	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		52,469			53,869,398
					105,154,981
United States: 76.4%
Apache Corp.
4.25%, 01/15/30 †		13,533			12,382,424
4.38%, 10/15/28 †		8,515			7,986,716
4.75%, 04/15/43 †		11,213			8,756,736
5.10%, 09/01/40		34,914			29,970,527
5.25%, 02/01/42		10,457			8,845,367
5.35%, 07/01/49		10,155			7,924,581
6.00%, 01/15/37		11,616			10,988,968
Bath & Body Works, Inc. 6.95%, 03/01/33 †		9,104			8,041,737
Brightsphere Investment Group, Inc. 4.80%, 07/27/26		7,318			6,834,192
Brinker International, Inc. 144A 5.00%, 10/01/24 †		9,236			9,052,157
Crane NXT Co. 4.20%, 03/15/48		9,100			6,473,931
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		9,255			9,740,888
Delta Air Lines, Inc. 2.90%, 10/28/24		23,584			22,775,004
3.75%, 10/28/29 †		12,416			11,122,357
4.38%, 04/19/28 †		10,743			10,137,954
Diversified Healthcare Trust
4.75%, 05/01/24		6,185			5,652,609
4.75%, 02/15/28		13,189			8,154,347
DPL, Inc. 4.35%, 04/15/29		10,554			9,523,518
Embarq Corp. 8.00%, 06/01/36		37,860			16,321,635
EnLink Midstream Partners LP
4.15%, 06/01/25 †		11,055			10,703,534
5.05%, 04/01/45		11,791			9,372,489
5.45%, 06/01/47		13,108			10,961,958
5.60%, 04/01/44		9,162			7,625,911
Entegris Escrow Corp. 144A 4.75%, 04/15/29		41,959			39,072,737
EQM Midstream Partners LP
4.00%, 08/01/24 †		7,877			7,646,490
4.12%, 12/01/26		13,106			11,910,320
5.50%, 07/15/28 †		22,284			20,333,671
6.50%, 07/15/48		14,436			10,949,573
First Republic Bank
4.38%, 08/01/46		10,489			1,691,351
4.62%, 02/13/47		10,500			1,640,625
FirstEnergy Corp. 1.60%, 01/15/26		7,872			7,239,822

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
2.05%, 03/01/25	$	7,882		$	7,466,049
2.25%, 09/01/30		11,824			9,770,171
2.65%, 03/01/30		15,753			13,622,564
3.40%, 03/01/50 †		22,252			15,618,790
4.15%, 07/15/27		39,335			38,309,733
5.10%, 07/15/47		15,884			14,678,087
7.38%, 11/15/31		17,224			19,615,983
Fluor Corp.
3.50%, 12/15/24		10,035			9,685,584
4.25%, 09/15/28 †		15,781			14,631,670
Ford Holdings LLC 9.30%, 03/01/30		5,310			6,068,480
Ford Motor Co.
4.35%, 12/08/26 †		26,961			26,219,508
4.75%, 01/15/43		35,947			27,051,149
5.29%, 12/08/46		23,388			18,940,929
6.62%, 10/01/28 †		8,022			8,176,464
7.40%, 11/01/46 †		7,163			7,307,263
7.45%, 07/16/31 †		19,226			20,256,763
Ford Motor Credit Co. LLC
3.66%, 09/08/24 †		13,492			13,041,128
3.81%, 11/02/27		13,504			12,128,962
4.06%, 11/01/24		27,000			26,274,696
4.13%, 08/04/25		25,177			23,869,485
4.27%, 01/09/27		16,189			15,013,429
4.39%, 01/08/26		21,576			20,523,803
4.54%, 08/01/26		13,505			12,755,463
4.69%, 06/09/25		10,757			10,418,556
5.11%, 05/03/29 †		26,738			24,956,878
Frontier Florida LLC 6.86%, 02/01/28		7,934			7,184,594
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26		13,870			12,615,283
Genworth Holdings, Inc. 6.50%, 06/15/34		7,204			6,429,069
Global Marine, Inc. 7.00%, 06/01/28 †		6,853			5,568,063
HB Fuller Co. 4.00%, 02/15/27 †		7,948			7,521,351
Hillenbrand, Inc. 5.00%, 09/15/26		9,926			9,667,825
Howmet Aerospace, Inc.
5.90%, 02/01/27 †		16,388			16,799,962
5.95%, 02/01/37		16,405			16,710,248
6.75%, 01/15/28		7,877			8,311,164
Kohl’s Corp.
4.25%, 07/17/25 †		9,242			8,647,918
4.62%, 05/01/31 †		13,124			8,964,787
5.55%, 07/17/45		11,199			6,538,368
Las Vegas Sands Corp.
2.90%, 06/25/25		13,109			12,427,450
3.20%, 08/08/24		45,867			44,435,004
3.50%, 08/18/26		26,210			24,654,717
3.90%, 08/08/29		19,666			17,963,172
Lumen Technologies, Inc. 7.60%, 09/15/39		9,275			3,569,762
Macy’s Retail Holdings LLC

	Par (000’s		)	Value
United States (continued)
4.30%, 02/15/43	$	6,540		$	3,980,963
4.50%, 12/15/34 †		9,609			6,902,001
5.12%, 01/15/42 †		6,553			4,320,991
Mattel, Inc.
5.45%, 11/01/41		7,885			7,019,207
6.20%, 10/01/40		6,589			6,258,070
Murphy Oil Corp.
6.12%, 12/01/42		8,892			7,626,050
7.05%, 05/01/29 †		6,545			6,677,595
Navient Corp. 5.62%, 08/01/33		15,606			11,719,045
Newell Brands, Inc.
4.70%, 04/01/26		52,023			49,736,069
5.88%, 04/01/36		11,068			9,408,907
6.00%, 04/01/46		17,502			13,651,560
Nissan Motor Acceptance Co. LLC 144A
1.12%, 09/16/24		13,116			12,199,208
1.85%, 09/16/26		26,213			22,381,064
2.00%, 03/09/26		20,975			18,494,067
2.45%, 09/15/28		9,190			7,385,715
2.75%, 03/09/28		15,747			13,111,033
Nordstrom, Inc.
4.00%, 03/15/27 †		9,189			7,908,419
4.25%, 08/01/31 †		11,151			8,293,389
4.38%, 04/01/30 †		13,112			10,272,072
5.00%, 01/15/44 †		25,317			15,863,632
6.95%, 03/15/28 †		7,881			7,614,977
Occidental Petroleum Corp.
0.00%, 10/10/36 ^		17,851			9,324,534
2.90%, 08/15/24		17,148			16,644,020
3.40%, 04/15/26		7,439			7,047,297
3.50%, 08/15/29 †		7,521			6,862,123
4.10%, 02/15/47 †		6,770			5,295,223
4.20%, 03/15/48		7,966			6,227,112
4.40%, 04/15/46		11,123			8,972,417
4.40%, 08/15/49 †		7,350			5,787,537
4.62%, 06/15/45		7,755			6,367,863
5.55%, 03/15/26		22,353			22,568,930
6.20%, 03/15/40		19,019			19,552,342
6.45%, 09/15/36		44,863			47,651,235
6.60%, 03/15/46		29,246			31,247,742
7.50%, 05/01/31		22,794			25,462,380
7.88%, 09/15/31		12,723			14,435,173
7.95%, 06/15/39		8,456			9,705,543
Oceaneering International, Inc.
4.65%, 11/15/24		10,480			10,325,944
6.00%, 02/01/28		7,853			7,470,228
Office Properties Income Trust
2.40%, 02/01/27 †		9,197			5,905,724
2.65%, 06/15/26		7,894			5,530,901
3.45%, 10/15/31		10,505			5,422,004
4.25%, 05/15/24		8,680			8,198,438
4.50%, 02/01/25		17,054			14,516,742
Ohio National Financial Services, Inc. 144A

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United States (continued)
6.62%, 05/01/31 †	$	6,634		$	6,250,476
6.80%, 01/24/30		11,217			10,661,827
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31		10,503			7,518,191
Patterson-UTI Energy, Inc.
3.95%, 02/01/28 †		12,699			11,434,959
5.15%, 11/15/29 †		9,096			8,130,726
Qwest Corp. 7.25%, 09/15/25		6,551			5,825,280
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S
4.62%, 04/16/29		26,309			21,140,377
4.62%, 04/06/31		9,286			7,269,333
Rockies Express Pipeline LLC 144A
3.60%, 05/15/25		10,499			9,964,984
4.80%, 05/15/30		9,191			8,198,727
4.95%, 07/15/29		14,416			13,331,196
6.88%, 04/15/40		13,120			11,435,589
7.50%, 07/15/38		6,573			6,032,961
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 †		13,115			10,669,012
7.50%, 10/15/27 †		7,879			7,464,732
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25		36,472			38,755,184
Safeway, Inc. 7.25%, 02/01/31		6,951			7,055,300
Seagate HDD Cayman
4.09%, 06/01/29		12,968			11,262,967
4.12%, 01/15/31		7,244			6,019,583
4.75%, 01/01/25		12,567			12,235,168
4.88%, 06/01/27		13,212			12,665,873
5.75%, 12/01/34 †		12,838			11,410,222
Sealed Air Corp. 144A 6.88%, 07/15/33		11,861			12,612,039
Service Properties Trust
3.95%, 01/15/28		10,506			8,239,467
4.35%, 10/01/24		21,645			20,690,120
4.38%, 02/15/30		10,496			7,821,782
4.50%, 03/15/25		9,188			8,555,309
4.75%, 10/01/26		11,814			10,227,290
4.95%, 02/15/27		10,500			8,912,450
4.95%, 10/01/29		11,155			8,465,398
5.25%, 02/15/26		9,174			8,158,851
Southeast Supply Header LLC 144A 4.25%, 06/15/24		10,563			9,981,612
Southwestern Energy Co. 5.70%, 01/23/25		10,291			10,282,921
Spirit AeroSystems, Inc.
3.85%, 06/15/26		7,863			7,376,216
4.60%, 06/15/28 †		18,319			15,561,247
Steelcase, Inc. 5.12%, 01/18/29		11,862			10,573,609
Tenet Healthcare Corp. 6.88%, 11/15/31		9,574			9,391,280

	Par (000’s		)	Value
United States (continued)
Toledo Hospital
4.98%, 11/15/45	$	7,197		$	4,633,895
5.33%, 11/15/28		8,427			7,405,226
6.01%, 11/15/48 †		10,559			7,457,294
Topaz Solar Farms LLC 144A 5.75%, 09/30/39		14,862			14,674,802
Transocean, Inc.
6.80%, 03/15/38		15,973			10,891,909
7.50%, 04/15/31		10,371			7,997,700
Travel + Leisure Co.
6.00%, 04/01/27		10,516			10,357,682
6.60%, 10/01/25		9,184			9,217,154
Trinity Industries, Inc. 4.55%, 10/01/24		10,590			10,337,534
Under Armour, Inc. 3.25%, 06/15/26		15,779			14,505,313
United States Cellular Corp. 6.70%, 12/15/33 †		14,330			13,059,359
United States Steel Corp. 6.65%, 06/01/37 †		7,268			6,880,616
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31		15,700			12,180,510
Western Digital Corp.
2.85%, 02/01/29		13,136			10,404,960
3.10%, 02/01/32 †		13,137			9,546,223
Xerox Corp.
3.80%, 05/15/24 †		7,085			6,939,332
4.80%, 03/01/35		6,551			4,329,069
6.75%, 12/15/39		9,183			6,997,761
XPO CNW, Inc. 6.70%, 05/01/34		7,932			7,277,880
Yum! Brands, Inc.
5.35%, 11/01/43		7,199			6,374,283
6.88%, 11/15/37		8,605			9,204,140
					2,127,844,839
Total Corporate Bonds (Cost: $3,087,035,189)					2,736,589,329

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5%
Money Market Fund: 4.5% (Cost: $124,494,085)
State Street Navigator Securities Lending Government Money Market Portfolio		124,494,085			124,494,085
Total Investments: 102.8% (Cost: $3,211,529,274)					2,861,083,414
Liabilities in excess of other assets: (2.8)%					(77,617,757)
NET ASSETS: 100.0%				$	2,783,465,657

See Notes to Financial Statements

Definitions:

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

Footnotes:

†		Security fully or partially on loan. Total market value of securities on loan is $129,926,938.
(o)		Perpetual Maturity — the date shown is the next call date
^		Zero Coupon Bond

Reg S		Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $593,605,506, or 21.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Cyclicals		28.6	%	$	781,675,330
Energy		22.3			610,131,711
Technology		12.3			335,551,084
Financials		11.7			321,637,278
Industrials		8.5			232,004,113
Utilities		5.2			143,309,471
Real Estate		4.9			134,451,433
Healthcare		3.2			87,919,931
Basic Materials		2.5			68,311,451
Consumer Non-Cyclicals		0.5			14,412,933
Communications		0.3			7,184,594
		100.0	%	$	2,736,589,329

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 *	$	—	$	2,736,589,329	$	—	$	2,736,589,329
Money Market Fund		124,494,085		—		—		124,494,085
Total Investments	$	124,494,085	$	2,736,589,329	$	—	$	2,861,083,414

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)	Value
CORPORATE BONDS: 92.0%
Argentina: 0.1%
Genneia SA 144A 8.75%, 09/02/27	$	90		$	86,163
Australia: 1.4%
Bank of China Ltd. Reg S 0.75%, 09/29/24		200			189,425
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32		200			193,812
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42		450			453,552
National Australia Bank Ltd. 3.62%, 06/20/23		225			224,565
					1,061,354
Bermuda: 0.2%
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		200			185,215
Brazil: 1.9%
Banco BTG Pactual SA 144A 2.75%, 01/11/26		150			136,950
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		200			198,716
Fibria Overseas Finance Ltd. 5.50%, 01/17/27		375			376,031
FS Luxembourg Sarl 144A 10.00%, 12/15/25		200			199,246
Klabin Austria GmbH 144A 7.00%, 04/03/49		150			145,121
Klabin Finance SA 144A 4.88%, 09/19/27		140			135,811
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		200			186,250
Suzano Austria GmbH 144A 5.75%, 07/14/26		50			50,271
					1,428,396
British Virgin Islands: 0.4%
Amipeace Ltd. Reg S 1.75%, 11/09/26		300			273,759
Canada: 1.6%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		100			85,600
Brookfield Finance, Inc. 2.72%, 04/15/31		250			210,165
Canadian Imperial Bank of Commerce 0.95%, 10/23/25		250			227,771
CDP Financial, Inc. Reg S

	Par (000’s		)	Value
Canada (continued)
1.00%, 05/26/26	$	350		$	318,923
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		300			240,019
Tucson Electric Power Co. 1.50%, 08/01/30		150			120,566
					1,203,044
Cayman Islands: 3.4%
Gaci First Investment Co. Reg S
5.00%, 10/13/27		600			614,075
5.12%, 02/14/53		250			233,785
5.25%, 10/13/32 †		1,050			1,103,219
5.38%, 10/13/22		300			283,500
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31		200			168,096
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25		200			187,480
					2,590,155
Chile: 1.1%
Colbun SA 144A 3.15%, 01/19/32		150			127,808
Interchile SA 144A 4.50%, 06/30/56		350			287,123
Inversiones CMPC SA 144A 4.38%, 04/04/27		100			96,889
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33		194			85,535
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51		300			209,475
					806,830
China: 4.5%
Bank of China Ltd. Reg S 0.95%, 09/21/23		450			443,956
China Construction Bank Corp. Reg S 1.25%, 08/04/25		200			186,952
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		400			368,817
ICBCIL Finance Co. Ltd. Reg S 5.97% (ICE LIBOR USD 3 Month+1.05%), 11/20/24		200			200,290
Industrial & Commercial Bank of China Ltd. Reg S 5.72% (ICE LIBOR USD 3 Month+0.78%), 09/16/24		800			800,648
5.97% (ICE LIBOR USD 3 Month+0.83%), 06/14/23		200			200,056
6.09% (ICE LIBOR USD 3 Month+0.83%), 04/25/24		400			401,182
Industrial Bank Co. Ltd. Reg S

See Notes to Financial Statements

		Par (000’s	)		Value
China (continued)
1.12%, 11/06/23	$	200		$	196,471
Lenovo Group Ltd. 144A 6.54%, 07/27/32		200			201,217
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24		200			196,725
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		200			193,617
					3,389,931
Colombia: 0.2%
Consorcio Transmantaro SA 144A 4.70%, 04/16/34		150			138,905
Dominican Republic: 0.1%
UEP Penonome II SA 144A 6.50%, 10/01/38		91			67,386
France: 0.9%
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27		300			268,272
Electricite de France SA 144A 3.62%, 10/13/25		450			440,961
					709,233
Georgia: 0.1%
Georgian Railway JSC 144A 4.00%, 06/17/28		100			86,030
Germany: 3.0%
Bank of China Ltd. Reg S 3.12%, 06/16/25		200			194,138
Kreditanstalt fuer Wiederaufbau
0.75%, 09/30/30		950			782,346
1.00%, 10/01/26 †		600			548,086
1.75%, 09/14/29		650			585,248
Landesbank Baden-Wuerttemberg Reg S 2.00%, 02/24/25		188			178,984
					2,288,802
Hong Kong: 3.2%
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25		300			286,127
Airport Authority Reg S 1.75%, 01/12/27		300			275,870
China Development Bank Reg S 0.62%, 09/09/24		200			189,998
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24		200			193,752
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26		200			183,848
Industrial & Commercial Bank of China Ltd. Reg S 2.95%, 06/01/25		200			193,470
Industrial Bank Co. Ltd. Reg S

	Par (000’s		)	Value
Hong Kong (continued)
0.88%, 06/10/24	$	200		$	192,081
3.25%, 05/18/25		200			195,023
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26		200			190,259
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		400			376,712
MTR Corp. Ltd. Reg S 1.62%, 08/19/30		200			168,370
					2,445,510
India: 2.6%
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		250			224,754
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24		200			190,961
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39		178			127,698
India Green Energy Holdings 144A 5.38%, 04/29/24		150			145,914
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32		200			177,215
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27		200			190,336
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		177			147,758
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27		200			187,148
REC Ltd. Reg S 3.88%, 07/07/27		200			188,299
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		200			169,046
State Bank of India Reg S 4.50%, 09/28/23		200			199,490
					1,948,619
Indonesia: 0.5%
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38		400			346,294
Ireland: 0.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27		200			199,199

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Ireland (continued)
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26	$	250		$	251,899
					451,098
Japan: 4.0%
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		200			181,162
Honda Motor Co. Ltd.
2.27%, 03/10/25		200			191,904
2.97%, 03/10/32		600			542,622
Japan Bank for International Cooperation 1.62%, 01/20/27		200			183,323
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25		200			189,857
Marubeni Corp. Reg S 1.58%, 09/17/26		200			179,801
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23		100			98,986
Norinchukin Bank 144A
1.28%, 09/22/26		200			178,217
2.08%, 09/22/31		150			123,242
NTT Finance Corp. 144A
4.24%, 07/25/25		200			197,522
4.37%, 07/27/27		200			200,374
Renesas Electronics Corp. 144A 1.54%, 11/26/24		150			140,115
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29		200			174,800
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26		175			159,521
Toyota Motor Credit Corp. 2.15%, 02/13/30		300			263,928
					3,005,374
Luxembourg: 1.8%
European Investment Bank
1.62%, 05/13/31 †		500			435,883
3.75%, 02/14/33		900			915,396
					1,351,279
Macao: 0.7%
Bank of China Ltd. Reg S 5.62% (SOFR Compound Index+0.78%), 04/28/25		300			300,075
China Construction Bank Corp. Reg S 5.31% (SOFR Compound Index+0.50%), 12/21/24		200			199,529
					499,604
Mauritius: 0.6%
Greenko Wind Projects Mauritius Ltd. 144A

	Par (000’s		)	Value
Mauritius (continued)
5.50%, 04/06/25	$	200		$	190,881
India Cleantech Energy 144A 4.70%, 08/10/26		137			121,457
India Green Power Holdings 144A 4.00%, 02/22/27		200			175,014
					487,352
Mexico: 0.3%
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		250			200,085
Netherlands: 4.5%
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29		350			299,178
Cooperatieve Rabobank UA 144A
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26		350			315,152
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27		250			222,336
Greenko Dutch BV 144A 3.85%, 03/29/26		470			425,350
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26		450			412,582
4.62%, 01/06/26		300			296,302
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24		200			196,312
Nederlandse Waterschapsbank NV 144A
1.00%, 05/28/30		100			82,851
2.38%, 03/24/26		350			334,824
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/31		550			454,726
3.40%, 05/01/30		200			179,869
5.00%, 01/15/33		200			195,756
					3,415,238
Norway: 0.7%
Kommunalbanken AS 144A
0.50%, 10/21/24		200			188,704
2.12%, 02/11/25		325			312,732
					501,436
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		200			65,800
Portugal: 0.5%
EDP Finance BV 144A 1.71%, 01/24/28 †		400			346,969

See Notes to Financial Statements

	Par (000’s		)	Value
Qatar: 0.2%
QNB Finance Ltd. Reg S 1.62%, 09/22/25	$	200		$	185,624
Saudi Arabia: 0.3%
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		300			263,189
Singapore: 1.1%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		186			166,941
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		200			188,350
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24		450			428,713
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		81			79,817
					863,821
South Africa: 0.3%
Bank of China Ltd. Reg S 1.88%, 02/16/25		200			190,696
South Korea: 5.0%
Export-Import Bank of Korea
2.12%, 01/18/32		500			421,018
5.12%, 01/11/33		200			212,150
Export-Import Bank of Korea 144A 1.75%, 10/19/28		250			219,761
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26		300			270,614
Kia Corp. 144A
1.75%, 10/16/26		200			178,673
2.38%, 02/14/25		200			190,349
Korea Development Bank
0.40%, 06/19/24		200			190,383
0.75%, 01/25/25		200			187,360
Korea Electric Power Corp. 144A
2.50%, 06/24/24		350			340,988
3.62%, 06/14/25		200			195,114
5.38%, 04/06/26		200			202,675
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23		100			99,718
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25		200			190,242
LG Chem Ltd. 144A
1.38%, 07/07/26		200			179,417
2.38%, 07/07/31		225			186,249
3.25%, 10/15/24		250			243,400
3.62%, 04/15/29		50			47,638
SK Hynix, Inc. 144A

	Par (000’s		)	Value
South Korea (continued)
2.38%, 01/19/31	$	250		$	188,093
					3,743,842
Spain: 0.8%
Avangrid, Inc.
3.20%, 04/15/25		381			366,057
3.80%, 06/01/29		250			235,932
					601,989
Supranational: 5.2%
Central American Bank for Economic Integration Reg S 5.71% (ICE LIBOR USD 3 Month+0.85%), 11/15/24		200			199,806
European Bank for Reconstruction & Development
1.50%, 02/13/25		100			95,393
1.62%, 09/27/24		500			480,519
European Investment Bank
0.75%, 09/23/30		600			493,007
1.62%, 10/09/29		380			337,703
2.12%, 04/13/26 †		300			286,323
2.38%, 05/24/27 †		500			476,323
European Investment Bank 144A 2.88%, 06/13/25		750			732,453
International Bank for Reconstruction & Development
2.12%, 03/03/25 †		430			414,379
3.12%, 11/20/25 †		75			73,578
International Finance Corp. 2.12%, 04/07/26		344			327,779
					3,917,263
Sweden: 0.9%
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24		350			333,613
Swedbank AB 144A 1.54%, 11/16/26 †		350			312,969
					646,582
Turkey: 0.2%
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		200			168,320
United Arab Emirates: 0.7%
MAF Sukuk Ltd. Reg S
3.93%, 02/28/30		200			190,251
4.64%, 05/14/29		200			198,282
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49		195			162,204
					550,737
United Kingdom: 1.9%
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28		200			182,680

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United Kingdom (continued)
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32	$	150		$	122,423
China Construction Bank Corp. Reg S 3.12%, 05/17/25		350			340,450
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		300			246,541
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		200			191,394
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31		400			341,309
					1,424,797
United States: 36.4%
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		200			185,959
AES Corp.
1.38%, 01/15/26		150			136,056
2.45%, 01/15/31		305			250,555
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26		200			184,093
Alexandria Real Estate Equities, Inc.
2.00%, 05/18/32		350			270,182
2.95%, 03/15/34		250			202,576
3.80%, 04/15/26		100			96,582
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46		388			345,495
Amgen, Inc. 3.00%, 02/22/29 †		200			185,760
Apple, Inc. 3.00%, 06/20/27		300			290,244
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A
3.25%, 09/01/28		200			175,352
4.00%, 09/01/29		200			163,133
Arizona Public Service Co. 2.65%, 09/15/50		200			126,543
AvalonBay Communities, Inc.
1.90%, 12/01/28		100			86,948
2.05%, 01/15/32 †		250			203,571
Bank of America Corp. 2.46% (ICE LIBOR USD 3 Month+0.87%), 10/22/25		450			430,205
Boston Properties LP
2.45%, 10/01/33		400			288,059
3.40%, 06/21/29		225			191,235
4.50%, 12/01/28		200			182,221
Citigroup, Inc.

