	ANNUAL REPORT April 30, 2023

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


	800.826.2333	vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison
BDC Income ETF	7
China Bond ETF	8
Dynamic High Income ETF	9
Emerging Markets High Yield Bond ETF	10
Fallen Angel High Yield Bond ETF	11
Green Bond ETF	12
IG Floating Rate ETF	13
International High Yield Bond ETF	14
J.P. Morgan EM Local Currency Bond ETF	15
Moody’s Analytics BBB Corporate Bond ETF	16
Moody’s Analytics IG Corporate Bond ETF	17
Mortgage REIT Income ETF	18
Preferred Securities ex Financials ETF	19
About Fund Performance	20
Explanation of Expenses	21
Schedule of Investments
BDC Income ETF	23
China Bond ETF	24
Dynamic High Income ETF	26
Emerging Markets High Yield Bond ETF	28
Fallen Angel High Yield Bond ETF	42
Green Bond ETF	46
IG Floating Rate ETF	54
International High Yield Bond ETF	59
J.P. Morgan EM Local Currency Bond ETF	78
Moody’s Analytics BBB Corporate Bond ETF	84
Moody’s Analytics IG Corporate Bond ETF	88
Mortgage REIT Income ETF	93
Preferred Securities ex Financials ETF	94
Statements of Assets and Liabilities	98
Statements of Operations	102
Statements of Changes in Net Assets	106
Financial Highlights
BDC Income ETF	113
China Bond ETF	114
Dynamic High Income ETF	115
Emerging Markets High Yield Bond ETF	116
Fallen Angel High Yield Bond ETF	117
Green Bond ETF	118
IG Floating Rate ETF	119
International High Yield Bond ETF	120
J.P. Morgan EM Local Currency Bond ETF	121
Moody’s Analytics BBB Corporate Bond ETF	122
Moody’s Analytics IG Corporate Bond ETF	123
Mortgage REIT Income ETF	124
Preferred Securities ex Financials ETF	125
Notes to Financial Statements	126
Report of Independent Registered Public Accounting Firm	137
Tax Information	139
Board of Trustees and Officers	141
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, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

April 30, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This is still my view despite events in the last few months, discussed at the end of this letter.

Discussion

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

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

1. Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.3 trillion in March.¹The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

2. Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy. (See What to Buy? Bonds. When? Now.²) Because of higher interest rates, bonds

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

Outlook

My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.

The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

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, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

May 17, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.³Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 Barron’s: The Fed’s Balance Sheet Is Shrinking Again. What That Means for Stocks., April 26, 2023, https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0

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

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

VANECK ETF TRUST

MANAGEMENT DISCUSSION

April 30, 2023 (unaudited)

CORPORATE BOND

Fallen Angel Bonds

VanEck Fallen Angel High Yield Bond ETF, which gained 0.59% 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 approximately 200 basis points annually.¹

Energy sector bonds (which is the ETF’s largest sector exposure) were the biggest contributors, followed by those in the leisure sector, during the period under review. The banking and retail sectors detracted the most from performance.

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 have increased by approximately 500 basis points since the beginning of 2022, coinciding with the Federal Reserve’s aggressive rate hikes over the period, with 3-month USD Libor rising to 5.30% on April 28, 2023 compared to 1.33% one year earlier. VanEck IG Floating Rate ETF (the re-named VanEck Investment Grade Floating Rate ETF) gained 3.61% 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, 2023, the portfolio had a weight of approximately 75% in SOFR linked bonds.

All sectors provided positive returns, with the financial sector contributing the most. The real estate sector (the ETF’s smallest sector exposure) contributed the least to 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 VanEck Moody’s Analytics IG Corporate Bond ETF and VanEck Moody’s Analytics BBB Corporate Bond ETF 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.

VanEck Moody’s Analytics IG Corporate Bond ETF was up 1.22%. While the consumer goods sector provided the greatest contribution to the fund’s return, while the energy sector detracted the most. VanEck Moody’s Analytics BBB Corporate Bond ETF was up 1.70%, also with the consumer goods sector contributing the most to performance. The energy sector also detracted the most.

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 lost 2.60% for the 12 month period, with the fund impacted negatively by recession fears and credit concerns in the US despite resiliency in terms of defaults and non-accruals.

While companies in the very largest market capitalization ranges contributed the most, those in the very smallest detracted the most.

VANECK ETF TRUST

MANAGEMENT DISCUSSION (unaudited) (continued)

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, 2023. The inverted yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Widespread concerns in commercial real estate has also put pressure on the fund’s portfolio. VanEck Mortgage REIT Income ETF lost 16.95% for the 12 month period.

While companies across the range of capitalizations detracted from performance, those in the ranges between the largest and the smallest 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, 2023, VanEck Preferred Securities ex Financials ETF registered a loss of 2.50%. The utility sector contributed most to the fund’s performance, while the technology and electronics sector 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 $20.9 trillion.² While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. 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 loss of 0.80% over the 12 month period ending April 30, 2023. Only the consumer cyclicals sector contributed positively to performance and then only minimally. The financial sector detracted 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 gain of 5.13% over the 12 month period.

While bonds denominated in Mexican peso and Polish zloty contributed the most positively to the fund’s total return, of other bonds those denominated in Egyptian pounds were by far the greatest detractors from performance, reflecting the devaluation of the currency since moving to a flexible exchange rate following a financing agreement with the International Monetary Fund in 2022.

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 0.56% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Turkish bonds and those from Macau were the greatest contributors. Issuers from China were the greatest detractors from performance. Leisure bonds contributed the most to total return, while the real estate sector detracted the most from 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 gained 0.78%. Bonds from leisure sector, followed by those from the utility and banking sectors, contributed the most to the fund’s total return. The real estate sector detracted by far the most from performance. Bonds denominated Euro contributed the most, whilst those in U.S. dollars detracted the most. Italian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese 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 with the exception of 2022 amid global interest rate volatility, and the first three months of 2023 was the busiest quarter for issuance on record. 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 gained 0.41% for the 12 month period. From a country of risk perspective, issuers from Japan contributed the most positively to total return. Bonds from the U.S. detracted the most from performance. Financial-related bonds were the greatest contributors to returns and real estate-related bonds detracted the most from performance.

MULTI-ASSET INCOME

VanEck Dynamic High Income ETF seeks to provide high current income with consideration for capital appreciation by investing, under normal circumstances, in exchange-traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.

The fund traded for just short of six months. However, in the period in which it did trade before its fiscal year end, the fund was up 6.47% versus 9.58% for the ICE BofA Global High Yield Corporate & Sovereign Index. Fallen angel bonds made the greatest contribution to performance and only mortgage REITs detracted from 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.

VANECK ETF TRUST

MANAGEMENT DISCUSSION (unaudited) (continued)

1 Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofA US High Yield Index from 12/31/2003 to 4/30/2023. 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 2022

VANECK BDC INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBDCTRG¹	SPTR²
One Year	(2.54)%	(2.60)%	(2.60)%	2.66%
Five Year	8.48%	8.43%	8.39%	11.45%
Ten Year	5.74%	5.75%	5.78%	12.20%


¹	MVIS® US Business Development Companies Index (MVBDCTRG) 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 MVBDCTRG Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act.

	Index data prior to June 19, 2023 reflects that of the MVIS® US Business Development Companies Index (MVBIZDTG). From June 19, 2023 forward, the index data reflects that of the Fund’s underlying index MVBDCTRG. Index history which includes periods prior to June 19, 2023 links the performance of MVBIZDTG and MVBDCTRG and is not intended for third party use.

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.

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 20 for more information.

VANECK CHINA BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	CHQU01TR¹	US00²	LBUSTRUU³
One Year	(2.29)%	(0.80)%	(0.70)%	(0.57)%	(0.43)%
Five Year	1.73%	2.02%	2.78%	1.19%	1.18%
Life*	1.78%	2.01%	2.83%	1.35%	1.33%


^*	Inception 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 CHQU01TR for all periods presented reflect the stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.

²	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	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 20 for more information.

