UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

VANECK ETF TRUST

(Formerly known as VanEck Vectors ETF Trust)
(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 Third Avenue, New York, NY 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 293-2000

Date of fiscal year end: APRIL 30

Date of reporting period: OCTOBER 31, 2021

Item 1. Report to Shareholders

  SEMI-ANNUAL REPORT October 31, 2021 (unaudited)

VANECK®
CEF Muni Income ETF	XMPT®
High Yield Muni ETF	HYD®
HIP Sustainable Muni ETF	SMI
Intermediate Muni ETF	ITM®
Long Muni ETF	MLN®
Muni Allocation ETF	MAAX™
Short High Yield Muni ETF	SHYD®
Short Muni ETF	SMB®

800.826.2333 vaneck.com

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments
CEF Muni Income ETF	5
High Yield Muni ETF	7
HIP Sustainable Muni ETF	53
Intermediate Muni ETF	55
Long Muni ETF	101
Muni Allocation ETF	117
Short High Yield Muni ETF	118
Short Muni ETF	138
Statements of Assets and Liabilities	155
Statements of Operations	157
Statements of Changes in Net Assets	159
Financial Highlights
CEF Muni Income ETF	163
High Yield Muni ETF	164
HIP Sustainable Muni ETF	165
Intermediate Muni ETF	166
Long Muni ETF	167
Muni Allocation ETF	168
Short High Yield Muni ETF	169
Short Muni ETF	170
Notes to Financial Statements	171
Approval of Investment Management Agreements	177

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2021.

VANECK ETFs

PRESIDENT’S LETTER

October 31, 2021
(unaudited)

Dear Fellow Shareholders:

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

The Economy

When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”¹ We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets.

In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.

Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates.

Bank of America recently released a research note² that said over half of the S&P 500^® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?

What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.

Multi-Year Investment Themes

So what to do in your portfolio? We are focusing on two multi-year investment themes.

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

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

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

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

Jan F. van Eck
CEO and President
VanEck ETF Trust.

November 4, 2021

PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

¹A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.

²Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

2

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2021, to October 31, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2021 - October 31, 2021*
CEF Muni Income ETF
Actual	$1,000.00	$1,016.90	0.40%	$2.03
Hypothetical**	$1,000.00	$1,023.19	0.40%	$2.04
High Yield Muni ETF
Actual	$1,000.00	$1,009.60	0.35%	$1.77
Hypothetical**	$1,000.00	$1,023.44	0.35%	$1.79
HIP Sustainable Muni ETF
Actual ***	$1,000.00	$992.90	0.24%	$0.35
Hypothetical**	$1,000.00	$1,024.00	0.24%	$1.22
Intermediate Muni  ETF
Actual	$1,000.00	$996.60	0.24%	$1.21
Hypothetical**	$1,000.00	$1,024.00	0.24%	$1.22
Long Muni  ETF
Actual	$1,000.00	$1,000.70	0.24%	$1.21
Hypothetical**	$1,000.00	$1,024.00	0.24%	$1.22
Muni Allocation ETF
Actual	$1,000.00	$1,001.20	0.08%	$0.40
Hypothetical**	$1,000.00	$1,024.80	0.08%	$0.41
Short High Yield Muni ETF
Actual	$1,000.00	$1,008.40	0.35%	$1.77
Hypothetical**	$1,000.00	$1,023.44	0.35%	$1.79

3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2021 - October 31, 2021*
Short Muni  ETF
Actual	$1,000.00	$998.20	0.20%	$1.01
Hypothetical**	$1,000.00	$1,024.20	0.20%	$1.02

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2021), 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).
**	Assumes annual return of 5% before expenses
***	Expenses are equal to the Fund’s annualized expense ratio (for the period from September 9, 2021 (commencement of operations) to October 31, 2021) 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.

4

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Number of Shares		Value
CLOSED-END FUNDS: 99.9% (a)
Alliance Bernstein National Municipal Income Fund, Inc.		149,242	$	2,187,888
Blackrock Investment Quality Municipal Trust, Inc.		46,616		798,532
BlackRock Long-Term Municipal Advantage Trust		48,340		645,822
BlackRock MuniAssets Fund, Inc.		107,107		1,617,316
BlackRock Municipal 2030 Target Term Trust		372,778		9,561,756
BlackRock Municipal Income Fund, Inc.		195,320		2,970,817
BlackRock Municipal Income Quality Trust		122,423		1,860,830
BlackRock Municipal Income Trust		162,916		2,399,753
BlackRock Municipal Income Trust II		178,470		2,673,481
BlackRock MuniHoldings Fund, Inc.		279,972		4,560,744
BlackRock MuniHoldings Investment Quality Fund		198,936		2,870,646
BlackRock MuniHoldings Quality Fund II, Inc.		103,200		1,424,160
BlackRock MuniVest Fund II, Inc.		80,644		1,191,918
BlackRock MuniVest Fund, Inc.		336,063		3,138,828
BlackRock MuniYield Fund, Inc.		217,281		3,122,328
BlackRock MuniYield Quality Fund II, Inc.		103,260		1,460,096
BlackRock MuniYield Quality Fund III, Inc.		358,874		5,178,552
BlackRock MuniYield Quality Fund, Inc.		338,390		5,454,847
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		66,064		1,051,739
BNY Mellon Municipal Income, Inc.		92,800		829,632
BNY Mellon Strategic Municipal Bond Fund, Inc.		252,600		2,025,852
BNY Mellon Strategic Municipals, Inc.		233,538		1,989,744
DWS Municipal Income Trust		209,464		2,440,256
Eaton Vance Municipal Bond Fund		373,589		4,972,470
Eaton Vance Municipal Income 2028 Term Trust		35,696		786,740
Eaton Vance Municipal Income Trust		186,477		2,528,628

	Number of Shares		Value
Eaton Vance National Municipal Opportunities Trust		57,600	$	1,288,068
Invesco Advantage Municipal Income Trust II		199,681		2,402,162
Invesco Municipal Income Opportunities Trust		176,440		1,404,462
Invesco Municipal Opportunity Trust		308,700		4,176,711
Invesco Municipal Trust		254,789		3,335,188
Invesco Quality Municipal Income Trust		272,712		3,547,983
Invesco Trust for Investment Grade Municipals		251,750		3,411,212
Invesco Value Municipal Income Trust		216,354		3,504,935
MainStay MacKay DefinedTerm Municipal Opportunities Fund		87,631		1,862,159
MFS High Income Municipal Trust		163,247		829,295
MFS Municipal Income Trust		218,314		1,506,367
Neuberger Berman Municipal Fund, Inc.		59,034		898,497
Nuveen AMT-Free Municipal Credit Income Fund		924,725		15,988,495
Nuveen AMT-Free Municipal Value Fund		93,657		1,569,691
Nuveen AMT-Free Quality Municipal Income Fund		1,054,981		16,014,612
Nuveen Dynamic Municipal Opportunities Fund		191,740		2,998,814
Nuveen Enhanced Municipal Value Fund		81,346		1,262,490
Nuveen Intermediate Duration Municipal Term Fund		218,399		3,247,593
Nuveen Intermediate Duration Quality Municipal Term Fund		61,463		906,579
Nuveen Municipal Credit Income Fund		662,888		11,090,116
Nuveen Municipal Credit Opportunities Fund		251,413		3,781,251
Nuveen Municipal High Income Opportunity Fund		354,401		5,213,239
Nuveen Municipal Value Fund, Inc.		576,185		6,459,034
Nuveen Quality Municipal Income Fund		1,024,295		16,009,731
Nuveen Select Tax-Free Income Portfolio		53,870		909,326

See Notes to Financial Statements

5

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Nuveen Select Tax-Free Income2 Portfolio		67,968	$	1,061,660
PIMCO Municipal Income Fund		68,065		951,549
PIMCO Municipal Income Fund II		156,435		2,168,189
PIMCO Municipal Income Fund III		90,258		1,069,557
Pioneer Municipal High Income Advantage  Fund, Inc.		113,965		1,316,296
Pioneer Municipal High Income Fund Trust		122,586		1,491,872
Pioneer Municipal High Income Opportunities  Fund, Inc.		79,524		1,521,294
Putnam Managed Municipal Income Trust		181,511		1,497,466
Putnam Municipal Opportunities Trust		127,823		1,720,497
Western Asset Managed Municipals Fund, Inc.		243,052		3,164,537
Total Closed-End Funds   (Cost: $199,244,298)				199,324,302
Other assets less liabilities: 0.1%				257,080
NET ASSETS: 100.0%			$	199,581,382

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.

Summary of Investments by Sector	% of Investments			Value
Financials		100.0	%	$	199,324,302

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds *	$	199,324,302	$	—	$	—	$	199,324,302

See Notes to Financial Statements

6

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.4%
Alabama: 1.8%
Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 11/29/21 (c)	$	615		$	615,778
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25		410			424,766
5.75%, 06/01/26 (c)		1,400			1,480,552
5.75%, 06/01/26 (c)		2,000			2,083,046
6.00%, 06/01/26 (c)		5,900			6,185,295
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,500			1,891,936
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		4,025			4,761,081
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 10/01/23 (c)		10,000			11,428,344
6.50%, 10/01/23 (c)		9,000			10,365,700
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 10/01/23 (c) ^		100			47,266
0.00%, 10/01/23 (c) ^		60			24,046
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)
4.50%, 05/01/29 (c)		11,148			11,930,682
5.25%, 05/01/29 (c)		10,000			11,515,098
					62,753,590
Alaska: 0.0%
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c)		1,000			1,110,864
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		3,000			488,088
					1,598,952
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)		2,750			3,364,884
6.50%, 09/01/28		250			304,948
6.62%, 09/01/25 (c)		1,000			1,162,651
7.12%, 09/01/28 (c)		500			646,938
					5,479,421

	Par   (000’s		)	Value
Arizona: 2.3%
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)	$	200		$	229,187
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		1,320			1,591,942
6.00%, 07/01/27 (c)		2,940			3,488,713
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			285,575
5.25%, 07/01/26 (c)		500			567,944
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		270			308,961
5.00%, 07/01/27 (c)		515			587,835
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			572,150
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) 5.00%, 07/15/27 (c)		300			335,055
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) (ST) 5.00%, 07/15/27 (c)		400			452,600
Arizona Industrial Development Authority, Education Facility, Series A (RB)
5.25%, 07/01/23 (c)		1,050			1,135,400
5.50%, 07/01/23 (c)		2,100			2,265,881
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series A (RB) 5.00%, 07/01/29 (c)		1,075			1,099,632
Arizona Industrial Development Authority, Kazen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			1,141,903
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)
6.25%, 07/01/24		1,000			1,072,471
6.62%, 07/01/27		1,000			1,137,765
7.75%, 07/01/27 (c)		7,000			8,285,012
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		4,000			4,571,090

See Notes to Financial Statements

7

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)	$	500		$	521,240
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		445			476,290
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		2			2,195
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		1,000			1,067,843
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c)		250			264,583
Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)
5.00%, 11/15/26 (c)		600			583,308
5.25%, 11/15/26 (c)		700			668,115
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		400			423,878
5.00%, 07/01/25 (c)		1,000			1,099,498
5.00%, 07/01/25 (c)		900			997,598
5.00%, 07/01/25 (c)		500			549,935
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		750			877,457
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		675			720,275
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		750			832,383
Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c)		1,000			1,021,241

	Par   (000’s		)	Value
Arizona (continued)
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)	$	1,000		$	1,178,613
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)		1,300			1,553,307
5.00%, 07/01/29 (c)		1,400			1,668,305
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			582,502
5.00%, 07/01/29 (c)		500			569,462
5.00%, 07/01/29 (c)		500			571,304
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,925,186
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		330			335,300
Pima County Industrial Development Authority, American Leadership Academy Project (RB)
4.12%, 06/15/22 (c)		1,250			1,259,838
4.75%, 06/15/22 (c)		2,000			2,018,796
5.00%, 06/15/22 (c)		2,000			2,019,006
5.62%, 06/15/25 (c)		1,250			1,345,682
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c)		500			524,487
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			272,064
5.38%, 07/01/26 (c)		250			269,920
5.50%, 07/01/26 (c)		250			269,249
Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project, Series B (RB) (ST) 5.50%, 10/01/28 (c)		6,703			6,867,802
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		8,495			11,660,126
5.25%, 12/01/23		290			317,125
5.25%, 12/01/24		305			345,876
5.25%, 12/01/25		265			309,413

See Notes to Financial Statements

8

	Par   (000’s		)	Value
Arizona (continued)
5.25%, 12/01/27	$	215		$	263,427
5.25%, 12/01/28		245			306,489
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			393,976
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c)		250			277,950
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.12%, 10/01/27 (c)		600			653,678
6.12%, 10/01/27 (c)		3,900			4,259,428
					81,253,266
Arkansas: 0.4%
Arkansas Development Finance Authority Healthcare Facilities, Carti Surgery Center Project, Series B (RB) 4.00%, 07/01/28 (c)		1,000			1,054,280
Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB)
4.00%, 12/01/27 (c)		635			652,151
4.00%, 12/01/27 (c)		815			831,732
Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c)		11,095			12,089,665
Arkansas Development Finance Authority, Charter School Project, Series A (RB) 3.62%, 12/01/28 (c)		1,000			959,399
					15,587,227
California: 14.2%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		2,055			2,402,538
5.00%, 10/01/26 (c)		3,000			3,514,278
5.00%, 10/01/26 (c)		5,000			5,833,724
5.00%, 10/01/26 (c)		1,650			1,932,017
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/23 (c)		420			444,848
4.00%, 09/01/23 (c)		160			170,156
4.00%, 09/01/23 (c)		615			653,038
Antelope Valley Healthcare District, Series A (RB)
5.00%, 03/01/26 (c)		300			327,193
5.25%, 03/01/26 (c)		1,480			1,652,844
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		695			798,626

	Par   (000’s		)	Value
California (continued)
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)	$	3,100		$	3,462,472
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		11,735			12,225,396
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)		6,000			6,347,398
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB)
3.00%, 08/01/31 (c)		2,500			2,333,208
4.00%, 08/01/31 (c)		4,250			4,441,917
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			3,092,466
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)		16,650			18,424,351
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			2,088,846
California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB) 5.00%, 08/01/29 (c)		5,250			5,802,568
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			4,752,856
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			6,283,348
California Community Housing Agency, Workforce Housing, Series A (RB) 5.00%, 04/01/29 (c)		6,250			6,840,272
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 11/29/21 (c)		25			25,037
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 11/15/21 (c)		15			15,006

See Notes to Financial Statements

9

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
California County Tobacco Securitization Agency, Series A (RB)
4.00%, 06/01/30 (c)	$	4,740		$	5,437,567
5.00%, 11/15/21 (c)		4,115			4,116,644
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)		250			276,744
4.20%, 08/15/27 (c)		500			563,122
4.25%, 11/15/22 (c)		80			82,343
5.00%, 08/15/27 (c)		460			546,655
5.00%, 08/15/27 (c)		990			1,170,108
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB)
3.00%, 04/01/30 (c)		1,000			1,051,482
4.00%, 04/01/30 (c)		1,715			1,994,274
California Housing Finance Agency, Series A (RB)
3.50%, 11/20/35		992			1,143,870
4.00%, 03/20/33		972			1,138,495
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)
5.00%, 01/01/31 (c)		5,000			5,533,815
5.00%, 07/01/30 (c)		1,000			1,102,578
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			568,351
6.12%, 11/01/23 (c)		1,000			1,096,280
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			607,134
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			169,625
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) 4.00%, 05/15/31 (c)		3,000			3,441,697
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/31 (c)		1,500			1,740,845

	Par   (000’s		)	Value
California (continued)
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)	$	250		$	299,692
5.00%, 07/01/27 (c)		200			240,086
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c)		2,500			2,641,449
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			543,914
5.00%, 10/01/27 (c)		500			536,423
5.00%, 10/01/27 (c)		500			534,226
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)		2,390			2,439,531
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		500			606,386
5.00%, 06/30/28 (c)		600			731,744
5.00%, 06/30/28 (c)		2,490			2,973,679
5.00%, 06/30/28		65			79,961
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			2,110,687
5.00%, 06/30/28 (c)		2,040			2,438,605
5.00%, 06/30/28 (c)		700			837,780
5.00%, 06/30/28 (c)		1,000			1,193,773
5.00%, 06/30/28 (c)		3,405			4,032,533
5.00%, 06/30/28 (c)		1,035			1,251,153
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			264,226
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			559,365
5.00%, 07/01/28 (c)		1,000			1,148,580
5.00%, 07/01/28 (c)		130			151,131
California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c)		930			976,530
California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c)		1,500			1,540,538

See Notes to Financial Statements

10

	Par   (000’s		)	Value
California (continued)
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)	$	250		$	283,587
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		10,500			11,836,503
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			600,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
7.50%, 07/01/22 (c) (d) *		10,500			6,300,000
8.00%, 07/01/27 (c) (d) *		6,635			3,981,000
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32		1,000			850,000
California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB) 7.50%, 12/01/24 (c)		2,350			1,930,338
California Public Finance Authority, Enso Village Project, Series A (RB)
5.00%, 11/15/29 (c)		1,000			1,136,028
5.00%, 11/15/29 (c)		500			565,353
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27		210			188,166
5.00%, 07/01/27 (c)		300			266,484
5.00%, 07/01/27 (c)		1,000			884,322
5.00%, 07/01/27 (c)		485			432,296
California School Finance Authority, Bright Star Schools (RB) 5.00%, 06/01/27 (c)		400			444,508
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)
4.00%, 11/01/31 (c)		1,000			1,075,791
4.00%, 11/01/31 (c)		2,700			2,887,856
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)		1,000			1,099,051
6.38%, 07/01/25 (c)		2,000			2,252,443
California School Finance Authority, Rocketship Education, Series A (RB)

	Par   (000’s		)	Value
California (continued)
5.12%, 06/01/26 (c)	$	250		$	273,806
5.25%, 06/01/26 (c)		250			274,574
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		2,500			2,741,164
5.00%, 11/01/27 (c)		1,000			1,163,225
6.38%, 11/01/23 (c)		1,000			1,092,870
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			268,390
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 11/29/21 (c)		357			343,036
5.75%, 11/29/21 (c)		68			65,632
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 11/29/21 (c)		10			9,626
California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c)		920			1,078,282
California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26 (c)		385			454,441
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c)		545			635,638
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)
5.00%, 06/01/29 (c)		435			517,601
5.00%, 06/01/29 (c)		500			584,694
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c)		75			81,049
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)

See Notes to Financial Statements

11

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
5.00%, 06/01/26 (c)	$	350		$	413,383
5.00%, 06/01/26 (c)		1,100			1,290,810
5.00%, 06/01/26 (c)		2,090			2,384,699
5.00%, 06/01/26 (c)		1,595			1,830,990
5.25%, 12/01/24 (c)		1,740			1,962,962
5.25%, 06/01/26 (c)		8,380			9,589,252
5.25%, 06/01/28 (c)		1,000			1,202,350
5.50%, 12/01/24 (c)		9,705			10,978,464
5.50%, 06/01/28 (c)		6,500			7,890,812
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			3,677,297
5.75%, 01/15/23 (c)		125			129,839
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			3,718,635
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 11/29/21 (c)		3,175			3,203,704
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB)
0.00%, 11/15/21 (c) ^		23,000			2,131,778
6.00%, 11/29/21 (c)		900			908,137
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 0.01%, 11/29/21 (c)		24,250			1,642,794
CCSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 03/01/32 (c)		2,000			1,853,601
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			562,793
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		250			278,233
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/23 (c)		250			271,131
4.00%, 09/01/23 (c)		1,000			1,079,875
4.00%, 09/01/23 (c)		250			270,999
4.00%, 09/01/23 (c)		230			249,608
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			846,632

	Par   (000’s		)	Value
California (continued)
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)	$	6,000		$	6,593,693
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			195,715
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		840			936,725
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			543,779
5.00%, 09/01/27 (c)		155			182,650
5.00%, 09/01/27 (c)		135			158,743
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		200			224,056
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,168,762
CMFA Special Finance Agency I (RB) 4.00%, 04/01/31 (c)		6,000			6,214,316
CMFA Special Finance Agency VII (RB) 4.00%, 08/01/31 (c)		2,900			3,006,609
CMFA Special Finance Agency VIII (RB)
3.00%, 08/01/31 (c)		5,000			4,622,734
4.00%, 08/01/31 (c)		1,500			1,553,890
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		1,000			1,060,428
4.50%, 09/01/24 (c)		1,585			1,684,467
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			998,327
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)		8,000			8,247,774
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c)		11,800			13,285,238
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 12/01/31 (c)		6,100			5,673,209

See Notes to Financial Statements

12

	Par   (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-1 (RB) 2.88%, 08/01/31 (c)	$	995		$	963,527
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB) 3.12%, 08/01/31 (c)		7,000			6,457,823
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		7,100			7,329,647
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,075			7,344,945
CSCDA Community Improvement Authority, Oceanaire-Long Beach, Series A-2 (RB) 4.00%, 09/01/31 (c)		2,000			2,097,784
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)		3,450			3,598,092
CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB) 2.65%, 12/01/31 (c)		2,000			1,870,481
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			1,034,398
CSCDA Community Improvement Authority, Union South Bay, Series A-1 (RB) 3.10%, 07/01/31 (c)		3,000			2,840,353
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c)		10,250			10,607,165
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			576,486
5.00%, 09/01/26 (c)		500			580,574
5.00%, 09/01/26 (c)		500			574,040
5.00%, 09/01/27 (c)		1,840			2,127,209
5.00%, 09/01/27 (c)		1,150			1,347,243
Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c)		1,300			1,489,632

	Par   (000’s		)	Value
California (continued)
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/27 (c)	$	2,000		$	2,341,825
5.00%, 09/01/27 (c)		1,100			1,299,257
5.00%, 09/01/27 (c)		1,000			1,153,721
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
5.75%, 01/15/24 (c)		1,000			1,119,310
6.00%, 01/15/24 (c)		2,860			3,214,884
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)
3.95%, 07/15/27 (c)		100			108,926
6.00%, 01/15/24 (c)		1,115			1,253,355
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			519,868
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 01/15/23 (c) (p)		6,525			6,755,444
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,000			1,123,947
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
3.50%, 06/01/22 (c)		1,120			1,131,977
5.00%, 06/01/27 (c)		2,000			2,401,846
5.00%, 06/01/27		2,585			3,129,149
5.00%, 06/01/28 (c)		5,000			6,070,668
5.25%, 06/01/22 (c)		3,815			3,913,295
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB)
5.00%, 06/01/22 (c)		12,750			13,056,143
5.30%, 06/01/22 (c)		14,585			14,942,611
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB) 0.01%, 11/15/21 (c)		37,470			8,551,092
Hastings Campus Housing Finance Authority, Series A (RB)
5.00%, 07/01/30 (c)		4,350			5,062,271
5.00%, 07/01/30 (c)		3,000			3,442,335
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			256,364
Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 11/15/21 (c) ^		9,410			1,722,927

See Notes to Financial Statements

13

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Inland Empire Tobacco Securitization Authority, Series D (RB) 0.00%, 11/15/21 (c) ^	$	51,150		$	4,422,450
Inland Empire Tobacco Securitization Authority, Series E (RB) 0.00%, 11/15/21 (c) ^		25,000			1,688,818
Inland Empire Tobacco Securitization Authority, Series F (RB) 0.01%, 11/15/21 (c)		50,500			2,739,261
Irvine Unified School District Community Facilities District  No. 09-1, Series D (ST)
5.00%, 09/01/27 (c)		1,000			1,164,192
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		405			452,646
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 11/29/21 (c)		46			46,189
MSR Energy Authority, Series A (RB)
6.12%, 11/01/29		505			622,945
6.50%, 11/01/39		1,575			2,462,326
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			1,050,182
5.25%, 08/15/25 (c)		455			510,477
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			291,439
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			120,090
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,000			1,102,957
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			845,668
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)
5.00%, 09/01/26 (c)		500			570,390
5.00%, 09/01/26 (c)		500			577,330
5.50%, 09/01/22 (c)		3,000			3,141,483
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) (AGM) 5.00%, 09/01/26 (c)		500			572,982

	Par   (000’s		)	Value
California (continued)
River Islands Public Financing Authority, Phase 2 Public Improvements (ST)
4.00%, 09/01/26 (c)	$	1,000		$	1,090,879
5.00%, 09/01/26 (c)		750			861,951
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			567,183
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		495			562,636
5.00%, 09/01/26 (c)		345			394,873
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			345,473
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)
5.00%, 01/15/25 (c)		500			565,327
5.00%, 01/15/25 (c)		2,300			2,580,603
5.00%, 01/15/25 (c)		3,780			4,205,771
5.00%, 01/15/25 (c)		1,750			1,950,534
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) (NATL)
0.00%, 01/15/32 ^		145			118,255
0.00%, 01/15/36 ^		105			75,944
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			221,701
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)
5.00%, 03/01/26 (c)		500			563,899
5.00%, 03/01/26 (c)		500			560,727
Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 11/29/21 (c) ^		7,000			3,119,363
Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.01%, 11/15/21 (c)		8,015			938,581
South California Tobacco Securitization Authority, Series C (RB) 0.00%, 11/15/21 (c) ^		11,050			2,046,589
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/22 (c)		1,035			1,064,885

See Notes to Financial Statements

14

	Par   (000’s		)	Value
California (continued)
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c)	$	2,250		$	2,592,615
Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 11/15/21 (c) ^		10,485			2,309,860
Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 11/15/21 (c) ^		16,440			2,868,852
Transbay Joint Powers Authority, Tax Allocation, Series B (TA) 2.40%, 04/01/30 (c)		3,920			3,900,210
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			111,451
5.00%, 09/01/25 (c)		100			112,080
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			829,539
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 5.30%, 09/01/22 (c) (d) *		530			307,400
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		850			510,000
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			503,838
					507,119,129
Colorado: 3.4%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
5.00%, 12/01/23 (c)		500			535,316
5.12%, 12/01/23 (c)		750			800,222
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,010			2,347,617
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c)		1,000			1,031,910
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			552,229
5.00%, 12/01/25 (c)		500			547,134
Broadway Station Metropolitan District No. 3, Series A (GO)
5.00%, 06/01/24 (c)		2,500			2,675,109
5.00%, 06/01/24 (c)		1,250			1,348,946

	Par   (000’s		)	Value
Colorado (continued)
Canyon Pines Metropolitan District, Colorado Special Improvement District No. 1, Series A (SA) 3.75%, 09/01/26 (c)	$	1,000		$	940,054
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/22 (c)		500			523,531
5.00%, 12/01/22 (c)		500			525,010
5.00%, 12/01/22 (c)		500			527,201
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,195			5,484,595
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)		4,250			4,572,514
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,035			1,055,945
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,000			1,078,269
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			547,283
Colorado Health Facilities Authority, Capella of Grand Junction Project (RB) 5.00%, 12/01/26 (c)		2,000			2,017,117
Colorado Health Facilities Authority, Catholic Health Initiatives, Series A-1 (RB) 5.25%, 01/01/23 (c)		1,000			1,057,543
Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c)		605			677,716
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c)		1,400			1,566,630
4.00%, 08/01/29 (c)		1,270			1,457,409
4.00%, 08/01/29 (c)		1,100			1,264,810
4.00%, 08/01/29 (c)		3,120			3,572,870
5.00%, 08/01/29		1,000			1,271,734
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		2,685			2,804,647
4.00%, 08/01/29 (c)		7,000			7,776,539

See Notes to Financial Statements

15

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Colorado (continued)
5.00%, 08/01/29 (c)	$	2,420		$	2,907,273
Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 11/29/21 (c)		1,160			1,128,639
Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB)
5.75%, 11/01/25 (c)		2,900			2,323,114
6.00%, 11/01/25 (c)		3,835			3,126,827
Colorado High Performance Transportation Enterprise (RB)
5.00%, 12/31/24 (c)		250			280,789
5.00%, 12/31/24 (c)		350			393,688
Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c)		2,500			2,684,930
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			552,616
5.75%, 12/01/26 (c)		500			552,465
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)
5.62%, 12/01/23 (c)		1,000			1,078,058
5.75%, 12/01/23 (c)		1,500			1,612,076
Dominion Water and Sanitation District (RB)
5.25%, 12/01/21 (c)		895			915,881
5.75%, 12/01/21 (c)		3,500			3,581,074
6.00%, 12/01/21 (c)		452			462,453
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)		890			909,588
5.25%, 11/01/25 (c)		2,345			2,450,530
5.50%, 11/01/25 (c)		1,865			1,961,066
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			1,097,332
Independence Metropolitan District No. 3, Series A (GO) 6.25%, 06/01/24 (c)		1,000			1,072,127
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			1,052,572
Lambertson Farms Metropolitan District No. 1 (GO)
5.75%, 12/15/23 (c)		500			430,725
6.00%, 12/15/23 (c)		500			438,157
Loretto Heights Community Authority (RB)

	Par   (000’s		)	Value
Colorado (continued)
4.88%, 06/01/26 (c)	$	1,000		$	1,019,103
North Range Metropolitan District No. 3 (GO) 5.00%, 12/01/25 (c)		2,000			2,195,752
Painted Prairie Public Improvement Authority (RB)
5.00%, 12/01/24 (c)		1,500			1,619,372
5.00%, 12/01/24 (c)		1,000			1,087,956
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c)		4,030			4,505,303
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40		615			786,503
Reunion Metropolitan District, Series A (RB) 3.62%, 06/01/26 (c)		1,000			966,529
Rocky Mountain Rail Park Metropolitan District, Series A (GO) 5.00%, 03/01/26 (c)		7,850			8,092,296
Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c)		1,000			1,031,171
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		500			555,486
STC Metropolitan District No. 2, Series A (GO)
4.00%, 12/01/24 (c)		1,000			1,078,232
5.00%, 12/01/24 (c)		2,000			2,177,781
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/25 (c)		1,000			1,102,009
5.00%, 12/01/22 (c)		5,000			5,241,833
5.00%, 12/01/22 (c)		1,000			1,054,250
5.00%, 12/01/22 (c)		500			525,513
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		2,000			2,204,793
5.00%, 03/01/26 (c)		500			556,973
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			537,948
5.38%, 12/01/23 (c)		500			538,371
5.50%, 12/01/23 (c)		1,500			1,611,951
Village Metropolitan District/ The (GO) 5.00%, 12/01/25 (c)		1,250			1,396,559
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.12%, 09/01/26 (c)		2,980			2,868,012
					122,325,576

See Notes to Financial Statements

16

	Par   (000’s		)	Value
Connecticut: 0.7%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/09/21 (c)	$	630		$	630,064
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c)		2,000			2,212,327
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)		3,000			3,290,459
5.00%, 09/01/26 (c)		2,500			2,750,350
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		3,000			3,274,386
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			2,198,194
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)
4.25%, 07/01/22 (c)		935			959,524
4.50%, 07/01/22 (c)		655			673,265
5.00%, 07/01/22 (c)		380			391,856
5.00%, 07/01/22 (c)		100			103,120
5.00%, 07/01/22 (c)		470			484,663
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			273,395
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)		250			272,166
Hartford Stadium Authority, Series A (RB) 4.00%, 02/01/25 (c)		1,040			887,168
Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB)
5.75%, 02/01/24		250			268,532
6.25%, 02/01/26 (c)		1,000			1,141,501
Town of Hamden, Whitney Center Project (RB)
5.00%, 01/01/26 (c)		2,720			2,907,671
5.00%, 01/01/26 (c)		500			538,938
					23,257,579

	Par   (000’s		)	Value
District of Columbia: 1.1%
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.01%, 11/29/21 (c)	$	29,055		$	6,385,853
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		1,180			1,260,002
5.00%, 07/01/24 (c)		250			269,493
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		500			588,382
5.00%, 06/01/30 (c)		2,500			2,896,199
District of Columbia, Provident Group - Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c)		395			407,387
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c)		1,000			1,153,701
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB) 5.00%, 10/01/29 (c)		3,150			3,810,825
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB)
0.01%, 10/01/37		11,825			6,850,476
5.00%, 04/01/22 (c)		1,895			1,931,311
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)
0.00%, 10/01/37 ^		5,520			3,746,681
4.00%, 10/01/29 (c)		7,315			8,225,341
4.00%, 10/01/29 (c)		250			286,346
6.50%, 10/01/28 (c)		245			322,660
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) (SAW) 4.00%, 10/01/29 (c)		1,675			1,860,480
					39,995,137
Florida: 5.7%
Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c)		300			322,852
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c)		1,000			1,097,941
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			312,839

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)	$	5,500		$	6,200,100
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		250			270,968
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c)		500			538,077
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		500			540,641
5.12%, 01/01/29 (c)		500			558,788
5.25%, 01/01/29 (c)		500			553,660
5.38%, 01/01/29 (c)		500			555,912
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		390			410,662
5.25%, 06/15/27 (c)		500			550,242
Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c)		1,000			270,000
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,382,179
5.25%, 12/01/28 (c)		4,500			5,159,995
5.25%, 12/01/28 (c)		3,700			4,192,098
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)
5.00%, 01/01/31 (c)		1,850			2,032,367
5.00%, 07/01/30 (c)		2,250			2,463,271
City of Jacksonville, Educational Facilities, Series B (RB) 5.00%, 06/01/28 (c)		750			855,776
City of Orlando FL Tourist Development Tax Revenue (RB) (AGM) 5.00%, 11/01/27 (c)		500			598,772
City of Orlando, Florida Senior Tourist Development, Series A (RB) (AGM) 5.00%, 11/01/27		500			619,878
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			248,601
5.00%, 06/01/25 (c)		300			333,331
5.00%, 06/01/25 (c)		460			513,244

	Par   (000’s		)	Value
Florida (continued)
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *	$	590		$	401,200
8.12%, 05/15/24 (c) (d) *		460			312,800
Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB) 7.38%, 01/01/24 (c)		22,535			24,337,412
Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.12%, 06/15/27 (c)		1,000			1,067,056
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB)
5.00%, 06/01/28 (c)		1,000			1,131,008
5.00%, 06/01/28 (c)		425			490,049
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)		1,000			1,090,271
4.00%, 06/01/28 (c)		1,050			1,160,879
Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) 5.62%, 06/15/24 (c)		360			352,673
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			1,080,819
6.00%, 06/15/25 (c)		500			561,659
6.12%, 06/15/22 (c)		3,000			3,055,862
6.12%, 06/15/25 (c)		685			762,427
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c)		1,000			1,109,139
Florida Development Finance Corp., The Mayl Ower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c)		1,000			1,159,931
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.25%, 01/01/24 (c) (p)		11,000			11,153,950
6.38%, 01/01/26 (c) (p)		15,195			15,425,235
6.50%, 01/01/29 (c) (p)		28,000			28,379,014
Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB) 4.50%, 06/01/28 (c)		2,710			3,110,089

See Notes to Financial Statements

18

	Par   (000’s		)	Value
Florida (continued)
5.00%, 06/01/28 (c)	$	750		$	858,211
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,600,336
5.50%, 11/01/29 (c)		2,450			2,620,468
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB)
3.50%, 02/01/31 (c)		965			1,023,563
4.00%, 02/01/31 (c)		7,500			8,619,391
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c)		2,000			2,240,075
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 05/15/22 (c)		3,500			3,532,199
Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB) 7.12%, 01/01/27 (c)		2,700			2,401,458
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c)		500			506,843
Lee County Industrial Development Authority, The Preserve Project, Series A (RB) 5.75%, 12/01/22 (c)		1,000			1,026,759
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		380			418,373
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 3.00%, 11/15/31 (c)		3,170			3,238,555
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			857,592
5.25%, 11/01/27 (c)		250			284,634
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)
5.00%, 06/01/25 (c)		665			690,105
5.00%, 06/01/25 (c)		1,390			1,415,457
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) 5.00%, 10/01/25 (c)		500			563,848

	Par   (000’s		)	Value
Florida (continued)
5.00%, 10/01/25 (c)	$	500		$	560,465
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			1,112,911
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 05/01/23 (c)		1,035			1,070,580
5.00%, 05/01/23 (c)		1,480			1,527,275
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			183,742
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)		200			223,533
5.00%, 08/01/27 (c)		200			226,720
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) (AGM) 5.00%, 11/15/26 (c)		1,000			1,147,685
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c)		310			325,110
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series B (RB) 2.62%, 06/01/25		525			534,090
Palm Beach County, Lynn University Housing Project, Series A (RB) 5.00%, 06/01/31 (c)		3,670			4,290,488
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		1,000			1,140,596
5.00%, 04/01/29 (c)		2,500			2,803,609
Palm Cost Park Community Development District (SA) 5.70%, 11/29/21 (c)		180			180,206
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		3,250			4,045,821
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.50%, 11/15/26 (c)		500			549,570
5.75%, 11/15/26 (c)		1,000			1,110,483

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/15/22 (c)	$	3,600		$	3,622,569
Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c)		765			776,728
Trust Agency, H-Bay Ministries, Inc., Superior Residences Project, Series C (RB) (AMBAC) 7.50%, 11/19/21 (c) (d) *		1,000			200,000
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		245			256,319
3.62%, 05/01/26 (c)		2,385			2,548,126
3.88%, 05/01/26 (c)		2,435			2,567,159
4.25%, 05/01/28 (c)		950			1,044,941
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c)		1,190			1,308,799
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		745			784,974
3.38%, 05/01/29 (c)		995			1,062,075
3.55%, 05/01/29 (c)		2,865			3,042,690
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c)		4,700			4,946,751
					202,815,549
Georgia: 1.2%
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB)
6.50%, 01/01/28 (c)		2,250			1,688,469
6.75%, 01/01/28 (c)		2,000			1,479,563
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)		1,000			1,122,529
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		720			808,221
DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB) 5.00%, 01/01/29 (c)		1,000			882,910
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB)

	Par   (000’s		)	Value
Georgia (continued)
6.25%, 12/01/24 (c)	$	4,000		$	3,973,909
6.50%, 12/01/24 (c)		1,000			1,004,069
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,250,987
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG)
5.00%, 04/01/26 (c)		500			549,799
5.00%, 04/01/26 (c)		500			551,332
Gainesville & Hall County Development Authority (RB) (BAM) 5.00%, 03/01/27 (c)		700			703,854
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)		3,000			3,363,339
George L Smith II World Congress Center Authority, Series B (RB) 5.00%, 01/01/31 (c)		7,530			8,733,866
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			460,410
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)
5.75%, 06/15/27 (c)		250			287,252
6.00%, 06/15/27 (c)		1,000			1,143,477
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 (c)		1,000			1,091,814
5.00%, 11/01/27 (c)		2,750			3,049,827
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
5.00%, 01/01/30 (c)		1,250			1,498,647
5.00%, 07/01/25 (c)		375			423,161
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c)		1,000			1,191,645
Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c)		1,000			1,006,746
Oconee County Industrial Development Authority, Series A-3 (RB) 5.50%, 12/01/21 (c)		500			502,137

See Notes to Financial Statements

20

	Par   (000’s		)	Value
Georgia (continued)
Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c)	$	3,850		$	4,320,484
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			527,061
5.25%, 10/01/26 (c)		500			522,684
					42,138,192
Guam: 0.5%
Guam Government, Business Privilege Tax, Series A (RB)
5.00%, 01/01/22 (c)		500			503,893
5.12%, 01/01/22 (c)		1,390			1,401,105
Guam Government, Business Privilege Tax, Series B (RB)
5.00%, 01/01/22 (c)		330			332,569
5.00%, 01/01/22 (c)		1,280			1,289,965
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			645,090
5.00%, 11/15/25 (c)		585			657,309
5.00%, 11/15/25 (c)		1,100			1,241,824
5.00%, 11/15/25 (c)		500			565,665
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			553,219
5.00%, 02/01/30 (c)		500			564,501
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		500			629,148
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		620			705,762
Guam Government, Waterworks Authority, Water and Wastewater System (RB)
5.00%, 07/01/26 (c)		1,375			1,536,071
5.25%, 07/01/23 (c)		550			593,996
5.50%, 07/01/23 (c)		1,000			1,084,133
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c)		3,205			3,864,015
Guam Power Authority, Series A (RB)
5.00%, 10/01/22 (c)		345			356,750
5.00%, 10/01/27 (c)		500			569,587
					17,094,602
Hawaii: 0.2%
Kuakini, Hawaii Health System, Series A (RB)

	Par   (000’s		)	Value
Hawaii (continued)
6.38%, 11/29/21 (c)	$	1,775		$	1,753,901
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/23 (c)		1,400			1,505,710
6.62%, 07/01/23 (c)		2,085			2,239,469
					5,499,080
Idaho: 0.1%
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			466,008
5.00%, 09/01/26 (c)		1,135			1,286,538
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) (ST)
3.80%, 10/01/28 (c)		100			99,509
4.00%, 10/01/28 (c)		900			894,935
					2,746,990
Illinois: 12.3%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/21 (c)		6,760			6,780,759
5.00%, 12/01/22 (c)		10,055			10,435,103
5.00%, 12/01/28 (c)		250			301,575
5.00%, 12/01/29 (c)		1,500			1,853,152
5.00%, 12/01/30 (c)		395			488,872
5.00%, 12/01/30 (c)		5,950			7,282,309
5.00%, 12/01/30 (c)		1,600			1,953,580
5.00%, 12/01/30 (c)		600			747,679
5.00%, 12/01/30 (c)		100			123,007
5.00%, 12/01/30 (c)		7,850			9,563,492
5.00%, 12/01/30 (c)		1,100			1,338,087
5.00%, 12/01/30 (c)		100			123,573
5.00%, 12/01/30 (c)		150			186,350
5.00%, 12/01/30 (c)		2,860			3,508,291
5.25%, 12/01/21 (c)		435			436,423
5.50%, 12/01/21 (c)		5,730			5,750,127
7.00%, 12/01/25 (c)		14,210			17,014,974
7.00%, 12/01/25 (c)		5,200			6,434,982
7.00%, 12/01/27 (c)		2,250			2,884,200
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/23		300			327,691
5.00%, 12/01/25		1,000			1,166,361
5.00%, 12/01/28 (c)		250			305,107
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			169,795
5.50%, 12/01/26		175			210,541
5.50%, 12/01/30		2,500			3,251,642
Chicago Board of Education, Series A (GO) (NATL)
0.01%, 12/01/27		760			691,657
0.01%, 12/01/28		390			345,939
0.01%, 12/01/30		55			46,022
5.50%, 12/01/26		355			408,864

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series B (GO)
4.00%, 12/01/22 (c)	$	150		$	153,775
5.00%, 12/01/22 (c)		3,235			3,361,110
5.00%, 12/01/22 (c)		1,105			1,148,590
5.00%, 12/01/22		100			104,858
5.00%, 12/01/27		1,500			1,810,258
5.00%, 12/01/29 (c)		200			244,647
5.00%, 12/01/30 (c)		100			123,186
5.00%, 12/01/30 (c)		100			124,985
5.00%, 12/01/30		1,650			2,074,714
6.50%, 12/01/26 (c)		1,100			1,338,214
Chicago Board of Education, Series C (GO)
5.00%, 12/01/23		500			545,124
5.00%, 12/01/27		2,000			2,413,678
5.00%, 12/01/27 (c)		2,625			3,105,262
5.25%, 12/01/24 (c)		3,485			3,857,197
5.25%, 12/01/24 (c)		4,430			4,883,266
6.00%, 12/01/24 (c)		1,160			1,313,640
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c)		2,500			2,962,731
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		2,415			2,672,529
Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c)		1,100			1,301,253
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		8,500			9,896,960
Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c)		400			422,292
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.01%, 12/01/23		300			295,409
0.01%, 12/01/25		355			338,583
0.01%, 12/01/29		1,460			1,258,208
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/28 ^		690			612,045
0.00%, 12/01/29 ^		645			555,852
0.01%, 12/01/22		180			178,863
0.01%, 12/01/24		1,165			1,132,379
0.01%, 12/01/25		1,650			1,573,695
0.01%, 12/01/26		1,630			1,522,284
0.01%, 12/01/27		1,030			937,378
0.01%, 12/01/31		520			422,352
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/26		100			118,699
5.00%, 06/01/29		1,000			1,267,846

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/30 ^	$	420		$	357,383
0.00%, 01/01/34 ^		290			219,582
0.01%, 01/01/28		345			311,098
0.01%, 01/01/33		1,485			1,157,880
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
5.00%, 01/01/25		235			265,551
5.25%, 01/01/25 (c)		1,910			2,142,281
5.25%, 01/01/25 (c)		945			1,064,048
5.50%, 01/01/25 (c)		3,980			4,454,303
5.50%, 01/01/25 (c)		115			129,526
5.50%, 01/01/25 (c)		855			960,259
City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c)		1,585			1,674,096
City of Chicago, Series A (GO)
4.62%, 11/29/21 (c)		905			909,887
5.00%, 01/01/22 (c)		3,540			3,561,311
5.00%, 01/01/22 (c)		865			870,207
5.00%, 01/01/23		395			415,241
5.00%, 01/01/24 (c)		2,935			3,151,888
5.00%, 01/01/24 (c)		1,920			2,064,174
5.00%, 01/01/24 (c)		640			688,614
5.00%, 01/01/27		200			237,508
5.00%, 01/01/27		1,000			1,187,540
5.00%, 01/01/29 (c)		3,000			3,514,728
5.00%, 11/29/21 (c)		4,160			4,191,703
5.25%, 01/01/24 (c)		150			163,213
5.25%, 11/29/21 (c)		2,110			2,126,080
5.38%, 01/01/25 (c)		880			990,417
5.50%, 01/01/25 (c)		1,320			1,479,860
5.50%, 01/01/25 (c)		905			1,012,255
5.50%, 01/01/25 (c)		475			532,399
5.62%, 01/01/27 (c)		1,000			1,209,871
5.62%, 01/01/27 (c)		1,000			1,202,493
5.75%, 01/01/27 (c)		1,180			1,422,786
5.75%, 01/01/27 (c)		1,000			1,203,678
6.00%, 01/01/27 (c)		7,750			9,412,689
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			122,693
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			3,414,282
City of Chicago, Series B (GO) 5.00%, 01/01/23		870			915,162
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			144,121
5.00%, 01/01/22 (c)		110			110,743
5.00%, 01/01/22 (c)		195			196,267
5.00%, 01/01/22 (c)		1,800			1,813,162
5.00%, 01/01/24		1,110			1,212,915
5.00%, 01/01/25		1,760			1,988,808
5.00%, 01/01/26 (c)		3,800			4,301,955

See Notes to Financial Statements

22

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 01/01/26 (c)	$	250		$	288,330
5.00%, 01/01/26		380			441,134
City of Chicago, Series D (GO)
5.50%, 01/01/25 (c)		1,135			1,268,797
5.50%, 01/01/25 (c)		1,045			1,169,535
5.50%, 01/01/25 (c)		2,715			3,043,082
5.50%, 01/01/25 (c)		520			582,975
City of Chicago, Series E (GO)
5.50%, 01/01/25 (c)		915			1,024,746
5.50%, 01/01/25 (c)		1,680			1,874,510
City of Chicago, Series F (GO) 5.50%, 01/01/25 (c)		1,635			1,831,103
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,020			1,223,678
City of Harvey, Series A (GO)
5.50%, 11/29/21 (c) (d) *		465			320,850
5.62%, 11/29/21 (c) (d) *		3,600			2,484,000
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) (ST) 4.00%, 10/01/31 (c)		1,000			1,092,365
Illinois Finance Authority, Admiral Lake Project (RB)
5.00%, 05/15/24 (c)		1,120			1,177,381
5.12%, 05/15/24 (c)		390			409,416
5.25%, 05/15/24 (c)		2,350			2,445,988
5.50%, 05/15/24 (c)		2,000			2,105,446
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/29/21 (c)		35			35,068
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
5.00%, 07/01/25 (c)		1,000			953,255
5.00%, 07/01/25 (c)		1,000			979,980
Illinois Finance Authority, Clare Oaks, Series A-3 (RB) 4.00%, 11/15/24 (c)		500			499,075
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
4.75%, 05/15/23 (c)		615			637,797
5.12%, 05/15/23 (c)		230			238,758
5.25%, 05/15/23 (c)		750			779,040
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27		3,000			2,192,907
5.00%, 02/15/27 (c)		6,500			4,686,039
5.12%, 02/15/27 (c)		6,130			4,410,239
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		100			88,810
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		500			562,718

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)	$	250		$	283,904
5.00%, 11/01/26 (c)		1,525			1,693,642
5.00%, 11/01/26 (c)		500			572,907
5.00%, 11/01/26 (c)		4,210			4,615,730
5.00%, 11/01/26 (c)		500			560,259
Illinois Finance Authority, Park Place Elmhurst Project (RB) 5.12%, 05/15/26 (c)		1,616			1,575,082
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 11/29/21 (c)		475			476,031
Illinois Finance Authority, Roosevelt University, Series A (RB)
6.00%, 10/01/28 (c)		1,600			1,944,343
6.12%, 10/01/28 (c)		4,500			5,377,921
6.12%, 10/01/28 (c)		8,000			9,643,946
Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c)		2,695			2,841,913
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			1,202,651
5.00%, 06/15/29 (c)		3,055			3,706,330
5.00%, 06/15/29		1,000			1,221,559
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		1,000			1,099,751
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			650,613
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
0.00%, 12/15/56 ^		4,000			1,333,779
4.00%, 12/15/29 (c)		15,000			16,565,508
5.00%, 12/15/27 (c)		250			288,938
5.00%, 12/15/29 (c)		8,225			9,720,705
5.00%, 06/15/22 (c)		3,210			3,303,434
5.50%, 12/15/25 (c)		1,400			1,596,589
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/34 ^		590			432,843
0.00%, 06/15/29 ^		840			727,505
0.00%, 06/15/31 ^		125			101,651
0.00%, 06/15/34 ^		190			141,697
0.00%, 06/15/37 ^		185			124,920
0.00%, 06/15/39 ^		115			72,568
0.00%, 06/15/40 ^		1,500			914,274
0.01%, 12/15/30		475			393,158
0.01%, 06/15/30		745			625,336

See Notes to Financial Statements

23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 0.00%, 12/15/54 ^	$	740		$	263,533
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL)
0.00%, 06/15/28 ^		1,080			962,512
5.70%, 06/15/23		410			444,432
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (ST)
5.00%, 12/15/22		335			351,942
5.00%, 06/15/22 (c)		1,450			1,492,205
5.00%, 06/15/22 (c)		3,765			3,874,589
5.00%, 06/15/22 (c)		290			298,441
Northeastern Illinois University (CP) 4.00%, 10/01/22 (c)		585			564,043
Southwestern Illinois Development Authority (RB) 5.35%, 11/29/21 (c)		230			140,529
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)
5.75%, 08/01/22 (c)		1,500			1,536,114
State of Illinois (GO)
3.50%, 06/01/26 (c)		175			188,102
3.50%, 06/01/26 (c)		935			1,013,554
4.00%, 01/01/26 (c)		500			548,779
4.00%, 05/01/24		660			714,508
4.00%, 06/01/26 (c)		220			241,390
4.00%, 06/01/26 (c)		360			393,507
4.00%, 06/01/26 (c)		1,000			1,095,379
4.00%, 06/01/26 (c)		460			499,861
4.00%, 06/01/26 (c)		270			294,510
4.00%, 08/01/22 (c)		150			153,742
4.12%, 11/01/26 (c)		600			667,901
4.12%, 03/01/22 (c)		160			161,721
5.00%, 11/01/24		200			225,205
5.00%, 02/01/24 (c)		350			382,917
5.00%, 02/01/24 (c)		375			410,445
5.00%, 02/01/26		2,750			3,194,980
5.00%, 02/01/27		500			592,791
5.00%, 03/01/22 (c)		250			253,473
5.00%, 03/01/22 (c)		305			309,104
5.00%, 03/01/22 (c)		100			101,373
5.00%, 03/01/22 (c)		140			142,123
5.00%, 03/01/28		805			970,345
5.00%, 03/01/31 (c)		1,500			1,870,582
5.00%, 04/01/24 (c)		2,000			2,197,375
5.00%, 04/01/24 (c)		585			643,028
5.00%, 05/01/23		335			357,697
5.00%, 05/01/24 (c)		1,025			1,129,617
5.00%, 05/01/24 (c)		175			192,130

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 05/01/24 (c)	$	275		$	302,349
5.00%, 05/01/24 (c)		5,035			5,510,833
5.00%, 05/01/24 (c)		100			109,737
5.00%, 05/01/24 (c)		2,005			2,209,117
5.00%, 06/01/26		125			146,246
5.00%, 06/01/26 (c)		800			931,205
5.00%, 06/01/26 (c)		1,040			1,208,553
5.00%, 07/01/23		475			510,482
5.00%, 08/01/22 (c)		1,830			1,892,436
5.25%, 07/01/23 (c)		550			591,892
5.25%, 07/01/23 (c)		510			548,669
5.25%, 07/01/23 (c)		290			311,460
5.50%, 07/01/23 (c)		560			602,343
5.50%, 07/01/23 (c)		1,165			1,260,781
6.00%, 05/01/25		500			587,938
6.00%, 05/01/26		880			1,066,301
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c)		3,710			4,609,168
State of Illinois Sales Tax Revenue (RB) 3.00%, 06/15/26 (c)		100			105,271
State of Illinois, Series A (GO)
4.00%, 01/01/22 (c)		100			100,504
4.00%, 01/01/22 (c)		320			321,879
4.00%, 01/01/22 (c)		190			191,145
4.00%, 03/01/31 (c)		1,000			1,129,448
5.00%, 10/01/28		500			608,425
5.00%, 12/01/24		820			925,545
5.00%, 12/01/27 (c)		100			117,026
5.00%, 03/01/30		2,000			2,475,880
5.00%, 03/01/31 (c)		3,000			3,728,753
5.00%, 03/01/31 (c)		1,250			1,498,623
5.00%, 04/01/23 (c)		110			116,145
5.00%, 05/01/28 (c)		270			314,471
5.00%, 05/01/28 (c)		1,000			1,177,234
5.00%, 05/01/28 (c)		365			423,921
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		8,425			9,985,123
State of Illinois, Series D (GO)
3.25%, 11/01/26		1,755			1,922,737
5.00%, 11/01/23		1,270			1,382,057
5.00%, 11/01/25		3,955			4,569,091
5.00%, 11/01/26		11,690			13,794,675
5.00%, 11/01/27 (c)		9,700			11,570,351
5.00%, 11/01/27		7,000			8,397,486
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			526,333
Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		360			360,636
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			76,289
0.00%, 01/01/31 ^		245			193,239
0.00%, 01/01/33 ^		540			398,024
					437,047,482

See Notes to Financial Statements

24

	Par   (000’s		)	Value
Indiana: 0.5%
City of Anderson, Anderson University (RB) 6.00%, 10/01/22 (c)	$	1,000		$	1,017,133
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c)		215			213,027
City of Rockport, Indiana Steel Corp. Project, Series A (RB) 7.00%, 02/01/22 (c)		1,000			1,010,493
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		50			52,798
Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB)
5.12%, 11/29/21 (c)		670			672,167
5.50%, 11/29/21 (c)		725			727,356
5.50%, 11/29/21 (c)		600			602,001
Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB)
5.00%, 07/01/23 (c)		250			268,702
5.00%, 07/01/23 (c)		1,000			1,074,809
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
3.00%, 11/01/30		1,000			1,045,996
5.00%, 06/01/22 (c)		1,620			1,650,237
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			3,660,984
Indiana Finance Authority, Res Polyflow Indiana Project (RB) 7.00%, 03/01/26 (c)		4,300			4,025,666
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24		500			531,588
					16,552,957
Iowa: 1.1%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			1,056,924
Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c)		1,500			1,346,339
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) 5.25%, 12/01/23 (c)		5,195			5,599,197
Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/37 (c) (p)		8,550			9,304,062

	Par   (000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 11/15/26 (c)	$	2,000		$	2,293,304
5.00%, 05/15/27 (c)		505			574,929
5.00%, 05/15/27 (c)		5,960			6,748,884
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		2,095			2,178,908
5.00%, 10/01/25 (c)		990			1,058,802
5.00%, 10/01/25 (c)		2,115			2,246,982
Iowa Tobacco Settlement Authority, Series A-2 (RB) 4.00%, 06/01/31 (c)		1,000			1,111,758
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c)		5,000			5,536,496
					39,056,585
Kansas: 0.4%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			283,465
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)		1,000			1,074,087
City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c)		255			265,233
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		250			273,896
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c)		1,000			980,224
Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c)		2,550			1,450,198
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c)		880			917,281
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
5.00%, 09/01/25 (c)		345			346,424
6.00%, 09/01/25 (c)		2,125			2,143,703
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^		10,000			3,284,699

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Kansas (continued)
Wyandotte County-Kansas City Unified Government (RB) 5.75%, 09/01/25 (c)	$	4,565		$	4,605,421
					15,624,631
Kentucky: 0.4%
Christian County, Jennie Stuart Medical Center (RB)
5.38%, 02/01/26 (c)		1,100			1,250,216
5.50%, 02/01/26 (c)		1,000			1,133,392
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		350			370,995
5.00%, 05/15/26 (c)		545			582,780
5.00%, 05/15/26 (c)		250			261,752
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/15/22 (c)		400			404,750
5.50%, 11/15/22 (c)		250			252,221
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		4,365			4,745,799
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			205,397
5.00%, 06/01/27 (c)		990			1,150,024
5.25%, 06/01/27 (c)		750			878,506
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			581,789
Kentucky Economic Development Finance Authority, Rosedale Green Project (RB)
5.50%, 11/15/25 (c)		515			528,075
5.75%, 11/15/25 (c)		500			510,431
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/23		265			286,283
Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c)		335			365,690
					13,508,100

	Par   (000’s		)	Value
Louisiana: 0.9%
Calcasieu Parish Memorial Hospital Service District (RB)
5.00%, 12/01/29 (c)	$	3,950		$	4,674,656
5.00%, 12/01/29 (c)		1,750			2,097,405
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)
4.00%, 12/01/28 (c)		1,470			1,679,428
4.00%, 12/01/28 (c)		3,235			3,709,223
5.00%, 12/01/25		100			117,119
Louisiana Housing Finance Agency, Chateau Project, Series A (RB) 7.25%, 11/29/21 (c)		345			335,225
Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB) 5.00%, 07/01/29 (c)		500			527,629
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c)		975			1,015,113
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		2,000			2,168,127
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c)		175			140,064
Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c)		1,000			1,082,303
Louisiana Local Government Environmental Facilities and Community Development Authority, The Glen Retirement System Project, Series A (RB) 5.00%, 01/01/26 (c)		1,000			955,608
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB)

See Notes to Financial Statements

26

	Par   (000’s		)	Value
Louisiana (continued)
5.00%, 07/01/29 (c)	$	500		$	517,663
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		5,260			5,716,228
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) *		1,647			16
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB)
7.50%, 07/01/23 (d) *		2,259			23
8.38%, 07/01/24 (c) (d) *		1,389			14
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 06/01/25 (p)		750			847,615
6.35%, 06/01/30 (c)		1,000			1,312,806
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c)		3,000			3,938,417
					30,834,682
Maine: 0.2%
Maine Finance Authority, Solid Disposal Facility (RB) 5.38%, 12/15/26 (c) (d) *		4,500			2,475,000
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/26 (c)		1,270			1,377,596
5.00%, 07/01/26 (c)		1,000			1,145,386
5.00%, 07/01/26 (c)		645			734,323
Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 11/29/21 (c)		2,000			2,002,529
					7,734,834
Maryland: 1.4%
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/27 (c)		1,400			1,496,703
5.00%, 09/01/27 (c)		655			700,962
5.00%, 09/01/27 (c)		500			530,444
5.00%, 09/01/27 (c)		1,000			1,068,058
5.00%, 09/01/27 (c)		3,000			3,153,876
5.00%, 09/01/27 (c)		1,500			1,586,012
5.00%, 09/01/27 (c)		1,425			1,503,214
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		500			560,778

	Par   (000’s		)	Value
Maryland (continued)
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c)	$	250		$	272,014
County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c)		500			561,578
Frederick County, Education Facilities Project, Series A (RB) (ST) 5.00%, 09/01/27 (c)		2,000			2,193,358
Howard County, Series A (TA) 4.50%, 02/15/26 (c)		500			523,575
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 11/29/21 (c)		7,785			7,865,402
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c)		100			110,335
4.38%, 01/01/27 (c)		470			517,700
4.50%, 01/01/27 (c)		530			583,737
Maryland Economic Development Corp., Port Covington Project (TA)
3.25%, 09/01/30		500			548,230
4.00%, 09/01/30 (c)		500			564,156
4.00%, 09/01/30 (c)		5,500			6,140,694
Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c)		3,600			3,613,167
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.00%, 11/30/21 (c)		3,820			3,833,972
Maryland Economic Development Corp., Purple Line Light Rail Project, Series C (RB)
5.00%, 11/30/21 (c)		1,500			1,505,486
5.00%, 11/30/21 (c)		1,640			1,645,999
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c)		400			433,844
5.00%, 07/01/26 (c)		250			289,156
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c)		210			229,701

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Maryland (continued)
4.25%, 07/01/25 (c)	$	145		$	159,462
5.00%, 07/01/25 (c)		625			705,925
5.00%, 07/01/25 (c)		500			560,502
5.00%, 07/01/25 (c)		1,500			1,672,440
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c)		750			840,973
Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB) 5.00%, 11/01/24 (c)		2,705			2,914,450
Prince George County, Collington Episcopal Life Care Community, Inc. (RB)
5.25%, 04/01/27 (c)		1,000			1,066,789
5.25%, 04/01/27 (c)		1,000			1,051,326
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c)		500			550,033
					51,554,051
Massachusetts: 1.0%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		365			393,481
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/25		1,220			1,405,088
Massachusetts Development Finance Agency (RB) 4.00%, 07/01/31 (c)		1,000			1,107,208
Massachusetts Development Finance Agency, Ascentria Care Alliance Project (RB)
5.00%, 07/01/28 (c)		1,300			1,415,705
5.00%, 07/01/28 (c)		1,000			1,106,528
5.00%, 07/01/28 (c)		1,000			1,081,948
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)
4.00%, 07/01/25 (c)		285			305,384
5.00%, 07/01/25 (c)		2,105			2,372,863
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,000			1,108,071
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)		500			553,446
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c)		1,035			1,192,548

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Lawrence General Hospital (RB)
5.00%, 07/01/27 (c)	$	1,000		$	990,629
5.00%, 07/01/27 (c)		2,000			1,881,211
5.00%, 07/01/27 (c)		1,900			1,816,180
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)
5.25%, 07/01/24 (c)		350			352,826
5.50%, 07/01/24 (c)		550			556,883
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/25 (c)		500			552,461
5.12%, 11/15/25 (c)		500			550,369
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 10/01/22 (c)		1,000			1,072,788
5.00%, 10/01/22 (c)		1,400			1,514,432
5.00%, 10/01/22 (c)		3,820			4,128,519
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,930			2,153,660
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		4,000			4,498,728
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c)		510			593,763
5.00%, 07/01/26 (c)		190			222,829
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB)
3.62%, 07/01/27 (c)		540			579,566
4.00%, 07/01/27 (c)		1,550			1,719,337
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)		1,000			1,209,649
					36,436,100
Michigan: 0.8%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		290			329,521
City of Detroit (GO) 5.50%, 04/01/30 (c)		250			307,726

See Notes to Financial Statements

28

	Par   (000’s		)	Value
Michigan (continued)
City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c)	$	425		$	447,734
Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		500			563,881
Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB) 5.00%, 11/01/24 (c)		500			541,575
Grand Rapids Economic Development Corp., Clark Retirement Community Inc., Series A (RB) 5.75%, 04/01/26 (c)		1,000			968,563
Michigan Finance Authority, Lawrence Technological University Project (RB)
5.00%, 02/01/27 (c)		1,000			1,111,784
5.00%, 02/01/27 (c)		2,000			2,193,938
5.25%, 02/01/27 (c)		900			1,021,917
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
4.75%, 11/15/25		670			729,410
5.25%, 11/15/25 (c)		250			269,159
5.50%, 11/15/25 (c)		300			322,047
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/23		110			117,203
5.00%, 07/01/24 (c)		3,575			3,779,870
5.00%, 07/01/24 (c)		215			228,417
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) (AGM) 5.00%, 07/01/24 (c)		165			180,058
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c)		4,000			4,676,728
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c)		795			849,501
Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 11/29/21 (c)		1,000			1,034,778
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		100			106,769
Michigan Strategic Fund, Evangelical Homes Project (RB) 5.25%, 06/01/22 (c)		2,650			2,685,836

	Par   (000’s		)	Value
Michigan (continued)
5.50%, 06/01/22 (c)	$	2,000		$	2,023,303
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c)		600			735,120
5.00%, 12/31/28 (c)		1,250			1,476,459
5.00%, 12/31/28 (c)		700			853,519
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.01%, 11/15/21 (c)		260			29,460
					27,584,276
Minnesota: 0.9%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		135			140,999
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		500			524,037
City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB)
4.38%, 09/01/23 (c)		2,920			3,040,762
4.50%, 09/01/23 (c)		940			980,376
City of Bethel, The Lodge at the Lakes at Stillwater Project (RB)
5.00%, 06/01/23 (c)		750			771,990
5.00%, 06/01/23 (c)		500			513,821
5.00%, 06/01/23 (c)		350			362,969
City of Blaine, Crest View Senior Communities Project, Series A (RB)
5.75%, 07/01/25 (c)		1,355			1,289,639
6.12%, 07/01/25 (c)		400			381,033
6.12%, 07/01/25 (c)		1,055			994,630
City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB) 5.50%, 11/29/21 (c)		2,000			1,618,186
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.50%, 07/01/25 (c)		245			260,313
5.50%, 07/01/25 (c)		250			267,574
5.75%, 07/01/25 (c)		500			532,322
City of Crookston, Health Care Facilities, Riverview Health Project (RB)
5.00%, 05/01/29 (c)		2,000			2,091,522
5.00%, 05/01/29 (c)		3,000			3,177,779
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/25 (c)		500			552,084
5.50%, 07/01/25 (c)		1,000			1,104,743

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Minnesota (continued)
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)	$	500		$	566,964
City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c)		750			802,355
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		115			123,752
City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c)		500			531,311
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) *		2,000			1,900,000
City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB) 5.00%, 05/01/23 (c)		1,000			1,051,981
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) 5.75%, 09/01/26 (c)		325			369,281
City of Wayzata, Folkestone Senior Living Community (RB) 4.00%, 08/01/24 (c)		350			363,793
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c)		500			508,321
Duluth Independent School District No. 709, Series A (CP) 4.20%, 03/01/27 (c)		665			702,674
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,730			3,993,006
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/19/21 (c)		1,000			1,000,404
Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c)		1,500			1,543,380
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		250			265,069
					32,327,070

	Par   (000’s		)	Value
Mississippi: 0.0%
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)	$	1,000		$	1,118,614
Missouri: 1.0%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/26 (c)		410			424,458
4.00%, 08/01/26 (c)		565			606,917
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c)		3,750			3,785,333
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c)		1,000			1,177,484
Citizens Memorial Hospital District of Polk County (RB) 5.00%, 11/29/21 (c)		1,000			1,001,249
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c)		300			304,760
City of Lees Summit (TA) 4.88%, 11/01/27 (c)		2,500			2,485,996
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c)		500			515,600
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 11/29/21 (c)		40			39,577
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c)		1,000			1,102,432
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)
4.38%, 11/15/26 (c)		250			250,340
4.75%, 11/15/26 (c)		500			504,810
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		475			530,288
I-470 Western Gateway Transportation Development District, Series A (RB)
4.50%, 12/01/26 (c)		400			421,899
5.25%, 12/01/26 (c)		1,100			1,157,964
Kansas City Industrial Development Authority, Kingswood Project (RB)
5.75%, 11/15/25 (c) (d) *		2,400			1,248,000
6.00%, 11/15/25 (c) (d) *		2,810			1,461,200
6.00%, 11/15/25 (c) (d) *		4,910			2,553,200

See Notes to Financial Statements

30

	Par   (000’s		)	Value
Missouri (continued)
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM)
5.00%, 02/01/28 (c)	$	3,000		$	3,037,326
5.00%, 02/01/28 (c)		5,975			6,019,160
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c)		500			556,985
5.25%, 05/15/27 (c)		1,000			1,104,841
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/24 (c)		1,550			1,678,143
5.00%, 08/15/25 (c)		2,000			2,207,112
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c)		860			881,304
St. Joseph Industrial Development Authority, Living Community, Series A (RB) 5.00%, 01/01/26 (c)		1,000			1,035,624
St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		500			559,995
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		150			163,910
					36,815,907
Montana: 0.0%
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.12%, 07/01/28 (c)		500			552,517
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/42		4,045			5,805,638
Nevada: 0.5%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/29 (c)		560			598,256
4.00%, 06/01/29 (c)		250			268,396
City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM)
0.01%, 07/01/38 (c)		9,000			1,534,993

	Par   (000’s		)	Value
Nevada (continued)
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 11/29/21 (c)	$	1,380		$	1,290,819
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) 2.75%, 06/15/28		2,750			2,828,994
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		170			184,203
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		625			659,154
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c)		240			264,029
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c)		490			542,709
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 6.25%, 12/15/27 (c)		4,045			4,290,975
State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB) 6.95%, 08/15/28 (c)		2,125			2,272,515
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 5.00%, 12/15/25 (c)		500			542,502
5.00%, 12/15/25 (c)		1,000			1,104,686
5.00%, 12/15/25 (c)		400			439,891
5.12%, 12/15/25 (c)		1,000			1,091,056
					17,913,178
New Hampshire: 0.6%
National Finance Authority, Ascentria Care Alliance Project (RB) 5.00%, 07/01/28 (c)		1,220			1,320,996
National Finance Authority, Covanta Project, Series B (RB)
3.75%, 07/02/40 (c) (p)		3,865			4,060,751
4.62%, 07/01/23 (c)		4,000			4,154,183
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p)		2,275			2,381,103
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c)		2,000			2,148,756

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Hampshire (continued)
4.00%, 01/01/26 (c)	$	975		$	1,057,215
National Finance Authority, The Vista Project, Series A (RB)
5.62%, 07/01/25 (c)		1,600			1,706,476
5.75%, 07/01/25 (c)		2,750			2,936,757
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/24 (c) (d) *		1,000			530,000
6.12%, 07/01/24 (c) (d) *		1,500			795,000
6.25%, 07/01/24 (c) (d) *		500			265,000
					21,356,237
New Jersey: 8.1%
Atlantic City (GO)
5.00%, 11/01/22		115			117,439
5.00%, 12/01/23 (c)		65			67,602
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		150			163,504
Casino Reinvestment Development Authority (RB)
5.25%, 11/01/24 (c)		1,410			1,528,088
5.25%, 11/01/24 (c)		2,450			2,648,355
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		1,605			1,707,142
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		470			520,762
New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
4.25%, 06/15/22 (c)		1,665			1,698,771
5.00%, 06/15/22 (c)		1,150			1,179,907
5.00%, 06/15/22 (c)		1,020			1,047,267
5.00%, 06/15/22 (c)		520			533,144
5.00%, 06/15/22 (c)		160			164,219
5.00%, 06/15/22 (c)		535			548,426
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.12%, 08/20/22 (c)		4,870			5,065,928
5.25%, 08/20/22 (c)		7,075			7,349,718
5.50%, 06/20/23 (c)		60			64,262
5.62%, 03/05/24 (c)		2,035			2,235,370
5.62%, 03/05/24 (c)		285			313,062
5.75%, 09/15/22 (c)		4,825			4,965,372
New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB)
5.00%, 12/15/27 (c)		1,130			1,337,927
5.00%, 12/15/27 (c)		500			588,129

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31	$	55		$	58,731
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/24 (c)		655			671,144
5.00%, 01/01/24 (c)		500			510,138
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		1,640			1,832,991
4.00%, 07/01/27 (c)		2,000			2,225,022
5.00%, 07/01/27 (c)		1,890			2,227,597
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			488,814
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (ST)
4.00%, 11/01/27		1,250			1,454,891
5.00%, 11/01/27		780			955,047
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) (ST)
4.00%, 11/01/25		120			135,026
5.00%, 11/01/22		4,000			4,186,590
5.00%, 11/01/24		500			566,050
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		2,000			2,486,048
New Jersey Economic Development Authority, Rowan University Student Housing Project, Series A (RB) 5.00%, 01/01/25 (c)		1,000			1,048,791
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.00%, 12/15/26 (c)		305			358,052
5.00%, 12/15/26 (c)		725			852,889
5.00%, 12/15/26 (c)		2,185			2,546,993
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
4.75%, 12/15/26 (c)		2,095			2,434,113
5.50%, 12/15/26 (c)		165			201,388

See Notes to Financial Statements

32

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
4.00%, 06/15/27 (c)	$	3,500		$	3,886,380
5.00%, 06/15/27 (c)		780			932,050
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
5.00%, 03/01/22 (c)		290			294,308
5.00%, 03/01/22 (c)		470			477,146
5.00%, 03/01/22 (c)		435			441,592
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 09/01/22 (c)		125			129,289
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
4.00%, 12/15/29 (c)		205			228,575
5.00%, 12/15/29 (c)		600			736,770
5.00%, 12/15/29 (c)		1,000			1,200,523
5.00%, 12/15/29 (c)		1,485			1,817,914
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		500			574,526
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
4.00%, 03/01/23 (c)		320			332,104
5.00%, 03/01/23 (c)		1,275			1,348,481
5.00%, 03/01/23 (c)		300			317,713
5.00%, 03/01/23 (c)		590			624,199
5.00%, 03/01/23 (c)		230			243,417
5.00%, 03/01/23 (c)		1,750			1,854,469
5.00%, 03/01/23 (c)		1,565			1,658,964
5.00%, 03/01/23 (c)		1,335			1,414,327
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c)		100			111,332
5.00%, 06/15/24 (c)		920			1,024,079
5.00%, 06/15/24 (c)		140			155,314
5.00%, 06/15/24 (c)		580			642,516
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
4.00%, 12/15/30 (c)		2,380			2,735,199
4.00%, 12/15/30 (c)		2,690			3,120,638
4.00%, 12/15/30 (c)		600			688,058
4.00%, 12/15/30 (c)		2,715			3,046,033

	Par   (000’s		)	Value
New Jersey (continued)
4.00%, 12/15/30 (c)	$	600		$	691,837
4.00%, 12/15/30 (c)		1,000			1,127,951
4.00%, 12/15/30 (c)		700			814,791
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c)		620			686,735
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
5.00%, 06/15/24 (c)		2,500			2,746,566
5.00%, 06/15/24 (c)		875			966,747
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
5.00%, 06/15/25 (c)		1,235			1,410,856
5.00%, 06/15/25 (c)		765			871,710
5.00%, 06/15/25 (c)		680			776,039
5.00%, 06/15/25 (c)		630			716,914
5.25%, 06/15/25 (c)		1,055			1,219,011
5.25%, 06/15/25 (c)		435			503,245
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.00%, 06/15/24		220			239,642
4.25%, 06/15/25 (c)		885			991,827
4.38%, 06/15/25 (c)		420			470,334
5.00%, 06/15/23		1,000			1,073,716
5.00%, 06/15/24		1,080			1,205,726
5.00%, 06/15/25 (c)		105			120,717
New Jersey Economic Development Authority, Series B (RB) (XLCA) 0.00%, 07/01/27 ^		1,000			929,589
New Jersey Economic Development Authority, Stevens Institute of Technology, Series A (RB) 3.00%, 07/01/30 (c)		1,000			1,026,032
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
5.12%, 01/01/24 (c)		350			383,518
5.25%, 01/01/24 (c)		1,000			1,105,374
5.38%, 01/01/24 (c)		900			989,573
5.50%, 01/01/24 (c)		500			554,194
New Jersey Economic Development Authority, United Airlines Inc. (RB) 5.50%, 11/29/21 (c)		2,215			2,222,492

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB)
4.12%, 07/01/25 (c)	$	150		$	154,651
5.00%, 07/01/25 (c)		2,065			2,185,850
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/23		515			552,964
5.00%, 06/15/24		1,565			1,747,187
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)		330			370,144
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c)		1,490			1,610,200
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
5.00%, 04/01/28 (c)		1,000			1,190,040
5.00%, 04/01/28 (c)		500			613,100
New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 6.00%, 11/29/21 (c)		170			170,505
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		230			218,678
0.00%, 12/15/25 ^		270			256,709
0.00%, 12/15/26 ^		575			534,912
0.00%, 12/15/28 ^		4,440			3,917,801
0.00%, 12/15/33 ^		705			536,388
0.00%, 12/15/34 ^		915			673,890
0.00%, 12/15/37 ^		1,115			741,130
0.00%, 12/15/37 ^		1,780			1,183,150
0.00%, 12/15/38 ^		605			388,177
0.01%, 12/15/29		1,905			1,632,117
0.01%, 12/15/30		3,210			2,668,940
0.01%, 12/15/31		1,880			1,516,379
0.01%, 12/15/32		3,020			2,367,766
0.01%, 12/15/33		1,190			905,392
0.01%, 12/15/34		1,265			931,663
0.01%, 12/15/35		1,535			1,092,195
0.01%, 12/15/38		4,000			2,566,460
4.00%, 12/15/28 (c)		695			809,858
4.00%, 06/15/31 (c)		975			1,142,001
4.00%, 06/15/31 (c)		2,500			2,907,515
4.00%, 06/15/31 (c)		3,140			3,666,911
5.00%, 12/15/26		600			722,135
5.00%, 12/15/28		200			250,059
5.00%, 12/15/28 (c)		2,070			2,538,528

	Par   (000’s		)	Value
New Jersey (continued)
5.00%, 12/15/28 (c)	$	1,240		$	1,514,085
5.00%, 12/15/28 (c)		6,400			7,788,967
5.00%, 12/15/29 (c)		385			471,311
5.00%, 06/15/22 (c)		6,835			7,036,121
5.00%, 06/15/24		1,100			1,228,055
5.00%, 06/15/31 (c)		1,600			2,066,512
5.00%, 06/15/31		1,000			1,296,566
5.00%, 06/15/31 (c)		1,370			1,763,210
5.25%, 12/15/23		100			110,163
5.50%, 12/15/23		205			226,915
New Jersey Transportation Trust Fund Authority, Series A (RB) (BAM) 4.25%, 12/15/28 (c)		1,180			1,348,271
New Jersey Transportation Trust Fund Authority, Series AA (RB)
3.00%, 12/15/30 (c)		1,035			1,056,085
3.75%, 12/15/28 (c)		525			587,810
4.00%, 12/15/30 (c)		4,000			4,487,870
4.00%, 12/15/30 (c)		7,000			7,906,295
4.25%, 06/15/24 (c)		695			743,344
4.50%, 12/15/28 (c)		4,600			5,353,903
4.75%, 06/15/25 (c)		150			166,582
4.75%, 06/15/25 (c)		1,375			1,520,724
5.00%, 12/15/30 (c)		2,000			2,447,156
5.00%, 06/15/23 (c)		135			144,679
5.00%, 06/15/23 (c)		1,330			1,412,571
5.00%, 06/15/23 (c)		200			214,534
5.00%, 06/15/23 (c)		640			681,857
5.00%, 06/15/24 (c)		1,195			1,308,569
5.00%, 06/15/24 (c)		1,620			1,781,750
5.00%, 06/15/25 (c)		665			749,985
5.00%, 06/15/25 (c)		340			383,216
5.25%, 12/15/28 (c)		5,040			6,131,219
5.25%, 06/15/23 (c)		130			139,299
5.25%, 06/15/23 (c)		925			993,072
5.25%, 06/15/25 (c)		505			576,550
New Jersey Transportation Trust Fund Authority, Series AA (RB) (ST)
4.00%, 06/15/22 (c)		220			225,043
5.00%, 06/15/22 (c)		5,810			5,979,113
5.00%, 06/15/22 (c)		265			272,713
5.00%, 06/15/22 (c)		425			437,371
5.00%, 06/15/22 (c)		2,375			2,444,130
New Jersey Transportation Trust Fund Authority, Series BB (RB)
3.50%, 12/15/28 (c)		5,320			5,651,550
4.00%, 12/15/28 (c)		1,140			1,288,640
5.00%, 12/15/28 (c)		505			629,710
5.00%, 12/15/28 (c)		1,500			1,817,801
5.00%, 12/15/28 (c)		1,000			1,239,964
5.00%, 06/15/31 (c)		1,500			1,937,355
New Jersey Transportation Trust Fund Authority, Series C (RB)

See Notes to Financial Statements

34

	Par   (000’s		)	Value
New Jersey (continued)
5.25%, 12/15/24 (c)	$	2,245		$	2,549,423
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
0.00%, 12/15/24 ^		430			418,245
0.00%, 12/15/25 ^		250			238,669
0.00%, 12/15/35 ^		5,475			3,978,022
0.01%, 12/15/26		1,210			1,131,378
0.01%, 12/15/28		185			164,398
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.01%, 12/15/31		365			297,367
New Jersey Transportation Trust Fund Authority, Series D (RB)
5.00%, 12/15/24 (c)		1,620			1,827,229
5.00%, 12/15/24		540			613,833
5.25%, 12/15/23		675			743,944
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27		100			114,948
South Jersey Port Corp., Marine Terminal, Series B (RB)
5.00%, 01/01/28 (c)		360			424,630
5.00%, 01/01/28 (c)		1,000			1,155,343
5.00%, 01/01/28 (c)		2,000			2,320,128
5.00%, 01/01/28 (c)		750			880,042
South Jersey Transportation Authority, Series A (RB) (BAM) 5.00%, 11/01/30 (c)		500			626,204
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		9,400			10,935,284
5.25%, 06/01/28 (c)		4,000			4,740,856
Tobacco Settlement Financing Corp., Series B (RB)
3.20%, 06/01/27		830			842,024
5.00%, 06/01/28 (c)		12,330			14,193,494
					289,485,253
New Mexico: 0.2%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group –LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c)		4,480			4,883,444
Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 11/29/21 (c)		1,000			1,017,613
					5,901,057
New York: 8.4%
Brooklyn Arena Local Development Corp., Barclays Center (RB)

	Par   (000’s		)	Value
New York (continued)
0.00%, 07/15/33 ^	$	370		$	274,103
0.00%, 07/15/47 ^		180			83,942
0.01%, 07/15/32		395			301,493
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 01/15/27 (c)		5,040			5,802,280
5.00%, 07/15/26		345			409,635
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28		5,700			6,241,139
5.25%, 12/31/28 (c)		9,700			10,517,386
5.50%, 12/31/28 (c)		4,700			5,047,280
Build NYC Resource Corp., Metropolitan College of New York Project (RB) 5.25%, 11/01/24 (c)		250			276,446
Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 5.00%, 11/01/24 (c)		1,560			1,691,697
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c)		6,200			6,976,302
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c)		2,000			2,363,169
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		300			329,239
County of Suffolk, Series A (GO) (AGM) 4.00%, 02/01/24		1,000			1,078,845
Dutchess County Local Development Corp., Bard College Project, Series A (RB)
5.00%, 07/01/30 (c)		8,370			9,784,608
5.00%, 07/01/30 (c)		1,000			1,174,054
5.00%, 07/01/30 (c)		1,500			1,782,729
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c)		910			1,059,011
Erie Tobacco Asset Securitization Corp., Series A (RB)
5.00%, 11/29/21 (c)		1,295			1,296,471
5.00%, 11/29/21 (c)		335			335,383
Erie Tobacco Asset Securitization Corp., Series C (RB) 0.00%, 11/29/21 (c) ^		20,250			3,107,318

See Notes to Financial Statements

35

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
Erie Tobacco Asset Securitization Corp., Series D (RB) 0.00%, 11/29/21 (c) ^	$	10,000		$	1,048,464
Glen Cove Local Economic Assistance Corp., Garvies Point Public Improvement Project, Series A (RB) 5.00%, 01/01/27 (c)		4,210			4,586,653
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)
3.00%, 12/01/30 (c)		2,210			2,296,186
5.00%, 12/01/30 (c)		500			645,880
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB)
4.00%, 01/01/26 (c)		1,650			1,803,650
5.00%, 01/01/26 (c)		1,455			1,629,879
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) (AGM) 5.00%, 01/01/26 (c)		2,000			2,222,642
Nassau County Tobacco Settlement Corp., Series A-2 (RB)  5.25%, 11/15/21 (c)		3,285			3,367,395
Nassau County Tobacco Settlement Corp., Series A-3 (RB)
5.00%, 11/15/21 (c)		3,655			3,703,421
5.12%, 11/15/21 (c)		3,905			3,966,675
New Rochelle Industrial Development Agency (RB)
5.25%, 01/01/22 (c) (d) *		1,422			28,438
5.50%, 07/01/19 (c) (d) *		65			1,302
New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 05/15/24 (c)		4,500			4,641,821
New York Counties Tobacco Trust IV, Series A (RB)
0.01%, 11/15/21 (c)		64,000			6,666,630
3.75%, 06/01/26 (c)		1,160			1,197,959
5.00%, 11/15/21 (c)		745			751,570
New York Counties Tobacco Trust IV, Series B (RB)
0.01%, 11/15/21 (c)		75,000			3,414,480
2.45%, 06/01/26 (c)		970			968,724
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 11/15/21 (c) ^		10,525			1,114,311
New York Counties Tobacco Trust IV, Series S (RB) 0.00%, 11/15/21 (c) ^		1,640			615,766

	Par   (000’s		)	Value
New York (continued)
New York Liberty Development Corp., 3 World Trade Center Project (RB)
5.00%, 11/15/24 (c)	$	22,275		$	24,302,669
5.15%, 11/15/24 (c)		5,710			6,344,279
5.38%, 11/15/24 (c)		3,700			4,106,483
7.25%, 11/15/24 (c)		10,000			11,055,875
New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c)		255			259,148
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 03/15/29 (c)		7,000			7,108,003
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		480			610,908
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31		150			174,757
New York State Dormitory Authority, Pace Universtity, Series A (RB) 4.25%, 05/01/23 (c)		200			206,676
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c)		1,370			1,625,112
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 11/29/21 (c)		50			50,048
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
5.00%, 11/19/21 (c)		8,640			8,656,856
5.00%, 11/19/21 (c)		7,350			7,364,661
5.25%, 08/01/30 (c)		3,050			3,594,953
5.38%, 08/01/30 (c)		2,650			3,308,900
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		8,665			10,065,946
4.38%, 10/01/30 (c)		4,550			5,222,747
5.00%, 01/01/28 (c)		1,600			1,920,129
5.00%, 01/01/28 (c)		160			191,081
5.00%, 10/01/30 (c)		8,650			10,732,337
5.00%, 10/01/30 (c)		8,500			10,444,442
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB)

See Notes to Financial Statements

36

	Par   (000’s		)	Value
New York (continued)
3.00%, 08/01/31	$	2,000		$	2,137,826
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
4.00%, 07/01/24 (c)		1,000			1,075,824
5.00%, 07/01/24 (c)		230			255,410
5.00%, 07/01/24 (c)		4,130			4,577,700
5.00%, 07/01/24 (c)		420			466,683
5.25%, 07/01/24 (c)		2,225			2,477,841
New York Transportation Development Corp., New York State Thruway Service Areas Project (RB) 4.00%, 10/31/31 (c)		1,000			1,129,714
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) 5.00%, 12/01/29		1,300			1,626,021
New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) 5.00%, 01/01/23		3,355			3,519,346
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c)		4,000			4,160,966
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c)		355			368,644
Suffolk Tobacco Asset Securitization Corp., Series A-2 (RB) 4.00%, 06/01/31 (c)		3,250			3,668,904
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.01%, 06/01/31 (c)		10,515			1,721,994
Suffolk Tobacco Asset Securitization Corp., Series C (RB) 6.62%, 06/01/22 (c)		20			20,102
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
5.00%, 01/01/26 (c)		550			520,657
5.00%, 01/01/26 (c)		200			188,902
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23		1,500			1,533,101
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) 5.00%, 06/01/27 (c)		13,285			14,328,805

	Par   (000’s		)	Value
New York (continued)
5.00%, 06/01/27 (c)	$	17,010		$	18,567,545
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
4.00%, 09/15/24 (c)		725			713,489
5.00%, 09/15/24 (c)		400			399,108
5.25%, 09/15/24 (c)		1,000			1,004,443
5.25%, 09/15/24 (c)		180			176,709
Westchester County Industrial Development Agency, Million Air Two LLC General Aviation Facilities Project, Series A (RB) 7.00%, 06/01/24 (c)		2,390			2,525,696
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c)		255			290,738
Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB)
5.00%, 07/01/27 (c)		1,000			1,041,092
5.00%, 07/01/27 (c)		1,000			1,053,107
5.00%, 07/01/27 (c)		1,000			1,065,290
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c)		4,575			4,745,298
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c)		275			312,819
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c)		315			365,558
					297,989,718
North Carolina: 0.8%
Columbus County Industrial Facilities and Pollution Control, International Paper Company Project, Series C (RB) 2.10%, 10/01/24 (p)		1,000			1,042,372
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)
5.00%, 06/30/25 (c)		1,000			1,099,429
5.00%, 06/30/25 (c)		1,430			1,552,621
North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
4.00%, 03/01/28 (c)		4,000			4,289,615
4.00%, 03/01/28 (c)		1,235			1,358,315

See Notes to Financial Statements

37

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
North Carolina (continued)
4.00%, 03/01/28 (c)	$	3,000		$	3,262,680
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		120			128,642
North Carolina Medical Care Commission, Retirement Facilities (RB)
4.70%, 07/01/25 (c)		550			584,748
5.00%, 10/01/24 (c)		250			271,291
5.00%, 10/01/24 (c)		250			269,160
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c)		165			179,394
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM)
5.00%, 07/01/26 (c)		250			278,361
5.00%, 07/01/26 (c)		385			427,064
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c)		465			506,223
North Carolina Medical Care Commission, Wake Forest University (RB) 5.00%, 01/01/27 (c)		1,225			1,368,458
North Carolina Turnpike Authority, Triangle Expressway System (RB)
4.00%, 01/01/30 (c)		1,250			1,396,281
5.00%, 01/01/27 (c)		1,000			1,177,769
5.00%, 01/01/30 (c)		1,400			1,699,235
5.00%, 01/01/30 (c)		1,705			2,051,363
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)
3.00%, 01/01/30 (c)		1,150			1,213,429
5.00%, 01/01/29 (c)		100			124,788
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24		3,000			3,288,608
					27,569,846
North Dakota: 0.4%
City of Grand Forks, Altru Health System (RB) 4.00%, 12/01/21 (c)		25			25,077
City of Grand Forks, Altru Health System (RB) (AGM)
4.00%, 12/01/31 (c)		1,000			1,143,412
4.00%, 12/01/31 (c)		1,400			1,572,559
City of Williston, Eagle Crest Apartments LLC Project (RB)
6.25%, 09/01/23 (d) *		615			344,400
7.75%, 09/01/23 (c) (d) *		1,285			719,600

	Par   (000’s		)	Value
North Dakota (continued)
County of Grand Forks, Red river Biorefinery, LLC Project, Series A (RB)
6.62%, 06/15/26 (c)	$	2,625		$	2,637,968
7.00%, 06/15/26 (c)		5,500			5,510,312
County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB) 5.00%, 06/01/28 (c)		750			865,198
					12,818,526
Northern Mariana Islands: 0.1%
Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM) 5.00%, 11/29/21 (c)		4,900			4,662,835
Ohio: 4.3%
Akron Bath Copley Joint Township Hospital District, Summa Health (RB) 5.25%, 11/15/26 (c)		500			587,951
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
3.00%, 06/01/30 (c)		2,580			2,599,437
4.00%, 06/01/30 (c)		2,800			3,099,695
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c)		68,500			76,920,856
Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.01%, 06/01/30 (c)		35,000			5,469,740
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		1,000			1,112,023
Columbus-Franklin County Finance Authority (RB) (SBG) 6.50%, 03/01/25 (c)		4,000			3,989,529
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
4.75%, 02/15/27 (c)		340			381,628
5.25%, 02/15/27 (c)		1,750			2,062,009
County of Montgomery, Ohio Hospital Facilities, Series A (RB) 3.00%, 11/15/29 (c)		750			780,101
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
4.00%, 11/15/29 (c)		3,940			4,423,870
4.00%, 11/15/29 (c)		2,250			2,510,536
Franklin County, First Community Village (RB) 5.62%, 11/29/21 (c)		400			400,688

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Ohio (continued)
Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c)	$	3,000		$	3,014,946
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)
5.00%, 02/15/23 (c)		490			508,605
5.00%, 02/15/23 (c)		490			511,211
5.00%, 02/15/23 (c)		1,530			1,586,211
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p)		2,500			2,622,656
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c)		6,000			6,860,073
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)
2.88%, 02/01/26		4,000			4,185,686
3.25%, 09/01/29		4,500			4,807,589
Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)
4.25%, 01/15/28 (c)		500			568,747
4.50%, 01/15/28 (c)		4,000			4,608,246
Ohio Air Quality Development Authority, Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		2,270			2,292,435
Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 11/29/21 (c)		1,100			1,103,660
Ohio Higher Educational Facility Commission Healthcare (RB) 5.25%, 01/01/24 (c)		1,500			1,555,791
Ohio Housing Finance Agency, Multifamily Housing, Sanctuary at Springboro Project (RB) 5.45%, 10/01/25 (c)		500			502,414
Ohio Water Development Authority, United States Steel Corp. Project (RB) 6.60%, 11/29/21 (c)		795			797,696
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
5.00%, 12/01/24 (c)		250			263,223
5.00%, 12/01/24 (c)		245			260,471
5.50%, 12/01/24 (c)		70			75,254

	Par   (000’s		)	Value
Ohio (continued)
5.75%, 12/01/22 (c)	$	710		$	736,218
6.00%, 12/01/22 (c)		570			589,969
Southern Ohio Port Authority, PureCycle Project, Series A (RB) 7.00%, 12/01/27 (c)		8,650			9,896,789
					151,685,953
Oklahoma: 0.8%
Comanche County Hospital Authority, Series A (RB)
4.25%, 07/01/22 (c)		300			301,714
5.00%, 07/01/22 (c)		210			214,812
Holdenville Public Works Authority, Series A (RB) 4.38%, 11/01/24 (c)		605			534,324
Holdenville Public Works Authority, Series A (RB) (AGM) 4.30%, 11/01/24 (c)		780			698,147
Norman Regional Hospital Authority (RB)
3.25%, 09/01/29 (c)		340			367,349
4.00%, 09/01/26 (c)		150			164,981
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
5.00%, 04/01/22 (c)		825			771,725
5.00%, 04/01/23		90			90,183
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/28 (c)		700			848,062
5.25%, 08/15/28 (c)		2,900			3,525,389
5.25%, 08/15/28 (c)		6,000			7,270,721
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM)
5.50%, 08/15/28 (c)		1,300			1,592,726
5.50%, 08/15/28 (c)		8,320			10,163,849
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c)		375			386,274
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		2,125			2,365,517
					29,295,773
Oregon: 0.0%
Yamhill County Hospital Authority, Friendsview Retirement Community, Series A (RB) 5.00%, 11/15/24 (c)		1,000			1,085,653
Pennsylvania: 3.7%
Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB)
4.88%, 11/01/24		200			218,040

