			1,779,112
Canacol Energy Ltd. 144A 5.75%, 11/24/28 †		1,800			1,634,562
Ecopetrol SA
4.12%, 01/16/25		3,875			3,754,061
4.62%, 11/02/31		4,050			3,391,348
5.38%, 06/26/26		4,850			4,778,511
5.88%, 09/18/23		5,818			5,900,703
5.88%, 05/28/45 †		6,550			5,162,088
5.88%, 11/02/51		2,450			1,869,693
6.88%, 04/29/30		6,200			6,133,071
7.38%, 09/18/43		2,733			2,493,421
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29		3,700			3,101,359
4.38%, 02/15/31		2,025			1,669,440
GCM Mining Corp. 144A 6.88%, 08/09/26		1,000			856,335
Geopark Ltd. 144A 5.50%, 01/17/27 †		1,700			1,534,445
Gilex Holding Sarl 144A 8.50%, 05/02/23		1,200			1,188,846
Grupo Aval Ltd. 144A 4.38%, 02/04/30		3,600			3,054,510
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		2,100			2,081,604
Oleoducto Central SA 144A 4.00%, 07/14/27		1,550			1,404,579
Oleoducto Central SA Reg S 4.00%, 07/14/27 †		200			181,236
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27		1,300			1,169,246
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 †		1,900			1,906,194
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		1,828			1,778,468
Termocandelaria Power Ltd. Reg S 7.88%, 01/30/29		170			165,439
					64,214,115
Costa Rica: 0.3%
Banco Nacional de Costa Rica 144A 6.25%, 11/01/23		1,200			1,237,848
Instituto Costarricense de Electricidad 144A

	Par (000’s		)	Value
Costa Rica (continued)
6.38%, 05/15/43	$	1,800		$	1,483,164
6.75%, 10/07/31		1,100			1,100,775
Instituto Costarricense de Electricidad Reg S 6.38%, 05/15/43		100			82,398
					3,904,185
Cyprus: 0.2%
MHP Lux SA 144A
6.25%, 09/19/29		1,150			603,750
6.95%, 04/03/26		1,625			804,375
MHP SE 144A 7.75%, 05/10/24		1,825			990,062
					2,398,187
Czech Republic: 0.1%
Energo-Pro AS 144A 8.50%, 02/04/27		1,500			1,440,000
Dominican Republic: 0.1%
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		1,100			981,750
El Salvador: 0.1%
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24		1,050			1,050,346
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24		200			200,066
					1,250,412
France: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		1,100			1,066,373
Georgia: 0.3%
Georgia Capital JSC 144A 6.12%, 03/09/24		200			194,500
Georgia Capital JSC Reg S 6.12%, 03/09/24		1,100			1,069,750
Georgian Railway JSC 144A 4.00%, 06/17/28		1,800			1,545,840
Silknet JSC 144A 8.38%, 01/31/27		1,000			977,500
					3,787,590
Ghana: 0.4%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 †		2,100			2,055,060
Tullow Oil Plc 144A 7.00%, 03/01/25		2,900			2,369,373
					4,424,433
Greece: 0.2%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25		1,875			1,916,447
Guatemala: 0.4%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		1,100			1,047,415

See Notes to Financial Statements

	Par (000’s		)	Value
Guatemala (continued)
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29	$	4,000		$	3,805,140
Energuate Trust Reg S 5.88%, 05/03/27		200			194,183
					5,046,738
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		1,000			981,345
Hong Kong: 4.1%
Agile Group Holdings Ltd. Reg S
6.05%, 10/13/25 †		1,250			422,187
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)		1,100			250,800
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)		1,550			352,625
Bank of East Asia Ltd. Reg S
5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		2,300			2,308,625
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o)		2,350			2,370,563
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o)		2,800			2,625,000
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		1,800			1,386,720
4.85%, 01/27/28		1,800			1,287,000
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)		2,150			2,055,599
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		1,300			1,251,315
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		1,100			1,028,500
Easy Tactic Ltd. Reg S
11.62%, 09/03/24		800			169,200
11.75%, 08/02/23		2,100			459,900
Fortune Star BVI Ltd. Reg S
5.00%, 05/18/26		1,600			1,382,720
5.05%, 01/27/27		1,600			1,360,960
Franshion Brilliant Ltf. 4.88%, 06/21/24		400			321,924
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24		1,500			1,391,250
Hopson Development Holdings Ltd. Reg S