	Par (000’s		)	Value
United States (continued)
1.68% (SOFR+1.67%), 05/15/24	$	350		$	349,486
Clearway Energy Operating LLC 144A
3.75%, 02/15/31		400			342,755
4.75%, 03/15/28		275			261,111
Dana, Inc. 4.25%, 09/01/30		200			162,178
Deutsche Bank AG 1.69%, 03/19/26		300			268,739
Dominion Energy, Inc. 2.25%, 08/15/31		350			291,160
DTE Electric Co.
1.90%, 04/01/28		150			134,077
3.25%, 04/01/51		200			150,176
3.95%, 03/01/49		290			247,868
Duke Energy Carolinas LLC 3.95%, 11/15/28		350			345,279
Duke Energy Progress LLC 3.45%, 03/15/29		300			284,326
Equinix, Inc.
1.00%, 09/15/25		300			272,493
2.50%, 05/15/31		350			289,271
3.90%, 04/15/32		350			319,049
ERP Operating LP 4.15%, 12/01/28		200			194,620
Evergy Kansas Central, Inc. 2.55%, 07/01/26		100			94,532
Fannie Mae-Aces
1.44%, 10/25/29		300			252,285
2.44%, 10/25/29		37			33,680
2.52%, 08/25/29		236			214,596
2.62%, 07/25/24		162			157,381
2.90%, 02/25/27		220			210,574
2.94%, 06/25/29		9			7,983
3.00%, 01/25/28		394			372,539
3.06%, 09/25/27		255			244,162
3.13%, 03/25/28		207			196,142
3.16%, 03/25/28		383			365,853
3.17%, 02/25/30		340			318,831
3.20%, 11/25/27		13			12,307
3.41%, 06/25/28		318			306,670
3.67%, 09/25/28		498			486,217
3.87%, 09/25/30		91			88,833
Federal Realty Investment Trust 1.25%, 02/15/26 †		200			181,205
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27		200			173,675
Ford Motor Co.
3.25%, 02/12/32		850			659,954
6.10%, 08/19/32 †		450			429,575
Freddie Mac Multifamily Structured Pass Through Certificates
1.30%, 06/25/30		30			24,873
2.88%, 04/25/26		285			273,867

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
General Motors Co.
5.40%, 10/15/29	$	50		$	49,459
5.60%, 10/15/32 †		650			637,267
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25		100			97,323
Healthpeak OP LLC
1.35%, 02/01/27		200			176,394
2.12%, 12/01/28 †		100			86,803
Host Hotels & Resorts LP
2.90%, 12/15/31		250			198,217
3.38%, 12/15/29		100			85,987
Interstate Power & Light Co.
3.50%, 09/30/49		150			112,092
4.10%, 09/26/28		250			246,106
Jabil, Inc. 4.25%, 05/15/27		200			195,162
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		300			249,151
JPMorgan Chase & Co. 0.65% (Term SOFR USD 3 Month+0.60%), 09/16/24		325			318,974
0.77% (SOFR+0.49%), 08/09/25		350			329,206
Kaiser Foundation Hospitals
2.81%, 06/01/41 †		500			374,705
3.15%, 05/01/27		80			76,227
Kilroy Realty LP
2.50%, 11/15/32		50			33,914
2.65%, 11/15/33		150			99,519
4.75%, 12/15/28		100			88,663
Massachusetts Institute of Technology 3.96%, 07/01/38		200			188,622
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25		200			184,147
MidAmerican Energy Co.
2.70%, 08/01/52		200			136,800
3.10%, 05/01/27		225			215,549
3.15%, 04/15/50		200			149,635
3.65%, 04/15/29		150			144,707
3.65%, 08/01/48		400			329,938
3.95%, 08/01/47		125			107,880
4.25%, 07/15/49		275			248,334
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28		425			374,889
Northern States Power Co.
2.25%, 04/01/31		150			128,604
2.60%, 06/01/51		250			169,805
2.90%, 03/01/50		250			179,471
3.20%, 04/01/52		200			149,398
NSTAR Electric Co. 3.25%, 05/15/29		225			211,806
Owens Corning

	Par (000’s		)	Value
United States (continued)
3.95%, 08/15/29	$	225		$	214,111
PacifiCorp
2.90%, 06/15/52		200			139,828
5.35%, 12/01/53		200			208,605
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		250			232,807
PepsiCo, Inc.
2.88%, 10/15/49 †		250			191,993
3.90%, 07/18/32		500			492,725
PG&E Recovery Funding LLC 5.54%, 07/15/47		200			212,822
Piedmont Operating Partnership LP 3.15%, 08/15/30		150			113,448
PNC Financial Services Group, Inc. 2.20%, 11/01/24		160			152,782
Prologis LP
1.25%, 10/15/30		275			218,013
1.75%, 02/01/31		200			162,012
Public Service Co. of Colorado
3.20%, 03/01/50		250			187,264
3.70%, 06/15/28		200			195,366
4.10%, 06/15/48		110			95,694
Public Service Co. of Oklahoma
2.20%, 08/15/31		300			248,480
3.15%, 08/15/51		150			103,363
Public Service Electric and Gas Co.
3.10%, 03/15/32		150			135,304
4.65%, 03/15/33		200			202,526
Regency Centers LP 3.75%, 06/15/24		125			122,287
Seattle Children’s Hospital 2.72%, 10/01/50		150			102,462
SK Battery America, Inc. Reg S 1.62%, 01/26/24		250			241,613
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41		600			489,545
Sonoco Products Co. 2.85%, 02/01/32		400			339,872
Southern Power Co. 4.15%, 12/01/25		500			491,138
Southwestern Public Service Co. 3.15%, 05/01/50		100			72,631
Sunnova Energy Corp. 144A 5.88%, 09/01/26 †		100			90,763
Tennessee Valley Authority 1.50%, 09/15/31		200			165,570
Toyota Auto Receivables Owner

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United States (continued)
0.26%, 11/17/25	$	163		$	157,258
UDR, Inc. 1.90%, 03/15/33		175			131,277
Union Electric Co. 2.62%, 03/15/51		275			183,642
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		200			189,059
Verizon Communications, Inc.
1.50%, 09/18/30 †		300			242,845
2.85%, 09/03/41		400			290,242
3.88%, 02/08/29		200			193,255
3.88%, 03/01/52		300			240,969
Vornado Realty LP 3.40%, 06/01/31		150			106,762
Welltower OP LLC
2.70%, 02/15/27		250			229,066
3.85%, 06/15/32		100			90,010
Wisconsin Electric Power Co. 4.75%, 09/30/32		250			252,389
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			162,784
					27,480,427
Total Corporate Bonds (Cost: $77,004,655)					69,417,148

GOVERNMENT OBLIGATIONS: 6.7%
Chile: 1.3%
Chile Government International Bond
2.55%, 01/27/32		350			304,728
3.50%, 01/25/50		850			657,880
					962,608
Egypt: 0.2%
Egypt Government International Bond 144A 5.25%, 10/06/25		50			34,547
Egypt Government International Bond Reg S 5.25%, 10/06/25		200			138,190
					172,737
Hong Kong: 1.6%
Hong Kong Government International Bond 144A
0.62%, 02/02/26		200			182,256
1.38%, 02/02/31		400			334,693
2.38%, 02/02/51		200			137,344
2.50%, 05/28/24		250			245,424
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			340,078
					1,239,795
Indonesia: 1.2%
Perusahaan Penerbit SBSN Indonesia III 144A 2.30%, 06/23/25		150			143,574

	Par (000’s		)	Value
Indonesia (continued)
3.55%, 06/09/51	$	275		$	215,833
3.90%, 08/20/24		250			249,781
4.70%, 06/06/32		300			305,093
					914,281
Israel: 0.3%
Israel Government International Bond 4.50%, 01/17/33		200			200,511
Saudi Arabia: 0.3%
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26		250			226,853
Supranational: 0.9%
Asian Development Bank
1.75%, 08/14/26		275			258,253
2.12%, 03/19/25		150			144,324
2.38%, 08/10/27		150			142,504
3.12%, 09/26/28		100			97,537
					642,618
United States: 0.9%
City of San Francisco CA Public Utilities Commission Water Revenue
2.83%, 11/01/41		100			77,938
3.30%, 11/01/39		100			85,191
3.47%, 11/01/43		100			82,010
Commonwealth of Massachusetts 3.28%, 06/01/46		150			121,885
District of Columbia Water & Sewer Authority 4.81%, 10/01/14		170			165,664
Metropolitan Transportation Authority 5.17%, 11/15/49		150			142,476
					675,164
Total Government Obligations (Cost: $5,953,369)					5,034,567

	Number of Shares
PREFERRED SECURITIES: 0.1% (Cost: $173,320)
Canada: 0.1%
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 †		7,000			114,030

Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $83,131,344)					74,565,745

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Money Market Fund: 2.8% (Cost: $2,137,597)

See Notes to Financial Statements

		Number of Shares				Value
State Street Navigator Securities Lending Government Money Market Portfolio			2,137,597			$	2,137,597

	Number of Shares	Value
Total Investments: 101.6% (Cost: $85,268,941)		$	76,703,342
Liabilities in excess of other assets: (1.6)%			(1,243,476)
NET ASSETS: 100.0%		$	75,459,866

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $6,034,699.

Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $20,826,707, or 27.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		40.0	%	$	29,791,955
Utilities		20.7			15,414,906
Real Estate		7.7			5,781,646
Government		7.0			5,224,424
Mortgage Securities		5.2			3,912,288
Consumer Cyclicals		4.7			3,526,705
Technology		4.3			3,210,392
Basic Materials		3.7			2,741,671
Industrials		3.5			2,583,997
Consumer Non-Cyclicals		1.2			884,804
Healthcare		1.0			739,153
Energy		0.8			565,182
Academic & Educational Services		0.2			188,622
		100.0	%	$	74,565,745

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 ^*	$	—	$	69,417,148	$	—	$	69,417,148
Government Obligations ^*		—		5,034,567		—		5,034,567
Preferred Securities ^*		114,030		—		—		114,030
Money Market Fund		2,137,597		—		—		2,137,597
Total Investments	$	2,251,627	$	74,451,715	$	—	$	76,703,342

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)		Value
FLOATING RATE NOTES: 98.5%
Australia: 9.1%
Commonwealth Bank of Australia 144A 5.24% (SOFR+0.40%), 07/07/25	$	22,932		$	22,733,831
5.33% (SOFR+0.52%), 06/15/26		11,820			11,668,233
5.54% (SOFR+0.74%), 03/14/25		12,500			12,488,597
5.55% (SOFR+0.75%), 03/13/26		4,750			4,735,901
Macquarie Bank Ltd. 144A 6.13% (SOFR+1.31%), 03/21/25		3,825			3,842,933
National Australia Bank Ltd. 144A 5.22% (SOFR+0.38%), 01/12/25		3,700			3,682,440
5.49% (SOFR+0.65%), 01/12/27		12,325			12,207,007
5.65% (SOFR+0.86%), 06/09/25		12,325			12,323,142
Westpac Banking Corp. 5.03% (SOFR+0.30%), 11/18/24		5,550			5,525,867
5.73% (ICE LIBOR USD 3 Month+0.77%),02/26/24		1,575			1,580,686
5.76% (SOFR+1.00%), 08/26/25		13,550			13,620,316
					104,408,953
Canada: 4.3%
Bank of Montreal 5.14% (SOFR Compound Index+0.35%), 12/08/23		1,898			1,894,365
5.16% (SOFR Compound Index+0.32%), 07/09/24		4,085			4,061,102
5.50% (SOFR Compound Index+0.71%), 03/08/24		1,625			1,621,341
Bank of Nova Scotia 5.22% (SOFR+0.38%), 07/31/24		4,700			4,673,821
5.28% (SOFR Compound Index+0.45%), 04/15/24		2,171			2,162,167
Canadian Imperial Bank of Commerce 5.20% (SOFR Compound Index+0.40%), 12/14/23		1,880			1,874,591
5.26% (SOFR Compound Index+0.42%), 10/18/24		5,056			5,024,992
5.78% (SOFR+0.94%), 04/07/25		4,936			4,947,509
Enbridge, Inc. 5.36% (SOFR Compound Index+0.63%), 02/16/24		2,065			2,059,578
Federation des Caisses Desjardins du Quebec 144A 5.18% (SOFR+0.43%), 05/21/24		1,750			1,740,104

	Par (000’s		)	Value
Canada (continued)
Royal Bank of Canada 5.14% (SOFR Compound Index+0.30%), 01/19/24	$	2,206		$	2,200,140
5.18% (SOFR Compound Index+0.34%), 10/07/24		3,691			3,664,651
5.20% (SOFR Compound Index+0.36%), 07/29/24		4,819			4,785,512
Toronto-Dominion Bank 5.13% (SOFR+0.35%), 03/04/24		2,370			2,361,782
5.15% (SOFR+0.35%), 09/10/24		6,637			6,587,438
					49,659,093
Cayman Islands: 0.2%
MassMutual Global Funding II 144A 5.20% (SOFR+0.36%), 04/12/24		1,955			1,951,002
China: 0.2%
Tencent Holdings Ltd. 144A 6.12% (ICE LIBOR USD 3 Month+0.91%), 04/11/24		2,325			2,327,778
France: 2.0%
Banque Federative du Credit Mutuel SA 144A 5.10% (SOFR Compound Index+0.41%), 02/04/25		5,322			5,260,542
Societe Generale SA 144A 5.89% (SOFR+1.05%), 01/21/26		18,500			18,091,897
					23,352,439
Germany: 0.4%
Bayer US Finance II LLC 144A 5.88% (ICE LIBOR USD 3 Month+1.01%), 12/15/23		4,125			4,117,151
Japan: 6.2%
Mitsubishi UFJ Financial Group, Inc. 5.67% (SOFR+0.94%), 02/20/26		14,900			14,737,458
Mizuho Financial Group, Inc. 5.59% (ICE LIBOR USD 3 Month+0.63%), 05/25/24		3,600			3,599,857
5.69% (SOFR+0.96%), 05/22/26		17,915			17,735,023
6.15% (ICE LIBOR USD 3 Month+1.00%), 09/11/24		4,477			4,479,664
Sumitomo Mitsui Financial Group, Inc. 5.72% (SOFR+0.88%), 01/14/27		12,320			12,058,688
Sumitomo Mitsui Trust Bank Ltd. 144A 5.24% (SOFR+0.44%), 09/16/24		5,525			5,491,916

See Notes to Financial Statements

	Par (000’s		)	Value
Japan (continued)
5.90% (SOFR+1.12%), 03/09/26	$	12,325		$	12,329,887
					70,432,493
Netherlands: 1.7%
Cooperatieve Rabobank UA 5.14% (SOFR Compound Index+0.30%), 01/12/24		2,475			2,467,578
ING Groep NV 6.48% (SOFR Compound Index+1.64%), 03/28/26		12,440			12,510,733
Shell International Finance BV 5.27% (ICE LIBOR USD 3 Month+0.40%), 11/13/23		1,375			1,379,945
Siemens Financieringsmaatschappij NV 144A 5.23% (SOFR+0.43%), 03/11/24		3,275			3,273,172
					19,631,428
Norway: 0.4%
DNB Bank ASA 144A 5.67% (SOFR Compound Index+0.83%), 03/28/25		4,550			4,529,092
Spain: 0.2%
Banco Santander SA 5.98% (SOFR+1.24%), 05/24/24		2,200			2,202,367
Switzerland: 2.0%
Credit Suisse Group AG 144A 6.39% (ICE LIBOR USD 3 Month+1.24%), 06/12/24		5,531			5,393,731
UBS AG 144A 5.07% (SOFR+0.36%), 02/09/24		3,150			3,140,541
UBS Group AG 144A 6.30% (SOFR+1.58%), 05/12/26		14,810			14,836,951
					23,371,223
United Kingdom: 8.2%
ANZ New Zealand Int’l Ltd. 144A 5.34% (SOFR+0.60%), 02/18/25		3,850			3,826,459
Barclays Plc 6.25% (ICE LIBOR USD 3 Month+1.38%), 05/16/24		4,855			4,854,901
HSBC Holdings Plc 5.32% (SOFR+0.58%), 11/22/24		3,500			3,451,665
5.92% (ICE LIBOR USD 3 Month+1.00%), 05/18/24		7,095			7,096,791
6.22% (SOFR+1.43%), 03/10/26		12,150			12,153,133
6.38% (ICE LIBOR USD 3 Month+1.23%), 03/11/25		3,500			3,508,324
6.53% (ICE LIBOR USD 3 Month+1.38%), 09/12/26		18,292			18,282,935

	Par (000’s)		Value
United Kingdom (continued)
NatWest Group Plc 6.68% (ICE LIBOR USD 3 Month+1.55%), 06/25/24	$	5,620	$	5,619,878
NatWest Markets Plc 144A 6.28% (SOFR+1.45%), 03/22/25		3,780		3,770,893
Standard Chartered Plc 144A 5.68% (SOFR+0.93%), 11/23/25		12,344		12,154,867
6.58% (SOFR+1.74%), 03/30/26		12,350		12,399,995
UBS AG 144A 5.16% (SOFR+0.45%), 08/09/24		7,375		7,330,963
				94,450,804
United States: 63.6%
American Electric Power Co., Inc. 5.78% (ICE LIBOR USD 3 Month+0.48%), 11/01/23		1,700		1,697,418
American Express Co. 4.92% (SOFR Compound Index+0.23%), 11/03/23		1,691		1,686,346
5.34% (SOFR Compound Index+0.65%), 11/04/26		12,338		12,142,238
5.41% (SOFR Compound Index+0.72%), 05/03/24		1,575		1,575,705
5.71% (SOFR+0.93%), 03/04/25		3,720		3,720,424
Analog Devices, Inc. 5.09% (SOFR+0.25%), 10/01/24		3,854		3,828,186
AT&T, Inc. 5.48% (SOFR Compound Index+0.64%), 03/25/24		2,375		2,371,162
6.33% (ICE LIBOR USD 3 Month+1.18%), 06/12/24		11,874		11,948,659
Athene Global Funding 144A 5.45% (SOFR Compound Index+0.70%), 05/24/24		4,933		4,882,826
Bank of America Corp. 5.27% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24		9,190		9,171,344
5.36% (SOFR+0.66%), 02/04/25		5,534		5,497,397
5.53% (SOFR+0.69%), 04/22/25		4,468		4,434,537
5.57% (SOFR+0.73%), 10/24/24		3,738		3,729,583
5.58% (ICE LIBOR USD 3 Month+0.77%), 02/05/26		22,546		22,543,030
5.75% (SOFR+1.05%), 02/04/28		19,943		19,655,071
5.94% (SOFR+1.10%), 04/25/25		3,825		3,814,276
6.17% (SOFR+1.33%), 04/02/26 †		12,325		12,343,650

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United States (continued)
6.23% (ICE LIBOR USD 3 Month+0.96%), 07/23/24	$	3,720		$	3,720,757
BMW US Capital LLC 144A 5.10% (SOFR Compound Index+0.38%), 08/12/24		5,610			5,579,068
5.37% (SOFR Compound Index+0.53%), 04/01/24		2,379			2,372,980
Capital One Financial Corp. 5.48% (SOFR+0.69%), 12/06/24 †		6,757			6,616,222
Caterpillar Financial Services Corp. 4.98% (SOFR+0.24%), 05/17/24		1,962			1,956,011
5.07% (SOFR+0.27%), 09/13/24		5,016			4,994,071
5.17% (SOFR+0.45%), 11/13/23		1,360			1,360,597
CenterPoint Energy, Inc. 5.37% (SOFR Compound Index+0.65%), 05/13/24		2,283			2,272,932
Charles Schwab Corp. 5.24% (SOFR Compound Index+0.52%), 05/13/26		12,313			11,821,740
5.32% (SOFR Compound Index+0.50%), 03/18/24		3,948			3,907,014
5.83% (SOFR Compound Index+1.05%), 03/03/27		12,337			11,873,824
Citigroup, Inc. 5.51% (SOFR+0.67%), 05/01/25		12,309			12,212,200
5.51% (ICE LIBOR USD 3 Month+0.55%), 08/25/36		12,880			10,318,128
5.53% (SOFR+0.69%), 01/25/26		12,477			12,296,823
5.98% (ICE LIBOR USD 3 Month+1.10%), 05/17/24		4,777			4,778,878
5.99% (ICE LIBOR USD 3 Month+1.02%), 06/01/24		7,380			7,379,491
6.04% (SOFR+1.28%), 02/24/28		19,785			19,758,001
6.13% (SOFR+1.37%), 05/24/25		12,360			12,377,338
6.35% (SOFR+1.53%), 03/17/26		12,332			12,424,964
6.43% (ICE LIBOR USD 3 Month+1.25%), 07/01/26		16,007			16,077,005
Comcast Corp. 5.89% (ICE LIBOR USD 3 Month+0.63%), 04/15/24		1,749			1,752,715
Credit Suisse AG 5.23% (SOFR Compound Index+0.39%), 02/02/24		2,925			2,831,732
Daimler Truck Finance North America LLC 144A 5.84% (SOFR+1.00%), 04/05/24		1,735			1,733,030
Deutsche Bank NY

	Par (000’s		)	Value
United States (continued)
5.20% (SOFR+0.50%), 11/08/23	$	2,075		$	2,056,399
Florida Power & Light Co. 5.22% (SOFR Compound Index+0.38%), 01/12/24		3,190			3,177,537
GA Global Funding Trust 144A 5.30% (SOFR+0.50%), 09/13/24		3,825			3,713,524
General Electric Co. 5.19% (ICE LIBOR USD 3 Month+0.38%), 05/05/26		22,222			22,026,774
General Motors Financial Co., Inc. 5.93% (SOFR+1.20%), 11/17/23		2,175			2,173,373
Goldman Sachs Group, Inc. 5.54% (SOFR+0.70%), 01/24/25		4,495			4,472,872
6.03% (ICE LIBOR USD 3 Month+1.17%), 05/15/26		22,831			22,807,081
6.55% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		5,496			5,520,690
7.02% (ICE LIBOR USD 3 Month+1.75%), 10/28/27		21,995			22,397,031
Hartford Financial Services Group, Inc. 144A 6.99% (ICE LIBOR USD 3 Month+2.12%), 02/12/47		12,372			10,114,110
Jackson National Life Global Funding 144A 5.99% (SOFR+1.15%), 06/28/24		6,400			6,378,100
John Deere Capital Corp. 5.04% (SOFR+0.20%), 10/11/24		4,575			4,544,513
JPMorgan Chase & Co. 5.31% (SOFR+0.54%), 06/01/25		12,340			12,223,167
5.41% (SOFR+0.58%), 06/23/25		12,335			12,206,287
5.60% (SOFR+0.77%), 09/22/27		12,251			12,046,559
5.67% (SOFR+0.92%), 02/24/26		18,436			18,342,384
5.72% (SOFR+0.89%), 04/22/27 †		12,325			12,162,070
5.77% (SOFR+0.97%), 06/14/25		12,323			12,342,600
5.93% (SOFR+1.18%), 02/24/28		26,030			26,072,573
6.06% (ICE LIBOR USD 3 Month+0.85%), 01/10/25		3,700			3,692,148
6.16% (ICE LIBOR USD 3 Month+0.89%), 07/23/24		7,372			7,375,104
6.16% (SOFR+1.32%), 04/26/26		12,380			12,415,911
Lincoln National Corp.

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
7.23% (ICE LIBOR USD 3 Month+2.36%), 05/17/66	$	14,257		$	9,017,553
MassMutual Global Funding II 144A 5.11% (SOFR+0.27%), 10/21/24		3,735			3,709,327
Metropolitan Life Global Funding I 144A 5.14% (SOFR+0.30%), 09/27/24		3,730			3,705,491
5.16% (SOFR+0.32%), 01/07/24		2,040			2,035,243
Morgan Stanley 5.46% (SOFR+0.62%), 01/24/25		7,850			7,772,087
5.70% (SOFR+0.95%), 02/18/26		18,490			18,373,080
6.00% (SOFR+1.17%), 04/17/25		4,910			4,915,135
6.06% (ICE LIBOR USD 3 Month+1.22%), 05/08/24		5,570			5,570,370
NextEra Energy Capital Holdings, Inc. 5.09% (SOFR Compound Index+0.40%), 11/03/23		3,905			3,895,431
Public Storage 5.31% (SOFR+0.47%), 04/23/24		2,324			2,317,101
Roche Holdings, Inc. 144A 5.36% (SOFR+0.56%), 03/10/25		5,675			5,665,160
Starbucks Corp. 5.14% (SOFR Compound Index+0.42%), 02/14/24		1,663			1,662,217
Thermo Fisher Scientific, Inc. 5.37% (SOFR Compound Index+0.53%), 10/18/24		3,773			3,773,157
Toyota Motor Credit Corp. 5.09% (SOFR+0.29%), 09/13/24		4,440			4,407,289
5.17% (SOFR Compound Index+0.33%), 01/11/24		2,409			2,403,128
5.20% (SOFR+0.38%), 02/22/24		4,750			4,735,051
5.49% (SOFR Compound Index+0.65%), 12/29/23		2,050			2,049,325

	Par (000’s		)	Value
United States (continued)
5.56% (SOFR+0.75%), 12/11/23	$	4,725		$	4,731,128
Truist Bank 5.04% (SOFR+0.20%), 01/17/24		3,950			3,903,819
Truist Financial Corp. 5.19% (SOFR+0.40%), 06/09/25		23,549			22,670,491
United Parcel Service, Inc. 4.44% (SOFR Compound Index+(0.35)%), 03/15/73		13,150			13,095,644
Verizon Communications, Inc. 5.61% (SOFR Compound Index+0.79%), 03/20/26		18,039			17,923,196
5.96% (ICE LIBOR USD 3 Month+1.10%), 05/15/25		22,759			22,917,670
Volkswagen Group of America Finance LLC 144A 5.73% (SOFR+0.95%), 06/07/24		3,850			3,858,194
Warnermedia Holdings, Inc. 144A 6.59% (SOFR Compound Index+1.78%), 03/15/24		1,575			1,584,095
Wells Fargo & Co. 6.16% (SOFR+1.32%), 04/25/26		18,732			18,800,411
					729,208,973
Total Floating Rate Notes (Cost: $1,138,059,104)					1,129,642,796

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
Money Market Fund: 0.3% (Cost: $3,402,096)
State Street Navigator Securities Lending Government Money Market Portfolio		3,402,096			3,402,096
Total Investments: 98.8% (Cost: $1,141,461,200)					1,133,044,892
Other assets less liabilities: 1.2%					13,275,960
NET ASSETS: 100.0%				$	1,146,320,852

Definitions:

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

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $3,317,907.

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 $260,980,173, or 22.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		86.6	%	$	977,946,981
Technology		5.9			66,342,539
Industrials		2.6			29,358,372
Consumer Non-Cyclicals		1.9			22,026,774
Utilities		1.0			11,043,319
Consumer Cyclicals		0.8			9,277,879
Healthcare		0.7			7,890,308
Energy		0.3			3,439,522
Real Estate		0.2			2,317,102
		100.0	%	$	1,129,642,796

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
Floating Rate Notes *	$	—	$	1,129,642,796	$	—	$	1,129,642,796
Money Market Fund		3,402,096		—		—		3,402,096
Total Investments	$	3,402,096	$	1,129,642,796	$	—	$	1,133,044,892

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)	Value
CORPORATE BONDS: 97.9%
Argentina: 1.0%
MercadoLibre, Inc. 3.12%, 01/14/31	USD	100		$	77,602
Pampa Energia SA 144A
7.50%, 01/24/27	USD	50			43,557
9.12%, 04/15/29	USD	50			43,560
Pan American Energy LLC 144A 9.12%, 04/30/27	USD	40			41,749
Telecom Argentina SA 144A 8.00%, 07/18/26	USD	50			44,483
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25	USD	80			69,906
YPF Energia Electrica SA 144A 10.00%, 07/25/26	USD	35			30,135
YPF SA 144A
6.95%, 07/21/27	USD	50			36,051
7.00%, 12/15/47	USD	25			15,360
8.50%, 03/23/25	USD	25			22,875
8.50%, 07/28/25	USD	75			62,556
8.50%, 06/27/29	USD	85			63,365
9.00%, 02/12/26 (s)	USD	46			43,675
9.00%, 06/30/29 (s)	USD	75			59,902
					654,776
Australia: 1.0%
FMG Resources August 2006 Pty Ltd. 144A
4.38%, 04/01/31	USD	100			86,982
4.50%, 09/15/27	USD	25			23,787
5.12%, 05/15/24	USD	75			74,634
6.12%, 04/15/32	USD	100			96,906
Infrabuild Australia Pty Ltd. 144A 12.00%, 10/01/24	USD	30			28,703
Mineral Resources Ltd. 144A
8.12%, 05/01/27	USD	100			100,974
8.50%, 05/01/30	USD	100			101,858
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30	USD	30			26,693
Perenti Finance Pty Ltd. 144A 6.50%, 10/07/25	USD	95			92,506
					633,043
Austria: 0.1%
ams-OSRAM AG 144A 7.00%, 07/31/25 †	USD	100			93,513
Belgium: 0.4%
Azelis Finance NV Reg S 5.75%, 03/15/28	EUR	100			111,220
La Financiere Atalian SASU Reg S 4.00%, 05/15/24	EUR	100			80,700
Ontex Group NV Reg S

	Par (000’s		)	Value
Belgium (continued)
3.50%, 07/15/26	EUR	100		$	98,062
					289,982
Bermuda: 0.2%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25	USD	63			25,182
Digicel International Finance Ltd. / Digicel International Holdings Ltd. 144A
8.75%, 05/25/24	USD	50			45,328
13.00%, 12/31/25	USD	75			48,937
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	USD	50			46,304
					165,751
Brazil: 5.9%
Adecoagro SA 144A 6.00%, 09/21/27	USD	50			46,923
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD	50			46,568
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27	USD	105			102,687
Azul Investments LLP 144A 5.88%, 10/26/24	USD	50			39,524
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31	USD	50			41,832
Banco Bradesco SA 144A 3.20%, 01/27/25	USD	100			95,744
Banco BTG Pactual SA 144A 4.50%, 01/10/25	USD	100			97,167
Banco do Brasil SA 144A 4.62%, 01/15/25	USD	50			49,096
Banco Votorantim SA 144A 4.38%, 07/29/25	USD	100			96,479
Braskem Idesa SAPI 144A 7.45%, 11/15/29	USD	200			158,428
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81	USD	50			49,790
BRF SA 144A 4.75%, 05/22/24	USD	100			97,180
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24	USD	50			51,305
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30	USD	100			86,290
Cosan Luxembourg SA 144A 7.00%, 01/20/27	USD	50			50,095
Cosan SA 144A 5.50%, 09/20/29	USD	50			44,944
CSN Inova Ventures 144A 6.75%, 01/28/28 †	USD	100			95,167