VANECK DYNAMIC HIGH INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	HG00¹
Life*	6.50%	6.47%	9.58%


^*	Inception of Fund: 11/1/22; First Day of Secondary Market Trading: 11/2/22.

¹	The ICE BofA Global High Yield Corporate & Sovereign Index (HG00) tracks the performance of the below investment grade global debt markets denominated in the major developed market currencies.

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.

See “About Fund Performance” on page 20 for more information.

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	EMLH¹	US00²	LBUSTRUU³
One Year	0.85%	(0.56)%	(0.10)%	(0.57)%	(0.43)%
Five Year	0.73%	0.51%	0.50%	1.19%	1.18%
Ten Year	2.23%	2.19%	2.49%	1.34%	1.32%


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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.

³	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 20 for more information.

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	H0CF¹	US00²	LBUSTRUU³
One Year	1.67%	0.59%	0.93%	(0.57)%	(0.43)%
Five Year	4.01%	3.94%	4.42%	1.19%	1.18%
Ten Year	5.51%	5.57%	6.23%	1.34%	1.32%


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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.

³	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 20 for more information.

VANECK GREEN BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	SPGRUSST¹	US00²	LBUSTRUU³
One Year	1.07%	0.41%	0.29%	(0.57)%	(0.43)%
Five Year	(0.33)%	(0.32)%	(0.01)%	1.19%	1.18%
Life*	1.14%	1.11%	1.52%	1.14%	1.13%


^*	Inception 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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	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 20 for more information.

VANECK IG FLOATING RATE ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVFLTR¹	US00²	LBUSTRUU³
One Year	3.66%	3.61%	3.30%	(0.57)%	(0.43)%
Five Year	2.00%	2.02%	2.13%	1.19%	1.18%
Ten Year	1.67%	1.68%	1.95%	1.34%	1.32%


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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.

³	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 20 for more information.

VANECK INTERNATIONAL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	HXUS¹	US00²	LBUSTRUU³
One Year	1.77%	0.78%	1.24%	(0.57)%	(0.43)%
Five Year	0.34%	0.20%	0.43%	1.19%	1.18%
Ten Year	1.98%	1.96%	2.47%	1.34%	1.32%


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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.

³	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 20 for more information.

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	GBIEMCOR¹	US00²	LBUSTRUU³
One Year	5.34%	5.13%	5.73%	(0.57)%	(0.43)%
Five Year	(2.32)%	(2.39)%	(2.01)%	1.19%	1.18%
Ten Year	(2.32)%	(2.33)%	(1.84)%	1.34%	1.32%


¹	J.P. Morgan GBI-EM Global 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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.

³	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 20 for more information.

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBI¹	US00²	LBUSTRUU³
One Year	2.07%	1.70%	1.99%	(0.57)%	(0.43)%
Life*	(4.10)%	(4.15)%	(4.24)%	(4.70)%	(4.65)%


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

¹	MVIS® Moody’s Analytics® US BBB 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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.

³	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 20 for more information.

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVCI¹	US00²	LBUSTRUU³
One Year	1.50%	1.22%	1.33%	(0.57)%	(0.43)%
Life*	(4.20)%	(4.25)%	(4.34)%	(4.70)%	(4.65)%


^*	Inception 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	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.

³	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 20 for more information.

VANECK MORTGAGE REIT INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVMORTTG¹	SPTR²
One Year	(17.17)%	(16.95)%	(16.72)%	2.66%
Five Year	(4.77)%	(4.70)%	(4.46)%	11.45%
Ten Year	(0.21)%	(0.17)%	0.16%	12.20%


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 20 for more information.

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price	NAV	PFAN¹	SPTR²
One Year	(2.25)%	(2.50)%	(1.75)%	2.66%
Five Year	3.96%	4.03%	4.45%	11.45%
Ten Year	4.17%	4.19%	4.33%	12.20%


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

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 20 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, if any. 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.

MVBDCTRG, 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).

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, 2022 to April 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2022 - April 30, 2023(a)
BDC Income ETF
Actual	$1,000.00	$1,048.30	0.43%	$2.18
Hypothetical (b)	$1,000.00	$1,022.66	0.43%	$2.16
China Bond ETF
Actual	$1,000.00	$1,073.70	0.54%	$2.78
Hypothetical (b)	$1,000.00	$1,022.12	0.54%	$2.71
Dynamic High Income ETF
Actual (c)	$1,000.00	$1,064.70	0.10%	$0.51
Hypothetical (b)	$1,000.00	$1,024.30	0.10%	$0.50
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$1,132.30	0.40%	$2.11
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$1,067.50	0.35%	$1.79
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
Green Bond ETF
Actual	$1,000.00	$1,072.60	0.20%	$1.03
Hypothetical (b)	$1,000.00	$1,023.80	0.20%	$1.00
IG Floating Rate ETF
Actual	$1,000.00	$1,035.50	0.14%	$0.71
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, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2022 - April 30, 2023(a)
International High Yield Bond ETF
Actual	$1,000.00	$1,132.90	0.40%	$2.12
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$1,148.00	0.30%	$1.60
Hypothetical (b)	$1,000.00	$1,023.31	0.30%	$1.51
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$1,098.60	0.25%	$1.30
Hypothetical (b)	$1,000.00	$1,023.55	0.25%	$1.25
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$1,093.30	0.20%	$1.04
Hypothetical (b)	$1,000.00	$1,023.80	0.20%	$1.00
Mortgage REIT Income ETF
Actual	$1,000.00	$985.60	0.44%	$2.17
Hypothetical (b)	$1,000.00	$1,022.61	0.44%	$2.21
Preferred Securities ex Financials ETF
Actual	$1,000.00	$1,079.50	0.41%	$2.11
Hypothetical (b)	$1,000.00	$1,022.76	0.41%	$2.06


^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses
^(c)	Expenses are equal to the Fund’s annualized expense ratio (for the period from November 2, 2022 (commencement of operations) to April 30, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Number of Shares		Value
COMMON STOCKS: 100.1%
Financial Services: 100.1%
Ares Capital Corp.		6,323,954	$	116,866,670
Bain Capital Specialty Finance, Inc. †		649,064		7,600,539
Barings BDC, Inc.		1,367,941		10,423,710
BlackRock TCP Capital Corp. †		841,677		8,450,437
Blackstone Secured Lending Fund †		1,080,560		27,878,448
Capital Southwest Corp. †		503,528		9,128,963
Carlyle Secured Lending, Inc. †		686,621		9,660,757
CION Investment Corp. †		807,570		7,655,764
Fidus Investment Corp. †		346,703		6,500,681
FS KKR Capital Corp. †		4,087,324		76,882,564
Gladstone Investment Corp. †		487,444		6,731,602
Goldman Sachs BDC, Inc. †		1,499,202		20,838,908
Golub Capital BDC, Inc. †		2,018,293		27,206,590
Hercules Capital, Inc. †		1,790,965		23,712,377
Main Street Capital Corp. †		664,768		26,936,399
MidCap Financial Investment Corp. †		953,633		10,795,125
New Mountain Finance Corp. †		1,338,304		15,912,434
Oaktree Specialty Lending Corp.		1,044,444		19,719,103
Owl Rock Capital Corp. †		5,316,492		69,008,066

	Number of Shares		Value
Financial Services (continued)
PennantPark Floating Rate Capital Ltd. †		680,436	$	7,382,731
Prospect Capital Corp. †		3,746,296		25,512,276
Sixth Street Specialty Lending, Inc.		1,126,556		20,593,444
SLR Investment Corp. †		683,585		9,905,147
Trinity Capital, Inc. †		508,812		6,187,154
TriplePoint Venture Growth BDC Corp.		515,033		6,113,442
Total Common Stocks (Cost: $617,312,326)				577,603,331

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 16.0%
Money Market Fund: 16.0% (Cost: $92,435,917)
State Street Navigator Securities Lending Government Money Market Portfolio		92,435,917		92,435,917
Total Investments: 116.1% (Cost: $709,748,243)				670,039,248
Liabilities in excess of other assets: (16.1)%				(92,786,304)
NET ASSETS: 100.0%			$	577,252,944