See Notes to Financial Statements

39

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
5.75%, 08/01/22 (c)	$	475		$	486,436
6.75%, 12/01/21 (c)		500			501,949
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27 (c)		2,000			2,269,616
5.00%, 05/01/27 (c)		250			287,595
5.00%, 05/01/28 (c)		500			580,714
5.00%, 05/01/28		895			1,054,219
5.00%, 05/01/28		1,000			1,184,341
5.00%, 05/01/28 (c)		250			292,329
5.38%, 05/01/28 (c)		1,000			1,157,143
Allentown Neighborhood Improvement Zone Development Authority, Series A (RB)
5.00%, 05/01/22 (c)		1,915			1,956,188
5.00%, 05/01/22 (c)		150			153,226
Berks County Industrial Development Authority, Tower Health Project (RB)
3.75%, 11/01/27 (c)		1,075			1,070,937
5.00%, 11/01/24		500			545,402
5.00%, 11/01/26		120			135,655
5.00%, 11/01/27 (c)		470			534,494
5.00%, 11/01/27 (c)		110			123,064
5.00%, 11/01/27 (c)		1,000			1,127,870
5.00%, 11/01/27 (c)		1,195			1,330,844
5.00%, 11/01/27 (c)		8,270			9,091,738
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB)
4.25%, 05/01/22 (c)		580			583,578
5.00%, 05/01/22 (c)		1,000			1,010,724
Berks County Municipal Authority, Tower Health Project (RB)
4.00%, 11/01/27 (c)		5,715			5,903,460
5.00%, 02/01/30		860			1,001,502
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		6,000			6,753,016
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p)		670			771,100
Blythe Township Solid Waste Authority (RB) 7.75%, 12/01/27 (c)		1,565			1,840,143
Bucks County Industrial Development Authority Hospital (RB) 4.00%, 07/01/31 (c)		1,000			1,110,457
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c)		1,000			1,099,522

	Par   (000’s		)	Value
Pennsylvania (continued)
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c)	$	430		$	391,214
Chester County Health and Education Facilities Authority, Simpson Senior Services Project (RB) 5.00%, 12/01/25 (c)		3,650			3,779,620
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c)		440			455,642
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
5.00%, 03/01/28 (c)		1,400			1,581,824
5.12%, 03/01/28 (c)		5,487			6,181,695
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
6.00%, 06/01/26 (c)		1,440			1,598,051
6.00%, 06/01/26 (c)		440			489,439
Cumberland County Municipal Authority, Asbury Pennsylvania (RB) 5.25%, 01/01/22 (c)		400			403,278
Cumberland County, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c)		430			459,233
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
5.00%, 10/15/27		500			554,720
5.12%, 10/15/27 (c)		2,000			2,247,477
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) (ST) 6.25%, 10/15/28 (c)		3,200			3,933,916
Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c)		315			320,561
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c)		395			432,968
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) 5.00%, 06/01/26 (c)		1,000			1,088,551

See Notes to Financial Statements

40

	Par   (000’s		)	Value
Pennsylvania (continued)
Delaware River Port Authority, Port District Project (RB)
5.00%, 01/01/23 (c)	$	840		$	884,870
5.00%, 01/01/23 (c)		1,080			1,138,568
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
5.00%, 12/01/25 (c)		500			542,697
5.00%, 12/01/25 (c)		215			232,929
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) (NATL) 5.00%, 12/01/25 (c)		1,900			2,059,202
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c)		1,000			1,129,338
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
5.00%, 03/01/27 (c)		425			475,163
5.00%, 03/01/27 (c)		310			347,409
5.00%, 03/01/27 (c)		425			479,672
5.00%, 04/01/22 (c)		1,000			1,012,071
Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB) 5.25%, 07/01/22 (c)		1,100			1,115,737
Mercer County, Industrial Development Authority, Thiel College Project (RB) 6.12%, 10/01/25 (c)		815			902,770
Montgomery County Industrial Development Authority Health System, Albert Einstein Healthcare Network Issue, Series A (RB)
4.25%, 01/15/25 (c)		635			688,039
5.25%, 01/15/25 (c)		4,235			4,774,171
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
5.00%, 01/01/25 (c)		150			159,721
5.25%, 01/01/25 (c)		870			925,306
5.38%, 01/01/25 (c)		820			869,313
Moon Industrial Development Authority, Baptist Homes Society (RB)
5.62%, 07/01/25 (c)		300			320,875
5.75%, 07/01/25 (c)		2,000			2,129,991
6.00%, 07/01/25 (c)		590			626,708

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB) 6.40%, 09/01/25 (c)	$	8,300		$	6,351,657
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
6.50%, 12/01/28 (c) (d) *		3,040			1,216,000
6.75%, 12/01/28 (c) (d) *		6,470			2,588,000
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
4.12%, 06/30/26 (c)		1,685			1,887,492
5.00%, 12/31/22		45			47,372
5.00%, 12/31/23		125			137,345
5.00%, 12/31/24		550			627,263
5.00%, 12/31/25		1,105			1,300,895
5.00%, 06/30/26 (c)		410			480,889
5.00%, 06/30/26 (c)		500			580,294
5.00%, 06/30/26 (c)		1,485			1,768,771
5.00%, 06/30/26 (c)		575			678,607
Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB)
4.00%, 11/01/22 (c)		425			428,811
5.00%, 11/01/22 (c)		250			256,267
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
5.00%, 11/01/22 (c)		1,000			1,018,476
5.00%, 11/01/22 (c)		1,915			1,953,678
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c)		1,000			1,131,654
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
6.38%, 06/01/25 (c)		440			467,281
6.50%, 06/01/25 (c)		440			466,544
6.62%, 06/01/25 (c)		415			440,885
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c)		355			388,627

See Notes to Financial Statements

41

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c)	$	350		$	376,819
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter school Project (RB)
5.00%, 06/15/28 (c)		1,000			1,143,859
5.00%, 06/15/28 (c)		500			579,446
Philadelphia Authority for Industrial Development, University Square Apartments Project (RB) 5.50%, 12/01/26 (c)		2,000			2,116,807
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB)
5.00%, 07/01/27 (c)		2,000			2,228,902
5.00%, 07/01/27 (c)		735			827,321
5.00%, 07/01/27 (c)		1,000			1,096,871
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB) 5.00%, 07/01/27 (c)		1,000			1,160,189
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB)
5.00%, 07/01/27 (c)		1,240			1,443,770
5.00%, 07/01/27 (c)		220			255,619
5.62%, 07/01/22 (c)		5,020			5,162,405
5.62%, 07/01/22 (c)		2,190			2,253,937
Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c)		250			255,363
Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c)		1,210			1,237,518
					133,263,675
Puerto Rico: 3.8%
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^		80			26,497
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) 5.00%, 06/01/26 (c)		250			276,202

	Par   (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB) 6.12%, 07/01/24	$	155		$	168,853
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
5.00%, 07/01/22 (c)		5,365			5,529,601
5.12%, 07/01/22 (c)		1,050			1,083,084
5.25%, 07/01/22 (c)		6,970			7,195,385
5.75%, 07/01/22 (c)		4,025			4,168,484
6.00%, 07/01/22 (c)		4,550			4,718,798
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.62%, 11/29/21 (c)		100			103,500
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB)
5.12%, 04/01/22 (c)		100			101,575
5.38%, 04/01/22 (c)		100			101,750
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 01/01/22 (c)		20			20,065
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (RB) 4.55%, 07/01/28 (c)		5,000			5,566,975
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.01%, 07/01/24		4,980			4,766,438
4.50%, 07/01/25 (c)		2,000			2,186,224
5.00%, 07/01/28 (c)		27,700			31,341,098
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c)		6,662			7,417,438
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c)		22,174			24,768,906
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
4.33%, 07/01/28 (c)		10,960			12,055,703
4.33%, 07/01/28 (c)		11,958			13,153,476
4.78%, 07/01/28 (c)		9,859			11,001,346
					135,751,398
Rhode Island: 0.4%
Rhode Island Health and Educational Building Corp. (RB) 5.00%, 05/15/26 (c)		1,000			1,140,134

See Notes to Financial Statements

42

	Par   (000’s		)	Value
Rhode Island (continued)
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) 5.00%, 09/01/26	$	100		$	115,418
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
5.00%, 05/15/23		250			266,074
5.00%, 05/15/26 (c)		690			777,727
Tobacco Settlement Financing Corp., Series A (RB)
0.00%, 11/15/21 (c) ^		24,580			4,105,408
5.00%, 06/01/25 (c)		1,650			1,827,006
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/25 (c)		2,000			2,192,926
Tobacco Settlement Financing Corp./RI (RB) 4.50%, 06/01/25 (c)		2,000			2,148,229
					12,572,922
South Carolina: 0.5%
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c)		800			886,093
Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^		4,878			589,880
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
5.00%, 11/01/24 (c)		500			548,173
5.00%, 11/01/24 (c)		650			715,547
5.00%, 11/01/24 (c)		500			552,530
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.75%, 12/15/26 (c)		500			575,282
5.75%, 12/15/26 (c)		500			568,599
South Carolina Jobs-Economic Development Authority, Last Step Recycling Project, Series A (RB) 6.50%, 06/01/28 (c)		1,000			1,027,904
South Carolina Jobs-Economic Development Authority, Series A (RB) (AGM) 5.00%, 04/01/24 (c)		1,000			1,076,579
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB)
5.00%, 04/01/25 (c)		5,000			5,431,174
5.00%, 04/01/25 (c)		1,750			1,899,116

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c)	$	320		$	323,399
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/24 (c)		795			830,095
4.00%, 11/15/24 (c)		350			365,793
5.25%, 11/15/24 (c)		3,755			4,086,323
					19,476,487
South Dakota: 0.0%
City of Sioux Falls, Dow Rummel Village Project (RB)
5.00%, 11/01/26 (c)		500			523,829
5.00%, 11/01/26 (c)		750			816,587
					1,340,416
Tennessee: 0.7%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		240			193,400
Bristol Industrial Development Board, Pinnacle Project, Series A (RB)
5.00%, 12/01/26 (c)		2,000			1,946,705
5.12%, 12/01/26 (c)		5,000			4,742,622
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c)		310			372,419
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c)		540			597,062
Knox County Health Educational and Housing Facility Board (RB)
4.00%, 09/01/26 (c)		290			308,884
4.00%, 09/01/26 (c)		295			316,724
5.00%, 04/01/27 (c)		380			436,235
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA)
5.50%, 07/01/27 (c)		1,100			1,051,807
5.62%, 07/01/27 (c)		1,500			1,410,919
Memphis-Shelby County Industrial Development Board, Series A (TA) 4.75%, 07/01/27		560			542,683
Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB)
5.50%, 10/01/25 (c)		250			269,821
5.75%, 10/01/25 (c)		1,595			1,720,556

See Notes to Financial Statements

43

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Tennessee (continued)
5.75%, 10/01/25 (c)	$	5,755		$	6,175,509
Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
5.00%, 09/01/26 (c)		475			449,833
5.38%, 09/01/23 (c)		205			197,670
5.50%, 09/01/23 (c)		200			193,687
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26		4,200			5,064,271
Tennessee Energy Acquisition Corp., Series C (RB) 5.00%, 02/01/23		160			169,064
The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		200			229,965
					26,389,836
Texas: 4.3%
Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities (RB) 7.50%, 12/01/27 (c)		1,000			979,212
Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 06/01/28 (c)		1,500			1,468,817
Arlington Higher Education Finance Corp., Wayside Schools, Series A (RB)
4.00%, 08/15/26 (c)		1,025			1,092,663
4.00%, 08/15/26 (c)		610			654,376
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27		280			320,810
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
5.00%, 01/01/26		715			780,954
5.00%, 01/01/27 (c)		500			537,822
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) (AGM) 5.00%, 01/01/23		800			824,608

	Par   (000’s		)	Value
Texas (continued)
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
5.00%, 12/01/25 (c)	$	610		$	652,959
5.00%, 12/01/25 (c)		215			228,786
5.25%, 12/01/25 (c)		700			766,993
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c)		5,550			5,618,067
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c)		1,850			2,005,322
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		1,500			1,540,439
Central Texas Regional Mobility Authority, Senior Lien (RB)
5.00%, 11/08/21 (c)		285			343,859
5.00%, 11/08/21 (c)		200			241,305
5.00%, 11/08/21 (c)		850			1,025,545
5.00%, 11/08/21 (c)		400			482,610
Central Texas Regional Mobility Authority, Senior Lien, Series B (RB) 4.00%, 01/01/31 (c)		3,000			3,397,464
Central Texas Regional Mobility Authority, Subordinated Lien (RB)
5.00%, 01/01/23 (c)		400			421,615
5.00%, 01/01/23 (c)		360			379,453
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB)
4.00%, 01/01/30 (c)		5,690			6,307,156
4.00%, 01/01/30 (c)		1,500			1,671,455
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		775			871,593
City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB)
5.00%, 07/15/27		3,140			3,651,423
5.00%, 07/15/28		2,000			2,360,196
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 11/29/21 (c)		2,050			2,061,306

See Notes to Financial Statements

44

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
4.75%, 07/01/24	$	2,375		$	2,514,327
5.00%, 07/15/28		1,000			1,180,099
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
5.00%, 07/15/25 (c)		2,600			2,871,954
5.00%, 07/15/25 (c)		650			713,612
Clifton Higher Education Finance Corp., Series A (RB)
5.12%, 08/15/25 (c)		730			828,760
5.50%, 08/15/25 (c)		610			694,151
Clifton Higher Education Finance Corp., Series D (RB)
5.75%, 08/15/25 (c)		500			575,324
6.00%, 08/15/25 (c)		500			575,520
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c)		850			869,707
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		2,265			2,300,276
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)
0.00%, 11/15/23 ^		250			241,049
0.00%, 11/15/23 ^		675			667,538
0.00%, 11/15/27 ^		590			504,488
0.00%, 11/15/31 (c) ^		170			69,434
0.00%, 11/15/31 (c) ^		145			63,221
0.00%, 11/15/31 (c) ^		120			67,733
0.01%, 11/15/25		495			452,833
0.01%, 11/15/29		1,405			1,110,797
0.01%, 11/15/30		115			87,169
0.01%, 11/15/31 (c)		350			173,753
0.01%, 11/15/31 (c)		705			480,808
0.01%, 11/15/31 (c)		1,140			436,642
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL)
0.00%, 11/15/24 (c) ^		335			161,506
0.00%, 11/15/24 (c) ^		100			61,339
La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c)		675			735,810
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 11/01/22		280			292,461
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)

	Par   (000’s		)	Value
Texas (continued)
5.12%, 02/15/24 (c) (d) *	$	700		$	546,000
5.12%, 02/15/24 (c) (d) *		2,680			2,090,400
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/19/21 (c)		10,000			10,516,320
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c)		235			156,033
New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series D (RB) (AGC) 12.00%, 12/01/25 (c) (d) *		750			292,500
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB)
4.00%, 07/01/26 (c)		1,030			844,681
4.25%, 07/01/26 (c)		1,700			1,305,447
5.00%, 07/01/26 (c)		1,000			760,828
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c)		1,595			1,209,799
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c)		230			237,215
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB)
4.25%, 11/29/21 (c)		250			247,510
5.12%, 11/29/21 (c)		1,000			985,499
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		225			243,853
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW) 6.25%, 01/01/23 (c)		100			104,236
New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB)
5.00%, 11/15/24 (c)		100			108,596
5.00%, 11/15/24 (c)		1,610			1,728,272
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.38%, 11/15/26 (c)		975			1,042,465

See Notes to Financial Statements

45

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
5.50%, 11/15/26 (c)	$	750		$	798,029
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/24		115			98,900
5.00%, 07/01/25 (c)		100			86,000
5.00%, 07/01/25 (c)		500			430,000
5.00%, 07/01/25 (c)		440			378,400
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c)		200			217,082
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB)
5.00%, 12/01/26 (c)		2,045			2,240,038
5.00%, 12/01/26 (c)		1,000			1,101,059
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c)		2,000			1,942,332
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
5.00%, 01/01/26 (c)		250			258,961
5.00%, 01/01/26 (c)		250			258,186
North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c)		1,050			1,187,622
North East Texas Regional Mobility Authority, Series B (RB)
5.00%, 01/01/26 (c)		400			449,741
5.00%, 01/01/26 (c)		600			672,224
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c)		2,500			2,735,101
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) 3.00%, 07/01/23 (c)		2,000			1,901,048
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (BAM) 4.00%, 01/01/22 (c)		2,000			2,059,874
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)

	Par   (000’s		)	Value
Texas (continued)
5.00%, 08/15/26 (c)	$	400		$	430,593
5.00%, 08/15/26 (c)		400			437,269
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c)		1,000			1,063,070
Red River Health Facilities Development Corp., MRC The Crossings Project, Series A (RB) 8.00%, 11/15/24 (c)		2,425			2,671,973
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) (d) *		9,900			2,475,000
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/24 (c)		125			134,176
Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB)
6.62%, 05/15/27 (c)		3,850			4,351,438
6.75%, 05/15/27 (c)		2,100			2,357,625
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) *		535			374,500
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project (RB) 5.25%, 05/15/27 (c)		2,180			1,744,000
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB)
5.00%, 11/15/25 (c)		1,000			800,000
5.00%, 11/15/25 (c)		1,100			880,000
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series B (RB)
4.00%, 11/15/25		100			80,000
5.00%, 11/15/25 (c)		1,405			1,124,000
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/28		925			1,143,158
5.00%, 12/15/29		1,375			1,725,658
5.00%, 12/15/31		1,670			2,156,009
5.00%, 12/15/32		2,120			2,773,377

See Notes to Financial Statements

46

	Par   (000’s		)	Value
Texas (continued)
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB)
5.00%, 12/31/25 (c)	$	250		$	277,685
5.00%, 12/31/25 (c)		460			512,198
5.00%, 12/31/25 (c)		230			257,657
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)
5.00%, 06/30/29 (c)		7,420			8,831,109
7.00%, 09/01/23 (c)		515			573,904
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB)
4.00%, 12/31/29 (c)		500			573,753
5.00%, 12/31/29 (c)		1,300			1,608,487
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c)		7,100			7,936,659
5.00%, 08/15/24 (c)		600			671,243
5.00%, 08/15/24 (c)		850			950,298
5.00%, 08/15/24 (c)		1,500			1,674,271
Town of Westlake, Solana Public Improvement District (SA)
6.12%, 09/01/25 (c)		1,000			1,027,826
6.25%, 09/01/25 (c)		1,000			1,027,925
6.38%, 09/01/25 (c)		1,000			1,029,110
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) *		4,980			2,716,590
					155,041,931
Utah: 0.5%
Mida Mountain Village Public Infrastructure District, Mountain Village Assesment Area #2 (SA) 4.00%, 08/01/31 (c)		5,000			5,120,216
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA)
4.50%, 08/01/30 (c)		2,500			2,784,807
5.00%, 08/01/30 (c)		4,000			4,462,317
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
5.25%, 06/15/27 (c)		1,500			1,671,646
5.38%, 06/15/27 (c)		3,195			3,522,053
					17,561,039

	Par   (000’s		)	Value
Vermont: 0.1%
Vermont Economic Development Authority (RB) (FHLMC COLL)
4.00%, 05/01/28 (c)	$	500		$	544,485
4.00%, 05/01/28 (c)		1,000			1,063,387
Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c)		1,100			1,127,796
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 5.00%, 05/01/27 (c)		1,160			1,282,341
					4,018,009
Virgin Islands: 0.9%
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 11/29/21 (c)		720			727,907
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
4.50%, 10/01/24 (c)		550			489,560
5.00%, 10/01/24 (c)		1,700			1,693,884
5.00%, 10/01/24 (c)		4,250			4,145,202
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Cruzan Project, Series A (RB) 6.00%, 11/29/21 (c)		175			175,401
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB)
6.62%, 11/29/21 (c)		215			216,751
6.75%, 11/29/21 (c)		1,840			1,854,989
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB)
4.50%, 11/29/21 (c)		100			99,029
5.00%, 11/29/21 (c)		4,365			4,375,238
5.00%, 11/29/21 (c)		1,125			1,127,639
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
5.00%, 11/29/21 (c)		1,120			1,122,627
5.25%, 11/29/21 (c)		3,180			3,132,933
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series A (RB) 5.00%, 11/29/21 (c)		3,740			3,748,772

See Notes to Financial Statements

47

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Virgin Islands (continued)
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series B (RB)
5.00%, 11/29/21 (c)	$	465		$	458,768
5.00%, 11/29/21 (c)		635			636,489
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series C (RB) 5.00%, 11/29/21 (c)		85			84,801
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 11/29/21 (c)		330			329,093
5.00%, 11/29/21 (c)		65			64,692
5.00%, 11/29/21 (c)		1,170			1,161,817
5.00%, 11/29/21 (c)		170			168,093
Virgin Islands Water and Power Authority, Series B (RB)
5.00%, 11/29/21 (c)		5,560			5,463,555
5.00%, 11/29/21 (c)		1,070			1,059,854
					32,337,094
Virginia: 1.4%
Albemarle County, Virginia Economic Development Authority, Series A (RB)
4.62%, 01/01/23 (c)		640			656,006
5.00%, 01/01/23 (c)		1,000			1,026,607
Ballston Quarter Community Development Authority, Series A (TA) 5.50%, 03/01/27 (c)		500			425,242
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c)		250			173,823
Cherry Hill Community Development Authority, Potomac Shores Project (SA)
5.15%, 03/01/25 (c)		200			210,215
5.40%, 03/01/25 (c)		495			520,164
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 11/01/23		1,000			1,090,266
5.00%, 07/01/26 (c)		1,000			1,171,653
5.00%, 07/01/26 (c)		1,025			1,199,013
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 07/15/22 (c)		380			391,793
City of Hopewell, Sewer System, Series A (RB) 5.00%, 11/29/21 (c)		240			240,687
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/31 (c)		5,400			5,763,597
Farms New Kent Community Development Authority, Series B (SA)

	Par   (000’s		)	Value
Virginia (continued)
0.00%, 03/01/36 ^	$	9,500		$	5,034,770
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)
5.00%, 07/01/30 (c)		1,500			1,765,373
5.00%, 07/01/30 (c)		2,800			3,273,226
Hanover County, Economic Development Authority (RB)
5.00%, 07/01/24 (c)		500			540,064
5.00%, 07/01/24 (c)		500			540,470
Hanover County, Economic Development Authority, Series A (RB)
5.00%, 07/01/22 (c)		1,500			1,527,686
5.00%, 07/01/22 (c)		1,500			1,526,385
Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community, Series A (RB) 5.25%, 01/01/24 (c)		2,400			2,602,230
Peninsula Town Center Community Development Authority (RB)
5.00%, 09/01/27 (c)		500			541,994
5.00%, 09/01/27 (c)		3,850			4,162,480
Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c)		3,500			3,282,482
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (p)		1,145			1,100,420
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c)		500			465,325
Virginia College Building Authority, Marymount University Project, Series A (RB) 5.00%, 07/01/25 (c)		1,000			1,062,078
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		2,300			2,481,514
Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
5.50%, 07/01/22 (c)		760			783,595
6.00%, 07/01/22 (c)		1,550			1,604,829

See Notes to Financial Statements

48

	Par   (000’s		)	Value
Virginia (continued)
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
5.00%, 01/01/22 (c)	$	1,070		$	1,077,542
5.00%, 01/01/22 (c)		300			302,171
Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/38 (c) (p)		2,000			2,091,947
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p)		1,000			1,002,009
					49,637,656
Washington: 1.5%
Kalispel Tribe Indians Priority, Series A (RB)
5.00%, 01/01/28 (c)		250			294,815
5.25%, 01/01/28 (c)		250			295,247
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.75%, 12/01/25 (c)		500			547,749
6.00%, 12/01/25 (c)		500			551,056
6.25%, 12/01/25 (c)		250			276,158
Klickitat County Public Hospital District No. 2 (RB) 5.00%, 12/01/27 (c)		1,230			1,264,079
Washington Economic Development Finance Authority (RB) 5.62%, 12/01/30 (c)		1,500			1,771,676
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		100			111,902
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		205			239,115
Washington State Convention Center Public Facilities District (RB)
3.00%, 07/01/31 (c)		2,250			2,257,941
3.00%, 07/01/31 (c)		1,000			969,224
3.00%, 07/01/31 (c)		4,400			4,264,584
4.00%, 07/01/31		5,200			5,936,162
4.00%, 07/01/31 (c)		5,945			6,602,716
4.00%, 07/01/31 (c)		3,745			4,187,857
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
5.00%, 07/01/24 (c)		150			156,317
5.00%, 07/01/24 (c)		2,000			2,055,926

	Par   (000’s		)	Value
Washington (continued)
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25	$	170		$	186,757
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
3.75%, 07/01/26		150			155,859
5.00%, 01/01/25 (c)		1,500			1,621,426
5.00%, 01/01/25 (c)		2,495			2,693,019
5.00%, 01/01/25 (c)		825			900,736
Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series A (RB)
5.00%, 01/01/26 (c)		2,000			2,114,469
5.00%, 01/01/26 (c)		1,000			1,054,056
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB)
5.00%, 07/01/26 (c)		7,000			7,768,051
5.00%, 07/01/26 (c)		1,395			1,560,431
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) (AGM) 5.00%, 07/01/26 (c)		1,250			1,394,140
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
5.00%, 07/01/26 (c)		500			535,326
5.00%, 07/01/26 (c)		1,250			1,335,531
					53,102,325
West Virginia: 0.6%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)
3.00%, 06/01/22 (c)		210			211,046
4.00%, 06/01/22 (c)		760			764,871
Glenville State College Board of Governors Improvement (RB) 5.25%, 06/01/27 (c)		2,550			2,653,951
Harrison County Building Commission, General Services Administration Building Project (RB)
3.12%, 10/01/27 (c)		700			701,303
3.25%, 10/01/27 (c)		820			817,694
3.50%, 10/01/27 (c)		1,000			1,056,447
Harrison County, West Virginia Special District, Series A (RB) 5.75%, 06/01/29 (c)		2,250			2,526,475

See Notes to Financial Statements

49

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
West Virginia (continued)
Monongalia County Commission Excise Tax District, Series A (RB) 4.12%, 06/01/31 (c)	$	2,500		$	2,754,502
Ohio County Development Authority, Sports Complex Project (RB) 4.60%, 09/01/28 (c)		2,130			2,144,777
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p)		5,000			5,411,122
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p)		1,500			1,578,811
West Virginia Hospital finance Authority, Cabell Huntington Hospital, Series A (RB) 5.00%, 01/01/29 (c)		1,000			1,199,054
					21,820,053
Wisconsin: 2.9%
Public Finance Authority (RB) 4.00%, 07/01/31 (c)		2,000			2,056,424
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c)		500			556,112
Public Finance Authority Hospital, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c)		1,000			1,130,834
Public Finance Authority, American Dream at Meadowlands Project (RB)
6.75%, 12/01/27 (c)		500			545,093
7.00%, 12/01/27 (c)		9,000			9,878,961
Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31		7,825			8,329,678
Public Finance Authority, American Preparatory Academy, Series A (RB) 5.38%, 07/15/27 (c)		1,000			1,118,033
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c)		250			272,908
Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
5.00%, 02/01/26 (c)		495			529,285
5.12%, 02/01/26 (c)		500			530,362

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/24 (c)	$	500		$	516,128
5.00%, 06/15/26 (c)		500			527,348
5.00%, 06/15/26 (c)		500			533,254
5.12%, 06/15/24 (c)		1,000			1,035,729
Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB)
5.00%, 12/01/27 (c)		500			557,583
5.00%, 12/01/27 (c)		500			569,216
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c)		1,000			1,046,585
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/25		85			90,849
Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c)		2,500			2,672,643
Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB) 7.00%, 01/01/32 (c)		5,790			5,656,245
Public Finance Authority, Living Community First Mortgage (RB)
4.25%, 05/01/27 (c)		435			426,788
5.00%, 03/01/28 (c)		1,250			1,420,119
5.50%, 05/01/27 (c)		2,000			2,035,616
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) *		890			592,993
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB)
6.25%, 01/01/28 (c)		500			394,668
6.38%, 01/01/28 (c)		2,000			1,522,797
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c)		1,000			1,088,352
Public Finance Authority, McLemore Hotel & Conference Center, Series A (RB) 4.50%, 06/01/28 (c)		1,000			997,902

See Notes to Financial Statements

50

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)
5.00%, 06/15/26 (c)	$	1,250		$	1,282,033
5.00%, 06/15/26 (c)		4,000			4,156,729
Public Finance Authority, Penick Village (RB)
4.00%, 09/01/26 (c)		455			473,931
5.00%, 09/01/26 (c)		500			533,996
5.00%, 09/01/26 (c)		500			540,123
5.00%, 09/01/26 (c)		500			532,266
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.88%, 06/15/24 (c)		500			510,708
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c)		2,920			3,149,485
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) 4.25%, 07/01/31 (c)		6,820			7,025,969
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c)		300			324,675
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c)		4,265			4,278,266
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
5.00%, 10/01/29 (c)		1,950			2,302,631
5.00%, 10/01/29 (c)		2,000			2,388,639
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB)
5.00%, 01/01/31 (c)		1,555			1,708,287
5.00%, 07/01/30 (c)		8,695			9,519,146
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c)		750			806,026
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/23 (c)		105			104,144
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB)

	Par   (000’s		)	Value
Wisconsin (continued)
4.25%, 07/01/23 (c)	$	1,250		$	1,250,987
4.38%, 07/01/23 (c)		850			850,133
5.00%, 07/01/23 (c)		725			740,054
Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.25%, 02/01/23 (c)		1,150			1,185,679
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
5.00%, 11/01/26 (c)		2,925			3,223,999
5.00%, 11/01/26 (c)		1,950			2,183,065
7.50%, 11/19/21 (c)		3,020			3,025,334
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 02/01/23 (c)		3,950			4,066,536
Wisconsin Health and Educational Facilities Authority, Wisconsin Illinois Senior Housing, Inc., Series A (RB) 5.25%, 08/01/25 (c)		2,000			2,080,410
					104,875,756
Total Municipal Bonds: 98.4% (Cost: $3,444,913,486)					3,509,170,360
Other assets less liabilities: 1.6%					55,797,893
NET ASSETS: 100.0%				$	3,564,968,253

See Notes to Financial Statements

51

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

ACA	Credit Agricole SA
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Putable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond
(d)	Security in default
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Education		9.8	%	$	342,264,553
Health Care		18.9			662,612,792
Housing		5.1			178,726,350
Industrial Revenue		15.9			558,780,900
Leasing		8.8			308,005,667
Local		7.8			274,327,336
Power		0.5			16,851,545
Solid Waste/Resource Recovery		0.0			1,840,195
Special Tax		11.5			403,166,145
State		3.2			110,759,003
Tobacco		9.1			319,681,283
Transportation		7.6			267,298,657
Water & Sewer		1.8			64,855,934
		100.0	%	$	3,509,170,360

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	3,509,170,360	$	—	$	3,509,170,360

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

52

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 97.6%
Arizona: 3.5%
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c)	$	400		$	436,224
California: 29.9%
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c)		275			288,213
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31		475			587,377
Orange County Local Transportation Authority, Measure M2 Sales Tax (RB) 5.00%, 02/15/23		250			265,429
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29		370			458,160
State of California, Various Purpose (GO)
5.00%, 02/01/22 (c)		265			268,143
5.00%, 02/01/25 (c)		410			470,338
University of California, Series BB (RB) 5.00%, 05/15/29 (c)		250			310,909
University of California, Series BH (RB) 4.00%, 05/15/31 (c)		280			329,626
Val Verde Unified School District, Series A (GB) 2.75%, 08/01/28		720			727,494
					3,705,689
Connecticut: 2.3%
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c)		250			289,400
Massachusetts: 2.2%
Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW) 5.00%, 07/01/23		255			275,009
Minnesota: 2.1%
State of Minnesota, State Trunk Highway, Series B (GO) 5.00%, 08/01/22		250			259,106
Nevada: 2.2%
Truckee Meadows Water Authority (RB) 5.00%, 07/01/23		250			269,616

	Par   (000’s		)	Value
New York: 27.3%
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c)	$	250		$	302,330
Metropolitan Transportation Authority, Series B (RB)
4.25%, 11/15/22 (c)		350			362,134
4.25%, 11/15/22 (c)		330			340,919
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24		250			285,018
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c)		300			334,546
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c)		250			283,233
New York City Water & Sewer System, Series BB (RB) 5.00%, 12/15/22 (c)		255			268,500
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c)		250			299,460
New York State Dormitory Authority, State University Educational Facilities Issue, Series A (RB) 4.00%, 05/15/22		270			275,565
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c)		275			318,650
New York State Urban Development Corp., Personal Income, Series A (RB) 5.00%, 09/15/30 (c)		250			313,530
					3,383,885
North Carolina: 3.1%
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		265			386,811
Oregon: 2.3%
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c)		250			286,766
Pennsylvania: 11.8%
Commonwealth of Pennsylvania (GO) 5.00%, 03/15/23		250			266,407
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) (AGC) 3.70%, 04/01/27 (c)		720			777,083

See Notes to Financial Statements

53

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 06/01/31 (c)	$	330		$	412,594
					1,456,084
Washington: 8.8%
County of King, Washington Unlimited Tax (GO) 5.00%, 12/01/22		250			263,009
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 5.00%, 07/01/22		285			294,113

	Par   (000’s		)	Value
Washington (continued)
Port of Seattle, Series B (RB) 5.00%, 08/01/22	$	250		$	258,837
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c)		250			276,184
					1,092,143
Wisconsin: 2.1%
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/23 (c)		250			263,291
Total Municipal Bonds: 97.6% (Cost: $12,222,112)					12,104,024
Other assets less liabilities: 2.4%					302,029
NET ASSETS: 100.0%				$	12,406,053

Definitions:

AGC	Assured Guaranty Corp.
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding

Footnotes:

(c) Callable Security — the redemption date shown is when the security may be redeemed by the issuer

Summary of Investments by Sector	% of Investments			Value
Education		17.4	%	$	2,103,713
Health Care		10.0			1,213,324
Housing		6.4			777,083
Leasing		4.9			594,214
Local		4.7			565,339
Power		2.4			294,113
Special Tax		14.6			1,768,521
State		15.1			1,829,579
Transportation		20.0			2,420,021
Water & Sewer		4.5			538,117
		100.0	%	$	12,104,024

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	12,104,024	$	—	$	12,104,024

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

54

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.7%
Alabama: 1.5%
Alabama Federal Aid Highway Finance Authority, Series A (RB)
5.00%, 09/01/26 (c)	$	340		$	410,680
5.00%, 09/01/26 (c)		10			12,079
5.00%, 09/01/26 (c)		340			410,680
5.00%, 09/01/27 (c)		460			570,437
5.00%, 09/01/27		150			186,012
5.00%, 09/01/27 (c)		250			310,020
5.00%, 09/01/27 (c)		935			1,159,475
Alabama Public School and College Authority, Series A (RB)
4.00%, 11/01/30 (c)		2,000			2,387,049
5.00%, 11/01/30 (c)		525			688,343
5.00%, 11/01/30 (c)		1,750			2,283,719
5.00%, 11/01/30 (c)		2,015			2,621,725
5.00%, 11/01/30 (c)		1,500			1,961,367
Auburn University, Series A (RB)
5.00%, 06/01/26 (c)		10			11,845
5.00%, 06/01/26 (c)		25			29,660
Black Belt Energy Gas District, Series A (RB) 4.00%, 12/01/31 (c) (p)		4,000			4,867,081
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c)		860			922,790
County of Jefferson (RB)
4.00%, 03/15/27 (c)		1,750			1,993,873
5.00%, 03/15/27 (c)		525			634,635
5.00%, 03/15/27 (c)		100			119,944
5.00%, 03/15/27 (c)		250			303,221
5.00%, 03/15/27 (c)		800			966,120
Southeast Energy Authority A Cooperative District (RB) 4.00%, 10/01/28 (c) (p)		1,000			1,167,754
State of Alabama, Series A (GO) 5.00%, 11/01/28 (c)		675			847,846
UAB Medicine Finance Authority, Series B (RB)
5.00%, 09/01/26 (c)		150			178,372
5.00%, 09/01/26 (c)		225			268,133
UAB Medicine Finance Authority, Series B-1 (RB) 5.00%, 03/01/27 (c)		280			337,155
University of Alabama, Board of Trustee, Series A (RB)
3.00%, 07/01/29 (c)		415			448,516
4.00%, 07/01/29 (c)		820			961,090
Water Works Board of the City of Birmingham, Series A (RB)
5.00%, 01/01/27 (c)		595			725,426
5.00%, 01/01/27 (c)		775			934,078
5.00%, 01/01/27 (c)		250			304,801
					29,023,926

	Par   (000’s		)	Value
Alaska: 0.2%
Alaska Housing Finance Corp., Series A (RB)
4.00%, 06/01/27 (c)	$	125		$	143,371
4.00%, 06/01/27 (c)		900			1,028,872
5.00%, 06/01/27 (c)		590			713,074
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c)		305			355,041
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c)		635			736,516
State of Alaska, Series B (GO)
5.00%, 08/01/25 (c)		205			237,114
5.00%, 08/01/25 (c)		250			289,767
5.00%, 08/01/25 (c)		525			608,298
					4,112,053
Arizona: 0.9%
Arizona Transportation Board, Highway Revenue (RB)
5.00%, 07/01/26 (c)		1,050			1,246,072
5.00%, 07/01/26 (c)		835			992,608
City of Mesa, Utility System Revenue (RB) 5.00%, 07/01/26 (c)		270			321,236
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
5.00%, 07/01/26 (c)		120			142,590
5.00%, 07/01/26 (c)		620			738,906
5.00%, 07/01/26 (c)		150			177,859
5.00%, 07/01/26 (c)		860			1,024,934
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
5.00%, 07/01/29 (c)		1,275			1,572,023
5.00%, 07/01/29 (c)		1,000			1,238,193
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB)
5.00%, 07/01/27 (c)		250			304,685
5.00%, 07/01/27 (c)		100			121,326
5.00%, 07/01/27 (c)		250			303,550
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB)
5.00%, 07/01/27 (c)		120			145,694
5.00%, 07/01/27 (c)		550			666,303
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/31 (c)		800			1,062,032
Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c)		250			303,630

See Notes to Financial Statements

55

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Arizona (continued)
Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
3.12%, 01/01/27 (c)	$	20		$	21,330
5.00%, 01/01/27 (c)		605			721,811
5.00%, 01/01/28		215			266,933
5.00%, 01/01/29		710			900,775
Maricopa County Special Health Care District, Series C (GO)
5.00%, 07/01/25		190			220,710
5.00%, 07/01/26		240			287,368
5.00%, 07/01/27		295			361,762
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/27 (c)		1,150			1,392,859
5.00%, 01/01/28 (c)		250			307,950
5.00%, 01/01/28 (c)		2,000			2,472,056
					17,315,195
Arkansas: 0.1%
City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c)		305			312,484
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c)		280			346,419
City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c)		1,000			1,196,072
					1,854,975
California: 15.5%
Alameda County Joint Powers Authority (RB) 5.00%, 12/01/26 (c)		815			978,600
Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)		270			286,811
Bay Area Toll Authority, Series S-7 (RB) 4.00%, 04/01/27 (c)		1,085			1,253,148
California Health Facilities Financing Authority (RB)
4.00%, 04/01/30 (c)		500			585,563
4.00%, 04/01/30 (c)		450			530,276
California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c)		90			101,438
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c)		310			371,520

	Par   (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c)	$	400		$	428,667
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) 4.00%, 04/01/30 (c)		1,060			1,245,838
California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c)		175			192,287
California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27		475			591,713
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 5.00%, 10/01/26 (c)		880			1,052,312
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c)		750			926,167
California Health Facilities Financing Authority, Sutter Health, Series A (RB)
5.00%, 11/15/27 (c)		150			184,531
5.00%, 11/15/27 (c)		450			554,645
5.00%, 11/15/27 (c)		1,075			1,321,146
California Infrastructure and Economic Development Bank, Clean Water State (RB)
5.00%, 10/01/25		100			117,636
5.00%, 10/01/25		100			117,636
5.00%, 10/01/26		150			182,027
5.00%, 04/01/26 (c)		550			655,031
5.00%, 04/01/26 (c)		55			65,212
5.00%, 04/01/27 (c)		170			205,937
5.00%, 08/01/29 (c)		775			982,546
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c)		840			1,009,166
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c)		925			1,110,399
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
3.00%, 09/01/27 (c)		360			391,696
3.00%, 09/01/27 (c)		500			545,158
5.00%, 09/01/24 (c)		270			304,478

See Notes to Financial Statements

56

	Par   (000’s		)	Value
California (continued)
California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB)
2.50%, 10/01/26 (c)	$	655		$	696,760
4.00%, 10/01/26 (c)		500			574,599
California State Public Works Board, Department of General Services, Series F (RB) 5.00%, 05/01/25 (c)		330			379,289
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 10/01/27 (c)		340			420,078
5.00%, 10/01/27 (c)		120			148,195
5.00%, 10/01/27 (c)		445			550,402
California State Public Works Board, Various Capital Projects, Series C (RB)
3.38%, 03/01/27 (c)		100			109,701
4.00%, 11/01/26 (c)		425			488,410
5.00%, 11/01/26 (c)		30			36,214
5.00%, 11/01/26 (c)		30			36,247
5.00%, 11/01/26 (c)		45			54,346
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c)		400			483,032
California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c)		950			1,198,292
California State University, Series A (RB)
5.00%, 11/01/25 (c)		35			41,069
5.00%, 05/01/26 (c)		10			11,886
5.00%, 05/01/26 (c)		160			191,351
5.00%, 05/01/27 (c)		225			274,333
5.00%, 05/01/27 (c)		510			622,305
California Statewide Communities Development Authority (RB)
4.00%, 04/01/31 (c)		1,400			1,626,242
5.00%, 11/01/29 (p)		1,675			2,164,705
California Statewide Communities Development Authority (RB) (BAM) 4.00%, 05/15/31 (c)		1,000			1,194,880
California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p)		1,500			1,938,542
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/28 (c)		760			914,481

	Par   (000’s		)	Value
California (continued)
5.00%, 01/01/28 (c)	$	315		$	379,735
5.00%, 01/01/28 (c)		1,000			1,199,069
Campbell Union High School District, Series B (GO) 5.00%, 08/01/26 (c)		300			362,261
Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c)		140			159,659
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c)		255			273,814
City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/25 (c)		15			17,469
City of Concord (CP) 2.00%, 04/01/31 (c)		1,400			1,324,557
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
4.00%, 05/15/30 (c)		1,000			1,193,940
5.00%, 05/15/31 (c)		1,400			1,813,700
5.00%, 05/15/31 (c)		500			653,271
City of Los Angeles, Solid Waste Resources, Series A (RB) 4.00%, 02/01/28 (c)		405			471,725
City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c)		565			691,184
City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c)		200			254,609
Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c)		20			22,937
Corona-Norco Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		250			283,359
County of Sacramento, Airport System, Series E (RB)
5.00%, 07/01/27		275			337,919
5.00%, 07/01/28 (c)		150			184,407
County of Santa Clara, Series C (GO)
3.00%, 08/01/27 (c)		245			263,423
5.00%, 08/01/27 (c)		125			154,106
5.00%, 08/01/27 (c)		525			641,779
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program (RB) 3.25%, 06/01/26 (c)		2,000			2,145,722
Desert Community College District (GO) 5.00%, 08/01/27 (c)		145			176,891
East Bay Municipal Utility District, Water System, Series A (RB)

See Notes to Financial Statements

57

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
5.00%, 06/01/27 (c)	$	460		$	563,483
East Bay Municipal Utility District, Water System, Series B (RB)
5.00%, 06/01/27 (c)		145			178,951
5.00%, 06/01/27 (c)		220			269,671
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c)		2,590			2,781,474
Eastern Municipal Water District Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c)		1,070			1,389,322
Eastern Municipal Water District, Financing Authority, Series B (RB)
5.00%, 07/01/26 (c)		145			172,296
5.00%, 07/01/26 (c)		560			664,854
Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB)
5.00%, 07/01/26 (c)		25			30,036
5.00%, 07/01/26 (c)		100			120,042
El Camino Healthcare District (GO) 4.00%, 02/01/27 (c)		250			286,086
El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c)		250			298,047
Fontana Redevelopment Agency Successor Agency (TA)
5.00%, 10/01/26		205			247,553
5.00%, 10/01/27 (c)		760			923,714
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c)		1,500			1,661,786
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c)		220			255,982
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
5.00%, 06/01/27 (c)		1,420			1,695,266
5.00%, 06/01/28 (c)		1,000			1,219,447
5.00%, 06/01/28 (c)		2,380			2,879,913
Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c)		3,000			3,058,600
Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c)		1,600			1,649,682
Long Beach Unified School District (GO) 5.00%, 08/01/26 (c)		105			126,463

	Par   (000’s		)	Value
California (continued)
Los Angeles Community College District, Series A (GO)
5.00%, 08/01/24 (c)	$	265		$	298,610
5.00%, 08/01/24 (c)		175			197,196
5.00%, 08/01/24 (c)		330			371,855
Los Angeles Community College District, Series G (GO) 5.00%, 08/01/24 (c)		170			191,562
Los Angeles Community College District, Series I (GO)
4.00%, 08/01/26		25			28,994
4.00%, 08/01/26 (c)		170			195,093
4.00%, 08/01/26 (c)		135			156,267
Los Angeles Community College District, Series J (GO)
4.00%, 08/01/27 (c)		400			466,661
4.00%, 08/01/27 (c)		750			875,051
5.00%, 08/01/27 (c)		100			123,534
Los Angeles County Metropolitan Transportation Authority (RB)
4.00%, 06/01/30 (c)		1,000			1,199,686
5.00%, 06/01/30 (c)		1,000			1,303,895
5.00%, 07/01/31 (c)		2,000			2,650,953
Los Angeles County Metropolitan Transportation Authority, Series A (RB)
4.00%, 07/01/26 (c)		50			56,877
5.00%, 06/01/26 (c)		115			137,823
5.00%, 06/01/26 (c)		375			448,483
5.00%, 06/01/26 (c)		165			197,168
5.00%, 07/01/25 (c)		820			956,771
5.00%, 07/01/27 (c)		795			976,889
5.00%, 07/01/27 (c)		285			352,002
5.00%, 07/01/31 (c)		705			936,646
5.00%, 07/01/31 (c)		900			1,199,164
Los Angeles County Public Works Financing Authority, Series B (RB) 5.00%, 12/01/25 (c)		435			511,965
Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c)		450			574,780
Los Angeles Department of Water and Power, Series A (RB)
5.00%, 01/01/26 (c)		155			183,320
5.00%, 01/01/27 (c)		1,010			1,222,736
5.00%, 01/01/28 (c)		500			616,754
5.00%, 01/01/28 (c)		500			617,745
5.00%, 01/01/28 (c)		115			143,582
5.00%, 07/01/29		1,000			1,294,296
Los Angeles Department of Water and Power, Series B (RB)
5.00%, 01/01/26 (c)		35			41,347
5.00%, 01/01/27 (c)		1,000			1,208,378
5.00%, 01/01/27 (c)		275			332,158

See Notes to Financial Statements

58

	Par   (000’s		)	Value
California (continued)
5.00%, 06/01/25 (c)	$	180		$	209,370
5.00%, 07/01/27		110			135,922
5.00%, 07/01/28 (c)		110			137,933
Los Angeles Department of Water and Power, Series C (RB)
5.00%, 07/01/24 (c)		250			281,092
5.00%, 07/01/24 (c)		100			112,323
5.00%, 07/01/27 (c)		500			613,740
5.00%, 07/01/27 (c)		200			245,307
5.00%, 07/01/27 (c)		1,100			1,354,567
5.00%, 07/01/29 (c)		1,420			1,814,569
5.00%, 07/01/30 (c)		1,500			1,951,334
5.00%, 07/01/30 (c)		1,125			1,472,562
Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/28 (c)		125			155,788
Los Angeles Unified School District, Series A (GO)
4.00%, 07/01/29 (c)		1,580			1,894,737
5.00%, 07/01/25 (c)		135			157,249
5.00%, 07/01/25 (c)		695			802,674
5.00%, 07/01/25 (c)		25			28,903
5.00%, 07/01/26		120			144,173
5.00%, 07/01/27		820			1,012,211
5.00%, 07/01/28		250			315,371
5.00%, 07/01/29 (c)		1,720			2,213,772
5.00%, 07/01/30		500			654,657
Los Angeles Unified School District, Series B (GO)
2.00%, 07/01/26 (c)		270			279,257
3.00%, 07/01/26 (c)		780			841,893
3.00%, 07/01/26 (c)		1,055			1,135,649
5.00%, 07/01/26 (c)		885			1,061,472
5.00%, 07/01/26 (c)		915			1,091,408
Los Angeles Unified School District, Series B-1 (GO)
5.00%, 01/01/28 (c)		585			719,229
5.00%, 01/01/28 (c)		645			797,723
5.00%, 01/01/28 (c)		295			361,313
Los Angeles Unified School District, Series C (GO)
3.00%, 07/01/30 (c)		1,880			2,061,027
4.00%, 07/01/30 (c)		360			433,677
4.00%, 07/01/30 (c)		2,000			2,393,280
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c)		1,000			1,189,872
Los Angeles Unified School District, Series RYQ (GO) (BAM) 5.00%, 07/01/29		3,675			4,725,266
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c)		100			125,966
Municipal Improvement Corp. of Los Angeles, Series B (RB)

	Par   (000’s		)	Value
California (continued)
5.00%, 11/01/26 (c)	$	615		$	740,049
5.00%, 11/01/26 (c)		135			162,817
5.00%, 11/01/26 (c)		265			320,328
Norman Y Mineta San Jose International Airport (RB) (BAM) 4.00%, 03/01/31 (c)		325			392,149
Northern California Transmission Agency Project, Series A (RB)
5.00%, 05/01/26 (c)		45			53,405
5.00%, 05/01/26 (c)		40			47,342
Oakland Unified School District (GO)
5.00%, 08/01/26 (c)		385			459,116
5.00%, 08/01/26 (c)		625			743,071
5.00%, 08/01/26 (c)		175			208,599
5.00%, 08/01/26 (c)		975			1,164,703
Oakland Unified School District, Series C (GO) 5.00%, 08/01/27 (c)		400			485,990
Palm Springs Unified School District, Series A (GO) (AGM)
1.25%, 08/01/29 (c)		4,000			3,907,363
1.25%, 08/01/29 (c)		1,265			1,214,307
1.50%, 08/01/29 (c)		3,000			2,869,064
1.50%, 08/01/29 (c)		2,500			2,384,572
1.75%, 08/01/29 (c)		3,000			2,921,592
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c)		160			172,835
Palomar Health, Series B (GO) 5.00%, 08/01/26 (c)		775			898,011
Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c)		260			289,864
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB)
5.00%, 10/01/25 (c)		475			556,144
5.00%, 10/01/25 (c)		440			514,979
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB)
4.00%, 11/01/26 (c)		100			115,021
5.00%, 11/01/26 (c)		170			206,051
5.00%, 11/01/26 (c)		25			30,138
5.00%, 11/01/26 (c)		1,215			1,462,048
5.00%, 05/01/25 (c)		230			265,823
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB)
5.00%, 11/01/27 (c)		785			972,870
5.00%, 11/01/27 (c)		255			318,095

See Notes to Financial Statements

59

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c)	$	650		$	765,935
Riverside Community College District (GO) 5.00%, 08/01/25 (c)		170			198,901
Riverside County Transportation Commission, Series A (RB) 2.00%, 06/01/24 (c)		730			740,485
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c)		560			691,453
Riverside Redevelopment Agency Successor Agency, Series A (TA) (AGM) 5.00%, 09/01/26		125			150,456
Sacramento City Financing Authority, Master Lease Program Facilities (RB) (BAM)
5.00%, 12/01/25 (c)		110			129,316
5.00%, 12/01/25 (c)		210			247,528
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c)		170			189,960
San Diego Association of Governments, South Bay Expressway, Series A (RB)
5.00%, 07/01/27 (c)		705			851,068
5.00%, 07/01/27 (c)		500			604,543
San Diego Community College District (GO)
5.00%, 08/01/26 (c)		855			1,027,547
5.00%, 08/01/26 (c)		65			78,185
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		535			671,413
San Diego County Regional Airport Authority, Series B (RB)
5.00%, 07/01/30 (c)		1,630			2,101,801
5.00%, 07/01/30 (c)		1,295			1,645,073
5.00%, 07/01/30 (c)		2,075			2,653,317
San Diego County Regional Transportation Commission, Series A (RB) 5.00%, 04/01/26 (c)		105			124,296
San Diego County Water Authority, Series A (RB) 5.00%, 05/01/25 (c)		75			86,795
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c)		2,000			2,452,600

	Par   (000’s		)	Value
California (continued)
San Diego County, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c)	$	150		$	169,447
San Diego Public Facilities Financing Authority (RB) 5.00%, 10/15/25 (c)		150			174,492
San Diego Public Facilities Financing Authority, Series A (RB) 5.00%, 05/15/26 (c)		135			161,441
San Diego Regional Building Authority, Series A (RB) 5.00%, 10/15/25 (c)		555			641,636
San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c)		650			798,243
San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c)		20			23,012
San Francisco Bay Area Rapid Transit District, Series F-1 (GO)
5.00%, 08/01/28		900			1,145,640
5.00%, 08/01/29 (c)		140			180,844
5.00%, 08/01/29 (c)		110			142,740
San Francisco Community College District (GO) 5.00%, 06/15/25		140			162,230
San Francisco County Transportation Authority (RB) 3.00%, 02/01/27 (c)		135			146,166
3.00%, 02/01/27 (c)		500			535,007
4.00%, 02/01/27 (c)		325			375,067
4.00%, 02/01/27		105			122,957
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c)		2,000			2,359,767
San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c)		165			198,861
San Joaquin County, Administration Building Project (CP) (AGM)
5.00%, 11/15/27 (c)		520			639,990
5.00%, 11/15/27 (c)		500			619,998
San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c)		25			29,199
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c)		230			277,075
San Marcos Unified School District (GO)
4.00%, 08/01/27 (c)		400			459,696
5.00%, 08/01/27 (c)		515			629,000
5.00%, 08/01/27 (c)		360			439,376
5.00%, 08/01/27 (c)		350			426,185

See Notes to Financial Statements

60

	Par   (000’s		)	Value
California (continued)
San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c)	$	770		$	879,881
Santa Clara County Financing Authority (RB)
4.00%, 05/01/31 (c)		840			1,027,400
5.00%, 05/01/31 (c)		3,855			5,116,142
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
4.00%, 05/15/25 (c)		760			842,645
4.00%, 05/15/25 (c)		400			443,045
Santa Clara Unified School District (GO)
3.00%, 07/01/26 (c)		1,535			1,643,713
3.00%, 07/01/26 (c)		100			107,388
Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c)		25			29,346
Sequoia Union High School District (GO) 3.00%, 07/01/26 (c)		500			538,732
Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29		100			129,601
State of California (GO)
3.00%, 10/01/29 (c)		2,000			2,213,458
5.00%, 11/01/28 (c)		2,000			2,511,679
5.00%, 09/01/29		1,000			1,291,723
State of California, Department of Water Resources, Central Valley Project, Series AW (RB)
5.00%, 12/01/26 (c)		275			335,762
5.00%, 12/01/26 (c)		50			60,406
State of California, Department of Water Resources, Central Valley Project, Series AX (RB)
5.00%, 12/01/27 (c)		100			123,945
5.00%, 12/01/27 (c)		915			1,135,025
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c)		365			466,907
State of California, Series CL (GO) 3.75%, 12/01/24 (c)		10			10,216
State of California, Various Purpose (GO)
2.00%, 09/01/26 (c)		400			420,146
3.00%, 10/01/29 (c)		350			380,469
3.12%, 04/01/29 (c)		1,575			1,729,519
3.50%, 08/01/27		605			696,330
4.00%, 11/01/27		600			710,426
4.00%, 11/01/27 (c)		100			117,287
4.00%, 11/01/30 (c)		3,445			4,156,813
4.00%, 03/01/29		2,000			2,416,675

	Par   (000’s		)	Value
California (continued)
4.00%, 03/01/30 (c)	$	9,500		$	11,260,016
4.00%, 03/01/30 (c)		2,000			2,360,985
4.00%, 08/01/26 (c)		130			148,341
4.00%, 08/01/26 (c)		700			800,033
4.00%, 09/01/26 (c)		2,110			2,423,652
5.00%, 10/01/27		285			353,388
5.00%, 10/01/28 (c)		300			379,481
5.00%, 10/01/29 (c)		2,340			3,017,548
5.00%, 10/01/29 (c)		3,425			4,402,787
5.00%, 10/01/29		1,000			1,293,815
5.00%, 11/01/27 (c)		1,000			1,248,696
5.00%, 11/01/27 (c)		2,645			3,283,559
5.00%, 11/01/27 (c)		1,020			1,269,837
5.00%, 11/01/27 (c)		2,480			3,098,578
5.00%, 11/01/27		2,000			2,484,798
5.00%, 11/01/28		400			509,100
5.00%, 11/01/30 (c)		1,610			2,102,691
5.00%, 11/01/30		1,000			1,321,385
5.00%, 04/01/24 (c)		500			553,604
5.00%, 04/01/26 (c)		1,075			1,280,805
5.00%, 04/01/28		710			891,338
5.00%, 04/01/29 (c)		150			190,001
5.00%, 04/01/29 (c)		3,500			4,409,527
5.00%, 04/01/29		1,735			2,222,470
5.00%, 04/01/30		2,590			3,384,669
5.00%, 04/01/31		380			504,989
5.00%, 04/01/32		3,500			4,734,751
5.00%, 08/01/26 (c)		115			137,905
5.00%, 08/01/26 (c)		915			1,099,020
5.00%, 08/01/26 (c)		185			222,816
5.00%, 08/01/26 (c)		190			227,919
5.00%, 08/01/26 (c)		150			180,505
5.00%, 08/01/26 (c)		510			613,453
5.00%, 08/01/26 (c)		600			721,561
5.00%, 08/01/26 (c)		1,050			1,264,629
5.00%, 08/01/26 (c)		1,165			1,401,924
5.00%, 08/01/26 (c)		955			1,149,217
5.00%, 08/01/27 (c)		2,190			2,716,600
5.00%, 08/01/27 (c)		950			1,174,645
5.00%, 08/01/27 (c)		3,395			4,213,378
5.00%, 08/01/28 (c)		2,445			3,051,864
5.00%, 08/01/28 (c)		275			345,698
5.00%, 08/01/28		750			949,075
5.00%, 09/01/23 (c)		345			374,097
5.00%, 09/01/25 (c)		30			35,071
5.00%, 09/01/26 (c)		125			150,720
5.00%, 09/01/26 (c)		150			180,944
5.00%, 09/01/26 (c)		2,000			2,412,584
5.00%, 09/01/26 (c)		1,000			1,206,292
5.00%, 09/01/26 (c)		390			469,744
5.00%, 09/01/26 (c)		1,615			1,947,307
5.00%, 09/01/26 (c)		2,260			2,725,435
State Public Works Board, Various Capital Projects, Series B (RB)
4.00%, 05/01/31 (c)		2,000			2,392,190
4.00%, 05/01/31 (c)		1,170			1,391,641

See Notes to Financial Statements

61

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Stockton Unified School District (GO)
5.00%, 02/01/26 (c)	$	100		$	117,934
5.00%, 02/01/26 (c)		100			117,659
Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c)		335			389,703
Trustees of the California State University, Series A (RB)
4.00%, 05/01/26 (c)		250			287,937
5.00%, 05/01/26 (c)		410			488,525
Tuolumne Wind Project Authority, Series A (RB)
5.00%, 01/01/27		125			152,685
5.00%, 01/01/27 (c)		405			490,529
Turlock Irrigation District (RB)
5.00%, 01/01/30 (c)		500			635,346
5.00%, 01/01/30 (c)		1,000			1,276,436
University of California, Series AO (RB) 5.00%, 05/15/25 (c)		130			150,687
University of California, Series AR (RB) 5.00%, 05/15/26 (c)		10			11,931
University of California, Series AY (RB) 5.00%, 05/15/27 (c)		625			765,977
University of California, Series AZ (RB)
5.00%, 05/15/28 (c)		275			345,901
5.00%, 05/15/28 (c)		310			386,463
University of California, Series BE (RB) 5.00%, 05/15/30 (c)		1,500			1,935,264
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,170			1,447,518
West Basin Municipal Water District, Series A (RB)
5.00%, 02/01/26 (c)		155			182,869
5.00%, 02/01/26 (c)		100			118,257
West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c)		20			23,072
					298,610,211
Colorado: 2.7%
Adams 12 Five Star Schools, Series B (GO) (ST) 5.00%, 12/15/26 (c)		250			303,591
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c)		540			651,190
Board of Governors of Colorado State University System (RB) (ST) 5.00%, 03/01/28 (c)		510			632,688

	Par   (000’s		)	Value
Colorado (continued)
5.00%, 03/01/28 (c)	$	935		$	1,144,378
Board of Water Commissioners City & County of Denver/The (RB) 5.00%, 12/15/31 (c)		1,500			2,024,952
Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 06/01/27 (c)		1,050			1,226,745
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c)		1,000			1,173,446
City and County of Denver, Acting By and Through its Board of Water Commissioners, Series A (RB) 5.00%, 12/15/29		5,700			7,451,383
City and County of Denver, Series A (RB)
4.00%, 08/01/31 (c)		1,255			1,509,509
5.00%, 08/01/26 (c)		150			178,799
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^		200			135,949
City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/26 (c)		500			602,465
City of Colorado Springs, Utilities System, Series A-1 (RB)
5.00%, 11/15/27 (c)		100			122,831
5.00%, 11/15/27 (c)		120			147,416
5.00%, 11/15/27 (c)		110			135,817
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c)		155			191,293
Colorado Higher Education, Series A (CP) 5.00%, 11/01/26		115			138,071
Denver City & County School District No 1 (GO) (SAW)
5.00%, 12/01/30 (c)		5,025			6,523,152
5.00%, 12/01/30 (c)		1,000			1,310,512
Denver City and County School District No. 1 (GO) (SAW) 4.00%, 12/01/30 (c)		2,425			2,926,440
Denver Convention Center Hotel Authority (RB)
5.00%, 12/01/26 (c)		250			295,255
5.00%, 12/01/26 (c)		570			669,358
5.00%, 12/01/26 (c)		680			783,251
El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c)		295			355,598
Jefferson County School District R-1 (GO) (ST) 5.00%, 12/15/28 (c)		1,110			1,407,872
Mesa County Valley School District No. 51 (GO) (SAW)

See Notes to Financial Statements

62

	Par   (000’s		)	Value
Colorado (continued)
5.00%, 12/01/27 (c)	$	500		$	617,291
5.00%, 12/01/27 (c)		500			619,720
5.25%, 12/01/27 (c)		200			249,399
Metro Wastewater Reclamation District (RB) (SAW) 3.00%, 04/01/30 (c)		2,000			2,194,941
Pueblo City Schools (GO) (SAW) 3.00%, 12/15/29 (c)		500			551,895
Regents of the University of Colorado, Series B-1 (RB) 4.00%, 06/01/26 (c)		540			623,071
Regional Transportation District, Series B (RB)
5.00%, 11/01/27 (c)		1,995			2,434,641
5.00%, 11/01/27 (c)		100			122,293
Regional Transportation District, Tax-Exempt Sales Tax, Series B (RB) 5.00%, 11/01/28		1,000			1,267,332
State of Colorado (CP) 5.00%, 12/15/31 (c)		2,000			2,658,237
State of Colorado, Series A (CP) 4.00%, 12/15/31 (c)		1,750			2,109,357
State of Colorado, Series K (CP) 5.00%, 03/15/27 (c)		410			490,831
State of Colorado, Series M (CP) 5.00%, 03/15/28 (c)		190			234,571
University of Colorado, Series A-2 (RB)
3.00%, 06/01/24 (c)		800			831,658
4.00%, 06/01/28 (c)		500			599,430
5.00%, 06/01/27		250			307,501
5.00%, 06/01/28		155			195,146
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c)		2,165			2,761,526
Windy Gap Firming Project Water Activity Enterprise (RB) 5.00%, 07/15/31 (c)		1,000			1,315,396
					52,226,197
Connecticut: 2.2%
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c)		1,290			1,245,228
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series C-1 (RB) 2.05%, 11/15/29 (c)		260			254,221
Connecticut Housing Finance Authority, Series A-1 (RB)
3.65%, 11/15/26 (c)		140			144,249
3.88%, 11/15/26 (c)		35			35,347
Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c)		390			411,967

	Par   (000’s		)	Value
Connecticut (continued)
Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c)	$	200		$	207,836
Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c)		335			422,725
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		250			274,024
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/29 (c)		525			604,294
4.00%, 07/01/29 (c)		625			720,609
5.00%, 07/01/29 (c)		2,200			2,731,172
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29		1,000			1,291,736
Metropolitan District/The (GO) 4.00%, 09/01/31 (c)		800			964,314
South Central Connecticut Regional Water Authority, Series B (RB) 5.00%, 08/01/26 (c)		25			29,903
State of Connecticut (GO) 3.00%, 01/15/31 (c)		2,200			2,454,893
State of Connecticut Special Tax Revenue (RB) 5.00%, 05/01/31		1,650			2,186,090
State of Connecticut, Series A (GO)
3.00%, 01/15/31 (c)		1,000			1,093,868
4.00%, 01/15/31		1,655			2,028,693
5.00%, 04/15/27 (c)		680			825,369
5.00%, 04/15/28 (c)		1,000			1,227,607
State of Connecticut, Series A (GO) (SBG) 5.00%, 04/15/29		1,000			1,277,849
State of Connecticut, Series A (RB) 5.00%, 05/01/27 (c)		350			422,349
State of Connecticut, Series B (GO) 5.00%, 04/15/27		135			165,354
State of Connecticut, Series C (GO)
4.00%, 06/01/30 (c)		850			1,005,166
4.00%, 06/15/28 (c)		1,205			1,399,578
State of Connecticut, Series E (GO) 3.00%, 10/15/26 (c)		395			427,791

See Notes to Financial Statements

63

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Connecticut (continued)
5.00%, 09/15/27	$	400		$	494,933
5.00%, 09/15/28 (c)		1,665			2,091,474
State of Connecticut, Special Tax Obligation, Series A (RB)
4.00%, 09/01/26 (c)		785			882,822
5.00%, 01/01/28 (c)		190			232,628
5.00%, 05/01/31 (c)		1,500			1,958,192
5.00%, 09/01/26 (c)		200			238,524
5.00%, 09/01/26 (c)		475			566,990
State of Connecticut, Special Tax Obligation, Series A (ST) 5.00%, 05/01/30 (c)		2,500			3,179,654
State of Connecticut, Special Tax Obligation, Series B (RB)
5.00%, 10/01/28		1,505			1,904,941
5.00%, 09/01/26 (c)		335			401,634
5.00%, 09/01/26 (c)		275			329,988
State of Connecticut, State Revolving Fund, Series A (RB)
5.00%, 02/01/29 (c)		275			346,294
5.00%, 05/01/27 (c)		1,000			1,208,669
University of Connecticut, Series A (RB)
5.00%, 01/15/27 (c)		335			406,370
5.00%, 01/15/27 (c)		745			894,390
5.00%, 11/01/28 (c)		500			618,419
5.00%, 11/01/28 (c)		730			906,055
5.00%, 04/15/28 (c)		1,000			1,243,289
					41,757,498
Delaware: 0.5%
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c)		180			193,238
State of Delaware (GO)
2.00%, 02/01/31 (c)		1,000			1,013,771
2.00%, 02/01/31 (c)		1,000			1,001,330
3.00%, 02/01/31 (c)		1,000			1,135,203
3.12%, 03/01/27 (c)		505			555,990
4.00%, 03/01/27 (c)		500			577,571
State of Delaware, Series A (GO)
2.00%, 01/01/30 (c)		650			650,771
5.00%, 01/01/30 (c)		1,000			1,295,858
5.00%, 10/01/28		810			1,030,210
5.00%, 02/01/28		500			625,819
5.00%, 02/01/28 (c)		500			619,268
					8,699,029
District of Columbia: 1.8%
District of Columbia (RB) (SAW) 5.00%, 12/01/29 (c)		2,250			2,842,423
District of Columbia Federal Highway Grant Anticipation (RB) 5.00%, 12/01/27		600			743,009
District of Columbia, Georgetown University Issue (RB)

	Par   (000’s		)	Value
District of Columbia (continued)
5.00%, 04/01/27 (c)	$	105		$	126,197
5.00%, 04/01/27 (c)		645			768,932
District of Columbia, Series A (GO)
5.00%, 06/01/26 (c)		250			296,501
5.00%, 06/01/26 (c)		290			343,797
5.00%, 06/01/26 (c)		210			250,417
5.00%, 06/01/26 (c)		30			35,669
5.00%, 06/01/27 (c)		170			206,385
5.00%, 06/01/27 (c)		580			703,778
5.00%, 06/01/27 (c)		2,500			3,032,904
5.00%, 06/01/28 (c)		750			930,167
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c)		1,000			1,273,408
District of Columbia, Series C (RB)
5.00%, 10/01/27		225			279,431
5.00%, 05/01/30 (c)		1,000			1,285,238
5.00%, 05/01/30		250			328,185
District of Columbia, Series D (GO)
4.00%, 06/01/27 (c)		500			578,794
5.00%, 12/01/26 (c)		125			151,849
5.00%, 12/01/26 (c)		160			194,011
5.00%, 12/01/26 (c)		20			24,129
5.00%, 06/01/27 (c)		500			607,016
5.00%, 06/01/27 (c)		1,500			1,839,236
District of Columbia, Series E (GO) 5.00%, 12/01/26 (c)		25			30,162
Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28		560			708,815
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) 4.00%, 10/01/29 (c)		250			286,346
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) (AGM) 4.00%, 10/01/29 (c)		250			287,031
Washington Convention & Sports Authority (RB) 5.00%, 10/01/27 (c)		2,545			3,068,050
Washington Metropolitain Area Transit Authority, Series A (RB)
5.00%, 07/15/30 (c)		1,400			1,787,861
5.00%, 07/15/31 (c)		2,000			2,606,757
Washington Metropolitan Area Transit Authority (RB)
4.00%, 07/15/31 (c)		1,000			1,215,756
5.00%, 07/01/27 (c)		175			214,290
5.00%, 07/01/27		275			337,406

See Notes to Financial Statements

64

	Par   (000’s		)	Value
District of Columbia (continued)
Washington Metropolitan Area Transit Authority, Series A-1 (RB)
5.00%, 07/01/27 (c)	$	140		$	169,700
5.00%, 07/01/27		330			404,887
Washington Metropolitan Area Transit Authority, Series A-2 (RB)
5.00%, 07/01/27 (c)		550			665,631
5.00%, 07/01/27 (c)		300			363,245
5.00%, 07/01/27 (c)		810			979,541
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/27 (c)		650			787,891
5.00%, 07/01/27 (c)		1,205			1,458,337
5.00%, 07/01/27 (c)		880			1,064,192
5.00%, 07/01/27		240			294,464
5.00%, 07/01/27 (c)		555			674,013
					34,245,851
Florida: 3.5%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c)		490			619,017
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c)		520			557,231
City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c)		175			214,122
City of Gainesville, Utilities System, Series A (RB)
5.00%, 10/01/27 (c)		195			238,002
5.00%, 10/01/27 (c)		500			609,762
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c)		1,095			1,392,705
City of Jacksonville, Series A (RB) (AGM) 5.00%, 10/01/29		1,000			1,285,950
City of Jacksonville, Series B (RB)
5.00%, 10/01/26 (c)		250			301,492
5.00%, 10/01/27		585			722,710
City of Jacksonville, Transportation Revenue (RB) 5.00%, 10/01/25 (c)		210			244,808
City of Lakeland, Lakeland Regional Health System (RB) 5.00%, 11/15/26 (c)		540			645,428
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		560			671,660
City of Port St. Lucie, Utility System (RB)

	Par   (000’s		)	Value
Florida (continued)
4.00%, 09/01/26 (c)	$	500		$	571,017
5.00%, 09/01/26 (c)		585			700,746
County of Miami-Dade (RB)
0.00%, 10/01/26 (c) ^		565			442,351
0.00%, 10/01/26 (c) ^		400			300,314
5.00%, 10/01/26 (c)		510			610,794
5.00%, 10/01/26 (c)		1,115			1,325,410
5.00%, 10/01/26		640			769,759
County of Miami-Dade FL Water & Sewer System Revenue (RB) 4.00%, 04/01/31 (c)		975			1,165,571
County of Miami-Dade, Aviation Revenue, Series A (RB)
5.00%, 10/01/26 (c)		460			547,994
5.00%, 10/01/26 (c)		750			891,078
5.00%, 10/01/26 (c)		100			119,222
County of Miami-Dade, Building Better Communities Program, Series A (GO)
5.00%, 07/01/25 (c)		100			116,005
5.00%, 07/01/26 (c)		555			659,477
5.00%, 07/01/26 (c)		520			619,465
5.00%, 07/01/26 (c)		100			119,584
5.00%, 07/01/26 (c)		280			333,133
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c)		1,600			1,906,055
County of Miami-Dade, Capital Asset Acquisition, Series B (RB)
3.12%, 04/01/26 (c)		260			278,670
5.00%, 04/01/26 (c)		520			617,053
County of Miami-Dade, Expressway Authority Toll System, Series A (RB)
5.00%, 07/01/26 (c)		105			124,132
5.00%, 07/01/26 (c)		25			29,468
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c)		250			283,727
County of Miami-Dade, Water and Sewer System (RB)
5.00%, 10/01/27 (c)		800			986,891
5.00%, 04/01/31 (c)		3,500			4,624,302
County of Miami-Dade, Water and Sewer System, Series B (RB)
3.00%, 10/01/27 (c)		370			400,649
5.00%, 10/01/25 (c)		605			702,735
County of Orange, Water and Wastewater Utility System (RB)
5.00%, 10/01/30 (c)		1,000			1,300,694
5.00%, 10/01/30 (c)		1,000			1,304,190
Florida Department of Environmental Protection, Series A (RB)

See Notes to Financial Statements

65

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
5.00%, 07/01/27	$	125		$	153,289
Florida Department of Management Services (CP) 3.00%, 11/01/31 (c)		1,000			1,104,531
Florida Department of Management Services, Series A (CP)
5.00%, 11/01/27		175			216,496
5.00%, 08/01/25		105			122,467
Florida Department of Management Services, Series A (RB) 5.00%, 09/01/27 (c)		425			524,812
Florida Development Finance Corp. (RB) 4.00%, 11/15/31 (c)		1,500			1,827,538
Florida Housing Finance Corp., Series 1 (RB)
3.25%, 01/01/27 (c)		200			210,093
3.60%, 01/01/27 (c)		370			384,269
Florida Housing Finance Corp., Series 2 (RB)
2.10%, 01/01/30 (c)		1,000			1,007,879
3.20%, 07/01/25 (c)		310			318,550
Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB)
5.00%, 10/01/26 (c)		125			148,939
5.00%, 10/01/27		470			577,597
JEA Electric System, Series B (RB)
3.38%, 10/01/22 (c)		175			177,918
5.00%, 10/01/27 (c)		885			1,075,077
JEA Electric System, Series Three B (RB) 5.00%, 10/01/27 (c)		850			1,042,571
JEA Electric, Series B (RB) 5.00%, 10/01/27 (c)		610			751,297
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c)		605			751,136
Manatee County School District (RB) (AGM) 5.00%, 04/01/27 (c)		160			194,009
Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c)		420			459,785
Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c)		410			486,615
Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c)		310			361,744
Orange County, Tourist Development Tax (RB)
5.00%, 10/01/25 (c)		100			115,579
5.00%, 10/01/26		190			228,115
5.00%, 10/01/27		360			442,183
5.00%, 10/01/29		280			356,431

	Par   (000’s		)	Value
Florida (continued)
5.00%, 10/01/30	$	490		$	632,588
Orange County, Tourist Development Tax, Series B (RB) 5.00%, 10/01/26 (c)		500			591,797
Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c)		120			146,770
Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c)		350			411,807
Palm Beach County School Board, Series A (CP)
5.00%, 08/01/27		120			147,522
5.00%, 08/01/30 (c)		275			354,064
Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c)		695			867,143
Pasco County School Board, Series C (CP) (AGM) 5.00%, 08/01/30 (c)		1,000			1,267,488
Polk County School District (RB) (SAW) 5.00%, 10/01/29 (c)		1,000			1,288,677
Polk County, School District (RB) 5.00%, 10/01/29 (c)		100			128,114
Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c)		175			213,316
School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c)		125			134,191
School Board of Miami-Dade County, Series B (CP) (AGM) 5.00%, 05/01/25 (c)		720			827,540
School Board of Miami-Dade County, Series D (CP)
5.00%, 02/01/26 (c)		265			311,552
5.00%, 02/01/26		165			193,985
South Broward Hospital District (RB) 5.00%, 05/01/26 (c)		435			514,632
South Miami Health Facilities Authority (RB)
5.00%, 08/15/27 (c)		800			974,453
5.00%, 08/15/27 (c)		710			868,550
State of Florida Department of Transportation (RB) 3.00%, 07/01/30 (c)		1,000			1,114,259
State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
4.00%, 06/01/28 (c)		650			766,537
5.00%, 06/01/28 (c)		795			996,519

See Notes to Financial Statements

66

	Par   (000’s		)	Value
Florida (continued)
State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/27 (c)	$	400		$	493,658
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
4.00%, 06/01/26 (c)		725			823,920
4.00%, 06/01/26 (c)		500			569,213
4.00%, 06/01/27 (c)		780			909,052
5.00%, 06/01/27		585			719,553
5.00%, 06/01/28 (c)		145			182,398
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c)		510			571,091
State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO)
5.00%, 06/01/26 (c)		10			11,970
5.00%, 06/01/28		105			132,272
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 2.38%, 06/01/26 (c)		590			616,533
State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) 5.00%, 06/01/26 (c)		135			161,589
State of Florida, Department of Transportation Financing Corp. (RB) 3.00%, 07/01/30 (c)		1,000			1,099,664
State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c)		115			143,197
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		880			1,140,461
State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO)
3.00%, 07/01/27 (c)		600			645,991
3.00%, 07/01/27 (c)		555			606,486
5.00%, 07/01/26 (c)		40			48,098
State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series B (GO) 5.00%, 07/01/28 (c)		750			949,929

	Par   (000’s		)	Value
Florida (continued)
State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c)	$	580		$	723,967
State of Florida, Department of Transportation, Turnpike, Series C (RB) 5.00%, 07/01/26 (c)		740			881,920
Volusia County School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c)		280			314,118
					66,888,877
Georgia: 2.2%
Augusta, Water and Sewer (RB) 3.00%, 10/01/27 (c)		420			455,026
City of Atlanta, Airport Passenger Facility Charge (RB) 5.00%, 07/01/29 (c)		500			630,167
City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c)		200			239,197
Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c)		250			294,132
Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c)		750			894,269
County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c)		3,000			3,291,292
Forsyth County School District (GO)
5.00%, 02/01/28 (c)		1,000			1,245,035
5.00%, 02/01/28 (c)		1,000			1,232,024
5.00%, 02/01/29		1,045			1,340,661
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)
5.00%, 02/15/27 (c)		100			119,463
5.00%, 02/15/27 (c)		225			265,323
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c)		925			965,075
Georgia State Road and Tollway Authority (RB)
5.00%, 06/01/28		500			625,880
5.00%, 06/01/30 (c)		2,550			3,297,182
5.00%, 06/01/30 (c)		2,000			2,576,102
Georgia State Road and Tollway Authority, Series A (RB) (ST) 4.00%, 07/15/31 (c)		3,255			4,005,169
Main Street Natural Gas, Inc. (RB) 5.00%, 05/15/38		1,000			1,381,482

See Notes to Financial Statements

67

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Georgia (continued)
5.00%, 05/15/49	$	2,000		$	2,891,801
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/26 (c)		200			236,211
Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/29 (c)		500			638,973
Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c)		350			416,879
Richmond County Hospital Authority, University Health Services, Inc. Project (RB)
3.00%, 07/01/26 (c)		345			365,481
5.00%, 07/01/26 (c)		375			443,330
5.00%, 07/01/26 (c)		250			296,810
State of Georgia, Series A (GO)
4.00%, 08/01/30 (c)		935			1,133,359
5.00%, 02/01/26		125			148,399
5.00%, 02/01/26 (c)		680			801,501
5.00%, 02/01/27 (c)		150			182,003
5.00%, 02/01/27 (c)		1,200			1,449,985
5.00%, 02/01/27 (c)		350			424,371
5.00%, 08/01/28		2,815			3,574,846
5.00%, 08/01/29		2,500			3,245,572
State of Georgia, Series C (GO)
5.00%, 07/01/27 (c)		3,000			3,680,322
5.00%, 07/01/27		130			160,716
					42,948,038
Hawaii: 1.2%
City and County of Honolulu Wastewater System Revenue (RB) 5.00%, 07/01/29 (c)		875			1,104,298
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c)		1,275			1,652,646
City and County of Honolulu, Rail Transit Project, Series B (GO) (SD CRED PROG) 5.00%, 03/01/30		350			454,698
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c)		1,015			1,237,245
City and County of Honolulu, Series C (GO)
4.00%, 08/01/29 (c)		750			884,596
5.00%, 10/01/29		1,000			1,292,938
City and County of Honolulu, Series C (GO) (BAM) 4.00%, 08/01/29 (c)		120			141,898
City and County of Honolulu, Wastewater System, Series A (RB)
4.00%, 07/01/26 (c)		970			1,100,276
5.00%, 07/01/26 (c)		1,015			1,205,048

	Par   (000’s		)	Value
Hawaii (continued)
City and County of Honolulu, Wastewater System, Series B (RB)
4.00%, 07/01/26 (c)	$	100		$	113,187
5.00%, 07/01/29 (c)		395			504,141
State of Hawaii (RB) 5.00%, 01/01/31 (c)		2,250			2,925,430
State of Hawaii, Department of Budget and Finance, Series A (RB) 5.00%, 07/01/25		175			202,663
State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c)		295			350,682
State of Hawaii, Series FH (GO)
5.00%, 10/01/26 (c)		375			453,044
5.00%, 10/01/26 (c)		15			18,073
State of Hawaii, Series FK (GO)
5.00%, 05/01/27 (c)		130			157,127
5.00%, 05/01/27 (c)		690			832,631
State of Hawaii, Series FN (GO)
5.00%, 10/01/27 (c)		500			613,921
5.00%, 10/01/27 (c)		105			129,734
State of Hawaii, Series FT (GO)
4.00%, 01/01/28 (c)		295			342,276
5.00%, 01/01/28 (c)		1,150			1,421,453
5.00%, 01/01/28 (c)		280			348,103
5.00%, 01/01/28 (c)		405			500,591
5.00%, 10/01/27 (c)		1,020			1,248,682
State of Hawaii, Series FW (GO)
5.00%, 01/01/28		1,300			1,617,536
5.00%, 01/01/29		1,180			1,501,724
University of Hawaii, Series E (RB)
5.00%, 10/01/26 (c)		240			285,581
5.00%, 10/01/26 (c)		285			339,529
					22,979,751
Idaho: 0.0%
Ada and Boise Counties Independent School District (GO) 5.00%, 02/01/27 (c)		500			600,339
Illinois: 4.0%
Chicago Board of Education (ST) 5.75%, 04/01/27 (c)		235			283,981
Chicago O’Hare International Airport, Series A (RB)
5.00%, 01/01/27 (c)		175			209,680
5.00%, 01/01/30 (c)		1,000			1,251,768
Chicago O’Hare International Airport, Series B (RB)
5.00%, 01/01/25 (c)		495			563,698
5.00%, 01/01/27 (c)		365			436,064
5.00%, 01/01/27 (c)		470			561,208
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c)		135			157,829

See Notes to Financial Statements

68

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c)	$	100		$	121,062
City of Chicago, Series A (GO)
5.50%, 01/01/29 (c)		390			480,411
5.62%, 01/01/27 (c)		845			1,016,106
5.62%, 01/01/27 (c)		340			410,044
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		200			246,074
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c)		750			887,569
City of Chicago, Water Revenue, Second Lien (RB) 5.00%, 11/01/27 (c)		1,140			1,401,717
City of Chicago, Water Revenue, Second Lien (RB) (AGM) 5.25%, 11/01/27 (c)		180			222,500
City of Springfield, Electric Revenue, Senior Lien (RB) 5.00%, 03/01/25 (c)		425			485,590
City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) 5.00%, 03/01/25 (c)		15			17,037
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/27		1,000			1,236,349
Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c)		210			239,500
Cook County, Series A (GO)
5.00%, 11/15/26 (c)		325			384,262
5.00%, 11/15/26 (c)		250			296,219
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 01/01/26 (c)		100			114,040
4.00%, 01/01/26 (c)		165			185,959
4.00%, 01/01/31 (c)		750			910,338
5.00%, 01/01/26 (c)		685			809,844
5.00%, 01/01/26		135			159,177
5.00%, 01/01/27 (c)		140			168,918
5.00%, 01/01/27 (c)		400			485,194
5.00%, 01/01/27 (c)		700			840,394
5.00%, 01/01/31 (c)		750			976,218
5.00%, 07/01/29 (c)		1,155			1,465,360
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c)		1,400			1,786,086
Illinois Finance Authority, Mercy Health Corp. (RB)
4.00%, 06/01/26 (c)		90			101,696
4.00%, 06/01/26 (c)		160			180,959

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 06/01/26 (c)	$	250		$	295,319
5.00%, 06/01/26 (c)		130			154,343
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)
5.00%, 08/15/30 (c)		1,000			1,290,158
5.00%, 08/15/30 (c)		1,295			1,666,213
5.00%, 08/15/30 (c)		1,365			1,767,355
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB)
3.00%, 01/15/28 (c)		1,325			1,428,308
5.00%, 07/15/27		535			658,679
Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB) 5.00%, 05/15/25 (c)		125			143,088
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c)		500			531,966
Illinois Housing Development Authority, Series C (RB)
2.80%, 10/01/28 (c)		540			571,720
3.10%, 02/01/26 (c)		435			445,017
Illinois State Toll Highway Authority, Series A (RB)
5.00%, 01/01/28 (c)		510			623,743
5.00%, 01/01/29		175			220,236
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c)		1,000			1,270,019
Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO)
5.00%, 01/01/24 (c)		120			131,578
5.00%, 01/01/24 (c)		215			235,547
Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO)
5.00%, 01/01/24 (c)		335			367,779
5.00%, 01/01/24 (c)		450			493,211
5.00%, 01/01/24 (c)		190			208,375
5.00%, 01/01/24 (c)		410			451,149
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)
5.00%, 12/01/26 (c)		115			139,958
5.00%, 12/01/26 (c)		780			944,068
Northern Illinois Municipal Power Agency, Series A (RB)
4.00%, 12/01/26 (c)		1,235			1,404,339
5.00%, 12/01/26 (c)		555			668,359
5.00%, 12/01/26 (c)		990			1,190,023
Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/26 (c)		565			663,994

See Notes to Financial Statements

69

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
Regional Transportation Authority of Illinois, Series A (RB)
5.00%, 07/01/27 (c)	$	1,645		$	2,015,349
5.00%, 07/01/27 (c)		500			611,677
Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/28 (c)		585			717,061
5.00%, 01/01/28 (c)		250			302,195
5.00%, 01/01/28 (c)		250			301,633
5.00%, 01/01/28 (c)		1,150			1,400,675
5.00%, 01/01/28 (c)		570			686,659
Sales Tax Securitization Corp., Series A (RB) (BAM) 5.00%, 01/01/30 (c)		155			194,640
State of Illinois (GO)
3.50%, 06/01/26 (c)		685			742,550
4.00%, 03/01/31 (c)		1,000			1,134,876
4.12%, 11/01/26 (c)		360			400,741
5.00%, 11/01/26 (c)		305			355,091
5.00%, 02/01/27 (c)		1,890			2,226,977
5.00%, 06/01/26 (c)		370			429,966
State of Illinois (GO) (AGC) 5.50%, 05/01/30		800			1,023,559
State of Illinois (RB)
3.00%, 06/15/26 (c)		680			713,933
3.00%, 06/15/26 (c)		300			313,419
3.00%, 06/15/26 (c)		320			334,314
3.00%, 06/15/26 (c)		495			518,162
5.00%, 06/15/26 (c)		400			470,965
State of Illinois Sales Tax (RB) 4.00%, 06/15/26 (c)		380			430,328
State of Illinois Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c)		2,000			2,196,249
State of Illinois Sales Tax Revenue (RB)
5.00%, 06/15/30		1,000			1,266,275
5.00%, 06/15/31		1,500			1,931,603
State of Illinois, Series A (GO)
5.00%, 12/01/27 (c)		1,000			1,168,410
5.00%, 03/01/31		500			626,785
5.00%, 03/01/31 (c)		1,000			1,238,627
5.00%, 05/01/28 (c)		2,250			2,654,535
5.25%, 12/01/27 (c)		1,200			1,439,172
State of Illinois, Series A (RB) 5.00%, 06/15/26 (c)		100			117,741
State of Illinois, Series B (GO)
5.00%, 11/01/29 (c)		1,000			1,234,840
5.00%, 09/01/27		515			615,896
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		4,105			4,865,155
State of Illinois, Series D (GO)
3.25%, 11/01/26		275			301,284
5.00%, 11/01/27 (c)		3,910			4,663,925
State of Illinois, Series D (RB) 5.00%, 06/15/26 (c)		620			721,258
					77,423,920

	Par   (000’s		)	Value
Indiana: 0.9%
Ball State University, Series R (RB) 5.00%, 07/01/27	$	585		$	716,667
Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c)		15			17,826
Indiana Finance Authority (RB) 4.00%, 10/01/31 (c)		2,500			3,043,068
Indiana Finance Authority Highway, Series C (RB)
5.00%, 12/01/26 (c)		160			193,657
5.00%, 12/01/26 (c)		340			410,715
5.00%, 06/01/28		420			529,090
Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27		250			309,280
Indiana Finance Authority, Series A (RB)
5.00%, 02/01/28 (c)		200			247,598
5.00%, 02/01/29 (c)		175			220,645
5.00%, 02/01/29 (c)		220			276,570
Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c)		130			153,669
Indiana Finance Authority, Series C (RB)
5.00%, 02/01/28 (c)		1,000			1,250,544
5.00%, 02/01/28 (c)		610			760,523
Indiana Finance Authority, Series E (RB)
5.00%, 02/01/29 (c)		1,250			1,571,421
5.00%, 02/01/29 (c)		105			133,168
5.00%, 06/01/29		935			1,203,361
5.00%, 08/01/26 (c)		160			192,509
5.00%, 08/01/26 (c)		1,000			1,204,929
5.00%, 08/01/26 (c)		100			119,884
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c)		35			35,263
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c)		250			305,923
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB)
5.00%, 02/01/29		710			906,880
5.00%, 02/01/29 (c)		1,715			2,168,586
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c)		160			184,381
Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c)		185			220,605
					16,376,762

See Notes to Financial Statements

70

	Par   (000’s		)	Value
Iowa: 0.3%
Iowa Finance Authority (RB)
5.00%, 08/01/26	$	110		$	132,542
5.00%, 08/01/27 (c)		1,000			1,224,872
5.00%, 08/01/27 (c)		1,000			1,235,971
Iowa Finance Authority, Series A (RB)
5.00%, 08/01/31 (c)		500			657,917
5.00%, 08/01/31 (c)		1,000			1,314,151
Southeast Polk Community School District, Series A (GO) 2.00%, 05/01/28 (c)		1,000			1,002,321
State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c)		125			148,611
					5,716,385
Kansas: 0.7%
Butler County Unified School District No. 385 (GO)
4.00%, 09/01/27 (c)		300			345,296
4.00%, 09/01/27 (c)		500			579,156
5.00%, 09/01/27 (c)		250			310,020
5.00%, 09/01/27 (c)		500			620,040
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c)		750			874,979
Johnson and Miami Counties Unified School District No. 230 (GO) 4.00%, 09/01/26 (c)		210			237,131
Johnson County, Kansas Unified School District No. 512, Series A (GO) 3.00%, 10/01/30 (c)		2,500			2,745,929
Kansas Development Finance Authority, AdventHealth Obligated Group, Series A (RB) 5.00%, 11/15/31 (p)		3,950			5,254,222
Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) 5.00%, 05/01/23 (c)		380			406,376
Seward County Unified School District No. 480, Series B (GO) 5.00%, 09/01/25 (c)		125			146,321
State of Kansas, Department of Transportation, Highway Revenue, Series A (RB)
5.00%, 09/01/27 (c)		150			182,510
5.00%, 09/01/27 (c)		630			769,539
5.00%, 09/01/27 (c)		775			944,800
State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/25 (c)		295			342,983
Wyandotte County, Unified School District No. 500, Series A (GO) 4.00%, 09/01/26 (c)		250			283,304

	Par   (000’s		)	Value
Kansas (continued)
				$	14,042,606
Kentucky: 0.3%
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c)	$	200			232,741
Kentucky State Property and Building Commission No. 119 (RB) 5.00%, 05/01/28		100			123,731
Kentucky State Property and Building Commission No. 119 (RB) (BAM) 5.00%, 05/01/28 (c)		1,285			1,579,132
Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/26 (c)		165			195,571
Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/27		380			464,822
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)
5.00%, 10/01/26 (c)		290			344,174
5.00%, 10/01/26 (c)		55			65,390
Louisville/Jefferson County Metro Government Health System, Series D (RB) 5.00%, 10/01/29 (c) (p)		1,000			1,274,565
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26		20			23,641
University of Kentucky, Series A (RB) (ST)
3.00%, 04/01/26 (c)		770			817,134
4.00%, 04/01/26 (c)		500			566,459
					5,687,360
Louisiana: 0.9%
City of New Orleans LA (GO)
5.00%, 12/01/30 (c)		1,000			1,266,005
5.00%, 12/01/30 (c)		2,000			2,526,439
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 4.00%, 12/01/28 (c)		250			286,648
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c)		615			785,396
Jefferson Sales Tax District, Series B (RB) (AGM)
4.00%, 12/01/29 (c)		500			593,796
5.00%, 12/01/27 (c)		280			343,749
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		620			673,776