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Brazil (continued)
Embraer Netherlands Finance BV
5.05%, 06/15/25	USD	100		$	98,631
5.40%, 02/01/27	USD	75			72,231
FS Luxembourg Sarl 144A 10.00%, 12/15/25	USD	50			49,812
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30	USD	100			80,233
Gol Finance SA 144A 7.00%, 01/31/25	USD	100			48,334
Guara Norte Sarl 144A 5.20%, 06/15/34	USD	91			77,647
InterCement Financial Operations BV 144A 5.75%, 07/17/24	USD	50			34,339
Itau Unibanco Holding SA 144A
3.25%, 01/24/25	USD	25			24,235
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31	USD	25			23,500
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29	USD	100			95,949
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)	USD	50			39,141
Klabin Austria GmbH 144A
5.75%, 04/03/29	USD	100			97,969
7.00%, 04/03/49	USD	50			48,374
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26	USD	50			18,760
MARB BondCo Plc 144A 3.95%, 01/29/31	USD	100			73,546
MV24 Capital BV 144A 6.75%, 06/01/34	USD	86			76,582
Natura Cosmeticos SA 144A 4.12%, 05/03/28	USD	100			83,489
NBM US Holdings, Inc. 144A 7.00%, 05/14/26	USD	100			97,449
Nexa Resources SA 144A 6.50%, 01/18/28	USD	100			97,892
Petrobras Global Finance BV
5.09%, 01/15/30	USD	50			47,178
5.30%, 01/27/25	USD	100			99,565
5.50%, 06/10/51	USD	50			39,565
5.60%, 01/03/31 †	USD	75			72,101
5.62%, 05/20/43	USD	50			42,855
5.75%, 02/01/29	USD	50			49,276
6.00%, 01/27/28	USD	75			75,225
6.75%, 01/27/41	USD	50			47,880
6.75%, 06/03/50	USD	50			45,235
6.85%, 06/05/15	USD	125			109,549
6.88%, 01/20/40	USD	50			48,332
6.90%, 03/19/49	USD	75			69,353
7.25%, 03/17/44	USD	75			74,116

	Par (000’s		)	Value
Brazil (continued)
7.38%, 01/17/27	USD	50		$	52,060
8.75%, 05/23/26	USD	50			54,235
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 †	USD	100			84,905
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24	USD	56			56,438
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28	USD	100			93,125
Ultrapar International SA 144A 5.25%, 06/06/29	USD	100			93,734
Unigel Luxembourg SA 144A 8.75%, 10/01/26	USD	50			46,162
Usiminas International Sarl 144A 5.88%, 07/18/26	USD	50			48,636
XP, Inc. 144A 3.25%, 07/01/26	USD	50			44,417
					3,881,274
British Virgin Islands: 0.3%
New Metro Global Ltd. Reg S 4.50%, 05/02/26	USD	200			116,812
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27	USD	200			52,332
					169,144
Bulgaria: 0.2%
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25	EUR	100			105,096
Burkina Faso: 0.0%
IAMGOLD Corp. 144A 5.75%, 10/15/28	USD	25			19,773
Canada: 7.3%
1011778 BC ULC / New Red Finance, Inc. 144A
3.50%, 02/15/29	USD	65			58,500
3.88%, 01/15/28	USD	125			117,416
4.00%, 10/15/30	USD	175			152,929
4.38%, 01/15/28	USD	100			93,610
5.75%, 04/15/25	USD	25			25,082
Air Canada 4.62%, 08/15/29	CAD	50			32,810
Air Canada 144A
3.88%, 08/15/26	USD	50			46,347
4.62%, 08/15/29 †	CAD	125			81,737
Algonquin Power & Utilities Corp.
4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82	USD	50			40,494
5.25% (Generic Canadian 5 Year+3.72%), 01/18/82	CAD	50			29,499
AltaGas Ltd. 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82	CAD	25			17,933

See Notes to Financial Statements

	Par (000’s		)	Value
Canada (continued)
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28	USD	25		$	22,414
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24	USD	50			42,800
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26	USD	50			48,327
Baytex Energy Corp. 144A
8.50%, 04/30/30	USD	50			50,322
8.75%, 04/01/27 †	USD	40			41,209
Bombardier, Inc. 144A
7.12%, 06/15/26	USD	75			74,843
7.50%, 03/15/25	USD	87			87,116
7.50%, 02/01/29	USD	75			73,847
7.88%, 04/15/27	USD	175			174,687
Brookfield Property Finance ULC
3.93%, 08/24/25	CAD	50			33,725
3.93%, 01/15/27	CAD	50			31,791
7.12%, 02/13/28	CAD	75			52,183
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27	USD	100			91,764
Capital Power Corp. 7.95% (Generic Canadian 5 Year+5.34%), 09/09/82	CAD	50			36,398
Cascades, Inc. / Cascades USA, Inc. 144A 5.38%, 01/15/28	USD	25			23,750
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28	CAD	75			40,851
Eldorado Gold Corp. 144A 6.25%, 09/01/29	USD	50			46,546
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76	USD	75			71,712
Empire Communities Corp. 144A 7.00%, 12/15/25 †	USD	25			22,903
Enerflex Ltd. 144A 9.00%, 10/15/27	USD	40			39,906
Garda World Security Corp. 144A
6.00%, 06/01/29	USD	50			41,170
9.50%, 11/01/27	USD	50			47,981
GFL Environmental, Inc. 144A
3.50%, 09/01/28	USD	50			45,503
3.75%, 08/01/25	USD	75			72,596
4.25%, 06/01/25	USD	50			48,709
4.38%, 08/15/29	USD	50			45,302
4.75%, 06/15/29	USD	50			46,585
5.12%, 12/15/26	USD	75			73,894

	Par (000’s		)	Value
Canada (continued)
Gibson Energy, Inc.
2.85%, 07/14/27	CAD	25		$	17,105
3.60%, 09/17/29	CAD	75			51,492
goeasy Ltd. 144A
4.38%, 05/01/26	USD	25			21,963
5.38%, 12/01/24	USD	50			47,542
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26	USD	50			46,608
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28	USD	40			33,349
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79	CAD	65			45,936
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30	USD	75			75,961
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79	CAD	75			53,090
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32	CAD	25			17,671
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞	USD	256			0
Mattamy Group Corp. 144A
4.62%, 03/01/30	USD	50			43,891
5.25%, 12/15/27	USD	25			23,296
MEG Energy Corp. 144A
5.88%, 02/01/29	USD	50			48,059
7.12%, 02/01/27	USD	25			25,658
Mercer International, Inc. 5.12%, 02/01/29	USD	50			41,809
Methanex Corp.
5.12%, 10/15/27	USD	75			71,722
5.25%, 12/15/29	USD	75			70,480
New Gold, Inc. 144A 7.50%, 07/15/27	USD	25			24,122
Northriver Midstream Finance LP 144A 5.62%, 02/15/26	USD	50			46,998
NOVA Chemicals Corp. 144A
4.25%, 05/15/29 †	USD	50			40,484
4.88%, 06/01/24	USD	75			73,916
5.00%, 05/01/25	USD	50			48,575
5.25%, 06/01/27	USD	75			67,966
Open Text Corp. 144A
3.88%, 02/15/28	USD	150			133,178
3.88%, 12/01/29	USD	50			42,084
Parkland Corp. 6.00%, 06/23/28	CAD	50			36,112
Parkland Corp. 144A

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Canada (continued)
4.50%, 10/01/29	USD	100		$	87,738
5.88%, 07/15/27	USD	100			97,509
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	CAD	50			30,636
Precision Drilling Corp. 144A 7.12%, 01/15/26	USD	50			48,621
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81	CAD	150			100,471
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82	USD	50			45,228
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25	EUR	100			106,581
SNC-Lavalin Group, Inc. 7.00%, 06/12/26	CAD	50			37,562
Strathcona Resources Ltd. 144A 6.88%, 08/01/26	USD	50			42,340
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD	75			66,508
Taseko Mines Ltd. 144A 7.00%, 02/15/26	USD	25			23,087
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD	25			22,898
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26	USD	25			13,987
Terraform Global Operating LP 144A 6.12%, 03/01/26	USD	25			24,000
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26	USD	50			44,566
TransAlta Corp.
6.50%, 03/15/40	USD	25			23,389
7.75%, 11/15/29	USD	50			52,565
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26	EUR	200			203,967
Vermilion Energy, Inc. 144A
5.62%, 03/15/25	USD	25			24,624
6.88%, 05/01/30	USD	25			23,224
Videotron Ltd.
3.12%, 01/15/31	CAD	125			73,724
4.50%, 01/15/30	CAD	75			49,465
5.62%, 06/15/25	CAD	75			55,022
Videotron Ltd. 144A 3.62%, 06/15/28	CAD	100			64,856
					4,836,826
Cayman Islands: 0.9%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26	USD	100			93,405

	Par (000’s		)	Value
Cayman Islands (continued)
Banco do Brasil SA 144A
3.25%, 09/30/26	USD	50		$	46,541
4.88%, 01/11/29	USD	50			47,462
6.25%, 04/18/30	USD	100			99,550
CT Trust 144A 5.12%, 02/03/32	USD	100			82,595
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26	USD	200			202,590
					572,143
Chile: 0.3%
Kenbourne Invest SA 144A 6.88%, 11/26/24	USD	50			33,063
Latam Airlines Group SA 144A 13.38%, 10/15/29	USD	100			105,105
VTR Comunicaciones SpA 144A 5.12%, 01/15/28	USD	100			55,950
					194,118
China: 2.2%
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)	USD	200			193,041
Country Garden Holdings Co. Ltd. Reg S 3.30%, 01/12/31	USD	400			156,648
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26	USD	200			178,815
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25	USD	200			147,000
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24	USD	119			106,305
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/26	USD	200			47,000
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)	USD	500			469,227
West China Cement Ltd. Reg S 4.95%, 07/08/26	USD	200			157,792
					1,455,828
Colombia: 2.4%
Avianca Midco 2 Plc 144A 9.00%, 12/01/28	USD	75			62,363
Banco de Bogota SA 144A 6.25%, 05/12/26	USD	100			97,227
Bancolombia SA

See Notes to Financial Statements

	Par (000’s		)	Value
Colombia (continued)
4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29	USD	50		$	42,567
Ecopetrol SA
4.12%, 01/16/25	USD	100			96,019
4.62%, 11/02/31	USD	75			56,315
5.38%, 06/26/26	USD	100			94,811
5.88%, 05/28/45	USD	125			81,714
5.88%, 11/02/51	USD	50			31,737
6.88%, 04/29/30	USD	125			113,029
7.38%, 09/18/43	USD	50			40,263
8.88%, 01/13/33	USD	175			169,804
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29	USD	75			58,970
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25	USD	25			21,403
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD	100			76,631
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26	USD	100			95,630
Millicom International Cellular SA 144A
5.12%, 01/15/28	USD	5			4,760
6.25%, 03/25/29	USD	54			48,454
Oleoducto Central SA 144A 4.00%, 07/14/27	USD	100			88,706
Orazul Energy Peru SA 144A 5.62%, 04/28/27	USD	50			44,658
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30	USD	100			82,090
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27	USD	100			92,365
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29	USD	78			68,436
					1,567,952
Costa Rica: 0.1%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD	100			82,750
Cyprus: 0.2%
MHP Lux SA 144A 6.95%, 04/03/26	USD	100			52,250
Vivion Investments Sarl Reg S 3.00%, 08/08/24	EUR	100			80,883
					133,133
Czech Republic: 0.5%
Allwyn International AS Reg S 3.88%, 02/15/27	EUR	100			103,042
CPI Property Group SA Reg S

	Par (000’s		)	Value
Czech Republic (continued)
4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o)	EUR	100		$	42,918
Energo-Pro AS Reg S 4.50%, 05/04/24	EUR	100			107,201
EP Infrastructure AS Reg S 1.70%, 07/30/26	EUR	100			95,891
					349,052
Finland: 0.4%
Huhtamaki Oyj Reg S 4.25%, 06/09/27	EUR	100			108,219
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25	EUR	175			187,518
					295,737
France: 8.7%
Accor SA Reg S
2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o)	EUR	100			101,547
3.00%, 02/04/26	EUR	100			106,615
Altice France SA 144A
5.12%, 01/15/29	USD	75			55,495
5.12%, 07/15/29	USD	200			148,050
5.50%, 10/15/29	USD	175			131,159
Altice France SA Reg S 5.88%, 02/01/27	EUR	100			95,986
Atos SE Reg S 1.75%, 05/07/25	EUR	100			98,238
Banijay Entertainment SASU 144A 5.38%, 03/01/25	USD	100			97,624
CAB Selas Reg S 3.38%, 02/01/28	EUR	100			88,369
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26	EUR	100			22,192
CGG SA 144A 8.75%, 04/01/27 †	USD	100			86,540
Chrome Bidco SASU Reg S 3.50%, 05/31/28	EUR	100			89,582
Constellium SE 144A 3.75%, 04/15/29 †	USD	100			86,162
eircom Finance DAC Reg S 3.50%, 05/15/26	EUR	100			104,534
Electricite de France SA Reg S
3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o)	EUR	200			164,810
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o)	EUR	200			211,866
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o)	EUR	100			102,055
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o)	EUR	200			212,452
6.00% (BPSWS13+4.23%), 12/29/49 (o)	GBP	100			112,347
Elis SA Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
France (continued)
1.62%, 04/03/28	EUR	100		$	97,848
Emeria SASU Reg S 3.38%, 03/31/28	EUR	100			86,753
Faurecia SE Reg S
2.38%, 06/15/27	EUR	100			95,763
2.62%, 06/15/25	EUR	100			105,506
2.75%, 02/15/27	EUR	100			98,324
3.12%, 06/15/26	EUR	100			103,833
Fnac Darty SA Reg S 2.62%, 05/30/26	EUR	100			105,066
Getlink SE Reg S 3.50%, 10/30/25	EUR	100			107,640
Iliad Holding SASU 144A
6.50%, 10/15/26	USD	200			192,622
7.00%, 10/15/28	USD	100			94,714
Iliad Holding SASU Reg S
5.12%, 10/15/26	EUR	100			105,225
5.62%, 10/15/28	EUR	100			101,126
iliad SA Reg S 5.38%, 06/14/27	EUR	100			108,914
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o)	EUR	100			102,124
Loxam SAS Reg S
3.25%, 01/14/25	EUR	100			108,121
3.75%, 07/15/26	EUR	100			104,294
Matterhorn Telecom SA Reg S 3.12%, 09/15/26	EUR	100			101,872
Paprec Holding SA Reg S 4.00%, 03/31/25	EUR	100			108,486
Picard Groupe SAS Reg S 3.88%, 07/01/26	EUR	100			98,588
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30	EUR	100			101,995
Renault SA Reg S
1.00%, 11/28/25	EUR	50			51,462
1.25%, 06/24/25	EUR	100			103,089
2.00%, 09/28/26	EUR	100			98,891
2.38%, 05/25/26	EUR	100			101,225
Rexel SA Reg S 2.12%, 06/15/28	EUR	100			97,448
Solvay Finance SACA Reg S 5.87% (EUR Swap Annual 5 Year+5.22%), 12/29/49 (o)	EUR	100			110,188
SPCM SA Reg S 2.62%, 02/01/29	EUR	100			95,993
SPIE SA Reg S 2.62%, 06/18/26	EUR	100			104,770
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25	EUR	100			113,880
Valeo Reg S
1.00%, 08/03/28	EUR	100			89,316
5.38%, 05/28/27	EUR	100			110,765
Vallourec SA Reg S 8.50%, 06/30/26	EUR	100			110,400

	Par (000’s		)	Value
France (continued)
Veolia Environnement SA Reg S
2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o)	EUR	100		$	99,829
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o)	EUR	100			91,236
Verallia SA Reg S 1.62%, 05/14/28	EUR	100			98,033
					5,720,962
Germany: 5.7%
Agps Bondco Plc Reg S
5.50%, 11/13/26	EUR	100			43,194
6.00%, 08/05/25	EUR	100			46,837
Bayer AG Reg S
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79	EUR	200			205,633
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74	EUR	100			107,374
Bertelsmann SE & Co. KGaA Reg S 3.50% (EUR Swap Annual 5 Year+3.21%), 04/23/75	EUR	100			100,883
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28	EUR	100			101,218
Commerzbank AG Reg S
4.00%, 03/23/26	EUR	150			161,302
4.00%, 03/30/27	EUR	140			150,607
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30	EUR	100			104,546
CT Investment GmbH Reg S 5.50%, 04/15/26	EUR	100			98,052
Deutsche Lufthansa AG 0.25%, 09/06/24	EUR	150			159,403
Deutsche Lufthansa AG Reg S
3.00%, 05/29/26	EUR	100			103,962
3.75%, 02/11/28	EUR	100			102,914
Douglas GmbH Reg S 6.00%, 04/08/26	EUR	100			98,822
Evonik Industries AG Reg S 1.38% (EUR Swap Annual 5 Year+1.84%), 09/02/81	EUR	100			92,550
Gruenenthal GmbH Reg S 3.62%, 11/15/26	EUR	100			104,369
IHO Verwaltungs GmbH 144A
4.75%, 09/15/26	USD	200			180,327
6.00%, 05/15/27	USD	100			92,480
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o)	EUR	100			100,934
Mahle GmbH Reg S 2.38%, 05/14/28	EUR	100			84,594
Mercer International, Inc. 5.50%, 01/15/26 †	USD	41			39,413
Nidda Healthcare Holding GmbH Reg S

See Notes to Financial Statements

	Par (000’s		)	Value
Germany (continued)
7.50%, 08/21/26	EUR	100		$	107,602
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29	EUR	100			95,552
ProGroup AG Reg S 3.00%, 03/31/26	EUR	100			103,801
Renk AG Reg S 5.75%, 07/15/25	EUR	100			108,427
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75	USD	100			99,520
Schaeffler AG Reg S
2.88%, 03/26/27	EUR	50			52,302
3.38%, 10/12/28	EUR	100			99,933
Tele Columbus AG Reg S 3.88%, 05/02/25	EUR	100			73,692
thyssenkrupp AG Reg S 2.50%, 02/25/25	EUR	50			54,055
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27	EUR	100			93,142
ZF Europe Finance BV Reg S
2.00%, 02/23/26	EUR	100			100,846
3.00%, 10/23/29	EUR	100			92,807
ZF Finance GmbH Reg S 3.00%, 09/21/25	EUR	100			105,027
ZF North America Capital, Inc. 144A 4.75%, 04/29/25	USD	275			269,016
					3,735,136
Ghana: 0.2%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26	USD	100			89,498
Tullow Oil Plc 144A 7.00%, 03/01/25	USD	100			60,970
					150,468
Greece: 1.0%
Alpha Services and Holdings SA Reg S
4.25% (EUR Swap Annual 5 Year+4.50%), 02/13/30	EUR	100			89,338
5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31	EUR	100			90,038
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27	EUR	100			94,877
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24	EUR	100			107,836
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26	EUR	100			101,833
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30	EUR	100			93,610
Public Power Corp. SA Reg S

	Par (000’s		)	Value
Greece (continued)
4.38%, 03/30/26	EUR	100		$	105,378
					682,910
Guatemala: 0.1%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29	USD	100			93,343
Hong Kong: 1.7%
Agile Group Holdings Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)	USD	200			58,226
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)	USD	250			219,062
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)	USD	250			232,328
Easy Tactic Ltd. 7.50%, 07/11/27	USD	200			34,000
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25	USD	100			94,044
5.38%, 12/04/29	USD	100			83,170
5.62%, 07/17/27	USD	50			44,709
5.75%, 07/21/28	USD	50			43,625
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26	USD	200			127,686
Studio City Finance Ltd. 144A
5.00%, 01/15/29	USD	100			78,350
6.50%, 01/15/28	USD	100			86,322
					1,101,522
Hungary: 0.2%
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29	EUR	100			102,129
India: 1.4%
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24	USD	100			99,800
Delhi International Airport Ltd. 144A 6.45%, 06/04/29	USD	100			93,975
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27	USD	200			176,500
JSW Steel Ltd. Reg S 5.95%, 04/18/24	USD	200			198,400
Network i2i Ltd. 144A

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
India (continued)
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)	USD	100		$	96,000
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27	USD	11			10,263
Tata Motors Ltd. Reg S 5.75%, 10/30/24	USD	200			197,870
Vedanta Resources Ltd. 144A 6.12%, 08/09/24	USD	50			32,549
					905,357
Indonesia: 0.7%
Adaro Indonesia PT 144A 4.25%, 10/31/24	USD	100			96,264
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *	USD	150			1,219
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24	USD	100			97,476
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27	USD	200			182,630
Saka Energi Indonesia PT 144A 4.45%, 05/05/24	USD	100			97,139
					474,728
Ireland: 1.4%
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45	USD	50			47,034
AerCap Holdings NV 5.88% (US Treasury Yield Curve Rate T 5 Year+4.54%), 10/10/79	USD	50			46,450
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29	EUR	100			103,552
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26	EUR	100			98,317
Bank of Ireland Group Plc Reg S
1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31	EUR	100			95,513
2.38% (EUR Swap Annual 5 Year+2.80%), 10/14/29	EUR	100			104,952
C&W Senior Financing DAC 144A 6.88%, 09/15/27	USD	100			87,611
Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31	EUR	100			93,711
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28	GBP	250			259,147
					936,287

	Par (000’s		)	Value
Israel: 2.0%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25	USD	50		$	48,762
6.50%, 06/30/27	USD	50			47,500
6.75%, 06/30/30	USD	50			46,477
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	USD	75			68,764
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25	EUR	100			112,205
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24	EUR	100			104,706
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD	325			293,995
4.10%, 10/01/46	USD	175			116,820
4.75%, 05/09/27	USD	100			93,779
5.12%, 05/09/29 †	USD	100			92,883
6.75%, 03/01/28	USD	100			99,672
7.12%, 01/31/25 †	USD	50			51,196
7.88%, 09/15/29 †	USD	75			78,631
8.12%, 09/15/31 †	USD	50			52,862
					1,308,252
Italy: 7.7%
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o)	EUR	100			98,001
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24	EUR	100			107,632
Banca IFIS SpA Reg S 6.12%, 01/19/27	EUR	100			110,681
Banca Monte dei Paschi di Siena SpA Reg S 3.62%, 09/24/24	EUR	150			159,422
Banco BPM SpA Reg S
1.75%, 01/28/25	EUR	100			105,203
2.50%, 06/21/24	EUR	100			108,136
3.25% (EUR Swap Annual 5 Year+3.80%), 01/14/31	EUR	100			99,484
4.88%, 01/18/27	EUR	100			110,196
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30	EUR	100			107,476
BPER Banca Reg S
1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27	EUR	100			99,273
1.88%, 07/07/25	EUR	100			104,548
3.38% (Euribor 3 Month ACT/360+2.45%), 06/30/25	EUR	100			108,922
Esselunga SpA Reg S 1.88%, 10/25/27	EUR	100			102,599
Iccrea Banca SpA Reg S 2.12% (Euribor 3 Month ACT/360+2.28%), 01/17/27	EUR	100			99,625
IMA Industria Macchine Automatiche SpA 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Italy (continued)
3.75%, 01/15/28	EUR	100		$	96,708
Infrastrutture Wireless Italiane SpA Reg S
1.62%, 10/21/28	EUR	100			98,320
1.88%, 07/08/26	EUR	100			103,918
Intesa Sanpaolo SpA 144A
4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32	USD	75			56,916
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42	USD	50			33,134
5.02%, 06/26/24	USD	125			121,480
5.71%, 01/15/26	USD	75			72,266
Intesa Sanpaolo SpA Reg S
2.85%, 04/23/25	EUR	100			107,370
2.92%, 10/14/30	EUR	100			90,416
3.93%, 09/15/26	EUR	100			109,043
4.38% (EUR Swap Annual 5 Year+4.75%), 07/12/29	EUR	100			109,018
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o)	EUR	100			106,398
Leonardo SpA 4.88%, 03/24/25	EUR	50			56,198
Leonardo SpA Reg S 1.50%, 06/07/24	EUR	100			107,355
Mundys SpA Reg S
1.88%, 07/13/27	EUR	100			97,242
1.88%, 02/12/28	EUR	100			92,478
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o)	EUR	100			84,448
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o)	EUR	100			101,543
Telecom Italia Capital SA
6.38%, 11/15/33	USD	150			134,316
7.72%, 06/04/38	USD	100			93,609
Telecom Italia Finance SA 7.75%, 01/24/33	EUR	100			117,228
Telecom Italia SpA 5.25%, 03/17/55	EUR	100			89,340
Telecom Italia SpA Reg S
1.62%, 01/18/29	EUR	100			85,563
2.38%, 10/12/27	EUR	100			95,099
2.75%, 04/15/25	EUR	100			104,743
2.88%, 01/28/26	EUR	100			103,495
3.00%, 09/30/25	EUR	100			104,411
3.62%, 05/25/26	EUR	100			105,582
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o)	EUR	100			92,493
UniCredit SpA 144A

	Par (000’s		)	Value
Italy (continued)
5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35	USD	75		$	63,979
UniCredit SpA Reg S
2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29	EUR	200			205,387
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32	EUR	200			189,742
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o)	EUR	100			108,812
Webuild SpA Reg S
1.75%, 10/26/24	EUR	100			104,521
5.88%, 12/15/25	EUR	100			107,358
					5,071,127
Japan: 2.4%
Nissan Motor Co. Ltd. 144A
3.52%, 09/17/25	USD	150			140,382
4.34%, 09/17/27	USD	225			206,313
4.81%, 09/17/30	USD	225			198,041
Rakuten Group, Inc. 144A
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o)	USD	100			65,317
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o)	USD	150			87,214
10.25%, 11/30/24	USD	75			73,920
SoftBank Group Corp. Reg S
3.12%, 09/19/25	EUR	100			101,178
4.75%, 09/19/24	USD	200			192,000
5.00%, 04/15/28	EUR	200			194,897
5.12%, 09/19/27	USD	200			175,500
6.88% (USD ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o)	USD	200			178,300
					1,613,062
Jersey, Channel Islands: 0.5%
eG Global Finance Plc 144A 6.75%, 02/07/25	USD	200			189,739
G City Europe Ltd. Reg S 4.25%, 09/11/25	EUR	100			90,397
Petrofac Ltd. 144A 9.75%, 11/15/26	USD	100			70,062
					350,198
Kuwait: 0.3%
Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26	USD	200			177,200
Luxembourg: 5.4%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32	USD	50			43,379
Agps Bondco Plc Reg S 5.00%, 01/14/29	EUR	100			38,723
AI Candelaria Spain SA 144A

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Luxembourg (continued)
7.50%, 12/15/28	USD	71		$	65,539
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26	USD	100			91,266
Altice Financing SA 144A 5.00%, 01/15/28	USD	250			202,682
Altice Financing SA Reg S 3.00%, 01/15/28	EUR	100			85,836
Altice Finco SA Reg S 4.75%, 01/15/28	EUR	100			79,260
Altice France Holding SA 144A
6.00%, 02/15/28 †	USD	75			46,262
10.50%, 05/15/27	USD	150			110,920
Altice France Holding SA Reg S
4.00%, 02/15/28	EUR	100			66,907
8.00%, 05/15/27	EUR	100			79,360
Altice France SA 144A
5.50%, 01/15/28	USD	100			78,825
8.12%, 02/01/27	USD	100			89,383
Altice France SA Reg S 3.38%, 01/15/28	EUR	100			84,770
ARD Finance SA Reg S 5.00%, 06/30/27	EUR	100			85,036
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
4.12%, 08/15/26	USD	150			141,536
5.25%, 08/15/27 †	USD	125			107,045
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28	EUR	100			87,768
Centurion Bidco SpA Reg S 5.88%, 09/30/26	EUR	100			97,745
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28	EUR	100			99,092
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27	EUR	100			97,354
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26	EUR	26			24,355
Consolidated Energy Finance SA 144A 5.62%, 10/15/28	USD	100			87,998
CSN Resources SA 144A 4.62%, 06/10/31	USD	100			77,236
Energean Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26	USD	35			32,419
5.38%, 03/30/28	USD	85			76,210
5.88%, 03/30/31	USD	35			30,581
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o)	EUR	100			101,964
Herens Midco Sarl Reg S