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $141,163,568.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments			Value
Financials		100.0%			$	577,603,331

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	577,603,331	$	—	$	—	$	577,603,331
Money Market Fund		92,435,917		—		—		92,435,917
Total Investments	$	670,039,248	$	—	$	—	$	670,039,248

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)	Value
CORPORATE BONDS: 74.7%
Basic Materials: 6.7%
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25	CNY	10,000		$	1,455,277
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25	CNY	10,000			1,458,961
					2,914,238
Consumer Cyclicals: 1.7%
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26	CNY	4,900			723,889
Energy: 4.5%
PetroChina Co. Ltd. 3.50%, 01/19/26	CNY	3,490			512,184
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25	CNY	10,000			1,456,721
					1,968,905
Financials: 40.4%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	2,930			420,566
2.96%, 04/17/30	CNY	4,000			578,292
3.24%, 08/14/24	CNY	2,400			350,004
3.63%, 07/19/26	CNY	2,700			401,330
3.74%, 07/12/29	CNY	2,740			414,160
3.75%, 01/25/29	CNY	2,620			395,212
3.79%, 10/26/30	CNY	1,110			169,142
3.85%, 01/06/27	CNY	3,410			511,053
4.39%, 09/08/27	CNY	3,270			502,497
4.65%, 05/11/28	CNY	1,360			212,842
4.98%, 01/12/25	CNY	2,640			396,587
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.40%, 10/24/24	CNY	10,000			1,450,021
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27	CNY	10,000			1,511,748
China Development Bank
3.18%, 04/05/26	CNY	4,850			710,366
3.30%, 03/03/26	CNY	5,550			816,076
3.34%, 07/14/25	CNY	3,830			562,060
3.39%, 02/03/27	CNY	42			6,206
3.41%, 06/07/31	CNY	1,640			244,287
3.45%, 09/20/29	CNY	4,800			714,393
3.48%, 01/08/29	CNY	4,460			663,919
3.65%, 05/21/29	CNY	1,950			293,250
3.66%, 03/01/31	CNY	1,170			177,112
3.70%, 10/20/30	CNY	4,150			629,161
4.04%, 04/10/27	CNY	1,760			266,080
4.04%, 07/06/28	CNY	2,720			415,489
Chongqing Longhu Development Co. Ltd.
3.45%, 08/02/23	CNY	5,000			718,911
4.44%, 01/25/24	CNY	8,000			1,148,547
Cinda Investment Co. Ltd. 4.30%, 12/22/23	CNY	1,200			173,672
Export-Import Bank of China

	Par (000’s		)	Value
Financials (continued)
3.22%, 05/14/26	CNY	1,970		$	289,100
3.23%, 03/23/30	CNY	2,900			426,312
3.33%, 02/22/26	CNY	1,860			273,298
3.38%, 07/16/31	CNY	1,750			259,998
3.43%, 10/23/25	CNY	1,830			269,220
3.74%, 11/16/30	CNY	2,380			361,699
3.86%, 05/20/29	CNY	2,480			376,291
3.88%, 01/12/36	CNY	1,170			183,286
4.89%, 03/26/28	CNY	1,510			238,315
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24	CNY	200			29,064
					17,559,566
Industrials: 10.0%
China State Railway Group Co. Ltd. 3.45%, 07/25/24	CNY	14,800			2,159,067
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 2.70%, 10/21/24	CNY	5,000			720,434
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26	CNY	5,000			727,876
Sichuan Development Holding Co. Ltd. 4.55%, 08/06/25	CNY	5,000			747,807
					4,355,184
Real Estate: 4.2%
Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40	CNY	10,000			1,451,909
China Fortune Land Development Co. Ltd.
5.50%, 10/22/22	CNY	1,000			39,902
7.00%, 03/03/21 (d) *	CNY	1,000			36,291
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25	CNY	2,000			288,953
					1,817,055
Utilities: 7.2%
Beijing Enterprises Group Co. Ltd. 2.75%, 12/29/49 (o)	CNY	5,000			715,551
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s)	CNY	5,000			728,491
China Yangtze Power Co. Ltd. 3.35%, 10/17/26	CNY	1,500			218,873
Shandong Lucion Investment Holdings Group Co. Ltd. 3.85%, 01/07/26	CNY	10,000			1,453,891
					3,116,806
Total Corporate Bonds (Cost: $34,855,806)					32,455,643

See Notes to Financial Statements

	Par (000’s		)	Value
GOVERNMENT OBLIGATIONS: 20.2%
China Government Bond
1.99%, 04/09/25	CNY	3,510		$	502,998
2.47%, 09/02/24	CNY	5,300			767,346
2.68%, 05/21/30	CNY	3,450			495,677
2.69%, 08/12/26	CNY	2,050			297,703
2.77%, 06/24/30	CNY	5,690			821,968
2.85%, 06/04/27	CNY	5,420			790,894
2.86%, 07/16/30	CNY	3,350			486,768
2.90%, 05/05/26	CNY	846			123,823
3.01%, 05/13/28	CNY	5,630			827,403
3.02%, 10/22/25	CNY	2,150			315,253

	Par (000’s		)	Value
3.02%, 05/27/31	CNY	2,710		$	398,461
3.03%, 03/11/26	CNY	5,400			793,006
3.25%, 06/06/26	CNY	3,620			535,817
3.27%, 11/19/30	CNY	2,980			447,780
3.28%, 12/03/27	CNY	1,050			156,470
3.29%, 05/23/29	CNY	2,680			402,238
3.74%, 09/22/35	CNY	3,900			615,426
Total Government Obligations (Cost: $9,486,226)					8,779,031
Total Investments: 94.9% (Cost: $44,342,032)					41,234,674
Other assets less liabilities: 5.1%					2,199,072
NET ASSETS: 100.0%				$	43,433,746

Definitions:

CNY	Chinese Yuan

Footnotes:

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

Summary of Investments by Sector	% of Investments			Value
Financials		42.6	%	$	17,559,566
Government		21.3			8,779,031
Industrials		10.6			4,355,184
Utilities		7.5			3,116,806
Basic Materials		7.1			2,914,238
Energy		4.8			1,968,905
Real Estate		4.4			1,817,055
Consumer Cyclicals		1.7			723,889
		100.0	%	$	41,234,674

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	32,455,643	$	—	$	32,455,643
Government Obligations *		—		8,779,031		—		8,779,031
Total Investments	$	—	$	41,234,674	$	—	$	41,234,674

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK DYNAMIC HIGH INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)	Value
GOVERNMENT OBLIGATIONS: 16.0%
United States Treasury Note
1.12%, 08/15/40		16		$	10,642
1.38%, 11/15/40		28			19,394
1.88%, 02/15/41		14			10,525
2.25%, 05/15/41		41			32,715
2.75%, 08/15/42		12			10,270
Total Government Obligations (Cost: $78,090)					83,546

	Number of Shares
EXCHANGE TRADED FUNDS: 83.9% (a)
VanEck BDC Income ETF ‡		2,664			38,788
VanEck Durable High Dividend ETF ‡		2,770			87,147

	Number of Shares		Value
VanEck Emerging Markets High Yield Bond ETF ‡		1,426	$	26,067
VanEck Energy Income ETF ‡		669		41,775
VanEck Fallen Angel High Yield Bond ETF ‡		3,612		100,233
VanEck International High Yield Bond ETF ‡		2,694		54,177
VanEck J.P. Morgan EM Local Currency Bond ETF ‡		1,052		26,447
VanEck Mortgage REIT Income ETF ‡		1,704		18,744
VanEck Preferred Securities ex Financials ETF ‡		2,530		44,300
Total Exchange Traded Funds (Cost: $420,380)				437,678
Total Investments: 99.9% (Cost: $498,470)				521,224
Other assets less liabilities: 0.1%				509
NET ASSETS: 100.0%			$	521,733