	Par (000’s		)	Value
Hong Kong (continued)
7.00%, 05/18/24	$	800		$	632,000
Jiayuan International Group Ltd. Reg S 12.50%, 07/21/23		600			202,020
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25		3,600			3,223,206
5.25%, 04/26/26		1,750			1,535,336
5.38%, 12/04/29		4,175			3,361,752
5.62%, 07/17/27		2,220			1,898,355
5.75%, 07/21/28		3,175			2,683,796
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25		900			690,750
RKPF Overseas 2020 A Ltd. Reg S
5.12%, 07/26/26		1,400			1,016,720
5.20%, 01/12/26		1,400			1,022,959
Seaspan Corp. 144A 5.50%, 08/01/29		2,500			2,210,625
Seaspan Corp. 144A Reg S 6.50%, 04/29/26		1,200			1,227,000
Studio City Finance Ltd. 144A
5.00%, 01/15/29		4,000			2,764,820
6.00%, 07/15/25		1,750			1,478,260
6.50%, 01/15/28		1,950			1,533,305
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		1,450			1,337,625
					47,243,417
India: 5.7%
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24		3,600			3,712,500
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		2,700			2,592,000
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		1,700			1,725,840
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24		200			203,040
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39		1,193			1,000,717
Bank of Baroda Reg S 3.88%, 04/04/24		1,050			1,049,568
Canara Bank Reg S 3.88%, 03/28/24		1,500			1,497,477
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		1,900			1,859,625
6.45%, 06/04/29		1,500			1,362,225

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
India (continued)
Delhi International Airport Ltd. Reg S 6.45%, 06/04/29	$	300		$	272,445
Future Retail Ltd. 144A 5.60%, 01/22/25		1,200			242,400
Future Retail Ltd. Reg S 5.60%, 01/22/25		200			40,400
GMR Hyderabad International Airport Ltd. 144A
4.25%, 10/27/27		1,300			1,183,000
4.75%, 02/02/26		1,100			1,059,025
5.38%, 04/10/24		1,000			1,007,000
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		1,400			1,334,200
5.45%, 10/22/26		1,000			971,645
India Green Energy Holdings 144A 5.38%, 04/29/24		1,150			1,134,311
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		2,509			2,187,522
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		1,500			1,350,435
JSW Steel Ltd. 144A
3.95%, 04/05/27		1,850			1,650,573
5.05%, 04/05/32		1,750			1,501,383
JSW Steel Ltd. Reg S
5.38%, 04/04/25		1,400			1,389,500
5.95%, 04/18/24		1,900			1,928,500
Muthoot Finance Ltd. 144A 4.40%, 09/02/23		2,050			2,036,675
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)		3,600			3,551,652
Periama Holdings LLC Reg S 5.95%, 04/19/26		2,750			2,709,850
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27		1,350			1,282,838
ReNew Power Pvt Ltd. Reg S 5.88%, 03/05/27		200			190,050
ReNew Power Synthetic 144A 6.67%, 03/12/24		1,950			1,979,250
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 †		2,150			1,877,379
Shriram Transport Finance Co. Ltd. 144A
4.15%, 07/18/25		1,700			1,559,835
4.40%, 03/13/24 †		2,800			2,672,502
5.10%, 07/16/23		1,700			1,675,869
Tata Motors Ltd. Reg S 5.88%, 05/20/25		1,100			1,107,557
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24		1,300			1,297,075
UPL Corp. Ltd. Reg S

	Par (000’s		)	Value
India (continued)
5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)	$	1,400		$	1,300,040
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26		2,200			1,829,278
13.88%, 01/21/24		3,550			3,690,065
Vedanta Resources Ltd. 144A
6.12%, 08/09/24		3,650			3,064,120
7.12%, 05/31/23		1,825			1,728,915
					65,808,281
Indonesia: 2.4%
Adaro Indonesia PT 144A 4.25%, 10/31/24 †		2,700			2,667,479
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		1,000			465,000
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		1,000			975,000
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		1,200			1,122,000
Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/10/26		200			187,000
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		2,000			1,963,510
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		1,000			972,000
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		1,823			1,798,900
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		2,450			2,465,312
Jababeka International BV 144A 6.50%, 10/05/23		1,090			915,600
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		1,350			1,289,250
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		2,425			2,271,922
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 †		2,100			2,082,979
Medco Oak Tree Pte Ltd. Reg S 7.38%, 05/14/26		300			297,568
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		1,800			1,783,089
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		1,550			1,469,943
Saka Energi Indonesia PT 144A 4.45%, 05/05/24		1,700			1,625,166
Star Energy Geothermal Wayang Windu Ltd. Reg S