	Par (000’s		)	Value
Luxembourg (continued)
5.25%, 05/15/29	EUR	100		$	74,803
Kenbourne Invest SA 144A 4.70%, 01/22/28	USD	50			27,175
Loarre Investments Sarl Reg S 6.50%, 05/15/29	EUR	100			104,332
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD	97			74,349
Millicom International Cellular SA 144A 4.50%, 04/27/31 †	USD	100			77,485
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD	125			98,392
Movida Europe SA 144A 5.25%, 02/08/31	USD	100			73,632
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26	USD	50			46,241
Rossini Sarl Reg S 6.75%, 10/30/25	EUR	100			111,009
SES SA Reg S 2.88% (EUR Swap Annual 5 Year+3.19%), 5/27/2026 (o)	EUR	100			90,311
Stena International SA 144A 6.12%, 02/01/25	USD	100			97,095
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26	EUR	100			96,396
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28	EUR	100			100,419
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27	EUR	100			98,889
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27	USD	100			93,601
					3,573,580
Malta: 0.1%
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A
6.38%, 02/01/30	USD	50			43,312
7.88%, 05/01/27	USD	50			47,552
					90,864
Mauritius: 0.6%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26	USD	45			34,728
CA Magnum Holdings 144A 5.38%, 10/31/26	USD	100			88,172
Greenko Power II Ltd. 144A 4.30%, 12/13/28	USD	143			124,511
HTA Group Ltd. 144A 7.00%, 12/18/25	USD	100			94,427
IHS Netherlands Holdco BV 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Mauritius (continued)
8.00%, 09/18/27	USD	100		$	88,185
					430,023
Mexico: 4.2%
Alsea SAB de CV 144A 7.75%, 12/14/26	USD	100			99,413
Axtel SAB de CV 144A 6.38%, 11/14/24	USD	82			71,750
Cemex SAB de CV 144A 3.88%, 07/11/31	USD	75			62,844
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)	USD	50			44,335
5.20%, 09/17/30	USD	75			69,872
5.45%, 11/19/29	USD	100			95,977
7.38%, 06/05/27	USD	100			103,806
9.12% (US Treasury Yield Curve Rate T 5 Year+4.91%), 3/14/2028 (o)	USD	100			99,425
Grupo KUO SAB De CV 144A 5.75%, 07/07/27	USD	50			45,913
Nemak SAB de CV 144A 3.62%, 06/28/31 †	USD	100			74,825
Petroleos Mexicanos
4.25%, 01/15/25	USD	50			47,688
4.50%, 01/23/26	USD	50			45,601
5.35%, 02/12/28	USD	75			62,356
5.50%, 06/27/44	USD	50			28,525
5.62%, 01/23/46	USD	25			14,089
5.95%, 01/28/31	USD	125			92,479
6.35%, 02/12/48	USD	50			29,726
6.38%, 01/23/45	USD	50			30,273
6.49%, 01/23/27	USD	50			44,817
6.50%, 03/13/27	USD	150			134,764
6.50%, 01/23/29 †	USD	100			84,761
6.50%, 06/02/41	USD	50			31,887
6.62%, 06/15/35	USD	100			69,566
6.62%, 06/15/38	USD	25			16,697
6.70%, 02/16/32	USD	325			250,420
6.75%, 09/21/47	USD	200			123,404
6.84%, 01/23/30	USD	75			60,665
6.88%, 10/16/25 †	USD	25			24,645
6.88%, 08/04/26	USD	75			71,004
6.95%, 01/28/60	USD	150			92,130
7.69%, 01/23/50	USD	275			183,497
8.75%, 06/02/29	USD	50			45,965
Petroleos Mexicanos 144A 10.00%, 02/07/33 †	USD	50			46,476
Petroleos Mexicanos Reg S 3.75%, 11/16/25	GBP	100			113,662
4.88%, 02/21/28	EUR	200			184,991
5.50%, 02/24/25	EUR	25			27,646
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28	USD	50			32,980
7.50%, 11/12/25	USD	50			34,993
					2,793,867

	Par (000’s		)	Value
Morocco: 0.1%
OCP SA 144A 6.88%, 04/25/44	USD	100		$	92,381
Netherlands: 3.4%
Abertis Infraestructuras Finance BV Reg S 2.62% (EUR Swap Annual 5 Year+3.27%), 1/26/2027 (o)	EUR	100			90,706
Greenko Dutch BV 144A 3.85%, 03/29/26	USD	94			85,070
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o)	EUR	100			104,582
Nobel Bidco BV Reg S 3.12%, 06/15/28	EUR	100			82,518
Phoenix PIB Dutch Finance BV Reg S 2.38%, 08/05/25	EUR	100			105,572
PPF Telecom Group BV Reg S
3.12%, 03/27/26	EUR	100			104,536
3.25%, 09/29/27	EUR	100			102,223
Promontoria Holding 264 BV Reg S 6.38%, 03/01/27	EUR	100			111,394
Saipem Finance International BV Reg S 2.62%, 01/07/25	EUR	100			106,507
Selecta Group BV Reg S 8.00%, 04/01/26	EUR	53			50,635
Telefonica Europe BV Reg S
2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o)	EUR	100			86,656
2.88% (EUR Swap Annual 6 Year+2.87%), 2/24/2028 (o)	EUR	100			92,393
7.12% (EUR Swap Annual 6 Year+4.32%), 8/23/2028 (o)	EUR	100			112,589
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o)	EUR	175			190,048
Teva Pharmaceutical Finance Netherlands II BV 4.38%, 05/09/30	EUR	100			93,245
TMNL Holding BV Reg S 3.75%, 01/15/29	EUR	100			95,918
UPC Broadband Finco BV 144A 4.88%, 07/15/31	USD	100			86,397
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29	EUR	100			87,123
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o)	EUR	100			84,301
Wizz Air Finance Co. BV Reg S 1.00%, 01/19/26	EUR	100			97,428
Ziggo Bond Co. BV 144A 5.12%, 02/28/30	USD	50			40,675

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Netherlands (continued)
6.00%, 01/15/27	USD	50		$	47,498
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30	EUR	125			105,828
Ziggo BV 144A 4.88%, 01/15/30	USD	100			86,226
					2,250,068
Nigeria: 0.1%
SEPLAT Energy Plc 144A 7.75%, 04/01/26	USD	100			80,242
Norway: 0.3%
Adevinta ASA Reg S 2.62%, 11/15/25	EUR	100			105,288
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o)	EUR	125			91,807
					197,095
Oman: 0.5%
Lamar Funding Ltd. Reg S 3.96%, 05/07/25	USD	225			216,456
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28	USD	100			104,597
					321,053
Panama: 0.1%
Banistmo SA 144A 4.25%, 07/31/27	USD	100			93,580
Peru: 0.5%
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29	USD	25			23,406
Minsur SA 144A 4.50%, 10/28/31	USD	50			43,561
Peru LNG Srl 144A 5.38%, 03/22/30	USD	100			80,851
Petroleos del Peru SA 144A
4.75%, 06/19/32	USD	75			55,994
5.62%, 06/19/47	USD	150			95,280
					299,092
Poland: 0.3%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD	100			80,315
Synthos SA Reg S 2.50%, 06/07/28	EUR	100			87,325
					167,640
Portugal: 0.8%
Banco Comercial Portugues SA Reg S
1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27	EUR	100			93,751
1.75% (Euribor 3 Month ACT/360+2.00%), 04/07/28	EUR	100			90,186
EDP - Energias de Portugal SA Reg S 1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81	EUR	100			96,722

	Par (000’s		)	Value
Portugal (continued)
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79	EUR	200		$	219,414
					500,073
Romania: 0.2%
RCS & RDS SA Reg S 2.50%, 02/05/25	EUR	100			104,772
Singapore: 0.4%
Puma International Financing SA 144A 5.00%, 01/24/26	USD	200			179,972
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD	81			79,817
					259,789
South Africa: 0.5%
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25	USD	100			97,825
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24	USD	100			98,080
Sasol Financing USA LLC 6.50%, 09/27/28 †	USD	50			46,239
Transnet SOC Ltd. 144A 8.25%, 02/06/28	USD	100			99,210
					341,354
Spain: 3.6%
Abengoa Abenewco 2 SA Reg S 1.50%, 10/26/24 (d) *	USD	64			2,157
Abengoa SA 0.00%, 03/31/27 (s) ^	EUR	100			553
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25	EUR	100			103,798
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25	USD	30			29,004
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31	EUR	100			87,426
Banco de Sabadell SA Reg S
1.75%, 05/10/24	EUR	100			107,188
2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26	EUR	100			104,357
5.38% (EUR Swap Annual 1 Year+3.25%), 09/08/26	EUR	100			109,598
5.62%, 05/06/26	EUR	100			106,604
Cellnex Finance Co. SA Reg S
1.25%, 01/15/29	EUR	100			92,960
1.50%, 06/08/28	EUR	100			96,573
2.00%, 09/15/32	EUR	100			88,021
2.00%, 02/15/33	EUR	100			87,172
2.25%, 04/12/26	EUR	100			104,860
Cellnex Telecom SA Reg S

See Notes to Financial Statements

	Par (000’s		)	Value
Spain (continued)
1.75%, 10/23/30	EUR	100		$	90,954
1.88%, 06/26/29	EUR	100			94,650
Grifols Escrow Issuer SA 144A 4.75%, 10/15/28	USD	100			80,287
Grifols SA Reg S
1.62%, 02/15/25	EUR	150			157,268
3.20%, 05/01/25	EUR	100			102,647
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30	EUR	100			94,226
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29	EUR	100			104,580
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27	EUR	200			203,479
Telefonica Europe BV Reg S
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o)	EUR	100			102,166
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o)	EUR	100			107,971
Unicaja Banco SA Reg S 2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29	EUR	100			97,312
					2,355,811
Sweden: 1.1%
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o)	EUR	100			75,569
Dometic Group AB Reg S 3.00%, 05/08/26	EUR	100			101,217
Heimstaden AB Reg S 4.38%, 03/06/27	EUR	100			72,548
Intrum AB Reg S
3.00%, 09/15/27	EUR	100			83,890
3.12%, 07/15/24	EUR	52			54,881
4.88%, 08/15/25	EUR	100			100,017
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o)	EUR	100			42,366
Verisure Holding AB Reg S 3.25%, 02/15/27	EUR	100			97,210
Volvo Car AB Reg S 4.25%, 05/31/28	EUR	100			104,665
					732,363
Switzerland: 0.4%
Dufry One BV Reg S 2.50%, 10/15/24	EUR	125			135,641
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25	EUR	100			104,682
					240,323
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc

	Par (000’s		)	Value
Tanzania (continued)
6.50%, 04/15/40	USD	40		$	39,361
Thailand: 0.3%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34	USD	200			171,800
Trinidad and Tobago: 0.1%
Trinidad Generation Unlimited 144A 5.25%, 11/04/27	USD	100			97,602
Turkey: 1.8%
Akbank TAS 144A
5.12%, 03/31/25	USD	50			47,380
6.80%, 02/06/26 †	USD	50			47,975
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	USD	100			84,160
KOC Holding AS 144A 6.50%, 03/11/25	USD	50			49,376
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26	USD	100			90,073
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24	USD	100			95,255
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28	USD	100			88,791
Turkiye Ihracat Kredi Bankasi AS 144A
5.75%, 07/06/26	USD	100			90,481
6.12%, 05/03/24	USD	100			97,903
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25	USD	50			47,778
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26	USD	100			97,454
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25	USD	100			94,277
6.50%, 01/08/26	USD	100			93,287
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25	USD	100			87,127
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31	USD	100			94,750
					1,206,067
Ukraine: 0.2%
Kernel Holding SA 144A
6.50%, 10/17/24	USD	50			32,125
6.75%, 10/27/27	USD	50			29,625
Metinvest BV 144A 7.75%, 10/17/29	USD	100			58,000
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
Ukraine (continued)
7.12%, 07/19/26	EUR	100		$	23,736
					143,486
United Arab Emirates: 0.9%
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)	USD	200			199,872
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o)	USD	200			198,014
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26	USD	100			97,585
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25	USD	100			91,124
					586,595
United Kingdom: 10.8%
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 †	USD	50			49,189
B&M European Value Retail SA Reg S 3.62%, 07/15/25	GBP	100			119,239
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28	EUR	100			92,667
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26	GBP	200			207,074
Bidvest Group UK Plc 144A 3.62%, 09/23/26	USD	100			91,179
British American Tobacco Plc Reg S
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o)	EUR	100			90,145
3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o)	EUR	100			81,941
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80	EUR	100			99,713
Canary Wharf Group Investment Holdings Plc Reg S 2.62%, 04/23/25	GBP	100			104,376
Co.-operative Group Holdings 2011 Ltd. Reg S 7.50%, 07/08/26	GBP	100			118,797
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26	USD	200			190,875
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27	GBP	100			96,613
Deuce Finco Plc Reg S

	Par (000’s		)	Value
United Kingdom (continued)
5.50%, 06/15/27	GBP	100		$	107,142
Drax Finco Plc 144A 6.62%, 11/01/25	USD	100			97,645
Energia Group NI FinanceCo Plc / Energia Group ROI Holdings DAC Reg S 4.75%, 09/15/24	GBP	100			123,421
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25	EUR	100			84,453
Heathrow Finance Plc Reg S 3.88%, 03/01/27 (s)	GBP	100			110,529
Iceland Bondco Plc Reg S 4.62%, 03/15/25	GBP	100			113,962
IHS Holding Ltd. 144A 5.62%, 11/29/26	USD	50			41,966
INEOS Finance Plc 144A 6.75%, 05/15/28 †	USD	100			98,903
INEOS Finance Plc Reg S 2.88%, 05/01/26	EUR	100			102,352
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26	EUR	100			99,785
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27	EUR	100			96,441
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27	EUR	100			91,627
Ithaca Energy North Sea Plc 144A 9.00%, 07/15/26	USD	100			96,372
Jaguar Land Rover Automotive Plc 144A
5.88%, 01/15/28	USD	100			86,578
7.75%, 10/15/25	USD	100			99,416
Jerrold Finco Plc Reg S 4.88%, 01/15/26	GBP	100			110,952
Kane Bidco Ltd. Reg S 6.50%, 02/15/27	GBP	100			111,591
Market Bidco Finco Plc Reg S 5.50%, 11/04/27	GBP	100			94,707
Marks & Spencer Plc Reg S 6.00%, 06/12/25	GBP	100			124,342
Motion Bondco DAC 144A 6.62%, 11/15/27	USD	100			90,632
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25	USD	100			98,707
Nexi SpA Reg S 1.75%, 10/31/24	EUR	200			215,310
NGG Finance Plc Reg S
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82	EUR	100			93,641
5.62% (GBP Swap 12 Year+3.48%), 06/18/73	GBP	100			122,148
Nomad Foods Bondco Plc Reg S

See Notes to Financial Statements

	Par (000’s		)	Value
United Kingdom (continued)
2.50%, 06/24/28	EUR	100		$	95,950
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 †	USD	100			78,248
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25	GBP	100			118,161
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25	EUR	100			105,261
Punch Finance Plc Reg S 6.12%, 06/30/26	GBP	100			108,449
Rolls-Royce Plc Reg S
0.88%, 05/09/24	EUR	100			106,524
1.62%, 05/09/28	EUR	100			92,136
4.62%, 02/16/26	EUR	100			108,596
5.75%, 10/15/27	GBP	100			120,898
Sherwood Financing Plc Reg S 4.50%, 11/15/26	EUR	100			95,084
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)	USD	100			96,307
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25	GBP	100			114,415
Summer BidCo BV Reg S 9.00%, 11/15/25	EUR	115			108,340
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25	GBP	100			96,933
Titan Global Finance Plc Reg S 2.75%, 07/09/27	EUR	100			104,342
Tullow Oil Plc 144A 10.25%, 05/15/26	USD	100			78,194
United Group BV Reg S 4.88%, 07/01/24	EUR	100			109,762
UPC Holding BV 144A 5.50%, 01/15/28	USD	100			89,621
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25	USD	100			71,600
Victoria Plc Reg S 3.62%, 08/24/26	EUR	100			88,930
Virgin Media Finance Plc 144A 5.00%, 07/15/30	USD	50			42,180
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29	USD	100			91,911
Virgin Media Secured Finance Plc Reg S
4.25%, 01/15/30	GBP	100			100,243
5.00%, 04/15/27	GBP	100			116,537
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31	USD	100			83,004

	Par (000’s		)	Value
United Kingdom (continued)
Vmed O2 UK Financing I Plc Reg S
3.25%, 01/31/31	EUR	100		$	88,957
4.00%, 01/31/29	GBP	100			102,354
Vodafone Group Plc
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81	USD	150			121,509
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81	USD	150			113,841
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	USD	200			205,338
Vodafone Group Plc Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78	USD	200			195,816
					7,103,871
United States: 3.2%
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79	USD	100			94,285
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24	EUR	100			76,323
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30	USD	100			63,425
Garda World Security Corp. 144A 4.62%, 02/15/27	USD	50			45,998
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A 7.00%, 12/31/27	USD	75			65,998
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD	180			171,226
Lottomatica SpA Reg S 6.25%, 07/15/25	EUR	100			111,841
MGM China Holdings Ltd. 144A 5.88%, 05/15/26	USD	200			192,283
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD	100			87,064
Open Text Holdings, Inc. 144A 4.12%, 02/15/30	USD	50			42,772
Playtika Holding Corp. 144A 4.25%, 03/15/29	USD	50			42,545
Q-Park Holding I BV Reg S 2.00%, 03/01/27	EUR	100			94,603
Ritchie Bros Holdings, Inc. 144A

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United States (continued)
7.75%, 03/15/31	USD	100		$	106,375
Sasol Financing USA LLC
4.38%, 09/18/26	USD	50			45,408
5.50%, 03/18/31	USD	50			41,509
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26	EUR	100			101,998
Sigma Holdco BV Reg S 5.75%, 05/15/26	EUR	100			88,171
Stillwater Mining Co. 144A 4.00%, 11/16/26	USD	100			90,181
Telesat Canada / Telesat LLC 144A
4.88%, 06/01/27	USD	50			26,810
6.50%, 10/15/27	USD	50			18,022
Verisure Holding AB Reg S 3.88%, 07/15/26	EUR	150			152,987
Wynn Macau Ltd. 144A
5.12%, 12/15/29 †	USD	200			166,199
5.50%, 01/15/26	USD	100			92,666
5.50%, 10/01/27 †	USD	50			44,618
ZF North America Capital, Inc. 144A 7.12%, 04/14/30	USD	50			51,655
					2,114,962

	Par (000’s		)	Value
Uzbekistan: 0.1%
Uzbekneftegaz JSC 144A 4.75%, 11/16/28	USD	50		$	40,506
Zambia: 0.4%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †	USD	100			98,279
6.88%, 10/15/27	USD	100			97,177
7.50%, 04/01/25	USD	100			99,860
					295,316
Total Corporate Bonds (Cost: $73,082,017)					64,646,108

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $1,677,588)
State Street Navigator Securities Lending Government Money Market Portfolio		1,677,588			1,677,588
Total Investments: 100.4% (Cost: $74,759,605)					66,323,696
Liabilities in excess of other assets: (0.4)%					(265,266)
NET ASSETS: 100.0%				$	66,058,430

Definitions:

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

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
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $1,682,952.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.

Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $24,380,541, or 36.9% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		30.5	%	$	19,735,694
Technology		13.6			8,811,085
Industrials		12.9			8,318,295
Energy		10.5			6,800,248
Consumer Cyclicals		8.6			5,583,484
Basic Materials		7.9			5,074,907
Utilities		6.7			4,303,060
Healthcare		3.7			2,398,429
Consumer Non-Cyclicals		3.7			2,375,803
Real Estate		1.5			979,160
Institutions, Associations & Organizations		0.4			265,943
		100.0	%	$	64,646,108

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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
Argentina	$	—	$	654,776	$	—	$	654,776
Australia		—		633,043		—		633,043
Austria		—		93,513		—		93,513
Belgium		—		289,982		—		289,982
Bermuda		—		165,751		—		165,751
Brazil		—		3,881,274		—		3,881,274
British Virgin Islands		—		169,144		—		169,144
Bulgaria		—		105,096		—		105,096
Burkina Faso		—		19,773		—		19,773
Canada		—		4,836,826		0		4,836,826
Cayman Islands		—		572,143		—		572,143
Chile		—		194,118		—		194,118
China		—		1,455,828		—		1,455,828
Colombia		—		1,567,952		—		1,567,952
Costa Rica		—		82,750		—		82,750
Cyprus		—		133,133		—		133,133
Czech Republic		—		349,052		—		349,052
Finland		—		295,737		—		295,737
France		—		5,720,962		—		5,720,962
Germany		—		3,735,136		—		3,735,136
Ghana		—		150,468		—		150,468
Greece		—		682,910		—		682,910
Guatemala		—		93,343		—		93,343
Hong Kong		—		1,101,522		—		1,101,522
Hungary		—		102,129		—		102,129
India		—		905,357		—		905,357
Indonesia		—		474,728		—		474,728
Ireland		—		936,287		—		936,287
Israel		—		1,308,252		—		1,308,252
Italy		—		5,071,127		—		5,071,127
Japan		—		1,613,062		—		1,613,062
Jersey, Channel Islands		—		350,198		—		350,198
Kuwait		—		177,200		—		177,200
Luxembourg		—		3,573,580		—		3,573,580
Malta		—		90,864		—		90,864
Mauritius		—		430,023		—		430,023
Mexico		—		2,793,867		—		2,793,867
Morocco		—		92,381		—		92,381
Netherlands		—		2,250,068		—		2,250,068
Nigeria		—		80,242		—		80,242
Norway		—		197,095		—		197,095
Oman		—		321,053		—		321,053
Panama		—		93,580		—		93,580
Peru		—		299,092		—		299,092
Poland		—		167,640		—		167,640
Portugal		—		500,073		—		500,073
Romania		—		104,772		—		104,772
Singapore		—		259,789		—		259,789
South Africa		—		341,354		—		341,354
Spain		—		2,355,811		—		2,355,811
Sweden		—		732,363		—		732,363
Switzerland		—		240,323		—		240,323
Tanzania		—		39,361		—		39,361
Thailand		—		171,800		—		171,800
Trinidad and Tobago		—		97,602		—		97,602

See Notes to Financial Statements

Turkey	$	—	$	1,206,067	$	—	$	1,206,067
Ukraine		—		143,486		—		143,486
United Arab Emirates		—		586,595		—		586,595
United Kingdom		—		7,103,871		—		7,103,871
United States		—		2,114,962		—		2,114,962
Uzbekistan		—		40,506		—		40,506
Zambia		—		295,316		—		295,316
Money Market Fund		1,677,588		—		—		1,677,588
Total Investments	$	1,677,588	$	64,646,108	$	0	$	66,323,696

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

		Par (000’s	)	Value
CORPORATE BONDS: 4.6%
Cayman Islands: 0.1%
QNB Finance Ltd. 13.50%, 10/06/25	TRY	76,700		$	2,278,925
Colombia: 0.1%
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24	COP	3,596,000			714,520
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24	COP	12,300,000			2,431,794
					3,146,314
Luxembourg: 0.1%
European Investment Bank 4.25%, 06/19/24	MXN	13,000			670,935
European Investment Bank Reg S
8.00%, 03/04/24	EGP	23,400			682,561
10.00%, 12/06/23	EGP	6,000			161,925
10.00%, 01/18/24	EGP	72,000			1,960,147
					3,475,568
Mexico: 0.0%
Petroleos Mexicanos Reg S 7.19%, 09/12/24	MXN	27,530			1,417,389
South Africa: 0.2%
Eskom Holdings SOC Ltd.
0.01%, 08/18/27	ZAR	85,355			2,462,556
7.50%, 09/15/33	ZAR	11,000			438,997
7.85%, 04/02/26	ZAR	24,350			1,276,579
Transnet SOC Ltd.
9.50%, 08/19/25	ZAR	21,000			1,137,821
13.50%, 04/18/28	ZAR	5,150			308,655
					5,624,608
Supranational: 3.2%
European Bank for Reconstruction & Development 0.25%, 11/20/23	PLN	8,630			1,989,268
European Investment Bank
7.75%, 01/30/25	MXN	25,600			1,355,273
8.12%, 12/21/26	ZAR	208,895			11,241,799
European Investment Bank 144A 5.75%, 01/24/25	IDR	51,750,000			3,531,717
European Investment Bank Reg S
2.75%, 08/25/26	PLN	37,610			8,102,255
3.00%, 05/24/24	PLN	52,512			12,208,261
8.00%, 05/05/27	ZAR	18,185			971,922
Inter-American Development Bank 7.50%, 12/05/24	MXN	401,085			21,071,470

		Par (000’s	)	Value
Supranational (continued)
Inter-American Development Bank Reg S 7.70%, 02/12/24	MXN	54,300		$	2,897,264
International Bank for Reconstruction & Development
2.00%, 07/23/25	PHP	35,400			594,191
7.25%, 03/15/24	IDR	39,600,000			2,729,485
International Finance Corp.
7.00%, 02/14/24	BRL	1,800			350,412
7.00%, 07/20/27	MXN	206,160			10,600,000
7.25%, 02/02/24	MXN	27,780			1,486,713
7.50%, 01/18/28	MXN	117,900			6,181,923
7.75%, 01/18/30	MXN	159,430			8,306,905
8.00%, 10/09/23	IDR	17,500,000			1,200,917
8.00%, 07/27/27	ZAR	2,990			157,532
International Finance Corp. Reg S 8.38%, 05/31/29	MXN	156,050			7,972,486
					102,949,793
United Kingdom: 0.3%
European Bank for Reconstruction & Development 8.00%, 02/06/24	TRY	19,940			867,442
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25	MXN	214,490			10,426,966
					11,294,408
United States: 0.6%
International Bank for Reconstruction & Development
6.65%, 07/30/24	MXN	230,500			12,315,332
7.25%, 01/21/27	MXN	111,000			5,738,908
					18,054,240

Total Corporate Bonds (Cost: $162,573,734)					148,241,245

GOVERNMENT OBLIGATIONS: 93.2%
Brazil: 8.7%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/24 ^	BRL	398,380			73,216,531
0.00%, 07/01/24 ^	BRL	131,820			22,964,354
0.00%, 07/01/25 ^	BRL	161,060			25,205,571
0.00%, 01/01/26 ^	BRL	261,090			38,658,254
0.00%, 07/01/26 ^	BRL	118,770			16,642,618
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL	151,995			29,405,733
10.00%, 01/01/27	BRL	170,820			32,399,670
10.00%, 01/01/29	BRL	120,330			22,121,280
10.00%, 01/01/31	BRL	57,540			10,311,108
10.00%, 01/01/33	BRL	33,760			5,934,746

See Notes to Financial Statements

		Par (000’s	)	Value
Brazil (continued)
Brazilian Government International Bond
8.50%, 01/05/24	BRL	4,670		$	907,611
10.25%, 01/10/28	BRL	7,380			1,407,818
					279,175,294
Chile: 3.5%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP	21,355,000			24,573,483
4.50%, 03/01/26	CLP	13,970,000			16,528,281
5.00%, 03/01/35	CLP	15,755,000			18,990,121
6.00%, 01/01/43	CLP	13,030,000			17,386,834
Bonos de la Tesoreria de la Republica de Chile 144A Reg S
2.30%, 10/01/28	CLP	4,085,000			4,293,876
4.70%, 09/01/30	CLP	14,900,000			17,659,889
5.00%, 10/01/28	CLP	5,770,000			6,958,379
Bonos de la Tesoreria de la Republica en pesos 144A Reg S 7.00%, 05/01/34	CLP	3,825,000			5,396,881
					111,787,744
China: 10.5%
Asian Infrastructure Investment Bank Reg S
4.50%, 11/03/23	MXN	288,550			15,358,141
5.00%, 03/05/26	MXN	33,130			1,614,644
30.00%, 09/29/27	TRY	17,000			799,902
China Government Bond
1.99%, 04/09/25	CNY	86,650			12,408,450
2.18%, 08/25/25	CNY	43,070			6,180,425
2.24%, 05/25/25	CNY	19,790			2,847,015
2.26%, 02/24/25	CNY	33,710			4,855,647
2.28%, 11/25/25	CNY	37,700			5,419,491
2.37%, 01/20/27	CNY	21,820			3,128,976
2.44%, 10/15/27	CNY	40,500			5,805,047
2.46%, 02/15/26	CNY	34,790			5,022,511
2.47%, 09/02/24	CNY	59,290			8,578,007
2.48%, 04/15/27	CNY	33,690			4,844,743
2.50%, 07/25/27	CNY	15,300			2,199,201
2.60%, 09/01/32	CNY	39,520			5,600,413
2.62%, 04/15/28	CNY	16,870			2,434,367
2.62%, 09/25/29	CNY	41,360			5,925,501
2.64%, 01/15/28	CNY	45,080			6,509,994
2.68%, 05/21/30	CNY	66,970			9,614,999
2.69%, 08/12/26	CNY	59,690			8,662,037
2.69%, 08/15/32	CNY	44,330			6,329,129
2.75%, 06/15/29	CNY	37,670			5,445,258
2.75%, 02/17/32	CNY	46,050			6,614,846
2.76%, 05/15/32	CNY	35,010			5,031,342
2.79%, 12/15/29	CNY	47,010			6,797,533
2.80%, 03/24/29	CNY	40,870			5,927,721
2.80%, 03/25/30	CNY	15,820			2,290,324
2.80%, 11/15/32	CNY	40,900			5,894,278
2.84%, 04/08/24	CNY	56,420			8,195,775
2.85%, 06/04/27	CNY	101,320			14,774,188
2.88%, 02/25/33	CNY	29,540			4,293,097