Footnotes:

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

Summary of Investments by Sector	% of Investments			Value
Exchange Traded Funds		84.0	%	$	437,678
Government		16.0			83,546
		100.0	%	$	521,224

See Notes to Financial Statements

Transactions in securities of affiliates for the period ended April 30, 2023 were as follows:

	Value 11/1/2022*		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 4/30/2023
VanEck BDC Income ETF		$–		$50,540		$(10,737)		$(296)		$2,486		$(606)#		$38,788
VanEck Durable High Dividend ETF		–		84,782		–		–		1,397		2,365		87,147
VanEck Emerging Markets High Yield Bond ETF		–		23,372		–		–		676		2,695		26,067
VanEck Energy Income ETF		–		53,007		(10,802)		112		376		(542)		41,775
VanEck Fallen Angel High Yield Bond ETF		–		95,936		–		–		2,074		4,297		100,233
VanEck International High Yield Bond ETF		–		49,098		–		–		1,094		5,361†		54,177
VanEck J.P. Morgan EM Local Currency Bond ETF		–		23,807		–		–		191		3,198‡		26,447
VanEck Mortgage REIT Income ETF		–		38,220		(15,454)		(2,135)		1,450		(1,443)^		18,744
VanEck Preferred Securities ex Financials ETF		–		47,212		(5,101)		216		1,528		1,973		44,300
		$–		$465,974		$(42,094)		$(2,103)		$11,272		$17,298		$437,678

*	Commencement of operations.
#	Includes Return of Capital distribution reclassification of $113.
†	Includes Return of Capital distribution reclassification of $282.
‡	Includes Return of Capital distribution reclassification of $558.
^	Includes Return of Capital distribution reclassification of $444.

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Government Obligations *	$	—	$	83,546	$	—	$	83,546
Exchange Traded Funds		437,678		—		—		437,678
Total Investments	$	437,678	$	83,546	$	—	$	521,224

*	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, 2023

	Par (000’s		)	Value
CORPORATE BONDS: 95.7%
Argentina: 3.4%
Agua y Saneamientos Argentinos SA Reg S 7.90%, 05/01/26	$	500		$	385,000
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27		470			342,025
Genneia SA 144A 8.75%, 09/02/27		495			473,898
MercadoLibre, Inc.
2.38%, 01/14/26 †		650			590,474
3.12%, 01/14/31		1,150			892,418
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25		875			613,388
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25		75			52,576
Pampa Energia SA 144A
7.50%, 01/24/27		1,050			914,702
9.12%, 04/15/29		475			413,822
Pan American Energy LLC 144A 9.12%, 04/30/27		475			495,767
Telecom Argentina SA 144A
8.00%, 07/18/26		675			600,516
8.50%, 08/06/25		606			565,240
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		600			524,292
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25		200			174,764
YPF Energia Electrica SA 144A 10.00%, 07/25/26		650			559,653
YPF SA 144A
6.95%, 07/21/27		1,375			991,399
7.00%, 09/30/33 (s)		875			575,681
7.00%, 12/15/47		825			506,890
8.50%, 03/23/25		588			537,571
8.50%, 07/28/25		1,850			1,543,054
8.50%, 06/27/29		612			456,230
8.75%, 04/04/24		306			289,415
9.00%, 02/12/26 (s)		1,269			1,201,065
9.00%, 06/30/29 (s)		1,225			978,400
					14,678,240
Armenia: 0.1%
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		425			415,438
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28		300			258,657

	Par (000’s		)	Value
Azerbaijan: 1.1%
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 †	$	3,217		$	3,312,995
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		1,250			1,299,913
					4,612,908
Bahrain: 1.4%
BBK BSC Reg S 5.50%, 07/09/24		700			693,343
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25		850			842,562
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27		850			801,491
Oil and Gas Holding Co. BSCC 144A
7.50%, 10/25/27		1,700			1,745,858
7.62%, 11/07/24		1,125			1,145,413
8.38%, 11/07/28		850			898,875
					6,127,542
Barbados: 0.2%
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 †		950			915,895
Bermuda: 0.8%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25		667			266,606
Digicel International Finance Ltd. / Digicel International Holdings Ltd. 144A
8.75%, 05/25/24		875			793,240
13.00%, 12/31/25		618			403,162
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A 8.75%, 05/25/24		1,025			929,224
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		1,175			1,088,138
					3,480,370
Brazil: 8.5%
Adecoagro SA 144A 6.00%, 09/21/27		800			750,770
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		550			512,247
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		650			635,680
Atento Luxco 1 SA 144A 8.00%, 02/10/26		400			107,200
Azul Investments LLP 144A 5.88%, 10/26/24		200			158,098
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		500			418,325

See Notes to Financial Statements

	Par (000’s		)	Value
Brazil (continued)
Banco Bradesco SA 144A 3.20%, 01/27/25	$	625		$	598,400
Banco BTG Pactual SA 144A
2.75%, 01/11/26		450			410,850
4.50%, 01/10/25		775			753,044
Banco Daycoval SA Reg S 4.25%, 12/13/24		300			290,398
Banco do Brasil SA 144A 4.62%, 01/15/25		750			736,440
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24		375			372,593
Banco Votorantim SA 144A
4.38%, 07/29/25		450			434,157
4.50%, 09/24/24		350			339,936
Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,400			1,108,994
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		525			522,798
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		505			499,023
BRF GmbH 144A 4.35%, 09/29/26		375			326,748
BRF SA 144A
4.88%, 01/24/30		475			371,740
5.75%, 09/21/50		500			312,959
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24		625			641,312
Centrais Eletricas Brasileiras SA 144A
3.62%, 02/04/25		450			429,869
4.62%, 02/04/30		575			496,167
Cosan Luxembourg SA 144A 7.00%, 01/20/27		550			551,047
Cosan SA 144A 5.50%, 09/20/29		575			516,859
CSN Inova Ventures 144A 6.75%, 01/28/28 †		975			927,880
CSN Resources SA 144A 7.62%, 04/17/26		250			251,021
Embraer Netherlands Finance BV
5.05%, 06/15/25		725			715,071
5.40%, 02/01/27		550			529,691
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		593			601,014
ERO Copper Corp. 144A 6.50%, 02/15/30		250			222,650
FS Luxembourg Sarl 144A 10.00%, 12/15/25		450			448,304

	Par (000’s		)	Value
Brazil (continued)
Globo Comunicacao e Participacoes SA 144A
4.88%, 01/22/30	$	325		$	260,756
5.50%, 01/14/32		350			280,400
Gol Finance SA 144A 7.00%, 01/31/25		500			241,672
Guara Norte Sarl 144A 5.20%, 06/15/34		660			562,944
InterCement Financial Operations BV 144A 5.75%, 07/17/24		550			377,732
Itau Unibanco Holding SA 144A 3.25%, 01/24/25		375			363,529
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31		400			376,000
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		650			623,669
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)		500			391,410
Klabin Austria GmbH 144A
3.20%, 01/12/31 †		425			339,737
5.75%, 04/03/29		575			563,319
7.00%, 04/03/49		528			510,824
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26		425			159,460
MARB BondCo Plc 144A 3.95%, 01/29/31		1,050			772,232
MV24 Capital BV 144A 6.75%, 06/01/34		792			708,381
Natura Cosmeticos SA 144A 4.12%, 05/03/28 †		775			647,040
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		400			360,582
7.00%, 05/14/26		600			584,691
Nexa Resources SA 144A
5.38%, 05/04/27		600			565,219
6.50%, 01/18/28 †		325			318,148
Petrobras Global Finance BV
5.09%, 01/15/30 †		375			353,838
5.30%, 01/27/25		400			398,260
5.50%, 06/10/51 †		475			375,864
5.60%, 01/03/31 †		650			624,878
5.62%, 05/20/43		225			192,848
5.75%, 02/01/29		325			320,294
6.00%, 01/27/28		700			702,097
6.75%, 01/27/41		475			454,862
6.75%, 06/03/50		325			294,028
6.85%, 06/05/15		1,050			920,210
6.88%, 01/20/40		447			432,089
6.90%, 03/19/49		475			439,238
7.25%, 03/17/44		615			607,751
7.38%, 01/17/27		450			468,543
8.75%, 05/23/26		250			271,176