See Notes to Financial Statements

	Par (000’s		)	Value
Indonesia (continued)
6.75%, 04/24/33	$	165		$	171,334
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26 †		1,600			1,510,400
8.12%, 01/22/25 †		1,450			1,457,250
					27,491,604
Ireland: 0.0%
PIK Securities DAC 144A 5.62%, 11/19/26		1,800			135,000
Isle of Man: 0.0%
Gold Fields Orogen Holdings BVI Ltd. Reg S 5.12%, 05/15/24		300			302,288
Israel: 3.2%
Leviathan Bond Ltd. 144A Reg S
5.75%, 06/30/23		1,850			1,845,375
6.12%, 06/30/25		2,150			2,142,475
6.50%, 06/30/27		2,175			2,150,531
6.75%, 06/30/30		2,000			1,977,312
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		2,275			2,154,061
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		4,175			4,054,155
3.15%, 10/01/26		9,750			8,375,884
4.10%, 10/01/46		5,525			3,955,016
6.00%, 04/15/24		3,617			3,621,557
6.75%, 03/01/28 †		3,600			3,661,425
7.12%, 01/31/25		2,900			2,942,021
					36,879,812
Kazakhstan: 0.3%
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42		3,225			3,279,019
Kuwait: 0.3%
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26		1,700			1,530,000
4.50%, 02/23/27		1,900			1,693,375
					3,223,375
Luxembourg: 2.3%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		1,000			908,045
AI Candelaria Spain SA 144A 7.50%, 12/15/28		1,100			1,067,654
Amaggi Luxembourg International Sarl Reg S 5.25%, 01/28/28		200			189,874
Consolidated Energy Finance SA 144A 5.62%, 10/15/28		1,900			1,760,017
CSN Resources SA 144A
4.62%, 06/10/31		1,350			1,139,299
5.88%, 04/08/32		700			624,750
Energean Israel Finance Ltd. 144A Reg S

	Par (000’s		)	Value
Luxembourg (continued)
4.50%, 03/30/24	$	2,300		$	2,241,235
4.88%, 03/30/26		2,300			2,143,945
5.38%, 03/30/28		2,275			2,100,109
5.88%, 03/30/31		2,175			1,963,481
Gol Finance SA 144A 8.00%, 06/30/26		1,100			961,290
Gol Finance SA Reg S 7.00%, 01/31/25		100			85,631
Hidrovias International Finance SARL 144A 4.95%, 02/08/31		800			645,712
Kenbourne Invest SA 144A 4.70%, 01/22/28 †		1,650			1,418,662
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31		3,050			2,658,685
MHP Lux SA Reg S 6.95%, 04/03/26		250			123,750
Minerva Luxembourg SA 144A 4.38%, 03/18/31 †		2,200			1,828,706
Movida Europe SA 144A 5.25%, 02/08/31 †		1,300			1,080,463
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29		1,000			972,500
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 †		1,000			962,525
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31		384			348,352
Puma International Financing SA Reg S
5.00%, 01/24/26		200			187,023
5.12%, 10/06/24		200			191,880
Rede D’or Finance Sarl Reg S 4.95%, 01/17/28		200			188,039
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 †		850			710,936
Tupy Overseas SA Reg S 4.50%, 02/16/31		200			167,437
Unigel Luxembourg SA Reg S 8.75%, 10/01/26		200			207,479
Usiminas International Sarl Reg S 5.88%, 07/18/26		200			200,232
					27,077,711
Macao: 0.2%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27		2,700			2,271,658
MGM China Holdings Ltd. Reg S 5.38%, 05/15/24		200			187,566
					2,459,224
Malta: 0.3%
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30 †		3,500			3,058,440