		Par (000’s	)	Value
China (continued)
2.89%, 11/18/31	CNY	35,940		$	5,223,801
2.91%, 10/14/28	CNY	51,630			7,537,479
2.94%, 10/17/24	CNY	40,460			5,896,548
3.01%, 05/13/28	CNY	53,360			7,836,358
3.02%, 10/22/25	CNY	66,880			9,799,548
3.02%, 05/27/31	CNY	60,320			8,862,727
3.03%, 03/11/26	CNY	53,490			7,849,554
3.12%, 12/05/26	CNY	62,420			9,198,756
3.12%, 10/25/52	CNY	25,200			3,618,150
3.13%, 11/21/29	CNY	46,240			6,851,475
3.19%, 04/11/24	CNY	52,740			7,691,666
3.19%, 04/15/53	CNY	4,100			595,715
3.22%, 12/06/25	CNY	42,740			6,300,081
3.25%, 06/06/26	CNY	53,220			7,871,770
3.25%, 11/22/28	CNY	31,310			4,679,561
3.27%, 11/19/30	CNY	63,930			9,599,373
3.28%, 12/03/27	CNY	57,180			8,514,853
3.29%, 05/23/29	CNY	56,380			8,455,954
3.32%, 04/15/52	CNY	28,440			4,216,245
3.53%, 10/18/51	CNY	18,680			2,870,585
3.72%, 04/12/51	CNY	37,290			5,905,176
3.81%, 09/14/50	CNY	56,800			9,141,380
					337,919,757
Colombia: 3.9%
Colombia Government International Bond 9.85%, 06/28/27	COP	6,168,000			1,240,682
Colombian TES
5.75%, 11/03/27	COP	51,005,000			8,842,939
6.00%, 04/28/28	COP	75,029,100			12,909,337
6.25%, 11/26/25	COP	49,557,000			9,495,642
6.25%, 07/09/36	COP	30,975,000			4,157,505
7.00%, 03/26/31	COP	86,828,000			14,285,486
7.00%, 06/30/32	COP	76,636,700			12,097,662
7.25%, 10/18/34	COP	70,297,500			10,748,705
7.25%, 10/26/50	COP	55,447,000			7,367,939
7.50%, 08/26/26	COP	76,773,700			14,782,386
7.75%, 09/18/30	COP	56,634,100			9,874,668
9.25%, 05/28/42	COP	54,265,000			9,229,747
10.00%, 07/24/24	COP	36,292,800			7,704,140
13.25%, 02/09/33	COP	14,134,000			3,234,170
					125,971,008
Czech Republic: 4.9%
Czech Republic Government Bond
0.01%, 12/12/24	CZK	77,470			3,332,920
0.05%, 11/29/29	CZK	128,820			4,487,899
0.25%, 02/10/27	CZK	268,640			10,635,002
1.20%, 03/13/31	CZK	226,800			8,296,995
1.25%, 02/14/25	CZK	227,080			9,951,496
1.50%, 04/24/40	CZK	99,530			3,004,411
1.75%, 06/23/32	CZK	263,780			9,909,664
1.95%, 07/30/37	CZK	66,390			2,288,110
2.00%, 10/13/33	CZK	277,960			10,333,967
2.75%, 07/23/29	CZK	274,950			11,589,756
3.50%, 05/30/35	CZK	74,060			3,168,804
5.00%, 09/30/30	CZK	190,160			9,207,066
5.50%, 12/12/28	CZK	142,880			6,990,107

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

		Par (000’s	)	Value
Czech Republic (continued)
6.00%, 02/26/26	CZK	173,360		$	8,383,464
Czech Republic Government Bond Reg S
0.95%, 05/15/30	CZK	249,700			9,169,483
1.00%, 06/26/26	CZK	272,730			11,339,092
2.40%, 09/17/25	CZK	269,530			11,852,621
2.50%, 08/25/28	CZK	259,330			10,917,926
4.20%, 12/04/36	CZK	144,550			6,536,240
5.70%, 05/25/24	CZK	144,280			6,791,790
					158,186,813
Dominican Republic: 1.2%
Dominican Republic International Bond 144A
9.75%, 06/05/26	DOP	599,600			10,908,306
13.62%, 02/03/33	DOP	815,450			17,691,330
Dominican Republic International Bond Reg S 9.75%, 06/05/26	DOP	645,190			11,737,708
					40,337,344
Egypt: 1.8%
Egypt Government Bond
13.54%, 01/14/25	EGP	68,196			1,872,632
14.06%, 01/12/26	EGP	291,850			7,482,448
14.29%, 01/05/28	EGP	119,540			2,777,475
14.35%, 09/10/24	EGP	177,305			5,061,822
14.37%, 10/20/25	EGP	290,169			7,612,217
14.40%, 09/10/29	EGP	77,710			1,731,465
14.48%, 04/06/26	EGP	241,890			6,163,788
14.53%, 09/14/24	EGP	224,260			6,433,350
14.56%, 07/06/26	EGP	92,989			2,355,975
14.56%, 10/13/27	EGP	185,120			4,380,750
14.66%, 10/06/30	EGP	109,730			2,419,414
16.10%, 05/07/29	EGP	82,280			1,990,472
Egypt Treasury Bills
0.00%, 07/25/23 ^	EGP	34,000			1,051,697
0.00%, 08/15/23 ^	EGP	28,500			867,163
0.01%, 05/02/23	EGP	84,400			2,731,392
0.01%, 08/29/23	EGP	83,500			2,519,393
					57,451,453
Hungary: 3.9%
Hungary Government Bond
1.00%, 11/26/25	HUF	4,372,460			10,266,967
1.50%, 04/22/26 †	HUF	3,698,080			8,598,110
1.50%, 08/26/26 †	HUF	2,482,320			5,666,782
2.00%, 05/23/29 †	HUF	2,861,250			6,042,499
2.25%, 04/20/33 †	HUF	4,026,680			7,600,609
2.25%, 06/22/34	HUF	1,290,070			2,335,272
2.50%, 10/24/24 †	HUF	3,532,330			9,087,523
2.75%, 12/22/26	HUF	2,986,970			7,021,996
3.00%, 06/26/24 †	HUF	2,406,870			6,374,144
3.00%, 10/27/27	HUF	3,634,900			8,410,346
3.00%, 08/21/30 †	HUF	3,608,260			7,826,432
3.00%, 10/27/38	HUF	2,763,270			4,818,493
3.00%, 04/25/41 †	HUF	1,685,080			2,820,718

		Par (000’s	)	Value
Hungary (continued)
3.25%, 10/22/31 †	HUF	4,778,180		$	10,242,019
4.50%, 03/23/28	HUF	1,971,500			4,887,217
4.75%, 11/24/32 †	HUF	2,538,910			6,017,945
5.50%, 06/24/25	HUF	3,541,000			9,336,114
6.75%, 10/22/28	HUF	2,995,730			8,141,967
					125,495,153
Indonesia: 9.6%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR	102,845,000			6,760,499
5.50%, 04/15/26	IDR	185,640,000			12,449,396
6.12%, 05/15/28	IDR	187,971,000			12,743,716
6.25%, 06/15/36	IDR	76,780,000			5,021,841
6.38%, 08/15/28	IDR	55,390,000			3,793,290
6.38%, 04/15/32	IDR	182,110,000			12,285,535
6.38%, 07/15/37	IDR	23,540,000			1,560,821
6.50%, 06/15/25	IDR	190,230,000			13,052,086
6.50%, 02/15/31	IDR	241,060,000			16,433,325
6.62%, 05/15/33	IDR	125,773,000			8,578,885
7.00%, 05/15/27	IDR	206,758,000			14,482,644
7.00%, 09/15/30	IDR	235,635,000			16,508,906
7.00%, 02/15/33	IDR	137,745,000			9,710,835
7.12%, 06/15/38	IDR	24,040,000			1,674,615
7.12%, 06/15/42	IDR	159,810,000			11,116,000
7.12%, 06/15/43	IDR	37,390,000			2,606,735
7.50%, 08/15/32	IDR	134,380,000			9,693,406
7.50%, 06/15/35	IDR	203,510,000			14,662,292
7.50%, 05/15/38	IDR	96,720,000			6,938,589
7.50%, 04/15/40	IDR	181,300,000			13,017,019
8.12%, 05/15/24	IDR	104,590,000			7,278,238
8.25%, 05/15/29	IDR	162,300,000			12,073,483
8.25%, 06/15/32	IDR	88,784,000			6,678,348
8.25%, 05/15/36	IDR	124,785,000			9,500,587
8.38%, 03/15/24	IDR	124,363,000			8,647,255
8.38%, 09/15/26	IDR	187,947,000			13,634,037
8.38%, 03/15/34	IDR	188,344,000			14,476,939
8.38%, 04/15/39	IDR	75,760,000			5,856,449
8.75%, 05/15/31	IDR	86,387,000			6,641,906
9.00%, 03/15/29	IDR	127,322,000			9,763,783
9.50%, 07/15/31	IDR	30,941,000			2,482,999
10.50%, 08/15/30	IDR	28,912,000			2,409,333
11.00%, 09/15/25	IDR	32,382,000			2,429,908
Perusahaan Penerbit SBSN
4.88%, 07/15/26	IDR	26,690,000			1,743,388
6.38%, 03/15/34	IDR	40,420,000			2,618,993
6.62%, 10/15/24	IDR	45,410,000			3,109,854
8.88%, 11/15/31	IDR	82,990,000			6,413,437
					308,849,372
Malaysia: 7.6%
Malaysia Government Bond
2.63%, 04/15/31	MYR	29,980			6,175,847
3.48%, 06/14/24	MYR	37,422			8,443,341
3.50%, 05/31/27	MYR	27,199			6,088,383
3.58%, 07/15/32	MYR	28,205			6,248,271
3.73%, 06/15/28	MYR	36,896			8,343,596
3.76%, 05/22/40	MYR	38,215			8,217,020
3.83%, 07/05/34	MYR	29,232			6,500,262

See Notes to Financial Statements

		Par (000’s	)	Value
Malaysia (continued)
3.88%, 03/14/25	MYR	28,204		$	6,403,168
3.88%, 08/15/29	MYR	30,386			6,880,990
3.90%, 11/30/26	MYR	36,236			8,249,236
3.90%, 11/16/27	MYR	34,419			7,844,792
3.91%, 07/15/26	MYR	25,455			5,803,915
3.96%, 09/15/25	MYR	33,816			7,698,565
4.06%, 09/30/24	MYR	14,242			3,232,349
4.07%, 06/15/50	MYR	43,475			9,403,223
4.18%, 07/15/24	MYR	11,620			2,637,545
4.25%, 05/31/35	MYR	23,946			5,486,038
4.46%, 03/31/53	MYR	6,825			1,593,995
4.50%, 04/30/29	MYR	14,944			3,507,098
4.70%, 10/15/42	MYR	20,175			4,923,250
4.76%, 04/07/37	MYR	37,928			9,150,864
4.89%, 06/08/38	MYR	23,590			5,857,987
4.92%, 07/06/48	MYR	20,175			5,036,163
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR	41,696			9,320,186
3.45%, 07/15/36	MYR	35,001			7,415,156
3.46%, 10/15/30	MYR	44,895			9,842,231
3.60%, 07/31/28	MYR	6,815			1,535,091
3.65%, 10/15/24	MYR	30,720			6,922,441
3.73%, 03/31/26	MYR	41,356			9,362,027
3.99%, 10/15/25	MYR	22,425			5,112,216
4.13%, 08/15/25	MYR	37,235			8,491,674
4.13%, 07/09/29	MYR	33,820			7,739,217
4.19%, 10/07/32	MYR	32,050			7,372,594
4.25%, 09/30/30	MYR	16,120			3,731,012
4.26%, 07/26/27	MYR	15,886			3,663,118
4.29%, 08/14/43	MYR	8,010			1,852,743
4.37%, 10/31/28	MYR	36,749			8,552,893
4.42%, 09/30/41	MYR	29,790			6,935,543
4.66%, 03/31/38	MYR	14,305			3,466,484
					245,040,524
Mexico: 5.5%
Mexican Bonos
5.00%, 03/06/25	MXN	193,664			9,775,636
5.50%, 03/04/27	MXN	145,681			7,138,245
5.75%, 03/05/26	MXN	385,412			19,369,974
7.50%, 06/03/27	MXN	248,072			13,017,060
7.50%, 05/26/33	MXN	174,280			8,817,038
7.75%, 05/29/31	MXN	618,697			32,210,539
7.75%, 11/23/34	MXN	131,117			6,683,236
7.75%, 11/13/42	MXN	402,123			19,482,508
8.00%, 12/07/23	MXN	3,251			176,514
8.00%, 09/05/24	MXN	7,642			408,276
8.00%, 11/07/47	MXN	383,132			18,897,893
8.00%, 07/31/53	MXN	158,188			7,755,588
8.50%, 05/31/29	MXN	83,791			4,575,532
8.50%, 11/18/38	MXN	308,636			16,245,799
10.00%, 12/05/24	MXN	120,433			6,601,740
10.00%, 11/20/36	MXN	107,582			6,503,591
					177,659,169
Peru: 3.5%
Peru Government Bond
5.35%, 08/12/40	PEN	30,724			6,537,579
5.40%, 08/12/34	PEN	42,536			9,680,705

		Par (000’s	)	Value
Peru (continued)
5.70%, 08/12/24	PEN	23,888		$	6,378,859
5.94%, 02/12/29	PEN	62,905			16,049,471
6.15%, 08/12/32	PEN	63,990			15,802,454
6.35%, 08/12/28	PEN	58,748			15,409,149
6.90%, 08/12/37	PEN	60,549			15,387,146
6.95%, 08/12/31	PEN	59,405			15,624,717
8.20%, 08/12/26	PEN	44,260			12,469,735
					113,339,815
Philippines: 1.2%
Philippine Government Bond 9.25%, 11/05/34	PHP	46,410			1,049,594
Philippine Government International Bond 6.25%, 01/14/36	PHP	2,200,500			38,924,717
					39,974,311
Poland: 5.0%
Republic of Poland Government Bond
0.01%, 10/25/25	PLN	7,655			1,612,356
0.25%, 10/25/26	PLN	62,103			12,375,551
0.75%, 04/25/25	PLN	58,102			12,709,769
1.25%, 10/25/30	PLN	68,329			12,000,018
1.75%, 04/25/32	PLN	69,690			12,110,726
2.25%, 10/25/24	PLN	58,881			13,498,145
2.50%, 04/25/24	PLN	2,288			534,762
2.50%, 07/25/26	PLN	48,460			10,525,262
2.50%, 07/25/27	PLN	59,337			12,523,761
2.75%, 04/25/28	PLN	70,527			14,757,712
2.75%, 10/25/29	PLN	87,741			17,689,448
3.25%, 07/25/25	PLN	69,594			15,882,090
3.75%, 05/25/27	PLN	60,065			13,335,762
6.00%, 10/25/33	PLN	8,010			1,965,099
7.50%, 07/25/28	PLN	32,325			8,329,949
					159,850,410
Romania: 4.0%
Romania Government Bond
2.50%, 10/25/27	RON	33,170			6,158,872
3.25%, 04/29/24	RON	29,775			6,475,538
3.25%, 06/24/26	RON	39,025			7,863,104
3.50%, 11/25/25	RON	28,965			5,996,853
3.65%, 07/28/25	RON	35,025			7,372,252
3.65%, 09/24/31	RON	37,540			6,554,819
3.70%, 11/25/24	RON	34,300			7,376,312
4.15%, 01/26/28	RON	33,255			6,581,645
4.15%, 10/24/30	RON	35,415			6,554,762
4.25%, 04/28/36	RON	23,195			3,841,705
4.50%, 06/17/24	RON	34,925			7,663,892
4.75%, 02/24/25	RON	33,975			7,373,443
4.75%, 10/11/34	RON	37,320			6,694,884
4.85%, 04/22/26	RON	34,415			7,295,177
4.85%, 07/25/29	RON	38,150			7,549,947
5.00%, 02/12/29	RON	33,605			6,762,580
5.80%, 07/26/27	RON	38,320			8,193,916
6.70%, 02/25/32	RON	38,800			8,346,001
8.25%, 09/29/32	RON	22,725			5,388,708
					130,044,410

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

		Par (000’s	)	Value
Serbia: 1.2%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD	1,448,400		$	13,327,942
4.50%, 08/20/32	RSD	1,789,050			14,504,951
5.88%, 02/08/28	RSD	1,319,910			12,596,031
					40,428,924
South Africa: 5.9%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR	179,398			6,437,576
6.50%, 02/28/41	ZAR	160,783			5,380,018
7.00%, 02/28/31	ZAR	279,151			12,388,984
8.00%, 01/31/30 †	ZAR	552,243			27,065,836
8.25%, 03/31/32	ZAR	490,280			22,873,271
8.50%, 01/31/37	ZAR	427,662			18,403,458
8.75%, 01/31/44	ZAR	373,423			15,523,097
8.75%, 02/28/48	ZAR	608,299			25,063,908
8.88%, 02/28/35	ZAR	445,664			20,468,816
9.00%, 01/31/40	ZAR	339,610			14,758,299
10.50%, 12/21/26	ZAR	365,897			21,030,348
					189,393,611
Thailand: 7.2%
Thailand Government Bond
0.75%, 06/17/24	THB	361,675			10,471,996
0.75%, 09/17/24	THB	409,193			11,813,810
0.95%, 06/17/25	THB	385,927			11,081,755
1.00%, 06/17/27	THB	500,146			14,030,428
1.45%, 12/17/24	THB	392,246			11,413,705
1.58%, 12/17/35	THB	331,747			8,647,668
1.60%, 12/17/29	THB	335,619			9,413,910
1.60%, 06/17/35	THB	175,589			4,608,932
2.00%, 12/17/31	THB	322,689			9,114,101
2.00%, 06/17/42	THB	234,192			5,883,963
2.12%, 12/17/26	THB	368,397			10,816,744
2.35%, 06/17/26	THB	285,985			8,461,974
2.40%, 12/17/23	THB	245,178			7,218,018
2.65%, 06/17/28	THB	303,290			9,096,606
2.88%, 12/17/28	THB	315,895			9,575,892
2.88%, 06/17/46	THB	279,391			7,929,816
3.30%, 06/17/38	THB	402,513			12,406,162
3.35%, 06/17/33	THB	178,480			5,595,283
3.39%, 06/17/37	THB	139,525			4,395,235
3.40%, 06/17/36	THB	299,238			9,402,368
3.45%, 06/17/43	THB	110,305			3,463,856
3.65%, 06/20/31	THB	307,165			9,787,198
3.77%, 06/25/32	THB	543,938			17,657,641

		Par (000’s	)	Value
Thailand (continued)
3.85%, 12/12/25	THB	327,776		$	10,058,981
4.88%, 06/22/29	THB	345,668			11,651,545
					233,997,587
Turkey: 2.8%
Turkey Government Bond
8.00%, 03/12/25	TRY	47,523			2,099,020
9.00%, 07/24/24	TRY	141,398			6,648,849
10.40%, 03/20/24	TRY	37,386			1,822,832
10.50%, 08/11/27	TRY	456,889			18,582,608
10.60%, 02/11/26	TRY	207,193			8,810,490
11.00%, 02/24/27	TRY	142,564			6,025,612
11.70%, 11/13/30	TRY	267,547			11,927,204
12.40%, 03/08/28	TRY	82,707			4,035,784
12.60%, 10/01/25	TRY	285,280			13,143,130
16.90%, 09/02/26	TRY	329,240			16,573,520
					89,669,049
Uruguay: 1.3%
Uruguay Government International Bond 8.25%, 05/21/31	UYU	1,069,887			24,927,264
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU	20,605			500,534
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU	622,131			15,112,730
					40,540,528
Total Government Obligations (Cost: $3,312,101,976)					3,005,112,276
Total Investments Before Collateral for Securities Loaned: 97.8% (Cost: $3,474,675,710)					3,153,353,521

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Money Market Fund: 2.8% (Cost: $91,541,238)
State Street Navigator Securities Lending Government Money Market Portfolio		91,541,238			91,541,238
Total Investments: 100.6% (Cost: $3,566,216,948)					3,244,894,759
Liabilities in excess of other assets: (0.6)%					(20,549,359	)
NET ASSETS: 100.0%				$	3,224,345,400

See Notes to Financial Statements


Definitions:

BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
EGP	Egyptian Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RSD	Serbian Dinar
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:

^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $87,798,667.

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 $66,940,912, or 2.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Government		95.3	%	$	3,005,112,276
Financials		4.5			140,484,727
Utilities		0.2			4,892,653
Industrials		0.0			1,446,476
Energy		0.0			1,417,389
		100.0	%	$	3,153,353,521

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 *	$	—	$	148,241,245	$	—	$	148,241,245
Government Obligations *		—		3,005,112,276		—		3,005,112,276
Money Market Fund		91,541,238		—		—		91,541,238
Total Investments	$	91,541,238	$	3,153,353,521	$	—	$	3,244,894,759

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)	Value
CORPORATE BONDS: 98.3%
Bermuda: 0.2%
Arch Capital Group Ltd. 3.63%, 06/30/50 †	$	25		$	18,997
Canada: 5.8%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		40			37,915
3.80%, 01/25/50		25			18,651
Canadian Pacific Railway Co. 1.75%, 12/02/26		75			68,520
CI Financial Corp.
3.20%, 12/17/30		25			18,582
4.10%, 06/15/51		25			14,591
Emera US Finance LP 4.75%, 06/15/46		25			20,823
Enbridge, Inc.
3.12%, 11/15/29		75			68,224
3.40%, 08/01/51		50			35,383
5.50%, 12/01/46		25			24,446
5.70%, 03/08/33		50			51,946
Fairfax Financial Holdings Ltd. 144A 5.62%, 08/16/32		25			24,781
Fortis, Inc. 3.06%, 10/04/26		25			23,622
Open Text Corp. 144A 6.90%, 12/01/27		25			25,848
Rogers Communications, Inc. 144A 2.95%, 03/15/25		25			23,959
TransCanada PipeLines Ltd. 2.50%, 10/12/31		50			41,401
					498,692
France: 6.4%
BNP Paribas SA 144A 4.38%, 09/28/25		50			48,026
Credit Agricole SA 144A 4.38%, 03/17/25		50			48,629
Societe Generale SA 144A
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		50			43,952
2.62%, 10/16/24		50			47,567
2.62%, 01/22/25		50			47,079
3.00%, 01/22/30		100			84,331
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33		50			40,953
3.62%, 03/01/41		100			64,863
4.25%, 04/14/25		50			47,669
4.75%, 09/14/28		50			48,348
					521,417
Ireland: 0.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.85%, 10/29/41		50			37,628

	Par (000’s		)	Value
Italy: 0.5%
UniCredit SpA 144A
3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32	$	50		$	40,060
Japan: 0.5%
Nomura Holdings, Inc. 1.65%, 07/14/26		50			44,341
Mexico: 0.7%
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51		50			37,863
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		25			22,850
					60,713
Netherlands: 3.6%
Deutsche Telekom International Finance BV 8.75%, 06/15/30		75			91,629
Enel Finance International NV 144A 5.00%, 06/15/32		50			47,595
Prosus NV 144A
3.06%, 07/13/31		50			39,434
3.68%, 01/21/30		50			42,650
4.99%, 01/19/52		100			73,639
					294,947
Panama: 0.5%
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30		50			43,421
United Kingdom: 3.1%
Barclays Plc
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		200			162,681
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42		50			36,285
Ferguson Finance Plc 144A 4.50%, 10/24/28		25			24,314
Haleon UK Capital Plc 3.12%, 03/24/25		50			48,313
					271,593
United States: 76.6%
Alcon Finance Corp. 144A 3.00%, 09/23/29		50			45,335
Altria Group, Inc.
3.40%, 05/06/30		25			22,308
3.88%, 09/16/46		35			25,149
4.25%, 08/09/42		100			78,917
4.80%, 02/14/29		125			124,197
5.80%, 02/14/39		25			24,713
5.95%, 02/14/49		60			56,710
Ares Capital Corp.
2.15%, 07/15/26		25			21,854
3.25%, 07/15/25		25			23,184

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
3.88%, 01/15/26	$	50		$	46,650
AT&T, Inc. 3.85%, 06/01/60		75			55,496
BAT Capital Corp. 4.91%, 04/02/30		50			48,294
Bayer US Finance LLC 144A 3.38%, 10/08/24		50			48,812
Becton Dickinson & Co. 3.36%, 06/06/24		75			73,720
Berry Global, Inc. 1.57%, 01/15/26		50			45,459
Berry Global, Inc. 144A 4.88%, 07/15/26		25			24,484
Brighthouse Financial, Inc. 4.70%, 06/22/47		25			18,912
Broadcom, Inc. 144A
3.19%, 11/15/36		50			38,092
4.93%, 05/15/37		75			68,517
Campbell Soup Co. 3.95%, 03/15/25		25			24,583
Carlisle Cos, Inc. 2.75%, 03/01/30		25			21,560
Centene Corp. 2.62%, 08/01/31 †		50			40,996
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,986
4.91%, 07/23/25		125			123,868
5.05%, 03/30/29		125			121,175
5.12%, 07/01/49		20			15,651
5.38%, 05/01/47		75			61,444
6.48%, 10/23/45		75			69,562
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		50			46,825
5.12%, 06/30/27		50			50,260
Cheniere Energy, Inc. 4.62%, 10/15/28		25			23,853
Cigna Group 3.40%, 03/15/50		75			55,278
Conagra Brands, Inc.
4.85%, 11/01/28		50			49,985
5.30%, 11/01/38		25			24,709
Constellation Brands, Inc. 2.25%, 08/01/31		50			41,521
Corning, Inc. 5.45%, 11/15/79		25			23,517
CoStar Group, Inc. 144A 2.80%, 07/15/30		25			20,940
Deutsche Bank AG
2.13% (SOFR+1.87%), 11/24/26		100			89,031
2.31% (SOFR+1.22%), 11/16/27		75			64,956
3.96% (SOFR+2.58%), 11/26/25 †		100			95,625

	Par (000’s		)	Value
United States (continued)
Duke Energy Corp.
2.55%, 06/15/31	$	25		$	21,079
2.65%, 09/01/26		50			46,972
Equinix, Inc. 2.62%, 11/18/24		25			24,048
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52		50			33,607
FS KKR Capital Corp. 3.40%, 01/15/26		50			45,642
General Mills, Inc. 2.88%, 04/15/30		50			45,501
HCA, Inc.
3.50%, 07/15/51		25			17,465
4.12%, 06/15/29		75			71,142
5.12%, 06/15/39		50			47,062
5.25%, 04/15/25		75			75,202
5.25%, 06/15/26		25			25,101
5.25%, 06/15/49		50			45,336
5.50%, 06/15/47		50			47,092
HCA, Inc. 144A 4.62%, 03/15/52		25			20,767
Huntsman International LLC 4.50%, 05/01/29		25			23,515
International Flavors & Fragrances, Inc. 144A
1.83%, 10/15/27		50			42,639
2.30%, 11/01/30		25			20,334
3.27%, 11/15/40		25			17,877
J.M. Smucker Co. 3.50%, 03/15/25		25			24,424
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		50			48,320
4.05%, 04/15/32 †		50			47,527
Kinder Morgan Energy Partners LP 5.50%, 03/01/44		25			23,482
Kraft Heinz Foods Co.
3.00%, 06/01/26		50			47,907
5.00%, 06/04/42		25			23,987
5.20%, 07/15/45		50			48,514
6.88%, 01/26/39		25			28,602
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		25			28,648
Lowe’s Cos, Inc. 4.45%, 04/01/62		25			20,572
McCormick & Co., Inc. 3.40%, 08/15/27		25			23,862
McDonald’s Corp.
3.62%, 09/01/49		50			39,754
4.45%, 03/01/47		50			45,775
4.60%, 09/09/32 †		50			50,740
4.88%, 12/09/45		100			96,937
6.30%, 03/01/38		50			57,171
Mondelez International, Inc.
1.50%, 05/04/25		25			23,467
2.75%, 04/13/30		25			22,219
3.00%, 03/17/32		25			22,103