See Notes to Financial Statements

71

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB)
3.25%, 10/01/27 (c)	$	200		$	213,025
5.00%, 10/01/27 (c)		990			1,196,593
Louisiana Public Facilities Authority (RB) 5.00%, 04/01/30 (c)		1,000			1,257,690
Louisiana Public Facilities Authority, Tulane University, Series A (RB) (AGM) 5.00%, 04/01/30 (c)		1,000			1,260,896
State of Louisiana, Series A (GO)
3.50%, 04/01/27 (c)		150			164,755
5.00%, 03/01/29 (c)		115			144,814
5.00%, 03/01/30 (c)		930			1,196,959
5.00%, 04/01/27 (c)		565			683,091
5.00%, 09/01/26 (c)		640			762,348
State of Louisiana, Series A (GO) (BAM)
5.00%, 03/01/30 (c)		910			1,168,673
5.00%, 03/01/30 (c)		425			541,074
State of Louisiana, Series A (RB) 5.00%, 09/01/27		385			475,205
State of Louisiana, Series B (GO)
5.00%, 10/01/27		150			185,701
5.00%, 08/01/26 (c)		200			238,215
5.00%, 08/01/26 (c)		205			245,274
State of Louisiana, Series D (GO)
3.00%, 09/01/26 (c)		200			213,811
5.00%, 09/01/26 (c)		100			119,383
					16,543,316
Maryland: 3.3%
City of Baltimore, Consolidated Public Improvement, Series B (GO)
5.00%, 10/15/27		280			347,320
5.00%, 10/15/27 (c)		250			309,192
County of Baltimore (GO)
4.00%, 03/01/30 (c)		1,140			1,376,614
5.00%, 03/01/30		945			1,233,784
5.00%, 03/01/30 (c)		325			421,859
County of Baltimore (GO) (AGC)
4.00%, 03/01/29 (c)		1,925			2,293,725
County of Baltimore (GO) (FANNIE MAE) 5.00%, 03/01/28		1,250			1,565,176
County of Montgomery, Series A (GO)
3.00%, 08/01/30 (c)		750			854,558
5.00%, 12/01/24 (c)		20			22,731
County of Montgomery, Series C (GO)

	Par   (000’s		)	Value
Maryland (continued)
4.00%, 10/01/27 (c)	$	1,070		$	1,255,221
Maryland Economic Development Corp., College Park Projects (RB) (AGM) 5.00%, 06/01/26 (c)		15			17,433
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB)
5.00%, 05/01/26 (c)		750			883,429
5.00%, 05/01/26 (c)		250			294,462
5.00%, 05/01/26 (c)		250			294,592
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c)		1,000			1,226,312
Maryland Transportation Authority (RB)
3.00%, 07/01/27 (c)		300			324,608
3.00%, 07/01/27 (c)		510			552,686
3.00%, 09/01/27 (c)		500			545,451
Maryland Transportation Authority Transportation Facilities Projects, Series A (RB)
3.00%, 07/01/31 (c)		2,000			2,138,978
5.00%, 07/01/30		1,900			2,493,166
Prince George’s County, Series A (GO)
5.00%, 07/15/28 (c)		1,150			1,447,835
5.00%, 07/15/28 (c)		2,500			3,111,114
5.00%, 07/15/28		1,000			1,263,361
Prince George’s County, Series A (GO) (SAW) 4.00%, 07/15/28 (c)		1,000			1,188,324
State of Maryland Department of Transportation (RB) 2.12%, 10/01/29 (c)		2,000			1,992,609
State of Maryland, Department of Transportation (RB)
3.00%, 11/01/24 (c)		1,000			1,075,513
3.00%, 11/01/24 (c)		520			555,447
3.12%, 05/01/25 (c)		855			914,105
4.00%, 05/01/25 (c)		780			867,821
4.00%, 05/01/28 (c)		750			881,924
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c)		2,340			2,435,057
State of Maryland, State and Local Facilities Loan, First Series (GO)
4.00%, 06/01/24 (c)		485			528,730
5.00%, 03/15/28		2,385			2,990,857
5.00%, 03/15/28 (c)		1,000			1,249,340
5.00%, 03/15/29 (c)		3,000			3,805,472

See Notes to Financial Statements

72

	Par   (000’s		)	Value
Maryland (continued)
State of Maryland, State and Local Facilities Loan, First Series A (GO)
3.12%, 03/15/28 (c)	$	250		$	276,563
4.00%, 03/15/27 (c)		1,185			1,375,949
5.00%, 03/15/28		680			852,739
5.00%, 03/15/29		1,000			1,283,032
5.00%, 03/15/30 (c)		5,500			7,160,597
State of Maryland, State and Local Facilities Loan, First Series A (GO) (SAW) 5.00%, 03/01/28		2,000			2,505,681
State of Maryland, State and Local Facilities Loan, Second Series (GO)
4.00%, 08/01/28 (c)		530			628,619
5.00%, 08/01/27		125			154,458
5.00%, 08/01/28 (c)		1,000			1,254,860
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 3.00%, 08/01/27 (c)		1,000			1,095,712
State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/28		2,400			3,037,040
Washington Suburban Sanitary District, Second Series (GO)
5.00%, 06/01/26 (c)		750			890,785
5.00%, 06/01/27 (c)		550			671,425
Washington Suburban Sanitary District, Second Series (RB) 4.00%, 12/01/30 (c)		525			646,080
					64,592,346
Massachusetts: 2.3%
City of Boston, Series A (GO) 5.00%, 03/01/29		100			128,280
Commonwealth of Massachusetts (GO) 5.00%, 09/01/28		2,000			2,531,245
Commonwealth of Massachusetts Transportation Fund Revenue (RB) 5.00%, 06/01/31 (c)		800			1,046,505
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c)		980			1,091,844
Commonwealth of Massachusetts, Series B (GO)
5.00%, 07/01/26 (c)		155			184,656
5.00%, 07/01/26 (c)		1,860			2,210,364
5.00%, 07/01/26 (c)		600			714,121
Commonwealth of Massachusetts, Series C (GO)
3.00%, 02/01/24 (c)		400			418,540
5.00%, 05/01/23 (c)		205			219,229
5.00%, 05/01/23 (c)		350			373,966

	Par   (000’s		)	Value
Massachusetts (continued)
5.00%, 05/01/30	$	1,000		$	1,305,199
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31		2,665			3,547,652
Commonwealth of Massachusetts, Series C (GO) (SAW) 5.00%, 05/01/27		495			607,290
Commonwealth of Massachusetts, Series D (GO)
4.00%, 11/01/30 (c)		2,000			2,415,636
5.00%, 07/01/30 (c)		365			468,966
Commonwealth of Massachusetts, Series E (GO)
3.00%, 11/01/27 (c)		1,275			1,384,812
5.00%, 11/01/27 (c)		100			123,418
5.00%, 11/01/30 (c)		1,000			1,309,553
Commonwealth of Massachusetts, Series F (GO) 5.00%, 05/01/27		440			539,813
Commonwealth of Massachusetts, Series I (GO)
5.00%, 12/01/26 (c)		10			12,061
5.00%, 12/01/26 (c)		500			601,123
Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB)
4.00%, 12/01/27 (c)		450			519,840
5.00%, 06/01/26 (c)		20			23,810
Massachusetts Bay Transportation Authority, Series A (RB)
0.00%, 07/01/26 (c) ^		130			110,439
2.00%, 07/01/26 (c)		210			220,112
Massachusetts Clean Water Trust , Series 23-A (RB) 5.00%, 02/01/31 (c)		540			703,748
Massachusetts Clean Water Trust, Series 21 (RB) 5.00%, 08/01/28 (c)		1,000			1,242,417
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/29		1,000			1,276,612
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c)		1,000			1,244,791
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c)		255			316,571

See Notes to Financial Statements

73

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) 5.00%, 07/01/26 (c)	$	2,905		$	3,346,443
Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c)		200			236,441
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c)		130			158,753
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
4.00%, 07/15/26 (c)		2,065			2,356,635
5.00%, 07/15/26 (c)		480			571,116
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		500			583,584
Massachusetts Housing Finance Agency, Series 178 (RB) 3.70%, 06/01/25 (c)		450			475,397
Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c)		150			157,045
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c)		125			149,804
Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c)		1,500			1,941,667
Massachusetts Water Resources Authority, Series C (RB)
5.00%, 08/01/26 (c)		685			815,293
5.00%, 08/01/27 (c)		2,115			2,589,278
University of Massachusetts Building Authority, Series 1 (RB)
5.00%, 11/01/29 (c)		475			608,777
5.00%, 11/01/29 (c)		750			958,641
5.00%, 05/01/29 (c)		1,220			1,541,158
University of Massachusetts Building Authority, Series 1 (RB) (SD CRED PROG) 5.00%, 11/01/29 (c)		500			641,533
University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c)		1,020			1,263,096
					45,287,274

	Par   (000’s		)	Value
Michigan: 1.1%
Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c)	$	285		$	336,888
Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c)		340			425,709
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)
5.00%, 07/01/26 (c)		250			297,693
5.00%, 07/01/26 (c)		250			296,684
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
5.00%, 07/01/26 (c)		570			678,740
5.00%, 07/01/26 (c)		290			344,738
5.00%, 07/01/26 (c)		500			595,639
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)
5.00%, 07/01/26 (c)		30			35,830
5.00%, 07/01/26 (c)		1,025			1,218,470
Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c)		130			154,538
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB)
5.00%, 07/01/26 (c)		155			185,592
5.00%, 07/01/26 (c)		875			1,049,477
Michigan Finance Authority (RB) 5.00%, 12/01/30 (c)		500			639,269
Michigan Finance Authority, 2006 Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30		1,000			1,247,415
Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project (RB) (SAW) 5.00%, 11/01/28 (c)		2,645			3,353,936
Michigan Finance Authority, Clean Water, Series B (RB)
5.00%, 10/01/25		110			129,165
5.00%, 10/01/26		100			120,973
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c)		140			149,272
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB)
5.00%, 10/01/24 (c)		725			814,547
5.00%, 11/15/26 (c)		150			180,102
Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 5.00%, 12/01/27 (c)		260			318,046

See Notes to Financial Statements

74

	Par   (000’s		)	Value
Michigan (continued)
5.00%, 06/01/27 (c)	$	75		$	91,179
Michigan State Building Authority, Series I (RB)
5.00%, 10/15/25 (c)		5			5,879
5.00%, 10/15/25 (c)		25			29,398
5.00%, 10/15/25 (c)		10			11,637
5.00%, 10/15/26 (c)		570			679,261
5.00%, 10/15/26 (c)		540			644,663
5.00%, 10/15/26 (c)		120			142,427
5.00%, 10/15/26 (c)		515			614,268
5.00%, 10/15/26 (c)		125			148,827
Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27		100			124,638
Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 3.35%, 12/01/25 (c)		480			504,996
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB)
3.10%, 06/01/26 (c)		1,370			1,445,857
3.35%, 06/01/26 (c)		170			179,352
State of Michigan Trunk Line Revenue (RB) 5.00%, 11/15/31 (c)		1,900			2,508,664
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c)		410			442,596
State of Michigan, Environmental Program, Series A (GO)
3.00%, 05/15/30 (c)		750			833,208
5.00%, 12/01/25 (c)		10			11,796
Wayne County Airport Authority, Deroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c)		560			702,333
					21,693,702
Minnesota: 1.2%
City of Maple Grove, Minnesota Health Care Facilities (RB)
3.38%, 05/01/27 (c)		180			193,699
3.50%, 05/01/27 (c)		460			497,170
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		125			154,534
County of Hennepin, First Lien, Sales Tax, Series A (RB) 5.00%, 12/15/23 (c)		760			834,105
County of Hennepin, Series B (GO) 5.00%, 12/15/28 (c)		1,000			1,266,097

	Par   (000’s		)	Value
Minnesota (continued)
Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 07/01/29 (c)	$	200		$	250,310
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB)
5.00%, 01/01/27 (c)		325			388,694
5.00%, 01/01/27 (c)		515			617,057
Minnesota Housing Finance Agency, Series A (RB) 3.30%, 07/01/25 (c)		45			46,137
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,000			1,231,152
Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c)		500			600,411
Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG) 5.00%, 02/01/25 (c)		750			858,541
State of Minnesota, State Trunk Highway, Series B (GO)
2.25%, 08/01/26 (c)		555			575,086
3.00%, 08/01/26 (c)		500			548,154
4.00%, 08/01/26 (c)		585			673,602
5.00%, 08/01/28		100			126,543
State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c)		120			134,182
State of Minnesota, Various Purpose, Series A (GO)
5.00%, 10/01/27 (c)		400			495,264
5.00%, 08/01/29 (c)		1,000			1,273,175
5.00%, 08/01/29 (c)		1,000			1,278,041
5.00%, 08/01/29		400			517,220
5.00%, 08/01/30 (c)		2,000			2,586,984
5.00%, 08/01/30 (c)		2,000			2,593,826
State of Minnesota, Various Purpose, Series D (GO)
2.25%, 08/01/26 (c)		925			974,016
3.00%, 10/01/27 (c)		1,000			1,110,839
3.00%, 10/01/27 (c)		1,000			1,104,265
University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		805			994,475
Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c)		1,000			1,081,448
					23,005,027
Mississippi: 0.4%
State of Mississippi, Series A (GO)
5.00%, 10/01/27 (c)		300			368,168
5.00%, 10/01/27 (c)		430			530,438
5.00%, 10/01/27 (c)		650			799,497

See Notes to Financial Statements

75

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Mississippi (continued)
5.00%, 10/01/27 (c)	$	880		$	1,084,481
5.00%, 10/01/27 (c)		405			497,511
5.00%, 10/01/27 (c)		500			614,438
State of Mississippi, Series A (RB)
5.00%, 10/15/28 (c)		400			494,622
5.00%, 10/15/28 (c)		550			675,257
5.00%, 10/15/28 (c)		1,000			1,231,665
State of Mississippi, Series B (GO)
4.00%, 10/01/29 (c)		295			351,680
5.00%, 12/01/26 (c)		155			186,776
5.00%, 12/01/26 (c)		850			1,025,396
					7,859,929
Missouri: 0.6%
City of Kansas City, Downtown Arena Project, Series E (RB) 5.00%, 04/01/25 (c)		290			330,093
City of Kansas, Series C (RB) 5.00%, 09/01/27 (c)		745			913,780
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30		1,400			1,837,404
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c)		250			310,676
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c)		15			16,831
Platte County Park Hill School District (GO) (SAW)
3.00%, 03/01/26 (c)		225			239,237
3.00%, 03/01/26 (c)		105			111,929
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c)		650			770,005
Springfield School District No. R-12 (GO) (SAW)
4.00%, 03/01/28 (c)		615			729,117
4.00%, 03/01/28 (c)		1,035			1,219,885
4.00%, 03/01/29 (c)		1,415			1,670,578
5.00%, 03/01/29 (c)		450			563,406
St. Louis County, Series A (RB)
2.00%, 12/01/28 (c)		1,045			1,055,591
4.00%, 12/01/28 (c)		1,345			1,599,966
					11,368,498
Montana: 0.0%
Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29		150			190,541
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/32		1,280			1,670,975

	Par   (000’s		)	Value
Nebraska (continued)
5.00%, 09/01/34	$	300		$	403,161
Douglas County Hospital Authority No. 2 (RB) 4.00%, 05/15/26 (c)		115			130,151
Omaha Public Power District, Electric System, Series A (RB) 5.00%, 12/01/27 (c)		100			122,302
Omaha Public Power District, Electric System, Series A (RB) (SAW) 5.00%, 02/01/29 (c)		1,125			1,422,541
					3,749,130
Nevada: 1.3%
Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c)		300			359,697
Clark County School District (GO) 5.00%, 06/15/31		530			693,857
Clark County School District, Series A (GO) (AGM)
5.00%, 06/15/30 (c)		915			1,170,635
5.00%, 06/15/30 (c)		1,000			1,286,326
Clark County School District, Series B (GO)
4.00%, 11/01/26 (c)		155			177,066
4.00%, 11/01/26 (c)		250			284,937
Clark County School District, Series B (GO) (AGM) 5.00%, 06/15/29		1,000			1,277,068
Clark County School District, Series C (GO)
5.00%, 12/15/25 (c)		200			233,978
5.00%, 12/15/27 (c)		1,050			1,270,690
Clark County Water Reclamation District (GO) 3.00%, 07/01/26 (c)		630			691,130
Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB)
5.00%, 07/01/27		415			509,949
5.00%, 07/01/29 (c)		1,200			1,514,427
Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c)		1,000			1,175,106
Clark County, Limited Tax, Series A (GO)
5.00%, 06/01/28 (c)		1,110			1,377,087
5.00%, 06/01/28 (c)		150			184,189
Clark County, Limited Tax, Series C (GO)
3.00%, 07/01/27 (c)		270			288,952
3.00%, 07/01/27 (c)		500			537,201
3.00%, 07/01/27 (c)		305			328,297
Clark County, McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c)		275			348,645

See Notes to Financial Statements

76

	Par   (000’s		)	Value
Nevada (continued)
Clark County, Nevada Highway (RB) (AGM) 2.00%, 07/01/31 (c)	$	3,000		$	2,787,191
County of Clark NV (RB) (AGM) 2.00%, 07/01/31 (c)		2,000			1,904,567
County of Clark, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c)		470			594,300
Las Vegas Valley Water District, Series A (GO)
4.00%, 02/01/27 (c)		500			566,257
5.00%, 06/01/26 (c)		190			226,473
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB)
4.00%, 06/01/27 (c)		1,000			1,142,180
5.00%, 06/01/27 (c)		795			965,622
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
3.38%, 06/01/28 (c)		325			358,024
4.00%, 06/01/28 (c)		760			878,805
4.00%, 06/01/28 (c)		760			880,223
Truckee Meadows Water Authority (RB)
5.00%, 07/01/26 (c)		355			419,686
5.00%, 07/01/26 (c)		30			35,602
					24,468,167
New Hampshire: 0.1%
New Hampshire Municipal Bond Bank (RB) 5.00%, 08/15/29		2,000			2,588,081
New Jersey: 4.3%
Board of Education of the Toms River Regional School District (GO) 3.00%, 07/15/26 (c)		500			527,035
City of Ocean City (GO) 2.25%, 09/15/26 (c)		250			258,296
County of Hudson (GO)
2.00%, 11/15/28 (c)		685			669,971
2.00%, 11/15/28 (c)		2,000			1,981,019
2.12%, 11/15/28 (c)		265			259,661
County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c)		600			643,796
New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c)		275			310,067
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c)		755			813,237

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)	$	260		$	324,404
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (ST) 4.00%, 11/01/27		755			878,754
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		1,000			1,243,024
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		380			460,457
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
4.75%, 12/15/26 (c)		420			487,985
5.50%, 12/15/26 (c)		275			335,222
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
5.00%, 06/15/27 (c)		250			298,734
5.00%, 06/15/27		245			297,374
5.00%, 06/15/27 (c)		935			1,113,505
5.00%, 06/15/27 (c)		615			730,686
5.00%, 06/15/27 (c)		340			405,865
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c)		1,250			1,543,752
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		1,080			1,237,215
New Jersey Economic Development Authority, State House Project, Series B (RB)
4.00%, 12/15/28 (c)		1,290			1,510,755
5.00%, 12/15/28 (c)		315			385,949
5.00%, 06/15/26		315			373,975
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c)		230			255,413
New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB)

See Notes to Financial Statements

77

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Jersey (continued)
5.00%, 07/01/26 (c)	$	400		$	473,865
New Jersey Educational Facilities Authority, Princeton University, Series C (RB)
2.00%, 03/01/31 (c)		1,000			971,423
2.00%, 03/01/31 (c)		1,975			1,906,281
2.00%, 03/01/31 (c)		6,000			5,748,841
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c)		500			612,173
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/27 (c)		1,000			1,225,756
New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB)
3.00%, 07/01/26 (c)		1,585			1,678,823
3.38%, 07/01/27 (c)		360			394,471
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 4.00%, 07/01/26 (c)		1,590			1,807,205
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB)
3.00%, 07/01/26 (c)		115			121,383
3.12%, 07/01/26 (c)		150			158,958
New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c)		925			997,509
New Jersey State Turnpike Authority, Series B (RB)
5.00%, 01/01/28 (c)		2,900			3,564,458
5.00%, 01/01/28 (c)		115			141,448
5.00%, 01/01/28 (c)		1,080			1,327,350
New Jersey Transportation Trust Fund Authority, Series A (RB)
4.00%, 12/15/28 (c)		2,330			2,715,064
5.00%, 12/15/27		500			613,913
5.00%, 12/15/28		500			625,147
5.00%, 12/15/28 (c)		1,395			1,707,474
5.00%, 12/15/28 (c)		1,000			1,217,026
5.00%, 12/15/28 (c)		1,100			1,343,140
5.00%, 06/15/26 (c)		435			509,236
5.00%, 06/15/31 (c)		500			643,507
New Jersey Transportation Trust Fund Authority, Series A-1 (RB)

	Par   (000’s		)	Value
New Jersey (continued)
4.10%, 06/15/26 (c)	$	780		$	873,467
New Jersey Turnpike Authority, Series A (RB)
4.00%, 01/01/27 (c)		135			152,888
5.00%, 01/01/27 (c)		270			323,468
5.00%, 01/01/27 (c)		1,625			1,954,280
New Jersey Turnpike Authority, Series E (RB)
5.00%, 01/01/28 (c)		200			245,997
5.00%, 01/01/28 (c)		115			142,426
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c)		1,000			1,224,839
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c)		2,130			2,469,388
State of New Jersey, Series A (GO) 3.00%, 06/01/32		250			278,477
State of New Jersey, Various Purposes (GO)
2.00%, 12/01/29 (c)		3,000			2,925,827
2.00%, 12/01/29 (c)		3,000			3,070,472
2.00%, 12/01/29 (c)		3,000			2,839,532
5.00%, 12/01/29 (c)		5,000			6,210,743
5.00%, 12/01/29 (c)		5,000			6,249,751
5.00%, 06/01/27 (c)		400			484,386
5.00%, 06/01/27		625			757,712
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/27		360			434,273
5.00%, 06/01/28 (c)		2,000			2,415,868
5.00%, 06/01/28 (c)		195			237,340
5.00%, 06/01/28 (c)		225			269,834
5.00%, 06/01/28 (c)		500			605,630
5.00%, 06/01/28 (c)		250			301,131
					82,318,331
New York: 15.4%
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 4.00%, 01/15/27 (c)		1,555			1,753,339
City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c)		500			531,989
City of New York NY (GO)
4.00%, 08/01/31 (c)		600			710,500
5.00%, 08/01/30		415			541,408
City of New York, Series A (GO)
4.00%, 08/01/26 (c)		485			549,324
5.00%, 08/01/25 (c)		380			441,059
5.00%, 08/01/26 (c)		1,810			2,158,439
5.00%, 08/01/27		550			677,181
5.00%, 08/01/27 (c)		540			662,653
City of New York, Series A-1 (GO) 5.00%, 08/01/29		1,000			1,284,474

See Notes to Financial Statements

78

	Par   (000’s		)	Value
New York (continued)
City of New York, Series B-1 (GO)
4.00%, 12/01/26 (c)	$	250		$	284,214
5.00%, 10/01/27 (c)		100			121,507
5.00%, 10/01/29 (c)		1,125			1,425,073
5.00%, 10/01/29 (c)		500			635,824
5.00%, 11/01/30		1,000			1,310,451
5.00%, 12/01/26 (c)		395			475,243
5.25%, 10/01/27 (c)		920			1,139,406
City of New York, Series C (GO)
5.00%, 02/01/27 (c)		225			271,767
5.00%, 08/01/27		275			338,590
City of New York, Series C and D (GO)
5.00%, 02/01/26 (c)		110			129,475
5.00%, 02/01/28 (c)		820			1,019,175
5.00%, 02/01/28 (c)		1,250			1,530,272
City of New York, Series C-1 (GO) (SBG) 5.00%, 08/01/28		1,000			1,259,470
City of New York, Series C-1 (GO) (SD CRED PROG) 5.00%, 08/01/30		2,000			2,609,195
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c)		1,565			1,963,171
City of New York, Series E (GO) 5.00%, 08/01/26 (c)		540			643,954
City of New York, Series E-1 (GO)
5.00%, 03/01/28 (c)		1,015			1,249,226
5.25%, 03/01/28 (c)		1,000			1,244,338
5.25%, 03/01/28 (c)		1,500			1,874,893
City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c)		250			306,920
City of New York, Series I-A (GO) 4.00%, 10/01/30 (c)		2,000			2,356,510
City of New York, Series L (GO) 5.00%, 04/01/29 (c)		400			501,195
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c)		1,865			2,419,020
City of New York, Series L-6 (GO)
5.00%, 04/01/28		175			218,706
5.00%, 04/01/29 (c)		1,000			1,265,408
City of Troy Capital Resource Corp., Series A (RB) 5.00%, 09/01/30 (c)		500			631,482
County of Nassau, Series C (GO)
5.00%, 10/01/27		310			380,460
5.00%, 10/01/27 (c)		600			729,146
County of Westchester, Series A (GO) 4.00%, 12/01/26 (c)		345			402,935
Hudson Yards Infrastructure Corp., Series A (RB)

	Par   (000’s		)	Value
New York (continued)
5.00%, 02/15/27 (c)	$	3,025		$	3,641,300
5.00%, 02/15/27 (c)		1,030			1,234,929
5.00%, 02/15/27 (c)		1,700			2,035,526
5.00%, 02/15/27 (c)		460			549,664
Long Island Power Authority, Electric System (RB)
5.00%, 09/01/27 (c)		500			611,061
5.00%, 09/01/27 (c)		305			372,724
5.00%, 09/01/27 (c)		750			912,903
Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c)		450			482,038
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		40			48,083
Metropolitan Transportation Authority (RB)
5.00%, 11/15/30		1,000			1,272,168
5.00%, 05/15/28 (c)		1,540			1,844,681
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c)		340			376,902
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/27 (c)		155			186,317
Metropolitan Transportation Authority, Series B (RB)
4.00%, 11/15/26 (c)		1,825			2,016,416
4.00%, 11/15/26 (c)		215			237,977
5.00%, 11/15/26 (c)		310			368,683
5.00%, 11/15/27		865			1,052,733
5.00%, 11/15/28		380			467,512
5.00%, 11/15/28		380			467,512
Metropolitan Transportation Authority, Series B-2 (RB)
5.00%, 11/15/26 (c)		15			17,908
5.00%, 11/15/27 (c)		1,185			1,446,219
5.00%, 11/15/27		400			496,134
5.00%, 11/15/27 (c)		200			244,199
Metropolitan Transportation Authority, Series C-1 (RB)
4.00%, 05/15/28 (c)		395			438,659
4.00%, 05/15/28 (c)		410			453,908
4.00%, 05/15/28 (c)		1,240			1,387,200
5.00%, 11/15/26 (c)		1,175			1,373,781
5.00%, 11/15/26 (c)		155			184,341
5.00%, 11/15/26 (c)		900			1,065,226
5.00%, 11/15/27		500			608,677
5.00%, 05/15/28 (c)		2,540			3,023,950
5.00%, 05/15/28 (c)		1,445			1,727,376
5.00%, 05/15/28 (c)		470			567,176
5.00%, 05/15/28 (c)		810			962,557
5.00%, 05/15/28 (c)		1,260			1,532,927
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		1,035			785,501
Metropolitan Transportation Authority, Series D (RB)

See Notes to Financial Statements

79

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
3.12%, 11/15/26 (c)	$	265		$	277,589
4.00%, 11/15/26 (c)		400			444,014
5.00%, 11/15/26 (c)		1,115			1,312,909
5.00%, 11/15/26 (c)		1,805			2,115,781
5.00%, 05/15/28 (c)		535			636,934
5.00%, 05/15/28 (c)		1,570			1,871,844
5.00%, 05/15/28 (c)		1,085			1,299,662
Monroe County Industrial Development Corp. (RB) 3.00%, 12/01/30 (c)		865			912,908
New York City Housing Development Corp. (RB) (FHA 542(C)) 2.10%, 05/01/29 (c)		1,000			986,775
New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c)		1,100			1,107,883
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.10%, 05/01/29 (c)		1,340			1,334,172
New York City Industrial Development Agency (RB) (AGM)
4.00%, 01/01/31 (c)		500			605,836
4.00%, 09/01/30 (c)		1,500			1,780,000
5.00%, 01/01/31		1,200			1,570,698
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 2.00%, 01/01/31 (c)		1,250			1,178,641
New York City Transitional Finance Authority Building Aid Revenue (RB) (SAW)
3.00%, 07/15/31 (c)		1,400			1,519,150
4.00%, 07/15/31 (c)		1,375			1,637,237
5.00%, 07/15/31 (c)		1,000			1,320,594
New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW)
5.00%, 07/15/25 (c)		135			157,069
5.00%, 07/15/28 (c)		1,010			1,256,785
New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW)
5.00%, 07/15/28 (c)		500			619,988
5.00%, 07/15/28 (c)		100			124,434
5.25%, 07/15/28 (c)		415			521,846
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) 5.00%, 07/15/28 (c)		1,010			1,252,376

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
3.00%, 11/01/30 (c)	$	2,000		$	2,148,585
5.00%, 11/01/30 (c)		3,000			3,847,492
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
4.00%, 05/01/26 (c)		630			712,483
5.00%, 05/01/26 (c)		160			187,617
5.00%, 05/01/26 (c)		450			531,363
5.00%, 05/01/26 (c)		880			1,037,832
5.00%, 05/01/26 (c)		280			331,714
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.00%, 08/01/24 (c)		260			292,214
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 08/01/27 (c)		115			132,165
5.00%, 08/01/26 (c)		690			821,412
5.00%, 08/01/26 (c)		540			642,567
5.00%, 08/01/26 (c)		530			632,302
5.00%, 08/01/26 (c)		895			1,064,077
5.00%, 08/01/27 (c)		350			425,531
5.00%, 08/01/27 (c)		125			153,633
5.00%, 08/01/27 (c)		1,000			1,218,605
5.00%, 08/01/28 (c)		780			971,371
5.00%, 08/01/30 (c)		1,000			1,297,514
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
5.00%, 11/01/25 (c)		20			23,477
5.00%, 05/01/27 (c)		2,280			2,772,377
5.00%, 05/01/27 (c)		900			1,087,097
5.00%, 08/01/30 (c)		855			1,111,551
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/30 (c)		4,500			5,751,371
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c)		100			109,669
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
5.00%, 02/01/25 (c)		155			176,623
5.00%, 02/01/27 (c)		1,190			1,440,486

See Notes to Financial Statements

80

	Par  (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30	$	6,000		$	7,389,748
New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB)
4.00%, 10/01/26 (c)		745			851,135
4.00%, 10/01/26 (c)		850			974,139
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c)		1,000			1,291,036
New York City Water and Sewer System, Series BB (RB)
5.00%, 06/15/27 (c)		595			729,937
5.00%, 06/15/27 (c)		310			375,638
New York City Water and Sewer System, Series DD (RB) 5.00%, 06/15/31		1,865			2,492,793
New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c)		215			260,917
New York City Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c)		500			635,722
New York State Dormitory Authority (RB)
3.00%, 09/15/30 (c)		1,620			1,733,464
4.00%, 02/15/27 (c)		475			540,095
4.00%, 07/01/31 (c)		1,000			1,193,437
4.00%, 09/15/30 (c)		1,135			1,340,880
5.00%, 02/15/27 (c)		1,375			1,667,276
5.00%, 02/15/27 (c)		1,000			1,203,521
5.00%, 03/15/28		930			1,160,018
5.00%, 08/01/28		545			671,216
5.00%, 08/01/28 (c)		1,000			1,220,628
New York State Dormitory Authority, Columbia University (RB) 5.00%, 04/01/26 (c)		170			202,300
New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28		115			146,795
New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27		25			31,113
New York State Dormitory Authority, Cornell University, Series A (RB) 4.00%, 07/01/26 (c)		200			225,910
New York State Dormitory Authority, Cornell University, Series D (RB)
5.00%, 07/01/33		110			153,273
5.00%, 07/01/34		1,100			1,554,996

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c)	$	800		$	911,240
New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c)		1,000			1,185,916
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)
5.00%, 08/01/27		315			380,956
5.00%, 08/01/28 (c)		890			1,082,292
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c)		250			298,641
New York State Dormitory Authority, New York State University, Series B (RB) 5.00%, 07/01/25 (c)		20			23,036
New York State Dormitory Authority, New York University, Series A (RB)
5.00%, 07/01/26 (c)		260			309,338
5.00%, 07/01/27 (c)		250			306,148
5.00%, 07/01/27 (c)		200			242,414
5.00%, 07/01/27 (c)		475			585,187
5.00%, 07/01/27 (c)		250			303,163
5.00%, 07/01/28 (c)		385			481,079
5.00%, 07/01/29 (c)		100			128,284
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM)
5.00%, 10/01/27 (c)		100			122,655
5.00%, 10/01/27 (c)		635			784,993
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
5.00%, 10/01/26 (c)		650			783,180
5.00%, 10/01/26 (c)		1,325			1,590,805
5.00%, 10/01/26 (c)		200			239,695
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/27 (c)		525			603,401
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) 2.00%, 07/01/29 (c)		850			866,126
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c)		500			598,905

See Notes to Financial Statements

81

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
4.00%, 03/15/31 (c)	$	2,795		$	3,296,794
5.00%, 02/15/27 (c)		595			715,483
5.00%, 03/15/25 (c)		195			221,954
5.00%, 03/15/25 (c)		150			172,029
5.00%, 03/15/29		100			127,447
5.00%, 03/15/29 (c)		1,645			2,063,564
5.00%, 03/15/29 (c)		2,030			2,553,241
5.00%, 03/15/29 (c)		3,910			4,891,025
5.00%, 03/15/29		1,285			1,637,687
5.00%, 03/15/30		3,000			3,895,860
5.00%, 03/15/31 (c)		4,000			5,203,937
5.00%, 08/15/26 (c)		1,040			1,249,104
New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
5.00%, 08/15/27 (c)		2,270			2,759,257
5.00%, 08/15/27 (c)		640			791,698
5.00%, 08/15/27 (c)		2,000			2,444,411
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c)		385			425,655
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 02/15/30 (c)		2,000			2,542,642
5.00%, 02/15/30		1,435			1,860,518
5.00%, 08/15/26 (c)		940			1,122,634
5.00%, 08/15/26 (c)		540			648,573
5.00%, 08/15/26 (c)		315			377,348
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/30 (c)		115			146,645
New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 02/15/25 (c)		320			365,989
New York State Dormitory Authority, State Sales Tax, Series A (RB)
5.00%, 01/01/27 (c)		250			298,200
5.00%, 03/15/24 (c)		340			376,244
5.00%, 03/15/24 (c)		115			127,230
5.00%, 03/15/27 (c)		2,110			2,546,691
5.00%, 03/15/27 (c)		305			370,091
5.00%, 03/15/27 (c)		1,000			1,207,040
5.00%, 03/15/27 (c)		515			623,395
5.00%, 09/15/26 (c)		140			167,655
5.00%, 09/15/26 (c)		2,380			2,858,958
5.00%, 09/15/26 (c)		60			71,630
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c)		170			198,123

	Par   (000’s		)	Value
New York (continued)
5.00%, 09/15/25 (c)	$	120		$	140,353
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/28 (c)		520			641,974
5.00%, 03/15/28 (c)		1,220			1,500,970
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/27 (c)		2,560			3,136,349
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c)		1,000			1,207,164
New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c)		385			456,022
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
5.00%, 06/15/26 (c)		415			494,171
5.00%, 06/15/26 (c)		765			912,092
5.00%, 06/15/27 (c)		150			182,852
5.00%, 06/15/27 (c)		405			497,885
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/29 (c)		1,250			1,595,490
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)
3.00%, 06/15/27 (c)		495			535,326
5.00%, 06/15/27 (c)		500			609,691
5.00%, 06/15/27 (c)		1,000			1,220,281
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c)		1,000			993,875
New York State Thruway Authority (RB) 5.00%, 03/15/31 (c)		800			1,032,600
New York State Thruway Authority, Series A (RB)
5.00%, 01/01/26 (c)		650			759,633
5.00%, 01/01/26 (c)		600			700,273
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c)		800			929,764
New York State Thruway Authority, Series L (RB)
3.50%, 01/01/28 (c)		1,120			1,240,951
5.00%, 01/01/28 (c)		1,500			1,833,972
5.00%, 01/01/28 (c)		1,300			1,585,618

See Notes to Financial Statements

82

	Par   (000’s		)	Value
New York (continued)
New York State Urban Development Corp. (RB) 5.00%, 09/15/31 (c)	$	4,500		$	5,880,111
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/27 (c)		325			391,012
5.00%, 03/15/27 (c)		750			906,122
New York State Urban Development Corp., State Personal Income, Series C (RB)
4.00%, 09/15/30 (c)		1,000			1,181,392
4.00%, 09/15/30 (c)		1,000			1,192,411
5.00%, 03/15/28		500			625,418
5.00%, 09/15/27 (c)		350			428,319
5.00%, 09/15/27 (c)		2,000			2,442,859
5.00%, 09/15/30 (c)		250			320,508
New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c)		1,000			1,274,232
New York Transportation Development Corp. (RB) 5.00%, 12/01/30		1,150			1,458,952
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)
5.00%, 12/01/30 (c)		1,000			1,244,217
5.00%, 12/01/30 (c)		750			935,010
Port Authority of New York & New Jersey (RB) 5.00%, 07/15/30 (c)		1,000			1,286,299
Port Authority of New York and New Jersey, Series 198 (RB) 5.00%, 11/15/26 (c)		300			358,246
Port Authority of New York and New Jersey, Series 205 (RB)
5.00%, 11/15/27 (c)		840			1,037,151
5.00%, 11/15/27 (c)		1,000			1,228,305
5.00%, 11/15/27 (c)		2,500			3,067,084
Port Authority of New York and New Jersey, Series 209 (RB)
5.00%, 07/15/28		255			322,536
5.00%, 07/15/28 (c)		500			617,867
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c)		500			621,781
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c)		500			634,695
Port Authority of New York and New Jersey, Series 222 (RB)
4.00%, 07/15/30 (c)		3,975			4,697,539
4.00%, 07/15/30 (c)		2,600			3,085,498
5.00%, 07/15/30 (c)		1,000			1,282,136

	Par   (000’s		)	Value
New York (continued)
State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c)	$	730		$	748,597
State of New York Mortgage Agency, Series 192 (RB) 3.80%, 10/01/24 (c)		85			86,982
State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c)		615			638,151
State of New York Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c)		460			484,896
State of New York Mortgage Agency, Series 208 (RB) (AGC) 3.60%, 04/01/27 (c)		550			568,989
Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c)		10			11,131
Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c)		20			23,700
Triborough Bridge and Tunnel Authority, Series B (RB)
5.00%, 11/15/31		1,000			1,341,232
5.00%, 05/15/27 (c)		1,350			1,636,868
5.00%, 05/15/27 (c)		1,255			1,519,811
5.00%, 05/15/27 (c)		1,000			1,223,903
5.00%, 05/15/27 (c)		1,035			1,258,961
5.00%, 05/15/27 (c)		1,070			1,297,500
5.00%, 05/15/27 (c)		1,550			1,878,213
Triborough Bridge and Tunnel Authority, Series C (RB)
5.00%, 11/15/27		1,565			1,942,089
5.00%, 11/15/28		500			634,961
Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/30 (c)		1,000			1,300,275
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c)		130			156,775
5.00%, 06/01/27 (c)		1,140			1,351,465
5.00%, 06/01/27 (c)		500			591,630
5.00%, 06/01/27 (c)		845			996,796
5.00%, 06/01/27 (c)		285			341,671
Utility Debt Securitization Authority (RB) 5.00%, 12/15/25 (c)		200			235,850
Utility Debt Securitization Authority, Series A (RB)
5.00%, 12/15/25 (c)		310			365,567
5.00%, 06/15/25 (c)		360			417,866
5.00%, 06/15/26 (c)		500			590,895
5.00%, 06/15/26 (c)		610			723,321
Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c)		1,135			1,347,551
					297,983,358

See Notes to Financial Statements

83

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
North Carolina: 2.1%
Cape Fear Public Utility Authority, Water and Sewer System (RB) 4.00%, 08/01/26 (c)	$	450		$	514,820
Charlotte-Mecklenburg Hospital Authority, Atrium Health Variable Rate Health Care, Series D (RB) 5.00%, 12/01/31 (p)		3,000			4,004,063
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c)		100			111,185
City of Charlotte (GO) 5.00%, 06/01/27		250			308,270
County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c)		590			642,029
County of Mecklenburg, Series A (GO)
4.00%, 04/01/27 (c)		900			1,043,917
4.00%, 04/01/27 (c)		1,000			1,159,956
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c)		250			255,940
County of New Hanover, New Hanover Regional Medical Center (RB)
5.00%, 10/01/27		590			725,145
5.00%, 10/01/27 (c)		1,300			1,598,448
County of Union, Enterprise Systems (RB) 4.00%, 06/01/31 (c)		1,000			1,242,267
County of Wake (RB)
3.00%, 03/01/31 (c)		1,500			1,687,035
4.00%, 03/01/31 (c)		850			1,043,791
County of Wake, Series A (RB)
3.12%, 08/01/28 (c)		150			165,858
5.00%, 12/01/26 (c)		500			603,533
North Carolina Capital Facilities Finance Agency, Wake Forest Univeristy (RB) 5.00%, 07/01/26 (c)		130			154,977
North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c)		10			11,197
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 5.00%, 06/01/27		365			446,270
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c)		1,000			1,266,480
North Carolina Turnpike Authority, Triangle Expressway System (RB)

	Par   (000’s		)	Value
North Carolina (continued)
5.00%, 01/01/27 (c)	$	500		$	584,548
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)
5.00%, 01/01/27 (c)		945			1,131,333
5.00%, 01/01/29 (c)		380			474,194
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
4.00%, 01/01/28 (c)		890			1,039,277
4.00%, 01/01/28 (c)		360			419,716
4.00%, 01/01/28 (c)		800			930,847
State of North Carolina (RB)
5.00%, 03/01/28		1,500			1,871,930
5.00%, 03/01/31 (c)		1,000			1,311,495
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c)		625			628,971
State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/29 (c)		2,500			3,155,994
State of North Carolina, Series A (GO)
3.00%, 06/01/28 (c)		1,000			1,100,113
3.00%, 06/01/28 (c)		380			416,428
5.00%, 06/01/28 (c)		1,140			1,426,594
5.00%, 06/01/30 (c)		1,100			1,441,005
State of North Carolina, Series A (RB)
5.00%, 05/01/28		1,440			1,806,287
5.00%, 05/01/29 (c)		1,000			1,273,778
State of North Carolina, Series B (GO) 5.00%, 06/01/26 (c)		420			500,225
State of North Carolina, Series B (RB)
3.00%, 05/01/27 (c)		800			872,620
5.00%, 05/01/27 (c)		880			1,074,103
5.00%, 05/01/27		215			263,902
5.00%, 05/01/28		1,200			1,505,239
					40,213,780
North Dakota: 0.1%
County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c)		410			485,027
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB)
3.55%, 07/01/27 (c)		255			272,328
3.75%, 07/01/27 (c)		850			894,488

See Notes to Financial Statements

84

	Par   (000’s		)	Value
North Dakota (continued)
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c)	$	325		$	344,600
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F (RB) (NATL) 3.35%, 11/01/21 (c)		50			50,000
North Dakota Public Finance Authority, Series A (RB)
5.00%, 10/01/24 (c)		300			338,237
5.00%, 10/01/24 (c)		365			411,068
					2,795,748
Ohio: 3.0%
Akron Bath Copley Joint Township Hospital District (RB)
4.00%, 11/15/30 (c)		1,000			1,164,371
4.00%, 11/15/30 (c)		1,000			1,156,163
Buckeye Tobacco Settlement Financing Authority (RB) 5.00%, 06/01/30 (c)		500			628,278
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
5.00%, 06/01/30 (c)		3,000			3,740,255
5.00%, 06/01/30 (c)		2,000			2,501,578
City of Cincinnati (GO) 4.00%, 12/01/27 (c)		975			1,145,852
City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB) 5.00%, 04/01/28 (c)		500			617,763
City of Columbus, Series 1 (GO)
4.00%, 10/01/27 (c)		200			233,349
5.00%, 10/01/27 (c)		750			928,620
5.00%, 10/01/27 (c)		250			309,817
City of Columbus, Various Purpose, Series A (GO)
4.00%, 08/15/25 (c)		380			428,310
5.00%, 04/01/30		1,000			1,309,626
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c)		1,245			1,584,690
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 12/01/29		1,250			1,607,057
5.00%, 02/01/28 (c)		115			142,461
5.00%, 02/01/28 (c)		1,030			1,272,994
5.00%, 06/01/30 (c)		1,000			1,291,760
County of Butler (RB)
4.00%, 11/15/27 (c)		400			452,017
5.00%, 11/15/27 (c)		1,805			2,168,497
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)

	Par  (000’s		)	Value
Ohio (continued)
5.00%, 02/15/27 (c)	$	100		$	117,889
5.00%, 02/15/27 (c)		250			296,545
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB)
5.00%, 11/01/27 (c)		125			153,373
5.00%, 11/01/27 (c)		120			147,341
County of Franklin, Series A (RB) 5.00%, 11/01/27 (c)		145			177,856
County of Hamilton, Hospital Facilities, Series A (RB) 5.00%, 08/15/27		945			1,160,382
County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/26 (c)		340			407,759
County of Hamilton, Sewer System, Series A (RB) 5.00%, 12/01/29 (c)		1,000			1,284,348
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) 5.00%, 11/15/27		355			431,683
County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c)		165			176,530
Cuyahoga Community College District (GO)
4.00%, 06/01/26 (c)		500			565,532
4.00%, 06/01/26 (c)		350			396,712
Kent State University (RB) 5.00%, 05/01/26 (c)		20			23,580
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		1,000			1,108,975
Ohio Turnpike and Infrastructure Commission, Series A (RB) (ST)
5.00%, 02/15/28 (c)		500			613,225
5.00%, 02/15/28 (c)		500			614,370
5.00%, 02/15/28 (c)		500			611,598
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 03/01/28 (c)		1,020			1,279,432
Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c)		125			149,245
Ohio Water Development Authority, Fresh Water, Series B (RB)
5.00%, 12/01/26 (c)		200			241,514
5.00%, 12/01/26 (c)		1,000			1,207,015
Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 12/01/27		1,000			1,243,026
5.00%, 12/01/27		2,000			2,486,051

See Notes to Financial Statements

85

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Ohio (continued)
5.00%, 06/01/27 (c)	$	960		$	1,171,763
5.00%, 06/01/30 (c)		1,000			1,296,451
Ohio Water Development Authority, Water Pollution Control, Series B (RB)
5.00%, 12/01/25 (c)		20			23,512
5.00%, 12/01/25 (c)		40			47,077
State of Ohio (RB) 5.00%, 12/15/32		500			686,589
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c)		480			531,289
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
4.00%, 01/01/28 (c)		760			879,215
5.00%, 01/01/28 (c)		140			172,670
5.00%, 01/01/28 (c)		425			526,932
5.00%, 01/01/28		1,255			1,559,842
5.00%, 01/01/28 (c)		130			159,948
5.00%, 01/01/28 (c)		135			166,951
State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB)
5.00%, 04/01/28 (c)		805			986,165
5.00%, 04/01/28 (c)		615			756,714
5.00%, 04/01/28 (c)		640			785,440
State of Ohio, Common Schools, Series A (GO)
5.00%, 03/15/24 (c)		500			554,053
5.00%, 03/15/24 (c)		25			27,627
State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/27		395			487,088
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c)		165			175,619
State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/26 (c)		550			653,188
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c)		1,000			1,217,618
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/28		1,000			1,254,366
State of Ohio, Infrastructure Project, Series 1 (RB)
5.00%, 12/15/30		200			264,360
5.00%, 12/15/31		1,225			1,648,578
State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c)		225			268,715

	Par   (000’s		)	Value
Ohio (continued)
State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c)	$	100		$	123,212
State of Ohio, Parks and Recreation Improvement, Series C (RB) 5.00%, 12/01/26 (c)		500			599,646
The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29		2,225			2,892,294
Village of Bluffton, Blanchard Valley Health System (RB) 4.00%, 12/01/27 (c)		100			114,123
					57,608,484
Oklahoma: 0.3%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB)
3.00%, 09/01/26 (c)		330			358,098
5.00%, 09/01/26 (c)		405			484,803
Grand River Dam Authority, Series A (RB)
5.00%, 12/01/26 (c)		410			496,184
5.00%, 12/01/26 (c)		100			120,715
5.00%, 12/01/26 (c)		515			620,512
Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c)		750			810,328
Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c)		155			175,005
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c)		565			676,388
Oklahoma Turnpike Authority, Series E (RB)
5.00%, 01/01/27 (c)		300			361,630
5.00%, 01/01/27 (c)		155			187,908
Tulsa County Industrial Authority (RB) 5.00%, 09/01/25 (c)		530			615,233
Tulsa Public Facilities Authority (RB) 4.00%, 10/01/26		250			287,487
					5,194,291
Oregon: 1.6%
Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/30 (c)		720			921,404
Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM)

See Notes to Financial Statements

86

	Par   (000’s		)	Value
Oregon (continued)
5.00%, 08/15/30 (c)	$	700		$	893,378
City of Eugene, Electric Utility System Revenue, Series A (RB) 4.00%, 08/01/26 (c)		410			466,204
City of Portland Oregon, Sewer System Revenue (RB) 3.00%, 09/01/30 (c)		2,350			2,585,322
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c)		1,285			1,590,752
Deschutes Public Library District (GO) 4.00%, 06/01/31 (c)		2,000			2,405,268
Hillsboro School District No 1J (GO) (SBG) 4.00%, 06/15/30 (c)		870			1,039,805
Hillsboro School District No. 1J (GO) (SBG)
5.00%, 06/15/27 (c)		590			715,979
5.00%, 06/15/27 (c)		1,000			1,221,644
Metro Oregon, Series A (GO) 5.00%, 06/01/30 (c)		1,045			1,366,968
Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG)
0.01%, 06/15/27 (c)		1,010			727,538
0.01%, 06/15/27 (c)		1,215			917,947
Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		500			574,408
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c)		1,280			1,431,025
Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB)
5.00%, 10/01/26 (c)		195			230,112
5.00%, 10/01/26 (c)		430			509,171
Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/27 (c)		120			146,198
Portland Community College District (GO) 5.00%, 06/15/26 (c)		115			137,285
Salem-Keizer School District No 24J (GO) (SBG) 4.00%, 06/15/30 (c)		2,000			2,376,320
Salem-Keizer School District No. 24J (GO) (SBG)
4.00%, 06/15/28 (c)		475			553,006
5.00%, 06/15/28 (c)		545			678,225
Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c)		125			151,696

	Par   (000’s		)	Value
Oregon (continued)
State of Oregon Department of Transportation (RB) 5.00%, 11/15/29 (c)	$	1,650		$	2,102,272
State of Oregon Housing & Community Services Department (RB) (AGM) 3.55%, 07/01/27 (c)		245			261,380
State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB) 5.00%, 04/01/27 (c)		690			837,904
State of Oregon, Department of Transportation, Series A (RB) 5.00%, 11/15/30 (c)		1,000			1,301,204
State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c)		450			517,796
State of Oregon, Housing and Community Services Department, Series D (RB) 3.80%, 01/01/28 (c)		700			763,385
State of Oregon, Seismic Project and Article XI-Q, Series A (GO) 5.00%, 05/01/27 (c)		145			175,525
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c)		10			11,871
Tri-County Metropolitan Transportation District of Oregon (RB) 5.00%, 09/01/29 (c)		1,220			1,544,737
Tri-County Metropolitan Transportation District of Oregon, Series A (RB)
3.25%, 04/01/28 (c)		570			619,865
5.00%, 10/01/26		405			485,165
					30,260,759
Pennsylvania: 3.8%
Allegheny County Hospital Development Authority, Series A (RB)
5.00%, 04/01/28 (c)		1,120			1,362,063
5.00%, 04/01/28 (c)		1,000			1,234,544
5.00%, 07/15/28		290			362,526
5.00%, 07/15/29 (c)		360			456,729
5.00%, 07/15/29 (c)		810			1,018,471
Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) 4.00%, 12/01/26 (c)		100			113,884
City of Philadelphia (GO) (AGM)
5.00%, 08/01/27		320			393,996
5.00%, 08/01/27 (c)		380			461,748
City of Philadelphia, Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c)		880			1,046,712

See Notes to Financial Statements

87

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(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
City of Philadelphia, Series A (GO)
5.00%, 08/01/27 (c)	$	750		$	909,018
5.00%, 08/01/27 (c)		100			120,559
5.00%, 08/01/27 (c)		750			913,808
City of Philadelphia, Series A (RB) 5.00%, 07/01/29		1,500			1,905,951
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c)		1,000			1,164,051
City of Philadelphia, Series B (GO)
5.00%, 02/01/28		415			512,317
5.00%, 08/01/29 (c)		100			125,564
5.00%, 08/01/29 (c)		300			380,651
5.00%, 08/01/29 (c)		1,500			1,860,316
Commonwealth Financing Authority, Series A (RB)
5.00%, 06/01/28		800			998,524
5.00%, 06/01/29		1,000			1,271,156
5.00%, 06/01/30 (c)		250			323,253
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
5.00%, 06/01/28 (c)		415			503,595
5.00%, 06/01/28 (c)		775			949,380
5.00%, 06/01/28 (c)		265			323,301
Commonwealth of Pennsylvania (GO) 4.00%, 05/15/31 (c)		2,000			2,442,638
Commonwealth of Pennsylvania, First Series (GO)
3.00%, 01/01/27 (c)		510			549,802
3.00%, 05/01/30 (c)		900			983,265
4.00%, 01/01/27 (c)		600			685,571
5.00%, 02/01/26 (c)		500			589,211
Commonwealth of Pennsylvania, First Series (GO) (SBG) 5.00%, 07/15/28		1,300			1,639,479
Commonwealth of Pennsylvania, Second Series (GO)
3.00%, 09/15/26 (c)		1,055			1,129,107
4.00%, 09/15/26 (c)		170			194,633
5.00%, 01/15/27 (c)		430			520,632
5.00%, 09/15/26 (c)		400			480,073
Commonwealth of Pennsylvania, Second Series (GO) (AGM) 3.00%, 09/15/26 (c)		395			422,336
County of Chester, Series A (GO) 4.00%, 07/15/26 (c)		750			857,340
Dauphin County General Authority, Pinnacle Health System Project, Series A (RB)

	Par   (000’s		)	Value
Pennsylvania (continued)
4.00%, 06/01/26 (c)	$	20		$	22,547
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p)		2,000			2,535,634
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c)		630			774,987
Pennsylvania Economic Development Financing Authority, UPMC (RB)
4.00%, 09/15/26 (c)		215			242,091
4.00%, 09/15/26 (c)		100			112,377
5.00%, 09/15/26 (c)		385			455,646
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB)
3.38%, 11/15/27 (c)		1,000			1,095,405
4.00%, 11/15/27 (c)		205			234,680
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c)		125			147,055
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c)		775			865,632
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB)
3.12%, 08/15/27 (c)		150			162,165
5.00%, 08/15/27 (c)		270			328,907
5.00%, 08/15/27 (c)		275			336,033
5.00%, 08/15/27 (c)		1,000			1,228,973
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c)		425			443,510
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c)		700			726,963
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c)		540			568,937
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c)		1,620			1,724,393
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB)

See Notes to Financial Statements

88

	Par   (000’s		)	Value
Pennsylvania (continued)
3.20%, 10/01/26 (c)	$	300		$	315,127
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) (AGC) 3.70%, 04/01/27 (c)		2,000			2,158,563
Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c)		20			23,824
Pennsylvania Turnpike Commission (RB)
5.00%, 12/01/25 (c)		550			642,729
5.00%, 12/01/25 (c)		430			502,927
5.00%, 12/01/26 (c)		110			133,104
5.00%, 12/01/27 (c)		300			364,904
5.00%, 12/01/27		1,000			1,233,027
5.00%, 12/01/27 (c)		250			304,946
5.00%, 12/01/28 (c)		895			1,128,500
5.00%, 06/01/31 (c)		700			910,307
Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB) 5.00%, 12/01/26 (c)		450			541,412
Pennsylvania Turnpike Commission, Series A (RB)
5.00%, 12/01/26 (c)		750			899,103
5.00%, 12/01/26 (c)		15			17,892
5.00%, 12/01/26 (c)		310			372,940
5.00%, 12/01/29 (c)		500			638,283
Pennsylvania Turnpike Commission, Series A-2 (RB)
5.00%, 12/01/27 (c)		100			123,272
5.00%, 12/01/27 (c)		175			213,282
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c)		510			610,757
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c)		760			915,990
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c)		205			246,325
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c)		110			126,459
Philadelphia Authority for Industrial Development, Temple University, Second Series (RB) 5.00%, 04/01/25 (c)		10			11,361
Philadelphia Gas Works Co., Fourteenth Series (RB)
5.00%, 10/01/26 (c)		680			807,028
5.00%, 10/01/26 (c)		735			873,854
5.00%, 10/01/26 (c)		970			1,152,226
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM)

	Par   (000’s		)	Value
Pennsylvania (continued)
5.00%, 09/01/31	$	1,460		$	1,925,069
5.00%, 09/01/32		2,000			2,692,339
5.00%, 09/01/33		2,000			2,748,682
Reading School District of Berks County (GO) (AGM) 5.00%, 03/01/27 (c)		170			202,637
School District of Philadelphia, Series A (GO) (SAW)
5.00%, 09/01/28 (c)		450			558,408
5.00%, 09/01/28 (c)		410			506,459
5.00%, 09/01/28 (c)		250			311,156
School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c)		485			575,137
School District of the City of Erie (GO) (AGM) 5.00%, 04/01/29 (c)		220			273,489
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c)		845			1,031,038
Sports & Exhibition Authority, Regional Asset District Sales Tax (RB) (AGM) 5.00%, 08/01/29 (c)		1,000			1,272,211
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (AGM)
5.00%, 12/01/26 (c)		2,750			3,292,015
5.00%, 12/01/26 (c)		260			310,533
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c)		880			1,058,284
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c)		765			889,288
					74,127,026
Rhode Island: 0.2%
Rhode Island Commerce Corp., Department of Transportation, Series B (RB)
5.00%, 06/15/26 (c)		380			449,836
5.00%, 06/15/26 (c)		230			273,763
Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) 5.00%, 05/15/26 (c)		110			131,000
Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c)		1,000			995,283
Rhode Island Housing and Mortgage Finance Corp./RI (RB) 2.05%, 04/01/30 (c)		1,000			983,009

See Notes to Financial Statements

89

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Rhode Island (continued)
State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c)	$	345		$	377,019
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c)		250			304,655
State of Rhode Island and Providence Plantations, Series D (GO) 5.00%, 08/01/24 (c)		180			202,671
					3,717,236
South Carolina: 0.8%
Aiken County Consolidated School District, Series A (GO)
4.00%, 04/01/29 (c)		1,000			1,183,232
4.00%, 04/01/29 (c)		535			629,164
Beaufort County School District (GO) 3.00%, 03/01/31 (c)		2,000			2,264,808
County of York (GO) (SAW) 5.00%, 04/01/24 (c)		185			205,733
Lancaster County School District (GO)
3.25%, 03/01/27 (c)		325			356,777
4.00%, 03/01/27 (c)		1,000			1,160,180
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c)		100			121,530
Piedmont Municipal Power Agency (RB) 5.00%, 01/01/31 (c)		1,000			1,286,063
Piedmont Municipal Power Agency (RB) (AGM) 5.00%, 01/01/28		2,250			2,751,225
South Carolina Public Service Authority (RB) (SAW) 5.00%, 12/01/30 (c)		3,000			3,870,833
South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c)		1,000			1,168,717
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/28 (c)		100			124,733
York County, South Carolina Fort Mill School District No. 4, Series B (GO)
3.00%, 03/01/27 (c)		325			351,866
3.00%, 03/01/27 (c)		500			540,508
					16,015,369
South Dakota: 0.1%
South Dakota Health and Educational Facilities Authority (RB) 4.00%, 09/01/27 (c)		1,075			1,205,704

	Par   (000’s		)	Value
South Dakota (continued)
5.00%, 09/01/27 (c)	$	100		$	118,778
5.00%, 09/01/27 (c)		255			303,045
South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c)		345			367,107
					1,994,634
Tennessee: 1.4%
Chattanooga Health, Educational and Housing Facility Board, Series A-1 (RB) 5.00%, 08/01/28		250			312,278
City of Memphis TN (GO) 5.00%, 05/01/31 (c)		900			1,195,761
County of Hamilton, Series A (GO) 5.00%, 04/01/28		500			628,768
Greeneville Health & Educational Facilities Board (RB) 5.00%, 07/01/28 (c)		525			650,457
Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB)
5.00%, 07/01/23 (c)		550			591,336
5.00%, 07/01/23 (c)		810			870,033
5.00%, 07/01/23 (c)		915			983,450
Knox County Health Educational and Housing Facility Board (RB)
5.00%, 04/01/27 (c)		700			812,301
5.00%, 04/01/27 (c)		490			571,590
Memphis-Shelby County Industrial Development Board (RB) 5.00%, 11/01/26 (c)		150			178,306
Memphis-Shelby County Industrial Development Board, Series B (RB) 5.00%, 11/01/26 (c)		720			864,082
Metropolitan Government of Nashville and Davidson County (GO)
4.00%, 07/01/26 (c)		545			620,205
4.00%, 07/01/26 (c)		580			660,028
4.00%, 07/01/27 (c)		590			689,980
4.00%, 07/01/27 (c)		275			318,435
4.00%, 07/01/27		335			393,771
5.00%, 07/01/26 (c)		235			278,828
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB) 5.00%, 07/01/26 (c)		130			153,474
New Memphis Arena Public Building Authority (RB) 0.00%, 04/01/31 (c) ^		2,625			1,757,542

See Notes to Financial Statements

90

	Par   (000’s		)	Value
Tennessee (continued)
Shelby County, Public Improvement, Series B (GO)
4.00%, 04/01/30 (c)	$	3,000		$	3,622,896
4.00%, 04/01/30 (c)		1,000			1,204,822
4.00%, 04/01/30 (c)		1,000			1,202,141
Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/27 (c)		200			237,376
State of Tennessee, Series A (GO) 5.00%, 08/01/26 (c)		500			595,396
Tennessee Energy Acquisition Corp. (RB) 5.00%, 11/01/31 (c) (p)		4,000			5,165,549
Tennessee Housing Development Agency, Series 2 (RB) 3.50%, 07/01/27 (c)		370			390,067
Tennessee Housing Development Agency, Series 2B (RB) 3.70%, 07/01/26 (c)		135			143,475
Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB) (ST)
5.00%, 11/01/27 (c)		285			349,394
5.00%, 11/01/27 (c)		750			920,713
5.00%, 11/01/27 (c)		395			483,842
5.00%, 11/01/27		365			453,717
					27,300,013
Texas: 8.7%
Aldine Independent School District, Series A (GO)
4.00%, 02/15/27 (c)		910			1,038,879
4.00%, 02/15/27 (c)		675			769,844
5.00%, 02/15/25 (c)		140			160,022
5.00%, 02/15/27 (c)		700			846,780
5.00%, 02/15/27 (c)		880			1,066,364
Alvin Independent School District, Series A (GO)
5.00%, 02/15/26 (c)		500			588,486
5.00%, 02/15/26 (c)		645			762,138
Arlington Independent School District (GO)
4.00%, 02/15/29 (c)		500			593,625
4.00%, 02/15/29 (c)		1,000			1,189,019
Austin Independent School District (GO)
4.00%, 08/01/26 (c)		100			114,558
4.00%, 08/01/26 (c)		500			570,537
Austin Independent School District, Series B (GO) 5.00%, 08/01/26 (c)		500			602,725
Austin Independent School District, Series C (GO)

	Par   (000’s		)	Value
Texas (continued)
5.00%, 08/01/26 (c)	$	100		$	119,922
Beaumont Independent School District (GO) 3.00%, 02/15/26 (c)		315			336,845
Bexar County Hospital District (GO)
3.00%, 02/15/26 (c)		385			409,814
4.00%, 02/15/26 (c)		115			129,427
4.00%, 02/15/26 (c)		250			279,132
5.00%, 02/15/26 (c)		1,315			1,544,072
5.00%, 02/15/28		305			379,575
Board of Regents of the University of North Texas System, Series A (RB) 5.00%, 04/15/27		250			305,016
Board of Regents of the University of Texas System, Series A (RB)
3.00%, 05/15/31 (c)		1,000			1,108,503
5.00%, 07/01/25 (c)		575			665,215
Board of Regents of the University of Texas System, Series B (RB)
5.00%, 07/01/26 (c)		125			149,543
5.00%, 08/15/29		500			645,724
Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25		200			233,640
Board of Regents of the University of Texas System, Series E (RB) 5.00%, 08/15/27		520			641,817
Board of Regents of the University of Texas System, Series J (RB)
5.00%, 08/15/25		215			251,163
5.00%, 08/15/26 (c)		25			30,000
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c)		930			1,200,616
City of Arlington, Senior Lien Special Tax (ST) (AGM)
5.00%, 02/15/25 (c)		150			171,188
5.00%, 02/15/25 (c)		305			347,226
City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		100			118,881
City of Austin, Public Improvement (GO) 5.00%, 09/01/25 (c)		15			17,536
City of Austin, Water and Wastewater System (RB)
5.00%, 11/15/26 (c)		360			433,625
5.00%, 11/15/26 (c)		995			1,197,401
5.00%, 11/15/26 (c)		2,180			2,633,019
5.00%, 11/15/27 (c)		235			290,776
City of Dallas (GO) 5.00%, 02/15/27 (c)		500			605,313

See Notes to Financial Statements

91

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(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
City of Dallas, Series A (GO)
3.00%, 02/15/29 (c)	$	600		$	645,376
5.00%, 02/15/30		2,600			3,336,908
City of Dallas, Series B (GO)
3.00%, 02/15/29 (c)		415			446,385
4.00%, 02/15/29 (c)		500			582,283
City of Dallas, Waterworks and Sewer System, Series A (RB)
5.00%, 10/01/26 (c)		900			1,085,853
5.00%, 10/01/26 (c)		565			680,764
5.00%, 10/01/26 (c)		600			722,292
City of Dallas, Waterworks and Sewer System, Series C (RB)
5.00%, 10/01/30 (c)		1,000			1,300,292
5.00%, 10/01/30 (c)		1,000			1,307,421
City of Denton, Utility System (RB)
5.00%, 12/01/26 (c)		1,000			1,177,894
5.00%, 12/01/26 (c)		965			1,142,905
City of El Paso (GO)
4.00%, 08/15/26 (c)		110			125,391
4.00%, 08/15/26 (c)		100			114,395
5.00%, 08/15/25 (c)		125			145,922
City of El Paso, Water and Sewer (RB) 5.00%, 03/01/24 (c)		455			504,778
City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c)		235			290,399
City of Houston, Airport System, Series D (RB)
5.00%, 07/01/28 (c)		1,000			1,229,410
5.00%, 07/01/28 (c)		125			154,130
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c)		4,500			5,859,466
City of Houston, Combined Utility System, First Lien, Series B (RB)
5.00%, 11/15/26 (c)		105			126,935
5.00%, 11/15/26		555			673,086
5.00%, 11/15/26 (c)		220			265,839
5.00%, 11/15/27		285			353,482
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c)		1,500			1,819,445
City of Houston, Combined Utility System, First Lien, Series D (RB)
5.00%, 11/15/28 (c)		750			939,312
5.00%, 11/15/28 (c)		1,000			1,252,981
City of Houston, Public Improvement, Series A (GO)
4.00%, 03/01/27 (c)		2,000			2,245,387
5.00%, 03/01/27 (c)		1,000			1,206,507
5.00%, 03/01/29 (c)		1,000			1,259,249
5.00%, 03/01/29 (c)		1,000			1,267,204

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Series A (GO)
5.00%, 03/01/26 (c)	$	515		$	602,717
5.00%, 03/01/26 (c)		180			210,558
5.00%, 03/01/27 (c)		500			599,947
5.00%, 03/01/27 (c)		520			622,831
City of Lubbock (GO) 5.00%, 02/15/25 (c)		105			120,164
City of San Antonio (GO) 5.00%, 08/01/28 (c)		205			255,974
City of San Antonio, Electric and Gas Systems (RB)
4.00%, 02/01/30		1,000			1,218,746
5.00%, 08/01/26 (c)		110			131,119
5.00%, 08/01/26 (c)		125			149,514
5.00%, 08/01/27 (c)		100			121,393
5.00%, 08/01/27 (c)		1,000			1,215,772
City of San Antonio, General Improvement (GO)
5.00%, 02/01/24 (c)		350			386,992
5.00%, 08/01/29 (c)		325			415,884
Collin County Community College District (GO)
3.25%, 08/15/27 (c)		500			547,218
4.00%, 08/15/27 (c)		925			1,073,843
Colorado River Municipal Water District (RB) 5.00%, 01/01/28		190			233,339
Conroe Independent School District (GO)
5.00%, 02/15/27 (c)		665			801,244
5.00%, 02/15/28 (c)		100			123,045
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c)		320			377,093
County of Bexar (GO)
4.00%, 06/15/25 (c)		520			580,194
4.00%, 06/15/25 (c)		150			167,022
5.00%, 06/15/26 (c)		880			1,046,557
5.00%, 06/15/26 (c)		290			345,179
County of Dallas (GO)
5.00%, 08/15/26 (c)		250			301,050
5.00%, 08/15/26 (c)		260			313,775
County of Denton, Series A (GO) 4.00%, 07/15/28 (c)		750			890,379
County of Fort Bend, Series B (GO)
4.00%, 03/01/26 (c)		500			565,061
5.00%, 03/01/26 (c)		20			23,674
County of Harris, Toll Road, Senior Lien, Series A (RB)
5.00%, 08/15/26		115			138,363
5.00%, 08/15/26 (c)		675			804,397
5.00%, 08/15/26 (c)		160			190,920
5.00%, 08/15/26 (c)		195			234,411
5.00%, 08/15/26 (c)		670			799,133
5.00%, 08/15/26 (c)		190			227,310
5.00%, 08/15/26 (c)		695			828,951

See Notes to Financial Statements

92

	Par   (000’s		)	Value
Texas (continued)
County of Harris, Unlimited Tax Road, Series A (GO)
5.00%, 10/01/25 (c)	$	395		$	462,478
5.00%, 10/01/25 (c)		645			754,638
Cypress-Fairbanks Independent School District (GO)
3.00%, 02/15/26 (c)		360			387,775
4.00%, 02/15/31 (c)		1,500			1,809,488
5.00%, 02/15/26 (c)		125			147,179
5.00%, 02/15/28		250			311,991
Cypress-Fairbanks Independent School District, Series A (GO)
3.00%, 02/15/31 (c)		500			565,478
5.00%, 02/15/29 (c)		1,805			2,280,186
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c)		1,835			2,356,358
Dallas Area Rapid Transit, Senior Lien, Series A (RB)
5.00%, 12/01/24 (c)		185			211,004
5.00%, 12/01/25 (c)		130			152,599
5.00%, 12/01/25 (c)		165			193,610
Dallas County Hospital District (GO)
5.00%, 08/15/27		285			349,596
5.00%, 08/15/28		575			721,399
Dallas County Utility and Reclamation District (GO) 5.00%, 02/15/28		540			662,059
Dallas Independent School District (GO) 4.00%, 02/15/30 (c)		1,000			1,214,624
Eagle Mountain and Saginaw Independent School District (GO)
4.00%, 02/15/26 (c)		335			378,985
5.00%, 02/15/26 (c)		10			11,802
El Paso County Hospital District (GO) 4.00%, 08/15/27 (c)		250			275,976
El Paso Independent School District (GO) 5.00%, 08/15/24 (c)		115			129,894
Fort Bend Independent School District (GO)
4.00%, 08/15/27 (c)		635			737,566
5.00%, 08/15/27 (c)		255			311,783
5.00%, 08/15/27 (c)		100			122,897
Fort Bend Independent School District, Series E (GO) 5.00%, 02/15/26		110			130,387
Fort Worth Independent School District (GO) 5.00%, 02/15/26 (c)		500			590,108
Frisco Independent School District (GO)
4.00%, 02/15/27 (c)		880			1,009,236
4.00%, 02/15/27 (c)		500			572,336
4.00%, 08/15/30 (c)		1,350			1,655,272

	Par   (000’s		)	Value
Texas (continued)
5.00%, 02/15/29 (c)	$	2,000		$	2,502,692
Garland Independent School District (GO)
4.00%, 02/15/25 (c)		165			183,008
5.00%, 02/15/25 (c)		120			137,330
Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		200			248,735
Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c)		250			290,923
Harris County Flood Control District, Series A (GO) 5.00%, 10/01/25 (c)		480			561,591
Harris County Hospital District (RB)
3.00%, 02/15/26 (c)		365			384,457
3.12%, 02/15/26 (c)		570			600,671
4.00%, 02/15/26 (c)		100			109,750
4.00%, 02/15/26 (c)		100			109,605
Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB)
4.00%, 11/15/27 (c)		950			1,091,416
5.00%, 11/15/27 (c)		850			1,039,742
5.00%, 11/15/27 (c)		300			368,436
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29		330			424,651
Harris County, Flood Control District, Series A (GO)
5.00%, 10/01/25 (c)		630			738,960
5.00%, 10/01/25 (c)		275			321,978
Harris County, Flood Control District, Series A (RB)
5.00%, 10/01/27 (c)		210			257,969
5.00%, 10/01/27 (c)		250			309,856
Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c)		400			468,332
Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 02/15/28 (c)		260			320,572
Hays Consolidated Independent School District (GO)
4.00%, 02/15/27 (c)		800			907,581
4.00%, 02/15/27 (c)		500			568,067
Houston Independent School District, Limited Tax School House (GO)
5.00%, 02/15/27 (c)		540			653,262
5.00%, 02/15/27 (c)		750			907,963
Houston Independent School District, Limited Tax School House, Series A (GO)

See Notes to Financial Statements

93

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
5.00%, 02/15/26 (c)	$	400		$	472,086
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c)		605			753,667
Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c)		210			237,005
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c)		120			144,080
Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c)		100			114,689
Lewisville Independent School District, Series A (GO) 4.00%, 08/15/25 (c)		400			450,372
Lewisville Independent School District, Series B (GO)
5.00%, 08/15/25 (c)		145			169,329
5.00%, 08/15/25 (c)		550			639,358
Lone Star College System (GO) 5.00%, 02/15/26 (c)		400			467,838
Lower Colorado River Authority (RB)
5.00%, 05/15/30		1,000			1,290,221
5.00%, 05/15/30 (c)		1,250			1,575,340
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
5.00%, 05/15/26 (c)		320			377,950
5.00%, 05/15/26 (c)		275			327,637
Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c)		90			109,135
Montgomery Independent School District (GO) 5.00%, 02/15/25 (c)		100			114,301
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (AGC) 4.00%, 08/15/27 (c)		250			283,210
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (NATL) 5.00%, 08/15/27 (c)		250			304,543
North Harris County Regional Water Authority (RB)
5.00%, 12/15/26 (c)		245			297,244
5.00%, 12/15/26 (c)		250			300,938
5.00%, 12/15/26 (c)		205			248,140
North Texas Municipal Water District, Water System (RB)

	Par   (000’s		)	Value
Texas (continued)
5.00%, 09/01/26 (c)	$	715		$	848,997
5.00%, 09/01/26 (c)		500			596,832
5.00%, 09/01/26 (c)		45			53,762
5.00%, 09/01/26 (c)		400			478,093
North Texas Tollway Authority (RB) 4.00%, 01/01/31 (c)		2,250			2,654,116
North Texas Tollway Authority System, Series B (RB)
4.00%, 01/01/31 (c)		2,000			2,378,688
4.00%, 01/01/31 (c)		1,975			2,380,992
North Texas Tollway Authority, First Tier, Series A (RB)
5.00%, 01/01/26 (c)		575			672,029
5.00%, 01/01/26 (c)		460			538,447
5.00%, 01/01/26 (c)		295			343,917
5.00%, 01/01/26 (c)		500			583,926
5.00%, 01/01/26 (c)		425			493,830
5.00%, 01/01/26 (c)		635			742,722
5.00%, 01/01/26 (c)		640			750,292
North Texas Tollway Authority, Second Tier, Series B (RB)
5.00%, 01/01/26 (c)		185			216,727
5.00%, 01/01/26 (c)		875			1,016,200
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c)		450			508,664
Northside Independent School District (GO) 5.00%, 08/15/27 (c)		880			1,071,347
Northwest Independent School District (GO) 5.00%, 02/15/25 (c)		105			120,833
Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c)		545			637,032
Plano Independent School District, Series A (GO) 5.00%, 02/15/26 (c)		100			118,440
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c)		740			966,552
San Antonio Independent School District (GO) 4.00%, 08/15/28 (c)		500			587,602
San Antonio Water System, Junior Lien, Series A (RB)
5.00%, 05/15/28 (c)		500			617,993
5.00%, 05/15/30 (c)		500			651,990
Socorro Independent School District, Series B (GO)
4.00%, 08/15/27 (c)		225			259,326
5.00%, 08/15/27 (c)		800			976,042
5.00%, 08/15/27 (c)		780			953,690
Spring Independent School District (GO) 5.00%, 08/15/25 (c)		45			52,311

See Notes to Financial Statements

94

	Par   (000’s		)	Value
Texas (continued)
State of Texas, Finance Authority (GO) 5.00%, 10/01/26	$	15		$	18,130
State of Texas, Finance Authority, Series A (GO) 5.00%, 10/01/27 (c)		130			159,955
State of Texas, Transportation Commission, Highway Improvement (GO)
5.00%, 04/01/26 (c)		70			82,696
5.00%, 04/01/26 (c)		125			147,792
State of Texas, Transportation Commission, Highway Improvement, Series A (GO)
5.00%, 04/01/26 (c)		400			472,934
5.00%, 04/01/26 (c)		500			591,645
State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c)		150			183,877
State of Texas, Transportation Commission, Mobility Fund, Series B (GO)
5.00%, 10/01/27 (c)		465			570,229
5.00%, 10/01/27 (c)		240			294,203
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c)		80			94,919
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 5.00%, 07/01/28		140			173,848
Tarrant Regional Water Control and Improvement District (RB) 5.00%, 03/01/25 (c)		440			504,928
Tarrant Regional Water District (RB) 2.00%, 03/01/30 (c)		820			850,619
Texas A&M University, Series D (RB)
4.00%, 05/15/26 (c)		110			126,100
4.00%, 05/15/26 (c)		10			11,353
Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c)		100			121,516
Texas Department of Housing and Community Affairs, Series A (RB) 2.70%, 09/01/28 (c)		570			593,181
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/27		2,000			2,432,562
5.00%, 12/15/29		2,250			2,823,804
5.00%, 12/15/31		1,475			1,904,259

	Par   (000’s		)	Value
Texas (continued)
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB)
4.00%, 12/31/30 (c)	$	1,150		$	1,344,842
4.00%, 12/31/30 (c)		1,390			1,630,068
Texas Public Finance Authority (GO) 5.00%, 10/01/26 (c)		545			657,544
Texas State University System, Board of Regents, Series A (RB)
5.00%, 03/15/25 (c)		160			183,258
5.00%, 03/15/27 (c)		100			120,944
Texas State University System, Board of Regents, Series A (RB) (FHA) 4.00%, 03/15/29 (c)		650			754,398
Texas Transportation Commission State Highway Fund (RB) 5.00%, 10/01/26 (c)		1,000			1,204,356
Texas Water Development Board (RB)
3.00%, 10/15/30 (c)		250			277,738
3.00%, 10/15/30 (c)		500			554,202
3.00%, 10/15/30 (c)		250			275,139
3.00%, 10/15/30 (c)		950			1,049,327
4.00%, 10/15/30 (c)		2,000			2,455,215
5.00%, 10/15/26 (c)		370			447,293
5.00%, 10/15/26 (c)		600			722,417
5.00%, 08/01/27 (c)		1,000			1,229,516
Texas Water Development Board, Series A (RB)
4.00%, 10/15/25 (c)		45			50,638
4.00%, 10/15/27 (c)		400			469,632
4.00%, 04/15/28 (c)		180			210,350
4.00%, 04/15/28 (c)		600			703,521
5.00%, 10/15/25 (c)		165			193,631
5.00%, 10/15/27 (c)		200			246,136
5.00%, 10/15/27 (c)		250			309,351
Texas Water Development Board, Series B (RB)
4.00%, 10/15/28 (c)		1,000			1,182,498
4.00%, 10/15/28 (c)		120			141,436
5.00%, 10/15/28 (c)		1,000			1,259,181
Trinity River Authority, Regional Wastewater System (RB)
5.00%, 08/01/27 (c)		670			823,354
5.00%, 08/01/27 (c)		285			348,216
University of North Texas, Series A (RB)
5.00%, 04/15/27 (c)		445			541,382
5.00%, 04/15/27 (c)		75			91,122
5.00%, 04/15/27 (c)		140			169,005
Via Metropolitan Transit Authority, Sales Tax (RB) 5.00%, 01/15/27 (c)		645			766,606

See Notes to Financial Statements

95

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
5.00%, 01/15/27 (c)	$	135		$	161,348
					167,168,366
Utah: 0.3%
Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c)		395			456,013
State of Utah (GO)
5.00%, 01/01/29 (c)		250			315,328
5.00%, 07/01/28		500			632,587
State of Utah, Series B (GO)
5.00%, 01/01/29 (c)		1,275			1,627,624
5.00%, 07/01/28		750			948,881
University of Utah, Series A (RB) (ST) 5.00%, 08/01/27 (c)		365			447,307
Utah Transit Authority, Subordinated Sales Tax (RB)
0.00%, 06/15/26 (c) ^		130			97,324
3.00%, 06/15/26 (c)		865			937,793
4.00%, 06/15/26 (c)		850			963,051
					6,425,908
Virginia: 2.2%
Arlington County, Public Improvement, Series A (GO) (SAW) 5.00%, 08/01/28		2,400			3,044,226
Arlington County, Series B (GO) 5.00%, 08/15/26 (c)		650			784,436
City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/26 (c)		1,520			1,789,496
Commonwealth of Virginia, Series A (GO) 2.00%, 06/01/31 (c)		1,020			1,023,830
County of Arlington (GO)
4.00%, 06/15/29 (c)		1,990			2,381,093
5.00%, 08/15/27 (c)		1,130			1,386,490
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c)		375			388,406
County of Fairfax, Public Improvement, Series A (GO) (SAW)
5.00%, 04/01/28 (c)		750			935,570
5.00%, 04/01/29 (c)		1,755			2,243,307
Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c)		550			642,630
Loudoun County Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c)		1,500			1,673,755
Loudoun County, Series A (GO) (SAW) 5.00%, 12/01/29 (c)		750			974,617
Virginia Beach Development Authority, Series A (RB) 3.00%, 04/15/30 (c)		1,000			1,111,856

	Par   (000’s		)	Value
Virginia (continued)
Virginia Beach Development Authority, Series A (RB) (AGM) 3.00%, 04/15/30 (c)	$	1,000		$	1,109,096
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
3.00%, 02/01/31 (c)		2,750			3,014,173
4.00%, 02/01/30 (c)		1,500			1,791,908
5.00%, 02/01/26 (c)		110			130,133
5.00%, 02/01/26		130			154,094
5.00%, 02/01/28		2,500			3,123,918
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/28		250			312,392
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c)		110			118,757
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
5.00%, 02/01/28 (c)		880			1,088,711
5.00%, 02/01/28 (c)		120			148,911
5.00%, 02/01/28 (c)		450			554,105
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) 3.00%, 09/01/27 (c)		775			842,089
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) (ST)
5.00%, 09/01/26 (c)		20			24,052
5.00%, 09/01/26 (c)		30			36,078
Virginia Commonwealth Transportation Board (RB)
5.00%, 05/15/26 (c)		100			119,289
5.00%, 05/15/27 (c)		400			489,879
5.00%, 09/15/26 (c)		20			24,046
Virginia Commonwealth Transportation Board, Series A (RB)
4.00%, 11/15/27 (c)		180			208,867
5.00%, 11/15/27 (c)		800			985,908
5.00%, 11/15/27 (c)		120			147,996
Virginia Public Building Authority, Series A (RB)

See Notes to Financial Statements

96

	Par   (000’s		)	Value
Virginia (continued)
3.00%, 08/01/26 (c)	$	695		$	748,949
3.00%, 08/01/28 (c)		400			438,721
3.12%, 08/01/28 (c)		1,050			1,157,458
4.00%, 08/01/27 (c)		250			292,276
5.00%, 08/01/26		325			390,419
5.00%, 08/01/28 (c)		700			875,615
5.00%, 08/01/28		870			1,098,978
5.00%, 08/01/30 (c)		1,000			1,297,653
Virginia Public Building Authority, Series A-2 (RB) 4.00%, 08/01/31 (c)		1,000			1,214,149
Virginia Public School Authority (RB) (SAW)
5.00%, 08/01/26 (c)		750			904,087
5.00%, 08/01/26 (c)		30			36,164
5.00%, 08/01/26 (c)		575			693,134
Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c)		365			424,533
Virginia Resources Authority, Series C (RB) 4.00%, 11/01/26 (c)		560			639,554
					43,015,804
Washington: 2.7%
Auburn School District No. 408 of King and Pierce Counties (GO) (SBG) 4.00%, 06/01/26 (c)		600			680,077
Central Puget Sound Regional Transit Authority, Series S-1 (RB)
5.00%, 11/01/25 (c)		110			129,506
5.00%, 11/01/26 (c)		110			132,846
City of Seattle WA Municipal Light & Power Revenue (RB) 4.00%, 07/01/31 (c)		1,000			1,210,110
City of Seattle, Drainage and Wastewater System (RB) 4.00%, 07/01/27 (c)		500			577,629
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c)		915			1,055,841
City of Seattle, Water System Improvement (RB)
4.00%, 02/01/27 (c)		115			131,214
5.00%, 02/01/27 (c)		500			601,873
5.00%, 08/01/26		20			24,078
County of King (GO) 5.00%, 01/01/29 (c)		750			940,152
Energy Northwest (RB) (AGM) 5.00%, 07/01/29 (c)		500			626,279
Energy Northwest, Colombia Generating Station Electric, Series A (RB)
5.00%, 07/01/26 (c)		185			220,761
5.00%, 07/01/27 (c)		400			485,809
5.00%, 07/01/28 (c)		125			155,287
5.00%, 07/01/30 (c)		1,500			1,948,428

	Par   (000’s		)	Value
Washington (continued)
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM)
5.00%, 07/01/29 (c)	$	1,000		$	1,257,915
5.00%, 07/01/30 (c)		1,415			1,818,048
Energy Northwest, Project 1 Electric, Series A (RB) 5.00%, 07/01/27 (c)		655			804,089
Energy Northwest, Project 3 Electric, Series A (RB)
5.00%, 07/01/26 (c)		130			155,327
5.00%, 07/01/27 (c)		325			398,976
Energy Northwest, Project 3 Electric, Series C (RB) 5.00%, 07/01/28		270			340,004
Energy Northwest, Project 3 Electric, Series C (RB) (AGM) 5.00%, 07/01/30 (c)		1,000			1,293,236
Grant and Douglas Counties School District No. 144-101 (GO) (SBG)
4.00%, 06/01/26 (c)		125			141,263
4.00%, 06/01/26 (c)		520			590,400
King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c)		880			1,028,197
King County School District No. 401 (GO) (SBG)
3.12%, 12/01/26 (c)		690			745,733
5.00%, 12/01/26 (c)		700			842,976
King County School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c)		515			622,183
King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c)		635			720,969
King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c)		835			1,011,597
King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c)		840			976,115
King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c)		570			649,493
King County, Washington Limited Tax, Series E (GO) 5.00%, 12/01/25 (c)		500			588,909
Kitsap County School District No. 401 (GO) (SBG)
4.00%, 06/01/26 (c)		250			283,966
4.00%, 06/01/26 (c)		15			17,125
Pasco School District No. 1, Franklin County (GO) (SBG) 5.00%, 12/01/27 (c)		845			1,047,160
Pierce County School District No. 403 (GO) (SBG)
5.00%, 06/01/29 (c)		500			634,411
5.00%, 06/01/29 (c)		200			251,872

See Notes to Financial Statements

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(unaudited) (continued)

		Par   (000’s	)		Value
Washington (continued)
Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c)	$	175		$	198,692
Port of Seattle, Intermediate Lien (RB)
5.00%, 02/01/26 (c)		30			35,201
5.00%, 02/01/26 (c)		130			152,777
Port of Tacoma, Series A (GO)
5.00%, 12/01/26 (c)		500			603,784
5.00%, 12/01/26 (c)		110			132,407
Puyallup School District No. 3 (GO) (SBG)
5.00%, 06/01/27 (c)		100			121,583
5.00%, 06/01/27 (c)		565			684,065
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c)		825			988,074
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c)		1,000			1,303,365
State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) 5.00%, 08/01/26 (c)		135			161,755
State of Washington, Series A (GO)
5.00%, 08/01/26 (c)		755			901,899
5.00%, 08/01/26 (c)		115			137,138
State of Washington, Series C (GO)
5.00%, 02/01/25 (c)		175			199,778
5.00%, 02/01/28 (c)		170			211,016
5.00%, 08/01/27 (c)		880			1,075,670
State of Washington, Series D (GO)
5.00%, 02/01/27 (c)		100			120,320
5.00%, 08/01/27 (c)		880			1,077,887
State of Washington, Series E (GO)
5.00%, 06/01/31 (c)		750			992,682
5.00%, 06/01/31 (c)		1,000			1,319,990
State of Washington, Various Purpose, Series A (GO)
5.00%, 08/01/26 (c)		495			592,844
5.00%, 08/01/26 (c)		245			293,555
5.00%, 08/01/26 (c)		580			695,246
5.00%, 08/01/26 (c)		200			239,636
5.00%, 08/01/27 (c)		500			611,176
5.00%, 08/01/27 (c)		500			610,708
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c)		1,000			1,307,447
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c)		25			29,890
State of Washington, Various Purpose, Series R-B (GO)

	Par   (000’s		)	Value
Washington (continued)
5.00%, 01/01/26 (c)	$	105		$	123,520
5.00%, 08/01/26 (c)		145			173,886
State of Washington, Various Purpose, Series R-C (GO)
5.00%, 01/01/25 (c)		360			409,475
5.00%, 08/01/27 (c)		1,000			1,225,917
5.00%, 08/01/27 (c)		420			514,446
5.00%, 08/01/27 (c)		880			1,074,846
State of Washington, Various Purpose, Series R-E (GO) 5.00%, 01/01/25 (c)		720			819,437
University of Washington, Series C (RB) (AGC) 5.00%, 04/01/30		1,250			1,632,361
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) 5.00%, 02/15/28 (c)		2,000			2,413,059
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) 5.00%, 10/01/28 (c)		225			279,353
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) 5.00%, 10/01/28		645			813,946
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ST) 5.00%, 10/01/28 (c)		250			311,908
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		760			888,148
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35		1,720			1,974,166
					52,592,907
West Virginia: 0.3%
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c)		270			330,654
State of West Virginia, Series A (GO)
5.00%, 06/01/29 (c)		500			630,500
5.00%, 06/01/29 (c)		1,000			1,273,391
State of West Virginia, Series B (GO)
5.00%, 06/01/28 (c)		675			843,498
5.00%, 06/01/28 (c)		200			249,210

See Notes to Financial Statements

98

	Par   (000’s		)	Value
West Virginia (continued)
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26 (c)	$	240		$	284,263
West VIrginia Parkways Authority (RB) 5.00%, 06/01/31 (c)		1,500			1,964,790
					5,576,306
Wisconsin: 1.5%
City of Madison, Series A (GO) 2.00%, 10/01/27 (c)		1,000			1,043,712
City of Milwaukee, Series N4 (GO)
5.00%, 04/01/26		200			236,945
5.00%, 04/01/27		100			121,715
5.00%, 04/01/28		1,500			1,864,072
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c)		350			380,249
Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB)
5.00%, 03/01/26 (c)		165			192,477
5.00%, 03/01/26 (c)		180			210,075
5.00%, 03/01/26 (c)		390			455,756
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		1,155			1,286,612
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 3.00%, 06/01/26 (c)		375			394,460
State of West Virginia, Series B (GO) 5.00%, 05/01/28		1,000			1,249,364
State of Wisconsin, Environmental Improvement Fund, Series A (RB)
5.00%, 06/01/25 (c)		100			115,466
5.00%, 06/01/25 (c)		220			254,874
5.00%, 06/01/25 (c)		150			173,836
5.00%, 06/01/25 (c)		185			213,826
5.00%, 06/01/25 (c)		185			214,397
State of Wisconsin, General Fund Annual Appropriation, Series B (RB)
5.00%, 05/01/26 (c)		20			23,694
5.00%, 05/01/26 (c)		10			11,847
State of Wisconsin, Series 1 (GO)
5.00%, 05/01/25 (c)		15			17,336
5.00%, 05/01/27 (c)		655			800,840
5.00%, 05/01/27 (c)		460			558,428
5.00%, 05/01/27 (c)		250			305,137

	Par   (000’s		)	Value
Wisconsin (continued)
State of Wisconsin, Series 2 (GO)
5.00%, 11/01/26	$	315		$	380,423
5.00%, 05/01/26 (c)		510			609,680
5.00%, 05/01/26 (c)		150			178,435
5.00%, 05/01/27 (c)		660			806,158
State of Wisconsin, Series 3 (GO)
5.00%, 11/01/22 (c)		145			151,958
5.00%, 05/01/27 (c)		450			546,289
5.00%, 05/01/27 (c)		500			606,511
5.00%, 05/01/27 (c)		295			360,079
State of Wisconsin, Series A (GO)
4.00%, 05/01/26 (c)		100			112,817
5.00%, 05/01/25 (c)		930			1,066,470
5.00%, 05/01/25 (c)		250			288,091
5.00%, 05/01/25 (c)		890			1,020,600
5.00%, 05/01/28		400			499,746
State of Wisconsin, Series A (RB) 5.00%, 05/01/26		160			191,036
State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c)		210			241,997
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c)		500			541,413
Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c)		500			553,287
Wisconsin Center District, Series C (RB) (AGM) 0.00%, 12/15/30 (c) ^		2,705			2,154,983
Wisconsin Department of Transportation, Series 1 (RB) 5.00%, 07/01/24 (c)		565			635,107
Wisconsin Department of Transportation, Series 2 (RB)
5.00%, 07/01/27 (c)		115			140,651
5.00%, 07/01/27 (c)		480			585,611
Wisconsin Department of Transportation, Series A (RB)
5.00%, 07/01/24 (c)		140			157,252
5.00%, 07/01/24 (c)		940			1,051,834
5.00%, 07/01/24 (c)		510			573,283
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series A (RB) 5.00%, 08/15/28 (c)		1,020			1,275,182
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
4.00%, 05/15/26 (c)		1,500			1,698,197
4.00%, 05/15/26 (c)		1,000			1,134,238
5.00%, 05/15/26 (c)		290			345,078

See Notes to Financial Statements

99

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(unaudited) (continued)

	Par   (000’s		)	Value
Wisconsin (continued)
5.00%, 05/15/26 (c)	$	35		$	41,613
5.00%, 05/15/26 (c)		100			118,796
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c)		500			576,213
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB)

	Par   (000’s		)	Value
Wisconsin (continued)
5.00%, 04/01/27 (c)	$	125		$	148,743
Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/24 (c)		155			176,105
					29,092,994
Total Municipal Bonds: 98.7% (Cost: $1,847,244,511)					1,905,256,298
Other assets less liabilities: 1.3%					25,302,810
NET ASSETS: 100.0%				$	1,930,559,108

Definitions:

ACA	Credit Agricole SA
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Putable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond

Summary of Investments by Sector	% of Investments			Value
Education		5.4	%	$	103,889,875
Health Care		7.0			133,174,331
Housing		1.9			36,058,282
Industrial Revenue		2.1			39,482,034
Leasing		8.0			151,795,792
Local		19.0			362,338,335
Power		3.8			73,633,628
Special Tax		10.4			197,842,046
State		18.7			355,969,026
Tobacco		1.3			24,950,085
Transportation		13.1			248,987,710
Water & Sewer		9.3			177,135,154
		100.0	%	$	1,905,256,298