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Mauritius: 2.3%
Axian Telecom 144A 7.38%, 02/16/27	$	1,500		$	1,466,250
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		1,542			1,395,823
CA Magnum Holdings 144A 5.38%, 10/31/26		3,700			3,542,750
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		1,078			992,391
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27		196			180,435
Greenko Power II Ltd. 144A 4.30%, 12/13/28		3,500			3,093,125
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		2,500			2,451,250
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		3,300			3,335,970
India Airport Infra 144A 6.25%, 10/25/25 †		1,600			1,514,128
India Clean Energy Holdings 144A 4.50%, 04/18/27		1,350			1,157,625
India Cleantech Energy 144A 4.70%, 08/10/26		1,168			1,073,435
India Green Power Holdings 144A 4.00%, 02/22/27		1,550			1,349,740
India Green Power Holdings Reg S 4.00%, 02/22/27		200			174,160
India Toll Roads 144A 5.50%, 08/19/24		1,100			1,098,185
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		2,300			2,208,575
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) †		1,700			1,572,797
Network i2i Ltd. Reg S 5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 1/15/2025 (o)		100			98,657
					26,705,296
Mexico: 7.2%
Alsea SAB de CV 144A 7.75%, 12/14/26		1,900			1,910,108
Axtel SAB de CV 144A 6.38%, 11/14/24		1,518			1,519,397
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31		1,800			1,667,268
Braskem Idesa SAPI 144A 6.99%, 02/20/32		4,350			3,911,455

	Par (000’s		)	Value
Mexico (continued)
Braskem Idesa SAPI Reg S 7.45%, 11/15/29	$	300		$	281,416
Cemex SAB de CV 144A 3.88%, 07/11/31		6,050			5,140,685
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)		3,600			3,294,000
5.20%, 09/17/30		3,050			2,878,864
5.45%, 11/19/29		3,250			3,124,875
7.38%, 06/05/27		3,300			3,477,820
Cemex SAB de CV Reg S 7.38%, 06/05/27		400			421,554
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31		2,200			1,777,974
Credito Real SAB de CV SOFOM ER 144A
8.00%, 01/21/28		1,300			211,230
9.50%, 02/07/26		900			160,947
Cydsa SAB de CV 144A 6.25%, 10/04/27		1,600			1,514,280
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26		1,200			1,063,620
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26		1,150			1,054,389
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o)		1,800			1,811,043
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		1,585			1,529,256
Metalsa SAPI de CV 144A 3.75%, 05/04/31		1,050			878,603
Mexarrend SAPI de CV 144A 10.25%, 07/24/24		1,050			619,537
Nemak SAB de CV 144A 3.62%, 06/28/31		1,900			1,553,326
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 †		1,700			1,074,324
Petroleos Mexicanos
4.25%, 01/15/25		475			458,418
4.50%, 01/23/26		925			865,388
4.62%, 09/21/23		625			623,544
4.88%, 01/18/24 †		500			497,998
5.35%, 02/12/28		1,375			1,222,911
5.50%, 06/27/44 †		525			360,662
5.62%, 01/23/46		650			447,320
5.95%, 01/28/31 †		2,600			2,191,891
6.35%, 02/12/48 †		1,300			914,244
6.38%, 01/23/45		900			646,636
6.49%, 01/23/27		1,150			1,105,604
6.50%, 03/13/27		2,800			2,679,992
6.50%, 01/23/29 †		875			806,549
6.50%, 06/02/41		1,050			784,219
6.62%, 06/15/35		1,900			1,544,244
6.62%, 06/15/38		350			270,851