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United States (continued)
Netflix, Inc. 5.88%, 02/15/25	$	25		$	25,391
NextEra Energy Capital Holdings, Inc.
2.44%, 01/15/32		100			83,114
2.75%, 11/01/29		50			44,724
4.62%, 07/15/27		75			75,145
6.05%, 03/01/25		75			76,284
Northrop Grumman Corp. 2.93%, 01/15/25		25			24,256
Oracle Corp.
3.60%, 04/01/40		75			58,301
3.80%, 11/15/37		50			41,883
3.85%, 04/01/60		25			17,566
3.95%, 03/25/51		50			37,801
4.00%, 07/15/46		50			38,440
4.10%, 03/25/61		50			37,298
4.38%, 05/15/55		50			39,996
5.38%, 07/15/40		50			48,217
6.12%, 07/08/39		25			26,406
6.50%, 04/15/38		75			81,979
Owl Rock Capital Corp. 3.40%, 07/15/26		50			44,835
Pacific Gas and Electric Co.
2.50%, 02/01/31		100			81,085
3.25%, 06/01/31		50			42,339
3.45%, 07/01/25		50			47,770
3.50%, 08/01/50		50			32,669
3.75%, 07/01/28		50			46,253
4.50%, 07/01/40		100			81,406
4.95%, 07/01/50		50			40,747
6.75%, 01/15/53		25			25,642
Pernod Ricard International Finance LLC 144A 1.62%, 04/01/31		25			20,072
Republic Services, Inc. 2.50%, 08/15/24		50			48,465
Reynolds American, Inc. 5.85%, 08/15/45		75			67,908
Roper Technologies, Inc. 1.75%, 02/15/31		25			19,993
Sempra Energy
3.25%, 06/15/27		50			47,179
4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52		25			20,290
Sherwin-Williams Co. 3.45%, 06/01/27		50			48,021
Southern Co. 3.25%, 07/01/26		50			47,945
Sprint Capital Corp.
6.88%, 11/15/28		50			53,949
8.75%, 03/15/32		25			30,580
Sprint LLC 7.62%, 02/15/25		150			154,709

		Par (000’s	)	Value
United States (continued)
Sun Communities Operating LP 2.70%, 07/15/31	$	25		$	20,216
Time Warner Cable Enterprises LLC 8.38%, 07/15/33		50			56,543
Time Warner Cable LLC
6.55%, 05/01/37		25			24,387
7.30%, 07/01/38		100			103,722
T-Mobile USA, Inc.
3.38%, 04/15/29		75			68,808
3.50%, 04/15/25		150			145,995
3.75%, 04/15/27		155			149,350
3.88%, 04/15/30		60			56,527
United Rentals North America, Inc. 144A 6.00%, 12/15/29		25			25,395
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,498
Verizon Communications, Inc.
0.85%, 11/20/25		25			22,795
1.45%, 03/20/26		75			69,117
2.55%, 03/21/31		50			42,592
2.62%, 08/15/26		25			23,663
3.88%, 02/08/29		25			24,157
4.02%, 12/03/29		50			48,036
4.12%, 03/16/27		100			99,119
4.33%, 09/21/28		50			49,494
4.50%, 08/10/33		50			48,327
VICI Properties LP
5.12%, 05/15/32		75			71,646
5.62%, 05/15/52		25			22,642
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			46,792
4.25%, 12/01/26		50			47,705
4.62%, 12/01/29		50			46,498
					6,468,202
Total Corporate Bonds (Cost: $8,784,609)					8,300,011

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1%
Money Market Fund: 2.1% (Cost: $179,987)
State Street Navigator Securities Lending Government Money Market Portfolio		179,987			179,987
Total Investments: 100.4% (Cost: $8,964,596)					8,479,998
Liabilities in excess of other assets: (0.4)%					(35,168	)
NET ASSETS: 100.0%				$	8,444,830

See Notes to Financial Statements


Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $183,947.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,587,304, or 18.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Technology		25.8	%	$	2,145,250
Financials		17.9			1,486,254
Consumer Non-Cyclicals		13.6			1,124,998
Utilities		11.9			986,372
Consumer Cyclicals		10.5			873,305
Healthcare		7.4			613,308
Energy		3.9			325,300
Industrials		3.9			324,197
Real Estate		3.4			279,548
Basic Materials		1.7			141,479
		100.0	%	$	8,300,011

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 *	$	—	$	8,300,011	$	—	$	8,300,011
Money Market Fund		179,987		—		—		179,987
Total Investments	$	179,987	$	8,300,011	$	—	$	8,479,998

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par (000’s		)	Value
CORPORATE BONDS: 98.4%
Bermuda: 0.1%
Arch Capital Group Ltd. 3.63%, 06/30/50 †	$	25		$	18,997
Canada: 6.5%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		50			47,393
3.80%, 01/25/50		25			18,651
Bank of Nova Scotia
1.30%, 06/11/25		50			46,190
1.95%, 02/02/27		75			68,341
2.45%, 02/02/32		50			41,623
Brookfield Finance, Inc. 4.35%, 04/15/30		100			94,900
Canadian Imperial Bank of Commerce 3.45%, 04/07/27		25			23,881
Canadian Natural Resources Ltd. 6.25%, 03/15/38		25			26,690
Canadian Pacific Railway Co. 6.12%, 09/15/15		75			80,168
CI Financial Corp. 4.10%, 06/15/51		50			29,182
Enbridge, Inc.
3.12%, 11/15/29		125			113,707
4.25%, 12/01/26		75			73,890
5.50%, 12/01/46		25			24,446
Fortis, Inc. 3.06%, 10/04/26		50			47,244
Open Text Corp. 144A 6.90%, 12/01/27		25			25,848
Toronto-Dominion Bank
1.15%, 06/12/25		25			23,108
1.20%, 06/03/26		50			44,635
					829,897
Denmark: 0.3%
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27		50			43,887
Finland: 0.4%
Nordea Bank Abp 144A 0.75%, 08/28/25		50			45,188
France: 4.9%
BNP Paribas SA 144A 4.38%, 05/12/26		75			71,976
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29		100			100,578
Credit Agricole SA 144A 4.38%, 03/17/25		75			72,944
Societe Generale SA 144A 1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26		100			88,384

	Par (000’s		)	Value
France (continued)
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27	$	100		$	87,905
3.00%, 01/22/30		100			84,331
4.25%, 04/14/25		50			47,669
4.68%, 06/15/27		50			49,098
					602,885
Germany: 0.4%
Deutsche Bank AG 3.70%, 05/30/24		50			48,498
Guernsey: 1.2%
Credit Suisse Group AG
3.75%, 03/26/25		100			93,489
4.88%, 05/15/45		75			63,974
					157,463
India: 1.1%
Adani Ports & Special Economic Zone Ltd. 144A 4.20%, 08/04/27		50			42,076
Bharti Airtel Ltd. 144A 4.38%, 06/10/25		50			49,216
Reliance Industries Ltd. 144A 4.12%, 01/28/25		50			49,147
					140,439
Italy: 0.5%
Enel Finance International NV 144A 6.00%, 10/07/39		25			25,034
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27		50			44,276
					69,310
Japan: 0.7%
Nomura Holdings, Inc.
1.65%, 07/14/26		50			44,341
2.65%, 01/16/25		50			47,452
					91,793
Mexico: 0.4%
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		50			45,700
Netherlands: 1.5%
Prosus NV 144A
3.06%, 07/13/31		50			39,434
3.68%, 01/21/30		50			42,650
4.03%, 08/03/50		50			31,917
4.99%, 01/19/52		100			73,639
					187,640
Norway: 0.4%
DNB Bank ASA 144A 0.86% (US Treasury Yield Curve Rate T 1 Year+0.33%), 09/30/25		50			46,848
Panama: 0.3%
AES Panama Generation Holdings SRL 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Panama (continued)
4.38%, 05/31/30	$	50		$	43,421
Saudi Arabia: 3.0%
Saudi Arabian Oil Co. 144A
3.25%, 11/24/50		75			54,047
3.50%, 04/16/29		75			70,967
3.50%, 11/24/70		50			34,128
4.25%, 04/16/39		150			138,023
4.38%, 04/16/49		100			88,590
					385,755
Switzerland: 2.4%
UBS Group AG 144A 1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27		50			44,244
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43		50			35,735
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27		100			96,451
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33		150			141,714
					318,144
Taiwan: 0.8%
TSMC Global Ltd. 144A
0.75%, 09/28/25		50			45,499
1.25%, 04/23/26		50			45,477
					90,976
United Kingdom: 7.3%
Barclays Plc 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		100			81,340
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32		100			79,704
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42		100			72,571
4.38%, 01/12/26		50			48,754
5.25%, 08/17/45		50			47,003
5.50% (US Treasury Yield Curve Rate T 1 Year+2.65%), 08/09/28		50			49,904
Credit Agricole SA 144A 1.91% (SOFR+1.68%), 06/16/26		50			46,308
3.25%, 10/04/24		50			48,496
4.12%, 01/10/27		100			97,009
Ferguson Finance Plc 144A 4.50%, 10/24/28		50			48,628
HSBC Holdings Plc 5.40% (SOFR+2.87%), 08/11/33		50			49,601
Lloyds Banking Group Plc 4.55%, 08/16/28		50			48,279

	Par (000’s		)	Value
United Kingdom (continued)
Reckitt Benckiser Treasury Services Plc 144A 2.75%, 06/26/24	$	50		$	48,772
Sky Ltd. 144A 3.75%, 09/16/24		50			49,111
Standard Chartered Plc 144A 4.30% (ICE LIBOR USD 3 Month+1.91%), 05/21/30		75			69,540
UBS AG 144A 0.70%, 08/09/24		25			23,475
					908,495
United States: 66.2%
Alphabet, Inc. 2.00%, 08/15/26		50			47,222
Altria Group, Inc.
2.45%, 02/04/32		75			59,718
3.40%, 02/04/41		25			17,706
4.25%, 08/09/42		100			78,917
4.80%, 02/14/29		100			99,357
5.38%, 01/31/44		25			22,934
5.80%, 02/14/39		50			49,426
5.95%, 02/14/49		60			56,710
Apple, Inc.
1.40%, 08/05/28		150			132,022
2.05%, 09/11/26		100			93,878
4.10%, 08/08/62		50			44,411
Ares Capital Corp.
2.15%, 07/15/26		25			21,854
2.88%, 06/15/28 †		25			21,029
4.20%, 06/10/24		100			97,504
AT&T, Inc.
3.65%, 09/15/59		175			123,938
3.85%, 06/01/60		75			55,496
Bayer US Finance LLC 144A 3.38%, 10/08/24		25			24,406
Becton Dickinson & Co. 3.36%, 06/06/24		25			24,573
Berkshire Hathaway Energy Co.
2.85%, 05/15/51		25			17,314
4.25%, 10/15/50		50			43,745
4.45%, 01/15/49		50			45,488
5.15%, 11/15/43		25			25,133
6.12%, 04/01/36		100			112,192
Berkshire Hathaway Finance Corp.
2.85%, 10/15/50		75			53,898
4.20%, 08/15/48		110			101,929
Berkshire Hathaway, Inc. 4.50%, 02/11/43		50			48,710
Berry Global, Inc. 1.57%, 01/15/26		25			22,730
Berry Global, Inc. 144A 4.88%, 07/15/26		50			48,968
Blackstone Holdings Finance Co. LLC 144A
3.20%, 01/30/52		50			31,950
6.20%, 04/22/33		25			26,096

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par (000’s		)	Value
United States (continued)
Broadcom, Inc. 144A 4.93%, 05/15/37	$	50		$	45,678
Cameron LNG LLC 144A
3.30%, 01/15/35		25			21,689
3.70%, 01/15/39		75			63,653
CF Industries, Inc. 144A 4.50%, 12/01/26		25			24,568
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,986
3.85%, 04/01/61		50			30,653
4.91%, 07/23/25		100			99,094
5.05%, 03/30/29		100			96,940
5.38%, 05/01/47		25			20,481
6.48%, 10/23/45		100			92,749
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		25			23,412
5.12%, 06/30/27		50			50,260
5.88%, 03/31/25		50			50,405
Cheniere Energy, Inc. 4.62%, 10/15/28		25			23,853
Conagra Brands, Inc. 4.30%, 05/01/24		50			49,514
Constellation Brands, Inc. 3.15%, 08/01/29		50			45,978
Corning, Inc. 5.45%, 11/15/79		25			23,517
CoStar Group, Inc. 144A 2.80%, 07/15/30		25			20,940
Deutsche Bank AG 0.90%, 05/28/24		50			47,214
1.69%, 03/19/26		50			44,790
2.13% (SOFR+1.87%), 11/24/26		100			89,031
3.04% (SOFR+1.72%), 05/28/32 †		50			39,918
3.55% (SOFR+3.04%), 09/18/31		50			42,067
3.96% (SOFR+2.58%), 11/26/25 †		50			47,812
DH Europe Finance II Sarl 2.60%, 11/15/29		50			45,165
Duke Energy Carolinas LLC 4.95%, 01/15/33		25			25,702
Duke Energy Corp. 2.65%, 09/01/26		100			93,945
EMD Finance LLC 144A 3.25%, 03/19/25		50			48,505
Fiserv, Inc. 2.75%, 07/01/24		75			72,897
Florida Power & Light Co. 3.15%, 10/01/49		100			75,663
FS KKR Capital Corp. 3.40%, 01/15/26		25			22,821
General Mills, Inc.

	Par (000’s		)	Value
United States (continued)
4.00%, 04/17/25	$	25		$	24,703
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25		75			73,689
HCA, Inc.
4.12%, 06/15/29		175			166,000
5.25%, 04/15/25		75			75,202
5.25%, 06/15/26		25			25,101
5.50%, 06/15/47		125			117,730
Home Depot, Inc. 5.95%, 04/01/41		50			56,164
HSBC USA, Inc. 3.50%, 06/23/24		50			49,111
International Flavors & Fragrances, Inc. 144A
1.23%, 10/01/25		25			22,477
2.30%, 11/01/30		50			40,668
3.47%, 12/01/50		50			34,374
J.M. Smucker Co. 3.50%, 03/15/25		25			24,424
Jackson National Life Global Funding 144A 1.75%, 01/12/25		25			23,389
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		50			48,320
4.05%, 04/15/32 †		50			47,527
4.60%, 05/25/28		50			50,292
Kinder Morgan Energy Partners LP 5.50%, 03/01/44		25			23,482
Kraft Heinz Foods Co. 3.00%, 06/01/26		50			47,907
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		50			57,296
Lowe’s Cos, Inc. 5.80%, 09/15/62		50			50,397
McCormick & Co., Inc. 3.40%, 08/15/27		25			23,862
McDonald’s Corp.
3.50%, 07/01/27		25			24,335
3.60%, 07/01/30		25			23,832
3.62%, 09/01/49		75			59,631
3.80%, 04/01/28		75			73,920
4.45%, 03/01/47		25			22,888
4.70%, 12/09/35		50			50,034
4.88%, 12/09/45		50			48,469
6.30%, 10/15/37		50			57,233
Meta Platforms, Inc. 4.65%, 08/15/62		50			44,371
Metropolitan Life Global Funding I 144A 1.88%, 01/11/27		75			67,611
Mondelez International, Inc.
1.50%, 05/04/25		25			23,467
2.62%, 03/17/27		50			46,874
2.62%, 09/04/50		25			16,739
2.75%, 04/13/30		25			22,219
Morgan Stanley

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
1.79% (SOFR+1.03%), 02/13/32	$	75		$	59,251
1.93% (SOFR+1.02%), 04/28/32		75			59,707
Nestle Holdings, Inc. 144A 3.50%, 09/24/25		75			73,518
NextEra Energy Capital Holdings, Inc. 6.05%, 03/01/25		75			76,284
Oracle Corp.
3.85%, 07/15/36		75			64,192
4.12%, 05/15/45		100			78,927
4.30%, 07/08/34		50			46,134
4.38%, 05/15/55		50			39,996
5.38%, 07/15/40		100			96,434
6.50%, 04/15/38		50			54,653
Owl Rock Capital Corp. 3.40%, 07/15/26		50			44,835
Pacific Gas and Electric Co. 3.25%, 06/01/31		50			42,339
3.50%, 08/01/50		50			32,669
3.75%, 07/01/28		75			69,380
4.50%, 07/01/40		50			40,703
4.55%, 07/01/30		75			69,758
4.95%, 07/01/50		100			81,494
6.15%, 01/15/33		50			50,779
PepsiCo, Inc.
2.38%, 10/06/26		25			23,719
2.75%, 04/30/25		100			97,114
2.75%, 03/19/30		25			22,958
Philip Morris International, Inc.
2.88%, 05/01/24		50			48,982
3.38%, 08/15/29		75			69,638
4.12%, 03/04/43		50			41,337
4.38%, 11/15/41		65			56,516
5.62%, 11/17/29		25			26,127
5.75%, 11/17/32		50			52,562
6.38%, 05/16/38		50			55,382
Procter & Gamble Co. 2.45%, 11/03/26		50			47,571
Public Service Co. of Colorado 1.88%, 06/15/31		50			41,401
Public Service Enterprise Group, Inc. 2.88%, 06/15/24		25			24,350
Republic Services, Inc. 2.50%, 08/15/24		50			48,465
San Diego Gas & Electric Co. 1.70%, 10/01/30		75			61,825
Sherwin-Williams Co. 3.45%, 06/01/27		50			48,021
Southern Co. 3.25%, 07/01/26		50			47,945
Sprint Capital Corp. 6.88%, 11/15/28		50			53,949
8.75%, 03/15/32		25			30,580

	Par (000’s		)	Value
United States (continued)
Sprint LLC 7.62%, 02/15/25	$	150		$	154,709
Time Warner Cable LLC
4.50%, 09/15/42		25			19,067
5.88%, 11/15/40		25			22,263
6.55%, 05/01/37		100			97,549
6.75%, 06/15/39		75			72,986
T-Mobile USA, Inc.
1.50%, 02/15/26		25			22,920
3.00%, 02/15/41		25			18,597
3.30%, 02/15/51		50			35,718
3.50%, 04/15/25		50			48,665
3.75%, 04/15/27		150			144,533
3.88%, 04/15/30		125			117,764
United Rentals North America, Inc. 144A 6.00%, 12/15/29		50			50,789
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,498
Verizon Communications, Inc.
3.70%, 03/22/61		75			55,830
4.02%, 12/03/29		150			144,108
4.12%, 03/16/27		125			123,899
4.33%, 09/21/28		50			49,494
VICI Properties LP
4.75%, 02/15/28		50			48,268
5.12%, 05/15/32		50			47,764
5.62%, 05/15/52		25			22,642
VICI Properties LP / VICI Note Co., Inc. 144A
3.50%, 02/15/25		50			48,103
4.25%, 12/01/26		75			71,557
5.62%, 05/01/24		50			49,803
Walt Disney Co. 6.20%, 12/15/34		25			28,596
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26		50			47,703
Weyerhaeuser Co. 4.00%, 04/15/30 †		50			47,307
					8,407,519
Total Corporate Bonds (Cost: $13,282,431)					12,482,855

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $214,133)
State Street Navigator Securities Lending Government Money Market Portfolio		214,133			214,133

See Notes to Financial Statements

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Number of Shares (continued)	Value
Total Investments: 100.1% (Cost: $13,496,564)	$	12,696,988
Liabilities in excess of other assets: (0.1)%		(13,323)
NET ASSETS: 100.0%	$	12,683,665

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $208,434.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,439,462, or 27.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		28.1	%	$	3,510,249
Technology		19.1			2,390,752
Consumer Non-Cyclicals		16.6			2,075,242
Consumer Cyclicals		8.9			1,117,379
Utilities		8.1			1,010,245
Energy		6.3			787,013
Industrials		4.5			557,040
Healthcare		3.9			481,516
Real Estate		3.3			409,133
Basic Materials		1.2			144,286
		100.0	%	$	12,482,855

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 ^*	$	—	$	12,482,855	$	—	$	12,482,855
Money Market Fund		214,133		—		—		214,133
Total Investments	$	214,133	$	12,482,855	$	—	$	12,696,988

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Number of Shares		Value
COMMON STOCKS: 99.8%
Financial Services: 99.8%
AGNC Investment Corp.		1,605,158	$	15,907,116
Annaly Capital Management, Inc. †		1,215,666		24,289,007
Apollo Commercial Real Estate Finance, Inc.		691,401		6,996,978
Arbor Realty Trust, Inc. †		699,627		8,024,722
Ares Commercial Real Estate Corp. †		378,279		3,256,982
ARMOUR Residential REIT, Inc. †		1,088,647		5,552,100
Blackstone Mortgage Trust, Inc. †		507,267		9,252,550
BrightSpire Capital, Inc.		514,293		2,931,470
Broadmark Realty Capital, Inc. †		823,382		4,042,805
Chimera Investment Corp. †		1,309,173		7,436,103
Claros Mortgage Trust, Inc.		304,349		3,640,014
Dynex Capital, Inc. †		372,924		4,422,879
Ellington Financial, Inc. †		375,135		4,790,474
Franklin BSP Realty Trust, Inc. †		449,920		5,682,489
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		340,874		9,674,004
KKR Real Estate Finance Trust, Inc. †		306,951		3,296,654

	Number of Shares		Value
Financial Services (continued)
Ladder Capital Corp.		742,950	$	6,946,582
MFA Financial, Inc.		491,113		5,249,998
New York Mortgage Trust, Inc. †		523,862		5,385,301
Orchid Island Capital, Inc. †		247,204		2,645,083
PennyMac Mortgage Investment Trust †		435,061		5,407,808
Ready Capital Corp. †		583,645		6,262,511
Redwood Trust, Inc. †		607,263		3,813,612
Rithm Capital Corp.		1,400,179		11,425,461
Starwood Property Trust, Inc. †		867,711		15,523,350
Two Harbors Investment Corp.		523,792		7,296,422
Total Common Stocks (Cost: $252,557,358)				189,152,475

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1%
Money Market Fund: 8.1% (Cost: $15,312,549)
State Street Navigator Securities Lending Government Money Market Portfolio		15,312,549		15,312,549
Total Investments: 107.9% (Cost: $267,869,907)				204,465,024
Liabilities in excess of other assets: (7.9)%				(15,032,547)
NET ASSETS: 100.0%			$	189,432,477

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $50,909,349.

Summary of Investments by Sector Excluding Collateral for Securities Loaned			% of Investments				Value
Financials				100.0	%		$	189,152,475

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 *	$	189,152,475	$	—	$	—	$	189,152,475
Money Market Fund		15,312,549		—		—		15,312,549
Total Investments	$	204,465,024	$	—	$	—	$	204,465,024

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Number of Shares		Value
PREFERRED SECURITIES: 100.0%
Basic Materials: 2.9%
ArcelorMittal SA 5.50%, 05/18/23		450,266	$	30,266,881
Consumer Cyclicals: 7.5%
Aptiv Plc 5.50%, 06/15/23		211,569		23,947,495
Ford Motor Co.
6.00%, 12/01/59 †		595,610		14,497,147
6.20%, 06/01/59 †		558,384		14,015,438
6.50%, 08/15/62		446,707		10,761,172
Paramount Global 5.75%, 04/01/24 †		186,129		5,924,486
Qurate Retail, Inc. 8.00%, 03/15/31 †		236,345		7,243,974
QVC, Inc. 6.25%, 11/26/68		372,404		3,310,672
				79,700,384
Consumer Non-Cyclicals: 4.5%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81		186,129		3,212,586
CHS, Inc. 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24		366,673		9,196,159
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24		312,696		7,754,861
7.50%, 01/21/25 †		385,285		10,175,377
7.88%, 09/26/23		399,431		10,449,115
8.00%, 07/18/23 †		228,417		6,799,974
				47,588,072
Energy: 4.7%
Energy Transfer LP 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 †		335,030		8,013,918
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 †		595,610		13,770,503
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23		331,307		7,782,401
NGL Energy Partners LP 12.47% (ICE LIBOR USD 3 Month+7.21%)		234,224		5,548,766
NuStar Energy LP 10.94% (ICE LIBOR USD 3 Month+5.64%)		286,637		6,612,716
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43		299,666		7,653,470
				49,381,774
Financial Services: 7.8%
AGNC Investment Corp. 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 †		428,095		8,745,981
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24		299,666		6,457,802
10.41% (ICE LIBOR USD 3 Month+5.11%)		241,966		5,998,337

	Number of Shares		Value
Financial Services (continued)
Annaly Capital Management, Inc. 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24		329,447	$	7,880,372
9.33% (ICE LIBOR USD 3 Month+4.17%) †		316,418		7,590,868
10.16% (ICE LIBOR USD 3 Month+4.99%)		536,048		13,369,037
Chimera Investment Corp. 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 †		193,574		3,710,814
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24		241,966		4,907,070
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 †		204,741		3,754,950
PennyMac Mortgage Investment Trust 6.75%, 08/24/26		186,129		3,419,190
Rithm Capital Corp. 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25		296,018		5,488,174
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24		209,582		4,321,581
Two Harbors Investment Corp. 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 †		187,227		3,557,313
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27		199,405		3,788,695
				82,990,184
Healthcare: 4.8%
Becton Dickinson & Co. 6.00%, 06/01/23		554,430		28,031,981
Boston Scientific Corp. 5.50%, 06/01/23		185,333		23,301,918
				51,333,899
Industrials: 5.2%
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 †		223,355		3,841,706
Chart Industries, Inc. 6.75%, 12/15/25		149,836		8,401,304
Clarivate Plc 5.25%, 06/01/24		267,559		10,702,360
Crestwood Equity Partners LP 9.25%		1,326,349		12,069,776
RBC Bearings, Inc. 5.00%, 10/15/24 †		85,619		9,460,043
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		400,773		10,901,026
				55,376,215
Real Estate: 0.7%
Brookfield Property Preferred LP 6.25%, 07/26/81 †		499,642		7,504,623

See Notes to Financial Statements

	Number of Shares		Value
Real Estate Investment Trusts: 11.4%
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26		211,143	$	3,847,025
Digital Realty Trust, Inc. 5.20%, 10/10/24		256,856		5,722,752
DigitalBridge Group, Inc. 7.12% †		216,209		4,460,392
7.15%		239,514		4,910,037
Diversified Healthcare Trust 5.62%, 08/01/42		260,582		2,991,481
6.25%, 02/01/46 †		186,129		2,343,364
Franklin BSP Realty Trust, Inc. 7.50%		192,234		3,790,854
Hudson Pacific Properties, Inc. 4.75%, 11/26/26		316,418		2,942,687
Kimco Realty Corp. 5.25% †		195,062		4,463,019
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26		244,052		3,968,286
Public Storage 3.88%, 10/06/25 †		210,325		3,928,871
4.00%, 11/19/26 †		773,403		14,736,855
4.10%, 01/13/27		186,129		3,575,538
4.62%, 06/17/25		420,652		9,157,594
4.70%, 11/15/24		192,680		4,204,278
4.88%, 09/12/24 †		235,416		5,409,860
5.05% †		223,355		5,461,030
5.15% †		208,463		5,134,444
5.60%, 03/11/24 †		212,185		5,436,180
Rithm Capital Corp. 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26		346,199		6,913,594
RLJ Lodging Trust 1.95%		239,658		5,790,137
Vornado Realty Trust 4.45%, 09/22/26		223,355		2,450,204
5.25% †		461,227		5,717,796
5.40% †		223,355		2,975,089
				120,331,367
Technology: 13.9%
AT&T, Inc. 4.75%, 02/18/25 †		1,302,900		27,204,552
5.00%, 12/12/24 †		893,414		19,887,396
5.35%, 11/01/66		984,617		23,355,115
5.62%, 08/01/67 †		614,222		15,392,403
Coherent Corp. 6.00%, 07/01/23		42,810		6,824,770
Pitney Bowes, Inc. 6.70%, 03/07/43 †		316,418		4,739,942
Qwest Corp. 6.50%, 09/01/56		727,761		9,693,777
6.75%, 06/15/57		491,378		6,820,327
Sabre Corp. 6.50%, 09/01/23		61,236		3,668,036