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Brazil (continued)
Rede D’or Finance Sarl 144A
4.50%, 01/22/30 †	$	624		$	529,807
4.95%, 01/17/28		350			319,107
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24		297			301,002
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		279			290,131
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		282			286,371
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		450			419,062
Simpar Europe SA 144A 5.20%, 01/26/31		450			333,409
Tupy Overseas SA 144A 4.50%, 02/16/31		300			237,401
Ultrapar International SA 144A
5.25%, 10/06/26		300			288,947
5.25%, 06/06/29		300			281,201
Unigel Luxembourg SA 144A 8.75%, 10/01/26		450			415,459
Usiminas International Sarl 144A
5.88%, 07/18/26		650			632,272
XP, Inc. 144A 3.25%, 07/01/26		600			533,007
					36,722,182
British Virgin Islands: 0.6%
China SCE Group Holdings Ltd. Reg S 7.00%, 05/02/25		700			252,000
New Metro Global Ltd. Reg S
4.50%, 05/02/26		700			408,842
4.62%, 10/15/25		400			254,890
Sino-Ocean Land Treasure Finance I Ltd. Reg S 6.00%, 07/30/24		1,000			406,431
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27		650			170,079
Studio City Co. Ltd. 144A 7.00%, 02/15/27 †		550			522,393
Wanda Properties Global Co. Ltd. Reg S
11.00%, 01/20/25		750			459,557
11.00%, 02/13/26		350			213,422
					2,687,614
Cambodia: 0.2%
NagaCorp Ltd. Reg S 7.95%, 07/06/24		700			656,250
Canada: 0.2%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		565			483,640

	Par (000’s		)	Value
Canada (continued)
Frontera Energy Corp. 144A 7.88%, 06/21/28	$	650		$	502,085
					985,725
Cayman Islands: 2.7%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		1,500			1,401,069
Banco Bradesco SA 144A 4.38%, 03/18/27		450			433,738
Banco do Brasil SA 144A
3.25%, 09/30/26		650			605,029
4.88%, 01/11/29		450			427,162
6.25%, 04/18/30		500			497,750
CT Trust 144A
5.12%, 02/03/32		1,475			1,218,272
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26		700			709,067
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31		550			514,877
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31		600			581,118
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o)		1,000			1,017,745
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		1,100			1,053,667
Oryx Funding Ltd. 144A 5.80%, 02/03/31		900			876,749
PD Sukuk Ltd. Reg S 8.75%, 09/23/25		600			601,500
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		540			448,051
StoneCo Ltd. 144A 3.95%, 06/16/28		375			284,271
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24		800			761,840
					11,431,905
Chile: 1.1%
Agrosuper SA 144A 4.60%, 01/20/32		750			660,369
CAP SA 144A 3.90%, 04/27/31		450			346,564
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33		726			320,756
Kenbourne Invest SA 144A 6.88%, 11/26/24		618			408,656
Latam Airlines Group SA 144A 13.38%, 10/15/27 †		700			732,005

See Notes to Financial Statements

	Par (000’s		)	Value
Chile (continued)
13.38%, 10/15/29 †	$	1,100		$	1,156,160
VTR Comunicaciones SpA 144A
4.38%, 04/15/29		600			310,039
5.12%, 01/15/28		717			401,158
VTR Finance NV 144A 6.38%, 07/15/28		825			282,562
					4,618,269
China: 6.7%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25		500			230,522
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) †		4,350			4,198,642
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)		700			677,250
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		650			583,241
Chengdu Economic & Technological Investment Group Co. Ltd. Reg S 5.30%, 12/07/24		400			391,156
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24		850			828,852
China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26		600			178,500
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o)		600			586,140
Country Garden Holdings Co. Ltd. Reg S
2.70%, 07/12/26		1,200			552,900
3.12%, 10/22/25		1,500			756,098
3.30%, 01/12/31		1,100			430,781
3.88%, 10/22/30		700			283,765
5.63%, 12/15/26		400			189,190
eHi Car Services Ltd. Reg S
7.00%, 09/21/26		550			352,000
7.75%, 11/14/24		600			476,010
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		1,200			1,072,889
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25		1,000			735,000

	Par (000’s		)	Value
China (continued)
6.85%, 07/02/24 †	$	850		$	739,738
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24		200			14,000
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/26		1,250			293,750
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25		750			697,687
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)		9,625			9,032,616
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25		400			404,466
New Metro Global Ltd. Reg S 4.80%, 12/15/24		600			449,301
Powerlong Real Estate Holdings Ltd. Reg S
5.95%, 04/30/25		900			183,163
6.25%, 08/10/24		600			125,805
Qingdao Jiaozhou Bay Development Group Co. Ltd. Reg S 4.90%, 06/16/25		400			380,906
RKPF Overseas 2019 A Ltd. Reg S
6.00%, 09/04/25		600			436,545
6.70%, 09/30/24		550			504,965
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)		400			210,914
Times China Holdings Ltd. Reg S
5.75%, 01/14/27		500			66,043
6.20%, 03/22/26		600			79,156
6.75%, 07/08/25		800			105,408
Weifang Urban Construction & Development Investment Group Co. Ltd. Reg S 2.60%, 09/27/24		450			407,264
West China Cement Ltd. Reg S 4.95%, 07/08/26		1,000			788,960
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24		650			637,000
Zhangzhou Transportation Development Group Co. Ltd. Reg S

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
China (continued)
4.98%, 06/01/25	$	800		$	779,212
					28,859,835
Colombia: 5.6%
Aris Mining Corp. 144A 6.88%, 08/09/26		450			357,358
Banco de Bogota SA 144A 6.25%, 05/12/26		1,883			1,830,775
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31		600			447,000
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		900			766,197
Canacol Energy Ltd. 144A 5.75%, 11/24/28		750			599,546
Ecopetrol SA
4.12%, 01/16/25		1,600			1,536,306
4.62%, 11/02/31		1,925			1,445,414
5.38%, 06/26/26		2,175			2,062,133
5.88%, 05/28/45		3,075			2,010,173
5.88%, 11/02/51 †		1,100			698,218
6.88%, 04/29/30		2,700			2,441,424
7.38%, 09/18/43		1,333			1,073,424
8.88%, 01/13/33		1,025			994,567
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29		1,600			1,258,024
4.38%, 02/15/31		900			672,165
Geopark Ltd. 144A
5.50%, 01/17/27		750			623,645
Grupo Aval Ltd. 144A
4.38%, 02/04/30		1,725			1,321,885
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		900			860,673
Oleoducto Central SA 144A 4.00%, 07/14/27		750			665,297
Orazul Energy Peru SA 144A 5.62%, 04/28/27		550			491,232
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30		950			779,855
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27		800			738,919
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		775			684,364
					24,358,594
Costa Rica: 0.3%
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43		825			682,687
6.75%, 10/07/31		450			435,375
					1,118,062

	Par (000’s		)	Value
Cyprus: 0.3%
MHP Lux SA 144A
6.25%, 09/19/29	$	600		$	291,750
6.95%, 04/03/26		850			444,125
MHP SE 144A 7.75%, 05/10/24		750			446,700
					1,182,575
Czech Republic: 0.1%
Energo-Pro AS 144A 8.50%, 02/04/27		650			624,000
Dominican Republic: 0.1%
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		400			363,180
Egypt: 0.4%
Egyptian Financial Co. for Sovereign Taskeek 144A 10.88%, 02/28/26		2,300			1,901,640
France: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		500			491,730
Georgia: 0.3%
Georgian Railway JSC 144A 4.00%, 06/17/28		850			731,259
Silknet JSC 144A 8.38%, 01/31/27		475			467,281
					1,198,540
Ghana: 0.4%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26		1,125			1,006,853
Tullow Oil Plc 144A 7.00%, 03/01/25 †		1,300			792,615
					1,799,468
Greece: 0.2%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25		775			762,872
Guatemala: 0.5%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		525			491,996
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 †		1,850			1,726,844
					2,218,840
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		575			531,447