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	1,905,256,298	$	—	$	1,905,256,298

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

100

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October 31, 2021 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.9%
Alabama: 0.5%
Tuscaloosa City Board of Education (RB) 4.00%, 08/01/26 (c)	$	210		$	236,943
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c)		220			259,340
UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c)		280			313,626
Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c)		260			316,993
					1,126,902
Arizona: 1.6%
City of Phoenix Civic Improvement Corp. (RB) 5.00%, 07/01/29 (c)		445			541,517
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c)		1,000			1,222,446
City of Phoenix Civic Improvement Corp., Series D (RB) 4.00%, 07/01/27 (c)		215			242,747
City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c)		325			377,402
Glendale, Industrial Development Authority, Sun Health Services, Series A (RB) 5.00%, 11/15/26 (c)		625			718,399
Industrial Development Authority of the County of Pima/The (RB) 4.00%, 04/01/31 (c)		750			861,203
					3,963,714
Arkansas: 0.0%
City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c)		90			93,952
California: 14.6%
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series E (RB) 5.00%, 05/01/28 (c)		300			364,824
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series F (RB) 5.00%, 05/01/29 (c)		500			610,517

	Par   (000’s		)	Value
California (continued)
Anaheim Elementary School District (GO) 3.00%, 08/01/26 (c)	$	230		$	237,891
Beverly Hills Unified School District (GO) 0.00%, 08/01/26 (c) ^		315			171,556
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,350			1,548,674
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c)		750			887,921
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB)
3.00%, 10/01/26 (c)		680			709,705
3.00%, 10/01/26 (c)		570			591,723
California Health Facilities Financing Authority, Series A (RB)
4.00%, 11/15/27 (c)		230			257,731
4.00%, 03/01/26 (c)		320			352,141
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c)		160			176,531
California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c)		200			227,845
California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (BAM) 5.00%, 05/01/49		250			384,254
California State University, Series A (RB) 5.00%, 05/01/27 (c)		800			972,227
California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 5.00%, 03/01/28 (c)		330			393,616
California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c)		200			205,831
Centinela Valley Union High School District, Series B (GO) (AGM) 4.00%, 08/01/26 (c)		455			498,433
Chaffey Joint Union High School District, Series C (GO)

See Notes to Financial Statements

101

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(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
5.25%, 02/01/27 (c)	$	500		$	602,736
Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB) 3.38%, 06/01/26 (c)		300			320,131
Department of Veterans Affairs of the State of California, Series A (RB) 2.30%, 06/01/29 (c)		300			302,988
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program (RB) 3.00%, 06/01/29 (c)		450			482,940
El Dorado Irrigation District (CP) (AGM) 4.00%, 03/01/30 (c)		690			789,626
Fairfield-Suisun Unified School District (GO) 2.75%, 08/01/26 (c)		300			309,720
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c)		800			883,933
Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c)		130			146,654
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c)		325			341,342
Grossmont Union High School District, Series B (GO) 3.00%, 08/01/26 (c)		105			108,733
Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c)		185			209,568
Irvine Unified School District Community Facilities District No. 09-1, Series A (ST) (BAM) 4.00%, 09/01/29 (c)		140			161,595
Livermore Valley Joint Unified School District (GO)
3.00%, 08/01/26 (c)		215			222,868
4.00%, 08/01/26 (c)		250			281,829
Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c)		440			543,823
Los Angeles Department of Water and Power, Series A (RB)
5.00%, 01/01/27 (c)		500			600,609
5.00%, 01/01/28 (c)		250			304,567
5.00%, 01/01/29 (c)		775			957,596
5.00%, 07/01/30 (c)		800			1,024,400
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c)		275			335,146

	Par   (000’s		)	Value
California (continued)
Metropolitan Water District of Southern California (RB) 5.00%, 04/01/31 (c)	$	1,200		$	1,582,646
Metropolitan Water District of Southern California, Series A (RB) 5.00%, 01/01/29 (c)		500			627,694
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c)		530			606,895
Montebello Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		100			108,098
Oxnard School District, Series A (GO) (BAM) 4.00%, 08/01/27 (c)		380			426,905
Public Facilities Financing Authority of the City of San Diego, Series A (RB) 5.00%, 10/15/30 (c)		1,000			1,261,251
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c)		325			412,536
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c)		500			529,916
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		570			664,681
Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c)		250			298,839
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		750			920,912
San Diego Unified School District, Series I (GO)
3.12%, 07/01/27 (c)		240			254,304
4.00%, 07/01/27 (c)		595			679,024
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c)		610			723,757
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c)		150			168,372
San Jose Evergreen Community College District (GO) 3.00%, 09/01/28 (c)		825			875,764
Santa Clara Unified School District (GO) 4.00%, 07/01/26 (c)		310			350,344

See Notes to Financial Statements

102

	Par   (000’s		)	Value
California (continued)
Santa Clara Unified School District, Series A (GO) 4.00%, 08/01/28 (c)	$	1,000		$	1,142,758
Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c)		250			306,609
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c)		1,000			979,641
State of California Various Purpose Bonds (GO) 3.00%, 12/01/30 (c)		400			429,856
State of California, Various Purpose (GO)
3.00%, 10/01/29 (c)		500			528,135
4.00%, 10/01/29 (c)		110			129,190
4.00%, 09/01/26 (c)		105			118,316
5.00%, 10/01/28 (c)		935			1,150,702
5.00%, 11/01/27 (c)		515			630,998
Trustees of the California State University, Series A (RB) 5.00%, 05/01/27 (c)		335			403,758
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,000			1,216,304
West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c)		250			291,712
					35,342,141
Colorado: 3.2%
Board of Governors of Colorado State University System (RB) (ST) 4.00%, 03/01/28 (c)		550			618,303
City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c)		230			262,518
City and County of Denver, Colorado, Water Commissioners, Seires A (RB) 2.10%, 12/15/31 (c)		850			804,595
City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c)		285			313,007
City and County of Denver, Water Commissioners, Series A (RB) 2.00%, 12/15/31 (c)		850			786,727
City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c)		750			913,172

	Par   (000’s		)	Value
Colorado (continued)
Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB) 5.00%, 03/01/27 (c)	$	155		$	185,352
Colorado Health Facilities Authority, Adventist Health System Series A (RB) 4.00%, 05/15/28 (c)		320			362,014
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c)		500			522,281
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c)		500			620,244
Colorado High Performance Transportation Enterprise (RB)
5.00%, 12/31/24 (c)		250			280,789
5.00%, 12/31/24 (c)		250			281,206
Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c)		160			182,653
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c)		850			797,489
Weld County School District No 6 Greeley (GO) (SAW) 4.00%, 06/01/31 (c)		800			949,087
					7,879,437
Connecticut: 0.4%
Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c)		10			10,391
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c)		300			339,935
University of Connecticut, Series A (RB)
4.00%, 11/01/28 (c)		250			286,733
5.00%, 02/15/30 (c)		250			312,401
					949,460
Delaware: 0.3%
County of New Castle (GO) 4.00%, 04/01/27 (c)		150			166,558
Delaware State Health Facilities Authority (RB) 4.00%, 10/01/29 (c)		280			322,554
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c)		115			128,019
					617,131

See Notes to Financial Statements

103

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(unaudited) (continued)

	Par   (000’s		)	Value
District of Columbia: 1.3%
District of Columbia, Series A (GO)
4.00%, 04/15/29 (c)	$	100		$	116,566
4.00%, 04/15/29 (c)		1,000			1,151,834
District of Columbia, Series A (RB)
2.62%, 03/01/30 (c)		575			583,986
3.00%, 03/01/30 (c)		275			298,412
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c)		750			914,911
					3,065,709
Florida: 4.8%
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c)		345			389,849
City of Jacksonville, Health Care Facililities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c)		500			602,099
City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c)		250			307,669
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c)		200			210,469
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c)		180			189,698
City Of South Miami Health Facilities Authority, Inc. (RB)
5.00%, 08/15/27 (c)		255			308,906
5.00%, 08/15/27 (c)		275			332,252
City of Tampa, Central and Lower Basin Stormwater Improvements (SA) 5.25%, 05/01/28 (c)		275			342,409
Collier County Water and Sewer District (RB) 3.00%, 07/01/29 (c)		900			983,791
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		1,000			1,227,757
County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c)		275			327,440
County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c)		210			235,834
County of Miami-Dade, Water and Sewer System, Series B (RB) 3.00%, 10/01/29 (c)		310			330,228

	Par   (000’s		)	Value
Florida (continued)
3.12%, 10/01/27 (c)	$	140		$	151,340
4.00%, 10/01/27 (c)		360			415,618
Florida Housing Finance Corp., Series 1 (RB) 3.20%, 07/01/28 (c)		70			72,846
Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c)		125			148,610
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 3.50%, 02/01/31 (c)		1,000			1,060,687
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c)		500			457,859
Orlando Utilities Commission, Series A (RB) 2.38%, 04/01/31 (c)		750			721,354
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c)		330			355,781
School District of Broward County (GO) 5.00%, 07/01/28 (c)		300			365,698
School District of Broward County/FL (GO) 5.00%, 07/01/31 (c)		665			852,926
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AGM) 3.00%, 06/01/29 (c)		145			161,199
State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 3.00%, 06/01/29 (c)		500			554,674
State of Florida, Department of Transportation, Series B (RB) 2.00%, 07/01/30 (c)		500			450,186
					11,557,179
Georgia: 2.4%
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		260			291,858
County of Fulton, Georgia Water and Sewerage, Series A (RB)
2.25%, 01/01/30 (c)		500			483,311
2.38%, 01/01/30 (c)		900			876,026
County of Paulding, Water and Sewerage Revenue (RB) 3.00%, 12/01/26 (c)		150			159,095
Dahlonega Downtown Development Authority (RB)

See Notes to Financial Statements

104

	Par   (000’s		)	Value
Georgia (continued)
3.12%, 07/01/23 (c)	$	90		$	91,994
Dalton-Whitfield County Joint Development Authority (RB) (AGC) 4.00%, 02/15/28 (c)		185			205,048
Development Authority of Rockdale County, Piedmont Healthcare, Inc. Project, Series A (RB) (SAW) 4.00%, 07/01/29 (c)		270			310,407
Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) 3.35%, 06/01/28 (c)		165			176,457
Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) 3.55%, 12/01/26 (c)		150			157,423
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)
3.35%, 12/01/25 (c)		215			223,568
3.35%, 12/01/25 (c)		230			239,166
Georgia State Road & Tollway Authority (RB) (ST) 3.00%, 07/15/31 (c)		1,000			1,065,762
Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c)		335			418,178
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/30 (c)		1,000			1,055,672
Private Colleges & Universities Authority, Series B (RB) 3.00%, 10/01/24 (c)		150			156,421
					5,910,386
Hawaii: 0.5%
City and County of Honolulu, Series C (GO)
4.00%, 08/01/29 (c)		750			871,568
5.00%, 08/01/29 (c)		200			250,577
					1,122,145
Idaho: 0.2%
Idaho Health Facilities Authority (RB) 5.00%, 12/01/27 (c)		500			604,638
Illinois: 3.7%
Chicago Board of Education (ST) 6.00%, 04/01/27 (c)		100			120,359
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/26 (c)		250			290,084
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c)		890			1,002,420

	Par   (000’s		)	Value
Illinois (continued)
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c)	$	150		$	177,791
Chicago O’Hare International Airport, Series D (RB)
5.00%, 01/01/27 (c)		265			313,845
5.00%, 01/01/27 (c)		150			177,285
Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c)		250			295,475
Chicago Transit Authority, Second Lien (RB) (AGM) 5.00%, 12/01/26 (c)		220			259,296
City of Chicago, Series A (GO) 5.00%, 01/01/29 (c)		1,000			1,181,833
County of Cook (RB) 4.00%, 11/15/27 (c)		160			179,558
Illinois Finance Authority (RB) (AGM) 5.00%, 07/01/29 (c)		330			413,583
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c)		500			587,217
Illinois Finance Authority, OSF HealthCare System, Series A (RB) 3.00%, 11/15/30 (c)		500			514,737
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c)		170			190,411
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c)		500			625,180
Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/26 (c)		165			179,031
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c)		750			931,772
State of Illinois, Series A (GO)
4.00%, 03/01/31 (c)		500			564,723
5.00%, 05/01/28 (c)		250			291,177
5.00%, 05/01/28 (c)		630			731,700
					9,027,477
Indiana: 0.7%
Indiana Finance Authority (RB) 5.00%, 10/01/31 (c)		300			390,590
Indianapolis Local Public Improvement Bond Bank (RB) 5.00%, 02/01/29 (c)		1,000			1,214,828
					1,605,418
Iowa: 0.3%
Iowa Higher Education Loan Authority (RB)
5.00%, 12/01/26 (c)		300			357,651
5.00%, 12/01/26 (c)		250			298,453
					656,104

See Notes to Financial Statements

105

VANECK LONG MUNI ETF

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(unaudited) (continued)

	Par   (000’s		)	Value
Kansas: 0.2%
Lyon County Unified School District No. 253 (GO) 3.00%, 09/01/27 (c)	$	270		$	285,049
Sedgwick County Unified School District No. 260, Series B (GO) 4.00%, 10/01/26 (c)		150			167,094
					452,143
Kentucky: 0.8%
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c)		920			1,007,499
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c)		250			286,810
Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB)
3.00%, 11/15/25 (c)		345			362,645
3.25%, 11/15/26 (c)		235			248,961
					1,905,915
Louisiana: 1.5%
City of New Orleans LA (GO)
5.00%, 12/01/30 (c)		450			565,392
5.00%, 12/01/30 (c)		320			398,033
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c)		230			257,435
Louisiana Public Facilities Authority Hospital, Children’s Medical Center, Series A (RB) (AGM) 3.00%, 06/01/30 (c)		500			525,462
Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB)
5.00%, 07/01/26 (c)		315			352,992
5.00%, 07/01/26 (c)		340			381,168
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c)		230			256,210
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c)		240			284,109
State of Louisiana, Series A (GO) 5.00%, 03/01/29 (c)		500			620,642
					3,641,443

	Par   (000’s		)	Value
Maryland: 0.9%
City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c)	$	225		$	257,673
County of Baltimore (GO) 4.00%, 03/01/28 (c)		250			289,141
Maryland Health & Higher Educational Facilities Authority (RB) 3.00%, 07/01/31 (c)		500			520,731
Maryland Health and Higher Educational Facilities Authority, Charlestown Community Issue, Series A (RB) 5.00%, 07/01/26 (c)		220			251,814
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c)		260			288,017
Maryland Health and Higher Educational Facilities Authority, Univeristy of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c)		150			167,891
Prince George’s County, Regional Medical Center (CP) 3.25%, 10/01/27 (c)		100			106,663
Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB) 4.00%, 06/01/27 (c)		270			305,017
					2,186,947
Massachusetts: 3.6%
Boston Water and Sewer Commission, Series B (RB) 3.00%, 11/01/23 (c)		160			165,397
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c)		315			386,994
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/28 (c)		1,000			1,214,730
5.00%, 01/01/28 (c)		200			242,997
5.00%, 04/01/27 (c)		275			333,372
Commonwealth of Massachusetts, Series B (GO) 2.50%, 03/01/30 (c)		750			755,449
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c)		360			379,350
Commonwealth of Massachusetts, Series E (GO)
3.00%, 04/01/25 (c)		120			125,793
4.00%, 04/01/25 (c)		440			484,288

See Notes to Financial Statements

106

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Series J (GO) 4.00%, 12/01/26 (c)	$	230		$	261,128
Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/27 (c)		100			120,547
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB) 5.00%, 12/01/26 (c)		200			235,616
Massachusetts Development Finance Agency, Suffolk University (RB) 4.00%, 07/01/27 (c)		250			275,091
Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c)		250			282,964
Massachusetts Port Authority (RB) (SBG) 5.00%, 07/01/29 (c)		305			380,189
Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) 5.00%, 02/15/26 (c)		850			1,010,157
The Commonwealth of Massachusetts Transportation Fund, Series A (RB) 3.00%, 06/01/30 (c)		800			852,283
The Commonwealth of Massachusetts, Series B (GO) 2.12%, 04/01/31 (c)		1,300			1,163,183
					8,669,528
Michigan: 2.5%
Bloomfield Hills School District (GO) 4.00%, 05/01/30 (c)		700			822,568
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c)		390			455,820
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c)		320			372,743
Michigan Finance Authority Hospital (RB) 5.00%, 12/01/27 (c)		500			606,962
Michigan Finance Authority, Henry Ford Health System (RB) 4.00%, 11/15/26 (c)		225			248,229
Michigan Finance Authority, Henry Ford Health System, Series A (RB)
4.00%, 11/02/29 (c)		250			280,286
5.00%, 11/02/29 (c)		135			164,832

	Par   (000’s		)	Value
Michigan (continued)
Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 4.00%, 06/01/27 (c)	$	150		$	168,430
Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c)		500			523,564
Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 4.00%, 06/01/28 (c)		290			303,674
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB)
2.95%, 12/01/28 (c)		425			444,928
3.50%, 06/01/26 (c)		120			125,723
Muskegon Public Schools/MI (GO) 5.00%, 05/01/31 (c)		305			386,145
Saginaw City School District (GO) 4.00%, 05/01/31 (c)		750			874,834
Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c)		190			230,398
					6,009,136
Minnesota: 0.8%
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c)		545			536,900
Minnesota Housing Finance Agency Residential Housing, Series I (RB)
2.15%, 01/01/30 (c)		960			922,487
3.00%, 01/01/30 (c)		495			531,521
					1,990,908
Missouri: 0.7%
Health and Educational Facilities Authority, Saint Louis University (RB) 5.00%, 04/01/29 (c)		100			121,621
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c)		250			276,015
Missouri State Health and Educational Facilities Authority, Mercy Health (RB) 3.00%, 06/01/30 (c)		350			363,659
Missouri State Health and Educational Facilities Authority, Saint Luke’s Health System (RB) 3.00%, 11/15/30 (c)		750			779,462

See Notes to Financial Statements

107

VANECK LONG MUNI ETF

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(unaudited) (continued)

	Par   (000’s		)	Value
Missouri (continued)
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c)	$	240		$	246,479
					1,787,236
Nebraska: 0.2%
Douglas County School District No. 0001 (GO) 2.00%, 03/30/31 (c)		500			455,833
Nevada: 1.3%
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c)		390			461,471
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c)		675			784,919
Clark County, Limited Tax, Series A (GO) 5.00%, 06/01/28 (c)		485			580,653
Clark County, Limited Tax, Series C (GO) 3.00%, 07/01/29 (c)		280			301,239
County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c)		250			305,523
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c)		275			329,010
Las Vegas Convention and Visitors Authority, Series C (RB) 4.00%, 07/01/26 (c)		200			216,481
Washoe County School District, Series C (GO) (AGM) 3.12%, 10/01/27 (c)		100			107,225
					3,086,521
New Hampshire: 0.4%
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c)		500			542,162
New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c)		265			299,286
New Hampshire Municipal Bond Bank, Series D (RB) 4.00%, 08/15/26 (c)		200			223,002
					1,064,450
New Jersey: 3.2%
Atlantic County Improvement Authority, Series A (RB) (AGM)
3.25%, 07/01/26 (c)		140			147,495
4.00%, 07/01/26 (c)		165			180,517

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB)
2.00%, 03/01/31 (c)	$	500		$	469,173
2.00%, 03/01/31 (c)		1,500			1,427,611
New Jersey Health Care Facilities Financing Authority (RB) 2.50%, 07/01/31 (c)		490			455,636
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/26 (c)		55			64,857
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) 4.00%, 07/01/26 (c)		500			545,299
New Jersey Transportation Trust Fund Authority, Series A (RB) (BAM) 4.25%, 12/15/28 (c)		790			902,656
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.50%, 12/15/28 (c)		910			1,059,142
5.00%, 12/15/30 (c)		250			305,894
5.00%, 12/15/30 (c)		250			311,227
New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c)		365			387,747
New Jersey Turnpike Authority, Series A (RB) (ST) 4.00%, 01/01/29 (c)		380			433,547
New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c)		100			121,670
New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c)		210			238,108
State of New Jersey, Various Purposes (GO) 5.00%, 12/01/27 (c)		400			483,386
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c)		205			238,482
					7,772,447
New Mexico: 0.4%
New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c)		250			284,608

See Notes to Financial Statements

108

	Par   (000’s		)	Value
New Mexico (continued)
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c)	$	205		$	218,593
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c)		360			373,801
					877,002
New York: 19.4%
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c)		1,000			1,171,897
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 3.00%, 01/15/27 (c)		110			113,191
City of New York, Series C (GO) 5.00%, 08/01/30 (c)		500			624,676
City of New York, Series D-1 (GO)
4.00%, 12/01/28 (c)		470			539,691
5.00%, 12/01/28 (c)		100			123,349
City of New York, Subseries B-1 (GO)
3.00%, 10/01/29 (c)		110			116,748
5.00%, 10/01/29 (c)		250			309,111
City of New York, Subseries D-1 (GO) (BAM) 5.00%, 03/01/30 (c)		1,000			1,238,385
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c)		900			1,036,231
Dormitory Authority of the State of New York University, Series A (RB) 5.00%, 07/01/29 (c)		350			445,037
Dormitory Authority of the State of New York, A (RB) 5.00%, 03/15/27 (c)		380			456,692
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c)		255			296,756
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c)		645			759,076
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c)		330			347,503
Long Island Power Authority, Electric System (RB)

	Par   (000’s		)	Value
New York (continued)
5.00%, 09/01/27 (c)	$	300		$	362,357
Metropolitan Transportation Authority (RB) 4.00%, 05/15/28 (c)		250			271,479
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c)		715			866,667
Metropolitan Transportation Authority, Series A-1 (RB) 4.00%, 05/15/27 (c)		400			438,118
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/27 (c)		350			421,195
Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/29 (c)		550			660,337
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c)		1,000			1,152,663
Metropolitan Transportation Authority, Series C-1 (RB)
4.00%, 05/15/28 (c)		715			787,123
5.00%, 11/15/26 (c)		225			260,584
5.25%, 11/15/26 (c)		370			430,588
Metropolitan Transportation Authority, Series D (RB) 4.00%, 05/15/28 (c)		1,245			1,360,394
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/23 (c)		145			155,022
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c)		500			576,809
New York City Housing Development Corp. (RB) 2.25%, 05/01/29 (c)		800			788,499
New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB) 3.00%, 05/01/28 (c)		275			280,185
New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c)		500			517,194
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 09/01/27 (c)		565			581,114
New York City Housing Development Corp., Sustainable Development Bonds, Series C (RB) 2.75%, 02/01/29 (c)		1,000			995,619

See Notes to Financial Statements

109

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(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) 3.75%, 11/01/25 (c)	$	250		$	264,437
New York City Housing Development Corporation Multi-Family Housing, Series I-1 (RB) 2.80%, 02/01/29 (c)		455			457,314
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 4.00%, 06/15/27 (c)		175			199,501
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/29 (c)		350			368,195
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 2.25%, 02/01/31 (c)		650			597,074
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
5.00%, 05/01/26 (c)		225			262,327
5.00%, 08/01/28 (c)		260			319,376
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c)		200			241,954
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c)		510			616,779
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 08/01/27 (c)		400			453,769
5.00%, 08/01/26 (c)		115			134,912
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 11/01/30 (c)		500			581,055
4.00%, 11/01/30 (c)		1,775			2,069,682
4.00%, 05/01/29 (c)		250			291,865
4.00%, 05/01/29 (c)		1,120			1,294,957
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c)		420			502,853
New York City Water & Sewer System (RB)

	Par   (000’s		)	Value
New York (continued)
5.00%, 06/15/28 (c)	$	250		$	310,513
New York City Water & Sewer System, Series BB Subseries BB-1 (RB) 4.00%, 12/15/30 (c)		640			737,487
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c)		200			253,377
New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c)		350			365,020
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c)		660			703,586
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c)		300			375,410
New York Convention Center Development Corp., Series A (RB)
0.00%, 11/15/47 ^		230			111,576
0.00%, 11/15/54 ^		170			65,630
New York Liberty Development Corp. (RB) 3.00%, 11/15/31 (c)		1,000			1,020,744
New York State Dormitory Authority (RB) 4.00%, 07/01/31 (c)		550			635,364
New York State Dormitory Authority (RB) (BAM) 5.00%, 08/15/26 (c)		250			295,606
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c)		285			352,705
New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47		250			382,645
New York State Dormitory Authority, New York University, Series A (RB)
5.00%, 07/01/28 (c)		400			494,556
5.00%, 07/01/28 (c)		235			291,000
New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c)		250			306,412
New York State Dormitory Authority, Series A (RB) 3.00%, 09/15/30 (c)		500			528,496
New York State Dormitory Authority, State Sales Tax, Series A (RB)
4.00%, 03/15/27 (c)		250			279,295
4.00%, 03/15/27 (c)		800			892,385
5.00%, 03/15/27 (c)		150			179,443

See Notes to Financial Statements

110

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c)	$	1,000		$	1,231,487
New York State Dormitory Authority, The New School, Series A (RB)
4.00%, 01/01/27 (c)		225			251,622
5.00%, 01/01/27 (c)		420			495,893
New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c)		225			241,761
New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c)		195			206,405
New York State Power Authority (RB) 4.00%, 05/15/30 (c)		500			579,757
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c)		500			581,232
New York State Urban Development Corp. (RB)
3.00%, 09/15/30 (c)		550			573,195
3.00%, 09/15/31 (c)		1,000			1,040,688
New York State Urban Development Corp., State Personal Income, Series A (RB)
3.00%, 09/15/30 (c)		950			986,691
5.00%, 09/15/28 (c)		500			611,877
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c)		925			1,033,393
State of New York Mortgage Agency Homeowner Mortgage, Series 225 (RB) (SBG) 2.55%, 10/01/29 (c)		345			338,051
State of New York Mortgage Agency, Series 203 (RB) 3.50%, 04/01/26 (c)		190			199,348
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) 5.00%, 11/15/30 (c)		750			939,244
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series C (RB)
3.00%, 11/15/29 (c)		1,000			1,056,620
3.38%, 11/15/28 (c)		250			273,504
Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c)		550			676,224
					47,038,582

	Par   (000’s		)	Value
North Carolina: 1.9%
Board of Governors of North Carolina University, Hospital at Chapel HILL (RB) 5.00%, 02/01/49	$	500		$	754,884
North Carolina Housing Finance Agency Home Ownership, Series 39-B (RB)
3.85%, 07/01/27 (c)		105			113,716
4.00%, 07/01/27 (c)		255			273,161
North Carolina Medical Care Commission, Novant Health, Series A (RB) 3.12%, 11/01/29 (c)		220			232,520
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/30 (c)		500			605,216
5.00%, 01/01/30 (c)		750			902,359
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 3.00%, 01/01/30 (c)		500			527,578
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		800			1,167,731
					4,577,165
Ohio: 3.0%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/26 (c)		220			254,400
City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB) 4.00%, 12/01/27 (c)		440			485,994
City of Cleveland, Airport System Revenue, Series B (RB) 5.00%, 07/01/28 (c)		100			120,653
Columbus City School District (GO) 5.00%, 12/01/26 (c)		375			442,588
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c)		510			566,514
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48		1,000			1,501,013
County of Franklin, Trinity Health Credit Group (RB) 5.00%, 06/01/27 (c)		260			311,251
County of Ross, Adena Health System Obligated Group Project (RB) 5.00%, 12/01/29 (c)		1,000			1,211,953

See Notes to Financial Statements

111

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(unaudited) (continued)

	Par    (000’s		)	Value
Ohio (continued)
Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c)	$	150		$	162,914
Gahanna-Jefferson City School District (GO) (AGM) 2.00%, 12/01/30 (c)		250			220,752
Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c)		250			271,466
North Royalton City School District (GO) 5.00%, 06/01/25 (c)		190			215,836
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		350			384,586
Ohio Housing Finance Agency, Series D (RB) 3.62%, 09/01/26 (c)		120			125,670
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		500			628,257
State of Ohio (RB) (BAM) 4.00%, 01/01/29 (c)		335			388,461
					7,292,308
Oklahoma: 0.3%
Edmond Public Works Authority (RB) 4.00%, 07/01/27 (c)		250			283,554
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/26 (c)		350			388,511
					672,065
Oregon: 1.1%
Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		190			217,744
Multnomah County School District No. 1J, Series B (GO) (SBG)
2.00%, 06/15/30 (c)		550			525,104
3.25%, 06/15/27 (c)		295			316,514
North Clackamas School District No. 12, Series A (GO) (SBG) 0.00%, 06/15/27 (c) ^		175			92,354
Salem Hospital Facility Authority, Series A (RB) 4.00%, 05/15/26 (c)		240			263,994
Sherwood School District No. 88J, Series A (GO) (SBG) 0.00%, 06/15/28 (c) ^		510			191,806
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c)		935			1,003,659
					2,611,175

	Par    (000’s		)	Value
Pennsylvania: 4.7%
Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 06/01/28 (c)	$	685		$	835,504
Allegheny County, Series C-77 (GO) 5.00%, 11/01/28 (c)		220			269,606
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB)
4.00%, 10/01/27 (c)		180			201,714
4.00%, 09/01/30 (c)		645			744,344
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) (SBG) 4.00%, 09/01/30 (c)		210			245,869
Commonwealth of Pennsylvania, First Series (GO) 2.00%, 05/01/30 (c)		500			477,777
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c)		1,170			1,302,781
Delaware County Authority, Commonwealth of Pennsylvania, Series A (RB)
3.75%, 04/01/27 (c)		140			153,688
5.00%, 04/01/27 (c)		170			202,717
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c)		280			326,931
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c)		1,000			1,222,464
Geisinger Authority, Health System, Series A-2 (RB) 4.00%, 02/15/27 (c)		230			256,875
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		145			160,353
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123 B (RB) 3.20%, 10/01/25 (c)		155			159,190
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 125 B (RB) 3.65%, 04/01/27 (c)		260			275,370
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 128 B (RB) 3.85%, 10/01/27 (c)		100			108,529

See Notes to Financial Statements

112

	Par    (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Single-Family Mortgage (RB) 3.20%, 10/01/25 (c)	$	275		$	284,309
Pennsylvania Turnpike Commission (RB) 4.00%, 12/01/31 (c)		550			629,862
Pennsylvania Turnpike Commission, Motor License, Third Series (RB)
4.00%, 12/01/27 (c)		250			282,787
5.00%, 12/01/27 (c)		155			187,109
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior, Series A (RB) (AGM) 5.00%, 12/01/28 (c)		290			354,722
Pennsylvania Turnpike Commission, Series A (RB)
4.00%, 06/01/31 (c)		900			1,031,551
5.00%, 12/01/29 (c)		220			268,416
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c)		150			181,003
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.25%, 06/01/27 (c)		700			844,690
Philadelphia Gas Works Co., Fifteenth Series (RB) 5.00%, 08/01/27 (c)		305			357,731
					11,365,892
Tennessee: 0.7%
Sullivan County (GO)
3.75%, 05/01/26 (c)		250			273,829
4.00%, 05/01/26 (c)		230			258,472
Tennessee Housing Development Agency (RB)
2.95%, 01/01/29 (c)		465			476,467
3.60%, 01/01/27 (c)		305			321,815
4.00%, 07/01/26 (c)		200			211,702
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c)		245			257,946
					1,800,231
Texas: 10.4%
Alvin Independent School District (GO) 3.38%, 02/15/28 (c)		350			386,857
Arlington Higher Education Finance Corp. (RB)
3.00%, 02/15/31 (c)		1,000			1,054,453
4.00%, 08/15/29 (c)		675			770,165
Board of Regents of the University of Houston System, Series C (RB) 4.00%, 02/15/26 (c)		150			165,770

	Par   (000’s		)	Value
Texas (continued)
Board of Regents of the University of Texas System, A (RB)
2.25%, 08/15/31 (c)	$	1,400		$	1,347,225
3.00%, 08/15/31 (c)		525			575,828
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c)		650			749,752
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c)		750			913,850
City of Arlington, Senior Lien Special Tax, Series A (ST) (AGM)  4.00%, 02/15/28 (c)		165			185,512
City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		280			332,140
City of Austin, Texas Electricity Utility System, Series A (RB)
5.00%, 11/15/29 (c)		1,375			1,717,919
5.00%, 11/15/30 (c)		500			633,998
City of Corpus Christi, Utility System (RB) (SBG) 4.00%, 07/15/30 (c)		295			344,559
City of Denton (GO) 4.00%, 02/15/27 (c)		120			133,139
City of El Paso (GO) 4.00%, 08/15/29 (c)		950			1,093,992
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c)		220			272,842
College of the Mainland (GO) 3.75%, 08/15/28 (c)		250			276,448
Coppell Independent School District (GO) 4.00%, 08/15/28 (c)		250			283,998
County of Bexar, Combined Venue Tax (GO) 4.00%, 06/15/26 (c)		220			245,535
Crowley Independent School District (GO) 4.00%, 02/01/29 (c)		500			583,931
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c)		600			586,725
Frisco Independent School District (GO) 4.00%, 02/15/27 (c)		460			517,035
Galena Park Independent School District (GO) 3.00%, 02/15/29 (c)		250			273,634
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c)		770			878,422

See Notes to Financial Statements

113

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(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c)	$	640		$	779,653
Harris County Cultural Education Facilities Finance Corp. (RB)
3.00%, 10/01/31 (c)		500			534,218
3.00%, 10/01/31 (c)		1,000			1,041,698
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/29 (c)		350			374,430
Klein Independent School District (GO) 4.00%, 08/01/26 (c)		200			223,280
Leander Independent School District, Series A (GO)
0.00%, 08/16/26 (c) ^		95			42,697
0.00%, 08/16/26 (c) ^		900			440,988
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB) 5.00%, 07/01/26 (c)		520			491,793
North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c)		250			294,329
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c)		500			611,357
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c)		250			301,616
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) 4.00%, 08/15/26 (c)		220			245,114
Tarrant Regional Water District (RB)
2.00%, 03/01/30 (c)		750			693,028
2.00%, 03/01/30 (c)		750			686,796
2.00%, 03/01/30 (c)		400			362,552
Texas Water Development Board (RB) 5.00%, 10/15/26 (c)		485			577,450
Texas Water Development Board, Series A (RB)
3.00%, 10/15/29 (c)		500			548,147
4.00%, 04/15/28 (c)		325			371,407
5.00%, 04/15/28 (c)		840			1,029,842
Texas Water Development Board, Series B (RB) 5.00%, 10/15/28 (c)		225			277,635

	Par   (000’s		)	Value
Texas (continued)
5.00%, 10/15/28 (c)	$	110		$	137,644
West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c)		250			261,156
West Travis County Public Utility Agency (RB) (BAM) 4.00%, 08/15/27 (c)		230			256,871
Willis Independent School District, Unlimited Tax School Building (GO) 2.25%, 02/15/31 (c)		300			281,989
					25,189,419
Utah: 0.5%
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c)		360			436,992
Utah County, IHC Health Services, Inc., Series A (RB) 5.00%, 05/15/30 (c)		250			310,550
Utah County, IHC Health Services, Inc., Series B (RB)
3.00%, 05/15/26 (c)		210			217,511
4.00%, 05/15/24 (c)		350			377,072
					1,342,125
Virginia: 2.5%
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) (AGM) 5.00%, 07/01/26 (c)		260			304,009
Chesterfield Economic Development Authority, County Projects, Series F (RB) 2.00%, 04/01/30 (c)		350			334,138
Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c)		250			282,002
Hampton Roads Transportation Accountability Commission, Series A (RB)
4.00%, 07/01/30 (c)		665			788,501
5.00%, 07/01/30 (c)		500			620,479
Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c)		250			281,498
Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Series A (RB) 5.00%, 07/01/47		380			564,931
Virginia College Building Authority, Virginia Educational Facilities, Series A (RB)
3.00%, 02/01/31 (c)		1,000			1,085,763
3.00%, 02/01/31 (c)		1,000			1,085,191

See Notes to Financial Statements

114

	Par   (000’s		)	Value
Virginia (continued)
Virginia Commonwealth Transportation Board (RB) (AGM) 3.25%, 05/15/28 (c)	$	150		$	165,397
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c)		500			565,340
					6,077,249
Washington: 2.0%
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c)		450			507,960
Energy Northwest (RB) 5.00%, 07/01/31 (c)		455			590,314
King & Snohomish Counties, Northshore School District No. 417 (GO) (SBG) 4.00%, 06/01/29 (c)		500			591,250
King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c)		150			182,854
King County Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c)		650			740,482
State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/26 (c)		340			402,492
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c)		800			967,625
University of Washington, Series A (RB) 4.00%, 12/01/26 (c)		475			538,341
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c)		205			221,852
Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c)		125			138,939
					4,882,109
West Virginia: 0.4%
State of West Virginia, Series B (GO)
4.00%, 06/01/28 (c)		150			172,875
5.00%, 06/01/28 (c)		100			123,356
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) (NATL) 4.00%, 06/01/28 (c)		700			774,897
					1,071,128

	Par    (000’s		)	Value
Wisconsin: 0.9%
Public Finance Authority Health Care Facilities, Series A (RB) 3.00%, 01/01/30 (c)	$	250		$	259,901
Public Finance Authority Retirement Communities, Series A (RB) 5.00%, 11/15/27 (c)		750			904,470
Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c)		250			293,658
Wisconsin Center District (RB) (AGM) 0.00%, 12/15/30 (c) ^		250			109,091
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 4.00%, 04/01/27 (c)		205			227,936
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 3.50%, 02/15/26 (c)		225			236,013
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB)
4.00%, 02/15/27 (c)		115			127,142
4.00%, 02/15/27 (c)		105			117,010
					2,275,221
Wyoming: 0.1%
Wyoming Municipal Power Agency, Inc., Series A (RB) (BAM) 5.00%, 01/01/27 (c)		160			194,301
Total Municipal Bonds: 98.9% (Cost: $233,416,193)					239,810,272
Other assets less liabilities: 1.1%					2,690,391
NET ASSETS: 100.0%				$	242,500,663

See Notes to Financial Statements

115

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond

Summary of Investments by Sector	% of Investments			Value
Education		8.5	%	$	20,405,210
Health Care		16.9			40,403,398
Housing		5.7			13,691,381
Industrial Revenue		0.6			1,429,548
Leasing		5.6			13,362,264
Local		15.5			37,201,735
Power		4.1			9,916,517
Special Tax		11.5			27,578,836
State		6.6			15,699,285
Tobacco		0.7			1,787,156
Transportation		13.6			32,724,427
Water & Sewer		10.7			25,610,515
		100.0	%	$	239,810,272

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1  Quoted  Prices		Level 2  Significant  Observable  Inputs		Level 3  Significant  Unobservable  Inputs		Value
Municipal Bonds *	$	—	$	239,810,272	$	—	$	239,810,272

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

116

VANECK MUNI ALLOCATION ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Number of Shares		Value
CLOSED-END FUNDS: 9.9% (a)
BlackRock Municipal Income Fund, Inc.		2,734	$	41,584
BlackRock MuniHoldings Investment Quality Fund		2,893		41,746
BlackRock MuniYield Quality Fund III, Inc.		2,908		41,962
DWS Municipal Income Trust		6,969		81,189
Eaton Vance New York Municipal Bond Fund		3,456		42,854
MFS Municipal Income Trust		5,949		41,048
Pioneer Municipal High Income Advantage Fund, Inc.		3,581		41,361
Pioneer Municipal High Income Fund Trust		3,358		40,867

	Number of Shares		Value
Western Asset Managed Municipals Fund, Inc.		3,155	$	41,078
Total Closed-End Funds (Cost: $428,841)				413,689
EXCHANGE TRADED FUNDS: 90.0% (a)
VanEck High Yield Muni ETF ‡		10,455		649,151
VanEck Intermediate Muni ETF ‡		40,643		2,073,606
VanEck Long Muni ETF ‡		38,944		835,738
VanEck Short High Yield Muni ETF ‡		8,579		214,218
Total Exchange Traded Funds (Cost: $3,647,017)				3,772,713
Total Investments: 99.9% (Cost: $4,075,858)				4,186,402
Other assets less liabilities: 0.1%				4,307
NET ASSETS: 100.0%			$	4,190,709

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.

Transactions in securities of affiliates for the period ended October 31, 2021:

	Value 4/30/2021		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 10/31/2021
VanEck High Yield Muni ETF	$	1,519,551	$	152,930	$	(1,010,171)	$	62,367	$	21,980	$	(75,526)	$	649,151
VanEck Intermediate Muni ETF		1,470,825		987,551		(367,748)		21,660		10,377		(38,682)		2,073,606
VanEck Long Muni ETF		1,740,869		135,458		(1,042,096)		44,699		12,881		(43,192)		835,738
VanEck Short High Yield Muni ETF		253,940		25,548		(63,529)		4,586		2,638		(6,327)		214,218
	$	4,985,185	$	1,301,487	$	(2,483,544)	$	133,312	$	47,876	$	(163,727)	$	3,772,713

Summary of Investments by Sector	% of Investments			Value
Exchange Traded Funds		90.1	%	$	3,772,713
Financials		9.9			413,689
		100.0	%	$	4,186,402

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1  Quoted  Prices		Level 2  Significant  Observable  Inputs		Level 3  Significant  Unobservable  Inputs		Value
Closed-End Funds	$	413,689	$	—	$	—	$	413,689
Exchange Traded Funds		3,772,713		—		—		3,772,713
Total Investments	$	4,186,402	$	—	$	—	$	4,186,402

See Notes to Financial Statements

117

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.2%
Alabama: 1.4%
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22 (c)	$	500		$	520,013
Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
6.45%, 11/29/21 (c)		150			150,189
6.45%, 11/29/21 (c)		150			150,190
Alabama Special Care Facilities Financing Authority- Birmingham AL (RB) 5.50%, 06/01/26 (c)		500			530,445
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		500			630,645
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,000			1,121,979
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 04/01/24 (c) (p)		1,000			1,075,041
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		1,649			1,764,747
					5,943,249
American Samoa: 0.1%
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28		250			304,948
Arizona: 1.3%
Arizona Industrial Development Authority, Basis School Projects, Series A (RB)
4.75%, 07/01/23 (c)		210			225,997
5.00%, 07/01/26		200			219,964
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c)		500			576,229
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		1,000			1,142,772
Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			521,240
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB)

	Par   (000’s		)	Value
Arizona (continued)
4.00%, 07/15/28 (c)	$	520		$	568,149
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		483			536,250
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25		425			450,308
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		240			266,053
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 4.12%, 06/15/22 (c)		250			251,968
Salt Verde Financial Corp. (RB)
5.25%, 12/01/23		200			218,707
5.25%, 12/01/24		65			73,711
5.25%, 12/01/28		10			12,510
5.50%, 12/01/29		370			477,691
					5,541,549
California: 7.6%
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series A (RB) 5.00%, 05/01/23		250			267,313
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series H (RB)
5.00%, 05/01/26		500			591,131
5.00%, 05/01/27		500			605,922
5.00%, 05/01/29		500			628,868
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26		700			775,964
Bay Area Toll Authority, San Francisco Bay Area, Subordinate Toll Bridge, Series S-4 (RB)
5.00%, 04/01/23 (c)		375			400,501
5.25%, 04/01/48		265			283,956
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 5.00%, 04/01/30 (c)		2,000			2,564,488
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB)

See Notes to Financial Statements

118

	Par   (000’s		)	Value
California (continued)
5.00%, 11/15/28 (c)	$	1,340		$	1,664,189
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27		50			60,692
5.00%, 02/01/27 (c)		50			60,299
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/27		610			736,741
5.00%, 06/30/28		220			270,636
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c)		260			314,299
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		3,210			3,618,588
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		1,000			600,000
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32		1,360			1,156,000
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB)
3.38%, 07/01/25		400			436,507
3.62%, 07/01/25 (c)		2,000			2,200,539
California Public Finance Authority, Charter Grimmway School Facility, Series A (RB) 4.25%, 07/01/26 (c)		1,000			1,095,817
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c)		1,500			1,515,807
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.00%, 11/01/22		50			50,554
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 11/29/21 (c)		33			31,503

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 11/29/21 (c)	$	94		$	90,134
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c)		300			349,893
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24		200			206,745
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c)		350			413,383
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		250			269,281
California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.62%, 12/01/23 (p)		500			521,610
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23		20			20,128
City of Oroville Hospital (RB) 5.00%, 04/01/29 (c)		500			568,454
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c)		1,000			1,062,756
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27		250			303,495
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28		115			144,479
County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC) 5.00%, 12/01/28 (c)		520			641,338
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c)		580			614,793

See Notes to Financial Statements

119

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par    (000’s		)	Value
California (continued)
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 6.00%, 01/15/24 (c)	$	450		$	505,838
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 01/15/23 (c) (p)		145			150,121
Golden State Tobacco Securitization Corp., Series A (RB) 5.00%, 06/01/23		110			117,598
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
5.00%, 06/01/25		110			126,217
5.00%, 06/01/26		250			295,250
Irvine Unified School District Community Facilities District  No. 09-1, Series D (ST) 5.00%, 09/01/26		110			131,591
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24		230			256,607
Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30		265			348,497
Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c)		165			171,679
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		290			357,731
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,250			1,354,682
Oakland Unified School District (GO) 5.00%, 08/01/26		380			454,328
Palomar Health (RB)
5.00%, 11/01/25		250			290,020
5.00%, 11/01/26 (c)		90			106,751
Port of Oakland, Series D (RB) 5.00%, 11/01/23		250			273,302
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		110			122,660
Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23		110			120,387
San Francisco Community College District (GO)
5.00%, 06/15/22		85			87,548
5.00%, 06/15/25		1,000			1,158,786
5.00%, 06/15/25 (c)		205			237,391

	Par   (000’s		)	Value
California (continued)
San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c)	$	120		$	123,997
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		370			222,000
Westlands Water District, Series A (RB) (AGM) 5.00%, 09/01/22 (c)		100			103,961
					32,253,745
Colorado: 2.0%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c)		500			535,148
City & County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c)		295			363,679
City & County of Denver, Department of Aviation Airport System, Series D (RB) 5.00%, 11/15/22 (p)		400			419,201
Colorado Public Authority, Natural Gas Purchase (RB) 6.12%, 11/15/23		100			106,205
Denver Convention Center Hotel Authority (RB)
5.00%, 12/01/22		120			125,641
5.00%, 12/01/26 (c)		600			708,612
Dominion Water and Sanitation District (RB) 5.25%, 12/01/21 (c)		1,345			1,376,380
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c)		630			643,865
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c)		500			537,080
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		140			174,940
Rocky Mountain Rail Park Metropolitan District (GO) 5.00%, 03/01/26 (c)		500			537,514
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27		200			213,198
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c)		500			539,116
Transport Metropolitan District No. 3 (GO) 4.12%, 03/01/26 (c)		1,000			1,096,717

See Notes to Financial Statements

120

	Par    (000’s		)	Value
Colorado (continued)
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c)	$	1,000		$	1,010,690
					8,387,986
Connecticut: 0.9%
City of Hartford, Series A (GO) 5.00%, 04/01/23 (c)		405			431,749
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		120			131,531
Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) 5.50%, 02/01/23		250			259,865
State of Connecticut Special Tax, Series A (RB) 5.00%, 01/01/23 (c)		305			321,886
State of Connecticut Special Tax, Series B (RB) 5.00%, 08/01/24		900			1,013,885
State of Connecticut, Series B (GO) 5.00%, 04/15/28		250			313,075
State of Connecticut, Series D (GO) 5.00%, 11/01/21 (c)		100			100,000
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 09/01/26 (c)		250			299,990
Town of Hamden (RB) 5.00%, 01/01/26 (c)		500			549,604
University of Connecticut, Series A (RB) 5.00%, 03/15/25		380			437,460
					3,859,045
Delaware: 0.1%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		500			500,065
District of Columbia: 0.4%
District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.12%, 07/01/24 (c)		1,250			1,320,085
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) 4.00%, 06/01/30		500			559,132
					1,879,217

	Par    (000’s		)	Value
Florida: 5.4%
Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) (NATL) 5.00%, 10/01/30	$	500		$	617,306
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 3.38%, 07/01/31		1,540			1,634,178
Capital Trust Agency, Inc., Elim Senior Housing, Inc. Project (RB) 5.00%, 08/01/24 (c)		500			484,910
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c)		500			658,221
City of Orlando, Florida Senior Tourist Development, Series A (RB) (AGM) 5.00%, 11/01/27		600			743,854
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c)		290			335,876
County of Miami-Dade (RB) 0.00%, 10/01/26 (c) ^		265			207,474
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		500			566,254
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c)		500			626,140
Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series C (RB) 4.00%, 09/15/27 (c)		470			506,124
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27		250			260,152
Florida Development Finance Corp., The Glenridge  on Palmer Ranch Project (RB) (SAW) 5.00%, 06/01/28 (c)		625			726,840
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.25%, 01/01/24 (c) (p)		2,015			2,043,201
6.38%, 01/01/26 (c) (p)		2,730			2,771,365
6.50%, 01/01/29 (c) (p)		4,750			4,814,297
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)

See Notes to Financial Statements

121

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
5.00%, 05/01/22 (c)	$	500		$	533,636
JEA Electric, Series B (RB) 5.00%, 10/01/27 (c)		110			135,480
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c)		315			326,892
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/23		250			270,707
5.00%, 10/01/24		250			280,626
Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24		125			130,908
Orlando-Orange County Expressway Authority, Series A (RB) 5.00%, 07/01/23 (c)		500			538,710
School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c)		120			139,658
School District of Broward County, Series B (CP) 5.00%, 07/01/27 (c)		315			384,097
School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25		250			290,177
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.00%, 11/15/26 (c)		415			455,996
State of Florida Department of Transportation, Federal Highway, Series A (RB) (SAW) 5.00%, 07/01/23		1,000			1,078,989
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		480			522,540
Village Community Development District No. 13 (SA)
2.62%, 05/01/24		375			381,699
3.00%, 05/01/29		250			263,414
					22,729,721
Georgia: 1.3%
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23		250			196,395

	Par   (000’s		)	Value
Georgia (continued)
Burke County Development Authority, Georgia Power Company Plant Vogtle Project (RB)
2.25%, 05/25/23 (p)	$	250		$	256,993
2.92%, 03/12/24 (p)		250			263,427
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p)		1,000			1,081,103
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		250			250,197
George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB) 2.38%, 01/01/31		1,500			1,553,664
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		380			420,567
Georgia State Road and Tollway Authority (RB)
5.00%, 06/01/25		300			347,904
5.00%, 06/01/28		250			312,940
Main Street Natural Gas, Inc., Series A-1 (RB)
5.50%, 09/15/23		130			142,065
5.50%, 09/15/25		135			158,548
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		250			276,484
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c)		250			263,698
					5,523,985
Guam: 0.7%
Guam Government, Business Privilege Tax, Series A (RB)
5.00%, 01/01/22 (c)		110			110,856
5.00%, 01/01/22 (c)		300			302,336
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c)		360			414,032
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25		250			261,973

See Notes to Financial Statements

122

	Par   (000’s		)	Value
Guam (continued)
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28	$	250		$	306,237
Guam Government, Series A (RB) 5.00%, 12/01/24		1,000			1,130,354
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c)		500			542,066
					3,067,854
Hawaii: 0.5%
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26		1,500			1,629,240
State of Hawaii, Department of Transportation, United Airlines, Inc. (RB) 5.62%, 11/29/21 (c)		295			296,037
					1,925,277
Illinois: 16.1%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29		1,000			1,241,265
5.00%, 12/01/29 (c)		1,000			1,235,434
5.00%, 12/01/30 (c)		2,000			2,492,264
7.00%, 12/01/25 (c)		200			247,499
Chicago Board of Education, Series A (GO) (AGM)
4.00%, 12/01/22		500			518,910
5.00%, 12/01/28 (c)		250			305,719
5.00%, 12/01/28 (c)		200			247,773
Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/26		230			276,711
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/22 ^		250			248,421
0.01%, 12/01/24		310			301,320
0.01%, 12/01/26		310			289,514
0.01%, 12/01/28		795			705,182
Chicago Board of Education, Series B (GO)
5.00%, 12/01/29 (c)		2,000			2,461,112
5.00%, 12/01/29 (c)		1,250			1,544,293
5.00%, 12/01/29 (c)		1,950			2,392,635
5.00%, 12/01/30		2,000			2,514,805
5.00%, 12/01/30 (c)		3,000			3,749,549
Chicago Board of Education, Series B-1 (GO) (NATL) 0.01%, 12/01/23		350			344,643
Chicago Board of Education, Series C (GO) 5.00%, 12/01/27		500			603,419
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		750			819,972

	Par   (000’s		)	Value
Illinois (continued)
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c)	$	260		$	285,085
Chicago O’Hare International Airport, Series B (RB)
4.00%, 01/01/22 (c)		300			301,799
5.00%, 01/01/25 (c)		190			215,727
5.00%, 01/01/25 (c)		105			119,750
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.01%, 12/01/29		575			495,527
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/28 ^		1,515			1,343,838
0.00%, 12/01/29 ^		585			504,145
0.01%, 12/01/24		515			500,580
0.01%, 12/01/25		560			534,103
0.01%, 12/01/26		490			457,619
0.01%, 12/01/30		190			158,985
Chicago Transit Authority (RB) 5.25%, 12/01/21 (c)		200			200,823
Chicago Transit Authority Capital Grant Receipts Revenue (RB) 5.00%, 06/01/25		1,000			1,153,891
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/24		115			128,093
5.00%, 06/01/25		1,000			1,152,353
5.00%, 06/01/26		535			635,042
City of Chicago, Motor Fuel Tax (RB) (AGM) 5.00%, 01/01/24 (c)		100			107,651
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
5.00%, 01/01/25		280			316,401
5.25%, 01/01/25 (c)		350			392,565
City of Chicago, Series A (GO)
5.00%, 01/01/24 (c)		715			777,125
5.00%, 01/01/30		500			625,075
5.25%, 01/01/24 (c)		180			195,855
5.25%, 01/01/24 (c)		270			294,521
City of Chicago, Series C (GO)
5.00%, 01/01/22 (c)		300			301,949
5.00%, 01/01/23		455			478,315
5.00%, 01/01/24		400			437,087
5.00%, 01/01/25		1,090			1,231,705
City of Chicago, Water Revenue, Second Lien (RB)
5.00%, 11/01/22 (c)		100			104,071
5.00%, 11/01/24 (c)		270			300,952
5.00%, 11/01/24 (c)		150			167,766
5.00%, 11/01/24 (c)		100			111,255

See Notes to Financial Statements

123

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par    (000’s		)	Value
Illinois (continued)
City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) 5.00%, 11/01/26 (c)	$	100		$	119,408
Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		240			259,224
Cook County, Series A (GO) 5.25%, 11/29/21 (c)		500			501,894
County of Cook, Series A (GO) 5.00%, 11/15/26 (c)		500			593,514
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c)		500			525,616
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27		1,190			869,853
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) 5.00%, 11/01/26 (c)		250			287,738
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 11/29/21 (c)		100			100,240
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c)		250			265,763
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		395			475,047
5.00%, 06/15/29		545			665,750
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		260			245,158
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/24 ^		130			125,976
0.01%, 12/15/22		215			213,371
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c)		500			604,887
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^		115			102,490
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (ST)
5.00%, 12/15/22		35			36,770
5.00%, 06/15/22 (c)		1,235			1,270,947
5.00%, 06/15/22 (c)		110			113,202

	Par   (000’s		)	Value
Illinois (continued)
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c)	$	330		$	397,403
State of Illinois (GO)
3.50%, 06/01/26 (c)		350			378,289
3.50%, 06/01/26 (c)		1,645			1,768,162
4.00%, 03/01/22 (c)		290			293,385
4.00%, 08/01/22 (c)		185			189,615
4.12%, 11/01/26 (c)		100			111,317
4.12%, 03/01/22 (c)		300			303,226
5.00%, 01/01/22 (c)		445			448,328
5.00%, 01/01/26		200			231,934
5.00%, 11/01/24		705			793,847
5.00%, 12/01/25		1,315			1,522,099
5.00%, 02/01/24		500			548,956
5.00%, 02/01/24		120			131,749
5.00%, 02/01/24 (c)		150			164,249
5.00%, 02/01/26		515			598,333
5.00%, 02/01/27 (c)		600			702,786
5.00%, 02/01/27		500			592,791
5.00%, 05/01/24 (c)		100			110,207
5.00%, 06/01/26		100			116,997
5.00%, 06/01/26 (c)		455			529,622
5.00%, 08/01/22 (c)		920			951,389
5.00%, 08/01/23		700			754,689
5.25%, 07/01/23 (c)		275			295,851
5.50%, 07/01/23 (c)		500			541,108
5.50%, 07/01/23 (c)		270			292,513
5.50%, 07/01/23 (c)		60			64,875
State of Illinois (GO) (AGM) 5.00%, 08/01/22		195			201,938
State of Illinois Sales Tax (RB)
4.00%, 06/15/26 (c)		430			486,950
5.00%, 06/15/22		180			185,284
5.00%, 06/15/23 (c)		285			304,889
5.00%, 06/15/23 (c)		190			203,668
5.00%, 06/15/23		525			562,876
5.00%, 06/15/26		235			277,431
State of Illinois Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c)		1,600			1,756,999
State of Illinois, Series A (GO)
4.00%, 01/01/22 (c)		50			50,301
4.00%, 01/01/22 (c)		100			100,587
4.00%, 01/01/22 (c)		100			100,522
4.00%, 01/01/22 (c)		170			171,030
5.00%, 10/01/28		500			608,425
5.00%, 03/01/29		500			611,898
5.00%, 03/01/30		500			618,970
State of Illinois, Series B (GO)
4.00%, 10/01/30 (c)		500			574,738
5.00%, 09/01/27		600			717,549
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		315			373,331
State of Illinois, Series D (GO)
3.25%, 11/01/26		165			180,770
5.00%, 11/01/25		1,250			1,444,087
5.00%, 11/01/26		1,395			1,646,157

See Notes to Financial Statements

124

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 11/01/27	$	130		$	155,953
5.00%, 11/01/27 (c)		110			131,210
					68,246,224
Indiana: 1.3%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c)		290			287,338
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.00%, 11/01/30		1,000			1,045,995
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB)
2.50%, 11/01/30		1,850			1,857,751
3.00%, 11/01/30		1,000			1,045,996
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		1,000			1,098,910
					5,335,990
Iowa: 0.8%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		945			974,432
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)
3.12%, 11/19/21 (c)		245			248,377
5.25%, 12/01/23 (c)		500			538,902
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c)		400			437,087
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25		955			993,249
					3,192,047
Kansas: 0.1%
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c)		375			377,726
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25		170			170,943
					548,669
Kentucky: 0.5%
Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		140			167,167
Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB)

	Par   (000’s		)	Value
Kentucky (continued)
5.00%, 11/01/26 (c)	$	325		$	388,384
Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB)
5.00%, 09/01/23		600			650,488
5.25%, 09/01/23		250			272,176
5.25%, 09/01/23 (c)		250			271,887
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		100			109,367
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c)		175			202,084
Kentucky State Property and Building Commission No. 108, Series A (RB) 5.00%, 08/01/25 (c)		140			161,036
					2,222,589
Louisiana: 1.2%
Calcasieu Parish Service District, Lake Charles  Memorial Hospital Project (RB) 5.00%, 12/01/27		1,025			1,215,327
Calcasieu Parish Service District, Lake Charles  Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29		150			183,429
City of Alexandria, Series A (RB) 5.00%, 05/01/23 (c)		1,000			1,071,442
City of New Orleans, Sewerage Service (RB) 5.00%, 06/01/22		20			20,550
City of New Orleans, Water System (RB) 5.00%, 12/01/25 (c)		305			359,275
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/26		525			633,102
Louisiana Local Government Environment Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 5.50%, 11/15/25		600			639,516
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *		330			3

See Notes to Financial Statements

125

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *	$	521		$	5
Louisiana State Citizens Property Insurance Corp. (RB) (AGM) 5.00%, 06/01/22		275			282,630
Parish of St James, Nustar Logistics, LP Project (RB) 6.10%, 06/01/30 (p)		500			646,724
					5,052,003
Maryland: 1.2%
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		200			219,180
City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26		150			164,493
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		350			386,008
County of Howard, Series A (TA) 4.00%, 02/15/26 (c)		200			212,820
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 11/29/21 (c)		695			702,178
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c)		245			270,319
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30		1,000			1,096,460
Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c)		1,500			1,505,486
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		425			524,387
					5,081,331
Massachusetts: 0.7%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		490			539,742

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/28	$	500		$	625,973
Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c)		310			366,484
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 07/01/22 (c)		130			134,130
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/22 (c)		250			269,532
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		335			401,003
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c)		100			117,870
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c)		275			309,927
					2,764,661
Michigan: 1.5%
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c)		500			618,641
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c)		250			271,234
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c)		500			599,701
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31		500			520,561
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c)		1,000			1,002,940
Michigan Finance Authority Hospital, Beaumont Health Credit Group, Series A (RB) 5.00%, 08/01/24 (c)		600			675,043
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)

See Notes to Financial Statements

126

	Par   (000’s		)	Value
Michigan (continued)
5.00%, 07/01/24 (c)	$	580		$	623,561
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c)		155			190,818
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27		1,415			1,749,434
					6,251,933
Minnesota: 0.9%
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		100			104,807
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25		540			534,025
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c)		350			375,231
County of Rice, Shattuck St. Mary’s School Project (RB) 5.00%, 08/01/22		250			258,875
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c)		1,000			1,084,441
Housing & Redevelopment Authority of The City of St Paul Minnesota (RB) 5.00%, 07/01/25 (c)		500			576,285
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25		640			730,557
Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26		120			131,370
					3,795,591
Missouri: 1.0%
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA)
4.00%, 11/01/26		105			113,272
4.62%, 11/01/27 (c)		600			661,460
Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c)		220			217,260
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c)		1,915			1,939,443

	Par    (000’s		)	Value
Missouri (continued)
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c)	$	430		$	410,485
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c)		500			501,856
St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		500			572,556
					4,416,332
Montana: 0.1%
City of Forsyth, Rosebud County, Montana Pollution Control (RB) 2.00%, 08/01/23		220			225,243
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 09/01/28		100			122,923
5.00%, 09/01/30		125			157,964
Nebraska Public Power District (RB) 5.00%, 01/01/22		100			100,797
					381,684
Nevada: 1.2%
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 11/29/21 (c)		355			332,059
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)
2.50%, 06/15/24		345			349,704
2.75%, 06/15/28		1,000			1,028,725
Clark County School District, Series A (GO) 5.00%, 06/15/24		500			558,278
Clark County School District, Series B (GO) (AGM)
5.00%, 06/15/29 (c)		250			318,102
5.00%, 06/15/29		250			319,267
Clark County School District, Series B (GO) (BAM)
5.00%, 06/15/30 (c)		500			647,968
5.00%, 06/15/30		250			325,386
Clark County School District, Series C (GO) 5.00%, 12/15/25 (c)		115			134,385
County of Clark, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c)		100			111,897

See Notes to Financial Statements

127

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Nevada (continued)
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27	$	471		$	524,578
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c)		500			547,937
					5,198,286
New Hampshire: 0.1%
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c)		250			260,144
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) *		290			153,700
					413,844
New Jersey: 11.3%
Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM) 0.00%, 11/01/22 ^		240			238,544
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		510			542,456
New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
4.25%, 06/15/22 (c)		345			351,998
5.00%, 06/15/22		165			169,453
5.00%, 06/15/22 (c)		150			154,010
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.12%, 08/20/22 (c)		655			681,351
5.25%, 08/20/22 (c)		2,000			2,077,659
5.75%, 09/15/22 (c)		300			308,728
New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24		55			55,809
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		760			849,435
5.00%, 07/01/27 (c)		1,000			1,178,623
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (ST) 4.00%, 11/01/27		380			442,287

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) (ST)
4.00%, 11/01/25	$	500		$	562,610
5.00%, 11/01/25		115			134,182
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		110			138,194
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		115			140,554
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		100			121,899
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 03/01/22 (c)		225			228,343
New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB) (NATL) 5.50%, 09/01/23		400			436,840
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
5.00%, 03/01/23 (c)		505			534,458
5.00%, 03/01/23 (c)		1,500			1,589,131
5.00%, 03/01/23 (c)		755			798,763
5.00%, 03/01/23 (c)		200			211,939
5.00%, 03/01/23 (c)		455			482,319
5.00%, 03/01/23 (c)		655			692,749
5.00%, 03/01/23 (c)		695			736,035
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c)		340			378,530
5.00%, 06/15/24 (c)		500			553,893
5.00%, 06/15/24 (c)		320			354,851
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
5.00%, 06/15/24 (c)		340			377,567
5.00%, 06/15/24		430			480,058
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)

See Notes to Financial Statements

128

	Par   (000’s		)	Value
New Jersey (continued)
4.25%, 06/15/25 (c)	$	440		$	493,112
4.38%, 06/15/25 (c)		130			145,579
5.00%, 06/15/25 (c)		345			396,641
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c)		750			878,346
New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB) 4.12%, 07/01/25 (c)		175			180,426
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/24 (c)		175			194,798
5.00%, 06/15/24 (c)		145			161,432
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24		315			355,465
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26		500			596,036
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		120			114,093
0.00%, 12/15/26 ^		360			334,901
0.01%, 12/15/32		735			576,261
5.00%, 12/15/24		500			568,364
5.00%, 12/15/25		500			585,579
5.00%, 12/15/26		1,050			1,263,828
5.00%, 12/15/28 (c)		205			253,539
5.00%, 06/15/24		300			334,924
5.00%, 06/15/26 (c)		395			462,410
5.00%, 06/15/26 (c)		500			583,628
5.00%, 06/15/31		1,100			1,426,223
5.25%, 12/15/22		250			263,759
5.25%, 12/15/23		270			297,440
5.50%, 12/15/22		170			179,831
New Jersey Transportation Trust Fund Authority, Series A-1 (RB)
5.00%, 06/15/23		410			440,432
5.00%, 06/15/26 (c)		845			999,866
5.00%, 06/15/26 (c)		110			129,128
New Jersey Transportation Trust Fund Authority, Series AA (RB)
5.00%, 12/15/28 (c)		500			616,350
5.00%, 06/15/22		200			205,817
5.00%, 06/15/23 (c)		490			525,609
5.00%, 06/15/23		745			799,919
5.00%, 06/15/25 (c)		275			316,188
5.25%, 06/15/25 (c)		100			115,727
5.25%, 06/15/25 (c)		365			421,980

	Par   (000’s		)	Value
New Jersey (continued)
5.25%, 06/15/25 (c)	$	1,065		$	1,229,749
5.25%, 06/15/25 (c)		435			503,245
New Jersey Transportation Trust Fund Authority, Series AA (RB) (ST)
4.00%, 06/15/22 (c)		535			547,264
5.00%, 06/15/22 (c)		605			622,610
5.00%, 06/15/22 (c)		205			210,967
New Jersey Transportation Trust Fund Authority, Series BB-1 (RB) 5.00%, 12/15/28 (c)		1,500			1,849,051
New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM) 0.01%, 12/15/29		290			252,490
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL)
0.01%, 12/15/30		805			675,385
0.01%, 12/15/31		335			272,925
New Jersey Transportation Trust Fund Authority, Series D (RB)
5.00%, 12/15/23		735			806,421
5.00%, 12/15/24 (c)		1,380			1,556,528
5.25%, 12/15/23		515			567,602
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.00%, 01/01/32		120			141,558
Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		55			57,562
State of New Jersey, COVID-19 Emergency Bond, Series A (GO)
5.00%, 06/01/26		500			592,260
5.00%, 06/01/27		500			606,169
5.00%, 06/01/28		990			1,224,329
State of New Jersey, Various Purposes (GO)
2.00%, 12/01/29 (c)		2,000			2,046,981
3.00%, 06/01/26		80			87,594
4.00%, 06/01/23 (c)		110			115,959
5.00%, 06/01/27		100			121,234
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/23		500			534,284
5.00%, 06/01/28 (c)		640			778,961
5.00%, 06/01/28 (c)		150			183,727
5.00%, 06/01/28		655			807,507
					47,613,261

See Notes to Financial Statements

129

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Mexico: 0.1%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group, Series C (RB) 2.38%, 11/09/21 (c)	$	400		$	400,252
New York: 8.5%
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 01/15/27 (c)		1,800			2,124,024
5.00%, 01/15/27 (c)		100			119,332
5.00%, 01/15/27 (c)		100			120,116
5.00%, 07/15/23		1,600			1,717,654
5.00%, 07/15/24		1,750			1,949,606
5.00%, 07/15/26		100			118,735
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28		740			810,253
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		275			301,803
Build NYC Resource Corporation, Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c)		595			640,081
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26		250			293,802
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26		250			299,661
Huntington Local Development Corp., Gurwin Independent Housing, Inc./ Fountaingate Gardens Project (RB) 4.00%, 07/01/27		1,000			1,046,389
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		250			288,909
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c)		250			301,689
Metropolitan Transportation Authority, Series D (RB)
5.00%, 11/15/26 (c)		500			584,588
5.00%, 05/15/28 (c)		560			670,793
Metropolitan Transportation Authority, Series D-1 (RB)
5.00%, 11/15/25 (c)		250			286,755
5.00%, 11/15/25 (c)		250			289,037
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)

	Par   (000’s		)	Value
New York (continued)
5.00%, 12/01/30 (c)	$	500		$	645,880
New York Convention Center Development Corp. (RB) 5.00%, 11/15/25 (c)		500			582,413
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/24		250			279,079
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		1,000			1,027,769
5.00%, 11/19/21 (c)		2,000			2,003,901
5.00%, 11/19/21 (c)		760			761,516
5.25%, 08/01/30 (c)		940			1,107,953
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		2,000			2,323,358
5.00%, 01/01/23		1,000			1,049,941
5.00%, 01/01/28 (c)		3,255			3,887,299
5.00%, 01/01/28 (c)		780			941,645
5.00%, 01/01/28 (c)		250			300,020
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c)		1,500			1,552,363
Port Authority of New York & New Jersey (RB)
5.00%, 10/15/25 (c)		500			583,553
5.00%, 09/01/24 (c)		250			281,773
5.00%, 09/01/29 (c)		250			313,534
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
5.00%, 01/01/26 (c)		750			747,199
5.00%, 01/01/26 (c)		1,130			1,121,874
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c)		665			726,173
Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
4.00%, 05/15/23 (c)		120			120,526
4.12%, 05/15/23 (c)		100			100,571
Trust for Cultural Resources of The City of New York, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/30 (c)		1,000			1,298,641
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23		1,500			1,533,101

See Notes to Financial Statements

130

	Par   (000’s		)	Value
New York (continued)
5.00%, 06/01/27 (c)	$	70		$	84,417
5.00%, 06/01/27		70			84,981
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c)		375			369,046
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29		200			219,617
					36,011,370
North Carolina: 0.6%
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25		125			146,460
North Carolina Medical Care Commission, Retirement Facilities (RB) 5.12%, 07/01/23		180			189,796
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c)		250			290,007
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25		350			395,978
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		500			623,940
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24		1,000			1,096,202
					2,742,383
North Dakota: 0.7%
County of Grand Forks, Red river Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c)		3,000			3,014,821
Ohio: 1.8%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		500			628,360
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/25		250			283,127
5.00%, 02/15/26		50			58,251
5.00%, 02/15/27		250			298,599
5.00%, 02/15/27 (c)		110			130,480
County of Muskingum, Genesis HealthCare System (RB)

	Par   (000’s		)	Value
Ohio (continued)
4.00%, 02/15/23	$	50		$	51,785
Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c)		2,000			2,009,964
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,000			2,136,706
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series D (RB) 2.88%, 02/01/26		550			575,532
Ohio Air Quality Development Authority, Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		260			262,569
Southern Ohio Port Authority (RB) (AGM) 10.00%, 12/01/26 (c)		1,000			1,176,566
					7,611,939
Oklahoma: 0.9%
Comanche County Hospital Authority, Series A (RB) 5.00%, 07/01/22 (c)		525			537,030
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/26		1,000			1,179,350
5.00%, 08/15/27		250			301,501
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		1,500			1,669,777
					3,687,658
Oregon: 0.2%
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) *		500			107,500
Port of Portland, International Airport Passenger Facility Charge, Series A (RB) 5.00%, 11/29/21 (c)		500			504,755
Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c)		325			358,985
					971,240
Pennsylvania: 4.5%
Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) 4.88%, 11/01/24		500			545,099

See Notes to Financial Statements

131

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/22	$	245		$	249,570
5.00%, 05/01/23		355			374,445
5.00%, 05/01/27		1,250			1,459,181
5.00%, 05/01/28		875			1,036,298
5.00%, 05/01/28		895			1,054,219
Berks County Industrial Development Authority, Tower Health Project (RB)
4.00%, 11/01/27 (c)		200			211,794
5.00%, 11/01/24		1,000			1,090,804
5.00%, 11/01/25		1,000			1,113,372
5.00%, 11/01/26		400			452,183
Berks County Municipal Authority, Tower Health Project, Series A (RB) 5.00%, 02/01/31		425			501,789
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		1,500			1,688,254
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p)		500			575,448
City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25		80			92,790
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23		500			536,414
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
4.00%, 10/15/22		145			148,138
5.00%, 10/15/27		250			277,360
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) (ST)
4.25%, 10/15/26		500			541,441
5.00%, 10/15/28 (c)		500			581,742
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c)		250			264,609
Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 4.00%, 07/01/26 (c)		580			613,177
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p)		1,000			1,267,817

	Par   (000’s		)	Value
Pennsylvania (continued)
Montgomery County Industrial Development Authority Health, Albert Einstein Healthcare Network Issue, Series A (RB) (AMBAC) 4.00%, 01/15/25 (c)	$	415		$	448,809
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25		1,140			1,169,264
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
5.00%, 12/31/23		125			137,345
5.00%, 06/30/26		130			155,313
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c)		100			117,826
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c)		335			429,419
Philadelphia Authority for Industrial Development, The Pavilion, Series A (RB) 3.00%, 12/01/21 (c)		525			438,868
Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26		100			118,575
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c)		200			238,981
Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c)		500			523,476
The Hospitals and Higher Education, Facilities Authority of Philiadelphia (RB)
5.00%, 07/01/26		115			133,051
5.00%, 07/01/27 (c)		275			322,971
					18,909,842
Puerto Rico: 5.9%
Commonwealth of Puerto Rico, Series A (GO) (AGM) 5.25%, 11/29/21 (c)		300			302,792
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB)
5.00%, 07/01/30		3,000			3,695,269
5.25%, 07/01/22 (c)		485			500,683
6.12%, 07/01/24		600			653,626

See Notes to Financial Statements

132

	Par   (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series B (RB) 5.00%, 07/01/28	$	1,000		$	1,200,960
Puerto Rico Convention Center District Authority, Series A (RB) 5.00%, 11/29/21 (c)		185			186,292
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 11/29/21 (c)		250			251,745
Puerto Rico Highway & Transportation Authority, Series CC (RB) (AGM) 5.25%, 07/01/32		1,105			1,225,683
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.62%, 11/29/21 (c)		100			103,500
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) 5.00%, 11/29/21 (c)		200			201,000
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 11/29/21 (c)		780			785,446
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.01%, 07/01/24		8,780			8,403,491
0.01%, 07/01/27		3,855			3,488,812
0.01%, 07/01/28 (c)		4,035			3,209,733
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c)		808			692,505
					24,901,537
Rhode Island: 0.4%
Rhode Island Commerce Corp., Department of Transportation, Series A (RB)
5.00%, 05/15/30 (c)		900			1,160,108
5.00%, 05/15/30 (c)		250			319,145
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		155			185,270
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		115			122,916
					1,787,439
South Carolina: 0.7%
Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^		110			56,746

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority (RB) 6.00%, 06/01/28 (c)	$	1,000		$	1,021,738
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c)		400			449,843
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) 5.25%, 07/01/25 (c)		755			883,632
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c)		410			428,500
South Carolina Public Service Authority, Series C (RB) 5.00%, 12/01/24 (c)		220			247,634
					3,088,093
Tennessee: 0.3%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		500			463,439
City of Jackson, Jackson- Madison County General Hospital (RB) 5.00%, 04/01/25 (c)		600			681,690
Clarksville Natural Gas Acquisition Corp. (RB) 5.00%, 12/15/21		25			25,144
Memphis-Shelby County Industrial Development Board, Series A (TA) 4.75%, 07/01/27		195			188,970
					1,359,243
Texas: 7.2%
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)
5.00%, 01/01/27 (c)		1,155			1,296,593
5.00%, 01/01/27 (c)		1,200			1,340,669
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26		250			280,934
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c)		500			543,314
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		2,465			2,531,455

See Notes to Financial Statements

133

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(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c)	$	750		$	968,239
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c)		2,000			2,329,585
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		120			134,956
City of Austin, Airport System (RB) 5.00%, 11/15/24 (c)		395			445,333
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		180			218,296
City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB) 5.00%, 07/15/27		1,000			1,162,874
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c)		250			271,034
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27		250			290,551
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 11/29/21 (c)		200			201,103
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
4.75%, 07/01/24		655			693,425
5.00%, 07/15/28		1,500			1,770,147
Clifton Higher Education Finance Corp., Series A (RB)
4.62%, 08/15/25		80			86,733
5.12%, 08/15/25 (c)		200			227,058
6.00%, 03/01/24 (c)		1,345			1,480,469
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c)		500			577,740
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		335			340,218
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.01%, 11/15/29		315			249,040
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/25 (c)		335			385,121

	Par   (000’s		)	Value
Texas (continued)
5.00%, 05/15/29 (c)	$	200		$	251,795
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		105			125,378
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,035			1,234,496
Matagorda County Navigation District No. 1, Series A (RB) (BAM) 2.60%, 11/01/29		2,000			2,112,368
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) *		300			234,000
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c)		1,000			1,013,131
New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c)		1,000			1,072,175
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 4.00%, 11/29/21 (c)		100			99,043
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		225			243,853
New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) 5.00%, 11/15/24 (c)		850			923,066
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/23		100			86,000
5.00%, 07/01/24		100			86,000
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29		405			362,322
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c)		185			216,727
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 07/01/23 (c)		550			547,546

See Notes to Financial Statements

134

	Par   (000’s		)	Value
Texas (continued)
SA Energy Acquisition Public Facility Corp. (RB)
5.50%, 08/01/22	$	85		$	88,262
5.50%, 08/01/24		55			62,257
5.50%, 08/01/25		125			146,633
5.50%, 08/01/27		110			136,767
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c)		250			293,195
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB) 5.00%, 11/15/25 (c)		230			184,000
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c)		225			240,003
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB) 6.00%, 05/15/27 (c)		500			557,343
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/28		350			432,546
5.00%, 12/15/32		1,015			1,327,820
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)
5.25%, 12/15/22		155			163,639
5.25%, 12/15/23		15			16,518
5.25%, 12/15/24		60			68,528
5.25%, 12/15/25		100			117,777
					30,268,075
Utah: 0.2%
Utah Transit Authority, Series A (RB) 5.00%, 06/15/25 (c)		700			814,348
Virgin Islands: 0.8%
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
5.00%, 10/01/24 (c)		1,000			996,402
5.00%, 10/01/24		300			301,584
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series A (RB)
5.00%, 11/29/21 (c)		485			486,138
5.00%, 11/29/21 (c)		160			160,375

	Par   (000’s		)	Value
Virgin Islands (continued)
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series B (RB)
5.00%, 11/29/21 (c)	$	15		$	15,035
5.00%, 11/29/21 (c)		140			138,124
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series C (RB) 5.00%, 11/29/21 (c)		225			224,474
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 11/29/21 (c)		75			74,644
5.00%, 11/29/21 (c)		55			54,615
5.00%, 11/29/21 (c)		150			149,588
5.00%, 11/29/21 (c)		620			613,043
					3,214,022
Virginia: 1.2%
Amherst Industrial Development Authority (RB) 4.75%, 11/29/21 (c)		140			133,599
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23		500			545,133
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c)		325			346,407
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c)		1,835			1,776,581
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c)		1,525			1,423,571
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		710			766,032
					4,991,323
Washington: 2.0%
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		155			163,624
Klickitat County Public Hospital District No 2 (RB) 4.00%, 12/01/27		1,000			1,015,065
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p)		480			545,639
Washington State Convention Center Public Facilities District (RB)

See Notes to Financial Statements

135

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Washington (continued)
4.00%, 07/01/31	$	2,250		$	2,568,531
Washington State Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c)		250			289,344
Washington State Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		1,000			1,160,162
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25		985			1,082,092
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
3.75%, 07/01/26		250			259,765
4.00%, 01/01/25 (c)		500			535,656
5.00%, 01/01/25 (c)		365			402,278
Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB) 2.38%, 11/29/21 (c)		500			500,345
					8,522,501
West Virginia: 0.3%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)
3.00%, 06/01/22 (c)		415			417,068
4.75%, 06/01/22 (c)		680			687,896
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26		150			178,645
					1,283,609
Wisconsin: 2.1%
Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31		1,275			1,357,232
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c)		1,000			1,109,821
Public Finance Authority, Friends Homes (RB) 4.00%, 09/01/24		165			174,561
Public Finance Authority, Friends Homes (RB) (SAW) 4.00%, 09/01/26 (c)		500			561,178

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c)	$	480		$	470,938
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		650			662,160
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c)		545			567,676
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c)		250			255,648
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		2,015			2,244,609
Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22		90			91,012
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25		1,050			1,122,238
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB)
3.50%, 08/01/22		75			75,263
5.00%, 08/01/24 (c)		250			268,675
					8,961,011
Total Municipal Bonds: 98.2% (Cost: $410,009,998)					415,197,035
Other assets less liabilities: 1.8%					7,818,862
NET ASSETS: 100.0%				$	423,015,897

See Notes to Financial Statements

136

Definitions:
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
ST	Special Tax
TA	Tax Allocation

Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Putable Security — the redemption date shown is when the security may be redeemed by the investor
(d)	Security in default
*	Non-income producing
^	Zero Coupon Bond

Summary of Investments by Sector	% of Investments			Value
Education		6.6	%	$	27,420,968
Health Care		13.5			56,148,385
Housing		0.2			975,118
Industrial Revenue		22.4			93,077,223
Leasing		11.5			47,590,624
Local		10.4			43,172,733
Power		1.4			6,002,679
Solid Waste/Resource Recovery		0.0			8
Special Tax		11.5			47,765,862
State		6.2			25,634,177
Tobacco		1.3			5,205,373
Transportation		12.5			51,714,859
Water & Sewer		2.5			10,489,026
		100.0	%	$	415,197,035

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant  Observable  Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	415,197,035	$	—	$	415,197,035

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

137

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SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.2%
Alabama: 2.8%
Alabama Federal Aid Highway Finance Authority, Series A (RB)
5.00%, 09/01/22	$	250		$	260,007
5.00%, 09/01/27 (c)		500			620,040
Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23		125			135,855
Black Belt Energy Gas District, Series A (RB) (SAW)
4.00%, 12/01/23 (c) (p)		470			501,045
5.00%, 12/01/23		860			940,134
County of Jefferson, Series A (GO)
5.00%, 04/01/24		290			321,757
5.00%, 04/01/25		340			390,998
Industrial Development Board of the City of Mobile Alabama, Series A (RB) 1.00%, 06/26/25 (p)		1,000			1,002,259
Jefferson County (RB) 5.00%, 09/15/22		375			390,641
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,500			1,682,968
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 06/01/24 (c) (p)		250			270,037
Tuscaloosa City Board of Education, Alabama School Tax (RB)
5.00%, 08/01/26 (c)		1,055			1,272,630
5.00%, 08/01/26 (c)		825			995,184
UAB Medicine Finance Authority, Series B (RB)
5.00%, 09/01/23		450			488,732
					9,272,287
Arizona: 1.4%
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23		250			269,616
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/23		125			134,917
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series B (RB) 5.00%, 07/01/24		200			224,475
City of Tucson, Arizona Water System (RB) 5.00%, 07/01/25		450			523,449
Gilbert Water Resource Municipal Property Corp. (RB) 5.00%, 07/01/25		400			465,288

	Par   (000’s		)	Value
Arizona (continued)
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26	$	700		$	825,044
Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24		250			280,737
Pima County (GO) 4.00%, 07/01/23		310			329,342
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/26		500			590,674
5.00%, 01/01/27		500			608,183
State of Arizona (RB) 5.00%, 07/01/23		500			539,669
					4,791,394
California: 13.9%
Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)		250			266,460
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p)		400			427,973
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p)		725			745,989
California Health Facilities Financing Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/22 (p)		250			261,945
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p)		500			552,673
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p)		335			354,061
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) (SAW) 5.00%, 10/01/25 (p)		1,105			1,296,112
California State Public Works Board (RB) 5.00%, 03/01/25		320			368,138
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) 5.00%, 09/01/23		1,215			1,319,810

See Notes to Financial Statements

138

	Par   (000’s		)	Value
California (continued)
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 10/01/22	$	450		$	469,809
5.00%, 10/01/26		885			1,069,660
California Statewide Communities Development Authority, Southern California Edison Company, Series D (RB) 2.62%, 12/01/23 (p)		100			104,322
Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c)		405			457,675
City and County of San Francisco, Series B (CP)
5.00%, 10/01/25 (c)		430			502,923
5.00%, 04/01/25		100			115,036
City and County of San Francisco, Series R1 (GO) 5.00%, 06/15/25		250			291,165
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26		500			597,680
City of San Francisco, Public Utilities Commission Water Revenue, Series A (RB) 5.00%, 11/01/24		630			717,664
City of San Francisco, Public Utilities Commission Water Revenue, Series B (RB) 5.00%, 11/01/24 (c)		200			227,637
County of Sacramento CA Airport System Revenue (RB) 5.00%, 07/01/25		240			278,697
El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c)		225			268,243
Golden State Tobacco Securitization Corp., Series A (RB)
5.00%, 06/01/23		1,000			1,069,075
5.00%, 06/01/24		1,000			1,110,578
Golden State Tobacco Securitization Corp., Series A (RB) (ST) 5.00%, 06/01/22		500			514,082
Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24		265			299,312
Los Angeles Community College District, Series J (GO) 3.00%, 08/01/23		500			524,259

	Par   (000’s		)	Value
California (continued)
Los Angeles Department of Water & Power Power System, Series A (RB) 5.00%, 07/01/25	$	285		$	331,970
Los Angeles Department of Water & Power Power System, Series B (RB) 5.00%, 07/01/23		550			593,540
Los Angeles Department of Water & Power Power System, Series C (RB) 5.00%, 07/01/24		250			280,879
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/23		600			647,708
Los Angeles Department of Water and Power, Series B (RB)
5.00%, 06/01/25 (c)		295			343,134
5.00%, 07/01/24		250			280,879
Los Angeles Unified School District, Series A (GO)
5.00%, 07/01/22		500			515,989
5.00%, 07/01/24		875			982,826
5.00%, 07/01/26		800			961,155
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23		130			140,269
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/25		1,250			1,455,015
Metropolitan Water District of Southern California, Series B (RB)
5.00%, 07/01/23 (c)		450			485,890
5.00%, 07/01/24 (c)		1,000			1,125,509
Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/23		125			136,835
Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/23		250			273,671
Northern California Energy Authority, Series A (RB)
4.00%, 07/01/24 (p)		1,000			1,083,746
5.00%, 07/01/24		275			307,484
Oakland Unified School District (GO) 5.00%, 08/01/23		430			464,983
Oakland Unified School District, Series A (GO) 5.00%, 08/01/23		350			378,475
Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c)		205			209,659

See Notes to Financial Statements

139

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 2.12%, 10/01/23 (c) (p)	$	930		$	954,036
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/22		265			277,771
Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25		250			289,533
Sacramento County, Airport System, Series B (RB) 5.00%, 07/01/23		300			323,644
Sacramento Municipal Utility District, Series B (RB) 5.00%, 10/15/25 (c) (p)		485			558,960
Sacramento Municipal Utility District, Series D (RB)
4.00%, 08/15/25		500			566,583
5.00%, 08/15/24		125			141,250
Sacramento Municipal Utility District, Series I (RB) 5.00%, 08/15/22		450			467,274
San Bernardino County, Series A (CP) 5.00%, 10/01/26		345			416,429
San Juan Unified School District (GO) 3.38%, 08/01/25		260			287,590
Southern California Public Power Authority. Windy Point/Windy Flats Project, Series 1 (RB) 5.00%, 01/01/24 (c)		725			799,092
State of California (GO) 4.00%, 10/01/27		500			591,185
State of California Department of Water Resources (RB) 5.00%, 12/01/26		500			609,915
State of California, Various Purpose (GO)
3.00%, 03/01/26		1,000			1,102,109
4.00%, 10/01/25		600			680,061
4.00%, 11/01/24		300			332,520
4.00%, 03/01/24		500			542,973
4.00%, 08/01/26		285			329,367
5.00%, 10/01/23		250			272,565
5.00%, 10/01/24		100			113,462
5.00%, 10/01/25		835			978,706
5.00%, 11/01/23		525			574,377
5.00%, 11/01/25		500			587,576
5.00%, 11/01/26		915			1,108,039
5.00%, 12/01/25		460			542,000
5.00%, 04/01/24		300			333,852
5.00%, 04/01/25		300			345,991

	Par   (000’s		)	Value
California (continued)
5.00%, 04/01/27	$	750		$	918,645
5.00%, 08/01/24		325			366,412
5.00%, 08/01/25		1,500			1,748,912
5.00%, 08/01/26		295			354,687
5.00%, 09/01/22		265			275,630
5.00%, 09/01/23		1,000			1,086,456
5.00%, 09/01/25		300			350,710
5.00%, 09/01/26		935			1,126,893
Tobacco Securitization Authority of Southern California, Series A-1 (RB) (AGM) 5.00%, 06/01/23		480			514,167
					46,079,966
Colorado: 1.5%
Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 12/01/23		125			134,578
City & County of Denver CO Airport System Revenue (RB) 5.00%, 11/15/25		530			622,664
City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/22		250			259,048
City of Colorado Springs, Utilities System (RB) 5.00%, 11/15/25		500			588,733
Colorado Health Facilities Authority, Adventist Health System Series C (RB) 5.00%, 11/15/23 (p)		530			581,050
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25		500			584,764
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24		1,000			1,143,109
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23		450			495,088
State of Colorado, Series K (CP) 5.00%, 03/15/26		385			456,249
					4,865,283
Connecticut: 2.5%
City of New Haven, Series A (GO) (AGM) 5.00%, 08/15/24		215			241,988
Connecticut Housing Finance Authority, Series B (RB) 0.45%, 05/15/24 (c) (p)		250			249,428
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/25		1,000			1,151,394

See Notes to Financial Statements

140

	Par   (000’s		)	Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p)	$	390		$	413,206
State of Connecticut, Series A (GO)
5.00%, 04/15/23		265			283,343
5.00%, 04/15/23		375			400,956
State of Connecticut, Series B (GO)
4.00%, 05/15/23		375			396,660
5.00%, 01/15/23		250			264,388
State of Connecticut, Series C (GO) 5.00%, 06/15/26		300			359,345
State of Connecticut, Series D (GO)
5.00%, 04/15/26		1,040			1,239,544
5.00%, 08/15/23		300			325,214
State of Connecticut, Series E (GO)
5.00%, 10/15/22		350			366,124
5.00%, 09/15/25		270			316,135
State of Connecticut, Special Tax Obligation, Series A (GO) 5.00%, 04/15/23		375			400,957
State of Connecticut, Special Tax Obligation, Series A (RB)
5.00%, 01/01/23		300			316,718
5.00%, 09/01/22		325			338,092
5.00%, 09/01/23		100			108,588
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/23		200			217,931
State of Connecticut, State Revolving Fund, Series B (RB) 5.00%, 06/01/26		275			329,714
University of Connecticut, Series A (RB) 5.00%, 04/15/24		575			640,416
					8,360,141
Delaware: 0.8%
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series A (RB) (AGM) 1.05%, 07/01/25 (p)		1,000			1,010,940
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		500			500,065
Delaware Transportation Authority System (RB) 5.00%, 07/01/26		500			600,211

	Par   (000’s		)	Value
Delaware (continued)
State of Delaware, Series A (GO) 5.00%, 10/01/25	$	410		$	481,608
					2,592,824
District of Columbia: 1.2%
District of Columbia, Series A (GO) 5.00%, 06/01/22		440			452,392
District of Columbia, Series B (GO) 5.00%, 06/01/25		120			139,440
District of Columbia, Series C (RB) 5.00%, 10/01/26		785			950,912
District of Columbia, Series D (GO)
5.00%, 06/01/24		250			280,041
5.00%, 06/01/25		315			366,031
District of Columbia, Series E (GO) 5.00%, 06/01/25		500			581,001
Washington Metropolitan Area Transit Authority, Series A-1 (RB)
5.00%, 07/01/24		225			252,343
5.00%, 07/01/25		100			116,124
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/25		300			348,371
5.00%, 07/01/26		300			358,905
					3,845,560
Florida: 2.4%
Central Florida Expressway Authority, Series B (RB) 5.00%, 07/01/26		300			359,210
City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/22		600			626,298
City of Jacksonville, Series B (RB)
5.00%, 10/01/24		265			300,260
5.00%, 10/01/25		1,020			1,194,246
City Of South Miami Health Facilities Authority, Inc. (RB) 5.00%, 08/15/22		400			414,868
County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/25		350			403,527
County of Montgomery, Consolidated Public Improvement, Series A (RB) 5.00%, 10/01/25		280			327,002
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26		250			302,469

See Notes to Financial Statements

141

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(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
Lee County School Board, Series A (CP) 5.00%, 08/01/24	$	375		$	421,902
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) 5.00%, 02/01/24		710			781,158
Orange County Health Facilities Authority, Orlando Health Obligated Group, Series B (RB) 5.00%, 10/01/22		100			104,270
School District of Broward County, Series C (CP) 5.00%, 07/01/24		340			381,029
State of Florida, Board of Education, Lottery Revenue, Series A (RB)
5.00%, 07/01/23		450			485,545
5.00%, 07/01/24		650			729,915
State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/23		130			139,747
State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/23		150			161,247
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 5.00%, 06/01/23		225			241,870
State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23		180			195,597
State of Florida, Department of Transportation Financing Corp. (RB) 5.00%, 07/01/22		275			283,869
					7,854,029
Georgia: 2.7%
Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p)		500			515,649
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24		500			569,253
County of Forsyth, Sales Tax (GO) 5.00%, 09/01/25		280			328,261
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 09/01/23 (c) (p)		500			530,319
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p)		1,000			1,099,479