	Number of Shares		Value
Technology (continued)
Telephone and Data Systems, Inc.
6.00%, 09/30/26		513,714	$	6,899,179
6.62%, 03/31/26		312,696		4,681,059
United States Cellular Corp.
5.50%, 03/01/70		372,256		5,632,233
5.50%, 06/01/70 †		372,256		5,676,904
6.25%, 09/01/69		372,256		6,250,178
				146,725,871
Utilities: 36.6%
AES Corp. 6.88%, 02/15/24		194,131		17,473,731
Algonquin Power & Utilities Corp. 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79		260,582		5,962,116
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 †		214,048		4,957,352
7.75%, 06/15/24		428,095		12,958,436
American Electric Power Co., Inc. 6.12%, 08/15/23		316,418		16,086,691
Brookfield BRP Holdings Canada, Inc. 4.62%, 04/30/26		260,582		4,200,582
4.88%, 12/09/26 †		193,574		3,133,963
CMS Energy Corp. 5.88%, 10/15/78		208,463		5,184,475
5.88%, 03/01/79		469,043		11,646,338
DTE Energy Co. 4.38%, 12/01/81 †		208,463		4,506,970
5.25%, 12/01/77 †		297,804		7,108,582
Duke Energy Corp. 5.62%, 09/15/78 †		372,256		9,325,013
5.75%, 06/15/24 †		744,515		19,171,261
Entergy Arkansas LLC 4.88%, 09/01/66 †		305,251		7,130,663
Entergy Louisiana LLC 4.88%, 09/01/66 †		201,018		4,776,188
Entergy Mississippi LLC 4.90%, 10/01/66		193,574		4,607,061
Georgia Power Co. 5.00%, 10/01/77 †		201,018		5,025,450
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 †		511,852		13,144,359
NextEra Energy, Inc. 6.22%, 09/01/23		744,515		36,540,796
6.93%, 09/01/25		744,515		35,245,340
NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 †		372,256		9,287,787
7.75%, 03/01/24		160,535		17,021,526
PG&E Corp. 5.50%, 08/16/23		297,804		44,637,842
SCE Trust III

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Utilities (continued)
5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 †		204,741	$	4,381,457
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25		241,966		4,924,008
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26		223,355		4,976,349
SCE Trust VI 5.00%		353,644		6,998,615
Sempra Energy 5.75%, 07/01/79		563,971		13,896,246
South Jersey Industries, Inc. 8.75%, 04/01/24 †		108,735		7,633,197
Southern Co. 4.20%, 10/15/60		558,384		11,318,444
4.95%, 01/30/80 †		744,515		17,190,851
5.25%, 12/01/77 †		335,030		8,362,349
Spire, Inc. 5.90%, 08/15/24 †		186,129		4,748,151

	Number of Shares		Value
Utilities (continued)
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		188,767	$	4,190,627
				387,752,816
Total Preferred Securities (Cost: $1,166,680,671)				1,058,952,086

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7%
Money Market Fund: 3.7% (Cost: $39,388,693)
State Street Navigator Securities Lending Government Money Market Portfolio		39,388,693		39,388,693
Total Investments: 103.7% (Cost: $1,206,069,364)				1,098,340,779
Liabilities in excess of other assets: (3.7)%				(38,696,383)
NET ASSETS: 100.0%			$	1,059,644,396

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $39,470,761.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Electric Utilities & IPPs		27.8	%	$	294,457,192
Residential & Commercial REITs		18.8			199,353,265
Telecommunications Services		12.4			131,493,123
Multiline Utilities		7.7			80,914,276
Automobiles & Auto Parts		6.0			63,221,252
Healthcare Equipment & Supplies		4.8			51,333,899
Food & Tobacco		4.2			44,375,486
Oil & Gas Related Equipment and Services		4.2			43,833,008
Metals & Mining		2.9			30,266,881
Machinery; Equipment & Components		2.7			28,762,373
Professional & Commercial Services		2.5			26,613,842
Natural Gas Utilities		1.1			12,381,348
Diversified Retail		1.0			10,554,646
Real Estate Operations		0.7			7,504,623
Electronic Equipment & Parts		0.6			6,824,770
Hotels & Entertainment Services		0.5			5,924,486
Oil & Gas		0.5			5,548,766
Office Equipment		0.5			4,739,942
Investment Banking & Investment Services		0.4			3,968,286
Software & IT Services		0.4			3,668,036
Consumer Goods Conglomerates		0.3			3,212,586
		100.0	%	$	1,058,952,086

See Notes to Financial Statements

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
Preferred Securities
Basic Materials	$	30,266,881	$	—	$	—	$	30,266,881
Consumer Cyclicals		79,700,384		—		—		79,700,384
Consumer Non-Cyclicals		47,588,072		—		—		47,588,072
Energy		49,381,774		—		—		49,381,774
Financials		3,968,286		—		—		3,968,286
Healthcare		51,333,899		—		—		51,333,899
Industrials		55,376,215		—		—		55,376,215
Real Estate		206,857,888		—		—		206,857,888
Technology		146,725,871		—		—		146,725,871
Utilities		380,119,619		7,633,197		—		387,752,816
Money Market Fund		39,388,693		—		—		39,388,693
Total Investments	$	1,090,707,582	$	7,633,197	$	—	$	1,098,340,779

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

		BDC Income ETF			China Bond ETF			Dynamic High Income ETF		Emerging Markets High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	577,603,331		$	41,234,674		$	83,546	$	418,105,676
Affiliated issuers (3)			—			—			437,678		—
Short-term investments held as collateral for securities loaned (4)			92,435,917			—			—		32,767,820
Cash			9,439			—			1,254		5,748,047
Cash denominated in foreign currency, at value (5)			—			1,395,399	(a)		—		2,121
Receivables:
Investment securities sold			—			48,685			4,129		8,690,503
Shares of beneficial interest sold			1,453,933			—			—		—
Dividends and interest			663,745			562,770			763		7,754,655
Due from custodian			—			267,322			—		—
Prepaid expenses			—			994			—		—
Total assets			672,166,365			43,509,844			527,370		473,068,822

Liabilities:
Payables:
Investment securities purchased			1,453,981			—			5,594		9,106,155
Collateral for securities loaned			92,435,917			—			—		32,767,820
Line of credit			811,771			—			—		—
Due to Adviser			186,475			11,730			43		141,839
Due to custodian			—			7,420			—		—
Deferred Trustee fees			9,395			1,266			—		40,196
Accrued expenses			15,882			55,682			—		—
Total liabilities			94,913,421			76,098			5,637		42,056,010
NET ASSETS		$	577,252,944		$	43,433,746		$	521,733	$	431,012,812
Shares outstanding			39,700,000			1,900,000			20,000		23,700,000
Net asset value, redemption and offering price per share		$	14.54		$	22.86		$	26.09	$	18.19
Net Assets consist of:
Aggregate paid in capital		$	719,869,300		$	49,440,191		$	501,082	$	688,731,578
Total distributable earnings (loss)			(142,616,356	)		(6,006,445	)		20,651		(257,718,766	)
NET ASSETS		$	577,252,944		$	43,433,746		$	521,733	$	431,012,812
(1)	Value of securities on loan	$	141,163,568		$	—		$	—	$	34,385,345
(2)	Cost of investments - Unaffiliated issuers	$	617,312,326		$	44,342,032		$	78,090	$	484,740,019
(3)	Cost of investments - Affiliated issuers	$	—		$	—		$	420,380	$	—
(4)	Cost of short-term investments held as collateral for securities loaned	$	92,435,917		$	—		$	—	$	32,767,820
(5)	Cost of cash denominated in foreign currency	$	—		$	1,387,460		$	—	$	2,052


(a)	Includes $44,609 on foreign investor minimum settlement reserve funds (see Note 2H).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

		Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	2,736,589,329		$	74,565,745		$	1,129,642,796		$	64,646,108
Short-term investments held as collateral for securities loaned (3)			124,494,085			2,137,597			3,402,096			1,677,588
Cash			13,463,718			363,903			6,534,000			98,629
Cash denominated in foreign currency, at value (4)			—			7			—			298,491
Receivables:
Investment securities sold			154,963,464			502,463			35,952,223			1,700,253
Shares of beneficial interest sold			27,689,970			—			—			—
Dividends and interest			39,876,801			576,136			8,953,217			1,206,685
Total assets			3,097,077,367			78,145,851			1,184,484,332			69,627,754

Liabilities:
Payables:
Investment securities purchased			177,164,652			534,957			34,604,984			1,836,634
Shares of beneficial interest redeemed			11,084,556			—			—			—
Collateral for securities loaned			124,494,085			2,137,597			3,402,096			1,677,588
Due to Adviser			794,138			12,358			133,213			21,717
Deferred Trustee fees			67,963			1,073			21,618			33,385
Accrued expenses			6,316			—			1,569			—
Total liabilities			313,611,710			2,685,985			38,163,480			3,569,324
NET ASSETS		$	2,783,465,657		$	75,459,866		$	1,146,320,852		$	66,058,430
Shares outstanding			100,350,000			3,200,000			45,700,000			3,300,000
Net asset value, redemption and offering price per share		$	27.74		$	23.58		$	25.08		$	20.02
Net Assets consist of:
Aggregate paid in capital		$	3,431,989,611		$	87,760,822		$	1,156,461,372		$	92,230,435
Total distributable earnings (loss)			(648,523,954	)		(12,300,956	)		(10,140,520	)		(26,172,005	)
NET ASSETS		$	2,783,465,657		$	75,459,866		$	1,146,320,852		$	66,058,430
(1)	Value of securities on loan	$	129,926,938		$	6,034,699		$	3,317,907		$	1,682,952
(2)	Cost of investments - Unaffiliated issuers	$	3,087,035,189		$	83,131,344		$	1,138,059,104		$	73,082,017
(3)	Cost of short-term investments held as collateral for securities loaned	$	124,494,085		$	2,137,597		$	3,402,096		$	1,677,588
(4)	Cost of cash denominated in foreign currency	$	—		$	7		$	—		$	294,541

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

		J.P. Morgan EM Local Currency Bond ETF			Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	3,153,353,521		$	8,300,011		$	12,482,855		$	189,152,475
Short-term investments held as collateral for securities loaned (3)			91,541,238			179,987			214,133			15,312,549
Cash			1,285,849			49,914			99,100			183,741
Cash denominated in foreign currency, at value (4)			6,888,023			—			—			—
Receivables:
Investment securities sold			72,572,653			742,302			772,727			—
Dividends and interest			65,702,341			98,360			141,488			373,143
Prepaid expenses			13,689			—			—			—
Total assets			3,391,357,314			9,370,574			13,710,303			205,021,908

Liabilities:
Payables:
Investment securities purchased			42,844,879			744,029			810,428			—
Shares of beneficial interest redeemed			29,649,031			—			—			—
Collateral for securities loaned			91,541,238			179,987			214,133			15,312,549
Line of credit			—			—			—			193,417
Due to Adviser			778,030			1,728			2,077			55,504
Deferred Trustee fees			258,607			—			—			16,359
Accrued expenses			1,940,129			—			—			11,602
Total liabilities			167,011,914			925,744			1,026,638			15,589,431
NET ASSETS		$	3,224,345,400		$	8,444,830		$	12,683,665		$	189,432,477
Shares outstanding			128,322,682			400,000			600,000			17,200,000
Net asset value, redemption and offering price per share		$	25.13		$	21.11		$	21.14		$	11.01
Net Assets consist of:
Aggregate paid in capital		$	4,090,910,368		$	9,999,885		$	14,999,828		$	361,357,777
Total distributable earnings (loss)			(866,564,968	)		(1,555,055	)		(2,316,163	)		(171,925,300	)
NET ASSETS		$	3,224,345,400		$	8,444,830		$	12,683,665		$	189,432,477
(1)	Value of securities on loan	$	87,798,667		$	183,947		$	208,434		$	50,909,349
(2)	Cost of investments - Unaffiliated issuers	$	3,474,675,710		$	8,784,609		$	13,282,431		$	252,557,358
(3)	Cost of short-term investments held as collateral for securities loaned	$	91,541,238		$	179,987		$	214,133		$	15,312,549
(4)	Cost of cash denominated in foreign currency	$	6,885,993		$	—		$	—		$	—

See Notes to Financial Statements

100

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

	Preferred Securities ex Financials ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,058,952,086
Short-term investments held as collateral for securities loaned (3)		39,388,693
Cash		4,485,080
Receivables:
Investment securities sold		839,316
Shares of beneficial interest sold		3,473,016
Dividends and interest		3,068,604
Total assets		1,110,206,795

Liabilities:
Payables:
Investment securities purchased		10,774,891
Collateral for securities loaned		39,388,693
Due to Adviser		342,277
Deferred Trustee fees		36,282
Accrued expenses		20,256
Total liabilities		50,562,399
NET ASSETS	$	1,059,644,396
Shares outstanding		60,500,000
Net asset value, redemption and offering price per share	$	17.51

Net Assets consist of:
Aggregate paid in capital	$	1,235,177,953
Total distributable earnings (loss)		(175,533,557	)
NET ASSETS	$	1,059,644,396
(1) Value of securities on loan	$	39,470,761
(2) Cost of investments - Unaffiliated issuers	$	1,166,680,671
(3) Cost of short-term investments held as collateral for securities loaned	$	39,388,693

See Notes to Financial Statements

101

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	BDC Income ETF			China Bond ETF			Dynamic High Income ETF (a)			Emerging Markets High Yield Bond ETF
Income:
Dividends - unaffiliated issuers	$	59,355,749		$	—		$	—		$	—
Dividends - affiliated issuers		—			—			11,272			—
Interest		22,979			2,469,335			716			34,301,109
Securities lending income		1,987,210			—			—			240,024
Foreign taxes withheld		—			(1,423	)		—			—
Total income		61,365,938			2,467,912			11,988			34,541,133

Expenses:
Management fees		2,197,290			326,972			258			2,133,780
Professional fees		—			32,580			—			—
Custody and accounting fees		—			20,805			—			—
Reports to shareholders		—			12,838			—			—
Trustees’ fees and expenses		—			2,764			—			—
Registration fees		—			7,673			—			—
Insurance		—			3,712			—			—
Interest and taxes		119,213			4,188			—			171
Other		—			7,372			—			—
Total expenses		2,316,503			418,904			258			2,133,951
Waiver of management fees		—			(6,002	)		—			—
Net expenses		2,316,503			412,902			258			2,133,951
Net investment income		59,049,435			2,055,010			11,730			32,407,182

Net realized gain (loss) on:
Investments - unaffiliated issuers		(37,784,544	)		(5,235,932	)		—			(39,073,684	)
Investments - affiliated issuers		—			—			(2,103	)		—
In-kind redemptions - unaffiliated issuers		11,750,495			—			—			(114,527,770	)
Capital gain distributions from investment companies		2,129,073			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(479,951	)		—			2
Net realized loss		(23,904,976	)		(5,715,883	)		(2,103	)		(153,601,452	)

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(58,310,532	)		(197,968	)		5,456			74,160,043
Investments - affiliated issuers		—			—			17,298			—
Foreign currency translations and foreign denominated assets and liabilities		—			122,725			—			78
Net change in unrealized appreciation (depreciation)		(58,310,532	)		(75,243	)		22,754			74,160,121
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(23,166,073	)	$	(3,736,116	)	$	32,381		$	(47,034,149	)


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

See Notes to Financial Statements

102

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Income:
Dividends	$	—		$	8,094		$	—		$	14
Interest		150,155,425			2,262,452			45,651,146			3,187,325
Securities lending income		1,944,073			22,696			58,519			22,229
Foreign taxes withheld		—			—			—			(108	)
Total income		152,099,498			2,293,242			45,709,665			3,209,460

Expenses:
Management fees		10,586,530			157,689			1,564,521			242,537
Interest and taxes		17,242			428			8,149			689
Total expenses		10,603,772			158,117			1,572,670			243,226
Net investment income		141,495,726			2,135,125			44,136,995			2,966,234

Net realized gain (loss) on:
Investments		(133,086,519	)		(1,967,650	)		(4,850,420	)		(3,589,569	)
In-kind redemptions		(74,453,640	)		(1,807,967	)		744,392			(2,590,832	)
Foreign currency transactions and foreign denominated assets and liabilities		—			—			—			(41,135	)
Net realized loss		(207,540,159	)		(3,775,617	)		(4,106,028	)		(6,221,536	)

Net change in unrealized appreciation (depreciation) on:
Investments		45,359,290			1,503,619			(1,621,240	)		3,243,696
Foreign currency translations and foreign denominated assets and liabilities		—			—			—			61,850
Net change in unrealized appreciation (depreciation)		45,359,290			1,503,619			(1,621,240	)		3,305,546
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(20,685,143	)	$	(136,873	)	$	38,409,727		$	50,244

See Notes to Financial Statements

103

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	J.P. Morgan EM Local Currency Bond ETF			Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF
Income:
Dividends	$	—		$	—		$	—		$	17,502,735
Interest		187,229,790			332,264			464,794			5,150
Securities lending income		183,678			1,788			4,086			151,136
Foreign taxes withheld		(4,682,086	)		—			—			—
Total income		182,731,382			334,052			468,880			17,659,021

Expenses:
Management fees		7,993,895			20,792			25,043			726,235
Professional fees		55,230			—			—			—
Custody and accounting fees		628,304			—			—			—
Reports to shareholders		293,987			—			—			—
Trustees’ fees and expenses		158,714			—			—			—
Registration fees		34,638			—			—			—
Insurance		44,157			—			—			—
Interest and taxes		65,156			58			58			46,834
Other		29,945			—			—			—
Total expenses		9,304,026			20,850			25,101			773,069
Waiver of management fees		(356,765	)		—			—			—
Net expenses		8,947,261			20,850			25,101			773,069
Net investment income		173,784,121			313,202			443,779			16,885,952

Net realized gain (loss) on:
Investments (1)		(225,359,071	)		(879,505	)		(1,334,692	)		(26,078,236	)
In-kind redemptions		(4,402,732	)		—			—			1,052,298
Foreign currency transactions and foreign denominated assets and liabilities		(5,893,789	)		—			—			—
Net realized loss		(235,655,592	)		(879,505	)		(1,334,692	)		(25,025,938	)

Net change in unrealized appreciation (depreciation) on:
Investments (2)		198,001,123			702,133			1,037,261			(27,385,519	)
Foreign currency translations and foreign denominated assets and liabilities		3,335,902			—			—			—
Net change in unrealized appreciation (depreciation)		201,337,025			702,133			1,037,261			(27,385,519	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	139,465,554		$	135,830		$	146,348		$	(35,525,505	)
(1) Net of foreign taxes	$	(222,850	)	$	—		$	—		$	—
(2) Net of foreign taxes	$	(835,250	)	$	—		$	—		$	—

See Notes to Financial Statements

104

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	Preferred Securities ex Financials ETF
Income:
Dividends	$	64,404,171
Interest		83,028
Securities lending income		1,722,837
Foreign taxes withheld		(168,214	)
Total income		66,041,822

Expenses:
Management fees		3,952,219
Interest and taxes		65,292
Total expenses		4,017,511
Net investment income		62,024,311

Net realized gain (loss) on:
Investments		(15,636,197	)
In-kind redemptions		4,979,384
Net realized loss		(10,656,813	)

Net change in unrealized appreciation (depreciation) on:
Investments		(76,072,758	)
Net change in unrealized appreciation (depreciation)		(76,072,758	)
Net Decrease in Net Assets Resulting from Operations	$	(24,705,260	)

See Notes to Financial Statements

105

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022

Operations:
Net investment income	$	59,049,435		$	43,156,676		$	2,055,010		$	3,505,616
Net realized gain (loss)		(23,904,976	)		19,570,650			(5,715,883	)		183,640
Net change in unrealized appreciation (depreciation)		(58,310,532	)		(29,787,379	)		(75,243	)		(4,527,783	)
Net increase (decrease) in net assets resulting from operations		(23,166,073	)		32,939,947			(3,736,116	)		(838,527	)
Distributions to shareholders from:
Distributable earnings		(59,501,743	)		(42,704,368	)		—			(4,150,280	)
Return of capital		(1,673,017	)		—			(1,816,350	)		(44,520	)
Total distributions		(61,174,760	)		(42,704,368	)		(1,816,350	)		(4,194,800	)

Share transactions*:
Proceeds from sale of shares		184,695,569			334,820,169			—			91,337,821
Cost of shares redeemed		(148,132,044	)		(111,985,789	)		(80,600,929	)		(60,220,705	)
Increase (decrease) in net assets resulting from share transactions		36,563,525			222,834,380			(80,600,929	)		31,117,116
Total increase (decrease) in net assets		(47,777,308	)		213,069,959			(86,153,395	)		26,083,789
Net Assets, beginning of year		625,030,252			411,960,293			129,587,141			103,503,352
Net Assets, end of year	$	577,252,944		$	625,030,252		$	43,433,746		$	129,587,141
*Shares of Common Stock Issued (no par value)
Shares sold		12,250,000			19,225,000			—			3,700,000
Shares redeemed		(9,850,000	)		(6,500,000	)		(3,600,000	)		(2,500,000	)
Net increase (decrease)		2,400,000			12,725,000			(3,600,000	)		1,200,000

See Notes to Financial Statements

106

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Dynamic High Income ETF			Emerging Markets High Yield Bond ETF
	Period Ended April 30, 2023 (a)			Year Ended April 30, 2023			Year Ended April 30, 2022

Operations:
Net investment income	$	11,730		$	32,407,182		$	64,361,459
Net realized loss		(2,103	)		(153,601,452	)		(92,945,941	)
Net change in unrealized appreciation (depreciation)		22,754			74,160,121			(150,062,233	)
Net increase (decrease) in net assets resulting from operations		32,381			(47,034,149	)		(178,646,715	)
Distributions to shareholders from:
Distributable earnings		(11,730	)		(37,523,220	)		(63,324,700	)
Return of capital		(1,494	)		—			—
Total distributions		(13,224	)		(37,523,220	)		(63,324,700	)

Share transactions*:
Proceeds from sale of shares		502,576			49,753,232			672,209,046
Cost of shares redeemed		—			(685,821,304	)		(63,006,428	)
Increase (decrease) in net assets resulting from share transactions		502,576			(636,068,072	)		609,202,618
Total increase (decrease) in net assets		521,733			(720,625,441	)		367,231,203
Net Assets, beginning of period		—			1,151,638,253			784,407,050
Net Assets, end of period	$	521,733		$	431,012,812		$	1,151,638,253
*Shares of Common Stock Issued (no par value)
Shares sold		20,000			2,700,000			28,600,000
Shares redeemed		—			(38,000,000	)		(2,800,000	)
Net increase (decrease)		20,000			(35,300,000	)		25,800,000

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

See Notes to Financial Statements

107

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fallen Angel High Yield Bond ETF						Green Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022

Operations:
Net investment income	$	141,495,726		$	180,386,770		$	2,135,125		$	2,007,447
Net realized gain (loss)		(207,540,159	)		238,934,423			(3,775,617	)		(1,668,817	)
Net change in unrealized appreciation (depreciation)		45,359,290			(708,202,399	)		1,503,619			(10,193,647	)
Net decrease in net assets resulting from operations		(20,685,143	)		(288,881,206	)		(136,873	)		(9,855,017	)
Distributions to shareholders from:
Distributable earnings		(148,186,700	)		(188,041,825	)		(2,159,765	)		(2,002,035	)

Share transactions*:
Proceeds from sale of shares		1,920,657,258			2,049,188,613			—			22,989,592
Cost of shares redeemed		(2,794,164,212	)		(2,661,837,362	)		(17,574,625	)		—
Increase (decrease) in net assets resulting from share transactions		(873,506,954	)		(612,648,749	)		(17,574,625	)		22,989,592
Total increase (decrease) in net assets		(1,042,378,797	)		(1,089,571,780	)		(19,871,263	)		11,132,540
Net Assets, beginning of year		3,825,844,454			4,915,416,234			95,331,129			84,198,589
Net Assets, end of year	$	2,783,465,657		$	3,825,844,454		$	75,459,866		$	95,331,129
*Shares of Common Stock Issued (no par value)
Shares sold		69,550,000			63,250,000			—			850,000
Shares redeemed		(101,400,000	)		(83,700,000	)		(750,000	)		—
Net increase (decrease)		(31,850,000	)		(20,450,000	)		(750,000	)		850,000

See Notes to Financial Statements

108

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	IG Floating Rate ETF						International High Yield Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022

Operations:
Net investment income	$	44,136,995		$	4,345,673		$	2,966,234		$	4,287,712
Net realized loss		(4,106,028	)		(452,629	)		(6,221,536	)		(3,710,828	)
Net change in unrealized appreciation (depreciation)		(1,621,240	)		(9,541,387	)		3,305,546			(15,906,510	)
Net increase (decrease) in net assets resulting from operations		38,409,727			(5,648,343	)		50,244			(15,329,626	)
Distributions to shareholders from:
Distributable earnings		(39,541,190	)		(4,310,490	)		(2,745,823	)		(4,424,650	)
Return of capital		—			—			(324,327	)		—
Total distributions		(39,541,190	)		(4,310,490	)		(3,070,150	)		(4,424,650	)

Share transactions*:
Proceeds from sale of shares		331,514,195			591,005,339			11,761,829			15,502,482
Cost of shares redeemed		(318,579,661	)		(6,337,388	)		(22,099,405	)		(16,605,485	)
Increase (decrease) in net assets resulting from share transactions		12,934,534			584,667,951			(10,337,576	)		(1,103,003	)
Total increase (decrease) in net assets		11,803,071			574,709,118			(13,357,482	)		(20,857,279	)
Net Assets, beginning of year		1,134,517,781			559,808,663			79,415,912			100,273,191
Net Assets, end of year	$	1,146,320,852		$	1,134,517,781		$	66,058,430		$	79,415,912
*Shares of Common Stock Issued (no par value)
Shares sold		13,250,000			23,400,000			600,000			600,000
Shares redeemed		(12,800,000	)		(250,000	)		(1,100,000	)		(700,000	)
Net increase (decrease)		450,000			23,150,000			(500,000	)		(100,000	)

See Notes to Financial Statements

109

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	J.P. Morgan EM Local Currency Bond ETF						Moody’s Analytics BBB Corporate Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022

Operations:
Net investment income	$	173,784,121		$	174,168,592		$	313,202		$	221,068
Net realized loss		(235,655,592	)		(315,225,088	)		(879,505	)		(195,230	)
Net change in unrealized appreciation (depreciation)		201,337,025			(402,051,015	)		702,133			(1,083,250	)
Net increase (decrease) in net assets resulting from operations		139,465,554			(543,107,511	)		135,830			(1,057,412	)
Distributions to shareholders from:
Distributable earnings		(23,143,273	)		(88,822,978	)		(299,760	)		(226,760	)
Return of capital		(149,840,524	)		(81,656,280	)		—			—
Total distributions		(172,983,797	)		(170,479,258	)		(299,760	)		(226,760	)

Share transactions*:
Proceeds from sale of shares		459,045,576			727,013,716			—			—
Cost of shares redeemed		(274,639,215	)		(319,840,315	)		—			—
Increase in net assets resulting from share transactions		184,406,361			407,173,401			—			—
Total increase (decrease) in net assets		150,888,118			(306,413,368	)		(163,930	)		(1,284,172	)
Net Assets, beginning of year		3,073,457,282			3,379,870,650			8,608,760			9,892,932
Net Assets, end of year	$	3,224,345,400		$	3,073,457,282		$	8,444,830		$	8,608,760
*Shares of Common Stock Issued (no par value)
Shares sold		18,400,000			24,600,000			—			—
Shares redeemed		(11,400,000	)		(11,800,000	)		—			—
Net increase		7,000,000			12,800,000			—			—

See Notes to Financial Statements

110

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics IG Corporate Bond ETF						Mortgage REIT Income ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022

Operations:
Net investment income	$	443,779		$	311,484		$	16,885,952		$	12,587,387
Net realized gain (loss)		(1,334,692	)		(186,082	)		(25,025,938	)		20,578,763
Net change in unrealized appreciation (depreciation)		1,037,261			(1,588,310	)		(27,385,519	)		(75,253,305	)
Net increase (decrease) in net assets resulting from operations		146,348			(1,462,908	)		(35,525,505	)		(42,087,155	)
Distributions to shareholders from:
Distributable earnings		(430,440	)		(317,460	)		(16,885,952	)		(12,587,387	)
Return of capital		—			—			(5,467,268	)		(12,142,443	)
Total distributions		(430,440	)		(317,460	)		(22,353,220	)		(24,729,830	)