See Notes to Financial Statements

	Par (000’s		)	Value
Hong Kong: 6.2%
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25 †	$	650		$	272,594
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)		800			232,904
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		1,000			876,250
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o)		1,100			1,010,625
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o)		1,250			1,018,875
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		650			576,875
4.85%, 01/27/28		850			707,625
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)		1,000			929,312
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o)		900			877,896
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		700			592,375
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		500			468,500
Easy Tactic Ltd.
7.50%, 07/11/25		800			163,748
7.50%, 07/11/27		1,726			293,463
7.50%, 07/11/28		1,281			186,937
Fortune Star BVI Ltd. Reg S
5.00%, 05/18/26		875			557,099
5.05%, 01/27/27		800			492,660
Franshion Brilliant Ltd. Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o)		700			630,371
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24		800			728,476
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24		400			347,984
Li & Fung Ltd. Reg S 5.00%, 08/18/25		800			746,121
Melco Resorts Finance Ltd. 144A 4.88%, 06/06/25 †		1,700			1,598,740

	Par (000’s		)	Value
Hong Kong (continued)
5.25%, 04/26/26	$	800		$	743,048
5.38%, 12/04/29		1,900			1,580,225
5.62%, 07/17/27		970			867,362
5.75%, 07/21/28		1,250			1,090,625
Nanyang Commercial Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o)		1,050			1,002,837
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o)		400			389,674
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25		500			390,939
RKPF Overseas 2020 A Ltd. Reg S
5.12%, 07/26/26		750			427,827
5.20%, 01/12/26		900			574,586
Seaspan Corp. 144A 5.50%, 08/01/29		1,250			1,001,550
Seaspan Corp. 144A Reg S 6.50%, 04/29/26		400			405,000
Sino-Ocean Land Treasure IV Ltd. Reg S
2.70%, 01/13/25		800			266,000
3.25%, 05/05/26		700			218,708
4.75%, 08/05/29		800			196,678
4.75%, 01/14/30		600			151,595
Studio City Finance Ltd. 144A
5.00%, 01/15/29		1,889			1,480,032
6.00%, 07/15/25		750			690,322
6.50%, 01/15/28 †		875			755,316
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24		500			478,342
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		750			634,886
					26,654,982
Hungary: 0.3%
OTP Bank Nyrt Reg S 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33		1,150			1,115,500
India: 4.3%
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24		1,700			1,696,600
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		1,100			988,919
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		850			811,585

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
India (continued)
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39	$	445		$	319,246
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		800			775,680
6.45%, 06/04/29		950			892,763
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27		650			573,625
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		750			708,750
5.45%, 10/22/26		400			383,000
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		974			812,670
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		600			519,899
JSW Steel Ltd. 144A
3.95%, 04/05/27		850			747,896
5.05%, 04/05/32		850			685,406
JSW Steel Ltd. Reg S 5.38%, 04/04/25		700			680,225
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o) †		825			731,181
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)		1,675			1,608,000
Periama Holdings LLC Reg S 5.95%, 04/19/26		1,150			1,111,653
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27		30			27,990
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		950			802,968
Shriram Finance Ltd. 144A 4.15%, 07/18/25		700			654,150
Tata Motors Ltd. Reg S 5.88%, 05/20/25		400			396,000
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24		450			443,363
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)		550			416,548
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26		875			580,724
Vedanta Resources Ltd. 144A 6.12%, 08/09/24		1,475			960,202
					18,329,043

	Par (000’s		)	Value
Indonesia: 2.0%
Adaro Indonesia PT 144A 4.25%, 10/31/24	$	1,250		$	1,203,305
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		400			181,000
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		600			570,000
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		600			525,000
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		1,000			941,438
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		400			387,200
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		573			558,539
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		825			819,218
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			415,000
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		950			867,490
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		850			818,041
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		600			528,750
Saka Energi Indonesia PT 144A 4.45%, 05/05/24		650			631,407
					8,447,290
Israel: 3.6%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25		1,000			975,250
6.50%, 06/30/27		975			926,250
6.75%, 06/30/30		875			813,349
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36		1,050			962,690
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		4,400			3,980,247
4.10%, 10/01/46		2,623			1,750,973
4.75%, 05/09/27		1,300			1,219,122
5.12%, 05/09/29 †		1,325			1,230,694
6.75%, 03/01/28 †		1,650			1,644,587
7.12%, 01/31/25 †		575			588,758
7.88%, 09/15/29 †		750			786,308

See Notes to Financial Statements

	Par (000’s		)	Value
Israel (continued)
8.12%, 09/15/31 †	$	675		$	713,634
					15,591,862
Kuwait: 0.4%
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26		800			708,800
4.50%, 02/23/27		950			822,320
					1,531,120
Luxembourg: 2.2%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		447			390,409
Aegea Finance Sarl 144A 6.75%, 05/20/29 †		450			415,454
AI Candelaria Spain SA 144A 7.50%, 12/15/28		541			502,468
Consolidated Energy Finance SA 144A 5.62%, 10/15/28		800			703,988
CSN Resources SA 144A
4.62%, 06/10/31		700			540,650
5.88%, 04/08/32 †		375			308,941
Energean Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26		1,023			947,554
5.38%, 03/30/28		1,000			896,585
5.88%, 03/30/31		1,025			895,594
Hidrovias International Finance SARL 144A 4.95%, 02/08/31		250			188,526
Kenbourne Invest SA 144A 4.70%, 01/22/28		400			217,402
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		1,377			1,059,474
Minerva Luxembourg SA 144A 4.38%, 03/18/31		975			767,458
Movida Europe SA 144A 5.25%, 02/08/31		675			497,017
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 †		450			402,186
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26		475			439,286
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31		180			149,350
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32		300			242,769
					9,565,111
Macao: 0.2%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 †		1,100			1,006,225
Mauritius: 2.4%
Axian Telecom 144A

	Par (000’s		)	Value
Mauritius (continued)
7.38%, 02/16/27	$	625		$	570,000
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		583			451,461
CA Magnum Holdings 144A 5.38%, 10/31/26		1,525			1,344,628
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		465			408,039
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27		186			163,215
Greenko Power II Ltd. 144A 4.30%, 12/13/28		1,695			1,473,374
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		1,175			1,121,428
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		1,625			1,433,006
India Airport Infra 144A 6.25%, 10/25/25		625			598,641
India Clean Energy Holdings 144A 4.50%, 04/18/27		550			447,938
India Cleantech Energy 144A 4.70%, 08/10/26		504			445,343
India Green Power Holdings 144A 4.00%, 02/22/27		700			612,548
India Toll Roads 144A 5.50%, 08/19/24		600			579,000
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		1,000			600,000
					10,248,621
Mexico: 7.1%
Alsea SAB de CV 144A 7.75%, 12/14/26		775			770,452
Axtel SAB de CV 144A 6.38%, 11/14/24		493			431,375
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31		775			658,750
Braskem Idesa SAPI 144A 6.99%, 02/20/32 †		2,025			1,450,406
Cemex SAB de CV 144A 3.88%, 07/11/31		1,700			1,424,464
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)		1,625			1,440,887
5.20%, 09/17/30		1,175			1,094,667
5.45%, 11/19/29		1,225			1,175,711
7.38%, 06/05/27		1,550			1,608,985
9.12% (US Treasury Yield Curve Rate T 5 Year+4.91%), 3/14/2028 (o)		1,700			1,690,227