	Par   (000’s		)	Value
Georgia (continued)
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 06/01/23	$	500		$	529,033
4.00%, 09/01/26 (c) (p)		1,250			1,423,335
Municipal Gas Authority of Georgia, Gas Portfolio IV Project, Series A (RB) 5.00%, 10/01/23		225			245,037
Private Colleges & Universities Authority, Series A (RB) 5.00%, 09/01/26		360			434,456
State of Georgia, Series A (GO)
5.00%, 02/01/23		160			169,604
5.00%, 02/01/25		250			287,229
5.00%, 08/01/25		350			408,932
5.00%, 08/01/26		700			843,815
State of Georgia, Series C (GO) 5.00%, 07/01/24		250			281,092
State of Georgia, Series E (GO) 5.00%, 12/01/24		1,100			1,256,437
					8,921,931
Hawaii: 0.1%
State of Hawaii, Series FN (GO) 5.00%, 10/01/24		110			124,774
State of Hawaii, Series FT (GO) 5.00%, 01/01/23		100			105,597
					230,371
Illinois: 4.2%
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26		500			587,739
Chicago O’Hare International Airport, Series C (RB)
5.00%, 01/01/23		650			685,909
5.00%, 01/01/24		115			126,358
5.00%, 01/01/26		315			370,275
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/23		350			374,970
City of Chicago, Series A (GO) 5.00%, 01/01/27		500			593,770
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25		200			234,238
Cook County, Series A (GO) 5.00%, 11/15/26		300			362,177
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 01/01/23		310			323,785
4.00%, 07/01/25		100			112,501
5.00%, 01/01/23		250			264,023
5.00%, 01/01/24		155			170,521
5.00%, 01/01/25		600			685,305
5.00%, 07/01/22		340			350,942

See Notes to Financial Statements

142

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24	$	500		$	560,904
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23		250			270,016
Illinois Finance Authority, Tax Notes (RB) (BAM) 5.00%, 08/15/25		405			472,290
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27		415			501,278
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27		650			785,499
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24		495			554,453
Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/23		370			390,351
State of Illinois (GO) 5.00%, 02/01/23		350			369,982
State of Illinois (GO) (AGC)
5.50%, 05/01/24		250			279,920
5.50%, 05/01/25		335			388,163
State of Illinois, Series B (GO)
5.00%, 12/01/24		130			146,733
5.00%, 09/01/25		400			460,367
State of Illinois, Series D (GO)
5.00%, 11/01/22		470			491,751
5.00%, 11/01/23		500			544,117
5.00%, 11/01/25		1,345			1,553,838
5.00%, 11/01/26		800			944,032
					13,956,207
Indiana: 1.0%
City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25		500			585,839
Indiana Finance Authority, Series C (RB)
5.00%, 12/01/23		250			274,667
5.00%, 12/01/23		500			548,563
5.00%, 12/01/24		575			656,965
5.00%, 12/01/25		260			307,156
Indiana Finance Authority, Series E (RB)
5.00%, 02/01/24		500			553,323
5.00%, 02/01/25		250			287,054
					3,213,567
Iowa: 0.7%
Iowa Finance Authority (RB) 5.00%, 08/01/23		250			270,936
PEFA, Inc., Gas Project (RB) 5.00%, 09/01/26 (c) (p)		1,500			1,773,804

	Par   (000’s		)	Value
Iowa (continued)
State of Iowa, Prison Infrastructure Fund (RB) 5.00%, 06/15/23	$	250		$	269,106
					2,313,846
Kansas: 0.1%
Johnson County Unified School District No. 233, Series B (GO) 5.00%, 09/01/22		350			364,069
Kentucky: 2.0%
Kentucky Public Energy Authority, Gas Supply, Series A (RB)
4.00%, 04/01/24 (c) (p)		700			752,987
4.00%, 06/01/26 (c) (p)		1,000			1,132,380
Kentucky Public Energy Authority, Gas Supply, Series B (RB)
4.00%, 01/01/25 (c) (p)		1,085			1,190,987
4.00%, 07/01/23		200			211,789
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p)		1,100			1,217,793
Kentucky State Property & Building Commission No. 119 (RB) 5.00%, 05/01/26		275			325,790
Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/24		125			139,836
Louisville & Jefferson County Metropolitan Government, Water System (RB) (SAW) 5.00%, 11/15/26		250			302,916
Louisville & Jefferson County, Metro Government Health System, Norton Healthcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p)		1,000			1,201,504
					6,475,982
Louisiana: 0.6%
East Baton Rouge Sewerage Commission, Sereis A (RB) (NATL) 5.00%, 02/01/27		250			302,175
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project (RB) (BAM) 5.00%, 10/01/22		175			182,555
Louisiana Public Facilities Authority, Costner Clinic Foundation Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p)		500			574,439

See Notes to Financial Statements

143

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana State Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/23	$	590		$	632,969
State of Louisiana, Series A (GO) 5.00%, 03/01/26		335			397,957
					2,090,095
Maine: 0.2%
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25		500			580,033
Maryland: 3.4%
County of Baltimore, Equipment Program (CP)
5.00%, 03/01/25		295			339,060
5.00%, 03/01/26		1,125			1,333,241
County of Montgomery, Series A (GO)
4.00%, 11/01/24		210			232,897
5.00%, 11/01/26		265			321,489
Maryland Stadium Authority, Baltimore City Public Schools, Series A (RB) 5.00%, 05/01/23		320			342,411
Maryland State Transportation Authority Transportation Facilities Project (RB) 5.00%, 07/01/23		750			809,242
Prince George’s County, Series A (GO) 5.00%, 07/15/25		425			495,668
State of Maryland, Department of Transportation (RB)
5.00%, 10/01/26		595			720,433
5.00%, 05/01/23		500			535,799
5.00%, 09/01/24		165			186,770
State of Maryland, Second Series B (GO)
5.00%, 08/01/24		550			620,405
5.00%, 08/01/25		500			583,783
State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22		790			812,249
State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24		2,730			3,034,058
State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24		250			282,002
State of Maryland, State and Local Facilities Loan, Second Series (GO) (BAM) 5.00%, 08/01/22		145			150,248

		Par   (000’s	)		Value
Maryland (continued)
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25	$	500		$	583,783
					11,383,538
Massachusetts: 3.3%
Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c)		860			925,184
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/26		250			295,451
5.00%, 01/01/27		710			863,619
Commonwealth of Massachusetts, Series B (GO) 5.00%, 07/01/22		250			258,029
Commonwealth of Massachusetts, Series C (GO)
5.00%, 10/01/26		400			483,247
5.00%, 10/01/27		535			663,028
Commonwealth of Massachusetts, Series D (GO)
5.00%, 07/01/23		900			971,404
5.00%, 07/01/27		250			307,977
Commonwealth of Massachusetts, Series E (GO)
3.00%, 12/01/25		750			824,562
5.00%, 11/01/26		295			357,236
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26		250			301,308
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/23 (c) (p)		275			289,927
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
5.00%, 10/15/26		500			606,624
5.00%, 07/15/26		1,025			1,234,477
Massachusetts Development Finance Agency, Healthcare System, Issue, Series S-4 (RB) 5.00%, 01/25/24 (p)		250			275,764
Massachusetts Development Finance Agency, Series A (RB) 5.00%, 10/15/25		900			1,059,260
Massachusetts Development Finance Agency, The Board Institute Issue (RB) 5.00%, 04/01/26		450			535,068
Massachusetts Water Resources Authority (RB)
5.00%, 08/01/23		170			184,143
5.00%, 08/01/23		50			54,071

See Notes to Financial Statements

144

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/22	$	250		$	259,029
					10,749,408
Michigan: 1.0%
Michigan State Building Authority, Series I (RB) 5.00%, 04/15/26		250			298,089
Regents of University of Michigan, Series A (RB) 5.00%, 04/01/23		500			533,927
State of Michigan (RB) 5.00%, 03/15/25		265			305,071
State of Michigan, Grant Anticipation (RB)
5.00%, 03/15/24		650			721,249
5.00%, 03/15/26		1,065			1,265,634
Wayne County Airport Authority, Series C (RB)
5.00%, 12/01/23		145			158,956
					3,282,926
Minnesota: 1.5%
Duluth Independent School District No. 709, Series A (CP) (SD CRED PROG) 5.00%, 02/01/25		200			226,518
Metropolitan Council, Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26		1,000			1,212,567
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25		500			570,748
Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22		480			505,031
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24		1,200			1,352,904
State of Minnesota, Various Purpose, Series D (GO)
5.00%, 08/01/22		510			528,577
5.00%, 08/01/26		400			481,347
					4,877,692
Mississippi: 0.2%
County of Warren (RB)
1.38%, 06/16/25 (p)		400			409,740
1.38%, 06/16/25 (p)		400			409,255
					818,995
Missouri: 0.8%
City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23		1,000			1,078,291

	Par   (000’s		)	Value
Missouri (continued)
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25	$	150		$	173,257
Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB) 5.00%, 11/15/22		260			272,703
Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25		500			587,576
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c)		500			582,279
					2,694,106
Nebraska: 1.5%
Central Plains Energy Project (RB) 2.50%, 08/01/25 (c) (p)		1,550			1,650,314
Central Plains Energy Project (RB) (AGM) 4.00%, 08/01/25 (c) (p)		2,000			2,240,234
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 01/01/24 (c)		350			383,449
5.00%, 01/01/24 (c) (p)		500			544,028
					4,818,025
Nevada: 0.6%
Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 11/01/23		100			109,405
Clark County School District, Series A (GO) 5.00%, 06/15/23		250			268,429
Clark County Water Reclamation District (GO) 5.00%, 07/01/22		250			258,046
Clark County, Series B (GO) 5.00%, 11/01/23		450			492,323
County of Clark Department of Aviation (RB) 5.00%, 07/01/23		300			323,435
County of Clark, Nevada Highway Motor Vehicle Fuel, Series C (RB) 5.00%, 07/01/26		290			347,679
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24		300			342,366
					2,141,683

See Notes to Financial Statements

145

VANECK SHORT MUNI ETF

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(unaudited) (continued)

	Par   (000’s		)	Value
New Jersey: 3.9%
City of Newark, Series A (GO) (AGM) 5.00%, 10/01/26	$	300		$	355,568
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) (ST)
5.00%, 11/01/23		985			1,073,912
5.00%, 11/01/24		100			113,210
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 5.00%, 06/15/26		455			540,186
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25		1,000			1,165,601
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/25		225			262,260
New Jersey Health Care Facilities Financing Authority, AHC Hospital Corp. (RB) 5.00%, 07/01/23		300			323,749
New Jersey Health Care Facilities Financing Authority, Health System (RB) 5.00%, 07/01/26		300			358,143
New Jersey Health Care Facilities Financing Authority, Hospital Assets Transformation Program (RB) 5.00%, 10/01/26		500			598,346
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23		500			547,356
New Jersey Sports & Exposition Authority, Series A (RB) 5.00%, 09/01/24		890			999,844
New Jersey Transportation Trust Fund Authority, Series A (RB)
5.00%, 12/15/23		1,175			1,288,065
5.00%, 06/15/24		1,410			1,573,952
State of New Jersey, COVID-19 Emergency Bond, Series A (GO) 5.00%, 06/01/27		500			606,169
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/25		500			522,851
2.00%, 06/01/26		500			524,376
5.00%, 06/01/22		800			821,340
5.00%, 06/01/24		675			752,035

	Par   (000’s		)	Value
New Jersey (continued)
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23	$	290		$	309,885
					12,736,848
New Mexico: 1.1%
New Mexico Finance Authority, Series D (RB) 5.00%, 06/01/22		325			334,134
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 05/01/25 (c) (p)		1,165			1,336,740
State of New Mexico, Series A (GO)
5.00%, 03/01/23		320			340,329
5.00%, 03/01/27		315			385,006
State of New Mexico, Series B (GO)
5.00%, 03/01/23		340			361,600
5.00%, 03/01/25		250			287,787
State of New Mexico, Series B (RB) 4.00%, 07/01/23		505			536,509
					3,582,105
New York: 14.1%
Build NYC Resource Corp. (RB) 5.00%, 11/01/26		270			327,258
City of New York, Series A (GO)
4.00%, 08/01/23		250			266,441
5.00%, 08/01/22		670			694,250
5.00%, 08/01/23		100			108,319
5.00%, 08/01/24		1,500			1,688,047
City of New York, Series B-1 (GO) 5.00%, 10/01/22		500			522,104
City of New York, Series C (GO)
5.00%, 08/01/22		265			274,591
5.00%, 08/01/24		750			844,023
5.00%, 08/01/25		850			990,016
City of New York, Series C and D (GO)
5.00%, 08/01/23		320			346,622
5.00%, 08/01/26		325			390,082
City of New York, Series D-3 (GO) 5.00%, 02/01/24 (c) (p)		100			107,491
City of New York, Series E (GO) 5.00%, 08/01/24		255			286,968
City of New York, Sub-Series C-1 (GO) (SD CRED PROG) 4.00%, 08/01/27		660			775,694
City of New York, Sub-Series F-1 (GO) 5.00%, 03/01/27		410			499,680
City of New York, Sub-Series J-7 & J-9 (GO) 5.00%, 08/01/26		500			600,127

See Notes to Financial Statements

146

	Par   (000’s		)	Value
New York (continued)
City of Yonkers, Series C (GO) (BAM) 5.00%, 10/01/23	$	100		$	108,885
County of Nassau, Series C (GO) 5.00%, 10/01/24		200			225,553
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/23		100			106,051
Long Island Power Authority, Electric System, Series B (RB)
5.00%, 09/01/22		245			254,748
5.00%, 09/01/22		255			265,250
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p)		1,500			1,689,076
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p)		750			832,223
Metropolitan Transportation Authority, Series B (RB)
5.00%, 11/15/23		290			316,615
5.00%, 11/15/23		250			272,944
5.00%, 11/15/24		390			440,952
5.00%, 11/15/26		255			304,464
5.00%, 11/15/26		500			596,987
Metropolitan Transportation Authority, Series C-1 (RB)
5.00%, 11/15/23		500			545,888
5.00%, 11/15/25		875			1,018,773
Metropolitan Transportation Authority, Series F (RB) 5.00%, 11/15/25		235			273,613
Monroe County Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23		250			267,509
New York City Housing Development Corp., Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p)		250			248,390
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27		750			905,080
New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
5.00%, 07/15/24		550			619,397
5.00%, 07/15/25		570			665,157
5.00%, 07/15/26		315			378,166

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB) 5.00%, 11/01/22	$	1,000		$	1,048,091
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 05/01/23		575			616,169
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 5.00%, 11/01/25		350			411,759
New York City Trust for Cultural Resources, Museum of Modern Art, Series E (RB) 4.00%, 04/01/25		265			295,227
New York City Water and Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c)		700			769,195
New York City Water and Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c)		430			491,826
New York City Water and Sewer System, Series CC-2 (RB) 5.00%, 12/15/21 (c)		530			533,081
New York State Dormitory Authority, Connell University, Series A (RB) 5.00%, 07/01/26		700			841,727
New York State Dormitory Authority, New York City Issue, Series 1 (RB) (SAW) 5.00%, 01/15/23		300			316,366
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24		110			123,618
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
5.00%, 10/01/22		250			260,910
5.00%, 10/01/25		435			507,838
5.00%, 10/01/26		400			479,176
New York State Dormitory Authority, School Districts Bond Financing Program, Series B (RB) (ST) 5.00%, 10/01/24		300			339,262
New York State Dormitory Authority, Series A (RB) 5.00%, 08/01/25		815			938,424

See Notes to Financial Statements

147

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) 5.00%, 07/01/26	$	200		$	239,881
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 02/15/23		220			233,459
5.00%, 02/15/23		780			827,566
5.00%, 02/15/25		315			361,775
5.00%, 02/15/25		140			160,600
5.00%, 03/15/23		290			308,866
5.00%, 03/15/26		430			509,891
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/26		435			514,526
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 02/15/23		1,070			1,136,082
5.00%, 02/15/25		250			287,672
5.00%, 02/15/26		805			952,169
5.00%, 08/15/26 (c)		1,260			1,517,954
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/25		1,000			1,147,147
New York State Dormitory Authority, State Sales Tax, Series A (RB)
5.00%, 03/15/23		845			899,971
5.00%, 03/15/24		735			815,268
5.00%, 03/15/27		300			366,796
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 03/15/23		100			106,505
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/24		155			171,927
5.00%, 03/15/25		775			894,064
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		680			809,900
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25		500			575,501
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/24		300			334,894

	Par   (000’s		)	Value
New York (continued)
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 02/01/22 (c)	$	750		$	752,679
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 01/01/22 (c)		500			500,193
New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24		165			181,598
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/23		790			841,394
5.00%, 03/15/25		500			575,906
5.00%, 03/15/27		690			842,410
Town of Oyster Bay, Public Improvement (GO) 4.00%, 03/01/24		500			540,780
Town of Oyster Bay, Public Improvement (GO) (AGM) 4.00%, 03/01/26		250			284,471
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26		530			585,374
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/22		500			513,137
Utility Debt Securitization Authority (RB) 5.00%, 06/15/22 (c)		285			293,434
Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c)		320			337,016
					46,450,909
North Carolina: 1.9%
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/23		115			120,195
County of Guilford, North Carolina Public Improvement, Series B (GO) 5.00%, 05/01/24		500			558,522
County of Wake, Public Improvement (GO) 5.00%, 04/01/27		300			368,353
County of Wake, Public Improvement (RB) 5.00%, 09/01/26		375			452,161
County of Wake, Public Improvement, Series A (GO) 5.00%, 03/01/25		250			288,237

See Notes to Financial Statements

148

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24	$	2,125		$	2,329,430
State of North Carolina, Department of State Treasurer, Series B (GO) 5.00%, 06/01/25		970			1,127,143
State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/23		500			531,833
State of North Carolina, Series B (GO) 5.00%, 06/01/23		575			618,493
					6,394,367
Ohio: 2.7%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/23		530			561,999
City of Cleveland OH Airport System Revenue (RB) (AGM) 5.00%, 01/01/23		260			274,395
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 08/01/25		100			116,270
5.00%, 08/01/26		410			490,831
County of Hamilton, Hospital Facilities, Series A (RB) 5.00%, 08/15/27		270			331,538
County of Hamilton, Sales Tax, Series A (RB)
5.00%, 12/01/23		155			170,259
5.00%, 12/01/25		500			590,463
Lancaster Port Authority (RB) (SBG) 5.00%, 02/01/25 (c) (p)		300			341,427
Ohio Turnpike and Infrastructure Commission, Series A (RB) 5.00%, 02/15/26		460			545,684
Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/26		250			299,239
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
5.00%, 01/01/25		1,325			1,514,733
5.00%, 01/01/26		500			590,222
State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25		100			117,087

	Par   (000’s		)	Value
Ohio (continued)
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23	$	560		$	614,637
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22		675			707,600
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23		1,000			1,071,598
State of Ohio, Miami University (RB) 5.00%, 09/01/25		115			134,344
The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/22		500			526,074
					8,998,400
Oklahoma: 0.4%
Oklahoma County Independent School District No. 89, Series A (GO)
0.05%, 07/01/22		500			499,510
1.25%, 07/01/24		450			460,386
Tulsa Public Facilities Authority, Capital Improvement (RB) 3.00%, 06/01/25		350			378,866
					1,338,762
Oregon: 0.6%
City of Portland,  Oregon Second Lien Sewer System, Series A (RB) 5.00%, 05/01/26		350			417,892
City of Portland,  Oregon Second Lien Sewer System, Series A (RB) (AGM) 5.00%, 03/01/26		500			593,730
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26		350			419,412
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25		500			580,761
					2,011,795
Pennsylvania: 3.4%
Allegheny County Hospital Development Authority (RB) 5.00%, 07/15/25		300			347,603
City of Philadelphia PA (GO)
5.00%, 08/01/25		300			348,810
5.00%, 08/01/25		245			284,862
City of Philadelphia, Series A (GO) 5.00%, 08/01/24		200			224,838

See Notes to Financial Statements

149

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/22	$	310		$	323,646
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23		250			268,207
Commonwealth of Pennsylvania, First Series (GO)
5.00%, 01/01/26		560			662,063
5.00%, 01/01/27		315			383,512
5.00%, 02/01/26		415			491,724
5.00%, 09/15/23		100			108,882
Commonwealth of Pennsylvania, Second Series (GO)
5.00%, 01/15/23		370			391,386
5.00%, 09/15/22		590			614,768
County of Lehigh, Lehigh Hospital Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26		600			715,374
Delaware River Port Authority, Series B (RB)
5.00%, 01/01/25		350			399,643
5.00%, 01/01/26		1,170			1,378,474
Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23		500			541,114
Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23		150			163,729
Pennsylvania Economic Development Financing Authority (RB) 5.00%, 03/15/24		310			343,124
Pennsylvania Economic Development Financing Authority, University of Pittsburgh, Series A (RB) 5.00%, 11/15/25		325			380,403
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)
5.00%, 06/15/23		175			188,078
5.00%, 06/15/25		100			115,761
Pennsylvania State University, Series B (RB) 5.00%, 09/01/22		350			364,069
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/26		500			593,993
Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24		400			448,385

	Par   (000’s		)	Value
Pennsylvania (continued)
School District of Philadelphia (GO) (SAW) 5.00%, 09/01/25	$	660		$	768,828
School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/22		100			103,968
5.00%, 09/01/24		120			135,324
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/23		115			123,546
					11,214,114
Rhode Island: 0.2%
Rhode Island Commerce Corp., Department of Transportation, Series A (RB) 5.00%, 06/15/22		235			241,969
State of Rhode Island, Series B (GO) 5.00%, 08/01/26		300			361,479
					603,448
South Carolina: 1.2%
County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24		510			580,802
County of Richland, Series A (GO) (SAW) 5.00%, 03/01/26		500			594,438
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p)		1,765			1,895,849
State of South Carolina, Series B (GO) (SAW) 5.00%, 04/01/24		350			389,764
York County, South Carolina Fort Mill School District No. 4, Series B (GO) 5.00%, 03/01/23		330			350,827
					3,811,680
Tennessee: 1.7%
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24		500			550,983
Metropolitan Government of Nashville and Davidson County (GO)
5.00%, 07/01/24		200			224,760
5.00%, 07/01/26		525			629,954
Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/26		450			529,840
Tennergy Corp., Series A (RB) 5.00%, 10/01/24 (c) (p)		900			1,011,868

See Notes to Financial Statements

150

	Par   (000’s		)	Value
Tennessee (continued)
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p)	$	1,775		$	1,981,770
Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 05/01/23 (c) (p)		560			586,481
					5,515,656
Texas: 8.0%
Aldine Independent School District, Series A (GO) 5.00%, 02/15/23		300			318,434
Austin Independent School District (GO) 5.00%, 08/01/26		500			600,645
Bexar County Hospital District (GO)
5.00%, 02/15/24		725			802,524
5.00%, 02/15/26		350			414,867
Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23		275			298,474
Brazosport Independent School District (GO) 5.00%, 02/15/23		1,000			1,061,179
City of Austin TX Electric Utility Revenue (RB) 5.00%, 11/15/30 (c)		750			946,372
City of Austin TX Water & Wastewater System Revenue (RB)
5.00%, 11/15/22		290			304,449
5.00%, 11/15/25		790			928,467
City of Denton, Utility System (RB) 5.00%, 12/01/26		310			374,518
City of Fort Worth (GO) 5.00%, 03/01/24		105			116,279
City of Houston, Airport System, Series D (RB)
5.00%, 07/01/23		500			538,884
5.00%, 07/01/24		250			280,381
City of Houston, Series A (GO) 5.00%, 03/01/23		250			265,778
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c)		630			755,181
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25		500			583,580
Colorado River Municipal Water District (RB)
5.00%, 01/01/24		115			126,253
5.00%, 01/01/26		405			474,430
Comal Independent School District (GO) 5.00%, 02/01/26		775			916,847

	Par   (000’s		)	Value
Texas (continued)
Conroe Independent School District, Series A (GO)
5.00%, 02/15/23	$	150		$	159,157
5.00%, 02/15/27		2,000			2,441,566
Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/24		125			138,397
Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23		375			406,447
Dallas Fort Worth International Airport (RB) 5.00%, 11/01/25		200			234,684
Fort Worth Independent School District (GO) 5.00%, 02/15/24		150			165,930
Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23		325			343,454
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24		500			566,372
Harris County, Series A (GO) 5.00%, 10/01/22		320			334,117
Hays Consolidated Independent School District, Series A (GO) 3.00%, 02/15/26		500			549,538
Houston Independent School District (GO) 5.00%, 07/15/25		320			372,567
Houston Independent School District, Limited Tax School House (GO)
5.00%, 02/15/24		155			171,724
5.00%, 02/15/26		250			297,152
Houston Independent School District, Limited Tax School House, Series A (GO)
5.00%, 02/15/23		650			690,027
5.00%, 02/15/24		165			182,804
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26		455			545,879
Judson Independent School District (GO) 5.00%, 02/01/25		250			286,617
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23		160			173,447
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/25		150			171,224

See Notes to Financial Statements

151

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
Northside Independent School District (GO) 0.70%, 06/01/25 (p)	$	500		$	500,439
Port Authority of Houston of Harris County Texas, Series A-2 (GO)
5.00%, 10/01/24		500			566,528
5.00%, 10/01/25		500			585,415
Round Rock Independent School District (GO) 5.00%, 08/01/26		570			684,144
San Antonio Water System, Series A (RB) 2.00%, 05/15/25		300			315,881
State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c)		430			485,170
State of Texas, Water Infrastructure Fund, Series B-3 (GO)
5.00%, 08/01/23		400			433,350
5.00%, 08/01/24		250			281,782
5.00%, 08/01/25		500			583,377
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
5.00%, 02/15/24		250			276,308
5.00%, 02/15/25		250			286,458
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26		600			715,617
Texas Water Development Board (RB)
5.00%, 08/01/23		350			378,989
5.00%, 08/01/25		225			262,885
Texas Water Development Board, Series A (RB) 5.00%, 04/15/23		340			363,431
Trinity River Authority, Regional Wastewater System (RB) 3.00%, 08/01/22		345			352,310
University of Houston, Series A (RB) 5.00%, 02/15/26		1,000			1,183,471
					26,594,200
Utah: 1.4%
Central Utah Water Conservancy District, Series B (RB) 5.00%, 10/01/25		955			1,119,763
County of Utah, IHC Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,124,598

	Par   (000’s		)	Value
Utah (continued)
County of Utah, IHC Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p)	$	415		$	457,873
State of Utah (GO)
5.00%, 07/01/23		500			539,669
5.00%, 07/01/25		290			338,025
5.00%, 07/01/25		300			349,442
5.00%, 07/01/26		500			601,233
University of Utah, Series A (RB) (ST) 5.00%, 08/01/23		100			108,246
					4,638,849
Virginia: 2.9%
City of Alexandria, Series C (GO) (SAW) 5.00%, 07/01/23		240			259,041
City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25		125			143,305
City of Richmond, Series B (GO) 5.00%, 07/15/22		500			517,099
Commonwealth of Virginia, Series B (GO) 5.00%, 06/01/26		350			418,935
County of Fairfax, Public Improvement, Series A (GO)
4.00%, 10/01/24		285			315,024
4.00%, 10/01/25		500			567,133
County of Fairfax, Public Improvement, Series A (GO) (SAW)
4.00%, 10/01/23		275			294,850
4.00%, 10/01/25		700			793,987
County of Henrico, Water and Sewer Revenue (RB) 5.00%, 05/01/25		300			347,406
Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24		125			139,473
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26		1,250			1,495,436
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)
5.00%, 02/01/24		235			259,894
5.00%, 02/01/27		250			304,756
5.00%, 02/01/27		600			731,414
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23		250			265,006

See Notes to Financial Statements

152

	Par   (000’s		)	Value
Virginia (continued)
Virginia Commonwealth Transportation Board (RB)
5.00%, 09/15/22	$	150		$	156,310
5.00%, 09/15/23		400			435,449
5.00%, 09/15/24		325			367,727
5.00%, 09/15/26 (c)		510			614,803
Virginia Public Building Authority, Series A (RB)
5.00%, 08/01/23		160			173,310
5.00%, 08/01/24		120			135,326
5.00%, 08/01/26		265			318,342
Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26		300			360,387
Virginia Public School Authority, Series B (RB) (SAW) 5.00%, 08/01/23		300			324,737
					9,739,150
Washington: 2.5%
City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 02/01/26		400			473,396
Clark County Public Utility District No. 1 (RB) 5.00%, 01/01/26		500			589,769
County of King, Sewer Revenue, Series B (GO) 5.00%, 07/01/24		100			112,408
County of King, Sewer Revenue, Series B (RB) 5.00%, 07/01/26		200			239,983
County of King, Washington Sewer Improvement, Series B (RB) 5.00%, 07/01/25		575			669,764
Energy Northwest Electric, Series C (RB)
5.00%, 07/01/24		450			505,710
5.00%, 07/01/25		1,375			1,601,609
Energy Northwest, Colombia Generating Station Electric, Series A (RB)
5.00%, 07/01/23		100			107,899
5.00%, 07/01/24		455			511,329
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24		200			220,947
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24		750			844,904
University of Washington, Series C (RB) (AGM) 5.00%, 04/01/26		800			953,543
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,098,518

	Par   (000’s		)	Value
Washington (continued)
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25	$	270		$	308,090
					8,237,869
West Virginia: 0.1%
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23		410			445,210
Wisconsin: 1.7%
City of Madison, Series A (GO) 4.00%, 10/01/22		545			564,068
City of Milwaukee, Series N2 (GO)
4.00%, 03/01/23		100			104,943
4.00%, 03/01/25		750			834,625
City of Milwaukee, Series N4 (GO)
5.00%, 04/01/24		225			249,409
5.00%, 04/01/25		125			143,612
5.00%, 04/01/26		500			592,362
5.00%, 04/01/26		750			888,543
State of Wisconsin (GO)
5.00%, 11/01/22		500			524,149
5.00%, 11/01/25		380			445,405
State of Wisconsin, Series A (GO)
5.00%, 05/01/27		1,000			1,221,422
Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24		120			134,924
					5,703,462
Total Municipal Bonds: 98.2% (Cost: $322,071,797)					324,590,782
Other assets less liabilities: 1.8%					5,906,710
NET ASSETS: 100.0%				$	330,497,492

See Notes to Financial Statements

153

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
TA	Tax Allocation

Footnotes:

(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Putable Security — the redemption date shown is when the security may be redeemed by the investor

Summary of Investments by Sector	% of Investments		Value
Education	5.6	%	$	18,327,401
Health Care	7.1			23,050,924
Housing	0.5			1,750,690
Industrial Revenue	10.0			32,507,054
Leasing	7.1			22,917,357
Local	16.6			53,776,322
Power	4.8			15,526,129
Special Tax	8.8			28,452,433
State	19.8			64,183,562
Tobacco	1.3			4,299,130
Transportation	11.5			37,424,075
Water & Sewer	6.9			22,375,705
	100.0	%	$	324,590,782

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	324,590,782	$	—	$	324,590,782

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

154

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2021 (unaudited)

	CEF Muni Income ETF		High Yield Muni ETF			HIP Sustainable Muni ETF			Intermediate Muni ETF
Assets:
Investments, at value Unaffiliated issuers (1)	$	199,324,302	$	3,509,170,360		$	12,104,024		$	1,905,256,298
Cash		7		10,197,192			156,519			4,516,572
Receivables:
Investment securities sold		—		—			—			1,119,440
Shares of beneficial interest sold		—		18,600,446			—			—
Dividends and interest		546,764		50,028,101			148,038			21,363,575
Total assets		199,871,073		3,587,996,099			12,408,581			1,932,255,885
Liabilities:
Payables:
Investment securities purchased		—		21,951,590			—			1,301,222
Line of credit		217,111		—			—			—
Due to Adviser		67,841		1,073,072			2,528			392,555
Deferred Trustee fees		4,195		3,184			—			3,000
Accrued expenses		544		—			—			—
Total liabilities		289,691		23,027,846			2,528			1,696,777
NET ASSETS	$	199,581,382	$	3,564,968,253		$	12,406,053		$	1,930,559,108
Shares outstanding		6,875,000		57,496,401			250,000			37,848,916
Net asset value, redemption and offering price per share	$	29.03	$	62.00		$	49.62		$	51.01
Net Assets consist of:
Aggregate paid in capital	$	195,684,243	$	3,566,049,522		$	12,515,786		$	1,862,426,057
Total distributable earnings (loss)		3,897,139		(1,081,269	)		(109,733	)		68,133,051
NET ASSETS	$	199,581,382	$	3,564,968,253		$	12,406,053		$	1,930,559,108
(1) Cost of investments - Unaffiliated issuers	$	199,244,298	$	3,444,913,486		$	12,222,112		$	1,847,244,511

See Notes to Financial Statements

155

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2021 (unaudited)

	Long Muni ETF		Muni Allocation ETF			Short High Yield Muni ETF			Short Muni  ETF
Assets:
Investments, at value Unaffiliated issuers (1)	$	239,810,272	$	413,689		$	415,197,035		$	324,590,782
Affiliated issuers (2)		—		3,772,713			—			—
Cash		175,654		3,724			2,282,460			2,087,163
Receivables:
Investment securities sold		1,193,574		—			—			—
Dividends and interest		2,599,357		868			5,662,252			3,877,089
Total assets		243,778,857		4,190,994			423,141,747			330,555,034
Liabilities:
Payables:
Investment securities purchased		1,227,540		—			—			—
Due to Adviser		49,095		285			125,850			55,942
Deferred Trustee fees		1,517		—			—			1,600
Accrued expenses		42		—			—			—
Total liabilities		1,278,194		285			125,850			57,542
NET ASSETS	$	242,500,663	$	4,190,709		$	423,015,897		$	330,497,492
Shares outstanding		11,300,000		170,000			16,950,000			18,450,000
Net asset value, redemption and offering price per share	$	21.46	$	24.65		$	24.96		$	17.91
Net Assets consist of:
Aggregate paid in capital	$	233,355,366	$	4,667,557		$	426,186,928		$	327,909,075
Total distributable earnings (loss)		9,145,297		(476,848	)		(3,171,031	)		2,588,417
NET ASSETS	$	242,500,663	$	4,190,709		$	423,015,897		$	330,497,492
(1) Cost of investments - Unaffiliated issuers	$	233,416,193	$	428,841		$	410,009,998		$	322,071,797
(2) Cost of investments - Affiliated issuers	$	—	$	3,647,017		$	—		$	—

See Notes to Financial Statements

156

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2021 (unaudited)

	CEF Muni   Income ETF			High Yield Muni   ETF			HIP Sustainable   Muni ETF (a)			Intermediate   Muni  ETF
Income:
Dividends	$	4,266,971		$	—		$	—		$	—
Interest		31			70,699,642			18,200			17,828,739
Total income		4,267,002			70,699,642			18,200			17,828,739
Expenses:
Management fees		407,227			6,692,747			4,121			2,292,615
Interest		2,285			363			—			187
Total expenses		409,512			6,693,110			4,121			2,292,802
Net investment income		3,857,490			64,006,532			14,079			15,535,937
Net realized gain (loss) on:
Investments		(412,668	)		(1,121,537	)		—			(864,535	)
In-kind redemptions		9,461,559			9,747,927			—			8,302,506
Net realized gain		9,048,891			8,626,390			—			7,437,971
Net change in unrealized appreciation (depreciation) on:
Investments		(10,082,771	)		(39,486,911	)		(118,088	)		(30,565,997	)
Net change in unrealized appreciation (depreciation)		(10,082,771	)		(39,486,911	)		(118,088	)		(30,565,997	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,823,610		$	33,146,011		$	(104,009	)	$	(7,592,089	)

(a) For the period September 9, 2021 (commencement of operations) through October 31, 2021.

See Notes to Financial Statements

157

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2021 (unaudited)

	Long Muni  ETF			Muni Allocation ETF			Short High Yield Muni ETF			Short Muni ETF
Income:
Dividends - unaffiliated issuers	$	—		$	6,699		$	—		$	—
Dividends - affiliated issuers		—			47,876			—			—
Interest		2,855,407			—			5,149,002			1,646,463
Total income		2,855,407			54,575			5,149,002			1,646,463
Expenses:
Management fees		288,780			1,679			661,913			313,494
Interest		552			—			264			14
Total expenses		289,332			1,679			662,177			313,508
Net investment income		2,566,075			52,896			4,486,825			1,332,955
Net realized gain (loss) on:
Investments - unaffiliated issuers		(95,126	)		(2,443	)		(68,605	)		202,764
Investments - affiliated issuers		—			41,729			—			—
In-kind redemptions - unaffiliated issuers		1,575,330			—			(152,356	)		43,563
In-kind redemptions - affiliated issuers		—			91,583			—			—
Net realized gain (loss)		1,480,204			130,869			(220,961	)		246,327
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(4,077,162	)		(15,150	)		(2,761,937	)		(2,259,120	)
Investments – affiliated issuers		—			(163,727	)		—			—
Net change in unrealized appreciation (depreciation)		(4,077,162	)		(178,877	)		(2,761,937	)		(2,259,120	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(30,883	)	$	4,888		$	1,503,927		$	(679,838	)

See Notes to Financial Statements

158

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Muni Income ETF						High Yield Muni ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	3,857,490		$	6,611,198		$	64,006,532		$	116,567,642
Net realized gain (loss)		9,048,891			1,217,584			8,626,390			(86,647,125	)
Net change in unrealized appreciation (depreciation)		(10,082,771	)		25,470,232			(39,486,911	)		390,659,103
Net increase in net assets resulting from operations		2,823,610			33,299,014			33,146,011			420,579,620
Distributions to shareholders from:
Distributable earnings		(3,616,778	)		(6,430,030	)		(65,162,255	)		(116,872,827	)
Share transactions**:
Proceeds from sale of shares		101,378,188			31,098,244			602,268,294			1,105,042,152
Cost of shares redeemed		(77,581,770	)		(23,775,486	)		(466,606,161	)		(517,793,142	)
Increase in net assets resulting from share transactions		23,796,418			7,322,758			135,662,133			587,249,010
Total increase in net assets		23,003,250			34,191,742			103,645,889			890,955,803
Net Assets, beginning of period		176,578,132			142,386,390			3,461,322,364			2,570,366,561
Net Assets, end of period	$	199,581,382		$	176,578,132		$	3,564,968,253		$	3,461,322,364
**Shares of Common Stock Issued (no par value)
Shares sold		3,375,000			1,100,000			9,550,000			18,300,000
Shares redeemed		(2,575,000	)		(875,000	)		(7,450,000	)		(8,700,000	)
Net increase		800,000			225,000			2,100,000			9,600,000

See Notes to Financial Statements

159

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	HIP Sustainable Muni ETF			Intermediate Muni  ETF
	Period Ended October 31, 2021 (a)			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)			(unaudited)
Operations:
Net investment income	$	14,079		$	15,535,937		$	32,364,513
Net realized gain		—			7,437,971			25,772,251
Net change in unrealized appreciation (depreciation)		(118,088	)		(30,565,997	)		60,943,861
Net increase (decrease) in net assets resulting from operations		(104,009	)		(7,592,089	)		119,080,625
Distributions to shareholders from:
Distributable earnings		(5,724	)		(15,878,841	)		(34,896,906	)
Share transactions**:
Proceeds from sale of shares		12,515,786			294,708,004			535,463,826
Cost of shares redeemed		—			(142,024,930	)		(399,980,004	)
Increase in net assets resulting from share transactions		12,515,786			152,683,074			135,483,822
Total increase in net assets		12,406,053			129,212,144			219,667,541
Net Assets, beginning of period		—			1,801,346,964			1,581,679,423
Net Assets, end of period	$	12,406,053		$	1,930,559,108		$	1,801,346,964
**Shares of Common Stock Issued (no par value)
Shares sold		250,000			5,700,000			10,400,000
Shares redeemed		—			(2,750,000	)		(7,800,000	)
Net increase		250,000			2,950,000			2,600,000

(a)  For the period September 9, 2021 (commencement of operations) through October 31, 2021.

See Notes to Financial Statements

160

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long Muni  ETF						Muni Allocation ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	2,566,075		$	5,402,766		$	52,896		$	124,237
Net realized gain		1,480,204			2,847,343			130,869			143,994
Net change in unrealized appreciation (depreciation)		(4,077,162	)		12,170,970			(178,877	)		263,796
Net increase (decrease) in net assets resulting from operations		(30,883	)		20,421,079			4,888			532,027
Distributions to shareholders from:
Distributable earnings		(2,584,685	)		(5,817,215	)		(54,325	)		(135,120	)
Share transactions**:
Proceeds from sale of shares		42,447,515			52,826,059			501,848			—
Cost of shares redeemed		(24,985,000	)		(39,574,236	)		(1,250,769	)		—
Increase (decrease) in net assets resulting from share transactions		17,462,515			13,251,823			(748,921	)		—
Total increase (decrease) in net assets		14,846,947			27,855,687			(798,358	)		396,907
Net Assets, beginning of period		227,653,716			199,798,029			4,989,067			4,592,160
Net Assets, end of period	$	242,500,663		$	227,653,716		$	4,190,709		$	4,989,067
**Shares of Common Stock Issued (no par value)
Shares sold		1,950,000			2,450,000			20,000			—
Shares redeemed		(1,150,000	)		(1,850,000	)		(50,000	)		—
Net increase (decrease)		800,000			600,000			(30,000	)		—

See Notes to Financial Statements

161

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Short High Yield Muni ETF						Short Muni  ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	4,486,825		$	7,318,462		$	1,332,955		$	2,928,264
Net realized gain (loss)		(220,961	)		(6,647,337	)		246,327			1,171,282
Net change in unrealized appreciation (depreciation)		(2,761,937	)		26,083,232			(2,259,120	)		4,643,506
Net increase (decrease) in net assets resulting from operations		1,503,927			26,754,357			(679,838	)		8,743,052
Distributions to shareholders from:
Distributable earnings		(4,518,580	)		(7,514,640	)		(1,679,545	)		(3,213,715	)
Share transactions**:
Proceeds from sale of shares		121,567,792			69,894,109			38,728,810			89,493,269
Cost of shares redeemed		(1,249,430	)		(46,687,411	)		(2,686,857	)		(1,805,548	)
Increase in net assets resulting from share transactions		120,318,362			23,206,698			36,041,953			87,687,721
Total increase in net assets		117,303,709			42,446,415			33,682,570			93,217,058
Net Assets, beginning of period		305,712,188			263,265,773			296,814,922			203,597,864
Net Assets, end of period	$	423,015,897		$	305,712,188		$	330,497,492		$	296,814,922
**Shares of Common Stock Issued (no par value)
Shares sold		4,800,000			2,800,000			2,150,000			4,950,000
Shares redeemed		(50,000	)		(2,000,000	)		(150,000	)		(100,000	)
Net increase		4,750,000			800,000			2,000,000			4,850,000

See Notes to Financial Statements

162

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CEF Muni Income ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	29.07		$	24.34		$	26.18		$	24.97		$	26.58		$	28.50
Net investment income		0.57	(a)		1.14	(a)		1.09	(a)		1.16	(a)		1.27	(a)		1.37
Net realized and unrealized gain (loss) on investments		(0.07	)		4.71			(1.83	)		1.21			(1.61	)		(1.90	)
Total from investment operations		0.50			5.85			(0.74	)		2.37			(0.34	)		(0.53	)
Distributions from:
Net investment income		(0.54	)		(1.12	)		(1.10	)		(1.16	)		(1.27	)		(1.39	)
Net asset value, end of period	$	29.03		$	29.07		$	24.34		$	26.18		$	24.97		$	26.58
Total return(b)		1.69	%(c)		24.38	%		(3.17	)%		9.83	%		(1.45	)%		(1.93	)%
Ratios to average net assets
Gross expenses(d)(e)		0.40	%(f)		0.40	%		0.45	%		0.48	%		0.50	%		0.51	%
Net expenses(d)(e)		0.40	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income(d)		3.79	%(f)		4.17	%		4.02	%		4.67	%		4.78	%		4.98	%
Supplemental data
Net assets, end of period (in millions)		$200			$177			$142			$144			$95			$84
Portfolio turnover rate(g)		7	%(c)		11	%		10	%		13	%		9	%		12	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(e)	Periods after November 1, 2019 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

163

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	High Yield Muni ETF#
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	62.48		$	56.13		$	62.79		$	62.16		$	61.52		$	63.18
Net investment income		1.06	(a)		2.36	(a)		2.69	(a)		2.67	(a)		2.72	(a)		2.68
Net realized and unrealized gain (loss) on investments		(0.45	)		6.38			(6.73	)		0.64			0.60			(1.64	)
Total from investment operations		0.61			8.74			(4.04	)		3.31			3.32			1.04
Distributions from:
Net investment income		(1.09	)		(2.39	)		(2.62	)		(2.68	)		(2.68	)		(2.70	)
Net asset value, end of period	$	62.00		$	62.48		$	56.13		$	62.79		$	62.16		$	61.52
Total return(b)		0.96	%(c)		15.84	%		(6.86	)%		5.46	%		5.48	%		1.69	%
Ratios to average net assets
Expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		3.35	%(d)		3.91	%		4.26	%		4.31	%		4.37	%		4.36	%
Supplemental data
Net assets, end of period (in millions)	$	3,565		$	3,461		$	2,570		$	2,656		$	2,437		$	2,107
Portfolio turnover rate(e)		3	%(c)		9	%		12	%		10	%		14	%		10	%

#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split.
(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

164

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	HIP Sustainable  Muni ETF
	Period  Ended October 31,  2021(a)
	(unaudited)
Net asset value, beginning of period	$	50.00
Net investment income(b)		0.06
Net realized and unrealized loss on investments		(0.42	)
Total from investment operations		(0.36	)
Distributions from:
Net investment income		(0.02	)
Net asset value, end of period	$	49.62
Total return(c)		(0.71	)%(d)
Ratios to average net assets
Expenses		0.24	%(e)
Net investment income		0.84	%(e)
Supplemental data
Net assets, end of period (in millions)		$12
Portfolio turnover rate(f)		0	%(d)

(a)	For the period September 9, 2021 (commencement of operations) through October 31, 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

165

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Intermediate Muni ETF #
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	51.62		$	48.97		$	48.94		$	46.83		$	47.40		$	48.84
Net investment income		0.42	(a)		0.98	(a)		1.09	(a)		1.12	(a)		1.08	(a)		1.06
Net realized and unrealized gain (loss) on investments		(0.59	)		2.72			0.10			2.11			(0.59	)		(1.44	)
Total from investment operations		(0.17	)		3.70			1.19			3.23			0.49			(0.38	)
Distributions from:
Net investment income		(0.44	)		(0.98	)		(1.10	)		(1.12	)		(1.06	)		(1.06	)
Net realized capital gains		—			(0.07	)		(0.06	)		—			—			—
Total distributions		(0.44	)		(1.05	)		(1.16	)		(1.12	)		(1.06	)		(1.06	)
Net asset value, end of period	$	51.01		$	51.62		$	48.97		$	48.94		$	46.83		$	47.40
Total return (b)		(0.34	)%(c)		7.59	%		2.40	%		6.98	%		1.04	%		(0.80	)%
Ratios to average net assets
Expenses		0.24	%(d)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		1.63	%(d)		1.90	%		2.17	%		2.37	%		2.24	%		2.22	%
Supplemental data
Net assets, end of period (in millions)	$	1,931		$	1,801		$	1,582		$	1,720		$	1,698		$	1,593
Portfolio turnover rate (e)		3	%(c)		6	%		7	%		7	%		9	%		7	%

#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split.
(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

166

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long Muni ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	21.68		$	20.18		$	20.40		$	19.63		$	19.63		$	20.43
Net investment income		0.23	(a)		0.52	(a)		0.57	(a)		0.60	(a)		0.59	(a)		0.60
Net realized and unrealized gain (loss) on investments		(0.21	)		1.54			(0.20	)		0.77			0.01			(0.79	)
Total from investment operations		0.02			2.06			0.37			1.37			0.60			(0.19	)
Distributions from:
Net investment income		(0.24	)		(0.52	)		(0.57	)		(0.60	)		(0.60	)		(0.61	)
Net realized capital gains		—			(0.04	)		(0.02	)		—			—			—
Total distributions		(0.24	)		(0.56	)		(0.59	)		(0.60	)		(0.60	)		(0.61	)
Net asset value, end of period	$	21.46		$	21.68		$	20.18		$	20.40		$	19.63		$	19.63
Total return(b)		0.07	%(c)		10.31	%		1.75	%		7.15	%		3.02	%		(0.99	)%
Ratios to average net assets
Expenses		0.24	%(d)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		2.13	%(d)		2.45	%		2.72	%		3.06	%		2.96	%		2.99	%
Supplemental data
Net assets, end of period (in millions)		$243			$228			$200			$153			$154			$162
Portfolio turnover rate(e)		1	%(c)		23	%		22	%		22	%		33	%		17	%

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

See Notes to Financial Statements

167

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Muni Allocation ETF
	Period						Period
	Ended			Year Ended			Ended
	October 31,			April 30,			April 30,
	2021			2021			2020(a)
	(unaudited)
Net asset value, beginning of period		$24.95		$	22.96		$	25.05
Net investment income(b)		0.32			0.62			0.72
Net realized and unrealized gain (loss) on investments		(0.29	)		2.05			(2.20	)
Total from investment operations		0.03			2.67			(1.48	)
Distributions from:
Net investment income		(0.33	)		(0.68	)		(0.61	)
Net asset value, end of period		$24.65		$	24.95		$	22.96
Total return(c)		0.12	%(d)		11.70	%		(6.13	)%(d)
Ratios to average net assets
Gross expenses(e)(f)		0.08	%(g)		0.08	%		1.28	%(g)
Net expenses(e)(f)		0.08	%(g)		0.08	%		0.08	%(g)
Net investment income(e)		2.52	%(g)		2.54	%		3.02	%(g)
Supplemental data
Net assets, end of period (in millions)		$4			$5			$5
Portfolio turnover rate(h)		14	%(d)		169	%		162	%(d)

(a)	For the period May 15, 2019 (commencement of operations) through April 30, 2020.
(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(f)	Periods after November 1, 2019 reflect a unitary management fee structure.
(g)	Annualized
(h)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

168

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short High Yield Muni ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	25.06		$	23.09		$	24.70		$	24.24		$	24.26		$	25.15
Net investment income		0.30	(a)		0.73	(a)		0.84	(a)		0.80	(a)		0.76	(a)		0.72
Net realized and unrealized gain (loss) on investments		(0.09	)		1.99			(1.64	)		0.43			(0.02	)		(0.92	)
Total from investment operations		0.21			2.72			(0.80	)		1.23			0.74			(0.20	)
Distributions from:
Net investment income		(0.31	)		(0.75	)		(0.81	)		(0.77	)		(0.76	)		(0.69	)
Net asset value, end of period	$	24.96		$	25.06		$	23.09		$	24.70		$	24.24		$	24.26
Total return(b)		0.84	%(c)		11.89	%		(3.44	)%		5.16	%		3.07	%		(0.81	)%
Ratios to average net assets
Expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.37	%(d)		2.98	%		3.37	%		3.28	%		3.11	%		2.93	%
Supplemental data
Net assets, end of period (in millions)		$423			$306			$263			$203			$135			$114
Portfolio turnover rate(e)		4	%(c)		14	%		17	%		22	%		27	%		20	%

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

See Notes to Financial Statements

169

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short Muni ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	18.04		$	17.55		$	17.54		$	17.18		$	17.52		$	17.68
Net investment income		0.08	(a)		0.23	(a)		0.27	(a)		0.27	(a)		0.22	(a)		0.20
Net realized and unrealized gain (loss) on investments		(0.11	)		0.51			0.02			0.36			(0.34	)		(0.17	)
Total from investment operations		(0.03	)		0.74			0.29			0.63			(0.12	)		0.03
Distributions from:
Net investment income		(0.10	)		(0.25	)		(0.28	)		(0.27	)		(0.22	)		(0.19	)
Net asset value, end of period	$	17.91		$	18.04		$	17.55		$	17.54		$	17.18		$	17.52
Total return(b)		(0.18	)%(c)		4.27	%		1.66	%		3.70	%		(0.70	)%		0.20	%
Ratios to average net assets
Expenses		0.20	%(d)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.85	%(d)		1.26	%		1.54	%		1.57	%		1.26	%		1.11	%
Supplemental data
Net assets, end of period (in millions)		$330			$297			$204			$201			$220			$267
Portfolio turnover rate(e)		5	%(c)		30	%		34	%		33	%		41	%		12	%

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

See Notes to Financial Statements

170

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2021 (unaudited)

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), formerly known as VanEck Vectors ETF 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
CEF Muni Income ETF (“CEF Muni”)	Diversified
High Yield Muni ETF (“High Yield”)	Diversified
HIP Sustainable Muni ETF (“HIP Sustainable”)	Non-Diversified
Intermediate Muni ETF (“Intermediate”)	Diversified
Long Muni ETF (“Long”)	Diversified
Muni Allocation ETF (“Muni Allocation”)	Non-Diversified
Short High Yield Muni ETF (“Short High Yield”)	Diversified
Short Muni ETF (“Short”)	Diversified

Each Fund’s investment objective (except for HIP Sustainable and Muni Allocation) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The investment objective of Muni Allocation is to maximize long- term after-tax return, consisting of capital appreciation and income exempt from federal income tax. The Funds (except CEF Muni, HIP Sustainable and Muni Allocation) 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 each Fund’s respective 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 its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Muni seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The HIP Sustainable is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing, under normal circumstances, in investment grade municipal debt securities that fund issuers with operations or projects helping to promote progress towards sustainable development, in alignment with the goals and metrics defined by the United Nations Sustainable Development Goals. The Muni Allocation is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck ETFs that invest in publicly traded municipal bonds.

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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees 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).

171

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

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

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

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

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

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

C. Dividends to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP.

172

D. 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.

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

The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented 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.

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 Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

The management fee rates for the period ended October 31, 2021, are as follows:

Fund	Unitary Management Fee Rate
CEF Muni		0.40	%
High Yield		0.35
HIP Sustainable		0.24
Intermediate		0.24
Long		0.24
Muni Allocation		0.08
Short High Yield		0.35
Short		0.20

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

At October 31, 2021, the Adviser owned 300,000 shares of Intermediate and 50,000 shares of HIP Sustainable.

Note 4—Capital Share Transactions—As of October 31, 2021, 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”).

173

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 certain variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5—Investments—For the period ended October 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
CEF Muni	$	13,468,658	$	13,140,095	$	101,372,422	$	77,633,531
High Yield		183,640,857		127,949,452		547,777,787		462,454,604
HIP Sustainable		11,175,374		—		—		—
Intermediate		126,528,842		47,469,756		229,622,780		143,242,949
Long		8,270,377		2,480,130		37,662,980		24,688,412
Muni Allocation		603,196		604,888		501,513		1,249,780
Short High Yield		46,052,593		15,125,725		89,726,127		1,421,574
Short		40,448,142		14,960,657		15,759,282		2,724,611

Note 6—Income Taxes—As of October 31, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CEF Muni	$	199,219,106	$	1,923,695	$	(1,818,499	)	$	105,196
High Yield		3,442,022,693		155,818,109		(88,670,442	)		67,147,667
HIP Sustainable		12,222,112		413		(118,501	)		(118,088	)
Intermediate		1,846,001,030		70,142,764		(10,887,496	)		59,255,268
Long		233,413,281		8,440,721		(2,043,730	)		6,396,991
Muni Allocation		4,089,200		125,847		(28,645	)		97,202
Short High Yield		410,051,627		10,677,687		(5,532,279	)		5,145,408
Short		322,459,956		3,941,034		(1,810,208	)		2,130,826

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

174

At October 31 2021, the following Funds had capital loss carryforwards available to offset future capital gains:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
CEF Muni	$	(1,486,406	)	$	(4,509,784	)	$	(5,996,190	)
High Yield		(30,927,276	)		(57,732,749	)		(88,660,025	)
Muni Allocation		(713,857	)		–			(713,857	)
Short High Yield		(1,758,615	)		(7,147,126	)		(8,905,741	)

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 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, 2021, the Funds did not incur any interest or penalties.

Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities 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 market for municipal bonds may be less liquid than for taxable bonds.

High Yield and Short High Yield 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 due to the extent that there is no established retail secondary market. High Yield and Short High Yield 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.

CEF Muni invests in closed-end funds and Muni Allocation invests in ETFs that may trade at a discount or premium to their net asset value. These Funds are dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, CEF Muni may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.

The HIP Sustainable strategy of investing in municipal debt securities of issuers promoting sustainable development may limit the types and number of investments available to the Fund or cause the Fund to invest in securities that underperform the market as a whole. As a result, the Fund may underperform funds that do not have a sustainable investing strategy or funds with sustainable investing strategies that do not employ HIP (Human Impact + Profit) Ratings. In addition, the Fund relies on a data provider for the identification of issuers that promote sustainable development based on their HIP Ratings; however, there can be no guarantee that the data provider’s methodology will align with the Fund’s investment strategy or desirable issuers can be correctly identified.

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

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010, for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Muni and Muni Allocation Funds. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through these dates. Amounts accrued after these dates, including those from Short High Yield and HIP Sustainable, are presented in “Due to Adviser”.

Note 9—Bank Line of Credit—The Funds participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2021, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
CEF Muni		150		$332,927		1.44	%
High Yield		6		1,643,541		1.44
Intermediate		10		466,700		1.45
Long		48		307,999		1.44
Short High Yield		9		732,905		1.44

Outstanding loan balances as of October 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.

Note 10—Share Split—In 2018, the Board of Trustees approved a 1 for 2 reverse share split for Intermediate Muni ETF and High Yield Muni ETF. On October 26, 2018 shares began trading on a split adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.

Note 11—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

176

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2021 (unaudited)

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Intermediate Muni ETF, Long Muni ETF, Short Muni ETF, CEF Muni Income ETF, High Yield Muni ETF and Short High Yield Muni ETF (each, a “Fund” and together, the “Funds”).

The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

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

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

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each of the VanEck Short Muni ETF had management fees (after the effect of any applicable fee waiver) below the average and median of its peer group of funds and each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, while each of the VanEck CEF Muni Income ETF, Intermediate Muni ETF and Long Muni ETF had management fees greater than the

177

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2021 (unaudited) (continued)

average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each of the VanEck Intermediate Muni ETF, Long Muni ETF and Short Muni ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds and each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, while the VanEck CEF Muni Income ETF had a total expense ratio greater than the average and median of its peer group of funds. With respect to these Funds, the Trustees reviewed the amount by which these Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees noted in particular that, although the VanEck CEF Muni Income ETF had above average management fees and total expense ratio compared to its peer group, the only peer fund with a similar strategy of investing in closed-end municipal funds had higher management fees and total expense ratio. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

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

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting, as part of their consideration of the Investment Management Agreements.

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

VanEck Muni Allocation ETF

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Muni Allocation ETF (the “Fund”).

178

The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information that the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding performance of the Fund against its benchmark and the Adviser’s statement that the Fund’s performance against its benchmark is more relevant than performance against its peer group, given the small number of funds with directly competing strategies. The Trustees noted that the Fund had underperformed its benchmark for the one-year period ended December 31, 2020 and for the period since its inception on May 19, 2019 through December 31, 2020, in part due to the unusual market environment during a portion of these short periods. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

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

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

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

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed

179

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2021 (unaudited) (continued)

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

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.

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

VanEck HIP Sustainable Muni ETF

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck HIP Sustainable Muni ETF (formerly Sustainable Muni ETF) (the “Fund”).

The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2021 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that

180

the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.

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

181

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	MUNISAR

  SEMI-ANNUAL REPORT October 31, 2021 (unaudited)

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

800.826.2333 vaneck.com

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments
BDC Income ETF	5
China Bond ETF	6
Emerging Markets High Yield Bond ETF	9
Fallen Angel High Yield Bond ETF	29
Green Bond ETF	34
International High Yield Bond ETF	42
Investment Grade Floating Rate ETF	63
J.P. Morgan EM Local Currency Bond ETF	70
Moody’s Analytics BBB Corporate Bond ETF	76
Moody’s Analytics IG Corporate Bond ETF	80
Mortgage REIT Income ETF	84
Preferred Securities ex Financials ETF	85
Statements of Assets and Liabilities	89
Statements of Operations	92
Statements of Changes in Net Assets	95
Financial Highlights
BDC Income ETF	101
China Bond ETF	102
Emerging Markets High Yield Bond ETF	103
Fallen Angel High Yield Bond ETF	104
Green Bond ETF	105
International High Yield ETF	106
Investment Grade Floating Rate ETF	107
J.P. Morgan EM Local Currency Bond ETF	108
Moody’s Analytics BBB Corporate Bond ETF	109
Moody’s Analytics IG Corporate Bond ETF	110
Mortgage REIT Income ETF	111
Preferred Securities ex Financials ETF	112
Notes to Financial Statements	113
Approval of Investment Management Agreements	123

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2021.

VANECK ETFs

PRESIDENT’S LETTER

October 31, 2021

(unaudited)

Dear Fellow Shareholders:

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

The Economy

When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”ⁱ We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets.

In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.

Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates. Bank of America recently released a research noteⁱⁱ that said over half of the S&P 500^® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?

What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.

Multi-Year Investment Themes

So what to do in your portfolio? We are focusing on two multi-year investment themes.

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

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

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

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

November 4, 2021

PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

i	A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.
ii	Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

2

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2021 to October 31, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2021 - October 31, 2021*
BDC Income ETF
Actual	$1,000.00	$1,089.10	0.40%	$2.11
Hypothetical**	$1,000.00	$1,023.19	0.40%	$2.04
China Bond ETF
Actual	$1,000.00	$1,030.40	0.52%	$2.66
Hypothetical**	$1,000.00	$1,022.58	0.52%	$2.65
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$989.80	0.40%	$2.01
Hypothetical**	$1,000.00	$1,023.19	0.40%	$2.04
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$1,047.60	0.35%	$1.81
Hypothetical**	$1,000.00	$1,023.44	0.35%	$1.79
Green Bond ETF
Actual	$1,000.00	$999.60	0.20%	$1.01
Hypothetical**	$1,000.00	$1,024.20	0.20%	$1.02
International High Yield Bond ETF
Actual	$1,000.00	$971.20	0.40%	$1.99
Hypothetical**	$1,000.00	$1,023.19	0.40%	$2.04
Investment Grade Floating Rate ETF
Actual	$1,000.00	$1,003.50	0.14%	$0.71
Hypothetical**	$1,000.00	$1,024.50	0.14%	$0.71

3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2021 - October 31, 2021*
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$967.10	0.30%	$1.49
Hypothetical**	$1,000.00	$1,023.69	0.30%	$1.53
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$1,022.40	0.25%	$1.27
Hypothetical**	$1,000.00	$1,023.95	0.25%	$1.28
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$1,022.90	0.20%	$1.02
Hypothetical**	$1,000.00	$1,024.20	0.20%	$1.02
Mortgage REIT Income ETF
Actual	$1,000.00	$1,031.80	0.40%	$2.05
Hypothetical**	$1,000.00	$1,023.19	0.40%	$2.04
Preferred Securities ex Financials ETF
Actual	$1,000.00	$1,060.60	0.40%	$2.08
Hypothetical**	$1,000.00	$1,023.19	0.40%	$2.04

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2021), 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).
**	Assumes annual return of 5% before expenses

4

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Diversified Financials: 100.0%
Apollo Investment Corp. †		937,695	$	12,593,244
Ares Capital Corp. †		4,446,799		95,339,371
Bain Capital Specialty Finance, Inc. †		690,288		10,761,590
Barings BDC, Inc.		799,562		8,987,077
BlackRock TCP Capital Corp. †		895,129		12,854,052
Capital Southwest Corp. †		344,004		9,711,233
Fidus Investment Corp. †		355,949		6,286,059
FS KKR Capital Corp. †		2,766,171		60,745,115
Gladstone Capital Corp. †		531,556		6,256,414
Gladstone Investment Corp. †		514,527		8,155,253
Goldman Sachs BDC, Inc. †		1,194,805		22,665,451
Golub Capital BDC, Inc.		1,485,497		23,589,692
Hercules Capital, Inc. †		1,356,013		23,960,750
Main Street Capital Corp. †		665,629		29,167,863
New Mountain Finance Corp. †		1,366,466		19,212,512
Newtek Business Services Corp. †		331,917		9,970,787
Oaktree Specialty Lending Corp.		2,431,443		17,919,735
Owl Rock Capital Corp.		3,158,200		45,414,916

	Number of Shares		Value
Diversified Financials (continued)
PennantPark Floating Rate Capital Ltd. †		564,737	$	7,607,007
PennantPark Investment Corp. †		1,038,883		7,043,627
Prospect Capital Corp. †		3,239,645		26,532,693
Sixth Street Specialty Lending, Inc. †		993,198		23,677,840
SLR Investment Corp.		543,521		10,734,540
TCG BDC, Inc. †		836,905		11,808,729
TriplePoint Venture Growth BDC Corp. †		450,803		8,024,293
Total Common Stocks (Cost: $456,194,448)				519,019,843
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 10.1% (Cost: $52,615,975)
Money Market Fund: 10.1%
State Street Navigator Securities Lending Government Money Market Portfolio		52,615,975		52,615,975
Total Investments: 110.1% (Cost: $508,810,423)				571,635,818
Liabilities in excess of other assets: (10.1)%				(52,370,768	)
NET ASSETS: 100.0%			$	519,265,050

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $75,888,723.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		100.0	%	$	519,019,843

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	519,019,843	$	—	$	—	$	519,019,843
Money Market Fund		52,615,975		—		—		52,615,975
Total Investments	$	571,635,818	$	—	$	—	$	571,635,818

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

5

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 75.3%
Basic Materials: 5.7%
Anshan Iron And Steel Group Co. Ltd. 4.28%, 07/30/23 (o) (s)	CNY	15,000		$	2,374,801
China Chengtong Holdings Group Ltd. 3.55%, 01/20/23	CNY	2,000			314,437
China National Building Material Co. Ltd. 4.89%, 07/17/24	CNY	3,000			475,253
Hesteel Co. Ltd. 4.08%, 11/26/24	CNY	10,000			1,568,958
Jihua Group Corp. Ltd. 4.10%, 09/15/22	CNY	1,294			204,299
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24	CNY	10,000			1,584,739
					6,522,487
Consumer Cyclicals: 6.1%
Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23	CNY	14,600			2,274,387
Beijing State-Owned Capital Operation and Management Center 3.85%, 01/14/24	CNY	25,000			3,969,220
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26	CNY	4,900			766,803
					7,010,410
Energy: 5.9%
China Oilfield Services Ltd. 2.90%, 10/24/23	CNY	10,000			1,556,109
PetroChina Co. Ltd. 3.50%, 01/19/26	CNY	3,490			547,263
Sichuan Development Holding Co. Ltd.
4.30%, 03/26/24	CNY	5,000			801,257
4.55%, 08/06/25	CNY	5,000			801,260
Yanzhou Coal Mining Co. Ltd. 3.43%, 03/12/25	CNY	20,000			3,113,540
					6,819,429
Financials: 27.7%
Agricultural Development Bank of China
3.28%, 05/13/22	CNY	8,449			1,325,353
3.52%, 05/24/31	CNY	10,000			1,579,537
China Development Bank
2.90%, 12/06/22	CNY	7,080			1,112,308
2.92%, 11/27/22	CNY	8,361			1,312,588
3.39%, 02/03/27	CNY	20,904			3,314,629
3.87%, 08/01/23	CNY	40,645			6,491,570
3.91%, 04/06/22	CNY	5,529			869,500
4.59%, 08/01/38	CNY	20,301			3,588,328
China Everbright Ltd.
3.80%, 11/23/23	CNY	2,000			316,653
China Fortune Land Development Co. Ltd. 5.50%, 10/22/22	CNY	1,000			27,332

	Par   (000’s		)	Value
Financials (continued)
7.00%, 03/03/21 (d) *	CNY	1,000		$	39,241
China Merchants Securities Co. Ltd. 5.08%, 05/26/25	CNY	2,488			411,837
Chongqing Longhu Development Co. Ltd.
3.75%, 03/21/23	CNY	1,600			251,277
4.44%, 01/25/24	CNY	8,000			1,272,321
Cinda Investment Co. Ltd. 4.30%, 12/22/23	CNY	3,000			473,398
CITIC Securities Co. Ltd. 3.78%, 09/10/24	CNY	3,000			476,782
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24	CNY	5,000			793,644
Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24	CNY	15,000			2,358,093
Guangzhou City Construction & Development Co. Ltd. 3.60%, 09/27/24	CNY	5,000			786,317
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24	CNY	200			31,418
Nanchang Municipal Public Investment Holding Group Co. Ltd. 3.23%, 08/22/23	CNY	1,500			234,707
Shanxi Coking Coal Group Co. Ltd. 4.17%, 10/21/22 (o)	CNY	10,000			1,575,360
Shenwan Hongyuan Group Co. Ltd. 4.80%, 07/17/23	CNY	15,000			2,413,045
State Development & Investment Corp. Ltd. 3.79%, 06/03/23	CNY	5,000			791,436
Wuxi Guolian Development Group Co. Ltd. 4.88%, 05/09/23	CNY	800			128,345
					31,975,019
Industrials: 15.6%
Beijing Capital Eco-Environment Protection Group Co. Ltd. 4.24%, 11/27/23	CNY	10,000			1,592,081
Beijing Haidian State-Owned Assets Operation & Management Center
3.70%, 10/24/24	CNY	10,000			1,564,908
4.14%, 12/17/23	CNY	9,000			1,407,622
China Railway Group Ltd. 3.99%, 07/16/24	CNY	5,000			797,555
China State Railway Group Co. Ltd. 4.46%, 06/07/23	CNY	3,008			481,314
Guangzhou Metro Group Co. Ltd.
4.84%, 08/09/27	CNY	1,500			237,879
6.05%, 06/03/24 #	CNY	1,350			219,751

See Notes to Financial Statements

6

	Par   (000’s		)	Value
Industrials (continued)
Hubei Provincial Communications Investment Group Co. Ltd.
1.00%, 03/27/24	CNH	3,000		$	506,026
6.68%, 03/27/24	CNY	500			84,338
Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23	CNY	1,135			182,995
Nanjing State Owned Assets Investment & Management Holding Group Co. Ltd. 5.60%, 03/06/23 #	CNY	506			80,847
Nanjing Yangzi State-owned Investment Group Co. Ltd. 3.63%, 10/21/24	CNY	12,000			1,887,331
Power Construction Corp. of China Ltd.
3.90%, 11/29/22 (o) (s)	CNY	5,000			788,761
5.20%, 10/29/22	CNY	4,950			791,231
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25	CNY	5,000			786,535
Seazen Holdings Co. Ltd. 5.90%, 03/20/24	CNY	1,000			155,942
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24	CNY	17,000			2,715,290
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26	CNY	10,000			1,586,518
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 #	CNY	540			84,680
Xiamen C&D Corp. Ltd. 4.14%, 12/17/22 (o) (s)	CNY	13,000			2,044,777
					17,996,381
Real Estate: 5.9%
Beijing Public Housing Center 3.19%, 04/16/40	CNY	15,000			2,324,994
China Overseas Enterprise Development Group Co. Ltd. 3.47%, 01/24/25	CNY	1,000			156,467
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25	CNY	10,000			1,565,367
Gemdale Corp. 3.95%, 10/12/25	CNY	10,000			1,574,714
Hefei Xingtai Finance Holding Group Co. Ltd.

	Par   (000’s		)	Value
Real Estate (continued)
4.10%, 06/14/22	CNY	5,000		$	785,762
Shanghai Shimao Co. Ltd. 4.65%, 01/15/22	CNY	2,844			429,996
					6,837,300
Utilities: 8.4%
China Datang Corp. 3.81%, 09/25/22 (o) (s)	CNY	10,000			1,573,758
China Datang Corp. Renewable Power Co. Ltd. 3.58%, 09/26/22	CNY	3,000			471,696
China Huaneng Group Co. Ltd. 3.55%, 03/09/25 (o) (s)	CNY	15,000			2,350,317
China Southern Power Grid Co. Ltd. 5.90%, 03/19/24	CNY	900			149,622
China Yangtze Power Co. Ltd. 3.35%, 10/17/26	CNY	1,500			232,496
Huaneng Power International, Inc. 5.17%, 09/25/22 (o) (s)	CNY	6,000			955,472
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26	CNY	10,000			1,578,628
Shenzhen Energy Group Co. Ltd. 3.60%, 11/20/22	CNY	5,000			787,526
State Grid Corp. of China 5.14%, 12/08/21	CNY	750			117,484
State Power Investment Corp. Ltd.
3.57%, 07/06/23 (o) (s)	CNY	2,000			314,769
4.20%, 11/20/23	CNY	4,995			797,693
Yalong River Hydropower Development Co. Ltd. 2.93%, 04/08/23	CNY	2,000			312,446
					9,641,907
Total Corporate Bonds (Cost: $84,650,979)					86,802,933
GOVERNMENT OBLIGATIONS: 17.0%
China Government Bond
2.64%, 08/13/22	CNY	15,000			2,347,916
2.90%, 05/05/26	CNY	846			132,479
3.27%, 08/22/46	CNY	32,966			5,075,290
3.40%, 04/17/23	CNY	71,831			11,399,159
3.52%, 04/25/46	CNY	4,000			622,717
Total Government Obligations (Cost: $18,902,434)					19,577,561
Total Investments: 92.3% (Cost: $103,553,413)					106,380,494
Other assets less liabilities: 7.7%					8,913,962
NET ASSETS: 100.0%				$	115,294,456

Definitions:

CNH	Chinese Yuan Renminbi
CNY	Chinese Yuan

See Notes to Financial Statements

7

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Footnotes:

(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
(d)	Security in default
*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $385,278 which represents 0.3% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		6.1	%	$	6,522,487
Consumer Cyclicals		6.6			7,010,410
Energy		6.4			6,819,429
Financials		30.1			31,975,019
Government Activity		18.4			19,577,560
Industrials		16.9			17,996,381
Real Estate		6.4			6,837,301
Utilities		9.1			9,641,907
		100.0	%	$	106,380,494

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	86,802,933	$	—	$	86,802,933
Government Obligations *		—		19,577,561		—		19,577,561
Total Investments	$	—	$	106,380,494	$	—	$	106,380,494

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

8

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

		Par   (000’s	)		Value
CORPORATE BONDS: 95.1%
Argentina: 3.1%
Aeropuertos Argentina 2000 SA 144A 8.50%, 08/01/31	$	1,045		$	911,984
Agua y Saneamientos Argentinos SA Reg S 6.62%, 02/01/23		1,575			898,537
Arcor SAIC 144A 6.00%, 07/06/23		1,750			1,707,825
Capex SA 144A 6.88%, 05/15/24		1,050			999,133
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA 144A 9.62%, 07/27/23		875			721,617
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA Reg S 9.62%, 07/27/23		250			206,176
Genneia SA 144A 8.75%, 09/02/27		1,200			1,146,696
IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/23		1,275			1,219,646
MercadoLibre, Inc.
2.38%, 01/14/26 †		1,425			1,387,594
3.12%, 01/14/31		2,425			2,291,746
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25		1,725			1,401,787
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25		300			243,789
Pampa Energia SA 144A
7.38%, 07/21/23		1,350			1,296,736
7.50%, 01/24/27		2,175			1,929,616
9.12%, 04/15/29		1,050			959,968
Pan American Energy LLC 144A 9.12%, 04/30/27		1,025			1,153,058
Telecom Argentina SA 144A
8.00%, 07/18/26		1,175			1,094,742
8.50%, 08/06/25		1,325			1,284,031
Telecom Argentina SA Reg S
8.00%, 07/18/26		200			186,339
8.50%, 08/06/25		50			48,454
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		1,460			1,363,903
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25		325			303,608
YPF Energia Electrica SA 144A 10.00%, 07/25/26		1,400			1,287,160
YPF SA 144A
1.50%, 09/30/33 (s)		2,030			1,135,491
2.50%, 06/30/29 (s)		2,600			1,750,424
4.00%, 02/12/26 (s)		2,675			2,307,107
6.95%, 07/21/27		2,275			1,654,096

		Par   (000’s	)		Value
Argentina (continued)
7.00%, 12/15/47	$	1,875		$	1,233,300
8.50%, 03/23/25		1,356			1,233,245
8.50%, 07/28/25		3,800			3,080,888
8.50%, 06/27/29		1,387			1,066,561
8.75%, 04/04/24		2,925			2,644,434
YPF SA Reg S 6.95%, 07/21/27		500			363,537
					40,513,228
Armenia: 0.1%
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		1,200			1,195,433
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28		600			585,402
JBS USA Food Co. Reg S
5.75%, 01/15/28		200			208,752
7.00%, 01/15/26		100			104,125
Klabin Austria GmbH Reg S
3.20%, 01/12/31		300			276,000
7.00%, 04/03/49		200			231,185
					1,405,464
Azerbaijan: 1.3%
Petkim Petrokimya Holding AS 144A 5.88%, 01/26/23		1,800			1,830,247
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 †		6,075			7,131,127
Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26		800			939,078
State Oil Co. of the Azerbaijan Republic Reg S
4.75%, 03/13/23		3,425			3,567,545
6.95%, 03/18/30		2,650			3,250,721
					16,718,718
Bahrain: 1.3%
BBK BSC Reg S 5.50%, 07/09/24		1,800			1,871,325
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25		1,800			1,900,800
Mumtalakat Sukuk Holding Co. Reg S
4.10%, 01/21/27		1,800			1,845,151
5.62%, 02/27/24		2,000			2,120,178
Oil and Gas Holding Co. BSCC 144A
7.50%, 10/25/27		3,375			3,707,883
7.62%, 11/07/24		2,600			2,849,574
8.38%, 11/07/28		1,800			2,080,458
					16,375,369
Barbados: 0.1%
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28		1,400			1,455,062

See Notes to Financial Statements

9

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)		Value
Bermuda: 1.1%
Digicel Group Holdings Ltd. 10.00%, 04/01/24	$	0	(a)	$	492
Digicel Group Holdings Ltd. 144A
6.75%, 03/01/23		2,950			2,858,314
8.00%, 04/01/25		1,435			1,385,950
8.75%, 05/25/24		2,100			2,181,375
Digicel Group Two Ltd. 144A 8.25%, 09/30/22		437			16,931
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A
8.75%, 05/25/24		2,100			2,181,375
13.00%, 12/31/25		1,072			1,100,501
Digicel Ltd. Reg S 6.75%, 03/01/23		200			193,784
Eurochem Finance DAC 144A 5.50%, 03/13/24		2,200			2,369,130
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		2,200			2,359,643
Investment Energy Resources Ltd. Reg S 6.25%, 04/26/29		200			214,513
					14,862,008
Brazil: 9.1%
Adecoagro SA 144A 6.00%, 09/21/27		1,250			1,296,575
Adecoagro SA Reg S 6.00%, 09/21/27		450			466,767
Aegea Finance Sarl 144A 5.75%, 10/10/24		500			510,880
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		1,200			1,206,390
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		1,849			1,908,630
Atento Luxco 1 SA 144A 8.00%, 02/10/26		775			826,504
Azul Investments LLP 144A 5.88%, 10/26/24		300			278,768
B2W Digital Lux Sarl 144A 4.38%, 12/20/30		800			745,064
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		1,000			958,700
Banco Bradesco SA 144A
2.85%, 01/27/23		1,150			1,164,386
3.20%, 01/27/25		1,100			1,112,413
Banco BTG Pactual SA 144A
2.75%, 01/11/26		800			769,040
4.50%, 01/10/25		1,200			1,221,000
5.50%, 01/31/23		400			415,504
Banco BTG Pactual SA Reg S 5.50%, 01/31/23		400			415,504
Banco Daycoval SA Reg S 4.25%, 12/13/24		750			764,063
Banco do Brasil SA 144A

		Par    (000’s	)		Value
Brazil (continued)
4.62%, 01/15/25	$	1,450		$	1,520,702
4.75%, 03/20/24		1,175			1,233,762
4.88%, 04/19/23		1,175			1,223,480
5.88%, 01/19/23		950			992,760
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24		800			861,276
Banco Safra SA 144A 4.12%, 02/08/23		800			819,000
Banco Votorantim SA 144A
4.38%, 07/29/25		750			762,195
4.50%, 09/24/24		650			677,696
8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/7/2022 (o)		500			512,585
Braskem America Finance Co. 144A 7.12%, 07/22/41		850			1,031,700
Braskem Finance Ltd. 6.45%, 02/03/24		925			1,011,719
Braskem Idesa SAPI 144A
6.99%, 02/20/32		4,350			4,458,750
7.45%, 11/15/29		2,700			2,868,750
Braskem Netherlands Finance BV 144A
4.50%, 01/10/28		1,800			1,840,518
4.50%, 01/31/30		2,200			2,235,266
5.88%, 01/31/50		1,100			1,172,243
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		600			668,838
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		1,260			1,334,554
BRF GmbH 144A
4.35%, 09/29/26		600			606,756
BRF SA 144A
4.88%, 01/24/30		1,000			997,250
5.75%, 09/21/50		1,000			935,400
BRF SA Reg S
4.88%, 01/24/30		100			99,725
5.75%, 09/21/50		200			187,080
Caixa Economica Federal 144A 3.50%, 11/07/22		800			815,008
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24		1,400			1,566,110
Centrais Eletricas Brasileiras SA 144A
3.62%, 02/04/25		800			802,000
4.62%, 02/04/30		800			785,008
Centrais Eletricas Brasileiras SA Reg S 4.62%, 02/04/30		200			196,252
Cielo USA, Inc. 144A 3.75%, 11/16/22		600			607,500
Cosan Luxembourg SA 144A

See Notes to Financial Statements

10

		Par   (000’s	)		Value
Brazil (continued)
7.00%, 01/20/27	$	1,075		$	1,115,313
Cosan SA 144A 5.50%, 09/20/29		1,025			1,072,416
CSN Inova Ventures 144A 6.75%, 01/28/28		1,750			1,860,688
CSN Inova Ventures Reg S 6.75%, 01/28/28		200			212,650
CSN Resources SA 144A 7.62%, 04/17/26 †		900			948,159
Embraer Netherlands Finance BV
5.05%, 06/15/25		1,500			1,560,015
5.40%, 02/01/27		1,125			1,178,201
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		1,075			1,194,153
Embraer Overseas Ltd. 144A 5.70%, 09/16/23		700			738,787
FS Luxembourg Sarl 144A 10.00%, 12/15/25		1,100			1,214,543
Globo Comunicacao e Participacoes SA 144A
4.84%, 06/08/25		550			565,631
4.88%, 01/22/30		500			485,732
Globo Comunicacao e Participacoes SA Reg S 4.88%, 01/22/30 †		200			194,293
Gol Finance SA 144A 7.00%, 01/31/25		1,000			902,420
Guara Norte Sarl 144A 5.20%, 06/15/34		1,179			1,156,929
InterCement Financial Operations BV 144A 5.75%, 07/17/24		1,100			1,023,555
Itau Unibanco Holding SA 144A
2.90%, 01/24/23		1,475			1,494,839
3.25%, 01/24/25 †		775			783,812
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/26		700			673,645
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24		1,000			998,760
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)		1,025			958,385
5.12%, 05/13/23		2,400			2,517,552
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23		300			314,694
JSM Global Sarl 144A 4.75%, 10/20/30		800			763,008
Klabin Austria GmbH 144A
3.20%, 01/12/31		400			368,000
5.75%, 04/03/29		1,100			1,199,000
7.00%, 04/03/49		803			928,208
Klabin Finance SA 144A 4.88%, 09/19/27		700			752,507

		Par   (000’s	)		Value
Brazil (continued)
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26	$	900		$	879,984
MARB BondCo Plc 144A 3.95%, 01/29/31		2,250			2,143,024
Minerva Luxembourg SA 144A 5.88%, 01/19/28		600			640,506
MV24 Capital BV 144A 6.75%, 06/01/34		1,587			1,640,524
Natura Cosmeticos SA 144A 4.12%, 05/03/28		1,200			1,189,260
Natura Cosmeticos SA Reg S 4.12%, 05/03/28		200			198,210
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		750			817,508
7.00%, 05/14/26		1,450			1,536,637
Nexa Resources SA 144A
5.38%, 05/04/27 †		1,100			1,170,147
6.50%, 01/18/28		700			780,745
Oi Movel SA Reg S 8.75%, 07/30/26		1,200			1,245,600
Petrobras Global Finance BV
5.09%, 01/15/30		1,825			1,862,869
5.30%, 01/27/25		850			925,437
5.60%, 01/03/31		2,125			2,225,406
5.62%, 05/20/43		475			463,130
5.75%, 02/01/29		715			776,311
6.00%, 01/27/28		1,600			1,742,000
6.25%, 03/17/24		625			683,906
6.75%, 01/27/41		885			948,977
6.75%, 06/03/50		975			1,001,705
6.85%, 06/05/15 †		2,250			2,213,966
6.88%, 01/20/40		772			840,144
6.90%, 03/19/49		1,300			1,368,250
7.25%, 03/17/44		1,165			1,273,846
7.38%, 01/17/27		1,400			1,648,514
8.75%, 05/23/26 †		650			799,338
Rede D’or Finance Sarl 144A
4.50%, 01/22/30		1,299			1,274,657
4.95%, 01/17/28 †		500			513,880
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24		843			921,752
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		751			879,762
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		696			793,426
Rumo Luxembourg Sarl 144A
5.25%, 01/10/28		800			833,000
5.88%, 01/18/25 †		700			723,695
Simpar Europe SA 144A 5.20%, 01/26/31		900			867,308
Tupy Overseas SA 144A 4.50%, 02/16/31		300			283,518
Ultrapar International SA 144A 5.25%, 10/06/26		700			746,389

See Notes to Financial Statements

11

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)		Value
Brazil (continued)
5.25%, 06/06/29	$	1,200		$	1,240,584
Unigel Luxembourg SA 144A 8.75%, 10/01/26		500			531,858
Usiminas International Sarl 144A 5.88%, 07/18/26		1,200			1,261,512
XP, Inc. 144A 3.25%, 07/01/26 †		2,650			2,538,037
					118,485,288
British Virgin Islands: 0.4%
Central China Real Estate Ltd. Reg S
7.25%, 04/24/23		600			354,000
7.65%, 08/27/23		400			213,255
China Aoyuan Group Ltd. Reg S
6.20%, 03/24/26		600			263,124
6.35%, 02/08/24		800			364,991
China SCE Group Holdings Ltd. Reg S
7.00%, 05/02/25		700			573,906
7.25%, 04/19/23		800			716,641
7.38%, 04/09/24		850			740,720
Fantasia Holdings Group Co. Ltd. Reg S
9.25%, 07/28/23		400			125,121
9.88%, 10/19/23		400			119,644
10.88%, 01/09/23		600			179,019
11.88%, 06/01/23		800			238,047
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24		400			405,309
New Metro Global Ltd. Reg S 4.50%, 05/02/26		800			690,062
Studio City Finance Ltd. Reg S 6.50%, 01/15/28		200			192,609
Tianqi Finco Co. Ltd. Reg S 3.75%, 11/28/22		200			187,495
					5,363,943
Cambodia: 0.2%
NagaCorp Ltd. Reg S 7.95%, 07/06/24		1,950			1,962,343
Canada: 0.3%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		1,065			1,120,913
First Quantum Minerals Ltd. Reg S
6.50%, 03/01/24		300			304,875
7.25%, 04/01/23		300			305,175
7.50%, 04/01/25		200			207,250
Frontera Energy Corp. 144A 7.88%, 06/21/28		1,300			1,253,453
					3,191,666
Cayman Islands: 1.0%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		3,150			3,291,183

		Par   (000’s	)		Value
Cayman Islands (continued)
Banco BTG Pactual SA Reg S 4.50%, 01/10/25	$	200		$	203,500
Banco do Brasil SA 144A 3.25%, 09/30/26		1,200			1,184,700
Banco do Brasil SA Reg S 5.88%, 01/19/23		250			261,253
Emaar Sukuk Ltd. Reg S 3.70%, 07/06/31		400			409,734
Itau Unibanco Holding SA Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24		100			99,876
Melco Resorts Finance Ltd. Reg S 4.88%, 06/06/25		250			247,562
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		2,050			2,202,694
Oryx Funding Ltd. 144A 5.80%, 02/03/31		1,900			2,026,126
Oryx Funding Ltd. Reg S 5.80%, 02/03/31		200			213,276
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		1,578			1,571,663
Ronshine China Holdings Ltd. Reg S
7.35%, 12/15/23		600			260,696
8.10%, 06/09/23		400			172,821
8.95%, 01/22/23		700			311,725
StoneCo Ltd. 144A 3.95%, 06/16/28 †		700			629,153
Yango Cayman Investment Ltd. Reg S 12.00%, 03/19/24		400			153,419
					13,239,381
Chile: 0.8%
AES Andes SA Reg S
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25		75			77,829
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24		200			209,544
CAP SA 144A 3.90%, 04/27/31		1,100			1,059,856
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33		1,400			1,370,488
Kenbourne Invest SA 144A 6.88%, 11/26/24		1,850			1,930,937
VTR Comunicaciones SpA 144A 4.38%, 04/15/29		1,400			1,413,580
5.12%, 01/15/28		1,642			1,705,710
VTR Comunicaciones SpA Reg S 5.12%, 01/15/28		100			103,880
VTR Finance NV 144A 6.38%, 07/15/28		1,925			2,054,360
					9,926,184

See Notes to Financial Statements

12

	Par    (000’s		)	Value
China: 6.4%
Agile Group Holdings Ltd. Reg S
5.50%, 04/21/25	$	500		$	396,178
5.50%, 05/17/26 †		750			584,553
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)		4,700			4,883,340
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)		750			768,529
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		800			703,851
Chalieco Hong Kong Corp. Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 5/21/2023 (o)		600			610,709
China Aoyuan Group Ltd. Reg S 5.88%, 03/01/27		400			187,004
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/6/2023 (o)		900			974,248
China Evergrande Group Reg S
7.50%, 06/28/23		1,650			395,972
8.75%, 06/28/25		6,300			1,519,925
9.50%, 03/29/24		1,100			269,500
10.00%, 04/11/23		800			191,991
10.50%, 04/11/24		700			167,981
11.50%, 01/22/23		1,150			270,128
12.00%, 01/22/24		1,000			235,000
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24		900			887,078
China Oil & Gas Group Ltd. Reg S 5.50%, 01/25/23		1,000			1,018,459
China SCE Group Holdings Ltd. Reg S 5.95%, 09/29/24		400			329,000
6.00%, 02/04/26		600			483,132
China South City Holdings Ltd. Reg S 10.75%, 04/11/23		400			165,959
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o)		1,400			1,443,526
CIFI Holdings Group Co. Ltd. 5.50%, 01/23/23		400			396,007
CIFI Holdings Group Co. Ltd. Reg S

	Par    (000’s		)	Value
China (continued)
4.38%, 04/12/27	$	500		$	457,994
4.45%, 08/17/26		500			462,845
5.25%, 05/13/26		600			573,596
5.95%, 10/20/25		800			779,804
6.00%, 07/16/25		1,100			1,076,381
6.45%, 11/07/24		800			788,267
6.55%, 03/28/24		1,000			986,721
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o)		1,500			1,614,332
Dexin China Holdings Co. Ltd. Reg S 9.95%, 12/03/22		500			367,271
Easy Tactic Ltd. Reg S
5.88%, 02/13/23		800			503,269
8.12%, 02/27/23		1,400			878,558
8.12%, 07/11/24		500			280,590
8.62%, 02/27/24		500			284,970
8.62%, 03/05/24		600			336,750
12.38%, 11/18/22		500			343,748
eHi Car Services Ltd. Reg S 7.75%, 11/14/24		1,200			1,207,918
E-House China Enterprise Holdings Ltd. Reg S 7.60%, 06/10/23		300			193,659
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		1,400			1,387,350
Fortune Star BVI Ltd. Reg S
5.95%, 10/19/25		1,400			1,404,020
6.75%, 07/02/23		1,050			1,046,882
6.85%, 07/02/24		1,000			1,027,424
Gemstones International Ltd. Reg S 12.00%, 03/10/23		600			434,983
Golden Eagle Retail Group Ltd. 144A 4.62%, 05/21/23		600			599,913
Greenland Global Investment Ltd. 5.90%, 02/12/23		400			279,544
Greenland Global Investment Ltd. Reg S
5.60%, 11/13/22		500			348,141
5.88%, 07/03/24		1,100			744,198
6.12%, 04/22/23		600			418,467
6.25%, 12/16/22		800			762,000
6.75%, 09/26/23		650			429,926
6.75%, 03/03/24		500			328,366
Greentown China Holdings Ltd. Reg S
4.70%, 04/29/25		400			388,332
5.65%, 07/13/25		500			495,296
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd. Reg S 7.00%, 09/30/22		200			188,052

See Notes to Financial Statements

13

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par    (000’s		)	Value
China (continued)
Guorui Properties Ltd. Reg S 14.25%, 01/25/24	$	200		$	161,629
Helenbergh China Holdings Ltd. Reg S 11.00%, 03/24/23		200			193,524
Jingrui Holdings Ltd. Reg S 14.50%, 02/19/23		500			403,334
Jinke Properties Group Co. Ltd. Reg S 6.85%, 05/28/24		400			318,921
Kaisa Group Holdings Ltd. Reg S
9.38%, 06/30/24		3,350			961,453
9.75%, 09/28/23		1,300			399,218
9.95%, 07/23/25		750			213,127
10.50%, 01/15/25		600			182,984
10.88%, 07/23/23		950			293,312
11.25%, 04/16/25		1,000			306,721
11.50%, 01/30/23		1,000			300,003
11.65%, 06/01/26		400			116,368
11.70%, 11/11/25 †		1,400			399,884
11.95%, 11/12/23		750			236,250
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31		1,200			1,233,750
Kunming Municipal Urban Construction Investment & Development Co. Ltd. Reg S 5.80%, 10/17/22		600			576,142
KWG Group Holdings Ltd. Reg S
5.88%, 11/10/24		900			766,807
5.95%, 08/10/25		600			472,500
6.00%, 08/14/26		550			444,550
6.30%, 02/13/26		600			479,800
7.40%, 03/05/24		600			504,093
7.40%, 01/13/27		400			322,822
7.88%, 09/01/23		1,000			900,000
Logan Group Co. Ltd. Reg S
4.25%, 07/12/25		400			361,850
4.50%, 01/13/28		450			399,446
4.70%, 07/06/26		500			451,695
4.85%, 12/14/26		500			438,033
5.25%, 02/23/23		900			872,924
5.25%, 10/19/25		400			372,000
5.75%, 01/14/25		450			431,485
6.50%, 07/16/23		600			584,250
Modern Land China Co. Ltd. Reg S 9.80%, 04/11/23		400			95,080
New Metro Global Ltd. Reg S
4.62%, 10/15/25		200			171,342
4.80%, 12/15/24		800			705,870
6.80%, 08/05/23		500			470,507
Powerlong Real Estate Holdings Ltd. Reg S
5.95%, 04/30/25 †		600			548,124
6.25%, 08/10/24		600			555,206
6.95%, 07/23/23		600			566,441