See Notes to Financial Statements

	Par (000’s		)	Value
Mexico (continued)
6.70%, 02/16/32	$	4,915		$	4,244,766
6.75%, 09/21/47		3,950			2,862,447
6.84%, 01/23/30		1,900			1,735,023
6.88%, 10/16/25		825			834,681
6.88%, 08/04/26		1,750			1,741,574
6.95%, 01/28/60		2,750			1,999,181
7.69%, 01/23/50		5,725			4,485,165
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25		900			863,753
Sixsigma Networks Mexico SA de CV Reg S 7.50%, 05/02/25		200			191,945
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28 †		1,900			1,585,227
7.50%, 11/12/25		1,900			1,765,917
Total Play Telecomunicaciones SA de CV Reg S
6.38%, 09/20/28		200			166,866
7.50%, 11/12/25		200			185,886
Unifin Financiera SAB de CV 144A
7.00%, 01/15/25		1,550			954,002
7.25%, 09/27/23		1,100			793,100
8.38%, 01/27/28		1,500			918,000
9.88%, 01/28/29		2,050			1,269,483
					82,893,458
Mongolia: 0.2%
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23		1,900			1,888,176
Mongolian Mining Corp./Energy Resources LLC 144A 9.25%, 04/15/24		1,400			1,008,448
					2,896,624
Morocco: 1.0%
OCP SA 144A
3.75%, 06/23/31		2,750			2,334,467
4.50%, 10/22/25		1,925			1,934,686
5.12%, 06/23/51		2,600			2,019,186
5.62%, 04/25/24		2,750			2,830,091
6.88%, 04/25/44		2,150			2,080,125
					11,198,555
Netherlands: 0.8%
Braskem Netherlands Finance BV Reg S 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		250			259,538
Coruripe Netherlands BV 144A 10.00%, 02/10/27		550			477,125
Greenko Dutch BV 144A 3.85%, 03/29/26		3,298			3,010,744
Metinvest BV Reg S 7.75%, 10/17/29		200			112,000
Teva Pharmaceutical Finance Netherlands III BV

	Par (000’s		)	Value
Netherlands (continued)
4.75%, 05/09/27	$	2,650		$	2,428,062
5.12%, 05/09/29 †		2,875			2,614,209
					8,901,678
Nigeria: 0.7%
Access Bank Plc 144A
6.12%, 09/21/26		1,700			1,607,401
9.12% (US Treasury Yield Curve Rate T 5 Year+8.07%), 10/7/2026 (o)		200			183,000
EBN Finance Co. BV 144A 7.12%, 02/16/26		1,100			1,044,725
Fidelity Bank Plc 144A 7.62%, 10/28/26		1,400			1,329,160
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		1,200			1,204,848
Seplat Energy Plc 144A 7.75%, 04/01/26		2,300			2,193,211
United Bank for Africa Plc 144A 6.75%, 11/19/26		1,100			1,051,875
					8,614,220
Oman: 1.6%
Bank Muscat SAOG Reg S 4.75%, 03/17/26		1,800			1,801,177
Lamar Funding Ltd. 144A 3.96%, 05/07/25 †		3,250			3,168,211
Lamar Funding Ltd. Reg S 3.96%, 05/07/25		350			341,192
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		1,750			1,788,031
National Bank of Oman SAOG Reg S 5.62%, 09/25/23		1,850			1,874,291
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		1,800			1,769,814
OQ SAOC 144A 5.12%, 05/06/28		2,700			2,631,604
Oztel Holdings SPC Ltd. 144A
5.62%, 10/24/23		2,075			2,095,984
6.62%, 04/24/28		3,275			3,408,410
					18,878,714
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		1,800			1,160,100
Panama: 0.4%
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)		1,400			1,355,102
Banistmo SA 144A 4.25%, 07/31/27		1,400			1,331,953
Cable Onda SA Reg S 4.50%, 01/30/30		200			187,275
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29		1,450			1,369,257
					4,243,587

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25	$	1,200		$	1,094,250
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		1,000			873,070
					1,967,320
Peru: 2.3%
Auna SAA 144A 6.50%, 11/20/25		1,000			950,430
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29		1,200			1,207,356
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		975			915,418
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29		1,175			1,180,088
Camposol SA 144A 6.00%, 02/03/27		1,200			1,101,732
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		2,000			1,836,320
Corp. Financiera de Desarrollo SA 144A 5.25% (ICE LIBOR USD 3 Month+5.61%), 07/15/29		1,100			1,079,859
InRetail Consumer 144A 3.25%, 03/22/28		1,900			1,679,419
InRetail Consumer Reg S 3.25%, 03/22/28		200			176,781
InRetail Shopping Malls 144A 5.75%, 04/03/28		1,375			1,368,125
Minsur SA 144A 4.50%, 10/28/31 †		1,800			1,618,191
Peru LNG Srl 144A 5.38%, 03/22/30		2,500			2,153,275
Peru LNG Srl Reg S 5.38%, 03/22/30		800			689,048
Petroleos del Peru SA 144A 4.75%, 06/19/32		3,475			2,825,349
5.62%, 06/19/47		7,450			5,426,170
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		1,300			1,129,609
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		1,700			1,523,667
					26,860,837
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)		1,200			1,167,098