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Mexico (continued)
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31	$	600		$	447,363
Cydsa SAB de CV 144A 6.25%, 10/04/27		500			466,652
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 †		600			528,450
Grupo Aeromexico SAB de CV 144A 8.50%, 03/17/27		1,250			1,119,286
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26		475			417,606
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		750			688,699
Metalsa Sapi De Cv 144A 3.75%, 05/04/31 †		450			342,112
Nemak SAB de CV 144A 3.62%, 06/28/31 †		825			617,306
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25		200			107,000
Operadora de Servicios Mega SA de CV Sofom ER Reg S 8.25%, 02/11/25		400			214,000
Petroleos Mexicanos
4.25%, 01/15/25		175			166,909
4.50%, 01/23/26		325			296,409
5.35%, 02/12/28		600			498,846
5.50%, 06/27/44		175			99,838
5.62%, 01/23/46		175			98,625
5.95%, 01/28/31		1,125			832,307
6.35%, 02/12/48		450			267,531
6.38%, 01/23/45		375			227,050
6.49%, 01/23/27		450			403,347
6.50%, 03/13/27		1,200			1,078,114
6.50%, 01/23/29 †		400			339,045
6.50%, 06/02/41		475			302,929
6.62%, 06/15/35		825			573,922
6.62%, 06/15/38		125			83,487
6.70%, 02/16/32		1,940			1,494,814
6.75%, 09/21/47		1,600			987,229
6.84%, 01/23/30		700			566,204
6.88%, 10/16/25 †		250			246,451
6.88%, 08/04/26		750			710,043
6.95%, 01/28/60 †		1,150			706,326
7.69%, 01/23/50		2,275			1,518,022
8.75%, 06/02/29		550			505,610
Petroleos Mexicanos 144A 10.00%, 02/07/33 †		475			441,524
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 †		525			447,664
Total Play
Telecomunicaciones SA de CV 144A

	Par (000’s		)	Value
Mexico (continued)
6.38%, 09/20/28	$	900		$	593,633
7.50%, 11/12/25		900			629,873
					30,810,150
Morocco: 0.9%
OCP SA 144A
3.75%, 06/23/31		1,200			1,008,750
4.50%, 10/22/25		1,075			1,047,806
5.12%, 06/23/51		1,225			907,253
6.88%, 04/25/44		950			877,619
					3,841,428
Netherlands: 0.4%
Coruripe Netherlands BV 144A 10.00%, 02/10/27		250			185,000
Greenko Dutch BV 144A 3.85%, 03/29/26		1,504			1,361,120
					1,546,120
Nigeria: 0.8%
Access Bank Plc 144A 6.12%, 09/21/26		725			576,882
EBN Finance Co. BV 144A 7.12%, 02/16/26		450			378,900
Fidelity Bank Plc 144A 7.62%, 10/28/26		800			664,000
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		550			504,070
SEPLAT Energy Plc 144A 7.75%, 04/01/26		1,075			862,601
United Bank for Africa Plc 144A 6.75%, 11/19/26		475			405,175
					3,391,628
Oman: 1.5%
Bank Muscat SAOG Reg S 4.75%, 03/17/26		900			869,778
Lamar Funding Ltd. 144A 3.96%, 05/07/25		1,675			1,611,392
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		875			858,525
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		900			874,449
OQ SAOC 144A 5.12%, 05/06/28		1,300			1,249,631
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28		1,025			1,072,121
					6,535,896
Pakistan: 0.0%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			213,850
Panama: 0.5%
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)		625			530,622

See Notes to Financial Statements

	Par (000’s		)	Value
Panama (continued)
Banistmo SA 144A 4.25%, 07/31/27	$	700		$	655,056
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29		600			546,060
Multibank, Inc. 144A 7.75%, 02/03/28		500			502,200
					2,233,938
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		500			450,898
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		425			304,474
					755,372
Peru: 2.3%
Auna SAA 144A 6.50%, 11/20/25		450			354,733
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29		500			488,704
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		500			460,925
Camposol SA 144A 6.00%, 02/03/27		550			311,596
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		925			808,443
InRetail Consumer 144A 3.25%, 03/22/28		950			816,829
InRetail Shopping Malls 144A 5.75%, 04/03/28		525			494,264
Minsur SA 144A 4.50%, 10/28/31 †		850			740,533
Peru LNG Srl 144A 5.38%, 03/22/30		1,450			1,172,347
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,600			1,194,544
5.62%, 06/19/47		3,250			2,064,398
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		500			426,912
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		550			417,089
					9,751,317
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)		600			549,620

	Par (000’s		)	Value
Poland: 0.4%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25	$	700		$	621,838
3.88%, 11/15/29		1,200			963,778
					1,585,616
Qatar: 0.2%
QNB Finansbank AS 144A 6.88%, 09/07/24		1,025			1,024,773
Saudi Arabia: 0.5%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		850			829,600
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		900			893,892
6.88%, 02/26/27		600			593,265
					2,316,757
Singapore: 1.9%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		837			751,233
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		1,600			655,800
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		200			78,400
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25		750			720,937
5.95%, 07/29/26		900			847,575
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 †		700			633,744
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		1,000			967,606
Puma International Financing SA 144A
5.00%, 01/24/26		1,200			1,079,831
5.12%, 10/06/24		1,050			1,009,050
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		811			798,174
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		900			833,625
					8,375,975
South Africa: 2.3%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28 †		1,625			1,534,000
7.12%, 02/11/25		2,075			2,029,869
8.45%, 08/10/28		775			744,857
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		800			710,328

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
South Africa (continued)
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24	$	675		$	662,040
6.50%, 10/13/26 †		800			799,360
Sasol Financing USA LLC 6.50%, 09/27/28 †		1,250			1,155,987
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 5 Year+3.75%), 05/31/29		650			640,185
Transnet SOC Ltd. 144A 8.25%, 02/06/28		1,600			1,587,352
					9,863,978
South Korea: 0.2%
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)		850			812,813
Spain: 0.7%
AES Espana BV 144A 5.70%, 05/04/28 †		500			454,200
AI Candelaria Spain SA 144A 5.75%, 06/15/33		1,050			746,288
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		650			628,426
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		775			579,041
International Airport Finance SA 144A 12.00%, 03/15/33		617			582,904
					2,990,859
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 †		475			467,406
Thailand: 0.7%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		1,975			1,696,525
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		1,400			1,257,905
					2,954,430
Trinidad and Tobago: 0.6%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29		800			829,696
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		600			536,010

	Par (000’s		)	Value
Trinidad and Tobago (continued)
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29	$	525		$	443,071
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		900			878,414
					2,687,191
Turkey: 5.9%
Akbank TAS 144A
5.12%, 03/31/25		800			758,080
6.80%, 02/06/26 †		725			695,635
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31		850			771,303
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 †		900			717,261
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		1,200			1,009,920
Coca-Cola Icecek AS 144A 4.50%, 01/20/29		800			709,056
KOC Holding AS 144A 6.50%, 03/11/25		1,200			1,185,019
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		599			496,886
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		550			551,199
TC Ziraat Bankasi AS 144A
5.38%, 03/02/26		950			855,693
9.50%, 08/01/26		800			798,240
Turk Telekomunikasyon AS 144A
4.88%, 06/19/24		850			809,667
6.88%, 02/28/25		755			721,892
Turkcell Iletisim Hizmetleri AS 144A
5.75%, 10/15/25		775			733,778
5.80%, 04/11/28		850			754,729
Turkiye Ihracat Kredi Bankasi AS 144A
5.75%, 07/06/26		1,400			1,266,728
6.12%, 05/03/24		650			636,373
9.38%, 01/31/26		850			849,141
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		1,250			1,183,737
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24		1,125			1,076,105
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		550			506,509
6.00%, 01/23/25		650			621,114