	Par   (000’s		)	Value
China (continued)
7.12%, 11/08/22	$	500		$	476,981
Redsun Properties Group Ltd. Reg S
7.30%, 01/13/25		400			241,945
9.70%, 04/16/23		800			572,708
RKPF Overseas 2019 A Ltd. Reg S
6.00%, 09/04/25		600			560,048
6.70%, 09/30/24		850			805,677
7.88%, 02/01/23		700			685,027
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)		500			452,525
RKPF Overseas 2020 A Ltd. Reg S 5.12%, 07/26/26		400			352,395
Scenery Journey Ltd. Reg S
12.00%, 10/24/23		2,350			460,523
13.00%, 11/06/22		600			123,000
13.75%, 11/06/23		700			153,992
Seazen Group Ltd. Reg S 4.45%, 07/13/25		400			347,337
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23		400			408,624
Sunac China Holdings Ltd. Reg S
5.95%, 04/26/24		1,400			1,015,765
6.50%, 07/09/23		800			619,988
6.50%, 01/10/25		1,100			790,051
6.50%, 01/26/26 †		1,000			719,854
6.65%, 08/03/24		800			583,478
6.80%, 10/20/24		1,000			719,862
7.00%, 07/09/25		900			646,661
7.50%, 02/01/24		1,000			749,951
7.95%, 10/11/23		1,000			776,250
8.35%, 04/19/23		1,000			786,058
Times China Holdings Ltd. Reg S
5.55%, 06/04/24		900			734,776
5.75%, 01/14/27		600			460,222
6.20%, 03/22/26		600			462,731
6.60%, 03/02/23		400			356,266
6.75%, 07/16/23		800			657,371
6.75%, 07/08/25		800			634,726
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23		400			399,132
Wanda Properties International Co. Ltd. 7.25%, 01/29/24		200			190,730
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		900			858,285
Wanda Properties Overseas Ltd. Reg S 6.88%, 07/23/23		600			571,733

See Notes to Financial Statements

14

	Par   (000’s		)	Value
China (continued)
6.95%, 12/05/22	$	600		$	575,555
Wealth Driven Ltd. Reg S 5.50%, 08/17/23		600			595,239
West China Cement Ltd. Reg S 4.95%, 07/08/26		1,000			970,925
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23		700			706,362
Yango Justice International Ltd. Reg S 9.25%, 04/15/23		400			104,025
Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23		600			606,515
Yuzhou Group Holdings Co. Ltd. Reg S
6.00%, 10/25/23		1,000			534,084
6.35%, 01/13/27		800			363,753
7.38%, 01/13/26		1,300			598,548
7.70%, 02/20/25		600			304,406
8.30%, 05/27/25		600			300,773
8.38%, 10/30/24		600			303,332
8.50%, 02/04/23		700			378,867
8.50%, 02/26/24		800			404,617
Zhenro Properties Group Ltd. Reg S
6.63%, 01/07/26		600			421,626
7.10%, 09/10/24		500			369,108
7.35%, 02/05/25		600			423,440
9.15%, 05/06/23		400			298,442
Zhongyuan Asset Management Co. Ltd. Reg S 4.20%, 11/29/22		650			535,633
Zoomlion HK SPV Co. Ltd. 144A 6.12%, 12/20/22		400			410,720
					83,093,724
Colombia: 5.4%
Banco de Bogota SA 144A
5.38%, 02/19/23		1,525			1,586,991
6.25%, 05/12/26 †		3,458			3,782,222
Banco de Bogota SA Reg S
5.38%, 02/19/23		100			104,065
6.25%, 05/12/26		400			437,504
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/26		1,450			1,470,344
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/24		1,900			1,938,000
Cable Onda SA 144A 4.50%, 01/30/30		1,900			1,973,388
Canacol Energy Ltd. 144A 7.25%, 05/03/25		1,100			1,147,036
Colombia Telecomunicaciones SA ESP Reg S

	Par   (000’s		)	Value
Colombia (continued)
4.95%, 07/17/30	$	100		$	102,660
Ecopetrol SA
4.12%, 01/16/25		4,175			4,324,569
5.38%, 06/26/26		5,200			5,629,520
5.88%, 09/18/23		6,318			6,794,061
5.88%, 05/28/45 †		7,050			7,148,347
6.88%, 04/29/30		6,750			7,805,768
7.38%, 09/18/43		2,933			3,405,638
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29		3,500			3,409,700
4.38%, 02/15/31		2,025			1,964,756
Geopark Ltd. 144A 5.50%, 01/17/27 †		1,700			1,691,203
Gilex Holding Sarl 144A 8.50%, 05/02/23		1,300			1,319,539
Gran Colombia Gold Corp. 144A 6.88%, 08/09/26		1,000			995,900
Grupo Aval Ltd. 144A 4.38%, 02/04/30		3,400			3,327,750
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		1,900			2,055,344
Multibank, Inc. 144A 4.38%, 11/09/22		700			713,125
Multibank, Inc. Reg S 4.38%, 11/09/22 †		400			407,500
Oleoducto Central SA 144A 4.00%, 07/14/27		1,450			1,485,213
Oleoducto Central SA Reg S 4.00%, 07/14/27		200			204,857
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27		1,300			1,293,188
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27		1,900			1,973,625
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		1,758			1,810,155
Termocandelaria Power Ltd. Reg S 7.88%, 01/30/29		185			190,543
					70,492,511
Costa Rica: 0.3%
Banco Nacional de Costa Rica 144A 6.25%, 11/01/23		1,200			1,282,620
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43 †		1,700			1,453,143
6.75%, 10/07/31 †		1,000			996,925
Instituto Costarricense de Electricidad Reg S 6.38%, 05/15/43		100			85,479
					3,818,167
Cyprus: 0.7%
Credit Bank of Moscow Via CBOM Finance Plc 144A

See Notes to Financial Statements

15

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Cyprus (continued)
4.70%, 01/29/25	$	1,900		$	1,955,860
MHP Lux SA 144A
6.25%, 09/19/29 †		1,150			1,178,060
6.95%, 04/03/26		1,625			1,731,535
MHP SE 144A 7.75%, 05/10/24 †		1,825			1,973,748
TMK OAO Via TMK Capital SA Reg S 4.30%, 02/12/27		1,800			1,816,272
					8,655,475
Dominican Republic: 0.1%
Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23		1,000			1,046,650
El Salvador: 0.1%
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24		1,050			1,091,911
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24		200			207,983
					1,299,894
France: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		1,100			1,162,975
Georgia: 0.3%
Georgia Capital JSC 144A 6.12%, 03/09/24		200			206,300
Georgia Capital JSC Reg S 6.12%, 03/09/24		1,100			1,134,650
Georgian Railway JSC 144A 4.00%, 06/17/28		1,800			1,822,500
TBC Bank JSC 144A 5.75%, 06/19/24		1,100			1,174,937
					4,338,387
Ghana: 0.3%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 †		2,100			2,098,226
Tullow Oil Plc 144A 7.00%, 03/01/25		2,700			2,366,698
					4,464,924
Greece: 0.1%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25		1,675			1,807,886
Guatemala: 0.3%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/26		1,100			1,103,239
Central American Bottling Corp. 144A 5.75%, 01/31/27		2,191			2,273,382
Central American Bottling Corp. Reg S 5.75%, 01/31/27		200			207,520
Energuate Trust Reg S

	Par    (000’s		)	Value
Guatemala (continued)
5.88%, 05/03/27	$	200		$	204,750
					3,788,891
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		1,000			1,034,140
Hong Kong: 3.6%
Agile Group Holdings Ltd. Reg S
5.75%, 01/02/25		700			560,284
6.05%, 10/13/25 †		850			667,319
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 3/7/2023 (o)		950			611,715
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)		700			426,245
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)		1,050			641,120
Bank of East Asia Ltd. Reg S
5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		2,300			2,406,513
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o)		2,100			2,193,985
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o)		2,600			2,613,257
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		1,800			1,801,913
4.85%, 01/27/28		1,600			1,577,902
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		200			202,043
Easy Tactic Ltd. Reg S
11.62%, 09/03/24		400			226,468
11.75%, 08/02/23		800			514,990
Fortune Star BVI Ltd. 5.95%, 01/29/23		900			906,714
Fortune Star BVI Ltd. Reg S
5.00%, 05/18/26		700			669,392
5.05%, 01/27/27		700			653,294
Franshion Brilliant Ltf. 4.88%, 06/21/24		400			324,887
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24		700			689,356
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24		400			377,932
Huarong Finance 2017 Co. Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+6.98%), 11/7/2022 (o)		950			904,875

See Notes to Financial Statements

16

	Par   (000’s		)	Value
Hong Kong (continued)
Jiayuan International Group Ltd. Reg S
12.50%, 04/08/23	$	400		$	196,400
12.50%, 07/21/23		400			206,000
Lai Fung Bonds 2018 Ltd. Reg S 5.65%, 01/18/23		1,300			1,228,612
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25		3,200			3,168,800
5.25%, 04/26/26		1,750			1,735,807
5.38%, 12/04/29		4,175			4,112,375
5.62%, 07/17/27 †		2,020			2,025,555
5.75%, 07/21/28		2,775			2,768,063
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25		600			550,938
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26		800			707,101
Seaspan Corp. 144A 5.50%, 08/01/29		2,700			2,730,132
Seaspan Corp. 144A Reg S 6.50%, 04/29/26		1,000			1,074,876
Studio City Finance Ltd. 144A
5.00%, 01/15/29		3,825			3,468,682
6.00%, 07/15/25		1,750			1,701,298
6.50%, 01/15/28 †		1,500			1,444,568
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		800			781,788
Zoomlion HK SPV Co. Ltd. Reg S 6.12%, 12/20/22		200			205,360
					47,076,559
India: 5.5%
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24		3,600			3,937,572
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		2,700			2,736,725
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		1,500			1,616,550
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24		200			215,540
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39		1,211			1,214,015
Bank of Baroda Reg S 3.88%, 04/04/24		1,050			1,099,405
Canara Bank Reg S 3.88%, 03/28/24		1,500			1,563,600
Delhi International Airport Ltd. 144A

	Par   (000’s		)	Value
India (continued)
6.12%, 10/31/26	$	1,700		$	1,710,256
6.45%, 06/04/29		1,500			1,489,290
Delhi International Airport Ltd. Reg S 6.45%, 06/04/29		300			297,858
Future Retail Ltd. 144A 5.60%, 01/22/25		1,200			722,424
Future Retail Ltd. Reg S 5.60%, 01/22/25		200			120,404
GMR Hyderabad International Airport Ltd. 144A
4.25%, 10/27/27		1,100			1,062,052
4.75%, 02/02/26 †		1,100			1,111,317
5.38%, 04/10/24		1,000			1,030,198
GMR Hyderabad International Airport Ltd. Reg S 4.25%, 10/27/27		200			193,100
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		1,400			1,445,882
5.45%, 10/22/26		1,000			1,043,125
IIFL Finance Ltd. Reg S 5.88%, 04/20/23		1,300			1,264,234
India Green Energy Holdings 144A 5.38%, 04/29/24		1,150			1,193,568
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		2,400			2,401,860
JSW Steel Ltd. 144A
3.95%, 04/05/27 †		1,650			1,666,527
5.05%, 04/05/32		1,750			1,780,760
JSW Steel Ltd. Reg S
5.38%, 04/04/25		1,400			1,476,646
5.95%, 04/18/24		1,700			1,803,112
Manappuram Finance Ltd. Reg S 5.90%, 01/13/23		1,000			1,027,575
Muthoot Finance Ltd. 144A
4.40%, 09/02/23		1,850			1,886,306
6.12%, 10/31/22		1,300			1,336,562
Muthoot Finance Ltd. Reg S 4.40%, 09/02/23		200			203,925
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)		3,200			3,388,000
Periama Holdings LLC Reg S 5.95%, 04/19/26		2,600			2,817,828
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27		1,350			1,418,590
ReNew Power Pvt Ltd. Reg S 5.88%, 03/05/27		250			262,702
ReNew Power Synthetic 144A 6.67%, 03/12/24		1,750			1,834,863
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		2,050			2,085,231

See Notes to Financial Statements

17

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
India (continued)
Shriram Transport Finance Co. Ltd. 144A
4.40%, 03/13/24	$	2,500		$	2,513,125
5.10%, 07/16/23 †		1,700			1,730,642
Tata Motors Ltd. Reg S 5.88%, 05/20/25		1,300			1,394,445
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24		1,300			1,361,657
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)		1,400			1,419,075
Vedanta Resources Finance II Plc 144A
8.00%, 04/23/23		1,400			1,378,573
9.25%, 04/23/26		2,100			2,024,967
13.88%, 01/21/24		3,450			3,761,880
Vedanta Resources Ltd. 144A
6.12%, 08/09/24		3,250			2,965,414
7.12%, 05/31/23		1,625			1,586,488
Yes Bank Ifsc Banking Unit Branch Reg S 3.75%, 02/06/23		1,300			1,288,528
					71,882,396
Indonesia: 2.3%
Adaro Indonesia PT 144A 4.25%, 10/31/24		2,600			2,665,247
Adaro Indonesia PT Reg S 4.25%, 10/31/24		100			102,509
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		1,000			627,798
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		111			1,429
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		1,000			1,013,966
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		1,200			1,216,092
Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/10/26		200			202,682
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		1,800			1,843,650
Cikarang Listrindo Tbk PT Reg S 4.95%, 09/14/26		200			204,850
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		1,000			1,031,417
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		1,623			1,650,185
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		2,450			2,601,594
Jababeka International BV 144A 6.50%, 10/05/23		1,090			1,039,546

	Par   (000’s		)	Value
Indonesia (continued)
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26	$	1,350		$	1,423,786
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		2,225			2,282,294
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		1,900			2,040,125
Medco Oak Tree Pte Ltd. Reg S 7.38%, 05/14/26 †		300			322,125
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		1,800			1,879,929
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		1,350			1,379,717
Saka Energi Indonesia PT 144A 4.45%, 05/05/24		2,100			2,044,644
SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/23		1,100			809,704
Star Energy Geothermal Wayang Windu Ltd. Reg S 6.75%, 04/24/33		168			187,702
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26		1,400			1,400,565
8.12%, 01/22/25 †		1,450			1,535,446
					29,507,002
Ireland: 0.5%
Credit Bank of Moscow Via CBOM Finance Plc 144A 3.88%, 09/21/26		1,800			1,753,182
Eurochem Finance DAC Reg S 5.50%, 03/13/24		200			215,375
Hacienda Investments Ltd. Via DME Airport DAC 144A 5.35%, 02/08/28		1,600			1,677,291
SCF Capital Designated Activity Co. 144A 3.85%, 04/26/28		1,500			1,554,968
Suek Securities DAC 144A 3.38%, 09/15/26		1,700			1,695,410
					6,896,226
Isle of Man: 0.0%
Gold Fields Orogen Holdings BVI Ltd. Reg S 5.12%, 05/15/24		300			321,645
Israel: 3.6%
Leviathan Bond Ltd. 144A Reg S
5.75%, 06/30/23		1,750			1,820,437
6.12%, 06/30/25		2,050			2,217,803
6.50%, 06/30/27		2,075			2,272,125
6.75%, 06/30/30		1,900			2,093,562
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		2,400			2,421,000
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		2,275			2,437,913

See Notes to Financial Statements

18

	Par   (000’s		)	Value
Israel (continued)
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23	$	8,575		$	8,648,316
3.15%, 10/01/26		9,975			9,413,906
4.10%, 10/01/46		5,725			4,730,711
6.00%, 04/15/24		3,567			3,745,350
6.75%, 03/01/28 †		3,590			3,935,538
7.12%, 01/31/25		2,875			3,089,734
					46,826,395
Kazakhstan: 0.3%
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42		3,175			4,308,221
Kuwait: 0.4%
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26		1,900			1,804,426
4.50%, 02/23/27		1,700			1,617,074
5.00%, 03/15/23		1,600			1,604,210
					5,025,710
Luxembourg: 2.0%
AI Candelaria Spain SLU 144A 7.50%, 12/15/28		1,100			1,185,250
Consolidated Energy Finance SA 144A 5.62%, 10/15/28		1,900			1,893,065
CSN Resources SA 144A 4.62%, 06/10/31		1,250			1,230,938
Energean Israel Finance Ltd. 144A Reg S
4.50%, 03/30/24		2,150			2,197,300
4.88%, 03/30/26		2,150			2,191,301
5.38%, 03/30/28		2,175			2,207,897
5.88%, 03/30/31		2,225			2,260,044
Gol Finance SA 144A 8.00%, 06/30/26 †		900			871,403
Hidrovias International Finance Sarl 144A 4.95%, 02/08/31		800			751,760
JBS Finance Luxembourg Sarl 144A 3.62%, 01/15/32		1,500			1,483,005
Kenbourne Invest SA 144A 4.70%, 01/22/28		1,450			1,444,562
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		2,650			2,583,750
MHP Lux SA Reg S 6.95%, 04/03/26		250			266,390
Minerva Luxembourg SA 144A 4.38%, 03/18/31		1,800			1,713,510
Minerva Luxembourg SA Reg S 4.38%, 03/18/31		200			190,390
Movida Europe SA 144A 5.25%, 02/08/31		1,200			1,133,958
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26		900			907,875
Poinsettia Finance Ltd. 144A

	Par   (000’s		)	Value
Luxembourg (continued)
6.62%, 06/17/31	$	197		$	196,390
Puma International Financing SA Reg S
5.00%, 01/24/26		200			201,076
5.12%, 10/06/24		200			201,800
Rede D’or Finance Sarl Reg S 4.95%, 01/17/28		200			205,552
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32		600			562,500
Tupy Overseas SA Reg S 4.50%, 02/16/31		200			189,012
Ultrapar International SA Reg S 5.25%, 10/06/26		200			213,254
Unigel Luxembourg SA Reg S 8.75%, 10/01/26 †		200			212,743
					26,494,725
Macao: 0.1%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27		1,300			1,252,407
MGM China Holdings Ltd. Reg S 5.38%, 05/15/24		200			200,458
					1,452,865
Malta: 0.0%
VistaJet Malta Finance Plc / XO Management Holding, Inc. Reg S 10.50%, 06/01/24		200			216,130
Mauritius: 1.4%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		1,400			1,412,688
Azure Power Solar Energy Private Ltd. Reg S 5.65%, 12/24/24		200			210,500
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		1,100			1,119,965
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27		200			203,630
Cliffton Ltd. 144A 6.25%, 10/25/25		1,600			1,586,760
IHS Netherlands Holdco BV 144A
7.12%, 03/18/25		1,700			1,761,625
8.00%, 09/18/27		3,375			3,594,375
India Cleantech Energy 144A 4.70%, 08/10/26		1,200			1,210,350
India Green Power Holdings 144A 4.00%, 02/22/27		1,350			1,358,437
India Green Power Holdings Reg S 4.00%, 02/22/27		200			201,250
India Toll Roads 144A 5.50%, 08/19/24		1,100			1,089,066
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		2,100			2,188,956

See Notes to Financial Statements

19

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Mauritius (continued)
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o)	$	1,700		$	1,717,144
Network i2i Ltd. Reg S 5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 1/15/2025 (o)		300			317,625
					17,972,371
Mexico: 7.0%
Axtel SAB de CV 144A 6.38%, 11/14/24		1,418			1,464,454
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/26		1,800			1,793,268
Braskem Idesa SAPI Reg S 7.45%, 11/15/29 †		300			318,750
Cemex SAB de CV 144A
3.88%, 07/11/31		5,850			5,878,958
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)		3,450			3,568,763
5.20%, 09/17/30		3,150			3,414,726
5.45%, 11/19/29		3,500			3,795,575
7.38%, 06/05/27		3,150			3,486,681
Cemex SAB de CV Reg S
3.88%, 07/11/31		250			251,237
5.20%, 09/17/30		250			271,010
7.38%, 06/05/27		300			332,065
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31		2,000			1,918,130
Credito Real SAB de CV SOFOM ER 144A
8.00%, 01/21/28 †		1,300			1,108,965
9.50%, 02/07/26 †		900			837,432
Cydsa SAB de CV 144A 6.25%, 10/04/27		1,600			1,628,160
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26		1,200			1,172,100
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 †		1,250			1,276,562
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o)		1,600			1,666,800
Grupo Bimbo SAB de CV Reg S 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o)		200			208,350
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		1,585			1,630,569
Metalsa SA de CV 144A 3.75%, 05/04/31		1,050			989,630
Mexarrend SAPI de CV 144A 10.25%, 07/24/24		1,050			1,001,133

	Par   (000’s		)	Value
Mexico (continued)
Nemak SAB de CV 144A 3.62%, 06/28/31	$	1,700		$	1,593,614
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25		1,700			1,669,349
Petróleos Mexicanos
3.50%, 01/30/23		782			791,188
4.25%, 01/15/25 †		525			534,844
4.50%, 01/23/26		925			934,430
4.62%, 09/21/23		625			644,531
4.88%, 01/18/24 †		700			725,067
5.35%, 02/12/28		1,675			1,674,121
5.50%, 06/27/44 †		525			426,980
5.62%, 01/23/46		650			529,763
5.95%, 01/28/31		2,550			2,513,854
6.35%, 02/12/48		1,950			1,666,450
6.38%, 01/23/45		1,050			908,497
6.49%, 01/23/27		1,600			1,703,040
6.50%, 03/13/27		3,650			3,895,937
6.50%, 01/23/29		1,350			1,408,556
6.50%, 06/02/41		1,050			952,455
6.62%, 06/15/35		1,875			1,819,847
6.62%, 06/15/38		350			326,690
6.75%, 09/21/47		4,075			3,612,732
6.84%, 01/23/30		2,975			3,116,060
6.88%, 08/04/26		2,025			2,212,819
6.95%, 01/28/60		2,575			2,289,175
7.69%, 01/23/50		5,450			5,215,868
Petróleos Mexicanos 144A 6.88%, 10/16/25		1,025			1,121,125
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25		900			876,803
Sixsigma Networks Mexico SA de CV Reg S 7.50%, 05/02/25		200			194,845
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28		1,900			1,873,875
7.50%, 11/12/25		1,900			1,978,641
Total Play Telecomunicaciones SA de CV Reg S 7.50%, 11/12/25		200			208,278
Unifin Financiera SAB de CV 144A
7.00%, 01/15/25		1,350			1,252,827
7.25%, 09/27/23		1,100			1,073,644
8.38%, 01/27/28		1,500			1,330,537
9.88%, 01/28/29 †		1,850			1,720,500
					90,810,260
Mongolia: 0.1%
Mongolian Mining Corp. / Energy Resources LLC 144A 9.25%, 04/15/24		1,400			1,241,219
Morocco: 1.0%
OCP SA 144A
3.75%, 06/23/31		2,550			2,505,230
4.50%, 10/22/25		2,050			2,188,094

See Notes to Financial Statements

20

	Par   (000’s		)	Value
Morocco (continued)
5.12%, 06/23/51	$	2,600		$	2,540,811
5.62%, 04/25/24		2,450			2,651,248
6.88%, 04/25/44 †		2,100			2,526,497
					12,411,880
Netherlands: 0.6%
Braskem Netherlands Finance BV Reg S 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 10/24/25		250			278,933
Greenko Dutch BV 144A 3.85%, 03/29/26		3,152			3,187,145
Metinvest BV Reg S 7.75%, 10/17/29		200			218,320
Petrobras Global Finance BV 5.50%, 06/10/51		1,575			1,385,244
Tecpetrol SA 144A 4.88%, 12/12/22		1,750			1,750,175
VEON Holdings BV Reg S 7.25%, 04/26/23		250			266,287
					7,086,104
Nigeria: 0.5%
Access Bank Plc 144A
6.12%, 09/21/26		1,500			1,507,650
9.12% (US Treasury Yield Curve Rate T 5 Year+8.07%), 10/7/2026 (o)		200			198,280
EBN Finance Co. BV 144A 7.12%, 02/16/26		1,100			1,091,090
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		1,200			1,287,456
Seplat Energy Plc 144A 7.75%, 04/01/26		2,100			2,166,150
Seplat Energy Plc Reg S 7.75%, 04/01/26		200			206,300
					6,456,926
Oman: 1.6%
Bank Muscat SAOG Reg S
4.75%, 03/17/26		1,500			1,547,991
4.88%, 03/14/23		1,950			2,009,247
Lamar Funding Ltd. 144A 3.96%, 05/07/25		3,100			3,112,149
Lamar Funding Ltd. Reg S 3.96%, 05/07/25		350			351,372
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		1,750			1,854,118
National Bank of Oman SAOG Reg S 5.62%, 09/25/23		1,650			1,727,137
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		1,750			1,825,421
OQ SAOC 144A 5.12%, 05/06/28		2,700			2,769,709
Oztel Holdings SPC Ltd. 144A
5.62%, 10/24/23		2,100			2,195,348
6.62%, 04/24/28		2,950			3,269,379
Oztel Holdings SPC Ltd. Reg S

	Par   (000’s		)	Value
Oman (continued)
6.62%, 04/24/28	$	200		$	221,653
					20,883,524
Panama: 0.5%
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)		1,400			1,408,764
Banistmo SA 144A 4.25%, 07/31/27		1,400			1,415,820
Cable Onda SA Reg S 4.50%, 01/30/30		200			207,725
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/28		1,250			1,309,600
Industrial Senior Trust 144A 5.50%, 11/01/22		1,700			1,744,642
					6,086,551
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		1,200			1,190,850
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		1,000			1,020,755
					2,211,605
Peru: 1.4%
Auna SAA 144A 6.50%, 11/20/25		1,000			1,041,260
Banco Internacional del Peru SAA Interbank 144A
4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/25		1,100			1,112,210
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/24		1,050			1,122,324
Camposol SA 144A 6.00%, 02/03/27		1,200			1,249,710
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		2,000			1,987,520
Corp. Financiera de Desarrollo SA 144A 5.25% (ICE LIBOR USD 3 Month+5.61%), 07/15/24		1,100			1,145,171
Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A 6.38%, 06/01/28		2,050			2,018,338
InRetail Consumer 144A 3.25%, 03/22/28		1,900			1,869,609
InRetail Consumer Reg S 3.25%, 03/22/28		200			196,801
InRetail Shopping Malls 144A 5.75%, 04/03/28		1,175			1,229,344
Peru LNG Srl 144A 5.38%, 03/22/30		2,400			2,038,560
Peru LNG Srl Reg S 5.38%, 03/22/30		800			679,520
San Miguel Industrias Pet SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		1,300			1,280,344

See Notes to Financial Statements

21

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Peru (continued)
Volcan Cia Minera SAA 144A 4.38%, 02/11/26	$	1,700		$	1,659,625
					18,630,336
Philippines: 0.1%
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o)		1,200			1,253,699
Poland: 0.3%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25		1,500			1,509,375
3.88%, 11/15/29		2,700			2,683,125
					4,192,500
Qatar: 0.2%
QNB Finansbank AS 144A 6.88%, 09/07/24 †		2,200			2,361,839
Russia: 3.4%
Borets Finance DAC 144A 6.00%, 09/17/26		1,300			1,350,947
Celtic Resources Holdings DAC 144A 4.12%, 10/09/24		1,350			1,414,314
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A 4.50%, 09/19/24		1,000			1,028,662
Evraz Plc 144A
5.25%, 04/02/24		2,425			2,594,120
5.38%, 03/20/23		2,550			2,675,855
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o)		3,600			3,744,000
Gtlk Europe Capital DAC Reg S
4.65%, 03/10/27		2,100			2,181,218
4.80%, 02/26/28		1,750			1,826,562
4.95%, 02/18/26		1,950			2,058,732
5.12%, 05/31/24		1,800			1,901,880
5.95%, 04/17/25		1,650			1,791,793
Petropavlovsk 2016 Ltd. 144A 8.12%, 11/14/22		1,250			1,285,550
PJSC Koks via IMH Capital DAC 144A 5.90%, 09/23/25		1,200			1,272,144
Polyus Finance Plc 144A
3.25%, 10/14/28		200			198,766
4.70%, 01/29/24		1,500			1,593,472
5.25%, 02/07/23		2,500			2,626,120
Sovcombank Via SovCom Capital DAC 144A 3.40%, 01/26/25		1,000			1,005,233
VEON Holdings BV 144A
3.38%, 11/25/27		4,525			4,543,620
4.00%, 04/09/25		3,295			3,417,146
4.95%, 06/16/24		1,850			1,967,845
5.95%, 02/13/23		1,800			1,901,349

	Par   (000’s		)	Value
Russia (continued)
7.25%, 04/26/23	$	2,175		$	2,316,701
					44,696,029
Saudi Arabia: 0.6%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		1,700			1,773,338
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		1,950			2,063,344
6.88%, 03/21/23		1,750			1,825,040
6.88%, 02/26/27		1,400			1,471,064
					7,132,786
Singapore: 2.0%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		1,985			2,039,587
GLP Pte Ltd. Reg S
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		3,600			3,487,860
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		400			389,070
Greenko Investment Co. 144A 4.88%, 08/16/23		1,800			1,819,126
Greenko Mauritius Ltd. 144A 6.25%, 02/21/23		1,400			1,439,771
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25		1,700			1,736,494
5.95%, 07/29/26		1,900			2,008,494
Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24		300			305,025
Inkia Energy Ltd. 144A 5.88%, 11/09/27		2,066			2,151,512
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		1,800			1,864,534
Puma International Financing SA 144A
5.00%, 01/24/26		2,300			2,312,374
5.12%, 10/06/24		1,900			1,917,100
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		1,635			1,830,094
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		900			914,359
Yanlord Land HK Co. Ltd. Reg S
6.75%, 04/23/23		600			604,370
6.80%, 02/27/24		600			608,927
					25,428,697
South Africa: 3.3%
Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/23		1,400			1,463,504
Eskom Holdings SOC Ltd. 144A 6.35%, 08/10/28		3,550			3,829,704

See Notes to Financial Statements

22

	Par   (000’s		)	Value
South Africa (continued)
6.75%, 08/06/23	$	3,700		$	3,827,928
7.12%, 02/11/25		4,625			4,827,038
8.45%, 08/10/28		2,000			2,197,660
Eskom Holdings SOC Ltd. Reg S
4.31%, 07/23/27		600			591,588
6.35%, 08/10/28		200			215,758
FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/23		1,650			1,720,823
Gold Fields Orogen Holdings BVI Ltd. 144A
5.12%, 05/15/24		1,450			1,554,618
6.12%, 05/15/29		1,800			2,087,550
Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23		1,400			1,477,714
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24		2,600			2,723,760
6.50%, 10/13/26		1,800			2,045,250
Sasol Financing International Ltd. 4.50%, 11/14/22		3,324			3,400,186
Sasol Financing USA LLC
5.88%, 03/27/24		5,200			5,502,900
6.50%, 09/27/28		2,625			2,910,469
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/24		1,400			1,485,505
Stillwater Mining Co. 144A 7.12%, 06/27/25		1,300			1,350,440
					43,212,395
South Korea: 0.3%
SK Innovation Co. Ltd. Reg S 4.12%, 07/13/23		1,800			1,875,681
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)		1,850			1,914,750
Woori Bank Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)		200			207,000
					3,997,431
Spain: 0.6%
AES Andres BV 144A 5.70%, 05/04/28		1,100			1,128,490
AI Candelaria Spain SLU 144A 5.75%, 06/15/33		1,700			1,666,102
AI Candelaria Spain SLU Reg S
5.75%, 06/15/33		300			294,018
7.50%, 12/15/28		200			215,500
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		1,350			1,414,557
Banco Bilbao Vizcaya Argentaria Colombia SA Reg S

	Par   (000’s		)	Value
Spain (continued)
4.88%, 04/21/25	$	100		$	104,782
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 †		1,700			1,745,220
International Airport Finance SA 144A 12.00%, 03/15/33		1,220			1,328,020
International Airport Finance SA Reg S 12.00%, 03/15/33		198			215,238
					8,111,927
Switzerland: 0.1%
Consolidated Energy Finance SA 144A 6.50%, 05/15/26		1,350			1,402,312
Tanzania: 0.2%
AngloGold Ashanti Holdings Plc
3.38%, 11/01/28		1,300			1,292,707
6.50%, 04/15/40		1,100			1,339,217
					2,631,924
Thailand: 0.5%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29		3,900			3,970,083
Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29		200			203,664
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/26		2,800			2,804,160
					6,977,907
Togo: 0.2%
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24		1,600			1,744,800
Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24		200			218,100
					1,962,900
Trinidad and Tobago: 0.5%
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		1,000			1,041,345
National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36		300			312,403
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		1,150			1,224,100
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		2,000			2,030,080
Trinidad Generation Unlimited Reg S

See Notes to Financial Statements

23

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)		Value
Trinidad and Tobago (continued)
5.25%, 11/04/27	$	200		$	203,008
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26		1,950			2,154,068
					6,965,004
Turkey: 6.8%
Akbank TAS 144A
5.12%, 03/31/25		1,750			1,743,511
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/23		1,250			1,254,819
6.80%, 02/06/26		1,450			1,495,095
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/26		1,700			1,657,330
Akbank TAS Reg S
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/23		200			200,771
6.80%, 02/06/26		200			206,220
Arcelik AS 144A 5.00%, 04/03/23		1,800			1,852,558
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		2,700			2,575,665
Coca-Cola Icecek AS 144A 4.21%, 09/19/24		1,500			1,562,682
Coca-Cola Icecek AS Reg S 4.21%, 09/19/24		200			208,358
Fibabanka AS Reg S
6.00%, 01/25/23		1,150			1,171,637
7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27		1,000			1,015,385
KOC Holding AS 144A
5.25%, 03/15/23		2,125			2,172,757
6.50%, 03/11/25		2,600			2,743,130
KOC Holding AS Reg S 5.25%, 03/15/23		500			511,237
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		1,200			1,202,320
Mersin Uluslararasi Liman Isletmeciligi AS Reg S 5.38%, 11/15/24		200			207,170
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		1,300			1,355,990
Roenesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23		950			945,541
TC Ziraat Bankasi AS 144A
5.12%, 09/29/23		1,550			1,569,437
5.38%, 03/02/26		2,050			1,980,702
TC Ziraat Bankasi AS Reg S 5.12%, 09/29/23		200			202,508
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24		1,750			1,790,836

		Par   (000’s	)		Value
Turkey (continued)
6.88%, 02/28/25	$	1,785		$	1,912,053
Turkcell Iletisim Hizmetleri AS 144A
5.75%, 10/15/25		1,700			1,780,500
5.80%, 04/11/28		1,800			1,882,501
Turkiye Garanti Bankasi AS 144A 5.88%, 03/16/23		1,700			1,762,118
Turkiye Ihracat Kredi Bankasi AS 144A
5.38%, 10/24/23		1,450			1,474,527
6.12%, 05/03/24		1,750			1,781,846
8.25%, 01/24/24		1,700			1,810,160
Turkiye Is Bankasi AS 144A
6.12%, 04/25/24		4,000			4,107,960
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/23		1,600			1,618,016
7.85%, 12/10/23		1,300			1,391,207
Turkiye Is Bankasi AS Reg S
6.12%, 04/25/24		200			205,398
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/23		200			202,252
7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/25		2,650			2,700,244
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24		2,500			2,481,938
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		1,000			990,052
6.00%, 01/23/25		1,400			1,411,970
Turkiye Sinai Kalkinma Bankasi AS Reg S
5.50%, 01/16/23		1,150			1,175,663
5.88%, 01/14/26		200			198,010
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26		2,450			2,654,585
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25 †		2,600			2,563,041
5.50%, 10/01/26		1,550			1,497,002
5.75%, 01/30/23 †		2,050			2,097,679
6.00%, 11/01/22		2,300			2,349,370
6.50%, 01/08/26		2,550			2,569,737
8.12%, 03/28/24		1,850			1,975,393
Turkiye Vakiflar Bankasi TAO Reg S
5.75%, 01/30/23		200			204,652
6.50%, 01/08/26		200			201,548
8.12%, 03/28/24		200			213,556
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		2,000			2,103,950
Ulker Biskuvi Sanayi AS Reg S 6.95%, 10/30/25		200			210,395
Yapi ve Kredi Bankasi AS 144A

See Notes to Financial Statements

24

		Par   (000’s	)		Value
Turkey (continued)
5.50%, 12/06/22	$	3,500		$	3,566,636
5.85%, 06/21/24		1,750			1,786,487
6.10%, 03/16/23		1,450			1,495,856
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 †		1,500			1,540,056
8.25%, 10/15/24		1,825			1,968,140
Yapi ve Kredi Bankasi AS Reg S 6.10%, 03/16/23		200			206,325
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26		200			205,341
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26		950			892,079
					88,813,902
Ukraine: 1.2%
Kernel Holding SA 144A
6.50%, 10/17/24		900			956,454
6.75%, 10/27/27		1,050			1,117,311
Kernel Holding SA Reg S 6.50%, 10/17/24		200			212,545
Metinvest BV 144A
7.65%, 10/01/27		1,200			1,321,422
7.75%, 10/17/29		1,500			1,637,400
8.50%, 04/23/26		1,800			2,030,877
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26		1,700			1,681,826
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28		2,400			2,358,831
Ukraine Railways Via Rail Capital Markets Plc Reg S
7.88%, 07/15/26		200			203,250
8.25%, 07/09/24		3,000			3,135,000
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 †		1,400			1,450,750
					16,105,666
United Arab Emirates: 2.2%
Alpha Star Holding V Ltd. Reg S 6.62%, 04/18/23		1,200			1,230,396
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 1/22/2025 (o)		2,550			2,707,411
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)		5,300			5,804,216
Emaar Sukuk Ltd. Reg S
3.63%, 09/15/26		2,800			2,922,640
3.88%, 09/17/29		2,900			3,020,843
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o)		3,500			3,707,662
Emirates Reit Sukuk Ltd. Reg S

		Par   (000’s	)		Value
United Arab Emirates (continued)
5.12%, 12/12/22	$	1,100		$	830,500
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		3,200			3,316,000
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)		1,400			1,533,991
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25		3,175			2,456,656
8.88%, 11/15/24 †		1,000			1,036,515
					28,566,830
United Kingdom: 1.3%
Bidvest Group UK Plc 144A 3.62%, 09/23/26		2,800			2,815,778
Gazprom PJSC via Gaz Finance Plc Reg S 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o)		1,200			1,248,000
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26		1,136			1,173,939
Polyus Finance Plc Reg S 5.25%, 02/07/23		300			315,134
Tullow Oil Plc 144A 10.25%, 05/15/26		6,250			6,593,094
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25		3,800			3,862,738
Vedanta Resources Finance II Plc Reg S 8.95%, 03/11/25		350			355,779
Vedanta Resources Ltd. Reg S 6.12%, 08/09/24		300			273,731
					16,638,193
United States: 3.6%
AES Andes SA 144A
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25		1,550			1,608,466
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24		1,650			1,728,738
AES Argentina Generacion SA 144A 7.75%, 02/02/24		1,000			872,245
AES El Salvador Trust II 144A 6.75%, 03/28/23		1,050			975,145
Azul Investments LLP 144A 7.25%, 06/15/26 †		1,000			929,155
Azul Investments LLP Reg S 5.88%, 10/26/24		200			185,845
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27		1,363			1,395,262
Energuate Trust 144A 5.88%, 05/03/27		1,000			1,023,750

See Notes to Financial Statements

25

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30	$	2,400		$	2,301,636
Guacolda Energia SA 144A 4.56%, 04/30/25		1,750			1,120,018
JBS USA Food Co. 144A
5.75%, 01/15/28		900			939,384
7.00%, 01/15/26		1,350			1,405,688
Kosmos Energy Ltd. 144A 7.50%, 03/01/28 †		1,500			1,472,483
Kosmos Energy Ltd. Reg S 7.12%, 04/04/26		200			199,831
MGM China Holdings Ltd. 144A
5.25%, 06/18/25		800			792,128
5.38%, 05/15/24		1,000			1,002,290
5.88%, 05/15/26		1,200			1,200,978
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		2,250			2,236,252
Mong Duong Finance Holdings BV Reg S 5.12%, 05/07/29		200			198,778
Sasol Financing USA LLC
4.38%, 09/18/26		2,400			2,442,120
5.50%, 03/18/31		2,925			3,008,509
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28		2,000			1,965,420
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 10.50%, 06/01/24		2,175			2,350,414
Wynn Macau Ltd. 144A
4.88%, 10/01/24 †		2,125			2,012,184
5.12%, 12/15/29		3,400			3,069,962
5.50%, 01/15/26		3,500			3,296,615
5.50%, 10/01/27		2,575			2,401,187
5.62%, 08/26/28		4,625			4,325,901
					46,460,384
Uruguay: 0.0%
Arcos Dorados Holdings, Inc. Reg S 5.88%, 04/04/27		150			154,837
Uzbekistan: 0.3%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		1,200			1,248,600
Uzauto Motors AJ 144A 4.85%, 05/04/26		900			887,742
Uzauto Motors AJ Reg S 4.85%, 05/04/26		200			197,276
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		1,050			1,090,460
					3,424,078
Zambia: 1.7%
First Quantum Minerals Ltd. 144A

	Par   (000’s		)	Value
Zambia (continued)
6.50%, 03/01/24	$	2,575		$	2,616,844
6.88%, 03/01/26		3,475			3,622,688
6.88%, 10/15/27		5,375			5,744,531
7.25%, 04/01/23		5,300			5,403,085
7.50%, 04/01/25		4,425			4,585,406
					21,972,554
Total Corporate Bonds (Cost: $1,273,221,654)					1,235,960,155
GOVERNMENT OBLIGATIONS: 1.7%
Argentina: 0.7%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		2,900			2,584,147
Ciudad Autonoma De Buenos Aires Reg S 7.50%, 06/01/27		200			178,217
Provincia de Cordoba 144A
5.00%, 06/01/27 (s)		1,732			1,167,070
5.00%, 02/01/29		1,457			947,003
Provincia de Cordoba Reg S 5.00%, 02/01/29 (s)		152			98,851
Provincia de Mendoza 144A 4.25%, 03/19/29 (s)		1,975			1,377,562
Provincia de Neuquen 144A 4.62%, 04/27/30 (s)		1,275			787,312
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		1,783			1,403,981
Provincia del Chubut Reg S 7.75%, 07/26/30 (s)		141			110,841
					8,654,984
Belarus: 0.1%
Development Bank of the Republic of Belarus JSC 144A 6.75%, 05/02/24		1,600			1,504,000
Development Bank of the Republic of Belarus JSC Reg S 6.75%, 05/02/24		200			188,000
					1,692,000
Brazil: 0.1%
Banco Nacional de Desenvolvimento Economico e Social 144A 5.75%, 09/26/23		1,300			1,408,147
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23		250			270,798
					1,678,945
Mongolia: 0.2%
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23		1,700			1,805,352
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		1,800			1,770,750

See Notes to Financial Statements

26

	Par   (000’s		)	Value
Turkey: 0.4%
Istanbul Metropolitan Municipality 144A 6.38%, 12/09/25	$	1,800		$	1,758,715
Istanbul Metropolitan Municipality Reg S 6.38%, 12/09/25		200			195,413
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26		2,600			2,544,662
Turkiye Ihracat Kredi Bankasi AS Reg S 5.38%, 10/24/23		300			305,074
					4,803,864
Uzbekistan: 0.1%
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		1,000			1,029,435
Total Government Obligations (Cost: $21,814,372)					21,435,330
Total Investments Before Collateral for Securities Loaned: 96.8% (Cost: $1,295,036,026)					1,257,395,485
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6% (Cost: $33,912,101)
Money Market Fund: 2.6%
State Street Navigator Securities Lending Government Money Market Portfolio		33,912,101			33,912,101
Total Investments: 99.4% (Cost: $1,328,948,127)					1,291,307,586
Other assets less liabilities: 0.6%					8,176,816
NET ASSETS: 100.0%				$	1,299,484,402

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $41,108,243.
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
(a)	Amount is less than 1,000
(o)	Perpetual Maturity — the date shown is the next call date
(d)	Security in default
*	Non-income producing
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 $820,231,847, or 63.1% of net assets.

See Notes to Financial Statements

27

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		11.9	%	$	149,564,516
Consumer Cyclicals		3.6			44,599,763
Consumer Non-Cyclicals		4.1			51,810,449
Energy		16.8			211,089,493
Financials		35.0			439,614,135
Government Activity		0.8			10,609,112
Healthcare		3.3			41,863,125
Industrials		8.5			107,242,706
Real Estate		4.8			60,470,710
Technology		4.2			52,870,861
Utilities		7.0			87,660,615
		100.0	%	$	1,257,395,485

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	1,235,960,156	$	—	$	1,235,960,156
Government Obligations *		—		21,435,329		—		21,435,329
Money Market Fund		33,912,101		—		—		33,912,101
Total Investments	$	33,912,101	$	1,257,395,485	$	—	$	1,291,307,586

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

28

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 98.7%
Australia: 1.2%
Buckeye Partners LP
3.95%, 12/01/26	$	15,322		$	15,726,807
4.12%, 12/01/27		10,317			10,407,274
4.15%, 07/01/23		12,873			13,335,141
4.35%, 10/15/24 †		7,670			8,032,561
5.60%, 10/15/44		7,678			7,457,718
5.85%, 11/15/43		10,317			10,184,736
					65,144,237
Brazil: 0.3%
Avon Products, Inc. 6.50%, 03/15/23		12,389			13,070,395
Canada: 1.3%
Bombardier, Inc. 144A 7.45%, 05/01/34 †		13,486			16,520,350
Methanex Corp.
4.25%, 12/01/24		7,687			8,119,394
5.25%, 12/15/29		18,008			19,110,990
5.65%, 12/01/44		7,673			7,999,102
TransAlta Corp.
4.50%, 11/15/22		9,700			9,906,125
6.50%, 03/15/40		7,754			9,146,037
					70,801,998
Cayman Islands: 0.3%
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22		13,354			12,919,333
Finland: 0.3%
Nokia Oyj 6.62%, 05/15/39		12,831			17,276,364
France: 1.8%
Electricite de France SA 144A
5.25% (USD Swap Semi 30/360 10 Year+3.71%), 1/29/2023 (o)		53,976			55,959,618
5.62% (USD Swap Semi 30/360 10 Year+3.04%), 1/22/2024 (o)		38,630			41,102,320
					97,061,938
Germany: 2.2%
Deutsche Bank AG
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28		34,951			36,224,588
4.50%, 04/01/25		38,517			41,341,284
Dresdner Funding Trust I 144A 8.15%, 06/30/31		25,598			36,315,883
					113,881,755
Ireland: 1.2%
Perrigo Finance Unlimited Co.
3.15%, 06/15/30		19,275			19,448,022
3.90%, 12/15/24		18,000			19,040,902
4.38%, 03/15/26		18,000			19,225,739
4.90%, 12/15/44		7,800			7,742,098
					65,456,761
Italy: 3.4%
Intesa Sanpaolo SpA 144A

	Par   (000’s		)	Value
Italy (continued)
5.02%, 06/26/24	$	51,347		$	55,076,420
Telecom Italia Capital SA
6.00%, 09/30/34		25,693			28,619,818
6.38%, 11/15/33		25,688			29,505,365
7.20%, 07/18/36		25,515			31,035,426
7.72%, 06/04/38		25,710			32,815,858
					177,052,887
United Kingdom: 2.9%
Lloyds Banking Group Plc 144A
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/1/2035 (o)		9,624			13,501,028
6.66% (ICE LIBOR USD 3 Month+1.27%), 5/21/2037 (o)		11,126			15,951,903
Marks & Spencer Plc 144A 7.12%, 12/01/37 †		7,634			9,198,970
Rolls-Royce Plc 144A 3.62%, 10/14/25 †		26,015			26,600,337
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 7/30/2037 (o)		19,200			26,640,000
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 1/4/2029		51,784			62,654,048
					154,546,286
United States: 83.8%
ADT Security Corp. 4.12%, 06/15/23		17,971			18,729,915
Apache Corp.
4.25%, 01/15/30 †		14,905			15,855,194
4.38%, 10/15/28 †		18,077			19,452,298
4.75%, 04/15/43 †		10,935			11,988,533
5.10%, 09/01/40		34,252			38,429,545
5.25%, 02/01/42		10,196			11,484,978
5.35%, 07/01/49		9,894			11,372,856
6.00%, 01/15/37 †		11,426			13,948,861
Bath & Body Works, Inc. 6.95%, 03/01/33 †		8,903			10,077,128
Bed Bath & Beyond, Inc.
3.75%, 08/01/24 †		7,363			7,501,056
5.17%, 08/01/44 †		17,344			14,775,787
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 †		7,589			7,776,924
Brinker International, Inc. 144A 5.00%, 10/01/24		9,575			10,149,500
Carpenter Technology Corp. 4.45%, 03/01/23		8,246			8,562,792
CDK Global, Inc. 5.00%, 10/15/24 †		13,404			14,874,419
Cleveland-Cliffs, Inc. 6.25%, 10/01/40		6,695			7,339,394
Continental Resources, Inc. 3.80%, 06/01/24		23,417			24,617,121
4.90%, 06/01/44		17,929			20,368,689
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		9,049			11,141,581
DCP Midstream Operating LP

See Notes to Financial Statements

29

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
3.88%, 03/15/23	$	12,867		$	13,285,177
5.60%, 04/01/44		10,230			12,290,322
8.12%, 08/16/30		7,679			10,415,104
DCP Midstream Operating LP 144A
6.45%, 11/03/36		7,667			9,934,094
6.75%, 09/15/37		11,501			15,394,606
Dell, Inc.
5.40%, 09/10/40 †		6,767			8,150,987
6.50%, 04/15/38		9,919			13,170,845
7.10%, 04/15/28 †		7,737			9,983,051
Delta Air Lines, Inc.
2.90%, 10/28/24		23,113			23,616,755
3.75%, 10/28/29 †		12,501			12,714,477
3.80%, 04/19/23		12,826			13,299,247
4.38%, 04/19/28 †		10,546			11,255,094
Diversified Healthcare Trust
4.75%, 05/01/24		6,483			6,693,697
4.75%, 02/15/28		12,918			12,865,165
Domtar Corp.
6.25%, 09/01/42		6,425			6,698,803
6.75%, 02/15/44		6,425			6,809,033
DPL, Inc. 4.35%, 04/15/29		10,302			11,139,037
Embarq Corp. 8.00%, 06/01/36		36,705			40,624,727
EnLink Midstream Partners LP
4.15%, 06/01/25		18,517			19,353,691
4.40%, 04/01/24		13,403			14,022,889
5.05%, 04/01/45		11,471			10,942,703
5.45%, 06/01/47		12,750			12,766,958
5.60%, 04/01/44		8,932			8,774,127
EQM Midstream Partners LP
4.00%, 08/01/24		12,861			13,359,364
4.12%, 12/01/26		12,871			13,257,709
4.75%, 07/15/23		15,435			16,266,329
5.50%, 07/15/28		21,848			24,091,344
6.50%, 07/15/48		14,045			16,727,033
EQT Corp.
3.90%, 10/01/27		32,132			34,341,075
6.62%, 02/01/25		25,703			28,948,004
7.50%, 02/01/30		19,289			24,717,889
FirstEnergy Corp.
1.60%, 01/15/26		7,669			7,566,044
2.05%, 03/01/25		7,731			7,776,458
2.25%, 09/01/30		11,581			11,150,129
2.65%, 03/01/30		15,366			15,158,098
3.40%, 03/01/50		21,689			21,569,710
4.40%, 07/15/27		38,550			41,845,068
4.75%, 03/15/23		21,850			22,668,501
5.35%, 07/15/47		25,707			31,239,775
7.38%, 11/15/31		38,550			52,613,425
FirstEnergy Transmission LLC 144A 4.55%, 04/01/49		12,779			14,963,335
Fluor Corp.
3.50%, 12/15/24 †		9,845			10,275,128
4.25%, 09/15/28 †		15,472			16,109,678

	Par   (000’s		)	Value
United States (continued)
Ford Holdings LLC 9.30%, 03/01/30	$	5,514		$	7,527,106
Ford Motor Co.
4.35%, 12/08/26		28,018			29,989,627
4.75%, 01/15/43		37,356			40,853,642
5.29%, 12/08/46		24,245			27,850,110
6.38%, 02/01/29		4,861			5,699,766
6.62%, 10/01/28		11,895			14,284,111
7.40%, 11/01/46 †		7,456			10,225,419
7.45%, 07/16/31		33,442			44,310,650
Ford Motor Credit Co. LLC
3.09%, 01/09/23		28,010			28,526,784
3.10%, 05/04/23		18,676			19,002,830
3.35%, 11/01/22		22,414			22,782,710
3.66%, 09/08/24		14,017			14,525,116
3.81%, 01/09/24		13,991			14,498,174
3.81%, 11/02/27		14,023			14,567,653
4.06%, 11/01/24		28,031			29,431,148
4.13%, 08/04/25		26,158			27,662,085
4.14%, 02/15/23		16,811			17,285,911
4.27%, 01/09/27		16,824			17,877,014
4.38%, 08/06/23		18,700			19,471,375
4.39%, 01/08/26		22,429			24,027,066
4.54%, 08/01/26		13,989			15,080,562
4.69%, 06/09/25		11,204			11,991,641
5.11%, 05/03/29		27,782			30,907,475
5.58%, 03/18/24		28,026			30,233,047
Freeport-McMoRan, Inc.
3.88%, 03/15/23		25,603			26,403,094
4.55%, 11/14/24		18,794			20,344,881
5.40%, 11/14/34		19,274			23,570,946
5.45%, 03/15/43		47,966			60,401,186
Frontier Florida LLC 6.86%, 02/01/28		8,325			8,876,531
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26		14,100			13,896,185
Genworth Holdings, Inc.
4.80%, 02/15/24		9,808			10,040,057
4.90%, 08/15/23		9,781			10,013,299
6.50%, 06/15/34 †		7,662			7,987,635
Global Marine, Inc.
7.00%, 06/01/28 †		6,674			4,905,390
Goldman Sachs Capital I 6.34%, 02/15/34		24,405			33,839,624
HB Fuller Co. 4.00%, 02/15/27		8,210			8,631,707
HCA, Inc. 7.69%, 06/15/25		7,814			9,386,880
Hexcel Corp.
4.20%, 02/15/27		10,320			11,174,740
4.95%, 08/15/25		7,769			8,577,623
Hillenbrand, Inc. 5.00%, 09/15/26 †		9,774			10,947,027
Howmet Aerospace, Inc.
5.90%, 02/01/27		15,981			18,318,381
5.95%, 02/01/37		16,048			19,334,390
6.75%, 01/15/28 †		7,667			9,334,956

See Notes to Financial Statements

30

	Par   (000’s		)	Value
United States (continued)
Kraft Heinz Foods Co.
3.00%, 06/01/26	$	48,193		$	50,429,518
3.75%, 04/01/30		18,933			20,594,072
4.38%, 06/01/46		76,692			89,655,879
4.62%, 01/30/29		18,651			21,228,489
4.62%, 10/01/39		10,141			11,824,788
4.88%, 10/01/49		38,273			47,458,504
5.00%, 07/15/35		20,250			24,919,004
5.00%, 06/04/42		40,766			50,461,302
5.20%, 07/15/45		46,377			59,074,449
6.50%, 02/09/40		18,036			25,775,613
6.75%, 03/15/32		9,486			12,840,882
6.88%, 01/26/39		20,774			30,464,158
Kraft Heinz Foods Co. 144A 7.12%,08/01/39 †		22,364			33,974,911
Lumen Technologies, Inc.
6.88%, 01/15/28		10,950			12,209,250
7.60%, 09/15/39		13,357			14,763,492
Macy’s Retail Holdings LLC
2.88%, 02/15/23		12,935			13,080,519
3.62%, 06/01/24 †		8,987			9,298,849
4.30%, 02/15/43		6,351			5,462,686
4.50%, 12/15/34		9,421			9,229,754
5.12%, 01/15/42		6,376			5,970,773
Magellan Health, Inc. 4.90%, 09/22/24		9,792			10,732,228
Mattel, Inc.
3.15%, 03/15/23		6,450			6,613,508
5.45%, 11/01/41		7,672			9,063,049
6.20%, 10/01/40		6,393			8,159,066
Michael Kors USA, Inc. 144A 4.50%, 11/01/24		12,130			12,851,128
Murphy Oil Corp.
6.38%, 12/01/42		8,912			9,067,960
7.05%, 05/01/29 †		6,443			7,289,610
Navient Corp.
5.50%, 01/25/23		25,750			26,955,358
5.62%, 08/01/33		15,317			14,560,264
Newell Brands, Inc.
4.35%, 04/01/23		27,967			29,160,911
4.70%, 04/01/26		51,010			55,926,752
5.88%, 04/01/36		10,827			13,143,004
6.00%, 04/01/46		17,159			21,574,354
Nordstrom, Inc.
2.30%, 04/08/24		6,400			6,439,360
4.00%, 03/15/27 †		9,025			9,284,965
4.25%, 08/01/31 †		10,850			10,861,664
4.38%, 04/01/30 †		12,875			13,116,149
5.00%, 01/15/44 †		24,830			24,616,090
6.95%, 03/15/28 †		7,675			8,999,321
Occidental Petroleum Corp.
0.00%, 10/10/36 ^		53,356			30,129,866
2.70%, 02/15/23		10,470			10,600,247
2.90%, 08/15/24		32,611			33,261,589
3.00%, 02/15/27		17,726			17,748,157
3.20%, 08/15/26		21,035			21,324,547
3.40%, 04/15/26		21,901			22,373,843

		Par   (000’s	)		Value
United States (continued)
3.50%, 06/15/25	$	12,336		$	12,783,180
3.50%, 08/15/29		35,425			36,000,656
4.10%, 02/15/47		17,580			17,164,672
4.20%, 03/15/48		23,432			22,869,749
4.30%, 08/15/39		17,577			17,688,350
4.40%, 04/15/46		27,028			27,379,799
4.40%, 08/15/49		16,672			16,689,172
4.50%, 07/15/44		14,630			14,795,685
4.62%, 06/15/45		17,588			18,226,796
5.55%, 03/15/26		25,556			28,239,380
6.20%, 03/15/40		17,297			20,981,261
6.45%, 09/15/36		40,966			52,188,636
6.60%, 03/15/46		25,763			32,999,956
6.95%, 07/01/24		13,693			15,421,741
7.50%, 05/01/31		20,540			26,770,706
7.88%, 09/15/31		11,471			15,357,662
7.95%, 06/15/39		7,553			10,096,284
Oceaneering International, Inc.
4.65%, 11/15/24 †		12,763			13,273,520
6.00%, 02/01/28		7,653			7,879,605
Ovintiv, Inc.
6.50%, 08/15/34		19,283			26,046,930
6.50%, 02/01/38		12,464			16,921,499
6.62%, 08/15/37		11,898			16,185,832
7.20%, 11/01/31		9,008			12,080,402
7.38%, 11/01/31		12,762			17,296,573
8.12%, 09/15/30		7,735			10,619,786
Pactiv LLC 7.95%, 12/15/25		7,584			8,465,640
Patterson-UTI Energy, Inc.
3.95%, 02/01/28 †		13,119			13,159,424
5.15%, 11/15/29		9,027			9,319,322
ProAssurance Corp. 5.30%, 11/15/23		6,970			7,394,686
Qwest Corp. 7.25%, 09/15/25		6,365			7,604,902
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S
4.62%, 04/16/29 †		25,590			26,005,113
4.62%, 04/06/31		8,950			8,933,357
Rockies Express Pipeline LLC 144A
3.60%, 05/15/25		10,210			10,643,312
4.80%, 05/15/30		8,933			9,524,811
4.95%, 07/15/29		14,145			15,152,831
6.88%, 04/15/40		12,759			14,469,344
7.50%, 07/15/38		6,411			7,337,806
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 †		12,866			12,206,617
7.50%, 10/15/27		7,664			8,973,318
Royal Caribbean Cruises Ltd. 144A
10.88%, 06/01/23		25,703			28,787,360
11.50%, 06/01/25		35,761			40,745,189
Safeway, Inc. 7.25%, 02/01/31		6,835			8,261,977
Seagate HDD Cayman 4.09%, 06/01/29		12,878			13,331,563

See Notes to Financial Statements

31

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
4.12%, 01/15/31	$	12,859		$	13,074,131
4.75%, 01/01/25		12,323			13,324,244
4.88%, 03/01/24		12,871			13,740,436
4.88%, 06/01/27		12,994			14,339,101
5.75%, 12/01/34 †		12,513			14,424,173
Sealed Air Corp. 144A 6.88%, 07/15/33		11,978			15,378,734
Service Properties Trust
3.95%, 01/15/28		10,295			9,587,219
4.35%, 10/01/24		21,219			21,409,971
4.38%, 02/15/30		10,300			9,720,625
4.50%, 06/15/23		625			638,281
4.50%, 03/15/25		9,028			9,041,993
4.65%, 03/15/24		21,494			21,708,940
4.75%, 10/01/26		11,509			11,396,787
4.95%, 02/15/27		10,294			10,152,457
4.95%, 10/01/29		10,931			10,534,751
5.25%, 02/15/26		9,016			9,117,430
Southeast Supply Header LLC 144A 4.25%, 06/15/24		10,384			10,825,320
Southwestern Energy Co. 6.45%, 01/23/25		18,090			19,740,712
Spirit AeroSystems, Inc.
3.85%, 06/15/26		7,683			8,076,754
3.95%, 06/15/23		7,680			7,799,808
4.60%, 06/15/28 †		17,988			17,781,138
Sprint Capital Corp.
6.88%, 11/15/28		63,657			80,570,028
8.75%, 03/15/32		51,383			76,971,734
Tenet Healthcare Corp. 6.88%, 11/15/31		9,355			10,723,169
Topaz Solar Farms LLC 144A 5.75%, 09/30/39		16,063			19,530,534
Transocean, Inc.
6.80%, 03/15/38		15,550			9,330,000
7.50%, 04/15/31		10,089			6,574,245
Travel + Leisure Co.
3.90%, 03/01/23		10,306			10,656,404
5.65%, 04/01/24		7,722			8,376,826
6.00%, 04/01/27		10,305			11,220,496
6.60%, 10/01/25		9,008			10,064,638
Trinity Industries, Inc. 4.55%, 10/01/24		10,863			11,526,729

	Par   (000’s		)	Value
United States (continued)
Under Armour, Inc. 3.25%, 06/15/26 †	$	16,016		$	16,436,420
United States Cellular Corp. 6.70%, 12/15/33		14,155			17,636,819
United States Steel Corp. 6.65%, 06/01/37 †		9,503			10,088,575
Western Midstream Operating LP
3.95%, 06/01/25		4,750			5,009,350
4.35%, 02/01/25		24,325			25,510,844
4.50%, 03/01/28		10,301			11,163,709
4.65%, 07/01/26		12,182			13,171,970
4.75%, 08/15/28		10,288			11,331,718
5.30%, 02/01/30		30,833			33,839,217
5.30%, 03/01/48		17,891			20,868,241
5.45%, 04/01/44		15,333			18,014,052
5.50%, 08/15/48		8,966			10,716,074
6.50%, 02/01/50		25,689			30,787,367
Xerox Corp.
3.80%, 05/15/24 †		7,729			8,038,160
4.38%, 03/15/23		25,703			26,549,143
4.80%, 03/01/35 †		6,450			6,442,292
6.75%, 12/15/39 †		9,034			9,841,233
XPO CNW, Inc. 6.70%, 05/01/34		7,772			9,724,715
Yum! Brands, Inc.
3.88%, 11/01/23 †		8,326			8,711,077
5.35%, 11/01/43		7,036			7,819,881
6.88%, 11/15/37		8,351			10,534,954
					4,410,324,715
Total Corporate Bonds (Cost: $4,926,351,575)					5,197,536,669
	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7% (Cost: $195,344,301)
Money Market Fund: 3.7%
State Street Navigator Securities Lending Government Money Market Portfolio		195,344,301			195,344,301
Total Investments: 102.4% (Cost: $5,121,695,876)					5,392,880,970
Liabilities in excess of other assets: (2.4)%					(128,258,634	)
NET ASSETS: 100.0%				$	5,264,622,336

Definitions:
USD	United States Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $214,967,597.
(o)	Perpetual Maturity — the date shown is the next call date

See Notes to Financial Statements

32

^	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 $593,345,162, or 11.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		4.8	%	$	249,065,851
Communications		0.2			8,876,531
Consumer Cyclicals		13.8			715,811,480
Consumer Non-Cyclicals		9.6			500,033,939
Energy		28.9			1,500,699,442
Financials		13.3			689,094,446
Healthcare		1.8			96,299,038
Industrials		5.9			308,288,321
Real Estate		2.5			132,867,318
Technology		12.4			642,696,622
Utilities		6.8			353,803,681
		100.0	%	$	5,197,536,669

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	5,197,536,669	$	—	$	5,197,536,669
Money Market Fund		195,344,301		—		—		195,344,301
Total Investments	$	195,344,301	$	5,197,536,669	$	—	$	5,392,880,970

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

33

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 85.5%
Australia: 0.4%
National Australia Bank Ltd. 3.62%, 06/20/23	$	375		$	393,949
Bermuda: 0.4%
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		350			375,398
Brazil: 2.2%
Banco BTG Pactual SA 144A 2.75%, 01/11/26		250			240,325
Fibria Overseas Finance Ltd. 5.50%, 01/17/27		375			420,487
FS Luxembourg Sarl 144A 10.00%, 12/15/25		300			331,239
Klabin Austria GmbH 144A 7.00%, 04/03/49		150			173,389
Klabin Finance SA 144A 4.88%, 09/19/27		465			499,880
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 †		250			260,312
Suzano Austria GmbH 144A 5.75%, 07/14/26		250			285,440
					2,211,072
British Virgin Islands: 0.2%
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23		200			201,240
Canada: 1.9%
Alimentation Couche-Tard, Inc. 144A 3.62%, 05/13/51 †		150			160,114
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		100			105,250
Bank of Nova Scotia 2.38%, 01/18/23		225			230,147
Brookfield Finance, Inc. 2.72%, 04/15/31		250			253,847
Canadian Imperial Bank of Commerce 0.95%, 10/23/25		250			245,762
CDP Financial, Inc. Reg S 1.00%, 05/26/26		500			495,129
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		300			287,509
Tucson Electric Power Co. 1.50%, 08/01/30		150			141,188
					1,918,946
Cayman Islands: 0.4%
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25		400			401,064
Chile: 0.8%
Inversiones CMPC SA 144A 4.38%, 04/04/27		250			272,271

	Par   (000’s		)		Value
Chile (continued)
Inversiones Latin America Power Ltda Reg S 5.12%, 06/15/33	$	200		$	195,784
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51		300			293,313
					761,368
China: 8.0%
Bank of China Ltd. Reg S
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/07/23		200			201,319
0.95%, 09/21/23		450			450,394
1.00% (United States Secured Overnight Financing Rate+0.95%), 10/17/22		200			200,860
1.01% (ICE LIBOR USD 3 Month+0.88%), 11/22/22		300			301,695
Central China Real Estate Ltd. Reg S 7.50%, 07/14/25		200			93,865
China Construction Bank Corp. Reg S 0.79% (ICE LIBOR USD 3 Month+0.66%), 10/22/22		400			401,216
1.00%, 08/04/23		200			200,294
1.25%, 08/04/25		400			395,142
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		400			392,684
CIFI Holdings Group Co. Ltd. Reg S 5.95%, 10/20/25		400			389,902
ICBCIL Finance Co. Ltd. Reg S 1.18% (ICE LIBOR USD 3 Month+1.05%), 11/20/24		400			400,384
Industrial & Commercial Bank of China Ltd. Reg S
0.79% (ICE LIBOR USD 3 Month+0.67%), 09/16/22		200			200,495
0.84% (ICE LIBOR USD 3 Month+0.72%), 04/25/22		225			225,387
0.90% (ICE LIBOR USD 3 Month+0.78%), 09/16/24		800			806,040
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/14/23		400			402,796
0.95% (ICE LIBOR USD 3 Month+0.83%), 04/25/24		200			201,608
2.25%, 09/16/22		200			202,458
2.88%, 10/12/22		300			305,617
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23		400			399,376
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22		200			203,764
KWG Group Holdings Ltd. Reg S 6.00%, 08/14/26		200			161,655
Modern Land China Co. Ltd. Reg S

See Notes to Financial Statements

34

	Par   (000’s		)	Value
China (continued)
9.80%, 04/11/23	$	200		$	47,540
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24		200			209,921
Shanghai Pudong Development Bank Co. Ltd./London Reg S 0.83% (ICE LIBOR USD 3 Month+0.70%), 10/29/22		200			199,997
Shuifa International Holdings BVI Co. Ltd. Reg S 4.00%, 03/24/24		200			193,962
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		200			206,596
Yuzhou Group Holdings Co. Ltd. Reg S
6.35%, 01/13/27		200			90,938
7.85%, 08/12/26		200			91,705
Zhenro Properties Group Ltd. Reg S
6.63%, 01/07/26		200			140,542
7.10%, 09/10/24		200			147,643
7.35%, 02/05/25		200			141,147
					8,006,942
Colombia: 0.3%
Consorcio Transmantaro SA 144A 4.70%, 04/16/34		300			331,146
Dominican Republic: 0.1%
UEP Penonome II SA 144A 6.50%, 10/01/38		96			100,769
France: 0.7%
Electricite de France SA 144A 3.62%, 10/13/25		600			647,861
Georgia: 0.4%
Georgia Global Utilities JSC 144A 7.75%, 07/30/25		100			106,569
Georgian Railway JSC 144A 4.00%, 06/17/28		250			253,125
					359,694
Germany: 3.7%
Kreditanstalt fuer Wiederaufbau
0.75%, 09/30/30 †		950			887,025
1.00%, 10/01/26		250			247,478
1.75%, 09/14/29		1,900			1,929,926
2.00%, 09/29/22		300			304,985
Landesbank Baden-Wuerttemberg Reg S 2.38%, 05/31/22		350			354,291
					3,723,705
Hong Kong: 1.7%
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24		200			203,696
Industrial Bank Co. Ltd. Reg S 0.88%, 06/10/24		200			198,388

	Par   (000’s		)	Value
Hong Kong (continued)
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26	$	200		$	207,544
Modern Land China Co. Ltd. Reg S 11.50%, 11/13/22		300			69,668
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		400			417,349
MTR Corp. Ltd. Reg S 1.62%, 08/19/30		400			386,028
Yango Justice International Ltd. Reg S 7.50%, 02/17/25		200			48,854
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		200			195,447
					1,726,974
India: 3.3%
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		350			354,761
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		50			53,885
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24		200			215,540
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39		186			186,771
India Green Energy Holdings 144A 5.38%, 04/29/24		150			155,683
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27		200			213,619
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		350			350,271
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27		200			209,028
REC Ltd. Reg S 3.88%, 07/07/27		200			209,224
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27		200			210,161
ReNew Power Synthetic 144A 6.67%, 03/12/24		500			524,247
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		200			203,437
State Bank of India/London Reg S 4.50%, 09/28/23		400			424,224
					3,310,851

See Notes to Financial Statements

35

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Indonesia: 2.4%
Perusahaan Penerbit SBSN Indonesia III 144A
2.30%, 06/23/25	$	300		$	309,324
3.55%, 06/09/51		275			275,737
3.75%, 03/01/23		650			676,881
3.90%, 08/20/24		450			485,930
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38		550			612,593
					2,360,465
Japan: 1.9%
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		200			194,821
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23		250			258,466
Norinchukin Bank 144A
1.28%, 09/22/26		200			198,141
2.08%, 09/22/31		300			296,148
Sumitomo Mitsui Financial Group, Inc. 0.51%, 01/12/24		250			247,978
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26		275			274,623
Toyota Motor Credit Corp. 2.15%, 02/13/30		400			403,124
					1,873,301
Luxembourg: 0.9%
Bank of China Ltd. Reg S 1.40%, 04/28/26		200			197,923
European Investment Bank 1.62%, 05/13/31 †		700			702,188
					900,111
Mauritius: 0.9%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		200			201,812
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		150			152,723
Cliffton Ltd. 144A 6.25%, 10/25/25		200			198,345
India Cleantech Energy 144A 4.70%, 08/10/26		150			151,294
India Green Power Holdings 144A 4.00%, 02/22/27		200			201,250
					905,424
Mexico: 0.4%
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		400			377,826
Netherlands: 4.6%
Cooperatieve Rabobank UA 144A

	Par   (000’s		)	Value
Netherlands (continued)
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 †	$	450		$	440,886
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27		550			537,086
Greenko Dutch BV 144A 3.85%, 03/29/26		591			597,590
ING Groep NV 144A
1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26		450			447,556
4.62%, 01/06/26		650			728,629
Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24		200			209,143
Nederlandse Waterschapsbank NV 144A
1.00%, 05/28/30		300			284,678
2.38%, 03/24/26		750			788,309
NXP BV / NXP Funding LLC / NXP USA, Inc. 144A 2.50%, 05/11/31		550			547,098
					4,580,975
Norway: 0.8%
Kommunalbanken AS 144A
0.50%, 10/21/24		300			296,370
2.12%, 02/11/25		475			493,025
					789,395
Philippines: 0.2%
Bank of the Philippine Islands Reg S 2.50%, 09/10/24		200			207,821
Portugal: 0.4%
EDP Finance BV 144A 1.71%, 01/24/28		400			390,319
Qatar: 0.4%
QNB Finance Ltd. Reg S 1.62%, 09/22/25		400			400,740
Saudi Arabia: 0.5%
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26		200			199,014
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		300			302,182
					501,196
Singapore: 1.4%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		298			305,938
DBS Group Holdings Ltd. 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 07/25/22		250			250,947
Greenko Investment Co. 144A

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Singapore (continued)
4.88%, 08/16/23 †	$	200		$	202,125
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		400			422,841
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		210			234,627
					1,416,478
South Korea: 2.6%
Hanwha Energy USA Holdings Corp. 144A 2.38%, 07/30/22		150			151,769
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26		300			293,624
Incheon International Airport Corp. Reg S 1.25%, 05/04/26		200			196,967
Kia Corp. 144A 1.75%, 10/16/26		400			397,198
Korea Electric Power Corp. 144A 2.50%, 06/24/24		350			364,786
Korea Water Resources Corp. Reg S 3.88%, 05/15/23		200			209,732
LG Chem Ltd. 144A
1.38%, 07/07/26		200			196,134
2.38%, 07/07/31		225			221,036
3.25%, 10/15/24		250			265,104
3.62%, 04/15/29		250			273,405
					2,569,755
Spain: 1.1%
Avangrid, Inc.
3.20%, 04/15/25		531			562,065
3.80%, 06/01/29		450			500,310
					1,062,375
Supranational: 9.0%
Asian Development Bank
1.75%, 08/14/26		275			281,929
2.12%, 03/19/25		400			416,823
2.38%, 08/10/27		300			317,220
3.12%, 09/26/28		450			499,277
Central American Bank for Economic Integration Reg S 0.97% (ICE LIBOR USD 3 Month+0.85%), 11/15/24		200			201,423
European Bank for Reconstruction & Development
1.50%, 02/13/25		500			509,684
1.62%, 09/27/24		500			511,986
European Investment Bank
0.75%, 09/23/30		600			560,311
1.62%, 10/09/29 †		830			834,991
2.12%, 04/13/26		800			835,102
2.38%, 05/24/27		700			740,111
2.50%, 10/15/24 †		450			472,600

	Par   (000’s		)	Value
Supranational (continued)
European Investment Bank 144A 2.88%, 06/13/25	$	750		$	801,970
International Bank for Reconstruction & Development
2.12%, 03/03/25		430			447,103
3.12%, 11/20/25		375			405,882
International Finance Corp.
2.00%, 10/24/22		270			274,604
2.12%, 04/07/26		794			828,168
					8,939,184
Sweden: 1.0%
Kommuninvest I Sverige AB 144A
0.38%, 06/19/24		500			494,981
1.62%, 04/24/23		500			508,914
					1,003,895
United Arab Emirates: 0.9%
First Abu Dhabi Bank PJSC Reg S 3.00%, 03/30/22		200			202,159
MAF Sukuk Ltd. Reg S
3.93%, 02/28/30		200			216,528
4.64%, 05/14/29		400			451,000
					869,687
United Kingdom: 1.0%
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28		200			204,000
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24		300			306,951
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		300			289,696
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		200			215,488
					1,016,135
United States: 30.6%
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25		200			207,544
AES Corp.
1.38%, 01/15/26		450			440,458
2.45%, 01/15/31		455			445,795
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26		200			197,071
Alexandria Real Estate Equities, Inc.
2.00%, 05/18/32		350			337,410
3.80%, 04/15/26		300			328,383
Apple, Inc.
2.85%, 02/23/23		125			128,479
3.00%, 06/20/27		1,100			1,187,818

See Notes to Financial Statements

37

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A
3.25%, 09/01/28 †	$	400		$	392,000
4.00%, 09/01/29 †		475			472,934
Arizona Public Service Co. 2.65%, 09/15/50		200			187,069
Boston Properties LP
2.55%, 04/01/32		450			448,468
3.40%, 06/21/29		475			509,613
4.50%, 12/01/28		400			457,238
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24		750			761,219
Clearway Energy Operating LLC 144A
3.75%, 02/15/31		500			495,638
4.75%, 03/15/28		425			450,181
Dana, Inc. 4.25%, 09/01/30 †		200			202,640
Deutsche Bank AG 1.69%, 03/19/26		500			498,993
DTE Electric Co.
1.90%, 04/01/28		250			250,578
3.25%, 04/01/51		200			220,422
3.95%, 03/01/49		290			350,137
Duke Energy Carolinas LLC
3.35%, 05/15/22		50			50,830
3.95%, 11/15/28		300			339,280
Duke Energy Florida LLC 2.50%, 12/01/29		350			361,409
Duke Energy Progress LLC 3.45%, 03/15/29		400			438,181
Duke Realty LP
1.75%, 02/01/31		200			190,417
2.88%, 11/15/29		225			235,929
Equinix, Inc.
1.00%, 09/15/25 †		375			367,734
1.55%, 03/15/28		200			194,004
2.50%, 05/15/31		550			550,514
ERP Operating LP 4.15%, 12/01/28		200			226,503
Evergy Kansas Central, Inc. 2.55%, 07/01/26		200			208,455
Federal Realty Investment Trust 1.25%, 02/15/26		200			197,908
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25		400			417,080
Healthpeak Properties, Inc. 1.35%, 02/01/27		200			196,156
Host Hotels & Resorts LP 3.38%, 12/15/29		350			358,751
Interstate Power & Light Co.
3.50%, 09/30/49		150			168,038
4.10%, 09/26/28		250			282,541

	Par (000’s		)	Value
United States (continued)
Interstate Power and Light Co. 3.60%, 04/01/29	$	150		$	165,164
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		300			288,250
JPMorgan Chase & Co. 0.65% (United States Secured Overnight Financing Rate+0.60%), 09/16/24		525			523,874
Kaiser Foundation Hospitals
2.81%, 06/01/41		600			608,990
3.15%, 05/01/27		280			300,738
Kilroy Realty LP
2.50%, 11/15/32		50			49,039
4.75%, 12/15/28		350			403,676
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29		200			201,254
Massachusetts Institute of Technology 3.96%, 07/01/38		200			237,670
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 †		350			345,824
MidAmerican Energy Co.
2.70%, 08/01/52		200			197,531
3.10%, 05/01/27		225			242,311
3.15%, 04/15/50		200			214,061
3.65%, 04/15/29		500			556,381
3.65%, 08/01/48		350			401,709
3.95%, 08/01/47		300			360,557
4.25%, 07/15/49		525			660,969
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28		725			717,024
Northern States Power Co.
2.60%, 06/01/51		250			244,311
2.90%, 03/01/50		250			258,480
3.20%, 04/01/52		200			217,809
NSTAR Electric Co. 3.25%, 05/15/29		325			354,234
Owens Corning 3.95%, 08/15/29		225			251,228
PacifiCorp 2.90%, 06/15/52		200			199,233
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		350			362,687
Piedmont Operating Partnership LP 3.15%, 08/15/30		150			153,312
PNC Financial Services Group, Inc. 2.20%, 11/01/24		310			322,117
Prologis LP 1.25%, 10/15/30		375			349,717

See Notes to Financial Statements

38

	Par   (000’s		)	Value
United States (continued)
Public Service Co. of Colorado
3.20%, 03/01/50	$	250		$	269,144
3.70%, 06/15/28 †		450			500,164
4.10%, 06/15/48		460			566,067
Public Service Co. of Oklahoma
2.20%, 08/15/31		250			246,374
3.15%, 08/15/51		150			154,263
Regency Centers LP 3.75%, 06/15/24		125			132,887
Renewable Energy Group, Inc. 144A 5.88%, 06/01/28		300			315,750
Seattle Children’s Hospital 2.72%, 10/01/50 †		150			149,281
SK Battery America, Inc. Reg S
1.62%, 01/26/24		250			249,077
2.12%, 01/26/26		200			195,930
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41		500			516,673
Southern Power Co. 4.15%, 12/01/25		700			769,154
Southwestern Public Service Co. 3.15%, 05/01/50		100			105,881
Sunnova Energy Corp. 144A 5.88%, 09/01/26		200			203,250
Toyota Auto Receivables Owner 0.26%, 11/17/25		204			202,479
UDR, Inc. 1.90%, 03/15/33		175			162,724
Union Electric Co. 2.62%, 03/15/51		275			269,936
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		200			204,097
Verizon Communications, Inc.
1.50%, 09/18/30		300			281,763
2.85%, 09/03/41		400			391,753
3.88%, 02/08/29		725			808,391
Vornado Realty LP
2.15%, 06/01/26 †		200			201,532
3.40%, 06/01/31		150			154,048
Welltower, Inc. 2.70%, 02/15/27		250			260,912
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			195,509
					30,449,007
Total Corporate Bonds (Cost: $86,038,607)					85,085,068
GOVERNMENT OBLIGATIONS: 13.3%
Brazil: 0.3%
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		250			269,149

	Par   (000’s		)	Value
Chile: 1.9%
Chile Government International Bond
2.55%, 01/27/32	$	750		$	741,802
3.50%, 01/25/50		1,150			1,172,724
					1,914,526
China: 0.2%
China Development Bank Reg S 2.75%, 11/16/22		200			204,135
Egypt: 0.4%
Egypt Government International Bond 144A 5.25%, 10/06/25		200			201,496
Egypt Government International Bond Reg S 5.25%, 10/06/25		200			201,496
					402,992
Hong Kong: 1.8%
Hong Kong Government International Bond 144A
0.62%, 02/02/26		600			583,376
1.38%, 02/02/31		500			481,731
2.38%, 02/02/51		200			190,133
2.50%, 05/28/24		450			469,685
					1,724,925
Pakistan: 0.2%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		200			196,750
South Korea: 1.6%
Export-Import Bank of Korea 144A 1.75%, 10/19/28		250			249,629
Export-Import Bank of Korea Reg S 0.87% (ICE LIBOR USD 3 Month+0.74%), 03/22/23		200			201,610
Korea Development Bank
0.40%, 06/19/24		350			346,671
0.85% (ICE LIBOR USD 3 Month+0.72%), 07/06/22		300			301,238
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23		300			315,541
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25		200			204,630
					1,619,319
United States: 6.9%
City of San Francisco CA Public Utilities Commission Water Revenue
2.83%, 11/01/41		100			100,947
3.30%, 11/01/39		100			107,174
3.47%, 11/01/43		250			266,049
Commonwealth of Massachusetts 3.28%, 06/01/46		150			165,599

See Notes to Financial Statements

39

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
District of Columbia Water & Sewer Authority 4.81%, 10/01/14	$	170		$	254,691
Fannie Mae-Aces
2.44%, 10/25/29		37			39,411
2.52%, 08/25/29		614			651,826
2.55%, 07/25/24		188			194,477
2.78%, 02/25/27		321			342,272
2.90%, 01/25/28		415			446,931
2.94%, 06/25/29		10			10,891
2.96%, 09/25/27		275			296,026
3.06%, 03/25/28		879			955,416
3.09%, 02/25/30		388			426,809
3.14%, 11/25/27		15			15,863
3.32%, 06/25/28		350			386,424
3.55%, 09/25/28		1,165			1,310,630
3.69%, 09/25/30		115			132,629
Freddie Mac Multifamily Structured Pass Through Certificates
1.30%, 06/25/30		30			29,179
2.88%, 04/25/26		285			303,117
Metropolitan Transportation Authority 5.17%, 11/15/49		300			411,055
					6,847,416
Total Government Obligations (Cost: $13,214,048)					13,179,212
	Number of Shares
PREFERRED SECURITIES: 0.2% (Cost: $173,320)
Canada: 0.2%
Brookfield Finance, Inc., 4.62%,10/16/80 †		7,000			178,010
Total Investments Before Collateral for Securities Loaned: 99.0% (Cost: $99,425,975)					98,442,290
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $1,539,910)
Money Market Fund: 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio		1,539,910			1,539,910
Total Investments: 100.5% (Cost: $100,965,885)					99,982,200
Liabilities in excess of other assets: (0.5)%					(523,975)
NET ASSETS: 100.0%				$	99,458,225

Definitions:

USD United States Dollar

See Notes to Financial Statements

40

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,729,642.
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 $29,299,988, or 29.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Academic & Educational Services		0.2	%	$	237,670
Basic Materials		3.8			3,765,393
Consumer Cyclicals		1.2			1,144,691
Consumer Non-Cyclicals		0.4			377,826
Energy		1.6			1,608,082
Financials		39.7			39,103,358
Government Activity		9.0			8,810,092
Healthcare		1.1			1,059,010
Industrials		3.6			3,488,233
Mortgage Securities		5.6			5,541,902
Real Estate		8.4			8,281,639
Technology		3.4			3,345,302
Utilities		22.0			21,679,092
		100.0	%	$	98,442,290

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	85,085,068	$	—	$	85,085,068
Government Obligations *		—		13,179,212		—		13,179,212
Preferred Securities *		178,010		—		—		178,010
Money Market Fund		1,539,910		—		—		1,539,910
Total Investments	$	1,717,920	$	98,264,280	$	—	$	99,982,200

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

41

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

		Par   (000’s	)	Value
CORPORATE BONDS: 97.7%
Argentina: 0.8%
Arcor SAIC 144A 6.00%, 07/06/23	USD	50		$	48,795
MercadoLibre, Inc. 3.12%, 01/14/31	USD	100			94,505
Pampa Energia SA 144A
7.38%, 07/21/23	USD	50			48,027
7.50%, 01/24/27	USD	50			44,359
9.12%, 04/15/29	USD	50			45,713
Pan American Energy LLC 144A 9.12%, 04/30/27	USD	35			39,373
Telecom Argentina SA 144A 8.00%, 07/18/26	USD	75			69,877
YPF Energia Electrica SA 144A 10.00%, 07/25/26	USD	35			32,179
YPF SA 144A
2.50%, 06/30/29 (s)	USD	75			50,493
4.00%, 02/12/26 (s)	USD	75			64,685
6.95%, 07/21/27	USD	100			72,708
7.00%, 12/15/47	USD	75			49,332
8.50%, 03/23/25	USD	22			19,891
8.50%, 07/28/25	USD	150			121,614
8.75%, 04/04/24	USD	75			67,806
					869,357
Australia: 0.4%
FMG Resources August 2006 Pty Ltd. 144A
4.38%, 04/01/31	USD	150			152,063
4.50%, 09/15/27	USD	25			26,156
5.12%, 05/15/24 †	USD	75			80,040
Mineral Resources Ltd. 144A 8.12%, 05/01/27	USD	100			108,087
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.75%, 04/30/26	USD	50			51,156
					417,502
Austria: 0.3%
ams AG 144A 7.00%, 07/31/25	USD	100			106,000
Novomatic AG 1.62%, 09/20/23	EUR	50			57,272
Wienerberger AG Reg S 2.75%, 06/04/25	EUR	100			123,302
					286,574
Azerbaijan: 0.2%
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30	USD	200			245,337
Bahamas: 0.2%
Akelius Residential Property AB Reg S 3.88% (EUR Swap Annual 5 Year+3.49%), 10/05/78	EUR	175			212,397
Belgium: 0.5%
La Financiere Atalian SASU Reg S 4.00%, 05/15/24	EUR	150			171,369

		Par   (000’s	)	Value
Belgium (continued)
Ontex Group NV Reg S 3.50%, 07/15/26	EUR	100		$	110,893
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o)	EUR	150			189,189
Weatherford International Ltd. 144A 8.62%, 04/30/30	USD	125			128,573
					600,024
Bermuda: 0.4%
Digicel Group Holdings Ltd. 10.00%, 04/01/24	USD	53			53,987
Digicel Group Holdings Ltd. 144A
6.75%, 03/01/23	USD	50			48,446
8.00%, 04/01/25	USD	61			59,014
8.75%, 05/25/24	USD	100			103,875
Eurochem Finance DAC 144A 5.50%, 03/13/24	USD	100			107,688
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	USD	100			107,256
					480,266
Brazil: 7.0%
Adecoagro SA 144A 6.00%, 09/21/27	USD	150			155,589
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD	100			100,533
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27	USD	105			108,386
Azul Investments LLP 144A 5.88%, 10/26/24	USD	50			46,461
Banco Bradesco SA 144A
2.85%, 01/27/23	USD	100			101,251
3.20%, 01/27/25	USD	100			101,128
Banco BTG Pactual SA 144A 5.50%, 01/31/23	USD	200			207,752
Banco do Brasil SA 144A
4.62%, 01/15/25	USD	100			104,876
4.75%, 03/20/24	USD	100			105,001
5.88%, 01/19/23	USD	150			156,752
Banco Votorantim SA 144A 4.38%, 07/29/25	USD	100			101,626
Braskem America Finance Co. 144A 7.12%, 07/22/41	USD	50			60,688
Braskem Finance Ltd. 6.45%, 02/03/24	USD	75			82,031
Braskem Idesa SAPI 144A 7.45%, 11/15/29	USD	200			212,500
Braskem Netherlands Finance BV 144A
4.50%, 01/10/28	USD	100			102,251
4.50%, 01/31/30	USD	125			127,004
5.88%, 01/31/50	USD	100			106,567

See Notes to Financial Statements

42

		Par   (000’s	)	Value
Brazil (continued)
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81	USD	50		$	55,737
BRF SA 144A 4.75%, 05/22/24	USD	200			208,752
Caixa Economica Federal 144A 3.50%, 11/07/22	USD	50			50,938
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24	USD	200			223,730
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30	USD	100			98,126
Cosan Luxembourg SA 144A 7.00%, 01/20/27	USD	100			103,750
Cosan SA 144A 5.50%, 09/20/29 †	USD	100			104,626
CSN Inova Ventures 144A 6.75%, 01/28/28	USD	200			212,650
Embraer Netherlands Finance BV
5.05%, 06/15/25	USD	100			104,001
5.40%, 02/01/27	USD	125			130,911
Embraer Overseas Ltd. 144A 5.70%, 09/16/23	USD	100			105,541
FS Luxembourg Sarl 144A 10.00%, 12/15/25	USD	100			110,413
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30	USD	100			97,147
Gol Finance SA 144A 7.00%, 01/31/25	USD	100			90,242
Guara Norte Sarl 144A 5.20%, 06/15/34	USD	98			96,411
Itau Unibanco Holding SA 144A 2.90%, 01/24/23	USD	125			126,681
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24	USD	100			99,876
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)	USD	100			93,501
5.12%, 05/13/23	USD	200			209,796
Klabin Austria GmbH 144A 5.75%, 04/03/29	USD	200			218,000
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26	USD	100			97,776
MARB BondCo Plc 144A 3.95%, 01/29/31	USD	100			95,246
Minerva Luxembourg SA 144A 5.88%, 01/19/28	USD	75			80,063
MV24 Capital BV 144A 6.75%, 06/01/34	USD	93			96,501
Natura Cosmeticos SA 144A 4.12%, 05/03/28	USD	100			99,105
NBM US Holdings, Inc. 144A 6.62%, 08/06/29	USD	100			109,001

		Par   (000’s	)	Value
Brazil (continued)
7.00%, 05/14/26	USD	100		$	105,975
Nexa Resources SA 144A 6.50%, 01/18/28	USD	100			111,535
Petrobras Global Finance BV
5.09%, 01/15/30	USD	200			204,150
5.30%, 01/27/25	USD	100			108,875
5.60%, 01/03/31	USD	125			130,906
5.75%, 02/01/29	USD	75			81,431
6.00%, 01/27/28	USD	150			163,313
6.25%, 03/17/24	USD	100			109,425
6.75%, 01/27/41	USD	100			107,229
6.75%, 06/03/50	USD	75			77,054
6.85%, 06/05/15	USD	175			172,197
6.88%, 01/20/40	USD	100			108,827
6.90%, 03/19/49	USD	125			131,563
7.25%, 03/17/44	USD	125			136,679
7.38%, 01/17/27	USD	150			176,626
8.75%, 05/23/26 †	USD	50			61,488
Rede D’or Finance Sarl 144A 4.50%, 01/22/30	USD	200			196,252
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24	USD	163			178,066
Rumo Luxembourg Sarl 144A 5.88%, 01/18/25 †	USD	100			103,385
Ultrapar International SA 144A 5.25%, 10/06/26	USD	100			106,627
Usiminas International Sarl 144A 5.88%, 07/18/26	USD	100			105,126
					7,775,646
British Virgin Islands: 0.3%
Central China Real Estate Ltd. Reg S 7.25%, 04/24/23	USD	200			118,000
China SCE Group Holdings Ltd. Reg S 7.38%, 04/09/24	USD	200			174,287
Fantasia Holdings Group Co. Ltd. Reg S 10.88%, 01/09/23	USD	200			59,673
					351,960
Bulgaria: 0.1%
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25	EUR	100			123,565
Burkina Faso: 0.0%
IAMGOLD Corp. 144A 5.75%, 10/15/28	USD	25			24,577
Canada: 5.9%
Air Canada 4.62%, 08/15/29	CAD	125			100,633
Air Canada 144A 4.62%, 08/15/29	CAD	200			161,349
Altera Infrastructure LP/Teekay Offshore Finance Corp. 144A 8.50%, 07/15/23	USD	100			76,000

See Notes to Financial Statements

43

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)	Value
Canada (continued)
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28	USD	50		$	50,500
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24	USD	50			52,625
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26	USD	50			53,043
Baytex Energy Corp. 144A 5.62%, 06/01/24	USD	53			53,504
Bombardier, Inc. 144A
7.12%, 06/15/26	USD	175			183,750
7.50%, 12/01/24	USD	100			104,250
7.50%, 03/15/25	USD	125			128,470
7.88%, 04/15/27	USD	225			234,208
Brookfield Property Finance ULC
3.93%, 08/24/25	CAD	50			40,750
3.93%, 01/15/27	CAD	50			40,328
4.30%, 03/01/24	CAD	75			62,040
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27	USD	150			156,375
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28	USD	100			104,750
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28	CAD	75			61,054
Eldorado Gold Corp. 144A 6.25%, 09/01/29 †	USD	50			50,827
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 †	USD	100			117,763
Empire Communities Corp. 144A 7.00%, 12/15/25	USD	25			25,906
Ensign Drilling, Inc. 144A 9.25%, 04/15/24	USD	50			49,595
Ford Credit Canada Co. 2.96%, 09/16/26	CAD	75			59,303
Garda World Security Corp. 144A 9.50%, 11/01/27	USD	50			53,937
GFL Environmental, Inc. 144A
3.50%, 09/01/28	USD	150			149,438
3.75%, 08/01/25	USD	50			51,510
4.38%, 08/15/29	USD	50			49,584
4.75%, 06/15/29	USD	50			50,500
5.12%, 12/15/26	USD	75			78,469
Gibson Energy, Inc.
2.85%, 07/14/27	CAD	25			20,300
3.60%, 09/17/29	CAD	75			62,840
goeasy Ltd. 144A
4.38%, 05/01/26	USD	25			25,531
5.38%, 12/01/24	USD	50			51,375
Hudbay Minerals, Inc. 144A