	Par (000’s		)	Value
Poland: 0.3%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25	$	1,425		$	1,319,458
3.88%, 11/15/29		2,975			2,558,812
					3,878,270
Qatar: 0.2%
QNB Finansbank AS 144A 6.88%, 09/07/24		2,400			2,478,444
Russia: 0.1%
Evraz Plc 144A
5.25%, 04/02/24		500			240,000
5.38%, 03/20/23		675			337,500
VEON Holdings BV 144A
3.38%, 11/25/27		500			320,000
4.00%, 04/09/25		400			271,200
					1,168,700
Saudi Arabia: 0.5%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		1,800			1,773,090
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		2,150			2,185,871
6.88%, 02/26/27		1,400			1,412,341
					5,371,302
Singapore: 2.3%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		1,973			1,823,399
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		3,400			3,041,300
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		800			711,353
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26		1,400			1,372,000
Greenko Investment Co. 144A 4.88%, 08/16/23		1,800			1,782,450
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25 †		1,900			1,875,205
5.95%, 07/29/26		2,000			1,960,000
Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24		300			296,034
Inkia Energy Ltd. 144A 5.88%, 11/09/27		2,266			2,142,786
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28		1,400			1,311,854
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		2,000			1,968,683
Puma International Financing SA 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Singapore (continued)
5.00%, 01/24/26	$	2,500		$	2,337,788
5.12%, 10/06/24		1,900			1,822,860
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		1,604			1,670,505
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		1,300			1,199,315
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24		1,200			1,176,000
					26,491,532
South Africa: 2.9%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28		3,550			3,513,840
6.75%, 08/06/23		3,700			3,612,909
7.12%, 02/11/25		4,425			4,239,814
8.45%, 08/10/28		2,000			1,929,790
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		1,700			1,547,000
Gold Fields Orogen Holdings BVI Ltd. 144A
5.12%, 05/15/24		1,450			1,461,056
6.12%, 05/15/29		1,800			1,902,303
Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23		1,600			1,615,600
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24		2,775			2,764,655
6.50%, 10/13/26		1,750			1,820,515
Sasol Financing USA LLC
5.88%, 03/27/24		5,425			5,409,457
6.50%, 09/27/28		2,775			2,759,363
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29		1,400			1,415,631
					33,991,933
South Korea: 0.3%
SK Innovation Co. Ltd. Reg S 4.12%, 07/13/23		1,800			1,808,127
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)		2,050			2,016,687
					3,824,814
Spain: 0.7%
AES Andres BV 144A 5.70%, 05/04/28		1,000			918,522
AI Candelaria Spain SA 144A 5.75%, 06/15/33		1,950			1,626,826
AI Candelaria Spain SA Reg S
5.75%, 06/15/33		300			250,281
7.50%, 12/15/28		200			194,119
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		1,550			1,518,000

	Par (000’s		)	Value
Spain (continued)
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30	$	1,800		$	1,621,800
International Airport Finance SA 144A 12.00%, 03/15/33		1,219			1,276,509
International Airport Finance SA Reg S 12.00%, 03/15/33		198			206,890
					7,612,947
Switzerland: 0.1%
Consolidated Energy Finance SA 144A 6.50%, 05/15/26		1,550			1,584,945
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40		1,100			1,171,451
Thailand: 0.6%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		4,100			3,741,353
Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		200			182,505
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		3,000			2,765,510
					6,689,368
Togo: 0.2%
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24		1,600			1,663,552
Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24		200			207,944
					1,871,496
Trinidad and Tobago: 0.6%
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		1,200			1,182,510
National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36		300			295,627
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		1,050			1,050,352
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		2,200			2,153,470
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26		2,150			2,234,624
					6,916,583