See Notes to Financial Statements

	Par (000’s		)	Value
Turkey (continued)
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26	$	1,175		$	1,145,085
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25		1,225			1,154,898
5.50%, 10/01/26		775			690,487
6.50%, 01/08/26		1,225			1,142,761
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		1,050			914,833
Yapi ve Kredi Bankasi AS 144A 5.85%, 06/21/24		850			831,385
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31		775			734,313
8.25%, 10/15/24		825			827,248
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26		500			428,050
					25,577,125
Ukraine: 0.5%
Kernel Holding SA 144A
6.50%, 10/17/24		350			224,875
6.75%, 10/27/27		500			296,250
Metinvest BV 144A
7.65%, 10/01/27		450			278,568
7.75%, 10/17/29		800			464,000
NPC Ukrenergo 144A 6.88%, 11/09/28		1,100			189,750
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/26		1,300			269,750
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25		525			325,500
					2,048,693
United Arab Emirates: 2.3%
Acwa Power Management and Investments One Ltd. 144A 5.95%, 12/15/39		798			777,442
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMT USD 6 Year+3.66%), 1/22/2025 (o)		1,250			1,253,047
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)		2,550			2,548,368
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o)		1,650			1,633,619
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		1,550			1,512,571
MAF Global Securities Ltd. Reg S

	Par (000’s		)	Value
United Arab Emirates (continued)
6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)	$	550		$	539,446
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25 †		1,425			1,298,510
8.88%, 11/15/24 †		475			475,475
					10,038,478
United Kingdom: 1.6%
Bidvest Group UK Plc 144A 3.62%, 09/23/26		1,425			1,299,301
Endeavour Mining Plc 144A 5.00%, 10/14/26		775			675,257
IHS Holding Ltd. 144A
5.62%, 11/29/26		775			650,473
6.25%, 11/29/28		775			618,063
Tullow Oil Plc 144A 10.25%, 05/15/26		2,695			2,107,315
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 †		1,900			1,360,400
					6,710,809
United States: 4.8%
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		650			604,366
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79		800			754,276
Azul Investments LLP 144A 7.25%, 06/15/26		450			318,354
Energuate Trust 144A 5.88%, 05/03/27		500			466,752
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,134			719,239
Kosmos Energy Ltd. 144A
7.50%, 03/01/28		750			630,520
7.75%, 05/01/27 †		600			519,190
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 †		500			471,150
MGM China Holdings Ltd. 144A
5.25%, 06/18/25		758			724,705
5.38%, 05/15/24		1,325			1,304,966
5.88%, 05/15/26		1,275			1,225,804
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		1,100			957,704
Playtika Holding Corp. 144A 4.25%, 03/15/29		1,000			850,900
Sasol Financing USA LLC
4.38%, 09/18/26 †		1,025			930,873
5.50%, 03/18/31		1,300			1,079,238

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United States (continued)
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28	$	900		$	667,260
Stillwater Mining Co. 144A
4.00%, 11/16/26		1,025			924,355
4.50%, 11/16/29 †		850			704,327
Wynn Macau Ltd. 144A
4.88%, 10/01/24 †		1,075			1,038,199
5.12%, 12/15/29 †		1,575			1,308,817
5.50%, 01/15/26		1,525			1,413,158
5.50%, 10/01/27		1,250			1,115,438
5.62%, 08/26/28		2,150			1,879,186
					20,608,777
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		550			524,803
Uzbekistan: 0.6%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400			365,020
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		600			556,500
Uzauto Motors AJ 144A 4.85%, 05/04/26		550			474,375
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		450			420,188
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		1,050			850,635
					2,666,718
Zambia: 1.4%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †		1,625			1,597,026
6.88%, 10/15/27 †		2,425			2,356,553
7.50%, 04/01/25		2,200			2,196,920
					6,150,499
Total Corporate Bonds (Cost: $477,870,111)					412,526,551

GOVERNMENT OBLIGATIONS: 1.3%
Argentina: 1.0%
Ciudad Autonoma De Buenos Aires 144A

	Par (000’s		)	Value
Argentina (continued)
7.50%, 06/01/27	$	1,409		$	1,207,111
Provincia de Cordoba 144A
6.88%, 02/01/29		732			471,190
6.99%, 06/01/27 (s)		832			590,308
Provincia de Mendoza 144A 5.75%, 03/19/29 (s)		877			722,620
Provincia de Neuquen 144A 6.62%, 04/27/30 (s)		575			408,250
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		654			538,243
Provincia del Chubut Reg S 7.75%, 07/26/30 (s)		163			134,561
					4,072,283
Turkey: 0.3%
Istanbul Metropolitan Municipality 144A
6.38%, 12/09/25		900			815,391
10.75%, 04/12/27		550			545,930
					1,361,321
Ukraine: 0.0%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			145,521
Total Government Obligations (Cost: $6,869,908)					5,579,125
Total Investments Before Collateral for Securities Loaned: 97.0% (Cost: $484,740,019)					418,105,676

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6%
Money Market Fund: 7.6% (Cost: $32,767,820)
State Street Navigator Securities Lending Government Money Market Portfolio		32,767,820			32,767,820
Total Investments: 104.6% (Cost: $517,507,839)					450,873,496
Liabilities in excess of other assets: (4.6)%					(19,860,684)
NET ASSETS: 100.0%				$	431,012,812

Definitions:

LIBOR		London Interbank Offered Rate
USD		United States Dollar

See Notes to Financial Statements

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity — the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $34,385,345.

Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $284,192,599, or 65.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		32.6	%	$	136,156,570
Energy		19.5			81,640,601
Basic Materials		9.9			41,305,176
Industrials		9.3			38,789,013
Utilities		9.0			37,772,338
Technology		4.6			19,127,691
Consumer Cyclicals		4.2			17,716,405
Consumer Non-Cyclicals		3.9			16,244,329
Healthcare		3.4			14,080,660
Real Estate		2.2			9,278,331
Government		1.3			5,579,125
Institutions, Associations & Organizations		0.1			415,437
		100.0	%	$	418,105,676

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	412,526,551	$	—	$	412,526,551
Government Obligations *		—		5,579,125		—		5,579,125
Money Market Fund		32,767,820		—		—		32,767,820
Total Investments	$	32,767,820	$	418,105,676	$	—	$	450,873,496

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)	Value
CORPORATE BONDS: 98.3%
Australia: 1.6%
Buckeye Partners LP
3.95%, 12/01/26	$	15,733		$	14,339,843
4.12%, 12/01/27		10,504			9,450,029
4.35%, 10/15/24		7,880			7,687,953
5.60%, 10/15/44		7,884			5,690,910
5.85%, 11/15/43		10,509			8,101,073
					45,269,808
Canada: 2.6%
Bombardier, Inc. 144A 7.45%, 05/01/34		13,464			14,931,576
Methanex Corp.
4.25%, 12/01/24 †		7,885			7,712,852
5.25%, 12/15/29 †		18,362			17,255,445
5.65%, 12/01/44		7,887			6,588,261
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82		19,750			17,864,863
TransAlta Corp. 6.50%, 03/15/40		7,979			7,464,753
					71,817,750
Germany: 1.0%
Dresdner Funding Trust I 144A 8.15%, 06/30/31		26,250			27,897,030
Ireland: 2.1%
Perrigo Finance Unlimited Co.
3.90%, 12/15/24		18,360			17,781,010
4.38%, 03/15/26		18,343			17,665,717
4.40%, 06/15/30		19,676			17,789,414
4.90%, 12/15/44		7,962			5,796,095
					59,032,236
Italy: 5.2%
Intesa Sanpaolo SpA 144A 5.02%, 06/26/24		52,334			50,860,162
Telecom Italia Capital SA
6.00%, 09/30/34		26,244			22,409,305
6.38%, 11/15/33		26,211			23,470,373
7.20%, 07/18/36		26,235			23,743,226
7.72%, 06/04/38		26,209			24,533,988
					145,017,054
Japan: 5.6%
Nissan Motor Co. Ltd. 144A
3.52%, 09/17/25 †		39,316			36,795,081
4.34%, 09/17/27 †		65,529			60,086,468
4.81%, 09/17/30		65,525			57,674,082
					154,555,631
United Kingdom: 3.8%
Marks & Spencer Plc 144A 7.12%, 12/01/37		7,853			7,357,633
Rolls-Royce Plc 144A 3.62%, 10/14/25		26,269			24,955,550
Standard Chartered Plc 144A

	Par (000’s		)	Value
United Kingdom (continued)
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)	$	19,700		$	18,972,400
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79