		Par   (000’s	)	Value
Canada (continued)
4.50%, 04/01/26	USD	100		$	99,875
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28	USD	40			41,200
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79	CAD	65			56,486
Intertape Polymer Group, Inc. 144A 4.38%, 06/15/29	USD	50			50,192
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79	CAD	75			66,953
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 # (d) * ∞	USD	256			0
Mattamy Group Corp. 144A
4.62%, 03/01/30	USD	50			50,779
5.25%, 12/15/27	USD	50			52,062
MEG Energy Corp. 144A
5.88%, 02/01/29	USD	50			51,500
7.12%, 02/01/27	USD	150			157,687
Mercer International, Inc. 5.12%, 02/01/29	USD	50			49,773
Methanex Corp.
4.25%, 12/01/24	USD	50			52,812
5.12%, 10/15/27	USD	50			52,813
5.25%, 12/15/29	USD	75			79,594
New Gold, Inc. 144A 7.50%, 07/15/27	USD	50			54,062
New Red Finance, Inc. 144A
3.50%, 02/15/29	USD	65			63,131
3.88%, 01/15/28	USD	125			124,854
4.00%, 10/15/30	USD	250			242,498
4.38%, 01/15/28	USD	100			100,650
5.75%, 04/15/25	USD	25			26,000
Northriver Midstream Finance LP 144A 5.62%, 02/15/26	USD	50			51,736
NOVA Chemicals Corp. 144A
4.25%, 05/15/29	USD	50			49,413
4.88%, 06/01/24	USD	100			104,200
5.00%, 05/01/25	USD	50			52,750
5.25%, 06/01/27	USD	100			105,373
Open Text Corp. 144A
3.88%, 02/15/28	USD	100			100,875
5.88%, 06/01/26	USD	100			103,375
Parkland Corp./Canada 6.00%, 06/23/28	CAD	50			43,162
Parkland Corp./Canada 144A
4.50%, 10/01/29	USD	100			100,750
5.88%, 07/15/27	USD	125			132,188
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	CAD	50			39,885

See Notes to Financial Statements

44

		Par   (000’s	)	Value
Canada (continued)
Precision Drilling Corp. 144A 7.12%, 01/15/26 †	USD	100		$	102,978
Quebecor Media, Inc. 5.75%, 01/15/23	USD	50			52,687
Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25	USD	50			50,986
Rockpoint Gas Storage Canada Ltd. 144A 7.00%, 03/31/23	USD	50			50,277
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25	EUR	100			121,215
SNC-Lavalin Group, Inc. 3.23%, 03/02/23	CAD	50			40,908
Strathcona Resources Ltd. 144A 6.88%, 08/01/26	USD	50			49,788
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD	100			102,395
Taseko Mines Ltd. 144A 7.00%, 02/15/26	USD	25			25,875
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD	50			51,077
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26	USD	50			46,767
Terraform Global Operating LLC 144A 6.12%, 03/01/26	USD	50			51,326
Tervita Corp. 144A 11.00%, 12/01/25	USD	30			34,539
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26	USD	50			51,079
TransAlta Corp.
4.50%, 11/15/22	USD	25			25,531
6.50%, 03/15/40	USD	75			88,464
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26	EUR	200			233,145
Vermilion Energy, Inc. 144A 5.62%, 03/15/25	USD	25			25,254
Videotron Ltd.
3.12%, 01/15/31	CAD	100			74,742
4.50%, 01/15/30	CAD	75			62,327
5.62%, 06/15/25	CAD	150			131,609
Videotron Ltd. 144A 3.62%, 06/15/28	CAD	100			80,376
Videotron Ltd. Reg S 5.75%, 01/15/26	CAD	50			41,207
					6,511,687
Cayman Islands: 0.3%
Banco do Brasil SA 144A 3.25%, 09/30/26	USD	100			98,725
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22	USD	100			96,745

		Par   (000’s	)	Value
Cayman Islands (continued)
UPCB Finance VII Ltd. Reg S 3.62%, 06/15/29	EUR	100		$	118,046
					313,516
Chile: 0.1%
Kenbourne Invest SA 144A 6.88%, 11/26/24	USD	50			52,187
VTR Comunicaciones SpA 144A 5.12%, 01/15/28	USD	100			103,880
					156,067
China: 4.7%
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)	USD	400			415,603
China Evergrande Group Reg S
7.50%, 06/28/23	USD	200			47,997
8.75%, 06/28/25	USD	400			96,503
9.50%, 03/29/24	USD	300			73,500
CIFI Holdings Group Co. Ltd. Reg S
6.00%, 07/16/25	USD	200			195,706
6.55%, 03/28/24	USD	200			197,344
Easy Tactic Ltd. Reg S 5.88%, 02/13/23	USD	200			125,817
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26	USD	200			198,193
Fortune Star BVI Ltd. Reg S
5.95%, 10/19/25	USD	200			200,574
6.75%, 07/02/23	USD	200			199,406
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24	USD	215			208,833
Greenland Global Investment Ltd. Reg S
5.88%, 07/03/24	USD	200			135,309
6.75%, 09/26/23	USD	200			132,285
Greentown China Holdings Ltd. Reg S 5.65%, 07/13/25	USD	200			198,118
Kaisa Group Holdings Ltd. Reg S
9.38%, 06/30/24	USD	250			71,750
9.75%, 09/28/23	USD	200			61,418
10.50%, 01/15/25	USD	200			60,995
10.88%, 07/23/23	USD	200			61,750
KWG Group Holdings Ltd. Reg S 5.88%, 11/10/24	USD	350			298,203
Logan Group Co. Ltd. Reg S 5.25%, 02/23/23	USD	200			193,983
New Metro Global Ltd. Reg S 6.80%, 08/05/23	USD	200			188,203
Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24	USD	200			185,069
Scenery Journey Ltd. Reg S
13.00%, 11/06/22	USD	200			41,000
13.75%, 11/06/23	USD	200			43,998

See Notes to Financial Statements

45

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)	Value
China (continued)
Seazen Group Ltd. Reg S 6.00%, 08/12/24	USD	200		$	179,012
Sunac China Holdings Ltd. Reg S
5.95%, 04/26/24	USD	200			145,109
7.00%, 07/09/25	USD	200			143,703
7.95%, 10/11/23	USD	200			155,250
Times China Holdings Ltd. Reg S 6.75%, 07/16/23	USD	200			164,343
Volvo Car AB Reg S 2.12%, 04/02/24	EUR	100			119,665
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24	USD	200			190,730
Yango Justice International Ltd. Reg S 9.25%, 04/15/23	USD	200			52,013
Yuzhou Group Holdings Co. Ltd. Reg S
6.00%, 10/25/23	USD	300			160,225
7.38%, 01/13/26	USD	200			92,084
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26	USD	200			140,542
					5,174,233
Colombia: 2.0%
Banco de Bogota SA 144A
5.38%, 02/19/23	USD	100			104,065
6.25%, 05/12/26	USD	100			109,376
Cable Onda SA 144A 4.50%, 01/30/30	USD	100			103,862
Ecopetrol SA
4.12%, 01/16/25	USD	100			103,583
5.38%, 06/26/26	USD	125			135,325
5.88%, 09/18/23	USD	150			161,303
5.88%, 05/28/45 †	USD	175			177,441
6.88%, 04/29/30	USD	175			202,372
7.38%, 09/18/43	USD	75			87,086
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29	USD	125			121,775
4.38%, 02/15/31	USD	75			72,769
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25	USD	50			46,341
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD	100			97,875
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26	USD	100			108,176
Millicom International Cellular SA 144A
5.12%, 01/15/28	USD	54			56,417
6.25%, 03/25/29	USD	90			97,987
Oleoducto Central SA 144A 4.00%, 07/14/27	USD	100			102,428
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27	USD	100			99,476

		Par   (000’s	)		Value
Colombia (continued)
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27	USD	100		$	103,875
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29	USD	93			95,271
					2,186,803
Costa Rica: 0.1%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD	100			85,479
Curacao: 0.1%
Nyrstar Holdings Plc Reg S 0.00%, 07/31/26 ^	USD	31			20,694
Trafigura Funding SA 144A 5.25%, 03/19/23	USD	11			11,224
Trafigura Group Pte Ltd. Reg S 7.50% (EUR Swap Annual 5 Year+10.82%), 7/31/2024 (o)	EUR	34			42,686
					74,604
Cyprus: 0.5%
Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25	USD	200			205,880
MHP Lux SA 144A 6.95%, 04/03/26	USD	200			213,112
Vivion Investments Sarl Reg S 3.00%, 08/08/24 †	EUR	100			111,751
					530,743
Czech Republic: 0.3%
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o)	EUR	100			119,787
Energo-Pro AS Reg S 4.50%, 05/04/24	EUR	100			115,817
Sazka Group AS Reg S 3.88%, 02/15/27	EUR	100			115,999
					351,603
Denmark: 0.2%
DKT Finance ApS Reg S 7.00%, 06/17/23	EUR	175			206,190
Finland: 0.8%
Ahlstrom-Munksjo Holding 3 Oy Reg S 3.62%, 02/04/28	EUR	100			115,323
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o)	EUR	100			118,297
Nokia Oyj
4.38%, 06/12/27	USD	150			161,443
6.62%, 05/15/39	USD	100			134,645
Nokia Oyj Reg S 2.00%, 03/15/24	EUR	100			119,840
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25	EUR	175			210,654
					860,202

See Notes to Financial Statements

46

		Par   (000’s	)		Value
France: 6.9%
Accor SA Reg S
2.50%, 01/25/24	EUR	100		$	120,257
2.62% (EUR Swap Annual 5 Year+3.25%), 4/30/2025 (o)	EUR	100			110,987
3.00%, 02/04/26	EUR	100			121,190
Altice France Holding SA 144A 6.00%, 02/15/28	USD	75			71,376
Altice France SA 144A
5.12%, 07/15/29	USD	200			195,036
5.50%, 10/15/29	USD	175			171,757
Altice France SA Reg S
2.50%, 01/15/25	EUR	100			113,643
4.12%, 01/15/29	EUR	100			114,182
5.88%, 02/01/27	EUR	100			121,171
Banijay Entertainment SASU 144A 5.38%, 03/01/25	USD	100			103,000
CAB SELAS Reg S 3.38%, 02/01/28	EUR	100			115,285
Casino Guichard Perrachon 4.05%, 08/05/26	EUR	100			107,334
Casino Guichard Perrachon SA Reg S 4.50%, 03/07/24	EUR	100			113,282
CGG SA 144A 8.75%, 04/01/27 †	USD	100			98,617
Constellium SE 144A 3.75%, 04/15/29	USD	100			96,830
eircom Finance DAC Reg S 3.50%, 05/15/26	EUR	100			117,745
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 1/22/2024 (o)	USD	250			266,000
Electricite de France SA Reg S
3.00% (EUR Swap Annual 5 Year+3.20%), 12/3/2028 (o)	EUR	200			238,439
3.38% (EUR Swap Annual 5 Year+4.00%), 6/15/2030 (o)	EUR	200			241,115
4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o)	EUR	200			246,285
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o)	EUR	100			128,887
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o)	EUR	200			256,646
Elis SA Reg S 1.62%, 04/03/28	EUR	100			114,997
Faurecia SE Reg S
2.62%, 06/15/25	EUR	100			117,214
3.12%, 06/15/26	EUR	100			118,089
3.75%, 06/15/28	EUR	100			120,124
Fnac Darty SA Reg S 1.88%, 05/30/24	EUR	125			145,713
Getlink SE Reg S 3.50%, 10/30/25	EUR	100			118,872
Iliad Holding SAS 144A
6.50%, 10/15/26	USD	100			103,167
7.00%, 10/15/28	USD	100			103,204

		Par   (000’s	)	Value
France (continued)
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o)	EUR	100		$	121,297
Loxam SAS Reg S
2.88%, 04/15/26	EUR	100			114,075
3.25%, 01/14/25	EUR	100			116,017
Matterhorn Telecom SA Reg S 3.12%, 09/15/26	EUR	100			114,701
Orano SA 4.88%, 09/23/24	EUR	150			194,098
Orano SA Reg S 3.12%, 03/20/23	EUR	100			119,669
Paprec Holding SA Reg S 4.00%, 03/31/25	EUR	100			117,433
Parts Europe SA Reg S 6.50%, 07/16/25	EUR	100			120,585
Picard Groupe SAS Reg S 3.88%, 07/01/26	EUR	100			116,288
Quatrim SASU Reg S 5.88%, 01/15/24	EUR	100			119,123
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30	EUR	100			116,429
Renault SA Reg S
1.00%, 03/08/23	EUR	50			58,429
1.00%, 04/18/24	EUR	100			116,159
1.00%, 11/28/25	EUR	100			115,495
1.25%, 06/24/25	EUR	100			114,418
2.00%, 09/28/26	EUR	100			115,325
2.38%, 05/25/26	EUR	100			117,564
Rexel SA Reg S 2.75%, 06/15/26	EUR	100			117,899
Rubis Terminal Infra SAS Reg S 5.62%, 05/15/25	EUR	100			120,384
SPCM SA Reg S 2.62%, 02/01/29	EUR	100			117,252
SPIE SA Reg S 2.62%, 06/18/26	EUR	100			120,232
Tereos Finance Groupe I SA Reg S 4.12%, 06/16/23	EUR	100			117,935
Valeo Reg S
1.00%, 08/03/28	EUR	100			111,400
1.62%, 03/18/26	EUR	100			119,311
3.25%, 01/22/24	EUR	100			123,535
Vallourec SA Reg S 8.50%, 06/30/26	EUR	100			120,209
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o)	EUR	100			118,570
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o)	EUR	100			116,004
Verallia SA Reg S 1.62%, 05/14/28	EUR	100			118,485
					7,638,765
Germany: 6.1%
Adler Group SA Reg S 2.75%, 11/13/26	EUR	100			104,013

See Notes to Financial Statements

47

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)	Value
Germany (continued)
3.25%, 08/05/25	EUR	100		$	107,451
Adler Real Estate AG Reg S 1.88%, 04/27/23	EUR	100			110,648
Bayer AG Reg S
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79	EUR	100			115,739
3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79	EUR	100			117,925
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74	EUR	100			120,818
Bertelsmann SE & Co. KGaA Reg S 3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75	EUR	100			119,329
Ceconomy AG Reg S 1.75%, 06/24/26	EUR	100			113,606
Cheplapharm Arzneimittel GmbH Reg S
3.50%, 02/11/27	EUR	100			115,903
4.38%, 01/15/28	EUR	100			119,188
Commerzbank AG 144A 8.12%, 09/19/23 †	USD	50			56,034
Commerzbank AG Reg S
4.00%, 03/23/26	EUR	75			96,026
4.00%, 03/30/27	EUR	100			129,755
4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30	EUR	100			125,631
CT Investment GmbH Reg S 5.50%, 04/15/26	EUR	100			117,831
Deutsche Bank AG
3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32	USD	140			143,625
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28	USD	150			155,466
4.50%, 04/01/25	USD	150			160,999
4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32	USD	125			135,892
5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31	USD	25			29,396
Deutsche Bank AG Reg S 2.75%, 02/17/25	EUR	125			152,522
5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31	EUR	100			136,062
Deutsche Lufthansa AG 0.25%, 09/06/24	EUR	200			226,161
Deutsche Lufthansa AG Reg S
3.00%, 05/29/26	EUR	100			117,921
3.75%, 02/11/28	EUR	100			119,682
Douglas GmbH Reg S 6.00%, 04/08/26	EUR	100			115,350
Dresdner Funding Trust I 144A 8.15%, 06/30/31	USD	150			212,805
Evonik Industries AG Reg S

		Par   (000’s	)	Value
Germany (continued)
1.38% (EUR Swap Annual 5 Year+1.84%), 09/02/81	EUR	100		$	115,794
Gruenenthal GmbH Reg S 3.62%, 11/15/26	EUR	100			119,021
IHO Verwaltungs GmbH 144A 4.75%, 09/15/26	USD	200			204,996
IHO Verwaltungs GmbH Reg S 3.62%, 05/15/25	EUR	100			117,605
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o)	EUR	100			126,805
K+S AG Reg S 3.25%, 07/18/24	EUR	100			119,340
Kirk Beauty SUN GmbH Reg S 8.25%, 10/01/26	EUR	105			116,049
Lanxess AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76	EUR	100			122,381
Mahle GmbH Reg S 2.38%, 05/14/28	EUR	100			112,530
Mercer International, Inc. 5.50%, 01/15/26	USD	41			41,564
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29	EUR	100			118,300
ProGroup AG Reg S 3.00%, 03/31/26 †	EUR	130			151,123
Renk AG/Frankfurt am Main Reg S 5.75%, 07/15/25	EUR	100			120,180
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75	USD	100			115,501
Schaeffler AG Reg S
1.88%, 03/26/24	EUR	100			118,500
2.88%, 03/26/27	EUR	50			62,361
3.38%, 10/12/28	EUR	100			128,035
Tele Columbus AG Reg S 3.88%, 05/02/25	EUR	100			115,250
thyssenkrupp AG Reg S
1.88%, 03/06/23	EUR	100			116,178
2.50%, 02/25/25	EUR	100			117,145
2.88%, 02/22/24	EUR	100			117,686
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27	EUR	100			110,528
ZF Europe Finance BV Reg S
2.00%, 02/23/26	EUR	100			116,230
3.00%, 10/23/29	EUR	100			119,671
ZF Finance GmbH Reg S
3.00%, 09/21/25	EUR	100			121,450
3.75%, 09/21/28	EUR	100			125,172
ZF North America Capital, Inc. 144A 4.75%, 04/29/25	USD	175			188,563
ZF North America Capital, Inc. Reg S

See Notes to Financial Statements

48

		Par   (000’s	)	Value
Germany (continued)
2.75%, 04/27/23	EUR	100		$	119,407
					6,753,143
Ghana: 0.2%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 †	USD	100			99,916
Tullow Oil Plc 144A 7.00%, 03/01/25 †	USD	100			87,655
					187,571
Greece: 0.9%
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31	EUR	100			117,987
Crystal Almond Sarl Reg S 4.25%, 10/15/24	EUR	100			118,261
Ellaktor Value Plc Reg S 6.38%, 12/15/24	EUR	100			112,669
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27	EUR	100			111,794
Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/24	EUR	200			193,936
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24	EUR	100			118,707
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26	EUR	100			116,785
Public Power Corp. SA Reg S 3.88%, 03/30/26	EUR	100			119,562
					1,009,701
Guatemala: 0.2%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/26 †	USD	100			100,295
Central American Bottling Corp. 144A 5.75%, 01/31/27	USD	100			103,760
					204,055
Hong Kong: 1.3%
Agile Group Holdings Ltd. Reg S
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 3/7/2023 (o)	USD	200			128,782
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)	USD	200			122,118
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			261,578
Champion Path Holdings Ltd. Reg S 4.85%, 01/27/28	USD	200			197,238

		Par   (000’s	)	Value
Hong Kong (continued)
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25	USD	100		$	99,025
5.38%, 12/04/29 †	USD	100			98,500
5.62%, 07/17/27 †	USD	100			100,275
5.75%, 07/21/28	USD	100			99,750
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26	USD	200			176,775
Studio City Finance Ltd. 144A
5.00%, 01/15/29	USD	100			90,685
6.50%, 01/15/28 †	USD	100			96,304
					1,471,030
Hungary: 0.1%
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29	EUR	100			120,323
India: 2.3%
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24	USD	250			273,442
Canara Bank Reg S 3.88%, 03/28/24	USD	200			208,480
Delhi International Airport Ltd. 144A 6.45%, 06/04/29	USD	100			99,286
GMR Hyderabad International Airport Ltd. 144A 4.75%, 02/02/26 †	USD	200			202,058
Jaguar Land Rover Automotive Plc Reg S
2.20%, 01/15/24	EUR	100			113,945
3.88%, 03/01/23	GBP	125			172,761
6.88%, 11/15/26	EUR	100			129,229
JSW Steel Ltd. Reg S 5.95%, 04/18/24	USD	200			212,131
Muthoot Finance Ltd. 144A 4.40%, 09/02/23	USD	100			101,963
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)	USD	100			105,875
ReNew Power Synthetic 144A 6.67%, 03/12/24	USD	100			104,849
Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24	USD	200			201,050
Tata Motors Ltd. Reg S 5.75%, 10/30/24	USD	200			212,781
Vedanta Resources Finance II Plc 144A
9.25%, 04/23/26	USD	100			96,427
13.88%, 01/21/24	USD	100			109,040
Vedanta Resources Ltd. 144A 6.12%, 08/09/24	USD	150			136,865
					2,480,182
Indonesia: 0.8%
Adaro Indonesia PT 144A

See Notes to Financial Statements

49

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)	Value
Indonesia (continued)
4.25%, 10/31/24 †	USD	100		$	102,509
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *	USD	150			1,931
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26	USD	200			204,850
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24	USD	100			101,675
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25	USD	200			208,881
Saka Energi Indonesia PT 144A 4.45%, 05/05/24	USD	100			97,364
Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26	USD	200			200,081
					917,291
Ireland: 1.0%
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45	USD	150			161,101
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29	EUR	100			118,026
Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31	EUR	100			114,418
C&W Senior Financing DAC 144A 6.88%, 09/15/27	USD	200			211,000
Cimpress Plc 144A 7.00%, 06/15/26	USD	100			104,000
Permanent TSB Group Holdings Plc Reg S 2.12% (EUR Swap Annual 1 Year+2.55%), 09/26/24	EUR	100			117,952
Uralkali OJSC Via Uralkali Finance DAC 144A 4.00%, 10/22/24	USD	100			103,836
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28	GBP	100			137,812
					1,068,145
Israel: 1.9%
Leviathan Bond Ltd. 144A Reg S
5.75%, 06/30/23	USD	50			52,013
6.12%, 06/30/25	USD	50			54,093
6.50%, 06/30/27	USD	50			54,750
6.75%, 06/30/30	USD	50			55,094
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22	USD	100			100,875
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †	USD	125			133,951
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25	EUR	100			124,577

		Par   (000’s	)	Value
Israel (continued)
Teva Pharmaceutical Finance Netherlands II BV Reg S
1.12%, 10/15/24	EUR	100		$	111,703
1.25%, 03/31/23	EUR	100			115,426
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23	USD	300			302,565
3.15%, 10/01/26	USD	350			330,313
4.10%, 10/01/46	USD	225			185,923
6.00%, 04/15/24	USD	150			157,500
6.75%, 03/01/28 †	USD	150			164,437
7.12%, 01/31/25	USD	150			161,204
					2,104,424
Italy: 7.7%
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o)	EUR	200			237,016
Assicurazioni Generali SpA Reg S
4.60% (Euribor 3 Month ACT/360+4.50%), 11/30/49 (o)	EUR	125			160,124
6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/29/49 (o)	GBP	50			78,369
Atlantia SpA Reg S
1.62%, 02/03/25	EUR	100			118,854
1.88%, 07/13/27	EUR	100			120,126
1.88%, 02/12/28	EUR	100			119,958
Autostrade per l’Italia SpA
1.62%, 06/12/23	EUR	100			117,804
5.88%, 06/09/24	EUR	100			131,767
Autostrade per l’Italia SpA Reg S
1.75%, 06/26/26	EUR	100			119,849
1.75%, 02/01/27	EUR	125			149,902
1.88%, 09/26/29	EUR	100			120,675
2.00%, 12/04/28	EUR	100			121,647
4.38%, 09/16/25	EUR	50			65,840
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24	EUR	100			118,161
Banca Monte dei Paschi di Siena SpA Reg S
3.62%, 09/24/24	EUR	150			178,758
5.38% (EUR Swap Annual 5 Year+5.00%), 01/18/28	EUR	100			84,772
Banca Popolare di Sondrio SCPA Reg S 2.38%, 04/03/24	EUR	100			120,511
Banco BPM SpA Reg S
1.75%, 04/24/23	EUR	100			118,264
1.75%, 01/28/25	EUR	100			118,984
2.50%, 06/21/24	EUR	100			121,389
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30	EUR	100			125,862
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27	EUR	100			115,485
Esselunga SpA Reg S 0.88%, 10/25/23	EUR	100			117,228

See Notes to Financial Statements

50

		Par   (000’s	)	Value
Italy (continued)
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28	EUR	100		$	115,180
Infrastrutture Wireless Italiane SpA Reg S
1.62%, 10/21/28	EUR	100			116,664
1.88%, 07/08/26	EUR	100			119,595
International Design Group SPA Reg S 6.50%, 11/15/25	EUR	100			119,457
Intesa Sanpaolo SpA 144A
4.95%, 06/01/42	USD	50			51,703
5.02%, 06/26/24	USD	125			134,079
5.71%, 01/15/26	USD	75			83,413
Intesa Sanpaolo SpA Reg S
2.85%, 04/23/25	EUR	100			122,863
3.93%, 09/15/26	EUR	100			128,479
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29	EUR	100			128,380
6.62%, 09/13/23	EUR	200			257,641
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o)	EUR	100			125,918
Leonardo SpA 4.88%, 03/24/25	EUR	50			65,451
Leonardo SpA Reg S 1.50%, 06/07/24	EUR	100			118,101
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o)	EUR	100			112,707
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o)	EUR	100			119,703
Saipem Finance International BV Reg S 3.75%, 09/08/23	EUR	150			181,395
Societa Cattolica Di Assicurazione SPA Reg S 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47	EUR	100			130,480
Telecom Italia Finance SA 7.75%, 01/24/33	EUR	100			164,358
Telecom Italia SpA/Milano
5.25%, 03/17/55	EUR	100			133,923
5.88%, 05/19/23	GBP	100			145,533
Telecom Italia SpA/Milano 144A 5.30%, 05/30/24	USD	100			106,625
Telecom Italia SpA/Milano Reg S
1.62%, 01/18/29	EUR	100			110,124
2.38%, 10/12/27	EUR	100			117,021
2.50%, 07/19/23	EUR	100			119,703
2.75%, 04/15/25	EUR	100			120,496
2.88%, 01/28/26	EUR	200			242,086
3.00%, 09/30/25	EUR	100			121,635
3.25%, 01/16/23	EUR	100			119,713
3.62%, 05/25/26	EUR	150			189,783
4.00%, 04/11/24	EUR	200			245,762
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	100	$	109,474
UniCredit SpA Reg S 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29	EUR	200		232,968
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32	EUR	200		235,644
6.95%, 10/31/22	EUR	300		370,316
Unipol Gruppo SpA Reg S 3.00%, 03/18/25	EUR	200		251,012
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o)	EUR	100		125,965
Webuild SpA Reg S 1.75%, 10/26/24	EUR	100		116,057
				8,490,752
Japan: 1.9%
Rakuten Group, Inc. 144A
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o)	USD	150		150,900
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o)	USD	150		158,257
SoftBank Group Corp. Reg S
3.12%, 09/19/25	EUR	100		116,310
4.00%, 04/20/23	EUR	100		118,730
4.00%, 09/19/29	EUR	100		115,910
4.75%, 09/19/24	USD	200		206,525
4.75%, 07/30/25	EUR	100		122,797
5.00%, 04/15/28	EUR	100		122,572
5.12%, 09/19/27	USD	200		204,496
6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 7/19/2023 (o)	USD	250		250,312
6.25%, 04/15/28	USD	350		375,167
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o)	USD	200		204,100
				2,146,076
Jersey, Channel Islands: 0.3%
eG Global Finance Plc 144A 6.75%, 02/07/25	USD	200		205,000
eG Global Finance Plc Reg S 4.38%, 02/07/25	EUR	100		114,554
				319,554
Kazakhstan: 0.1%
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42	USD	100		135,692
Kuwait: 0.2%
Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26	USD	200		189,940
Luxembourg: 4.9%
Adler Group SA Reg S

See Notes to Financial Statements

51

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Luxembourg (continued)
2.25%, 01/14/29	EUR	100		$	99,523
AI Candelaria Spain SLU 144A 7.50%, 12/15/28	USD	75			80,813
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26	USD	100			101,036
Altice Financing SA 144A 5.00%, 01/15/28	USD	250			241,218
Altice Financing SA Reg S
2.25%, 01/15/25	EUR	100			111,786
3.00%, 01/15/28	EUR	100			110,019
Altice Finco SA Reg S 4.75%, 01/15/28	EUR	100			110,190
Altice France Holding SA 144A 10.50%, 05/15/27	USD	50			54,250
Altice France Holding SA Reg S
4.00%, 02/15/28	EUR	100			108,300
8.00%, 05/15/27	EUR	100			122,828
Altice France SA 144A
5.50%, 01/15/28	USD	100			100,375
8.12%, 02/01/27	USD	300			322,875
Altice France SA Reg S 3.38%, 01/15/28	EUR	100			111,140
ARD Finance SA Reg S 5.00%, 06/30/27	EUR	200			238,478
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
4.12%, 08/15/26	USD	150			153,192
5.25%, 08/15/27	USD	125			124,844
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26	EUR	175			200,176
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28	EUR	100			109,506
Centurion Bidco SpA Reg S 5.88%, 09/30/26	EUR	100			120,270
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28	EUR	100			113,995
Consolidated Energy Finance SA 144A 5.62%, 10/15/28	USD	100			99,635
CSN Resources SA 144A 4.62%, 06/10/31	USD	100			98,475
Energean Israel Finance Ltd. 144A Reg S
4.50%, 03/30/24	USD	60			61,320
4.88%, 03/30/26	USD	60			61,153
5.38%, 03/30/28	USD	60			60,908
5.88%, 03/30/31	USD	60			60,945
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o)	EUR	100			122,575
Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26	GBP	100			141,981

	Par   (000’s		)	Value
Luxembourg (continued)
Herens Midco Sarl Reg S 5.25%, 05/15/29	EUR	100		$	108,268
Kenbourne Invest SA 144A 4.70%, 01/22/28	USD	50			49,812
Kleopatra Finco Sarl Reg S 4.25%, 03/01/26	EUR	100			111,315
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD	200			195,000
Millicom International Cellular SA 144A 4.50%, 04/27/31	USD	100			102,752
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD	125			118,994
Movida Europe SA 144A 5.25%, 02/08/31	USD	100			94,496
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24	EUR	200			228,317
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26	USD	100			100,875
Rossini Sarl Reg S 6.75%, 10/30/25	EUR	100			119,834
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o)	EUR	100			125,265
Sisal Group SpA Reg S 7.00%, 07/31/23	EUR	69			79,758
Summer BC Holdco A Sarl Reg S 9.25%, 10/31/27	EUR	90			113,153
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26	EUR	100			121,034
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27	EUR	100			119,234
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27	USD	200			203,810
					5,433,723
Mauritius: 0.3%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26	USD	50			50,453
HTA Group Ltd./Mauritius 144A 7.00%, 12/18/25	USD	100			104,922
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27	USD	200			213,000
					368,375
Mexico: 4.3%
Axtel SAB de CV 144A 6.38%, 11/14/24	USD	82			84,686
Cemex SAB de CV 144A
3.88%, 07/11/31	USD	200			200,990
5.20%, 09/17/30	USD	100			108,404
5.45%, 11/19/29	USD	100			108,445
7.38%, 06/05/27	USD	100			110,688
Cemex SAB de CV Reg S 3.12%, 03/19/26	EUR	100			118,322

See Notes to Financial Statements

52

	Par   (000’s		)	Value
Mexico (continued)
Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26	USD	100		$	93,048
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o)	USD	50			52,087
Grupo KUO SAB De CV 144A 5.75%, 07/07/27	USD	100			102,875
Nemak SAB de CV 144A 3.62%, 06/28/31	USD	100			93,742
Petróleos Mexicanos
3.50%, 01/30/23	USD	75			75,881
4.25%, 01/15/25	USD	50			50,938
4.50%, 01/23/26	USD	75			75,765
4.62%, 09/21/23	USD	50			51,563
4.88%, 01/18/24 †	USD	50			51,791
5.35%, 02/12/28	USD	125			124,934
5.50%, 06/27/44 †	USD	50			40,665
5.62%, 01/23/46	USD	50			40,751
5.95%, 01/28/31	USD	200			197,165
6.35%, 02/12/48	USD	150			128,188
6.38%, 01/23/45	USD	75			64,893
6.49%, 01/23/27	USD	100			106,440
6.50%, 03/13/27	USD	275			293,530
6.50%, 01/23/29	USD	100			104,338
6.50%, 06/02/41	USD	75			68,032
6.62%, 06/15/35	USD	150			145,588
6.62%, 06/15/38	USD	25			23,335
6.75%, 09/21/47	USD	300			265,968
6.84%, 01/23/30	USD	200			209,483
6.88%, 08/04/26	USD	150			163,912
6.95%, 01/28/60	USD	200			177,800
7.69%, 01/23/50	USD	425			406,742
Petróleos Mexicanos 144A 6.88%, 10/16/25	USD	75			82,033
Petróleos Mexicanos Reg S
2.75%, 04/21/27	EUR	100			108,540
4.75%, 02/26/29	EUR	100			114,503
4.88%, 02/21/28	EUR	100			116,766
5.50%, 02/24/25	EUR	50			63,127
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28	USD	50			49,312
7.50%, 11/12/25	USD	50			52,070
Unifin Financiera SAB de CV 144A
7.00%, 01/15/25	USD	100			92,802
7.25%, 09/27/23	USD	100			97,604
					4,717,746
Morocco: 0.3%
OCP SA 144A
5.62%, 04/25/24	USD	150			162,321
6.88%, 04/25/44 †	USD	100			120,310
					282,631
Netherlands: 2.6%
Athora Netherlands NV Reg S

	Par   (000’s		)	Value
Netherlands (continued)
2.25% (EUR Swap Annual 5 Year+2.60%), 07/15/31	EUR	100		$	116,688
ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 6/3/2025 (o)	EUR	100			123,296
Greenko Dutch BV 144A 3.85%, 03/29/26	USD	99			99,598
Intertrust Group BV Reg S 3.38%, 11/15/25	EUR	100			116,726
Koninklijke KPN NV 144A 7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73	USD	125			132,731
Lincoln Financing Sarl Reg S 3.62%, 04/01/24	EUR	150			174,730
Nobel Bidco BV Reg S 3.12%, 06/15/28	EUR	100			111,529
OCI NV Reg S 3.12%, 11/01/24	EUR	200			234,902
Petrobras Global Finance BV 5.50%, 06/10/51 †	USD	150			131,928
PPF Telecom Group BV Reg S
3.12%, 03/27/26	EUR	100			123,539
3.50%, 05/20/24	EUR	100			122,945
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o)	EUR	100			125,407
Selecta Group BV Reg S 8.00%, 04/01/26	EUR	52			60,237
Tecpetrol SA 144A 4.88%, 12/12/22	USD	55			55,006
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o)	EUR	100			111,500
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o)	EUR	175			212,645
UPC Broadband Finco BV 144A 4.88%, 07/15/31	USD	100			101,792
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o)	EUR	100			114,223
Ziggo Bond Co. BV 144A
5.12%, 02/28/30	USD	50			50,666
6.00%, 01/15/27	USD	50			51,688
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30	EUR	125			142,736
Ziggo BV 144A
4.88%, 01/15/30	USD	100			101,812
5.50%, 01/15/27	USD	200			205,250
Ziggo BV Reg S 4.25%, 01/15/27	EUR	80			94,941
					2,916,515
Nigeria: 0.1%
Seplat Energy Plc 144A

See Notes to Financial Statements

53

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Nigeria (continued)
7.75%, 04/01/26	USD	100		$	103,150
Norway: 0.2%
Adevinta ASA Reg S 2.62%, 11/15/25	EUR	100			117,981
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o)	EUR	100			117,027
					235,008
Oman: 0.5%
Lamar Funding Ltd. Reg S 3.96%, 05/07/25	USD	225			225,881
OQ SAOC 144A 5.12%, 05/06/28	USD	100			102,582
Oztel Holdings SPC Ltd. 144A 5.62%, 10/24/23	USD	200			209,081
					537,544
Panama: 0.2%
Banistmo SA 144A 4.25%, 07/31/27	USD	100			101,130
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/28	USD	100			104,768
					205,898
Peru: 0.3%
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/24	USD	75			80,166
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 †	USD	25			26,344
Peru LNG Srl 144A 5.38%, 03/22/30	USD	100			84,940
Volcan Cia Minera SAA 144A 4.38%, 02/11/26	USD	100			97,625
					289,075
Poland: 0.3%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD	100			99,375
Canpack SA / Eastern PA Land Investment Holding LLC Reg S 2.38%, 11/01/27	EUR	100			116,445
Synthos SA Reg S 2.50%, 06/07/28	EUR	100			111,909
					327,729
Portugal: 0.7%
Banco Comercial Portugues SA Reg S 1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27	EUR	100			112,215
3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30	EUR	100			118,598
Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28	EUR	100			125,457
EDP - Energias de Portugal SA Reg S

	Par   (000’s		)	Value
Portugal (continued)
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81	EUR	100		$	116,089
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79	EUR	200			249,753
					722,112
Romania: 0.1%
RCS & RDS SA Reg S 2.50%, 02/05/25	EUR	100			114,812
Russia: 1.2%
Evraz Plc 144A 5.38%, 03/20/23	USD	200			209,871
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o)	USD	200			208,000
Gtlk Europe Capital DAC Reg S
4.65%, 03/10/27	USD	200			207,735
5.12%, 05/31/24	USD	200			211,320
Polyus Finance Plc 144A 5.25%, 02/07/23	USD	100			105,045
VEON Holdings BV 144A
3.38%, 11/25/27	USD	100			100,411
4.00%, 04/09/25	USD	100			103,707
4.95%, 06/16/24	USD	100			106,370
7.25%, 04/26/23	USD	100			106,515
					1,358,974
Saudi Arabia: 0.4%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24	USD	200			208,628
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23	USD	200			208,576
					417,204
Singapore: 1.0%
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)	USD	200			193,770
Greenko Investment Co. 144A 4.88%, 08/16/23 †	USD	200			202,125
Inkia Energy Ltd. 144A 5.88%, 11/09/27	USD	100			104,139
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24	USD	100			103,585
Puma International Financing SA 144A 5.00%, 01/24/26	USD	250			251,345
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD	84			93,851
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24	USD	200			202,976
					1,151,791
South Africa: 1.0%
Eskom Holdings SOC Ltd. 144A

See Notes to Financial Statements

54

	Par   (000’s		)	Value
South Africa (continued)
6.75%, 08/06/23	USD	100		$	103,458
7.12%, 02/11/25	USD	100			104,368
Gold Fields Orogen Holdings BVI Ltd. 144A 5.12%, 05/15/24	USD	100			107,215
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22	USD	138			395
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24	USD	150			157,140
Sappi Papier Holding GmbH Reg S 3.12%, 04/15/26	EUR	100			116,922
Sasol Financing International Ltd. 4.50%, 11/14/22	USD	100			102,292
Sasol Financing USA LLC 5.88%, 03/27/24	USD	300			317,475
Stillwater Mining Co. 144A 7.12%, 06/27/25	USD	100			103,880
					1,113,145
South Korea: 0.1%
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)	USD	100			103,500
Spain: 3.6%
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29	EUR	100			127,176
Abengoa SA 0.00%, 03/31/27 (s) ^	EUR	100			580
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25	EUR	100			116,661
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25	USD	100			104,782
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31	EUR	100			122,109
Banco de Sabadell SA Reg S 1.75%, 05/10/24	EUR	100			118,877
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28	EUR	100			126,161
5.62%, 05/06/26	EUR	100			134,944
Cellnex Finance Co. SA Reg S 1.25%, 01/15/29	EUR	100			110,933
1.50%, 06/08/28	EUR	100			113,898
2.00%, 02/15/33	EUR	200			220,783
Cellnex Telecom SA 1.88%, 06/26/29	EUR	100			115,222
Cellnex Telecom SA Reg S
1.75%, 10/23/30	EUR	100			111,763
2.38%, 01/16/24	EUR	100			120,581

	Par   (000’s		)	Value
Spain (continued)
2.88%, 04/18/25	EUR	100		$	123,695
El Corte Ingles SA Reg S 3.00%, 03/15/24	EUR	100			116,587
Ferrovial Netherlands BV Reg S 2.12% (EUR Swap Annual 5 Year+2.13%), 2/14/2023 (o)	EUR	100			115,948
Grifols SA Reg S
1.62%, 02/15/25	EUR	150			173,341
2.25%, 11/15/27	EUR	100			115,985
3.20%, 05/01/25	EUR	100			116,014
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30	EUR	100			116,745
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29	EUR	100			119,052
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27	EUR	200			233,382
Naturgy Finance BV Reg S 4.12% (EUR Swap Annual 8 Year+3.35%), 11/29/49 (o)	EUR	100			120,499
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75	EUR	225			281,682
Telefonica Europe BV Reg S 2.62% (EUR Swap Annual 5 Year+2.33%), 3/7/2023 (o)	EUR	100			118,216
3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o)	EUR	100			119,384
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o)	EUR	100			124,488
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o)	EUR	200			249,326
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o)	EUR	100			127,693
					4,016,507
Sweden: 1.2%
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o)	EUR	100			112,451
Dometic Group AB Reg S 3.00%, 05/08/26	EUR	100			122,332
Fastighets AB Balder Reg S 2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81	EUR	100			110,823
Heimstaden Bostad AB Reg S 2.62% (EUR Swap Annual 5 Year+3.15%), 2/1/2027 (o)	EUR	100			109,699
3.38% (EUR Swap Annual 5 Year+3.91%), 1/15/2026 (o)	EUR	100			115,720
4.38%, 03/06/27	EUR	100			115,518
Intrum AB Reg S
3.00%, 09/15/27 †	EUR	100			112,235
3.12%, 07/15/24	EUR	200			232,162
Norican A/S Reg S 4.50%, 05/15/23	EUR	100			112,331

See Notes to Financial Statements

55

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Sweden (continued)
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o)	EUR	100		$	113,827
Stena AB 144A 7.00%, 02/01/24	USD	100			103,958
					1,361,056
Switzerland: 0.6%
Dufry One BV Reg S 2.50%, 10/15/24	EUR	225			257,096
Holcim Finance Luxembourg SA Reg S 3.00% (EUR Swap Annual 5 Year+3.07%), 4/5/2024 (o)	EUR	100			120,247
Peach Property Finance GmbH Reg S 4.38%, 11/15/25	EUR	100			118,391
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25	EUR	100			113,753
					609,487
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40	USD	80			97,398
Thailand: 0.2%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29	USD	200			203,594
Trinidad and Tobago: 0.2%
Trinidad Generation Unlimited 144A 5.25%, 11/04/27	USD	100			101,504
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26	USD	75			82,849
					184,353
Turkey: 2.2%
Akbank TAS 144A
5.12%, 03/31/25	USD	150			149,444
6.80%, 02/06/26	USD	100			103,110
Arcelik AS 144A 5.00%, 04/03/23	USD	100			102,920
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	USD	100			95,395
KOC Holding AS 144A 5.25%, 03/15/23	USD	200			204,495
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26	USD	100			96,620
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24	USD	100			102,334
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28	USD	100			104,583

	Par   (000’s		)	Value
Turkey (continued)
Turkiye Ihracat Kredi Bankasi AS 144A
6.12%, 05/03/24	USD	100		$	101,820
8.25%, 01/24/24	USD	100			106,480
Turkiye Is Bankasi AS 144A
6.12%, 04/25/24	USD	150			154,048
7.85%, 12/10/23	USD	100			107,016
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25	USD	100			100,855
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26	USD	100			108,350
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25 †	USD	100			98,578
5.75%, 01/30/23	USD	100			102,326
6.00%, 11/01/22	USD	100			102,147
6.50%, 01/08/26	USD	100			100,774
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25	USD	100			105,198
Yapi ve Kredi Bankasi AS 144A
5.50%, 12/06/22	USD	100			101,904
5.85%, 06/21/24	USD	50			51,042
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 †	USD	50			51,335
8.25%, 10/15/24	USD	100			107,843
					2,458,617
Ukraine: 0.4%
Kernel Holding SA 144A
6.50%, 10/17/24	USD	50			53,136
6.75%, 10/27/27	USD	50			53,205
Metinvest BV 144A
7.75%, 10/17/29	USD	100			109,160
8.50%, 04/23/26	USD	100			112,827
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24	EUR	100			116,093
					444,421
United Arab Emirates: 0.7%
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)	USD	200			219,027
Emaar Sukuk Ltd. Reg S 3.63%, 09/15/26	USD	200			208,760
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o)	USD	200			211,866
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26	USD	100			103,625
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25	USD	100			77,375
					820,653

See Notes to Financial Statements

56

		Par   (000’s	)		Value
United Kingdom: 9.3%
Amigo Luxembourg SA Reg S 7.62%, 01/15/24	GBP	100		$	133,751
Anglian Water Osprey Financing Plc Reg S 4.00%, 03/08/26	GBP	100			148,043
Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23	GBP	100			139,485
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 †	USD	50			55,110
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26	GBP	200			263,209
Bellis Finco Plc Reg S 4.00%, 02/16/27	GBP	100			129,739
Bidvest Group UK Plc 144A 3.62%, 09/23/26	USD	100			100,564
Bracken MidCo1 Plc Reg S 8.88%, 10/15/23	GBP	100			139,816
Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/75	GBP	100			145,547
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26	USD	200			207,750
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27	GBP	100			132,373
Co-Operative Group Ltd. Reg S 5.12%, 05/17/24	GBP	100			143,986
Deuce Finco Plc Reg S 5.50%, 06/15/27	GBP	100			136,520
Drax Finco Plc 144A 6.62%, 11/01/25	USD	100			102,875
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25	EUR	100			120,038
GKN Holdings Ltd. Reg S 4.62%, 05/12/32	GBP	100			146,774
Heathrow Finance Plc Reg S 6.25%, 03/03/25	GBP	150			222,520
Iceland Bondco Plc Reg S 4.62%, 03/15/25	GBP	100			126,623
INEOS Group Holdings SA Reg S 5.38%, 08/01/24	EUR	200			231,973
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27	EUR	200			225,780
International Consolidated Airlines Group SA Reg S
0.50%, 07/04/23	EUR	100			112,920
1.50%, 07/04/27	EUR	100			105,469
Iqera Group SAS Reg S 4.25%, 09/30/24	EUR	100			115,654
Jaguar Land Rover Automotive Plc 144A 5.88%, 01/15/28	USD	100			99,875
Jerrold Finco Plc Reg S 4.88%, 01/15/26	GBP	100			139,384

	Par   (000’s		)	Value
United Kingdom (continued)
Lloyds Banking Group Plc 144A
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/1/2035 (o)	USD	50		$	70,143
6.66% (ICE LIBOR USD 3 Month+1.27%), 5/21/2037 (o)	USD	50			71,687
Marks & Spencer Plc Reg S 6.00%, 06/12/25	GBP	150			226,437
Motion Bondco DAC 144A 6.62%, 11/15/27 †	USD	200			200,853
National Express Group Plc Reg S
4.25% (UK Govt Bonds 5 Year Note Generic Bid Yield+4.13%), 11/26/2025 (o)	GBP	100			140,430
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25	USD	100			102,375
Nexi SpA Reg S 1.75%, 10/31/24	EUR	300			353,255
NGG Finance Plc Reg S 2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82	EUR	100			116,448
5.62% (GBP Swap 12 Year+3.48%), 06/18/73	GBP	100			149,201
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28	EUR	100			115,196
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25	GBP	100			137,549
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25	EUR	100			118,097
Playtech Plc Reg S 3.75%, 10/12/23	EUR	100			117,207
Punch Finance Plc Reg S 6.12%, 06/30/26	GBP	100			137,686
Rolls-Royce Plc Reg S 0.88%, 05/09/24	EUR	100			115,239
1.62%, 05/09/28	EUR	200			223,841
5.75%, 10/15/27	GBP	100			152,692
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 7/30/2037 (o)	USD	100			138,750
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25	GBP	100			140,948
Summer BidCo BV Reg S 9.00%, 11/15/25	EUR	105			123,970
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25	GBP	100			133,654
Telenet Finance Luxembourg Notes Sarl 144A 5.50%, 03/01/28	USD	200			209,000
The Weir Group Plc 144A 2.20%, 05/13/26	USD	100			99,402
Travis Perkins Plc Reg S 4.50%, 09/07/23	GBP	100			142,607
Tullow Oil Plc 144A

See Notes to Financial Statements

57

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United Kingdom (continued)
10.25%, 05/15/26	USD	100		$	105,490
United Group BV Reg S 4.88%, 07/01/24	EUR	100			117,168
UPC Holding BV 144A 5.50%, 01/15/28	USD	100			103,625
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25	USD	200			203,302
Victoria Plc Reg S 3.62%, 08/24/26	EUR	100			117,039
Virgin Media Finance Plc 144A 5.00%, 07/15/30	USD	150			149,338
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29	USD	100			105,641
Virgin Media Secured Finance Plc Reg S
4.12%, 08/15/30	GBP	100			136,150
4.25%, 01/15/30	GBP	100			136,649
5.00%, 04/15/27	GBP	100			141,598
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31	USD	200			194,991
Vmed O2 UK Financing I Plc Reg S
3.25%, 01/31/31	EUR	100			116,217
4.00%, 01/31/29	GBP	100			135,670
Vodafone Group Plc 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81	USD	150			149,304
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 1/4/2029	USD	250			302,478
Vodafone Group Plc Reg S 3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79	EUR	300			359,189
4.88% (GBP Swap 5 Year+3.27%), 10/03/78	GBP	100			145,138
6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78	USD	200			218,434
William Hill Ltd. Reg S 4.88%, 09/07/23	GBP	100			142,798
					10,242,664
United States: 3.1%
AES Andes SA 144A
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24	USD	100			104,772
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28	USD	100			106,125
Cirsa Finance International Sarl 144A 6.25%, 12/20/23	EUR	127			149,516
Constellium SE Reg S 4.25%, 02/15/26	EUR	100			116,969

	Par   (000’s		)	Value
United States (continued)
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24	EUR	100		$	109,175
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25	EUR	100			115,372
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30	USD	100			95,902
Enstar Finance LLC 5.75% (US Treasury Yield Curve Rate T 5 Year+5.47%), 09/01/40	USD	25			26,406
Gamma Bidco SpA Reg S 6.25%, 07/15/25	EUR	100			119,648
Garda World Security Corp. 144A 4.62%, 02/15/27	USD	100			99,379
Guacolda Energia SA 144A 4.56%, 04/30/25	USD	100			64,001
IPD 3 BV Reg S 5.50%, 12/01/25	EUR	100			119,058
James Hardie International Finance DAC 144A 5.00%, 01/15/28	USD	50			52,063
JBS USA Food Co. 144A
5.75%, 01/15/28	USD	100			104,376
7.00%, 01/15/26	USD	100			104,125
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 †	USD	75			72,654
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD	200			210,250
MGM China Holdings Ltd. 144A 5.88%, 05/15/26	USD	200			200,163
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD	100			99,389
Open Text Holdings, Inc. 144A 4.12%, 02/15/30	USD	50			50,893
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29	USD	100			94,875
Q-Park Holding I BV Reg S 2.00%, 03/01/27	EUR	100			110,007
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26	USD	25			25,469
Schenck Process Holding GmbH/Darmstadt Reg S 5.38%, 06/15/23	EUR	100			116,014
Sigma Holdco BV Reg S 5.75%, 05/15/26	EUR	100			107,540

See Notes to Financial Statements

58

	Par   (000’s		)	Value
United States (continued)
Telesat Canada / Telesat LLC 144A
4.88%, 06/01/27	USD	50		$	44,774
6.50%, 10/15/27	USD	50			40,664
Verisure Holding AB Reg S
3.50%, 05/15/23	EUR	150			174,952
3.88%, 07/15/26	EUR	150			177,294
Wynn Macau Ltd. 144A
5.12%, 12/15/29	USD	100			90,293
5.50%, 01/15/26	USD	100			94,189
5.50%, 10/01/27	USD	200			186,500
					3,382,807
Zambia: 0.5%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26	USD	100			104,250
6.88%, 10/15/27	USD	50			53,438
7.25%, 04/01/23	USD	200			203,890
7.50%, 04/01/25	USD	200			207,250
					568,828
Total Corporate Bonds (Cost: $109,544,544)					107,864,293
	Number of Shares
COMMON STOCK: 0.0%
(Cost: $5,620)
Canada: 0.0%
Secure Energy Services, Inc.		1,259			5,820
Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $109,550,164)					107,870,113
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7% (Cost: $2,943,810)
Money Market Fund: 2.7%
State Street Navigator Securities Lending Government Money Market Portfolio		2,943,810			2,943,810
Total Investments: 100.4% (Cost: $112,493,974)					110,813,923
Liabilities in excess of other assets: (0.4)%					(459,304)
NET ASSETS: 100.0%				$	110,354,619

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Footnotes:

(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
†	Security fully or partially on loan. Total market value of securities on loan is $3,078,104.

See Notes to Financial Statements

59

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

(o)	Perpetual Maturity — the date shown is the next call date
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets.
¥	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
(d)	Security in default
*	Non-income producing
^	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 $38,962,914, or 35.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		7.5	%	$	8,138,245
Consumer Cyclicals		7.0			7,577,507
Consumer Non-Cyclicals		3.4			3,650,694
Energy		10.7			11,530,081
Financials		32.3			34,879,592
Healthcare		3.1			3,313,947
Industrials		12.9			13,866,702
Real Estate		4.9			5,343,158
Technology		12.3			13,222,005
Utilities		5.9			6,348,182
		100.0	%	$	107,870,113

See Notes to Financial Statements

60

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	869,357	$	—	$	869,357
Australia		—		417,502		—		417,502
Austria		—		286,574		—		286,574
Azerbaijan		—		245,337		—		245,337
Bahamas		—		212,397		—		212,397
Belgium		—		600,024		—		600,024
Bermuda		—		480,266		—		480,266
Brazil		—		7,775,646		—		7,775,646
British Virgin Islands		—		351,960		—		351,960
Bulgaria		—		123,565		—		123,565
Burkina Faso		—		24,577		—		24,577
Canada		—		6,511,687		0		6,511,687
Cayman Islands		—		313,516		—		313,516
Chile		—		156,067		—		156,067
China		—		5,174,233		—		5,174,233
Colombia		—		2,186,803		—		2,186,803
Costa Rica		—		85,479		—		85,479
Curacao		—		74,604		—		74,604
Cyprus		—		530,743		—		530,743
Czech Republic		—		351,603		—		351,603
Denmark		—		206,190		—		206,190
Finland		—		860,202		—		860,202
France		—		7,638,765		—		7,638,765
Germany		—		6,753,143		—		6,753,143
Ghana		—		187,571		—		187,571
Greece		—		1,009,701		—		1,009,701
Guatemala		—		204,055		—		204,055
Hong Kong		—		1,471,030		—		1,471,030
Hungary		—		120,323		—		120,323
India		—		2,480,182		—		2,480,182
Indonesia		—		917,291		—		917,291
Ireland		—		1,068,145		—		1,068,145
Israel		—		2,104,424		—		2,104,424
Italy		—		8,490,752		—		8,490,752
Japan		—		2,146,076		—		2,146,076
Jersey, Channel Islands		—		319,554		—		319,554
Kazakhstan		—		135,692		—		135,692
Kuwait		—		189,940		—		189,940
Luxembourg		—		5,433,723		—		5,433,723
Mauritius		—		368,375		—		368,375
Mexico		—		4,717,746		—		4,717,746
Morocco		—		282,631		—		282,631
Netherlands		—		2,916,515		—		2,916,515
Nigeria		—		103,150		—		103,150
Norway		—		235,008		—		235,008
Oman		—		537,544		—		537,544
Panama		—		205,898		—		205,898
Peru		—		289,075		—		289,075
Poland		—		327,729		—		327,729
Portugal		—		722,112		—		722,112
Romania		—		114,812		—		114,812
Russia		—		1,358,974		—		1,358,974
Saudi Arabia		—		417,204		—		417,204
Singapore		—		1,151,791		—		1,151,791
South Africa		—		1,113,145		—		1,113,145

See Notes to Financial Statements

61

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

South Korea	$	—	$	103,500	$	—	$	103,500
Spain		—		4,016,507		—		4,016,507
Sweden		—		1,361,056		—		1,361,056
Switzerland		—		609,487		—		609,487
Tanzania		—		97,398		—		97,398
Thailand		—		203,594		—		203,594
Trinidad and Tobago		—		184,353		—		184,353
Turkey		—		2,458,617		—		2,458,617
Ukraine		—		444,421		—		444,421
United Arab Emirates		—		820,653		—		820,653
United Kingdom		—		10,242,664		—		10,242,664
United States		—		3,382,807		—		3,382,807
Zambia		—		568,828		—		568,828
Common Stock *		5,820		—		—		5,820
Money Market Fund		2,943,810		—		—		2,943,810
Total Investments	$	2,949,630	$	107,864,293	$	0	$	110,813,923

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

62

VANECK INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
FLOATING RATE NOTES: 99.6%
Australia: 5.2%
ASB Bank Ltd. 144A 1.09% (ICE LIBOR USD 3 Month+0.97%), 06/14/23	$	1,350		$	1,368,452
Australia & New Zealand Banking Group Ltd. 144A
0.62% (ICE LIBOR USD 3 Month+0.49%), 11/21/22		875			878,939
0.84% (ICE LIBOR USD 3 Month+0.71%), 05/19/22		675			677,617
Commonwealth Bank of Australia 144A
0.45% (United States Secured Overnight Financing Rate+0.40%), 07/07/25		11,850			11,877,094
0.57% (United States Secured Overnight Financing Rate+0.52%), 06/15/26		3,900			3,929,423
0.82% (ICE LIBOR USD 3 Month+0.70%), 03/16/23		1,400			1,412,185
Macquarie Group Ltd. 144A 1.14% (ICE LIBOR USD 3 Month+1.02%), 11/28/23		1,675			1,688,068
1.48% (ICE LIBOR USD 3 Month+1.35%), 03/27/24		4,300			4,363,335
National Australia Bank Ltd. 144A 0.52% (ICE LIBOR USD 3 Month+0.41%), 12/13/22		1,650			1,656,486
0.72% (ICE LIBOR USD 3 Month+0.60%), 04/12/23		1,300			1,303,290
0.85% (ICE LIBOR USD 3 Month+0.72%), 05/22/22		725			727,845
Westpac Banking Corp. 0.51% (ICE LIBOR USD 3 Month+0.39%), 01/13/23		1,250			1,255,549
0.69% (ICE LIBOR USD 3 Month+0.57%), 01/11/23		850			855,098
0.84% (ICE LIBOR USD 3 Month+0.71%), 06/28/22 †		850			854,019
0.84% (ICE LIBOR USD 3 Month+0.72%), 05/15/23		1,950			1,970,781
0.89% (ICE LIBOR USD 3 Month+0.77%), 02/26/24		3,925			3,982,985
					38,801,166
Canada: 10.9%
Bank of Montreal
0.31% (United States Secured Overnight Financing Rate+0.27%), 09/15/23		505			505,158
0.37% (United States Secured Overnight Financing Rate+0.32%), 07/09/24		4,300			4,312,267
0.40% (United States Secured Overnight Financing Rate+0.35%), 12/08/23 †		2,650			2,657,726
0.73% (United States Secured Overnight Financing Rate+0.68%), 03/10/23		3,850			3,876,644

	Par   (000’s		)	Value
Canada (continued)
Bank of Nova Scotia
0.31% (United States Secured Overnight Financing Rate+0.26%), 09/15/23 †	$	1,550		$	1,550,439
0.33% (United States Secured Overnight Financing Rate+0.28%), 06/23/23		1,900			1,901,420
0.43% (United States Secured Overnight Financing Rate+0.38%), 07/31/24		5,075			5,084,064
0.49% (United States Secured Overnight Financing Rate+0.45%), 04/15/24		5,100			5,126,200
0.60% (United States Secured Overnight Financing Rate+0.55%), 09/15/23		4,125			4,143,268
Canadian Imperial Bank of Commerce
0.39% (United States Secured Overnight Financing Rate+0.34%), 06/22/23		1,175			1,177,040
0.45% (United States Secured Overnight Financing Rate+0.40%), 12/14/23		4,675			4,690,428
0.47% (United States Secured Overnight Financing Rate+0.42%), 10/18/24		2,600			2,605,039
0.77% (ICE LIBOR USD 3 Month+0.66%), 09/13/23		1,300			1,313,991
0.84% (ICE LIBOR USD 3 Month+0.72%), 06/16/22		850			853,845
0.85% (United States Secured Overnight Financing Rate+0.80%), 03/17/23		3,125			3,148,147
Enbridge, Inc. 0.45% (United States Secured Overnight Financing Rate+0.40%), 02/17/23		900			902,051
Federation des Caisses Desjardins du Quebec 144A 0.48% (United States Secured Overnight Financing Rate+0.43%), 05/21/24		3,975			3,983,692
Royal Bank of Canada
0.35% (United States Secured Overnight Financing Rate+0.30%), 01/19/24		5,276			5,283,681
0.41% (United States Secured Overnight Financing Rate+0.36%), 07/29/24 †		5,025			5,038,244
0.48% (ICE LIBOR USD 3 Month+0.36%), 01/17/23		2,000			2,006,742
0.50% (United States Secured Overnight Financing Rate+0.45%), 10/26/23		2,400			2,413,597
Toronto-Dominion Bank 0.27% (United States Secured Overnight Financing Rate+0.22%), 06/02/23		2,000			2,004,256

See Notes to Financial Statements

63

VANECK INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Canada (continued)
0.29% (United States Secured Overnight Financing Rate+0.24%), 01/06/23	$	1,075		$	1,076,360
0.40% (United States Secured Overnight Financing Rate+0.35%), 03/04/24		5,320			5,337,858
0.40% (United States Secured Overnight Financing Rate+0.35%), 09/10/24		7,025			7,040,178
0.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23		1,300			1,306,950
0.53% (United States Secured Overnight Financing Rate+0.48%), 01/27/23		2,110			2,118,753
					81,458,038
Cayman Islands: 0.6%
MassMutual Global Funding II 144A 0.41% (United States Secured Overnight Financing Rate+0.36%), 04/12/24		4,775			4,800,508
China: 0.9%
Tencent Holdings Ltd. 144A
0.73% (ICE LIBOR USD 3 Month+0.60%), 01/19/23		850			851,466
1.03% (ICE LIBOR USD 3 Month+0.91%), 04/11/24		5,850			5,876,033
					6,727,499
France: 1.3%
Banque Federative du Credit Mutuel SA 144A 0.46% (United States Secured Overnight Financing Rate+0.41%), 02/04/25		5,500			5,512,116
BPCE SA 1.00% (ICE LIBOR USD 3 Month+0.88%), 05/31/22		950			954,709
BPCE SA 144A 1.35% (ICE LIBOR USD 3 Month+1.22%), 05/22/22		725			729,810
1.35% (ICE LIBOR USD 3 Month+1.24%), 09/12/23		1,300			1,323,898
Credit Agricole SA 144A 1.14% (ICE LIBOR USD 3 Month+1.02%), 04/24/23		1,365			1,382,482
					9,903,015
Germany: 0.7%
Bayer US Finance II LLC 144A 1.13% (ICE LIBOR USD 3 Month+1.01%), 12/15/23		3,300			3,344,749
BMW Finance NV 144A 0.91% (ICE LIBOR USD 3 Month+0.79%), 08/12/22		875			880,106
Deutsche Bank AG 1.31% (ICE LIBOR USD 3 Month+1.19%), 11/16/22		800			806,016
					5,030,871

	Par   (000’s		)	Value
Japan: 5.8%
American Honda Finance Corp. 0.67% (ICE LIBOR USD 3 Month+0.54%), 06/27/22	$	825		$	828,135
Mitsubishi UFJ Financial Group, Inc.
0.86% (ICE LIBOR USD 3 Month+0.74%), 03/02/23		1,925			1,940,748
0.91% (ICE LIBOR USD 3 Month+0.79%), 07/25/22		1,650			1,658,128
0.98% (ICE LIBOR USD 3 Month+0.86%), 07/26/23		4,250			4,303,040
Mizuho Financial Group, Inc.
0.76% (ICE LIBOR USD 3 Month+0.63%), 05/25/24		8,600			8,654,312
0.91% (ICE LIBOR USD 3 Month+0.79%), 03/05/23		2,200			2,221,917
0.96% (ICE LIBOR USD 3 Month+0.84%), 07/16/23		1,300			1,306,961
0.96% (ICE LIBOR USD 3 Month+0.85%), 09/13/23		1,275			1,283,391
0.99% (ICE LIBOR USD 3 Month+0.88%), 09/11/22		1,925			1,938,335
1.11% (ICE LIBOR USD 3 Month+1.00%), 09/11/24		5,075			5,138,808
Sumitomo Mitsui Financial Group, Inc.
0.86% (ICE LIBOR USD 3 Month+0.74%), 10/18/22		875			880,380
0.86% (ICE LIBOR USD 3 Month+0.74%), 01/17/23		850			856,316
0.90% (ICE LIBOR USD 3 Month+0.78%), 07/12/22		850			854,310
0.92% (ICE LIBOR USD 3 Month+0.80%), 10/16/23		2,168			2,195,946
0.98% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 †		1,275			1,290,784
Sumitomo Mitsui Trust Bank Ltd. 144A 0.49% (United States Secured Overnight Financing Rate+0.44%), 09/16/24 †		5,925			5,943,437
Toyota Motor Credit Corp.
0.35% (United States Secured Overnight Financing Rate+0.30%), 06/13/22 †		1,275			1,276,486
0.59% (ICE LIBOR USD 3 Month+0.48%), 09/08/22		900			903,433
					43,474,867
Netherlands: 1.7%
Cooperatieve Rabobank UA 0.35% (United States Secured Overnight Financing Rate+0.30%), 01/12/24		2,025			2,031,970
ING Groep NV 1.13% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 †		1,375			1,397,203
Shell International Finance BV 0.52% (ICE LIBOR USD 3 Month+0.40%), 11/13/23		1,350			1,358,178

See Notes to Financial Statements

64

	Par   (000’s		)	Value
Netherlands (continued)
Siemens Financieringsmaatschappij NV 144A 0.48% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 †	$	7,850		$	7,908,841
					12,696,192
Norway: 0.2%
DNB Bank ASA 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 12/02/22		1,050			1,056,414
Singapore: 0.1%
DBS Group Holdings Ltd. 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 07/25/22		900			903,410
Spain: 0.3%
Banco Santander SA
1.22% (ICE LIBOR USD 3 Month+1.09%), 02/23/23		900			910,510
1.24% (ICE LIBOR USD 3 Month+1.12%), 04/12/23		1,300			1,316,917
					2,227,427
Sweden: 0.1%
Skandinaviska Enskilda Banken AB 144A 0.76% (ICE LIBOR USD 3 Month+0.65%), 12/12/22		900			905,327
Switzerland: 2.8%
Credit Suisse Group AG 144A
1.32% (ICE LIBOR USD 3 Month+1.20%), 12/14/23		1,400			1,413,511
1.35% (ICE LIBOR USD 3 Month+1.24%), 06/12/24		5,775			5,856,984
UBS AG 144A 0.41% (United States Secured Overnight Financing Rate+0.36%), 02/09/24		7,800			7,822,344
UBS Group AG 144A
1.07% (ICE LIBOR USD 3 Month+0.95%), 08/15/23		3,135			3,154,739
1.35% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 †		2,550			2,566,329
					20,813,907
United Kingdom: 7.5%
Barclays Plc
1.50% (ICE LIBOR USD 3 Month+1.38%), 05/16/24		11,150			11,327,385
1.55% (ICE LIBOR USD 3 Month+1.43%), 02/15/23		1,375			1,379,755
1.75% (ICE LIBOR USD 3 Month+1.62%), 01/10/23		1,575			1,579,132
BAT Capital Corp. 1.00% (ICE LIBOR USD 3 Month+0.88%), 08/15/22		1,350			1,357,003
HSBC Holdings Plc 1.12% (ICE LIBOR USD 3 Month+1.00%), 05/18/24		14,830			14,977,711

	Par   (000’s		)	Value
United Kingdom (continued)
1.34% (ICE LIBOR USD 3 Month+1.23%), 03/11/25	$	3,925		$	4,000,593
1.49% (ICE LIBOR USD 3 Month+1.38%), 09/12/26		5,850			6,038,614
Jackson National Life Global Funding 144A 0.65% (United States Secured Overnight Financing Rate+0.60%), 01/06/23		1,400			1,406,563
Reckitt Benckiser Treasury Services Plc 144A 0.69% (ICE LIBOR USD 3 Month+0.56%), 06/24/22		1,325			1,329,579
Standard Chartered Plc 144A
1.28% (ICE LIBOR USD 3 Month+1.15%), 01/20/23		1,025			1,027,542
1.30% (United States Secured Overnight Financing Rate+1.25%), 10/14/23		1,350			1,362,004
UBS AG 144A
0.37% (United States Secured Overnight Financing Rate+0.32%), 06/01/23		2,900			2,909,237
0.50% (United States Secured Overnight Financing Rate+0.45%), 08/09/24		7,500			7,542,981
					56,238,099
United States: 61.5%
7-Eleven, Inc. 144A 0.58% (ICE LIBOR USD 3 Month+0.45%), 08/10/22		1,325			1,325,283
AbbVie, Inc. 0.78% (ICE LIBOR USD 3 Month+0.65%), 11/21/22		1,325			1,332,399
Air Lease Corp. 0.47% (ICE LIBOR USD 3 Month+0.35%), 12/15/22		1,100			1,100,444
American Electric Power Co., Inc. 0.61% (ICE LIBOR USD 3 Month+0.48%), 11/01/23		1,650			1,650,532
American Express Co.
0.75% (ICE LIBOR USD 3 Month+0.62%), 05/20/22		1,365			1,368,431
0.87% (ICE LIBOR USD 3 Month+0.75%), 08/03/23		1,325			1,338,671
American Honda Finance Corp. 0.28% (ICE LIBOR USD 3 Month+0.15%), 02/22/23		825			826,100
Analog Devices, Inc. 0.30% (United States Secured Overnight Financing Rate+0.25%), 10/01/24		4,000			4,005,832
Apple, Inc. 0.48% (ICE LIBOR USD 3 Month+0.35%), 05/11/22		1,175			1,177,364
AT&T, Inc.

See Notes to Financial Statements

65

VANECK INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
0.69% (United States Secured Overnight Financing Rate+0.64%), 03/25/24	$	5,900		$	5,906,176
1.29% (ICE LIBOR USD 3 Month+1.18%), 06/12/24		12,589			12,866,279
Athene Global Funding 144A
0.75% (United States Secured Overnight Financing Rate+0.70%), 05/24/24		11,775			11,840,208
1.36% (ICE LIBOR USD 3 Month+1.23%), 07/01/22		950			957,167
Atmos Energy Corp. 0.50% (ICE LIBOR USD 3 Month+0.38%), 03/09/23		2,925			2,925,584
Bank of America Corp.
0.53% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24		9,600			9,626,496
0.74% (United States Secured Overnight Financing Rate+0.69%), 04/22/25		4,550			4,586,310
0.78% (United States Secured Overnight Financing Rate+0.73%), 10/24/24		4,200			4,228,461
0.89% (ICE LIBOR USD 3 Month+0.77%), 02/05/26		11,669			11,827,282
0.91% (ICE LIBOR USD 3 Month+0.79%), 03/05/24		11,471			11,561,874
1.08% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 †		3,900			3,949,870
1.12% (ICE LIBOR USD 3 Month+1.00%), 04/24/23		3,850			3,866,744
1.29% (ICE LIBOR USD 3 Month+1.16%), 01/20/23		1,425			1,428,473
Bank of New York Mellon Corp. 1.18% (ICE LIBOR USD 3 Month+1.05%), 10/30/23		2,000			2,018,698
Becton Dickinson and Co. 1.15% (ICE LIBOR USD 3 Month+1.03%), 06/06/22		950			955,149
BMW US Capital LLC 144A
0.43% (United States Secured Overnight Financing Rate+0.38%), 08/12/24		5,875			5,913,792
0.58% (United States Secured Overnight Financing Rate+0.53%), 04/01/24		5,900			5,953,975
Caterpillar Financial Services Corp.
0.20% (United States Secured Overnight Financing Rate+0.15%), 11/17/22		1,700			1,700,106
0.29% (United States Secured Overnight Financing Rate+0.24%), 05/17/24		3,850			3,852,653
0.32% (United States Secured Overnight Financing Rate+0.27%), 09/13/24		5,850			5,867,755

	Par   (000’s		)	Value
United States (continued)
CenterPoint Energy Resources Corp. 0.62% (ICE LIBOR USD 3 Month+0.50%), 03/02/23	$	2,500		$	2,500,702
CenterPoint Energy, Inc. 0.70% (United States Secured Overnight Financing Rate+0.65%), 05/13/24		5,500			5,505,638
Charles Schwab Corp.
0.55% (United States Secured Overnight Financing Rate+0.50%), 03/18/24		9,802			9,842,446
0.57% (United States Secured Overnight Financing Rate+0.52%), 05/13/26		3,925			3,947,603
Chevron USA, Inc. 0.33% (ICE LIBOR USD 3 Month+0.20%), 08/11/23		1,375			1,378,444
Cigna Corp. 1.01% (ICE LIBOR USD 3 Month+0.89%), 07/15/23		1,900			1,920,830
Citigroup, Inc.
0.68% (ICE LIBOR USD 3 Month+0.55%), 08/25/36		4,050			3,559,191
0.72% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 †		3,875			3,901,801
0.92% (United States Secured Overnight Financing Rate+0.87%), 11/04/22		825			831,173
1.07% (ICE LIBOR USD 3 Month+0.95%), 07/24/23		1,950			1,961,306
1.14% (ICE LIBOR USD 3 Month+1.02%), 06/01/24		7,807			7,913,564
1.22% (ICE LIBOR USD 3 Month+1.10%), 05/17/24		11,675			11,831,215
1.38% (ICE LIBOR USD 3 Month+1.25%), 07/01/26		5,100			5,256,705
1.55% (ICE LIBOR USD 3 Month+1.43%), 09/01/23		5,375			5,430,464
Comcast Corp. 0.75% (ICE LIBOR USD 3 Month+0.63%), 04/15/24		3,975			4,015,851
ConocoPhillips Co. 1.02% (ICE LIBOR USD 3 Month+0.90%), 05/15/22		700			702,772
Credit Suisse AG
0.43% (United States Secured Overnight Financing Rate+0.38%), 08/09/23		1,500			1,504,650
0.44% (United States Secured Overnight Financing Rate+0.39%), 02/02/24		7,800			7,788,775
Dominion Energy, Inc. 0.65% (ICE LIBOR USD 3 Month+0.53%), 09/15/23		2,675			2,676,940
Duke Energy Corp.

See Notes to Financial Statements

66

	Par   (000’s		)	Value
United States (continued)
0.30% (United States Secured Overnight Financing Rate+0.25%), 06/10/23	$	1,350		$	1,350,543
Equitable Financial Life Global Funding 144A 0.44% (United States Secured Overnight Financing Rate+0.39%), 04/06/23		1,750			1,754,677
Exxon Mobil Corp. 0.45% (ICE LIBOR USD 3 Month+0.33%), 08/16/22		1,300			1,303,248
Florida Power & Light Co. 0.30% (United States Secured Overnight Financing Rate+0.25%), 05/10/23		2,550			2,550,205
GA Global Funding Trust 144A 0.55% (United States Secured Overnight Financing Rate+0.50%), 09/13/24		1,350			1,356,426
General Electric Co. 0.50% (ICE LIBOR USD 3 Month+0.38%), 05/05/26		7,350			7,286,331
General Motors Financial Co., Inc.
1.25% (United States Secured Overnight Financing Rate+1.20%), 11/17/23		1,975			2,006,109
1.44% (ICE LIBOR USD 3 Month+1.31%), 06/30/22		850			855,783
Gilead Sciences, Inc. 0.65% (ICE LIBOR USD 3 Month+0.52%), 09/29/23		1,375			1,375,064
Goldman Sachs Group, Inc.
0.46% (United States Secured Overnight Financing Rate+0.41%), 01/27/23		1,250			1,250,694
0.59% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 †		1,299			1,301,434
0.63% (United States Secured Overnight Financing Rate+0.58%), 03/08/24		5,469			5,477,618
0.88% (ICE LIBOR USD 3 Month+0.75%), 02/23/23		4,316			4,345,443
1.12% (ICE LIBOR USD 3 Month+1.00%), 07/24/23		1,962			1,971,844
1.17% (ICE LIBOR USD 3 Month+1.05%), 06/05/23		1,785			1,793,247
1.29% (ICE LIBOR USD 3 Month+1.17%), 05/15/26		11,725			11,993,071
1.72% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		4,575			4,696,326
1.89% (ICE LIBOR USD 3 Month+1.75%), 10/28/27		7,804			8,200,765
Hartford Financial Services Group, Inc. 144A 2.25% (ICE LIBOR USD 3 Month+2.12%), 02/12/47		3,850			3,744,126
Honeywell International, Inc.

	Par   (000’s		)	Value
United States (continued)
0.50% (ICE LIBOR USD 3 Month+0.37%), 08/08/22	$	1,075		$	1,078,242
Intel Corp. 0.48% (ICE LIBOR USD 3 Month+0.35%), 05/11/22 †		1,200			1,202,196
John Deere Capital Corp.
0.17% (United States Secured Overnight Financing Rate+0.12%), 07/10/23		2,025			2,026,208
0.25% (United States Secured Overnight Financing Rate+0.20%), 10/11/24		4,800			4,813,569
JPMorgan Chase & Co.
0.58% (United States Secured Overnight Financing Rate+0.54%), 06/01/25		3,900			3,918,159
0.63% (United States Secured Overnight Financing Rate+0.58%), 03/16/24		9,750			9,786,135
0.63% (United States Secured Overnight Financing Rate+0.58%), 06/23/25		3,800			3,817,292
0.81% (United States Secured Overnight Financing Rate+0.77%), 09/22/27		3,912			3,941,311
0.85% (ICE LIBOR USD 3 Month+0.73%), 04/23/24		3,850			3,880,811
0.93% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 †		3,850			3,904,930
0.97% (ICE LIBOR USD 3 Month+0.85%), 01/10/25		3,865			3,913,297
1.01% (ICE LIBOR USD 3 Month+0.89%), 07/23/24		7,800			7,892,030
1.02% (ICE LIBOR USD 3 Month+0.90%), 04/25/23		3,175			3,188,534
1.12% (ICE LIBOR USD 3 Month+1.00%), 01/15/23		1,075			1,077,764
1.35% (ICE LIBOR USD 3 Month+1.23%), 10/24/23		5,125			5,186,341
Lincoln National Corp. 2.48% (ICE LIBOR USD 3 Month+2.36%), 05/17/66		4,425			4,026,750
Met Tower Global Funding 144A 0.60% (United States Secured Overnight Financing Rate+0.55%), 01/17/23		1,000			1,004,846
Metropolitan Life Global Funding I 144A
0.35% (United States Secured Overnight Financing Rate+0.30%), 09/27/24		500			500,951
0.37% (United States Secured Overnight Financing Rate+0.32%), 01/07/24		4,875			4,900,100
0.62% (United States Secured Overnight Financing Rate+0.57%), 01/13/23		1,600			1,606,950
Morgan Stanley

See Notes to Financial Statements

67

VANECK INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
0.75% (United States Secured Overnight Financing Rate+0.70%), 01/20/23	$	4,250		$	4,258,312
1.35% (ICE LIBOR USD 3 Month+1.22%), 05/08/24		13,522			13,731,422
1.52% (ICE LIBOR USD 3 Month+1.40%), 10/24/23		6,354			6,432,696
New York Life Global Funding 144A
0.27% (United States Secured Overnight Financing Rate+0.22%), 02/02/23		1,350			1,352,198
0.40% (ICE LIBOR USD 3 Month+0.28%), 01/10/23		850			852,155
NextEra Energy Capital Holdings, Inc.
0.40% (ICE LIBOR USD 3 Month+0.27%), 02/22/23		2,745			2,745,896
0.59% (United States Secured Overnight Financing Rate+0.54%), 03/01/23		850			853,487
Otis Worldwide Corp. 0.58% (ICE LIBOR USD 3 Month+0.45%), 04/05/23		1,375			1,375,108
Pacific Gas and Electric Co. 1.60% (ICE LIBOR USD 3 Month+1.48%), 06/16/22		800			800,161
PNC Bank NA
0.45% (ICE LIBOR USD 3 Month+0.33%), 02/24/23		1,650			1,651,769
0.55% (ICE LIBOR USD 3 Month+0.43%), 12/09/22		1,275			1,275,567
0.63% (ICE LIBOR USD 3 Month+0.50%), 07/27/22		850			852,673
PPL Electric Utilities Corp. 0.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 †		5,150			5,153,502
Public Storage 0.52% (United States Secured Overnight Financing Rate+0.47%), 04/23/24		5,550			5,555,007
QUALCOMM, Inc. 0.86% (ICE LIBOR USD 3 Month+0.73%), 01/30/23		900			907,434
Thermo Fisher Scientific, Inc.
0.40% (United States Secured Overnight Financing Rate+0.35%), 04/18/23		2,600			2,599,072
0.44% (United States Secured Overnight Financing Rate+0.39%), 10/18/23		1,300			1,301,008
0.58% (United States Secured Overnight Financing Rate+0.53%), 10/18/24		4,000			4,006,741
Toyota Motor Credit Corp. 0.20% (United States Secured Overnight Financing Rate+0.15%), 08/15/22		2,600			2,600,259

	Par   (000’s		)	Value
United States (continued)
0.25% (United States Secured Overnight Financing Rate+0.20%), 02/13/23	$	1,575		$	1,575,306
0.34% (United States Secured Overnight Financing Rate+0.29%), 09/13/24		4,675			4,689,862
0.37% (United States Secured Overnight Financing Rate+0.32%), 04/06/23		1,950			1,955,221
0.38% (United States Secured Overnight Financing Rate+0.33%), 01/11/24		1,965			1,971,174
0.39% (United States Secured Overnight Financing Rate+0.34%), 10/14/22		950			952,237
Truist Bank
0.25% (United States Secured Overnight Financing Rate+0.20%), 01/17/24		3,300			3,300,980
0.71% (ICE LIBOR USD 3 Month+0.59%), 05/17/22		975			977,313
0.78% (United States Secured Overnight Financing Rate+0.73%), 03/09/23		1,175			1,184,446
Truist Financial Corp. 0.45% (United States Secured Overnight Financing Rate+0.40%), 06/09/25		7,800			7,811,210
United Parcel Service, Inc. 0.58% (ICE LIBOR USD 3 Month+0.45%), 04/01/23		1,345			1,349,276
US Bank NA
0.27% (Bloomberg 3 Month Short Term Bank Yield Index+0.17%), 06/02/23		2,600			2,601,846
0.52% (ICE LIBOR USD 3 Month+0.40%), 12/09/22		1,000			1,004,206
0.57% (ICE LIBOR USD 3 Month+0.44%), 05/23/22		1,050			1,051,992
Verizon Communications, Inc.
0.84% (United States Secured Overnight Financing Rate+0.79%), 03/20/26		5,850			5,958,607
1.22% (ICE LIBOR USD 3 Month+1.10%), 05/15/25		13,982			14,303,420
Walt Disney Co. 0.51% (ICE LIBOR USD 3 Month+0.39%), 09/01/22		950			952,798
Wells Fargo & Co.
1.23% (ICE LIBOR USD 3 Month+1.11%), 01/24/23		1,000			1,002,530
1.36% (ICE LIBOR USD 3 Month+1.23%), 10/31/23		5,050			5,107,363
					460,761,802
Total Floating Rate Notes (Cost: $743,028,708)					745,798,542

See Notes to Financial Statements

68

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $1,026,544)
Money Market Fund: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio		1,026,544	$	1,026,544
Total Investments: 99.7% (Cost: $744,055,252)				746,825,086
Other assets less liabilities: 0.3%				2,098,248
NET ASSETS: 100.0%			$	748,923,334

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,495,498.
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 $154,739,690, or 20.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Cyclicals		2.9	%	$	21,352,542
Consumer Non-Cyclicals		2.5			18,955,699
Energy		0.8			5,644,693
Financials		77.8			580,442,248
Healthcare		2.3			16,835,012
Industrials		2.0			15,245,342
Real Estate		0.7			5,555,007
Technology		7.1			53,054,808
Utilities		3.9			28,713,191
		100.0	%	$	745,798,542

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes *	$	—	$	745,798,542	$	—	$	745,798,542
Money Market Fund		1,026,544		—		—		1,026,544
Total Investments	$	1,026,544	$	745,798,542	$	—	$	746,825,086

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

69

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

		Par   (000’s	)	Value
CORPORATE BONDS: 4.5%
Colombia: 0.0%
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24	COP	3,596,000		$	943,125
Germany: 0.0%
Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23	ZAR	8,300			562,270
Mexico: 0.1%
Petróleos Mexicanos Reg S
7.19%, 09/12/24	MXN	28,330			1,318,617
7.65%, 11/24/21	MXN	21,555			1,052,148
					2,370,765
Philippines: 0.0%
Asian Development Bank 12.00%, 05/13/22	TRY	9,400			944,129
Russia: 0.1%
RusHydro Via RusHydro Capital Markets DAC Reg S 8.12%, 09/28/22	RUB	134,900			1,893,340
South Africa: 0.4%
Eskom Holdings SOC Ltd.
0.01%, 08/18/27	ZAR	82,330			2,515,693
7.50%, 09/15/33	ZAR	11,000			537,925
7.85%, 04/02/26	ZAR	25,350			1,599,750
Transnet SOC Ltd.
9.50%, 08/19/25	ZAR	21,000			1,406,802
10.80%, 11/06/23	ZAR	85,800			6,025,003
13.50%, 04/18/28	ZAR	5,000			386,408
					12,471,581
Supranational: 3.9%
European Bank for Reconstruction & Development
0.20%, 12/23/22	PLN	7,400			1,822,041
0.25%, 11/20/23	PLN	8,500			2,054,967
European Bank for Reconstruction & Development Reg S 6.00%, 07/24/23	RUB	62,000			843,280
European Investment Bank
4.25%, 10/25/22	PLN	40,070			10,304,794
7.25%, 02/28/23	ZAR	5,200			349,807
7.62%, 01/12/22	MXN	44,420			2,174,619
7.75%, 01/30/25	MXN	17,210			845,219
8.12%, 12/21/26	ZAR	214,265			14,373,376
European Investment Bank 144A 5.75%, 01/24/25	IDR	51,750,000			3,752,975
European Investment Bank Reg S
2.75%, 08/25/26	PLN	39,253			9,974,111
3.00%, 05/24/24	PLN	47,602			12,161,844

	Par   (000’s		)	Value
Supranational (continued)
8.00%, 05/05/27	ZAR	17,500		$	1,166,417
8.50%, 09/17/24	ZAR	7,600			523,889
Inter-American Development Bank
7.50%, 12/05/24	MXN	129,870			6,318,068
7.88%, 03/14/23	IDR	53,740,000			3,959,899
Inter-American Development Bank Reg S 7.70%, 02/12/24	MXN	52,500			2,549,737
International Bank for Reconstruction & Development
2.00%, 07/23/25	PHP	34,800			641,332
5.00%, 01/28/25	RUB	160,000			2,140,026
6.00%, 07/31/24	RUB	467,400			6,277,778
6.14%, 06/27/22	RUB	198,500			2,760,323
6.75%, 11/14/22	RUB	474,000			6,588,858
7.25%, 03/15/24	IDR	32,100,000			2,394,783
International Finance Corp.
5.50%, 03/20/23	RUB	540,000			7,353,337
6.38%, 04/11/22	RUB	37,300			521,839
6.50%, 02/04/26	RUB	537,100			7,318,767
7.00%, 02/14/24	BRL	1,800			294,469
7.00%, 07/20/27	MXN	175,100			8,283,220
7.25%, 02/02/24	MXN	2,500			120,990
7.50%, 01/18/28	MXN	104,600			5,043,387
7.75%, 01/18/30	MXN	122,880			6,038,425
8.00%, 10/09/23	IDR	17,500,000			1,309,335
8.00%, 07/27/27	ZAR	3,000			193,501
International Finance Corp. Reg S 8.38%, 05/31/29	MXN	50,500			2,540,364
					132,995,777
United Kingdom: 0.0%
European Bank for Reconstruction & Development
5.00%, 11/05/24	RUB	34,200			446,723
8.00%, 10/17/22	TRY	810			77,993
12.50%, 02/09/23	TRY	8,100			778,711
European Bank for Reconstruction & Development Reg S 10.00%, 09/28/22	TRY	5,400			531,287
					1,834,714
United States: 0.0%
International Finance Corp. 8.80%, 10/11/22	TRY	1,000			98,824
Total Corporate Bonds (Cost: $177,468,345)					154,114,525

See Notes to Financial Statements

70

	Par   (000’s		)	Value
GOVERNMENT OBLIGATIONS: 93.1%
Brazil: 8.1%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/24 ^	BRL	467,940		$	64,721,660
0.00%, 07/01/24 ^	BRL	148,350			19,485,673
0.00%, 07/01/23 ^	BRL	276,040			40,359,481
0.01%, 07/01/22	BRL	178,740			29,560,270
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/23	BRL	231,143			40,122,976
10.00%, 01/01/25	BRL	179,255			30,107,349
10.00%, 01/01/27	BRL	174,360			28,636,309
10.00%, 01/01/29	BRL	100,120			16,095,768
10.00%, 01/01/31	BRL	57,760			9,116,340
Brazilian Government International Bond
8.50%, 01/05/24	BRL	5,240			893,691
10.25%, 01/10/28	BRL	8,520			1,488,831
					280,588,348
Chile: 3.0%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP	20,280,000			22,701,904
4.50%, 03/01/26	CLP	13,180,000			15,509,196
5.00%, 03/01/35	CLP	14,960,000			16,448,878
6.00%, 01/01/43	CLP	11,795,000			13,844,566
Bonos de la Tesoreria de la Republica de Chile 144A Reg S
2.30%, 10/01/28	CLP	3,770,000			3,685,239
4.00%, 03/01/23	CLP	6,640,000			8,092,294
4.70%, 09/01/30	CLP	13,540,000			15,211,398
5.00%, 10/01/28	CLP	5,425,000			6,312,696
					101,806,171
China: 9.9%
China Government Bond
1.99%, 04/09/25	CNY	112,920			17,194,303
2.36%, 07/02/23	CNY	88,310			13,759,530
2.47%, 09/02/24	CNY	12,640			1,964,223
2.68%, 05/21/30	CNY	159,490			24,178,089
2.69%, 08/12/26	CNY	7,100			1,102,878
2.84%, 04/08/24	CNY	60,810			9,555,959
2.85%, 06/04/27	CNY	167,830			26,160,216
2.88%, 11/05/23	CNY	106,940			16,811,470
2.94%, 10/17/24	CNY	95,000			14,958,837
3.01%, 05/13/28	CNY	48,480			7,602,761
3.02%, 10/22/25	CNY	113,920			17,952,106
3.02%, 05/27/31	CNY	46,040			7,226,433
3.03%, 03/11/26	CNY	81,110			12,794,221
3.12%, 12/05/26	CNY	102,620			16,249,520
3.13%, 11/21/29	CNY	80,430			12,664,355
3.19%, 04/11/24	CNY	130,510			20,690,341
3.22%, 12/06/25	CNY	68,390			10,850,961
3.25%, 06/06/26	CNY	127,120			20,254,486
3.25%, 11/22/28	CNY	62,900			10,021,774
3.27%, 11/19/30	CNY	115,410			18,416,221
3.28%, 12/03/27	CNY	88,190			14,098,814
3.29%, 10/18/23	CNY	56,280			8,930,805

	Par   (000’s		)	Value
China (continued)
3.29%, 05/23/29	CNY	93,150		$	14,883,415
3.72%, 04/12/51	CNY	22,420			3,641,108
3.81%, 09/14/50	CNY	123,600			20,303,989
					342,266,815
Colombia: 3.9%
Colombia Government International Bond
4.38%, 03/21/23	COP	2,825,000			740,026
9.85%, 06/28/27	COP	4,334,000			1,314,593
Colombian TES
5.75%, 11/03/27	COP	44,555,000			10,784,868
6.00%, 04/28/28	COP	69,008,100			16,699,054
6.25%, 11/26/25	COP	44,221,000			11,402,767
6.25%, 07/09/36	COP	21,250,000			4,619,595
7.00%, 03/26/31	COP	26,260,000			6,448,767
7.00%, 06/30/32	COP	61,956,700			15,076,706
7.25%, 10/18/34	COP	63,600,000			15,519,431
7.25%, 10/26/50	COP	31,384,000			7,085,476
7.50%, 08/26/26	COP	63,831,700			17,047,405
7.75%, 09/18/30	COP	48,442,100			12,739,604
10.00%, 07/24/24	COP	41,973,800			12,110,438
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24	COP	12,300,000			3,350,146
					134,938,876
Czech Republic: 4.1%
Czech Republic Government Bond
0.05%, 11/29/29	CZK	119,620			4,387,489
0.25%, 02/10/27	CZK	256,250			10,133,904
1.20%, 03/13/31	CZK	235,740			9,340,067
1.25%, 02/14/25	CZK	229,990			9,866,642
1.50%, 04/24/40	CZK	60,810			2,282,326
1.75%, 06/23/32	CZK	133,040			5,520,372
2.00%, 10/13/33	CZK	260,550			10,956,271
2.75%, 07/23/29	CZK	235,100			10,610,487
Czech Republic Government Bond Reg S
0.45%, 10/25/23	CZK	230,750			9,941,588
0.95%, 05/15/30	CZK	261,360			10,231,784
1.00%, 06/26/26	CZK	281,480			11,703,401
2.40%, 09/17/25	CZK	247,820			11,008,276
2.50%, 08/25/28	CZK	267,680			11,883,709
4.20%, 12/04/36	CZK	153,970			8,251,029
4.70%, 09/12/22	CZK	168,940			7,760,988
5.70%, 05/25/24	CZK	152,780			7,383,355
					141,261,688
Dominican Republic: 1.6%
Dominican Republic International Bond 144A 9.75%, 06/05/26	DOP	1,367,400			28,834,594
Dominican Republic International Bond Reg S 8.90%, 02/15/23	DOP	1,038,540			19,597,527