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Turkey: 5.9%
Akbank TAS 144A 5.12%, 03/31/25	$	1,750		$	1,649,170
6.80%, 02/06/26		1,450			1,396,955
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31		1,900			1,766,923
Akbank TAS Reg S 6.80%, 02/06/26		200			192,683
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 †		1,900			1,576,342
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		2,500			2,066,000
Aydem Yenilenebilir Enerji AS Reg S 7.75%, 02/02/27		200			165,280
KOC Holding AS 144A 6.50%, 03/11/25		2,800			2,807,672
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		1,400			1,303,960
Mersin Uluslararasi Liman Isletmeciligi AS Reg S 5.38%, 11/15/24		200			196,868
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		1,300			1,285,362
TC Ziraat Bankasi AS 144A
5.12%, 09/29/23		1,750			1,722,228
5.38%, 03/02/26		2,250			2,061,524
Turk Telekomunikasyon AS 144A
4.88%, 06/19/24		1,750			1,674,592
6.88%, 02/28/25		1,780			1,745,806
Turkcell Iletisim Hizmetleri AS 144A
5.75%, 10/15/25		1,700			1,619,051
5.80%, 04/11/28		1,800			1,623,078
Turkiye Ihracat Kredi Bankasi AS 144A
5.38%, 10/24/23		1,450			1,429,570
5.75%, 07/06/26		2,800			2,548,140
6.12%, 05/03/24		1,750			1,710,009
8.25%, 01/24/24		1,900			1,943,634
Turkiye Ihracat Kredi Bankasi AS Reg S 5.38%, 10/24/23		300			295,773
Turkiye Is Bankasi AS 144A
6.12%, 04/25/24		4,700			4,650,913
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28		1,800			1,769,670
7.85%, 12/10/23		1,300			1,323,926
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		2,650			2,634,497

	Par (000’s		)	Value
Turkey (continued)
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24	$	2,500		$	2,384,750
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		1,200			1,111,781
6.00%, 01/23/25		1,400			1,351,199
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26		2,475			2,420,738
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25		2,600			2,435,347
5.50%, 10/01/26 †		1,750			1,569,724
6.50%, 01/08/26		2,750			2,593,660
8.12%, 03/28/24		2,050			2,080,836
Turkiye Vakiflar Bankasi TAO Reg S 8.12%, 03/28/24		200			203,008
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		2,200			1,895,300
Ulker Biskuvi Sanayi AS Reg S 6.95%, 10/30/25		200			172,300
Yapi ve Kredi Bankasi AS 144A
5.85%, 06/21/24		1,750			1,716,813
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31		1,700			1,664,334
8.25%, 10/15/24		1,825			1,875,819
Yapi ve Kredi Bankasi AS Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31		200			195,804
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26		950			807,500
					67,638,539
Ukraine: 0.7%
Kernel Holding SA 144A
6.50%, 10/17/24		1,100			595,375
6.75%, 10/27/27		1,050			577,500
Metinvest BV 144A
7.65%, 10/01/27		1,200			650,160
7.75%, 10/17/29		1,500			840,000
8.50%, 04/23/26		1,600			904,000
Metinvest BV Reg S 8.50%, 04/23/26		200			113,000
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26		1,700			543,754
NPC Ukrenergo 144A 6.88%, 11/09/26		2,800			980,000
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28		2,400			759,000
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24		2,800			798,000

See Notes to Financial Statements

	Par (000’s		)	Value
Ukraine (continued)
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25	$	1,400		$	756,000
					7,516,789
United Arab Emirates: 2.3%
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 1/22/2025 (o)		2,750			2,854,844
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)		5,450			5,541,369
Emaar Sukuk Ltd. Reg S
3.63%, 09/15/26		2,500			2,459,975
3.88%, 09/17/29		2,900			2,859,038
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o)		3,700			3,746,250
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		3,200			3,196,336
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)		1,600			1,626,000
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25 †		3,125			2,606,281
8.88%, 11/15/24 †		1,200			1,225,734
					26,115,827
United Kingdom: 1.7%
Bidvest Group UK Plc 144A 3.62%, 09/23/26		3,000			2,763,825
Endeavour Mining Plc 144A 5.00%, 10/14/26 †		1,900			1,747,126
IHS Holding Ltd. 144A
5.62%, 11/29/26		1,900			1,814,025
6.25%, 11/29/28		1,900			1,800,383
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26		1,195			1,266,946
Polyus Finance Plc 144A 3.25%, 10/14/28		300			82,500
Polyus Finance Plc Reg S 3.25%, 10/14/28		200			55,000
Tullow Oil Plc 144A 10.25%, 05/15/26		6,475			6,436,862
Ukraine Railways Via Rail Capital Markets Plc Reg S 7.88%, 07/15/26		200			53,000
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 †		4,100			3,902,503
Vedanta Resources Finance II Plc Reg S

	Par (000’s		)	Value
United Kingdom (continued)
8.95%, 03/11/25	$	250		$	237,958
					20,160,128
United States: 4.1%			&n