Share transactions*:
Proceeds from sale of shares		—			—			61,069,628			65,857,830
Cost of shares redeemed		—			—			(24,680,759	)		(98,402,686	)
Increase (decrease) in net assets resulting from share transactions		—			—			36,388,869			(32,544,856	)
Total decrease in net assets		(284,092	)		(1,780,368	)		(21,489,856	)		(99,361,841	)
Net Assets, beginning of year		12,967,757			14,748,125			210,922,333			310,284,174
Net Assets, end of year	$	12,683,665		$	12,967,757		$	189,432,477		$	210,922,333
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			5,250,000			3,400,000
Shares redeemed		—			—			(1,900,000	)		(5,500,000	)
Net increase (decrease)		—			—			3,350,000			(2,100,000	)

See Notes to Financial Statements

111

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Preferred Securities ex Financials ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022

Operations:
Net investment income	$	62,024,311		$	49,350,029
Net realized gain (loss)		(10,656,813	)		7,379,453
Net change in unrealized appreciation (depreciation)		(76,072,758	)		(98,397,267	)
Net decrease in net assets resulting from operations		(24,705,260	)		(41,667,785	)
Distributions to shareholders from:
Distributable earnings		(62,856,300	)		(55,455,503	)
Return of capital		—			(932,857	)
Total distributions		(62,856,300	)		(56,388,360	)

Share transactions*:
Proceeds from sale of shares		232,255,280			200,215,786
Cost of shares redeemed		(87,347,038	)		(47,757,119	)
Increase in net assets resulting from share transactions		144,908,242			152,458,667
Total increase in net assets		57,346,682			54,402,522
Net Assets, beginning of year		1,002,297,714			947,895,192
Net Assets, end of year	$	1,059,644,396		$	1,002,297,714
*Shares of Common Stock Issued (no par value)
Shares sold		13,000,000			9,500,000
Shares redeemed		(4,850,000	)		(2,350,000	)
Net increase		8,150,000			7,150,000

See Notes to Financial Statements

112

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	BDC Income ETF
	Year Ended April 30,
	2023				2022				2021				2020			2019

Net asset value, beginning of year		$	16.76			$	16.76			$	10.75			$16.55			$	16.10
Net investment income (a)			1.63				1.44				1.43			1.54				1.59
Net realized and unrealized gain (loss) on investments			(2.18	)			(0.06	)			6.02			(5.86	)			0.41
Total from investment operations			(0.55	)			1.38				7.45			(4.32	)			2.00
Distributions from:
Net investment income			(1.63	)			(1.38	)			(1.44	)		(1.48	)			(1.55	)
Return of capital			(0.04	)			—				—	(b)		—				—
Total distributions			(1.67	)			(1.38	)			(1.44	)		(1.48	)			(1.55	)
Net asset value, end of year		$	14.54			$	16.76			$	16.76			$10.75			$	16.55
Total return (c)			(2.60	)%			8.23	%			73.81	%		(27.77	)%			13.27	%

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

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

113

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	China Bond ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019

Net asset value, beginning of year		$	23.56			$	24.07			$	22.39			$	22.89			$	24.14
Net investment income (a)			0.57				0.66				0.73				0.87				0.75
Net realized and unrealized gain (loss) on investments			(0.76	)			(0.40	)			1.60				(0.49	)			(1.24	)
Total from investment operations			(0.19	)			0.26				2.33				0.38				(0.49	)
Distributions from:
Net investment income			—				(0.76	)			(0.65	)			(0.79	)			(0.38	)
Return of capital			(0.51	)			(0.01	)			—				(0.09	)			(0.38	)
Total distributions			(0.51	)			(0.77	)			(0.65	)			(0.88	)			(0.76	)
Net asset value, end of year		$	22.86			$	23.56			$	24.07			$	22.39			$	22.89
Total return (b)			(0.80	)%			1.02	%			10.56	%			1.76	%			(1.98	)%

Ratios to average net assets
Gross expenses			0.51	%			0.52	%			0.68	%			3.53	%			2.25	%
Net expenses			0.51	%			0.51	%			0.50	%			0.50	%			0.50	%
Net expenses excluding interest and taxes			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			2.51	%			2.70	%			3.07	%			3.93	%			3.29	%
Supplemental data
Net assets, end of year (in millions)			$43				$130				$104				$4				$5
Portfolio turnover rate (c)			10	%			60	%			17	%			21	%			22	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

114

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Dynamic High Income ETF

	Period Ended April 30, 2023(a)

Net asset value, beginning of period		$	25.13
Net investment income (b)			0.59
Net realized and unrealized gain on investments			1.03
Total from investment operations			1.62
Distributions from:
Net investment income			(0.59	)
Return of capital			(0.07	)
Total distributions			(0.66	)
Net asset value, end of period		$	26.09
Total return (c)			6.47	%(d)

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

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

See Notes to Financial Statements

115

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Emerging Markets High Yield Bond ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019

Net asset value, beginning of year		$	19.52			$23.63			$	20.54			$	23.34			$	23.83
Net investment income (a)			1.10			1.20				1.29				1.42				1.33
Net realized and unrealized gain (loss) on investments			(1.25	)		(4.11	)			3.06				(2.77	)			(0.46	)
Total from investment operations			(0.15	)		(2.91	)			4.35				(1.35	)			0.87
Distributions from:
Net investment income			(1.18	)		(1.20	)			(1.26	)			(1.45	)			(1.36	)
Net asset value, end of year		$	18.19			$19.52			$	23.63			$	20.54			$	23.34
Total return (b)			(0.56	)%		(12.84	)%			21.53	%			(6.27	)%			3.93	%

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

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after April 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

116

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Fallen Angel High Yield Bond ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019

Net asset value, beginning of year		$	28.94			$	32.20			$	26.84			$	29.00			$	29.19
Net investment income (a)			1.29				1.19				1.49				1.54				1.64
Net realized and unrealized gain (loss) on investments			(1.15	)			(3.22	)			5.35				(2.16	)			(0.24	)
Total from investment operations			0.14				(2.03	)			6.84				(0.62	)			1.40
Distributions from:
Net investment income			(1.34	)			(1.23	)			(1.48	)			(1.54	)			(1.59	)
Net asset value, end of year		$	27.74			$	28.94			$	32.20			$	26.84			$	29.00
Total return (b)			0.60	%			(6.63	)%			25.95	%			(2.38	)%			5.04	%

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

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after April 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

117

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Green Bond ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019

Net asset value, beginning of year		$	24.13			$	27.16			$	26.85			$	25.87			$	26.54
Net investment income (a)			0.63				0.55				0.55				0.58				0.34
Net realized and unrealized gain (loss) on investments			(0.54	)			(3.03	)			0.28	(b)			1.00				(0.68	)
Total from investment operations			0.09				(2.48	)			0.83				1.58				(0.34	)
Distributions from:
Net investment income			(0.64	)			(0.55	)			(0.52	)			(0.50	)			(0.29	)
Return of capital			—				—				—				(0.10	)			(0.04	)
Total distributions			(0.64	)			(0.55	)			(0.52	)			(0.60	)			(0.33	)
Net asset value, end of year		$	23.58			$	24.13			$	27.16			$	26.85			$	25.87
Total return (c)			0.41	%			(9.30	)%			3.07	%			6.17	%			(1.25	)%

Ratios to average net assets
Gross expenses (d)			0.20	%			0.20	%			0.65	%			0.83	%			1.02	%
Net expenses (d)			0.20	%			0.20	%			0.20	%			0.23	%			0.33	%
Net investment income			2.71	%			2.07	%			2.01	%			2.17	%			1.32	%
Supplemental data
Net assets, end of year (in millions)			$75				$95				$84				$32				$26
Portfolio turnover rate (e)			20	%			19	%			25	%			83	%			28	%

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

See Notes to Financial Statements

118

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	IG Floating Rate ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019

Net asset value, beginning of year		$	25.07			$	25.33			$	24.61			$	25.25			$	25.32
Net investment income (a)			0.98				0.14				0.23				0.68				0.77
Net realized and unrealized gain (loss) on investments			(0.09	)			(0.25	)			0.76				(0.61	)			(0.10	)
Total from investment operations			0.89				(0.11	)			0.99				0.07				0.67
Distributions from:
Net investment income			(0.88	)			(0.15	)			(0.27	)			(0.71	)			(0.74	)
Net asset value, end of year		$	25.08			$	25.07			$	25.33			$	24.61			$	25.25
Total return (b)			3.61	%			(0.45	)%			4.07	%			0.26	%			2.71	%

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

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after April 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

119

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	International High Yield Bond ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019

Net asset value, beginning of year		$	20.90			$25.71			$	22.21			$	24.54			$	25.20
Net investment income (a)			0.96			1.02				1.13				1.26				1.13
Net realized and unrealized gain (loss) on investments			(0.85	)		(4.78	)			3.54				(2.33	)			(0.65	)
Total from investment operations			0.11			(3.76	)			4.67				(1.07	)			0.48
Distributions from:
Net investment income			(0.89	)		(1.05	)			(1.10	)			(1.17	)			(1.08	)
Return of capital			(0.10	)		—				(0.07	)			(0.09	)			(0.06	)
Total distributions			(0.99	)		(1.05	)			(1.17	)			(1.26	)			(1.14	)
Net asset value, end of year		$	20.02			$20.90			$	25.71			$	22.21			$	24.54
Total return (b)			0.78	%		(15.07	)%			21.30	%			(4.67	)%			2.08	%

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

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after April 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

120

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	J.P. Morgan EM Local Currency Bond ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019

Net asset value, beginning of year		$	25.33			$31.14			$	29.36			$	33.11			$	37.56
Net investment income (a)			1.43			1.47				1.55				2.00				2.14
Net realized and unrealized gain (loss) on investments			(0.21	)		(5.84	)			1.78				(3.75	)			(4.45	)
Total from investment operations			1.22			(4.37	)			3.33				(1.75	)			(2.31	)
Distributions from:
Net investment income			(0.18	)		(0.77	)			(0.01	)			(0.48	)			(1.36	)
Return of capital			(1.24	)		(0.67	)			(1.54	)			(1.52	)			(0.78	)
Total distributions			(1.42	)		(1.44	)			(1.55	)			(2.00	)			(2.14	)
Net asset value, end of year		$	25.13			$25.33			$	31.14			$	29.36			$	33.11
Total return (b)			5.16	%		(14.56	)%			11.40	%			(5.79	)%			(6.05	)%

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

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

121

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
	Year Ended April 30,
	2023				2022			Period Ended April 30, 2021(a)

Net asset value, beginning of period		$	21.52			$24.73			$	25.00
Net investment income (b)			0.78			0.55				0.22
Net realized and unrealized loss on investments			(0.44	)		(3.19	)			(0.30	)
Total from investment operations			0.34			(2.64	)			(0.08	)
Distributions from:
Net investment income			(0.75	)		(0.57	)			(0.19	)
Net asset value, end of period		$	21.11			$21.52			$	24.73
Total return (c)			1.70	%		(10.96	)%			(0.32	)%(d)

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

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

See Notes to Financial Statements

122

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
	Year Ended April 30,
	2023				2022			Period Ended April 30, 2021(a)

Net asset value, beginning of period		$	21.61			$24.58			$	25.00
Net investment income (b)			0.74			0.52				0.21
Net realized and unrealized loss on investments			(0.49	)		(2.96	)			(0.45	)
Total from investment operations			0.25			(2.44	)			(0.24	)
Distributions from:
Net investment income			(0.72	)		(0.53	)			(0.18	)
Net asset value, end of period		$	21.14			$21.61			$	24.58
Total return (c)			1.22	%		(10.15	)%			(0.97	)%(d)

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

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

See Notes to Financial Statements

123

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Mortgage REIT Income ETF
	Year Ended April 30,
	2023			2022			2021				2020			2019

Net asset value, beginning of year		$15.23			$19.45			$	11.42			$23.63			$	22.71
Net investment income (a)		1.21			0.76				0.86			1.45				1.68
Net realized and unrealized gain (loss) on investments		(3.82	)		(3.44	)			8.49			(11.90	)			0.94
Total from investment operations		(2.61	)		(2.68	)			9.35			(10.45	)			2.62
Distributions from:
Net investment income		(1.21	)		(0.79	)			(0.83	)		(1.45	)			(1.67	)
Return of capital		(0.40	)		(0.75	)			(0.49	)		(0.31	)			(0.03	)
Total distributions		(1.61	)		(1.54	)			(1.32	)		(1.76	)			(1.70	)
Net asset value, end of year		$11.01			$15.23			$	19.45			$11.42			$	23.63
Total return (b)		(16.95	)%		(14.74	)%			85.71	%		(46.63	)%			12.00	%

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

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after April 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

124

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Preferred Securities ex Financials ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019

Net asset value, beginning of year		$	19.15			$	20.97			$	18.23			$	19.37			$	19.09
Net investment income (a)			1.12				1.01				0.98				1.06				1.13
Net realized and unrealized gain (loss) on investments			(1.62	)			(1.68	)			2.72				(1.12	)			0.32
Total from investment operations			(0.50	)			(0.67	)			3.70				(0.06	)			1.45
Distributions from:
Net investment income			(1.14	)			(1.13	)			(0.96	)			(1.08	)			(1.17	)
Return of capital			—				(0.02	)			—				—				—
Total distributions			(1.14	)			(1.15	)			(0.96	)			(1.08	)			(1.17	)
Net asset value, end of year		$	17.51			$	19.15			$	20.97			$	18.23			$	19.37
Total return (b)			(2.50	)%			(3.61	)%			20.78	%			(0.54	)%			7.90	%

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

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after April 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

125

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2023

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).

Fund		Diversification Classification

BDC Income ETF (“BDC Income”)		Diversified
China Bond ETF (“China Bond”)		Non-Diversified
Dynamic High Income ETF (Dynamic Income”)		Non-Diversified
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”)		Diversified
Fallen Angel High Yield Bond ETF (“Fallen Angel”)		Diversified
Green Bond ETF (“Green Bond”)		Diversified
IG Floating Rate ETF (“Floating Rate”)*		Non-Diversified
International High Yield Bond ETF (“International High Yield”)		Diversified
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”)		Non-Diversified
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”)		Non-Diversified
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”)		Non-Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)		Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)		Non-Diversified

*Formerly known as Investment Grade Floating Rate ETF.

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

Fund	Index

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

The Funds (except BDC Income, Dynamic Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. Dynamic High Income ETF is an actively managed exchange-traded fund that

126

seeks to achieve its investment objective by investing in exchange traded products (“ETPs”) that are registered under the applicable federal securities laws and that invest in securities that generate income.

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

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

The following summarizes the Funds’ significant accounting policies.

A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

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

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

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

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons

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(continued)

to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

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

Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of April 30, 2023.

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

Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at April 30,

128

2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

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

The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at April 30, 2023.

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2023, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The expense limitations and management fee rates for the year ended April 30, 2023 are as follows:

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

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

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

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

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(continued)

Fund	Unitary Management Fee Rate
Moody’s Analytics IG		0.20
Mortgage REIT		0.40
Preferred Securities		0.40

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At April 30, 2023, the Adviser owned approximately 82% and 47% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.

Note 4—Capital Share Transactions—As of April 30, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

Note 5—Investments—For the year ended April 30, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
BDC Income	$	153,931,266	$	152,797,456	$	184,594,979	$	148,261,800
China Bond		7,653,473		81,640,065		—		—
Dynamic Income		88,835		42,094		455,228		—
Emerging Markets High Yield		121,362,889		112,887,972		35,512,695		665,569,815
Fallen Angel		933,684,246		923,848,964		1,836,919,764		2,685,212,673
Floating Rate		602,891,187		608,646,216		289,241,324		283,878,044
Green Bond		15,787,742		16,791,653		—		16,297,596
International High Yield		16,854,178		13,152,305		7,624,886		21,630,303
J.P. Morgan EM		1,010,571,313		846,962,360		141,351,526		159,315,955
Moody’s Analytics BBB		7,488,330		7,426,288		—		—
Moody’s Analytics IG		10,452,686		10,367,587		—		—
Mortgage REIT		35,257,852		36,539,956		61,056,373		24,676,036
Preferred Securities		250,823,025		269,488,431		170,168,527		82,067,943

Note 6—Income Taxes—As of April 30, 2023, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

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Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income		$715,497,468		$7,676,790		$(53,135,010	)		$(45,458,220	)
China Bond		44,342,035		9,687		(3,117,048	)		(3,107,361	)
Dynamic Income		498,470		25,805		(3,051	)		22,754
Emerging Markets High Yield		520,264,394		1,170,263		(70,267,794	)		(69,097,531	)
Fallen Angel		3,226,914,491		6,096,296		(371,927,373	)		(365,831,077	)
Floating Rate		1,142,019,993		1,990,982		(10,966,083	)		(8,975,101	)
Green Bond		85,318,798		357,994		(8,973,450	)		(8,615,456	)
International High Yield		74,994,822		596,265		(9,267,391	)		(8,671,126	)
J.P. Morgan EM		3,676,680,793		81,704,707		(513,490,741	)		(431,786,034	)
Moody’s Analytics BBB		8,980,243		156,227		(656,472	)		(500,245	)
Moody’s Analytics IG		13,499,743		158,696		(961,451	)		(802,755	)
Mortgage REIT		268,856,570		2,733,254		(67,124,800	)		(64,391,546	)
Preferred Securities		1,213,402,486		40,256,681		(155,318,388	)		(115,061,707	)

At April 30, 2023, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income		(Accumulated Capital Losses)/ Undistributed Capital Gains			Post-October Losses Deferred*			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
BDC Income		$–	$	(97,148,742	)		$–		$	(9,396	)	$	(45,458,220	)	$	(142,616,358	)
China Bond		–		(3,278	)		(2,899,947	)		(1,266	)		(3,101,953	)		(6,006,444	)
Dynamic Income		–		(2,103	)		–			–			22,754			20,651
Emerging Markets High Yield		2,115,373		(190,694,468	)		–			(40,195	)		(69,097,463	)		(257,716,753	)
Fallen Angel		11,721,344		(294,346,257	)		–			(67,963	)		(365,831,077	)		(648,523,953	)
Floating Rate		5,690,344		(6,834,146	)		–			(21,617	)		(8,975,101	)		(10,140,520	)
Green Bond		191,712		(3,876,139	)		–			(1,073	)		(8,615,456	)		(12,300,956	)
International High Yield		–		(17,311,425	)		(178,612	)		(33,385	)		(8,648,583	)		(26,172,005	)
J.P. Morgan EM		–		(390,163,851	)		(43,707,011	)		(258,607	)		(432,435,498	)		(866,564,967	)
Moody’s Analytics BBB		31,875		(1,086,686	)		–			–			(500,244	)		(1,555,055	)
Moody’s Analytics IG		45,239		(1,558,647	)		–			–			(802,755	)		(2,316,163	)
Mortgage REIT		–		(107,517,395	)		–			(16,359	)		(64,391,546	)		(171,925,300	)
Preferred Securities		7,833,016		(65,204,508	)		–			(3,100,357	)		(115,061,707	)		(175,533,556	)

* Post-October losses represent certain ordinary, specified and / or capital losses incurred after October 31, 2022. These losses are deemed to arise on the first day of the funds’ next taxable year.

The tax character of distributions paid to shareholders was as follows:

	April 30, 2023				April 30, 2022
Fund	Ordinary Income*		Return of Capital		Ordinary Income*		Return of Capital
BDC Income		$59,501,743		$1,673,017		$42,704,368		$–
China Bond		–		1,816,350		4,150,280		44,520
Dynamic Income		11,730		1,494		–		–
Emerging Markets High Yield		37,523,220		–		63,324,700		–
Fallen Angel		148,186,700		–		188,041,825		–
Floating Rate		39,541,190		–		4,310,490		–
Green Bond		2,159,765		–		2,002,035		–
International High Yield		2,745,823		324,327		4,424,650		–
J.P. Morgan EM		23,143,273		149,840,524		88,822,978		81,656,280
Moody’s Analytics BBB		299,760		–		226,760		–
Moody’s Analytics IG		430,440		–		317,460		–
Mortgage REIT		16,885,952		5,467,268		12,587,387		12,142,443
Preferred Securities		62,856,300		–		55,455,503		932,857

* Includes short-term capital gains (if any).

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(continued)

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

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

During the year ended April 30, 2023, China Bond utilized $58,775 of its capital loss carryforward available from prior years.

During the year ended April 30, 2023, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
BDC Income	$	(9,575,764	)	$	9,575,764
China Bond		1,078,277			(1,078,277	)
Emerging Markets High Yield		115,643,740			(115,643,740	)
Fallen Angel		78,570,118			(78,570,118	)
Floating Rate		(681,805	)		681,805
Green Bond		1,816,961			(1,816,961	)
International High Yield		2,600,470			(2,600,470	)
J.P. Morgan EM		9,754,072			(9,754,072	)
Mortgage REIT		(528,760	)		528,760
Preferred Securities		(2,609,407	)		2,609,407

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2023, the Funds did not incur any interest or penalties.

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

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

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

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

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

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

The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about

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NOTES TO FINANCIAL STATEMENTS

(continued)

issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

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

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

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

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

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

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

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

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

134

The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs continue to be provided on a representative basis until June 30, 2023 when alternatives to LIBOR, such as the Secured Overnight Financing Rate (SOFR) will replace LIBOR.

Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

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

For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at April 30, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and

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NOTES TO FINANCIAL STATEMENTS

(continued)

Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of April 30, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	141,163,568	$	92,435,917	$	51,818,720	$	144,254,637
Emerging Markets High Yield		34,385,345		32,767,820		2,916,268		35,684,088
Fallen Angel		129,926,938		124,494,085		12,759,082		137,253,167
Floating Rate		3,317,907		3,402,096		–		3,402,096
Green Bond		6,034,699		2,137,597		4,054,715		6,192,312
International High Yield		1,682,952		1,677,588		80,037		1,757,625
J.P. Morgan EM		87,798,667		91,541,238		–		91,541,238
Moody’s Analytics BBB		183,947		179,987		9,361		189,348
Moody’s Analytics IG		208,434		214,133		–		214,133
Mortgage REIT		50,909,349		15,312,549		36,451,955		51,764,504
Preferred Securities		39,470,761		39,388,693		1,054,539		40,443,232

The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2023:

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

Fund

Corporate Bonds

Equity Securities

Government
Obligations

BDC Income

–

92,435,917

–

Emerging Markets High Yield

32,767,820

–

Fallen Angel

124,494,085

–

Green Bond

2,124,565

13,032

–

International High Yield

1,677,588

–

J.P. Morgan EM

–

91,541,238

Moody’s Analytics BBB

179,987

–

Moody’s Analytics IG

214,133

–

Mortgage REIT

–

15,312,549

–

Preferred Securities

–

39,388,693

–

* Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		301		$2,786,856		4.50	%
China Bond		13		1,795,926		3.28
Fallen Angel		13		12,625,306		2.60
Floating Rate		9		10,028,313		3.57
Green Bond		4		146,679		4.06
International High Yield		31		149,303		4.45
J.P. Morgan EM		131		4,364,976		4.21
Mortgage REIT		221		1,469,200		4.86
Preferred Securities		112		2,688,790		4.64

Outstanding loan balances as of April 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.

136

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the thirteen funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (thirteen of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Funds

VanEck BDC Income ETF (1)	VanEck International High Yield Bond ETF (1)
VanEck China Bond ETF (1)	VanEck J.P. Morgan EM Local Currency Bond ETF (1)
VanEck Dynamic High Income ETF (2)	VanEck Moody’s Analytics BBB Corporate Bond ETF (1)
VanEck Emerging Markets High Yield Bond ETF (1)	VanEck Moody’s Analytics IG Corporate Bond ETF (1)
VanEck Fallen Angel High Yield Bond ETF (1)	VanEck Mortgage REIT Income ETF (1)
VanEck Green Bond ETF (1)	VanEck Preferred Securities ex Financials ETF (1)
VanEck IG Floating Rate ETF (1)

(1) Statement of operations, statement of changes in net assets, and financial highlights for the year ended April 30, 2023.

(2) Statement of operations, statement of changes in net assets, and financial highlights for the period November 2, 2022 (commencement of operations) through April 30, 2023.

The financial statements of the Funds (other than VanEck Dynamic High Income ETF) as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the

137

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
New York, New York
June 27, 2023

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

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VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2023 income tax purposes will be sent to them in early 2024. Please consult your tax advisor regarding the appropriate treatment of these distributions.

Fund Name	Ticker Symbol	Payable		Total Distribution Per Share		Return of Capital (a)		Income Dividends		Foreign Taxes Paid (b)			Total Ordinary Income Dividends		Foreign Source Income as % of Total Ordinary Income (b)
China Bond	CBON		Monthly	$	0.5068	$	0.5068	$	—	$	—		$	—		—	%
Emerging Markets High Yield	HYEM		Monthly		1.1801		—		1.1801		—			1.1801		95.58
Fallen Angel	ANGL		Monthly		1.3382		—		1.3382		—			1.3382		—
Floating Rate	FLTR		Monthly		0.8770		—		0.8770		—			0.8770		—
Green Bond	GRNB		Monthly		0.6361		—		0.6361		—			0.6361		56.29
International High Yield	IHY		Monthly		0.9943		0.1045		0.8898		0.0000	(c)		0.8898		100.00
J.P. Morgan EM	EMLC		Monthly		1.4186		1.2373		0.1813		0.0382			0.2195		100.00
Moody’s Analytics BBB	MBBB		Monthly		0.7494		—		0.7494		—			0.7494		—
Moody’s Analytics IG	MIG		Monthly		0.7174		—		0.7174		—			0.7174		—

Fund	Ticker		Payable		Section 163(j) - Interest Dividends as a % of the Total Ordinary Income Distributions (d)			Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (e)
Emerging Markets High Yield		HYEM		Monthly		98.86	%		–	%
Fallen Angel		ANGL		Monthly		93.48	%		76.21	%
Floating Rate		FLTR		Monthly		99.13	%		63.69	%
Green Bond		GRNB		Monthly		92.28	%		35.16	%
International High Yield		IHY		Monthly		99.31	%		–	%
J.P. Morgan EM		EMLC		Monthly		99.90	%		–	%
Moody’s Analytics BBB		MBBB		Monthly		95.28	%		63.30	%
Moody’s Analytics IG		MIG		Monthly		95.32	%		57.59	%

(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

(b) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.

(c) Amount represents less than $0.0001 per share.

(d) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(e) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

139

VANECK ETF TRUST

TAX INFORMATION

(unaudited) (continued)

Fund Name	Ticker Symbol	Payable	Total Distribution Per Share		Return of Capital (a)		Income Dividends		Foreign Taxes Paid (b)		Total Ordinary Income Dividends		Foreign Source Income as % of Total Ordinary Income (b)
BDC Income	BIZD	Quarterly	$	1.6741	$	0.0424	$	1.6317	$	—	$	1.6317		—	%
Dynamic Income	INC	Quarterly		0.6612		0.0747		0.5865		0.0020		.05885		16.44
Mortgage REIT	MORT	Quarterly		1.6098		0.3954		1.2144		—		1.2144		—
Preferred Securities	PFXF	Monthly		1.1353		—		1.1353		—		1.1353		—

Fund	Ticker	Payable	Percent of Ordinary Income Dividends that are QDI Eligible (c)			Percent of Ordinary Income Dividends that are DRD Eligible (d)			Section 199A QBI as a Percent of Ordinary Income Dividends (e) (f)			Section 163(j) - Interest Dividends as a % of the Total Ordinary Income Distributions (g)			Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (h)
BDC Income	BIZD	Quarterly		1.21	%		0.05	%		0.58	%		52.43	%		41.35	%
Dynamic Income	INC	Quarterly		19.02	%		18.33	%		9.23	%		49.37	%		24.96	%
Mortgage REIT	MORT	Quarterly		2.50	%		–	%		62.65	%		–	%		–	%
Preferred Securities	PFXF	Monthly		27.29	%		25.85	%		14.21	%		46.54	%		38.27	%

(c) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.

To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your ordinary dividends by the percentage indicated.

(e) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions that represent Qualified Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers.

To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.

(f) Amounts are estimated and subject to change. Shareholders should utilize the information on their 2023 Form 1099s received in 2024.

(g) These amounts represent distributions paid during the taxable year ended April 30, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(h) These amounts represent distributions paid during the taxable year ended April 30, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

140

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2023 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
Independent Trustees

David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	70	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	70	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	82	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	70	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	82	Director, Food and Friends, Inc., 2013 to present.
Interested Trustee

Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust	82	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.

141

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

*	Member of the Audit Committee.
†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
Officer Information

Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.

Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

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Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Officers are elected yearly by the Trustees.

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VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.

Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.

With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.

Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.

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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

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