See Notes to Financial Statements

71

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Dominican Republic (continued)
9.75%, 06/05/26	DOP	391,740		$	8,260,688
					56,692,809
Hungary: 3.7%
Hungary Government Bond
1.00%, 11/26/25	HUF	3,162,780			9,443,094
1.50%, 08/23/23	HUF	922,050			2,955,611
1.50%, 04/22/26	HUF	3,085,390			9,244,090
1.50%, 08/26/26	HUF	1,721,660			5,107,402
1.75%, 10/26/22	HUF	1,371,410			4,415,426
2.00%, 05/23/29	HUF	1,884,830			5,408,563
2.25%, 04/20/33	HUF	2,479,540			6,720,614
2.50%, 10/24/24	HUF	2,678,300			8,578,437
2.75%, 12/22/26	HUF	2,349,570			7,357,353
3.00%, 06/26/24	HUF	2,162,180			7,048,676
3.00%, 10/27/27	HUF	2,922,750			9,136,620
3.00%, 08/21/30	HUF	2,646,050			8,078,031
3.00%, 10/27/38	HUF	1,744,790			4,809,096
3.25%, 10/22/31	HUF	3,401,820			10,451,592
5.50%, 06/24/25	HUF	2,824,870			9,888,899
6.00%, 11/24/23	HUF	2,359,290			8,224,587
6.75%, 10/22/28	HUF	1,541,220			5,913,951
7.00%, 06/24/22	HUF	1,102,990			3,668,973
					126,451,015
Indonesia: 9.5%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR	32,500,000			2,318,207
5.50%, 04/15/26	IDR	164,370,000			11,800,298
5.62%, 05/15/23	IDR	122,540,000			8,878,582
6.12%, 05/15/28	IDR	175,561,000			12,689,216
6.25%, 06/15/36	IDR	26,910,000			1,898,373
6.38%, 04/15/32	IDR	8,920,000			645,665
6.50%, 06/15/25	IDR	245,090,000			18,242,273
6.50%, 02/15/31	IDR	162,790,000			11,777,642
6.62%, 05/15/33	IDR	123,373,000			8,773,481
7.00%, 05/15/27	IDR	206,028,000			15,596,614
7.00%, 09/15/30	IDR	262,280,000			19,512,484
7.12%, 06/15/42	IDR	43,270,000			3,148,853
7.50%, 08/15/32	IDR	97,440,000			7,386,664
7.50%, 06/15/35	IDR	211,140,000			15,789,859
7.50%, 05/15/38	IDR	110,830,000			8,194,419
7.50%, 04/15/40	IDR	193,100,000			14,338,535
8.12%, 05/15/24	IDR	134,230,000			10,355,630
8.25%, 05/15/29	IDR	150,010,000			11,917,152
8.25%, 06/15/32	IDR	112,514,000			8,990,207
8.25%, 05/15/36	IDR	148,475,000			11,805,688
8.38%, 03/15/24	IDR	172,633,000			13,318,360
8.38%, 09/15/26	IDR	227,247,000			18,181,364
8.38%, 03/15/34	IDR	222,984,000			17,808,816
8.38%, 04/15/39	IDR	155,240,000			12,373,726
8.75%, 05/15/31	IDR	105,897,000			8,752,807
9.00%, 03/15/29	IDR	158,582,000			13,107,431
9.50%, 07/15/31	IDR	102,631,000			8,805,422
10.50%, 08/15/30	IDR	25,642,000			2,332,259
11.00%, 09/15/25	IDR	48,962,000			4,181,927
Perusahaan Penerbit SBSN
6.50%, 05/15/23	IDR	56,820,000			4,168,705

	Par   (000’s		)	Value
Indonesia (continued)
6.62%, 10/15/24	IDR	42,440,000		$	3,170,884
8.25%, 09/15/23	IDR	53,999,000			4,094,568
8.75%, 08/15/23	IDR	33,370,000			2,544,012
8.88%, 11/15/31	IDR	112,280,000			9,332,234
					326,232,357
Malaysia: 5.9%
Malaysia Government Bond
2.63%, 04/15/31	MYR	33,435			7,455,573
3.48%, 03/15/23	MYR	33,601			8,257,631
3.48%, 06/14/24	MYR	32,080			7,897,086
3.50%, 05/31/27	MYR	31,737			7,726,643
3.73%, 06/15/28	MYR	35,263			8,659,428
3.76%, 04/20/23	MYR	5,693			1,403,662
3.76%, 05/22/40	MYR	40,685			9,255,474
3.80%, 08/17/23	MYR	18,256			4,514,469
3.83%, 07/05/34	MYR	35,835			8,389,138
3.88%, 08/15/29	MYR	36,847			9,077,091
3.90%, 11/30/26	MYR	24,544			6,120,020
3.90%, 11/16/27	MYR	27,405			6,799,880
3.91%, 07/15/26	MYR	15,065			3,755,577
3.96%, 09/15/25	MYR	48,261			12,061,972
4.06%, 09/30/24	MYR	14,019			3,511,323
4.07%, 06/15/50	MYR	31,028			7,115,490
4.18%, 07/15/24	MYR	17,745			4,445,901
4.25%, 05/31/35	MYR	22,361			5,508,268
4.76%, 04/07/37	MYR	27,945			7,190,189
Malaysia Government Investment Issue
3.15%, 05/15/23	MYR	24,090			5,884,628
3.42%, 09/30/27	MYR	28,051			6,822,116
3.45%, 07/15/36	MYR	18,890			4,201,742
3.46%, 10/15/30	MYR	43,857			10,402,598
3.65%, 10/15/24	MYR	23,831			5,911,342
3.73%, 03/31/26	MYR	45,206			11,191,546
4.09%, 11/30/23	MYR	10,229			2,555,423
4.13%, 08/15/25	MYR	20,520			5,146,544
4.13%, 07/09/29	MYR	22,545			5,669,404
4.26%, 07/26/27	MYR	20,699			5,255,701
4.37%, 10/31/28	MYR	28,983			7,407,024
4.42%, 09/30/41	MYR	9,740			2,394,895
					201,987,778
Mexico: 7.0%
Mexican Bonos
5.75%, 03/05/26	MXN	644,129			29,632,723
6.50%, 06/09/22	MXN	424,233			20,689,521
6.75%, 03/09/23	MXN	325,768			15,918,892
7.50%, 06/03/27	MXN	269,273			13,173,082
7.75%, 05/29/31	MXN	334,584			16,553,123
7.75%, 11/23/34	MXN	144,219			7,117,233
7.75%, 11/13/42	MXN	324,160			15,514,122
8.00%, 12/07/23	MXN	382,683			19,027,827
8.00%, 09/05/24	MXN	420,959			20,971,287
8.00%, 11/07/47	MXN	346,253			16,962,790
8.50%, 05/31/29	MXN	431,597			22,282,545
8.50%, 11/18/38	MXN	373,154			19,201,117
10.00%, 12/05/24	MXN	325,266			17,107,071

See Notes to Financial Statements

72

	Par   (000’s		)	Value
Mexico (continued)
10.00%, 11/20/36	MXN	117,776		$	6,924,033
					241,075,366
Peru: 3.0%
Peru Government Bond
5.35%, 08/12/40	PEN	29,280			6,221,566
5.40%, 08/12/34	PEN	39,945			9,158,966
5.70%, 08/12/24	PEN	23,033			5,957,181
5.94%, 02/12/29	PEN	55,760			14,484,251
6.15%, 08/12/32	PEN	51,950			13,221,639
6.35%, 08/12/28	PEN	53,685			14,298,978
6.90%, 08/12/37	PEN	50,245			12,779,608
6.95%, 08/12/31	PEN	51,122			13,888,054
8.20%, 08/12/26	PEN	42,735			12,210,446
					102,220,689
Philippines: 1.6%
Philippine Government International Bond
3.90%, 11/26/22	PHP	881,200			17,611,280
6.25%, 01/14/36	PHP	1,656,500			38,371,429
					55,982,709
Poland: 4.8%
Republic of Poland Government Bond
0.25%, 10/25/26	PLN	56,579			12,802,708
0.75%, 04/25/25	PLN	51,422			12,302,647
1.25%, 10/25/30	PLN	61,412			13,629,793
2.25%, 10/25/24	PLN	63,341			15,960,809
2.50%, 01/25/23	PLN	49,772			12,607,320
2.50%, 04/25/24	PLN	9,901			2,510,609
2.50%, 07/25/26	PLN	46,491			11,782,960
2.50%, 07/25/27	PLN	58,212			14,673,301
2.75%, 04/25/28	PLN	64,881			16,536,587
2.75%, 10/25/29	PLN	87,259			22,082,602
3.25%, 07/25/25	PLN	72,491			18,868,044
4.00%, 10/25/23	PLN	41,614			10,851,696
5.75%, 09/23/22	PLN	2,973			774,114
					165,383,190
Romania: 3.3%
Romania Government Bond
3.25%, 04/29/24	RON	30,555			7,026,121
3.25%, 06/24/26	RON	20,615			4,576,460
3.50%, 12/19/22	RON	27,255			6,368,792
3.65%, 07/28/25	RON	30,815			7,044,876
3.65%, 09/24/31	RON	28,110			5,939,620
3.70%, 11/25/24	RON	26,480			6,112,860
4.00%, 10/25/23	RON	28,625			6,715,617
4.15%, 01/26/28	RON	27,760			6,321,632
4.15%, 10/24/30	RON	21,120			4,697,215
4.25%, 06/28/23	RON	27,515			6,477,183
4.40%, 09/25/23	RON	27,700			6,548,379
4.50%, 06/17/24	RON	30,545			7,216,420
4.75%, 02/24/25	RON	27,575			6,537,241
4.75%, 10/11/34	RON	13,480			3,080,927
4.85%, 04/22/26	RON	27,610			6,558,577
5.00%, 02/12/29	RON	30,730			7,278,267
5.80%, 07/26/27	RON	28,800			7,127,046

	Par   (000’s		)	Value
Romania (continued)
5.85%, 04/26/23	RON	27,920		$	6,718,574
					112,345,807
Russia: 4.8%
Russian Federal Bond
4.50%, 07/16/25	RUB	759,043			9,441,621
5.70%, 05/17/28	RUB	902,714			11,199,893
6.00%, 10/06/27	RUB	855,664			10,857,696
6.10%, 07/18/35	RUB	802,175			9,541,034
6.50%, 02/28/24	RUB	490,206			6,657,939
6.90%, 05/23/29	RUB	662,638			8,725,778
6.90%, 07/23/31	RUB	590,500			7,694,006
7.00%, 08/16/23	RUB	413,423			5,708,440
7.05%, 01/19/28	RUB	624,345			8,342,197
7.10%, 10/16/24	RUB	287,003			3,926,162
7.15%, 11/12/25	RUB	440,677			5,982,348
7.25%, 05/10/34	RUB	660,168			8,772,656
7.40%, 12/07/22	RUB	164,765			2,303,572
7.40%, 07/17/24	RUB	441,658			6,096,191
7.65%, 04/10/30	RUB	820,939			11,301,248
7.70%, 03/23/33	RUB	623,773			8,578,837
7.70%, 03/16/39	RUB	568,575			7,806,551
7.75%, 09/16/26	RUB	630,150			8,741,668
7.95%, 10/07/26	RUB	620,508			8,669,748
8.15%, 02/03/27	RUB	645,366			9,098,594
8.50%, 09/17/31	RUB	475,262			6,914,217
					166,360,396
Serbia: 1.7%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD	2,067,450			21,449,695
4.50%, 08/20/32	RSD	2,043,630			20,919,208
5.88%, 02/08/28	RSD	1,537,500			17,159,858
					59,528,761
South Africa: 6.2%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR	180,744			8,176,698
6.50%, 02/28/41	ZAR	160,740			6,883,509
7.00%, 02/28/31	ZAR	249,923			13,521,328
7.75%, 02/28/23	ZAR	36,831			2,489,951
8.00%, 01/31/30	ZAR	494,512			29,553,601
8.25%, 03/31/32	ZAR	381,541			22,026,565
8.50%, 01/31/37	ZAR	388,229			21,282,340
8.75%, 01/31/44	ZAR	335,545			18,191,194
8.75%, 02/28/48	ZAR	574,133			31,013,720
8.88%, 02/28/35	ZAR	357,308			20,743,438
9.00%, 01/31/40	ZAR	261,229			14,658,709
10.50%, 12/21/26	ZAR	358,058			25,829,629
					214,370,682
Thailand: 6.6%
Thailand Government Bond
0.75%, 06/17/24	THB	394,164			11,859,344
0.95%, 06/17/25	THB	420,970			12,670,612
1.00%, 06/17/27	THB	121,810			3,608,894
1.45%, 12/17/24	THB	435,317			13,329,540
1.58%, 12/17/35	THB	197,154			5,333,890
1.60%, 12/17/29	THB	372,196			11,113,104
1.60%, 06/17/35	THB	147,574			4,041,789

See Notes to Financial Statements

73

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Thailand (continued)
1.88%, 06/17/22	THB	207,958		$	6,319,784
2.00%, 12/17/22	THB	303,938			9,304,902
2.00%, 12/17/31	THB	97,949			2,955,660
2.00%, 06/17/42	THB	128,037			3,444,036
2.12%, 12/17/26	THB	433,354			13,642,434
2.40%, 12/17/23	THB	417,875			13,040,222
2.88%, 12/17/28	THB	346,951			11,358,856
2.88%, 06/17/46	THB	324,829			10,013,084
3.30%, 06/17/38	THB	457,702			15,047,358
3.40%, 06/17/36	THB	372,517			12,354,954
3.62%, 06/16/23	THB	319,026			10,077,320
3.65%, 06/20/31	THB	349,777			12,110,995
3.77%, 06/25/32	THB	508,272			17,838,981
3.85%, 12/12/25	THB	367,613			12,296,827
4.75%, 12/20/24	THB	824			27,758
4.88%, 06/22/29	THB	396,820			14,591,868
					226,382,212
Turkey: 2.8%
Turkey Government Bond
7.10%, 03/08/23	TRY	82,064			7,514,948
8.00%, 03/12/25	TRY	60,438			4,701,708
8.50%, 09/14/22	TRY	35,846			3,493,206
9.00%, 07/24/24	TRY	79,637			6,700,502
10.40%, 03/20/24	TRY	30,713			2,734,261

	Par   (000’s		)	Value
Turkey (continued)
10.50%, 08/11/27	TRY	67,522		$	4,957,856
10.60%, 02/11/26	TRY	103,169			8,272,705
10.70%, 08/17/22	TRY	53,329			5,316,148
11.00%, 02/24/27	TRY	71,445			5,465,104
11.70%, 11/13/30	TRY	149,927			10,759,024
12.20%, 01/18/23	TRY	79,286			7,808,910
12.40%, 03/08/28	TRY	50,092			3,969,788
12.60%, 10/01/25	TRY	172,722			15,053,435
16.20%, 06/14/23	TRY	85,215			8,729,638
					95,477,233
Uruguay: 1.6%
Uruguay Government International Bond 8.25%, 05/21/31	UYU	1,527,592			34,481,170
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU	128,113			3,022,451
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU	810,098			19,111,887
					56,615,508
Total Government Obligations (Cost: $3,467,418,400)					3,207,968,410
Total Investments: 97.6% (Cost: $3,644,886,745)					3,362,082,935
Other assets less liabilities: 2.4%					82,526,679
NET ASSETS: 100.0%				$	3,444,609,614

Definitions:

BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
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
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:

^	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.

See Notes to Financial Statements

74

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 $68,911,647, or 2.0% of net assets.

Summary of Investments by Sector	% of Investments			Value
Energy		0.1	%	$	2,370,765
Financials		4.1			138,329,054
Government Activity		95.4			3,207,968,410
Industrials		0.2			7,818,212
Utilities		0.2			5,596,494
		100.0	%	$	3,362,082,935

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	154,114,525	$	—	$	154,114,525
Government Obligations *		—		3,207,968,410		—		3,207,968,410
Total Investments	$	—	$	3,362,082,935	$	—	$	3,362,082,935

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

75

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 98.8%
Brazil: 1.5%
Vale Overseas Ltd.
3.75%, 07/08/30	$	50		$	50,936
6.88%, 11/21/36		75			98,162
					149,098
Canada: 5.7%
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27		50			54,183
Bank of Nova Scotia 4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o)		50			53,484
Canadian Natural Resources Ltd. 6.25%, 03/15/38		50			66,936
CI Financial Corp. 4.10%, 06/15/51		40			43,971
Enbridge, Inc. 3.12%, 11/15/29		75			79,423
5.50%, 07/15/77		50			53,963
Spectra Energy Partners LP 4.75%, 03/15/24		50			53,892
Suncor Energy, Inc. 6.50%, 06/15/38		50			69,539
TransCanada PipeLines Ltd. 7.62%, 01/15/39		50			77,541
Transcanada Trust 5.50% (United States Secured Overnight Financing Rate+4.42%), 09/15/79		25			27,344
					580,276
China: 1.0%
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o)		50			53,136
Meituan 144A 3.05%, 10/28/30		50			46,487
					99,623
Denmark: 1.0%
Danske Bank AS 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23		100			100,309
France: 6.2%
BNP Paribas SA 144A
4.62%, 03/13/27		50			55,595
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) †		125			129,844
Credit Agricole SA 144A 4.38%, 03/17/25		100			108,476
Societe Generale SA 144A
3.00%, 01/22/30 †		50			51,580
4.25%, 04/14/25		50			53,567
4.75%, 09/14/28		100			114,780

	Par   (000’s		)	Value
France (continued)
5.00%, 01/17/24	$	100		$	107,406
					621,248
Germany: 1.4%
Deutsche Bank AG 3.30%, 11/16/22		100			102,685
E.ON International Finance BV 144A 6.65%, 04/30/38		25			36,337
					139,022
India: 0.5%
Bharti Airtel Ltd. 144A 4.38%, 06/10/25		50			53,447
Italy: 3.5%
Enel Finance International NV 144A
3.62%, 05/25/27		200			218,398
6.00%, 10/07/39		50			68,517
Intesa Sanpaolo SpA 144A 3.38%, 01/12/23		50			51,500
					338,415
Luxembourg: 1.5%
DH Europe Finance II Sarl 3.25%, 11/15/39		50			53,526
Gazprom PJSC Via Gaz Capital SA 144A 7.29%, 08/16/37		75			101,365
					154,891
Mexico: 1.2%
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27		50			52,938
Southern Copper Corp. 6.75%, 04/16/40		50			69,507
					122,445
Netherlands: 1.8%
Heineken NV 144A 2.75%, 04/01/23		25			25,701
Lukoil Securities BV 144A 3.88%, 05/06/30		50			51,963
Prosus NV 144A
3.06%, 07/13/31		50			48,573
3.68%, 01/21/30		50			51,449
					177,686
Saudi Arabia: 0.6%
Motiva Enterprises LLC 144A 6.85%, 01/15/40		50			62,974
Spain: 1.6%
Banco Santander SA 2.75%, 12/03/30		50			49,106
Santander Holdings USA, Inc.
4.40%, 07/13/27		50			55,652
4.50%, 07/17/25		50			54,760
					159,518
Switzerland: 2.4%
Credit Suisse Group AG 144A

See Notes to Financial Statements

76

	Par   (000’s		)	Value
Switzerland (continued)
3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32	$	100		$	101,893
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31		125			138,401
					240,294
United Kingdom: 6.0%
Barclays Plc
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		200			200,694
5.20%, 05/12/26		100			113,143
Lloyds Bank Plc 144A 12.00% (ICE LIBOR USD 3 Month+11.76%), 12/29/49 (o)		50			51,563
Standard Chartered Plc 144A 4.30%, 02/19/27		200			215,263
					580,663
United States: 62.9%
7-Eleven, Inc. 144A 0.62%, 02/10/23		25			24,966
Altria Group, Inc.
4.00%, 02/04/61		50			47,959
4.25%, 08/09/42		100			103,173
4.80%, 02/14/29		125			142,499
Ares Capital Corp.
3.50%, 02/10/23		50			51,547
3.88%, 01/15/26		50			53,059
AT&T, Inc.
4.12%, 02/17/26		75			82,749
4.30%, 02/15/30		100			113,623
4.35%, 03/01/29		100			113,595
4.45%, 04/01/24		50			53,809
5.25%, 03/01/37		100			124,344
Bayer US Finance II LLC 144A 3.88%, 12/15/23		50			52,813
Becton Dickinson and Co. 3.36%, 06/06/24		75			79,114
Berry Global, Inc. 144A 4.88%, 07/15/26		25			26,219
Brighthouse Financial, Inc. 4.70%, 06/22/47		50			57,459
Charter Communications Operating LLC / Charter Communications Operating Capital
4.50%, 02/01/24		25			26,825
4.91%, 07/23/25		125			139,051
5.05%, 03/30/29		125			145,838
5.12%, 07/01/49		20			23,707
5.38%, 05/01/47		75			91,077
6.48%, 10/23/45		50			69,079
CoStar Group, Inc. 144A 2.80%, 07/15/30		25			25,349
Enterprise Products Operating LLC 5.95%, 02/01/41		50			68,000

	Par   (000’s		)	Value
United States (continued)
Exelon Corp. 4.05%, 04/15/30	$	100		$	112,652
Exelon Generation Co. LLC 3.25%, 06/01/25		50			52,866
Fifth Third Bancorp 8.25%, 03/01/38		35			57,864
FS KKR Capital Corp. 3.40%, 01/15/26		25			25,708
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35		175			213,085
General Electric Co.
3.45%, 05/01/27		75			81,801
4.35%, 05/01/50		50			63,749
5.88%, 01/14/38		50			69,112
6.75%, 03/15/32		50			68,770
GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26		50			56,447
HCA, Inc.
4.12%, 06/15/29		75			83,113
5.00%, 03/15/24		100			108,858
5.12%, 06/15/39		50			62,008
5.25%, 06/15/26		50			56,710
5.50%, 06/15/47		50			66,084
Kinder Morgan Energy Partners LP 6.95%, 01/15/38		75			105,899
L3Harris Technologies, Inc. 4.40%, 06/15/28		25			28,538
Lowe’s Cos, Inc. 4.00%, 04/15/25		25			27,231
McDonald’s Corp. 2.62%, 09/01/29		35			36,272
3.60%, 07/01/30		50			55,479
4.45%, 03/01/47		50			62,437
4.45%, 09/01/48		50			62,783
4.88%, 12/09/45		50			65,273
6.30%, 03/01/38		50			71,482
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24		50			52,106
Mondelez International, Inc.
1.50%, 05/04/25		25			25,218
2.75%, 04/13/30		25			26,059
Northrop Grumman Corp. 2.93%, 01/15/25		25			26,230
Oracle Corp.
2.50%, 04/01/25		125			129,665
2.88%, 03/25/31		75			76,994
3.60%, 04/01/40		75			78,282
3.80%, 11/15/37		50			53,711
4.00%, 07/15/46		50			54,075
6.50%, 04/15/38		75			104,921
Owl Rock Capital Corp. 3.40%, 07/15/26		50			51,404
Prudential Financial, Inc.

See Notes to Financial Statements

77

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 †	$	50		$	56,762
Raytheon Technologies Corp. 3.95%, 08/16/25		50			54,600
Sabine Pass Liquefaction LLC 5.00%, 03/15/27		25			28,358
Sherwin-Williams Co.
3.45%, 06/01/27		50			54,275
4.50%, 06/01/47		25			31,317
Southern Co. 3.70%, 04/30/30		25			27,115
Stellantis NV 5.25%, 04/15/23		50			53,201
Synchrony Financial
3.95%, 12/01/27		50			54,613
4.25%, 08/15/24		50			53,670
Sysco Corp.
3.30%, 07/15/26		25			26,798
5.95%, 04/01/30		75			94,989
Thermo Fisher Scientific, Inc.
2.80%, 10/15/41		25			25,141
2.95%, 09/19/26		50			53,265
4.10%, 08/15/47		50			61,984
4.50%, 03/25/30		50			58,893
Time Warner Cable LLC 7.30%, 07/01/38		100			144,097
Time Warner Entertainment Co. LP
8.38%, 03/15/23		75			82,756
8.38%, 07/15/33		50			73,555
T-Mobile USA, Inc.
3.50%, 04/15/25		150			160,036
3.75%, 04/15/27		155			168,237
3.88%, 04/15/30		35			38,295
Valero Energy Corp. 6.62%, 06/15/37		50			68,397
Verizon Communications, Inc. 1.45%, 03/20/26		100			99,795
3.38%, 02/15/25		50			53,437
3.50%, 11/01/24		50			53,344
4.02%, 12/03/29		50			56,067
4.12%, 03/16/27		100			111,790
4.33%, 09/21/28		100			114,202
Wells Fargo & Co.
4.65%, 11/04/44		50			61,819
5.38%, 11/02/43		100			133,565
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28		50			57,548
					6,300,661
Total Corporate Bonds (Cost: $9,876,112)					9,880,570

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8% (Cost: $183,085)
Money Market Fund: 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio		183,085	$	183,085
Total Investments: 100.6% (Cost: $10,059,197)				10,063,655
Liabilities in excess of other assets: (0.6)%				(60,252)
NET ASSETS: 100.0%			$	10,003,403

See Notes to Financial Statements

78

Definitions:
USD	United States Dollar

Footnotes:
(o)	Perpetual Maturity — the date shown is the next call date
†	Security fully or partially on loan. Total market value of securities on loan is $224,414.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,387,098, or 23.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		3.3	%	$	330,415
Consumer Cyclicals		9.4			929,734
Consumer Non-Cyclicals		8.1			800,794
Energy		8.2			814,520
Financials		31.4			3,105,499
Healthcare		7.2			707,982
Industrials		2.8			272,547
Real Estate		0.6			56,447
Technology		24.0			2,366,683
Utilities		5.0			495,949
		100.0	%	$	9,880,570

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	9,880,570	$	—	$	9,880,570
Money Market Fund		183,085		—		—		183,085
Total Investments	$	183,085	$	9,880,570	$	—	$	10,063,655

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

79

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 98.6%
Brazil: 1.0%
Vale Overseas Ltd.
3.75%, 07/08/30	$	50		$	50,936
6.88%, 11/21/36		75			98,162
					149,098
Canada: 7.8%
Alimentation Couche-Tard, Inc. 144A 2.95%, 01/25/30 †		100			103,822
Bank of Nova Scotia
3.40%, 02/11/24		50			52,783
4.50%, 12/16/25		50			55,693
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o)		100			106,968
Brookfield Finance, Inc. 4.35%, 04/15/30		100			114,132
Canadian Imperial Bank of Commerce 3.10%, 04/02/24 †		100			105,241
Canadian Natural Resources Ltd. 6.25%, 03/15/38		50			66,936
CI Financial Corp. 3.20%, 12/17/30		40			41,014
Enbridge, Inc.
3.12%, 11/15/29		100			105,897
5.50%, 07/15/77		100			107,926
Suncor Energy, Inc. 6.80%, 05/15/38		75			106,760
Toronto-Dominion Bank 3.25%, 03/11/24		50			52,749
TotalEnergies Capital Canada Ltd. 2.75%, 07/15/23		25			25,976
TransCanada PipeLines Ltd. 6.20%, 10/15/37		75			102,308
					1,148,205
China: 1.7%
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o)		100			106,273
Meituan 144A 3.05%, 10/28/30		50			46,487
Tencent Holdings Ltd. 144A 3.28%, 04/11/24		100			104,723
					257,483
Denmark: 1.0%
Danske Bank A/S 144A 1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26		150			149,019
France: 5.5%
BNP Paribas SA 144A

	Par   (000’s		)	Value
France (continued)
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35	$	50		$	48,213
2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32		50			50,901
3.50%, 03/01/23		50			51,877
4.38%, 05/12/26		75			82,108
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) †		100			103,875
Credit Agricole SA 144A 3.25%, 01/14/30		100			104,103
Societe Generale SA 144A
3.00%, 01/22/30 †		100			103,161
4.25%, 04/14/25		200			214,270
TotalEnergies Capital International SA 3.70%, 01/15/24		75			79,667
					838,175
Germany: 1.6%
Deutsche Bank AG
3.30%, 11/16/22		100			102,685
3.70%, 05/30/24		50			52,946
E.ON International Finance BV 144A 6.65%, 04/30/38		50			72,674
					228,305
Guernsey: 0.4%
Credit Suisse Group AG 4.88%, 05/15/45		50			63,536
Italy: 2.9%
Enel Finance International NV 144
3.50%, 04/06/28		100			108,537
3.62%, 05/25/27		50			54,600
6.80%, 09/15/37		100			144,832
Eni SpA 144A 4.75%, 09/12/28		100			116,420
					424,389
Japan: 1.2%
Mitsui Sumitomo Insurance Co. Ltd. 144A 4.95% (USD Swap Semi 30/360 5 Year+3.26%), 12/31/99 (o)		50			56,688
Nomura Holdings, Inc. 2.65%, 01/16/25		50			51,772
NTT Finance Corp. 144A 0.37%, 03/03/23		25			24,978
Sumitomo Mitsui Financial Group, Inc. 2.78%, 10/18/22		50			51,125
					184,563
Luxembourg: 0.7%
Gazprom PJSC Via Gaz Capital SA 144A 4.95%, 02/06/28		100			110,155

See Notes to Financial Statements

80

	Par   (000’s		)	Value
Mexico: 1.1%
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27	$	50		$	52,938
Southern Copper Corp. 6.75%, 04/16/40		75			104,260
					157,198
Saudi Arabia: 3.4%
Motiva Enterprises LLC 144A 6.85%, 01/15/40		50			62,974
Saudi Arabian Oil Co. 144A
3.50%, 04/16/29		200			213,865
4.25%, 04/16/39		100			112,252
4.38%, 04/16/49		100			115,193
					504,284
Spain: 1.1%
Santander Holdings USA, Inc.
4.40%, 07/13/27		50			55,652
4.50%, 07/17/25		100			109,521
					165,173
Switzerland: 2.5%
Credit Suisse Group AG 144A
3.57%, 01/09/23		100			100,553
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31		250			276,803
					377,356
United Kingdom: 8.5%
Barclays Plc
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		200			200,695
5.20%, 05/12/26		200			226,285
Credit Agricole SA 144A
1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26		50			50,513
4.12%, 01/10/27		100			110,645
HSBC Holdings Plc 6.10%, 01/14/42		50			72,010
Lloyds Banking Group Plc 4.55%, 08/16/28		200			228,387
Sky Ltd. 144A 3.75%, 09/16/24		50			53,882
Standard Chartered Plc 144A
5.20%, 01/26/24		200			215,574
5.30%, 01/09/43		125			154,009
					1,312,000
United States: 58.2%
Ally Financial, Inc. 8.00%, 11/01/31		50			71,643
Altria Group, Inc.
4.25%, 08/09/42		100			103,173
4.80%, 02/14/29		100			113,999
Amazon.com, Inc. 5.20%, 12/03/25		50			57,371
Apple, Inc. 2.75%, 01/13/25		50			52,562

	Par   (000’s		)	Value
United States (continued)
3.20%, 05/11/27	$	100		$	108,572
3.25%, 02/23/26		100			107,888
3.35%, 02/09/27		75			81,738
4.45%, 05/06/44 †		25			31,988
4.65%, 02/23/46		50			66,164
Ares Capital Corp. 4.20%, 06/10/24		100			106,483
AT&T, Inc.
3.40%, 05/15/25		50			53,439
3.80%, 02/15/27		100			109,379
4.30%, 02/15/30		150			170,434
5.25%, 03/01/37		100			124,344
Bank of America Corp.
4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51		125			151,161
4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48		100			126,368
BBVA Bancomer SA 144A 4.38%, 04/10/24		50			53,688
Becton Dickinson and Co. 3.36%, 06/06/24		50			52,742
Berkshire Hathaway Energy Co.
2.85%, 05/15/51		25			24,541
3.70%, 07/15/30		100			111,832
4.25%, 10/15/50		50			62,367
6.12%, 04/01/36		75			103,217
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48		110			136,152
Berkshire Hathaway, Inc. 3.12%, 03/15/26		125			134,605
Booking Holdings, Inc. 4.62%, 04/13/30		50			59,008
Capital One Financial Corp. 3.75%, 07/28/26		75			81,134
Charter Communications Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/25		100			111,241
5.05%, 03/30/29		100			116,670
5.38%, 04/01/38		75			90,167
6.48%, 10/23/45		100			138,158
Chevron Corp. 2.90%, 03/03/24		50			52,288
Chevron USA, Inc. 6.00%, 03/01/41		50			74,181
DH Europe Finance II Sarl 2.60%, 11/15/29 †		75			78,078
DuPont de Nemours, Inc. 5.32%, 11/15/38		50			64,582
Enterprise Products Operating LLC 5.95%, 02/01/41		40			54,400
Exelon Generation Co. LLC
3.25%, 06/01/25		50			52,866
6.25%, 10/01/39		50			64,035
Exxon Mobil Corp.

See Notes to Financial Statements

81

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
2.99%, 03/19/25	$	150		$	158,627
3.48%, 03/19/30		50			55,408
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35		175			213,086
General Electric Co.
6.75%, 03/15/32		40			55,016
6.88%, 01/10/39		125			190,450
GlaxoSmithKline Capital, Inc. 2.80%, 03/18/23		50			51,598
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25		75			83,292
HCA, Inc.
4.12%, 06/15/29		75			83,113
5.00%, 03/15/24		100			108,858
5.25%, 04/15/25		75			84,125
5.50%, 06/15/47		125			165,206
Home Depot, Inc.
3.75%, 02/15/24		75			79,582
5.88%, 12/16/36		75			105,763
Kinder Morgan Energy Partners LP 6.95%, 01/15/38		75			105,899
Lockheed Martin Corp. 2.90%, 03/01/25		50			52,765
Marathon Petroleum Corp. 6.50%, 03/01/41		50			69,565
McDonald’s Corp.
3.80%, 04/01/28		25			27,898
4.70%, 12/09/35		50			61,574
4.88%, 12/09/45		50			65,273
6.30%, 10/15/37		50			71,772
Microsoft Corp.
2.70%, 02/12/25		50			52,729
2.88%, 02/06/24		50			52,331
3.12%, 11/03/25		100			107,339
3.30%, 02/06/27		120			131,145
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24		50			52,106
Mondelez International, Inc. 2.75%, 04/13/30		25			26,059
Oracle Corp.
2.95%, 04/01/30		50			51,862
3.85%, 07/15/36		75			81,132
4.12%, 05/15/45		100			109,959
4.30%, 07/08/34		50			56,613
5.38%, 07/15/40		75			95,088
6.50%, 04/15/38		50			69,947
PepsiCo, Inc. 2.75%, 04/30/25		100			105,384
Prudential Financial, Inc. 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 †		50			56,762
Sherwin-Williams Co. 3.45%, 06/01/27		50			54,275
Synchrony Financial

	Par   (000’s		)	Value
United States (continued)
4.25%, 08/15/24	$	50		$	53,670
4.50%, 07/23/25		75			82,083
Sysco Corp.
3.30%, 07/15/26		50			53,596
5.95%, 04/01/30		100			126,652
Thermo Fisher Scientific, Inc.
2.00%, 10/15/31		50			48,964
2.95%, 09/19/26		50			53,265
4.10%, 08/15/47		50			61,984
4.50%, 03/25/30		50			58,893
Time Warner Cable LLC
6.55%, 05/01/37		100			134,538
6.75%, 06/15/39		75			102,827
Time Warner Entertainment Co. LP 8.38%, 03/15/23		75			82,756
T-Mobile USA, Inc.
3.50%, 04/15/25		50			53,345
3.75%, 04/15/27		150			162,810
3.88%, 04/15/30		200			218,826
United Parcel Service, Inc. 3.90%, 04/01/25		20			21,751
Valero Energy Corp. 7.50%, 04/15/32		50			69,686
Verizon Communications, Inc.
3.38%, 02/15/25		50			53,437
4.02%, 12/03/29		150			168,202
4.12%, 03/16/27		125			139,738
Walmart, Inc.
2.85%, 07/08/24		50			52,658
3.30%, 04/22/24		50			52,885
3.55%, 06/26/25		60			65,536
Wells Fargo & Co.
4.90%, 11/17/45		100			128,828
5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51		150			207,499
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28		50			57,548
					8,656,236
Total Corporate Bonds (Cost: $14,807,529)					14,725,175
		Number of Shares			Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $216,883)
Money Market Fund: 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio		216,883			216,883

See Notes to Financial Statements

82

	Value
Total Investments: 100.1% (Cost: $15,024,412)	$	14,942,058
Liabilities in excess of other assets: (0.1)%		(17,144)
NET ASSETS: 100.0%	$	14,924,914

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $432,059.
(o)	Perpetual Maturity — the date shown is the next call date
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 $3,582,711, or 24.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		2.5	%	$	372,215
Consumer Cyclicals		7.1			1,038,359
Consumer Non-Cyclicals		10.3			1,518,123
Energy		13.3			1,960,050
Financials		36.1			5,312,155
Healthcare		5.2			768,748
Industrials		1.8			262,248
Real Estate		0.6			83,292
Technology		20.4			3,007,323
Utilities		2.7			402,662
		100.0	%	$	14,725,175

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	14,725,175	$	—	$	14,725,175
Money Market Fund		216,883		—		—		216,883
Total Investments	$	216,883	$	14,725,175	$	—	$	14,942,058

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

83

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Real Estate Investment Trusts: 99.8%
AGNC Investment Corp.		1,729,951	$	27,540,820
Annaly Capital Management, Inc.		4,817,269		40,754,096
Apollo Commercial Real Estate Finance, Inc.		831,378		12,587,063
Arbor Realty Trust, Inc. †		772,168		15,528,298
Ares Commercial Real Estate Corp. †		395,356		6,175,461
ARMOUR Residential REIT, Inc. †		562,227		5,914,628
Blackstone Mortgage Trust, Inc.		484,525		15,940,872
BrightSpire Capital, Inc.		605,054		5,935,580
Broadmark Realty Capital, Inc.		861,044		8,885,974
Chimera Investment Corp.		1,034,822		16,153,571
Dynex Capital, Inc.		265,666		4,649,155
Ellington Financial, Inc.		446,299		8,113,716
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		267,679		16,167,812
Invesco Mortgage Capital, Inc. †		1,853,975		5,821,481
KKR Real Estate Finance Trust, Inc. †		269,606		5,853,146
Ladder Capital Corp.		911,814		10,941,768
MFA Financial, Inc.		2,660,011		11,996,650

	Number of Shares		Value
Real Estate Investment Trusts (continued)
New Residential Investment Corp.		1,424,425	$	16,181,468
New York Mortgage Trust, Inc.		2,636,303		11,573,370
Orchid Island Capital, Inc. †		1,035,120		5,134,195
PennyMac Mortgage Investment Trust		635,337		12,802,041
Ready Capital Corp.		397,272		6,145,798
Redwood Trust, Inc.		651,205		8,830,340
Starwood Property Trust, Inc.		972,978		24,781,750
Two Harbors Investment Corp. †		2,037,570		13,081,199
Total Common Stocks (Cost: $288,057,600)				317,490,252
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3% (Cost: $7,259,944)
Money Market Fund: 2.3%
State Street Navigator Securities Lending Government Money Market Portfolio		7,259,944		7,259,944
Total Investments: 102.1% (Cost: $295,317,544)				324,750,196
Liabilities in excess of other assets: (2.1)%				(6,577,706)
NET ASSETS: 100.0%			$	318,172,490

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $27,604,213.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		100.0	%	$	317,490,252

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	317,490,252	$	—	$	—	$	317,490,252
Money Market Fund		7,259,944		—		—		7,259,944
Total Investments	$	324,750,196	$	—	$	—	$	324,750,196

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

84

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

	Number of Shares		Value
PREFERRED SECURITIES: 99.7%
Basic Materials: 3.5%
ArcelorMittal SA 5.50%, 05/18/23 †		471,619	$	38,078,518
Consumer Cyclicals: 7.0%
Aptiv Plc 5.50%, 06/15/23		135,591		26,196,181
Ford Motor Co.
6.00%, 12/01/59		377,296		10,292,635
6.20%, 06/01/59 †		353,715		9,727,162
Qurate Retail, Inc. 8.00%, 03/15/31		147,381		16,091,058
QVC, Inc. 6.25%, 11/26/68 †		235,904		6,168,890
ViacomCBS, Inc. 5.75%, 04/01/24 †		117,905		7,148,580
				75,624,506
Consumer Non-Cyclicals: 3.2%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 †		117,905		3,046,665
CHS, Inc.
6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 †		232,273		6,531,517
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24		198,080		5,518,509
7.50%, 01/21/25		244,063		7,075,386
7.88%, 09/26/23 †		253,024		7,216,244
8.00%, 07/18/23 †		144,693		4,427,606
				33,815,927
Energy: 3.6%
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78		282,972		7,600,628
Energy Transfer LP
7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 †		212,229		5,356,660
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24		377,296		9,628,594
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23		209,871		5,255,170
NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22		148,371		2,065,324
NuStar Energy LP 7.62% (ICE LIBOR USD 3 Month+5.64%), 06/15/22		181,573		4,112,629
NuStar Logistics LP 6.87% (ICE LIBOR USD 3 Month+6.73%), 01/15/43		189,827		4,789,335
				38,808,340
Financials: 2.2%
Qwest Corp.
6.50%, 09/01/56		461,008		11,834,075
6.75%, 06/15/57		311,269		8,189,487
SCE Trust IV

	Number of Shares		Value
Financials (continued)
5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 †		153,276	$	3,841,097
				23,864,659
Healthcare: 6.4%
Avantor, Inc. 6.25%, 05/15/22		244,063		30,210,118
Becton Dickinson and Co. 6.00%, 06/01/23 †		353,715		18,605,409
Boston Scientific Corp. 5.50%, 06/01/23		118,636		13,885,157
Elanco Animal Health, Inc. 5.00%, 02/01/23 †		129,695		6,572,943
				69,273,627
Industrials: 6.0%
Clarivate Plc 5.25%, 06/01/24		169,488		15,584,422
Crestwood Equity Partners LP 9.25% †		840,190		8,595,144
GFL Environmental, Inc. 6.00%, 03/15/23		170,019		16,039,592
RBC Bearings, Inc. 5.00%, 10/15/24		54,236		6,486,083
Stanley Black & Decker, Inc. 5.25%, 11/15/22 †		88,429		9,543,258
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		254,816		8,001,222
				64,249,721
Real Estate Investment Trusts: 16.3%
AGNC Investment Corp.
6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25		271,181		6,869,015
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24		189,827		4,922,214
7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 †		153,276		3,890,145
Annaly Capital Management, Inc.
6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23		200,438		5,099,143
6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 †		208,692		5,486,513
6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22		339,566		8,607,998
Chimera Investment Corp.
7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25		122,621		3,147,681
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24		153,276		3,952,988
Digital Realty Trust, Inc. 5.20%, 10/10/24		162,709		4,456,599
DigitalBridge Group, Inc.
7.12% †		284,151		7,356,174
7.15%, 06/05/22		162,709		4,230,434
Diversified Healthcare Trust 5.62%, 08/01/42 †		165,067		4,002,875

See Notes to Financial Statements

85

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Real Estate Investment Trusts (continued)
6.25%, 02/01/46 †		117,905	$	2,968,848
Franklin BSP Realty Trust, Inc. 7.50% †		121,772		3,060,130
Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 †		135,591		3,473,841
Kimco Realty Corp. 5.25%, 12/20/22 †		124,743		3,329,391
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 †		129,695		3,126,946
Monmouth Real Estate Investment Corp. 6.12%, 09/15/21		259,202		6,612,243
New Residential Investment Corp.
6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25		189,827		4,459,036
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26		219,303		5,537,401
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24		133,232		3,344,123
Pebblebrook Hotel Trust 5.70%, 07/27/26		117,905		3,069,067
PennyMac Mortgage Investment Trust 6.75%, 08/24/26		117,905		2,994,787
PS Business Parks, Inc. 4.88%, 11/04/24		153,276		4,153,780
Public Storage
3.88%, 10/06/25 †		133,232		3,392,087
4.00%, 06/16/26		284,764		7,215,920
4.62%, 06/17/25		266,465		7,202,549
4.70%, 11/15/24 †		122,055		3,256,427
4.88%, 09/12/24 †		149,126		4,023,419
4.90%, 10/14/21		165,067		4,182,798
5.05%, 08/09/22		141,486		3,749,379
5.15%, 06/02/22 †		132,053		3,418,852
5.60%, 03/11/24 †		134,412		3,727,245
RLJ Lodging Trust 1.95% †		151,861		4,400,932
Two Harbors Investment Corp.
7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25		139,128		3,506,026
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 †		135,591		3,495,536
Vornado Realty Trust
4.45%, 09/22/26		141,486		3,527,246
5.25%, 11/24/25		292,168		7,858,563
5.40%		141,486		3,684,295
				174,792,646
Technology: 17.3%
AT&T, Inc.
4.75%, 02/18/25 †		825,334		21,491,697
5.00%, 12/12/24		565,943		15,054,084
5.35%, 11/01/66		623,717		16,291,488

	Number of Shares		Value
Technology (continued)
5.62%, 08/01/67 †		389,086	$	10,478,086
Broadcom, Inc. 8.00%, 09/30/22		47,162		79,106,709
Pitney Bowes, Inc. 6.70%, 03/07/43 †		200,438		5,059,055
Sabre Corp. 6.50%, 09/01/23 †		39,380		5,371,826
Telephone and Data Systems, Inc.
6.00%, 09/30/26 †		325,417		8,532,434
6.62%, 03/31/26		198,080		5,433,334
United States Cellular Corp.
5.50%, 03/01/70		235,810		6,274,904
5.50%, 06/01/70 †		235,810		6,244,249
6.25%, 09/01/69		235,810		6,475,343
				185,813,209
Utilities: 34.2%
AES Corp. 6.88%, 02/15/24		122,975		12,421,705
Alabama Power Co. 5.00%, 10/01/22		117,905		3,071,425
Algonquin Power & Utilities Corp.
6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 †		165,067		4,610,321
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78		135,591		3,740,956
Algonquin Power & Utilities Corp. (USD) 7.75%, 06/15/24		271,181		13,076,348
American Electric Power Co., Inc.
6.12%, 03/15/22		189,827		9,440,097
6.12%, 08/15/23		200,438		10,350,618
Brookfield BRP Holdings Canada, Inc. 4.62%, 04/30/26		165,067		4,123,374
CMS Energy Corp.
5.88%, 10/15/78 †		132,053		3,591,842
5.88%, 03/01/79		297,120		8,170,800
Dominion Energy, Inc. 7.25%, 06/01/22		189,827		19,014,971
DTE Energy Co.
5.25%, 12/01/77		188,648		4,936,918
6.00%, 12/15/76 †		132,053		3,368,672
6.25%, 11/01/22		306,553		15,474,795
Duke Energy Corp.
5.62%, 09/15/78 †		235,810		6,520,146
5.75%, 06/15/24 †		471,619		13,111,008
Entergy Arkansas LLC 4.88%, 09/01/66		193,364		4,878,574
Entergy Mississippi LLC 4.90%, 10/01/66 †		122,621		3,137,871
Essential Utilities, Inc. 6.00%, 04/30/22		89,655		5,178,473
Georgia Power Co. 5.00%, 10/01/77		127,337		3,337,503

See Notes to Financial Statements

86

	Number of Shares		Value
Utilities (continued)
NextEra Energy Capital Holdings, Inc.
5.25%, 06/01/76 †		268,823	$	6,833,481
5.65%, 03/01/79 †		324,238		9,162,966
NextEra Energy, Inc.
4.87%, 09/01/22		353,715		22,361,862
5.28%, 03/01/23		589,524		32,111,372
6.22%, 09/01/23		471,619		25,844,721
NiSource, Inc.
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24		235,810		6,630,977
7.75%, 03/01/24 †		101,693		10,904,540
PG&E Corp. 5.50%, 08/16/23		188,648		21,336,089
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 †		129,695		3,342,240
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26		141,486		3,661,658
SCE Trust VI 5.00%, 06/26/22 †		224,019		5,600,475
Sempra Energy 5.75%, 07/01/79 †		357,252		9,967,331
South Jersey Industries, Inc. 8.75%, 04/01/24 †		78,996		4,015,367
Southern Co.
4.20%, 10/15/60		353,715		9,044,492
4.95%, 01/30/80		471,619		12,540,349
5.25%, 12/01/77 †		212,229		5,592,234
6.75%, 08/01/22		406,772		20,822,659
Spire, Inc. 5.90%, 08/15/24 †		117,905		3,243,567
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		129,224		3,500,678
				368,073,475
Total Preferred Securities (Cost: $978,885,097)				1,072,394,628
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3% (Cost: $46,100,229)
Money Market Fund: 4.3%
State Street Navigator Securities Lending Government Money Market Portfolio		46,100,229		46,100,229
Total Investments: 104.0% (Cost: $1,024,985,326)				1,118,494,857
Liabilities in excess of other assets: (4.0)%				(43,022,446)
NET ASSETS: 100.0%			$	1,075,472,411

See Notes to Financial Statements

87

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

USD United States Dollar

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $68,113,946.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		3.5	%	$	38,078,518
Consumer Cyclicals		7.1			75,624,506
Consumer Non-Cyclicals		3.2			33,815,927
Energy		3.6			38,808,340
Financials		2.2			23,864,659
Healthcare		6.5			69,273,627
Industrials		6.0			64,249,721
Real Estate		16.3			174,792,646
Technology		17.3			185,813,209
Utilities		34.3			368,073,475
		100.0	%	$	1,072,394,628

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities *	$	1,072,394,628	$	—	$	—	$	1,072,394,628
Money Market Fund		46,100,229		—		—		46,100,229
Total Investments	$	1,118,494,857	$	—	$	—	$	1,118,494,857

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

88

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2021 (unaudited)

	BDC Income ETF		China Bond ETF			Emerging Markets High Yield Bond ETF			Fallen Angel High Yield Bond ETF
Assets:
Investments, at value (1) Unaffiliated issuers (2)	$	519,019,843	$	106,380,494		$	1,257,395,485		$	5,197,536,669
Short-term investments held as collateral for securities loaned (3)		52,615,975		—			33,912,101			195,344,301
Cash		17,612		249,943			15,068,297			98,939,678
Cash denominated in foreign currency, at value (4)		—		6,265,753	(a)		—			—
Receivables:
Investment securities sold		—		1,611,129			36,883,139			112,380,338
Shares of beneficial interest sold		—		3,456			—			26,464,328
Dividends and interest		1,363,091		1,622,313			19,408,792			62,926,840
Prepaid expenses		—		1,870			—			—
Other assets		—		506			235			—
Total assets		573,016,521		116,135,464			1,362,668,049			5,693,592,154
Liabilities:
Payables:
Investment securities purchased		—		523,811			28,780,315			232,001,978
Collateral for securities loaned		52,615,975		—			33,912,101			195,344,301
Line of credit		936,513		229,375			—			—
Due to Adviser		172,481		39,025			439,850			1,547,487
Deferred Trustee fees		9,396		897			40,196			67,963
Accrued expenses		17,106		47,900			11,185			8,089
Total liabilities		53,751,471		841,008			63,183,647			428,969,818
NET ASSETS	$	519,265,050	$	115,294,456		$	1,299,484,402		$	5,264,622,336
Shares outstanding		29,575,000		4,700,000			57,000,000			159,150,000
Net asset value, redemption and offering price per share	$	17.56	$	24.53		$	22.80		$	33.08
Net Assets consist of:
Aggregate paid in capital	$	510,639,918	$	111,610,974		$	1,395,664,807		$	4,957,324,011
Total distributable earnings (loss)		8,625,132		3,683,482			(96,180,405	)		307,298,325
NET ASSETS	$	519,265,050	$	115,294,456		$	1,299,484,402		$	5,264,622,336
(1) Value of securities on loan	$	75,888,723	$	—		$	41,108,243		$	214,967,597
(2) Cost of investments - Unaffiliated issuers	$	456,194,448	$	103,553,413		$	1,295,036,026		$	4,926,351,575
(3) Cost of short-term investments held as collateral for securities loaned	$	52,615,975	$	—		$	33,912,101		$	195,344,301
(4) Cost of cash denominated in foreign currency	$	—	$	6,257,789		$	—		$	—

(a) Includes $107,408 on foreign investor minimum settlement reserve funds (see Note 2G).

See Notes to Financial Statements

89

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2021 (unaudited)

	Green Bond ETF			International High Yield Bond ETF			Investment Grade Floating Rate ETF		J.P. Morgan EM Local Currency Bond ETF
Assets:
Investments, at value (1) Unaffiliated issuers (2)	$	98,442,290		$	107,870,113		$	745,798,542	$	3,362,082,935
Short-term investments held as collateral for securities loaned (3)		1,539,910			2,943,810			1,026,544		—
Cash		—			1,792,563			2,878,688		58,114
Cash denominated in foreign currency, at value (4)		—			324,591			—		6,797,267
Receivables:
Investment securities sold		1,288,541			2,205,697			38,271,330		89,335,351
Dividends and interest		674,781			1,585,934			850,234		63,089,635
Prepaid expenses		—			—			—		13,912
Total assets		101,945,522			116,722,708			788,825,338		3,521,377,214
Liabilities:
Payables:
Investment securities purchased		903,630			3,342,321			38,750,107		73,427,413
Collateral for securities loaned		1,539,910			2,943,810			1,026,544		—
Due to Adviser		16,808			37,676			87,736		764,680
Due to custodian		9,660			—			—		—
Deferred Trustee fees		1,073			33,385			21,618		255,166
Accrued expenses		16,216			10,897			15,999		2,320,341
Total liabilities		2,487,297			6,368,089			39,902,004		76,767,600
NET ASSETS	$	99,458,225		$	110,354,619		$	748,923,334	$	3,444,609,614
Shares outstanding		3,700,000			4,500,000			29,550,000		116,722,682
Net asset value, redemption and offering price per share	$	26.88		$	24.52		$	25.34	$	29.51
Net Assets consist of:
Aggregate paid in capital	$	100,507,123		$	122,717,259		$	747,003,311	$	4,055,020,903
Total distributable earnings (loss)		(1,048,898	)		(12,362,640	)		1,920,023		(610,411,289	)
NET ASSETS	$	99,458,225		$	110,354,619		$	748,923,334	$	3,444,609,614
(1) Value of securities on loan	$	5,729,642		$	3,078,104		$	5,495,498	$	—
(2) Cost of investments - Unaffiliated issuers	$	99,425,973		$	109,550,164		$	743,028,708	$	3,644,886,745
(3) Cost of short-term investments held as collateral for securities loaned	$	1,539,910		$	2,943,810		$	1,026,544	$	—
(4) Cost of cash denominated in foreign currency	$	—		$	324,582		$	—	$	6,798,385

See Notes to Financial Statements

90

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2021 (unaudited)

	Moody’s Analytics BBB Corporate Bond ETF		Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF			Preferred Securities ex Financials ETF
Assets:
Investments, at value (1) Unaffiliated issuers (2)	$	9,880,570	$	14,725,175		$	317,490,252		$	1,072,394,628
Short-term investments held as collateral for securities loaned (3)		183,085		216,883			7,259,944			46,100,229
Cash		26,393		50,279			380,712			23,435,164
Receivables:
Investment securities sold		—		119,647			—			11,351,519
Dividends and interest		98,560		131,118			444,073			2,582,318
Total assets		10,188,608		15,243,102			325,574,981			1,155,863,858
Liabilities:
Payables:
Investment securities purchased		—		98,776			—			33,890,438
Collateral for securities loaned		183,085		216,883			7,259,944			46,100,229
Due to Adviser		2,120		2,529			107,523			357,403
Deferred Trustee fees		—		—			16,359			36,282
Accrued expenses		—		—			18,665			7,095
Total liabilities		185,205		318,188			7,402,491			80,391,447
NET ASSETS	$	10,003,403	$	14,924,914		$	318,172,490		$	1,075,472,411
Shares outstanding		400,000		600,000			16,450,000			49,450,000
Net asset value, redemption and offering price per share	$	25.01	$	24.87		$	19.34		$	21.75
Net Assets consist of:
Aggregate paid in capital	$	10,000,000	$	15,000,000		$	354,906,859		$	1,024,210,112
Total distributable earnings (loss)		3,403		(75,086	)		(36,734,369	)		51,262,299
NET ASSETS	$	10,003,403	$	14,924,914		$	318,172,490		$	1,075,472,411
(1) Value of securities on loan	$	224,414	$	432,059		$	27,604,213		$	68,113,946
(2) Cost of investments - Unaffiliated issuers	$	9,876,112	$	14,807,529		$	288,057,600		$	978,885,097
(3) Cost of short-term investments held as collateral for securities loaned	$	183,085	$	216,883		$	7,259,944		$	46,100,229

See Notes to Financial Statements

91

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2021 (unaudited)

	BDC Income ETF			China Bond ETF			Emerging Markets High Yield Bond ETF			Fallen Angel High Yield Bond ETF
Income:
Dividends	$	20,194,345		$	—		$	—		$	—
Interest		159			1,870,732			32,083,418			102,355,866
Securities lending income		142,337			—			88,790			463,907
Foreign taxes withheld		—			(1,286	)		(13,237	)		—
Total income		20,336,841			1,869,446			32,158,971			102,819,773
Expenses:
Management fees		934,435			231,704			2,332,956			8,873,118
Professional fees		—			27,524			—			—
Custody and accounting fees		—			20,520			—			—
Reports to shareholders		—			6,221			—			—
Trustees’ fees and expenses		—			721			—			—
Registration fees		—			5,044			—			—
Insurance		—			1,217			—			—
Interest		8,672			3,887			11			947
Other		—			2,097			—			—
Total expenses		943,107			298,935			2,332,967			8,874,065
Net investment income		19,393,734			1,570,511			29,826,004			93,945,708
Net realized gain (loss) on:
Investments		(7,375,781	)		289,922			(5,063,200	)		19,232,253
In-kind redemptions		12,223,839			—			496,623			157,061,405
Foreign currency transactions and foreign denominated assets and liabilities		—			73,687			—			—
Net realized gain (loss)		4,848,058			363,609			(4,566,577	)		176,293,658
Net change in unrealized appreciation (depreciation) on:
Investments		14,839,639			1,361,646			(46,908,380	)		(41,212,155	)
Foreign currency transactions and foreign denominated assets and liabilities		—			(7,171	)		1			—
Net change in unrealized appreciation (depreciation)		14,839,639			1,354,475			(46,908,379	)		(41,212,155	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	39,081,431		$	3,288,595		$	(21,648,952	)	$	229,027,211

See Notes to Financial Statements

92

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2021 (unaudited)

	Green Bond ETF			International High Yield Bond ETF			Investment Grade Floating Rate ETF		J.P. Morgan EM Local Currency Bond ETF
Income:
Dividends	$	4,047		$	8		$	—	$	—
Interest		1,044,811			2,535,952			2,193,341		94,947,421
Securities lending income		2,924			6,960			4,462		—
Foreign taxes withheld		(587	)		(2,150	)		—		(1,383,758	)
Total income		1,051,195			2,540,770			2,197,803		93,563,663
Expenses:
Management fees		95,577			224,282			464,795		4,866,564
Professional fees		—			—			—		30,976
Custody and accounting fees		—			—			—		343,606
Reports to shareholders		—			—			—		220,740
Trustees’ fees and expenses		—			—			—		29,913
Registration fees		—			—			—		10,072
Insurance		—			—			—		27,622
Interest		—			542			897		15,968
Other		—			—			—		21,241
Total expenses		95,577			224,824			465,692		5,566,702
Waiver of management fees		—			—			—		(143,440	)
Net expenses		95,577			224,824			465,692		5,423,262
Net investment income		955,618			2,315,946			1,732,111		88,140,401
Net realized gain (loss) on:
Investments		10,308			149,121			349,960		(45,555,597	)(a)
In-kind redemptions		—			—			57,775		1,089,710
Foreign currency transactions and foreign denominated assets and liabilities		—			3,504			—		(692,585	)
Net realized gain (loss)		10,308			152,625			407,735		(45,158,472	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,108,112	)		(5,853,810	)		23,516		(163,471,202	)(b)
Foreign currency transactions and foreign denominated assets and liabilities		—			(20,544	)		—		(1,011,636	)
Net change in unrealized appreciation (depreciation)		(1,108,112	)		(5,874,354	)		23,516		(164,482,838	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(142,186	)	$	(3,405,783	)	$	2,163,362	$	(121,500,909	)

(a)	Net of foreign taxes of $312,779
(b)	Net of foreign taxes of $225,900

See Notes to Financial Statements

93

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2021 (unaudited)

	Moody’s Analytics BBB Corporate Bond ETF		Moody’s Analytics IG Corporate Bond ETF		Mortgage REIT Income ETF			Preferred Securities ex Financials ETF
Income:
Dividends	$	—	$	—	$	9,483,351		$	25,562,782
Interest		119,375		168,507		115			3,105
Securities lending income		396		444		43,705			432,826
Foreign taxes withheld		—		—		—			(11,430	)
Total income		119,771		168,951		9,527,171			25,987,283
Expenses:
Management fees		12,658		15,098		652,371			2,027,240
Interest		—		—		7,911			5,893
Total expenses		12,658		15,098		660,282			2,033,133
Net investment income		107,113		153,853		8,866,889			23,954,150
Net realized gain (loss) on:
Investments		7,499		18,284		(6,691,670	)		6,584,857
Capital gain distributions received		—		—		1,862,130			540,455
In-kind redemptions		—		—		13,357,357			617,742
Net realized gain		7,499		18,284		8,527,817			7,743,054
Net change in unrealized appreciation (depreciation) on:
Investments		107,938		166,172		(8,673,870	)		27,573,813
Net change in unrealized appreciation (depreciation)		107,938		166,172		(8,673,870	)		27,573,813
Net Increase in Net Assets Resulting from Operations	$	222,550	$	338,309	$	8,720,836		$	59,271,017

See Notes to Financial Statements

94

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021				Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	19,393,734		$	27,418,231		$	1,570,511		$	1,245,084
Net realized gain (loss)		4,848,058			(11,700,465	)		363,609			258,931
Net change in unrealized appreciation (depreciation)		14,839,639			129,739,736			1,354,475			1,676,722
Net increase in net assets resulting from operations		39,081,431			145,457,502			3,288,595			3,180,737
Distributions to shareholders from:
Distributable earnings		(18,755,903	)		(28,249,128	)		(1,268,581	)		(1,233,560	)
Return of capital		—			(102,755	)		—			—
Total distributions		(18,755,903	)		(28,351,883	)		(1,268,581	)		(1,233,560	)
Share transactions**:
Proceeds from sale of shares		123,907,641			167,364,489			21,909,643			97,077,772	(a)
Cost of shares redeemed		(36,928,412	)		(42,308,818	)		(12,138,553	)		—
Increase in net assets resulting from share transactions		86,979,229			125,055,671			9,771,090			97,077,772
Total increase in net assets		107,304,757			242,161,290			11,791,104			99,024,949
Net Assets, beginning of period		411,960,293			169,799,003			103,503,352			4,478,403
Net Assets, end of period	$	519,265,050		$	411,960,293		$	115,294,456		$	103,503,352
**Shares of Common Stock Issued (no par value)
Shares sold		7,175,000			11,800,000			900,000			4,100,000
Shares redeemed		(2,175,000	)		(3,025,000	)		(500,000	)		—
Net increase		5,000,000			8,775,000			400,000			4,100,000

(a) Includes $79,000 for reimbursement by the Adviser (See Note 3)

See Notes to Financial Statements

95

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Emerging Markets High Yield Bond ETF						Fallen Angel High Yield Bond ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	29,826,004		$	27,488,746		$	93,945,708		$	163,045,166
Net realized gain (loss)		(4,566,577	)		(9,350,449	)		176,293,658			97,287,752
Net change in unrealized appreciation (depreciation)		(46,908,379	)		56,587,045			(41,212,155	)		387,013,556
Net increase (decrease) in net assets resulting from operations		(21,648,952	)		74,725,342			229,027,211			647,346,474
Distributions to shareholders from:
Distributable earnings		(28,559,259	)		(25,900,330	)		(97,958,810	)		(155,216,155	)
Share transactions**:
Proceeds from sale of shares		597,488,251			446,230,645			1,326,524,933			3,595,864,787
Cost of shares redeemed		(32,202,688	)		(18,741,366	)		(1,108,387,232	)		(855,370,459	)
Increase in net assets resulting from share transactions		565,285,563			427,489,279			218,137,701			2,740,494,328
Total increase in net assets		515,077,352			476,314,291			349,206,102			3,232,624,647
Net Assets, beginning of period		784,407,050			308,092,759			4,915,416,234			1,682,791,587
Net Assets, end of period	$	1,299,484,402		$	784,407,050		$	5,264,622,336		$	4,915,416,234
**Shares of Common Stock Issued (no par value)
Shares sold		25,200,000			19,000,000			40,450,000			117,100,000
Shares redeemed		(1,400,000	)		(800,000	)		(33,950,000	)		(27,150,000	)
Net increase		23,800,000			18,200,000			6,500,000			89,950,000

See Notes to Financial Statements

96

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Green Bond ETF						International High Yield Bond ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	955,618		$	1,015,009		$	2,315,946		$	4,541,412
Net realized gain (loss)		10,308			(63,236	)		152,625			(1,085,616	)
Net change in unrealized appreciation (depreciation)		(1,108,112	)		(435,542	)		(5,874,354	)		15,170,428
Net increase (decrease) in net assets resulting from operations		(142,186	)		516,231			(3,405,783	)		18,626,224
Distributions to shareholders from:
Distributable earnings		(942,485	)		(902,645	)		(2,015,270	)		(4,423,249	)
Return of capital		—			—			—			(264,741	)
Total distributions		(942,485	)		(902,645	)		(2,015,270	)		(4,687,990	)
Share transactions**:
Proceeds from sale of shares		16,344,307			52,359,723			15,502,481			10,278,340
Cost of shares redeemed		—			—			—			(12,776,583	)
Increase (decrease) in net assets resulting from share transactions		16,344,307			52,359,723			15,502,481			(2,498,243	)
Total increase in net assets		15,259,636			51,973,309			10,081,428			11,439,991
Net Assets, beginning of period		84,198,589			32,225,280			100,273,191			88,833,200
Net Assets, end of period	$	99,458,225		$	84,198,589		$	110,354,619		$	100,273,191
**Shares of Common Stock Issued (no par value)
Shares sold		600,000			1,900,000			600,000			400,000
Shares redeemed		—			—			—			(500,000	)
Net increase (decrease)		600,000			1,900,000			600,000			(100,000	)

See Notes to Financial Statements

97 

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Investment Grade Floating Rate ETF						J.P. Morgan EM Local Currency Bond ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	1,732,111		$	4,385,467		$	88,140,401		$	163,087,052
Net realized gain (loss)		407,735			790,351			(45,158,472	)		(150,551,636	)
Net change in unrealized appreciation (depreciation)		23,516			13,202,820			(164,482,838	)		329,006,362
Net increase (decrease) in net assetsresulting from operations		2,163,362			18,378,638			(121,500,909	)		341,541,778
Distributions to shareholders from:
Distributable earnings		(1,931,610	)		(5,073,095	)		(73,167,891	)		(524,709	)
Return of capital		—			—			—			(161,805,238	)
Total distributions		(1,931,610	)		(5,073,095	)		(73,167,891	)		(162,329,947	)
Share transactions**:
Proceeds from sale of shares		195,220,307			125,423,479			351,071,375			690,250,396
Cost of shares redeemed		(6,337,388	)		(40,336,816	)		(91,663,611	)		(828,095,691	)
Increase (decrease) in net assets resulting from share transactions		188,882,919			85,086,663			259,407,764			(137,845,295	)
Total increase in net assets		189,114,671			98,392,206			64,738,964			41,366,536
Net Assets, beginning of period		559,808,663			461,416,457			3,379,870,650			3,338,504,114
Net Assets, end of period	$	748,923,334		$	559,808,663		$	3,444,609,614		$	3,379,870,650
**Shares of Common Stock Issued (no par value)
Shares sold		7,700,000			4,950,000			11,200,000			21,600,000
Shares redeemed		(250,000	)		(1,600,000	)		(3,000,000	)		(26,800,000	)
Net increase (decrease)		7,450,000			3,350,000			8,200,000			(5,200,000	)

See Notes to Financial Statements

98 

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics BBB Corporate Bond ETF						Moody’s Analytics IG Corporate Bond ETF
	Period Ended October 31, 2021			Period Ended April 30, 2021 (a)			Period Ended October 31, 2021			Period Ended April 30, 2021 (a)
	(unaudited)						(unaudited)
Operations:
Net investment income	$	107,113		$	87,490		$	153,853		$	128,135
Net realized gain (loss)		7,499			(15,478	)		18,284			(25,943	)
Net change in unrealized appreciation (depreciation)		107,938			(103,480	)		166,172			(248,527	)
Net increase (decrease) in net assets resulting from operations		222,550			(31,468	)		338,309			(146,335	)
Distributions to shareholders from:
Distributable earnings		(112,079	)		(75,600	)		(161,520	)		(105,540	)
Share transactions**:
Proceeds from sale of shares		—			10,000,000			—			15,000,000
Increase in net assets resulting from share transactions		—			10,000,000			—			15,000,000
Total increase in net assets		110,471			9,892,932			176,789			14,748,125
Net Assets, beginning of period		9,892,932			—			14,748,125			—
Net Assets, end of period	$	10,003,403		$	9,892,932		$	14,924,914		$	14,748,125
**Shares of Common Stock Issued (no par value)
Shares sold		—			400,000			—			600,000
Net increase		—			400,000			—			600,000

(a) For the period December 2, 2020 (commencement of operations) through April 30, 2021.

See Notes to Financial Statements

99 

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Mortgage REIT Income ETF						Preferred Securities ex Financials ETF
	Period Ended October 31, 2021			Year Ended April 30, 2021			Period Ended October 31, 2021			Year Ended April 30, 2021
	(unaudited)						(unaudited)
Operations:
Net investment income	$	8,866,889		$	11,672,426		$	23,954,150		$	39,050,098
Net realized gain (loss)		8,527,817			(17,949,177	)		7,743,054			(5,620,005	)
Net change in unrealized appreciation (depreciation)		(8,673,870	)		130,769,388			27,573,813			113,139,493
Net increase in net assets resulting from operations		8,720,836			124,492,637			59,271,017			146,569,586
Distributions to shareholders from:
Distributable earnings		(8,864,324	)		(11,675,560	)		(22,578,935	)		(38,058,255	)
Return of capital		(3,089,456	)		(6,729,745	)		—			—
Total distributions		(11,953,780	)		(18,405,305	)		(22,578,935	)		(38,058,255	)
Share transactions**:
Proceeds from sale of shares		50,681,819			118,718,711			95,120,524			183,940,174
Cost of shares redeemed		(39,560,559	)		(33,825,342	)		(4,235,387	)		(33,585,352	)
Increase in net assets resulting from share transactions		11,121,260			84,893,369			90,885,137			150,354,822
Total increase in net assets		7,888,316			190,980,701			127,577,219			258,866,153
Net Assets, beginning of period		310,284,174			119,303,473			947,895,192			689,029,039
Net Assets, end of period	$	318,172,490		$	310,284,174		$	1,075,472,411		$	947,895,192
**Shares of Common Stock Issued (no par value)
Shares sold		2,550,000			7,700,000			4,450,000			9,150,000
Shares redeemed		(2,050,000	)		(2,200,000	)		(200,000	)		(1,750,000	)
Net increase		500,000			5,500,000			4,250,000			7,400,000

See Notes to Financial Statements

100 

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC Income ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	16.76		$	10.75		$	16.55		$	16.10		$	19.17		$	16.43
Net investment income		0.72	(a)		1.43	(a)		1.54	(a)		1.59	(a)		1.52	(a)		1.54
Net realized and unrealized gain (loss) on investments		0.75			6.02			(5.86	)		0.41			(3.04	)		2.67
Total from investment operations		1.47			7.45			(4.32	)		2.00			(1.52	)		4.21
Distributions from:
Net investment income		(0.67	)		(1.44	)		(1.48	)		(1.55	)		(1.55	)		(1.47	)
Return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.67	)		(1.44	)		(1.48	)		(1.55	)		(1.55	)		(1.47	)
Net asset value, end of period	$	17.56		$	16.76		$	10.75		$	16.55		$	16.10		$	19.17
Total return(c)		8.91	%(d)		73.81	%		(27.77	)%		13.27	%		(8.08	)%		26.67	%
Ratios to average net assets
Gross expenses(e)		0.40	%(f)		0.46	%		0.48	%		0.47	%		0.49	%		0.52	%
Net expenses(e)		0.40	%(f)		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest expense(e)		0.40	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		8.30	%(f)		10.57	%		9.95	%		9.73	%		8.85	%		9.12	%
Supplemental data
Net assets, end of period (in millions)		$519			$412			$170			$207			$178			$183
Portfolio turnover rate(g)		16	%(d)		26	%		22	%		13	%		19	%		23	%

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

See Notes to Financial Statements

101

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	China Bond ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	24.07		$	22.39		$	22.89		$	24.14		$	22.16		$	24.28
Net investment income		0.33	(a)		0.73	(a)		0.87	(a)		0.75	(a)		0.74	(a)		0.21
Net realized and unrealized gain (loss) on investments		0.40			1.60			(0.49	)		(1.24	)		2.07			(1.64	)
Total from investment operations		0.73			2.33			0.38			(0.49	)		2.81			(1.43	)
Distributions from:
Net investment income		(0.27	)		(0.65	)		(0.79	)		(0.38	)		—			—
Return of capital		—			—			(0.09	)		(0.38	)		(0.83	)		(0.69	)
Total distributions		(0.27	)		(0.65	)		(0.88	)		(0.76	)		(0.83	)		(0.69	)
Net asset value, end of period	$	24.53		$	24.07		$	22.39		$	22.89		$	24.14		$	22.16
Total return(b)		3.04	%(c)		10.56	%		1.76	%		(1.98	)%		12.94	%		(6.00	)%
Ratios to average net assets
Gross expenses		0.52	%(d)		0.68	%		3.53	%		2.25	%		2.59	%		1.90	%
Net expenses		0.52	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses excluding interest expense		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.71	%(d)		3.07	%		3.93	%		3.29	%		3.21	%		3.04	%
Supplemental data
Net assets, end of period (in millions)		$115			$104			$4			$5			$5			$7
Portfolio turnover rate(e)		14	%(c)		17	%		21	%		22	%		39	%		9	%

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

See Notes to Financial Statements

102

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Emerging Markets High Yield Bond ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	23.63		$	20.54		$	23.34		$	23.83		$	24.86		$	23.37
Net investment income		0.60	(a)		1.29	(a)		1.42	(a)		1.33	(a)		1.33	(a)		1.46
Net realized and unrealized gain (loss) on investments		(0.83	)		3.06			(2.77	)		(0.46	)		(1.01	)		1.50
Total from investment operations		(0.23	)		4.35			(1.35	)		0.87			0.32			2.96
Distributions from:
Net investment income		(0.60	)		(1.26	)		(1.45	)		(1.36	)		(1.35	)		(1.47	)
Net asset value, end of period	$	22.80		$	23.63		$	20.54		$	23.34		$	23.83		$	24.86
Total return(b)		(1.02	)%(c)		21.53	%		(6.27	)%		3.93	%		1.28	%		13.04	%
Ratios to average net assets
Gross expenses(d)		0.40	%(e)		0.45	%		0.47	%		0.46	%		0.45	%		0.47	%
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.11	%(e)		5.58	%		6.19	%		5.81	%		5.43	%		6.13	%
Supplemental data
Net assets, end of period (in millions)	$	1,299			$784			$308			$261			$372			$373
Portfolio turnover rate(f)		18	%(c)		31	%		28	%		27	%		40	%		39	%

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

See Notes to Financial Statements

103

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Fallen Angel High Yield Bond ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	32.20		$	26.84		$	29.00		$	29.19		$	29.65		$	27.14
Net investment income		0.61	(a)		1.49	(a)		1.54	(a)		1.64	(a)		1.54	(a)		1.56
Net realized and unrealized gain (loss) on investments		0.91			5.35			(2.16	)		(0.24	)		(0.40	)		2.62
Total from investment operations		1.52			6.84			(0.62	)		1.40			1.14			4.18
Distributions from:
Net investment income		(0.64	)		(1.48	)		(1.54	)		(1.59	)		(1.51	)		(1.58	)
Net realized capital gains		—			—			—			—			(0.09	)		(0.09	)
Total distributions		(0.64	)		(1.48	)		(1.54	)		(1.59	)		(1.60	)		(1.67	)
Net asset value, end of period	$	33.08		$	32.20		$	26.84		$	29.00		$	29.19		$	29.65
Total return(b)		4.76	%(c)		25.95	%		(2.38	)%		5.04	%		3.86	%		15.86	%
Ratios to average net assets
Gross expenses(d)		0.35	%(e)		0.43	%		0.43	%		0.45	%		0.44	%		0.46	%
Net expenses(d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		3.71	%(e)		4.83	%		5.35	%		5.76	%		5.16	%		5.61	%
Supplemental data
Net assets, end of period (in millions)	$	5,265		$	4,915		$	1,683			$976		$	1,223			$855
Portfolio turnover rate(f)		16	%(c)		27	%		68	%		29	%		20	%		32	%

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

See Notes to Financial Statements

104

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Bond ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			Period Ended April 30, 2017(a)
	(unaudited)
Net asset value, beginning of period	$	27.16		$	26.85		$	25.87		$	26.54		$	25.44		$	24.75
Net investment income		0.28	(b)		0.55	(b)		0.58	(b)		0.34	(b)		0.29	(b)		0.04
Net realized and unrealized gain (loss) on investments		(0.29	)		0.28	(c)		1.00			(0.68	)		1.16			0.67
Total from investment operations		(0.01	)		0.83			1.58			(0.34	)		1.45			0.71
Distributions from:
Net investment income		(0.27	)		(0.52	)		(0.50	)		(0.29	)		(0.35	)		(0.02	)
Net realized capital gains		—			—			—			—			—	(d)		—
Return of capital		—			—			(0.10	)		(0.04	)		—			—
Total distributions		(0.27	)		(0.52	)		(0.60	)		(0.33	)		(0.35	)		(0.02	)
Net asset value, end of period	$	26.88		$	27.16		$	26.85		$	25.87		$	26.54		$	25.44
Total return(e)		(0.04	)%(f)		3.07	%		6.17	%		(1.25	)%		5.72	%		2.86	%(f)
Ratios to average net assets
Gross expenses(g)		0.20	%(h)		0.65	%		0.83	%		1.02	%		1.56	%		5.49	%(h)
Net expenses(g)		0.20	%(h)		0.20	%		0.23	%		0.33	%		0.40	%		0.40	%(h)
Net investment income		2.00	%(h)		2.01	%		2.17	%		1.32	%		1.10	%		1.03	%(h)
Supplemental data
Net assets, end of period (in millions)		$99			$84			$32			$26			$17			$5
Portfolio turnover rate(i)		9	%(f)		25	%		83	%		28	%		26	%		0	%(f)

(a)	For the period March 3, 2017 (commencement of operations) through April 30, 2017.
(b)	Calculated based upon average shares outstanding
(c)	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.
(d)	Amount represents less than $0.005 per share.
(e)	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.
(f)	Not Annualized
(g)	Periods after April 30, 2021 reflect a unitary management fee structure.
(h)	Annualized
(i)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

105

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	International High Yield Bond ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period	$	25.71		$	22.21		$	24.54		$	25.20		$	24.90		$	24.20
Net investment income		0.53	(a)		1.13	(a)		1.26	(a)		1.13	(a)		1.07	(a)		1.24
Net realized and unrealized gain (loss) on investments		(1.26	)		3.54			(2.33	)		(0.65	)		0.39			0.65
Total from investment operations		(0.73	)		4.67			(1.07	)		0.48			1.46			1.89
Distributions from:
Net investment income		(0.46	)		(1.10	)		(1.17	)		(1.08	)		(1.02	)		(0.83	)
Return of capital		—			(0.07	)		(0.09	)		(0.06	)		(0.14	)		(0.36	)
Total distributions		(0.46	)		(1.17	)		(1.26	)		(1.14	)		(1.16	)		(1.19	)
Net asset value, end of period	$	24.52		$	25.71		$	22.21		$	24.54		$	25.20		$	24.90
Total return(b)		(2.88	)%(c)		21.30	%		(4.67	)%		2.08	%		5.91	%		8.04	%
Ratios to average net assets
Gross expenses(d)		0.40	%(e)		0.56	%		0.62	%		0.54	%		0.52	%		0.54	%
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		4.13	%(e)		4.54	%		5.17	%		4.66	%		4.19	%		4.95	%
Supplemental data
Net assets, end of period (in millions)		$110			$100			$89			$113			$171			$129
Portfolio turnover rate(f)		15	%(c)		33	%		37	%		32	%		41	%		34	%

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

See Notes to Financial Statements

106

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Investment Grade Floating Rate ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$25.33			$24.61			$25.25			$25.32			$25.14			$24.77
Net investment income		0.07	(a)		0.23	(a)		0.68	(a)		0.77	(a)		0.52	(a)		0.33
Net realized and unrealized gain (loss) on investments		0.02			0.76			(0.61	)		(0.10	)		0.13			0.36
Total from investment operations		0.09			0.99			0.07			0.67			0.65			0.69
Distributions from:
Net investment income		(0.08	)		(0.27	)		(0.71	)		(0.74	)		(0.47	)		(0.32	)
Net asset value, end of period		$25.34			$25.33			$24.61			$25.25			$25.32			$25.14
Total return(b)		0.35	%(c)		4.07	%		0.26	%		2.71	%		2.59	%		2.80	%
Ratios to average net assets
Gross expenses(d)		0.14	%(e)		0.39	%		0.40	%		0.40	%		0.41	%		0.46	%
Net expenses(d)		0.14	%(e)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		0.52	%(e)		0.93	%		2.70	%		3.05	%		2.06	%		1.40	%
Supplemental data
Net assets, end of period (in millions)		$749			$560			$461			$542			$377			$148
Portfolio turnover rate(f)		40	%(c)		72	%		40	%		30	%		28	%		46	%

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

See Notes to Financial Statements

107

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	J.P. Morgan EM Local Currency Bond ETF#
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$31.14			$29.36			$33.11			$37.56			$37.24			$37.90
Net investment income		0.76	(a)		1.55	(a)		2.00	(a)		2.14	(a)		2.18	(a)		2.56
Net realized and unrealized gain (loss) on investments		(1.76	)		1.78			(3.75	)		(4.45	)		0.40			(1.34	)
Total from investment operations		(1.00	)		3.33			(1.75	)		(2.31	)		2.58			1.22
Distributions from:
Net investment income		(0.63	)		(0.01	)		(0.48	)		(1.36	)		(1.98	)		(0.60	)
Return of capital		—			(1.54	)		(1.52	)		(0.78	)		(0.28	)		(1.28	)
Total distributions		(0.63	)		(1.55	)		(2.00	)		(2.14	)		(2.26	)		(1.88	)
Net asset value, end of period		$29.51			$31.14			$29.36			$33.11			$37.56			$37.24
Total return(b)		(3.29	)%(c)		11.40	%		(5.79	)%		(6.05	)%		7.05	%		3.41	%
Ratios to average net assets
Gross expenses		0.31	%(d)		0.31	%		0.36	%		0.41	%		0.46	%		0.48	%
Net expenses		0.30	%(d)		0.30	%		0.30	%		0.31	%		0.44	%		0.47	%
Net investment income		4.89	%(d)		4.92	%		6.05	%		6.35	%		5.69	%		5.60	%
Supplemental data
Net assets, end of period (in millions)		$3,445			$3,380			$3,339			$5,332			$5,645			$3,355
Portfolio turnover rate(e)		14	%(c)		40	%		39	%		36	%		28	%		37	%

#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

108

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
	Period Ended October 31, 2021			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$24.73			$25.00
Net investment income(b)		0.27			0.22
Net realized and unrealized gain (loss) on investments		0.29			(0.30	)
Total from investment operations		0.56			(0.08	)
Distributions from:
Net investment income		(0.28	)		(0.19	)
Net asset value, end of period		$25.01			$24.73
Total return(c)		2.24	%(d)		(0.32	)%(d)
Ratios to average net assets
Expenses		0.25	%(e)		0.25	%(e)
Net investment income		2.12	%(e)		2.14	%(e)
Supplemental data
Net assets, end of period (in millions)		$10			$10
Portfolio turnover rate(f)		15	%(d)		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

109

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
	Period Ended October 31, 2021			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$24.58			$25.00
Net investment income(b)		0.26			0.21
Net realized and unrealized gain (loss) on investments		0.30			(0.45	)
Total from investment operations		0.56			(0.24	)
Distributions from:
Net investment income		(0.27	)		(0.18	)
Net asset value, end of period		$24.87			$24.58
Total return(c)		2.29	%(d)		(0.97	)%(d)
Ratios to average net assets
Expenses		0.20	%(e)		0.20	%(e)
Net investment income		2.04	%(e)		2.10	%(e)
Supplemental data
Net assets, end of period (in millions)		$15			$15
Portfolio turnover rate(f)		22	%(d)		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

110

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Mortgage REIT Income ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$19.45			$11.42			$23.63			$22.71			$24.49			$20.03
Net investment income		0.53	(a)		0.86	(a)		1.45	(a)		1.68	(a)		1.70	(a)		1.81
Net realized and unrealized gain (loss) on investments		0.07			8.49			(11.90	)		0.94			(1.59	)		4.38
Total from investment operations		0.60			9.35			(10.45	)		2.62			0.11			6.19
Distributions from:
Net investment income		(0.53	)		(0.83	)		(1.45	)		(1.67	)		(1.81	)		(1.73	)
Return of capital		(0.18	)		(0.49	)		(0.31	)		(0.03	)		(0.08	)		—
Total distributions		(0.71	)		(1.32	)		(1.76	)		(1.70	)		(1.89	)		(1.73	)
Net asset value, end of period		$19.34			$19.45			$11.42			$23.63			$22.71			$24.49
Total return(b)		3.18	%(c)		85.71	%		(46.63	)%		12.00	%		0.32	%		32.15	%
Ratios to average net assets
Gross expenses(d)		0.40	%(e)		0.49	%		0.50	%		0.49	%		0.49	%		0.54	%
Net expenses(d)		0.40	%(e)		0.41	%		0.41	%		0.42	%		0.41	%		0.41	%
Net expenses excluding interest expense(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.44	%(e)		5.55	%		6.70	%		7.19	%		7.13	%		8.25	%
Supplemental data
Net assets, end of period (in millions)		$318			$310			$119			$175			$132			$148
Portfolio turnover rate(f)		8	%(c)		31	%		16	%		35	%		21	%		24	%

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

See Notes to Financial Statements

111

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Preferred Securities ex Financials ETF
				Year Ended April 30,
	Period Ended October 31, 2021			2021			2020			2019			2018			2017
	(unaudited)
Net asset value, beginning of period		$20.97			$18.23			$19.37			$19.09			$20.12			$20.34
Net investment income		0.51	(a)		0.98	(a)		1.06	(a)		1.13	(a)		1.10	(a)		1.15
Net realized and unrealized gain (loss) on investments		0.75			2.72			(1.12	)		0.32			(0.98	)		(0.19	)
Total from investment operations		1.26			3.70			(0.06	)		1.45			0.12			0.96
Distributions from:
Net investment income		(0.48	)		(0.96	)		(1.08	)		(1.17	)		(1.14	)		(1.18	)
Return of capital		—			—			—			—			(0.01	)		—
Total distributions		(0.48	)		(0.96	)		(1.08	)		(1.17	)		(1.15	)		(1.18	)
Net asset value, end of period		$21.75			$20.97			$18.23			$19.37			$19.09			$20.12
Total return(b)		6.06	%(c)		20.78	%		(0.54	)%		7.90	%		0.57	%		4.88	%
Ratios to average net assets
Gross expenses(d)		0.40	%(e)		0.43	%		0.44	%		0.46	%		0.45	%		0.46	%
Net expenses(d)		0.40	%(e)		0.40	%		0.41	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest expense(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		4.73	%(e)		4.97	%		5.41	%		5.92	%		5.57	%		5.70	%
Supplemental data
Net assets, end of period (in millions)		$1,075			$948			$689			$584			$498			$438
Portfolio turnover rate(f)		25	%(c)		36	%		45	%		31	%		47	%		31	%

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

See Notes to Financial Statements

112

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2021 (unaudited)

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

Fund	Diversification Classification
BDC Income ETF (“BDC Income”)	Diversified
China Bond ETF (“China Bond”)*	Non-Diversified
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”)	Diversified
Fallen Angel High Yield Bond ETF (“Fallen Angel”)	Diversified
Green Bond ETF (“Green Bond”)	Non-Diversified
International High Yield Bond ETF (“International High Yield”)	Diversified
Investment Grade Floating Rate ETF (“Floating Rate”)	Non-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 ChinaAMC China Bond ETF

Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China 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.

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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below).Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value

113

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

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

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

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

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

B.

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

C.

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

114

D.	Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.
E.	Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
F.	Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
G.	Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Dividend income is recorded on the ex-dividend date.
	The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.
	The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
	In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
	China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at October 31, 2021.

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, 2022, to waive management fees and assume expenses to prevent total annual operating expenses (excluding

115

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The expense limitations and management fee rates for the period ended October 31, 2021, are as follows:

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

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

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

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

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

During the year ended April 30, 2021, the Adviser voluntarily reimbursed the China Bond ETF $79,000 for capital share transaction losses. This amount is reflected in Proceeds from sale of shares in the Statements of Changes in Net Assets.

At October 31, 2021, the Adviser owned approximately 94%, 87%, and 2% of Moody’s Analytics IG, Moody’s Analytics BBB, and Floating Rate, respectively.

Note 4—Capital Share Transactions—As of October 31, 2021, 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

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Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5—Investments—For the period ended October 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund		Purchases		Sales		Purchases		Sales
BDC Income	$	75,014,575	$	74,638,148	$	123,969,178	$	36,791,511
China Bond		29,401,352		14,176,949		—		—
Emerging Markets High Yield		533,333,786		204,530,219		243,026,293		32,227,397
Fallen Angel		861,988,869		811,061,805		1,235,956,717		1,060,214,943
Floating Rate		299,146,489		258,483,183		160,776,410		6,323,007
Green Bond		12,593,107		8,572,125		13,541,076		—
International High Yield		28,368,374		16,368,443		2,649,276		—
J.P. Morgan EM		614,143,977		488,321,146		184,672,143		50,601,641
Moody’s Analytics BBB		1,573,142		1,522,310		—		—
Moody’s Analytics IG		3,265,843		3,206,717		—		—
Mortgage REIT		25,124,253		24,486,727		50,680,921		39,594,861
Preferred Securities		247,645,061		247,125,664		86,729,246		4,146,948

Note 6—Income Taxes—As of October 31, 2021, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income	$	513,144,743	$	63,839,019	$	(5,347,944	)	$	58,491,075
China Bond		103,554,943		3,060,079		(234,528	)		2,825,551
Emerging Markets High Yield		1,329,895,951		14,955,559		(53,543,924	)		(38,588,365	)
Fallen Angel		5,129,494,224		281,621,915		(18,235,169	)		263,386,746
Floating Rate		744,424,196		2,935,369		(534,479	)		2,400,890
Green Bond		101,013,127		859,154		(1,890,081	)		(1,030,927	)
International High Yield		112,700,143		3,651,247		(5,537,467	)		(1,886,220	)
J.P. Morgan EM		3,726,514,127		60,058,550		(424,489,742	)		(364,431,192	)
Moody’s Analytics BBB		10,064,771		121,562		(122,678	)		(1,116	)
Moody’s Analytics IG		15,032,519		127,554		(218,015	)		(90,461	)
Mortgage REIT		297,777,940		37,291,916		(10,319,660	)		26,972,256
Preferred Securities		1,032,153,360		101,701,562		(15,360,065	)		86,341,497

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

At April 30, 2021, 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	$	(15,292,216	)	$	(40,453,382	)	$	(55,745,598	)
China Bond		(166,013	)		(20,335	)		(186,348	)
Emerging Markets High Yield		(10,986,853	)		(47,017,404	)		(58,004,257	)
Fallen Angel		(59,502,467	)		(85,944,985	)		(145,447,452	)
Floating Rate		(652,541	)		(366,518	)		(1,019,059	)
Green Bond		(176,498	)		–			(176,498	)
International High Yield		(521,673	)		(10,367,976	)		(10,889,649	)
J.P. Morgan EM		(57,138,194	)		(111,427,299	)		(168,565,493	)
Moody’s Analytics BBB		(16,133	)		–			(16,133	)
Moody’s Analytics IG		(23,543	)		–			(23,543	)
Mortgage REIT		(19,518,810	)		(53,829,257	)		(73,348,067	)
Preferred Securities		(12,267,153	)		(33,098,379	)		(45,365,532	)

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2021 to October 31, 2021, the net realized gains (losses) from foreign currency translations were as follows:

China Bond	$	205,932
International High Yield		363,210
J.P. Morgan EM		(43,772,765	)

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2021, the Funds did not incur any interest or penalties.

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

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

Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident 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.

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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. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result. Russia and Ukraine have experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe.

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

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.

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

119

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

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

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

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

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

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

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

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

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

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

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to

120

33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at October 31, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2021:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	75,888,723	$	52,615,975	$	25,366,289	$	77,982,264
Emerging Markets High Yield		41,108,243		33,912,101		10,187,159		44,099,260
Fallen Angel		214,967,597		195,344,301		33,913,151		229,257,452
Floating Rate		5,495,498		1,026,544		4,586,136		5,612,680
Green Bond		5,729,642		1,539,910		4,340,339		5,880,249
International High Yield		3,078,104		2,943,810		569,834		3,513,644
Moody’s Analytics BBB		224,414		183,085		50,094		233,179
Moody’s Analytics IG		432,059		216,883		230,260		447,143
Mortgage REIT		27,604,213		7,259,944		21,316,736		28,576,680
Preferred Securities		68,113,946		46,100,229		28,558,445		74,658,674

The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2021:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund		Corporate Bonds		Equity Securities
BDC Income	$	–	$	52,615,975
Emerging Markets High Yield		33,912,101		–
Fallen Angel		195,344,301		–
Green Bond		1,539,910		–
International High Yield		2,943,810		–
Floating Rate		1,026,544		–
Moody’s Analytics BBB		183,085		–
Moody’s Analytics IG		216,883		–
Mortgage REIT		–		7,259,944
Preferred Securities		–		46,100,229

* 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

121

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2021, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		163	$	1,399,266		1.44	%
China Bond		19		163,724		1.44
Fallen Angel		6		980,429		1.45
Floating Rate		15		1,592,708		1.45
International High Yield		5		2,221,323		1.42
Mortgage REIT		64		2,778,147		1.44
Preferred Securities		35		2,480,050		1.42

Outstanding loan balances as of October 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.

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

Note 12—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

122

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2021 (unaudited)

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets Aggregate Bond ETF¹, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. They also considered the fact that each of the VanEck Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since expense information, tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub- Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck BDC Income ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF, the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF)

¹ Pursuant to a Plan of Liquidation and Dissolution, the Fund liquidated on October 22, 2021.

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October 31, 2021 (unaudited) (continued)

the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

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

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

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

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

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets

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of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Agreements.

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

VanEck Dynamic Put Write ETF

At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Dynamic Put Write ETF (the “Fund”).

The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2021 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

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VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2021 (unaudited) (continued)

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

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.

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

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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

Item 2. CODE OF ETHICS.

Not applicable.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

Item 6. SCHEDULE OF INVESTMENTS.

Information included in Item 1.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

Item 11. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. EXHIBITS.

(a)(1)	Not applicable.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK ETF TRUST

By	(Signature and Title)   /s/ John J. Crimmins, Treasurer & Chief Financial Officer
Date	January 7, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	(Signature and Title)   /s/ Jan F. van Eck, Chief Executive Officer
Date	January 7, 2022
By	(Signature and Title)   /s/ John J. Crimmins, Treasurer & Chief Financial Officer
Date	January 7, 2022